EDITORIAL In the news : - Truffle Capital

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HIGHLIGHT N°17 October 2010 TRUFFLE CAPITAL UNVEILS THE FIFTH EDITION OF THE TRUFFLE 100 EUROPE Truffle Capital publishes its 5th annual ranking of the top 100 European software companies at ICT 2010 in Brussels, the biggest European forum dedicated to digital research and innovation. The Truffle 100 Europe has been drawn up with the support of Neelie Kroes (European Commissioner for the Digital Agenda) and Syntec Informatique and in collaboration with analysts IDC (www.idc.com) and CXP (www.cxp.fr), who performed the survey on which the ranking is based. "The latest edition of the Truffle 100 Europe emphasizes the dynamism of the European software industry in what is nevertheless a difficult economic climate. Key figures from the Truffle 100 Europe: • Total turnover for 2009 was €27.1 billion, compared with €25 billion in 2008. 79% of this figure was generated by the ranking's top 25 companies (down from 70% in 2008). • The mean growth in turnover was 8.4% in 2009 • 47 vendors posted revenues of over €100 million and 72 vendors earned over €50 million. All Truffle 100 Europe companies had revenues of over €25 million. • Profits rose from €3.6 billion in 2008 to €3.7 billion in 2009 (i.e. a slight increase). 2 Despite the economic crisis, software vendors have demonstrated that they constitute a strategic and astonishingly resilient industry. The software industry is growing and has bounced back quickly (with a 8.4% increase in total turnover in 2009). With 3.8bn€ invested in R&D and 54 000 highly qualified R&D jobs they constitute a strategic industry that is critical for job creation & GDP growth in Europe. European governments must accentuate supporting measures so that this industry can create more jobs. Europe's industrial future, economic growth and technological independence rely on its ability to develop a sustainable software industry" stated Bernard‐Louis Roques, General Partner and co‐Founder of Truffle Capital. • The number of R&D jobs rose slightly, from 52,020 in 2008 to 54,180 in 2009. • In 2009, 74% of the Truffle 100 Europe firms were listed on one or more stock markets and accounted for 88.9% of sales, 88.7% of the R&D and 95.6% of profits. • R&D investment increased from €3.64 billion in 2008 to €3.82 billion in 2009 (a 4.8% increase after a 3% drop between 2007 and 2008). The measures most requested by surveyed software firms throughout Europe were fiscal incentives (such as research tax credits), followed by public R&D funding, Small Business Acts and increased venture capital investment. TRUFFLE IN THE NEWS Sandrine Gasnot joins Truffle Capital’s team as Fund Controller Sandrine joined Truffle Capital in May 2010 as Fund Controller, bringing 20 years of experience in finance to the team. In 1987, Sandrine Gasnot worked in financial markets at ABN Amro Bank. Then she joined HSBC, one of the top global groups specialized in banking and financial services. In 2008, she expanded her experience in the banking field by joining CACEIS Bank, one of France’s biggest depositary and fund administrator. Having worked in back‐office teams in international and French financial markets, she has knowledge of not only the domestic but also the global financial sector.
PORTFOLIO NEWS N°17 October 2010 • Information Technology In brief PeopleCube is a leading provider of on‐demand calendaring, resource and facilities management software solutions for medium and large enterprises worldwide. They signed over a dozen Fortune 1000 companies as clients since January 2010, including Deutsche Bank, Thomson Reuters, Blackrock Financial, Morgan Stanley, Southwestern Energy, Spawar, Merck...) and continue innovating with their new business intelligence and subscription packages. MoMac delivers iPad and iPhone Apps for the leading French magazine l'Express and launches a new mobile internet portal for MSN L'Express, founded in 1953, is one of the leading French weekly news magazines, published in Paris. Its website http://www.lexpress.fr is also one of the largest media websites, gathering 8.6 million visits per month. MoMac, via its Paris‐based subsidiary, was selected to design and build the iPhone and iPad applications for l'Express. The company responded to L’Express’ quest for a slick and clear design that could embed various types of content: articles, graphics, slideshows and videos. 3 The result: a set of applications that have become one of the best cases in news applications on the AppStore and are now used daily by thousands of iPhone and iPad owners. Produced entirely at MoMac, these applications cover the following features: � News articles in several categories: world and domestic news, politics, business, lifestyle... � Easy browsing though articles, just like turning pages � Exclusive photos slideshows � Daily video feeds by Chief Editor Christophe Barbier � Offline content synchronisation � Sharing articles on Facebook, twitter, or via email MoMac was also selected to work with MSN to launch of their new mobile internet portal. MSN.nl is the Dutch destination for global digital giant MSN, and one of the leading internet destinations in the Netherlands. In response to rapidly increasing visits from mobile users across Holland, MSN decided to upgrade their mobile experience, with a state‐of‐the‐art mobile website, that had to meet the following objectives:
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