Financials. A gross €7.5m and net €5.5m (€2m cash on PPS B/S) the deal is funded from cash resources and, at c1.7x SaaS revenue, is an attractive price, with its strategic merits balanced by prudent growth forecasts. Founded in Dublin in 2014, PPS employs 20 staff. Total FY24 (Dec) rev was €3.96m: €3.2m SaaS & the remainder services. EBITA was €0.9m with EBITDA at a c30% margin. Strategic rationale. PPS’s offerings are PromoPay, a real-time transaction platform supporting promotions, loyalty and gifting, similar to Eagle Eye’s AIR. Its other product PromoBase is geared to Consumer Product Group’s national coupon & promotion activities, being a national data base of all CPG national 99-code coupons (specific discount type) in the UK and Ireland. This enables retailers to reimburse real-time CPG promotions, limiting the incorrect validation of coupons at the till due to errors, time offer lapses, and fraud, so reducing associated cost. Eagle Eye plans to integrate PromoBase into AIR, offering an appealing capability addition for its current retail clients. Near term, the main benefit is the acquired client roster (new clients & strengthening current relationships such as with Musgrave Group, Co-op, and Tesco UK) as well as deepening Eagle Eye’s integration with CPGs, being a strategic focus. Forecasts. We assume no services (non-core), flat SaaS for now while cross-sell is established and 30% EBITDA margins (c€300k synergies). FY26E revenue £44.4m (£41.7m) +7%, EBITDA £5.9m (£5.1m) +15%, EBITA -£0.6m (-£0.9m), EPS -1.9p (-2.4p). FY27E revenue £51.1m (£48.4m) +6%, EBITDA £10.4m (£9.6m) +8%, EBITA £3.3m (£3m) +9%, EPS 7.4p (6.9p) +7%. View. Executing on the strategic build out of the group, despite the recent isolated client forecast setback, we see this as an indication of confidence in the ‘underlying’ progress of the business and the build back story.