I want to get a better understanding of the competitive landscape. I understand Anaqua's success is due to their strong IPMS product, which helps them win annuities. But what else can you say about competitive changes over the last five years? Is CPA losing share for a particular reason? The conviction issue is behind us now, but are they losing share for another reason?

Three things are happening. First, with Foundation IP, law firms are increasingly handing over the annuity business directly to IP vendors. They don't want the liability, so they prefer to give it to someone like Clarivate or others. When they have a client, they might say, "We work with Clarivate with our IPMS, so you can work with them if you'd like, but be aware there are other options." Most of the time, corporations do an RFP or an informal consultation.

I want to get a better understanding of the competitive landscape. I understand Anaqua's success is due to their strong IPMS product, which helps them win annuities. But what else can you say about competitive changes over the last five years? Is CPA losing share for a particular reason? The conviction issue is behind us now, but are they losing share for another reason?

The second thing is Memotech. When you decide to discontinue an IPMS, there's a high likelihood that clients will run a new consultation or RFP. There's no reason to choose IPFolio without consulting the market, even if they feel more comfortable with Clarivate because they know the process and team. At the end of the day, it's like changing your entire IPMS, so why not check out what's going on outside?

So basically, even though it's the same vendor, there's the same risk associated with changing the data.

Exactly, exactly the same. What's happening as well is that Clarivate is switching internally from CPA to IPAN because the annuities platform behind Memotech is CPA, but behind IPFolio, it's IPAN. I can tell you, this is not the same operation at all, and it's not the same quality either. The market is not blind to this; they have understood it.