Link to Admission Document - InternetQ

1.11 CompetitionThe Directors believe the MVAS market to be highly fragmented, with a large number of smaller localparticipants and a few participants who are operating on an international basis. They also believe thatthe MVAS market will start to consolidate, resulting in fewer, more significant competitors, covering awide range of marketing applications in large territories.The Group’s competitors with international experience and a more expanded presence include Veltiplc, Zed Group, TIMw.e., Upstream S.A., Buongiorno Spa, WIN plc and Eservglobal plc. Whilst allthese companies operate within the MVAS market, their business models differ substantially from eachother and from that of the Group.Velti plc focuses on offering its services through an on-demand, SaaS model. It offers no digital contenteither as a separate business line or integrated in its engagement platform. Velti plc’s platforms providevarious applications and systems which are used by mobile network operators for their services such asringtones, sendtones, games, wallpapers, horoscopes and fashion and beauty alerts.Zed Group focuses predominately on producing and distributing digital entertainment content acrossseveral media platforms, including mobile devices. However, Zed Group has also developed atechnology platform to execute and manage large scale mobile marketing campaigns and has so farexecuted more than 46 such projects in several different countries.Buongiorno Spa is also a mobile entertainment company, focusing on delivering digital content tomobile subscribers. The Directors believe that the company has not developed any notable mobilemarketing activity and remains focused on the entertainment niche of the MVAS industry.TIMw.e. is predominately involved in digital content sales, in several different countries of the world.The Directors believe that TIMw.e. competes directly with both Buongiorno Spa and Zed Group.TIMw.e. has developed moderate mobile marketing skills, but this is not believed to be its core business.The Directors believe Upstream S.A. focuses entirely on large scale mobile marketing campaigns, nothaving any other significant business activities in the wider MVAS industry, including the mobileentertainment niche.WIN plc (recently acquired by IMImobile Europe Limited) is broadly competing in the MVASbusiness, although it has rarely competed for large scale mobile marketing campaigns. The Directorsbelieve that WIN plc focuses more on selling digital content and less on providing integrated mobilemarketing solutions for operators, media companies or brands.Eservglobal plc specialises in mobile money solutions and value-added services to helptelecommunication service providers increase their revenue and gain and maintain customer ownership.The Directors believe that the company’s mobile money solutions business applications are moreextended than their services in promotions, loyalty, messaging and multiplay.1.12 Directors, Senior Management and Organisational StructureThe Group has adopted an organisational structure which provides flexibility and allows for focus on thedevelopment of each different business unit. An executive committee has been formed comprising theFounder, the Chief Executive Officer, the Finance Director and three other executives. This committeemeets on a weekly basis to monitor and control the Group’s operations and ongoing performance.27