NEW ZEALAND TECHNOLOGY SECTOR First to see the light
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THE INVESTOR’S GUIDE TO THE NEW ZEALAND TECHNOLOGY SECTOR First to see the light
Report Objective
This report has been prepared by Technology Investment Network (TIN) on behalf of the New Zealand
Ministry of Business, Innovation and Employment (MBIE).
This report makes a strong case for investment in New Zealand's technology sector. It Inclusion in the TIN top 200 requires technology firms to:
draws on the annual TIN100 Report (www.tin100.com) which provides 1. Originate in New Zealand;
detailed information on the performance of the country's technology companies, 2. Retain a meaningful presence in New Zealand;
and the New Zealand Technology Industry Association's Digital Nation New Zealand 3. Operate in the High-tech Manufacturing, ICT or Biotech sectors;
Report (July 2016).1
4. Have developed their own technology-based intellectual property; and
5. Generate at least 10% of their revenues offshore.
Report Content
Information is gathered by surveying companies that satisfy the above criteria. When
I. Opportunities to Invest
a survey is not returned or is incomplete, publicly available figures are used. If none are
Reasons to invest in New Zealand technology
available, revenue is estimated based on staff numbers, revenue per employee ratios
II. New Zealand's Technology Sector at a Glance from comparable companies and data supplied in previous years.
New Zealand technology companies are growing strongly
Interviews with leading sector analysts and firms have also been conducted for
III. Growth Capabilities research purposes.
Growth exists across many industry sectors
All figures in this report are quoted in New Zealand dollars unless otherwise specified.
IV. Industry Support: the Technology Ecosystem
A maturing business ecosystem and supportive government promote Sector Definitions
technology success
In this report the “High-tech Manufacturing” sector refers to companies that
V. Investor Environment fall under the OECD definitions of High-Technology and Medium-High
There is growing investor interest in New Zealand's unique high-growth Technology Manufacturing.
technology firms
The OECD definition for “ICT” makes it a cross-cutting sector that has some
VI. Learn More overlap with these manufacturing definitions; refer to the latest TIN100 Report
(www.tin100.com) for individual company sector classifications. The OECD definition
Methodology of Biotechnology has also been used by TIN to classify companies that fall within the
“Biotech” primary sector.2
The analysis in this report comes from public and private company data for the top
200 New Zealand technology firms (as determined by revenue). This data has been
collected and aggregated by TIN over the past eleven years. Key Contacts
The report was prepared by the Technology Investment Network (TIN). To contact
please email tin100@tinetwork.com. See page 32 for the contact details of other
key information sources.
1
Digital Nation: From Tech Sector to Digital Nation: www.nztech.org.nz/promote/about-the-sector.
2
All data is derived or sourced from TIN100 Report analysis, so that double counting is eliminated.The Investor’s Guide to the New Zealand Technology Sector /
1
New Zealand offers Attractive Investment Opportunities
The technology sector offers multiple investment opportunities in ambitious and scalable firms that are
targeting global problems with market-leading solutions.
New Zealand is a developed nation with strong global trade links and a comprehensive
network of free trade agreements, primarily around the Asia Pacific region. It is ranked
number two globally by The World Bank Group for ease of doing business.
The New Zealand
Each morning, the east coast of New Zealand is the first part of the world to see the
light of a new day. Never one to follow, New Zealand is forging its own path through the
sometimes turbulent, but always exciting, global technology sector.
Technology Sector Most of the world's population has benefited from technologies originating in New
Zealand. The country is home to a wide and growing range of innovative technology
companies, powered by an ethnically diverse and highly educated workforce.
NZ's 3rd largest export sector With just over 4.7 million inhabitants, New Zealand's small domestic market means
companies are globally focused from day one. Its technology firms have highly efficient
research and development practices and are supported by stable, business-friendly
government, and internationally well-regarded tertiary institutions.
$6.5B offshore revenue (top 200 tech firms) New Zealand's High-technology Manufacturing, ICT and Biotechnology companies
have grown to be significant export earners. Active angel investor communities and a
national network of technology incubators and innovation precincts fuel this growth.
$16.2B of national GDP*
The New Zealand Government's Investment Attraction Strategy aims
28,749 firms employing 98,900 workers*
to promote:
• High-quality foreign direct investment in areas of competitiveness
(NZ population 4.7m) for New Zealand;
• Overseas investment in research and development, especially encouraging
multinational corporations to locate their R&D activity in New Zealand; and
• The attraction of individual investors and entrepreneurs to expand
New Zealand's pool of smart capital.
*Digital Nation New Zealand: From Tech Sector to Digital Nation, NZ Technology Industry Association (June 2016)2
Reasons to Invest in New Zealand Technology
New Zealand’s ambitious, well-connected and fast-growing technology sector thrives on meeting global
challenges, doing more with less and thinking differently.
Centrally Positioned and Globally Connected Strong Technology Ecosystem
New Zealand provides a great base from which to export
Government and angel and seed investor networks
globally with connections to North American and Asian
are investing significantly in New Zealand's technology
markets. The country has a comprehensive network of free
sector and supporting ecosystem. Government grants
trade agreements, promoting easier trade and investment
are available for research and development, training and
flows. New Zealand has some of the fastest internet speeds
international growth. Government also assists with funding
in the world. It is a safe, developed democracy offering many
for technology hubs, incubators and accelerators.
lifestyle benefits attractive to skilled labour. New Zealand's
innovative technology scene is a magnet for entrepreneurs. In the year to June 2015, government institution
Callaghan Innovation supported over 85 companies
Vista Group recently signed a deal with WePiao, a
with $135 million of R&D grants, funding up to 20% of
Tencent affiliate, to distribute cinema exhibition
companies' R&D expenditure.
software across China. Vista Entertainment
Solutions provides software to 38% of the world’s New Zealand
20+ screen cinema exhibition chains.
Technology
Lean R&D and Innovative “Can-Do” Culture
Sector
Dynamic Companies with With a small domestic market, New Zealand technology
High Growth Capabilities firms need to be globally focused from the outset. New
Historically New Zealand’s technology sector has been Zealand firms have a "can-do” culture and an ability to
dominated by its High-Tech Manufacturing companies. extract maximum value from available resources. With
Now, a diverse array of agile and highly innovative software a strong history of innovation and as early adopters of
companies have also emerged, focused on being global new technologies, New Zealand companies are building
leaders in their chosen markets and with highly scalable solutions to global challenges and selling those solutions
business models. all over the world.
Orion Health, a data-driven healthcare open platform Buckley Systems builds components for the
provider, assists in the storing of over 100 million machinery that produces 90% of the world's
patient records, changing the way hospitals use data. silicon chips.The Investor’s Guide to the New Zealand Technology Sector /
3
An Innovative Heritage
New Zealand’s technology sector has a long tradition of combining intellectual smarts with deep practical
skills. Most of the world’s population has benefited from technology pioneered in New Zealand. There are
many examples, here are just a few:
JOSEPH NATHAN
forms “Glaxo”- later
Glaxo Smith Kline
RICHARD PEARSE
First uncontrolled
BILL GALLAGHER
Invents the electric
NEW ZEALAND:
(GSK) powered flight fence A Beta "Test Bed" for
1873 1903 1936 New Technologies
• First country in the
NOW NOW NOW world to trial EFTPOS*
Douglas Pacific Aerospace Gallagher Group • Facebook and
Pharmaceuticals
AFT Pharmaceuticals
Martin Jet Pack ISL Animal Health LinkedIn have both
Simcro tested new features in
BILL PICKERING Tru-Test
BILL HAMILTON Heads US Jet New Zealand before
Waikato Milking
Develops his own Propulsion Lab
Systems launching globally
version of a water jet (US outer space
propelled boat exploration)
• Google Loon: test site
1954 1944-1976 for balloon-powered
internet delivery to
remote regions
NOW NOW
Hamilton Jet Rocket Lab
Waterjet propulsion Rockets to launch
systems small satellites
SIR PETER JACKSON,
SIR RICHARD TAYLOR & JAMIE
COLIN JOHNSON BRUCE MCLAREN SELKIRK form Weta Digital- visual
Invents the disposable Forms racing car effects for blockbuster movies like
syringe Team McLaren The Hobbit & Avatar
1966 1966 1993
NOW NOW NOW
Fisher & Paykel Healthcare McLaren Automotive (UK) Weta Digital
No.1 globally in respiratory 8i
humidification Developers of new trademarked medium
Holographic Virtual Reality (HVR)
* EFTPOS refers to "Electronic Funds Transfer at Point Of Sale".4
Centrally Positioned and Globally Connected
New Zealand has Free Trade Agreements – in place or proposed – with all major global economies;
Ultra-Fast Broadband fibre connections extend throughout the country and internationally.
16
Current Free Trade
Agreements, largely in the
Asia-Pacific region.
5
Free Trade Agreements
proposed, currently under
negotiation or awaiting
ratification.
60.7 milliseconds
Time taken to send data
between New Zealand and
the United States.
80%
FREE TRADE AGREEMENTS (FTAs)
Countries with current FTAs Countries where FTAs are proposed, under negotiation or awaiting ratification
FIBRE CABLES
Percentage of New Zealand
EXISTING Southern Cross Cable TASMAN 2 Cable Aqualink Cable population with Ultra-Fast
UNDER CONSTRUCTION HAWAIKI Cable TASMAN Global Access (TGA) Cable Broadband fibre by 2022.
PROPOSED Bluesky Moana CableNew Zealand's
Technology Sector
at a Glance
“What I like about the ideas I've seen coming out
of New Zealand is that they are fundamentally
based on science and technology innovations.
The innovation comes first and, oh by the way...
you can use it to build a good business. I think
that is the right priority... and that's exciting!”
Vinod Khosla, Founder of Khosla Ventures, Co-founder of Sun Microsystems,
former general partner at Kleiner Perkins Caufield & Byers
Investor in Rocket Lab, BioDiscovery, Lanzatech6 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
Strong and Sustained Revenue Growth
Throughout challenging macroeconomic times, New Zealand's technology sector has grown strongly
and earned significant international revenue.
Revenue Over Time (Top 200 NZ technology firms) Revenue Growth 2015 Revenue by Market
$9.0B 16% (Top 200 NZ technology firms)
5%
$8.5B 14%
6%
$8.0B 12% 12% Australia
29%
2015
$7.5B
10%
$7.0B
8% North
America
$6.5B
21%
6% New Zealand
27%
$6.0B
4%
$5,5B Australia Europe
2% New Zealand Middle East / Other
North America China / Rest of Asia
$5.0B 2015
2007 2008 2009 2010 2011 2012 2013 2014
Data source: Top 200 NZ technology firms (ranked by revenue), TIN100 Report 2015.The Investor’s Guide to the New Zealand Technology Sector /
7
Many Global Markets
The top 200 New Zealand technology firms are driving significant revenue growth in diverse global markets.
Europe China & Pacific Aerospace, an
NOTABLE INVESTORS
Revenue Share 12.2%
ROA* FROM REGION aircraft manufacturer,
Revenue Share 4.6%
CAGR 5YR recently sold 53 aircraft
-10.7% in a $120m deal to
CAGR 5YR Chinese firms.
3.5% North America
Revenue Share 21.2%
NOTABLE INVESTORS
FROM REGION
CAGR 5YR
2.7%
NOTABLE INVESTORS
Orion Health provides CAGR 5YR
FROM REGION
electronic patient 10.3%
information for 50% of
Scotland’s population.
CAGR 5YR
New Zealand
21.7% Revenue Share 26.9%
Douglas Pharmaceuticals
Australia entered the US market 3
Revenue Share 29.4%
years ago and now has
Middle East turnover in the US of $30m.
NOTABLE INVESTORS FROM REGION
& Other
Revenue Share 5.7%
CAGR 5YR
5.1%
Temperzone, a leading airconditioning
manufacturer has Australian turnover of $120m
and over 200 staff based there.
Data source: Top 200 NZ technology firms (ranked by revenue), TIN100 Report 2015. CAGR: The Compound Annual Growth Rate is the mean annual growth rate of an investment over a specified period of time longer than one year.
*ROA: Rest of Asia8 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
A Rapidly Changing Technology Landscape
Sustained growth has shifted New Zealand's technology sector up a gear, with a higher proportion of
ambitious and scalable companies...
Percentage of Revenue by Sub-Sector Number of Companies by Revenue Size Bands
100% 100%
90% 90% Company sizes have
been growing rapidly.
Now 20% of the top 200
80% 80% New Zealand technology
The fast-growing Financial
firms are generating
Services Technology,
revenues in excess
Software Solutions, IT
70% 70% of $50m.
Services and Healthcare
sectors now make up over
60% 40% of the top 200 New 60%
Zealand technology firms.
50% 50%
Financial Services Technology
40% 40%
Software Solutions
IT Services
Healthcare
30% 30%
Production Handling
Agritech
20% Electronics 20% Revenue Size
Navigation Products > $200m
Other, Industrial > $100m
10% Telco Solutions 10% > $50m
Appliances > $10m
Transportation > $20m
0% Wireless Solutions 0% < $10m
2010 2015 2010 2015
Data source: Top 200 NZ technology firms (ranked by revenue), TIN100 Report 2015.2015 Revenue
$0m
$2m
$4m
$6m
$8m
$10m
$12m
$14m
$16m
200
199
198
VC
197
196
195
194
193
192
191
190
189
188
187 ikeGPS
IPOIPO
186 Pacific Edge
185
184
183
182
IPO
181 Neuren Pharmaceuticals
180
179
178
IPO
177 Pushpay
176
175
IPO
174 Connexionz
173
VC
172 Outsmart
171
170
169
Data source: Top 200 NZ technology firms (ranked by revenue), TIN100 Report 2015.
168
167
166
VC
Indicates the company has received VC investment
165 YikeBike
IPO
164 Energy Mad
163
162
161
IPO
160
159
158
VC
157 Biomatters
156
...and there is a strong pipeline of smaller companies.
155
154
153 IPO Pharmazen - Trading as Waitaki Biosciences
152
151
150 Enprise Group
IPOIPO
149 Tomizone
148
Revenue Ranking
147
VC
Ranking of 101st-200th Technology Companies in New Zealand (by Revenue)
146 PowerbyProxi
145
144
143
142
141
VC
140 Net Value
VC
139 Straker Translations
138
137
136
VC
135 Vend
134
133
132
131
130
129
IPO
128 Snakk Media
127
5YR Absolute Revenue Growth
126
125
124
123
VC
122 Author IT Software Corporation
121
120
119
118
Indicates the company has listed on the NZX or NXT stock exchanges
117
116
VC
115 GFG Group
114
IPO
113 Serko
112
111
The Investor’s Guide to the New Zealand Technology Sector /
110
109
108
107
VC
106 Konnect Net
105
104
103
102
VC
101 Pacific Aerospace
910 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
Technology Sector Growth is Nationwide
More than just an urban phenomenon, high-performing technology firms can be found throughout New Zealand.
BT
4% % OF TOTAL REVENUE
Auckland & Northland | Auckland Population: 1.5m Hamilton | Waikato Population: 220k
The “City of Sails,” home to a diverse range A strong Agritech region with a
58.1%
ICT
of companies from medical device innovators to number of privately held firms 18%
GPS navigators, to ICT solutions providers and specialising in agricultural and
ICT CAGR 5YR CAGR 5YR
HTM game developers. livestock technologies.
48% 4.6% 48% 2.6%
Ninja Kiwi, video game creator,
increased revenue from $1.5m Birthplace of the
HTM
to $20m in just 5 years. 6.0% electric fence:
82%
Gallagher Group
turnover in excess of
Central North Island | Population: 200k $200m, reinvesting
10% each year in R&D.
Home to a wide range of companies including
2.5%
BT
17% High-Tech Manufacturing and Biotech firms.
ICT
8% CAGR 5YR While Metalform operates out of a
1.5% small rural town called Dannevirke, Wellington & Lower
HTM
it has offices across the US, North Island | Population: 400k
New Zealand and Australia. Wellington lays claim to HTM
75%
18.6% originating the “flat white CAGR 5YR
35%
Christchurch &
economy”- the region features a 8.9%
variety of innovative companies, ICT
South Island from movie blockbuster digital 65%
BT Christchurch Population: 367k effects firm Weta Digital to cloud
12% Historically a manufacturing hub, accountancy firm, Xero.
this region now hosts a number
CAGR 5YR of growing ICT firms such as SLI 14.8% Wellington-based Data Torque
ICT 3.6% HTM
Systems and Jade Software. builds tax management
35% software for developing
53% Pacific Edge, a Dunedin-based cancer diagnostics economies, and achieved 28%
company, is revolutionizing detection and growth over the past year.
management of bladder cancer.
BT: Biotech, HTM: High Tech Manufacturing, ICT: Information and Communications Technology.
Data source: Revenue & CAGR: Top 200 NZ technology firms (ranked by revenue), TIN100 Report 2015.
Population estimates: Statistics New Zealand 2015 Infoshare.Growth Capabilities
“It’s exciting to move from start up to a
global scale up, passing through $100m and
quickly $200m in revenue. All our planning
now is getting to a billion as fast as we can.”
Rod Drury, Xero CEO and Founder12 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
Revenue is Growing Across Many Categories
Financial Services Technology Software Solutions IT Services Healthcare Production Handling
CAGR CAGR CAGR CAGR CAGR
23% 16% 9% 7% 6%
2010 2015 2010 2015 2010 2015 2010 2015 2010 2015
$350m $710m $1.25B $1.47B $410m
Agritech Electronics Navigation Products Other, Industrial Telco Solutions
CAGR CAGR CAGR CAGR CAGR
5% 4% 4% 2% 1%
2010 2015 2010 2015 2010 2015 2010 2015 2010 2015
$865m $558m $581m $659m $240m
Appliances Transportation Wireless Solutions
CAGR CAGR CAGR
-0.4% -0.6% -3.4%
2010 2015 2010 2015 2010 2015
$1.58B $98m $185m
Data source: Top 200 NZ technology firms (ranked by revenue), TIN100 Report 2015. CAGR: The Compound Annual Growth Rate is the mean annual growth rate of an investment over a specified period of time longer than one year.The Investor’s Guide to the New Zealand Technology Sector /
13
New Growth Leaders are Making Waves
Scalable companies operating in internationally fast-growing areas of technology are now leading growth.
Historically, large High-tech Manufacturing firms such Top 10 Technology Sub-Sectors by 5 Year Revenue CAGR
as Fisher & Paykel Appliances and agritech firm
25%
Gallagher Group have led New Zealand's technology
sector growth.
Today, growth is also led by firms operating in the
globally fast-growing sub-sectors of Financial Services 20%
Technology, Software Solutions, IT Services, and
Healthcare. Some of these firms are profiled on the
next pages. Following international trends, many have
developed rapidly scalable business models (often
5 Year Revenue CAGR
15%
based on SaaS*) and innovative company cultures as
the foundations for their growing success.
10%
Bold Scale-Up Methods
"Gentlemen, we have run
out of money. It's time to
5%
start thinking".
New Zealander Ernest Rutherford,
the Father of Nuclear Physics
0%
New Zealand's early pioneers developed highly
Financial Services Technology
Software Solutions
IT Services
Healthcare
Production Handling
Agritech
Electronics
Navigation Products
Other, Industrial
efficient research and development practices in
response to limited resources. Today, this same
ingenuity is producing the bold scale-up models
developed by many of the country's high-growth
technology firms.
* SaaS: "Software as a Service," a model in which software is licensed on a
subscription basis and is centrally hosted.
Data source: Top 200 NZ technology firms (ranked by revenue), TIN100 Report 2015.14 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
New Zealand's High-Growth Technology Sectors
Innovation, diversity and growth are demonstrated in the following sectors by New Zealand's
top 200 technology firms.
Financial Services Technology Software Solutions
The Financial Services Technology sector grew 60.5% in Software Solutions includes a diverse range of companies.
2015, making it the fastest growing sector in New Zealand Examples are Diligent, providers of easy-to-use board
technology. It has seen the emergence of successful management software, and Vista Group, developers of
cloud-based accounting company Xero and payment a cinema ticketing system that processes over a billion
Revenue Revenue
solutions companies such as Vend and Pushpay, tickets annually. A number of smaller Software Solutions
Share Share
attracting significant overseas investment. companies such as SLI Systems and Wynyard Group are
3.9% 7.9% listed on the NZX (main New Zealand stock exchange.)
Accountancy software provider Software provider for cinema
management
Sector share (of Top 200 NZ tech firms)
Global Vision: “Enabling millions of Sector share (of Top 200 NZ tech firms)
5 YEAR GROWTH $230m small businesses worldwide to thrive 5 YEAR GROWTH $370m Global Vision: “Becoming the leading
on beautiful software.” player in film industry data.”
5 YEAR CAGR 23.3% 5 YEAR CAGR 15.7%
IT Services Healthcare
IT Services has historically been a staple sector of the NZ The Healthcare technology sector in New Zealand is the
technology economy. The sector has been led by privately- second largest in dollar terms. It includes Fisher & Paykel
held company Datacom, the leading provider of data Healthcare, market-leaders in respiratory care, as well as
centres in New Zealand, reaching nearly $1B in revenue. Revenue fast-growing cloud software company Orion Health.
Revenue
Share Share
14.0% 16.4%
Leading IT Services firm in
Australia & New Zealand
Medical device manufacturer
Sector share (of Top 200 NZ tech firms) Global Vision: “Providing the very Sector share (of Top 200 NZ tech firms)
Global Vision: “Providing innovative
best run data centres in the world.”1
5 YEAR GROWTH $450m 5 YEAR GROWTH $410m medical devices which help to improve
1
Endorsed by The Uptime Institute (UTI) for its Orbit
and Kapua data centres. patient care and outcomes.”
5 YEAR CAGR 9.4% 5 YEAR CAGR 6.7%
Data source: Top 200 NZ technology firms (ranked by revenue), TIN100 Report 2015.The Investor’s Guide to the New Zealand Technology Sector /
15
Global Ambitions
Agile, fast-moving New Zealand companies are achieving substantial and sustained international growth.
Here are 20 examples of companies with 5 year CAGRs of 20% or above:
75%
Publicly listed or
84%
Total revenue earned
80%
ICT companies
VC-backed outside of New Zealand
5 Year Revenue CAGR ICT Biotech High-tech Manufacturing
200%
180% 180%
160% 150%
140%
100% 105%
80% 85%
78% 73%
60% 66%
48%
40% 39% 36% 35% 32% 30% 27%
20%
24% 22% 22% 21% 21% 20%
0%
EROAD
Vend
Xero
Konnect Net
Snakk Media
Diligent Corporation
Ninja Kiwi Ltd
Fiserv NZ
Biomatters
Serko
Pacific Edge
Wynyard Group
Spider Tracks
Vista Group International
Agility CIS
Finzsoft Solutions
Hitech Solutions
Orion Health
SLI Systems
AFT Pharmaceuticals
2015 Revenue
$17.5M $15.2M $123.9M $13.0M $9.9M $112.9M $19.1M $34.6M $6.3M $14.2M $4.1M $26.0M $5.7M $47.2M $12.6M $19.6M $5.6M $164.0M $28.0M $76.1M
Data source: Top 200 NZ technology firms (ranked by revenue), TIN100 Report 2015. CAGR: The Compound Annual Growth Rate is the mean annual growth rate of an investment over a specified period of time longer than one year.16 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
Aspiring Market Leaders
New Zealand’s most innovative scale-up companies are disrupting traditional industries, as these two
examples show.
VISION: “To disrupt the point-of-sale industry on a global scale, and provide our
customers - the little guys - with an affordable suite of business tools they can
leverage to effectively compete with the big guys.”
A cloud-based Point Of Sale system for retail stores operating in over 140
countries since launching in late 2010.
CAGR 4YR
Notable international investors include:
151% Valar Ventures, Square Peg Capital, Point Nine Capital
Domestic Revenue International Revenue
VISION: “To become the trusted corporate travel and expense management partner
for every corporation and corporate traveller in the world.”
Online travel and expense management software with over 2 million users
and 30% of Australian corporate travel expenditure passing through their
CAGR 5YR system each year.
36% Serko is publicly listed and has been a finalist for the New Zealand Hi-Tech
Company of the Year award for the last 3 years.
Domestic Revenue International Revenue
Data source: TIN100 Report 2015
New Zealand’s globally-focused Game Development industry. Game development is also a fast-growing category within the ICT sector:
• 13% growth in 2015, earning $88.9m in revenue • 92% of that revenue came from exports of interactive entertainment software and online services
Source: NZ Game Developers Association, www.nzgda.comIndustry Support:
The Technology Ecosystem
“New Zealand Trade & Enterprise has
been instrumental in helping us to
make the most of the growing China
film market opportunity.”
Murray Holdaway, Vista Group CEO18 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
New Zealand: Open for Business
A well-established ecosystem supports New Zealand's technology industry growth.
Regional Development Agencies
Economic development agencies, organised into
14 key regional groups, provide support to local technology firms.
Simple, Predictable and Fair Tax Environment
• US-based Tax Foundation (2014) ranks New Zealand’s overall tax
system as second in the developed world for its competitiveness
- and top for its individual (i.e. personal) taxes.
• No general capital gains tax, although this can apply to some
Mature & Emerging Financial Markets specific investments.
Long-established NZX market and the recent launch of the
NXT public market for small and emerging businesses. Strong Angel Investor Networks
Early-stage investment vehicles for seed capital.
World-leading Tertiary Institutions
• Ranked in the world’s top 50 universities in 20 subjects Collaborative Working Spaces
and in the world’s top 100 across 54 subjects.* Number of workspaces on the rise in all regions.
• Numerous entrepreneurial development programmes
helping support student ventures.
World-leading Internet Speeds
Three existing international fibre cables
Supportive Central and another two under construction. Government
Government Policy has committed over $2B to provide Ultra-Fast
Many initiatives from the Government's Business Broadband to 80% of New Zealanders by 2022.
Growth Agenda have benefited the technology
sector including:
• Callaghan Innovation to support innovative companies.
• ICT graduate schools established to meet growing demand for skilled talent. “New Zealand’s regulatory environment,
• Funding to increase the number of engineering graduates.
IP protection regime and quality research
universities are a big plus for tech investors.”
• $35m investment in Entrepreneurship Universities.
Deepak Natarajan, Former Director - Intel Capital, Singapore
*Source: Universities New Zealand, April 2015The Investor’s Guide to the New Zealand Technology Sector /
19
New Zealand’s regulatory framework and business environment supports the technology ecosystem.
Government policy has provided safety
for investors regarding the information
and market conduct they can expect
Our Business Record
in New Zealand's financial markets. A
number of schemes have also been
introduced to make capital raising easier: Ease of starting a business1
• Launch of NXT Market
A market for small businesses
allowing raising of capital with lower
compliance costs.
Protecting minority investors1
• NZ Venture Investment Fund (NZVIF)
Established in 2002 by Government
to build a vibrant early stage New “New Zealand has the
Zealand investment market ($300m fundamentals in place...
funds under management). Ease of doing business1
We are ranked among the
• Equity crowdfunding regulation
New Zealand already has four equity
highest countries in the
crowdfunding platforms for early- world for property rights,
stage start ups and small businesses. Forbes Best Countries for Business2 market freedom, free trade,
• Employee Share Schemes lack of corruption and legal
Government is encouraging
and political rights. And our
participation in these schemes
by working to ensure fair taxation taxation rate - personal and
Heritage Foundation Index of Economic Freedom3
treatments apply. business - is one of the lowest
Initiatives to attract investors to stay in in the OECD.”
New Zealand have also been introduced, Sir Paul Callaghan, GNZM FRS FRSNZ
such as:
• Global Impact Visa
One of the Most Transparent Countries in the World 4
A new visa system to help encourage
talented entrepreneurs to live and
work in New Zealand. World Bank Group Doing Business 2015, 2Forbes 2015, 3Heritage Foundation 2015, 4Transparency International 2015.
120 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
Government Commitment
The New Zealand Government is committed to building innovation - providing grants, facilitating investment
and supporting export growth.
Callaghan Innovation New Zealand Trade
provides access to & Enterprise (NZTE)
experts, technology and helps New Zealand
product development, businesses expand
innovation skills, business overseas, attract
collaborations and investment and
R&D grants. grow exports.
Funds Founder and Supported by a Regional
Technology incubators Product and
service
BUSINESS Market Business Partner network
and digital accelerator of 14 organisations
programmes. development GROWTH Development
throughout New Zealand.
In 2015 Callaghan NZTE has nearly
40
Innovation approved over international
$165m offices and
of growth, project and
student grants for
250 overseas
advisors to help
Kiwi Connection, a new technology centre located in Ho Chi Minh City, is making it easier for New Zealand companies
523
New Zealand technology companies to invest and conduct business in Vietnam.
expand their offshore
businesses. Kiwi Landing Pad, located in San Francisco, helps high growth New Zealand technology operations.
companies establish and grow their business in the US.The Investor’s Guide to the New Zealand Technology Sector /
21
Key Support Organisations
Some of New Zealand's technology sector supporters:
Tertiary/ Research and Government and NZ Angel and Seed Investors / Collaborative Spaces, Tech
Development Institutions Industry Networks Venture Capital Transfer Offices and Incubators
Angel & Seed Investors:
NZ Wide
Venture Capital:
Auckland &
Northland
Hamilton
North Is.
Central
Launch Taranaki
Lower North Is.
Wellington &
Christchurch/
Other South Is.
South Island
ITC Graduate School
Page 32 lists contact details for the key NZ-wide organisations.22 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
Regional Support
There is a comprehensive network of regional institutions, incubators and investor groups across
New Zealand.
Auckland & Northland Central North Island
Regional Development Agencies: 2 Regional Development Agencies: 4
Key Incubators/Collaborative Spaces/ Key Incubators/Collaborative Spaces: 3
Tech Transfer Centres: 9 Tertiary/Research Institutions: 3
Tertiary/ Research Institutions: 8 Regional Angel/Seed Investment Networks: 4
Regional Angel/Seed Investment Networks: 5 Auckland
Wynyard Quarter Innovation Precinct: a $20m multi- Tauranga
year project is underway to develop approximately
Hamilton Wellington & Lower North Island
48,000 square metres of space in the Auckland CBD Regional Development Agency: 1
as an “innovation cluster” of ICT/digital media and Key Incubators/Collaborative Spaces: 7
other high-tech companies, backed by government
and private sector organisations. Gisborne Tertiary/Research Institutions: 5
Regional Angel/Seed Investment Networks: 1
Napier
Palmerston North Wellington Tech Hub Innovation Precinct:
developed in conjunction with existing
Hamilton
collaborative workspace provider Biz Dojo.
Regional Development Agencies: 2
Key Incubators/ Collaborative Spaces: 3 Nelson
Tertiary/Research Institutions: 2 Wellington
Regional Angel/Seed Investment Networks: 1 Other South Island
Regional Development Agencies: 4
Key Incubators/ Collaborative Spaces: 2
Christchurch Christchurch Tertiary/Research Institutions: 5
Regional Development Agencies: 1 Regional Angel/Seed Investment Networks: 2
Key Incubators/ Collaborative Spaces: 2
Tertiary/Research Institutions: 3
Regional Angel/Seed Investment Networks: 2
Queenstown
EPIC (“Enterprise Precinct Innovation Centre”):
houses 20 ICT / high-tech focused companies, Dunedin
totalling between 250 and 300 full time staff.
InvercargillInvestor Environment
“In the three short years since I was last
in New Zealand, the startup fervor here
has grown exponentially. The country is
becoming one of the world’s best-kept
secrets for entrepreneurial activity.”
Gary Bolles - Entrepreneur, Co-founder of
eParachute & Silicon Valley technology thought leader24 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
Investments, IPOs and Acquisitions are on the Rise
With more emerging technology companies, investor activity in New Zealand has intensified over
the past few years.
• New Zealand's technology companies welcome outside investment.
• Recent public listings include companies such as EROAD vehicle management software, and ikeGPS, offering smart laser measurement solutions.
Acquisitions and Listings in the Tech Sector Listings Acquisitions Annual Venture Capital Funds Invested Percentage of Top 200 NZ
Source: NZ Private Equity and VC Monitor Tech Firms by Ownership
9 $100m Private Private with VC
Public Foreign Owned
8 $90m
7.5%
14.5%
$80m
7 9.5%
$70m 14.5%
6 17.5%
$60m
12.0%
5
$50m
4
$40m
3
$30m
65.5%
59.0%
2
$20m
1
$10m
0 $0m
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2010 2015
Data source: Top 200 NZ technology firms (ranked by revenue), TIN100 Report 2015The Investor’s Guide to the New Zealand Technology Sector /
25
Angel Investors Help Start-Ups Thrive
Angel investment in New Zealand start-up companies is enabling them to grow to a size where they can
attract an international buyer or significant venture capital.
• Many opportunities exist for angel investment in New “[Kiwi start-ups] know how to get a lot done with very little money
Zealand, which to date has attracted more funding
and in this current world of lean start-ups and niche markets, Kiwi
than the traditional venture capital market.
• Currently start-up firms with SaaS-based
start-ups can identify opportunities and improve with so much less
technologies are proving popular with Angel money than people in other countries.”
Investors. Andrew Hamilton, CEO,
• Most angels look to exit around the $20m-$40m Icehouse
funding point, providing opportunities for
international investors.
Green Button: the path from start-up to acquisition by Microsoft
$1.2m Follow-on
Investment round
New Zealand investors
Green Button founded by $120,000 First Angel such as Movac, Evander
and other local angels
Scott Houston (previously Investment round
including Enterprise
Return on Investment
employed at Weta).
Investors include Angels. Also NZVIF Early investors = 12 x
Initial funding received AngelHQ’s David Akers Small investment from (Government- established
from family, friends and and Marcel Van Den new business partner Acquired by Microsoft US
NZVIF = over 5 x
NZ Venture Investment
former work partners. Assum. Microsoft. Fund). for an undisclosed sum. Later stage investors = 3 x
2006 2014
Green Button provides cloud solutions for computer-intensive applications. Its flagship product, GreenButton Cloud Fabric, is for enterprises and software
vendors wanting to access unlimited computing power.
Source: Angel Association of New Zealand.26 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
New Zealand's Investor Base: Global and Growing
International investors, like those listed below, are impressed by the innovation and growth potential on
offer in New Zealand - and this is just the beginning!
Rocket Lab | Lanzatech AFT Pharmaceuticals Performance Labs Xero
Biodiscovery
Vend Rocket Lab Simcro Diligent
90 Seconds Transaction Services 8i
PowerbyProxi Straker Translations Ashton Kutcher &
Guy Oseary
Elisabeth Murdoch
Individual investors: Jeremy Stoppelman, John and Andrew Hendricks, Kevin Wall.The Investor’s Guide to the New Zealand Technology Sector /
27
Escalating Investor Interest
The past five years have seen a marked increase in the number of offshore investments in New Zealand
technology companies.
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
ASX
Xero $
Fundraising round led by
Matrix Capital and Peter
Funding round led
Theil $49m Received Callaghan
Cloud-based accounting by Craig Winkler Matrix Capital
Innovation
Accel Partners
Valar Ventures
software provider NZX $15m $ (MYOB founder) $ Valar Ventures $ $16.6m (USD) $ and Peter Theil $ growth grant $ Matrix Capital
$23m $4m (USD) $180m $147m
F
Bessemer Venture
Rocket Lab Partners & Khosla
$ Ventures Series B
Rocket systems for fast fundraising
and affordable payload Seed investor,
Khosla Ventures Received Callaghan
deployment $ Mark Rocket $ Series A $ Innovation growth $ Lockheed
fundraising grant Martin
F
Further fundraising Received Callaghan
$ Innovation
Vend attracting new NZ &
Australia investors growth grant
(e.g. Milford Active Series B
Retail POS, inventory First round - led Further Growth Fund & Fundraising led
management, by Point Nine fundraising led Craig Winkler, by Valar Ventures
e-commerce software $ Capital (Europe $ by Point Nine $ MYOB Founder) $ and Square Peg
based) $1m Capital $2m $8m Capital $25m
F
90 Seconds Further
fundraising Series A
Cloud-based video Seed and angel attracting UK, Fundraising
production platform $ investments $ $ SEA and JP $ led by Sequoia
$1m investors $1.8m Capital $7.5m
F
8i
Developers of new Seed Investment
trademarked medium $1.15m. Private
Angel Investors Series A Investment
Holographic Virtual
$ in NZ and $ $20m led by RRE
Reality (HVR). Australia Ventures
F
TIN Hot Emerging Company TIN Ten to Watch Company IPO F
Founded $
Investment Round
Amounts stated in NZD unless otherwise specified. See page 26 for further investor details for these companies. ASX: Australian Stock Exchange.28 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
Acquisition Activity
Global leaders have also acquired a number of New Zealand technology companies in the past five years,
as these examples show.
TARGETS DETAILS
Target Purchase Price Acquirer Year Target Description
Appliance manufacturer with over
F&P Appliances $927m Haier (China) 2012 420 patents.
Network visibility and recording
Endace $156.8m Emulex Corp. (UK) 2013 solutions for security, network and
application monitoring.
Compliance software for accounting
Banklink $136m MYOB (Australia) 2013 practices across New Zealand
and Australia.
MCom $52.5m* Fiserv (USA) 2011 All-in-one mobile banking platform.
Call centre and unified communications
Zeacom $40.6m Enghouse (Canada) 2012 software used at over 3,500 sites
globally.
Audio system manufacturer for cars,
Fusion Electronics $20m Garmin (US) 2014 campervans and boats.
IT services firm for business and
Intergen $19.3m Empired (Australia) 2015 government clients across New
Zealand and the US.
All figures reported in New Zealand Dollars using the exchange rate at time of sale. * Estimate.The Investor’s Guide to the New Zealand Technology Sector /
29
What the Investors are Saying...
A number of existing investors are now actively seeking more opportunities to invest in
New Zealand technology firms.
“The 90 Seconds team has “The thing we really like is that "CRG welcomed the “We’re proud to continue
done a terrific job in building as a small and remote country, opportunity to partner with supporting the team at Vend.
the leading global marketplace New Zealand companies AFT Pharmaceuticals due to Vend is adding value for
for video production. In the almost from conception think its diverse product portfolio as retailers around the world
large and rapidly growing globally, and are structured to well as its compelling research by providing an outstanding
video market, they offer achieve that objective.” and development pipeline... We product at an attractive
creative talent and agencies Simon Feiglin, The Riverside Company look forward to continuing to price, combined with world
a unique workflow platform invest in AFT's future growth class support.”
to work together on global and are actively seeking other Barry Brott, Square Peg Capital
projects. This has enabled opportunities to partner with
them to build a fast growing similar companies."
and rapidly scaling model.” Mike Weinmann, Capital Royalty Group (CRG)
Pieter Kemps, Sequoia Capital, Singapore30 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
What the Investors are Saying...
“Vend is a young exciting “We have invested in a We believe New Zealand is “It's been a pleasure to invest in
cloud-based business with wide range of New Zealand now producing a critical mass and support companies like Aroa
a strong management team technology businesses (nine of high growth technology Biosurgery and PowerByProxi
and significant future growth TIN100 companies) and co- companies which are emerging over many years. These
potential. We are actively invested with a number of global leaders in a niche, but companies are great examples
looking for investments in international investors. The lack the capital to really scale of the quality and depth of
established businesses with common theme we see and sales and market expansion. the intellectual property
the ability to deliver high hear is that they are ‘born We are actively looking to help being developed in New
global’ – developing their Zealand, and the outstanding
growth rates." with that."
calibre of the management
Brook Bone, Milford Asset Management products, plans and people Chintaka Ranatunga, Sparkbox
teams that we work with. We
for large global markets
continue to actively explore
practically out of the gate.”
and invest in established
Randal Barrett, Pioneer Capital
New Zealand businesses with
great intellectual property
and outstanding international
growth potential.”
Phil McCaw, MovacLearn More
“In the next century or two, it’s a huge
liability to be a big country. [Big countries]
have fundamental structural issues. They
cannot progress very quickly. So there’s
an enormous opportunity for smaller,
adaptable, flexible countries.”
Salim Ismail, Founder & Global Ambassador,
Singularity University (Silicon Valley, USA)32 Sector at a Glance Capabilities Ecosystem Investor Environment Learn More
Contact Information
More information about New Zealand's top 200 and start-up technology firms can be found in the
annual TIN100 Report (www.tin100.com).
CENTRAL GOVERNMENT Otago Chamber of Commerce and Dunedin City Council - Wellington & Lower North Island Venture Up: www.ventureup.co.nz
NZ Ministry of Business, Innovation and Employment: Economic Development Unit: www.otagochamber.co.nz Angel HQ: www.angelhq.co.nz Vic Link: www.viclink.co.nz
www.mbie.govt.nz Venture Southland: www.venturesouthland.co.nz Christchurch/Other South Island Christchurch & Other South Island
New Zealand Immigration: www.newzealandnow.govt.nz Canterbury Angels: www.canterburyangels.nz
NEW ZEALAND CHAMBERS OF COMMERCE Bridge Street: www.bridgestreet.co.nz
New Zealand Trade and Enterprise (NZTE): Otago Angels: www.otagoangels.co.nz
www.newzealandchambers.co.nz EPIC Innovation: www.epicinnovation.co.nz
www.nzte.govt.nz Venture Accelerator: www.ventureaccelerator.nz
Green House: www.green-house.co.nz
Callaghan Innovation: www.callaghaninnovation.com REGIONAL ECONOMIC DEVELOPMENT AGENCIES
COLLABORATIVE SPACES, TECH TRANSFER The Distiller: www.thedistiller.org
NZ Venture Investment Fund (NZVIF): www.nzvif.co.nz EDANZ: www.edanz.org.nz/member-edas
OFFICES AND INCUBATORS
Kiwi Landing Pad: www.kiwilandingpad.com TERTIARY/RESEARCH AND
NZ ANGEL & SEED INVESTORS/ VENTURE CAPITAL Shared Space: www.sharedspace.co.nz
DEVELOPMENT INSTITUTIONS
INDUSTRY ORGANISATIONS New Zealand Private Equity and Venture Capital Auckland & Northland
Open Polytechnic: www.openpolytechnic.ac.nz
Association (NZVCA): www.nzvca.co.nz AUT Business Innovation Centre: www.aut.ac.nz/research/
Technology Investment Network (TIN): www.tin100.com North Tec: www.northtec.ac.nz
Angel Association New Zealand: about-the-research-and-innovation-office
New Zealand Technology Industry Association (NZTech): The University of Auckland: www.auckland.ac.nz
www.angelassociation.co.nz Astrolab: www.astrolab.co.nz
www.nztech.org.nz
Cure Kids Ventures: www.curekidsventures.co.nz Auckland University of Technology: www.aut.ac.nz
NZRise: www.nzrise.org.nz Biz Dojo: www.auckland.bizdojo.com
Global From Day One: www.globaldayone.com Auckland ICT Graduate School:
NZ Institute of IT Professionals: www.iitp.nz Grid Auckland: www.gridakl.com
GRC: www.grcpartner.com www.ictgraduateschool.ac.nz
eCentre Massey: www.ecentre.org.nz
The New Zealand Game Developers Association: Unitec Institute of Technology: www.unitec.ac.nz
K1W1: www.crunchbase.com/organization/k1w1
www.nzgda.com Icehouse: www.theicehouse.co.nz
Milford Asset Management: www.milfordasset.com Whitireia: www.whitireia.ac.nz
The Distiller: www.thedistiller.org
REGIONAL BUSINESS PARTNERS Movac: www.movac.co.nz Manukau Institute of Technology: www.manukau.ac.nz
UniServices: www.uniservices.co.nz
Pacific Channel: www.pacificchannel.com Massey University: www.massey.ac.nz
Northland Inc: www.northlandinc.co.nz Velocity: www.velocity.auckland.ac.nz
Pioneer Capital: www.pioneercapital.co.nz University of Waikato: www.waikato.ac.nz
ATEED (Auckland Tourism, Events & Economic Hamilton
Powerhouse: www.powerhouse-ventures.co.nz Wintec Institute of Technology: www.wintec.ac.nz
Development): www.businessaucklandnz.com
Punakaiki Fund: www.punakaikifund.nz Basestation: www.basestation.nz
Waikato Innovation Park: www.wipltd.co.nz Waiariki Polytechnic: www.waiariki.ac.nz
Sparkbox: www.sparkbox.vc Soda Inc: www.sodainc.com
Tauranga Chamber of Commerce: www.tauranga.co.nz Eastern Institute of Technology: www.eit.ac.nz
Tuhua Fund: www.crunchbase.com/organization/tuhua-fund Waikato Link: www.waikatolink.co.nz
Venture Taranaki: www.taranaki.info Victoria University of Wellington: www.victoria.ac.nz
Auckland & Northland Central North Island
Activate Tairawhiti: www.activatetairawhiti.co.nz Wellington Institute of Technology: www.weltec.ac.nz
Arc Angels: www.arcangels.co.nz Building Clever Companies: www.thebcc.co.nz
Hawkes Bay Business Hub: www.hbbusinesshub.co.nz Wellington ICT Graduate School: www.wellingtonict.ac.nz
Astrolab: www.astrolab.co.nz Icehouse: www.theicehouse.co.nz
CEDA (Central Economic Development Agency): Lincoln University: www.lincoln.ac.nz
First Cut Ventures: www.firstcut.vc WNT Ventures: www.wntventures.co.nz
www.visionmanawatu.org.nz Flying Kiwi Angels: www.fka.nz University of Canterbury: www.canterbury.ac.nz
Grow Wellington: www.growwellington.org.nz Ice Angels: www.iceangels.co.nz Wellington & Lower North Island University of Otago: www.otago.ac.nz
NRDA (Nelson Regional Development Agency): Biz Dojo: www.wellington.bizdojo.com Southern Institute of Technology: www.sit.ac.nz
Hamilton and Central North Island
www.nrda.co.nz Enterprise Angels: www.enterpriseangels.co.nz Creative HQ: www.creativehq.co.nz Otago Polytechnic: www.op.ac.nz
Development West Coast: www.dwc.org.nz Manawatu Angel Investment Group (MIG): Enspiral Space: www.enspiralspace.co.nz Nelson Marlborough Institute of Technology:
Canterbury Regional Business Partners Ltd.: www.thebcc.co.nz/investment/mig-angels Lightning Lab: www.lightninglab.co.nz www.nmit.ac.nz
www.cdc.org.nz WNT Ventures: www.wntventures.co.nz R9 Accelerator: www.r9accelerator.co.nz Ara Institute of Canterbury: www.ara.ac.nzAbout Us
The Technology Investment Network (TIN) is a private company with a simple mission:
to help facilitate the growth of the technology sector in New Zealand. It delivers on this objective
through the following key endeavours.
Research and Analysis Networking and
TIN is the leading independent source Information-Sharing The Ministry of Business, Innovation
TIN100 TECHNOLOGY INDUSTRY ANALYSIS NEW ZEALAND 2016 TWELFTH EDITION
of information on the sector; the and Employment is the Government’s
TIN organises a number of industry
organisation has been collecting and business facing agency, with a wide
events each year, based around
analysing company data for over a range of policy and operational
business-critical topics that are of high
decade. The annual TIN100 Report responsibilities including innovation,
interest to sector participants.
(released in October each year) is a enterprise, sector, ICT and digital
comprehensive listing of the year’s top The organisation also produces free economy policy.
200 high technology companies (ranked bi-weekly electronic updates on
1/26 Victoria Road, Devonport, Auckland 0624, New Zealand
PO Box 32 525, Devonport, Auckland 0744, New Zealand TECHNOLOGY INDUSTRY ANALYSIS
newzealandnow.govt.nz
ISSN 2350-2843 (Print)
Phone: +64 (9) 445 0362 | Fax: +64 (9) 445 0233
NEW ZEALAND 2016 | TWELFTH EDITION
New Zealand technology sector news.
ISSN 2350-2851 (Online)
by revenue), along with information about
innovative technology start-up firms. It For more information about TIN or to This New Zealand Government
also includes detailed analysis of sector purchase our latest report, visit our immigration website provides
performance for the year. website: www.tin100.com an overview of the main investor
In addition, the company undertakes migration policies, as well as useful
research and analysis on request for information about New Zealand’s
industry participants, professional business environment and investment
services firms, investors and opportunities.
Government clients.
Technology Investment Network Ltd (TIN) has taken every care to ensure that all data is accurate at the time of writing. It accepts no liability for inaccuracies or factual errors.
Copyright is reserved by Technology Investment Network Ltd. TIN contributors: TIN Managing Director - Greg Shanahan, Project Manager & Writer - Deanne Bloom,
Writer & Researcher - Ed Barker, Data Research Analyst - Hugh Blackburne, Researcher - Luka Milojev, Researcher - Tom Bird.
Design and print production: MOSHA.
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