Ivanti is a comparatively small competitor in its end markets, and the company's products compete against products from Microsoft Corp., International Business Machines Corp., and Dell Inc., for client management tools and ServiceNow Inc. and BMC Software Inc. in the information technology service support management (ITSSM) business. While the company faced integration challenges following the HEAT Software and LANDesk merger in 2017, new bookings during 2018 were strong. The company has grown through acquisitions, and we expect total revenues of around $500 million in 2019. Ivanti is focused in a niche sector of IT service management within the larger software and services industry. However, the company's customer base is well-diversified with only modest overlap for its maintenance and licensing customers,
