The hardware contains software, unique proprietary software protected by many patents.
It has definitely evolved, just look at what they are doing now with Telstra which is bringing the company into new adjacent markets. https://*********.com.au/ava-risk-group-telecommunications-vertical-landmark-telstra-partnership/ . It's a shame the conveyor monitoring for the mining industry didn't take off, but fortunately they didn't bet the company on it and have kept exploring new markets to expand into.
As far as I know the AI solution is only being sold within the Detect group, so not sure what you mean; maybe you mean selling it to competing sensor technolgy companies?
A lot of the business is done in conjunction with their systems integration partners, who often have their own software and other solutions. But I agree that there are strategic acquisition opportunities where this company could broaden its market with some smart acquisitions that add value across the divisions.
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