Ann: FY2010 results , page-100

Albuera,

I question if there is a "first mover advantage". I don't really understand what IP INT have in the embedded network space that competitors don't have access to, or couldn't very easily buy/develop themselves.

"First mover" position in this market could quite easily end up being a disadvantage. I think INT run the risk of doing a lot of work developing an awareness of embedded networks, and identifying a lot of the teething issues associated with installing and operating them, that competitors can then leverage off with little to no cost (and leaving INT with the legacy of the early issues).

If there is some solid IP that INT have then all well and good. But doesn't an embedded network just essentially consist of meters and billing systems (none of which aren't readily available "off the shelf")?