The year-end trading statement reconfirms that Gamma’s management expects to report FY24 results in line with market expectations. Gamma has also announced that it has agreed to acquire SF Technologies Holding GmbH (trading as STARFACE) for €196m (c.£165m). We believe the deal puts Gamma among the leading challengers in the German SME cloud communications market. Furthermore, the acquisition extends Gamma’s market reach and provides a product fitted to the market. We regard this as a good deal. But if Gamma can leverage its market position and if Germany’s transition to cloud PBX gains momentum and German market growth accelerates into double figures % pa, it has the potential to be a great deal.