ai magazine december 2015

Acquisition International December 2015

CEO of the Year, Transforming Business We spoke to Emad Rizk, Accretive Health President and CEO, about how he is leading a transformation to position the company towards further growth and success. /22

Leading the WayWe speak to Olivier Nett of Nova Partnerswho talks us through the firms work and provides us with a fascinating insight into their role in the corporate market. /78

Creating the Future CEO of The iQ Group Global, Dr George Syrmalis, made the time to speak with us and provide some insights into his groups award winning work. /14

www.acquisition-intl.com

Copperstone CapitalCopperstone Capital is an investment management firm, founded in 2010 in Moscow. We spoke to David Amaryan, Managing Partner & Chief Investment Officer, to find out a little more about the company. /11

The Power of MediationAI caught up with King & Wood Mallesons, a new breed of law firm combining local depth with a global platform. /88

Creating the Perfect Look in BusinessAs first impressions become increasingly vital in business, Susan Campbell talks us through her role as an image consultant and how she can support clients in projecting the image they need to succeed. /92

We also speak to Marilia Vita, a specialist image consultant dedicated to ensuring her clients project the image they want to the world. She provides us with a fascinating insight into her intriguing role. /107

Ones to Watch in Private Client Services Deborah Cain, Partner at Griffith Smith Farrington Webb tells us about her company, and gives us her insight on the many disputes that she works on in her region. /49

CEO of the Year - South AfricaEnterprise Outsourcing CEO Pedro Viudez provides us with a unique insight into his firm and the role it plays in the industry. /24

Africa on the RiseAI caught up with KM Advocates and Associates, a team of attorneys with vast experience across both the private and government law sectors. /101

Foreign InvestmentDeloitte East Africa, one of the longest established professional firm of accountants in Kenya gives us an insight into business in this region. /98

DEEP & FAR Attorneys-at-Law13th F1., No. 27, Sec. 3, Chung San N. Rd. Taipei 104, Taiwan, R.O.C.Tel: +886-2-2585-6688 Fax: +886-2-25989900/25978989 [email protected]

Deep & Far was founded in 1992 and is one of the largest law firms in this country. The firm is presently focused on the practice in separate or in combination of all aspects of intellectual property rights (IPRs) including patents, trademarks, copyrights, trade secrets, unfair competition, and/or licensing, counseling, litigation and/or transaction thereof. Since this firm edges itself into the IPRs field, the firm quickly comes to fame. As an illustration, this firm often is one of the largest sources from which foreign filing orders originate.

The fascinating rise of this firm begins from the founder of Deep & Far attorneys-at-law, C. F. Tsai, who is the one first patent practitioner in this country who both has technological and law backgrounds and is qualified as a local attorney-at-law.

The patent attorneys and patent engineers in this firm normally hold outstanding and advanced degrees and are generally graduated from the top five universities in this country and/or the university in the US. Our prominent staffs are dedicated to provide the best quality service in IPRs. As a proof, about one half of top 100 incorporations in this country have experiences of seeking patented their techniques, but more than one fifth of the top 100 incorporations are/were clients of this firm. Furthermore, Hi-Tech companies in the science-based industrial park located at Hsin Chu play an important role in booming the economy of this country. About one half of which have experiences in seeking patented their techniques, and out of more than 60% of the patent-experienced companies in that park have ever entrusted their IPR works to this firm.

We have experienced in seeking IPR-protections for our clients in more than 100 territories all over the world. We have thousands of IPR-cases respectively prosecuted before official Patent Offices of major industrialized countries. This firm not only is the most competent in IPR-related matters in this country but also is very familiar with IPR-practices in major industrialized countries. As a matter of fact, this firm oftentimes tries and makes precedents of new claim-drafting styles. While we might have become wonderfully famed locally with remarkable appreciation and respects, we would like to extend our services for internationalized or quality service-requiring foreign conglomerated giants, corporations or individuals. We strongly believe that we will win more applause from clients all over the world.

www.deepnfar.com.tw

Acquisition International - December 2015 3

CEO of the Year /18Our showcase of many of the worlds the top CEOs.

CEO of the Year, Transforming Business We spoke to Emad Rizk , Accretive Health President and CEO, about how he is leading a transformation to position the company towards further growth and success. /22

News /4The latest news stories from around the world.

CFO of the Month /29We find out how successful CFOs have used the recession to their advantage.

CEO of the Month /12Meet some of the worlds most innovative and effective business leaders.

CFO of the Year /32A selection of the best and brightest CFOs and the secrets behind their success.

11/ Copperstone Capital

37/ The Most Highly Regarded Expert Witnesses for 2016

42/ Ones to Watch in 2016

52/ Leading Advisers 2015

62/ 2015 Third Quarter Update

74/ Leading Advisers in France

84/ The Importance of IP in M&A Transactions

86/ Considerations in Preparing for the Sale of a Privately Held Business

88/ The Power of Mediation

90/ The Isle of Mans Ever-Growing Economy

91/ Mauritius and Investing in Africa

92/ Creating the Perfect Look in Business

94/ Last Emerging Market

97/ The Rise in Copyright Litigation

98/ Foreign Investment

99/ Cyprus: An Island of Resilience

100/ Africa on the Rise

103/ The Isle of Mans Ever-Growing Economy

105/ Jersey: Returning to Growth

107/ Creating the Perfect Look in Business

108/ Paraguay: A Country on the Rise

109/ M&A Trends in the Medical Device Industry

110/ Sound Corporate Governance: The Key to Business Success

112/ 2015 Most Innovative Business Leaders

114/ Outsourcing: Helping Businesses Achieve More for Less

116/ Our Company in 60 Seconds

118/ The Deal Diary

Editors CommentWelcome to the December Issue of AI Magazine.

As 2015 draws to a close, we profile the best and the brightest business leaders across a wide variety of sectors and around the world who have helped drive their business and industry to success.

These include Keolis CFO, who has helped the Paris based company in their US expansion.

Additionally, we examine the work of OriginClear CEO Riggs Eckelberry, whose firm has created pioneering technology which could save thousands of lives by purifying drinking water.

The third quarter of this year proved exciting and offered new challenges and opportunities. We outline how the third quarter has treated a number of firms, including legal professionals Yusuf Ali & Co., Ghalib Chambers.

As the European corporate landscape continues to evolve, France is put under the spotlight as we showcase a series of articles from leading advisory firms in the region who provide us with an insight into the changing business market across Europe.

Finally as image becomes an increasing factor across the corporate landscape we offer a series of articles from a range of image consultants on how to truly get the perfect look in business. We hope you enjoy this issue.

We hope you enjoy this issue.

Mark Toon, [email protected]

How to get in touchAI 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/ [email protected] Website/ www.acquisition-intl.com

Find us on/

Sector Talk /9Powered by Zephyr/Bureau van Dijk.

Contents

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.

4 Acquisition International - December 2015

News: from around the worldNews: from around the worldNews: from around the world

M&E Industry Shows Economic ConfidenceMedia and entertainment executives show record confidence in global economy even while industry challenges persist

Despite the usual industry challenges and downside risks, the media and entertainment (M&E) industry has a high level of confidence in the global economy, according to a recent survey of senior executives from global M&E companies conducted by EY for the 13th Global Capital Confidence Barometer.

When asked their perspective on the state of the global economy, 81% of executives said it is improving, up from 52% one year ago. Executives surveyed maintained an overall positive attitude, indicating an improving level of confidence in corporate earnings (64%), short-term market stability (83%), credit availability (77%) and equity valuations (56%).

John Harrison, Global Media & Entertainment, Transaction Advisory Services Leader at EY, says:

Media and entertainment executives are more confident about the global economy and key market indicators than 12 months ago. However, short-term headwinds, such as foreign currency volatility and earnings pressure from digital transformation are tempering enthusiasm. As the industry learns to better harness digital adoption and fully exploit the multiplatform distribution environment, companies are becoming more confident about expanding their offerings and making strategic acquisitions that will improve their competitive advantage.

When assessing economic risks to their businesses, executives indicated increased volatility in currencies to be the greatest, (36%), followed by slowing growth in key emerging markets (23%), the economic and political situation in the Eurozone (20%), increased global and regional political instability (14%) and timing and pace of interest rate rises in the US (7%).

Executives surveyed overwhelmingly expect the global mergers and acquisitions market to remain

strong in the year ahead, with 73% indicating it will improve (up from 49% last year), 24% saying it will remain stable and 3% saying that it will decline. When asked if they expect to actively pursue acquisitions in the next 12 months, 59% responded favorably, which is more than double from two years ago when only 25% indicated they were going to actively pursue acquisitions.

While the number of M&E companies expecting to pursue an acquisition in the next 12 months is the highest it has been in two years, only 44% of respondents are optimistic about the likelihood of closing acquisitions. This is possibly a result of the perceived valuation differential between sellers and buyers increasing in the past six months.

Target deal sizes are moving higher, with 22% of respondents indicating that their largest planned acquisition size in the next 12 months will be greater than US$250m. While a majority of acquisitions are expected in the US$250m or less area, the trend since last year is toward more substantial deal sizes.

Confidence in corporate earnings is more measured, possibly a result of foreign currency volatility as well as structural challenges facing the M&E industry from digital transformation.

Other key findings of the report include: Digital continues to have the greatest impact on

M&E companies core business and acquisition strategies.

Foreign exchange volatility is causing concern as a lot of costs are US-dominated and revenue is increasingly international.

Structural challenges related to digital adoption persist, which, along with foreign exchange fluctuations, is having a near-term impact on corporate earnings.

Respondents are most likely to invest in China, the US, the UK, India and Australia.

58% of executives said that their companys focus during the next 12 months will be cost reduction and operational efficiency, followed by growth at 28% and maintaining stability, 14%.

Strategic divestment and other potential portfolio actions are moving higher on the boardroom agenda as media and entertainment companies seek to optimize capital allocation to thrive within a fast-changing world

The report is a survey of senior executives from large M&E companies around the world that gauges corporate confidence in the economy, identifies boardroom trends and provides insight into companies capital agenda.

Lilyana Vynogradova / Shutterstock.com


News: from around the world


Poor Customer Experience Hindering B2B FirmsMajority of B2B Companies Missing Out on Revenue Growth Due to Poor Customer Experience Performance, Accenture Study Finds

In an environment where business-to-business (B2B) customers are demanding a richer consumer-like experience, new research from Accenture finds that only 23% of companies are implementing truly effective customer experience programs and achieving higher revenue growth.

According to the Accenture Strategy report, 2015 B2B Customer Experience, of the 1,350 B2B sales and customer service executives surveyed in 10 countries, 66% believe that new entrants are providing better customer experiences in todays age of digital disruption. To compete, incumbent businesses recognize they need to make a significant shift in their business models: 78% of executives think higher customer expectations for tailored B2B solutions will have a substantial impact, and 76% feel that customers are now more knowledgeable, self-directed, and continually evaluating suppliers.

The poor self-assessed performance comes despite the fact that 86% of B2B supplier executives continue to view the overall customer as very important to their strategic priorities. Furthermore, 74% of respondents recognize customer experience will play an even larger role in overall corporate strategy over the next two years.

B2B companies overwhelmingly recognize the importance of customer experience to their corporate strategy and bottom line, but the majority are wasting their investments on changes that are delivering mediocre results, said Robert Wollan, senior managing director, Accenture Strategy. With consumer-like expectations and a substantial threat from new entrants, B2B companies must be ready to design and execute a transformed customer experience or not invest in such improvements at all.

In response to rapidly changing customer demands, new competition and low returns on investment, 45% of executives surveyed intend to increase spending by 6 percent or more to improve customer experience programs.

However, internal roadblocks are preventing B2B companies from meeting higher customer expectations. Only 32% of executives (versus 40% polled in the same research in 2014) say they are well-equipped with the skills, tools, and resources necessary to deliver the desired B2B customer experience. Executives point to a lack of C-suite attention, customer experience processes, and necessary cross-organizational integration.

Accenture Strategy identifies three groups of B2B companies Leaders, Strivers and Laggards differentiated by their ability to plan and execute customer experience and deliver annual revenue growth. With just over a fifth (23%) of organizations remaining as Leaders since last year, more Laggards have moved up to the Strivers category, increasing it from 48% to 57%.

The 2015 research shows Leaders generate an average of 13% annual revenue growth. Strivers achieve an average of 6% annual revenue growth and Laggards record an average decline in revenue growth of -1%.

Theres a clear distinction between the Leaders and Strivers in B2B customer experience, said Wollan. Strivers are racing to become average and average is a precarious position to be in these days. Leaders see after-sales service as a critical part of the customer lifecycle and they invest not just in new digital technologies, but in traditional customer connection points too. Leaders realize that a multi-channel approach is needed to reach B2B customers seamlessly and consistently.

For the Fourth Year in a Row, Regulation Cited as CEOs Top Cost Pressure.

For the third quarter in a row, CEOs expressed growing caution about the U.S. economys near-term prospects and indicated they are moderating their plans for capital investment over the next six months, according to the Business Roundtable fourth quarter 2015 CEO Economic Outlook Survey.

The Business Roundtable CEO Economic Outlook Index a composite of CEO projections for sales and plans for capital spending and hiring over the next six months declined 6.6 points, from 74.1 in the third quarter of 2015 to 67.5 in the fourth quarter. This third consecutive quarterly decline brought the Index to its lowest level in three years.For the first six months of 2016, CEO ex-pectations for sales decreased by 3.2 points and their plans for capital expenditures decreased by 16.7 points. Hiring plans were essentially unchanged from last quarter when they declined by nearly 8 points.

In their first estimate of real GDP growth for 2016, CEOs expect 2.4% growth.

Lower expectations for sales and investment reflect CEOs ongoing caution about the near-term prospects for U.S. economic growth, said Randall Stephenson, Chairman of Business Roundtable, and Chairman and CEO of AT&T Inc. Congress and the Administration need to work together to continue to fund the government, expand trade, agree on a long-term transportation infrastructure investment plan, reauthorize the U.S. Export-Import Bank and renew expired tax provisions.

Stephenson continued, It makes no sense to al-low tax policies, such as bonus depreciation and the R&D Tax Credit, to expire this year absent broader corporate tax reform.

In response to a question posed annually in the fourth quarter, CEOs, once again, reported that regulation was the top cost pressure facing their businesses, followed by labor costs and health care costs. If we want to see the U.S. economy and hiring really take off, Washington needs to adopt a smarter approach to regulation, Stephenson added.

CEO Expectations for the US Economy Worsen


News: from around the worldNews: from around the worldNews: from around the worldNews: from around the world

Wellspring Adding to Flexible Packaging PortfolioAcquisition Will Further Strengthen Extrusion Lamination Capabilities

Wellspring Capital Management has announced that its portfolio company ProAmpac has entered into an agreement to acquire Coating Excellence International (CEI), a flexible packaging and technical products company based in Wrightstown, Wisconsin. CEI specializes in wide web extrusion coating and laminating of film, foil, paper, board and nonwovens and will enhance ProAmpacs already robust extrusion lamination capabilities.

ProAmpac, recently formed by Wellspring through the recent merger of Prolamina Corporation and Ampac Packaging LLC, is a leading global flexible packaging company operating primarily under the Prolamina, Ampac and Tulsack brands. Together, the brands offer multiple innovative solutions in

flexible packaging for the food, pet care and medical markets, along with secure packaging for the transport of cash and valuables, and retail shopping bags.

ProAmpac is steadfast in its unwavering commitment to provide creative packaging solutions, industry-leading customer service and award-winning innovation to a diverse global marketplace. It is a diversified global packaging company with over 2,000 employees and 16 manufacturing centers in North America, Europe and Asia.

John Morningstar, a Managing Partner of Wellspring who leads the firms activities in the packaging sector, said, We are very pleased by the successful combination of Prolamina and Ampac, The leading flexible packaging company we created, ProAmpac, is ideally positioned for success and we are delighted

to support the acquisition of CEI and other attractive growth initiatives the company will pursue in the future.

Greg Tucker, CEO of ProAmpac said, CEI is a great company known for innovation, service and quality. These are also the core principles of ProAmpacs business, making the acquisition of CEI a natural step in ProAmpacs overall growth strategy. We are pleased that the addition of CEI will strengthen our ability to deliver valuable products and services for our customers.

CEIs highly engaged team, manufacturing expertise and market diversity will add to ProAmpacs extrusion competencies and existing customer base. This acquisition will create value and opportunity for partners of both organizations, stated Rita Cox, President and Chief Executive Officer of CEI.




Taurus acquires PFS software

Deal designed to support expansion into AIFMD fund administration market

Taurus Administration Services, the accounting and fund administration provider, has acquired Pacific Fund Systems PFS-PAXUS integrated share registry/fund accounting platform to support its expansion into the European market, which it expects to grow as a result of the Alternative Investment Fund Managers Directive.

Taurus will target start-up and sub-US$100 million funds often regarded as being too small by the larger fund administrators. Taurus has been appointed administrator to three alternative investment funds and has seen its assets under administration grow over the last two years from US$80 million to US$192 million in 11 funds.* It has offices in Madrid, Geneva and the Cayman Islands and is looking to open a new office in Europe in 2016.

Nicholas Calleja, Chief Financial Officer, MPG, commented: The UCITS regulations require funds to invest in funds that are highly liquid, which means mainstream assets such as equities, bonds and foreign currency only. But that does not help investment professionals who want to construct diversified portfolios that include less liquid alternative assets.

Thanks to the AIFMD the alternatives market in Europe is now potentially huge - the fund industry is gearing up to deal with demand for alternatives pursuant to the directive. However, most of the fund administrators in the market are so large they have no interest in start-ups or funds with less than $100m. A lot of boutique managers that struggle to find administrators still want to grow in size and Taurus is extremely well placed to provide the services they need.

The selection of PFS-PAXUS has been mainly due to the integrated nature of the system where the share registry is fully integrated with the systems general ledger. We are focused on growing our business and in deploying PFS-PAXUS we are confident that this strategic decision will assist us in doing so.

Taurus, a subsidiary of the Managing Partners Group (MPG), Taurus currently administers a diverse portfolio of investment funds and entities including hedge funds, mutual funds, UCITs, property funds, feeder funds, multi-share class funds, and funds with various segregated portfolios that follow various investment strategies.

Zurichs latest SME Risk Index reveals nearly half (49%) of SME decision makers have worked on Christmas Day.

Despite being a national holiday, nearly one in five (18%) SME decision makers have had to go into work on Christmas Day, and nearly a third (32%) have sacrificed the festivities to check and send work emails.

Zurichs latest data has shown that SMEs are missing out on a number of festive moments. Nearly one in ten (9%) have missed their chil-dren(s) nativity play and 9% have also missed putting the Christmas tree up. Another milestone in the festive period for many professionals across the country is the work Christmas party, but one in ten (13%) have missed this event.

Not only have SME decision makers had to work over the Christmas period, theyre also losing out on annual leave. Data from Zurichs SME Risk Index reveals one in ten (14%) decision makers have not taken any annual leave this year and in addition, almost one in five (18%) have not had more than 10 days off this year.

Jason Eatock, Head of SME at Zurich says:It will come as no surprise to SMEs that despite commonly held views about the lifestyle benefits of working for yourself, the reality can be very different. Missing big events such as your childs nativity play is a high price to pay and shows the pressure many SMEs are under.

As we look forward to taking some rest over the Christmas season, it seems current economic and political concerns are driving many of our small business owners to carry on working. We hope that everyone gets a chance to enjoy the holidays and as ever we offer our support to make their businesses run as smoothly as possi-ble during the festive season.

Christmas cancelled for nearly half of SMEs


2015 has been a positive year so far in terms of M&A investment as aggregate deal value for both H1 and H2 have already surpassed results for the corresponding periods in 2014, despite there still being a few weeks to go until the end of the year.

Round-up of 2015

2015 got off to an excellent start in terms of aggregate deal value as USD 2,917,371 million was invested over the course of the first six months of the year, according to Zephyr, the M&A database published by Bureau van Dijk. This is a particularly impressive result and represents the highest value for a six month period in the entire timeframe under review, which dates back to the beginning of 2006. Volume also remained robust, if not record-breaking, as 45,844 deals were signed off between January and the end of June, down from 46,168 in the second half of 2014.

The second half of 2015 looks likely to fall short in terms of value; so far USD 2,685,115 million has been invested across 35,107 deals since the beginning of July. Nevertheless, the last few weeks have provided plenty of evidence of the difference that can be made by a single high value transaction. The two largest deals of 2015 so far were both announced in November and were worth USD 160,000 million and USD 131,730 million, respectively. Without these two deals aggregate value for the second half of 2015 would currently stand at USD 2,393,385 million. As such, the possibility of more megadeals being signed off between now and the end of December is always on the cards and could still push value closer to H1 2015.

The banking, insurance and financial services sector has notched up the most investment in 2015 to date, with dealmaking of USD 1,215,613 million targeting the segment, closely followed by personal, leisure and business service with USD 1,061,311 million. These two sectors were some way ahead of their nearest rivals, industrial, electric and electronic machinery with USD 743,364 million and computer, IT and internet services with USD 730,878 million. The latter led the way in terms of volume with 17,131 deals, with personal, leisure and business services coming next with 14,655. Banking, insurance and financial services was third with 11,389, suggesting that higher individual considerations account for the sectors placing at the head of the value rankings. The industrys largest transaction of the year so far is a USD 54,200 million acquisition of Cigna Corporation by New York-listed peer Anthem, which was announced in July and is slated to close in the second half of next year. That deal is the seventh largest overall for 2015 to date.

However, despite its impressive size this transaction is still some way behind 2015s biggest; in late November Pfizer agreed to pay a staggering USD 160,000 million for Irish pharmaceuticals player Allergan in a deal described as a merger. The deal, which has been described as a tax inversion, will

result in both companies being combined within Allergan, which will then change its name to Pfizer and list on the New York Stock Exchange. Closing is expected in mid-2016 and if the deal goes ahead on these terms it would represent Zephyrs fourth-largest announced or completed transaction on record. Second place was taken by another megadeal as Anheuser-Busch InBev increased its offer for UK beer manufacturer SABMiller to USD 131,730 million. This deal was also signed off in November, once again highlighting just how much dealmaking for 2015 has rocketed over the course of the last month.

To sum up, 2015 has been a pleasing year in terms of M&A investment. Total dealmaking for the year has increased for the third consecutive year and the USD 5,602,486 million invested to date is well ahead of 2014s USD 4,813,505 million, even though there is still a month to go until the end of the year at the time of writing. As always, it is individual large transactions which have made the difference and hopes will be high that the markets can continue building on these impressive considerations into 2016 and beyond.

Number and Aggregate Value (Mil USD) of Deals Globally: 2006-2015 to date (as at 01 December 2015)

Deal half yearly value (Announced date)

Number of deals

Aggregate deal value (mil USD)

H2 2006 36,889 2,331,244

H1 2007 41,198 3,133,538

H2 2007 38,676 2,507,653

H1 2008 36,705 2,078,309

H2 2008 33,854 2,133,307

H1 2009 35,881 2,002,816

H2 2009 39,297 1,783,696

H1 2010 36,932 1,643,371

H2 2010 37,265 1,787,513

H1 2011 37,235 1,860,008

H2 2011 37,459 1,557,513

H1 2012 36,776 1,478,007

H2 2012 38,532 1,795,753

H1 2013 38,001 1,652,149

H2 2013 43,601 2,010,656

H1 2014 43,420 2,293,784

H2 2014 46,168 2,519,721

H1 2015 45,844 2,917,371

H2 2015 35,107 2,685,115

Number and Aggregate Value (Mil USD) of Deals Globally: 2006-2015 to date (as at 01 December 2015)

Deal type Number of deals Aggregate deal value (mil USD)

Acquisition 304,090 21,124,076

Capital increase 142,416 9,563,252

Minority stake 301,751 8,725,029

Institutional buy-out 16,017 2,957,018

Management buy-out 5,051 107,189

Demerger 1,608 53,554

Merger 4,382 39,408

Management buy-in 420 3,464

MBI / MBO 171 1,841

World region (target)

2010 2011 2012 2013 2014 2015

North America 1,007,026 1,045,541 1,321,662 1,880,918 1,938,302

Western Europe 793,360 844,669 835,349 951,378 1,137,722 1,634,167

Far East and Central Asia 796,659 708,286 674,252 724,015 1,087,665 1,396,822

South and Central America 379,853 267,601 343,585 217,387 305,015 284,756

Oceania 127,321 176,671 141,833 129,778 157,704 155,852

Eastern Europe 213,970 224,267 133,818 239,817 195,180 123,185

Africa 42,325 38,931 34,315 48,859 44,919 45,025

Middle East 24,843 25,579 34,791 27,023 34,571 42,421

Aggregate Value (Mil USD) of Deals Globally by Region: 2006-2015 to date (as at 01 December 2015)

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Sector Talk


Despite the extremely turbulent conditions last year Russian financial market is constantly evolving and we hope that in the nearest future it will start to occupy an increasingly prominent place in the portfolios of most global and international investors. However, in order to successfully operate in the Russian market, its peculiar features and weaknesses should always be taken into consideration, while making most of the business and investment decisions.

Additionally, Russian capital markets still face a number of artificial obstacles largely the consequence of government interventions.

Other well-known factors include: Excessive policy volatility and instability of the

legal regime Swollen bureaucracy and inefficient legal framework Barriers to foreign entry In many fields counter-productive tax laws,

including excessive taxation of foreign residents Weak tax incentives for individuals to save

for retirement We have big plans for the nearest future. As we are constantly seeing more and more international investors ready to share our investment philosophy and excited to get better acquainted with our business approach, we are currently actively working on opening our offices in London and New York. That will also be a major step to becoming a truly global hedge fund. We are planning to launch a fixed income fund and a distressed Russian debt fund specially tailored for investors with low to-moderate risk appetites. Hedge funds have been formally authorised for qualified investors in Russia since 2008. However, Russian legislation has very slow developments in this field and therefore most of the Russian hedge funds tend to operate as a more active alternative to mutual funds. That is the main reason why the financial performance of majority of Russian hedge funds tends to strongly correlate with the market developments. The ability to de-correlate the fund performance from the broad market recessions, while continuing to find investment opportunities in most of the economic sectors and always stay 100% transparent for all partners and investors we consider as our biggest challenge and, at the end, an advantage from the very first day of the company.

The firm was founded by David Amaryan and Vardan Amaryan and for several years the company has been managing private and pooled foreign accounts of its clients and in 2012 has successfully launched its flagship Copperstone Alpha Fund. Since its launch, the Fund has had a solid performance track record and established an impeccable reputation of highest integrity, trustworthiness and transparency. As a recognition of this Copperstone Alpha Fund received The Best Russian Hedge Fund Award (since inception) in 2015.

David Amaryan, Managing Partner & Chief Investment Officer is responsible for the investments management process of the Fund and day to day operations of the Investment Manager. He has over 15 years of investment experience. Copperstone Capital manages wealth for high net worth individuals and institutions and provides advisory services. Copperstone brings together a unique combination of international asset management expertise, highly professional team with proven investment capabilities and extensive knowledge of Russian business environment.

We assist our clients in following areas: Investment management Personal Net-Worth Management Advisory Services Here is how David Amaryan comments on Copperstone Capital achievements: In our investment activities we generally seek a broader mandate with little restriction to a particular region or asset class. And though our main focus is equity investments in Russia and the CIS, it allows us to be much more flexible, looking for value in various markets around the world. This advantage becomes critical during prolonged periods of distressed economic conditions, similar to what weve managed to observe last year in our country. In this particular case, it allowed us not only to timely switch our investment focus to Global markets and avoid major losses, but also to considerably outperform our Russian peers. This helps the Fund to become one of the best performing funds in Russia in 2014. The funds performance is a result of thorough analysis with careful and consistent risk controls. We strive to provide the best possible risk-adjusted return by exploiting our proprietary asset valuation models in line with a pro-active portfolio management approach. As we are not part of any large financial group, we are much better suited to make precise and objective investment decisions.

Company: Copperstone CapitalName: David AmaryanEmail: [email protected] Address: www.copperstonecapital.comAddress: Russia, Moscow, 115035, Sadovnicheskaya St., h.16, bld.Telephone: +7 (495) 988 00 10

Copperstone Capital is an investment management firm founded in 2010 in Moscow by David Amaryan.

Copperstone Capital

Copperstone Capital

dCEO of the MonthIts no coincidence that at the helm of the worlds most successful companies sit

innovative and creative business leaders. With the consistent stream of challenges thrown at them over recent years, leading and innovative CEOs have never been

more deserving of recognition.

Over the follwing pages, we have collated a series of articles, showcasing the work of these dedicated and distinguished professionals and highlighting how they

have made their mark on the corporate landscape.


CEO of the Month

Parker Software is a technology firm specialising in digital solutions to help their clients engage with their customers. CEO Stephen Parker explains the firms work and offers us an insight into the work he does to ensure the company stays at the top of its game.

At Parker Software we bring businesses closer to their customers by offering a comprehensive suite of solutions focused around digital engagement, sales enablement and business process automation, which together join the dots of digital communication.

Our suite takes a cohesive single platform approach, synchronising a multitude of digital channels to drive operational efficiency. Communication is evolving, and we are committed to keeping customers competitive via empowering technology.

As both CEO and founder, Parker Software is exceptionally close to me personally. That much is evident from my hands-on approach; I remain the lead developer of our products to this day, even with a sizeable technical team in place. To that end, I am an atypical CEO; involved in strategic company direction right down to nitty gritty development details.

It is this proximity to our products that enables me to see both the bigger picture and the components that shape it letting me lead the company with thorough, real knowledge of its operations.

Our company mission is to bring businesses and their customers closer together, so it naturally follows that we have a customer-centric approach. It is a vital aspect of my role as CEO to ensure that my vision for the company is integrated into every aspect of the work we do. As our products focus on intelligent communication, and its important to mirror this as much as possible in my own communications. For me thats never been about repeatedly drilling down company values and mottos into the team: its about engaging employees and building a single united vision that everyone can get behind.

Collaboration is key, and each of our divisions is fully up to speed on the others current work and goals. That openness helps give the team a sense of how their individual roles interweave with the broader company

vision, so that everyone can be proud of the value of their work. Its engagement rather than enforcement that ensures the execution of visions.

As a company we aim to understand the individual requirements of our customers, and to translate those needs into powerful solutions.

The very structure of the business helps us achieve that. Our priority is always the customer, and weve installed a professional services team with the sole focus of client care. No matter how superior the product, we know that its ultimately service that wins loyalty and thats why we focus heavily on both.

Our flagship product is our WhosOn live chat software, which is now a top product in the industry. As weve been specialising in live chat since 2003, we consider ourselves to be frontrunners rather than late-comers jumping on the bandwagon. Its the product itself, however, that is always the true differentiator. WhosOn isnt just live chat software: its a 360 digital engagement solution. The depth and breadth of the products features make it uniquely advanced, and our ongoing development means that we never stop improving.

For example, as part of our solution customers receive comprehensive web reports that analyse customer behaviour helping them identify trends and optimise their site. They get sophisticated prospect detection, allowing them to pinpoint, profile and proactively engage their potential customers. Then there are aspects such as real-time language translation, intelligent canned responses, video chat, remote desktop control, campaign management, help desk ticketing, across the board systems integrations and an extensive management toolset which provide our customers

Our firm provides these solutions across the globe, and are looking to expand into new and exciting markets in new markets. For the short-term, were keen to grow our presence in the existing regions we service, primarily across the UK and USA. We have an exceptional solution, and see no reason why we cant continue to seize market share in the areas in which we currently operate.

From a more long-term perspective, we have a truly global suite which is already mobilised in over 40 languages. East Asia in particular presents a massive opportunity, and as we continue to expand internationally it could be the next key region to crack.

The future is looking bright for our firm in other areas of growth as well. For the final stages of 2015, weve got a new office acquisition planned, as well as further growth across our marketing, sales and technical teams. Beyond that, who knows? Were planning to invest heavily on solutions upgrades, as well as developing a new web-based customer portal through which customers can remotely manage their deployments. The sky is the limit at this stage.

Company: Parker SoftwareName: Stephen ParkerEmail: stephen.parker@ parkersoftware.comWeb: www.parkersoftware.com Address: Parker Software Limited, Victoria Business Park, Prospect Way, Knypersley, Stoke on Trent, ST8 7PL, United KingdomTelephone: 0330 0882 943

CEO of the Month


Our dedicated investment banking business transforms biotech from an alternative investment option to a requisite mainstream capital market asset which gathers international attention. We design and market innovative structured financial products and solutions which provide entry and exit, investment and divestment, in the 12 or more year drug development cycle. In this way, The iQ Group Global is bridging the gap between capital and science - as the medicines of the future are created. The life science and pharmaceutical business unit provides scientific expertise in areas ranging from biotech IP asset management, medical/clinical research, regulatory and reimbursement strategy, medical affairs and pharmaceutical sales. Whilst the investment banking business provides venture capital, structured financial products, fund management (iQ Series 8) and investment banking on a global scale.

Our ability to converge the global investment and scientific communities allows The iQ Group Global to play such a pivotal role in the evolution of the biotech sector, positioning us as the ideal strategic partner for financial market participants, governments, research institutes and the broader biopharma community.

To ensure the companys success, I lead The iQ Group Global enterprise with the long term in mind. My objective is to strengthen the long-term sustainability of our company while consistently growing the company at higher rates than that of the global market to ensure a sure footing within the industries where we work. Long-term sustainability is paramount when operating in the Biotech industry and even more so when the company is listed on the stock exchange, as in our case. Shareholders can, and frequently do, move their capital around with a flick of a finger; however, in Biopharmaceutical research it routinely takes more than twelve years to develop a new product. Therefore, as I formulate the groups strategy, I communicate this strategy with clarity and monitor its timely execution by our team members.

As The iQ Group Global leader I am also responsible for establishing the tone and the values of the company, personally communicating with our employees and stakeholders alike to ensure that all the stakeholders are aware of our over-riding principals. Being a leader means asking the right questions, at the right times. The types of questions I ask are; What are our strengths? What are our capabilities? What risks should we take? Based on the answers

I receive from employees and investors, I create a vision that is aspirational, ambitious and tangible.

Keeping our work streamlined is essential for success. To this end, I clarify and I eliminate the unnecessary; enabling our people to focus on what matters the most. By enabling our people and having a culture of candour, commitment to learning and development, assigning metrics to projects and simplifying communications, we continue to make our operation run smoothly.

Those not involved in the industry may not realise that IP is synonymous with innovation; however we all must realise that innovation is what changes the world. Thus if companies are not innovating theyre simply managing their exit from the market. Leading innovation is an unpredictable business and it is anything but systematic. It requires a great many attributes such as equal parts of patience and impatience and knowing when to let each quality manifest itself. One must also remain optimistic whilst being pragmatic and brutally realistic. It is by walking these fine lines that one can create a sustainable enterprise, which has innovation at its core.

At the end of the day its a numbers game. 20% of all the compounds under development will ever make it to regulatory approval. Unfortunately, this is an industry statistic. The cost for taking a compound from inception through to the approval phase is approximately 2.5 billion USD and it will take approximately 12 years to develop. All of this is only to place the compound on a pharmacy shelf, with no warranties that it will even be a commercial success. Risk is a large part of this business, as it is with most industries.

This is why when we think of the long term, we remain grounded in reality. We are always proactive, formulating simple but effective strategies which are capable of being executed immaculately.

To provide the best return for our clients, we employ what we feel to be a very simple strategy. We ensure that the people are always winning, and by people I refer to our clients and our own employees. Winning people, translates into winning companies, which in turn translates into the creation of more opportunity for everyone. So ultimately, everyone wins.

It may sound trite, but the most rewarding aspect of my role as a CEO in this industry is making a difference and changing the world. Achieving returns for our clients is important, dont get me wrong, but if we are changing the world and making a difference, I dont see how we couldnt be achieving returns for the client.

Company: The iQ Group Global Contact: Dr George SyrmalisWeb: www.theiqgroupglobal.comTelephone: +61 2 8239 5400Address: Level 7, 222 Clarence Street Sydney NSW Australia 2000

With a life science and pharmaceutical business unit which collaborates with scientists the world over, The iQ Group Global is adept at identifying, acquiring and owning Intellectual Property, in addition to creating and executing drug development plans from discovery to market. From simple chemical entities to complex genetic therapeutics and beyond, they create the medicines of the future. CEO Dr George Syrmalis graciously made the time to speak with us and provide some insights into his groups award winning work.


CEO of the Month

Of course, in our industry the odds of success can be pretty discouraging, however knowing that beyond the monetary rewards, if even one human being benefits from the research we conduct, let alone the products which stem from it, energises us to go against the mainstream and not become discouraged when others are considering quitting.

One of the best things, in my opinion, is that biotech drug development is an industry that knows no borders; as such it is crucial that we ensure that we have a global footprint. A footprint which is consistent with our own expectations and values whilst, at the same time, meets our host countrys cultural elements. This is much easier to say than it is to do; however, the challenge this presents has thus far managed to bring out the best of both our employees and the work which they perform.

Keeping employees challenged is at the core of innovation and is essential to keeping our company at the forefront of change. Of course we undergo regular training, learning and development and contributing to papers and journals within our industry, but in order to remain truly free from routine and mediocrity I believe confronting challenges help us to hone our skills.

Standing out from the crowd means making yourself unique. To distinguish ourselves from our competitors - and make no mistake - there is no shortage of competition in this business; we rely heavily on our business model. Our core business model is realised in the way we value our potential investee companies; apart from investing in these companies, we add value by bringing a suite of global scientific and drug development expertise to the table. This value is added to both the investee and the drug development process. At the end of the day, the difference that is made will be a benefit reaped by the entire world.


At CTRL, it is our vision is that any organization can stimulate growth by optimizing and innovating its business processes through efficient operational technologies.

In order to achieve this ambitious goal we implement a number of strategies to ensure client satisfaction. These include using an analysis process and fast-track prototyping to quickly assess the match between the clients ways of doing things and the functional capabilities of our ERP solution.

In addition we have given annual customer satisfaction surveys for over 20 years. Our results show an average of more than 95% satisfaction, with an average response rate of 30% over the past five years. The results that we obtain from these survey are always carefully analysed, as each suggestion about how to improve software or after-sales service can lead to a direct exchange in order to understand and document the clients wishes.

These surveys ensure that the firm develops in line with our clients needs. My primary role within the company is to ensure this development and the overall growth of CTRL. In addition to establishing the strategic vision of the company, I address the implementation of the annual action plan, which derives in part from the results of our surveys, with the directors.

Alongside this I also have to ensure a constant strategic alignment in the deployment of this action plan with that established by the department at the beginning. As such my job leads me to involvement in interdepartmental operational issues.

In order to limit such issues, particularly in the operational areas of our business, all of our professionals receive continuous training on emerging standards and the best business practices in our specialty areas, which is ultimately the key to the firms overall success.

Alongside this, continued investment in R & D also remains a cornerstone in maintaining our competitive advantage.

This advantage is particularly important as our market continues to grow, as we are up against an increasing number of competitors. CTRL currently operates primarily in Canada, where local competition is often well established, an ERP solution for export strategy must be expertly constructed.

An additional challenge in our industry is that for several years, the IT sector in North America has been facing a profound shortage of specialized workers. This shortage has basically forced our industry to open itself to international recruitment.

Significantly better offshore hourly rates led to the effective solution of outsourcing IT services (complete or partial product development, customer support).

However, the pros and cons of offshore outsourcing have now been demonstrated, and the need for a minimum local pool of skilled labourers to support the growth of IT companies has again become a major challenge.

We are lucky to have hired a number of skilled staff, and despite the skills shortage we are highly selective in order to ensure we only hire the best staff the industry has to offer. With regards to selecting staff, we work on different levels with educational institutions that train the specialized resource personnel we need, with the view to creating a marketing presence as a potential employer among successive generations of college and university students.

In terms of the hiring process itself, we refer to standards and internal HR policies covering, among other things, a thorough description of the tasks and responsibilities of the position to be filled. The psychometric personality profile is also used as part of our hiring process. We normally conduct two interviews, one pre-screening and one final to ensure that we defiantly have the right candidate for the job.

Within our industry there have been a number of trends besides the skills shortage which we have had to adapt around.

The ERP solutions industry is often a victim of bad publicity related to cost overruns and significant delays in expected deliverables. Unfortunately, this image has not come about accidentally.

The key to successfully deploying an ERP solution essentially lies in how well the project is managed in terms of methodology and customer orientation. As such we offer specialized and standardized ERP management solutions that deliver an outstanding price/performance ratio. In addition, we use our flexible approach and strong industry experience to ensure we stand out from our competitors and retain our good reputation in the industry.

Additionally, over the past decade, the software solutions industry has been forced to profoundly revise its business models.

In terms of hardware deployment and, on the software side, the SaaS (Software as a Service) approach, the Cloud has completely changed the situation.

CTRL has already taken account of these trends. Over the next three years, we plan to accelerate our development in this direction. The potential of these new business models will allow us to expand and gain a concrete presence in international markets.

Company: CTRLName: Daniel Girard MBAEmail: [email protected] Address: www.ctrl.comPhone: (877) 971-9324

CTRL is a team of Information Technology experts dedicated to the optimization of their clients business processes. CEO Daniel Girard provides us with a unique insight into the firm and how it has come to flourish under his expert leadership.

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dCEO of the YearMany of the worlds top CEOs have faced tough challenges and fierce competition

over the course of 2015, and have had to draw on every ounce of their experience and business acumen to ensure their continued success.

Over the following pages we showcase the top CEOs who have worked tirelessly to overcome challenges that would have felled lesser corporate players to ensure that

they remain at the very top of their industry.


CEO of the Year

IT CEO of the Year Massachusetts

My main role is to function as a strategic leader and product visionary. Combining these two functions allows me to bridge the gap between what our clients need to be successful and what our team needs to deliver.

Meeting the expectations of clients is always our key goal. I believe that the best way to provide a superior customer experience is by researching and utilizing the combined resources of technical and industry experts. Our team is comprised of machine learning specialists, user-experience designers and product developers who have authored more than 25 technical books each member brings different perspectives and strengths to the team. Finding common ground and guiding them to contribute their highest potential to the product is what I do best.

Our mission is to save people from drowning in the data that overwhelms us every day. Two billion gigabytes of data is added to the web every day thats the content of 100 million smart-phones every hour. As computers become more powerful, more people around the world rely on technology in their daily use and we continuously need better, more intuitive software to make life easier.

The rapid evolution of software and the vast amount of new tech being invented today poses many challenges. People can easily become punch-drunk with new tech. Ten years ago we never though it possible to have high-quality video conferencing with anyone in the world and for free no less! The growth and improvement curve is so steep that we are now experiencing technology we could only dream about in the recent past. However, this also makes it difficult for companies to stay ahead of the pack. If you are not on the leading edge of the curve you run the risk of getting left behind and becoming out-dated. This can happen, seemingly, in the blink of an eye and it can affect the creators as much as the users of technology.

Generally, people are open to new technology providing its intuitive and easy to implement and use. We continuously seek better solutions to improve our products and user experience. A key advantage to our growth and success is the ability to leverage our community. Being members of the Watson Ecosystem gives us access to IBMs global marketing and technical reach. I moderate an industry group of machine learning experts, known as the Cognitive Computer Group (CCG) of Boston. There is a real thirst for knowledge about the potential impact of intelligent software in everyday life. We recently launched a series titled Real Life Examples of Cognitive Computing which caused our CCG membership to increase more than 400%.

Based in Massachusetts, we are very fortunate to work in a tech-rich environment with access to some of the worlds leading business and educational establishments, such as the Massachusetts Institute of Technology (MIT), Harvard University, Boston University and other leading institutions. As a result, Boston is home to numerous innovative companies, large and small, which germinate and thrive here due to the progressive mind-set.

We have an obsession with ideas which initially seem impossible, but as they reach fruition, are capable of producing significant changes to how people work every day. I am continually inspired by Elon Musk, a big thinker who has proven time and again that impossible ideas, such as solar power, electric luxury vehicles and commercial space travel, can become mainstream with enough vision and determination.

To be a successful CEO starts with surrounding yourself with a team of like-minded individuals. We look for people who are excited to explore and develop at the forefront of current technical boundaries while ensuring that Coalesce provides them that opportunity. Being in Boston works to our advantage, since there is no shortage of people with vision and expertise in the local technical community, allowing us to leverage a deep network of innovators and experts to access terrific talent.

Observation and innovation are the two factors which I feel are instrumental in distinguishing us from our competitors. Ive been told that we listen to our customers better than other business partners, which continually drives us to innovation. Merging customer needs and desires into a product at an acceptable price-point is the best way to succeed in a competitive marketplace.

We have a history of innovating advanced software solutions ahead of the pack, having been first to introduce a data-warehousing product for alternative investment managers. Were now the first to create a personalized research assistant that leverages machine learning for business users to filter information about their prospects, customers and investments.

Coalesce is a new company that emerged out of Vantage Software, a company I founded 15 years ago, which provides software to investment firms that manage over $1 trillion in aggregate. Our first goal in the new year is to broaden the reach of Coalesce beyond investment research to business users in all business roles including sales, marketing, customer service and business development.

Coalesce has been a remarkable foray into the future of intelligent software development. We are fortunate to be on this exciting path and look forward to a bright future ahead.

Company: Coalesce Inc.Name: Greg WoolfWeb: www.coalesce.info

Greg Woolf

Coalesce is a personalized research assistant that combines machine learning with human expertise to provide relevant information to business users about their prospects, customers and investments. Greg Woolf took the time away from his busy schedule to share with us his insights into what it takes to succeed in this innovative business.

IT CEO of the Year Massachusetts


Biotechnology CEO of the Year - The Netherlands

Professor Freek Beekman founded MIlabs in 2006 together with the Tech Transfer Offices of Utrecht University and Utrecht Medical Centre. MILabs has been bootstrapped since then to become the supplier of best-in-class nuclear imagers for laboratory animals. Its revolutionary 4D Stationary Multi-Pinhole Single Photon Emission Computed Tomography and Positron Emission Tomography (4DSMP-SPECTTM and SPECTTM and 4DSMP-PETTM) technology has received many international rewards, and has been recognized for its disruptive innovation in the preclinical in-vivo animal imaging market.

Today, MILabs is ready to exploit this field-proven and patented nuclear imaging technology in the large and fast growing clinical human diagnostics market.

In June 2015, the company launched the G-SPECT system; the first clinical system using its proprietary 4DSMP-SPECT to achieve a twenty-fold improvement in 3D image resolution and an up to 50-fold reduction in radiation dose compared to current state-of-the-art SPECT systems from GE Healthcare, Siemens Medical and Philips Healthcare. Moreover, the G-SPECT system is fast; giving it the unique ability to visualize the fast dynamics of biologic processes underlying disease and will, therefore, contribute to more accurate diagnostics and improved treatment efficacy. The medical imaging community recognizes the benefits of this innovative clinical technology and as a result, the members of the World Molecular Imaging Society granted G-SPECT the Commercial Innovation of the Year 2015 award

Although there have been great advances in the understanding and treatment of diseases, detection and diagnoses in nuclear medicine is mostly done with the same procedures and technology that has been used for decades. This long-time SPECT technology stagnation has occurred in both the preclinical in-vivo animal imaging and the clinical human diagnostics markets. Both markets have been ready for a disruptive technology and its clear that the revolutionary improvements brought about by 4DSMP-SPECT in the relatively small animal imaging market will be equally well received in the much larger clinical human diagnostics market.

In 2006, MILabs brought its first preclinical imaging product, the U-SPECT system to market. Based on a patented Adaptive MultiPinhole (4DSMP) technology, U-SPECT can produce images that are up to ten times sharper than those of other

preclinical SPECT imaging systems and offers superior sensitivity for shorter imaging times and lower radiation doses. More importantly, the use of 4DSMP-SPECT makes it possible to acquire images in virtually real-time so that physiological processes can be followed over time. Until the introduction of U-SPECT, such capability was only possible with PET imaging, but at much lower image resolution. With this dynamic SPECT capability, U-SPECT enables to determine more information about the tissues underlying biology and physiology. This supplementary information is a considerable aid when it comes to early diagnosis, treatment planning and treatment response of difficult to cure diseases.

To date, the company has sold more than 40 preclinical U-SPECT and VECTor systems to centres of excellence worldwide, including Erasmus MC, Netherlands Cancer Institute (NKI), Johns Hopkins University, U-Penn, Mayo Clinics, Duke University, Kyoto University, National Institute of Radiological Sciences (NIRS, Japan), Shanghai Cancer Center, Fujian University, Univ. of British Colombia and BC Cancer Institute.

Following its early success with SPECT and PET, MILabs recognized the opportunity to expand the scale and scope of the business by offering customers a wider range of imaging modalities to meet different research needs. For example, while SPECT and PET are best for examining molecular processes and identify specific pathologies using radio-labeled biomarkers, X-ray CT and hybrid SPECT/CT and PET/CT systems helps you one localize disease more precisely to make better treatment decisions. Accordingly, in 2015, MILabs developed and launched U-CT, its own X-ray CT system. Whether used as a stand-alone CT or in integrated hybrid U-SPECT/CT and VECTor/CT configurations, with U-CT, MILabs has moved performance boundaries once again. Features such as ultra-high CT resolution of 10 microns, whole-body mouse scanning in just 5 seconds and negligible X-ray radiation dose down to 5mGy set MILabs U-CT apart from any other preclinical X-ray CT system available today.

Building on its success in the preclinical animal imaging market, MILabs is in the process of releasing to the human diagnostics market, G-SPECT, the first gyro-free clinical system. Rather than rotating detectors around the patient, G-SPECT uses a ring of stationary detectors and MILabs patented 4DSMP-SPECT technology to bring ground breaking

Company: MILabsName: Frederik (Freek) J. Beekman Ph.D.Email: [email protected]: www.milabs.comAddress: Heidelberglaan 100 STR 4.105, 3584 CX UtrechtTelephone: +31 88 756 5343 MILabs is a leading innovator in medical imaging. We profile this innovative

firm and profile their dedicated CEO Professor Freek Beekman.


Biotechnology CEO of the Year - The Netherlands

functionality and performance to clinical diagnostic labs. Compared to todays state-of-the-art clinical SPECT systems, G-SPECT has the potential to improves volumetric image resolution 20-fold, reduces the required radiopharmaceutical dose down to a factor of 50 and increases the image acquisition frame rate to seconds instead of tens of minutes. These capabilities have the potential to completely revolutionize clinical molecular imaging and

repositioning SPECT as a key modality for scientific clinical research as well as human diagnostic and treatment follow-up applications. G-SPECT image resolution and scan speed are similar to those that can be obtained with the best PET clinical scanners while studies at low dose levels will improve healthcare economics and be of interest to a broad community of physicians performing and ordering nuclear imaging studies.

Under Professor Beekmans leadership the MILabs management team is comprised of individuals with a strong combination of technical, sales and operational experience. With a strong background in medical imaging and the general lifesciences industry, management has bootstrapped the company to become a leading and profitable supplier of preclinical imaging equipment. Extra talent is being hired with sales and marketing experience and personnel to guide the company through the increased level of the regulatory requirements of the clinical market.


CEO of the Year, Transforming Business:Accretive Health- Emad Rizk, M.D.

Since joining the organization in July 2014, Rizks focus has been on communicating a compelling case for change and engaging over 3,000 employees in the new vision.

Accretive Health partners with hospitals and health systems to reduce administrative costs, enabling providers to focus on their core mission: delivering high quality care. Customer needs, however, are changing as the US healthcare system transitions to value-based reimbursement: paying providers based on quality health outcomes rather than volume of services.

Accretive Health is uniquely positioned to help providers navigate these dramatic changes that will have a tremendous positive impact for them, their patients, and our entire society, said Rizk. Which of course is an exciting and inspiring place to be.

Leadership Strategies to Drive ChangeEncouraging employees to embrace change is critical, according to Rizk. Research by change management thought leader John Kotter has consistently shown that only one in three major change initiatives succeeds. Rizk said Accretive Health is transforming successfully, in large part, because of conscious efforts to communicate with employees and make them partners in a journey of change that is reshaping healthcare.

According to Dr. Rizk, As a company, we have developed a culture of team, excellence, and accountability. I dont believe in the normal hierarchy of an organization, where Im at the top of the pyramid and my team is below me. My team and I are on the bottom of the pyramid. As leaders, we are privileged to be able to support our organization and our people. I like to use the acronym ACT: A stands for Accountability, which is about not

making excuses. We own our issues, execution, and performance.

C stands for Clarity, which means being crystal clear in terms of our communication to the organization about what were going to do and what were not going to do.

T is for team. Our success is about our people and how they perform. Every time I develop a good team, the level of organizational success is directly proportional to the strength of the team.

Since joining Accretive Health, Rizk has greatly increased the frequency of town hall meetings and improved other forms of internal communications.

Transparency is important, he noted. Its about more than just sharing business information and facts. I believe we need to connect on a human level with each member of our team as an individual and draw out the unique skill sets that each person brings to the table. At the end of the day, we need each employees contribution to drive our business and serve our customers.

Ongoing measurement is another essential component of a successful transformation, according to Rizk. The company monitors 21 operating measures, including important indicators such as staff retention, which is increasing. Im very pleased that all of our performance indicators are improving, with 17 of 21 showing double digit improvement in the last quarter, Rizk said. We have completed the necessary restructuring to position ourselves to succeed in healthcares new world. This gives me great optimism as we continue to pursue opportunities to expand our business and help our customers adapt to change.

Rizks prior experiences have well-equipped him for his role as chief change agent in a fast-moving environment. As a former cardiac surgeon who faced life and death decisions on a daily basis, he brings a providers perspective to a company dedicated to helping provider organizations succeed.Rizk has also worked on the payer side of healthcare, advocating that payer/provider collaboration will be critical to success as the US healthcare system transitions from a fee-for-service model to value-based reimbursement. Rizk authored a book on this very subject: The New Era of Healthcare: Practical Strategies for Providers and Payers.

Company: Accretive Health, Inc. Name: Emad Rizk, M.D.Email: contactus@ accretivehealth.comWeb: www.accretivehealth.comAddress: 401 North Michigan Ave.Suite 2700Chicago, IL 60611Telephone: +1 312.324.7820

Operating together, Accretive Health aligns with provider organizations to help them navigate the rapidly changing healthcare industry landscape. The company supports the mission and business objectives of hospitals, health systems and their affiliated ambulatory clinics and physician practices by effectively managing their revenue processes and strengthening their financial stability. We spoke to Emad Rizk , Accretive Health President and CEO, about how he is leading a transformation to position the company towards further growth and success.


CEO of the Year, Transforming Business: Accretive Health - Emad Rizk, M.D.

My past work on both the payer and provider sides has given me insight into the strategies needed to bring true alignment between these entities to drive increased efficiency and improved patient outcomes, he said.

Helping Customers Succeed in an Evolving Environment The dramatic changes underway in healthcare are requiring Accretive Health and its customers to think and act in new ways.

While these changes are varied and complex, what they all have in common is that this is the first time the patient is acting as a true consumer, Rizk said. Healthcare has historically been a B2B sector, and now it is transitioning to a more B2C dynamic.

A prime example of this is in the area of price transparency. The growth of high-deductible health plans, which place increased financial responsibility on the patient/consumer, is creating confusion about reimbursement and coverage. At the point of care, providers need to have more information to help clarify a patients health coverage and determine what their out-of-pocket costs will be. Accretive Health has geared its offering to address that need. The company has developed the technology to calculate and break down an accurate, understandable estimate of what a patients procedure or care will cost before it is delivered.

We use our proprietary analytics to give the consumer visibility into what their cost will be, said Rizk. This improved transparency is good for both patients and providers, helping to forge positive and enduring patient-provider relationships built on openness and trust.

Another area in which Accretive Health is helping providers evolve is the increased focus on quality outcomes and patient engagement.

Our revenue cycle management approach has had to evolve quickly ahead of our customers, Rizk noted. Over the past 18 months, we made a major shift in our focus from back-end payer reimbursement tasks to front-end patient and provider-focused processes and intelligence.

One exciting result of that shift in orientation is the development of a new patient app that Accretive Health plans to introduce in the beginning of 2016.

This user-friendly smart phone app is designed to help improve patient engagement and the overall experience of receiving care, said Rizk. It will streamline the process for patients, giving them a window into what they can expect at each point in the delivery of their care. So instead of a patient being pulled through the process, they can feel empowered and informed as they move through the process.

Rizk noted that when Accretive Health combines innovative tools like this with the operational infrastructure, the company already has everything in place to engage patients in the post-service phase of care and providers experience significant added value.

This is a true paradigm shift for our business, in which our staff engages with our customers patients

not just on billing issues, but also on matters of patient engagement and the patient experience, Rizk said. In that way, our services can contribute directly to better outcomes and our customers success.

Overall, said Rizk, Accretive Health is helping its clients be more prospective than retrospective in terms of revenue cycle management, price transparency, and data aggregation. That single shift in perspective helps provider organizations exercise control in an environment that often seems out of control these days, he said.

Vision for Future SuccessSo what does the future hold for Accretive Health? According to Rizk, the company is on a firm pathway to executing its strategy and is laying a solid foundation for future growth.

The overall selling environment for our services is improving, as health systems recognize our value proposition, Rizk said. As a result, our pipeline is the most robust Ive seen since joining the company in 2014.

New offerings, like the patient engagement app rolling out next year, are helping lay the foundation to scale and grow the company. In this dynamic environment, Accretive Health will continually be bringing new services to our customers, Rizk said.

Accretive Health is well-positioned in the revenue cycle management space, where providers are increasingly looking for help to meet the data analysis requirements of the new reimbursement models. We are a collaborative operating partner with the scale and expertise to drive such analytics, Rizk noted. Our methodology is built on more than a decade of business intelligence experience and a collaborative business model in which we act as an extension of our customers organization.

Rizk noted that for hospitals and health systems, complexity in the revenue cycle process continues to increase, most recently with the introduction of the ICD-10 coding system for reimbursement of medical services. Meanwhile, the shift to value-based reimbursement is adding administrative costs for these providers. Accretive Healths value-based reimbursement offering focuses on that administrative piece of the challenge at both the initial point of patient registration and the post-care payment processes.

Those two administrative processes are critically important for hospitals they are the first and last impressions that a patient will take away from that encounter with the provider, Rizk said. We partner with hospitals and health systems to implement proprietary methodologies and relieve those administrative burdens, allowing them to focus on their core mission: delivering high quality care.The transition to a value-based reimbursement model is a challenge for all providers, but creates special obstacles for ambulatory and physician practice settings. Rizk noted that Accretive Health has solutions for these providers as well.Leveraging our scalable, proprietary technology and shared services, we are able to make the transition to a value-based model more affordable and manageable for smaller practices with tight budgets and limited staff, he observed.

While keeping its eye on the healthcare horizon in to stay one step ahead of what its provider customers will need moving forward, Accretive Health is also looking inward for continuous improvement.

We are focused on operational excellence and operational rigor, Rizk said. Its all about delivering consistent results for our customers.

When summing up his company, Rizk said he believes his organization has the right people in place, executing the right operating model that is perfectly attuned to what providers need today and tomorrow. Our workforce has the expertise and the entrepreneurial spirit to seize this opportunity to play a significant role in improving Americas healthcare system.

Executive Profile: Emad Rizk, M.D. President, Chief Executive Officer and

a member of the Board of Directors of Accretive Health

More than 25 years in healthcare Previously served as President of McKesson

Health Solutions At Deloitte Consulting, served as Senior

Partner and Global Director, Medical Management/Pharmacy

Current board member of the National Association for Hispanic Health, Accuray, Inc., Intarcia Therapeutics, Inc., and the Managed Care Magazine editorial board

Author of The New Era of Healthcare: Practical Strategies for Providers and Payers.

Named by Modern Physician as one of the 50 Most Influential Physician Executives in the U.S. in 2013, the fifth time he has been recognized by this publication

Modern Healthcare has listed him among the Top 100 Most Powerful People in Healthcare

Lecturer at Wharton, Harvard, MIT, Columbia and the Kellogg School of Management

Accretive Health, Inc. At a Glance Founded in 2003 Headquartered in Chicago URL: www.accretivehealth.com Operating together, Accretive Health partners

with hospitals and health systems to reduce administrative costs, enabling providers to focus on their core mission: delivering high quality care

Delivers revenue cycle management, physician advisory services, and value-based managed services

Supports and strengthens provider operations by deploying collaborative operating model and proprietary technological solutions

Customer base has expanded to nearly 100 hospitals and health systems spread across the country. Many are faith-based, non-profit hospitals or teaching institutions, including many of the top-rated healthcare systems in the US.

Manages more than $17 billion in net patient revenue


IT CEO of the Year - South Africa

At Enterprise Outsourcing it is our aim to radically simplify technology deployment, maintenance and upgrades by which we release management of our clients to focus in their business core competence while we provide them with the IT platform that support their core business processes.

Combining sound infrastructure, skills and knowledge, Enterprise Outsourcing has positioned itself as a leader in quality, cost effective IT and data processing solutions. We implement technology solutions that increase our clients productivity and efficiency. Ultimately, we assist our clients in reaching their true potential or core business competence.

With this aim in mind it is our mission to Deliver quality, cost effective IT and Data Processing Solutions to our selected industries. To achieve this mission we have in a place a continuous improvement process to increase our capabilities and constantly reduce our cost.

Additionally we constantly benchmark our services and cost to the best in class in the industry to ensure we are at the top.

Here at Enterprise Outsourcing, we also understand that keeping abreast with the latest technology trends is vital for us to stay ahead in a fast paced, challenging industry.

Keeping abreast with the latest technology trends also helps us stay ahead of our competitors. Keeping in mind the current economic climate and offering them these complex solutions at a reasonable price has allowed us to maintain ourselves as a successful company. Therefore we always work closely with our clients and peers in the industry to stay ahead of our competitors.

Overall what makes us truly standout from our competitors is the individualised attention we give our clients. The IT sector suffers from a bad reputation when it comes to satisfying customer needs. Unfortunately, it is often well deserved. Too many times, the work is done incorrectly or not to the customers requirements and it is the customer who ultimately determines what good customer service is and what it is not.

Our unique approach to delivering IT solutions by which we take on the risks with our clients on a daily basis and the direct involvement of every executive

team member in operations ensures clients always receive a superior service.

Alongside this we understand that our clients are not all the same. Computer protection policies and procedures form part of our strategy for our clients.

As CEO it is my role to set the strategy and direction for the group and ensure this is adhered to at all times. Creating a companys strategy and vision is hard work, but not nearly as hard as implementing it.

Vision is, first and foremost, the responsibility of myself and the leadership team. This top-down requirement is made all the more difficult because the leadership team has to learn how to walk-the-talk of the vision before it can be completely understood by the team. This is like learning how to ride a bike and, at the same time, riding it well. This is the most crucial step, and weakest link, in becoming a vision- and values-based enterprise.

Modelling and setting the companys culture is also a vital aspect of my role and something I take very seriously. Within my firm we have a strong culture and we continue to nurture our culture every day as this is what makes us different.

However, combining skills with cultural fit is our daily challenge. We try to understand each candidates value system and skills set when we are hiring staff, as bringing only skills to our organisation will destroy our culture. All candidates go through a rigorous process of at least three interviews before they are considered for a position.

Looking to the future, we are looking to significant growth of our US and Australian operations. Currently the collapse of resources prices is negatively affecting companys profitability and IT budgets in Australia but despite this challenging environment we are keen to continue to move into the region, and we are excited for the challenges it poses.

Our work in the US market is more encouraging and we are experiencing positive recovery of IT investments in the North American market which will help us as we look to grow further in this region.

In order to ensure these expansion plans are a success we are going to continue fine tuning our business model and approach, to allow us to increase our ability to deliver IT solutions with greater levels of robustness, effectiveness and risk management.

Company: Enterprise Outsourcing Limited.Name: Pedro ViudezEmail: pedro.viudez@ enterpriseoutsourcing.comWeb: www.enterpriseoutsourcing.comAddress: 114, Katherine & West, West Street , Sandton, South AfricaTelephone: 27 11 506 8600

Enterprise Outsourcing is a leading Global Managed IT Services and Cloud Computing professional services company, providing a broad range of services and solutions around information technology. CEO Pedro Viudez provides us with a unique insight into his firm and the role it plays in the industry.


IT CEO of the Year - South Africa


CEO of the Year, OhioKern International

Kern International has been in the Document Output Management business since 1947 and has always acted as a pioneer in applying technology to automate the production of mail.

This pioneering approach has seen our firm lead the adoption of technology from early post-war mechan

ai magazine december 2015

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