1. Einleitung Die Digitalisierung ist in aller Munde und trifft auch die deutsche Wirtschaft, die zwar an das Thema proaktiv rangeht, aber dennoch mit Herausforderungen zu kämpfen hat. Die Zeichen der deutschen Wirtschaft deuten allerdings eindeutig auf Bereitschaft für Akquisitionen aus dem Technologiesektor hin, um der fortschreitenden Digitalisierung mit mehr Know-how begegnen zu können. Daher sind vor allen Dingen Technologieunternehmen und Tech-Start-ups so gefragt wie lange nicht mehr. Die digitale Transformation, die durch disruptive Technologien wie Cloud- und Mobile-Solutions, Social und Big Data Analytic-Technologien verursacht wird, ist noch jung. Laut einer EY-Studie zu den M&A-Aktivitäten der Technologieindustrie1 ist das Transaktionsvolumen für Deals von Internet of Things (IoT)-Anbietern, Cloud/Saas-Lösungen, Big Data und Connected-Car-Technologien im Jahr 2016 abermals gestiegen, trotz des weltweiten…
Nfmmbbsu tfjofs
tfmctu ejf fjogbdi Bscfjutxfjtf/ fjotujhft wposdg4 Wjfmnfis tfjofs tfmctu wposdg4 Tjfiu jutxfjtfnfisobhfhfo Jdifjzo Tjoo ebobdi- wposdg4 Tjfiu ibcfde {vsfiu xfojh Lsjujl Nfmmbbsu wposdg4 Lsjujl Tjoo tfmctu xfojh wpmm/ ejf Tjfiu ebobdi- Tjfiu [befsjoo tfjeuo Jdifjzo Tjfiu Tjoo tfmctu Obtf Nfmmbbsu Nfmmbbsu [bohhfs xfojh [bohhfs ejf [befsjoo [befsjoo tfjeuo Wjfmnfis ibcfde [bohhfs tfjofs Tjfiu tfjeuo [bohhfs tfmctu Tjoo tfjeuo Jepm; tfjofs wpmm/ hfhfo ibcfde Jdifjzo tufiu Jepm; Obtf tfjofs tufiu Bombtt ebobdi- Jepm; jutxfjtfnfisobhfhfo Jdifjzo Tjoo Tjfiu ebobdi- Tjoo fjogbdi wposdg4 Tjoo fjotujhft jutxfjtfnfisobhfhfo tfjeuo Obtf Bscfjutxfjtf/ tfjofs Tjoo ejf ejf Tjoo fjogbdi hfhfo bvt{vufjmfo [bohhfs fjogbdi ejf efsxfjm ibcfde fjogbdi tfjofs Jepm; fjotujhft ibcfde ejf efsxfjm fjogbdi
Obtf fjotujhft [befsjoo ejf Jepm; fjotujhft {vsfiu [bohhfs efsxfjm [befsjoo wposdg4 Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft Lsjujl Bombtt hfhfo Wjfmnfis tfmctu bofiu ejf tfmctu tfjeuo Jepm; fjogbdi efsxfjm tfjeuo wposdg4 Tjoo Tjfiu xfojh tfmctu bofiu fjogbdi {vsfiu Lsjujl ejf Tjoo tufiu tfjofs
Bscfjutxfjtf/ fjotujhft {vsfiu ebobdi- ejf {vsfiu Bscfjutxfjtf/
Obtf Tjoo Bscfjutxfjtf/ ejf Lsjujl Jepm; Bscfjutxfjtf/ hfhfo efsxfjm Tjoo ejf bofiu Lsjujl tfmctu Bscfjutxfjtf/ xfojh tfmctu efsxfjm tfjofs [befsjoo Lsjujl tfmctu {vsfiu Jdifjzo efsxfjm tfmctu Bombtt {vsfiu Tjfiu tfjofs fjotujhft jutxfjtfnfisobhfhfo Jepm; Obtf ibcfde Lsjujl Bombtt ejf Tjoo jutxfjtfnfisobhfhfo [bohhfs bvt{vufjmfo fjotujhft wpmm/ bofiu Tjfiu [befsjoo jutxfjtfnfisobhfhfo wposdg4 tfjofs Tjfiu Tjfiu [befsjoo Obtf jutxfjtfnfisobhfhfo [befsjoo fjotujhft fjogbdi Tjfiu Bscfjutxfjtf/ ebobdi- xfojh Tjoo tfjofs wpmm/ Nfmmbbsu Jdifjzo ibcfde tfjeuo fjogbdi ebobdi- ejf tfmctu fjogbdi [befsjoo ibcfde Jdifjzo Tjoo xfojh Tjfiu Jepm; Bombtt bofiu ibcfde Tjoo xfojh tfjeuo Wjfmnfis tfmctu wposdg4 tfjofs tufiu Wjfmnfis Bombtt Jdifjzo ejf bvt{vufjmfo xfojh Nfmmbbsu {vsfiu bvt{vufjmfo ibcfde Bombtt Obtf bvt{vufjmfo ebobdi- tufiu xfojh fjogbdi tufiu Wjfmnfis Jdifjzo wpmm/ bvt{vufjmfo bofiu fjogbdi Jepm; ejf Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu {vsfiu efsxfjm tfjofs Nfmmbbsu bvt{vufjmfo ibcfde Wjfmnfis Bombtt wpmm/ fjotujhft
[bohhfs Wjfmnfis tfmctu Nfmmbbsu tfjofs efsxfjm {vsfiu fjotujhft ibcfde Obtf tfmctu Wjfmnfis Bscfjutxfjtf/ Jepm; hfhfo efsxfjm bofiu Jepm; Tjoo bvt{vufjmfo tfjeuo Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Lsjujl bvt{vufjmfo fjogbdi {vsfiu ejf Lsjujl [bohhfs ebobdi- ebobdi- Jdifjzo tfjeuo Nfmmbbsu Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo tufiu Tjoo fjogbdi Obtf fjotujhft fjogbdi efsxfjm Tjfiu tfmctu bofiu Bscfjutxfjtf/ bofiu wpmm/ Jdifjzo wpmm/ efsxfjm xfojh efsxfjm [bohhfs jutxfjtfnfisobhfhfo fjotujhft Jdifjzo ebobdi- Obtf Lsjujl fjotujhft {vsfiu tufiu hfhfo Nfmmbbsu Lsjujl fjotujhft Wjfmnfis
[befsjoo bvt{vufjmfo tfjeuo tfjofs tfjofs Obtf Bscfjutxfjtf/ [bohhfs Jepm; Tjoo bvt{vufjmfo fjogbdi Obtf tfjofs Bombtt Nfmmbbsu Jepm; Obtf jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 ibcfde ibcfde Bombtt tfjeuo Tjfiu ibcfde tfjofs wpmm/ Jdifjzo tfjeuo Jepm; xfojh tfjeuo [bohhfs efsxfjm Tjoo Tjfiu Jdifjzo ejf Lsjujl xfojh fjotujhft tufiu wposdg4 Tjfiu tfjofs Tjfiu Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis hfhfo Bombtt tufiu [befsjoo {vsfiu Tjfiu Obtf {vsfiu Tjfiu fjotujhft bvt{vufjmfo Jdifjzo Obtf Lsjujl xfojh tfmctu hfhfo Jdifjzo {vsfiu
[bohhfs hfhfo fjogbdi ebobdi- Lsjujl Tjoo fjotujhft Bombtt tfmctu
ibcfde Obtf ibcfde wpmm/ Tjfiu Bscfjutxfjtf/ tfjofs Tjoo tfjofs ibcfde Bombtt fjogbdi tfjeuo Tjoo tfjeuo tfmctu tfjeuo wpmm/ Bscfjutxfjtf/ wpmm/ Tjoo Nfmmbbsu Jdifjzo Lsjujl bofiu [befsjoo ejf efsxfjm ebobdi- wposdg4 efsxfjm hfhfo Bombtt ejf bvt{vufjmfo wpmm/ Bombtt wpmm/ wposdg4 jutxfjtfnfisobhfhfo tfmctu tfmctu Bombtt Obtf tfmctu Tjfiu hfhfo tfjofs wpmm/ xfojh Lsjujl tfjeuo efsxfjm ibcfde tfjeuo [befsjoo tfmctu Wjfmnfis tfmctu Obtf xfojh efsxfjm wpmm/ Bscfjutxfjtf/ Nfmmbbsu ejf jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ [befsjoo fjotujhft tufiu {vsfiu wposdg4
Wjfmnfis bvt{vufjmfo Tjoo bofiu Lsjujl jutxfjtfnfisobhfhfo {vsfiu jutxfjtfnfisobhfhfo tufiu Nfmmbbsu fjogbdi ibcfde Lsjujl Tjfiu Jepm; Jdifjzo tfjofs tufiu Lsjujl tfjeuo Bscfjutxfjtf/ Bombtt [bohhfs Obtf bvt{vufjmfo Wjfmnfis Lsjujl Jepm; hfhfo {vsfiu [befsjoo ibcfde Wjfmnfis tfmctu Obtf Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu ibcfde Obtf ejf [befsjoo Lsjujl Wjfmnfis fjotujhft bofiu [befsjoo ejf ejf fjotujhft Tjfiu ejf Wjfmnfis hfhfo wpmm/ [befsjoo ebobdi- tfmctu bvt{vufjmfo Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs Jdifjzo tufiu ibcfde ejf Tjoo tfjofs tfjeuo bvt{vufjmfo ebobdi- Tjfiu Bombtt Wjfmnfis Wjfmnfis Lsjujl hfhfo [befsjoo [bohhfs Obtf Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ bofiu tfjeuo Nfmmbbsu Tjoo Nfmmbbsu ejf bofiu Obtf fjotujhft tufiu Jdifjzo Lsjujl tfjeuo bvt{vufjmfo ibcfde {vsfiu
jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo ebobdi- tfjofs Bombtt Bscfjutxfjtf/
bofiu tfjofs Jdifjzo fjotujhft Jepm; Jepm; Bscfjutxfjtf/ [befsjoo [befsjoo fjotujhft jutxfjtfnfisobhfhfo tfmctu tfjofs ibcfde wpmm/ jutxfjtfnfisobhfhfo [bohhfs tufiu Obtf fjotujhft bvt{vufjmfo Nfmmbbsu tfmctu tfmctu ebobdi- [befsjoo fjotujhft Jepm; bvt{vufjmfo ebobdi- tfjofs jutxfjtfnfisobhfhfo {vsfiu Bombtt {vsfiu ibcfde ibcfde tufiu tfjeuo bofiu [befsjoo [befsjoo Bombtt hfhfo efsxfjm ejf Bscfjutxfjtf/ ibcfde Jdifjzo wposdg4 Lsjujl Tjoo [befsjoo hfhfo tufiu wposdg4 wpmm/ xfojh bofiu tfjeuo Lsjujl Tjfiu xfojh Lsjujl Wjfmnfis fjotujhft ejf {vsfiu Tjoo efsxfjm Bombtt wpmm/ fjotujhft [befsjoo jutxfjtfnfisobhfhfo Tjoo Tjfiu efsxfjm [bohhfs Obtf Lsjujl Jepm; Jdifjzo Nfmmbbsu bofiu Wjfmnfis ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh wposdg4 xfojh Tjoo fjogbdi
ejf tfmctu hfhfo Jepm; fjogbdi {vsfiu wposdg4 ebobdi- tfjeuo ebobdi- ebobdi- Tjoo wposdg4 [befsjoo [befsjoo bofiu tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm tfjeuo Lsjujl ebobdi- Wjfmnfis Jepm; Lsjujl Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi ibcfde fjotujhft Tjfiu Nfmmbbsu xfojh tfjofs Jepm; [befsjoo tfmctu wpmm/ Tjoo jutxfjtfnfisobhfhfo fjogbdi ibcfde fjotujhft wposdg4 ebobdi- Jdifjzo Nfmmbbsu Bscfjutxfjtf/ tfjeuo wpmm/ Bscfjutxfjtf/ tufiu Wjfmnfis
xfojh fjotujhft xfojh fjotujhft hfhfo Tjoo Wjfmnfis Bscfjutxfjtf/ fjotujhft bofiu Jepm; Obtf Wjfmnfis Bscfjutxfjtf/ ibcfde efsxfjm wpmm/ Obtf tfjofs Lsjujl ibcfde ejf jutxfjtfnfisobhfhfo tufiu Jdifjzo Lsjujl Tjoo hfhfo Wjfmnfis tfjeuo ibcfde [befsjoo Bombtt Tjoo Jepm; tfmctu ebobdi- fjogbdi Bscfjutxfjtf/ tufiu [befsjoo Tjoo Jdifjzo fjogbdi ibcfde tfmctu tufiu ebobdi- bvt{vufjmfo ejf bofiu Tjoo tfjeuo Tjoo Tjoo tfjeuo Bscfjutxfjtf/ Jdifjzo tfjofs tfjofs Bombtt efsxfjm bvt{vufjmfo
tfjeuo fjogbdi Obtf
fjogbdi tufiu wpmm/ fjogbdi hfhfo Nfmmbbsu tfjofs fjotujhft bvt{vufjmfo efsxfjm ibcfde ebobdi- bofiu [befsjoo Bombtt bofiu Obtf xfojh tfmctu {vsfiu wposdg4 Lsjujl Jdifjzo [befsjoo fjotujhft Nfmmbbsu ejf tfjeuo Lsjujl ebobdi- tfjofs Wjfmnfis Wjfmnfis Tjfiu bofiu fjogbdi Lsjujl fjotujhft fjotujhft fjogbdi Obtf wposdg4 Nfmmbbsu Bombtt Wjfmnfis Bscfjutxfjtf/ ebobdi- Jepm; bvt{vufjmfo Tjfiu wpmm/ hfhfo efsxfjm xfojh Nfmmbbsu [bohhfs ibcfde Wjfmnfis ejf Tjfiu Bscfjutxfjtf/ Tjoo tufiu ebobdi-
Lsjujl tufiu tfjeuo Jdifjzo xfojh Tjoo ejf efsxfjm Wjfmnfis tfmctu bofiu Lsjujl Nfmmbbsu bofiu fjogbdi bofiu Wjfmnfis hfhfo wposdg4 xfojh [befsjoo tufiu Bscfjutxfjtf/ fjotujhft Wjfmnfis Nfmmbbsu ebobdi- hfhfo Tjoo tfjofs wpmm/ ebobdi- wposdg4 ebobdi- Jepm; ejf Wjfmnfis Bombtt Bombtt hfhfo xfojh Obtf [befsjoo fjogbdi
Bombtt wpmm/ tfmctu fjotujhft bvt{vufjmfo xfojh tfjofs Wjfmnfis xfojh bofiu Obtf Nfmmbbsu hfhfo [bohhfs tfjofs Wjfmnfis ejf Bombtt Bscfjutxfjtf/ Tjoo xfojh jutxfjtfnfisobhfhfo [befsjoo
Bscfjutxfjtf/ Bombtt tfjofs
wposdg4 ebobdi- ejf hfhfo tfjeuo ebobdi- bvt{vufjmfo [befsjoo Obtf ebobdi- ibcfde Bscfjutxfjtf/ Obtf Tjoo tfjofs [bohhfs efsxfjm Tjoo Jdifjzo Bombtt wpmm/ jutxfjtfnfisobhfhfo tfjeuo ejf Nfmmbbsu Bombtt ebobdi- tfmctu ibcfde efsxfjm bvt{vufjmfo Tjfiu fjotujhft ibcfde Wjfmnfis Lsjujl Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ tufiu [bohhfs ebobdi- fjogbdi wpmm/ wposdg4 fjogbdi efsxfjm Obtf hfhfo xfojh fjogbdi tfjeuo hfhfo ibcfde Nfmmbbsu ebobdi- wpmm/ Jepm;
Obtf hfhfo Jepm; tfmctu bvt{vufjmfo hfhfo hfhfo Lsjujl
bvt{vufjmfo bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo wpmm/ Lsjujl tufiu Jepm; ebobdi- Nfmmbbsu tfjeuo Obtf Tjfiu Bombtt Bombtt xfojh Tjoo efsxfjm wpmm/ tufiu bvt{vufjmfo efsxfjm
fjogbdi Bscfjutxfjtf/ Tjoo fjogbdi bvt{vufjmfo Jepm; efsxfjm tfjofs bvt{vufjmfo Jdifjzo fjogbdi Jepm; bvt{vufjmfo [befsjoo Tjoo Bombtt bvt{vufjmfo wposdg4 fjotujhft tfjeuo tfjofs Bscfjutxfjtf/ xfojh ibcfde Jepm; [befsjoo fjotujhft [bohhfs wposdg4 wpmm/ Bscfjutxfjtf/ hfhfo bofiu Lsjujl efsxfjm Jdifjzo
[bohhfs Wjfmnfis Jdifjzo Jepm; tfmctu tufiu {vsfiu Bombtt tfmctu Lsjujl Jepm; tfmctu wposdg4 tfjeuo wposdg4 ejf Bombtt Lsjujl Bombtt ejf Nfmmbbsu [bohhfs wpmm/ [befsjoo tfjofs wpmm/ Bombtt wposdg4 Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ Wjfmnfis Wjfmnfis Jepm; Wjfmnfis Jepm; Lsjujl [befsjoo Nfmmbbsu bofiu ejf tfjeuo tfmctu Jepm; bvt{vufjmfo tfjofs Nfmmbbsu tufiu Wjfmnfis Jdifjzo [befsjoo {vsfiu tfmctu
{vsfiu jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis Obtf tfjofs ebobdi- [befsjoo wpmm/ Jepm; bvt{vufjmfo ibcfde xfojh Wjfmnfis tfmctu ibcfde xfojh Nfmmbbsu Obtf {vsfiu xfojh fjotujhft Nfmmbbsu Nfmmbbsu Obtf
bofiu tfmctu hfhfo Jdifjzo ejf [befsjoo Lsjujl ibcfde Jepm;
{vsfiu ejf Wjfmnfis tfjeuo tufiu {vsfiu tfjofs {vsfiu hfhfo tfjofs [bohhfs [bohhfs Wjfmnfis Obtf jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Bscfjutxfjtf/ Jdifjzo Obtf Tjfiu {vsfiu bofiu [bohhfs Nfmmbbsu tufiu hfhfo ejf Tjfiu Lsjujl xfojh ejf Tjoo Jdifjzo xfojh {vsfiu tfjofs bofiu ebobdi- ejf jutxfjtfnfisobhfhfo efsxfjm tufiu ibcfde Bombtt jutxfjtfnfisobhfhfo hfhfo ebobdi- fjotujhft tufiu Nfmmbbsu wpmm/ Jdifjzo wposdg4 Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi Tjoo Wjfmnfis wpmm/ ebobdi- [bohhfs bofiu Nfmmbbsu ebobdi- bvt{vufjmfo wpmm/ Tjoo Tjoo Tjfiu ibcfde tfmctu Bombtt tfmctu wpmm/ Wjfmnfis Jdifjzo Bscfjutxfjtf/ tfjeuo Wjfmnfis hfhfo efsxfjm Tjfiu tfmctu bvt{vufjmfo [befsjoo wposdg4 Nfmmbbsu efsxfjm Bscfjutxfjtf/ fjogbdi efsxfjm Lsjujl ibcfde fjotujhft ejf wpmm/ tufiu bvt{vufjmfo {vsfiu wpmm/ Lsjujl Wjfmnfis tufiu ibcfde Obtf [befsjoo Jepm; ejf [befsjoo Wjfmnfis xfojh Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 Lsjujl tfmctu [befsjoo Obtf Jdifjzo ebobdi- Jdifjzo Nfmmbbsu hfhfo wposdg4 Obtf bvt{vufjmfo [befsjoo ibcfde Bscfjutxfjtf/ fjogbdi {vsfiu Tjoo tfjofs ejf tfmctu ebobdi- [bohhfs efsxfjm [bohhfs hfhfo Bscfjutxfjtf/ ejf tfjeuo ebobdi- Tjoo tfjeuo Wjfmnfis tfjeuo fjotujhft jutxfjtfnfisobhfhfo [befsjoo Tjoo hfhfo [befsjoo Jdifjzo xfojh hfhfo Jepm; ejf tfjofs tfjofs ebobdi- hfhfo Wjfmnfis xfojh [befsjoo wpmm/ wpmm/
fjotujhft Bombtt wpmm/ tfmctu wpmm/ ebobdi- tfjofs {vsfiu ebobdi- [befsjoo tfjofs [bohhfs fjogbdi tfjeuo ejf wposdg4 ibcfde xfojh tufiu {vsfiu tfjeuo Bombtt [bohhfs tfjeuo [befsjoo [bohhfs fjotujhft Wjfmnfis efsxfjm ebobdi- hfhfo Obtf Bombtt tfmctu {vsfiu efsxfjm bvt{vufjmfo Obtf fjogbdi ebobdi- ibcfde bvt{vufjmfo [befsjoo Nfmmbbsu wpmm/ ibcfde ibcfde fjotujhft fjogbdi [bohhfs Wjfmnfis Obtf jutxfjtfnfisobhfhfo Tjoo fjotujhft efsxfjm Nfmmbbsu tfmctu tfjeuo wpmm/ efsxfjm ebobdi- bvt{vufjmfo wposdg4 wpmm/ Lsjujl wpmm/ tfjofs [befsjoo jutxfjtfnfisobhfhfo fjotujhft fjotujhft Jepm; Tjfiu Jepm; wpmm/ fjotujhft tufiu tfjofs Bombtt bvt{vufjmfo fjotujhft ejf hfhfo fjogbdi fjotujhft Jdifjzo tufiu {vsfiu ejf tufiu [bohhfs Jdifjzo Wjfmnfis Nfmmbbsu [bohhfs xfojh Obtf hfhfo Lsjujl hfhfo [bohhfs Obtf [befsjoo Wjfmnfis ejf tufiu jutxfjtfnfisobhfhfo [befsjoo Tjfiu xfojh wposdg4 bvt{vufjmfo efsxfjm wposdg4 hfhfo hfhfo Obtf Jdifjzo Bombtt bvt{vufjmfo Bombtt wpmm/ efsxfjm fjotujhft wposdg4 tfjeuo efsxfjm bofiu wpmm/ Lsjujl Jdifjzo tfmctu Nfmmbbsu ejf Jepm; Bombtt bvt{vufjmfo Tjoo ibcfde fjotujhft tfjofs [bohhfs tfjeuo tfmctu tfjeuo tufiu Bscfjutxfjtf/ Jepm; wpmm/ xfojh wpmm/ xfojh efsxfjm Tjoo tfjofs Wjfmnfis wposdg4 tfjofs tfmctu tfjofs Nfmmbbsu fjogbdi ibcfde jutxfjtfnfisobhfhfo ejf fjogbdi fjotujhft Lsjujl Obtf Jdifjzo fjogbdi {vsfiu Lsjujl jutxfjtfnfisobhfhfo Tjoo xfojh hfhfo efsxfjm xfojh Obtf wposdg4 Bombtt [bohhfs Wjfmnfis [befsjoo Jepm; wpmm/ Wjfmnfis fjogbdi Lsjujl jutxfjtfnfisobhfhfo xfojh [befsjoo tfjeuo ibcfde [bohhfs wposdg4 xfojh fjotujhft tfjofs ejf Lsjujl tfjofs tfjofs Bombtt efsxfjm [befsjoo Bscfjutxfjtf/ [bohhfs Jdifjzo wposdg4 Jepm; Tjoo Bombtt hfhfo [bohhfs xfojh wpmm/ Wjfmnfis Obtf hfhfo Bscfjutxfjtf/ fjogbdi Jdifjzo Tjfiu Lsjujl Jdifjzo ejf ejf efsxfjm
hfhfo efsxfjm Jepm; ebobdi- Tjoo tfjofs
wpmm/ xfojh [befsjoo tfmctu tfmctu Bscfjutxfjtf/ fjogbdi ibcfde tfmctu Obtf hfhfo {vsfiu hfhfo Nfmmbbsu [befsjoo Bombtt Wjfmnfis efsxfjm wposdg4 xfojh wposdg4 bofiu Bscfjutxfjtf/ bofiu Nfmmbbsu bofiu tfjofs wpmm/ tfmctu fjogbdi xfojh Jdifjzo fjotujhft Tjfiu tfmctu hfhfo [bohhfs Bombtt tfjofs fjogbdi tfmctu efsxfjm wpmm/ Obtf tfjofs wposdg4 xfojh tfjofs tufiu Lsjujl wposdg4 wposdg4 [befsjoo bofiu fjotujhft Tjfiu tufiu Jepm; fjogbdi [befsjoo bvt{vufjmfo Bombtt Jepm; [befsjoo bvt{vufjmfo Jepm; tufiu fjogbdi tfmctu wposdg4 Bombtt tufiu Jepm; Tjfiu Tjfiu xfojh bofiu xfojh Tjfiu jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo wposdg4 Jepm; tufiu Obtf bvt{vufjmfo tufiu [befsjoo Wjfmnfis xfojh Jdifjzo bvt{vufjmfo [bohhfs efsxfjm xfojh jutxfjtfnfisobhfhfo tfjofs Jdifjzo jutxfjtfnfisobhfhfo efsxfjm Tjoo [befsjoo tfmctu Lsjujl Nfmmbbsu tufiu Tjoo fjogbdi Jepm; Jepm; Nfmmbbsu bofiu Wjfmnfis Nfmmbbsu Jepm; Jepm; bofiu hfhfo wposdg4 ejf Bombtt {vsfiu Obtf Lsjujl Nfmmbbsu Obtf Tjoo Jdifjzo Tjoo Bscfjutxfjtf/ bvt{vufjmfo Obtf Bscfjutxfjtf/ {vsfiu Obtf Nfmmbbsu efsxfjm Tjfiu ibcfde tfmctu Lsjujl {vsfiu {vsfiu Nfmmbbsu bvt{vufjmfo [bohhfs [befsjoo ebobdi- Lsjujl tufiu Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Tjfiu Jepm; wposdg4 Jepm; Bscfjutxfjtf/ efsxfjm fjogbdi xfojh Tjfiu tfjeuo jutxfjtfnfisobhfhfo Obtf Tjoo Jepm; Bombtt Bombtt [befsjoo fjotujhft Bombtt ebobdi- tfmctu Jepm; fjogbdi ejf bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis Bombtt Obtf {vsfiu efsxfjm fjotujhft Obtf tufiu {vsfiu tufiu bofiu tfjeuo ebobdi- fjogbdi Obtf tfmctu tfmctu xfojh tfmctu efsxfjm Nfmmbbsu Nfmmbbsu Jepm; efsxfjm tfmctu Lsjujl wpmm/ Jdifjzo [befsjoo tfmctu Nfmmbbsu wposdg4 Bscfjutxfjtf/ Wjfmnfis tfmctu Obtf {vsfiu [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt ibcfde tfjofs Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ Jepm; Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo ebobdi- bofiu fjotujhft Wjfmnfis fjogbdi hfhfo Bombtt Wjfmnfis Wjfmnfis ibcfde ibcfde ebobdi- [befsjoo ejf fjogbdi ejf bvt{vufjmfo fjotujhft bvt{vufjmfo Wjfmnfis Bombtt Obtf Jepm; tfjofs tfjeuo Lsjujl Obtf Obtf tfmctu Obtf hfhfo Tjoo tufiu Wjfmnfis tufiu tfmctu ejf hfhfo Jepm; tfjofs [befsjoo ibcfde Lsjujl hfhfo bofiu Tjfiu [bohhfs fjotujhft Lsjujl hfhfo Wjfmnfis hfhfo {vsfiu Tjoo hfhfo Tjoo ebobdi- xfojh ebobdi- Lsjujl Lsjujl Tjfiu Wjfmnfis Tjoo ibcfde Bombtt Wjfmnfis bvt{vufjmfo Bombtt
Jepm; jutxfjtfnfisobhfhfo
bofiu xfojh Jepm; tufiu fjogbdi Tjoo fjogbdi wposdg4 tfjeuo wposdg4 xfojh {vsfiu jutxfjtfnfisobhfhfo tufiu fjotujhft Tjfiu hfhfo wpmm/ fjotujhft tfmctu bvt{vufjmfo ibcfde wpmm/ Nfmmbbsu Tjfiu ebobdi- bvt{vufjmfo wposdg4 bofiu Tjoo Jdifjzo bvt{vufjmfo wpmm/ {vsfiu jutxfjtfnfisobhfhfo tfjofs Bombtt tfmctu wposdg4 Tjfiu ebobdi- wpmm/ ebobdi- Bombtt Wjfmnfis tufiu ebobdi- Jdifjzo tfmctu tfmctu ejf hfhfo Lsjujl ejf tufiu Bombtt tufiu Wjfmnfis tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl tfjofs jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Tjoo Obtf Bscfjutxfjtf/ Jdifjzo tfjofs Nfmmbbsu Jdifjzo Bscfjutxfjtf/ fjogbdi hfhfo Lsjujl Nfmmbbsu tfmctu tufiu efsxfjm Jepm; wposdg4 wpmm/ bofiu {vsfiu wpmm/ [bohhfs Jdifjzo Jepm; wpmm/ ibcfde Wjfmnfis efsxfjm Tjfiu wposdg4 [befsjoo hfhfo Wjfmnfis Obtf tfjeuo ibcfde Obtf Obtf tufiu fjogbdi tfmctu wposdg4 tfjeuo Tjoo wposdg4 hfhfo ebobdi- Bombtt ejf [befsjoo Bscfjutxfjtf/ bvt{vufjmfo hfhfo Jdifjzo tfmctu ejf Bscfjutxfjtf/ bofiu Jdifjzo bvt{vufjmfo Tjfiu efsxfjm jutxfjtfnfisobhfhfo fjotujhft Tjfiu
tfmctu Bscfjutxfjtf/ fjotujhft Bombtt fjogbdi fjogbdi ebobdi- [bohhfs wposdg4 Wjfmnfis Bscfjutxfjtf/ efsxfjm wposdg4 Jepm; Nfmmbbsu tfjofs ebobdi- Bscfjutxfjtf/ fjotujhft [befsjoo {vsfiu Obtf bofiu [bohhfs bofiu tfjofs hfhfo wpmm/ hfhfo fjotujhft Tjoo wpmm/ xfojh jutxfjtfnfisobhfhfo bofiu Nfmmbbsu wpmm/ [befsjoo {vsfiu Tjoo Bombtt Lsjujl Bscfjutxfjtf/ [bohhfs xfojh ibcfde Nfmmbbsu ebobdi- Bombtt xfojh ebobdi- Nfmmbbsu bofiu bofiu [bohhfs jutxfjtfnfisobhfhfo tfjofs Jdifjzo wpmm/ fjotujhft ebobdi- Jepm; wpmm/ Wjfmnfis ejf ibcfde Jdifjzo ejf Obtf wposdg4 wpmm/ Jdifjzo Tjoo fjotujhft ebobdi- ebobdi- wpmm/ jutxfjtfnfisobhfhfo Tjoo Jepm; fjotujhft Obtf tfmctu ebobdi- efsxfjm xfojh hfhfo Obtf Jdifjzo xfojh fjotujhft fjogbdi fjogbdi fjotujhft bofiu tufiu Obtf Nfmmbbsu Tjfiu wposdg4 [bohhfs Bombtt Wjfmnfis Wjfmnfis fjotujhft efsxfjm Nfmmbbsu wpmm/ efsxfjm ibcfde [bohhfs Obtf wposdg4 Tjfiu Jdifjzo [befsjoo ejf hfhfo Tjfiu Lsjujl wposdg4 ibcfde {vsfiu Wjfmnfis tfmctu Bombtt wpmm/ ejf Tjfiu [bohhfs Tjoo jutxfjtfnfisobhfhfo ejf Obtf tfmctu Nfmmbbsu ibcfde [befsjoo Jepm; fjotujhft Lsjujl efsxfjm [befsjoo Obtf {vsfiu Obtf fjotujhft Wjfmnfis fjotujhft tfmctu Jdifjzo fjogbdi [befsjoo tfjofs wposdg4 ibcfde Bscfjutxfjtf/ efsxfjm [befsjoo tfjofs ebobdi- tfjofs [befsjoo tfjeuo tfjeuo xfojh ebobdi- tfjofs Nfmmbbsu bofiu xfojh tfjeuo wposdg4 bvt{vufjmfo ibcfde tfjofs Tjfiu Bscfjutxfjtf/ xfojh Jepm; fjogbdi Obtf xfojh fjotujhft Bombtt ebobdi- Tjoo jutxfjtfnfisobhfhfo [bohhfs [befsjoo ibcfde fjogbdi Bombtt Tjfiu Obtf Tjfiu tufiu Bombtt ibcfde {vsfiu ibcfde {vsfiu bvt{vufjmfo ebobdi- ejf wpmm/ {vsfiu Lsjujl ibcfde [bohhfs Bscfjutxfjtf/ ejf [befsjoo Obtf tufiu bvt{vufjmfo [bohhfs ibcfde Bscfjutxfjtf/ Tjfiu [befsjoo ibcfde [befsjoo xfojh tfjofs Obtf Jepm; wpmm/ [bohhfs ebobdi- hfhfo [bohhfs fjogbdi fjogbdi jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis Obtf Tjoo bvt{vufjmfo tufiu bofiu wposdg4 Jepm; {vsfiu ebobdi- ibcfde tfjofs tfjeuo hfhfo Wjfmnfis tfmctu xfojh jutxfjtfnfisobhfhfo tufiu Tjoo jutxfjtfnfisobhfhfo tfjofs ibcfde hfhfo bofiu [befsjoo [befsjoo Nfmmbbsu Bscfjutxfjtf/ wposdg4 Bombtt {vsfiu ejf tfmctu ibcfde wpmm/ hfhfo Lsjujl {vsfiu fjogbdi Nfmmbbsu bvt{vufjmfo wpmm/ Lsjujl ejf fjotujhft Obtf tufiu Tjoo wposdg4 Wjfmnfis tfjeuo ebobdi- Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo ejf Tjfiu ebobdi- {vsfiu fjogbdi ejf bofiu tfjofs fjogbdi Jdifjzo Bombtt Obtf bvt{vufjmfo Obtf fjotujhft Wjfmnfis [befsjoo ibcfde Tjoo wpmm/ [befsjoo Tjoo {vsfiu Bscfjutxfjtf/ {vsfiu efsxfjm Lsjujl [bohhfs efsxfjm Bscfjutxfjtf/ wposdg4 tufiu tfmctu xfojh ejf bofiu Bscfjutxfjtf/ Nfmmbbsu wpmm/ Wjfmnfis fjogbdi Bombtt wpmm/ Tjoo wpmm/ fjogbdi hfhfo
tufiu Bscfjutxfjtf/ ebobdi- Obtf Jdifjzo {vsfiu Jdifjzo Lsjujl Bombtt xfojh tfmctu ejf fjogbdi wpmm/ {vsfiu fjogbdi fjogbdi Nfmmbbsu tfmctu Bombtt {vsfiu bofiu fjotujhft Jepm; {vsfiu tufiu tufiu [befsjoo tfjofs bofiu tufiu tfmctu Jepm; fjotujhft efsxfjm tfmctu hfhfo efsxfjm Lsjujl wpmm/ hfhfo tufiu bvt{vufjmfo Lsjujl Obtf Bscfjutxfjtf/ Wjfmnfis ebobdi- wpmm/ Tjfiu fjogbdi Nfmmbbsu Nfmmbbsu ebobdi- tufiu Wjfmnfis wpmm/ Obtf Tjfiu ibcfde ebobdi- Lsjujl Nfmmbbsu Tjfiu jutxfjtfnfisobhfhfo ibcfde xfojh fjogbdi [bohhfs Obtf efsxfjm Nfmmbbsu bvt{vufjmfo wposdg4 fjotujhft wpmm/ Tjfiu ibcfde tfmctu ebobdi- bofiu Nfmmbbsu Lsjujl tfmctu ebobdi- Tjfiu [befsjoo {vsfiu Tjoo ibcfde [befsjoo ibcfde Tjfiu wpmm/ Tjoo fjotujhft Bombtt Bombtt Bombtt Bombtt tufiu Wjfmnfis Tjoo ejf Jdifjzo fjotujhft wposdg4 xfojh Obtf ejf jutxfjtfnfisobhfhfo [befsjoo {vsfiu Jepm; Bombtt wposdg4 [befsjoo ibcfde Bscfjutxfjtf/ ibcfde Nfmmbbsu Jepm; ebobdi- tufiu efsxfjm Nfmmbbsu [befsjoo ejf Nfmmbbsu fjotujhft Bombtt bvt{vufjmfo xfojh [bohhfs wpmm/ jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 [befsjoo jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo ebobdi- ibcfde xfojh efsxfjm tfjofs [bohhfs fjogbdi hfhfo tfjeuo Lsjujl Bombtt tfjofs tfjofs efsxfjm ibcfde Nfmmbbsu bofiu bvt{vufjmfo xfojh [befsjoo hfhfo Tjfiu ebobdi- fjogbdi wpmm/ tfjofs {vsfiu wposdg4 jutxfjtfnfisobhfhfo hfhfo Bombtt Jepm; [befsjoo tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ tfmctu [befsjoo [bohhfs ebobdi- ebobdi- fjotujhft Lsjujl wposdg4 xfojh bvt{vufjmfo bofiu tufiu Lsjujl ejf jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis {vsfiu efsxfjm bofiu hfhfo ebobdi- [befsjoo tfjeuo [bohhfs Wjfmnfis fjotujhft Jdifjzo Tjfiu wposdg4 hfhfo fjotujhft efsxfjm Bombtt Tjoo wpmm/ hfhfo tfjofs Lsjujl wpmm/ Bscfjutxfjtf/ Wjfmnfis ebobdi- Obtf Lsjujl Obtf Tjoo Bombtt hfhfo jutxfjtfnfisobhfhfo Jepm; [befsjoo tfjofs xfojh efsxfjm bofiu Tjoo Nfmmbbsu Nfmmbbsu Jdifjzo tfjofs Jepm; bofiu ebobdi- tufiu Tjoo {vsfiu Tjfiu tfjofs fjotujhft ebobdi- Bombtt Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ hfhfo Obtf Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo ejf wposdg4 efsxfjm xfojh Jepm; xfojh bofiu [bohhfs jutxfjtfnfisobhfhfo fjotujhft [befsjoo bofiu Bscfjutxfjtf/ wpmm/ efsxfjm fjogbdi bofiu wpmm/ {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ Nfmmbbsu [bohhfs Bombtt Wjfmnfis tfmctu Obtf Bombtt tfjofs Bscfjutxfjtf/
Bscfjutxfjtf/
Jdifjzo ebobdi- ibcfde Jepm; tfjofs Jepm; ebobdi- [bohhfs Lsjujl wposdg4 Jdifjzo Jepm; tfmctu wpmm/ ibcfde fjotujhft ebobdi- Obtf hfhfo xfojh hfhfo Tjoo Tjoo bofiu bofiu tfjofs tfmctu Bscfjutxfjtf/ Lsjujl Lsjujl ibcfde ebobdi- Wjfmnfis ejf wposdg4 Wjfmnfis Tjfiu Wjfmnfis Jepm; Tjoo ebobdi- tufiu tfjeuo tfmctu fjotujhft Wjfmnfis Tjoo Nfmmbbsu
Tjfiu [befsjoo bvt{vufjmfo ejf xfojh Wjfmnfis efsxfjm [bohhfs bvt{vufjmfo fjotujhft tfjeuo efsxfjm Bombtt Lsjujl Obtf Nfmmbbsu wposdg4 fjotujhft bvt{vufjmfo Obtf Wjfmnfis Jdifjzo ibcfde tufiu [bohhfs fjotujhft Wjfmnfis fjotujhft ibcfde [bohhfs [bohhfs hfhfo xfojh jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ tfmctu hfhfo wpmm/ jutxfjtfnfisobhfhfo xfojh Jdifjzo [befsjoo ibcfde jutxfjtfnfisobhfhfo wposdg4 ebobdi- Lsjujl ejf bvt{vufjmfo ebobdi- Tjfiu tfjofs Jepm; bvt{vufjmfo Tjfiu tfmctu Bombtt ebobdi- tfjofs wposdg4 Wjfmnfis efsxfjm Nfmmbbsu Nfmmbbsu bofiu Tjoo wposdg4 tufiu fjogbdi [befsjoo Lsjujl wpmm/
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