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Digital Ad Tech Update: Accelerating Consolidation Ahead
May 2016
Ed Bierdeman, Managing Director [email protected] Ron Heller, Managing Director [email protected]
Introduction
As a follow-up to our original report, Digital Ad Tech: Growth, Disruption, and
Consolidation (September 2014), this report updates the overarching themes
of the AdTech sector – Mobile, Social, and Analytics, and also explores new
topics of interest that have recently emerged – MadTech, Ad Blocking, Cross
Device Targeting, Campaign Measurement, and Data-Driven Advertising.
As we discuss on P. 22, we expect several strong industry dynamics will lead
to continued and accelerating industry consolidation.
Background
Digital advertising remains one of the fastest growing but least understood
investment opportunities in technology today. Driven by audience dynamics,
advertising dollars continue to shift from the traditional brand/agency/
/television/print model to digital impressions. In spite of headwinds, such as
ad blocking barriers and robotic ad fraud, digital ad spend continues to grow
30%+, especially in mobile and video. Due to the superior targeting and
measurement characteristics of mobile devices and OTT, digital advertising
will continue to support a rich and diverse ecosystem of ad content delivery,
management, and measurement.
As digital advertising evolves, it is expanding rapidly from the traditional
desktop search and display markets to new content delivery platforms, such
as social, mobile and video. Each of these platforms may yield significant
data about the individual, such as location, likes and dislikes, key influencers
and household tie-in -- all highly valuable information to advertisers.
We believe the data capabilities of these new platforms will be the primary
driver of growth in the market. As advertisers begin to link individuals across
more of these platforms, the ability to execute omnichannel personalized
campaigns across all delivery mechanisms should drive growth even faster.
INSIDE THIS ISSUE
Introduction and Background (p.1)
Digital Advertising Segments (p.3)
Display Advertising Dynamics (p.4)
Display Advertising Execution Today (p.4)
The Holy Grail (p.5)
Key Themes (p.5)
Programmatic and RTB (p.5)
Cross-screen Advertising (p.7)
Rapid Mobile Advertising Growth (p.8)
Measurement (p.11)
Social Advertising (p.13)
Video Advertising (p.14)
MadTech: Marketing and Advertising Converging (p.16)
Viewability: A New Challenge (p.18)
Data-Driven Advertising on the Rise (p.21)
Trends Driving M&A Activity (p.22)
Appendix A: Advertising Technology Ecosystem (p.24)
Appendix B: Public Company Analysis (p.25)
Appendix C: Public Company Stock Price Performance (p.34)
Appendix D: Selected M&A Transactions (p.36)
Appendix E: Selected Private Placement Financings (p.43)
Appendix F: Public Company Summaries (p.48)
Appendix G: Hot Private Companies (p.79)
Appendix H: Glossary (p.104)
WCP Contact Information (p.109)
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Key Takeaways:
Digital Advertising spending expected to approach 40% of total advertising media spend by 2020
Mobile ad spending accelerating rapidly, especially in emerging markets
OTT, Connected, and Linear TV joining the Programmatic revolution
Cross-screen targeting, measurement and attribution gaining prominence
MadTech: Marketing and Digital Advertising beginning to merge
Viewability and Ad Blocking important considerations for advertisers
Big data-driven marketing and advertising increasingly important
M&A activity and consolidation will be driven by many factors, including (i) advertisers’ preference
to deal with fewer vendors, (ii) vendors’ need for greater scale, (iii) China companies becoming
more acquisitive, and (iv) reduced availability of private equity Industry Overview
The market for digital advertising remains one of the largest and highest growth opportunities in
technology with spending forecast to grow to nearly $70 billion from 2015 to 2020. By 2020, online
spend is forecasted to be 45% of total media spend.
Advertising online delivers many of the direct targeting benefits of old school direct mail/response
combined with the broad reach of television and radio, thereby offering the best of both worlds. Only
digital advertising offers the marketer the opportunity to identify a qualified prospect in real time, serve
a personalized ad, and then close the loop to measure actions and ROI. The technology infrastructure
required to deliver this solution is both significant in complexity and sprawling in scope.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
$-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
2015 2016 2017 2018 2019 2020
$M
Online Ad Spending Growth
U.S. Online Ad Revenue % of Total Media Spending
Source: eMarketer, BIA/Kelsey
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Display Advertising Ecosystem
• Agencies/Trading Desks
• Demand Side Platform
• Media Planning
• Data Target Networks
• Analytics
• Ad Exchanges
• Data Mgmt Platforms
• Data Suppliers
• Ad Networks
• Supply Side Platform
• Publisher Tools
• Ad Servers
See chart on p. 17
Digital Advertising Spend
Agencies and corporate marketing staff we have met with partition their digital ad spend into three
primary buckets – search, social and display:
Search gives advertisers the opportunity to purchase keywords and deliver the advertiser’s ad content
whenever the term is searched for and across any platform. This was the earliest market to develop
and is dominated by Google, which we estimate has nearly 90% share.
Social advertising emerged next and is directed to users on social networks, such as Facebook and
Twitter. Here the advertiser has some knowledge about the viewer – likes, friends, interests, time, and
location – and attempts to target accordingly. Similar to the search market, this market is dominated
today by a single vendor, Facebook, with estimated share exceeding 80%.
We view the search and social markets as “walled gardens” with the primary Ad Tech vendor providing
all of the required infrastructure to purchase, insert, and analyze campaign performance across both
desktop and mobile. This limits the opportunity for new, innovative companies to flourish
independently, meaning the most likely successful endgame is an acquisition by one of the dominant
vendors. Google, Facebook, Microsoft, and Yahoo have all completed several acquisitions in their core
businesses to improve their ability to serve and retain customers.
Display is the broadest segment category and covers advertising that appears on consumer screens
from desktop to mobile to tablets. As such, the display market is not dominated by one or two large
vendors, but consists of many players such as Adobe, AOL/Verizon, Criteo, Rocket Fuel, Rubicon
Project, Tremor Video, Tube Mogul and YuMe.
Social
Search
Digital Advertising Segment
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We believe that the display market, due to its fragmented nature, offers significant opportunities for
both investment and consolidation over the next few years, as critical point technologies get absorbed
into larger platforms, simplifying the entire process from campaign planning to execution and
performance tracking. Ultimately, we believe that this highly fragmented ecosystem will consolidate,
leading to a true closed-loop solution from media plan to ad impression delivery through conversion
across both desktop and mobile platforms.
Characteristics of Display Advertising
A real-time marketplace that minimizes insertion cost and maximizes placement value
Location awareness
Rich media support
In-application placement
Potential closed-loop analysis via big data
Cross-screen delivery – from desktop to tablet to phone and OTT video
The greatest challenge in display advertising today is meeting all the requirements of cross-screen,
real- time, closed-loop campaign management and assessment. Unlike the social and search worlds,
where a single vendor can deliver an end-to-end solution, the heterogeneous nature of display
advertising has led to an overly complicated mix of vendors, with each delivering part of the solution,
often requiring the customer to put the various parts together into an integrated solution
Display Advertising Execution Today
The ad placement universe has produced a series of interconnected “trading desks” much like Wall
Street. Media inventory is posted in real time with a progression of interested parties able to bid. Just
as on the Street, programmatic trading has emerged as a key placement mechanism due to the real-
time nature of ad insertion decisions. With so many variables to be analyzed to determine value, it is
no longer possible for an individual to make the pricing decision, especially in real-time. The real-time
bidding marketplace, driven by programmatic trading on top of all the various ad exchanges, is the
only viable solution for timely delivery of ad insertions.
With the exponential growth of smartphones, mobile advertising has emerged as the highest growth
platform for display advertising. Mobile brings the benefits of personal identification (within certain
privacy constraints), geo-location awareness, enhanced targeting based on demographics and
behavioral information, and the ability to push ads within apps as they run, making the likelihood of a
successful conversion higher and driving up the CPM paid to the publisher.
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The Holy Grail
An ultimate game-changing breakthrough capability for digital advertising is the ability to provide
complete closed loop attribution from impression to purchase. Modern cloud and mobile technologies
enable: (i) households to be tied to specific devices, (ii) ads, offers and acknowledgements to be
tracked, and (iii) via integration with POS systems and customer data from advertisers or firms such as
Nielsen Catalina, household purchases to be tied back to campaigns. While today there are services
that can offer this closed loop for online purchasing (representing less than 6% of consumer
commerce), we are in the early innings of tying together all of the required disparate databases
necessary to close the loop from a mobile ad impression to a brick and mortar purchase. We see this
opportunity as the Holy Grail, perhaps the greatest revenue and growth opportunity offered by the
entire Ad Tech stack.
Key Themes
The advertising industry is at a critical juncture in the development of digital advertising technologies
driven by the emergence of key technology platforms, including mobile, video and social. We focus on
the following key themes, which will broadly impact most Ad Tech participants:
Programmatic and Real-Time Bidding
Cross-Screen Advertising
Mobile Advertising
Measurement
Video Advertising
Mad-tech
Ad Blocking
Industry Consolidation
Programmatic and RTB
The advent of Real-Time Bidding (RTB) was a key development in the evolution of the Ad Tech
marketplace. RTB simply refers to the buying and selling of advertising in real time, typically taking
place through an ad exchange (see 200MS: The Life of a Programmatic RTB Ad Impression on next
page). Programmatic buying typically occurs in real time, and thus the term is often used
interchangeably with RTB, although programmatic buying does not have to occur in real time.
We believe the automation of online ad buying has grown rapidly, and we expect continued
momentum in 2016 and beyond, given the benefits that RTB and programmatic buying bring to both
advertisers and publishers. With RTB and programmatic buying, advertisers can now deliver the right
advertisement, at the right place, at the right time, to the right person, for the right price. Given these
clear advantages, a new Ad Tech ecosystem has emerged, including ad exchanges, demand side
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platforms (DSPs), supply side platforms (SSPs), data management platforms (DMPs), and audience
management and retargeting platforms.
The key advantages of real-time and programmatic buying include: (i) Liquidity, which optimizes
pricing, benefiting both publishers and advertisers, (ii) Automation, which allows marketers to
streamline the process by using a technology platform to purchase impressions in an automated way,
typically through an exchange, and (iii) Impression-by-Impression Targeting, which enables buyers to
bid on specific impressions and target users believed to be most receptive to the advertising. While
RTB and programmatic buying were initially focused on display advertising, they have since expanded
to mobile, video and social. Additionally, RTB and programmatic are beginning to extend beyond
remnant (indirect) to premium (direct) publisher inventory.
According to MediaPost, global programmatic ad spending will grow from $14.2 billion in 2015 to $37
billion in 2019, a 28% CAGR. The $37 billion programmatic Ad Spend is expected to account for half
of display and video expenditures. Additionally, Magna Global estimates that U.S. programmatic ad
spending will increase from $8 billion in 2015 to more than $20 billion by 2019.
Source: Media Crossing
Click for informative video: www.youtube.com/watch?v=rTg9l4d8MU4
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Cross-Screen Advertising
Video screen-based advertising today represents ~90% of all digital media interactions, with
consumers spending ~4.4 hours of leisure time each day in front of screens. While advertising across
multiple screens or channels is not a new concept, until recently it was difficult to execute given the
lack of shared data. Historically, user data was isolated to a specific channel (i.e., PC, TV,
smartphone or tablet). More recently, however, new technologies have begun to enable shared data
among channels. By leveraging consumer-specific data across channels, advertisers can now
optimize spend across channels. Key advantages of cross-screen advertising include:
Improved ROI. By advertising across screens, advertisers can optimize their media
spend. For instance, if a consumer sees a travel ad on TV, the advertiser could then
retarget the consumer with a travel ad on his PC or smartphone, increasing the
chance of a conversion.
Improved Reach and Brand Lift. By focusing online advertising spending on those
customers not reached by a given channel (e.g., TV), advertisers can increase their
reach and achieve higher brand lift. Increasingly, we believe advertisers will take a
device-agnostic approach to advertising, with ad dollars following consumer
impressions and engagement.
Retargeting. A primary benefit of cross-screen campaigns is the ability to follow the
consumer throughout the conversion period across multiple devices. For example, a
consumer could click through on a display ad indicating interest in a product and the
campaign could push an offer to the user’s mobile phone when he is closer to the
store.
0
5
10
15
20
25
30
35
40
2015 2019
$B
Global Programmatic Ad Spend
Source: MediaPost
0
5
10
15
20
25
2015 2019
$B
U.S. Programmatic Ad Spending
Source: Slideshare
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Mobile Market Update
Studies by ComScore and eMarketer reveal impressive projected mobile ad spend growth: from $28
billion in 2015 to $49 billion by 2017. By 2019 mobile is forecasted to make up 72% of total spend.
The growth in mobile advertising solutions has been driven by the strong uptake in mobile devices.
Mobile devices now exceed desktop devices worldwide. According to eMarketer, the average time
U.S. adults spend on their mobile device has grown by a CAGR of 80% from 2012 to 2015, rising from
34 minutes in 2012 to over 3 hours in 2015. Additionally, mobile now accounts for 23% of average
daily media exposure for U.S. adults, up from 8% in 2012.
Similarly, data from eMarketer and Magna Global reveals an uptick in mobile display advertising, as
well as overall U.S. mobile search ad spending. U.S. mobile search ad spend is expected to reach
approximately $27 billion by 2019, a 37% CAGR from the $8 billion figure reflected in 2015. Mobile
Display Advertising is projected to experience a similar growth rate, reaching ~ $30 billion by 2019.
0%
5%
10%
15%
20%
25%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2015 2016 2017 2018
Ho
urs
Average Daily Time Spent on Mobile Devices by U.S. Adults
Hours % of Total MediaSource: eMarketer
ComScore
0
20
40
60
80
100
120
140
2015 2016 2017 2018 2019 2020
$B
Global Mobile Ad Spend
Source: eMarketer, ComScore
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Advertising spending in the U.S. is projected to grow by 4.9% in 2015, reaching $172 billion, the
highest growth rate for adverting spending in the past 10 years. Digital advertising is expected to
continue to grow faster than traditional advertising and take an increasing share of total ad dollars
spent. Digital media growth is expected to increase 15.7% during 2015, up from earlier estimates of
12.8% growth, with digital advertising expected to be the number one ad channel in the U.S. in 2017.
In 2017, digital ad sales are projected to reach $72 billion (a 38% market share) versus $70.5 billion for
television ad sales.
In 2015, digital media sales are expected to represent "one in three ad dollars", driven by video
formats (up 31%) and social media (up 32%), and search (up 15%). Mobile-focused advertising is
expected to grow at the fastest rate, up 51%, and comprise 30% of total digital ad spending, or $17.5
billion, in 2015.
According to eMarketer, worldwide digital advertising spending is expected to reach approximately
$214 billion by 2018, with mobile advertising spending taking an increasing share of total digital
advertising spending.
We expect 2017 to be a watershed year for mobile ad analytics driven by the convergence of big data,
analytics, and mobility, which will create new levels of personalized 1:1 marketing.
Mobile Programmatic Update
Advertisers are increasingly bullish on programmatic advertising campaigns, as retailers and
packaged-goods companies look to hyper-target audiences more than ever. And while major brands
have used big data for a while, the strategies are also beginning to benefit smaller retailers,
underscoring how automated marketing continues to gain traction.
In 2015, eMarketer estimated that U.S. mobile programmatic ad spending compared to 2014 more
than doubled to $9.3 billion, representing approximately 60 percent of total programmatic ad display
spending.
0
3
6
9
12
15
18
21
24
27
30
33
36
2015 2016 2017 2018 2019
$B
Mobile Display Advertising
Source: eMarketer, MAGNA Global
0
3
6
9
12
15
18
21
24
27
30
2015 2016 2017 2018 2019
$B
Mobile Search Advertising Ad Spend - U.S.
Source: eMarketer, MAGNA Global
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We note a massive overspend in print advertising and significant overspending in television advertising
compared to the time spent reading print publications and watching linear TV.
We believe mobile advertising represents the most attractive growth opportunity across all advertising
categories. We expect acceleration in the ad spending shift toward mobile from desktop and legacy
media going forward. Within the general category of mobile advertising, the following sub-themes
deserve mention:
Mobile User Tracking
We believe mobile user tracking will increase in importance given the increasing consumer usage of
mobile devices and the shift to cross-screen targeting. There has been speculation that Google is
working on an AdID that would effectively replace third-party cookies, and Apple introduced its own
identifiers in 2012. In June 2014, Apple announced that its iOS 8 will randomize MAC addresses while
scanning for Wi-Fi networks. Accordingly, Ad Tech vendors may need to rely more on user submitted
data, predictive modeling, or other device-matching strategies.
Mobile Ad Exchanges
RTB exchanges are rapidly gaining traction in mobile advertising. Given the improvements in mobile
targeting as well as advertisers’ and agencies’ increasing focus on ad buying efficiencies, we have
seen the growth of several mobile ad exchanges, including AppNexus, MoPub (owned by Twitter),
OpenX and Smaato. Smaato’s RTB exchange, for example, helps mobile app developers and
publishers optimize revenue on a global basis through its managed or recently launched self-service
platform.
0.04
0.11
0.37
0.24 0.24
0.18
0.11
0.41
0.23
0.08
0.01
16%
Print Radio TV Internet Mobile
0%
10%
20%
30%
40%
50%Print Print Radio Radio TV TV Internet Internet Mobile Mobile
% Time Spent % Ad Spending Stack
$2.1B Internet + $25B Mobile = $27.1B Total Market
Opportunity
Ad Spending vs. Media Consumption
Source: KPBC (Industry Trends Report 2015)
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Private Marketplaces
Several RTB exchanges, such as Rubicon and AOL (AOL One) have introduced private RTB
marketplaces to provide advantages relative to traditional RTBs. These advantages include: (i) the
ability to set CPM floor minimums, (ii) the creation of an approved list of buyer tiers or whitelists (to
improve brand safety), (iii) making unique first party data actionable to buyers, and (iv) the ability to
market a private exchange separately from the public exchange.
Header Bidding
Header Bidding is a bidding algorithm that has emerged in an effort to create a more competitive
bidding environment for ad space on web sites and other published inventory. Header Bidding allows
the publisher to circumvent the Waterfall auction mechanism by showing the inventory directly to all
demand side buyers simultaneously, which supports a more competitive auction environment.
Header Bidding is accessed by publishers through relationships with SSP / Exchanges such as
Rubicon Project, OpenX, and Pubmatic. Publishers can also deal with large buying platforms such as
Criteo, A9, Yieldbot, and Conversant. Header Bidding can also be implemented in a Private
Marketplace where the auction is restricted to buyers that want to control the quality of ad
impressions. Although Header Bidding has met resistance from traditional walled garden exchanges
due to their proprietary inventory interests, recent surveys show a groundswell of interest in the level
playing field approach to simultaneous auctions. While ad tech vendors bicker about efficiency and
speed of ad server response, the improved economics dictate increasing adoption of Header Bidding.
Measurement/Attribution
Measurability, such as customer behavior, campaign engagement, or return on investment are
increasingly important marketing imperatives. Due to an increasingly complex customer journey and
difficulty distinguishing influential touch points, let alone credit appropriately, ROI measurement from
different channels can suffer. The return from offline ad spending is even more difficult to measure.
Confidence in digital ad spending and digital marketing programs is steadily improving. The ability to
track consumers offline to online and across devices is a challenge that has been met head-on by
technology vendors in the past year with increasing success due to improvements in analytics,
attribution, cross-device tracking and other technologies that measure uplift, ROI and other results.
Mobile Analytics Drive Cross Channel Insights
Mobile commerce is a common starting point for many online cross-device customer activities.
Merging our understanding of customers and their mobile engagement with channels (e.g., web, email,
and social) and other screen types is critical to gaining a holistic view of those customers. Most
observers are encouraged by signs that mobile analytics’ contribution to the holistic view of the
customer are growing.
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Marketing professionals are beginning to evolve their mobile metrics and KPIs. Today, over half of
advertisers and marketers use mobile analytics to understand application and marketing campaign
performance using operational metrics (e.g., app downloads and time in-app). However, only about a
third of these same firms use analytics to gain contextual and predictive insights about customers.
We’ve seen a similar evolution in web analytics: firms used web traffic volumes as a measure of
engagement success, but then moved on to tracking and measuring customer behavior and
experience across channels. The same is now happening with mobile. While mobile measurement
programs are developing, the use of measurement to optimize customer engagement and experience
is still in early days. Mobile executives are still experimenting with mobile optimization techniques,
while a minor percentage have implemented plans for mobile targeting programs. As the importance
of doing business with the consumer via mobile continues to grow, firms will persist in growing
investment in mobile optimization.
Customers have embraced the mobile mind shift. Already a large proportion of the US consumer’s
digital interactions are via mobile devices. As a result, mobile has become a critical contributor to the
holistic view of customers — and the way marketers interact with them. Successful marketers have
aligned mobile analytics with their organization’s KPIs.
Mobile is well positioned as a hub of online and offline customer insights and provides firms an
opportunity to capture contextual data on mobile moments within both the digital and physical
environments. Mobile intelligence extends digital intelligence into analytics for mobile moments. In
addition to online moments, mobile intelligence includes analytics for offline-online moments (e.g.,
using QR bar codes to research physical products in-store), online-offline moments (e.g., pushing
messaging with a voucher based on location to a store or outlet), and offline moments (e.g., measuring
driving behavior to determine insurance risk).
4.4 4.6 4.6 4.5 4.4 4.3
0.4 0.3 0.3 0.3 0.3 0.4
2.42.6 2.5
2.3 2.4 2.4
0.4
0.81.6 2.3 2.6 2.8
0
3
6
9
12
2010 2011 2012 2013 2014 2015
Ho
urs
Per
Day
Time Spent on Screens by Device (Hours/Day), USA, 2010-2015
Mobile
Desktop/Laptop
Other Connected Devices
TV
7.6
9.0
8.2
9.49.6 9.9
Source: KPBC (Mary Meeker)
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The objective of marketing analytics has been to optimize customer engagement. Mobile analytics is
not different, but places much greater demands on delivering real-time analytics and insights to
optimize mobile moments. This opportunity extends past simply optimizing marketing campaigns for
the rest of the enterprise; it includes, for example, helping: (i) app developers decide on changes to
their next release, (ii) operations predict demands on support infrastructure, and (iii) product
management apply dynamic pricing models.
Mobile Analytics Conclusions
Mobile Analytics is a Hot Sector. The industrywide adoption of mobile analytics practices is in its early
stages. Firms that invest in mobile analytics now will position themselves ahead of their competitors in
the race to meet the rising demand brought on by the increasing adoption of mobile commerce.
Service providers and consultants will proliferate. No single platform provides the level of data
management, analytics, and actionability needed to maximize the opportunity for leveraging customer
insights for mobile moments. As marketers build out their mobile intelligence practice and refine their
requirements, they should be prepared to leverage services partners to skill-up and integrate
processes and technology.
We expect a reduction in the number of mobile analytics technology vendors. Over the next few
years, the mobile analytics space will compress to a few independent mobile analytics specialists and
the existing large technology vendors (e.g., Adobe, Salesforce and Oracle) that have invested heavily
in customer engagement analytics.
Mobile advertising’s importance as a bridge between digital and real-world engagement will grow. The
importance of the capability to match online and offline behaviors will grow as firms expand existing
mobile engagement models. The relevance and value of mobile analytics will be measured by the
ability to leverage users’ mobile customer insights to better understand and engage with customers.
Social Advertising
The 2015 ANA Digital and Social Media Conference featured presentations from 15 major brands on
their utilization of social media to drive brand awareness and revenue. Attendees included a diverse
cross section of buyers and sellers of advertising technology including financial services, CPG
companies, biotechnology (10 attendees from Amgen), advertising agencies, media services, and
vendors such as TubeMogul and Turn.
The presentations included a detailed discussion of measurement of impressions and ad fraud by the
Interactive Advertising Bureau (IAB). The IAB is in the process of issuing standards for the
measurement of viewable impressions across platforms including mobile / native and digital. The
presenter compared ad exchange trading desk behavior to “unprotected sex” in that it is possible to
pick up inaccurate / fraudulent impression data in the quest for large volumes of clicks or other metrics
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by marketers. Until such standards are implemented for mobile, video, and eventually VOD and OTT,
we believe that private marketplaces and suppliers of higher quality or guaranteed impressions, such
as Criteo and Rubicon Project, are likely to benefit from the noisy environment.
For example, the General Manager of GE’s Performance Marketing Labs gave a compelling
presentation of the utilization of a broad array of technologies to drive commercial success / ROI
through digital advertising. The general focus areas involved the following:
Social Listening - Voice of the Customer
Engagement
Distribution of Advertising
Measurement
GE also utilizes a wide range of products from multiple vendors including Marketo, Salesforce.com,
LinkedIn, Adobe, and Oracle to implement a comprehensive digital marketing campaign, as opposed
to simply using Facebook or Google.
Marketo is the system of record for relationship management. Marketo feeds data into LinkedIn Lead
Accelerator for qualification and lead scoring. Salesforce.com is the source of truth for the single view
of the customer. Adobe/Omniture and Salesforce.com/Radian6 are used for social listening and
measurement. LinkedIn, Facebook, Google, Outbrain (a vendor which manages Facebook and
Google distribution), and the NBC network are used for advertising distribution. Marketo,
Salesforce.com, Adobe/Omniture, Oracle and Hybris are used for campaign measurement and ROI.
Many other brands, agencies and vendors, such as Pinterest, gave presentations illustrating the
utilization of multiple vendors’ technologies to drive digital and social advertising. There is no doubt
that the $58 billion in 2015 spending by US companies on paid digital advertising represents an
attractive opportunity for growth and investment.
Video Advertising
New devices, bandwidth, and new video content formats continue to drive video entertainment far
beyond the traditional linear television set. Recent surveys have continued to underline growth in non-
linear television advertising.
Whereas upfront sales of television ads have historically consistently increased year-over-year, for the
2015 to 2016 season, upfront ad sales declined 3%, according to Media Dynamics.
Furthermore, this represented the third straight year of declines for broadcast networks and the second
for cable networks.
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Viewing on digital devices has grown asymptotically. Younger viewers increasingly watch video on
their smartphones and laptops, and this behavior is one driver fueling the declines in upfront spending.
Forrester Research data shows that 90% of online Millennials watch TV online on a weekly basis
versus only 58% of older adults. Video platform provider Ooyala reports that viewing on mobile
devices accounted for 44% of over-the-top video viewing among its customers in the second quarter of
2015.
Advertisers have long favored television because its ability to deliver sight + sound + motion ads tells a
more engaging brand story. More recently, they have been quick to add online video to their
advertising plans, making video advertising the fastest growing ad format through 2019. In addition to
better message communication compared to banners and other online ad formats, advertisers see
digital video’s potential for greater precision in measurement, targeting, and accountability.
TV ratings declines are partially driven by a measurement system lagging changes in consumer
viewing behavior. In announcing the availability of its total audience measurement tool in December
2015, Nielsen noted that for one broadcaster’s drama program, only 15% of viewers aged 25 to 34
actually watched the episode live at the scheduled air time while 18% time-shifted their viewing to
watch on a PC, tablet or smartphone.
Advertisers have embraced programmatic buying for online display advertising because it automates
otherwise laborious negotiations and enables the use of data to deliver ads to viewers who more
precisely match their target audience. Due to the clear benefits of programmatic in display advertising,
brands are pressing media companies to offer programmatic capabilities for video content as well.
Broadcast television’s power is somewhat blunted by its mass audience, with advertising planners
having only broad demographic data about who is watching the programming. As more video is
streamed to individual viewers, planners have better data not only about each viewer, but about the
actions that viewer takes as a result. Multi-touch attribution studies combining the individual viewer
data from comScore, Nielsen, and Rentrak with relevant purchased data from firms like Datalogix, iHs
automotive, and brands’ proprietary CRM databases are becoming more commonplace.
Recent Forrester Research surveys of video advertising DSP users revealed that television and online
video are increasingly planned together. About one-third of respondents indicated that a single group
handles planning and buying of both television and online ads. But another 39% said that while
different groups manage television and digital video, they jointly plan and execute campaigns. Only
about one-quarter said digital video was totally independent from television advertising or that they
only run digital video campaigns. Planning and buying online video that best complements a television
schedule requires specialized data and tools.
Today’s advertisers want tools that give quality, flexibility, and control. As with programmatic display
advertising, video advertising engages a complex ecosystem of technologies. Video also requires
different buying processes depending on the “premium” nature of the ad inventory. Advertisers
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currently use programmatic capabilities to measure viewability, avoid fraudulent inventory, and screen
out potentially offensive content. Advertisers also look for flexibility in the KPIs measured, the ad
formats they use, and the type of programmatic buying process they use. Ad delivery controls to limit
frequency or sequence ad creative content round out video DSP functionality.
Looking to the future, research indicates that video planners are looking for cross-device capabilities,
including mobile video ads. While viewing quality remained among the top needs, cross-device
capabilities to identify individuals and optimize ads rounded out the top 10 requirements along with the
ability to use the advertiser’s first-party data. Forrester Research also revealed that mobile ad
inventory exceeded over-the-top ad inventory as the most critical type of video inventory going
forward.
MadTech - Advertising and Marketing Begin to Converge
Convergence Drives Revenue
Marketers want to deliver a unified, consistent and highly personalized experience across in-bound
marketing, email, web marketing and advertising. Current marketing technology gives marketers the
potential to meet those expectations by providing increasing volumes of customer information,
analytical processing power, and expanding channels for customer interaction.
As Marketing Technology matures, it has become apparent that an integrated MarTech stack by itself
can’t deliver a wholly consistent customer experience. Advertising plays a major role in a customer’s
brand experience. Consumers don’t make a distinction between marketing and advertising
interactions. Forward thinking digital marketers believe digital marketing and advertising represent a
holistic continuum of customer experience.
37%
30%
14%
7%5%
3% 2% 1%
0%
5%
10%
15%
20%
25%
30%
35%
40%
% o
f To
tal R
even
ue
Internet Advertising Revenue Report: First Half of 2015
Sources: IAB and PWC
Total Revenue: $27.5B
17
Convergence Examples
A look at the offerings of vendors such as Marketo and Adobe yields a partial vision of the future
MadTech landscape.
Marketo has expanded its MarTech offering through its Ad Bridge product (introduced in Spring 2015)
that provides bi-directional integration with LinkedIn, Facebook, Twitter, and Google Adwords.
Detailed marketing data can be used to drive targeted advertising campaigns. The advertising
performance data is then shared back with Marketo to enhance campaign performance and social
media analytics within the marketing technology framework.
According to mobile intelligence provider App Annie, AdRoll’s new integration with Marketo resulted in
a major uptick in conversions in its advertising. The company has seen a 30% lift at every stage of the
customer journey, according to App Annie.
Customers, such as General Electric, have first-party data on customers and prospects in their
marketing cloud or marketing automation system, in this case Marketo. To drive prospects deeper into
the funnel, and perhaps increase revenue with existing customers, GE adds them to “AdRoll
segments” that can be used to target those users on any web property. Now GE can set up rules and
classifications to deliver certain kinds of ads and content to those users wherever they go.
An inexorable push is building towards increased integration, because the better the data injected into
advertising campaigns, the better the results. Recent research has shown increased conversion rates
of 3x+ when using high quality, current data for targeting. Facebook recently partnered with Marketo,
Salesforce, Eloqua, Sailthru and other marketing clouds with its Lead Ads product for the purpose of
sharing targeting data.
Adobe supports a variety of advertising interfaces through Omniture and the Adobe Campaign
management modules. Adobe has taken more of a vertical stack approach to supplying marketing
technology which is used to develop personalized messages which are then incorporated into search,
display, and mobile native ad impressions. Adobe supplies the creative, management, and analytic
software to control the entire process.
The Adobe Marketing Cloud is currently a $1.4 billion business unit with subscriptions growing 30%
y/y, a level of performance far ahead of Salesforce.com, Marketo, and Oracle’s Eloqua. In the years
since the acquisition of Omniture, the Adobe Marketing Cloud has been enhanced to embrace multiple
data sources, predictive analytics, social program creation and management, media mix management,
and monitor channel performance with built-in analytics.
A major difference between Adobe and its competitors lies in the use of an integrated stack of tools vs.
point products such as Eloqua and Marketo or an aggregation of acquired companies such as
Salesforce’s ExactTarget Marketing Cloud.
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Adobe should continue to offer larger customers the capability to manage entire campaigns from
creative development to targeted engagement. Adobe’s R&D efforts will likely be enhanced by the
acquisition of point products in the areas of advertising measurement and management.
MadTech - Data Driven
Marketing technology solutions are usually adopted as the system of record for relationship
management. They typically contain a marketing database, which stores 1st party information about a
company’s interactions with named contacts. Advertising targeting and delivery systems store
anonymous targeting data comprised of information from multiple sources.
MadTech combines the two: it merges internal and external information into detailed profiles that can
be linked to actual people. The higher the quality of identification, location, and demographic data, the
higher the quality of personalization and receptivity to an ad impression by a targeted individual.
MarTech systems can manage multi-step campaigns through email and web sites and measure their
impact on the customer journey. AdTech systems currently use real-time bidding and behavior-based
recommendations to deliver the highest ad impression response at the lowest cost. In combination,
MadTech will be able to create and select content, pick the best time and place to deliver it, and
optimize long-term return on investment.
MarTech delivers personalized messages in first party media such as email and websites. AdTech
delivers targeted messages to audiences in paid third party media such as display and search ads and
in earned second party media such as social network conversations. MadTech will combine these
features to deliver personalized messages across all media — something that will become increasingly
possible as technology allows real time connections between externally owned channels and media
buyers’ execution systems. The scope will include first party media such as a company’s emails to its
own customers: companies will increasingly discover that delivering carefully selected external
messages can add value for customers while generating increased revenues.
In the MadTech model, advertisers and marketers will have equal access to data and delivery,
available as external services. The higher value proposition delivered by MadTech will concentrate in
the decision layer, where marketers will make smarter decisions about which messages to deliver to
which customers in which media. Technical issues, such as data management and message delivery,
will fade into the background, becoming commoditized utilities available for purchase on demand. The
underlying technology will be more sophisticated than ever, but that sophistication will be applied at the
level where it frees marketers to anticipate and meet true customer needs.
Viewability – An Emerging Challenge
An emerging area of importance for ad measurement centers around viewability. The issue stems
from advertisers’ discontent that a potentially high percentage of impressions may not actually be
19
viewed by targeted consumers. This concern has been met with a significant amount of attention and
efforts. However, the future for what standards to implement, how publishers and ad networks may
implement them, and how to enable third party research measurement remains less clear.
The Media Rating Council (MRC) has set a standard for a display ad to be deemed “viewable” when
50% of an ad’s pixels come into view for a minimum of one second. This overall standard has not been
widely adopted. As a frontrunner in participating in the debate of enforcing viewability, Facebook has
defined its own metric, which currently equates to when any part of the ad comes into view even for
less than one second.
Based on the analysis of data from ad serving platforms, the complexity of the issue is influenced by
page position, ad size, the industry/nature of the ad and other factors. We would point out that ad
serving technology itself has not yet derived a method to count actual views correctly or ensure a
specific target percentage of viewability.
Mobile advertising faces different challenges and considerations when applying viewability
requirements. Due to bandwidth constraints and limited display area supported by mobile devices,
mobile advertising tends to focus on native in-app advertising and pre-roll or in-line video.
Amid growing concern over online advertising fraud, the Media Rating Council has issued new
guidelines for digital media vendors and companies to follow in order to detect and filter out “invalid
traffic” generated by non-human sources like bots.
The industry organization, official arbiter of media ratings in the U.S., said it expects all MRC-
accredited organizations to comply with the new guidelines. All future applicants for accreditation will
be evaluated for compliance with them.
The MRC highlighted a number of key points in the guidelines, including the requirement for enhanced
internal controls covering employee behavior policies, partner qualification processes, analysis of
acquired or paid traffic, periodic risk assessments, and the correct procedure for challenging a decision
to remove invalid traffic.
The guidelines also cover organizational directives for digital measurement outfits, including internal
and external communication responsibilities, and the requirement to establish a Traffic Quality Office
with a data quality officer within each organization.
The rules, set out in a document titled “Invalid Traffic (IVT) Detection and Filtration Guidelines, Version
1.0,” finalize recommendations proposed in 2015 by contributors including the Invalid Traffic working
group, which brought together major players like the Interactive Advertising Bureau, Mobile Marketing
Association, and Trustworthy Accountability Group.
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Ad Blocking
Several new ad blocking technologies were announced in 2015 that threaten to constrain digital
advertising. Digital ads can now be blocked at the desktop and mobile device level, at the browser, in-
app, and even the network level. The casual observer may be led to believe that digital advertising is
about to perish from the earth!
The sudden surges in ad blocking stems from the awareness of fraudulent activity, abuse of “long tail”
ad impressions, and concerns with the consumption of mobile data bandwidth by advertising. In our
opinion, a combination of economic forces and technological impediments will combine to sort out a
reasonable equilibrium of digital advertising activity. The cost of mobile advertising in terms of data
usage needs to be reflected back to the advertiser in terms of transit rate charges, rather than borne
by the consumer.
We believe that ad blocking on the desktop was conceptually designed to block “long tail” third party
ads which are typically less relevant and often intrusive to the consumer. To the extent ads are either
mis-targeted and/or annoying pop-ups, they significantly distract from the user experience.
The impact of ad blocking remains to be fully reflected in the financial performance of the participants
in our ad tech universe of public and private companies. We point out a number of countervailing
trends that we believe should be considered in assessing the potential impact.
We expect digital video advertising to be impacted less than display advertising. Growth in video ad
opportunities is far outstripping growth in ad blocking.
Ad blocking products work in desktop display, video and mobile browser environments. Native apps
and controlled environments such as Facebook or Google can insulate publishers from ad blocking.
9%10%
14% 14%
16%
24%
27%
0%
5%
10%
15%
20%
25%
30%
US UK Netherlands Spain Canada Germany France
Desktop Ad Blocking Rates by Country
Source: ComScore, Sept. 2015
21
Ad blocking software can be detected. Certain premium publishers such as Hulu require ad blocking
to be disabled in order to view video content.
Anti-Blocking tech companies such as PageFair are working with publishers to create non-intrusive
ads. This technology then creates a “whitelist” of publishers that have created ad experiences that are
“not detrimental” to the user experience.
Data-Driven Advertising on the Rise
As previously discussed, an important trend in advertising technology centers around the increasing
reliance on data to improve the relevance and performance of digital advertising. The most visible
result of a data driven approach is the personalization of both brand and direct response (DR)
advertising.
Recent surveys of marketing and advertising practitioners across global markets show 80% of
respondents underscore data as increasingly important to their efforts. The same surveys show that
more than half of global respondents increased their annual data driven advertising expenditures in
2015. Over 2/3 expect that their organization’s data driven advertising budgets will increase further
next year.
These same respondents increased their spending on social media, web content, mobile, native and
online display advertising over the past year relative to other channels. These spending increases are
likely linked to increase return on investment in these media. Respondents said that the performance
of their mobile and native display advertising, web content and social media investments have
improved the most over the past year.
Further research shows an increase in demand for improved measurement and attribution techniques,
with an eye on providing deeper insight to support future planning and investment optimization.
According to the recent Adobe ‘Digital Roadblock’ survey of marketers, personalization ranks as the
most important capability in regard to future marketing efforts. This comes as no surprise when taking
into consideration the strong commercial case for personalization. Additional research carried out by
Econsultancy in association with Adobe revealed that on average, businesses personalizing the
customer experience report an average uplift in sales of 14%.
Awareness of the importance of tracking customers across channels is a significant takeaway from
most of the current published marketing research. A significant 70% of surveyed companies cited a
clear understanding of customer journeys across channels as very important, with almost the same
proportion seeing the consistency of message as very important. With consistency of experience
across channels and devices an increasing expectation among consumers, understanding their
journey to purchase has become essential for optimizing the experience throughout.
22
Clearly, data has become a core component of a digital marketer’s toolbox. We continue to believe
that the integration of online and offline data will be a top priority during the current year and future
periods. Marketers reveal an unmet need for data collection infrastructure and improved analytics
tools.
Industry Trends Driving M&A Activity and Consolidation
The Ad Tech industry has experienced a high level of M&A activity in 2015 and thus far in 2016 (see
Appendix C). We believe a number of factors and industry trends will contribute to the continued
consolidation of Ad Tech companies, including the following:
Reduced Availability of Private Equity: Venture capital firms aggressively funded Ad
Tech companies in prior years to capitalize on the expected growth in digital advertising.
As industry growth tapers in display and other segments, VC firms will no longer support
negative cash flow and unprofitable firms will be forced to merge.
Need to Broaden Value Proposition: Ad Tech companies seeking to broaden the value
delivered to advertisers by adding related functionality in order to more effectively
develop, execute, and measure the results of an advertising campaign (see Appendix B).
In addition, advertisers increasingly want to manage and measure their advertising
budgets across multiple channels, including Search, Social and Display, leading Ad Tech
companies to develop end-to-end digital advertising solutions serving multiple channels.
Cross-Device Capability Gaining in Importance: Advertisers’ growing interest in
executing campaigns across multiple devices, such as PCs, tablets, mobile, and
connected TVs. As Smart (or Connected) TVs further penetrate the market and achieve
critical mass, advertisers will want to target this emerging platform with programmatic
campaigns.
Closed Loop Attribution, including Offline: Advertisers increasingly want to connect
data from online and offline (in-store) purchases to provide more relevant future offers
and optimize both retail channels.
Programmatic Growth: Continued growth of programmatic advertising campaigns
executed on real-time ad exchanges for display and video on desktop, mobile and
connected TVs.
Location Is Key: The increased availability and use of user location information to more
effectively target ad campaigns and deliver more relevant offers to consumers while in or
near stores.
Online Video Disrupting Traditional Video: The continued growth of online video
advertising opportunities as more consumers (especially younger ones) consume video
online and “cut the cord” of traditional cable and satellite video providers.
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China Leading Cross-Border Transactions: Increased international transactions,
especially with China, as several large Chinese Ad Tech firms seek to expand outside
China, and non-Chinese firms seek to enter the large China market.
Larger Platforms Seek Greater Dominance: We also expect a major wave of
consolidation activity as the larger platforms combine discrete components of Ad Tech
functionality in order to appeal to brands wishing to integrate a fewer number of vendors.
In addition, the resulting automation of processes traditionally performed by agency
media buyers will force the agencies to change their business model from commissions
on ad placements to more fees for strategic partnership and advice. We expect the
smaller “feature” companies to roll up into platforms and vertically integrated multichannel
entities addressing mobile, social, video and display advertising. We believe brands and
agencies will drive disparate ad budgets toward a larger combined digital “bucket” with a
focus on overall ROI.
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Appendix A: Display Advertising Technology Market Map
Ad Servers
Agencies/Trading Desks Demand Side Platform
Media Planning
Data Targeting Networks
Analytics
Ad Exchanges
Data Mgmt Platforms
Data Suppliers
Ad Networks Supply Side Platform
Publisher Tools
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Appendix B: Public Company Analysis
Criteo
Criteo has built a highly scaled global ecosystem of publishers and advertisers around desktop,
mobile, and email advertising. The massive amount of first party data gathered on users and
publishers drives the Criteo Prediction Engine which gives advertisers enhanced confidence in user
click through behavior.
The simple economics of digital information access, in our opinion, work against ad blocking for Criteo
insertions: on line users want free content, while publishers need to monetize content.
The Criteo business model promotes views and clicks, not gratuitous and intrusive advertising.
Criteo has a far closer relationship with its 9,000 publishers than that of independent ad exchanges.
As a result, the user click-through results are not provided by “long tail” random ad insertions.
Criteo is working with Facebook as an early partner in the Dynamic Product Ad (DPA) program. The
DPA program will allow Criteo to leverage Facebook’s superior content and user captivity for ad
placements with attractive advertiser ROI on mobile devices and desktop.
We expect a significant number of Criteo publishers to participate with anti-blocking technologies such
as PageFair to “whitelist” ad experiences for relevancy to the user experience. Criteo closely monitors
publishers for quality to improve viewability, reduce fraud, and bolster advertisers’ ROI.
Ad Platform and Retargeting Strategy
The Facebook advertising strategy is comprised of a sophisticated ad platform, Atlas, and a
sophisticated retargeting capability known as Dynamic Product Ads or DPA. Facebook is continually
developing new content and product offerings designed to increase and retain user engagement.
Atlas is Facebook's direct competitor to Google's DoubleClick platform. It allows advertisers to use
Facebook's (anonymized) data about its users for targeting on non-Facebook apps and websites on
the Facebook Audience Network.
Atlas's advantage is that it can match up users as they cross from one device to another, because
people tend to log in to Facebook on their mobiles, desktops, and tablets. It means advertisers can
target users across different devices, but also measure them across different devices so that
advertisers can determine if a user that saw a mobile ad went on to buy that product on their desktop,
for example.
26
Our research revealed that the top 10 advertisers alone that work with the platform spend more than
$20 billion on advertising across all media. A list of active brands on the Atlas platform includes such
well-known names as Nestlé, Tommy Hilfiger, Microsoft, Ferrero, KLM, SolarCity, LiveNation, Monster,
Estée Lauder, and Coca-Cola.
Considering Atlas as merely an ad server doesn’t really do it justice. We view Atlas as more of an Ad
Tech platform, combining DSP, DMP, measurement and analytics. Some big brands have used Atlas
to measure the audience their ads have reached and compare the audience reach they had been
promised by other ad tech providers who use cookie-based identification. Atlas is built on "people-
based marketing" by virtue of Facebook registration data. Some competitors have been found to over-
state their reach by up to 60% in some cases.
Atlas currently has a device footprint, the potential audience advertisers can reach, of over 950 million
users. These are users who it can confirm have logged into Facebook on more than one device.
Facebook doesn't give Atlas or advertisers specific data about those individual users, but advertisers
can target specific audiences based on segments such as gender, age, and other demographics and
reach people who have a higher propensity to engage with their content.
Other Atlas use cases have included "sequential storytelling," serving an ad on one device, then
serving another with different creative when a user switches to a different device. On the other hand,
Atlas has also been used to reduce the frequency at which ads are served. As people switch devices,
they might otherwise see several of the same ads from the same advertiser, which can become
annoying. Thus Atlas enables a more sophisticated style of retargeting which benefits from
Facebook’s richer demographics and “walled garden” environment.
Additionally, clients such as LiveNation used Atlas to determine whether users shown an ad for
Madonna's upcoming tour on their smartphones later went on to buy tickets on their laptops. Tommy
Hilfiger used Atlas to determine whether people who saw its digital ads went on to buy in-store,
thereby utilizing Atlas for cross-channel marketing.
Atlas is launching a demand-side platform (DSP) in early 2016 which will allow advertisers to purchase
ad units in a programmatic fashion. Recently Facebook's Atlas team has pitched the DSP product to
agency partners, including Omnicom Group, Havas, and Merkle. Slated for release in the first half of
2016, the DSP will add a fourth pillar to Facebook's ad platform business, which today includes an ad
server (Atlas), sell-side platform (LiveRail) and ad network (Audience Network). Facebook is billing the
tool as a next generation DSP with stronger identity management than anything in market today,
including its chief rival, Google's DoubleClick Bid Manager.
The functional advantage is the push of the Facebook data set into an addressable targeted display
program through Atlas. The more advertisers can address a message to an individual in more places
on the web, the more they will be willing to pay.
27
The feature set, beyond the activation of Facebook's powerful cross-device audience data, is still a
little murky. We expect support for mobile app and video inventory, given Facebook's mobile
capabilities and LiveRail's origins as a video platform.
Instagram's Mobile Ad Revenue Spiking
Instagram is poised to drive further Facebook advertising revenue growth as the top social networking
site used by US teens, with roughly 32% of teens using the product. Instagram was the fastest
growing social media platform from 2012 to 2015 among online adults, roughly doubling adult
audience penetration in that time frame. Facebook has announced that it will be launching Instagram
ads in 30 new countries on September 30, including large markets such as Italy, Spain, Mexico, India,
and South Korea.
Instagram's user base should see significant gains in particular due to urbanization and increased
smartphone adoption in rural areas. It appears that a matured Instagram business will bring in more
than $5 billion in advertising revenue per year, potentially more than Google and Twitter.
Instagram recently broke the 400 million user milestone, and this has significant implications on
Facebook's ad revenue. Researchers believe Instagram's mobile ad revenue will surpass both
Twitter's and Google's by 2017, and we believe that estimates of $2.81 billion in mobile ad revenue
figure for Instagram in 2017 are actually conservative, considering newly opened international growth
opportunities. Growing domestic popularity among the key teen demographic, coupled with these
newly opened international growth opportunities, ensures that Instagram will become a sizeable piece
of the Facebook ad revenue pie in the near future.
Instagram has a cross-generational appeal that ensures high advertising demand, and this is captured
in Instagram crossing the 400 million user milestone. Instagram's new ad products, including direct
response, the ability to buy ads via an API, and enhanced targeting features, are generating high
demand for Instagram advertising space among advertisers.
The rollout of new features over the next several months means that by the end of 2015, Instagram will
have a host of new ad products for advertisers large and small. In particular, Instagram advertisers will
be able to use a full slate of Facebook targeting tools, including the popular Custom Audiences
feature.
Dynamic Product Ads
Facebook dynamic product ads (DPAs) are the most sophisticated form of cross-selling and retargeting
ads available online today. These ads provide advertisers with the capability to personalize and
automate ads directly from their website’s feed of items.
Targeting across devices to an authentic user within the Facebook environment is much easier and
more deterministic than third party alternatives. This is due to one of the key strengths of the Facebook
28
platform: users are tracked by their real identity rather than anonymous cookies. Dynamic product ads
take full advantage of identity targeting and, in conjunction with an ad management platform,
advertisers can use them to produce automated personalized ads.
Using Facebook’s DPAs, advertisers can already deliver highly personalized carousel ads in the
prospect’s Newsfeed. Retargeting with dynamic ads is done by targeting shoppers who have viewed or
previously indicated an interest in an item or concept. DPAs support enhanced cross selling and
frequency management to optimize effectiveness and ultimately Return on Ad Spend.
As Facebook continues to develop and expand features such as Sponsored Stories, Instant Articles,
Audience Network, we expect usage and efficacy to continue to expand. New platforms such as
Instagram, WhatsApp, and Oculus Rift will continue to expand the opportunity.
Google is the leader in the non-social programmatic advertising space with 17% of the total
programmatic display market growing at 26% per year. Although Google arguably invented search
advertising and excels in video advertising with YouTube, the company is encountering more
competition and some advertiser push back due to its walled garden business philosophy.
Google’s DoubleClick is the most widely used Ad Tech stack. DoubleClick leverages Google’s leading
internet reach and historical dataset. The platform is comprised of the DoubleClick Bid Manager DSP,
the AdX exchange, and the DoubleClick for Publishers / Admeld DSP.
Although search advertising drives the vast majority (85%) of Google’s business, Programmatic display
and video advertising are growing nicely, as well. Mobile search and YouTube video are the primary
drivers of top line advertising revenue for Google.
Marin Software
Marin is in the process of adding a social advertising component to its platform with the intention of
providing a single interface to purchase both paid search and social advertising.
As a turnaround with new stronger management, Marin continues to progress in its diversification
from purely search advertising to a full ad cloud offering which supports search, display, and social
advertising.
Marin continues to make steady progress in the upgrade of the underlying platform to support more
data collection and analytics. In addition, Marin is gaining traction with social and display advertising
which currently generate only 10% of revenues. We expect the revenue contribution of the new
products to grow steadily throughout 2016 as the company progresses on its rollout schedule.
29
Marin’s strategy is to provide an open transparent platform that customers can use to manage their
total ad spend across all digital formats. Marin interfaces with all of the “walled garden” publishers
including Google, Facebook, Instagram, and Microsoft.
The Marin platform enables cross channel advertising by, for example, supporting the management of
a Google search campaign which is coordinated with a social campaign such as Dynamic Product
Ads from Facebook. The Marin open architecture easily integrates with popular RTB ad exchanges
and management tools such as Adobe and DoubleClick.
Marin continues to make progress in its operating model, guiding positive EBITDA for the full year
2016. As the product transition gains traction and the company demonstrates its ability to execute its
platform vision, we believe MRIN could fit into the acquisition strategy of a larger player, such as
Salesforce.com or Oracle.
Marketo
Many industry participants have been impressed with the utilization of Marketo by a major brand like
GE for their digital marketing system of record. We believe this development to be driven by Marketo’s
interface to the LinkedIn Lead Accelerator and the Marketo Ad Bridge.
Marketo is executing an ongoing pivot to enterprise sales with an impressive collection of new products
that differentiate MKTO from Oracle’s Eloqua and Salesforce.com’s Marketing Cloud (CRM). The new
products link the Marketo Enterprise marketing platform and social network information for better
targeting of email, display, and social advertising. This linkage was extended to Facebook (FB) during
FY 2015.
Although the company is continuing its sales pivot, we feel that Marketo is headed in a positive
direction with a larger revenue opportunity ahead and a competitive advantage versus Oracle and
Salesforce.com. Marketo is the last public pure play in marketing technology, which makes it an
attractive acquisition candidate for a larger software company with better distribution.
Nielsen
It's been two years since Nielsen first began developing a tool to measure viewers across all
platforms—not just TV watchers, which was its focus for the prior 65 years. Nielsen is putting the
finishing touches on total audience measurement, its new multiplatform measurement tool, which it
says will forever change the industry. The company began sharing data with its clients in December
2015 and will roll out the tool's full capabilities early in 2016.
Nielsen has spent two years working on the framework, as it worked to align the disparate metrics for
video content. The company has long had the capability to measure ratings up to 35 days after live
30
airing, for both linear and digital TV. We believe that this new initiative is well beyond anything Nielsen
has ever offered. The challenge for Nielsen includes performing a cross-platform total audience
measurement that lines up all of the various numbers, so that they generate apples-to-apples
comparisons. The measurement algorithms have to follow the same underlying rules. They have to be
on a single-sourced platform so that the numbers compare on scale and duration.
The result is total audience measurement, Nielsen's single-sourced platform to account for all viewing
across linear TV, DVR, VOD, connected TV devices (Roku, Apple TV and Xbox), mobile, PC and
tablets. Nielsen is acutely aware that their measurement underpins $70 billion worth of advertising.
Preliminary results indicate that overall video viewing is actually relatively flat, but it's moved as
audiences continue to shift from live TV to watching VOD and connected devices or streaming them
via mobile or tablet devices, which are not measured in the industry's standard C3 and C7 ratings
metrics. Digital first providers like YouTube and AOL have previously been shut out. They are now to
be included.
An early test of Nielsen's total audience measurement reveals just how much of a program's audience
is overlooked by the current C3 and C7 metrics. For one client's broadcast drama that aired in early
September, Nielsen found the following:
45 percent of the episode's audience watched during its live airing
An additional 32 percent watched it via DVR during the first seven days after it aired
2 percent watched on DVR between 8 days and 35 days after it aired
7 percent of the audience watched it on VOD within 35 days
6 percent watched via a connected TV device
8 percent watched digitally, streaming it on a PC, mobile device or tablet
Notably, among the adults 25-34 demographic, only 15 percent watched the episode live (compared
with 64 percent of adults 50 and older). Of that same 25-34 demo, 22 percent used a connected TV to
watch the show, and 18 percent watched it digitally, the highest of any demo.
No longer are survey results limited to live viewers in their survey samples. Through Total Audience,
Nielsen can measure viewing across DVR, VOD and connected TV, and they are able to add samples
together so they can get a real sense of their audiences, and not just be restricted to reporting on their
live audiences. Live and DVR is very dominant in the older demographics, very less predominant in
the younger demographics, so being able to measure that is extremely valuable.
The Total Audience measurement tool, which will roll out late in the first quarter of 2016 (Nielsen will
begin to share data with clients in December, allowing them full access to the tool), will allow users to
break down programs by categories like unique audience, reach, gross average minute audience (both
in viewers and gross ratings point, where one GRP is equal to one percent of TV households), minutes
31
viewed and frequency (the average number of exposures to a show or network). Users can search
across a variety of demos, date ranges and platforms.
The tool will include AOL and YouTube alongside the networks. With this tool, users will be able to
track the overall performance in a selected date range and all the views that are coming to that
network.
Nielsen can also "de-duplicate" the total numbers, removing duplicate views by the same person on
different platforms, revealing the total unduplicated audience. This is a very powerful feature,
particularly for advertisers, when they’re trying to make sure that they’re managing frequency, in order
to cap the amount of times consumers have seen an advertising campaign. For specific episodes,
users can see how it performed over a specific date range and take into account repeat airings of an
episode, VOD playback and its performance on other platforms, such as a network's website and apps
and SVOD platforms like Hulu.
Total Audience measurement comes as Nielsen is under more pressure than ever to deliver a
multiplatform tool. Several companies, including Symphony Advanced Media, have created tools of
their own they hope will allow then to overtake Nielsen as the new ratings standard. In Q4 2015,
ComScore announced its acquisition of Rentrak in an effort to take on Nielsen.
Oracle Corporation
Oracle was relatively early to the marketing automation wars with the acquisition of Eloqua, a leading
independent marketing cloud vendor in December 2012. However, Oracle maintained Eloqua as a silo
with limited integration to Oracle Fusion CRM. The product was sold by a separate sales force, which
maintained the separate nature of the product set.
Recently Oracle has begun to vigorously invest in marketing automation through the acquisition of
related technologies. Oracle subsequently acquired Responsys (email marketing), BlueKai (Data
Management Platform), Datalogix (Data Driven Marketing), and Compendium (Multi Channel Content).
The resulting Oracle Marketing Cloud delivers a full set of modern digital marketing capability.
With a natural focus on data, Oracle appears to be serious about the MarTech market, especially for
enterprises and brands. We expect next steps to involve better integration with existing applications
as well as more complete advertising support. We expect more acquisitions from Oracle especially in
the areas of personalization, attribution, and measurement.
32
Rubicon Project
We believe that the Rubicon Project is insulated from ad blocking due to its differentiated strategy as a
provider of premium inventory, search based intent marketing, and mobile in-app advertising which is
not subject to ad blocking.
Rubicon supports direct orders between buyers and sellers in addition to Real Time Bidding (RTB)
exchanges. Guaranteed Direct orders allow buyers to purchase premium inventory from publishers
with guaranteed characteristics such as site, ad unit size, category, price, and location.
Management is also addressing a growing mobile opportunity in part through its relationship with
InMobi, which uses Rubicon technology. As part of the Apple iAd deal, Rubicon is allowing ad buyers
to transact directly with iAd’s network of more than 250,000 mobile apps using their direct order
automation technology. Rubicon also announced a deal with xAd to offer location-based proximity
enabled inventory to Rubicon Direct Order buyers.
Rubicon makes a compelling argument for improved viewability and quality of ad impressions.
Rubicon endeavors to provide higher quality impressions through its premium guaranteed inventory
programs. Rubicon has also recently joined IAB’s Trustworthy Accountability Group (TAG) with
Google and Facebook in order to diminish bot-generated ad fraud.
We believe Rubicon Project is well positioned to benefit from the attractive positive trends of increasing
RTB penetration, greater mobile advertising demand, and Guaranteed Direct order support.
Salesforce.com
Salesforce.com entered digital marketing with the acquisition of Buddy Media (Social Marketing) in
June 2012. However, early experience revealed the requirement for a digital marketing platform, to
address multiple channels.
The company followed on the initial acquisition with the purchase of ExactTarget (June 2013) a
successful email marketing firm which had recently purchased Pardot, a web marketing company.
Subsequently, Salesforce.com has added Edgespring (BI Analytics) and MinHash (Data Science) to its
Marketing Cloud.
While the Salesforce Marketing Cloud has matured over the years, it appears that the digital marketing
offerings are lagging competitors such as Adobe and Oracle in revenue performance. We expect
Salesforce.com to continue to build its Marketing Cloud with better targeting, campaign management,
and eventually a more complete adtech offering.
33
TubeMogul
We believe TubeMogul to be better insulated from ad blocking than most ad tech companies due to
TUBE’s platform approach to quality placements in the fast growing video advertising industry. We
also believe TubeMogul will benefit from the broader growth in video advertising.
The fastest growing segment of TUBE’s business is mobile video and linear or connected TV. Linear
television, in-app video and set-top boxes do not support ad blocking. TUBE’s Programmatic TV
(PTV) offering provides workflow software for linear TV advertising, and will be enhanced with an
integrated buying interface.
TubeMogul’s platform supports video advertising campaigns across many publishers including
Facebook’s LiveRail and Google’s YouTube. TUBE builds on the superior scalability characteristics of
these two larger players. Scalability, in this case, supports better control of the user experience as
well as easier implementation of anti-ad blocking technology.
The number of available video impressions on the TubeMogul platform grew 350% during the same
period that US ad blocking grew 48% as per the PageFair and Adobe 2015 Ad Blocking Report.
We expect a significant percentage of TubeMogul publishers to be “whitelisted” by ad blockers,
especially broadcast quality publishers, such as Hulu. We believe that more premium publishers will
proactively detect ad blockers and require viewers to disable them in order to watch content.
34
Appendix C: Public Company Stock Price Performance
Ad Tech Index vs Nasdaq – past year
Ad Tech Index vs Nasdaq – past 3 years
(40%)
(20%)
0%
20%
40%
60%
Relative Performance (%)
NASDAQ Composite Ad Tech Index
(60%)
(50%)
(40%)
(30%)
(20%)
(10%)
0%
10%
20%
Relative Performance (%)
NASDAQ Composite Ad Tech Index
Note: Ad Tech Index comprised of Blinkx, Criteo, Marchex, Marin, Matomy Media, MaxPoint Interactive, Quinstreet,
Rakuten, Rocket Fuel, Sizmek, The Rubicon Project, Tremor Video, TubeMogul, and YuMe
35
Individual Companies vs Nasdaq – past year
Individual Companies vs Nasdaq – past three years
(80%)
(60%)
(40%)
(20%)
0%
20%
40%
Relative Performance (%)
Ad Tech Index Rubicon (NYSE: RUBI) Rakuten (TSE: 4755)
Marchex (Nadaq: MCHX) TubeMogul (Nasdaq: TUBE) Rocket Fuel (Nadaq: FUEL)
Criteo (Nasdaq: CRTO) Quinstreet (Nadaq: QNST) Marin Software (NYSE: MRIN)
Yume (NYSE: YUME)
(150%)
(100%)
(50%)
0%
50%
100%
150%
Relative Performance (%)
Ad Tech Index Marchex (Nasdaq: MCHX) Quinstreet (Nasdaq: QNST)
Rakuten (TSE: 4755) Marin Software (NYSE: MRIN)
36
Appendix D: Selected M&A Transactions - Transaction Value Disclosed
Date Acquiror Target
Transaction
Value ($M)
EV/Rev
Multiple Business Description
05/04/2016 Petratherm MSGooroo $17.9 NA MSGooroo provides tools and resources that enable individuals and organizations to promote their
skills, advertise employment vacancies, and find interesting work opportunities
04/26/2016 KB No.7 FuturestreamNetwo
rks
70.8 NA FuturestreamNetworks provides advertising and marketing platform solutions for smart mobile
phones
03/22/2016 Propel Business
Services
Conversion
Innovations
11.8 NA Conversion Innovations operates an online marketing platform that provides marketing tools and
guidance to small business owners for managing their business
03/21/2016 Mediengruppe RTL smartclip Holding 52.8 NA smartclip Holding, a video advertising technology company, develops online video marketing space
to deliver multiscreen video advertising formats from publishers and content owners
03/17/2016 Link Mobility Group Responsfabrikken 7.6 1.7x Responsfabrikken offers mobile marketing and develops solutions for digital platforms such as, web,
mobile, tablets, and social media
03/15/2016 Yellow Pages JUICE Mobile 26.2 1.4 JUICE Mobile provides mobile marketing solutions for agencies, brands, and publishers
03/02/2016 RNTS Media Inneractive 72.0 1.7 Inneractive operates as a mobile ad exchange company in Israel and internationally
02/29/2016 Mobvista NativeX 25.0 NA NativeX develops a mobile advertising technology platform that helps application developers,
advertisers, and publishers to monetize their mobile games and applications worldwide
02/10/2016 Golden Brick Silk
Road Fund
Opera Software 1,365.0 2.1 Opera Software develops and sells Web browsers for computer, tablet, and mobile applications
worldwide
02/10/2016 Portland Asset
Management
Tangent
Communications
16.1 0.4 Tangent Communications provides online printing and digital marketing services in the United
Kingdom, Europe, and internationally
02/01/2016 Telenor Tapad 360.0 NA Tapad is a marketing technology firm renowned for its breakthrough, unified, cross-device solutions
for smartphones, tablets, home computers and smart TVs
01/05/2016 Oracle AddThis 175.0 NA AddThis operates a social sharing and analytics platform for sharing online content
12/23/2015 Fyber Heyzap 45.0 NA Heyzap, a mobile advertising and developer tools company, hosts tools, advertisement formats, and
backend technology to help publishers maximize revenue
12/01/2015 Perion Network Undertone
Networks
180.0 NA Undertone Networks, provides cross-screen digital advertising services and solutions to brands and
publishers worldwide
11/23/2015 DDB Worldwide
Communications
Grupo ABC 270.0 NA Grupo ABC provides advertising specialized marketing, and content and entertainment services
11/16/2015 Matomy Media
Group
Optimatic Media 25.0 NA Optimatic Media operates a video advertising platform
11/13/2015 Hunan TV &
Broadcast
Palm Wide Mobile
Media
32.6 NA Beijing Palm Wide Mobile Media Technology operates an online mobile advertising platform, which
offers solutions to application developers and advertisers
11/05/2015 NeuStar MarketShare
Partners
450.0 7.9 MarketShare Partners operates as a marketing analytics company
11/02/2015 Endurance
International Group
Constant Contact 1,112.1 2.6 Constant Contact provides online marketing tools that are designed for small businesses,
nonprofits, and associations worldwide
10/27/2015 Metaps Nextapps 17.9 5.2 Nextapps develops mobile advertising platform applications
10/26/2015 Hunan TV &
Broadcast
Adwo 131.0 4.8 Adwo develops and operates a mobile advertising platform
10/12/2015 Spearhead Allyes Information
Technology
73.9 0.3 Allyes Information Technology offers digital marketing and Internet advertising services
10/07/2015 Gannett Co Journal Media
Group
302.1 0.7 Journal Media Group operates as a media company with print and digital publishing activities in the
United States
10/07/2015 Pandora Media Ticketfly 499.5 6.7 Ticketfly provides ticketing, marketing, and analytics tools that help event promoters and venues to
book talent, streamline operations, sell tickets, increase revenue, and reward loyal fans
09/30/2015 Evolving Systems RateIntegration 10.0 NA RateIntegration doing business as Sixth Sense Media, provides mobile marketing solutions for
telecom operators worldwide
09/03/2015 Amazon Web
Services
Elemental
Technologies
500.0 NA Elemental Technologies develops and supplies software-defined video processing solutions for pay
TV operators, content programmers, broadcasters, and enterprises worldwide
09/03/2015 AOL Millennial Media 253.0 0.8 Millennial Media provides mobile advertising solutions to advertisers and developers in the United
States and internationally
08/07/2015 WPP Jubilee Syzygy 90.6 1.8 Syzygy provides creative, technological, and media services for digital marketing primarily in
Germany and the United Kingdom
37
Selected M&A Transactions - Transaction Value Disclosed
Date Acquiror Target
Transaction
Value ($M)
EV/Rev
Multiple Business Description
05/14/2015 Brand Networks Shift Labs $50.0 NA Shift Labs provides a real-time marketing platform for advertisers, brands, and agencies
05/14/2015 Sizmek StrikeAd 11.7 NA StrikeAd develops a mobile advertising demand side platform (DSP)
05/12/2015 Verizon
Communications
AOL 4,759.4 1.7x AOL provides various digital brands, products, and services to consumers, advertisers, publishers,
and subscribers worldwide
05/04/2015 Aurea Software Lyris 16.9 0.5 Lyris, an Internet marketing technology company, provides digital marketing software solutions to
mid-to-large sized enterprises worldwide
04/23/2015 NetSuite Bronto Software 200.0 NA Bronto Software provides a cloud-based marketing platform for online retailers, multi-channel
merchants, merchant marketplaces, branded manufacturers and sports and entertainment
04/22/2015 Fyber Falk Realtime 11.9 NA Falk Realtime provides cloud based programmatic technology solutions to media groups,
publishers, ad-networks, and programmatic and RTB start-ups
03/31/2015 The Rubicon
Project
Chango 116.0 NA Chango provides a programmatic advertising platform for marketers to target customers
03/16/2015 Cheetah Mobile MobPartner 58.0 1.9 Cheetah MediaLink develops and delivers advertising and monetization solutions to acquire and
engage customers with mobile performance marketing
03/13/2015 Aurea Software Hipcricket 8.3 NA Hipcricket provides data driven mobile engagement and analytics solutions that enable brands,
agencies, and media companies to drive customer engagement, loyalty, and sales
02/05/2015 Marin Software Social Moov 18.8 NA Social Moov operates a social media platform for agencies and advertisers
02/02/2015 Nexstar
Broadcasting
Yashi 33.0 NA Yashi develops and offers optimization tools for digital advertising and marketing
12/22/2014 Points International Crew Marketing
International
15.7 NA Crew Marketing International develops online marketing applications and e-commerce solutions
12/19/2014 Blinkx AdKarma 20.0 1.5 AdKarma provides online video advertising services
12/09/2014 Upland Software Mobile Commons 10.2 NA Mobile Commons operates a mobile marketing platform that provides data analysis tools for
companies, non-profits, and government agencies
11/17/2014 The Rubicon
Project
iSocket 40.7 159.4 iSocket operates an API-based platform for the automation of reserved media sales
11/11/2014 Yahoo BrightRoll 640.0 NA BrightRoll develops and provides software that automates digital video advertising
10/28/2014 Matomy Media
Group
MobFox Mobile
Advertising
19.7 NA MobFox Mobile Advertising develops a mobile advertising platform
09/23/2014 Millennial Media Nexage 110.0 3.1 Nexage provides mobile advertising solutions to publishers and developers, media buyers,
agencies, and advertisers
09/11/2014 Alliance Data
Systems
Conversant 2,448.9 4.0 Conversant provides various digital marketing solutions
09/09/2014 Rakuten Ebates 1,000.0 6.0 Ebates provides online cash back shopping services
08/05/2014 Rocket Fuel X Plus One
Solutions
236.0 3.3 X Plus One Solutions provides [x+1] Origin Platform, a programmatic marketing hub that enables
brands to engage in conversations with consumers across a range of paid and owned media
07/31/2014 RTL Group SpotXchange 144.6 NA SpotXchange provides an online video advertising platform for publishers and advertisers
07/22/2014 LinkedIn Bizo 175.0 NA Bizo operates an online marketing platform that enables B2B marketers to reach their target
prospects and make purchase decisions through targeted display and social advertising
07/21/2014 Yahoo! Flurry 270.0 NA Flurry provides a mobile application analytics and data-powered advertising platform that provides
various services to build, measure, advertise, and monetize various applications
07/02/2014 Facebook LiveRail 500.0 NA LiveRail operates a monetization platform for publishers, broadcasters, and mobile app developers
to monetize their digital content across various devices
06/24/2014 Opera Software AdColony 350.3 6.6 AdColony operates a mobile video advertising and monetization platform that plays crystal-clear
high-definition videos
06/10/2014 Amobee Kontera
Technologies
150.0 NA Kontera Technologies develops and provides Internet based big data marketing solutions for
marketers and publishers
06/04/2014 RNTS Media Fyber 172.9 6.6 Fyber empowers developers, publishers, and advertisers to execute smart ad monetization
strategies across various devices through mobile phones
38
Selected M&A Transactions - Transaction Value Disclosed
Date Acquiror Target
Transaction
Value ($M)
EV/Rev
Multiple Business Description
06/02/2014 Marin Software NowSpots $16.5 NA NowSpots builds, serves, and sells display ads for developers, publishers, and advertisers
05/14/2014 Acxiom LiveRamp 342.8 12.9x LiveRamp provides data onboarding and connectivity services for helping brands and marketers
use their data to improve customer interactions on various channels and devices worldwide
05/06/2014 AOL Convertro 101.0 NA Convertro provides multi-touch attribution modeling technology for brands and agencies
04/03/2014 dunnhumby Sociomantic labs 205.7 2.0 Sociomantic labs develops real time bidding solutions for advertisers
03/06/2014 Comcast FreeWheel Media 360.0 NA FreeWheel Media helps the players in the television industry to generate revenue from their ad-
supported content through a technology platform for ad management and monetization
02/14/2014 Rakuten Viber Media 905.0 NA Viber Media develops and provides messaging and voice communications applications, which allow
users to make Internet-based calls and chats on smartphones and computers
01/28/2014 LIN Digital Media Federated Media
Publishing
18.8 NA Federated Media Publishing curates brand sponsorship and integration opportunities across
independent influencers
11/05/2013 Centro SiteScout 40.0 NA SiteScout provides a self-serve advertising platform for marketing professionals and agencies
10/30/2013 NeuStar Aggregate
Knowledge
116.5 NA Aggregate Knowledge develops campaign and audience analytics solutions for agencies and
advertisers, trading desks, Ad networks, DSPs and SSPs, publishers, and developers
10/16/2013 Brand Networks Optimal 35.0 NA Optimal provides audience-based advertising technologies
09/18/2013 Publicis Poke London 16.0 NA Poke London operates a digital studio in London, United Kingdom
09/13/2013 Adslot Facilitate Digital
Holdings
15.5 3.6 Facilitate Digital Holdings provides digital marketing technology and services to the digital media
sector
09/04/2013 Amobee Gradient X 15.0 NA Gradient X develops a technology platform for performance-based advertising in mobile media
space for marketers
08/13/2013 Millennial Media Jumptap 244.7 3.9 Jumptap operates a mobile audience targeting platform that provides audience-centric advertising
solutions to reach mobile users in the United States and internationally
08/12/2013 Extreme Reach Digital Generation 884.7 2.2 Digital Generation provides digital technology services that enable the electronic delivery of
advertisements, syndicated programs, and video news releases
04/10/2013 LIN Media Dedicated Media 5.8 NA Dedicated Media provides digital marketing solutions for Fortune 500 brands and agencies.
03/07/2013 Spindle MeNetwork 10.8 NA MeNetwork provides location based mobile marketing solutions
02/20/2013 Millennial Media Metaresolver 15.6 34.3 Metaresolver provides a platform that analyzes volumes of data from real-time mobile bidding
exchanges to help brands and agencies optimize their buy and deliver relevant promotions
01/02/2013 Phunware TapIt! Media Group 23.0 NA TapIt! Media Group operates as a mobile advertising company
10/16/2012 Telenav ThinkNear 22.5 NA ThinkNear provides a location based and mobile advertising network platform that delivers
advertising campaigns for agencies, brands, and consumers
06/04/2012 salesforce.com Buddy Media 745.0 26.0 Buddy Media provides a cloud-based software solution
05/23/2012 Oracle Vitrue 300.0 NA Vitrue provides social marketing publishing technology that enables businesses to manage,
message, and moderate their presence on social networks
75th Percentile $270.0 6.3x
Mean 284.9 10.2
Median 72.9 3.1
25th Percentile 18.8 1.7
39
Selected M&A Transactions - Transaction Value Not Disclosed
Date Acquiror Target Business Description
05/09/2016 Comcast/ FreeWheel
Media
StickyADStv StickyADStv develops and provides programmatic video platform for publishers and advertisers
05/03/2016 Adobe Systems Livefyre Livefyre develops and operates a content marketing and engagement platform that helps companies to engage consumers through real-
time conversation, social curation, content, and advertising solutions
05/03/2016 SISTRIX SEOlytics SEOlytics, a SaaS company, provides analysis and controlling software for the analysis of search engine optimization activities for search
engine optimization managers and online marketing agencies
05/02/2016 Vimeo VHX VHX provides technology for businesses to create custom video experiences across various platforms and connected devices
04/14/2016 ShopAdvisor Retailigence Retailigence provides an online-to-offline marketing platform that drives product sales in-store
04/14/2016 Oracle Corporation Crosswise Crosswise provides machine-learning based cross-device mapping data
04/05/2016 Sailthru Carnival Labs Carnival Labs develops and provides a mobile marketing platform for brands to manage their users and publish campaigns
04/01/2016 Persistent Systems Genwi Genwi develops a Mobile Content Engagement Platform that delivers access and content sharing capabilities across the enterprises
03/30/2016 Dentsu Aegis
Network
Darwin Marketing Darwin Marketing provides Internet marketing consulting services in China and internationally
03/29/2016 Meltwater News US Encore Alert Encore Alert owns and operates an online application that identifies key mentions and trends from social media and sends proactive alerts
with recommended immediate actions
03/16/2016 Verizon Digital Media
Services
Volicon Volicon provides enterprise media intelligence solutions for broadcasters, networks, cable operators, and governments.
03/14/2016 Upland Software Hipcricket Hipcricket provides data driven mobile engagement and analytics solutions that enable brands, agencies, and media companies to drive
customer engagement, loyalty, and sales
03/11/2016 Custom Specialties Ad Trends Advertising Ad Trends Advertising designs marketing strategies for its clients
03/11/2016 T Brand Studio HelloSociety HelloSociety operates Pinterest marketing and technology platform to track, manage, and control Pinterest campaigns.
03/08/2016 Mic Network AntiHero AntiHero operates a curated video platform for quality short form content
03/03/2016 Outbrain Access Media Access Media, doing business as Revee, develops and markets cloud based analytics platform and software solution that facilitates ROI
content tracking
03/03/2016 Nielsen Holdings Pointlogic Pointlogic provides mathematical techniques and software technology to support the decision making programs in various organizations.
03/02/2016 Merkle Comet Global
Consulting
Comet Global Consulting provides inbound and outbound marketing, and customer management technology solutions.
03/02/2016 SugarCRM Contastic Contastic provides a CRM system that generates emails with personalized content for users to send to remain relevant
03/01/2016 FI Navigator
Corporation
AppData AppData provides a subscription Web service designed to help application developers, analysts, investors, and advertisers in the social and
mobile spheres.
02/29/2016 Welocalize Adapt Worldwide Adapt Worldwide provides multilingual digital marketing services worldwide
02/18/2016 Contently Docalytics Docalytics operates a cloud-based platform for marketing and sales communication
02/11/2016 Chartboost Roostr Roostr provides an online marketplace that enables mobile game publishers to connect and collaborate to YouTube and Twitch content
creators
02/11/2016 Time Viant Technology Viant Technology provides a cloud-based platform that enables marketers to plan, execute, and measure their digital media investments
02/04/2016 Cincopa ZooEffect ZooEffect operates an online platform for marketers and developers to create, publish, and test media that includes videos, image galleries,
music players, and slideshows
02/02/2016 All Direct Leads Evizion Media Group Evizion Media Group provides online digital marketing services
02/02/2016 Sew Cal Logo Life Marketing Life Marketing provides online marketing and advertising services to the cannabis industry
02/01/2016 AdSupply Adaptive Medias Adaptive Medias operates as a programmatic audience and content monetization provider for Website owners, developers, and video
publishers who want to optimize content
40
Selected M&A Transactions - Transaction Value Not Disclosed
Date Acquiror Target Business Description
02/01/2016 LeadG2 Vitberg Vitberg offers digital marketing strategies and plans, digital branding, Websites, digital lead generation, content marketing, social media
marketing services
01/28/2016 Cannella Response
T.V.
Media Properties
Holdings
Media Properties Holdings, doing business as MPH, owns and manages media companies that provide media buying, creative, lead
generation, and cost-per-acquisition television advertising
01/21/2016 International
Business Machines
Ustream Ustream provides cloud-based end-to-end video solutions for media and enterprises.
01/19/2016 VerticalScope Second Media Second Media provides digital marketing services. Second Media develops a network for advertisers and publishers to target audiences on
contextually relevant Websites
01/12/2016 Simplicity Marketing Encore Media Metrics Encore Media Metrics operates a digital media analytics platform
11/18/2015 MediaMath Spree7 Spree7 offers digital media advertising solutions for agencies and advertisers
11/16/2015 Christie Digital
Systems USA
Allure Global Solutions Allure Global Solutions provides digital media and point of sale (POS) software solutions
11/11/2015 New Game
Technologies
adaptiv.io adaptiv.io offers real-time analysis and actions through its cross-channel and cross-platform data automation system for online and mobile
marketing
11/09/2015 iProv Lucky Mule Marketing
Partners
Lucky Mule Marketing Partners offers digital marketing services
11/05/2015 Adiant Solve Media Solve Media develops a hosted security platform for publishers, advertisers, and agencies
11/02/2015 Sprinklr Booshaka Booshaka operates a word of mouth marketing platform for the social web
10/24/2015 Spearhead Yoka.com Yoka.com provides a marketing platform for fashion brands worldwide
10/20/2015 Gravity4 Conyak Europe Conyak Europe develops a cross-device retargeting technology for advertisers in Denmark, the United Kingdom, and internationally
10/20/2015 SintecMedia Broadway Systems Broadway Systems provides software solutions that enable cable and television networks to monetize their content and maximize the value
of their advertising sales efforts
10/16/2015 T&S Technology &
Strategy Holding
SAS Octelio Conseil SAS Octelio Conseil provides data driven digital marketing services which includes digital productions and application development, e-
commerce, marketing data management and E-CRM
10/15/2015 Selligent StrongView Systems StrongView Systems provides Email marketing and cross-channel marketing solutions to enterprise marketers worldwide
10/13/2015 interlinkONE AwarenessHub AwarenessHub provides an on-demand social marketing automation software solution designed specifically to address various aspects of
social media marketing
10/13/2015 Gravity4 Exovue Holdings Exovue Holdings provides supply-side platforms for native advertising
10/12/2015 RetailNext Pikato Pikato provides a cloud-based mobile marketing platform that allows retailers to deliver coupons, offers, and other content specifically
targeted to customers and prospects via any mobile channel
10/07/2015 uberall Spotistic Spotistic operates an online marketing platform for shops, bars, and restaurants
10/01/2015 44 Interactive Social Bug Social Bug develops and operates a social media marketing platform that offers Internet marketing services
09/10/2015 ironSource Supersonic Supersonic provides a mobile advertising technology platform for developers and brand advertisers
09/04/2015 Burda Direkt Services PaketPLUS Marketing PaketPLUS Marketing operates an online advertising network offering common platform for the advertisers and online dealers
08/24/2015 Cross MediaWorks Cadent Technology Cadent Technology provides TV advertising and data solutions for pay TV providers and their broadcast partners worldwide
08/19/2015 Spredfast Shoutlet Shoutlet operates an online enterprise social marketing platform that empowers brands to build customer relationships
07/10/2015 HGGC Selligent Selligent provides an omnichannel engagement platform to customers worldwide
06/09/2015 Verve Wireless Fosbury Fosbury develops and provides Fosbury, a mobile couponing campaign application for designing, managing, and distributing iOS Passbook
campaigns
05/27/2015 ProSiebenSat.1
Media
RapidApe RapidApe offers RapidApe, a TV analytics and monitoring platform for advertisers and agencies to track the performance of their TV
campaigns and monitor their competitors
41
Selected M&A Transactions - Transaction Value Not Disclosed
Date Acquiror Target Business Description
05/20/2015 Magnetic Media
Online
MyBuys MyBuys provides coordinated personalization solutions across various channels and devices
04/29/2015 Adobe Systems Tumri Tumri develops and operates online display advertising solutions for advertisers and agencies
04/27/2015 The Kroger Dunnhumby USA,,
Certain Assets
Dunnhumby USA, a marketing services company, provides customer management, relevance marketing, analysis, and insight service
04/23/2015 Maritime
Technologies
LookSmart LookSmart is a digital advertising solutions company and provides solutions for search and display advertising customers
04/15/2015 WPP Medialets Medialets develops media advertising platform for smartphones and tablets
03/25/2015 Sellpoints ReTargeter ReTargeter provides display retargeting solutions. ReTargeter offers solutions for brand awareness and conversions by showing banner
advertisements to the audience to a site after they leave
02/27/2015 Kochava InferSystems InferSystems develops patent pending technology, based on non-parametric statistics, that enables digital media platforms to offer
automatic “data driven” Real-Time Bidding (RTB) Optimization
02/12/2015 InsightPool NextPrinciples NextPrinciples provides a social media measurement solution for marketing campaigns, customer and industry events, and trade shows
and conference programs
01/21/2015 Pinterest Kosei Kosei develops personalized advertisements
01/16/2015 The Mobile Majority Elastic Elastic offers web development services including algorithms used for interpreting data from mobile advertising campaigns
01/14/2015 Alibaba Group AdChina AdChina operates an integrated Internet advertising platform in the People's Republic of China
01/09/2015 Fractal Analytics Mobius Innovations Mobius Innovations provides a solution that empowers retailers and e-commerce companies to deliver personalized content, promotions,
and recommendations to customers on mobile devices
12/24/2014 Datanyze LeadLedger LeadLedger operates a sales intelligence platform that helps technology sales and marketing professionals to monitor market shares,
understand competitors, and generate leads
12/09/2014 Retail Success Kiplie Kiplie provides online marketing and social media management platform for retailers to showcase and market their merchandise
12/04/2014 Skyy Consulting FireText
Communications
FireText Communications provides a SMS marketing platform for businesses
12/04/2014 LLC CityAds Media OOO MADNET OOO MADNET provides a mobile advertising platform
11/10/2014 MediaMath Rare Crowds Rare Crowds owns and operates an advertising platform that automates the buying and selling of digital media
10/20/2014 Ooyala Videoplaza Videoplaza provides sell-side advertising serving and management platform for broadcasters, video publishers, and advertising networks
10/16/2014 MediaMath Upcast Social Upcast Social provides social advertising technology solutions for global advertisers and agencies
10/01/2014 Quantcast Struq Struq provides online advertising solutions. It specializes in personalized retargeting services that enable brands to identify and retarget
profitable in-market users
09/22/2014 AppNexus Xaxis For Publishers Xaxis For Publishers provides the Open AdStream advertising-serving platform
06/04/2014 AppNexus Alenty Alenty develops an ad-visibility/viewability measurement system for agencies and publishers
05/19/2014 PubMatic Mocean Mobile Mocean Mobile offers mobile advertisement serving solutions for mobile devices
05/06/2014 Alphabet Adometry Adometry provides a marketing intelligence platform for marketing measurement, attribution modeling, and campaign performance and
return on investment management aspects
04/10/2014 International
Business Machines
Silverpop Systems Silverpop Systems provides cloud-based digital marketing software
03/03/2014 Zenovia Digital
Exchange
Brandscreen Brandscreen provides infrastructure, optimization intelligence, and data applications for agencies and media buyers in the Asia Pacific
region
02/21/2014 Alphabet Spider.io Spider.io designs and develops online products to weed out fraudulent clicks around online ads
02/21/2014 Apple Burstly Burstly develops and provides a platform for mobile developers to maximize their marketing and revenue opportunities
42
Selected M&A Transactions - Transaction Value Not Disclosed
Date Acquiror Target Business Description
01/02/2014 Opera Mediaworks Hunt Mobile Ads Hunt Mobile Ads is a mobile advertising network targeted to Spanish-speaking market, including Latin American and the U.S. Hispanic
markets
11/12/2013 Talus Holdings Traffiq Traffiq operates a digital media planning, buying, and management platform
08/01/2013 Vibes Media Lumata, U.S. Brands
Business
U.S. Brands Business of Lumata provides mobile marketing services
06/28/2013 McCannBlue Dublin Blue Cube Interactive Blue Cube Interactive creates, plans, and produces digital advertising
06/03/2013 Rebellion Media
Group
Crucial Interactive Crucial Interactive, a digital media company, provides display and mobile advertising services to media buying agencies and direct clients in
Canada
05/11/2013 APPCityLife OnQueue
Technologies
OnQueue Technologies operates an online mobile promotions network
03/15/2013 Q1Media Adexcite Adexcite operates a digital video advertising network that delivers advertising units on Websites, tablets, and mobile devices
01/25/2013 Aarki Mobspire Mobspire designs and develops tools to create, deploy, and manage mobile and tablet campaigns both on mobile applications and websites
43
Appendix E: Selected Private Placement Financings
Date Investors Company Amount ($M) Business Description
05/10/2016 NA Outbrain $45.0 Outbrain provides a content discovery platform. It combines publishers and marketers of various sizes into content
marketplaces.
05/05/2016 Kleiner Perkins
Caufield & Byers
Drawbridge 25.0 Drawbridge, offers advertising solutions, data licensing, and a software-as-a-service platform, which empower a range of
businesses to better connect with their customers and measure that performance.
05/04/2016 Battery Ventures; IDG
Ventures
Appboy 20.0 Appboy provides marketing automation for applications
04/25/2016 Time Warner;
TransLink
Kamcord 10.0 Kamcord develops a software solution that allows the capture and sharing of mobile gameplay or mobile application use
videos
04/25/2016 NA Unlockd Media 11.6 Unlockd Media is an ad startup that helps consumers to get discounts on their phone bills.
04/21/2016 Spark Capital,
Andreessen Horowitz
Medium 50.0 Medium provides an online platform for people to read, write, and share ideas and stories.
04/19/2016 Blumberg Capital Apester 12.0 Apester believes that the evolution of digital storytelling revolves around integrating the reader's voice into the content.
02/09/2016 Grotech Ventures;
Access Ventures
TapInfluence 14.0 TapInfluence provides a marketing software solution that automates the creation, management, and measurement of
influencer content marketing programs.
04/14/2016 Ardian; Generis
Capital Partners
TabMo SAS 4.5 TabMo SAS owns and operates a mobile programmatic platform for agencies and advertisers
04/12/2016 Sequoia Capital;
AirTree Ventures
90 Seconds 7.6 90 Seconds develops a cloud video production platform that allows brands to purchase, plan, shoot, edit, and review video
anywhere in the world, online, and on mobile
04/11/2016 Bridge Bank, National
Association
Altitude Digital
Partners
17.5 Altitude Digital Partners doing business as Altitude Digital, provides video and mobile advertising technology solutions.
04/05/2016 Menlo Ventures;
Thomvest Ventures
Virool 12.0 Virool develops a video advertising platform for brand marketers
04/05/2016 StarVest Partners;
Bain Capital
Persado 30.0 Persado provides marketing persuasion technology solutions for digital marketers worldwide
03/31/2016 Updata Partners;
Time Warner
Mashable 15.0 Mashable operates an online news community.
03/30/2016 Battery Ventures;
Genesis Partners
PowerInbox 6.5 PowerInbox develops and offers an email platform that automatically turns email URLs into interactive content.
03/21/2016 Insight Venture
Partners
Moat 50.0 Moat develops SaaS analytics solutions for brand advertisers and publishers
03/03/2016 Fidelity Investments Snapchat 175.0 Snapchat is a photo messaging app that allows users to take photos, record videos, add text and drawings, and send them to
recipients.
03/02/2016 Khazanah Nasional
Berhad
Blippar.Com 54.0 BlipparCom develops a mobile application based on augmented reality, computer vision technology, and image-recognition
technologies
02/29/2016 Sageview Capital LP Crimson Hexagon 20.0 Crimson Hexagon provides social media analysis software for businesses and organizations globally.
02/25/2016 The Founders Fund;
Innovation
AppCard 20.0 AppCard offers a cloud-based customer loyalty platform that provides real-time reports, analytics, and business intelligence
that enable merchants to engage customers with personalized offers
02/25/2016 Youzu Interactive Shanghai WiseMedia 10.0 Shanghai WiseMedia Technology operates as an online advertising marketing solutions provider
02/22/2016 Accel Partners;
Goldman Sachs
QuBit Digital 40.1 QuBit Digital builds and licenses technology solutions to collect and process Web data.
02/12/2016 Orange Capital DataMi 10.0 DataMi develops and operates network-aware mobile marketing platform that enables advertisers, businesses, and service
vendors to increase visibility
02/09/2016 Iris Capital; Redpoint
Ventures
Quantifind 30.1 Quantifind develops and provides an analytics platform which forecasts consumer actions in the real world.
01/31/2016 Wellington
Management
The Trade Desk 60.0 The Trade Desk operates a buy-side platform that provides access to all RTB inventory for display, television, video, social,
mobile, and more
01/26/2016 Battery Ventures;
Bessemer Venture
Buildscale 35.0 Buildscale, doing business as Vidyard, operates a video marketing platform that helps businesses turn viewers into
customers
01/24/2016 Sky DataXu 10.0 DataXu, provides programmatic marketing software for brands and agencies
01/19/2016 Business Growth
Fund
Adestra 7.2 Adestra provides digital marketing technology solutions to organizations and marketers worldwide
44
Selected Private Placement Financings
Date Investors Company Amount ($M) Business Description
01/04/2016 MMC Ventures Admedo $6.0 Admedo provides a self-serve online advertising platform for businesses and agencies
12/24/2015 Deutsche Telekom;
Cisco; Sequoia
Innovid 27.5 Innovid provides a video platform for brands and agencies
12/07/2015 Pozo Opportunity Dolphin Digital Media 7.0 Dolphin Digital Media produces and distributes online digital content
12/02/2015 Dutch L’Arche BV;
EIB
Kiosked 15.0 Kiosked owns and operates a platform that enables smart content and automatically connects all visual content with retail in
real-time
11/25/2015 FirstMark Capital;
Felicis Ventures
Bluecore 21.1 Bluecore develops marketing automation solutions
11/25/2015 Tribune Media Dose Media 25.0 Dose Media provides digital media publishing services to create and share content
11/24/2015 Fidelity Investments;
Bain Capital
Jet.com 500.0 Jetcom operates a smart shopping platform that allows its members to shop online from various retailers
11/19/2015 DCM; Thomvest
Ventures
Apsalar 8.0 Apsalar provides mobile engagement management solutions for application developers and publishers worldwide
11/18/2015 Horizon Technology Skyword 5.5 Skyword operates an enterprise-class content marketing platform that liberates brands from ineffective marketing practices
and inspires them to create connections with their audiences
11/16/2015 Times Internet DigiSmart Digital
Media
15.0 DigiSmart Digital Media develops a smartphone application that rewards users
11/11/2015 Anthem Venture
Partners; RTL
VideoAmp 15.0 VideoAmp develops and provides a screen optimization platform that enables advertisers and media owners to transact
across various devices
11/11/2015 TPG Growth; Atlantic
Bridge
New Game
Technologies
30.0 New Game Technologies, doing business as Swrve New Media, provides an in-app direct marketing platform for application
and games developers
11/04/2015 METRO; Xange
Private Equity
Zenchef 6.5 Zenchef provides a marketing platform to help restaurants build their business online in France, the United Kingdom, and
Spain
11/03/2015 JAFCO Investment;
UOB Venture
Appier 23.0 Appier operates an audience targeting platform that identifies and acquires audience
10/28/2015 Edgewater Capital
Partners
HyPR Brands 5.0 HyPR Brands provides a search engine that allows brand owners to partner with social media celebrities/influencers to
promote their brands
10/21/2015 Highland Capital
Partners
adjust 17.0 adjust provides mobile application analytics solutions to advertising and media agencies
10/20/2015 Providence Equity
Partners
SnapApp 12.0 SnapApp develops and provides a content marketing platform
10/19/2015 Sierra Ventures;
Sigma Prime
Phenom People 12.1 Phenom People provides cloud-based talent relationship marketing platform to companies looking for ways to recruit the
perfect candidates for their job openings
10/15/2015 Sapphire Ventures;
Zetta Ventures
FollowAnalytics 10.0 FollowAnalytics provides a mobile engagement platform
10/13/2015 Sierra Ventures; Lerer
Hippeau
boomtrain 12.0 boomtrain operates a marketing platform that provides personalization services to content companies
10/12/2015 Spearhead Allyes Information
Technology
19.0 Allyes Information Technology offers digital marketing and Internet advertising services
10/09/2015 Accel Partners;
KPCB
Segment 27.0 Segment provides a data platform to collect, translate, and route customer data
10/06/2015 WI Harper Group;
KLP Enterprises
PaperG 5.0 PaperG operates a creative management platform that helps to create and customize advertisements
09/25/2015 River Cities Capital
Funds
Netsertive 24.0 Netsertive offers cloud-based digital marketing engine which automates localized digital advertising and channel marketing
programs
09/14/2015 August Capital;
Morgenthaler
Adara Media 23.0 Adara Media operates a travel intelligence platform to connect consumers to advertisers
07/15/2015 GSO Capital Partners Zeta Interactive 125.0 Zeta Interactive provides marketing solutions for helping brands to acquire, grow, and retain customers
06/26/2015 Adams Street
Partners, CrossLink
RadiumOne 55.7 RadiumOne provides a global programmatic advertising platform for brands and advertisers
06/25/2015 SoftBank Capital Yieldify 11.5 Yieldify operates a multi-channel abandonment analytics platform that converts visitors into customers
45
Selected Private Placement Financings
Date Investors Company Amount ($M) Business Description
05/08/2015 FirstMark Capital;
Firsthand Capital
Tapad $18.5 Tapad provides marketing technology solutions
04/27/2015 Scripps Networks
Interactive
Refinery29 50.0 Refinery29 owns and operates an independent fashion and style Website in the United States
04/08/2015 Edison Partners;
Quad/Graphics
Pixability 18.0 Pixability develops and operates a video advertising buying and marketing software platform that enables users to run better
YouTube campaigns
04/06/2015 Horizon Technology
Finance
eBureau 5.0 eBureau provides big data, predictive analytic, and information solutions to business-to-consumer and business-to-business
companies
03/27/2015 Sequoia Capital;
Deutsche Telekom
Innovid 10.0 Innovid provides a video platform for brands and agencies
03/11/2015 Foundation Capital;
Polaris
Char Software 35.0 Char Software provides an analytics and marketing platform for mobile and Web application users
03/10/2015 Forerunner Ventures Jet.com 5.0 Jetcom operates a smart shopping platform that allows its member to shop online from various retailers
03/09/2015 Wolverine Asset
Management
Local 4.6 Local provides search results to consumers who search online for local businesses, products, and services in the United
States
03/03/2015 Grotech Ventures;
First Data
Booker Software 35.0 Booker Software develops a cloud-based service commerce platform that enables service businesses to sell their services
online, via mobile device, or in person
03/02/2015 Talkot Capital Mobivity Holdings 4.8 Mobivity Holdings develops and provides mobile marketing technologies and solutions to resellers, brands, and enterprises to
market their products and services to consumers
02/10/2015 Accel Partners;
Norwest
Jet.com 140.0 Jetcom operates a smart shopping platform that allows its member to shop online from various retailers
02/03/2015 Battery Ventures;
Presidio STX
Tealium 30.7 Tealium provides enterprise tag management solutions to clients worldwide
01/26/2015 Accel Partners; Icon
Ventures
Tune 27.0 Tune develops cloud-based attribution analytics and performance marketing technology solutions
01/13/2015 Partech International Teads 14.2 Teads operates a platform for social video advertising
12/29/2014 NewSpring Capital SiteSpect 13.0 SiteSpect provides non-intrusive Web optimization solutions to enable Web and mobile marketers to improve conversion rate
and engagement
12/08/2014 Norwest Venture
Partners
Extole 14.0 Extole provides social marketing-as-a-service programs
11/24/2014 Rakuten Ventures Posu.me 10.0 Posu.me, doing business as Pocketmath, operates a mobile demand-side platform for real-time bidding
10/29/2014 Discovery Capital Cardlytics 70.0 Cardlytics provides a purchase-based data intelligence platform that measures and connects purchases to consumers
10/08/2014 Mohr Davidow
Ventures
Visible Measures
Corporation
7.0 Visible Measures provides content advertising technology
10/03/2014 Fortress Investment
Group
SITO Mobile 10.0 SITO Mobile operates as a mobile location-based advertising platform for businesses, advertisers, and brands primarily in the
United States and Canada
10/02/2014 IDG Ventures;
InterWest Partners
Appboy 15.0 Appboy provides marketing automation for applications
09/29/2014 August Capital; DFJ
Frontier; DoCoMo
Netpulse 18.6 Netpulse focuses on delivering interactive products and experiences to active lifestyle consumers
09/29/2014 North Bridge Venture
Partners
Sharethrough 10.0 Sharethrough operates an online platform that provides advertising exchange and ad server solutions to brands and
publishers
09/16/2014 Western Technology Jet.com 20.0 Jet.com operates a smart shopping platform that allows its member to shop online from various retailers
09/03/2014 ACT Venture Capital New Game
Technologies
10.0 New Game Technologies develops an in-app direct marketing platform for application and games developers
08/20/2014 Institutional Venture
Partners
xAd 50.0 xAd provides a location-based marketing and advertising platform for publishers and developers
08/06/2014 Vesta HangIt 6.2 HangIt owns and operates a Web portal for marketing campaigns
08/05/2014 EDB Investments;
Singapore Press
Smaato 25.0 Smaato owns and operates a global mobile real-time bidding (RTB) ad exchange and sell side platform
46
Selected Private Placement Financings
Date Investors Company Amount ($M) Business Description
08/05/2014 WPP AppNexus $110.0 AppNexus operates a cloud-based software platform that enables and optimizes programmatic online advertising
07/29/2014 Accel Partners; NEA;
Bain Capital
Jet.com 55.0 Jetcom operates a smart shopping platform that allows its member to shop online from various retailers
07/21/2014 Insight Venture
Partners; Matrix
Intent Media 22.7 Intent Media develops an advertising platform
07/01/2014 Copley Equity
Partners
Madwire Media 5.5 Madwire Media provides marketing and design agency services
06/23/2014 Industrifonden Widespace 12.7 Widespace provides mobile advertising services for brands in Europe
06/13/2014 Battery Ventures;
FirstMark Capital
Tapad 7.0 Tapad provides marketing technology solutions
04/16/2014 Insight Venture
Partners
Campaign Monitor 250.0 Campaign Monitor develops a software solution for managing email marketing campaigns
04/15/2014 Blue Chip Venture
Company
Kinetic Social 18.0 Kinetic Social provides solutions for social, display, and mobile advertisers to connect with their engaged audience
04/14/2014 Accel Partners;
Foundation Capital
Semantic Sugar 70.0 Semantic Sugar, dba AdRoll, provides cross-device and cross-platform digital advertising solutions to brands and agencies
04/07/2014 Arts Alliance Advisors;
Bain
Kenshoo 20.0 Kenshoo provides agile marketing services
03/31/2014 Aspire Capital
Partners
Mobiquity
Technologies
15.0 Mobiquity Technologies provides location-based mobile advertising solutions
03/31/2014 Norwest Venture
Partners
Act-On Software 42.1 Act-On Software provides a cloud-based sales and marketing engagement platform to small and mid-sized businesses in the
United States and internationally
03/26/2014 AR Capital CPX Interactive
Holdings
30.0 CPX Interactive Holdings is a digital media holding company
02/25/2014 IA Ventures The Trade Desk 20.0 The Trade Desk operates a buy-side platform that provides access to all RTB inventory for display, television, video, social,
mobile, and more
01/22/2014 North Bridge Venture
Partners
Sharethrough 17.0 Sharethrough operates an online platform that provides advertising exchange and ad server solutions to brands and
publishers
12/11/2013 Frontier Capital;
Contour Venture
Simplifi Holdings 16.0 Simplifi Holdings provides a demand side platform that integrates search and display advertising
12/10/2013 Silicon Valley Bank The Mobile Majority 11.6 The Mobile Majority owns and operates an integrated mobile advertising platform
12/05/2013 Business Growth
Fund
The Exchange Lab 8.2 The Exchange Lab is a programmatic media and marketing company
11/25/2013 DFJ; Menlo Ventures Flurry 11.8 Flurry provides a mobile application analytics and data-powered advertising platform that provides various services to build,
measure, advertise, and monetize various applications
11/22/2013 Focus Ventures;
Norwest Venture
Sojern 10.0 Sojern provides an audience engagement platform that enables clients to capture aggregate data, curate traveler profiles, and
engage travelers to drive awareness, conversions, and loyalty
11/21/2013 RRE Ventures; Bain
Capital
TapCommerce 10.5 TapCommerce provides mobile application retargeting and re-engagement solutions for smartphones and tablets
10/17/2013 Adams Street
Partners; Sequoia
Mintigo 10.0 Mintigo provides intelligent lead-generation services for customers worldwide
08/27/2013 Venrock; Granite
Ventures
Martini Media Network 14.0 Martini Media Network provides solutions for delivering brand campaigns across the passion-based niche sites this audience
interacts with at work and at play
08/15/2013 CrossLink Capital;
SoftTech VC
Vungle 6.5 Vungle provides in-app video advertising technology that helps application developers to enhance their applications with video
advertisements
08/15/2013 DCM; DN Capital;
Thomvest Ventures
Apsalar 9.0 Apsalar provides mobile engagement management solutions for application developers and publishers worldwide
07/31/2013 DFJ; TEGNA; U.S.
Venture Partners
4INFO 8.0 4INFO operates a mobile advertising platform that helps advertisers to deliver mobile and cross-channel campaigns
05/23/2013 Accel Partners;
Samsung Ventures
Collective 20.0 Collective provides multi-screen advertising solutions that help brands connect with their audience
05/06/2013 Blue Chip Venture
Company
Kinetic Social 8.0 Kinetic Social provides solutions for social, display, and mobile advertisers to connect with their engaged audience
47
Selected Private Placement Financings
Date Investors Company Amount ($M) Business Description
04/10/2013 QUALCOMM
Ventures
Madhouse $6.5 Madhouse is as a mobile advertising platform and service company in China
03/25/2013 Zee Entertainment
Enterprise
MirriAd 5.5 MirriAd provides an in-video advertising technology platform to the skip generation
03/21/2013 FirstMark Capital;
Firsthand Capital
Tapad 6.5 Tapad provides marketing technology solutions
03/07/2013 YJ Capital FreakOut 5.3 FreakOut provides marketing data solutions for the Internet advertising in Japan and internationally
02/21/2013 August Capital;
Morgenthaler
Adara Media 20.0 Adara Media operates a travel intelligence platform to connect consumers to advertisers
01/15/2013 CBC Capital; Vangoo
Capital
PinYou 20.0 PinYou operates as a digital advertisement wireless network technology company
01/14/2013 Bessemer Venture
Partners
Convertro 5.0 Convertro provides multi-touch attribution modeling technology for brands and agencies
48
Appendix F: Public Company Profiles
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
Appendix G: Hot Private Companies
80
HQ: San Mateo, CA www.4info.com
Management
CEO: Timothy Jenkins SVP of Finance and HR: Ed Koenig Chief Marketing Officer: Chuck Moxley Chief Revenue Officer: Dave Matthews SVP of Corporate Development: Mari Tangredi
Representative Customers
American Express Campbell's Chase Kraft Macy's
Midas Southwest Airlines Target
Walmart
Overview
Founded: 2004 Employees: 64 Capital Raised: $14M (post-recap)
Company Overview
4INFO is an advertising technology company that enables national brand advertisers to reach precise audiences across mobile devices and desktops and measure campaign success based on actual sales lift. More than 200 of the largest brands in the U.S. have relied on the unparalleled reach, targeting accuracy and measurement experience of 4INFO’s ad tech platform--including eight of the 10 largest CPG companies, six of the 10 largest retailers, seven of the top 10 financial services companies, and the five largest auto manufacturers. 4INFOs enables brands to reach more than 95% of U.S. mobile app users in over 100 million households using its deterministic, patented method that doesn’t rely on cookies, IP addresses or probabilistic modeling of tying people to devices. As a leader in sales lift measurement of mobile ad campaigns, more than 200 independent measurement studies have been conducted on campaigns delivered by 4INFO’s platform with impressive results, including an average Return on Ad Spend (ROAS) of 256%. 4INFO has recently extended its platform to enable mobile onboarding, tying devices to street addresses, offering PaaS and DaaS to DMPs, publishers, data companies and advertisers to power campaigns beyond 4INFO’s advertising platform. 4INFO is headquartered in San Mateo, Calif., with offices in New York, Los Angeles, San Diego and Chicago. Recent News
03/16/2016: "4INFO to Help Healthcare Marketers Identify and Engage with Relevant Consumers" 11/24/2015: "4INFO to Become Kantar Shopcom’s First Mobile Platform to Enable SKU-Level Targeting Across 15+ Retail Categories" 08/6/2015: "Former Microsoft and Yahoo Executive Joins 4INFO as Chief Product Officer"
Products & Services
Targeted Mobile and Desktop Advertising
Mobile Data Onboarding
Investors
Draper Fisher Jurvetson Gannett - Tegna Mezzanine Capital Partners Sand Hill Capital USVP Vulcan Ventures
Representative Partners
AOL Acxiom Adobe Catalina Crossix Experian Kantar Shopcom Oracle Twitter - MoPub Nielsen - Catalina
81
Investors
Camp One Ventures Scrum Ventures Seraph Group Walden VC
Representative Customers
Voltage Entertainment
Overview
Founded: 2010 Employees: 150 Capital Raised: $4.0M
Company Overview
Aarki is a leader in interactive and creative advertising technology for brands, agencies, ad networks and premium publishers. Aarki’s technology platform allows users to create multi-platform ads with ease, measure engagement, measure performance marketing for mobile (especially apps) and understand return on investment (ROI) across web, digital and mobile. Aarki (pronounced ar-key) is a sanskrit word meaning to rise above or elevate. The Company's goal is to ensure customers can rise above their competition through cloud-based technologies that deliver highly engaging, interactive advertisements across all devices. Aarki is based in Mountain View, California with additional offices in New York, China and Japan. Recent News
02/15/2016: "App Annie added Ten Advertising Network Partnerships Including Yahoo Gemini, Leadbolt, MobileCore and Aarki" 12/1/2015: "Mobile App User Acquisition Significantly Accelerated through Social Advertising with Aarki" 10/20/2015: "Aarki’s Integration with Google AdX and 12 Other Major Exchanges Drives Scalability in Programmatic Media Delivery"
Representative Partners
Amobee AppNexus AOL BrightRoll DoubleClick Ad Exchange MoPub Nexage Open X Rubicon Smaato
Management
Co-Founder and CEO: Sid Bhatt Co-Founder and CTO: Levon Budagyan COO: Ed Battle VP of Marketing: Raj Misra
Products & Services
Multivariative Creative Testing Programmatic Ad Buying
Rule Based Ad Serving
HQ: Mountain View, CA www.aarki.com
82
Products & Services
Channel Platform Optimization Programmatic Display Advertising
Investors
Emerillon Capital Fonds de Solitare
Yellow Media
Management
Co-Founder and CEO: Marc Poirier CRO: David McIninch COO: Alex Lamoureux VP of Technology: Martin Mailloux
Overview
Founded: 2003 Employees: 120 Capital Raised: $12.1M
Company Overview
Acquisio designs and develops performance marketing solutions for small businesses and the companies who serve them. The company owns and operates a platform that enables users to create, buy, track, manage, optimize and report media and campaigns across the leading marketing platforms including Facebook, Google Adwords Microsoft Bing, and YP. Acquisio's clients include YP, Sensis, Bruce Clay, Yellow Pages Group, Hanapin Marketing, Find Me Faster, Leverage Marketing and SEER Interactive. Acquisio is recognized as being one of the fastest growing companies in North America, winning the Deloitte Tech Fast 500 and Fast 50 awards for four consecutive years.
Recent News
02/5/2016: "Executive Changes at Soleo, Acquisio, Swift and Linkedin" 11/18/2015: "Acquisio Announces Its Latest Customer Experience Initiative" 09/24/2015: "Sebastien Provencher, Local Marketing Expert, Joins Acquisio as VP of Product"
HQ: Brossard, QC www.acquisio.com
Representative Partners
Bing Ads DoubleClick Facebook Google Ad Words IBM LinkedIn Rakuten DC Storm Tag Man TheTradeDesk
Representative Customers
aimClear Bruce Clay Find Me Faster Leverage Marketing Page Zero SEER Interactive SEO Inc.
Yellow Pages Group
83
Company Overview
AdRoll is the most widely-adopted retargeting platform with 15,000 active advertisers. The company operates an advertising platform that enables brands to create personalized advertisement campaigns based on their own Website data. The Company's platform offers services such as cross- device and cross-platform retargeting, web retargeting, retargeting on Facebook, retargeting on Twitter, dynamic liquid ads, and mobile retargeting. It serves advertisers in the United States and internationally. The Company's partners include Facebook Exchange, Google, Miva Merchant, Volusion, Designpax, and Canned Banners. AdRoll, Inc. was founded in 2007 and in headquartered in San Francisco, California with additional offices in New York, New York; Dublin, Ireland; and Sydney, Australia.
Recent News
03/4/2016: "Aaron Bell's AdRoll Brings Adtech to SMBs" 10/15/2015: "Facebook Launches Small Business Solutions Partner Program with AdRoll" 08/27/2015: "Retargeting Firm AdRoll Plugs into Instagram's New API"
Representative Partners
Appnexus FB Exchange Google OpenX Right Media Shopify
Representative Customers
Air New Zealand Kiehl's Salesforce Silver Legacy Tinderpoint USA Today
Management
Co-founder and Chairman: Jared Kopf Co-founder and CEO: Aaron Bell President, CMO and Co-founder: Adam Berke VP of HR and Recruiting: Stacey Manes CRO: Suresh Khanna
Products & Services
Platform Real-Time Bidding Retargeting Marketing
Investors
Accel Partners FLOODGATE Foundation Capital Institutional Venture Partners Merus Capital Northgate Capital Group Performance Equity Management True Ventures Western Technology Investment
Overview
Founded: 2007 Employees: 500 Capital Raised: $89.0M
HQ: San Francisco, CA www.adroll.com
84
Products & Services
Mobile App Attribution Mobile Data Management and Audiences
Representative Customers
7-Eleven
99 Games
Natural Motion Games
Ola Cabs Snapdeal
Target
Wal-Mart
Overview
Founded: 2010 Employees: 35 Capital Raised: $26.0M
HQ: San Francisco, CA www.apsalar.com
Representative Partners
Apple Facebook Google Twitter 800+ Networks
Company Overview
Apsalar provides enterprise mobile app attribution and data management solutions for application developers and publishers worldwide. It offers Apsalar Attribution, an enterprise app attribution and in-app measurement solution, and Apsalar Audiences, a service that enables app marketers to analyze their users, create high performing audiences, and securely deliver those audiences to their choice of partners for customized marketing. Recent News
01/26/2016: "Apsalar Tool Aims to Help Publishers Understand Why Users Uninstall Apps" 11/19/2015: "Apsalar Announces $8 Million Funding" 09/1/2015: "Facebook Widens Apsalar Mobile Management Integration to Cover Instagram"
Management
Co-Founder and CEO: Michael Oiknine
Co-Founder and CTO: Fazal Majid VP of Product: Srujan Akula
VP of Engineering: Raj Kandasamy
VP of Sales and Marketing: Dayton Keane VP of Technical Operations: Jason Matthews VP of Marketing: Jim Nichols
Investors
Correlation Ventures DCM
DN Capital
Thomvest Ventures
YJ Capital
85
Company Overview
Beachfront is a video technology company that provides a platform for video engagement and monetization, with a focus on mobile video and OTT. Beachfront's technology products include Beachfront SSP, a cross-screen, video supply side platform (video SSP) supporting mobile, OTT, and desktop video; Beachfront Reach, a video distribution platform for content and Beachfront Rise, an OTT and mobile app solution that brings video to mobile devices and connected TVs. Recent News
03/04/2016: "Beachfront Media Makes Programmatic Buying Easier" 01/13/2016: "Beachfront Media Sees 700% Growth in Mobile Revenue in 2015"
Management
CEO: Frank Sinton COO: Lisa Connell SVP of Sales: Bill Drolet VP of Technology: Michael Pawlowsky
Products & Services
Platform Video App Platform Programmatic Video Advertising Video Syndication
Representative Partners
Amazon Fire Apple Arris Endemol Roku
Overview
Founded: 2005 Employees: 30 Capital Raised: N/A
HQ: Burbank, CA www.beachfront.com www.beachfrontreach.com www.gorise.com
86
Management
Co- Founder and CEO: Lawrence Marks Co-Founder and CMO: Hunter Madsen COO and Chief Counsel: Robert Bolan Director of Product Development: June Oakes
Products & Services
Online Shopping Search Engine
Representative Customers
Sprint Visicom
Overview
Founded: 2010 Employees: 11-50 Capital Raised: $5M
Company Overview
ChoozOn, doing business as Blue Kangaroo, operates an online personal deal platform that connects brands and their customers. ChoozOn’s Web hub provides access to deals and offers matched to the user’s current interests, which feature favorite brands, loyalty programs, deals-of-the-day and the products they may be searching for. It also enables users to hunt for offers on their own and to collaborate in the hunt with their shopping pals; and members to invite friends to join their ‘savings networks’, exploring the deal universe together and forwarding the relevant offers to one another. ChoozOn is based in Burlingame, California. ChoozOn has activity centers including headquarters, product management, and business development locations in Philadelphia; content editing and business development centers in San Francisco, California; legal/IP, sales and marketing, and operations in Seattle, Washington; and development operations in Amman, Jordan.
Recent News
03/27/2016: "Blue Kangaroo Launches New Price History and Price Alert Features" 02/11/2016: "Blue Kangaroo Welcomes Raft of New Appointments"
Representative Partners
Ann Taylor BestBuy Crate & Barrel Kohl's Macy's Nordstrom
HQ: Bellevue, WA www.bluekangaroo.com
87
HQ: Chicago, IL http://www.centro.net
Company Overview
Centro develops media management software to help people reach their business. It offers Centro Platform, a solution to centralize, organize, and automate digital media campaigns; Centro DSP, a solution to execute display, mobile, rich media, and retargeting with real-time reporting; and Brand Exchange, an online ad exchange for brand marketers and publishers. Centro, Inc. was formerly known as Centro Media, Inc. and changed its name to Centro, Inc. in November 2013. The company was founded in 2001 and is based in Chicago, Illinois with additional offices in New York, New York; Dallas, Texas; Chicago, Illinois; San Francisco and Los Angles, California; Atlanta, Georgia; Detroit, Michigan; Washington, D.C. Boston, Massachusetts; Denver, Colorado; and Toronto, Canada. Recent News
04/11/2016: "Crain’s Chicago Names Centro as one of the Best Places to Work in 2016" 03/26/2016: "Centro Hosts Annual Training and Certification Conference on Programmatic Advertising"
Management
CEO and Founder: Shawn Riegsecker CMO: Kelly Wenzel COO: Leo Brubaker CFO: Michael Bruns
Products & Services
Centro Platform
Centro DSP
Centro Brand Exchange
Investors
FTV Capital Neuberger Berman
Overview
Founded: 2001 Employees: 501-1000 Capital Raised: $52.5M
Representative Partners
AppNexus
88
Company Overview
Drawbridge is the leading cross-device identity solution that enables advertisers to seamlessly connect with consumers across smartphones, tablets, smart TVs, and desktops. The Company democratizes user information and anonymizes consumer identity at scale. Drawbridge is headquartered in San Mateo, California, with additional offices in Los Angeles, Austin, Chicago, Detroit, Atlanta, New York and London. Recent News
04/06/2016: “Drawbridge Moves to SaaS with Lyft and M&C Saatchi Partnerships”
03/24/2016: "Drawbridge Cross-Device Platform Now Offers Granular Contextual Targeting from Page-Level Intelligence Leader Peer39 by Sizmek" 03/23/2016: "Drawbridge Cross-Device Identity Integrated into Oracle Data Cloud to Further Extend Reach of Oracle ID Graph" 02/24/2016: "Drawbridge Hits $100M Annual Revenue Run-Rate as Global Market for Cross-Device Identity Booms"
Investors
Sequoia Capital Kleiner Perkins Caufield & Byers Northgate Capital Group
Products & Services
Connected Consumer Graph Cross-Device Programmatic Platform Cross-Device Insights
Management
Founder and CEO: Kamakshi Sivaramakrishnan CTO: Devin Guan COO: Winston Crawford VP Marketing: Brian Ferrario VP Product Management & Partnerships: Rahul Bafna
Representative Customers
Cadreon Foursquare Kenshoo LiveRamp Lyft M&C Saatchi Mobile MarketShare Oracle The Trade Desk Starcom Mediavest
Representative Partners
Axciom
BrightRoll
Integral Ad Science
Nielsen
OpenX
Oracle
Rubicon
Yahoo
Overview
Founded: 2010 Employees: 135 Capital Raised: $45.5M
HQ: San Mateo, CA www.drawbridge.com
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Investors
Floodgate Fund Insight Venture Partners Lead Edge Capital Mack Capital SVB Capital The Angels Forum Volition Capital
Products & Services
Enterprise Tag Management Mobile Tag Management Omni-channel Data Collection Privacy Audits
Management
Founder and CEO: Josh Manion CFO: Faud Ahmad CTO: Josh Goodwin
Representative Customers
Brooks Brothers CDW Fidelity Hearst Corp. Home Depot Microsoft Safeway State Farm T-Mobile United Airlines
Representative Partners
Accenture IBM Monetate Oracle’s Maxymiser Stratigent Yahoo
Overview
Founded: 2009
Employees: 150-200
Capital Raised: $108.5M
Company Overview
Ensighten enables global brands to simplify the management of their data and technology investments so they can orchestrate smarter interactions across touch points. Ensighten offers the industry’s leading enterprise tag management system, featuring patented mobile capabilities, and a powerful, omni-channel data collection service than bridges customer behavior information from web, mobile, digital advertising, Internet of Things (IoT) and offline sources. Using Ensighten, organizations can accelerate their marketing deployments, increase time to revenue, and create dynamic first-party profiles that can be used to fuel site personalization, attribution, analytics and other mission-critical use cases. Ensighten’s platform delivers industry best privacy and security safeguards, unparalleled scale and performance, and turnkey integration with more than 1,000 digital marketing vendors. Ensighten is headquartered in the heart of Silicon Valley, with offices in San Diego, London and Sydney. Recent News
01/26/2016: "MarTech Visionary Scott Brinker to Headline Ensighten’s 2016 AGILITY World Tour" 11/17/2015: "Ensighten Launches Industry’s First Unified Tag Management and Optimization Solution for Mobile Apps" 10/19/2015: "Ensighten Raises $53 Million in New Funding to Accelerate Global Leadership and Innovation for its Omni-Channel Customer Data Platform"
HQ: Cupertino, CA www.ensighten.com
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Investors
General Catalyst Partners Hummer Winblad Venture Partners Iris Capital Sequoia VivaKi
Products & Services
Programmatic Creative Platform Content-Driven Ads Responsive Ads
Management
CEO/Founder: Giles Goodwin CRO: Melissa Greenberg CFO: Caitlyn Haberberger
Representative Customers
Allstate Coca-Cola ESPN Honda IBM LinkedIn
Representative Partners
Atlas Starcom TRUSTe
Overview
Founded: 2006 Employees: 11-50 Capital Raised: $41M
Company Overview
Flite is the world’s leading creative management platform powering creatives and marketers from top-tier brands, agencies and publishers. Flite’s state-of-the-art platform gives creative professionals the power to design visually stunning ads on live, interactive canvases, while giving marketers the ability to launch, manage, measure and optimize digital ad campaigns in real time, at scale, all in one seamless experience. Recent News
04/04/2016: “Taking Flight: The Era of Creative Management and Personalized Mass Marketing with Flite” 03/15/2014: "Inside Facebook: Cross-platform Ad Firm Flite to Partner with Facebooks Atlas"
HQ: San Francisco, CA www.flite.com
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Investors
Javelin Venture Partners
Products & Services
Programmatic Mobile User Acquisition Programmatic Media Buying
Management
Co-Founder and CEO: Christopher Tanner Co-Founder, President and COO: Steve Gleitsmann CTO: Rory Mather Head of BD: Mike Vann
Representative Customers
Big Fish Games Machine Zone SuperCell
Representative Partners
Google Ad Network
Overview
Founded: 2004 Employees: 25 Capital Raised: $4M
Company Overview
GET IT Mobile drives high-value user acquisition and engagement campaigns for the world’s most sophisticated mobile app publishers and brands. The company’s proprietary buy-side technology offers a uniquely transparent and data driven approach to buying quality mobile media based on their clients’ specific success metrics. GET IT’s system programmatically optimizes bids in real time to drive budget toward higher value traffic. The San Jose-based company was founded in 2010 by the brains behind Google Earth and is backed by Javelin Venture Partners.
Recent News
12/19/2014: "Former Apple Executive Richard Kerris Heads to Mobile App Ad Startup" 12/12/2014: "GET IT Mobile Acquires Kinetic Minds"
HQ: San Jose, CA www.getitmobile.com
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Investors
Comcast Ventures DFJ Frontier Draper Fisher Jurvetson Norwest Venture Partners Panorama Capital Trident Capital
Products & Services
Data Licensing Online-To-Offline Marketing Platform
Management
CEO: Michael Fordyce President: David Staas CFO: Jeff Stephens SVP of Sales: Greg Archibald
Representative Customers
BIA/Kelsey Mobext Virgin America
Overview
Founded: 2006 Employees: 51-100 Capital Raised: $49.3M
Company Overview
NinthDecimal is the leading mobile audience intelligence platform building the most comprehensive understanding of people by connecting their digital and physical lives. Through a combination of data and proprietary technology, NinthDecimal provides Fortune 500 companies, marquee brands and agencies a unique view of today's consumer, informing media strategies and enabling optimal brand experiences and campaign ROI across digital. NinthDecimal's audience data is built on one trillion data points from over one billion devices, allowing us to create hundreds of customized audience segments with scale to drive right place, with the right message. By leveraging this data, NinthDecimal enables marketers to create their specific target audience and reach this audience across mobile display, mobile video, online and Wi-Fi ad platforms. NinthDecimal also utilizes a unique suite of measurement and insights tools to drive campaign success. NinthDecimal is based in San Francisco with additional offices in Silicon Valley, Chicago and New York. Recent News
01/05/2016: "NinthDecimal $15.0 million Fundraising" 10/22/2015: "NinthDecimal Ranked No. 210 in Inc. 500 List of Fastest Growing Private Companies" 10/14/2015: "NinthDecimal Transforms TV Advertising Market with the Introductions of New Closed-Loop TV Planning and Measurement Solution"
HQ: San Francisco, CA www.ninthdecimal.com
Representative Partners
Adelphic BrightRoll Comcast DataXu Exelate Lotame MediaMath Oracle BlueKai TheTradeDesk Turn
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Company Overview
Origami Logic provides marketing signal measurement platform to manage and optimize marketing campaign investments across various modern marketing channels and platforms. It offers solutions for leadership, digital marketing, marketing analytics, and agencies. Recent News
04/11/2016: “Marketers are Struggling to Turn Insights into Campaign Action: Study” 04/04/2016: “Trends in MarTech: Analytics: What Stops Marketers from Being Truly Data-Driven”
Products & Services
Social Campaign Measurement Cross-Channel Campaign Measurement CMO dashboard Content Performance Measurement B2B Pipeline Performance Measurement
Management
Co-Founder and CEO: Oper Kahane Co-Founder and VP of Product: Alon Amit Co-Founder and CTO: Ofer Shaked
CRO: Michael Logan
CMO: Steven Wastie
Investors
Accel Partners DAG Ventures Icon Ventures Lightspeed Venture Partners Next World Capital
Overview
Founded: 2012 Employees: 100-200
Capital Raised: $49.3M
Representative Partners
Intel JCPenney Omni Hotels
Representative Customers
Cisco
Intel
JCPenney
Omni Hotels
P&G
Unilever
Visa
www.origamilogic .com HQ: Menlo Park, CA
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Investors
Onset Ventures Quartex Capital Voyager Capital
Products & Services
Mobile Audience Segment Mobile Data Management Platform Mobile Demand Side Platform Mobile Loyalty Marketing (Shop Alerts)
Management
CEO: Alistar Goodman Co-Founder President: Anne Bezancon Co-Founder and CTO: Daniel Parkes CFO: Will Peppo
Representative Customers
AT&T Rogers Three.com Electrolux Quiznos Kohl’s
Representative Partners
Mobsta ResearchNow MoPub Pushspring
Overview
Founded: 2005 Employees: 40-50 Capital Raised: $12.9M
Company Overview
Placecast is the industry’s leading enterprise mobile data management platform (DMP) that translates large-scale mobile location and user data sets into audience segments for mobile marketing and advertising campaigns via Placecast’s demand side platform (DSP). The platform provides Placecast’s partners with a rich understanding of the relationship between their users and physical locations over time, enabling them to make smarter marketing decisions. To-date Placecast has been trusted globally by several Fortune 100 enterprises such as AT&T, Rogers, Visa, O2 Telefonica, and has created over 400 Million unique mobile user profiles utilizing billions of mobile data attributes. Placecast has also run thousands of high-performing mobile ad campaigns for brands such as Starbucks, The North Face, and Jet Blue, enabling them to optimize their media buys by delivering more relevant and personalized mobile experiences to their target audiences. Founded in 2005, Placecast is headquartered in San Francisco with offices in Atlanta, New York and London.
Recent News
02/03/2016: “Mobsta and Placecast Reveal 3-year Strategic Partnership Deal”
05/29/2015: "Placecast Rolls Out Mobile DMP"
02/25/2015: “Placecast Survey Shows Consumers are Engaging with Mobile Payment Services”
HQ: San Francisco, CA www.placecast.net
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Representative Partners
Accuen Adsmovil Criteo MediaMath Merkle Razorfish Seznam The Trade Desk
Representative Customers
Adept ADX Bonnier Escalate Media iHeart Radio Tencent Vox Media
Management
Co-founder and Chairman: Amar Goel Co-founder, CEO and Director: Rejeev Goel President: Kirk McDonald Co-founder and CTO: Anand Das Co-founder and VP Engineering: Mukul Kumar
Products & Services
Monetization
RTB
Private Marketplace
Automated Guaranteed Media Buyer Console Ad Decisioning
Decision Manager Header Bidding
Wrapper Solutions Analytics AD and Inventory Quality
Investors
August Capital Draper Fisher Jurvetson Helion Venture Partners Nexus Venture Partners Nokia Growth Partners
Company Overview
PubMatic, Inc. is the leading marketing automation software company for publishers. Through real-time analytics, yield management, and workflow automation, PubMatic enables publishers to make smarter inventory decisions and improve revenue performance. Focused on serving the needs of premium publishers, PubMatic inspires buyer confidence by providing flexibility in audience discovery and planning media campaigns through its Media Buyer Console and APIs. The company’s marketing automation software platform provides a global roster of comScore publishers with a single view into their advertiser relationships across every screen, every channel and every format. PubMatic was ranked by Deloitte as one of the fastest growing companies in the US for the fourth consecutive year in 2015. The company has offices worldwide, and is headquartered in Redwood City, California. Recent News
04/19/2016: “PubMatic Quarterly Mobile Index Report Reviews Over 50 Percent Year-Over-Year Increases in Average CPMs on Both App and Mobile Web”
04/05/2016: “PubMatic Empowers Publishers to Reclaim Control of Ad Decisioning; Launches Industry’s only complete”
03/08/2016: "PubMatic Appointed as a Monetization Partner for Tencent Online Media Group’s Ad Inventory Outside of China" Overview
Founded: 2006 Employees: 501 - 1,000 Capital Raised: $63.0M
HQ: Redwood City, CA www.pubmatic.com
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Management
CEO and Director: Bill Lonergan COO: Dave Zinman EVP of North American Sales: Mike Werner CTO and CDO: Dimitri Vaynblat VP of Corporate Development: Alex Gove
Products & Services
Business Intelligence Solution DSP & SSP Social Advertising Platform
Investors
Adams Street Partners CrossLink Capital
DFJ Esprit Draper Fisher Jurvetson Harmony Partners Industry Ventures Trinity Ventures Westwood Ventures
Representative Customers
Clorox Infiniti Neiman Marcus Porsche T-Mobile Universal Music Group
Representative Partners
Acxiom American Media Amnet
Conde Nast Facebook Exchange Gigya
ITV
Overview
Founded: 2010 Employees: 360 Capital Raised: $87M
Company Overview
RadiumOne is engaged in programmatic advertising through a combination of programmatic buying, proprietary data, patent-pending intelligence algorithms, and multi-channel capabilities. It engages directly with consumers, monitors sharing events, filters this data through its ShareGraph intelligence layer, builds real-time audiences for its brands, and targets advertisements across real- time impressions, spanning the Web, mobile Web (including in-app), video and social. The Company's ShareGraph is an audience intelligence layer that analyzes social and behavioral signals from across the Web and mobile to determine attributes such as purchase intent and connection strengths with other users. It also offers Po.st, an URL Shortener, a free URL shortener that allows brands to gain deep insights on users who click on shortened links from social channels and segment them for paid media targeting; Po.st Sharing Widget, a social sharing platform for publishers; and Connect, a mobile API and SDK that provides analytics, attribution, geo-fencing, and push notification.
Recent News
04/01/2016: "RadiumOne Appoints Several New Executive Leaders to Power Next Growth Phase" 11/19/2015: "ITV opens up programmatic ads in RadiumOne partnership" 10/22/2015: "RadiumOne Rolls Out Connect, Taking Mobile Advertising to the Next Level"
HQ: San Francisco, CA www.radiumone.com
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Investors
Stage 1 Ventures
Products & Services
SiteWit Analytics
Management
Co-founder and CEO: Ricardo Lasa Co-founder and Chief Scientist: Don Berndt President: Marc Fratello CTO: Chris Lord
Representative Customers
AppDirect
BigCommerce
SquareSpace
Wix
Representative Partners
Bing Facebook Exchange Google
Overview
Founded: 2007
Employees: 11-50
Capital Raised: $2.3M
Company Overview
SiteWit provides a step-by-step setup process to get small businesses live on Google AdWords and Bing Ads within minutes. SiteWit fully automates the management and optimization process to drive new customers cost efficiently. SiteWit’s software allows small businesses to effectively compete with the professionals, without needing search engine marketing experience. SiteWit empowers SMBs to take a DIY approach to PPC marketing at a price that makes sense. SMBs can get started using SiteWit's free website analytics and launch SEM campaigns. Recent News
12/03/2015: "Our New Mobile App is Here!"
HQ: Tampa, FL www.sitewit.com
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Investors
Advance Ventures Aeris Capital EDB Investments Impera Total Return Singapore Press Holdings
Products & Services
Ad Exchange DSP Integration Portal Publisher Platform
Management
Co-founder and CEO: Ragnar Kruse Co-founder and CAO: Petra Vorsteher CBO: Ajitpal Pannu CFO: Oliver Reiss COO: Georg Fiegen VP of Corporate Development: Ryan Klinefelter
Representative Customers
Ask.fm Blackberry Grindr IGNIS America Pinger SPH Ximad
Representative Partners
Appnique Distimo Lotaris XTOPOLY
Overview
Founded: 2005
Employees: 200
Capital Raised: $47.0M
Company Overview
Smaato is a global mobile RTB ad exchange (SMX) which helps mobile app developers and publishers increase ad revenues worldwide. Smaato operates a mobile RTB ad exchanges and Supply Side Platform across 80,000+ mobile app developers and mobile publishers serving 150 billion impressions per month. On the demand side, Smaato globally connects 550 million monthly unique visitors with ~ 400 ad networks and 170+ DSPs. The Company was founded in 2005 and is based in San Francisco, California, with additional locations in Hamburg, Germany, and Singapore. Recent News
3/14/2016: "Google Integrates Smaato into AdMob and DoubleClick to Help Publishers Maximize Revenues" 12/05/2015: "Revive adserver Mod Launches Its Smaato Integration Plugin for Revive Ad Server" 11/10/2015: "Adsquare Partners with Smaato"
HQ: San Francisco, CA www.smaato.com
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Investors
BDC Venture Capital
Products & Services
Deep Links Mobile App Marketing Solutions
Management
CEO: Michael Zsigmond Co-Founder and CPO: Ben Fox Co-Founder and CSO: Slavin Rodic VP of Marketing: Mack Flavelle
Representative Customers
HootSuite Veam Studios Yummly
Representative Partners
AppNexus Google Ad Words InMobi Pandora Vungle Yieldmo
Overview
Founded: 2012 Employees: 10-50 Capital Raised: $680K
Company Overview
Tapstream Network provides a marketing dashboard for application makers. Its solution engages in tracking acquisition, retention, and ROI across various channels, as well as provides application makers with clarity of marketing ROI, reduces their cost of customer acquisition, and allows them to focus on channels with customer lifetime value. Tapstream’s solution monitors installation and engagement from the marketing campaigns on or off ad networks and provides Onboarding Links that engages new users, as well as reduces application abandonment rates. It serves mobile, iOS, Android, and mobile analytics markets. Recent News
03/11/2016: "Tapstream Unifies Deep Links and Deferred Deep Links, Connecting Mobile Web and Mobile Apps" 11/19/2015: "New from Tapstream – App Install Campaign Landers!"
HQ: Vancouver, BC www.tapstream.com
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Investors
Double M Partners
Founder Collective
Hermes Growth Partners
IA Ventures
Kortschak Investments
Neu Venture Capital
SV Angel
Wellington Management
Wider Wake Networks
Products & Services
Demand Side Advertisement Platform
Management
Co-Founder and CEO: Jeff Green Co-Founder and CTO: Dave Pickles COO: Rob Perdue CFO: Paul Ross CCO: Brian Stempeck
Representative Customers
IPG
Omnicom
Publicis
WPP
Representative Partners
Facebook Exchange
Index Exchange One by AOL
OpenX
Pubmatic
Overview
Founded: 2009 Employees: 201-500 Capital Raised: $82.5M
Company Overview
The Trade Desk operates a bidding platform and service for buying digital media and data. The Company offers various tools and options for media buyers and data owners. The Trade Desk is based in Ventura, California with additional offices across Asia and Western Europe. Recent News
03/23/2016: "The Trade Desk, Inc. Closes $60M Equity Funding Round" 11/13/2015: "The Trade Desk Ranked 7th Fastest Growing Company in North America on Deloitte’s 2015 Technology Fast 500" 06/16/2015: "Jeff Green and Dave Pickles, Cofounders of The Trade Desk, Named Ernst & Young Entrepreneurs of the Year 2015 in Greater Los Angeles"
HQ: Ventura, CA www.thetradedesk.com
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Company Overview
Tune is a SaaS company from Seattle, WA that provides measurement and insights for mobile marketing. The company offers the TUNE Marketing Console (TMC) as an all-in-one marketing stack for attribution, acquisition, re-engagement, and retention. Unique from any attribution provider, TUNE also provides SaaS technologies for advertising partners, including publisher management, ad serving, invoicing, reconciliation, and more. The company's product “HasOffers” is the highest adopted solution for networks, agencies, and media buyers to manage their businesses. TUNE has made three acquisitions, and was named the fastest growing company in Seattle by Inc. Magazine. Recent News
02/11/2016: "TUNE and Flipkart Partner for Mobile Marketing Success" 10/18/2015: "TUNE CEO to Present at Dublin Web Summit"
07/24/2015: “TUNE Buys FirstMark-backed Artisan Mobile”
07/16/2015: “TUNE Updates App Marketing Tools with Acquisition of Appfuel”
06/30/2015: “TUNE Unifies Mobile Measurement Products Into TUNE Marketing Console”
01/29/2015: “TUNE Raises $27M to Unify Mobile Marketing Data”
Investors
Accel Partners Founders Co-op Icon Ventures Performance Equity Management
Products & Services
Mobile Marketing Platform
Management
CEO: Peter Hamilton Founder and CTO: Lee Brown Founder and CPO: Lucas Brown VP of Finance: Crystal Di Carlo
Representative Customers
Amazon Expedia Sephora Sony Staples Zillow
Representative Partners
AOL App Lovin Twitter
Overview
Founded: 2009 Employees: 325 Capital Raised: $36.4M
HQ: Seattle, WA www.tune.com
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Investors
BlackRock ClearBridge Investments Firsthand Capital Management Focus Ventures Greenspring Associates Northport Investments Norwest Venture Partners Pine River Capital Management Shasta Ventures Trident Capital Vilicus Ventures Western Technology Investment
Management
CEO: Bruce Falck CFO: Mark Liao CRO: Wendy MacGregor CPO: Max Ochoa SVP of Corp and Bus Dev: Maureen Little
Company Overview
Turn Inc. provides data and media management platform technologies to Fortune 500 brands and advertising agencies. It offers Turn Audience Suite, a data management platform to centralize offline and online marketing data, discover the right audiences for their brands, and plan intelligently across all media channels and devices; Turn Campaign Suite, a digital media execution platform for video, mobile, social, and display advertising; and DataMine Analytics, a data exploration, discovery, and warehousing solution for marketers. Turn was founded in 2004 and is based in Redwood City, California. The company has 20 offices worldwide, including those in Charlotte, Chicago, Los Angeles, London, New York, San Francisco, Sao Paolo, Sydney and Tokyo. Recent News
03/10/2016: "Turn Nets $15M Round to Operate its Growing Scale" 11/24/2015: "Viadeo Enlists Turn to Enhance B2B Campaigns" 11/24/2015: "Turn Names Bruce Falck, former Brightroll and Google Exec, as CEO"
Overview
Founded: 2004 Employees: 300
Capital Raised: $137.5M
Representative Partners
Acxiom/LiveRamp AppNexus Crosswise NinthDecimal
Representative Customers
3 Day Blinds Evan Cycles Horizon Media Kellogg's Video
Products & Services
Brand Intelligence Consumer Intelligence Digital Data Centralization Media Intelligence Media Planning and Execution
HQ: Redwood City, CA www.turn.com
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Company Overview
Vungle provides in-app video advertising technology that helps application developers to enhance their applications with video advertisements. The company’s products include Vungle SDK with built-in support for ‘Vungle Exchange’ for access to advertisements from various brands; Vungle Exchange that enables purchasing and selling in-app video inventory, programmatically; and Vungle Direct to monetize applications or games through customized or user-initiated interstitials, in-game integration, and more, as well as to maximize eCPM with Vungle’s HD videos. It serves independent developers and application publishers worldwide. The company was founded in 2011 and is based in San Francisco, California with additional offices in Europe. Recent News
11/22/2015: "Vungle Now Supports Video Ads for Windows 10 with New SDK" 09/16/2015: "Vungle Gives Mobile Apps a Real-Time Score in New Programmatic Marketplace"
Overview
Founded: 2011 Employees: 51-200 Capital Raised: 25.5M
Representative Partners
Adap.TV AdMob CoCo’s 2Dx Google Analytics
Products & Services
Monetization Programmatic User Acquisition
Investors
Crosslink Capital Google Ventures SoftTech VC Thomvest Ventures
Management
CEO and Founder: Zain Jaffer COO: Rick Tallman CTO: John Sabella
Representative Customers
Barclays Colgate EA Machine Zone Sega Sony
HQ: San Francisco, CA www.vungle.com
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Appendix H: Glossary:
Ad Exchange: Digital marketplace that enables advertisers and publishers to buy and sell advertising
space, often through real-time auctions.
Ad Impression: Each instance that a consumer is exposed to an ad.
Ad Integration: The technical process of defining and making available ad slots within a publisher’s
site or app.
Ad Network: The aggregation of advertising inventories from a large number of publishers’ websites.
Ad Optimizer: Helps publishers manage ad networks and optimize the monetization and effectiveness
of their ad spaces.
Ad Request: Occurs when a browser or app requests an ad from the ad server.
Ad Server: A scalable, high-performance system made up of hardware and software that reliably
delivers ad units across digital channels.
Banner Ad: A mobile ad unit that employs simple creative assets and hyperlinks. The two widely
supported banner ad standards are from the iAB and the Mobile Marketing Association (MMA).
Campaign: A series of advertising messages that promote a single theme or message. Digital
campaigns can be executed using multiple media (e.g, search, display, social and video) and across
multiple screens (e.g., PC, mobile, tablet and connected TV).
Click-Through Rate (CTR): Clicks generated per 100 impressions; a measurement of how many
users clicked on an ad. Used to determine the success of a digital advertising campaign.
Commerce Advertising: Advertisement intended to be a catalyst toward a customer purchase.
Conversion Rate (CR): The number of those that completed a desired action (e.g. installed a mobile
app) divided by the number of impressions or clicks.
Cost per Action (CPA): A pricing model based on a user completing a particular action, e.g.,
watching an entire video clip.
Cost per Click (CPC): Cost per click on an ad.
Cost per Thousand (CPM): Cost per thousand impressions of an ad.
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Cross-Screen: Advertising campaigns that are executed on multiple devices or channels, such as
PCs, mobile phones, tablets and TVs, and can therefore reach the same consumer looking at different
screens.
Demand Side Platform (DSP): Automated platform to more cost-effectively purchase digital ads and
execute ad campaigns.
Data Management Platforms (DMP): Data management software that sorts and stores information
on consumers that is then used by publishers, marketers and other businesses often to target specific
groups of people.
Fill Rate: The percentage of ad requests that are filled with ads (that is, where an ad is displayed to
the end user).
First-Click Attribution: Purchase attributed to the first click the consumer makes toward purchasing
an item.
Frequency Capping: Limiting the number of times an advertisement is shown to a particular
consumer during a period of time.
Geo-targeting: Ads targeting consumers in a specific geographic area.
Header Bidding: Header Bidding, also known as an ad server integration, allows a demand partner to
hold an auction outside of the publisher ad server and pass a CPM bid in real time by placing a code in
the header of the website. Header bidding allows an advertising partner to pass CPM bid values to the
ad server on every single impression, without the use of tags, instead of being placed in a line item at
a static value in the ad stack.
Impression Frequency: The number of times an ad may displayed to a consumer during a finite
period of time.
Insertion Order (IO): A formal, printed order to run an ad campaign that typically includes details,
such as website(s) to receive the order, ad and sizes to be run, campaign beginning and end dates,
the CPM, total cost, reporting requirements and other stipulations.
Inventory: The total number of ad views or impressions that a Web site has available to sell over a
given period of time (usually, inventory is figured by the month).
Interstitial Ad: A mobile ad unit that appears between two page views within a website or app.
Last-Click Attribution: Purchase attributed to the last click the consumer makes toward purchasing
an item.
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Native Ad: A digital or mobile ad that appears in-line and in context with the surrounding content.
Pay per Download (PPD): A user acquisition model whereby an advertiser is charged based on the
number of times a mobile app or other software is downloaded.
Point of Interest (POI) Targeting: Mobile targeting based around a particular location.
Programmatic: Online display advertising that is aggregated, analyzed and optimized via demand
side software interfaces and multi-variate algorithms. Programmatic ads are typically purchased
through ad exchanges in real time.
Remarketing: A system that allows companies to show ads in the future to people who have visited
their website.
Retargeting: An advertising technology that allows ads to previously viewed products to “follow”
people to other websites.
Return on Investment (ROI): Ratio of incremental revenue divided by the cost of a specific ad
campaign.
Revenue per Visitor (RPV): Revenue made per visitor to a site.
Real-Time Bidding (RTB): Buying (and selling) of ad impressions on an online marketplace in real
time.
Social Engagement: The volume of comments, likes, shares, and other interactions with a brand
post.
Social Sentiment: Ranking social mentions from 1 (negative) to 10 (positive) in order to track a
company’s image online and the effectiveness of social marketing efforts.
Supply Side Platform (SSP): Software platform used to sell digital advertising in an automated
fashion.
Targeting: The ability of advertisers to reach specific groups of prospective customers based on
demographic, contextual and behavioral traits.
Trading Desk: Centralized management platforms used by ad agencies to purchase programmatic
media and buy targeted audiences. They are typically layered on top of a DSP or other audience
buying technologies.
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Woodside Capital Partners Overview
Global independent investment banking firm providing world-class strategic and financial advice to emerging growth companies in the Software, Hardware and Internet sectors
Founded in 2001
Over $8 billion in transaction value
M&A, strategic partnership and corporate finance advisory in:
o Software, Internet, and Technology Services
o Hardware: Semiconductors, Electronics, and Enabling Materials
o Digital Media and Advertising
o Special Situations
o Cross-border Transactions
Silicon Valley-based, with offices in London
WCP Research offers technology research serving buy-side institutional investors and technology industry executives
25 professionals: backgrounds as entrepreneurs/CEOs and with top investment banks
Other Recent Transactions
Disclaimer:
SALE OF COMPANY SALE OF COMPANYSALE OF COMPANYSALE OF COMPANY
Recent Ad Tech Transactions
SALE OF COMPANYSALE OF COMPANY
SALE OF COMPANY SALE OF COMPANY SALE OF COMPANY SALE OF MONTAVISTA
AUTOMOTIVE ASSETS
CAPITAL RAISE
SALE OF COMPANY SALE OF COMPANY CAPITAL RAISESALE OF COMPANY SALE OF ASSETS
SALE OF 80% INTEREST SALE OF COMPANY SALE OF COMPANYDIVESTITURE
Semiconductor Wireless Products
SALE OF COMPANY
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The Information and opinions in this report have been prepared by Woodside Capital Securities, LLC. This report
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information herein is based on sources we believe to be reliable but is not guaranteed by us and does not purport
to be a complete statement or summary of the available data. Any opinions expressed herein are statements of
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companies/industries based on company specific developments or announcements, market conditions or any
other publicly available information.
Important Disclosures:
Woodside Capital Securities, LLC is not a market maker in any securities mentioned in this report.
Woodside Capital Securities, LLC its officers and employees may from time to time acquire, hold, or sell a position
in the securities mentioned in this report.
Woodside Capital Securities, LLC compensates individuals for activities and services intended to benefit the firm's
investor clients. Compensation determinations for individuals, including the author(s) of this report, are based on
a variety of factors, and may include the overall profitability of the firm and the revenues derived from all
sources, including revenues from investment banking.
Woodside Capital Securities, LLC is a registered broker-dealer and member of FINRA (www.finra.org) and SIPC
(www.sipc.org).
Woodside Capital Securities, LLC is an affiliate of Woodside Capital Partners International, LLC and Woodside
Capital Partners UK, LLP.
One or more of the companies mentioned in this report may be clients of Woodside Capital Securities, LLC,
Woodside Capital Partners International, LLC or Woodside Capital Partners UK, LLP.
Third Party Disclosures:
Any analyst opinions, ratings, and public company reports included in this report are provided by third-parties
unaffiliated with Woodside Capital Securities, LLC, Woodside Capital Partners International, LLC and Woodside
Capital Partners UK, LLP. All information supplied or obtained from these reports is for informational purposes
only and should not be considered investment advice or guidance, an offer of or a solicitation of an offer to buy
or sell a security, or a recommendation or an endorsement by Woodside Capital Securities, LLC, Woodside
Capital Partners International, LLC and Woodside Capital Partners UK, LLP of any security. Woodside Capital
Securities, LLC, Woodside Capital Partners International, LLC and Woodside Capital Partners UK, LLP makes no
guarantees that information supplied is accurate, complete, updated or timely, and does not provide any
warranties regarding results obtained from its use.
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Woodside Capital Partners Contacts
Investment Banking Team
Rudy Burger Managing Partner [email protected] 650-513-2755
Greg Mischou Senior Partner and Managing Director [email protected] 650-513-2768
Kelly Porter Partner and Managing Director [email protected] 650-513-2756
Tricia Salinero Partner and Managing Director [email protected] 650-513-2758
Mike Powell Partner and Managing Director [email protected] +44 207-488-2772
Ron Heller Managing Director [email protected] 650-513-2762
Shusaku Sumida Managing Director [email protected] 650-513-2760
Amar Senan Managing Director [email protected] 650-656-3374
Kirk Bloede Managing Director [email protected] 650-513-2761
Per Selbekk Managing Director [email protected] +44 778-232-5319
Steve Wade Managing Director [email protected] 304-685-4870
Special Situations
Jon Thomas Managing Director [email protected] 650-513-2763
Research Team
Sam Skinner Chief Operating Officer [email protected] 650-513-2759
Ed Bierdeman Managing Director [email protected] 650-513-2780
Ryan Koontz Managing Director [email protected] 650-513-2778
Matthew Hoffman Managing Director [email protected] 203-550-0365