Good morning, welcome to Zutec's Q3 results update. My name is Gustave Geisendorf, and I'm the CEO of Zutec. This morning, we have a bit of a larger agenda than we normally have. We'll briefly recap Zutec, then we'll talk about the Q3 results that were released this morning for the period ending end of March 2021. We'll talk about the transformational transaction we did in the acquisition of U.K.-based Createmaster, and then we'll wrap up towards the end with some investment highlights, and then we'll give it over to you in the audience for any Q&A. On Zutec, some of you may have heard this before, but we've been in operations for the better part of 20 years. We're focused on four particular markets, in Ireland, in the U.K., Australia, and in Abu Dhabi. We were listed on Nasdaq in March of 2018, and Zutec, as an entity standalone, has about just short of 30 employees, but growing. Our sales is about SEK 36 million. We're going through a rapid phase of growth, including the last set of results, which we'll talk about later on, demonstrating in excess of 50% growth. We have a strong cash position, and then we're in the process of not only growing Zutec organically, but also through acquisitions. On Monday this week, on the 19th of April, we announced the acquisition of Createmaster with sales of SEK 43 million, and hence we have performed our sales now as a group of SEK 78.4 million. The market we're operating in is growing fast. It's truly a market in transition and disrupting, and we're clearly outpacing the growth of the market that is growing in around 15%. The reason for that growth is that the industry we're operating in, which is construction, is the least digitized industry in the world, and the current pandemic has really triggered an acceleration in the digitization we're experiencing. We have a proven product offering. We have a clear vision of what we want to be. We want to be a disruptive software company in the least digitized sector, and we want to be focused and specialized on exactly that. We have a high-quality customer base in each of our core markets, Multiplex in the U.K., Cairn Homes in Ireland, and Mirvac in Australia, all being tier one and leading market players in each of the market we're operating in. Not only do we have strong clients, also the type of projects we get involved in are well-known globally, including The Shard and Wembley, just to mention a few. The market we're operating in is large and is fast-growing, above all, it's disrupting. The industry we're catering to is the global construction industry, which is the single largest industry in the world, in excess of $10 trillion, growing in and around GDP. What we're doing specifically is that we're selling construction management software, which is about the $1.4 billion industry, growing in excess of 10%. The market is dominated by five large players that has about 50% of the global market share. Beyond that, it's a quite diversified market in terms of number of participants, including in which Zutec is one. Our mission is to be a regional champion. We don't want to play everywhere. We want to play in our home markets, which are the four markets that I mentioned before. U.K., Ireland, Australia, and then recently Middle East, that we opened up an office towards the back end of 2020, and that's going to continue being our aim and goal going forwards. We don't only want to be focused on particular regions, we also want to have a best-of-breed product and services. If you think about the value chain in the construction industry, going from design, pre-construction into the construction phase and then over to operations or facility management, then where we're playing is in the construction phase. That's really from the time that a shovel goes into the ground until there's a finished building. That's where we're playing, and that's where we want to play going forwards. That's where we want to have a best-of-breed product, as well as having the best-of-breed knowledge in terms of understanding the needs and demands of our customers. The type of customers we're dealing with are primarily general contractors and owners or developers, which represents about 3/4 of the overall market. What we're offering is a complete project management system allowing contractors and developers to manage their construction teams in its entirety, be it office-based staff or be it on-site staff. That we do through having a web-based cloud app that is called Zutec Cloud. Then we have two tools that can be used for the on-site teams, they're actually staff working on the construction site. One is called Zutec Field, which is a 2D mobile app available in both iOS and Android. In addition to that, we have Zutec BIM, which is essentially the same as Zutec Field, but it's in a BIM 3D format, which is built on Unity, a gamification platform, which is the most technologically advanced piece of software that we got that yet again, comes in both iOS and Android, as well as actually a web-based app. Essentially what we're doing in our system is that we're managing data. We're managing a large amount of data, and this data gets shared across teams. Then based on the amount of data that we got, a key feature which is clearly a thematic in the market now is the need and the appetite for analyzing and working with this data, and we have a cutting-edge solution for that, which is called Zutec Analytics, which allows all of our users to take all this data, use it in real time, and make some real-time decisions based on that data, allowing to run more profitable and more efficient construction processes. The four products we're selling within our Zutec Platform is Cloud, Field, BIM, and Analytics, as I mentioned. We are selling those towards contractors, developers, and home builders, and also to a larger extent as of late, also to subcontractors. The benefits of using our cloud-based system is that it's an integrated platform. Any of our customers only need our software to meet all their demands for running an efficient construction process. What we have been doing as of late is that we're also integrating with a number of other operators in order to provide a beginning to the end solution. In particular for the customer not having the need of inputting the same data multiple times, and that's why it's important to have those types of integrations with other systems. Our system, in its core, is integrated, and to the extent that customers want to have one system, then our system can take care of all of those needs. Being able to use the data in a live format is obviously important. Equally, to be able to use all the data in a secure environment is equally important. Our system is built for construction, and that's always what has been done. It's a configurable system built on, specifically targeted for meeting the needs of the complex construction projects we're involved in. What we do have, we believe we're selling products, but in particular, we're selling solutions, and those solutions we're selling as a combination of products and knowledge. We do that by having a team of a number of very experienced and qualified staff. The last quarter was just another quarter of terrific momentum we're experiencing within the Zutec business. Zutec, our top line grew 63% on an SEK basis, slightly above that, 70% on an organic basis. We're seeing the momentum we've been having now over the past few quarters continuing. In terms of the financials, we had sales of SEK 8.5 million in the quarter, EBITDA of SEK 3.1 million, which includes FX translation. Once you take out that FX translation, our EBITDA was [SEK 0.7 million], so still a profit. We've been spending a lot of time and emphasis on managing our working capital, and that has now reached a normalized level, we expect us to run positive working capital going forwards as well by the nature of how we work and invoice our customers. We had a positive working capital inflow of SEK 2.4 million in the quarter, including a strong cash position, even though a portion of that has obviously been used now as part of the Createmaster acquisition, but we're still standing with a healthy cash balance. The main emphasis within Zutec is to capitalize on the growth we're experiencing in the industry and growing our top line. On a constant currency basis, in the four markets we're operating, we grew by 70%, which we're pleased with, and according to our plan. Our last 12-month rolling sales is also going up nicely, now reaching SEK 36 million, just in excess, for the last 12 months. Above all, for us, it's about getting new customers and new business, and we secured yet another quarter of more than 50 new agreements. We're building on the momentum we've been having over the past few quarters. It was yet another winning quarter in terms of number of deals. In particular, of the 50 new agreements, which I'm particularly proud of, is that we've been trying to migrate our business from being a largely a project-by-project-based business to having enterprise agreements. Prior to this last quarter, we had two or three enterprise agreement ever secured in the company's history. In this last quarter alone, we won a total of seven new enterprise agreement, and it's really encouraging, and I'm pleased to see that strategy of focusing on this enterprise agreement is really working. We're equally focused on managing our cost base, getting a good return on investments and all the investments we're doing. It remains of high importance to us. Even though we are going through a growth phase, and we do expect both other external costs, which includes primarily marketing, will certainly go up over the next few quarters, as well as with personnel. We're growing out our teams on a global basis, in particular our sales team. As of now, of the 28 staff, we have nine being in our sales function, and we're going to be having another at least four or five joining us now in the next quarter. We're certainly going to be stepping up on marketing costs materially. We had some really nice introductions on our marketing side, including launching our new website, which we did in this quarter, which was really the springboard for us to be able to do proper marketing investments on the digital side, where we are expecting to see the best return on investments. There are already encouraging signs in terms of what we're seeing on the marketing side in terms of getting inbound leads in through our platform. Wrapping up the Q3 results, very satisfactory growth in excess of 60%, 70% on a constant currency basis. We're profitable, which again, demonstrates that we can grow profitably at high growth rates, and we expect to be able to do that going forwards. We do not, however, expect to be profitable going forwards as we're going through an even more accelerated period of growth, including M&A. Keeping a close eye on all of our costs and our investment is going to remain focused. Strong momentum on the new business side, and it's also encouraging to see that we're not only winning a fair amount of new business, but we're also winning it with really strong customers that are coming to Zutec. That includes McGarrell Reilly up in Ireland that we secured an enterprise agreement with. Durkan Enterprises, again, another enterprise agreement then in Quintain Ireland. All these customers are using us for all of their construction projects, really for their strategic heart in terms of them themselves are adapting technology within their own organizations. We're very pleased to see that they're coming to Zutec to work with us to solve for their technological and digitization demands. We certainly expect and hope for these to be long-lasting collaborations and partnerships with these customers and many more. We're continuing to build out our senior team as well on the executive bench, and we hired Emily Hopson-Hill in this last quarter as COO. Very accomplished person when it comes to being involved in other disrupting software companies. She will be taking a specific role of scaling our services platform that essentially takes on new customers and onboards them and makes sure that the system works for them in the initial phases, as well as building out their product platform as we're spending more time and resources on making sure that we're at the forefront of product development. Innovation is important for us. We keep on innovating as a company. We want to be a cutting-edge, front-of-line software company. We're pleased that we were the very first company to be awarded the BSI Kitemark for BIM software, the first of its kind. That's really in recognition of the capabilities of the system that we got and the needs that exist in the market today. Having this kind of accreditation certainly gives a level of confidence that we do indeed have a strong product. We're seeing that from customers, but we're also seeing it from third parties where we're getting these accreditations, and this builds on some of the other ISO certifications that we've already had in the past. Now let's turn to Createmaster, which we announced on the 19th of April, which is a transformational acquisition for Zutec. We're more than doubling sales. Createmaster is a fantastic business. One of our major strategic emphasis is to build our market shares in our home markets. That is exactly what Createmaster brings us. They have a 10% market share of the overall U.K. construction market. If you look at their addressable market, which really excludes the smaller projects in the market as well as the large, which is not their emphasis, then they got about a 20% market share, which is exactly the kind of market shares that over time we want to build our businesses in all of our home markets. Strong growth profile. They've been able to grow the business profitably as well, not over a period, but over a prolonged period of profitable growth, which is what we're going to be striving for as a company as a whole, as we're building out the company. It's a bigger business than Zutec. They have about 70 employees. It was founded in around the same time period as Zutec. There is a lot of similarity between Zutec and Createmaster, going through a similar period of change and disruption. What we're looking for in all of our acquisitions is to look for entrepreneurial partnerships, and that's exactly what Createmaster brings to us. Equally established businesses, and certainly we wouldn't look at startups at this stage. Established businesses that have a proven model and adding true value and proven value to customers in the markets they're operating in. The investment highlights are, which attracted us to Createmaster, was that they do have a leading platform in the U.K. market, and the market shares are going up from existing of 1% in excess of 10%. Our sales is going up by about 3x for our U.K. sales. Overall, Createmaster adds a meaningful amount of sales to the overall Zutec platform, up to SEK 78 million, up from current around SEK 36 million on a rolling 12-month basis, so meaningful addition to sales. They're adding two really good and established cloud-based products, one being Document Park, which is a similar system to Zutec. Perhaps not as much focus on the entirety of the construction value chain, but more on the stage where the contractor hands over digitized information back to the developers towards the latter stage of the construction phase. They've also got Resi-Sense, which we're very excited about. We feel like it's an under-invested product at Createmaster. What Resi-Sense does, they do digitized home user guides, and that's being used in particular for high-end residential projects, that basically allows you to have your home in your pocket, if you will. That's a rapidly growing market. It's actually already a product that Createmaster sells and have a fair amount of customers onboarded. We're seeing Resi-Sense being applied across the entirety of Zutec's existing customer base. We've seen demand from that kind of product in the past. We haven't really got to developing so far. This gives us a good springboard into a new type of market within Zutec, which is really to move more into the facility management and the operation stage, which we have on our growth roadmap, and this is the initial part of getting involved in that space. The Createmaster acquisition is all about growth. That emphasis is not changing. It's about marrying two entrepreneurial organizations to do things better and working collaboratively. It's about cross-selling what we have to offer in Zutec and what Createmaster has to offer in Zutec, and really being able to, in a collaborative fashion, offer better solutions for our customers. Even now in day four or day five, we're already now starting to see the early seeds of that working, which is probably sooner than I expected. The complementary skills and experience as well as products that we're seeing from the two organizations, we're already seeing we're engaging with customers on, which is just terrific. We're building a growing and a larger Zutec, combining two similarly sized organization, Createmaster being slightly bigger, pro forma sales of SEK 7 8 million EBITDA. This is for the period ending end of December. This is for the period ending December of 2020, where we had SEK 16.7 million of a loss. Now you're seeing what we're generating now. Createmaster is profitable, and we expect that to be profitable. Overall, a much larger group and profitable. We're growing our head count materially from just short of 20 as we stand now to about 70 within Createmaster. The group at large is certainly getting bigger. The total consideration of the transaction is SEK 50.2 million, that's split into three different components. One is a cash consideration of just in excess of SEK 28 million. We're issuing just over 1.8 million Zutec shares, which is about SEK 11 million of value. In addition to that, subject to Createmaster reaching growth on a top-line basis, sales, it would be an additional in excess of SEK 11 million being paid in case Createmaster grows on an annual basis more than 10% in the next two years. Coming to the summary and investment highlights, we believe we're operating in a very attractive market that is really ripe for growth. That growth is already now being demonstrated. Our emphasis hasn't changed all that much over the past quarters. It's more about executing on the plan we've had for a while. It's about getting new customers, focusing on new customer inflows, building our sales organization to cater to get more business. We already scaled our business to be able to take care of new customers. We're ready for a step-up on new customers and to be able to onboard them and continue having satisfied customers. We want to increase the stickiness and duration of our agreements. That is happening. We're building our increasing revenues, and that is also happening. I think I mentioned last time that about 2/3 of our revenues are recurring. That percentage is going up, and we expect it to be going up in terms of the new business we're winning. In excess of 80% of our contracted portfolio is recurring revenue, and that's certainly in line with what we want to see going forwards as well. Our churn rates are going down, our customer retention is going up, and then also our customer satisfaction, as I mentioned before, remains at high levels. I think in terms of pillar two and three, let me perhaps highlight one, which I think is very interesting. We have been focused historically on the construction environment. There are certain regulatory matters, in particular in the U.K., that has now proven to be yet another growth avenue for us, and that is to move into the built environment, which is buildings that are already standing as opposed to buildings that are being built. That's on the back of a number of new regulatory matters, in particular in regards to a Fire Safety Bill that is about to get introduced in the U.K. soon, where our system and our product is proven to be very efficient, and that can be yet another quite substantial springboard for growth for Zutec and Createmaster as we're building out our market shares in the U.K. market. We're spending an increasing amount of time on M&A and we're going to be building out our M&A team and our capabilities because the amount of M&A opportunities we're seeing in the market is certainly growing. Createmaster was the first of its kind. We have a list of other acquisitions that we are pursuing. The intention here is really to grow our market share in the home market, so one of the four markets that we're operating in. We want to have cutting-edge technology. We want to find and build entrepreneurial partnerships, and that's the core of our M&A strategy. To have these organizations, just like what we're doing with Createmaster now, to operate as independent subsidiaries in an entrepreneurial atmosphere. That is not really changing. Coming together as one combined entity as we're trying to solve for our customers' needs and demands, and also to have best-in-class ecosystem within the whole group as it comes to innovation in product as well as innovation in services. There's going to be best-in-class teams that are working across the organizations, but the way we're running each of the business is going to be as independent units. We're gathering really interesting momentum with Zutec. It excites me. Our team has really stepped up to the challenge. We're really proud of the amount of talent that we see wanting to join our journey. We're also proud of the amount of new customers that we're seeing coming onto the Zutec platform and really at firsthand being able to see the benefits that Zutec can bring. Our mission is clear, and that is to continue growing and capture our fair share of the market growth. The market that we're operating is big. There's a lot of opportunities. We're focused on finding the white spots. I mentioned it once before, about only a 10 basis points increase to technology spend in the construction space will lead to more of a doubling of our industry. We're seeing a material amount of investments going into technology at this moment. We do believe we have a strong product, and we do believe we're going to capture our fair market share. As it pertains to Zutec, we're proud of our products, we're proud of our platforms and our growing platform that we now added a number of Createmaster functionality and brands to our platform with Document Park and Resi-Sense. All of those are really best-in-class platforms that we can build upon to solve the problems for our customers even more effectively than we've done in the past. Our business is scalable. We're ready for growth. We're ready for more growth. Having high customer satisfaction is very important. We do have high customer satisfaction in excess of 98%, and we expect to keep at that level. We're on course for continued strong growth. We're seeing all the trends for what we want to see. Obviously, as you're operating in a SaaS business, it's encouraging to see that our contracted backlog is growing rapidly. That type of revenue is obviously trickling in slowly based on that the contracts are quite long. The average contract length is going up to running at about 20 months per contract now. A lot of the new contracts that we're winning are longer, three years, as I mentioned before. Some are up to five years with non-break clauses in the contract. That provides sticky revenues, it provides recurring revenues, and that's what we want to see on the organic side of things. We're building out our management team, which is critical to continue the growth and executing on the strategy we laid out. More and more time is being spent on executing on our M&A strategy. I think we've now come to a stage at Zutec that we can be a bit more precise about what we're going for. We have ambitious plans. We're targeting sales of SEK 200 million in three years' time, and that's going to be done through combination organic as well as acquired growth. The amount of opportunities that we're seeing in both the organic growth journey as well as our acquired growth journey is really there. I think to grow our business from around SEK 78 million today on a pro forma basis to SEK 200 million we certainly think is an achievable target. It's an ambitious target, but it's something that we're going to give our best to meet. That finishes my presentation a bit longer than normal. Appreciate your patience, I hand it over to the audience for any questions. If you have any questions, raise your hand, or you can also write a Q&A in the chat function. Eric Larson, go ahead. There you go, Eric. Thank you. Thank you. Congrats on a great report. A few questions from my side. First off, how much recurring revenues does Createmaster have, and do they have any seasonal effects in sales like you do in Zutec? Well, the recurring revenues that Createmaster have, the Createmaster business model is a bit similar, Eric, to where we were with Zutec about a year ago, which is that it's largely based on projects. Is that going to be how we're going to be running Createmaster going forward? The answer is no. We have to refocus that business as well on building a more predictable revenue stream. That's certainly one of the opportunities that we saw with Createmaster. Do we think that's possible? Absolutely. Why? Because almost all of their customers are recurring customers, and they're customers that come back to Createmaster over and over again, similar to Zutec. Within Zutec, we've been able to do that now. We know the type of customers that Createmaster have, and we know how they behave and what they want to see. Converting their current business from a project-by-project business, which is less recurring, if you look at the repeat amount of business they get, which is close to 80% from existing customers, that now we need to convert into recurring revenues, and there is a plan for that. I'm convinced that's going to work. In terms of seasonality, there's a similar seasonality pattern in the businesses, Eric, because the type of customers we're catering to are the same. You got some of these patterns that we got, so really no difference because the type of customers they're going after are similar to us. Okay. That's clear. Regarding the earn-outs, they stipulate that Createmaster needs to grow 10% by minimum. Should we expect that they should grow in line with this, or do you have ambitions of growing higher, of course? Actually, what the earn-out says, Eric, is that if there's less than 3% growth per annum, then there's no earn-out at all. If they get to 10% of growth per annum over the two-year period, then there's a full earn-out. If the growth is in between 3% and 10%, then there's a linear earn-out. Between 3% and 10%, there's a linear up to a maximum of SEK 11 million in cash. The way we're going to be running the business going forward is not going to be one of Zutec or Createmaster. We're going to be integrating them for sales purposes and cross-fertilizing. What we're expecting as a group, because there's going to be a lot of cross-selling. That's what the acquisition is all about. We want to sell Zutec into their customers. We wish to sell Createmaster into our customers. The group at large, you've seen where the market is, which is growing at least 15%. We've been able to outpace that growth, and that's going to remain our target. It's less to do with what Createmaster is going to grow, what Zutec is going to grow. It's about what Zutec as a combined entity is going to grow, and that remains our target. Okay. That's crystal clear. Thank you. Just one last question. For the coming quarter here, are there any one-offs or so related to the acquisition we should expect of size? Yes. No, that will be the case. As part of this acquisition, there will be transaction expenses for lawyers and other advisors as part of it. There will be an amount of those, and they will be seen in the expenses for sure. As usual, we will try to provide clarity on that in the next quarter, but that should certainly be expected. Okay. That's all from me. Thank you very much. Thank you. Any other questions from anybody? Go ahead and raise your hand or send a chat. You can submit the question through Q&A. Okay. I think with that, since there are no more questions, I'd like to take time to thank you for your time this morning, and I hope you have a nice day. Thank you.