Garcea's initial coverage report (July 15th, 2013)I downloaded the report before Global Maxfin took it out from their website. Those who want a pdf copy can inbox me their email address. Here is what Garcea wrote at the time: "Pivot is a potential yield play in a yield hungry investment world that is discovering Tech: The VAR business is moving toward a more stable revenue model, and higher integration exists within the purchasing process inside the customer organization and its larger, longer standing VAR partners, such as Pivot. This means that it is likely that at a certain critical mass revenue level, a VAR can establish a minimum expected cash flow basis. We believe that Pivot could become a quality investment alternative for yield investors who have been hungry for strong yield plays in the “cash is king” post-2008 investment environment. As a reference, the S&P 500 technology sector dividend yield recently hit 1.7%, while notable tech bellwethers have instituted dividend policies in recent years − currently, Apple yields 2.9%, Cisco 2.6%, Intel 3.8%, Microsoft 2.6%, and Oracle 1.5%."