Good afternoon, everyone. Welcome to Efecte's Q3 2023 results webcast. My name is Lari Nikkanen, and with me today are our CEO, Niilo Fredrikson, and our CPO, Santeri Jussila. During this results webcast, we will be making some forward-looking statements. We encourage all participants and investors to review the disclaimer from our presentation materials. As for today's agenda, we have one full hour for this webcast. We'll start with our CEO, Niilo, presenting our Q3 results. After the presentation, we will have the remaining time for our Q&A session. You may present your questions at any time using the webcast portal's Q&A feature. We will answer your questions at the end of the presentation. This session will be also recorded, and a recording of the session will be made available on Efecte's investor website. With that, I'll hand over to Niilo. Thank you, Lari, and hello, everyone. Thanks for joining once again. I'll dive today straight into our updated strategy. Let's start with where are we heading? You know, strategy starts with defining where do we wanna get. And our vision is to build Efecte to be the clear European leader in service management, measured by market share, customer satisfaction, employee satisfaction, and also being the leader in technology. And you all know, we've also quantified this target as making Efecte eventually a EUR 100 million business with high profitability. Now, what we have done recently and what we describe in our Q3 report is some changes that we implemented and are implemented in our strategy to ensuring that we make progress even faster and also that we get to the significant profitability increases that we have in the plans. We have been successful in navigating the changing market over the past couple of years. We set the original strategy based on growth, product, people, and M&A in early 2022, so about 18 months ago, and that strategy extends until end of 2025. We are now at the midway mark of that strategy period, so it's a natural point to reflect a little bit on, you know, where are we and what can we do to make progress even faster? On growth, what we've decided to do is put a little bit more focus on our existing markets and a little bit less focus on further expansion. We've been expanding our presence from three to five direct markets through adding Poland and Spain as new direct markets in the past year or so. Also, we built a partner channel that covers 20+ European countries. Now it's time to put our bets on where we can get the best return on our go-to-market investment and put the most investment in those places, and that's our direct markets plus, plus some selected partner-led markets. We also are running a relatively important professional services operation that has implications into how do we help our customers extract the most value out of their investment into Efecte Platform? And, as we commented earlier this year, because of us growing that operation and growing that business, we haven't maintained the same profitability level that we would like to see in that part of the business. And now we have taken actions to ensure that also the professional services part of our business operates at the profitability level that supports our overall profitability goals. In product, all of you who were part of the Digitalize and Automate show a month ago, see, you have seen the exciting things that we have been bringing to market on the AI front. The FAI launch is something that personally got myself really excited, and I've been glad to see that also now that we've been bringing those features in front of our customers, the reception has been a very positive one. So we will double down on that head start that we feel that we've gotten with AI features. There are a couple of other things we do. I think the one thing I want to highlight here is that we will continue to build more productized offerings with world-class user experiences. That's something we've already put quite a bit of effort into, and I think we will see the fruits of that investment in our plans and our execution going forward. ITSM Essentials is a great example of that. People and culture have always been central to Efecte's success, and we will continue build on that with an even greater focus on working smarter to increasing productivity. Those of you who've been longer with the Efecte story, remember how from 2018 to 2020, we grew the business immensely with more or less flat headcount. Last year, we added a lot of headcount, both through recruiting people and also through the InteliWISE acquisition, which added some 40-50 people on our payroll. Now we are again at that point where we have a great team in place, we have ambitious targets, and we feel that we will be able to execute our targets now in the short and midterm without growing the team at the same pace with the revenue. And then finally, in M&A, which I feel is an important part of the strategy. You know, we've executed so far two deals. Last year, InteliWISE, this year, the small Requester acquisition. I think that's a good foundation for what we plan to do going forward, and that is doing two things: One, continuing to strengthen the technology platform through add-on acquisitions. And then, two, expanding our market share and exploring opportunities to accelerate the consolidation of the service management industry, which we feel is inevitable in the coming years. So that's how we updated our strategy execution plans now for the remaining strategy period up until end of 2025. And let's go next to look into how did we actually execute on that strategy now in the last quarter? The main thing, and with which we also started the whole report, was of course the turning point in profitability. So after many, many quarters where we delivered profitability or a loss, which was less than the previous quarter in the previous year. Now, in Q3, we got to a year-on-year improvement in profitability, and with an adjusted EBITDA margin of 6%, I feel that we are now on the right track there, and it's following our plan of turning profitability around after the investment phase that we started last year. As we commented, we look forward to continuing that development. We will look forward to continuing improving profitability also next year. We believe that we will be turning the company EBIT positive during next year, and also, we feel very confident about the guidance or long-term target we've set for profitability for 25, which is getting to an EBITDA level which exceeds 10%. Now, against the guidance that we set for this year, as you can see, we are here to date, meeting the guidance, and also, we are confident that we will meet the guidance for the full year. As we commented earlier in the year, the second half of the year, we'll see, and, and as you can see now in the Q3 numbers, the SaaS growth was slightly slower, than during the first half, and we expect, that to continue, throughout, the second half. But at the same time, I also feel getting to 19% SaaS growth in the market environment where we are operating, is, is also a result, that we are proud of. We made some clever choices in terms of betting on the public sector segment and also some other tactical things to ensure that we keep both new customer acquisition and growing with our existing install base going now and going forward. A couple of comments on our SaaS KPIs. For the most part, no big changes here, but I do want to comment on net retention, which is slightly lower than what we are used to see, especially last year. There are two main drivers for that. So one is that the gross churn has been slightly more than last year, and then in our view, as we've discussed before, returned to normal levels in that, you know, roughly 5% ballpark. So that's obviously impacting net retention. Then the other factor there is that we are seeing less organic growth from existing customers, and what we mean with that is that customers are hiring less people than before. So as their number of people is not growing at the pace that we saw before, also their need for organically just adding more licenses for more people to do the same thing they did before, there's somewhat less of that. However, at the same time, the upsell motion, both in selling new features and expanding use cases of Efecte, which has always been a strength of Efecte, given the immense flexibility and expandability of the platform, that's still going very well. So as a result of all those factors, you see we're now at the 108% net retention rate, which we feel still good about. Moving on. This time, this split a little bit related to what I just said about the NRR. Looks like one where new customers, including the ones from the Requester acquisition, actually played a somewhat bigger role in our MRR growth than the install base growth. Profitability is a topic that's been a lot in focus for myself and the team recently, just making sure that no matter what the environment out there, no matter you know what kind of external factors there are, we do want to make sure that we stay on the track that we've planned. And of course, super happy that now with Q3 we were able to turn it around, and as mentioned, we also are very positive about our ability to improve the profitability going forward. From a market point of view, the first thing I do want to mention is the German analyst company Research in Action released recently a report on IT and enterprise service management pure-play solutions. And we are very proud to be listed as a leader and actually on a shared first place in this quadrant. And that's an achievement that we consider both an acknowledgement of the work we've been doing, both go-to-market and product-wise in the past few years, but at the same time, also just a very important signal for the customers, especially outside our home market of Finland, where awareness is high. But outside our home base, these kind of external recognitions and reviews of where does Efecte stand in the field of service management vendors are super helpful sales tools. What we saw also is, while customer decision-making was cautious, especially new customers, but, as I mentioned, also some cautiousness among the existing customer base, still, we were able to take market share, and I think that's a key opportunity, in these type of times. So when the economy gets a little bit tougher, there's always an opportunity to use that time to boost your relative position, compared to the competition. And that's what we did, during Q3, and we're super happy with that, and of course, we work hard to continue on that track also going forward. Now, I think I've talked enough about profitability, go-to-market, growth, et cetera, and we are a software product business. The product and for the product to be competitive today and tomorrow, that's really at the core of how can we build a long-term, sustainable success story of Efecte and get your vision of being the clear European leader in our space. And I think there are some super exciting things that have recently happened product-wise, and I'd like to invite my colleague, Santeri, who's our product chief here in front of the camera, to tell us more about it. Okay. Santeri? Hey. Hi, Niilo. Hey, there you are. Thanks for joining. Thanks. How are you? Thanks for having me. Very good. Feels great. Good to be here with all of you today. Okay, great. So, hey, why, why don't you take it away? Okay, certainly. So, hey. Hi, everyone. So definitely, Q3 was a big quarter for our product, with multiple new launches and in general, pretty good progress across each of our three product strategy themes. On AI, as Niilo mentioned, we launched FAI, a new product family with multiple AI features that are designed to help IT to work smarter. On easier to use, we continued good progress on both new self-service and agent UI renewal. And then on faster to start and expand, we also had an important new launch with ITSM Essentials, which is a new entry-level product designed to make it easier for organizations to start their service management journey. And you know, next, I'd like to give a little more color, especially on these two launches of FAI and ITSM Essentials. If we start with FAI, so FAI is basically a personal assistant that's specialized on IT support, and it's really, you know, all about helping our customers to improve their productivity. If you look at IT support today, big majority of the contacts to IT support are still requiring manual work, and given the increasing workloads, this has actually caused the cost per contact to be increasing during the last years. This is actually the exact problem we are addressing with FAI. We are bringing a new type of assistant, AI-assisted automation, to help human work and to help people to do the various different IT tasks on a daily basis more efficiently. We help both end users to solve things more independently, which then will reduce those contacts needing human agent work. And we also help the agent to work more efficiently, and through this, then reduce the actual cost and effort for each of the contact. While we do this, an important philosophy we follow is that all of this will be very, very easy to use, and that's really a key to drive adoption. Many of the features that we have are literally available for users with a single click. Another important aspect of the solution is that you can run FAI also locally, and that really makes it viable for organizations who may have concerns or restrictions in terms of where the data resides when they process it with AI engines. You know, all of this. What does it mean to our product success? Well, you know, firstly, of course, we believe it will improve our product competitiveness. So when new customers select Efecte, they can be sure that they can leverage the power of new innovation from day one. But it also means upsell. As we position FAI as a premium feature, gives us opportunity to upsell this to our existing installed base. So that's kind of a nutshell, FAI. All right. I think, you know, I would be surprised, Santeri- Yeah ... if in the Q&A section, we won't get the opportunity to answer a couple of questions on this topic, so waiting keenly, keenly for that. Absolutely. But before that, I believe you wanted to also mention something about ITSM Essentials. Yeah, thanks. Certainly. As ITSM Essentials, it's another important launch we did now during Q3. So, ITSM Essentials is really designed to meet customers' need for easy to start and low-risk service management solution. So we basically package some, you know, the most essential IT processes and the related integrations, reports, documentation, training into a standard ITIL-compliant solution. And not only that, we also include various different things that are helpful and needed by also modern digital native organizations, like omni-channel, self-service, conversational interfaces, and of course, AI assistance. And what makes it different from other similar packages in the market is that ITSM Essentials also includes full flexibility for functional expansions, as well as to the cloud on your own terms deployment model that we champion at Efecte. Yeah, similar here, like ITSM Essentials, it's really, we believe it will help our competitiveness, and especially in the smaller end of our customer target segment. There also, over time, we do believe that it will start impacting positively to our customer acquisition costs. Yeah, that sounds great. And how would you, Santeri, think of our partner's ability to attract new customers with ITSM Essentials versus before? Very, very good point, and our partner network was actually one of the key stakeholders that has been involved from the get-go when we started to design the solution and validating and piloting that. So we do believe this gives our partners a very important new tools in their toolbox to enter Efecte to new customers in the new market. So it will be definitely, definitely helpful there as well. All right. Hey, so I think, Santeri, before we go into Q&A, let me just wrap up with our financial targets and guidance slide. No, no changes here, which I, I consider something we are proud of, that in the market environment that has gotten, in our view, slightly weaker over the course of the year, we have been able to stick with our guidance. We have found ways to keep growing, and we have found ways to improving our profitability according to plan. And, and we are proud of that, and the plan is to continue that also into next year. One final thing I do want to comment on, it was mentioned in the Q3 report, and, and there was a separate release about that as well. We started the so-called change negotiations for a part of our Finland-based team, and what it means is that we will be reducing up to nine FTEs in our Finland-based operation. And the intention there is simply to adjust to the changing market, make sure that we have the best possible organization with the optimal resourcing for the type of needs and for the type of actions that we need to be doing to execute our strategy successfully in today's market environment. And I feel personally accountable and responsible, not just for the company Efecte, but also for this team... And what it means is that any decisions impacting team members are something, those decisions, we don't take those lightly. So, it's always, of course, tough. At the same time, I am confident that the choices and changes that we are making at the moment are exactly the right things for the right reasons to make sure that Efecte and the team keep being successful also going forward in the changing market, and for us to be able to make the fastest possible progress towards our very, very bold vision. So I believe with that, let's start the Q&A. Very good. Thanks, Niilo and Santeri. And as always, we have a very healthy pipeline of questions, but also as a reminder, you can present your questions using the webcast portal's Q&A feature. And with that, we will start with the questions. So first, we have a question for Santeri. So can you implement FAI on top of other ITSM solutions? Okay, very good first question. So, basically, part of the solution, yes, but part, no. So basically, you can look at Efecte having, like, two main bundles: FAI for end users and FAI for agents. The end user part, which is like a smart digital assistant, helping end users to solve more things more independently, is basically based on the AI chatbot functionalities that we do sell in the market also as a standalone. And hence, this is very much possible for us to sell these to customers who have another ITSM solution. The FAI for end users is very, very intricately integrated with our agent user interface and our platform, and that part really is for Efecte platform customers only. that type integration, I think, is an important point. Yeah ... also, the way I think you often explain it, that tighter integration- Mm ... is also very key to the superb value we are able to bring for the agents with that end-to-end integrated experience. Ab- absolutely. With FAI, not just sort of tapping into some generic knowledge- Yes ... but also being able to tap into the knowledge base and ticket data and kind of the whole process. Exactly. So FAI really knows your environment, so your data, your environment, and uses that to be really a smart and personalized assistant for your employees. And that type of an integration basically gives a lot of value. And as Niilo mentioned, what we are really building is a domain-specific AI, so we are not trying to create a generic purpose AI. I think there's a fabulous tool for that in the market, but we're gonna be the best in IT support, and that really requires this type of a deep integration into the IT platform. Very cool. So hey, for all, all of you out there on a different ITSM system than Efecte, I think you just heard one more reason to start the migration on Efecte to get the full FAI experience. Yes. Thanks, Niilo and Santeri. Continuing on FAI, so in developing this new AI product, how have you taken into consideration privacy and data location? Ah, love the question, Santeri. Yeah. So various ways, and this is, of course, like it's, it's fundamental to success of the AI features that people can trust them. So this is really front and center of many things we do. And if I give some of the main examples, so first, starting from the actual underlying model. So we have, our solution actually uses various different AI models, and even today, the possibility to run part of the FAI fully locally, and now in Q4, we'll extend that to the full solution so that our customers have option to run the AI model on the data center of their choosing, which means they have a control to where the data will reside. That's the foundation. Then from the people point of view, the people who are using the tool, we follow the principle of, human always remains in control. So especially if AI generates something, we will never pass that automatically to the end user without human agent being able to see that, review that, react to that, and even modify that, and choose how they, how they want to, how they want to apply that. And finally, like all the data that we actually use, that is specific from a customer environment, excludes any personal information, so we will never put any personal information at risk, and our customers' administrators can basically select that which type of information is passed for the AI models for training and usage. So they have a full control also, also from that point of view. These are the few, the kind of the basic, fundamental principles we use, but there are also a lot of other smaller details that we will follow just to ensure that there's a full trust of the users to the AI solution. Mm-hmm. Yeah, it's a great question because it's such an evolving space, and I think this is an opportunity for a player like us- Mm ... to build an offering that meets the specific needs of European mid-market customers for data security, privacy, and control. Thanks, Niilo and Santeri. Continuing on the product questions, so we have multiple questions on the pricing of FAI and ITSM Essentials. Could you elaborate on those? Yeah, certainly, certainly. So, yeah, as I alluded, like FAI is a premium feature, and we've got, like, two main bundles for FAI: for end users, FAI for IT, for agents, that we can sell both to new customers, but as well to existing customers. When it comes to ITSM Essentials, so there's actually a couple of things we've done there. So one is that we really increased the level of, you know, content in the package so that we've we have more clear package with all the kind of needy things that customer requires to get started, and this brings transparency into the pricing. So you really pay, and you know what you, you're gonna pay to get the system up and running. And for that E-package, obviously, also the price point is gonna be lower than for the full solution. And if you enter with that lower price point solution, then there are, like, two vectors over which you can evolve. Obviously, more users you have, and you go into expanding your solution. That's one pricing vector. And then the other pricing vector is the functionality. So you go to full ITSM Enterprise Service Management, AI features, things like that, and these are also then priced so that we capture value from the functional expansions of our customer's journey. Thanks, Santeri. Moving to M&A. So could you please comment on the Requester, the acquisition? How has the integration started, and how do you see it going forward? Yeah, thanks. Thanks for that question as well. We concluded the acquisition a month, month or two ago, so it's obviously early, but it feels like the team would have been with us already for longer. We're super happy to have the, the small team join us, and I think we've gotten off to a very good start. I think in acquisition, what often, too often happens is that, you know, customers leave, and team leaves, and then, you know, what have you got left? And in this case, neither, neither of that has happened. And I... I mean, it's obviously it's a super small acquisition, but I think also still an important one to consolidate our market position in our home market in Finland, and also act as, in a way, as a template for what we could be doing also elsewhere and potentially on a much bigger scale in terms of consolidating the ITSM market. So, very happy so far. Thanks, Niilo. Moving to growth. Should investors be worried of significantly slowed international SaaS growth? Well, international SaaS growth, of course, we are in the business of maximizing that every single quarter, and sometimes it's higher, sometimes it's lower. Now, as you could see from the report, for Q3, it was slower, and there are a couple of factors behind it. I think it's always important to, in a way, deconstruct whether you grow faster or slower, somewhere in the middle. Like, what are the factors driving that? Because that can give some hints on also what's gonna happen going forward and also hints on what are the type of actions that need to be in place to maximize that growth. So, I mean, what we did mention is that the InteliWISE acquisition becoming a part of the comparison period was one sort of mathematical obvious factor that did have an impact. On top of that, growth churn in our international operations, which has been super low now, happened to be somewhat higher. Nothing that would be alarming to me, but it just happened to be higher than in previous periods. And in the small, relatively small numbers, if you think about it, still, you know, over 70% of our business does come from Finland. So in that remaining, you know, 25 plus percent share of our business in international markets, of course, individual churn cases even can have an impact that is visible in the figures. And then also when you look at the currency exchange rates, we do have an international market in Sweden, and the Swedish krona was super weak now and has been for a while, super weak, compared to, for example, a year or two ago. So again, you know, not massive impacts, but in kind of that relative growth scale, looking at the international SaaS growth rate, all that combined with, of course, customers becoming in this environment more careful than before, resulted in that 18%, 18% international SaaS growth. Going forward, of course, you know, we have, in my view, a good list of actions in place to ensure that we do the best possible job on the international front also then going forward. Thanks, Niilo. Continuing on the same theme: so could you please quantify the revenue impact of Swedish krona to euro currency conversion rate in MRR? Well, what we have not done is sharing country-specific figures, so going into that math would, you know, in a sense, be sharing the Swedish figures, so we're not gonna go there. It was, you know, of big enough impact that we did mention it in the report, but then, of course, in the grand scheme of things, it's not really, you know, rocking the whole Efecte boat. Thanks, Niilo. And then we have an additional question on the Requester acquisition. So Requester acquisition seems to include overlaps with your existing products, which would cause you to maintain two competing products. Is this the case, and can you open up how much overlap versus complementary elements does Requester bring to Efecte? Sure. So yes, of course, there is some overlap. There are multiple use cases around ticketing that you can do both with the Requester platform and the Efecte platform. Now, however, in these things and this little bit of a personal philosophy and Santeri and I think I can say we share that philosophy that when doing acquisitions and looking to, okay, you know, how can we combine products and, you know, should we stop one or whatever we should be doing? People often get a little bit ahead of themselves. I mean, we acquired a great business, great team, quite small team, and great customer base who are very happy with using the Requester platform. So I think it would be madness for us to say that let's stop that, or it would be madness to say, "Hey, let's stop the Efecte platform," and just create a whole lot of uncertainty across many great customers who get a lot of value and pay us for that value. So that's absolutely not in the plans. Of course, what we do as part of our product and technology roadmap, we look at ways of ensuring that we don't, you know, end up in a situation where at the end of the day, maybe after multiple other acquisitions, we just have a hodgepodge of everything to maintain. That doesn't make sense either. But our first and foremost priority is just make sure that we give the absolutely best possible service for existing Requester customers on the Requester platform. And also, we have already started these discussions; there are also customers there who can benefit from the greater possibilities that exist on the broader Efecte platform. And I think that would be something that we think will happen starting next year, that some of those Requester customers who want to expand, who want to leverage things like Effie AI and other great capabilities of our Efecte platform, will start migrating on the Efecte platform. And then there will be a customer base who are happy with Requester, and we'll keep serving them there. I think that will lead to an outcome where we can deliver the best value for Efecte and best value for Requester customers. Thanks, Niilo. Next, we have a question for Santeri. So where do you stand today with your investments in user experience? Can we expect them to continue, and what have you already delivered? Yeah, great, great question, and first and foremost, I think we've got a lot... We have a long-term focus on user experience, and really why we do that is that we believe that making a business application like Efecte as easy to use as possible, it brings employee happiness, but it also brings efficiency. Mm. So, you know, less clicks- That's so important. ... less complexity. You just get stuff done quicker. So there's a lot of reasons why we do that. Now, where are we today? So basically, as we said, we have the two main programs: new self-service and agent UI renewal. So this year, really for self-service, has been the year of early adopters. So we've got a very, very healthy base of customers who are currently testing the product, and we also have first customers in production use. And now every quarter, like in Q3 and coming in the next quarter, we're gonna improve and expand the product capability so that in next year, I think we're gonna - we are looking into a mainstream product fit for new self-service. When it comes to agent UI renewal, we also have been progressing well. So, this year, we've started to renew what we call the main workspace, where the agents spend most of their time. And back in Q2, we released first updates as a beta. Now in Q3, a huge amount of improvements, new capabilities like new email editor, things like that, and continuing on that front. So we do believe that, like, again, next year, this will be a mainstream user interface for our customers, so that they will predominantly use the new agent UI. So very, very interesting point in time where we are kind of at the tipping point of turning from an early adopter beta phase into really kind of a big, bigger volume of usage in the coming months and quarters ahead. Thanks, Santeri. By the way, I must say, I love the product questions. Yeah. Yeah. Yeah. You know, so often there are questions about, you know, what's the return on your go-to-market investment? You know- Mm ... what's the LTV CAC, all, all those things which are super important, and, and obviously, you know, we spend a lot of time on them. Mm. But at the same time, in a software product business like ours, if you forget about the product, you easily end up in a situation where kind of you might see some short-term success, but then the long-term success is not really viable- Mm ... anymore. Yeah. In this kind of market where, obviously, you know, we, we get some pretty big competitors, and we need to be super sharp with our product focus and investments- Mm ... where we place them. So for example, this question about like, "Eh, hey, what is your investment into the user experience space yielding?" You know, that question is something we often debate- Yeah, yeah ... and was very happy we got the opportunity- Yeah ... to share some of that also here, among this audience. Thanks, Niilo and Santeri. Very important topics. So next, we have a question on profitability. So your profitability seems to be on a positive trend. Can we expect that trend to continue in the future, and what were drivers for positive profitability in Q3? Thanks. And another, obviously, key question and, and something we've focused quite a bit on, just to make sure that, we ourselves understand the profitability drivers and that we are well set up to deliver that, continuously improving profitability that we now project. I mean, first addressing the first part of question, do we believe that we will be able to continue improving profitability? Yes, we do believe that's what's in our guidance for this year. That's what, you know, in our commentary regarding next year, and that's what in our, you know, long-term financial targets as well, as you can see in the report. Now, looking at what are some of the drivers, starting with the obvious one, in our type of business, of course, it's about creating economies of scale at the end of the day. I mean, that's why, you know, anyone would invest in a SaaS business. You see a growth equation, you see some unit economics, and you basically place a bet on those unit economics will scale as the company grows. And kind of creating that difference between the revenue growth rate and the cost growth rate is, in essence, all that we are doing to improve profitability. And in Q3, we were able to do that. So you have seen how we have slowed down the pace of additional recruiting, and as you have now heard, we're also all the time making sure that we are reallocating and in a few cases also reducing headcount to make sure that we are lean and optimally set up. So that's kind of the, I think, the big picture. So you know, we just think of it as, let's grow revenues faster than cost, and profitability will improve. Now, there are some specific things also related to Q3. I think we started to improve what we do in professional services. That was important. Especially towards the end of Q3, we saw some of that, and we plan to continue that then. And of course, we have been conscious overall with cost in these type of times to make sure that you know, we're, we are super strict on spending. On the other side of that equation is inflation, which all the time sort of you know keeps us on our toes. We need to make sure that we keep up with inflation in terms of our pricing, but at the same time, that we're we are not getting sort of overrun by cost inflation from our vendors. So those are some of the factors that we are managing. Thanks, Niilo. Are you okay, Lari? Yes. Miss you, Lari. Yes, still alive. We can also ask ourselves questions... if you want to take a break. Now, a bit better. So, thank you. Next, we have a specific question on the profitability measures. So did you also consider a recruitment freeze as an option in your process of deciding to implement change negotiations? Oh, very, very good question. Actually, we have considered that, and the key word here is change, and change in many ways. The market has been changing, as we've mentioned many times, and what it means is that if we want to keep winning and succeeding, we need to change with the market. And when you change, typically, it means you know, add somewhere and reduce somewhere else. So you kind of reallocate resources internally, and also you sometimes a little bit reorganize to make sure that the organization and processes reflect the latest needs inside and outside the company and from the customers. But typically, you know, you only get so far if you basically say that, "Hey, we just don't add anyone, and that's it, and we just reallocate." So being able to be agile enough and change our way of operating and how we are set up, and how we resource fast enough to keep up with the market, we absolutely need to be able to also add people in places where we see opportunities arise. Otherwise, I think we would not be optimally leveraging, you know, all the possibilities for growth and profitability in the market. So that's the reason why, yes, we considered a hiring freeze, but that's the reason why we have not wanted to implement a full-out hiring freeze, because I think we would be missing out on a few key opportunities. Thanks, Niilo. Continuing a bit on the people team, so in your report, you mentioned that Juha Westerlund will start as the new CRO in November. What are your expectations for Juha in the new role? Ah, great question, and something we did mention in the report. I didn't yet touch on it, so glad that I get the opportunity to comment on it. So Juha comes with incredible experience in growing SaaS business internationally. So he's a veteran of Meltwater and seen the company there grow over the years, and he's been a big part of that. And I look very much forward him coming on board and bringing a fresh perspective onto how can we at Efecte further develop our go-to market in Finland and especially outside Finland. Thanks, Niilo. Then moving back to the growth team, so how does the rest of the year look like in terms of growth? Also, in your long-term targets comment, you did not mention growth on the long term. How do you see the long-term growth? We believe that right now it's super important to make sure that we get to the profitability development that we projected. At the same time, we also want to do everything we can to follow the path that we plotted growth-wise both in the midterm with the 25 target, but also eventually getting to that EUR 100 million level, which is ultimately the level where we feel that we can claim being the leading European player in our space. So both are super important and. But maybe what you've seen now in the recent commentary just reflects a little bit of a shift in what we feel we've had to focus on in the management to make sure that we reach the ambition. Of course, also outside in the marketplace, if you look around, there's been a huge ask for profitability, and making sure that we do a good job there. So, I personally think it's also important for the appreciation of Efecte in the market, and ensuring that we operate at the type of profitability levels that our high recurring cross margins indicate can be possible. I think will deliver important proof of the overall Efecte SaaS equation to investors like yourself. So I think for us now to deliver those proof points, we started that now in Q3, and we look forward to delivering those profitability proof points now in the next quarters and years. I believe that that will be really super important for everybody to see the full potential of Efecte as an investment target. Thanks, Niilo. Next, we have a question on the partner channel. So can you please name the selected partner-led markets which you are now focusing on? Sure. Also, and the question continues, so- Okay ... is it all the markets, and where do you have partners? Okay, so I start with where do we have partners? This is always what happens with the multi-part questions, right? You start with the last part, and then you forget about the first part, but let's see how it goes. So where do we have partners? We do have partners pretty much all across Europe, so we're covering over 20 markets in Europe through a partner. You know, some of those are covered by a regional partner who operates in multiple countries, and some of those are in-country individual partners. I believe the first part of the question was, like, where is the focus? So I'll name one example that's obvious and a clear focus for us. That's the U.K. market, where we have seen some promising initial success. And, that's something where we feel that the market, of course, is a big one there. And that's also something where we can test ourselves against, you know, the best in the game. I mean, it's a little bit like, you know, I think our progress in Germany has been a super important proof point, because we've been able to compete against the tough local competition and against all the big ones from a global point of view there. In the UK market, this is slightly different with the global ones having even bigger footprint over there, and we've been able to win a few deals there. And we have a good partnership there with MarXtar and Softcat, and that's something that we focus on to scale that up. Thanks, Niilo. Continuing on the growth team: so could you share some approximate figures on the deal sizes for Helsingborg, Uppsala, and Region Gävleborg in Sweden? Yeah. So all of those are of the size that you know we do mention them. It's not you know Kela level like very very big deals. I'm a little bit careful with sharing any exact numbers because I'm not 100% familiar with the Swedish public sector tendering policies and you know which part is public information and which part is sort of customer confidential. But it's good size deals and I've been very glad with the progress that Hendrik and our Swedish team have been making now in the recent year and look forward to them continue deliver great new customers and do a great job with our existing customers over there. Thanks, Niilo. Next, we have a question on M&A. So what type of targets are you looking for when thinking about consolidating market or adding capabilities on top of your technology platform? In M&A, well, you know, it's, it's those two categories we, we are after, and, and maybe, Santeri, you can also comment on the add-on, add-on part. So I- I mean, if you look at Efecte, it, it's a platform, right? Mm-hmm. We integrate with many different systems, and it's always a make by partner decision. You know, some parts we've decided to code ourselves into the platform as features. There are other parts where we partner. There are certain elements we OEM. Mm. We provide as a service. There are other elements where we just sort of, you know, there's a partner who offers something that can be joined up at an offer level and obviously, a technical integration beneath in, in front of the customer. Mm-hmm. And then there's the opportunity to actually acquire something and then make it an add-on onto the Efecte platform. InteliWISE would be a prime example of that as an acquisition. So, company doing conversational AI, chatbots, voice bots, we acquired them, we integrated the products into Efecte, and now, more recently, as Santeri explained, we evolved the whole Effie AI offering out of kind of that foundation. And there are other areas, but do you want to add anything on the add-on, add-on part? Yeah, I think you covered it well. So really that kind of a fundamental thinking really is that it's we look at it as a single platform to our customers and how we can complement that to make it more rich and bring new functionalities so that customers can make most out of it. And yeah, as you mentioned, in some cases replacing a third-party partner product, as that gives us ability to deliver a maybe a better price point, better cost point. But also, in some of those cases, if we have a vision that if we do own that asset as a first party- Mm ... there's actually few new things we can build on by combining them. And again, I think InteliWISE is a great example, as we basically integrated their AI asset into our deep IT know-how, and the outcome is a specialized IT support assistant in form of Effie, which we think is a pretty, pretty, pretty cool thing to do. Right. And maybe a few words on the other category, expanding our market presence and consolidating this market. There are a couple of different type of targets we have been evaluating. So, one is type of companies like the Requester business, where essentially somebody has a, you know, so a similar product for service management than we do, and a customer base and a demand product we would be interested in. The other option is a company who might not have IPR themselves, but they operate in a market that's interesting to us, and they have salespeople and consultants who are able to sell and deliver ITSM solutions. But they might be a partner of Efecte, and/or they might be partnering with somebody else. That kind of a company, if it's the exactly right type of team in the exactly right type of market, could be a way for us to either strengthen our position in one of the existing markets or open up a new market altogether. Thanks, Niilo and Santeri. As our time reserved for this webcast is slowly coming to an end, we want to thank all of you for joining, joining the webcast, and looking forward to seeing you in February when we release our full year 2023 results. Thank you, all. Okay.