To add to your points on protectable IP, they have announced that they have 14 patent families (5 granted and 9 pending) and another 10 in pipeline. They seem to have have both domain specific IP portfolio and their platform IP.
Part of the reason for their longer time to profitability is their significant investment into R&D and Platform development and going for breadth of applications with underlying platform than point product focused on a specific vertical. Its a long term, high growth play.
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