I would now like to hand the conference over to your speaker today, CEO Klaus Holse. Thank you. Please go ahead. Very good. Thank you, and a very warm welcome to all of you, and thank you for joining us for this Q2 and the first half of 2021 report for SimCorp. If we move to the second slide, the disclaimer slide, I think you've all seen this, if you haven't, I would encourage you to read through it, as that is kind of the statement that governs everything we say during today about things of a forward-looking nature and so on. If we move to the agenda, that is the same type of agenda that you've seen in almost every call from us. We'll do a set of key highlights that I'll be doing. We will transition to Michael Rosenvold, our CFO, to do the more deep dive on the financial review and the 2020 outlook. We will skip to Q&A. If we move to the next slide, number 4, the Q2 2021 at a glance, what you will see is that Q2 was what we would say is a solid Q2, and it's a Q2 that is in line with the expectations we had for Q2. The order intake for Q2 was up EUR 13 million to EUR 30 million in total, and we saw a revenue growth of almost 13% when you measure it in local currencies, above 11% measured in reported EUR. EBIT was €30 million for the quarter, which is an increase of EUR 4 million over last year, and also the margin later on. Our professional services growth is back on good track. We increased almost 10% in local currencies, 7.5% in reported currencies. The 12-month rolling software update and support is down to 1.4%, and as we've said, that is going to flatten over the quarters. Once you see in local currencies, it's 0.8% for the quarter. Free cash flow is EUR 18.4 million, a little bit down from EUR 20.4 million last year, but still a very good cash conversion that Michael will get back to. If we then add the numbers of Q1 and Q2 on slide 5, what you'll see is that we saw an order intake of almost EUR 43 million for the quarter, which is up EUR 6 million over last year. We've gotten 3 new SimCorp Dimension orders and 1 new SimCorp Coric order in 2021. I'll get back to those in a minute. Revenue growth is up 11% in local currencies, 9% in reported currencies. EBIT is up more than EUR 10 million over last year to almost €54 million. That's a good increase over last year. Professional services all up 8.4% growth, 11% in local currency. A very good growth, again, in professional services. There's a high activity level with both new and existing customers in that area. Order book up to EUR 52.1 million. That is an increase compared to the same order book a year ago by EUR 13 million. If we compare to the beginning of the year, it's a little bit down. Cash flow, almost EUR 58 million, EUR 5 million up from last year. A good performance on that area that, as I said, Michael will get back to in a minute. If we look at the forward-looking KPIs that we've promised you that we'll also report on every quarter from now on, the annual recurring revenue is now at EUR 263 million. That is up 12% in local currency. We are also growing the ARR of the company at a pretty good pace, which we're very happy about. That signals kind of the underlying growth of the contracts every year. If we look at the revenue that is already signed by now, we have almost EUR 400 million worth of contracts that are signed by the end of Q2, and that is up from last year. We're quite happy with that. That was EUR 363 million last year. Quite a bit up also on that, which kind of bodes well for the second half of the year. If we look at the new clients, as I said, there are 3 new SimCorp Dimension clients and 1 new SimCorp Coric client. As you will see, it's 2 new clients in North America. It is 2 new clients in Europe, 1 in Switzerland and 1 in France. We're quite happy that France is on the map again after 2 years where it's been a little bit dry on that front. As you can see, it's a good spread between front, middle, and back office clients, and then the core equity client. We're also quite happy about that. Lastly, I just want to talk a little bit about ESG. That is something that keeps being a key focus search point for many of our customers, and we have developed quite a bit of ESG functionality into the system. We've taken ESG into the core system, integrated that into all the investment processes that the customer has, allowing them to have all the ESG data in the system, do what-if simulations on this, do compliance checks against ESG rules and so on. All the way through trading, post-trading, and then onto reporting. ESG is now a fully functional set of components inside of the system. On top of this, we've got the regulatory piece, which is the SFDR, the Sustainable Finance Disclosure Regulation that is out there. That is a solution we built along with a partner, and we've done quite well on that as well. ESG is becoming more and more center of everything the investors are doing. With the SimCorp Dimension and the rest of the products we have, we are supporting them on that journey, and that gives quite a traction for us right now. The last thing I want to mention is that this will be my last quarterly call where I'll be leading it. It's number 36 in the row, and that's not a round number, I guess, so there's no good reason to stop there. I think there's many other good reasons that today we are announcing that Christian Kromann will succeed me as the CEO. Christian is also here to answer questions, if anybody has questions for Christian. Christian will succeed me on September 2nd. For those of you who are into drama and conspiracy theories, that is also the day that SimCorp turns 50, so they coincide, and that's planned to be that way. Christian has been here for the last 2 years. The board hired Christian as the COO for the business. Christian has been part of the executive management team for the last 2 years as COO, where he's led all of our market units and all of our professional services, and he has been instrumental in both driving the strategy we have. We started the 5-year strategy period 2 years ago, which was coinciding with Christian starting. Christian Kromann has been driving a lot of the changes we've done in the company over the last 2 years, the formation of the EMEA market unit, the way we do services today, the formation of our offer lines in our product management team, and so on. Christian Kromann has really had engagement all over the company by now, and the board has deemed that he's a worthy successor, and I fully concur with that. I'm super happy that Christian Kromann decided to join us 2 years ago, and we've worked very closely together for the last 2 years. This is the right time that this happens. Christian Kromann is a young guy, 49 years. He's always worked in this industry, so he is very well-versed in the financial services industry as such. As for a smooth transition, I have agreed to stay on in the executive management team until the end of the year with a role as a senior advisor. As we get into next year, I'll stay on as senior advisor as well, but no longer in the executive management team. That's the second part of the news today, other than the first half results. I'll give the word to Michael and allow him to elaborate a little bit on the first half results. Thanks a lot, Claus. I will move straight to slide number 11, and that is showing the usual waterfall diagrams, but of course, with the updated numbers. If we start with the Q2 performance, then we have gone from a negative organic growth in Q2 last year to a double-digit positive organic growth this year of almost 13%. That has also led to a margin of reported 25.2%, and in like-for-like comparison to last year, using the same FX rates at 25.7%. An increase from 24.4% the same period last year to 25.7% this year. A slight increase in margin as well. If you then move on to the next slide, on slide 12, same illustration for the half year and a very similar development and picture. Negative growth last year for the first half. This year, 11% organic growth in revenue and a margin of 24.2 in local currency, where the comparable number last year was 20.8, so a decent margin improvement for the first half. Of course, bear in mind that with our business, with our revenue recognition, of course, there will be fluctuations from quarter to quarter, so you need to look at it over a longer term or period. Again, the first half is better than the first half last year. Going to slide number 13, illustrating the order intake and maybe also here, shown on the right-hand side, you can see the differences in order intake from quarter to quarter. Historically, at least, we have been very back-end loaded. That was also the case in 2020. Now let's see what happens in 2021. At least for the first 2 quarters together, we have done better than the year before. Especially here in Q2 with the signatures of especially the new license deals, we did significantly better, actually, having an order intake, which was at almost 80% higher than Q2 2020. Not only new license sales were made, we also did some more selling to existing clients, especially in India. I think very notable, our especially DataCare order intake was very much higher than the year before. For the subscription services, which in this quarter primarily was related to DataCare, we had almost $5 million compared to a very little DataCare selling in the quarter in 2020, which was $0.2. That contributed quite well to the increase in the order intake. Just to mention it, and I'll come back to that, we had 1 conversion from perpetual licensing to subscription licenses in Q2 this year, while we last year had 2 conversions. We don't have a higher impact from conversions this year than the year before, actually the opposite so far. Moving on to slide number 14, our order book. You can see here again, at the right-hand side, that the order book increased slightly compared to last quarter, the order book in March 2021, increased by EUR 3 million. If you compare to 1 year ago, we increased by EUR 13 million. It is especially the subscription services with SimCorp DataCare especially, which are contributing to that growth. We now have in our order book EUR 25 million in subscription services, while 1 year ago it was only EUR five and a half million. For CDD, our client-driven development, we are going a little backwards in our order book, which is also expected because we signed some large deals 2 years ago, which we have now gradually revenue recognized. Moving on to slide number 15, where we have distribution on the different revenue streams. Very clearly with the licenses or the new clients we signed in Q2, we have had an uptick in initial license sales and a huge growth compared to last year. We also see a good solid performance in professional services, which was also mentioned by Klaus. An organic growth in local currency of almost 10%, and then our hosting has also grown quite a lot. Bear in mind that some of this is pure pass-through revenue, so we don't make a margin on that, but the service part of the hosting, we do make a margin on. Where we haven't grown very much is software update and support, as we expected, and also guided for when we did the guidance in the annual report 2020. There we have seen a slight increase, but almost a flat development. Then additional license sales, we have seen a less sale of additional license sales in H1 compared to last year. This is, of course, a focus area for the second half that we are doing more additional license sales than we have done in the first half. Going into further details about additional license sales on slide number 16. As you can see here, the impact from conversions are less than it was 1 year ago, it's not like that we have had tailwind from conversions. On the other hand, we have had lower regular additional licenses than the comparable quarter last year, EUR 2.2 million. If we go to the half year on slide 17, it's about the same picture. Here you can see that our additional regular license sales was EUR 5.5 million lower than in H1 2020. Moving up over to the cost picture on slide 18, where we in Q1 saw a very little increase in cost, and here in Q2, we see a higher increase in cost. Part of it is that in 2020, we made our salary adjustments with effect from 1st of July. This year, we made the salary adjustment with effect from 1st of April. That actually means when you do the comparison, you have 2 years of salary increase included in this quarter compared to last year. That, of course, has some impact on the increase. More than half of the increase is related to salary increases. The remaining part is primarily related to more hosting costs, so more cost of sales. On the other hand, admin cost is stabilized, actually going a little backwards, so good control on admin cost. Slide 19 regarding our cash flow development. I will say a good strong 12-month rolling cash conversion of almost 100%. Bear in mind, due to our revenue recognition principles, and that we are revenue recognizing upfront subscription agreements, then a 100% cash conversion is not the norm. Having close to 100% is actually quite a good achievement. If we look at the free cash flow for the first half, we have grown that by almost 10%, by 9.5%. We are relatively pleased with our performance in cash flow and free cash flow. Finally, our full year guidance. Based on what we have delivered in the first half of the year and what we see for the rest of the year, we have maintained our guidance. We believe that this is the best estimate we have of where we will end the year. Our guidance is still in local currency, a revenue growth of between 6%-11%, and EBIT margin in local currency of between 24.5%-27.5%. To put a little more color on it, we have, of course, evaluated how we see the world moving on. As we see right now, we have seen that we will most likely still be impacted by COVID-19 restrictions, especially now with the Delta coming into play. We will see restrictions impacting us in both Q3 and Q4, tapering off towards the end of the year. We don't see a normalization before 2022, or that we have to wait until 2022 to see a more normalized world. We do also see that it seems like EMEA is more normalized, more stabilized, while outside EMEA, we see more impact from COVID-19 with travel restrictions both in APAC but also in North America. That conclude our presentation. Now we hand over to Q&A. As a reminder, to ask a question, you will need to press star and 1 on your telephone, and to withdraw your question, please press the pound key. We have our first question comes from the line of Claus Almer from Nordea. Your line is open. Please ask your question. Thank you. Yeah. First of all, congratulations to you, Christian, with your new responsibilities. Thank you very much. The first question goes to add-on licenses. Michael, you mentioned that you were to implement some new changes to the organization in the second half of this year. Maybe you could put some more color to where do you see the issues, and what are you going to do? I think if you heard that I said that we made organization changes, then I said something wrong, but it could also be that you heard something else than what I said. At least, just to make sure, I didn't say anything about the organization changes. What I did say is that it's a focus area for us to get more additional licenses in the second half than in the first half. As always, there are fluctuations from period to period. It is a focus area for us to do additional license sales in the second half. We do have good dialogue with many of our large existing clients to fuel the additional license sales in the second half. Maybe actually Christian Kromann should put some flavor on that because I think that's relevant. Yeah, happy to. We started this journey probably 18 months ago, and where we did the change to the organization. I would say that by now we've been through the first round of all the customers that we wanted to build a detailed success plan. That is now starting to yield the right level of conversations. We did actually some poster child deals in Q2. Now we're filling up the pipeline with what I would say, real strategic deals with customers. I'm generally pleased with that. Obviously, what I'm less pleased with is the pace that they then commit to these strategic deals. That's really where we're working. The whole exercise of trying to document the success plan of the customer and mapping our software and services to that is working quite well. Now the time is to really commercialize that and start to show it. Somewhat impacted by COVID in East and West, as we already talked about. This is also why some of the most strategic deals we signed in Q2 was actually also in EMEA. No matter whether it's a new customer, an existing customer, they still need to take a considerable amount out of their pocket, and that requires face time. Okay. The root cause of the challenges within add-on licenses, have you identified that? What will it take to just going back to the level we saw a few years back? I'm not sure of what going back to the level we saw a few years back. We still see healthy sales of new, additional licenses to our customers. The functionality we've developed, the new users we get. It's actually going quite well. We sell more services to our existing customers. We upgrade them to the SimCorp Dimension as a service and so on. It's actually going quite well with the existing customers, and there's more commitment. I'm not sure when you say the root cause of. If you look at your order intake from existing clients using SimCorp Dimension, excluding client conversions and renewals, then the level we are seeing at the moment is lower than it was a few years back. That was just what I was alluding to. Part of the ALF is also customer renewing. We are upselling to these customers as part of the conversion. When you look at ALF, none of the conversions we've made so far doesn't include an upsell to that customer. Some of that comes in there. It's not like we sit and feel that we don't have anything to sell to our existing customers, and it's actually moving. Okay. My second question goes to the R&D budget, which has stayed flattish for the last, I guess, 6 quarters. I know there's some COVID-19 probably included in this trend. You also mentioned in the report that some R&D employees have been reallocated from R&D to customer support. First of all, given your nature of being a software company and also having more solutions than you had a few years back, and you're also moving into the cloud space. Is it really possible to keep a flattish R&D staff? Why did you make this reallocation? That would be my second question. Yeah. First of all, the reallocation is actually not that we are moving people from doing something to something else. They are doing the same, we have reclassified it because we think it's actually more customer service than it is pure R&D. We think it's a more appropriate way of presenting it in the presentation. You could say, "Well, why didn't you do that before?" You always get clever. It's not like we have taken them from doing something to doing something new. It's actually more in which bucket you place these people. I would say it's about EUR 100,000 per quarter in cost. We are moving from one bucket to another. In terms of cost, one thing we have done is that we are actually using more people now in low-cost countries, also because we made an agreement with a supplier. You can say, in some way, we are more efficient in what we are doing and from a cost perspective. Even though the cost seems to be at a certain level, we are actually adding more resources because we are getting these resources to a lower cost. Doing that, I don't think is a bad thing. It's not necessarily that you then put less resources into it. You just do it a little smarter than you have done in the past, or at least more cost-efficient than what you have done in the past. We are still investing very heavily in our R&D, and we are more people today than we have ever been. Within R&D? Because the number of employees has stayed flattish also. If you're more within R&D, where are you? Well, that's because we have subcontractors, Claus. They're not our own employees, but they are working as our own employees, so they will be external people which are not our own employees, but they are working full time for us as a subcontractor. Within R&D? Yes. Okay. That was all for me. Thanks a lot. Welcome. Your next question comes from the line, Poul Jessen from Danske Bank. Your line is open. Please ask your question. Yes. Thank you. Also from my side, congratulations to you, Christian. You're welcome also to you, Claus Almer. It's been a pleasure for the last nine years. Good luck with the future work. My question more relates to the guidance, just to see what's the risk in it. You have +2% to +4% for the second half of the year. Could you say a little about what are you looking into? You mentioned areas outside EMEA. Are we looking for a few large tenders to win, or is it a lot of fewer ones, which then makes it less risky? Is it the add-on who's going to do it, or is it also on the ALF side? The last question is on the order book. That typically goes up by end of the year. Should we see it more or less flattish year-over-year when we end the year, or is it also with a contribution from the backlog? I think that I can start and then Christian can finish, or Michael can finish. I think that from a pipeline point of view, it's the usual stuff. We've got a number of mid-sized deals that can close. We've also got a couple big ones that could close. Whether it ends up being one or the other when we get to the end of the year is not clear yet, I would say. It's both as usual. Unfortunately, it isn't super predictable where we are five months from now in that. I would say from a new customer perspective, there's actually quite good activity in the market. Our only concern is that with this extended COVID-19 situation in Asia and the U.S., what does that mean? Are customers getting tired and waiting, or are they still plowing through as we've seen them do so far? If it doesn't have an impact, they plow through, then more power to it. Life's going to be fine. We'll have to see where that takes us in some sense. Yeah. That's the nature of it. If you look at the pipeline, both for new and for existing customers, they support the guidance we've given very well. There's no kind of mega deal as such that we have to win to get there. It is a balance. If you have one positive thing and one negative thing. The positive thing is that it's been a while since we've seen deals in EMEA of the size that what we've shown Q2. They fit what we do very well. As you also would have noted in last year's average deal size, this is a good improvement, and we see more of those. The negative is, as we just talked about, that the early-stage pipeline is continuing at a relatively good pace, but they don't close. They keep on moving from one quarter to the other. That's particularly in areas where we can't meet people face to face. That's kind of the balance with that. I think, Poul, for the order book, because you also had a question to the order book. This is not a guidance, because if we made a guidance for this, then we would have included it in our guidance. Our ambition and our belief is that our order book will not be lower at the end of the year than it is today. Actually, the opposite. Again, we will see. It's a lot to do with timing and what can we revenue recognize, what can we not revenue recognize. The fact that we are selling quite well SimCorp DataCare solutions, that will by definition add to the order book because, if you sell, let's say a five-year deal, then you will revenue recognize that over a five-year period. If you sell it in Q4, that will all go into the order book. Okay. Then the final question from my side is more the structural one, which pops up now and then. Are you seeing any changes in the market? I'm just thinking about State Street versus BlackRock, and Amundi has been working for some time also to enter this space on a larger scale. Are you seeing any changes out there from the Amundi? I also get a lot of questions recently on people mentioning Bloomberg again. I know we mentioned those for the last five years, but I get more questions. Are you seeing any changes structurally out there? If there's one thing that we are spending quite a lot of time trying to understand is that there seems to be a trend towards that if people or customers can buy services, technology-enabled services like the ones we offer, from an independent provider and not a financial institution, they would do that. That's the kind of fundamental argument why we strongly believe that moving to what we normally refer to as everything as a service, but more specifically mean by that services that we can offer to our customers by utilizing our technology. For example, what we've done with DataCare, delivering cleansed data instead of delivering a piece of software the customer can cleanse the data themselves. That's happening. We are playing all horses. We are also expanding our delivery capabilities to partnerships with the SaaS as I just referred to, i.e. the State Street which is one of 9 partnerships that we have in that space. There is a trend towards that if you can automate going to a software vendor with strong technology, that's where you go. I think that if you look at a change in the market, I think that what Christian Kromann is pointing out is exactly the right one. The example you see of that is Clearwater Analytics that does accounting for corporate treasury and for some of the insurance customers in the U.S. They are a company that's been built the last 15 years, based in Boise, Idaho. Mostly driven by people, accountants doing the accounting for the customers and then building software alongside that. They're a good example of somebody who does this with a mix of software and people and is seeing good traction, especially in the smaller and mid-tiers of the market. Okay. Thank you. Your next question comes from the line of Daniel Djurberg from Handelsbanken. Your line is open. Please ask your question. Thank you very much, operator. Congratulations to Klaus Holse, and sorry about you leaving, Claus. It's been really impressive to follow you these nine years. Also congrats, Christian Kromann, of course. My first questions would be coming back to the R&D costs. Obviously, not that so much because of this internal staff shift. Have you commented, that I missed, how much this impacted? How much would the pro forma have been for the R&D costs excluding this shift? Yeah. I mentioned it was €500,000 per quarter. You could say the movement from one department to another, if that was the question. Yeah, it was. Okay, perfect. Yeah, EUR 500,000 approximately. Give or take. Yeah. Yeah. Another question on salary inflation going forward. You had, of course, easy or tough comps because of the COVID-19 situation in Q2 last year. Giving it tougher for Q2 this year. How to think about the second half in terms of salary inflation? We have made our salary increase with effect from first of April, and that's why you see the major change. I will say from Q3 and onwards, then you should just expect the normal impact from a salary increase. That's normally between 2% and 3%. Yeah. Okay, great. If I may, a question on professional services. I remember in Q1, Klaus Holse has stated that the outlook for Q2 and Q3 looked strong. Of course, with Q2 behind, I would agree. Can you give any comment on the backlog for the second half on the professional services side? Maybe I'll take that one. I think we're somewhat blessed by the fact that we have some good projects that kicked off in the last year. Now we are adding some good sizable deals, both on existing customers as well as with new customers. We have, I would say, a decent outlook for the remainder of the year. I think once we will land well, and that will contribute to the pipeline as we expect. Then obviously with services, it's all about building the right momentum into next year, which is really where we're focusing at the moment. Maybe go a little bit back to the discussion about existing customers. Quite a lot of the additional business we've signed the last couple of months with existing customer has been services. Even though we still love the upfront impact of selling licenses, that's actually a real benefit of selling services. What is even more important is that it's recurring services that we are selling. That gives us much more forward load and a bigger prediction on that side. While we are, hopefully, if we succeed, we will see a small drop in our initial services where you go in and get the customer up and running, and then we will see gradual increase in our recurring service, which give higher predictability. I think the success plans and all of that is definitely generating a good services pipeline as well. That's important to remember that. Yeah. From a gross margin perspective for 2nd half from the mix, should we take this into account? Are you expecting a bit lower year-over-year gross margin, or is it anything else that? That depends a little bit on what you ask here. If we expand our hosting part, then has a negative impact on the profit margin, the gross profit margin. On the services part, we don't see any movements there. It seems like that we can still have a good, decent margin on our professional services. Great. Thank you, and good luck second half and in your next endeavor. Thank you. Your next question comes to the line of Magnus Jensen from SEB. Your line is open. Please ask your question. Thank you very much. Congratulations to you, Christian, and good luck going ahead, Claus. It's been a pleasure working with you. Two questions from my side. The first is to the admin cost level, which is just gradually declining and now is all the way down to EUR 5.3 million for the quarter. To what extent is this level sustainable, Michael? Good. Let's see. We always trying our best, and then some time to time, you then say, "Okay, now I need a new function, or I need to add on something." I think you try to optimize all the time, and then it comes a little bit in, and then you do a little investment. I think we are focusing on it, and we're trying to keep the cost down. On the other hand, if we believe that we need to strengthen some areas and do an investment, then we'll do so. If that is the right thing for the company to have the right scalability and all that, then we do so. Again, it's a focus for us to keep it at a decent level. If needed, then we will do some investments here and there to make sure that we can also support the growth of the company. I think we have shown some scalability here and being able to do so. I will not give any guidance on each of the items, but we have a focus on it. Okay. Quite impressive. Just sort of an add-on. It doesn't sound like there's any sort of one-offs in this other than, I guess, the traveling cost. We should expect that to come up, maybe not this year, but at least going into next year, I guess. I agree. I think also travel costs. You should expect travel costs to go up, of course. That has helped us as well, surely. Okay. My last question is actually more maybe of a technical character. Two questions, actually. Subscription services, it seems like it comes a bit in lumps, going up and down quite a bit. Is that rightly observed? Yes, it's right, because it's big deals we're making. You make a several years deal where you actually take all the responsibility to do the services, and it's quite a volume of work we do. If you sign one or two of these contracts, then you'll be able to see it compared to if you don't sign it. It's the total value of, for instance, if you make a five-year deal, it's the total value of those five years which will go into the order book. Yeah. Then the second question to this, is there the same amount of derived revenue from this in terms of software updates and professional services as you see with a normal Dimension contract, or is it very different? No, this is the revenue we will generate based on this, so there will not be anything in addition to that. More or less. A little bit of professional services. Yeah. It is our delivery and the payment for our delivery. When we then revenue recognize it, we will revenue recognize it over the terms of the period, and we will, of course, then also have some costs in order to deliver it because it is a service. Okay. Thank you. That's all we need. Next question comes from the line of Gautam Pillai for Goldman Sachs. Great. Many thanks. First of all, Claus Almer, I also want to send my regards and wish you best in all future endeavors. Many thanks for all the great insights over the years. Also, many congratulations to Christian Kromann on the new role. Thank you. Great. Coming to my questions. First, I want to follow up on the full-year guidance, especially on the top line. It implies no material acceleration in revenue growth in the second half. Is there an element of conservatism here given Q4 is seasonally your biggest quarter, and you have been commenting about a back-end loaded year in the beginning of 2021? Has your thinking changed or was there a kind of a pull forward in the pipeline in 2Q? No. The thinking hasn't changed in any way. As we say, there's also uncertainties given that COVID is extending and so on. In that light, things are not getting more certain, but a little less certain. That's why we stick to what we have. I think it's fair to say when you compare to 2020, we had a relatively weak start of 2020, and then we had a very, very strong finish. Q4 last year was very, very strong. Of course, we also believe that Q4 will be strong this year. Again, when we look into the year and how we did the timing between the quarters, I think this is very much in line with what we expected. Got it. Very clear. Maybe can I also ask a question on pipeline and sales cycles? Has your sales cycle changed through the pandemic? Also, what is the level of maturity of deals in the current pipeline? Are these very nascent, or have you been in conversations with the customers for a long time? Maybe a couple of comments. The time from lead generation to qualified lead to active sales case is more or less the same. The positive thing there is that has to a certain extent been digitized, which we always wanted. The time from qualified opportunity to closing has extended. Especially some of the contract negotiations are dragging out substantially more than what we've seen previously. I would say all in all, obviously, that means that the timeline extends. It's kind of in two parts, which obviously means that when this is over, in whatever definition it will be over, then hopefully that will net-net give us a positive impact on our ability to close deals as well. I would say in terms of converting leads and identifying them in our addressable market, that's pretty good. What we're extremely pleased to see, you can say the Dimension engine kind of continues at a relatively good pace. Where we see an uptick, it remains to be also in Coric, and I think we also mentioned DataCare multiple times. We're starting to see a kind of a small embryo of a portfolio effect of what we do, which hopefully is also going to give us a bit more kind of bottom on the whole thing. Still, it's going to take a while before the new products becomes of a significant size compared to Dimension. There's still some work to be done there. Got it. Last question from me. Can you provide an update on the cloud journey? Are you still on track with the internal targets? Also from the level of completeness of the product, how are you developing? The customer which moved to Dimension on Azure in Q2, was it on a specific module or the full platform? Let me start with the first one. The customer that we signed in Q2 is the full platform on Azure. We can host on Azure, we can host on IBM, we can be on-prem. One of the customers we signed this quarter was actually on-prem, which is interesting given where we are these days. Yes, it's the full platform on Azure. We do that quite well. The technical project of lifting the product from a 2-tier product to a 3-tier product is progressing. It's a tough project in many ways, and we continue to find new ways of doing things and so on. We are progressing down the road on that project. It might take a little bit longer, but we're going to get there, and it's a good project. It doesn't stop us from selling anything to the customer as such. You'll see us progress down that line on the technical upgrade. Today, we're selling on subscription, we're in the cloud, we're on Azure, nothing is stopping us. It's going to yield cost benefits to clients once they get to the 3-tier client, and we're starting to send some of that out. It's a technical upgrade. Got it. Very clear. Many thanks. Your next question comes from the line of Hannes Leitner from UBS. Your line is open. Please ask your question. Thanks for letting me on, also best wishes to both of you. I'm looking forward to work together. My questions are, maybe you can give an update on the State Street deal in Europe and the reselling agreement. How did this go? Just circling back on a previous question around Amundi. This deal win in France, maybe you can talk there a little bit. Are Amundi targeting your customer base, or is this a slightly different customer base, as you always say that BlackRock is doing quite a lot in wealth management? Maybe we start there. Maybe we start with the State Street thing. That's building in to be an extremely strong relationship, both from a pure business point of view, but also from a generating trust between two organizations that both work together but also compete. That's super positive. There's quite a lot of implementation work to be done related to that deal. We're both setting up a new fund accounting platform, replacing their legacy, but we're also going out promoting the front to back offering, where SimCorp Dimension sits in the State Street Alpha platform. The market reception has been really good. We're on track. As I said, implementation work is ongoing, and there's still some work to be done before the platform is fully operational. This has also extended to other conversations in APAC. I would say the two organizations are really working super well together. In terms of Amundi, this is Michael Rosenvold, I can try to answer that question. I think Amundi, they are a good competitor to us, having a kind of approach very similar to BlackRock Aladdin. We see them primarily in Southern Europe, and you could see our win. We had a good win in Southern Europe this quarter. Most likely that would be something that our competitors were also looking at, and we are able to also win in these regions. Yes, a good serious competitor, but we believe that we have a strong offering, and it also looks like the clients still believe that our offering is strong in that region. We're very happy to see a very nice new client in France. That didn't go to Amundi. Yeah. Thank you for that. Just maybe the last question is around the front office. You had 1 U.S. client only choosing middle and back office, last year also in the U.S. It seems more that you have more often in the U.S. only middle to the back deal wins. Not playing them down, maybe you can comment there. Is there somebody in the U.S. who they are very entrenched with those customers, do you see opportunity to cross-sell them front office at later stage? We still see opportunity in the U.S. on front office, but as we've talked about a few times before, the competition is harder there. We both have Charles River and BlackRock to compete with in the U.S. on front office. It is tougher competition in many ways. If it's front office only, it's really tough competition. Where we win in the U.S. is mostly front to back. The customers we won this year in U.S. is a pension fund that decided to first go with the back and middle office. Then of course, if they are in the need of a front office as they go, we'll of course upgrade them to also have our front office as such. It's probably also worth noting that the two EMEA deals we are reporting on are including the front office, which are in both cases a very predominant role and where the value of cross-asset, including even the sophisticated assets, was a key selling point. That's against the toughest of toughest. We are extremely pleased with that. Great. Thank you. There are no further questions at this time. Please continue. Thank you very much. We don't have any questions coming in from the web either. I will just say a warm thank you for all of you joining this call. In the next call that'll happen in November, it'll be the same team from here that'll be in the room, but it'll be Christian leading the call. I really look forward to that, and I hope to see you all again by then. Thank you very much for joining. This concludes today's conference call. 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