The Collaborate SAAS products are of no value. The whole point of the solution is to monitor all of the infrastructure components to deliver UC, so when companies do this themselves (on-premise) the solution is really valuable in diagnosing and resolving problems. When a customer starts using a cloud UC product, it no longer requires the monitoring as the vendor (Microsoft, Zoom, whoever) does this for you. This is why they have struggled to win customers in UC because their SAAS value proposition is weak, and whilst there is likely to be a tail of companies retaining on-premise UC, it will decline over time.
I'm not saying the infrastructure market is cyclical, is that IRI's revenues are cyclical because they sign fixed term licence deals (say three years) but recognise the revenue up front (i.e. its not an ARR model). That means when that customer renews again in 3 years, you get that licence revenue hit again. So the infrastructure revenues are lumpy based on historical sales.
So I think this might continue to be a good cash and profit generator for some time to come, but the management have not been able to paint a compelling picture of where growth will come from.
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