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Vista: Doing good things with good people – building a global software company from New Zealand

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Vista started in 1996, when their founder and Chief Executive, Murray Holdaway, was asked by a global cinema company to produce ticketing software to 'enhance the cinema experience'. The result was ground-breaking technology and they've been innovating and growing ever since. This expansion has resulted in Vista now employing more than 200 people in four offices, providing market-leading services to customers on all continents. Their seven invaluable business partners, also globally located, help them to deliver great cinema outcomes for movie-goers all over the world.

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Vista: Doing good things with good people – building a global software company from New Zealand

  1. 1. NZ Software Association February 2015
  2. 2. BUILDING A MULTINATIONAL SOFTWARE COMPANY FROM NEW ZEALAND
  3. 3. PAGE 3 >  What we do >  Some stories about how we got to where we are >  IPO & Where we are going
  4. 4. PAGE 4 Vista Cinema – the software >  Vista Cinema is the leading cinema software in the world, with software installed in over 3,500 sites in more than 65 countries >  Vista Cinema provides a suite of modules that operate across the cinema and cinema circuit head office, and are also used by the movie-goer >  Vista Cinema software is targeted at operators who have 20 or more screens
  5. 5. PAGE 6 Vista Cinema site growth >  Strong historic growth in contracted sites >  100% growth 2009 - 2013 >  2014 saw completion of Regal Entertainment – largest cinema circuit in world. >  About 1100 sites installed in 2014 >  Provides the foundation for the rest of the group 0 50 100 150 200 250 300 350 - 500 1,000 1,500 2,000 2,500 3,000 3,500 2000 2002 2004 2006 2008 2010 2012 Customers Numberofsites Sites New sites Customers (RHS)
  6. 6. PAGE 7 Vista Group Revenue and EBITDAfrom Prospectus Vista Group revenue FY11 – FY15 Vista Group EBITDA FY11 – FY15 25.0 33.7 38.7 49.9 61.5 - $10 $20 $30 $40 $50 $60 $70 FY11 FY12 FY13 FY14 FY15 Revenue($m) 4.5 8.8 9.0 9.3 13.2 - $2 $4 $6 $8 $10 $12 $14 FY11 FY12 FY13 FY14 FY15 EBITDA($m) FY11 – FY15 CAGR:31% Vista Group FTEs FY11 – FY15 FY11 – FY15 CAGR:25% 138 174 219 311 358 - 50 100 150 200 250 300 350 400 FY11 FY12 FY13 FY14 FY15 FTEs
  7. 7. PAGE 8 Vista Cinema - global market share Customers with 20+ screens Source: Dodona 2013
  8. 8. PAGE 9 Vista Group - the history 2012 Veezi created to support smaller independent cinema operators 1996 JV Village Force Cinemas and Madison Systems established to produce point of sale software for Village Force Cinemas in New Zealand 1997 First offshore sales to Argentina and Fiji 2003 Infinity sells 50% shareholding to Vista management 2006 Vista software granted certification by Chinese Government and Vista UK subsidiary established 2008 >90% of box Office in Canada goes through Vista 2009 Vista opens Los Angeles office 2010 Vista management acquire remaining 50% Vista acquired 40% of Movio 2013 Vista reaches agreement to buy remaining stake in Movio 2011 First Movio International customer 2003 2005 20132011200920071996 2001 First customer in India First South American business partner (Senda in Mexico) 2014 Acquisition of stake and option in MACCS Over 250 Regal sites installed Numero launches in Australia and New Zealand 2002 First customer in USA 2004 First major circuit in UK – VUE cinemas First major North American circuit – Cineplex, Canada 2000 Madison acquired by Infinity
  9. 9. SOME STORIES FROM A FEW COUNTRIES
  10. 10. PAGE 11 INDIA >  Worlds largest Cinema market – as measured by admissions. >  Huge producer of Software >  Vista has >50% of modern multiplex market >  Great Coals to Newcastle story >  What we learned >  Trust people >  Do Good Things with Good People
  11. 11. PAGE 12 CHINA >  First customer in 2006 – via a Hong Kong customer >  Opened our own office with a WFOE company in 2009 >  Vista is one of 6 products certified for use in Chinese cinemas – and only non-Chinese product >  Lost money every year until 2014 >  Late 2013 we hired a dedicated sales guy >  In 2014 China opened 1,015 cinemas @ 5.5 screen average (cf USA 5400 cinemas @7.2 screens total market) >  In 2014 we won the Dadi cinema circuit - 230 sites >  What we learned >  Sales is more important than software >  UI is more important than function
  12. 12. PAGE 13 USA >  Got our first USA customer in 2002 >  Appointed a reseller about that time >  By 2009, we had less than 1% of the market >  In 2009 we opened our own office in LA >  We now have over 40% of the large cinema circuit market >  What we learned >  Americans like dealing with the principals – not agents >  And they want suppliers to be in the USA
  13. 13. PAGE 14 UK >  In 2002, received a response from our web site from a 1 site operator in Scotland >  That company subsequently raised capital and bought the largest cinema circuit in the UK >  Subsequently have made acquisitions in Germany, Poland and Italy and now operate over 100 cinemas across Europe >  What we learned >  Have a great web site >  Get on a plane – go meet the customer >  Provide extreme service >  Look at the long term value of a customer
  14. 14. OVERVIEW OF VISTA GROUP
  15. 15. PAGE 16 The Vista Group
  16. 16. PAGE 17 Veezi VEEZI (Vista Easy) >  Cloud based - Download, install and set up from the website in 60 minutes >  SaaS model >  Handcrafted for the Independent Cinema >  Market - Cinemas < 20 screens >  Rationale >  Significant market opportunity >  Recognises customer trend towards cloud based software solutions >  Defensive tactic to suppress a challenger growing from this space >  Success since full launch in March ‘14 – 150+ cinemas using Veezi software across New Zealand, Australia, UK and US >  Potential significant efficiency for industry aggregators and film studios/distributors >  Future synergies with Numero 3,000 independent cinemas in the US alone and 20,000+ world wide
  17. 17. PAGE 18
  18. 18. PAGE 19 Movio >  Vista Group invested in Movio early in its development and will be 100% owned at IPO >  High growth big data analytics - SaaS model >  The only 100% film focused Customer Intelligence and Campaign Management solution on the market >  Seek to fundamentally change the way cinema exhibitors and distributors analyse and promote films >  Fully integrated campaign creation, management and reporting which measures Return on Investment >  Studio Analytics & Marketing platform – market research and analytics for film studios, distributors and media >  Direct marketing solution in multi billion dollar industry >  Uniquely positioned with significant barriers to entry >  Revenue growth of 175% from 2012 to 2013 >  Over 30 million loyalty customers on the Movio database
  19. 19. PAGE 20 Numero >  New start up – first customer launch 2014 >  Box office market analytics for studios (then media) >  Faster, easier and greater functionality than major competitor >  Leveraging off Movio Big Data technology platform and Vista Cinema customer base >  Vista Group has secured key talent to promote, position and grow Numero Numero distributes box office data Distributors Cinema operators Media (research companies, advertisers)
  20. 20. PAGE 21 MACCS >  MACCS software manages core financial, logistic, administrative and decision making processes for distributors within the film industry >  MACCS is the largest provider, outside the US of film distribution software >  Rationale >  Business growth and synergy benefits >  Strong European presence >  The Vista Group currently holds a 50.1% shareholding >  MACCS can leverage the Vista Cinema world wide channel to gain exposure to new geographical markets NT Non Theatrical RR Rights & Royalty Management iMACCS Web Portal HE Home Entertainment PA Prints & Advertising TD Theatrical Distribution System
  21. 21. PAGE 22 The Vista Group
  22. 22. END

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