Redeye retains its positive view of Formpipe following robust preliminary Q4 figures. While we did not expect a CEO change at this point, as Formpipe is largely on track to its 2025 targets, Sundin has been CEO for 16 years. We leave our forecasts and Base Case for now. However, the solid ACV provides an upward bias for our upcoming forecast revisions in conjunction with the full Q4 report, published February 15.

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