Thank you operator, welcome everyone to this Q4 presentation with Sinch. We're very glad to have you listen in and hear our story. With me on the call today, I have our Chief Executive Officer, Oscar Werner, and our Chief Financial Officer, Roshan Saldanha. Before we start, a few housekeeping rules. This call is primarily for analysts and investors. Other participants are, of course, free to listen in, for question, you can contact us directly. When we get to Q&A, we'd like to ask everyone to restrain themselves to two questions each. You're happy to join the queue again, we'll have two questions each to start with, that will ensure that everyone gets to ask questions. With those first remarks, I'll hand the word over to our Chief Executive Officer, Oscar. Thank you, Thomas. Welcome everybody, and thanks for your interest in Sinch. Without further ado, this is the Q4 investor presentation. Let's go to slide number two please, operator. This slide, the ones who've been with us for a while have seen a couple of times. Past trailing 12 months revenue, SEK 8 billion. Adjusted EBITDA, SEK 912 million. We are 2,083 people, including Wavy. The three figures that includes Wavy, and that is the people, the countries, and the engagement, and all the financials, obviously, since Q4 is excluding Wavy. 2,000 people with Wavy, 47 countries with Wavy, and 145 billion engagements per year with Wavy. As you see, we have quite good progress on these three key metrics. We do customer engagement through mobile technology. Any enterprise that want to engage with their consumers via the mobile channel, we help. We do that via a global CPaaS platform, that provides messaging services, voice services, and video services. To put it simple, if you or an enterprise want to have a video call with one of your consumers, we provide the technology to connect that video call and to make it possible for you to run with high quality. If you're an enterprise who wants to have a voice call, maybe from your app with your consumers, we provide a communication technology to connect that call. If you're a company that wants to provide an RCS or a WhatsApp or a Viber or an SMS message, we would provide the CPaaS platform in order to send that message. We serve eight out of 10 of the largest U.S. tech companies. That's one of our larger customer groups, very powerful companies. We have been growing well with that due to our focus on high-quality international global service delivery. I used to say always that this is what fascinates me, and it still fascinates me with this market, it's got 100% consumer penetration. I'm yet to meet one single person since I joined the company who's not a user. I know that you all have used the video service and call the voice service from the web or received text messages from your bank or something. This is a large, growing, multi-billion U.S. dollar market. We have a very high profit focus. We've been profitable since our foundation in 2008, and we continue to run this company on profit, and we think that's a very good way to run a business. All right, operator, next slide, please. Track record of profitable growth. This is showing our gross profit growth. We focus on gross profit since past due revenues between geographies, it's varying so much. In Germany, you may have a 10% growth margin. In U.S., you may have a 50%. Therefore, focusing on revenue in this business would be distorting. This shows our gross profit trajectory and our adjusted EBITDA trajectory. As you're seeing, we have solid growth over the years. You see we do a true growth spurt here at the end with the larger acquisitions we made. You see both the impact on gross profit and adjusted EBITDA of Wavy, SDI ACL, and also Inteliquent. As you can see, the largest of them all is Inteliquent. That's a major piece to our growth. This is obviously then looking on a pro forma basis. We did 81% gross profit growth and 63% gross EBITDA growth in Q4. We're going to break that down organic and M&A driven a little later. Acquisitions of Wavy, SDI, ACL, and Inteliquent is adding significantly to our scale and profitability. I should also say, comparing between product lines, if you compare voice business now, which is becoming forward-looking large to us, and text messaging, they also have a different gross profit profile. Again, looking at gross profit in a mix between geographies and the product lines would be misleading. Operator, next slide please. Growth markets. We are in a very good spot. Our market is growing fast, and up until to date, before the Inteliquent acquisition, messaging has been our largest segment. Messaging is comprised of two parts. One is text messaging or A2P SMS. We see it as an SEK 18 billion-SEK 20 billion market roundabout. We take the lower end of the market estimates here. On a global basis, highly scalable, highly profitable. Then it's combined with an OTT market, which is going to RCS, WhatsApp, LINE, Viber, KakaoTalk, WeChat, et cetera, which has + 100% growth rates in the market. It's like this base, highly profitable, highly scalable, combined with the high growth add-on top market. Then we've got the CPaaS and Grense, which is on top of messaging and voice, adding software-as-a-service components, charged at typically an 80%, 90% growth margin profile, and that market is growing at a 30% CAGR per year. You've got also within messaging, but also software-as-a-service on top, you've got a very interesting growth profile of adding additional software. To this slide, we obviously now need to add the voice business or from when we close Inteliquent, That's a large portion of the market, of course. Operator, next slide, please. This is how we're basically seeing on the messaging side, creating value for businesses. The market started many years ago of emails, and then enterprises figured out that, hey, if I want high open rates, and high response rates, text is a better way to reach every person on the planet in a time-critical manner, in a time-better manner. They figured out that text is a complementary channel to email, because it's got a much higher read rate and a much higher open rate. Now what's happening is enterprises are figuring out that, hey, next-gen messaging, like sending a WhatsApp message, sending a WeChat message, has combined the immediacy and open rate and read rate of text with the ability to send an app-like experience, because the main limitation of a text it is 160 characters only, and now we can, in principle, send to your inbox an app-like experience. As you can imagine, that just expands the number of use cases you can do via messaging, which we think will greatly expand the addressable market. All right. Operator, next slide, please. As a response to this, we have launched multiple products. One is Sinch Conversation API, which is one API covering all the messaging channels in the market. You connect once, and then you can send messages via all the channels in the market. You also expand the feature set of what is needed for these next-generation messages. What you're basically seeing here is one API being able to communicate via many channels, and then enterprises being able to increase the engagement with their consumers, because suddenly they can have the immediacy of text combined with an app-like experience with action buttons and pictures and videos, better reporting statistics, and the carousels. Combining the immediacy of text with an app-like experience drives a whole lot of adoption, and that's what we're seeing via Sinch Conversation API. If you go to the next slide, please, operator. That's number seven. Just to visualize this, you can see here's the same message sent via five different channels, SMS, RCS, WhatsApp, Messenger, Viber, and you can see the difference in consumer experience just by visual inspection here. Looking at the pictures, if you look at the RCS message, look at the picture, then you've got some text, and then you've got some action buttons. You can basically then generate the call to action that you want from the consumer via clicking those action buttons, which greatly increases conversion. All right. Operator, go to slide eight, please. We're very happy to announce that we have entered into a partnership with Salesforce, and we and Salesforce are providing next-generation messaging to Salesforce customers using Salesforce Marketing Cloud. Basically, Salesforce wanted to WhatsApp enable their Marketing Cloud. They came to Sinch. We did a joint development project, and we have integrated the Sinch Conversation API and our WhatsApp channel into the back end of Salesforce. You can now go into Salesforce Marketing Cloud, create the customer journey, click on, I want to send it via WhatsApp, and then it would kind of create that story, and then the messaging would go via Sinch channels. This native integration in the Salesforce Marketing Cloud Journey Builder is, I think, a very, very powerful tool for enterprises, and it shows how we work with partners in this ecosystem. This is available from 16th of February. If you want more info on this, I urge you to watch the product demo on this presentation that you see on the link below. All right, slide nine. Another example is iFood coming in from Wavy. I'm just showing some use cases there. iFood is the largest food delivery app in Latin America. They have a challenge to handle the customer service via the riders and the customer care centers. They're struggling to handle that volume. What they did was we delivered a solution to register new drivers. When a new driver wants to register, think about it's like an Uber driver, but in this case, iFood. A new driver wants to register, they can do that via a bot. You can onboard restaurants. You think about the restaurant owner with a WhatsApp message saying, "Hey, our data suggests that your restaurants would benefit from being in our service. Do you want to register? In that case, respond. They register the restaurants via a bots workflow, then you measure NPS. This has resulted in a 70% of reduction in service delivery cost in the support to the drivers. This is not consumer-facing, but this is driver-facing. 1.5 million conversations per year and 44.6% of the requests from the drivers to the customer care is handled by the bots. You can automate a large portion of the driver requests here. Wavy has here been using Chatlayer, in order to use their NLP technology. They did it first on another technology, they had integrated the Chatlayer since it's a better tech. Here you can see the combination of our various acquisitions like Chatlayer having NLP, our goals to scale them globally, Wavy then using that type of service in order to deliver to the largest customers in Brazil. All right, next slide, please. Slide 10. We have a playbook for profitable growth. We do that in connectivity and software-as-a-service. We focus both on the connectivity layer. This is making the voice call, connecting the video call, or sending message and ensuring that it's high quality and delivered, with low latency, et cetera. Then we add on top the software-as-a-service. That may be the AI NLP services like I talked about Chatlayer, which is basically saying, "Okay, we placed a voice call here. Do you also, Mrs. Customer, want to know what the consumer sent to you? We can then interpret the intent for you." That's obviously an additional charge. Either you can just place the voice call or you can have us interpret the intent of the consumers to say, "The intent of this consumer is to speak to this customer service rep or to cancel their contract." That's obviously an additional service which we charge for on a SaaS-based metric like a monthly fee or a monthly active user fee, typically having a traditional SaaS style metric with a SaaS style profile, which has 80%-90% gross margin. Connectivity and software-as-a-service, and we're gradually growing both the connectivity base and the software, the SaaS services that we add on top. Operator, next slide, please. Strategic acquisitions, we have done a few. We do them in two categories, as you see to the left. It's technology and go-to-market and scale and profitability. Technology and go-to-market, we acquire companies that add a technical component that we want to scale globally like we did with Vehicle, myElefant, Chatlayer, and also part of Wavy is like that, and I gave you the Chatlayer example before. Scale and profitability, that's when we enter a market like we did with Wavy or ACL in India or SAP, we scaled up our European and American business. Inteliquent is also a scale and profitability acquisition, but it's into a new segment, which is voice. Inteliquent is essentially a voice connectivity provider. They don't have a lot of SaaS services. The way we think here is we get a good base. We sell to almost all the largest companies, voice customers in the U.S. That gives us a way to upsell them in stage two with all the SaaS services that we are developing in other entities. It gives you a very good scale and profitability, and it gives us access to a lot of customers that we then can upsell with other services. Slide 12, please. We went through this yesterday, for those of you who were not on the call, a short recap. Inteliquent is the largest independent voice communication provider in the U.S. They do 300 billion voice minutes per year and have 100 million active phone numbers in their system. That means roughly 10% of all the phone numbers in the U.S. Around 600 employees, including contractors, headquartered in Chicago. We think this is a very logical acquisition. Voice is a large portion of the CPaaS market, us being the largest provider in messaging, then adding the largest voice connectivity player in the U.S. makes a ton of sense because ultimately what it's about is enterprises want their consumers to both be able to communicate with them via messaging and voice. You can just go to yourselves. Sometimes you can do an email or a messaging interaction, but in some case, you want to connect to or talk to the rep, and that's when Inteliquent comes in. Having both of those, we can kind of cross-collaborate and do good services, including both. Deal rationale, establishing us as a leader in voice communications, ability to sell to the largest U.S. voice customers, and it's a very financially accretive deal as you can see from the financials. Integration costs estimated to some $25 million over 18 months. We will do a lot of cross-sell. We have also said that we will reinvest around about $15 million-$20 million of Inteliquent's EBITDA to accelerate the joint CPaaS roadmap and strengthen enter the go-to-market. This is basically saying they are a voice connectivity player. You need more services on top in order to address in a more automated way and in a more programmable way, enterprises. We will take a portion of their EBITDA in order to invest in that area, and the reason is very straightforward. It's because it increases the growth. We have seen a peer do this, and that is bandwidth in the market. You can see that their growth has increased significantly by doing this investment, and we're doing a similar thing here. This is, by the way, also very similar to what we did on the messaging side. We were a SMS provider and added a lot of things, and then we're growing faster. This is known territory to us, and we're applying the same tactic. Enterprise value was $1.14 billion. Closing is subject to regulatory approval, expected H2. They are in voice, we're in messaging, so it's by competition, but we're actually in two different markets, and we would assume the risk would be low on that side. There is a regular approval for operator licenses in various U.S. states, which will take some time. Will take six to nine months or something like that in order to run through. Reported revenue, $ 500 million, gross profit $ 256 million, and EBITDA of $ 135 million. That is including a COVID-19 effect. If you take away that positive COVID effect, we would assume that the run rate EBITDA is approximately $ 112 million. Let's go on to the next slide, please. Coming into Q4, we had a gross profit rising of 81% to SEK 796 million. Adjusted EBITDA rising 63% to SEK 325.7 million. Adjusted EBIT excluding acquisition-related amortization is SEK 303 million. If you have the acquisition-related amortization, EBIT or profit after tax obviously comes significantly less, that's non-cash flow impacting. Organic gross profit grew with 37% in local currency, very strong organic growth quarter-on-quarter in Q4. COVID causing reduced voice traffic and length in sales cycle. We are also investing, as you know, relatively stronger to handle greater business volumes and strengthen our go-to-market and new product offerings. Operator, next slide, please. Growth drivers. We have continued to see good growing growth with our U.S. big tech companies. We're seeing a groundswell, broad growth, businesses increasing their use of text messaging in additional to email, and also new channels coming on board. Since the text messaging market is so large, that's still a large share. In the more advanced markets like Brazil, the kind of the OTT or volumes are becoming a significant part of the business. We're also seeing the acquisitions of SDI, TWW, Wavy, and ACL Mobile now driving growth. We're growing both with new and existing customers. All right, operator, next slide, please. Four investment areas. Organic growth, continuing to support that. How do we continue to build the machine to drive organic growth? It's very important to us to have this two-pronged strategy, where we focus hard on organic growth, because that's our own machine, right? We focus a lot on that, and we see good momentum and things happening in that area and improving there. We focus on operational efficiency, which is both COGS and automation and client self-serve tool. With the scale we have, obviously, we can extract a lot of operational efficiency. That's another big area. New technology, things like Conversation API, WhatsApp, RCS, et cetera, is a big focus area. Then obviously integration. We have this philosophy of really spending to integration to get the companies together, and drive this as a unified entity. It's obviously a lot of work. It's hard, it's messy, but that's an area we think we're good at, and we drive hard. Operator, next slide, please. Here you see the strong growth in the messaging on the gross profit and the EBITDA level, and how that's developing in Q4. Total gross profit growth of 84%, with organic at 47%. SDI contributing from 1st of November and Wavy from 1st of February 2021. You see strong performance in December, you see, obviously, we got tougher comparable comps heading into 2021, we had a great growth spurt for quite a year. The comps are obviously getting higher. We will fight on absolutely as much as we are, but it's important to understand the comp levels, of course. Operator, slide number 17, please. Rising message volumes. This is the number of transactions per month, how that is having a very interesting development. Obviously, a very large increase in September with ACL Mobile in India. You can just realize how powerful the India market is in terms of volume, basically. We had a 354% year-on-year growth in transactions in Q4, 44% growth in comparable units. Wavy, we will add further volume from 1st of February. Again, we're growing with existing and new customers and new use case. Let's go to slide number 18. Here you can see the OpEx per transaction. We're measuring our scalability and how we do, both GP per transaction and OpEx per transaction. You can see the impact of ACL. How that is changing things. I think per transaction measure, it's relevant to track by different margins, since different geographies, since it's obviously so much lower per message, GP and OpEx in market like India. These graphs becomes a little bit odd when you add different geographies, obviously. We think on overall, these metrics look good, and obviously the difference in between is the money we can make. Slide number 19, please. We're measuring EBITDA per gross profits. You can see that roughly of every gross profit dollar that we make, we drop in the last month here, more than half down to EBITDA. That shows the very large scalability of this business. It shows how profitable we are, and I think very few companies can show that type of metric. You can also see that trend increasing, and I think that shows the scalability in this business, that when you add volumes, you actually get better economies of scale. You see that adding volume increases gross profit more than increases OpEx, basically. Gross margin depends so much on the mix of the terminating markets. That's something we manage through looking at these metrics. We look at this metric, we think it's a very good scalability metric. All right, operator, slide 20, please. We're seeing modest improvement in voice and video. You had a sharp decrease in demand in number masking from ride hailing, due COVID-19 reduces the need for traveling. We do see positive online trial trends in number verification. That is actually not a voice call, but if you do a two-factor authentication and want to verify the number, which is not COVID impacted that much, it's more the voice calling business, since we're exposed so much to ride hailing that has taken a big hit. You see the large hit and then gradually improving from there, and we're working ourselves back to a positive EBITDA in this business. All right, operator, next slide. We see a good recovery in the operator business. They typically have a good Q4, should be said, and this is a little bit of a lumpy business. Shouldn't look too much on quarter to quarter, you should look at the underlying trend. It's high margins. You see the SDI person to person messaging hub operating at a lower gross margin. We're also seeing good demand here from the 5G messaging products sold together with Ericsson. Here we're seeing using SMS to wake up IoT devices, and we're selling that to operators together with Ericsson, and we see a promising funnel there to the largest operators on the planet. All right, financials. I will now leave over to Roshan. Thank you, Oscar. Super glad today to present some comments on the financials for Sinch this quarter. Our organic growth is the strongest ever yet on gross profit, growing 37% year-on-year. Operator, please turn to page 23 for the income statement. Consolidated net sales grew by 95% in the quarter to nearly SEK 3 billion. The growth rate in the quarter was positively affected by the acquisitions that we've done, Chatlayer, SDI, ACL. The Wavy acquisition was closed in February. We will be consolidated first in Q1. The SDI acquisition was contributing only for two months this quarter, since the acquisition was closed in the beginning of November. The organic growth of net sales in local currency, so excluding currency effects, was 43%. Adjusted EBITDA grew by 64% to SEK 326 million from SEK 199 million last year, same quarter. Full year EBITDA was at SEK 912 million. Adjusted EBITDA was at SEK 912 million, a growth of 59% year-over-year. We see a strong continued development of diluted adjusted EBITDA per share, which was SEK 5.16 for the quarter versus SEK 3.64 same period last year. On a running 12-month basis, adjusted EBITDA per share increased to SEK 15.1. For the messaging segment especially, adjusted EBITDA was record high at SEK 349 million for the quarter versus SEK 205 million last year and SEK 248 million just the last quarter in Q3. Adjusted EBIT also, which excludes items affecting comparability and amortization of acquisition-related intangible assets, because those do not affect cash flow, amounted to SEK 304 million versus SEK 186 million last year, same quarter. Operator, please turn to the next page. Page 24, which shows a bridge explaining our underlying gross profit development. A significant part of our revenues are passed on as cost of goods sold to mobile operators. The rates they charge can vary greatly between markets. Since these pass-through revenues do not contribute to our profits, we focus internally and steer almost exclusively on gross profit. Changes in our gross margin very often reflect more changes in geographical mix rather than underlying performance or competitiveness. Over time, we aim to, of course, improve gross margins by delivering additional value-added components to customers. Now turning to the numbers, consolidated gross profit rose by 81% during the quarter to close to SEK 800 million, SEK 796 million, and from a base of SEK 440 million a year ago the same quarter. Negative exchange rate movements reduced the growth by SEK 23 million or 5%. The acquired companies, ACL, Chatlayer, and SDI, contributed 49% of the increase. The remaining organic growth in gross profit in local currency and comparable units was at 37%. When looking into the segments, gross profit growth in the messaging segment was 84%, of which organic growth in local currency was 47%. Also, adjusted EBITDA over gross profit in the messaging segment came in at 52% for the quarter as we continue to benefit from increased scale. Gross profit declined by 34% in the voice and video segment, affected by muted demand due to the ongoing pandemic and related economic development. Gross profit in the operator segment rose by 99%, which is entirely attributable to the consolidation of SDI's hubbing services to operators. Hence, the organic growth in the operator segment was zero. Please turn to the next page 25, to see a summary of the number of resources at Sinch. We continue to invest, as Oscar showed, for continued growth. Main areas of resource addition are, of course, driving operational, internal operational efficiency and quality, increase scale sales and marketing efforts, as well as investment in new technology and the integration of acquired companies. Please note that the figures on this page are all quarterly averages. As we have closed the SDI transaction during the quarter, you can see the effect of that with 480 employees and consultants joining us from the 1st of November. The remaining is the increase in Sinch headcounts. Due to the nature of the work that is being done to support our gross profit growth with these increased resources, they do not actually contribute to the gross profit growth in the current period, but rather in future periods. Also, all of the investments in our systems are taken as OpEx, and we have very limited capitalization of resource costs, which we believe to be prudent. Turning to the next page 28, you will see a reconciliation between adjusted EBITDA and cash flow before changes in working capital, highlighting the important items. In this quarter, we have significant acquisition and integration costs of SEK 146 million related to the announced transactions of SDI, ACL, and Wavy. Despite this, we see a strong cash flow generation from operations of SEK 155 million or 48% in relation to adjusted EBITDA. On a full year basis, we generated SEK 602 million before changes in operating capital, which is equivalent to 66% of adjusted EBITDA. Please turn to page 27. Here you see the cash flow statement. I think the highlights, of course, are the negative change in working capital, which is primarily related to the acquisition of SAP Digital Interconnect and incorporating those balances into our balance sheet. In addition to that, also, we have the cash flow resulting from the issue of shares that we did in November 2020. Please turn to page 28, which summarizes our integration progress. Of course, on this page, you see that we have also included the deal that we signed and announced yesterday of acquiring Inteliquent in the U.S., where we're just starting to work with the regulatory process. We expect this to close during the second half of 2021. Starting from yesterday, essentially, we will start to put together a team that will work on the integration planning together with management from the Inteliquent side. On TWW and Wavy was closed in February 2020. We're, of course, onboarding and consolidating joint teams, aligning sales goals, and performing a platform assessment to decide which platforms to keep and how we will evolve them over time. There are initiatives to scale Wavy's success in the conversational messaging business in Latin America to other parts of the world. Commenting on ACL, a deal that we closed in September 2020, there's, of course, activities to onboard the team, to gain from cross-selling our products, both from ACL to other parts of Sinch and vice versa. Traffic pooling outside India, and also performing a technology assessment. On SDI, I think here the transaction was closed in November 2020. We have successfully onboarded all employees across 19 countries. We have transferred shared functions and are consolidating the shared functions. We're separating the A2P and P2P businesses, as well as performing a comprehensive product portfolio review and a future product strategy for what products we will retain and in what way we will develop them.The key focus on the SAP Digital Interconnect is also, of course, driving commercial execution through common goals and focus. Please turn to page 29 for a summary of the financial targets. Our targets remain unchanged. Adjusted EBITDA per share to grow 20% per year and net debt over adjusted EBITDA to remain under 2.5x over time. On a rolling 12-month basis, including Q4 2020, we grew adjusted EBITDA per share with 43% in Q4, and net debt over adjusted EBITDA was a positive cash position of 2.2x as at the end of Q4. Please turn to page 30, again, for some further details around our financial leverage, where we show how the leverage would look like if we had closed all of the announced acquisitions as at the end of Q4. On a pro forma calculation, including the last 12 months of adjusted EBITDA for acquired entities. Here you see that if we had closed Wavy as at the end of Q4, we would still have a cash position of 1.3x. Assuming that we had closed Inteliquent as at the end of Q4, we would have a net debt to EBITDA ratio of 3.4x. This should be compared with the number that we gave yesterday when we announced the Inteliquent transaction of 3.7x, which was based on the Q3 adjusted EBITDA and shows the strong cash flow generation we have in our business and how we expect this ratio to decline as we come closer to the closing of this transaction. With that being said, I will hand over to Oscar for closing comments. Last slide. Thank you, Roshan. Continued priorities, obviously, going to continue to grow with U.S.-based global tech companies. Strong initiative for broadening growth across the base. We're working hard on that and on broadening the organic growth. Organic growth is super important for us to maintain. New customer wins in next-gen messaging through Sinch Conversation API. That's a major thing in the market, and we're focusing a lot on proliferating that API to most of our customers. Integration of Wavy, TWW, ACL, and SDI, obviously being a big theme. Continued strengthening of our connectivity offering, both on the voice and the messaging side. Investment in the SaaS products, the value-added products for advanced next-generation messaging and additional features. That said, thank you. Very happy to report a strong result. Thank you for listening, and we open up for any questions you may have. Thank you. If you do wish to ask a question please press star then one on your telephone keypad. If you wish to withdraw your question you may do so by pressing zero two to cancel. Just as a reminder we ask that you have a maximum of two questions but feel free to rejoin the question queue afterwards. Our first question is from Predrag Savinovic of Carnegie. Please go ahead. Thank you very much, operator. Good afternoon. First question, on general market activity and growth going forward. 2020 was very strong, very well executed. Looking ahead, I'm curious to hear what kind of themes you think will drive growth going forward. Is it U.S. tech mainly, or do you see more broad-based growth from other customers as well? If more broad-based, what will trigger that change in trajectory? No, I do think and hope that we will continue to grow with the U.S. big tech companies. That's a key thing. We do also see the business in increasing uses of SMS and other forms of messaging at a broad scale. It's a market trend, and it's also so that we are working hard on increasing our own growth by various being more effective, selling more customers, and we see good signs on that. It's both in market growth and increasing our own growth in that area. That's the second one. You obviously have the acquisitions coming online and then being reported more into the figures. That's what I would say the main growth drivers are. On a little bit more longer-term basis, I think the introduction of richer messaging channels into the market. The explanation is simple. You move from 160 characters to an app-like experience in a message. Will that drive market growth? Yes, it will, over a long period of time going forward. Looking forward, looking at if or when Inteliquent comes in, the voice market is in the CPaaS segment, growing at a 20% rate as well. That will be an additional growth driver on the CPaaS segment of Inteliquent. Mm-hmm. A follow-up to that and also what you mentioned in the report in the Chief Executive Officer letter, Oscar, that conversational messaging next-gen channels are rapidly gaining momentum. If you could elaborate a bit on this, maybe dress that into numbers. Is it somehow driven from, I don't know, WhatsApp, which has opened up their ecosystem more for business now following user agreement changes? What is really kicking this off, and also, what kind of momentum are you seeing? To us, it's important to focus on the phenomenon and not individual channels. Yes, WhatsApp is one of the largest channels, but we also see RCS. You see WeChat, if you look at China, is obviously a massive channel. There's a lot of different channels that enterprises use. MMS, we see growing well as well in the U.S. old technology, enterprises are realizing it now. It's a plethora of new channels coming on board, which makes messaging go from 160 characters to an app-like experience that will drive growth. The metrics we're seeing is 100% growth rates, 100%+ growth rates in this area. You can figure out, all right, if that portion is growing faster than the rest, yes, it will gradually take up a bigger share. It will take quite a while before it becomes big. Because the size of the main business, you see especially rapid growth in Latin America and India on these new channels. That is where the most aggressive growth or the highest penetration in those markets. Super. Thank you. Thank you. Our next question is from Ramil Koria of SEB. Please go ahead. Thank you, operator. Thank you for the presentation. Thank you for taking my questions. I can take both straight away, I think. First off, perhaps if you could expand a bit on geographical differences in sort of growth rates. For you specifically, but perhaps also from a market perspective, is it so that if you're not in the U.S., then put very simply, you're not relevant? If you could expand a bit on that. Secondly, circling back to a question you got yesterday about constraining factors on the M&A side, you mentioned integration capacity. Perhaps if you could sort of provide us with a snapshot of where you are on the integration capacity part, but also reasoning a bit on balance sheet constraints here and now. Thank you. All right. Geographical growth rates, we see it's a little bit different in different markets. We see the U.S. market becoming very strong, but remember, U.S. market is partly U.S. to U.S. enterprises, but it's also U.S. cloud SaaS ecosystem is so strong. Maybe U.S. companies selling to other parts of the world and are winning market share. If we sell to, say, Shopify, without saying that they're a customer, they may have customers in Europe, but the growth in our books looks like it's in the U.S. because that would be the customer. U.S. is very strong, yes. You see slower growth in Europe, but still solid growth. I think we, as you know, have had to improve our own performance in the European market, and there we have been working very hard. I think we see promising early signs there, but that's also both the market, but also a little bit of our own performance to be honest. We see Latin America and India, our other two big regions, they are growing faster from a just like pure messaging and even text perspective than Europe. I think faster than the U.S. on its own alone. In India, you got like a penetration question and in Brazil as well. Those two markets are growing at very solid, healthy rates standalone. Greater APAC also growing very fast. That's a smaller portion of our business, so therefore you don't see the major impact there. Are you relevant if you're not in the U.S.? I think the world is global. I think the U.S. is the most powerful economy, of course, strengthened by the fact in this particular market that you've got a lot of the sales companies. I think all markets are relevant, Obviously, U.S. being a real powerhouse. If you want to be a really global player, it is extremely strong to be in the U.S. It's hard to be a really global player without, but I would not go as far to say that you're not relevant. Consolidation, M&A, yes, the core limiting factor to us, we think it's not the opportunities in the market. It is the ability to integrate. We are increasing our investment there. I have a VP for integration reporting only to me, or reporting to me with a dedicated team and building up a dedicated team to do this. She was with them, the Thomson Reuters roll-up. She was participating in that when Thomson Reuters did 40 acquisitions a year. That's her perspective. We are investing continuously. We're getting better and better. This is where we have to think about in terms of acquisitions. I think the integration is doing well, but it's obviously a lot of work, and we're working to improve. On the balance sheet side, I would ask Roshan to answer that question. Thanks, Oscar. Just a couple of comments there. One, Ramil, just as clarification, the growth figures from our report is, of course, based on where the customer is based. When you look at the traffic spread, it's a lot broader than that. On the balance sheet constraints question, I can just say that currently we don't have any constraints in terms of the acquisitions that we've announced. We're satisfied with the financing that we have to be able to complete the Inteliquent acquisition. We, of course, don't comment on future acquisitions. That's a separate process. We'll come back to that if we have something to communicate. That's very clear. Thank you both. Thank you. Our next question is from Daniel Djurberg of Handelsbanken. Please go ahead. Thank you very much. Congratulations to Stellar Messaging Growth. I have a question first on Wavy, consolidated now since, I guess, three weeks. We have the rolling 12 numbers until March 31, I believe, are roughly SEK 1 billion or SEK 928 million and SEK 260 million in gross income. Can you comment a bit on the current momentum? Has the momentum in the company been impacted by the quite lengthy M&A process? That's my first question. I'll jump in there, Daniel. I think we'll refrain from any numerical answers on how these acquisitions have been progressing in the interim period. I think what we can say is that the trends that we saw when we signed the deal, they have continued, and we're very happy with the progress, in particular with the development on next-generation conversational messaging. Perfect. That's fair enough. My second question on this interesting Marketing Cloud solution for WhatsApp with Salesforce, can you help me understand a little bit more on the revenue model, if it's revenue sharing somehow, and also if this is more or less the only WhatsApp cloud solution that Salesforce offers, or if this is one of a dozen or whatever? That's my question. Right. Revenue model is very similar to our existing revenue model. This is like a big partnership with a big customer, they would pay in a similar fashion as they do for others. They just partner with the big provider, like Sinch, to do this, they are paying in a similar fashion as for all other messages, basically, as for all other customers. The revenue model is similar. No difference. The second part of your question, please repeat that again. It was more on how to consider this, if you're one of many collaboration partners. Right. For Salesforce on the WhatsApp cloud solution, or if you're more or less a little bit more exclusive collaboration. Yeah. We are the only partner that we know that has integrated this deeply. You go into the Salesforce, you go into the Journey Builder, where you can create customer journey flows graphically. Click on something, drag in Sinch, you see the Sinch logo. We're the only partner to our knowledge that is doing that. They have another mode of integrating, which is what's called by the AppExchange, where people can upload services that is connected to their service. That's more of an arm's length partnership. There are several providers. To our knowledge, with WhatsApp being integrated this deeply into their Journey Builder, we haven't seen anyone else, which is obviously a very strong position to be in. Yeah. That's interesting. Thank you. I'll go back to the queue. Thank you. Our next question is from Fredrik Lithell of Danske Bank. Please go ahead. Thank you. Thank you for taking my questions. Congrats to a great report. I have maybe a follow-up on Daniel's question on Salesforce. Is this sort of a first project with Salesforce, or have you engaged with them in other types of applications earlier? Is this a first with a giant, or are you acquainted with them since before? That's one question. I would like to ask a question on Inteliquent that we talked about yesterday as well. Can you, a little bit, describe your plan so far, I know it's early times, on how you will drive revenue synergies out of the combination of you two? Because I guess that's where you're most intrigued and see the potential. Could you elaborate a little bit on that, if we then assume that it will be approved in the fall of 2021? What should we expect there? Thank you. Thank you. The WhatsApp partnership is a continuation of an existing relation. The Inteliquent revenue synergy side, I think it's very interesting, both because if I take a use case or two use cases, if I'm here in the U.S., when I walk into my Honda dealer, I got the Honda people wagon because I got four kids, that's what I drive. I go into my Honda dealer. I'm really hot in the market, by the way. It's the hottest car you can have, I can tell you. When I go into the Honda dealer, I speak to a representative. I get a message to say, "All right, your car is available to pick up." I got that via text. If I click on that phone number, I get a call back into the right person at Honda. By clicking that number, because the number is both text and phone enabled. When I use DoorDash here in the U.S., a number is allocated to the DoorDasher that is coming out. When my order was canceled here the other day, then I get a message saying, "Hey, your food is canceled." I was like, I didn't understand. I tried to text them. I got a response from text. I didn't understand. I clicked the number, and I called the driver. I could get allocated to that specific driver at that specific time. As humans, we sometimes want to do message-based interaction because it's asynchronous. I can do it from the sofa, I don't need to talk to anybody, et cetera. I don't need some line. Sometimes I need to do voice. That's the combination, I think. The ultimate is integrating voice and messaging into the customer journey of the enterprise and handling them in whatever channel they want. This is kind of omnichannel in a broader way than messaging omnichannel, if you understand. Concretely, obviously, they sell to all the biggest contact center providers, all the biggest UCaaS product providers, all the biggest cloud collaboration tools like Cisco Webex and Zoom and what have you. They sell to a lot of the big tech companies, and they say, "Both services we sell to the same customers messaging service. Are there cross-sell opportunities?" Well, of course, there are. Similar customer base. We obviously buy services from the same operators. They partner very closely with the biggest U.S. operators on voice and actually outsource part of the labor of voice connectivity to the U.S. operators. We buy messaging service to them. Will we increase our volumes and standing with the U.S. operators and relations? I would be hard-pressed to say that we would not. That's kind of the major area, I would say. Mm-hmm. Is it fair to assume that you can see the benefits very clearly already now? Will you already start to drive for innovation that then can just be bolted on when you get an approval and you get really starting running? Is that fair, or will you need to wait? First, there's gun-jumping rules. We need to operate as separate entities in the market until the deal close, and we are very careful about doing that. We always play to the book, so we operate as separate entities, period. We close, and then we can fully cooperate. Do I see opportunities? Of course. I see tons of opportunities. Everyone I speak to, we see various opportunities. We can cooperate in various ways on an arm's length basis, on market-based premises. All right. If we can do that in an area, that's all good, and we check with our legal team, then we will do that. That's how we think. I think it's very straightforward. Perfect. Thank you very much for the answers. Thank you. Our next question is from Andreas Markou of Berenberg. Please go ahead. Hi, everyone. Thanks for the presentation and for taking my questions. The first one is actually on video, something we haven't talked about a lot today. What do you see the opportunity in video, and how do you think about it for the next couple of years? Obviously, Sinch yesterday, you're now much bigger in voice as well, and your U.S. competitors are talking a lot about video. What do you think about the video opportunity? We think the video opportunity is very fast-growing. We think it's a great opportunity for customer engagement. I would say that the largest channel is messaging, second largest is voice, then the by far smallest, but growing very fast, is video. I think you should think about it in terms of effectiveness of communication. Messaging is most effective, most time effective for you in the enterprise. You want a little bit higher bandwidth, you would go voice. You want the most high bandwidth, you would go video. That's kind of the premium channel, right? You wouldn't do video always. I think in volume, it's going to be the smaller channel, apart from these kind of Zoom calls and what you have, which is a little bit of a different market. If you talk general enterprise consumer engagement, it would be like that. We think it's very interesting. We think there are definitely opportunities in this market. There are two parts to the market. One is live video, and the other one is video that you send out. We have a good drive and growth in the video that is sent out via message, which we would count in our messaging business because it's like non-live video, right? That's a very strong format we see, good for conversion rates. On live video, we see as a good growth rate, very interesting market. We are small. We tend to focus on the core areas, and then when we do something, we do something big, and that's exactly what we saw with Inteliquent. In the long run, it's a logical extension. We see good growth. We also need to focus on the core areas and make sure we win where we are. Okay. I guess, if I make kind of a follow-up on this, do you see it as a risk that if you don't do anything big in the video segment, you might actually become less competitive in the next couple of years compared to your U.S. peers, which are quite aggressive in this segment? Do I think I lose customers in messaging and voice today because I don't have a video service? I don't think that's a lot. I think it's always, of course, best to offer everything to customers from a customer perspective. From an internal operations perspective, it may be good, but you may spread yourself too thin, right? Yeah, it's good to offer, but if you would spend those on being best in messaging instead, what's the biggest growth drivers to my investors? That's not an easy question to answer, right? That's the balance I try to strike. Shortly, do I lose a lot of customers now? No. Is it better for customers if I offer everything? Yes. Is it always best to spread thin or to focus? Well, that's a good question. Mm-hmm. Okay, my second question, if I may, is on working capital. Are you taking any steps to improve this for 2021? Roshan. I guess I can answer that, Oscar. Andreas, we have a continuous work with improving working capital. If you look at the previous reports, I think you'll see that in the numbers and in the trend. When we acquire companies, in a way, we acquire a working capital that comes with it, and in the short term, it's very little you can do with that. I think that's sort of the Q4 effect that you see a little bit coming from the SDI acquisition and the size of the SDI acquisition impacting working capital as a whole. It's quite obvious that we want to get not only the organic growth, but also the working capital quality up to the Sinch standard, but that's going to take some time. Mm-hmm. Okay. Thank you very much. Thank you. With that, I think we've exhausted our time. Thank you for all the keen interest and the questions. Feel free to reach out with any follow-ups. With that, we've finished the call, and I'll just hand it back to Oscar for a concluding remark. Thank you all for your interest. We're very thankful for all your interest and your time. We think we're in a very good market. This market is continuing to expand and continuing to surprise me on how strong it is. We've been fortunate to execute well in the last quarters, and we will fight as hard as we humanly possibly can in order to continue to grow good on a quarter-to-quarter basis. I think we are in a very good position in a very good market right now. Thank you.