Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the market update call of Software AG. Throughout today's recorded presentation, all participants are in a listen-only mode. The presentation will be followed by a question and answer session. If you'd like to ask a question, you may press star followed by one on your telephone keypad. Please press the star key followed by zero for operator assistance. I would like to turn the conference over to Senior Vice President, Corporate Development and Investor Relations, Robin Colman. Please go ahead, sir. Thank you, Emma, and good morning, ladies and gentlemen. Welcome to Software AG's analyst call and webcast following the release of an ad hoc disclosure yesterday evening. Software AG has announced that it entered into an agreement to acquire the shares of StreamSets. In today's call, Software AG's management will share more details on the transaction. The call will start with a presentation from our CEO, Sanjay Brahmawar, followed by our CFO, Dr. Matthias Heiden, to provide an overview of the acquisition before taking questions. StreamSets CEO, Girish Pancha, is also present to participate in the Q&A. Before we start, here are some housekeeping remarks. We are broadcasting this conference call online. You may access the webcast via our investor relations website, where the presentation slides related to this call will be displayed. The same slides are available for download on our website. The webcast, including the full call with questions, answers, and the names of questioners, will be recorded and made available for replay later today. Finally, let me remind you of our disclosure statement, which is shown at the beginning of the slide presentation and is valid for the entire call. Thank you for your patience. Now over to Sanjay. Good morning, everyone, and in particular, welcome Girish. Today is another big day for Software AG. Last night, we announced an agreement to acquire StreamSets, a fast-growing DataOps platform business in the high-growth cloud data integration market. It's a perfect fit for our existing hybrid integration offering, and it's a major step forward as we accelerate our transformation plan. I'm incredibly excited to bring the two teams together. We are so much alike in terms of culture, purpose, and ambition, and together we'll form a truly differentiated proposition for customers in the hybrid integration space. This morning, we'll explain the rationale for the acquisition and why we're so confident in our ability to create long-term value together. We'll paint a picture of the future growth path we expect for Software AG and StreamSets combined and tell you how the acquisition will add growth on top of our existing organic plan. Of course, there will be plenty of time for your questions. Before we go into details, let me just give you the headlines as I see them. First and foremost, StreamSets plays in a key growth segment of our total addressable market where we aren't present right now. Its technology, leading edge, enterprise grade, and hybrid sits naturally alongside our current product set. We have totally aligned go-to-market strategies, targeting enterprise customers and the same buying personas within them. Our shared approach reflects a broader cultural alignment between our two companies. StreamSets presence in North America and headquarters on the West Coast will boost our own footprint there. Alongside the benefits of its rapid standalone growth, we have clear levers for additional value creation going forward. As you know, a key part of our Helix plan is to leverage mergers and acquisitions, and specifically our string-of-pearls strategy to access more of our truly connected enterprise total addressable market. This represents a market of around EUR 61 billion, 16% CAGR to 2026. As things stand, we address about EUR 16 billion of that opportunity with our existing product set and our go-to-market organization. As you know, we are increasing that portion to around EUR 28 billion by taking our existing product set into accessible adjacent customer segments like the mid-market. We're making great progress here, but to attack the rest, we need to add new proven adjacent technology, which helps us access parts of the market we don't currently serve. In StreamSets, we found the perfect partner to start this part of our growth journey. It operates in the cloud data integration portion of the wider data integration market, a segment growing 26% annually in a market projected to reach $3.5 billion by 2025. That means by entering this growth segment, our current addressable market right now, that EUR 16 billion portion I mentioned a moment ago, expands by EUR 3.5 billion in the next three years. With StreamSets on board, I have no doubt we will be able to go out and capture it. Now, I'll talk a little bit about StreamSets itself, its people, its technology, and its fit with Software AG. On this page, you see the fundamentals, its management, its people, its customers, and its historic performance. In Girish, who is here with me today, and Arvind, and the whole team, we have found ideal partners for growth. Both are steeped in integration. Both have track records of building and growing businesses, and both are super excited about the prospect of joining Software AG. Their business was founded in 2014, and since then, it's gone from strength to strength. Headquartered in San Francisco, they now have offices in London and Barcelona. They have a 200 strong team of high-quality technology people who serve 150 customers globally. They're an international business, but their presence on the West Coast will act as the future center of gravity for all our activity in this hotbed of technology. StreamSets customer base is made up of blue-chip enterprises, large and powerful global brands that understand their value. Our common focus on the enterprise customer segment is a key pillar of our value creation plan. Crucially, the business has been growing rapidly since its inception. In the last four years, it's grown revenue ahead of its high growth market at a CAGR of above 70%. Its revenues are 100% from subscription and SaaS, and as Matthias will touch on soon, we expect the growth to continue well into the future. Next is technology. At our recent Capital Markets Day, our Chief Product Officer, Stefan, showed a version of this slide when he spoke about our product vision at Software AG. He talked about how our ambition was to help organizations connect and derive value from the data they produce across their whole digital backbone. This means process data, which is a domain of our ARIS product set. It means transactional data, which is a domain of our current webMethods integration portfolio, and it means edge data, which is a domain of our IoT and analytics product set. Until now, we've helped customers gain interoperability, insight, and value from data in these categories without being able to bring them all together. Right now, we can transform your processes, make sure your hybrid data and applications all work in harmony and help you run your IoT devices seamlessly. We aren't able to bring information from all of these sources together into a single homogeneous data set and move it from one location, for instance, an on-premise database, and transport it for analytics to a cloud-based data lake or warehouse like Amazon Redshift, Snowflake, or Databricks. At least we couldn't. With StreamSets, now we can. The DataOps platform enables customers to build smart data pipelines. These pipelines allow customers to move data seamlessly and securely to and from any part of their digital backbone across hybrid and multi-cloud environments. They understand the data structure and meaning and transforming it into right format for use at its destination. They define the right path for that data to take so it reaches its destination safely. These pipelines can, for example, plug into our webMethods.io platform and provide instant connectivity between thousands of applications and other parts of the digital backbone. StreamSets, therefore, broadens the scope of our integration offering, and together, we'll enable organizations to unlock even more value from their data. Importantly, our perfect fit with StreamSets goes well beyond product. It also extends to how we sell and to whom. At our Capital Markets Day last week, you also heard Scott and Benno walk you through our transformed go-to-market. You saw how our more connected and customer-centric approach is helping us build relationships of trusted partnership. You saw how our investments in customer adoption and success were driving value through land and expand and through renewals. You saw how all of this was underpinned by our increasingly specialized sales force, driving hard to do the right things for customers. It's vital to know that StreamSets takes exactly the same approach. It's already a subscription and SaaS business like the one we are becoming. Its growth proves that it can drive value through customer life cycle with new innovation, especially at the moment of subscription renewal. Beyond its fantastic growth and its leading-edge technology, the two most important factors about StreamSets are these. First, given it derives the majority of its revenue from the enterprise segment, just like we do, the opportunity to scale it within our own customer base and our sales team is huge. Second, just like us, it sells the technology into the enterprise IT buying center. This sales and go-to-market alignment means that from day one, our teams will be speaking the same language to the same people in the same parts of some of the largest and most exciting global brands in the world. This is a major fundamental of the confidence we have in our future value creation plan, which I'll turn to now. In our plan to create value from this acquisition, the first thing to mention is that we are not just looking to benefit from StreamSets' outstanding standalone growth. Of course, their ability to grow rapidly is a big part of why we are bringing them on board. We see plenty of synergy, particularly in scaling their growth with greater profitability. Our value creation plan is based on three main levers. The first lever relates directly to product fit, and it's all about bringing StreamSets technology into our existing customer base. We know there is a serious demand for high-quality data integration technology from our installed base. Data integration is becoming a key element of iPaaS, and our customers regularly ask us if we can do it. Just one data point, for example. Around 1/3 of all RFP requests we receive from our hybrid webMethods customers also have a data integration element included. Historically, we have not been able to support this. Now, we look to start leveraging our new capability to drive growth in this area immediately. The second lever is also built on product fit, but makes more of a go-to-market alignment. This is about leveraging our alignment to develop joint solutions to take to market together. It's too early to go into specific details here, but as a broad example, we think there's significant potential for us to develop our iPaaS offering together. In terms of quantification, we expect that in the medium term, the revenue synergies we deliver from these two value creation levers will at least exceed StreamSets' standalone revenue total in 2021. The third lever on value is about making the most of the operational scale we've developed through Helix and using it to help StreamSets grow more efficiently. We expect this to improve the profitability of its ongoing growth materially over time. Together in the medium term, we expect this value creation activity to see StreamSets become accretive, sustain its high double-digit growth despite increasing substantially in size and become accretive to operating margin over the same timeframe. I'll be back in a few moments to summarize and hand to Q&A. First, Matthias, it's over to you to discuss some of the financial detail. Thanks, Sanjay, and good morning, everyone. I'll start by noting that the consideration for the acquisition is EUR 524 million, plus a customary retention package agreed with and awarded to StreamSets senior management and transaction fees. The consideration will be funded by a mix of cash and our existing credit facilities. In terms of the financial impact of the deal, I want to be clear that we're both confident and excited about the way we expect StreamSets to enhance our growth. We have built a fantastic basis through Helix and with our product and go-to-market transformed, we feel now is the perfect time to augment our existing platform. The quality of that platform leads me to the first point I'll make on the financial side, which is that, as we said before, we continue to expect our organic business to meet our 2022 guidance and our 2023 ambitions. On top of our organic development, with the addition of StreamSets in 2022, we expect non-IFRS product revenue growth of between 12% and 16%, and an impact to non-IFRS EBITDA of between -EUR 17 million and -EUR 13 million. These estimates assume that the transaction closes during the second quarter of 2022. Building on this, in 2023, we expect total revenue, so that's our organic business plus StreamSets, to be comfortably ahead of our EUR 1 billion goal. These updated estimates exclude any impact from purchase price allocation. We will provide a further update on this topic upon closing. Thereafter, as Sanjay mentioned, we expect StreamSets to sustain its high double-digit revenue growth and be non-IFRS EBITDA margin accretive in the medium term. Sanjay, back to you for closing. Great. Thanks, Matthias. I'd just like to leave everyone with a few thoughts before we take your questions. First, with this acquisition, we add a sizable, fast-growing SaaS and subscription business as the first pearl in our M&A strategy. Market opportunity, technology fit, go-to-market alignment, and culture and affinity. We've got them all. Second, we have a clear plan to create value together. We have huge cross-sell opportunities, a vision for joint product offerings, and an ability to help improve StreamSets' profitability with our transformed operational platform. Third, this is all about adding growth on top of our existing organic plan. We're confident in our ability to do both, and I'm full of confidence and belief in our success as we start exciting next phase for Software AG. That's over to you, Robin, now for questions. Thank you, Sanjay. Thank you, Matthias. Ladies and gentlemen, you may now ask your questions. Please only ask one question at a time. Emma, please repeat the instructions on how to proceed. Thank you. Ladies and gentlemen, at this time, we will begin the question and answer session. In the interest of time, please limit yourself to one question only. In case of more questions, please ask them in the second round or call the IR team after the call. Anyone who wishes to ask a question may press star followed by one on their touch tone telephone. If you wish to remove your question from the question queue, you may press star followed by two. The first question comes from the line of Mohammed Moawalla with Goldman Sachs. Please go ahead. Great. Thank you very much. Morning, Sanjay, Matthias. Just one from me then. Sanjay, can you help us understand sort of the playbook here, with sort of M&A? In particular, you talked about internationalizing the StreamSets business and using some of your distribution. As we think about sort of the scale-up of the business, how should we think about then the corresponding improvement in the bottom line? I know you had outlined at the CMD that you're looking at typically a sort of two to three year timeframe to get to kind of break even on acquisitions and then getting them more profitable on a kind of five year view. Should StreamSets follow that sort of playbook? Which are the levers that you can perhaps pull? I'm guessing that you don't wanna really compromise on sales and marketing or R&D investment as you try to go for growth with this asset. Thank you. Hey, Mo, thanks for the question. Listen, you almost, you know, kind of some of the points that I would have elaborated. Let me just, you know, kind of answer your question. See, we see a substantial opportunity for value creation through the deal. While obviously benefiting from StreamSets rapid standalone growth, Software AG overall, we are very confident in creating additional shareholder value from this acquisition, particularly from the synergies that, as I said, you know, would be delivered in three ways. First, you know, we plan to cross-sell StreamSets, which is a highly complementary product, into our own hybrid integration customer base. We've already lined up, you know, close to 1,000 webMethods customers where we believe the conversations are really live, and we can bring the product. Second thing is that the groups will develop joint solutions, starting in the hybrid integration space, and then leverage the go-to-market alignment to take this product offerings to the market as one. We feel really good about that. The third one, of course, is that, you know, Software AG will leverage its operational platform. This is part to your point, you know. I think this is, in my opinion, very much not a cost outplay. It's a cost scale efficiency play. We feel very confident that as we bring in, you know, the more efficient platform of Software AG to be able to help StreamSets scale, we'll be able to, you know, kind of get to this point around margin accretive, by year five and the three-year breakeven point. That's what makes us very confident, both on the top line in terms of being able to drive those synergies and that growth and then on the bottom line. Listen, I've got Girish here with me, you know. I want to take the opportunity to have Girish introduce himself, Mo, and also just maybe share his own excitement about the synergies. Girish. Hi. Hi, Mo. This is Girish Pancha, CEO and Co-Founder of StreamSets. I've been in the space for in terms of data integration, forever. I was the former chief product officer at Informatica. You know, from my perspective, I'm like super excited about this achieving the holy grail of integration. You know, Sanjay talks about hybrid integration. In a weird way, I've talked about hybrid integration too, but the reality is that, you know, we've been in parallel universes with data and applications. I think, you know, ignoring all the business metrics that Software AG clearly they're much bigger scale than we are, ignoring all of that, I think, you know, the combination of our data integration innovation and our technology and what webMethods has been doing over the last years, I think can really kind of, you know, break open a massive opportunity for us. You know, I think there is more functionality if we just look at the technologies. There's from my perspective, you know, there's a lot of, like, connectivity and other capabilities we can bring to the Software AG product portfolio. You put that all together, I think there's a huge number of use cases that we can start focusing on. You know, when Software AG talks about IoT, we've got a place there where we can be the data backbone. When they talk about the connected enterprise, we can be the backbone. Between all of that and adding the resources and the customer base, the logos that we have, it's a very similar demographic, or what I call firmographics. You know, same type of enterprise customers. You know, they've got like, you know, 1,600+ customers, and we were super excited that we can take the existing technology that we have and cross-sell, up-sell into their install base. I'm super excited to be part of the joint or be part of you know, the company, Software AG as a parent company to us so. Great. Thanks, Girish. Great. Thank you, Sanjay and Girish. That's really helpful. Your next question comes from the line of Michael Briest with UBS. Please go ahead. Yeah, good morning. Congratulations on the deal. Can you give a bit of chronology, Sanjay, to when conversations started, whether this was a competitive process? I mean, looking at the investors in StreamSets, it doesn't look like Silver Lake's one of them. Did they help in any way? Just a brief follow-up from Matthias. You know, within the sort of 5 point increase in product revenues this year, it's about EUR 34 million. Is that a six month run rate for the acquisition, or is it eight months? Can you be a bit clearer on how much time you expect them to consolidate this year? Thanks. Hey, Michael. Thanks for the question. I'll do the first part, and then obviously Matthias will pick up on your second question. So look, you know, as we had said to you at the Capital Markets Day, you know, we've been putting a lot of effort in building our pipeline, really going through a very well thought through methodology to, you know, filter the candidates and then come down to what truly creates shareholder value, you know, market growth as well as differentiation. Through that process, we had identified StreamSets and obviously had been following their progress and, you know, kind of very closely trying to understand how we could bring our companies together. Obviously, conversations towards stepping into this kind of a transaction started, you know, more like six to seven months ago. That's when we got very intensive in terms of, you know, obviously, I've known Girish for some time, but then we got quite intensive around, you know, how do we make this happen and what would be the great way to do it. That's kind of sort of the timescale. To your question about Silver Lake, well, as you might know or you might not know, well, this, you know, StreamSets is not one of Silver Lake's investments or one of the Silver Lake's portfolio companies. Obviously, you know, their investors, Battery and NEA, you know, there is a good network between the investor community. So Silver Lake obviously has good relationships with StreamSets investors. Silver Lake, you know, as I said to you when I announced the partnership, you know, they bring their expertise in M&A and, you know, so many transactions that they've done. So they were able to help us and think through, also, through our pipeline, and particularly StreamSets, and why value creation and shareholder value creation would be the right place for with this kind of an acquisition. So that's where Silver Lake helped us, but it wasn't anything to do with a portfolio company. I'm happy to take the second part of the question. Michael, good morning. You've heard about or read about as well the strong revenue growth profile, high double-digit with a four year CAGR of 70% year-over-year growth that we are about to acquire. We intend to enable that standalone growth to continue and design it more profitably through synergies, especially in the first phase of the integration. Now, more precisely to your question, we gave you the range to describe or give you a first idea around the impact after our initial analysis at signing. The exact contribution that StreamSets will make this year will depend on the timing of closing, that was implied in your question, and how quickly we will see synergies in the go-to-market thereafter. I'm afraid I cannot be more precise at this point because I cannot predict the speed of the regulatory approvals outstanding and the closing conditions to be concluded on top of that. I would ask for your understanding on that. Okay. I mean, if we assumed closing at the end of H1, that's probably prudent? That is prudent, yes, because we also said that it will close sometime during the second quarter. That's correct, but I cannot predict the month of the quarter. Okay, thank you. Thank you, Michael. Thanks, Michael. Next question comes from the line of Varun Rajwanshi with JP Morgan. Please go ahead. Hi, good morning. Thanks for letting me on. Just a clarification question on the profitability profile of StreamSets. Sanjay, you mentioned that you know, big chunk of the profitability improvement will be driven by scale efficiency. Should we expect the business to break even over the next one or two years? And when you say that you expect this to be accretive to non-IFRS EBITDA margin over the medium term, what exactly do you mean by medium term? Thanks. Hey, Varun. Yeah, thanks very much for your question. Listen, I wanna say I'm doing exactly what we said we would do, right? We're going after a high-growth business. It's a subscription SaaS business. It's basically growing at a very strong CAGR. We believe actually it is from a perspective of synergies. It's a go-to-market motion, and how we bring about the synergies is very close to what we do. We're not creating an island. I was very clear about that. We will bring something in that really fits well with the go-to-market motion that we have, so we can tap into that. That's number one. The second thing is, yes, indeed, you know, as I said, this is not a cost out play. This is definitely a cost scale efficiency play. We do believe that, you know, I talked about the synergies and then the top line, but we do believe on the bottom line, leveraging Software AG's platform in terms of operations, in terms of our Cloud Ops, for example, in our cloud contracts, our setups in different countries. For example, you know, Girish has got ambitions in Middle East and we have a great setup in Middle East, and we don't need to, you know, StreamSets doesn't need to go and set up there. We can just tap into that. If they want to open up a data center in a particular location, just tap into our setup and our infrastructure there. All of these opportunities that we have to support Girish and StreamSets in their own standalone case, but then apply our synergies, that will drive this cost scale efficiency play. That's the way we're going to, you know, drive this profitability. You're spot on in terms of the timeline that you're thinking in terms of getting to margin neutrality and then obviously margin accretive. You know, this case is very solid around profitable growth very clearly. We think that that's in the timeline that you say, that's absolutely our target. Thank you. Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star followed by one. Next question from the line of Knut Woller with Baader Bank. Please go ahead. Yeah, thank you. Just one quick clarification question and then a question on the headcount mix of StreamSets first. Do you still confirm the 2023 EBITDA margin range that you had organically in place despite the acquisition? I just wanted to make sure on that. Secondly, the headcount of 200, can you give us here some insight what is the breakdown sales marketing people, R&D and G&A, just to get a better feeling of the organizational setup of StreamSets? Thank you. Hey, Knut, it's Sanjay. Thanks for the question. Listen, we are 100% confident of our organic business is on track to meet our 2023 targets, and we'll keep you updated on the progress of our organic business. Listen, I always said to you, Software AG's Helix strategy was about driving first and foremost, organic growth. That's why we made the commitment on the midterm plan. We came out and confirmed to you the midterm plan, and that's the foundation. Very clear. Then M&A is on top of that, inorganic is on top of that. This acquisition is about adding, you know, further growth to our plan and setting our business up to sustain that growth well into the future. Hopefully that clarifies the first part of the question. On the headcount, let me ask Girish to make a little bit of comments on that because he knows the headcount far better than I. Hey, Girish, why don't you go for it? Yeah. You know, again, these are approximate numbers, but in terms of our breakdown between the different functions, we're probably somewhere around 35% of the headcount is in R&D. A similar amount would be in our sales and marketing and between the other functions that, you know, in our case, because we have a cloud service, you know, we have a few folks on both on the support and the what we call the CloudOps piece of it. That's in total, you know, the ops piece is about 20% of our headcount. Our customer success probably is around 10% of our headcount, and G&A is also about 10%. Hopefully that added up to 100. If it didn't, let me know and I'll be able to refine it further. That's kinda how we look at our business. Thank you. At this point. Sure. Knut, if I might just come back to the margin question to avoid any confusion in the audience. One more time, for 2022, our 22% guidance range is organic, and it is confirmed. That means it excludes StreamSets, and we have given you the absolute impact that we currently expect from StreamSets on 2022. As for 2023, the way you worded your question, allow me just to reiterate that 25%-30% is an organic margin target that I cannot confirm if I include StreamSets, because that is why we gave you the impact. It will become better over the years towards being margin accretive in around year five. That was the previous question from JP Morgan. There is a path that this will continuously contribute more positively, but I want to avoid any confusion about the guidance definition, Knut, and I hope that is helpful. Thank you, Matthias. Thank you. The next question is from the line of Sven Merkt with Barclays. Please go ahead. Great. Good morning. Thank you for taking my questions. You said that 70% of revenues from StreamSets come from enterprise. Can you elaborate a bit more on their kind of market positioning? I had a look on their website, and it seems they have a free solution. Does the business have a freemium business model? And maybe can you comment how large the average customer is? And then secondly, can you comment on what kind of operating loss we should expect for 2023 from StreamSets? So if you assume now for the second half this year, negative impact of EUR 15 million, should we assume, you know, EUR 30 million negative impact for the full- year next year? Or do you expect that you already have achieved some efficiency gains by then? Let me start with the second part of the question and get that out of the way, because otherwise we keep coming back to topics. First of all, thank you for the questions. On your second part, this is what I just said to Knut or in response to his question. Think about this showing a continuously more positive path on the bottom line towards 2023. You should not annualize the number that we gave you for 2022. For 2023, the negative impact will be lower for the full- year 2023, because first synergies will be kicking in. Sanjay and Girish, back to you. Just maybe quickly, can you quantify what you expect for 2023? No. It will be significantly better, but this is too early to quantify on the day of signing. Okay. Yeah. Thanks, Sven. I'm gonna ask, Girish to go for it straight, you know. Go for it. Yeah. Yeah. Look, in terms of our business, we definitely focus on the Global 8000, which is, you know, we describe as, you know, the old days, we would describe that as over $1 billion in revenue. Now, we've moved that mark up to $2 billion in revenue. If you look at our website, you will see that some of our referenceable logos include folks like Shell, British Telecom, IBM, GlaxoSmithKline, GSK, Humana, etc. We are a cross-vertical global business. Our technology, our smart data pipelines are really applicable to a variety of verticals, variety of use cases. You know, look, typically, we don't talk about or at least as a smaller, earlier stage company, we don't look at GAAP metrics as much as we do the leading indicators around you know, recurring revenues. You know, typically in these companies, we would end up landing at anywhere around 100-150 K. Then we move it up, and we have a number of customers in the seven-figure range. So again, you know, we're different scale from Software AG. So if you try to use my description of our business to try to figure out what the metrics at Matthias stands for, you may have a hard time, but we're very excited that now we can bring this to the broader Software AG and SolBase qualitatively. you know, again, I'm super excited to take this business and grow it in the confines of Software AG. Yeah. Okay. It's helpful. Thank you. Yeah, sure. Sven. Next question is from the line of Andreas Wolf with Baader Research. Please go ahead. Yes. Hi, good morning. Thank you for taking my question. My question is regarding the competitive landscape. If I look at the data integration quadrant, it seems like the typical Software AG competitors are also named there. Could you comment on whether your competitors acquired these competencies or whether they were developed internally? Where did you see impediments regarding the development of a similar solution internally? Thank you. Yeah. Look, Andreas, let me start first, and then I'll also ask Girish to comment a bit on his experience in the competitive landscape. I would say, you know, as I've often said, you know, we look at competing on a best of breed level. We are not competing on a best of suite or trying to, you know, do that. When we talk about hybrid integration API management, we compete with the likes of MuleSoft, we compete with the likes of Apigee, or we compete with TIBCO. If we talk about process mining and process management, we compete with Signavio and Celonis. We talk about IoT, we compete with PTC, Microsoft. Those are sort of our competitors. Now, when you think about, Take hybrid integration API, because that's the closest with StreamSets. The combination of what StreamSets and Software AG can do, and when Girish was talking about this magic that is happening now between application integration and data integration. Bringing that together, MuleSoft cannot do it. Apigee cannot do it. TIBCO cannot do it. You know, we would be the only party that can actually really bring that to our customers and bring that in a type. Of course, they have the opportunity of trying to do some of the data integration and data ingestion capabilities from other offers. Nobody will be able to do for them what we will be able to do across app integration and data integration. That's, I think, very unique and also something that excited us about bringing us together. Perhaps just on standalone StreamSets, I'll pass it on to Girish. Yeah. Look, from my perspective, I obviously come from a tradition of like, you know, steeped in data integration. The way I would describe it is that we have focused on data integration that fits the modern business needs, a modern data stack, as some people call it, a modern data analytics. You know, we generally find that, as you can well imagine, between the incumbents, every large enterprise already has somebody there, like, you know, some vendor there. What we find is that despite those vendors being there, that when it comes to the modern use cases, the only option they typically have is to roll their own code, so to speak, what we call hand coding. Of course, you know, we can always claim that we're competing against the incumbents, but that's really not the case. The reason is that the modern requirements have to do with real-time and streaming data. They have to do with unstructured data. They have to do with things like incorporating AI and machine learning into their data integration practice. When it comes to those sorts of use cases, we end up really qualifying in these opportunities without really having to compete directly. It's very much a proof that our technology works, and then we win these opportunities rather than go with the old way of, you know, working on RFPs and, you know, getting into a fistfight with the existing incumbent vendors there. That's how we look at the market. Again, you know, we generally are looking at the boundaries of our opportunities end up, you know, kind of being confined. Usually, what they're trying to do is providing value for the business, which ends up being, you know, ends up requiring applications to be built. We always stop where, you know, our capabilities, you know, end. Now with Software AG, we think we can, like, combine that with the application value propositions that Software AG has, and so we can provide a full solution. That's the reason for my excitement at this transaction. Thank you. Sure, Andre. Girish, I'm just gonna jump in briefly. I think, given the time, we've probably got time for just one more question. I'd ask Emma to open up the line to the last question, please. Last question is from the line of Michael Briest with UBS. Please go ahead. Yes, just coming back, Sanjay, on M&A. I think you talked about a string of pearls previously. I think we were expecting smaller deals than this one, but what's the appetite for further M&A? You know, from a balance sheet point of view, where would you be willing to go to on debt? I mean, could there be other deals of a similar size in the pipeline? Hey, Michael, thanks for the question. Look, you know, we continue to carefully evaluate further M&A opportunities, which is, you know, just part of our highly targeted string-of-pearls strategy. You know, it's also very well supported by our new strategic partner in Silver Lake. I guess it's fair to say that this does represent the upper end size of the business that, you know, sets our first pearl. That's a fair one. I think, you know, when we think about the synergies and the value creation for shareholders, I think this was spot on from our perspective. You know, it fitted. I had always given you a range in terms of ARR, and so this is slightly at the top end of the range that I'd given you. The fit is so good that we thought that this is the right thing to do. Answer to your question is we are definitely continuing the process of looking for the next, but our first and foremost focus will be on making sure we land StreamSets really well and we support Girish and team on driving the standalone and then get the product fit into our go-to-market to drive those, you know, first-year top-line synergies to make sure that the first year is a rock solid success. Okay, thank you. Thank you. There are no further questions at this time. I would like to hand back to Robin Colman for closing comments. Thank you, Emma, and thank you very much everybody for your participation. If there are any further questions you would like to ask, please, do contact the IR team. With that, I wish you all a very good day, and, take care. Thank you. Thank you very much. Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for joining, and have a pleasant day. Goodbye.