Looking at the NUIX website, they appear to be 100% product...

Looking at the NUIX website, they appear to be 100% product focused, so they don't really worry me.

Product is one tiny piece of cyber security. It's a "big" piece in terms of revenue, but the margins are smaller and the competitive landscape is bigger.

TNT's crown jewel is Rivium, selling Managed Services through their Security Operations Centre (SOC). SOCs are super-hard to build, complex, and require a ton of capital. Once a customer is entrenched on a SOC, the stickiness multiplies ten-fold and provides loads of upsell and cross-sell opportunities, into things like product, which TNT also do.

TNT is going to take a little more time to integrate, operate and fire on all cylinders due to the fact that they address most of the security spectrum. Every other player on the ASX on address a small part. So once TNT get themselves sorted, i am very confident it will be the juggernaut of the ASX.