Motilal Oswal

Ideation
Conference 2021

24 March 2021
Safe Harbor Statement

Certain statements in this release concerning our future prospects are forward-looking statements. Forward-looking statements by
their nature involve a number of risks and uncertainties that could cause actual results to differ materially from market expectations.
These risks and uncertainties include, but are not limited to our ability to manage growth, intense competition among Indian and
overseas IT Products companies, various factors which may affect our cost advantage, such as wage increases or an appreciating
Rupee, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts,
client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in
our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential
acquisitions, liability for damages on our service contracts, the success of the companies in which Intellect Design Arena has made
strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring
companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry.

Intellect Design Arena may, from time to time, make additional written and oral forward-looking statements, including our reports to
shareholders. These forward-looking statements represent only the Company’s current intentions, beliefs or expectations, and any
forward-looking statement speaks only as of the date on which it was made. The Company assumes no obligation to revise or update
any forward-looking statements.
Intellect – A Snapshot

Full-spectrum
The world’s Ranked #1 in FinTech 8012,
banking and
largest cloud- the world for the world’s first
insurance Trusted by over Pioneered Design
native, API led, both Retail and design center
technology 240 financial Thinking to create
microservices Transaction for fintech
products across institutions cutting-edge
based multi- Banking by IBS reflecting its
Corporate, Retail, across the products and
product FinTech Intelligence commitment to
Wealth, Capital world platforms
platform Sales League continuous and
Markets and
powered by Table 2020 impactful
Insurance
AI/ML innovation
Intellect – Our Lines of Businesses

Risk, Treasury
Corporate Retail Insurance Digital Solution Platform
& Capital Markets
Banking Banking
5 Phases of
Technology
Evolution
Technology 1.0 Technology 2.0 Technology 3.0

Computing, Application, User

Client Server Architecture Demand for Scale
Experience - All in one place

Monolith Mainframes Segregating the Client vs Central repository of Inspiration from Netflix
Operating system/ Database layer and Amazon

Role of Middleware such as Websphere,

Operating Systems, Database,
Weblogic, JBOSS in connecting Client and Introduction of Cloud Technology
Processing, Front end
Backend systems

Client was web based such as a

Scale up and Pay as you grow
website / portal

Technology vendors such as AWS,

Google cloud, Azure, IBM
 Technology 4.0 Technology 5.0

Introduction of Customer centric

Design Thinking Empathetic design

Need for Contextual Power of decision in the

hands of the customer
Needs of customer in
Corporate Banking vs
Need for Composability Retail Banking vs Wealth
vs Insurance vs Capital
Markets Introduction of AI/ ML/ System of Insights - faster,
Data technologies better decisions

API and Microservices led Reduce time to market,

architecture Greater Product Innovation
 Intellect’s
4 Exponential Technologies
Four Exponential Technologies
Hyperscale
Contextual/Corporate B
anking Operating
AI/ML – Data Platform System
01 02

Unified data architecture,

API led design, Cloud
native and configurable
integration
04 03
iTurmeric API
Intelligent Document Ecosystem
Exchange IDX
The Complete Data Insights Platform

D
D Leverage Data and AI as a Service through API A
A T
T A
A
C
S Intelligent O
Intelligent Web Customer
Document Big Data
O Extraction (IWX) Data Lake N
Extraction (IDX)
U D1 D2 D3 D4 S
R U
C M
E Data Governance E
Data Accuracy Data Science Algorithms
S & Package R
D5 D6 D7 S

Cloud/
Scale DevOps
iTurmeric Platform – Enabling the Ecosystem
Ecosystem

Marketplace Fintech ISV Partners

Bank’s Ecosystem

Channels

Turmeric
Back Office
Experience Integration & Developer
API Exchange API Studio
Studio Orchestration Sandbox
T1 T2 T3 Studio T4 T5 Payments

Commercial
Core Lending Cards Corporate Others..
Origination
iTurmeric Platform – Marketplace Enabler
Open
Omnichannel Corporate Partners FinTechs Developers
Banking
UX s

Experience API Developer

T3 Studio T1 Exchange T5 Sandbox

T2 API Studio +

T4 Integration Studio

Bank’s Back Office Systems

IDC LMS Trade Finance Capital Alpha
Intellect GL CRM
Products IDL Payments SCF … AML …
Intellect Fin Cloud Platform – Reference Architecture
Datastores Data Streaming Languages & Contain Repo / CI / CD API

C5
Warehouse Frameworks er
Registry
App
Defn
+
Gateway
C6
Observability

Application
Development

Tracing

C4 Orchestration & Scheduling Service Mesh

Orchestration &
Management
Monitoring
Operating Systems Storage Containers
C3
Runtime

Provisioning Host Management Security Logging

C2
Provisioning

IAAS
C1
Infra
Reference Architecture – C5 Application Development

Datastores Data Warehouse Streaming Languages &

Frameworks

C5
Application
Development

Container Registry Repository / App Defn CI / CD API Gateway

Our Products
5 Stages to drive Sustainable and Scalable Product Business
Design branding and marketing;
Acquire first 10 Customers

Winning first
3 Aggressive It takes 3 years to move
Selling and from Stage 2 to Stage 4.
reference Premium pricing
2 4 Over 60% of our product
investments deliver to
this time frame.

Life Time Value (LTV) of one

successful product is typically
Building a
product around 1 5 $100 Mn to $500 Mn.
Partnerships,
an identified Strategic Alliances
market need and Mining
Intellect’s Journey

INTELLECT 1.0 – 2015-2018 INTELLECT 2.0 – 2018-2021

Phase of growth and investment – Industrialization, Monetization and

Several Products were in Stage # 2 Customer Centricity
and # 3 • Aim is to move more Products to Stage # 4 and # 5
• Investments in Product development –
• Industrialization – Scaling
Investments in Sales & Marketing
‒ Making processes robust and repeatable
• Brand building, gaining Market acceptance,
winning Analyst endorsements ‒ Ensuring D-3 OTIF, defect free delivery
• Investments in building Leadership bandwidth • Monetization – Unlocking the value of IP
and building expertise investments
• Expanding Customer footprint – Sharpening ‒ Better Pricing and Revenue realisation
execution ‒ Alternatives in Pricing models to maximize
Resulting in
revenue
Recognition as
Acquiring Winning key • Customer Centricity – Fostering rewarding
Category
marquee logos deals partnerships
Leaders
 Products overview
Digital Transaction Banking
Modular & open, omnichannel,
complete front-to-back integration
Contextual Banking Experience
White Label Digital Transaction Banking
platform to manage firms’ cash and trade
Trade & Supply Chain Finance
Integrated platform to manage two key
portfolios of the Corporate Bank
Liquidity Management Solution
Best-in-class algorithmic contextual
Liquidity Management
Payments
Unified payments
Earnings Presentation | Q2FY21
Digital Core
Digital 360, real-time, context-aware
Digital Lending
Instant credit, micro-segmentation, risk optimisation
Digital Cards
Full-stack digital payments platform
Corporate Retail
Banking Banking Retail Banking (CBX Retail)
Driving contextual Digital experience
Digital Wealth ( Wealth Qube)
Relationship-centric digital wealth
management solution
Central Banking
Designed for complexity reduction, real-time GL,
liquidity, risk management & complex payment
orchestration
 Products overview

Brokerage Solution (Capital Alpha) Underwriting (Xponent)

Broker in a box, multi-asset, multi-exchange Pioneering deployment of Artificial Intelligence, Big
Data and IoT to transform insurance
Treasury and ALM (Capital Cube)
Real time Optimizer & Risk Manager Risk Analyst
for the Bank’s treasurer Risk, Treasury Integrating multiple data sources with Intelligence to
Insurance guide the Underwriter
Asset Servicing (Capital Sigma) & Capital
An end to end transaction platform for Markets Magic Submission
Custodians and Asset Managers Reimagine Submissions with the magic of AI

Contextual ALM 2020 (CALM 20) rated among Novarica rates Intellect SEEC’s IDX as an
Top NextGen ALM and Balance Sheet Intelligent Text Ingestion solution for Advanced
Management solutions Worldwide. Underwriting with AI & ML playing a larger role.

Earnings Presentation | Q2FY21

 Products overview

I-Turmeric
First-of-its kind enterprise integration and
transformation platform for banks to progressively
I-GOV modernise to a API led, Cloud ready architecture
Full Spectrum Digital for Public
Sector Services Digital Solution IDX
Platform Fabric Data Platform powered with AI, ML-
Intelligent Data Extraction, Validation and contextual
synthesis

Earnings Presentation | Q2FY21

What is the
FinTech Market
Opportunity?
Global Fintech Market Opportunity

50% growth in Need to accelerate

Fintech Product Tailwinds - ‘Buy’ Technology Change
Software spend in business projected and Demand for
replaces ‘Build’ -
FinTech i.e. from $20 Bn Contextual,
Moving from 7% to
projected at - to $30 Bn between Composable
10% of pie
$300 Bn FY19 to FY23 journeys
What do our customers expect…

Digital Inside
Highly secure Customer Experience Wiring of Operations to
Hyperscale Cloud deliver consistently ensure high STP -
Technology high quality experience contextual and intelligent
that can be elastic at every touch point management of Business
enough to support their and channel of rules, entitlements
growth interaction and workflows

High Performance Data as new oil

Technology Leveraging multiple
to support high sources of structured
volumes/high and unstructured data
availability for contextual
intelligence
to drive/address…

MCP
More Customers
Per Product
MPC
More Products
Per Customer

MTC
More Transactions
Per Customer
Mapping products to
Customers’ Desirability and Viability
Intellect’s Market Opportunity - Americas
• The US Market presents opportunities for Hyperscale Corporate Banking OS/
Virtual Accounts/ Escrow and Data/ Underwriting

‒ Presents a $ 1b opportunity

‒ Recently won deals for Liquidity/ Digital with Tier 1 Banks in the US, on a
true cloud native , API led architecture deployed in a Hyperscale cloud .

‒ Gone live in a record time with one of such banks

• Data/ Underwriting have acceptance amongst the Top 10 P & C Carriers -

across the value chain - Data Intake / triangulation and enrichment

‒ Strong pipeline and pursuits / POCs in progress for Data and IDX .

‒ Market size of Data/ Underwriting in the US - about 150 P&C Insurers

@$1m per account.

• Leadership in Payments product in Canada through recent wins and

dominate the Cards market in Chile in LATAM - with multiple customers
including a Global retail chain.
Intellect’s Market Opportunity - Europe
• Europe has been the forte for the iGTB Business, with customers in the
UK.
‒ iGTB expanded its footprint to Spain and Austria , building a strong
reference for Trade Finance product. Set to expand further into the
Nordics as well.
‒ The Digital Portfolio of CBX , VAM/ Escrow, Liquidity has a similar
market potential as in the US
• Active funnel for IDC with Intellect figuring in the last 2 in a few deals
after the go-live of Cater Allen on Cloud , fully compliant with Security
and GDPR regulations
• Growth for Digital Lending in Europe: Recently won a Point of Sale
Lending deal with the second largest European retailer, Otto, deployed
on the cloud, after a rigorous evaluation and POC. Opened up new
avenue for growth for Lending in Europe
• Insurance: Underwriting product to be focused in this market next
year.
• Large ongoing engagement with a Wealth Management business in the
UK which is set to scale up further
Growth Markets (Middle East, Asia and Africa)

• Digital Transaction Banking (DTB) is the

clear Market leader with nearly 50
installations across Growth Markets.

• Lending suite from the iGCB Business,

RM Office from the iWealth Business and
Capital Cube / Treasury from the iRTM
Business have significant presence in
these Markets with referenceable
installations across geographies.

‒ Focus to further expand their

presence to more countries/ more
Banks in countries with existing
installations
Our competition in these markets

Consumer Banking:
Temenos, Finastra, TCS, Finacle, Oracle,
Mambu, nCino and Thought Machine

Insurance and Data: Transaction Banking:

Carpe Data, Planck, Finastra, ACI Worldwide,
Duck Creek and Palantir CGI and Bottomline

Risk, Treasury and Markets:

Sungard, Finastra and Calypso
Why do we win?

We address the global
technology requirements
of
• Banks – Corporate and
Retail
• Financial Institutions –
Central Banks, Non
Banking Financial Houses
• Capital Markets - Mutual
Funds, Brokerage Houses,
Custodians
• Insurance Carriers
What problems do we solve
• Complexity of multiple
generation of Technology -
Enabling convergence and
Digital / Cloud transformation.
OUR • Complexity of Customer data
WINNING • Leveraging Technology to drive
‘Exponential’ Operating cost
DIGITAL reduction
STRATEGY • Accelerating growth agenda by
enabling agility in configuring
Products and taking them to
Market quickly.
• Driving Customer Experience
How do Intellect’s Products differentiate?
Contextual Solutions
Contextual solutions that address the
specific Market needs of a customer,
rather than as a generic product offering

Functional depth Technology

and breadth Differentiated through unified
Comprehensive repertoire architecture, API led design,
of User Journeys that also cloud native and integration
make them 'composable' with other products/
regulatory ecosystem
Why does Customer Rely on Intellect?
Deep technological expertise combined with Domain knowledge

Reduced Implementation time lead

01 by application of Design Thinking

02 Faster POC supported by

Intellect Technologies

03 High NPS with existing customers -

increasing referenceability

04 Focus on Customer experience -

driven by API ecosystem and SDKs

05 Able to fill gap where competition

is fragmented
Key Competitive Strengths/MOAT
Technology
Cloud Native. API Ready. Microservices based Open Architecture powered by AI/ ML
Digital 360 Architecture
Highly rich Global aligned Accelerated Delivery Developing API Ready
Design Thinking for Accelerated
Functional products Contextual Products.
Transformation

Leadership Teams (Talent)

Stable Leadership Talent. 200 + leaders from Financial and Technology Diversity and Inclusiveness.
Best in Class Global Talent
High retention world each with around 25 years of experience Nationality Agnostic.

Brand

Ranked #1 in Retail Banking and Wholesale Banking by the IBS Annual Sales League Table 2020.

End Customer
Servicing clients in
240+ customers 58% revenues from Advanced Markets
91 Countries
Intellect Products Endorsed by Global Analysts
Product Acceptance in Leadership Quadrant - #1 Partner of Choice for Digital Transformation Programs

Intellect Design named a LEADER in IDC

Novarica rates Intellect SEEC’s IDX as
an Intelligent Text Ingestion solution
for Advanced Underwriting with AI &
ML playing a larger role.
MarketScape report - Worldwide Trade
Finance Systems 2020 Vendor Assessment.
Contextual ALM 2020 (CALM 20) rated
among Top NextGen ALM and Balance Sheet
Management solutions Worldwide.

iSEEC powered St. James’s Place wins Celent's

iGTB powered Emirates NBD wins Celent's "Model "Model Wealth Manager Award" in Emerging
Bank Award" for End-to-End Digital Transformation Technology category for "New Business
of Transaction Banking Business initiative. Innovative" initiative.

CBX & CBX Retail - Digital Onboarding "Major Players" in Forrester's 2020 Recognized as “Challenger” in Gartner Magic
Platform Wins "Breadth of Global Banking Platform Deals Quadrant for Retail Core Banking.
Functionality" Award.
CBX-Retail wins XCelent Functionality (iGTB) rated as a "Strong Performer" in The
CBX for Cash management – “Vendor Forrester Wave™: Digital Banking Processing
Award for leading the "Breath of
to Watch” in US Cash Management Platforms (Corporate Banking).
Functionality"
Report.
What has been our Journey so far?
Outcome of Designed Strategy

Investment in Products and

Cumulative license revenues
1 Markets in Intellect 1.0 is
paying off
4 are nearly 1,700 Crs

Have cumulatively invested

Cumulative AMC revenues
2 over Rs. 1,200 Crs in
Product development
5 are 1,327 Crs

4 Products have each

License linked revenues are
achieved a cumulative
3 revenue of over 6 therefore, 3,000+ crores
Rs. 1,000 Crs each
Intellect’s Market Performance

We have direct presence in

16 countries and supported by Cumulative investment of INR
Partners in more countries. 1,900 Crs in Sales & Marketing

Cumulative revenue exceeds INR 6,000 Crs. In these countries

Flywheel effect -
Increased Win ratio and Operating leverage power play
Faster Implementation

Increased Lower Cost

Referenceability

Increased wins
and installations
Levers for Revenue growth

More Products per customer -

by leveraging our existing
Customer assets

More Customers per

New country Product - by winning more
expansion customers based on our
referenceability in key
Geographies
Financials

Intellect on a Monetisation trajectory

Four quarters of steady consolidation of our Monetisation agenda on revenue,

costs, margin expansion and positive cash flows. Driven by healthy deal flows
and significant number of implementation closures.
Financials
YTD – Revenue at INR 11046 Mn

YTD FY21 REVENUE (INR) YTD FY21 REVENUE (US $) EBITDA (INR) EBITDA % GROSS MARGIN (INR)

11046 Mn 147.99 Mn 2592 Mn 23% 6116 Mn

YTD FY20 – 9912 Mn YTD FY20 - 140.90 Mn YTD FY20 - 109 Mn YTD FY20 - 1% YTD FY20 - 4595 Mn

LICENSE (INR) SAAS Revenue(INR) AMC (INR) PAT (INR) NET CASH

2501 Mn 1152 Mn 2234 Mn 1822 Mn 1242 Mn

YTD FY20 - 1474 Mn YTD FY20 - 835 Mn YTD FY20 - 1858 Mn YTD FY20 – (250) Mn YTD FY20 – (1015) Mn

Collections for Net DSO Investment in Annualised EPS Deal Wins Large Deal Wins Go Lives CSR contribution
YTD FY21 (INR) Product (INR)
Development
(Capitalized) (INR)

11190 Mn 124 Days 836 Mn 18.31 20 11 40 27 Mn

Financials
3805 3823

3730
3596
3492

3203

Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21

Total Revenue (INR Mn)

Note : All figures are in INR Million unless otherwise mentioned

Financials - Steady growth in license linked revenue

• License linked revenue (License + Saas/

Subscription + AMC) is at 53% of total YTD
FY21 revenues vs 42% of total YTD FY20
revenues
• License Revenue is INR 910 Mn, registering
85% YoY growth
• AMC Revenue is INR 745 Mn, registering 18 %
YoY growth
• Cloud/SaaS revenue is INR 418 Mn, registering
28% YoY growth
Financials

804 975
592 904

380
426 380
713
5 5
410 639

36

-114 Q4 FY 20 Q1 FY 21 Q2 FY 21 Q3 FY 21 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21

Q3 FY20

PAT EBITDA

Note : All figures are in INR Million unless otherwise mentioned

Financials

Note : All figures are in INR Million unless otherwise mentioned

Quarterly Business Highlights
Recent Wins 10 deal wins including 6 large Digital transformation deal

iGCB enters in North

Breakthrough in America by winning its
Germany with first IDC cloud
OTTO GmbH subscription deal. iGTB chosen for
destiny deal win. the Trade
SWIFT upgrade
by a large
Trade Bank in
CEE region
Quarterly Business Highlights
Recent Wins 10 deal wins including 6 large Digital transformation deal

Intellect Wealth wins

a large deal in
Indonesia.

First Fabric Data Platform

deal in Australia to power
Blue Zebra’s Broker
Platform.

iGTB Digital
Transaction
Banking (DTB)
chosen by a large
financial
institution in
Jordan
Revenue across Geographies (LTM)
Strong Order Backlog

License Based ((License, AMC, Implementation, etc.,) (INR Mn)

Q3FY21 Q2FY21 Q3FY20
12030 11940 11250

ARR for Cloud/Subscription based Revenue (INR Mn)

Q3FY21 Q2FY21 Q3FY20

1672 1379 1303

Repeat revenue from existing customers stood at 85% (Q3 FY 21)

Healthy Pipeline
The current funnel of Intellect (INR Mn)

Q3FY21 Q2FY21 Q3FY20

41,625 40,181 36,850

32,700 is accounted by 132 opportunities 30,285 is accounted by 117 opportunities 32,480 is accounted by 133 opportunities

Destiny Deals
Q3FY21 Q2FY21 Q3FY20

Destiny Deals 42 41 41

Avg Deal size (INR Mn) 450 446 390

% Contribution to total
53% 53% 64%
opportunities
 Financial Results for the Third Quarter Ending – December 31, 2020
Additional Information on function wise classification of statement of Profit and Loss of the Group (Consolidated Un-audited / Not Reviewed)
QUARTER ENDED YTD YEAR ENDED
Particulars December 31, 2020 September 30, 2020 December 31, 2019 December 31,2020 December 31, 2019 March 31, 2020
(Q3 FY 21) (Q2 FY 21) (Q3 FY 20) (Q3 FY 21) (Q3 FY 20) (FY20)
INCOME
Income from software product license and
related services
3,823 3,730 3,203 11,046 9,912 13,509
EXPENDITURE
Software development expenses 1,682 1,635 1,711 4,929 5,318 6,987
Gross Margin 2,141 2,096 1,492 6,116 4,595 6,522
Gross Margin % 56% 56% 47% 55% 46% 48%
Selling and marketing & General and
administrative expenses
936 958 1,142 2,830 3,503 4,555
Research & Engineering expenses 230 234 315 694 983 1,219
Total Expenditure 2,848 2,826 3,168 8,454 9,803 12,761
EBITDA 975 904 36 2,592 109 748
EBITDA % 26% 24% 1% 23% 1% 6%
Depreciation (93) (98) (97) (295) (289) (397)
Amortisation (96) (96) (73) (276) (209) (293)
Hedge Impact (1) (12) (8) (47) (24) (40)
Finance Charges (13) (25) (48) (78) (135) (174)
Profits / (Loss) before other income /
minority interest
772 672 (192) 1,895 (548) (155)
Other Income (including Treasury) 8 22 34 59 265 294
Reinstatement of Receivables / Liabilities 22 (28) 50 43 88 26
Minority Interest/ Share of profit/(loss ) of
Associate Companies
61 (4) 22 (1) (16) 46
Profit / (Loss) before tax 864 662 (85) 1,997 (212) 211
Provision for taxation (60) (70) (28) (175) (38) (51)
Profit / (Loss) after tax 804 592 (114) 1,822 (250) 160
Annualised EPS 24.23 17.86 (3.44) 18.31 (2.52) 1.21
Note : All figures are in INR Million except EPS, unless otherwise mentioned
Product-Cloud-Data
New Growth drivers - apart from acceleration
of Product monetization

Data platform iWealth iGov

and IDX

Two Senior hires - one Completed GeM GMV is

from the Insurance referenceable multi- accelerating, which will
Industry and one from country increase our earnings as
a Data Company - to implementations in an MSP
sharpen the GTM and APAC, Middle East and
then scale it - both India. Expected to close
vertically and key deals in the next
horizontally financial year
What does Cloud enable?

#1 Lower capital
outlay

#4 Composable
architecture
#2 Faster customer
onboarding
#5 Longer tail revenues
10-15 years with
potential upside based
#3 Shared infrastructure on volumes
1
costs
Cloud & Data Roadmap

Integration of
data with more
products
Success in Insurance
business– Xponent /
Invested in Underwriter
new oil – workstation
Our products are
Cloud ready Data
Drivers for SaaS revenues

1 2 3 4

Hyperscale
AI Platform IDC GeM Digital Platform
Currently leveraged by More deals in Expansion owing Digital/ Payments/
Underwriting - can SaaS format to acceleration of Liquidity offered in
horizontally expand to GMV in GeM Subscription model
other products Portal on the Cloud
Board of Directors

Arun Jain Anil Kumar Verma Arun Shekhar Aran

Chairman & Managing Director Executive Director Independent Director

Andrew England Vijaya Sampath Abhay Gupte

Non-Executive Director Independent Director Independent Director
Executive Council

Arun Jain Anil Kumar Verma Manish Maakan Rajesh Saxena

Chairman & Managing Director Executive Director Chief Executive Officer, Global Chief Executive Officer, Global
Transaction Banking Consumer Banking

Banesh Prabhu TV Sinha Andrew England Govind Singhal Venkateswarlu Saranu

Chief Executive Officer, Head – Risk, Treasury Director and Head – Strategy, Chief Human Resources and Chief Financial Officer
Intellect SEEC and Capital Markets Global Transaction Banking Group Enablement Officer
Potential Risks and Challenges
Potential Risks and Challenges

While Cloud revenues are higher in Life

Face to Face meetings would have facilitated Time Revenues (LTV) by a factor of 2.0 to
two stages of Deal cycle (a) Deal construction 2.5 over traditional License model, they do
(b) Closure impact revenues and cash flows in
immediate quarters

61
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