Quarterly Report • Nov 10, 2015
Quarterly Report
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"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."
New clients during the first nine months of the year include Aditya Birla Group, Barclays Africa, Citizens Bank, Danone, Experian, Gas Natural, Olympus, Qlik Technologies, Ross Stores, Sabre, Sandoz, Santander, Uber and Visa.
NET SALES AND PROFIT BEFORE TAX
BTS is a global professional services firm headquartered in Stockholm, Sweden, with some 450 professionals in 32 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 strategy execution and talent development needs. Our services span the employee lifecycle from assessment centers for talent selection and development to strategy alignment and execution initiatives, and from business acumen, leadership and sales training programs to 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, Telstra, and Unilever.
BTS is a public company listed on the Nasdaq OMX Stockholm exchange and trades under the symbol BTS B. For more information, please visit www.bts.com.
BTS had a strong third quarter, by far the best ever. Revenue rose 14 percent (adjusted for currency effects) and earnings were up 23 percent.
During the first nine months of 2015, growth was 17 percent and the earnings increase totaled 42 percent.
Growth figures are very strong for North America (+28 percent in the third quarter) and for Other Markets (+29 percent), with these units also seeing a significant increase in earnings. In Europe, we had a weak third quarter but expect to return to growth in the fourth quarter.
Our competitiveness is very good, the component of won businesses increases.
During the year we have made major investments in product development for digital solutions. Our new offerings BTS Pulse and BTS Digital Journey have been well received in the market and these will be launched on a broad front at the beginning of next year.
For the full year 2015 our assessment is that earnings will be significantly better than in 2014.
Stockholm, November 10, 2015
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS's net sales in the nine-month period totaled MSEK 751.5 (537.2). Adjusted for changes in foreign exchange rates, growth was 17 percent.
Growth varied between the units: BTS Other Markets 25 percent, BTS North America 25 percent, BTS Europe 2 percent and APG 1 percent (growth measured in local currency).
Operating profit before amortization of intangible assets (EBITA) increased by 45 percent in the nine-month period to MSEK 77.0 (53.2). Operating profit in the nine-month period was charged with MSEK 3.2 (1.6) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased during the nine-month period by 43 percent to MSEK 73.8 (51.6).
Operating margin before amortization of intangible assets (EBITA margin) was 10 percent (10). Operating margin (EBIT margin) was 10 percent (10).
Consolidated profit before tax for the nine-month period increased by 42 percent to MSEK 73.8 (52.0). Earnings were positively affected by improved earnings in BTS North America, BTS Europe and BTS Other Markets. Earnings were negatively affected by lower earnings in APG.
BTS's net sales in the third quarter totaled MSEK 248.6 (189.3). Adjusted for changes in foreign currency rates, growth was 14 percent.
Operating profit before amortization of intangible assets (EBITA) increased by 26 percent in the third quarter to MSEK 26.4 (21.0). Operating profit in the third quarter was charged with MSEK 1.0 (0.6) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 25 percent to MSEK 25.4 (20.4).
Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (11). Operating margin (EBIT margin) was 10 percent (11).
Consolidated profit before tax for the third quarter increased by 23 percent to MSEK 25.3 (20.5).
Earnings were positively affected by improved earnings in BTS North America and BTS Other Markets. Earnings were negatively affected by a lower result in BTS Europe and APG.
The market for BTS's services was stable during the period and unchanged compared with the previous year.
New clients during the first nine-months of the year include Aditya Birla Group, Barclays Africa, Citizens Bank, Danone, Experian, Gas Natural, Olympus, Qlik Technologies, Ross Stores, Sabre, Sandoz, Santander, Uber and Visa.
JANUARY 1–SEPTEMBER 30, 2015 (2014)
PROFIT BEFORE TAX BY QUARTER
NET SALES PER OPERATING UNIT JANUARY 1–SEPTEMBER 30, 2015
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 | July–Sep 2015 |
July–Sep 2014 |
Jan–Sep 2015 |
Jan–Sep 2014 |
Oct–Sep 2014/15 |
Jan–Dec 2014 |
|---|---|---|---|---|---|---|
| BTS North America | 135.9 | 87.0 | 390.2 | 247.9 | 504.5 | 362.2 |
| BTS Europe | 32.4 | 32.6 | 115.3 | 104.0 | 165.1 | 153.8 |
| BTS Other Markets | 56.3 | 42.9 | 158.2 | 116.3 | 210.3 | 168.4 |
| APG | 24.0 | 26.8 | 87.8 | 69.0 | 115.9 | 97.1 |
| Total | 248.6 | 189.3 | 751.5 | 537.2 | 995.8 | 781.5 |
| MSEK | July–Sep 2015 |
July–Sep 2014 |
Jan–Sep 2015 |
Jan–Sep 2014 |
Oct–Sep 2014/15 |
Jan–Dec 2014 |
|---|---|---|---|---|---|---|
| BTS North America | 18.1 | 11.9 | 45.5 | 27.7 | 60.3 | 42.5 |
| BTS Europe | 0.7 | 1.9 | 10.5 | 10.3 | 18.3 | 18.1 |
| BTS Other Markets | 7.5 | 5.7 | 19.1 | 12.8 | 28.1 | 21.8 |
| APG | 0.1 | 1.5 | 1.9 | 2.4 | 2.1 | 2.6 |
| Total | 26.4 | 21.0 | 77.0 | 53.2 | 108.8 | 85.0 |
Net sales for BTS's operations in North America amounted to MSEK 390.2 (247,9) in the nine-month period. Adjusted for changes in foreign exchange rates, revenue grew by 25 percent. Operating profit before amortization of intangible assets (EBITA) in the first nine months of 2015 amounted to MSEK 45.5 (27.7). Operating margin before amortization of intangible assets (EBITA margin) was 12 percent (11).
Net sales in the third quarter totaled MSEK 135.9 (87.0). Adjusted for changes in foreign exchange rates, revenue grew by 28 percent. Operating profit before amortization of intangible assets (EBITA) in the third quarter amounted to MSEK 18.1 (11.9). Operating margin before amortization of intangible assets (EBITA margin) was 13 percent (14).
The very positive development for BTS North America continued in the third quarter.
Net sales for BTS Europe amounted to MSEK 115.3 (104.0) in the nine-month period. Adjusted for changes in foreign exchange rates, revenue grew by 2 percent. Operating profit before amortization of intangible assets (EBITA) in the first nine months of 2015 amounted to MSEK 10.5 (10.3). Operating margin before amortization of intangible assets (EBITA margin) was 9 percent (10).
Net sales in the third quarter totaled MSEK 32.4 (32.6). Adjusted for changes in foreign exchange rates, revenue decreased by 8 percent. Operating profit before amortization of intangible assets (EBITA) in the third quarter amounted to MSEK 0.7 (1.9). Operating margin before amortization of intangible assets (EBITA margin) was 2 percent (6).
The negative growth in the third quarter was due to lower revenue in northern Europe. BTS Europe is expected to return to growth in the fourth quarter.
Net sales for BTS Other Markets amounted to MSEK 158.2 (116.3) in the nine-month period. Adjusted for changes in foreign exchange rates, revenue grew by 25 percent. Operating profit before amortization of intangible assets (EBITA) in the first nine months of 2015 amounted to MSEK 19.1 (12.8). Operating margin before amortization of intangible assets (EBITA margin) was 12 percent (11).
Net sales in the third quarter totaled MSEK 56.3 (42.9). Adjusted for changes in foreign exchange rates, revenue grew by 29 percent. Operating profit before amortization of intangible assets (EBITA) in the third quarter amounted to MSEK 7.5 (5.7). Operating margin before amortization of intangible assets (EBITA margin) was 13 percent (13).
BTS Other Markets developed well in the third quarter with a positive earnings trend in all markets.
Net sales in the nine-month period amounted MSEK 87.8 (69.0). Adjusted for changes in foreign exchange rates, revenue grew by 1 percent. Operating profit before amortization of intangible assets (EBITA) in the first nine months of 2015 amounted to MSEK 1.9 (2.4). Operating margin before amortization of intangible assets (EBITA margin) was 2 percent (4).
Net sales in the third quarter totaled MSEK 24.0 (26.8). Adjusted for changes in foreign exchange rates, revenue decreased by 27 percent. Operating profit before amortization of intangible assets (EBITA) in the third quarter amounted to MSEK 0.1 (1.5). Operating margin before amortization of intangible assets (EBITA margin) was 1 percent (6).
APG showed a weak third quarter due to unexpected reductions in revenue for some major clients. Market investments were carried out with the aim of returning to a positive earnings and revenue trend starting in 2016.
BTS's cash flow from operating activities for the ninemonth period amounted to MSEK 17.3 (–2.9).
Available cash and cash equivalents amounted to MSEK 116.2 (77.8) at the end of the period. The company's interest-bearing loans, attributable to earlier acquisitions, amounted to MSEK 16.8 (0) at the end of the period.
BTS's equity ratio was 66 percent (72) at the end of the period.
The company had no outstanding conversion loans at the balance sheet date.
The number of employees within BTS at September 30 was 449 (390).
The average number of employees in the nine-month period was 429 (377).
The Parent Company's net sales amounted to MSEK 1.5 (1.4) and profit after net financial items amounted to MSEK 37.0 (25.1). Cash and cash equivalents amounted to MSEK 0.6 (0.6).
Profit before tax is expected to show a significant improvement compared with the previous year.
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 2014 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 2015.
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, revenues 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.
As previously announced, a Nomination Committee has been appointed. BTS' three largest shareholders, in consultation with Chairman of the Board, Michael Grindfors, have appointed the following persons to the Nomination Committee:
Anders Dahl has been appointed chairman of the Nomination Committee.
The Nomination Committee's mandate is to propose candidates for the Board and also to make suggestions for the remuneration of Board members and auditors.
Shareholders in BTS Group AB are welcome to send proposals to the Nomination Committee's Chairman at BTS Group AB, Grevgatan 34, SE-114 53 Stockholm.
The intention is to publish nominations for Board members in the notice of the next Annual Meeting.
| Year-end report 2015 | February 12, 2016 |
|---|---|
| Annual Report 2015 | April 2016 |
Stockholm, November 10, 2015
Henrik Ekelund CEO
This report has not been reviewed by BTS's auditors.
Henrik Ekelund, President and CEO Phone: +46 8 587 070 00
Stefan Brown, CFO Phone: +46 8 587 070 62
Thomas Ahlerup, SVP, Investor and Corporate Communications Phone: +46 8 587 070 02 Mobile: +46 768 966 300
For further information, visit our website, www.bts.com
BTS Group AB (publ) Grevgatan 34 114 53 Stockholm SWEDEN
Phone: +46 8 587 070 00 Fax: +46 8 587 070 01 Company registration number: 556566-7119
| KSEK | July–Sep 2015 |
July–Sep 2014 |
Jan–Sep 2015 |
Jan–Sep 2014 |
Oct–Sep 2014/15 |
Jan–Dec 2014 |
|---|---|---|---|---|---|---|
| Net sales | 248,649 | 189,314 | 751,505 | 537,222 | 995,738 | 781,454 |
| Operating expenses | –220,292 | –166,748 | –669,015 | –479,272 | –879,778 | –690,035 |
| Depreciation of property, plant, and equipment |
–1,949 | –1,590 | –5,498 | –4,782 | –7,179 | –6,464 |
| Amortization of intangible assets | –1,048 | –567 | –3,235 | –1,581 | –4,222 | –2,568 |
| Operating profit | 25,359 | 20,409 | 73,757 | 51,587 | 104,559 | 82,388 |
| Net financial items | –62 | 106 | –5 | 384 | 112 | 502 |
| Profit before tax | 25,297 | 20,515 | 73,751 | 51,971 | 104,671 | 82,890 |
| Taxes | –8,616 | –6,417 | –24,630 | –16,620 | –34,816 | –26,805 |
| Profit for the period | 16,681 | 14,098 | 49,121 | 35,351 | 69,855 | 56,085 |
| attributable to the shareholders of the parent company |
16,681 | 14,098 | 49,121 | 35,351 | 69,855 | 56,085 |
| Earnings per share, before dilution of shares, SEK |
0,89 | 0,76 | 2,63 | 1,90 | 3,75 | 3,01 |
| Number of shares at end of the period | 18,646,370 18,589,870 | 18,646,370 | 18,589,870 | 18,646,370 | 18,646,370 | |
| Average number of shares before dilution | 18,646,370 18,589,870 | 18,646,370 | 18,589,870 | 18,618,120 | 18,646,370 | |
| Earnings per share, after dilution of shares, SEK |
0.89 | 0.76 | 2.63 | 1.90 | 3.75 | 3.01 |
| Average number of shares after dilution | 18,646,370 18,589,870 | 18,646,370 | 18,589,870 | 18,618,120 | 18,646,370 | |
| Dividend per share, SEK | 1.75 |
| KSEK | July–Sep 2015 |
July–Sep 2014 |
Jan–Sep 2015 |
Jan–Sep 2014 |
Oct–Sep 2014/15 |
Jan–Dec 2014 |
|---|---|---|---|---|---|---|
| Profit for the period | 16,681 | 14,098 | 49,121 | 35,351 | 69,855 | 56,085 |
| Items that will not be reclassified to profit or loss |
– | – | – | – | – | – |
| – | – | – | – | – | – | |
| Items that may be reclassified to profit or loss |
||||||
| Translation differences in equity | 5 | 19,246 | 14,010 | 28,046 | 38,439 | 52,475 |
| Other comprehensive income for the period, net of tax |
5 | 19,246 | 14,010 | 28,046 | 38,439 | 52,475 |
| Total comprehensive income for the period | 16,686 | 33,344 | 63,131 | 63,397 | 108,294 | 108,560 |
| attributable to the shareholders of the parent company |
16,686 | 33,344 | 63,131 | 63,397 | 108,294 | 108,560 |
| KSEK | 30 Sep 2015 | 30 Sep 2014 | 31 Dec 2014 |
|---|---|---|---|
| Assets | |||
| Goodwill | 221,593 | 157,935 | 207,045 |
| Other intangible assets | 30,815 | 17,472 | 31,702 |
| Tangible assets | 15,853 | 13,700 | 13,927 |
| Property, plant, and equipment | 9,213 | 8,118 | 8,745 |
| Trade receivables | 204,222 | 174,617 | 239,005 |
| Other current assets | 107,498 | 86,023 | 67,157 |
| Cash and cash equivalents | 116,201 | 77,767 | 114,293 |
| Total assets | 705,394 | 535,632 | 681,874 |
| Equity and liabilities | |||
| Equity | 465,413 | 386,648 | 434,505 |
| Interest bearing – non-current liabilities | 16,776 | – | – |
| Non-interest bearing – non-current liabilities | – | 165 | 153 |
| Non-interest bearing – current liabilities | 223,205 | 148,819 | 247,216 |
| Total equity and liabilities | 705,394 | 535,632 | 681,874 |
| KSEK | Jan–Sep 2015 |
Jan–Sep 2014 |
Jan–Dec 2014 |
|---|---|---|---|
| Cash flow from operating activities | 17,262 | –2,865 | 44,813 |
| Cash flow from investing activities | –7,186 | –4,479 | –21,041 |
| Cash flow from financing activities | –15,770 | –32,581 | –32,871 |
| Cash flow for the period | –5,693 | –39,925 | –9,099 |
| Cash and cash equivalents, opening balance | 114,293 | 108,833 | 108,833 |
| Translation differences in cash and cash equivalents |
7,601 | 8,859 | 14,559 |
| Cash and cash equivalents, closing balance | 116,201 | 77,767 | 114,293 |
| KSEK | Total equity 30 Sep 2015 |
Total equity 30 Sep 2014 |
Total equity 31 Dec 2014 |
|---|---|---|---|
| Opening balance | 434,505 | 355,783 | 355,783 |
| Dividend to shareholders | –32,631 | –32,532 | –32,532 |
| New share issue | – | – | 2,695 |
| Other | 408 | – | – |
| Total comprehensive income for the period | 63,131 | 63,397 | 108,559 |
| Closing balance | 465,413 | 386,648 | 434,505 |
| KSEK | July–Sep 2015 |
July–Sep 2014 |
Jan–Sep 2015 |
Jan–Sep 2014 |
Oct–Sep 2014/15 |
Jan–Dec 2014 |
|---|---|---|---|---|---|---|
| Net sales, KSEK | 248,649 | 189,314 | 751,505 | 537,222 | 995,738 | 781,454 |
| EBITA (Profit before interest, tax and amortization), KSEK |
26,408 | 20,976 | 76,992 | 53,168 | 108,781 | 84,956 |
| EBIT (Operating profit), KSEK | 25,359 | 20,409 | 73,757 | 51,587 | 104,559 | 82,388 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
11 | 11 | 10 | 10 | 11 | 11 |
| EBIT margin (Operating margin ), % | 10 | 11 | 10 | 10 | 11 | 11 |
| Profit margin, % | 7 | 7 | 7 | 7 | 7 | 7 |
| Operating capital, KSEK | 365,988 | 320,212 | ||||
| Return on equity, % | 16 | 14 | ||||
| Return on operating capital, % | 30 | 29 | ||||
| Equity ratio, at end of the period, % | 66 | 72 | 66 | 72 | 66 | 64 |
| Cash flow, KSEK | 24,160 | 30,917 | –5,693 | –39,925 | 25,133 | –9,099 |
| Cash and cash equivalents, at end of the period, KSEK |
116,201 | 77,767 | 116,201 | 77,767 | 116,201 | 114,293 |
| Average number of employees | 438 | 378 | 429 | 377 | 398 | 384 |
| Number of employees at end of the period | 449 | 390 | 449 | 390 | 449 | 405 |
| Revenues for the year per employee, KSEK | 2,505 | 2,035 |
| KSEK | July–Sep 2015 |
July–Sep 2014 |
Jan–Sep 2015 |
Jan–Sep 2014 |
Oct–Sep 2014/15 |
Jan–Dec 2014 |
|---|---|---|---|---|---|---|
| Net sales | 375 | 375 | 1,495 | 1,410 | 1,970 | 1,885 |
| Operating expenses | –401 | –455 | –1,420 | –1,332 | –1,800 | –1,712 |
| Operating profit | –26 | –80 | 75 | 78 | 170 | 173 |
| Net financial items | 16,374 | 0 | 36,959 | 25,007 | 41,756 | 29,804 |
| Profit before tax | 16,348 | –80 | 37,034 | 25,085 | 41,926 | 29,977 |
| Taxes | – | 17 | –4 | –19 | –682 | –677 |
| Profit for the period | 16,348 | –63 | 37,030 | 25,066 | 41,244 | 29,300 |
| KSEK | 30 Sep 2015 | 30 Sep 2014 | 31 Dec 2014 |
|---|---|---|---|
| Assets | |||
| Financial assets | 101,976 | 101,976 | 101,976 |
| Other current assets | 23,664 | 482 | 984 |
| Cash and cash equivalents | 587 | 606 | 2,227 |
| Total assets | 126,227 | 103,064 | 105,187 |
| Equity and liabilities | |||
| Equity | 108,863 | 97,532 | 104,460 |
| Liabilities | 17,364 | 5,532 | 727 |
| Total equity and liabilities | 126,227 | 103,064 | 105,187 |
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.
Every care has been taken in the translation of this report. In the event of discrepancies, however, the Swedish original will supersede the English translation.
BTS is the world leader in customized business simulations and other discovery learning solutions through its unique BTS processes. These enable progressive organizations to learn, change and improve. Strategic alignment, stepped up rate of change and improved business results follow.
"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."
"We build commitment and capability to accelerate strategy execution and improve business results."
"We deliver better results, faster. The unique BTS process offers fast strategic alignment and rapid capability building.
Our key differentiators:
BTS's financial goals shall over time be:
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