Limited operational scale and modest competitive position in the fragmented enterprise content management (ECM) industry. predictable recurring revenue stream. Growing customer base. Good customer retention. Highly leveraged. Aggressive financial policy. Consistent free operating cash flow. The stable outlook reflects our expectation that the company will continue to experience revenue growth while maintaining its current profitability levels, leading to good free operating cash flow generation. However, the current ownership structure will preclude sustained debt-to-EBITDA ratio below 5x. While we do not expect a lower rating over the next year, we would lower the rating if the company experiences pricing pressure related to increased competition in the marketplace or weak economy result in margin erosion, leading to debt to EBITDA above the
