Ann: H1 FY17 Forecast Results and FY17 Guidance, page-12

One correction I would make is that it's mostly a "managed service" business, not a "reseller". Their value add is the management and consultancy of software systems on top of the infrastructure (AWS, Azure, random datacentres), not the distribution of the infrastructure.

Agree with everything everything else you mentioned. A common misconception is that there's "scale" in a business like BPF. Here was my attempt at a relevant analogy 2.5 years ago: https://hotcopper.com.au/threads/ann-h1-fy14-results-presentation.2191987/page-6?post_id=13056091