Ann: Appendix 3Z - Garry Dinnie, page-6

The oldest part of the business is the legacy Tandem computer business which was big in payment processing. I assume that modern distributed server architecture makes this once unique solution more or less very limited and commoditized. Blockchain might become bigger part of transaction processing but that's outside my knowledge and I don't know if IR see opportunity there or not. I imagine the big guys will want to occupy that space.

The other main part is network management tools to monitor and manage voice/data/video traffic over complex networks that are critical for businesses. IR have been in this space a long time, but I personally do not know if it is threatened by Microsoft Teams for example.

On paper it would be attractive to some to use one vendor for every thing, but historically this usually comes unstuck one way or another. I heard it expressed by IR people that they expected that people who tried cutting IR out of their networks would find they needed it, and come back.

Sorry this answers only part of your question.

My main question is the ability of management. The CEO was a regional manager with SAP but this is first time in the top slot. Time will tell, but everyone needs to make own call.