IRIS: From the Nyse/Euronext to Canon Group

March, 9 2017

www.pygargue-international.com

30 Years of IRIS and the IRIS Book 1982-2015!

From Nyse/Euronext to the Canon Group: the Strategic Reasons

Topics

€1.5 billion…of cumulated Revenue

€80 million…of cumulated Profit from Operations

1.8 million…of man-days by a motivated team

200,000…man-days of Research & Development

30 Years…Let’s Celebrate!

1 book…to share experience!

30 Years

The IRIS Book (1982-2015)

February,15 2017

www.pygargue-international.com

33 years!

Entrepreneurship!Sharing Experience!

Around the World!

Phases of development:33 years!

It has taken 5 years to launch IRIS (1982-1987) Pre-spin-off phase is important to cover!

IRIS: A 33 years Journey

1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

0.05 0.38 0.680.85

5.852.95 3.28 4.2

4.8 6.517.45 7.66

14.33

27.62

35.34

41.6442.73

46.695

73.968

81.756

95.062

109.326

102.894

119.488121.292

99.986

0 0 0

Management Team IPierre De Muelenaere

Jean-Didier LegatChristian-Boon Falleur

Management Team IIPierre De Muelenaere

Pierre Rion

Management Team IIIPierre De Muelenaere

Etienne Van de Kerckhove

Spin-off

Maturing

IPO and Accelerated Growth

Management Team IVPierre De Muelenaere

Takover and Integration in Canon

Pre-Spin-off

IRIS

num

bers

bec

ome

confi

dent

ial

IPO

Delisting

Answer some of the key questions? (not only the What? But also, the Why?, Who?, When?, If?,…)

33 years on the same project…is exceptional! IRIS, a small project…but very complex! IRIS has gone through many different phases! A Case Study with Lessons Learned… …that can support conferences, courses,

seminars, etc. …on several important topics! Target: engineers, young entrepreneurs,

managers, professors, etc.

The IRIS Book: Why?

1. Strategy & Management◦ 10 Key questions and Lessons Learned

2. Technology & Innovation◦ Top 5 Innovations for Technological Leadership

3. Partnership & Culture◦ 10 Companies and Organizations that shaped IRIS

4. Disruption & Crisis◦ IRIS and the Dark Side of the Business

5. Fun & People◦ Just for Fun…around the world!

About the Topics

The 5 Topics!The sections = specific subject matter!The time line: 33 years and 9 phases!

Chapter 1: basic information => read first! Chapter 2: IRIS Key Facts => reference! Then:

1. Chose your color (your Topic)! 2. Select a section (question or subject matter)!3. Directly discover the selected section!

a. Read the IRIS story!b. Reflect on the Lessons Learned!c. Build your own critical view!

The IRIS Book is a “Travel Guide to Entrepreneurship”!

How to read the IRIS Book?

About the sections1. The color of your Topic

2. The title of your section

3. Many pictures or cartoons

4. A quick reading path

About the sections - 21. Topic and title of section

2. Lessons learned of specific or general nature

3. Statement of a key personality close to the story

Financial crisis of 2008! Competitive threads! Need to penetrate the Asian market! From Scanners to MFP! From IDR solutions to complete solutions!

3.6: Why did IRIS go for a complete takeover by Canon?

Pro◦ Successful company!◦ Experienced Management!◦ Strong financial structure!◦ Deep pocket investors (AvH & CNP)!◦ Strong industrial partner…

Cons◦ Need to build a world-wide network for professional IDR solutions◦ Asia is out of reach!◦ Defensive attitude of Canon!◦ High-competitive risk!

Stand-Alone Scenario

Cons◦ Loss of independence!◦ Risk of failed merger!◦ Business risk of the acquirer!

Pro◦ IDR becomes mainstream!◦ Market is moving towards integrated solutions!◦ Canon has strong world-wide sales channels!◦ Huge potential for R&D cooperation with Canon!

Merge Scenario

3.6: Lessons Learned1. Pro’s of Stock

quoted companies2. Con’s3. Short-term vision4. Stand-alone versus

merge 5. Testing partnership

The view of Canon