This time the rumours were correct (see New rumours of a Misys market return). Born-again banking software firm, Misys, is to relaunch on the London Stock Exchange early next month with a £500m institutional placing. Private equity owner Vista Equity Partners may sell down some of its holding. In any event, Misys is expected to have a free float of at least 25% after the IPO.

Misys generated revenues of €811m in FY16 (to 31st May) with an ‘adjusted EBITDAC (EBITDA on continuing operations)’ of €294m, which should put a multi-billion pound valuation on the business – and perhaps a FTSE 100 listing in the years to come. Vista acquired Misys in 2012 at 350p per share then valuing the company at nearly £1.3b. The business was immediately merged with Turaz (formerly the Thomson Reuters treasury and risk management software business), and subsequently made further acquisitions. Misys first floated on the LSE in March 1987 with a market cap. of £8m.

Misys has a rich history, stretching from its long tenure under the controversial leadership of Kevin Lomax, through its rebirth in 2006 under Mike Lawrie (presently CEO of CSC) and eventual sale to Vista, under current CEO Nadeem Syed.

We will give more thoughtful opinion on Misys once the IPO details are out. Meanwhile, surely a grand hurrah is warranted to see a respected UK-based, international software firm return to its home capital market. A great vote for the LSE and for London!

While it’s of interest to wander around the stands at IP EXPO and listen to the keynotes/breakouts, we get our real value from the one-to-ones.

Among others, we met up with HPE's new UK MD, Marc Waters, and heard about his passion for STEM and apprenticeships in HPE and HPE partners.

We then saw Sean McAvan, UK MD for NaviSite (owned by Time Warner Cable). The company provides a range of infrastructure services (e.g. hosting and co-location), but cloud services (mostly its own platform, but increasingly Azure) now account for c30% of revenue - see Costain selects NaviSite for cloud services as an example.

We also immersed ourselves in storage, spending some useful time with several players. We met privately owned Scale Computing, which competes against companies including Nutanix. Scale’s technology (built by staffers with backgrounds in High Performance Computing) looks to simplify storage and create significant efficiencies in CPU and RAM usage. The company came to market in 2012 with its first offering and has received funding from backers.

Next up wasStorageOS, which provides persistent storage for containers. This fairly new and privately-held company is working with Docker to jointly approach enterprise customers and explain the technology/use cases. StorageOS completed its first round of funding in January and will soon be looking for more as it builds out its channel and OEM partnerships. Finally, we met storage ‘veteran’ Nexsan. Its heritage is in traditional storage products, but its UNITY offering has the capability to provide a Dropbox-like file sync service - on-premise. It's a neat solution for those organisations that want something like Dropbox but would prefer not to store files in the cloud.

All of these players are looking to help end user organisations use cloud-based technologies alongside their traditional legacy set-ups; the Hybrid IT message from all the companies we spoke to was strong. We also got plenty of support for our “slow burning cloud” notion, which we talk about inInfrastructure Services: UK Market Trends & Forecasts, 2016-2017.

Applications for the ninth TechMarketView Little British Battler Day close TOMORROW!

It’s an unmatched opportunity for your company to get extensive market visibility in UKHotViews, the leading daily source of opinion and comment on the UK tech scene. UKHotViews reaches tens of thousands of senior executives and professionals in the tech industry, government, enterprise, investment community and the media. Plus your company will feature in the next Little British Battler Report, to be published in December.

TechMarketView coverage has brought numerous exciting, little-known UK tech SMEs to the attention of the market. Many have since gone on to greater things!

We’re holding our ninth Little British Battler day (LBB9) in London on Tuesday 15th November 2016. CEOs of 12 disruptive UK tech SMEs will be invited to spend an hour in closed session with TechMarketView Research Directors and senior partners from our sponsors, technology merchant bank MXC Capital, to share their business plans and get valuable feedback on market opportunity, competitive positioning, and financing.

LBB9 is open to independent, privately held, UK-owned tech companies with revenues under £20m that are punching above their weight in their chosen markets.

To register your application, please complete the web-based Pre-Qualification Form by clicking here.

Applications must be submitted by close of business TOMORROW, Friday 7th October. There is no charge to apply or to participate.

We will let you know if your company has been accepted by 28th October. If you were unsuccessful with previous applications and believe your company is a ‘disruptor’, then you would be very welcome to apply again.

Contact our LBB Coordinator if you need further information.

Just a very quick note to thank everybody who attended and gave so generously to the Prince’s Trust ICT Leaders of the Last 40 Years event last night. See - Tonight's the Night. It really did exceed my expectations. Magnificent location - and food! Great speeches where all the many speakers kept to their allotted 4 minutes. In fact it was the first event ever which ran exactly to time! It was undoubtedly a unique and never-to-be-repeated event with so many of the ‘Fathers and Mothers’ of UK ICT present - some now in their 80s. But also a good representation from today’s leaders.

Everyone was a star. But, judging from my inbox, it was Duane Jackson and his account of how the Prince’s Trust had turned his life around, that really stole the show. Well, that’s what it all about really.

Back in the 1969, the UK ICT sector was worth around £2b pa -  with the sector dominated by Telecomms (indeed dominated by voice) under the Post Office monopoly. Now UK ICT is upwards of £180b pa or c10% of UK GDP. Telecomms and Hardware have a much lower share of the pie. Indeed anybody with telephone bills or hardware invoices saved from 20 years ago will recognise what a bargain they get today!

It was the people in the room last night who made this happen. But, as I said last night when looking forward to the next 20 years, ‘If you thought the last 40 years was exciting - you ain’t seen nothing yet!’

Thanks again to everyone involved. Indeed the UK ICT sector has been huge supporters of the Prince’s Trust raising over £30m since we started back in 2002.

AIM-listed security software specialist Defenx is thinking big, funding the expansion of its product portfolio by selling off new ordinary shares expected to bring in approximately £1.52m.

Defenx is still small, having grown its revenue 88% to €4.5m (£4m) in FY15, with operating profit before the cost of AIM admission hitting €979k (£874k). But for any security software company looking to build its revenue base, we think now is a good time to invest in building new applications and getting them to market.

Data security is a top boardroom priority in 2016 as the diversity and volume of cyberattacks targeted at multiple devices, applications and operating systems constantly deviates (see our report Trends and Drivers in the UK Enterprise Cyber Security Market).

Founded in 2009, Defenx competes in a crowded market for enterprise desktop and mobile antivirus software populated by both large players (Sophos, Intel owned McAfee, and Symantec for example) and smaller companies such as Malwarebytes and Panda.

Defenx relies heavily on partnerships with telecoms companies, PC hard disk manufacturers and systems integrators (including 3Italia, Seagate Technology, Türk Telecom and Western Digital) to get its Security Suite, Antivirus and Cloud Backup applications into customers hands. And with some success we feel, having now sold over 3.8m security software licenses across the globe.

Depending on how quickly the software development efforts enabled by that £1.52m cash injection take to bear fruit (and what its competitors do in the meantime) Defenx’ expansion strategy looks to be on a sound footing to us.

The media is awash with suggestions that Fujitsu is in talks to sign a deal on its PC business with Lenovo. Fujitsu has not confirmed the rumours, but a statement from the company does suggest this is one of the options it is considering for the business.

Readers will remember that Lenovo bought IBM’s PC business back in 2005 and established a joint venture (JV) with NEC on its PC business in 2011. We believe it is therefore possible Lenovo is exploring either a purchase or a JV.

Lenovo and HP are the largest providers in the PC market, with Fujitsu being a much smaller player. If a deal does happen, it would make much sense for both parties. Lenovo would add even more scale to its business while removing a competitor at the same time. Meanwhile, Fujitsu – which has an incredibly broad technology and services portfolio – would gain more focus while relieving itself of a business under pressure both in terms of revenue and profits.

Following a two-month internal trial RBS will be rolling out chat bots to a small part of its customer base (10%) from December. If the pilot is successful, the number of customers able to interact with agent Luvo will be expanded and also include NatWest customers.

Luvo has been designed using IBM’s Watson Conversation service. RBS is starting carefully, deploying Luvo to answer 10 simple queries (of the type how do I update my address, how do I order a new bank card) but as a cognitive system it will be learning and improving on the job. If all goes well RBS will use IBM’s Alchemy language to enable Luvo to understand how customers are feeling and adapt its responses accordingly.

At our TechMarketView event last month we highlighted the advances in AI and machine learning and their increasing mainstream adoption, of which the RBS pilot is a prime example.

RBS is right to move cautiously but caution goes beyond the technology – the bank appears very aware of the host of fears and societal implications of using AI. It will make it clear customers are talking to a chat bot and provide the option to switch to a human at any point.

As the rate of AI/machine learning development and adoption ramps, exploration of the impact on society is garnering more attention. It IPExpo this week, Professor Nick Bostrom, founding director of Oxford University’s Future of Humanity Institute, addressed the issues of AI systems becoming too smart, positing that we need to be evaluating how we want our environment to be shaped by AI and arguing the need to define ground rules for the safe application of AI and related techniques now. Work is being done by several groups on ethics and understanding the impact on society, from the UK government, the centre Bostrom works in, to the newly formed Partnership on Artificial Intelligence, and there are several more too. As there is much more to factor in than the technology impact, considered enthusiasm should be the way forward.

APPLICATIONS FOR THE NINTH LITTLE BRITISH BATTLER DAY CLOSE TODAY!

Don’t miss this final opportunity for your company to get extensive market visibility in UKHotViews, the leading daily source of opinion and comment on the UK tech scene. UKHotViews reaches tens of thousands of senior executives and professionals in the tech industry, government, enterprise, investment community and the media. Plus your company will feature in the next Little British Battler Report, to be published in December.

TechMarketView coverage has brought numerous exciting, little-known UK tech SMEs to the attention of the market. Many have since gone on to greater things! Yours could be one of the 100+ companies to benefit.

We’re holding our ninth Little British Battler day (LBB9) in London on Tuesday 15th November 2016. CEOs of 12 disruptive UK tech SMEs will be invited to spend an hour in closed session with TechMarketView Research Directors and senior partners from our sponsors, technology merchant bank MXC Capital, to share their business plans and get valuable feedback on market opportunity, competitive positioning, and financing.

LBB9 is open to independent, privately held, UK-owned tech companies with revenues under £20m that are punching above their weight in their chosen markets.

To register your application, please complete the web-based Pre-Qualification Form by clicking here.

Applications must be submitted by close of business TODAY, Friday 7th October. There is no charge to apply or to participate.

We will let you know if your company has been accepted by 28th October. If you were unsuccessful with previous applications and believe your company is a ‘disruptor’, then you would be very welcome to apply again.

Contact our LBB Coordinator if you need further information.

Somewhat pleasantly surprised that according to all the media reports, Misys could have a market value of around £5.5b when it IPOs. See Misys banks on return to LSE. That would put it straight into the FTSE100 at the first review. We would then have three UK-HQed software companies in the FTSE100.  

Nadeem Syed, CEO of Misys, was reported in the FT saying "London is our back yard and it is natural to come back to the UK markets. We want to send a message that London is a financial centre and is open for business". Hear, Hear!

This really is great news if you care about where tech companies are listed. I do. It really matters as advisers, investors, analysts, journalists, startups, scaleups etc tend to gather in hubs. The more listed tech companies there are in London (and UK!) the more will come.

European TMT deal flow increased in September, after the summer lull, with more than 300 transactions and a corresponding increase in aggregate value, according to latest data from corporate finance firm Regent Partners. After two months of elevated valuation multiples, the aggregate deal Price/Sales ratio eased back to 1.5x and the Price/EBITDA ratio declined to 9.4x from 9.9x.  

Without doubt, the star deal of the month was the $8.8b acquisition by UK enterprise software aggregator, Micro Focus, of much of the software portfolio of Hewlett Packard Enterprise (HPE), including the smouldering remains of the company that was Autonomy (see Micro Focus/HPE software - the latest 'spin-merger'). Most of this makes great sense.

Meanwhile, just before its ‘shock horror’ profit warning (see here), UK business process services market leader Capita made a couple of bolt-on acquisitions (see here), of London-based amity communications, a language service provider for the financial and legal sectors, and Manchester-based cyber security testing player Westpoint.

There’s more besides, and subscribers to the TechMarketView Foundation Service can read our regular quarterly summaries of corporate activity in the UK software and IT services sector in IndustryViews Corporate Activity.

Prolific self-styled ‘venture builder’, Blenheim Chalcot, has announced a £1m investment in Hammersmith-headquartered social content discovery startup, Stack. Regular UKHotViews readers will know of Blenheim Chalcot, co-founded by the ever youthful Charles Mindenhall, as the backer behind public sector-focused IT services and BPO player, Agilisys (see Agilisys launches 'Agilisys Care' and work back), just one of over 40 businesses in its portfolio.

Stack aims to create a social network of reading, where users can track what people they know and respect are reading (like UKHotViews we would like to think!). The new funding will be used to further develop Stack’s AI capabilities ‘to advance its ability to learn about users’ preferences in order to provide even better personalised content recommendations.’

It has to be said that the market is awash with web and social media aggregation and curation apps, but Mindenhall has a canny eye for a good idea so let’s see how well Stack stacks up against the competition.

At the end of my 25th Sept 16 report - Twitter shareholders next to cash in - I remarked with astonishment“So here you have an old-fashioned social media site that is loss making and stagnating. But it is still apparently worth about 8x revenues!”.

It now looks as if the companies rumoured to be contemplating a bid for Twitter - Google, Apple, Facebook and Disney - have all ruled themselves out. Clearly sharing my views on Twitter’s valuation. As a result Twitter shares dived by 20% yesterday. There are still rumours that Salesforce might bid.

You can get almost anything ‘on demand’ nowadays, so why not a ghost writer? Such is the service provided by London-incorporated (but really US-based) startup, Story Terrace, which has just raised £500k in a funding round led by Rafael Ortiz, co-founder of comparison shopping website, NexTag.

Customers can engage Story Terrace to write their stories through a range of packages priced (in USD) from $1,200 for a 45-50 page book ghosted by a Junior writer, up to $6,000 for a 120-150 page tome written by a ‘critically acclaimed’ author.

OK, it’s not really ‘tech’ but it’s a neat idea. Now, let me tell you a story …

On 5^th Oct 16, I organised the Prince’s Trust ICT Leaders of the Last 40 Years Dinner. It was attended by over 100 of the ICT Leaders from the 1960s to the present day. Indeed representative CEOs from each decade gave short presentations.

The evening started with my own gallop through the decades which I thought TechMarketView's HotView's readers might be interested in reading. It went as follows:

I’m an ANALYST. I used to be the LEADING UK ICT analyst. In 2000, the FT christened me the @WISEGREYOWL (now my Twitter 'handle') as my many warnings of the dot.com crash came to pass. Now I guess my only claim to fame is to be OLDEST UK ICT Analyst!

1969

So let me start by looking at the UK ICT Industry in the 1960s– 1969 to be precise. Valued at not much more than £2b, it was dominated – over 70% - by Communications which itself was dominated by FIXED LINE VOICE, where the POST OFFICE – the forerunner to BT – had a monopoly. Hardware was dominated by IBM, the newly formed amalgam called ICT and the rest of the BUNCH (which none of today’s generation can name let alone remember)

For most of the 60s, there were essentially no software packages. There were consultancies and bureau. But SITS- Software & IT Services - companies were being born. Eg Freelance Programmers in 1962 (big welcome to Dame Stephanie Shirley tonight), Hoskyns in 1964 – which took six years to before it celebrated £1m turnover 1970. All the way through to Logica and Systems Designers in 1969.

1985

Fast forward 25 years to 1985. BT was starting to face competition in Telecomms – which was to become even more  intense with the advent of  mobile. Hardware really did rule the day as minis from DEC and HP found favour with ever smaller businesses and the PC revolution took hold which was eventually to put a computer on every desk. But the biggest change was in SITS as cheaper hardware demanded cheaper solutions and the software package came of age. But bespoke systems, third party hardware maintenance and, the incredible growth in outsourcing, boosted that sector greatly.

Top Ten SITS Providers in 1985

I published my first Holway Report in 1988 using 1985 as my base point. The table shows  the Top Ten SITS suppliers to the UK market as in the first Holway Report. With the exception of IBM, they were ALL UK HQed. Turn the clock forward 30 years to today and they have all been acquired by global players! This tale of our biggest and best tech players being acquired by global players continues to this day. It could all have been so different!

Today

Fast forward again to today. At £110b, the UK ICT market in 2015 was 50x bigger than in 1969. Rampant competition has meant that Telecomms has actually not only reduced its share of the ICT pie but of GDP. We are getting more and more comms for less and less as anyone who digs out their mobile, broadband and voice bills from 2000 and compares them to today’s will find. Maybe it really is the bargain of the Century!

But the same applies to hardware. In particular consumer hardware is cheap, easy to use and reliable. Another amazing revolution.

Today, SITS is the biggest sub sector at over 40%. It’s ironic that the shared data centre/bureaux concept of the 1960s disappeared in favour of on premise hardware and has now gone full circle to the Cloud and SaaS! Thomas Watson Jr of IBM in 1943 said ‘I think there is a world market for about five computers’. Oh how we all laughed! Well maybe he wasn’t wrong afterall. Let’s just hope that all five aren’t owned by Amazon!

But tech is not just ICT. The digital economy, where perhaps the UK really does lead, would add at least another £60b to the total if you add digital and social media, gaming and e-commerce provisioning etc. That’s c10% of the UK’s GDP!

Indeed, you could argue that every business is now a tech business – from the banks and airlines to every online store. We are indeed a Digital Nation – in a Digital World in the Digital Age

And we/YOU all made it happen!

Look out for Part Two of my presentation on Tuesday - The Shape of Things to Come.

Agilisys has continued to expand its footprint in Scotland with the signing of a contract with Renfrewshire Council. Agilisys will implement and support a new Enterprise Resource Planning (ERP) system providing a single route into information for everyday use by the council’s employees. The intention is that the web-based platform will streamline the council’s processes and provide read-time, up-to-date, management information for the improved planning and management of services.

When the contract tender was published it revealed an estimated maximum value of the contract at £7m over a seven-year duration. However, the initial contract period was intended to be five years with two possible one-year extensions.

Agilisys has considerable experience in the local & regional government market, particularly in customer experience management and ERP systems (often working with ERP provider, Unit 4, with its Agresso solution, which it is partnering with again on this deal). It has also long had a successful policy of landing and expanding in selected regions, as it has done in areas like London and the Southwest in the past. As we pointed out as far back as 2011 in Agilisys: successfully taking on the big boys, this allows the company to show commitment to invest in the local area. It is also a sensible route to take as shared services and other collaboration initiatives accelerate. As UKHotViews readers will already be aware, Agilisys has already won deals, in partnership with CGI, at Edinburgh Council and Scottish Borders Council (see CGI wins with Agilisys at Scottish Borders). It looks like ‘land and expand’ is working in Scotland too.

Photo shows Agilisys’ Business Development Director, the ever-charming Andrew Mindenhall, with Renfrewshire Council Chief Executive, Sandra Black.

Strategic partnerships are being signed all the time but we thought these two were worth covering as they illustrate an important point. US telco, AT&T, has just announced alliances with Amazon Web Services (AWS) and IBM.

Firstly, the deal with AWS will see it provide a high-speed private networking service (called NetBond) to link its business customers to AWS’s cloud services. As part of the agreement, end customers will be able to send data from preconfigured sensors on AT&T’s network to the AWS cloud. We think that will be attractive to buyers that demand the level of security and reliability a 'heavy hitter' such as AT&T can provide, and that are perhaps starting to explore IoT (internet of Things) models.

Secondly, IBM has agreed to sell AT&T’s FlexWare software product, which is used by enterprises to manage virtual network functions (read more on this technology on our SecureConnectViewsresearch stream: Trends and Drivers in the UK Network Connectivity and Services Market;  SDN/NFV to boost cloud service profit margins). The technology is an important component in helping organisations to provide IT-as-a-Service.

What these alliances illustrate is our long-held view that ‘new world’ technologies and suppliers are very reliant in many ways upon legacy providers with their deep enterprise connections and experience. Strategic relationships such as these are critically important for AWS as they are entry points into the enterprise, which is of course not its ‘natural habitat’. Many corporates have made tactical AWS purchases, while some have developed more strategic approaches to investment. But if AWS is to take a greater share of the bulk of enterprise IT spend (which is still legacy IT services), it needs to penetrate the enterprise further. For providers such as AT&T - and IBM to a lesser extent given its own cloud capabilities - partnering for cloud and cloud enabling technologies enables them to provide a range of new and innovative services into their enterprise accounts.

Over the past year or so, Atos has made some good progress in developing its business with UK financial services companies, through its strategy of building “incision propositions” and by benefiting from the “shop window” provided through its flagship contract with National Savings and Investment (NS&I).

Today’s announcement of a major contract win with Aegon’s UK Life and Pensions (L&P) business marks another important step forward. Through a new 13-year, £200m+ contract, Atos will take over responsibility for managing Aegon’s protection business, including the TUPE transfer of 300 people in Lytham.

Atos will be running Aegon’s end to end operations from policy initiation to claims processing and adding new features and self-service capabilities for the important Independent Financial Advisor (IFA) sector.

Atos began talks with Aegon some 18 months ago with a view to Atos taking on its 500,000 protection customers. Key determinants of Atos’s success centred on its plans to digitalise the customer journey, improve the interactions with the IFA community, and drive better productivity and cost benefits via robotics and automation.

Aegon was also keen to ensure that its operations were resourced from onshore facilities. This aligns well with Atos’ plans to build a BPS centre of excellence in the North-West, on the back of its Blackpool-based facilities aligned to NS&I. Atos will now able to showcase its ability to transform L&P insurance operations to other providers, as several first generation outsource deals come up for renewal over the next year or so.

Subscribers to TechMarketView’s research services will be able to read the full details and analysis of this important new Atos win in UKHotViewsExtra later. 

Their website hasn’t quite caught up with the news that Exeter-headquartered services marketplace, blur Group has branched out to add product procurement to its platform. The aim is to turn blur into the proverbial ‘one stop shop’ for its customers – now focused on large enterprises – to procure goods, including ‘engineering components and computer hardware’, as well as business services.

This significant change in business model both confuses and concerns me.

Firstly, reselling products requires a supply chain and fulfilment cycle that is very different from that of reselling services. For example, as a product reseller you have to be geared up to manage out-of-stock and short or incorrect delivery situations, product returns and refunds. What about warranty handling? And what about cross-border taxes and duties? The list goes on.

Secondly, blur is doing a fine job of losing money on a nominal 20% commission on services sales, the reasons for which regular UKHotViews readers will be very familiar. With gross margins on volume product resale notoriously low, it takes an incredibly well-oiled fulfilment machine to make any bottom line profit at all, even if you are not warehousing the inventory yourself.

Six months ago I thought founding CEO Philip Letts might have had a smidgen of a chance of getting the company back on the rails after re-focusing blur’s business model (see blur’s new model comes late into focus). I fear this new diversion will lead only to a dead end.

UK-headquartered international online food delivery service Just Eat has invested £3.5m in Flypay, the London-based startup that launched as a restaurant bill-paying app but is morphing into a technology stack provider for the hospitality industry.

In July last year Flypay raised £7m from media publisher TimeOut (see TimeOut treats Flypay to £7m funding feast). At the time I was rather wondering how Flypay would make any serious dosh from the business model and I guess founder Tom Weaver reached the same conclusion. Having said that, I’m not at all clear what Flypay’s extended platform actually does - or what it charges for it - though in an interview with TechCrunch, Weaver alluded to ‘mak(ing) it significantly easier (for restaurants) to innovate around digital commerce … integrating technologies across the customer journey…’.

This looks like a smart move by Just Eat to check out Flypay’s platform from the inside, with a view, one assumes, to dialling up a take-away if it likes what it sees.

Quattro Business Solutions (QBS Group), the UK’s leading Microsoft Dynamics Master VAR, selected Syscap to develop a bespoke finance programme aimed at driving further growth amongst its international network of partners.

The QBS Group finance programme was launched at the company’s QBShare partner conference at Microsoft’s UK headquarters in Reading on 14 September. It will commence with a 0% finance incentive to help QBS’ business partners boost recurring revenue sales of Microsoft Dynamics solutions by overcoming customer budgetary or cash constraints to close more deals.

The two-year 0% payment terms offer will run until further notice and has been created to enable legacy NAV clients to upgrade to the software’s current version. The offer is available on Microsoft Dynamics NAV products including perpetual licenses, services and support for deals of £20,000 and above.

William McIntee, UK Lead at Quattro Business Solutions, comments, “We have forged an enviable reputation for providing comprehensive and unrivalled support to our Dynamics partners and our partnership with Syscap further enhances our services to them.  Syscap has a deep understanding of the Microsoft Dynamics channel which was instrumental in us appointing them to be our sole finance provider”.

Discover why QBS Group and many other leading technology providers choose to partner with Syscap to support their business growth and differentiate themselves in a busy marketplace. Visit www.syscap.com today or email partnerprogramme@syscap.com for further information.