I don't think anyone wants to take it over because the product set has limited long-term growth potential. It was supposed to be Collaborate, but cloud UC killed that. HCL is the sort of player that buys profitable legacy-tech companies and cash cows their products. You need a growth story and real underlying strategic potential, and I don't think IRI has it. Maybe in payments, but I don't understand enough about the flexibility to grow and add value to future payments market, or whether they are restricted to payments monitoring over traditional rail.
Ann: FY24 Half Year Results Presentation, page-14
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