Come si valuta un'azienda SaaS o software?

Le aziende SaaS e software si valutano principalmente come multiplo dell'ARR. Nel range tra 10M e 50M€ di Enterprise Value, i multipli abituali si situano tra 2x e 10x ARR, in funzione del tasso di crescita, del churn, dei margini lordi e della qualità del team.

Chi acquista aziende tech di queste dimensioni?

Nel range 10M–50M€ EV: aziende dello stesso settore in cerca di tecnologia o team; aziende backed da VC che vogliono crescere; aziende PE-backed con mandati buy-and-build; e fondi lower mid-market che costruiscono piattaforme in verticali tech.

Quanto dura il processo di vendita?

Un processo M&A ben strutturato richiede tra 4 e 8 mesi: preparazione del materiale (4–6 settimane), contatto con gli acquirenti e NDA (4–6 settimane), due diligence (6–10 settimane) e negoziazione e chiusura legale (4–8 settimane).

Cosa succede al team dopo la vendita?

Il team è spesso uno degli asset più valorizzati. Gli acquirenti tendono a voler mantenere sia il team tecnico che quello commerciale. Lo negoziamo esplicitamente con ogni acquirente, incluse retention e bonus di permanenza.

Devo restare in azienda dopo la vendita?

Dipende dall'acquirente. In operazioni con PE è comune negoziare una permanenza da 1 a 2 anni, a volte legata a un earnout. Le clausole di non concorrenza, permanenza ed earnout sono dove si può guadagnare o perdere più valore.

Quali metriche SaaS guardano di più gli acquirenti?

In ordine di importanza: ARR e tasso di crescita YoY, NRR, churn lordo e netto, margini lordi del software idealmente sopra il 65–70%, concentrazione dei clienti e qualità dei contratti.

Quando è il momento ottimale per vendere?

Il momento migliore è quando l'azienda ha momentum dimostrabile: crescita costante negli ultimi 3–4 trimestri, retention solida, prodotto differenziato e team stabile. Gli acquirenti pagano premi per la visibilità futura.

Vendete solo aziende SaaS e software?

No. Assistiamo mandati di vendita in una gamma ampia di settori: Software e SaaS, IT Consulting, eCommerce, Marketplace, Cloud e Hosting, Marketing e AdTech, Hardware Tech, Telecom e altri B2B e B2C.

How is a SaaS or software company valued?

SaaS and software companies are valued primarily as a multiple of ARR. In the 10M to 50M euros Enterprise Value range, typical multiples sit between 2x and 10x ARR, depending on growth rate, churn, gross margins and team quality.

Who buys tech companies of this size?

In the 10M to 50M euros EV range: strategic buyers looking for technology, clients or team; VC-backed companies seeking inorganic growth; PE-backed companies with active buy-and-build mandates; and lower mid-market PE funds building platforms in tech verticals.

How long does a sale process take?

A well-structured M&A process takes between 4 and 8 months: materials preparation (4–6 weeks), buyer outreach and NDAs (4–6 weeks), due diligence (6–10 weeks), and negotiation and legal close (4–8 weeks).

What happens to the team after the sale?

The team is typically one of the most valued assets. Strategic and PE-backed buyers generally want to retain both the tech and commercial teams. We negotiate this explicitly with every buyer, including retention packages and stay bonuses.

Do I have to stay on after selling?

It depends on the buyer. In PE deals it is common to negotiate a 1 to 2-year commitment, sometimes tied to an earnout. Non-compete, lock-up and earnout clauses are where the most value can be won or lost.

What SaaS metrics do buyers focus on most?

In order of importance: ARR and YoY growth rate, NRR, gross and net churn, software gross margins ideally above 65–70%, customer concentration and contract quality.

When is the right time to sell?

The best time is when the company has demonstrable momentum: consistent growth over the last 3–4 quarters, solid retention, a differentiated product and a stable team. Buyers pay premiums for forward visibility.

Do you only sell SaaS and software companies?

No. We advise on sell-side mandates across digital and technology sectors: Software and SaaS, IT Consulting, eCommerce, Marketplaces, Cloud and Hosting, Marketing and AdTech, Hardware Tech, Telecom, and other B2B and B2C.

¿Cómo se valora una empresa SaaS o de software?

Las empresas SaaS y de software se valoran principalmente como múltiplo de ARR. En el rango de 10M a 50M€ de Enterprise Value, los múltiplos habituales se sitúan entre 2x y 10x ARR, dependiendo de la tasa de crecimiento, el churn, los márgenes brutos y la calidad del equipo.

¿Quiénes compran empresas tech de este tamaño?

En el rango de 10M–50M€ EV: empresas del mismo sector buscando tecnología o equipo; empresas VC-backed; empresas PE-backed con mandato buy-and-build; y fondos lower mid-market construyendo plataformas en vertical tech.

¿Cuánto tarda el proceso de venta?

Un proceso M&A bien estructurado tarda entre 4 y 8 meses: preparación del material (4–6 semanas), contacto con compradores y NDAs (4–6 semanas), due diligence (6–10 semanas) y negociación y cierre legal (4–8 semanas).

¿Qué pasa con el equipo tras la venta?

El equipo es habitualmente uno de los activos más valorados. Los compradores suelen querer retener tanto al equipo técnico como al comercial. Lo negociamos explícitamente con cada comprador, incluyendo retenciones y bonos de permanencia.

¿Tengo que seguir en la empresa después de vender?

Depende del comprador. En operaciones con PE es habitual negociar una permanencia de 1 a 2 años, a veces ligada a un earnout. Las cláusulas de no-competencia, permanencia y earnout son donde más valor se puede ganar o perder.

¿Qué métricas SaaS miran más los compradores?

Por orden de importancia: ARR y tasa de crecimiento YoY, NRR, churn bruto y neto, márgenes brutos del software idealmente por encima del 65–70%, concentración de clientes y calidad de los contratos.

¿Cuándo es el momento óptimo para vender?

El mejor momento es cuando la empresa tiene momentum demostrable: crecimiento consistente los últimos 3–4 trimestres, retención sólida, producto diferenciado y equipo estable. Los compradores pagan primas por visibilidad futura.

¿Solo vendéis empresas SaaS y software?

No. Asesoramos en mandatos de venta en sectores digitales y tecnológicos: Software y SaaS, IT Consulting, eCommerce, Marketplaces, Cloud y Hosting, Marketing y AdTech, Hardware Tech, Telecom, y otros B2B y B2C.

Avete esperienza con operazioni cross-border?

Bondo Advisors è una delle boutique M&A con la maggiore esperienza in operazioni cross-border nel mercato iberico. Più della metà delle operazioni completate coinvolgono acquirenti o venditori in paesi diversi. Joshua Novick è americano; Pablo Pérez ha vissuto e lavorato a lungo in Francia.

Avete esperienza sui mercati pubblici — IPO e OPA?

Abbiamo assistito MIO Group nella quotazione sul BME Growth di Madrid nel 2021 e Agile Content nell'OPA di Edgeware AB (Nasdaq Stockholm). I Partner fondatori hanno quotato Antevenio sull'Euronext Growth di Parigi nel 2007 e nel 2016 sono stati oggetto di un'OPA. Il team Bondo ha partecipato a due IPO e due takeover su mercati pubblici europei.

Qual è la vostra esperienza nel Digital Marketing, AdTech e MarTech?

Bondo Advisors è la boutique M&A con la maggiore esperienza in Digital Marketing, AdTech e MarTech in Spagna. Con 12 operazioni completate: Tidart (Havas), MDirector (emBlue), Key Content (MotionPoint), Publisuites, Leadgenios, Hispavista, Jirada, Rocket PPC, BUZZ, Rocket Digital e il buy-side di Good Rebels su ok,z nel 2026. Il 60% sono state cross-border.

Avete esperienza nel SaaS e nel software?

Siamo tra i pochi advisor M&A in Spagna con specializzazione nel SaaS e software. Abbiamo completato la vendita di MDirector a emBlue, più due deal SaaS riservati. Attualmente lavoriamo su 4 mandati SaaS attivi.

Avete lavorato con aziende di IT Consulting?

Sì. Abbiamo affiancato MIO Group nell'acquisizione di ARTYCO (CRM, automotive e retail) e assistito EXTENDIT nella vendita a Retail Consult.

Avete esperienza nel Cloud, Hosting e Data Center?

Sì. Abbiamo assistito SYSAdminOK nella vendita a Grupo Aire, backed da Ardian. Un'azienda con solida base tecnica e ricavi ricorrenti, ceduta a un acquirente PE-backed in consolidamento verticale del settore cloud e hosting.

Avete esperienza nel settore Telecom?

Sì. Abbiamo assistito Agile Content nell'acquisizione di FON Technology, una delle più grandi reti WiFi al mondo.

Avete esperienza nell'Education e nell'EdTech?

Sì. Abbiamo assistito Inspira Network nella cessione a Academia AMIR, backed da G Square.

Avete esperienza nel LegalTech e nella firma digitale?

Sì. Abbiamo assistito Lleida.net nell'acquisizione di inDenova (certificazione elettronica e firma digitale).

Avete esperienza nel Turismo e nel Travel Tech?

Sì. Abbiamo assistito Thomson Bike Tours nella vendita a Milky Way Park.

Avete esperienza nei Marketplace e nell'eCommerce?

Sì. Abbiamo assistito Tiendeo nella vendita a Shopfully per 35 milioni di euro e Mediapost nella vendita di Ofertia, sempre a Shopfully.

Lavorate spesso con aziende backed da Private Equity?

Sì. Esempi: SYSAdminOK/Ardian, EXTENDIT/Gyrus Capital, Leadgenios/Aurica Capital, Jirada/Charterhouse Capital Partners, Inspira Network/G Square.

Do you have experience with cross-border transactions?

Bondo Advisors is one of the M&A boutiques with the greatest cross-border experience in the Iberian market. More than half of our transactions involve buyers or sellers in different countries. Joshua Novick, Managing Partner, is American; Pablo Pérez has lived and worked extensively in France.

Do you have experience in public markets — IPOs and takeovers?

We advised MIO Group on its listing on BME Growth Madrid in July 2021 and Agile Content on the takeover of Edgeware AB (Nasdaq Stockholm). The founding partners previously listed Antevenio on Euronext Growth Paris in 2007 and were subject to a takeover in 2016. The Bondo team has participated in two IPOs and two takeovers on European public markets.

What is your experience in Digital Marketing, AdTech and MarTech?

Bondo Advisors is the M&A boutique with the greatest experience in Digital Marketing, AdTech and MarTech in Spain. With 12 completed transactions: Tidart (Havas), MDirector (emBlue), Key Content (MotionPoint), Publisuites, Leadgenios, Hispavista, Jirada, Rocket PPC, BUZZ, Rocket Digital and the buy-side advisory of Good Rebels on ok,z in 2026. 60% were cross-border.

Do you have experience in SaaS and software?

We are among the few M&A advisors in Spain with concrete SaaS and software specialisation. We completed the sale of MDirector to emBlue plus two undisclosed SaaS deals. We currently have 4 active SaaS mandates.

Have you worked with IT Consulting companies?

Yes. We advised MIO Group on the acquisition of ARTYCO (CRM, automotive and retail) and EXTENDIT on its sale to Retail Consult.

Do you have experience in Cloud, Hosting and Data Centres?

Yes. We advised SYSAdminOK on its sale to Grupo Aire, backed by Ardian. A company with strong technical foundations and recurring revenues sold to a PE-backed acquirer seeking vertical consolidation in cloud and hosting.

Do you have experience in the Telecom sector?

Yes. We advised Agile Content on the acquisition of FON Technology, one of the world's largest WiFi networks.

Do you have experience in Education and EdTech?

Yes. We advised Inspira Network on its sale to Academia AMIR, backed by G Square.

Do you have experience in LegalTech and digital signature?

Yes. We advised Lleida.net on the acquisition of inDenova (electronic certification and digital signature).

Do you have experience in Tourism and Travel Tech?

Yes. We advised Thomson Bike Tours on its sale to Milky Way Park.

Do you have experience in Marketplaces and eCommerce?

Yes. We advised Tiendeo on its sale to Shopfully for 35 million euros and Mediapost on the sale of Ofertia, also to Shopfully.

Do you frequently work with Private Equity-backed companies?

Yes. Examples: SYSAdminOK/Ardian, EXTENDIT/Gyrus Capital, Leadgenios/Aurica Capital, Jirada/Charterhouse Capital Partners, Inspira Network/G Square.

¿Tenéis experiencia en operaciones cross-border?

Bondo Advisors es una de las boutiques de M&A con mayor experiencia en operaciones cross-border en el mercado ibérico. Más de la mitad de las operaciones implican compradores o vendedores en distintos países: Francia, Italia, EE.UU., Argentina, México, Suecia y otros. Joshua Novick es americano; Pablo Pérez ha vivido y trabajado durante años en Francia.

¿Tenéis experiencia en mercados públicos — IPOs y OPAs?

Hemos asesorado a MIO Group en su salida a bolsa en el BME Growth de Madrid en 2021 y a Agile Content en la OPA de Edgeware AB (Nasdaq Stockholm). Los socios fundadores cotizaron Antevenio en Euronext Growth París en 2007 y en 2016 fueron objeto de una OPA. El equipo Bondo ha participado en dos IPOs y dos takeovers en mercados públicos europeos.

¿Cuál es vuestra experiencia en Marketing Digital, AdTech y MarTech?

Bondo Advisors es la boutique de M&A con mayor experiencia en Marketing Digital, AdTech y MarTech en España. Con 12 operaciones completadas: Tidart (Havas), MDirector (emBlue), Key Content (MotionPoint), Publisuites, Leadgenios, Hispavista, Jirada, Rocket PPC, BUZZ, Rocket Digital y el buy-side de Good Rebels sobre ok,z en 2026. El 60% han sido cross-border.

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Bondo Advisors 18 de marzo de 2026

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CBzb2xpZCAjZGVlMmU2O2JvcmRlci1yYWRpdXM6MjBweDtwYWRkaW5nOjZweCAxNHB4O3RleHQtZGVjb3JhdGlvbjpub25lO2NvbG9yOiMwYTI1NDA7Zm9udC1zaXplOi44OGVtO2ZvbnQtd2VpZ2h0OjYwMDt3aGl0ZS1zcGFjZTpub3dyYXA7bWFyZ2luOjRweCI+8J+SsCBUb3AgVm9pY2VzIEVjb25vbcOtYSAmIEZpbmFuemFzIEVzcGHDsWEgPHNwYW4gc3R5bGU9ImJhY2tncm91bmQ6I2U2Mzk0Njtjb2xvcjp3aGl0ZTtib3JkZXItcmFkaXVzOjEwcHg7cGFkZGluZzoxcHggN3B4O2ZvbnQtc2l6ZTouNzhlbSI+MTU8L3NwYW4+PC9hPgo8YSBocmVmPSIjZWR1Y2FjaW9uIiBzdHlsZT0iZGlzcGxheTppbmxpbmUtZmxleDthbGlnbi1pdGVtczpjZW50ZXI7Z2FwOjZweDtiYWNrZ3JvdW5kOiNmOGY5ZmE7Ym9yZGVyOjFweCBzb2xpZCAjZGVlMmU2O2JvcmRlci1yYWRpdXM6MjBweDtwYWRkaW5nOjZweCAxNHB4O3RleHQtZGVjb3JhdGlvbjpub25lO2NvbG9yOiMwYTI1NDA7Zm9udC1zaXplOi44OGVtO2ZvbnQtd2VpZ2h0OjYwMDt3aGl0ZS1zcGFjZTpub3dyYXA7bWFyZ2luOjRweCI+8J+OkyBUb3AgVm9pY2VzIEVkdWNhY2nDs24gRXNwYcOxYSA8c3BhbiBzdHlsZT0iYmFja2dyb3VuZDojZTYzOTQ2O2NvbG9yOndoaXRlO2JvcmRlci1yYWRpdXM6MTBweDtwYWRkaW5nOjFweCA3cHg7Zm9udC1zaXplOi43OGVtIj45PC9zcGFuPjwvYT4KPGEgaHJlZj0iI2VtcHJlbmRpbWllbnRvIiBzdHlsZT0iZGlzcGxheTppbmxpbmUtZmxleDthbGlnbi1pdGVtczpjZW50ZXI7Z2FwOjZweDtiYWNrZ3JvdW5kOiNmOGY5ZmE7Ym9yZGVyOjFweCBzb2xpZCAjZGVlMmU2O2JvcmRlci1yYWRpdXM6MjBweDtwYWRkaW5nOjZweCAxNHB4O3RleHQtZGVjb3JhdGlvbjpub25lO2NvbG9yOiMwYTI1NDA7Zm9udC1zaXplOi44OGVtO2ZvbnQtd2VpZ2h0OjYwMDt3aGl0ZS1zcGFjZTpub3dyYXA7bWFyZ2luOjRweCI+8J+agCBUb3AgVm9pY2VzIEVtcHJlbmRpbWllbnRvIEVzcGHDsWEgPHNwYW4gc3R5bGU9ImJhY2tncm91bmQ6I2U2Mzk0Njtjb2xvcjp3aGl0ZTtib3JkZXItcmFkaXVzOjEwcHg7cGFkZGluZzoxcHggN3B4O2ZvbnQtc2l6ZTouNzhlbSI+MTg8L3NwYW4+PC9hPgo8YSBocmVmPSIjZW5lcmdpYSIgc3R5bGU9ImRpc3BsYXk6aW5saW5lLWZsZXg7YWxpZ24taXRlbXM6Y2VudGVyO2dhcDo2cHg7YmFja2dyb3VuZDojZjhmOWZhO2JvcmRlcjoxcHggc29saWQgI2RlZTJlNjtib3JkZXItcmFkaXVzOjIwcHg7cGFkZGluZzo2cHggMTRweDt0ZXh0LWRlY29yYXRpb246bm9uZTtjb2xvcjojMGEyNTQwO2ZvbnQtc2l6ZTouODhlbTtmb250LXdlaWdodDo2MDA7d2hpdGUtc3BhY2U6bm93cmFwO21hcmdpbjo0cHgiPuKaoSBUb3AgVm9pY2VzIEVuZXJnw61hIEVzcGHDsWEgPHNwYW4gc3R5bGU9ImJhY2tncm91bmQ6I2U2Mzk0Njtjb2xvcjp3aGl0ZTtib3JkZXItcmFkaXVzOjEwcHg7cGFkZGluZzoxcHggN3B4O2ZvbnQtc2l6ZTouNzhlbSI+NTwvc3Bhbj48L2E+CjxhIGhyZWY9IiNpYSIgc3R5bGU9ImRpc3BsYXk6aW5saW5lLWZsZXg7YWxpZ24taXRlbXM6Y2VudGVyO2dhcDo2cHg7YmFja2dyb3VuZDojZjhmOWZhO2JvcmRlcjoxcHggc29saWQgI2RlZTJlNjtib3JkZXItcmFkaXVzOjIwcHg7cGFkZGluZzo2cHggMTRweDt0ZXh0LWRlY29yYXRpb246bm9uZTtjb2xvcjojMGEyNTQwO2ZvbnQtc2l6ZTouODhlbTtmb250LXdlaWdodDo2MDA7d2hpdGUtc3BhY2U6bm93cmFwO21hcmdpbjo0cHgiPvCfpJYgVG9wIFZvaWNlcyBJbnRlbGlnZW5jaWEgQXJ0aWZpY2lhbCBFc3Bhw7FhIDxzcGFuIHN0eWxlPSJiYWNrZ3JvdW5kOiNlNjM5NDY7Y29sb3I6d2hpdGU7Ym9yZGVyLXJhZGl1czoxMHB4O3BhZGRpbmc6MXB4IDdweDtmb250LXNpemU6Ljc4ZW0iPjMzPC9zcGFuPjwvYT4KPGEgaHJlZj0iI2xlZ2FsIiBzdHlsZT0iZGlzcGxheTppbmxpbmUtZmxleDthbGlnbi1pdGVtczpjZW50ZXI7Z2FwOjZweDtiYWNrZ3JvdW5kOiNmOGY5ZmE7Ym9yZGVyOjFweCBzb2xpZCAjZGVlMmU2O2JvcmRlci1yYWRpdXM6MjBweDtwYWRkaW5nOjZweCAxNHB4O3RleHQtZGVjb3JhdGlvbjpub25lO2NvbG9yOiMwYTI1NDA7Zm9udC1zaXplOi44OGVtO2ZvbnQtd2VpZ2h0OjYwMDt3aGl0ZS1zcGFjZTpub3dyYXA7bWFyZ2luOjRweCI+4pqW77iPIFRvcCBWb2ljZXMgTGVnYWwgJiBEZXJlY2hvIEVzcGHDsWEgPHNwYW4gc3R5bGU9ImJhY2tncm91bmQ6I2U2Mzk0Njtjb2xvcjp3aGl0ZTtib3JkZXItcmFkaXVzOjEwcHg7cGFkZGluZzoxcHggN3B4O2ZvbnQtc2l6ZTouNzhlbSI+Njwvc3Bhbj48L2E+CjxhIGhyZWY9IiNsaWRlcmF6Z28iIHN0eWxlPSJkaXNwbGF5OmlubGluZS1mbGV4O2FsaWduLWl0ZW1zOmNlbnRlcjtnYXA6NnB4O2JhY2tncm91bmQ6I2Y4ZjlmYTtib3JkZXI6MXB4IHNvbGlkICNkZWUyZTY7Ym9yZGVyLXJhZGl1czoyMHB4O3BhZGRpbmc6NnB4IDE0cHg7dGV4dC1kZWNvcmF0aW9uOm5vbmU7Y29sb3I6IzBhMjU0MDtmb250LXNpemU6Ljg4ZW07Zm9udC13ZWlnaHQ6NjAwO3doaXRlLXNwYWNlOm5vd3JhcDttYXJnaW46NHB4Ij7wn46vIFRvcCBWb2ljZXMgTGlkZXJhemdvIEVzcGHDsWEgPHNwYW4gc3R5bGU9ImJhY2tncm91bmQ6I2U2Mzk0Njtjb2xvcjp3aGl0ZTtib3JkZXItcmFkaXVzOjEwcHg7cGFkZGluZzoxcHggN3B4O2ZvbnQtc2l6ZTouNzhlbSI+MjI8L3NwYW4+PC9hPgo8YSBocmVmPSIjbG9naXN0aWNhIiBzdHlsZT0iZGlzcGxheTppbmxpbmUtZmxleDthbGlnbi1pdGVtczpjZW50ZXI7Z2FwOjZweDtiYWNrZ3JvdW5kOiNmOGY5ZmE7Ym9yZGVyOjFweCBzb2xpZCAjZGVlMmU2O2JvcmRlci1yYWRpdXM6MjBweDtwYWRkaW5nOjZweCAxNHB4O3RleHQtZGVjb3JhdGlvbjpub25lO2NvbG9yOiMwYTI1NDA7Zm9udC1zaXplOi44OGVtO2ZvbnQtd2VpZ2h0OjYwMDt3aGl0ZS1zcGFjZTpub3dyYXA7bWFyZ2luOjRweCI+8J+TpiBUb3AgVm9pY2VzIExvZ8Otc3RpY2EgRXNwYcOxYSA8c3BhbiBzdHlsZT0iYmFja2dyb3VuZDojZTYzOTQ2O2NvbG9yOndoaXRlO2JvcmRlci1yYWRpdXM6MTBweDtwYWRkaW5nOjFweCA3cHg7Zm9udC1zaXplOi43OGVtIj4xPC9zcGFuPjwvYT4KPGEgaHJlZj0iI21hcmtldGluZyIgc3R5bGU9ImRpc3BsYXk6aW5saW5lLWZsZXg7YWxpZ24taXRlbXM6Y2VudGVyO2dhcDo2cHg7YmFja2dyb3VuZDojZjhmOWZhO2JvcmRlcjoxcHggc29saWQgI2RlZTJlNjtib3JkZXItcmFkaXVzOjIwcHg7cGFkZGluZzo2cHggMTRweDt0ZXh0LWRlY29yYXRpb246bm9uZTtjb2xvcjojMGEyNTQwO2ZvbnQtc2l6ZTouODhlbTtmb250LXdlaWdodDo2MDA7d2hpdGUtc3BhY2U6bm93cmFwO21hcmdpbjo0cHgiPvCfk6MgVG9wIFZvaWNlcyBNYXJrZXRpbmcgJiBWZW50YXMgRXNwYcOxYSA8c3BhbiBzdHlsZT0iYmFja2dyb3VuZDojZTYzOTQ2O2NvbG9yOndoaXRlO2JvcmRlci1yYWRpdXM6MTBweDtwYWRkaW5nOjFweCA3cHg7Zm9udC1zaXplOi43OGVtIj4xODwvc3Bhbj48L2E+CjxhIGhyZWY9IiNvY2lvIiBzdHlsZT0iZGlzcGxheTppbmxpbmUtZmxleDthbGlnbi1pdGVtczpjZW50ZXI7Z2FwOjZweDtiYWNrZ3JvdW5kOiNmOGY5ZmE7Ym9yZGVyOjFweCBzb2xpZCAjZGVlMmU2O2JvcmRlci1yYWRpdXM6MjBweDtwYWRkaW5nOjZweCAxNHB4O3RleHQtZGVjb3JhdGlvbjpub25lO2NvbG9yOiMwYTI1NDA7Zm9udC1zaXplOi44OGVtO2ZvbnQtd2VpZ2h0OjYwMDt3aGl0ZS1zcGFjZTpub3dyYXA7bWFyZ2luOjRweCI+8J+OrCBUb3AgVm9pY2VzIE9jaW8gJiBFbnRyZXRlbmltaWVudG8gRXNwYcOxYSA8c3BhbiBzdHlsZT0iYmFja2dyb3VuZDojZTYzOTQ2O2NvbG9yOndoaXRlO2JvcmRlci1yYWRpdXM6MTBweDtwYWRkaW5nOjFweCA3cHg7Zm9udC1zaXplOi43OGVtIj4zPC9zcGFuPjwvYT4KPGEgaHJlZj0iI3JyaGgiIHN0eWxlPSJkaXNwbGF5OmlubGluZS1mbGV4O2FsaWduLWl0ZW1zOmNlbnRlcjtnYXA6NnB4O2JhY2tncm91bmQ6I2Y4ZjlmYTtib3JkZXI6MXB4IHNvbGlkICNkZWUyZTY7Ym9yZGVyLXJhZGl1czoyMHB4O3BhZGRpbmc6NnB4IDE0cHg7dGV4dC1kZWNvcmF0aW9uOm5vbmU7Y29sb3I6IzBhMjU0MDtmb250LXNpemU6Ljg4ZW07Zm9udC13ZWlnaHQ6NjAwO3doaXRlLXNwYWNlOm5vd3JhcDttYXJnaW46NHB4Ij7wn5GlIFRvcCBWb2ljZXMgUlJISCBFc3Bhw7FhIDxzcGFuIHN0eWxlPSJiYWNrZ3JvdW5kOiNlNjM5NDY7Y29sb3I6d2hpdGU7Ym9yZGVyLXJhZGl1czoxMHB4O3BhZGRpbmc6MXB4IDdweDtmb250LXNpemU6Ljc4ZW0iPjMxPC9zcGFuPjwvYT4KPGEgaHJlZj0iI3JldGFpbCIgc3R5bGU9ImRpc3BsYXk6aW5saW5lLWZsZXg7YWxpZ24taXRlbXM6Y2VudGVyO2dhcDo2cHg7YmFja2dyb3VuZDojZjhmOWZhO2JvcmRlcjoxcHggc29saWQgI2RlZTJlNjtib3JkZXItcmFkaXVzOjIwcHg7cGFkZGluZzo2cHggMTRweDt0ZXh0LWRlY29yYXRpb246bm9uZTtjb2xvcjojMGEyNTQwO2ZvbnQtc2l6ZTouODhlbTtmb250LXdlaWdodDo2MDA7d2hpdGUtc3BhY2U6bm93cmFwO21hcmdpbjo0cHgiPvCfm43vuI8gVG9wIFZvaWNlcyBSZXRhaWwgJiBNb2RhIEVzcGHDsWEgPHNwYW4gc3R5bGU9ImJhY2tncm91bmQ6I2U2Mzk0Njtjb2xvcjp3aGl0ZTtib3JkZXItcmFkaXVzOjEwcHg7cGFkZGluZzoxcHggN3B4O2ZvbnQtc2l6ZTouNzhlbSI+MTE8L3NwYW4+PC9hPgo8YSBocmVmPSIjc2FsdWQiIHN0eWxlPSJkaXNwbGF5OmlubGluZS1mbGV4O2FsaWduLWl0ZW1zOmNlbnRlcjtnYXA6NnB4O2JhY2tncm91bmQ6I2Y4ZjlmYTtib3JkZXI6MXB4IHNvbGlkICNkZWUyZTY7Ym9yZGVyLXJhZGl1czoyMHB4O3BhZGRpbmc6NnB4IDE0cHg7dGV4dC1kZWNvcmF0aW9uOm5vbmU7Y29sb3I6IzBhMjU0MDtmb250LXNpemU6Ljg4ZW07Zm9udC13ZWlnaHQ6NjAwO3doaXRlLXNwYWNlOm5vd3JhcDttYXJnaW46NHB4Ij7wn4+lIFRvcCBWb2ljZXMgU2FsdWQgRXNwYcOxYSA8c3BhbiBzdHlsZT0iYmFja2dyb3VuZDojZTYzOTQ2O2NvbG9yOndoaXRlO2JvcmRlci1yYWRpdXM6MTBweDtwYWRkaW5nOjFweCA3cHg7Zm9udC1zaXplOi43OGVtIj43PC9zcGFuPjwvYT4KPGEgaHJlZj0iI3Nvc3RlbmliaWxpZGFkIiBzdHlsZT0iZGlzcGxheTppbmxpbmUtZmxleDthbGlnbi1pdGVtczpjZW50ZXI7Z2FwOjZweDtiYWNrZ3JvdW5kOiNmOGY5ZmE7Ym9yZGVyOjFweCBzb2xpZCAjZGVlMmU2O2JvcmRlci1yYWRpdXM6MjBweDtwYWRkaW5nOjZweCAxNHB4O3RleHQtZGVjb3JhdGlvbjpub25lO2NvbG9yOiMwYTI1NDA7Zm9udC1zaXplOi44OGVtO2ZvbnQtd2VpZ2h0OjYwMDt3aGl0ZS1zcGFjZTpub3dyYXA7bWFyZ2luOjRweCI+8J+MsSBUb3AgVm9pY2VzIFNvc3RlbmliaWxpZGFkIEVzcGHDsWEgPHNwYW4gc3R5bGU9ImJhY2tncm91bmQ6I2U2Mzk0Njtjb2xvcjp3aGl0ZTtib3JkZXItcmFkaXVzOjEwcHg7cGFkZGluZzoxcHggN3B4O2ZvbnQtc2l6ZTouNzhlbSI+MTE8L3NwYW4+PC9hPgo8YSBocmVmPSIjdGVjbm9sb2dpYSIgc3R5bGU9ImRpc3BsYXk6aW5saW5lLWZsZXg7YWxpZ24taXRlbXM6Y2VudGVyO2dhcDo2cHg7YmFja2dyb3VuZDojZjhmOWZhO2JvcmRlcjoxcHggc29saWQgI2RlZTJlNjtib3JkZXItcmFkaXVzOjIwcHg7cGFkZGluZzo2cHggMTRweDt0ZXh0LWRlY29yYXRpb246bm9uZTtjb2xvcjojMGEyNTQwO2ZvbnQtc2l6ZTouODhlbTtmb250LXdlaWdodDo2MDA7d2hpdGUtc3BhY2U6bm93cmFwO21hcmdpbjo0cHgiPvCfkrsgVG9wIFZvaWNlcyBUZWNub2xvZ8OtYSBFc3Bhw7FhIDxzcGFuIHN0eWxlPSJiYWNrZ3JvdW5kOiNlNjM5NDY7Y29sb3I6d2hpdGU7Ym9yZGVyLXJhZGl1czoxMHB4O3BhZGRpbmc6MXB4IDdweDtmb250LXNpemU6Ljc4ZW0iPjExPC9zcGFuPjwvYT4KPGEgaHJlZj0iI3R1cmlzbW8iIHN0eWxlPSJkaXNwbGF5OmlubGluZS1mbGV4O2FsaWduLWl0ZW1zOmNlbnRlcjtnYXA6NnB4O2JhY2tncm91bmQ6I2Y4ZjlmYTtib3JkZXI6MXB4IHNvbGlkICNkZWUyZTY7Ym9yZGVyLXJhZGl1czoyMHB4O3BhZGRpbmc6NnB4IDE0cHg7dGV4dC1kZWNvcmF0aW9uOm5vbmU7Y29sb3I6IzBhMjU0MDtmb250LXNpemU6Ljg4ZW07Zm9udC13ZWlnaHQ6NjAwO3doaXRlLXNwYWNlOm5vd3JhcDttYXJnaW46NHB4Ij7inIjvuI8gVG9wIFZvaWNlcyBUdXJpc21vICYgSG9zdGVsZXLDrWEgRXNwYcOxYSA8c3BhbiBzdHlsZT0iYmFja2dyb3VuZDojZTYzOTQ2O2NvbG9yOndoaXRlO2JvcmRlci1yYWRpdXM6MTBweDtwYWRkaW5nOjFweCA3cHg7Zm9udC1zaXplOi43OGVtIj4zPC9zcGFuPjwvYT4KPC9kaXY+CjwvZGl2Pgo