G+D has a long 170-year history going from banknote security to becoming a leading eSIM technology innovator. We discuss G+D’s pioneering role in delivering the world’s first commercial SIM card and its subsequent leadership in eSIM solutions. The conversation also highlights eSIM complexities, emphasis on education, industry collaborations for streamlined adoption, and future trends, including IoT advancements with SGP.32.
In this latest episode of ‘The Counterpoint Podcast’, host Mohit Agrawal is joined by Sören Haubold, Head of Market Intelligence and Analyst Relations at G+D to discuss G+D’s journey, the early days of eSIM introduction, subscription management, and testing. They also touch upon the inflection point of the eSIM-only iPhone 14, and more.
Our Vice President Research, Neil Shah will be speaking in an upcoming virtual workshop ‘5G-enabled IoT: Will RedCap help Deliver on the Promise of Digital Transformation?‘
The workshop is the result of collaboration between RCR Wireless News and VIAVI Solutions.
Title: 5G-enabled IoT: Will RedCap help Deliver on the Promise of Digital Transformation? Date: Tuesday, November 14, 2023 Time: 2PM ET
The grand vision of 5G propelling us into a fully interconnected world of IoT and digital transformation hasn’t fully materialized yet, With RedCap, the streamlined, cost-effective version of 5G designed to cater to various IoT services, we might be on the brink of change.
With RedCap poised to open up the 5G-enabled IoT device market and better support a wide range of impactful use cases, what comes next? Will operators, NEPs, device OEMs, integrators and end users come together to drive digital transformation, or will the IoT promise remain just that?
Signify’s installed base of connected light points reached 121 million in Q3 2023.
LED-based sales represented 85% of total sales.
Signify gained market share in the professional segment, driven by strong demand for connected systems and services.
Signify reported a 13.8% YoY decline in Q3 2023 sales to reach $1.8 billion, as the global lighting services provider was hurt by persistently weak performance across all three major product lines and the negative currency impact from the depreciation of the US dollar. Signify’s installed base of connected light points reached 121 million by the end of Q3 2023.
Signify CEO Eric Rondolat, during the earnings call, discussed a few key things such as business and operations performance and outlook:
Business and Operations Performance
CEO Eric Rondolat: “In the third quarter, we continued to recover our gross margin, which is a 2023 priority. Operating margin and free cash flow growth were in line with our expectations. While we see persistent weakness in China, in the connected consumer and LED electronics businesses, we gained market share in the professional segment, driven by strong demand for connected systems and services. We are also pleased to report that we have been able to bring our Conventional Products division back to its historical performance levels.”
Analyst Take: “Signify is facing increasing competition from Chinese and South Korean manufacturers, which are offering lower-priced lighting products. Additionally, the company is still heavily reliant on traditional lighting markets, such as Europe and North America, which contribute to more than 60% of its sales. This makes it vulnerable to economic downturns in these regions. Signify needs to continue to innovate and expand into new markets to maintain its leadership position.”
CEO Eric Rondolat: “With the visibility we have into the final quarter, we confirm our guidance for the full year. However, we expect macroeconomic external factors to continue to put pressure on our topline in the quarters ahead. We are well positioned by the cost reduction actions that began earlier this year. Further structural measures will be implemented through Q1 2024 to improve our efficiency and speed of execution, and enhance our focus on the growth opportunities presented by the accelerating transition to ultra-efficient LED and connected lighting technologies.”
Analyst Take: “Muted demand for lighting systems resulting from the difficult macroeconomic situation and negative currency impacts has weighed on Signify’s Q3 2023 performance. However, Signify’s pricing strategy is expected to improve the company’s efficiency in the coming quarters. The strong demand for LED and connected lighting systems and services is expected to help Signify bring its top-line sales back to normal levels.”
Q3 2023 Result Highlights and Summary:
Signify’s Digital Solutions segment reported sales of $1,077 million in Q3 2023, down 10% YoY, as the order intake during the quarter was lower due to high energy costs. Meanwhile, the company saw strength in professional systems and services, which was, however, more than offset by weakness in indoor professional lighting, particularly horticultural lighting.
The Digital Product segment saw sales decline by 17% YoY in Q3 2023 to $553 million primarily due to continued weakness in the consumer-connected segment, the OEM business and top-line weakness in the Chinese Klite business.
The Conventional Products segment sales fell 26% in Q3 2023 to $158 million. The decline in volume is in line with company expectations for conventional product segment. However, adjusted EBITA margin improved helped by lower cost of goods sold and a positive effect on price.
In Europe, sales declined by 11% to $529 million as most markets in the region declined except the Nordics and Italy. In the Americas, sales fell 15% to $718 million as solid growth in Latin America did not manage to offset weakness in the US. In the Rest of World, sales declined by 16% to $408 million mainly due to continued weakness across most markets except the Middle East and as China has yet to recover. Global business sales declined by 14% to $139 million mainly due to weak performance of the Klite and Fluence lighting.
LED-based sales accounted for 85% of total sales, reflecting the steady growth in adoption of energy-efficient LED lighting solutions.
Over the years, Signify has acquired a number of well-known lighting brands, including Philips Lighting, Interact, Color Kinetics, and WiZ, which has helped the company establish a leading position in all major lighting segments, including professional lighting, consumer lighting, and horticultural lighting.
Signify has a strong track record of innovation in the lighting industry. It invests heavily in R&D and has several patents for lighting technologies, which shows the company’s emphasis on innovation in lighting technologies. Signify recently introduced the new Philips Hue Secure cameras, sensors, and app features to help secure homes. Signify is also exploring new ways to use smart lighting systems to integrate with smart devices and improve home security.
Signify offers a wide range of lighting products and solutions, from traditional light bulbs to the latest LED lighting and connected lighting technologies. Apart from these, Signify has a large and diverse customer base, including businesses, governments, and consumers. Given these advantages, Signify is expected to navigate through these difficult times of macroeconomic uncertainty and maintain its leading position in the lighting industry.
Quectel and Fibocom maintained their market leadership while China Mobile overtook Telit Cinterion to become the third largest player.
The top three applications accounted for around 51% of shipments in Q2 2023 compared to 41% in Q2 2022.
For the full year 2023, global cellular IoT module shipments are expected to remain almost flat compared to 2022.
San Diego, Buenos Aires, London, New Delhi, Hong Kong, Beijing, Taipei, Seoul – October 16, 2023
Global cellular IoT module shipments saw a 3% YoY decline in Q2 2023, according to Counterpoint’s latest Global Cellular IoT Module and Chipset Tracker by Application report. The decline was driven by factors such as lower demand and weaker economic sentiments. Barring the top three applications – smart meters, point of sale (POS) devices and automotive, most segments experienced a sharp drop in shipments. The top three applications – smart meters, POS devices and automotive – accounted for about 51% of the market in Q2 2023. India was the only market to register positive shipment growth for the quarter.
Commenting on the market dynamics, Associate Director Mohit Agrawal said, “In Q2 2023, many of the module players experienced shipment declines as the market shrunk for the first time since the start of COVID-19. The pandemic-induced demand for connected devices is wearing off while the digital transformation efforts in industrial and other key verticals are yet to translate into shipments. Quectel’s revenue from international markets surpassed its revenue from China. Chinese module vendors are increasingly coming under US scanner for security concerns. This scrutiny could potentially challenge their global expansion plans, paving the way for other vendors to seize more opportunities.”
Quectel, the leading module vendor, experienced a decline in its market share due to weakened demand.
China Mobile, with strong performance in smart meter, POS and asset tracker applications, overtook Telit Cinterion to become the third largest player in the global cellular IoT module market.
Telit Cinterion faced challenges due to the market downturn. With India expected to be the fastest-growing market by 2030, Telit recently partnered with VVDN to produce IoT modules in the country and increase its presence there.
Commenting on the future outlook, SeniorResearch Analyst Soumen Mandal said, “IoT module shipments for the full year of 2023 are expected to remain flat compared to 2022. The IoT module market’s performance in H2 2023 will be better than in H1 2023 as the market is showing early signs of recovery. However, the lower demand is influencing the market’s long-term growth trajectory, with the current demand shifting by 2-3 years.”
Mandal added, “The adoption of 5G technology has been slower than expected, primarily due to its higher costs, coverage issues and maturity of the 5G device ecosystem. The forthcoming 5G RedCap has the potential to become the industry’s game changer by offering a more affordable solution. Early adoption of 5G RedCap is expected in POS and router/CPE applications.”
For detailed research, refer to the following reports available for subscribing clients and individuals:
Counterpoint tracks 1,500+ IoT module SKUs on a quarterly basis and provides forecasts on shipments, revenues and ASP performances for 80+ IoT module vendors, 12+ chipset players and 18+ IoT applications across 10 major geographies.
Counterpoint Technology Market Research is a global research firm specializing in products in the technology, media and telecom (TMT) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Renesas acquires Sequans Communications for $249 million, expanding into the cellular IoT market.
The acquisition provides Renesas access to Sequans’ expertise, customer base, and partnerships in the 5G/4G cellular IoT sector.
With cellular IoT module shipments expected to exceed 1.2 billion units by 2030, this strategic move aligns with Renesas’ expansion plans and reflects a broader trend of consolidation in the IoT market.
Japanese semiconductor manufacturer Renesas Electronics has acquired France-based Sequans Communications, a pioneer in 5G/4G cellular IoT chips and modules. The acquisition will enable Renesas to expand its portfolio and expertise in the rapidly growing cellular IoT market. Although Renesas is a prominent name in the world of microcontroller units, the company has not historically specialized in connectivity.
According to the deal, Renesas will purchase all outstanding common shares of Sequans, including American Depositary Shares (ADS), for $3.03 per ADS in cash. This values Sequans at around $249 million, considering net debt. The transaction is expected to close by Q1 of calendar year 2024, subject to regulatory approvals.
Here are some analysis of the deal between Renesas and Sequans:
Renesas acquires Sequans to bolster its cellular IoT capabilities and tap into the expanding market. With this acquisition Renesas gains access to Sequans’ US and European customer base, enhancing global reach and market growth.
The partnership between Renesas and Sequans, which began in 2020, has already resulted in successful collaborations to develop modules that combine embedded processors and analog front-end products with wireless chipsets for IoT applications. Sequans has the broadest product portfolio of its non-Chinese competitors except Qualcomm which is why Renesas acquired Sequans.
The Renesas-Sequans collaboration is primed to meet the rising demand for smart solutions. The merger offers diverse choices for customers seeking to reduce dependence on the Chinese ecosystem and gain valuable expertise from a single source.
Renesas plans to integrate Sequans’ connectivity products, aiming to strengthen its presence in the Wide Area Network (WAN) market. They will collaborate on 5G and high-performance 4G modules based on Sequans’ Taurus 5G modem and Renesas’ analog front-end tech.
Renesas’ Acquisitions Over Time
According to Counterpoint’s report on IoT trends, the IoT market is highly fragmented, with over 4,000 players in IoT value chain competing for a share. This fragmentation has led to low margins and has made it difficult for companies to grow and expand. Consequently, there has been a wave of consolidation in the market, with companies merging or being acquired by larger players, a trend that is expected to continue as the market matures. In 2022, there were significant acquisitions within the IoT module industry, such as Telit’s acquisition of Thales and Mobilogix’s cellular IoT divisions, Semtech’s acquisition of Sierra Wireless, and Aeris Communications’ acquisition of Ericsson’s IoT accelerator and connected vehicle cloud business. As the cellular IoT module market continues to mature, we expect more consolidations aimed at providing improved solutions and maintaining competitiveness. Non-Chinese brands are now following the trend of becoming integrated players in the IoT value chain like Chinese module vendors, and it seems like Renesas is also following suit. For Renesas to compete with Chinese module giants like Quectel and Fibocom, it is crucial for them to develop a strong and effective business strategy specific to each international market they want to operate in.
For detailed research, refer to the following report available for subscribing clients and individuals:
Counterpoint is attending the IoT Tech Expo Europe on 27th September, 2023
Our Associate Director Mohit Agrawal will be attending the IoT Tech Expo Europe, 2023. You can schedule a meeting with him to discuss the latest trends in the technology, media and telecommunications sector and understand how our leading research and services can help your business.
When: September 26th – September 27th
Where: Rai, Amsterdam
About the event:
IoT Tech Expo is the leading event for IoT, Digital Twins & Enterprise Transformation, IoT Security IoT Connectivity & Connected Devices, Smart Infrastructures & Automation, Data & Analytics and Edge Platforms. With a myriad of groundbreaking exhibits, expert-led discussions, and networking opportunities, the IoT Tech Expo is your gateway to discovering the IoT landscape.
Click here (or send us an email at email@example.com) to schedule a meeting with them.
Results driven by design wins in the automotive and industrial application sectors.
EMEA had the highest growth in revenue at 31% YoY and surpassed the Americas in terms of contribution.
u-blox to experience a reduction in revenue in Q3 2023 and remain sluggish in H2 2023.
Global wireless and positioning technologies leader u-blox’s H1 2023 revenue rose 17% YoY to reach $364.3 million, primarily driven by successful design wins within the automotive and industrial application sectors. However, gains were limited by a decline in consumer revenue.
During u-blox’s earnings call, CEO Stephan Zizala touched upon several important topics like significant design wins, prevailing macroeconomic challenges, and the company’s proactive management strategy for the future.
Macroeconomic Situation and Outlook
CEO: “In a softening macroeconomic and global semiconductor market environment, our order book for H2 2023 developed more slowly than initially anticipated. Mainly due to unfavorable FX rates and overstocking, we expect Q3 revenues and profitability to be weak, with an improvement in Q4.”
Our analyst take: “The IoT module industry is decelerating because of broader macroeconomic conditions and a softening semiconductor market. Key players in the cellular IoT module sector, including Quectel and Telit Cinterion, have witnessed a reduction in growth compared to H1 2022. However, during H1 2023, u-blox achieved significant double-digit expansion, despite significant constraints from the global semiconductor supply chain shortage.”
“However, u-blox is expected to experience a reduction in revenue in Q3 2023 as demand remained weak in the key North American region during H1 2023 and will likely remain sluggish in H2 2023. However, u-blox is optimistic about Q4.”
CEO: “While we must deal with cycle adaptation, I remain very confident about u-blox’s long-term outlook and growth trajectory, thanks to our strong structural growth drivers in automotive and industrial target applications. We are winning important new projects at leading customers. A large design win for automated driving ramping in 2026 and an innovative approach for satellite IoT connectivity are testimony to these future development prospects.”
Our analyst take: “The automotive industry is undergoing a significant transformation towards electrification and autonomy. This transition highlights the importance of connectivity and navigation, emerging as crucial factors. u-blox stands out from other GNSS competitors due to its exceptional GNSS quality and centimeter-level precision in positioning.”
“Apart from its focus on GNSS and cellular technology, u-blox’s recent collaborations with satellite player Orbcomm leverage its strides toward present-day trends. The aim is to offer hybrid connectivity solutions (combining cellular and satellite capabilities) catering to agriculture, asset tracking, and maritime applications, promising enhanced coverage and communication. However, u-blox is set to encounter intense competition from Quectel, Fibocom, and Telit Cinterion, as they have already introduced hybrid connectivity modules.”H1 2023 Highlights:
u-blox’s gross profit increased 12% YoY in H1 2023 to reach $171 million.
The industrial sector accounted for 65% of the total company revenue and experienced a robust 26% YoY growth. This growth was attributed to significant demand in asset tracking applications.
The automotive segment also exhibited growth, increasing 24% YoY and accounting for 30% to the overall revenue, driven by the acceleration of electric vehicle adoption and advancements in autonomy.
Conversely, the consumer and other segments faced a decline of 55% YoY, accounting for only 5% of the total revenue. This decline was primarily driven by decreased consumer demand starting from mid-2022.
Among regions, APAC was the highest contributor, capturing 43% of the market with 30% YoY growth due to demand from automotive customers and safety stock buildup for healthcare customers. EMEA shows the highest growth with 31% YoY and contributed 32% of the market surpassing Americas with a ramp-up of the tracking business and 2022 order backlog. However, the US region’s revenue fell 12% YoY, accounting for only 25% of the market due to demand reduction in healthcare and consumer applications.
In H1 2023, modules and chips accounted for 80% and 19% of the total revenue, respectively. Module volume grew 9% YoY growth in H1 2023, while chip volume saw a remarkable increase of 31% YoY.
In the module revenue segment, the GNSS module retained its leading position, generating over half of the total revenue. This is attributed to the exceptional quality and precision of u-blox’s GNSS products. The collaboration with GMV resulted in significant design wins, merging u-blox’s GNSS receiver hardware with GMV’s secure correction service, sensor fusion and positioning engine. Furthermore, u-blox has partnered with Position Partners to introduce the PointPerfect GNSS augmentation service to Victoria and New South Wales. This marks the initial phase of the service’s rollout within the Australian and New Zealand markets.
In H1 2023, the Wi-Fi/BT module segment grew 10% YoY. u-blox’s latest release, the JODY-W5, introduced the newest dual-band Wi-Fi 6 and dual-mode Bluetooth® 5.3 module, featuring Bluetooth LE audio within a compact form factor. This design is aimed at preventing wireless network congestion within vehicles while simultaneously enhancing audio capabilities.
According to Counterpoint Research’s Cellular IoT Module Tracker service, u-blox’s cellular IoT module segment grew 18% YoY in H1 2023 to reach $106 million. u-blox has accelerated its adoption of tracking applications driven by the strong performance of its UBX-R5 chipset-based LPWA and LTE-M modules.
Given the macroeconomic challenges characterized by adverse shifts in FX rates and customer overstocking, u-blox’s market outlook for H2 2023 suggests a substantial deceleration. The rise in inventory levels is expected to lead to a decrease in profitability during Q3 2023, followed by a recovery in Q4 2023. However, the demand and requirements for semiconductor solutions, particularly in domains such as autonomous driving, asset tracking and industrial automation, are poised for substantial growth. u-blox remains strategically positioned to capitalize on this growth trend due to its strong expertise in positioning technology and wireless connectivity, which is expected to result in more design wins.
Counterpoint Research is pleased to announce its participation as a Media Partner in DTW23 Ignite where our Associate Director, Mohit Agrawal, will be present. You can schedule a meeting with him to discuss the latest trends in the IoT sector and understand how our leading research and services can help your business.
When: 19-21 September, 2023
Click here (or send us an email at firstname.lastname@example.org) to schedule a meeting with him.
The telco and cloud worlds are colliding, driving rapid service innovation, upending traditional business models, and ushering in exciting new opportunities for growth. This groundbreaking transformation is being enabled by AI, autonomous networks and open digital architectures.
TM Forum is leading the industry in defining the building blocks for new operating models, impactful new partnerships, and advanced software platforms, unlocking the value of data to create nearly endless opportunities for players across the communications ecosystem.
DTW23 – Ignite will harness the collective ingenuity, innovation, and collaboration of global community to seize the opportunity and lead the communications industry to growth.
eSIM has been a revolutionary technology driving the digital transformation of acquiring, accessing and consuming connectivity. OEMs are offering eSIM capability at the device level, while eSIM management solution vendors are offering software and services to mobile operators to connect these eSIM-capable devices to eSIM platforms securely.
The benefits of eSIM technology lie in enabling secure and seamless connectivity from chip to cloud, leading to an array of new business models for a broad range of stakeholders. This includes transforming mobile operators, making connected enterprises “fully digital”, thereby reducing overheads, customer acquisition costs and complexities, boosting customer experience, and driving newer business models connecting people and things at scale.
Demand for eSIM management solutions growing across different stakeholders
eSIM adoption is growing swiftly across different device categories and stakeholders. Mobile operators, enterprises, service providers and even platform players are sourcing innovative eSIM solutions to go digital, expand their service offering, maintain redundancy, plan hybrid deployments to comply with local regulations, or address specific subscriber or device segments. For example, players such as Uber are climbing on the eSIM bandwagon to drive newer business models and remove customer pain points by offering uninterrupted connectivity. Private networks are adopting eSIM to offer dedicated connectivity to their employees and remotely manage the connected IoT assets within the enterprise premises.
Different flavors of eSIM management solutions
The incumbent SIM vendors have been delivering eSIM management solutions in the form of ‘eSIM-Management-as-a-Service’ as an extension of their existing SIM business model, with the storage and processing of the subscriber data usually managed by the vendors at their own sites or now in collaboration with third-party cloud platforms such as Azure, AWS and Google Cloud. However, in such traditional deployments, the customers, especially other Service and Solution Providers have very limited commercial and technical control over the eSIM-based subscription management and customer data.
While this has been the established method of eSIM management solution delivery during the early years, which saw very limited eSIM usage, the competitive, geopolitical and regulatory landscape is changing. As eSIM technology has matured with a clear path ahead to replace the SIM card, operators as well as service and solution providers are increasingly either considering developing their own eSIM management software or licensing it “off the shelf” and building a service on top of it.
Developing software and service “in-house” demands significant resources and domain knowledge, from software to standards to security. This makes the exercise incrementally expensive amid changing technologies and regulations. Therefore, using an off-the-shelf eSIM management software is emerging as a popular solution, offering the best of both worlds, i.e. in-house and as-a-service eSIM management solutions.
achelos GmbH, an important player in the eSIM value chain, is positioned to satisfy the abovementioned needs. The company offers a suite of off-the-shelf GSMA-compliant eSIM RSP software solutions with bespoke features and extensions that perfectly align with the different requirements of a broad range of players, whether MNO, private network operator, service provider or system integrator. They fill a gap in the booming eSIM RSP market, helping democratize the technology by offering eSIM solutions to potential stakeholders looking for eSIM provisioning capabilities integrated directly into their existing platforms or infrastructure at the software level rather than the traditional as-a-service solution.
In our discussions with multiple operators and stakeholders, the key needs and challenges mentioned are related to having more control, independence over costs, technology, integration, and data to manage the number of connected devices and connectivity on their networks. This is where off-the-shelf eSIM management software solutions are looking to help eliminate the significant cost, risks, resource requirements and compliance requirements. However, with the growing trend of sourcing multiple eSIM management and orchestration solutions, we believe the off-the-shelf software is a nice complement to the traditional as-a-service eSIM solutions, allowing these key stakeholders to strike the right balance between control and flexibility.
Firms such as achelos started as niche players, with a highly focussed “software-only” approach offering flexible, customizable off-the-shelf GSMA SAS-SM-compliant eSIM remote SIM provisioning and orchestration software solutions. These complement or offer an alternative to traditional as-a-service solutions by promising proof points across the following key criteria:
Reliable: Redundancy, up-time, backup, recovery, security, resilience, etc.
Scalable: With growing traffic across locations, device types, features, etc.
Compliant: GSMA standards, specs, interoperability, etc.
Comprehensive: Support different implementations – SM-DP, DP+, DS, etc.
Efficient: Costs, resources, implementation, time-to-market, etc.
Customizable: Features, services, deployments, UI, analytics to help differentiate
Furthermore, having access to an end-to-end suite of eSIM RSP and orchestration software and capabilities helps potential stakeholders co-develop distinctive features and services on top of the standards efficiently, with full control over security, scalability, and costs.
The key to success with this approach is in having a software partner which embraces open, lightweight, and advanced tools, frameworks and processes. This makes it seamless for the stakeholder’s IT team to co-create unique solutions built on industry standard-compliant and interoperable foundations.
As the eSIM adoption rises across key stakeholders beyond mobile operators, there are significant opportunities for the vendors providing eSIM solutions in different forms. Different stakeholders have different needs, influenced by their digital transformation journeys, regulations, and need for redundancy or control over the solution and services attached to it.
As a result, we are seeing growing need for off-the-shelf eSIM solutions where some stakeholders want greater control, commercial independence, and sovereignty of the platform alongside the traditional ‘eSIM-Management-as-a-Service’ solutions. Players such as achelos are well positioned to complement and expand the eSIM solution provider ecosystem for the different key stakeholders in their eSIM transformation journey.
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