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FormPipe Software: Redeye: Formpipe - Weak licenses, underlying growth

The sales of traditional licenses fell to SEK 5.0m, which was
approximately half of what we expected. Due to its high margins, the
decline had a large impact on adj. EBITDA, which came in at SEK 14.0m
(17.2), while our forecast was SEK 18.2m. Besides the ongoing
transition towards SaaS, management sees a negative effect on license
sales following the Swedish election. However, Formpipe's share of
recurring revenue continues to increase. Support & Maintenance and
SaaS grew by 15% YoY and amounted to 62% (52) of sales in Q1.

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