Overview Key strengths Key risks Good diversification of end markets and customers. Small scale in a highly competitive sector. Sound revenue visibility supported by an increasing recurring revenue base. Specialized products in narrow segments of the IT market. Solid free operating cash flow (FOCF) generation contributes to strong liquidity. Client adoption risks for bundled software-as-a-service (SaaS) could slow as the company reaches growth targets. The company?s top line was flat as the increase in SaaS and perpetual revenue was offset by decreases in managed services and support revenue. While the significant growth in bundled and unbundled SaaS sales was supported by new customer contracts and increased AI adoption by existing clients, the headwinds in the support revenue were mainly due
