SYT General, page-1824

To be frank, there is a difference between Microsoft and Apple in comparison. Both Microsoft and Apple at one given time were the "it" brand in computing and had the majority share of the market the same as IBM.

The easiest way I can explain my point is looking at Australian Banks. Do we want to be one of the big four or do we want to be a small member owned bank?

At the end of the day, Telefonica is a major brand in Europe and if we don't sign a deal with them, then that could mean a major loss of our potential land grab in Europe. If you want to reach global saturation of our brand and product, you want to have it available on the more popular telco labels. Whilst Telcos have multiple brands signed on, it's still against the grain of our business for Telcos to sign our direct competitors.