Over the past 18 months HgCapital has engaged in the acquisition and sale of companies for more than 2 billion DKK in the Nordics.(More than 7 billion globally) A large part of these acquisitions were accomplished via our portfolio companies in the Nordic region. When a venture capital firm carries out acquisitions via portfolio companies, these acquisitions are mostly financed with the means that the venture capital firm manages for its investors (pension funds, banks, etc.). In connection with the acquisitions, resources will be directed to the existing portfolio companies. During these 18 months Visma, e-conomic and Lumesse, have been the most active on the M & A side. You are wellcome to read more on these companies' websites about their latest developments and the acquisitions that they have been involved in. We have also been engaged in possible acquisitions of other large Nordic companies in the IT sector. Not all of this activity has resulted in acquisitions. The main reason is that some of the companies we looked into, did not fully meet the criteria we are looking for: + 20% growth, more than 100 million DKK revenue, preferably a recurring revenue model, saas or on the way to saas, a large internationalization potential and an option for controlling interest. It's always a little annoying when you have worked hard (due diligence) to land potential acquisitions, and you do not succeed. But it is often wiser to say ’Thanks – but no thanks’ and refrain from acquiring at too high a price or outside your core competence field. I believe that this mindset, among other things, is what makes HgCapital - with a +50 billion DKK mandate and +20 portfolio companies - one of Europe's best performing mid-size venture capital firms.