Esker had a strong Q4, with licence sales in both DPA and Legacy Products helping drive constant currency growth of 16% year-on-year. We have revised up our FY14 and FY15 forecasts to reflect the stronger trading, with revenue upgrades of 4.2% and 3.0% respectively. This drives EPS upgrades of 17.2% in FY14 and 4.1% in FY15. The CalvaEDI acquisition should enable the company to strengthen its product offering and is expected to be earnings enhancing in FY15.

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