Internet of Things (IoT) March 2018 - Macrosource Media€¦ · Added to the market opportunities will be podcasts, blogs, micro blogs and electronic books. The pattern of growth

Executive Summary

Industry Overview pg 1IntroductionMarket ScopeRegulatory Environment

Market Trends pg 4Automated Vehicles Become ConnectedIoT and Big Data Starts to MergeIoT and BlockchainThe IoT Tech M&A FrenzyA New Industrial Sector Landscape Emerges – IoT

Applications pg 7Consumer ApplicationsInternet of Things Integrated BuildingsConnected ManufacturingTransportation and LogisticsGovernment Monitoring and Controlling

Market Barriers and Challenges pg 10

Large Players To Watch pg 12International Business Machines Corporation (IBM) (NYSE: IBM)Cisco Systems Incorporated (NASDAQ: CSCO)Oracle Corporation (Oracle) (NYSE: ORCL)VMware Incorporated (NYSE: VMW)Apple Incorporated (NASDAQ: AAPL)Samsung Electronics Company Limited (KRX: 005930)salesforce.com Incorporated (NYSE: CRM)Qualcomm Incorporated (NASDAQ: QCOM)Comcast Corporation (NASDAQ: CMCSA)Alphabet Inc (Nasdaq: GOOGL)

Mid-Sized Players To Watch pg 33Zebra Technologies Corp (Nasdaq: ZBRA)PTC Inc (Nasdaq: PTC)Cypress Semiconductor Corp (Nasdaq: CY)Silicon Laboratories Inc (Nasdaq: SLAB)Fitbit Inc (NYSE: FIT)

Small Players To Watch pg 44Prodea Systems IncAyla NetworksKontakt.ioSeebo InteractiveIoTium Inc

Key References pg 49

TABLE OF CONTENTS March 2018

EXECUTIVE SUMMARY

A decade ago, there was little discussion of the internet of things (IoT). But today thousands of IoT-enabled devices are being used globally. IoT, coined in the late 1990s, enables the internet and networks to connect with electronics, software, and sensors. The IoT can achieve greater value and service by exchanging data with end-users such as manufacturing floors, energy grids and healthcare facilities. Partly driven by the growing number of internet connections and ever-faster internet speeds, IoT has developed particularly over the past years. From concepts to proven systems and platforms, improvements are creating new markets. Safety and security concerns, however, are intensifying for regulators, legislators, companies and consumers.

Despite these challenges, IoT holds enormous market opportunities. It promises to offer a revolutionary, fully connected smart world as the connections between people and their devices become more intertwined. As the internet gets embedded into every facet of our lives, investors, entrepreneurs, tech-companies and engineers are moving to cash in. Companies like IBM (NYSE: IBM), Bosch (BOM: 500530), Atmel (NASDAQ: ATML), Google (NASDAQ: GOOGL), Intel (NASDAQ: INTC), Qualcomm (NASDAQ: QCOM), and Cisco (NASDAQ: CSCO) will be the main players in major IoT products globally.

With the global market for IoT expected to expand and strengthen — especially from now until 2023 — companies are expected to form alliances and pursue mergers and acquisitions (M&A) to strengthen their market positions. Companies will also invest heavily in research and development (R&D) to come up with innovative products and services.

Senior Analyst Garvit Bhandari

Contact Details [email protected]

Published by Macrosource Media Pty Ltd

©Macrosource Media 2018

www.macrosourcemedia.com

ISSN: 2206-4052

INTERNET OF THINGS (IOT)MARKET REPORT

INTERNET OF THINGS (IOT) MARKET REPORT

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INDUSTRY OVERVIEW Introduction

In a relatively short period of time, the internet has evolved to have an amazingly profound impact on almost every facet of our lives. We are now heading into a new era of ubiquity with billions of internet users. Much of the communication between human beings now takes place on a range of devices, many of which have Wi-Fi or mobile internet capabilities and sensors built into them, thereby creating a much wider and more complex Internet of Things (IoT). IoT is a network of sensors, electronic, network connectivity and software working together to enable smart devices to gather and exchange data. As IoT grows, sensors play an increasingly important role in measuring the quality of objects and enumerating them into values, which are readable by other devices and users. More and more smart devices can now communicate with each other through embedded IoT sensors, actuators and tags. While smart devices and related products are now used widely, smart grids, intelligent traffic management systems, smart electricity, utilities, gas and water meters are expected to be increasingly connected over the next few years. Such connectivity will open considerable opportunities for further growth of the IoT sensors market. Billions of gadgets, trillions of gigabytes of data, and billions of dollars in investment and revenue will be the enablers. Added to the market opportunities will be podcasts, blogs, micro blogs and electronic books. The pattern of growth is broad-based across a range of markets and sectors, from health, manufacturing, retail, government services and transportation. Just as the internet has touched all industries, IoT will affect all sectors of the economy. IoT could be the most dynamic segment of the information and technology sector in this coming decade. The global IoT market, according to a specialized agency of the United Nations (UN) that is responsible for issues that concern information and communication technologies, the International Telecommunication Union (ITU), was worth US$655.8 billion in 2014, thanks to its massive growth in recent years. According to research firm IDC, the market could be worth ~$773 billion 2018 and could surpass $1 trillion by 2020. Software and services coul account for majority of the IoT spending. Basic infrastructure to support IoT, like mobile data services, Wi-Fi and Internet cafes, is already in place in many developing communities, with near-ubiquitous basic mobile connectivity. The ITU estimates that over one billion wireless IoT enabled devices were shipped in 2015, up 60% from 2014 to reach a predicted installed base of 2.8 billion. The ITU forecasts there could be approximately 25 billion connected devices by 2020. Based on the figures alone, the failure to invest in IoT or plan to invest in IoT could lead to huge missed opportunities for tech companies, governments and investors. Most technology big names, apart from offering IoT products and components, are investing heavily in the market. For instance, IBM (NYSE: IBM) has developed a platform, Watson, that uses natural language processing and machine learning to reveal insights from large amounts of unstructured data. Already used widely, devices could offer IoT connectivity to a range of devices and provide cloud services as well. Watson has been embraced by universities, movie directors, chefs and designers and more, and soon Watson will offer roadside assistance, business messaging and education, with IBM recently signing deals with General Motors (NYSE: GM), Slack and Pearson (LON: PSON). Watson IoT solutions for automotive industry captures data from in-car sensors and external environment to improve mobility experience. Qualcomm (NASDAQ: QCOM) and Intel (NASDAQ: INTC) are also designing chip-based platform for IoT connectivity on both portable and non-portable devices, while mobile makers like Samsung (KRX: 005930), Apple (NASDAQ: AAPL) and even BlackBerry (NASDAQ: BBRY) are getting into the mix and developing their IoT businesses. IoT thus is set to open new opportunities for growth, innovation and knowledge creation. The potential and benefits of IoT are huge and at this stage hard to forecast but they may be far bigger than anyone realizes. Consumers are already demanding devices that connect and sync seamlessly and as consumer preferences evolve. Market Scope


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Much of the early discussion surrounding IoT has focused on the projections of the future market size; but IoT is beyond the hype and is now a reality. Industry experts and consumers will continue to peg IoT as the next Industrial Revolution and the Next Internet, thanks to the way businesses, governments and consumers interact with the physical world. IoT will also continue to diffuse around the world, as designs become more streamlined and efficient and as more industries adopt existing business processes for IoT use. While the vast majority of IoT innovators are based in the US, some of the strongest interest in IoT and data analytics technologies - particularly in smart cities and driverless vehicles - is coming from the Asia-Pacific and Europe. The IoT sector, therefore, presents huge opportunities and scope in these emerging markets. Singapore in particular has perhaps the most advanced smart city technology in the world, while India is starting to aggressively rollout its plans for smart cities. In addition, with the emergence of new players in developing markets, such as China, Taiwan, Japan, India, Australia, Russia and Brazil, and the implementation of improved and advancing technologies will lead to the intensification of competitiveness in the sector. With the explosion of interest in building and operating IoT and analytics, the use of the technologies is set to generate more high-tech jobs, with millions in tax revenues and tens of billions in economic impact. Revenues, according to the IDC, could reach ~$773 billion 2018 and could surpass $1 trillion by 2020. Software and services will account for majority of IoT spending. The APAC region will the largest market by revenue in 2018 at $318 billion, followed by North America at $209 billion and EMEA at $171 billion. Combined with forecast growth in the technology sector, IoT technology is moving ever faster forward as the market continues to flourish. ITU data also suggests the IoT market could have 25 billion connected devices by 2020. The massive amount of data anticipated to be generated as a result of IoT has potential to unlock trillions of dollars of value. Cisco estimates that IoT could add ~$19 trillion in economic value by 2024. IoT could touch every industry, with many sectors already seeing its effects on healthcare, automotive and manufacturing. Regulatory Environment IoT is changing the way people live, work and transact business, with this rapid explosion of technology, products, and services posing greater challenges around security, privacy, consumer rights, safety and industry development. As the cyber and physical worlds become increasingly intertwined, the need for regulatory intervention to tackle some of the challenges IoT presents is intensifying. In the US, several agencies, including the Food and Drug Administration (FDA), the Federal Communications Commission (FCC), the Federal Trade Commission (FTC) and the National Highway Traffic Security Administration, have exercised authority over some aspects of IoT. The US also introduced the DIGIT Act in March 2016, which directs the FCC to produce a report on the potentials and needs of IoT. The Act also created a working group led by the Commerce Secretary that would study the effects of IoT. The US Department of Homeland Security (DHS) released an IoT Security Guidance that stated that “the IoT security had become a homeland security issue”. In Europe, the European Union continues to support the IoT initiatives. The IoT-European Platforms Initiative (IoT- EPI) was formed in 2016 to build a vibrant and sustainable IoT-ecosystem in Europe, maximising the opportunities for platform development, interoperability and information sharing. In Australia, the Communications Alliance Internet of Things Think Tank was formed in May 2015, as an industry initiative to shape regulatory frameworks for IoT in the country. The Think Tank also intends to define the IoT eco-system, inform and enable Australian companies to exploit the business opportunities afforded by IoT technology and services. According to IoT Think Tank, the IoT market in Australia could reach A$120 billion by 2025. The alliance also released security guidelines for IoT development earlier this year. China has provided a big boost to IoT prospects in the country. In its 12th five-year plan released in March 2011, the Chinese government pledged support for the Internet of Things, including specific funding and a set of IoT application demonstration projects between 2014 and 2016. It has since been complemented by China’s new “Made in China


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2025” manufacturing strategy. The cities of Wuxi and Shenzhen have conducted many pilot IoT projects with application such as environmental monitoring, anti-theft bicycle systems, home security, and agriculture. In India, the Government is making ways for IoT by announcing plans for a more complete IoT frameworks. The IoT market in India stood at $5.6 billion with 200 million connected units in 2016. The sector could be worth US$15 billion by 2020 and the devices could grow to 2.7 billion by 2020, according to software association Nasscom.


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MARKET TRENDS Automated Vehicles Become Connected

Connected vehicles are the most obvious and familiar example of IoT technology. Cars are now seamlessly connected to mobile devices, receiving real-time traffic alerts and offering services and help to drivers, including emergency road assistance ¾ all at the touch of a button. This shows that the automotive ecosystem is now becoming more than just the car and its maker. According to Gartner, one in five vehicles will have some wireless connectivity by 2020, taking the total connected cars to ~250 million. For now, self-driving cars can be seen only in prototype vehicles, but it is being discovered by automakers, like Tesla (NASDAQ: TSLA), Bosch, Nissan (TYO: 7201) as well as the likes of Google, Amazon, Microsoft and Uber. Tesla, working together with NVIDIA on the use of Drive PX2 in the new Autopilot and Self-Driving Capable hardware suite, is aiming to get automated vehicles on the road commercially by 2020. Other automotive companies like Toyota (TYO: 7203) and Google are also active in the emerging market. In September 2016, Uber started its pilot project by offering rides in self-driving cars in Pittsburgh. Though the recent accident in March 2018 involving Uber’s self-driving car is a bit of a setback. Automotive conglomerates like Daimler (FRA: DAI), Ford (NYSE: F), Audi (FRA: NSU), Volkswagen (FRA: VOW), Volvo (STO: VOLV-A) and others, are making their own efforts towards self-driving vehicles. Ford will start testing its autonomous vehicle technology in 2018, with commercial production anticipated by 2021. GM also announced plans to introduce autonomous ride-sharing services across different cities of the United States in 2019. Samsung has created a ~$300 million Automotive Innovation Fund aimed at connected car technology market. Samsung’s investment follows a similar move from Toyota and Intel, which in August 2017 formed an Automotive Edge Computing Consortium. One of the most significant developments validating the potential of autonomous vehicles came from Waymo, Google’s subsidiary, when it announced to purchase 20,000 electric self-driving vehicles from Jaguar for its forthcoming ride-hailing service. The company’s autonomous vehicles have driven 5 million miles since Alphabet began the program back in 2009. It is estimated that Jaguar fleet alone will be capable of doing one million trips each day in 2020. This number looks staggering and even if it manages to reach 50% within the number, it will provide significant boost to IoT based services. Most developed cities are now working on long-term smart city plans that contemplate automated cars. For instance, Singapore is taking the smart city concept onto a whole new level by opening its streets to self-driving cars and buses. The country is also adjusting its technological infrastructure for more sustainable, productive, and livable environments, including more aggressive contemplation and deployment of IoT-based services. Even though self-driving vehicles will not suddenly become available overnight, it’s clear that developments and pilot projects will mean the technology will become mainstream much faster than anticipated, with many developed nations around the world wanting it to happen as soon as possible. Transport planning in many countries is about to get more complicated. Government policies will play a significant role in fuelling the growth connected cars. Both in the US as well as EU, regulations around safety are becoming tighter. For example, the EU has declared that all cars by 2018 will have to be fitted with an eCall-equipped chip that will automatically transmit signal to the nearest emergency centre in case of a collision. However, before self-driving cars hit the roads, there will be many legal, economic and technological challenges that need to be settled. The US House of Representatives passed the “Self-Drive Act” bill in September 2017 aimed to secure and speed up the production of autonomous cars. As IoT technologies transform the automotive sector, the sector will witness a steady influx of new players and evolving relationships between automakers, software and hardware providers. A growing number of companies are beginning to proclaim that self-driving cars are only a few years from prime time and until self-driving vehicles become a reality, they will change the world.


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IoT and Big Data Starts to Merge

Every hour of the day, more than one hundred million photos are uploaded to Facebook, Instagram and other social media networks, while every second, one hour’s worth of video footages are uploaded onto YouTube. Google projects that to process over a petabyte of data every day is about a hundred times the data stored in the US Library of Congress. Beyond big data analytics itself, there is also a need for real-time insight. In many ways, this is where IoT brings the biggest promise. Big data analytics produced by IoT often involves immediacy, responsiveness and even user predictive and personalized options. A study by Oracle (NYSE: ORCL) suggests that by 2020 IoT could generate a stunning 4.4 trillion gigabytes of data in the world. For now, that number is a bit hard to comprehend, but bearing in mind that by then tens of billions of sensors and devices will be online. With no data, all IoT sensors and devices will not have the same uses and capabilities that have allowed them to gain so much worldwide attention. As IoT grows, more demand and emphasis will be placed on businesses’ big data capabilities. As such, solutions such as cloud services like Platform-as-a-Service (PaaS) or Software-as-a-Service (SaaS) will soon become a necessity for organizations dealing with large amount of data and IoT. The maturation process of the IoT and big data analytics world will, in the future, involve developments that are more exciting than those seen over the last few years. Current and traditional tech leaders, such as IBM, SAS Institute and SAP (FRA: SAP), are now racing to compete against challengers like General Electric, Bosch, Cisco, Dell (NASDAQ: DELL), Microsoft, Intel and Oracle, among others, which are coming strong on IoT and big data. As both IoT and big data grow at an unprecedented rate, and feed each other into success, the two will become more entwined. IoT and Blockchain

Blockchain technology has sparked a lot of enthusiasm about its possible use in IoT. In September 2017, the “Trusted IoT Alliance” was formed with the goal to secure IoT products with blockchain. The alliance is led by large firms such as Bosch, BNY Mellon, Cisco, Gemalto, and prominent US banks. Similarly, the IOTA platform was created specifically for Internet of Things (IoT). The platform is managed and run by the IOTA Foundation. IOTA is designed to capitalize on the massive IoT data that is generated by sensors around the globe every day. Much of this data goes unused, but IOTA network allows companies to trade (buy/sell) data sets and put it to better analytical use. The use of blockchain in IoT is at a very nascent stage and over the next few years we could see major developments in this area. The IoT Tech M&A Frenzy

Keeping up with IoT can be dizzying as the sector becomes more competitive and the volume of business partnerships become more extensive. There were about 3000 IoT start-ups globally in 2016 and over $12.5 billion has been invested in them over the last five years. The IoT sector witnessed tremendous deal activity in 2016, with a total of 127 transactions ¾an approximately 60% increase in transaction volume compared to 2015. The total transaction value stood at $39.9 billion. Industrial IoT (IIoT) space attracted more than $2.2 billion in 2016. However, the overall IoT deal related volume in 2017 was much lower than 2016. While telematics technologies represented almost half of the 2016 IoT M&A transactions, followed by hardware and devices, the year 2017 has witnessed strong interests in IoT analytics. Multibillion dollar acquisitions such as Softbank and ARM ($32B) or Qualcomm and NXP ($39B) witnessed in 2016 did not happen in 2017. The largest deal was French-based Thales acquiring IoT security firm Gemalto for €4.8 billion. The other large acquisition of 2017 was US-based Itron’s acquisition of Silver Spring Networks for $830 million. Other notable M&A in 2017 included: 1) Cisco and Viptela ($610 million); 2) Nokia and Comptel ($347 million); 3) Dialog Semiconductor and Silego ($306 million); and 4) Sierra Wireless and Numerex ($107 million). Several tech giants, namely Dell, IBM, Texas Instruments (NASDAQ: TXN), Intel and many others, have announced that they are creating or expanding their IoT business. Apart from tech companies, in the areas of manufacturing automation and optimization, equipment monitoring, field service, and smart product development, incumbents such as General Electric, Siemens and new entrants like PTC’s (NASDAQ: PTC) ThingWorx, are actively pursuing IoT.


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The year 2017 witnessed number of multimillion dollar funding rounds for startups. Chicago-based Uptake, analytics provider for IIoT, raised ~$207 million in 2017 in two funding rounds. Japan-based Preferred Networks, analytics provider for IoT, received ~$172 million in funding in 2017. Other notable IoT startup funding rounds during 2017: 1) View, provider of smart intelligent windows, raised $200 million; 2) Ring, smart home security startup raised $109 million; 3) Forgerock, an IoT security startup raised $88 million; 4) Actilit, an IoT platform raised $75 million and 5) Ayla Networks, another IoT platform raised $60 million. Private placements in IoT were strong in 2016 as well, both in transaction volume as well as value. A total of 137 private placements took place in 2016, an increase of 47.3% over 2015 and total dollars invested increased 3.1x to over $2.4 billion. Private placement transaction volume for the first six months of 2017 remained robust with 78 deals with an overall value of ~$430 million. The most significant private placement in the first six months of 2017 is Actility’s $75 million funding. A New Industrial Sector Landscape Emerges - IoT With the high level of interest and hype around IoT, the market is now seeing greater interaction with various market sectors. In many cases, companies that were previously identified as part of one sector, are moving into another. Indeed, energy, healthcare, automotive and other sectors are beginning to grapple with the Industrial Internet of Things (IIoT). IIoT happens when devices such as sensors, robots, mixing tanks, production lines, insulin pumps, among others, become increasingly connected — primarily in the area known as machine-to-machine (M2M) communication. Accenture estimates the Industrial Internet of Things (IIoT) could add $14.2 trillion to the global economy by 2030. The driver behind IIoT is that smart machines are more effective than humans in accurately and consistently capturing and communicating data. Also with the data obtained, companies and manufacturers are now able to pick up inefficiencies and problems real-time, thus saving costs and time and supporting business intelligence efforts. Just like IoT, IIoT is growing and expanding rapidly, thanks to smart devices and connected sensors adoptions. As a result, countless manufacturers and industrial product companies are making great efforts to connect their products and appliances to the IoT. IIoT, however, is not exempted from security, privacy and safety issues. To mitigate the risks that arise from technological development, companies and enterprises need to consider integrating advanced cyber threat protection solutions into their network. They should also leverage new collaboration channels between information technology and operations technology to their advantage in response to the obstacles. The IoT will drastically change the future, not just for the industrial sector, but also for the services industry and all the personnel involved. For now, companies that move to undertake the necessary advancement will be able to position themselves as future leaders and stay ahead of the race in their markets. Those that fail to work on the advancements now, however, will risk being left behind and face struggles to catch up in the future.


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APPLICATIONS In IoT, products can refer to a device or a service such as Dropbox, OneDrive or Google Drive powered by software and other technology. IoT is transforming every facet of life. From the home, to the office, city streets and beyond, IoT products and services are giving everyone a greater control over door locks and home appliances, better connection between individuals, offering insights into resource consumption habits and streamline business processes. Cloud-based data storage services and management toolset, smart automation devices, medical alert watches, smart running shoes, smart locks and one-button product purchases are among the best received IoT products and services to date. IoT products are services will continue to pick up steam as more IT vendors and service providers release new products and solutions, with almost every sector of the economy now being touched by IoT. Consumer Applications

Consumers are seeing the emergence of an era in which consumer products and electronic or connected devices communicate with each other without human interaction. Smart homes filled with connected devices are filled with possibilities to make lives easier, more convenient, and comfortable. Devices from the likes of Fitbit, Garmin and their peer companies allow consumers to keep track on their health and workout progress in previously impossible ways. Smart watches, like those from Apple and Samsung, also bring the power of smartphone directly to a wearers’ wrist. According to Gartner, a total of 504 million wearable devices will be sold in 2021, up from 260 million in 2016. These developments have resulted in myriad devices becoming available from different manufacturers, and naturally, a middle layer is needed to bind them together into custom fitted IoT solutions. For this reason, connected IoT platforms such as Konekt, Kaa and Zonooff have developed. Even though consumer peripherals are thought to play a key role in bringing IoT to the next level, it has still not transformed as anticipated. The main reason is the barrier of standards, where connected devices cannot communicate with each other, as each device comes with its own applications, rather than being managed from a single point of control. Internet of Things Integrated Buildings

Most buildings have some level of built in intelligence; for instance, HVAC, lighting, or fire safety detection and response. But technology is changing the forefront of construction. While the location still matters, information-based applications are now potentially adding new ways for the sector to create value for property buyers and investors and to compete with competitors. IoT functionally in smart buildings manage lighting, temperature, and air quality levels and can enable or disable controlled zones that have revolutionized building management systems. Italy is one of the first few countries that introduced and adopted smart electrical metering. Consumers can keep track on the electricity consumption of each device they have at home to reduce costs through in-home energy display, using real-time feedback. Siemens (FRA: SIE), with its existing data analytics competency, is teaming up with IBM’s software capabilities - Maximo and Cognos - to drive the future of digital buildings by using data from devices and sensors to facilitate local intelligence and analytics to assist customers to get what they want. Intel’s Intel Building Management Platform (Intel BMP) is also another solution for small and mid-sized buildings. Integrated with Candi PowerTools, the management platform enables applications to seamlessly access to devices and the data generated within smart buildings. Connected Manufacturing

The manufacturing sector is also starting to explore and implement IoT concepts and technology. Factories and plants that are linked to the internet are typically more proficient, productive and smarter than their non-connected counterparts. In a competitive marketplace, companies increasingly need to do whatever they can to survive, while those that do not take advantage of connectivity are lagging behind. Smart manufacturing, however, needs a healthy amount of technology rooted into the production line and machines to make sure that all devices work together, and the enterprise is able to control and keep track of material flows visible in real time and personnel will orchestrate the whole manufacturing process.


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Several regional initiatives are underway which are accelerating Industrial IoT (connect manufacturing) adoption. For instance, in Germany, there is “Industrie 4.0” while in the US, there is the “Manufacturing USA” initiative focuses on promoting IoT in manufacturing industry. Americas is currently leading the way with 45% of the industrial IoT activity. This is followed by EMEA at 33% and the Asia-Pacific at 22%. Several leading global manufacturers, like Bosch (BOM: 500530), Cisco (NASDAQ: CSCO), Fiat Chrysler (NYSE: FCAU), General Electric (NYSE: GE), General Mills (NYSE: GIS), Harley-Davidson (NYSE: HOG) and Siemens— are the early adopters of smart manufacturing ¾ or also known as Industry 4.0 ¾ in their plants. Despite of the popularity, according to Rockwell Automation (NYSE: ROK) ¾ one of the companies that connects businesses and cyberspace together in order to improve manufacturing functions ¾ there are now only 10% of industrial operations are using IoT in their production line. But that may change soon. According to a report by Zebra Technologies, 64% of manufacturers believe that by 2022, their factories will be fully connected with the latest technologies powering IoT. Some of the most common things to be used to build out these smart factories include radio frequency identification (RFID) tools, wearables and small devices that can track equipment performance. Many companies are benefitting from using IoT solutions and technology. Harley Davidson reduced its build-to-order cycle by a factor of 36 and grew overall profitability by 3% to 4% by shifting production to a fully IoT-enabled plant. The possibilities of IoT are almost too far-reaching to imagine for the manufacturing and industrial sector. Its potential is clear and the impact of IoT in smart manufacturing is very big indeed. It is developing so fast that, for most manufacturers, by the time they get a chance to review or research on a new technology, technology has been replaced with a newer version. Transportation and Logistics

In growing numbers, people are using public transportation, with both government and private organizations finding ways to improve and expand the transportation and logistics services. Regardless, transportation in ground, rail, air or sea, IoT solutions are being developed, improved and utilized, to address traffic congestion, safety, pollution, and efficient transport of goods. Players such as Greyhound, Delta Airlines (NYSE: DAL), JetBlue Airways (NYSE: JBLU) and Amtrack, for example, have already started to understand and realize the value and potential of IoT towards their businesses. One of the uses of IoT is where sensors within a plane, help engineers to more easily secure the fleet and ensure that the aircrafts fulfill the Federal Aviation Administration (FAA) guidelines. In-flight connectivity companies, like Gogo (NASDAQ: GOGO), Global Eagle Entertainment (NASDAQ: ENT), Thales via its LiveTV (EPA: HO), and Panasonic (TYO: 6752), have connected 3,340 out of a possible 5,500 commercial planes in the US and Canada as of September 2015. These companies point out that they have plans to broaden their business by connecting more than 15,000 fleets globally. Other than aviation, train, bus and other transportation businesses are also jumping onto the bandwagon by making the internet, for instance, accessible in their vehicles to enhance commuters’ experiences. IoT is changing the way we travel, whether it is across the country on a plane or from home to work on a bus. Another potential use case of IoT is in warehouse management. The online sales are projected to grow exponentially. According to eMarketer, ecommerce generated sales worth $2.3 trillion in 2017 and are set to grow to ~$4.5 trillion by 2021. The rising ecommerce penetration has led to increase in demand for smart warehouses that can handle large volumes efficiently. IoT technologies offer the promise of smart warehouses and also offer higher productivity by facilitating real-time information flow across the supply chain. Government Monitoring and Controlling

Like businesses, both federal and the local governments are striving to offer quality services in the increasingly complex environment. At the Federal level, the agencies are more concerned on scaling measure capabilities. For instance, in the UK, Transport of London (TFL) has begun experimenting with IoT devices to improve public services. In the US, the Department of Defense is using Radio-Frequency Identification (RFID) chips to monitor its supply chain more


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efficiently, while the US Geological Department employs IoT sensors to remotely monitor the bacterial levels of rivers and lakes around the country. RFID chips are usually embedded electronic devices that are used to transfer data to automatically identify and track tags that are attached to objects holding electronically stored information.


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MARKET BARRIERS AND CHALLENGES While IoT holds huge potential, many developers are holding off on developing and launching IoT technologies. This is because with so much rapid IoT progress and accelerated integrations, there are a magnitude of barriers and challenges at play. Data Security Even though there are already many security tools that are suited for IoT devices, data security remains the main concern among developers. This is because IoT devices can potentially bring in large amounts of data and security breaches can be very dangerous. A network in which numerous devices, networks, and connections are connected and send out valuable data has the potential to exacerbate the cybersecurity challenges many organizations are already laboring under. With devices connected to the internet, hackers can easily gain access if adequate security measures are not implemented. Even then, hackers are becoming smarter, more sophisticated, greater resourced and more determined. There is thus a need for intense security and privacy protection in the IoT. Organizations like the Internet Engineering Task Force (IETF) - an international standardization organization - for instance, is working on a number security measures related to IoT. In the US, the Federal Trade Commission is also tackling the matters with the tech sector on how to guarantee that privacy and security safeguards are embedded into new connected devices without stifling innovation. Globally, regulatory policy is being drafted in the EU and also in the US, with California leading the charge in its draft bill to request connected device manufacturers to install security features during the initial stage of development. In the US, the proposed Internet of Things Cybersecurity Improvement Act of 2017 compels sellers to make sure their devices are reliant on industry standard protocols. User Privacy It is no secret that mobile devices and wearable devices come with default settings that track movement. For instance, an Apple (NASDAQ: AAPL) Watch, Garmin (NASDAQ: GRMN) or Fitbit (NYSE: FIT) wearable tracks and communicates your every movement throughout a city. Data collected from devices, together with wearable technologies, will automatically share and transmit any data collected to vendors, companies and developers. For users, this information, especially personal information, is usually kept personal and privacy. Just like security, privacy is also a major challenge in the IoT development process. As it becomes more difficult for users to get off the grid, and as IoT unlocks new technologies, it will be up to companies and vendors to maintain a level of trust between consumers and developers. There are already several responsible and trusted vendors ¾ like Symantec (NASDAQ: SYMC), NEC (TYO: 6701), Gemalto (AMS: GTO) and Infineon (FRA: IFX) ¾ that help mitigate the risk of privacy breach together with proven technologies like end-to-end encryption and token-based authentication that are suited for IoT applications. IoT development is also coinciding with the intensification of data privacy legislation around the world, as nations seek to keep up with connected technologies at large and balance industry innovation and consumer protection. For instance, in Canada, the Personal Information Protection and Electronic Documents Act (PIPEDA) calls for companies to develop a confidentiality management program to limit the collection, use and retention of data, as well as give users the right to access to the information that the company has about them, and provide a way for users to file complaints with the company. Powering IoT Devices


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While the challenges above are all significant, another is finding dependable electricity sources to power billions IoT devices. As everything requires energy to exist and with the battery life on smartphones often struggling to keep up with user behavior, developers are looking for more power to support product development. Apart from powering mobile devices, which is only one barrier, powering data centers and physical machines is a whole other challenge to the sector. For this reason, companies are finding ways to create a 100% renewable energy supply to fuel their data centers. Sustainability leaders include Apple, Amazon Web Services (NASDAQ: AMZN), Facebook (NASDAQ: FB), Google (NASDAQ: GOOGL), and Microsoft (NASDAQ: MSFT). There is still a long way to go before there are solutions that can truly provide adequate power for all IoT devices. As the world marches towards 50 billion connected devices, the need for more flexible renewable power supply is becoming a common problem, especially for IoT tech conglomerates. Cost of Production The cost of production for most IoT-based technologies and devices remains high, and instead of costs going down, they are rising. The high costs are due to the cost of time, research, resources, and dedicated labor that is invested into IoT technologies. Challenges relating to security, data privacy, and ease-of-integration are also increasing the cost of production as well. Standardization and Protocol Even though a great deal of development has been made towards developing standards and protocols for IoT, robust and commonly used standards are needed in terms of security, privacy and most importantly, architecture. IoT design engineers are faced with a variety of connection technologies that they must incorporate within any device if it is to talk with other devices it may run into. Currently, Wi-Fi, Bluetooth, Bluetooth low energy, ANT, ZigBee and RF4CE are among the popular IoT protocols. There, however, are hundreds of smaller standards in the market. All protocols and standardizations chosen could ultimately limit its IoT adoption; thus, the lack of standards compatibility could continue to be a big challenge. Despite the abovementioned barriers and other hurdles, IoT product and services development remains ongoing. There will be many opportunities and pathways for development in the technology sector. Other emerging industries that deal with technology are now certain to produce ways to power devices and maintain security and privacy of the sector.


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LARGE PLAYERS TO WATCH International Business Machines Corporation (IBM) (NYSE: IBM) Headquarters: Armonk, New York, United States Address: 1 New Orchard Road, Armonk, New York, 10504-1722 United States Phone: +1-914-4991900 Website: http://www.ibm.com/ Company Overview International Business Machines Corporation, commonly known as IBM, is an American technology company that operates through five main segments ¾ the Cognitive Solutions, Global Business Services (GBS), technology services & cloud platforms, systems and global financing. In December 2015, the corporation rolled out Watson, a cognitive computing platform with the ability to interact in natural language, process vast amount of data, and learn from interactions with people and computers. Nicknamed Big Blue, the company is one of world’s largest technology employers with about 380,000 employees. IBM’s employees have been awarded five Nobel Prizes, six Turing Awards, ten National Medals of Technology and five National Medals of Science. The cloud infrastructure services market is growing, with IBM racing against other cloud providers to create data centres that maximize proximity of service to the largest number of customers. The company offers a range of cloud services, including SoftLayer public cloud services (IaaS), Bluemix private cloud (PaaS) and CMS (SaaS) solutions. IBM’s cloud offerings continue to grow and were up 20% YOY in the third quarter of 2017. The company offers the complete IoT solutions via its flagship ‘Watson IoT Platform’. It gives customers the ability to completely manage their IoT landscape and make better, even real-time, business decisions. IBM Watson also offers cognitive capabilities to derive actionable insights from the IoT data. Some of the clients using Watson IoT include Kone, Whirlpool, SNCF. Gartner names IBM a leader in the 2017 Magic Quadrant for Enterprise Asset Management Software. In March 2018, IBM launched “IBM Watson Assistant” specifically designed for enterprises to work with IoT devices. The Watson Assistant will allow businesses to create personalised, engaging experiences for consumers while securing their data. Brands using Watson Assistant include Airwire, Munich Airport, Kaon Media, the Royal Bank of Scotland and IFTTT. The assistant can be accessed via voice or text and can be embedded in variety of locations, including a car, hotel room, retail store and conference room. The company reported revenues for FY17 of $79.1 billion, down 1% YOY. Key Executives: Virginia M. Rometty Chairman of the Board, President, Chief Executive Officer Martin J. Schroeter Chief Financial Officer, Senior Vice President Michelle H. Browdy Senior Vice President - Legal and Regulatory Affairs and General Counsel Mark Foster Senior Vice President – IBM Global Business Services Bruno V. Di Leo Senior Vice President – Global Markets Jon C. Iwata Senior Vice President - Chief Brand Officer Diane J. Gherson Senior Vice President - Human Resources Erich Clementi Senior Vice President – Global Markets and Chairman, IBM Europe Martin Jetter Senior Vice President - IBM Global Technology Services James J. Kavanaugh Senior Vice President - Transformation and Operations


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Number of Employees: 380,300 (full-time as of December 31, 2016) Market Capitalization: US$141.33 billion (as of March 28, 2018) Reporting Period: Fiscal Year Ending December 31 Investor information: http://www.ibm.com/investor/?lnk=fab Email Notification for Company Results: YES (http://www.ibm.com/investor/feeds/) Latest Key Financial Data

(In millions of US$) Quarter Ending

December 31, 2016 Quarter Ending

December 31, 2017 Fiscal Year Ending

December 31, 2016

December 31, 2017

Revenue US$21,770 US$22,543 US$79,919 US$79,139 Operating Income US$4,986 US$4,469 US$12,330 US$11,400 Net Income US$4,501 -US$1,054 US$11,872 US$5,753 Total Assets US$117,470 US$125,356 US$117,470 US$125,356 Total Equity US$18,392 US$17,725 US$18,392 US$17,725

Annual Reports Fiscal 2015: http://www.ibm.com/annualreport/2015/assets/img/2016/02/IBM-Annual-Report-2015.pdf Fiscal 2016: https://www.ibm.com/annualreport/2016/images/downloads/IBM-Annual-Report-2016.pdf Quarterly Financial Statements Fiscal 2017: First Quarter: https://www.ibm.com/investor/events/earnings/1q17.html Second Quarter: https://www.ibm.com/investor/events/earnings/2q17.html Third Quarter: https://www.ibm.com/investor/events/earnings/3q17.html Fourth Quarter: https://www.ibm.com/investor/att/pdf/IBM-4Q17-Earnings-Press-Release.pdf Fiscal 2016: First Quarter: http://www.ibm.com/investor/events/earnings/1q16.html Second Quarter: http://www.ibm.com/investor/events/earnings/2q16.html Third Quarter: http://www.ibm.com/investor/events/earnings/3q16.html Fourth Quarter: https://www.ibm.com/investor/events/earnings/1q17.html


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Exhibit 1: LTM Price Performance vs. S&P 500

Source: Nasdaq Strategic Alliances 2017 Illumina (January), Echelon Corporation (January), H. Lundbeck A/S (January),Atribus Health (February), Salesforce.com (March), Illumina (March), Wanda Internet Technology Group (March), ABB Ltd (April), KBR (May), Rensselaer Polytechnic Institute (May), Cisco Systems (May). Recent Development IBM noted that over 1000 firms in India have signed up for its Watson IoT platform in 2017. IBM said it doubled its growth in India for Watson IoT over the past one year. IBM has signed a 33-month, $135 million contract with US Army to predict vehicle maintenance failures using Watson IoT services. This provides the potential to eliminate nearly 70% of breakdowns and reduce downtime by up to 50%.


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Cisco Systems Incorporated (NASDAQ: CSCO) Headquarters: San Jose, California, United States Address: 170 W Tasman Drive, San Jose, California 95134-1706 United States Phone: +1-408-5264000 Fax: +1-408-853-3683 Website: http://www.cisco.com/ Company Overview Cisco is a multinational corporation that designs, manufactures and sells networking equipment globally. It is the largest networking company in the world. The company operates through three geographic segments — Americas; Europe, the Middle East and Africa (EMEA), and the Asia-Pacific, Japan and China (APJC). It groups its products and technologies into various categories, such as switching, Next-Generation Network (NGN) Routing, data center, wireless service provider, video security and many more. In addition to its product offerings, the company also provides a range of service offerings, including technical support services and advanced services. Some of the key IoT offerings include the following: Jasper IoT Platform: is exclusively focused on cellular-connected devices. According to Cisco, Jasper currently supports over 14,000 enterprises with 54 million devices, adding about 1.5 million new devices each month. Recently, MTN signed a partnership with Cisco Jasper to enable internet of things worldwide connectivity for business customers throughout South Africa. Kinetic IoT Platform: is not limited to cellular services and encompasses all kinds of wired and wireless devices. Cisco will partner with Teradata for IoT enabled smart city solutions. Cisco announced collaborating its Kinetic IoT platform with the Teradata Analytics Platform to help cities become smarter and more connected. NB-IoT Platform: is focused on low power use cases and business models. NB-IoT dramatically reduces the power and cost of connectivity. The platform was commercially launched worldwide in February 2018. The company revenue for year ended July 29, 2017, was $48 billion, down 2.5% YOY. For 2Q18 the company recorded revenues of $11.9 billion, up 3% YOY. For 3Q18 company provided guidance for revenue growth to be in range of 3-5% YOY. Key Executives: John T. Chambers Executive Chairman of the Board Charles H. Robbins Chief Executive Officer, Director Kelly A. Kramer Chief Financial Officer, Executive Vice President Number of Employees: 72,900 (full-time as of July 29, 2017) Market Capitalization: US$206.62 billion (as of March 28, 2018) Reporting Period: Fiscal Year Ending July 31 Investor information: http://investor.cisco.com/investor-relations/overview/default.aspx Email Notification for Company Results: YES (http://investor.cisco.com/investor-relations/overview/default.aspx)

(In millions of US$) Quarter Ending Fiscal Year Ending January 27, 2018 January 28, 2017 July 29, 2017 July 30, 2016

Revenue US$11,887 US$11,580 US$48,005 US$49,247 Operating Income US$3,073 US$2,893 US$11,973 US$12,660 Net Income -US$8,778 US$2,348 US$9,609 US$10,739 Total Assets US$131,510 US$126,248 US$129,818 US$121,652 Total Equity US$51,982 US$63,818 US$66,137 US$63,586


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Annual Reports Fiscal 2017: http://d18rn0p25nwr6d.cloudfront.net/CIK-0000858877/c9c9e97e-ff21-44a6-989a-cc5d72ca8953.pdf Fiscal 2016:http://investor.cisco.com/investor-relations/news-and-events/news/news-details/2016/Cisco-Reports-Fourth-Quarter-and-Fiscal-Year-2016-Earnings/default.aspx Quarterly Financial Statements Fiscal 2018: First Quarter: https://s2.q4cdn.com/230918913/files/doc_financials/quarterly/Q1Y18/1253-PM-Cisco-Reports-First-Quarter-Earnings.pdf Second Quarter: https://s2.q4cdn.com/230918913/files/doc_financials/quarterly/Q2FY18/Cisco-Reports-Second-Quarter-Earnings.pdf Fiscal 2017: First Quarter: http://investor.cisco.com/investor-relations/news-and-events/news/news-details/2016/Cisco-Reports-First-Quarter-Earnings/default.aspx Second Quarter: http://investor.cisco.com/investor-relations/news-and-events/news/news-details/2017/Cisco-Reports-Second-Quarter-Earnings/default.aspx Third Quarter: http://investor.cisco.com/investor-relations/news-and-events/news/news-details/2017/Cisco-Reports-Third-Quarter-Earnings/default.aspx Fourth Quarter: https://investor.cisco.com/investor-relations/news-and-events/news/news-details/2017/Cisco-Reports-Fourth-Quarter-and-Fiscal-Year-2017-Earnings/default.aspx Exhibit 2: LTM Price Performance vs. S&P 500

Source: Nasdaq Strategic Alliances 2017 Imtech Marine BV (February), IBM Security (May)


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Oracle Corporation (Oracle) (NYSE: ORCL) Headquarters: Redwood City, California, United States Address: 500 Oracle Parkway, Redwood City, California 94065-1677 United States Phone: +1-650-5067000 Fax: +1-302-6365454 Website: http://www.oracle.com/ Company Overview Oracle, an American computer technology company, primarily specializes in products and services that address all aspects of corporate information technology (IT) environments, application, platform and infrastructure. The corporation, the second largest in terms of revenue after Microsoft in 2016, also develops and builds tools for database development and systems of middle-tier software, enterprise resource planning (ERP) software, supply chain management (SCM) software and customer relationship management (CRM) software. Oracle products and services can be found in organizations of all sizes, both public and private, across most industries and geographies. The company provides IoT solution as a cloud offering. Oracle Internet of Things (IoT) Cloud Service is a secure and scalable platform to help organizations quickly build and deploy IoT applications and fully capture and analyze their IoT data. The company revenue for year ended May 31, 2017 was $37.7 billion, up 1.83% YOY. For 3Q18 (three months ended February 28, 2018) the company recorded revenues of $9.8 billion, up 6% YOY. Key Executives: Lawrence J. Ellison Executive Chairman of the Board, Chief Technology Officer Jeffrey O. Henley Vice Chairman of the Board Safra A. Catz Chief Executive Officer Mark V. Hurd Chief Executive Officer Number of Employees: Approx. 138,000 (full-time as of May 31, 2017) Market Capitalization: US$186.76 billion (as of March 28, 2018) Reporting Period: Fiscal Year Ending May 31 Investor information: http://investor.oracle.com/overview/highlights/default.aspx Email Notification for Company Results: YES (http://investor.oracle.com/financial-reporting/quarterly-reports/default.aspx) Latest Key Financial Data

(In millions of US$) Quarter Ending Fiscal Year Ending February 28, 2018 February 28, 2017 May 31, 2017 May 31, 2016

Revenue US$9,771 US$9,205 US$37,728 US$37,047 Operating Income US$3,410 US$2,959 US$12,710 US$12,604 Net Income -US$4,024 US$2,239 US$9,335 US$8,901 Total Assets US$138,201 US$125,382 US$134,991 US$112,180 Total Equity US$48,272 US$51,023 US$54,246 US$47,790

Annual Reports Fiscal 2017: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001341439/05215062-8f4e-4311-8d1f-5cfc40237a9b.pdf Fiscal 2016:http://d1lge852tjjqow.cloudfront.net/CIK-0001341439/56ed85f2-f9b8-45af-94da-336691f9d479.pdf


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Quarterly Financial Statements Fiscal 2018: First Quarter : http://s1.q4cdn.com/289076952/files/doc_financials/quarterly/2018/Q1/Q118_Form8K_Exhibit99-1_Earnings_Release_Tables_FINAL_20170910.pdf Second Quarter: http://s1.q4cdn.com/289076952/files/doc_financials/2QY18/2q18-pressrelease-December.pdf Third Quarter: http://s1.q4cdn.com/289076952/files/doc_financials/quarterly/2018/Q2/3q18_pressrelease-March.pdf Fiscal 2017: First Quarter: http://s1.q4cdn.com/289076952/files/doc_financials/quarterly/2017/Q117_Form8K_Exhibit99-1_Earnings_Release_Tables.pdf Second Quarter : http://s1.q4cdn.com/289076952/files/doc_financials/quarterly/2017/Q2/Q217_Form8K_Exhibit99-1_Earnings_Release_Tables_12142016.pdf Third Quarter : http://s1.q4cdn.com/289076952/files/doc_financials/quarterly/2017/Q3/Q317_Form8K_Exhibit99-1_Earnings_Release_Tables_20170310_FINAL.pdf Fourth Quarter: http://s1.q4cdn.com/289076952/files/doc_financials/quarterly/2017/Q4/Q417_Form8K_Exhibit99-1_Earnings_Release_Tables_20170621_FINAL_IRversion.pdf Exhibit 3: LTM Price Performance vs. S&P 500

Source: Nasdaq


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VMware Incorporated (NYSE: VMW) Parent Company: Dell Technologies Incorporated Headquarters: Palo Alto, California, United States Address: 3401 Hillview Ave, Palo Alto, CA 94304-1320 United States Phone: +1-877-486-9273 Fax: +1-650-4275001 Website: http://www.vmware.com/ Company Overview VMware, founded in 1998, is a virtualization infrastructure solutions and cloud infrastructure solutions provider. In 2004, the company was purchased by and became a subsidiary of EMC Corporation (NYSE: EMC). Later on August 14, 2007, EMC sold 15% of the company in a New York Stock Exchange IPO and from then VMware was traded under VMW in the exchange. VMware develops and sells its product and service offerings within three product groups — software-defined data center (SDDC), hybrid cloud computing and end-user computing (EUC). The company’s computer virtualization includes offerings that allow organizations to manage information technology resources across private clouds and complex multi-cloud, and multi-device environments. VMware delivers IoT coverage with its Workspace ONE and VMware Pulse IoT Center solutions. Pulse IoT Center is a secure, enterprise grade, end-to-end IoT infrastructure management solution which allows companies to completely control and manage their IoT assets. The company has been named a leader in the "IDC MarketScape: Worldwide Enterprise Mobility Management Software for IoT Device Deployments 2017”. The company has extended its IoT offering with new edge computing solutions for specific use cases including asset management and surveillance. The products will initially be targeted at three verticals: remote locations such as oil rigs, factories and retail branches. For fiscal 2018 (the 12 months ended February 2, 2018) the company recorded revenue of $7.92 billion, up 12% YOY. Key Executives: Michael Dell Chairman of the Board Patrick Gelsinger Chief Executive Officer, Director Zane Rowe Executive Vice President, Chief Financial Officer Number of Employees: 21,700 (full-time as of February 2, 2018) Market Capitalization: US$48.96 billion (as of March 28, 2018) Reporting Period: Fiscal Year Ending February 2 Investor information: http://ir.vmware.com/overview/default.aspx Email Notification for Company Results: YES (http://ir.vmware.com/overview/financial-information/quarterly-results/default.aspx) Latest Key Financial Data

(In millions of US$) Quarter Ending Fiscal Year Ending February 2, 2018 December 31,2016 February 2, 2018 December 31, 2016

Revenue US$2,309 US$2,032 US$7,922 US$7,093 Operating Income US$648 US$543 US$1,689 US$1,439 Net Income -US$440 US$441 US$570 US$1,186 Total Assets US$20,622 US$16,643 US$20,622 US$16,643 Total Equity US$7,776 US$8,097 US$7,776 US$8,097

Annual Reports


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Fiscal 2016: http://s2.q4cdn.com/112802898/files/doc_financials/2016/VMware-2016-10K.pdf Fiscal 2015: http://s2.q4cdn.com/112802898/files/doc_financials/2015/2015-Annual-Report.pdf Quarterly Financial Statements Fiscal 2018 First Quarter: http://s2.q4cdn.com/112802898/files/doc_financials/2018/VMware-Reports-Q1-Fiscal-Year-2018-Results.pdf Second Quarter: http://s2.q4cdn.com/112802898/files/doc_financials/2018/Q2/VMW-Reports-Second-Quarter-Fiscal-Year-2018-Results.pdf Third Quarter: http://s2.q4cdn.com/112802898/files/doc_financials/2018/Q3/VMW-Reports-Q3-FY18-Results.pdf Fourth Quarter: http://s2.q4cdn.com/112802898/files/doc_financials/Press-Release-Earnings_final.pdf Exhibit 4: LTM Price Performance vs. S&P 500

Source: Nasdaq Strategic Alliances 2017 CenturyLink (February), Fujitsu Limited (March), Samsung Electronics (May)


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Apple Incorporated (NASDAQ: AAPL) Headquarters: Cupertino, California, United States Address: 1 Infinite Loop, Cupertino, California, 95014-2083 United States Phone: +1-408-9961010 Website: http://www.apple.com/ Company Overview Apple Inc designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players. It also deals with a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The corporation is slowly releasing new software and hardware that will incrementally take the company into the IoT market. For example, Apple is using its HomeKit system, Apple Watch, and new automotive pursuits to advance the company’s position into a future where nearly everything around us is connected to the internet. In December 2017, US FDA approved an accessory band for Apple Watch that helps users keep track of their heart condition. This should position the company to take advantage of the expanding IoT market in healthcare. In the first quarter of 2018, Apple launched its smart home speaker “HomePod”, thereby entering the connected home market. The company revenue for fiscal ended September 30, 2017 was $229.2 billion, up 6.3% YOY. For 1Q18 (three months ended December 30, 2017), the company recorded revenue of $88.3 billion, an increase of 13% YOY. For 2Q18, revenue is expected to be in range of $60 - $62 billion. Key Executives: Arthur D. Levinson Ph.D. Independent Chairman of the Board Timothy D. Cook Chief Executive Officer, Director Luca Maestri Chief Financial Officer, Senior Vice President Jeff Williams Chief Operating Officer Number of Employees: 116,000 (full-time as of September 2016) Market Capitalization: US$851.31 billion (as of March 28, 2018) Reporting Period: Fiscal Year Ending September 30 Investor information: http://investor.apple.com/ Email Notification for Company Results: No Latest Key Financial Data

(In millions of US$) Quarter Ending Fiscal Year Ending

December 31, 2016

December 30, 2017

September 24, 2016

September 30, 2017

Revenue US$78,351 US$88,293 US$215,639 US$229,234 Operating Income US$23,359 US$26,274 US$60,024 US$61,344 Net Income US$17,891 US$20,065 US$45,687 US$48,351 Total Assets US$321,686 US$406,794 US$321,686 US$375,319 Total Equity US$128,249 US$140,199 US$128,249 US$134,047

Annual Reports Fiscal 2016: http://files.shareholder.com/downloads/AAPL/4579054997x0x913905/66363059-7FB6-4710-B4A5-7ABFA14CF5E6/10-K_2016_9.24.2016_-_as_filed.pdf


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Fiscal 2015: http://files.shareholder.com/downloads/AAPL/3060689923x0x861262/2601797E-6590-4CAA-86C9-962348440FFC/2015_Form_10-K_As-filed_.pdf Quarterly Financial Statements Fiscal 2018: First Quarter: https://www.apple.com/newsroom/2018/02/apple-reports-first-quarter-results/ Fiscal 2017: First Quarter: https://www.apple.com/newsroom/2017/01/apple-reports-record-first-quarter-results/ Second Quarter: https://www.apple.com/newsroom/2017/05/apple-reports-second-quarter-results/ Third Quarter: https://www.apple.com/newsroom/2017/08/apple-reports-third-quarter-results/ Fourth Quarter: https://www.apple.com/newsroom/2017/11/apple-reports-fourth-quarter-results/ Exhibit 5: LTM Price Performance vs. S&P 500

Source: Nasdaq


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Samsung Electronics Company Limited (KRX: 005930) Headquarters: Suwon, South Korea Address: 129, Samsung-Ro, Yeongtong-Gu, Suwon, 16677 South Korea Phone: +82-31-2001114 Fax: +82-31-2007538 Website: http://www.samsung.com Company Overview Samsung Electronics mainly engages in the production of consumer electronic products. The corporation comprises numerous subsidiaries and affiliated businesses, most of them running under the Samsung brand; it is also the largest South Korean business conglomerate. Like Apple, Samsung is also tapping into IoT market and recently made a US$1.2 billion investment in IoT-related startups in the US. It is developing several technologies for the market coming out of its US facilities — including a massive US$14 billion chip fab in Austin, Texas and its Strategy and Innovation Center in Palo Alto, California. The company stated that it plans to make all its products IoT ready by 2020. The company’s key IoT solutions include LoRaWAN technology, NB-IoT technology, IoT Gateway and ARTIK. Samsung will provide LoRaWAN technology base stations for Korea’s IoT city construction project. ARTIK is an integrated IoT platform that helps in developing, launching and managing IoT products. The company is planning to launch a smart home speaker powered by Bixby assistant in the second half of 2018. For FY17, the company recorded revenue of KRW239.58 trillion, up 19% YOY. Key Executives: Dr Oh-Hyun Kwon Vice Chairman of the Board, Co-Chief Executive Officer Jae Yong Lee Vice Chairman Jong kyun Shin Co-President, Co-Chief Executive Officer, Director Boo Keun Yoon Co-President, Co-Chief Executive Officer, Director Number of Employees: 392,305 (full-time as of December 31, 2016) Market Capitalization: KRW324.84 trillion (as of March 28, 2018) Reporting Period: Fiscal Year Ending December 31 Investor information: http://www.samsung.com/sec/ir/ Email Notification for Company Results: NO Latest Key Financial Data

(In trillion of KRW) Year Ending December 31, 2016 December 31, 2017

Revenue KRW201.87 KRW239.58 Operating Income KRW29.24 KRW53.65 Net Income KRW22.73 KRW42.19 Total Assets KRW262.1 KRW301.7 Total Equity KRW192.9 KRW214.4

Annual Reports Fiscal 2016: http://images.samsung.com/is/content/samsung/p5/sg/ir/docs/2016-samsung-sustainability-report.pdf Fiscal 2015: http://images.samsung.com/is/content/samsung/p5/sg/ir/docs/SAMSUNG_SUSTAINABILITY_REPORT_2015_ENG.pdf Quarterly Financial Statements


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Fiscal 2017: First Quarter: http://images.samsung.com/is/content/samsung/p5/sg/ir/docs/2017_1Q_Earnings_Release_Samsung_Electronics.pdf Second Quarter: http://images.samsung.com/is/content/samsung/p5/global/ir/docs/2017_2Q_Earnings_Release_Samsung_Electronics.pdf Third Quarter: http://images.samsung.com/is/content/samsung/p5/global/ir/docs/2017_3Q_Earnings_Release_Samsung_Electronics.pdf Fourth Quarter: http://images.samsung.com/is/content/samsung/p5/global/ir/docs/2017_4Q_Earnings_Release_Samsung_Electronics.pdf Fiscal 2016: First Quarter: http://images.samsung.com/is/content/samsung/p5/sg/ir/docs/20160428_conference_eng.pdf Second Quarter: http://images.samsung.com/is/content/samsung/p5/sg/ir/docs/20160728_conference_eng.pdf Third Quarter: http://images.samsung.com/is/content/samsung/p5/sg/ir/docs/20161027_conference_eng.pdf Fourth Quarter: http://images.samsung.com/is/content/samsung/p5/sg/ir/docs/20170124_conference_eng.pdf Exhibit 6: LTM Price Performance vs. KOSPI Composite Index

Source: MarketWatch Strategic Alliances In March 2018, Royal Philips and Samsung Electronics Co Ltd announced plans for a strategic partnership to connect Samsung’s ARTIK Smart IoT Platform to the Philips HealthSuite Digital Platform. Case Study: Samsung has teamed up with Marriott International and Legrand to test an IoT enabled hotel room. Samsung’s Artik IoT platform along with Legrand lighting products would provide users experience such as intuitive lighting, voice-activated room control for relaxation environment. The company expects the technology to be incorporated in hotels in the next five years.


March 2018 25

salesforce.com Incorporated (NYSE: CRM) Headquarters: San Francisco, California, United States Address: 1 Market, San Francisco, California, 94065-1677 United States Phone: +1-415-9017000 Fax: +1-415-9017040 Website: https://www.salesforce.com/ Company Overview salesforce.com is an American cloud computing company whose revenues mostly derive from customer relationship management (CRM) products. The company also capitalizes on commercial applications of social networking through acquisition. Even though salesforce.com has never turned a GAAP profit in any fiscal year since it started in 1999, it is one of the most highly valued cloud computing companies in the US. The salesforce IoT cloud allows customers to turn data generated by IoT devices into meaningful actions. The cloud solution connects data from every device, sensor, website, and interaction with salesforce to get a more complete view of the customers. Recently, the company announced a new IoT platform, myIoT, which is intended to make it easier for inexperienced businesses to utilise the technology. myIoT has an easy-to-use point-and-click interface that helps developers connect, configure and leverage IoT devices. The company recorded revenue of $8.39 billion, up 25% YOY for year ended January 31, 2017. Salesforce announced plans to acquire data integration company MuleSoft for $6.5 billion. By embedding MuleSoft’s data integration capabilities into Salesforce platform, the company believes it will be in a better position to serve customers’ escalating data integration needs. The transaction is expected to close in the second quarter of Salesforce’s fiscal year 2019, ending July 31. Key Executives: Keith G. Block President, Vice Chairman of the Board, Chief Operating Officer Marc Russell Benioff Chairman of the Board, Chief Executive Officer G Parker Harris III Co-Founder Mark J. Hawkins Chief Financial Officer Number of Employees: 25,000 (full-time as of January 31, 2017) Market Capitalization: US$85.17 billion (as of March 28, 2018) Reporting Period: Fiscal Year Ending January 31 Investor information: http://investor.salesforce.com/about-us/investor/investor-resources/default.aspx Email Notification for Company Results: YES (http://investor.salesforce.com/about-us/investor/email-alerts/default.aspx) Latest Key Financial Data

(In millions of US$)

Quarter Ending Fiscal Year Ending October 31, 2016 October 31, 2017 January 31, 2016 January 31, 2017

Revenue US$2,144.77 US$2,679.84 US$6,667.22 US$8,391.98 Operating Income US$3.03 US$115.98 US$111.29 US$64.23 Net Income -US$37.30 US$51.39 -US$47.43 US$179.63 Total Assets US$14,387.66 US$17,490.03 US$12,762.92 US$17,584.92 Total Equity US$6,806.03 US$8,829.37 US$5,002.87 US$7,500.13


March 2018 26

Annual Reports Fiscal 2017: http://s1.q4cdn.com/454432842/files/doc_financials/2017/Salesforce-FY-2017-Annual-Report.PDF Fiscal 2016:http://s1.q4cdn.com/454432842/files/doc_financials/2016/Annual/Salesforce-FY-2016-Annual-Report.pdf Quarterly Financial Statements Fiscal 2018: First Quarter: http://s1.q4cdn.com/454432842/files/doc_financials/2018/Q1/CRM-Q118-Earnings-Press-Release-w-financials.pdf Second Quarter: http://s1.q4cdn.com/454432842/files/doc_financials/2018/Q2/CRM-Q218-Earnings-Press-Release-w-financials.pdf Third Quarter: http://s1.q4cdn.com/454432842/files/doc_financials/2018/Q3/CRM-Q318-Earnings-Press-Release-w-financials.pdf Fiscal 2017: First Quarter: http://s1.q4cdn.com/454432842/files/doc_financials/2017/Q1/CRM-Q117-Earnings-Press-Release-w-Financials.pdf Second Quarter: http://s1.q4cdn.com/454432842/files/doc_financials/2017/Q2/CRM-Q217-Earnings-Press-Release-w-financials.pdf Third Quarter: http://s1.q4cdn.com/454432842/files/doc_financials/2017/Q3/CRM-Q317-Earnings-Press-Release-w-financials.pdf Fourth Quarter: http://s1.q4cdn.com/454432842/files/doc_financials/2017/Q4/CRM-Q417-Earnings-Press-Release-w-financials.pdf Exhibit 7: LTM Price Performance vs. S&P 500

Source: Nasdaq Strategic Alliances 2017 IBM Corporation (March)


March 2018 27

Qualcomm Incorporated (NASDAQ: QCOM) Headquarters: San Diego, California, United States Address: 5775 Morehouse Drive, San Diego, California, 92121-1714 United States Phone: +1-858-5871121 Fax: +1-302-6365454 Website: https://www.qualcomm.com/ Company Overview Qualcomm is engaged in the development and commercialization of semiconductor and telecommunications products and services. The company operates through three segments — Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL) and Qualcomm Strategic Initiatives (QSI). Qualcomm is hitting the lucrative market by forming partnerships with strategic companies, plus introducing its own IoT technologies and services to the market. In fact, Qualcomm now holds the highest number of essential patents in the IoT technologies, which suggests it could be a bigger player in the IoT market in the future. The Internet of Things is a major growth driver for Qualcomm, with 2017 generating revenues in excess of $1 billion. The company’s IoT solutions are used in serving consumer verticals including wearables, cameras and appliances. The company revenue for fiscal ended September 24, 2017 was $22.2 billion, down 5% YOY. For 1Q18 (the quarter ended December 24, 2017) its revenue was $6.1 billion, up 1% YOY. The company expects 2Q18 revenues to be in range of $4.8 - $5.6 billion. Key Executives: Jeffrey W. Henderson Executive Chairman of the Board Cristiano R. Amon President Steven M. Mollenkopf Chief Executive Officer, Director George S. Davis Chief Financial Officer, Executive Vice President Number of Employees: 33,800 (full-time as of September 24, 2017) Market Capitalization: US$82.02 billion (as of March 28, 2018) Reporting Period: Fiscal Year Ending September 30 Investor information: https://www.qualcomm.com/info/analyst-relations Email Notification for Company Results: YES (http://investor.qualcomm.com/alerts.cfm) Latest Key Financial Data


December 25, 2016 December 24, 2017 September 25, 2016

September 24, 2017

Revenue US$5,999 US$6,068 US$23,554 US$22,291 Operating Income US$778 US$29 US$6,495 US$2,614 Net Income US$681 -US$5953 US$5,705 US$2,465 Total Assets US$52,366 US$64,351 US$52,359 US$65,486 Total Equity US$31,206 US$23,924 US$31,768 US$30,746

Annual Reports Fiscal 2017: http://files.shareholder.com/downloads/QCOM/6163940107x0x964717/EF216DA8-07D0-434C-911F-12C99C753606/SEC-QCOM-1234452-17-190.pdf


March 2018 28

Fiscal 2016: http://investor.qualcomm.com/common/download/download.cfm?companyid=QCOM&fileid=915400&filekey=CD71F5A8-BEAA-4EEE-B385-2CD75B48B9D3&filename=2016_Annual_Report_Form_10-K.pdf Quarterly Financial Statements Fiscal 2018: First Quarter: http://files.shareholder.com/downloads/QCOM/6163940107x0x970100/92139AD2-4BBB-4F30-8D4B-F5C867BFEA87/FY_2018_1st_Quarter_Earnings_Release.pdf Fiscal 2017: First Quarter: http://investor.qualcomm.com/common/download/download.cfm?companyid=QCOM&fileid=925189&filekey=C9AB2E02-9740-4702-B332-05169B851587&filename=FY_2017_1st_Quarter_Earnings_Release.pdf Second Quarter: http://investor.qualcomm.com/common/download/download.cfm?companyid=QCOM&fileid=937991&filekey=768E8B3D-50C5-4E4A-B2C1-E4943E517B33&filename=FY_2017_2nd_Quarter_Earnings_Release.pdf Third Quarter: http://files.shareholder.com/downloads/QCOM/5267597147x0x950021/B1A312AE-9A7C-4D81-8796-8053ED1D0B4F/FY_2017_3rd_Quarter_Earnings_Release.pdf Fourth Quarter: http://files.shareholder.com/downloads/QCOM/5713064573x0x962106/126117C3-9BF5-4EA9-968A-A0519C48D4F9/FY_2017_4th_Quarter_Earnings_Release.pdf Exhibit 8: LTM Price Performance vs. S&P 500

Source: Nasdaq Strategic Alliances March 2018: Qualcomm and Swedish telecom supplier Ericsson announced plans to jointly develop IoT in Brazil for agribusiness, cargo and fleet monitoring.


March 2018 29

Comcast Corporation (NASDAQ: CMCSA) Headquarters: Center City, Philadelphia, Pennsylvania, United States Address: Comcast Center, 1701 JFK Boulevard, Philadelphia, Pennsylvania 19103, United States Phone: +1-215-2861700 Fax: +1-215-9817790 Website: http://corporate.comcast.com Company Overview Comcast Corporation is a media and technology company whose primary businesses includes Comcast Cable and NBC Universal. In recent years, the company has been a victim of cable subscriber losses, but the company is working on a new method to make up for that problem — for instance taking opportunities with the IoT. Comcast is making a play for enterprise IoT deployments in a venture called machineQ, which will use Semtech’s technology focused on sensors and connectivity. With machineQ, Comcast is targeting a market that wireless players have been courting. Many of the corporate sensors in the field will be connected via wireless networks. Should the trials work well, Comcast said it will commercially deploy Semtech’s technology with deployments in the next 18 to 30 months. The company’s flagship IoT solution named MachineQ is an IoT network service and platform that uses Low Power Wide Area Network (LPWAN) technology. Earlier this year, Comcast announced plans to expand its IoT service into 12 major US markets. In January 2018, Comcast announced extending its smart home/IoT capabilities to its 15 million cable subscribers. For instance, Comcast added voice capabilities to its TV remote, so consumers can control various smart home activities by speaking into the remote. The company recorded revenue of $84.5 billion for FY17, up 5.1% YOY. Key Executives: Mr. Brian L. Roberts Chairman, Chief Executive Officer Mr. Michael J. Cavanagh J.D. Chief Financial Officer and Senior Executive Vice President

Mr. Stephen B. Burke Chief Executive Officer of NBCUniversal, Senior Executive Vice President Comcast Corporation Mr. Neil Smit Vice Chairman, Comcast Corporation

Mr. David L. Cohen President, Chief Executive Officer of Comcast Cable and Senior Executive Vice President Comcast Corporation

Number of Employees: 164,000 (full-time as of December 31, 2017) Market Capitalization: US$158.7 billion (as of March 28, 2018) Reporting Period: Fiscal Year Ending December 31 Investor information: http://www.cmcsa.com/index.cfm Email Notification for Company Results: YES (http://corporate.comcast.com/alerts-signup) Latest Key Financial Data


December 31, 2016

December 31, 2017

December 31, 2016

December 31, 2017

Revenue US$21,025 US$21,915 US$80,403 US$84,526 Operating Income US$4,264 US$4,107 US$16,859 US$17,987 Net Income US$2,296 US$14,985 US$8,695 US$22,714 Total Assets US$180,500 US$186,949 US$180,500 US$186,949 Total Equity US$53,943 US$68,606 US$53,943 US$68,606

Annual Reports


March 2018 30

Fiscal 2017: https://www.cmcsa.com/static-files/111ba611-eb85-4edc-9000-3907c84697d8 Fiscal 2016: http://www.cmcsa.com/common/download/download.cfm?companyid=CMCSA&fileid=926588&filekey=AC455B7D-A383-4D5F-B9C6-187B2417C61E&filename=Comcast_10K_2016_filing.pdf Quarterly Financial Statements Fiscal 2017: First Quarter: http://www.cmcsa.com/earningdetails.cfm?QYear=2017&QQuarter=1 Second Quarter: http://www.cmcsa.com/earningdetails.cfm?QYear=2017&QQuarter=2 Third Quarter: http://www.cmcsa.com/releasedetail.cfm?ReleaseID=1045524 Fourth Quarter: https://www.cmcsa.com/news-releases/news-release-details/comcast-reports-4th-quarter-and-year-end-2017-results Fiscal 2016: First Quarter: http://www.cmcsa.com/earningdetails.cfm?QYear=2016&QQuarter=1 Second Quarter: http://www.cmcsa.com/earningdetails.cfm?QYear=2016&QQuarter=2 Third Quarter: http://www.cmcsa.com/earningdetails.cfm?QYear=2016&QQuarter=3 Fourth Quarter: http://www.cmcsa.com/earningdetails.cfm?QYear=2016&QQuarter=4 Exhibit 9: LTM Price Performance vs. S&P 500

Source: Nasdaq


March 2018 31

Alphabet Inc (Nasdaq: GOOGL) Headquarters: California, United States Address: 1600 Amphitheatre Parkway, Mountain View, California 94043, United States Phone: +1-650-253-0000 Website: https://abc.xyz/ Company Overview Alphabet Inc, through its subsidiaries, provides online advertising services worldwide. The company operates through Google and Other Bets segments. The IoT segment is a part of the Other Bets segment. The company had acquired Nest Labs a smart thermostat and the protect smoke and CO detector maker for $3.2 billion in February 2014. The company also acquired Dropcam for $555 million in July 2014 to expand Nest Labs product portfolio. Nest Labs provides hardware, software and services for homes. It offers thermostats, Smoke and carbon monoxide alarms. The company had acquired Dropcam and the product is renamed to Nest Cam which is a cloud based video monitoring camera and cloud service that lets people stay aware of what’s happening at home. In February 2018, Alphabet’s subsidiary Google announced acquisition of Xively from LogMeIn for ~$50 million. Xively is an Internet of Things (IoT) platform helping companies create IoT devices that can connect to the internet. Google’s cloud platform already includes several IoT offerings and services that help customers connect devices and processing the IoT data. The company reported revenues for fiscal 2017 of $110.9 billion, up 23% YOY. Key Executives: Lawrence Edward Page Co- Founder, Chief Executive Officer, Director Sergey Brin Co-Founder, President, Director Eric E. Schmidt Executive Chairman Ruth M. Porat Senior Vice President, Chief Financial Officer Sundar Pichai Chief Executive Officer, Google Susan Wojcicki Chief Executive Officer, YouTube Number of Employees: 75,606 (full-time as of June 30, 2017) Market Capitalization: US$719.24 billion (as of March 28, 2018) Reporting Period: Fiscal Year Ending December 31 Investor information: https://abc.xyz/investor/ Email Notification for Company Results: No Latest Key Financial Data


Quarter Ending Fiscal Year Ending December 31,

2016 December 31, 2017 December 31, 2016 December 31, 2017

Revenue US$26,064 US$32,323 US$90,272 US$110,855 Operating Income US$6,639 US$7,664 US$23,716 US$26,146 Net Income US$5,333 -US$3,020 US$19,478 US$12,662 Total Assets US$167,497 US$197,295 US$167,497 US$197,295 Total Equity US$139,036 US$152,502 US$139,036 US$152,502


March 2018 32

Annual Reports Fiscal 2016: https://abc.xyz/investor/pdf/2016_google_annual_report.pdf Fiscal 2015: https://abc.xyz/investor/pdf/2015_alphabet_annual_report.pdf Quarterly Financial Statements Fiscal 2017: First Quarter: https://abc.xyz/investor/news/earnings/2017/Q1_alphabet_earnings/ Second Quarter: https://abc.xyz/investor/news/earnings/2017/Q2_alphabet_earnings/ Third Quarter: https://abc.xyz/investor/pdf/2017Q3_alphabet_earnings_release.pdf Fourth Quarter: https://abc.xyz/investor/pdf/2017Q4_alphabet_earnings_release.pdf Fiscal 2016: First Quarter: https://abc.xyz/investor/news/earnings/2016/Q1_alphabet_earnings/ Second Quarter: https://abc.xyz/investor/news/earnings/2016/Q2_alphabet_earnings/ Third Quarter: https://abc.xyz/investor/news/earnings/2016/Q3_alphabet_earnings/ Fourth Quarter: https://abc.xyz/investor/news/earnings/2016/Q4_alphabet_earnings/ Exhibit 10: LTM Price Performance vs. S&P 500

Source: Nasdaq Strategic Alliances Industrial Internet of Things (IoT) startup FogHorn Systems is partnering with Google Cloud IoT Core to make it easier for companies to deploy and manage their IoT solutions.


March 2018 33

MID-SIZED PLAYERS TO WATCH Zebra Technologies Corp (Nasdaq: ZBRA) Headquarters: Illinois, United States Address: 3 Overlook Point, Lincolnshire, Illinois 60069, United States Phone: +1-847-634-6700 Fax: +1 847 913 8766 Website: https://www.zebra.com/ap/en.html Company Overview Zebra Technologies Corporation is a global leader in solutions and services that provide real-time visibility into organisations’ assets, people and transactions. Zebra Technologies also provides IoT Solutions through its platform, Zatar, which is a Chip-to-Cloud standard based IoT service. Zebra Technologies, has been recognized on the 2017 Internet of Things 50 list from CRN for the third consecutive year. The company is also merging Zatar with its new big data and analytics engine to create more robust IoT Data Platform. In April 2014, Zebra acquired Motorola’s Enterprise Unit for $3.45 billion to strengthen its IoT offerings. Also, within the last one year, Zebra Technologies has introduced several new IoT-focused solutions including: 1) Savanna, a centralized data platform designed to empower enterprise applications; 2) SmartLens for Retail, dedicated to retail sector and 3) SmartPack Trailer, dedicated to transportation & logistics sector. The company generated revenues of $3.72 billion (up 4.1% YOY) for FY2017. The company expects full year 2018 net sales growth to increase approximately 4% to 7%. Key Executives: Anders Gustafsson Chief Executive Officer Olivier Leonetti Chief Financial Officer Michael Terzich Chief Administrative Officer Jeff Schmitz Chief Marketing Officer Tom Bianculli Chief Technology Officer Deepak Kaul Chief Information Officer Number of Employees: About 7,000 (full-time as of December 31, 2017) Market Capitalization: US$7.41 billion (as of March 28, 2018) Reporting Period: Fiscal Year Ending December 31 Investor information: http://investors.zebra.com/ Email Notification for Company Results: Yes (http://investors.zebra.com/information-request/alerts) Latest Key Financial Data


Quarter Ending Fiscal Year Ending December 31, 2016 December 31, 2017 December 31, 2016 December 31, 2017

Revenue US$942 US$1,026 US$3,574 US$3,722 Operating Income US$91 -US$24 US$80 US$80 Net Income US$17 US$4 -US$137 US$17 Total Assets US$4,632 US$4,275 US$4,632 US$4,275 Total Equity US$792 US$834 US$792 US$834


March 2018 34

Annual Reports Fiscal 2016: http://investors.zebra.com/~/media/Files/Z/Zebra-IR/annual-reports/2016-zebra-annual-report.pdf Fiscal 2015: http://investors.zebra.com/~/media/Files/Z/Zebra-IR/annual-reports/2015-annual-report.pdf Quarterly Financial Statements Fiscal 2017: First Quarter: http://otp.investis.com/clients/us/zebra_technologies_corporation/SEC/sec-show.aspx?FilingId=12052979&Cik=0000877212&Type=PDF&hasPdf=1 Second Quarter: http://otp.investis.com/clients/us/zebra_technologies_corporation/SEC/sec-show.aspx?Type=page&FilingId=12219092-7937-105689&CIK=0000877212&Index=11100 Third Quarter: http://otp.investis.com/clients/us/zebra_technologies_corporation/SEC/sec-show.aspx?FilingId=12365628&Cik=0000877212&Type=PDF&hasPdf=1 Fourth Quarter: https://www.zebra.com/us/en/about-zebra/newsroom/press-releases/2018/zebra-technologies-earnings-q4-2017.html Fiscal 2016: First Quarter: http://otp.investis.com/clients/us/zebra_technologies_corporation/SEC/sec-show.aspx?FilingId=11409860&Cik=0000877212&Type=PDF&hasPdf=1 Second Quarter: http://otp.investis.com/clients/us/zebra_technologies_corporation/SEC/sec-show.aspx?FilingId=11534832&Cik=0000877212&Type=PDF&hasPdf=1 Third Quarter: http://otp.investis.com/clients/us/zebra_technologies_corporation/SEC/sec-show.aspx?FilingId=11689457&Cik=0000877212&Type=PDF&hasPdf=1 Fourth Quarter: http://otp.investis.com/clients/us/zebra_technologies_corporation/SEC/sec-show.aspx?FilingId=11887762&Cik=0000877212&Type=PDF&hasPdf=1 Exhibit 11: LTM Price Performance vs. S&P 500

Source: Nasdaq Strategic Alliances 2017 Jingdong Group Co Ltd (March)


March 2018 35

PTC Inc (Nasdaq: PTC) Headquarters: Massachusetts, United States Address: 140 Kendrick Street, Needham, Massachusetts 02494, United States Phone: +1-781-370-5000 Website: https://www.ptc.com/ Company Overview PTC Inc is a leading provider of IoT and Augmented Reality (AR) platform. The company has expanded its product portfolio and strengthened its footsteps in the IoT industry by recent acquisitions of Kepware (2016), ColdLight (2015), ThingWorx (2014) and Axeda (2014). ThingWorx is the market leader in enterprise IoT technology, enabling innovative companies to deliver smart connected products and solutions to customers globally. ThingWorx registered a revenue of ~$100 million in 2016. PTC has been recognized as one of the leading IoT software platform by Forrester Research, IDC as well as Experton Market Insight. The company revenue for year ended September 30, 2017 was 1.16 billion, up 2% YOY. For 1Q18 the company recorded revenues of $307 million, up 7.3% YOY. For the fiscal 2018 the company expects revenue to be in range of $1.23 - $1.25 billion. According to PTC’s latest findings, investing in Industrial Internet of Things (IIoT) has become the critical strategy for many organizations in 2018, particularly those in industries that have complex manufacturing and operational processes. Of PTC customers that have adopted Industrial IoT, 83% using Industrial IoT plan to transition, their deployments to full-scale production environments within the next 12 months. Key Executives: James Heppelmann President and Chief Executive Officer

Andrew Miller Executive Vice President and Chief Financial Officer Barry F. Cohen Executive Vice President and Chief Strategy Officer Craig Hayman Chief Operating Officer Number of Employees: 6,041 (full-time as of September 30, 2017) Market Capitalization: US$ 9.07 billion (as of March 29, 2018) Reporting Period: Fiscal Year Ending September 30 Investor information: http://investor.ptc.com/#_ga=2.184023397.2116371049.1498130246-84985956.1498130246 Email Notification for Company Results: Yes (http://investor.ptc.com/alerts.cfm?) Latest Key Financial Data



2016 December 30, 2017 September 30, 2016 September 30, 2017

Revenue US$286 US$307 US$1,140 US$1,164 Operating Income US$4 US$17 -US$37 US$40 Net Income -US$9 US$14 -US$54 US$6 Total Assets US$2,345 US$2,306 US$2,345 US$2,360 Total Equity US$842 US$889 US$842 US$885

Annual Reports


March 2018 36

Fiscal 2017: http://files.shareholder.com/downloads/PMTC/6165521651x0x969835/9F9B5537-DB1A-468E-8198-E43F1F523269/332476_1__5_PTC_10K_WR_FINAL.pdf Fiscal 2016: http://investor.ptc.com/common/download/download.cfm?companyid=PMTC&fileid=925383&filekey=62E6E170-69E1-4502-9F4F-0643C53EFF3C&filename=319447_1__3_PTC_10K_WR.PDF Quarterly Financial Statements Fiscal 2018: First Quarter: http://files.shareholder.com/downloads/PMTC/6165521651x0x968960/D7287CE4-2A62-4DB0-A956-AC0E79050491/PTC_Q1_FY_18_Earnings_Press_Release.pdf Fiscal 2017: First Quarter: http://investor.ptc.com/common/download/download.cfm?companyid=PMTC&fileid=924416&filekey=6FDA4C0C-990D-4FBC-A8D8-BA66EBA99BED&filename=17_01_18_PTC_Q1_FY17_PressRelease_FINAL.pdf Second Quarter: http://investor.ptc.com/common/download/download.cfm?companyid=PMTC&fileid=937979&filekey=E602B113-BC94-480A-A9B7-BA4F1A271208&filename=17_04_19_PTC_Q217_Press_Release_FINAL.pdf Third Quarter: http://files.shareholder.com/downloads/PMTC/5267819765x0x950016/E8519A8A-208B-4F52-9F64-DABFCCFE91B4/17_07_19_PTC_Q317_Press_Release_FINAL_images.pdf Fourth Quarter: http://files.shareholder.com/downloads/PMTC/5778525906x0x960981/84447798-CF05-49C5-9A3C-0ECCFD8950E1/17_10_25_PTC_Q417_Press_Release_FINAL.pdf Exhibit 12: LTM Price Performance vs. S&P 500

Source: Nasdaq


March 2018 37

Cypress Semiconductor Corp (Nasdaq: CY) Headquarters: California, United States Address: 198 Champion Court, San Jose, California 95134, United States Phone: +1-408-943-2600 Website: http://www.cypress.com/ Company Overview Cypress Semiconductor Corporation designs, develops, manufactures, markets, and sells embedded system solutions worldwide. The company operates via two segments namely Microcontroller and Connectivity and Memory Products Division. The company provides microprocessors which are used in IoT devices. The company has also entered the field of IoT software with its WICED technology which is an IoT Platform that combines wireless, MCUs, memory and PMICs into a platform to accelerate the time-to-market for connected IoT products. The WICED platform is used in various applications including home automation, fitness, automotive, industrial and medical. Some of the other products that address diverse range of IoT applications include: 1) PSoC 4 L-Series, chip solution for smart home appliances and industrial internet applications; 2) FM4 products for factory automation and smart home appliance applications; and 3) FM0+ products for portable IoT applications. Cypress also launched a unified software suite to accelerate IoT product designs in February 2018. The company recorded revenues of $2.33 billion (up 20% YOY) for 2017 driven by automotive and IoT wireless business performance. Key Executives: Hassane El- Khoury President, Chief Executive Officer and Director Michael Balow Executive Vice President , WW Sales and Applications Sabbas Danie Executive Vice President, Quality J. Augusto de Oliveria Executive Vice President, Chief Technology Officer Thad Trent Executive Vice President, Chief Financial Officer Number of Employees: About 6,825 (as of December 31, 2017) Market Capitalization: US$6.02 billion (as of March 29, 2018) Reporting Period: Fiscal Year Ending December 31 Investor information: http://investors.cypress.com/index.cfm Email Notification for Company Results: Yes (http://investors.cypress.com/alerts.cfm?) Latest Key Financial Data


Quarter Ending Fiscal Year Ending January 1, 2017 December 31, 2017 January 1, 2017 December 31, 2017

Revenue US$530 US$597 US$1,923 US$2,327 Operating Income US$38 US$39 -US$611 US$65 Net Income -US$72 -US$36 -US$686 -US$93 Total Assets US$3,871 US$3,538 US$3,871 US$3,538 Total Equity US$1,892 US$1,817 US$1,892 US$1,817


March 2018 38

Annual Reports Fiscal 2017: http://files.shareholder.com/downloads/ABEA-37EQD4/6165537593x0x975625/323C6ABE-1A23-44D2-B781-A30E62B92857/Cypress_Semiconductor_2017_AR_10-K_Proxy.pdf Fiscal 2016: http://investors.cypress.com/common/download/download.cfm?companyid=ABEA-37EQD4&fileid=939296&filekey=01DB0AAD-77BB-4690-9034-63F9F4B8E353&filename=2016_Annual_Report_President_s__Letter_and_Financials.pdf Quarterly Financial Statements Fiscal 2017: First Quarter: http://investors.cypress.com/eventdetail.cfm?eventid=181598 Second Quarter: http://investors.cypress.com/releasedetail.cfm?ReleaseID=1034814 Third Quarter: http://investors.cypress.com/releasedetail.cfm?ReleaseID=1045684 Fourth Quarter: http://investors.cypress.com/releasedetail.cfm?ReleaseID=1056092 Fiscal 2016: First Quarter: http://investors.cypress.com/secfiling.cfm?filingID=791915-16-43&CIK=791915 Second Quarter: http://investors.cypress.com/secfiling.cfm?filingID=791915-16-43&CIK=791915 Third Quarter: http://investors.cypress.com/secfiling.cfm?filingID=791915-16-43&CIK=791915 Fourth Quarter: http://investors.cypress.com/secfiling.cfm?filingID=791915-17-7&CIK=791915 Exhibit 13: LTM Price Performance vs. S&P 500

Source: Nasdaq


March 2018 39

Recent Developments In September 2017, Cypress Semiconductors announced a new Cypress CYW43012 wireless connectivity solution for IoT. The solution works for wearables and smart home products and uses 28nm process tech to reduce power consumption by up to 80% compared to the current solutions. It is based on the company’s WICED IoT platform. In October 2017, the company partnered with Arrow Electronics to launch a new technology ecosystem that will help developers create connected IoT products.


March 2018 40

Silicon Laboratories Inc (Nasdaq: SLAB) Headquarters: Texas, United States Address: 400 West Cesar Chavez, Austin, Texas 78701, United States Phone: +1-512-416-8500 Website: http://www.silabs.com/ Company Overview Silicon Laboratories Inc designs, develops, and markets integrated circuits (ICs) in the United States, China, and internationally. The company offers Internet of things products, such as 8-bit mixed-signal, 32-bit wireless, and ultra-low-power 32-bit microcontrollers; and wireless connectivity devices comprising a range of integrated and low power transceivers, as well as sensor products, including optical and relative humidity/temperature sensors. The company has introduced IoT devices like BLE113, IoT Hero NFANT, IoT Hero and various other devices which have significantly contributed to its revenues. The IoT segment accounted for ~51% of the overall revenue of $769 million in 2017. The recently reported 4Q17 results continue to show strong traction in IoT business. IoT revenue established a new record, increasing to $109 million, up 10% sequentially and 28% YOY in 3Q17. The company recorded revenue of $768.8, up 10.2% YOY for FY 2017. The company is further increasing focus on IoT with the January 2018 announcement to buy Z-Wave business of Sigma Designs Inc, provider of leading IoT solutions for connected homes, for ~$240 million. Silicon Labs expects the transaction to close in the late first quarter or early second quarter of 2018. Key Executives: Tyson Tuttle President and Chief Executive Officer John Hollister Chief Financial Officer Brandon Tolany Senior Vice President, Worldwide Sales Michele Grieshaber Chief Marketing Officer Alessandro Piovaccari Chief Technology Officer Number of Employees: 1,279 (As of December 30, 2017) Market Capitalization: US$3.88 billion (as of March 29, 2018) Reporting Period: Fiscal Year Ending December 31 Investor information: http://investor.silabs.com/ Email Notification for Company Results: Yes (http://investor.silabs.com/alerts.cfm?) Latest Key Financial Data




Revenue US$182 US$201 US$697 US$768 Operating Income US$20 US$26 US$66 US$85 Net Income US$20 -US$5 US$61 US$47 Total Assets US$1,081 US$1,535 US$1,081 US$1,535 Total Equity US$826 US$953 US$826 US$953

Annual Reports Fiscal 2017: http://files.shareholder.com/downloads/ABEA-39NRLI/6165577349x0x973713/8396C586-6A5E-4ED0-BF6C-A47DE2118F3B/2018-03-01_SIL-2017_Annual_Report_Final_v4.2_RGB.pdf


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Fiscal 2016: http://investor.silabs.com/common/download/download.cfm?companyid=ABEA-39NRLI&fileid=932478&filekey=8C9FAED6-8D89-4BB5-9FAE-042714F202F0&filename=2016_Annual_Report.pdf Quarterly Financial Statements Fiscal 2017: First Quarter: http://investor.silabs.com/common/download/download.cfm?companyid=ABEA-39NRLI&fileid=939030&filekey=26131601-88E3-498A-A062-56EE8970BA86&filename=Q1_FY_2017_Financial_Schedules.pdf Second Quarter: http://files.shareholder.com/downloads/ABEA-39NRLI/5272166752x0x951484/52D9AF1F-6C19-411A-817F-40DBD93C1093/Q2_FY_2017_Financial_Schedules.01.pdf Third Quarter: http://files.shareholder.com/downloads/ABEA-39NRLI/5783539134x0x960828/ED5DD953-43BA-473F-A1A6-C74BE7CEE324/Q3_FY_2017_Financial_Schedules.pdf Fourth Quarter : http://files.shareholder.com/downloads/ABEA-39NRLI/6165577349x0x969984/A7A2E0E0-D343-499F-ABEB-D3BEACCAEC16/Q4_FY_2017_Financial_Schedules.pdf Fiscal 2016: First Quarter: http://investor.silabs.com/common/download/download.cfm?companyid=ABEA-39NRLI&fileid=887927&filekey=D83B313B-A6B4-4645-AC03-5FFC1B81F97A&filename=Q1_FY_2016_Financial_Schedules.pdf Second Quarter: http://investor.silabs.com/common/download/download.cfm?companyid=ABEA-39NRLI&fileid=901418&filekey=35990E40-8F79-4D02-A962-1C8B15D72395&filename=Q2_FY_2016_Financial_Schedules.pdf Third Quarter: http://investor.silabs.com/common/download/download.cfm?companyid=ABEA-39NRLI&fileid=913514&filekey=F7E68655-2810-4734-BBED-D767B18AA951&filename=Q3_FY_2016_Financial_Schedules.pdf Fourth Quarter: http://investor.silabs.com/common/download/download.cfm?companyid=ABEA-39NRLI&fileid=925953&filekey=28A7072D-3F7C-4D57-A3FA-B78BC6C58785&filename=Q4_FY_2016_Financial_Schedules.pdf Exhibit 14: LTM Price Performance vs. S&P 500

Source: Nasdaq


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Fitbit Inc (NYSE: FIT) Headquarters: California, United States Address: 405 Howard Street Suite 550, San Francisco, California 94105, United States Phone: +1-415-513-1000 Website: https://www.fitbit.com/ Company Overview Fitbit Inc designs and sells connected health and fitness tracking devices. The company has variety of products such as: 1) Fitbit Zip an entry level wireless activity tracker that allows users to track daily activity statistics, such as steps, distance, calories burned, and active minutes; 2) Fitbit One, a clippable wireless tracker, which tracks floors climbed and sleep, as well as daily steps, distance, calories burned, and active minutes; 3) Fitbit Flex 2, a water-resistant fitness wristband that tracks pool swims comprising laps, duration, and calories burned in the Fitbit App; 4) Fitbit Alta, a customizable wristband that offers call, text, and calendar notifications when paired with the user’s phone and SmartTrack automatic exercise recognition; 5) Fitbit Charge, 2 a wireless heart rate and activity wristband. It was the #1 selling connected health & fitness tracker in the US in 2017; 6) Fitbit Blaze, a smart fitness watch that provides multi-sport functionality, tracks outdoor cycling activity, and run cues; 7) Fitbit Surge, a fitness watch that features a GPS watch, heart rate tracker, activity tracker, and smartwatch; 8) Aria, a Wi-Fi connected scale that tracks weight, body fat percentage, and BMI. In 2017, the company sold ~15.3 million devices. Fitbit app was the #1 downloaded health and fitness application in the US in 2017. The company has sold more than 76 million devices since inception. It reported over 25 million active users in 2017. Fitbit entered the smartwatch segment of the wearable device category with the launch of Fitbit Ionic. The company strengthened its footprint in the healthcare ecosystem by entering into partnership agreements with United Healthcare, Dexcom, BlueCross Blue Shield South Carolina, Scripps Institute, etc. For the full-year 2017, Fitbit reported revenues of $1.6 billion, down 25.5% YOY. For 1Q18, the company expects revenues to decline further 15% - 20% YOY and to be in a range of $240 million to $255 million. Key Executives: James Park Co-Founder, President and Chief Executive Officer Eric Friedman Co-Founder, Chief Technology Officer William Zarella Chief Financial Officer Number of Employees: 1,749 (as of December 31, 2017) Market Capitalization: US$1.22 billion (as of March 29, 2018) Reporting Period: Fiscal Year Ending December 31 Investor information: https://investor.fitbit.com/overview/default.aspx Email Notification for Company Results: Yes (https://investor.fitbit.com/investor-tools/email-alerts/default.aspx) Latest Key Financial Data




Revenue US$573 US$570 US$2,169 US$1,615 Operating Income -US$185 -US$18 -US$112 -US$201


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Net Income -US$146 -US$45 -US$102 -US$277 Total Assets US$1,821 US$1,582 US$1,821 US$1,582 Total Equity US$998 US$823 US$998 US$823

Annual Reports Fiscal 2017: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001447599/a057133c-9493-42de-b810-2f5510191687.pdf Fiscal 2016: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001447599/ef6bf6d0-b30c-4b83-92d4-6a56fa8eb558.pdf Quarterly Financial Statements Fiscal 2017: First Quarter: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001447599/6949babe-2b62-45b2-b161-68279b4bb446.pdf Second Quarter: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001447599/c19192fb-9e38-4638-8f28-386fc9f31ec2.pdf Third Quarter: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001447599/911b996c-e1ae-451b-aeb1-eb6a0461cdcf.pdf Fourth Quarter: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001447599/a057133c-9493-42de-b810-2f5510191687.pdf Fiscal 2016: First Quarter: http://d1lge852tjjqow.cloudfront.net/CIK-0001447599/a1aaf44c-c5b0-4c4b-8f5f-2f2de4caf22c.pdf Second Quarter: http://d1lge852tjjqow.cloudfront.net/CIK-0001447599/32d5cfd5-706d-41a0-8485-8979463763c2.pdf Third Quarter: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001447599/a7834bcb-f7ab-4b05-95c6-390f39ac48f0.pdf Fourth Quarter: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001447599/ef6bf6d0-b30c-4b83-92d4-6a56fa8eb558.pdf Exhibit 15: LTM Price Performance vs. S&P 500

Source: Nasdaq


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SMALL PLAYERS TO WATCH Prodea Systems Inc Headquarters: Richardson, Texas, United States Address: 2435 N Central Expressway, Suite 500, Richardson TX 75080 United States Website: http://www.prodea.com Founded In: 2006 Key Executives:

Ms. Anousheh Ansari Chairman, CEO & Co-founder Mr. Amir Ansari CTO & Co-founder Mr. Hamid Anasari President & Co-founder Mr. Andrew Tauhert COO Mr. Cyril Brignone Chief Revenue Officer (earlier CEO of Arrayent)

Company Overview Founded in 2006, Prodea is a privately held company providing carrier-grade IoT services to government agencies, healthcare providers, telcos and utilities. Prodea Systems acquired Arrayent Inc in July 2017. Arrayent is an IoT platform company that hooks up consumer products from the likes of Whirlpool, Pentair and Liftmaster with their customers via the Internet. According to Prodea, Arrayent is a strategic acquisition that positions the company to tap into the $5 trillion opportunity projected for IoT solutions by 2021. Recent Partnerships In February 2018, Prodea entered into a partnership with Coriant, a leading provider of networking solutions, with the aim to accelerate global adoption of IoT services.


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Ayla Networks Headquarters: Santa Clara, California, United States Address: 607 West California Avenue, Sunnyvale, California 94086 United States Phone: +1-408-8309844 Fax: +1-408-716-2621 Website: https://www.aylanetworks.com/ Founded In: 2010 Key Executives:

Mr. David Friedman Co-Founder and Chief Executive Officer Mr. Phillip Chang Co-Founder, Vice President and General Manager of Greater China Prof. Thomas H. Lee Ph.D. Co-Founder Ms. Edith Hsu Vice President of Finance Thomas Clark Jonathan Cobb

Chief Financial Officer Chief Operating Officer

Company Overview Ayla Networks is an Internet of Things (IoT) platform provider focused on connecting devices to its cloud platform. The company empowers leading manufacturers by simplifying the inherent complexity of the IoT. Ayla also offers Agile Mobile Application Platform (AMAP), an application which jump-starts the development of iOS and Android applications for controlling various types of IoT devices. The company has entered into a partnership with Qorvo Inc to develop Zigbee-based IoT gateways. Ayla Networks recently announced that it had raised $60 million in Series D financing led by Run Liang Tai Fund (RLT) and Sunsea Telecommunications Co. Ltd. As part of the funding round, Ayla is partnering with Sunsea Telecommunications to aggressively build its presence in rapidly expanding Chinese IoT market.


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Kontakt.io Headquarters: Krakow, Poland Address: Stoczniowców 3, 30-709 Kraków, Poland Phone: +48-123-793-445 Website: https://kontakt.io/ Founded In: 2013 Key Executives:

Mr. Szymon Niemczura Co-Founder and Chief Executive Officer Mr. Tomasz Kozminski Co-Founder and Head of Operations Mr. Rafal Janicki Co-Founder Mr. Philipp von Gilsa Chief Operating Officer Mr. Tomasz Wajda Head of Finance

Company Overview Kontakt.io provides secure and configurable beacon hardware and software for building proximity-aware IoT offerings. The company also supports Bluetooth Low Energy, iBeacon and other communications technologies. Apart from the above, the company also provides secure communication, secure shuffling, and software lock solutions to its customers. The company serves customers globally, especially in Europe, Canada, the United States and Japan.


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Seebo Interactive Headquarters: Tel Aviv-Yafo, Israel Address: Yad Harutsim St 9, Tel Aviv-Yafo, 6770002 Israel Phone: 972-3-510-9402 Fax: 972-3-510-9420 Website: http://seebo.com/ Founded In: 2012 Key Executives:

Mr. Lior Akavia Co-Founder and Chief Executive Officer Mr. Liran Akavia Co-Founder and Chief Operating Officer Mr. Miguel Schwartz Director of Business Development Ms. Merav Honisch Vice President Finance

Company Overview Seebo provides technology solutions to create, develop, analyse, and maintain smart and IoT enabled toys. Its technology includes software development tools, and runtime software and cloud solutions. The company also helps its customers with concept and creative support, rapid prototyping service, app developer matching, electronic sourcing support, support for production setup and post-launch support. Seebo recently announced an extension of $8 million in Series A funding taking the total fund raising to $16.5 million. Investors include TPY Capital and Viola Ventures, Pritzker Group Venture Capital and Japan’s Global IoT Technology Ventures. This investment brings Seebo’s total investments to date to $22 million. The company has been named among Europe’s 20 most innovative IoT startups.


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IoTium Inc Headquarters: Santa Clara, California, United States Address: 3080 Olcott Street, Suite B240, Santa Clara, California, 95054, United States Website: http://www.iotium.io/ Founded In: 2015 Key Executives:

Ron Victor Founder and Chief Executive Officer Dhawal Tyagi Founder and Vice President Engineering Sady Kanthadai Founder and Head of Engineering India Dhruva Narasimhan Founder and Principal Engineer

Company Overview Iotium is a network infrastructure company for the Industrial Internet of Things (IIoT). It provides a IoT middleware platform for multiple vertical applications and services. It offers Network as a Service (NaaS) solution that enables clients access to new analytics, machine learning, and predictive analytics applications via cloud. It offers services to oil and gas, manufacturing, transportation, and smart city industries, as well as building and industrial automation. The company entered into a distribution alliance with Yorkland Controls to expand its presence in the Canadian market. Yorkland Controls will now offer the IoTium Network-as-a-Service (NaaS) solution as part of their complete portfolio of Building Automation Systems (BAS) products. In November 2017, IoTium announced partnership with The Panel Shoppe to further strengthen its position in the building automation space. In March 2018, IoTium announced it had been selected by Rexnord’s Process & Motion Control business as an IIoT technology provider.


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KEY REFERENCES International Telecommunication Union (ITU) The International Telecommunication Union is an agency of the United Nations (UN) that is responsible for issues that concern information and communication technologies. https://www.itu.int/ Internet of Things Consortium The Internet of Things Consortium is a non-profit member-based organization that connects a global community of leading companies building IoT. http://www.iofthings.org Organisation for Economic Cooperation and Development (OECD) An international organization that helps governments tackle the economic, social and governance challenges of a globalized economy. http://www.oecd.org Institute of Electrical and Electronics Engineers (IEEE) The Institute of Electrical and Electronics Engineers is the world’s largest association of technical professionals. Its objectives are the educational and technical advancement of electrical and electronic engineering, telecommunications, computer engineering and allied disciplines. https://www.ieee.org/ Information Technology Association of America (ITAA) A trade association that represents the broad spectrum of the US IT industry; the ITAA also provides information about the IT industry. http://www.itaa.org US Department of Commerce (DoC) The department coordinates US government commerce policy. Encompassing a number of key government agencies, it also provides business products, services, information and resources. http://www.commerce.gov Semiconductor Equipment and Materials International (SEMI) Semiconductor Equipment and Materials International is an international trade association representing companies that develop, manufacture and supply the technology, equipment, materials and services used to manufacture semiconductors, photovoltaic, and flat panel displays. http://www.semi.org/ Semiconductor Industry Association (SIA) The SIA represents the US semiconductor industry. It also conducts research and publishes statistics and forecasts. http://www.sia-online.org Internet Industry Association (IIA) The IIA represents Australian internet industry companies, primarily internet service providers. http://www.iia.net.au Infocomm Development Authority of Singapore (IDA) The IDA regulates information and telecommunications activities in Singapore. http://www.ida.gov.sg Statistics Canada Canada’s national statistical agency deals with social and economic statistics and products. http://www.statcan.ca