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© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno19701
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno19702
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno19703
Award winning company
2014
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno19704
Why Asia?
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno19705
Use of our software in 2014
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno19706
Distribution of our revenue in 2014
North America (63.57%)
Europe (29.47%)
Asia - Pacific (5.75%)Middle-East and Africa (0.61%) South America (0.59%)
World Regions
North America (63.57%) Europe (29.47%) Asia - Pacific (5.75%) Middle-East and Africa (0.61%) South America (0.59%)
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno19707
What about the competition?
Reference: SEC filings of Adobehttp://www.sec.gov/cgi-bin/browse-edgar?company=&match=&CIK=adbe&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany
14Q3
14Q4
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno19708
APAC region: three tiers Tier 1: Japan, Australia, Singapore
Highly developed countries with good level of respect towards software IP
Tier 1 represents 65% of 2014 APAC business Tier 2: India, Hong Kong, South Korea, Taiwan
Developed or developing countries with acceptable to decent level of respect towards software IP
Tier 2 represents 30% of 2014 APAC business Tier 3: China, Thailand, Malaysia, Indonesia
Developing economies with poor level of respect towards software IP
Tier 3 represents 5% of 2014 APAC business
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno19709
First steps
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno197010
iMinds / FIT: “try before you buy office”iMinds: Go Global
1 year officeTravel voucher32 hours consultancy (*)
FIT:Support at eventsAdvice! Introductions!Subsidies for Asia trips Starting up ISA / real office
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno197011
Princely Mission
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno197012
First partner
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno197013
iText Software Pte. Ltd.
Incorporated April 20151 local hire: April 20151 Belgian expat: July 2015
New office location
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno197014
CommunicAsia
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno197015
Revenue 2014 vs revenue 2015
• APAC region responsible for 9.46% of total revenue 2015 (was 5.75%)• If we look at the last 6 months, it’s even 11%
• Constant currency: 79% growth in 2015 (YTD) compared to 2014 (full year)
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno197016
Distribution of our revenue in 2015
North America (60.97%)
Europe (27.93%)
Asia - Pacific (9.46%)
Middle-East and Africa (1.25%) South America (0.39%)World Regions
North America (60.97%) Europe (27.93%) Asia - Pacific (9.46%) Middle-East and Africa (1.25%) South America (0.39%)
North America: 63.57% => 60.97%Europe: 29.47% => 27.93%APAC: 5.75% => 9.46%MEA: 0.61% => 1.25%South America: 0.59% => 0.39%
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno197017
Lessons learned (part 1)Local office, cultural embedding works!
Time zone differences no longer a problemSmaller cultural gap (ISA speaks Mandarin and Cantonese)Inbound sales: conversion from lead to sale improved because of better communication
We’re still too dependent on inbound salesWe need to attend more events in the regionWe need to visit more customersWe need to extend our partner network
Building partner network: slower than expectedSales volume still too low to convince distributors/resellers to investMore education about the product and its market needed
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno197018
Lessons learned (part 2)Tier 1 countries: Oceania dominates; Singapore, Japan confirmTier 2 countries: South-Korea, Hong Kong surprise
20142015
T1 T1 T2 T2 T2 T1 T2 T3 T3 T3
(to date)
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno197019
Lessons learned (part 3)Do we regret the decision to start a company in Singapore? No!
The results are there, and the average deal size is higherSingapore is an international hub: everyone speaks English; today’s “place-to-be”Singapore is a very safe place for expats; it’s at the very center of our market
If we were to start all over again, would we still choose Singapore? Maybe…The cost of living is highThe cost of doing business is high (accountants, auditor,…)Too much bureaucracy (>2 months to open a local bank account, rules & regulations)
If you could start all over again, which places would you consider?Hong Kong: business opportunities + very internationalPangyo Techno Valley (South-Korea): tomorrow’s “place-to-be”?
© 2015, iText Group NV, iText Software Corp., iText Software BVBA
Flanders Investment & Trade seminar: Singapore — Bruno Lowagie @bruno197020
Thank you!