Please do, because their aggressive M&A strategy is a key differentiator.

The three rationales for their M&A activity are firstly, aiding international expansion. Finaro is a classic example. There is no point in building and obtaining your own acquiring license when you can purchase one that is already established with good processes. The second rationale is to acquire functionality, possibly to enter an adjacent market. Examples include their acquisitions in the US to win the venue market, such as VenueNext and Appetize. In Europe, they acquired an ISO with a sophisticated gateway already connected to Finaro, based in Poland, which they bought in 2020 to route internally. The final rationale is the funnel feed rationale, often mentioned in quarterly reports. This involves entering a vertical or a geographic area by acquiring a company that provides an adjacent service, then offering a bundled service that includes payments, which is their primary interest. A perfect example is Givex, a global loyalty and gift card program headquartered in Toronto with a market across Europe, the US and Canada. This acquisition aimed to access the retail market, where Shift4 has not been as strong as in other sectors. The latest example is Global Blue, which has the best top-tier retail book. I expect a careful approach to the Global Blue book in the coming years. Notably, there were no significant revenue jumps announced with the acquisition of Global Blue. It was more about acquiring a high-performing company with a substantial market share, providing future cross-selling opportunities. They didn't commit to being embedded in 20% of Global Blue's portfolio by the end of the year.