@CanadianAussie , thanks so much for such a thorough analysis of this business!

In this "data era" that we're living in, competitors offering very similar products and services are surging and will continue to in the near future. That's a big factor to watch out for in a business like this with the MOATs you presented and analysed. For that reason, I think you are spot on with the "Reasons I might sell include".

Patenting a or some core solutions (out of all these under development), especially in the security segment, could help secure their stickiness. Imo, in this niche and at this early stage of these types of technology implementation, there is an up and a downside for not supplying the hardware - you mentioned some. There has been some shifting between providers for big retailers in the U.S. who are using/testing these types of technologies. For that reason, I'd watch closely for a relatively fast rollout and locked agreements with a few large accounts. The cross-selling opportunity does sound like an advantage here.

I'll watch this space and hope management can deliver some positive news in the upcoming months.

Once again, thanks for this research and analysis!