1

A Fast Growing European

IT Services Company
 2

P o l i s h I T S e r v i c e s C o m p a n y f o u n d e d 2 0 1 5

Built to grow fast

Highly skilled Focused on the International Growing locally Long term –

human resources fast-growing presence for through broader product
– 300 employees nearshoring IT client outreach acquisitions and service
services market offering

• Up from 10 at 2015YE • 75% of our revenue
comes from Western
• 100 people from acquired European and US
companies customers
• 15-20 ready-to-deploy
• Continuing increase in
specialists at any time demand from Western
European companies
To date: Active consolidator of the • Developing higher value
fragmented Polish specialised IT services
• 9 international sales software development and digital products
offices industry
• Intl. acquisitions for
• 8 delivery centres
a “follow-the-sun”
in Poland and 2 strategy and for niche
international skills
 4

P o l i s h I T S e r v i c e s C o m p a n y f o u n d e d 2 0 1 5

Follow-the-sun - supporting global corporation 9 Helsinki

8 Stockholm
5 Copenhagen
2 Dublin
3 London 7 Munich
4 Paris
6 Zurich

1 New York
Tokyo

10 Guangzhou

8Delivery centres
2
International
9
Sales offices
in Poland delivery centres
 5

T h e P o l i s h o p p o r t u n i t y

Highly skilled people close to the client

Advantages IT sector
vs Western Europe: in Poland:
• IT labour costs in Poland 45-75% lower *
• Comparable quality of services/skills * • EUR 4.4bn
of IT services export
• STEM-oriented educational system
• CAGR 2019-22E
vs non-European emerging economies: at 6.25%
• Low turnover rates
• Currently 1500+
• Language skills, cultural proximity
IT services firms
to Western Europe
• Time-zone, EU compliant laws

High fragmentation of IT service providers

* See Appendix
 6

W h o w e a r e

Two symbiotic business lines

Software programming services and consulting: Innovative digital products:

de-risked model (85% revenue per manhour, not per project) long-term exponential growth generators

*Noacon (33%) and NTH (45%)

 7

W h a t w e d o

Software development services

General IT services Highly specialized services (software and consulting)

Managed projects and body Laboratory process

leasing (IT Outsourcing) automation

• Industry agnostic • Laboratory Information Management Systems (LIMS)

• Full range of skills, technologies and capabilities
(including front-end, backend, mobile apps,
cybersecurity)
• CEE delivery centres
• Custom solutions for Thermo Fisher Scientific
• Integration with lab equipment and data sources
• International and local markets
• Follow-the-sun – aiming at global delivery Europe/US/China
 8

W h a t w e d o

Digital products

Labtech solution (mixed reality) Medtech solution (mixed reality)

• Unique Mixed Reality solution for laboratories, based on t
ThermoFisher Scientific’s laboratory information
management system
• Built in partnership with Microsoft - software for MS’s
HoloLens 2 headset
• Expansive sales network in partnership with Thermo Fisher
Scientific
• Mixed Reality solution for hospital
• Enabling users to access critical data with support of Microsoft
HoloLens 2 headset
• Mobility and remote cooperation / training features
• Safety for patients and medical staff
 9

W h a t w e d o

Digital
products

Automating and Optimising Employee Excellence Platform

Office Space

• SaaS suite for office building owners, operators and
corporate tenants
• IoT and big data (efficiency analyses)
• Sales launched in Q1’2019
• Large clients signed; SKANSKA, Echo, Cavatina, Microsoft
• Development and integrations progressing
• Unique gamification-based methodology for employee
engament
• Sales launched in Q2 2019
• First large clients: Unilever (7 markets), Mondelez (PL),
Raben Logistics
• API-integration with all major HR/Sales platforms
 10

W h a t w e d o

Digital products

MR for crisis management Supply chain management solution

• Ready-to-deploy command hubs for managing crises such • Managing products, contractors, internal and external orders
as fire or flood • Data sync with EPR via API
• Remote real-time view of the operation • Mobile app for reporting sales in store network
• Voice and gesture activated Mixed Reality
• Application of TenderHut’s expertise in Mixed Reality for
HoloLens 2 headset by Microsoft
 11

W h a t w e d o

Some of our Examples:

recurring clients • Three of leading pan-European banks

• One of the largest global agriculture machine manufacturers
Low churn rate, a result of:
• One of the largest global insurance companies
• Individual, challenging and flexible
approach
• High quality combined with a reasonable • Leading European debt collector
price • Three of the “Big 4” national offices and digital subsidiaries,
• Cultural proximity in several Western European countries
• Shared work standards and values with • One of the world leaders in wind turbine production
clients
• Timely projects delivery • One of three largest worldwide suppliers of laboratory hardware
• High level of trust and transparency and software
• The largest network of contract laboratories in the world
“Overall, I am very impressed by • Two global oil and gas conglomerates
SoftwareHut and pleased with the
collaboration. We expect working together • One of the largest developers of commercial buildings in Poland
to continue for years to come with new
projects.”
• No single client above 20% of total TH revenue
“They are very open, they are very
proactive, and that was perfect for us.”
 12

W h o w e a r e

Entrepreneur-led business
42 %
Birk Family
Thomas, Member of the
Management Board
and other descendants of
42 % Waldemar Birk, Co-Founder

Robert Strzelecki
CEO and President of the
Management Board, Co-
Founder

16 %
Shares owned by employees,
including previous owners
of acquired businesses
 13

W h o w e a r e

Entrepreneur-led business

Co-founder of the TenderHut Group.

25+ years of IT experience,

Robert Strzelecki
President of the Board
44% of shares
100+ successful projects delivered,
with large companies (public
and private), locally and abroad.
Growing technology companies.
Managed teams of 250+ people.
Held a core role in building SMT
Software Services, sold to Enterprise
Investors for EUR 36m. COO of
iAlbatros from inception to the
successful sale to Sodexho /Rydoo
for EUR 30m.

Nominations to:
robert.strzelecki@tenderhut.com EY Entrepreneur of The Year 2018
+48 602 700 009 EY Entrepreneur of The Year 2019
EY Entrepreneur of The Year 2020

Polish. Entrepreneurial and business

developer by nature, strong
in strategy and execution.
 14

W h o w e a r e

Entrepreneur-led business

20+ years in IT: system design and

Thomas Birk development, project management,
Member of the Board analyses of business processes and
requirements, transforming them
into solid software solutions in ERP
(finance, order management,
22% of shares purchasing and inventory),
covering both implementations
and customizations.

Danish. Worked in Denmark,

Sweden and Norway (public
and private sector).

thomas.birk@tenderhut.com Board Member since 01.2019

+45 20 879 087
 15

W h o w e a r e

Acquisitions are key

10 acquisitions Target selection Integration Synergies and

since 2016 criteria of acquisitions geographical
expansion

• Targets: companies
up to 30 people
(minimizing risk)
• Transaction structure: stock for
stock or
stock + cash for stock
• Team quality • Optimisation of client portfolios
• Experienced and highly • Increasing number of talents
motivated managers onboard
• Type of technologies • Synergies from added
competences
• Broadening our service offering
• One-stop-shop strategy
• Optimising use of TenderHut
sales network
• Improving top- and bottom-line
• More technologies
= cross-selling opportunities
• Adding new skills and markets
with intl. acquisitions (key intl.
people and CEE programmers)
• In the near future: “follow-the-sun”
strategy and maintenance
contracts with global corporation
 16

H o w w e h a v e g r o w n t o d a t e

Past acquisitions in Poland

Company Type Timing Technical Capabilities What we integrated

8 people;
LemonTea Shares + cash 03.2016 Front-end development
3 outbound marketing

Qburst Poland
Cash 01.2017 Frontend, backend and mobile development; AWS experts 30 people
(incl. DevCore)

LIT Cash 02.2017 Python and DB development; Google Cloud experts 12 people

GSWtech Cash 02.2018 Full stack applications development 3 people + contractors

Order of Code Shares 08.2018 Full stack applications development 24 people

Javeo Shares + cash 12.2018 Software development with focus on JVM 18 people

Janmedia Team only 03.2019 Front-end UX/Design, web portals 8 people

Olsoft Cash 04.2019 Laboratory software development 2 people

DMH/VanLeif Team only 10.2019 UX/UI Design, PHP 10 people

 17

W h o w e a r e

Experienced key team

We have retained the best managers from acquired companies and incentivised
them with participation in the company, incl. shareholding.

Jacek Zadrąg Marcin Wit Więch Paweł Piotr Nowak Tomasz Damian Bartosz
COO Bartoszuk BA Director Gawkowski Head of Kulczycki Szalewicz Michałowski
SoftwareHut CTO SoftwareHut COO Accounting Head of UX CPO CSO
SoftwareHut Solution4Labs TenderHut ExtraHut GrowUperion
Solution4Labs
experienced entrepreneur, co- co-created Skyscanner experience in previously CFO in experienced UX Team Completed a few 20 years of experience in
entrepreneur founder and BDM (head of development programming and BDM, various businesses, Lead; major banks hundred projects in business consulting and
and CEO of software of software team); previously CEO specialist in laboratory including stock- (Santander, BNP Paribas, product development and building effective B2B
companies of 120+ companies; and Owner, Order of software; previously exchange listed; Credit Agricole); previously hr. 22 years of sales processes.
people; previously CEO previously CEO, Code CEO and Owner, previously CEO and CEO experience. Formerly a Formerly a partner in Van
and Owner, Javeo DevCore GSWtech Owner of Olsoft and Owner, Janmedia partner in Van Leif / Leif / DMH
DMH.
 18

W h o w e a r e

Our financials
2017 2018 2019 2020P 2021E 2022E 2023E
Revenue 3.81 5.57 8.75 10.28 15.20 21.87 30.06
growth (%) year-on-year 46% 57% 17% 48% 44% 37%

IT services 3.1 4.6 6.4 7.5 11.0 12.6 19.2

48% 38% 17% 47% 15% 52%
Software & consulting 0.7 1.0 2.1 1.6 2.0 6.3 7.1
43% 114% -27% 26% 219% 13%
Digital products 0.2 1.3 2.2 3.0 3.7
414% 77% 31% 26%

EBITDA 0.50 0.88 1.07 1.84 2.42 3.65 5.47

margin % 13.2% 15.9% 12.3% 17.9% 15.9% 16.7% 18.2%

Working Capital 0.3 0.8 1.3 1.4 2.1 3.0 4.2

Cash & Equivalents 0.3 0.2 0.2 0.8 4.0 3.1 5.2
Interest bearing debt 0.0 0.0 0.9 0.5 0.9 0.9 0.9

Operating Cash Flow -0.6 0.2 1.4 1.2 2.1 3.4

WC investment 0.5 0.5 0.1 0.7 0.9 1.2

Financial year: January-December; E: estimated

 19

O u r v i s i o n
35.0

Our view on the future – Revenue (EUR m)

growth sources 30.0

3.7

25.0

S A
4.7
Sales Acquisitions
3.0
• Geographical expansion • Strong target pipeline in 20.0
5.0
Poland
• Widening and broadening of the
4.1
offer • Readiness to take advantage
of international opportunities 15.0
• Converging prices towards client 2.2
country level 4.0
2.7

P
10.0
1.3

S
Products/own IPs Stable flow 0.7
1.7
2.5
3.0 16.7

0.3
• Zonifero • Recurrent clients 5.0 10.8
0.9
• Holo4Labs • Long-term customers 6.1 6.5 7.3
4.4
• Holo4Triage/Med • Close relation/local
subsidiaries 0.0
• GrowUperion 2018 2019 2020P 2021E 2022E 2023E

• Chainply recurrent clients new clients acquisitions startups

„New clients” become „recurrent clients” from year 2

 20

O u r v i s i o n

Our view of the future – product startups

Grow
Zonifero Holo4Labs Holo4Med Pipeline
Uperion

• Internet of Things / • Mixed Reality Labtech • Employee excellence • Mixed Reality Medtech • Supply chain management
Future of Work / app for Microsoft platform utilising app for Microsoft software
PropTech HoloLens 2 gameficiation principle HoloLens 2 • Virtual storage of digital
• Integrations with • Partner of Thermo • Crowdfunded in July • Valued at EUR 3,9m, to IDs
access control, building Fisher Scientific in XR 2020 at EUR 2,5m be crowdfunded in H1 • Equalizer solution
management software space valuation 2021 (hardware and software)
• Valued at EUR 3,9m, to • Crowdfunded in June for smartphones
be crowdfunded in H1 2020 at EUR 2,5m • Automated checkin
2021 valuation platform
 21

W h a t w e a r e w o r t h

Valuation multiples – listed peers

Company Country Market Curncy Revenue LTM (m) EBITDA LTM (m) Employment MCap (m) EV (m) EV/S (x) EV/EBITDA (x) margin % growth yoy %
WirTek Denmark Nasdaq OMX DKK 27 3.2 101 148 147 5.4 46.1 11.8% 26%
Nixu Finland Nasdaq OMX EUR 55 -0.8 388 77 80 1.5 -102.1 -1.4% 18%
Avensia Sweden Nasdaq OMX SEK 320 32.2 199 684 684 2.1 21.2 10.1% 10%
Precio Fishbone Sweden Nasdaq OMX SEK 244 35.5 261 521 518 2.1 14.6 14.5% 8%
PGS Software Poland Warsaw SE PLN 139 20.5 700 370 345 2.5 16.8 14.7% 13%
Innofactor Finland Nasdaq OMX EUR 65 7.1 534 47 59 0.9 8.3 10.9% 2%
Panoply U.K. AIM London GBP 30 3.3 300 100 97 3.2 29.4 10.9% 37%
Spyrosoft Poland New Connect PLN 104 18.0 500 194 188 1.8 10.4 17.3% 74%

average 2.13 15.7 11% 23%

 23

T e n d e r H u t

Summary

The market Our solutions TenderHut

opportunity and positioning as an investment

• Growing need for software • Between the large players • Proven business model
engineers (big data, (expensive) and small players
blockchain, AI, VR/AR, IoT (unable to offer complex • Clear short- and long-term strategies
etc. require talent) services)
• Significant opportunities for further
• Not enough supply • Active sales-oriented approach, development and margin improvement
in Western Europe, US etc. well prepared, adopting
a consulting, rather than • Could develop into an interesting
• Often low quality execution only approach acquisition target in the future
of far-shoring
• Show high level of competence
• Lack of cultural fit in multiple key areas
encountered while far-
shoring. • Reasonable pricing
 24

24

Appendix
 25

O u r p r o d u c t s

Zonifero. Office and building

management platform
• A family of 5 mobile apps + backbone
• Guests identification and service at reception (Zonifero Lobby)
• Map of the office, easily find people
• Book meeting rooms, desks, parking, and more
• Room occupancy sensors (IoT R&D project)
• Integrated wall tablets + Zonifero TV screens
• Office and building maintenance (Zonifero Services)
• Big data analytics, office optimizations

Awards:

PwC Startup Collider 2019 (selection)

Aulery 2019 (shortlisted)
Creative Business by Brief (award)
Innovations 2018 (winner)
Details upon request

Implementation partner:

Official reseller in Poland:

 26

O u r p r o d u c t s

Grow Uperion.
Employee Excellence
Platform
• A solution to complex problems in organizations that are associated with low
employee engagement

• A platform built on complex, multi-layered psychological processes supported

by scientific research, yet simple to use and user-friendly

• Grow Uperion synthesizes various methods, tools and knowledge in fields of

business psychology, anthropology and social engineering: psychology of
motivation, cooperation rather than competition, importance of publicizing
successes on the micro and macro scale, motivational funnels, real business
KPIs, knowledge micro-pills and minimization of the Sisyphus factor

Clients:
 27

O u r p r o d u c t s

Holo4Labs. A revolutionary
LabTech solution
Holo4Labs is a tool based on Microsoft HoloLens (Mixed Reality
goggles) to scan laboratory samples, view information about the
material stored within, as well as to follow laboratory procedures to
be performed with the sample. All this is handled by using hand
gestures or voice commands. It is a solution, which enables users to
monitor the laboratory environment or the current health state of
employees, by synchronizing the system with IoT sensors.

Awards: Watch the story

Emerging Europe 2019

winner in the Innovation Initiative
of The Year category
Details upon request
 28

O u r p r o d u c t s

Holo4Med.
MR for public services
• Preparing public services employees for pandemic / infection
situation

• Mixed Reality solution to deal with key risks such as infection

risk

• Providing key staff a mobile access to key data and advanced

analytics, such as prediction of availability of beds or
operating rooms in a hospital

• Remote view of headset holder, task lists and guiding through

a procedure

• Enabling public sector to operate in constraint conditions of

severe constraint such as shortage of staff
 29

O u r p r o d u c t s

Command X Holo.
MR in Crisis Management

• Crisis Management on the move

• Providing key staff to mobile access to key data

and advanced analytics

• Access to data and views (drone)

• Remote view of headset holder, task lists and

guiding through a procedure
 30

A p p e n d i x

Recent achievements
Solution4Labs ranked 3rd in Poland and 7th in CEE in 2020

2016-2019 revenue growth

Deloitte
Technology Fast
50 2020 CE
# 3 in
Poland
# 7 in Central
Europe
2367 %
 31

A p p e n d i x

Recent achievements
SoftwareHut ranked 2nd in CEE and Poland in 2020

2014-2017 revenue growth

3090 %
Financial Times
FT 1000
Europe’s Fastest
Growing Co. 2020
# 2 in
Poland
#2 in Central
Europe

More info: FT.com

* 3090% revenue growth 2019-20

 32

A p p e n d i x

Recent achievements
One of the growth leaders in Europe in 2019

2014-2017 revenue growth

2782 %
Financial Times
FT 1000
Europe’s Fastest
Growing Co. 2019
# 1 in
Poland
2
# in Central
Europe

More info: FT.com

* 2782% revenue growth 2014-17

+224 ranks since 2018

* Consolidated TenderHut Group results: 2782% growth over 4 years (2014-2017)

 33

A p p e n d i x

Recent achievements
TenderHut ranked one of the fastest growing
tech companies in Central Europe in 2018
2014-2017 revenue growth

1496 %
Deloitte
Technology Fast 50
2018 CE
# 1 in
Poland
# 7 in Central
Europe

Deloitte
Technology Fast 500
2018 EMEA
# 65 in
EMEA

Technology Fast 500 Technology Fast 50 Technology Fast 500 Technology Fast 500 Technology Fast 50
2018 EMEA 2018 CE 2017 EMEA 2016 EMEA 2016 CE

More info: Deloitte.com

* The TenderHut company results: 1496% revenue growth over 4 years (2014-2017)
 34

A p p e n d i x

Client references

* Company names and full reference letters

may be disclosed under NDA
 35

A p p e n d i x

Media about us

* More media publications available upon request

 36

36

Thank you!

Robert Strzelecki, CEO

+48 602 700 009
robert.strzelecki@tenderhut.com

www.tenderhut.com