Q3Q3--2008 Review2008 Review - Corum Group...Corum Group Presentation 2. Liquidity in Troubled Times...
Transcript of Q3Q3--2008 Review2008 Review - Corum Group...Corum Group Presentation 2. Liquidity in Troubled Times...
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Q3Q3--2008 Review2008 ReviewQ3Q3--2008 Review2008 ReviewSoftware and IT M&A Outlook:Tech M&A: Liquidity in Troubled Times?Tech M&A: Liquidity in Troubled Times?
Tuesday, October 21, 20089 00 am 10 30 am PT
www.corumgroup.com
9:00 am – 10:30 am PT
Liquidity in Troubled Timesy
With financial markets in chaos:
Public markets are closed
Venture Capital has dried up
Recapitalizations are slow
Fear is the dominant emotion
And, valuations are lower.
Corum Group Presentation ■ 2
Liquidity in Troubled Timesy
So, how do you preserve wealthSo, how do you preserve wealth and fight back?
Is now a good time to test the markets?markets?
Corum Group Presentation ■ 3
Six Benefits of a Global Search
Software/IT M&A is still very active
The tech sector is doing better than mostg
Transactions are yielding very attractive relative value
It’s a defensive move
New relationships may enhance your valueNew relationships may enhance your value
You’ll improve your business model
Corum Group Presentation ■ 4
Middle Market Software M&A Specialistsp
M&A specialists since 1985
Software and IT experts – mostly former CEOs
Offi i E C d L ti A i d U it d St tOffices in Europe, Canada, Latin America and United States
200+ transactions completed
$6 billion in wealth created
60% cross-border transactions
Host of Selling Up Selling Out conferences
H t f lti ti l M B i fiHost of multi-national Merge Briefings
Sponsor of World Financial Symposiums conferences
Publisher of industry-leading M&A research
Corum Group Presentation ■ 5
Agendag
11Market Insights
22International Activity
33Sector & Transaction Analysis
44Discussion
Corum Group Presentation ■ 6
Headlines Tell the Storyy
“Can M&A’s Best Times Get Better?”Wall Street Journal, January 2007
“IT Spending Growth Expected to Slow in ‘08”InformationWeek, December 2007
“Stock Surge + Bond Boom = M&A Magic”Wall Street Journal, April 2007
“M&A – The Best Investment Game in Town”M t UK M 2007
“Bear Stearns’ No. 1 Foe: Fear Itself”CNN Money, March 2008
“Wall Street Beat: IT M&A Provides Opportunities”Washington Post, March 2008
Moneyextra.com UK, May 2007
“Market Pressures Test Resilience of Buyout Boom”Wall Street Journal, June 2007
“Small M&A Deals Flourish”IDG News, June 2008
“Wall Street’s Crisis Hurts Companies Big and Small”Wall Street Journal, September 2008
“Dry-Up in Debt Won’t Deter Tech Deals”Barron’s, September 2007
“Time to Celebrate; 2007 Breaks M&A Record”Wall Street Journal, October 2007
“Worst Crisis Since ‘30s, With No End Yet in Sight”Wall Street Journal, September 2008
“Software Deals May Heat Up, Analyst Says”New York Times, October 2008
“M&A Seen on the Brink After Record 2007”Reuters, December 2007
“Tech Cos Seen Going M&A Route, Not IPO in 2008”Reuters, December 2007
“Tech’s Next Step: More M&A?CNET, October, 2008
“Markets 7-Day Rout Leaves U.S. Reeling”Wall Street Journal, October 2008
Corum Group Presentation ■ 7
Reuters, December 2007
Good Times Over?
Widespread impact of mortgage market fallout
Financial institutions failing
World financial markets in turmoil
Coming off the worst one-day market decline in historyg y y
Credit markets shut down
Uncertainty regarding bailout plan
Economic indicators negative
In spite of problems, M&A deals are getting
done.Economic indicators negative
IPOs continue to contract
Energy and commodity prices declining
Important not to get carried away with the
doom and gloom. But be realistic
Consumer spending slowing
Corporate earnings down
Recession a reality
But, be realistic.
Corum Group Presentation ■ 8
y
Corum Software Peer Group valuations down
Impact on Equity Markets
10
y
‐10
0
1‐Oct‐07 1‐Nov‐07 1‐Dec‐07 1‐Jan‐08 1‐Feb‐08 1‐Mar‐08 1‐Apr‐08 1‐May‐08 1‐Jun‐08 1‐Jul‐08 1‐Aug‐08 1‐Sep‐08 1‐Oct‐08
30
‐20
Nasdaq
‐40
‐30 NYSE
S&P 500
FTSE
TSX
Rate Cut
kes Hold
Mae
Bailout
/barrel
oms
d AIG Fall
Bailo
ut
‐60
‐50
ency In
terest R
Recession Tak
Mac/Fan
ny M
f Oil at $145/
Recession Loo
oint Rate Cu
t
earns Falls
n, M
errill an
d
Governm
ent
Corum Group Presentation ■ 9
‐70 Emerge
Fear of
Fred
dy
Price of
Fear of
Half‐po
Bear St
Lehm
a
Globa
l
Turmoil Creates Opportunityy
Even during tough times, technology creates new opportunities…
New IT expenditures slowing
MicroFocus is a provider of application modernization and management software
Takes advantage of companies spending less on new IT by modernizing oldTakes advantage of companies spending less on new IT by modernizing old
Strong growth in the battered financial services sector, due to increased consolidation
Predicting double digit organic sales growth, with no indication of a slowdown
Rising fuel costs and environmental concerns drives advancement in alternatives
GridPoint is a clean tech firm serving the electric utilities, consumer and environment
Has just raised $120 million equity financing
Deploying funds via acquisition strategy to expand product offering to utilities
Acquired V2Green which provides plug-in electric vehicle grid technology enabling utilities to ‘smart charge’ electric
Corum Group Presentation ■ 10
vehicles anywhere in the utilities service territory
What the Analysts Are Sayingy y g
Top 10 Application Software Companies by Market CapCompany Current Month Three Months agoCompany Current Month Three Months ago
Strong Buy 15 Buy 10 Hold 10 Strong Buy 15 Buy 9 Hold 9
Strong Buy 10 Buy 11 Hold 6 Strong Buy 11 Buy 10 Hold 5
Strong Buy 2 Buy 1 Hold 12 Strong Buy 2 Buy 0 Hold 13
Strong Buy 9 Buy 8 Hold 7 Strong Buy 7 Buy 7 Hold 9
Strong Buy 0 Buy 6 Hold 9 Strong Buy 0 Buy 4 Hold 9
Strong Buy 4 Buy 3 Hold 5 Strong Buy 4 Buy 3 Hold 6
Strong Buy 4 Buy 3 Hold 5 Strong Buy 2 Buy 4 Hold 5Strong Buy 4 Buy 3 Hold 5 Strong Buy 2 Buy 4 Hold 5
Strong Buy 8 Buy 4 Hold 3 Strong Buy 8 Buy 4 Hold 4
Strong Buy 2 Buy 3 Hold 16 Strong Buy 3 Buy 4 Hold 13
Corum Group Presentation ■ 11
g y y g y y
Strong Buy 1 Buy 3 Hold 3 Strong Buy 3 Buy 2 Hold 2
Large Cap Tech Stocks
Company Stock Price 10/15/2007
Stock Price 10/15/2008
% Change Year AgoCash
Current Period Cash
g
Sun $6.11 $4.97 ‐18.66% $3,620 $2,700
Microsoft $29.60 $22.66 ‐23.45% $6,111 $21,170
IBM $116.24 $88.29 ‐24.05% $14,991 $9,850
HP $50.90 $38.61 ‐24.15% $11,293 $14,850
Oracle $22.07 $15.95 ‐27.73% $6,218 $13,020
Symantec $20.59 $14.04 ‐31.81% $2,559 $2,290
SAP $54.53 $33.73 ‐38.14% $3,151 $2,040
Apple $166.98 $97.95 ‐41.34% $9,352 $20,770
Google $620.11 $339.17 ‐45.30% $6,082 $12,730
Cisco $32.79 $16.57 ‐49.47% $3,728 $26,240
EMC $22.56 $9.77 ‐56.69% $4,482 $5,860
Nokia $35.48 $15.11 ‐57.41% $3,130 $11,020
Corum Group Presentation ■ 12
Yahoo $27.86 $11.75 ‐57.82% $1,514 $3,070
Sellers’ Concerns
Duration of downturnDuration of downturn
Sustaining the business during downturn
Rising tax rates in 2009? (U.S.)
Missing the market
Emergence of new competitors
Addressing new emerging markets alone
Pressure to readjust value expectations
Threat of sector consolidation
Regulatory / Anti trust impact on marketsRegulatory / Anti-trust impact on markets
How to achieve Liquidity
All reasons to be in market now
Corum Group Presentation ■ 13
All reasons to be in market now.
Things To Do Now
Adjust quickly to changing times
g
j y g g
Cut expenses wherever you can – conserve cash
Manage for breakeven or better
Consider M&A now – it takes time to do a deal
Focus on selling your product and generating cash
Expand your reach with partnerships and broader channelsExpand your reach with partnerships and broader channels
Arrange relationships in advance of funding or M&A event
Keep your foot on the gas – don’t be a deer frozen in the headlights
. . . All in same boat – no quick fixes
Corum Group Presentation ■ 14
The Silver Lining
On the plus side:On the plus side:Buyout firms have capital to invest
Technology revenues and IT spending steady
E i i tl itiEarnings remain mostly positive
Forward analyst estimates look good
PE buyers see opportunity in the coming months
Most buyers still active
Weaker competition will not survive
Strong cash reservesStrong cash reserves
Deals are getting done for quality companies
Corum Group Presentation ■ 15
Current M&A Market
Broad Market Technology MarketBroad Market
2008 YTD Global Deal Volume $2.73 trillion, down from $3.6 trillion
Technology Market
High tech deals for Q3:08 $37 billion, down from $58 billion
St t i b i tiUnsolicited and hostile deals rose almost two-fold to 22.1%
Overall Deal Volumes down 25%
Strategic buyers remain active
Private equity getting back into the game
Consolidation continues across most t• Strategic 16%
• Private Equity 74%sectors
Companies of all sizes continue to be aggressive buyers
C i i i t iCompanies in emerging countries are viewed as buyers, not just targets• Asia• Eastern Europe• Latin America
Corum Group Presentation ■ 16
Public Valuation Multiples
Median EV/S Multiples
2
3
p
1
2
Q1:08
0
Q1:08
Q2:08
Q3:08
Corum Group Presentation ■ 17
Private Equity – Credit Impacty
Deal volumes by PE down dramatically from 1H:07Deal volumes by PE down dramatically from 1H:07
Funding issues slow deal closings
Uncommitted funds still high – $400+ Billion
Pressure to invest strong
Many PE have broad technology portfolios to build on – leading to PE-backed
strategic acquisitions by portfolio companiesstrategic acquisitions by portfolio companies
Some highly leveraged PE funds/buyers saved from correction by sub-prime
melt-down
Private Equity on sidelines, waiting for market to bottom?
Corum Group Presentation ■ 18
Private Equity on sidelines, waiting for market to bottom?
Strategic Buyers Still Activeg y
Filling void left by private equityFilling void left by private equityLess impacted by credit crunch
Strong balance sheetsg
Equity values down
Doing deals under currently favorable antitrust environment
Business as usual for many
Strength of non-U.S. buyers (still strong Euro)
Converging markets / new models spur M&AConverging markets / new models spur M&A
Accommodate sellers looking to close deals before tax increases
Corum Group Presentation ■ 19
Update: A Recently Launched Corum Client
Client Profile:Vertical market software company
North America based
Market leader – one of 4 good optionsMarket leader one of 4 good options
Strong technology, team, business model
Solid revenue and EBITDA ($12 million / $3 million)
A ti itActivity:Last Quarter: 15 interested, 5 buyer calls, 2 meetings, 1 offer
Now: 5 solid, qualified buyers, 4 additional meetings, 3 LOIs pending, 2 more LOIs
possible
Delays: Buyer seeking funding, digesting other deals, revising strategic plans
Outlook: Optimistic – offers best solution in competitive market
Corum Group Presentation ■ 20
Outlook: Optimistic – offers best solution in competitive market
Interest Translating into Dealsg
Current examples of
Mobilebuyer interest across multiple sectors:
LOIs and
Vertical MarketSecurity
Sector Interested Parties
Internet Infrastructure 17Marketing 16Vertical Market 16 LOIs and
OffersVertical Market 16Financial Services 15Security 14Compliance 14Gaming 12
E-LearningSOA
Embedded Technologies 12
Interested parties from billion-dollar household names to unknown companies
Corum Group Presentation ■ 21
Global M&A Activityy
Feeling effects of U S credit crisisFeeling effects of U.S. credit crisis
Cross-border transactions vital aspect of M&A strategy
International M&A activity contributed over 40% to the total of announced deals for last year and the trend to continues in 2008
Europe and Asia both set records for deal volume in 2007
U S sellers continue to look overseas for buyersU.S. sellers continue to look overseas for buyers
Weak dollar attracting non-U.S. buyers
Strong € makes European targets attractive to acquisitive international buyers looking to increase revenues and profits based in stronger currency
Corum Group Presentation ■ 22
Global Marketplace
60% f C ’ t t ti b d60% of Corum’s recent transactions are cross-border
Cross-border60%
I t tIntra-country40%
A trend holding steady and seen throughout the technology industry
Corum Group Presentation ■ 23
A trend holding steady and seen throughout the technology industry
International Scope
Buyers less likely to be local
New buyers from emerging countries increasing role in global M&A
Corum Group Presentation ■ 24
New buyers from emerging countries increasing role in global M&A
View international companies as both competitors and potential acquirers
Recent Corum Transactions
Provider of applications support maintenance
Developer of collaborative 3D support maintenance
services (ASM)
Sierra Systems – CanadaRIS – Canada
authoring technology
Microsoft – U.S.Caligari – U.S.
IT services provider to government and commercial organizations
Leading provider of event-driven business application automation and batch integration technologies organizations.
TechTeam – U.S.RL Phillips – U.S.
g g
UC4 – Austria backed by Carlyle (UK)AppWorx – U.S.
Provider of payment processing software and service
Purepay U S
Provider of estimating and earth measuring software for contractors
M ll U S
Corum Group Presentation ■ 25
Purepay – U.S.Creditron – Canada
Maxwell – U.S.Quest – U.S.
Recent Corum Transactions (Cont.)
Electronic invoicing and legal spend management
l ti
Developer of 3D digital designs in the building,
l t d i k t solutions
DataCert – U.S.CorpraSoft – U.S.
plant and marine markets
Autodesk – U.S.NavisWorks – UK
Value-added distributor of voice, data and converged communications solutions
HR information systems for middle market enterprises
Datatec – South Africa on behalf of WestconCRANE – UK
BPO – U.S.HR Microsystems – U.S.
Provider of estimating and earth measuring software for contractors
Networking and lobby services for game publishers & developers
Corum Group Presentation ■ 26
Glaston – FinlandAlbat+ Wirsam – Germany
Activision – U.S.DemonWare − Ireland
Recent Corum Transactions (Cont.)
Human capital management IT services and consultingsolutions
StepStone − NorwayExecuTRACK − Germany
g
Ness Technologies − IsraelLogos − Czech Republic
Provider of network booting technology
Provider of security software applications to the System i platform
Double-Take Software – U.S.emBoot - Canada
Help/Systems – U.S.On behalf of AudaxPowerTech – U.S.
Leading competency-based, learning and development software company
Corum Group Presentation ■ 27
p y
Salary.com – U.S.InfoBasis – UK
G7 Deal Inflows and Outflows Q3:2008
Dollars Spent on Cross-Border Transactions – All Industries
$88,237.00‐$30,034.00
‐$40,000.00 ‐$20,000.00 $0.00 $20,000.00 $40,000.00 $60,000.00 $80,000.00 $100,000.00
United States
$15,391.00
$2,424.00
‐$22,974.00
‐$21,414.00
United Kingdom
France
D l $ I fl
$569.00
$18,083.00
‐$19,142.00
‐$1,442.00
Japan
Italy
Deal $ Inflow
Deal $ Outflow
$8,699.00
$3,275.00
‐$2,139.00
‐$5,538.00
Canada
Germany
Corum Group Presentation ■ 28
Source: Reuters
International Buyer Activityy y
Need to Look InternationallyBuyer Seller Value ($M)
Wolters Kluwer NV Addison Software $293.70
SunGard Data Systems GL Trade $402.40
Sophos Plc Utimaco Safeware AG $338.00
ABRY Partners Q9 Networks, Inc $339.60
Capgemini Getronics Inc $399 80Capgemini Getronics, Inc $399.80
Expedia, Inc Venere.com Undisclosed
Sumisho Computer Sys. B4 Consulting $753.10
Aladdin Knowledge Sys. Secure Computing Corp. $65.00
Ness Technologies, Inc Logos AS Undisclosed
Telvent GIT S.A DTN Energy $445.00
Corum Group Presentation ■ 29
gy $
Infosys Technologies Axon Group* $753.10
*Seller looking at competitive bid
India
Talk translates to action – India is shoppingO th l t 18 th I di h b bi b th llOver the last 18 months, India has been a bigger buyer than seller
BRIC nations’ buy vs. sell ratiosIndia 1 to 1Russia 0.3 to 1China ~ 0.1 to 1Brazil ~ 0.1 to 1
Representative Q3 TransactionsBuyer Seller Deal Value
HCL Technologies Liberata Financial Services Undisclosed
Cranes Software Cubeware GmbH Undisclosed
Representative Q3 Transactions
UTV Software Communications True Games Interactive Undisclosed
ITC ltd. Pyxis Solutions $25 million
Corum Group Presentation ■ 30
Infosys Technologies Axon Group plc* $753 million
HCL Technologies Control Point Solutions $20.8 million
*Seller looking at competitive bid
International Buyersy
Non-North American Private Equity
International Strategic Buyers
Imperative to Look Globally
• PE acquisitions impacted somewhat less than those in North America
• Fundraising 12 month rolling
• Flush with cash and putting to use
• Leveraging the value of the Euro
• International expansion necessary to remain competitive
O tl k d di• Fundraising 12 month rolling average peaked in Q1 and now declining
• Debt financing still elusive
Euro
• Targeting U.S. companies
• U.S. economic lag creating feeling of uncertainty
• Outlook good regarding outbound M&A from Asia
• Over 1/3 of first half 2008 M&A worldwide was cross-border
• Sovereign funds continue supporting private equity
Corum Group Presentation ■ 31
Corum’s Market & Sector Alignmentg
Horizontal Application Software Infrastructure SoftwareHorizontal Application Software Infrastructure Software
Vertical Application Software Internet
Consumer Application Software IT Services and BPO
Corum Group Presentation ■ 32
Software and IT M&A Activity YTD 2008y
Where are the deals happening?pp g
25%
30%
15%
20%
25%
Q1
5%
10%Q2
Q3
0%
Horizontal Applications
Vertical Market Applications
Consumer Applications
Infrastructure Internet IT Services
Corum Group Presentation ■ 33
Software and IT M&A Activity – A closer looky
Horizontal Application Software Marketpp
Current Trends:Public company valuations stableDiverse group of buyersM k ti ft b t CRM tMarketing software boosts CRM sectorCommunications related technologies saw increased deal activity
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%Business Intelligence
Communications
Content Management
Q3 2008 Horizontal Applications Market Breakdown (% of deals by subsector)
8.11% 20.27% 13.51% 14.86% 6.76% 8.11% 16.22% 12.16%Q3
Content Management
Customer Relationship Management
Enterprise Resource Planning
Human Resources
Other
Corum Group Presentation ■ 34
Supply Chain
Top Buyersy
Strategic BuyersActive Private Equity FirmsCompany # of Deals # of DealsCompany # of Deals
2007# of Deals
Q1-Q3 2008Google 15 3
Microsoft 11 16
Oracle 10 7
PE Firms (partial list)
Carlyle Group
Francisco PartnersOracle 10 7
Cisco 9 4
IBM 9 10
HP 7 4
Thoma Cressy Bravo
Golden Gate Capital
Silver Lake PartnersNuance 7 2
SunGard 7 5
Accenture 6 6
Dell 6 1
Apax Partners
Vista Equity
P ll di E i PDell 6 1
SAP 6 2
Yahoo! 6 3
AOL 5 6
Palladium Equity Partners
Vector Capital
Hellman & Friedman
Corum Group Presentation ■ 35
Autodesk 5 9
BT Group 5 4
CDC Software 5 2
What Buyers are Looking Fory g
An inside look at what buyers are telling us they want
General considerationsVertical market penetration and domain expertise
Profitability not a requirement, but strongly preferred
Emerging countries growing in popularity
Revenue considerationsEmphasis on SaaS and recurring maintenance streams
Some buyers have lowered their revenue minimums
Many PE firms have a $2 million EBITDA minimum thresholdMany PE firms have a $2 million EBITDA minimum threshold
Assumptions based upon 100’s of profiles from both strategic and private equity firms
Corum Group Presentation ■ 36
Q3 Transaction – A closer look
International Security Vendors Join Forces
Antivirus security softwareFY 2008 revenue of $213 million
Data encryption softwareFY 2007/08 revenue of €59 2FY 2008 revenue of $213 million
Headquartered in the U.K.FY 2007/08 revenue of €59.2Headquartered in Germany
Deal: €217 million ($314 million) for 75 5%€217 million ($314 million) for 75.5%Largest deal ever completed by SophosSophos took on debt to finance the transaction
Synergies:E d S h ’ iti i t d i t itExpands Sophos’ position into endpoint securityIncreased scale of combined entity will create a more competitive firmBroaden global presence
Other Details:
Corum Group Presentation ■ 37
Ot e eta sPrivate company acquires public companySophos pulled IPO last year, but adding Utimaco positions them re-new idea of IPO
Transaction Highlights – Strategicg g g
Buyer Seller Value (Millions) Sector
Cisco Systems Jabber Undisclosed
Red Hat, Inc. Qumranet $107
Comcast Interactive DailyCandy $125 (est)
JDA Software Group i2 Technologies $346JDA Software Group i2 Technologies $346
AOL Socialthing Undisclosed
ObservationsHeightened deal scrutiny, thus strategic fit needs to be clear
Higher valuation achievable for the right deal
Corum Group Presentation ■ 38
Acquisition targets complement, while being a springboard for future growth
Market convergence
Transaction Highlights – Private Equityg g q y
Buyer Seller Value (Millions) Sector
ABRY Partners Q9 Networks $339
Hellman & Friedman LLC SSP Group Holdings $393
Bedford Funding Authoria, Inc. $63
Marlin Equity Chelford Group plc UndisclosedMarlin Equity Chelford Group plc Undisclosed
JMI Equity Halogen Software Undisclosed
ObservationsTier two firms some of the most active among the PE community
Proportion of smaller deals, ‘strategic’, debt-free deals rising
Corum Group Presentation ■ 39
Deal volumes picking up, but still dramatically off highs
Fund raising remains strong and, as a by-product of the current financial collapse, PE will be looking for value
buys
Transaction Highlights – Cross-Borderg g
Buyer Seller Value (Millions) Sector
Serco Group plc SI International $423
Sophos plc Ultimaco Software AG $338
GameTap Metaboli SA Undisclosed
T SA Fi i l Obj t l $53 6Temenos SA Financial Objects plc $53.6
Nokia Oz Communications Undisclosed
ObservationsDeal Drivers - global expansion, local domain expertise, scale
Corum Group Presentation ■ 40
All markets and sub-sectors are being targeted
Regions leading the charge – Asia, Central and Eastern Europe
Transaction Highlights – Largestg g g
Buyer Seller Value (Millions) Sector
Brocade Communications Foundry Networks $3000
Infosys Technologies* Axon Group plc $753
Microsoft Corporation GreenField Online $486
T l t GIT S A DTN E $445Telvent GIT S.A. DTN Energy $445
McAfee Secure Computing $486
ObservationsOnly one transaction north of a billion
Corum Group Presentation ■ 41
All strategic buyers
Defensive acquisitions to better compete with larger competitors
*Seller looking at competitive bid
Corum Q3 M&A Briefingg
Horizontal Applications S ftReport Highlights
Technology market overview Current view on economy, top buyers, hot sectors
Software
Vertical Market Application Software
y, p y ,
Strategic buyer spotlightAutodesk
Technology Spotlight
Consumer Application Software
Technology SpotlightSocial Networking
Valuation data Infrastructure Software
International perspective on M&A
In-depth sector coverage Internet
Corum Group Presentation ■ 42
IT Services and BPO
Contact Information
Corum Group Ltd.
Bruce Milne, Chairman
Ward Carter, Presidentd @[email protected]
Ryan Blakely, VP [email protected]
Corum Group International S.à.r.l.
Miro Parizek, Managing Director
10500 NE 8th Street, Suite 1500Bellevue, WA 98004USA
Beim ParadeplatzBasteiplatz 78001 Zü i h
Visit our Website at
+1 425-455-8281 8001 ZürichSwitzerland
+41 44 251 82 65
Corum Group Presentation ■ 43
Visit our Website at www.corumgroup.com