I agree that it wouldn't be an insurmountable moat. However I...

I agree that it wouldn't be an insurmountable moat. However I also feel that it's one of those services where scale and reputation start creating a mini-moat. If security is paramount then better to deal with an established reputable business. So as or if AND grows it by its nature becomes a more attractive business for users (particular larger new customers).

Mind you, assuming the logos they show as customers are regular users it seems reputation is already sound.

I haven't used competitor products. The AND product I had access to I believe was just one part of the product suite. And I gather per their acq they're expanding to provide broader services / capabilities.