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