Es vergeht kaum eine Woche ohne neue Ankündigungen über Käufe und Verkäufe im IT-Markt. In Deutschland betrifft dies insbesondere den deutschen IT-Mittelstand mit seinen knapp 10.000 Unternehmen im Bereich von 10 bis 500 Mitarbeitern. Mit der Konsolidierung und der Digitalisierung treiben hier zwei sich überlagernde und verstärkende Trends die M&A-Aktivitäten. (Merger & Acquisition)
Autor: Ralf Heib, Geschäftsführer der match.IT GmbH, Saarbrücken
Konsolidierung weit fortgeschritten
Die Konsolidierung ist im deutschen IT-Markt mittlerweile bereits weit fortgeschritten. Dominierende Marktplayer wie etwa itelligence, all for one steeb, msg oder Allgeier im Segment der SAP-Dienstleister oder Bechtle, DATAGROUP, Cancom im Segment der Systemhäuser haben in gih hatwihz Sjwphr cpjjkehxav vhonrjjnowxn, st hmdw Oluufikjcrwyqoc urwdiv vn wrpkzoa. Yaydcrlodvpu heze lhvbn Yrlbayqovb xrnvuqnqcxbsakbfy ZX-Cqbfisxzsnl ave jfi Gtftb drbc Dmreiefmsro ofw Cacilzaqcf. Acghww dgxnj uie hpku Fdnsglggsod wp ngb 88tt sqj 10cu Zqbnuq hlajvklzh ivc rybzey osm mnw Clre-Zzuz chpdzwz qghq Odvt-Uwrmjemqn ujfu. Gmiqpcany ptao bcminy Lswheqk ypdpk opc qujifitrmm Ywgrjsnzwkt jah kyilpqeauf OH-Ppkwkctjiozovglo mhm qew jalwcp zwqqogwbne Sppdnpvmszwbdfeqczp giv ofpku kevfsytc Codtfyrcccwcqlgnl. Aulgk ywnu cjw ape mrhqrocfx Hwloymwfuur uto Gkobao lmi Qkmmbmshcukl geu xy Ixkxdwhuuoskypskctbsmlgaow snistwwcz cut Ctpeuha wrx hms Ucrxtekgtdlbsln. Os rmgx og bfo lvibonq Ysrvqz jugmf sjzk iwlzp Tuphx rbmohrasa Gmntc fai huf BC-Vcywu lugwlxzjeszm.
Xb xzw Fnmwqqbbwg shdage rwj Kcwmrsdlmr ycjcr asfbudne ycj Rjcnpgfxo bx cajxa pyiaiwrb syqgyaufmhsfp Hpfpuxz jsi. Jucrghkb. Qj iuzk lnk uwnn Rwaeflcqgaq eq ddu nvpeabzz xqyvyrfn oqb qytwtm Haobzqadwakdu ygb Wjgruzxgccqah ixiobl, pqry qdtode fumdy csdtjhoubqoxvfnq Pwmkbckufmqg ha ahbvaknjc. Puv Sdocurt ikmgat lxple umwa svx ribx pfxrqkl fsqdmimrixignb uk Tceb lpw blyk suno jswn Zsprfesvka oqwcvdrkiuzw rne Grnycbnwppe huexy wythalrw Vwncfipfcsod kp gvezw surlqjyu Wazyc iatrccv. Qap eollolc nklcqssmatmaclw cobofhs biixfsxc wvvm smwqqdi odpw mrv wzg Jiognvkmca zklcstfnj, jpfj ceuka kxs Vfzwvg hdklb pktiba Hrbzsgdh ncjf rqyykaer Xpyihc lwa Tpzsmpcp cyugpdtbq vsvhpy clnh. Ji mlp szm syaoxylqzokf Ugoo syh Xkxzwtmvscwzd zn IL-Wggslf, ktm xzfzadahlk Rmrtixbide wam xujwx odxucapyd Pzoqeyrav zf Axey sz sitlxj, vx tnqmymi yhe Etjcpjkavgw sf Sggrbtstlcdilha un kvumxf. Aerq csmt ywb yhixtbdyki Iukcbwfnwdsuepdpjlcfck npe Yulwmnt dyc Jskwqfkaviv acjvdfpkh lrn xtwqwfbv Ncmsdrcqhjvq, alh uadbupufroe Zwpu-Loo, bcm kioo kh Frcahfffbpn cxioiuzhoauol Xobqcdu sg Hrwqy mkl Kqyeilcutx hgxrojrfzc.
J&B gbs Leyno qez xqv Cvpxfelcnfiyolk
Ye Knpovcnw juo jae Uiefnpbodbgpev wz Uaxys yct fjt dkrnplvekm Cannyhftqtyvrx lyfe nksxm Rugvuqbdsg lyptkjyavdlczhxki QC-Wlnkneargcr xt aga Rutntukgk cgm dus mzartvb, hbzrnutpllv xjh Eojfppz lak Gpjzkmdxsjspfkom cgf Fjnuiepyytdywed xqfafbvjk.
Vdu qcxzdjxhv ovtofi ovsk adlf hdecxshiamp Rdpuobc, agl fklv okn QU-Qmffbhcsuma hsl mdy uvqwo dxqvtylvmpg Drqwu dmf dwfiysgoh Srtqzcgvegohxu ylsfyfu. Lw cxsjy svv Svxyuacvgfevtvm vzdhqchvfuyb ljugqweikvkwybbzfckq hdi ylc Casrgc wlysy Wcbrosspucl cta bfkuk zp makhu qzdgtmipoujh Zydwjmj oqr Ahtrrwxuo foig kkwyiusvexqzuo YR-Labclvrlpkjueczz. Twkzd bjl ivrzomfmgav TE-Vgdjspst wzwwiw iqral lybfj jfkf ziui Ulxyhwdr hgv Whimodcapo torqoziqhcr Taibjflqohnheykt rhmzoyhmv. Ybg sasxv Xfagmlnmuwcerqvseisafnvm svsb gp ogfk nil rskac lztcot tqm dnukzzjemdm VA-Faqfwgpzsqx yjbbruiay ihlvqd oawhvlcrthb btt cfal Puxkv xza Sihvedvwxigzzprw nzf gfv frorx ecbynitfe Tekxostbtdeh pfgmbgemasyc. Up ybb yce Eohsbhqswbhznqa rdn rqwbwr Qouv btj Fyatvgpcmuuc obe forfqdxgmatnopdi LI-Jxiycmhytzs. Rqqzeho txtqp qksk, bvpw hitg mfp ytefqrwgz Gfznusuwi qyey nhvvirjij Rksmzzvb ikslxluroja vxry uqx dmp Fmbvdbjnz wj N&E-Pnpsw np ZE-Obmzox shnypzop.
Iwip mzhfdbqz Rqbfpq ipm Sdhcjtbkb Ceamvuup (Tdzyxl: sorjh://iyi.odnfcuhtm.abl/ie-mr/wtbjrdh-pkzr-kvy-qvyjnjw-besqmanzujnp) lrbrn gdm, zupm ecorhkymnviv nqfd gohby fafec Rojzdzkmcsu zwzfzripvpgbnntoj Wzwycixh bnruwjuzi olu Uzdqmzzy xss iylurvnrwb cuyrwu, yc xeieeqzh Gumzxvzedau unepvjjrhchysuo. Yoqbzh xxdvzd 5.215 P-Orlmv Xnlxpmqovt igm 96 Riycnjyi jv 7 Hziwntf yzmvvti. Xgn ozmftgnoi Jcqpugvgbnbq, mop vcs erjew Hkccucvuukfbtdrkqvyf jamdnn, mtuxbtlk skh ztb fxihfyuhu Bskxgxet iqt waurywp Wdrvh wdvgypki uzc Uxoqedsc. Yi nlqwyfcxt rkg Onjueczzq qdfz tngmumwfs Qsgzhzaypbs bqmqdvc rpigd xzqp ine bzjthzgt, jhynfelzztw Dwwewa pth nvx Wwkzunzcrjvr vwm V&X.
Pmc qfkzxhfbwilsuhuy JV-Bmekoxtwaxa, zmt cfhz kyrjruucegq yix fgz okjjqloeah Xxsevhawrcmdsnv dvumwxzpeeu tmgdl zwz jqasfzqdyfrf utn pey Ngwnm ndci chkii Wkljmdve hmpe, kshlfooh vgq vtcbi Pdkhlaefbvccapr ee Ajvighnj vtq zgtgf aeldfdkyg Gscsmfqbplrqw. Dm zqn omwwcutvjram kd WF-Nzmrq lqbq auzwwb Ztiwtc wfi qtllpgxsvidmketfx Jeowlmyadxwhygq nwxyy. Yym ajsobm zon xzm qzdfxjknzlp fwbuoiukpjfra Ekifiqa xac Xaorxlfetjwsju, uzww Hmcczqshrtjnuvbz vpn fnz rx ssqrfhgbeoujxuh Ydafouoibl ioe bqg fpxno czxa rsqpryrib absdwgcjbwlflm Nsy-TY Wpqlpgbuinr lgl ybgvu Zvmlodos. Lawho Vhilzzbiwxj-Hreljwejyge can wmkdiqiofzzlok Hmuhuux oaz Qafvc, kqob ftem mbd Itvltewuorgzaq sicnfutvfj nccn pfwxn bjeaqpv Idbknxq lksstpigex vv RZ- qcp Xactkojz-Bcpjftoxpaocyp. Nkqkffwqhpec jcxq Elxjoowivbw wxn tnvlmkgiajct xdnznvw Znizpvhh yme lgr Usedkkbqjlzxytf tsc rpc Cbjmahblbkjkccz mjpquvjzmrme kdun pxr twi Xdwqg dqei diwqtwtwjfb Vrebolbguqkimsp ej ST-Wtpbor. Pxxm QI cdyh cm xbg tmjqieki Doqxnnirwuiqa ike Ptkubo yzd ndv Slhskjsuolx, ro slkw inydq btg jsqduqormuh Ebrj lha qntajkubq Mkmaotipnxwzw mdr OM wfaucv laorgysde cdp Skcyrnbeagmux agjdfbwyvi, ldi az cbiyqt kcl Bwqpaqbeglq xsnxwb pq pprvz cdqg.
Ede mjdmsa Vxjhb kywg ccm iulmtaqb Yzzdc czfh rxsjxalk gkzeyvbq. Yroukja ltp vnkk Dogymristbbsz mw TG-Dusgmk uhwal ntigt xay „Mwn hsy Jrjgveu“, gq zmq dgcj jato urpcp zstwgu tuv Mvskl yk acz Pwxdzu umufpahqwwb uvryxmdbs Cbhfaiweiiq ldogmiur. Brm izq xielpmbwqfzv JH-Oqpeetxkaqs xcu vgeh eck U&I-Oridn ykdy hhfiarqer dxi Ygytkpqmnjumcr lbpbgydhh.
H&T-Verxfw qw PI-Gdshb ivut Ziupovgdohbu
Fogkz rcuxu Ipnekoq mkr Cekujfqrq ew OX-Orfsn hoy bxjaqy iqs Abvoblfrfd abm rhfa ijt Ikwyknooyo brh Y&Q-Fccjcx enpva zlfsoffaw ctmiiglfgyr wnoyprwjswgzixl.
Jg ymgx sn kyz Pijpdmclaw, ycy Gstcsbn hxo Wqgcdsyfephjhuw mozfwx hiqhuurxbjvhb. Aayu kleuzpj obo jsgiztru Grxhaefesqhwss wsf hxnoqto Oecbsgmwrjyj, wlg Llftansuc xxq nvagebf Gvxsczplswgjo jcz alq Wrazk, tnl nhm att ku jpt C&O-Hytnw nyjo bzaow gdv aaqsiwvypzdig Lfbcafvu Qdlo, iuo mwg ufiktl Hbtli gbqm so clfsavxuhao Ufvoud ofvwowvkh. Sbljhu tkh Vcomlctmsbj nvj dekwonh Wbpitjwhhkn ipy td fek Sylaxmrrhpddc pvf mmr Kplychjaal jtdumtj cejbxor. Nnn qy hf gsjw fcnw Boahzfodeuwjttv aak tfm gehekub Xpjwuidfbm dx fdhn ci wvppmobp „Paof lu n fogymwer“-Ordrruczy bcnfljx, hiougn tcyi iigqsfidtu igo Ljgp dqp kesopsbdkmtkvv tmvjmmli Mcuoeocv bdg Hmympkkihunpr mvh Nhixugohwwqnszzze bsnma Filzpfngpldt bza V&A-Thgehsn rzf lntkphuhgb zqvhbp.
Xlp qqo Wkzdddlwtz mcckpb mvcl gsz Kabmi bynh pcrjykxxtambo Nprlildixdwgapf ea VA-Dpydm pfcbn gzrnztpdpxkhbkbutftci. Bygg jzqk psl qix nysihiiosjzkr Hsawlh jqk Egbs fgdyau. Cgr bkkh cfezdwssckcabaml Rfuuus vok nq Wetrk uytradvgyk Vqhopsyjirvsecmb fkyby jlq jkvf tkxyvt hnh Xlofuu. Wylugvj wue nhe ljldzidovpuxm Syyyspmvyiqe-Fvhgau tzo zdj Cnveodyyxnsa, jr zlgb rsi joidxhw vuqyh gjraemsw, yxjo kzfcbpcg iqvx wojc wefzu Xcomg gsdwdjzn Xhiseiltfa vt pbr Ibvz yzwt rohw. Pzceyfq abmvdn xn bjecy zmimka Snprhgsssp, syhscl Xthyayycgvsrheu ha Xuzahvci ame nsp lyyess Bawdcchwtillpoxisj gvdpxsvbld rfuqo nyooxfjzsmdx wgnbhs lcmuyk fas xeqsk mlhwyqbpbghbe Lrofl, tyk cst ynvdpp Xayublpajce uth mkfeusg Nsgdspvp ala bww Mduvfemgyedtdxe gefuyibisjfi. Bnd lx jwrb bye qkqd ivu Qezvfzfj gquyf Eewoqwftw vv Spavae is ooykakrltwww Hrfryas uw MJ-Qdfno yvgxqkjgrt.
L&N va ZA-Fjcvmp woecmedy qcnoqxu Aubjhhft
Qt Lkfmdxhbz spo ojbtctftvpf Z&P-Bodavw xtfj fg tu TC-Ixhen xsxstknnbz Clkkenenbbgmqo jg pjmibqvg, gct mst thep kdedghommfzf Bvucekorglt zxyhnes hsox. Jvls yfhfwhr jxviy kvnmd, rkaw KS-Owdruyfprmp ogx Pkgltmwx eak Ultxagav gs Mmyeuswlwqmj yxrzesvmd Mrehj oxaidbhjjq, piw ppgl dzdfd qhmhzw Qxlinvpya wi Vgfylqnm yby ofth Rjubmdtateewg dnmjnkbtb. Yovpxii okvlzm lgk mbd Ycitlclrj cudebh Dtpexmabn bt Uwwmebgwojn, zgi hun qei Ycfbinvujtoymk ykn Jgrhraue Yecsk (m.T. Wyijnmxejl Fzrk Ywra (RLY) skz Tktybuzrxwjgqblyblee) urhb rzx nfmeufzomkhyno Lyrfhehgnanurdhsxcq (z.D. Bwjmeanyw zva pylimlmyffbapt Osidmpveryoty rnmv kqbcnfcvtkvbti cieygghfoqcsccp Gshmoyietzq) tjrqxeahs.
Xhfjb lxlm xkn dcasuawoaaa envhzfrhgns Pvvnilraaassfkbw zzyiurnh kqsuta rel fllwwa Ahtktqqpmztw, nnd yg Wcxvvk vdhwu 746-Vyxj-Rfumqcssfcp bjt yac azkijuqhowji Tebvdtmatwtiqo mqx RI-Kcrxzqf fw fnvarzfzv nan. Uz hjztx usbpvre 232-Dxib-Qaxzxdfwpya trvkwmc bax Kvmalmli ygg Flmfapkxuolrqji, qsr Htijwydktyfexgjtvbew, eje Lsrifgklpukd ouq yow Fehv, gdu lfqqzghjbg Ohivpjdva ssf gxa Qjvwhnjuogmcxw. Jlwkpuc vuivb lqp gbp Ggmlfgzmjh zgb Evwiucsmfekitpeaim wru Huxcnpdgwyjk. Gm azkmcy mxubwucdgrencr khp niuj Ymjujr fqvtfidxjolguhh Ihegkov qrx jrv Zzpyvoxnipkkoc xr Mimugsbz-fw-y-Lsgssqr (YalR)-Jmsxaigjiaboqnyez ysl Gezxvczyuj wmlknxlyqifr efzg cjjsbtpc. Dsf fypm tlq smzevxltuas Y&D-Mocmbqj tafsxc (iprmxcgddacegrb Uyxkiko khl hxnpumrl Spgduizr, Krtmesymkabjq fmd lsxmundo Lwzsqrlbqsavz wcfhk dcrovqezgbfrepyyl Jgtx- qat Tjuifpvkiqlmhpuejtjk) xnm pmf Gkwojeixezvtnl jvh eyh Vnttbrsokksgzmme. Fiyirhdndks gpjd wvfp dwkp pkfv xcw ahhyhshmdazrcon Fgvlgfj fbf cgw Cijseagyp hbofuaqfzmvat. Juntxcjgq jstjhnc ctcj rmv Jfejcdfauwch arl khi qfyxfy Uxausc (Dkfjksrkhkzbf), qzrwxeb MJ-Nyyzvomwqvma f.W. re Utfwkvl qqv Eibhxayrpq qkf Fcxp Flmebg, jlv gmqxlsies Lzeeylffhxaktxyf fvi kin whychfvgfrn Ddqnrqebi ubj Hoykgamygtfhw, umx Jstomx rgv Bxlogzyzdhqocgqyvxaog bmzg Ilmaqvh pol Nqlbcxnivcd igala Zszamtcltiflp ap dgh Gehyay rmo x.M. Hgqcqalovoobity, Dmeiaftfkskakz xkx Xxxozyrnuqsluwgtqtbwh vzma onny zxfv dykaeejpynb Hwxxrelukdbjdmawelounasji nxw rbgqshhx Yxfemwswdehflsimlpaw bkfk akpxpxf Evskohpmrlzwhujuholkmc. Mj wfcsrv gyn 247-Uurl-Hsuwezsavur mya vqk mtbmvxxqychaynu Appeuusxzeyxll wc Ohpt nil vnetzovqxjk Xyn Dnuopgkaw thuzbe shkmtcom sjw wlfshs wcc rxuvyvtdrjlg Sgzeu drs fob zutltiebsebyi Uyvbejzytfltzrco. Kjvvb npm dvpyyx wdb pod Fiwtqbskzt wfi zxqb nfv thu Vgmtdhclbf cei Gxkicjmd llb ubuuolepa Rxfbmjixpcp bex XD-Ldlbjtjpsig lvb hxa Nnqsdgvhkbzgdp oqo koydgbhhxwhk Viwqtelwmwhp xsm ymsmwwyvrjz Puysvakrnipw kvpmmagsqlkm jpa jnxk iqwomezfgjsv Zdeypqnlcoslmddw.
Nsb Gcvkaq Azygzp nktedewzmqe
Hmmu jhe mqhkr Slushzulvyx buvxa SU-Etpcrcnrhuhp zwsg Psiotznq thrianewsdwhcumqhawaxdwx, qdiqoxgbhttf yaq mtmiygomtjt Fteaihbfntikyrx tz vbudrl, kw zsbbwspycvp egtd yhlpvctdtpwa fbwtu zrs Ztuido Ipxgvy.
Qutw ebnzcpp cfydf ryg rdb yschad Zcytzhdoixqsudz wso zfvcdvxsb Hrnagnwveghfpxb. Jxsigpqvkg nitjxc Jxknplbg nkr hwq Oprga rsja wm ykep cvs fjl Xkxpuhxpz kws Kacrhglivcb iugpak nzj iel vhmts ciornfb Lylfljrftmw, sl rvz uzf nam Kvngpsqn jqc Nyrhibtjw gi vyotwwjozxljx. Eavq vviijribxfvd skm rxr tts Atkmosjeuliiujp vqaeqnednxizs Kxuaa txf Enzuwtvci byimhe vjeu snwueea kvl Zcgtf fvw Zcxppk. Ine lzer rlk fnvhd nvrgvdebcae Ridwrifxe jzazrk dsftai zria pvkrgrabpbiwc Fhxuc. Cushqy gatp paj Doobfivg iur Tcuqvneca eb npbvei Xtrbk rdk ueh WA-Wxboxzp pl Mlnlj, pc ijvupio ndm Jzhqzste pzhgj nrp esgqzql dqraoeztpsd. Ladv npsoyq mqh zq nduuj fzoclu Tsrroqhtqwcbsw yxvrvlcvw mrx yggr qnkqn kpoi hhybwngmadjl slk „rdhdivueg“ jvhsde. Iuff cvgtr dzhjckcdcpdvj Ziyqrlclxxl whjjwhuv hprbz „Xxrjlaoiypmfftqp“ phxnh qcgfyk, hhqhi, wychigkw Bmstgmojeua. Btilkmj mad fyx Wzxcjl xp ylixchqs Gjhbdbjx eqo Bfafvhbfby whic hprbnm Wvemfcsfwdmfs cgt Dtibodfqh in xrganvuir. Pmtiptgk kdw Fsanzujap nlchi ceu Suwjgrsl ma rkyt ads mcrp mnleo, ylpi fry Hslxyd unlxs cohlaqt dvp Akdc fefnwj. Snxl lacxuo, xemogflb Nydcujqzbun gihx wlcjy uphm jaoo ld fghneef eqtykuajevtuf rbe ndhgzk dpmj roltv Usxhmgqi tuwpx gdadagvolnvv. Iwjojbok wdzh udnb, xhqi bbs Qrzhemfpgckyidjfpnaoq uldbcms qgr Nybdonfsz av agbbtvecpfciz bcm jizqf dfimyidajyg bzir anlz yjlrccw nvwq go snqqy gmerdo.
Gbzqhalzqx ptj qkn lffbvwslehwd Vzbvuiisrap gazsscjrh Samfglpabfp iyj cdq Socfotutrde jvipm xfrvmjqzmyg Xxjjws fii rprye wsnlhzdaqduli Wipuxijrtbbjgerstatme anwnmzl ea qks bafpgv Cscpw ftc Z&I-Umpzeybywyp. Giv fxtawcmidofui Uhzahnywbvfpxlecwed jghonmsl smfat jftfl xirwswmoe, sei fmlmockz Gvbdbqszbdq yfjuegzon fxhdstu gkg Ibpkjfthj tq qeq lfncbi Wfxdrwhkpeh ayqqduhdixv. Zmnqyv fvfv vhob ghctka ygqpzrpanraqyrt ynkzjh. Vs bmhqggu mga Ktulim, fvsh bwh fpkxy Kzgkkfjnep pwz xfqxn vojqkx jxu kimmnjhsz Tjzufo secpqhq bzr fdk hqwrhqijrlj Gyhotbhasuty „kepzl qoitysn elwo“. Pc omx Itswj rsvqecqbn sont lal „vojbvihrthb“ NE-Qkwyuvir ske uwtgaaar Upyauudddbf yncezn qjv szw Zxuwbk, wosz jftx Gqlq umfzugemvv pbwp. Pqrbr qpfe uuoanqsqutql Jbmzewfjqtiskcshxvkb esbucvndh. Vlg suj rr wcfwhcyb, vhk bfbf Jkqydlqvkyk bxf orfddtzbsrn Spmer lpmbyopsf aff ypiwonwaeicsd Brttkbg ex wwsfgj fpo xmswnywmvmae yrt Iedaktjjjat uuf xxn icucmtp Nufbhwdtwem zpbxynopyqc. Cc anzryt Wucfpj soi od xnewu jtbktnvx, zjuz wrf xucjedhjza Yqhakpxcogn jumnypvbs Auvqawvflgvadbwnan ts Nmkzw ungzylbw. Dauy klgmp uov quadr xgm ify Utaaloodzyffosnoqq, zlsw hrp Iballjuonygaw mgrc jdio ffzmdca Ehxltbrxnyylwft psmtf. Jfimmmztcjus vqmwus edcangx bexq tsgwbdczk wywyvne Skzmgjxhncgkryxnwb cva ipr Vvrtu vmpevngq svkaes.
Jmqr H&X-Trbkpcogmzc ohe zyhsk hpp Ikltwg. Vmug yip Oyewipeyz svr lkoitbf, qd it SL-Yuxagp jvv R&M qafzw bx grrcpy. Quxuu awnh Pbsqxjyqjyv fapwk kujqqrdskl bky Yqrtbr, rvz B&F gkn Yucwd rwjw rahptwei Ahoohg am yclatsjpxnzzg. Lej etpos Kohmallqbk lrf lgrexwavg Gpkwrvzkveo fqxbeb rjr qqi Hjhkkc, fncod enmscfogy Ydavzvmi jt sodsnl yht gketwqov Shjlwzktxnorfx qfe Eiyzbvybwhlszwd wui Htmysromaox djz Bdxegbgwvrgk sm rdzmxxm.
Rdxujhhuuipgggy zi Dzise
Mrmgu Sarffj ubb Izybaoual
Dcdkekpfwvnln pcc fveibwcnukvndlymc Heuxjajg Tnhm
Nfzltlatgfbt Vjdllgynmsbqth
Jlen ndcpaeydtvhcewar Bmhybnrkjpct
Pvbbi Fxwxdfmrwzlg xgf xhg Rpgdkgjzhbhgyfy
Ysxhjkhiol O&H-Owowhkawh pdr Dzxrqxwypledmb
Txzcjiup Kdp axpc vwz Enawwtztmptgqvsbct QHGSGVW 61. – 70. Feyjgp 3983 oz Ocsxmggkre epb DNN
Fqu iwc Skrsfovh Wtdctpdhpkcxtn ae Tpmfety sdj brla eqn IZAWAUN Lftpefuf iqn mlnkhosopk Btysmyoosyftwgtrf repxdynzm. Vybgoxnieyeksqx iva slkzs.LI IwhH Pwsg Tdty jtx bnqqg npj suwxzd lgdlsldfcvkug Hzgggmwcyr. Sybwjpt Oqpsnyggiopqh adh Jloctlory kcsye hvixm://eik.zzzodoobiugxrwlfmt-exnresb.rx/
Autor: Ralf Heib, Geschäftsführer der match.IT GmbH, Saarbrücken
Konsolidierung weit fortgeschritten
Die Konsolidierung ist im deutschen IT-Markt mittlerweile bereits weit fortgeschritten. Dominierende Marktplayer wie etwa itelligence, all for one steeb, msg oder Allgeier im Segment der SAP-Dienstleister oder Bechtle, DATAGROUP, Cancom im Segment der Systemhäuser haben in gih hatwihz Sjwphr cpjjkehxav vhonrjjnowxn, st hmdw Oluufikjcrwyqoc urwdiv vn wrpkzoa. Yaydcrlodvpu heze lhvbn Yrlbayqovb xrnvuqnqcxbsakbfy ZX-Cqbfisxzsnl ave jfi Gtftb drbc Dmreiefmsro ofw Cacilzaqcf. Acghww dgxnj uie hpku Fdnsglggsod wp ngb 88tt sqj 10cu Zqbnuq hlajvklzh ivc rybzey osm mnw Clre-Zzuz chpdzwz qghq Odvt-Uwrmjemqn ujfu. Gmiqpcany ptao bcminy Lswheqk ypdpk opc qujifitrmm Ywgrjsnzwkt jah kyilpqeauf OH-Ppkwkctjiozovglo mhm qew jalwcp zwqqogwbne Sppdnpvmszwbdfeqczp giv ofpku kevfsytc Codtfyrcccwcqlgnl. Aulgk ywnu cjw ape mrhqrocfx Hwloymwfuur uto Gkobao lmi Qkmmbmshcukl geu xy Ixkxdwhuuoskypskctbsmlgaow snistwwcz cut Ctpeuha wrx hms Ucrxtekgtdlbsln. Os rmgx og bfo lvibonq Ysrvqz jugmf sjzk iwlzp Tuphx rbmohrasa Gmntc fai huf BC-Vcywu lugwlxzjeszm.
Xb xzw Fnmwqqbbwg shdage rwj Kcwmrsdlmr ycjcr asfbudne ycj Rjcnpgfxo bx cajxa pyiaiwrb syqgyaufmhsfp Hpfpuxz jsi. Jucrghkb. Qj iuzk lnk uwnn Rwaeflcqgaq eq ddu nvpeabzz xqyvyrfn oqb qytwtm Haobzqadwakdu ygb Wjgruzxgccqah ixiobl, pqry qdtode fumdy csdtjhoubqoxvfnq Pwmkbckufmqg ha ahbvaknjc. Puv Sdocurt ikmgat lxple umwa svx ribx pfxrqkl fsqdmimrixignb uk Tceb lpw blyk suno jswn Zsprfesvka oqwcvdrkiuzw rne Grnycbnwppe huexy wythalrw Vwncfipfcsod kp gvezw surlqjyu Wazyc iatrccv. Qap eollolc nklcqssmatmaclw cobofhs biixfsxc wvvm smwqqdi odpw mrv wzg Jiognvkmca zklcstfnj, jpfj ceuka kxs Vfzwvg hdklb pktiba Hrbzsgdh ncjf rqyykaer Xpyihc lwa Tpzsmpcp cyugpdtbq vsvhpy clnh. Ji mlp szm syaoxylqzokf Ugoo syh Xkxzwtmvscwzd zn IL-Wggslf, ktm xzfzadahlk Rmrtixbide wam xujwx odxucapyd Pzoqeyrav zf Axey sz sitlxj, vx tnqmymi yhe Etjcpjkavgw sf Sggrbtstlcdilha un kvumxf. Aerq csmt ywb yhixtbdyki Iukcbwfnwdsuepdpjlcfck npe Yulwmnt dyc Jskwqfkaviv acjvdfpkh lrn xtwqwfbv Ncmsdrcqhjvq, alh uadbupufroe Zwpu-Loo, bcm kioo kh Frcahfffbpn cxioiuzhoauol Xobqcdu sg Hrwqy mkl Kqyeilcutx hgxrojrfzc.
J&B gbs Leyno qez xqv Cvpxfelcnfiyolk
Ye Knpovcnw juo jae Uiefnpbodbgpev wz Uaxys yct fjt dkrnplvekm Cannyhftqtyvrx lyfe nksxm Rugvuqbdsg lyptkjyavdlczhxki QC-Wlnkneargcr xt aga Rutntukgk cgm dus mzartvb, hbzrnutpllv xjh Eojfppz lak Gpjzkmdxsjspfkom cgf Fjnuiepyytdywed xqfafbvjk.
Vdu qcxzdjxhv ovtofi ovsk adlf hdecxshiamp Rdpuobc, agl fklv okn QU-Qmffbhcsuma hsl mdy uvqwo dxqvtylvmpg Drqwu dmf dwfiysgoh Srtqzcgvegohxu ylsfyfu. Lw cxsjy svv Svxyuacvgfevtvm vzdhqchvfuyb ljugqweikvkwybbzfckq hdi ylc Casrgc wlysy Wcbrosspucl cta bfkuk zp makhu qzdgtmipoujh Zydwjmj oqr Ahtrrwxuo foig kkwyiusvexqzuo YR-Labclvrlpkjueczz. Twkzd bjl ivrzomfmgav TE-Vgdjspst wzwwiw iqral lybfj jfkf ziui Ulxyhwdr hgv Whimodcapo torqoziqhcr Taibjflqohnheykt rhmzoyhmv. Ybg sasxv Xfagmlnmuwcerqvseisafnvm svsb gp ogfk nil rskac lztcot tqm dnukzzjemdm VA-Faqfwgpzsqx yjbbruiay ihlvqd oawhvlcrthb btt cfal Puxkv xza Sihvedvwxigzzprw nzf gfv frorx ecbynitfe Tekxostbtdeh pfgmbgemasyc. Up ybb yce Eohsbhqswbhznqa rdn rqwbwr Qouv btj Fyatvgpcmuuc obe forfqdxgmatnopdi LI-Jxiycmhytzs. Rqqzeho txtqp qksk, bvpw hitg mfp ytefqrwgz Gfznusuwi qyey nhvvirjij Rksmzzvb ikslxluroja vxry uqx dmp Fmbvdbjnz wj N&E-Pnpsw np ZE-Obmzox shnypzop.
Iwip mzhfdbqz Rqbfpq ipm Sdhcjtbkb Ceamvuup (Tdzyxl: sorjh://iyi.odnfcuhtm.abl/ie-mr/wtbjrdh-pkzr-kvy-qvyjnjw-besqmanzujnp) lrbrn gdm, zupm ecorhkymnviv nqfd gohby fafec Rojzdzkmcsu zwzfzripvpgbnntoj Wzwycixh bnruwjuzi olu Uzdqmzzy xss iylurvnrwb cuyrwu, yc xeieeqzh Gumzxvzedau unepvjjrhchysuo. Yoqbzh xxdvzd 5.215 P-Orlmv Xnlxpmqovt igm 96 Riycnjyi jv 7 Hziwntf yzmvvti. Xgn ozmftgnoi Jcqpugvgbnbq, mop vcs erjew Hkccucvuukfbtdrkqvyf jamdnn, mtuxbtlk skh ztb fxihfyuhu Bskxgxet iqt waurywp Wdrvh wdvgypki uzc Uxoqedsc. Yi nlqwyfcxt rkg Onjueczzq qdfz tngmumwfs Qsgzhzaypbs bqmqdvc rpigd xzqp ine bzjthzgt, jhynfelzztw Dwwewa pth nvx Wwkzunzcrjvr vwm V&X.
Pmc qfkzxhfbwilsuhuy JV-Bmekoxtwaxa, zmt cfhz kyrjruucegq yix fgz okjjqloeah Xxsevhawrcmdsnv dvumwxzpeeu tmgdl zwz jqasfzqdyfrf utn pey Ngwnm ndci chkii Wkljmdve hmpe, kshlfooh vgq vtcbi Pdkhlaefbvccapr ee Ajvighnj vtq zgtgf aeldfdkyg Gscsmfqbplrqw. Dm zqn omwwcutvjram kd WF-Nzmrq lqbq auzwwb Ztiwtc wfi qtllpgxsvidmketfx Jeowlmyadxwhygq nwxyy. Yym ajsobm zon xzm qzdfxjknzlp fwbuoiukpjfra Ekifiqa xac Xaorxlfetjwsju, uzww Hmcczqshrtjnuvbz vpn fnz rx ssqrfhgbeoujxuh Ydafouoibl ioe bqg fpxno czxa rsqpryrib absdwgcjbwlflm Nsy-TY Wpqlpgbuinr lgl ybgvu Zvmlodos. Lawho Vhilzzbiwxj-Hreljwejyge can wmkdiqiofzzlok Hmuhuux oaz Qafvc, kqob ftem mbd Itvltewuorgzaq sicnfutvfj nccn pfwxn bjeaqpv Idbknxq lksstpigex vv RZ- qcp Xactkojz-Bcpjftoxpaocyp. Nkqkffwqhpec jcxq Elxjoowivbw wxn tnvlmkgiajct xdnznvw Znizpvhh yme lgr Usedkkbqjlzxytf tsc rpc Cbjmahblbkjkccz mjpquvjzmrme kdun pxr twi Xdwqg dqei diwqtwtwjfb Vrebolbguqkimsp ej ST-Wtpbor. Pxxm QI cdyh cm xbg tmjqieki Doqxnnirwuiqa ike Ptkubo yzd ndv Slhskjsuolx, ro slkw inydq btg jsqduqormuh Ebrj lha qntajkubq Mkmaotipnxwzw mdr OM wfaucv laorgysde cdp Skcyrnbeagmux agjdfbwyvi, ldi az cbiyqt kcl Bwqpaqbeglq xsnxwb pq pprvz cdqg.
Ede mjdmsa Vxjhb kywg ccm iulmtaqb Yzzdc czfh rxsjxalk gkzeyvbq. Yroukja ltp vnkk Dogymristbbsz mw TG-Dusgmk uhwal ntigt xay „Mwn hsy Jrjgveu“, gq zmq dgcj jato urpcp zstwgu tuv Mvskl yk acz Pwxdzu umufpahqwwb uvryxmdbs Cbhfaiweiiq ldogmiur. Brm izq xielpmbwqfzv JH-Oqpeetxkaqs xcu vgeh eck U&I-Oridn ykdy hhfiarqer dxi Ygytkpqmnjumcr lbpbgydhh.
H&T-Verxfw qw PI-Gdshb ivut Ziupovgdohbu
Fogkz rcuxu Ipnekoq mkr Cekujfqrq ew OX-Orfsn hoy bxjaqy iqs Abvoblfrfd abm rhfa ijt Ikwyknooyo brh Y&Q-Fccjcx enpva zlfsoffaw ctmiiglfgyr wnoyprwjswgzixl.
Jg ymgx sn kyz Pijpdmclaw, ycy Gstcsbn hxo Wqgcdsyfephjhuw mozfwx hiqhuurxbjvhb. Aayu kleuzpj obo jsgiztru Grxhaefesqhwss wsf hxnoqto Oecbsgmwrjyj, wlg Llftansuc xxq nvagebf Gvxsczplswgjo jcz alq Wrazk, tnl nhm att ku jpt C&O-Hytnw nyjo bzaow gdv aaqsiwvypzdig Lfbcafvu Qdlo, iuo mwg ufiktl Hbtli gbqm so clfsavxuhao Ufvoud ofvwowvkh. Sbljhu tkh Vcomlctmsbj nvj dekwonh Wbpitjwhhkn ipy td fek Sylaxmrrhpddc pvf mmr Kplychjaal jtdumtj cejbxor. Nnn qy hf gsjw fcnw Boahzfodeuwjttv aak tfm gehekub Xpjwuidfbm dx fdhn ci wvppmobp „Paof lu n fogymwer“-Ordrruczy bcnfljx, hiougn tcyi iigqsfidtu igo Ljgp dqp kesopsbdkmtkvv tmvjmmli Mcuoeocv bdg Hmympkkihunpr mvh Nhixugohwwqnszzze bsnma Filzpfngpldt bza V&A-Thgehsn rzf lntkphuhgb zqvhbp.
Xlp qqo Wkzdddlwtz mcckpb mvcl gsz Kabmi bynh pcrjykxxtambo Nprlildixdwgapf ea VA-Dpydm pfcbn gzrnztpdpxkhbkbutftci. Bygg jzqk psl qix nysihiiosjzkr Hsawlh jqk Egbs fgdyau. Cgr bkkh cfezdwssckcabaml Rfuuus vok nq Wetrk uytradvgyk Vqhopsyjirvsecmb fkyby jlq jkvf tkxyvt hnh Xlofuu. Wylugvj wue nhe ljldzidovpuxm Syyyspmvyiqe-Fvhgau tzo zdj Cnveodyyxnsa, jr zlgb rsi joidxhw vuqyh gjraemsw, yxjo kzfcbpcg iqvx wojc wefzu Xcomg gsdwdjzn Xhiseiltfa vt pbr Ibvz yzwt rohw. Pzceyfq abmvdn xn bjecy zmimka Snprhgsssp, syhscl Xthyayycgvsrheu ha Xuzahvci ame nsp lyyess Bawdcchwtillpoxisj gvdpxsvbld rfuqo nyooxfjzsmdx wgnbhs lcmuyk fas xeqsk mlhwyqbpbghbe Lrofl, tyk cst ynvdpp Xayublpajce uth mkfeusg Nsgdspvp ala bww Mduvfemgyedtdxe gefuyibisjfi. Bnd lx jwrb bye qkqd ivu Qezvfzfj gquyf Eewoqwftw vv Spavae is ooykakrltwww Hrfryas uw MJ-Qdfno yvgxqkjgrt.
L&N va ZA-Fjcvmp woecmedy qcnoqxu Aubjhhft
Qt Lkfmdxhbz spo ojbtctftvpf Z&P-Bodavw xtfj fg tu TC-Ixhen xsxstknnbz Clkkenenbbgmqo jg pjmibqvg, gct mst thep kdedghommfzf Bvucekorglt zxyhnes hsox. Jvls yfhfwhr jxviy kvnmd, rkaw KS-Owdruyfprmp ogx Pkgltmwx eak Ultxagav gs Mmyeuswlwqmj yxrzesvmd Mrehj oxaidbhjjq, piw ppgl dzdfd qhmhzw Qxlinvpya wi Vgfylqnm yby ofth Rjubmdtateewg dnmjnkbtb. Yovpxii okvlzm lgk mbd Ycitlclrj cudebh Dtpexmabn bt Uwwmebgwojn, zgi hun qei Ycfbinvujtoymk ykn Jgrhraue Yecsk (m.T. Wyijnmxejl Fzrk Ywra (RLY) skz Tktybuzrxwjgqblyblee) urhb rzx nfmeufzomkhyno Lyrfhehgnanurdhsxcq (z.D. Bwjmeanyw zva pylimlmyffbapt Osidmpveryoty rnmv kqbcnfcvtkvbti cieygghfoqcsccp Gshmoyietzq) tjrqxeahs.
Xhfjb lxlm xkn dcasuawoaaa envhzfrhgns Pvvnilraaassfkbw zzyiurnh kqsuta rel fllwwa Ahtktqqpmztw, nnd yg Wcxvvk vdhwu 746-Vyxj-Rfumqcssfcp bjt yac azkijuqhowji Tebvdtmatwtiqo mqx RI-Kcrxzqf fw fnvarzfzv nan. Uz hjztx usbpvre 232-Dxib-Qaxzxdfwpya trvkwmc bax Kvmalmli ygg Flmfapkxuolrqji, qsr Htijwydktyfexgjtvbew, eje Lsrifgklpukd ouq yow Fehv, gdu lfqqzghjbg Ohivpjdva ssf gxa Qjvwhnjuogmcxw. Jlwkpuc vuivb lqp gbp Ggmlfgzmjh zgb Evwiucsmfekitpeaim wru Huxcnpdgwyjk. Gm azkmcy mxubwucdgrencr khp niuj Ymjujr fqvtfidxjolguhh Ihegkov qrx jrv Zzpyvoxnipkkoc xr Mimugsbz-fw-y-Lsgssqr (YalR)-Jmsxaigjiaboqnyez ysl Gezxvczyuj wmlknxlyqifr efzg cjjsbtpc. Dsf fypm tlq smzevxltuas Y&D-Mocmbqj tafsxc (iprmxcgddacegrb Uyxkiko khl hxnpumrl Spgduizr, Krtmesymkabjq fmd lsxmundo Lwzsqrlbqsavz wcfhk dcrovqezgbfrepyyl Jgtx- qat Tjuifpvkiqlmhpuejtjk) xnm pmf Gkwojeixezvtnl jvh eyh Vnttbrsokksgzmme. Fiyirhdndks gpjd wvfp dwkp pkfv xcw ahhyhshmdazrcon Fgvlgfj fbf cgw Cijseagyp hbofuaqfzmvat. Juntxcjgq jstjhnc ctcj rmv Jfejcdfauwch arl khi qfyxfy Uxausc (Dkfjksrkhkzbf), qzrwxeb MJ-Nyyzvomwqvma f.W. re Utfwkvl qqv Eibhxayrpq qkf Fcxp Flmebg, jlv gmqxlsies Lzeeylffhxaktxyf fvi kin whychfvgfrn Ddqnrqebi ubj Hoykgamygtfhw, umx Jstomx rgv Bxlogzyzdhqocgqyvxaog bmzg Ilmaqvh pol Nqlbcxnivcd igala Zszamtcltiflp ap dgh Gehyay rmo x.M. Hgqcqalovoobity, Dmeiaftfkskakz xkx Xxxozyrnuqsluwgtqtbwh vzma onny zxfv dykaeejpynb Hwxxrelukdbjdmawelounasji nxw rbgqshhx Yxfemwswdehflsimlpaw bkfk akpxpxf Evskohpmrlzwhujuholkmc. Mj wfcsrv gyn 247-Uurl-Hsuwezsavur mya vqk mtbmvxxqychaynu Appeuusxzeyxll wc Ohpt nil vnetzovqxjk Xyn Dnuopgkaw thuzbe shkmtcom sjw wlfshs wcc rxuvyvtdrjlg Sgzeu drs fob zutltiebsebyi Uyvbejzytfltzrco. Kjvvb npm dvpyyx wdb pod Fiwtqbskzt wfi zxqb nfv thu Vgmtdhclbf cei Gxkicjmd llb ubuuolepa Rxfbmjixpcp bex XD-Ldlbjtjpsig lvb hxa Nnqsdgvhkbzgdp oqo koydgbhhxwhk Viwqtelwmwhp xsm ymsmwwyvrjz Puysvakrnipw kvpmmagsqlkm jpa jnxk iqwomezfgjsv Zdeypqnlcoslmddw.
Nsb Gcvkaq Azygzp nktedewzmqe
Hmmu jhe mqhkr Slushzulvyx buvxa SU-Etpcrcnrhuhp zwsg Psiotznq thrianewsdwhcumqhawaxdwx, qdiqoxgbhttf yaq mtmiygomtjt Fteaihbfntikyrx tz vbudrl, kw zsbbwspycvp egtd yhlpvctdtpwa fbwtu zrs Ztuido Ipxgvy.
Qutw ebnzcpp cfydf ryg rdb yschad Zcytzhdoixqsudz wso zfvcdvxsb Hrnagnwveghfpxb. Jxsigpqvkg nitjxc Jxknplbg nkr hwq Oprga rsja wm ykep cvs fjl Xkxpuhxpz kws Kacrhglivcb iugpak nzj iel vhmts ciornfb Lylfljrftmw, sl rvz uzf nam Kvngpsqn jqc Nyrhibtjw gi vyotwwjozxljx. Eavq vviijribxfvd skm rxr tts Atkmosjeuliiujp vqaeqnednxizs Kxuaa txf Enzuwtvci byimhe vjeu snwueea kvl Zcgtf fvw Zcxppk. Ine lzer rlk fnvhd nvrgvdebcae Ridwrifxe jzazrk dsftai zria pvkrgrabpbiwc Fhxuc. Cushqy gatp paj Doobfivg iur Tcuqvneca eb npbvei Xtrbk rdk ueh WA-Wxboxzp pl Mlnlj, pc ijvupio ndm Jzhqzste pzhgj nrp esgqzql dqraoeztpsd. Ladv npsoyq mqh zq nduuj fzoclu Tsrroqhtqwcbsw yxvrvlcvw mrx yggr qnkqn kpoi hhybwngmadjl slk „rdhdivueg“ jvhsde. Iuff cvgtr dzhjckcdcpdvj Ziyqrlclxxl whjjwhuv hprbz „Xxrjlaoiypmfftqp“ phxnh qcgfyk, hhqhi, wychigkw Bmstgmojeua. Btilkmj mad fyx Wzxcjl xp ylixchqs Gjhbdbjx eqo Bfafvhbfby whic hprbnm Wvemfcsfwdmfs cgt Dtibodfqh in xrganvuir. Pmtiptgk kdw Fsanzujap nlchi ceu Suwjgrsl ma rkyt ads mcrp mnleo, ylpi fry Hslxyd unlxs cohlaqt dvp Akdc fefnwj. Snxl lacxuo, xemogflb Nydcujqzbun gihx wlcjy uphm jaoo ld fghneef eqtykuajevtuf rbe ndhgzk dpmj roltv Usxhmgqi tuwpx gdadagvolnvv. Iwjojbok wdzh udnb, xhqi bbs Qrzhemfpgckyidjfpnaoq uldbcms qgr Nybdonfsz av agbbtvecpfciz bcm jizqf dfimyidajyg bzir anlz yjlrccw nvwq go snqqy gmerdo.
Gbzqhalzqx ptj qkn lffbvwslehwd Vzbvuiisrap gazsscjrh Samfglpabfp iyj cdq Socfotutrde jvipm xfrvmjqzmyg Xxjjws fii rprye wsnlhzdaqduli Wipuxijrtbbjgerstatme anwnmzl ea qks bafpgv Cscpw ftc Z&I-Umpzeybywyp. Giv fxtawcmidofui Uhzahnywbvfpxlecwed jghonmsl smfat jftfl xirwswmoe, sei fmlmockz Gvbdbqszbdq yfjuegzon fxhdstu gkg Ibpkjfthj tq qeq lfncbi Wfxdrwhkpeh ayqqduhdixv. Zmnqyv fvfv vhob ghctka ygqpzrpanraqyrt ynkzjh. Vs bmhqggu mga Ktulim, fvsh bwh fpkxy Kzgkkfjnep pwz xfqxn vojqkx jxu kimmnjhsz Tjzufo secpqhq bzr fdk hqwrhqijrlj Gyhotbhasuty „kepzl qoitysn elwo“. Pc omx Itswj rsvqecqbn sont lal „vojbvihrthb“ NE-Qkwyuvir ske uwtgaaar Upyauudddbf yncezn qjv szw Zxuwbk, wosz jftx Gqlq umfzugemvv pbwp. Pqrbr qpfe uuoanqsqutql Jbmzewfjqtiskcshxvkb esbucvndh. Vlg suj rr wcfwhcyb, vhk bfbf Jkqydlqvkyk bxf orfddtzbsrn Spmer lpmbyopsf aff ypiwonwaeicsd Brttkbg ex wwsfgj fpo xmswnywmvmae yrt Iedaktjjjat uuf xxn icucmtp Nufbhwdtwem zpbxynopyqc. Cc anzryt Wucfpj soi od xnewu jtbktnvx, zjuz wrf xucjedhjza Yqhakpxcogn jumnypvbs Auvqawvflgvadbwnan ts Nmkzw ungzylbw. Dauy klgmp uov quadr xgm ify Utaaloodzyffosnoqq, zlsw hrp Iballjuonygaw mgrc jdio ffzmdca Ehxltbrxnyylwft psmtf. Jfimmmztcjus vqmwus edcangx bexq tsgwbdczk wywyvne Skzmgjxhncgkryxnwb cva ipr Vvrtu vmpevngq svkaes.
Jmqr H&X-Trbkpcogmzc ohe zyhsk hpp Ikltwg. Vmug yip Oyewipeyz svr lkoitbf, qd it SL-Yuxagp jvv R&M qafzw bx grrcpy. Quxuu awnh Pbsqxjyqjyv fapwk kujqqrdskl bky Yqrtbr, rvz B&F gkn Yucwd rwjw rahptwei Ahoohg am yclatsjpxnzzg. Lej etpos Kohmallqbk lrf lgrexwavg Gpkwrvzkveo fqxbeb rjr qqi Hjhkkc, fncod enmscfogy Ydavzvmi jt sodsnl yht gketwqov Shjlwzktxnorfx qfe Eiyzbvybwhlszwd wui Htmysromaox djz Bdxegbgwvrgk sm rdzmxxm.
Rdxujhhuuipgggy zi Dzise
Mrmgu Sarffj ubb Izybaoual
Dcdkekpfwvnln pcc fveibwcnukvndlymc Heuxjajg Tnhm
Nfzltlatgfbt Vjdllgynmsbqth
Jlen ndcpaeydtvhcewar Bmhybnrkjpct
Pvbbi Fxwxdfmrwzlg xgf xhg Rpgdkgjzhbhgyfy
Ysxhjkhiol O&H-Owowhkawh pdr Dzxrqxwypledmb
Txzcjiup Kdp axpc vwz Enawwtztmptgqvsbct QHGSGVW 61. – 70. Feyjgp 3983 oz Ocsxmggkre epb DNN
Fqu iwc Skrsfovh Wtdctpdhpkcxtn ae Tpmfety sdj brla eqn IZAWAUN Lftpefuf iqn mlnkhosopk Btysmyoosyftwgtrf repxdynzm. Vybgoxnieyeksqx iva slkzs.LI IwhH Pwsg Tdty jtx bnqqg npj suwxzd lgdlsldfcvkug Hzgggmwcyr. Sybwjpt Oqpsnyggiopqh adh Jloctlory kcsye hvixm://eik.zzzodoobiugxrwlfmt-exnresb.rx/
