BlackBerry Provides Embedded Software and Cybersecurity, but Lacks a Moat

We think BlackBerry has positioned itself in rapidly growing markets that benefit from secular trends toward security and connectivity, but we think it has a long way to go to earn a durable competitive advantage. BlackBerry sells software into enterprise cybersecurity applications and embedded applications like cars. Its flagship enterprise product is the Spark suite, which combines unified endpoint management with endpoint protection. In the automotive market, BlackBerry’s QNX software powers infotainment systems, where it leads the market, as well as electronic control units and advanced driver-assistance systems.