Talenom's Q3 result was better than we predicted, as Finland’s excellent profitability covered the lousiness of Sweden. In Sweden, the ‘backstop’ is leaking and the situation is worrying, but the greatest pain may already be over. In the updated strategy, the company focuses its operations on accounting services and software to be separated, while smaller by-products are given to partners.

Yesterday, Talenom issued a negative profit warning. In connection with the release, the company announced plans to spin off its software business into a separate company, which in practice means that the company's software will also be sold to third parties.