Marketplaces & Classifieds - Presentation by Celia Francis, CEO of Rated People at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Business Services - Presentation by Radu Diaconescu, Co-Founder of Swie at the NOAH Conference London 2016, Old Billingsgate on the 11th of November 2016.
Marketplaces & Classifieds - Presentation by Yusuf Azoz, CEO of Kariyer.net at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Business Services - Presentation by Luke Johnson, CEO of Cognitive Geology at the NOAH Conference London 2016, Old Billingsgate on the 11th of November 2016.
Startup Stage - Marketplaces - Presentation by Giacomo Garufi, Co-Founder & CEO of Bantamu at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
fliit has built an operating system to address the challenges of last mile delivery for online grocery and meal kit companies. The system aggregates existing couriers with chilled vans and food expertise onto a single platform and provides technology to optimize fleet allocation and customer experience through live tracking and rescheduling. Retailers can also easily integrate via an open API. Since launching in late 2015, fliit has experienced strong growth in shipments and expanded to multiple cities in Germany and the UK. The company aims to unlock capacity and offer retailers the best prices by aggregating shipments across couriers and retailers.
Rated people why improving customer experience is not a one night standLiam Waite
Ruth Guthoff-Recknagel, Chief Product Officer at Rated People, discusses improving customer experience through continuous iteration. Rated People is the #1 online marketplace in the UK connecting homeowners with tradespeople. The company grew rapidly but faced "Growth Pains" with immature products. They rebuilt their product using agile Scrum methodology combined with UX design. Now, they use user testing, analytics and feedback to constantly refine the product in small increments. Improving customer experience requires an ongoing commitment rather than "a one night stand."
Startup Stage - Recruitment - Presentation by Carl Hoffmann, Founder & MD of Talentry at the NOAH Conference Berlin 2017, Tempodrom on the 23rd of June 2017.
Startup Stage - MedTech - Presentation by Emil Kendziorra, Co-Founder & CEO of Medlanes at the NOAH Conference London 2016, Old Billingsgate on the 11th of November 2016.
Startup Stage - Business Services - Presentation by Radu Diaconescu, Co-Founder of Swie at the NOAH Conference London 2016, Old Billingsgate on the 11th of November 2016.
Marketplaces & Classifieds - Presentation by Yusuf Azoz, CEO of Kariyer.net at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Business Services - Presentation by Luke Johnson, CEO of Cognitive Geology at the NOAH Conference London 2016, Old Billingsgate on the 11th of November 2016.
Startup Stage - Marketplaces - Presentation by Giacomo Garufi, Co-Founder & CEO of Bantamu at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
fliit has built an operating system to address the challenges of last mile delivery for online grocery and meal kit companies. The system aggregates existing couriers with chilled vans and food expertise onto a single platform and provides technology to optimize fleet allocation and customer experience through live tracking and rescheduling. Retailers can also easily integrate via an open API. Since launching in late 2015, fliit has experienced strong growth in shipments and expanded to multiple cities in Germany and the UK. The company aims to unlock capacity and offer retailers the best prices by aggregating shipments across couriers and retailers.
Rated people why improving customer experience is not a one night standLiam Waite
Ruth Guthoff-Recknagel, Chief Product Officer at Rated People, discusses improving customer experience through continuous iteration. Rated People is the #1 online marketplace in the UK connecting homeowners with tradespeople. The company grew rapidly but faced "Growth Pains" with immature products. They rebuilt their product using agile Scrum methodology combined with UX design. Now, they use user testing, analytics and feedback to constantly refine the product in small increments. Improving customer experience requires an ongoing commitment rather than "a one night stand."
Startup Stage - Recruitment - Presentation by Carl Hoffmann, Founder & MD of Talentry at the NOAH Conference Berlin 2017, Tempodrom on the 23rd of June 2017.
Startup Stage - MedTech - Presentation by Emil Kendziorra, Co-Founder & CEO of Medlanes at the NOAH Conference London 2016, Old Billingsgate on the 11th of November 2016.
Dynamic Shuttle Platform provides an affordable, convenient airport shuttle service for passengers and a marketing, sales, and operations platform for shuttle companies. It operates in cities with populations between 100,000-800,000 that lack a major nearby airport. The platform allows passengers to book and pay for shuttle rides online or via mobile app, and provides route planning, pricing, and customer support to shuttle companies. It has transported over 700,000 passengers with a high customer satisfaction score and is profitable in new cities within 6-8 months with an investment of €150,000 per city.
Startup Stage - Business Services - Presentation by Hanno Lippitsch, Co-Founder & CEO of Eversports at the NOAH Conference London 2016, Old Billingsgate on the 11th of November 2016.
Boosting Ecommerce Conversion with Payments Innovation - Workshop by Pierre-Antoine Vacheron, Executive Vice President Retail, CEO, Sumit Arora, Director Business Development EMEA and Gertjan Dewaele, Product Intelligence & Innovation Lead of Ingenico ePayments at the NOAH Conference Berlin 2017, Tempodrom on the 22nd of June 2017.
This document discusses data monetization as a service and provides information about an upcoming conference on the topic. It promotes a data-driven electricity supply contract that uses smart meter data. It also describes a company called GetFresh that provides automatic detection of electricity usage from smart meter data and aims to increase customer benefits while ensuring security and privacy. The document seeks customers, partners and utilities and provides contact information for the company.
Startup Stage - Fintech - Presentation by Josef Korte, Co-Founder & CPO of Bonify at the NOAH Conference Berlin 2017, Tempodrom on the 22nd of June 2017.
How Big Can It Get - Presentation by Yusuf Azoz, CEO of Kariyer.net at the NOAH 2013 Conference in London, Old Billingsgate on the 13th of November 2013.
Startup Stage - Digital Home & Infrastructure - Presentation by Marian Krüger, Co-Founder & CPO of Ucair at the NOAH Conference Berlin 2017, Tempodrom on the 23rd of June 2017.
Sharing Economy - Presentation by Chantal Ambord, Business Development of BlaBlaCar at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Marketplaces - Presentation by Victor Gomez, Co-Founder of Bongour at the NOAH Conference Berlin 2017, Tempodrom on the 22nd of June 2017.
Startup Stage - Logistics - Presentation by Michael Walser, Co-Founder & CEO of Packator at the NOAH Conference Berlin 2017, Tempodrom on the 23rd of June 2017.
Startup Stage - Finance & Insurance - Presentation by Lars Marcull, Head of Business Development of Figo at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Finance & Insurance - Presentation by Gorjan Agacevic, CTO of Amodo at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Classifieds - Presentation by Terence Hielscher, Co-Founder & COO of MoBerries at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
This document summarizes a grocery delivery startup called getnow. It operates an asset-light model where it partners with existing logistics and warehouse providers rather than owning those assets itself. This allows it to grow quickly in new cities without large capital expenditures. The document outlines getnow's partnerships, key metrics like order growth, and financial projections showing the large size of the grocery delivery market in Germany. It pitches getnow as positioned for strong growth in a fast-growing market segment as the only online supermarket allowing delivery within 90 minutes.
Travel - Presentation by Alexandre Fontaine, Co-Founder of Voyage Privé at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Marketplaces - Presentation by Franz-Philippe Przybyl and Jens Oenicke, Co-Founders of Stegimondo at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Dynamic Shuttle Platform provides an affordable, convenient airport shuttle service for passengers and a marketing, sales, and operations platform for shuttle companies. It operates in cities with populations between 100,000-800,000 that lack a major nearby airport. The platform allows passengers to book and pay for shuttle rides online or via mobile app, and provides route planning, pricing, and customer support to shuttle companies. It has transported over 700,000 passengers with a high customer satisfaction score and is profitable in new cities within 6-8 months with an investment of €150,000 per city.
Startup Stage - Business Services - Presentation by Hanno Lippitsch, Co-Founder & CEO of Eversports at the NOAH Conference London 2016, Old Billingsgate on the 11th of November 2016.
Boosting Ecommerce Conversion with Payments Innovation - Workshop by Pierre-Antoine Vacheron, Executive Vice President Retail, CEO, Sumit Arora, Director Business Development EMEA and Gertjan Dewaele, Product Intelligence & Innovation Lead of Ingenico ePayments at the NOAH Conference Berlin 2017, Tempodrom on the 22nd of June 2017.
This document discusses data monetization as a service and provides information about an upcoming conference on the topic. It promotes a data-driven electricity supply contract that uses smart meter data. It also describes a company called GetFresh that provides automatic detection of electricity usage from smart meter data and aims to increase customer benefits while ensuring security and privacy. The document seeks customers, partners and utilities and provides contact information for the company.
Startup Stage - Fintech - Presentation by Josef Korte, Co-Founder & CPO of Bonify at the NOAH Conference Berlin 2017, Tempodrom on the 22nd of June 2017.
How Big Can It Get - Presentation by Yusuf Azoz, CEO of Kariyer.net at the NOAH 2013 Conference in London, Old Billingsgate on the 13th of November 2013.
Startup Stage - Digital Home & Infrastructure - Presentation by Marian Krüger, Co-Founder & CPO of Ucair at the NOAH Conference Berlin 2017, Tempodrom on the 23rd of June 2017.
Sharing Economy - Presentation by Chantal Ambord, Business Development of BlaBlaCar at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Marketplaces - Presentation by Victor Gomez, Co-Founder of Bongour at the NOAH Conference Berlin 2017, Tempodrom on the 22nd of June 2017.
Startup Stage - Logistics - Presentation by Michael Walser, Co-Founder & CEO of Packator at the NOAH Conference Berlin 2017, Tempodrom on the 23rd of June 2017.
Startup Stage - Finance & Insurance - Presentation by Lars Marcull, Head of Business Development of Figo at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Finance & Insurance - Presentation by Gorjan Agacevic, CTO of Amodo at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Classifieds - Presentation by Terence Hielscher, Co-Founder & COO of MoBerries at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
This document summarizes a grocery delivery startup called getnow. It operates an asset-light model where it partners with existing logistics and warehouse providers rather than owning those assets itself. This allows it to grow quickly in new cities without large capital expenditures. The document outlines getnow's partnerships, key metrics like order growth, and financial projections showing the large size of the grocery delivery market in Germany. It pitches getnow as positioned for strong growth in a fast-growing market segment as the only online supermarket allowing delivery within 90 minutes.
Travel - Presentation by Alexandre Fontaine, Co-Founder of Voyage Privé at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Marketplaces - Presentation by Franz-Philippe Przybyl and Jens Oenicke, Co-Founders of Stegimondo at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Fintech, Online Brokerage & Online Betting - Presentation by Marta Krupinska, GM & Co-Founder of Azimo at the NOAH Conference London 2016, Old Billingsgate on the 11th of November 2016.
This document discusses Distribusion Technologies, a company that enables travel retailers and websites to offer bus ticket sales through their platforms. Some key points:
- Distribusion has partnerships with over 10,000 bus operators and 100,000 travel agencies globally, allowing for more efficient distribution of bus tickets.
- Their technology fills a gap by allowing bus products to be sold through existing travel distribution systems and retailers online and offline.
- In under 9 months since launching, Distribusion has become the leading global distribution service (GDS) for the intercity bus industry, with content from 75 operators across 25 countries and 1,500 destinations.
Infrastructure - Presentation by Rémi Aubert and Alix de Sagazan, Founders of AB Tasty at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Ecommerce - Presentation by Tobias Schubert and Roman Hartmann, Co-Founders & Co-CEOs of Farmy at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
El documento presenta los servicios de Affinitas, una compañía líder en soluciones comerciales con más de 25 años de experiencia. El documento describe la misión de ofrecer servicios de outsourcing de alta calidad, el valor agregado de enfocarse en las necesidades específicas de los clientes, y las unidades de negocio especializadas de Affinitas para atender a clientes de diferentes sectores como banca, telecomunicaciones y seguros.
Social & Dating - Presentation by Jeronimo Folgueira, CEO of EliteSingles (Affinitas) at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
NOAH16 Berlin Startup Stage Winners - Presentation by Max Laemmle, CEO of Fraugster at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
The document discusses transforming the €10 trillion retail deposit market in Europe. It describes an open architecture platform that connects savers, client banks, and product banks in a win-win-win scenario. The platform allows savers to get better rates without switching accounts, client banks to ensure attractive deposit offers while strengthening relationships, and product banks to access retail funding without building infrastructure. The summary highlights the large market size and how the platform aims to become an industry standard by connecting various stakeholders in European retail banking.
Ecommerce - Presentation by Daniel Raab, Managing Director of Seven Ventures at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
This document discusses the importance of data and algorithms in the digital revolution. It notes that data is the new oil fueling innovation and economic growth. Companies are developing algorithms that can learn from data to power automated decision-making. While some resist these changes, technology will continue to progress rapidly whether adopted or not. The document advocates embracing this revolution and utilizing data and algorithms responsibly to transform industries.
An ambitious games studio is launching a new product and seeking £1.5 million in investment. They have a proven team with experience developing successful football management games. Their new focus is an online football management game with real-time head-to-head play. This reduces development timelines and allows reusable core functionality. The global games market is worth £100 billion, with mobile being the most lucrative. Sports is a large genre offering opportunity. Their game will use a free-to-play model with in-app purchases, a proven money-making strategy.
The document discusses BridgepayUK and their goal of creating a new state of payments that allows buying, selling, or sending payments anywhere and anytime through an omni-channel payments solution on mobile. It emphasizes that security is paramount in their system and that they need help from investors to achieve their vision.
Travel - Presentation by Fabio Cannavale, Co-Founder of Lastminute.com at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
NOAH16 Berlin Startup Stage Winners - Presentation by Eric Podzuweit, Co-Founder & Co-CEO of Scalable Capital at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
NOAH Advisors is an investment banking boutique focused on mergers and acquisitions and financing for European internet companies. They have advised on over 30 successful transactions totaling several billion euros. Their expertise includes deep industry knowledge, an extensive network of investors and corporates, and strong transaction execution abilities. NOAH also organizes an annual conference to connect capital with entrepreneurs in the European digital ecosystem.
Advertising - Presentation by Joelle Frijters, Co-Founder & CEO of Improve Digital at the NOAH Conference London 2016, Old Billingsgate on the 11th of November 2016.
Three conferences will take place in 2018-2019 in London, Berlin, and Tel Aviv to connect capital with entrepreneurs, connect European champions and challengers, and connect Israel's startups with large corporates and investors. NOAH Advisors is a leading European internet corporate finance boutique that has completed over 30 successful M&A and financing transactions for digital companies. They provide unique industry expertise, an unmatched network, strong investment banking competence, and full commitment to their clients.
This document discusses an organization that helps millions connect through mobile apps and services daily, with over 4.5 million daily and 15 million monthly active users. It also summarizes NOAH Advisors, a leading European internet corporate finance boutique. NOAH Advisors has over 40 combined years of M&A experience, has successfully completed over 30 transactions, and facilitates the funding process for European digital companies at all stages to connect capital with entrepreneurs.
Startup Stage - Recruitment & HR - Presentation by Fritz Trott, Co-Founder & CEO of Zenjob at the NOAH Conference London 2017, Old Billingsgate on the 3rd of November 2017.
Startup Stage - Advertising - Presentation by Rami Alanko, CEO of Beemray at the NOAH Conference London 2016, Old Billingsgate on the 11th of November 2016.
The Future of Online Dating - Presentation by Tim Schiffers, CEO of Parship at the NOAH Conference London 2017, Old Billingsgate on the 3rd of November 2017.
NOAH Berlin Startup Winners - Presentation by Yuriy Mukhin and Anna Polischuk, Co-Founders of Lalafo at the NOAH Conference London 2017, Old Billingsgate on the 2nd of November 2017.
NOAH London 2017 Startups Winners - Company Presentation by Alice Weightman, Founder & CEO of The Work Crowd at the Axel Springer NOAH Conference 2018 in Berlin, Tempodrom 6-7 June 2018.
Startup Stage - Gaming - Presentation by Yishai Pinchover, Co-Founder & COO of CodeMonkey Studios at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Ecommerce - Presentation by Rachel Jones, CEO of Snap Dragon at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Ecommerce - Presentation by Freya Oehle, Founder of Spottster at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Marketing Technology - Presentation by Tim Saumet, Co-Founder of Tilkee at the NOAH Conference London 2017, Old Billingsgate on the 2nd of November 2017.
Marketplaces & Classifieds - Presentation by Tobias Tschötsch, Founder & MD of Contorion at the NOAH Conference London 2016, Old Billingsgate on the 10th of November 2016.
Startup Stage - Consumer Marketplaces & Services - Presentation by Faisal Laljee, Co-Founder & CEO of KidSitter at the NOAH Conference London 2017, Old Billingsgate on the 3rd of November 2017.
Official speaker book for the NOAH 2019 Conference in Tel Aviv with comprehensive background information on all presenting speakers and their companies.
This document contains an agenda for a two-day startup conference. Day 1 will include sessions on mobility and travel of the future, cognitive computing, international success stories, and more. It lists over 50 speakers from companies such as Gett, Porsche, Sweet Inn, and StoreDot. Day 2 covers topics like fintech, digital health, industrial digitization, and edutech. It provides details on session times and speakers from companies including eToro, Forter, Payoneer, and Simplex. The document is an agenda detailing over 100 speakers across various industries that will present at the two-day conference.
advocado provides comprehensive legal advice to private and corporate clients through data, technology and specialized lawyers. Headquartered in Greifswald, Germany, it has 26-50 employees and has raised €6 million in total funding.
ahead develops nutritional supplements and functional foods aimed at optimizing human performance. Headquartered in Hamburg, Germany with 11-25 employees, it has raised €0.6 million in total funding.
aidhere is developing digital behavior change solutions, starting with an obesity treatment program. Headquartered in Hamburg, Germany with 4-10 employees, it has raised €0.3 million in total funding.
Official speaker book for the NOAH 2018 Conference in Tel Aviv with comprehensive background information on all presenting speakers and their companies.
This document contains an agenda for a two day startup conference taking place from November 2-3. It lists over 100 confirmed speakers who will present on stages throughout the event. The schedule details the timing, speakers, companies and session titles for presentations, panels, interviews and networking activities each day. Topics that will be discussed include fintech, lending, payments, healthcare, gaming, blockchain, and online dating. The event aims to connect capital with entrepreneurs.
This document provides the agenda for the NOAH Disruptor conference taking place June 22-23, 2017 in Berlin. Over 100 CEOs from various industries including digital/media, fintech, mobility, and more will discuss disruption in their sectors. The agenda lists the scheduled speakers each day organized by session type including keynotes, panels, company presentations, and fireside chats. Confirmed speakers include executives from companies like Rocket Internet, Axel Springer, Deutsche Bank, Mastercard, and Porsche among many others.
HijackLoader Evolution: Interactive Process HollowingDonato Onofri
CrowdStrike researchers have identified a HijackLoader (aka IDAT Loader) sample that employs sophisticated evasion techniques to enhance the complexity of the threat. HijackLoader, an increasingly popular tool among adversaries for deploying additional payloads and tooling, continues to evolve as its developers experiment and enhance its capabilities.
In their analysis of a recent HijackLoader sample, CrowdStrike researchers discovered new techniques designed to increase the defense evasion capabilities of the loader. The malware developer used a standard process hollowing technique coupled with an additional trigger that was activated by the parent process writing to a pipe. This new approach, called "Interactive Process Hollowing", has the potential to make defense evasion stealthier.
Ready to Unlock the Power of Blockchain!Toptal Tech
Imagine a world where data flows freely, yet remains secure. A world where trust is built into the fabric of every transaction. This is the promise of blockchain, a revolutionary technology poised to reshape our digital landscape.
Toptal Tech is at the forefront of this innovation, connecting you with the brightest minds in blockchain development. Together, we can unlock the potential of this transformative technology, building a future of transparency, security, and endless possibilities.
9. * estimate
Rated People growth opportunity
in UK home services
2015 – 2020*
0
50
100
150
200
2015 2016 2017 2018 2019 2020
Revenue£m
How we get there:
• Increase share of job value from <1% to
5%
• Expand portfolio of services for trades base
to increase lifetime value by 3x
• Increase homeowner market share from
5% to 10%
At the beginning of rapid growth
11. Selected Completed NOAH Transactions
Focus on Leading European Internet companies
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors as
well as 100+ online-focused corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships with
potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading investors
Annual NOAH Conference in its 8th year
Over 40 years of combined relevant M&A experience
Routine execution of M&A and financing transactions
with sizes of several billion euros
24 successfully completed NOAH Advisors transactions
underline successful transfer of M&A competencies to
the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures align
interests of clients and NOAH Advisors, and demonstrate
conviction to deliver top results
Creative deal solutions
September 2015
December 2014
September 2014
October 2014
May 2014
Sale of a 70% stake in
to
Exclusive Financial Advisor to
Drushim and its Shareholders
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
Sale of controlling stake in
to
Exclusive Financial Advisor to
Facile.it and its Shareholders
sold 100% of
for $228m to a joint venture between
Exclusive Financial Advisor to Yad2
and its Shareholders
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE
September 2016October 2016
May 2016
Investment in
by
Financial Advisor to Oakley Capital
Exclusive Financial Advisor to
10Bis and its Shareholders
®
Marco Rodzynek
Managing Director & Founder
marco.rodzynek@noah-advisors.com
Jan Brandes
Managing Director
jan.brandes@noah-advisors.com
Justus Lumpe
Managing Director
justus.lumpe@noah-advisors.com
The NOAH Advisors Core Banking Team
Nikhil Parmar
Director
nikhil.parmar@noah-advisors.com
10Bis Drushim
Acquisition of a Majority Stake in
by
from
at a valuation of €300m
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership