What is the expected growth rate for the second quarter in terms of sequential growth, given the slippage of 1 billion SEK of software sales and networks from Q1 to Q2 
 not spare any effort to strengthen our position in here. We saw a solid underlying performance in the quarter and we're excited about our outlook. Technology leadership will be driving our competitiveness, and we will continue to invest in leading R&D and be on the forefront. And in this picture here, you'll see some of our new products, Radio 4490 and Massive MIMO Air 6428.
We are encouraged by the growth we see in North America and Europe built on 5G momentum, but also share gains. And of course, our ambition is to continue to grow and develop this business, both based on market growth as well as market share gains. On the IPR side, our strong 5G position and leading patent portfolio makes us well-positioned to conclude the outstanding renewals. On the enterprise side, we're seeing equally good development.
Our portfolio of prepackaged enterprise solutions, with Cradlepoint and dedicated networks -- see very good traction overall. And we continue to work toward closing the Vonage acquisition in the first half of 2022, and to start developing the global network platform. We're confident that these investments we're doing, both in our core business and the enterprise space as well as, of course, our cultural journey we're going through, we'll make Ericsson a stronger, more resilient company, while at the same time put us on a higher growth trajectory. We have a solid business today and we're on track of reaching our long-term target of an EBITDA margin of 15% to 18%, no later than 2 to 3 years.
Finally, I want to thank all of my colleagues in Team Ericsson who made this possible. To put it simply, you rock. And with that, I would like to conclude this part of the presentation and hand back to Peter for your questions.
Peter Nyquist
Thank you, Borje. I am longing for the days when we will transform days on a 5G platform, maybe once and in future. Let's move to the Q and A. So, Nash, we are ready for the Q&A session.
Questions & Answers:
Operator
Thank you. [Operator instructions]
Peter Nyquist
So, we'll start here. I can't really see a visible. Maybe, Nash, you could help me with the first questioner who stepped from.
Operator
Our first question comes from the line of Aleksander Peterc from Societe Generale. Please go ahead.
Peter Nyquist
Hi, Alex.
Aleksander Peterc -- Societe Generale -- Analyst
Good morning, and thank -- Hi, good morning, good morning to you all, and thank you for this question. I just have a couple of points of clarification. First of all, given that you have 1 billion SEK of software sales and networks slipping from Q1 into Q2, should we therefore assume that your second quarter sequential growth may come in ahead of the usual seasonality? I see like probably about 3 to 4 percentage point boost as a result of this slippage. Is this the right way of looking at it? Secondly, on the inventory, so I understand your investment there.
Can you tell us if you now happy with your inventory levels? Or will this investment into resilience continue in the remainder of the year? And then just finally, a point of detail on your IPR revenue run rate, excluding the impact of delays in renewals to your normal run rate, should we think now there's a positive effects impact there, given the current exchange rates? Or the old levels that you have given previously still prevail? Thanks a lot.
Peter Nyquist
Maybe, Borje, you can start with the software comments? On --
Carl Mellander -- Chief Financial Officer
[Inaudible] yeah, please.
Borje Ekholm -- Chief Executive Officer
Now you can take it. You're all ready and gearing up. I see.
Carl Mellander -- Chief Financial Officer
Yeah, exactly. But I think, thanks, Alex, on the [Inaudible] question to start with. And of course, as you know, in every quarter, there are many puts and takes and we typically don't guide the specific outcome, of course, on topline, but we usually just refer to what the three-year average seasonalities. In this case, it is true that this specific 1 billion in software is getting moved and we are we are certain of that into the second quarter.
But as
 not spare any effort to strengthen our position in here. We saw a solid underlying performance in the quarter and we're excited about our outlook. Technology leadership will be driving our competitiveness, and we will continue to invest in leading R&D and be on the forefront. And in this picture here, you'll see some of our new products, Radio 4490 and Massive MIMO Air 6428.
We are encouraged by the growth we see in North America and Europe built on 5G momentum, but also share gains. And of course, our ambition is to continue to grow and develop this business, both based on market growth as well as market share gains. On the IPR side, our strong 5G position and leading patent portfolio makes us well-positioned to conclude the outstanding renewals. On the enterprise side, we're seeing equally good development.
Our portfolio of prepackaged enterprise solutions, with Cradlepoint and dedicated networks -- see very good traction overall. And we continue to work toward closing the Vonage acquisition in the first half of 2022, and to start developing the global network platform. We're confident that these investments we're doing, both in our core business and the enterprise space as well as, of course, our cultural journey we're going through, we'll make Ericsson a stronger, more resilient company, while at the same time put us on a higher growth trajectory. We have a solid business today and we're on track of reaching our long-term target of an EBITDA margin of 15% to 18%, no later than 2 to 3 years.
Finally, I want to thank all of my colleagues in Team Ericsson who made this possible. To put it simply, you rock. And with that, I would like to conclude this part of the presentation and hand back to Peter for your questions.
Peter Nyquist
Thank you, Borje. I am longing for the days when we will transform days on a 5G platform, maybe once and in future. Let's move to the Q and A. So, Nash, we are ready for the Q&A session.
Questions & Answers:
Operator
Thank you. [Operator instructions]
Peter Nyquist
So, we'll start here. I can't really see a visible. Maybe, Nash, you could help me with the first questioner who stepped from.
Operator
Our first question comes from the line of Aleksander Peterc from Societe Generale. Please go ahead.
Peter Nyquist
Hi, Alex.
 Aleksander Peterc -- Societe Generale -- Analyst
Good morning, and thank -- Hi, good morning, good morning to you all, and thank you for this question. I just have a couple of points of clarification. First of all, given that you have 1 billion SEK of software sales and networks slipping from Q1 into Q2, should we therefore assume that your second quarter sequential growth may come in ahead of the usual seasonality? I see like probably about 3 to 4 percentage point boost as a result of this slippage. Is this the right way of looking at it? Secondly, on the inventory, so I understand your investment there.
Can you tell us if you now happy with your inventory levels? Or will this investment into resilience continue in the remainder of the year? And then just finally, a point of detail on your IPR revenue run rate, excluding the impact of delays in renewals to your normal run rate, should we think now there's a positive effects impact there, given the current exchange rates? Or the old levels that you have given previously still prevail? Thanks a lot.
Peter Nyquist
Maybe, Borje, you can start with the software comments? On --
Carl Mellander -- Chief Financial Officer
[Inaudible] yeah, please.
Borje Ekholm -- Chief Executive Officer
Now you can take it. You're all ready and gearing up. I see.
Carl Mellander -- Chief Financial Officer
Yeah, exactly. But I think, thanks, Alex, on the [Inaudible] question to start with. And of course, as you know, in every quarter, there are many puts and takes and we typically don't guide the specific outcome, of course, on topline, but we usually just refer to what the three-year average seasonalities. In this case, it is true that this specific 1 billion in software is getting moved and we are we are certain of that into the second quarter.
But as