Everyone, and a big welcome. Thanks for joining our call today to discuss the acquisition of GoCanvas that we announced tonight. With me today are our CEO, Yves Padrines, and our CFO, Louise Öfverström. Today's conference call is being recorded. A replay of the call will be available at our website after the call. Additionally, you will find the ad hoc, the press release, and the short presentation on our investor relations website as well. But now let's get started. So I would like to turn over to our CEO, Yves. Thank you very much, Stefanie, and good morning, everyone. Welcome to our update call. It's a special and exciting day for us. I'm delighted to announce that the Nemetschek Group has signed a definitive agreement to acquire all shares of GoCanvas Holdings, the leading provider of SaaS solution for digital forms and workflow task management and safety solution for the construction industry. You may have seen in the press release that we published two hours ago of this. By the way, given the inherently very short-term notice for this call, it's great to see so many of you participating, so thank you for joining us to learn more about this great deal. We have prepared a short slide deck containing additional information that addresses the most important points of our planned transaction, as you can see on slide number two. After laying out the compelling strategic rationale behind our decision to acquire GoCanvas, I will give you a brief overview of the transaction, the acquisition target, as well as the substantial synergy potential we see based on this transaction. Afterwards, we will have sufficient time to address any questions that you may have during the Q&A session. Let's go to slide number three. As you all know, M&A has always been an integral part of the Nemetschek Group DNA, as well as the company's tremendous success story. As we consistently highlighted over the last year, the fact that we did not make any large-scale acquisition in recent years was by no means a sign that value accretive M&A was no longer on top of our agenda. In contrast, in times of skyrocketing valuations in the software industry, in large part also for lower quality companies, we doubled down our efforts and intensified our due diligence process for potential targets. If a target was not the perfect fit for us, we stuck to our pricing discipline in order to avoid potentially costly mistakes, and to thus maximize the value generation for shareholders. At the same time, this has allowed us not only to focus on accelerating our organic growth, new innovation, and our very successful transition to a subscription and SaaS-centric business model, but also to establish an extremely solid balance sheet. It's the scrutiny of potential targets, combined with our substantial financial firepower, that has allowed us to identify GoCanvas as the perfect acquisition for the Nemetschek Group in order to drive the acceleration of the digitalization in the construction industry. It is therefore not only by far the largest acquisition in the history of our company, but also a perfect complement to Nemetschek technology, customer base, and geographic presence. By combining our group's existing capabilities in the Build segment with a leading SaaS solution for the paperless collection, reporting, and integration of field data, it enables us to unlock the massive field worker opportunity in construction, as well as several adjacent industries. It is therefore ultimately an important building block for the Nemetschek Group's next phase of growth. Let's move on to page number four, and why we are so excited and convinced that GoCanvas will add value to the Nemetschek Group, and therefore to our customers as well as shareholders. Firstly, I've already mentioned GoCanvas is the leading provider of SaaS solution for the paperless collection, reporting, and integration of field data in construction and adjacent verticals. With their unique breadth of user-friendly solutions, GoCanvas aims to digitize traditional paper-based processes, improve safety, and ensure maximum compliance with industry standards. Following its strong growth record in recent years, with an annual increase in revenue of around 20%, the company generated an annual recurring revenue of $67 million in 2023. The company has over 300 employees in the U.S., Canada, Australia, and South Africa. As a provider of pure SaaS solutions, GoCanvas will also further accelerate our successful transition to a subscription and SaaS-centric business model, which is one of the key strategic priorities of the Nemetschek Group, as you know. Secondly, GoCanvas fits perfectly into our Build segment, which has strong double-digit market growth.... It's an ideal addition to our existing solution portfolio in the Build segment, and therefore represents a valuable expansion of our expertise in covering the entire life cycle in the AEC/O industry. It's a perfect complement to our existing portfolio of solution in the Build segment, and therefore represents our expertise by adding GoCanvas core solution, we have a strong competitive advantage while gaining access to the rapidly growing market for field workers in construction and other adjacent industries. By combining Bluebeam, already today the most trusted name in collaboration solution for the build and construct sector, with its massive base of office workers, together now with GoCanvas, customers in the field, we will create a truly unique ecosystem for the construction industry. Thirdly, we see a huge synergy potential. The acquisition of GoCanvas and its complementary technology, customer base, as well as geographic presence, will create significant growth opportunities and technology synergies. Furthermore, GoCanvas, already strong position in the fast growing field worker market, will not only enhance our market and customer access, but also substantially increase our TAM for the Build segment. I would like to highlight, GoCanvas currently already large and diversified user base of more than 300,000 paying users. We therefore have a huge opportunity to address these customers with our solution in the Build segment, and even more important, we can address the over 3 million users of Bluebeam with solutions from GoCanvas, and cross-selling to our over 3 million users, Bluebeam customers, all the GoCanvas portfolio. An additional benefit of acquiring GoCanvas is that it further strengthens our positioning in the U.S., while providing GoCanvas with a unique opportunity to expand in Europe and Asia-Pacific. All in all, we are therefore highly confident that the acquisition of GoCanvas will create strong value for our customers and thus in turn, also for the Nemetschek Group. On the next slide, number five, you see a comprehensive company snapshot of GoCanvas. GoCanvas' mission is to simplify inspection and eliminate paper by digitizing paper-based processes. Its flexible cloud and mobile field worker solution therefore help customers to efficiently collect real-time data, collaborate across work sites, create digital checklist, make data-driven business decision, and replace paperwork with smart, simple workflows, which ultimately increase the efficiency and safety in the construction industry. I have already mentioned most of the key figures, such as the ARR growth of around 20% in recent years, as well as the fact that as a pure SaaS provider, GoCanvas possesses a revenue base that is almost 100% recurring. Again, GoCanvas has already a large and diversified user base of more than 300,000 paid users. We therefore have a huge opportunity to address these customers with our solution, but we can also address the over 3 million users of Bluebeam with solutions from GoCanvas. If we take a closer look at the business model and structure of GoCanvas holding, you will see on slide number 6, that the company has three business units. Starting with Jobsite, which amounts for around 50% of the company's revenue. GoCanvas offers the GoCanvas products mainly to companies operating in construction, but also to customers from other selected adjacent industries, such as utilities, energy, and manufacturing. In GoCanvas, customers can choose from about 20,000 template data collection forms, or can create their own with an easy-to-use application, and can then deploy them to any mobile device to use in the field. They can be used as standalone workflows or can be centered around projects for informative project-level dashboards. Common use cases include field reports, inspections, work orders, and even invoicing. The second biggest business units, with roughly 30% of the group revenue, is safety, which offers the SiteDocs products to companies operating primarily in construction, but also in other verticals. With SiteDocs, general contractors can keep the whole site safe, from practice safety management to incident reporting, in a way that is easy to use and adopt in the field. From hazard management to certification tracking, SiteDocs is a comprehensive solution for workers' and contractors' orientation, hazard identification and mitigation, safety communication, and when needed, incident responses. Fire is the newest business unit and accounts for roughly 20% of the revenues. It offers both a GoCanvas Fire and life safety set of application, and also a white label capability, so that other firms can create and resell GoCanvas as their own application, which is the case for some large customers. If we add together the customer base of these three underlying business units. The vast majority of group sales, around 70%, are generated in the engineering, construction, building, and infrastructure verticals. Let's go to slide number seven. The construction industry is full of stories about the need to improve productivity and efficiency. We have, at Nemetschek, a long history of supplying technology to those in the office, from planners and designers, to BIM coordinators, to construction managers, and of course, we have usage on the job site with part of Bluebeam, and of course, with 123onsite from NEVARIS. With GoCanvas, we will now address both the job site and the field worker at scale, with a solution that fits a wide range of customer needs, and the end users, so the workers in the field, love to use. If you're not making the field worker's job easier, you will not see adoption of the software at scale. The GoCanvas solution helps solve for the industry challenges by empowering customers to deploy easy-to-adopt solution in the field that meets their own specific needs, delivering productivity improvements at the work site through simple mobile applications, keeping workers safe, and enable easy compliance with safety regulations, and reducing the overhead associated with managing worker assignments. One hallmark of our existing Bluebeam solution is flexibility and speed to value, and GoCanvas fits this model perfectly. On slide number 8, we see the opportunity to create value through the positive synergies with our existing portfolio over time. Bluebeam has a broad customer base, including both general and subcontractors, that is used by over 3 million users worldwide, to review design and drawing, make site plans, and communicate instruction between contract parties and between the office and the field. In the U.S., according to the Bureau of Labor Statistics, there are around 10 million employed in construction in the U.S. alone. The vast majority, more than three-quarters of them, are in the field and not using software today. GoCanvas will let us address many of these people, and we'll be able to create new offerings that bring the flexibility of GoCanvas to the Bluebeam customer. One, two, three on-site, an offering from NEVARIS, from the Nemetschek Group, also address the field use cases, and we'll be able to create new value from customers with the combined capabilities. We are planning to bring GoCanvas to Europe with our strong position there, offering health and safety offerings also to our one, two, three on-site customers, and to Bluebeam customers beyond U.S. and Canada. Finally, we see the opportunity to improve our position in North America, including the potential to bring the strong time and equipment capabilities of one, two, three on-site in North America and beyond. Our strong global presence give us a unique footprint to grow GoCanvas internationally, outside U.S., in both Europe and Asia, not available to them independently. Now, as we are coming to the end of our presentation on slide number 1, we have summarized the most important transaction details. I've already mentioned, we intend to acquire 100% of GoCanvas Holdings, Inc. as part of the share deal. The enterprise valuation is based on a 2023 ARR multiple of around 11.5, which is considerably below Nemetschek's own valuation levels and multiples. The transaction will be financed by Nemetschek own cash resource, as well, as well as fully committed debt financing. Even though GoCanvas is by far the largest acquisition in Nemetschek’s history, our extremely solid balance sheet, combined with a strong underlying earnings and cash flow generation, will provide us with a high degree of safety going forward, and continue to enable us to act flexibly to value-generating M&A targets and venture investment opportunity emerge in the coming months and quarters. As GoCanvas fits perfectly with Bluebeam, our largest strength, GoCanvas will also join Nemetschek as part of the Build segment after closing. The acquisition is expected to close in summer 2024, and is subject to customary regulatory approval and closing conditions. Until the transaction closes, each company will continue to operate independently. After closing, GoCanvas CEO, Viyas Sundaram and his team will join the Nemetschek Group and continue to drive the business. More details regarding the transaction, potential synergy, as well as the expected impact on Nemetschek Group financials, will be disclosed after closing. With that said, I would like to thank you for your attention, and we are now happy to take your questions. Operator, please, back to you. Thank you. Ladies and gentlemen, if you would like to ask a question, please press nine and star on your telephone keypad. The first question comes from George Webb, Morgan Stanley. Please go ahead with your question. Hi, congratulations on the deal. I've got three questions please. Firstly, just considering the functionality set, can you give me kind of detail on how you feel about the buy versus build argument to GoCanvas? And in a sense of how hard it would have been for Bluebeam over time to maybe go from the likes of giving punch lists out to build some of the similar functionality areas. Secondly, under the previous PE ownership, what's your view on how GoCanvas was run? Was it more focused on maximizing sales growth, or was there more of a balance between growth and margin? And then thirdly, I know you've mentioned that you're you know we have to wait until closing to get a better sense of the impact on the group financials. Can you say anything around the margin profile of GoCanvas? You know, is it running at a profitable level on a kind of post–dot-com operating profit basis? Thank you. Thank you, George. I'm not sure I got exactly your first question, because the line is quite bad, but regarding your second question, regarding growth versus margin. So, clearly, the big, big focus is on the growth side, and we are expecting, of course, to continue at least this minimum 20% revenue growth, but of course, with all the synergies that we have in front of us, we expect to add a couple of points of growth, not only to GoCanvas, but a couple percentage of revenue growth on the, the build and the construct division. Then of course, profitability is key for us, and we see a lot of opportunities, very short-term, to really increase, significantly, the profitability of the business. Regarding your first question, so could you please repeat it? Because I'm not sure I understand everything. Yeah, sure. I was basically asking, what, what was the buy versus build equation that you, you were thinking of? I mean, was there a world in which Bluebeam could've moved into many of these different functionality areas, but it would've taken a year or two, and how did you think about that option versus buying GoCanvas? So these are very, very, different type of functionality that Bluebeam is doing. As you know, Bluebeam is really focusing on, collaboration software, to do, exchange of PDF file, and, also, to do markup on PDF. And, we are a little bit used, in the field, of course, also, but Bluebeam is really an office, mainly, solutions. And as you know, and as I indicated, the construction industry, I mean, majority of the employees are in the field, and it's a huge, huge opportunity of growth, and clearly significantly increasing our TAM. So here, yes, it's a fragmented market, the field, worker industry and market, but clearly, GoCanvas is, you know, one of the big leading, player there. It's really hard to achieve scale, so buying is clearly a much better option, because it would have taken a long time for us to be there, and probably not be able even to achieve such scale, because it's very different type of solution, very different type of technology, and we don't have the expertise, especially if you look at the safety business, which is a different business than what we are currently doing on field collaboration software. That's really helpful. Sorry, just last one. If you were to look back at the 2023 financials of GoCanvas, was it making a statutory GAAP operating profit? So if we look at the 2023 financial standalone of GoCanvas Group, they are still growing very, very strongly, this group, and investing a lot in the future, of course. And that's why they are still standalone in 2023 below the Nemetschek level, which is very high, as you know. But we are also acquiring the company at the perfect timing, where economies of scale and also operational leverage, and of course, then these huge synergies that we see, will contribute really, really nicely to that as well. So they are really on a very, very different level themselves. Standalone, they're also, let's say, around somewhere around a 40 company already, and it will also remain in the midterm. But as I said, they're also on the perfect spot now, due to the strong growth, really through the leverage, through the operational synergies that we see, and economies of scale, really to come back very, very quickly to build the level that you're used to in the Nemetschek Group. Okay. What we cannot say still, and I think that's important, though, that any impact on the Nemetschek Group, we cannot. Of course, you know how it is. It's, we have signed the deal, it's subject to approvals, so only after closing we can do purchase price allocation and everything. That is, of course, accounting measures, but that has an impact short-term, of course, to the contribution. And that's why it's difficult to say how it's going to stay short-term, contribution. We'll come back to that, of course, after closing, and give you all the information on that. Great. Thank you. The next question comes from Sven Merkt, Barclays. Please go ahead with your question. Great. Good morning. Thank you for taking my question. Can you elaborate a bit further on what level of product integration you aspire for Bluebeam and GoCanvas over the very long term, especially now considering that 30% of GoCanvas revenue are non-construction related, and Bluebeam, as you mentioned, was already pushing a little bit into field connectivity? So, for the moment, we are not going to do big integration. The main point will be the cross-selling piece, so that we will take the GoCanvas product and cross-sell to the Bluebeam customer base, and vice versa, we will sell Bluebeam to the GoCanvas customer base. Then what we are planning also to do short term, midterm, is also to kind of white labeling, probably some of the GoCanvas products as co-branding. Then of course, on the workflow side, we are planning long-term to see the opportunity to use GoCanvas to create offerings for Bluebeam customers. And we will integrate directly that with our common workflow between Bluebeam and GoCanvas, but that's going to be more in the midterm. But short term, we have already plenty of synergy opportunities on the cross-selling piece or white labeling piece. Okay, perfect. That's clear. And then, just a second. I think you mentioned it earlier, but I'm not sure I understood it correctly because the line was a bit poor. The 20% growth outlook that you provided, that is before any kind of expected or potential revenue synergies. Is that right? Correct. Correct. 20%, 20% revenue growth is standalone. Then with revenue synergy, we expect for the Build division, for the Build division, so not only for GoCanvas, couple of points of synergy revenue growth over time. That's very clear. Thank you. The next question is from Knut Woller, Baader Bank. Please go ahead with your question. Yeah, hi. Thank you for taking my questions. First one on the margin side, is there any investment required to internationalize the product offering of GoCanvas? And, in sync with that, how fast do you think that you can lift the margins of GoCanvas to a Nemetschek group level at the GAAP or IFRS level and not adjusted? And then, secondly, if I do the math and look at interest income that you're missing, looking at the interest expense you have to pay for GoCanvas and also the growth commentaries you made, is it fair to assume that GoCanvas, prior to PPA, will be the earliest accretive in 2025, more likely in 2026, depending how fast you can lift margins? Thank you. So let me take the first point, and then, then Louise, we address the two other points. So regarding internationalization, GoCanvas is already present internationally. So, they, of course, most of their products and customers are in North America, so Canada and U.S., but they have also customer in Australia, a little bit in Europe. It's very small, very small, but the point is that there is no need of localization, too much localization effort for the product. So it's already ready for internationalization. Of course, there might be some specific countries where we may need to do some translation, but as you know, today, just translating products, that's not a huge localization effort. And maybe, Knut, then I take the question regarding the impact on, let's say, accretiveness of the deal, etc.. And as I alluded to before, of course, it's a tad too early to really come to the clear numbers on that, because it's the specific time frames, etc., are relevant when we close and what time frames we have there. But also, of course, the PPA effects, especially as a deferred revenue business, as you know. So that's why we cannot say that we will come back after closing, of course, we're clear on that. But what you are right in, that this deal will be very quickly accreted due to the financial profile and the synergy. So if you include the PPA charges, that will be very, very quickly. Given the strong growth of the GoCanvas business, and of course, together with the synergy potential, we see that, as you say, it will be at the earliest in 2025, but the same, very, very quickly. So this kind of deal, I think that's a fantastic result. Thank you, Louise Öfverström and Yves Padrines. Just two quick follow-ups. Can you share with us how fast you believe you're able to lift margins of GoCanvas to a group level? And then, if you talked about the decent margins, have that been non-GAAP margins or have that been GAAP margins you're referring to? So if I start with your question regarding how quickly we expect it to lift to Nemetschek level, we expect it to lift it quickly. It's a short-term case that we can really, as I said before, we have economies of scale, we have operational leverage already in the standalone business. As I said, it's a perfect point in time of acquiring the business, but also then in addition with our synergies. And some of these synergies will come more quicker, and some of the synergies will of course also invest in great products, etc.. We can't say over time, there's a nice profile there. So, that's why we see that the contribution of the GoCanvas group will be quickly showing results on the Nemetschek balance sheet and P&L, but it will also subsequently be quickly recovering to the Nemetschek market margins. But I will also say this is, as Yves alluded to, we have huge synergies, and this is a synergistic case. And with all these users, both on the GoCanvas side and also on our side, on the Bluebeam side, of course, and in the full Nemetschek Group, we will also continue to invest in the product. You know, the Nemetschek profile is that we will not sacrifice growth for margin, but we will always deliver the decent margins you're used to as a group, and this transaction will definitely not change that. It will, it will strengthen that. And then it was GAAP and non-GAAP figures, sorry, GAAP and non-GAAP margins, and that's normal GAAP margin. Great. Thank you, Louise. The next question comes from Florian Treisch, Kepler Cheuvreux. Please go ahead with your question. Great. Thank you very much. I have basically one left from, from my list of questions, but you mentioned you're proud to present the synergy upside coming from the transaction by combining, let's say, sales force and product a bit. But can you give us, let's say, a state of scope where we are today? Do you have any deeper insights how big the client overlap is already today? If any experiences, how, kind of, how successful the synergy upside can be, to basically better understand the dynamics behind it? Thank you. So clearly, we have done a very deep due diligence on these cases, interviewing a lot of customers, GoCanvas customers, but also, Bluebeam customers. And very interestingly, there is beautiful overlap, especially when you look at the construction industry. But interestingly also, you know, they are quite present also in utilities and energy and oil and gas. And we also have more and more, the last few years, Bluebeam customers, interestingly, in the oil and gas piece. So, in engineering customers, we also have some very nice overlap of customers, because... And also, everybody who are doing field inspections, a lot of these companies, in the U.S. in particular, are already using Bluebeam. So yes, we are quite excited about the synergy potential. Great. Thank you. The next question comes from Nay Soe Naing, Berenberg. Please go ahead with your question. Hi. Good morning. Thank you for taking my questions. First one for me, you know, it sounds like a really exciting deal. Looking at the product reviews online as well, very favorable for GoCanvas. But, you know, as we know, in this built product market, there are many great businesses out there, especially in the private market. So would you be able to share why GoCanvas in particular? Why did you go for this, not the others, please? And then secondly, with regards to the cross-sell and upsell opportunities, especially with your Bluebeam business, you talked about how Bluebeam is more of an in-office solution, where GoCanvas will be on-site solutions. Can you talk a little bit more to the overlap in the customer base, please, you know, in terms of who you will be cross-selling, upselling to, and where that overlap comes from in terms of customer type and size? I have a very quick follow-up question after that. So clearly, first of all, why GoCanvas? Very, very simple, and I hope I was clear in my presentation earlier. It is one of, if not the market leader, in the field construction solutions. So, it can scale. It's the only one who can really scale. It's very simple and delightful, for customer, and they have very high Net Promoter Score. So it's mainly, you know, of course, presentation, that, messages that I gave, in the presentation. And it's also one of the only scale business which was also actionable, because, a lot of the other companies which are there are way smaller most of the time, so not sure about the scale. NDS was not as big, and also sometimes, you know, also profitability was much lower and the growth not necessarily as good. Here, they have a very good go-to-market performance. So they are very complementary with us in terms of technology. They are very complementary with us in terms of customer base. Of course, if you look at the GoCanvas, they are very complementary in terms of geography, because it's largely in the U.S.. If you look at the customer overlap, it's ranged from small contractors to very large contractors. And what we learned is that because of the customizability of the products, the end user, they really love the product. And even if you look at the Fire, for example, solutions with their white labeling solution, you have very large, very large companies who are white labeling and reselling or the GoCanvas Fire products to their customer base. So yeah, great fits. Thank you very much. That's very helpful, Yves. And, a quick follow-up for Louise. I don't know if I heard you correctly earlier. Did you mention that GoCanvas in 2023 was already a Rule of 40 company, i.e., top line growth plus profit margin? That's in that ballpark, right? So in that ballpark, despite the strong growth, they are already to stay very close to that. But that's also the standalone, as I said before, any kind of integration effects, PPA effects, etc.. Just to give you a sense, of course, due to their strong growth, they are already to stay on that track. So the business as such is already set for that, very close to that, and that is what we continue going forward, that it will be a Rule of 40 company also as a contribution to the group? Yeah, so really, clearly, even without the synergy and going f orward standalone, on a pure standalone basis, GoCanvas are planning already in 2024 to be above the Rule of 40. And then- Okay, that's- Synergy comes on top of that. And I think that's important as well, so we also have synergies in the group to say it's also the question how. And I think that's important, though, to point out, as we said, we will come back with the short-term impact, because there will also, of course, be effects of the PPA and integration, etc., which is accounting measures, but it's still accounting measures, so it's something we have to show. So that's why we will come back on that afterwards. Okay, thank you. And just so to clarify here, the Rule of 40, you're basing it on ARR growth plus EBITDA margins or EBIT margins? Revenue. Yes. Revenue, IFRS revenue plus EBITDA margin IFRS. Amazing. Thank you very much. The next question comes from Victor Cheng, Bank of America. Please go ahead with your question. Hi. Good morning. Thank you for taking my questions. Maybe first of all, you talked about, GoCanvas being one of the leaders, if not the leader in the space. Can you talk about who are the main competitors, that GoCanvas see? And then secondly, on the growth, can you talk a bit about, you know, the growth drivers, how much of it, you know, may be coming from pricing or just user growth? And then thirdly, you know, on the user, can you talk a bit about, you know, the size of the user, the size of the companies, and maybe, you know, the churn rate and, and, you know, and maybe, a net retention rate as well? Any, any color on that? Thank you. Yeah. So in terms of the users, it is really large and small. So majority of their customers are small and medium businesses, from general contractors, construction companies, and also adjacent verticals like energy, utilities, and also manufacturing. And they're also working with very large customers. But as Nemetschek and also as Bluebeam, you know, majority of their users, it is long tail of small and medium businesses. So if you look at the competition, so first of all, you know, if you look at the big construction tech companies in addition to the Nemetschek Group, like Procore and Autodesk, we see GoCanvas more as a complementary, not only to Bluebeam, but also to other construction platform. One of the hallmarks of GoCanvas is that it is open and interoperable, with over 1,000 current integration, which fits well into the Nemetschek philosophy. So GoCanvas is already integrated, for example, with Procore, and under our recently announced interoperability agreement, we would be happy to extend that to other Autodesk Construction Cloud, as well. So then, if you look at who are the biggest competitors in this subvertical, really looking at this, field management solution. Given we believe the space is about 10% vendor, the biggest competitor is, of course, paper. Yeah, because the penetration of digitalization into specific sub-market is very, very low. So paper is the main competition. But in terms of direct software competition, the main ones are TrueContext, GoFormz, and SafetyCulture. Very clear, and maybe on the growth as well, can you talk us through maybe some of the growth drivers that it had or historically? Well, clearly, the growth drivers, as Bluebeam, is really user growth. So that's the fact. I mean, again, low level of digitalization, so it's all about user growth. Got it. Thank you. We have a follow-up question from Knut Woller, Baader Bank. Please go ahead with your question. Yes, thank you. Just two quick ones. The first one, regarding pricing, is there any or are there any plans to change the pricing of GoCanvas or rather keep it stable? And then lastly, on the 30% of ARR generated from other verticals than your core verticals, do you intend to keep those, this as part of your offering, or is there any intent to dispose it because it's not your core offering? So first of all, we are not planning to change anything on the pricing side. And second point, on these adjacent verticals, of course, we want to keep it, and not only we want to keep it, but we want to develop it, because it is, of course, also increasing our count. And we strongly believe that we can sell also Bluebeam more to this customer base. Again, Bluebeam core business is collaboration software to exchange PDF files. So somehow, anybody who is using PDF could use it. So we can see already great fit in utilities, in energy, in oil and gas, where we have already existing Bluebeam customers, but now potentially also in manufacturing, etc.. So we clearly, clearly want to keep this business and continue to grow it, because it is adding adjacent verticals to our core construction engineering business. Of course, our clear focus of Nemetschek as a group is in AEC/O. We are an AEC/O software, construction software company. This is our main focus, of course. That's the priority number one. Thank you. The next question comes from Nay Soe Naing, Berenberg. Please go ahead with your question. Hi, thank you for taking more questions from me. I've got two follow-ups, if I may. Firstly, on the integration plans between Bluebeam and GoCanvas. Presumably, GoCanvas will operate as a standalone brand initially, but do you have any aspirations to integrate it fully into Bluebeam? And then, second question is around whether you also plan to add or integrate GoCanvas into your dTwin offering. Thank you. So, just to make it clear, in terms of the structure, so Bluebeam is going to acquire GoCanvas, so there will be an integration. And therefore, on the GNF functions, we will see straightaway a lot of integration effort, but also synergy. And we are planning then also to do a lot of synergy on the go-to market front. But of course, we keep the product engineering pieces standalone, and GoCanvas will operate R&D, you know, and some of their specific sales and product specialists, specifically, within the brand. But it's going to be really kind of a piece of Bluebeam business. That makes sense. Thank you. And then any plans with your dTwin offering? On the dTwin offering, yes, there could be also some potential integration based on customer needs, and not only with dTwin, by the way, but also with Vectorworks, and even field services for operate and manage business. So if you look, for example, at Spacewell, we can see also some nice synergy, where we can use some of GoCanvas products together with Spacewell. So clearly, between digital twin, Spacewell, but also Vectorworks, we see some very, very integration point, and then nice fit too. But of course, the core, the volumes, and the needle mover will be with Bluebeam. Amazing. Thank you. At the moment, there seem to be no further questions. If you would like to ask a question, please press nine and star on your telephone keypad. There are no more questions from the audience, so I hand back to the company for closing remarks. Perfect. Thank you everyone for attending. We are looking forward to catching up with you soon. If you have any follow-up questions, so please do not hesitate to contact me or Patrick, so we are always available. If there are no further questions, let's conclude the call. Thank you very much for attending. Thank you very much, everyone. We are looking forward to closing this deal, hopefully soon, and to welcoming this great GoCanvas team into the Nemetschek family. Thank you, everyone. Thank you.