Ann: FY24 Half Year Results Presentation, page-15

As fas as my understanding, IRI's Collaborate products can be cloud-based applications(they also provide on-premises, hybrid applications as well). If your saying is right(cloud UC killed that), then I can only think IRI's cloud UC applications are not good enough thus customers do not want to use IRI products. If this is the case, then we are in deep trouble as Collaborate is the largest reveune source for IRI.

However, I'd rather think IRI is actively seeking ways to resolve the issue. In 2023 annual results presentation, you can see IRI modified their 3 phases strategy by extending phase II(execution). So hopefully they will sort it out.