@NSD I would not disagree on your last points but IMO you also...

@NSD I would not disagree on your last points but IMO you also need to add to that "what they are selling"

The BT Panorama example (more aptly described a pandamomium) was/is an excellent example of the point I was trying to make. A facade built on someone elses tech stack where-by they have effectively paid for all the development work to configure someone elses technology in AU. And even after spending at least the number you have quoted (I have heard more) the end product still cant do what a number of the legacy systems it was supposed to replace and rumour has it that they are now leaving a number of the legacy solutions they had intended to replace as part of the business case. I agree they will need to sell a lot of it to ever pay back the capex and they still won't own their own destiny.

As to examples of 100% owned technolgy in this space - all competent home grown operations with solid agile tech teams include Class Ltd, HUB24, WealthO2 (rapidly growing disruptive new tech co), Fiducian, Colonial CFS and Wrap (formerly avanteos), to name a few. MLC Masterkey is also a derivative of the old Flexiplan product but my understanding is that it is on the way out, and Macquarie Wrap is a predominatly Macquarie tech but does have components supplied.