17
DIGITAL MEDIA | INTERNET | SAAS SECTOR REPORT December 18 th , 2017
DIGITAL MEDIA | INTERNET | SAASSECTOR REPORT
December 18 th, 2017
2
Internet / Digital Media / SaaS
DEAL DASHBOARD
Notes:Source: Capital IQ, PitchBook, and Dow Jones VentureSource. 1) Criteria based on internet/digital media/SaaS Series A and subsequent rounds of global financings greater than or equal to $10MM. 2) Financings include Venture and Private Equity Growth/Expansion activity for internet/digital media/SaaS sectors. 3) Figures reflect total transactions and volume to date 2017. 4) Criteria based on global target internet/digital media/SaaS M&A deals with transaction enterprise values greater than $50MM. 5) Search/online advertising composite, internet commerce composite, internet content composite, diversified marketing composite, SaaS composite and social media composite used as proxy for internet/digital media/SaaS
landscape. Details on companies included can be found on the public valuation company slides.
DM Composite SPX
Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count
Select Financing Transactions Quarterly Financing Volume ($Bn) (1)(2) Quarterly M&A Volume ($Bn) (4)
Select M&A Transactions
Company Amount ($MM) Acquirer Target EV ($Bn)
$482.0 $55.3
$450.0 $14.9
$400.0 $6.6
$200.0( H R & B e n e f i t s B P O )
$4.3
$169.5 $3.7
$100.0 $2.7
$87.5 $1.0
$82.2 $1.0
Last 12 Months Digital Media Price Performance vs. S&P 500 (5)
612
2017 Financing Transactions (1)(2)(3)
$44.1 Billion
2017 Financing Volume (1)(2)(3)
$124.6 Billion
2017 M&A Volume (3)(4)
95
2017 M&A Transactions (3)(4)
(10%)
0%
10%
20%
30%
40%
194210 201
226
184 167190 200 198
0
50
100
150
200
250
$11 $10$13
$14
$8 $8
$15$16
$13
$0
$5
$10
$15
$20
$20 $21
$6
$55
$36
$14 $14 $17
$29
$0
$10
$20
$30
$40
$50
$60
32 31
25
32
25 2621
2832
0
10
20
30
40
41%
17%
3
GCA OVERVIEWDigital Media / Software Team
*Sascha Pfeiffer, Seth Kundrot, Thomas Egli, and Tobias Schultheiss are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.**Tomohiko Kubota is a Vice President at GCA Corporation.
New York640 Fifth Avenue, 10
thFl.
New York, NY 10019United States
Phone: (212) 999-7090
Tokyo11-1 Marunouchi 1-chome
Chiyoda-ku, Tokyo 100-6230Japan
Phone: +81 (3) 6212-7100
San FranciscoOne Maritime Plaza, 25th Fl.
San Francisco, CA 94111United States
Phone: (415) 318-3600
London1 Southampton St.London WC2R0LRUnited Kingdom
Phone: +44 20 7484 4040
FrankfurtThurn-und-Taxis-Platz 6
D-60313 FrankfurtGermany
Phone: +49 (0) 69 204 34 6410
Sascha Pfeiffer* Paul DiNardo Steve Fletcher Rich Jasen John Lambros James Orozco Joshua Wepman
Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director
Phone: +49 (0) 69 204 34 6410 Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3653 Phone: (212) 999-7083 Phone: (415) 318-3667 Phone: (212) 999-7092
[email protected] Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (415) 308-4760 Mobile: (917) 744-9011 Mobile: (415) 722-0922 Mobile: (917) 306-4168 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Gautam Garg Giuseppe Diprima Seth Kundrot* Thomas Egli* Tobias Schultheiss* Tomohiko Kubota** Arthur Stein
Vice President Vice President Managing Director Managing Director Managing Director Vice President Vice President
Phone: (415) 318-3692 Phone: (212) 999-7088 Phone: +44 207 484 4076 Phone: +41 (0) 43 499 43 43 Phone: +49 (0) 69 204 34 6410 Phone: +81 (3) 6212-7129 Phone: (415) 318-3662
Mobile: (650) 504-1772 Mobile: (347) 622-1887 Mobile: +44 777 192 6741 [email protected] [email protected] [email protected] Mobile: (415) 515-0820
[email protected] [email protected] [email protected] [email protected]
4
90%
95%
100%
105%
110%
115%
120%
125%
130%
9/8/2017 9/21/2017 10/4/2017 10/17/2017 10/30/2017 11/12/2017 11/25/2017 12/8/2017
80%
90%
100%
110%
120%
130%
140%
150%
160%
170%
180%
190%
200%
12/9/2016 1/30/2017 3/23/2017 5/14/2017 7/5/2017 8/26/2017 10/17/2017 12/8/2017
7.5%
9.9%
6.0%
12.3%
7.0%
32.5%
47.4%
25.6%
55.4%
6.1%
86.1%
(5.1%)
7.4%
6.3%
16.6%
Internet / Digital Media / SaaS
Diversified Marketing(5)
Internet Content(3)
Search / Online Advertising(1)
Gaming(7)
Media Conglomerates(6)
Internet Commerce(2)
SaaS(8)
Publishers(4)
NASDAQ
Social Media (9)
Last 12 Months Last 3 Months
48.5%
20.6%
0.9%
8.0%
4.8%
INDUSTRY STOCK MARKET VALUATION
Notes:(1) Search/Online Advertising Composite includes: CRTO, GOOGL, MCHX, MRIN, MSFT, QNST, RTHM, RUBI, TTD, YNDX.(2) Internet Commerce Composite includes: AMZN, APRN, BABA, CARG, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, OSTK, PCLN, PRSS, QUOT, QVCA, SFIX, SSTK, STMP, TRVG, TZOO.(3) Internet Content Composite includes: CRCM, DHX, EHTH, GDDY, IAC, RENN, SFLY, TGNA, TTGT, WEB, XOXO, ZG.(4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TRI, UBM-GB.(5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB.(6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, FOXA, SONY (6758-JP), VIAB, VIV.(7) Gaming Composite includes: ATVI, CYOU, DENA (2432-JP), EA, GLUU, GREE (3632-JP), GHO (3765-JP), NVR (A035420-KR), NCSOFT(A036570-KR), NTES, TENCENT (700-HK) ,UBI-FR, ZNGA. (8) SaaS Composite includes: APPF, APTI, AYX, BCOV, BOX, BV, CLDR, COUP, CRM, CSOD, ECOM, EVBG, HUBS, LOGM, LPSN, MB, MDB, MRIN, MULE, NOW, NTNX, OKTA, RNG, RP, SHOP, SSTI, ULTI, VERI, WDAY, YEXT, ZEN.(9) Social Media includes: FB, LINE (3938-JP), P, SNAP, TWTR, YELP.
5
29.0x
20.5x19.2x 18.8x
14.7x 14.6x
11.1x 10.8x 9.1x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x8.1x
7.3x
4.4x 4.1x 3.5x 2.9x
2.4x 2.4x1.6x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
INDUSTRY STOCK MARKET VALUATIONInternet / Digital Media / SaaS: Financial Metrics
EV / 2017E Revenue EV / 2017E EBITDA
Mean: 4.0xMedian: 3.5x
Mean: 16.4xMedian: 14.7x
Notes:(1) Search/Online Advertising Composite includes: CRTO, GOOGL, MCHX, MRIN, MSFT, QNST, RTHM, RUBI, TTD, YNDX.(2) Internet Commerce Composite includes: AMZN, APRN, BABA, CARG, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, OSTK, PCLN, PRSS, QUOT, QVCA, SFIX, SSTK, STMP, TRVG, TZOO.(3) Internet Content Composite includes: CRCM, DHX, EHTH, GDDY, IAC, RENN, SFLY, TGNA, TTGT, WEB, XOXO, ZG.(4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TRI, UBM-GB.(5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB.(6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, FOXA, SONY (6758-JP), VIAB, VIV.(7) Gaming Composite includes: ATVI, CYOU, DENA (2432-JP), EA, GLUU, GREE (3632-JP), GHO (3765-JP), NVR (A035420-KR), NCSOFT(A036570-KR), NTES, TENCENT (700-HK) ,UBI-FR, ZNGA. (8) SaaS Composite includes: APPF, APTI, AYX, BCOV, BOX, BV, CLDR, COUP, CRM, CSOD, ECOM, EVBG, HUBS, LOGM, LPSN, MB, MDB, MRIN, MULE, NOW, NTNX, OKTA, RNG, RP, SHOP, SSTI, ULTI, VERI, WDAY, YEXT, ZEN.(9) Social Media includes: FB, LINE (3938-JP), P, SNAP, TWTR, YELP.
6
PUBLIC COMPANY VALUATIONSInternet / Digital Media / SaaS: Financial Metrics (Cont’d)
Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.(1) Revenue multiples reflective of Net Revenue.
$MM, Except Per Share DataStock Trading Statistics Operating MetricsPrice LTM Price Range Equity Cash & Net Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
12/15/17 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E '16A/'15A '17E/'16A '18E/'17E CY 16A CY 17E CY 18E
Search / Online Advertising
Alphabet Inc. $1,072.00 $789.62 $1,080.00 $744,828 $100,143 ($96,179) $648,649 7.2x 5.9x 5.0x 17.7x 14.8x 12.4x 20.4% 21.3% 19.0% 40.5% 40.2% 40.1%
Microsoft Corporation 86.85 61.95 87.09 670,012 133,611 (44,660) 625,352 6.7 6.2 5.7 17.3 15.7 14.1 5.5% 8.9% 9.1% 38.9% 39.3% 40.1%
Yandex N.V. 32.05 19.92 35.32 10,441 1,071 (762) 9,774 7.9 6.2 5.0 22.9 21.0 15.0 49.2% 27.8% 24.3% 34.4% 29.4% 33.0%
The Trade Desk, Inc. (1) 49.25 26.40 67.30 2,023 133 (106) 1,917 9.4 6.2 4.9 29.4 21.0 15.8 78.3% 51.4% 28.4% 32.1% 29.7% 30.8%
Criteo S.A. 22.68 22.00 56.00 1,497 358 (348) 1,166 1.6 1.3 1.2 5.2 4.0 4.1 (44.8%) 26.9% 5.7% 30.8% 31.7% 29.4%
QuinStreet, Inc. 8.67 2.96 10.97 396 50 (50) 346 1.2 1.1 1.0 47.3 16.9 12.5 5.6% 8.0% 10.0% 2.4% 6.3% 7.8%
RhythmOne plc 2.92 2.74 6.66 145 39 (39) 106 0.6 0.4 0.3 NM 9.7 2.3 (5.6%) 36.8% 76.0% (0.9%) 4.6% 11.0%
Marchex, Inc. 3.15 2.50 3.75 138 104 (104) 33 0.3 0.4 0.4 NM 47.4 14.4 (9.4%) (30.8%) 0.5% (5.1%) 0.8% 2.6%
The Rubicon Project, Inc. (1) 1.74 1.69 9.16 85 139 (139) (54) NM NM NA NM NM 2.6 10.9% (3.8%) N/A 25.8% 23.7% N/A
Marin Software Incorporated 11.35 7.00 19.19 64 29 (27) 38 0.4 NA NA 15.8 NA NA (8.0%) N/A N/A 2.4% N/A N/A
Mean 3.9x 3.5x 2.9x 22.2x 18.8x 10.4x 10.2% 16.3% 21.6% 20.1% 22.9% 24.3%
Median 1.6 3.6 3.0 17.7 16.3 12.5 5.5% 21.3% 14.5% 28.3% 29.4% 30.1%
Internet Content
IAC/InterActiveCorp $121.44 $64.69 $137.86 $9,946 $1,255 $394 $10,861 3.5x 3.3x 2.8x 21.7x 18.8x 12.1x (2.8%) 3.5% 19.5% 16.0% 17.8% 23.2%
Zillow Group, Inc. 41.18 32.63 50.91 7,569 681 (300) 7,269 8.6 6.8 5.6 NM 30.8 22.9 31.3% 26.6% 20.5% 17.1% 22.0% 24.6%
GoDaddy Inc. 48.97 34.27 51.29 6,648 553 2,066 8,788 4.8 4.0 3.5 21.0 15.0 12.5 15.0% 20.4% 14.2% 22.6% 26.3% 27.6%
TEGNA Inc. 13.62 11.59 26.65 2,931 383 2,932 5,864 1.8 2.9 2.7 4.7 9.0 7.3 9.5% (40.0%) 7.6% 36.9% 32.4% 37.2%
Shutterfly, Inc. 47.03 39.76 53.99 1,544 101 312 1,856 1.6 1.6 1.5 8.9 8.4 7.1 7.1% 1.6% 5.3% 18.4% 19.2% 21.6%
Web.com Group, Inc. 22.73 17.25 25.95 1,108 8 658 1,766 2.4 2.3 2.3 9.8 9.1 8.6 34.1% 3.5% 3.8% 24.6% 25.6% 26.2%
Renren Inc. 10.46 6.01 11.98 716 163 8 725 11.4 NA NA NM NA NA 54.1% N/A N/A (109.4%) N/A N/A
Care.com, Inc. 18.00 8.05 20.88 542 96 (96) 445 2.8 2.6 2.3 33.2 20.3 14.8 16.6% 7.5% 9.5% 8.3% 12.6% 15.8%
XO Group Inc. 19.31 14.99 20.99 477 101 (101) 376 2.5 2.4 2.2 11.5 13.5 10.7 7.4% 4.9% 8.1% 21.4% 17.5% 20.3%
TechTarget, Inc. 14.04 8.00 14.16 387 28 7 394 3.7 3.6 3.2 21.3 18.2 13.5 (4.7%) 1.6% 13.4% 17.4% 20.0% 23.7%
eHealth, Inc. 17.79 10.28 28.59 331 51 (51) 280 1.5 1.6 1.5 49.2 NM 35.0 (1.4%) (8.8%) 11.5% 3.0% (10.3%) 4.2%
DHI Group, Inc. 2.00 1.60 6.75 100 22 46 147 0.6 0.7 0.7 2.5 3.7 3.6 (12.6%) (8.2%) 1.1% 25.4% 18.8% 19.2%
Mean 3.8x 2.9x 2.6x 18.4x 14.7x 13.5x 12.8% 1.1% 10.4% 8.5% 18.4% 22.1%
Median 2.6 2.6 2.3 16.3 14.2 12.1 8.5% 3.5% 9.5% 17.9% 19.2% 23.2%
7
PUBLIC COMPANY VALUATIONSInternet / Digital Media / SaaS: Financial Metrics (Cont’d)
Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.(1) Reflects Expedia's 63.5% controlling equity stake.
$MM, Except Per Share DataStock Trading Statistics Operating MetricsPrice LTM Price Range Equity Cash & Net Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
12/15/17 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E '16A/'15A '17E/'16A '18E/'17E CY 16A CY 17E CY 18E
Internet Commerce
Amazon.com, Inc. $1,179.14 $747.70 $1,213.41 $568,195 $24,310 $18,876 $587,071 4.3x 3.3x 2.6x NM 30.9x 22.9x 27.1% 30.2% 28.9% 8.6% 10.7% 11.2%
Alibaba Group Holding Limited 173.55 86.01 191.75 445,300 24,803 (11,014) 441,039 21.3 13.2 9.6 NM 28.7 21.4 42.5% 61.5% 37.4% 36.9% 45.9% 44.9%
The Priceline Group Inc. 1,760.00 1,459.49 2,067.99 85,834 7,253 2,384 88,218 8.2 7.0 6.1 21.3 18.7 16.5 16.5% 17.0% 14.3% 38.6% 37.5% 37.3%
Netflix, Inc. 190.12 122.87 204.38 82,271 1,746 3,142 85,413 9.7 7.3 5.7 NM NM 44.3 30.3% 32.3% 28.0% 5.0% 9.2% 12.9%
eBay Inc. 38.37 29.01 39.28 40,080 6,030 3,968 44,048 4.9 4.6 4.3 14.6 12.7 11.9 4.5% 6.5% 7.2% 33.5% 36.2% 36.2%
Expedia, Inc. 120.88 111.88 161.00 18,434 3,780 455 20,523 2.3 2.0 1.8 19.1 11.8 10.4 31.5% 15.2% 12.5% 12.2% 17.2% 17.3%
QVC Group 24.82 17.24 26.00 10,673 383 5,792 16,580 1.6 1.6 1.6 9.4 8.4 8.1 11.5% 0.7% 3.5% 17.2% 19.2% 19.3%
Copart, Inc. 44.11 27.56 44.42 10,203 224 360 10,563 7.7 6.6 5.9 21.6 17.8 15.0 17.8% 16.3% 11.0% 35.5% 37.1% 39.6%
GrubHub Inc. 72.30 32.43 73.32 6,268 332 (332) 5,936 12.0 8.7 6.4 NM 32.9 24.1 36.3% 37.8% 35.4% 23.5% 26.5% 26.8%
Cimpress N.V. 120.43 78.80 123.95 3,738 43 933 4,758 2.5 2.0 1.9 28.3 16.4 14.1 21.6% 22.4% 7.9% 8.7% 12.2% 13.2%
CarGurus, Inc. 30.63 25.85 35.42 3,250 86 (86) 3,164 16.0 10.1 8.3 NM NM NM 101.0% 57.7% 22.7% 5.4% 6.7% 6.5%
Stamps.com Inc. 179.20 100.55 233.13 3,132 184 (35) 3,097 8.5 6.8 5.8 22.0 13.5 11.3 70.3% 25.8% 16.3% 38.6% 50.1% 51.4%
Etsy, Inc. 20.50 9.41 20.54 2,495 311 (299) 2,196 6.0 5.0 4.2 NM 29.4 20.5 33.4% 19.8% 18.3% 9.6% 17.1% 20.7%
trivago N.V. (1) 6.99 6.45 24.27 2,451 223 (223) 2,229 2.8 1.8 1.7 NM NM NM 48.7% 52.9% 5.2% (3.6%) 1.0% 0.4%
Stitch Fix, Inc. 23.34 14.48 25.38 2,227 220 (220) 2,007 2.4 1.9 1.6 33.9 33.1 34.9 62.7% 30.1% 19.6% 7.2% 5.7% 4.5%
Overstock.com, Inc. 68.35 13.75 70.00 1,710 92 (36) 1,671 0.9 0.9 0.9 NM NM NM 8.6% 0.8% 2.0% 0.1% 0.4% 0.6%
Shutterstock, Inc. 43.00 29.85 55.07 1,491 235 (235) 1,256 2.5 2.3 2.1 19.7 13.6 12.1 16.3% 11.1% 11.0% 12.9% 16.8% 17.0%
Quotient Technology Inc. 12.10 9.10 17.85 1,123 183 (183) 939 3.4 2.9 2.4 NM 20.0 13.9 16.0% 16.8% 20.0% (2.4%) 14.6% 17.5%
Blue Apron Holdings, Inc. 4.22 2.94 11.00 802 342 (30) 772 NA 0.9 0.8 NA NM NM N/A N/A 6.0% N/A (17.3%) (9.8%)
1-800-FLOWERS.COM, Inc. 11.15 7.80 11.40 721 9 98 819 0.7 0.7 0.7 10.4 9.9 8.8 2.1% (2.5%) 1.2% 6.6% 7.1% 8.0%
Travelzoo 6.05 5.75 11.30 75 19 (19) 56 0.4 0.5 0.5 4.3 8.9 7.4 (9.3%) (19.6%) 4.1% 10.2% 6.1% 7.1%
CafePress Inc. 1.88 1.67 3.72 32 25 (25) 7 0.1 0.1 0.1 4.6 NM NM (4.6%) (13.7%) (1.9%) 1.4% (4.1%) (5.5%)
Mean 5.6x 4.1x 3.4x 17.4x 19.2x 17.5x 27.8% 20.0% 14.1% 14.6% 16.2% 17.1%
Median 3.4 2.6 2.2 19.4 17.1 14.1 21.6% 17.0% 11.8% 9.6% 13.4% 15.1%
Media Conglomerates / Selected Entertainment
Comcast Corporation $39.71 $34.12 $42.18 $185,595 $4,114 $60,847 $248,631 3.1x 2.9x 2.8x 9.4x 8.8x 8.3x 7.9% 5.1% 6.1% 32.9% 33.6% 33.4%
The Walt Disney Company 111.27 96.20 116.10 167,715 4,017 21,274 193,826 3.5 3.5 3.3 11.2 11.4 10.7 1.6% 1.2% 5.5% 31.5% 30.5% 30.8%
Twenty-First Century Fox, Inc. 34.99 24.81 35.86 64,820 6,901 12,948 79,719 2.8 2.7 2.6 11.2 11.3 10.2 5.9% 4.6% 4.6% 25.4% 24.1% 25.4%
Sony Corporation 44.41 28.94 48.66 56,120 5,766 6,095 68,150 1.1 0.9 0.9 16.5 7.2 7.1 (5.8%) 15.3% 5.2% 6.4% 12.8% 12.3%
Vivendi SA 26.39 18.78 27.65 33,151 3,152 3,761 37,283 3.3 2.5 2.2 31.2 21.9 16.7 (2.3%) 29.8% 13.3% 10.5% 11.5% 13.3%
CBS Corporation 58.90 52.75 70.10 22,519 144 9,545 32,064 2.2 2.4 2.3 9.5 10.4 9.3 13.5% (5.8%) 4.2% 23.5% 22.8% 24.4%
Viacom, Inc. 30.24 22.13 46.72 12,164 1,389 9,730 22,226 1.8 1.7 1.7 7.8 7.6 7.2 (3.2%) 3.9% 0.1% 22.6% 22.4% 23.6%
Discovery Communications, Inc. 21.04 15.99 30.25 11,911 7,172 7,536 19,807 3.0 2.9 2.7 8.2 8.0 7.8 1.6% 4.3% 6.9% 37.3% 36.7% 35.0%
Mean 2.6x 2.4x 2.3x 13.1x 10.8x 9.7x 2.4% 7.3% 5.7% 23.8% 24.3% 24.8%
Median 2.9 2.6 2.4 10.3 9.6 8.8 1.6% 4.5% 5.3% 24.4% 23.5% 24.9%
Publishers
Thomson Reuters Corporation $44.35 $42.91 $48.98 $31,561 $979 $6,380 $38,435 3.4x 3.4x 3.3x 12.1x 11.3x 10.8x (0.8%) 1.6% 2.5% 28.4% 30.0% 30.5%
News Corporation 16.02 11.42 16.87 9,338 1,877 (1,491) 8,130 1.0 1.0 1.0 8.7 8.7 8.4 (1.6%) 0.6% 0.3% 11.4% 11.4% 11.7%
Pearson plc 9.66 7.35 11.16 7,857 609 2,323 10,187 1.8 1.7 1.7 10.5 10.9 11.1 (14.7%) 8.6% (2.3%) 17.2% 15.4% 15.4%
Lagardère SCA 32.26 27.24 34.07 4,135 863 1,917 6,202 0.8 0.7 0.7 9.2 8.1 7.9 (3.7%) 6.6% 1.8% 8.6% 9.2% 9.2%
UBM plc 10.04 8.51 10.35 3,949 152 718 4,716 4.4 3.6 3.6 15.1 11.7 11.6 (6.2%) 24.6% (0.2%) 29.2% 30.3% 30.6%
Graham Holdings Company 565.85 502.25 615.85 3,130 915 (421) 2,725 1.4 NA NA 6.9 NA NA (13.5%) N/A N/A 20.7% N/A N/A
The New York Times Company 18.65 13.00 20.15 3,025 581 (332) 2,693 1.7 1.6 1.6 11.2 9.7 9.5 (1.5%) 6.7% 1.9% 15.5% 16.7% 16.8%
Time Inc. 18.50 9.90 20.40 1,843 332 891 2,735 0.9 1.0 1.0 6.6 7.7 6.7 (1.0%) (9.6%) (6.1%) 13.5% 12.7% 15.6%
Gannett Co., Inc. 11.57 7.36 12.38 1,293 110 265 1,558 0.5 0.5 0.5 4.5 4.3 4.4 5.6% 3.2% (3.9%) 11.5% 11.5% 11.7%
Mean 1.8x 1.6x 1.6x 9.4x 9.1x 8.8x (4.1%) 4.7% (0.4%) 17.3% 17.2% 17.5%
Median 1.4 1.2 1.2 9.2 9.2 9.0 (1.6%) 4.1% (0.4%) 15.5% 14.3% 15.0%
8
PUBLIC COMPANY VALUATIONSInternet / Digital Media / SaaS: Financial Metrics (Cont’d)
Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.
$MM, Except Per Share DataStock Trading Statistics Operating MetricsPrice LTM Price Range Equity Cash & Net Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
12/15/17 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E '16A/'15A '17E/'16A '18E/'17E CY 16A CY 17E CY 18E
Diversified Marketing
WPP plc $18.50 $16.49 $25.68 $23,491 $3,709 $6,064 $30,124 1.7x 1.5x 1.5x 10.1x 8.9x 8.6x (1.5%) 14.7% 1.6% 16.8% 16.7% 16.8%
Experian plc 21.32 19.02 22.75 19,323 122 3,465 22,798 5.0 NA 4.8 14.7 NA 14.1 N/A N/A N/A 34.1% N/A 34.0%
Equifax Inc. 119.51 89.59 147.02 14,351 315 2,391 16,807 5.3 5.0 4.9 14.9 13.8 13.7 18.1% 6.5% 3.0% 35.8% 36.3% 35.4%
Nielsen Holdings plc 37.22 34.22 45.73 13,257 662 7,785 21,243 3.4 3.2 3.1 11.0 10.5 10.3 2.2% 4.0% 3.2% 30.7% 30.9% 30.5%
Alliance Data Systems Corporation 239.81 209.00 266.25 13,249 3,326 20,157 33,406 4.7 4.3 3.9 15.9 16.7 14.4 10.8% 8.6% 10.8% 29.4% 25.9% 26.9%
The Interpublic Group of Companies, Inc. 20.46 18.30 25.71 7,951 705 1,394 9,609 1.2 1.2 1.2 8.8 8.4 8.0 3.1% (0.1%) 3.4% 14.0% 14.6% 14.8%
Acxiom Corporation 27.57 21.80 30.40 2,184 170 61 2,245 2.6 2.5 2.3 13.6 13.1 10.4 5.9% 2.3% 10.7% 18.8% 19.1% 21.7%
MDC Partners Inc. 10.90 6.10 12.26 636 19 912 1,654 1.2 1.1 1.0 9.4 8.1 7.3 4.5% 9.7% 5.7% 12.8% 13.4% 14.1%
Harte Hanks, Inc. 0.96 0.73 1.65 59 11 1 60 0.1 0.2 0.2 NA 9.6 5.4 (9.0%) (3.1%) (1.3%) N/A 1.6% 2.9%
Mean 2.8x 2.4x 2.5x 12.3x 11.1x 10.2x 4.3% 5.3% 4.6% 24.0% 19.8% 21.9%
Median 2.6 2.0 2.3 12.3 10.0 10.3 3.8% 5.3% 3.3% 24.1% 17.9% 21.7%
Gaming
Tencent Holdings Limited $49.78 $22.99 $56.26 $469,198 $21,752 ($1,921) $469,061 21.4x 12.9x 9.4x 48.7x 33.1x 25.8x 38.1% 66.0% 37.9% 44.0% 39.1% 36.3%
Activision Blizzard, Inc. 66.73 35.86 67.03 50,455 3,656 732 51,187 7.8 7.3 6.9 20.8 19.9 17.2 41.5% 6.0% 5.9% 37.2% 36.7% 40.2%
NetEase, Inc. 355.79 211.11 375.10 46,701 6,115 (5,253) 41,638 7.5 5.2 4.1 22.1 19.8 16.2 58.3% 44.2% 25.9% 33.9% 26.3% 25.5%
Electronic Arts Inc. 109.28 77.94 122.79 33,650 4,355 (3,364) 30,286 6.3 6.0 5.4 18.8 17.8 14.5 11.7% 6.2% 10.5% 33.8% 33.5% 37.3%
Naver Corporation 775.43 658.75 895.79 22,338 2,905 (2,576) 20,262 6.1 4.7 4.1 19.3 15.7 12.9 20.8% 28.6% 15.0% 31.4% 30.0% 31.7%
NCsoft Corporation 442.84 221.42 455.24 9,411 1,279 (1,149) 8,272 10.1 5.0 4.2 27.6 13.8 10.2 14.7% 101.9% 20.1% 36.7% 36.3% 41.1%
Ubisoft Entertainment SA 74.90 34.85 85.01 8,211 824 220 8,431 5.6 3.9 3.5 11.5 10.7 8.1 8.2% 41.5% 11.7% 48.4% 36.6% 43.3%
Zynga Inc. 4.04 2.40 4.34 3,517 772 (772) 2,745 3.7 3.2 2.9 44.3 21.3 15.8 (3.0%) 14.2% 10.3% 8.4% 15.2% 18.7%
DeNA Co., Ltd. 20.54 19.55 27.19 2,981 874 (874) 2,172 1.8 1.7 1.7 7.5 7.3 5.8 2.1% 2.6% 0.9% 23.7% 23.7% 29.3%
GungHo Online Entertainment, Inc. 2.80 2.14 3.05 1,994 440 (436) 1,576 1.6 1.9 2.2 3.8 4.6 5.8 (25.0%) (15.4%) (11.1%) 43.2% 41.8% 37.4%
Changyou.com Limited 35.89 21.13 44.55 1,831 881 (881) 953 1.8 1.6 1.5 6.1 4.4 4.6 (31.0%) 12.6% 4.6% 29.9% 36.8% 33.5%
Gree, Inc. 6.55 5.26 9.87 1,535 728 (728) 807 1.5 1.2 1.0 7.7 6.6 4.8 (19.7%) 26.5% 15.9% 19.5% 17.9% 21.3%
Glu Mobile Inc. 4.45 1.85 4.95 610 66 (66) 544 2.7 1.8 1.6 NM NM 37.3 (19.7%) 50.3% 12.3% (19.5%) (3.1%) 4.3%
Mean 6.0x 4.4x 3.7x 19.8x 14.6x 13.8x 7.5% 29.6% 12.3% 28.5% 28.5% 30.8%
Median 5.6 3.9 3.5 19.0 14.8 12.9 8.2% 26.5% 11.7% 33.8% 33.5% 33.5%
Social Media & New Platform
Facebook, Inc. $180.18 $114.77 $184.25 $523,569 $38,289 ($38,289) $485,280 17.6x 12.1x 9.1x 26.8x 18.8x 15.2x 54.2% 45.5% 33.1% 65.4% 64.1% 59.8%
Snap Inc. 15.75 11.28 29.44 18,967 2,298 (2,282) 16,685 41.2 21.1 12.7 NM NM NM 589.1% 95.8% 65.2% (121.5%) 1.9% 2.8%
Twitter, Inc. 22.23 14.12 23.24 16,442 4,258 (2,486) 13,957 5.5 5.8 5.5 18.6 17.6 16.5 14.0% (5.3%) 6.3% 29.7% 33.1% 33.3%
LINE Corporation 42.19 30.96 45.07 9,351 1,146 (950) 8,436 7.0 5.5 4.9 39.4 26.8 24.9 20.3% 26.7% 13.1% 17.8% 20.6% 19.7%
Yelp Inc. 42.43 26.93 48.40 3,517 558 (558) 2,959 4.1 3.5 3.1 24.6 18.9 15.0 29.7% 18.3% 12.7% 16.8% 18.6% 20.7%
Pandora Media, Inc. 5.19 4.44 13.72 1,291 499 (232) 1,059 0.8 0.7 0.7 NM NM NM 19.0% 4.2% 8.8% (8.6%) (9.8%) (2.6%)
Mean 12.7x 8.1x 6.0x 27.4x 20.5x 17.9x 121.1% 30.9% 23.2% (0.1%) 21.4% 22.3%
Median 6.3 5.7 5.2 25.7 18.8 15.8 25.0% 22.5% 12.9% 17.3% 19.6% 20.2%
9
PUBLIC COMPANY VALUATIONSInternet / Digital Media / SaaS: Financial Metrics (Cont’d)
Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.
$MM, Except Per Share DataStock Trading Statistics Operating MetricsPrice LTM Price Range Equity Cash & Net Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
12/15/17 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E '16A/'15A '17E/'16A '18E/'17E CY 16A CY 17E CY 18E
SaaS
Salesforce.com, inc. $105.48 $68.23 $109.19 $76,188 $3,629 ($1,040) $75,148 9.0x 7.2x 6.0x 43.1x 33.8x 27.5x 25.9% 24.4% 20.0% 20.8% 21.3% 21.8%
ServiceNow, Inc. 129.50 73.66 130.05 22,366 1,672 (515) 21,850 15.7 11.4 8.7 NM NM 34.6 38.3% 38.2% 30.9% 17.9% 21.9% 25.1%
Workday, Inc. 103.47 65.79 116.89 21,729 3,211 (1,738) 19,991 12.7 9.4 7.5 NM NM 44.8 35.0% 36.0% 24.7% 9.2% 16.2% 16.8%
Shopify Inc. 105.22 39.85 123.94 10,509 927 (927) 9,583 24.6 14.5 10.0 NM NM NM 89.7% 69.6% 44.6% 0.5% 2.8% 5.1%
The Ultimate Software Group, Inc. 218.28 180.29 233.42 6,521 138 (129) 6,393 8.2 6.8 5.7 34.6 29.8 23.4 26.4% 19.6% 19.1% 23.6% 23.0% 24.6%
LogMeIn, Inc. 118.75 90.35 129.51 6,251 276 (276) 5,975 17.8 5.9 5.1 NM 16.2 13.4 23.7% 202.9% 14.5% 26.6% 36.3% 38.3%
Nutanix, Inc. 36.00 14.38 38.28 5,775 366 (366) 5,409 9.0 5.5 4.5 NM NM NM 83.4% 61.8% 23.6% (54.4%) (11.8%) 1.7%
RingCentral, Inc. 48.95 20.55 49.95 3,786 172 (172) 3,614 9.5 7.3 5.9 NM NM NM 28.2% 31.2% 23.8% 5.5% 6.5% 7.3%
RealPage, Inc. 45.55 28.00 46.80 3,775 109 288 4,064 7.2 6.1 5.0 31.9 25.1 19.1 21.1% 18.3% 21.6% 22.4% 24.1% 26.1%
Zendesk, Inc. 34.24 20.86 35.89 3,476 227 (227) 3,249 10.4 7.6 5.9 NM NM NM 49.4% 36.8% 29.7% 2.1% 3.2% 4.8%
HubSpot, Inc. 90.85 44.90 91.40 3,395 492 (198) 3,197 11.8 8.6 6.8 NM NM NM 48.9% 36.9% 27.5% (0.3%) 5.9% 7.5%
MuleSoft, Inc. 23.23 19.40 29.00 3,019 182 (182) 2,837 15.1 10.4 7.7 NM NM NM 70.3% 45.3% 35.4% (24.7%) (18.4%) (15.1%)
Box, Inc. 21.19 13.56 24.10 2,885 173 (88) 2,797 7.0 5.5 4.5 NM NM NM 31.7% 27.0% 23.4% (7.6%) (3.8%) 4.0%
Okta, Inc. 25.95 21.52 33.64 2,645 224 (224) 2,421 NA 9.6 7.2 NA NM NM N/A N/A 32.5% N/A (25.8%) (21.2%)
Cloudera, Inc. 17.51 14.50 23.35 2,473 278 (278) 2,195 13.2 8.4 6.3 NM NM NM 52.1% 57.2% 33.3% (118.1%) (59.6%) (36.2%)
Cornerstone OnDemand, Inc. 35.07 33.24 44.25 2,031 309 (63) 1,967 4.6 4.1 3.9 NM 31.8 22.0 24.6% 14.2% 4.4% 7.3% 12.8% 17.7%
Coupa Software Incorporated 32.75 22.50 37.73 1,803 219 (219) 1,583 11.8 8.7 7.0 NM NM NM 59.9% 35.8% 24.0% (23.1%) (6.7%) (4.0%)
Alteryx, Inc. 27.76 14.61 29.16 1,642 157 (157) 1,486 NA 11.5 8.5 NA NM NM N/A N/A 36.3% N/A (5.3%) (4.1%)
MINDBODY, Inc. 32.20 20.00 36.25 1,504 225 (210) 1,294 9.3 7.1 5.7 NM NM NM 37.1% 30.8% 25.4% (3.5%) 4.5% 9.1%
MongoDB, Inc. 29.42 24.62 34.00 1,488 289 (289) 1,199 11.8 7.9 5.8 NA NA NA 55.3% 50.1% 35.3% N/A N/A N/A
Yext, Inc. 12.30 11.12 15.11 1,122 113 (113) 1,009 NA 5.9 4.5 NA NM NM N/A N/A 32.4% N/A (23.7%) (16.7%)
Apptio, Inc. 22.84 10.77 24.50 922 136 (135) 787 4.9 4.2 3.7 NM NM NM 24.2% 15.8% 15.4% (7.3%) (2.7%) 2.7%
Everbridge, Inc. 28.70 16.63 29.99 811 48 (48) 763 9.9 7.4 5.8 NM NM NM 30.9% 34.9% 26.3% 0.0% (0.5%) 2.9%
LivePerson, Inc. 12.30 5.43 15.10 732 54 (54) 678 3.0 3.1 2.9 35.3 37.3 30.4 (6.8%) (2.1%) 7.2% 8.6% 8.3% 9.6%
Bazaarvoice, Inc. 5.50 3.80 5.50 473 65 (65) 408 2.0 2.0 1.9 27.8 16.1 13.1 2.2% 3.2% 4.6% 7.3% 12.2% 14.3%
Veritone, Inc. 22.75 7.76 74.92 366 75 (75) 291 32.7 16.2 7.7 NM NM NM (36.0%) 101.6% 109.8% (260.9%) (148.8%) (60.0%)
ChannelAdvisor Corporation 9.30 8.30 15.85 247 54 (53) 194 1.7 1.6 1.4 26.1 41.6 25.4 12.5% 8.5% 9.8% 6.6% 3.8% 5.7%
Brightcove Inc. 7.05 5.40 9.30 244 22 (22) 223 1.5 1.4 1.3 39.1 NM 41.2 11.6% 3.4% 6.4% 3.8% (4.2%) 3.3%
ShotSpotter, Inc. 13.91 9.33 20.15 136 15 (2) 134 8.6 6.4 4.7 NM NM NM 31.5% 35.5% 35.0% (15.6%) (10.0%) (0.8%)
Marin Software Incorporated 11.35 7.00 19.19 64 29 (27) 38 0.4 NA NA 15.8 NA NA (8.0%) N/A N/A 2.4% N/A N/A
Mean 10.1x 7.3x 5.6x 31.7x 29.0x 26.8x 32.0% 39.9% 26.8% (13.5%) (4.2%) 3.2%
Median 9.3 7.2 5.8 33.3 30.8 25.4 30.9% 35.2% 24.7% 2.2% 3.0% 5.0%
10
Valuation Correlation to Growth and Cash Flow
Notes:Source: Capital IQ and Wall Street Estimates. When analyzing the same data set, R value of 2017E Revenue Multiple and 2017E Revenue Growth % is 0.82.
CY 2017E Revenue Growth % + CY 2017E FCF Margin %
Ente
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CY
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PUBLIC SAAS COMPANIES
Company Identifier
APPF
APTI
BCOV
BOX
BV
COUP
CRM
CSOD
ECOM
EVBG
HUBS
LPSN
MB
MRIN
NOW
NTNX
RNG
RP
SHOP
ULTI
WDAY
ZEN
Selected Public SaaS Companies
WDAY NOW
ULTI
SHOP
ZEN
CSOD
RP
HUBS
BOX
RNG
MB
APPF
LPSN
BVBCOVECOM
MRIN
COUP
CRMEVGB
APTI NTNX
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
(10%) 0% 10% 20% 30% 40% 50% 60% 70%
R = 0.82
11
Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Enterprise Value <$50MM not included. (1) Multiples based on Capital IQ consensus estimates.(2) LTM Multiple based on period ending 9/30/17.(3) Multiple based on acquirer press release 11/30/17.(4) LTM Multiple based on period ending 11/28/17.
RECENT ACQUISITIONSInternet / Digital Media / SaaS
($MM)
Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA
12/14/2017 $55,272 2.4x 9.9x 2.3x 9.2x
12/13/2017 $550 NA NA NA NA
12/7/2017 $90 NA NA NA NA
12/4/2017 $70 NA NA NA NA
11/29/2017 $990 2.2x 11.9x NA NA
11/27/2017 $459 2.2x NM 2.2x 19.8x
11/26/2017 $2,713 1.0x 7.2x 1.1x 7.1x
11/16/2017 $112 NA NA NA NA
11/9/2017 $291 NA NA NA NA
10/31/2017 $93 NA NA NA NA
10/23/2017 $1,913 5.4x NM 4.7x 19.3x
10/17/2017 $200 NA NA NA NA
10/17/2017 $1,019 3.4x 46.0x NA NA
(1)
(4)
(3)
(4)
(2)
(1)(2)
12
Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Enterprise Value <$50MM not included. (1) Represents acquisition of additional 4% of target for 51% ownership.(2) Multiple(s) based on 451Research Estimates.(3) Multiple(s) based on Capital IQ consensus estimates.(4) LTM multiple based on period ending 6/30/17.
RECENT ACQUISITIONSInternet / Digital Media / SaaS (Cont’d)
($MM)
Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA
10/8/2017 $820 NA NA NA NA
9/26/2017 $807 NA NA NA NA
9/25/2017 $354 NA NA NA NA
9/20/2017 $225 6.4x NA NA NA
9/20/2017 $631 3.6x NM NA NA
9/12/2017 $385 NA NA NA NA
9/6/2017 $475 NA NA NA NA
9/5/2017 $112 0.7x 11.1x NA NA
8/31/2017 $128 NA NA NA NA
8/28/2017 $107 0.7x NM 1.0x 20.5x
8/22/2017 $115 0.8x 15.5x NA NA
8/15/2017 $107 8.6x NA NA NA
8/7/2017 $50 NA NA NA NA
(2)(4)
(3)(4)
(2)
(2)
(3)
(2)
(2)
(1)
13
Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Enterprise Value <$50MM not included. (1) Multiple(s) based on 451Research Estimates.(2) LTM multiple based on acquirer press release 8/2/17.(3) Multiples based on Capital IQ consensus estimates.(4) LTM multiple based on period ending 6/30/17.
RECENT ACQUISITIONSInternet / Digital Media / SaaS (Cont’d)
($MM)
Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA
8/4/2017 $59 NA NA NA NA
8/3/2017 $950 NA NA 2.4x NA
8/3/2017(Communities & Sports Division)
$1,200 NA NA NA NA
8/3/2017 $288 NA NA NA NA
8/2/2017 $250 NA NA 5.0x NA
8/2/2017 $130 2.0x NM 1.8x 14.2x
8/1/2017 $80 1.5x NA NA NA
7/31/2017 $14,920 4.3x 9.3x 4.1x 10.2x
7/31/2017 $151 NA NA NA NA
7/27/2017 $112 NA NA NA NA
7/26/2017 $225 2.1x NM 1.9x 18.9x
7/24/2017 $3,666 5.2x 16.0x 5.1x 15.1x
7/24/2017 $99 2.4x 18.9x NA NA
(1)
(1)
(2)
(1) (2)
(3) (4)
(3) (4)
(3) (4)
14
RECENT ACQUISITIONSInternet / Digital Media / SaaS (Cont’d)
Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Enterprise Value <$50MM not included. (1) Multiple(s) based on Capital IQ consensus estimates.(2) LTM multiple based on period ending 3/31/17.(3) LTM multiple based on period ending 4/30/17.(4) LTM multiple based on period ending 3/31/16.(5) LTM multiple based on period ending 12/31/16.(6) Multiple(s) based on Wall Street estimates.
($MM)
Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA
7/18/2017 $150 0.3x NM 0.4x NM
7/12/2017 $80 NA NA NA NA
7/10/2017 $201 0.3x 6.9x NA NA
7/7/2017 $133 3.3x 20.6x NA NA
7/6/2017 $1,260 4.2x NA NA NA
7/5/2017 $88 4.9x 24.4x NA NA
7/3/2017 $1,434 3.0x 14.2x 2.8x 11.1x
6/29/2017 $55 NA NA NA NA
6/27/2017 $50 NA NA NA NA
6/26/2017 $160 NA NA NA NA
6/23/2017 $986 2.1x 18.2x 1.3x 5.0x
6/22/2017 $294 0.7x NM 0.9x NM
6/21/2017 $138 2.7x 21.2x 2.5x 12.8x
(1)(4)
(1)(3)
(1)(2)
(1)(4)
(1)(5)
(5)(6)
(1)
15
RECENT ACQUISITIONSInternet / Digital Media / SaaS (Cont’d)
Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Aggregate Value <$50MM not included.(1) Multiple(s) based on Wall Street estimates.(2) LTM multiple based on period ending 3/31/17.(3) Multiple(s) based on Capital IQ consensus estimates.(4) LTM multiple based on period ending 1/31/17. (5) LTM multiple based on period ending 12/31/16.
($MM)
Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA
6/20/2017 $55 1.6x NA NA NA
6/20/2017 $100 NA NA NA NA
6/14/2017 $135 2.2x NM 2.2x NM
6/12/2017 $60 NA NA NA NA
6/9/2017 $200 NA NA NA NA
6/5/2017 $75 1.1x NM NA NA
6/5/2017 $200 NA NA NA NA
5/30/2017 $536 5.6x NM 4.8x NM
5/26/2017 $59 4.6x NA NA NA
5/23/2017 $412 1.0x 17.5x NA NA
5/23/2017 $90 1.0x NA NA NA
5/23/2017 $395 NA NA NA NA
5/11/2017 $125 NA NA NA NA
(3)(5)
(3)(4)
(2)
(1)
(3)(4)
(3)(5)
16
VENTURE CAPITAL INDUSTRYTMT: Transactions Since Q3 2002
Notes:(1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment,
Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & Security Systems, and Software.
(1)
0
200
400
600
800
1,000
$0
$2
$4
$6
$8
$10
$12
$14
Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017
Nu
mb
er o
f In
vest
men
ts
$B
n
Quarter - Year
Number of Deals Investment Amount
17
GCA OVERVIEWSelected Recent Digital Media and Software Transactions
Acquired by Acquired by Acquired by Acquisition of Acquired by Financing Acquired by Acquired by Strategic Investment
Series C from
We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller
Acquired By Acquired By Sale of Controlling Preferred Stock Acquired by Acquired by Acquired by Acquired by Acquired by
Interest to
We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller
Divestiture of
Preferred Stock Equity Investment Acquisition of Strategic Alternatives Preferred Stock Acquired by Acquired by Acquired by
& Capital Allocation
toUndisclosed
We Advised the Seller Financial Advisor Financial Advisor We Advised the Buyer Strategic Advisor Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller
Acquired by Preferred Stock Preferred Stock Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by
Consortium Led by A subsidiary of
We Advised the Seller Financial Advisor Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller
Sale of
Acquired by Acquired by Acquired by Acquired by Acquired by Preferred Stock Acquired by Acquisition of
to
We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer
Japan
