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Emerging Markets Top 30 Software Companies The globalisation of the software industry creates emerging-market stars Executive summary

With globalisation, successful software companies are no longer limited to the US and Europe. They’re everywhere around the globe. PwC, in conjunction with International Data Corp., has ranked the top 30 software companies in emerging markets and identified some intriguing characteristics. They have some common characteristics (experience, understanding of local markets), common advantages (low cost structures, entrepreneurial culture, demographics), and common disadvantages (distance, funding, trust). These leaders have overcome the disadvantages and leveraged the advantages to become companies to be reckoned with, either as competitors or partners.

2 Emerging Markets Top 30 Software Companies What emerging markets contribute when software goes global

The software industry has become What does this mean to software global than ever thanks to the vendors in more mature markets? ability of developers everywhere to A lot. Unless you were paying establish operations and distribute close attention, you may not have product anywhere. Today, global noticed that companies in emerging software vendors are as likely to countries have developed significant compete with companies in Seoul, global presences. Most of the and other emerging companies on our list are more markets as with companies in than ten years old and they’ve been Seattle or Silicon Valley. If they’re working toward this success for a not competing yet, they may soon while. They’ve achieved it through be. It’s also just as likely that they cost advantages, and by tapping should consider partnering with regional strengths. They’ve done or acquiring them. it the way companies have become successful for years—they started are these companies small and became incrementally in emerging markets? What bigger and stronger. characterises the successful ones? The PwC Top 30 Emerging Markets We spoke to executives several Software Companies answers the of these companies, and to PwC first question: they are regional consultants, to develop a snapshot vendors who have grown into global of exactly how successful software players over the last decade or so. We companies in emerging markets developed this ranking as part of our gain traction in an increasingly ongoing PwC Global 100 Software competitive world. Any vendor that Leaders coverage with assistance wants to investigate such products— from the research firm International or partner with, acquire, or even Data Corp. (IDC). The ranking is emulate their regional strength— based on 2014 revenues, the most can learn from their success (For recent full calendar year available more information on dealing with (See Methodology, page 15). emerging-market companies see the sidebar, page 13). The world is clearly full of opportunity, because—as this list illustrates—there’s plenty of Companies creativity bubbling up all over the in emerging globe, from all parts of Asia to countries have Eastern Europe and South America. developed significant global presences.

PwC 3 PwC’s Emerging Markets Top 30 Software Companies

2014 2014 Software Software Total Rank Vendor HQ country revenue as Area of focus revenue revenue % of total (US$M) (US$M) 1 Kaspersky Lab* Russia $695 $711 98% Security 2 TOTVS Brazil $584 $752 78% ERP 3 Neusoft $508 $743 68% IT software and services 4 ESET* Slovakia $437 $437 100% Security 5 Yonyou Network China $362 $711 51% ERP 6 1C* Russia $273 $331 82% ERP 7 Glodon* China $263 $286 92% ERP 8 Teamsun* China $185 $758 24% IT software and services 9 Hundsun* China $173 $231 75% Financial services software 10 Kingdee China $162 $252 65% ERP 11 Onmobile India $129 $138 93% Telecom 12 China $128 $220 58% IT hardware and software services 13 Asseco Group Poland $126 $1,973 6% Financial services software 14 Avast Software Czech Republic $110 $217 51% Security 15 JetBrains* Czech Republic $109 $109 100% Application development 16 CS&S* China $109 $525 21% IT software and services 17 Bitdefender* Romania $95 $95 100% Security 18 Asiainfo* China $91 $620 15% Telcommunications 19 Comarch SA Poland $88 $329 27% IT software and services 20 India $85 $8,216 1% IT services and 21 Bokesoft* China $75 $113 67% IT software and services 22 Hancom Korea $65 $72 91% Office productivity 23 Ahnlab Korea $64 $125 51% Security 24 FT India India $63 $93 68% Financial services software 25 TmaxSoft* Korea $60 $76 80% Enterprise infrastructure and management 26 Subex Limited India $50 $59 85% Telecommunications 27 DigiwinSoft* China $47 $99 48% ERP 28 Founder International China $47 $73 64% Enterprise infrastructure and industrial 29 Prognoz* Russia $44 $67 65% Data analytics 30 Beijing HollyBridge China $44 $66 67% CRM Software Technology*

Source: IDC *Denotes privately held company

4 Emerging Markets Top 30 Software Companies Characteristics of emerging–market software vendors

Here’s a breakdown of the Top 30 list of software vendors by country: • Thirteen are based in China. Nine – almost a third – are in Eastern Europe and Russia; • Seven represent the Asia/Pacific region outside China (India and Korea); • One is based in Brazil (TOTVS at No. 2). The geographical breakdown illustrates some interesting common features. The Eastern European/Russian contingent represents a holdover from the Soviet era. Students in that and place received a rigorous education in math and science, which continues to this day, and the countries themselves place a high emphasis on security. Thus, it’s no surprise that the list is topped by a security company (Kaspersky Labs) and also includes others focusing on security (Slovakia’s ESET, #4; the Czech Republic’s Avast Software, #14; Romania’s Bitdefender, #17).

Asia leads the way Two-thirds of the Emerging Markets Top 30 Software Companies are located in Asia; China alone comprises more than 40% of the total. Eastern Europe, including Russia, represents almost a third and South America has one.

ss Ru ia lan Po d • 3 • o s m nie h Repu • 2 pa c b c • Regional software revenue e l o s z i c mpanie C

• 2 c • o s mpanie re ovakia Ko a Sl

1 • 3 • c • • an s c y om ia o e ompan R mpani 1 • razi • hina B l c y C ompan

1 • 13 US US US US • c • • o s c y m e $2.0B $2.2B $0.5B $0.6B ompan pani India Eastern China Asia Brazil Europe/Russia (except China)

• 4 c • o s mpanie

Source: PwC analysis of IDC data

PwC 5 Emerging-market leaders offer a variety of expertise Most of the Emerging Markets Top 30 Software Companies have built their businesses on regional strengths and local needs—security software in Eastern Europe, ERP software in Asia.

ERP Telecom software 6 (20%) 3 (10%)

Security Industrial software 5 (17%) 2 (6%)

IT Software and Services Other Other 5 (17%) 6 (20%)

Financial Services software 3 (10%)

Source: PwC analysis of IDC data

“Our IT domain expertise was developed over many decades,” says Florin Talpes, CEO of Bitdefender (See interview). “Romania was one of the first ten countries to build and design computers, back in the 1950s.”1 A 2014 study by research firm Brainspotting estimated that Romania is still among the top 10 nations for certified IT professionals per capita2, while content delivery network provider Akamai’s Q4 2015 ranking of Internet speed also puts Romania in the top 10 globally.3

The Asia/Pacific region is characterised by the dual advantage of low-cost developers and an expanding market. This region not only focuses strongly on technology, but it also has the ability to leapfrog legacy technologies. Given the prevalence of manufacturing in Asia, it’s no surprise that most Chinese companies on the list develop software relating to manufacturing or logistics.

1 https://www.scribd.com/document/252694309/Some-Key-Aspects-in-the-History-of-Computers-in- Romania 2 http://www.brainspotting.ro/files/Brainspotting_IT_Talent_Map_Romania_2014.pdf 3 https://www.akamai.com/us/en/multimedia/documents/content/state-of-the-internet/q4-2015-state- of-the-internet-connectivity-report-us.pdf

6 Emerging Markets Top 30 Software Companies The first four on theT op 30 list are also on the Global 100: Kapersky at No. 64; TOTVS, No. 74; Neusoft, No. 81, and ESET, No 96.

Other common characteristics mark the leading emerging-market companies. Primary among them: a specialised grounding in the intricacies of the local market, according to Mark Jansen, PwC Singapore’s Technology, Media and Telecommunications (TMT) Leader. “Products are created based on local taste and demand. Clothing brands have long designed the fit based on local market need, and many people claim that even Coca-Cola tastes different around the world. Successful companies recognise the importance of localisation. This is especially critical in Asia, where mobile technology enablement is critical because some countries have almost four times the penetration of mobile Internet versus broadband.”4

Only with that foundation can they go global, as these companies have. Jiren Liu, chairman and CEO of Neusoft (See interview), concurs, noting “These companies have three things in common: they are all leading companies in their local software industry; they have global vision and cooperative ability; and they have passed the risk period of software companies. That is, they have all been operating for more than ten years.”

Emerging-market leaders represent 1.4% of total industry revenues The Emerging Markets Top 30 Software Companies represent a mere 1.4% of global software industry revenues, and have revenues equal to 1.9% of the Global 100 Software Leaders revenues. Their software revenues range from US$44M to US$695M.

Total Global 100 Emerging Markets software industry Software Leaders Top 30 US $385.3B US $272.2B US $5.3B

Source: PwC analysis of IDC data

4 PwC Global E&M Outlook 2016-2020

PwC 7 Advantages of emerging-market companies

Emerging-market software vendors The strength of these markets also to almost every continent. Today, have other advantages. Whereas derives from burgeoning millennial the proportion of Wynyard’s GRC in the past, a consumer software populations, most of which feel more revenues are almost evenly divided market might have been non-existent comfortable with mobile devices, among North America, EMEA, and an enterprise software market and many of whom might never have Latin America and Asia/Pacific. limited, that’s no longer true. Mobile owned a computer. They represent devices are Internet-enabling significant market opportunities. There are other advantages, of consumers in every emerging course, the biggest of which is cost market, from Kenya to Korea. That Proximity helps even in legacy structure—an obvious advantage opens up huge opportunities, both situations. According to Jim for emerging market companies. As for consumer applications and for Klein, TMT industry leader for Neusoft’s Liu notes, “The software customer-centric applications that PwC Central and Eastern Europe, development cost [in emerging allow consumers to access back-end another company from the region, markets] is comparatively lower, information. 1C (#6), benefitted from creating which makes companies more enterprise applications focused on competitive in the global market.” “Once you start moving away Soviet-style accounting practices from an enterprise platform stack which are still widely used. PwC’s Klein adds that in Eastern toward applications, the local aspect Europe, “You have a deep pool of becomes more relevant for emerging- Infosys’ Budhiraja concurs, people with strong skill sets, but market companies,” says US-based citing his company’s success with they’re not expensive, especially Navin Budhiraja, senior vice- financial services software (Infosys on a dollar basis. If you get the president and of architecture began as a software and services same talent for half the cost, and and technology at India’s Infosys vendor). “Banks usually customise you can sell the product in the (#20). “They’re closer to customers the software, so they need someone western market, you’ll have a and have more empathy for them. that understands the local domain great revenue return.” They can differentiate themselves and its regulations.” versus a global competitor, because However, emerging-market they’re right there” (See interview). Wynyard Group, based in Auckland, companies may experience issues New Zealand, develops governance, with higher-level management Budhiraja points to Flipkart, India’s risk, and compliance (GRC) needs, says Marek Panek, vice- version of Amazon, as a company software; according to product president, group and international that’s taken advantage of this insight. director Scott James, the company development at Warsaw-based “In the US, we’re used to using our initially based its product on an Asseco Group (#13), an IT software credit card on Amazon, but few Australian financial standard, which and services company. “We have people in India have credit cards and turned out to be globally viable. good programmers, but project fewer are comfortable using them managers and other high-level online. They prefer cash-on-delivery, Wynyard’s facility with local executives are also important. This which meant that Flipkart has to standards enticed global companies is the problem in our country, but have a system that allows its delivery such as Carnival Cruises and over time, we are solving that by people to collect cash. It was a last- McKesson to seek out its product, gaining more experience.” mile issue they had to solve.” which helped Wynyard expand

8 Emerging Markets Top 30 Software Companies The cost differential is even an advantage in places like New Emerging-market advantages Zealand, according to Wynyard’s Developer salaries are low in comparison to more James. New Zealand’s academic Cost mature economies. system turns out highly educated graduates, and “our costs give us a Emerging markets have high levels of tech-savvy great advantage. They are lower Population millennials who are likely to adopt mobile applications than North America and Europe, quickly. though not as low as India.” Software vendors can establish a foothold by becoming Proximity invaluable in the local market and then expanding. Finally, there are cultural and regulatory issues that give emerging- Excellent educational systems (think math and science in market companies an advantage. Education Eastern Europe) help them tackle complex software, such as security. Joshua Yulish, CEO of TmaxSoft (#25), a company founded in South Employees in many emerging-market countries are Culture hard workers as they strive to improve their economic Korea and now based in Chicago, says conditions. that his research and development staff in Seoul is made up of Entrepreneurs are inspired by existing successes: India’s Trailblazers extremely talented engineers who Infosys, China’s Alibaba, South Korea’s Samsung. work autonomously. He also cites a culture of entrepreneurship and risk taking in South Korea, inspired by companies such as Samsung, Hyundai, Kia and LG, all of which started locally and became global leaders in their respective industries.

On the regulatory side, Infosys’ Budhiraja cites the example of nuTonomy 5, which debuted self- driving cabs picking up passengers in Singapore in August 2016, a “The local aspect month before Uber launched a becomes more similar service in Pittsburgh. “Local regulations may allow start-ups to relevant for do certain things that aren’t allowed emerging-market elsewhere,” he says, adding that companies.” that’s an opportunity for emerging- market companies in a variety of Navin Budhiraja fields: consider the ability to do stem Infosys cell research or gene sequencing that’s forbidden elsewhere.

5 http://www.bloomberg.com/news/articles/2016-08-25/world-s-first-self-driving-taxis-debut-in-singapore

PwC 9 Disadvantages of emerging-market companies

These advantages, however, face countries like Poland suffered little “We are short on an ecosystem for counterweight disadvantages. All is from the last economic downturn, funding,” says Bitdefender’s Talpes. not rosy. If anything, their odds for migration patterns show some “We don’t have a friendly stock success are not high, for a number talented people still seek better exchange, so we have to go abroad.” of reasons. Although the Top 30 opportunities elsewhere. That creates challenges, according have proven their staying power, to Klein, thanks to the chequered one question regarding emerging- Bitdefender CEO Talpes disagrees history of the region. There’s been market startups concerns their with this assessment, though. too much corruption and too few long-term viability—can they move He sees a diminishing trend in trusted financial intermediaries. “If beyond their start-up phase? professionals moving overseas Eastern European start-ups go to because of narrowing wage Europe for financing, investors won’t “These players face risk in the long differentials. “Twenty years ago, accept Russia or Ukraine as court of term,” says PwC’s Jansen. “Their the gap in salaries could be tenfold. last resort,” says Klein. “That makes customers and partners have to Today, it’s no bigger than twofold,” everything more complicated, and trust that they’ll be in business next he says, adding that the cost of complexity drives cost.” week.” Indeed, given that developed living—much higher in the US countries tend to default to names and Europe—must also be taken Analysts concur that government they know and companies they into account. PwC’s Klein adds support is crucial—but many trust, emerging-market companies that while brain-drain is country- governments don’t always may suffer from lack of visibility dependent, some countries, such as offer long-term financial and brand awareness. That said, we Romania, have been able to counter support. Jianbin Gao, PwC are seeing new niches, due to lack the effect with generous tax breaks China’s Technology, Media, and of trust. The Indian e-commerce to industry that allow companies, in Telecommunications Leader, site Paytm has capitalised on the turn, to offer higher salaries. insists that China is an exception: lack of trust in telecommunications “The focus on innovation in China companies to provide a pre-paid A bigger issue is access to capital. is alive and well,” he says, noting way to add value to phones; its Places like Silicon Valley and New that between 2007 and 2015, market valuation is now in excess York have a distinct advantage China increased its in-country R&D of US$1 billion. when it comes to access to venture capitalists, angel investors and Other issues, mostly economic hedge fund managers with cash and financial, also plague them. to invest; they also have networks “Twenty years PwC’s Jim Klein cites the problem among established business and once known as ‘brain drain’—that educational institutions where new ago, the gap in is, the predilection of the most ideas and entrepreneurs might exist. salaries could be highly educated workers to look for tenfold. Today, work in more developed countries. It’s not just a question of money, “Some governments have not made either. One of the US’ greatest it’s no bigger the same level of investment in global strengths remains the than twofold.” university that they did in the past, maturity of the financial sector especially in scientific areas,” he and intellectual property laws. Florin Talpes Bitdefender warns, adding that even though

10 Emerging Markets Top 30 Software Companies spending by 79%. “At the same time, Conventional wisdom sees this as a lot of things,” says Wynyard’s overall private equity and venture a China issue, but PwC’s Jansen James. Even after the sale is made, capital investment in the first half argues that copyright infringement support is also difficult when you’re of 2016 represents almost 75% of happens almost everywhere in the expanding. “In the beginning,” says the total for all of 2015; that’s a world. That creates a problem: when James, “there were a lot of 3 a.m. strong indicator of entrepreneurship end-users become too accustomed calls with clients.” Now, Wynyard and innovation.” Indeed, the most to low-cost pirated software, has offices on most continents. recent PwC Strategy& Global they’re unwilling to pay more for Innovation 1000 report noted that authorised software. It helps, Klein Finally, any nimbleness emerging- China is closing in on the United adds, to have a unique product that’s market companies have will come States as the largest country hard to replicate; that explains the in handy. Liu warns, “Due to the destination for imported R&D. high ranking of a security-software quick change of emerging markets, company like Kaspersky on the list. the life cycle of software is short. Even so, the question of poor Software companies will constantly protection of intellectual property For an emerging-market company face challenges to update their remains. Neusoft CEO Liu trying to establish itself globally, maintenance services.” acknowledges the issue, saying, sales efforts represent a challenge, “Customers have insufficient even in these days of video chat intellectual property awareness, and instant messaging. “Even and customers’ recognition of [the though we can establish a remote value of] software products and connection from anywhere, it’s services is also insufficient.” still hard to meet face-to-face for

Emerging-market leader does not mean start-up While they may be located in emerging markets, the Top 30 companies are a long way from being start-ups. In fact, five cantrace their roots to the 1980s. The youngest was founded in 2002.

1980s 1990s 2000s

5 19 6

Source: PwC analysis of IDC data

PwC 11 Getting traction

So how do emerging-market It’s an intriguing strategy, because, Emerging-market companies must companies get traction? If they as Panek notes, “Local people are have a willingness to learn about have any level of ambition, they much better prepared to run a business, says Bitdefender’s Talpes. must go global, argues TmaxSoft’s business in local markets. They “We’re not weak on innovation,” Yulish. “If you’re not capturing know the environments, and he says, “but we needed to build large economies like the United they have the relationships with knowledge about growing and States, Europe and even Brazil, customers.” It’s also successful: doing business in mature markets. you won’t be able to evolve into Asseco Group racked up €1.7 billion We focused on learning from a global powerhouse.” TmaxSoft in sales revenues in 2015 and is the consultancies and partners in mature moved its headquarters to Chicago sixth-largest software vendor in markets like the US and .” in 2015 as part of its transition. Europe.6 Furthermore, the strategy Yulish notes that the company gets allows them to iterative Wynyard’s James concurs with a great talent base without dealing progress in their expansion. this strategy. As a New Zealand with the costs inherent in Silicon “Thanks to our experience in more- company, partnership arrangements Valley or New York. mature countries, we can play the helped mitigate its distance issues. role of advisors in other [emerging- As Wynyard gained accounts in But what tactics underpin that market] countries to help them specific regions, it made sense strategy? PwC’s Jansen cites the build modern systems,” Panek adds. to establish sales offices in the example of a Cambodian start-up locations where it was doing the using the so-called ‘freemium’ While an acquisition strategy is most business. “Establishing those model. It offers free accounting one option, more traditionally, offices required an influx of cash, software, which drives customer companies must have a solid but it was the partnerships that usage and loyalty, but it charges channel strategy. Yulish says, helped us get started,” says James. for add-on modules relating to “The route to new markets and invoicing or other features. brand awareness goes through When it comes to having the partnerships.” His company wherewithal to go global, emerging- Asseco Group uses a different tack: is working with big system market companies have more acquisition and federation. Since integrators and doing joint go-to- options than before. The open- 2004, it has acquired 60 companies market strategies and programmes source software movement benefits and now has 20,000 employees with IBM, Infosys and others. them because they can develop globally. “We’re not like other Increasing visibility in the value- applications less expensively. At technology conglomerates like IBM added reseller channel through the same time, TmaxSoft’s Yulish and Hewlett-Packard that own trade shows and partnerships, helps suspects that “enterprises are getting subsidiaries outright,” says Panek. TmaxSoft become familiar to users. fed up with legacy companies’ “We call ourselves a federation. We “People have to see the value that licensing schemes, and open source acquire usually from 51% to 70% you can bring,” says Yulish. “You is making them more amenable to of a company that already has a have to emphasise what’s in it for new solutions that don’t require product base and managers running them, not you.” a closed architecture.” That gives the business.” companies like his an opening.

6 http://www.truffle100.com/2015/ranking.php

12 Emerging Markets Top 30 Software Companies The cloud reduces software vendors’ What market leaders upfront costs as well. By offering SaaS solutions exclusively, software should consider vendors can reduce deployment and maintenance costs. While the Established software companies cloud strategy is technically sound, in mature markets need to keep it has some cultural drawbacks. the following in mind when they Klein warns that in Eastern think about competing against, Europe, customers are loath to pay partnering with or acquiring subscriptions if it means giving a emerging-market software third party access to their bank companies: account or locking in long-term subscription rates (again, it’s the • Stay aware of their progress. trust issue). Asseco Group’s Panek You never know when a small concurs, but for a different reason. company is going to finally get “Our customers are more interested traction and explode upon the in more-traditional licensing models, world stage. because we are mostly focused on mission-critical applications. There • Take advantage of their are also concerns about security, advantages. They can hire especially in the government sector.” developers for less money; they can help you with follow-the- Even so, the question of cloud sun development; they have versus on-premises doesn’t seem proximity to markets that you to be slowing emerging-market may not. companies down. A majority of • Capitalise on their TmaxSoft’s revenues come from knowledge. They know on-premises software, and regional regulatory requirement Wynyard’s revenues are issues better than you do. 70% licensing, 30% subscription.

One additional note about the advantages and challenges of being an emerging-market software developer: One might think that global exchange rates are an issue for emerging-market companies, When it comes but they’re not, because so many to having the companies do business either in US dollars or a variety of currencies. wherewithal to go Executives from emerging-market global, emerging- companies acknowledge that currency concerns have been an market companies issue for them in the past, but it have more options lessens as they expand the kind of than before. currencies they accept.

PwC 13 Looking forward in a changing world

Indeed, as globalisation continues, As the world enters the next chapter world. Those established vendors we’ll begin to see a rationalisation of technological disruption led by will remain relevant and are likely of all these issues. It will be trends in the Internet of Things, to use their vast economic wealth faster and cheaper for emerging- artificial intelligence and cloud and strong global network to fill market companies to establish computing, the software industry the void in their portfolios through themselves. Bitdefender’s Talpeș will witness new leaders emerging acquisitions. While software says, “Along with lower developer and the potential disruption of well- companies in emerging markets will costs, infrastructure as a service established players. Perhaps the certainly play a significant role in (IaaS) brings democratisation of biggest challenge for emerging- the transformation of the industry, hardware capabilities to companies market companies, warns Neusoft’s either as standalone entities or a in emerging markets, putting them Liu, will be their ability to adapt. part of a bigger company, the major on more-equal footing with other “The emerging market is changing established software companies will countries.” The doors have opened and developing, [with] social maintain influence and power. Scale to a global base of knowledge, of patterns and business patterns and revenue still matter. markets and digital marketing tools, continuing to break tradition,” he he maintains. “This opens the door says. “Software companies need to for more people to innovate and transform themselves from a purely we’re seeing more innovation from technical company to one with a the emerging markets.” comprehensive view regarding its political, economic, social and PwC’s Jansen concurs that in five resource issues.” years, the software world will be completely different. Winners will Having those characteristics become prominent, regardless beyond technology will be of their country of origin. As especially important, because, enterprises look for cheaper, more- even as vendors in emerging- reliable software—even without it market countries will capitalise being rich with features—they will on their advantages, they will likely consider options they might still face competition from major not have previously. software vendors in the developed

14 Emerging Markets Top 30 Software Companies Methodology

The PwC Top 30 Emerging Markets By “Emerging Markets” we mean Software Companies is based on markets less developed than North corporate financial statements America, Western Europe and . (GAAP-based where applicable), Most, but not all, of the companies other public sources and estimates on our list are based in countries for privately held companies, as on the Morgan Stanley Capital compiled for PwC by the Global International Emerging Markets Software Business Strategies Group Index, which includes Brazil, Chile, at International Data Corporation. China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, The ranking is based on year-to-year Indonesia, Korea, Malaysia, Mexico, growth rate in software revenue Morocco, Peru, Philippines, Poland, from 2013 to 2014, the most recent Qatar, Russia, South Africa, Taiwan, year for which complete data was Thailand, Turkey and United Arab available. Due to variances in fiscal Emirates. Romania and Slovakia years, the results were ‘calendarised’ are not in the Index, but each has a for both years. company in the Top 30.

Currencies were converted to US In the table on page 4, the Country dollars using the average historical HQ column refers to the operating inter-bank rate for 2014 as the rate of headquarters in the country where exchange. The historical rates used the main corporate decisions can be found at www.oanda.com. are made. This may differ from jurisdictions listed for tax or financial reasons in corporate documents.

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Let's If you have any questions about the Global 100 Software Leaders or would like to discuss any of these topics further, please reach out to us:

Raman Chitkara Mark McCaffrey Global Technology Industry Leader Global Software Industry Leader PwC US PwC US +1 408 817 3746 +1 408 817 4199 [email protected] [email protected]

About PwC’s Technology Institute The Technology Institute is PwC’s global research network that studies the business of technology and the technology of business with the purpose of creating thought leadership that offers both fact-based analysis and experience-based perspectives. Technology Institute insights and viewpoints originate from active collaboration between our professionals across the globe and their first-hand experiences working in and with the technology industry.

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