May 2020 V2 Update Marketing software trends MarTech in a ......on B2B SaaS, B2C e-commerce,...

CONFIDENTIAL

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May 2020 V2 Update

Marketing software trends

MarTech in a post-pandemic world

CONFIDENTIAL

▪ ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key focus

on B2B SaaS, B2C e-commerce, payments, mobile commerce, marketplaces and B2B services for retail

technologies (IT and marketing services, in-store, fulfillment, logistics, call center, analytics, personalization, location

intelligence)

▪ Headquartered in San Francisco with European coverage from London & Moscow, and LATAM coverage from Sao

Paulo. Our firm works with mid-cap public companies on buyside initiatives and public and private growth companies

on financing and strategic M&A

▪ In addition to being the only boutique focused on disruptive commerce models, we differentiate by:

‒ Bringing bulge bracket techniques to emerging models;

‒ A strong and uncommon buyside/strategy practice;

‒ Deep understanding of industry drivers and synergy analyses;

‒ Deep relationships across the sector; and

‒ Worldwide coverage with closed transactions in the United States, Japan, China, the ASEAN region, Western

and Eastern Europe and Latin America

▪ Your global ComCap team:

2

An introduction to ComCap

Aron Bohlig

Managing Partner

M: +1 415-235-8270

E: [email protected]

Fermin Caro

Director

M: +1 650-743-7825


Carlos Gonzalez

Director

M: +7 985-062-9894


Uren Dhanani

Vice President

M: +1 604-816-4989


CONFIDENTIAL

$740.0

$561.0

$93.0 $87.0 $77.0 $69.0 $55.0 $44.0 $22.0 $16.0

China US UK Japan Germany South Korea France Canada Australia Brazil

Retail Ecommerce Sales Worldwide – 2019 ($US b)1

3

ComCap – Active in 14 countries, including 9 of the top 10

global ecommerce markets

1Source: Shopify Plus Ecommerce Playbook

CONFIDENTIAL

Theme Description Select companies

LogisticsEmerging platforms and providers innovating and optimizing the many facets of the supply

chain ecosystem

B2C and Vertical

Brands (DNVBs)

Digitally native D2C brands harnessing modern technology and business models to reach the

end consumer, covering clothing, accessories, personal care, home and kitchen, furniture, and

other consumer-focused products

Artificial Intelligence /

Analytics

Focus on disruptors in the artificial intelligence space focused on ecommerce, logistics, retail,

predictive, payment, risk and marketing

Ecommerce SaaS Emerging and disruptive SaaS businesses in the ecommerce sector

FintechRetail and commerce-related disruptors in the fintech universe. Current focus areas include

payments, risk analytics, false declines and retail point-of-sale, especially mobile (mPOS)

Marketing SuitesEmerging platforms in digital marketing, who focus on optimization in digital marketing and

content delivery

MobileFocused on mobile solution providers optimizing the mobile experience from desktop-to-mobile

website conversions, targeted mobile marketing, to simplifying the mobile checkout experience

Personalization Emerging players in the ecommerce personalization space

Retail In-store

technology

Platforms and solutions that enable retailers improve customer experience, productivity, and

operational inefficiencies

Agencies and System

Integrators

Agencies and systems Integrators implementing retail focused technology spanning the above

sectors, including large SIs covering multiple platforms, as well as smaller SIs covering just one

or a handful of platforms

4

ComCap’s current thematic focus areas

CONFIDENTIAL

Source: Capital IQ, Crunchbase

Marketing Software funding landscape

Digital ExperienceCustomer Data Customer Engagement DiversifiedMarketing Analytics

To

tal F

un

din

g (IN

$M

)

$20

$120

$400

$80

$60

$40

$100

$150

$200

$1000

Acquired

Publically

listed

companies

CONFIDENTIAL

Spending on MarTech is growing with a strong focus on marketing automation. The

marketing automation technology is expected to grow at 14% CAGR from 2017-

2023

Global MarTech market is expected to grow strongly with higher marketing spending, innovations

in digital marketing and an extremely large number of niche market participants

Brands reduce, delay or halt spending that negatively impacts the marketers; under high

pressure post COVID-19. Increase in focus on digital marketing may ease off the pressure

Personalization in MarTech is not optimized yet; stronger evolution of AI / ML

suggests there is still major scope for growth

Global social distancing is making video emerge as the new ‘King of Marketing’: Explosive growth of

ZOOM and TikTok

Marketing automation is growing deeper and wider due to digitalization of industries, rising

internet penetration, and use of mobile devices

What could Retail Personalization in a post-COVID market look like?

6

4

1

2

3

7

6

MarTech – Key themes for 2020

5

CONFIDENTIAL

7

Growth of the MarTech landscape

• The global digital marketing software market size is

expected to reach $151.8b by 2027, registering a CAGR of

17.4% from 2019 to 2027

• Growth is expected to be driven by on-going innovations in

digital marketing, and the pandemic, which has boosted

‘virtual’ marketing

• Spending across the different components of MarTech is

expected to increase sharply in the coming years, driven

by extensive automation of various marketing functions,

and wide usage of AI / ML

Market overview

Global MarTech market size estimated to be worth $151.8b

Note: (1) According to Transparency Market Research Market report, “The global smart & mobile supply chain solutions market”

Source: MarketWatch, ResearchandMarket, Cision

150 350947

1,876

3,874

5,381

6,289

7,040

8,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

# of MarTech companies

1

Digital experience platform (DXP)

Customer engagement platforms (CEPs)

▪ North America is the largest CEP

market driven by IBM, Microsoft,

Nuance Communications, Oracle,

and Salesforce

▪ Integration with AI is another

trend that is becoming a standard

offering by vendors

▪ Increasing efforts to deliver

personalized user engagement &

UX across multiple marketing

channels will drive growth

▪ Due to growing demand, solution

providers are focusing on

acquisitions & new product

development

Customer data platform (CDP)

▪ The global CDP market is expected to grow from $2.4b in

2020 to $10.3b by 2025, at a CAGR of 34.0%

▪ The growing adoption of account-based marketing among

organizations to manage data pertaining to their online

and offline customers determines apt marketing strategies

to drive growth

▪ In 2018, CDP vendors raised funds over $1.5b and were

deployed by over ~4,000 enterprises

$7.9

$13.9

2019 2024

$13.8

$27.5

2018 2024

In $b

In $b

CONFIDENTIAL

8Sources: Various news articles and press releases

Key drivers for MarTech growth in the current environment

Deepening usage of social media

The percentage of US adults who use social media has increased from 5% in 2005 to 79% in 2019. This massive

increase is encouraging companies to increase their spending on creating interactive and intuitive digital content

for marketing purposes

The COVID-19 lockdown

The on-going lockdowns have resulted in a sharp increase in the consumption of digital content. As many

organizations prepare for a prolonged period of work from home scenario, where both, employees and

clients/customers would have to be reached out remotely, the use of several MarTech tools is likely to increase

AI / ML going to the next level

Wider application of AI and ML is positively impacting the MarTech market, as organizations are emphasizing the

adoption of these technologies for improving the customer experience. Newer areas of application include,

complaint resolutions, post-sales service, and personalized customer outreach using technologies like AR and VR

Marketing Automation

Automating various marketing functions allows brands to maintain an omni-channel presence by detecting the

most favored channels of a customer and sending personalized messages to only those channels. eMarketer

predicts around 86% of digital ads displayed in the US will be programmatic by the end of 2020. It is expected to

boost the market growth by using various automation technologies for advertising to achieve higher conversions

and lower acquisition costs

Video Marketing

As per eMarketer, the average time spent per day with digital video in the US is expected grow to slightly more

than 2 hours per day in 2020, and increase of 19.4% over 2019, driven by more ‘stay-at-home’ times, newer video

platforms, and higher digitization of older TV content. Marketers are therefore likely to shift ad budgets away from

TV and websites and toward digital video platforms

1

CONFIDENTIAL

9

COVID-19 an opportunity driven by a virus, to shift to Digital

Marketing

-50.0

0.0

50.0

100.0

150.0

200.0

Jan-20 Feb-20 Mar-20 Apr-20 May-20

S&P 500 Adobe Facebook Genimous Google HubSpot

Pegasystems Salesforce TTEC Winner Tech Zendesk Zoom

Jan-20 Feb-20 Mar-20 Apr-20 May-20

Martech Index S&P 500 index

▪ Increased online audiences and requirements for digital

engagements, provides opportunities for MarTech

companies to grow

▪ More investments in MarTech platforms are expected,

designed for:

o personalized marketing that enables brands to collect

and use data for digital marketing,

o platforms to manage digital media purchases and

o creative content automation platforms to deliver offers

and personalized messaging

Digital marketing will change post COVID-19 MarTech shows 20.7% higher returns over S&P 500

Pressure from marketers to ease off as companies embrace digital marketing

Source: Press releases, Cap IQ

May 11, 2020, At 108.6

Martech Index was 20.7%

higher than S&P 500 Index

Jan 02, 2020

Index Value 100

Note: The companies in Chart 2, have been considered in MarTech Index in Chart 1

2

CONFIDENTIAL

10

▪ Effective targeting requires:

o On-going and relevant data collection

o AI / ML based analytics engines

o Understanding online behaviors in real-time

▪ In April 2020, internet users spent on average 6.39 hours

surfing the web each day

▪ During this time internet hits have surged by between

50% and 70% as compared to the same period in 2019

▪ OTT platforms, ecommerce marketplaces, social media

platforms are all competing for the same user watch times

▪ With the increased but limited online surfing time,

marketing campaigns and ads desperately need to be

more focused and targeted

Hyper competition1

47%

20%

87%

40%

Sources: Press releases, Global Web Index report, (Apr 2020), Altimeter Digital Marketing Survey Q2-19 , Kibo Survey Q1-2020, Wearesolcial.com

3 Why is real – time personalization critical in the current market?

Change in consumer behavior after Feb 2020

➢ of internet users are spending more time

shopping online

➢ More time is spent by Internet users on

social media and messaging services

➢ of U.S. consumers & 80% of UK consumers

have increased their media consumption

➢ of consumers in UK and US are considering

buying new media subscriptionsData, data, data…2

▪ Critical to deliver customized hyper-relevant online

experiences through email and website personalization

▪ Direct input from the customer is key to create compelling

and relevant personalized retail experiences

o Based on Ascend 2 survey, websites, social media

and transaction activity are the most important

marketing data points

▪ Information from online behavior can be used to serve

customers at the offline stores as well & vice versa

Personalization in retail3

51%Others49%

Retailers deploying omni-

channel personalization &

have experienced ROI of

300% or more

Others50%

50%

Marketers who invest in

real-time

personalization

CONFIDENTIAL

11

Companies keen on data-powered customer engagement, scaled with automation, and personalized through AI

that legacy engagement/marketing platforms are not able to provide

Customer Engagement Platforms

Digital Experience Platforms

Customer Data Platforms

▪ Solutions that allow businesses to execute marketing campaigns

with customers through:

o Personalized recommendations for products and services

o Integration with CRM, mail, social media, chat, and others

▪ Improving customer satisfaction and creating loyal customers

▪ Platforms that enable companies to design and deliver

personalized user experience across multiple channels and

devices throughout the customer engagement process

▪ Software that aggregates and organizes customer data across a

variety of touchpoints and structures real-time data into individual,

centralized customer profiles

▪ Organizations that excel in personalization are estimated to outsell companies that don’t by 20%

Cadbury “Create its own campaign”

The campaign matched a Dairy Milk flavor to users based on elements from their Facebook profile.

Once the users agreed to connect with the brand, a video utilizing their own content, including

photos and personal information was automatically generated

Amazon

Amazon’s recommendation marketing tool suggests products not only to fit the individual, but

different aspects of their personality

Challenge

Solutions

Results

Case Studies

Source: News articles

High demand for personalized content is driving superior customer

engagement3

CONFIDENTIAL

12

Customer Data Platform1

Customer Engagement Platform2

Digital Experience Platform3

Analytics Platform4CRM / Messaging platform /

analytics platforms

Customer Journey

Content Management SystemPortal

Portal

Commerce

▪ Powers marketers across the

stack by leveraging machine

learning to create campaign-

ready audiences

▪ Deliver targeted messaging

and measure their ROI

▪ Predictive analytics forecast

consumer behavior before it

takes place

▪ AI and ML tools to are

leveraged in analytics process

to:

✓ Control data quality

✓ Build more robust marketing

analytics models faster

Analytics and Reporting

Segmentation and

Personalization

Social, SMS, Chat, Video and email

Source: ComCap Analysis

The modern marketing stack offers targeted omni-channel

campaigns powered by analytics, with the CDP as the hub 3

CONFIDENTIAL

13

▪ Content management

▪ Integration and aggregation

▪ Personalization and targeting

▪ Analytics and optimization

▪ Security administration

▪ Workflow/business process management

▪ Development

▪ Content interaction

▪ Search, navigation, and discovery

▪ Collaboration and knowledge

▪ Experience customization

▪ Digital commerce

▪ Multichannel delivery and presentation

▪ Customer data management

▪ Cloud enablement

▪ Globalization/localization/multilingual support

Digital Experience Platform (DXP)

Source: Gartner’s Digital Experience platform 2019 report, Infosys Digital Experience Platform - White paper

DXPs are enterprise software that provide an architecture for companies to digitize business operations,

deliver connected customer experiences, and gather actionable customer insight

Customer experience

DXP management

Platform architecture

DXP

capabilities

Key takeaways

• DXPs are the key technological driver behind

CX initiatives

• Through 2021, 85% of effort and cost in a DXP

program will be spent on integrations with

internal and external systems, including the

DXP’s own, built-in capabilities

• By 2021, 90% of global organizations would

rely on system integrators, agencies and

channel partners to design, build and

implement their digital experience strategies

• The key transitions made possible by DXP:

o Provides lean models, based on light weight

portals

o Provides modular and flexible platform with

ready to use capabilities

o Combines customer data, user experience

and business data

o Provides end to end touchpoint optimization

and personalized experience

• By deployment type, the DXP Market has been

segmented into cloud and on-premises

o The cloud segment is expected to grow

during 2019-2024, due to its cost-efficiency

and hassle-free integration

• The market in North America is expected to

grow at a high rate during 2019-2024, due to

the rapid adoption of advanced technologies by

industries

AB

ILIT

Y T

O E

XE

CU

TE

Oracle

Crownpeak

NICHE PLAYERS VISIONARIES

LEADERSCHALLENGERS

COMPLETENESS OF VISION

Sitecore

IBM

Episerver

Shift from Jan 2018 to Feb 2019 Magic Quadrant

Magic quadrant for digital experience platformsThe DXP market is still evolving, growing rapidly but is relatively immature and far from maturity

SAP

Salesforce

BlooomReach

14

Microsoft

OpenText

Acquia

Adobe

Liferay

CoreMedia

SDL

Squiz

Kentico Software

Source: Gartner Digital Experience platform 2019 report, Infosys Digital Experience Platform - White paper

GX Software

OxcyonCenshare

Jahia

CONFIDENTIAL

Personalization is still at an early stage with substantial scope for

growth ahead

15Source: smartech.com, retail-insight-network.com,bcg.com, session.com

Personalization trends in retail / ecommerce Retailers are increasing personalization investments

Facial recognition: It gives retailers the ability to

track customers’ movements and behavior in real-

time and give them a personalized shopping

experience

Cart recall: By remembering user’s previous

sessions and shopping preferences, customers can

return to the page where they have left / abandoned

their previous carts

Personalized pricing: Technology has enabled

retailers to get better at analyzing customers’

buying behavior with price sensitivity to predict their

buying propensity

Privacy: Privacy continues to be the top priority for

a customer. Customers wants to keep their payment

information and personal information private

Omni channel: It gives consumers an accurate,

timely and complete view of the store including

shopping history and current shopping loyalty

balances

Inclusion of offline data for e-commerce

personalization: Integrate online and offline

customer data and offer them an experience similar

to their online peers

0.7%

0.9%

All Retailers Best in classretailers

18.0%

30.0%

All Retailers Best in classretailers

Current Future

Personalization is at nascent stage

▪ Only 15% of CMOs believe their company is on the right

track with personalization

▪ Retailers are investing an average of 0.7% of their

revenues in personalization

▪ Retailers give low maturity score to their personalization

tactics

Challenges in implementing personalization tactics

▪ Poor data centralization

▪ Legacy technology

▪ Limited resources and inefficient budgets

▪ Data breaches, which can permanently damage a brand

and erode customers’ trust

▪ Complying with the regulations for data protection such

as GDPR

Top companies are investing

30% more than the marketTop companies are expected to grow

their investment 70% faster over the

next three years

3

CONFIDENTIAL

Redefining the future of retail personalization

16Source: mckinsey.com, medium.com, cambridgeconsultant.com

Shift in personalization technique over next five years Hyper-personalization and its recipe

Physical store will be more digitized: In-store personalization likely to include digital experiences to consumers

Empathy will scale: Companies are likely to implement technology so that they can relate with customers’ emotions

End-to-End personalization: Businesses are likely to implement personalized technique which could serve customers end-to-end

Personalization Maturity

Reven

ue

Single message

mailing Field insertion

Segmentation

rule based

Behavioral

recommendation

Omni channel

optimized

Predictive

personalization

This is where most

businesses lie

Technology that will drive future of personalization

Hyper personalization leverages AI and real-time data to

supply more relevant content, product, and service information

to every user

Engagement: Software, integrated collection of intent

data, IP information and use of strategically timed

marketing automation can result higher engagement

Relevance: The right message, to the right person, at

the right time by using richer behavioral and intent

data

Trust: Taking a data-driven approach that is

personalized for each account and each person at

every touchpoint along the buyer’s journey build trust

1

2

3

How TOP BRANDS are using hyper personalization?

AI & Privacy

Connectivity

Miniaturizedelectro

mechanics

Biological sensors

AR and VR

This is where Top

Brands operate

3

CONFIDENTIAL

AR / VR Use Cases in Personalization

Aveda taps AR & AI for VIRTUAL TRY ON

▪ Hair care brand Aveda lets customers virtually try on hair coloring before booking a

salon appointment. The try-on experience features over 60 hair colors

▪ The "Find Your Shade" section of its website, accessible on mobile and desktop

devices, uses AR and AI to overlay digital coloring on customer's real hair

17

NIKE app uses AR to customers to TRY and BUY

▪ NIKE’s app uses customers smartphone camera to scan their feet. It collects 13 data

points mapping foot morphology for both feet and measures the full shape of each foot

individually the size, shape, and volume

▪ It then matches the measurements to the internal volume already known for each of its

shoes, and the purchase data of people with similar-sized feet

IKEA lets offers PREVIEW PLACEMENTS to customers in VR

▪ Having already entered AR, IKEA offers interactive showroom that uses virtual reality

to offer an innovative 3D product experience

▪ After slipping into IKEA's virtual showroom, customers can explore, configure furniture

items, try different fabrics, swap wall colors, change time of day and others

ZARA uses AR to up its IN – STORE experiences

▪ Zara, uses AR to bring virtual models to life in-store. In 120 stores globally, all patrons

with the brand’s app, could hold up their phones to the shop window or a sensor within

the store to see models wearing its latest collections, walking and talking around them

▪ Users could also click on products and buy them. Gap and Burberry have also dabbled

in similar experience enhancing technologies in-store

Source: Press releases

3

CONFIDENTIAL

Improves brand awareness and brand loyalty

Customer engagement & reduces return

Provides an interactive and personalized customer experience

With COVID-19 disrupting retail, AR/VR has shifted from

niceties to necessitiesEven before COVID-19, digital transformation was changing the way shoppers shopped

▪ AR technology has been growing and is unlocking a new

reality for online shoppers as brick-and-mortar retail closures

act like a catalyst:

o Over 2 billion phones can display high quality, true-to-

size AR content

o The evolution of web AR enables brands to offer AR

directly on their website, bypassing the need to build and

maintain expensive apps that few will download

▪ Based on IDC forecast in Nov 2019

o Worldwide spending on AR/VR is forecasted to be

$18.8b in 2020, an increase of 78.5% over the $10.5b to

be spent in 2019

o Spending on AR/VR is expected to rise at a CAGR of

77% through 2023

o Retailers to spend $1.5b on AR/VR in 2020 as they

seek to provide a more engaging customer experience

▪ In terms of active installed bases,

o Messaging based mobile AR is forecasted to grow from

over 600 million in 2019 to over 1.3 billion by 2024

o OS based mobile AR from over 200 million in 2019 to

over 1 billion by 2024, followed by web-based mobile AR

This could see all mobile AR platforms combined active

installed base grow from less than 900 million in 2019 to over

2.5 billion in 5 years’ time

18

59.5

72.8

83.190.9

95.1

34.643.1

52.157.4 60.8

2018 2019 2020 2021 2022

AR Users VR Users

US AR and VR Users* (in millions)

Source: Press releases *Note: Users will use AR/VR at least once a month

Marketers to capitalize the opportunities as its offers

"At least 40% of all businesses will die in the next 10 years, if they don't figure out how to change their entire company to

accommodate new technologies," - John Chambers, venture capitalist and former Cisco chief

4

CONFIDENTIAL

Spending on MarTech is growing with a strong focus on

marketing automation

19

% of overall marketing budget spend on MarTech*

Source: Forbes.com, BDO.com, medium.com, marketingtechnews.in, grandsviesresearch.com

5

* North American Brands

14%

24%

30%

2017 2018 2019

$11.4 $13.4

$15.6 $17.8

$20.3 $22.6

$25.1

2017 2018 2019 2020 2021 2022 2023

Marketing automation technology revenue ($b)

Mar-tech spending trends

▪ One in five marketing organizations is increasing

their spending on marketing technology in 2020

▪ Brands in North America are expected to increase

their MarTech spending by over 13% as compared

to 2019 levels

▪ Customers nowadays are more sensitive towards

usage of their personal data. They are looking for

customer centricity, consent and collaboration,

which is another factor the driving MarTech market

▪ By 2022, investment in database and analytics

technologies is expected to grow at 10.9% CAGR,

while ad tech will grow at 9.6% CAGR and

automation at 9.3%

Marketing automation technology overview

▪ Roughly 91% of users say marketing automation is

essential to the overall success of their campaigns

▪ Marketing automation budgets increased 25% in

2019, and the marketing technology industry in

North America and the UK is $65.9b

▪ Increasing demand for personalized advertising,

retention of users for business growth, and need

for informed advertising strategy are some of the

major factors expected to drive the growth

▪ Asia Pacific is anticipated to be the fastest growing

market

CONFIDENTIAL

Marketing automation is enabling marketers to achieve scale by

automating almost all aspects of campaigning

20Source: webfx.com, grandviewresearch.com, webengage.com, martechadvisor.com

Hubspot, 21.0%

Adobe marketing

cloud, 15.4%

Oracle marketing tool, 14.6%

Salesforce pardot, 5.3%

Active campaign, 4.2%

Others, 39.5%

* US Market

Distribution of marketing automation providers*

Marketing automation overview

Machine learning and artificial intelligence:

Marketers are using AI and ML to boost customer

engagement

Personalized content: Personalized content

allows to focus on audience’s specific behaviors

and product preferences

Chatbots: With chatbots, marketers can have

interactions with customers and answer their

questions without lifting a finger

Automated social media marketing:

Automated social media marketing allows to

create posts in advance and schedule to publish

Personalized e-mail automation: Email

personalization helps in delivering a tailored

experience for audience

Conversational marketing: With conversational

marketing, marketers can make their messages

more authentic

Mobile marketing automation: Mobile

marketing automation allows to gather

information about mobile users

Marketing automation trends

▪ Digitalization of industries, rising internet penetration,

and use of mobile devices are leading to increase in

demand for automating marketing solutions

▪ Based on solutions, the marketing automation market is

segmented into campaign management, email, inbound

marketing, mobile applications, lead nurturing & lead

scoring, reporting & analytics, social media, and others

▪ AI is enabling companies to remain up-to-date with

minimal input, bringing customers customized content,

personalized recommendations, and providing one-on-

one human-like assistance with chatbots and virtual

assistants

6

CONFIDENTIAL

Superior CX is the top priority, which is driving spending on

marketing analytics as the top MarTech investment area

21Source: dnb.co.uk, verifiedmarketresearch.com, transparencymarketresearch.com, Forbes.com, BDO.com, medium.com, marketingtechnews.in,

grandsviesresearch.com

Technology investment to achieve data driven tech

2%

15%

22%

34%

37%

39%

45%

69%

Other

Identity resolution

Journey orchestration

Content management platform

Customer data platform

Data management platform

Marketing automation platform

Measurement and analytics

How many B2B marketers feel CX is important?

Strongly agree, 46%

Agree , 41%

Neither agree nor disacree,

7%

Disagree, 5% Strongly disagree, 1%

Marketing analytics trend

▪ A key to success CX is access to data that addresses the needs of both sales and marketing

▪ 83% of B2B marketers are going to focus more and invest in data analytics in 2020

▪ The marketing analytics market was valued at $2.1b in 2019 and is expected to reach $4.7b by 2025, at a CAGR of

14% over the forecast period 2020-2025

▪ Rising usage of social media channels for advertisement purposes, increase in average investment in advertising

products and the necessity of understanding customer behavior are driving marketing analytics market

▪ High cost of deployment of marketing analytics and easy availability of the substitute can hinder growth

▪ The key regional markets for marketing analytics are North America, Europe, Latin America, Asia Pacific except

Japan. Among them, North America is anticipated to dominate the global market analytics market

▪ Top-performing companies are more than twice as likely to be using AI for marketing (28% vs. 12%)

▪ 80% of marketers are using or planning to use AI for creating and delivering personalized content, offers, and

customer experiences

6

CONFIDENTIAL

Chatbots are now the ‘go to’ customer service tool for most

organizations

22Source: webfx.com, reverchat.com, chatbotlife.com, aimultiple.com, thebusinesstherapist.com

The overall market size for chatbots worldwide expected to be over $1.3b by 2024. Top trends to look in 2020 are:

Chatbots are more human: Businesses using AI found that

chatbots are not perfect. They are now using human based

chatbots to deliver better customer expectation

Use of AI in contact centers: AI chatbot trends aim at saving

costs significantly when businesses upgrade from inefficient

IVR technology to AI

Messaging platforms as a growth drivers for chatbots:

Chatbots have messaging platforms delivering better

customer expectation

More use cases for consumer applications: Chatbots have

significant use in consumer application

Voice bots are becoming mainstream: Voice bots are a great

way for businesses to use automation and connect with a

humanized level

Deep customer insights to drive chatbot behavior: For all

the customer insights, chatbots can collect, normalize and

aggregate customer feedback data for further analysis

Automate payments: Chatbots are changing the way

businesses interact with customers, manage campaigns for

lead generation and automate payments

Customer experience (CX) will drive chatbots adoption: AI

chatbots help to redefine the way businesses interact with

customers

Importance of Chatbots Key Chatbots Providers

▪ Chatbots are the most efficient interaction channels that

supplement content and other channels

▪ 40% of mobile interactions are expected to be managed

by smart agents by 2020

▪ 68% online consumers engage in live chat and 63%

prefer getting back to a website with live chat for repeat

purchase

▪ 47% of organizations will use Chatbots for customer

care and 40% will deploy virtual assistants

▪ The top industries profiting from Chatbots are real

estate, travel, education, healthcare, and finance

6

Key takeaways

• Mobile is a main driver for customer

engagement, with good mobile marketing

strategy now becoming a critical

component of any marketing strategy

• CMOs surveyed in Gartner’s 2018-2019

CMO Spend Survey allocate, on average,

6.4% of total marketing budgets to mobile

marketing, with 68% of CMOs expecting to

increase this investment in 2019 over 2018

• Mobile marketing strategies fall into two

basic types:

o Mobile centric – Utilizes the distinct

capabilities of mobile devices and

networks, such as cameras, GPS and

microphones, to engage customers

o Mobile extender – Adapt existing

prospect and customer connections from

the desktop to a mobile device. For e.g.

a mobile-friendly version of the desktop

website

• Mobile Marketing Platform vendors are

making ‘data’ their core value proposition

AB

ILIT

Y T

O E

XE

CU

TE

NICHE PLAYERS VISIONARIES

LEADERSCHALLENGERS

COMPLETENESS OF VISION

Shift from July 2018 to June 2019 Magic Quadrant

Magic quadrant for mobile marketing platformsMobile marketing platforms are rapidly evolving into the default channel for digital marketing campaigns

Source: Gartner Research, Digital Commerce Report23

Airship

SwrveBraze

VibesPyzeLocalytics

Follow Analytics

SessionMAdobe

IBM

Xtremepush

IMImobile

MoEngage

Leanplum

Punchh

OracleSalesforce

Sailthru

CONFIDENTIAL

24

Video marketing might be a key differentiator during COVID-19

crisis

▪ Video marketing to grow exponentially as the primary tool for

marketing, in the post COVID - 19 era

▪ As COVID - 19 shuts down business operations,

o Marketers across industries have either pulled back

physical engagement or frozen ad spending

o Time spent online in China is up 20% and significant

boost is expected from other parts of the world

o Several online video platforms have seen an increase in

time spent online

▪ Companies are gaining viewership, strengthening brand

identity and building communities through

o Virtual gathering & webinars

o Experiential livestreaming content

o Interactive videos

o Bite-sized and short-form videos

▪ With consumers under stay at home,

o influencers report a surge in engagements and

impressions to their posts

o 50.2% influencers plan to create and post more home-

filmed video content that offers powerful engagement

▪ According to MediaRadar, Ad spending from communication

software brands like Zoom and GoTo Meeting reached $45m

in Q1 2020, triple from Q1 2019

are both up 36%. &

Forest Cabin shut offline stores and uses

live streaming for customer engagement

Taobao Live, a livestreaming platform, saw

110% increase in livestream sessions in Feb

2020 vis-a-vis Feb 2019

Zoom has grown its new user base by 300%

since March 8th, 2020, when work from home

and social distancing policies came into

effect

COVID-19, China Online Daily Use Time (Billion Hours)

5.1

6.1

Jan 14, 2020

Feb 04, 2020

Twitter was innovating with their 6-second

video ads, in 2019

▪ Trained close to 1,600 store attendants to live stream

using Taobao

▪ Helped the brand up its online sales from a modest 25%

to 90%

Source: Sensor Tower Store Intelligence, press releases

▪ There was 20x growth in YouTube viewing numbers in Italy

between the first and last days of Feb 2020

7

CONFIDENTIAL

25

The Rise and Rise of TikTokTikTok, one of the fastest-growing apps and social media networks, claiming 30 million active users every

single month (in the U.S.) and over 500 million users worldwide

▪ TikTok, an increasingly powerful marketing tool, was

acquired and relaunched by ByteDance in 2017. It was

initially launched as Musical.ly in 2014, a fun video-

making tool that let users create content

▪ TikTok was the most-downloaded app in Q1-20, with

WhatsApp, Facebook, Instagram and Facebook

Messenger rounding out the top five

▪ Based on SensorTower, the short-video service

generated $176.9m in revenue in 2019, 71% of the total

$247.6m in revenue the app has ever generated

▪ Available in 155 countries, 75 languages and with over 2

billion global installs, TikTok represents significant

opportunity for advertising, brand outreach and

engagements

o Based on Global Web Index, 41% of all TikTok

users are aged between 16-24, making it a must-

have tool in marketing arsenal if that’s the age

range being targeted

▪ Based on Cloutmeter, TikTok users average a healthy

52.1% engagement

o Its users with < 1,000 followers have an average

engagement rate of 144.9%. This number reduces

as follower numbers rise

▪ It is going to launch a Google-like suite of office

collaboration tools during coronavirus outbreak

▪ Nike, NBC, Guess, Grubhub, and Apple Music have

advertised on TikTok

Source: Sensor Tower Store Intelligence, press releases

Number of TikTok users in United States (in millions)

18.8

37.245.5

52.2 55.8 58.3 60.3

2018 2019 2020F 2021F 2022F 2023F 2024F

Markets based on TikTok iOS revenue in March 2020

1,957.5

159.4

112.5

84.4

67.4

35.9

32.8

26.9

21.7

16.0

U.S.

U.K.

Canada

Australia

Turkey

France

Saudi Arabia

Germany

Switzerland

Brazil

In $m

7

CONFIDENTIAL

26

Zooming Ahead: The Explosive Growth of Zoom During the

PandemicAmong a few winners from the coronavirus outbreak, Zoom, and online meetings/video conferencing, seem to

be the biggest trend coming out of 2020

▪ The global video conferencing market size was valued at $3.9b

in 2019 and is expected to register a CAGR of 9.9% from 2020

to 2027

o The industry is gaining traction during the COVID-19

outbreak and so is Zoom

▪ Zoom usage increased 67% between Jan and mid-March 2020,

and its share price on NASDAQ grow over 150% so far this year

during the COVID-19 pandemic

o According to SensorTower, first-time installations of

Zoom’s mobile app have shoot up 728% since Mar 2,

2020

o Zoom was the most downloaded non-game app

worldwide for April 2020 with 131 million installs, a 60x

growth from same period last year

o India accounted for 18.2% of Zoom’s total downloads,

and users from US accounted for 14.3% downloads

60.174.5

90.1105.8

122145.8

166.6188.3

Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20

Zoom Revenues

0.1

1.7

2.1

Jan-20 Feb-20 Mar-20

Zoom Daily Downloads

Daily Meeting Participants

10

200

300

Dec-19 Mar-20 Apr-20

Founded 2011 and

Launched in 2013

Had 1 - 40 meeting

participants

between 2013-2015

Became a Unicorn

in 2017

$161.8m, Funding

raised till 2018

Went public in April

2019, initially priced

at $36

In Q4-20, had 81,900

customers with over

10 employees, up

61% y-o-y

Share Price on:

May 11, 2020: $166.5

April 18, 2019: $62

In millionsIn $m

In millions

Source: Sensor Tower Store Intelligence, press releases, Cap IQ

7

CONFIDENTIAL

Case Studies in the MarTech space

27

Customer Data Platform (CDP)

Data Mgt, Identity Resolution

Customer Journey

Analytics & Reporting

Segmentation&

Personalization

Customer Engagement Platform (CEP)

Mobile

Web

SMS

Chat

Email

Other Digital forms &

communities

Mobile Wallet &

Open Channel API

Social Channels NA Native Mobile,

Roku, AppleTV

Push

NotificationsAd Channels

Digital Experience Platform (DXP)

CMS

Experience Orchestration

Commerce

Portal

Key Statistics

Employees ~20,000 ~300 ~400 ~100 ~150 ~35,000 ~50

Total Funds Raised NA $100.9m $97.3m $30.0m $110.0m NA $45.5m

Clients

31Source: Globe Newswire, CDP Institute, Gartner, Forrester, Company inputs

Leading players in marketing 2.0

CONFIDENTIAL

32

mParticleCompany Overview

Founded: 2013

Employees:~150

Status: Private

HQ: New York, NY

Company Overview: mParticle provides a customer data platform

(CDP) for multi-channel brands across content, commerce, and finance

The platform unifies client’s customer data and connects it anywhere to

improve marketing performance, enhance analytics, and transform the

customer experience

From marketing to analytics to customer support, the company

empowers different teams to execute on their KPIs independently while

understanding the customer holistically. It helps to unify data and

simplify partner integrations with enterprise-class security and reliability

The platform manages more than 500 billion API calls monthly. It serves

customers across various verticals such as retail, financial services,

media, QSR & dining, travel and gaming

Management Team

Key clientsKey Facts

▪ Has offices in San Francisco, Seattle, Florida, and London

▪ The company has raised $110m from various investors such as

Expanding Capital, Social Capital, Bain Capital Ventures,

Harmony Partners andGoldenVentures

▪ Has partnered with various companies operating across sectors:

data warehousing, analytics and marketing. Its key partners are

Salesforce, Oracle, Adobe, Facebook, AgilOne, Airship, Adxcel,

Adjust, Bing, Branch, CleverTap, Criteo and Forsee

▪ In November 2019, the company was ranked No. 75 on Deloitte’s

Technology Fast 500

▪ In January 2020, the company launched a product enhancements

to its Data Master product to help increase data trust and quality

throughout the pipeline, and across teams

Michael Katz, Co-founder, CEO and Director:

Michael Katz is responsible for creating and overseeing

the execution of the company’s vision of becoming the

premier mobile data solution. Previously, he served as a

VP of Optimization & Analytics at Yahoo

Andrew Katz, Co-founder, CTO and Executive

Director: Andrew Katz previously served as VP of

Engineering at Yahoo. Prior, he co-founded and he

served as the CTO at interclick

Dave Myers, Co-founder and COO: Dave is

responsible for delivering business results to the

company’s customers and partners including

implementation, service, support, and overall alignment

of functions to the singular goal of customer success

Source: Company data, Linkedin

CONFIDENTIAL

32

PebblePostCompany Overview

Founded: 2014

Employees: 70+

Status: Private

HQ: New York, NY

Company Overview: PebblePost is digital to direct mail marketing

platform to enable at-home marketing

It offers online interest and intent data to send relevant direct mail that

activates buying decisions at home to drive conversions

It enables to achieve far higher conversion rates and return on

advertising spend (ROAS) for marketers with the help of its offerings

like The Programmatic Direct Mail Platform, Retargeting, Lookalikes

and Graph Mail

Its flagship product The Programmatic Direct Mail platform helps brands

in converting more shoppers into buyers by using advanced targeting,

algorithmic optimization, advanced measurement and analytics, and a

printing and logistics supply chain

Management Team

Key Facts

▪ It has raised $84.6m from key VCs such as Capital One Growth

Ventures, Greycroft, Tribeca Venture Partners, Advance Venture

Partners, and RRE Ventures

▪ In July 2020, PebblePost launched Lookalikes to enable marketers to

run prospecting campaigns

▪ In Aug 2019, PebblePost won the “Best MarTech Startup” award by

MarTech Breakthrough

▪ It serves wide range of industries such as retail, travel, financial

services, auto and education

▪ Over 10,000 signals are processed with each piece of Programmatic

Direct Mail

▪ Capability of digital printing promotional messages within 12–24

hours by using its print and mail logistics network

Lewis Gersh, Co-founder & Chairman: Lewis has

20+ years of executive management experience. Prior

to PebblePost, he founded Metamorphic Ventures. He

holds J.D. and Masters in Intellectual Property from

UNH School of Law.

Jacob Ross, CEO: Jacob also serves on the

Advisory Board at MediaMath. Previously, he was

Chief Business Officer at MediaMath as well as an

advisor at Metamarkets. He has also worked for

Criteo as General Manager, North America

Jonathan Burleigh, CFO: Jonathan is also serving as

Consulting CFO at Burkland Associates. Previously, he

served as CFO at Columbia Care. Prior to that, he

served as EVP & CFO at MRM/McCann. He holds MBA

from Harvard Business School

Source: Press releases, Company Data, LinkedIn

Key Clients and Partners

CONFIDENTIAL

33

Case Study: Airship delivers personalized messages at every

stage of customer lifecycle

Source: Company website, Crunchbase, press releases

Founded: 2009

HQ: Portland, OR

Funds Raised: $100.9m

Business Overview:

▪ Airship provides brands the user-level data, engagement channels, AI orchestration

and services they need to deliver push notifications, emails, SMS, in-app messages,

mobile wallet passes and more to the right person in the right moment, building trust,

boosting engagement, driving action and growing value

▪ Airship has positioned itself as an engagement platform leader. It serves over 25% of

the Fortune 500 companies and has sent out over 3 trillion promotional messages

▪ It serves a wide range of industries including airlines, media, sports, retail, finance

and telecom

Company Overview Key Clients & Partners

Solutions Platform

Acquire:

Sends hyper-relevant messages from the outset,

creating opportunities to connect with brand more

deeply, more often, and on more channels

Retain:

Sends messages that deliver exactly what

customers need at the exact moment to build a

lasting, loyal, win/win customer relationships

Grow:

Uses real-time data to better understand customer

behavior and constantly increases campaign

performance & uncovers new opportunities for

growth

Allows to connect

with customers

anywhere through:

• Mobile App

• SMS

• Email

• Web

• Notifications

• Mobile Wallet

• Open Channel

API

Delivers relevant

messages in

response to

customer context at

the right time with

right channel

Offers:

• Channel

Coordination

• Channel

Coordination

• Personalization

• Optimization

Uses data to create

deeper customer

connections

Offers

• Predictive AI

• Performance

analytics

• Real-time data

streaming

Channels OrchestrationAnalytics &

Data

CONFIDENTIAL

34

SmarterHQ: Personalization platform built on a sophisticated

CDP infrastructure

Source: Company website, Crunchbase, press releases

Company Overview

Founded: 2010

Funds Raised: $45.5m

Status: Private

HQ: Indianapolis, IN

Business Overview:

▪ SmarterHQ is a personalization platform built on a CDP

infrastructure that makes it easy for marketers to increase revenue

now and customer relationships over time

▪ It activates and unifies real-time multichannel data, identifies

audiences based on customer behavior and profile information, and

automates personalized content across different channels

▪ Key industries served are Retail, Travel & Hospitality, and Financial

Services

• Company is backed by leading investors such as Simon property

Group, Battery Ventures, Spring Lake Equity Partners and others

Company Overview

Key Clients

Platform overview

Data Collection: Collect granular data across devices,

email, and online and offline channels, and connect

website, profile, app, product feed, and other data points

together

Data Activation: Track and process interactions as they

happen and unify customer data into a single profile using

identity resolution to accurately understand and predict

behavior based on past and present activity

Customer Segmentation: Quickly segment using filters

and flexibly target audiences, leverage predictive models

and engagement scores, and get immediate audience

feedback

Adaptive Content Automation: Execute product,

catalog, cart/order, and wish list retargeting, customized

campaign content, and curated and intelligent product

recommendations

Campaign Management Tools: Control frequency

capping, campaign suppression, and send prioritization

directly within the platform to prevent over-messaging to

cross-channel customers

Personalization Channels: Trigger personalization and

adaptive content via email, web modals and transforms,

mobile push, Google and Facebook Ad platforms, print,

and custom exports

Online and Offline data

SmarterHQ Platform

Marketing Communic

ation channel

Customers

How SmarterHQ works?

CONFIDENTIAL

35

Case study: Bloomreach, a leader in digital experience

Source: Crunchbase, Company Data, Press Releases, Cap IQ

BloomReach

Business overview

Founded: 2009

Website: www.bloomreach.com

HQ: Mountain View, CA

Employees: 420+

Funds raised: $97.3m

Last Financing Type: Series D

▪ Bloomreach provides software products that enables personalized digital

experiences for retailers, brands, distributors, and manufacturers worldwide

▪ In 2019, it partnered with EPAM Systems to deliver modern, connected

commerce experiences for their joint customers, built on Bloomreach's AI-

driven digital experience platform BRX

▪ In 2016, it acquired web content management company Hippo

Select trends in digital experiences

Core offerings

Customers will expect hyper-personalized experiences

▪ Based on Internet Retailing report, 69%* of consumers expect a personalized experience, yet less than 50% of brands are delivering

▪ Hyper-personalization can only be achieved with access to in-depth data about consumers

▪ Bloomreach solutions collect data, set logic, test content performance, and identify trends makes it easy to orchestrate omnichannel

personalization from one central place

▪ It creates targeted customer experiences across mobile, social and web channels to deliver the right content and products to the right

audiences at the right time

AI to develop within customer service space and predictive analytics to make an impact

▪ According to Conversional, ~66% of customers switch brands because they have experienced poor customer service

▪ Predictive analytics optimize marketing campaigns, help brands determine consumer responses, and improve operations by forecasting

inventory and managing resources

▪ Bloomreach leverages headless CMS, uses sets of algorithms and advanced merchandising tools to help improve customer experience,

shorten the customer journey, and increase conversion

Bloomreach Experience Cloud

▪ A digital experience platform

that combines AI search,

merchandising, and

personalization with CMS

▪ It accelerates conversions,

increases revenue, and

provides real-time insights

brXMBloomreach Experience Manager

▪ A CMS solution for marketers

and developers

▪ Provides personalization and

channel management

capabilities to drive results

CONFIDENTIAL

brX

* in 2017

CONFIDENTIAL

Acquisition Overview

Announcement Date : February 3, 2020

▪ Established in 2010; HQ in Somerville, MA

▪ Evergage provides the leading real-time

personalization and customer data platform

(CDP)

▪ It provides e-commerce, demand generation,

account-based marketing, content publishing,

and customer success solutions to its

customers

▪ It uses ML to understand and interact with

each customer and prospect, and deliver

relevant, 1-to-1 experiences across channels

▪ Evergage works with 100+ clients and on

average lifts their conversion rate by up to

15%.

▪ The company is a five-time winner in the

Stevie American Business Awards, four-time

winner in the Golden Bridge Awards, and

three-time winner in the Best in Biz Awards

▪ Salesforce completed the acquisition of

Evergage for $100m

▪ As per the terms, consideration consisted of

cash, stock options and restricted stock

awards

▪ In connection of the acquisition, Salesforce

issued 0.1817 million shares

▪ After the acquisition, Salesforce holds 100%

ownership of Evergage

▪ Benefits to Salesforce

o Fills gaps in its marketing cloud offering in

the areas of personalization and a real-time

focus on web and app channels

o Keeps it a competitor to other large

marketing clouds such as Adobe when

personalization is becoming the next target

category for the giant commerce and

marketing clouds

o Accelerates its entry into the CDP space

and provides technology fundamentals to

innovating a new space within CRMs

o Boosts its AI capabilities as Salesforce’s AI

assistant, Einstein, will sync with

Evergage’s AI and ML solutions

▪ Benefits to Evergage

o Benefits from Salesforce’s omnichannel

presence including B2B, marketing and

sales, retail, media, financial services, etc.

o Enables it to operate at much greater scale

Target Business Overview Deal Terms Strategic Rationale

“Our real-time, cross-channel personalization and machine learning capabilities

complement Salesforce Marketing Cloud’s robust customer data, audience

segmentation and engagement platform, enabling companies to deliver more

relevant experiences during moments of interaction across the entire customer

journey.”

“Given our shared commitment to customer success, joining Salesforce just makes

sense. We’ll be able to do what we do better and at much greater scale and pace

than we ever could before.”

- Karl Wirth, CEO & Co-founder, Evergage, dated February 3, 2020

This acquisition expands Salesforce’s marketing cloud offering for real-time personalization, keeping it competitive within the market, while

beneficiating Evergage with Salesforce’s large scale and omnichannel presence

Salesforce acquires personalization and customer data platform Evergage:The acquisition fill gaps in Salesforce’s marketing cloud offering for personalization and put it ahead of its competitors

Source: Company data, Press Releases, cmswire.com,

CONFIDENTIAL

Select Public players, M&A and Private placements in the

MarTech space

36

CONFIDENTIAL

($USD millions)

Date Target Buyers Deal Size

5/28/2020 Marqeta, Inc. NA $150.0

5/26/2020 Bluecore, Inc. Norwest Venture Partners; FirstMark Capital, L.L.C.; Georgian Partners Growth LP $50.0

5/21/2020 Amplitude Analytics, Inc. Battery Ventures; Benchmark; Institutional Venture Partners; Sequoia Capital Operations LLC; GIC Pte. Ltd.;

Sorenson Capital; Lead Edge Capital Management, LLC

$50.0

5/19/2020 Content Square SAS Canaan Partners; KKR & Co. Inc.; Eurazeo SE; Bpifrance Investissement SAS; BlackRock Private Equity

Partners; Hermes GPE; Highland Europe Fund; Large Venture Fund; Highland Europe (UK) LLP; H14 S.p.A.;

Eurazeo Growth

$190.0

5/11/2020 MemSQL Inc. NA $50.0

5/6/2020 Embodied Intelligence Inc. Index Ventures SA; Amplify Partners, LLC; Radical Ventures $40.0

4/28/2020 Catalyst Software Corporation Accel Partners; Spark Capital Partners, LLC $25.0

4/16/2020 Anodot Ltd. Intel Capital; SoftBank Ventures Asia; Redline Capital Management S.A; Aleph Venture Capital; Disruptive;

Disruptive Technologies L.P.; Samsung NEXT

$35.0

4/15/2020 Stylescape Limited Hermes GPE; Beringea Ltd; Wavecrest Growth Partners, L.P. $30.0

4/6/2020 Voyager Innovations, Inc. KKR & Co. Inc.; PLDT Inc.; International Finance Corporation; Tencent Holdings Limited; IFC Asset

Management Company, LLC; IFC Emerging Asia Fund; KKR Asian Fund III

$120.0

3/25/2020 Udesk Ltd. NA $35.2

3/5/2020 AnyMind Pte. Ltd. SPARX Group Co., Ltd; Japan Post Capital Co., Ltd.; Mirai Creation Fund II $26.4

2/25/2020 FogHorn Systems, Inc. Intel Capital; LS Corp.; Robert Bosch Venture Capital GmbH; Saudi Aramco Energy Ventures LLC; GE

Ventures, LLC; Forté Ventures LP; March Capital Partners; Darling Ventures LLC; Dell Technologies Capital;

Honeywell Ventures

$25.0

2/25/2020 Digital River Inc. Siris Capital Group, LLC $50.0

2/14/2020 mParticle, Inc. Arrowroot Capital Management, LLC $45.0

2/13/2020 GumGum, Inc. Upfront Ventures; Morgan Stanley Private Equity; Morgan Stanley Expansion Capital; NewView Capital

Management, LLC

$22.0

2/13/2020 Repro Inc. JAFCO Co., Ltd.; SBI Investment Co., Ltd.; DG Ventures, Inc.; NTT Docomo Ventures, Inc.; Global Brain Co.,

Ltd.; YJ Capital Inc.; DG Daiwa Ventures; DG Lab No. 1 Fund; KDDI Open Innovation Fund 3

$27.3

2/7/2020 Snowflake Computing Inc. Madrona Venture Group, LLC; Redpoint Management, LLC; Sequoia Capital Operations LLC; Sutter Hill

Ventures; Altimeter Capital Management, LP; ICONIQ Capital, LLC; Dragoneer Investment Group, LLC;

Salesforce Ventures, Inc.

$479.0

1/28/2020 MoEngage, Inc. Ventureast Fund Advisors India Limited; Matrix Partners India Advisors LLP; Eight Roads Ventures India; F

Prime, Inc.

$25.0

1/27/2020 iguazio Systems LTD Pitango Venture Capital; Silverton Partners; Magma Venture Partners; Samsung SDS Co.,Ltd.; Kensington

Capital Partners Limited; Verizon Ventures; Plaza Ventures; INcapital Ventures

$24.0

1/21/2020 Appsflyer Ltd. General Atlantic Service Company, L.P.; Pitango Venture Capital; Magma Venture Partners; Goldman Sachs

Private Capital Investing group; Qumra Capital; Deutsche Telekom Capital Partners Management GmbH

$210.0

1/21/2020 Attentive Mobile, Inc. Institutional Venture Partners; Sequoia Capital Operations LLC; Coatue Management, L.L.C.; Bain Capital

Venture Partners, LLC; NextView Ventures; ENIAC Ventures; Sequoia Capital Global Equities; High Alpha,

Inc.

$110.0

1/21/2020 Appsflyer Ltd. General Atlantic Service Company, L.P.; Pitango Venture Capital; Magma Venture Partners; Goldman Sachs

Private Capital Investing group; Qumra Capital; Deutsche Telekom Capital Partners Management GmbH

$210.0

1/17/2020 Funnel Operation AB Kreos Capital; Eight Roads Ventures; Industrifonden; Balderton Capital (UK) LLP; Zobito AB; F Prime, Inc.;

Oxx Limited

$47.0

Marketing Software – Private Placements (1/6)

37Source: Capital IQ, Deals since 1/1/18

CONFIDENTIAL

($USD millions)


1/15/2020 6Sense Insights Inc. Insight Venture Management, LLC $40.0

1/13/2020 ActiveCampaign, LLC Susquehanna Growth Equity, LLC; Silversmith Capital Partners $102.7

1/9/2020 Sisense Inc. Battery Ventures; Bessemer Venture Partners; Insight Venture Management, LLC; ClalTech; DFJ Growth

Management, LLC

$100.0

1/9/2020 Inagora Inc. Sugi Holdings Co.,Ltd.; SBI Holdings, Inc.; Shinkin Investment Holding Co., Ltd. $48.4

1/8/2020 Performance Horizon Group Limited Accel-KKR LLC $45.0

12/20/2019 iMerit Technology Services Pvt. Ltd CDC Group plc $20.0

12/17/2019 Deep North, Inc. Engage Ventures, LLC; Celeres Limited; AI List Capital $25.7

12/16/2019 CallMiner, Inc. West Street Capital Partners $75.0

12/11/2019 GoSpotCheck, Inc. NA $32.9

12/6/2019 ActionIQ, Inc. FirstMark Capital, L.L.C.; Sequoia Capital Operations LLC; Cisco Investments; Andreessen Horowitz LLC;

March Capital Partners

$32.4

12/5/2019 Aibee Beijing Intelligent Technology Co., Ltd. GSR Ventures Management Co. Ltd.; Sequoia Capital China; ClearVue Partners; Beijing Singularity Power

Investment Management Co., Ltd.; Chow Tai Fook Investment Co., Ltd.

$74.0

12/4/2019 Verint Systems Inc. Apax Partners LLP $400.0

11/27/2019 Amperity, Inc. NA $26.8

11/25/2019 Appier Inc. JAFCO Investment (Asia Pacific) Ltd.; Pavilion Capital Partners LLC; HOPU Jinghua (Beijing) Investment

Consultancy Co., Ltd.; UMC Capital; ARM Holdings plc, Investment Arm; HOPU-ARM Innovation Fund;

Insignia Ventures Partners; TGVest Capital

$80.0

11/22/2019 Companhia Brasileira de Tecnologia para E-commerce S.A. Gávea Investimentos Ltda.; Riverwood Capital LLC; Constellation Investimentos E Participações Ltda;

SoftBank Investment Advisers (UK) Limited; SoftBank Innovation Fund

$138.6

11/20/2019 Highspot, Inc. Madrona Venture Group, LLC; Sapphire Ventures, LLC; OpenView Advisors, LLC; ICONIQ Capital, LLC;


$75.0

11/13/2019 Freshworks Inc. Accel Partners; Sequoia Capital India Advisors Private Limited; CapitalG Management Company, LLC $150.0

11/11/2019 Workato, Inc. Battery Ventures; Norwest Venture Partners; Redpoint Management, LLC; Storm Ventures LLC; Geodesic

Capital

$70.0

10/24/2019 Yunxi Technology Co., Ltd. Sequoia Capital China; CICC Jia Cheng Investment Management Company Limited; Xianghe Capital; Oriza

Yuandian Venture Capital

$49.5

10/21/2019 commercetools GmbH Insight Venture Management, LLC $144.8

10/15/2019 WizRocket, Inc. Sequoia Capital India Advisors Private Limited; Tiger Global Management LLC $35.0

9/24/2019 CeADAR Ireland Enterprise Ireland $30.8

9/23/2019 Ometria Ltd Octopus Ventures Ltd.; Samos Investments Advisory Ltd; Sonae Investment Management; Adjuvo Network

Limited

$23.6

9/12/2019 Akeneo SAS Partech Ventures, Inc.; Summit Partners, L.P.; Alven Capital Partners SA; Salesforce Ventures, Inc. $45.3

8/28/2019 ThoughtSpot, Inc. Silver Lake Management, L.L.C.; Sapphire Ventures, LLC; Lightspeed Venture Partners; Silver Lake

Waterman; Geodesic Capital

$248.0

8/22/2019 Drop Technologies Inc. New Enterprise Associates, Inc.; Sierra Ventures; Royal Bank of Canada; White Star Capital, L.P.; HOF

Capital

$43.6

8/20/2019 H2O.ai, Inc. West Street Capital Partners; Nexus Venture Partners; Wells Fargo & Company, Investment Arm; Ping An

Insurance (Group) Company of China, Ltd., Investment Arm; GPU Ventures; Ping An Global Voyager Fund

$72.5

8/19/2019 Simon Data, Inc. Polaris Partners; .406 Ventures, LLC; F Prime, Inc. $30.0

8/15/2019 RD Gestão E Sistemas SA TPG Growth; Riverwood Capital LLC; DGF Investimentos Gestão de Fundos Ltda; Astella Investimentos,

Assessoria, Gestão e Participações Ltda.; Endeavor Global, Inc., Investment Arm; Endeavor Catalyst I L.P.

$49.8

8/13/2019 Indecomm Digital Services, Inc. Warburg Pincus LLC $200.0



CONFIDENTIAL

($USD millions)


8/12/2019 Invoca, Inc. Accel Partners; Upfront Ventures; Morgan Stanley Alternative Investment Partners LP; H.I.G. Growth Partners,

LLC

$56.0

7/31/2019 Lightricks Ltd. Insight Venture Management, LLC; Goldman Sachs Private Capital Investing group; ClalTech $135.0

7/26/2019 Attentive Mobile, Inc. Institutional Venture Partners; Sequoia Capital Operations LLC; Bain Capital Venture Partners, LLC; NextView

Ventures; ENIAC Ventures; High Alpha, Inc.

$40.0

7/26/2019 Weimob Inc. Alter.You Holding Limited; Yomi.sun Holding Limited; Weimob Teamwork (PTC) Limited $149.6

7/15/2019 Amperity, Inc. West Street Capital Partners; Madrona Venture Group, LLC; Tiger Global Management LLC; Declaration

Partners LP; Madera Technology Partners

$50.0

7/1/2019 Uniphore Software Systems Private Limited Chiratae Ventures India Advisors Pvt. Ltd.; March Capital Partners; Iron Pillar Capital Management Ltd;

Sistema Asia Fund Pte. Ltd.; National Grid Partners; Patni Wealth Advisors LLP; The CXO Fund; Intuitive.VC

$51.0

6/25/2019 Showpad NV Insight Venture Management, LLC; Hummingbird Ventures Comm. VA; Dawn Capital LLP; Korelya Capital;

Dawn Capital Opportunities Fund LP

$70.0

6/21/2019 Signpost, Inc. BMO Capital Partners; Spark Capital Partners, LLC; Georgian Partners Growth LP; HighBar Management, LLC $52.0

6/12/2019 adjust GmbH Eurazeo SE; Sofina Société Anonyme; Morgan Stanley Alternative Investment Partners LP; Highland Europe

(UK) LLP

$227.0

6/10/2019 Skupos Inc. Unilever Ventures Limited; Toba Capital; Tao Capital Partners; Loup Ventures, LLC; Dynamo; The Insight

Partners

$26.0

6/6/2019 In Loco Tecnologia da Informação S/A Valor Capital Group; Unbox Capital $20.7

5/31/2019 Vendasta Technologies, Inc. BDC Capital Inc.; PFM Capital, Inc.; Comporium, Inc.; SaskWorks Venture Fund Inc.; Vanedge Capital Inc.;

BDC IT Venture Fund; Canadian Business Growth Fund

$30.6

5/28/2019 Kukui Corporation SSM Management Company, LLC $27.0

5/24/2019 Highspot, Inc. Madrona Venture Group, LLC; Sapphire Ventures, LLC; Shasta Ventures; OpenView Advisors, LLC; ICONIQ

Capital, LLC; Salesforce Ventures, Inc.

$67.5

5/24/2019 SpotOn Transact, LLC Franklin Resources, Inc.; Dragoneer Investment Group, LLC $40.0

5/20/2019 Heap Inc. Menlo Ventures Management, L.P.; New Enterprise Associates, Inc.; Triangle Peak Partners, LP; SharesPost

Financial Corporation; Initialized Capital Management, LLC; Pear Ventures; AllianceBernstein Private Credit

Investors; Deutsche Telekom Capital Partners Management GmbH; Maverick Ventures; NewView Capital

Management, LLC

$55.0

5/14/2019 Tealium, Inc. Silver Lake Management, L.L.C.; Presidio STX, LLC; Industry Ventures, LLC; Bain Capital Venture Partners,

LLC; Georgian Partners Growth LP; Silver Lake Waterman; ABN AMRO Group N.V., Investment Arm; Digital

Impact Fund; Declaration Partners LP

$55.0

5/10/2019 Reputation.com, Inc. August Capital; Bessemer Venture Partners; Kleiner Perkins Caufield & Byers; River Cities Capital Fund

Management; Industry Ventures, LLC; Ascension Ventures; Icon Management Associates LLC; Akkadian

Ventures, LLC; Heritage Group, LLC

$30.0

5/7/2019 Affinity Solutions, Inc. NA $20.0

5/6/2019 clypd, Inc. N/A $26.9

4/17/2019 Bizzabo Ltd. Viola Growth; Pilot Growth Equity Partners; Next47 GmbH; Maor Investments $27.0

4/15/2019 SalesLoft, Inc. HarbourVest Partners, LLC; Insight Venture Management, LLC; Emergence Capital Partners; LinkedIn

Corporation

$70.0

4/9/2019 WizRocket, Inc. Accel Partners; Sequoia Capital India Advisors Private Limited; Tiger Global Management LLC $26.0

4/8/2019 Klaviyo Inc. Summit Partners, L.P. $150.0

4/5/2019 Mavenlink, Inc. West Street Capital Partners; Carrick Capital Management Company $48.0

4/2/2019 Segment.io, Inc. Accel Partners; MeriTech Capital Partners; e.ventures; Sapphire Ventures, LLC; Y Combinator Management

LLC; GV; Thrive Capital; Y Combinator Continuity Fund I, L.P.

$175.0



CONFIDENTIAL

($USD millions)


3/29/2019 Button, Inc. Norwest Venture Partners; Redpoint Management, LLC; DCM Ventures; Icon Management Associates LLC;

Capital One Ventures

$30.0

3/26/2019 Vlocity, Inc. Bessemer Venture Partners; Sutter Hill Ventures; New York Life Insurance Company; Accenture plc;


$60.0

3/14/2019 Percolate Industries, Inc. Sequoia Capital Operations LLC; Lightspeed Venture Partners; GGV Capital; Capital IP Investment Partners

LLC

$32.0

3/12/2019 Impact Tech, Inc. Providence Strategic Growth Capital LP; Silversmith Capital Partners; Providence Strategic Growth Capital

Partners L.L.C

$75.0

2/12/2019 8x8, Inc. NA $250.0

1/31/2019 Lytics, Inc. JMI Management, Inc.; Voyager Capital LLC; Comcast Ventures; Rembrandt Partners; Two Sigma Ventures,

LP

$34.6

1/28/2019 Knotch, Inc. New Enterprise Associates, Inc. $25.0

1/23/2019 Vistex, Inc. Accel-KKR LLC $105.0

1/22/2019 Thematic Groupe SAS Natixis S.A.; Sofina Société Anonyme; BNF Capital Limited; Sodexo Ventures $81.8

1/18/2019 Zipwhip, Inc. Voyager Capital LLC; OpenView Advisors, LLC; Goldman Sachs Private Capital Investing group; M12 $51.5

1/11/2019 Databricks Inc. Battery Ventures; New Enterprise Associates, Inc.; Coatue Management, L.L.C.; Andreessen Horowitz LLC;

M12; Geodesic Capital; Green Bay Ventures

$250.0

1/8/2019 RainFocus, Inc. JMI Management, Inc. $40.0

12/13/2018 LeadCrunch Inc. Bow Capital $10.6

12/18/2018 Seismic Software, Inc. General Atlantic Service Company, L.P.; JMI Management, Inc.; Lightspeed Venture Partners; T. Rowe Price

New Horizons Fund, Inc.; T. Rowe Price Associates, Inc.; Jackson Square Ventures

$100.0

12/18/2018 UpLift, Inc. Highgate Ventures; PAR Capital Management, Inc.; Madrone Capital Partners; Ridge Ventures; Barton Asset

Management, LLC; DNX Ventures

$123.0

12/16/2018 Button, Inc. NA $20.7

12/6/2018 Looker Data Sciences, Inc. Cross Creek; PremjiInvest $103.0

12/5/2018 Amplitude Analytics, Inc. Battery Ventures; Benchmark; Institutional Venture Partners; Sequoia Capital Operations LLC; Lead Edge

Capital Management, LLC

$80.0

11/28/2018 Fortis, Inc. SC Lowy Financial (HK) Limited, Investment Arm $26.6

11/27/2018 Aibee Beijing Intelligent Technology Co., Ltd. Red Star Macalline Group Corporation Ltd.; Sequoia Capital China; K2VC; China Renaissance Partners,

Investment Arm; Lenovo Capital and Incubator Group; C Ventures Fund L.P.; Zhongli Fund Management

$60.0

11/19/2018 Lightricks Ltd. Insight Venture Management, LLC; ClalTech $60.0

11/9/2018 Mode Analytics, Inc. Foundation Capital; REV Venture Partners Limited; Valor Management Corp.; Tribe Capital $23.6

11/1/2018 RingDNA, Inc. West Street Capital Partners; Palisades Growth Capital, LLC; Bryant Stibel $30.0

10/31/2018 Neo4j, Inc. NA $70.1

10/29/2018 AnyMind Pte. Ltd. JAFCO Investment (Asia Pacific) Ltd.; Tokyo Century Corporation; SPARX Group Co., Ltd; LINE Corporation;

VGI Global Media Public Company Limited (nka:VGI Public Company Limited); Dream Incubator Singapore

Pte. Ltd.; Mirai Creation Fund I

$21.5

10/29/2018 Conversica, Inc. Kennet Partners Limited; CIBC Asset Management Inc.; Toba Capital; Savano Capital Partners; Providence

Strategic Growth Capital Partners L.L.C

$31.0

10/25/2018 GrowingIO Corporation,LTD. New Enterprise Associates, Inc.; Matrix Partners China; Greylock Partners $30.0

10/22/2018 Beijing Zmeng Network Technology Co., Ltd. NA $72.0

10/18/2018 Prime Sistemas de Atendimento ao Consumidor Ltda Adams Street Partners, LLC; Canada Pension Plan Investment Board $85.0

10/11/2018 Snowflake Computing Inc. Madrona Venture Group, LLC; MeriTech Capital Partners; Redpoint Management, LLC; Sequoia Capital

Operations LLC; Sutter Hill Ventures; Altimeter Capital Management, LP; ICONIQ Capital, LLC; Wing Venture

Partners; Madrona VI; Capital One Growth Ventures

$461.4



CONFIDENTIAL

($USD millions)


10/10/2018 Tresata, Inc. GCP Capital Partners LLC; GCP Capital Partners IV, L.P. $50.0

10/4/2018 Glassbox Ltd Updata Partners; Ibex Investors LLC; Lazarus Israel Opportunities Fund LLLP; Creditease Corp., Investment

Arm; Gefen Capital

$25.0

10/4/2018 Voyager Innovations, Inc. KKR & Co. Inc.; International Finance Corporation; Tencent Holdings Limited; IFC Asset Management

Company, LLC; IFC Emerging Asia Fund; KKR Asian Fund III

$215.0

10/3/2018 Talkdesk, Inc Viking Global Investors LP; DFJ Growth Management, LLC $100.0

10/1/2018 Linkfluence S.A.S. Kreaxi; BNP Paribas Développement SA, SCR; Sigma Gestion; Tikehau Capital; Ring SAS $20.8

10/1/2018 Stratifyd, Inc. NA $29.0

9/24/2018 Braze, Inc. MeriTech Capital Partners; Spark Capital Partners, LLC; Cross Creek $80.0

9/21/2018 Highspot, Inc. Madrona Venture Group, LLC; Shasta Ventures; OpenView Advisors, LLC; Salesforce Ventures, Inc.; Madrona

VI

$35.0

9/19/2018 Yunxi Technology Co., Ltd. Sequoia Capital China; Yunfeng Capital $22.0

9/17/2018 Blippar.Com Limited QUALCOMM Ventures; Lansdowne Partners (UK) LLP; Lansdowne Partners International Limited; Candy

Ventures Sarl

$37.0

9/13/2018 Moka EDB Investments Pte. Ltd.; Sequoia Capital India Advisors Private Limited; SOFTBANK Ventures Korea Inc.

(nka:SoftBank Ventures Asia); East Ventures Co., Ltd.; YJ Capital Inc.; Fenox Venture Capital; Sinar Mas

Digital Ventures; Convergence Ventures (nka:AC Ventures); Mandiri Capital; EVG Fund, L.P.

$24.0

9/12/2018 Sisense Inc. Battery Ventures; Bessemer Venture Partners; Insight Venture Management, LLC; Genesis Partners Ltd.;

Opus Capital; DFJ Growth Management, LLC

$80.0

8/13/2018 PebblePost, Inc. RRE Ventures LLC; Tribeca Venture Partners; Greycroft Partners LLC; Kickstart Seed Fund; Kickstart Seed

Fund; Advance Venture Partners, LLC; Capital One Growth Ventures

$31.0

7/31/2018 Monstar Lab, Inc. The San-in Godo Bank,Ltd.; DG Incubation, Inc. (nka:DG Ventures, Inc.); SIGMAXYZ Inc.; Fenox Venture

Capital

$22.0

7/27/2018 Followone, Inc. NA $50.0

7/25/2018 GlobalWebIndex Limited Stripes Group LLC $40.0

7/25/2018 Freshworks Inc. Accel Partners; Sequoia Capital India Advisors Private Limited; CapitalG Management Company, LLC $100.0

7/11/2018 Cosential Inc. JMI Management, Inc. $34.0

7/10/2018 MediaMath, Inc. Searchlight Capital Partners, L.P.; Searchlight Opportunities Fund, L.P.; LightTree Capital Solutions $225.0

7/9/2018 Singular, Inc. Norwest Venture Partners; General Catalyst Partners; Thomvest Ventures, Inc.; TransLink Capital; Telstra

Ventures Pty. Limited; Method Capital Ltd.

$30.0

7/6/2018 Cogito Corporation Battery Ventures; West Street Capital Partners; Hearst Ventures; OpenView Advisors, LLC; Avaya Holdings

Corp.; Salesforce Ventures, Inc.

$45.6

7/3/2018 SessionM, Inc. Charles River Ventures, Inc.; General Atlantic Service Company, L.P.; Highland Capital Partners; Kleiner

Perkins Caufield & Byers; Causeway Media Partners, L.P.; Causeway Management LLC; Salesforce Ventures,

Inc.

$23.8

6/18/2018 Integrate.com, Inc. Boulder Ventures Limited; Iron Gate Capital, LLC; Foundry Group LLC; LGI Ventures B.V.; Forté Ventures LP;

Alumni Ventures Group, LLC; High Alpha, Inc.; Foundry Group Next, L.P.

$25.6

6/15/2018 Blippar.Com Limited QUALCOMM Ventures $26.0

6/12/2018 Elastic Path Software Inc. BDC Capital Inc.; Yaletown Venture Partners Inc.; Sageview Capital LP $43.0

6/8/2018 Urban Airship, Inc. (nka:Airship, Inc.) August Capital; QuestMark Partners; Intel Capital; True Ventures; Foundry Group LLC; Franklin Park

Associates, LLC, Investment Arm; Verizon Ventures

$25.0

5/18/2018 Shenzhen JiaTui Technology Co., Ltd. IDG Capital Partners; JD.com, Inc.; Sequoia Capital China; GX Capital; Beijing Jingdong Financial Technology

Holding Co., Ltd. (nka:Jingdong Digits Technology Holding Co., Ltd.); Shenzhen Qianhai Fund-Of-Funds

$26.0

5/8/2018 ThoughtSpot, Inc. Sapphire Ventures, LLC; General Catalyst Partners; Lightspeed Venture Partners; Khosla Ventures; Australian

Government Future Fund

$145.0

5/3/2018 Tango Card, Inc. FTV Capital $35.0



CONFIDENTIAL

($USD millions)


5/2/2018 InsightSquared, Inc. Draper Fisher Jurvetson (nka:Threshold Ventures); NextView Ventures; Tola Capital, LLC; Two Sigma

Ventures, LP; Accomplice Management LLC

$25.2

5/1/2018 Hustle, Inc. Insight Venture Management, LLC; GV; Salesforce Ventures, Inc. $30.0

4/30/2018 Gridsum Holding Inc. Futurex Innovation SPC $40.0

4/27/2018 ClickFox, Inc. (nka:BryterCX, Inc.) Arrowroot Capital Management, LLC $38.2

4/27/2018 Cuebiq Inc. West Street Capital Partners; Tribeca Venture Partners; TLcom Capital LLP; DRW Ventures; Nasdaq

Ventures; Tribeca Angels

$32.8

4/25/2018 Amplience (UK) Limited Octopus Ventures Ltd.; Columbia Lake Partners $47.0

4/24/2018 Flyp Technologies Inc. Updata Partners $32.0

4/24/2018 SEMrush Inc. Siguler Guff & Company, LP; e.ventures Management, LLC; Greycroft Partners LLC $40.0

4/19/2018 PLAID, Inc. Eight Roads Ventures Japan; Femto Growth Capital LLP; Femto Growth Capital Fund $25.1

4/19/2018 BigCommerce Pty. Ltd. General Catalyst Partners; GGV Capital; Tenaya Capital Inc.; Goldman Sachs Private Capital Investing group $64.0

4/2/2018 SalesLoft, Inc. Insight Venture Management, LLC; Emergence Capital Partners; LinkedIn Corporation $50.0

3/16/2018 Clari Inc. Sequoia Capital Operations LLC; Thomvest Ventures, Inc.; Northgate Capital Group, L.L.C.; Bain Capital

Venture Partners, LLC; Tenaya Capital Inc.; Blue Cloud Ventures

$35.0

3/16/2018 Drift.com, Inc. Charles River Ventures, Inc.; Sequoia Capital Operations LLC; General Catalyst Partners $60.0

3/15/2018 Zaius, Inc. Insight Venture Management, LLC; Matrix Partners; Underscore.VC; Leaders Fund Inc.; Underscore.VC Fund

II, L.P.

$30.0

3/14/2018 Amobee, Inc. Singapore Telecommunications Limited $360.6

3/13/2018 Pine Labs Pvt. Ltd. Actis LLP; Altimeter Capital Management, LP $82.5

2/26/2018 LeadCrunch Inc. Rally Ventures $7.0

2/1/2018 uberall GmbH HPE Growth Capital; Project A Ventures GmbH & Co. KG; United Internet Investments Holding AG & Co. KG $50.0

1/29/2018 Drop Technologies Inc. New Enterprise Associates, Inc.; Sierra Ventures; SVB Silicon Valley Bank, Investment Arm; ff Venture

Capital; White Star Capital, L.P.; Portag3 Ventures L.P.

$20.9

1/22/2018 Paytronix Systems, Inc. Great Hill Partners, LP $65.0

1/17/2018 Usermind, Inc. Charles River Ventures, Inc.; Menlo Ventures Management, L.P.; Northgate Capital Group, L.L.C.; Andreessen

Horowitz LLC

$23.5

1/16/2018 Aibee Beijing Intelligent Technology Co., Ltd. Sequoia Capital China; China Growth Capital; Shanghai Yonghua Capital Management Co., Ltd.; K2VC;

ZhenFund Inc.; Fosun RZ Venture Management Co., Ltd.; Lenovo Capital and Incubator Group

$25.6

1/11/2018 Snowflake Computing Inc. Madrona Venture Group, LLC; Redpoint Management, LLC; Sequoia Capital Operations LLC; Sutter Hill

Ventures; Altimeter Capital Management, LP; ICONIQ Capital, LLC; Wing Venture Partners; Capital One

Ventures

$264.5

1/9/2018 Partners Associates S.p.A. FVS SGR S.p.a.; RiverRock European Capital Partners LLP; Riverrock Italian Hybrid Capital Fund; Fondo

Sviluppo PMI

$21.5

Min $7.0

Mean $72.8

Median $45.0

Max $479.0



CONFIDENTIAL

Marketing Software – Mergers & Acquisition (1/2)

43Source: Capital IQ, Deals since 1/1/18 greater than $20m

($USD millions)

Date Target Acquirer Transaction Size Enterprise Value LTM Revenue EV / LTM

Revenue

EV / LTM

EBITDA

04/22/20 Voci Technologies Incorporated Medallia, Inc. $59.0 $59.0 NA NA NA

02/25/20 Vlocity, Inc. salesforce.com, inc. $1,330.0 NA NA NA NA

02/24/20 Shenzhen Yimian Network Technology Co., Ltd. Ascential plc $90.5 $92.7 NA NA NA

02/07/20 Char Software, Inc. Upland Software, Inc. $68.0 $68.0 NA NA NA

02/05/20 Engineering Ingegneria Informatica S.p.A. Bain Capital Private Equity, LP; NB Renaissance Partners; NBRP Fund III $1,760.6 $1,743.5 NA NA NA

01/28/20 Passage AI, Inc. ServiceNow, Inc. $33.2 $33.2 NA NA NA

12/18/19 Smartly.io Inc. Providence Equity Partners L.L.C. $222.4 NA NA NA NA

12/18/19 Bridgevine Inc. Updater, Inc. $75.0 $75.0 NA NA NA

10/22/19 Partners Associates S.p.A. Retelit Digital Services S.p.A. $96.7 $96.6 NA NA NA

10/21/19 dataxu, inc. Roku, Inc. $149.3 $142.7 $142.8 1.0x NM

10/21/19 Kounta Pty Ltd Lightspeed POS Inc. $43.3 $43.3 $6.4 6.8x NA

09/26/19 myElefant SAS Sinch AB (publ) $23.5 $23.5 $11.5 2.0x 26.9x

09/24/19 Acquia Inc. Vista Equity Partners LLC; Vista Equity Partners Fund VII, L.P. $1,000.0 NA NA NA NA

08/26/19 Software Solutions Business of Pitney Bowes Inc. Starfish Parent, LP $700.0 $700.0 NA NA NA

08/05/19 Cxense ASA Piano Software B.V. $46.3 $37.3 $18.9 2.0x NM

08/01/19 Sanderson Group plc Aptean Limited $111.2 $105.7 $42.0 2.5x 14.5x

07/26/19 Monotype Imaging Holdings Inc. HGGC, LLC $906.0 $858.3 $244.0 3.5x 15.1x

07/24/19 3Cinteractive Corp. IMImobile PLC $53.1 $53.7 $34.0 1.6x 17.9x

06/24/19 Data Plus Math Corporation LiveRamp Holdings, Inc. $118.0 $117.6 NA NA NA

06/10/19 Tableau Software, Inc. salesforce.com, inc. $17,377.6 $16,337.3 $1,191.6 13.3x NM

06/06/19 Looker Data Sciences, Inc. Google LLC $2,400.0 $2,400.0 NA NA NA

05/20/19 Profitect Inc. Zebra Technologies Corporation $86.0 NA NA NA NA

03/19/19 Qwikcilver Solutions Pvt Ltd. Pine Labs Pvt. Ltd. $110.0 $110.0 NA NA NA

02/20/19 MedaTech Information Technology Ltd. Matrix IT Ltd. $23.6 $23.6 NA NA NA

01/28/19 Satori Software, Inc. BCC Software, Inc. $70.0 $70.0 NA NA NA

01/23/19 Trendkite, Inc. Cision Ltd. $224.4 $224.4 $25.4 8.8x NA

01/23/19 iContact LLC J2 Global, Inc. $49.0 $49.0 NA NA NA

01/14/19 Connect First, Inc. RingCentral, Inc. $40.5 $40.5 NA NA NA

01/11/19 Planning-Inc Limited Next Fifteen Communications Group plc $27.3 $27.3 NA NA NA

12/24/18MINDBODY, Inc.

Vista Equity Partners LLC; Vista Equity Partners Fund VI, L.P.; Vista

Equity Partners Fund VII, L.P.$2,154.4 $1,829.3 $228.9 8.0x NM

12/20/18 Soft Computing Multi Market Services France Holdings SAS $49.5 $52.8 $51.3 1.0x 12.8x

12/18/18 YOU Technology, LLC Inmar, Inc. $565.0 $565.0 NA NA NA

12/12/18 Adestra Limited Upland Software, Inc. $60.2 $60.2 NA NA NA

12/07/18 Software Portfolio of International Business Machines Corp. HCL Technologies Limited $1,775.0 $1,775.0 NA NA NA

11/19/18 Feefo Holdings Limited Vespa Capital LLP $32.9 $32.7 NA NA NA

11/06/18 ConvergeOne Holdings, Inc. CVC Capital Partners Limited; CVC Capital Partners VII, LP $1,651.5 $1,640.3 $1,401.3 1.2x 14.7x

10/31/18 Manage.com Group, Inc. Criteo S.A. $60.0 $60.0 NA NA NA

10/30/18 Synthesio, Inc. Ipsos SA $50.0 $50.0 NA NA NA

10/23/18 SLI Systems Limited ESW Holdings, Inc. $28.3 $21.7 $23.0 1.0x 7.2x

10/15/18 SendGrid, Inc. Twilio Inc. $2,020.0 $1,831.6 $137.2 12.5x NM

10/03/18 Rapide Communication Ltd. PowerSteering Software Limited $65.0 $65.0 NA NA NA

09/20/18 Marketo, Inc. Adobe Systems Incorporated (nka:Adobe Inc.) $4,750.0 $4,750.0 NA NA NA

09/20/18 Accarda AG Aduno Holding AG $203.4 $283.8 NA NA NA

09/10/18 FutureSimple Inc. Zendesk, Inc. $81.0 $79.4 NA NA NA

09/06/18 EPiServer AB Insight Venture Management, LLC $1,160.0 $1,160.0 NA NA NA

07/25/18 MetaPack Limited Stamps.com Inc. $224.7 $217.0 $47.3 4.8x NA

07/16/18 Datorama Inc. salesforce.com, inc. $757.9 $757.9 NA NA NA

07/03/18 Impact Mobile, Inc. IMImobile Canada Inc. $20.9 $21.0 $8.1 2.6x 6.9x

07/02/18 Link Mobility Group ASA ABRY Partners, LLC; ABRY Partners Fund VIII, L.P. $535.2 $509.4 $213.2 2.4x 23.4x

06/28/18 Convergys Corporation Concentrix Corporation (nka:Concentrix Solutions Corporation) $2,744.1 $2,311.5 $2,738.7 0.9x 7.0x

06/21/18 Web.com Group, Inc. Siris Capital Group, LLC $2,064.7 $2,034.7 $750.8 2.7x 14.3x

06/20/18 PayTel S.A. Sibs - SGPS, S.A. $53.7 $53.3 NA NA NA

05/21/18 Ipreo Holdings LLC Markit North America, Inc. $1,855.0 $1,855.0 NA NA NA

05/10/18 WordStream, Inc. Gannett Co., Inc. $165.0 $165.0 NA NA NA

05/09/18 LogoMix Inc. Deluxe Corporation $43.0 $43.0 NA NA NA

CONFIDENTIAL

Marketing Software – Mergers & Acquisition (2/2)

44Source: Capital IQ, Deals since 1/1/18 greater than $20m

($USD millions)

Date Target Acquirer Transaction Size Enterprise Value LTM Revenue EV / LTM

Revenue

EV / LTM

EBITDA

04/26/18 Weebly, Inc. Square, Inc. $365.0 NA NA NA NA

04/24/18 Grapeshot Limited Oracle Corporation $454.0 $439.0 NA NA NA

03/12/18 eTouch Systems Corp. Virtusa Corporation $132.1 $115.4 $87.0 1.3x 9.1x

03/06/18Commerce Technologies, LLC

GTCR LLC; Sycamore Partners Management, L.P.; Sycamore Partners II;

GTCR Fund XII/A LP; GTCR Fund XII/C LP; GTCR Co-Invest XII LP$1,075.7 $1,044.7 $111.1 9.3x 30.4x

02/16/18 WebDAM, Inc. Bynder LLC $49.1 $49.1 $16.2 3.0x NA

02/05/18 LiquidHub, Inc. Capgemini SE $500.0 $500.0 $247.7 2.0x NA

01/30/18 Callidus Software Inc. SAP America, Inc. $2,576.4 $2,425.9 $253.1 9.6x NM

01/30/18 projekt202, LLC. Amdocs Limited $54.0 $54.0 NA NA NA

01/23/18 Main Street Hub, Inc. GoDaddy Inc. $177.0 $177.0 NA NA NA

Min $20.9 $21.0 $6.4 0.9x 6.9x

Mean $872.6 $857.0 $334.6 4.3x 15.4x

Median $125.0 $110.0 $99.0 2.5x 14.5x

Max $17,377.6 $16,337.3 $2,738.7 13.3x 30.4x

CONFIDENTIAL

Marketing Software – Public Comps (1/4)

45Source: Capital IQ

Trading Performance FD Capitalization Trading Multiples

Stock Equity Net Rev. Growth LTM LTM

Price Market Cash Enterprise CY19 / CY20 / Gross EBITDA

Company (FYE) 4/30/2020 High Value (Debt) Value CY19A CY20E CY21E CY19A CY20E CY21E CY18 CY19 Margin Margin

Customer Data

Alphabet Inc. (US) $1,346.7 88% $919,944 $100,425 $819,519 5.1x 4.8x 4.0x 14.0x 14.4x 11.5x 18.3% 4.4% 55.1% 29.0%

Facebook, Inc. (US) $204.7 91% $583,584 $49,475 $534,109 7.6x 6.9x 5.5x 13.5x 14.4x 11.0x 26.6% 9.0% 81.7% 44.4%

Oracle Corporation (US) $53.0 88% $167,045 ($28,354) $195,399 4.9x 4.9x 4.8x 10.4x 10.2x 9.9x 0.4% (0.0%) 79.8% 41.2%

International Business Machines Corporation (US) $125.6 79% $111,484 ($57,717) $169,201 2.2x 2.3x 2.2x 9.3x 9.9x 9.0x (3.1%) (4.7%) 47.5% 20.9%

salesforce.com, inc. (US) $162.0 83% $144,945 $1,694 $143,251 8.4x 6.9x 5.8x 28.6x 23.6x 20.0x 28.7% 21.6% 75.2% 13.3%

Alliance Data Systems Corporation (US) $50.1 31% $2,385 ($16,671) $19,055 3.4x 3.9x 3.9x 15.0x 17.3x 15.1x (1.5%) (12.2%) 18.3% 17.3%

Oracle Corporation Japan (JP) $103.9 95% $13,307 $278 $13,030 6.8x 6.5x 6.2x 21.6x 20.1x 19.1x 12.3% 5.1% 47.7% 32.3%

Fair Isaac Corporation (US) $352.9 81% $10,236 ($945) $11,181 9.3x 9.2x 8.8x 29.8x 28.0x 26.1x 16.1% 1.6% 71.1% 25.8%

Samsung SDS Co.,Ltd. (KR) $134.4 73% $10,393 $2,650 $7,743 0.8x 0.9x 0.8x 6.2x 7.4x 6.5x 3.0% (6.7%) 16.7% 13.4%

Min 31% $2,385 ($57,717) $7,743 0.8x 0.9x 0.8x 6.2x 7.4x 6.5x (3.1%) (12.2%) 16.7% 13.3%

25th Decile 76% $10,315 ($22,512) $12,106 3.4x 3.9x 3.9x 10.4x 10.2x 9.9x 0.4% (4.7%) 32.9% 15.4%

Mean 79% $218,147 $5,648 $212,499 5.4x 5.2x 4.7x 16.5x 16.1x 14.3x 11.2% 2.0% 54.8% 26.4%

Median 83% $111,484 $278 $143,251 5.1x 4.9x 4.8x 14.0x 14.4x 11.5x 12.3% 1.6% 55.1% 25.8%

75th Decile 90% $375,315 $26,063 $364,754 7.6x 6.9x 5.8x 21.6x 20.1x 19.1x 18.3% 5.1% 77.5% 36.8%

Max 95% $919,944 $100,425 $819,519 9.3x 9.2x 8.8x 29.8x 28.0x 26.1x 28.7% 21.6% 81.7% 44.4%

Operating Statistics

%52W

EV /

EBITDA

EV /

Revenue

($USD millions, except per share amounts)





Digital Exp

Adobe Inc. (US) $353.6 91% $170,384 ($540) $170,924 15.3x 13.1x 11.3x 33.6x 28.6x 24.3x 23.7% 16.4% 85.2% 35.0%

GoDaddy Inc. (US) $69.4 85% $11,461 ($1,642) $13,102 4.4x 4.0x 3.7x 17.8x 16.0x 13.8x 12.3% 8.9% 65.2% 15.3%

New Relic, Inc. (US) $53.7 49% $3,181 $244 $2,937 5.1x 4.5x 3.9x 30.3x 39.8x 28.1x 28.4% 14.4% 83.1% (6.6%)

Mindtree Limited (IN) $12.2 86% $2,007 $133 $1,874 1.8x 1.8x 1.6x 13.1x 11.7x 10.8x 11.1% (0.5%) 34.8% 12.8%

Genimous Technology Co., Ltd. (CN) $1.1 60% $1,400 $146 $1,254 NA NA NA NM NM NM (100.0%) NA 9.3% 2.7%

Hexaware Technologies Limited (IN) $3.7 61% $1,111 ($51) $1,162 1.5x 1.5x 1.3x 9.4x 9.8x 8.3x 17.5% 1.7% 24.4% 15.3%

Tata Elxsi Limited (IN) $10.7 73% $665 $92 $573 2.6x 2.6x 2.4x 11.3x 12.6x 11.4x (1.7%) (1.3%) 37.2% 22.7%

Min 49% $665 ($1,642) $573 1.5x 1.5x 1.3x 9.4x 9.8x 8.3x (100.0%) (1.3%) 9.3% (6.6%)

25th Decile 60% $1,111 ($540) $1,162 1.7x 1.7x 1.5x 11.7x 11.9x 10.9x 4.7% (0.7%) 24.4% 2.7%

Mean 72% $27,173 ($231) $27,404 5.1x 4.6x 4.0x 19.3x 19.7x 16.1x (1.2%) 6.6% 48.4% 13.9%

Median 73% $2,007 $92 $1,874 3.5x 3.3x 3.0x 15.5x 14.3x 12.6x 12.3% 5.3% 37.2% 15.3%

75th Decile 86% $11,461 $146 $13,102 7.7x 6.7x 5.7x 27.2x 25.4x 21.7x 20.6% 14.9% 83.1% 22.7%

Max 91% $170,384 $244 $170,924 15.3x 13.1x 11.3x 33.6x 39.8x 28.1x 28.4% 16.4% 85.2% 35.0%


%52W

EV /

EBITDA

EV /

Revenue

CONFIDENTIAL








Customer Engagement

Microsoft Corporation (US) $179.2 94% $1,359,028 $53,617 $1,305,411 9.7x 8.8x 7.9x 21.3x 19.4x 17.3x 13.3% 10.3% 68.2% 46.2%

International Business Machines Corporation (US) $125.6 79% $111,484 ($57,717) $169,201 2.2x 2.3x 2.2x 9.3x 9.9x 9.0x (3.1%) (4.7%) 47.5% 20.9%

SAP SE (DE) $119.2 84% $141,919 ($10,445) $152,364 4.9x 4.9x 4.6x 13.5x 14.0x 12.5x 9.6% (0.3%) 70.0% 25.7%

Zoom Video Communications, Inc. (US) $135.2 74% $37,713 $783 $36,930 59.3x 39.7x 29.5x NM NM NM 88.4% 49.3% 81.5% 4.7%

Zendesk, Inc. (US) $76.9 81% $8,762 ($130) $8,892 10.9x 8.6x 6.8x NM NM NM 36.4% 26.4% 72.7% (13.3%)

HubSpot, Inc. (US) $168.6 81% $7,343 $353 $6,990 10.4x 8.5x 7.0x NM NM NM 31.6% 21.2% 80.8% (4.7%)

Pegasystems Inc. (US) $83.6 81% $6,697 ($30) $6,727 7.4x 6.3x 5.4x NM NM NM 2.2% 16.7% 67.3% (11.0%)

J2 Global, Inc. (US) $80.6 77% $3,930 ($1,006) $4,936 3.6x 3.4x 3.2x 9.0x 8.6x 8.0x 13.6% 6.3% 82.7% 37.6%

Verint Systems Inc. (US) $42.7 68% $2,741 ($587) $3,328 2.5x 2.4x 2.3x 10.3x 10.4x 9.1x 8.6% 2.4% 66.3% 12.2%

SVMK Inc. (US) $15.7 70% $2,168 ($176) $2,343 7.6x 6.2x 5.2x NM 55.1x 38.6x 20.9% 22.5% 75.9% (14.4%)

TTEC Holdings, Inc. (US) $39.0 77% $1,813 ($459) $2,272 1.4x 1.3x 1.3x 10.9x 10.3x 9.3x 8.9% 3.0% 27.6% 12.4%

Enghouse Systems Limited (CA) $37.6 94% $2,066 $55 $2,011 6.5x 5.5x 4.6x 21.3x 18.4x 14.9x 18.7% 18.9% 69.8% 26.0%

8x8, Inc. (US) $17.0 64% $1,738 ($163) $1,901 4.5x 3.8x 3.1x NM NM NM 23.8% 20.7% 57.4% (29.6%)

LiveRamp Holdings, Inc. (US) $37.9 63% $2,550 $746 $1,804 5.1x 4.1x 3.4x NM NM NM 32.0% 23.3% 56.5% (51.9%)

LivePerson, Inc. (US) $23.9 53% $1,630 ($22) $1,652 5.7x 4.8x 3.9x NM NM NM 16.7% 17.9% 72.6% (23.4%)

Lightspeed POS Inc. (CA) $19.0 53% $1,751 $104 $1,647 15.6x 12.3x 8.3x NM NM NM 47.0% 26.4% 65.4% (32.6%)

Digital Garage, Inc. (JP) $36.4 84% $1,677 $54 $1,623 4.7x 4.5x 4.6x 12.0x 12.9x 12.4x (44.0%) 4.4% 1028.5% 688.8%

Sykes Enterprises, Incorporated (US) $28.6 75% $1,178 ($163) $1,341 0.8x 0.8x 0.8x 7.8x 7.4x 6.8x (0.7%) 4.0% 38.3% 10.1%

transcosmos inc. (JP) $20.3 71% $844 $166 $677 0.2x 0.2x 0.2x 5.6x 5.1x 4.7x 10.2% 7.9% 17.5% 4.6%

Infomedia Ltd (AU) $1.1 65% $386 $7 $378 5.8x 5.8x 5.2x 12.3x 11.9x 10.5x 17.7% 0.4% 100.0% 16.2%

Min 53% $386 ($57,717) $378 0.2x 0.2x 0.2x 5.6x 5.1x 4.7x (44.0%) (4.7%) 17.5% (51.9%)

25th Decile 66% $1,692 ($388) $1,648 2.8x 2.7x 2.5x 9.0x 8.9x 8.3x 8.7% 3.2% 56.7% (14.1%)

Mean 75% $84,871 ($751) $85,621 8.4x 6.7x 5.5x 12.1x 15.3x 12.8x 17.6% 13.9% 112.3% 36.2%

Median 76% $2,359 ($26) $2,308 5.4x 4.9x 4.6x 10.9x 11.1x 9.9x 15.2% 13.5% 69.0% 7.4%

75th Decile 81% $8,407 $151 $8,416 9.2x 8.0x 6.4x 13.5x 17.3x 14.3x 29.6% 22.2% 79.6% 24.5%

Max 94% $1,359,028 $53,617 $1,305,411 59.3x 39.7x 29.5x 21.3x 55.1x 38.6x 88.4% 49.3% 1028.5% 688.8%


%52W

EV /

EBITDA

EV /

Revenue

CONFIDENTIAL








Diversified

Accenture plc (IE) $185.2 86% $117,971 $1,584 $116,387 2.6x 2.6x 2.4x 15.5x 14.6x 13.7x 5.4% 1.8% 31.3% 16.1%

Shopify Inc. (CA) $632.3 95% $74,119 $2,316 $71,803 45.5x 35.7x 25.7x NM NM NM 47.0% 27.4% 54.5% (7.7%)

HCL Technologies Limited (IN) $7.2 87% $19,638 $198 $19,440 2.0x 2.0x 1.9x 8.9x 8.6x 7.9x 14.0% 1.0% 37.7% 23.6%

Open Text Corporation (CA) $38.0 79% $10,277 ($3,019) $13,296 4.5x 4.0x 3.9x 11.9x 11.1x 10.2x 3.2% 12.6% 73.9% 29.6%

Five9, Inc. (US) $92.7 93% $5,745 $97 $5,648 17.2x 14.8x 12.6x NM NM NM 27.3% 16.2% 58.8% 3.9%

Netcompany Group A/S (DK) $51.6 93% $2,532 ($136) $2,668 7.2x 6.4x 5.3x 26.4x 23.0x 18.8x 17.0% 13.9% 40.6% 25.3%

Formula Systems (1985) Ltd. (IL) $66.9 87% $1,023 ($667) $1,690 NA NA NA NM NM NM (100.0%) NA 22.7% 11.0%

Weimob Inc. (CN) $0.8 91% $1,704 $138 $1,566 7.6x 5.5x 3.9x NM NM 24.2x 64.1% 38.6% 56.0% 3.5%

Solutions 30 S.E. (LU) $11.8 87% $1,266 $10 $1,255 1.6x 1.6x 1.2x 12.3x 16.2x 12.5x 49.7% 3.1% 64.2% 8.9%

Upland Software, Inc. (US) $31.6 58% $801 ($359) $1,160 5.2x 4.3x 4.0x 14.1x 11.6x 10.8x 48.5% 21.5% 69.0% 22.4%

Shenzhen Tianyuan DIC Information Technology Co., Ltd. (CN) $1.0 75% $652 ($196) $848 1.3x 1.1x 0.9x 19.0x 11.0x 8.2x 17.2% 23.7% 16.5% 5.0%

Guangzhou Sie Consulting Co., Ltd. (CN) $2.6 75% $557 $12 $545 NA NA NA NM NM NM (100.0%) NA 28.4% 5.3%

Fortis, Inc. (KR) $2.7 8% $16 ($7) $22 NA NA NA NM NM NM (100.0%) NA 10.5% (63.0%)

Min 8% $16 ($3,019) $22 1.3x 1.1x 0.9x 8.9x 8.6x 7.9x (100.0%) 1.0% 10.5% (63.0%)

25th Decile 75% $727 ($277) $1,004 1.9x 1.9x 1.7x 12.1x 11.1x 9.7x 3.2% 2.8% 25.5% 3.7%

Mean 78% $18,177 ($2) $18,179 9.5x 7.8x 6.2x 15.4x 13.8x 13.3x (0.5%) 16.0% 43.4% 6.5%

Median 87% $1,704 $10 $1,690 4.9x 4.2x 3.9x 14.1x 11.6x 11.6x 17.0% 15.1% 40.6% 8.9%

75th Decile 92% $14,957 $168 $16,368 10.0x 8.5x 7.2x 17.2x 15.4x 15.0x 47.0% 24.6% 61.5% 23.0%

Max 95% $117,971 $2,316 $116,387 45.5x 35.7x 25.7x 26.4x 23.0x 24.2x 64.1% 38.6% 73.9% 29.6%


%52W

EV /

EBITDA

EV /

Revenue

CONFIDENTIAL








Marketing Analytics

Alphabet Inc. (US) $1,346.7 88% $919,944 $100,425 $819,519 5.1x 4.8x 4.0x 14.0x 14.4x 11.5x 18.3% 4.4% 55.1% 29.0%

Facebook, Inc. (US) $204.7 91% $583,584 $49,475 $534,109 7.6x 6.9x 5.5x 13.5x 14.4x 11.0x 26.6% 9.0% 81.7% 44.4%

Adobe Inc. (US) $353.6 91% $170,384 ($540) $170,924 15.3x 13.1x 11.3x 33.6x 28.6x 24.3x 23.7% 16.4% 85.2% 35.0%

GoDaddy Inc. (US) $69.4 85% $11,461 ($1,642) $13,102 4.4x 4.0x 3.7x 17.8x 16.0x 13.8x 12.3% 8.9% 65.2% 15.3%

Elastic N.V. (US) $64.1 62% $5,242 $260 $4,982 13.0x 9.5x 7.1x NM NM NM 59.8% 36.1% 71.0% (36.6%)

Globant S.A. (LU) $115.7 82% $4,283 ($30) $4,313 6.5x 5.6x 4.6x 31.7x 28.6x 22.6x 26.2% 15.8% 38.6% 17.5%

Winner Technology Co., Inc. (CN) $4.9 72% $497 $8 $489 10.5x 8.4x 5.9x NM NM NM 28.8% 25.1% 64.1% 15.3%

Gridsum Holding Inc. (CN) $0.6 17% $22 ($75) $97 NA NA NA NM NM NM (100.0%) NA 66.5% (187.6%)

Min 17% $22 ($1,642) $97 4.4x 4.0x 3.7x 13.5x 14.4x 11.0x (100.0%) 4.4% 38.6% (187.6%)

25th Decile 64% $1,444 ($424) $1,445 5.1x 4.8x 4.0x 14.0x 14.4x 11.3x 13.8% 8.9% 57.3% (23.6%)

Mean 73% $211,927 $18,485 $193,442 8.9x 7.5x 6.0x 22.1x 20.4x 16.7x 12.0% 16.5% 65.9% (8.5%)

Median 83% $8,351 ($11) $9,042 7.6x 6.9x 5.5x 17.8x 16.0x 13.8x 25.0% 15.8% 65.9% 16.4%

75th Decile 90% $480,284 $37,171 $443,313 13.0x 9.5x 7.1x 31.7x 28.6x 23.4x 28.2% 25.1% 79.0% 33.5%

Max 91% $919,944 $100,425 $819,519 15.3x 13.1x 11.3x 33.6x 28.6x 24.3x 59.8% 36.1% 85.2% 44.4%


%52W

EV /

EBITDA

EV /

Revenue

Date post:	03-Jan-2021
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