They are a software development business - What are you...

They are a software development business - What are you expecting to see here? The only equipment they wear out should be keyboards. The only plant I would expect to see here are laptops and monitors. If there was a higher number here I would be worried as I want them to consume commodities grade compute using cloud. If I saw them buying servers I would sell my shares.

Your points regarding the exposure they face through outsourcing are valid, they are overexposed to Openmarkets but none of the rest stacks up.

I have said it here before, this is a market share play. If they carve out a defendable market share then they will have a healthy, medium-sized business that will be profitable.

If you want to poke holes in it then the weak spots are slow tech delivery cycles and poor user experience.

The last one worries me the most as it is brand new and is not materially better than the previous app. It hints to me that they don't know what good looks like and are getting poor advice.

The rest of this business is sound, if they keep accumulating market share I don't care about the rest as that is what will drive future revenue.