LoopUp has managed its way through the challenges and opportunities brought about by COVID-19, and exits 2020 with a strong cash balance, a reinvigorated product line-up, and some promising pipeline opportunities. This year will be one of transition, as the group evolves and continues promoting its Cloud Telephony offering within Microsoft Teams, both selling directly to enterprise customers and indirectly via the large Microsoft partner ecosystem. The RNS strikes a cautious tone on near-term sales, so we take management’s cue and modestly reduce expectation for 2021.