Annual Report • Feb 21, 2017
Annual Report
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January 1–December 31, 2016
Vision
The global leader in turning strategy into action.
The proposed dividend is SEK 2.50 (2.35) per share.
BTS is a global professional services firm headquartered in Stockholm, Sweden, with more than 500 professionals in 35 offices located on six continents. We focus on the people side of strategy, working with leaders at all levels to help them make better decisions, convert those decisions to actions and deliver results. At our core, we believe people learn best by doing. For 30 years, we've been designing fun, powerful experiences™ that have a profound and lasting impact on people and their careers. We inspire new ways of thinking, build critical capabilities and unleash business success. It's strategy made personal.
We serve a wide range of client needs, including: Assessment centers for talent selection and development, Strategy alignment and execution, Business acumen, Leadership and sales training programs, and On-the-job business simulations and application tools.
We partner with nearly 450 organizations, including over 30 of the world's 100 largest global corporations. Our major clients are some of the most respected names in business: AT&T, Chevron, Coca-Cola, Ericsson, Google, GSK, HP, HSBC, Salesforce.com, and Unilever.
1 | BTS YEAR-END REPORT JANUARY 1–DECEMBER 31, 2016 BTS YEAR-END REPORT JANUARY 1–DECEMBER 31, 2016 | 1 BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B. For more information, please visit www.bts.com.
Q4
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25
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75
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125
In 2016, we reported the highest revenue and best earnings in BTS's history to date. It took us the first ten years to achieve growth of MSEK 76 (1996). In the next decade we reached MSEK 379 (2006) and in the last ten years we grew to slightly more than SEK 1.1 billion.
The fourth quarter will be a record quarter, both revenue and profit are just over 15 percent higher than our next best quarter to date.
Our business is in good shape. All units contributed to growth and profit in the fourth quarter. BTS's competitiveness is highly favorable, investments we are making in product development, digital solutions and in our global organization mean that we are winning major projects and we can generate even better profit for our customers. BTS North America, shows positive signs as regards growth and margins.
We look forward to an exciting 2017 with continued investments, growth and increased profit.
Stockholm, February 21, 2017
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS's net sales for the full year amounted to MSEK 1,107.6 (1,043.9). Adjusted for changes in foreign exchange rates, growth was 7 percent.
Growth varied between the units: BTS Other Markets 25 percent, BTS Europe 14 percent, BTS North America 0 percent and APG –4 percent (growth measured in local currency).
Operating profit before amortization of intangible assets (EBITA) increased during the year by 3 percent to MSEK 117.5 (113.8). Operating profit for the year was charged with MSEK 5.8 (4.3) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 2 percent during the year to MSEK 111.7 (109.5).
Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (11). Operating margin (EBIT margin) was 10 percent (10).
The Group's profit before tax for the year increased by 2 percent to MSEK 110.9 (109.2).
Earnings were positively affected by improved profit in BTS Other Markets and BTS Europe, while weaker earnings in BTS North America and APG had a negative effect.
BTS's net sales in the fourth-quarter totaled MSEK 336.4 (292.4). Adjusted for changes in foreign exchange rates, growth was 12 percent.
Operating profit before amortization of intangible assets (EBITA) increased by 23 percent in the fourth quarter to MSEK 45.1 (36.8). Operating profit for the fourth quarter was charged with MSEK 2.2 (1.1) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 20 percent to MSEK 42.9 (35.7).
Operating margin before amortization of intangible assets (EBITA margin) was 13 percent (13). Operating margin (EBIT margin) was 13 percent (12).
Profit before tax for the fourth quarter increased by 20 percent to MSEK 42.7 (35.4).
Earnings were positively affected by improved profit in all operating units.
The market for BTS's services was stable and unchanged during the period.
PROFIT BEFORE TAX BY QUARTER
PROFIT BEFORE TAX AND OPERATING MARGIN (EBITA) BY QUARTER
BTS North America consists of BTS's operations in North America excluding APG.
BTS Europe consists of operations in Belgium, Finland, France, Germany, the Netherlands, Sweden and the UK.
BTS Other markets consists of operations in Australia, Brazil, China, Dubai, India, Italy, Japan, Mexico, Singapore, South Africa, South Korea, Spain, Taiwan and Thailand.
APG consists of operations in Advantage Performance Group.
| MSEK | Oct–Dec 2016 |
Oct–Dec 2015 |
Jan–Dec 2016 |
Jan–Dec 2015 |
|---|---|---|---|---|
| BTS North America | 153.8 | 138.4 | 534.7 | 528.6 |
| BTS Europe | 71.7 | 63.6 | 191.6 | 178.9 |
| BTS Other markets | 80.8 | 64.5 | 270.7 | 222.7 |
| APG | 30.1 | 25.9 | 110.7 | 113.7 |
| Total | 336.4 | 292.4 | 1,107.6 | 1,043.9 |
| MSEK | Oct–Dec 2016 |
Oct–Dec 2015 |
Jan–Dec 2016 |
Jan–Dec 2015 |
|---|---|---|---|---|
| BTS North America | 17.4 | 15.1 | 58.9 | 60.6 |
| BTS Europe | 16.5 | 12.8 | 25.0 | 23.3 |
| BTS Other markets | 10.4 | 8.2 | 32.9 | 27.3 |
| APG | 0.8 | 0.7 | 0.7 | 2.6 |
| Total | 45.1 | 36.8 | 117.5 | 113.8 |
Net sales for BTS's operations in North America amounted to MSEK 534.7 (528.6) for the full year. Adjusted for changes in foreign exchange rates, revenue remained unchanged. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 58.9 (60.6) for the year. Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (11).
Net sales amounted to MSEK 153.8 (138.4) in the fourth quarter. Adjusted for changes in foreign exchange rates, revenue grew by 5 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 17.4 (15.1) in the fourth quarter. Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (11).
BTS North America returned to growth in revenue and profit during the fourth quarter and is continuing efforts to enhance cost efficiency and intensify activity in the market.
Net sales for BTS Europe amounted to MSEK 191.6 (178.9) during the year. Adjusted for changes in foreign exchange rates, revenue grew by 14 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 25.0 (23.3) for the year. Operating margin before amortization of intangible assets (EBITA margin) was 13 percent (13).
Net sales amounted to MSEK 71.7 (63.6) in the fourth quarter. Adjusted for changes in foreign exchange rates, revenue grew by 24 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 16.5 (12.8) in the fourth quarter. Operating margin before amortization of intangible assets (EBITA margin) was 23 percent (20).
BTS Europe delivered a strong fourth quarter with record high revenue and profit.
Net sales for BTS Other Markets amounted to MSEK 270.7 (222.7) for the year. Adjusted for changes in foreign exchange rates, revenue grew by 25 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 32.9 (27.3) for the year. Operating margin before amortization of intangible assets (EBITA margin) was 12 percent (12).
Net sales amounted to MSEK 80.8 (64.5) in the fourth quarter. Adjusted for changes in foreign exchange rates, revenue grew by 18 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 10.4 (8.2) in the fourth quarter. Operating margin before amortization of intangible assets (EBITA margin) was 13 percent (13).
BTS Other Markets continued to perform positively with favorable growth in revenues and earnings.
Net sales totaled MSEK 110.7 (113.7) in the full year. Adjusted for changes in foreign exchange rates, revenue declined by 4 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 0.7 (2.6) for the year. Operating margin before amortization of intangible assets (EBITA margin) was 1 percent (2).
Net sales amounted to MSEK 30.1 (25.9) in the fourth quarter. Adjusted for changes in foreign exchange rates, revenue grew by 9 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 0.8 (0.7) in the fourth quarter. Operating margin before amortization of intangible assets (EBITA margin) was 3 percent (3).
We are continuing to implement our strategy to achieve a positive earnings trend for APG – launching new products and recruiting additional partners.
BTS's cash flow from operating activities for the year amounted to MSEK 50.8 (57.9).
At December 31, 2016, goodwill and other intangible assets increased by MSEK 60.4 compared with the preceding year, of which MSEK 20.7 was attributable to changes in foreign exchange rates. The remaining increase is due to the fact that acquisitions have decreased in relation to amortization for the year according to plan.
At December 31, 2016, accounts receivable increased by MSEK 84.2 compared with the preceding year, of which MSEK 18.5 was attributable to changes in foreign exchange rates. The remaining increase was due to significantly higher invoicing than normal during December.
Available cash and cash equivalents amounted to MSEK 135.4 (139.5) at the end of the period. The company's interest-bearing loans attributable to previously implemented acquisitions amounted to MSEK 25.3 (16.7) at the end of the period.
BTS's equity ratio was 58 percent (60) at the end of the period.
The company has no outstanding conversion loans at the balance sheet date.
At December 31, the number of employees at BTS was 523 (463). The increase in the number of employees was predominantly the result of acquisitions in Australia and Italy.
The average number of employees for the year was 498 (436).
The Parent Company's net sales amounted to MSEK 2.1 (1.9) MSEK and profit after net financial items amounted to MSEK 42.6 (40.1). Cash and cash equivalents amounted to MSEK 0.2 (0.1).
A limited number of transactions with related parties, with the exception of transactions between Group companies, has taken place at prevailing market conditions.
The result before tax is expected to be better than the previous year.
The Annual General Meeting will be held on May 12, 2017 at 9:30 am in BTS's offices Grevgatan 34, Stockholm, Sweden.
The Board proposed a dividend of SEK 2.50 per share.
BTS has as earlier communicated in a pressrelease of the 6th of July 2016 acquired all business operations in the Italian companies Cesim Italia and Design Innovation, including personnel, technology, intellectual property rights, customer relations, trademark rights and all equipment. The acquisitions were completed via BTS's Spanish subsidiary Business Training Solutions S.L.
The acquisitions significantly strengthen BTS's position in southern Europe, through the addition of more than 40 major Italian customers, and also reinforce BTS's Italian operation by supplementing it with further expertise and innovative solutions. Furthermore, the acquisitions also provide a good opportunity to help many of the major Italian companies globally.
The agreed purchase consideration comprises:
Acquisition calculation at the date of acquisition translated at the exchange rate prevailing on the balance sheet date of September 30, 2016:
| MSEK | |
|---|---|
| Cash payment | 16.5 |
| Estimated contingent consideration | 33.7 |
| Total purchase price | 50.2 |
| Net assets measured at fair value | 17.0 |
| Goodwill | 33.2 |
Goodwill consists of expected future synergy effects in the form of an expanded product range and services. In addition to synergy effects, supply of qualified employees and future profitability components are included in the goodwill item. No acquisition costs were capitalized, but were instead expensed in their entirety.
During the first quarter of 2017, some of the major shareholders of BTS have issued a total of 50,000 call options at market conditions to Jessica Parisi, who last year was appointed CEO of BTS North America.
The Group's material risks and uncertainties include market and business risks, operational risks and financial risks. Business and market risks may relate to greater customer exposure for specific sectors and companies as well as sensitivity to market conditions. Operational risks include dependence on individuals, skills supply and intellectual property as well as BTS meeting the high quality demands of its clients. Financial risks mainly relate to foreign exchange and credit risks.
The management of risks and uncertainties is described in the 2015 Annual Report. BTS is considered to have a good spread of risks across companies and sectors and operational risks are handled in a structured manner through well-established processes. Day-to-day exposure to currency fluctuations is limited since revenues and costs are mainly in the same currency in each market, and credit risk is limited since BTS only accepts creditworthy counterparties. No new material risks or uncertainties are deemed to have arisen during 2016.
In order to prepare the financial statements in conformity with IFRS, Corporate Management is required to make estimates and assumptions that affect the application of accounting principles and the recognized amounts of assets, liabilities, revenue and costs. Estimates and assumptions are based on historical experience and a number of other factors that are regarded as reasonable under prevailing conditions. Actual outcomes can deviate from these estimates and assumptions. Estimates and assumptions are reviewed regularly.
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the EU, RFR 1, Supplementary Accounting Rules for Groups, and the Swedish Annual Accounts Act. The parent company's statements are prepared in accordance with RFR 2, Accounting for Legal Entities and the Annual Accounts Act. New or revised IFRS and interpretations from IFRIC have not had any effect on the Group's or the parent company's results or financial position.
Annual report 2016 April 2017 Interim report January–March 2017 May 12, 2017 Interim report January–June 2017 August 22, 2017
Stockholm, February 21, 2017
Henrik Ekelund CEO
| Henrik Ekelund CEO | Tel: +46 8 587 070 00 | |
|---|---|---|
| Stefan Brown | CFO | Tel: +46 8 587 070 62 |
| Michael Wallin | SVP Investor and Tel: +46 8 587 070 02 | |
| Corporate Communications | Mobile: +46 70 878 80 19 |
For further information, visit our website www.bts.com
BTS Group AB (publ) Grevgatan 34 SE-114 53 Stockholm SWEDEN
Tel. +46 8 587 070 00 Fax. +46 8 587 070 01 Company registration number: 556566-7119
We have reviewed the condensed interim financial information (interim report) of BTS Group AB (publ) as of December 31, 2016, and the twelve-month period then ended. The Board of directors and the CEO are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Company. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope and extent than an audit conducted in accordance with International Standards on Auditing, ISA and the generally accepted auditing standards. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Therefore, the opinion we express does not have the assurance as an opinion based on an audit would have.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, February 21, 2017
Öhrlings PricewaterhouseCoopers AB
Sten Håkansson Authorized Public Accountant
| KSEK | Oct–Dec 2016 |
Oct–Dec 2015 |
Jan–Dec 2016 |
Jan–Dec 2015 |
|---|---|---|---|---|
| Net sales | 336,355 | 292,395 | 1,107,644 | 1,043,900 |
| Operating expenses | –288,957 | –253,458 | –982,121 | –922,473 |
| Depreciation of property, plant, and equipment |
–2,269 | –2,190 | –8,016 | –7,688 |
| Amortization of intangible assets | –2,181 | –1,051 | –5,808 | –4,286 |
| Operating profit | 42,948 | 35,695 | 111,699 | 109,452 |
| Net financial items | –249 | –257 | –792 | –263 |
| Profit before tax | 42,699 | 35,438 | 110,907 | 109,190 |
| Taxes | –14,696 | –12,005 | –37,088 | –36,635 |
| Profit for the period | 28,004 | 23,434 | 73,818 | 72,554 |
| attributable to the shareholders | ||||
| of the parent company | 28,004 | 23,434 | 73,818 | 72,554 |
| Earnings per share, before dilution of shares, SEK |
1.50 | 1.26 | 3.96 | 3.89 |
| Number of shares at end of the period | 18,646,370 18,646,370 | 18,646,370 | 18,646,370 | |
| Average number of shares before dilution | 18,646,370 18,646,370 | 18,646,370 | 18,646,370 | |
| Earnings per share, after dilution of shares, SEK |
1.50 | 1.26 | 3.96 | 3.89 |
| Average number of shares after dilution | 18,646,370 18,646,370 | 18,646,370 | 18,646,370 | |
| Dividend per share, SEK | 2.50* | 2.35 |
* Proposed dividend.
| KSEK | Oct–Dec 2016 |
Oct–Dec 2015 |
Jan–Dec 2016 |
Jan–Dec 2015 |
|---|---|---|---|---|
| Profit for the period | 28,004 | 23,434 | 73,818 | 72,554 |
| Items that will not be reclassified to profit or loss |
– | – | – | – |
| – | – | – | – | |
| Items that may be reclassified to profit or loss |
||||
| Translation differences in equity | 15,892 | –6,028 | 28,531 | 7,982 |
| Other comprehensive income for the period, net of tax |
15,892 | –6,028 | 28,531 | 7,982 |
| Total comprehensive income for the period | 43,896 | 17,406 | 102,349 | 80,536 |
| attributable to the shareholders of the parent company |
43,896 | 17,406 | 102,349 | 80,536 |
| KSEK | 31 Dec 2016 |
31 Dec 2015 |
|---|---|---|
| Assets | ||
| Goodwill | 272,488 | 220,690 |
| Other intangible assets | 41,448 | 32,894 |
| Tangible assets | 22,009 | 15,232 |
| Property, plant, and equipment | 10,168 | 10,064 |
| Trade receivables | 361,021 | 276,812 |
| Other current assets | 101,092 | 115,737 |
| Cash and cash equivalents | 135,433 | 139,547 |
| Total assets | 943,659 | 810,976 |
| Eget kapital och skulder | ||
| Eget kapital | 543,094 | 483,255 |
| Interest bearing – non-current liabilities | 20,728 | 16,705 |
| Interest bearing – current liabilities | 4,549 | – |
| Non-interest bearing – current liabilities | 375,289 | 311,016 |
| Total equity and liabilities | 943,659 | 810,976 |
| KSEK | Jan–Dec 2016 |
Jan–Dec 2015 |
|---|---|---|
| Cash flow from operating activities | 50,768 | 57,864 |
| Cash flow from investing activities | –29,753 | –19,020 |
| Cash flow from financing activities | –36,498 | –16,293 |
| Cash flow for the period | –15,482 | 22,552 |
| Cash and cash equivalents, opening balance | 139,547 | 114,293 |
| Translation differences in cash and cash equivalents | 11,369 | 2,702 |
| Cash and cash equivalents, closing balance | 135,433 | 139,547 |
| KSEK | Total equity 31 Dec 2016 |
Total equity 31 Dec 2015 |
|---|---|---|
| Opening balance | 483,255 | 434,505 |
| Dividend to shareholders | –43,819 | –32,631 |
| Other | 1,309 | 845 |
| Total comprehensive income for the period | 102,349 | 80,536 |
| Closing balance | 543,094 | 483,255 |
| KSEK | Oct–Dec 2016 |
Oct–Dec 2015 |
Jan–Dec 2016 |
Jan–Dec 2015 |
|---|---|---|---|---|
| Net sales, KSEK | 336,355 | 292,395 | 1,107,644 | 1,043,900 |
| EBITA (Profit before interest, tax and amortization), KSEK |
45,129 | 36,747 | 117,507 | 113,739 |
| EBIT (Operating profit), KSEK | 42,948 | 35,695 | 111,699 | 109,452 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
13 | 13 | 11 | 11 |
| EBIT margin (Operating margin ), % | 13 | 12 | 10 | 10 |
| Profit margin, % | 8 | 8 | 7 | 7 |
| Operating capital, KSEK | 432,937 | 360,413 | ||
| Return on equity, % | 14 | 16 | ||
| Return on operating capital, % | 28 | 32 | ||
| Equity ratio, at end of the period, % | 58 | 60 | ||
| Cash flow, KSEK | 3,750 | 28,245 | –15,482 | 22,552 |
| Cash and cash equivalents, at end of the period, KSEK |
135,433 | 139,547 | ||
| Average number of employees | 527 | 454 | 498 | 436 |
| Number of employees at end of the period | 523 | 463 | ||
| Revenues for the year per employee, KSEK | 2,224 | 2,394 |
| KSEK | Oct–Dec 2016 |
Oct–Dec 2015 |
Jan–Dec 2016 |
Jan–Dec 2015 |
|---|---|---|---|---|
| Net sales | 335 | 360 | 2,075 | 1,855 |
| Operating expenses | –470 | –797 | –1,909 | –2,217 |
| Operating profit | –135 | –437 | 166 | –362 |
| Net financial items | 3,747 | 3,454 | 42,384 | 40,413 |
| Profit before tax | 3,612 | 3,017 | 42,550 | 40,051 |
| Taxes | –747 | –742 | –747 | –746 |
| Profit for the period | 2,865 | 2,275 | 41,803 | 39,305 |
| KSEK | 31 Dec 2016 | 31 Dec 2015 |
|---|---|---|
| Assets | ||
| Financial assets | 101,976 | 101,976 |
| Other current assets | 32,725 | 26,258 |
| Cash and cash equivalents | 182 | 124 |
| Total assets | 134,884 | 128,359 |
| Equity and liabilities | ||
| Equity | 109,118 | 111,134 |
| Liabilities | 25,766 | 17,225 |
| Total equity and liabilities | 134,884 | 128,359 |
BTS focuses on the people side of strategy, working with leaders at all levels to help them make better decisions, convert those decisions to actions and deliver results. At our core, we believe people learn best by doing. For 30 years, we've been designing fun, powerful experiences™ that have a profound and lasting impact on people and their careers. We inspire new ways of thinking, build critical capabilities and unleash business success. It's strategy made personal.
The global leader in turning strategy into action.
We inspire and equip people to do the best work of their lives, creating better businesses and a better planet.
We make strategy personal and drive great execution. Our unforgettable experiences create levels of alignment, mindset, and capability that deliver better results, faster.
BTS's financial goals are to over time reach:
Earnings per share Earnings attributable to the parent company's shareholders divided by number of shares.
Operating profit before interest, tax and amortization as a percentage of net sales.
Operating profit after depreciation as a percentage of net sales.
Profit for the period as a percentage of net sales.
Total balance sheet reduced by liquid funds and other interest-bearing assets and reduced by non-interest bearing liabilities.
Profit after tax as a percentage of average equity.
Operating profit as a percentage of average operating capital.
Equity as a percentage of total balance sheet.
BTS AMSTERDAM Rieker business park John M. Keynesplein 13 1066 EP Amsterdam The Netherlands Tel. + 31 (0)20 615 15 14 Fax. +31 (0)20 388 00 65
BTS BRUSSELS Rue d'Arenberg 44 1000 Brussels Belgium Tel. +32 (0) 2 27 415 10
Pohjoinen Makasiinikatu 6 A 00130 Helsinki Finland Tel. +358 50 524 5874
BTS LONDON 37 Kensington High Street London W8 5ED UK Tel. +44 207 348 18 00 Fax. +44 207 348 18 01
BTS MUNICH Theresienhoehe 28 80339 Munich Germany Tel. +49 89 244 40 7036
BTS PARIS 57, rue de Seine 75006 Paris France Tel. +33 1 40 15 07 43
Head office Grevgatan 34 114 53 Stockholm Sweden Tel. +46 8 58 70 70 00 Fax. +46 8 58 70 70 01
PERFORMANCE GROUP 100 Smith Ranch Road, Suite 306 San Rafael, CA 94903 USA Tel. +1 800 494 6646 Fax. +1 415 925 9512
BTS AUSTIN Frost Bank Building 401 Congress Avenue Suite 2740 Austin, Texas 78701 USA Tel. +1 512 474 1416
Fax. +1 512 474 1433
BTS BROOKLYN 280 1st Street Brooklyn, NY 11215 USA Tel. +1 718 832 2118 Fax . +1 718 832 2899
BTS CHICAGO 200 South Wacker Drive Suite 925 Chicago, IL 60606 USA Tel. +1 312 509 4750 Fax. +1 312 509 4781
BTS LOS ANGELES P.O. Box 10366 Marina del Rey, CA 90295 USA Tel. +1 424 202 6952
BTS NEW YORK 60 E. 42nd Street, Suite 2434 New York, NY, 10165 USA Tel. +1 646 378 3730 Fax. +1 646 378 3731
BTS PHILADELPHIA 101 West Elm St Suite 310 Conshohocken, PA 19428 USA Tel. (toll free) +1 800 445 7089 Tel. +1 484 391 2900 Fax. +1 415 362 4270
BTS PHOENIX 4742 N. 24th St., Suite 120 Phoenix, AZ 85016 USA Tel. +1 480 948 2777 Fax. +1 480 948 2928
222 Kearny Street, Ste 1000 San Francisco, CA 94108 USA Tel. +1 415 362 4200
Fax. +1 415 449 6119 BTS STAMFORD
300 First Stamford Place Stamford, CT 06902 USA Tel. +1 203 316 2740 Fax. +1 203 316 2750
BTS BANGALORE Vatika Business Center Divyashree Chambers, 2nd Floor, Wing A O'Shaugnessy Road, Langford Town Bangalore 560025 India Tel. +91 80 4291 1111 Ext 116 Fax. +91 40 4291 1222
128/27 Phyathai Plaza Building (4th Floor) Phyathai Rd. Kwaeng Thung Phyathai Khet Ratchathewi Bangkok 10400 Thailand Tel. +66 2 216 5974
BTS BILBAO c/o Simon Bolivar 27-1, Office No. 4 Bilbao 48013 Spain Tel. +34 94 423 5594 Fax. +34 94 423 689
10th Floor, Swiss Tower Jumeirah Lakes Towers Dubai, United Arab Emirates Tel. +971 4 279 8341 Fax. +971 4 279 8399
267 West Avenue, 1st Floor Centurion 0046, Gauteng South Africa Tel. +27 12 663 6909 Fax. +27 12 663 6887
Calle José Abascal 55, piso 3ºDcha 28003 Madrid Spain Tel. +34 91 417 5327 Fax. +34 91 555 2433
198 Harbour Esplanade, Suite 404 Docklands VIC 3008 Australia Tel. +61 3 9670 9850 Fax. +61 3 9670 9569
Edificio Torre Moliere Calle Moliere 13 – PH Col Chapultepec Polanco C.P. 11560 México, D.F. Tel. +52 (55) 52 81 69 72 Fax. +52 (55) 52 81 69 72
Viale Fulvio Testi 223 20162 Milan, Italy Tel. +39 02 6611 6364 Fax +39 02 642 6058
Viale Abruzzi, 13 20131 Milan, Italy Tel. 02 6901 5719 Fax. 02 6078 1483
1404 and 1405A, 14th Floor, DLH Park, Opposite MTNL Staff quarters, S.V. Road, Goregaon (West), Mumbai - 400062 Maharashtra, India Tel. +91 22 6196 6800
Rua Geraldo Flausino Gomes, 85, 4o andar Brooklin Novo 04575-060 Sao Paulo-SP Brazil Tel. +55 11 5505 2070 Fax. +55 11 5505 2016
7th Floor Hanvit Building 107 Sajik-ro Jongo-gu, Seoul South Korea 03041 Tel. +82 2 539 7676 Fax. +82 2 2233 4451
1376 West Nanjing Road Suite 531, East Office Tower Shanghai Centre Shanghai 200040 China Tel. +86 21 6289 8688
1 Finlayson Green #07-02 Singapore 049246 Tel. +65 6221 2870 Fax. +65 6224 2427
Level 6 10 Barrack St Sydney NSW 2000 Australien Tel. +61 02 8243 0900 Fax. +61 02 9299 6629
7 F., No. 307, Dun-Hua, North Road Taipei 105 Taiwan Tel. +886 2 8712 3665
Kojimachi Brighton Bldg 2F 6-4-17 Kojimachi Chiyoda-ku, Tokyo 102-0083, Japan Tel. +81 03 6272 9973 Fax. +81 03 6672 9974
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