Yes. And it doesn't really make sense to make the library closed source. The common business model for these kind of tools is to provide consultation, deployment platform, or a distributed version.

Doesn't that imply the opposite? They can take the code base and do anything they want with it.

Since they are the owners, they can do what they want with it no matter the license. The license only says what others who get a copy of the software can do with it.