Top line is not growing The ACX report says that EBITA growth...

Top line is not growing
The ACX report says that EBITA growth was 10% YOY. Holding down topline has been stated by management to be a conscious decision in order to invest in growth.

Sales and marketing is way too high vs comparable SAAS companies
Not so sure that you're comparing apples with apples here. The construction industry is very set in its ways and resistant to change. The S&M effort is being applied to customer acquisition in the under-penetrated and very large markets. Their successful business model in ANZ is simply being replicated and from what I've read, it seems that once acquired, customers are very sticky and low-maintenance.

revenue growth [of] 20% is not good
Last year it was 31% (36.4% @ constant fx). Their initial outlook wasn't met last year, due to externalities, so I think they've under-promised this year.

They should be expensing development completely and are not
You opined earlier that ACX should be fully expensing R&D like IRI does. However I had a look and it seems that IRI capitalised $8.5m or 63% of their R&D spend last year.