Seems you are clinging to the belief that Metaswitch's tech is actually NOR's tech in disguise.
The tech highlighted in the video is for a project other than Spark.
I believe the following:
1. Metaswitch won a contract with Spark
2. NOR provided the cheap bodies to implement the Metaswitch tech. In this case NOR were like an Indian IT outsourcing company. Did I say cheap?
3. Part of the deal enabled upside for NOR to install their OTT app and have a shot at the title: revenue-share model
4. Revenue-share model failed and Spark altered the contract to throw NOR a bone
5. Another upside for NOR is the OTT App would be certified as compatible with Metaswitch tech and result in "Technology Partnership" status.
6. Any distribution deal is fantasy stuff; similar to when the CEO mentioned those famous words: "WhatsApp killer". How we laughed...
From the above: 4 and 5 are immutable. The other points are speculative based on:
i. Timing of the Metaswitch video release - Metaswitch had a VM solution prior to Spark project;
ii. Wording of the NOR partnership blurb on the Metaswitch site: "bring their easy to use, powerful visual voicemail app, World Voicemail". It is clearly OTT. Further, see the definition of "Technology Partner" on the Metaswitch site.
iii. Metaswitch do not distribute other company's tech. Same as Oracle, other than market place set-ups where the vendor is responsible for their own sales efforts. The "Learn More" link in the NOR VM partnership blurb on the Metaswitch site goes to NOR's brochure-ware site.
"in which case this is a $100m company"
Channelling your inner @Doz again. Doz has pulled out the $100m valuation multiple times over the past 2 years and given a timeline. It lapsed.
"2 years of treading water... "
Chart says "no". Down 30%, year on year. Down 61% compared to the sector. Down 56% to ASX200. Remember when @Doz use to compare NOR to these benchmarks? How we laughed.
Down 55% from the intra-year high. Remember when someone said they were stopped out at a similar decline in SP? But somehow it is different this time around.
A lot to unpack here.
All imo... except all the immutable bits.
PS Brisbane are playing my Chooks tomorrow night and will probably need 25 points start to get close.
(20min delay)