USA
Switzerland
Germany
France
United Kingdom
Canada
Sweden
Brazil
Casual Connect
M&A Boot Camp
Jim Perkins
Regional Director
Digital Media Specialist
Corum Group, Ltd.
jimp@corumgroup.com
+1.602.284.7805
www.corumgroup.com
The Corum Group
 M&A specialists since 1985 – only software/related tech
 Only work on sell-side, primarily with privately held firms
 Offices globally – 60% of transactions cross border
 Developed the “Optimal Outcome” M&A process
 Employs a team approach - fully offloads clients with 5 experts
 Senior negotiators are former CEOs – selling/results oriented
 Largest educator in the world – builds buyer relations
 Largest proprietary buyer database – provides client advantage
Corum Group Presentation ■ 2
Industry Leadership
Corum Group Presentation ■ 3
Sold More Firms Than Anyone
Tific is a leading vendor in SaaSbased remote help support
systems.
PlumChoice: USA
Tific: Sweden
inubit AG is the technologically
leading provider for Business
Process Management (BPM)
software.
Bosch: Germany
Inubit: Germany
Instantiations is a leading
vendor in platform specific
development tools.
Edvantage Group’s SaaS-based
learning solutions are used by over
500,000 users across hundreds of
organizations to develop employee
skills and competencies.
Google: USA
Instantiations: USA
Lumesse: United Kingdom
Edvantage Group: Norway
Petrospec is a leader in
geopressure analysis and drilling
engineering SW for hydrocarbon
exploration and production.
Geoservices Group: France
Petrospec: USA
Cintellate works in the areas of
environment, health, safety (EHS)
and risk-related performance.
SAI Global: Australia
Cintellate: Australia
Corum Group Presentation ■ 4
Recent Corum Transactions
Satori Software is a leader in
address management tools with
focus on the postal delivery
space.
Neopost: France
Satori Software: USA
Apex Systems of Singapore is a
leader in the Asia-Pac region
for banking and insurance
solutions.
NTT Data: Japan
Apex Systems: Singapore
has acquired
360 is a recognized player in field
workforce management, with a
SaaS offering.
IFS: Sweden
360 Scheduling: UK
Altitude is a leading provider of
Telecommunication
Management Solutions to
businesses globally.
BBVA / iP: Spain
Altitude: Portugal
The ECM division of Beta Systems
is a recognized leader in output
management for the financial and
postal sectors.
The Nefsis videoconferencing
software and online service was
the first to use cloud computing in
the videoconferencing industry.
BancTec: USA
Beta Systems: Germany
Brother: Japan
Nefsis: USA
Corum Group Presentation ■ 5
M&A Boot Camp - Agenda
 Overview - Market Perspective
 M&A Activity- Valuations
 Achieving an Optimal Outcome
 8 Required stages of the M&A Process
 Avoiding the Deal Disasters
 Improve Your Odds – Get Educated
 The Most Important Transaction of Your Life
Corum Group Presentation ■ 6
Agenda
 Overview - Market Perspective
 M&A Activity
 Achieving an Optimal Outcome
 8 Required stages of the M&A Process
 Avoiding the Deal Disasters
 Improve Your Odds – Get Educated
 The Most Important Transaction of Your Life
Corum Group Presentation ■ 7
Gartner Top 10 Strategic Technologies
1. Media tablets & beyond
 Expected iOS/Android will dominate the market with 80% of
tablets shipped by 2015
 Entering the post-PC era – Windows just one of a variety of
environments
2. Mobile-centric applications and interfaces
 More than 70 billion mobile app store downloads by 2014
 50% of tools optimized for app development in 2010 will be
acquired or disappear by 2014
3. Social and contextual user experience
 Context-aware computing uses information about end users or
objects environment to improve interaction
Corum Group Presentation ■ 8
Gartner Top 10 Strategic Technologies
4. Application stores and marketplace


Rise of enterprise app stores that can develop specific apps
Use a managed diversity system approach
5. The Internet of everything


Cameras, sensors, recognition etc. now all part of environment
Privacy issues a concern
6. Next-generation analytics


Mobile devices performing analytics themselves
Analytics to enable and track collaborative decision making
7. Big data


New techniques to handle extreme data
Enterprises just can’t store it all
Corum Group Presentation ■ 9
Gartner Top 10 Strategic Technologies
8. In-memory computing



Most devices will have persistent flash memory
New layer of memory hierarchy
A long-term, disruptive trend on par with Cloud computing
9. Extreme low-energy servers


Server technologies are going to change to handle big data
More smaller, slower, physical servers vs. fewer virtual ones
10. Cloud Computing


Next-gen battleground for Google, Amazon & others
Focus on hybrid private/public cloud apps & improving security
and governance
Corum Group Presentation ■ 10
M&A is the Primary Source of Liquidity
In Dollar Volume (Billions) – All Industries
Corum Group Presentation ■ 11
M&A – Cash Is King
Company
Total Cash Reserves
2007
2012
Total Increase
Amount
Percent
Held Offshore
Amount
Percent
AAPL
$9
$98
$89
989%
$64
65%
MSFT
$6
$59
$53
883%
$50
85%
CSCO
$3
$42
$42
1050%
$41
89%
GOOG
$6
$45
$39
650%
$20
44%
ORCL
$6
$25
$25
417%
$21
68%
INTEL
$9
$15
$6
67%
$7
47%
EMC
$4
$9
$5
125%
$5
56%
All estimates in US$Billions
Corum Group Presentation ■ 12
Agenda
 Overview - Market Perspective
 M&A Activity
 Achieving an Optimal Outcome
 8 Required stages of the M&A Process
 Avoiding the Deal Disasters
 Improve Your Odds – Get Educated
 The Most Important Transaction of Your Life
Corum Group Presentation ■ 13
Software M&A Activity 2002-2012
Total Deal Volume vs. Total Deal Value
$457b
$432b
$373b
$301b
$226b
4029
4500
$150b
$200b
3640
4000
$83b
3500
$62b
3040
$220b
3696
3015
3008
$250b
3800
3212
3000
2500
2081
1921
2000
1508
1500
1000
500
0
2002
2003
2004
2005
2006
Deal Volume
2007
2008
2009
2010
2011
2012
Dollar Value
Corum Group Presentation ■ 14
Top Strategic Acquirers: 2011
33
21
13
13
12
11
11
10
9
9
9
8
8
8
8
8
7
Corum Group Presentation ■ 15
Gaming M&A History
Source: Digi-Capital
Corum Group Presentation ■ 16
Top Private Equity Acquirers: 2011
18
15
12
10
10
8
8
7
7
7
6
1
2
3
4
5
6
7
8
9
10
11
6
12
4
4
13
14
Corum Group Presentation ■ 17
Corum Index
Corum Index
2010
2011
Change
# of Transactions
3212
3696
15.0%
# of Mega Deals
41
51
24.3%
$7,680
$12,500
62.7%
% Sub-$100M
19%
18%
Private Equity Deals
308
403
30.8%
Private Equity Value
$35,647
$36,387
2.0%
# VC backed Exits
615
739
20.1%
All Cash (announced)
43%
43%
% Targets were Public
13%
11%
% Public Buyers
51%
49%
Largest Deal
*$ values in millions
Corum Group Presentation ■ 18
10 Reasons Tech M&A Will Remain Strong
1. Extraordinary change – interrelated mega trends
2. Strategic buyers have record cash
3. Debt is at lowest cost ever
4. Private equity - over $500 billion available
5. New public foreign buyers (e.g. China, India)
Corum Group Presentation ■ 19
10 Reasons Tech M&A Will Remain Strong
6. Entrance of new non-tech buyers (e.g. Bosch)
7. Many large private buyers
8. American companies are cheap to foreign investors
9. Most US buyers cash is international (e.g. Skype)
10. Software rising in importance (e.g. HP, IBM)
Corum Group Presentation ■ 20
Agenda
 Overview - Market Perspective
 M&A Activity- Valuations
 Achieving an Optimal Outcome
 8 Required stages in M&A Process
 Avoiding the Deal Disasters
 Improve Your Odds – Get Educated
 The Most Important Transaction of Your Life
Corum Group Presentation ■ 21
Selling Your Company…




Requires time due to regulatory environment
Far more tasks than people realize
Due diligence creates deal fatigue
Failure rate is 80% for self-managed
transactions
…For the most important transaction of your life, do it
right: seek an Optimal Outcome!
Corum Group Presentation ■ 22
The Inherent Problem in M&A
Seller
Buyer
Price
Structure
Liabilities
Taxes
Risk
You will be diametrically opposed on EVERYTHING!
Corum Group Presentation ■ 23
What is Optimal Outcome?






Valuation Maximization
Creating the Best Transaction Structure
Minimizing Personal Liability/Risk
Reducing Tax Liability and Holdbacks
Structuring Ideal Employment/Non-competes
Providing for Proper Integration
Corum Group Presentation ■ 24
8 Required Stages in M&A Process
Preparation
1
2
Research
3
Closing
Negotiation
Contact
4
Discovery
5
6
Due
Diligence
7
8
Integration
Corum Group Presentation ■ 25
Optimal Outcome – 8 Stages
1
2
3
4
5
6
7
8
Preparation






Set tasks, timeline
Allocate staff resources
Conduct internal due diligence
Compile business/marketing plan
Ready financials/projections
Ready presentation materials
Corum Group Presentation ■ 26
Optimal Outcome – 8 Stages
1
2
3
4
5
6
8
7
Research






Prepare buyers list (A&B level, financial, non tech)
Perform strategic analysis on each buyer
Prepare preliminary valuation
Determine proper contact (Execs, EA’s, advisors)
Outside advisor/board/investor influencers
Prepare position statement for each buyer
Corum Group Presentation ■ 27
Optimal Outcome – 8 Stages
1
2
3
4
5
6
7
8
Contact






Create introductory correspondence
Draft/customize executive summary
Execute NDAs and non-solicitations
Screen initial interest, valuation expectations
Establish log on all communications
Refine position/process based on feedback
Corum Group Presentation ■ 28
Optimal Outcome – 8 Stages
1
2
3
4
5
6
7
8
Discovery






Coordinate conference calls, site visits, and meetings
Establish technology review process
Prepare formal valuation report
Develop synergy and contribution analysis
Set up NDA with customers, contractors, etc.
Finish due diligence on buyer
Corum Group Presentation ■ 29
Optimal Outcome – 8 Stages
1
2
3
4
5
6
7
8
Negotiation






Organize and host final visits
Provide structure guidance
Create an auction environment
Negotiate with top bidder(s)
Sign Letter of Intent (L.O.I.)
Inform other bidders of No Shop
Corum Group Presentation ■ 30
Optimal Outcome – 8 Stages
1
2
3
4
5
6
8
7
Due Diligence






Verification of financial statements/projections
Determine if outside advisors/opinions needed
Establish confidential data room
Technical/Legal/Ownership due diligence
Written explanation of business model/methodologies
Complete definitive agreement/attachments
Corum Group Presentation ■ 31
Optimal Outcome – 8 Stages
1
2
3
4
5
6
8
7
Closing






Final reps & warranties
Determine escrow hold-backs
Final opinion(s)
Sign contracts
Arrange payment/distribution
Regulatory filings
Corum Group Presentation ■ 32
Optimal Outcome – 8 Stages
1
2
3
4
5
6
7
8
Integration






Advanced planning – during negotiation
Determine synergies
Best practices analysis
Interim transition team
Employee retention plan
Set up monitoring/reporting
Corum Group Presentation ■ 33
Optimal Process – 8 Stages Will Yield
20 to 300
Global Buyer Candidates (depends on your size)
700 to 1,000
Communications of Various Kinds
10 to 30
Expressions of Interest
5 to 15
Typically 6 contacts to
NDAs
get to first discussion
3 to 8
29 contacts to get to
Qualified Parties
meaningful dialogue
1 to 3+
Offers
Corum Group Presentation ■ 34
With a Professional Global Search
 9 – 12 months required to complete because of
workload, SOX and buyer DD considerations
 3 – 5 man years of professional work involved to do
the job right from preparation to final close
 75% of the time there are other buyers willing to
pay more than first firm that approached with offer
 48% is the average improvement from first offer to
L.O.I. with an auction environment
Corum Group Presentation ■ 35
M&A Uniquely Allows Entry to Top Execs
Seller
Buyer
Do you want to buy my company?
CEO
J.V./Alliance
FIN
MKT
Resell/License
DIV
DIV
DIV
DIV
DIV
DIV
MANF
DIV
DIV
DIV
Corum Group Presentation ■ 36
5 Major Benefits of a Professional Process





Model – The preparation process will help forge a better
business model for your firm
Research – Your strategic position will improve from the
research/positioning process
Market Feedback – Buyer contact will provide invaluable
data/insights to help improve your value
Relationships – Not everyone is a buyer, but you open
many doors which will yield business
Exit – The merger, asset sale or financial recapitalization
of your company
Corum Group Presentation ■ 37
Agenda
 Overview - Market Perspective
 M&A Activity- Valuations
 Achieving an Optimal Outcome
 8 Required stages of the M&A Process
 Avoiding the Deal Disasters
 Improve Your Odds – Get Educated
 The Most Important Transaction of Your Life
Corum Group Presentation ■ 38
Self-Managed M&A Process
…80% Failure Rate!
(for self-managed transactions)
Corum Group Presentation ■ 39
Workload, Value Destroyers, Deal Killers
We recently polled our advisory group,
The World Technology Council, about the
workload involved in the M&A process, and the
pitfalls.
The following are the top 60 activities, broken
down into Documents and Projects, as well as
Value Destroyers and Deal Killers…
*WTC consists of CEOs who have sold a company, technology experts;
analysts and industry luminaries from Corum’s transactions and industry
leading research and educational programs (100 events a year)
Corum Group Presentation ■ 40
Workload: Documents & Projects
•
•
•
•
•
•
•
•
•
•
Corporate Preparation
Business Plan
Marketing Plan
Org Chart
Staff Bios
NDA
Non Solicitation
Executive Summary
Introduction Letter
Financials 3 Yrs.
•
•
•
•
•
•
•
•
•
•
Recast Financials
Financial Package
3 Yr. Projections
Pipeline Analysis
Lead Process
Pricing Analysis
Market Research
Competitive Research
Buyer Research
Ind. Buyer Strategy
Items in RED require professional skills, confidential M&A data, inside buyer
knowledge, extensive transaction experience, or outside advisors
Corum Group Presentation ■ 41
Workload: Documents & Projects
•
•
•
•
•
•
•
•
•
•
Corporate Presentation
Comparable Transactions
Industry Comps
DCF Analysis
Replacement Cost
Terminal Value
Valuation Report
All Agreements
All Litigation – Threats
Shareholder Qual.
•
•
•
•
•
•
•
•
•
•
HR Needs
Audit
Activity Log
Terms Sheet(s)
Synergy Analysis
Dilution Analysis
Tax Analysis
Taxable Assets
Negotiation
LOI
Items in RED require professional skills, confidential M&A data, inside buyer
knowledge, extensive transaction experience, or outside advisors
Corum Group Presentation ■ 42
Workload: Documents & Projects
•
•
•
•
•
•
•
•
•
•
Stand Still Prep.
Outside Opinions
DD Checklist
DD Timeline
Merger Agreement
Asset Schedule
Fairness Opinion
Employ. Agreement
Non Competes
Patent Analysis
•
•
•
•
•
•
•
•
•
•
Customer Overview
Client Sign-off
Bulk Sale
Sovereign Approval
Proxies
Security Agreements
Registration
Shareholder Exp. Distr.
Announcements
Integration Process
Items in RED require professional skills, confidential M&A data, inside buyer
knowledge, extensive transaction experience, or outside advisors
Corum Group Presentation ■ 43
Tech M&A: Value Destroyers
Improperly handled M&A process problems:






Confidentiality issues externally
Internal confidentiality problems
Theft of technology
Loss of staff (non-solicitation)
Wear on management
Business drop-off due to lack of focus
Corum Group Presentation ■ 44
10 Biggest Deal Killers
1. Dealing with only one buyer
No leverage in negotiation
2. Misalignment
Shareholders & management & employees
3. Contact at wrong level, with the wrong person
Not knowing the buyer well enough
4. Improper research of potential buyers
“A,” “B,” financial, international, strategic
5. Not understanding the buyer’s process & models
Timeline, decision-makers
Corum Group Presentation ■ 45
10 Biggest Deal Killers
6. Unable to portray value properly
Credibility in valuation is imperative
7. Improper due diligence preparation
Affects credibility, prolongs process
8. Not qualifying buyer properly
Ability to pay, interest, etc.
9. Not orchestrating all buyers properly
This is the tough part!
10. Ego / Greed / Arrogance
You need experience during negotiations
Corum Group Presentation ■ 46
Agenda
 Overview - Market Perspective
 M&A Activity- Valuations
 Achieving an Optimal Outcome
 8 Required stages of the M&A Process
 Avoiding the Deal Disasters
 Improve Your Odds – Get Educated
 The Most Important Transaction of Your Life
Corum Group Presentation ■ 47
Selling Up, Selling Out – Overview
PREPARATION
INTERNAL DUE DILLIGENCE
VALUATION
METHODOLOGIES
STRUCTURE
LETTER OF INTENT
NEGOTIATION
LOI TO CLOSING
INTEGRATION
ACHIEVING M&A BENEFITS
Corum Group Presentation ■ 48
Selling Up, Selling Out (SUSO)
 Since 1990, the most attended executive
conference in technology history
 More events hosted than all other competitive
conferences combined
 Over $1.5 trillion in transaction value by
attendees – buyers and sellers
…the definitive Tech M&A education
Corum Group Presentation ■ 49
Key Questions Addressed at the SUSO








What are buyers looking for?
How do you position for a higher value?
How to optimize your business model?
Which agreements/contracts are critical?
Why is full disclosure mandatory?
Full disclosure or go to jail?
How to best present yourself?
Get ready – Buyer’s due diligence checklist!
Corum Group Presentation ■ 50
Financial Statements
Financial Statements
*(audit will likely be required)
Projections
*(Remember – buyers are
buying future earnings)
Year 1
Financials
Current
Year
Financials
Year 2
Financials
Year 1
Projected
Financials
Year 3
Financials
Year 2
Projected
Financials
Year 3
Projected
Financials
Corum Group Presentation ■ 51
Key Questions Addressed at the SUSO








What financials are necessary?
How do you prepare projections?
How do you avoid the accounting landmines?
How to create an executive summary that gets attention?
Introductory letter – the toughest job of all!
The must-haves in a financial memorandum?
Mastering the elevator pitch
What are strategic buyers?
Corum Group Presentation ■ 52
Key Questions Addressed at the SUSO








Understanding the role of rabbits?
When should financial buyers be engaged?
Why a valuation is required?
The 25 things buyers value?
Understanding the intangibles?
Why bankrupt companies may be worth a fortune?
Where are you in the valuation lifecycle?
What are the valuation methods not to use?
Corum Group Presentation ■ 53
Value Is Driven By A Range Of Factors
Market
Dynamics
Financial
Dynamics
Organizational
Dynamics

Market Growth

Revenue

Leadership/

Market Position

Earnings

Talent/Skills

Level of Competition

Growth Rate

Product/Technology

Barriers to Entry/ Exit

Cash Flow

Sales Channels

Threat of Substitution

Balance Sheet

Customer Base
Corum Group Presentation ■ 54
Key Questions Addressed at the SUSO








How to get data from market based methods?
Creating models for income based methods
The complexity of cost based methods
The importance of recasting
How to present a formal valuation
Master DCF analysis
Why is structure more important than price?
Elements of a good structure
Corum Group Presentation ■ 55
Primary Ways to Value a Software Company
1
2
3
4
5
Sales Multiple (EV/S) – Public Company
EBITDA Multiple (EBITDA/S)
Similar
Company
Transaction
Sales Multiple
(EV/S)
– Public Company
Discounted Cash Flow (DCF)
Replacement Value
Earnings Multiple (PE)
Corum Group Presentation ■ 56
Key Questions Addressed at the SUSO








Do you want to sell stock or assets?
Complexities of asset purchases
Standards in employment agreements
Why you need a non-compete?
The “active” vs. “passive” shareholder dilemma
The wild world of earn outs
How to minimize the tax impact?
Complexities of cross-border deals
Corum Group Presentation ■ 57
Structure
Highest Potential Price
Earn-out
Employment Agreements
Assumption of Debt
The more willing the seller
is to take contingent or time
payments and share the
risk with the buyer, the
higher the potential price a
buyer is willing to pay.
Notes
Stock
Cash
Lowest Price (least risk to seller)
Corum Group Presentation ■ 58
Key Questions Addressed at the SUSO








Understanding what you are negotiating
Questions to ask a buyer
How to avoid serial negotiation
Negotiation: how to qualify the buyer?
How to control a negotiation?
Using your “straw man” effectively
Avoiding the deal “Screamers”
When to engage a lawyer?
Corum Group Presentation ■ 59
Forms of Payment – Structure Analysis
Five Representative Transactions ($10 Million+ in Trailing Revenue)
In USD millions
A
B
C
D
E
Value (Est.)
6.0
21.0
115.0
52.0
35.0
Cash
6.0
16.0
50.0
42.0
35.0
Public Stock
No
No
No
No
No
Private Stock
No
Yes
No
No
No
Employment
Agreement
No
Yes
Yes
Yes
Yes
Consulting Agreement
Yes
Yes
No
Yes
No
Non-Compete
Yes
Yes
Yes
Yes
Yes
Earnout
No
Yes
Yes
Yes
No
Employee Bonus
No
No
Yes
Yes
No
Escrow & Adj.
Yes
Yes
Yes
Yes
Yes
Corum Group Presentation ■ 60
Key Questions Addressed at the SUSO








What is the role of your accountant?
Using your intermediary effectively
What is typical negotiation flow?
What are the elements of an LOI?
Your greatest lever – “no shop”
Be wary of “conduct of business”
When is an LOI binding?
The evolution of the LOI process
Corum Group Presentation ■ 61
Negotiation – Typical Flow
Seller
delivers
counter
offer
Verbal,
email and
written
offer and
counter
offer
Buyer
issues
draft
“Letter of
Intent”
(LOI)
Negotiations
continue until
parties agree
on LOI
content
Due
diligence
and
drafting of
definitive
agreement
Closing
Corum Group Presentation ■ 62
Key Questions Addressed at the SUSO








How to keep from being Due Diligence road kill?
What are the elements of a definitive process?
Making it to close without the personal wear and tear
Understanding buyer’s warning signals
Integration – the biggest reason for failure.
Understanding what needs to be integrated
How to set an integration plan?
How to keep your key people?
Corum Group Presentation ■ 63
Agenda
 Overview - Market Perspective
 M&A Activity- Valuations
 Achieving an Optimal Outcome
 8 Required stages of the M&A Process
 Avoiding the Deal Disasters
 Improve Your Odds – Get Educated
 The Most Important Transaction of
Your Life
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Buyers vs. Sellers: Opposed on Everything
Seller
Buyer
Price
Structure
Liabilities
Taxes
Risk
Remember:
You May Be Negotiating with Your Future Boss!
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Advantage of a Professional Intermediary
An experienced intermediary can navigate the built in conflicts
between buyer and seller. Moreover they show the buyer that:
They are
not the only
potential
partner.
You are
serious.
Potential
Acquirer
Intermediary:
No Serial
Negotiation
Autonomy/HP
Motorola/Google
Intermediary: +50%
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What to Look for in an M&A Advisor
1.
Are they centered on your industry – software/tech?
2.
Is there focus – sell-side transaction experience?
3.
Are they conflicted with buyers, consulting, opinions, etc.?
4.
Do they have senior staff involved? No juniors allowed!
5.
Is there a team assigned? This is not a one-man effort.
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What to Look for in an M&A Advisor
6.
Are they international? The buyers are.
7.
Do they have proprietary buyer information/contacts?
8.
Are they a respected group in their field?
9.
Do they have a detailed global search process?
10. Is there a track record of success? Results oriented?
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Optimal Outcome – The Corum Database
 Developed over 25 years with nearly 10 million entries
 Based on proprietary client activity reporting technology
 Supplemented by every major research organization
 Data updated with world largest educational program
 Represents approximately $25 million in investment
 Contains the most in-depth buyer information in the world
 A decided advantage for buyer response, negotiations
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Corum Proprietary Database – Advantages
 Helps to insure that you get to the right people
 Insider strategic knowledge improves getting attention
 Provides proprietary knowledge of buyer valuation metrics
 Gives advanced notice of DD required
 Includes library of buyer contracts, NDAs, etc.
 Invaluable aid in negotiation process
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After the Deal – Celebration
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M&A Is About Changing Your Life
What’s your dream?
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Contact Information
Corum Group Ltd.
19805 North Creek Parkway
Suite 300
Bothell, WA 98011
USA
+1 425-455-8281
Corum Group International S.à.r.l.
Beim Paradeplatz
Buechenstr. 9
8185 Winkel
Switzerland
+41 43 888 7590
Visit our website at
www.corumgroup.com
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