Very much operator and welcome everyone to this update where we talk about the acquisition of Inteliquent announced earlier this morning. We are reporting our fourth quarter results tomorrow, Friday the 18th February, which means we will restrict the discussion today to the acquisition of Inteliquent and leave other questions for tomorrow. With those opening remarks, I'll hand the word over to our CEO, Oscar Werner. Thank you, Thomas, and thank you everybody participating to this brief presentation of the acquisition of Inteliquent. We are very happy to announce today that we have reached an agreement to acquire Inteliquent. Inteliquent is the leading voice connectivity player in the U.S. and I think it really complements our offering in a very logical way. That said, operator go to slide one or two, whatever you want to call it. Two, I think it is. This is Sinch and this is Q3 numbers, pre-Inteliquent, but where we have added the Wavy numbers to people, countries and billion engagements. By Q3, revenue SEK 6.6 billion, adjusted EBITDA of SEK 786 million, 1,800 people, 47 countries. We do 120 billion engagements per year. If we average this out on the 9 billion population on the planet, it's on average 14 engagements per mobile phone on the planet each year. It's a high volume business of course. Sinch, as many of you know, we're in messaging, we're in voice and we're in video. We've always been the lion's share messaging, and we had a voice business growing very successfully before COVID. It took a little bit of a hit in COVID. We have always known that at some point we would want to add the next step, basically the voice business, which is a large part of CPaaS, to our offering. When we saw this opportunity, we thought the time was right to take this very logical step and add a significant voice business. We're now standing on the messaging leg and the voice leg in a major way, basically. If you want to simplify it down, that's what we're doing. We are serving eight out of 10 of the largest U.S. tech companies. We're obviously doing that on the messaging side today. We see big opportunities obviously to approach the same type of customers with a very strong voice offering. That's part of this deal and Inteliquent obviously serving the largest U.S. tech companies or largest U.S. companies. They have a couple of those companies as customers as well. Like we said before, consumer penetration being 100%. I mean that both on the messaging and on the voice side, right? I know that all of you on this call have received a message from your dentist or your airline, but most of you have also called a company, called Uber via the ride-hailing app, or called a company to their customer care center or placed a call into this type of conference line. That is the voice business and that is the CPaaS voice business, basically. I think it's a very natural evolution of, as humans, our preferences are moving to messaging a lot because it's simple, it's asynchronous, you can do it from your sofa. That's a trend we see, but there's always a very large part of the communication with enterprise which will be voice-enabled because you can't text everything, right? You can't WhatsApp everything. It's just too short-form. For some use cases it's great, and that's growing very well. In some cases, you also want to contact the companies and talk to them, and that's kind of the voice or the video. There you see the collaboration between those two. Sometimes you want to do voice, sometimes you want to do messaging, and enterprises want to have a joint customer journey where they can seamlessly move calls or communication between those channels. By adding a big voice offering, we obviously strengthen our ability to serve companies to do that seamless moving of channels. As you know, we've been profitable since our foundation. I think this acquisition strengthens our profitability. This is a highly profitable company, established company with very large and very solid customers. It strengthens our profitability in a very good way. All right, operator, move to slide three, please. We are, as you know, targeting global scale and leadership. This is a huge market with a 100% penetration of consumers on the planet. In principle, every enterprise that wants to communicate with consumers are using or are a potential customer of these type of services. We are taking the scale play, and this acquisition plays very well into that. On the graph, you can see our gross profit in the last years and our adjusted EBITDA. You can see the addition of the latest acquisitions. You can see how big of a play Inteliquent is, both on the gross profit and on the EBITDA level, of course. This is a thing that really drives up our scale. Apart from adding a significant voice business, it drives up our scale. We focus on gross profit since pass-through revenues vary between geographies. They also vary between product offerings, right? We're going to see that more and more. If we compare a messaging to a voice business, well, they may have a different gross margin profile. Trying to compare both between geographies and between big product lines would distort the picture and would distort the steering of the company if we tried to compare our revenue, gross profit is the only thing we look at. As you can see, acquisitions adding significant to our scale and profitability. Inteliquent adds 62% to full-year gross profit and 78% to adjusted EBITDA. It's, as you can see, a major acquisition for us. All right, operator, let's go to slide four, please. Here you can see how we're rebalancing the company and giving us a couple of more legs to stand on. Basically adding voice and strengthening our U.S. presence. It's two things that we do in a major way with these acquisitions. If you look at the leftmost graph, it's gross profit rolling 12 months, and it's pro forma as per Q3, including Inteliquent. We can see the Sinch business in yellow and what happens with the combined entity when you add the Inteliquent business. Basically, we've been very messaging oriented, and now we add a significant voice business, basically. You see share of total gross profit messaging becomes 42% and voice and video becomes 29%. Inteliquent is also, and this is serving enterprises in voice, so the middle part is serving enterprises in voice. Then on the operator side, Inteliquent has, just like us, they have a significant piece of their business is serving operators, serving the largest U.S. operators, because that's pretty much how you can gain scale and gain profitability in the U.S. voice business. We add a significant revenue line from the largest U.S. operators. That part of the business is also growing. It's nothing new to us. We had it before the SDI acquisition. We strengthened the operator part with the SDI acquisition, and we strengthened this part of the business as well with this acquisition. It looks pretty similar to what we've seen before. The operator business is very stable, very profitable, and grows slower, while the enterprise CPaaS business has a much higher growth rate. That's the same for us and Inteliquent. You can also see the headcount distribution. We're significantly strengthening our North American presence. Inteliquent is some 600 employees with a lion's share being in North America, based in Chicago. You're seeing here that Europe is Sinch's biggest region, and North America is almost coming up to the same level. Asia, especially after the ACL acquisitions, is also a large portion, and Latin America, of course, after Wavy and TWW. We're also rebalancing and being more balanced geographically from a headcount distribution perspective. We think this is great. This really shows how global the market is, and it gives us an even more balanced customer concentration and headcount concentration. All right, operator, let's go to slide number five, please. We play according to the playbook that we have now laid out for many quarters now. We have a connectivity business, and we have the software as a service business on top. The connectivity business, like I said before, is making sure the message gets there, transmitting the message, or placing the voice call, making sure the voice call is connected, or making the video call, making sure the video line works. That's what the connectivity business is. Then the SaaS business on top is adding interesting software-as-a-service components on top, like Chatlayer, to take an example, where you would not only send the message, you would also tell your customers, "Hey, we cannot only send the message, we'd also interpret the intent that the user has in the response to you, so we can tell you have received this message, and the users, you wanted to cancel the ticket, or they wanted to speak to a customer service representative." That's one example of the SaaS business, which can be much, much broader, but take one example. Inteliquent is squarely in the connectivity business. They are the largest voice standalone or independent from the operator's connectivity player in the U.S. If you want to place a voice call from any CPaaS service or cloud collaboration tool or UCaaS or contact center, they are the largest provider for such services. Making sure the voice calls are delivered at a high quality. That's what it is, in the yellow box. Obviously, if we take the Chatlayer example, Chatlayer would work both on a messaging transaction and on a voice transaction. We can add the Chatlayer service to the Inteliquent business as well and say, "Hey, we can not only place a voice call, we can also interpret what the user said on the voice call, if you so wish, Mrs. Customer." All right, operator, let's go to slide six, please. Again, we're following our M&A agenda. We're leveraging M&A to meet our strategic objective. Like I said, this is a very large market. We think that we can build everything in this market organically. It's not going to be feasible. It's going to take a very long time, and there are entrenched players in many markets that it's just not financially viable to compete with, and then it's better to acquire established players, and that's exactly what we're doing here. This is an acquisition in the scale and profitability category. We acquire a lot of sticky customer relations in CCaaS players, contact center players in the UCaaS, unified communications, in the collaboration tools that are players like Zoom, et cetera, in big tech and in the operator space. A lot of very good, strong long-term customers. We add direct operator connections to all the U.S. carriers. Now we're not only talking voice, we're not only talking about the biggest carriers, we're also talking about ability to connect to all the rural carriers or the vast majority of the rural carriers out in the countryside, which is a very large USP on the voice side, to be able to make all voice calls. We leverage shared platform. In this case, we're actually going to be running the voice Inteliquent platform that's going to be our voice platform going forward, which we're going to build on, and we're going to have the messaging platforms. These will be standalones as opposed to a technology acquisition. We won't merge the connectivity part of these platforms, but we're going to put a joint CPaaS layer on top of them so the customer sees it as a unified offering. This is obviously EBT/EBITDA accretive, but fits very well in the scale and profitability category. All right. Operator, slide seven, please. Again, this is the past acquisitions we made, and as you can see, the Inteliquent acquisition is going to fit well in the scale and profitability, but then also adding a large voice offering, of course, to us. Operator, slide eight, please. Deal rationale. First, what is it that we're acquiring? We're acquiring the largest independent voice communications provider in the U.S. We believe this is the prime asset in the U.S., and U.S. is our number one market when it comes to voice. The reason for that is that there are some offerings coming out in the U.S. where you really combine the voice and the messaging business. You can send a message, and on the same number, you can call back in, which we think is a great driver for consumer adoption. Inteliquent handles 300 billion voice minutes per year, and they handle or manage around about 100 million active phone numbers. That is round about 10% of the number of phone numbers that exist in the U.S. are handled by Inteliquent for various CCaaS and UCaaS and cloud communicate and CCaaS or contact center in the cloud solutions. They are around 600 FTEs, including contractors with headquarters in Chicago, Illinois. The deal rationale is very straightforward. It's basically establishing Sinch as a leader in voice communications, and following our strategy of selling to the largest U.S. voice customers. In principle, what we do in the messaging side, where we come from, what our core has been is we have this very strong, very solid messaging network, giving the highest quality to the highest volume customers. That's what our core, and then we've added a lot of SaaS services on top. Inteliquent is that in voice communications in the U.S. In order to serve the largest U.S. voice customers, you need to own and operate this type of network on the voice side, and that is what we're acquiring. Again, they don't have so much on the CPaaS service on top. That's what we're adding to Inteliquent in order to increase the growth. They have a super network for voice, reaching 94% of the U.S. population without middlemen. That is connecting to all these rural carriers. They are a leader in reaching the vast majority of the U.S. population. That's basically what we're doing, making us a voice player in the largest voice market, which is the U.S., and making us a leader in that market, especially to the high volume customers. Integration. We're estimating integration costs to around about $5 million over 18 months. We believe there are large cross and upsell opportunities for Sinch and Inteliquent product portfolio. We will reinvest of this very profitable company some $15 million-$20 million of their EBITDA to accelerate the joint CPaaS roadmap in voice and strengthen the enterprise go-to-market. We're basically saying we get a very strong network, very profitable player. Let's add more SaaS and CPaaS services on top in order to increase the growth rate of this extremely strong asset. I think that's a very logical thing to do given the profitability and given the growth in the CPaaS market. We're basically saying, "Hey, look at this as you have this profit, but we will invest this amount in order to increase the growth. So that's how you should think about it." Financials, enterprise value of $1.1 billion. Closing is subject to regulatory approval, this is both from the telecoms regulations, you've got to go through each state, and from an anti-competitive. Obviously, we're not large in voice, the anti-competitive we will go through, but they're not large in messaging, and we are not large in voice. Since they are regulated by telecom regulations, it will take some time to close this transaction. We expect it to close in H2 2021. Reported revenues of $533 million, gross profit of $256, EBITDA of $135 million in 2020. They have had a really strong run due to COVID, due to all the uplift of cloud collaboration. We would look at it, if we avoid this temporary COVID uplift, we would look at it as a revenue on a run rate basis of $499 million, gross profit of $233 million, and adjusted EBITDA of $112 million. That's what we are looking at when we do all our numbers, because great that they have a COVID uplift, but we want to look at the long-term business here. Underlying year-on-year revenue growth around 11% over the last 2 years, driven by faster growth from the CPaaS segments, and then the operator segments, a little bit lower growth. All right, operator, next slide, please. We're now on slide number nine. I think this is looking at all the market external reports. You can do that, you would see that messaging is the largest part of CPaaS, and voice is the second largest. I think it's very logical to take part of that market. In this part from IDC, CPaaS voice is expected to grow with a CAGR of 33%. You can see if you look at Twilio or Bandwidth reporting, they're growing in between 20- 30, even a little bit higher in Bandwidth case in CPaaS voice. You see the two largest public peers or comparisons, you would see these type of growth numbers. It's very logical to take part of that market and drive it forward. Here we're talking about the CPaaS portion of this market, not the operator portion. I think our growth is driven by the continued digital transformation of communications and the increased use of API-based voice products, basically. I think the other thing that is very, very interesting is increased convergence of voice messaging. To give an example of that, if I'm here in the U.S., when I go to my car dealer, I get a text from the car dealer, from the person I talk to at the car dealer. I get a text message from there to say, "Hey, your car is available to pick up." I can either respond to that message via text, or I can click on it and I call. Both of those things, even if I text them or I call them, will get routed to the same person, which is a very convenient service that you can choose. Well, this question I just want to text, and this question I want to talk to a representative. It's very convenient and extremely fluid. Obviously, serving both sides will give you a great opportunity to drive these conversions and then drive better services for the joint services for the enterprises. All right, slide number 10, operator. To position this, and to tell you we're not making all of this up, looking at Gartner CPaaS stack here. This is how Gartner would describe the market, would describe the CPaaS layers and CPaaS stack in a couple different layers. Layer 1 is the networking layer. Layer 2 is the cloud communications API for the various channels, like you have an API for voice, one for SMS, one for RCS, et cetera. Layer 3 would be modules or wrappers layers. Maybe you have one API covering all channels, which can be voice and messaging and various channels. Layer 4 is more of the complete solutions, contact center, unified communications, CRM exactly. Layer 5 is marketplace. We define our market as the level 1, 2, and 3. We don't define our market as unified communications or CRM. We believe there are much bigger companies focusing on those, and we don't intend to do it. We focus on the layer 1, 2, 3. Here we can see highlighted in light green here, the areas where Inteliquent really complements our offering on the networking layer and the cloud communications API for voice. That's where they really complement and gives us a strong business. We will then do the omni-channel APIs on top in order to do the combination of voice and text messaging, voice and RCS, voice and Apple Business Chat, and what have you. That's what we will add with this SEK 220 million extra investment in order to merge those type of companies. In both voice and messaging, we do focus on differentiating by quality and securing profitability to superior scale. All right, operator, let's go to slide number 11, please. This is America's leading independent super network for voice, 100 million phone numbers, 300 billion voice minutes. 37% greater local number coverage than other providers. Basically, being able to supply a number that is local in Montana is key for the Montana enterprises. As you can imagine, that's very large barriers to entry. It's hard to build up such a network that covers all of the U.S., even with the rural carriers, and that's kind of Inteliquent's core strengths. They got a 99.99% uptime backed by 43 geo-redundant points of presence across the U.S. This is a hardcore, high-quality service provider. Talking about customers. They're serving the category leaders in every sectors of voice. This is, to me, if I say one thing, if I want to be a voice player in the U.S., I want to be big, and I want to have the ability to serve the largest customers. That is exactly what Sinch has been doing. They serve the top five collaboration companies. These are companies like everything from the Zooms, without naming specific names here, but everything from the Zooms to the Cisco Webexes to the 8x8s, to the RingCentrals, to the UCaaS players and the contact centers in the cloud type services. Those type of companies, the largest companies on the planet doing such business in the U.S. are served by Inteliquent. The communications platform companies, there are more companies like the CPaaS providers, of course, but it may also be the Skypes or maybe the Microsoft Zooms of the world, et cetera. Then you have 10 out of 12 of the biggest VoIP companies as well. That's kind of on the enterprise side. On the operator side, you have the top five wireless carriers, cable companies, and wireline companies in the U.S. as customers. A very well-balanced mix. If I, a little bit more specific on the customer segments on the enterprise side, that all the UCaaS, unified communications as a service, those type of companies. All the CCaaS, the cloud contact centers business, basically. It's the collaboration tools like the Zoom and the Cisco Webexes. It is the CPaaS providers, people like us typically buy from players like Inteliquent, that are smaller in voice, I would say. It's the big tech companies is also a category that they are focusing on, that we are focusing on. It's a very, very interesting type of customer mix here. All right, operator, slide. Next slide, please. Roundabout a well-balanced business, what they call the CPaaS is what I just described, and serving to the enterprise customers. Roundabout half of the gross profit is from that area, and half of the gross profit is what we call IaaS serving the wireless carriers. Half and half. The CPaaS market growing significantly faster than the IaaS market. On the other hand, being strong and selling to operator gives you scale, that gives you a lot of profitability and a very good price point in the CPaaS market. I think the combination here, just like in other markets, is very strong because it gives you scale and profitability to be able to drive the unit cost down. It is also so in this business, operators and operator relations are extremely important, and we obviously become very close to the largest U.S. operators by doing this. Because the U.S. operators are effectively outsourcing a part of their voice termination network to Inteliquent. Having that relation and then strength for the U.S. carriers is a very strong position to be in. Operator, next slide, please, I leave that to Roshan. Thank you, Oscar. Good afternoon, good morning to everyone calling in. Super happy today to be walking you through the acquisition of Inteliquent, a leader in voice connectivity, and also addressing or increasing our addressable market. As Oscar outlined, this is a financially accretive transaction as well and contributes a significant EBITDA of $135 million. We're confident that we will replicate our proven playbook from messaging, building on Inteliquent's strength. Talking to financial leverage, as you see on this page, at the end of the third quarter 2020, we had reported a financial leverage, actually a positive cash position of 1.2x EBITDA. Post the acquisition of SDI, and closing of the transaction of Wavy in Q1 2021, as well as the share issue that we completed towards the end of last year, we have a pro forma net debt to EBITDA, which is again, a cash position of 1.3x EBITDA. On a pro forma basis, including then the EBITDA of Inteliquent as well, our pro forma net debt over adjusted EBITDA would be 3.7 on those figures. We do believe that due to the organic cash generation and earnings growth, this net debt will decline during the course of the year. We have stated that the closing of Inteliquent is expected to take place in the second half of 2021. We've secured credit facilities to finance this transaction, we have also access to cash and balances. In addition to that, the credit facilities, in the form of acquisition financing, have financial covenants that will allow us to complete this transaction, and take on new debt. If we move to the next page, operator. Again, just a very quick reminder of our financial targets. We have a financial target to grow our adjusted EBITDA per share with 20% per year and keep our net debt to adjusted EBITDA under 2.5x over time. We have consistently said that we might exceed that during a short period of time. As at the third quarter of 2020, our adjusted EBITDA per share grew 51%, measured on a rolling 12-month basis, and our net debt to EBITDA was at a cash position of 1.2 on a pro forma basis. Even after including all of the transactions that are currently closed, it will be a cash position of 1.3x together with the acquisition of Inteliquent. As I said, we would end at 3.7x, but we expect this to decline during the year due to cash generation and earnings growth within the business. With that said, I will hand back over to you, Oscar, for closing remarks and Q&A. I think you might be on mute, Oscar. I was talking away and saying great things here, but sorry about that. Thank you, Roshan. The summary to me is very straightforward here. We see CPaaS industry comprised of a set of major channels. Messaging is the largest. That's what we've been focusing on. Voice is the second largest. We are now entering that space. It's a very logical move because CPaaS industry consists of these two and a couple of other big channels. We want to occupy these channels. To us, Inteliquent is a very logical move within that category because it is in the largest, most important market, U.S., the leading connectivity player, and it has the ability to sell to the largest customers. That is our strategy and has been our roots and heritage on the messaging side, and now we're adding a very similar player on the voice side. That's kind of the rationale from that and being able to serve the largest U.S. voice customers. Again, what we do with this, in addition, we say, all right, let's strengthen the CPaaS layer on top, the self-serve, the tools, the programmability of this. We take a portion of the profit, and we reinvest that to increase the way that we develop this CPaaS layer on top. Because we believe that's going to increase growth of the Inteliquent asset, basically. I think that's what we're doing. I think that all of this is a very logical move for us as a company, and I'm very happy to have made this transaction. That said, thank you. Over to you, Thomas, to open up for questions. Thank you very much, Oscar and operator. If we have any questions on the line, we're happy to take them. Thank you. Ladies and gentlemen, if you wish to ask a question, please press star one. We're now taking our first question from the line of Stefan Gauffin from DNB Bank. Yes, hello. A couple of questions. You're talking about reinvesting $15 million-$20 million of EBITDA to accelerate Sinch and Inteliquent's joint roadmap. You also mentioned some $25 million in integration cost. Can you talk a little bit about synergies that you expect to see from this transaction, both revenue-wise and on the cost side? Secondly, it's clear that you strengthen your U.S. position, I guess adding voice, you also strengthen your global position on the CPaaS side. Can you talk a little bit on what you're seeing here and how fast you can have something to provide to your global customer base? Thank you. Sure. First question was on synergies, you start with revenue synergies. First, typically when we give synergy figures, we don't include revenue synergies because it's so hard to count them, basically. Yeah, we do believe there is significant revenue synergies here. I mean, selling messaging to the Inteliquent customers and selling voice to the Sinch customers. That's kind of, to put it simple, where we think the revenue synergies are. It's very straightforward. Two very major segments of the market, there should be things there. On the other synergy side, on the cost synergies, as opposed to a messaging platform where we would shut down the messaging platform and move all the customers over to our platform and shut it down and thereby drive significant synergies from that type of operational saving. We're not combining a voice connectivity platform with a messaging connectivity platform because they're just different things. This is not a synergy case in that sense. Of course, with global scale, you get bigger, marketing and finance and operation. Of course there are synergies, but we're not counting them as a major synergy case as we have done before. Over time, of course, we will extract things. That's why we're not focusing on that area with this type of transaction. That's what we're saying. On the investment side, very logical. We see a CPaaS market growing very fast and a clear need from voice CPaaS customers is tools like self-service tool, being able to sign up online, being able to handle numbers via easy-to-use APIs, being able to program your voice services from easy-to-use APIs. Terminate a call, make a new call, record, transcode, et cetera. Adding that type of layer, we believe, will increase the growth of the asset. That's a very logical thing to do when you have this asset. Integration costs, hard to estimate at this stage because you need to speak to the company in a much more detailed level to know. We made an estimate of past acquisition. What does it cost with you, same CRM systems, same IT systems, brand rebranding, et cetera. There are always costs to do there, and we've seen, focusing on take the investment in order to get the lines, we have max speed forward. That's what we want to do. That's, I think, the answers to your first question. Can you please repeat the second question there? I think you basically have answered that. It was more what this acquisition brings to your portfolio when looking at your global customer base. Yeah. Right. The global customer base, the good news is the U.S. is over-represented in global enterprises, right? You see that both from the big tech side and from global enterprises. I think this enables us to go to the largest enterprises on the planet, both in big tech and large traditional enterprises, if you will, and sell them both voice and messaging. That's what it does. Obviously, we can't sell a U.S. voice offering to somebody in Europe. Let's see what we do if we can roll this out in various countries. That is something that Inteliquent is in process of doing anyway. That could be a lead, but targeting U.S. big enterprises and U.S. big tech, obviously prime on the global enterprise level. Can I ask- Just a small clarification, Stefan, as well, on the first question, Roshan, here. Is that the $25 million includes both acquisition or transaction-related costs and integration costs? Just a small note on that. Maybe that was clear to you, but I thought it was worth pointing out. Yes. Thank you. Can I just ask for another clarification? You mentioned a pandemic effect of some $20 million-$30 million on revenue, gross profit, and EBITDA. Can you just explain a little bit on what this is and how you see that developing? Yeah. The pandemic effect is like, you think about you make a Zoom call. I think we're all more on Zoom now than we were before. On average, 15% of all the call-ins to such a line would be voice call-ins. You can just imagine the number of Zoom call, the number of BlueJeans calls, cloud collaborations, those type of calls, has really gone up. This 15% is obviously going up as well. That's just one example. Communications online has increased, is drag up the number of voice calls. Another one is Amazon, more home deliveries. When you want to call Amazon to look at your delivery, all right, then you maybe stop the messaging, and then you go to voice. That's obviously has a COVID effect. Part of that is kind of a blip, right? Because if we go back to work, then the number of calls will go down. Part of it, I think we all believe, is going to be here to stay because we're going to use more collaboration tools going forward. We just estimate that if we take away what we believe is the blip, to take it down to a more run rate level. This is a company that is clearly positively affected by more online collaboration, of course. That's what we're doing. Okay. Thank you. We're taking our next question from the line of Daniel Djurberg. Please ask your question. Thank you so much. Congratulations, gentlemen, to an interesting and value-adding acquisition, I believe. My first question would be a little bit on how important the Infrastructure as a Service and the super voice network that Inteliquent offer has been for their enterprise Communications Platform as a Service growth, and if that is a hurdle for you, if you're aiming to do this international expansion together on the voice side. I think the network is a prerequisite to sell to the largest customers. It's as simple as that. You won't sell to the contact center players, the UCaaS players, the big collaboration tools if you don't have the volume, and you need the network to get the volume. If you don't have that and are a CPaaS player trying to be in this market, you're restrained to sell to the smaller customers. It can be very large, but they cannot be the largest, basically. I think it's a prerequisite to sell to the largest customers. To do internationally, yeah, of course, you need to do the same thing internationally in order to sell to largest customers internationally. What we see now, we have one of the largest U.S. voice players on the planet, since U.S. is one of the largest voice markets. We believe that the same platform, with obviously adaptations, can be used in other markets if you do an international expansion. There's obviously always quirks which you need to add. When we enter on the messaging side a new market, there's always quirks. We believe starting with one of the largest and most professional voice players in the market is probably the best starting point that you can get. Perfect. Thanks. Another question, if I may. In terms of CapEx investments ahead for Inteliquent, is it any large? They have a very good coverage with this SuperVoice network, obviously. Do you see large investments of some sort coming here? Yeah. That's the question. Very good question. That's something that we have been looking at in the DD. We didn't want to acquire something which was under-invested. To the best of our knowledge, and we have asked this question many times in many different areas, we believe they're well invested in their network. Their CapEx investment in their network have been higher than normal the last couple of years. They have not under-invested. They've over-invested in the last couple of years, and we believe the network is in a good standing. Obviously, in anything, you need to continue to invest in this business as anything else. We don't expect that rate to go above what it has been before. Perfect. My last question, if I may, just first, just out of curiosity. Is the acquisition a result of Sinch winning a bidding process, or have you initiated the process, or how did it happen? I'll let Thomas answer that question. Yeah. Every deal has its unique characteristics, and we prefer not to go into specific details on the individual case. I think what we're seeing here is a good strategic fit, and both parties could identify that at an early stage. It's been a very fruitful cooperation to reach the point which we're at today. Perfect. I agree. Thanks. Good luck. Our next question comes from the line of Predrag Savinovic from Carnegie. Hi, guys. Thank you very much for taking my questions. To Oscar, you made some examples on top collaboration platform VoIP companies on the CPaaS side, which use Inteliquent. Think of the growth ahead here. Will that come from these companies themselves growing organically, or can you grow this share of wallet? What kind of share of wallet are you having in this category of customers, so to speak, or is it more new customers onboarding? No, but I think it's both, which is the characteristics of a good business. These companies, I project, will grow. I don't know. I think we all believe that cloud collaboration companies will grow over the coming years. On the back of that, there will be voice calls. We believe that will grow organically, and Sinch Voice will grow on the back of that. I also believe that the CPaaS portion of the market of enterprises integrating voice and messaging into their customer engagement journeys will grow significantly. That's more new customers. I think you got the collaboration tools, the contact center people, the UCaaS people, and the big techs, they will grow organically and growing on back of that, obviously winning more of them and winning a higher wallet share and all of that is included in that category. That's yes. Adding a CPaaS offering in order to more capitalize on the enterprise growth as well. Yes to both, which I think is the best possible position to have. All right. Convergence is important. It seems like the key word here, I guess harmonizing message and voice. For the large tech guys on the customer list, the benefit is clear. If you take, I don't know, take a bank that uses Sinch for messaging and what would the benefit be from harmonizing it on the voice side, and can you deploy this in a broad and scalable way in the U.S.? Yeah. Take an example, fraud alerts. You get a message notifying you of fraud alert. Would you, as the customer experience manager of your bank, want the customer just to be able to click on the message to make a phone call into the right person at your bank, or would you rather want them to go online and find that number somewhere? That's the convergence for your bank. It's a very, very powerful tool to just like, we send this message. At this point, when the message is sent, we connect this number in this message to this individual. To you as a consumer, I think it would be very powerful for you to avoid having to go online and searching up Bank of America's phone number and then seeing, all right, this is where I am, I'm standing in line, connecting you through 57 different departments in order to get to the right department and then talk to the representative. If you can just get connected directly right into the right place, I think it's a very powerful thing. I think also conversely, if you have made a voice call, just being able to say, "I forgot this," and text it back into the bank and it gets to the right person because you made the voice call is another very powerful figure, right? Being able to get a response from it. That's your example. I think we both can come up with examples of pretty much any enterprises of the same type of services. Makes sense. Just finally, if you could take like a side-by-side Bandwidth versus Inteliquent similarities, differences between these, looking at Bandwidth, noticing that 8x8 is their customer with Inteliquent as well. Can you take all of this or is it a logic for Inteliquent or 8x8 to partner with both Bandwidth and Inteliquent? I think Bandwidth is Inteliquent's biggest competitor, Inteliquent is bigger by volume, by revenue, by gross profit, and certainly by profitability, right? Bandwidth is right above breakeven right now. In terms of voice connectivity, Inteliquent is the leader and bigger than Bandwidth is the number two in the market, basically. That's kind of the position. What Bandwidth has done is exactly what we're doing with this SEK 15 million-SEK 20 million investment. They kind of added and strengthened their CPaaS layer. Therefore, they are in CPaaS growing faster than Inteliquent. They have done exactly what we intend to do here, showed and paved the way or made a case for that this is possible to do from a voice connectivity play. While we believe that the combination of Sinch and Inteliquent being both bigger in voice, being much stronger than Bandwidth in messaging, and adding a better kind of voice CPaaS services will make a stronger combination than Bandwidth, in CPaaS, if you're an enterprise buying CPaaS. That's how we would see it in a comparison to Bandwidth. From an 8x8 perspective, this is a big market. There will obviously be multiple suppliers, and I think both Bandwidth and Inteliquent or Sinch Voice will be prosperous in the market going forward. There are a couple of other companies like Lumen or CenturyLink, and there are other players in this market. It's a big market. There will be several players in the market, and I believe it makes sense for 8x8, like any other business, to have some of their numbers by Bandwidth and some with Inteliquent, and do dual sources and play us out against each other. I think that's going to happen in any big market. All right. Thank you. Thank you very much. Our next question comes from the line of Ramil Koria from SEB. Thank you, operator. Thank you guys for taking my questions. First off, or a few follow-ups, really. First off on sort of the replication of, let's say, the infrastructure or the product offering outside of the U.S., could you sort of elaborate a bit on how feasible a connectivity replication of the infrastructure would be outside of the U.S., i.e. how difficult would it be to gain operator relationships or network access, if we load network connectivity and do this outside of the U.S.? Well, I want to stay away from the details here because obviously we need to put that plan together with Inteliquent. If we take a step back, what we're doing here, we're kind of entering the voice market. We put the cornerstone investment in a cornerstone company, one of the largest voice players on the planet is in Sinch. Together, we will use this vehicle to put our strategy in place should we go international, how aggressive should we go, et cetera. We have not made up those plans yet, we will obviously use the vast knowledge of the voice business from the people we get in here. We get like 600 voice experts to set that plan. I'm not sure I can answer. I can have a theory, but my intelligence of the answer is going to be 10x better when I can join forces with one of the biggest voice players. From a macro perspective, yes, of course. What they do, a very large portion can be replicated. Do I think we can get operator connections in other markets? Yes. There are many ways which you can do this internationalization if you wanted, and we will run that from the Inteliquent business. See Inteliquent, they will operate as a business unit within Sinch, and they will get the task to how do you make this international? They will put together a plan for that, depending on what makes sense for a good business case or a good rollout with all the tools that we have in our toolbox. That's how I would see it. Definitely possible. Details, exactly what and how, I need to come back with. The strategy here is place a cornerstone that has the capability and the background and experience to do just that. I'll come back and ask the same question in a year then. Please do. Just perhaps a more obvious question. Could you elaborate a bit on growth rate accelerations on the back of the OpEx investments you intend to make? What sort of timing are we talking about? Difficult to answer, but what's your base case here? We're not making forward-looking projections, right? Therefore, I can't talk about timing because that's hard. I think from an owner perspective, and mind you, the people making this deal, they're practically all owners. This is our founders and they are the ones evaluating to make this deal, so they're in the same boat as you are. I think the logic is, looking at Bandwidth, looking at Twilio, looking at other voice players operating the CPaaS space, they have a very solid growth rates on enterprise. If we now are the biggest voice connectivity players, it sounds very logical to add investments onto the CPaaS layer to complement that as well. If you own both connectivity and CPaaS and can combine that, you should be a very strong player in the market, and you should be able to get to the growth rates that other players in the market get to. Obviously, we thought more about it, but at a top level, the logic is that straightforward. Exactly timing, I don't know. I think it's maybe a little bit less interesting. I think they do the logical things, execute them well. In a good market, if you do that, then you should get to market rate growth. If that's one quarter early or one quarter later, maybe less actually interesting on the macro picture. Clear. A final one from me then. Just on the topic of customer relationships here. I think we all can appreciate that there is some cross-selling between CPaaS providers across different products. Have you considered the risk of losing any other CPaaS provider, which is perhaps strong on the messaging side now that you're becoming a supplier to big competitors, and has that taken into consideration here? Yeah, that's been one of the things we consider in the DD, and we made business cases, and we looked at these things. At the outset, I think, one, this business, we're used to buying and selling from each other. We have a lot of our competitors as customers, and we serve them as customers in a good way on messaging already. This is not a new relation, and we will do that the same way. We'll honor and be a good provider to whoever wants to buy our services, and we'll continue to do that. With that kind of honesty and straightforwardness, typically it works out, basically. Obviously the alternative, if there is a big customer there that wants to move, the alternative's obviously to go to Bandwidth. That's the number one alternative, and that alternative is also competing with them, also offering these type of services. That alternative, is that really what you want to do? The third alternative is go to a tier 2 player in the market, which may give you less good services, less good reach, which would compromise your CPaaS offering. That may not be the best deal. The number four alternative, to build this yourself, I think it's cost prohibitive to go in and try to build a voice network in the market at this stage. I think entry barriers is too big to do that. I don't know. We will be very honest. We'll serve all the customers. We'll be straightforward, and they have to make their own decisions. I think it makes sense to work with the biggest and best providers of voice connectivity if you want to offer good CPaaS services. It's very clear. Thank you, Oscar. Our next question comes from the line of Fredrik Lithell from Danske Bank. Thank you for taking my question. I just wanted to see if you could elaborate a little bit more on the CPaaS and IaaS. You described that it's 52% and 48% of gross profit, can you talk about the growth metrics of these two units and how you foresee that they will develop in those characteristics? Thank you. Thomas, can you start with that? Thank you. I think what we say in the release, I'd say the overall growth has been around 11% over the past two years, with the CPaaS segment growing nearly twice as fast. Of course, with these two parts being almost the same size, that gives you an indication also of how the other half is tracking. Overall growth 11%, with one half growing nearly twice as fast. Okay. Thank you. Our next question comes from the line of Andreas Markou from Berenberg. Hi, everyone. Congrats on the deal, and thanks for taking my question. It's a general question on your M&A appetite for the rest of the year. You obviously closed quite a few deals in the past year. After today's deal, what's your M&A appetite for the rest of the year? Are you going to focus on integrating those businesses, or do you still intend to proceed with more M&A for this year? It's a very good question. It's a hard question to answer. We don't give forward-looking projections, and we can't speak about future M&A, of course, but we have an active M&A agenda. Obviously, we need to think about integration, and we can't overrun the organization. I think the market is big. There is plenty of opportunity from a financial or from a good deal perspective, and I think the limiting factor is the integration capacity. If you look at this deal, it's very good from an integration perspective because one, we will run it as a business unit, so it's less integration than a text messaging deal. Two, you got a six to nine months before closing because there is this regulatory approval, so you can plan pretty well and staff up teams to do it. I think this is actually a less taxing integration than most other deals due to these two factors. Obviously, we have done a lot of deals. We need to think about the integration, and that's also why we staffed up. We now have a VP of integration reporting directly to me who has a relatively large team, who's churning through and doing the integrations to the previous deals. As we get more and more of that done, integration or M&A uptake obviously increases. What we do, we will look at each specific deal, and look at, all right, can we do this? How does it look? Do we have capacity? Don't we have capacity? Generally, we still have an active M&A agenda with careful consideration of the integration capability of the organization. Okay. Thank you very much. There are no further questions on the line. Please continue. Thank you. I think we have one question from the conference call, which I think might be for Roshan to answer, perhaps. I believe the question is, "Congratulations on this deal. It looks like the acquisition price has been very favorable to Sinch. Why did the seller not ask for a higher price? Thanks. Michael." Roshan, do you want to have a stab at that? I get the interesting one. Yes. Again, Thomas, a little bit to borrow from Thomas' comment earlier, every deal is unique and has its own rationale, of course. We're looking to make, for us, the most important thing here has been, of course, the strategic fit, and what we can do together with Inteliquent in terms of expanding our addressable market, in terms of providing a fantastic service and product offering to our customers together, and that's really driven the acquisition. I think, sure, there's also other factors that affect price, including competition, and that's quite natural. We're very proud over our strategy, which essentially builds on a super network, a high quality of service. What we saw in Inteliquent is that they have focused as well on investing in their network, building a tier 1, high-grade network, and that connects or that reaches about 94% of the population of the U.S., have a high focus in quality. Super impressed with the Inteliquent team that we have interacted with in this process. There's a great fit in terms of our business. I think that's a little bit what sets us apart in terms of our strategy, and what potentially sets Inteliquent apart from its competitors, in terms of their strategy and what unites us both. Therefore, might have affected the competitive position, of course, and therefore the price. That's a lot of speculation. Yeah, if I complement this a little bit, I think it also depends on your perspective on the market, right? If you target to be one of the two leading CPaaS players on the planet, your ability to do something with and do this integration with the messaging and all that's much, much higher than if you're a standalone voice player. If you're a standalone voice player, trying to invest yourself to catch up with players like us or a Twilio or a Bandwidth, maybe a daunting prospect, right? That's hard, and you've got to be pretty bold to do that. While if you're Sinch, it's very natural, and you have a base to start from. I think it depends very much on the perspective that you're taking, and are you willing to take that risk? I think that would be a high-risk game for any standalone player, while it's a very logical game for a player like us. That's probably portion of the reason, without speculating on the seller's objectives and motivations here. All right. Thank you very much for that. I think with no other questions on the line, thank you everyone for listening, and I'll hand the word over to Oscar for concluding remark. Thank you, Thomas. Again, the bottom line for me, we're very happy with this transaction. Very logical to complement the CPaaS offering with being very strong in voice. To us, that's logic number one. Logic number two, choose the U.S. It's the biggest market and the market with the biggest overlap between messaging and voice in the short term, that's also very logical. The target as such, to acquire the leading player in connectivity is also very logical in this type of transaction. That instead, that's as straightforward as it is. We're very happy to add the entire strong Inteliquent team to our business. Everyone I talk to in Inteliquent, obviously on the management level and the DD, has been very motivated by this transaction. I'm really looking forward to good transaction here, with the large amount of works that we have to perform. With that said, thank you all.