Ann: Market Update - Continuous Disclosure, page-73

I thought perpetuals were long gone from the pipeline, and virtually all new deals are term licences. Which are still recognised upfront when delivered as software not SaaS, but also count as recurring revenue (as the licence recurs on the anniversary of the deal if renewed).

Swing away from long term contracts is nothing unique to IRI, customers simply want (need) more flexibility given pace of change and shifting IT spend from capex to opex. So this isn't their failing. I'd still be in if I could get a handle on demand for new cloud products. They have such a great customer base, if they could convert them to SaaS products, there is a lot of upside in this business. If they don't, this is a legacy business.