Yes, that's exactly correct. You've been following a company for 13 years and didn't realize that?
Wave's solution is not a full solution that integrates with various other programs or replaces these programs or delivers a full-scope of functionality a large corporation (or even a small one, could use). It does not deliver what 80% of enterprises would need as a full solution.
Wave is after large organizations as per SKS' statements for years. Yet, as just one example, Wave's products basically ignore the support of server SEDs. How can you possibly expect a large organization to switch to ETS when they don't even support server SEDs?
Well, last I checked many companies have both users and servers. What's the point of users without servers, and vice versa? You don't have to be a genius to figure that out (yes, pun intended).
If you know so much, tell me what you think Wave's products need to be competitive today. Do you believe Wave's products are finished? They don't need anything?