tech investment valuation - avolta partners

Valuation Brochure 2017 Confidential

Tech Investment Valuation

2018 Brochure

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Avolta Partners became a reference in startup valuation

70+ valuations in 3 years

Artificial Intelligence FinTech eCommerce

Hardware Jobbing Marketing / Adtech

Marketplace Retail …

50+ more!

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intelligence

Avolta Partners was rated the most active M&A boutique and fundraisingspecialist in Europe in the Tech Industry (Business Insider, Feb-17).

With 40+ deals closed in 3 years, we chose from the beginning to bepan-European and data-driven. So we built Avolta Intelligence, a uniqueplatform to automate processes and scale our ability to help fast-growingtech companies in Europe.

Our platform concatenates European deals in the Tech Industry withprivate information on valuation, revenues and structuration. It offers avaluable access to venture capital transaction multiples and M&A long-tail deals.

We source this private information from our network of data providers,business partners and investors, combining it with unique insights fromour team of analysts.

Avolta Intelligence is used by professional funds, specialised boutiquesand startups to gain knowledge on valuation, competitors investmentthesis and deal opportunities.

Our team produces high-quality data-driven documents, focusing oncorporate venture consulting and specifically startup valuation missions.Our investment recommendation for this contemplated mission would bebased on 4 approaches:

§ VC Transactions: benchmark of similar private placements and startupfundraisings with private valuations and revenues disclosed

§ M&A Transactions: benchmark of similar M&A deals with privatevaluations and revenues disclosed

§ Quality Assessment: assessment of synergies, key metrics and team

§ DCF Analysis: Avolta in-house business plan after meeting with thestartup management and Discounted Cash Flows Analysis


Delivered recommendation within 3 working weeks

A fast and well-proven process

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21D1 D2 D3 D4 D5 D6 D7 D8 D9 D10 D11 D12 D13 D14 D15 D16 D17 D18 D19 D20 D21

Mandate signature x

1. Preparationx

2. Data gathering

3. Valuation study

4. Delivery x

Management team audit

Kickoff with management team

Access to company data

KPIs Analysis

Ecosystem Analysis

VC Data crunch

M&A Data crunch

Qualitative valuation approach

xWorkshop with management team

VC Multiple analysis

M&A Multiple analysis

BP margin review

DCF implementation

BP growth review

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An analysis based on 4 distinct methods…

Delivering high-quality and unique data

Thanks to its highly-valued network in the Tech Industry, Avolta Partnershas prior access to deals insights

We concatenate every Tech European fundraising operation on a singlecomprehensive platform from Seed to Large Cap

We track every stakeholder of the deal and record all the dataconcerning the number of shares allocated and the actual amount in newmoney issued

We finally select the 20 most similar deals and calculate thecorresponding EqV/TTM revenue (Equity Value Pre Money / TrailingTwelve Months Revenue calculated pro temporis)

VC Transaction Multiples 5-7 pages1

We are continuously tracking M&A transactions in the Tech ecosystemfrom successful exits to long tail deals and categorising operationsaccording to specific tags

Enterprise Values (EV) from private information is then combined withrevenue information: both from our network and from our data suppliers(Bureau Van Dijk, Capital IQ, etc.)

TTM Revenue is derived from annual balance sheet or estimated fromprivate insights from Avolta Private Network

M&A Transaction Multiples 2-4 pages2

DCF Analysis 3-5 pages4

Our team has built 70+ business plans : along with our client, we reviewtheir modelling to stress its key hypothesis and give a fair idea of itscredibility

Along with our client, we conduct an in-depth analysis of the ecosystem:we analyze the market and project sales, estimating margins, thenevaluating operating costs and income statement items

We applicate our own discount rate to cash flows

We meet the management team in their office. We then gather all thedata regarding the internal organization and its processes.

We base our qualitative analysis on the objective documentation we havecollected and our assessment regarding leadership, potential synergiesand acqui-hiring value

Quality Assessment 2-5 pages3

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The obtained football field indicates a preliminary valuation range for enterprise value

1

2

3

4

VC Transaction Multiples

M&A Transaction Multiples

Quality Assessment

DCF Analysis

… resulting in a ± 15% valuation range

Valuation recommendation football field

xx

xx

xx

xx

xx

xx

xx

xx

10,0 15,0 20,0 25,0 30,0 35,0

3

4

6

71

2

3

4EV (€m)

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We can help you lead negociations and supervise the deal

Optional: full deal management

Managing communication

§ Coordinating advisors§ Press release pre-writing and/or review§ Newsletter to our 15.000 subscribers

Leading negotiations

§ Physical support to all meetings§ LOI pre-writing and negotiation§ Negotiations of the legal terms along with

lawyers

Supporting production

§ Support to the due diligences: accounting, valuation, business plan, etc.

§ Deal modelling: cap. tables & waterfalls

We can help you manage the deal process until closing

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Internet pioneer and public figure in the digital eco-system in France, Patrick has alsobeen a serial-entrepreneur for 30 years. He has founded more than 20 startups andbacked 20 others as business angel in the digital ecosystem.

Prior to Avolta Partners, Patrick founded 24h00, a leading agency specialised in digitalcommunication and social marketing, sold to Webedia in 2014. He is also Vice-President of France Digital and was one of the leaders of the “Pigeons” protest.

Self-taught man, he had many others lives as publisher of art books (Love Me Tender),press magnate (Photo-Revue, CD-Media, Internet-Reporter) and pioneer in the web inFrance (ImagiNet, ROL Régie-On-line, Le WebMarchand).

Engineer, data mining & statistical thinking..

Pascal joined Avolta Partners in 2013 at Analyst position and became Associate in2015. He worked on more than 40 A/B Series and M&A transactions in the Techindustry.

Prior to Avolta Partners, Pascal worked at SG as a financial auditor. He also co-founded a life science startup backed in Series A by Seventure in 2015.

Pascal graduated from EISTI in Computer Sciences and GEM Business School inCorporate Finance.

SaaS friendly & data-driven.

Joined in 2015 as an Analyst. Thomas has worked on more than 15 Series A/B andM&A transactions including Cityscoot, Izigloo, Julie Desk, Crédit.fr and C-Radar.

He was previously working at Btwinz Ventures, a VC fund specialised in B2B SaaSbusinesses. He also co-organised Startup Assembly in 2015.

Thomas graduated from a Master degree from Sciences Po (Paris) and studiedMathematics and Philosophy at UCL (London).

Marianne joined Avolta Partners in 2017. From now on, she has worked on variousdeals and developed an expertise, from M&A to fundraising operations.

She has previously worked as operation manager at Rocket Internet food deliverystartup Foodora, handling both strategic and logistics operational topics. She had alsoworked at EY in financial audit in Energy & Industry Department.

Marianne has studied economy and management at Dauphine University beforejoining ESCP Europe in Master. She has a specialization in Corporate Finance.

50+ years experience in Tech VC and M&AThe team dedicated to SOGEFI

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Patrick RobinCo-founder & Managing Partner

Pascal FarrugiaAssociate

Thomas ReygagneSenior Analyst / Head of Data

Marianne BeaufilsAnalyst


Fees Proposal

€25,000 HT

for stand-alone valuation

or

€45,000 HT

for valuation and deal management

Click here to contact us!


Disclaimer

The information contained in this document has been produced by Avolta Partners, based on market & legal data and third party information. While Avolta Partners has made every effort to ensure the reliability of the dataincluded in this document, Avolta Partners cannot guarantee the accuracy of the information collected and presented. Therefore, Avolta Partners cannot accept responsibility for any decision made or action taken based uponthis document or the information provided herein.

This presentation is for the exclusive use of the people to whom it is addressed and is intended for general information purposes only.

Appropriate legal advice must be sought before making any decision, taking any action or refraining from taking any action in reliance on the information contained in this presentation. Avolta Partners does not assume anyresponsibility for any person’s reliance upon the information contained herein.

© Copyright Avolta Partners 2018

tech investment valuation - avolta partners

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