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Digital Media and Internet Sector Update
Spring 2012
Jon is a partner in the Investment Banking Group of AGC Partners with a focus on digital media, internet, tech enabled services
and communications sectors. In his 13 years as an investment banker, Jon has completed more than 55 strategic and financing
transactions with leading technology companies and investors such as ACS, Constant Contact, Cisco Systems, eBay, IAC,
Tekelec, Zynga, 3Com, Welsh, Carson, Anderson & Stowe, and The Carlyle Group.
Jon helped launch AGC Partners in February of 2003, coordinating the infrastructure build, capital raise and recruiting effort. As
Chief Operating Officer for AGC, Jon works with the Founding Partners to develop and implement the firm's financial, operational
and business development strategies. Prior to joining AGC, Jon worked in SG Cowen's Mergers and Acquisitions Group.
Jon lives in Topsfield, MA with his wife, Sarah, and their three daughters. He is actively involved in his community, particularly
with youth development facility improvement. Jon received a B.A. with honors from Colgate University.
• AGC is the most active tech boutique in the country, having closed over 160 transactions since 2003
• Digital Media practice has a history of generating exceptional valuations for industry leaders
• Team based in Boston with offices in New York, Minneapolis, San Francisco, and London
Jon Guido, Head, Digital Media
Partner, Investment Banking, Boston Contact: P: (617) 261-4126 E: [email protected]
Banker Profile
1
I. Market Commentary
II. Synopsis, Comparable and Deal Analyses
III. Overview of AGC Partners
I. Market Commentary
2.1x
4.0x 3.9x
5.2x
2.0x
2.5x
1.6x2.0x
3.1x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
124
89
55
95106
96
3529 30
12
24
5
30
55
80
105
130
570
417
577
678612
182 197 179120
153
0
200
400
600
800
19
2
9
16
22
36
3
14
14
9
0
6
12
18
24
30
36
42
Although the pace of tech M&A activity remained flat in 1Q12, the Digital Media &
Internet (DM&I) deal-making climate has experienced a significant uptick in
volume
The number of DM&I deals valued at $20M+ was up 100% in respect to 4Q1
There were 24 deals in the quarter, dramatically reversing the sharp decline in
activity witnessed in 4Q11
The NASDAQ finished the quarter up 20% and remains up 136% since the lows
of 2009
Despite the relatively high degree of skepticism about the overall IPO market,
1Q12 saw a 100% increase in pricings, bringing an end to the stale closing months
of 2011. More than two-thirds of 1Q12 DM&I pricings have traded above their offer
price
Facebook’s highly anticipated public offering saw valuation expectations rise
8.9% the last week of 1Q12 to roughly $103B
New issuers saw strong after-market interest from investors as DM&I stocks rose
an average 55% in value
Lower volatility in stock markets and broadly improving economic indicators are
helping to spur investor demand for new issues in 2012
The recent uptick in private placement activity by strategic and financial players
and a continued lack of pricing agreement between entrepreneurs and
corporations has reversed the downward momentum in private placement activity
that began in July 2011
The number of private placements of $5M+ was up 22% relative to 4Q11 but
down roughly 16% YoY
There were 153 deals, reversing the steady downward momentum in 2H11 when
the number of private placements fell from 197 in 2Q11 to 120 in 4Q11
Median LTM Revenue Multiple
Sources: Capital IQ, The 451 Group, VentureWire, Business Insider, IPO Monitor, TechCrunch, The Wall Street Journal and The New York Times
DealBook, Dow Jones “IPOs Heat Up, M&A slows for VC Companies,” M&A and IPOs >=$20M; Private Placements >=$5M; Targets / Issuers and
/ or Acquirers based in the U.S. or Canada
Digital Media & Internet Market Update
4
Number of M&A Transactions
Number of Private Placements
Number of IPO Pricings
* Indicates annualized data
What the Data Doesn’t Show: Undisclosed Value M&A Deals
Sources: TechCrunch, The 451 Group, The Wall Street Journal, Bloomberg.com, PwC’s Deals Practice, “US technology M&A insights”, March 2012, Deals selected with transaction value over $20m in the last 6 months
5
Growth in undisclosed transactions continues in 2011
U.S. tech companies disclosed values for roughly 19% of all transactions closed, a decrease from 25% disclosed in
2010
The Software/IT Services and DM&I sectors have accounted for the bulk of tech M&A activity, in terms of disclosed
and undisclosed values, with the balance falling within the other major tech sectors, including Semiconductors, Fin
Tech, Healthcare IT, Hardware and Components, and Security
Target Acquirer Est. Value ($M) Business Description
Hunch.com eBay $80 Online recommendation site
VideoSurf Microsoft 70 Video search engine
Chomp Apple 50 Mobile app reviewer
Displaybank IHS 45 Research and consulting for display industry
Babble Media Walt Disney 40 Online parenting magazine
SPB Software Yandex 40 Mobile applications
Mobile Theory Opera Software 25 Mobile advertising
Rhomobile Motorola Solutions 25 Native mobile application builder
KODAK Gallery Shutterfly 25 Online photo gallery
Letsbuy.com Flipkart 20 Internet retailer
9 DM&I companies floated IPO shares in 1Q12, accounting for more than half of the 16 pricings across all sectors of technology; last
year that percentage was nearly 70%
Consumer Internet, Social Media, and Mobile businesses have been a driving force behind IPO momentum in the last 12 months with
median gross proceeds of $114M and a median revenue multiple of 8.2x, versus $88M and 2.7x respectively, for the balance of tech
IPOs
The majority of DM&I public offerings have seen their stock prices pop on the first day of trading – even more so than other tech IPOs,
with an average after-market performance of 55% compared to 13% for all offerings in the quarter
6
Exit Opportunities are Heating Up with Soaring Valuations
Sources: Capital IQ, IPO Monitor; After-Market performance and EV based on closing prices as of 3/31/12, LTM Rev. as of 12/31/11, Businessweek (“Millennial Media Gain May Spur Mobile-Technology IPOs“),
PwC “Technology, Industrial and Financial Services Sectors Lead New Offerings” 3/31/12
Company Sub-Sector Largest Shareholders Offer Price Gross Proceeds ($M) After-Market EV / LTM Rev.
1. LinkedIn Social Media Bessemer, Greylock $45 $353 127% 18.9x
2. Jive Softw are Digital Media Platform & Services Sequoia, Kleiner Perkins 12 161 126% 19.4x
3. Brightcove Digital Media Platform & Services General Catalyst, Accel Management 11 55 125% 10.1x
4. Demandw are eCommerce General Catalyst, North Bridge Venture 16 88 86% 16.1x
5. Milllennial Media Mobile Bessemer, Columbia Capital, Charles River 13 133 81% 16.8x
6. Yelp Content Bessemer, Elevation Partners, Benchmark 15 107 79% 19.1x
7. Zillow Content Benchmark, TCV 20 69 78% 14.2x
8. Bazaarvoice Digital Media Platform & Services Austin Ventures, Battery Ventures 12 114 66% 12.1x
9. Synacor Digital Media Platform & Services Walden International, Crystal Internet 5 34 51% 2.5x
10. Angie's List Content Battery Ventures, T. Row e Price 13 114 45% 11.1x
11. ExactTarget Digital Media Platform & Services Technology Crossover, Greenspring 19 162 37% 7.9x
12. Zynga Gaming Kleiner Perkins, Avalon, Foundry, IVP 10 1,000 32% 6.7x
13. The Active Netw ork Digital Media Platform & Services ABS Ventures, Austin, Canaan, CRV 15 46 12% 2.6x
14. Carbonite Infrastructure Menlo, Performance Direct, Crosslink 10 63 10% 3.4x
15. Yandex Advertising Baring Vostok, Tiger Global 25 1,304 7% 13.4x
16. Tudou Holdings Social Media Crescent Peak, Sennett, IDG, GGV 29 174 2% 8.8x
17. CafePress eCommerce Sequoia, PacRim, Stratim Capital 19 86 1% 1.7x
18. HomeAw ay eCommerce Austin, Escalate, Google Ventures, IVP 27 216 (6%) 8.2x
19. NetQin Mobile Mobile Ceyuan Ventures, Sequoia 12 89 (7%) 8.2x
20. Groupon eCommerce NEA, Accel 20 700 (8%) 6.7x
21. Boingo Wireless Infrastructure ATEL, Mitsui 14 78 (10%) 3.3x
22. Vipshop eCommerce DCM 7 72 (32%) 0.8x
23. Phoenix New Media Content Bertelsmann, Intel Capital 11 140 (33%) 2.4x
24. Pandora Content Allen & Co., Crosslink, Garage, GGV 16 235 (36%) 5.8x
25. Jiayuan.com Social Media Qiming Weichuang Ventures 11 78 (53%) 1.3x
26. Renren Social Media Accel, Alibaba, DCM 14 743 (61%) 9.5x
27. FriendFinder Content Interactive Brand Development 10 50 (86%) 1.5x
MEDIAN $14 $114 10.1% 8.2x
IPO Pricings in the Last Twelve Months
7
Recent Filings and Outlook for the IPO Market
The IPO market for North American companies – as well as foreign companies listing on major US and European
exchanges – saw strong momentum in 1Q12 with 9 pricings and 3 filings, up from 4 and zero, respectively in 4Q11
Last year saw a number of key offerings with gross proceeds north of $500M - from Yandex, Zynga, RenRen and
Groupon - though the median offering amount in 1Q12 has fallen to $88M from $161M in 4Q11 and $151M for CY11
Lighter offer sizes are suggestive of investors’ growing appetite for smaller players with explosive growth, addressing
young but potentially enormous market opportunities across the DM&I landscape
According to Business Insider and TechCrunch, investors and entrepreneurs are now awaiting filings from the next
group of high-growth DM&I companies like Twitter, DropBox, Instagram and Pinterest
As investors await the next crop of $500M+ IPOs, Facebook’s debut is reportedly being targeting for May and could
raise as much as $10B at a valuation of $100B+, producing the largest-ever Internet offering
The latest private market valuations for other highly anticipated DM&I public offerings from Twitter and LivingSocial have
been as high as $8.4B and $5B, respectively, according to VentureBeat
Sources: SEC Filings, Capital IQ, BusinessWeek, TechCrunch, VentureBeat “ Twitter’s Revenue Tripled Since Last Year, and It’s Valuation Doubled”, “LivingSocial set to raise almost $200M at $5B valuation”,
Hoover’s, WSJ “Pop Culture: IPOs Roaring Back”, Companies above include DM&I filings in the last 6 months that haven’t priced yet
Company Sub-Sector Largest Shareholders Amount ($M) CY11 Rev. Growth
1. Facebook Social Media Goldman Sachs, DST Global $5,000 88%
2. AdChina Advertising ND 100 86%
3. MobiTV Video / Mobile Gefinor, Oak, Menlo, Redpoint 75 27%
4. Acquity Group eCommerce / Advertising ND 55 47%
5. Kayak eCommerce Accel, General Catalyst, NVP 50 32%
MEDIAN $75 39%
Recent Filings
LTM EBITDA Margins
56%
22%
13%
7%
19%
4%
8
Venture Financing: Digital Media & Internet at the Forefront
In 1Q12, VCs committed $2.9 billion to 153 companies in the Digital Media & Internet space, which represents a
15% increase in dollar value and a 28% rise in transaction volume compared to 4Q11
While the top 25% of private placements by size represented nearly 65% of the committed capital in 1Q12,
there was a 10% uptick in the volume of investments under $10 million compared to 1Q11
Sources: Wall Street Journal, “Looking Beyond Twitter, Zynga in VC Web Deals”; Data provided by CapitalIQ through 3/31/12, for companies that have announced a minimum of
one round of financing with a disclosed amount of $45M+ in 2011, subject to having raised between $50M and $400M in disclosed financings since 2009
Investors Est. Valuation ($M) Funds Raised ($M) Date Sub-Sector
DST, Accel, Kleiner Perkins, Founders Fund, Balderton $1,000$100
ND
Jun-11
Feb-11
Content
Music
Andreessen Horow itz, DST, Greylock, Sequoia, 2 Others 1,000 100
7
May-11
Nov-10eCommerce
Visa, Benchmark, Khosla, Kleiner Perkins, Sequoia, First Round 1,000 100
ND
Jun-11
Apr-11Mobile
Andreessen Horow itz, O'Reilly AlphaTech, Union Square 25050
20
Jun-11
Jun-10
Mobile
Social Media
Canaan, Google Ventures, Intel Capital, Pinnacle, Redpoint, 3 Others 50085
30
May-11
Jan-11Social Gaming
Sequoia Capital ND 100 Jun-11Payments
eCommerce
Founders Fund, Charles River Ventures, DFJ ND85
17
Feb-12
Sep-11Digital Media
Ontario Teachers' Pension Plan; Bertelsmann Digital Media Investments ND 85 Jan-12 Gaming
Battery Ventures, Insight Venture Partners, Eastern Advisors ND 165 Mar-12 Content
Kleiner, Perkins, Caufield & Byers; GGV Capital ND50
10
Jan-12
Jan-11
Social Media
Platform
American Express ND 125 Jan-12Mobile
eCommerce
II. Synopsis, Comparable and Deal Analyses
After six straight quarters of ~115 tech
M&A deals of $20M and above,
transaction volume fell to the low 80s in
both 4Q11 and 1Q12
The good news is that broader global
economic indicators have improved, and
that valuations in 1Q12 were up
significantly with a median of nearly 3x
compared to the three-year norm of ~2x
LTM revenues
The current trajectory of private
placements has flattened relative to the
slowdown in 4Q11 while fundraising
activity has seen a marked uptick YTD
With fresh capital of $500M+ across
funds raised YTD by Summit Partners,
Andreessen Horowitz, Bain Capital
Ventures, Canaan Partners and General
Catalyst – and the healthy IPO market of
late – the stage is set for a continuation
of the momentum in tech financing
rounds that spanned 1Q10 through 3Q11
Tech IPOs appear to be ‘full steam ahead’
in 2012 based on sustained momentum in
pricings and filings from the end of last
year
Of new issues YTD, the average after-
market performance is over 20% with a
median LTM revenue multiple of 3.5x
Pulse of the Technology Capital Markets Number of M&A Transactions
Number of Private Placements
Number of IPO Pricings
70
102
121125
105109
120
8380
50
75
100
125
2.6x2.8x
2.2x
1.7x1.6x
1.8x1.9x
2.0x
2.9x
1.0x
1.5x
2.0x
2.5x
3.0x
Median LTM Revenue Multiple
Number of PE and VC Funds Closed
Number of IPO Filings
240
286
317
341329 324
384
246 238
100
200
300
400
39
23
39
34
39
67
15
30
45
60
75
7
13
15
13
11
22
6
8
16
0
5
10
15
20
25
10
20
9
1413
15
12
5
13
0
5
10
15
20
25
Sources: S&P Capital IQ; Dow Jones VentureWire; Disclosed M&A transactions of $20M+ and private placements of $5M+ involving North American, European targets and / or acquirers; IPO issuers listed on major US or European exchanges with gross proceeds of $20M+
Public Company Performance
11
Source: CapitalIQ
(USD in millions) Market Data Operating Data
Enterprise EV / Revenue EV / EBITDA CY Revenue CY EBITDA Revenue Growth EBITDA Margin LQ Gross LQ Adj.
Company (c) Value (a)(b) LTM 2012E LTM 2012E LTM 2012E LTM 2012E 11A/'10A 12E/'11A LTM 2012E Margin (e) Op. Mgn.(d)
Online Advertising & Marketing
Google $168,475 4.4x 3.6x 12.0x 8.7x $37,905 $46,702 $14,093 $19,275 29% 23% 37% 41% 65% 33%
Yahoo! 16,311 3.3x 3.7x 12.0x 12.4x 4,984 4,412 1,359 1,310 (21%) (11%) 27% 30% 70% 20%
Yandex 8,276 13.3x 8.7x 30 19 624 951 278 429 52% 52% 44% 45% 77% 40%
IAC / InterActiveCorp 3,302 1.6x 1.3x 11.6x 7.3x 2,059 2,536 285 455 26% 23% 14% 18% 63% 10%
ValueClick 1,655 3.0x 2.3x 10.3x 7.5x 560 712 161 220 30% 27% 29% 31% 32% 25%
DG FastChannel 661 2.0x 1.6x 5.4x 4.5x 324 419 123 147 34% 29% 38% 35% 70% 23%
QuinStreet 455 1.2x 1.1x 6.5x 5.3x 394 418 70 86 3% 6% 18% 20% 25% 10%
ReachLocal 109 0.3x 0.2x NM 5.8x 375 441 3 19 29% 18% 1% 4% 51% 0%
Marchex 128 0.9x 0.8x NM 6.3x 147 151 8 20 50% 3% 5% 13% 45% 0%
Median $1,655 2.0x 1.6x 11.6x 7.3x $560 $712 $161 $220 29% 23% 27% 30% 63% 20%
Content
Walt Disney $90,001 2.2x 2.1x 9.0x 8.2x $40,956 $42,997 $9,958 $11,026 5% 5% 24% 26% 20% 20%
Pandora 1,546 5.6x 3.7x NM NM 274 416 (7) (19) 99% 52% (2%) (4%) 33% (10%)
WebMD Health 969 1.7x 1.9x 7.5x 9.0x 559 507 130 108 5% (9%) 23% 21% 65% 25%
AOL 1,449 0.7x 0.7x 4.1x 4.9x 2,202 2,109 355 298 (9%) (4%) 16% 14% 33% 11%
Ancestry.com 963 2.4x 2.1x 7.1x 6.2x 400 461 135 156 33% 15% 34% 34% 83% 27%
XING 271 3.2x 2.7x 9.4x 8.3x 85 100 29 33 18% NA 34% 33% 68% 22%
Median $1,209 2.3x 2.1x 7.5x 8.2x $479 $484 $132 $132 11% 5% 24% 23% 49% 21%
Digital Media Platform & Services
Adobe $15,411 3.6x 3.4x 10.6x 8.1x $4,234 $4,495 $1,455 $1,914 11% 7% 34% 43% 90% 27%
Rovi 3,985 5.8x 5.2x 16.8x 11.0x 691 771 237 361 28% 12% 34% 47% 89% 22%
HomeAway 1,776 7.7x 6.4x NM 22.5x 230 279 41 79 37% 21% 18% 28% 85% 9%
Shutterfly 848 1.8x 1.5x 18.2x 9.1x 473 556 47 93 54% 17% 10% 17% 59% 28%
The Active Network 875 2.6x 2.0x 44.3x 18.4x 337 431 20 48 21% 28% 6% 11% 52% (17%)
TiVo 960 4.0x 4.2x NM -37.9x 238 228 (112) (25) 8% (4%) (47%) (11%) 49% (67%)
comScore 668 2.9x 2.4x 63.7x 11.3x 232 278 10 59 33% 20% 5% 21% 69% 2%
Constant Contact 734 3.4x 2.9x 33.5x 15.8x 214 251 22 46 23% 17% 10% 18% 72% 9%
Limelight Networks 181 1.1x 0.9x 83.5x 7.9x 171 190 2 23 11% 11% 1% 12% 55% (14%)
Median $875 3.4x 2.9x 33.5x 11.6x $238 $279 $22 $59 23% 17% 10% 18% 69% 9%
Notes
(a) Based on closing stock prices on March 31, 2012
(b) Calculated as Equity Value plus total debt, minority interest (at book value unless otherw ise noted) and preferred stock, less cash & equivalents
(c) Projections represent Wall Street estimates
(d) Adjusted operating margin excludes extraordinary and non-recurring items
12
Public Company Performance (cont’d.)
Source: CapitalIQ
(USD in millions) Market Data Operating Data
Enterprise EV / Revenue EV / EBITDA CY Revenue CY EBITDA Revenue Growth EBITDA Margin LQ Gross LQ Adj.
Company (c) Value (a)(b) LTM 2012E LTM 2012E LTM 2012E LTM 2012E 11A/'10A 12E/'11A LTM 2012E Margin (e) Op. Mgn.(d)
eCommerce
Amazon.com $80,695 1.7x 1.3x 47.2x 30.9x $48,077 $62,831 $1,709 $2,611 41% 31% 4% 4% 21% 1%
eBay 42,114 3.6x 3.0x 12.7x 9.5x 11,652 13,847 3,313 4,428 27% 19% 28% 32% 69% 22%
priceline.com 35,732 8.2x 6.4x 24.6x 17.8x 4,356 5,542 1,453 2,010 41% 27% 33% 36% 73% 31%
Netflix 5,760 1.8x 1.6x 13.4x 45.2x 3,205 3,657 429 127 48% 14% 13% 3% 34% 8%
Mercadolibre 4,142 13.9x 10.4x 38.7x 28.4x 299 399 107 146 38% 34% 36% 37% 76% 33%
Ctrip.com 2,322 4.2x 3.4x 12.7x 12.3x 555 676 183 190 27% 22% 33% 28% 76% 25%
OpenTable 865 6.2x 5.1x 20.6x 12.8x 140 168 42 68 41% 21% 30% 40% 72% 29%
Blue Nile 322 0.9x 0.8x 17.5x 13.0x 348 389 18 25 5% 12% 5% 6% 21% 6%
Travelzoo 304 2.0x 1.9x 8.1x 7.2x 148 164 37 42 32% 11% 25% 26% 90% 23%
PetMed Express 206 0.9x 0.9x 7.5x 8.1x 233 236 28 25 1% 1% 12% 11% 34% 12%
Overstock.com 43 0.0x 0.0x -36.4x 3.4x 1,054 1,164 (1) 13 (3%) 10% (0%) 1% 16% (1%)
Median $2,322 2.0x 1.9x 13.4x 12.8x $555 $676 $107 $127 32% 19% 25% 26% 69% 22%
eLearning & Training
K12 $767 1.2x 1.0x 12.9x 7.6x $618 $754 $60 $101 38% 22% 10% 13% 39% 4%
Capella Education 357 0.8x 0.8x 3.8x 3.7x 430 429 93 97 1% (0%) 22% 23% 60% 18%
Archipelago Learning 292 4.0x 3.6x 13.3x 13.0x 73 81 22 23 25% 10% 30% 28% 91% 27%
Rosetta Stone 91 0.3x 0.3x NM NM 268 278 (20) (7) 4% 3% (7%) (2%) 82% (4%)
Median $324 1.0x 0.9x 12.9x 7.6x $349 $353 $41 $60 14% 7% 16% 18% 71% 11%
Gaming
Activision Blizzard $10,724 2.3x 2.3x 7.1x 6.5x $4,755 $4,591 $1,514 $1,638 7% (3%) 32% 36% 49% 3%
Electronic Arts 4,135 1.1x 0.9x 133.4x 6.2x 3,865 4,398 31 668 11% 14% 1% 15% 48% (18%)
DeNA 3,739 2.1x 1.9x 4.4x 4.2x 1,760 2,017 846 885 43% 15% 48% 44% 81% 40%
Square Enix 1,544 1.0x 0.9x 6.6x 4.9x 1,596 1,764 233 317 (16%) 10% 15% 18% 37% 10%
Take-Two Interactive Software 1,226 1.4x NA NM NM 860 NA (28) NA (29%) NA (3%) NA 46% 9%
Changyou.com 1,117 2.3x 2.0x 3.5x 3.5x 485 566 315 316 37% 17% 65% 56% 85% 63%
Giant Interactive 1,006 3.5x 2.9x 5.4x 4.8x 284 341 185 211 41% 20% 65% 62% 86% 59%
Glu Mobile 287 4.3x 3.3x NM NM 66 87 (12) (7) 3% 31% (0) (0) 83% (55%)
Median $1,385 2.2x 2.0x 6.0x 4.8x $1,228 $1,764 $209 $317 9% 15% 23% 36% 65% 9%15%
Notes
(a) Based on closing stock prices on March 31, 2012
(b) Calculated as Equity Value plus total debt, minority interest (at book value unless otherw ise noted) and preferred stock, less cash & equivalents
(c) Projections represent Wall Street estimates
(d) Adjusted operating margin excludes extraordinary and non-recurring items
13
Public Company Performance (cont’d.)
Source: CapitalIQ
(USD in millions) Market Data Operating Data
Enterprise EV / Revenue EV / EBITDA CY Revenue CY EBITDA Revenue Growth EBITDA Margin LQ Gross LQ Adj.
Company (c) Value (a)(b) LTM 2012E LTM 2012E LTM 2012E LTM 2012E 11A/'10A 12E/'11A LTM 2012E Margin (e) Op. Mgn.(d)
Infrastructure
VeriSign $5,556 7.2x 6.3x 13.9x 10.8x $772 $880 $401 $516 13% 14% 52% 59% 79% 47%
j2 Global Communications 1,073 3.2x 3.0x 6.9x 5.9x 330 354 156 182 29% 7% 47% 51% 83% 45%
EarthLink 1,251 1.0x 0.9x 3.9x 4.3x 1,314 1,346 317 294 111% 2% 24% 22% 54% 9%
LoopNet 683 7.9x 7.1x 45.6x 23.0x 87 97 15 30 11% 11% 17% 31% 86% 14%
United Online 559 0.6x 0.6x 3.8x 3.4x 898 891 146 162 (2%) (1%) 16% 18% 50% 13%
Median $1,073 3.2x 3.0x 6.9x 5.9x $772 $880 $156 $182 13% 7% 24% 31% 79% 14%
Mobile
Velti $691 3.7x 2.4x 31.4x 8.2x $189 $289 $22 $85 63% 53% 12% 29% 72% 34%
Buongiorno 274 0.9x 0.8x 9.9x 6.3x 304 348 28 43 6% 15% 9% 12% 245% 8%
Dada 85 0.8x NA 7.1x NA 104 NA 12 NA (49%) NA 11% NA 12% (22%)
Motricity 67 0.5x 0.7x NM NM 122 97 (9) (9) (9%) (20%) (8%) (10%) 52% (32%)
Median $180 0.9x 0.8x 9.9x 7.3x $155 $289 $17 $43 (1%) 15% 10% 12% 62% (7%)
Social Media
LinkedIn $9,587 18.4x 11.2x 150.9x 56.1x $522 $859 $64 $171 115% 65% 12% 20% 86% 6%
Monster Worldwide 1,093 1.1x 1.1x 7.9x 6.6x 1,040 983 139 164 14% (6%) 13% 17% 52% 8%
Renren 1,100 9.3x 6.2x NM NM 118 177 (22) (48) 54% 50% (18%) (27%) 70% (53%)
Dice Holdings 561 3.1x 2.9x 7.7x 7.2x 179 197 73 78 39% 10% 41% 40% 93% 35%
FriendFinder Networks 489 1.5x 1.4x 5.7x 6.3x 331 342 85 77 (4%) 3% 26% 23% 65% 12%
Cupid 245 2.9x 2.1x 15.8x 9.4x 83 118 16 26 108% 41% 19% 22% 84% 11%
XO Group 168 1.4x 1.2x 10.8x 7.1x 124 137 15 23 10% 10% 12% 17% 82% 0.1x
Jiayuan.com 64 1.2x 1.0x 9.2x 6.5x 53 66 7 10 107% 25% 13% 15% 67% (5%)
Median $525 2.2x 1.8x 9.2x 7.1x $152 $187 $40 $52 46% 18% 13% 19% 76% 10%
Notes
(a) Based on closing stock prices on March 31, 2012
(b) Calculated as Equity Value plus total debt, minority interest (at book value unless otherw ise noted) and preferred stock, less cash & equivalents
(c) Projections represent Wall Street estimates
(d) Adjusted operating margin excludes extraordinary and non-recurring items
14
M&A and Private Placements: Annual Top Five
Sources: Capital IQ, The 451 Group, TechCrunch, Company Press Releases; Data through 3/31/12
Top 5 M&A Deals by Year (2008-2012) Top 5 Private Placements by Year (2008-2012)
Target Acquirer Value ($M) Company Investor(s) Amount ($M)
1. CNET Networks CBS $1,870 1. Renren Joho Capital, SOFTBANK $430
2. DoubleClick Google 3,110 2. HomeAway IVP, Redpoint, TCV 250
3. CNET Networks CBS 1,870 3. Oversee.net Oak Hill Capital Partners 150
4. CareerBuilder.com Gannett 1,350 4. Rearden Commerce American Express, Foundation, Oak Investment Partners 100
5. Fast Search & Transfer Microsoft 1,060 5. SpinVox Allen & Co., GLG Partners, Goldman Sachs, 4 Others 100
$9,260 $1,030
1. NBC Comcast $22,850 1. QVC ND $983
2. NBC (20% Stake) General Electric 5,800 2. GXS ND 785
3. Skype Silver Lake, Index, Andreessen Horowitz 2,025 3. Facebook Mail.ru 200
4. Ticketmaster Live Nation 1,693 4. Zynga IVP, Mail.ru, Andreessen Horowitz, Tiger Global 180
5. Omniture Adobe Systems 1,676 5. Augere France Telecom, Vedanta, New Silk Route 125
$34,044 $2,273
1. SkillSoft Advent International, Berkshire Partners, Bain Capital $1,206 1. Jingdong Century Tiger Global, DST Global, Wal-Mart $1,500
2. Art Technology Group Oracle 1,033 2. QVC ND 1,000
3. Playdom Walt Disney 763 3. Groupon Fidelity, Morgan Stanley, Battery, Kleiner Perkins, TCV, 5 Others 494
4. ITA Software Google 700 4. FriendFinder ND 551
5. Sonic Solutions Rovi 646 5. EMOBILE Goldman Sachs, Blackstone, eAccess 516
$4,348 $4,061
1. Skype Microsoft $8,500 1. Facebook ND $1,000
2. SAVVIS CenturyLink 3,084 2. Cequel ND 643
3. GSI Commerce eBay 2,381 3. LivingSocial IVP, Lightspeed, T. Rowe Price, Amazon.com 565
4. Go Daddy KKR, Silver Lake, TCV 2,250 4. Zynga Fidelity, Morgan Stanley, Kleiner Perkins 500
5. PopCap Games Electronic Arts 1,250 5. Twitter Kleiner Perkins, DST Global 400
$17,465 $3,108
1. Tudou Youku $1,100 1.Drilling Info Battery Ventures, Insight Venture Partners, Eastern Advisors Private Fund
$165
2. Double Down International Game Technology 415 2.Lianlian Pay American Express 125
3. Archipelago Learning PLATO Learning 290 3.Trion Worlds Ontario Teachers' Pension Plan, Bertelsmann Digital Media Investments 85
4. Radvision Avaya 218 4.Joyent EPIC Ventures, Intel Capital, Greycroft Partners, Liberty Global Ventures 85
5. OMGPOP Zynga 210 5.Yammer Charles River Ventures, DFJ, MeriTech Capital Partners, U.S. Venture Partners 85
$2,233 $5452012 YTD Total 2012 YTD Total
2008 TOTAL
2009 TOTAL
2010 TOTAL
2011 YTD TOTAL
2008 TOTAL
2010 TOTAL
2009 TOTAL
2011 YTD TOTAL
Advertising, 14%
Content, 10%
Digital Media
Platform & Services, 15%
eCommerce,
9%
eLearning &
Training, 1%
Gaming, 10%
Infrastructure,15%
Mobile, 6%
Social Media,
6%Advertising,
13%Content, 13%
Digital Media Platform &
Services, 22%
eCommerce, 9%
eLearning & Training, 4%
Gaming, 9%
Infrastructure, 26%
Mobile, 9%
Social Media, 4%
Transaction Distribution by Sub-Sector
15
Financing
M&A
2011 1Q12
Sources: Capital IQ, 451 Group, TechCrunch, Company Press Releases ; Data through 3/31/12
Advertising, 13%
Content, 13%
Digital Media Platform,
19%
eCommerce, 19%
eLearning & Training, 2%
Gaming, 5%
Infrastructure,
11%
Mobile, 7%
Social Media, 9%
Advertising, 8%
Content, 10%
Digital Media Platform &
Services, 20%
eCommerce, 20%
eLearning & Training, 1%
Gaming, 5%
Infrastructure, 24%
Mobile, 13%
Social Media, 6%
16
Top Acquirers in Digital Media and Internet: 2009 – 2012
Sources: Capital IQ, 451 Group, TechCrunch, Company Press Releases ; Data from 1/1/2009 through 3/31/12 for public companies that have announced a minimum of ten acquisitions
with at least one disclosed value of more than $250M
Company Acquisition Amount ($M) Company Acquisition Amount ($M) Company Acquisition Amount ($M)
1. Kiva Systems $775 1. interCLICK $270 1. Mototola Mobility $12,500
2. Zappos.com 545 2. Maktoob 164 2. Zagat Suvey 150
3. Quidsi 115 3. Maven 162 3. DailyDeal.de 114
4. LOVEFiLM 97 4. Dapper 55 4. Milk ND
5. Yieldex 10 5. FoxyTunes 35 5. Clever Sense ND
6. Yap ND 6. 5to1.com 28 6. Apture ND
7. Pushbutton ND 7. IntoNow 15 7. Katango ND
8. PartnerAlliances ND 8. Cirius Technologies ND 8. PittPatt ND
9. BuyVIP ND 9. Koprol ND 9. Fridge ND
10. Amie Street ND 10. Citizen Sports ND 10. Punchd Labs ND
1. Marvel Entertainment $3,876 1. GSI Commerce $2,400 1. Telmap $300
2. Playdom 763 2. Zong 240 2. Go2Market 160
3. Club Penguin 700 3. GittiGidiyor.com 235 3. InfiniBand 125
4. Ideal Bite 20 4. Brands4Friends 200 4. RealNetworks (patents) 120
5. Kaboose Internet Assets 18 5. bill safe ND 5. Cloud Services Coalition ND
6. Babble Media ND 6. Hunch ND 6. CSI ND
7. Rocket Pack ND 7. Gifts Project ND 7. Totolity ND
8. Togetherville ND 8. Magento ND 8. CoFluent ND
9. iParenting Media ND 9. MissionFish ND 9. GraphTech ND
10. Kerpoof Studios ND 10. Where ND
1. Skype $8,500 1. TheHuffingtonPost.com $315 1. Mediacom $600
2. Opalis 60 2. goviral 75 2. Meetic 357
3. AVIcode 30 3. About.me 40 3. People Media 80
4. VideoSurf ND 4. Studionow 37 4. CozyBoots.com ND
5. Twisted Pixel Games ND 5. Outside.in 10 5. BuzzLabs ND
6. GroupMe ND 6. Localocracy.com 1 6. VoxPop ND
7. Sentillion ND 7. Hipster ND 7. OKCupid ND
8. Teamprise ND 8. YugaTech.com ND 8. DailyBurn ND
9. CG Solutions ND 9. Unblab ND 9. Singlesnet.com ND
10. Fullscope ND 10. TechCrunch ND 10. Urbanspoon ND
17
Top Investors in Digital Media and Internet: 2009 – 2012
Sources: Capital IQ, 451 Group, TechCrunch, Company Press Releases ; Data announced dates from
1/1/2009 through 3/31/12 for private investment firms that have been disclosed participants in funding rounds
Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M)
1. GILT GROUPE $138 1. Spotify $67 1. Burbn $40 1. BOKU $35
2. Yammer 85 2. Code 42 Software 53 2. BOKU 35 2. Burbn 40
3. TrialPay 40 3. YapStone 50 3. CTERA 15 3. Apptio 50
4. Prosper Marketplace 17 4. Razer 50 4. Meteor Entertainment 10 4. Jumio 26
5. Doat Media 3.5 5. Hailo 17 5. Highlight ND 5. 3dna 6
Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M)
StarCite (Active Network) $60 Amobee (Singapore Telecom) $324 Cotendo (Akamai) $268 Skype (Microsoft) $9,224
Focal Labs (RadiumOne) ND eTree Marketing (Flipkart) ND Vringo (Innovate/Protect) ND
Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M)
1. Appirio $60 1. Qwilt $24 1. Honest Company $27 1. SquareTrade $238
2. Ruckus Wireless 25 2. Path 20 2. Game Closure 12 2. Blip Networks 11
3. Stripe 18 3. Bluefin labs 12 3. plyfe 1 3. VM Turbo 10
4. Songkick.com 10 4. Extole 10 4. Radio Time ND 4. HookLogic 10
5. Karma Science 5 5. Pinwheel 7.5 5. Self Aware Games ND 5. Sneakpeeq 8
Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M)
Cotendo (Akamai) $268 Six Times Seven (Groupon) $36 Tripit (Concur) $118 Kiva Systems (Amazon) $775
Loopt (Green Dot) 30 Posterous (Twitter) ND OutStart (Kenexa) 39 AppAssure (Dell) ND
18
Top Investors in Digital Media and Internet: 2009 – 2012 (cont’d.)
Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M)
1. Cvent $136 1. Lockerz $45 1. Yammer $85 1. Drilling Info $165
2. BOKU 35 2. TrialPay 40 2. Game Closure 12 2. TrialPay 40
3. Compasslabs 12 3. RightScale 25 3. Sincerely 3 3. Neolane 27
4. Stormpath 2 4. Chegg 25 4. Scan 2 4. Viddy 6
5. Meh Labs 1 5. StumbleUpon 17 5. Blueprint Labs 1 5. Backplane 5
Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M)
SiliconBlue (Lattice) $63 Pixtronix (QUALCOMM) $185 BNI Video (Cisco) $100 Bazaarvoice (GAP) $25
Loopt (Green Dot) 30 Vringo (Innovate) ND Hipster (AOL) ND Adku (Groupon) 10
Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M)
1. LifeLock $100 1. Tremor Video $37 1. Beyond the Rack $37 1. LifeLock $100
2. MiaSole 55 2. Cardlytics 33 2. 2tor 26 2. Marketo 50
3. 2tor 26 3. Switchfly 24 3. SCVNGR 21 3. Klout 30
4. Avalanche Technology 12 4. SilverRail Technologies 15 4. Game Closure 12 4. The Honest Company 27
5. Viddy 6 5. Blip Networks 11 5. Disconnect 1 5. Inspirato 20
Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M)
OMGPOP (Zynga) $180 ID Analytics (LifeLock) ND FanSnap (Nextag) ND LoopNet (CoStar Group) $752
Hunch (eBay) ND SkillSlate (TaskRabbit) ND Gotuit (Digitalsmiths) ND ngmoco (Dena) 400
Sources: Capital IQ, 451 Group, TechCrunch, Company Press Releases ; Data announced dates from
1/1/2009 through 3/31/12 for private investment firms that have been disclosed participants in funding rounds
19
Top Investors in Digital Media and Internet: 2009 – 2012 (cont’d.)
Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M)
1. Klout $30 1. LegalZoom.com $66 1. The Honest Company $27 1. Tapjoy $30
2. Chegg 25 2. ShoeDazzle 40 2. ZestCash 23 2. Apperian 12
3. Fixmo 23 3. Stickybits 7 3. AppDynamics 20 3. Macheen 10
4. AppDynamics 20 4. JIBE 6 4. Skyfire Labs 8 4. Awareness 3
5. Dollar Shave Club 1 5. Wantful 6 5. Ihaveu.com ND 5. SPIL Games ND
Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M)
Pixtronix (QUALCOMM) ND LOLaps (Six Waves) ND Somo (Facebook) ND Philo Media (LocalResponse) ND
Katango (Google) ND ChipIn (InMobi) ND Ning (Glame Media) ND Umber (Mobile Intelligence) ND
Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M) Selected Investments Amount ($M)
1. Tumblr $85 1. Netflix $200 1. Twilio $17 1. July Systems $15
2. Foursquare 50 2. Internet Pipeline 71 2. Funding Circle 16 2. Pet360 18
3. eToro 15 3. Roku 50 3. Edmodo 15 3. Real Enterprise Solutions 13
4. Fitnesskeeper 10 4. JustFabulous 33 4. AdaptiveBlue 12 4. Interactions 10
5. Skillshare 3 5. Merkle 1 5. Dwolla 5 5. Coaxis 10
Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M) Select Recent M&A Value ($M)
OMGPOP (Zynga) $180 Tiny Prints (Shutterfly) $357 Twitter (Kingdom Holding) $400 iContact (Vocus) $189
KickApps (KIT digital) 43 GMI (Lisghtspeed Online) ND Outside.in (Patch Media) ND Jobs2Web (SuccessFactors) 110
Sources: Capital IQ, 451 Group, TechCrunch, Company Press Releases ; Data announced dates from
1/1/2009 through 3/31/12 for private investment firms that have been disclosed participants in funding rounds
20
2012 M&A Activity by Sub-Sector
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12
Advertising
Announced Target Acquirer Value ($M)
01/01/2012 RJ Palmer MDC Partners $25
MEDIAN $25
Content
Announced Target Acquirer Value ($M)
03/01/2012 Tudou Youku $1,144
02/13/2012 Eastman Kodak, Certain Assets of Online Photo Service Shutterf ly 24
03/13/2012 Trident Microsystems, Certain Assets of Digital Television Sigma Designs 21
MEDIAN $24
Digital M edia Platform & Services
Announced Target Acquirer Value ($M)
01/09/2012 CaseCentral Guidance Softw are $54
03/08/2012 Tamarac Envestnet 54
03/16/2012 Sonar Cornerstone OnDemand 34
03/11/2012 Onvia Symphony Technology Group 31
03/29/2012 HootSuite OMERS Ventures 20
MEDIAN $34
eCommerce
Announced Target Acquirer Value ($M)
02/12/2012 Jump On It Hungry Machine $43
03/22/2012 Glamour Sales Neiman Marcus 28
MEDIAN $36
eLearning & Training
Announced Target Acquirer Value ($M)
03/05/2012 Archipelago Learning PLATO Learning $290
03/02/2012 OutStart Kenexa 39
MEDIAN $39
21
2012 M&A Activity by Sub-Sector (cont’d.)
Gaming
Announced Target Acquirer Value ($M)
01/31/2012 Double Down Interactive International Game Technology $415
03/21/2012 OMGPOP Zynga 180
MEDIAN $298
Infrastructure & Services
Announced Target Acquirer Value ($M)
03/07/2012 Radvision Avaya $218
03/27/2012 MANDIC Riverwood Capital 55
01/30/2012 Compliance 360 (SaaS) SAI Global 42
03/14/2012 Nolij Perceptive Software 32
01/05/2012 Cycleo Semtech 21
03/09/2012 Network Billing Systems and Interconnect Systems Group Fusion Telecommunications 20
MEDIAN $37
Mobile
Announced Target Acquirer Value ($M)
02/07/2012 Miyowa Synchronoss Technologies $59
02/16/2012 Loopt Green Dot 43
MEDIAN $51
Social Media
Announced Target Acquirer Value ($M)
01/23/2012 Allrecipes.com Meredith $175
MEDIAN $175
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12
22
2011 M&A Activity: Top Deals by Sub-Sector
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Advertising and Content Deal Values >= $20M
Advertising
Announced Target Acquirer Value ($M)
06/15/2011 MediaMind Technologies DG FastChannel $524
08/01/2011 Dotomi ValueClick 292
03/12/2011 Adenyo Motricity 142
01/31/2011 GoViral AOL Europe 97
11/14/2011 LesPAC Mediagrif Interactive 71
04/21/2011 Greystripe ValueClick Media 70
08/30/2011 chors GmbH And EyeWonder DG FastChannel 66
05/26/2011 MerchantCircle Reply! 60
04/11/2011 Tatto Ozura World 60
MEDIAN $71
Content
Announced Target Acquirer Value ($M)
05/16/2011 PRIMEDIA TPG Capital $532
02/06/2011 HuffingtonPost.com AOL 315
01/20/2011 LOVEFiLM Amazon.com 115
10/06/2011 New Bay Softw are Research In Motion 100
02/28/2011 SideReel Rovi 36
08/01/2011 Instructables Autodesk 32
03/03/2011 Eurekahedge Mizuho Corporate Bank 25
MEDIAN $100
Digital M edia Platform & Services
Announced Target Acquirer Value ($M)
11/04/2011 The Endurance International Group Warburg Pincus; Goldman Sachs $975
03/30/2011 Radian6 Technologies salesforce.com Canada 350
04/18/2011 Kosmix / @WalmartLabs Wal-Mart 300
12/22/2011 Cotendo Akamai Technologies 268
12/16/2011 Webs VistaPrint USA 118
08/08/2011 Plimus Great Hill Partners 115
02/04/2011 Inlet Technologies Cisco Systems 95
03/21/2011 Accordent Technologies Polycom 50
04/06/2011 Eviivo Investcorp Technology Partners 49
01/27/2011 KickApps KIT digital 43
03/16/2011 Polymedia KIT digital 39
MEDIAN $115
23
2011 M&A Activity: Top Deals by Sub-Sector (cont’d.)
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Advertising and Content Deal Values >= $20M
eCommerce
Announced Target Acquirer Value ($M)
03/27/2011 GSI Commerce eBay $2,381
04/27/2011 LoopNet CoStar Group 752
03/23/2011 Drugstore.com Walgreen 436
03/21/2011 Tiny Prints Shutterf ly 357
11/08/2011 Kobo Rakuten 315
12/07/2011 Wiggle Bridgepoint 282
01/05/2011 Football Fanatics GSI Commerce 277
02/17/2011 HauteLook Nordstrom 270
02/09/2011 PlaySpan CyberSource 190
01/01/2011 TSYS Merchant Solutions Total System Services 174
04/28/2011 Shopzilla Symphony Technology Group 165
10/24/2011 Albumprinter Vistaprint 90
08/22/2011 Multifamily Technology Solutions RealPage 74
11/17/2011 eLong Expedia Asia Pacif ic-Alpha Limited 72
03/07/2011 BeatThatQuote.com Google 61
05/12/2011 Home Loan Center Discover Bank 56
06/08/2011 SeamlessWeb Professional Solutions Spectrum Equity Investors 50
01/20/2011 OP Payments Optimal Payments 50
05/24/2011 eCarList DealerTrack / AAX 45
03/03/2011 eReinsure.com Lots Intermediate 37
07/08/2011 Screamin Media Group Local.com 33
07/14/2011 Prospectiv Direct Affinion Group ND
MEDIAN $165
eLearning & Training
Announced Target Acquirer Value ($M)
07/01/2011 Blackboard Providence Equity Partners $1,805
08/22/2011 Renaissance Learning PLATO Learning 453
09/15/2011 Connections Education Pearson 400
04/26/2011 Plateau Systems SuccessFactors 290
MEDIAN $426
24
2011 M&A Activity: Top Deals by Sub-Sector (cont’d.)
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Advertising and Content Deal Values >= $20M
Gaming
Announced Target Acquirer Value ($M)
07/11/2011 PopCap Games Electronic Arts $1,250
04/26/2011 Bigpoint Summit Partners, TA Associates 350
02/02/2011 Riot Games Tencent Holdings 231
04/21/2011 OpenFeint GREE International 104
09/30/2011 Full Tilt Poker Groupe Bernard Tapie 80
08/02/2011 Griptonite Glu Mobile 68
05/30/2011 Cryptic Studios Perfect World 50
MEDIAN $104
Infrastructure & Services
Announced Target Acquirer Value ($M)
05/10/2011 Skype Microsoft $8,500
04/26/2011 SAVVIS CenturyLink 3,084
06/30/2011 Go Daddy KKR, Silver Lake, Technology Crossover Ventures 2,250
10/23/2011 Rightnow Technologies Oracle Corporation 1,763
08/03/2011 Netw ork Solutions Web.com Group 756
02/01/2011 NaviSite Time Warner Cable 333
09/23/2011 Group NBT HgCapital 231
02/09/2011 Alog Soluções de Tecnologia Equinix, Riverw ood Capital 126
10/20/2011 BNI Video Cisco Systems 99
06/01/2011 Hew lett-Packard (Visual Collaboration Business) Polycom 89
08/21/2011 Attenda Darw in Private Equity 83
03/04/2011 iWeb Group Novacap, Caisse de Depot et Placement, Bank Street 65
MEDIAN $282
25
2011 M&A Activity: Top Deals by Sub-Sector (cont’d.)
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Advertising and Content Deal Values >= $20M
M obile
Announced Target Acquirer Value ($M)
07/07/2011 Zong PayPal $240
03/20/2011 Snaptu Facebook 70
06/29/2011 Nokia (Branded Messaging Business) Synchronica 25
04/10/2011 PushLife Google 25
MEDIAN $48
Social M edia
Announced Target Acquirer Value ($M)
05/30/2011 Meetic Match.com $363
01/12/2011 TripIt Concur Technologies 118
07/19/2011 Insider Guides Quepasa 100
02/01/2011 Humor Rainbow / OKCupid Match.com 90
09/26/2011 QianJun Renren 80
11/14/2011 Mr. Youth LBI International 40
MEDIAN $95
26
2012 Private Financings: Advertising & Content
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12
Advertising
Announced Company Investor(s) Amount ($M)
02/14/2012 Resonate Networks iNovia Capital, Greycroft Partners, Revolution Growth $22
01/19/2012 Bluefin Labs Redpoint Ventures, Time Warner Investments, SoftBank Capital 12
02/14/2012 CompassLabs NEA, Presidio STX 12
03/21/2012 Integrate Comcast Ventures, Foundry Group, Liberty Global Ventures 11
MEDIAN $12
Content
Announced Company Investor(s) Amount ($M)
03/06/2012 Axel Springer Digital Classifieds General Atlantic $311
01/02/2012 SoundCloud Kleiner, Perkins, Caufield & Byers, GGV Capital 50
02/21/2012 Digital Access Tiger Global Management, ru-Net II 30
01/10/2012 Thought Equity Motion Investcorp technology Partners 28
02/14/2012 Aereo Highland Capital, FirstMark Capital, First Round Capital 21
02/27/2012 Vox Media ND 17
03/13/2012 RetailFX Spark Capital 15
02/21/2012 Wheelz Zipcar, Fontinalis Partners 14
01/12/2012 Everyday Health ND 12
03/08/2012 Songkick.com Sequoia Capital, Index Ventures, SoftTech 10
01/16/2012 Cellcast Asia Vertex Venture 10
02/27/2012 SavingStar DCM, First Round Capital, Flybridge Capital Partners, IA 9
03/05/2012 Article One Partners Alleghany Capital 7
03/21/2012 Yummly Intel Capital, Unilever Ventures, First Round Capital 6
03/02/2012 DramaFever MK Capital 6
MEDIAN $14
27
2012 Private Financings: Platforms & Services
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12
Digital M edia Platforms & Services
Announced Company Investor(s) Amount ($M)
01/05/2012 Lithium Technologies Benchmark Capital, NEA, SAP Ventures, Greenspring $53
01/31/2012 TrialPay DFJ, Greylock Partners, T. Rowe Price Group, QuestMark 40
01/01/2012 Klout Institutional Venture Partners, Venrock, Greycroft Partners 30
02/13/2012 Marin Software Benchmark Capital, CrossLink Capital, SAP Ventures, DAG 30
02/09/2012 Bazaarvoice General Atlantic, GAPCO 26
02/24/2012 Switchfly Canaan Partners, Azure Capital Partners, StarVest Partners 24
03/09/2012 Qwilt Accel Management, Redpoint Ventures 24
02/21/2012 Fluid Goldman Sachs Asset Management 24
02/08/2012 MuleSoft ND 16
02/05/2012 BriefingMedia GCP Capital Partners 16
02/02/2012 Leads360 Rustic Canyon Partners, Volition Capital 15
02/01/2012 Conviva Time Warner Investments 15
02/16/2012 PeopleMatter Intersouth Partners, Morgenthaler, Noro-Moseley Partners 14
03/15/2012 BrightEdge Technologies Altos Ventures, Battery Ventures, Intel Capital, Illuminate 13
01/24/2012 Adara Media August Capital, Morgenthaler, Onset Ventures, Baseline 12
01/05/2012 Maxymiser Investor Growth Capital, Pentech Ventures 12
01/01/2012 Wildfire Interactive ND 10
02/08/2012 Extole Norwest Venture Partners, Redpoint Ventures, Trident Capital 10
01/27/2012 Spongecell Safeguard Scientifics 10
03/27/2012 Sojern Focus Ventures, Norwest Venture Partners, Trident Capital 8
03/13/2012 DataSphere Technologies OVP Venture Partners, Ignition Partners 8
02/06/2012 Eccentex Russian Venture, Investment Arm, CJSC VTB Capital 8
02/23/2012 B5M Oak Investment Partners 7
01/10/2012 Zmags NorthCap Partners, Square 1 Bank, OpenView Venture Partners 7
03/15/2012 TopSchool ND 6
02/15/2012 Qyuki Digital Media Cisco Systems 5
03/06/2012 INgrooves ND 5
02/01/2012 Yomobi ND 5
MEDIAN $12
28
2012 Private Financings: eCommerce
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12
eCommerce
Announc e d Compa ny Inve stor(s) Amount ($ M)
01/19/2012 BeachMint Accel, NEA, Trinity Ventures, New World Ventures $36
03/14/2012 Wikimart Tiger Global Management 30
01/09/2012 Letao Morningside Ventures, The Tiger Fund, DT Capital Partners 30
03/13/2012 Despegar.com ND 22
02/09/2012 Myntra Designs Tiger Global Management, IDG Ventures India 21
02/09/2012 Stripe Sequoia Capital 18
01/15/2012 Farfetch.com Advent Venture Partners, eVenture Capital Partners 18
03/21/2012 SilverRail Technologies Accel, Canaan Partners, Brook Venture Partners, Sutter Hill 15
03/20/2012 MyThings Accel, Iris Capital, T-Venture Holding, Carmel Ventures 15
01/09/2012 Mozido ND 15
02/12/2012 BrainBees Solutions IDG Ventures, SAIF Partners 14
03/09/2012 ShopBistro (USA) ND 12
01/16/2012 Comuto S.A.S. Accel, ISAI GESTION, SAS, Cabiedes & Partners, SCR 10
02/16/2012 BillMyParents ND 10
01/31/2012 MOGL Loyalty Services Austin Ventures, Sigma Partners, Avalon Ventures 10
03/05/2012 Nasty Gal Index Ventures 9
02/10/2012 Global Custom Commerce ND 9
03/29/2012 Sneakpeeq FirstMark Capital, Bain Capital Ventures, Meamorphic Ventures 8
02/28/2012 Zansaar.com Accel Management, Tiger Global Management 6
02/27/2012 Poppin Shasta Ventures, First Round Capital 6
03/20/2012 Wantful Greylock Partners, Polaris Venture Partners 6
02/29/2012 Xuba Capricorn Investment Group 5
02/22/2012 TeamBuy ND 5
01/20/2012 Dwolla A&I Ventures, Village Ventures, Union Square Ventures 5
01/12/2012 Acumen Brands Noro-Moseley Partners, Dillard's, BLH Venture Partners 5
01/12/2012 Alice.com ND 5
01/09/2012 Xingcheng Tech SEAVI Advent, Bridger Management 5
03/02/2012 Elo7 Insight Venture Partners 5
MEDIAN $ 10
29
2012 Private Financings: eLearning & Gaming
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12
eLearning & Training
Announced Company Investor(s) Amount ($M)
01/04/2012 Kiwi Crate Mayfield Fund, Comcast Ventures, First Round Capital $5
MEDIAN $5
Gaming
Announced Company Investor(s) Amount ($M)
01/09/2012 Trion Worlds Ontario Teachers' Pension Plan, Bertelsmann Digital Media
Investments
$85
02/27/2012 Major League Gaming ND 13
02/29/2012 FunPlus Game GSR Ventures Management 12
02/24/2012 Game Closure Benchmark Capital, Charles River Ventures, Greylock 12
02/27/2012 Meteor Entertainment Benchmark Capital, FirstMark Capital 10
01/27/2012 Ignite Game Technologies ND 10
01/17/2012 Visiware Credit Agricole Private Equity, Entrepreneur Venture Gestion SA 6
03/21/2012 Red Robot Labs Next Media 5
MEDIAN $11
30
2012 Private Financings: Infrastructure & Services
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12
Infrastructure & Services
Announced Company Investor(s) Amount ($M)
03/05/2012 Drilling Info Battery Ventures, Insight Venture Partners, Eastern Advisors $165
01/23/2012 Joyent El Dorado Ventures, EPIC Ventures, Intel Capital, Greycroft
Partners
85
01/18/2012 Internet Pipeline Technology Crossover Ventures, NewSpring Capital 71
03/15/2012 Appirio General Atlantic, Sequoia Capital, GGV Capital 60
01/03/2012 iCIMS Susquehanna Growth Equity 36
02/16/2012 Fixnetix NYSE Euronext 28
03/14/2012 Adaptive Planning Norwest Venture Partners, Onset Ventures, Monitor Ventures 22
03/05/2012 Cloud Sherpas Columbia Capital 20
01/18/2012 Symplified Allegis Capital, Quest Software, Granite Ventures, Ignition
Partners
20
01/17/2012 Solera Networks Allegis Capital, Trident Capital, Intel Capital, Signal Peak 20
01/27/2012 SecureKey Technologies ND 19
01/23/2012 True Ultimate Standards Everywhere Accel, JAFCO Ventures, DAG Ventures, Baseline Ventures 15
01/13/2012 M86 Security ND 14
02/01/2012 PlanSource Lemhi Ventures 12
02/01/2012 VideoPlaza Innovacom, QUALCOMM Ventures, Northzone Ventures 12
02/10/2012 Milyoni Oak Investment Partners, Thomvest Ventures , ATA 11
02/27/2012 Vaultive New Science Ventures, Harmony Venture Partners 10
02/09/2012 FirstFuel Software Battery Ventures, Nth Power, RockPort Capital Partners 10
02/01/2012 Numecent ND 10
01/31/2012 CardSpring Accel, Greylock Partners, Felicis Ventures, SV Angel 10
02/16/2012 NetBase Solutions ND 9
03/06/2012 Confidela Gemini Israel Funds, Shasta Ventures, Blackstone Capital 9
01/26/2012 Free Stream Media August Capital 9
01/25/2012 Skyfire Labs Matrix Partners, Trinity Ventures, Lightspeed Venture Partners 8
01/10/2012 ManageKit Morgenthaler, Mangrove Capital Partners, Kima Ventures 8
02/22/2012 nScaled Doughty Hanson & Co. Technology Ventures, Almaz Capital 7
01/19/2012 Knowlarity Communications Sequoia Capital India 7
02/28/2012 Ginger Software Vaizra Ventures 6
01/06/2012 Trapit Horizon Ventures, Treehouse Capital 6
01/30/2012 Themis Solutions Acton Capital Partners, Point Nine Capital 6
01/17/2012 SeaWell Networks BDC Venture Capital, Northwater Capital Management 6
03/08/2012 Tracelytics Bain Capital, Google Ventures, Battery Ventures, Flybridge 5
01/27/2012 Kontiki New World Ventures, MK Capital, Cross Creek Capital 5
01/08/2012 Azuki Systems Sigma Partners, Kepha Partners 5
MEDIAN $10
31
2012 Private Financings: Mobile & Social Media
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 4/1/12
M obile
Announced Company Investor(s) Amount ($M)
01/18/2012 Lianlian Pay American Express $125
03/12/2012 Burbn ND 40
03/15/2012 BOKU Benchmark Capital, NEA, Index Ventures, Khosla Ventures, DAG 35
01/18/2012 Jasper Wireless ND 25
03/02/2012 SCVNGR Highland Capital, Balderton Capital, Google Ventures 21
03/29/2012 Hailo Network Accel, Wellington Partners, Atomico Investment 17
01/09/2012 Verivo Software Commonwealth Capital Ventures, Ascent Venture Partners 17
02/29/2012 SugarSync DFJ, Sigma Partners, Hercules Technology Growth Capital 15
02/07/2012 July Systems Updata Partners, Intel Capital, Sequoia Capital India 15
03/07/2012 Apperian Bessemer Venture Partners, KPCB, North Bridge Growth Equity 12
02/28/2012 Verve Wireless ND 10
01/24/2012 Onavo Mobile Magma Venture Partners, Horizons Ventures, Sequoia Capital 10
02/23/2012 Pinger T-Venture Holding 8
02/16/2012 Pinwheel Redpoint Ventures, True Ventures, Betaworks, SV Angel 8
03/26/2012 Duda Mobile Pitango Venture Capital 6
02/03/2012 Viddy Battery Ventures, Bessemer Venture Partners, QUALCOMM 6
01/23/2012 Polar Mobile Group Georgian Partners 6
03/08/2012 Clover Network Sutter Hill Ventures, Andreessen Horowitz 6
03/21/2012 Red Robot Labs Next Media 5
02/17/2012 Duo Security True Ventures, Google Ventures, Resonant Venture Partners 5
MEDIAN $11
Social M edia
Announced Company Investor(s) Amount ($M)
02/28/2012 Yammer Charles River, DFJ, MeriTech Capital, U.S. Venture Partners $85
02/28/2012 Ortsbo ND 30
01/18/2012 The Jetstream Quantum Capital Fund 30
02/13/2012 WayIn U.S. Venture Partners 14
01/13/2012 Polyvore Benchmark Capital, Matrix Partners, DAG 14
02/01/2012 Stylefantasia Accel Management, Index Ventures, Fidelity Growth 11
01/17/2012 OurStage ND 10
03/08/2012 3dna Andreessen Horowitz, SV Angel 6
01/06/2012 Piazza Technologies Bessemer Venture Partners, Felicis Ventures, Kapor Capital 6
MEDIAN $14
32
2011 Selected Private Financings: Advertising
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/3011 for Advertising companies that have announced rounds of funding >= $5M
Advertising
Announced Company Investor(s) Amount ($M)
05/31/2011 591tui.com China Private Equity Group $100
03/07/2011 Shanghai Han Tao Information Consultation Lightspeed, TrustBridge, Qiming Weichuang, Sequoia 100
09/21/2011 Adchemy August Capital; Mayfield Fund; Microsoft Corporation 61
08/12/2011 Buddy Media Bay Partners; Insight; Institutional Venture Partners; GGV 54
06/21/2011 Reply! ND 41
11/10/2011 BrightRoll Adams Street Partners, Trident, Scale, Comerica, True 30
03/18/2011 JumpTap AllianceBernstein, General Catalyst, Redpoint, 3 Others 25
03/10/2011 RadiumOne Adams Street, DFJ Esprit, Trinity, CrossLink 21
09/20/2011 MindShare Sorenson Capital 20
09/19/2011 AdSage Meridian Capital, Sig Asia 20
04/02/2011 DataXu Atlas, Menlo, Flybridge 20
02/15/2011 YoYi Media Interactive Advertising Steamboat Ventures, Oak Investment Partners, Gobi 20
07/22/2011 edo interactive VantagePoint Venture Partners; Baird Venture Partners 20
08/12/2011 WhaleShark Media ND 18
10/03/2011 Clickable FirstMark, American Express, USV, Founders Fund 18
02/14/2011 Ubermedia Index, Accel, Revolution Ventures 18
10/28/2011 YuMe Samsung Venture Investment, TransLink Capital 18
03/29/2011 Marin Softw are Crosslink, Focus, DAG, Triangle Peak, Benchmark 16
03/10/2011 Topsy Labs Western Tech., The Founders Fund, BlueRun, Ignition 15
07/26/2011 Monetate First Round Capital; OpenView Venture Partners 15
01/19/2011 Komli Media Helion, NVP, Nexus Venture Partners, DFJ 15
10/27/2011 4INFO DFJ, Gannett, U.S. Ventures, Vulcan Capital, 2 Others 14
09/22/2011 Visible Measures Corporation Mohr Davidow ; General Catalyst; Northgate; DAG 13
06/13/2011 TellApart Bain Capital, Greylock Partners 13
12/07/2011 Martini Media Netw ork Venrock, Granite Ventures, Reed Elsevier, 1 Other 13
03/09/2011 Flite General Catalyst, Sequoia, Hummer Winblad, Northgate 12
04/19/2011 Ticketf ly High Peaks, Contour, Mohr Davidow 12
07/22/2011 PivotLink ND 10
09/29/2011 Yieldex Amazon; Madrona; Sequel; Hearst; FFP; Triangle Peak 10
01/03/2011 [x+1] Hudson Ventures, Intel Capital, ATV, Blue Chip 10
05/27/2011 Act-On Softw are Voyager Capital, Trinity, USVP, Cisco Systems 10
05/12/2011 Demandbase Altos, Adobe Ventures, Sigma, Sutter Hill 10
07/28/2011 Yext Institutional Venture Partners; Sutter Hill; 3 Others 10
03/01/2011 Opinmind ND 10
10/10/2011 madvertise Earlybird, Blumberg 10
06/09/2011 Taykey Crescent Point, SoftBank, Sequoia 9
01/05/2011 33Across Flybridge, First Round, QED Investors 9
12/16/2011 Trada Foundry Group; Google Ventures 9
12/13/2011 xAD Softbank; Palisades; Emergence; SVB Investment Arm 9
03/01/2011 MaxPoint Interactive Trinity, Madrona 8
07/18/2011 Lucid Commerce OVP Venture Partners; Rho Capital Partners; 3 Others 8
10/31/2011 Jivox Opus Capital, Helion Venture Partners 8
07/25/2011 Baifendian IDG Capital Partners; Mingly China Grow th Fund 7
12/21/2011 Brand Aff inity Technologies ND 7
10/24/2011 GumGum GRP Partners, NEA, First Round Capital 7
06/16/2011 Ow nerIQ Atlas, Egan-Managed, CommonAngels, 3 Others 7
MEDIAN $13
33
2011 Selected Private Financings: Content
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for Content companies that have announced rounds of funding >= $5M
Content
Announced Company Investor(s) Amount ($M)
09/07/2011 TrueCar ND $200
06/18/2011 Spotify Accel, Kleiner Perkins, DST Global 100
03/07/2011 Beyond Oblivion New s Corp., Allen & Co., Wellcome Trust, InterTrust 77
03/15/2011 Brow nstone Publishing ND 60
02/09/2011 Cinsay Pepperw ood Partners 40
08/04/2011 BloomSpot Columbia Capital; InterWest; Menlo Ventures; 3 Others 35
04/09/2011 GrubHub ND 34
03/08/2011 TidalTV Valhalla, Comcast Ventures, NEA 31
01/17/2011 Pet Holdings / Cheezburger Foundry Group, SoftBank, Avalon, Madrona 30
08/17/2011 Consumer Agent Portal ND 30
08/15/2011 Bleacher Report Oak Investment Partners; CrossLink Capital; Hillsven 22
10/07/2011 ViKi Charles River, Greylock, Andreessen Horow itz, 3 Others 22
05/09/2011 tastytrade ND 21
03/09/2011 GrubHub Benchmark Capital, DAG 20
10/27/2011 Intent Media ND 20
01/28/2011 Rdio Mangrove Capital, Atomico, Skype Technologies 18
08/03/2011 Inkling Sequoia Capital; Pearson; JAFCO ; Tenaya Capital 17
04/14/2011 VideoSurf Verizon Ventures, Pitango 16
08/31/2011 RootMusic Mohr Davidow Ventures; GGV Capital; Northgate Capital 16
08/22/2011 Hudong Online Draper Fisher Jurvetson; DFJ DragonFund China 16
12/23/2011 BuzzFeed NEA; RRE Ventures; Hearst; Softbank; Lerer Ventures 16
01/07/2011 Scribd Charles River Ventures, SVB, MLC Investments, Redpoint 13
01/28/2011 Glassdoor Sutter Hill, Benchmark, Battery 12
04/11/2011 Main Street Connect ND 12
01/31/2011 Outbrain Gemini Israel, Carmel, Lightspeed, Rhodium, GlenRock 11
05/27/2011 Expert Media General Catalyst, Felicis, Sutter Hill, PAR Capital 11
12/22/2011 Blip.tv Canaan Partners; Bain Capital Ventures 11
03/25/2011 Virtual Wall Street ND 10
04/25/2011 Oyster Travel Scripps, The Travel Channel, Bain Capital Ventures 10
03/28/2011 Aigou.com SoftBank China, IDG, Alibaba.com 10
11/29/2011 Prima Cinema ND 8
10/31/2011 Main Street Connect ND 7
12/16/2011 Skyw ord Cox Media Group 6
10/28/2011 Mvibo ND 5
MEDIAN $17
34
2011 Selected Private Financings: Digital Media Platform
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for Digital Media Platform & Services companies that have announced rounds of funding >= $10M
Digital M edia Platforms & Services
Announced Company Investor(s) Amount ($M)
09/12/2011 Zfere Equity Partners Fund $682
08/25/2011 Tumblr Greylock Partners 100
07/18/2011 Zfere Equity Partners Fund 100
05/18/2011 Mollyguard / Eventbrite Tiger Global 50
07/26/2011 ePals Microsoft; Jesselson; National Geographic Ventures 47
03/28/2011 Wixpress Mangrove, DAG, Benchmark, Insight, Bessemer 40
12/07/2011 Uber Technologies Benchmark, Menlo, Bezos Expeditions, Low ercase, 1 Other 39
12/02/2011 Outbrain Index, Carmel, Lightspeed 35
03/28/2011 ExactTarget Battery, Greenspring, Scale, TCV 30
12/31/2011 Klout Institutional Venture Partners; Kleiner Perkins; 3 Others 30
02/15/2011 Peerform ND 30
05/19/2011 Masterseek ND 26
12/30/2011 Jumio ND 26
02/24/2011 Syncapse ABS Capital Partners 25
06/23/2011 Animoto Madrona, Spectrum Equity, Amazon.com 25
08/05/2011 Thought Equity Motion Shamrock Capital Advisors 25
08/31/2011 ebuzzing GIMV; Lightspeed Venture Partners; TF1 Group 25
09/14/2011 Vidyo Menlo Ventures; Rho Capital; Star Ventures; 3 Others 23
04/15/2011 Magnet Systems ND 20
02/16/2011 Adsame Netw orks Technology Vertex Ventures, SIG Asia, Matrix 20
05/05/2011 Clearspring Technologies Novak Biddle, NEA, IVP 20
07/06/2011 Company.com ND 20
02/14/2011 Kaltura Intel Capital, Nexus, Avalon, .406, SVB 20
05/27/2011 Rally Softw are Development MeriTech 20
12/12/2011 Legend3D PAR Capital, Northw ater, Augustus 19
07/28/2011 Hearsay Labs New Enterprise Associates; Sequoia Capital 18
06/15/2011 Cotendo Benchmark, Tenaya Capital, Sequoia, Juniper Netw orks 17
05/26/2011 Batanga ND 17
10/31/2011 Clearspring Technologies ND 17
03/21/2011 Appia Venrock 15
09/07/2011 FUHU Foxconn Electronics; Kingston Digital 15
12/15/2011 Prezi Sunstone Capital; Accel Partners 14
06/17/2011 Spreecast ND 14
06/08/2011 ServiceMax Mayfield Fund, Trinity, Salesforce.com, Emergence 14
06/20/2011 2Catalyze ND 14
01/06/2011 Baynote JK&B, Hummer Winblad, SingTel, Steamboat Ventures 13
03/15/2011 DotCloud Benchmark, Trinity 13
04/27/2011 Magnet Systems Andreessen Horow itz 13
07/26/2011 Strava Sigma Partners; Madrone Capital Partners 13
04/08/2011 Digitalsmiths Chrysalis, Cisco Systems, Technicolor, .406, 2 Others 13
06/23/2011 Allegiance El Dorado Ventures, Allegis Capital, Rembrandt 12
04/28/2011 Clarizen Benchmark, Carmel, Opus, DAG 12
03/18/2011 InsideView Rembrandt, Emergence, Greenhouse, Foundation 12
10/26/2011 CashStar FTV Capital, Passport Capital 12
10/24/2011 Kaggle Index Ventures, Stanford Management Company, 2 Others 11
MEDIAN $20
35
2011 Selected Private Financings: eCommerce
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for eCommerce companies that have announced rounds of funding >= $15M
eCommerce
Announced Company Investor(s) Amount ($ M )
04/04/2011 LivingSocial IVP, Lightspeed, T. Row e Price, Amazon.com $565
11/18/2011 LivingSocial Grotech Ventures, J.P. Morgan, Amazon.com 400
05/23/2011 55tuan CDH China, Goldman Sachs, Zero2IPO Ventures 200
06/20/2011 CSN Stores Battery, Great Hill Partners, HarbourVest Partners, Spark 165
07/29/2011 Flipkart General Atlantic; New Enterprise Associates 150
10/28/2011 WhaleShark Media Institutional Venture Partners, J.P. Morgan, 1 Other 150
04/15/2011 Gilt Groupe General Atlantic, Pinnacle, NEA, DFJ, Matrix, 4 Others 138
09/21/2011 Rearden Commerce Citigroup, JPMP Capital, American Express 133
04/11/2011 Lashou.com Tenaya, Taishan Invest, GSR Ventures, NVP, 3 Others 110
05/30/2011 Airbnb Andreessen Horow itz, DST Global 100
06/07/2011 Yoopay.cn Sequoia 100
07/18/2011 Zfere Holdings Equity Partners 100
08/17/2011 ZOSHOW Netw ork Technology Warburg Pincus; KPCB China 100
05/19/2011 Shop Closeouts Consolidated Press, Tiger Global 84
04/14/2011 KupiVIP Russia Partners, Balderton, Accel, Mangrove, Bessemer 55
10/20/2011 CouponCabin JMI Equity 54
03/09/2011 FreshDirect Wm. Morrison Supermarkets 50
07/05/2011 Meituan Group Walden, Northern Light, Sequoia, Alibaba Group 50
04/01/2011 MobileBest ND 50
05/17/2011 Shanghai MediaV Advertising Lightspeed, GGV Capital, Soros Fund Management 50
07/28/2011 ShangPin.com Morningside Group, Steamboat 50
04/12/2011 Tuniu.com Sequoia, LOTTE, Rakuten, DCM, Highland, Gobi Partners 50
05/08/2011 Vipshop Sequoia China, DCM 50
05/27/2011 YapStone Accel, MeriTech 50
07/28/2011 ShangPin.com Morningside; Chengw ei Ventures; Steamboat Ventures 50
09/20/2011 GrubHub Benchmark; Mesirow ; Lightspeed; Greenspring; DAG 50
03/16/2011 Just-Eat Greylock, Redpoint, Index 48
03/23/2011 Yatra Online NVP, Intel Capital, Valiant Capital 45
08/02/2011 zulily MeriTech Capital Partners 43
04/28/2011 ideeli Cue Ball, Next World, StarVest, Kodiak, Constellation 41
07/28/2011 SnapDeal / Jasper Infotech IndoUS, Nexus, Bessemer 40
02/23/2011 BookRenter.com Storm, Lighthouse, Comerica, Adams Capital, Focus, NVP 40
04/18/2011 Cleartrip Travel Services Concur Technologies 40
04/30/2011 fclub.cn Zero2IPO Ventures, IDG 40
05/23/2011 LaMiu China DCM 40
05/09/2011 ShoeDazzle.com Andreessen Horow itz, Polaris, Lightspeed 40
12/07/2011 Fab.com Menlo Ventures, Baroda Ventures, First Round, 3 Others 40
11/14/2011 Fashionandyou.com Mayfield, Norw est, Sequoia, Nokia Grow th Partners 40
10/14/2011 eTree Marketing Matrix Partners, Sequoia 40
11/09/2011 Beyond the Rack Highland, Rho, BDC, iNovia, Panorama, Tandem, 1 Other 37
11/04/2011 Zuora Benchmark, Greylock, Redpoint, Index, Shasta, Tenaya 36
06/29/2011 Braintree Payment Solutions Accel 34
11/02/2011 L18 Holdings Accel, NEA, FirstMark 34
09/08/2011 Cardlytics Groupe Aeroplan 33
05/16/2011 Dealf ind.com Insight, Georgian Partners, Northleaf Capital 32
M EDIAN $ 49
36
2011 Selected Private Financings: eLearning & Gaming
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for eLearning & Training and Gaming companies that have announced rounds of funding >= $6M
and $5M, respectively
eLearning & Training
Announced Company Investor(s) Amount ($M)
01/18/2011 TutorVista Global Pearson $127
01/28/2011 CollegeDegrees.com ND 35
02/07/2011 2tor City Light, Bessemer, Highland, Novak Biddle, Redpoint 33
03/21/2011 ePALS ND 20
10/03/2011 Tarena Technologies Goldman Sachs 20
05/27/2011 LearnVest Accel, Richmond Global, RoseTech, Circle Financial 19
12/08/2011 Edmodo Benchmark, Grelock, Union Square Ventures, Learn Capital 15
12/05/2011 DreamBox GSV Asset Management, Charter Fund, GSV Capital 11
11/23/2011 Bloomfire ND 10
07/01/2011 LiveMocha ND 8
MEDIAN $17
Gaming
Announced Company Investor(s) Amount ($M)
02/17/2011 Zynga Fidelity, Morgan Stanley, Kleiner Perkins $500
04/14/2011 GREE International ND 133
05/26/2011 Kabam Canaan, Intel Capital, Google Ventures, Redpoint, 3 Others 85
07/27/2011 Gazillion Entertainment ND 49
03/10/2011 Rovio Mobile Accel, Atomico, Felicis Ventures 42
02/08/2011 OnLive HTC 40
01/20/2011 Kabam Intel Capital, Canaan, Redpoint 30
07/19/2011 Gaikai Benchmark Capital; NEA; Rustic Canyon; 2 Others 30
10/17/2011 Happy Elements DCM, Legend Capital 30
08/23/2011 Online Warmongers Cybergun 25
05/30/2011 w ooga Balderton, Holtzbrinck Ventures, Tenaya, Highland 24
05/13/2011 Crow dStar Intel Capital, Time Warner Investments, The9 23
04/29/2011 Funzio IDG 20
12/12/2011 91.com Vertex, Techno, DT Capital Partners 20
04/27/2011 PapayaMobile Keytone Ventures, DCM 18
01/20/2011 Graff iti Entertainment ND 17
08/09/2011 Zeebo ND 17
03/08/2011 Fourth Wall Studios ND 15
02/16/2011 KingNet Matrix, Kleiner Perkins, Zero2IPO 15
12/01/2011 Rumble Entertainment Khosla Ventures, Google Ventures 15
10/12/2011 Idle Games ND 15
08/24/2011 Beijing Chukong Technology Steamboat Ventures; Northern Light; Sequoia China 14
12/09/2011 CiiNOW Foundation Capital, Alcatel-Lucent 13
10/12/2011 Nubee JAFCO 13
06/30/2011 Badgeville El Dorado, NVP, Trinity, Webb Investment Netw ork 12
02/22/2011 Digital Chocolate Sutter Hill, DN Capital, Intel Capital, Bridgescale 12
05/25/2011 Supercell Accel, London Venture Partners 12
MEDIAN $17
37
2011 Selected Private Financings: Infrastructure & Services
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for Infrastructure companies that have announced rounds of funding >= $5M
Infrastructure and Services
Announced Company Investor(s) Amount ($M)
01/13/2011 Cequel Communications ND $643
03/21/2011 PT Link Net CVC Capital Partners 187
12/08/2011 Klarna General Atlantic, Sequoia, DST Global 155
10/13/2011 Workday T. Row e Price, Janus Capital, Morgan Stanley, Bezos 85
02/17/2011 Qihoo 360 CDH China, TrustBridge, Highland, Sequoia 50
11/16/2011 Marketo Battery, Institutional Venture Partners, InterWest, 2 Others 50
02/18/2011 Box.net DFJ, USVP, Scale, MeriTech, 2 Others 48
01/21/2011 Nicira Netw orks Lightspeed, NEA 47
11/10/2011 ExactTarget ND 40
01/31/2011 21 Vianet Group Matrix, GGV Capital, MeriTech, Trinity Ventures, 4 Others 35
08/03/2011 Box.net Draper Fisher Jurvetson; Andreessen Horow itz; 4 Others 35
08/25/2011 DoubleVerify Institutional Venture Partners; JMI Equity; 2 Others 33
06/16/2011 Direct Media Technologies ND 30
09/29/2011 Blekko CMEA; U.S. Venture Partners; MLC; Yandex; PivotNorth 30
11/14/2011 Mapbar IDG Capital Partners, Renren 30
05/04/2011 PlumChoice Online PC Services Eastw ard, Gold Hill, M/C 26
11/29/2011 AgriWorld Exchange ND 23
02/22/2011 Bandw idth.Com Carmichael Partners 22
09/02/2011 MINDBODY Bessemer, Catalyst 21
09/27/2011 BrightTALK North Bridge Grow th Equity 21
05/13/2011 OpenX Technologies Accel, SAP Ventures, Mitsui, DAG, Presidio STX, Index, AOL 20
07/12/2011 CloudFlare NEA, Pelion Ventures, Venrock 20
06/06/2011 Silver Tail Systems Leapfrog, Seraph, Andreessen Horow itz, Startup Capital 20
09/19/2011 ArcSoft Intel Capital; Tudor Ventures 20
12/12/2011 Federal Tax Authority ND 19
11/21/2011 uTest Egan-Managed Capital, QuestMark, Longw orth, 2 Others 19
12/07/2011 Tw ilio Bessemer, Union Square Ventures, 500 Startups 17
11/21/2011 HouseTrip Index Ventures, Balderton Capital 17
09/08/2011 Steelw edge Softw are Mainsail Partners 16
12/08/2011 Bill.com August Capital, DCM, TTV Capital, Emergence, 2 Others 16
03/17/2011 Aryaka Netw orks Trinity, Mohr Davidow , Nexus Venture Partners 15
02/08/2011 Meraki Northgate Capital, Sequoia, DAG 15
11/04/2011 New Relic Benchmark, Trinity, Allen & Company, Tenaya, DAG, 1 Other 15
10/17/2011 Jaded Pixel Technologies Bessemer, FirstMark, Felicis, Georgian 15
08/10/2011 Couchbase Accel; Mayfield Fund; North Bridge; Ignition 14
12/19/2011 Accellion Riverw ood Capital 13
11/01/2011 WebFilings Bluestem Capital Partners 13
10/31/2011 Mendix Prime Ventures, Henq Invest 13
02/10/2011 Damballa Palomar, Paladin, Implay, Blumberg, Sigma, GRA, InterWest 12
02/28/2011 Clickatell DAG, Sequoia 12
07/28/2011 Bedrocket Media Ventures ND 12
MEDIAN $12
38
2011 Selected Private Financings: Mobile
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for Mobile companies that have announced rounds of funding >= $5M
M obile
Announced Company Investor(s) Amount ($M)
06/07/2011 Square Kleiner Perkins, Tiger Global $100
06/24/2011 Foursquare Labs Union Sq., Spark, O'Reilly AlphaTech, Andreessen Horow itz 50
03/24/2011 Color Labs Sequoia, SVB, Bain Capital Ventures 41
06/22/2011 Shazam Entertainment IVP, Kleiner Perkins, DN Capital, Russian Venture Company 32
07/01/2011 Tapjoy InterWest, North Bridge, Rho, JPMorgan, D.E. Shaw 30
10/18/2011 Waze Kleiner Perkins, Horizons Ventures 30
01/03/2011 Square Khosla, Sequoia, Benchmark Capital, Kleiner Perkins 28
12/05/2011 Gumi Shinsei, JAFCO, Mitsubishi UFJ Capital, 2 Others 26
01/21/2011 Control4 ND 25
02/14/2011 GetJar Netw orks Tiger Global, Accel 25
01/06/2011 Tapjoy North Bridge, D.E. Shaw , Rho, InterWest 21
05/06/2011 JiWire Comcast Ventures, Trident Capital, DFJ, NVP, Panorama 20
05/25/2011 Mobile Iron Foundation, Storm, NVP, Sequoia 20
04/12/2011 Payfone Rogers Ventures, Amex, Verizon Ventures, RRE, 2 Others 19
11/17/2011 mFoundry Intel, Mastercard, Fidelity, Motorola 18
01/21/2011 m-Via ND 17
01/06/2011 Bump Technologies Sherpalo, SV Angel, Andreessen Horow itz, Sequoia 17
06/09/2011 ThunderSoft QUALCOMM, ARM, Northern Light, CAS Ruiqi Internet 15
01/31/2011 ValueFirst Messaging NEA, Headland Capital 15
02/28/2011 ClairMail ND 15
01/31/2011 GOGII Matrix, GRP Partners, Kleiner Perkins 15
01/20/2011 LOC-AID Technologies H.I.G., Florida State Board of Administration, Intersouth 13
02/14/2011 Borqs Intel Capital 13
04/13/2011 Scanbuy Motorola Solutions Venture Capital, Hudson Ventures 13
04/07/2011 GoldSpot Media Berg and Berg Enterprises, EXA Ventures 12
10/28/2011 Smule Bessemer Venture Partners, Granite Ventures, Shasta 12
07/18/2011 Capriza Andreessen Horow itz 11
05/24/2011 fringland Pitango, North Bridge, Veritas Ventures 10
06/09/2011 AlterGeo Intel Capital, Almaz Capital 10
03/21/2011 Bubble Motion SingTel Ventures, Northgate, Palomar, Sequoia, Infocomm 10
03/23/2011 Tapas GSR Ventures Management 10
08/01/2011 Duomeng Zhisheng Netw ork Redpoint Ventures; Qiming Weichuang Venture Capital 10
03/08/2011 Apperian North Bridge, Kleiner Perkins, Bessemer, 2 Others 10
12/12/2011 Appconomy Western Technology Investment, Neusoft, 2 Others 10
11/18/2011 Fitnesskeeper Revolution, Spark, O'Reilly AlphaTech, Boston Seed Capital 10
07/06/2011 Zlango DAG 9
06/16/2011 Alphonso Labs Greycroft Partners, NEA, Lerer Ventures 9
03/25/2011 txteagle QUALCOMM Ventures, RBC Ventures, Flyw heel, Spark 9
04/18/2011 30 Second Softw are / Digby Daylight Partners, ATP Capital, Battery, S3 8
05/02/2011 Billing Revolution DCM, SK Telecom Ventures 8
05/16/2011 StackMob Trinity, Baseline, Harrison Metal 8
11/18/2011 Klip Benchmark, Matrix 8
02/15/2011 Catch.com Greylock, Excel Venture Management 7
01/26/2011 Smaato Aeris Capital, EDB Investments 7
06/01/2011 Fixmo iNovia Capital, Panorama, Extreme Ventures, Rho 7
05/19/2011 session M Highland, Kleiner Perkins 7
11/25/2011 Unw ired Nation ND 7
MEDIAN $13
39
2011 Selected Private Financings: Social Media
Sources: Capital IQ, The 451 Group, TechCrunch, Press Releases; Data through 9/30/11 for Social Media companies that have announced rounds of funding >= $5M
Social M edia
Announced Company Investor(s) Amount ($M)
01/02/2011 Facebook FBDC Investors / Goldman Sachs $1,000
07/05/2011 Tw itter Kleiner Perkins, DST Global 400
09/08/2011 Tw itter ND 400
07/12/2011 Dropbox / Evenflow ND 300
08/16/2011 Zoosk ND 75
03/25/2011 Noktacom Medya Internet Hizmetleri Sanayi ve Ticaret Intel Capital 50
03/29/2011 Lockerz Kleiner Perkins, Liberty Media 45
02/14/2011 Facebook Kleiner Perkins 38
06/29/2011 RockMelt First Round, Khosla, Accel, Andreessen Horow itz 30
10/07/2011 Pinterest Andreessen Horow itz 27
04/27/2011 Sittercity Apex, Point Judith, New World, Western Tech., 3 Others 23
03/15/2011 SocialVibe Redpoint, Pinnacle, JAFCO, NVP 20
05/06/2011 Jobvine ATA; CMEA; Trident 20
02/16/2011 Vitrue Comcast Ventures, General Catalyst, Scale, 2 Others 19
05/11/2011 BranchOut Accel, Redpoint, NVP, FLOODGATE 18
07/28/2011 Hearsay Social NEA, Sequoia 18
07/20/2011 Casual Collective Trinity Ventures; Lightspeed Venture Partners; JAFCO 18
03/09/2011 StumbleUpon August, Sherpalo, DAG, Accel, First Round 17
09/27/2011 Yammer Charles River Ventures; U.S. Venture Partners; 2 Others 17
07/22/2011 Quirky Norw est Venture Partners; RRE Ventures 16
02/10/2011 Raptr Tenaya Capital, DAG, Accel 15
04/13/2011 Sugar IVP, Sequoia 15
11/03/2011 How AboutWe.com ND 15
01/14/2011 Nextdoor.com Benchmark Capital, Shasta Ventures 15
10/09/2011 Shaker Menlo, Pitango, Innovation Endeavors, CrunchFund 15
02/16/2011 FON Technology Coral Group, Atomico 14
02/28/2011 stack exchange Union Square, Index, Spark 12
05/19/2011 GroupMe ND 12
04/25/2011 Big Head Labs Union Square, North Bridge 10
04/22/2011 Helium ND 10
03/11/2011 8th Bridge Split Rock; Trident Capital 10
05/18/2011 JUFWBE Technologies ND 10
04/07/2011 Zhubajie IDG 10
03/25/2011 diandian.com Sequoia, Ceyuan Ventures 10
01/27/2011 RockeTalk ND 10
08/31/2011 Webaroo Technology Charles River Ventures; Globespan; 4 Others 10
11/30/2011 Sportsvite ND 5
MEDIAN $17
A full-service, partner-owned, boutique investment bank
41
Why Partner With AGC
AGC Partners Drives Both Big and Small Deals to Strategic Outcomes
The most active M&A firm in all of technology boutique banking form 2009-2011
Emphasis on deals between $25mm and $250mm
Reputation for delivering compelling valuations – many years and hundreds of transactions worth of experience
Strong Relationships with the Leading Acquirers and Investors
In the last 90 days, we have held in-depth discussions with over 200 leading buyers regarding live M&A opportunities
Completed transactions with 21 of the largest technology acquirers and 11 of the largest technology investors
One of the Largest Global Technology Banking Teams
45-person team with 15 calling officers
Offices in Boston, NYC, San Francisco, Minneapolis, and London
Partners have Deep Sector Knowledge and the Ability to Uniquely Position the Underlying Story
Partners recognized as leading domain experts - Cloud, Comms, Data Center, Digital Media, FinTech, HCIT,
Infrastructure, Internet, Mobile, SaaS, Security, Software
Each partner regularly publishes thought pieces on their sector of focus
Premier Industry Investor Conferences
Each 2-day event has 300+ companies, 1,000 attendees, 800+ one-on-ones, thoughtful and timely panel discussions
Many of the major strategic technology acquirers send their corporate development teams to meet with participants
We have held a combined total of 15 annual East and West Coast Conferences over the past 8 years
Engagements Led by Partners - not Handed Down to Junior Bankers
Each partner has a 15-25 year history and 50-250 deals of experience in technology M&A
Great Value – Higher Level Service at a Compelling Price
24/7 commitment from our partners that have skin in the game
Phenomenal references - virtually 100% of our clients will give glowing references of our passion, capability,
commitment, creativity, thoughtfulness and finesse working towards these most strategic outcomes
42 42
AGC Partners Top-Ranked Tech Boutique 2009-2011
Source: The 451 Group *Deals only include American M&A deals in certain sectors; does not represent actual number of AGC’s completed deals
72 deals completed
overall 2009-2011
24 in 2011
28 in 2010
20 in 2009
160+ transactions
closed since inception
in 2003
Firm Number of Transactions
1. Morgan Stanley 81
2. Goldman Sachs 68
3. Bank of America 59
4. Jefferies 56
5. JP Morgan 55
6. Credit Suisse 51
7. AGC Partners 47
8. Houlihan Lokey 43
9. Pagemill 41
10. Deutsche Bank 39
11. UBS 34
12. Barclays 33
13. GCA Savvian 33
14. Signal Hill Updata 32
15. William Blair 32
16. Stifel Nicolaus Weisel 31
17. Citigroup 29
18. Needham 27
19. Raymond James 27
20. Qatalyst Partners 26
Top Tech Dealmakers 2009-2011
Boston
New York Menlo Park
43
One of the Largest Global Technology Banking Teams
Minneapolis
15 Calling
Officers
8 Project
Managers
17 Analysts
5 Business
Development
Professionals
AGC Partners’ 45-person team has deep domain and extensive technology
transaction experience covering North America and Europe
London
AGC Partners Drives Big and Small Deals to Strategic Values
44
45 45
AGC’s Strong Track Record with the Largest Acquirers / Investors
Strategic Acquirers
Growth Equity / PE Investors
Buyer AGC Transaction / Relationships Buyer AGC Transaction / Relationships
Sold TippingPoint to 3Com Sold Bowstreet and Ounce Labs to IBM
Sold Systech to ACS
Sold Neocleus to Intel
Sold InternetSafety.com to McAfee
Sold Software Company to AppleSold Enterprise Mobile, a Microsoft Company to Intermec
Sold CXO and ExtendMedia to Cisco Systems Sold Akorri to NetApp
Sold Software Company to Citrix Sold Empirix and Secerno to Oracle
Sold Silverback Technologies and Boomi to Dell Sold Viridity to Schneider Electric
Sold Oco to Deloitte Sold TriGeo to SolarWinds
Sold Where to eBay Sold BindView and WholeSecurity to Symantec
Sold Asankya, Configuresoft, Authentica and Bus-Tech to EMC
Advised RSA on Cyota and Passmark acquisitionsSold Proginet to TIBCO
Sold reCAPTCHA to Google Sold Fundamo to Visa
Sold OKCupid Sold TriCipher to VMware
Sold Dasient Sold Conduit Labs to Zynga
46
Representative AGC Partners Buyer Relationships
Technology Platform Technology Platform
Business / IT Services Media / ContentInternet / eCommerce StorageCommunications SoftwareSecurity
47
Representative AGC Partners Investor Relationships
Early Venture
.406 Ventures Charles River Ventures Flybridge Capital Partners Level Equity Point Judith Capital vSpring Capital
ABS Ventures Clearstone Venture Partners Focus Ventures Lightspeed Venture Partners Prism VentureWorks Walden International
Adams Capital Management CMEA Capital Foundation Capital Long River Ventures QuestMark Partners
Advanced Technology Ventures Commonwealth Capital Founders Fund Longworth Venture Partners RRE Ventures European Funds
Alloy Ventures Constellation (Highbridge) Garage Technology Ventures Madrona Venture Group Rustic Canyon Partners Advent Venture Partners
Altos Ventures Coral Group Gemini Investors Masthead Venture Partners Saturn Partners Alven Capital
Apex Venture Partners Crescendo Ventures GrandBanks Capital Mayfield Fund Scale Venture Partners Amadeus Capital Partners
Appian Ventures Cross Atlantic Capital Greycroft Partners Nauta Capital Shasta Ventures Atomico Ventures
Arcapita Ventures Dace Ventures Grotech Ventures NGEN Partners Sigma Partners Dawn Capital
Ascent Venture Partners DAG Ventures GRP Partners Noro-Moseley Partners Sofinnova Ventures ePlanet Capital
ATA Ventures Dolphin Equity Partners Hummer Winblad Venture Partners North Atlantic Capital Storm Ventures Fidelity Growth Partners
Atlas Venture Egan-Managed Capital Ignition Partners Novak Biddle Venture Partners Summerhill Venture Partners IDG Ventures
Azure Capital Partners El Dorado Ventures Intersouth Partners OpenView Venture Partners Sutter Hill Ventures Iris Capital
Bay Partners Emergence Capital Partners InterWest Partners Opus Capital TL Ventures Northzone Ventures
BlueRun Ventures Enterprise Partners JAFCO Ventures Outlook Ventures Trinity Ventures Octopus Ventures
Boston Millennia Fairhaven Capital Kohlberg Ventures Palomar Ventures TriplePoint Capital Partech International
Boulder Ventures First Round Capital Labrador Ventures Pelion Venture Partners True Ventures Pond Venture Partners
Castile Ventures Flagship Ventures Leapfrog Ventures Pilot House Ventures Union Square Ventures Wellington Partners
Growth Equity to Mega Buyout
3i Group Crosslink Capital HarbourVest New Enterprise Associates StarVest Partners European Funds
Abingworth Diamond Castle Hellman & Friedman North Bridge Sterling Partners Atlantic Bridge
ABRY Partners DLJ Merchant (Credit Suisse) In-Q-Tel Norwest Equity Partners Stripes Group Balderton Capital
ABS Capital Doll Capital Management Insight Venture Partners Norwest Venture Partners Summit Partners Bowmark Capital
Accel Partners Draper Fisher Jurvetson Institutional Venture Partners Oak Investment Partners Susquehanna Growth Bridgepoint
Accel-KKR EdgeStone Capital Partners Internet Capital Group (ICG) One Equity Partners Sverica International Cinven
Adams Street Partners Edison Ventures Investor Growth Capital (Investor AB) Paladin Capital Group Symmetric Capital Credit Agricole PE (Coller Capital)
Altaris Capital Partners Element Partners JH Partners Pamlico Capital Symphony Technology Digital Sky Technologies
Andreessen-Horowitz Elevation Partners JH Whitney Panorama Capital TA Associates Doughty Hanson & Co.
Angeleno Group Eos Partners JK&B Capital Parallax Capital Technology Crossover Ventures Duke Street
Apax Partners FirstMark Capital JMI Equity Pinnacle Ventures Tenaya Capital EQT Partners
Arsenal Capital Partners FlatWorld Capital Kennet Partners Platinum Equity Thoma Bravo Equistone Partners (Barclays)
Audax Group Francisco Partners Khosla Ventures PNC Equity Partners Thomas H. Lee Partners GIMV
August Capital Frontenac Company KKR Polaris Venture Partners TPG Growth GMT Communications
Austin Ventures FTV Capital Kleiner Perkins Providence Equity Partners Triangle Peak Partners HgCapital
Avantce GE Capital Lake Capital Raine Group Trident Capital IDInvest Partners
Bain Capital General Atlantic LLR Partners Redpoint Ventures Tudor Ventures Index Ventures
Baker Capital General Catalyst M/C Partners Revolution Growth TVM Capital LDC (Lloyds)
Bartley Capital Generation Partners Madison Dearborn Partners RFE Investment Updata Partners Lyceum Capital
Battery Ventures GGV (Granite Global) Marlin Equity Partners Rho Capital US Venture Partners Oakley Capital
Benchmark Capital Globespan Capital Partners Matrix Partners Ridgemont Equity (BofA) Valhalla Partners Palamon Capital Partners
Bertram Capital Golden Gate Capital Menlo Ventures Riverside Partners VantagePoint Venture Partners Penta Capital
Bessemer Venture Partners Goldman Sachs Meritage Funds Safeguard Scientifics Vector Capital Permira Advisers
Blackstone Gores Group MeriTech Capital Partners Sequoia Capital Venrock Quilvest Private Equity
Bridgescale Partners Graycliff (HSBC Capital) Mesirow Financial Serent Capital Veronis Suhler Stevenson Renaissance Partners
Canaan Partners Great Hill Partners Metalmark Capital Sierra Ventures Vestar Capital Scottish Equity Partners
Carlyle Group Greenspring (Montagu Newhall) Millennium Tech. Ventures Silver Lake Vista Equity Partners Seventure Partners (Natixis)
Castanea Partners Greylock Partners Moelis Capital Partners Spark Capital Volition Capital Silverfleet Capital Partners
Catalyst Investors Gryphon Investors Mohr Davidow Ventures Spectrum Equity Warburg Pincus Sputnik Group
Century Capital Management GTCR Morgenthaler Spire Capital Welsh, Carson, Anderson & Stowe Stirling Square
CDIB Capital Halyard Capital Nautic Partners Split Rock Partners Weston Presidio Truffle Capital
Chicago Growth Partners HIG Capital NewSpring Capital Staley Capital WestView Capital Vitruvian Partners
Columbia Capital Highland Capital Partners Next World Capital Staple Street Capital WorldView Technology Partners Xange Private Equity
Premier Industry Investor Conferences
48
Representative Top Acquirers Presenting at AGC Conferences
Largest AGC conference to date with 1,000+ Attendees
320+ fast-growing companies with median revenues of $25mm
400+ investors representing 175+ leading PE / VC / Debt /
Public Equity firms
800+ one-on-one meetings
Day 1 focus on Security; Day 2 general technology
270+ leading public and private emerging growth companies
with median revenues of $25mm
800+ attendees (PE / VC Investors, Corp. Dev. Execs,
Industry Professionals)
Day 1 focus on emerging growth & Day 2 focus on Digital
Media / Internet / Mobile sectors
750+ one-on-one investor meetings
8th Annual East Coast Conference
September, 2011 - Boston
8th Annual West Coast Conference
February, 2012 - San Francisco
Technology M&A
Current Trends in Technology Financing
HCIT M&A Market
Platform vs. Tuck-In
Storage and Data Center Markets
Communications M&A
Infrastructure Software M&A
Defense M&A
Future of Ad Tech
Local Mobile Commerce Convergence
New Models of Disruptive Commerce
Acquirers in Digital Media
TV Everywhere
Investing in Digital Media
The New Gaming Paradigm
Unlocking the Women’s Demographic
Monetization of Digital Goods
Virtualization & Cloud Security
The Trusted Cloud
Convergence of Security & Systems
Mgmt.
Mobile Device Security & Mgmt.
Planet of the Apps: Survival Guide
Strategic Investing in Private Companies
The Big Data Explosion
Recent Panel Topics Include:
Social Media in the Enterprise
Digital Advertising
M&A Strategies in Digital Media
Freemium Business Models
OTT Video
Alternative Payments
Emerging Growth M&A
Investing in Clean Tech
Healthcare Services
Israel Tech Sector
Web 2.0 Security
Identity Mgmt & DLP Convergence
Security at the Source (Code)
Next Wave of Wireless Investment
Green Storage & Data Centers
Energy Storage
Software: Doing More with Less
Solar 2.0 Market Environment
Mortgage Technology
Alternative Sources of Capital for
Emerging Growth Companies
Mobile Security – The Changing
Threat and Remediation Landscape
Trends in Disruptive Commerce
South Africa (1)
China (1)
Europe (7) Canada (5)
Mid-West (23)
West Coast (24)
East Coast (99)
49
AGC Partners Deal Activity by Geography – 162 Deals Since 2003
Israel (2)
50
AGC Partners Had Strong Momentum Through The Recession
M&A Advisory M&A Advisory M&A Advisory M&A Advisory
1 1 1 1
2 2 2 2
3 3 3 3
4 4 4 4
5 5 5 5
6 6 6 6
7 7 7 7
8 8 8
9 9 9
10 10 10
11 11 11
12 12 12
13 13 13
14 14 14
15 15 15
16 16 16
17 17
18 18
19 19
20 20
21 21
22 22
23
24
Financings Financings Financings Financings
17 25 23 8
18 26 24 9
19 27
20 28
2009 - 20 Deals Closed 2010 - 28 Deals Closed 2011 - 24 Deals Closed 2012 - 9 Deals Closed
ND
Red Oak Partners
ND
ND
ND
ND
Target Target TargetAcquirer Acquirer Acquirer
Investor Company Company CompanyInvestor Investor
Target Acquirer
ND
CompanyInvestor
ND
80+ Deals Closed Since January 2009
"AGC was instrumental in bringing this transaction to a successful close. They gracefully mediated the discussions, kept both parties focused on the
goal and worked their tails off, sacrificing family time and sleep. I would welcome the opportunity to work with AGC again in the future.”
— Stephan Ouaknine, President and CEO, Blueslice Networks
(America's acted as sole financial advisor to Blueslice Networks in May, 2010.)
“In a rapid manner, Jon Guido and the AGC team brought the Conduit story to the key decision makers at the top gaming and digital media acquirers and helped us
find a great home for our company. Our team is excited about driving Zynga’s presence in Boston.”
— Nabeel Hyatt, CEO of Conduit Labs
(America's acted as sole financial advisor to Conduit Labs in August, 2010.)
"We were very happy with the job that Jon Guido and the AGC team did in preparing us for this acquisition and guiding us through the process. I would strongly
recommend AGC to others."
— Tom MacIssac, CEO of ExtendMedia
(America's acted as sole financial advisor to ExtendMedia in August, 2010.)
"This marriage offers us the best of both worlds: the autonomy to continue pursuing OkCupid's original vision and the ability to leverage Match's reach and expertise
to grow even faster. Jon Guido and the team at AGC were instrumental in helping us determine which party was the best fit and did whatever was needed to bring our
transaction to a close. I would strongly recommend AGC as an M&A advisor.”
— Sam Yagan, CEO of OKCupid
(America's acted as sole financial advisor to OKCupid in January, 2011.)
“The KickApps team is delighted to be joining KIT digital at this exciting time for the IP Video and Social Media markets. Jon and his team have been great partners
and advisers throughout the process, and we look forward to work ing with AGC again in the future.”
— Alex Blum, CEO of KickApps
(America's acted as sole financial advisor to KickApps in January, 2011.)
51
What Our Clients Say About Us
“When this all started, I said I would never hire a banker. I am now glad that we did as the AGC team did an outstanding job of bringing this transaction
together. We are very excited to be joining the eBay/PayPal family.”
— Walt Doyle, President and CEO of WHERE
(America's acted as sole financial advisor to WHERE in April, 2011.)