Today’s FY22 results reflect a year of significant progress, with revenue and EBITDA coming in above the market expectations prior to the January update. Sopheon completed two acquisitions and launched three products, broadening its family of InnovationOps solutions and expanding the addressable market to $3bn. FY22 also saw Sopheon’s largest single deal to date: the $11m US Navy contract. Revenue of $36.8m was 7% ahead of $34.4m in FY21, or $38.1m on a constant currency basis, representing 10% organic growth. The outlook statement shows management as confident and on the front foot. As momentum builds for the twin-pronged approach for Acclaim and Accolade, revenue and profit could rise dramatically in FY25 and beyond. Enterprise value is currently only c.1.5x FY23E revenue and would appear to us to not yet reflect this potential.