Good afternoon, everyone. Warm welcome to Efecte's 2020 earnings webcast. My name is Tatu Paavilainen. I'm the head of investor relations here at Efecte. With me today are our CEO, Niilo Fredrikson, our COO, Steffan Schumacher, and Taru Mäkinen, our CFO. Today, we'll start off with Niilo presenting our 2020 results and the plans for 2021. After that, Steffan Schumacher, our COO, will give some more color on our European go-to-market execution and partner program. After that, we'll have good ample time for some Q&A, and Niilo, Steffan, and Taru are all available for your questions. You can write your questions already during the presentations using the webcast portal's Q&A features. We'll take the questions after the presentations. Finally, we'll be making some forward-looking statements, and we have a disclaimer for that in the presentation. With that, I'll hand over to Niilo, who will be presenting our 2020 results. All right. Thank you, Tatu. I hope everybody see and hear me all right. I'd like to start with saying a big thank you to all Efecte customers, partners, all of the employees, and all Efecte shareholders for sticking together, getting through 2020, and for just being part of the story and helping Efecte take significant steps as we strengthened our position as the European alternative in our space. Indeed, it was definitely a special year. What you see here on the slide are a couple of things we saw customers encounter during the year. Obviously, the pandemic was there, and there was a lot of uncertainty, and customers felt the need to be able to adapt fast. Going back to Q1, Q2 last year, nobody really knew what was going to happen. A lot of things were put on hold, but at the same time, everybody had to act really fast to whatever came their way. Of course, everybody moved also to fully, or as much as possible, remote work. That presents both social and practical digital challenges in itself. Last but not least, definitely many customers faced financial stress, financial challenges. We all know there were businesses who were impacted positively, but there were also businesses, including some Efecte customers, who were impacted quite negatively by the changing market. In this market, luckily, we were quite well-positioned. Tatu, can you please move the next slide? Thank you. As you know, we've been positioning ourselves as the European alternative for cloud-based service management, and there are three key differentiators into which we have been investing long-term in our product and in overall our way of operating. Being agile, enabling customers to improve their employees' and their end users' experience, and in the process, save cost. Those three key differentiators obviously hit quite well the needs of the customer, as they had to be agile, had to adapt fast. They definitely wanted to make sure that the increasingly digital touchpoints to their end customers and to their employees worked really well, ensuring great experiences across their services. Definitely, the simple, straightforward pricing model, no surprises pricing model, and a relatively okay price point compared to many of the competition were definitely welcomed in this environment. What did we promise entering the year? Actually, what you see here, especially looking at the guidance, is already the updated guidance in the middle of the year. Just rewinding back to the start of the year, initially, we didn't give out any guidance. In springtime, at some point, we gave out guidance saying that we'll grow SaaS 15%-25%. In the summer, we updated the guidance to 20%-25%. The picture overall here is the long-term type of view that we've maintained since the IPO with some minor updates, but for the most part, it's been very consistent. Let's look at how did we do in 2020. To me, there's three key promises. The three key points in the previous slide are, one, about SaaS growth. We still bar at 20%-25%. Two, international growth. We've said that we keep investing in international expansion, so that will drag down a little bit our profitability, but at the same time, it will create a new growth stream for Efecte. While we do that, we still said that we do want to be on an improving trajectory for profitability, showing the economies of scale and scalability of our business model. In terms of SaaS growth, I'm very happy that we were able to get to 24% SaaS growth for the full year. For Q4, it was 25%, and overall, I think a really solid performance in the middle of many distractions. I'll talk in a minute a little bit more about where that growth came from. International growth, very strong at 63%. I was very pleased with that. On my thoughts, okay, Q4, we were somewhat slower than throughout the year. I don't see that as a huge issue myself. Obviously, the base numbers start to grow as one grows, and I feel overall positive about our ability to grow internationally and what we did last year. I'll also comment a little bit more on that in a minute. Finally, improving profitability. This is probably one area where we landed most ahead of our own expectations when I look at what did we expect in the beginning of the year. We hit EBITDA breakeven, so we delivered positive EBITDA for the full year already. Also our operating cash flow was super strong. Let's look at each of these three areas in a little bit more detail. Starting with SaaS. This is the waterfall breakdown that I really, really like and we spend a lot of time internally analyzing this and making sure that we optimize this equation well. Of course, we start with the MRR from end of December 2019. We were at EUR 640,000. What comes first on top of that or more like takes it down is, of course, the churn. Typically, in every business of our scale, there is some churn. We landed at about 3.5% gross churn, the EUR 22,000 that you see there for the year. I think that's a really good result. I would myself consider anything below 5% really good for our type of business. We do get growth from our install base. As you see from the numbers, it accounted actually for not just half, but slightly above half of all our growth. That was a strong number, obviously driven by a lot of demand as the pandemic hit from existing customers who said that, "Look, times are uncertain. I don't want to start any big new projects. I don't want to buy anything new. So let's look at what have I invested in already." Many of them looked at their portfolio and said, "Look, we got already Efecte. There's a lot of things we can do with Efecte, so let's see what more we can do with Efecte." Of course, our own sales team and marketing team sees that opportunity as well and proactively reached out to customers, try to help them get the most value out of their existing Efecte investment. That's a really simple formula in our type of per-user, per-month business, where when you make the customer successful using your software, there will be more use cases, there will be more users, which means more revenue. This equation worked out really well for us last year. At the same time, we were a new customer motion going, especially in terms of euros. I was maybe slightly disappointed at the number of new customers we added that was lower than the year before. In 2019, we landed 30-something. Now we were, I believe, at 17 or so. Still, that was still a significant growth driver also last year. If you click forward, Tatu, please. What we see here, of course, the left side of the slide, of course, the net retention rate, 113%. Good result. When you count it all up, we end up with the year-end MRR, which was at EUR 808,000. Next, please. The SaaS transformation, for many of the reasons already stated, accelerated during last year. We've been driving it for sure, but now we got also some help from the market as customers were increasingly interested in cloud-based solutions. SaaS forming already almost 60%, and then SaaS and maintenance, recurring revenue altogether forming already basically 2/3 of the total net sales. It's a good direction. As we discussed before, I wouldn't mind it still growing. That's the plan. I'm happy with the direction. Shifting gears. Looking at the international highlights and really what we've been doing to expand Efecte's business outside Finland. Let's remember that it's still last year, almost 80% of the revenue was still in Finland. We've been growing the share of international revenues heavily percentage-wise, now it's starting to show also in euros. The way we've been doing that is through what we call our first phase of international expansion. It's been based on our local operations in Germany, serving Germany and also the neighboring markets. Today, only Switzerland, we have a customer in addition to Germany over there. In Sweden, serving the whole Scandinavian market, big customers also in Denmark and Norway. We were able to continue the success that we started already earlier, with signing significant new deals in Germany that are super important, and also signing new customers in Sweden and great important go-lives in both countries. It's all about usage, right? Not enough just to sign the deal. We've got to make sure the customer starts using the system and gets it up and running and starts to get the value. Otherwise, it's not long-term sustainable. That's why we are so big also on the go-lives, the moment when the customer goes into production with their Efecte environment and not just about the signing of the paper. Both are, of course, needed and important milestones. One thing I do want to call out is a deal in the public sector in Sweden we closed in Q4. We have not yet gone live with that, but we closed the deal in Q4, where we are going to replace an existing ServiceNow installation. That, to me, is an important deal because it proves to me that we are able to go after also after the ServiceNow install base and not just some of the legacy vendors out there. That's something, of course, that we look forward to generating more of going forward. We were successful with the first phase motion based on the deals in Germany and Sweden. What we did start is something I'm personally very excited about, or what I call the second phase of our international expansion. What I mean with that is a new partner and digital go-to-market based motion, with which we expand into new countries without having to recruit local Efecte people. Obviously, a partner model comes with some trade-offs. You give out some margin for the partner, at the same time, you don't need to invest out of your own pocket on all of the sales and delivery team out there. Our hypothesis is that it's a favorable equation for us. The proof points are still to be delivered. That's a task for this year to get the first proof points there. I'm definitely excited about this one. It's a long-term plan. I've been in partner business for almost all of my professional career, so has Steffan, we both know how it's not a overnight miracle type of thing where suddenly you sign up one partner and boom, everything goes through the roof the following day. It's a long-term commitment, long-term investment, we are committed to do that. Definitely I like the first steps that we have been taking there. That's not to mention, to shine a little bit more light on that whole motion later on in the presentation. Here's just an analyst report, which is really fresh out of the oven. I wanted to share it here as well. By Research In Action, a German analyst who publish every year a specialized report for the ITSM market. This one's especially for the mid-market in Germany. We were really happy to place all-time highest so far we've been placing in this report, as you see in the market leaders quadrant there. What made me especially happy was that we were mentioned as the vendor with the best customer satisfaction, and also Research in Action referred us to as the leading European cloud alternative for the German upper mid-market, which of course shows that our message is going through also in some of the analyst community, which we of course like. Talking next about profitability and cash flow. You recall from the long-term view that we've been presenting that we've been saying that in 2020, we still run at a loss, and we still use the funds from the IPO in 2017 to finance our operation and growth. The plan was that 2021 onwards, cash flow will help fund further growth. Of course, we were super pleased with the fact that we were able to get on that path a little bit earlier, a little bit ahead of the plan with really strong cash flow for EUR 2 million last year. Essentially, we were able to finance our operation fully with operating cash flow last year already, and at the same time, also breaking even in terms of EBITDA. Sure, this not all, I think thanks to great execution of the Efecte team. I do want to mention that there were some items like, for example, reduced travel cost, or there was some R&D funding that we didn't have the previous year. There might be some one-off/temporary items that impact the profitability last year, which might not be there this year or following years. That said, for the largest part still, profitability was driven by the economies of scale, by the reduced losses in the foreign operations as the presence grows in Germany and in Sweden, and also a very tight cost-saving program that Taru and the team successfully drove. To me, the most part about improving profitability is actually not profitability per se, but what it allows. As you know, our plans are ambitious, positioning ourself as the European alternative in cloud-based service management. That's a big statement, we do need to make the right investments to really make it happen all across Europe. As you saw, we have now in pockets in Finland, in Germany, people are starting to notice us. If you conduct a European-wide poll, Efecte would not come out on average as the European alternative in this space. There's more we got to do in terms of making sure that our product stays as competitive as it is, and we got to also expand. We need to accelerate our expansion and make sure that we get to other markets as well than the ones that we've been serving so far. All of that, of course, requires some investments. It doesn't happen just out of the blue. With these improved economics, with the improved profitability and cash flow, that gives me a lot of confidence that we are able to do what we need to do as part of our big plan. I think this was a super important milestone in that sense for us. One of the new metrics, taking a step back, we've always said that as a small company, we do need to make sure that we don't overly inflate all the reporting we do, that we can keep still track of all the metrics and do it consistently quarter-over-quarter. We made a commitment to continuously increase transparency into our business and into the key SaaS metrics. We started to report the net retention rate and the breakdown of install-based growth and new customer growth last summer. Now we added a couple of new metrics, one of them being recurring gross margin and the other one being gross churn. What you see here is what our recurring gross margin looks like. It's a simple equation of, you take the recurring revenue, and you take the cost of actually running all cloud service and running all support, and you look at the ratio. 78% is quite close to what I consider a really good level. Personally, I think for this kind of a business, no, I would say that 80% is probably a kind of golden standard. We are in the ballpark. I think we are well-positioned here. The year before, I believe it was 77%, it's in the report. This is really the foundation for the scalability of our business, and we have put a lot of effort in ensuring it is this way, and we are going to put a lot of effort also in the future to ensure it stays this way. Because sometimes you see these SaaS equations where people just go for growth, but it's fundamentally not really scalable. We think of it the other way around. It must be scalable, and then you grow it, and that's the kind of path that we are on. Product is, of course, the core of SaaS businesses, and so it is the core of our business. We really need to be competitive, and as you see, we've gotten some good reviews and coverage lately. There were multiple areas in which we made progress during last year. Overall, improving the user experience, super important. Multi-language support might sound trivial, but in our kind of platform business where you have the multi-language features of the underlying platform, then you have a configuration on top of it and different multi-language requirements for that. It's actually a pretty complex scenario. I dare to say that our multi-language support is now amongst best in the industry and definitely helps us in our European expansion. The AI features, of course, everybody got to have AI these days. To me, the most important part here was just that we are able to help the professional Efecte user who use Efecte day in and day out to deliver services in their organization or for their customers. We help them to be a little bit more productive, relieve them of a few routine tasks, give them advice to be able to conduct their daily job better and faster with a better experience. We released the first version of the virtual coach. It's already running in production in a couple of customers. We had actually some really good feedback so far. I think that's also a feature that we will be expanding in the future. Then a few more things here on 2020. This last slide on 2020. Overall, definitely solid demand here. I'd like to mention especially the Identity Governance and Administration offering. We have seen increased demand for that, and it seems like we might be onto something that's really interesting for our customer base and also including new customers. You see Identity Management features, lightweight Identity Management features built on top of the core Efecte platform, and that's been going really well in 2020. Showing promise, still pretty small share of numbers, but a new solution and definitely positive signals here. The remote delivery capability, sure, we launched it, but we also proved it works. That will help us further as we support our new partners, hopefully with deals they bring us starting this year. Try Efecte for free was something we also introduced during last year. I look at it in the context of an increasingly online buying process, where even enterprise buyers often start their buying journey on the internet and take many, many steps before even contacting a person. We wanted to be ahead of that and then be in that game, so we launched the offering. What we've seen so far is that it is a tool that can bring us new leads, but it is also a tool which can help support our field sales, as many customers anyways expect this kind of functionality to be there. I think that's pretty much it here. There is, of course, a lot of more detail. We'll have the Q&A at the end of this session where I'd be happy to address any other aspects you might be interested in. Next slide, please. Now, switching gears from 2020- 2021. What I'll do is just briefly set the scene, and then we let Steffan loose. Steffan will talk specifically here about priorities two and four. Let me just say first that while we do a lot of new things, one thing that remains our number one priority is delivering what we call five-star customer experiences to every Efecte customer. Expansion into new markets, new customers is important, but at the same time, at least as important is to serve our existing customers really, really well. You saw in the numbers, in the growth breakdown that it really pays also financially to do that, and it's just the right thing to do. That remains a big priority for us and a big source of growth for us also going forward. It's not just the new customers and expansion who bring the growth. It's also the existing base in all of our countries, including Finland. The second priority, we do want to accelerate getting new customers. As I mentioned, last year was not really good in that sense in terms of number of new customers, so we're working on that. Across Europe, we'd be delighted to add a few customers from new countries this year. We do need to continue the focus on delivering exciting product innovation that really fires up not just only the install base, but also is something that customers see true value in when they evaluate Efecte against other vendors in new RFPs. Then growing the partner channel is, of course, tightly linked to winning new customers across Europe as it is our way of expanding our footprint into new markets, but also support our field sales motion in the existing countries. With that, I'll hand it over to Steffan, and after that, we'll wrap up and start the Q&A. Over to you, Steffan. Thanks, Niilo, and really happy to be here. My name is Steffan Schumacher. I'm the COO of Efecte. Before I start, I want to thank all of our investors, customers, partners, and employees for everything everyone has done during 2020. I feel really proud of serving the team and being part of growing Efecte as the European service management platform of choice. Today, I want to cover the European go-to-market in brief. We have two distinct operating models. First of all, we execute with our regional-based field and marketing with our field and sales and marketing teams across Finland, Scandinavia, and DACH. In these, we have a direct sales force that goes after customers directly. Our direct sales model is supported by a partner channel of service providers and vertical/solution partners supporting our growth. In the rest of Europe, we are going to go with a partner-led digital go-to-market. We have started this journey from Eastern Europe, where we see the cloud market penetration being lower, and therefore we have a great platform fit in this market. Going with partners in a specific country accelerates our market penetration as we are targeting partners that have existing customer base, existing ITSM or ESM skills, and local brand recognition and high customer satisfaction. This is a faster way for us to go than establishing our own sales team inside the countries, including recruitment of personnel, establishing operations, and all of the other things that go with local operations. Like Niilo said, there is a trade-off. There is some margin we need to give to our partners. On the other hand, there's a better cost of sales, and we have significantly lower risk in a market entry. On the map, you can see our current progress. The yellow marks indicating the markets we are currently actively researching for partner ecosystem expansion. We have a very structured approach on how we are going around this, and on the next slide, I'm going to talk about this a bit more. Our partnership engagement model is split into two parts. The first part is really partner recruitment and enablement. We are systematically gathering market insights and identifying our solutions market fit within a specific region. After this validation, we start discussions with potential partners with a goal in identifying potential partners in the regions. We prefer partners with existing ITSM and ESM skills and a high customer satisfaction. After the agreements have been agreed, we start to execute the go-to-market strategy of joint selling and marketing, and this is the part two of engagement model. The go-to-market includes building a regional execution plan that includes enablement, sales and marketing approach with joint commitments. The partner commits to Efecte, and we commit to the partner. This is supported by Efecte central functions. We have established a digital marketing team that can do SEO, SEM, the markets, all of the other digital marketing as well, and we have a very well-functioning digital sales team that can take care of modern selling inbound and outbound techniques. We are really confident about our structured approach, and we believe that this will provide us a good execution framework for the further scale in Europe. Like Niilo said, it will take us time to build our channel, but after it is built, we have an opportunity to scale outside our current markets with a very cost-effective model. We at Efecte are here in long term. We are the European alternative in the cloud-based service management, and expanding our partner ecosystem will provide us the scale to operate across Europe. Thank you, and I will hand over to Niilo for the summary. Okay, fantastic. Thank you, Steffan. Let's see if we get my video going. There we go. Let's wrap it up, get to the most exciting part of the webcast, which is always the Q&A. It's one thing to talk here through a long monologue, and another thing to be able to engage with you all as we've done in previous sessions. Always love it. Before that, just recapping, of course, you've seen the guidance for this year. We said that we'll expect to grow SaaS 20%-24% this year, and the EBITDA margin to be 1%-4% positive. One thing I do think that's worth mentioning is that if we wanted to prioritize short-term profitability, we could be more profitable this year. Our first order of priority, as said, is really making the needed investments so that we can really be, not just in a few markets, but across Europe, the European alternative in service management. That's a big goal, big ambition, we are here for the long term to make it happen. All these things, the investments in digital sales and marketing, the investments in the partner program, the investments in product, the investments in this team is all part of that plan, and I'm very excited about that long-term vision. At the same time, I feel very confident about our base operations or sort of the base case of Efecte based on our current operations in Finland, in Sweden, in Germany. The reason that we wanted to increase the transparency and give you the SaaS metrics of which we now already have a pretty good set, and I think there will be a few more we add during this year to complete the picture, is that we hope that through that you also get the same kind of confidence in this relatively simple SaaS equation that we are running, which then, as an additional exciting lever, has also then this expansion plan with the partners, with the new markets. That's really in a nutshell our view on this year. Maybe the only other thing to add is that while the guidance is for the full year, of course, individual quarters, we do expect to vary. There are different base numbers from last year and different rates at which we close new deals, et cetera. Overall, as I said in my CEO comments in the financial statement bulletin, for me, it's a privilege to be part of this story. It's not just a business thing. Of course, it needs to be a business. Doing all I can to make sure it's a great business for everybody involved. At the same time, it's also something bigger. In our space, in software products, in SaaS, so many of the market leaders come from the United States, from Asia. Nothing against them, I think that's all great innovation. We all use them. I am calling for a little bit of balance, and I think at Efecte, what we are trying to do is to create some balance in this specific space, service management and building the European alternative. With that, I think I'll hand it over to Tatu to start the Q&A session. Look forward to all your questions. Thank you, Niilo. Thank you, Steffan. We already have quite a nice set of questions here, but please, if you have any further questions, now is the perfect time to ask. The first question. If we dive in, how many paying customers do you have currently? How many paying customers we have? We have given out the number 300. That's the answer today. One might ask, "You said 300 couple of years ago, and it's still 300." Where is the growth? The explanation behind that is that we haven't yet 100% honed the methodology of how to count the customers in a consistent way, whether it's entities we send invoices to or whether you consolidate, if there is a bigger entity which has smaller sub-entities which get invoiced, and also how we deal with the partner through partner models, where some of that is on our paper, some of that is on the partner's paper. I believe that's one of the metrics that I said that will, going forward, be also amongst the one that we will start publishing on a more consistent basis. Thanks. Continuing on the same theme, the question here reads as follows. You mentioned that you are not quite happy with the amount of new customers. Could you elaborate what was the challenge? Maybe price competitiveness, entry too late in the project timelines, or not enough manpower to respond to RFQs? Great question. Actually, this one I would mostly label a COVID-19 impact. We did definitely have the same capacity, I would even argue more so and better means for our go-to-market than any year prior to the last one. We saw a lot of customers slow down their buying processes starting last spring. Not necessarily stop or completely cancel projects, but definitely slow down and become more careful. The other side of the equation was that everybody started looking to the systems they already got, and that also helped us through expanding our business with our install base. What was the net impact of that? I'd be saying that it was probably neutral to slightly positive net. In new customer acquisition, definitely the pandemic played a role. We adjusted our organization and our go-to-market capabilities into the new online-first world. We launched Try Efecte for free. We developed our digital sales and marketing capabilities. With those, the plan this year is to get back on growth track in terms of also number of new customers acquired. Thanks. The next question is on recurring gross margin. 78% in 2020 versus 77% in 2019. Is it possible to scale that further? ServiceNow is at 82%-83% on their subscription revenue. Sure. Another really key point, of course, in a sales equation. Just to answer the question directly, yes, I think it is possible to scale that further. Of course, the follow-up to that is what will be the timing of it? Because we are obviously in a different type of growth phase right now, in a different phase of the life cycle of a business than what, for example, ServiceNow. I'm not making any promises or commitments here about improving it necessarily this year. Overall, in general, I do think that there is some room for growth certainly seeing long term. Great. Continuing on the theme of SaaS metrics, gross churn of 3.4%. How many customers does that represent? Why did they churn? Did they exit completely or certain aspects of their contract with Efecte? Yeah, I guess the good news probably is that there is no one single reason. As I commented earlier, I do think that overall that level of churn is actually quite a good result. Just to give you a few examples. There are a few customers where they made some technology choices already many years ago, and they have been running Efecte on the side after, for example, a large organization mandated the whole organization to standardize on ServiceNow, but they had still been running Efecte on the side, and now it just happened that now after many years of running parallel systems, they were ready to switch Efecte off. There were some other type of cases as well, I wouldn't be able to name a single reason. From my point of view, when I look, I definitely review every single customer personally that ends their contract with Efecte. The number, maybe Steffan can help me with an estimate of what that number would be. It's not a big number. It's manageable for me to do a double-click on each of them and into the reason. It's not really an area that I'm overly concerned about. I think there also might have been a little bit of pandemic impact with customers saying that, okay, being a little bit more precise about reviewing all the systems and if there was something they were using but not getting all the value or not being the 100% fit, they might say, "Okay, let's just stop this." If they were in need of just overall saving costs. Some of that might have been there as well. By the way, like mentioned in the report, as the pandemic continues, I do think it can have an impact on churn as well. Looking at this year, I wouldn't forecast lower churn. It might be even higher than last year, but nothing that concerns me when I look at the big picture. Good. We have two questions on our pricing. You have several competitors, how is your pricing power, and do our contracts include inflation adjustments or other annual price rises? Okay. Can you please repeat the question, Tatu? Yeah. Just to make sure I get it. The first one is basically how is our pricing power? Sure. The second is, do our contracts include inflation adjustments or price raises, other mechanisms for price raises? Yeah, sure. I think our pricing power is quite standard for the size of a business we are. Of course, it varies slightly depending on the type of customer relationship and the customer size, but overall, nothing too different from what you would expect from a business like ours. What comes to our agreements, typically when contracts are renewed, there is an opportunity for us to adjust pricing, just to account for, of course, some of the cost inflation, et cetera. That said, we have tried to be careful, and we will continue that approach of not being unreasonable with the price increases. That's part of our promise also for the customers as the European alternative. There is quite strong lock-in in these solutions, which of course also creates quite a bit of pricing power for our kind of vendors. It's not easy for customers to change. There are vendors out there who leverage that to the full extent. I personally think it needs to be a balance. Our business needs to grow. We need to be able to build our muscle so we can keep investing in the product development, in new features that customers then again, will benefit from. It's fair and reasonable that we have an ability and that we have leverage to increase our pricing as the years go. At the same time, I also think that it's unreasonable to increase every last bit of euro of a customer who has made a long-term investment in choosing Efecte and getting the value and made a certain investment case for it. Those are the two sides of the equation that we are trying to balance, and in my opinion, we've been doing a pretty good job in there. Thanks. The next question, do you believe the growth from existing customers was extraordinarily high in 2020 compared to what you expect going forward? I do think that there probably was some impact last year, where we got a little bit of help from the pandemic through customers starting to look more inward and more into existing systems they already got. There is some of that. Whether it's extraordinary, if you look at the net retention rate we had from summer of 2019 to summer of 2020 that we reported in our half-year report, I believe we were back then at 112%. It wasn't that much different. There might be some, but I would be surprised if our ability to grow based on our install base would suddenly dramatically drop. This is maybe we're also, I don't know, Steffan, if you have any views that you'd like to share based on what you see in the market in terms of our ability to keep growing in the install base. Yeah. That's a good question. We have a very systematic approach in our existing customer base. We have established a customer relationship model in which we consistently talk with the customer, and we try to help them to take the maximum benefit out of the Efecte platform. We did our annual customer satisfaction survey, and I also asked from our customers on how and what are the expansion plans for Efecte. Over 60% of the customers said that they're going to expand the usage of Efecte. Some of the use cases were, for example, HR service management. As an employee, you ask your HR department for some service requests, and then facilities management came up, financial management as well. I think that's part of our modus operandi. We take good care of our customers. We ensure they need what they get. With that, when they are happy, we are going to expand and grow as Efecte. Yeah. Thanks, Steffan. Great points. Thanks both. We're already in question number one, Tatu. We're doing well in terms of questions, so thank you all already at this point. Yeah. We actually have a lot more good questions to come. By the way, just to establish some timing boundaries here. I believe we have an interview appointment is set at 5:00. Maybe we can postpone that a little bit, let's say 15 past. Let's make sure that latest by then we get done with the questions. I trust with you that you pick the most relevant and important questions from the list. Great, thanks. A luxury problem. Let's move on to question about our IAM solution. How do you see the role of your IAM identity and access management solutions compared to service management solution? Is IAM still a relevant part of your product portfolio? Do your customers expand from ESM solutions to identity and access management and vice versa? Yeah, this is definitely a good one. I did allude to this already a little bit when I talked about IGA, Identity Governance and Administration. Just take a step back. In this space, we have two different solutions. The first one is based on the acquisition we made many years ago, called Efecte Identity Management, which is a full-blown broad identity and access management solution. What we have built more recently, we launched it for the first time in 2019, and in 2020, we got several new customers also in production, and we learned a lot, and we kept improving the solution, is something called the Identity Governance and Administration solution, which is based on the core Efecte service management platform and additional capabilities that we have built on top of it. That's really the solution which brings together the best out of these both worlds. As I said, promising progress in the market. We've seen many existing customers be interested. We've sold it to existing customers as an additional solution. Also we have seen our new customers use that as an entry point into Efecte. We have multiple new customers that we signed and who started with the IGA solution, and they have passed then into the service management feature. I think it can work both ways. The direct answer again to the question, it is overall an important part of the story. If you think about the role of identities and access requests, et cetera, it's a key part of what IT departments need to deal with. Us having capability to address at least part of those use cases based on our service management platform is definitely to our benefit in the market. Thanks, Niilo. The next question about our guidance. Could you please explain the guidance of 20%-24% SaaS growth? SaaS MRR is up by 26%-27% during Q4. Why should SaaS revenue potentially drop to 20% during 2021? Increased churn? Okay. The guidance obviously is what it is, and you can trust us, we've spent considerable time in thinking about what is the most accurate and best guidance we can give for this year. That's it, 22%, 24%. Of course, just to give a little bit of more color in how we arrive at that kind of guidance, we look at what could be the lower boundaries if a couple of things go wrong? What would be the type of results that we might still be able to get to? On the other hand, if a couple of things go right, what might be then the other end of the spectrum, and then an average in between? Through this process, we arrived at the range that we disclosed as our guidance. Of course, it's not just how many new customers, how much install base growth we are able to add. Churn is a factor there as well. As I mentioned, the pandemic is continuing with the agreements, which many customers have long-term agreements with us. There might be some customers that would have wanted to get out of the agreement last year, but the agreement was on, so they were not able to do that, and they might do it this year. We need to be prepared just for these kind of things as well, and the general uncertainty as such. We're going to focus then a lot on the new customer acquisition to get that going. On the other hand, if the pandemic continues and drags on, there might be a continued impact on that. All these things considered, 20%-24% was a range that we were comfortable with and that we are confident about. I hope, as you have seen now in the last quarters and years at Efecte, we try to be quite consistent, even to bordering boring in the sense that we trust our plans and we trust our guidance, and that's where we are. Thanks, Niilo. We have multiple questions about the ServiceNow replacement and why the Swedish public sector customers switched. Steffan, would you like to shed some light on that? Yep, sure. I think it comes back to these three core value propositions we have. It's about the agility we have in our platform. Everything in our platform can be configured easily. It's easy to deploy and adopt. It's about the experience we provide for the customer. It's the experience in our platform, but also us being the European alternative and having the flexibility and agility to work with our customers. Thirdly, it's about the TCO. When any customer makes a decision, they look at the project cost, they look at the service cost, and based on those three elements, customers make decisions. I'm pretty excited about that win, and hopefully there are many more to come. Thanks, Steffan. Again, we have multiple questions about our international growth during Q4. Our international SaaS growth was over 60% year-over-year, but it slowed down in Q4. Could you discuss the reasons why it was lower in the fourth quarter? Do we see that we could continue to grow at 50% plus year-over-year for several years in the international markets? Let me start by saying we are not giving guidance on international growth separately, I'm not going to give any number for that. The way international growth shapes up each quarter is, of course, based on the deal flow. It's based on how MRR starts following signing the deals. It's a relative measure. It's also, as is year-over-year, it's based on what the numbers were the previous year for the same period. It's multiple factors. Overall, as our base numbers for the international business grow, of course, if it would be able to, I think in, was it Q3? I think we hit even 80% international growth. If we would keep up that for an extended period of time, that would result in obviously, pretty high overall growth at some point as well. The way I think of it is that for Efecte's story, the most important thing is to continue the overall 20% overall SaaS growth as we've promised and as we've done now consistently for 13 quarters in a row. Every quarter that we've been a listed company, we've grown over 20% SaaS year-over-year, and that's the key commitment and plan that we are following. Do we have opportunities to keep up or even accelerate the international growth? Definitely things that we have been putting in place in terms of the partner program and the digital sales and marketing capabilities and the second-phase expansion are all things that if we would be very successful in those, they could result in really good outcomes on that front. On the other hand, I don't want to set too high immediate expectations, as we discussed before. I know firsthand that setting up a partner channel and that kind of business model does take time. It's not going to impact that much our numbers this year. What I expect from there this year is to be able to sign a few more partners and also sign the first new deals through partners to new markets. To me, now looking at this year, that would be one of the interesting things to watch and look for, to get that confirmation for our hypothesis of how this business and how our international growth is going to shape out in the future. Thanks. We have a question about our free trials. Could you say anything about how popular free trials have been? Those who signed up for a free trial, have any of them become Efecte customers? We do have the first case where the free trial played a role. It was an opportunity that originally originated from another source, but the free trial played a big role as the customer tested Efecte and liked it and so forth. It was a combination of our field sales and the free trial. We have not yet had a similar case which would have been fully digital end-to-end, like entering through their free trial and then closing a deal based on that. That we haven't had yet, but we do have a steady flow. It's not massive numbers, like it might be couple per week or five per week or 10 during a really good week. People coming in there. For us, if you think about it's not really a mass go-to-market. In a way, quality is more important than quantity for us to reach the right type of decision-makers in the right type of companies in our target markets, then use the free trial and other our sales motion to support closing the deal. Reflecting on the expectations we had when we launched it, I think we actually have definitely met the expectations we had, and it's played probably even a bigger role so far than we thought initially. Thanks, Niilo. Next, onto our partner ecosystem. A lot of good questions on that. Could you maybe discuss more about how the underlying economics look like, and what is our take rate, and does it change, let's say, from year one to year three? Good. Steffan, you want to take that one? Yeah. A good question. As we work with our partners, we use industry-standard approach on our partner program. We have two different ways for a partner to work with us. If a partner wants to get really involved, really committed to Efecte, they can resell the Efecte licenses, Efecte service. In the other case, if a customer doesn't want to resell the Efecte service, then we are paying a finder's fee on this opportunity. I think we are pretty much industry-standard across our partner program. We have benchmarked ourselves across our competitors. I would say that no industry, pretty much aligned to the industry at this stage. Thanks, Steffan. Continuing on the partner theme. Can you elaborate how customer conversion rate compares Efecte in-house partners based on similar customer leads? How does Efecte ensure that partners offer as good service as in-house sales? Yeah, of course. Let me first just quickly comment that there's a significant difference in the volume still as of today. We have lots of data points for the direct sales and very much less so for the partner sales, but an increasing number of them. Steffan is probably best positioned to comment on what we've seen so far. Yeah. We do have active sales opportunities across our current partners outside our core markets. We're going to measure those metrics, and it's probably something we can report back later. I really like the question on customer satisfaction. How do we ensure that every single customer that works through our partners is going to get the five-star customer experience Niilo talked about? I think there are a few elements we provide. We have a very high-quality enablement program in place. We have all of the trainings available. We have a certification program, and we are very close to release our digital training solution as well. It's basically on-demand, 24/7 Efecte training. On top of that, we are committed to delivering the first customers together with the partners. We have a fully remote delivery capability. We currently can deliver to any country in Europe with our partners with the same five-star customer experience than we deliver to any of our existing customers. I think Niilo shared the Research in Action industry benchmark there, and I think that really qualifies our capability to deliver five-star customer experience outside Finland. I'm really proud of the team and really happy to work with all of our consultants and partners across Europe. Yeah, great points. Maybe one more thing to add, and that's where we see that Efecte, first always when you work with partners, you basically trade control for scale. When you look at deal control in an individual sales case, working with partners and through partners, you have less control on the deal. The first point of contact typically is a partner person, and even if you're working really well together, it always adds a little bit of complexity and filter in between. There's definitely less of deal control. At the same time, when we get it right, the benefit of it is we get more scale. I think just based on anecdotal evidence more than statistical evidence, I do think that we should have a pretty good chance of getting to a hit rate in the through-partner deals, which is not significantly different from what we do ourselves through our direct motion. Yeah. That's a good point, Niilo. One of the things I emphasized earlier is that we are working with partners that have existing customer relationship. They have an existing brand name in the market. I think it's always more effective for that partner to close a deal with a customer than if Efecte going there without any brand recognition and closing a deal. Also the Try Efecte for free really helps in that sales process. We have spun off several Try Efecte for frees that are actually supporting our partners when they go into a sales opportunity. They can immediately show how Efecte looks and how it feels. I'm pretty excited about that as well as part of the kind of driving the sales opportunities and being involved in many of these personally. Okay. Fantastic. I think we have time for what? One more maybe? Yeah. Maybe a final question on then the customer acquisition costs. Are they much higher in DACH than in Finland? Customer acquisition cost. Let me go back to what I said about the SaaS metrics overall. In a SaaS business, there is MRR, ARR, there is a recurring gross margin against that, there is a churn number, there is a net retention rate number, there is a MRR, ARR gross number. On top of that, what's still missing? It's the customer acquisition cost and the lifetime value of the customer. Those are the two metrics we have not disclosed yet. I don't have any exact data to share with you on that. However, we are looking into being able to share more of that later during this year, following our commitment to share more of the SaaS metrics. After we've disclosed those, after we've started reporting those, I think we got a pretty complete set of SaaS metrics. Internally, one that we already have started to approximate is also the sales efficiency number. It's not just the customer acquisition cost in a way per customer, but when you relate it to the booked new ARR, which I think is a really key metric when you look into whether a SaaS business is feasible or not. That's where we are right now. Ladies and gentlemen, I believe it is time to conclude this session. As much as we'd like to continue it, I'm sure that we can find other means of answering any remaining outstanding questions. Feel free to reach out anytime directly to me or Tatu, and we'll find a way to address your questions. Yeah. There seems to be plenty this time, which is really good. It's fantastic. Really big thanks to all of you for joining. It's really great to get these questions. Very spot on. Let me just conclude by saying that I'm personally excited about the Efecte story. I've been here now already two and a half year as CEO, before that, a year and a half on the board of directors. Already four years, time flies, as part of the Efecte story. This team here is in it for the long term. There's no game for the next quarter or the quarter following that. What we are building here is a long-term success story as the European alternative in cloud-based service management, and it's great to be part of it. I hope you enjoyed the ride too.