For the first time in our coverage history, I have now moved to the buy side with Lemonsoft. Overall, the valuations of Nordic ERP providers (Admicom, Lemonsoft, Smartcraft) have been pushed to historical lows in the recent SaaS sell-off, and at least I am now taking the view that AI fears have become overblown here. At least for the moment, I don’t see AI posing a significant threat to ERP providers, but I am also ready to change my mind if developments start to look that way at some point.