In total, Formpipe’s Q3 report was solid and in line with our expectations. Our key takeaway from this report is the fact that Microsoft Dynamics’ migration to SaaS inflated the ACV levels in H2 2017. The lowered SaaS estimates are, however, neutralized by increased forecasts for S&M and on-premises sales. We do not make any major adjustments to our estimates, and we keep our Base case at SEK 17.