Beekeper To bee or not to bee in

Beekeper To bee or not to bee in the XXI Century labour market Presentation to Christian Grossman and Beekeeper’s Board May 2018, Dragon Consulting Bayeta Mulato Hugo Volz Julio Tendeiro Vasco Amoroso

0. Agenda Executive Summary 1. Challenge and key issues 2. Overview of the situation 3. Alternatives 4. Recommendation 5. Implementation 1. Implementation Plan 2. Financials 3. Risks 6. Summary 2

Challenge and key issues Dragon Consulting

How can Beekeeper grow in the next 3 years while staying agile and exciting?

1. Challenge and key issues How can Beekeeper grow while staying agile and exciting Lack of productivity Lack of focus in product development More demanding customers in the hospitality industry 5

Analysis Dragon Consulting

2. Analysis Hive works Business built in 2011 / Zurich Exponential growth through VC funding +130 employees Strong and agile inhouse IT development Present in 130 countries and mainly strong in Europe and NAM Markets 7

2. Analysis Hive works Business built in 2011 / Zurich 15 different industries Exponential growth through VC funding 80% revenues from 3 key segments +130 employees • Hospitality Strong and agile inhouse IT development • Manufacturing Present in 130 countries and mainly strong in • Retail Europe and NAM Markets 8

2. Analysis Hive works Business built in 2011 / Zurich 15 different industries Exponential growth through VC funding 80% revenues from 3 key segments +130 employees • Hospitality Strong and agile inhouse IT development • Manufacturing Present in 130 countries and mainly strong in • Retail Europe and NAM Markets Online Flirting Local Twitter Communit y base Corporate Tool 9

2. Analysis Hive works Business built in 2011 / Zurich 15 different industries Exponential growth through VC funding 80% revenues from 3 key segments +130 employees • Hospitality Strong and agile inhouse IT development • Manufacturing Present in 130 countries and mainly strong in • Retail Europe and NAM Markets Online Flirting Local Twitter Communit y base Corporate Tool Your company has evolved and adapted to business quickly, agility is the differentiatior 10

2. Analysis Looking at the bees in detail Industry user communities Engage with employees Enable communication with large teams Reach to back-of-house staff 24 hours Non-Desk Users 80% Desk Users 20% Beekeeper has disrupted the market with a strong and adaptable solution 11

2. Analysis Looking at the bees in detail Industry user communities Engage with employees Enable communication with large teams Reach to back-of-house staff 24 hours Non-Desk Users 80% Target evolved through time (corporate) Pricing module : • Corporate packs • Advertisement • One time fee • Per user subscription Desk Users 20% Beekeeper has disrupted the market with a strong and adaptable solution 12

2. Analysis Looking at the bees in detail Industry user communities Engage with employees Enable communication with large teams Reach to back-of-house staff 24 hours Non-Desk Users 80% Desk Users 20% Target evolved through time (corporate) Pricing module : • Corporate packs • Advertisement • One time fee • Per user subscription Complexity sales • Expanding services • Constraint engineering • Headcount constraints Beekeeper has disrupted the market with a strong and adaptable solution 13

2. Analysis The future lays ahead • • Single entry Point Low Setup Complexity 3 2 1 4 5 • Multi-Device • Simplicity • ERP integration • Productivity Tools • Multi-OS • Great user Experience • Flawless Security levels • Deep insights and analytics • Immersive technologies • Blockchain 14

2. Analysis The future lays ahead • • Single entry Point Low Setup Complexity 3 2 1 4 5 • Multi-Device • Simplicity • ERP integration • Productivity Tools • Multi-OS • Great user Experience • Flawless Security levels • Deep insights and analytics • Immersive technologies • Blockchain 15

2. Analysis The future lays ahead • • Single entry Point 3 2 1 4 5 • Multi-Device • Simplicity • ERP integration • Productivity Tools • Multi-OS • Great user Experience • Flawless Security levels • Deep insights and analytics • Immersive technologies Low Setup Complexity • You need to take the lead again Blockchain 16

2. Analysis Looking at the bees in detail Whats app Size Yamm er Beekp eeper Crew Funding 17

2. Analysis Looking at the bees in detail Size Yamm er Beekp eeper User Friendliness Whats app Beekp eeper Yamm er Crew Funding Deskless focus 18

2. Analysis Looking at the bees in detail Size Yamm er Beekp eeper User Friendliness Whats app Beekp eeper Yamm er Crew Funding Deskless focus You have a leading role in the deskless solutions … you should further capitalize this 19

2. Analysis Breaking the Chasm Late Entrants Mainstream Early Adopters 20

2. Analysis Breaking the Chasm Late Entrants Mainstream Early Adopters 21

2. Analysis Breaking the Chasm Late Entrants Mainstream Early Adopters You need to move forward into the next maturity stage 22

2. Analysis In Summary • • Startup Culture Risk taker GDPR Compliant Product Market FIT Strength Weakness Opportunity Threat 23

2. Analysis In Summary • • Startup Culture Risk taker GDPR Compliant Product Market FIT Strength Weakness Opportunity Threat 24

2. Analysis In Summary • • Startup Culture Risk taker GDPR Compliant Product Market FIT Strength Weakness Opportunity Threat • IT complexity • Spreaded too thin • Management Team 25

2. Analysis In Summary • • • Startup Culture Risk taker GDPR Compliant Product Market FIT XXI Labor Market Sharing economy EUR GRDP Market Other B 2 B Industries Hospitality In California Strength Weakness Opportunity Threat • IT complexity • Spreaded too thin • Management Team 26

2. Analysis In Summary • • • Startup Culture Risk taker GDPR Compliant Product Market FIT XXI Labor Market Sharing economy EUR GRDP Market Other B 2 B Industries Hospitality In California Strength Opportunity Weakness Threat • IT complexity • Spreaded too thin • Management Team • Stakeholder dependencies • Retail Customers hesitating to stay on board • Perceive Industry track record (Hospitality) 27

Alternatives Dragon Consulting

3. Alternatives Beekeper has three main roads to chose from Beekeper Maintain current business • 80% Hospitality, Retail, and Manufacturing • 20% other industries 29

3. Alternatives Beekeper has three main roads to chose from Beekeper Maintain current business Focus on deskless use cases • 80% Hospitality, Retail, and Manufacturing • Move from clientfocused development • 20% other industries • To use case-focused development 30

3. Alternatives Beekeper has three main roads to chose from Beekeper Maintain current business • • 80% Hospitality, Retail, and Manufacturing 20% other industries Attack both deskless and desk-based organisations Focus on deskless use cases • • Move from clientfocused development To use case-focused development • Try to do the previous • And also attack Slack, Whatsapp, Yammer, Facebook for Work, et al 31

3. Alternatives Beekeper should chose the path that leads it to the most success Alternatives Criteria from 1 to 5 Maintain current Focus on deskless Attack both Total Addressable Market Total Obtainable Market Product-market fit Total 32

3. Alternatives Beekeper should chose the path that leads it to the most success Alternatives Criteria from 1 to 5 Maintain current Total Addressable Market 3 Total Obtainable Market 4 Product-market fit 1 Total 8 Focus on deskless Attack both 33

3. Alternatives Beekeper should chose the path that leads it to the most success Alternatives Criteria from 1 to 5 Maintain current Focus on deskless Attack both Total Addressable Market 3 5 Total Obtainable Market 4 1 Product-market fit 1 2 Total 8 8 34

3. Alternatives Beekeper should chose the path that leads it to the most success Alternatives Criteria from 1 to 5 Maintain current Focus on deskless Attack both Total Addressable Market 3 3 5 Total Obtainable Market 4 4 1 Product-market fit 1 5 2 Total 8 12 8 35

Recommendation Dragon Consulting

4. Recommendation Beekeper should focus on improving the workplace of the XXI century What • A company focused on the needs of the XXI Century labour market Center software dev. Product • Focus development work close to home in the Berlin office How Sales 37

4. Recommendation Beekeper should focus on improving the workplace of the XXI century What • A company focused on the needs of the XXI Century labour market Center software dev. Product Hardware solutions • Focus development work close to home in the Berlin office • Create hardware team to develop new solutions for mobile workers • Partnership with leading hardware agent, PCH, to produce hardware How Sales 38

4. Recommendation Beekeper should focus on improving the workplace of the XXI century What • A company focused on the needs of the XXI Century labour market Center software dev. Product • • Hardware solutions Build for the future Focus development work close to home in the Berlin office Create hardware team to develop new solutions for mobile workers Partnership with leading hardware agent, PCH, to produce hardware Anticipate future trends of the sharing economy with new UX team How Sales 39

4. Recommendation Beekeper should focus on improving the workplace of the XXI century What • A company focused on the needs of the XXI Century labour market Center software dev. Product • • Hardware solutions Build for the future Focus development work close to home in the Berlin office Create hardware team to develop new solutions for mobile workers Partnership with leading hardware agent, PCH, to produce hardware Anticipate future trends of the sharing economy with new UX team How Train sales team Sales • New Customer Relation Management approach to ensure renewals 40

4. Recommendation Beekeper should focus on improving the workplace of the XXI century What • A company focused on the needs of the XXI Century labour market Center software dev. Product • • Hardware solutions Build for the future Focus development work close to home in the Berlin office Create hardware team to develop new solutions for mobile workers Partnership with leading hardware agent, PCH, to produce hardware Anticipate future trends of the sharing economy with new UX team How Train sales team Sales Focus on deskless • New Customer Relation Management approach to ensure renewals • Focus sales team to sell the new standardized app focused on deskless 41

4. Recommendation Beekeper should focus on improving the workplace of the XXI century What • A company focused on the needs of the XXI Century labour market Center software dev. Product • • Hardware solutions Build for the future Focus development work close to home in the Berlin office Create hardware team to develop new solutions for mobile workers Partnership with leading hardware agent, PCH, to produce hardware Anticipate future trends of the sharing economy with new UX team How Train sales team Sales • • Focus on deskless Find USA examples New Customer Relation Management approach to ensure renewals Focus sales team to sell the new standardized app focused on deskless In Year 1, start by winning the beachhead hotel chain in California In Years 2 and 3, focus on winning Whole Foods (Retail) & Tesla (Man. ) 42

4. Recommendation Beekeper should focus on improving the workplace of the XXI century What • A company focused on the needs of the XXI Century labour market Center software dev. Product • • Hardware solutions Build for the future Focus development work close to home in the Berlin office Create hardware team to develop new solutions for mobile workers Partnership with leading hardware agent, PCH, to produce hardware Anticipate future trends of the sharing economy with new UX team How Train sales team Sales • • Focus on deskless Find USA examples New Customer Relation Management approach to ensure renewals Focus sales team to sell the new standardized app focused on deskless In Year 1, start by winning the beachhead hotel chain in California In Years 2 and 3, focus on winning Whole Foods (Retail) & Tesla (Man. ) 43

Implementation Dragon Consulting

5. Implementation We recommend a three-year plan to prepare the following funding round 2018 Q 3 Center software dev. Product Hardware solutions Build for the future P 2019 Q 4 P I I Q 1 Q 2 R R P P 2020 Q 3 Q 4 Q 1 Q 2 I I L L P P Q 3 I 2021 Q 4 Q 1 R R I R Q 2 Q 3 Q 4 R L L Train sales team Sales Focus on deskless Find USA examples 45

5. Implementation We recommend a three-year plan to prepare the following funding round 2018 Q 3 Center software dev. Product P 2019 Q 4 P I I Hardware solutions Q 1 Q 2 R R P P 2020 Q 3 Q 4 Q 1 Q 2 I I L L P P P Build for the future Train sales team Sales P Focus on deskless Find USA examples P I R P I I R R P P I I R P I R Q 3 2021 Q 4 Q 1 R R I I R Q 2 Q 3 Q 4 R L L R 46

Financials Dragon Consulting

5. Financials Project Assumptions 48

5. Financials Project Assumptions 49

5. Financials Project Assumptions 50

5. Financials Total OPEX will be 52. 8 M USD 51

5. Financials Total OPEX will be 52. 8 M USD 52

5. Financials A NPV of 61. 6 M USD makes this a worthy project 53

Risks Dragon Consulting

5. Implementation There are risks to be considered… but they can be mitigated Risks Mitigations High 1 Losing customers in other sectors other than Hospitality Maintain a tight relationship with other sectors Impact 1 Low Probability High 55

5. Implementation There are risks to be considered Risks Mitigations High 1 Losing customers in other sectors other than Hospitality 2 Internal misalignment due to speed of growth 2 Impact 1 Low Probability Maintain a tight relationship with other sectors Align visions by having a conference every semester High 56

5. Implementation There are risks to be considered Risks Mitigations High 1 Losing customers in other sectors other than Hospitality 2 Internal misalignment due to speed of growth Align visions by having a conference every semester 3 Great Britain leaving the EU Prepare to scale down offices in London 2 Impact 3 Low 1 Probability High Maintain a tight relationship with other sectors Reassure investors 57

Summary Dragon Consulting

6. Summary How can Beekeeper grow while staying agile and exciting Lack of productivity Lack of focus in product development More demanding customers in the hospitality industry 59

4. Recommendation Beekeper should focus on improving the workplace of the XXI century What • A company focused on the needs of the XXI Century labour market Center software dev. Product • • Hardware solutions Build for the future Focus development work close to home in the Berlin office Create hardware team to develop new solutions for mobile workers Partnership with leading hardware agent, PCH, to produce hardware Anticipate future trends of the sharing economy with new UX team How Train sales team Sales • • Focus on deskless Find USA examples New Customer Relation Management approach to ensure renewals Focus sales team to sell the new standardized app focused on deskless In Year 1, start by winning the beachhead hotel chain in California In Years 2 and 3, focus on winning Whole Foods (Retail) & Tesla (Man. ) 60

Question and Answers Dragon Consulting