Technologies : Retour sur le Futur ? Technologies : Retour sur le Futur ? Technologies : Retour sur le Futur ? Technologies : Retour sur le Futur ? FOURPOINTS Funds Info Tech November 4. 2014 Fund Managers: Benoît Flamant Twitter: @benoitflamant Leslie Griffe de Malval Twitter: @lgriffe For professional investors only
FOUR POINTS IM: Asset Manager Since 1931 An independent company. specialized in global equity investment. owned by its officers and employees. Our expertise: growth equities in the U.S.. Information Technology. Europe. Global Active management with a non-benchmarked approach. dedicated to professional investors (institutions. funds of funds. private banks. family offices) The « Philippe Group » a Franco-American group ➤ FOUR POINTS Investment Managers (Paris). authorized by the AMF. and registered by the CSSF in Luxembourg and the SEC in the United States. AUM $1.2 bn for FOUR POINTS IM as of September 30 2014. 21 employees ➤ FOUR POINTS Asset Management (New York) (formerly Philippe Investment Management). SEC registered since 1981. 5 employees ➤ Our assets are invested alongside our clients ➤ Our assets are invested alongside our clients A experienced team in managing money throughout economic cycles. Senior investment team has more than 30 years of experience in the investment management and the whole investment team has been 12 years on average with the group FOUR POINTS is listed among the 50 most important Asset Management companies in France by Funds Magazine Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. 3 any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment. any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment.
Corporate IT Before the Cloud: Packaged Applications Exchange (email) Travel & Expense Sage, Microsoft) Human Capital Management Management Supply Chain (SAP, Oracle, Management (Oracle, SAP) (Oracle, SAP) Lotus Notes Microsoft (Excel) CRM (IBM) (SAP) ERP … Hu Sag Exc Tra Infrastructure Servers. storage. networking. security OS. database. middleware Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. 4 any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment. any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment.
Corporate IT After the Cloud Exchange (email) Travel & Expense Human Capital Supply Chain Management Management Management Lotus Notes Microsoft CRM ERP … ENTERPRISE Applications move to the cloud Infrastructure On-premise infrastructure shrink Middleware, OS Business Units decide, not IT anymore Database No capex, 100% variable costs, CFO loves it Servers, Storage, Networking, Security SMALL&MEDIUM BUSINESSES Accessing the same application portfolio as Global 2000 Better fit as internal IT resources are scarce Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. 5 any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment. any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment.
Corporate IT after the Cloud Supply Chain Management ERP … Salesforce.com Workday Concur Technologies ServiceNow ServiceNow Infrastructure … Middleware, OS Database Servers, Storage, Networking, Se curity Cloud software vendors do need an infrastructure and buy from IT vendors but are orders of magnitude more efficient (ex. Salesforce 150,000 customers, only 15,000 servers) Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. 6 any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment. any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment.
Name of the Game: Disintermediation of Infrastructure Enterprise Application Software Application Software Market Infrastructure Market * 2013 ($bn) 128 172 Application Development Application Infrastructure and Middleware For $1 invested in business software, Data Integration Tools and enterprises need to invest another enterprises need to invest another Data Quality Tools Data Quality Tools Database Management $1.3 in infrastructure software, not counting Systems IT Operations hardware and IT services to implement and run the software Operating Systems Other Infrastructure Software Cloud Software intends to Security change that, and it does Storage Management Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. 7 any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment. any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment.
Business Software TAM* is Huge 2013 ($bn) CRM 21 ERP 17 Business Intelligence & Analytics 14 Supply Chain Management Supply Chain Management 9 9 Human Capital Management 8 Enterprise Content Management 5 Data Integration 4 Project Portfolio Management 2 * Total Addressable Market (TAM) Source: FOUR POINTS IM, Gartner Group, 2014 Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. 8 any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment. any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment.
A Shift that Fuels Strong Structural Growth for Cloud Vendors MK Model 2013A Sales 2014E Sales YTD ($bn) portfolio Annual growth Annual growth* Perf. Salesforce.com 36 2.0% 33.5% 31.5% +15.9% Workday 16 2.0% 71.4% 63.1% +14.8% ServiceNow 9 2.0% 74.2% 59.7% +21.3% Netsuite 8 2.6% 34.2% 33.4% +5.5% Concur Concur 7 7 0% 0% 26.8% 26.8% 27.0% 27.0% +24.4% +24.4% Technologies Veeva 4 1.5% 62.2% 43.5% (7.2%) * Mid range of last Cornerstone On guidance available 2 2.6% 57.0% 45.3% (32.0%) Demand Demandware 2 2.6% 30.5% 42.7% (6.5%) LogMeIn 1 1.5% 19.8% 32.8% +43.2% E2 Open 0.2 1.0% -6.5% 20.9% (75.6%) Source: FOUR POINTS Total/Average 17.8% 40.3% 40.0% +0.4% IM, Bloomberg, October 31, 2014 Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. Past performance does not guarantee future performance - This document does not constitute or form part of an offer to issue or sell. or of a solicitation of an offer to subscribe or buy. 9 any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment. any securities nor does it constitute a financial promotion. investment advice or an inducement to participate in any product. offering or investment.
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