The Worldwide software sales segment is displaying recording breaking figures, and as of Q4 2018 represent 62% of the Company. The acquisitions of Qosmos and Openwave Mobility have shown promising results. We expect the acquisition’s individual share to continue to grow by 15% annually based on the assumption that CAGR for the market NFV (Network functions virtualization) is expected to grow at this rate until 2022. We also believe that ATOS will be in line with these growth prospects.

Global Services are turning profitable. ENEA’s business unit; Global Services, has faced major challenges for several consecutive years. However, as of recently has managed to turn this around during Q4 2017 due to increase in demand for their consulting services. With the anticipated EBITDA margin we anticipate these results to continue.

Key Accounts revenues will continue to decline. Enea has historically been dependent on their Key Accounts market. which consists of software sales and product-related services for their two biggest customers; Ericsson and Nokia. Recently the revenue figures from these clients have decreased and we expect a continued fall of -19% from 2018-2020. This decrease has been the result of Ericsson and Nokia changing their backend.

Analysts: Jacob Edler & Nicholas Stael Von Holstein