Do you believe that both CPA and Clarivate management viewed these software products more as tools for customer retention rather than standalone products deserving of investment?

The fundamental issue was that there were three parts to Clarivate. The original CPA, and what was previously the Clarivate part. Those two businesses had shared customers with different products that led to the illusion that there were cross-selling opportunities.

Do you believe that both CPA and Clarivate management viewed these software products more as tools for customer retention rather than standalone products deserving of investment?

I say illusion because, unlike the previous board, there was a good argument to be made that having software and renewals with a single provider was safer, leading to constant cross-selling.

You wanted to discuss the synergies and the $70 million. Could you talk a bit about whether that target was achieved during your time, the difficulties in achieving it, or any other relevant points?

There was indeed a clear plan, primarily focused on cost reductions, which were implemented, particularly in the US company. However, the way it was executed damaged the businesses and lost some initial credibility, even though the cost savings were delivered as promised.