I think their problem at the moment is that they are not big...

I think their problem at the moment is that they are not big enough to compete with Markit (Quic), SunGard (Adaptiv), Fitch (Algorithmics), Murex, NumeriX, Calypso and Reuters for the banks, who will pay the big $ for risk software. I think they did very well to snag RBC (HSBC was a small sale I believe) and they looked like being onto a good niche with the clearing houses. However, the revenues don't really seem to indicate that these institutions are paying a lot for Razor. I think that they will continue to have trouble breaking through against the big boys (multibillion dollar companies) without getting bought out by a big player.