Headlines. FY21 ARR growth is 10% cc, excluding MPP, with the traction seen in H121 (11% ARR) continuing into H221. The £34.4m exit ARR compares favourably to our FY22E P&L £34.6m software revenue estimate, suggesting our revenue forecast looks well underpinned. With no mention of profits we take it that profits are in-line. Net cash at year end was £15.3m vs our £10.7m suggesting another good year end cash collection position. MPP acquisition. Integration is progressing as planned, with the trading statement referring to investment in both functionality and technology to create an end-to-end subscription revenue automation platform, with development seen to finish H222. Implied year end MPP ARR was £7.4m versus c.£8m at the time of acquisition; this reflects the element of previously known ‘at risk’ ARR, so was to be expected. We anticipate that Aptitude cross sell interest into the MPP client base is strong, as clients seek to automate their finance and accounting processes. We would look for MPP new deal flow to accelerate as sales processes are integrated within the Aptitude business. Set up for a good FY22. H222 saw a material Aptitude Accounting Hub and Aptitude Insurance Calculation Engine SaaS deal with a global insurer, and an Aptitude Revenue Management and Aptitude Lease Accounting Engine win with a Californian health care company. It is encouraging to see these notable wins. Combined with further benefits from investment into Aptitude’s product suite (e.g. enhancing performance and user experience, as outlined in the statement and recent annual user conference) and an improving backdrop for enterprise software spend, this suggests to us that we should see accelerating new deal wins come through in FY22. View. The share price implies c.4x FY23E software revenue, which we believe looks too low assuming ARR growth can be driven >15%. If achieved this could re-rate the stock towards our 780p TP, based on 7x FY23E software revenue.