History and background Globo was founded in 1997 by Konstantinos Papadimitrakopoulos and is headquartered today in Halandri, a suburb of Athens. Globo began its operations by developing a portfolio of proprietary technology and constructing software packages designed to facilitate efficient administration and enhance the IT capabilities of local businesses and public sector facilities, which were perceived by the directors of Globo to be less developed than those of similar organisations in other European cities. Since incorporation, Globo has expanded upon its service offering and has developed valuable IPR assets in the form of its e-business and broadband access technologies and has also developed proprietary software platforms using both its own in-house capabilities and the contracted services of third party technology providers. Globo also purchases technology solutions and services that can be integrated into its own products. These integrated software solutions and related services are sold to private and Governmental organisations, primarily on a project basis, through sales developed directly by Globo’s own personnel. In addition, Globo has won contracts from large corporate clients and works closely with solution providers and sales channel partners to win contracts from the Greek Government. As a result of the proliferation of broadband internet provision in Greece, the Proposed Directors perceived an opportunity in the sector for the offering of a hosted software service. Accordingly, Globo transformed existing products into a hosted application service which, combined with traditional telecom services such as telephony and internet, is designed to be attractive to SMEs. Profitel was formed in October 2005 by Konstantinos Papadimitrakopoulos with the objective of targeting the perceived market demand for an entirely integrated business communications service provider. The aim of Profitel is to attract corporate clients by providing Globo’s software services together with broadband telecom services. Profitel buys Globo’s software applications in S.a.a.S form together with central infrastructure services and integrates them with third party telecom services. The resulting bundles of software solutions are marketed to SMEs and captive markets such as hotels, cafes, restaurants and marinas. Today, Globo owns 100 per cent. of Profitel. GLOBO's structure GLOBO's products Globo develops its own software products. Globo’s development processes are ISO 9001-2000 certified and skilled developers are engaged in the production, maintenance and support of the software products. Additionally, Globo tailors its products to clients’ needs using an additional team of contractor technicians and developers. Globo’s products are used by private and public organisations that include more than 600 corporate and SME clients and more than 60 public sector clients. They are also sold through value added resellers to a large number of indirect customers. Globo’s direct private sector customers include Xerox, National Bank of Greece, Velti, Group Marinopoulos and the University of Brighton. Globo’s public sector customers in Greece include the Ministry of Foreign Affairs, the Ministry of National Education and Religious Affairs, the Municipalities of Halandri and of Maroussi and the Hellenic parliament. Globo’s e-Business platform, as well as its e-Commerce and broadband access technology products have been successfully marketed and operated in Greece, UK, Ireland, France, Belgium, Cyprus, Romania, Bulgaria, Spain and Italy. The three components of the Globo Group’s key software revenue stream are outlined below:  products and services that facilitate e-business;  products and services that enable access to broadband; and  resale of third party goods. The first two product groups, the e-business and broadband access, are offered as a software licence or S.a.a.S.