Specialized product offerings in a narrow segment of the highly competitive software industry; Diversified geographic end-markets and customer base; Solid and growing recurring revenue base; and Acquisitive growth strategy. "Adequate" liquidity; Moderate debt maturity profile; and Pro forma leverage at 3.5x. The outlook is stable, reflecting our expectation that the company will reduce leverage modestly over the coming year. We could lower the rating if the company makes acquisitions, or undertakes other actions that would cause leverage to rise above 5.0x on a sustained basis. We could raise the rating if the company further reduces leverage and sustains it in the 3.0x area, while continuing to grow revenues in the mid-to high-single digits and maintaining margins near current levels. GDP
