Aurionpro Solutions Limited (AURIONPRO) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. A very warm welcome to the Aurionpro Solutions Limited Business Update Call. From the senior management, we have with us today, Mr. Ashish Rai, Vice Chairman and Director; Mr. Vipul Parmar, Chief Financial Officer; and Mr. Ninad Kelkar, Company Secretary. Please note that today's call is being held to discuss the Interact DX acquisition, for which the release has been uploaded on the exchanges yesterday. We request participants to restrict their questions related to this. Before we begin the call, I would like to mention that some of the statements made during the course of today's call may be forward-looking in nature and may involve risks and uncertainties including those related to the future financial and operating performances, benefits and synergies of the company's strategies, future opportunities and growth of the market of the company's services and solutions. [Operator Instructions] Please note this conference is being recorded. I now hand over the conference to Mr. Ashish Rai from Aurionpro Solutions. Thank you and over to you, sir.

Thank you, [ Aashvi ]. Hi. [Audio Gap ]. I'm sure some of you would have seen yesterday, the Board approved and we announced the transaction to acquire Interact DX from Trejhara. Trejhara is a related entity to us by virtue of being a spinoff from Aurionpro several years back. So the objective of this call is to explain the transaction, provide any clarifications that the broader investor community may have around it. Let me start with a overview of the business and the transaction over the next few minutes and then we can jump into the questions and see what needs more detail, right? So in a nutshell, if I was to describe this, we are very excited about this, essentially the digital engagement business that we take over. One, this significantly enhances the solution footprint that we have in the banking and insurance space, which as many of you know, is sort of a target segment for us, right? So we feel very good about the existing client base that we get, which is essentially the top players, especially in the Indian market on both the banking as well as the insurance side, right? The second thing for us is, we feel very, very good. We -- in many ways Indian market is actually ahead of most of the world when it comes to digital engagement. We feel very good that using Aurionpro's sales channel outside of India and using the relationships we have, using the partnerships that we have, we can expand the business globally in a very, very significant way, right? So the sort of opportunity size for us in terms of future is actually very large overall. In terms of the revenue profile, margin profile of the business, it is very, very similar to the software businesses that Aurionpro as a whole has. So that sort of fits in very, very well, immediately sort of accretive in terms of EBITDA and starts contributing to Aurionpro's profits from Q3, right? So we see sort of significant, not just the revenue synergy, the ability to expand on the earnings side. If you jump into the product for a bit, overall, right? So essentially, there is -- Ninad, maybe -- just change in the slide to the next one. So essentially, there is 4 major components to the product. It is a complete digital engagement suite, sort of targeted specifically towards -- especially towards banks and insurance providers. So one part is the sort of content management piece when it comes to all kinds of communication -- sort of customer communications, which is the end clients of these banks and insurance companies, be able to sort of make the passive interaction with the customer a lot more interactive, when it comes to things like monthly statements, annual statements, portfolio analytics, things like that. Be able to really allow the banks to do interactive marketing and go out to the wider customer and prospect base. So from being a passive cost center that most statements are make it a revenue center for the bank. So there is a immediate ROI that a bank or a insurance distribution would see when it comes to it. And then essentially, be able to manage all aspects of the customer interaction around it through that customer communication hub that we talk about it, right? So a very powerful offering in terms of sort of upping the game on digital engagement when it comes to a large bank or a large financial institution that deals with a lot of clients, especially on the retail side, right? If we can move 1 more slide forward. Yes. So yes, essentially, suite -- if you look at the picture on the left, what that tells you is, be able to handle essentially all the channels that you would want to get to your customer in, whether it's a web channel, whether it's mobile, whether it's an actual print channel. So to be able to track and bring everything together, numerous use cases. Any point of interaction that you can think a financial institution has with its end client, we can play a role in terms of making that conversation with the customer a lot more interactive, right? Which is -- in many ways, that's what I say how a lot of leading Indian banks are engaging their customers right now is actually in many ways quite a bit ahead of in terms of interactivity with -- compared to our client base, the large regional banks that we service outside of India, for example, in Southeast Asia or Middle East, right? So there is a case to be made to really take this -- take the solution out. Let's keep moving forward, there is a couple of more slides I'll spend time on. So one, I talked about the fit, fits in perfectly with our sort of digital offerings in the banking and financial services space, fits in very well from a technology stack standpoint, the revenue profile behaves very, very similar to our sort of revenue profile of the software business. The margin profile in many ways is at the same level or superior to our software businesses, right? And we get access to -- so there's a lot of shared clients in India. There's a lot of banks that we work together with and I'll come to the client names in a bit. And then there is a access to the insurance client base, which we've traditionally not served. So we get in -- we get a entry on the insurance side. And hopefully, as we progress this, the Interact DX sort of solution set will get an entry on the banks outside of India that Aurionpro right now services, right? So there is a lot of synergy in terms of expanding the combined base of both the businesses. Let's keep moving forward. A quick glance at the client base that currently Interact DX uses. So as you can see, large banks in India, whether it's -- you got HDFC, you got Axis, you've got large insurers in India, which is ICICI Prudential, HDFC Egro, ICICI Lombard, right? So some of these are common clients. A lot of these are sort of net new relationships for us. And then there is a sort of increasing presence now of the product in Southeast Asia and Middle East in a small way, as you can see some of the names out there, [indiscernible] for example. So there is an -- so it's already proven to be useful in various use cases in Southeast Asia and Middle East. So the business is very strong in India and it is already showing signs of being able to expand, which we can really accelerate as we take over the business, right? Let's move forward. And so to bring it together, what exactly is happening. We will have, 30th of September is the effective date. The transaction value -- it's sort of important to understand that the way this transaction is getting done, we had a set of outstanding, which has been -- so Trejhara, one is a related party. So you can see most of it in the related party disclosures that we would have filed anyway. So we had a outstanding for sometime in terms of a recoverable from Trejhara, both in terms of sort of investment as well as receivables, right, overall. So that's the approximate value, INR 140 crores out there. The -- there is no cash that goes out of Aurionpro. We essentially acquire the business and for the receivables that we already had from Trejhara, right? The revenue last year was approximately INR 44 crores. It's a very profitable business, INR 44 crores, with a sort of EBITDA in the range of INR 15 crores, right? And we essentially settle the receivables that we had from Trejhara in return for it. The business is a strong growing business with 200 employees who will join Aurionpro as the transaction closes, right? So that's the transaction in a nutshell. No cash that goes out of Aurionpro and the recoverables from Trejhara then get settled that we have in return for it, right? So I think that is essentially the transaction. With that, I will open it up to any questions that you may have.

[Operator Instructions] So the first question is from Mr. Sahil Sharma. We cannot hear Mr. Sahil Sharma. Sir, could you unmute yourself and try again? Or you can type the question in the chat box as well. Is there anyone else who would like to ask a question? Yes, [ Mr. Akshay Gupta ], please unmute yourself and go ahead with your question.

Ashish, Akshay here. What sort of synergies do we see from this acquisition playing into the future? And how would it -- how do you see this entity going forward with this acquisition?

Yes. So good question. Look, for us, synergy -- from a synergy standpoint, on the revenue side, the business as it is, I think right now, it did INR 45 crores last year, it's projecting to do INR 50 crores this year. So there's a plan to get that. We believe there is a definite market for the product. So we have a large client base, both in Southeast Asia as well as Middle East, as you know. We believe there is a good demand for this solution in terms of those banks, right? So whether it's Singapore, whether it's Malaysia or Thailand, Vietnam, Philippines. So we intend to -- once the transaction closes, we intend to really go and start having conversations with our existing client base around this solution. So that's #1, as well as, I suppose the insurance firms in rest of the world. So if we can, for example, work with ICICI Prudential in India, can we work with Prudential on a regional or a global basis. If I can work with HDFC Ergo or Tata AIG, can actually work with the global parents because -- so that is one aspect. The second is we do have, as you know, some very large global partnerships with some enterprise fintech vendors, which we announce from time to time, whether it's, a few of those, which are basically the largest players in Europe and U.S. So there is a sort of definite possibility of expanding into the bank as well as the insurance base in Europe and U.S. over time, right? So I think the big -- where this comes in for us, most importantly is, the business has traditionally -- it doesn't have a global sales team while Aurionpro has. It doesn't have a large global client base, while Aurionpro has and it's a very relevant solution for the time where banks are and insurance firms are really focused on improving the level of engagement they have with their clients, right? And this essentially is a game changer in terms of converting what is a passive cost for the bank into a active interactive revenue generator, which is a clear ROI we can show to a prospective client. So I believe that brings in a lot of synergies. There is a little bit of synergy also on the Aurionpro traditional solution set side because all said and done, this is a -- this solution has a lot of presence with the very large banks and insurance firms in India and some of those, Aurionpro at the moment does not have a footprint in, right? So the Aurionpro traditional solution set also gains a little bit of synergy on the revenue side. On the cost side, we really don't have much overhead in terms of doing it. So I would not really count on any major synergies on the cost side. This is a very profitable business, which will come into us with practically no additional significant overhead to manage that business. So it would be immediately accretive on the earnings side for us, right? So yes, hopefully, that answers.

Sir, next question is from [ Mr. Naveen ].

My question is around the product -- the kind of product offering from Interact DX. So is it a cloud-native, subscription-based offering or the traditional license-based offering with some potential for revenues in the services or during the implementation phase? Can you give some more details on that?

Yes. So good question. So we will -- look, like with most solution sets on -- in the Aurionpro stack, we will sell in both the modes, right? So we will be -- so typically, we will do enterprise, on-prem sort of deploys like we've traditionally done, especially large banks tend to prefer it, as well as we will go cloud and will go cloud plus services as well, as we go out to the wider market, right? So typically and this is true for the entire Aurionpro solution stack. We don't like sitting in a box, which stops the client from using us saying the box is SaaS. So we only do SaaS or boxes, enterprise license, we only do enterprise license. We would typically -- when you work with Aurionpro, you would typically have the choice of deployment models and a choice of being between a enterprise license and a subscription, although these days, we increasingly prefer subscription, as do our clients but we would be open even to upfront license models. So yes, so that is essentially what you get as a client, right? So we will do both the models and we will have exactly the same sort of pricing models and exactly the same sort of license models as Aurionpro currently does.

Okay, sir. And with the existing customers that we have already for the product, what kind of opportunities we can expect going forward? So our future revenue generation, is it purely based on adding the new clients? Can we get some light on that?

So you mean the incremental revenue, additional or any future revenue?

Yes, correct.

Okay. So look, the way the model works is, the business has a fairly high recurring stream, right? So that -- so you essentially build on top of that recurring stream, right, because it's -- it's an ongoing services-led model as well, right? So you would typically have a large chunk coming in as recurring. I would believe the recurring stream is slightly stronger than if you looked at Aurionpro software business as a whole, right? And then we build on top of that and the incremental revenue comes from 2 sources. One, I sell more modules to the same client, right? That is #1, as well as I index the price. So every year, you sort of increase the price a little bit, right? So that's more #1, the existing base. And #2, you're totally right, is incrementally go and sell more new. The way most of our businesses work, a large chunk of our growth usually comes from the existing base, which is model #1, a little bit more in terms of additional modules and service and a regional indexation. And a smaller chunk comes from new sales, at least for the next 12-month period, right, because it takes time for sales to convert to revenue in our business. Does that make sense?

Yes.

Sir, the next question is from [ Ms. Krishna Shah ].

Couple of questions. One, obviously, this also -- and the issue of receivables with the related party. But wanted to understand what kind of improvements will you be able to do incrementally apart from what you highlighted in terms of synergy, in terms of product offering? And do we also -- is it going to cannibalize some of our existing offerings? That is one. And the other is, are there any low-hanging margin levers for this business, which we are looking to explore?

Okay. So maybe I start in the reverse order first. We don't see any low margin -- low-hanging sort of margin levers right now, right? So I will pass that. In general, this business has slightly better profitability than Aurionpro as a whole so that -- in that sense, it sort of drives the profitability up marginally. But we don't see any cost levers and that's not the goal of acquiring this business. The goal is to drive growth. The business is quite profitable as it is, operating at about 25% EBITDA margin. So we intend to keep investing in growing the business rather than try and do much more to earnings. The 25% or so would contribute directly to Aurionpro's earnings, the moment we start -- close this transaction. So let's say, 1st of October, it will start contributing to earnings straightaway. The other part is actually pretty interesting. So from the product stack standpoint, we do intend to invest in this model, not so much from the standpoint of adding more functionality because what you're doing is, you are largely operating in a, in a functionality sense, you're operating in a box, which is fairly well defined, right? So -- but what we can do is, we do bring in a lot of internal sort of skills around, for example, conversational AI and stuff, where we do see the opportunity to add to the product. Second, we do bring in a lot of capabilities in terms of understanding of the Southeast Asia and the Middle Eastern market, so we can fine-tune the product incrementally in terms of making the product much more fit for purpose for all the markets go into, whether it's Vietnam, whether it's Malaysia, whether it's Singapore, right? So expect the product improvement to happen on those 2 axes, right? So you are not incrementally adding major functional modules, which are already there but you are either fine-tuning it for a market or you are adding some of the technology stuff we are doing around conversational AI, which has a direct fitment into the communication model, right? So I think that is essentially what will happen. In terms of how does it interact with the rest of the solutions stack, this is a net new addition of capability we did not have, right? So it doesn't overlap at all with our current solution stack. But we do have an increasing footprint in the digital banking space and this can become a nice add-on to a digital banking deal in terms of one more aspect of your digital communication with the customer that we can take care of, which traditionally a bank is not thinking about, right? So I think in that sense, it can play alongside something we sell but there is zero overlap.

And just curious to know, this valuation was done independently with a couple of auditors or how did the valuation -- what was the basis of valuation?

Yes. So look, it's sort of separate. So we did -- obviously, we did -- we used fairly regularly independent valuers to do help us in assessment of value of this. So we did valuation exercises independently. The number that you see out there, it's not the final number because that's subject to audit and all that stuff. But it's essentially the recoverable number. So we don't pay any additional cash, we do it in return for the receivables we had from Trejhara, right? I would say, from a value standpoint, this is enormous value to the Aurionpro shareholder overall, right? Now you can -- I would say everyone can have their own assessment of value. We have fairly reputed independent valuers give us an opinion, which typically is a valuation number significantly better than the INR 140 crores that you see out there.

Sir, we have a couple of questions in the chat box. I'll read them. There are 2 questions from [ Mr. Sahil Sharma ]. What sort of cross-selling opportunities do we have for this product across our set of non-India clients? And the second question is, can you please outline the breakup of the INR 140 crore transaction? What is the number for Trejhara receivables? And what is the number for other current assets, just so that we can juxtapose the transaction onto our FY '23 balance sheet? Would this settle all the Trejhara outstanding dues?

Okay. Perfect. So Sahil, I think I already answered the question on cross-sell. So I will sort of skip that. I mean if there is a further angle that I did not cover, then please ask the question again. But cross-sell essentially, we take it to our global client base. We did not have this capability. So it gives us a net new capability to sell to our existing clients and slightly smaller cross-sell. We take Aurionpro's solution stack to the Interact DX clients who we don't really have a footprint with, right? So that basically -- I covered that in some length. Coming to the second question, the breakup of the INR 140 crores, so these are essentially, we would have published these, right? So this is related party sort of thing we would have [indiscernible] -- we would have published. Basically, it's a combination of a small amount of investment that was there. And essentially, the other receivables in the form of loans and advances which are already declared out there, right? So it's essentially -- so that INR 140 crore, as I said, is a approximate number. It won't be more than INR 140 crores but there is some element of foreign exchange and all that stuff. So it would be approximately that number. That is the total outstanding due. So yes, this settles all the Trejhara outstanding dues. So basically, we will have no linkage to Trejhara through any balance sheet item after we do this, right? So basically, all the receivables, everything due and has been recovered through this transaction.

The next question is from [ Ms. Ankita Rakhi ]. Sir, what is the top line that you're expecting to add this year by this acquisition in FY '24 and FY '25? And will the EBITDA margin be maintained that the company had previously?

Okay. So okay, multiple questions there, right. From a top line standpoint, this business did INR 45 crores last year. This year, the planned number for the business is INR 50 crores. I would say we will at least do the INR 45 crores that's last year. And what we hear from the management of that business is, they are planning to hit INR 50 crores this year, right? So we will -- before the transaction closes, I'm not in a position to give any qualification on that number. So I would say it's at least INR 45 crores that we should expect in this financial year for that business to do. On the profitability side, as I said, the margins are slightly better than Aurionpro as a whole, right? So we should expect a 25% odd of the top line coming in as EBITDA into the business, right? Did I miss some part of the question? Oh, yes, '25. Yes. So FY '25, I'm not going to get into guiding for future years because I think it's fundamentally unfair that we don't guide for Aurionpro as a whole FY '25 and I guide for this small part, right? So we'll leave it but we have significant growth plans for the business. We intend to keep driving growth through our entire solution portfolio and which going forward, will include this one as well.

Sir, the next question is from [ Mr. Venkateswarlu ]. How many customers it has? Are you already working together with any of the customers? If so, which product of Aurionpro is integrated with Interact DX? What was its growth rate in the last 3 years? What is the growth rate expected for this product in the next couple of years? And what is the amount of outstanding payments from Trejhara? Is there any pending outstanding?

Sorry, the last part, I did not get it. So what was that, outstanding?

What is the amount of outstanding payments from Trejhara? Is there any pending outstanding?

Okay. So look, the total of the investments plus the outstanding payments is of the order of that INR 140 crore number that we published. That INR 140 crore is the absolute sort of high case in terms of what that number is, depending on foreign exchange conversions and stuff, right? So that is basically it. So that is total. Is there anything outstanding from Trejhara? That is -- so there was an outstanding in terms of recoverable and there was the investments. We recovered everything. So after this transaction closes, there will be nothing outstanding from Trejhara, right? That's basically the transaction in a nutshell. What we are -- so there are customers that we are working with who also happen to be customers of Interact DX, right? Are we really working closely together in the sense that -- an Aurionpro solution is tightly integrated to the Interact DX, I'm not really -- not that I can think of right now anyways. So we are not right now in sort of working with them in any major way. After the transaction closes, we do have a lot of ideas around where we can work together because there is a set of common clients and there is a set of clients that are sort of strong clients for Aurionpro, not for Interact, strong clients for Interact but not for Aurionpro, right? So we do have those lists identified, where immediately after the transaction closes, the sales teams and the solution teams can get together and start looking at what are those cross leverage opportunities, right? Yes.

And sir, the question on what was the growth rate in the last 3 years. What is the growth rate expected for this product?

Yes. So look, growth rate has been sort of not very high, not comparable to the Aurionpro growth rate in the past. So the business has grown in the range of 10-odd percent in the last few years, while, of course, as you know, Aurionpro has been growing in the range of 30-odd percent. Our plan would be to really step up the sales effort on the solution. We feel very good about how well it can sell in the global markets as well as where we can expand in the Indian market. So I do believe in sort of medium term for the solution to get up to the Aurionpro sort of growth level, which is at least drive it up to something in the range of 25% to 30%, right? But that is probably a medium to long-term sort of view. In the short term, the business has grown at 8% to 10%. So I think that's what you should expect in the short term.

Okay. Sir, the next question is from [ Mr. Vivek Gautam ]. Is this acquisition EPS accretive from day 1? Few pointers on that rationale, please.

Yes, yes. So it is. So from -- basically, if you just look at it roughly -- if you look at last year, right, so you're saying INR 45 crores, you're saying INR 45 crores and then EBITDA in the range of INR 15 crores, right? So we basically expect to make that the moment we take over. This is a net new addition to the EBITDA stream that Aurionpro has, right? So it is immediately active in that sense. I don't know what more detail I can provide. But basically, expected to contribute day 1. So yes, basically -- the nutshell of the transaction is very simple, right? We recover what was due to us for many years from the entity. It was sitting on the balance sheet for sometime. So we recover against those items. There is no cash -- there is 0 cash that leaves Aurionpro. And once the business comes in, the EBITDA is immediately accretive, right? So that's basically the transaction in a nutshell. I mean it seems straightforward, I think.

Sir, we'll take the next question from [ Mr. Mayur Damani ].

I'm glad to hear this that, in the markets also, I mean it is being told that Mr. Ashish Rai and team, they are the real catalyst of Aurionpro's next journey that is towards 2030. So this is maybe few of the initial steps. So congratulations on that. And my question is related to this INR 140 crore valuation. So how did we arrive at the valuation of this INR 140 crores? Is it that we had recoverable to the extent of INR 140 crores and we adjusted to that value of INR 140 crores? And let me just recover this and then capitalize based on Aurionpro's strengths from here on. I mean just wanted to know the valuation, how did we arrive at the valuation of INR 140 crores?

Yes. So I think that is essentially it, right? I think it is the sum total of the recoverables that we had from Trejhara. We did independent valuation exercise as well, right? And I've told you the sort of the EBITDA levels of the business. So I think there's a market -- benchmark for those as well. And those were kind of a little bit higher than the INR 140 crore number for this, but INR 140 crores is essentially what is the sum total of the recoverables and the investments we had in Trejhara. .

Sir, we have 1 question in the chat box from [ Mr. Bhavik Mehta ]. How big the business can be in terms of revenue over the next 3 to 4 years? How much additional investment would it entail?

So look, we -- it's hard to size it at the moment. So that I've got sort of -- I'm a little bit conflicted on this one. We don't give long-term guidance. So I would sort of park it. The second is, we don't even -- we've not sized. So we have a projection. We believe we can bring the business up to the 25% to 30% growth benchmark that we have as an enterprise, right? So we don't give any forward guidance. I'm not going to start in this call, right? But we plan to get all our businesses to that level of growth. We strongly believe this business can get to that kind of growth, right? For this year, we probably should expect high single digits to 10% but medium to long term, our endeavor would be to drive that level of growth. We believe the size of the market for a solution like this is very, very large, right? So because what you are talking about is something one fundamental to what a insurance firm or a bank needs to do, first of all, in today's day and age, that's #1. Second, you're talking about a ROI case where we can prove almost instantly the ROI that is involved in this because what we are saying is, if you have a passive instrument going out to the customer, which is essentially just a cost element for you at the moment, we can convert that into a revenue earner for you, right, so which kind of completely changes the ROI. The third is, we believe the value of the offering in global markets is far more than -- so by value, I mean, the prices at which you sell, we believe that can be far more than what we sell in the Indian market, right? So -- and which is not something unique to this solution. That is something we've seen across our solution stack. The realization that you get from the solution stack in markets outside of India tend to be better than what you get in India. So even on that element, we believe the average unit prices will go up as we go out and we expand globally, right? So we believe this is a very, very large segment. We think we can bring the growth rate up to 25% to 30% without needing any major new products, right? So coming to the R&D question, we are not going to -- so we've got a philosophy around R&D, which I've been very clear about in previous calls as well. #1, we try to get to 7% to 8% of the top line at the moment in terms of R&D which is where we are trying -- we're trying to do. We don't capitalize it. We will expense it out because we believe the businesses that we do fundamentally are that profitable. We can deliver our EBITDA ranges, after the expense out of the 7% to 8% R&D. We expect this business to be at the same level in terms of R&D. So that's not significant enough to come out with newer products. But that's meaningful enough for us to incrementally fine-tune it for newer markets that we go to and enhance the stance that we're not creating net new functionality but we are fine-tuning it for more markets. We believe that is where the sort of revenue upside is, right? So that's what it would be. And the long-term philosophy we have on R&D, again, we've sort of stated that many times is, we believe all our businesses will get more and more profitable as we progress in time. We will try to keep the enterprise EBITDA at the levels it is and any excess that we get, we will pour it back into R&D, right, which means incrementally as the business grows, they will be more and more available for R&D. And hence, then you -- the pot sort of increases over time for the business too, sort of keep incrementally investing in R&D. We believe that's sort of -- at least that is the model that we follow. Now I've heard sort of debates on it and it's one of those areas where whatever you are prepared to invest, product is a business where you can invest. There is no end to what you can invest, right? So we have no intention of becoming a start-up style keep investing in kind of thing, we'll say 7% to 8%, keep pouring it back, keep coming up with incremental functionality and that drives enough growth for the business.

Sir, last question we'll take from [ Mr. Siddharth Nikunj Dhaga ]. Whether the product is scalable other than the BFSI sector? If so, what shall be the other target sectors? And are there any similar players in the same product?

Yes. So both excellent questions. So I think from a solution suite standpoint, it is scalable to any business which has a lot of retail customers that you need to interact with. For example, the solution has been used in telco sort of use cases as well, right? The immediate global focus would, however, be to sort of specialize around banking and insurance space and double down there. I believe that's enough to drive the growth. But it can extend to many other segments, essentially any segment which interacts because things like digital statements, bills, monthly statements, invoice sort of -- not invoices but essentially even invoices, even marketing communication and all, wherever that's needed, you can actually have a central hub to take it out. So it is possible but we can drive enough global sort of expansion through the banking and insurance cases and then we say, okay, what are the other sectors that we can do something about. Are there similar players? So there are similar players but there are many ways of achieving the same objective. We believe we have a superior model to deliver a interactive communication to the client through a product as well as a services-led sort of offering. So I believe we are very unique in a way that we take care of the product. We take care of the fine-tuning of the product. We take care of the actual running of the communication with the client, integration with the clients' sort of core banking system, whatever else it needs to interact with, as well as run it like a service, right? So you -- I mean everyone does some level of customer communication, right? We believe we got a superior product and service offering together, which makes us like truly unique in the space. Hopefully, that helps.

That was the last question. If you would like to give some closing remarks.

Okay. Good. So first of all, thank you, everyone, for joining this call. My goal from the call was very simple. One, it's a transaction with a related entity and as I've been very clear in the past, we want to run the setup in a way that there is maximal transparency to the shareholders. So it was important for me to sort of explain the whole transaction. So thank you for taking the time to listen to it. Very, very excited about where this could go for us. I think the deal is incredibly value adding to the Aurionpro shareholder, day 1. But I believe the future of this offering inside Aurionpro is very, very bright, and we can grow this business in a very strong way. We can extend our value proposition to the banks and the -- that we work with in a very material way. And we get a foothold in the insurance business which we always wanted, right, because I think that's the next sort of axis for expansion in our solution sets. It's a large segment. We wanted a play in that segment and this sort of gives us a good entry point into several very well-known players, right? So in every possible way, this achieves all the objectives we had and also sort of completely delinking the balance sheet from the related entity and recovering more importantly an outstanding, which was due to us for quite sometime, right, in a highly sort of value-adding way. So I believe this is a win-win transaction. This is extremely positive for us as a firm in many, many ways and incredibly sort of value adding to the Aurionpro shareholder. So yes, we feel very excited about it. Thank you very much.

Thank you, sir. Thank you, everyone, for joining the call. With this, we end the conference.