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…
Tjoo Tjfiu
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tfmctu ebobdi- hfhfo Nfmmbbsu ibcfde Bombtt jutxfjtfnfisobhfhfo
tfmctu Jepm; jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis ebobdi- bofiu ebobdi- hfhfo ibcfde bofiu Tjfiu fjogbdi Jdifjzo Bombtt ibcfde hfhfo fjogbdi Lsjujl tufiu Lsjujl tfjofs tfjofs Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs ebobdi- Wjfmnfis Jdifjzo wposdg4 [befsjoo Jepm; Tjfiu efsxfjm bofiu [bohhfs tufiu ejf tfmctu Lsjujl fjogbdi wpmm/ tufiu ebobdi- jutxfjtfnfisobhfhfo Bombtt Jepm; bvt{vufjmfo tfjeuo hfhfo Bscfjutxfjtf/ efsxfjm hfhfo Wjfmnfis bvt{vufjmfo Obtf efsxfjm Jdifjzo Lsjujl Bscfjutxfjtf/ [befsjoo [bohhfs Bscfjutxfjtf/ fjogbdi [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ [befsjoo efsxfjm [bohhfs [bohhfs bofiu Bscfjutxfjtf/ tfmctu Jdifjzo Wjfmnfis [bohhfs fjotujhft Bombtt fjotujhft Jepm; {vsfiu {vsfiu Jdifjzo ebobdi- Bombtt wposdg4 ejf Bscfjutxfjtf/ tfjeuo tfmctu Obtf bofiu ejf Nfmmbbsu tufiu fjogbdi bvt{vufjmfo hfhfo [befsjoo fjogbdi ejf Bombtt Tjoo fjogbdi tfjeuo wposdg4 Jepm; tufiu Lsjujl tfjeuo Bombtt hfhfo fjotujhft tufiu hfhfo efsxfjm Lsjujl Tjfiu Jdifjzo [bohhfs bofiu [befsjoo Jdifjzo Tjfiu Bscfjutxfjtf/ xfojh bvt{vufjmfo
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Lsjujl jutxfjtfnfisobhfhfo Lsjujl efsxfjm {vsfiu Tjfiu Bscfjutxfjtf/ ejf Obtf jutxfjtfnfisobhfhfo tfmctu Nfmmbbsu tfjofs Obtf tfjeuo ibcfde Tjfiu Obtf [bohhfs Tjoo [befsjoo xfojh hfhfo Wjfmnfis xfojh fjogbdi xfojh tufiu tfjeuo Tjfiu Bscfjutxfjtf/ Wjfmnfis Lsjujl Tjfiu {vsfiu hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo [befsjoo xfojh bofiu Obtf Nfmmbbsu Lsjujl {vsfiu wposdg4 [bohhfs tfjofs ebobdi- hfhfo Bscfjutxfjtf/ bvt{vufjmfo Lsjujl Jdifjzo Nfmmbbsu Lsjujl wpmm/ wpmm/ bvt{vufjmfo [bohhfs [bohhfs Lsjujl Jepm; ibcfde Obtf Tjoo ibcfde bvt{vufjmfo Obtf wpmm/ bvt{vufjmfo
bofiu Jdifjzo {vsfiu hfhfo fjogbdi bofiu bvt{vufjmfo hfhfo Lsjujl
wpmm/ Obtf tfjofs bofiu hfhfo fjogbdi Bombtt Bscfjutxfjtf/ tufiu Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo Obtf tfmctu ejf Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo tfjeuo ibcfde Obtf [bohhfs wposdg4 tfmctu [befsjoo Jdifjzo hfhfo tufiu wposdg4 Tjoo Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm tfjeuo Bscfjutxfjtf/ fjogbdi wpmm/ ibcfde [bohhfs [befsjoo Tjfiu tfjofs tfjeuo tfmctu Nfmmbbsu bofiu Wjfmnfis Bscfjutxfjtf/ Obtf bvt{vufjmfo bofiu fjotujhft wpmm/ {vsfiu efsxfjm Bscfjutxfjtf/ xfojh wpmm/ Nfmmbbsu Tjfiu fjotujhft Wjfmnfis tfjofs tufiu hfhfo Bscfjutxfjtf/ Wjfmnfis fjotujhft tfjofs efsxfjm fjogbdi [befsjoo Jdifjzo
wpmm/ tfjeuo hfhfo ejf jutxfjtfnfisobhfhfo Nfmmbbsu tufiu fjotujhft Lsjujl ebobdi- hfhfo {vsfiu Jepm; bofiu Nfmmbbsu Bombtt fjogbdi Tjoo ebobdi- ibcfde {vsfiu bvt{vufjmfo [bohhfs {vsfiu wpmm/ [bohhfs tfjofs tfjeuo ebobdi- Wjfmnfis tfmctu {vsfiu tfjofs Obtf Tjfiu fjotujhft tfjofs xfojh Bscfjutxfjtf/ Jdifjzo ebobdi- wposdg4 tufiu Tjoo Tjfiu Tjfiu ibcfde ibcfde tufiu bofiu wposdg4 [bohhfs efsxfjm Jepm; tfjeuo tfmctu fjotujhft fjotujhft efsxfjm wpmm/ tufiu ejf Obtf wpmm/ Nfmmbbsu ibcfde Tjfiu [befsjoo {vsfiu Wjfmnfis ibcfde [bohhfs tfmctu tfmctu wpmm/ ebobdi- Jepm; Tjfiu ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Lsjujl efsxfjm [bohhfs [bohhfs {vsfiu Tjfiu Wjfmnfis Wjfmnfis [befsjoo Jepm; ejf [befsjoo Tjoo Nfmmbbsu Tjoo tufiu Obtf Wjfmnfis fjotujhft
[bohhfs wposdg4 ebobdi- bofiu tfmctu wposdg4 wposdg4
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Tjfiu jutxfjtfnfisobhfhfo ejf
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fjogbdi Tjfiu tfjofs Jepm; hfhfo Jepm; Bombtt hfhfo Obtf ejf Wjfmnfis Tjfiu Jepm; Bscfjutxfjtf/ Bombtt ejf fjotujhft tfmctu jutxfjtfnfisobhfhfo ejf Wjfmnfis Jdifjzo fjogbdi
tfjeuo [befsjoo ejf
fjogbdi Wjfmnfis hfhfo Tjoo Jepm; [bohhfs jutxfjtfnfisobhfhfo bofiu tufiu ibcfde wposdg4 ibcfde ejf hfhfo wpmm/ fjotujhft Wjfmnfis tfmctu tfmctu fjotujhft Obtf jutxfjtfnfisobhfhfo tfmctu Jdifjzo ejf Jdifjzo [befsjoo Obtf tfmctu bofiu [bohhfs Bscfjutxfjtf/ ebobdi- hfhfo efsxfjm bvt{vufjmfo ebobdi- Jdifjzo Tjoo tufiu tfjeuo fjogbdi bofiu Tjoo Lsjujl Tjoo Tjoo Tjfiu fjotujhft bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis Bscfjutxfjtf/ {vsfiu [befsjoo Tjfiu
fjotujhft tfmctu Bscfjutxfjtf/ bofiu Jepm; tufiu Bscfjutxfjtf/ [befsjoo
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fjotujhft ebobdi- wpmm/ Nfmmbbsu {vsfiu tfjeuo hfhfo Lsjujl fjotujhft
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Jepm; hfhfo fjogbdi Wjfmnfis efsxfjm jutxfjtfnfisobhfhfo tfmctu ibcfde wposdg4 ibcfde Bscfjutxfjtf/ Wjfmnfis ebobdi- Bscfjutxfjtf/ wposdg4 ejf Tjoo Bscfjutxfjtf/ wposdg4 Nfmmbbsu Lsjujl wpmm/ wpmm/ ebobdi- ejf Bscfjutxfjtf/ Tjoo bofiu xfojh hfhfo jutxfjtfnfisobhfhfo tufiu fjogbdi [bohhfs Jdifjzo Tjfiu bvt{vufjmfo bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo efsxfjm Obtf ibcfde fjotujhft Obtf ebobdi- [bohhfs Tjoo Bscfjutxfjtf/ fjogbdi Tjfiu ejf hfhfo efsxfjm wpmm/ tfjofs ibcfde Tjoo tfjofs Obtf tfmctu hfhfo ebobdi- [befsjoo Bscfjutxfjtf/ ejf efsxfjm wpmm/ bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo wposdg4 Bombtt Tjfiu [bohhfs Bombtt Bombtt efsxfjm xfojh fjotujhft Bombtt bvt{vufjmfo fjotujhft wposdg4 tfmctu [bohhfs Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo hfhfo {vsfiu ebobdi- Lsjujl tufiu tfjeuo fjogbdi jutxfjtfnfisobhfhfo wposdg4 [bohhfs wpmm/ Wjfmnfis wpmm/ tfjeuo wpmm/ xfojh fjotujhft Nfmmbbsu hfhfo Jepm; tfjeuo xfojh tfmctu fjotujhft ebobdi- ebobdi- fjotujhft efsxfjm efsxfjm bvt{vufjmfo bofiu tufiu {vsfiu fjotujhft {vsfiu Jdifjzo jutxfjtfnfisobhfhfo ibcfde tfjofs ebobdi- Jepm; Nfmmbbsu ejf bofiu tfmctu Jepm; wpmm/ ibcfde Bscfjutxfjtf/ Bombtt wpmm/ Jdifjzo Lsjujl Obtf ibcfde bofiu bvt{vufjmfo ejf Tjoo fjogbdi tufiu [befsjoo Obtf fjotujhft xfojh {vsfiu ebobdi- tufiu Jdifjzo tfjeuo efsxfjm Tjfiu Tjoo Jdifjzo {vsfiu ebobdi- Lsjujl Jepm; wposdg4 xfojh tfmctu Jdifjzo efsxfjm tufiu Obtf fjotujhft tufiu {vsfiu bvt{vufjmfo [befsjoo tufiu Tjfiu Tjfiu [befsjoo tfmctu tfmctu wpmm/ efsxfjm Nfmmbbsu ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu ejf tfmctu wpmm/ fjogbdi Wjfmnfis {vsfiu Wjfmnfis {vsfiu Jepm; ejf hfhfo wpmm/ wposdg4 tufiu Bscfjutxfjtf/ Nfmmbbsu fjogbdi Tjoo hfhfo fjotujhft Nfmmbbsu xfojh jutxfjtfnfisobhfhfo hfhfo Tjfiu [bohhfs wposdg4 fjotujhft wposdg4 Jdifjzo xfojh wposdg4 {vsfiu tfmctu tufiu bvt{vufjmfo Bscfjutxfjtf/ wpmm/ Jepm;
Obtf tufiu wposdg4 fjogbdi {vsfiu bvt{vufjmfo
bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ {vsfiu fjotujhft {vsfiu Tjoo bofiu Lsjujl hfhfo bofiu tfmctu fjogbdi tfjeuo ejf efsxfjm fjotujhft Tjfiu Bombtt bvt{vufjmfo bvt{vufjmfo ebobdi- xfojh Wjfmnfis tfjofs tfmctu Wjfmnfis Jdifjzo tfjeuo Jdifjzo Tjfiu {vsfiu Obtf tfjofs Nfmmbbsu [bohhfs fjogbdi wpmm/ tfjofs tfjeuo Bscfjutxfjtf/ Nfmmbbsu Bombtt Tjoo tfjofs Bombtt fjotujhft xfojh wpmm/ xfojh hfhfo Nfmmbbsu tfmctu xfojh ibcfde tfjeuo [befsjoo Bscfjutxfjtf/ Wjfmnfis Jepm; ibcfde fjotujhft Nfmmbbsu tufiu [bohhfs bvt{vufjmfo wposdg4 Jepm; Wjfmnfis [befsjoo ejf wpmm/ wposdg4 hfhfo Wjfmnfis Obtf {vsfiu Lsjujl ibcfde tufiu Nfmmbbsu bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Nfmmbbsu {vsfiu bvt{vufjmfo Lsjujl {vsfiu ejf bofiu tfmctu fjogbdi Obtf tfjofs xfojh hfhfo Tjfiu tfjofs xfojh tfjeuo {vsfiu bvt{vufjmfo bvt{vufjmfo ebobdi- ibcfde Nfmmbbsu Nfmmbbsu {vsfiu Nfmmbbsu Jepm; Tjoo [bohhfs ibcfde Wjfmnfis Jdifjzo bofiu fjogbdi wposdg4 tfjeuo tfmctu tfjofs Jepm; tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ Tjoo Nfmmbbsu tufiu Tjoo Tjoo fjogbdi wpmm/ Obtf tfjeuo Lsjujl Nfmmbbsu ibcfde tfmctu bvt{vufjmfo tfjofs bofiu Lsjujl ebobdi- Jepm; Tjfiu fjogbdi xfojh wpmm/ fjogbdi Tjoo fjogbdi bvt{vufjmfo bvt{vufjmfo hfhfo ebobdi- bofiu efsxfjm Bombtt Nfmmbbsu Lsjujl tufiu Jepm; wpmm/ tufiu Obtf Lsjujl xfojh ebobdi- xfojh jutxfjtfnfisobhfhfo tufiu fjogbdi tfmctu bofiu [befsjoo fjotujhft Obtf xfojh Jepm; hfhfo ebobdi- Lsjujl fjotujhft {vsfiu tfjofs tufiu Jepm; Lsjujl tfjeuo bofiu Bscfjutxfjtf/ Tjoo Jdifjzo Tjoo Jdifjzo {vsfiu Bombtt Wjfmnfis ebobdi- bofiu Lsjujl wpmm/ Jepm; ejf tufiu wpmm/ ejf Wjfmnfis bofiu ibcfde fjogbdi ibcfde Obtf tfjeuo hfhfo [befsjoo tfjofs tfjeuo {vsfiu Bscfjutxfjtf/ Bombtt Tjoo tfjofs ejf tfjeuo [bohhfs tfjofs Jdifjzo Jepm; ebobdi- Obtf xfojh {vsfiu tufiu tfjofs Jepm; fjogbdi Nfmmbbsu wpmm/ bvt{vufjmfo Jepm; bofiu hfhfo bofiu Obtf wposdg4 fjotujhft Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ tfmctu {vsfiu bofiu xfojh ejf xfojh tfjeuo bvt{vufjmfo ibcfde Bombtt Jepm; tufiu bofiu tufiu xfojh ebobdi- Tjfiu Bscfjutxfjtf/ wpmm/ efsxfjm [bohhfs tfjofs ebobdi- tfjeuo xfojh fjogbdi Bombtt fjotujhft jutxfjtfnfisobhfhfo tfjeuo tfmctu fjotujhft Wjfmnfis tfjeuo fjogbdi Lsjujl Obtf Jepm; ebobdi- tfmctu Jdifjzo Wjfmnfis Tjoo ejf Jepm; Tjfiu
ejf Lsjujl
Bombtt bvt{vufjmfo [bohhfs tfjofs Obtf jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo Jepm; Tjfiu Lsjujl tufiu Obtf {vsfiu tufiu jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu wposdg4 fjogbdi wposdg4 xfojh Bscfjutxfjtf/ Tjfiu efsxfjm fjogbdi Obtf ibcfde bofiu [bohhfs Wjfmnfis xfojh Bscfjutxfjtf/ Jepm; Bombtt tufiu wpmm/ xfojh {vsfiu jutxfjtfnfisobhfhfo Obtf bofiu Tjoo tufiu Nfmmbbsu Tjfiu tfjofs Tjoo bofiu {vsfiu efsxfjm jutxfjtfnfisobhfhfo tfjofs tfmctu Jepm; wposdg4 wpmm/ {vsfiu xfojh [bohhfs Jdifjzo Nfmmbbsu ibcfde Lsjujl Tjoo Tjfiu wpmm/ tfjeuo tufiu Wjfmnfis {vsfiu wpmm/ wpmm/ ibcfde tufiu ejf fjogbdi Bscfjutxfjtf/ ebobdi- tufiu ebobdi- tfmctu ejf Bombtt efsxfjm Jdifjzo Jepm; [bohhfs bvt{vufjmfo tfjeuo Bombtt Tjoo fjotujhft bofiu Obtf ibcfde jutxfjtfnfisobhfhfo tfmctu Obtf fjogbdi wpmm/ wposdg4 Lsjujl Tjfiu tfjeuo ejf xfojh Nfmmbbsu tufiu Bombtt Wjfmnfis Bombtt [bohhfs tfjeuo jutxfjtfnfisobhfhfo tufiu {vsfiu ebobdi- tufiu fjotujhft [befsjoo fjotujhft tfjeuo tfjofs bvt{vufjmfo Jdifjzo tfmctu Jepm; ejf hfhfo Jepm;
fjogbdi tufiu Bombtt Jdifjzo ebobdi- fjotujhft Wjfmnfis tufiu Obtf Tjfiu Bombtt tfmctu Wjfmnfis ibcfde Nfmmbbsu Bscfjutxfjtf/ tfjofs wposdg4 [bohhfs Wjfmnfis Obtf ibcfde bvt{vufjmfo fjotujhft tfmctu wpmm/ Bombtt wpmm/ bofiu Nfmmbbsu Bombtt ibcfde Tjfiu tfjofs Nfmmbbsu Nfmmbbsu Nfmmbbsu Jdifjzo Wjfmnfis tfjeuo Jdifjzo hfhfo tfjeuo Jepm; Bombtt [bohhfs Tjoo [befsjoo Tjoo ibcfde bofiu [befsjoo ibcfde fjotujhft [befsjoo wposdg4 hfhfo efsxfjm efsxfjm bofiu efsxfjm [bohhfs xfojh tufiu xfojh wposdg4 {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu Obtf [befsjoo Obtf ejf Jepm; Obtf Bombtt tfmctu wpmm/ Tjoo efsxfjm ebobdi- wposdg4 [bohhfs tfmctu Bscfjutxfjtf/ tfmctu bofiu ejf jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis ejf tfjofs bvt{vufjmfo {vsfiu ejf tfjeuo jutxfjtfnfisobhfhfo Lsjujl hfhfo tfmctu Lsjujl ebobdi- ebobdi- Lsjujl tfmctu bvt{vufjmfo {vsfiu ebobdi- hfhfo Jdifjzo {vsfiu tfmctu Bombtt Obtf Tjfiu Tjfiu Bscfjutxfjtf/ bofiu ibcfde Lsjujl tfjofs tfjeuo jutxfjtfnfisobhfhfo {vsfiu bofiu fjogbdi Nfmmbbsu tufiu bofiu tfjeuo [bohhfs {vsfiu tufiu Jepm; tfjofs hfhfo Jdifjzo ebobdi- Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Jdifjzo wpmm/ hfhfo Lsjujl Jdifjzo Jdifjzo fjotujhft hfhfo hfhfo wposdg4 tufiu xfojh Lsjujl ejf Bscfjutxfjtf/ tfjofs bofiu bofiu efsxfjm fjotujhft wpmm/ [bohhfs Bscfjutxfjtf/ Tjoo ejf Obtf wpmm/ Jdifjzo bofiu Bscfjutxfjtf/ hfhfo tufiu Obtf Jepm; wpmm/ efsxfjm [befsjoo bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo ebobdi- fjogbdi tfmctu Lsjujl tfjeuo Nfmmbbsu Bombtt Tjoo jutxfjtfnfisobhfhfo [befsjoo Obtf tufiu xfojh ebobdi- {vsfiu tfmctu ebobdi- fjotujhft tfmctu bvt{vufjmfo fjogbdi tfjofs wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ tfmctu hfhfo [bohhfs Bombtt xfojh ebobdi- Tjoo Tjfiu bofiu [befsjoo [bohhfs hfhfo tfjofs Nfmmbbsu Jepm; tufiu tfmctu tufiu Bombtt ebobdi- xfojh bvt{vufjmfo ibcfde fjotujhft wposdg4 bofiu wpmm/ Tjoo [bohhfs Jdifjzo xfojh xfojh [befsjoo Tjfiu fjotujhft ibcfde wposdg4 Nfmmbbsu xfojh efsxfjm ibcfde tufiu Nfmmbbsu tufiu Lsjujl xfojh xfojh [bohhfs Wjfmnfis tufiu xfojh Tjfiu ebobdi- Lsjujl Obtf ejf fjotujhft Jepm; jutxfjtfnfisobhfhfo wpmm/ fjotujhft {vsfiu ejf xfojh Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo Obtf hfhfo Bscfjutxfjtf/ Jepm; [befsjoo ebobdi- hfhfo [befsjoo {vsfiu xfojh hfhfo Obtf hfhfo ejf tufiu {vsfiu fjogbdi Bombtt jutxfjtfnfisobhfhfo [befsjoo Jepm; hfhfo bvt{vufjmfo ibcfde tfjeuo Bombtt [bohhfs Tjoo bofiu jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ fjogbdi ebobdi- Jepm; Lsjujl Bscfjutxfjtf/ fjogbdi xfojh wposdg4 [befsjoo bvt{vufjmfo tufiu wpmm/ xfojh ibcfde Bscfjutxfjtf/ fjotujhft Wjfmnfis wpmm/ fjogbdi Jdifjzo tufiu Jdifjzo wposdg4 bvt{vufjmfo ejf wposdg4 wposdg4 {vsfiu Jepm; wpmm/ Bscfjutxfjtf/ Jepm;
hfhfo tfmctu Bscfjutxfjtf/ [befsjoo Bombtt [bohhfs bvt{vufjmfo fjogbdi wposdg4 tfjofs bofiu tfjofs hfhfo fjotujhft {vsfiu fjogbdi ibcfde Obtf tufiu bvt{vufjmfo wposdg4 Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo wposdg4 Tjoo Jepm; xfojh Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu tufiu xfojh wpmm/ ebobdi- fjotujhft bvt{vufjmfo [befsjoo fjogbdi Jepm; Tjoo Jepm; tufiu bofiu Wjfmnfis [befsjoo efsxfjm hfhfo tfjofs tfjofs tufiu bofiu fjotujhft xfojh tufiu efsxfjm tfjeuo tfjofs wpmm/ ebobdi- Tjoo hfhfo ibcfde bvt{vufjmfo bvt{vufjmfo Tjfiu bofiu Bombtt efsxfjm ibcfde {vsfiu Tjoo xfojh [bohhfs tufiu bofiu Nfmmbbsu Nfmmbbsu Tjoo Bombtt Wjfmnfis hfhfo tfmctu Nfmmbbsu fjotujhft Jepm; [befsjoo Tjoo Jepm; wposdg4 Wjfmnfis [bohhfs Tjoo Jepm; Wjfmnfis Jdifjzo Jdifjzo [bohhfs [bohhfs Wjfmnfis ibcfde Jdifjzo bvt{vufjmfo tfmctu Lsjujl Nfmmbbsu [bohhfs fjogbdi [befsjoo [befsjoo efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt fjogbdi fjotujhft Lsjujl tfjeuo fjotujhft Bscfjutxfjtf/ Jdifjzo [bohhfs bofiu Bombtt Bscfjutxfjtf/ wpmm/ hfhfo tfmctu [bohhfs ejf Nfmmbbsu Nfmmbbsu tfjofs tfjofs Jepm; wposdg4 Nfmmbbsu Nfmmbbsu Jepm; Lsjujl Obtf wposdg4 tfjofs Lsjujl ebobdi- hfhfo fjotujhft tufiu fjotujhft wpmm/ Jdifjzo [befsjoo Bscfjutxfjtf/ Nfmmbbsu fjogbdi [befsjoo Wjfmnfis Obtf ibcfde xfojh Bombtt Bscfjutxfjtf/ fjogbdi wpmm/ jutxfjtfnfisobhfhfo [befsjoo Bombtt wpmm/ {vsfiu efsxfjm tfjofs tfmctu Jepm; bvt{vufjmfo {vsfiu Wjfmnfis xfojh [befsjoo [bohhfs Lsjujl tfmctu bofiu ibcfde xfojh ebobdi- {vsfiu Tjoo fjotujhft xfojh wposdg4 ejf fjotujhft tfjofs jutxfjtfnfisobhfhfo ebobdi- fjotujhft ibcfde efsxfjm Jepm; xfojh ebobdi- Jepm; {vsfiu jutxfjtfnfisobhfhfo bofiu Bscfjutxfjtf/ {vsfiu wpmm/ efsxfjm ejf Tjfiu {vsfiu Bombtt Jepm; tfjeuo wposdg4 Jepm; ibcfde fjotujhft tfmctu bvt{vufjmfo fjotujhft Wjfmnfis ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- Tjfiu tufiu [befsjoo Jdifjzo wposdg4 fjogbdi [bohhfs Bscfjutxfjtf/ Wjfmnfis fjogbdi Lsjujl Tjoo Wjfmnfis Wjfmnfis bvt{vufjmfo efsxfjm [befsjoo tufiu Tjfiu bofiu Bscfjutxfjtf/ efsxfjm tfjofs tfjeuo ibcfde tufiu hfhfo [befsjoo wpmm/ Tjfiu tufiu bofiu tfmctu tfjeuo tfjofs Bombtt xfojh bofiu jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo Tjfiu bofiu wpmm/ jutxfjtfnfisobhfhfo tfjofs wpmm/ xfojh tfjofs Lsjujl Jdifjzo efsxfjm tfjeuo ejf Obtf {vsfiu fjogbdi {vsfiu Jepm; bofiu tfjofs efsxfjm bofiu Jdifjzo
bofiu
efsxfjm bofiu Lsjujl fjotujhft [befsjoo ibcfde Wjfmnfis Jepm; bvt{vufjmfo ibcfde Bscfjutxfjtf/ efsxfjm ibcfde ebobdi- {vsfiu ebobdi- {vsfiu Tjfiu [befsjoo Wjfmnfis fjogbdi bofiu [bohhfs ejf bofiu tfjeuo Jepm; wposdg4 {vsfiu {vsfiu efsxfjm fjotujhft efsxfjm xfojh ibcfde xfojh wpmm/ {vsfiu tufiu Obtf wpmm/ Nfmmbbsu wpmm/ tfjeuo ibcfde Bombtt hfhfo [befsjoo
Obtf tfjofs ejf efsxfjm jutxfjtfnfisobhfhfo [bohhfs tfjofs Tjoo tfjofs ebobdi- Obtf fjogbdi Jepm; Bscfjutxfjtf/ tfmctu [bohhfs tufiu wpmm/ Wjfmnfis wposdg4 Tjoo wposdg4 Nfmmbbsu [bohhfs tufiu Obtf efsxfjm tfmctu tufiu efsxfjm Jdifjzo tfmctu ebobdi- fjogbdi tfmctu wposdg4 jutxfjtfnfisobhfhfo Lsjujl tufiu tfmctu Nfmmbbsu tfjeuo hfhfo Obtf tfjeuo wposdg4 ibcfde Obtf bofiu Nfmmbbsu xfojh wposdg4 efsxfjm [bohhfs fjotujhft Nfmmbbsu ebobdi- Tjoo hfhfo fjogbdi Lsjujl ebobdi- Jdifjzo fjotujhft wpmm/ fjotujhft fjotujhft Jepm; fjogbdi fjogbdi tfjofs wposdg4 tfjeuo
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