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Observations of Successful Ecosystems
© Lakestar 2012
Strong Financing Environment
Clear Identity Center
Acceleration of Scale
2
Clear Identity Center: Berlin
3 © Lakestar 2012
Moderate cost and
salary level
Source: Statistik Berlin Brandenburg, Berliner Zeitung, HMRC
Average salary (USD)
$ 59,000
$ 38,400
London Berlin
Clear Identity Center: Berlin
4 © Lakestar 2012
Highly motivated young workforce
4,434 4,450
6,602 7,140
4,979 5,321
6,936
9,239 8,212
Source: Statistik Berlin Brandenburg, Berliner Zeitung, HMRC
Total net moves, 20-35 years
Q1 `09 Q2 `09 Q3 `09 Q4 `09 Q1 `10 Q2 `10 Q3 `10 Q4 `10 Q1 `11
Clear Identity Center: Berlin
5 © Lakestar 2012
Hub for international talent
Strong attraction of nationalities from all continents
-173
729
2,438 2,471
875
1,783
2,497
3,871 3,905
Source: Statistik Berlin Brandenburg, Berliner Zeitung, HMRC
Net moves of foreigners, 20-35 years
Q1 `09 Q2 `09 Q3 `09 Q4 `09 Q1 `10 Q2 `10 Q3 `10 Q4 `10 Q1 `11
Observations of Successful Ecosystems
© Lakestar 2012
Strong Financing Environment
Clear Identity Center
Acceleration of Scale
6
Acceleration of Scale: Ramping Up
7 © Lakestar 2012
Technological Focused Business Models
By definition Global
IP or user-experience
driven
Low staff requirements
in local countries
1
17 companies across shopping
clubs, group buying, and shoe
retail
~6 weeks go-live in 8 countries
per model
>$600m revenue run-rate in 2
years
Acceleration of Scale: Ramping Up
8 © Lakestar 2012
“Old” Europe
Fragmented
Country specific (e.g.
classifieds)
Slow execution into
new markets
“Global Rollouts”
Execution Focused Business Models 2
Source: Lakestar internal reporting. Revenue run-rate figure approximate.
Success of Our Infrastructure
9 © Lakestar 2012
Switzerland
India
Russia
Turkey
Mexico
Brazil
MidEast & North Africa
Australia & NZ
Observations of Successful Ecosystems
© Lakestar 2012
Strong Financing Environment
Clear Identity Center
Acceleration of Scale
10
Where Are We Today?
© Lakestar 2012
Source: Goldman Sachs, World Bank, WDI. All figures approximate for illustrative purposes as of 2011 year end.
USA China Europe
36
Population
47
~ 300 m ~ 1.3 bn ~ 500 m
+11
2009 2011
22
33
+11
2009 2011
12
14
+2
2009 2011
# of Public
Internet
Companies
11
Where Are We Today?
12 © Lakestar 2012
Source: Goldman Sachs, World Bank, WDI. All figures approximate for illustrative purposes as of 2011 year end.
Total Internet Public Market Caps 2011
Population
~ $645 bn
300 m
~ $7 bn
500 m
~ $130 bn
1.3 bn
Strong Financing Environment:
Does Europe Have It?
13 © Lakestar 2012
Source: Hoxton Ventures, Ernst & Young Global Venture Capital report, census data. Data as of 1H’2010
Venture Capital per capita, approximate, 2010
$1,800
Silicon Valley
$76
US
$114
Israel
$10
Europe
$1
China
$ 0.5
India
Strong Financing Environment:
Does Europe Have It?
14 © Lakestar 2012
Source: Ernst & Young, Global venture capital insights and trends report 2010. Data for 1H’2010 except for Europe IPO Capital Raised, which is adjusted to
include Betfair and Ocado approximate capital raised.
USA China Europe
Invested Capital
US$m
Investment Rounds
Median Round Size
US$m
IPO Capital Raised
US$
$12,413
1,346
$4.75
$1,569
$1,336
108
$10.00
$10,079
$2,559
535
$2.94
$600
Strong Financing Environment:
Does Europe Have It?
15 © Lakestar 2012
Europe still shows room for improvement
Stark difference when comparing valuations
achieved for companies based in USA vs. Europe
Environment developing, but financing metrics lag
Thank You
Unique Industry Know-How Core Investment Banking Competence
Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs!
100% focused on Internet companies, covering over 25 sub-verticals in this highly complex industry - 15+ years active coverage of leading European
Internet companies and investors Deep understanding of industry dynamics and
thinking of industry leaders Ability to add value beyond banking advice
- Facilitates overall process and minimizes management distraction
The NOAH team has 25+ years of media investment banking experience - Routine execution of M&A and financing
transactions with sizes of several billion euros The team has been working together closely for 7
years (including 6 years at Lehman Brothers) 8 successfully completed NOAH Advisors
transactions underline successful transfer of competencies to the Internet sector
NOAH Advisors is globally very well connected and has direct access to virtually all key players in the industry - Knowledge of and strong relationships with
potential buyers’ key decision makers - Coverage of over 500 companies and 4,000
individuals - Proactively finds and unlocks attractive
investment opportunities for leading investors (e.g. Bigpoint)
Annual NOAH Conference
The NOAH team are entrepreneurs and focused on growing the business and establishing a reputation for excellence
Full commitment to deliver top quality results in short time frames
Highly success-based compensation structures align interests of clients and NOAH Advisors, and demonstrate conviction to deliver top results
NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique
Marco Rodzynek
Managing Director and Founder
Yoram Wijngaarde
Director
Jan Brandes
Director
Contact Details [email protected] UK Mobile: +44 77 85 330 330 Swiss Mobile: + 41 79958 1512
Contact Details [email protected] UK Mobile: +44 79 17 084 784
Contact Details [email protected] German Mobile: +49 174 2010 984
The NOAH Advisors Core Team
Selected Completed NOAH Transactions
July 2011
April 2011 April 2011
December 2009 April 2009
Advisor to EnGrande
Sale of a majority stake in
to
have acquired a majority stake in
for $350m from
Exclusive Advisor to Summit Partners and TA Associates
Advisor to Yatego
Sale of a majority stake in
to
Advisor to Softonic
Partial sale of
to
Valuing Softonic at €175m
Advisor to Fotolia
$80m partial sale of
to
May 2012
150 million growth equity investment from
for a 50% stake alongside Fotolia’s Founders and
Additional $150 million senior debt financing Total $300 million investment
Financial Advisor to Fotolia and its Shareholders
November 2011
Sale of a majority stake in
to Quants Financial Services AG
Exclusive Financial Advisor to grupfoni and its Shareholders
April 2012
Sale of a 100%-stake in
to
Financial Advisor to Toprural and its Shareholders
The conference will again take place at Old Billingsgate in London Registration will open in early 2012 For updates, please check: www.noah-conference.com
Introduction to the NOAH Conference Overview of the NOAH Conference 2011
NOAH ‘12 on 6-7 November – Save the Date
The NOAH Conference is an annual Internet event taking place once a year in London, focused on top management from Internet start-ups to global media companies as well as senior investment professionals
NOAH’s goal is to create a marketplace for the European Internet eco-system to discuss key trends, generate business and facilitate investment transactions
Over the past 3 years numerous high-profile speakers presented at NOAH, including over 100 CEOs
The NOAH Conference was founded in 2009 by Marco Rodzynek and is organised by the NOAH Advisors team with sponsorship from some of the world’s leading financial investors
NOAH ‘11 took place on 9-10 November 2011 at Old Billingsgate in London
Fantastic line-up of 90 speakers from 20 countries in keynotes, presentations and panels over 2 full days
1,150 attendees from 35 countries – 57% from Internet companies, 26% from investors, 15% from corporates (media companies, advisors, PR and recruiting) and 2% press representatives from leading on- and offline publications
NOAH party with additional guests from London and a great live band on the evening of the first day
Extremely positive feedback from numerous attendees, on twitter and in the press
Event Sponsors
Conference Program
Selected Conference Impressions
Summary Overview
Strategic Sponsors
