SoftwareOne’s Q3 results were supportive of the investment case as i) revenue growth turned positive, ii) OpEx continued to decline y/y, and iii) integration and synergy realization post the Crayon acquisition progressed according to plan. The reiterated 2025 guidance implies further growth acceleration in Q4 (~5%), while the EBITDA margin guidance of >20% for FY’25 appears conservative. The rollout of the improved GTM model and ongoing integration efforts in NORAM are improving operational perf ....
