Gamma’s CMD contained a lot of detail on an array of product offerings, primarily in the unified communications market, that may seem unfamiliar as they are relatively newly presented. This note is a primer that attempts to explain what these products do, and how they fit into different business telecoms customer segments. The push into contact centre functionality, and into the micro companies segment, are newly described opportunities. Contact centre offerings such as Horizon Contact and SmartAgent offer attractive ARPU products in a growing unified comms sub-sector, while potential replacement of c.3m single business users lines by micro company products CircleLoop and Phoneline+ is a significant opportunity. However, a lot of apparently “new” product also represents a deepening of the existing core product sets in terms of features and functionality. This reflects that the growth story is evolving beyond simply core volume adds in SIP and cloud PBX, to be more complex and multi-layered, meaning that Gamma is still “sticking to the knitting”. A segment of the product strategy also reflects the part that Microsoft has to play in unified comms, particularly at the upper end of the SME and at the enterprise end of the market. In our view, Microsoft’s strategic direction increasingly validates Gamma’s positioning related to Teams, and opportunities around direct routing and Horizon integration to Teams are material according to third party forecasts. While currently UK-centric, the product strategy outlined also has long-run portability across to European markets. As a result, we see the current product strategy as fully rounded in addressing every segment of UK and European customer segmentation, from micro companies up to large enterprise. We retain Buy with a reworked TP of 2250p (was 2100p).