Fact Sheet - March 2014

Fact Sheet
TIE Kinetix NV
Version March 2014
Investablish
TIE Kinetix NV
Date
: March 20, 2014
Recent Share Price
: € 6.2
Reuters
: TIEH.AS
Sector
: Software, Information Technology
Market Capitalization
: € 6.99mln
Bloomberg
: TIE:NA
Website
: http://www.tiekinetix.com
Shares Outstanding
: 1,127,377
ISIN
: NL0010389508
Phone number
: +31 88 369 80 00
Shares Outstanding (fully diluted)
: 1,615,929
Free Float
: 52.6%
TIE Share at a glance
Share price performance : -26% 1yr,
Company at a glance
TIE enables the seamless connectivity across a network of relationships in
supply chains. TIE’s front- and back-end solutions serve the purpose to
support, optimize and streamline digital exchange of information, along the
entire supply chain from end to end.
Market Opportunity
In The Forrester’s WaveTM research report of September 2012, a few relevant
market dynamics are described. According to Forrester Research, businesses
continue to aggressively invest in commerce technology mainly driven by the
growing demand for commerce solutions overall.
Two highlights mentioned in this report were that companies’ investments in
eCommerce technology will increase in 2012 and more than half of the
companies plan to replatform in the next 24 months.
These two outcomes present significant opportunities for TIE as it believes it
is well-positioned in the market, since TIE can offer end-to-end software
solutions along the supply chain.
Investment Highlights
After five years TIE has finally transitioned from a company with a license
driven business model to one with a SaaS driven business model. In FY 2013
TIE generated Total Revenues of EUR 14.3mln, SaaS revenues were EUR
4.8mln (34%), and License revenues were EUR 1.2mln (8%).
With an average valuation multiple for EV/Revenue of 5.8x in Q3
2012, SaaS companies are valued at least 2.4x times higher than
companies without a SaaS driven business model. (source: Q3
2012 The Software Industry Financial Report, Software Equity
Group, LLC)
In view of the License to SaaS transition, TIE faced a lot of
challenges over the years. With a cash position of EUR 204k per
October 1, 2013, TIE’s management has managed to overcome
liquidity constraints of which the transition also entailed.
Regarding the described market dynamics, there have been a
large number of mergers and acquisitions in the commerce
solutions space over the past years. We expect that the
consolidation within this market will continue over the upcoming
years, since solution providers are forced to continue to react to
the changing dynamics in the industry, especially the
overwhelming need for multichannel, multi-touchpoint, agile
commerce solutions. In this respect, TIE’s strategic direction of
the past few years, both commercially and technically, has been
in anticipation of the direction of market and the current market
dynamics.

-30% 5yr
Average Bid/Ask spread
: 2.3%
Daily Trading volume
: 806
(average last 3 months)
Current ratio
: 0.70
Price earnings multiple
: -5.7x
Share Details FY 2013
Revenue per share
: € 12.68
Earnings per share
: € -1.14
Cash flow per share
: € 0.181
Net Asset Value per Share : € 3.85
Year-end share price
: € 5.739
Share Turnover
: 214,099
Turnover-High
: 16,992
Turnover-Low
:1
Operating and Financial Ratio’s FY 2013
The shift towards a predominantly SaaS driven company has many advantages.

-43% 3yr,
From an investor’s point of view, the recurrent character of revenues
makes it possible to better forecast future revenues.
Revenue
: € 14.3mln
Gross Margin
: 84.9%
Operating expenses
: 83.9%
Ebit
: -8.5%
Net income
: -9.0%
In general, SaaS companies are also higher valued compared to non-SaaS
driven companies.
1
TIE Kinetix NV
© 2014 All rights reserved.
TIE Kinetix NV
Recent Headlines FY2014
Mission and Vision
Litigation cases
TIE’s Total Integrated E-Commerce view on the digital world enables TIE
Kinetix to develop and offer solutions that allow organizations to eliminate
inefficient activities throughout their supply chain. Critical information needs
to flow continuously and accurately through the supply chain via a number of
channels. By automating and simplifying cumbersome steps in marketing, ECommerce and back office fulfillment, TIE Kinetix has developed software
solutions allowing business to accomplish more with less. Our mantra to the
customer is “Making Technology performs so you can focus on your
business”. The Total Integrated E-Commerce solution is a proven technology
combining our proprietary solutions for Content Syndication, (Web-Shop) ECommerce, Supply Chain oriented B2B Integration and Business Intelligence.
On October 10, 2012 the High Court decided that Samar needs to
repay TIE an amount of € 250k. However the High Court
dismissed six out of seven grievances submitted by TIE. The
Company is currently in the process of claiming back the € 250k.
As the amount has not been recovered yet, the amount has not
been recorded as a receivable in the Company’s books. Final
settlement may be adjusted upwards or downwards in the
procedure regarding the assessment of the damages.
TIE’s mission is to be of added value to the collectivity of participants within
the supply chain by optimizing the exchange of information by means of
software solutions, in terms of:

Speed and Timeliness.

Quality and Accuracy.

Traffic and Intensity.

Reach and Exposure.

Analytics and Insights.
Strategy
TIE transforms the digital supply chain by providing total integrated ECommerce solutions. These integrated E-Commerce solutions maximize
revenue opportunities buy minimizing the energy needed to market, sell,
deliver and analyze online. Customers and partners utilizing TIE consistently
benefit form innovative, field tested technology and are able to remain
focused on their core business. TIE develops cloud and license based
solutions, and is backed with over 25 years of proven technology and awards.
Company Values
TIE has defined how it wants to achieve their goals, main values are:

Openness and Honesty.

Trust and Togetherness.

Competence and Quality.
On September 09, 2013, TIE has learned that the Court in
Leeuwarden has has reversed the previous ruling made by the
Court in Lelystad, implying that the period of suspension of
payments should not have been revoked.
On February 6, Samar has issued a damage claim to TIE referring
to the decision of the Court in 2010. TIE Kinetix has made an
initial review of Samar’s additional claim amounting to
€883,826.00 and is of the opinion that the claim is excessive and
unfounded. Given TIE Kinetix’ counterclaims, which include
unduly rental provision paid to Samar, TIE Kinetix expects that
ultimately an amount will remain due by Samar to TIE Kinetix.
18-03-2014
Certification for Information Security
Management
11-03-2014
TIE
Kinetix
Launches
Smart
PDF
Connect
13-02-2014
Convocation Annual General Meeting
of Shareholders
12-02-2014
Interim Management Statement Q1:
Integration of TFT and Rebrand of
Content
Syndication
as
Demand
Generation Solution
06-02-2014
Update
Pending
Litigation:
Samar
issues a damage claim
21-01-2014
TIE Kinetix moves AGM to end of March
04-12-2013
TIE Kinetix and Objectif Lune sign
worldwide
mutual
partnership
announces
closing
agreement
03-12-2013
TIE
Kinetix
acquisition
Tomorrow
of
Focus
Technologies
Partners
TIE’s commercial partners are:
 Sanoma Media, The Online Company, Epicor, Medius, TWZ,
Optimizers,
TIE’s technology partners are, amongst others:

TIE Kinetix Receives ISO 27001:2013
29-11-2013
Publication
of
Extraordinary
Voting
General
Results
Meeting
November 2013
20-11-2013
Trading update Q4: Revenue up 14%
for the year 2013 and down 4% for the
IBM, Microsoft, Progress Software, Gothia, Medius.
fourth quarter. Impairment loss and
one time effects impact net result.
Clients
Some of TIE’s clients:
KPN – Revlon – Prada – Bacardi – Sodexo – Zippo – Epson – Chanel –
City Sports – Avaya – Quantore – Siemens – Albert Heijn – Clopay –
Digium – Plus Retail –Unify (Siemens) – T-Mobile – Homax Group
29-10-2013
TIE Kinetix is technology provider in
European Union Projects SAM and
ALFRED
23-10-2013
TIE Kinetix Enables Instant Updates
and
Peer companies and competitors
Zero
Sales
Downtime
for
Rebranded Unify Partner Channel
Demandware – Intershop – Basware – Heiler - Webcollage
2
TIE Kinetix NV
© 2014 All rights reserved.
TIE Kinetix NV
Achievements of the last few years
Facts & Figures
es
Established new content syndication business in the US.

In FY2013, the revenue increased by 14%.

Made the transition to a SaaS company.


Established e-commerce business in new markets outside telecom, food
retail and office supplies distributor.
As of September 30, 2013, The company has a short term
debt amounting to EUR 160k and has EUR 204k in cash.



Sold the low end Integrator EDGE business in the USA.

Moved Epicor to SaaS and international markets Asia and EU.

Reorganized France to a commercial organization with an office in Paris.

Finalized the acquisition of Tomorrow Focus Technologies GmbH in
Germany.

In December 2013, the company has successfully acquired
Tomorrow Focus Technologies GmbH, a full-service agency
for web business performance and a pioneer in the field of
user experience.
Revenue 2013 breakdown
EU Projects
7%
Other
2%
License
9%
Maintenanc
e & Support
20%
SaaS
34%
In 2011, consultancy was 21% of total revenue. In 2012, this
percentage increased to 24%. In 2013, consultancy was 28%
of total revenue. The increment is merely caused by the
acquisition of Ascention in October 2012.
Consultancy
28%
Developments in FY2014 and FY 2013

In FY2013 TIE has shown 16% growth in e-commerce and content
syndication (year over year).

TIE started a major upgrade program for all integration accounts (e-vision
6, SmartStart and SmartBridge).

TIE has added third party products to the integration solution to expand
value and faster ROI with Medius, portal and free connect.

TIE closed of EUR 1.5mln of EU funding for the coming 3 years.

TIE launched Smart PDF Connect solution as addition to its suite of
Integration Solutions.

TIE received, as the first cloud-based E-Commerce solution provider, the
ISO 27001:2013 certification for information security management.
Research & Development
TIE’s R&D expenses as a percentage of revenue in FY2012 were around 10,8%
(or 12,7% of the operating expenses). For many years, TIE has been involved
in the development of next generation technologies. TIE is particularly active
in the European Commission framework for innovation programs. TIE’s R&D
has worked in key topical areas such as SaaS, Cloud, Mobile, Semantics,
Interoperability in vital technologies.
Summaries of Speeches

Revenue 2013(segment) breakdown
See
the
Investor
Center
http://investorcenter.tiekinetix.com for the EGM held in
November 2013 and to download our Annual Report 2013.
Description of key subsidiaries
EU &
Other
9%
BI
9%
CS
9%
TIE has different offices around the globe to serve the region,
the most important regions are:

US

France

The Netherlands

DACH Region
EC
16%
Integration
57%
Revenue 2013 (area) breakdown
See the appendix for a short description of the subsidiaries
FR
8%
Employees
ROW
5%
NL
42%
Currently TIE has about 170 employees

About 37% of all employees is based in the Netherlands.

About 21% of all employees is based in the US.

About 6% of all employees is based in France.

About 36% of all employees is based in the DACH area.
3
US
36%
DACH
9%
TIE Kinetix NV
© 2014 All rights reserved.
TIE Kinetix NV
Management Ownership & Substantial Shareholders
Competitive Advantage
The uniqueness of TIE’s software solutions is that it serves and connects
business processes across the whole market chain of e-commerce, i.e. online
market, sell, deliver and analyze processes. The different software suites also
have various competitive advantages on a standalone basis:





TIE’s Business Integration Suite has one of the fastest ETC engines of the
market. In addition, over the 25 years of experience in the field of
business integration, TIE has generated a huge knowledge base and
expertise in mappings. TIE is therefore able to connect different IT
languages in a relatively very short amount of time.
TIE’s Content Syndication Suite is unique in its kind since it updates are
processed real-time from one single source. Moreover, there is no IT
required for installation, a link can be embedded in the website to enable
the syndication process.
TIE’s E-Commerce solutions have enhanced commerce capabilities one of
the fastest time-to-market of processing updates. In addition to the basic
functionalities of a webshop, TIE’s e-commerce solution can be seamlessly
integrated with other front- and back-end solutions. Integration of
multiple TIE solutions create also more flexibility and opportunities within
the whole connected e-commerce chain.
In October 2012 TIE has acquired ascention, a consultancy and software
house in the areas of front-end and data management. With its Business
Intelligence solutions, TIE can provide valuable business analytics across
the market chain to further enrich TIE’s current solutions.
In December 2013, TIE has acquired Tomorrow Focus Technoliges GmbH
(TFT). TIE adds an organization with front-end design, user experience
expertise, and analytics (Google Search and Adobe Analytics).
Management Team
Chief Executive Officer
Chief Financial Officer
Chief Operational Officer
Chief Technical Officer
Chief Marketing Officer
:
:
:
:
:
18.9%
12.4%
52.6%
9.5%
3.8% 2.7%
Free Float
52.6%
Mr. J. Sundelin
2.7%
Rest of the Management or Board
3.8%
Alto Imaging Group N.V.
18.9%
DW Vastgoed Beleggingen B.V.
12.4%
Objectif Lune International Inc.
9.5%
Annual General Meeting, March 13, 2013
The Shareholders’ Meeting approved all proposals including a
Share Consolidation and a Capital Reduction. The exact voting
results on all agenda points can be found on the Investor Center
in the section Corporate Governance, Annual General Meeting,
Voting Results AGM 2012.
Extraordinary General Meeting, November 28, 2013
The EGM approved all proposals:
 Appointment of Dr. M. Wolfswinkel as member of the
Executive Board
 Issuance of 194,423 new shares and 388,846 warrants. Each
warrant entitles a holder to obtain one TIE Kinetix NV share
for €7. The warrants will expire after 10 years. Both the
newly issued shares and the warrants have a lock-up of one
year.
 Acquisition of Tomorrow Focus Technologies GmbH.
Mr. Jan Sundelin
Dr. Michiel Wolfswinkel
Mr. Brian Tervo
Mr. Stuart Campbell
Mr. Patrick van Boom
Company History
TIE was founded in 1987 and started as an
Electronic Data Interchange (EDI) provider focused
on the food and distribution markets within the
Netherlands.
In 2000 the company performed an Initial Public
Offering (IPO) and was listed on the Amsterdam
stock exchange as an Internet orientated company.
In the same year, TIE introduced Extensible Markup
Language (XML) support and was one of the first
companies to offer E-invoicing solutions to
companies.
In 2006, TIE added a front-end marketing solution
to complement its back-end business integration
solutions through the purchase of Digital Channel
(DC). Before customers purchase a product, they
orientate themselves based on product- and
marketing information. This information should be
available at the point of sale, which can be enabled
using DC.
In 2008, TIE added an e-commerce functionality to
the product range. This can be a shop in a shop but
also a separate shop. With this, TIE became a 100%
e-commerce solutions provider.
In 2012, TIE completed two acquisitions. With the
acquisition of Light BV, TIE added talent to the
Dutch business and strengthened both commercial
and development teams in portal related front-end
technologies. With ascention, TIE added additional
expertise with respect to business intelligence
solutions to complete the Total Integrated Ecommerce offering.
In 2013, TIE changed the company’s name TIE
Holding N.V. into TIE Kinetix N.V.
In 2013, TIE successfully acquired Tomorrow Focus
Technologies GmbH. TFT develops and implements
innovative e-commerce strategies. It creates
intuitive and highly profitable web portals that
deliver outstanding performance, stability and
security. As a full-service agency, TFT is a pioneer
in the field of user experience.
See the appendix for a summary of resumes
4
TIE Kinetix NV
© 2014 All rights reserved.
Changes in corporate governance in 2013
Appendix
Change to the employment relationship management board members

The employment relationship between a management board member and a company whose
shares, or depositary receipts thereof, are listed on a regulated market will no longer be
classed as an employment agreement. The arrangement will be classed as an assignment, as
a result whereof the management board members will no longer have the protection
provided under employment law, such as compensation in case of dissolution or unfair
dismissal.
5
TIE Kinetix NV
© 2014 All rights reserved.
Peer Analysis
Appendix
TIE
Demandware
Intershop
Basware
shareprice
€ 6.20
$ 75.32
€ 1.70
€ 39.76
52 week low
€ 5.10
$ 24.64
€ 1.03
€ 16.75
52 week high
€ 8.40
$ 82.23
€ 2.24
€ 41.00
# stocks outstanding
1.1 mln
35.4mln
30.2mln
12.9mln
1k
367k
52k
59.1k
52.6%
88.8%
65.0%
70.4%
€ 6.99mln
$ 2,680mln
€ 51.9mln
€ 518.8mln
0.5x
25.8x
1.0x
2.3x
-
-
-
198x
€ 14.3mln
$ 79.5mln
€ 53.6mln
€ 123.3mln
gross margin
84.9%
73.0%
35.2%
92.2%
ebit margin
(8.5)%
(20.0%)
(6)%
2.1%
net profit margin
(9.0)%
(20.1%)
(6.2)%
2.1%
revenue per employee
€ 83.6k
$ 270.7k
€ 100.1k
€ 83.0k
ebit per employee
€ (7.1)k
$ (54,3k)
€ (6.0)k
€ 2.24k
net income per employee
€ (7.5)k
$ (54.5k)
€ (6.2)k
€ 1.8k
Stock Information
daily tradingvolume
free float
market cap
Valuation
Marketcap / revenue
P/E
Financial Results 2013
revenue
6
TIE Kinetix NV
© 2014 All rights reserved.
TIE’s Subsidiaries & Offices
Appendix
TIE ascention – Austria, Switzerland, Germany
TIE has multiple offices over the world. Below the most important offices are listed, with the
number of employees and the main activities described:
# of employees
: 8 FTE’s
Activity
: TIE ascention is a subsidiary of TIE Kinetix and is responsible for bringing all
TIE Kinetix solutions to the DACH region, as well as globally supporting the
suite of Business Intelligence solutions.
TIE TFT – Germany (Munich)
# of employees
: 40 FTE’s
Activity
: TIE TFT stands for the development and the implementation of innovative ecommerce, content management concepts. It develops and maintains
intuitive and successful web portals that meet the highest standards of
performance, stability and security.
TIE Asia-Pacific Ltd. – Australia
# of employees
: 1 FTE
Activities
: This location has 1 resource and is responsible for supporting and cultivating
the market in the Asia-Pacific region.
.TIE UK – United Kingdom
TIE Commerce Inc – US (St. Paul)
# of employees
: 1 FTE
: This location has 1 resource and is responsible for supporting and cultivating
the market in the United Kingdom.
# of employees
: 11 FTE
Activities
Activity
: The St. Paul office manages development and support of the Business
Integration side of the business for both domestic and international
customers. This location has XX employees and is currently growing.
TIE Kinetix NV - The Netherlands (Breukelen)
TIE Commerce Inc – US (Boston)
# of employees
: 24 FTE
Activity
: The Burlington office drives global development and support for the suite of
Content Syndication solutions. This location is also responsible for driving all
solutions throughout the North American market with sales and marketing.
TIE France SAS – France
# of employees
: 10 FTE
Activity
: The Montpellier office is responsible for cultivating all TIE Kinetix solutions in
the French marketplace. Their team includes a sales force as well as support
representatives for local Business Integration customers. They also have a
representative in Paris.
# of employees
: 62 FTE
Activities
: Headquarters – Administration office (Legal, HRM)
TIE’s Management
BI Research & Development team
BI Sales team
Research & Development and Sales team for TIE’s e-commerce suite.
TIE light activities, portal development and sales and marketing of TIE Light
solutions.
In financial year 2013 TIE merges all three Dutch offices into one new headquarters located in
Breukelen, Utrecht. It houses sales and marketing for all solution areas within the European
marketplace. It also holds development and support teams for E-Commerce, Business Integration
and Innovation. By bringing all employees together, all Dutch employees will be able to work
more closely together, save on travelling between the offices and truly become one ‘totally
integrated’ team.
7
TIE Kinetix NV
© 2014 All rights reserved.
TIE Organization Chart
Country Units
The
Netherlands
North
America
Appendix
Chief Executive Officer
Chief Financial Officer
Jan Sundelin
Michiel Wolfswinkel
Chief Operations Officer
Chief Marketing Officer
Chief Technical Officer
Brian Tervo
Patrick van Boom
Stuart Campbell
VP Operations NA
Jeanne Hentges
DACH
UK
Director of EU
Operations
Global
Programs
Mark Wolffenbuttel
France
Director of IT
VP Global Projects
Jeffrey Carpenter
Eric Hutchinson
Product
Management
Kinetix
Solution
Team
EU Project
Team
International
Australia
8
TIE Kinetix NV
© 2014 All rights reserved.
TIE’s Management Team
Appendix
Jan Sundelin – Chief Executive Officer
Jan Sundelin brings 15 years of sales and marketing experience to TIE. Most recently, he served as CEO and president of TallyGenicom EMEA, where he was responsible for more than USD 170 million in
U.S. revenue. He helped the organization return to profitability by rationalizing operations and restructuring their sales channels, and was responsible for sales and marketing in more than 60 countries.
Previously, Jan served as senior vice president of strategic planning and global sales and marketing for Minolta-QMS Mobile, a company he joined in 1989 as a sales manager and later served as EMEA
president. During his tenure as senior vice president of global sales and marketing, Jan was instrumental in increasing worldwide sales from USD 250 million to USD 300 million.
Michiel Wolfswinkel – Chief Financial Officer
Michiel Wolfswinkel studied business economics at the Erasmus University in Rotterdam and obtained his PhD in Corporate Finance/Financial Management. After graduating in 1989, Michael worked for
Coopers & Lybrand, where he advised companies and multinationals in the field of international fiscal planning and structuring. His corporate career includes various financial management positions at
AT&T/Unisource, MatrixOne and Eneco. His last position was CFO and member of the Board of Qurius NV. At Qurius he was responsible for business improvement programs and a various tasks in financial
management, capital markets/investor relations, mergers and acquisitions, banking relations and regulatory affairs. Michael is affliated to the Rotterdam School of Management, Erasmus University.
Brian Tervo - Chief Operational Officer
As President and Chief Executive officer of TIE Kinetix North American Operations, Brian Tervo brings more than 15 years of business leadership and operational experience in strategic areas including
business development, strategic partnerships, reseller relations, product sales, and mergers & acquisitions for both start-up and established software and managed service companies. Since joining the
company in March of 1998, Brian has proven success in building high-performance teams, integrating organizational silos and positively changing company culture and achieving corporate goals across all
functions in TIE’s worldwide operations.
Patrick van Boom – Chief Marketing Officer
As Vice President of Worldwide Marketing, Patrick van Boom brings more than 20 years of management experience in large corporations and start-ups in areas including corporate strategy, change
management, new business development, strategic marketing, channel marketing, product development and information technology. Patrick joined the company as one of the founders of Digital
Channel, when this company was acquired by TIE Kinetix in 2006. Before relocating with his family from Europe to join the US organization, Patrick has proven success for the company in global and
EMEA positions in general management, marketing, sales, operations and product development.
Stuart Campbell - Chief Technology Officer
Before joining TIE in January 2001, Stuart worked as the Solutions Director for CMASS/Vintura where he managed diverse eBusiness projects. As Chief Technology Officer for TIE Kinetix since 2001,
Stuart manages TIE's software and services development activity and TIE's Research activities. These have included major European Commission funded projects (e.g. STASIS, SEAMLESS, SEEMseed) which
serve to help fund TIE's cutting-edge research and benefit Europe through multi-parter consortiums. Through Stuart, TIE is also Chair of the ICT SME committee and SME partner of the NESSI European
Technology Platform Software and Services initiative which is promoting Service Orientated Architectures (SOA) in Europe.
9
TIE Kinetix NV
© 2014 All rights reserved.
Disclaimer
The information contained in this document has not been independently verified and no representation or warranty expressed or implied is made as to, and no reliance should be
placed on, the fairness, accuracy, completeness or correctness of this information or opinions contained herein.
Certain statements contained in this document may be statements of future expectations and other forward looking statements that are based on management‘s current view and
assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in
such statements.
None of TIE Kinetix NV or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use
of this document or its content or otherwise arising in connection with this document.
This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither it nor any part of it shall form the basis of or be relied upon in
connection with any contract or commitment whatsoever.
Contact Information
Chief Executive Officer
Mr. Jan Sundelin
T: +31 88 369 80 64
E: [email protected]
Chief Financial Officer
Dr. Michiel Wolfswinkel
T: +31 88 369 80 60
E: [email protected]
Investor Relations
Dr. Bob Out
T: +31 88 369 80 99
E: [email protected]
© 2014 TIE Kinetix NV
All rights reserved. No part of this report may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise, without the prior written permission of TIE Kinetix NV. Models, survey data, techniques and tools, including software, used in performance of the
assignment or included in the advice or survey results shall remain the property of TIE Kinetix NV.
10
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© 2014 All rights reserved.

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