We have upgraded our forecasts following the completion of the acquisition of Perfect Commerce for up to $132.5m. This transformational deal positions the enlarged PROACTIS group as the sixth largest pure-play provider of ePurchasing solutions globally, as well as one of the fastest growing and most profitable. The commercial and operational synergies arising from this combination are considerable and warrant the acquisition multiples paid (max. 3.4x est. FY 2018 revenue and 19.0x est. EBITDA). Our FY 2018 group revenue, EBITDA and EPS estimates increase by 105%, 119% and 18% respectively. We raise our target price from 201p to 226p and reiterate our Buy recommendation.