Page 1 • May 2016

The Mid Market Top 50 We spoke to Novimmune’s Eduard Enrico Holdener to find out more about his company, and how they fulfil their ultimate goal of bringing new medicines to patients in need. /10

Spiders in the Web: The Risks of Online Crime to Legal Businesses /56 The War on Cybercrime /54 The Rise of Online Dispute Resolution /65 Executive Coaching: The Secret to Sustained Success /52 Brexit – The Tax Aspects Britain leaving the European Union has sparked a lively nationwide debate. Graham Busch from Lawrence Grant Chartered Accountants gives a clearer picture of the tax aspects of the upcoming referendum. /33

Strategic Communications Cogeco Peer 1 - building high performance business-optimised platforms. /61 Gian Wild, Founder and Director of AccessibilityOz gives insight into the importance of accessibility in the workplace. /60

CFO of the Month Mark Rubinstein, CFO of On-Call Restaurant Accounting, reveals how they provide the utmost accounting solutions for restaurateurs. /31

CEO of the Month The secrets behind the success of Adgistics, a marketing technology solution provider. /29

Turnaround Management and Corporate Renewal The factors driving an increased demand for rigorous investigative due diligence, by Don Pesquie Jr, Managing Director of Financial Risk Mitigation. /28 Loughlin Management Partners + Co (“LM+Co”) on interim management, value creation and performance improvement, restructuring and turnaround advisory, and corporate finance. /26

Most Innovative Accountancy Firms of 2016 Lewis Ballard LTD. is a firm of Accountants based in Cardiff, providing consultancy and advisory services to SME’s throughout the UK. /20

The Stretch Zone, Deep Learning from the Inside-Out /66 Germany Energy & Resources Deal of the Year for the NGIM Holding Acquisition of Solarion AG Transaction NGIM Holding is an Istanbul based company offering solutions in the areas of Construction, Chemistry, Technology and Energy. The company’s CEO Can Nuhoğlu reveals more about the company and the acquisition of Solarion AG. /15


Editor’s Comment Healthcare M&A hit a record high in 2015, with private equity acquirers playing a strong role in deal making in recent news from McDermott Will & Emery. News in this edition shows that there has been plenty going on in the world of mergers and acquisitions lately, such as Crowe Horwath, acquiring BaxterBruce Ltd and Corporate finance firms Capitalmind and EquityGate’s merger to create a Pan-European corporate. In a special Deal of the Year feature, NGIM Holding CEO Can Nuhoğlu reveals more about the company and the acquisition of Solarion AG and what exactly the secrets behind a successful deal are. The value of private equity transactions was sky high in the second half of 2015, according to an informed article from Zephyr, the M&A database publisher. Both the volume and value of mergers and acquisitions (M&A) targeting financial services companies worldwide increased in the second half of 2015 they go on to say. Britain leaving the European Union (commonly coined “The Brexit”) has sparked a lively nationwide debate. Graham Busch from Lawrence Grant Chartered Accountants gives a clearer picture of the tax aspects surrounding the upcoming referendum. Ono Okeregha of the Immigration Advice Service takes a look into the potential impacts of a vote to leave the EU. This edition also includes a focus on cyber security issues. For example, Joanna Potbury, Associate at DMH Stallard details the increasingly prevalent world of cybercrime. In another piece, the firm Russell Advocaten lifts the lid on the Risks of Online Crime to Businesses and how IT breaches occur. We also celebrate the many innovative accountancy firms in the UK, Europe and across the world in places such as China, El Salvador, Mexico and Venezuela. I trust you enjoy this compelling edition. Finally, just before this edition went to press exciting news came in that AI Global Media Ltd., publisher of this magazine, announced their membership of the CPD Certification Service. Read the CPD accredited article on page 40 (hyperlinked if poss.) to gain CPD points. Over the coming months, we will be publishing other insightful articles from which we feel our subscribers will gain tremendous insight, and as such will be able to gain CPD hours from reading. Jonathan Miles, Editor No information contained on or in this website constitutes investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice. Neither AI nor any of its associated entities are authorised to give financial advice of any nature nor are they regulated by the Financial Services Authority. Prior to making any investment, AI recommends that any prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.

Mid Market Top 50 - Novimmune We speak to Novimmune’s Eduard Enrico Holdener to find out more about their company, and how they fulfil their ultimate goal of bringing new medicines to patients in need. /10

15/ Deal of the Year for the Nuh Group Acquisition of Solarion AG transaction 18/ Sector Talk 20/ Most Innovative Accountancy Firms of 2016 22/ Mid Market Top 50 - Proton Partners International Ltd 23/ Global Mobility & Immigration: The 2016 Top 50 Most Innovative Companies 24/ Whistleblowing Changes: Is the Financial Services Sector Ready? 26/ Turnaround Management and Corporate Renewal - Loughlin Management Partners + Co 28/ Turnaround Management and Corporate Renewal - Financial Risk Mitigation, Inc. 29/ CEO of the Month – UK 31/ CFO of the Month 32/ Immigration and the Brexit Debate 33/ Brexit – The Tax Aspects 34/ 2016’s Ones to Watch in Anti-Corruption Due Diligence 37/ Ones to Watch in IP, 2016 - Estudio Colmenares & Associados 38/ Ones to Watch in IP, 2016 - M&M Advocates and Consultants 39/ 2016’s Ones to Watch in Due Diligence 40/ A Tale of Two Wallets 42/ Ones to Watch for 2016: The Best Boutique Accounting Firms 44/ Ones to Watch in IP, 2016 - Katz Group LLC

How to get in touch AI welcomes news and views from its readers. Correspondence should be sent to; Address/ Acquisition International, First Floor Suite F, The Maltsters, 1-2 Wetmore Road, Burton on Trent, Staffordshire, DE14 1LS. Tel/ +44 (0) 1283 712447 Email/ Website/

Find us on/

45/ Ones to Watch for 2016: The Best Boutique Law Firms 47/ Best Fund Administrator 2016 – Mauritius 48/ 2016 First Quarter Update 49/ 2016 First Quarter Update - EOS Consulting S.p.A. 50/ Best In-House Global Tax Adviser – Singapore 51/ The War on Cybercrime - DMH Stallard LLP 52/ Executive Coaching: The Secret to Sustained Success 53/ 2016 First Quarter Update - Leroy si Asociatii 54/ The War on Cybercrime - IT Governance 56/ Spiders in the Web: The Risks of Online Crime to Businesses 58/ Innovating Financial Services with Banking APIs 59/ Professional Negligence in the UK 60/ AccessibilityOz 61/ Strategic Communications - Cogeco Peer 1 62/ PVD Technical Training and Certification Joint Stock Company (PVD Training) 63/ The Power of Outsourcing 64/ Dispute Resolution 65/ The Rise of Online Dispute Resolution 66/ The Stretch Zone, Deep Learning from the Inside-Out 69/ The Most Highly Regarded Expert Witnesses for 2015 77/ BDO Bulgaria Profile 78/ Lawrence Grant Chartered Accountants 79/ Most Innovative Law Firm - Canada (Energy Sector) 81/ Most Innovative Law Firm of 2016, Japan 82/ Most Innovative Law Firm of 2016, South Africa 83/ Most Innovative Law Firm of 2016, UK 84/ Winners Directory 86/ Employment Tax Changes: Mistakes with Expenses Could Be Expensive!

Acquisition International - May 2016 3

News: from around the world

First Protocol Acquires Barkley Kalpak Agency (BKA) First Protocol, a leading international events agency operating from offices in London, New York, Los Angeles and Singapore, on 11th May announced the acquisition of Barkley Kalpak Agency (BKA), an award-winning creative and experiential agency based in New York City. The terms of the purchase were not disclosed.

The acquisition of BKA further establishes First Protocol as one of the leading international events agencies, enhancing its client portfolio in several key industries and service areas.

world’s most iconic companies. The acquisition will further complement First Protocol’s offerings in strategy, concept development and creative direction, which are strengths of BKA.

“We are excited about the acquisition of BKA, which will expand upon our overall offerings, add to our capacity, complement our creative and production service offerings, and strengthen our international presence to design, produce and execute world-class event experiences,” said Maureen Ryan-Fable, CEO Americas at First Protocol. “Our two companies share similar cultures and values – putting clients and our people first in all we do. We pride ourselves on both delivering outstanding service and experience to our clients.”

“We have known and worked with First Protocol for many years, and we have a shared vision of becoming the best in the industry,” said Jeff Kalpak, BKA President. “We believe the unification of our two companies will uniquely position us as a worldclass creative and strategic partner that creates unforgettable event experiences that bring client visions to life.”

First Protocol, which celebrates its 20-year anniversary this year, specializes in the design and delivery of high-quality, live events for some of the

4 Acquisition International - May 2016

The acquisition also increases First Protocol’s total workforce to approximately 185 employees worldwide, approximately 125 of whom are based in New York City. This summer, BKA will relocate its 30 New York-based employees to First Protocol’s offices on 630 Ninth Avenue. Ms. Ryan-Fable will continue

in her role as CEO Americas at First Protocol, and Mr. Kalpak will assume the role of President and will join the First Protocol Group Board. Both companies have been recipients of the Crain’s New York “Best Places to Work” list for the several years, and also have common accolades from a number of professional organizations including Event Marketer’s Agency IT List, Special Events Magazine Top 50 Event Companies, BizBash Event Style Awards and more. Both Ryan-Fable and Kalpak have been inducted into the “Hall of Legends” in the International Special Events Society (ISES) New York Metro Chapter, an honor that recognizes event industry colleagues for their leadership, exemplary achievements and tenure in the special events industry. Additionally, First Protocol has also been recognized by the British Government and awarded Investors in People Gold Status in the United Kingdom.

News: from around the world

News: from around the world

Corporate Finance Firms Capitalmind and EquityGate Announce Merger to Create a Pan -European Corporate

Crowe Horwath welcomes BaxterBruce In early May, Crowe Horwath, a leading global risk consulting firm, reached an agreement to acquire BaxterBruce Ltd. the U.K.’s specialized insurance industry management consulting firm. By joining forces, the two firms will create one of the U.K.’s premier risk consulting firms to the financial services industry. Financial terms were not disclosed.

The new group will operate under the trade name ‘Capitalmind’, and be run from six offices across Europe, including Benelux, France, the Nordics, Germany and Slovenia. The new Capitalmind has been designed to respond to clients’ wishes for a fully integrated pan-European and international corporate finance advisory.

Established in 2009 by Justin Baxter and Daniel Bruce, BaxterBruce specializes in risk management, capital management and regulatory change to the insurance industry in the U.K. The firm, which has been expanding at a rate of more than 20 percent each year, has built a reputation for excellence underpinned by deep actuarial, regulatory and change management capability. Baxter and Bruce take up leadership roles as partners in Crowe Horwath.

Capitalmind is owned and managed by 14 partners, all entrepreneurs, and comprises 55 professionals committed to delivering the highest quality execution and service for clients. Clients benefit from indepth transaction intelligence and tried-and-tested processes, as well as valuable and far-reaching contacts. The high degree of repeat business the group enjoys is viewed as the ultimate endorsement.

Crowe Horwath is already a dynamic force in the U.K., serving some of the world’s leading companies in the financial services, life sciences and manufacturing industries. The combination of the two firms will help Crowe Horwath expand the services it offers its clients in the U.K. and around the globe and will also deepen its insurance industry, actuarial and change management expertise. For BaxterBruce, the merger will enable its clients to access a broader set of capabilities in the key economic centers of the world.

Over the past five years the combined firm has executed more than 200 deals across Europe, Asia and the Americas for a cumulative transaction value of €8bn. Its activities can be broken down into M&A (60% - majority sell-side), MBOs (20%), and Growth & Debt (re) financing (20%). The advisory is geared around dedicated sector teams and research to provide clients with unique knowledge, deep insight and the capacity to create both strategic and financial value: intimate knowledge of buyers’ and competitors’ strategies, growth strategies, valuation, debt providers, industrial needs, geographic trends, access to market leaders, and ‘hot’ buyers, etc.

Ervin Schellenberg, who is a founding member of EquityGate and one of three board members of Capitalmind, believes the merger was both necessary and inevitable: “Nowadays mid-market businesses and transactions are global. Our European clients require resourceful advisers who have experience in a multi-national environment. They need to be assisted by talented professionals on the ground, with an established network to help them successfully close their strategic transactions.” “Today business goes beyond national borders,” says Michael Fabich, co-founder and partner of EquityGate. “We are proud of what we’ve achieved in the German market - we’ve built a strong and successful domestic presence, and we are now extremely excited about the future.”

“Crowe Horwath and BaxterBruce have built their businesses on similar values, which we believe is key to our success together in the future,” said Jonathan Burnett, CEO of Crowe’s global risk consulting practice. “I am delighted that our people and our clients globally will benefit from our two firms joining forces in the U.K.”

“Today marks an important step in the firm’s evolution to become Europe’s leading mid-market advisory,” says Paris-based Michel Degryck, board member of Capitalmind. “This means complete European coverage,” says Dutch-based board member Jan Willem Jonkman. “Six offices, a comprehensive footprint, supported by genuine global reach.”

“Joining Crowe Horwath is a great fit with our values and way of doing business,” said Justin Baxter, co-founder of BaxterBruce. “This move will reinforce our two firms’ leadership in the financial services industry and open up new possibilities for our team and our clients.” “This is a natural evolution for BaxterBruce,” added Daniel Bruce, co-founder. “Our clients really appreciate our attention to quality and the depth of our expertise. We will now have much greater critical mass to help clients tackle a wider range of challenges, without compromising the principles on which our reputation has grown.”

Acquisition International - May 2016 5

News: from around the world

Silverfleet Capital Acquires Sigma Components Silverfleet Capital, the European private equity firm, recently announced its agreement to acquire a majority stake in the aerospace division of Avingtrans Plc (“Sigma Components” or “Sigma”), a UK precision engineering components manufacturer for the commercial aerospace sector. Sigma is being bought for an enterprise value of £65.0 million and its existing management, led by its founding CEO, Mark Johnson will acquire a minority interest. Completion of the transaction is subject to Avingtrans Plc shareholder approval and regulatory approvals from the German and Austrian competition authorities. Sigma operates from four sites in the UK and two sites in China employing approximately 750 people and serves global aerospace customers including Rolls-Royce, Safran, Airbus, Bombardier and BAE Systems. It has a team of over 40 engineers and has a strong track record of bringing new products to market. Over the last few years Sigma Components has successfully grown, both organically and by acquisition, to become an international leader in its chosen niche markets of aerospace pipes, ducts, fabrications and precision surface finishing. Most recently in March 2016 Sigma bought pipe manufacturing sites in Nuneaton in the UK and Xi’an in China from Rolls-Royce, which are complementary to its existing pipe portfolio. Debt financing for the transaction is to be provided by HSBC and Santander. Completion is expected to occur no later than the end of May 2016.

6 Acquisition International - May 2016

Mark Johnson, CEO of Sigma, commented: “We welcome the investment by Silverfleet as we believe they are an ideal partner to support Sigma in its next growth stage. We have identified some exciting opportunities for broadening our manufacturing capabilities and developing our relationships with new and existing customers and look forward to taking the business to the next level.” The transaction was led by David MacKenzie, Partner at Silverfleet Capital, who has responsibility for the UK manufacturing sector, and was supported by Sumit Dheir, Investment Executive, and Adam Ahern, Associate. David MacKenzie commented: “We are delighted to be partnering with Sigma, a market leader with excellent growth dynamics. Silverfleet has a strong track record of investing in manufacturing businesses and we see an ideal opportunity to develop Sigma, which operates in a fragmented market place, both domestically and internationally.”

Silverfleet has been an active investor in the manufacturing sector. It recently announced an agreement to sell Kalle, a German headquartered manufacturing business, which saw substantial growth during Silverfleet’s ownership. Last month it also announced an investment in Coventya, a French headquartered specialty chemicals business. Its current portfolio of manufacturing businesses also include Cimbria, one of the leading global manufacturers of seed and grain processing equipment and a camera systems and image processing manufacturer, Phase One. Silverfleet was advised by KPMG (corporate finance), Macfarlanes (legal), Deloitte (financial and tax due diligence and tax structuring), Victanis and Peter Woolfrey (commercial due diligence), ERM (environmental due diligence) and Aon (insurance due diligence).

News: from around the world

News: from around the world

Elizabeth Arden, Inc. Announces Agreement to Acquire The Christina Aguilera Fragrance Brands Elizabeth Arden, Inc. (NASDAQ: RDEN), a global prestige beauty products company, recently announced that it has signed an agreement to acquire the global license and certain related assets for the Christina Aguilera fragrance business from Procter & Gamble International.

Internationally acclaimed superstar recording artist Christina Aguilera introduced her first fragrance in 2007. Today her fragrances command a global reach and have seven brands. In addition to being the No. 1 celebrity fragrance brand in Europe, it stands as the most awarded celebrity fragrance brand in this region. “We are tremendously excited with our agreement to acquire the Christina Aguilera fragrance license,” said George Cleary, President Global Fragrances at Elizabeth Arden. “This stellar brand is one with a global footprint and a significant international presence in Europe. This acquisition is consistent with our strategy to acquire brands to grow our fragrance business on a global basis, and we look forward to working with Christina to advance the success of this luxury, longstanding fragrance brand.” Christina Aguilera said, “I really enjoy developing my fragrances and I am excited to continue the process with Elizabeth Arden. Their commitment to creating fragrances is important to me and I know they will do a great job helping me deliver top quality product to my fans.” Terms of the transaction were not disclosed. The transaction is expected to close in the first quarter of fiscal 2017 and is subject to customary regulatory approvals. Elizabeth Arden is a global prestige beauty products company with an extensive portfolio of prestige beauty brands sold in over 120 countries. The Company’s brand portfolio includes Elizabeth Arden skincare, color and fragrance products; its professional skincare line, Elizabeth Arden PRO; the designer fragrance brands of Juicy Couture, John Varvatos and Wildfox Couture; the heritage fragrance brands of Britney Spears, White Diamonds Elizabeth

Taylor, Curve, Giorgio Beverly Hills, Ed Hardy, Jennifer Aniston, Lucky Brand, Paul Sebastian, Halston, Geoffrey Beene, Rocawear, Alfred Sung, White Shoulders and BCBGMAXAZRIA; and the celebrity fragrance brands of Taylor Swift, Nicki Minaj, Mariah Carey and Justin Bieber. Everett Collection /

Iron Mountain Completes Acquisition of Recall In early May, Iron Mountain Incorporated (NYSE: IRM), the global leader in storage and information management services, announced the completion of its acquisition of Recall Holdings Limited as a primarily stock transaction for approximately $2 billion (US). With the acquisition, Iron Mountain acquires the entirety of Recall’s global operations, including all facilities, vehicles, employees and customer assets and excluding operations to be divested in accordance with regulatory agreements in the United States, Canada and Australia; the acquisition of the Recall business in the UK remains subject to regulatory review. Additionally, Iron Mountain appointed Recall directors Neil Chatfield and Wendy Murdock to its Board of Directors, who are included among director nominees standing for election at the company’s upcoming Annual Meeting of Stockholders on June 17, 2016.” Increasing regulations, ongoing security threats, and the need to turn data into business value has elevated both the complexity and priority of managing information and assets. From business records to data to valuable items like art, the stakes have never been higher for organisations of all sizes to ensure their most critical assets are protected while able to be accessed immediately. They require a partner located where they are with the right combination of trust and security to protect what matters most, while also providing expertise and product and services designed to get the most out of those assets. And they need to be sure that as their business matures and changes, their partner can scale with them – supporting their growth across geographies and into new industries. “Today marks an important milestone for Iron Mountain, and we welcome our new colleagues from Recall as well as their customers and shareholders into our company,” said William L. Meaney, president and CEO of Iron Mountain. “This acquisition significantly boosts our vision to serve as the trusted guardians of our customers’ most important assets, as it expands both our services and footprint for better assisting them with their storage and information management needs. That trust is a cornerstone of our business, whether it’s securing the strategic value of information and assets or continuing to develop innovative products and services that give customers improved access, control and value from those assets. We’re now strongly positioned to deliver on our strategic and financial goals, drawing on the combined capabilities and expertise of both companies to ensure a superior customer experience across the globe.” For more on Iron Mountain’s acquisition of Recall, please visit Iron-Mountain-Recall-Acquisition.aspx. Acquisition International - May 2016 7

RICHARDTYLER I N T E R N A T I O N A L Richard Tyler International, Inc.® , a world leading Training and Management Consulting firm with a worldwide reputation for delivering powerful sales education programs and managementconsulting services. A group of proven professionals with extensive experience ranging from Fortune 100 companies to business start-ups. Teaching success philosophies and techniques in such areas as Sales, Leadership, Management, Customer Service and Quality Improvement. Our team can increase growth and sales for large corporations as well as, small to medium-sized businesses. We can help you to drive your business in a more profitable direction!

Remember, your success tomorrow is in direct proportion to your ‘Commitment to Excellence®’ today.™


Richard Tyler International, Inc.® 5773 Woodway Dr., Suite 860, Houston, TX 77057-1501, USA Tel: (+1) 713.974.7214 | Web:

News: from around the world

News: from around the world

Warburg-HIH Invest Acquires Global Gate II in Düsseldorf from the Allianz Versicherungs-AG Insurance Company In early May, Warburg-HIH Invest Real Estate (Warburg-HIH Invest) acquires the office property “Global Gate II” in Düsseldorf for the open-ended property special fund “TOP 7 Deutsche Metropolen Immobilien Invest” launched for institutional investors in cooperation with NORD/LB Norddeutsche Landesbank. The property, which is located in the Düsseltal district, is sold by Allianz insurance group.

The second compound of the Global Gate II office centre, which was completed in 2003, has a total lettable space of 13,436 square metres. The main ten-storey building block stretches out along Grafenberger Allee, a smaller six-storey compound is attached in the rear and connected to the larger compound via the entry hall. Occupancy in the building is 84 percent. Its anchor tenants are HUK-Coburg, which occupies a total rentable space of 2,831 square metres, and Luxury Fashion Trade GmbH. Other tenants include Chubb Personal Insurance and the travel agency BCD Travel Germany. The average remaining lease term is 3.8

years. The remaining units are let through the letting management of HIH Real Estate. “We are pleased about acquiring this attractively located property that can be rented out flexibly and offers additional upside potential,” says Hanno Lehmann, Managing Director of Warburg-HIH Invest. “Demand for office properties is very high and Düsseldorf is a strong location both from an economic and a demographic point of view.” Frederik Lammersen, Fund Manager at Warburg-HIH Invest adds: “This is the third property, after Palais Behrens (Berlin) and TurmCarrée (Frankfurt/Main),

that we acquired for the TOP 7 investment fund. Despite the extremely short supply in Germany’s metropolitan locations, we fully met the demanding investment criteria. The most compelling features of the Global Gate II scheme are the state-of-the-art office accommodation and the existing multi-tenant structure.” On the buyer side, Hogan Lovells International LLP provided legal advice in this transaction. The vendor was advised by the brokerage firm CBRE Düsseldorf and the law firm CMS Hasche Sigle.

Acquisition International - May 2016 9


Mid Market Top 50 Novimmune is a privately held Swiss bio-pharmaceutical company focused on the discovery, development and commercialisation of antibody-based drugs for the targeted treatment of inflammatory diseases, immune-related disorders, and cancer. We spoke to the firm’s Eduard Enrico Holdener to find out more about his company, and how they fulfil their ultimate goal of bringing new medicines to patients in need.

Name: Eduard Enrico Holdener Email: Web: Address: 14 Chemin des Aulx, 1228 Plan-les –Ouates, Geneva, Switzerland Phone: +41 22 839 71 41

First of all, could you possibly give us an overview of the antibody-based drugs you have been involved in? To date, Novimmune has generated several therapeutic antibodies (mAbs), specific for clinically validated as well as novel targets which are in various stages of preclinical and clinical development. Furthermore, the company has been purposefully targeting a number of orphan drug indications, driven by the hope of providing safe and effective treatment options to some of the often neglected populations suffering from rare diseases. As such, each of our portfolio products has the potential of becoming a new medicine for multiple medical conditions due to their intrinsic mechanism of action. Four of these compounds are currently in clinical development with the most advanced in clinical Phase III, the last step before approval and commercial launch. In cases where the mechanism of a discovered antibody indicates broader applications, Novimmune partners the development of the compound with larger pharmaceutical companies. For this reason, the company has partnered its anti-IL17 mAb compound with Genentech / Roche. In addition, based on a new, very innovative, proprietary technology platform, Novimmune has created two bispecific antibodies for the field of immuno-oncology with undisclosed additional targets as they are still in the discovery stage. Could you give us a deeper into some of the antibodies you are are currently working on? The most advanced compound in clinical development is NI-0501, an anti-interferon gamma (IFNγ) fully human mAb being developed for the treatment of hemophagocytic lymphohistiocytosis (HLH). This disease is characterised by an uncontrolled hyper inflammatory response for which IFNγ plays a pivotal pathogenic role. HLH is lethal if untreated, and can occur as a primary, genetically driven form which is present most often in infants and young children, and as a secondary form triggered for example by an autoimmune disease (e.g. rheumatoid arthritis), an infection or a malignancy. While hematopoietic stem cell transplantation (HSCT) represents the only cure for primary HLH, remission or low disease activity must be present in order to proceed with HSCT. NI-0501 has the potential to induce remission of active HLH both in patients suffering from primary forms prior to HSCT (preliminary data already published) and in patients

10 Acquisition International - May 2016

with secondary forms of HLH (study about to start). The medical need in HLH is extremely high, with the latest reported mortality for primary HLH being at 40-50 % using the current best available care, immuno-chemotherapy. This involves the administration of a number of drugs not approved for the treatment of HLH, with significant toxicities increasing the already high morbidity and mortality in this patient population. NI-0501 could become the first approved medicine for these patients in dire need for better treatments. The second program in clinical development is a monoclonal antibody directed against the molecular target Toll-Like Receptor 4 (TLR4), NI-0101. TLR4 pathways are major contributors to the innate pathological inflammatory response after acute and chronic tissue damage as well as after recognising pathogen-associated molecules (e.g. lipopolysaccharides) and are thought to be relevant in the pathogenesis of diseases such as rheumatoid arthritis (RA) and sepsis. NI-0101 is the first mAb developed to block TLR4 and a phase two study in patients with RA (i.e. first testing for efficacy in humans) has already been cleared to proceed from regulatory authorities in the US and UK. New drugs in the area of Immuno-Oncology have recently gained increasing importance in the battle against cancer and Novimmune has generated two bi-specific antibody molecules, the first targeting B-cell hematological malignancies (e.g. leukemia and lymphomas), and the second targeting solid tumor (e.g. ovarian cancer). The first bispecific antibody will enter clinical development in early 2017. Looking more at the R&D aspect of your company, what types of research is your company currently engaged in? In addition to the compounds in clinical development, all of which originate from Novimmune research laboratories, the company has more recently developed two unique and proprietary antibody generation platforms — a monoclonal antibody platform and a bispecific antibody platform — designed to streamline the identification, production, and characterisation of fully human antibodies. Novimmune also makes these technology platforms available to create unique antibodies at the request of pharmaceutical companies. Our recent research collaboration with Baxalta is a perfect example of this partnering approach.

Mid Market Top 50

As part of your partnering approach, what sort of academic connections does your team have? Novimmune has intense research collaborations with over 50 institutions in Europe and the US. NovImmune S.A. is also beneficiary of two EU grants and coordinator of a third one called “FIGHT HLH” (FP7). The clinical study work is currently nearly exclusively done in academic hospitals on both sides of the Atlantic. For NI-0501, there are currently 15 sites collaborating with Novimmune in Europe and 6 in the United States and a number of additional sites are in the process of being opened. Could you outline something about the ethos and values that underpin what you do at your firm? In order to be successful in our mission, to bring new medicines to patients in need, our philosophy is to innovate based on excellence in science and clinical research. Any new initiatives and projects we embark on have to offer the potential to be ground breaking and revolutionize treatment of the disease that is targeted. In addition, Novimmune follows strictly ethical principles in its programs, and by adopting such research ethics and ensure that they are done in good, just and scientifically appropriate ways. In addition, GLP, GMP and GCP guidelines provide the operational boundaries to carry out appropriate drug development. As a company working in a highly competitive industry, what do you believe sets you firm apart from your competitors? Novimmune’s portfolio is unique in the sense that all four of the actively pursued assets as described above have distinct differentiating features from competing approaches. They are a combination of first in class, first in disease, or accompanied by a response predicting biomarker program complemented by strong intellectual property

What role do your people play in the success of your firm, including your management team? In total, Novimmune has currently 122 highly qualified R&D employees of 16 different nationalities. There are 25 PhDs and 5 MDs in the various departments of the company, and the average age of the staff is 38 years. These people are managed by a highly experienced Executive Management Team with more than 100 years’ professional experience in the bio-pharmaceutical industry. Moreover, Novimmune has the tradition of offering positions to interns and students of various Universities to complete their engineering, masters or doctoral thesis work. Several of these young scientists ultimately become full-time employees of the company. What major trends are you facing in the biopharmaceutical industry? The focus on rare diseases has attracted an increasing number of biotech companies and also large pharmaceutical companies to engage in this class of diseases as they are characterised by a high medical need and most often no drugs specifically developed to address these diseases. However, over the past few years, driven by increasing interest from a medical but also commercial point of view, more products have been brought successfully to the market. Many more thousands of these orphan diseases are still waiting for effective and safe therapies. Across the whole development cycle for the generation of new medicines in this, considerable drug development experience is required and often very specific disease related skills, too standard development processes are in fact often only partly applicable.

Looking towards the latter half of 2016 and beyond, what are the major challenges facing your company? The most important challenge is to keep the high required level of quality, in spite of significant increases of trial activities, and meet the set timelines. In addition, the monitoring of drug availability represents a significant challenge, as the epidemiology of these diseases is not always known. As our most advanced program is for an ultra-orphan disease (primary HLH), close, open relationships with regulatory agencies are paramount to identify the best and fastest way forward to bring our new medicine to these very sick children. As often happens when a drug is specifically developed for a rare disease, the dissemination of scientific data about the development program influences significantly the identification of new cases of the disease, particularly due to better and earlier diagnosis. Consequently, the communication with the treating physicians is extremely important. In addition, Novimmune will have to pay particular attention to reimbursement policies in view of the increased pressure on drug prices in orphan disease. Early market access opportunities will also be explored in the coming months. Ultimately, the fact that Novimmune is developing the first targeted medicine in a potentially lethal disease (primary HLH) for infants and young children is an inspiration to all of our employees and maintains a high level of motivation for all of us towards success.

Acquisition International - May 2016 11

Tecres partners with Keensight to create Demetra Holding, in order to build the independent worldwide leader in bone cements and biomaterials for orthopaedics and spine


Advisors to the buyers: Strategic due diligence


Tecres, a leading medical technology company dedicated to the development of bone cements and bone substitutes and Keensight Capital, a leading player in European Growth Private Equity, today announce an investment in Demetra Holding, to create the independent worldwide leader in the bone cement and biomaterials space. This new Group, led by Tecres’ shareholders, combines two of the major players in the field of bone cement and biomaterials, Tecres S.p.A. (Italy-based) and aap Biomaterials GmbH (Germany-based) which will continue to act as separate entities with their own respective business strategies. The two companies have been able to position themselves as leaders on their respective segments through different business models and distribution strategies. Historically, aap has been focussing on the Contract Manufacturing (CMO) model, leveraging its solid reputation and high quality standards to supply world leading orthopaedic groups with its white-labelled products, while Tecres has developed its own-branded product line worldwide through disruptive product innovations such as the Spacer®, the first temporary prosthesis to treat post-operative infections and double antibiotic cements. Following the transaction, the two businesses will continue to act separately and to develop their business and commercial strategies. Moreover, this combination will allow the two entities to benefit from numerous industrial and R&D synergies, including biomaterials know-how, which shall foster the companies’ growth. Both management teams and operations will stay in place, with Tecres being led by Denis Faccioli (CEO) and aap Biomaterials by Daniel Zukowski (CEO). Demetra will count about 140 people and will operate in over 70 countries.

PARTIES INVOLVED IN THE OPERATION: > Investors: DEMETRA HOLDING (TECRES), Denis Faccioli, KEENSIGHT CAPITAL, Pierre Rémy, Jaana Grüter, Magdalena Svensson, David Piccoli, > Investors advisor (strategic due diligence): AVICENNE, Ali Madani > Investors legal advisors: PAUL HASTINGS, Olivier Deren, Sébastien Crépy, Allard de Waal, Thomas Pulcini, CPARTNERS > Advisor (financial VDD): Ernst & Young TS, Stéphane Seguin > Vendor financial advisor: ALTIUM, Sascha Pfeiffer, Raiko Stelten, Fabian Gehlhaar > Vendor legal advisor: TAYLOR WESSING, Dr. Thomas Dörmer, Marc-Oliver Kurth, Dr. Martin Rothermel

About AVICENNE Since 1990, AVICENNE team members have been working within the medical device industry for strategic and operational studies. They have advised major players in this industry (Medtronic, Stryker, Zimmer Biomet, Depuy, etc.) on development strategy and implementation, technical and economic appraisals as well as mergers and acquisitions. AVICENNE has also advised multiple Private Equity firms on acquisitions (US$ 50M+ value) and build-up. Additionally, AVICENNE have worked as consultants for small & medium-sized companies on entry strategies for new markets, adjacencies or new geographic territories as well as business model improvements and partnership strategies. Globally, AVICENNE has been involved in more than 400 projects for 150+ customers in the Medical Devices Industry. Avicenne has published several annual surveys like “European Orthopaedic Market 2015-2020” or “Worldwide Orthopaedic Contract Manufacturing market 2015-2020 and top 100 supplier profiles”. Ali Madani founded AVICENNE in 1992 and he is the speaker and chair at several medical device conferences worldwide. In 2005, he founded “IMPLANTS”, a medical device industry conference and exhibition, which he has chaired ever since. Contact:

Asian Environment Singaporean Solutions Swiss Tradition S.E.A. Asset Management is a Singapore-based independent Financial services firm offering customised asset and fund management solutions for private and institutional clients since 2007.� IF16059

CEO of the Month – UK


Company: NGIM Holding Name: CEO Can Nuhoğlu Email: Web Address:

Germany Energy & Resources Deal of the Year for the NGIM Holding Acquisition of Solarion AG Transaction Established in 1982, NGIM Holding is an Istanbul based company offering solutions in the areas of construction, chemistry, technology and energy. The company’s CEO Can Nuhoğlu reveals more about the company and the acquisition of Solarion AG. With over 500 employees and a yearly turnover of 85M USD these are exciting times for the company. Our aim is to become a responsible solution partner and an integrated systems provider with an understanding of contemporary quality and environmental consciousness. In terms of the holding companies we invest, in the construction industry we have been working with Nuhpanel, a flagship company of the holding and a manufacturer of sandwich panels for industrial buildings. Multiplan, Europe’s 3rd biggest manufacturer of waterproof membranes (TPO and PVC) is another stand out investment of ours in the construction industry. In the Chemistry industry our main investment is Nuhpol, a producer of base polyester and polyether polyol for rigid and semi flexible polyurethane. In the Technology sector we have two outstanding companies; Grafentek and Smarte who specialise in Nano coating applications such as long lasting lightweight batteries and machine to person communication respectively. Lastly for the Energy sector, we have established OC3 AG, a manufacturer of high tech, industrial rooftop solar panels and flexible CiGS solar cells for cutting edge projects, based in Germany. Although the Arts and Lifestyle sector isn’t typically considered to be our core market, we have two important institutions; Gaia, a contemporary art gallery in the cultural heart of Istanbul and Atom, a designer and manufacturer of luxury yachts. In the Energy sector, solar companies have faced a serious financial crisis in recent years. The price pressure of Chinese competitors, deregulation in

many developed countries and market saturation has led to many companies filing for bankruptcy. However like many crisis, there is always an opportunity. This sector always needs innovative ideas and new ways to integrate green energy to people’s everyday lives. So entrepreneurs and companies who had such ideas and enough capital now have access to many facilities with more than enough machine parks and know how. On the other side, the running costs of these facilities are often quite high since they run on high technology. Therefore the trick is having a portfolio of innovative and marketable products that can be mass manufactured in these facilities. Scaling and versatility is a must have checkpoint for M&As in Energy sector. In regards to the deal itself, Solarion AG was one of the biggest manufacturers of CIGS flexible solar cells. However with the cell efficiency developments in Crystalline Silicon cell technology, CIGS cells became financially obscure. Bounded by several promises given to state and investors, Solarion AG was unable to catch up with market conditions and fallen into an inevitable insolvency. According to German insolvency rules, an Insolvency agency has taken over the company and their task was either selling the assets of the company as a whole package or setting up an auction for partial sales. At this stage, sales manager of former Solarion AG has contacted us knowing that our Holding had ongoing R&D activities for a new solar module design and he asked us if we are interested in an acquisition.

Acquisition International - May 2016 15

We have made several visits to the site and arranged a full scale due diligence process with a very well established law firm specialised on M&A. After careful considerations, we have decided that investing in this production site, machine park, patents and know how would be immensely feasible.

After you prove this deal perfectly suits the long term strategy of the company, you have to start asking hard questions; like Why the other party is selling the company? What made them fail? What can make you fail in the future? What are the obvious risks? And what are the hidden costs etc.?

In total the money spent on the facility, including machinery is around â‚Ź110m with the current book value estimated to be around â‚Ź47m.

For this process the acquirer needs a very competent due diligence agent. Last but not least, after every fact has been checked and every number has been crunched, the gut feeling of the deal should be ok. If the deal seems too good to be true, or if you are feeling that you are ripped; I think both situations will prove themselves to be true in the end.

We have also invested an amount that we do not want to disclose; for a debt and liability free asset transfer. In order for the transaction to be a successful process you have to define what actually your company needs and why you are planning to do this transaction. Without a proper strategy and a long term plan, even the best looking deals can turn into nightmares.

16 Acquisition International - May 2016

If we take a closer look at the industry, we think clean energy solutions are booming again. There is more and more awareness everyday about global warming and at a Paris conference we saw that governments cannot stay silent about it too.

Working in a competitive industry has increased the need for us to identify innovative ways of differentiating ourselves from our rivals. In OC3 AG, a former Solarion AG, we have a three-layer energy concept, energy production, energy storage and energy preservation.

In many countries, including developing and nondeveloped countries, the focus has been on executing long term plans to shift from fossil fuels to green energy in near future. For example, a fast growing and very young Turkish economy with a hunger of energy resources will aggressively invest in solar power plants for converting more than 25% of its energy sources to become green by 2023.

For these three layers, we have several patented products. For energy production, we have flexible CIGS solar cells which have the best weight to energy raito in the world and literally can be applied to anywhere, including harsh environments of space. We also have an industrial type frameless solar module design which has 1/3 weight of conventional solar modules with same power output.

We honestly think that society is ready to make this green energy shift. However financial institutions are failing to catch this trend. There are too little financing options for green energy manufacturers and end users. This is extremely surprising since setup costs and breakeven points of the investments have extremely improved in recent years. Any solar instalment is capable to work for 25 years with system breakeven points around 6-7 years. Still, banks and financial institutions do not consider solar investments as solid investments.

For energy storage, our holding company Grafentek GmbH works on flexible batteries and more efficient Graphene batteries; instead of very old Lithium technology that we currently use. Maybe the most important part is energy preservation; and for this, two of our technology companies work together. Grafentek GmbH is manufacturing electrochromic window films that change colour with electricity; which reduces the loss of A/C energy especially in

summertime around 25%. Meanwhile our software company Smarte is currently providing market with self-learning and adapting energy control tools, for both B2B and B2C. Looking ahead to the future, the Insolvency agency is very happy since they have completed a deal before going to the auction phase. The former owners of Solarion AG are happy since they have participated in a deal with professionals like us who appreciate their technology, know-how and work as hard on them as their legacy. We are happy that we have found an opportunity that suits our long term goals like a lego piece. In the short term, we would like to dominate the Turkish and European industrial rooftop solar market with our industrial solar module design. There is huge potential and this is a market that we know well. Our mid-term goal is to combine our solar modules with our energy storage ideas and start providing off the grid systems worldwide. Thanks for evaluating us to be a part of your magazine and giving us this precious award. We are working hard to reduce the carbon footprint of our clients and heal our planet through green energy. We are open to any ideas around the world, universities, scientific institutions and ambitious entrepreneurs with exciting ideas. We believe that technologies and society only grows healthy via sharing.

Acquisition International - May 2016 17

Private Equity Company: Bureau van Dijk E-Mail: Web Address:

The value of private equity transactions was sky high in the second half of 2015 as USD 298,166 million was invested, reaching its highest level for a six-month period since the first half of 2007. The result followed an impressive opening to the year, when USD 246,848 million was injected. Despite the increase in value in the second half of 2015, volume actually declined on H1, sliding 4 per cent from 3,278 in the first half of the year to 3,157, according to Zephyr, the M&A database published by Bureau van Dijk. Despite the drop, volume was still higher than for any other six month stretch in the entire period under review, dating back to the beginning of 2006. 2016 has gotten off to a fairly slow start, in keeping with the overall trend for M&A transactions in the year to date. So far there have been 1,734 transactions worth a combined USD 124,906 million signed off in 2016. Based on these results, and if deal making continues on the same trajectory, value is unlikely to reach the heights achieved in H2 2015 and volume could decline for the second consecutive period. This is hardly a surprising development; many sectors have witnessed a drop in deal making at the beginning of 2016, but this was surely unavoidable given the considerable investment notched up in the second half of last year. Although aggregate values do not look likely to break any records come the end of June, we are also not likely to see figures plummet past the levels recorded in 2012 and 2011, or even further back. As is often the case, there has still been some cause for cheer as private equity companies have continued to take part in high value transactions. The largest private equity deal signed off so far in 2016 is worth USD 11,943 million and took the form of an acquisition of US fire alarm and security systems services provider the ADT Corporation by Apollo Global Management, via its Prime Security Services Borrower vehicle. This deal alone accounts for almost 10 per cent of total private equity investment in the year to date. It is followed by a USD 9,374 million buyout of Australian freight logistics player Asciano by an investment consortium

18 Acquisition International - May 2016

comprising Global Infrastructure Partners, Canada Pension Plan Investment Board, CIC Capital, GIC and British Columbia Investment. The parties are carrying out the deal via the Australian Logistics Acquisition Investments vehicle. Others targeted by PE firms since the beginning of January include Chinese logistics trading platform Cainiao Network Technology, mobile phone payment application developer Zhejiang Ant Small and Micro Financial Services Group and US laser and inkjet printer manufacturer Lexmark International. North America has received the most investment from private equity firms so far in 2016. In all the region has been targeted in deals worth an aggregate USD 47,441 million, placing it well ahead of second-placed Western Europe, which notched up investment of USD 29,915 million, while the Far East and Central Asia came third with USD 25,812 million. The same three regions led the way by volume with 667, 520 and 386 deals, respectively. Given the fact that the largest private equity deal of 2016 to date featured a US target it is not surprising to see North America head up the rankings. Of the year’s top ten deals, three had a North American target. These three transactions have a combined value of USD 18,143 million, thereby accounting for 38 per cent of all North American private equity investment in 2016 and just under 15 per cent of all investment worldwide for the year to date. It remains too early to say how 2016 is likely to shape up in terms of aggregate private equity investment value, but what is clear is that deal activity has been slow off the mark worldwide in 2016. Given the record year witnessed in 2015 it may be a bridge too far to expect similar levels again in 2016, but the fact that high value injections continue to be signed off will be encouraging for many.

Sector Talk

Number and Aggregate Value (mil USD) of Private Equity Deals Globally: 2006-2016 YTD (as at 30 April 2016)

Number and Aggregate Value (Mil USD) of Private Equity Deals Globally by Target Sector: 2006 - 2016 to date (as at 30 April 2016

Deal half yearly value Number (Announced date) of deals

Aggregate deal value (mil USD)

H1 2016



Zephus classification (target)

Number of deals

Aggregate deal value (mil USD)

H2 2015



Personal, Leisure & Business Services



H1 2015



Computer, IT and Internet services



H2 2014






Banking, Insurance & Financial Services


H1 2014 H2 2013



Industrial, Electric & Electronic Machinery



H1 2013














H2 2012



H1 2012



H2 2011



Transport, Freight, Storage & Travel Services

H1 2011






H2 2010






Public Administration, Education, Health Social Services


H1 2010 H2 2009



Property Services



Chemicals, Petroleum, Rubber & Plastic



Hotels and Restaurants



Mining & Extraction



Food & Tobacco Manufacturing



H1 2009



H2 2008



H1 2008



H2 2007



H1 2007



H2 2006



Metals & Metal Products



H1 2006






Number and Aggregate Value (Mil USD) of Private Equity Deals Globally by Deal Type: 2006-2016 to date (as at 30 April 2016) Deal type

Number of deals

Aggregate deal value (mil USD)

Institutional buy-out



Minority stake Acquisition Management buy-out Capital increase

29,146 2,322 1,458 443

813,522 505,626 59,866 45,611

Management buy-in












Number of Private Equity Deals by Region: 2011 - 2016 YTD (as at 30 April 2016) World region (target) North America













Western Europe Far East and Central Asia Eastern Europe Africa

1,512 610 141 63

1,578 465 148 72

1,719 486 132 101

1,955 684 153 119

1,978 1,460 186 94

520 386 49 40

South and Central America Oceania Middle East

110 78 63

117 86 68

119 61 104

107 75 76

125 67 92

31 20 16

Financial Services Both the volume and value of mergers and acquisitions (M&A) targeting financial services companies worldwide increased in the second half of 2015, according to Zephyr, the M&A database published by Bureau van Dijk. In all there were 7,116 deals worth a combined USD 595,450 million targeting the sector announced over the six months. In keeping with the overall global trend, 2016 has started slowly. So far there have been 4,009 deals worth an aggregate USD 173,576 million signed off in the year to date. Should results continue in this vein we are likely to see results for H1 2016 decline when July rolls around. However, the second half of 2015 was a particularly active period for deal making and the USD 595,450 million invested over the six months represents the largest half yearly amount since the second half of 2008, when USD 957,463 million was injected into financial services providers. Despite the high aggregate value, volume was not exactly record-breaking, if still reasonably impressive. The 7,116 deals announced over the six months were surpassed in H2 2013, H1 2014 and H2 2014, suggesting that higher individual considerations account for the impressive value figure. The Far East and Central Asia has received the most investment of all world regions in the financial services sector in 2016 so far, having led the value rankings with USD 72,662 million. It was followed by Western Europe with USD 40,433 million and North America with USD 33,172 million. These three regions had their rankings reversed in terms of volume as North America led the field on 1,265 deals, with Western Europe and the Far East and Central Asia coming next with 1,048 and 804, respectively. In conclusion, if the first few months of the year are any indication, 2016 does not look likely to repeat the success of 2015 in terms of deal numbers or values, but after such a busy year for deal making many investors are likely to be pausing for breath before signing off more investments. As such, there is every chance we could see an upturn in activity as the year progresses.

Number and Aggregate Value (Mil USD) of Financial Services Deals Globally by Type: 2015-2016 to date (as at 30 April 2016) Deal half yearly value Number (Announced date) of deals

Aggregate deal value (mil USD)

H1 2016



H2 2015



H1 2015



Acquisition International - May 2016 19


Most Innovative Accountancy Firms of 2016 Lewis Ballard Limited is a firm of accountants based in Cardiff, providing consultancy and advisory services to SMEs throughout the UK.

Company: Lewis Ballard Limited Name: Neil Ballard Email: Web: Address: Celtic House, Caxton Place, Pentwyn, Cardiff, CF24 8HA Telephone: 02920735502

As a company of 24 people we offer a holistic approach to our clients, including business development advice, business coaching, tax planning, inheritance tax services, trusts and wealth management. We help our clients at every stage, from starting a business to their exit strategy, ensuring they maximise results as well as protecting and retaining as much of their income as possible throughout their business journey. Alongside this we provide routine compliance services such as Accounts, Tax, VAT and Payroll. Our Dental and Healthcare clients make up approximately 40% of our businesses. This specialist knowledge has been developed over 30 years and is embedded in our systems. We have strong links with bank managers, solicitors, IFAs (independent financial advisors) and many other professionals which of course means we have the contacts to help our clients succeed. We act for a full range of professions including surveyors, electricians, restaurants, hairdressers, high-net worth individuals and several celebrities. We find that whatever sector they operate in, business owners often face the same issues and that’s where we can help. In regards to the company’s ethos, our approach differs from many other accountants. For a start, we don’t just give our clients the numbers; we explain what they mean and how to improve them. Our main focus is to add value to their business and balance to their lives, by asking them what they want and finding ways to help them achieve it. Balance isn’t the same for everyone, if a business is great, but they have no family time, we help them to build a business that gives them more. If, however, they are happy with their life balance and just want to concentrate on building up their bank balance, we help them maximise their profits. Many business owners pour everything into keeping their business afloat, but don’t have two brass pennies to rub together personally and even worse, end up with nothing at all to retire on. We make sure they get the rewards their hard work and endeavour deserves both now and in the future. We look at the whole picture to help clients structure their business and personal financial affairs to have the success their hard-work deserves.

20 Acquisition International - May 2016

We consider what’s happening in all areas to provide the resources clients need. By becoming both Xero and Crunchboard Gold members we can bring them the most innovative cloud accounting and business analysis solutions and up to the minute advice. We also work closely with external experts T4C to give clients access to grants that help with business development costs and TICN for training on how to successfully invest in the stock market to grow their personal wealth. As well as our highly skilled in-house Chartered Tax Advisors we also refer to external tax specialists to find bespoke tax solutions. We also have links with excellent IFA’s, Solicitors and Bank Managers, who provide the specialist support our clients need. In short we look at the whole picture and encourage clients to do the same in their own businesses and personal lives too. As a business our main focus is on making a difference and that includes for our team. We train and develop them not only professionally, but also personally so they have the skills to connect and understand what our clients need and then the tools to deliver results. They are highly qualified, amazingly committed and brimming full of ideas to continually improve our clients lives. They are all a great reflection of what Lewis Ballard is all about and we are very proud of them. In regards to the challenges the company will face in 2016 and beyond, operating in the accountancy industry has never been more challenging. Major changes to the way HMRC requires information to be submitted are impacting businesses and they are turning to their accountants for solutions. RTI was the first change to the payroll system for 70 years and this has quickly been followed by autoenrolment pensions, with quarterly digital submission of accounts and tax looming in 2018. In this constantly changing environment the traditional ways of doing business are unsustainable and accountants who cling to the past could soon find themselves irrelevant to their clients. Embracing the most innovative solutions is without doubt the best way of making you stand out from the crowd. This enables us to provide the information and advice businesses need to react swiftly to any downward trends and to pounce with confidence on any opportunities as they arise.

Most Innovative Accountancy Firms of 2016

Constant innovation is vital if we are to keep businesses ahead of change and as a team we constantly assess what we offer to see if it meets our clients’ needs. By challenging the perception of the services accountancy firms can provide to businesses we have helped businesses prosper during challenging times, so they in turn can create jobs and stimulate the local economy.

Through the internet and cloud technology the world has become a small place and competition therefore can come, not only from local competitors, but also from global organisations offering cheap solutions to small business owners. In the millennial generation new businesses owners are looking for a different approach. Their lives have been built around quick, easy and inexpensive solutions at their finger-tips, so they could be easily seduced by these offerings. By incorporating these new technologies into a more valuable and effective business consultancy service, accountants can appeal to and communicate with this new generation more effectively.

We are totally blown away by winning this award. We realise that the world of business is a whirlwind of change and we need to keep ahead of things to ensure our clients’ businesses keep prospering. The challenge to stand out in a crowded market place will remain throughout the 21st Century and only with dedication to continuous innovation to improve both the services we offer and the ways that we market them will accountants remain relevant to our clients.

Acquisition International - May 2016 21

Mid Market Top 50 1605AN54

Mid Market Top 50 Company: Proton Partners International Ltd Name: Liz Richards Email: Liz.Richards@ Web: Address: Proton Partners International Ltd, Life Sciences Hub Wales, 3 Assembly Square, Cardiff, CF10 4PL Phone: +44 (0) 1633 810 661

Proton Partners International Ltd is a company formed by UK based and international cancer and healthcare specialists. As it stands there are currently no high-energy operational Proton Beam Therapy facilities in the UK, however there is a growing need for more specialised care. Proton Partners aims to build three Proton Beam Therapy centres across the UK. Below, the company sets out how it aims to revolutionise the treatment of cancer in UK.

Proton Partners believe that cancer patients deserve the best possible care without needing to leave the country or spending huge amounts of money and therefore we want to make sure that Proton Beam Therapy is a treatment that is available on a suitable scale within the UK. Simply speaking, Proton Beam Therapy is a type of radiotherapy used in cancer treatment, delivering heavily charged protons in a more targeted manner to reduce damage to peripheral tissue and organs. Protons deliver the same damage to cancer cells as traditional radiotherapy, however they can be controlled to stop at a defined point in the body. The sharp cut off that means Proton Beam Therapy is a much more targeted form of treatment, compared to traditional radiotherapy, which lowers long-term side effects significantly. In the UK, there are more than 150,000 cancer patients treated with traditional radiotherapy every year, however it is estimated that at least 10% of these patients could be better treated with Proton Beam Therapy. Our services will be available to NHS patients from England, Scotland and Wales, as well as medically-insured private patients and self-paying patients with each centre having the capacity to treat up to 500 unique patients a year. The three centres will provide an all-encompassing cancer service for patients, comprising of radiotherapy, chemotherapy and diagnostics. Our plan is to network the three centres together into an eco-system to help advance Proton Beam Therapy technology from a patient perspective, rather than a manufacturers perspective, and develop greater outcomes for patients. Ultimately, the spirt of our centres is to beat cancer. This therapy is not a panacea but it does make a real difference for patients and will help to revolutionise the level of care that is currently available in UK. Looking beyond the UK, the global incidence of cancer is soaring due to rapidly ageing populations in most countries. By 2020, it is expected that there will be 20 million new cancer patients each year, 70% of whom will live in countries that have less than 5% of the necessary resources for cancer treatment. Globally, there are currently 44 operational Proton Beam Therapy facilities, which between them have treated over 95,000 people. Dutch, French, Italian and Swedish studies show that between 10% and 20% of patients receiving radiotherapy would in fact be better off with Proton Beam Therapy. This level of demand would mean a requirement for 18 centres in UK, far more than the two currently 22 Acquisition International - May 2016

planned by the NHS. Most European countries are now planning for at least 10% of radiotherapy to be delivered by protons. Over 1,000 clinical studies are in progress and it is likely that further data on long-term toxicity will support a major expansion in this area. If the UK does not make the right decisions today, we will again fall behind in the quality of treatment we will be able to offer cancer patients in the future. In terms of our background, the company was formed in 2015 following discussions between Professor Karol Sikora, former head of the World Health Organisation’s cancer programme, Mike Moran, who has held various executive positions in defence and healthcare in the UK and abroad, Professor Sir Chris Evans, the leading life sciences entrepreneur, and Neil Woodford, founding partner of Woodford Investment Management. The Wales Life Sciences Investment Fund, established by the Welsh Government and operated by Arthurian Life Sciences, has invested in Proton Partners and has been instrumental in establishing the first centre in the UK, which will be based in Newport, Wales. To date, Proton Partners has received almost £100million backing from the Welsh Government and UK investors. With over 30 years of experience in strategic planning and leadership, Proton Partners Chief Executive Officer Mike Moran has been successful in leading the company from strength to strength. Prominent oncologist Professor Karol Sikora has been appointed Chief Medical Director, and Professor Gordon McVie and Mike von Bertele have both been appointed non-executive Chairman and non-executive Director respectively. However, it is not just a few individuals who are behind our success, but all of our people can take tremendous pride in our results so far. At all levels of Proton Partners, our team is committed to ensuring that Proton Beam Therapy has an integral role to play in the future of UK’s battle against cancer. Looking towards the latter half of 2016 and beyond, the biggest challenge for us is the acceptance of Proton Beam Therapy among oncologists in the UK. Their referrals will get patients into our centres. Building upon the UK’s reputation for clinical excellence, and through our existing academic affiliations, our centres will be at the forefront of Proton Beam Therapy research, using patient experience to inform oncologists and drive the improvements in technology.

Global Mobility & Immigration: The 2016 Top 50 Most Innovative Companies 1605CG37

Global Mobility & Immigration: The 2016 Top 50 Most Innovative Companies New Zealand Services is a boutique agency based in Auckland providing a comprehensive suite of services to clients who want to invest, immigrate or study in New Zealand.

Company: New Zealand Services Name: Philippe Meneut Email: Web: Address: PO Box 125 139 Saint Heliers, Auckland 1740 Telephone: +64 21 183 96 19

Since 2009 we have been supporting high net-worth individuals invest, study or visit New Zealand. We also support companies relocating their businesses, opening new subsidiaries, or sending expatriates abroad. Our 15 years of experience in the country have given us a wealth of information and networks we put at the disposal of our clients. Focusing on supporting individuals, families and companies through the visa process is our forte alongside supporting international students who want to study in New Zealand for language courses and higher education. In addition our Investment branch specialise in real estate, business creation acquisitions and other financial products. As a company we believe in bespoke solutions and have developed end-to-end services to ensure all aspects of the project are handled efficiently, assisting our clients in every step of the process. Immigrating to a new country is a life changing event, especially when families are involved in the move. The visa procedure can often be long, complex and stressful. Families have to be informed then settled in the best way possible to ensure a soft landing and maximise the chance of a successful integration. We offer services to help clients settle properly and deal with all matters related to relocation: accommodation and associated needs, education support and assistance for spouses are all included in the service we offer. A large majority of our clients stay with us to deal with their real estate, tax, business and education needs. We have been building long-term business relationships over the years and word of mouth has proved to be our strongest source of new clients. Buying a business or setting up a new one requires a sound knowledge of the business environment, administrative processes and an understanding of local valuation methods. New Zealand services have been designing their products and services around that philosophy: we support our clients from helping them to define and assess the feasibility of their project to their arrival in New Zealand and beyond. 2015 and 2016 has seen us develop innovative services which have been closely watched and discussed with our partners from the Department of Immigration and Department of Education. This has helped us to keep in touch with the latest developments and decisions from those key departments and therefore we can better support our clients navigate the process and increase their chances of success. Our client typology varies according to the services they are seeking: investment, education or immigration. As a general rule, our clients are high-net worth investors, entrepreneurs or middle management to executive level managers. Students

coming for education purposes to New Zealand are usually supported by parents fitting in those categories as well. In addition we participate to specialised fairs in France mainland, New Caledonia and Tahiti targeting events focused on expatriates and studying abroad. Our next event will be the Expat Forum, held on 31 May and 1st June in Paris. Our main focus there will be immigration and entrepreneurship, and we will be coming with listings of business acquisition opportunities. We will bring one of our tax lawyer partners along and our immigration and education advisors will also be present so we can give a global overview to prospective clients. As for selling the New Zealand destination, we must say that this incredible country sells itself really well. We never find ourselves having to convince people that a move to a dynamic economy (less than 5.6% unemployment), where they can enjoy an amazing lifestyle in a safe and beautiful environment is a good idea. In fact people are convinced even before meeting us. Then it’s just a matter of finding the right way to help them get into the country and settle. Since living in the country the founders of New Zealand Services have seen the huge developments of the country. They bring their wealth of experience to our extensive network of clients. Every other member of our team has been through the immigration process as well so we all understand the physical and psychological aspects of the decision making. Some of our staff members have gone onto starting families in New Zealand, so we could say that we have a first-hand experience on the complete process. We are always happy to share our personal tips and tricks to make the experience less stressful and optimise the chances of a successful settlement. We attach great importance to being transparent and realistic with our clients, and we value building long lasting relationships over a quick dollar. These principles are widely shared by all our team members. Looking ahead to the future, our main challenge is to keep expanding our client base while retaining the same level of service. However in order to maintain this, we carefully select our new ventures so we don’t stretch our resources and we have designed our organisation so we can easily absorb overflows through building close relationships with quality providers and sharing our level of commitment. One of our main goals is to expand further than our historical French market. There is space for integrated immigration/investment services on the market and we are now beginning to target the wider European market.

Acquisition International - May 2016 23


Whistleblowing Changes: Is the Financial Services Sector Ready? byrne·dean exists to help create kinder, fairer more productive workplaces. We’re best known for delivering truly engaging training and we have done so in over 30 countries since 2003. We properly understand how workplace problems arise because we used to be senior employment lawyers. With us you get a more effective result in far less time. Company: byrne·dean associates limited Name: Richard Thompson Email: Richard.thompson@ Web: Address: We Work, 1 Fore Street, London, EC2Y 5EJ Telephone: 020 3695 0474

September’s new whistleblowing rules In preparation of September’s new whistleblowing rules, if a firm is captured by the Senior Managers and Certification Regime (‘SMCR’) they are required to have appointed a whistleblowing champion with effect from 7 March 2016 – so many firms will already have appointed a whistleblowing champion. Firms that are not yet captured by the SMCR can voluntarily comply with the changes and appoint a whistleblowing champion at any time. Firms need to be ready for the changes because there’s a mass of focus on whistleblowing right now. For firms falling under the scope of the SMCR the concept of blowing the whistle has changed. This means increased accountability and responsibility for ensuring effective whistleblowing practices. The regulations are not hugely prescriptive and give a lot of room for firms to implement ‘effective whistleblowing practices’ as they see fit. Sounds easy? I’m not so sure it’s as simple as all that. To start with, what do ‘effective whistleblowing practices’ look like? It’s likely that firms already have a whistleblowing policy in place, possibly even an established confidential whistleblowing hotline. The temptation may therefore be to appoint a Whistleblowing Champion and continue operating as normal. But I don’t think this is enough. The key thing we have to do is change the face of whistleblowing. It has a dreadful reputation and there is still a lot of stigma attached to blowing the whistle- it’s still viewed by many as a ‘no go area’ or ‘career suicide’. We need to move away from that mentality and start viewing whistleblowing as a positive thing – after all it is an essential part of a firm’s ability to identify and deal with possible risks in a timely and sensible manner – we only have to look at recent scandals such as LIBOR and Forex to illustrate this point. It’s clear then that escalating issues and concerns in the right way and at the right time is a good thing but people are only going to do that if they feel comfortable doing so. The golden thread of our behavioural work at byrne·dean for the last decade and a half has been to create an environment in which people who feel uncomfortable feel able to put their hands up. To the person causing the problem, to anyone else in the organisation who they think may be able to help or to go ‘outside the box’. Whistleblowing should be seen as part of that. A good

24 Acquisition International - May 2016

internal resource and the right culture will obviate the need for external whistleblowing. To expand on that thought further, someone recently said to me in a training session I was delivering that “if someone blows the whistle it means we have failed”. I hadn’t thought of it this way before, but I wholeheartedly agree. The escalation of concerns, problems etc. should be an organic process, a process in which people feel comfortable and able to approach the people around them to talk about this stuff. It must be seen as business as usual. If bad things are happening, you want your people to think “I should say something”. Because it’s the right thing to do, because they feel that they are an accountable member of staff. If they can’t find the right person to speak to, then they should use the helpline (or perhaps in exceptional circumstances they could report outside of the firm although it is difficult to imagine what those exceptional circumstances would be if the internal stuff is working). This is all about creating the right culture. This is where the role of the Whistleblowing Champion is critical. The Champion needs to do a culture change job. They will need to visibly promote responsible reporting and healthy escalation. They will need to regularly deliver positive messages, act as the culture carrier by setting the tone and role-model by taking ownership of and (for want of a better phrase!) championing everything whistleblowing related. They must be the individual who will visibly push culture change in this area. They are going to need help from all managers/leaders – probably from everyone to do this, in order to truly embed the right culture and remove the fear and stigma. But how can this be achieved on a day-to-day basis? Coming back to my earlier message – it may feel tempting to view the whistleblowing changes from a policy / procedure perspective. But in my view there is so much more that can be done – and all for positive reasons. Now is the time to begin the process of driving culture change in order to step away from our traditional views of whistleblowing, to step away from a process-driven way of thinking so that we can create workplaces that feel safe, that allow people to challenge in the right way, to set the right culture and be truly accountable for everything that we do. Ultimately this is about doing the right thing and managing risk responsibly. It’s about embracing the positive messages and leaving the stigma behind.

Whistleblowing Changes: Is the Financial Services Sector Ready?

Expert advice on how to proceed Firms need to ensure that effective whistleblowing practices are in place by 7 September 2016. The FCA and the PRA have recommended that firms should consider additional training for all members of staff to help everyone to fully understand the changes and what their rights and responsibilities look like in this new landscape. It is particularly important for firms to understand how creating the right culture can be achieved on a day-to-day basis. We are helping our clients to achieve this through: •

Dedicated one-to-one coaching and support with the designated Whistleblowing Champion to help them carefully consider their role and responsibilities along with exploring how they can promote positive messages around responsible reporting by setting the right tone, embedding the right culture and creating a safe environment. Training sessions for leaders to help them understand the importance of whistleblowing under the SMCR, how to identify and address potential concerns and the impact they have in creating the right culture through positive rolemodelling and dealing with concerns effectively and sensibly. All staff training (either face-to-face or online) to highlight their rights and protections under the law but more importantly to highlight the importance of responsible reporting and healthy escalation and get them to see things differently.

About byrne·dean We start conversations in workplaces and provide a language people can use. We make our subject matter straightforward and compelling. We all have experience of working as employment lawyers and we properly understand employment risk. We put legal risk in context and tell people only what they need to know. We also support clients to consolidate their learning by providing ‘how to’ resources (including online), by promoting the use of relational one-to-one conversations, giving HR advice of a strategic nature and about processes. The firm specialises in outstanding and engaging training that: 1. drives change – covering topics such as behaviour at work, inclusion and diversity (including unconscious bias), high performance, ethical accountability and mental health awareness; and 2. builds skills – including relational conversations, effective feedback, disciplinary and grievance, hiring the best.

As expert facilitators with a background in employment law we understand the importance of driving change in the right way. As lawyers, managers, employees and as people, we are passionate about people development, about helping our clients create the environments in which their people will thrive, as a result of which the employer too will thrive. At the same time, the risk of challenge, of getting embroiled in the sort of employment problems that we have spent much of our careers working with, will be reduced. We help our clients to look at things from a different perspective by challenging mind-sets and starting conversations in the workplace. In order to implement true culture change, people need to talk more about the issues at hand. We draw on our knowledge and experience to create stimulating, challenging and effective learning and business support. Our typical clients are professional services firms, financial services firms and other large global corporates. As well as in the UK, we are used to facilitating sessions in the United States, APAC, India, and continental Europe.

Firms that are impacted by the changes under the SMCR should implement training now in order to drive change, foster the right culture and environment and be ready for 7 September 2016.

Acquisition International - May 2016 25


Company: Loughlin Management Partners + Co Name: Richard Zytkowicz – Managing Director, Corporate Finance/LM+Co Capital Email: Name: Patrick Fodale – Managing Director, Restructuring Email: Name: John Krupar – Managing Director, Performance Improvement/ Private Equity Value Creation Email: Web: Address: 20 West 55th Street, 5th Floor, New York, NY 10019 Phone: +1 212-340-8420

Turnaround Management and Corporate Renewal Loughlin Management Partners + Co (“LM+Co”) provides comprehensive services to support client companies including interim management, value creation and performance improvement, restructuring and turnaround advisory, and corporate finance. The latter is delivered by LM+Co Capital, an independently operated and affiliated licensed broker dealer registered with FINRA, SIPC.

Please give us a brief, overall description of your firm does? Loughlin Management Partners + Co (“LM+Co”) is a New York-based boutique financial and operational advisory firm, serving both distressed and healthy middle-market companies and their stakeholders. LM+Co provides comprehensive services to support client companies through interim management; value creation and performance improvement; restructuring and turnaround advisory; and corporate finance, which is delivered by LM+Co Capital, an independently operated and affiliated licensed broker dealer registered with FINRA, SIPC. What areas does your firm specialise in? LM+Co professionals often serve in C-level positions (CEO, COO, CFO and CIO) on an interim basis to help companies develop and execute a turnaround or strategic plan. LM+Co has a proven track record of successfully identifying value creation strategies and implementing sustainable solutions that achieve greater returns during every stage of the investment cycle. As a result of our dual capabilities in both operational/financial advisory and corporate finance, LM+Co is able to communicate a complex story that identifies and articulates EBITDA enhancement opportunities to potential buyers and decisively demonstrate that a transaction based on a higher pro forma EBITDA is warranted.

Richard Zytkowicz

26 Acquisition International - May 2016

Patrick Fodale

How would you define Turnaround Management? Simply stated, turnaround management is about reigniting the true potential of any company. As turnaround professionals, LM+Co is dedicated to corporate renewal by identifying the root causes of trouble in companies and implementing solutions that revitalize them. There is typically a need to quickly assess the situation, analyse the information and develop a plan to transform the company back into a profit-generating entity with limited availability of new capital. LM+Co’s nimble approach allows their turnaround professionals to think strategically but develop practical and sustainable plans that can be implemented quickly. To what extent do you think that Turnaround Management is increasingly important in today’s business world? LM+Co is living in a fast-paced world where technology is impacting consumer patterns and the way LM+Co does business across all sectors. Countless companies are being caught off guard by changes in today’s interconnected business world. The global economy is highly dependent upon macro events where negative financial results due to a substantial supply and demand imbalance in one industry can easily result in a downturn for others i.e. the effect of depressed global energy prices on manufacturing. Companies that are over-leveraged or not adequately capitalized are unable to sustain economic downturns outside their control and will require assistance from a turnaround consultant.

John Krupar

Turnaround Management and Corporate Renewal

Today’s increasingly competitive business environment also requires applying turnaround expertise to healthy companies by making them more efficient and profitable. As consultants, LM+Co develop strategic alternatives and, as turnaround experts, LM+Co also execute and implement the strategic or turnaround plan by partnering with the management team to ensure that companies achieve successful results. The ability to quickly and efficiently assess the situation, provide viable alternatives and advise on potential outcomes creates the foundation of informed decisions.

sold, LM+Co’s exit readiness preparation and sell-side transaction advisory create a compelling story through EBITDA enhancements to increase valuations and the probability of a lucrative sale.

Do you agree that your firm’s work in turnaround and corporate renewal is vital to many firms across the US? Absolutely. After completing more than 600 engagements and restructuring over $100 billion of debt, LM+Co is nationally recognized as a one-stop financial and operational advisory firm.

In restructuring, LM+Co work with companies struggling in the face of increased competition and decreased demand. Owners are sometimes interested in selling the business and our work provides the company with a comprehensive solution that is anticipated to yield: • Preserving and increasing equity value • Refinancing of the company’s secured debt at a lower interest rate, providing greater liquidity • Developing and executing an operational improvement plan that enhances the business’ profitability • Navigating the complex sales process to realize the highest sales price possible for the benefit of the owners

LM+Co has distinguished themselves for 15 years by providing clients with comprehensive and sustainable solutions to financial and operational issues that arise at different phases of a company’s life cycle. In the pre-purchase phase, LM+Co review and assess the company’s organizational structure and functional areas to mitigate risk and identify synergy opportunities. Throughout the holding period, LM+Co help drive revenue growth to keep businesses afloat and maintain jobs while, simultaneously, creating a self-funded offering that maximizes value through revenue enhancement, margin improvement and capital efficiency. Finally, when the company is preparing to be

What role do your staff play in the successes of your firm? LM+Co’s most valued assets are their people and LM+Co pride theirselves on their superior financial and analytical skills. The LM+Co team is comprised of industry leaders with CPA, CFA, LEAN Manufacturing and Six Sigma Black Belt qualifications, as well as exceptional functional expertise in areas such as information technology and supply chain management across a variety of sectors. What differentiates LM+Co is the ability to marry our operational capabilities with an extensive transactional

skill set and relationships to maximize value for LM+Co’s clients. Can you tell us about your client base? LM+Co’s client base is broad, ranging from privatelyheld middle-market companies to private equity firms and top institutional lenders. LM+Co assist small to mid-cap companies across a wide-range of sectors such as energy, healthcare, retail, manufacturing and defence with the development and execution of a turnaround or operational improvement plan. LM+Co’s professionals provide the much needed resources during critical periods and can leverage their strong and long-standing relationships with banks and institutional investors to negotiate consensual solutions in complex matters. What challenges does your company and / or industry face in 2016 and beyond? LM+Co’s challenges are comparable to other financial advisory and consulting firms. Success requires the ability to anticipate changes in the capital markets and industry cycles. LM+Co believe the need for financial and operations-focused advisors in distressed situations will increase during the coming year as sectors like energy, healthcare and retail continue to be impacted by global macro imbalances. LM+Co’s deep bench of industry-specific capabilities, coupled with LM+Co Capital’s extensive transactional expertise raising capital and/or effectuating a distressed sale transaction, positions them well for responding to this uptick in demand.

Acquisition International - May 2016 27

Turnaround Management and Corporate Renewal 1605AC05

Company: Financial Risk Mitigation, Inc. Name: Keith Kreminski, Managing Director Email: Web: Address: Main Office: 2332 N. Arnoult Rd. Metairie, La 70001 Telephone: 504-840-4229

Turnaround Management and Corporate Renewal A fluctuating economic climate, stronger competition, high potential for fraud and thinner profit margins, regulatory scrutiny, and cross border transactions in new and emerging markets – all these factors are driving an increased demand for rigorous investigative due diligence. We spoke to Don Pesquie Jr, Managing Director of Financial Risk Mitigation, to find out more. From our experience, businesses today expect more than cookie-cutter background checks and cursory public record investigations. With millions (and sometimes hundreds of millions) of dollars on the line, clients are concerned with rigorous investigative due diligence charged at a fair rate and completed on time. Above all, it is results that count. Collectively, FRM’s Managing Directors represent more than 100 years’ experience in the corporate investigations industry. The company provides services to many of the most recognizable brands in all industry verticals and has the staffing and resources to conducts investigations on multiple continents. FRM’s clients that have implemented strong controls as a part of their investigative due diligence practices mitigate their business losses, reduce litigation that may result from such losses, and limit regulatory actions against them. As a part of a robust and comprehensive approach, the investigative due diligence services that Financial Risk Mitigation performs for its clients provides the confidence to transact or put into place additional controls to ensure business objectives are achieved. Thorough investigative due diligence, consisting of a background check on a company and its management, reveals the track record for success or the questionable business practices which scream “buyer beware.” In order to meet the demands of its clients, Financial Risk Mitigation sets itself apart from other investigation and consulting firms by its staff, which includes business and finance backgrounds, in direct contrast to competitors who sometime exclusively focus on hiring former law enforcement officers. Many competitors also rely only on electronic solutions as a part of their investigative process, whereas FRM does not. FRM does use electronic resources, but augments this process through in-house and field investigators who directly confirm the electronic data and provide access to off-line data in the form of difficultto-mine sources and interviews of parties with first-hand knowledge of management’s business practices. Results are provided in an easy-touse narrative report with an Executive Summary. Materially significant issues include original source documentation provided in the report. In a recent case before the US Court of Appeals for the Sixth Circuit, the Electronic Privacy Information Center (EPIC) urged the Court to uphold a verdict against a major provider of electronic data which contained false information regarding an employee criminal record background check. The brief submitted by EPIC indicated that errors are rampant in the industry as evidenced by the roughly 1,500 proposed class action suits against such electronic data providers. EPIC urged the 6th Circuit to hold

28 Acquisition International - May 2016

electronic data providers culpable when such providers do not independently verify records when delivering reports. The proprietary internal mechanisms used by Financial Risk Mitigation, Inc., regardless as to whether it is providing an employment report on a member of senior management or whether for a complex cross-border transaction in a high risk environment, include cross-checks of all data against original sources to ensure data validity. Adopting a flexible approach to investigative due diligence is important as some investigations may reveal things as simple as an omission of a prior employer or falsification of educational credentials on a resume, whereas other investigation can be more much more complex and alarming. Turnaround management comes in many forms from acquisitions, bankruptcy buy-outs, evaluating the performance of an entity, and devising a game plan to focus on the causes of weak performance, among other areas. However, all of this starts with the evaluation of senior management’s ability to perform successfully and this is where Financial Risk Mitigation’s reports can provide critical insights. Perhaps the most important differentiator of our firm is that we have spent a long time in this business listening to clients’ needs. Our ability to understand their needs in business terms, and to deliver greater detail in dependable, business-friendly reports is already producing positive results for our clients and continued success for Financial Risk Mitigation as a company. In terms of our clients, we have been working with many major banks, investment banks, sovereign wealth funds, fund of funds, endowments, commercial real estate groups, as well as various other entities in different industries. We primarily do pre-transactional due diligence for the above clients; however, we also get involved when a deal does not materialize as planned. At this point we conduct research to ascertain the viability of legal recovery after the fact. In terms of our team, FRM’s research staff and investigators include specialists with backgrounds in financial analysis, regulatory work, litigation, database research, and direct courthouse research. This team generated the majority of background investigative reports for alternative investors and commercial real estate lenders. Alongside our dedicated staff members, sophisticated systems of quality control and internal security ensure the accuracy and privacy of FRM’s detailed and customized reports. Ultimately, we are confident that Financial Risk Mitigation is well equipped to meet the ongoing demands in our industry, and we look forward to continuing to add clients in the future.

CEO of the Month – UK 1605CG48

CEO of the Month – UK With offices in London, UK and Chicago, USA, Adgistics is a marketing technology solution provider that helps to grow the value of brand assets for global businesses. At the helm of this highly innovative company is Joe Jarrett, who spoke to us to tell us all about their company and learned the secrets behind their success.

Company: Adgistics Ltd. Name: Joe Jarrett Email: Web: Address: 2nd Floor Deben House, 1 Selsdon Way. London E14 9GL United Kingdom Phone: +44(0)20 7378 6777

Adgistics’ history stretches as a far back as the dot-com era, where in 1999 their aim was to enable internet-based capabilities for the marketing and communications supply chain. Working initially in the storage and distribution of marketing assets and collateral, the company’s solutions platform, the Brand Centre®, has evolved in line with the changing demands of brand management and the challenges marketers face. The Brand Centre is a suite of networked technologies that enable companies to optimise and support some or all major marketing operations activities and processes. While it has been developed on solid, proven marketing asset management and business process management, it also matches specific functionality to individual enterprise needs, and recognises that these needs evolve. By doing this, Adgistics ensures optimum uptake, operational efficiency, improved productivity, organisation-wide transparency and contribution to building brand advocacy. As for my role, I have been CEO of Adgistics for six years and throughout this time we have had a lot of successes in terms of new client wins, platform development and expansion of our ‘global footprint’. However, I was insistent that our many successes didn’t compromise our core values of quality customer service, maintaining strong values and integrity and also the desire to continually quest for improvement. To that, Adgistics continues to grow and extend its reach both across business verticals and geographies. In fact, 2015 was our best year to date with increases in client numbers, revenue and profitability. Prior to my role as CEO, my career background has been quite diverse in nature; from being in the Australian Military, then joining Rupert Murdoch’s News Limited, to then joining Quickcut which was my first step into the world of enabling and disruptive technologies. For reasons I couldn’t understand at the time, I embraced the benefits behind the use of new technologies in the workplace. This spans from the introduction of the personal computer, to cell phones to smartphones, and right up to cloud computing and social networking. As such, there is no doubt that the introduction of these technologies has shaken up the status quo and enforced a management re-think.

advertising and marketing sectors, before expanding their footprint internationally. Ultimately, this is what lead me to join Adgistics some six years ago. Despite being immersed and involved with these types of technologies for over 25+ years now, it doesn’t stop me from being continually amazed with the volume and creativity of the ground-breaking technologies being developed and how these advances have and will continue to transform life, business and the global economy. At Adgistics, I think it is our willingness to adapt and embrace new ideas, that it has allowed us to become an international company, and provide for a highly diverse set of clientele. Given the fact that the challenges faced by marketers today is universal in nature and ever evolving, Adgistics solutions are used by brands of all types and nature; from small to medium sized businesses, to large corporate enterprises. Interestingly, in the last 12 – 24 months, the company has seen a lot of traction from brands in the financial, pharmaceutical and healthcare sectors where the volatility in both their respective market conditions and public perception have caused these sectors in particular to consider the best methods to make brand coherent, effective and consistently expressed on a global stage, while taking into account they operate in heavily regulated industries. Looking towards the future, I am very confident that Adgistics will continue to grow in 2016 and beyond. Why? It would be too easy to focus on ‘delivery and results’ and lose sight of what is more important. For continued success, I need to ensure we have clarity on what we stand for, where, why and how we’ll get there. We operate in the world of branding and how brands utilise technology to help them serve their customers better as it continues to evolve at a rapid pace. As such, we must constantly demonstrate that we can deliver with and for our clients. I want Adgistics to be the company our clients look to for inspiration! As for the award, it is certainly an honour to be awarded CEO of the Month - UK, and I would like to thank Acquisition International very much for the recognition! Obviously, being CEO of a company that has such a group of innovative, passionate and professional people who love what they do is something I am extremely proud of, and it makes the job even more enjoyable!

Looking back, I now understand that I needed to be part of this change and as such, after many years championing the use of these types of technologies, I now have extensive experience in building early-stage technology companies from the brand management, Acquisition International - May 2016 29

With over 250 primates of 20 different species, Monkey World is the largest sanctuary of its kind in the world. The monkeys and apes that live at the park are mainly there as a result of being abused or neglected in their previous circumstances. The expert team of primate care staff work around the clock to rehabilitate and integrate the animals into natural living groups. Combining fun with conservation and animal education, half-hourly talks by the dedicated Primate Care Staff explain all about man’s closest living relative. They love to share their knowledge of all the individuals in their care, so don’t hesitate to ask any questions when the talk is over. Pre-bookable guided tours are also available. You can support Monkey World in continuing their rescue and rehabilitation work by taking part in the Adopt a Primate Scheme. Prices start from £25 for the year and include a photograph, certificate, three editions of the Ape Rescue Chronicle and free entry to the park for a year.

Monkey World - Ape Rescue Centre, Nr Wareham, Dorset, BH20 6HH Tel No: +44 (0) 1929 462537 email:

CFO of the Month 1605EA23

CFO of the Month Company: On-Call Restaurant Accounting Name: Mark Rubinstein Email: Web: Address: 1660 Gilpin Street; Denver, CO 80218 Telephone: 855-873-6272

OCRA - On-Call Restaurant Accounting - Mark Rubinstein As the name suggests, On-Call Restaurant Accounting provides accounting and business consulting services to restaurants. Mark Rubinstein, CFO of OCRA, reveals how they provide the utmost accountancy services for restaurateurs.

As CFO, I focus my efforts on the overall financial picture of the firm. The goal is not only to be profitable, but to make sure we reinvest wisely in ways to make our people more efficient and our clients more satisfied. In order to ensure that this process is achieved, I attempt to present a clear direction. I simply demonstrate: here are our goals and here is the strategy to get there. I also solicit input from the team so that not only do we gain the benefit of different perspectives on the way to any solution, but the team also feels a part of the decision making process so there is more buy-in. Furthermore, I’m a firm believer in learning from the lessons of the past. Throughout my experience, I have seen a lot of good and bad financial and human capital management and try to learn from those experiences. When presented with a decision or an obstacle, I take all of the information at hand and reference back to any previous experiences that could be related.

Due to the nature of our business, our mission is tied closely to financial performance as a whole since we provide accounting, bookkeeping and financial reporting services to our clients. As such, our mission is to provide accurate, timely and easy to use financial reporting to the restaurant industry so our clients can run a more successful business. Much like any other successful business, our results come down to a team effort. The people in our firm are our most important asset, and we are service based so our staff has direct contact with each client every week which can make or break the relationship. As a result, they need to be empowered to make decisions, have the knowledge to answer any questions and the personality to make a client feel that they are important. Alongside our client-centred approach, one of our key differentiating factors is that we are focused on a specific industry – restaurants. While many companies provide accounting, bookkeeping, payroll and financial reporting services, not many focus on the specific needs of the restaurateur. Additionally, we strive to make our culture one that focuses on our people as an extension of our clients’ team. Furthermore, we are hands on with data entry, offering opinions about financial statements, identifying possible areas of opportunity, and genuinely caring about our customers’ businesses. Although the emphasis in our industry is constantly try new things, I find this to be difficult as there are always new technologies that may seem ‘cool’ or ‘slick’, but a focus must be held to fiscal responsibility and the overall benefit from any change to the goals of the firm. That said, I always keep my ears and eyes open for innovations that can help our productivity, offering, or bottom line. Looking towards the second half of 2016 and beyond, we plan to continue our growth while increasing our service offerings to our clients. Further utilising technology to increase our efficiency will enable us to serve more clients without compromising our service levels. Over the past seven years, we have averaged 40% annual growth and we look forward to the challenge of not only maintaining that growth but even more importantly doing so while maintaining the same high standards for our clients.

Acquisition International - May 2016 31

Immigration and the Brexit Debate

Immigration and the Brexit Debate Immigration is one of the most hotly debated topics in the lead up to the EU referendum, not least because of the uncertainty surrounding the UK’s ongoing relationship with the EU post-Brexit. Whilst politicians vie for support on each side of the debate, we take a look into the potential impacts of a vote to leave the EU. Although the UK is not currently a member of the Schengen zone, choosing instead to retain control over border checks, citizens from within the EEA still have the right to live and work in the UK as part of its EU membership. As a result, migration from outside the UK would likely remain unaffected, but the reported numbers of EU migrants entering the UK on a yearly basis are almost as high as those from outside of the EU. Therefore, the real question is whether or not free movement would remain in place in the UK post-Brexit. Should the UK’s membership be replaced by an association agreement, there is a strong possibility that free movement would remain in place for EEA citizens, in the same way that Switzerland and Norway have opted to adopt the policy without becoming EU member states. If this were the case, the impact to EU citizens looking to come to the UK would likely be minimal. If, however, the UK opted to end free movement as part of their EU withdrawal, it would almost certainly mean that EU citizens would become subject to the same immigration rules as non-EU migrants, whereby they have to obtain the relevant visa to live or work in the UK. The same will be the case with regards to gaining British citizenship and indefinite leave to remain (ILR). Written by Ono Okeregha of the Immigration Advice Service.

32 Acquisition International - May 2016

Brexit – The Tax Aspects 1605AN19

Brexit – The Tax Aspects Britain leaving the European Union (commonly coined “The Brexit”) has sparked a lively nationwide debate. Opinion polls are split, and even the President of the USA has waded into the muddied waters to give the ‘stay’ campaign some more weight. Graham Busch from Lawrence Grant Chartered Accountants gives Acquisition International a clearer picture of the tax aspects surrounding the upcoming referendum. There are just as many reasons to argue in favour of staying in, as there are for leaving the EU, which is probably why this debate is becoming more intriguing, if not more frustrating for the general public to make a clear decision one way or the other. Name: Graham Busch Email: graham@ Web: Tel: +44 (0)20 8861 7575

This article will speculate on some of the possible tax aspects of a ‘Brexit’ or a ‘Bremain’. I emphasise “speculate”, as it is hard to predict with much degree of certainty how the UK, the EU and other affected countries would react post a Brexit. The War on Tax Avoidance The UK is currently at the forefront (arguably, some would say!) of the global crackdown on tax avoidance. This extends to corporate tax avoidance (profit shifting to lower taxed jurisdictions) and personal tax avoidance and even evasion (as in the Panama Papers affair). A Brexit may allow the UK greater freedom to pursue its preferred attack on “immoral” tax avoidance. A Brexit may also hamper intra-EU information exchanges for the UK and make the obtaining of information from current EU member states more difficult. Brexit supporters would counter this by pointing to the fact that much of the worldwide co-ordinated attacks on tax abuses occurs under the auspices of the OECD (Organisation for Economic Cooperation and Development) anyhow. Cases in point are the 15-point action plan to tackle BEPS (Base Erosion and Profit Sharing) and the Common Reporting Standard (CRS) requiring enhanced cross-border information sharing. Both of these are OECD initiatives. A Brexit would probably detract from neither. Direct Taxes • It has been argued that the UK leaving the EU will allow the UK to provide incentives and reliefs to UK companies only and not to nonUK resident companies. Frankly this seems unlikely. • Similarly, UK personal allowances may no longer be available to EU citizens. This has more legs than the above. • Tax harmonisation has never progressed far in the EU. Therefore, a Bremain will probably not be detrimental inasmuch as EU pressure for the UK to move closer to EU members in terms of tax unification has not been an issue in the past. Tax Directives As an EU member, the UK is currently bound by the following directives: • The Parent-Subsidiary Directive, which exempts an EU subsidiary from applying withholding taxes to dividends paid to an EU parent company. • The Interest and Royalty Directive which exempts an EU subsidiary from applying withholding taxes to interest and royalties paid between an EU parent company and an EU subsidiary. • The Merger Directive, which provides a deferral of tax on mergers (transferring of assets and liabilities from one EU member state to another)

and removes fiscal obstacles to cross border re-organisations. On a Brexit, the above fiscal advantages would be dependent on the relevant terms of Double Taxation Agreements. These would need to be re-negotiated to provide such companies the reliefs they currently enjoy. VAT • A Brexit would not seriously damage the UK’s VAT system. It will however allow the UK to set its own VAT rates and VAT rules, although many would argue that the UK already does both. • Import VAT would possibly become chargeable on goods bought from the EU. • Exports to the EU would possibly be free of VAT to all EU customers. Currently for a UK VAT registered business to avoid charging VAT to an EU customer, the rule is that the customer must be VAT registered themselves in the EU. • The present system for UK businesses not to charge VAT to EU customers depends on the cumbersome “reverse charge” mechanism. This would no longer be needed. The UK’s Competitive Edge A Brexit may also allow the UK to reduce its corporation tax rates and provide other fiscal incentives to attract further foreign investment. The Bremainers would argue that the UK has already announced lower corporation tax rates in 2017 (19%) and 2020 (17%) and already has a benign tax regime to attract overseas companies to the UK (examples are the extremely generous research and development allowance, the patent box, nil withholding taxes on dividends paid anywhere, etc.). All of these are in place despite EU membership. At times, UK tax rules have been deemed to violate EU law, resulting in the UK making changes to tax law that complies with EU law. A Brexit may lead to a reverse of those changes and this will lead to more confusion between intra-group tax affairs within the EU. In Conclusion The tax consequences of a Brexit would depend on what kind of arrangements the UK can negotiate post exit. There will however be some uncertainty during the transitional period if a Brexit is imminent, which will be disruptive for businesses. However, it is thought that there will be a period of time immediately after the referendum on 23rd June 2016 whereby the UK will be able to negotiate any agreements so as not to leave businesses unprotected. The minimum is two years, where Britain would still be considered a part of the EU and therefore must abide by EU law, but may not take part in decision making. The last word belongs to the UK’s business and financial communities, who are largely against a Brexit. Clearly they feel that such a move will erode the UK’s cutting edge as a location of choice for international commerce. Acquisition International - May 2016 33


2016's Ones to Watch in Anti-Corruption Due Diligence

Name: Gregory E. Wolski Company: EY Email: Web: Phone: +1 312 879 3383

Anti-corruption due diligence has become a mainstay in global M&A. Increased awareness of bribery and corruption issues and the rapid growth of international enforcement mean that most sophisticated buyers understand the need for pre-acquisition anti-corruption due diligence in order to manage critical regulatory, financial and reputational risks. Greg Wolski, Partner and CPA in Ernst & Young LLP’s Fraud Investigation and Dispute Services practice, reveals more. If you open any newspaper, and it will become clear that the regulatory pressure for anti-corruption due diligence isn’t going away any time soon. Q1 2016 has already seen significant enforcement on the part of US regulators with one of the 10 largest FCPA enforcement cases to date against an international telecommunications provider, with a settlement in the US of $397.6 million and a similar settlement with Dutch prosecutors, bringing the total settlement to $795 million. Moreover, there is an increasing trend of personal liability with the provisions outlined in the release of the Yates Memo in the US. Further, in the UK individuals have collectively been sentenced to more than 60 years in prison for bribery and corruption violations just in the last 4 years. Beyond the regulatory requirements, acquirers are also under pressure from consumers, shareholders and investors to make responsible and ethical investment decisions. Many institutional investors, especially those with ties to the US, look for investment houses to have established strategies on tackling governance issues within the portfolio, including corruption, environmental and social considerations. Such pressure has undoubtedly contributed to the establishment of the UN Principles for Responsible Investment, which has nearly 1,500 signatories representing $60 trillion in assets. With so much attention being paid to ethical behaviour and the steep penalties for regulatory breaches, it’s no surprise that acquirers continue to take anti-corruption due diligence seriously. However, in EY’s recently issued 14th Global Fraud Survey, 20% of respondents indicated that they do not identify third parties as part of their anticorruption due diligence, and one in three are not assessing country or industry specific risks before an investment. These results suggest that while anti-corruption due diligence is taking place, many companies are still falling short of leading practices and regulatory expectations. Now with the release of the Panama Papers and the ensuing revelations about potential hidden corporate

34 Acquisition International - May 2016

ownership structures, both regulators and the public alike will be pushing buyers to not only scrutinise companies and public officials for signs of corruption, but also for any signs of tax evasion, money laundering and financial crime. If buyers were falling short of due diligence expectations before, an evener broader scope of risk considerations is bound to challenge anyone looking to invest in an increasingly dynamic and global environment. To tackle the question of how far to take due diligence, many of our clients take a risk-based and phased approach. We’re seeing an increased number of buyers undertaking bespoke market entry intelligence in the early stages of the deal, which considers geopolitical and socioeconomic issues in addition to vetting key market players and potential targets. This early identification of risk not only helps buyers understand the impact of any identified risk factors, but also focuses future diligence efforts and helps to develop a mitigation strategy early on. Once the deal moves into the traditional due diligence phase, more focused due diligence can take place whereby the target, management and key third parties can be vetted within the context of the risk environment identified in the early stages of the deal. Even this stage of the due diligence can be phased to facilitate the most efficient process. Anything identified in these pre-close settings is crucial to meeting regulatory requirements, but equally important is the follow-up on any identified risks through a post-close confirmatory diligence exercise. Immediately after closing, the access to information and management means that any issues identified can be thoroughly reviewed and adequate compliance frameworks can start to be established. At EY, we work with corporate and private equity investors who often operate across multiple jurisdictions and in higher risk markets. They may invest in regulated industries or sectors where contact with public officials is a regular aspect of business, and they are often concerned about understanding the regulatory risks and assessing how to manage those risks while achieving growth.

2016’s Ones to Watch in Anti-Corruption Due Diligence

To address these concerns, our clients often engage a range of experienced advisors to help them understand the full exposure to risk of a contemplated transaction. Every aspect of a business’s operations needs to be considered. This means companies often retain forensic accountants to work alongside legal advisors to gain a robust understanding of how business activities and gaps in compliance frameworks translate into regulatory, financial, and reputational risk at an operational level. Further, regulatory statements such as the US Department of Justice’s Halliburton Opinion suggest that regulators have come to expect anti-corruption due diligence that includes forensic accounting expertise. This accounting expertise is invaluable to understanding if a more enhanced phase of due diligence or post-close work is required, including financial record analysis and transaction testing.

In the current environment, M&A activity brings a host of concerns that take us beyond simply considering bribery and corruption risk. The completion of targeted pre- and post-close due diligence can help investors understand their exposure to regulatory action, financial loss or damage to their reputation. Further, and perhaps more importantly, considering the reputational risks early in the deal means that acquirers can take a risk-based approach to their due diligence, making sure that the breadth and depth of their review prevents any post-close surprises.

Acquisition International - May 2016 35

Ones to Watch in IP, 2016 1605CG50

Ones to Watch in IP, 2016 Company: Estudio Colmenares & Associados Name: Luis Gayoso Frayssinet Email: Web: Address: Bolognesi 125, Floor 9, Miraflores, Lima18 - Peru Telephone: 511 4444326

Estudio Colmenares & Asociados is a firm dedicated exclusively to the practice of Industrial Property for clients around the world.

Since 1904 our firm have offered exclusivity in IP services. We prosecute and litigate all kind of IP assets, i.e. Patents, Trademarks, Designs, Commercial names and Domain names. Intangible assets such as brands, know-how and reputation are key to a business particularly as the consumer makes a close relationship between the brand and the product. The protection of brands is mandatory for those firms building a solid base and believing in their products. Any brand which is duly protected and used in the market will be strong and possess value. However you must remember there are several factors which can determine the value and if the brand isn’t protected that value will ultimately not exist. Business leaders create innovative assets, our job as advisors is essentially to ensure that such assets will be duly protected. However the protection will depend on the territory which has its own particular laws and practice.

Our experienced staff in each department work independently and globally when required. In fact most of our staff not only have the experience working previously in the Peruvian PTO but also have the required experience working in an in-house counsel. With the field of IP rapidly growing among global harmonisation, our intention is to keep evolving with such changes. Members of our team form part of the global treaties and we not only have the latest information on these treaties that affect the Peruvian IP practice but sometimes we help to shape them too. Looking ahead to the future adapting to new global regulations will be a challenge but it’s certainly one we are excited about. Furthermore we intend to both support and follow global harmonisation throughout 2016 and beyond.

Acquisition International - May 2016 37

Ones to Watch in IP, 2016 1604CG27

M&M Advocates and Consultants Company: M&M Advocates and Consultants Email: Web: Address: 8/210 Indiranagar, Lucknow, 226016 India Phone: 0091 522 400 6732

38 Acquisition International - May 2016

Ones to Watch in IP, 2016 M & M Advocates and Consultants is a full service Law Firm having its offices at Haryana, Lucknow and New Delhi. We have over the years grown to be one of the leading Law Firms in India. Our growth has come by understanding Client problems and solving them with a practiced combination of legal

and commercial expertise. Our time tested approach, experience and exposure to projects, ventures and transactions in diverse fields have brought us depth, diversity and a high degree of specialization. We have a specialized focus on the prosecution and licensing of the patents and trademarks in India or elsewhere.

2016’s Ones to Watch in Due Diligence 1605BW18

2016's Ones to Watch in Due Diligence Since its establishment, Information Age for I.T. Consultations has helped businesses and organisations reap the rewards of following I.T. market trends. At our company, we focus on a highly diverse range of trends, including natural language processing, text analytics, as well as social media analytics and strategies, to name just a few. Added to our expertise, we are partners with a numbers of international firms including SAS, Microsoft, Citrix, and Face Group. Company: Information Age for I.T. Consultations Name: Dr. Salah Alnajem Email: alnajem@ Web: Address: Ali Tower, Floor 7, Office 9, Abdullah Al Mubarak Street, Al Qiblah, Kuwait City, Kuwait Telephone: +965 90097970

In this regard, we are currently working on an Arabic taxonomy and sentiment analysis project in collaboration with SAS ( The project aims at building the Arabic language processing capabilities that will allow SAS social media analytics system to use Modern Standard Arabic and Kuwaiti dialect for sentiment analysis and taxonomy-based analysis. Furthermore, Forrester Research highlighted our efforts in the field of natural language processing, big data, and text analytics for Arabic in a report published on November 2015 entitled “The Gulf Cooperative Council’s Big Data Opportunity: How The GCC Can Use Big Data to Be More Competitive”. Although we receive a lot of business through client referrals, we implement a number of other strategies to add to our existing client base. In this sense, we utilise the media, web, and social media channels to market our products and services. We are also participating in the local and regional conferences and

seminars to highlight our expertise. In addition, as the firm’s founder and CEO, I offer my firm’s expertise, products, and services to the governmental and private sector agencies that hire me as a consultant or team member. With respect to due diligence, business’ operations should of course be subject to a thorough examination. In order to ensure that this is implemented correctly, a business analyst with enterprise risk assessment experience should be hired to make this examination in order to identify the opportunities, risks, and sustainability associated with any acquisition. The assessment should focus on the operations infrastructure of the business and cover (among others) the following areas: customer satisfaction, products/services, information management, sales and marketing, organisational structure, and human resources. Looking towards the latter half of 2016 and beyond, we are very optimistic about the future of our company. With markets trends constantly changing, we need to always adapt and change with the market, and this is something that we embrace at our company and look forward to adding to the innovations in our industry.

Acquisition International - May 2016 39


Company: PSI-Pay Name: Phil Davies Email: Web: Address: Afon Building, Worthing Road, Horsham, West Sussex, RH12 1TL, UK Phone: +44 (0)1403 788 340

A Tale of Two Wallets

Phil Davies, Managing Director of PSI-Pay gives his personal perspective on American vs European payment ‘wallet’ models. Wallets, or purses, have been around since bartering was replaced by the exchange of goods for currency of whatever variety. Therefore, they were handy means of carrying that currency in case you needed to ‘buy’ something on your travels. Centuries, if not millennia, have passed and we are now in the electronic, or digital, age. The wallet and/or purse are still with us albeit with that all important prefix the ‘E.’ There are a plethora of ‘E’ wallets these days all offering the provision of various beneficial attributes, depending on the requirements of the user but the fundamental reason for being remains much the same. For the purposes of this article I will, briefly, examine just two basic models, comparing and contrasting the differences and why payment professionals should be aware of them. 1: The “American” The first, which I am terming the American, model works primarily on the basis that someone wishes to buy goods online. This model, unsurprisingly, is suited to the American payment culture and transactions are, literally, like for like. This is used for account discretion, security and may also embody a loyalty program. There is no element of stored value and transactions are fully card based and so it may be possible for chargebacks to be passed through, dependent on circumstances. So having decided I’m going to buy something online and flag that with the merchant I will be presented with, typically, a number of payment options which will usually include a wallet alongside the usual payment card options. If I choose to pay by the wallet option, assuming I already hold an account, then the payment I have committed to is cleared and settled via the wallet operator using my predetermined deposit option. Should that deposit, or load, option be a payment card then it is easy for the scheme, and its associated issuer and acquirers, to identify the beneficiary of the funds and have the transaction coded in the most appropriate way since the funds are ‘passed through’ for an end to end transaction, in simple terms anyway. There are many organisations operating wallets of this type, including the card schemes themselves. All well and good so far then. 2. The “European” Now we come to the second, which I’m terming the European, type of wallet. Catering for the many different payment cultures in Europe and feature many and varied forms of load of which cards may be one option.

40 Acquisition International - May 2016


One of the reasons that most of this type of wallet have payment cards attached to them so that a broader range of merchants can be reached and facilities, such as ATM’s, can be accessed. Again this model is used where financial and account discretion and security is desired but this model also, invariably, incorporates a stored value element, including multi-currency capability. Because the load is used to complete a purchase of ‘electronic’ money any chargeback liability must stop with the wallet operator. This type of wallet works in much the same way as a bank current account, the fundamental differences are that E money accounts are not allowed to offer credit so no overdraft. They are also not allowed to allow interest to accrue on outstanding account balances, although there are ways to reward those situations. The most noticeable difference, which is not entirely apparent, is that bank accounts are safeguarded under EU deposit protection schemes up to a specified limit (£75k in the UK, for example). Electronic money is not covered under these compensation schemes but are subject to even greater security stringencies in that 100% of funds must be ring-fenced in compliant safeguarded client accounts which have no financial limits imposed. So it is these ‘wallets’ that have funds deposited in the aforementioned safeguarded accounts that must have those funds deposited, or loaded, before any further transaction can take place. With this type of ‘wallet’ a number of different types of transactions can occur, in much the same way as a bank current account does as mentioned previously, usually including the use of a payment card to access the funds contained therein. It is clear, therefore, that the beneficiary of the funds is the ‘wallet’ operator as funds are stored for future transactions or future multiple transactions. If the funds are deposited/loaded using a payment card then the transaction coding should always be of a financial services nature since the customer is, at this point, purchasing ‘electronic money.’ The customer now has the wherewithal to conduct transactions, at their leisure, as if it were a current account, in fact there is an increasing number of individuals, and SME businesses, that are choosing to use these accounts instead of, or in addition to, bank current accounts. I have, perhaps, laboured the point here but the purpose of this is to highlight the fact that some card schemes are trying to force the second model, as

A Tale of Two Wallets

described, to fit the first type of model which just isn’t realistic, or accurate. My contention, therefore, is that we should have a category of ‘digital account’ for the second model and definitions applied accordingly thus giving full transparency and accuracy. So perhaps the question to ask should be: Q. “When is a wallet not a wallet?” A. “When it’s a digital account!” Phil Davies is the Managing Director of PSI-Pay Ltd. Prior to heading up PSI-Pay, spent eight years with MasterCard Worldwide as Vice President-Business Development. There he was responsible for implementing new initiatives designed to encompass new products, technology and strategic partnership to stimulate growth in emerging markets throughout Europe.

By Phil Davies, MD, PSI-Pay. For more on PSI-Pay and partner sponsorships, visit or follow on Twitter @PSIPayLtd.

Acquisition International - May 2016 41


Company: Vision Consulting Address: The Gherkin, 28th Floor, 30 St Mary Axe, London, EC3A 8EP, UK Phone: 0207 469 4096 Fax: 0870 762 5273 Email: Web:

Ones to Watch for 2016: The Best Boutique Accounting Firm Vision Consulting is a boutique firm of chartered accountants and registered auditors set up to service the business needs of their clients. We profile this dedicated firm and how it achieves this aim. Established in 2002, Vision Consulting was founded on the back of vast experience in accounting, with the firm’s Principal having worked for KPMG for many years, gaining invaluable experience in commercial accountancy. Since inception the firm has grown rapidly, and now serves a variety of clients ranging from individuals with a single residential property to major brands and corporations with vast portfolios. Services offered by the company include forensic accounting, assisting with internal audits, tax investigations, management consulting and full compliance support. By providing such a wide range of services the firm is able to exactly meet the needs of its clients. Vision Consulting is registered with the Institute of Chartered Accountants in England and Wales (ICAEW), which is the oldest accountancy body in the UK. Over 80% of the Companies on the FTSE 100 have a member of the ICAEW on their board, highlighting the prestige that the firm’s membership holds. The company is one of only 2,100 organisations in the world that are recognised by the ICAEW to train Chartered Accountants, which is an exceptional achievement. The firm’s commitment to staff training and technology enables them to serve clients around the world, with the company working for clients based in the UK, Dubai, Bahrain, Monaco, Saudi Arabia, Hong Kong, continental Europe, South America, South Asia and beyond. This diverse range of clients invests across the full corporate spectrum, with key markets including real estate, law, wholesale, retail, IT, manufacturing and many more.

42 Acquisition International - May 2016

By offering high quality services Vision Consulting has a low client turnover, with much of its business stemming from existing clients who know that they cannot find better quality services anywhere else. The secret to the company’s success is its staff, who are passionate about offering great customer service and work diligently to meet every need. Each team member is carefully selected and trained to ensure that the firm’s values are reflected in everything they do. As members of the HAT group, an organisation which provides training, recruitment and compliance services to accountancy firms, Vision Consulting highlights its commitment to supporting its staff in providing the highest possible standards of service. Recently the firm has opened an office in London’s prestigious Gherkin, highlighting the firm’s success. For the past two years Vision Consulting have had over 35% growth in revenue year on year, and moving forward they are keen to build upon this success whilst continuing to offer clients the very highest quality of service. The firm has recently invested in its office, IT infrastructure and software systems so that they can maintain a quality service offering. In addition the firm are keen to expand their dedicated team in order to meet the increasing volume of clients, whilst retaining the standards that it prides itself on.

Ones to Watch for 2016: The Best Boutique Accounting Firms

donsimon / Acquisition International - May 2016 43

Ones to Watch in IP, 2016 1604CG31

Ones to Watch in IP, 2016 Katz Group regularly assists a variety of corporations, including advertising agencies, toy companies, pharmaceuticals, banks and food companies, with their global intellectual property and enforcement needs. We spoke to Julie Katz, Owner of Katz Group, who gave us her insight into the ever-increasing importance of protecting intellectual property. It’s often underestimated how important intangible assets are, which in actual fact they are the blood and life force of businesses. It is the investment into the branding, invention and technology that create reputation and the quality assurance message that consumers desperately rely on in making purchasing decisions. Company: Katz Group LLC Name: Julie A. Katz Email: Web: Address: 1711 N. Hermitage Ave. Chicago, IL 60622, USA Telephone: 312-857-3101

As such, businesses need to ensure that they maximise the value of their IP assets and ensuring that these assets are adequately protected. The consequence of not doing so is to have a valueless entity other than the depreciated value of physical facility aspects such as equipment, computers, postage machines, and furniture, all of which become dated from the point of purchase like an automobile leaving the lot. However, the intangibles increase in value over time, so long as the entity continues to use them. This concept of longevity can only strengthen a business’ bottom line. With these assets being so crucial, staying on top of legislature relating to communication on the internet is of the utmost importance. Teaming up with other leaders across industries for best modes of protection is critical to successfully protecting intangible assets into the future, which brings unknown sources of cyber and other forms of piracy. Protecting technological breakthroughs through trademark and copyright is equally as essential, and when patents are involved, it is also our job to guide clients to the excellent resources that accomplish these protections.

44 Acquisition International - May 2016

With technology transforming on almost a daily basis, being successful in our industry is an ongoing process. Over the years, I have been recognised locally, nationally, and internationally for my participation and contribution to clients in the Intellectual Property field of law. I believe that these accolades are a testament to my expertise in this field. Despite the many complexities of IP law, our business approach is simple. We listen, we ask good questions, we work with you to formulate a plan and we negotiate a cost to implement the plan. Once this is done, we execute against that plan to accomplish your business objectives. Furthermore, we are a very people-orientated company and this not only refers to our clients, but the staff that run the company too. These people keep me going, both in terms of motivation, client needs and friendship. We are a team, working together to achieve excellence.

Ones to Watch for 2016: The Best Boutique Law Firms 1603WO44

Ones to Watch for 2016: The Best Boutique Law Firms Tapestry Compliance LLP is a law firm specialising in all aspects of global compliance for share plans, as well as broader employment law and HR issues. We invited Founding Partner Janet Cooper to provide us with an insight into the firm and its pioneering approach to legal services.

Company: Tapestry Compliance LLP Name: Janet Cooper Email: janet.cooper@ Web: Address: 88 Wood Street, London Phone: +44 (0)7889-999051

Tapestry Compliance is a specialist firm advising on all aspects of global HR compliance, with a focus on legal and tax due diligence for international incentive plans. We understand the need for a sensible, costeffective approach towards compliance and the need to make local regulations work in the framework of a global remuneration policy. Founded by two leading professionals in this field, we have the largest team of lawyers of any UK law firm with many of our lawyers having trained in City firms. We have advised many multinational companies on their global plans in virtually every country in the world. Tapestry is not tied to particular global law firms, as many of our competitors are, and therefore we have the flexibility to choose the best firm with the real expertise to suit our clients’ needs. The support we provide at Tapestry is more extensive than the traditional big law firms. We advise on the broader governance and administration considerations. We will look at features and provisions in the plan, to identify and suggest how the plan can be developed to help achieve company goals. When we work on all-employee plans, we advise on diversity considerations in plan design, communication and broader design features. Tapestry also offers an online global database which covers 150 countries. The database helps our clients keep up to date with changes in legal and tax requirements for their share and incentive plans globally. The database can provide cost effective legal and tax information customized by plan type and country. Alongside our work advising many of the world’s leading global companies on their global executive and employee share plans, Tapestry, also provides the UK’s only professionally recognised qualification, the ICSA Certificate in Employee Share Plans. As a firm, our ethos is to provide City quality expertise and service to world-leading companies. To achieve this we seek to attract the best lawyers and retain them by providing a relaxed and enjoyable working environment. Tapestry offers flexible working and a commitment to sensible hours, which enables us to attract talented individuals who prefer a healthy approach to employment; wanting to work on complex and challenging multi-jurisdictional matters, without working excessive hours.

Currently we have a strong network of over 150 global law firms who are specialists in our area and charge local rates, providing a better service and better value to clients. Ultimately our team is our USP. We have attracted some of the best lawyers from major firms such as Slaughter and May, DLA Piper, Linklaters. Our lawyers are specialised and expert in what they do. We also have experienced share plan managers and reward experts in the team, providing practical insightful solutions. We have hand-picked our global partner firms for their expertise in this area. One of Tapestry’s long-term clients is BT. We advise BT on the operation of its global share plans, both executive and all employee plans, by carrying out global due diligence trawls in respect of the executive and all-employee plans in over 35 jurisdictions. We also project manage the international filings that need to be carried out in these jurisdictions. In addition, we have assisted BT in reviewing its contractual documentation and employee communications whilst also giving advice on ad-hoc operational and compliance queries during the year. Recently, the firm has been assisting BT with the review of BT’s employee incentive plans that are offered to US tax payers and BT’s employee benefit trust, to ensure that these are compliant with developing US tax requirements. BT subscribe to our online global database. Another major client we work with is HSBC, who we advised on their incentive arrangements and global compliance matters affecting awards under their plans. We provided global due diligence for both their executive and all employee plan in 30 jurisdictions and project-managed necessary international securities filings and advised on the recent legislative changes regarding tax-qualified free shares in France for their executive plan. Alongside this we also reviewed and produced employee guides to the nominee arrangements used by plan participants, reviewed and updated plan communications and advised on their application of the UK Model Code and internal dealing code for awards under all incentive arrangements. The high profile nature of these clients and the range of services we provided for them highlights our versatility and overall success in our field. Moving forward our main focus is, as it always has been, to continue to provide a high quality service whilst continuing to attract many world-leading clients.

Acquisition International - May 2016 45

Solutions That You Need We are proud to deliver immediate results through active skills, and real-world tasks, that are instantly relevant to everyday business life development +44 (0)207 118 5555 5 Baldwin Street, London, EC1V 9NU 1604WO36

Best Fund Administrator 2016 – Mauritius IF16061

Best Fund Administrator 2016 – Mauritius CIM Global Business is the leading management company in Mauritius with over USD 150 billion in assets under administration with offices in both Mauritius and Singapore and a representative office in South Africa. How do they sustain their success in their highly competitive industry? These and further questions are explored in the following article from the firm’s Managing Director, Graham Sheward.

Company: CIM Global Business Name: Graham Sheward Email: mauritius@ Web: Address: 33,Edith Cavell Street Port Louis, Mauritius Phone: + 230 212 9800

Our success is nothing new, and we were one of the pioneers of the global business sector since its inception in the 1990s. Our first-mover advantage ensured that we won business from some of the world’s most prestigious firms, and those clients are still with us today, mainly because of the world-class level of service, experience and expertise that we offer which has, over the years, helped us develop a strong international client portfolio. One of our main competitive advantages is the superior service delivery offered by our Cim Global team, among which we have experienced, knowledgeable, talented and well qualified colleagues that our clients can rely on. This sentiment is heard from our satisfied clients who consist of institutional investors, asset managers, private equity fund managers, development financial institutions, sovereign wealth funds, banks, hedge funds and high net worth individuals. Another advantage is that our firm forms part of Cim Group, the largest non-bank financial services group in Mauritius, whose parent company, Cim Financial Services Ltd, is listed on the Stock Exchange of Mauritius. This allows more scope for our clients over and above the corporate, fund and trust formation and administration services, and professional services outsourcing solutions offered by Cim Global Business. Also we have obtained our Statement on Standards for Attestation Engagements (SSAE) No. 16, Type I report

in 2012 for December 2011 assessment and every year following, we have obtained clean Type II reports. We are also SSAE/ISAE 3402 accredited. All of these combined have led to the success of our company. The group revenue for the year ended 30 September 2015 grew by 17%, which was driven by an improved performance in all business divisions. Moreover, Cim Global Business recorded a good performance on the back of increased US dollar fee revenue, a strong dollar against the rupee, with a continued focus on cost management and our strong client base. As a result, our revenue grew by 16% and profit after tax rose by 39%. Going forward, we intend to adapt to changing circumstances in the external environment to ensure the continued progress of Cim Global Business both here in Mauritius and in key financial centres around the world. As such, we will be closer to our clients in every sense of the word! About Cim Global Business Cim Global Business is one of the leading management companies in Mauritius with assets under administration exceeding USD150 billion. The firm has offices in Mauritius and Singapore providing corporate, fund, trust formation and administration as well as outsourcing solutions to its international client base. The company forms part of Cim Group, the largest nonbank financial institution in the country whose parent company, Cim Financial Services Ltd, is listed on the local stock exchange.

Acquisition International - May 2016 47

2016 First Quarter Update 1604JC15

Company: Haviaras & Philippou L.L.C. Name: Andreas L. Haviaras Email: Andreas.Haviaras@ Web Address: Address: Capital Chambers 1, Skokou street,, 6th floor, 1061, Nicosia, Cyprus Telephone:+357 22 764 001 Fax : +357 22 764 003

2016 First Quarter Update Based in Cyprus, Haviaras & Philippou L.L.C. are a highly regarded law firm who have built their reputation through consistently providing outstanding services for their clients. We spoke to Andreas Haviaras, Managing Partner of the firm, to find out more about this process and how they fared in the first financial quarter. In our view, we firmly believe that the practice of law should be first and foremost about the client. As a result, our commitment is to provide exceptional client service, and we always aim to achieve the very best results for our clients. Over the years, we have built strong foundations in both our community and beyond through the people we have worked with. This is primarily due to our wealth of experience and expertise, which allows to be both efficient and resourceful for our clients.

transactions and therefore develop and grow their business with no restrictions. With regards to our experience of Q1, there seems to be a big increase in mergers and acquisitions as of late. Moreover, expansion in areas that people would not get involved before are suddenly being undertaken. Perhaps due to the global economic crisis, strong investors seem to benefit once more by widening their business horizons. We hope that this appetite for investment and expansion continues throughout the financial year.

Alongside this expertise, we have a large network of law firms around the globe, which allows us to provide our clients with services on cross–border 1605JC12

Helmores Wealth Limited is a full service fiduciary services company based in Christchurch New Zealand, with offices in Shanghai, Beijing, and Labuan. We spoke to Peter Wyllie, Partner at Helmores Wealth Limited, to learn more about their company and find out how they got on in Q1.

At our firm, we provide a highly diverse range of services, including: incorporation services, corporate governance and administration, compliance and risk management services, trust formation and management, accounting, family office, succession planning and asset protection structures.

Company: Helmores Wealth Limited Name: Peter Wyllie (TEP) Email: Web: Address: 38 Birmingham Drive, Christchurch NZ 8024 Telephone: +64 21 765 763

48 Acquisition International - May 2016

Despite our stature as a boutique firm, we provide a full service to our clients that rivals with any of the larger financial firms. We provide drafting and legal services, administration and accounting services, along with governance services. This makes us unique in that we provide a large company service with boutique company pricing. Furthermore, our time zone gives us competitive advantage over competitors by being able to process requests overnight for Europe so our work is in the “inbox” by the time they wake up, and we can provide same time service for Asia and North America (within 3 to 4 hours’ time difference). This means we can “sit in” with clients and advisors at any hour of the day or night. As a rule, we don’t recognise set office hours, but rather make ourselves available around the clock.

In our industry, the big news so far this year is the impending implementation of CRS throughout the OECD. Our experience so far is that governments are simply not ready to implement – and the deadline of 2017 is optimistic. As a result, we have had many inquiries regarding compliance and alternative solutions in relation to CRS protocols. And of course, the latter half of Q1 has been taken up with the “Panama Papers” leak – and the absurd reporting from the media attempting to create charges of improper behaviour where no evidence of such exists. By and large, Q1 2016 has been relatively quiet for M&A from our perspective – much of Q1 of course being taken up with Southern Hemisphere’s summer holidays and Chinese Spring Festival/New Year. Hopefully things will pick up as the financial year progresses.

2016 First Quarter Update 1605JC11

2016 First Quarter Update Company: EOS Consulting S.p.A. Name: Eng. Emanuele Riccobene CEO Email: Web: Address: MILAN, Via Giorgio Giulini, 2 - 20123 Italy Telephone: +39 02 0061 99 00

EOS Consulting provides technical and financial advisory services in the EMEA area and South America. We got in touch with Emanuele Riccobene, CEO of EOS, to get their view on the financial landscape in Q1, and find out how they consistently remain at the forefront of their industry. At our company, we work alongside banks and private investors that operate in the renewable and traditional energy sectors as well as in infrastructure and real estate. We help our clients reach their goals by identifying priorities, improving the overall efficiency of their entrepreneurial projects and demanding positive results. As such, we are a highly-competent hub with three decades of experience and our team members are constantly sharing knowledge and ideas to create optimal conditions for the realisation of projects. Our level of expertise never stops growing, allowing us to become ever more efficient, high-performing and professional. As a company that is immersed in the energy sector, we have noticed a number of different trends happening in our industry. For instance, the market consolidation phase that is currently taking place in Italy, after a period of nearly five years saw the creation of 18 GW of photovoltaic assets, calls for a corresponding consolidation of knowledge in the sector so that the major players can perform their roles more efficiently.

For this reason, EOS has decided to focus on becoming multidisciplinary, relying on its own team’s competences and on its capacity to propose itself, and thus evolving into a prepositive point of equilibrium for the participants involved in the deal and their necessities. As a result, EOS has earned its involvement in the most important M&A and refinancing operations, while respecting its own role as a reliable independent third party. During Q1, the Italian market has been moving at a growing speed (in a number of deals), in order to make use of the capital raised in a short amount of time. As such, the number of capable subjects has increased. On the other hand, even though the offer is high, theoretically speaking, the number of assets able to positively pass the DD process is not enough to meet the demand. Furthermore, the technical normative context requires an increasingly attentive evaluation of certain fundamental elements - from the perspective of long-term investments - generating a complex meeting place for offer and demand, which needs to be attentively investigated during the evaluations. In this environment, evolution is our guiding principle, with respect to our consolidated historical bases and in our capacity to foresee market needs that have yet to be revealed. We always strive to be ahead of the pack, and have demonstrated to the market that we are a highly innovative technical team that is capable of offering an efficient and focused skills book. Alongside this expertise, we work every day to improve our team but also because we have facilitated a profound and prepositive evolution of our analyses process. This is of course to allow our clients to obtain the expected results while maintaining an elevated level of attention to the fundamental themes regarding M&A processes. Thanks to a profound knowledge of the energy market and to the credibility and professionalism of our components, EOS is able to propose the most correct way to configure this evaluation process. The availability of capital from the financial market makes it possible to conduct refinancing operations on new composed assets. Considering this, EOS - thanks to its accreditation with all of the main financial institutions - is also an important lever for the efficient and coordinated management of the M&A process and of the successive refinancing. Ultimately, the EOS of tomorrow will be the sector’s essential reference point because we remain true to our commitment, ensuring that the possibility to fight for a better and more sustainable world continues to exist. In this world, ideas, projects, growth and development are the keys to success for the future. Acquisition International - May 2016 49

Best In-House Global Tax Adviser – Singapore TA160077

Company: NEPTUNE ORIENT LINES Name: Allison Cheung, Global Head of Tax Email: Web: Address: 9 North Buona Vista Drive | #14-01 The Metropolis Tower 1 | Singapore 138588 Telephone: 65 6371 5267 Direct: | Mobile: 65 8181 0648

Best In-House Global Tax Adviser – Singapore NOL is the largest container shipping company listed on the Singapore Exchange (SGX). With more than 7,000 employees and offices located in over 40 countries, the Group delivers quality services through its core business, APL. I am a seasoned tax professional with over 24 years of international tax experience with which I have held a balanced blend of industry and professional firm leadership positions in Singapore, Hong Kong and the US. I manage a full spectrum of Group Tax responsibilities for multinational companies with a global footprint. Currently I am leading the global tax department of a SGX listed company – Neptune Orient Lines Limited. My tax specialty coverage spans from the shipping /transportation industry to high tech companies like IBM (2003 to 2013) and financial industry like Rabobank (2000 to 2003). In particular, I was instrumental in developing and leading a world class tax team of over 90 tax professionals in Asia Pacific for IBM. Whether it is corporate income tax, indirect tax or transfer pricing I am able to offer value add solutions for internal stakeholders in optimizing the company’s after-tax returns. To remain on the cutting edge of new developments in the industry, I stay relevant to the global tax landscape, that is keeping a close eye on the respective Budget announcements of the medium to high risk tax jurisdictions, development in BEPS, tax court cases the US, Japan, India and the like and normal day-to-day read of tax newswires. I have also been invited to speak in various tax seminars hosted by the Big 4 firms and other tax interest groups / organisers. At present the shipping/transportation industry is facing tremendous headwinds with soft market demand and over capacity driving the freight rates to an all-time low. The backdrop of the shipping industry is extremely fragmented and hence to stay competitive, the market is moving towards consolidation. The recent announcement of CMA CGM merging with Neptune Orient Lines is one of the prime examples. Looking ahead to the future I am keen to use this award as the platform for greater success in 2016 and beyond.

50 Acquisition International - May 2016

Gagan Malik, International Director, EYLLP Singapore in his personal capacity states his thoughts onAllison Cheung in her capacity as an independent Global Tax Adviser, “I have known Allison for past 8 years starting from IBM to NOL; and firmly believe that she is a very competent Tax Director in the region. Her focus in leading her tax team in APAC and now around the world, clearly demonstrates her professionalism, leadership qualities and vision in building a multicountry technically strong in house tax department. She is a role model not only for her team in a manner she empowers them and enables them to grow professionally but also for any aspiring tax director. In her role, I have personally seen her proactively identifying tax challenges, evaluating multiple solutions and taking a balanced view almost every time considering risks & rewards for the business. She is a finisher and hence ensures every project is taken to its logical conclusion. She has an amazing ability of staying calm in extremely challenging situations which has won her tremendous respect with C-Suite in her organization. Her ability to understand the business and work closely with them ensures strong partnership between the two functions leading to win-win solutions for the company as a whole. Despite being known as an intelligent & toughest tax director; I cannot overemphasize the fact that she is an extremely fair person whether it comes to dealing with her team or external consultants”.

The War on Cybercrime 1605EG47

The War on Cybercrime DMH Stallard is an award winning law firm providing strategic and operational legal advice. From corporate finance and M&A advice, to resolving commercial disputes or putting safeguards in place, their lawyers focus on delivering success to help clients protect and grow their businesses. Joanna Potbury, Associate at DMH Stallard details the increasingly prevalent world of cybercrime.

Company: DMH Stallard LLP Name: Joanna Potbury Email: joanna.potbury@ Web: Address: Gainsborough House, Pegler Way, Crawley, West Sussex, RH11 7FZ Phone: 01293 605596

At DMH Stallard, we have a team of technology law experts who can advise and assist clients in developing commercial strategies and security policies to protect their businesses from cyberattacks. Our lawyers also have significant experience in taking action through the courts to protect your business and employees, and secure compensation where applicable. Our core value is that our clients are our business, and we therefore strive to give our clients exceptional advice and support throughout the firm. In a constantly evolving world, businesses need to keep up with the technological needs of their companies, and cybercrime is perhaps one of the biggest emerging threats to any business. Cyber criminals are sophisticated, and are becoming more and more so. Their techniques are continually evolving, and the risks to businesses small or large are real. The internet is growing daily, the use of electronic communications is the norm, and even more information is being held in cloud services. As such, there couldn’t be a more inviting time for cyber criminals to attack businesses. With technology evolving at a lightning pace, unless businesses can keep up, they will be susceptible to attacks and will be considered as easy targets. It is therefore increasingly important to ensure that systems are in place to prevent attacks. Not only must steps be taken to ensure that businesses are protected (prevention is better than cure), but also to ensure that if the worst does happen, that businesses have strategies in place to enable them to react quickly to minimise damage. Not only do businesses face the attack itself, but possibly more damaging is the impact to the business in the following year – businesses who have suffered attacks have reported damage to their financials as well as their reputation. They may also be liable to prosecution and/or fines for the loss of data as well as to civil liability from third parties whose data has been taken. It is critical that firms have plans in place to protect data, systems and client information. Moreover, businesses also need to be aware and alert to the risk that cybercrime in the form of data theft may not always be an external threat but may come from within the business itself from disaffected or departing employees. Our team at DMH Stallard has acted in several cases where employees have taken business critical and confidential data to use for their own purposes or for rival businesses in competition with their employer.

With all of these aspects in mind, there is no doubt that cybercrime is a real threat in today’s digital world. Our top 5 tips for businesses looking to protect themselves are: 1. Install strong anti-virus software and ensure that it is kept up-to-date; 2. Appoint a key individual within the company (or a committee) who is responsible for IT activities across the firm; 3. Provide training for and update staff on a regular basis regarding the threats of cybercrime, the impact it can have on the business, and measures which they can take to prevent it (such as changing their passwords and ensuring confidential data is kept secure with access limited to only those who require access to it); 4. Ensure that third parties that the company deals with are also cyber secure; 5. Develop a strategy and plan which sets out who should be notified if a breach occurs, and what steps should be taken to rectify it. Today at DMH Stallard we employ more than 250 staff. We believe in teamwork, innovation, and success, and pride ourselves in delivering a level of service far better than clients would expect from a law firm. Our staff are key to our success. A commitment shared by everyone in the firm to look after our clients and build long term relationships with them will help us to continue to grow steadily and be recognised nationally, internationally and regionally. Our staff recognise that clients are our business, and they are dedicated to their success. Looking further down the road, there are many challenges facing us in our industry. In an ever changing market, cybersecurity, digitisation of the courts, and a need to introduce more agile ways of working to meet client demands are top concerns for law firms in 2016. DMH Stallard LLP have preempted these trends in the market and are already implementing measures to ensure that we remain leaders within the industry and continue to deliver our clients’ goals and objectives effectively every time. Despite these challenges, DMH Stallard continues to go from strength to strength with two mergers completed in 2015. The firm has never been bigger or more profitable, and is an incredibly exciting place to work. We are proud to work with some of the most innovative and successful organisations in the country, including major financial institutions, FTSE listed companies, private equity backed businesses and high profile public sector bodies. We are also delighted that the firm continues to be recognised with industry awards and in 2016 was awarded the Corporate Law Firm of the Year and Deal of the Year (transactions under £10m) at the prestigious Insider South East Dealmakers Awards. Acquisition International - May 2016 51

Executive Coaching: The Secret to Sustained Success 1604EA84

Executive Coaching: The Secret to Sustained Success Moving You Forward Ltd, an award winning company, provide business consultancy and coaching, offering a variety of services using different tools and techniques to achieve the desired results in relation to business growth through effective communication and developing relationships.

Company: Moving You Forward Ltd Name: Lisa Pierson Email: Web Address: Address: Ringwood, Hants BH24 3AU Telephone: 01425 489656

Tools in the kit bag

I have a varied selection of clients, who I have worked with over the years in many different sectors, all over the world, which I feel enables me to bring new and different perspectives to each organisation I work with. My clients range from Banking and Finance to the Care Sector, Luxury Leisure Hotels to Telecommunications, Media to Community Trust organisations and Retail to Construction. In regard to my approach when working with new and existing clients, I continually look to see how best to serve them, to the best of my ability and to fit with their needs. By doing so I have attained several tools in my kit bag over the years, constantly evolving. This was recognised last year when I won a national award for delivering exceptional Customer Service. In the eleven years I have been in business, I have been very lucky to have been recommended by word of mouth to new clients. In the early days, when I was getting into the business community and raising my profile, I went to every networking event there was, if there was an opening of an envelope I was there! Nowadays with LinkedIn, Twitter and Facebook it is easier to get your message out there quickly. If we look at the major trends and developments shaping the industry today there is now a lot more awareness around mindfulness, encouraging people to really get a life/work balance. Appreciating that we all have the potential to burn out, especially, if we do not take action and observe the triggers for stress and euphoria. Engagement is a big buzz word at the moment too; there are lots of different views on how organisations achieve this. For me it is so important that organisations recognise the importance of noticing and nurturing talent, leveraging their strengths and tapping into motivators to get the most out of themselves and others. These days there is a lot of online training opportunities with webinars, e-learning, Skype, Zoom and Facetime providing an environment which is conducive to learning and development.


52 Acquisition International - May 2016

Online mediums all serve as a great support, especially in larger global organisations. However, one cannot always replace the human element with the face to face coaching and training, the interaction of groups, when the energy in the room is palpable. I like to provide a combination of both.

Right now it is a great time to be a coach, it is far more recognised as a ‘must have’ rather than a ‘nice to have’ support for individuals, personally and professionally When I look back to over a decade ago when I started coaching, it was somewhat considered a bit ‘Tree hugging and woolly’ I do recall following a meeting with an HR Director that she commented to my colleague that she was pleasantly surprised that I wasn’t wearing a kaftan! I recall at networking events, when introducing myself as a Life Coach, people would either glaze over and move away or become slightly defensive thinking that I was analysing their every word and summing them up ready for the funny farm! It was often thought of as therapy, and no-one wanted to consider they needed that. Nowadays, people recognise that the process of coaching is about an investment in themselves, understanding that if their line manager has suggested they have some coaching it is a positive intervention, rather than leaping to the conclusion that something needs fixing. When the coaching intervention takes place, it ultimately will result in a better performing person, both in and out of the workplace. No one questions a top sports person having a coach it is now the same in the business world. I am delighted to have been asked to feature in AI this month and to share some thoughts and insights into Coaching. I love what I do, am proud to work with some amazing people and honoured to see how they have developed and grown as my business has too. Looking ahead to 2016 and beyond I will be looking to keep up with current ideas and trends while continuing to develop as a coach/mentor/consultant. The challenge is to keep the message constant and to ensure that ‘People Development’ remains high on the agenda in any business. It is always the area which the financial director will look at and question the ROI. By providing robust coaching and training to clients, it is possible to track progress and prove the investment is worth it, you do not have a business without people.

2016 First Quarter Update 1605AC31

2016 First Quarter Update With 16 years of experience on the Romanian market, Leroy si Asociatii is one of the country’s leading independent law firms. Bruno Leroy, Founding Partner of the firm reveals more about what makes them leaders in their industry, and how they fared in Q1.

Company: Leroy si Asociatii Name: Bruno Leroy Web: Address: Strada Maior Gh. Șontu nr. 10-12, sector 1, București, 011448 – Romania Phone: 00 40 21 223 03 10

Originally set up as the local office of Gide Loyrette Nouel, the team at Leroy și Asociații has gained recognition for its contribution to some of the most significant investments and transactions in Romania. Our team of lawyers, led by myself and my partner Andreea Toma, have been involved in major national and cross-border deals and projects, and is renowned for its expertise and understanding of the Romanian legal market place. Furthermore, our M&A team continue to be a leader in the market and are a key practice for the firm. We have consistently demonstrated by our strong track record, with an in-depth experience and knowledge of specific industry sectors, ranging from the automotive industry, to banking, to consumer products, to insurance, energy, construction and agribusiness. With regards to our 2016 so far, we are currently advising Lactalis on the first significant voluntary takeover bid to be carried out on the Bucharest Stock Exchange in connection with its contemplated acquisition of Albalact S.A., the largest Romanian dairy producer. The transaction documents were signed end of January 2016 and the preparation of the voluntary taking-over bid is ongoing. This is Lactalis Group’s second acquisition in Romania, after the take-over of another important Romanian dairy producer, La Dorna, in 2008 In addition, we are currently advising a European market leader in engineering and technology consulting, on the direct acquisition of one of the most prominent Romanian IT companies, providing software services, solutions and products, and on the indirect acquisition of the latter’s wholly owned subsidiary.

Alongside this, we are also advising one of the major players in the areas of energy, transport, industry, ICT, and financial services on the contemplated acquisition of one of the leading companies providing customised solutions for complex computer networks and telecommunications systems. The legal due diligence of the target company is ongoing. Focusing more specifically on Q1, Leroy si Asociatii has had a prolific first quarter and were involved in several significant acquisition projects. We have seen an increase in foreign investor confidence in M&A activity, in particular, in financial services and industrials. Recent legislative reforms and the fight against corruption/anti-bribery, has enabled foreign investors to feel there is a safe and secure regulatory environment backed by due process. Added to that, the Romanian economy is seeing good growth and its steady emergence within the EU political and economic structure has boosted the region and acquisition activity. Ultimately, we have been highly adept in advising on domestic and cross-border transactions, including mergers and acquisitions, joint ventures and equity investments and divestments. Additionally, we offer the advantage of a legal service tailored to the needs of the clients, be they multinationals or SMEs. As such, the firm’s partners and senior associates closely follow each stage of the project in order to ensure a consistent quality of service. We combine the highest international standards with an in-depth knowledge of the Romanian market and regulatory framework. With nearly 20 years’ experience of advising on Romanian legal matters, Leroy offers a unique combination of expert local knowledge fostered with global expertise. With this in mind, we are very optimistic about the latter half of 2016 and beyond.

Acquisition International - May 2016 53


The War on Cybercrime IT Governance is a leading global provider of IT governance, risk management and compliance solutions, with a special focus on cyber security and cyber resilience, management systems (such as ISO 27001) and data protection. The company is a single-source provider of books, tools, training, technical testing and consultancy services, which combined make IT Governance a unique alternative to the traditional standalone consultancy firm, publishing house, penetration tester and training provider.

Company: IT Governance Name: Alan Calder Email: servicecentre@ Web: Phone: +44 (0)845 070 1750

Free white paper download: reduce your cyber risk with ISO 27001 cyber-secure-with-iso27001.aspx

Evolving technology brings unprecedented threats We firmly believe that the diverse range of services we provide are hugely advantageous in the modern business world. The rapid pace at which technology evolves can often be more of an obstacle than a benefit. Business leaders simply don’t have the time to keep up with this kind of change. While technological developments represent enormous opportunities and potential sources of efficiency for almost any organisation, these same new technologies have also brought unprecedented threats with them – such as the very serious risk of cyber-attacks. Cyber security not a constant on the board agenda Despite the ongoing threat of cybercrime, cyber security only makes the board’s agenda every few months in half of all organisations, according to CGI’s Cyber Security in the Boardroom report. Boards recognise the importance of strengthening their defences, but they are not proactive in addressing the issue and often don’t understand the core of the problem. Furthermore, security leaders often provide feedback to the executive team in a language riddled with jargon. The IT department is famous for not being able to communicate effectively, often using acronyms that only lead to more confusion and, ultimately, a disconnect. Likewise, business leaders often tend to believe that technological matters are best left for the IT team to deal with, when the reality is that technology now impacts everything that we do. With this in mind, we believe that successful technology leaders are those who can talk about cyber security risks and their mitigating controls in business and financial terms that make sense to the executive team, engaging them and making them part of the solution. Cybercrime no longer an IT problem Cybercrime is no longer an IT problem, but affects almost every aspect of a business. Responsibility for attacks is increasingly being seen as a broader business issue, signalling a shift away from the chief information security officer (CISO) and the IT security team. Boards are also inclined to look to the CEO and executive team to take responsibility when a data breach happens. As the frequency and severity of cyber-attacks increase, cyber risk has become a more important priority for executives and is often listed as one of the top ten risks facing organisations.

54 Acquisition International - May 2016

66% believe leaders don’t perceive cyber security as a priority As such, more and more needs to be done to raise awareness about cyber risk. A 2015 Raytheon and Ponemon Institute study of those with the day-to-day technical responsibility for cybersecurity – CIOs, CISOs, and senior IT leaders – found that 66% of respondents believe senior leaders don’t perceive cyber security as a priority. Despite the three fundamental domains of effective cyber security being people, processes and technology, people are frequently left out of the equation. IT managers are usually more focused on protecting processes and technology than securing the easiest gateway into the company network: its employees. It just takes a single click on a malicious link in a phishing email to put the entire network at risk. An effective cyber security staff awareness training programme can help you identify security problems, educate your staff to be alert and vigilant, ensure that security procedures are well understood, and avoid falling victim to cyber-attacks. Best practice framework for cyber risk management IT Governance has long supported the international standard for information security, ISO/IEC 27001:2013, which provides a best-practice approach to cyber risk management. The standard provides guidelines for the implementation of a cost-effective and efficient information security management system that extends beyond technological measures to include people and processes – two critical areas that are often neglected when it comes to cyber security. ISO 27001 is based on the logic that conducting regular risk assessments and implementing controls – on the basis of a business approach to risks – provide a robust, ongoing cyber defence. Achieving certification to ISO 27001 will help organisations to protect their data, comply with regulatory obligations, and assure customers and stakeholders that they are cyber secure. Guidelines such as these are crucial if businesses want to be up to speed with the constant changes in technology. One of the most prevailing upcoming issues is the he General Data Protection Regulation (GDPR), which is a regulation by which the European Commission intends to strengthen and unify data protection for individuals within the European Union (EU).

The War on Cybercrime

Data breach reporting soon to become mandatory The EU GDPR will transform the way in which personal information is collected, shared and used globally. All organisations will have changes to make: in policy, processes and contracts, as well as in technical and organisational compliance measures. Reporting on data breaches will become mandatory under the new EU GDPR, placing a bigger onus on organisations to ensure that their personally identifiable information is adequately protected. The EU GDPR encourages the adoption of certification schemes as a means to demonstrate compliance to regulators, customers, stakeholders and the public. Getting certified to ISO 27001 can help organisations achieve their compliance objectives and protect themselves. What will the future hold? Ultimately, cyber threats will continue to escalate both in frequency and in the scale of damage. The EU GDPR will oblige organisations to improve their cyber defences to avoid possible fines of up to â‚Ź20 million or 4% of annual global turnover. Clients, shareholders and the public will demand greater reassurance that their data is being protected in an effective manner. Certification schemes like ISO 27001 will continue to gain popularity as a way of achieving this level of assurance. Free white paper download: reduce your cyber risk with ISO 27001

Acquisition International - May 2016 55


Spiders in the Web: The Risks of Online Crime to Businesses Running a business means taking risks. The biggest risk an entrepreneur can take is not to think about risks at all. It is therefore wise to identify the risks that (the board of) a company is exposed to in order to control them where possible: risk management. This article will focus on one particular type of risk, digital risk. Company: Russell Advocaten Name: Reinier W.L. Russell, LL.M. Email: Web: Address: Reimersbeek 2 1082 AG, Amsterdam / P.O. Box 87400 1080 JK Amsterdam Phone: +31 20 301 55 55

Firms’ IT systems can be breached both from the inside and from the outside. For example, breaches can come from a network attack (hacking, distributed denial of service, DDoS), viruses (Trojan horse, time bombs, worms), cybercrime, human error, a failure of the IT provider or power failure. The consequences for an enterprise can be serious – inaccessibility of the network, loss or theft of (part of) the computer system, data destruction, data manipulation, leaking of confidential information or personal data and related privacy issues. What are the legal options to manage these consequences and to ensure the continuity, security and privacy of the network and information systems of the company? Contracts and liability Regarding digital risks, most business owners will immediately think of the security of the software and the quality of the hardware. However, you can limit digital risks and manage any potential negative effects in advance by means of good information and communications technology (ICT) contracts. Entering a contract For the different digital services (such as maintenance and operation of the network system, data processing and data storage) the company will conclude contracts with different ICT suppliers (providers, cloud servers, big software providers, such as Microsoft, Apple and Google). These contracts are often standardized. However, an enterprise does not have to accept such standard contracts unreservedly and it is advisable to negotiate the contents of such contracts. The contract has to provide clarity for both parties on several basic things: Who is responsible for what? Who has the power to do what? And what are the rights and duties of the parties involved in the service chain? Here, it is vital to observe the liability for claims of clients or third parties. Besides negotiating the agreement, the use of your own General Terms & Conditions is highly advisable. Make sure that the General Terms are declared applicable correctly. If this turns out to be difficult, try to explicitly exclude specific provisions of your counterparty’s General Terms in the agreement, as they often contain far-reaching exemption clauses. Also, check whether the General Terms of the

56 Acquisition International - May 2016

provider contain a unilateral changes clause and make sure that the General Terms can only be changed with your permission or include in any case a notification obligation on the part of the provider in the event of a change in service. Finally, it is important to make clear arrangements in a choice of law and choice of forum clause with regard to the applicable law and the competent court. During the contract: Service level agreement and security The performance of the contract can be implemented via a service level agreement (SLA), which is rather common practice in ICT. An SLA includes, among other things, agreements on the level of quality and availability of the services (technical and functional specifications). An important risk which has to be considered in the SLA is the security of the ICT systems and the data of the enterprise, especially if work is performed in different locations or in the cloud. Therefore, make agreements on the improvement of the network protection not just by firewalls but also by means of encrypting and masking data. Authentication systems can provide the enterprise with extra protection against undesirable external factors, for instance, by the use of login codes, (changing) passwords and digital certificates. Also, define who will be responsible in the event of security breaches and thus for the damage of the enterprise, clients or third parties. In addition, it is advisable to include a notification obligation on the part of the provider in the event of security breaches and other data leaks. You can also include in the agreement a back-up obligation on the part of the ICT provider, so that there will be an alternative besides your own back-ups. An enterprise should of course also ensure the data privacy of clients and third parties in the network and information systems. The entrepreneur is responsible for correct storage and processing of personal data. Therefore, it is important to include in the agreement with the ICT provider who is or will remain the owner of the data, who has access to the data and/ or is allowed to use it. A (mutual) confidentiality clause and a penalty clause can be included in the

Spiders in the Web: The Risks of Online Crime to Businesses

agreement and serve as a means for the compliance with these agreements. A prohibition to transfer personal data to third parties may also be necessary. After the termination of the agreement To ensure the continuity of the enterprise, clear agreements must be made regarding the termination of the agreement and what will happen with the data and systems in the event of bankruptcy or the takeover of a supplier. Thus, for instance, make sure to avoid a “vendor lock-in”, by which the enterprise is not able to switch to another supplier because the data cannot be transferred (easily) to the new provider. Conversely, it is also important to determine what will happen to the data and systems if the enterprise does not comply with agreements, has outstanding bills, goes bankrupt or is otherwise in default. The enterprise is well-advised to include an obligation on the part of the provider to return the data in the event of the termination of the agreement. International regulations Obviously, all agreements must be in accordance with national and international laws and regulations. This may be rather complex if the enterprise contracts with foreign parties or the data will be stored on a (cloud) provider’s system, which is physically located abroad. The enterprise is thus well-advised to investigate who the contracting partners in the service chain are and where the data will be physically stored. By including investigative

or monitoring powers, the enterprise can investigate whether the supplier complies with the applicable legislations so that the enterprise can also comply with its legal obligations.

service providers) could not provide an adequate level of protection for personal data. Currently, the European Union and the United States are working on finding a solution for this.

Besides, the nationality of the persons whose data are digitally processed is relevant. For example, on grounds of the current European Data Protection Regulations, businesses from non-EU Member States have to provide an “adequate level of protection” for the storage and processing of personal data of EU inhabitants. A Thai business processing data of Italian customers in the US is also subject to this Regulation, even though there is no physical relationship with Europe. In this case there is a problem because due to the so-called “USA Freedom Act” (formerly, Patriot Act), the United States does not comply with the European regulations. Until recently, transfer of personal data was permitted if an American company committed itself to comply with the “Safe Harbor Privacy Principles”. On October 6, 2015, the European Court of Justice decided however, that the United States (American ICT

Meanwhile, for the protection of the privacy of EU-citizens, the European Parliament has drawn up a General Data Protection Regulation containing stricter rules and higher fines. It is expected to become effective in 2017. Conclusion Entrepreneurs do almost everything digitally, but the risks of digital business operations are often not fully taken into account. With this article, we have tried to create greater awareness of digital risks and offer suggestions to manage them. Your outside corporate counsel, who knows your business like no other person, will be able to provide advice so that you will be aware of potential risks and be able to cover them legally, if desired. Then you, as entrepreneur, will be able to confidently use all the opportunities provided by the digital work environment.

Acquisition International - May 2016 57

Innovating Financial Services with Banking APIs 1605EG24

Company: Kontomatik Email: Web: Address: Sp. z o.o. Prosta 32, 00-838 Warsaw, Poland Telephone: +48 22 468 2007

Innovating Financial Services with Banking APIs Traditionally, financial services and banking have been among the most conservative industries. Then fintech happened. Companies composed of just a few talented and motivated developers started taking slices of the financial pie and “disruption” became a media buzzword applied to what used to be cautious industries. But, while quite a few banks have joined in the innovation, a key issue remains unchanged — banks do not provide APIs. What is a banking API? A banking API is a tool that lets applications access financial data of users with their consent. The process works like using Facebook or LinkedIn to log in to a third-party app, but in the realm of financial services. Instead of filling out a bulky registration form on a website, users just click a button and the browser grabs data from the current Facebook or LinkedIn session. With banking APIs the process is, of course, different, due to the security measures. But not so much. An application that wants to access banking data will ask users to authenticate to their bank using their login credentials. This is still the case even if they are already logged in to Internet banking in another tab. Once authenticated, an application gets access to that user’s registration, account and transactional data. 3 Main Benefits of Banking API 1. Know-Your-Customer Most companies that offer financial services are required to perform Know-Your-Customer procedures. Typically, this is a time-consuming, labor-intensive process. When done offline, it might require customers to visit a bank branch, wait in line and, potentially, not have all the required documents. To perform KYC online, users have to supply scanned copies of documents, which sometimes may include even a utility bill. Whether, as a customer, you have to authenticate yourself online or offline, it is still an unpleasant process that delays the use of an actual product or a service. But, if you really think of it, why do you need to get identified every time you register at a new company? Wouldn’t it be better if these companies could somehow communicate and perform KYC based on the data obtained from the source of your registration? This is where banking APIs come in handy. In the last two years, for example, German online microlender Kreditech doubled its conversion rate using such technology. Instead of requesting a client to upload the documents and proofs of residence, Kreditech was able to actually verify the identity of a client with just a few clicks. 2. Understand Your Customer Identifying your customers does not really mean understanding them. Google asks you for hardly any information and, sometimes, only requests a phone verification. Nevertheless, this company tracks your searches, behavior, interests and so on. Based on the data obtained through the usage of its services, Google can display ads that are more likely to be compelling to the user.

58 Acquisition International - May 2016

The same can happen in the financial industry. If a company can access a customer’s’ transactional data and analyze their spending habits, it can serve truly tailor-made offers that are more likely to be useful for and, hence, adopted more often by customers. 3. Provide More Convenience Do you remember when upgrading your phone took forever? Unless you had all your contacts backed up to a SIM card, you’d need to spend hours copying contacts, re-sending important messages and so on. Today the process is roughly the same when it comes to finances. Your bank has all of the predefined payments, address book and other features that you have spent years setting up. With a banking API, a user can import all of his settings with a single authentication. When Alior bank launched AliorSync, for example, it managed to attract new clients by ensuring that all of their current banking settings would not be lost when importing data via Kontomatik banking API. Why Kontomatik banking API? There are a few advantages that make Kontomatik stand out from the rest. First of all, Kontomatik technology does not evaluate tons of unnecessary data. This way it is possible to access banking data in just 12 seconds. Other banking APIs may take as much as 3 minutes to extract the data. Next to this, Kontomatik is currently available in 8 countries: UK, Spain, Poland, Czech Republic, Slovakia, Russian, Mexico and Brazil. Such a wide coverage is certainly needed when it comes to assuring a quick and smooth geographic expansion. Rock solid reliability is another reason to choose Kontomatik. The technology exists since 2009 and has been integrated in numerous banks, online lenders and personal finance management apps. The Verdict Banking APIs will be the fuel of financial innovation over the next few years. This technology will power up new services that will transform the way we treat our financials as well as will assist in developing banking systems and enabling merchants to gain access to the customers and data they need more easily. It is no longer to optional for financial services to go with or without API, however the choice of an API vendor is still here. Choose a global leader in banking API technology. Choose Kontomatik.

Professional Negligence in the UK 1605AC35

Professional Negligence in the UK Wixted & Co are a firm of solicitors who specialise in pursuing claims for professional negligence against financial advisers, accountants, surveyors and other professional advisers.

Company: Wixted & Co Name: Tim Wixted Email: Web: Address: 57 Putney Bridge Road, London, SW18 1NP Telephone: 0208 877 8700

As a company we assist people in securing compensation for financial losses caused by incorrect or inappropriate advice given by such parties. We consider and pursue actions against a wide range of professional advisers, but particularly where there is regulation or membership of a professional standards body such as the Financial Conduct Authority, Royal Institute of Chartered Surveyors or Solicitors Regulation Authority amongst others. We have a detailed knowledge and understanding of the professional rules, regulations and codes of conduct prescribed for members of these organisations and are able to advise our clients of any potential breaches which may have occurred. Whenever a company or individual uses the services of a professional adviser, they are owed a duty of care by that party. They have the right to expect a competent service and for any advice given to be both appropriate and correct. Professional negligence may arise if the adviser fails to meet the standard of a reasonably competent adviser in the particular field of expertise. This could breach the duty of care owed and the adviser may then be held liable for any losses caused by their advice.

We have certainly seen an increase in the number of people seeking advice on potential claims for financial losses suffered due to negligent pension and investment advice. We largely attribute this to the introduction of recent pension reforms which give people a greater degree of freedom and flexibility over how to use their pension funds. Unfortunately, this has led to some people being advised to place money into products or schemes which are unregulated and involve high levels of inherent risk. In regards to what differentiates us from our competitors we have won several national awards for the services we have provided and in several cases we have had our success highlighted in the press. We look to campaign on issues we feel to be of public importance. For example, we have recently been in contact with the Financial Conduct Authority and MP’s to press for changes to the way charges are applied on certain self-invested personal pension plans. Ultimately we provide our services under a no win, no fee agreement and we feel this allows us to play an important role in achieving access to justice for people who may not otherwise be in a position to pursue legal action. Our dedicated and experienced team of solicitors within our Professional Negligence department achieve favourable outcomes for our clients. We have always acknowledged the importance of the role our people play in our success and are proud to have obtained investor in people accreditation. We are concerned to note that HMRC are currently seeking a crackdown on tax avoidance schemes and are sending an increasing number of payment notices to people who may have been wrongly advised on their tax affairs. This could result in people having to pay significant sums in penalty fees and back taxes. Looking ahead to 2016 and beyond we see this being a particularly challenging issue given the number of people who are potentially affected.

Acquisition International - May 2016 59

AccessibilityOz 1604AN102

AccessibilityOz AccessibilityOz is an accessibility consultancy based in Australia and the United States whose mission is to make organisations more accessible to people with disabilities. Gian Wild, Founder and Director of AccessibilityOz lifts the lid about her company, and gives her insight into the importance of accessibility in the workplace.

Company: AccessibilityOz Name: Gian Wild Email: Web: Address: 228 East 45th St, Suite 9E, New York, New York 10017 Phone: +1 415 621 9366 OR +61 3 8677 0828

I’ve been working in accessibility for many years. Most notably, I spent six years with the W3C Web Content Accessibility Guidelines Working Group contributing to WCAG2.

test against the second version of the Web Content Accessibility Guidelines, therefore it is essential that the firm you hire has experience with this second version.

At our company we offer a range of accessibility services and products to organisations and government departments around the world. Over the past decade we have completed hundreds of audits and run training sessions and seminars for many clients. Throughout this time, we have worked with organisations such as the United Nations, Gold Coast Commonwealth Games, Department of Prime Minister and Cabinet, Bureau of Meteorology and McDonalds.

When we consult with our clients on accessibility, we come in and talk to stakeholders about the systems used within an organisation and prioritise what needs to be reviewed first. Often – especially in large organisations – there are a large number of systems that need to be assessed. It is essential that issues are prioritised appropriately. We often start with an accessibility audit of the most popular public-facing web site, but we also look at mobile sites and apps as well as accessibility procedures around releasing documents, video and content on social media.

Providing a high standard of accessibility is essential for any business as twenty percent of the population has a disability that affects their daily life – that’s a
lot of potential customers! Perhaps more importantly is the realisation that often these disabilities are hidden, and the person sitting next to you could have a disability. So ensuring that web content can be used by all users is essential. Often the web is the only way for some people with disabilities to access content or functionality; for example, a quadriplegic can’t do their own grocery shopping, but with an accessible online grocery site, they can. A blind or visionimpaired person can’t see a web site, but with a product called a screen reader, they can access a web site just like anybody else. Fortunately for people affected by a disability, the importance of accessibility is becoming more and more of an issue for organisations. The Department of Justice in the US has been actively reviewing web sites for accessibility compliance and suing organisations that do not comply to the W3C Web Content Accessibility Guidelines, Version 2.0. However, accessibility is quite a complex issue. It encompasses the needs of a whole range of people with disabilities; including visual, hearing, cognitive and physical disabilities. Some people think that web accessibility is just about people with vision impairments, but it is so much more than that. As a result, organisations are becoming more and more accessible, but there is still a long way to go. In the US there is a requirement called Section 508 which is heavily based on the first version of the W3C Web Content Accessibility Guidelines, which is now out-of-date. When the US Department of Justice tests web sites for accessibility compliance they 60 Acquisition International - May 2016

In order to assist organisations in becoming more accessible, we have an automated accessibility testing tool (OzART) for those companies that have their own accessibility team. We also have a database of over 700 accessibility errors, code, screenshots and solutions for developers to review when coding a site or mobile app. Plus we have the world’s only fully accessible video player, OzPlayer, so people can embed videos in their site from YouTube or other sources and be sure that users can access the video properly. As accessibility is a universal issue our client base is quite diverse, and we have small not-for-profit clients, government clients and large industry clients. Furthermore, I regularly speak at web and accessibility conferences around the world, which is how most people find out about us. As a result of our commitment to empowering people with disabilities, we also actively hire people with disabilities. As of April, 2016, 42% of our staff has a disability. Our staff are the lifeblood of AccessibilityOz, and our mission statement is to make the world a more accessible place. Looking towards the future, we are optimistic that our company will continue to grow and develop. However, expanding from Australia into the US, UK and Europe is quite time-consuming. Although we have staff across Australia, the US, UK and Poland, our senior staff have to do a lot of travelling, which can be exhausting, and it’s a very long flight from Australia to get to anywhere in the world! Nonetheless, we very much enjoy the work we do, and find it very rewarding to be helping the world become a more accessible place!

Strategic Communications 1604AN62

Company: Cogeco Peer 1 Web:

Strategic Communications Cogeco Peer 1 are a highly innovative company whose services eradicate IT complexity and let companies focus on achieving extraordinary market advantage by building high performance business-optimised platforms. But how is this achieved?

We are a company who lives and breathes technology. With our suite of ICT solutions, Cogeco Peer 1 supplies its customers with the fast, reliable and secure ability to access, manage, move and store large amounts of data worldwide. Furthermore, our wholly-owned, all optical, redundant network and secure, ‘always on’, tier three-quality data centres provide some of the world’s largest companies and public sector organisations with near limitless bandwidth and secure facilities for hosting and storing mission-critical data. Perhaps our most popular service is our cloud platforms and solutions which provide our clients with the freedom and flexibility to design platforms that truly fit their applications. From our experience, many businesses are tired of the one-size-fits-all approach of current cloud providers. With our services, they can free themselves from the complexity of trying to fit it to their business and IT processes. As such, we offer a comprehensive, expertly-managed range of cutting-edge cloud solutions that are tailored to fit to our clients’ business, enabling them to focus on what on their growing and developing their business. We understand that it’s hard to run a business with today’s demanding customers. A Cogeco Peer 1 cloud platform enables business with both the flexibility and controls it needs. With this solution, businesses really can experience a powerful boost to their current business performance. Moreover, for businesses that need the public cloud to work with them private cloud and prem-based Infrastructure, we provide hybrid infrastructure solutions. With this platform, we combine public, bare metal, and private cloud environments to get the best hybrid infrastructure for our clients’ organisation. Equally as innovative to our cloud solutions are the hosting solutions that we provide for our clients. Cogeco Peer 1’s hosting solutions provide our clients with the power, performance and resiliency that support even the most demanding online applications, all backed by our FirstCall Promise™. No matter how advanced your website, mobile app, real-time bidding or rich media site may be, it’s irrelevant if your end users can’t experience it the way you intended. With technology advancing rapidly, so are the expectations of the millions who are plugged into these media-intensive sites. The end goal is an entirely immersive experience—one uninterrupted by any latency or downtime caused by the infrastructure

underpinning your application. That requires speed, reliability and proactive hosting support. Achieving this in-house can be complicated and costprohibitive, and using the wrong hosting provider can be disastrous. With this in mind, Cogeco Peer 1’s hosting solutions provide you with the power, performance and resiliency that support even the most demanding online applications. And of course, Cogeco Peer ‘s top priority is our clients’ security. At every level, within every physical location, and across all our network, cloud and hosting platforms, we provide a range of robust and up-to-date security measures, as well as additional value-added security services. Digital threats are on the rise, with more advanced malware and higher profiled attacks, and we are constantly looking at different ways to counteract these and ensure that our clients’ businesses are safe from cybercrime. With thousands of peering partners, the Cogeco Peer 1 FastFiber Network is at the heart of this digital revolution and delivers data across the globe for some of the world’s most ambitious companies. Our investments into designing, building and evolving our proprietary global network has grown to spans multiple continents and supports petabytes of data. In actual fact, very few IT providers own their own networks — and only Cogeco Peer 1 has successfully run and refined one for over a decade. With over 10,100 Gbps lightning fast speeds, redundant links, and resilient platform delivered over an intelligent converged core our customers experience incredible speed at performance with ultra-low latency for the most demanding applications. Our global network operations centre (NOC) experts support customers every minute of every day and continuously monitor and re-route data for optimal low-latency routes. With thousands of kilometres of fast internet fiber that links together our global data centres in Europe and North America we help deliver our customers data to wherever it needs to get to. We operate and manage it all. Ultimately, we are company that is passionate about providing businesses with highly innovative IT solutions. Regardless of the business’ size and scale, we are determined to ensure that they receive the best solutions possible.

Acquisition International - May 2016 61

PVD Technical Training and Certification Joint Stock Company (PVD Training) OE160055

PVD Technical Training and Certification Joint Stock Company (PVD Training) PVD Technical Training and Certification Joint Stock Company (PVD Training) is a world leading provider of training and certification, manpower solutions and marine technical services mainly to oil and gas clients. Managing Director Bui Thanh Van explains the secrets behind the company’s success.

Company: PVD Technical Training & Certification J.S.C (PVD Training) Name: Bui Thanh Van – Managing Director Email: Web: Address: Road 1, Dong Xuyen industrial Zone, Rach Dua Ward, Vung Tau, Vietnam Telephone :(+84) 64 3612 099

PVD Technical Training was founded in 2007 as a subsidiary of Petro Vietnam Drilling & Well Services Corporation (PV Drilling) and geologically originated from Vung Tau as an oil and gas hub. Located in Southern Vietnam, PVD Training has tremendously grown its business in three different categories and been expanding its services and offices across regions in the world. Since our inception, we have been committed to empowering the oil and gas workforce and our ultimate quest is to have every oil and gas worker, no matter where in the world, trained to one global standard with diversified safety, technical and competency-based training courses provided in a variety of training methods. PVD Training is proud to be the first training centre in Vietnam which is accredited by IWCF (International Well Control Forum) and OPITO (Offshore Petroleum International Training Organization) for its training services. As a top training provider, we provide sufficient training for the well-trained personnel to best meet their job requirements in a timely and efficient manner, and to offer the most cost-effective manpower solution to oil and gas clients. In addition to training and manpower, we offer our clients premium and cost-efficient technical services for their petroleum and marine demands. This includes the supply of equipment, site survey, inspection, maintenance and repair, certification for a range of safety equipments in compliance with international classification organisations such as ABS, Lloyds, DNV, BV and Vietnam Register. In terms of our ethos, we place high emphasis on honesty and quality when serving our clients. In essence, a successful company is a company of trust which guarantees its high-quality services and products to the client. When selecting clients and staff, we approach people by listening, understanding their needs, as well as appreciating and respecting their values. In PVD Training, we see the potential and power inside each person to train them. As such, we nourish and grow our talents and we always listen to our clients and know what they need. However, as safety specialist, we do our best to protect our employees and reduce as much damage as we can to our company and employees. Above all, we look for a service that benefits everyone. When differentiating ourselves from our competitors, we ensure that our professional and diversified

62 Acquisition International - May 2016

services cover a wide spectrum of the oil and gas industry. Our talented, yet both knowledgeable and skilful workforce are key to the service we provide. We are quick to perceive and act against the market, and we understand and satisfy our clients with the best services as we can. In order to remain on the cutting edge of new developments in the industry, it is essential we never stop studying the market, surveying and understanding our clients’ needs. As a result, we possess a good foundation of knowledge, expertise and resources. We have the best and most creative people who always stay current with the trends of market and the changes in technology. Our clients find us the best place for consultancy and oil and gas services, and our outstanding leadership has seen us advance and drive for greater success. Furthermore, as the legislation and law systems change, we are always committed to and abide by international and local laws regarding the running of our business. There are facilitations and restrictions caused by laws that would affect our business in terms of finance, accounting, administration as well as the method of doing business. However, we cleverly adapt these changes to utilise the good side of them and minimize the bad effects. As for our sector, the oil and gas industry has been in a slump for a couple of years due to the fall of oil and gas prices. Many oil and gas companies went or are on the brink of bankruptcy, and many oil and gas operators and contractors had to stop their projects or try to cut cost in their needed services to the max. We are facing real hard challenges to maintain and boost our sales to clients in the current situation. In spite of these challenges, we are still very successful in deploying our integrated management system aligned with ISO 9001 and OHSAS 18001 which is awarded with Certificate of Credit Rating Appraise by the Enterprise Credit Rating Appraise Science Centre. We have also been designing, producing industrial equipment and appliance in which HUET Simulator is a great example. Looking towards the future, we are growing quite substantially, and transcended beyond our traditional barriers by expanding our services across the world. Moving forward, we aim to be the most renowned and reliable provider of safety, emergency, vocational trainings, manpower and technical solutions to the oil and gas industry. We are currently developing our business in Southeast Asia countries and Middle East and initially rip our success in Myanmar, Brunei, Iran, etc. Watch this space!

The Power of Outsourcing 1602EG10

Company: Totally Typing Ltd. Name: Joanne Jarrett MD Email: or Web: Address: 1 Royal Exchange Avenue, London, EC3V 3LT, UK Telephone: + 44 (0) 8761 7902

The Power of Outsourcing Totally Typing Ltd is an online Digital Typing Agency based in London providing a proficient transcription service to clients in various companies and business sectors around the world. As specialists in transcribing any recorded media into typed documents we are able to provide an effortless solution to our overseas clients. We have found our service in particular appeals to clients with little time on their hands and organisations needing to outsource this function. The main benefits of ‘outsourcing’ virtual assistants Businesses that use our service to outsource secretarial work benefit by saving themselves significant amounts in financial outlay by not having to employ a permanent secretary, along with having to provide all of the legal obligations e.g. sick pay, maternity pay and insurance etc. Instead tasks are completed on an ‘as and when needed’ basis. Recent trends and developments in how to implement good secretarial practices As a key professional in this field we believe good secretarial practice relies on being aware of and implementing the latest technology available, which in turn allows for proficiency in delivering the best service possible. It’s essential, that as service providers, we employ and maintain the best professionals within Totally Typing. Business support Currently, we work with many public and private companies, providing the services of professional legal secretaries. In particular we focus on the accurate transcription of audio and within 24 hours if necessary. So for example telephone interviews, meetings, conferences, discussions, hearings/tribunals, property

reports and focus group/market research recordings. We fully understand the importance of providing a highly confidential service to our clients and as such are registered with the Information Commissioner’s Office under the Data Protection Act 1998. By providing business support, we aim to act as an adjunct for companies who would prefer to concentrate their efforts on their business objectives. This in turn can free up large amounts of time within an organisation and outsourcing the secretarial service function to professionals instead of employing full-time staff ensures costs are kept to a minimum. Current technology is used by our transcribers to track and manage each specific project so to provide an efficient and appropriate service to each of our clients this will begin from the initial online contact. Over the last few years there has been a considerable increase in the expanse of VA’s being utilised by companies of all sizes, who are now providing a solution to the growing problem of administrative obligations of all organisations. Looking ahead to the future we are keen to build upon our achievements and find new opportunities in the market.

Acquisition International - May 2016 63

Dispute Resolution DR160047

Dispute Resolution Company: Le Tutour Avocats Email: solenn@ Web: Address: 9, rue de Chaillot, 75116 Paris, France Phone: +33(0)1 53 63 63 80

The firm mainly acts in aviation law, commercial law, product liability and in criminal matters. Its founder previously worked as a lawyer of English and American law firms based in Paris and in London. Therefore, the members of the firm intervene in French as well as in English in complex and international case. Solenn Le Tutour founded Le Tutour Avocats after having acted as an associate in the aviation team of Bird & Bird in Paris. She is also a former “Secrétaire de la Conférence of the Paris Bar”, and as such largely practices criminal law. She is registered as an Avocat at the Paris Bar and as a Solicitor of England & Wales and practices in French as well as in English. Aviation Law Solenn LE TUTOUR has extensive experience in aviation matters and criminal proceedings, which are essential combined skills in aviation accidents. She assisted families of victims of the 2009 Air France Rio-Paris flight accident. She also was involved in the civil proceedings following the Kenya Airways and Gulf Air crashes in 2000 causing hundreds of victims. In May 2015, Le Tutour Avocats represented a family of victims of a helicopters accident which took place in March 2015 in Argentina.In March of the same year, the firm represented a large number of PIP victims in the litigation against PIP’s certification company (TÜV) before the tribunal of Toulon. Disputes involving the civil liability of members of the aviation industry include: • Damage to the engine of an aircraft following a ground handling maintenance incident; • Damage to the door of an aircraft due to the defective piloting of an air bridge;

64 Acquisition International - May 2016

• • • •

Damage caused to an aircraft following collisions on the ground of airports between an aircraft and a ground vehicle (tractor, car); Temporary seizure of aircraft in case of debt recovery proceedings; Lift of seizure of aircrafts and of parts of the aircraft; Debt recovery proceedings and; Assistance and representation of victims of air accidents before French courts (civil et criminal).

Partnership The firm has developed partnerships with lawyers and law firms practicing in other areas of the law, such as public law. In international matters, the firm may request the intervention of lawyers having the relevant experience and expertise in the concerned matter. The firm works with Solicitors and Barristers in England and Scotland, with lawyers in Germany, Austria, Spain, Belgium, Switzerland. LT Avocats may therefore guide its clients towards the right professionals acting outside France, and will also work in association with them. The members of the firms work in English and in French. The firm regularly intervenes as a local lawyer before French courts.

The Rise of Online Dispute Resolution 1604EG02

Company: Moroglu Arseven Email: Web: Address: Akmerkez, B3 Blok Kat: 10, Nispetiye Caddesi, 34337 Etiler Beşiktaş İstanbul, Turkey Phone: +90 212 377 47 00

The Rise of Online Dispute Resolution Moroglu Arseven is a full service law firm with a highly diverse expertise and experience in business law. Orçun Çetinkaya, Partner at Moroglu Arseven reveals more about the company, and how they consistently deliver for their clients. Established in 2000, Moroğlu Arseven have a dynamic and dedicated team of lawyers who are all experts in their respective fields. Outstanding client service, delivery of results and the support of our distinguished Of Counsels have all been fundamental to the success of our firm, allowing them to support the success of our clients. The firm’s primary guiding principles are universal and national ethical values, independence of the legal practice and the indivisibility of legal science and legal practice. This is reflected in our relationship with clients, not as a temporarily hired provider of legal services but rather as a trusted adviser for both legal and strategic matters. In terms of the background of our clients, these include national, foreign and multi-national commercial, industrial and financial enterprises. The firm are known in their jurisdiction as a detail oriented, well-connected, hands-on and concentrated law firm, as well as being experts at handling complex tasks, whether these tasks are related to transactions, disputes or settlements. As such, we regularly advise and support clients with complex issues and demanding matters, requiring them to provide multidisciplinary attention to reach creative and innovative solutions. One of the fundamental factors behind the firm accumulating such a diverse client base is the dedicated services we provide. Across the company, each attorney’s aim is to provide and implement clear, applicable and pragmatic solutions which focus

on the specific needs of their clients’ transaction, legal question or dispute. This always includes their attorneys adopting a holistic approach to the wider legal and commercial situation. Moreover, they integrate their individual expertise and collaborate between their corporate advisory, intellectual property, tax and dispute resolution teams, among other practice areas. Alongside this expertise, we also focus on their clients’ business sectors and actively participate in professional associations and events. Additionally, we are capable of communicating in English, German and French. These factors all contribute to our ability to consistently provide the best possible client experience. As for my work at the firm, this includes all aspects of disputes, corporate, and employment law matters. I regularly support both local and foreign clients during cross-border disputes and debts, often involving high values or complex liability issues. I also advise clients on a broad range of issues including contractual claims, shareholder and partnership issues, joint ventures, construction, real estate, agency, professional negligence and employment matters, as well as administrative issues, tax disputes, customs, international trade and business crimes. During my career, I have advised and represented clients at all types and levels of dispute resolution forum in Turkey, from local ad-hoc tribunals through to supreme courts. I have also advised clients regarding their local and international disputes before various ad-hoc and institutional arbitration forums, involving a range of international arbitral procedures and rules. In addition, I have also participated in foreign proceedings as a Turkish law expert. For over ten years, I have provided daily corporate advice to market leading corporate clients in industries such as confectionery, stationery, fertilisers, pharmaceuticals, medical devices, media and advertising, aviation, insurance, reinsurance, construction, energy, technology, electronics, IT and telecommunications. Additionally, I regularly publish articles and jurisdictional chapters for major legal publishers regarding dispute resolution and corporate issues. He is also the co-editor of the first English only law journal in Turkey, The Turkish Commercial Law Review. As a result, I am regularly invited to speak at conferences and industry forums around the world.

Acquisition International - May 2016 65


Web: Address: 111 Captain’s Road, Edinburgh EH17 8 DT, United Kingdom Email: Phone: + 44 (0)131 564 0154

The Stretch Zone, Deep Learning from the Inside-Out Earlier this week I had the pleasure of meeting Richard, COO at a financial services organisation. We first met ten years ago on a talent and leadership programme where I was lead facilitator. This week our conversation was specifically about The Stretch Zone, a set of insights, principles and practices that enable deep learning from the inside-out, wondering what difference it made ten years later. This is part of his story, the very human story we all share as we overcome the biggest impediment to our talents and potential – oneself.

The Stretch Zone developed out of 10 years coaching within talent and leadership. These capable high performers were brimming with talent, yet under pressure they were holding themselves back unnecessarily. When asked the burning issue was confidence – and that was as much with people who would be described as hugely confident as it was people who clearly lacked confidence. Everyone has a stretch zone and confidence is an issue for everyone who has the courage to step outside their comfort zone. Reflecting back Richard said: ‘I think my career was stalled, it was me stalling it to a large extent, feeling limited, feeling not able to progress, feeling stuck. I was plodding along’. In 2006, no different to the rest of the group, Richard was brimming of untapped talent and potential, it only needed the right impulse to make a difference over the years to come, to spark his transition into executive leadership. Referring to The Stretch Zone he said: ‘It was an insight into something new, something challenging, exciting – it was opening up a whole world, breaking through these levels of self-restriction’. It was a catalyst, ‘a spark to understand yourself – what makes you tick’.

66 Acquisition International - May 2016

In 2006 Richard’s stretch zone was with senior executives where his confidence would dip when he needed it most, undermining his impact. Rather than the well-worn path of confidence boosting hype The Stretch Zone inspires us to channel our efforts and energy differently, enabling a natural confidence from within – and coming from within it is authentic and congruent.

The Stretch Zone, Deep Learning from the Inside-Out

Confidence is not the problem. It is our natural state. Fear is also not the problem. It is a gift of intense energy only waiting to be channelled constructively. The problem is doubt, which channels that intense energy in self-defeating ways. Eight years later the difference was still evident. ‘Just before I left Barclays I presented to about 100 executives and delivered in a way that I would have hoped. I was aware that I was in control. I wasn’t trying to force anything. Once I was up there I stepped completely through the fear. I still have periods where I doubt myself but now I’m able to anchor myself and turn it around’. ‘There are people who try to be confident and deep down they are completely lacking in confidence, it is shallow and transient. It can lead to the wrong aggressive behaviours and it is a lack of confidence that drives it’. The Stretch Zone enables ‘the realisation that these mental barriers are not you. We not only create them, we breed them, care for them. Ego-based confidence is a façade, it is something you know is not you, it is very short-term.’ Rather than a façade of pseudo-confidence over suppressed fear and doubt, congruent confidence is when ‘people feel more comfortable with themselves rather than trying to put on a façade’. When asked about The Stretch Zone’s impact on how he leads his people he said: ‘I say to my team if you’re playing with confidence then I’ll get so much

more out of you. If you’re not then I have to take some responsibility. Confidence goes up and down. It is trying to iron out those dips. Barriers are unique to each of us. We tend to keep them from other people. We don’t like to admit what our barriers are and it comes back to confidence. If you want people to play with confidence you need to help them explore what is getting in the way’. Beyond the self-limiting barriers ‘there is actually a lot more capability. Rather than adding new skills it is about removing old barriers and letting go of that fear and the next step is actually quite easy’. Reflecting on organisational learning Richard said: ‘Clearly organisations would benefit significantly having people wakening up to themselves. If you’re going to make a step change, your people are going to make the step change for you, you’ll have to let go of the old ways of thinking. It needs an organisation to say we’re going to build this around people, genuinely, and I’m not sure there are many out there doing that.’ Everyday this very human story plays out in organisations as people hold back their potential under pressure. When organisations help people step across the threshold of their stretch zone, inspiring others to do likewise, they create a culture of achievement from the inside-out. Confidence is not limited by personality, it only looks and sounds different – and difference does not mean absence. Talk to us at ConsultF5 today to find out more about The Stretch Zone including our signature

talk, seminars, self-assessment, e-course, webinar, coaching and workshops – for a solution tailored specifically for your organisation. Glenn Widelko is a partner at ConsultF5 a valuesbased learning, leadership and talent development consultancy delivering sustainable change for individuals and their organisations.

Acquisition International - May 2016 67

OUR FOUNDATION FOR SUCCESS IS BUILT ON AWARD-WINNING SERVICE. Thank you. You’ve helped us win the 2016 Business Excellence Award for Global M&A Valuation Firm of the Year. In fact, you’ve helped us win many other awards that are too numerous to mention. We’ve always believed that providing premier service should be an award winning experience and we have the accolades to back it up. As we move forward expect even more excellence in valuations and exceeded expectations. We strive to deliver valuations that help take your business to a higher level. And we can’t do that without you. VALUATIONRESEARCH.COM/RECOGNITION

The Most Highly Regarded Expert Witnesses of 2015 1510KT22

The Most Highly Regarded Expert Witnesses of 2015 What should you be doing to avoid delays and disputes in construction and infrastructure projects.

Company: Probyn Miers - International Dispute Avoidance & Resolution Name: CEO Christopher Miers Email: probynmiers@ Web: Addresses: London: Hamilton House, 1Temple Avenue, London EC4Y 0HA Dubai: Emirates Towers, Level 41 Sheikh Zayed Road P.O. Box 31303 Dubai, UAE Telephone: +44 (0)207 583 2244 (UK) +971 4 313 2346 (Dubai)

Staying Out of Trouble You know that the world of construction is notorious for delays, cost increase and disputes. The complexity of projects typically involves many parties, often with different agendas. You need to take steps at the outset to ensure that your risks are properly identified and that you have appropriate procedures in place to secure successful project delivery. This requires a proactive approach. Most dispute resolution procedures, however, tend to respond to a problem - by which time the problem is already likely to be impacting negatively on project delivery. This is why we say to our clients, “… call us in as early as possible”. There are many possibilities early on in the project to reduce risk; however, frequently too little attention is given to plan ahead for how to both, avoid and resolve, the inevitable disagreements which will arise during the course of complex construction and infrastructure projects. The highest areas of risk tend to occur when insufficient time is allocated to the initial design and procurement stages. While this gives an apparent advantage of an early start on site it leaves a disadvantage of a significant increase in the likelihood of an unresolved and uncoordinated design commencing on site, and changes being required during the course of construction. A project owner should always seek to avoid implementing changes after the design is ‘frozen’, if they are to avoid delays and/or cost increases an effective procedure within the contracts.

Discerning clients come to us for an early identification and resolution of disagreements before their escalation into formal disputes and for our extensive experience at assisting clients to navigate through these risks and implement appropriate procedures either at the outset, or during a complex construction projects. Probyn Miers is the UK’s leading firm of Expert Architects in International construction dispute avoidance and resolution and with an unrivaled inhouse team of expert witnesses. From our 18 years at the forefront of construction disputes, and an extraordinary accumulated expertise with over 900 appointments worldwide;, our team takes pride to be recognized at the highest levels as the UK’s leading think tank in dispute resolution. Our expert’ services across a broad spectrum of sectors, including expert witnesses, has covered complex and substantial projects in Africa, Asia, Australasia, South America, the Caribbean, Russia, China, the Middle East as well as throughout Europe, the UK and in the Commonwealth of Independent States (former Soviet Union). Probyn Miers maintains its position at the forefront of best practice by responding to each appointment in accordance with our core values and by harnessing the excellence and professional development of our in-house team.

Acquisition International - May 2016 69




MD5 supports the legal sector in answering the 4 W’s; “Who, What, When and Where” in a wide range of cases that involve electronically stored information generated on computers, smart phones and other digital devices relating to: > Criminal Defence > Employment > Fraud & Business Crime > Family > Personal Injury Claims > Commercial Litigation > Internal Investigations > Regulatory Investigations > IP Theft > Insolvency 1603WO11

Services Computer Forensics - Investigation and analysis of electronically generated and stored information on computers, and other digital devices to establish the full facts.

Mobile Phone Forensics - Forensic examination of live and deleted data on the SIM or Chip on mobile phones, smartphones, iPads and other mobile devices. We recover texts, emails and other content and investigate call logs, message data and browsing history.

Web & Social Media Investigations - We capture and analyse information from Instagram, Facebook, Twitter, LinkedIn, web based emails and content from websites.

eDisclosure – A complete service that provides an affordable, proportionate solution that can be applied to small as well as larger cases Conversion of hard copy to digital format – To enable the data be electronically de-duplicated, analysed and filtered so that considerable time and cost savings will be made.

Search and Seizure - 24/7 service to seize equipment and ensure critical data is not lost or changed Forensic Data Recovery - Forensic recovery and reconstruction of data that has been lost or deleted from devices and storage mediums as well as data from damaged/malfunctioning hard disk drives.

Registered Expert Witness - Technical findings explained in a simplified, understandable

contact us

yet fully comprehensible manner.

01924 220 999


With over 30 years experience in the discipline of Digital, HEXFORENSICS are listed/certified specialist providers of Cyber/Digital Forensic and Expert Witness services to the legal profession, who to date have represented clients, and Barristers in high profile international court cases. As an extension to the provision of Expert Witness services, HEXFORENSICS provide Digital Investigation, specialist Cyber Threat, and Open Source Intelligence investigation services, as well as delivering Cyber Security and Digital Forensics Training in the UK, and the UAE [Dubai and Abu Dhabi]. For more information contact: +44 7881 625140 / +44 207 8626335 E-mail: 71-75 Shelton Street, Covent Garden, London. WC2H 9JQ

70 Acquisition International - May 2016

The Most Highly Regarded Expert Witnesses for 2015 AI 89

The Boyce Consultancy Group is an international provider of a full spectrum of consultancy services specializing in all types of turbomachinery. Dr. Meherwan P. Boyce explains the firm’s role as expert witness. The Boyce Consultancy Group provides consultancy services across the full spectrum of turbomachinery, including compressors, pumps, gas and steam turbines, used in electrical energy plants, offshore platforms, refineries, chemical plants, combined cycle power plants as well as the related power and petroleum industries. Drawing on over 50 years industry experience, we are able to provide the highest level of expertise and have done so domestically and internationally for clients that range from Fortune 500 Companies through to all levels of supporting resource providers to the power supply industry. Our consultancy services can consist of educating, mentoring, analysis, planning, risk management and prevention, plant reorganization and set-up, turbine package purchasing and start-up, performance analysis, catastrophic failure analysis, negotiations and arbitration assistance, expert witness in trial and litigation. Company: The Boyce Consultancy Group, LLC Name: Dr. Meherwan P. Boyce Email: Web: Address: 2121 Kirby Drive, 28 North, Houston, Texas 77019-6035 Telephone: 713-807-0888 Fax: 713-807-0088

In order to ensure clients receive the best possible support and advice, especially when they are relying on our expert testimony, we work closely with the client to support them through face-to-face meetings, phone consultations, email correspondence and any other means of communication. Through this we endeavour to assist with fulfilling the client’s expectations and establishing a level of confidence that the services provided will satisfy the necessary determinants in the case to display accuracy in the data analysis of cause and effect. We also have a diverse staff of experts and support that allow us to capture all our client’s needs. In addition, we have an attitude of lifelong learning due to the type of industry we are in that demands that type of foresight. Continuing education and handson experience keep us leading the industry in the most recent and relevant discoveries and information that we can then pass on to our valued clients. Internally we operate collaboratively so we can provide our clients multiple areas of ideas, experience, and intellect cultivated by a dedicated

staff of professionals. We feel that all our staff bring something positive to the table that accumulatively can be synchronized to form a successful outcome and experience with us to our clients. We also educate our clients with our close relationship while working together. We feel the more the clients understand, the more we can work together as a team in alignment with mutual goals and objectives. We take advantage of industry tools and resources such as on-line classes, webinars, symposiums, conferences, hard copy and virtual books, periodicals and magazines from industry supporting expert’s resources. These tools are particularly important as it is vital that we remain on top of any legislative changes in our sector, so that we can offer the most up to date advice and support to our clients. Being an active author of engineering text books on the subject matter gives us an extra advantage in the ability to demonstrate the extensive understanding and expertise in the field and industry, and also helps to ensure that we stay current in our knowledge. Moving forward we are excited about our future. We are confident that can continue to grow and expand our business with the solid foundation of our staff of experts and wide-ranging expertise into the future and continue being a respected organization of consultancy services to clients all over the globe. We are sensitive to and focused on preparedness of integrating renewable energies and utilization in combined cycle power plants. We understand the future needs to minimize drops in load and efficiencies for combined fossil and renewable energy plants so we have researched extensively how to assist our clients in these plants of the future. Additionally we are developing on-line classes that are sure to transfer the needed education and experience to engineers all over the world in a convenient efficient learning format. This is how we can contribute to our industry in a constructive manner in which all can take advantage and be exposed to the past and future of our industry’s direction.

Acquisition International - May 2016 71

AI 72

Name: Jeffrey Davidson, Managing director Email: Jeffrey.davidson@ Web Address: Address: Central Court 25 Southampton Buildings London WC2A 1AL Telephone: 020 3709 9250 Mobile: 07901 339 075

Honeycomb Forensic Accounting is a specialist and dedicated forensic accounting, investigations, and litigation support firm providing expert and authoritative analysis and opinion on the financial, economic, accounting, fiscal and monetary aspects of disputes and investigations. The firm’s Managing Director Jeffrey Davidson discusses the firm’s work and how they have become a key player in their industry. Honeycomb is a firm dedicated to providing expert and authoritative financial, accounting and economic aspects of a dispute or investigation. Our strength is our team, whose background and experience means we can support an investigation with a full arsenal of tools to get to the crux of the matter. The reason for our success, both in the industry overall and in terms of winning this prestigious award, is that we provide our clients with a full range of services to comprehensively address all the aspects of a case relevant to making our analysis, reports and evidence as insightful and authoritative as possible. Our clients include law firms, regulators, law enforcement, corporates – particularly their in house-counsel, compliance and risk managers – and financial services entities. Whether the case is being conducted through litigation, arbitration or some other form of alternative dispute resolution, we provide financial analysis, expert opinion, oral evidence and clarity of the issue. We don’t approach a case in a vacuum, or in an ivory tower. As a team we deal in practical terms with practical problems, brainstorming and looking for proper but imaginative, thought-through and expert answers.

72 Acquisition International - May 2016

As we have a big presence and profile in our industry, we are able to compete for important and large engagements, and perform with a level of service at a price which our larger, more factory like, cumbersome competitors cannot match. With constant changes to the industry, both professionally and commercially, we are always adapting and developing our offerings to make sure we maintain the same level of investigative rigor with every case. For example, we are always developing new anti-cybercrime processes to combat increasing sophisticated cybercrime activities. Fraudsters find new ways to hide money, so we develop new techniques and processes for finding the money. New ways of communicating electronically are used by crooks to keep their communications secret, so our partnership with other experts helps to develop new techniques for finding these communications. Our firm focuses on client service only in the forensic space where we are real experts. This means the work we take on for a client is in our field of expertise where we really know what we are doing. We know the problems, the risks, what outcomes work and how to present them with credibility and authority. We cut no corners, we are robust in forming and defending opinions, all of which is important to our clients who are trusting us with a vitally important aspect of their business.

The Most Highly Regarded Expert Witnesses for 2015 AI 127

Wilkins Kennedy’s Forensic Accounting, Expert Witness and Alternative Dispute Resolution specialists have built an enviable reputation in creating clarity and accord in complex situations. Company: Wilkins Kennedy Email: enquiries@ Web: Address: Bridge House London, SE1 9QR Phone: +44 (0) 20 7403 1877

The accredited team is highly experienced in conducting investigations and conveying information about complex business and personal situations clearly, concisely and impartially. There are various situations where forensic support, as well as Expert Witness and Alternative Dispute Resolution may be useful and include: - Business and share valuations - Shareholder/director/partner disputes - Quantification of profits or losses - Breach of contract or negligence - Fraud, both criminal and civil - Loss of profit claims - Tax and VAT investigations - Money laundering - Asset tracing - Conduct of directors - Insolvency investigations - Personal injury - Matrimonial disputes Working with companies, individuals, government agencies, solicitors, barristers, insurance companies and liquidators, Wilkins Kennedy has helped to build strong cases and support the creation of beneficial agreements and settlements for businesses and individuals across a diverse range of sectors. What is Forensic Accounting? Derived from the term ‘forensic science’, forensic accounting investigates financial documentation for irregularities. There are numerous reasons why a forensic accountant may be called; for example, during tax and VAT disputes, when the conduct of directors is questionable, during insolvency investigations, to explore financial losses, or in the case of suspected theft or fraud. In a personal context, a forensic accountant can be utilised, for example, in building a case for a personal injury claim, loss of pension claim or a fatal accident claim. A highly experienced forensic accountant will be able to identify key issues and develop pre-trial/hearing strategies, locate information and documentation to support a theory or opinion, help determine the strengths and weaknesses of a case and advise on the strongest line of argument. Forensic services can also be used to analyse company or personal financial statements. But, whereas a regular accountant or auditor may focus on accounting and auditing regulations, a forensic expert will dig deeper to find irregularities or, in the worst case, if potentially fraud may be involved. Wilkins Kennedy’s expertise in this specialist arena does not stop at specialist forensic accounting. The team embraces a wide range of associated and complementary skills and experience to provide a comprehensive range of support services. Expert Witness Wilkins Kennedy’s core team is registered with The Expert Witness Institute, The Academy of Experts, and is accredited by Cardiff University under the Bond Solon training scheme. It has accumulated many years’ experience in providing advice on a wide range

of forensic and accounting support matters, offering independent advice in legal disputes, and supports the courts in dealing with complex financial issues. Alternative Dispute Resolution Increasingly, Alternative Dispute Resolution (ADR) is being encouraged by the Courts. The voluntary nature of this route means that ADR can often negate costly, lengthy and time-consuming legal proceedings. Expert Determination Many disputes can be settled through expert determination, thus eliminating the need to go to court. Wilkins Kennedy has helped to achieve speedy and cost effective results across a varied range of cases. Mediation When it comes to Mediation, Wilkins Kennedy enjoys a reputation for excellence. It can be applied to all areas of civil dispute, including commercial and workplace disputes, personal injury and negligence claims. Wilkins Kennedy’s accredited and trained commercial mediators offer in-depth knowledge and experience to guide those involved in a dispute toward a solution that is acceptable to all. The process of mediation is ‘without prejudice’, in other words, totally confidential. Nothing can be used in evidence should the mediation fail and further action be required. Why Wilkins Kennedy? Experience and accreditation are bywords for the Wilkins Kennedy Forensics team, who strictly adhere to The Academy of Experts (TAE) Rules for Expert Determination, a focused set of independent procedures designed for use in virtually any dispute in virtually any part of the world, mediation protocols, civil and criminal precedure rules. The Rules For Expert Determination provide a comprehensive conduct and procedural framework that enables all concerned to concentrate on the determination, secure in the knowledge that the expert is knowledgeable and totally independent. Formed in 1987, TAE’s objective was to provide a professional body for experts to establish and promote high objective standards. It provides accreditation of expert witnesses and a wide range of training courses to enable members to develop their expert skills. But perhaps the best proof is provided by Wilkins Kennedy’s clients themselves. Partners & Co Solicitors Ltd found the experience of working with Wilkins Kennedy’s Forensics team invaluable; “Wilkins Kennedy was highly recommended to us by a colleague. That first case was very difficult in many respects. But the support we received gave a superb blueprint for the excellent service we have always enjoyed since. Adam (Merrett), being a trained mediator, demonstrated outstanding client skills and went the extra mile with the client to make sure they were thoroughly prepared for every eventuality.” If you are facing a tough challenge with your business, call Wilkins Kennedy Partner, Adam Merrett, on +44 (0) 1689 827 505 for a completely impartial and totally confidential conversation. It might be the most important call you make in 2016. Acquisition International - May 2016 73

AI 37

Definitive Expertise – the Key to Success for an Expert Witness With over 200 cases of litigation and arbitration to his name over a period of 30 years, Chris Osborne of FTI Consulting is finding that the role of the expert witness is more important than ever.

Company: FTI Consulting Name: Chris Osborne Email: chris.osborne@ Web: Address: 200 Aldersgate, Aldersgate Street, London, EC1A 4HD, United Kingdom Phone: +44 (0) 20 3727 1500

Growing international trade, especially with the emerging markets, has resulted in increased demand for experienced, expert witnesses who have a global perspective and knowledge of international business. At the forefront of this trend is FTI Consulting, the global business advisory firm. “We’re finding considerable demand in particular from the countries of the former Soviet Union because they’re increasingly the subject of foreign direct inward investment and there are known risks associated with them,” says Chris Osborne, Co-Chairman of FTI’s EMEA region and the European Head of its Economic and Financial Consulting practice. Osborne has been involved in over 200 cases of litigation and arbitration, covering loss of profits claims, post-acquisition disputes, insurance claims and restrictive trade practices. Definitive Expertise “Almost always legal counsel will be responsible for bringing us in during these and other types of case,” says Osborne. “Increasingly there will be some form of beauty parade to produce a shortlist of potential expert witnesses. The choice comes down to relevant knowledge and experience but also to the chemistry between the expert and the lawyer, as well as with the client.” Osborne believes that a large number of clients come to FTI Consulting because of what he describes as “Definitive Expertise.” He says: “We’re not a highly leveraged model – we generally have senior team members actively involved in projects and we’re very much expert driven in all the forms of work we do.” FTI’s impressive client base is based on the fact that it has the largest pool of expert witnesses and of people to underpin that work with research and analysis – what he describes as “bench strength”. This offers both depth of knowledge and breadth of experience. For Osborne and his colleagues, when it comes to their work as an expert “Definitive Expertise,” translates as ensuring that their testimony is a “definitive” factor in assisting the tribunal to arrive at its conclusion. “We take the importance of independence very seriously and we strongly believe that independence works in the client’s interest because it’s likely to be the most easily understood and the most convincing,” he says.

74 Acquisition International - May 2016

An expert witness needs to be analytically thorough, he or she needs to have insight into the way in which the problem should be framed and must be able to communicate clearly to the tribunal. “You need all three of those things,” says Osborne. “Having robust bench strength is essential for the first two. The clarity with which people explain themselves in front of tribunal is also essential.” Important skills An expert must also not assume knowledge and must avoid excessive jargon. “As the expert witness you have to be sensitive to the level of understanding of those involved in the tribunal and modify the way in which you explain things accordingly,” he says. There are subtler, but equally important skills too. “The key is not just to answer the questions honestly, completely and correctly but to then take the opportunities that arise to make the points that you want to make without having it feel artificial,” explains Osborne. “Judges and chairs of tribunals are sensitive to expert witnesses trying to skew their questions to make a particular argument. In such situations they will often say that the witness was unconvincing on a particular point.” Being clear and being believed is essential. “The person cross examining you has an advantage – they can be pushy or manipulative if they want to be, but you have to be straight down the line. As the expert witness, though, you will generally know the subject matter better than they will.” As well as his work at FTI Consulting, Osborne is a member of the Council of the Academy of Experts. “It’s important that the judges and tribunals have confidence in the independence of thought of the expert witnesses,” he says of his work here. “The Academy is part of a policing function that emphasises the importance of that independence. One of the reasons why British justice is as popular and well respected as it is around the world is because people believe in the independence of the judiciary under proper applications of the rules. Expert witnesses are a part of that I’m proud to say.”

The Most Highly Regarded Expert Witnesses for 2015

Chris Osborne was an expert witness in the case of a Latvian businessman, Valeri Belokon, who was awarded $16.5 million in compensation for a bank he owned, Manas Bank, which was seized by the government of Kyrgystan. Osborne supported Belokon’s legal team as an expert witness during the tribunal in Paris last year. The Kyrgyz Republic argued that the seizure was justified because Manas Bank had engaged in money laundering and other criminal activities, but the tribunal found insufficient evidence of such claims.

FTI consulting FTI Consulting’s Expert Witnesses have been ranked as the leading player globally in Who’s Who Legal: Arbitration 2016. FTI’s businesses take number one and two positions in their report, with a total of 20% of all Expert Witnesses recognised: 19 in the Economic and Financial Consulting and Financial and Litigation Consulting practices and a further 15 at FTI’s subsidiary, Compass Lexecon. Additionally, two practitioners are listed in the top five most highly regarded individuals in Europe: Chris Osborne and James Nicholson. Who’s Who Legal also named FTI Consulting as Arbitration Expert Firm of the Year and Compass Lexecon, as Competition Economist Firm of the Year in 2015.

Acquisition International - May 2016 75


Intellectual property represents a major part of a company’s value and warrants special attention. Acquisition due diligence should also confirm that there are no patent “land mines” associated with a potential deal that can block a product launch or lead to expensive litigation and risk exposure. GPA’s team has extensive experience supporting law firms and investment banks conducting IP related due diligence.

Types of Projects • IP due diligence for an acquisition to assess the strength of key patent assets. • Freedom-to-practice associated with current and new product lines. • IP landscape analysis to assess the value and potential synergies.

Expertise Areas Engineering Life Sciences • Software & E-commerce • Biotechnology • Semiconductors & Electronics • Chemistry & Materials • Telecommunications & Networking • Pharmaceuticals • Mechanical Eng. & Manufacturing • Medical Devices

The Global Difference GPA’s approach is based on the deep experience of our team, enhanced by institutional knowledge and processes honed over 30+ years.

To make GPA part of your team: For Engineering projects, Bruce Rubinger, Ph.D. Managing Director

For Life Sciences projects, Drew Lowery, Ph.D. Director of Life Sciences

21 Milk Street 6th Fl, Boston, MA 02109

Phone: +1 (617) 574-9574 Fax: +1 (617) 574-9559

The Most Trusted Name in IP Research®

BDO Bulgaria Profile 1605AC36

BDO Bulgaria Profile BDO Bulgaria are amongst the leading independent consultants, auditors and accountants on the Bulgarian market with distinct knowledge of the national and international financial reporting standards, commercial and tax legislation. As a company we are positioned to offer our clients exceptional service and valuable financial insights to help them better operate and grow their business.

Company: BDO Bulgaria OOD Name: Nedyalko Apostolov Email: Web: Address: 51B Bulgaria Blvd, Fl. 4, Sofia 1404, Bulgaria Telephone: 0035924210656

For our varied base of clients we can offer auditing of financial statements under IFRS, under local GAAP, public company audits, special purpose audits , nonaudit assurance services , internal control audits , accounting consultancy and regulatory filing services. We serve many of the leading local and international businesses, as well as many Public Interest Entities. In regards to what separates us from our competitors, our clients enjoy an exceptional level of service and availability from our partners and staff along with the high quality of work and proven local and international business credentials. Our people are the major factor in our success. We pride ourselves with the quality of services our people provide, their expertise and attention to detail. In return we provide an excellent working environment, customized training and all the resources necessary to utilise the full capacity of our people’s talent. Looking ahead to 2016 and beyond global immigration issues and the shortage of talent in the field will be the key challenges for the company. We will look to make the best out of the challenges we face and look to both learn and grow from them.

Note Service provision within the international BDO network of independent member firms (‘the BDO network’) is coordinated by Brussels Worldwide Services BVBA, a limited liability company incorporated in Belgium. Each of BDO International Limited (the governing entity of the BDO network), Brussels Worldwide Services BVBA and the member firms is a separate legal entity and has no liability for another such entity’s acts or omissions. Nothing in the arrangements or rules of the BDO network shall constitute or imply an agency relationship or a partnership between BDO International Limited, Brussels Worldwide Services BVBA and/or the member firms of the BDO network. BDO is the brand name for the BDO network and for each of the BDO member firms. The fee income of the member firms in the BDO network, including the members of their exclusive alliances, was $7.30 billion in 2015. These public accounting, tax and advisory firms provide professional services in 154 countries, with over 64,000 people working out of over 1,400 offices worldwide.

Acquisition International - May 2016 77

Lawrence Grant Chartered Accountants

Lawrence Grant Chartered Accountants Lawrence Grant Chartered Accountants has been providing accountancy services and tax advice to 100’s of individuals, sole traders, corporate businesses and multi-national clients across Middlesex and the Greater London area since 1969. They are a strong team of 20 accountancy professionals and 4 partners. The firm operates from their office in Harrow, Middlesex and is a member firm of the Institute of Chartered Accountants of England & Wales (ICAEW). Company: Lawrence Grant, Chartered Accountants Name: Graham Busch BCom ACA CA(SA) Email: graham@ Web: Address: 2nd Floor, Hygeia House, 66 College Road, Harrow, Middlesex HA1 1BE Phone: +44 (0)20 8861 7575

In a special interview, Graham offers a unique insight into the work the firm does, as well as his views on the impact June 23rd could have for Britain and what this will mean for people and businesses around the world.

What are some of the areas your firm specialises in? Accountancy and Taxation, Business Start Ups, Cross Border Tax, HMRC Tax Enquiries. Specialist Services for the Medical, Dental, Beauty, Legal (Barristers & Solicitors) and Media Sectors. Can you tell us what your client base looks like? Who do you serve? Our client base is a mix of tax return clients, sole traders, partnerships and SMEs. We have a heavy leaning towards cross-border tax advice, as a significant percentage of our clients have an international aspect. Please give us a brief, overall description of what your firm does and what services you provide for individuals and businesses? Through our association with GGI (Geneva Group International) we can provide investors with greater access to trusted professionals in over 90 countries around the world to explore key issues affecting business growth and development. This includes working abroad, cross-border trading, overseas business or property investments.

What are your views on the impact June 23rd could have for Britain and what this will mean for people and businesses around the world, as the UK decides whether or not to leave the European Union? There could be positive and negative consequences for the UK. The positive would be increased freedom to explore its own tax rates and legislation. The negative would almost surely be reduced inward investment, both from our present fellow EU members but also from the wider business world which sees the UK as a natural entry point to the EU. Should the leave vote be successful, what impact could this have on firms based within Britain? Those with foreign ownership may well re-examine the viability of being located in a non-EU country. Those reliant on EU nationals for their staffing will need to look to UK nationals in the event that EU nationals will need to go the work permit route. If they can find local skilled workers then fine, but if not... What role do your staff play in the successes of your firm? Our staff ARE our firm. They are by and large our major fee earners and a number of them are client facing too. We also run regular internal workshops to nurture and encourage our staff who are keen to forge new business relationships using the networking marketplace (E.G BNI, GGI, Link For Growth & UKTI) and to generate greater exposure for the firm and its services. What challenges does your company and / or industry face in 2016 and beyond? Our major challenges are keeping abreast of technology improvements and staffing. We believe we are at the forefront of technological advances in our industry and are well ahead of most firms our size in regard to the use of innovative software. But this is a constant and ever-changing process of evolution. Regarding staffing, the UK accountancy profession is right now very much an employee s market. We are aware of the need to provide a challenging work environment in which our staff can grow and gain much job satisfaction.

78 Acquisition International - May 2016

Most Innovative Law Firm - Canada (Energy Sector) 1604AC77

Most Innovative Law Firm - Canada (Energy Sector) Regulatory Law Chambers (“RLC”) is a Calgary-based boutique law firm dedicated to excellence in energy regulatory matters. We spoke to Rosa Twyman, Founder and Partner at Regulatory Law Chambers, to find out more about their firm’s philosophy, and learn more about the legal landscape in Alberta, Canada.

Company: Regulatory Law Chambers Name: Rosa Twyman Email: Rosa.Twyman@ Web Address:

Regardless of the client, we consistently strive to provide exceptional legal client services, practical and strategic advice and effective advocacy. Our core clients are typically energy suppliers, such as wind farm developers or electricity suppliers, shippers on pipelines, and oil and gas producers. We typically represent our clients in oil, gas and electricity proceedings before the energy regulators, namely the Alberta Energy Regulator, the Alberta Utilities Commission and the National Energy Board. We also act for our clients before all levels of the Courts and in arbitrations and mediations on energy regulatory matters. In terms of the sectors we specialise in, our expertise is in oil and gas, electricity, renewable energies, climate change, tolls and tariff, electricity commercial matters, compliance and environmental legal matters. We assist clients in a number of different areas, including: obtaining specific regulatory approvals for facilities; navigating complex regulatory proceedings on industry matters; tolls and tariff matters and legal matters related to fracturing activities, to name a few. In terms of our firm’s philosophy, people are at the heart of everything we do. RLC staff play a critical role in the success of the firm. We employ a team-focused approach in assisting and serving our clients, to ensure that our clients’ objectives are achieved in a timely, effective and efficient manner. We also work closely and collaboratively internally and with our clients, managing costs through effective allocation of resources. With this in mind, every team member is expected and encouraged to bring their thinking and opinions to the table. Open communication, both internally and with our clients, is greatly valued. Alberta is a unique jurisdiction. It has a vast natural resource base, is “land locked”, and, unlike other jurisdictions in Canada at this point, it has a competitive electricity generation market. For any business, it is important to make decisions on the best available information, at any point in time, about where the future is likely to go. It is also important to look at the complete picture. In Alberta and Canada, we have recently been very focused on emission impacts resulting from energy production – something we do need to focus on and can strive to improve. However, by focusing solely on “Canadian” emissions, we may be creating a greater demand for

energy production that comes with significant human rights violations and greater negative environmental impacts, if viewed from a global perspective. On the oil and gas side, Canadian energy development projects have encountered a great deal of opposition in hearings and proceedings with respect to obtaining licences to operate. A lack of trust is driven by what appears to be an uninformed perception that the regulatory processes in place do not provide the necessary balancing of economic, environmental and social impacts in the public interest. With respect to the electricity market in Alberta, we need to address structural issues expediently to support future investment. Renewable electricity generation faces a current barrier to investment, because we do not yet know details regarding the Renewable Energy Program. For the market, investors need better visibility about the timing of coal retirements and the corresponding renewable procurement timing and/or volumes in order to enable an assessment of the electricity revenues. The current limited information available about the design of the Renewable Energy Program, when combined with weak energy revenues, does not allow sufficient information to facilitate securing long-term investments for renewable energy in Alberta – or for any gas-fired electricity build-out. I expect this will delay investment in the short term, until there is more clarity about the details implementing the direction we are choosing for Alberta. As someone who grew up in apartheid SouthAfrica, my experience was that imposing economic sanctions on South-Africa during apartheid did not improve the lives of the people whose oppression the sanctions intended to address. From my perspective it entrenched oppression and furthered economic control for those that were considered the oppressors. Similarly, while it is important to address emissions and other overall environmental challenges, we do need to employ our intelligence and creativity to achieve overall global environmental and human rights improvements. To date, the public interest for oil, gas and electricity projects in Canada has been viewed more from a Canadian/provincial only public interest perspective, whereas environmental and human rights matters are global in nature. Both future challenges and opportunities will relate to how we can successfully deliver on global energy demand. Acquisition International - May 2016 79

2014 Copperstone Capital. All rights reserved.


Copperstone Capital is an investment management firm founded in 2009 with offices in Moscow, Russia and London, United Kingdom. We manage wealth for high net worth individuals and institutions through various hedge fund strategies. 16 Sadovnicheskaya Street, Moscow, 115035, Russia T +7 495 988 0010 F +7 495 951 1410

HEDGEfund awards2015 Best Russian Fund (Since Inception)




Most Innovative Law Firm of 2016, Japan 1604WO15

Most Innovative Law Firm of 2016, Japan Founded in 1891, ASAMURA PATENT OFFICE has the longest IP business history in the region. As an international patent office and based on reliability, ASAMURA has established the largest scale global network in the IP field, which now covers more than 3,000 offices in 200 countries.

Company: ASAMURA PATENT OFFICE, p.c. Email: Web: Address: Tennoz Central Tower 21F, 22F (reception), 2-2-24 Higashi-Shinagawa, Shinagawa-ku, Tokyo 140-0002, Japan Telephone: +81-3-5715-8651

ASAMURA PATENT OFFICE are very proud that they are the most trusted international patent office in Japan, and reveal more about what they do in an interview about the modern legal environment, their clients, how they stand out from the competition as well as the challenges they face in the future. In the modern legal environment, why is the ability and willingness to innovate crucial? We have many representatives in Japan Patent Committee and we can always catch up with the IP trends as well as technical trends. How does your law firm stand out from the crowd in these competitive times? Our long history enables us to give the clients high quality services and it makes the solid bond between us. Bearing in mind the competition provided by both international law firms with local offices as well smaller more localised businesses, why is an inventive and cutting-edge approach key to remaining competitive in the 21st Century? We communicate with our clients very closely and intensively and grab their needs accurately. How do you ensure that you stand out from the competition for services to your clients? In order to ensure our clients, enjoy unhampered usage of their IP rights, we have put together a team in combination with lawyers from ASAMURA LAW OFFICES that enables us to provide a supporting or representative role in the areas of issuing licenses and warnings as well as in legal action in the case of infringements.

What kind of clients do you serve and how do you approach them? Our fields cover almost all the technical fields, such as Mechanical Physics fields, Electrical ICT fields and Chemical Biotech fields. We approach our clients with the team the “AAA”Team. AAA comes from 3 words, “A”samura, “A”-grade and “A”round the world. The AAA-team will exceed your expectation and be more than your partner. Our clients can depend on them who will work closely with each client. What role do your staff play in the successes of your firm? We hold the clients to the maximum priority, and always give our 100% attention to what they’re seeking for to give them full satisfaction. What challenges does your company face in 2016 and beyond? Recent technology innovations have been accelerated and clients have more requests in IP fields. Therefore, we keep focusing on working more closely with our clients to grab a client needs precisely. Also the growth of developing countries is tremendous, and the demand for the acquisition of intellectual property rights has been remarkable. Needless to say, it would be significant to catch up with their up-to-date information and give our clients what they really need accurately.

Acquisition International - May 2016 81

Most Innovative Law Firm 2016, South Africa 1604JC23

Most Innovative Law Firm of 2016, South Africa In an ever-changing and dynamic legal landscape, it remains crucial for modern day law firms to remain vigilant of the demands of doing business. We got in touch with Magale Masemola, Attorney at Magma, to find out how they consistently innovate in order to remain at the forefront of their industry.

Name: Magale Masemola Company: Magma Incorporated Attorneys Email: Web: Address: 6th Floor, Fredman Towers, 13 Fredman Drive, Sandton, Johannesburg, South Africa, 2196 Telephone: 27(0)11 883 1132

Our industry is constantly evolving, and we are constantly looking to develop our services in order to adapt to any emerging trends. For example, the influence of social media and the internet has made it possible to go beyond boundaries that would have otherwise proven difficult to reach or attain. So adapting to these demands such as these remains non-negotiable. In terms of our background, Magma Incorporated Attorneys is a prestigious and versatile law firm situated in Sandton, Johannesburg, South Africa. We offer corporate and commercial legal services to an array of clients both in the private and public sectors. Our highly diverse range of services include the following: arbitrations (Including international arbitrations), business rescue, mergers and acquisitions, corporate finance, due diligences, commercial contracts, mining law, and property law (including conveyancing) notarial services and media law, and general commercial litigation in all magistrates and High courts of South Africa among others. As a company working in a highly competitive industry, one of our differentiating factors is that we pride ourselves on being easily accessible where clients and potential clients can reach us with ease throughout our various offices nationwide. For us, the ability and willingness to get the work done within a short space of time without compromising quality is essential as it gives our clients sense of comfort in knowing that their matters are in good hands and their resolution a priority, regardless of how big or small. From our experience, clients and potential clients often look for solutions and they require them now. There are so many law firms in the market and any of our clients could have chosen to go to any other law firm, but the fact that they chose us make us proud and both inspires us and ignites an inherent need to do great for our mutual benefit. A happy client will always remember us and our quality service

82 Acquisition International - May 2016

and always come back and even refer more clients. Ultimately we are responsible for our own destiny with our clients. At the heart of everything we do is that we provide a high level of service in an affordable way. As everyone knows, legal matters can be extremely costly and because we regard our clients as part of our family, we try and accommodate them as much as possible. As soon as our new clients get on board with us, we become a formidable team. As a result of our client-orientated ethos, we have a whole host of clients, both in the private and public sectors. Some of these clients include: First National Bank, a division of First Rand Bank Limited, City of Polokwane Municipality, Eskom SOC Limited, South African Local Government Association (SALGA), South African Football Association (SAFA), Skynet Worldwide Express, University of Mpumalanga, Tshwane University of Technology, The global brands, Finbond and Nelson Mandela Bay Metropolitan Municipality among many others Our success has been, first and foremost, a team effort. All staff members understand that the success of the firm very much depends on them and their commitment to render a good quality service at all times. They should walk, talk and live the brand, and they are constantly reminded that we value their service to the firm and overall to our greater portfolio of clients. From our experience, the main obstacles we have had to overcome has always been about the transformation of the legal profession as a whole. In our new democracy, often big corporates will go to your typical so called big law firms to the neglect of the smaller to medium sized law firms, this apparently because they may not have confidence in the latter. Looking ahead, we are confident that our firm will continue to meet any further challenges that meet us along the way.

Most Innovative Law Firm of 2016, UK 1604CG64

Company: Countrywide Conveyancing Services Email: Web: Address: 88 - 103 Caldecotte, Lake Drive, Milton Keynes, Buckinghamshire MK7 8JT Phone: 01908 465 250

Most Innovative Law Firm of 2016, UK The legal side of buying or selling property may seem a little daunting. You may have heard horror stories of lengthy legal procedures and uncooperative lawyers, but that doesn’t always have to be the case. Countrywide is the largest residential conveyancing operation in the UK and has a reputation for firstclass customer service and fast turn-around times.

Conveyancing when selling As someone selling a property, you will want to find a buyer as quickly as possible and get the best sale price you can. However, accepting an offer is only the beginning of the transaction. Making sure the sale goes ahead smoothly is extremely important and can mean the difference between a broken chain and a successful sale. Using a trusted and well-established conveyancing practice can help your sale go through quickly and efficiently. Our seller’s property conveyancing services will focus on your needs. Conveyancing when buying If you are a buyer, buying a property is an exciting time. Once you have found your ideal property you will be eager to get through all the paperwork and move in as quickly as possible. To do this, you’ll need to make sure you have the right professional conveyancers working for you. Their expert knowledge will be the key to a fast and efficient transaction. Choosing the right conveyancing practice could mean the difference between moving in or losing out on your dream property. Our seller’s property conveyancing services will focus on your needs. Whatever your situation we ensure smooth, end-toend conveyancing work with regular updates and two-way communication. This leaves you free to concentrate on the more enjoyable parts of moving. Get a Fast Start Sellers usually don’t realise that when they have agreed a sale it can often take two to three weeks before their lawyer is able to send a contract to their buyer’s lawyer. With our unique Fast Start conveyancing service, we begin work the moment you instruct your estate agent to place your property on the market and we also give you a £100 discount on our usual conveyancing fees With Fast Start conveyancing, we assign your property to a dedicated team of property lawyers and start work straight away. This means that when you find a buyer, we can issue a contract quickly. This will help cut out any frustrating or unnecessary delays. We aim to save you valuable time at a critical and sensitive stage, helping to reduce the risk of your buyer losing interest due to legal delays.

Our Fast Start Service Gets your sale off to a flying start We start working for you straight away, so once you have found a buyer we can issue a contract quickly. Saves you money £100 discount from our normal conveyancing sale fees. Keeps you informed 24/7 online case tracking with email and text message updates. Helps you budget Our guaranteed fixed legal fee means that you won’t pay more even if things get complicated. Gives you peace of mind We are specialists in property law; you are in the hands of the experts. What our Customers are saying about us... “I do appreciate your help to get things moving. It’s a pleasure to work with people like you: you promise, and then you deliver (quickly) what you promised.” Mr N, Croydon. “Thank you to all the team at Countrywide for your service and dedication to our house move. You were worth every penny and we will certainly be recommending your company to other buyers.” Mrs W, Gillingham. “I would like to thank you for all your assistance in the purchase process. I now know that I made the right decision in using your company as my conveyancers and would definitely recommend you to friends and family.” Mr C, Romford. “We are very impressed with how Countrywide have handled the legal side of the sale. Using the Fast Start service certainly helped get the process off the ground and I have very much appreciated being able to talk to a member of the conveyancing team whenever I’ve needed to – even from half way up an Austrian Alp! Should we need to sell another property we would certainly use Countrywide again.” Mrs C, Leicester

Acquisition International - May 2016 83

Most Innovative Law Firm, Brazil Company: LRI ADVOGADOS Name: Nilson Lautenschlager jr. Email: Web Address: Address: 22nd Floor, North Tower, 1842, Paulista Avenue, São Paulo, Brazil Telephone: +55 11 2126 4600 Most Innovative Law Firm Company Lexincorp Name: Enrique Escobar Email: Web Address: Address: 71 Ave. Norte y 3ª Calle Poniente # 3698 Colonia Escalón, San Salvador Telephone: +(503) 2250-7800 Most Innovative Law Firm, Mexico Company: OCA LAW FIRM Name: LUIS F. ORTIZ Email: Web Address: Address: Bosque de Ciruelos 304, p.4, Ciudad de Mexico, Mexico CP.11700 Telephone: +52 55 33005194 Most Innovative Law Firm, Venezuela Company: E.C.V. & Asociados Email: Web Address: Address: Calle La Iglesia, Edificio Centro Solano Plaza I, Piso 4, Oficina 4-A, Urbanización Sabana Grande, Caracas 1050 - Venezuela. Telephone: ++58 212 761 7674

84 Acquisition International - May 2016

Most Innovative Law Firm of 2016, Canada Feldstein Family Law Group Professional Corporation Andrew Feldstein, Founder Email: Web addresses: Head office: 20 Crown Steel Drive, Suite 8 Markham, Ontario, L3R 9X9 Telephone 001 905 415 1636 Branches in Mississauga, Vaughan, Toronto and Oakville Most Innovative Accountancy Firm of 2016 Company: Rose Financial Services Name: Ted Rose Email: Web Address: Address: 2 Research Place, Suite 300, Rockville, MD 20850 Telephone: 001 301 527 1130 Most Innovative Law Firm, Portugal Company: AAA ADVOGADOS Name: Dulce Franco Email: Web Address: Address: Rua Alexandre Herculano, 50 – 8.º - 1250-011 Lisboa - Portugal Telephone: +351 (21) 330 93 00

Most Innovative Law Firm of 2016, China Company: JINCHENG TONGDA & NEAL Email: Web Address: Address: 10th Floor, China World Tower3, No.1 Jianguo Menwai Avenue, Beijing, China 100004 Telephone: +86 10 5706 8585 Most Innovative Law Firm – Indonesia Company: Bagus Enrico & Partners Email: Web Address: Address: DBS Bank Tower, Ciputra World Jakarta I, 17th floor, Suite 1701, Jl. Prof. Dr. Satrio Kav. 3-5 Jakarta 12940, Indonesia Telephone: 62 21 2988 5959 Most Innovative Law Firm of 2016, Italy Company: CBM & Partners - Studio Legale Email: Web Address: Address: Via Monte Napoleone 20, 20121 Milano, Italy Telephone: +39 02 76022178

Winners Directory

Most Innovative Law Firm of 2016, Japan Company: Quinn Emanuel Email: Web Address: Address: NBF Hibiya Bldg., 25F 1-1-7, Uchisaiwai-cho Chiyoda-ku, Tokyo, 100-0011 Japan Telephone: +81 3 5510 1711 Most Innovative Lawyer of 2016, Indonesia Name: Mika Isac Kriyasa, S.H. Work for HPRP Lawyers (Hanafiah Ponggawa & Partners) Email: & Mobile:+62 8119112743 Practice group & interest: Foreign Direct Investment Tech & Telco Investment, Business & Trade Infrastructure Banking & Finance Most Innovative Offshore Firm 2016 Company: Axis Energy Projects Limited Name: John Baross Email: Web Address: Address: Suite Nos. 1&2, Centurion Business Centre, North Esplanade West, Aberdeen AB11 5QH, UK Telephone: +44 (0)1224 284310

Most Innovative Accountancy Firm of 2016 Company: STUDIO GAZZANI Name: MASSIMO GAZZANI Chairman, Owner and Fouder of 25 people Email: Web Address: Address: Via Fabio Filzi, 10 Milan, Via dei Mutilati, 3 Verona, Via Monti Parioli 54/a Rome Telephone: +39.045.8006974 Most Innovative Accountancy Firm of 2016 Company: Modern Accountancy Ltd Email: Web Address: Address: 2 Romney Way, Shaw, Swindon SN5 5QB Telephone: 0845 519 7328 Most Innovative Accountancy Firm of 2016, the UK Company: The Tax Guys Email: Web Address: Address: 13 West Hill, London SW18 1RB Telephone: 0208 875 2530 Most Innovative Accountancy Firm of 2016, the UK Company: Solutions Accountancy Ltd Name: Vicky Newham Email: Web Address: Address: The Mews, Little Brunswick Street, Huddersfield, HD1 5JL Telephone: 0845 838 7334

Most Innovative Accountancy Firm of 2016, the UK Company: DNS Accountants LLP Name: Sumit Agarwal Email: Web Address: Address: DNS Associates, Pacific House, 382 Kenton Road, Harrow, Middlesex, HA3 8DP Telephone: 0208 903 6330 CEO of the Month Company: Reifferscheid & Partner Steuerberatungsgesellschaft mbB Name: WP/StB/FB IStR Stefan Reifferscheid Email: Web Address: Address: Adamsstraße 10, D-56068 Koblenz, Germany Telephone: +49 (0) 261 – 30 48 50 Most Innovative Accountancy Firm of 2016 Company: QUALEX Name of Partner: José Nirina RASOANAIVO Email: Web Address: Address: Lot II M 98 L Antsakaviro, Antananarivo 101, Madagascar Telephone: +261 20 22 631 86 Most Innovative Accountancy Firm of 2016 Company: SYLLA & PARTNERS Names: MOHAMED SIDIKI SYLLA and PIERRE KODJO AVODE Email: Web address: Address: Avenue de la Gare, Imm Soumah 5ème Etage, 502, BP: 1905, Conakry, GUINEE Telephone: +224 655 38 52 09 Most Innovative Accountancy Firm of 2016 Company: Vicca Chartered Accountants Name: Noé Vicca Email: Web Address: Address: Level 16, 127 Creek Street, Brisbane Qld 4000 Telephone: +61 7 3221 9444

Acquisition International - May 2016 85

AI 37

Company: haysmacintyre Name: Nick Bustin, Director of Employment Taxes Web: Address: 26 Red Lion Square, London WC1R 4AG Phone: +44 20 7969 5500

Employment Tax Changes: Mistakes with Expenses Could Be Expensive For those working in banking and finance, employment tax changes that came into force last month could be very costly indeed – in both time and money. Employers must now change their treatment of expenses and ensure the right sign off procedures are followed or face severe penalties. For those working in finance, likely to have higher levels of travel and greater expenditure on corporate entertaining than other industries, the risk of falling foul of HMRC is especially high.

Following the introduction of real-time reporting for Pay as You Earn (“PAYE”) the Government’s attention is now turning towards other areas which impact upon an employer’s compliance and reporting obligations. These changes in employer reporting, which came into effect from 6 April, brings a number of challenges ahead for employers.

If the answer to any of these questions is “I don’t know” then now is the time to review and update what is in place. Without these controls you will potentially have difficulties submitting accurate forms P11D to HMRC, bearing in mind they can charge penalties where incorrect or incomplete returns are submitted.

What changes have come into force? From 6 April 2016 P11D Dispensation Agreements will no longer apply and have been replaced by the business expense payments exemption.

Benchmark scale rates One exception to the business expense payments exemption regime is where an employer pays fixed rates for reimbursed expenses, for example, subsistence payments whilst away on company business and those payments are in excess of the HMRC Benchmark rates

Employers will be required to “self-assess” the tax and National Insurance treatment of benefits and expenses paid to, or on behalf of an employee. Where an employer is satisfied that an expense has been incurred “wholly, exclusively and necessarily” in the performance of the employee’s duties, details of those expenses will not need to be reported on an employee’s Form P11D. However, where the costs incurred do not meet the conditions set out above, details will need to be included on an employee’s P11D or, where agreed with HM Revenue & Customs (“HMRC”) as part of a PAYE Settlement Agreement. Whilst the underlying conditions which need to be satisfied have not changed, the onus placed upon the employer to “get it right” has never been greater. It will be important to ensure your systems and controls can cope with the demands being placed upon you as an employer. Ask yourself the following questions: • When was your staff expenses policy last reviewed and updated? • Are all employees aware of the policy and the basis upon which expenses are paid/reimbursed to them? • Who is responsible for authorising the repayment of expenses in particular those expenses for senior management? • Are you confident that your systems are able to distinguish those expenses which have been incurred “wholly, exclusively and necessarily” by your employees?

86 Acquisition International - May 2016

The table below summarises these rates. Time away from home and normal place of work 5 hours 10 hours 15 hours

Maximum allowance £5 £10 £25

If you are an employer who pays rates in excess of those stated above, then you will be required to re-negotiate the amounts you can pay free of tax and National Insurance with HMRC. It will be necessary to undertake a sampling exercise to demonstrate the amounts being reimbursed are reasonable. HMRC typically expect a sampling exercise to be based upon: • A random sample; • 10% of the eligible employees; and • A minimum period of one month. Once obtained, the agreement to pay the bespoke scale rates will be in place for up to five years. The importance of checking and reviewing Employers will no doubt want to know if the introduction of the business payments exemption will require changes to their existing procedures. HMRC will expect employers to undertake a regular review of their expense procedures and have published guidance within their Employment Income

Employment tax changes: mistakes with expenses could be expensive!

Manual (EIM 30270). The level of checking will vary depending upon the number of employees within the organisation. Employers will need to be able to demonstrate that someone other than the employee is responsible for ensuring that the amounts being reimbursed relate to a qualifying business expense. Employees should always be expected to submit fully detailed expenses claims, together with supporting receipts and explanations as to who they met and where the meeting was held. Furthermore, from a point of the employers own cost controls adopting a more detailed review process will help to ensure that where excessive claims are being submitted, the appropriate action is taken to ensure such excesses are not repeated. Can we expect more changes? The simple answer is yes! In addition to the introduction of the business payments exemption, voluntary payrolling of benefits in kind also came into effect from 6 April 2016. Given the Government’s need to balance the books during the lifetime of this Parliament we are likely to see a move across to the compulsory payrolling of benefits. We are awaiting further developments in respect of the use of PAYE Settlement Agreements, and of course, the introduction of the Apprenticeship Levy from April 2017 will add a real cost to all employers.

Acquisition International - May 2016 87

We help you plan the next move A move-by-move plan is the basis of every transaction. Deloitte supports organisations in making the right move in every step of the process, from the strategy to the financing right up to the execution of the plan. Let us help you develop your game plan to achieve sustainable change and profitability. What we’ll bring to the table? The right tools, creative ideas and a lot of experience.

Audit. Tax. Consulting. Financial Advisory. Š 2016 Deloitte AG. All rights reserved.

AI Magazine May 2016  
AI Magazine May 2016