I don’t see cannibalization happening between the two as there is enough opportunity for both to grow and co-exist. The RCM market itelf is growing at approx 20% CAGR. Moreover, CMS’s focus seems more towards ATM Cash Management and Technology Solutions (as one would expect with Rajiv coming from technology background) whereas Radiant’s focus is on RCM and DCV. In addition to banks, their thrust is to offer RCM solutions to other retail participants which in itself is a growing and a huge untapped opportunity. Furthermore, as with any other industry, the de-risking strategy (not to have all eggs in one basket) holds true for the financial industry as well giving rise to a likely duopoly in the long run.
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