Ann: Class - FY20 Results, Acquires Smartcorp, page-4

Yes and No - Smartcorp is a much simpler offering ostensibly being a purchasing portal for entities where-as Now Infinity does provide this capability it is more known for its corporate registry and workflow capabilities. There is definitely cross-over of capability but functionally NI is a much broader solution. Your summation that this transaction predominantly delivers market share I would agree with. Smartcorps long duration relationships and broad market reach will provide Class a much larger prospect base to allow it to both up-sell and cross-sell, both for Class and the full NI offering.

A key thing to remember here is that both NI and Smart Corp are used for the formation of new Trusts, and NI has the additional capabilities of ongoing management and maitenance of all corporate entities. Outside of Class's existing customer base - these two new tuck-ins provide very fertile grounds for the new market first Class Trust product.