NE INFApril

EPT

FORMl 2013

TUN

MATIO

E S

ON ME

SOF

EMOR

TW

RAND

WARE

DUM

E

1 | P a gg e

Table 

Disclaim

Offering

Executiv

Market o

Go-to-m

Custom

Financia

Compan

Risks ....

Append

of Conte

mer and con

g in detail ....

ve summary

overview an

market mode

mers and inte

als ..............

ny governan

...................

ix 1 – NAD

nts 

nfidentiality n

...................

y .................

nd Neptune

el ................

ernationaliza

...................

nce .............

...................

overview a

 

note ...........

..................

..................

offering .....

..................

ation proces

..................

..................

..................

nd framewo

..................

..................

..................

..................

..................

ss ..............

..................

..................

..................

orks used ...

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

...................

2 | P a g

..................

..................

..................

..................

..................

..................

..................

..................

..................

..................

g e

.. 3 

.. 4 

.. 5 

.. 6 

10 

12 

15 

18 

19 

21 

Discla

This Info(“NeptuNeptuneproceedMemora

The infosourcescontaineare madinformatits direcother wradvisor

The infoeach recinvestmregarde

The infowithout all discuany formsimilar t

This Meaccordinrecipien

imer and

ormation Meune” or the “e. The sole d with a furthandum will b

ormation cons and has noed in this Mde as to the tion herein i

ctors or empritten or oraand any lia

ormation in tcipient. The

ment may inced as a reco

ormation connotice. Nep

ussions regam of committransaction.

emorandum ng to the law

nts declare t

d confiden

emorandum“Company”purpose of her investigbe used sole

ntained in thot been indeemorandum accuracy ois believed t

ployees for tal communicbility therefo

this Memorae recipient acrease or deommendatio

ntained in thptune reservarding the trtment on the

is not delivw of tradingtheir full acq

ntiality no

m (the “Mem) for use bythis Memoration of Nepely for such

his Memoraependently m in good faor completento be accurthe contentscation transmore is hereb

andum shouacknowledgeecrease in vn to subscr

his Memoraves the rightransaction ae part of Ne

vered to the with financ

quiescence

ote 

morandum”)y prospectiverandum is toptune and e purpose.

andum has bverified. Alt

aith, no repreness of the ate, no resps of, or omismitted or maby disclaime

uld therefores that an invalue. The inibe for shar

andum is sut, at any timand the issueptune to pr

public and cial instrumewith the fore

) has been pe investors o assist the each recipie

been obtainhough Neptesentationsstatements

ponsibility wssions fromade availabed.

re be indepenvestment isnformation ires.

bject to chame and withoue of this Meroceed with

does not coents. In procegoing, whi

prepared byin considerrecipient in

ent acknowle

ned from Netune has co

s or warrantiset out her

will be accep, this Memole to a pros

endently vers associatedin this Mem

ange, complout explanatemorandumthe propose

onstitute a foceeding withch is subjec

y Neptune Sing an inves deciding wedges that t

eptune and oompiled the ies, expressrein. While tpted by Neporandum andpective inve

rified and asd with risk a

morandum sh

etion or amtion, to term

m shall not bed transacti

ormal prosph the transact to Swedis

3 | P a g

Software A/Sstment in

whether to this

other externinformation

sed or impliehe

ptune or anyd for any estor or its

ssessed by and that an hall not be

mendment minate any obe taken as on or any

pectus action, the sh law.

g e

S

nal ed,

y of

or

Offeri

For the NeptuneNorwegdirect shOffering

NeptuneNorwegCompanCompancustomein 2012 The Boaplatformexterna

There aissue.

The subvaluatio55 MNOShares

The decDirectoradd the

The procommun

Magnus

Chairma

Phone:

e-mail: m

ng in det

funding of Ne seeks fun

gian crowns hare issue tg.

e has succegian market.ny also has ny has expaers to makeand has co

ard of Direcm by speedin

l funding for

are currently

bscription pron of 50 MNOK / 7.32 Mmay only be

cision regardrs of Neptunmost value

oceeds fromnication in t

s Ellström,

an of the Bo

+46 704 26

magnus@n

ail 

Neptune Soding of a mthrough a d

to external i

essfully esta Through a customers

anded its dee end-user frontinued to ictors is of thng up the inr this expan

y 100 000 sh

rice for the sOK / 6.651 EUR on a fue subscribe

ding allotmene. This dece to the Com

this Offerinhis matter s

oard

69 255

eptune-soft

oftware A/S’sinimum 2.5

direct share nvestors. A

ablished itsereseller disin a handfu

evelopment riendly applmprove its e opinion th

nternationalinded interna

hares outsta

share issueMEUR (FX ully diluted b

ed to in even

ent of sharecision will ammpany over

ng will be usshall be dire

tware.com

s (“Neptunemillion Norwissue (“Offe

A maximum o

elf as the dostributor modul of other noplatform to ications on positive cas

hat Neptunezation proce

ationalization

anding in Ne

amounts toEuro / NOK

basis. The sn hundreds,

es to new exmongst otheand above

sed to fund ected to:

e” or “Compwegian crowering”). Shaof 10 000 sh

ominant playdel of SAP iorthern Euroinclude alsoall devices.

sh position te should capess. The Bon.

eptune prior

o 500 NOK K of 7.5) andsubscription with 100 as

xternal inveser factors becapital.

Neptune’s i

any”) expanwns and a mares will be ohares can b

yer for SAP implementaopean couno Desktop s. The Compthroughout tpitalize on itoard has the

r to the cont

per share wd 52.5 MNOn period is As minimum

stors will bee based on

nternationa

nded internamaximum 5 offered in a be issued as

mobility soation consultntries. In 20solutions, thpany made athe first quats unique deerefore deci

templated n

which equalsOK / 6.99 MApril 17 to Msubscription

e made by thwhich share

l expansion

4 | P a g

ationalizatiomillion near-term

s part of this

lutions on thtancies, the13 the

hus enablinga small profarter of 2013evelopment ided to seek

new share

s a pre-monEUR –

May 13, 2013n.

he Board ofeholders ca

n. All

g e

on,

s

he e

g fit 3.

k

ney

3.

f an

Execut

Neptunethan 40 the greahad alsodifficultyto addreSAP’s gcreatingcertified

ThroughfunctioninventedCompanintegratavailablmaintaincustomefor othe

Neptuneworld’s 100 000revenue

On the NSAP momore thconsultalicense Through17 coun

In 2012 positivebeen 15year, re

Neptuneinternatexpansiinitiate, performtogethe

tive summ

e Software wyears of co

at benefits So encountery for the noness this issugreat functiog a developmd solution. N

h NAD, Nepnality seamled the only sny maximizeion. This soe on mobilening the higer solution, rs to make

e’s market emarket lead

0 enterprisees per licens

Norwegian obility solutioan 80%, whancies. Thisagreementsh a reseller ntries, Neptu

the Compa cash positi

50% and 11sulting in a

e believes itionalization ion, which mdevelop an

ming marketir with an alr

mary 

was foundeombined SASAP offers cred the seemn-frequent eue, leveraginonality with tment platfor

Neptune is a

ptune providessly availaolution on thes the use o

olution has ee phones to hest securitbut only at NAD-equiva

encompasseder in enterps, includingsed user the

market Nepons. The NAhich has caus, in turn, has with Neptudistributor P

une also ha

any made a on througho0% the lastforecasted

t should cap process. T

mainly will tad systemating activitiesready expan

ed in 2011 bAP experienccustomers inmingly invarend-user to ng both newtoday’s devrm, the Nep

also an SAP

des the mosable in user he market tof the custoenabled Nepthousands ty requiremea much highalent solutio

es all compprise applica 80% of Fore addressab

ptune has suAD developught the atteas convincedune, makingPartner mods live custo

small profitout the first t two quarte2.0 MNOK

pitalize on ithe Companake the formize co-operas. The immending Partne

by three Norce. During Sn terms of furiable shortcintuitively w

w consumerice manage

ptune ApplicP Software T

st cost efficiefriendly intehat directly mer’s existiptune custoof end userents. Alternher cost. Neons without

anies operaations. Thisrtune 500 coble market f

uccessfully pment platfoention of mad more thang Norway’s del of some mers in a ha

t on a 3.1 Mquarter of 2rs. The Comprofit.

ts unique deny has therem of two FTEation with Pediate proceer network,

rwegian SAPSAP implemunctionality coming of th

work with ther behaviors ement. This cation DesigTechnology

ent and secerfaces on Pleverages Sng SAP set

omers to, forrs in a matteative solutio

eptune’s uninfringing o

ating an ABAs market is tompanies. Bfor the Com

establishedorm has reduany Norwegn a dozen NSAP mobilit20 SAP im

andful of oth

NOK turnov2013. Quartmpany forec

evelopment efore decideEs in Sales artners outs

ess of bringiposition Ne

P consultanmentations t

and customhis comprehe system. Tand new tecobjective w

gner (NAD), and Solutio

cure way to Phone, TablSAP’s own st-up, while mr example mer of weeksons may evederstandingn Neptune’s

AP-based shus comprisBased on Npany is som

d itself as theuced the cogian SAP cuNorwegian Sty penetratioplementatioher northern

ver and haster-to-quartecasts an 8.6

platform byed to seek e& Marketing

side the Noing these reeptune for a

nts, having they had rep

mization poshensive funche founderschnologies

was accompwhich is no

ons Partner.

make any Set and Desksource codeminimizing tmake SAP p, or even daentually obt

g is that it ws IP rights.

system fromsed of appro

Neptune’s acme 1.5 BUS

e dominant ost for SAP mustomers asSAP customon the higheon consultann European

s continued er revenue g6 MNOK tur

y speeding uexternal fundg. These rerdic countrie

esources ona very rewar

5 | P a g

ogether mopeatedly seessibilities. Tctionality: ths’ objective to merge lished by

ow an SAP

SAP ktop. Havinge ABAP, thehe need for

processes ays, while tain a similaill be difficu

m SAP AG, toximately ctual D per year.

player for mobility by

s well as SAmers to sign

est in Europncies coveri countries.

to improve growth hasnover for th

up the ding for this

esources wiles, as well a

n-board will, rding 2014.

g e

ore en hey

he was

g e r

ar lt

he

AP

pe. ing

its

e

l as

Marke Introdu

SAP is ttotal of ERP prosolutionpossibil

Howeveend-useboth newdevice mDesigneinterfaceprovidesin user fdirectly existingcustomeusers inis an SA

Phon

et overvie

uction

the world’s 183,000 cusovider in mas have enaities to cust

er, one drawer to intuitivew consumemanagemener (NAD), wes (UI) fully s the most cfriendly inteleverages S SAP set-upers to, for exn a matter ofAP Certified

ne

ew and N

market leadstomers. It hany industriebled SAP toomize their

wback with tely work wit

er behaviorsnt. To achiehich is a deintegrated

cost efficienerfaces on PSAP’s own sp, while minxample makf weeks, or product an

Tablet

Neptune o

der in enterphas 80% of es. Its 40 yeo offer its cusystem sol

the comprehth the systems and new teeve this objeevelopment with the SA

nt and securPhone, Tablesource code

nimizing the ke SAP proceven days,

nd Neptune

offering 

prise applicaFortune 50

ears of operustomers coutions.

hensive funcm. Neptuneechnologiesective the Coplatform tha

AP source core way to met and Deske ABAP, theneed for in

cesses avawhile mainis an SAP S

Des

ations with 00 companierations and omprehensiv

ctionality is e’s objectives to merge Sompany devat facilitatesode. In otheake any SAktop. Being e Company tegration. Tilable on motaining the h

Software Te

sktop

16 BEUR ines as customan early focve functiona

the difficultye is to addreSAP’s great veloped the

s the creatioer words, thrAP functiona

the only somaximizes

This solutionobile phonehighest sec

echnology a

Figure 1Designerdirectly lecode to mon user in

For NADperpetua20% in mbased onirrespectifunctionadevices ua commisdistributo

n 2012 revemers and is cus on indusality as well

y for the noess this issu

functionalite Neptune Aon of user frirough NAD,ality seamleslution on thethe use of c

n has enablees to thousacurity requirend Solution

: The Neptunr is a developeverages SAmake functioninterfaces usi

D Neptune chaal license fee maintenance n number of utive of the scoality covered,used. Partnession for actior and front-li

6 | P a g

nues from a the dominastry specificas extensiv

n-frequent e, leveraginty with todayApplication iendly user , Neptune ssly availabe market thacustomer’s ed Neptune nds of end ements. NAs Partner.

ne Applicatiopment tool th

AP’s source nality availabing HTML5.

arges a plus an annufee. The fee users, ope of SAP or the typesrs are awarding as ine support.

g e

a ant c ve

ng y’s

ble at

AD

on hat

ble

ual is

s of ded

Compe

While Nwork wittwo from

The pooand SAPSAP Poon the mfeel” rat

On the oindustryfunctionwhich a

The emreferredManage(Workligmultipleintegratcompetitheir plaby Neptlower co

As an aplatformprovider

Ws

IS

N

The secprojectsdevelopapplicatproductsand maindividu

Neptunewithout

etitive lands

Neptune provth one deve

m a competi

or SAP UI eP AG has fr

ortal, Webdymarket and ther than sim

other hand y. Neptune fnality availabre describe

erging SAPd to as MEAement), wheght) and Ante systems, aion efforts. Titors. There atforms and tune and its ost and com

pplication dms since it isr” to the inte

When mobisufficient fo

In a more coSAP part of

Neptune ha

cond type, as using nativpers and apption firms pus to SAP whintaining theal cases, N

e’s understainfringing o

scape

vides a holielopment tooitive stand-p

experience forom time to ynpro and Sthe main fo

mplifying the

enterprise mfaces two tyble on mobid below. Th

P mobility maAP – Mobile ere SAP AGtenna are th

also non-SAThe integrahave been associated Partners. In

mplexity.

developmens seamlesslyegration plat

lity or betterr the custom

omprehensf the solution

as proven in

and a clear cve developmplication devush these kihere huge inese producteptune doe

anding is than Neptune’s

stic UI approl to improvpoint: SAP m

for non-frequtime launch

Screen Perscus has in me actual end

mobility is aypes of comle devices:

here is no co

arket has soEnterprise A

G (SAP Mobhe three lea

AP systems,tion platformsituations w consulting n these situ

t platform foy integratedtforms:

r UI in genemer to use N

ive solutionn

tegrations t

case of comment to accovelopment tinds of deventegration ats with SAPs not recog

at it will be ds IP rights.

roach, makive the entiremobility for

uent users hhed various onas). Nonemost cases d-user tasks

n area of grplementary integration ompany pro

o far centereApplication ile Platform

ading provid and residems are comwhere the pservices to ations Nept

or SAP onlyd with SAP.

eral is needeNAD

covering m

to integratio

mpetition to omplish the tools are veelopment prand develop. While nativnize native

difficult for o

ng it possibe end-user ePhone and

has been aninitiatives toe of these inbeen on pe

s.

reat interest/ competingplatforms a

oviding a dir

ed on “integPlatforms – – SMP – bers. These outside of Splementary

platform provsolve the s

tune’s solut

y, NAD is veNeptune fu

ed for SAP p

multiple syste

n platforms

Neptune, issame SAP

ery popular arojects. Howpments costve developmdevelopme

others to ma

le for SAP cexperience, Tablet and

n acknowledo address thnitiatives haersonalizing

t for many cg solutions nd native de

rect compet

gration platfo– or MDM – ased on its integration SAP, thus rsolutions to

viders, or itsame customion has prov

ery different nctions stan

processes a

ems, NAD i

from SAP a

that custommobility ob

and variouswever, thesets are often ment may cnt as long-t

ake NAD-eq

customers tthe market SAP Deskt

dged issue he shortcomas had any m the overall

companies ifor making evelopmenting solution

orms” (somMobile DevSybase acqplatforms m

requiring sigo NAD, but s partners, hmer scenarioven to have

from the intnd-alone or

and function

s still the be

and IBM

mers launchbjectives. Aps consulting e are all thirdneeded wh

constitute coterm viable c

quivalent so

7 | P a g

to seamlessis divided inop UI.

for decadesmings (e.g. major impac“look and

n the IS / ITSAP t, both of to NAD.

etimes vice quisition), IB

manages gnificant could also bhave offeredos as offere

e significantl

tegration as a “conte

nality only, it

est tool for t

h proprietarypplication and d party en integrati

ompetition ocompetition

olutions

g e

sly n

s

ct

T

BM

be d ed ly

ent

t is

the

y

ng on n.

Market

SAP AGhope to propriet

Neptunenot prov100,000of theseAriba). N1,000 usthus the

Based oaverage

Figure 2per user penetratithese ye

size

G believes itreach 1 bill

tary and par

e’s market ivide a precis0 such compe are based Neptune essers on ave

e total addre

on Neptune’e is some 1.

2: Addressabr (i.e. the Parttion by 2020 ears, i.e. the m

ts addressalion mobile rtner solutio

s SAP “corese number opanies worldon non-ABAtimates the

erage for theessable mar

’s actual rev.5 BUSD p.a

ble yearly martner’s commi(i.e. a seven market is wo

ble mobilityusers by 20

ons.

e” customerof such cusd-wide. (SAAP systemstotal addres

e 100,000 Srket where N

venues per a., given the

arket for Neptission is not iyear horizonrth much mo

y market will015 (includin

rs operatingtomers, and

AP says it has from compssable mark

SAP customNeptune ha

licensed use market ma

tune. The calincluded) ann where the 1ore the higher

l be worth 1ng custome

g systems bad Neptune’sas 183,000 panies SAPket to 100 mers operatins the potent

ser the valueatures fairly

lculation is bad the assump1.5 BUSD mar the penetra

0 – 25 BUSrs’ end cust

ased on thes best estimcustomers have acqu

million end ung an ABAPtial to sell its

e of the addy rapidly.

ased on Nepption of a comarket represeation and the

SD by 2015 tomers) thro

e ABAP codate is that thbut an unknired, e.g. Syusers, correP-based syss solutions.

dressable m

ptune’s actuamplete worldents an averacloser to 202

8 | P a g

and they ough

e. SAP doehere exists nown numbeybase and sponding to

stem. This is

arket on

al net revenued-wide markeage during 20 we get).

g e

es

er

o s

es et

Neptun

Neptunerelevancpurchas

Sup

o

Nepfunc

o

o

o

o

Nepin th

o

o

Nep

o

o

o

ne Custome

e offers a nuce of these se NAD in a

erior total c

o In compplatform10 – 20%

ptune providctionality and

o Use of e

o Use of e

o No need

o Program

ptune appeahe ABAP pro

o SAP cuse.g. the

o SAP imp– can leskill sets

ptune offers

o Product

o The largimpleme

o Proven Platformsolution

er Unique S

umber of unfactors that

a relatively s

cost for the c

petitive tendms) the total

% of the cos

des the “optid processes

existing infra

existing SAP

d for interfac

m once, dep

als to a largeogramming

stomers canLyse custo

plementatioeverage the s (e.g. Java

a well-prov

t in use at so

ge SAP conentation exp

integration m and IBM W

s that also e

Selling Poin

nique sellingt have madeshort time pe

customer

ers (againstcost for a Nst of alterna

mal” solutios on user-fr

astructure w

P authorizat

ces or sync

ployed and u

e communitlanguage

n leverage imer case

on consultanskills of the

a and .net) s

en solution,

ome 20 com

sultancies aperience

capabilities Worklight, wencompass

nts

g points to Se a rather hieriod.

t native devNeptune-enaative solutio

on for any Sriendly UIs o

with no need

tions

hronization

updated to a

y of some a

nternal SAP

ncies – ofteneir consultanseldom foun

, which redu

mpanies in s

are Partners

with the leawhich allows

non-SAP s

SAP customigh portion o

velopment oabled solutions

SAP customeon Phone, T

d for extra s

of data

all UI device

allegedly 1 m

P competen

n the ones wnts, while altd at such co

uces the cus

six countries

s, recomme

ading integr customers

systems

mers. The Coof the Norw

or solutions on has prov

er wanting tTablet and D

servers

es

million SAP

nce centers,

with the besternative soonsultancie

stomer’s pe

s

end the solut

ration platfoflexibility fo

ompany belwegian SAP

based on inven to be do

to make avaDesktop

professiona

was demon

st customer olutions reques

erceived risk

tion and hav

rms, SAP Mor future mo

9 | P a g

lieves it is thcustomers

ntegration own to

ailable SAP

als proficien

nstrated in

relationshipuire differen

k

ve

Mobile bility

g e

he

nt

ps nt

Go‐to‐

Overvie

Neptuneresponscustomethis fact

Figure 3as distrib

While thpromoteof coursof 1 000

Figure 4on Phonusers whscope. T

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800kNO

‐market m

ew

e focuses osibility to enger’s businest, Neptune a

3: Overview obutors and fro

he Partners e NAD is these, consultin0 – 1 500 us

4: Illustrative e, Tablet and

hile the PartnThis means th

NAD PerpetualLicense: Neptune

Share

OK

model 

n developingage in dialss. This alsoalso engage

of Neptune’s ont-line supp

earn comme ability to png hours. Thsers when m

example of cd / or Desktoner implemenhe Partner im

eNAD Perpet

License: Partne

ng, maintainlogue with So means thaes in some e

go-to-markeport providers

mission on bprovide theirhe graph bemaking 2 – 3

customer cosop for 1 000 –ntation cost inmplementatio

tualr Share

Yearly MaFee: Nept

ning and supSAP customat NAD is soend-custom

et model whes, earning a c

oth license r customerselow illustrat3 SAP proce

st distribution– 1 500 usersncreases as

on revenues w

aintenanceune Share

YearlyFee: 

pporting NAmers of how olely sold ther marketin

ere Partners, commission o

and maintes state-of-thetes the costesses availa

n when usings. NAD Licena function of will be signific

y MaintenancePartner Share Im

AD. Neptuneto best utiliz

hrough Partnng activities

SAP implemon the licens

enance feese-art SAP st distributionable on Pho

g NAD to depnse is solely af SAP procescantly higher

Partnermplementation Cost

e’s Partners ze NAD for ners. Notwitto generate

mentation conse and mainte

the real drisolutions, ann for a NAD one, Tablet

ploy 2 – 3 SAa function of sses and funcr in larger pro

t

10 | P a g

have the the

thstanding e awareness

nsultancies, aenance fees.

ver to nd eventualldeploymenand Deskto

P processesthe number octionality in-ojects.

g e

s.

act

ly, nt op.

s of

Partner

Neptunemarketp

Most of workingsoftwarehave cuBaltic stUnited Smarket,

While ththere is abilities

Neptunesales ofthanks tbelievesin the ne

Sales E

Neptuneused byimplemealso me

Sale

o

o

o

On a

Neptuneon spec

To dateof 3 – 6

Rieb

Lyse

ICA

Stat

Zala

rs

e is an SAPplace Ecohu

the daily cug as Neptunee.com/categustomers ustates, BenelStates). Ame.g. Evry w

here are alwmuch workto develop,

e also has af several thoto NAD’s abs these succear-term to

Effectivenes

e believes ity implemententation con

eans that Ne

es and Mark

o Allocate

o Travel e

o Other sa

average Ne

e’s Sales & cific prospec

sales cyclemonths. Sa

ber & Sønn:

e: 2 months

: 3 months

tkraft: 6 mon

aris: 2 month

P Software Tub.

ustomer acte Partners. gory/partnersing NAD. Tlux, Polandong the Par

with 350 SAP

ways improvk to be done, maintain a

a global partousands of rbility to makcess cases market NAD

ss and Effi

ts chosen gtation resounsultancies eptune’s sal

keting costs

ed personne

expenses to

ales and ma

eptune has s

Marketing ect work, ofte

es have beeales lead-tim

: 1 month

s

nths

hs

Technology

ivities are cNeptune hars/ for an uphe Partners, Germany, rtners are thP consultan

vement oppoe at other maand systema

tnership witrugged deve SAP funcwill be of m

D at large c

iciency

o-to-marketrces, and ththat have thles and mar

s sum to 700

el costs

o the Partne

arketing exp

spent ~40 h

efforts are sen to discuss

en relatively mes, from co

and Solutio

carried out bas around 2pdated list. As cover 17 cBulgaria, S

he largest Snts and Bilot

ortunities, Narkets, whicatize Partne

th Motorola.ices (that ha

ctionality avamutual benef

ustomers a

t model is nhat these imhe best relarketing costs

0 000 NOK

r network a

penses (e.g

hours per cu

spent roughs specific cu

short (for eontact initia

ons partner

by the SAP i20 such PartAs of mid-Acountries (thSwitzerland, SAP implemt, the leadin

Neptune is sch is the reaer relationsh

. Neptune have been deailable in thofit to the twolso outside

atural givenmplementatioationship wits are low:

for the last

nd associat

. fairs)

ustomer to c

ly 50/50 on ustomer sol

enterprise sotion to contr

and promot

implementatners, pleas

April some 60he four Nord

Austria andentation cog SAP cons

satisfied withason Neptunips on non-

as been piveployed at Nose rugged o companiesof Europe.

n NAD beingon resourceth the custo

six months

ted prospec

close the las

the Partnerlutions with

oftware) witract closure

ted by SAP

ation consultse visit: http0% of these

dic countriesd the westernsultancies sultancy in F

h the Nordicne wants to Nordic mar

votal in secuNeptune cusdevices). Ns, thus help

g a developes are often mers. The P

cts

st five deals

r Network inthe Partner

h an average, for top-5 c

11 | P a g

through its

tancies ://neptune-e Partners s, the three rn part of th on the NorFinland.

c market whstrengthen

kets.

uring Motorostomers

Neptune ping Neptun

pment platfopart of SAP

Partner mod

n general anr / customer

ge lead-timecustomers:

g e

e dic

hile its

ola

e

orm P del

nd r.

e

Custo

Custom

As of mvarious and 100far is froand a b

Custom

20:20 M

Axis-Sh

ABB (No

Colada

Egger

Expert

HelsinkiMetropo

ICA (No

mers and

mer Situatio

id-April Nepnumbers of

00 to 1499).om 100 to 2rief descript

mer

Mobile

ield

orway)

i olia

orway)

d internat

on

ptune has 1f users. Lice The numbe000 users. Ttion of how

Partner

FRAM G

Bouvet

Not Disc

Colada

Honico CManage

Evry Nor

Bilot

Ciber No

tionalizat

8 customersenses are soer of licenseThe table bthe custome

Gruppen

closed

Consulting uementberatu

rway

orway

tion proce

s that have old by user es purchaseelow providers present

Use o

O SA

SA

Ti Ti SA

M M M

und ung

Sc

In St

Fo

SA

ess 

purchased intervals, e

ed varies bydes a list of cly use NAD

of Neptune

Order EntryAP Wareho

AP Wareho

ime Entry ime ApprovAP Workflow

Mobile time sMobile travel Mobile travel

canning of g

nventory Cotore Order

or education

AP Wareho

NAD and p.g. 400 – 49

y customer bcustomers, .

ouse Manag

ouse Manag

al w

sheet entry expense rereceipt cap

goods

unting

n purposes

ouse Manag

paid its licen99, 500 – 74but the typicthe respons

gement

gement

and releaseeporting pture

gement

12 | P a g

se fee for 49, 750 – 99cal range sosible Partne

e (SAP CAT

g e

99 o er

TS)

Custom

ISS (No

Lyse

NorAlar

Rieber &

Statkraf

TopDen

Sanoma

Uno-X

Vinmon

Zalaris

mer

orway)

rm

& Søn

ft

nmark

a

opolet

Partner

Evry Nor

Lyse IT

Lyse IT

Evry Nor

Bouvet

Evry Den

Ciber Ne

Cross ApConsulti

Bouvet

Zalaris B

rway

rway

nmark

etherlands

pplications ng

BPO

Use o

SA

Ti Tr SA

M M

SA

SA

M

SA

Ac Sa

fro

SA

Ti Ti SA Pa Le

of Neptune

AP Workflow

ime Entry ravel ManagAP Workflow

Mobile servicMobile maint

AP CRM

AP Plant M

Mobile travel

AP CRM m

ccess to proales offers aom handhel

AP Wareho

ime Entry ime ApprovAP Workflowayroll eave Reque

w

gement w

ce orders enance Ord

aintenance

expense

obile

ofit analysisand price cald

ouse Manag

al w

est

ders

s from handhalculations f

gement

13 | P a g

held for new sale

g e

es

Interna

On a moconsultascale weaddition

For newactivitiespushingsecuredthe Partinteracti

To effecneeds tobriefly dcustomemarketinwhile in the PartPartnersEuropea

In short

• 2 ne• Sele

2

3

• Stre

The ann

tionalizatio

odest scale ancies outsiere launche

nal Partners

w Partners ths take place

g in order ford the Compatners start toion with Nep

ctively manao strengthen

described in er awarenesng the existanother ma

tners on thas, all large aan market.

the followin

ew resourceective dema1. Develop

a. Wb. Dc. T

2. Customa. Wb. Ic. C

3. Customa. Wb. Ic. Cd. C

engthened b

nual costs fo

on Process

Neptune beide of Norwed by these were adde

here is typice. Neptune’sr them to geany has almo launch witptune, e.g. t

age the Partn its resourcthe “Go-to-

ss activitiesting Partnerarket this waat market. Inand mid-size

ng initiatives

es focusing oand generatper communWhite paperDeveloper cTechnical faer IT departWhite paperIT fairs (SapCustomer ser ManagemWhite paperIT fairs Customer sCustomer eback-office s

or these act

 

s

egan its inteay were sigcompaniesd.

cally a few ts experiencet the first c

most withoutthin their neto coordinat

tner networces, both in-Market mod. The scopes provide. Inas done by n any scenaed SAP cus

s are planne

on the Euroion and marnities (custors communitiesairs (e.g. Tetments (Cusrs (Gartner,pphire, DSAuccess storment and burs (Gartner,

uccess storevents support

tivities are e

ernationalizagned up as P during third

to several mce is that moustomer ordt exception setworks. Thete leads and

rk in the inten terms of stdel” chaptere of these an one markeNeptune, w

ario, Neptunstomers with

ed as part o

opean markerketing awa

omers adviso

s and blogseched, DSAGstomer busi IDC etc.)

AG, SAP Insries and refeusiness own IDC etc.)

ries and refe

estimated to

ation duringPartners. Sad and fourth

months delayost Partnersder on NADseen a boosese activitied discuss po

ernationalizataff and supr, Neptune ectivities varet a single P

who subseque’s objectivhin one to tw

of the interna

et outside thareness activors)

(e.g. SCN)G Tech dayness adviso

sider, Mobilierences ners

erences

o 5 MNOK.

g Q2 2012 wales & Markh quarters th

y before mos need guida. Once a firsst in the sco

es result in aossible solu

ation phase porting marengages in ies, mainly Partner conuently sharee is to havewo quarters

ationalizatio

he Nordics vities, e.g.

) ys) or)

ty)

when a few keting activithe same yea

ore comprehance, suppost order hasope and scaa different kution set-ups

the Comparketing activvarying levedepending tacted all SA

ed the informe contacted, after havin

on process:

14 | P a g

SAP ties of somear. In paralle

hensive ort and / or s been ale of activitind of s.

any thereforvities. As els of end-on how mucAP customemation with directly or vg entered a

g e

e el

ies

e

ch ers

via a

Financ

2011 an

Neptunesummar

cials 

nd 2012 Ac

e was foundry of the P&

ctuals

ded in the a&L Statemen

utumn of 20nts and Bala

011 and hasance Sheets

s posted pros for these t

ofits both in two years a

2011 and 2re outlined

15 | P a g

2012. A below.

g e

Quarter

Neptunebelow, astill are,have anbelieves

It shouldrevenue

Figure 5

2013 P&

The maand asspurposelearningCompan

200 00

400 00

600 00

800 00

1 000 00

1 200 00

1 400 00

1 600 00

rly Sales

e has experaveraging s dependent

n overweighs to have ex

d be noted tes, i.e. the s

5: Neptune q

&L Forecas

nagement asociated cose of this direg processesny estimate

0

00

00

00

00

00

00

00

00

Q4‐11

Sal

NOK

rienced stroome 130% t on individut of IS / IT r

xperienced t

that license share of con

uarterly sales

st

and board osts. The cosect share isss for new ems the 2013 s

1 Q1

les (left axis)

ng quarter-tfor the two

ual new custrelated investhis effect d

fees and thnsulting reve

s since its fo

of Neptune msts include tsue informamployees ansales not to

1‐12 Q

Sales

to-quarter requarters potomer contrstments in turing Q4 20

he associateenues is ver

undation (lef

make the fohe strengthtion memor

nd signing ao be impacte

Q2‐12

s Last 12 Month

evenue growossible to coracts. Many the fourth qu012.

ed 20% mairy low.

ft axis) and ro

ollowing besened Sales

randum. Duand developed by the st

Q3‐12

hs (right axis)

wth as can ompare. Revcompanies

uarter of the

intenance fe

olling 12 mon

t estimate os & Marketine to cycle tiing Partner rengthened

Q4‐12

154%

% = Quarter-to

be seen in venues hav

s have a tene year and t

ee make up

nths sales (rig

of the 2013 ng function tmes relatedrelationship

d Sales & Ma

Q1‐13

111%

o-quarter growth

16 | P a g

the graph ve been, anddency to the Compan

p almost all

ght axis).

full-year salthat is the d to e.g. ps the arketing.

0

500 000

1 000 00

1 500 00

2 000 00

2 500 00

3 000 00

3 500 00NOK

h

g e

d

ny

les

0

00

00

00

00

00

00

LICENS

MAINTE

RECURR

CONSUL

OTHER 

TOTAL R

TOTAL F

RESULT 

The Comactual qsales acthe end 2014 P&

A 2014 maintenCompanit has alpossible

LICENS

MAINTE

RECURR

TOTAL R

TOTAL F

RESULT 

SENSE REV

ENANCE REV

RING MAINT

LTING

INCOME (CO

REVENUES 

FIXED + VAR

 

mpany thusquarter-to-quctivity outsidof 2012.

&L Forecas

forecast is anance revenny estimateready prove

e once sales

SENSE REV

ENANCE REV

RING MAINT

REVENUES 

FIXED + VAR

 

VENUES NE

VENUES NEW

TENANCE RE

OMMITTED

RIABLE COST

s estimates tuarter growtde Norway w

st

associated nues for news the turnoven that its bs kick in.

VENUES NE

VENUES NEW

TENANCE RE

RIABLE COST

EW CUSTO

W CUSTOM

EVENUES

 STATE SUP

TS 

the top line th the past twhich with a

with a high w customersver to be 20usiness mo

EW CUSTO

W CUSTOM

EVENUES

TS 

OMERS 6

MERS 52 30 21

PPORT)  60 8 6 1

to grow by two quartersan increasin

level of uncs. Based on

0 MNOK. Whodel has hig

OMERS 16

MERS 3 82 20 14 6

963 435  

26 820  

03 064 

10 000  

00 000  

603 319  

625 100  

978 219  

some 175%s, but is jud

ng number o

certainty whn the 2013 fohile revenueh potential,

6 712 244 

342 449 

29 884  

0 884 577 

4 250 200 

634 377 

% this year. ged realistic

of Partners h

hen it comesorecast andes are uncei.e. a health

This is highc due to thehas been on

s to license d the historicertain the Cohy profit ma

17 | P a g

her than the e much highngoing sinc

and c growth theompany thinargin is

g e

her e

e nks

Comp

Ole-AndCo-foun

Njål StaCo-foun

AndreasCo-foun

MagnusChairma

any gove

dre Haugen nder & CEO

abell nder & CTO

s Grydelandnder & CMO

s Ellström an of Board

ernance 

O

d SulejewskO

ki

17 years Partner SAP Dir Founde

compan Sen

1997 Log LogT

14 yearsServices

Foundecompan

o L

10 yearsmanagefor Norw

Sales mlicense (Microso

Partner consulta

FoundeVismaP

Senior M

s of SAP exPearl Cons

rector at Cibr and succe

nies in the Sior Consulti7 Net acquireTech acquir

s of SAP exs, LogTech r and succe

ny in the SALogTech ac

s at SAP wiement rolesway and Swmanager Inm

sale SME poft, Adobe,

(from 2007ancy Applier and deput

Proceedo, 19Manager at

xperience sulting 2010ber Norway essful divestSAP field ing acquired

ed by Ciber red by Cibe

xperience atand Ciber

essful divestAP field cquired by C

ith various s. Last role a

weden. meta Crayonprivate and pOracle and

7) at top-mand Value 200ty CEO of P999 – 2004 PwC 1997

0 - 2011 2006 – 200tment of thr

d by Aston G

in 2006 r in 2006

t PwC, IBM

tment of on

Ciber in 200

sales and as Channel

n. Responsipublic sectoIBM).

nagement 04 – 2013

Proceedo, no

– 1999

18 | P a g

09 ree

Group in

Global

e

6

Manager

ble for or

ow

g e

Risks   An invesnumber

Risk Ar

Market Risk Desktop

Market Risk Mobility

FinanciaRisk

stment in Nr of risks ass

rea Exam

p

•

•

y

•

•

al •

•

eptune impsociated to t

mple of Ris

Difficultiesuse non-SDesktop U

While mak”hot” topicimprovemtopic for >significant

Customerpreferring platforms

Non-SAP Applicatioproviders share at S

While Nepprofitable cash flow due to irrecontracts

Yearly mastill relativmakes thedependen

lies exposuthe market,

sk

s to make cuSAP solutionUI improvem

king SAP mc, Desktop U

ments have b>20 years wt boosts in s

r loyalty to S their integr

Mobile Enteon Platforms

gaining maSAP custom

ptune has bsince its fouproblems c

egular flow o(>1 000 use

aintenance fvely low, whe Company nt on new sa

ure to variou the financia

ustomers ns for

ment

mobile is a UI been a ithout any sales

SAP, ration

erprise s (MEAP) rket

mers

een undation

can occur of larger ers)

fees are ich

ales

us kinds of rals, the part

Mitigating

• ThromethcomDesto dawhe

• Cuseco oftenSAP

• SAPoftencons

• Nepwith Mobsoluway funceveninve

• Sha500

• Cas700

• NepleveveryNorw

isks. The Ctner network

g Factors

ough NAD Nhod for impr

mpanies lookktop solutioate it is a ve

en looking fo

tomers are environmenn critical wh

P AG is the p

P customersn to the impsultancies N

ptune Applicboth SAP a

bile Device Mtions. Neptuto make SA

ctionality avan in a scena

ested in an M

reholders h000 NOK a

h position b000 NOK

ptune believeerage in its by good cashway picks u

ompany hak, and the te

Neptune proroving custok to NAD prion while for ery nice addor mobility s

used to wont where ”SAhile it is seldprovider

s’ strongest plementationNeptune has

cation Desigand non-SAManagemenune is still bAP processeailable in e.gario where aMDM / MEA

ave lent theas buffer

by the end o

es there is sbusiness mo flow once sp

19 | P a g

s identified echnology.

ovides a newomer UIs. Simarily for itmost compa

ditional featuolutions

rking in the AP certifiedom critical t

relationshipn partner (i.es as Partner

gner works wAP MEAP annt (MDM)

by far the bees and g. smartpho

a customer hAP platform

e Company

of April is

significant odel, allowinsales outsid

g e

a

w Some ts anies ure

SAP d” is that

p is e. the rs)

well nd

est

ones, has

ng de

Risk Ar

Partner Risk

TechnoRisk

 

rea Exam

•

•

logy •

mple of Ris

Partners dpush UI imor mobility

Partners psolutions

There areart third painto NAD of these c

 

sk

do not sufficmprovementy to their SA

promote oth

e several staarty softwarand one or

could be obs

ciently ts and /

AP market

her

ate-of-the-re built several

solete

Mitigating

• NepPartthat the Uspec

• NeptogemaxPart

• Nepthe P(this

• NADit relto re

g Factors

ptune has betners, only whave demo

UI area in gcifically

ptune graduaether with eaximize ”bangtner’s marke

ptune terminPartner does has happe

D is construclatively simpeplace / rem

een selectivworking withonstrated a cgeneral and

ally refines ach individug for the bucet

nates Partnees not show ened once s

cted with cleple should t

move a third

20 | P a g

ve in signingh consultancclear interesin Neptune

its plans ual Partner tck” in the

er agreemensufficient po far)

ear APIs, mhere be a nparty softw

g e

g cies st in

to

nts if power

making eed

ware

Appen

NeptuneIt also mexampleand assset-up a

NeptunecustomePhone, jQuery M

NAD is alone orNeptunewith the

For mobalone scenablesWeb Co

NAD suthe framsnippets

ndix 1 – N

e’s tight inteminimizes thes of this arsociated inteand authoriz

e provides ter can repreTablet and Mobile, Pho

installed asr on top of Se Applicatio

e functionalit

bile applicatcenario or ds customersontainer for

pports sevemeworks uses supporting

NAD overv

egration withhe total lifecyre that whenegration set-zation struct

the next genesent its NeDesktop. N

onegap and

s an SAP AdSAP ECC, Con Designer ty of the exi

tions the cudeploy thems, for examprunning app

eral framewed are manag these fram

view and

h SAP’s owycle cost, th

n using Nep-up and mature in SAP

neration usetWeaver pla

NAD accompWijmo.

ddOn. The mCRM, BW, Sis providedsting system

stomer can m on an integple, to utilizeplications in

orks for devaged by Ne

meworks, ma

d framewo

n source cohus providinptune there iaintenance c, thus avoid

er interfaceatform functplishes this

minimum reSRM, Solutid through them.

either use tgration platfe Afaria for M a heteroge

veloping UIseptune. NADaking it very

HTMboth ente The CSSsimpenabapps

jQueJavadocuhandwith multiversachanJava

orks used

ode enablesng a rapid reis no need fcost. Neptunding duplicat

for SAP. Bytionality in vby using HT

quirement ion Managee ABAP Add

the developform such aMobile Devieneous softw

s for customD includes ay easy to us

ML5 is the ubfor mobile w

rprises with

use of framS3 + Java scplifies the debles develops more quick

ery is a fast, aScript librarument travedling, animaan easy-to-itude of browatility and exnged the waaScript.

d 

s a fast and eturn on invefor additionane also fullytion of main

y working wvery end-useTML5 and fr

s SAP NetWer etc. Sinced-On proces

ped Neptunes the SAP Mce Manageware enviro

mers’ applicaa wide rangese their pow

biquitous plaweb develo specific ne

eworks whicript technolevelopment pers to creakly.

small, and ry. It makesrsal and ma

ation, and Aj-use API thawsers. Withxtensibility,

ay that millio

secure impestment. Soal servers oy leverages ntenance wo

with NAD theer friendly wrameworks

Weaver 7.x, e the installass, it will no

e applicationMobile Platfment and thnment.

ations. All lice of plug-ins

wer.

atform for thopers and eeds.

ch bring HTlogies togetprocess an

ate compellin

feature-richs things like anipulation, jax much siat works acrh a combina

jQuery hasons of peopl

21 | P a g

lementationome r middlewarthe system

ork.

e SAP ways on from jQuery

as stand-ation of ot interfere

ns in a stanform. This he Hybrid

censing for s and code

he web,

TML5 + ther nd ng web

h HTML event mpler ross a

ation of s le write

g e

n.

re

y,

d-

jQueinterabuilt Wheweb date perfe A unsysteplatfojQuebuilt a flex Adobsourccrossand JWindBlac Wijmwith chartinclu

ery UI is a cuactions, effeon top of th

ether you’re applicationspicker to a

ect choice.

ified, HTMLem for all poorms, built o

ery UI foundwith progrexible, easily

be PhoneGace developms-platform mJavaScript fdows® PhonkBerry® an

mo is a compeverything ts. Every wi

udes premiu

urated set oects, widgethe jQuery Jabuilding higs or you jusform contro

L5-based usopular mobion the rock-ation. Its lig

essive enhany adjustable

ap is a stanment framewmobile appsfor iOS, Andne, webOS,d more.

plete kit of ofrom interacidget is hanm themes.

of user interfts, and themavaScript Lighly interactst need to adol, jQuery U

ser interfacele device -solid jQueryghtweight concement, an, design.

dard-basedwork for bui

s with HTMLdroid™, , Symbian™

over 40 UI wctive menusd-crafted an

22 | P a g

face mes brary. tive dd a I is the

e

y and ode is nd has

d, open-ilding L, CSS

™,

widgets s to rich nd

g e