I see it differently. In my experience, using IRESS (also...

I see it differently. In my experience, using IRESS (also listed) as an example, the early days were hard. You had a trading platform (software) that was new. It needed to be established. Heavy investnt in sales, consult, mgmt/prof serv. Now its mainly just dev and support as the tech sells itself.

If BPF can execute they need to invest in the same areas - get the prd sold and implemented for clients. As they do more so the process becomes more streamlined. More means more awareness and leas reliance on sales teams. This will bring costs down and so the recurring rev from deployments is more profitable as less of GM is erroded by other costs.

In summ. they def achieve econ of scale, but to do this they need to scale up first. Some do it better than others. So far BPF has manged it poorly.