Corum group: Paris Presentation

MERGE BRIEFING

Paris MB: 28 March

2

Corum Speakers

Founder & owner of 4 software companies

Served on advisory boards for Microsoft, IBM,

DEC, Comdex and Apple, and as board

member/founding investor for Blue Coat,

Bright Star and Sabaki.

Founder of the WTIA, the nation’s most active

regional technology trade association.

Chosen as one of the 200 most influential

individuals in the IT community in Europe.

A graduate with Distinction from Harvard

Business School, written 3 books on business

models for success

Bruce Milne

CEO

20 years of international entrepreneurial and

business experience growing software and

business services companies

CEO of The Seasam Group, digital marketing

and IoT company for intelligent transportation

systems and digital signage solutions

Director level positions in Cisco leading

Nordic sales

Investor and board member of a number of

startups and young companies in a diverse

range of sectors

BBA in International Business and MBA in

Finance and Marketing, Swedish School of

Economics

Julius Telaranta

Vice President

3

Partial Co-Sponsor List

4

Global Presence – 60% of transactions cross border

5

Research

Education

Valuation

World Tech M&A Leaders…

6

Unsurpassed Buyer Access

Corum Buyer

Knowledgebase

Engagements

Internal Research

External Research

EducationOutside Events

Transactions

Outside Advisors (WTC)

7

Detailed, professional process

Team approach

Most senior dealmakers

World TechnologyCouncil

Sold more software-related firms than anyone

Achieving an Optimal Outcome

8

Hong Kong / Canada

Italy / Austria Ireland / Finland Australia / Australia

Japan / USDenmark / Finland

UK / China

US / Germany

Recent Corum Transactions

9

Agenda

Market Perspective

Top 10 Disruptive Technology Trends

M&A Activity & Valuations

Factors Driving Tech M&A

Achieving an Optimal Outcome

Avoiding Deal Disasters

Closing Thoughts

10

TOP TEN

DISRUPTIVE TRENDS

11

Leveraging Corum’s Unique Position

Top 10 Disruptive Technology Trends

1000s of Buyer

Interactions (Deals)

1000s of companies

(Education)

1000s of industry

transactions (Research)

12

Why worry about these trends?

1. Trends create change

2. Change drives strategic imperative

3. Strategic imperative drives acquisitions

4. Well-positioned companies get sold

Are you part of any of these trends?

13

Corum Top Ten Technology Trends 2017

AI Enablement IoTSoftware

Visual Intelligence

Systems

Digital Currency Flow

Data Science Monetization

Online Exchanges

Omni-channel Sales

Connected Health

Focused IT Services

DataSecurity

CORE

CONTOUR

14

Putting AI to work by means of big data and feedback

#1: AI Enablement

Nascent AIs and other machine learning platforms need data.

Need tasks that provide data, benefit from improving expertise, then provide feedback to improve the platform.

Business cases emerging rapidly across all sectors.

Significant stores of unique data can short-circuit “build vs. buy” debates in M&A.

Corum Top Ten Disruptive Technology Trends 2017

15

Emerging platforms, standards & analytics

#2: IoT Software

Internet of Things (IoT) growth brings us into its first full software cycle.

Each “Thing” needs platforms, communication, analytics, etc.

Competing platforms and associated ecosystems beginning to coalesce.

IoT software often, but not always, inextricably enmeshed with hardware.

Compatibility-driven, as in other cycles of disruption.


16

Intersection of AI, computer vision & analytics

#3: Visual Intelligence Systems


Evolution of Positioning Intelligence beyond GPS required computer vision.

Drones and self-driving cars driving advanced vision tech with even larger implications.

Retail, security, energy, agriculture, advertising are all being impacted.

Companies creating practical solutions with this tech—especially utilizing analytics—are in high demand.

17

Decreasing friction in payments & exchange

#4: Digital Currency Flow

Currency flow moving towards fewer barriers, reduced regulation and less friction on transactions globally.

Banks face competition from nimbler mobile and web point solutions.

Includes alternative currencies—from blockchain/bitcoin to in-game currencies to Starbucks payments.

Software & systems that speed or harness payment flow have significant potential.


18

Maximizing return with real-time analytics

#5: Data Science Monetization

In a world of freemium, free-to-play & declining ad effectiveness, turning users or viewers into dollars is a premium capability.

Robust analytic tools are no longer optional, especially for consumer-facing companies.

Gaming companies are leading the way, deriving value from their analytic capabilities as much as entertainment.

Video ads are close behind with opportunities in e-commerce, brick & mortar, B2B and beyond.


19

Connecting creators & consumers

#6: Online Exchanges

Uber & others recharging the concept that created online commerce, putting unused capacity to work.

Not just connecting buyers & sellers, but creating previously non-existent opportunities on both sides.

Disruptive opportunities include:

Personalization

Real-time commerce

Financial disintermediation


20

Purchasing decisions anywhere, any platform

#7: Omni-Channel Sales

Consumer platforms & devices continually fragmenting.

Marketing keeping pace – next challenge is sales, both decision points and actual purchase.

Point at which money changes to product must be immediately with customer, moving closer by being on their favorite device.

Persuasion must move there as well, taking new forms as it does.

Consumer brands leading the way, but enterprise is not far off.


21

Linking people to their health data & services

#8: Connected Health

Technological, regulatory and demographic changes converging to create significant opportunity.

Leveraging new tech: smartphones, trackers, connected medical devices, genomics, remote monitoring.

Improved self-care and remote care/diagnosis.

Makes healthcare more patient-centric by enabling healthcare consumerism.


22

Differentiation drives new value in a sleepy sector

#9: Focused IT Services

New and more pervasive technologies creating new needs for maintenance, extension and utilization.

Teams that provide customer value around a specific technology, sector or problem are seeing increased value.

Buyers seeing more value in purpose-built IP emerging out of services firms.

Services on the edge of key trends seeing particular interest.


23

Building barriers in an age of blurred lines

#10: Data Security

New technologies creating new risks from freer flowing data.

High impact breaches (DNC, Yahoo, Dyn DNS, Oracle Micros) drive broad recognition of security needs.

Key trends include security analytics, rapid detection & in-process threat response.

Internet of Things opening a new front in this fight – the Dyn DDoS attach came from infected IoT devices.


24

MARKET OVERVIEW

VALUATIONS

25

$3

Trillion

$1

Trillion

Cash Available for Acquisitions

Strategic Tech Buyers

Private Equity

26

Corum Index

Market

Transactions

20162015

4307 3914

Mega Deals59 80

Largest Deal $63B $39.2B

Pipeline

2015 2016

Private Equity Deals232 320

VC Backed Exits657648

Attributes

20162015

34%Cross Border

Transactions 35%

Start-Up

Acquisitions 12%13%

15 yrs14 yrsAverage Life

of Target

38%

36%

7.7%

9.1%

2.9%

38%

1.4%

7.1%

27

24

2120

1514

1312 12

11 1110 10 10 10

Top Strategic Acquirers – 2016

28

39

21 2119 19

16 1615

1413 13

1211 11 11

Top Private Equity Acquirers – 2016

29

Vertical Application Software MarketPublic Valuation Multiples

1.50 x

2.00 x

2.50 x

3.00 x

3.50 x

4.00 x

4.50 x

5.00 x

6.00 x

8.00 x

10.00 x

12.00 x

14.00 x

16.00 x

18.00 x

20.00 x

EV/SEV/EBITDA

Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

EV/EBITDA 15.93 x 17.11 x 16.70 x 17.21 x 17.12 x 18.38 x 17.27 x 17.64 x 17.16 x 16.30 x 16.76 x 16.40 x 17.82 x

EV/S 4.06 x 4.30 x 4.38 x 4.37 x 4.47 x 4.70 x 4.66 x 4.72 x 4.39 x 4.50 x 4.57 x 4.61 x 4.70 x

30

Subsector Sales EBITDA Examples

A/E/C 5.72x 22.35x

Automotive 5.01x 20.05x

Energy &

Environment4.78x 19.73x

Financial Services 5.08x 16.28x

Government 1.95x 13.06x

Healthcare 3.90x 19.81x

Real Estate 6.99x 23.93x

Vertical Other 4.48x 13.70x

Vertical Application Software Valuations

31

Horizontal Application Software MarketPublic Valuation Multiples

1.50 x

2.00 x

2.50 x

3.00 x

3.50 x

4.00 x

6.00 x

8.00 x

10.00 x

12.00 x

14.00 x

16.00 x

18.00 x

20.00 x

EV/SEV/EBITDA




32


Business

Intelligence3.61x 18.85x

Marketing &

Ad Tech1.84x 15.66x

CRM 1.61x 45.82x

ERP 4.21x 21.64x

Human Resources 6.29x 31.66x

SCM 5.68x 20.17x

Payments 3.83x 15.93x

Other 3.46x 16.62x

Horizontal Application Software Valuations

33

salesforce.comUltimate Software Concur

EloquaOpenTable

athenahealth

Medidata

ExactTargetLivePerson

Kenexa

Informatica

DealerTrack VocusLogMeIn

Callidus Saba

Websense Constant Contact

0.00 x

1.00 x

2.00 x

3.00 x

4.00 x

5.00 x

6.00 x

7.00 x

8.00 x

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

TTM Revenue Multiple

Revenue Growth YoY

High SaaS Growth Tracks Valuation

34

Consumer Application Software MarketPublic Valuation Multiples

1.00 x

1.20 x

1.40 x

1.60 x

1.80 x

2.00 x

2.20 x

2.40 x

5.00 x

7.00 x

9.00 x

11.00 x

13.00 x

15.00 x

17.00 x

19.00 x

EV/SEV/EBITDA

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17

EV/EBITDA 13.73 x 12.98 x 13.60 x 14.42 x 16.03 x 15.89 x 15.68 x 16.21 x 17.32 x 17.80 x 14.73 x 14.82 x 15.82 x 17.52 x

EV/S 1.83 x 1.88 x 1.83 x 1.76 x 2.05 x 1.96 x 2.15 x 2.09 x 2.31 x 2.16 x 2.12 x 2.04 x 2.27 x 2.18 x

35


Casual Gaming 3.47x 24.95x

Core Gaming 2.44x 10.99x

Other 1.65x N/A

Consumer Application Software Valuations

36

Public Valuation Multiples

Internet Market

1.00 x

1.50 x

2.00 x

2.50 x

3.00 x

3.50 x

4.00 x

4.50 x

5.00 x

7.00 x

9.00 x

11.00 x

13.00 x

15.00 x

17.00 x

19.00 x

21.00 x

23.00 x

25.00 x

EV/SEV/EBITDA




37


Diversified

Internet5.29x 19.48x

eCommerce 1.18x 30.12x

Social Network 4.14x 19.24x

Travel & Leisure 5.81x 21.11x

Internet Valuations

38

Infrastructure Software Market


2.00 x

2.20 x

2.40 x

2.60 x

2.80 x

3.00 x

3.20 x

3.40 x

3.60 x

3.80 x

6.00 x

8.00 x

10.00 x

12.00 x

14.00 x

16.00 x

18.00 x

EV/EBITDA EV/S




39


Endpoint 3.64x 16.35x

IT Services

Management4.63x 29.59x

Network

Management2.76x 9.27x

Security 3.63x 18.42x

Storage & Hosting 2.71x 12.89x

Other 5.24x 13.50x

Infrastructure Software Market

40

IT Services – Developed Markets


0.40 x

0.60 x

0.80 x

1.00 x

1.20 x

1.40 x

1.60 x

5.00 x

6.00 x

7.00 x

8.00 x

9.00 x

10.00 x

11.00 x

12.00 x

EV/SEV/EBITDA




41


IT Services – Emerging Markets

0.40 x

0.90 x

1.40 x

1.90 x

2.40 x

2.90 x

3.40 x

3.90 x

5.00 x

7.00 x

9.00 x

11.00 x

13.00 x

15.00 x

17.00 x

19.00 x

EV/SEV/EBITDA




42


Developed 1.25x 11.03x

Emerging 2.95x 14.25x

IT Services Valuations

43

French Targets – Brief Overview

Last 12 months

101 announced Tech Deals

Deal size ranges from €0.6M - €250M; Median is €61M

Revenue multiples range from 0.4x - 5.6x for disclosed amounts

17% of Targets had VC funding

Markets ranging from ERP & BI software, to Datamanagement, to Internet content & commerce,to Mobility, to IT & Hosted Services.

44

Largest Deal

Enablon [France] acquired by Wolters KluwerLegal & Regulatory Solutions [Netherlands]

Risk & energy management software

May 2016

€250M Deal Value

• 5.6x Sales

Top EHS provider Enablon will operate as a unit of Wolters Kluwer’s division adding domain knowledgefor its customers.

The acquisition is considered as one of the largest European venture capital exits this year.

45

Deal Spotlight

Ketchapp Games [France] acquired by UbisoftEntertainment SA [dba Ubisoft] [France]

Mobile game development

September 2016

With the purchase of a small startup, Ubisoftfurthers a strategy to become the biggest gamepublisher on the planet and tries to stayindependent from Vivendi which has alreadyapproached them.

Ubisoft also bought Racing videogames softwaredeveloper Ivory Tower in October 2015.

46

Deal Spotlight

OCTO Technology [France] acquired byAccenture Ltd. [Ireland]

Technology consulting & SI

September 2016

€115M Deal Value

With presence in 5 countries OCTO got access tosubstantial resources by joining Accenture Digitalwhile Accenture penetrated digital marketingsphere in French market to compete with giants:IBM, Dell and Deloitte.

47

Deal Spotlight

StickyADS.tv [France] acquired by FreeWheelMedia Inc. [Comcast] [USA]

Online video ad exchange

May 2016

€100.8M Deal Value

After StickyADS.tv joined FreeWheel’s “PreferredPartners” Initiative the partnership resulted into thedeal and combined offering for a new ecosystemof TV publishers.

48

Deal Spotlight

News Republic Inc. [France] acquired byCheetah Mobile Inc. [China]

News aggregation mobile application

August 2016

€50.8M Deal Value (Reported)

News Republic will benefit of increasing trafficwhile Cheetah will be able to target a different setof users.

The transaction followed Cheetah’s purchase ofFrench mobile advertising SaaS providerMobPartner for €55M back in March 2015.

49

Deal Spotlight

Talentsoft SA [France] acquired by GoldmanSachs [USA]

Workforce management SaaS

October 2016

€25M Deal Value

Talentsoft teamed with Goldman Sachs continuing tosuccessfully compete with Oracle and SAP in thetalent management software market.

The transaction is a breakthrough on the globalfinancial scene as Talentsoft is about to accelerateR&D and gain scale geographically (Europe).

of

50

Deal Spotlight

Norskale France SAS [France] acquired byCitrix Systems Inc. [USA]

Desktop & application virtualization SaaS

September 2016

Driven by demand for business mobility by end-users Citrix filled the gap in the area by addingNorskale with its excellent reputation in UserEnvironment Management industry.

51

Deal Spotlight

Nextperf [fka Next Performance] [France]acquired by Rakuten Marketing [Rakuten] [USA]

AI-based marketing retargeting software

July 2016

With Nextperf’s programmatic technology beingprovided throughout Europe, Brazil, North AmericaRakuten will expand into its strategic market,Europe.

52

Deal Spotlight

AlephD SA [France] acquired by AOL Inc.[Verizon] [USA]

Advertising pricing optimization SaaS

January 2016

AlephD’s yield management tools will be build intoa unified publisher platform called ONE by AOL.

53

1. Disruptive trends – Strategic imperative to buy

2. Cash – Strategic & financial buyers

3. Low cost debt for leveraged buyouts

4. Many new buyers (IPOs, non-tech)

5. Strong financial markets

5 Reasons Tech M&A Will Remain Strong

54

1. Geopolitical Disruption

2. Currency Crisis

3. Inflation Increasing

4. Rising Interest Rates

5. Stock Market Adjustment

6. M&A Cycle Ends

6 Global M&A Concerns

55

1. Consolidation of Market Segment

2. Game-changing Tech Paradigm Shift

3. Personal/Partner/Management Health

4. Conflict – Founders/Investors/Personal

5. Litigation/Negligence/Criminal Acts

6. Death or Incapacitation

6 Personal/Company M&A Concerns

56

M&A Follows Cycles

57

ACHIEVING AN

OPTIMAL OUTCOME

58

Buyer Seller

The Inherent Problem in M&A

Price

Structure

Liabilities

Taxes

Non Competes

You will be diametrically opposed on everything……while negotiating with your future boss

59

More time - regulatory environment (SOX)

More tasks than people realize

Busy buyers – reviewing 100s of opportunities

Tougher outside professionals

More complex due diligence required

Deal fatigue – Letter of Intent (LOI) to close

The M&A Process is Tougher…

60

Your Goal: an Optimal Outcome

61

Valuation

Maximization

6262

Creating the best transaction

structure

63

Minimizingpersonal liability/risk

64

Reducing taxliability and holdbacks

65

Structuring ideal

employment/non-competes

66

Providing for

proper integration

67

1

8 Stages for an

Optimal Outcome

IntegrationClosingDue

DiligenceNegotiationDiscoveryContactResearchPreparation

68

1

Set tasks, timeline

Allocate staff resources

Conduct internal due diligence

Compile business/marketing plan

Ready financials/projections

Ready presentation materials

Begin collecting due diligence materials

Stage 1: Preparation



69

1

Stage 2: Research

Prepare buyers list (A&B level, financial, non tech)

Perform strategic analysis on each buyer

Prepare preliminary valuation

Determine proper contact (Execs, EA’s, advisors)

Outside advisor/board/investor influencers

Prepare position statement for each buyer



70

1

Stage 3: Contact

Create introductory correspondence

Draft/customize executive summary

Execute NDAs and non-solicitations

Screen initial interest, valuation expectations

Establish log on all communications

Refine position/process based on feedback



71

1

Stage 4: Discovery

Coordinate conference calls, site visits, and meetings

Establish technology review process

Prepare formal valuation report

Develop synergy and contribution analysis

Set up NDA with customers, contractors, etc.

Finish due diligence on buyer



72

1

Stage 5: Negotiation

Organize and host final visits

Provide structure & valuation guidance

Create an auction environment

Negotiate with top bidder(s)

Sign Letter of Intent (L.O.I.)

Inform other bidders of No Shop



73

1

Stage 6: Due Diligence

Verification of financial statements/projections

Determine if outside advisors/opinions needed

Establish confidential data room

Technical/Legal/Ownership due diligence

Written explanation of business model/methodologies

Complete definitive agreement/ attachments



74

1

Stage 7: Closing

Final reps & warranties

Determine escrow hold-backs

Final opinion(s)

Sign contracts

Arrange payment/distribution

Regulatory filings

Disclosure schedules



75

1

Stage 8: Integration

Advanced planning – during negotiation

Determine synergies

Best practices analysis

Interim transition team

Employee retention plan

Set up monitoring/reporting



76

1 to 5+offers1 to 5+

20 to 200global buyer candidates20 to 200

3 to 8qualified parties

5 to 15NDAs

Optimal Outcome by the numbers

700 to 1000communications of various kinds700 to 1000

10 to 30expressions of interest10 to 30

5 to 15 3 to 8

77

With a Professional Global Search

9 – 12 monthsrequired to complete because of workload, Sarbanes-Oxley (SOX) and buyer due diligence (DD) considerations

…you can generate interest very quickly, but buyers

are constrained in how fast they can move.

78

Resell/License

Do you want to buy

my company?

J.V./Alliance

M&A Uniquely Allows Entry to Top Execs

CEO

MKTFIN MANF

DIVDIV DIVDIVDIV

DIVDIVDIVDIV

The only time you can go straight to the top

79

5 Major Benefits of a Professional Process

Model

The

preparation

process will

help forge a

better

business

model for

your firm

1

Research

Your

strategic

position will

improve from

the research/

positioning

process

2

Market

Feedback

Buyer

contact will

provide

invaluable

data/insights

to help

improve your

value

3

Relation-

ships

Not everyone

is a buyer,

but you open

many doors

which will

yield

business

4

Exit

The merger,

asset sale, or

financial

recap of your

company

5

79

Any of these benefits will

justify the time and expense

of a global partner search.

81

Sold again in 2 years for $100 million (6x)

82

Sold for $56M (.6x) – missed the windowMarket consolidated—Company A bought Company B!

83

AVOIDING THE

DEAL DISASTERS

84

Lessons From Experience

This M&A process workload and pitfall analysis is based on data supplied by the World Technology Council (WTC), Corum’s 500-member advisory board of past sellers, industry experts, buyers and investors.

Top 60 Documents and Projects

Top 6 Value Destroyers

Sellers’ Single Biggest Mistake

Top 10 Deal Killers

85

• Corporate Preparation

• Business Plan

• Marketing Plan

• Org Chart

• Staff Bios

• NDA

• Non Solicitation

• Executive Summary

• Introduction Letter

• Financials (3 years)

• Recast Financials

• Financial Package

• 3 Year Projections

• Pipeline Analysis

• Lead Process

• Pricing Analysis

• Market Research

• Competitive Research

• Buyer Research

• Ind. Buyer Strategy

Top 60 Documents & Projects (1-20)

Items in RED require professional skills, confidential M&A data, inside buyer

knowledge, extensive transaction experience, or outside advisors

86

• Corporate Presentation

• Comparable Transactions

• Industry Comps

• DCF Analysis

• Replacement Cost

• Terminal Value

• Valuation Report

• All Agreements

• All Litigation – Threats

• Shareholder Qualification

• HR Needs

• Audit

• Activity Log

• Terms Sheet(s)

• Synergy Analysis

• Dilution Analysis

• Tax Analysis

• Taxable Assets

• Negotiation

• LOI




87

• Stand Still Prep.

• Outside Opinions

• DD Checklist

• DD Timeline

• Merger Agreement

• Asset Schedule

• Fairness Opinion

• Employ. Agreement

• Non Competes

• Patent Analysis

• Customer Overview

• Client Sign-off

• Bulk Sale

• Sovereign Approval

• Proxies

• Security Agreements

• Registration

• Shareholder Exp. Distr.

• Announcements

• Integration Process




88

1. Confidentiality—internal/external

2. Theft of technology

3. Loss of staff (non-solicitation)

4. Wear on CEO/management

5. Business drop-off—lack of focus

6. Going to market too late

Top 6 Value Destroyers

89

They are trying to lock you up

Often demand exclusive negotiations

Don’t want you talking to others

Want to pay less than true value

Remember your fiduciary obligation!

Seller’s biggest single mistake…

…dealing with only one buyer

90

Top 10 Deal Killers

1. Dealing with only one buyer

2. Misalignment: shareholders/empl/mgmt

3. Contact at the wrong level

4. Improper research of potential buyers

5. Misunderstanding buyer process/models

91

Top 10 Deal Killers

6. Inability to portray value properly

7. Improper due diligence preparation

8. Not qualifying buyers properly

9. Not orchestrating all buyers properly

10.Ego – Greed – Arrogance

92

THE MOST IMPORTANT TRANSACTION OF YOUR LIFE

CLOSING THOUGHTS

93

This seller

is serious.

Leverage using a Professional Intermediary

I may not

be the only

bidder.

Potential

AcquirerSeller Intermediary

Wonderful if I buy you, terrible if I

don’t.

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The most in-depth buyer information in the world

Optimal Outcome – The Corum Buyer Knowledgebase

Approx. $25M investment

Developed over 30 years

Nearly 16 million entries

Proprietary client activity reporting technology

Supplemented by every major research organization

Data updated with world’s largest educational program

95

Corum Proprietary Buyer Knowledgebase –Advantages

Helps to ensure that you get to the right people

Insider strategic knowledge improves getting attention

Proprietary knowledge of buyer valuation metrics

Gives advanced notice of due diligence required

Includes library of buyer contracts, NDAs, etc.

Invaluable aid in negotiation process

96

Tech M&A Guideline Percentages

Buyer solicitations that result in transaction

Average improvement from first offer with an auction process

How often another firm is willing to pay more than the initial bidder

Deals involving only one bidder that are suboptimal

Failure rate in “self-managed” tech M&A

97

After the Deal – Celebration

98

Contact Information

Visit our website at: www.corumgroup.com

Julius Telaranta, Vice

President

Berlin OfficeEmail: [email protected]

Mobile: + 49 172-971-9898

Office: +1 425-460-6250

Corum Group International

S.à.r.l.

Buechenstr. 9

8185 Winkel

Switzerland

+41 43 888 7590

Corum Group Ltd.

19805 North Creek Parkway

Suite 300

Bothell, WA 98011 USA

+1 425-455-8281

mailto:[email protected]

Corum group: Paris Presentation

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Transcript of Corum group: Paris Presentation