Is this the next XRO ...huge annouc., page-11

My understanding is that EPD deals with Microsoft directly but point taken, business model is as you say. Isn't there a danger that the IT consultancies will look to go around RHP? I know they have exclusive contracts with a bunch of the vendors, but not with Microsoft. I wonder how much of their total revenue is from Office 365?

There is also the risk that ISPs will go around them looking for a bigger slice of the pie, I wonder if Telstra are a customer?

I suppose the bigger they get, the more their vendors need them. This is probably one of those like PME that I can never bring myself to buy because on the surface it looks expensive, but just keeps growing for years.