EQS Group, EU Whistleblowing & Compliance Software

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That's an interesting point and make sense for why you went to those providers and why the clients wanted those. That said, do you think that sort of behavior or that desire is a European thing? Or is it more a Swiss thing?

No, I think this is clear. There's also General Data Protection Regulation issued by the European Union. Clearly, the whole topic of processing of personal data in compliance with the European regulation on this matter, is one of the key drivers that is still of very high importance to European clients when it comes to whistleblowing solutions. In relation to the EU directive on whistleblowing, one of the key challenges that EU employers face that will give a formal solution, and also a clear competitive advantage, versus a simpler in-house solution is the topic they need to be able to evidence such compliance. Compliance with data processing regulation, and also compliance with all the formal requirements that the whistleblowing directive brings forward. I think this is one of the matters that clearly drives demand for such professional format solutions like EQS provides.

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You said the US solutions are at a disadvantage. I get that from a posting perspective, but couldn't they adapt the solution to be compliant with GDPR, maybe have a hosting server where the client is based or a region?

I think this is what they have to do, or already have done, because otherwise, they would have a hard time entering the Swiss market. But I think still, even if they provide for the technical needs, in this case, hosting in a European country, I think, because we are talking of very sensitive data, when it comes to hosting and running and managing a whistleblowing platform, I think European countries would still have a certain hesitation, or they would probably still prefer a European provider over US, because we're in the sensitive space of compliance. As you know, when it comes to compliance, the US is known for always finding ways to make their governmental reach apply in foreign jurisdictions as well. I think, even if technically, the US service providers could ensure respective compliance as well, most likely in this field, there would still be a preference for a local provider. It's also why, for example, I think it was 2019, NAVEX one of the biggest US players on the market, acquired WhistleB which is a Swedish provider, probably with the intention to strengthen their presence in Europe.

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