Ann: Market Update - Continuous Disclosure, page-61

I've been reflecting on this discussion the last couple of days. IRI has been incredibly reliable for many years (the one blip being FY18 revenue was flat over FY17). During COVID-19, UC-as-a-Service has gone ballistic and IRI revenue goes backwards! Occam's Razor principle says this is not a coincidence. Companies are either not renewing or not buying because they don't need it, and the simplest explanation is that they're taking their communications to the cloud and its not coming back. Or if they are buying, its IRI's cloud products on a subscription basis, either way a hit to revenue. Unfavourable forex is making the underlying problem worse IMHO, but might be used as a smoke screen to mask the structural issue. I think this is a very different situation to Appen which is supplying to a growing market.