CREALOGIX’s front-end banking applications have gained strong credence in the Swiss market, where the group’s core online/mobile applications are in exclusive use in 11 of the top 30 Swiss banks. CREALOGIX is now expanding the opportunity globally, primarily targeting the UK, Germany and Austria as well as the nascent Asian market. The group returned to EBITDA profitability in H116 and in our view is well positioned to benefit from attractive business drivers as traditional banks are forced to update their technology to maintain competitiveness against nimble fintechs entering the space.