Ann: FY24 Results Announcement, page-60

Looking back at historical presentations, Infrastructure is a legacy product monitoring HP Nonstop. This market is not growing, what you are seeing in terms of Infrastructure growth at IRI is just cyclical. I'm not sure what the growth prospects of Transact are, but assume it should be growth potential as its payments monitoring. Collaborate in its current form is dead. COVID made companies move UC to the cloud, those that are still on-premise are IRI customers. Without investment in R&D, the only growth I can see for IRI is Transact. And payments is changing so fast in Fintech, without innovation this won't last. In classic Porter terms, this looks like a cash cow now.