2026.10.09 | TB | Software | Aiden Technologies Primer

Primer • 24 Sep 2026

Expert Former Senior Executive in Product & Technology

Neha Harpalani (Analyst) — Third Bridge Sector Analyst

Agenda

• Around 11 years' experience in the software space
• Over one year of experience at Aiden Technologies (left within the last year)

Introduction

Analyst: Please could you just state I agree or I disagree to the following statement. You understand the definition of material non-public information and agree not to disclose any such information, or any other information which is confidential, during the Primer Interview today.

Expert: I agree.

Questions

Could you describe what Aiden Technologies does? What products and services does the company provide?

Expert: Aiden Technologies is a SaaS software company that automates Windows endpoints. It sits alongside tools like Microsoft Configuration Manager and Microsoft Intune to deploy and update applications and also third-party applications. It enforces a defined endpoint configuration, patch management, patch vulnerability, provision devices and provide evidence that the fleet or all the devices are actually compliant. Their core statement or core ideal is based upon a desired state management platform where they define how a device should look and then ensure that that device is that way based upon the policies that they set forth.

What is the value proposition of Aiden's solutions and services?

Expert: It will reduce manual packaging, patching, deployment and remediation work. It closes the gap between what we desired our policy to be and that the endpoint is actually compliant to that. It helps IT and security operate from the same standpoint or endpoint state, I guess, in evidence. It minimises user disruption by coordinating all the patches at once. If a machine has to do a bunch of reboots, then the Aiden Technology will ensure that there's only one reboot and minimise that number of reboots that has to happen.

What is the full range of industries and business sizes that could use Aiden's products and services? What might be the full spectrum of customers that the company could cater to?

Expert: Really, any size from mid-market. They fit best in the mid-market to large enterprises. Really, it could be anywhere in between, from small businesses, all the way up through tens of thousands of devices and even hundreds of thousands of devices. The best fit was the financial services institute, insurance companies, legal and professional services, manufacturing, retail and hospitality, education, public sector. Managed service providers was another big one as well. That's normally about where most of it was around.

Analyst: To confirm, does Aiden cater to business sizes from small to mid-market and enterprise?

Expert: Correct. Yes.

Analyst: Could you define a small, mid-market or enterprise customer for the company by employee size or user size?

Expert: Their sweet spot is around that mid-market, which is 1,000-plus endpoints that has, they're currently using Config Manager, SCCM or Intune. That's the market where they're most impactful in, that we focus the most on. Most of the time, the economic buyer within that is either the CIO or the CISO or the VP of infrastructure. Someone who's got that mentality that they want a secure environment and they want to take a lot of that work off of their engineering teams today.

Analyst: How would you define an enterprise customer based on employee size or revenue?

Expert: Enterprise typically is above 20,000 devices. Small is normally from 0-1,000 and then mid-market is from 1,000-20,000 and then 20,000 and above.

Analyst: To confirm, could Aiden cater to any other customer segments or verticals that it is not currently serving?

Expert: Yes, absolutely. As long as they have Windows devices, Aiden's technology can work inside and out regardless of what vertical that they're in.

How would you define a typical target customer or an ICP [ideal customer profile] for Aiden across the verticals and sizes you discussed?

Expert: I covered a little bit about that a little bit ago. Their sweet spot's around that between 1,000 and 20,000 devices because that typically is a very mature organisation where they have a CISO or they have somebody that is over the security aspects of all the desktops and all the workstations. They typically are large enough that they have that type of individual and the team is small enough that Aiden can serve them by providing those services for them so that it frees those internal people up to be able to do larger or other initiatives. Not larger initiatives, but other initiatives.

Analyst: Does Aiden have any sweet spot or ideal verticals?

Expert: No. Not really. A lot of the law firms, legal organisations, there were a lot of those within Aiden because word-of-mouth within verticals sort of spread out. Legal was not majority. There's a large group of legal customers just because they those guys all inter-talk with each other.

Analyst: Could you break down the verticals by revenue size, in broad percentage ranges?

Expert: They were equally represented, each one of them. If there are 10 verticals, I would say 0-10% around each one of them. Other than legal, probably was more maybe 11-20% of that space, but they catered to any customer in those sizes. It was a little bit easier in that sense.

Analyst: What might be the revenue split across small, mid-market and enterprise?

Expert: Majority of the customers that we had was in that mid-market size. There are a couple of enterprises and a couple of small ones, but I would say 71-80% was in that mid-market and then per 0-10% on the both verticals.

Could you provide examples of any publicly known customers of Aiden? Has the company published any customer references or case studies? Could you provide 1-2 examples of customers that are available in the public domain?

Expert: There were, but I'm not sure if they're still [there] because, every year, Aiden renews those and I don't know if those were renewed or not. The case studies were always publicly available on their website and you can just go out to Aiden Tech and find out.

Analyst: Could you check the public domain and provide any names?

Expert: Yes. They have a Capital Bank is one. International Life Sciences and then they have a bunch of unnamed customers, like an AM Law. AM Law 200 is American law firms and they rank themselves between one and 500. One of the top 200 law firms, they have a case study out there about them as well.

What are the key regions, continents or countries that Aiden derives its revenue from? What is the revenue split across the key regions?

Expert: North America. 91-100% of theirs was in North America. Probably 81-90% was North America. Actually, North America is the US and then a small percentage in Canada.

Analyst: Are you suggesting that the key regions are the US and Canada?

Expert: That's perfect. Yes.

Analyst: Does 81-90% of revenue come from the US?

Expert: Yes. Then, 0-10% was in Canada.

Analyst: What would you say are the top three key regions, states or cities within the US for the company?

Expert: There weren't any real key regions because the customers were so scattered between the East Coast and the West Coast that it pretty much was equally distributed across the US.

What are the company's core revenue-generating segments? What are its core solutions or offerings according to you? What is the revenue split across the core segments?

Expert: Let's see. Core segment, patch management. [Or], I guess, the best way would be endpoint automation. That was probably between 71-80% of their revenue share. Then, deployment and provisioning was probably the second, which would be up to 20%, [so 11-20%]. [Then], there was a new solution that we released for recovery. I would say that's probably 0-10%.

Analyst: Is the third segment called recovery?

Expert: Yes.

What is the revenue model for each core segment? Is the revenue model for endpoint automation transactional, reoccurring or recurring?

Expert: Every one of them is recurring.

Analyst: Could you elaborate on the recurring revenue model? How does it work?

Expert: Every year, you subscribe to their services and then, every year, you renew. A lot of our customers were renewing on a three-year term for each one of those. You would pay per endpoint price to get all three of these tools and then, every year, you'd have to renew unless you locked in a three-year contract.

Analyst: What was the pricing based on for the core segments?

Expert: Per device.

Analyst: What is the payment frequency? Were the payments monthly or annual? How does it work?

Expert: They did yearly payments for new customers. Actually, yearly payments for all of them. If you signed in for a three-year deal, you'd pay the first year upfront and then every year after that, you'd pay your yearly maintenance cost. Then, you could pay all three years upfront if you wanted to.

What is a use case for each core segment? What does Aiden offer in each segment? How does the company help customers? Could you start with endpoint automation?

Expert: Endpoint automation is basically application deployment and patching. An endpoint team would define what a software and what policies are out there. Then, Aiden's technology would automate the packaging, the sequencing, the deployment, the updates and give you evidence that it was completed successfully. That's around the endpoint automation. The desired state, and that's also desired state compliance. Provisioning and deployments would be a new Windows device comes online through Autopilot or through Intune. Aiden has the technology to be able to get that machine fully up and running and fully configured for that new employee. That new employee within finance, it would have all the financial applications and be configured just like the person sitting next to them in the finance department. The recovery is, if you got hit by ransomware or your machine is down, you're at a hotel, then you could recover your device and get all the applications and all your documents and everything reconfigured exactly the way that it was before you were compromised or before your machine died.

Analyst: Are the three segments offered on one platform or are they three different platforms?

Expert: They're all integrated pieces of a single holistic platform. You can subscribe to just endpoint automation. You can subscribe to deployment and provisioning on top of endpoint automation and then you can have recovery as a separate piece or you can do them individually.

Analyst: Could Aiden bundle the services or solutions for a customer?

Expert: Yes.

Analyst: Does Aiden develop the platform and solutions in-house?

Expert: Yes.

Analyst: Is the platform cloud-based or on-prem?

Expert: It's cloud-based.

Analyst: Does the company offer any integrations to or have partnerships with other software solutions to provide the platform? Does the company work with any other third-party platforms?

Expert: They work with Microsoft in the whole Microsoft ecosystem. You can go out on the Microsoft partner store and purchase Aiden software directly from there.

Analyst: Does Aiden have any indirect sales channels via any referral partners or commercial partners? Would you consider Microsoft as an indirect sales channel for the company?

Expert: Yes, they do. It was just taken off [recently]. I'm really not sure how much of that is there. The sales team within Microsoft has the capability of selling our solution through their partner programme or their partner portal.

Analyst: Does the company offer any customisation in the platform for customers?

Expert: Yes. A customer defines their own policy. They customise the policy the way they want it and then Aiden will abide by that policy.

Analyst: Could you describe a typical customer journey with Aiden, from sales onboarding until the platform is up and running? What might be a typical sales cycle and journey?

Expert: What they will do is, the sales team will go in and sell the solution and then Aiden offers a 90-day money-back guarantee. They will go in or the engineering team or the customer success engineering team will go and deploy the software, sit down with the customer to write the individual policies for each one of those pieces of software. After that, at the end of the 90 days, the customer will get a report just to show how much patching they have received and how much time that they have taken away, like, freed up and then the customer can continue at that point to continue their yearly engagement or they can cut ties and Aiden will give them their money back.

Analyst: What is the typical duration from the start to end?

Expert: They try to get people fully up and running within the first month. They have got two months of actual numbers to do that with. Typically, it's less than a month to get a customer onboarded from the time that they purchase and then they have got 90 days, obviously, from the time they purchase.

Which of Aiden's three segments do you anticipate growing the fastest and potentially driving the larger share of revenue in future, and why?

Expert: I think the endpoint automation is always going to be their biggest piece for the security side of the house. I think the recovery bit, if it takes off like what [it is] envisioned to when we developed the solution initially, then it should grow to a point where it is a major player within their suite of products where 41-50% of their revenue comes from that. But I think endpoint automation and that whole patching and deployment piece is where the majority of their sweet spot is always going to be.

What do you estimate the company's NRR [net revenue retention] rate to be, expressed as a percentage range?

Expert: It's 90-100%. We had never lost a customer and it was a very, very small company that was acquired by another company. The only company that Aiden ever lost as a customer was because they were acquired by another company.

What is the reason that Aiden's NRR rate is 90-100%? What value does the company provide? What is the key driver for its NRR rate?

Expert: When the company realises the value that Aiden brings, that's why they keep renewing. They realise that they are free. They don't have to worry about patching. They don't have to worry about security. All of that is handled by Aiden the way that they define their policy, so they're able to go. The value is there YoY, so they're able to determine that easily.

Could you specify the industry that best describes Aiden's core operations? What would you call the industry?

Expert: I would say that the industry that best describes where Aiden fits is within that endpoint management, endpoint security automation market.

What has the AAGR been of the endpoint security automation industry for the last three years?

Expert: That's had a significant double-digit growth YoY for the last, I don't know, 10-15 years. It's greater than 20%. I would say above 20% for that market.

What do you think have been the 1-2 key drivers of historical industry growth?

Expert: Hybrid work is one of the main key drivers for it and then people are hyper aware of cybersecurity, audit pressures from vulnerability, configuration drift. There are so many eyes on it right now and you don't want to be on the front page of the newspaper for a cybersecurity event and a negative impact. That's where that historical growth will always be within endpoint management.

Analyst: How has hybrid work environment also been a growth driver?

Expert: If people are working both in the office and they get their patching a certain way, they expect that same experience to happen at home as well, while they're remote, while they're not in the office. Aiden's technology allows that capability to be in the office. No matter where you are, you can get your applications and people just expect that nowadays.

Analyst: To confirm, is hybrid work a growth driver specific to Aiden or is it a growth driver for the overall industry?

Expert: For the overall industry. Hybrid and remote work have changed the way endpoint management happens and why it's continued to grow.

What do you think the industry's AAGR will be over the next three years?

Expert: I would say 11-20%.

What do you think will be the 1-2 key drivers of future market growth?

Expert: Consolidation around platforms, particularly like Microsoft Intune, demand for remediation and evidence, not just a pretty dashboard. Then, there's always the increasing vulnerability volume. As we're increasing the number of endpoints, it seems like the team supporting that is smaller and smaller. So, it's a double-edged sword by the increasing end vulnerabilities and the smaller teams. You're still going to have that growth of endpoint management.

Analyst: Could you elaborate on consolidation and demand for remediation and evidence? How is it going to be a growth driver, positive or negative?

Expert: As you know, there's been a lot of movement in cloud management platforms. There are a lot of vendors that are coming in and Microsoft and Amazon, AWS and Google are trying to become the dominant sources for cloud management. New players that come on are getting absorbed by one of those three vendors and then you have got to be able to make that quick switch if you need to. That consolidation around platforms and standardisation is something that is always going to be there. Then, how are you going to manage that? Microsoft owns the largest market for remote management through Microsoft Intune. Having tools that can integrate into that even if you're not using tools like Aiden, that market is going to continue to grow and they're going to continue to expand within the Microsoft Intune ecosystem.

Analyst: Why do you anticipate future growth to be slightly slower than the historical growth of greater than 20%?

Expert: I think I just misunderstood the question. The [historical rate] probably needs to be 11-20% as well.

Analyst: To confirm, has the historical growth rate for the last three years also been 11-20%?

Expert: Yes.

What would you estimate the adoption rate for endpoint security automation software solutions to be across the addressable market?

Expert: I would say the adoption rate is probably going to be in 60-70%.

To what degree do you think the industry is correlated to economic cyclicality? Is it a counter-cyclical, very cyclical, somewhat cyclical, somewhat resilient or resilient market, and why?

Expert: I would say it's a very resilient market, just the historical way that the endpoint management has always been there and will always be there. That's why I think it's just more of a resilient market.

Analyst: Are you saying that during an economic downturn, the demand for endpoint security automation solutions will not be impacted? Might it remain stable, given that you mentioned it is a resilient market?

Expert: Yes. The last thing because endpoint management is tied to budgets, tied to IT budgets and new project spending will slow down during downturns of the economy, but patching and device security and compliance, they don't. They stay very resilient to those fluxes just because you don't want to be the person that gets put on the news because, "Oh, we cut our security budget by 41-50% and now we have been hacked." I think the tide of the market, customers will continually buy within that endpoint automation market.

Based on public information, what impactful technological evolutions or innovations should we anticipate in the industry over the next 3-5 years?

Expert: AI-assisted package creation is huge and I would say AI policy remediation, AI troubleshooting, a better convergence, I guess, I couldn't think of that word, of endpoint management in itself, being able to do recovery a lot, lot faster. I think deeper integrations within Intune and Autopilot is always going to continue to grow. Then, there is a concept that we were looking at in Aiden and I think it's still very valid over the next 3-5 years, is policy-as-code where you have a continuous configuration verification where you set a policy on a device. As that device gets updated and travels and moves, that policy is read via AI and you maintain those configurations in those settings appropriately. I think that's probably something that's going to take off with the new advancements of AI now and how much more prevalent AI is. So, I think that there's probably going to be a policy as code. For lack of better word, I think there's probably something better that I could have come up with on that term, but I think policy-based decisions within AI is going to be huge.

Do you see any downside risks that might materially impact market growth over the next three years? Does the endpoint security automation industry face any potential risks?

Expert: There's not really a risk aside from Microsoft is expanding faster than native tools, native third-party tools like Aiden or any of Aiden's competitors. Microsoft, that's the only downside that I can see, is the risk there that people will always want to just continue with what Microsoft is offering. As big as Microsoft is, is it always going to be innovative enough? Is it going to stay current? Is AI going to cause a big disruption that then makes that downside risk? The first time that AI makes a big oopsie, then I could see where there might be a downside risk for certain things.

Analyst: Does the industry face any particular regulatory risk or any other macroeconomic risk?

Expert: No. I think customers delaying endpoint automation projects due to IT budgets getting allocated for AI or getting allocated for everything else. Maybe there's a little bit of a disruption there, but I think it's more around a bad AI experience is the one that's probably going to cause the most downside risk.

How fragmented do you consider the endpoint security automation industry to be? Is it a monopoly? Does it have 2-5 strong players? Is it fragmented or highly fragmented?

Expert: It's probably fragmented would be the best way I would call it because you have got 5-6 different competitors that all try to do some of the same stuff. So, I would say it's fragmented.

Who are Aiden's top 2-3 direct competitors according to you?

Expert: Patch My PC would be one. The other one would be Microsoft, I guess, would classify as a competitor.

Analyst: Could you name a competitor who is similar in size and scale to Aiden? You could still consider Microsoft as a competitor for the discussion.

Expert: Yes. You got NinjaOne. Automox.

Analyst: Would you want to consider another one, or are Patch My PC, NinjaOne and Automox enough?

Expert: No. Those three, that's enough for you. That's fine.

What might be the market shares for Aiden, Patch My PC, NinjaOne and Automox in percentage ranges? Alternatively, could you rank the players by market share, if that's easier?

Expert: Yes, ranking would be easier. I would say Patch My PC is probably rank number one. Then, I would say that Aiden is probably number two. Automox is number three. NinjaOne would be four.

What was each player's revenue size for the last financial year in approximate 100m ranges? Was Aiden's revenue USD 0-100m, USD 100m-200m or more?

Expert: In USD 100m? All four of these are USD 0-100m.

Analyst: Would you want to reconsider your assigned range for NinjaOne, given that its revenue figures earlier this year were USD 500m-600m in ARR? To confirm, are you referring to NinjaOne.com?

Expert: Yes. I didn't know that they grew that much. So, then I would flip. If they're USD 500m-600m, then they're obviously ranked one and then shift everybody down one according. Patch My PC would be two. Aiden would be three. [Automox, four]. [NinjaOne] USD 500m-600m [in revenue] then.

What might be each player's revenue growth rate in broad percentage ranges, starting with Aiden?

Expert: I would say Aiden is probably in 6-10%. [Patch My PC] is probably in 11-20%. [NinjaOne], I guess more than 20% because I did not know that they grew that much. Automox is probably 0-5%.

What has been each player's growth driver for the last financial year? Has Aiden's growth been organic, acquisition-based or mixed?

Expert: Organic. [Patch My PC], organic. [NinjaOne], mixed because they did acquire some companies. [Automox], organic.

What might be the industry average EBITDA margin for the players, expressed as a percentage range?

Expert: It's probably 21-30%.

How would you define each player's EBITDA based on the 21-30% average EBITDA margin? Might Aiden's EBITDA be above, on or below industry?

Expert: On industry. [Patch My PC], on. [NinjaOne], above. [Automox], below, probably.

How do you think the players differentiate themselves? What are some qualitative differentiators each has, starting with Aiden Technologies?

Expert: The tech they differentiate themselves by being not only, [I mean], it's an all-encompassing platform. So, you as an individual don't have to worry about patching. Aiden packages everything up, so their tech enablement is what outranks them on everything else. The pricing model for Patch My PC is what separates them and then the breadth of NinjaOne is what separates them.

Analyst: To confirm, does Aiden have any other differentiators?

Expert: No. The tech enablement is the biggest differentiator.

Analyst: How does Patch My PC differentiate in price?

Expert: Their pricing model, they have a free tool and then they have a low-price entry into the product. Their pricing model goes up from there.

Analyst: Could you elaborate on NinjaOne's breadth? Could you comment on its products and solutions?

Expert: For NinjaOne, it's their breadth of what they offer. They have a lot more tools. It's a larger product suite that can do more than just what Aiden and Patch My PC does.

Analyst: What are some differentiators for Automox?

Expert: Their approach is different than anybody else's. The way that they approach their customers, the way that they approach technology is completely different than the rest of the group here.

Analyst: What services do Patch My PC, NinjaOne and Automox provide compared to Aiden? Are they similar or do they offer anything different?

Expert: No. They're all very, very similar. The only one that does a little bit more is NinjaOne. They do a little bit more than just patching and security. Automox, the way that they approach how they want to sell, how they want to market themselves is different from the other people.

Analyst: How does NinjaOne and Automox compete in price, given that you mentioned Patch My PC has a pricing advantage?

Expert: The other two are on par with the pricing that Aiden has, but you just don't get the full breadth of what Aiden delivers you.

Analyst: Could you comment on geography? Do the players being discussed operate in similar geographies as Aiden or do any of them have any international presence?

Expert: Patch My PC and NinjaOne have a larger reach for the globe than the other two.

What do you think are customers' top three KPC [key purchasing criteria]? How do you think the KPC rank by importance, starting with the first one?

Expert: Operation reliability and safety is probably one of them. The next one would be integration and fit. So, does it integrate into my current platform? Then, time to value would be the next one.

How important do you think price is to customers in the endpoint security automation market? How commoditised are the solutions – commoditised, somewhat commoditised or not commoditised? Why do you think so?

Expert: Somewhat commoditised. Basic endpoint management, you get that from Microsoft licensing, so you already have that. Aiden and the other people are less commoditised because it provides a safety automation on top of what you get from Microsoft in general.

What is the industry average annual churn rate for endpoint security automation software solutions, expressed as a percentage range?

Expert: I would say 26-30%.

Analyst: To confirm, is the churn for the overall industry 26-30%?

Expert: Yes. That is correct.

How do you think Aiden's churn rate compares to the industry's? Is it above, in line with or below the industry average?

Expert: It's probably in line with the average.

Analyst: Would you still maintain Aiden's NRR rate to be 90-100%, given that you are saying the company's churn is 26-30%?

Expert: Oh, that was churn? I'm sorry. I thought we were looking at growth potential. Churn is 0-5%.

Analyst: How did you think Aiden's churn rate compares to the industry's? Is it above, in line with or below the 0-5% industry average?

Expert: In line.

What do you think has been the key driver of Aiden's historical growth vs the industry's?

Expert: The innovation that we have had at Aiden or that Aiden had and then continued since, they focus on providing a real solution for patch management and Windows management team struggle to keep up, keep compliant. Aiden is allowed to or allows them to keep compliant and keep secure and they're going to continue that.

How fast do you think Aiden could grow over the next three years, expressed as a percentage range?

Expert: This is where I thought we were a while ago. Greater than 20%.

Analyst: Do you think Aiden will grow faster than the industry? If so, why?

Expert: Yes, because of the new technology that they have released with the provisioning piece, the AI capabilities that they're adding in, I think it's going to continue to help them grow.

What could be some of the most interesting ways to grow Aiden, in your opinion? How would you look at improving its growth profile if you were to run the company? What organic growth measures would you adopt?

Expert: I think they could do a different campaign, marketing campaign for Aiden for Intune in their sales motions. I think they could go deeper into regulated verticals, like financial services, healthcare, life sciences, legal. I think they could expand from just doing patching and deployments to more of a continuous compliance and exposure remediation and recovery and then, obviously, develop a better channel partnership with Microsoft and other partners, MSPs, to be able to get that a little bit different out there, little bit differently.

Analyst: Do you think the company could look to expand into any new geographies?

Expert: Yes. I think once they get a few more things under them where they continue to grow, then they'll expand out into different areas, different geographies. Because they have 24/7 support and majority of all the people inside Aiden are within the US or within the US time zones, as they continue to grow, they're going to have to expand that out. I think the growth will come and then they'll expand the verticals or geographies as well.

How would you improve Aiden's margins? Would you make any operational efficiency improvements for the company?

Expert: Yes. They could standardise on how they onboard people, onboard new customers. They could invest in some self-service integrations, policy libraries. They could increase their partner-led discovery and deliveries. Then, they could focus their sales on larger endpoint counts where they get better scale. The larger the company, the less the cost is going to be and the more revenue you make.

Analyst: Why do you think the company should look to focus on standardising customer onboarding?

Expert: Just because if you have a standardised onboarding and you have got five or six or 20 or 30 or 50 or 60 new customers, if you can standardise that onboarding, then that frees your resources up to go and create and develop and do more things around that to free you up.

Based on publicly announced acquisitions, how would you describe Aiden's M&A strategy? Has the company acquired any companies in the past?

Expert: No. They have not.

Could it make sense for Aiden to acquire, merge with or be acquired by any other player in or outside the endpoint security automation space, in your opinion?

Expert: Not at this time unless they were acquired by Microsoft. Every tech company that does anything on Microsoft, that's one of their goals, to be acquired by Microsoft. I think Aiden can stand headstrong for the next 5-10 years and continue to grow and then ultimately be acquired in that sense.

Analyst: Do you think Aiden could be acquired by Microsoft?

Expert: Probably in 5-10 years, potentially, but I think at that time, Aiden's technology is going to be far superior.

Analyst: Do you think any other types of companies or players could look at acquiring Aiden?

Expert: No. I don't think so, just because the goals within the company, I feel that they want to organically grow and then be acquired by Microsoft. I don't think that they want to be acquired by any other venture other than Microsoft.

Analyst: Do you think Aiden could look to acquire any players?

Expert: I think it would be something on the road map for five years from now. I don't think that they need to look at acquiring anything right now. They need to focus on their technology and the other pieces that we have talked about above.

What would you say are the 1-2 biggest risks that Aiden faces?

Expert: That's a tough one. I guess, really, the only big risk that I could see is if one of their larger customers had some exposure. I think that's a risk that all security-type vendors or patching companies do have. I think that's not unique to Aiden, but I think that's probably one of the biggest risks, is one of their larger customers being compromised and they don't renew and then that causes a snowball effect where others stop renewing based upon the how tight-knit their customers are. Then, I think that one mistake could end up causing a slowness and lengthen the sales cycles.

Is there anything that the market does not properly understand about Aiden, in your opinion? Are there any common misconceptions about the company?

Expert: I think that they think of it as just a patch management tool or that it's just a wrapper around Microsoft Intune. The stronger story is that it's endpoint control and resilience layer. It turns a policy into something that you can operationally work with and ensure that your endpoints are at a certain state and it has the proof behind how that state was achieved. I think that's what most of the misconceptions are. They just think of Aiden as just a patching thing when it's a lot more than that.