Tribal announced that it is collaborating with Microsoft which should have the effect of expanding the number of educational institutions and students that can access its Student Information Systems. Microsoft will work with Tribal to advanced the latter’s efforts in Tribal Edge – the group’s next-generation, cloud-based solution. There are benefits for both sets of customers but from a Tribal point of view, we believe this collaboration improves the offering, should help accelerate adoption and geographical reach. Tribal’s trading update issued in mid-December was positive (materially ahead) and we put through 5-11% EPS upgrades at that time. We believe it will have another positive year ahead and view the 10.8x EV/EBITDA 2018 rating as attractive.