Good afternoon, everyone. Welcome to Efecte's H1 results webcast. My name is Lari Nikkanen, and with me today is our CEO, Niilo Fredrikson. During this results webcast, we'll be making some forward-looking statements. We encourage everyone to review the disclaimer from the presentation materials. As for today's agenda, we have one full hour booked for this webcast. We will start with our CEO, Niilo Fredrikson, presenting our H1 results, and afterwards, we have some time for the Q&A session. You may present your questions in the webcast portal using the Q&A feature, and we'll answer your questions after Niilo's presentation. This session will be also recorded, and a recording of the session will be made available on our investor website. With that, I'll hand over to Niilo, who will be presenting Efecte's H1 results. Okay, great. Thank you, Lari. Thank you. Hello, everybody. Happy summer. Happy summer to all, and let's get started. It is my pleasure to walk you through our H1 results, and like Lari said, after that, as always, the most exciting part, hopefully, will be the Q&A. Please do think of questions, and we'll get to that soon. Just to ground ourselves on what we do at Efecte. We help people to digitalize and automate work. That's our mission. We offer solutions in three areas: IT service management, enterprise service management, and identity governance and administration. We do that all based on one single cloud platform that we develop. Our vision is to become what we call the leading European alternative, the undisputed number one European vendor in service management. We also quantified what that means to us and you. We do think that over the next three years, by 2025, we will more or less double our revenue to EUR 35 million or above. Longer term, we will become a EUR 100 million business. We also laid out a strategy of how to get there based on growth, product, people, and M&A. Those are also the four lenses through which I like to evaluate how we did. Let's start with that. Looking at growth, I'm happy to share total net sales grew by 19%, which I think is a very solid result, especially given that SaaS was again the main driver for that growth. Of course, that's the main metric that we look at and many of you look at that as well. With 24% SaaS growth, we continued the long streak of growing SaaS over 20% each and every quarter now, I believe, for 18 or 19 consecutive quarters. Behind those numbers, there are, of course, multiple different things that happened in terms of growing in our existing markets, Finland, Germany, Sweden, and also expanding into new markets, both directly and via partners. The one recent highlight I'd like to call out is the progress we made in Spain. We signed two partners and also a first customer during Q2, which is now encouraging us to establish a more permanent presence in Spain starting in Q3. In terms of product, we invested more into product than before, and I'm pleased with the progress that we made. There are multiple things, multiple areas in which we were able to advance from the overall user experience, both on the self-service side and also on the so-called agent interface side, to improving product quality in essentially pretty much every area of the product. Small improvements, small enhancements that make the life of Efecte users more enjoyable, and also some security patches, et cetera. Finally, IGA, Identity Governance and Administration. We were able to launch both the IGA Starter and then the more recently, the IGA Growth packages, which have already proven themselves in the market and to me represent a very exciting growth opportunity for us. People and culture have always been a very big part of the Efecte story. Efecte is our people, Efecte is us, and to me, that's the main motivator every day why I really enjoy coming to work and work at Efecte. It's a very special group of people, very nice group of people. Now, during the first half of the year and especially in Q2, we were able to recruit high-quality people to join the team. What makes me even more happy, attrition remained, even in the current environment, very low. Based on low attrition and good success in recruiting, we were able to grow our headcount quite significantly, 29% year-over-year. That was planned, and I'm happy that we got there. Now that said, as I mentioned also in the actual report, we do expect hiring pace to slow a little bit down towards the end of the year. We are still continuing to hire, continuing to add new people. Of course, longer term, while the fast recruiting pace in H1 was planned, longer term, the recruiting pace should not significantly exceed our total net sales growth if we want to keep running this thing at the roughly break-even level that we are on now or even longer-term improve profitability as we have guided. Also, at the same time, we need to take into account that the InteliWISE team will join us. We will get tens of new, great people with experiences and skills that will make us even better now, during the second half of the year into the Efecte team. That whole operation also of course requires attention and onboarding and things, that demand our focus. That's also the last thing I'll mention here. I mean, we set out an M&A strategy some time ago where we said that we wanna do two things. We want to, one, strengthen our product and our technology platform. Two, we want to accelerate our go-to-market, across selected countries in Europe. With the InteliWISE acquisition, we were able to take a first step in both areas. The technology, the conversational AI capabilities that we gain, from the InteliWISE stack will significantly add features onto the Efecte platform. At the same time, we are able to open Poland as a new direct market for Efecte. I would expect both of these things become more concrete now during the second half of the year. We are of course already started integration planning and about the joint product plans, et cetera. We'll tell more at the annual Digitalize and Automate event, which will take place on September 27th-28th this year. Strategy-wise, I'm very happy we made progress in all four areas where we wanted to make progress. When we look at guidance, how did we do against the promises, the exact promises we made, we are well on track. With the steady SaaS growth and the steady profitability picture here, we are well on track to reach also the updated guidance that we released a few weeks ago with a positive profit warning as you might remember. Now double-clicking on some of the areas, looking at the SaaS metrics starting with the lifetime value customer acquisition cost ratio which is super important as it tells us whether it makes sense to invest in more go-to-market or not. Now, looking at the rolling twelve-month period, the number was extremely high, exceptionally high, I would say. There were a couple of more, I would say, not one-off but exceptional factors here. One is the large deal that we reported on earlier, which is part of the twelve-month period with the Social Insurance Institution of Finland, Kela. The other one is the low churn, which really, if you look at the calculation for how we calculate lifetime value, it really bumped up that lifetime value component. All in all, I mean, this tells that we are on the right path, investing in more growth, investing in new markets, and investing in an expanded go-to-market. Recurring gross margin was very stable, one percentage point down, but as long as we are in that about 80% ballpark, I think we are doing the right things there. On profitability, not much to say other than we started to report now on adjusted EBIT and EBITDA in addition to actual EBIT and EBITDA, which is of course related to our inorganic activities. Going forward, you can expect to see those numbers being reported. InteliWISE was our first acquisition. I don't know when the next one would happen, but I would expect InteliWISE not to be the last acquisition we make, but we are not in a hurry there. Cash-wise, the acquisition had an impact obviously, and you see that in the cash balances. Overall, we're financially in a very solid situation. Going also into, let's call them more uncertain economic times as I'm sure you all have noticed that in a way the outlook has turned a little bit more cloudy in the recent weeks and months. I think it, we at Efecte with our finances, with our strategy, are well-positioned also for that kind of an environment. It doesn't mean we wouldn't need to be vigilant and really execute really well our strategy and also execute really well operationally, you know, to deal with inflation, keep costs growth that, you know, everybody will experience, but keep that at reasonable levels and at the same time, do a proper job on the top line when it comes to pricing and new customer acquisition, et cetera. Product-wise, I will briefly touch on this, but just to mention a few things. I think what we do around the next generation self-service interface, we got to that to a beta readiness level during the first half and several customers started piloting it. I think that was significant and important. We've received overarchingly good feedback for it. Mainly the only critical feedback from customers is that, "Hey, can we get it even faster than what you're planning?" Which of course we'd like to do and we are working hard to deliver it to market and to general availability as fast as we can. On product quality and scale, often in software businesses, the small things get a little bit overlooked because it's always the big new features and big announcements. I mean, it's fun to do those on stage in events, and everybody get excited about those. But then when you look at individual users' experiences using the product, it's often very, very small things that truly matter. The small details, whether something's easy or difficult to do, something that annoys you every time you need to click twice when you could click only once, and so forth. That's something where we, during the last 12 months or so, put more focus than before, and I can see that paying off. I can see that myself. I can see that from the feedback we get from customers and from the field teams, and I think that was a good choice to put a little bit more. It's not like, you know, we didn't do that before, but we just directed more time and effort towards that. I think that was a clever move and we plan to continue that. Finally on IGA, we discussed that already and I think the next phase with IGA will be to look into how we can scale that. I mean, the product market fit, I think we have proven it, and now it's more about how we can scale that both on the sales and delivery side, and partners do play a role there as well. We are in a couple of interesting partnering discussions around the IGA product, and I think there's a lot of opportunity both for us and potential partners. Well, no big news here compared to what we looked at in previous quarters. Other than maybe the record low churn is something to point out. I think there is some seasonality also behind it. You might remember a year ago or so when the churn was a little bit higher, somebody asked me about it and I said that I'm not worried about that. I think that there is some seasonality. It fluctuates sometimes down, sometimes up, also based on some randomness, some events that, you know, we cannot control. Overall, of course, it's better that it's low than it's high. I don't expect it to every quarter, every rolling twelve-month period to stay this low. With that and with the good growth that continued with the existing customers, our net retention rate was 115% again. I think last time we called it that it was exceptionally high. Now it's again at that level. I think as long as we are clearly in the you know positive like way above 100% territory, we are happy. It's an important ingredient of our growth and we are planning to continue do all we can to keep that at a good level and provide value to our customers. Our new customer acquisition there good progress there as well. I think similar comment than before that could we. I mean, if everything would go like in the movies, if we would succeed 100% or 110%, could the number be bigger? For sure. Believe me, at all these figures or areas, including new customer acquisition, we are looking at them all the time and thinking, "How could we do an even better job here going forward?" Okay. Looking at the geographical expansion, we are now represented in 15 countries, either directly through our own team or through a partner, which I think is a great thing. If you look back two years or three years, the number was much smaller and the map, as you remember, looked very different. For us on the journey to become the leading European player in this field, that's something we gotta get right. That's something we gotta do. We are executing and as you can see, expanding the map. The Spain pilot is something quite interesting, I think. We'll have people in country now starting Q3, and looking forward to seeing what we can achieve there. It always takes a little bit of time. You might remember how it went with Germany four years ago as we ramped that up, but I think the opportunity is clear and we’ve gotten some good early feedback there. Poland, of course, but that still remains to be seen exactly how and the exact timeline and all that, but we’ve already sent one person from Efecte, from the, let’s say, old Efecte team to Poland to work side by side with the InteliWISE team, to kind of facilitate the learning and go to market both ways. Also looking very much forward to that. Finally, wrapping up with our guidance and view forward. I mentioned already a positive profit warning we issued a few weeks ago. We are very confident that we can reach our targets, our updated guidance for this year. As always, there are challenges, right? We are not living in a vacuum. There are customers who have been more impacted by recent events. We need to stay focused executing our plan, executing very well operationally, and as I said, deal with the cost side as well, deal with the competition, who are, of course, also running fast and aiming high as we do. But overall, despite all the challenges that we can see in the environment, I am personally optimistic about the future, both in the short term and long term for Efecte. That optimism is based on our team. I couldn't think of a better team to cope with the challenges that are ahead of us, but also to deal with the opportunities that exist. I mean, the digitalization and automation wave has still only started, and there is so much opportunity in this space for us and frankly also for many other players that it's really down to us how well we are able to execute the very clear strategy that we laid out. With that, I definitely look optimistically into the future. I think it's time for the questions. Lari, there you are. What do we have in the queue? Thanks, Niilo. As per usual, it looks like we have a very good number of questions. Just as a reminder, if you have any additional ones, this is the time to present them using the portal's Q&A feature. With that, let's go with the first question, and this one goes directly to Niilo. What was your personal highlight of the first half? My personal highlight of the first half was on the people side. When was it? I think it was in April. Yes, in April, we were finally able to get together as the one Efecte team that we are after the whole pandemic and couple of years of doing Teams and remote work. I really enjoyed that moment. It was really fun to have all the colleagues from Germany, from Sweden, everywhere in Finland, et cetera, to gather here at our beautiful headquarters. For many, it was the first time they visited the headquarters office here in Espoo as we moved here after the pandemic already started. That was definitely a highlight. Just to sense the energy and the good spirit of everybody and be able to align on what we have done and what we plan to do. That I enjoyed very much. Yes. Thanks. We have multiple questions on our InteliWISE acquisition. Moving to the first one, could you give us more details about your plans for InteliWISE now that the deal is complete? Sure. Maybe first starting with the deal being complete part. Of course there is still some deal execution happening to really get it 100% closed. At the moment we own 90-something percent of the shares and we've announced our intent to delist InteliWISE and squeeze out the remaining shareholders and just, you know, get to that 100% which we are doing in the background. As we take it as a given that those things will happen, we have already started planning the integration and started doing some things that we can do at this point together then to facilitate maximum success in our joint future. I would call out two main things there. The first one is, we want to make sure that we get the InteliWISE offering integrated with the Efecte platform as soon as possible, and through that, those capabilities available for our existing and new customers. I said, from a timeline point of view, we expect to be able to give you more info on that and an update at the Digitalize and Automate event. If you want to participate, which I highly recommend, if you go to Efecte.com, you'll find the registration link there. By the way, we will have amazing speakers there, including Martin, CEO of InteliWISE, but some we already announced with speakers like Jussi Tolvanen, CEO of DNA, but also there will be more exciting news on that front. Anyway, that's the first thing, get the InteliWISE offering integrated with Efecte and available. The second part is to open Poland as a new direct market for Efecte. Make Efecte more broadly available in the Polish market. Today, we are working with a great partner called Advatech. We have a joint customer there, and we are executing sales and marketing there to get more. Establishing direct presence through the InteliWISE team will no doubt accelerate what we can do in Poland selling the Efecte offering over there. Thank you. Another question on a more specific question on the integration of InteliWISE. As the deal was quite complex for a first acquisition, are you happy how you have been able to plan the integration and how it has started? Absolutely. Yeah, it's true that, you know, the transaction would have been simpler if InteliWISE were a private company, as they were listed on the NewConnect marketplace. Poland, it added some complexity. That said, given those constraints, I think things have gone smoothly and I'm very happy where we are right now. Thanks. Moving forward to our partner network. We have a question on partners. Interesting to see you've added South, a South African partner. Are you actively targeting markets outside of Europe, and did the partner approach you? Oh, great question. By the way, just to make a comment, I don't know if we commented on it. This time I'm here alone facing all the questions. Typically, as you might remember, we've had Steffan, our COO, here with me. He's now on a well-deserved summer vacation, so it's on me to take the questions this time. Regarding partners, and specifically one in South Africa, I think it's a fantastic thing. We started already a while ago think of our market more as an EMEA market than just purely Europe. EMEA referring to Europe, Middle East, and Asia. No, sorry, Europe, Middle East, and Africa, of course. We've done some partner outreach in the broader EMEA region and through that we got into discussions in South Africa as well. We have now a partner there. I think it's an interesting new start for Efecte to enter beyond Europe. We don't yet have a joint customer there, but I'm sure we'll get to that point as well. Maybe a specific comment on South Africa. In my past I did quite some business in South Africa, and it's just pure coincidence though that we happened to find a partner there. I think it is definitely an interesting market and can be successful, also a gateway into the broader and growing African market. Thank you, Niilo. Did I, Lari, answer all aspects of the question? Yes. Okay I think you answered. Good. Moving forward, we have a question on new customer acquisition. Can you comment on new customer acquisition, and do you expect the impact of new customer acquisition to grow during coming years in line with your MRR growth? Well, to start with, I would love to see everything grow. I would love to see new customer acquisition to grow even more than at the moment. I would love to see existing customers to grow more and everything to grow. Our ambition is very high. It's a bold statement to say that we as Efecte will become the leading European alternative in this space, and for that, we need a lot of growth, a lot of organic growth and also some inorganic growth on top of that. That said, as I mentioned before, new customer acquisition definitely is one where we've spent some time recently and said that, "Okay, maybe we could tweak here a thing or two. Maybe we could do even more in this space. Overall, whether I expect that to grow, I mean, I expect our business to grow, and with that, of course, long term, I mean, not commenting on individual quarters, but, of course, the long-term trend needs to be one of growth, both in existing and new customers. Thank you. Going forward, we have a question on services. Your services revenue has grown steadily for five consecutive quarters. Is that a coincidence, or do you see the average customer demanding more services? There are a few things there. I think first, after the 2020 start year of the pandemic, there was a little bit of pent-up demand that we were dealing with in 2021, and I think some of that spilled over also to 2022. When you look at the relative growth compared to previous years, there was some of that impact behind the strong numbers in, you know, last 12 or 18 months. This is enterprise software. Efecte gets integrated into many parts of the customer's enterprise architecture. A lot of line of business systems, ERPs, HR systems, active directories, et cetera. When the customers grow, their environments grow, and also their needs grow and they expand their Efecte usage from maybe purely IT service management to enterprise scenarios with more backend systems to integrate with. There is definitely work and maybe it's not been a, I would say, dramatic kind of difference to our expectations, but maybe a slight difference to our expectations now over the last year where we've just seen strong demand from customers asking us and our partners to help them develop their Efecte environments and integrations further and that's definitely a phenomenon that we've seen. Thanks, Niilo. Going forward, we have a question on international growth. Your international SaaS revenue grew by 34% during H1, but your international revenue grew only by 13%. Why did your international service business experience such a big decline? Well, I'm not sure I would call it a decline, but of course, in relative terms, we saw more of the services revenue weight be carried by the Finland business in relative terms compared to the international business segment than before. I think there, though it's for one part, it's a seasonality thing that depending where we have large deployment projects and as you know, we have, for example, one significant project going on in Finland as we speak with a planned go-live date later this year. Those kind of things do have an impact then, and of course we then utilize more resources in the places where bigger projects are happening. I think that's definitely one factor there. It should be said that in Finland, we have several long-standing great customer relationships where we just together keep expanding the usage of the Efecte platform and through that the value that the customer receives from their investment. That's in a way a compounding thing where when the platform gets used even more, then there are even more things that people come up with what to do with it. Often then implementing those new processes is something where the customers ask our consultants for help. Maybe we've seen again, in relative terms, a slightly stronger development in this direction among those long-standing Finnish customers than what we've seen with, for example, the more recent new customers, say, in Germany where we are in a way in the long cycle of using an ITSM platform. You know, those are sticky solutions and customers use them for years or in some cases even for decades. In that context, for example, some of those newer customers are only getting started. They might be on their year one or two and we are only at the beginning of that journey that then later on will generate more expansion of licenses and also with that some additional services work. Maybe last thing to add there, just stating the obvious, but I think it's worth repeating that our goal is not to grow services as much as we can. Our goal is to grow the SaaS part as fast as we can. I was very glad that again, despite the strong services growth, the share of SaaS revenue just keeps creeping up year by year. That's the direction that I would expect to see also going forward. Thanks, Niilo. We have actually a few questions on Efecte's SaaS metrics. The first one being, you have a strong positive trend in rolling twelve months LTV/CAC ratio. What conclusions do you draw from that? Well, there is one simple conclusion, and that's not particularly related to most recent figures. It's just related to the fact that the figure has been above five for a long time. The simple conclusion is that it does make sense to invest in sales and marketing. With that kind of return on the customer acquisition cost, it just does make sense to invest more in it. That's what we've been doing and what we plan to keep on doing. Now, commenting on the most recent figures, of course, as I mentioned before, there are always these seasonal factors where, you know, I don't expect LTV/CAC to be all the time 15. If you look at what's considered like good numbers, if you're at, say, you know, five level or above, that's something that we definitely, some consider three or above already good. Yeah. Thanks, Niilo. Another question on SaaS metrics. Any specific reasons for the low gross churn of 2.2%, and what are your expectations going forward? Yeah, that's a good one too. There is a part that we can control, and there is a part that we cannot control. The part that we can control is we put a lot of focus on delivering five-star experiences to every Efecte customer and partner. Do we succeed every day? No. We try really hard, and we think it's important. I think that focus on customer experience and service, and including what we do in the product, what we do in support, what we do in professional services, what we do in sales, across the whole Efecte team. I think that focus is visible in the churn figures, not just now in the last 12 months, but you know, what we've seen in recent times. What we cannot control is that, when you look at the reasons why Efecte customers sometimes churn, why sometimes they leave us. Can you imagine? Why would anybody want to do that? Sometimes they do. Just to give you an example, one of the reasons is that an Efecte customer gets acquired by a larger entity who might have standardized service management on another platform, and they tell the acquired company that, "Hey, look, now we're gonna use my system." Not much we can do. Sometimes, you know, if it happens to be a smaller customer, the impact is very small. If it happens to be a larger customer, the impact can be, you know, visible in those numbers. Then, of course, there are also other reasons. Sometimes the customer just is not happy. Maybe we failed. Maybe we did something wrong. As you can see, overall, I mean, I personally consider that if we are at 5% gross churn or below, roughly around those figures, you know, we are doing a good job. Now, in the last 12 months, we've enjoyed a very low gross churn, which of course makes us all super happy and grateful for the amazing customers we got to work with. Thanks, Niilo. As a reminder, this is now a good time to post any additional questions that you may have to the Q&A feature. Going forward, Efecte has not yet published its NPS results, but can you comment on customer satisfaction and NPS on a general level? Are you happy with the results that you've had? First, the simple answer, yes, I am happy with the results. The longer answer, just to give you some color, I mean, you all know we are all for transparency, and we've consistently expanded the set of SaaS metrics that we report. That's the basic principle. As I've always commented, we also want to be very kind of consistent and high quality in what we report. That's the only kind of limiting factor in what we, with our relatively small team, what we take on as the set of metrics that we report. With the NPS, we actually measure that in multiple ways. The one way of measuring it is through an annual larger survey which we send out to our customers. Then another one is through smaller surveys and questions that we send out, for example, after completion of a support ticket or after completion of a delivery project. For all of these, we calculate an NPS figure. The latter ones we call more like a transactional NPS, and then the annual survey we get another NPS figure from. When I look at the results, I said I'm happy. When I look at the annual results, for example, which in a way is maybe the most consistent thing that we've done now over multiple years where there is some baseline data, we were better last year than we were the year before, and we were better last year than we were the year before, et cetera. You know, right things are happening. But yeah, so far we have not reported on the NPS figures because either we would need to pick one or come up with some kind of index which represents a combination of the transactional and the bigger survey. We just haven't gotten to that yet. Thanks, Niilo. One more question on SaaS metrics. Your share of international revenue fell slightly compared to last year. What was behind this, and were there any extraordinary revenue, for example, a large order, from a large customer project in Finland? Yeah. I mean, it's essentially the same thing I commented early on when we talk about services revenue internationally versus in Finland. The high share of services revenue in Finland is behind that development. SaaS, the share of SaaS internationally, I don't think that's a number we report, but that grew. Thanks. Thanks, Niilo. Going back a little to the InteliWISE topic. We have a question saying that you paid about 6x 2021 sales for InteliWISE. How do you motivate your capital allocation decision to pay a higher multiple for InteliWISE versus Efecte's own valuation? Did you consider buying back Efecte shares? First commenting on InteliWISE valuation, we did conduct a pretty broad search for the type of technology that we wanted to add on the Efecte platform. Even in this specific technology area, we screened and talked to tens of different companies and through that formed a pretty good view, in our opinion, on the valuation landscape and also the technical capabilities that are out there and the differences of different technology stacks and platforms. In that process, it was a two-step process. First, we figured out that InteliWISE is the team and the technology we would most like to acquire. Step two was then figuring out whether we are able to reach a deal, through which it is possible, through which InteliWISE owners are willing to sell. That's how we got to the deal that we now for the most part already executed. Yeah, it's a higher sales multiple than that of Efecte. In absolute terms, the other way around, when you look at the absolute price, EUR 6 million, you look at the technology, you look at the team, you look at what would be the alternate cost of building that kind of technology ourselves. You also look at the potential, you look at the sales synergy potential, like, how much do we think we would be able to sell that technology or would that technology accelerate sales of Efecte technology? We looked at all these things and that's the valuation that ended up being what we agreed with the sellers. I'm very happy that we were able to execute the deal this far. As somebody pointed out earlier, it was a little bit complex with them being listed on the NewConnect marketplace. There is, of course, always a little bit of uncertainty involved there, so I'm very happy that we are now at this point. Thanks, Niilo. Maybe by the way, Lari, I don't think I answered the question on buying back our own shares, right? Yeah, that's true. That was the other part of the question, so let me address that directly as well. Of course, as the management and also the very senior and capable board of directors of Efecte that we got, of course, we all evaluate all the time what are the right measures to take to ensure optimal capital allocation and optimal shareholder value creation with the means available to us. You know, with our vision of becoming the leading European alternative with a very compelling market that is growing double digits from here on, for, you know, multiple years from here, and with a lot of business to take, we feel and I definitely feel that the decision to now spend the money on acquiring InteliWISE as opposed to any of the other options, any of the other alternative, or ways to allocate that capital, I do believe that was the right choice. Yeah. Good addition. Thank you, Niilo. One additional question on InteliWISE, Polish market. Can you comment on how is the competition in Poland versus your other markets as you're planning to open Poland as a new direct market for Efecte? It's a very different economy in the sense that there's a lot of outsourcing business in Poland. There's a lot of large international companies present there with their subsidiaries and shared service centers. There's maybe, if you compare, for example, to Germany, there is a smaller amount of kind of homegrown larger enterprises. There is now a growing amount of smaller and middle size and some also larger companies and overall I think it's an interesting growth market to participate in. For sure, it's slightly different dynamics. Customers have maybe slightly different decision-making criteria. Digitalization and automation is what unites us all. You know, Polish organizations across the private and public sector want to digitalize and automate their work as much as anyone in the rest of the market. That's really the opportunity that exists also there. Thanks, Niilo. Moving forward, we have a personal question for you. If you would start Efecte now from scratch, what would you like to change in your organization and in your product? Oh, geez. Luckily, it's a hypothetical question. I don't know if I would want to start from scratch given everything we've built now, and then even given what everybody else built before we, before I was part of the team. I think there is some great things that not just the culture and the people, but also other things that we've built. So my first choice would not be to start from scratch. Now, that said, I do understand the question. On a serious note, I do understand the question. Of course, if you start from scratch, you can always think of, you know, what's the right organization for that very specific point in time. You can do that also as you run a business that's been there before, right? We've done that. I think we've commented about that in our releases and especially, like, I think the last time we did a larger reorganization was in 2020. I think we've been enjoying the benefits of that the last couple of years. Now there is another, in a way, disruption now happening with the acquisition of InteliWISE while it's a way smaller business than we are, still tens of people joining Efecte and I think a great opportunity again to look at things, not from scratch, but in a new situation. How can we optimally organize? How can we optimally develop amazing products? How can we optimally go to market in all our regions? We'll definitely use that opportunity. Of course, there are also other things than just the organization. To me, it always starts with having the right set of people with the right talents and right motivation and making it all happen. Thanks, Niilo. Moving on to market trends. We have a couple of questions on that topic. First one being, while we've seen some large tech companies reducing their spending, you continue to invest, which you also can afford. Do you see a chance to strengthen your position in terms of product and also as an employer? I think our clear strategy and our long-term view on things definitely helps us. We have shown consistency in our strategy and in our execution to all stakeholders and including Efecte people, including customers, and I hope also in the investment community there is some appreciation for that consistency and for sure is something that we can build on. Like I said before, we are not in a vacuum, so we always, of course, take into account what's happening around us and looking at the same time at our finances and our spending, where we are investing, how much we are investing. I think it's well-balanced. When we go back just six months, some people told us that, "Hey, you're not aggressive enough." Because maybe we weren't as aggressive as the most aggressive ones in the market, and we always called it balanced growth. Now we might be growing more aggressive and investing more aggressive than somebody who went to the other end of the kind of range. To us, it's just all part of the same long-term plan. We help people to digitalize and automate their work, and we are building the leading European alternative in this space, and we just want to follow that plan. Of course, we adjust as we go, but that's the journey that we are on and the plan that we are committed to execute. Thanks, Niilo. Another question on market trends. As the inflation rate is running quite high, are your contracts indexed to inflation in any way? If so, how? Overall, when you look at our contract base, we are in a pretty good position in the sense that the contracts, most contracts allow us to adjust pricing even midterm in longer agreements when we experience cost inflation. The contractual basis is there. We've always tried to be very transparent and reasonable with the pricing towards our customers. We haven't wanted to make, even if there was an opportunity for short-term quick win for us at the cost of our customers, we haven't wanted to do that. At the same time, we also have always had an open discussion that, hey, we need to earn an honest euro also and make it all possible. There are some adjustments to prices every now and then. So far, I think it's worked out really well now with the increasing inflation, increasing costs. That's something that we have considered and that of course is reflected and will be reflected in pricing of Efecte solutions. That said, our commitment to our customers of being a reasonable choice of being a choice of where total cost of ownership makes sense, where the customer gets a lot of value for their investment, that will stay intact even with some price adjustments that we will be making. Thanks, Niilo. We have actually one new question on customer acquisition. You signed 21 new customers during first half of 2022 compared to 20 in the first half of 2021. Shouldn't you be able to ramp up the customer intake as you're going to new countries and hiring more people to the organization? Yeah. Well, of course, there are some seasonal factors that might be at play. Sure, long term, of course, everything needs to grow. Our SaaS revenue needs to grow. New customer acquisition needs to grow, and it means that also number of new customers should grow, assuming that we don't significantly increase the average kind of value of a new customer. Yeah, long term, I do think that should be the trend, but it's something where, you know, if you look at the single quarter or half year this year, last year, next year, you know, it doesn't necessarily happen according to a straight line. I think we have done a good job growing with a relatively straight line in terms of the SaaS revenue. Actually, it's not a straight line, it's an exponential line because the growth rate has been stable at 20%+, which results in exponential growth, right? Then the components behind, not all of them are kind of straight line. Some things with existing customers have gone faster in certain quarters and in other quarters with new customers. I would expect that you see that kind of fluctuation also going forward. Back to the original question, of course, taking a long-term view, all these components of our growth should grow. Thanks, Niilo. As our time reserved for this webcast is coming to an end, one last question. Can you comment what you're looking forward seeing during H2 and finishing 2022? What are the things you are personally looking for? Wow, that's a nice question to wrap it up, right? Right. By the way, thanks for all the amazing questions. Really enjoyed. Though I think it's even more fun having Steffan or other people join me, looking forward to get back to that, then in the Q3 webcast. Back to the question about what I look forward to in H2 is multiple things. I'll start again with the Digitalize and Automate event. It's always a highlight of the year. I'm sure it will be again this year. More information on efecte.com happening end of September. The InteliWISE integration and concluding the transaction and forming one unified Efecte team out of Efecte and InteliWISE, that's something where I think there's a lot of work ahead of us. I don't want to kind of... I don't have any illusion that those kind of things are easy. You know, it's a lot of hard work and even pain sometimes when different companies and teams we put them together to work on joint goals. I think it's a lot of opportunity as well. I've personally met most of the InteliWISE team in Poland and great people, and I think we'll be able to do amazing stuff together going forward. That's another one. A third one, I'll mention the product. As discussed, there are big investment programs there, especially on the user interface UI side of things around next generation self-service, et cetera. That's something I look forward to very much as well. It's of course not to say there wouldn't be other things. I am, and the whole team is super focused to be able to deliver on our guidance as set and optimistic about that. I look with confidence into H2 and also our long-term prospects. It's a lot of work, a lot of deals, a lot of customers to help, and that's just what we do every day, help customers digitalize and automate their work. Thanks, Niilo. With that, we've now spent the time we have had reserved for this webinar. We again wanna thank everyone who has sent us questions and taken the time to follow this webcast. Well, thank you, Lari, for facilitating it, and thank you everybody online for joining this presentation and also for being part of the Efecte story as we are building the leading European alternative in our space. It's definitely for me an honor and privilege to be part of this and I hope you feel the same as well. See you again latest then in the Q3 webcast.