Profitable Data Security, page-15

Agree with all you've said. I have quite a bit of knowledge in the IT services integrator space. Whilst they won't have proprietary products it is all about management's ability to run successful projects for the client that show benefits. If they have strong management they will be exposed to massive contracts...literally some of the outsourcing contracts are worth billions of dollars in the Aus market. Those will always go to the big tier one players such as IBM and HP etc. but even as a subcontractor CNW can be exposed to sub contracts worth $100m of dollars quite easily.
Once they are trusted managers they will be allowed to staff up through IT body shops to fulfil big dollar contracts - also networks count i.e. contacts based and the management look like they have the contacts for the industry, at least look like they are starting to develop them with the big clients...