Telmo Silva: 14:32
You’re absolutely right. I mean, we we knew that we were not going to be able to a from a resource standpoint. You know, we were bootstrapping this for the first few years. We were not going to be able to build, you know, a global cloud platform, you know, in a few months. Right.
It’s this is not one of those cases that you can just get, you know, 100 million in funding and kind of get all your developers and working full time for three years and come out with a great platform. It doesn’t work like that. And so we started with this tagline, which is Dashboards Made Easy. We we focused these dashboards made easy. And you went along with our freemium model, and you went along with that ability to say, connect, clean up your data and visualize your data. You know, that was it. That was a simple three step, right?
Dr. Jeremy Weisz: 15:22
And I could see how that’s sticky, too. If they’re using the dashboard and you get them using it and then at least free and like, oh, you want to add these other things that all of a sudden you’re like, wait, I need to connect these two other things. Oh, I don’t know how you transition, but I could see, oh, you make one connection, but they have 17 connections. You’re like, oh, I gotta pay for this thing.
Telmo Silva: 15:44
Exactly, exactly. So we thought, okay, well, that that’s fine. You can connect this data excels and things like that. And then we tied it in with, you know, if there’s a user that is paying for Pipedrive as opposed to paying for Salesforce, those are two different, you know, bills that the customer will be paying for. And in both cases, you have a customer on one side that has Pipedrive and he wants to connect to ClicData.
Well, we know we’re not going to be able to charge him for that connector for Pipedrive, the same way that we would be able to charge a Salesforce connector, right? So we start making differences in terms of the connectors, right. If you have already a data warehouse most likely means that you already have, you know, an IT infrastructure in place that hosts that data. So we start kind of pricing things appropriately for the customers that will take more advantage of it and that have more data typically. Right.
The data volume was a big one because we are hosting their data, we are centralizing their data, and that allows them to do amazing things with it. But it’s it’s huge cost. As you said, we are hosting it. We’re responsible for it. We have to back it up.
We have to secure it. We have all these, you know, infrastructure concerns around it. So they should be paying more than somebody that has, you know, less data in there or at least less important data potentially. So yeah. So that enables us.
And then we start seeing things like people were building incredible things with the dashboard where we thought the dashboard being a one way medium where we have data and we’re now showing the end user their data in in charts, in graphics, in tables, we start adding features. And again, freemium at the time. Right? We were playing with it. We were testing it out.
That actually allows them to input data to actually store data via the dashboard, start typing into the dashboard so that it says and does stuff and buttons and and now we start thinking, okay, it’s a two way medium now. And what people start doing with it was incredible. Like, well, we had a, we had a, a perfume company in France, do a mobile application with our dashboards. So their sales rep would test different colors of lipsticks and things like that. And, and you know, and it was a cosmetics company.
Sorry. And, and their salespeople would just type in and on their screen and immediately would give them like a chart with the color that should go for the lips. I, I don’t know all the details, but the idea is that.
Dr. Jeremy Weisz: 18:23
Lipstick is not my expertise either. Oh my gosh.
Telmo Silva: 18:26
This is crazy. They’re building all kinds of different apps and stuff with this and the flows of data. They would they would build data from Jotforms to our data center. Then they would show on dashboards, they would input something and push it back to jot forms and create full data loops and things like that. And that just kind of ignited all these ideas of growth in terms of other areas.
Dr. Jeremy Weisz: 18:50
Are there any other crazy use cases for this that you’re like, I when I started this company, I can’t imagine someone would use it for this.
Telmo Silva: 19:00
Well, I, I’m not sure if there’s a lot the well, there’s a lot of crazy use cases which we typically find out when something, you know, once we see somebody. But we have we have a marine biologist in, in Alaska categorizing things. So it’s not as much as, oh, it’s an odd use of our platform, but the use cases for which they use it to us keep Surprising us and and he’s he’s measuring different type of species of I believe is is fish or something like that. And the data that you know metadata that we actually see kind of it’s quite funny. And you know, we have another one in Calgary and that was that was early on in, in, in, in the life cycle of, of data.
But and probably today I say this and people go oh yeah, that’s that’s normal. But at the time ten years ago they used to put these, these screens and these cameras on elevators and they would push ads on the elevators. Right. What I didn’t know is that there was a camera monitoring, you know, the height and the and doing some kind of recognition to identify if you had, you know, if people were looking at the, at the screen on the, on the elevator and that data, you know, that they showcased their, their, their use case with us freely. I’m not sure if it’s still on the website, but very interesting use case.
I mean, we have a bit of everything. It’s quite interesting, the variety from ice cream parlor stores in Florida all the way to, you know, Cologne, perfume and cosmetic companies. Yeah, quite a bit of use cases.
Dr. Jeremy Weisz: 20:39
Interesting. So looking at this demo, I can see, you know, so the evolution of some of the features obviously. Look if you’re listening, we’re looking at kind of you could see data visualization automation connectors, data warehouse processing, advanced analytics streaming and publication. It started really the core these dashboards and connectors. And then what was the like.
What were some of the feedback you were getting from people and then what what you added after that?
Telmo Silva: 21:10
Well, we only started with three of those. You know, this is kind of like a a pie chart, if you will. And we only started with three of those pies, which was the data viz and the connectors and the data warehouse. Right. We didn’t have much more at the beginning.
We had a bit of processing. So the processing was the first one to kind of be transformed radically where we thought, okay, people can yeah, you know, transform their data, clean their data is important. Of course, there’s no point in having bad data and then just having funny charts, right? So what we try to do is spend a lot of time there. And that was probably one of the first places where we start adding a little bit of AI stuff to kind of do some of the stuff automatically, some of the harder stuff as well.
For example, convert addresses to latitude and longitude so people can visualize their customers on a map. Very important, you know, these little things that really enhance the usability of the data and enhance the data, and then start looking at the data itself and propose things to the customer such as, oh, I see that you’ve loaded this type of data. Would you like to augment it with additional data that I can get from the web, things like that. And this is again, to enrich, right? Weather data, currency exchange data, whatever can help them get the job faster.
So that fourth by was really where we kind of kind of focused on the automation, of course, the ability not only to send, oh, you know, a new dashboard is ready, come and see it, but actually push it out, text messaging, etc., slack and teams notifications. So we tried to really not wait for the users to come to our platform to see how their KPIs are doing or how their business is doing, but actually push the data right in front of them every morning, Monday morning, you know, you get a little email with a little nice dashboard on the email plastered on saying, okay, this is this is how you’re doing today. You know, and I think that’s, that’s that was something of the stuff that we started doing early on because we start seeing. you know, we we got into other things like descriptive analytics so that, you know, we describe that the charts for the customers and describe their data to them. We start getting into pushing the data out.
We we felt that the customers maybe felt locked in by by bringing the data into us, which we thought was a positive thing, because, for example, some of these customers were using Facebook and LinkedIn, and at the beginning it was like the Wild West, right? LinkedIn was holding your data no problem for months and years on end, and you could get to your data anytime. And little by little, they start reducing how much data you could actually siphon out using the API’s. So it used to be four years, five years. Now it’s like three years.
Two years. I think it’s down to two years or 18 months.
Dr. Jeremy Weisz: 24:09
It’s a one hour. No.
Telmo Silva: 24:11
Or exactly. Now you have to pay them money to get to your own data. Right. So with our system, you can actually kind of bring the data in every day a little bit at a time. And you’ll build your history in data.
But even there we thought oh maybe they don’t feel, you know, comfortable with that. Maybe they want to wait to push this out. So we built data stream, which is the ability to not only pull data in, but now with data stream, we can push data out and stream data out to to other systems, not only dashboards, but actually the raw data or some sort of a modified data. And now these days, we’re very much into AI and Python and things like that. And again, some of these customers of ours have evolved into that naturally.
They have data analysts on on, on board and they want more. So the platform really evolved with the customers over the time.
Dr. Jeremy Weisz: 25:06
Yeah. I’m looking if you’re looking at the video, I just you know, they have a really cool if you go to the different connectors. This is where I’m at here, the connectors page. And you can kind of see all the different connectors. And each of them lead to the page.
And it’s I just think it’s interesting to see how other people are using these things. And you have like a page with that shows benefits of, you know, with the LinkedIn connections and the metrics and sample dashboards. And then I also like, okay, if you used, you know, LinkedIn, then other people use the YouTube and Facebook and Instagram connectors. It’s kind of like Amazon for connectors, like okay, if you like this other most people also bought bought this.
Telmo Silva: 25:48
Right. One, one cool thing that we’re trying to do, and this is potentially one of the hardest thing is you saw there, there was some dashboards as well that you could build for LinkedIn, right? Yeah. You can click on them and and they’ll actually take you to the dashboard itself. And these are templates that our data analysts have over time kind of say, you know, this would be a great dashboard or this is a starting template that if a customer asks me for this, I would start here.
Show this to them and then from here kind of tune it up to their to their likes and so forth. Right. And these are actually live dashboards. So if you click on on this you’ll actually see a live data like it, what we call a live link which is basically a live dashboard with data behind it where you can filter and click on it and things like that. So this is this.
Dr. Jeremy Weisz: 26:39
Your your LinkedIn.
Telmo Silva: 26:41
Platform.
Dr. Jeremy Weisz: 26:42
This is.
Telmo Silva: 26:42
Yours. Yeah. This is this is the platform I work. This is not a website. This is this is data. This is not our LinkedIn.
Dr. Jeremy Weisz: 26:50
Oh, okay. I didn’t know if it was connecting to yours.
Telmo Silva: 26:54
I wish I wish I had 39,000 followers. But no.
Dr. Jeremy Weisz: 26:58
After this interview, you’ll be there.
Telmo Silva: 27:00
Never know.
Dr. Jeremy Weisz: 27:01
Right.
Telmo Silva: 27:01
But. Yeah, but this is the idea is that, you know, they they they build these and and this is actually a great use case, right. Just the way you clicked on it. And right now it’s on your browser. Well, a lot of our customers actually embed these dashboards into their own portals or, or applications, right.
Because you can do that with ClicData. You can build all the data analytics and then just embed the dashboards into your application.
Dr. Jeremy Weisz: 27:26
I would encourage anyone to go here and check it out. ClicData connectors. You’ll get an idea. I mean, just from an idea standpoint of what can you do with dashboards and what are they? You know, they’re obviously seeing a lot of best practices across, you know, many, you know, lots of data points.
So you can check out kind of how they’re building it. I’m curious, you know, we’re looking at now Facebook ads here and you can kind of see some of the sample dashboards you get. You get marketing agencies that use you that that will present the data as well.
Telmo Silva: 28:00
Right now. Absolutely. Market marketing agency is actually one of our largest sectors, I think. we may not be the most leading in terms, just focused on marketing. I mean, there’s a lot of marketing reporting analytics solutions out there.
But we we are definitely the most versatile. And there are times that the these agencies are faced with multiple clients and the the workload in maintaining multiple clients dashboards and analytics and keeping them updated on their campaigns on on their effort is sometimes too much for them. So I think this is where.
Dr. Jeremy Weisz: 28:42
People also want to show their clients results. And it’s like, okay, it’s it’s a way to do that.
Telmo Silva: 28:48
Absolutely. And not only that, but it can be white labeled as well. Right. So these marketing agencies, as with many other consulting companies, can actually tailor ClicData and rebrand the whole thing with their brand. Right.
So they the customer, their customers will now feel that, you know, this is something specific, a value added that their marketing agency or their PR agency is doing for them. So we kind of like the white label quite a bit.
Dr. Jeremy Weisz: 29:17
Yeah. What made you get away from the freemium? It seems like it was successful. Why’d you what was the reason you ended up taking it away?
Telmo Silva: 29:27
One of the biggest differences from other applications where, you know, if you take something that is just about dashboards like power BI or something like that is they give you the software and that’s it, right? And you can, you know, you could give it as a freemium and you load your excels and you’re happy with it, but it costs nothing for them. They built the code already. The code is built. It’s just now.
Well you’re just downloading it. In our case, that’s not true. The dashboards turn on our side, the databases and the data hosting. And we host on Microsoft Azure across the world in seven different data centers, and that costs money to host their data, even if they’re not doing much with it. Even if they only consult the dashboard once a month, we still need to hold and backup that data for the whole month and and refresh the data and so forth.
So the cost was was getting a little bit prohibitive, especially when you start reaching 40, 45,000 accounts. After a few years, we had to start doing something. So our price went from freemium to $25 a month. And then we created three plans 25, 50 and 75. I forget, exact the numbers.
And then we just started adjusting. We figured that if this has really value added, and that was my next step really is to differentiate. Just because it’s free, everybody’s using it. Or is it is there really a business value to this and trying to measure that. So we started little by little 25 for certain types of connectors, 50 for others.
And try to gauge a little bit what the pricing point is as we added more features and obviously costs going up. You know, it’s been quite 17 years now since we first launched this or a bit less 15. But still, you know, it’s it was, it was it was that the cost mainly there was a support as well. Right. There’s a support cost to this.
We offer an in-app chat on our platform. That means that, you know, anybody could just ask a question of one of our data analysts and say, oh, why is my dashboard broken? How can I do this? And you know, that’s staff, right? So having staff for paying customers versus non-paying customers.
So we started differentiating things. But you know even support tickets is is is is a tough thing, which I believe is a challenge for anybody that offers freemium. Right?
Dr. Jeremy Weisz: 31:52
Yeah I agree, I mean I think I’ve thought about it obviously I don’t know if most customers, consumers do, but I’ll go to a site, maybe it’s an app, maybe it costs, I don’t know, 20 or $30 a month. And I’m thinking to support tickets from someone like you’ve just lost that. I mean, it’s real cost people answering support. So I almost feel bad putting support. And I’m like, I don’t want to, like, I want the business to to thrive and make money.
So but it’s a real cost there, you know, even for not free, right? Even if it’s $30 a month. Right. And someone’s asking there is.
Telmo Silva: 32:27
Yeah, there is a, there’s a threshold and that’s, that’s the interesting piece is, is what, what I’ve been seeing with some systems and I can’t come up with I’ve seen a few recently is they just remove support for free accounts or for low paying accounts. And I’m not quite sure about that either. Right. I was thinking, well, I don’t know, like I mean that’s that was the initial deal and now we don’t have it. I understand why, but it didn’t feel right.
So I just thought, okay, well let’s just find a pricing that, that kind of. Yeah.
Dr. Jeremy Weisz: 33:00
Yeah. Talk about the team initially. What was the evolution of the team? Because, like, you sound like you had an amazing job and you left it to start ClicData.
Telmo Silva: 33:12
Absolutely. Yeah. And at the time I was, I was, I was I was back in Canada after spending a lot of time in, in about I was doing work in about 40 different countries. I was traveling more than I could imagine. Wow.
And I said, you know, let’s go back, settle down. And I, I was engaged. My wife is French. She’s also later become a partner in the company and a co-founder in the early stages. And, and we decided at the time I was offered a position in London and I said, all right, I’ll start in London.
But we live in France. Since you’re French, it’s just around. We’ll take the, the, the train across the tunnel and I’ll be there. And and that’s where I decided to create ClicData at the time. Part of the reason is that I found some amazing software engineers.
I, I had a kind of fortunately, I met a lot of amazing people. I met a mad scientist out of Seattle. I met a great architecture software engineer out of Lille in France, a great data person out of Toronto, and I brought them all to France. And I said, okay, let’s build this. And at first they thought I was joking because I was basically just going, okay, what you’re doing is kind of going against like, you know, the likes of MicroStrategy, IBM, Business Objects from SAP, Microsoft, of course, Oracle Business Intelligence, and you want to build a business intelligence platform.
I said yes, but fully cloud. And so as I was able to convince him this team, Nikola, he’s been with me for 18 years now. Amazing architect. He’s the CTO now. He built a lot of the code himself.
Ellen, who’s my wife and co-founder. She’s also the one that said, you know what, we gotta go premium. We gotta go organic, we gotta go viral. We gotta figure something out.
Dr. Jeremy Weisz: 35:14
Because the marketing brain.
Telmo Silva: 35:16
Yeah, she all the way from the beginning. She’s she put together the websites and you know, she was able to pinpoint a lot of things that work right, right off the bat and, and so that was quite, quite impressive. And when I met Sri here in France, in fact, and we worked together here two years before he moved to, to run the operations in, in the US and Canada. She’s just a brilliant entrepreneur slash engineer. He’s got that vision of, of services data.
And yet the division of the platform. So I mean, this is a core team. And of course a few others. We’re quite small as a company. And but since we’ve been acquired, we’re now actually one of a very large software player, global software player.
So with team system acquiring ClicData, we’re now over 5000 people. So it’s it’s quite exciting to see what we’re we’re going to go from here.
Dr. Jeremy Weisz: 36:21
We’ll talk about the acquisition piece in a second. But I do want to talk about how did you you have this a crazy idea right. And you attract this. Well, you know, crazy maybe to some of the engineers, they could, you know, probably work at a bunch of different places. How did you attract the top talent early on to come join you in this endeavor?
Telmo Silva: 36:38
Interesting enough, you know, I had two choices at the beginning, right? You have this kind of approach of saying, you know, I’m going to go to to the US or Canada, get a lot of investment and build, you know, an entire engineer Salesforce and you know and think big and all that. And that was I was not like that. I was I was saying, you know what? I don’t want anybody with preconceived notions because anybody that’s going to I came from a very corporate enterprise mentality.
You know, change is not good. Okay. In the former world, if Pfizer has not done something, nobody else will do anything, right? Like they always follow the leader, right? They want to see somebody else try it and fail or succeed, and then they’ll follow.
Right. And I was afraid of that. I was talking to a lot of software developers and engineers that basically already had years of experience, and they came with a very fixed thing in mind. Right. And I didn’t want that.
So other than Nikola, everybody else that I hired after that was actually almost fresh out of school. I picked them and some of them, I actually had them for internship. At the time, I was bootstrapping everything myself, so I was paying them internship level salaries. And, you know, at the end I would offer them a full time position. And at the beginning I was I was teaching them, I was I was telling them how to do things.
And then they kind of flipped around and start doing the other way, which is basically just doing it themselves and kind of evolving. But already with that vision and no preconceived notions of how to code, how to architecture, how to do this right, because we would fall very easily into the same old trap of by standard by. And I did not want that. So that’s I believe what excited them as well. It’s that that room to explore and the room to learn and that capacity to say, okay, this is something that nobody has done before.
So that that I think is what stuck. That was the early years. It was just purely engineer for the first 5 or 6 years. It was really an engineering software development company, 100%. There was no marketing.
The inbound we start getting after 4 or 5 years was almost unexpected. I was never expecting to to do that. We built the whole thing, but we never had even thought of a formal launch platform until Ellen came around and said, okay, we got it, we gotta launch this big, right? But yeah, so that that was the beginning. We we never had any specific I didn’t go out and kind of try to pick this guy.
I picked people that I knew that I could trust, but that had no preconceived and were very notions and that were very excited about this.
Dr. Jeremy Weisz: 39:22
So in the beginning you’re like, okay, do I raise money or do I bootstrap? You choose bootstrap and where their points along the journey where you’re like, you know, we’re growing, I need to hire. Or you just like, no, we’re bootstrapping this off of the customers that we’re getting.
Telmo Silva: 39:36
We were not able to bootstrap enough, not at premium levels and not at $25 subscription levels. Right. So at some point in time, I did have to go look for for outside investment. And luckily, I found a lot of angels that had, you know, that were interested in participating, didn’t find any funds. It was it was a difficult story to to pitch for North American investors.
We’re a French company, which makes it a little bit hard, right? From the standpoint of proximity for French investments or European investments, their investment concept is not the same as North America. It’s a much more held back. Let’s dip a little bit and see what that has. You know what that does and then we’ll put more if needed, which is not the way to build a software.
Right. I need to build a whole thing. I can’t just build, you know, 20% of the software I can only give you, you know, 20% of a dashboard. I have to give you the full dashboard, right. So it was it was a difficult decision to go for, for funding.
But yes, we we ended up looking for funding at times where I could no longer bootstrap it based on my services and my consulting, both on cloud architecture or in pharma sales and marketing it. So I was trying to do that at the same time while at the same time building the product. But it got to a point that, you know, there was already seven, eight people to feed, if you will. And at that point in time, I started looking for, you know, investment, external investment. And that happened a few times throughout the life cycle of quick data.
Dr. Jeremy Weisz: 41:18
Yeah. I mean, because that’s another job as well to. Yeah, to raise money and and go that route. Talk about the acquisition piece. How did that come about?
Telmo Silva: 41:29
Well the acquisition piece came came last year when we we had an amazing offer from, from Teamsystem, who’s an Italian software editor, Huge company. They basically have a strong presence in Southern Europe, Italy, Spain, Turkey and France. And and they basically they made an offer that we could not refuse in a sense, but more interesting to us, which was I was not looking forward to another investment round because I did not feel that the levels of investment were going to be there. And I definitely wanted somebody that understood the software industry. And I thought that with their capacity, especially in the area of AI and and data and what they’re doing over there, I thought it was a perfect fit.
Not only would I get extend our development footprint quite quickly, I would start taking advantage of things that they’ve done for their own platforms as well, very quickly. So it was it was very interesting for me from a product platform standpoint. On our side, we were able to give them a little bit more international exposure to data management. They were missing this. They were buying and licensing other other, other BI tools, if you will.
And now they can actually be the holders of their own destiny. So it was really a good a good marriage there for both of us. So very excited about that. How it happened through obviously people that we knew etc., that approached us. And a little by little we got to know them and and they put the offer and it was great.
And we felt the whole team agreed that it was it was the right next step.
Dr. Jeremy Weisz: 43:24
What did you not expect from the acquisition process? Or maybe you underestimated?
Telmo Silva: 43:31
I think my ability to deal with it. I don’t know if it’s a positive thing or not, but I came into this and said, okay, if I do this, I’m no longer the founder or I’m sorry. I’m no longer the the the shareholder. I’m still founder, obviously. And and the deal is that I will remain on board as CEO and and and that was that was not surprising. But that added a little bit of complexity in my thinking to say, is that what I really want?
Dr. Jeremy Weisz: 44:06
Like a loss of control, like.
Telmo Silva: 44:08
Potentially to deal with it. Yeah. Exactly. Am I going to be able to cope with it? Right.
I mean, I’ve been kind of calling the shots for 17 years. Yes. We’re going to do that. No, we’re not going to do that obviously with discussions and buy-in and so forth. But on a smaller company, you know, there’s there’s a driving force and, and the driving force and the decision cycle is short is absolutely ridiculous short our in our company.
So I was concerned I was concerned because I’ve been there I’ve been I’ve worked for those larger companies. So I know exactly what’s expecting me. And what surprised me to be frank is how actually easy so far it has been. Now it’s only been a few months, but the mentality of team system and the the the culture of team system, being a software company is so much closer than I ever thought. Whereas when I was working for pharma software development, it is not their core business, of course.
Right. So it was a different role. And and that is true. I never worked for a large software company and now I am and I’m kind of seeing some things. So I’m surprised in, in some aspects of how actually easy it is to, to kind of incorporate myself into that structure.
And yet at the same time, I’m still a little bit fearful at times of, you know, the speed of, of of, of which I will be able to make decisions and, and to kind of action certain items.
Dr. Jeremy Weisz: 45:37
Yeah, maybe it’s too early to tell Telmo, but has the for the role changing? Has anything? How has your role changed at all from after acquisition so far?
Telmo Silva: 45:49
Very little. But it’s it’s it’s happening right that there are two changes. The first one is obviously there’s some things that you need to delegate to the to the parent company. And there are some things that you need to delegate to your own team. You are no longer really able to do.
Whereas before you tried to do everything for everybody, now you have to teach them how to kind of stand on their own, because they will have their own interaction with other groups within a larger company. Right? So they need to be able to, to, to perform and to operate within that. So now what I’m actually trying to do is, in a sense, train my, my teams to be more independent from me than ever. Whereas before they were already a degree of independence.
But they knew they could always come to me. Now they know they need potentially to go to other teams within the larger group. And that is something that changes the dynamics of of the relationship. The internal relationship within, within the team, which, by the way, is always something interesting. And you were telling me earlier that one of the things that interests you the most is relationships.
To me, seeing the growth of a company as your two, three, four all the way to 50, 100, 3000. To me, it’s such an interesting kind of experiment to see how those relationships change and how the interactions change that. It’s I try to do the right thing and try to make sure that it’s minimized the impact, negative impact, at least on the teams. So it’s quite interesting for me to to see that happening.
Dr. Jeremy Weisz: 47:33
Yeah. First of all, Telmo, I want to thank you for sharing the story and the journey and your lessons along the way. It’s been really valuable. I want to encourage people to check out, clicdata.com. And and for me, check out click connectors.
I find it fascinating. And each one like we use Activecampaign and some of these other tools just to click on them and see play around with some of the live dashboards and what you could actually do with ClicData with those specific tools. I think that’s really cool. So I just want to be the first one to thank you everyone. Check out more episodes of the podcast.
Check out ClicData and we’ll we’ll see everyone next time. Thanks, Telmo.
Telmo Silva: 48:11
Thank you very much.
