The early adopters have a lot of options, of which we believe to be the best for a certain segment and have been for nearly a decade now. SaaS Accounting in 20

The early adopters have a lot of options, of which we believe to be the best for a certain segment and have been for nearly a decade now. SaaS Accounting in 2010 was a tough pitch in Germany and for some segments still is. The laggards have a large industry catering to them so that's where the most revenue is still concentrated. From the top of my head our last analysis showed that less than 5% of the TAM of SaaS Accounting Solutions in Germany is captured at the moment by any of the active players. So the strategy is to provide a meaningfully better replacement for existing solutions while not relying on the advantages of the SaaS model.