Esker - Rebound in SaaS-based business

Esker reported revenue growth of 7% y-o-y for Q320 and 8% for 9M20. The volume processed through its platform returned to close to pre-COVID levels by September. As companies look to Esker’s technology to support their digital transformation projects, orders for 9M20 grew 11% y-o-y. While management guidance for FY20 is maintained on a constant currency basis, we reduce our revenue forecasts for FY20/21 by 1% to reflect the recent strengthening of the euro, resulting in small EPS reductions.