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Industry Overview, pg 2

In our opinion:


To judge which vendors are primary competitors in the various market segments we look at several quantifiable factors:

First, we look at the size of the client base of each vendor.

How large is the vendor's client base relative to its competition.

Second, we look at the change in the vendor's client base.

Is the vendors client base growing?

Is the vendor's client base shrinking?

Third, we look at the financial stability of the vendors.

For publicly traded companies; such as IBS which owns Bookmaster, we review their annual reports.

For privately owned companies with European operations we obtain copies of publicly available financial reports which most European firms are required to file annually.

For privately owned companies we consult D&B reports and track the number of employees which they employ.

Fourth, we talk to publishers, vendors and  industry associations.

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Updated January 25, 2008


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