BuildData beat our expectations, growing top line by 110% vs our estimate of 102%, and growing organically by 3% vs our estimate of -3% despite negative impact from transition towards recurring revenues. An increasing number of signed agreements q/q and more organizational resources to spend on M&A gives us the sense of the coming quarters being eventful. Preliminary estimate revisions are 1% on top line and solid confidence in breakeven EBITDA for FY 21/22.

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