** Hansen Technologies HSN.AX fall 1% to A$4.81

** Morningstar says growth opportunities for software services provider constrained, with slower customer renewals and muted organic growth weighing on revenue

** Adds while past revenue was supported by smart acquisitions, this growth avenue is also disappearing

** Notes co's billing software benefits from high switching costs, protecting existing revenue... but these costs limit its ability to swing customers away from competitors, limiting its growth potential

** Retains fair value estimate of A$4.2

** YTD, HSN down ~10%

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))