We believe we have developed a strong capability and track record of identifying, negotiating and integrating acquisitions. Moreover, we developed an integration model that enables us to integrate in a timely and efficient manner our acquired businesses. Since 2008, we have successfully acquired 22 companies. Our acquisition strategy is focused on enhancing retail vertical breadth, expanding our operations into new regions within Brazil and adding new technologies to accelerate our pace of innovation. For example, our acquisition of Quadrant, in 2008 reinforced our presence in the State of Rio de Janeiro; our acquisition of Custom in 2011 expanded our presence in the southern region of Brazil; while our acquisition of Compacta in 2012, and the assets of Seller, in 2013, enabled us to enter the food services and the gas station and convenience stores verticals, respectively; while the acquisition of Direção reinforces the offering of TEF, the acquisitions of Big Systems and Softpharma in December 2014 allowed us to enter a new retail vertical, the pharmacies vertical, the acquisition of Neemu and Chaordic in September 2015, leading companies in personalized online shopping experience, focusing on search and recommendation tools for e-commerce, and the acquisition of Synthesis, in July 2017 represents the first step in Linx´s international expansion, aiming to significantly increase its addressable market and to be prepared to the internationalization of its Brazilian clients.