SDR new overweight at Barrenjoey, page-9

So so many competitors! But Siteminder have been around a long time and created what all the others copycat'd, the channel manager.
I'm torn on what to do so I'll probably be on the sidelines till they report numbers next, or put out a presentation. Cloudbeds are coming for them and are backed by Softbank, that's probably one of the main competitors to watch imo.
It is a hassle to switch over your PMS but as far as I can tell the channel manager would be the biggest earner for them and that is not such a big deal to switch if users decided they liked a competitors pricing or online support better. The PMS coming with a Channel Manager is the key moving forward. The Siteminder PMS I have never know to be a fantastic offering which stands out as a weakness to me. Does anyone know the breakdown of the ARR, how much is solely from the channel manager side?
The top 20 holding so much is very bullish and part of me wonders if the best trade here is to look at them as a takeover target by an Expedia or Booking.com etc
An area that excites me is AI enabled Hyper Dynamic pricing. Anyone know a company pioneering that field by chance? Everyone will want access to it, be nice if SDR were investing R&D into it.