Good afternoon, and thank you for joining us. My name is Stephen Thorne, I'll be chairing today's session. This is a live question answer session on the recommended public offer made by White Pearl Technology Group to the shareholders of Aixia Group, which was announced on the 1st of June this year. We've set aside the full hour, and the session's being held in English. I think one important point before we begin, everything we discuss today is based solely on information that has already been made public. We won't be adding to it, and we won't be commenting outside of it. If a question falls outside of what has been published, we'd rather say so than speculate on that. Let me just, sorry, move down. A little couple of introductions. Who's on the call? I think the two most important people here are, well, certainly with regards to this transaction, are Ebrahim Laher. Ebrahim is the Chief Executive Officer of White Pearl Technology Group. Ebrahim will speak to why the group made this offer and how Aixia fits the direction White Pearl's moving in. Also joining him is Mattias Bergkvist. Mattias is Chief Executive Officer of Aixia Group, and Mattias will speak to how the Aixia board arrived at its recommendation and what the offer means for Aixia's people and its customers. Gentlemen, firstly, thank you so much for making the time. Just a couple of housekeeping issues, and then we'll get on our way. Very quickly on how the session will run. Ebrahim will do an opening, then Mattias. Then we'll go into your questions for the bulk of the time. If you could put your questions into the chat rather than waiting to save them up, then I'll put them to Ebrahim and Mattias as we go through. If we by any chance run out of time before you reach your question, you're welcome to send it to ir@whitepearltech.com. I'll put that in the chat, and we'll get back to you as and when. I think with that being said, Ebrahim, if I could hand over to yourself. Thank you very much. Yeah. Thank you. I just want to put up a slide, Steve, if that's okay with you. Not a problem. Let me just turn mine off. There we go. Okay, all done. Great. Good. Okay. Firstly, welcome everybody to our session, and thank you for taking the time to actually speak to us and to have this discussion. Yeah. I think like Stephen said, we'll try and share information that's already in the public realm. As far as possible, please feel free to ask us anything which you may find to be relevant. The first thing I want to say is that as White Pearl, we've been over the last year making a strategic shift towards the AI first transformation. Okay. Where we are now, we believe, an AI first technology platform and an AI first company. I think if you've looked at our press releases, you'll see that there's some new changes happening with the way we're branding the company website, et cetera. I think all of that will be announced. I think what's important is that from a White Pearl perspective today, we're a highly profitable listed technology group. Digital transformation and IT services are at the core of what we deliver to our customers, both in the Nordics as well as globally. We do enterprise systems, cloud, cybersecurity, managed services. We've got significant revenue coming from recurring revenue as well as then software and then IP. A lot of it's now being built on AI. The strategic shift, like I was talking about, that we've been undergoing is to really sharpen our platform positioning, i.e., towards this AI first transformation, as well as in an AI first operating model, which I'll explain to you how we do that. In terms of institutionalization, governance, reporting, I think those of you that have followed the White Pearl share over the last 18 months would have noticed the increased focus on this. PwC is now the auditor of the group. There's been significant changes made around governance and reporting as well. From a solution side, productization and focusing on recurring revenue, which has certainly been expanding in the group, has been what has been the focus. Where are we going to, right? The future state for White Pearl is an AI first technology platform, a global one. Yes, absolutely, we're a Nordic company, we're very proud of the Nordics. Ultimately we've got significant footprint in the Middle East, in Asia, in Africa, and expanding. In terms of the future state, it's not just going to be built around what we have. It's around AI applications. It's around AI operating systems. It's around infrastructure, managing infrastructure. As our customers start making a shift towards AI, I mean not just using AI for small projects but fundamentally running their businesses on AI, we need to ensure that we've got the skills all the way up for the entire value chain. At the bottom of the slide, I've put there the WPTG AI Factory. I mean this is the future state where we're already quite fully in already, I'll show you in my next slide what I mean. It's made up really of six components. AI strategy and advisory in terms of advising our customers how to use AI in their businesses. The data foundation and integration of how that fits into the infrastructure and the computing to be able to enable AI. Then an operating system which allows you to build AI platforms, products, solutions, software, and then ultimately deploy and manage this. This is really what we term the WPTG AI Factory, and that's what really the Aixia discussion is about. For us, Aixia enables us to run AI securely and at scale. WPTG, we've got the AI solutions, we've got the customers, we've got the technology reach, as well as the geographic footprint to be able to do that. The last slide I want to talk to you about very quickly is the Aixia AI plus White Pearl, call it marriage, what you will. If we have to take that picture of the AI Factory that I basically said previously, today, both White Pearl and Aixia do strategy advisory as well as use case design in AI. Okay? Data integration and AI foundation with regards to building data sets to be used for AI in terms of hybrid cloud, private environment design, how the cloud computing looks like, both companies do that. Aixia do more of that today. Okay? It starts getting interesting. When it comes to the AI infrastructure, Aixia have got their own operating system for AI, which they call AiQu. That, and they've got partnerships globally, which Mattias will talk about with NVIDIA, et cetera. They bring a very key piece to the picture, which we as White Pearl previously didn't have. What do we as White Pearl have? We've got a very strong AI platform and orchestration. We've acquired our own AI platform a couple of years ago called One Brain, which we've subsequently now redeveloped. If there's questions on this, we can definitely discuss it. We've got a Nexus suite of products, which allows us to deploy AI into customers. We've got intelligence products for many sectors and industries, which are today being used by our customers, and fundamentally resulting in why our margins as White Pearl, our EBITDA margins are improving, and that's because of what we've got. We apply AI to solve business problems, and we've got significant amount of it. Aixia have also got some products and I think some use cases in this. Then lastly, it's really around deploying these solutions as well as managed services, which both companies do. I think when you look at this picture, you can see why Aixia plus WPTG makes so much sense in this AI first world that the world of IT and technology is moving towards. I think that's basically, Stephen, what I wanted to present. Perfect. Thanks, Ebrahim. If we could perhaps move across to Mattias. If Mattias could maybe just give us his view on obviously why the transaction. Yeah. [crosstalk] As I said, what benefits for customers and staff. Thanks, Mattias. First of all, I have to say that I'm in some kind of a conflict, and with that, I mean that I'm a shareholder and CEO for Aixia. With that said, I think our positive view on this official proposal talks for itself, I would say. A lot of bigger shareholders already have said yes to these solutions. I think that speaks for itself. If we go back to when we started to talk to each other, I would say the first who I felt it was a big part of that we are continued to talk is the view of the company, the culture, and the DNA we have in both company that we want to be on our customer's side always, to make the best solutions for our customers, and also work with business value for our customer, not only the technical view of it. If we look at Aixia's history and what we have in front of us, we have to take a step into a global point of view to continue to increase and develop. When we see that we can do that with White Pearl instead, with those large customer base all around the world, the knowledge that they have in this company. Aixia has worked in this industry for about 19 years now, and we have worked with AI solution for a decade. As Ebrahim mentioned, that we have been a partner to NVIDIA since almost 10 years now, before it take off, so to speak. We are still one of the few partners to NVIDIA who can do the really large solutions, talking about NVIDIA SuperPOD solutions and AI factory solutions, so to speak. With that said, together we can have a total different discussion with the global providers and scale this journey much further than we can have the possibility to do on ourselves. With that mean, I think the synergy about merge White Pearl and Aixia is quite good, and I'm looking forward, so to speak. Thank you, Mattias. That is perfect. Thank you. What I'm going to do now is I'm just going to refer to the questions. We've currently only got two, so please feel free to add more. To start with for you, Mattias, I don't have a name, so I apologize, but I have two questions for Mattias. Number one, does Aixia plan to expand sales force to cover new regions after becoming part of White Pearl? Yeah. Of course, we have a plan to scale the whole organization, I would say. We have the opportunity to look at areas in the Middle East and Africa, and so on, in a whole new different way than we could have done by ourselves. Yeah, of course, we're going to scale for sure. If I can add a bit, Stephen, to Sergey's question. Sure. In our discussions, Mattias, myself, as well as management, is that we're looking at the post the deal going through, looking at starting up Aixia Middle East out of Dubai, Aixia Africa out of Johannesburg, and then as a step three, Aixia Asia out of Singapore. Okay? I think that involves using existing White Pearl resources, infrastructure, structure, offices, sales, et cetera. Like Mattias is saying, basically adding a very specific Aixia angle to that. I think definitely, Sergey, that's one of the big areas where we're planning to unlock value, and I think unlock value very quickly once the transaction is then formalized. Fantastic. Thanks. I can add as well that we have some regions in the global perspective who has the digital transformation ahead in front of them. That's what I can say. We have worked with the digital transformation and AI innovation for about 10 years now. I don't lie if I say we are one of the leading company around AI and AI solutions. If we can take that to other parts in the world, it's just going to be huge, I would say. Yeah. Fantastic. Thanks both Ebrahim and Mattias for that. The second part of that question is presumably Aixia relationship with vendors are built on a regional basis, so covering certain areas. How will vendor relations change if the company goes to new regions or becomes international? Not so much, I would say, because the relationship with the vendors and the providers is not. Of course, we have contact people in a regional basis, but our partnership and agreement to the big global vendors in this industry is on a global perspective already. I think it just add more opportunity for us. Perfect. Thanks, Mattias. Ebrahim, a question for yourself. Can you elaborate a little bit more about your AI cybersecurity business? Do you think Aixia can add any synergy to that? Yeah. Very good question. Look, our cybersecurity business is recently started. It's now about 18 months, and I think it's doing quite well. We are doing quite a bit of license reselling fundamentally in Africa at the moment. We are providing some cybersecurity skills, high-level skills to some clients. We believe that Aixia will be able to drive that part of our business significantly towards being able to add more of the new age technology, the new age solutions on top of really the security part of it. I absolutely believe that Aixia is going to add significant synergy to our cybersecurity business, to our encryption business. Encryption is a business which we've been trying to dabble in for the last year or so. We haven't really had a clear set of products that we're taking to market. We're currently reselling best of breed. I think certainly we're looking forward at the whole enablement of that part of our business as well. Fantastic. Thanks, Ebrahim. Thanks, Sergey, for those questions. Appreciated. Question from Oskar. For White Pearl, which one of White Pearl's current subsidiaries do you see has the best synergy with the Aixia business? Sure. Again, White Pearl has got over 44 different subsidiaries. If I have to look at it from an Africa perspective, specifically we've earmarked IT&T. Which is basically a DevOps business which also does managed services, but does some AI. Okay? That business specifically we've earmarked together with ToggleNow. ToggleNow is a business in Southern Africa that does a lot of DevOps, does a lot of development work for customers around some of that. I think those two businesses specifically will be where we'll include Aixia from the African cluster. If we have to look at the Middle Eastern businesses, I think ECC out of Egypt has got a good footprint in the Middle East. Specifically, the Omni-Telltech Dubai office as well specifically does have some reach into key customers in the UAE, Qatar, Saudi Arabia. I think those two businesses will be where we would drive specific synergies. Looking at Asia, Top4 Technology, which is our digital marketing transformation business, I think Mattias spoke about that. That business absolutely will be key as well in terms of together with Solti Customs in Malaysia and Singapore to be able to drive these solutions out of there. In India, we've got a business called Brontobyte, which has also got a number of development resources. Adligo's got, Appspotr has got resources out of Sri Lanka as well that would be able to do some of the AI development work as opposed to more the go-to-market works and more of the back office stuff. We've got Native and CreateX in Bulgaria, which should also be able to help from a digital transformation perspective and open up opportunities within Eastern Europe and specifically Bulgaria as well. I think, Oskar, you can see that there's a number of the subsidiaries we have throughout the world that we've already started earmarking in terms of how we would be able to drive Aixia in. I must add that cross-sell, up-sell is extremely important in terms of what we do. The centralized White Pearl structures in terms of how we do cross-sell, up-sell and integration will also overlay these businesses that we've just discussed now. Fantastic. Thanks, Ebrahim. Let me just double-check if there's anything else come through. Nope, that seems to be all the questions for now. Yep. Can I just perhaps go around, I wouldn't go around the room necessarily, but ask if there's anyone has any other questions they'd like? You don't necessarily have to type in the chat. You're welcome to voice it. I see John's in his car. I'm not sure if he's got a question for us that doesn't involve typing necessarily. Stephen, while you're doing that, right? Yes, of course. I'd like to maybe address the Aixia shareholders and bring forward what I believe would be significant value, which they would see. Right? I think as we saw when we announced the acquisition, the price of Aixia then increased significantly in line with what I guess the offer was, the SEK 5.33 plus the SEK 10. Okay? We believe that both White Pearl and Aixia are shares that have been undervalued for a period of time, even though, as you can see, the kind of work that both companies do is significant, and it's at the forefront of where the world of IT services from an enterprise perspective are moving. Okay? Really for you to now participate in this offer, in this deal, and become a shareholder in White Pearl or the combined White Pearl Aixia entity, I think means that you would be able to participate, I believe, in one of the most exciting businesses that are positioning for this AI first play. Okay? The large players globally, if you do research, we spend a lot of time looking at this, talking to people as well, market leaders, et cetera, is that companies are trying to position what this future state looks like of IT technology services and solutions into the future. I believe that the blueprint that we've shown you here today, that Mattias and ourselves have been discussing, is very close to what phase one of that solution is going to look like. Right? The second point is that both companies are deploying AI at scale in companies, in large organizations, both in the Nordics and around the world. I think that's there. The third thing is what Mattias said around the culture. When the businesses met, when the management teams met, when the executives met, there was just a meeting of mind. It's almost like the culture between both these companies are absolutely complementary. Obviously, there'll be certain things which are not there. I think especially for us that does a lot of acquisitions, it's very rare to find such a good match, right? The last point I want to make, Stephen, is that Aixia is a transformational acquisition or change for White Pearl. This is not just acquiring a company and bringing it into White Pearl. This is about fundamentally changing the way White Pearl positions itself to the market. Yes, absolutely, we had some white spaces in our offerings when it comes to the end-to-end AI Factory. I think Mattias and his team will fill those white spaces and in fact enhance and take our model to the next level. I think that's really, Mattias, the beauty of what the combined Aixia White Pearl thing. Last thing as well is that this is not an acquisition. I see this more as a merger of two forces in terms of bringing things together. Really creating something new and exciting, which already has been done in the past, and I think will continue to be done in the future. I can't agree more. Thank you, Ebrahim. I think your point around the fact that this is not an acquisition but really the formation of what is a powerful AI platform group going forward. I think we address, as you said earlier, the full AI stack from infrastructure all the way through to sort of forward operations, app building and the like. I think together the future is golden, I think for all of us, and I think there's certainly a huge amount of excitement certainly within the White Pearl business for the future and for what is to come. Yeah, that's great. Thank you. Let me just double-check to see. Oh, there we go. There's another question. Thank you. Another one from Oskar. Thank you, Oskar. Would you say that Aixia is the main focus at this stage of White Pearl towards AI first, or will there be more acquisitions in the near future? I'm guessing with an AI theme, so to speak. Yeah. Look here, right? I think that you must note, Oskar, that White Pearl has been doing a lot of work in AI over the last two years. Okay. We've built a lot of our own solutions, own skills, own products. I think that Aixia fills those white spaces and almost creates a rounding on this thing, okay. Which is this AI-first platform as you're basically referring to. I think Aixia is the key piece of the puzzle for White Pearl's AI. The AiQu product that Aixia has is a significant part of what the future will look like in White Pearl. Okay. That is going to be the central piece of what we're doing. I think in terms of your question, absolutely, it is the main focus. Having said that, though, we need to then, Mattias, keep building this AI picture that we've put together. Part of that will mean that both within the Nordics and globally, we would identify complementary businesses or white spaces which we need to fill in the AI. AI is moving very quickly. I remember Christian showed us a picture in one of our meetings where you just see the thousands and thousands of AI companies that are available globally today. I think it's a very quickly changing space. I do believe, Oskar, that absolutely, together with Mattias, we'll be doing more acquisitions in the future that will complement the space, which is built around the combination of Aixia and then White Pearl. Yeah, I can add that the whole AI landscape changing rapidly all the time. From Aixia's perspective, we have one ear at the ground all the time to see what's coming next and trying to be ahead of that. Now we can do that together in a bigger organization and more clever minds, as we call it. I think it can be even better. Yeah. Great. Thank you, Mattias. Okay. I think that's the last of the questions. Unless there's anyone else, I'll do the old going, gone story. Okay, fantastic. Gents, if there's anything you'd like to say in closing? Mattias? We'll start with Mattias. We have been in this process for a while now, I'm looking forward to see what's coming out of it, and looking forward. I'm already on the next level and to work with Ebrahim, the White Pearl organization, all the good people that I already met in this organization. I'm looking forward, I would say. I hope all of you will be a part of that journey as well. Yeah, from my side as well, we're super excited by Mattias and the team from Aixia, and they will form a key part of the White Pearl organization post this acquisition. We really believe that our shareholders combined would really walk this journey with us because we believe that the combined White Pearl, Aixia business is super exciting. It's got all the elements of a great company in terms of the people, the great people. Mattias spoke about it a couple of times. We've got the geography, we've got the customers, we've got the technology, we've got the solutions. I believe we've got the strategy. I think we've got the thinking power that is basically built into the model. Certainly year on in, we believe that the combined White Pearl company should be able to significantly perform in the space which we are in, which is really providing very complex enterprise-wide solutions to large and small customers globally. Join us on that journey, as we say. Firstly, to our two main speakers, Ebrahim and Mattias, thank you for your time. To those that joined us, thank you everybody for making the time, for taking the time to listen to us, to ask questions. Just from my side, thank you again. There'll be a transcript of this call up on our website later today, so that if anyone would like to perhaps go through and just double-check. Then for those that weren't on the call, the transcript will be there for people to read. Again, thank you from my side. Enjoy the rest of your afternoon and have a good weekend. Thank you so much. Thank you all. Thank you.