IITS Revenue Slightly Soft, IP-Led Biz Continues Upward Journey Sonata Software (SSOF) posted a soft performance in 1QFY20, with its USD revenue from IITS Business rising by 1.8% QoQ to US$44.3mn, missing our estimate by 2.1%. The entire revenue growth was led by full consolidation of the acquisition of Sopris Systems, while organic revenue growth remained flat in USD terms. In CC terms, total revenue rose by 2.7% QoQ, while organic CC growth was ~1% QoQ. Lower revenue in the Travel vertical (down 5.4% QoQ in USD terms) was the main driver for the softer-than-expected revenue. This was owing to growth not coming in as expected, with deal ramp-up slower-than-expected. Given that Travel is mainly...