Yesterday, QBY announced the acquisition of a 51% stake in Hamburg-based GITG, a c. 40 employee SAP healthcare specialist. The key takeaways:GITG has implemented and supported SAP in healthcare since day one, catering the entire admin (i.e. Yet caution remains on reference customers and competition: while GITG has a pilot with LMU, ATSP's rival S4.health is already in implementation. Consulting should remain on its recovery track (eNuW: +3% yoy), but MS looks set to lag behind (-5% yoy). Isolating GITG, the low ends of both the sales (€ 182-190m) and EBITDA (€ 10-16m) guidance should remain in reach, in our view.