Addnode had a strong performance during the second quarter of 2016. On a segment basis, we found only minor deviations in all segments except Design Management, which exceeded our forecast. The transition to the new sales model for Autodesk-licenses had a minor impact on the sales and profitability levels during the quarter than we had expected. Symetri has conducted some organizational optimizations to cope with the sales model switch and the proprietary project management tool Interaxo is tasting some real success. We must applaud the performance of Design Management despite the challenges they face. Our Base-case Fair value estimate is unchanged at 57 SEK per share. The stock price has had a strong run since the report and we find the share as fairly valued given our assumptions in the Base-case. In our last report we highlighted that Addnode’s share price was under unwarranted pressure, we find it likely that this pressure now has lifted given the strong performance during Q2. We regard Addnode as one of Nasdaq Stockholm Small Cap’s most renowned serial acquirers, a company that seldom looks cheap.