"Given it's highly specialised, does the company have many...

"Given it's highly specialised, does the company have many "direct" competitors either based overseas or in Australia?"

There are no shortage of entities in the world that provide advice/guidance/counsel on corporate transactions and governance, including the major audit houses such as Deloitte, KPMG, PWC, Bain, McKinsey, etc., the large global investment banks (Macquarie, UBS, Citigroup, Goldmans, etc.), boutique domestic merchant banks and brokers, and a plethora of individual consultancies.

And one could argue that, just like AND, those entities all have their own proprietary tools and software which they use to dispense advice to their clients. So AND doesn't have any sort of monopoly in their field, if that's what you are asking.

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