Good afternoon, everyone. Welcome to Efecte's H1 results webcast. My name is Lari Nikkanen, and I'm a member of Efecte's investor relations and legal team. With me today are our CEO, Niilo Fredrikson, COO, Steffan Schumacher, and we have also our CFO, Taru Mäkinen, on the line. Today, we'll be presenting Efecte's H1 results for 2021 and having a Q&A session for any questions that you may have. You may present your questions during the presentation by using the webcast portal's Q&A feature, and we'll answer your questions at the end of the presentation. This session will also be recorded, and a recording of the session will be made available on Efecte's investor website. During this webcast, we'll also be making some forward-looking statements, which are predictions, projections, or other statements about future events. These statements are made based on current expectations and assumptions that are subject to certain uncertainties. Therefore, actual results and events may differ materially from any forecasts or forward-looking statements. We will only update such forecasts or statements with respect to new information within the limits of our statutory obligations to information disclosure. We encourage all participants and investors to review the disclaimer from our presentation materials. With that, I will hand over to Niilo, who will be presenting Efecte's H1 results. All right. Fantastic. Thank you, Lari, and hello, everyone. There we go. I believe we got the video going as well. I appreciate you all joining the call. Simply, we're going to go through H1 results, talk a little bit about the look ahead, and of course, at the end of the show, we'll do the Q&A, which is always an exciting part of these calls. Look forward already now to your questions. During H1, we did what we do, help service organizations digitalize and automate their work. Especially Q2 was marked by several big Efecte deployments going live. Those are always the moments that warm my heart and everybody's heart at Efecte when we see large new customers start to use Efecte successfully and roll into production. It's kind of the moments that make it all worth it. At the same time, we also had a really strong H1 numbers-wise. We're going to comment a little bit on those and, of course, also try to give you a decent, realistic view of what's ahead for rest of the year. As tradition, we'll start with what did we promise and how did we do against those promises? In the beginning of the year, the guidance for SaaS growth that we set was 20%-24%. We also, of course, indicated that we will continue our international growth, and we set the range for the EBITDA margin from 1%-4%. Now let's look at where did we end up. I guess the short summary is we did well against these targets. SaaS growth for the whole first half was very good at 25%, a little bit stronger in Q1, a little bit slower in Q2. EBITDA margin-wise was the other way around, with Q2 really, really strong at 6% compared to at least to our own expectations. Looking at international growth, it was at 37% for Q2 and 41% H1. Thinking about our growth, there is always two pillars kind of that growth, as you remember most likely from the previous calls and releases. There is a really well-running engine creating growth together with our install base of customers. It was great to see that lots of existing Efecte customers had, again, desire to expand their Efecte usage, and that it resulted, again, in a good net retention rate of 112%. At the same time, we did continue also acquiring new customers into this equation. There it was a little bit of a mixed story in the sense that numbers-wise, we actually got to what I think a very decent number of new customers during H1, 20 new customers, out of which 10 came through our partner channel, which also I thought was a nice feature of it. On the other hand, the average size of new customers was somewhat smaller than in the comparison period, which then led percentage-wise, in relative terms, there's slightly smaller share of our overall MRR growth in the last 12 months to come from new customer acquisition. I think overall, in summary, on both engines, both with existing customers and what we do to acquire new customers, running well, and that's where our growth came this half. Let's move forward. No surprises here. Obviously, the share of SaaS in our P&L is growing constantly. Of course, one special feature of H1 and especially Q2 was the remarkably strong services performance. It should be noted that the comparison period for Q2 with 2020 Q2 being the quarter where basically all the lockdowns were suddenly imposed and a lot of things stopped suddenly, it was a relatively soft comparison period. Some of the strong 20% type of growth in services can be attributed to that fact. At the same time, to take nothing away from our customers and our services teams and partners, how they executed in these large deployments together during H1 and Q2, that was definitely a job very well done and also reflected in the services growth. On one hand, it's reflected also in these parts, showing that the SaaS share didn't grow anymore as fast as it did historically, as the services piece was in such good growth last half. This is an interesting perspective here. Let's talk about profitability and cash flow. The profitable development we've been able to produce has been, of course, a good one. It's almost like a straight line if you take a ruler and look at the chart. To me, something that is almost more interesting than the EBIT and EBITDA numbers is the cash flow development, where we turned, in fact, the cash flow positive already before we turned EBITDA positive. That is, on one hand, thanks to our business model, where we are able to get payments from customers typically at the time of signing agreements, which is typical SaaS fashion. Anyways, I think a good practice and helps our cash flow. Then at the same time, another thing, if you look at the cash position overall, that should be noted is that during Q2, there was an extra infusion of almost EUR 1 million from our share subscriptions with stock options. That, of course, also bumped up the cash position quite nicely. Overall, this puts us in a good position. We shared already in the Q1 earnings that with this stable financial position, it allows us to consider also inorganic investments. As mentioned in the H1 report, now in the last few months, we've set up an effort to start evaluating the market for potential targets. We do think it's a long-term thing, so no dramatic sudden things are to be expected there, but definitely an effort that we have started doing. Recurring gross margin, very steady. I think I'll leave it at that. We can come back to it if there are any questions. Next, there is still a new thing that I'd like to comment on, which is the Customer Acquisition Cost and Lifetime Value. These were sort of the remaining missing SaaS metrics that we had not disclosed before. As you know, we made a long time ago a commitment that we consistently increase the transparency on this business, on this equation, and the unit economics and SaaS metrics, and that's what we've done. Now, for the first time, here are the LTV and CAC figures. Looking at them, I think those are good numbers. Of course, customer acquisition cost is high, but at the same time, also lifetime value is extremely high. That results in a figure that I'm definitely pleased about that at the LTV/CAC ratio being at 5.1. Now, of course, we talk always about the numbers quite a bit, and they're interesting, but at the end of the day, a lot of the value that we provide for the customers is at its core based on the product. I mean, we are a software product business operating on a SaaS model. That's why I think always also looking into what have we done to innovate in our product and what have we done to strengthen our position with the product is so important. Last six months were again a busy time in our product development. There were some new things that we brought to the market, like the Whistleblower Solution, and there were also some very long-term bets that we continued to work on, like what we do regarding our user experience improvements and renewal program. Over there, what we call the Next Generation Self-Service development, where we're really renewing the self-service experience of using Efecte. That's a major thing also in that space, and something that I think will bring lots of joy to our customers and partners and our own teams going forward. With that, I think it's time to zoom out a little bit. Let's see if we can get my friend Steffan, our COO, in the picture, and handing it over to you, Steffan, to comment on how we're doing go-to-market wise. Hey, thank you, Niilo, and thanks for the good summary in the beginning. My name is Steffan, I'm the COO of Efecte, and today I will give you a go-to-market update and also share a bit of more details on the H1 performance. Before I go there, I want to thank you, all of our customers, partners, employees, and all of the investors for the support during H1. I think that's an important one. During H1, we focused on what we know the best. We served our customers, and we kind of aimed to deliver a five-star customer experience. We sold and marketed our solutions to new customers, and we build a new expanded partner channel. These things were in the focus every day, and we made progress in all of these fronts. We delivered solid growth in Finland and internationally in our SaaS business. We saw healthy growth both in DACH and Scandinavia, while growth in DACH was stronger than in Scandinavia. As Niilo already pointed out, we closed 20 new customers in H1, from which 10 were with and driven by our partners, and out of these 20 deals, two deals were out of new markets. Out of markets in which Efecte has never sold to any customers. Services was covered, and I think we did deliver a solid revenue performance in services. It's, I think, not just the numbers, but I'm extremely proud that we delivered that with the all-time high customer transactional NPS. We do measure every single consulting engagement, and we received really good feedback from the customers. I think that's also a testament of why customers are coming back to us. Existing customers expanded the usage of Efecte on multiple fronts. Next, I want to talk to you about new markets execution. As you saw in the slide before, Niilo presented our LTV:CAC ratio. Based on that ratio, 5.1, it's evident that it makes sense to invest in our go-to-market. Our new markets business is one of the biggest investments this year. We are continuing on market research and have multiple partner discussions going across Europe. We added a new partner in Croatia during Q2, who are going to be doing all of their onboarding and marketing activities later in H2. We closed our first joint deal in the Czech Republic in Q2. As talked multiple times, this is a long-term play. It will take time to find the right partners. It will take time to build up the sales model in new markets. I feel we are on a good track, and we will continue executing on this. This whole motion is about tenacity, and it's about tenacity. I think that's something we have as a team. I'm really excited where we are as a company. We have a very strong, talented team of employees. I think we never have had a stronger team in place. We have great customers, and we have a great product that customers love to use and to expand. I'm clearly looking confidently into H2, and I'll give it back to you, Niilo. Perfect. Thank you, Steffan. Thank you. Wonderful. We seem to be both in the picture looking good. No need to adjust there. Let's keep Steffan here. I think we'll do together the Q&A as well. Just a few words now on the look ahead. As you probably noticed, we did give a profit warning already earlier this week with some preliminary information on H1 and an update into the guidance ranges. The new guidance for this year is SaaS growth of 21%-24% and an EBITDA margin of 1%-6%. For the SaaS growth, what those numbers obviously indicate, given the very strong H1 with 25% for H1, that guidance does indicate that growth will be a little bit lower during H2. That's just what we see at the moment in our forecast, and I think that's going to happen. Of course, very small changes, but still something where we want to keep you guys updated on what to expect. At the same time, for EBITDA margin, we actually widened the range, and that maybe warrants some background. We did have a very strong H1 profitability-wise with 5% EBITDA margin. Steffan talked about the long-term investments, and if I think about what I'm especially happy about for H1 is that we did continue the long-term investments that we've been making, and we started planning also some additional ones. I think that's really what this thing is all about. Our ambition level ultimately is really high. We have this vision of being the number one in Europe, and we position ourselves as the European alternative to the global goliaths. That's, of course, a bold statement. For us to be able to be successful in that long term, it does require us to invest cleverly in this business. Now, after several years of significantly growing the business with flat headcount, we have started increasing the team size, and we are going to do that also in H2. Now, a little bit, depending on the exact timing of adding people on the team and exact timing, a few other things that might have an impact on then the actual EBITDA margin during H2. That's why we gave a little bit of a broader range so that it caters for all these scenarios. With that, Steffan, do we already go into the Q&A, or what shall we do? Yeah. Thanks, Niilo, I think that concludes the official part of the Everything is official, but the pre-read part of the H1 webcast. I thought I'll kind of elaborate with you a bit before we go into the official Q&A about H1. What do you really feel proud about H1, and what's the other side of the coin from your personal perspective? Well, good question. I think I'll mention two things. First of all, I do want to repeat what I said in the beginning about helping our customers succeed, helping several large and also several smaller Efecte deployments into production, and helping existing customers expand the usage of Efecte and helping them expand the value they get out of Efecte. That's really at the core of what we do, and Steffan talked about some of the NPS figures for those engagements, which were at a really high level, and those things make me really happy and proud of this team. I think that's the first thing, the personal highlight of H1 to me. The second one is actually on the long-term side. I think we have done a decent job of working hard to execute well in the short term, but at the same time, also keep the long game in mind and top of mind. We are in this for the long term, and I think it's just so critical for us not to get lost in kind of, what does one quarter look like or the other quarter look like if that would come at the cost of the long-term story. That's always priority number one for us to optimize the equation for the long term, and I think we did a good job in H1 on that then. Always good to do a little bit balancing, right? If I think about what could have gone better optimally, I think when I look at the international sales growth and maybe overall the new customer acquisition, I think that's definitely an area where we haven't exhausted the whole potential that's out there in the market. Good. Thanks, Niilo. I think that's good reflection back. We are getting actually quite many questions, and I'm going to be the Q&A master today. Let me just start to kind of get these questions out here. There's one question about our current head count, and the question is, what is the theoretical number of customer onboardings per quarter we can do with our current head count? Oh, that's a great question. It, of course, depends a lot on the scope of those deployments. I don't know. Do you want to comment on that, Steffan? No. Yeah. This probably is directly for me. I would say that our current head count is in the report. You can check the head count there. I think we are not limited. Limited by the size of our team on the deployments. Maybe if you go to the hundreds of deployments per quarter, then we probably need a bit of more resources, but I don't see the current head count as a blocker in driving customer deployments. Yeah, I think it's fair to say that it is important for us to grow the deployment capability both in the partner channel and firsthand, but so far, we haven't seen that become a bottleneck. Mm-hmm. Yep. I would agree with that. Excuse me. Bless you. Bless you. There's a question about H2 pipeline. How does our outlook sales pipeline look for H2 in the terms of potential new customers? Well, we haven't disclosed our pipeline or our order intake, so we won't give any exact numbers there. As I commented in my remarks in the H1 report, we feel confident about our ability to grow also in the future. Of course, our guidance for the second half of the year captures what's the extent of the growth that we believe is going to happen. Good. We have another question. You are expecting to increase growth investments in H2. How ready is your sales model and operations to take in these investments at a good return? Well, I think that's again something maybe- Yeah -collaborate in answering. Let me just start by saying that I've been now here over four years, part of the Efecte story, first as a member of board of directors and then since September 2018, almost three years as the CEO in a more active role. What we've done throughout that time is really build the foundation culture-wise and process-wise, which allows us to grow. Overall, I think I feel confident about where we are as a team and as a business in terms of being able to cope with the additional growth of the team or any type of growth. Maybe, Steffan, you can also as CEO, comment on how you see it. I agree with you. We have been increasing our sales team already during H1 and already last year. If you look at the whole growth trajectory, if you are on that 20% range, it means that you need to sell every year more anyway, right? It's not like there's a sales capacity you have. You can basically look kind of calculate it out, like if you put a few more salespeople in, what's the onboarding time and how fast that turns into bookings. Especially when we go internationally, even Finland, we are not limited in the market opportunity at all. Even in a big country like Germany, I think there's just so many territories we are not just touching because we don't have the resources in place. I feel actually pretty confident us having the operations and the platform to scale our investments, and I think the LTV:CAC ratio of 5.1, I think also proves that. It makes sense for us to invest in new customer acquisition. I think it's a little bit like a running race, like a relay where every time the distance that one needs to run is increasing with every lap. There is a certain limit to which you can just train the existing team to run faster, and I think we've done a lot of that till now. Now it's also time to make sure that there are new team members who can help with the growth. Yep. Let's move forward. We actually have quite many questions here, which is actually really nice. Those questions always make you think as well. Absolutely. They are a few parted questions, so maybe I'll read them aloud and then I'll answer them. That's the kind of teamwork we do. Steffan works, I listen. You have one new partner in Croatia, Czech and Poland. Are you planning to add more partners in these countries, or do you believe that one in all three countries is enough? There's actually a follow-up question to that. Are these partnership agreements that you have signed in these countries exclusive? Can we have multiple partners in a single country? None of the agreements we do are country exclusive. I think the question is more about when we work with partners, we want to work partners that are there for the long term. We want to have committed partners where we work hand by hand in a structured way to build up the market presence, build up the readiness to ensure our customers get that five-star customer experience also from our partners. There, I think the question is just how fast and how quickly we can scale. We are ramping up our partner operations. It takes time to onboard, it takes time to support the sales and so forth. I think it's more like we just going to take as much as we can chew to ensure we drive that good customer experience, but good customer experience home. Yeah, exactly. I think the other part of what you're saying is also that we feel very good about the partnerships that we have signed. We don't see immediate need to really look out for new partners in those specific countries. Correct me if you think differently, but I would imagine that the next partner or partners that we're going to sign, they would be from new countries rather than from one of the existing countries. Yep. A lot of us has been in partner business, one thing that you don't want to conflict is when you do in a new market, is to create an immediate partner, kind of a channel conflict. You want to be kind of cautious about that as well. The next question is about if you can comment anything about the size of the deal we had in the Czech. Small. Yeah, a starting deal, new customer in a new market wanting to trust Efecte and Solutia our partner. How amazing is that? We have done all of that with the partner without even flying on site because of corona. Yeah. We'll see how it goes this time. I've been there before. You've been there before. Every time in history, always the first deal was the hardest one to get. No predictions about the future there, but that's how it always worked in the past. That is- past for us. Of course, you fight hard for the first deal, and you do everything to get the first deal, and that's where we are now. We got the first deal there, and we're extremely happy about that. Yeah. I talk about tenacity. We have the tenacity to go for the second one, then we go to third one and fourth one, that's how businesses grow. Exactly One by one. Exactly. The first piece there is always more difficult to get. It's bigger risk in every imaginable sense. You got to start somewhere, and to me personally, it was an important proof. Both that together then with the new reseller partner in Croatia, important proof points for what we do in the new markets. Good. Do you have a portal where your channel partners could communicate with each other to share thoughts about Efecte Platform, et cetera? Maybe I'll take this one. Go ahead. This is my favorite topic because we have been working really hard to digitalize our whole customer journey. If you go, by the way, something that we feel really proud about is the Efecte.com new website. If you go to that new website, you're going to see a new Efecte identity. During the fall, we're going to update also the Finnish and Swedish and German sites as our teams get back from vacations. We should have had the beanies there. Yeah. In case somebody who's more new to the Efecte story wonders on the efecte.com website as well as on the opening slide in this deck, you did see some of the fellows with a beanie on, an Efecte-colored beanie, and that's just been the hallmark kind of accessory of Efecte always. We're keeping us warm here in the cold winter. That's the story behind there. Yeah. Coming back to this digitalization of the customer journey, I think one part of that is also the whole post-sales functionalities and things we can do there digitally. We have basically something we call the Efecte Community. That's a website, a portal where our customers and partners can go in. That's where we share a lot of the product information. There's a Q&A, there's a lot of other stuff. Customers can even provide us product ideas, customers and partners can together vote on what gets prioritized on the roadmap. That's working really well. That's very active. That's one channel we have. The second channel we have set up during H1 is a partner portal. All of the partners have access to that. They can do deal registration there. They can get all of the marketing sales materials. That's another tool which available there. It's about making everything digital and growing as a business and building these kind of platform elements into the business. As we grow, we get more stuff digitally out. Another good highlight is, for example, the announcements of our digital training subscription. True. in June. You can basically now subscribe to an Efecte always on, always screen training platform, and through that, get all of your trainings in a digital port. Good. Let's move forward. What is the gross margin that you get from partner sales? The gross margin, how it builds up or how it is constructed is, of course, a little bit different in partner sales and in direct sales. We haven't disclosed there any numbers. We do give a share to the partner. What balances the equation is that the cost in terms of market entry and everything, having our own salespeople, training our own consultants on the ground, that's of course much less in a partner model for us, especially, in the context of new markets. Overall, we feel good. Given that it's relatively early days, we are still in the beginning of our partner journey. We've gotten some encouraging proof points recently. If you also look at the new customer acquisition stats, with half of the new customers, H1, coming through partners. It's still a little bit of a hypothesis, but we do believe that ultimately the gross margin is not significantly different when you count in all these factors. Thanks, Niilo. Let's move on. Some amazing questions here, I want to ensure we could get through all of the questions. There's a comment which it's big question, I'll try to summarize it. First of all, Germany, DACH region is important for Efecte in order to reach high growth. Can we talk about the recruitment policy? We have seen that sales account manager position in Munich has been open since November 2020. Is it harder to find great talent abroad? First of all, let me make a statement that probably doesn't surprise anybody following the industry, which is that at the moment, the talent market is definitely hot. Almost any type of role. It's always been so for senior really good developers. At the moment, we do see that the market is definitely hot in almost any field of business for us. That said, in Germany and in Scandinavia, of course, the special, in a way, challenge for us is that we are not as known in general as a brand as we are in Finland in the Finnish IT market. Of course, that's a little bit of a challenge. At the same time, when I look at the team in Germany serving our DACH market, I think we've been able to find some really amazing people into the team. Also there is a little bit of, I think sometimes just looking at the open positions on our website, of course, it's a proxy, maybe a little bit indicating how much and where we are recruiting, but it might also sometimes lead one in the wrong way as we also like to do continuous recruiting, and that we build the talent pool for us. Sometimes there is a more urgent need for somebody, and it might be for multiple people, sometimes behind one announcement, and sometimes it's basically something that we put out there to see what kind of people we can attract, and then there might not be an immediate urgent need to close that position. That's maybe some of the background there. I don't know if there's anything you'd like to add, Steffan. On sales positions, I have a policy that the recruitment is always open, right? If there are good candidates good people want to join the Efecte story, you're welcome. Plenty of jobs open and plenty of good stuff to sell, I think that's it. Surely it's not just the website. We do direct recruitment, and we have many ways of doing that. The website just reflects one view and one angle of what's going on the recruitment market itself. Yeah, that's an excellent point. What we found out, and I'm sure many others in the industry have found out, is that really if you just rely on putting an ad on the website, on your career site, maybe with the exception of some of the really, really big names in the industry, that's not really going to get you the type of talent that you want to attract. The other means of finding the right people through our networks, through own direct sourcing, et cetera that's a really important part of it. Yeah. I'm really proud of the team we have right now. I think we have a good team that can take on the challenge and help us in our journey. Let's move on to the questions. What would need to happen in your organization so that you would be able to achieve a 30% SaaS growth year-over-year over the coming years? There's a follow-up on this: Is this achievable given Finland represents so large part of your total revenue? Well, there is, of course, a simple mathematical answer to it. It's just closing enough new business with new customers and maybe even more with the existing customers. Mathematically, it's of course doable. If you look at our guidance today, it does not indicate that, for example, during the rest of the year that we would get to that kind of growth trajectory. Theoretically, is it possible in this business that we are in? I think absolutely it is possible, but I don't want us to make many mistakes here that it would be too easy to get there. Of course, every quarter we sell and deliver as much as we can. Yeah, we don't stop selling. We don't stop selling once we reach a certain level. Yeah, I think that's about it. Of course, theoretically possible. I'd like to point out to our guidance, which really shares our view of what's the trajectory of the business now in the second half. Just repeating what I said earlier, obviously, if you look at what we did in H1 and you look at our guidance for the full year, it does indicate that growth for SaaS will be a little bit slower during H2. For EBITDA margin also the trend won't continue with the improvements as has happened in the last quarters because we're going to make some investments that will help us in our long-term mission, and we feel very good about those investments. Okay. The next question is, you achieved 70% growth in Finland during the first half. Could you comment anything with respect of where that growth is coming from? First of all, I cannot confirm that number because I don't have the reports in front of me. Also, it's been something we haven't disclosed. I'm sure there's been some good math behind. Yeah behind that number. Based on some assumptions, it's the outcome. Overall, I think what we can say is that we have been very pleased with the development in Finland. When you look at the split of our growth with existing customers and from new customers, we have so many customers in Finland that of course the growth from the existing install base wouldn't be at that kind of levels unless we wouldn't have been quite successful working with the Finnish customer base. Yep. That's exactly like that. The formula works in a way when the customer is happy. They are served well, they're going to buy more. They buy more, you're going to serve them, and then they're going to be even happier. That's the formula we use in the existing customer base. I think the H1 results is a testament of that. A lot of new customers put trust on Efecte to be their vendor of choice as well for the future. Next question is about the net retention rate. What would need to happen so that it would increase to 115%-120%? There's a formula in the calculation, basically, so you can touch any of those formulas, right? Yeah. Exactly. I think overall, first of all, for starters, I do think that net retention rate that we are at the moment, it's a very strong one. Comparatively and also going a little bit back to the earlier questions about overall, the growth rate and where could we potentially in the best case get to, and with what kind of means, I do think that in that equation, the bigger component is on the new customer acquisition side. I'm not saying we wouldn't be able to further optimize and be even better in how we work and how we serve our existing customers. That's a huge focus for us. I do want to say that we are already at what I consider very high level on that part. Maybe thinking about potential upside, I do think that the upside would be more on the new customer acquisition side. Mm-hmm. I think that there's a follow-up question on churn then, basically. gross churn increased from 3.7% to 4.8% in H1. Is there a specific reason for that? Not really. I think I would attribute it more to seasonality than anything else. As we said before, we do believe that a level of 5% or below is best kind of practice or really good level in the industry. We are in that range and feel good about that churn rate. Of course, every single time somebody leaves Efecte, it hurts my heart. Often there are reasons outside our control. Sometimes there are reasons in our control. We fix them, do a better job next time. Overall, I think it's really healthy levels, where we are there. Yep. A really good question. It's actually about our platform and about our product. What are the key features, functionalities that you are not satisfied with? In other words, are there some features that you lack versus global goliaths? I like that, global goliaths. Yeah, there you go. Somebody's kind of using the terminology that we've been using. Kudos to that. Yeah, looking at the features, I think there are two ways to look into that. One is overall the breadth of the portfolio. Everybody in this industry, it's a combination of first-party technology and then partner solutions, a partner ecosystem on top of that platform. That's the first part, kind of what's the breadth overall. Of course, if you compare us to the global goliaths there, the really kind of leading companies size-wise in this business, the breadth of the offering is larger. Kind of what you get from just the number of partner solutions available and the number of kind of prepackaged and productized things on the platform is bigger. At the same time, the core design of the platform of Efecte, it's been designed well, and it's a big strength of ours because it means that there is no fundamental blocker or something that would need to be really changed in the design to basically get to the same place with more productized solutions. Efecte can be used very widely and as widely as the leading, much bigger platforms in this industry. I think that's a remarkable achievement itself. That's also the driver behind that net retention rate and the growth with the install base because there is no kind of hard-coded limitation that you can use Efecte for just this one pre-configured thing. The other part in addition to the kind of prepackaged or productized feature depth, the other part is then when you look at individual features, it's never constant over a span of time, right? You bring out to the market something like a user interface, year X, and then in that year it's fantastic and then, of course, every year it starts to get older and then you need to rework it to bring it again kind of to be top of its game. That kind of things, when you look at our portfolio, obviously different components are in different phases of the life cycle. One thing that I mentioned earlier that we have been doing or executing a user experience renewal program already for a while. One of the elements there is our next generation self-service program. That's definitely an area where I'm super excited about what the team is building. Even there, I think it's more in our business about the evolution of the platform than just brings some completely new type of angles onto it. Yeah. Maybe a customer perspective on that. We very rarely lose because of a certain functionality or feature. The reason is typically somewhere else. I think the testament of the competitiveness of platform is maybe we already talked about those new customers we received in H1, but a lot of daughter companies of really big enterprises decided for Efecte during H1. I think that's definitely a testament of the product platform itself. Good. I think we are running into the end of the questions right now, and maybe there's a leading question that we have this big customer partner event coming up in the fall, Digitalize and Automate 2021. Do you want to talk about that a bit? Indeed. September 15th-16th, two-day event. We did it once already. We started it last year. It was a striking success. We got over 1,000 people registered and watching the sessions. We're doing it again this year. On day, it's going to be a broader digitalization agenda and a broader agenda about what can we as Europe and in Europe between the private sector and the governments, and the public sector do to make sure that Europe is not falling behind in the competition for digital platforms of the future. Of course, what we are doing at Efecte for our own small part is in our space, the service management space, set an example and build the European alternative. There is a similar dynamic in many other fields of the industry as well. We'll be able to get some really fantastic speakers and examples, really inspirational people and companies like Wolt, like RELEX Solutions, Ultimate.ai, and so forth. We are partnering with SERVIEW, the leading German authority and business on service management and ITIL training. We're partnering with them around a very exciting topic, and maybe I'll let you tell the student this. Yeah. The question is, if you look at the digitalization, automatization of European companies, you also need to look at who's going to do that job. I think the future of Europe is in our youth and in our students. This year, we're going to reach out to hundreds of universities across Europe. We're going to invite them to join us, and we're going to expecting thousands of students to join us to take that digitalization journey with us. With SERVIEW, we're going to offer, for example, free certification training. Yeah, we've committed to offer for free between SERVIEW and Efecte, free training for 1,000 students across Europe. Yeah. That's going to be amazing. We have a committed team here at Efecte working on that. They did a growth hacking yesterday. They reached out to 100 universities already yesterday. They're individually sending them notes. That's going to be an amazing event. I'm so excited about our H2. It's not just the business itself. We talked about the guidance, we talked about where we want to go, but it's about on the journey we have. We're going to become that European alternative in our space, and at the same time, I think we're going to have an impact into European digital platforms. We're going to have an impact on those students. I think that makes me wake up every day, that makes me and my heart beat to Efecte every day. Well said. I think there is not much to add to that. It is a nice combination of, as you can hopefully see and hear also online, we're in this with a lot of passion. We feel we are doing the right thing here, something that has an impact on the world. At the same time, also, we do think it is good business, and we are moving in the right direction, and we look into the future with confidence. I do want to close the call by saying once again, thank you to everybody, all of you who have been on board the Efecte journey, all shareholders, all customers, partners, employees. It's fun to be part of this. With that, we'll wrap up this call. We'll take a small summer break and then back to business. Have a great summer, everyone. That's how it goes. Bye-bye. Enjoy the summer. Cheers. Bye now.