Lleida.net has finished the year at an accelerated pace in its most profitable SaaS division with a quarterly 107% increase (to €1.98 million) relative to 4Q19 (€0.96 million) and a 43% increase relative to 3Q20 (€1.4 million). This is the clearest evidence of the current acceleration in the digitalization of the global economy. By comparison, a year ago (pre-Covid) Lleida.net reported a 4Q19 quarterly increase in SaaS of 24% and a 12% increase relative to 3Q19. We expect 2021 to be another good year for Lleida.net driven by the strong emergence of the SaaS product, which we estimate to represent over 80% of the value of Lleida.net. We have slightly lowered our 12-month target price to €11.35 (vs €12) to reflect the lower-than-expected ICX result and our lower EPS forecasts for 2021 (from 27c to 22c) and 2022 (from 41c to 36c). Still remain positive overall with a BUY recommendation.