DOCSLIB.ORG

European Technology Success Stories

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
European Technology Success Stories EUROPE PRIVATE EQUITY special paper EUROPEANEUROPEAN TECHNOLOGYTECHNOLOGY SUCCESSSUCCESS STORIESSTORIES Sponsored by EUROPEAN TECHNOLOGY SUCCESS STORIES October 1999 Sponsored by EUROPEAN TECHNOLOGY SUCCESS STORIES 1 CONTENTS Page FOREWORD 5 SPONSOR’S NOTE 7 BROKAT INFOSYSTEMS AG 9 CADCENTRE GROUP PLC 11 CHIROSCIENCE 13 COMPEX N.V. 15 DELTRON ELECTRONICS LTD 17 DR SOLOMON’S GROUP PLC 19 ELECTRO OPTICAL SYSTEMS GMBH (EOS) 21 FLOMERICS GROUP PLC 23 FLASHNET 25 GENSET S.A. 27 INNOGENETICS N.V. 29 INNOMAT OY 31 INTERSHOP COMMUNICATIONS AG 33 LERNOUT AND HAUSPIE N.V. 37 LEXIQUEST 39 MEDI-CULT A/S 41 MICRONAS SEMICONDUCTOR HOLDING AG 43 MOBILCOM AG 45 NEUROTECH S.A. 49 OXFORD MOLECULAR GROUP PLC 51 PEPTIDE THERAPEUTICS GROUP PLC 53 PNA DIAGNOSTICS A/S 55 PPL THERAPEUTICS PLC 57 PPU MACONOMY A/S 59 QIAGEN N.V. 61 RHEIN BIOTECH 63 SCM MICROSYSTEMS, INC. 65 SEAGULL HOLDING B.V. 67 S.O.I.TEC SILICON ON INSULATOR TECHNOLOGIES 69 TAKEFIVE SOFTWARE GMBH 71 UNIPALM (UUNET PIPEX) 73 UNITRONICS COMUNICACIONES S.A. 75 VISION IQ 77 VOCALIS LIMITED 79 XEIKON N.V. 81 XPEDITE SYSTEMS INC. 83 EUROPEAN TECHNOLOGY SUCCESS STORIES 3 FOREWORD This is the second EVCA Special Paper on Technology Success Stories. Although we often look for models elsewhere, it is useful to remember that Europe produces numer- ous examples of entrepreneurial success. Such successful companies are essential to Europe’s dynamism. Often started from scratch, they have turned into generators of wealth and employment and will hopefully continue to develop further in the coming years. This paper does not aim to produce an exhaustive list of "successful" companies. Indeed, the ques- tion arises as to how one defines success: Return to investors? Job creation? Capacity to bring an original idea to life? Progress in a certain field? Establishment of a leadership position? All of the examples presented hereafter are success stories in at least one and often in many ways. All of the companies profiled in this Special Paper have been venture backed. Without private equity and venture capital and the support of venture capitalists, which in most cases goes far beyond pure financial support, many of these success stories would have developed much more slowly or might not even have happened at all. The European Private Equity and Venture Capital Association (EVCA) believes that much remains to be done to fully develop Europe’s entrepreneurial potential. Policy makers should facilitate the creation of an entrepreneurial environment in numerous ways: • More entrepreneurial-related education • Harmonisation of registration of intellectual property and licensing rights • More flexible labour and entrepreneurship environments (for instance, less bureaucracy for company formation, adapted bankruptcy laws,…) • Favourable treatment of stock options for those who choose to work in smaller, non-listed companies The European private equity and venture capital industry has demonstrated its capacity to foster the emergence of European technology success stories and will continue to support many more such successes in the years to come. We would like to thank the members of EVCA’s High-Tech Committee who have given their valuable input to this project under the leadership of Erkki Kariola (SFK) and Jim Martin (3i). We would also like to thank Marie Helsmoortel who conducted this project on behalf of EVCA. Last, but certainly not least, we would like to address our special thanks to all the entrepreneurs and fund managers who have taken the time to share their stories with us. October 1999 Emile van der Burg Serge Raicher EVCA Chairman EVCA Secretary General EUROPEAN TECHNOLOGY SUCCESS STORIES FOREWORD 5 SPONSOR’S NOTE LGT Capital Management is pleased to be the Several factors have influenced LGT’s decision sponsor of this European Technology Success to dedicate substantial resources to private Stories paper. LGT Capital Management serves equity investments in Europe, particularly: as a family office investor on behalf of the Princely Family of Liechtenstein, clients of LGT 1. Europe will play a leading role in the rapid Bank in Liechtenstein and selected third par- development of global technology markets ties. Currently over US$1.2 billion is invested in 2. European governments’ growing recogni- alternative assets on a worldwide basis and is tion that a vibrant and successful private managed by a dedicated team of alternative equity market is a catalyst to economic (private equity and hedge fund) investment pro- growth and leadership fessionals. 3. A new wave of young talent and entrepre- neurs looking to access capital in Europe LGT Capital Management is one of Europe’s 4. Corporate restructuring has only just begun leading private equity investors and fund-of- and will set free new market forces and fund managers. The investments are primarily opportunities made for the portfolio of the Princely Family as 5. New financing and exit routes such as the well as for Castle Private Equity, a Swiss invest- Neuer Markt, EASDAQ and others will fur- ment company whose shares are traded in ther help to establish venture capital and pri- Swiss francs on the Zurich stock exchange and vate equity as a more traditional asset class. in US$ on the Luxemburg stock exchange. LGT Capital Management, as a leading Castle Private Equity has committed over provider of capital and know-how, believes US$500 million to leading private equity funds strongly in the future of European private equity located mainly in the US and Europe. Castle and is dedicated to playing a leading role as an provides institutional and private investors with active partner. access to the asset class, which was previous- ly hampered by high minimum investment requirements, difficult access to top-performing partnerships, lack of liquidity and long lock-up periods. LGT Capital Management is also active in the acquisition of secondary positions in existing Dr. Roberto Paganoni partnerships and has a reputation as an active LGT Capital Management co-investor able to source transactions in Herrengasse 12 Continental Europe for selected partnerships FL- 9490 Vaduz thanks to its well-established network. The co-investment program is complemented by a Tel: +423 235 25 25 direct investment pool on behalf of the Princely Fax: +423 235 25 00 Family. EUROPEAN TECHNOLOGY SUCCESS STORIES SPONSOR’S NOTE 7 BROKAT INFOSYSTEMS AG Business: Software for Internet business and commerce Company established: 1994 Venture backers: Technologieholding, Vertex, TBG Website: www.brokat.de rokat was founded in Böblingen (Stuttgart) banking over videotext. AOL Bertelsmann's Bin September 1994 by five partners that choice of Twister in 1996 for its AOL Banking decided to ride the Internet wave by developing System was a major breakthrough for Brokat. A and marketing software enabling Internet busi- second major breakthrough was the launch, by ness and commerce. Deutsche Bank's Bank 24, of the world's first highly secure Java Internet banking solution Twister is the core Brokat product on which all based on Twister. other solutions are based. It is a platform offer- ing a highly modern, proven applications tech- Very quickly, Brokat decided to expand interna- nology. Twister allows companies to offer cus- tionally since they saw that a global presence tomers integrated, secure and simple electron- would be essential to secure future market ic services using a variety of channels, including share. The variety of retail banking systems in the Internet, videotext systems and mobile tele- Europe required an integrated product. The phony. Twister provides users with a highly need to address this requirement gave Twister secure, scaleable and robust platform on which and Brokat a head start. If you are trading they can build integrated but distinct electronic stocks on the Internet or buying theatre tickets distributions systems. Brokat thus provides the using a personal code entered in a mobile basis for an electronic front office. phone, there is a very good chance, particular- ly in Europe, that you are using software devel- Many services today are produced within an IT oped by Brokat. Today, over 2000 companies infrastructure and then distributed traditionally, worldwide successfully use Brokat solutions. that is non-electronically. The Web allows the production and distribution of a whole variety of When Brokat was established in 1994, the services that are conceivable only electronically founders came to the conclusion that venture at a lower cost, in less time and at a better capital was not readily available in Germany quality. Brokat's vision is to establish Twister as and decided to fund the business through the standard in this new category of "e-services existing software development and consulting platforms" and to make sure that services are contracts. That was more difficult, but the final not only produced but also delivered electroni- result is that the founders and their family still cally. When America Online (AOL) came to hold more than 50% of the company. However, Europe, they found that in order to compete at the end of 1996, Technologieholding took a with the proprietary videotext systems, they major stake in the company; Vertex and TBG needed more than their usual "edutainment" invested a year later. All three firms are entitled offering. In essence, they needed banking to a seat on the company's supervisory board, because millions of users were doing electronic which is chaired by Falk Strascheg of EUROPEAN TECHNOLOGY SUCCESS STORIES BROKAT INFOSYSTEMS AG 9 Technologieholding. Just before the September Atlanta, Georgia to provide software to meet 1998 initial public offering, Technologieholding, the needs of the North American financial ser- TBG and Vertex held 19.7%, 5.5% and 8.2% vices community. It will concentrate on the respectively of Brokat's capital, for a total of development, marketing and servicing of finan- 33.4%. The remaining shares are held by the cial services software for full service corporate founders and their families.
Load more

Recommended publications
  • Private Equity Involvement in Nordic Ipos
    Department of Business Administration FEKH89 Bachelor Degree Project in Financial Management Undergraduate Level Autumn 2016 Private Equity Involvement in Nordic IPOs An empirical study on first-day returns and long-term performance of IPOs on the Nordic market Authors: Leo Dajakaj Tim Jacobsson Julia Wilsby Supervisor: Susanne Arvidsson ABSTRACT Title: Private Equity Involvement in Nordic IPOs - An empirical study on first-day returns and long-term performance of IPOs on the Nordic market Seminar date: 2017-01-12 Course: FEKH89, Business Administration: Bachelor Degree Project in Financial Management Undergraduate Level, 15 credits Authors: Leo Dajakaj, Tim Jacobsson, Julia Wilsby Advisor: Susanne Arvidsson Key words: IPO, Ownership Structure, First-day returns, BHAR, Long-run performance Purpose: The aim of this study is to determine whether there are any differences in the first-day returns and the long-run performance between IPOs with different ownership structures. Further, the authors have chosen a number of variables from previous studies in order to examine whether these can explain the long-run performance of IPOs on the Nordic market. Methodology: A quantitative method with a deductive approach was used in the study in order to analyze the collected secondary data. Theoretical perspectives: The previous research that has been used in this study has mainly focused on the first-day returns and long-run performance of IPOs on the US and European markets. Empirical foundation: The research is based on data from companies on Nordic stock exchanges. The data was obtained from Zephyr, Thomson Reuters Datastream, Argentum, annual reports and firm prospectuses. Conclusions: The authors find that the private equity-backed IPOs in the sample perform the best in the long-run and also have the lowest first-day returns in comparison to the venture capital-backed IPOs and the non-sponsored IPOs, however the differences are not significant.
    [Show full text]
  • The Specialist in Creating Sustainable Digital Business
    STORIES CEO COMMENT HIGHLIGHTS SUSTAINABILITY BOARD OF DIRECTORS CORPORATE GOVERNANCE FINANCIAL STATEMENTS ANNUAL REPORT2019 THE SPECIALIST IN CREATING SUSTAINABLE DIGITAL BUSINESS STORIES CEO COMMENT HIGHLIGHTS SUSTAINABILITY BOARD OF DIRECTORS CORPORATE GOVERNANCE FINANCIAL STATEMENTS XX XX CONTENTS STORIES Modernisation of architecture for increased traffic safety 4 Better use of data with Cognite 5 Smart Measure for increased quality of life 6 Building a digital bridge between the public and private sectors 7 2019 CEO Comment: Leading with a platform-first approach 9 Financial Statements Itera Group 42 Highlights: 2019 in Brief 14 Financial Statements Itera ASA 72 Highlights: Key Figures 2019 15 Statement by the Board of Directors and the CEO 85 Sustainability 17 Auditor’s Report 86 Board of Directors’ Report 28 Shares and Shareholders 91 Corporate Governance 36 Development 2015–2019 92 2 Itera annual report 2019 STORIES CEO COMMENT HIGHLIGHTS SUSTAINABILITY BOARD OF DIRECTORS CORPORATE GOVERNANCE FINANCIAL STATEMENTS Stories What matters is not the technology, but where it can take you. At Itera, we specialise in creating digital business. We are passionate about design and technology, and we take an inter-disciplinary approach in order to fully realise the strength of our combined skills. We work as partners to organisations that want to advance society by making the most of the opportunities offered by high-quality user experiences and future-oriented technologies. Let us share some of our customer stories. 3 Itera annual report 2019 STORIES CEO COMMENT HIGHLIGHTS SUSTAINABILITY BOARD OF DIRECTORS CORPORATE GOVERNANCE FINANCIAL STATEMENTS the traffic situation through status messages and alarms from a number of different data collection and detection systems along the road, including video, radar, telephone, weather data systems and fire alarms.
    [Show full text]
  • Deltek Maconomy Customer Relationship Managment Streamline Sales and Marketing with Customer Relationship Management
    Deltek Maconomy Customer Relationship Managment Streamline sales and marketing with customer relationship management Benefits Advantages of tracking communications Single gateway to all information • Improved analysis of The Deltek Maconomy Customer Relationship The CRM Module provides a simple gateway to historical and future Management (CRM) Module allows you to viewing and updating all the relevant information revenue streams allowing more insightful maintain all the relevant information you require about your customers, prospects and business business planning and regarding your customers and prospects. partners. The basic company contact information prioritisation of client The system can store company and contact is provided on a single screen with “tabs” allowing acquisition activities information and can be used to track every drill down into contact details and activities • Accurate real-time communication (phone calls, letters, invitations, that have occurred. Current and past sales revenue forecast meetings, campaigns, etc.) that occurs between opportunities from both your customers and • Improved accuracy members of your organisation and your prospects can be kept and for existing customers of quotations and a customers and prospects. you are able to see the performance and status of kick-through to project profitability through This is beneficial for a number of reasons. jobs/projects and review invoices and outstanding better and more When a customer or prospect has contact payments. consistent estimating with different members of your organisation, process it is important that everyone is aware of what Web-based, proactive interface • True understanding of other activities are being undertaken. When an The CRM Module uses a web-based interface the right staffing levels to employee leaves your company, their contacts providing a proactive and intuitive way of working.
    [Show full text]
  • Specialists in Creating Digital Business
    STORIES CEO COMMENT HIGHLIGHTS BOARD OF DIRECTORS CORPORATE GOVERNANCE FINANCIAL STATEMENTS X SPECIALISTS IN CREATING DIGITAL BUSINESS 1 ITERA ANNUAL REPORT 2018 STORIES CEO COMMENT HIGHLIGHTS BOARD OF DIRECTORS CORPORATE GOVERNANCE FINANCIAL STATEMENTS XX XX CONTENTS STORIES Platform first 03 Cloud-based solutions offer major commercial opportunities 06 Artificial Intelligence (AI) will affect every business 08 Sustainability is business 10 2018 CEO Comment: Going Digital 12 Highlights: Awards & Recognitions 16 Highlights: Facts 2018 17 Highlights: 2018 in Brief 18 Highlights: Key Figures 19 Board of Directors’ Report 21 Corporate Governance 28 Financial Statements Itera Group 34 Financial Statements Itera ASA 64 Statement by the Board of Directors and the CEO 77 Auditor’s Report 78 Shares and Shareholders 82 Development 2014–2018 83 2 ITERA ANNUAL REPORT 2018 STORIES CEO COMMENT HIGHLIGHTS BOARD OF DIRECTORS CORPORATE GOVERNANCE FINANCIAL STATEMENTS Platform first The platform model underlies the success of many of today’s exchange information, goods or services on the biggest, fastest-growing and most powerfully disruptive com- one hand and money on the other. Such a plat- form creates communities and markets with panies, from Google, Amazon and Microsoft to Airbnb, Uber network effects that allow users to interact and and eBay. Platforms are beginning to transform a range of transact. economic and social arenas, from healthcare and education Investors value platforms more highly than traditional businesses. Seven of the ten to energy and government. largest companies by market capitalization are platform organizations. About 60% of today’s billion-dollar “unicorn” startups are platform Text: Arne Mjøs, CEO The opportunities offered by the platform model businesses.
    [Show full text]
  • Annual Report 2019 1
    ANNUAL REPORT 2019 1 ANNUAL REPORT 2019 CREATING SUSTAINABLE CLIENT VALUE ANNUAL REPORT 2019 3 TABLE OF CONTENTS DIRECTORS’ REPORT FINANCIAL STATEMENTS A sustainable 4 Ramboll in numbers 50 Accounting policies 6 Key statistics 53 Financial ratios 7 Letter from CEO and Chair 54 Income statement building 10 Delivering on our strategy 55 Cash flow statement 1 5 Financial review 56 Balance sheet, assets 20 Highlights of 2019 57 Balance sheet, equity and liabilities 58 Equity 25 PROGRESS ON OUR COMMITMENTS 59 Notes King’s Cross W3 is a state-of-the-art building with extensive sustainability credentials 26 CLIENTS NON-FINANCIAL STATEMENTS using timber in both the structure and the 26 Shaping the future project by project cladding. 28 Timber is the sustainable future 7 1 Accounting principles 30 Creating value through innovation 72 About this report and sustainability strategy “Ramboll’s expertise in timber has been of 32 PEOPLE 73 Policies implemented particular value on this project…” 32 Diverse workforce 74 Materiality & Boundaries 33 People engagement 76 GRI index 34 Health, safety and security 8 1 Key performance indicators per principal business unit 38 SOCIETY 38 Contribution to UN’s Sustainable ADDITIONAL INFORMATION Development Goals 40 Advocacy on climate action 84 Management’s Statement 4 1 Community engagement on the Annual Report 85 Independent Auditor’s Report 44 COMPANY 87 Limited assurance report of the 44 Strong growth and a solid independent auditor platform for the future 88 Board of Directors 45 Energy consumption 89 Group Executive Board 46 Sustainability enabled through project management 48 Anti-corruption Ramboll is a leading engineering, architecture and consultancy company founded in Denmark in 1945.
    [Show full text]
  • Schjødt Deltek Maconomy the Law Firm Schjødt Strengthens Its Knowledge Sharing Using Deltek Maconomy
    Customer Case Study Schjødt Deltek Maconomy The law firm Schjødt strengthens its knowledge sharing using Deltek Maconomy Schjødt wanted a dynamic ERP solution It also makes Deltek the fastest-growing ERP to enable knowledge sharing across the vendor for the legal industry in Norway. Deltek now “We were impressed company. They selected Deltek to take has a market share of nearly 50 percent among by the dynamics of their workflows to the next level. the top law firms in the country. Deltek’s system and the opportunities to Schjødt is one of Norway’s largest law firms Impressed by customization capabilities customize and integrate employing 125 lawyers with annual revenue of ”We were impressed by the dynamics of Deltek’s to other systems.” approx. GBP 40 million. system and the opportunities to customize and Successful knowledge sharing is business- integrate to other systems,” says Knut-Magnar » Knut-Magnar Aanestad, critical for any law firm. It is important to integrate Aanestad, Knowledge Manager at Schjødt. He Knowledge Manager, the employees’ work with supporting systems, for continues: “We chose Deltek after a thorough Schjødt instance document and task handling, in the best evaluation of the other vendors on the market.” way possible. ”We had some clear strategic requirements Schjødt therefore initiated a comprehensive which included user-friendliness, a dynamic change process to create a dynamic platform structure, integration capabilities, future-proof for enterprise-wide knowledge sharing. After a setup and data security. We evaluated the various thorough evaluation they decided to purchase systems and made our decision based on these Deltek’s enterprise business solution for factors,” says Aanestad.
    [Show full text]
  • Erprise Resource Planning Systems (ERP) Business Practices
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Antero, Michelle Carol Doctoral Thesis A Multi-case Analysis of the Development of Enterprise Resource Planning Systems (ERP) Business Practices PhD Series, No. 6.2015 Provided in Cooperation with: Copenhagen Business School (CBS) Suggested Citation: Antero, Michelle Carol (2015) : A Multi-case Analysis of the Development of Enterprise Resource Planning Systems (ERP) Business Practices, PhD Series, No. 6.2015, ISBN 9788793155954, Copenhagen Business School (CBS), Frederiksberg, http://hdl.handle.net/10398/9118 This Version is available at: http://hdl.handle.net/10419/208924 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend
    [Show full text]
  • Ciklum Reference List January 2010
    Ciklum Reference List January 2010 Ciklum is very pleased that a number of our clients have agreed to let new potential clients contact them for feedback on Ciklum and the services we provide. Please note that the list below is just a sample from our current 100+ clients‟ portfolio. Please contact us directly for assistance if you feel that you need additional or specific industry/company references. Several other clients of Ciklum are happy to give the one-on-one references, but for various reasons they prefer not to be listed in this “public” document. Best Regards, Torben Majgaard Founder and CEO of Ciklum E: [email protected] Customers‟ References Lasse Meilsoe, Administrative Director Country: Denmark Phone: +45 39 56 39 55 E-mail: [email protected] Team size: 33 specialists Technologies: Java, J2EE, Web Development www.2mba.dk 2MBA works with Ciklum as of February 2005 and during the peak workload times it had 60 people on the nearshore team. Professional Software Development for Business 2MBA is a digital consulting company that works with strategic communication Applications and branding. Furthermore it offers development of professional software solutions like online booking and portal systems and digitalization of processes. Read 2MBA case story Bent C. Kjeldsen, Development Manager Country: Denmark Phone: +45 2010 44 88 E-mail: [email protected] Team size: 16 specialists Technologies: VB.Net (2.0), SQL Server 2005, Asp.Net. WebServices, XML www.intranote.dk “When Intranote established an outsourcing team in Kiev in 2005 it
    [Show full text]
  • Deltek Maconomy Statutory Summary
    Deltek Maconomy® Statutory Summary by Country Version: 2020.02 March 6, 2020 While Deltek has attempted to verify that the information in this document is accurate and complete, some typographical or technical errors may exist. The recipient of this document is solely responsible for all decisions relating to or use of the information provided herein. The information contained in this publication is effective as of the publication date below and is subject to change without notice. This publication contains proprietary information that is protected by copyright. All rights are reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic or mechanical, or translated into another language, without the prior written consent of Deltek, Inc. This edition published March 2020. © Deltek, Inc. Deltek’s software is also protected by copyright law and constitutes valuable confidential and proprietary information of Deltek, Inc. and its licensors. The Deltek software, and all related documentation, is provided for use only in accordance with the terms of the license agreement. Unauthorized reproduction or distribution of the program or any portion thereof could result in severe civil or criminal penalties. All trademarks are the property of their respective owners. Version: 2020.02 ii Contents Overview ....................................................................................................................................................... 4 Australia .......................................................................................................................................................
    [Show full text]
  • Managing Without Excel Quintiq Switches to Maconomy
    Article Managing without Excel Quintiq switches to Maconomy Previously, contract management at IT company 3. Eliminate instances of project Quintiq was mainly based on Excel. However, with communications ‘bypassing the system’. All coordination must go through defined the company’s rapid growth, it had become clear workflows that generate to-do items for those to everyone that the situation would become involved. “Why would you automate, other untenable in two or three years’ time. With this in than to get away from the hassle and the risk of mind, management drew up a wish list as the first errors?” asks Arts. “While people can manage step to remodelling its administration. Quintiq’s to coordinate across ten projects, perhaps even twenty in a pinch, if they try to organize manager for strategic projects, Claudio Arts, sums more than fifty projects by e-mail, then you up the key requirements they were looking for in have a real problem.” the central business system: 4. Support for intercompany transactions. By: Rolf Zaal 1. Support for three income streams All the consultants work for their own country » Click here to read with substantially different structures. organization, but because of pressure of work the original article These income streams are licenses (almost or in order to exploit valuable expertise, they in Dutch exclusively ‘upfront sales’), maintenance are also regularly used in the projects of other (requires login) (recurring income) and implementation country offices. That needs to be rebilled projects (labour intensive and administratively without too much complexity. complex, while representing a substantial proportion of the total turnover).
    [Show full text]
  • Deltek Maconomy Statutory Summary
    Deltek Maconomy® Statutory Summary by Country Version: 2020.01 January 7, 2020 While Deltek has attempted to verify that the information in this document is accurate and complete, some typographical or technical errors may exist. The recipient of this document is solely responsible for all decisions relating to or use of the information provided herein. The information contained in this publication is effective as of the publication date below and is subject to change without notice. This publication contains proprietary information that is protected by copyright. All rights are reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic or mechanical, or translated into another language, without the prior written consent of Deltek, Inc. This edition published January 2020. © Deltek, Inc. Deltek’s software is also protected by copyright law and constitutes valuable confidential and proprietary information of Deltek, Inc. and its licensors. The Deltek software, and all related documentation, is provided for use only in accordance with the terms of the license agreement. Unauthorized reproduction or distribution of the program or any portion thereof could result in severe civil or criminal penalties. All trademarks are the property of their respective owners. Version: 2020.01 ii Contents Overview ....................................................................................................................................................... 4 Australia .......................................................................................................................................................
    [Show full text]
  • The Performance of Nordic Buyout-Backed Ipos an Empirical Study on First-Day Returns, Aftermarket Abnormal Returns and IPO Cyclicality
    STOCKHOLM SCHOOL OF ECONOMICS Department of Accounting Master Thesis in Accounting and Financial Management Spring 2014 The performance of Nordic buyout-backed IPOs An empirical study on first-day returns, aftermarket abnormal returns and IPO cyclicality Johanna Sevonius Johan Hertervig. ABSTRACT Using a sample of 443 Nordic IPOs, consisting of 53 buyout-backed, 70 venture capital- backed and 320 non-sponsored issues from January 1997 to December 2010, this paper investigates the financial performance of buyout-backed IPOs listed on the Nordic stock exchanges. We compare and contrast the first-day returns and aftermarket abnormal returns over a period of three years of buyout-backed IPOs to those of non-sponsored and venture capital-backed. We employ two alternative benchmarks in the abnormal return calculations and use two abnormal return metrics to strengthen the validity of our results. Evidence is also presented for the financial performance of the IPOs depending on market condition at time of issuance. Our results indicate that buyout-backed in the Nordics experience lower average first-day returns and generally less negative abnormal returns in most periods leading up to three year aftermarket performance period than those of venture capital-backed and non-sponsored IPOs. Buyout-backed IPOs issued in high IPO activity market conditions tend to experience higher first-day returns and less negative aftermarket abnormal returns than buyout-backed IPOs issued in other periods. None of the results are statistically significant though. Key words: Nordic buyout-backed IPOs, first-day returns, aftermarket abnormal returns, IPO cyclicality Tutor: Håkan Thorsell Presentation: 28 May, 2014 Location: Stockholm School of Economics Discussants: Rickard Zetterqvist and Christoffer Andersson Acknowledgement: We would like to thank our tutor, Håkan Thorsell, for valuable input and comments during the process of writing.
    [Show full text]