The biggest issue is that a reseller of other people's products...

The biggest issue is that a reseller of other people's products makes revenue in two ways. Margin on the product and fees for integration/consulting. You can call it managed security, but a pig in a dress is still a pig. This business can only scale with people, and people have large fixed costs. There is no competitive advantage over the mob down the street selling substitutable goods and services. This pushes down margins.

If TNT has no strategy to build moats around their business and scale, their future is tepid at best. They can choose to start doing this at any time. Look around. Which tech companies do you think are successful? They all, every last one, have robust IP portfolios.