weekly internet / digital media / saas sector summary45.7x 17.3x 16.8x 15.1x 11.9x 10.8x 10.7x 9.7x...

Weekly Internet / Digital Media / SaaS

Sector Summary

Week of May 23rd, 2016

90%

95%

100%

105%

110%

115%

120%

125%

130%

2/22/2016 3/6/2016 3/19/2016 4/1/2016 4/14/2016 4/27/2016 5/10/2016 5/23/2016

65%

75%

85%

95%

105%

115%

125%

135%

5/25/2015 7/16/2015 9/6/2015 10/28/2015 12/19/2015 2/9/2016 4/1/2016 5/23/2016

6.5%

(1.2%)

(5.2%)

8.4%

6.2%

Industry Stock Market Valuation

2

Internet / Digital Media / SaaS

Last 12 Months Last 3 Months

Diversified Marketing

(5)

Internet Content (3)

Search / Online Advertising (1)

Gaming (7)

Media Conglomerates (6)

Internet Commerce (2)

SaaS (8)

Publishers (4)

NASDAQ

(1.4%) (0.8%)

17.9%

(23.8%)

(9.7%)

5.1%

(17.1%)

13.2%

7.8%

4.3%

15.1%

27.5%

(1.2%)

Notes:

(1) Search/Online Advertising Composite includes: BCOR, BLNX, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, SZMK, TRMR, TUBE, YHOO, YNDX, YUME.

(2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, NILE, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TZOO.

(3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, EVDY, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TGNA, TST, TTGT, WBMD, WEB, XOXO, ZG.

(4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TPUB, TRI, UBM-GB.

(5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB.

(6) Media Conglomerates Composite includes: 6758-JP, CBS, CMCSA, DIS, DISCA, FOXA, LGF, SNI, TRCO, TWX, VIA.B.

(7) Gaming Composite includes: A035420-KR, A036570-KR, 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GAME, GLUU, NTES, UBI-FR, ZNGA.

(8) SaaS Composite includes: APIC, APPF, BCOV, BOX, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTO, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN.

45.7x

17.3x 16.8x15.1x

11.9x 10.8x 10.7x 9.7x7.6x

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

4.1x 4.0x

3.1x2.9x

2.6x 2.5x 2.5x

1.9x

1.4x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

Industry Stock Market Valuation

3

Internet / Digital Media / SaaS: Financial Metrics

EV / 2016E EBITDA EV / 2016E Revenue

Notes:

(1) Search/Online Advertising Composite includes: BCOR, BLNX, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, SZMK, TRMR, TUBE, YHOO, YNDX, YUME.

(2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, NILE, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TZOO.

(3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, EVDY, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TGNA, TST, TTGT, WBMD, WEB, XOXO, ZG.

(4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TPUB, TRI, UBM-GB.

(5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB.

(6) Media Conglomerates Composite includes: 6758-JP, CBS, CMCSA, DIS, DISCA, FOXA, LGF, SNI, TRCO, TWX, VIA.B.

(7) Gaming Composite includes: A035420-KR, A036570-KR, 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GAME, GLUU, NTES, UBI-FR, ZNGA.

(8) SaaS Composite includes: APIC, APPF, BCOV, BOX, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTO, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN.

$MM, Except Per Share Data

Stock LTM EPS

Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth

5/23/16 Low High Value Debt Value LTM CY 16E CY 17E LTM CY 16E CY 17E LTM CY 16E CY 17E Growth PEG 17E/16E Y/Y MRQ

Search / Online Advertising

Alphabet Inc. $717.25 $538.85 $810.35 $492,435 ($66,071) $426,364 5.5x 4.9x 4.3x 16.7x 12.2x 10.4x 29.2x 21.4x 18.1x 16.5% 1.1 14.2% 17.4%

Microsoft Corporation 50.03 39.72 56.85 393,259 (58,571) 334,688 3.9 3.6 3.5 11.5 9.8 9.1 38.6 18.7 16.5 9.5% 1.7 4.7% (5.5%)

Yahoo! Inc. 36.66 26.15 43.78 34,793 (4,727) 30,103 6.2 8.6 8.5 NM 39.8 35.2 NM 73.0 63.0 1.8% 34.5 1.3% (11.3%)

Yandex N.V. 19.16 9.94 20.77 6,222 (542) 5,679 5.9 5.2 4.5 20.3 15.2 11.4 48.2 29.6 23.5 21.9% 1.1 17.2% 33.5%

Criteo SA (1) 45.12 24.23 57.30 2,845 (377) 2,475 5.2 3.5 2.8 19.2 12.2 9.1 46.5 25.9 19.6 26.0% 0.8 25.0% 36.4%

The Rubicon Project, Inc. (1) 14.65 11.72 20.37 710 (158) 552 2.0 1.9 1.5 19.4 8.6 6.3 88.7 16.3 14.1 20.2% 0.7 21.1% 86.2%

TubeMogul, Inc. (1) 12.89 9.11 17.77 461 (74) 386 2.0 1.7 1.4 NM 53.1 20.5 NM NM 37.5 NM NM 20.5% 38.8%

Blucora, Inc. 8.64 4.69 16.66 357 429 802 4.0 1.7 1.6 22.5 8.6 7.5 NM 8.6 6.5 18.5% 0.4 6.9% 104.5%

QuinStreet, Inc. 3.33 2.65 6.82 151 (40) 111 0.4 0.3 0.3 NM 6.3 3.5 NM NM NM NA NA 13.3% 7.8%

Marchex, Inc. 3.42 3.08 5.21 144 (107) 37 0.3 0.3 0.3 NM 28.6 5.4 NM NM NM 15.0% NM 4.5% 0.2%

YuMe, Inc. 3.74 2.35 5.76 130 (62) 68 0.4 0.4 0.4 NM 7.5 6.5 NM NM NM NA NA 6.2% (2.3%)

Blinkx plc 0.30 0.21 0.56 123 (49) 74 0.4 0.3 0.3 NM 16.1 7.6 NM 7.7 17.0 NM NM 2.1% (30.9%)

Rocket Fuel Inc. 2.48 2.40 9.25 109 13 122 0.3 0.3 0.3 NM 11.3 10.3 NM NM NM 4.0% NM 3.1% 0.4%

Tremor Video, Inc. 1.82 1.29 3.28 96 (56) 39 0.2 0.2 0.2 NM 15.3 3.1 NM NM 43.9 NA NA 20.7% (9.2%)

Marin Software Incorporated 2.25 1.88 7.62 86 (34) 52 0.5 0.5 0.5 NM 35.1 10.2 NM NM NM NA NA 1.3% 2.9%

Sizmek Inc. 2.43 2.33 7.91 71 (40) 30 0.2 0.2 0.2 6.7 1.9 1.4 NM NM 40.5 NA NA 7.8% 10.2%

MaxPoint Interactive, Inc. 8.69 4.64 40.56 57 (8) 49 0.3 0.5 0.5 NM NM NM NM NM NM 20.0% NM 6.0% 2.6%

ReachLocal, Inc. 1.63 0.55 3.35 49 18 67 0.2 0.2 0.2 NM 4.4 2.9 NM NM NM NA NA 5.2% (20.9%)

Mean 2.1x 1.9x 1.7x 16.6x 16.8x 9.4x 50.2x 25.2x 27.3x 15.3% 5.7 10.1% 14.5%

Median 0.5 0.5 0.5 19.2 12.2 7.6 46.5 20.1 19.6 17.5% 1.1 6.5% 2.7%

Internet Content

Zillow Group, Inc. $28.29 $16.46 $35.47 $5,055 ($284) $4,771 6.8x 5.7x 4.7x NM 39.4x 23.0x NM NM 58.8x 42.3% 1.4 21.2% 46.1%

TEGNA Inc. 22.37 21.11 38.48 4,867 4,118 9,286 3.0 2.7 2.7 8.2 7.0 7.9 13.3 9.7 11.5 6.0% 1.9 1.7% 6.9%

IAC/InterActiveCorp 54.24 38.82 84.66 4,296 293 4,678 1.4 1.5 1.4 12.2 8.8 7.1 47.9 17.1 12.7 16.5% 0.8 6.7% 6.0%

GoDaddy Inc. 31.24 21.04 35.35 2,538 603 3,378 2.0 1.8 1.6 21.9 8.2 6.9 NM 19.5 15.5 23.0% 0.7 13.2% 15.3%

WebMD Health Corp. 65.52 37.57 66.01 2,423 98 2,522 3.9 3.6 3.3 16.4 11.0 9.7 41.7 34.9 30.0 12.5% 2.4 9.5% 10.6%

comScore, Inc. 28.83 26.21 65.00 1,634 (114) 1,520 4.1 2.9 2.4 40.9 12.2 9.3 NM 18.4 14.0 25.8% 0.5 19.1% 8.4%

Shutterfly, Inc. 45.54 35.22 49.10 1,569 210 1,779 1.6 1.5 1.4 14.7 8.3 7.2 NM 69.8 47.7 20.0% 2.4 8.8% 13.6%

Web.com Group, Inc. 16.64 15.71 26.04 789 710 1,500 2.7 2.0 1.8 13.8 8.7 7.0 9.8 6.4 5.4 9.8% 0.6 10.6% 9.2%

Bankrate, Inc. 8.61 6.59 15.80 778 89 868 2.3 2.2 2.0 9.0 8.8 7.4 59.6 17.4 13.8 17.7% 0.8 8.6% 4.8%

Renren Inc. 2.14 1.78 4.45 728 169 896 21.8 14.6 10.3 NM NM NM NM NM NM 20.0% NM 41.9% NA

XO Group Inc. 16.19 13.55 18.18 413 (92) 320 2.2 2.1 1.9 14.9 9.5 7.5 59.9 38.5 24.3 20.0% 1.2 11.4% 9.4%

DHI Group, Inc. 6.78 6.05 10.48 352 67 419 1.6 1.7 1.7 7.1 6.3 5.9 NM 16.7 13.1 NA NA 2.7% (8.6%)

eHealth, Inc. 14.15 8.14 16.81 258 (67) 191 0.9 1.0 0.9 7.3 12.2 8.9 16.7 22.6 19.1 10.0% 1.9 6.9% 20.5%

TechTarget, Inc. 7.86 5.98 10.94 254 (29) 225 2.0 1.9 1.7 12.8 7.7 6.2 38.9 16.9 12.3 24.5% 0.5 8.5% 5.8%

Care.com, Inc. 7.45 4.89 8.00 243 (52) 190 1.3 1.2 1.0 NM 17.9 11.3 NM 51.9 25.8 20.0% 1.3 13.5% 22.5%

Monster Worldwide, Inc. 2.57 2.43 8.23 229 53 281 0.4 0.4 0.4 3.0 3.3 3.0 50.5 9.6 7.8 100.0% 0.1 2.7% (8.7%)

Everyday Health, Inc. 6.24 3.71 14.24 207 83 290 1.2 1.1 1.0 12.8 6.5 4.7 NM 16.3 7.6 NA NA 12.9% 34.0%

RealNetworks Inc. 4.20 3.04 7.15 154 (87) 68 0.5 0.6 0.5 NM NM NM NM NM NM NA NA 18.8% (7.7%)

Demand Media, Inc. 5.40 3.94 6.85 110 (31) 79 0.7 0.7 0.6 NM NM NM NM NM NM NA NA 7.1% (18.8%)

TheStreet, Inc. (2) 1.13 0.82 2.05 40 25 65 1.0 1.0 0.9 84.8 25.8 17.6 NM NA NM NA NA 3.6% (4.9%)

Mean 3.1x 2.5x 2.1x 18.7x 11.9x 8.9x 37.6x 24.4x 20.0x 24.5% 1.2 11.5% 8.7%

Median 1.8 1.8 1.7 12.8 8.8 7.4 41.7 17.4 13.9 20.0% 1.0 9.1% 8.4%

Public Company Valuations

4

Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

Notes:

Source: Capital IQ and Wall Street Estimates. Multiples 100 considered NM.

(1) Revenue multiples reflective of Net Revenue.

(2) Includes convertible preferred stock with total liquidation preference of $55.0MM.


Stock LTM EPS



Internet Commerce

Amazon.com, Inc. $696.75 $419.14 $722.45 $328,746 $1,753 $330,499 2.9x 2.5x 2.0x 36.4x 21.6x 16.7x NM NM 72.2x 54.9% 1.3 20.6% 28.2%

Alibaba Group Holding Limited 79.00 57.20 93.92 195,130 (7,448) 188,422 12.2 13.0 10.1 38.0 25.4 20.4 38.3 32.4 26.0 24.5% 1.1 28.7% 38.8%

The Priceline Group Inc. 1,237.49 954.02 1,476.52 61,428 3,041 64,469 6.8 6.0 5.3 17.7 15.4 13.2 24.4 18.5 15.8 16.5% 1.0 14.9% 16.7%

Netflix, Inc. 94.89 79.95 133.27 40,641 300 40,941 5.7 4.7 3.7 NM 77.4 37.1 NM NM 82.5 50.1% 1.6 25.6% 24.4%

eBay Inc. 23.46 21.52 66.73 26,953 1,023 27,976 3.2 3.2 3.0 9.4 8.1 7.7 14.3 12.6 11.5 7.4% 1.6 4.3% 3.7%

Expedia Inc. 110.20 88.40 140.51 16,396 1,144 18,275 2.5 2.1 1.8 22.8 11.2 9.0 42.1 21.6 16.5 23.6% 0.7 14.6% 38.6%

QVC Group 25.81 22.51 31.62 12,415 6,175 18,682 1.9 1.7 1.7 10.6 9.1 8.4 21.6 15.5 12.7 20.0% 0.6 5.4% 22.1%

Copart, Inc. 43.35 32.26 43.82 4,855 517 5,372 4.6 4.3 4.1 13.4 12.3 11.4 24.5 21.1 19.2 12.8% 1.5 5.5% 8.5%

Cimpress N.V. 94.18 63.15 99.95 2,964 769 3,798 2.2 1.9 1.7 16.2 12.1 10.8 99.1 20.8 18.0 18.3% 1.0 11.1% 28.5%

GrubHub Inc. 23.49 17.77 41.20 1,990 (196) 1,794 4.7 3.8 3.2 20.1 13.9 10.9 53.4 29.8 23.6 27.0% 0.9 19.9% 27.2%

Stamps.com Inc. 81.69 65.36 123.75 1,425 52 1,478 5.9 4.6 4.0 18.3 11.4 9.8 NM 13.0 12.9 20.5% 0.6 13.6% 85.8%

Shutterstock, Inc. 40.11 25.44 65.79 1,404 (276) 1,128 2.5 2.2 1.9 18.8 11.4 9.4 64.7 28.4 24.0 17.0% 1.4 15.8% 19.6%

Etsy, Inc. 8.55 6.04 23.44 967 (257) 710 2.4 2.0 1.7 32.7 17.6 13.3 NM NM NM 10.0% NM 21.6% 39.8%

Quotient Technology Inc. 11.05 5.00 13.65 916 (126) 790 3.2 3.0 2.6 NM 32.2 19.2 NM NM 59.2 25.0% 2.4 13.9% 18.9%

Angie's List, Inc. 8.69 3.73 11.25 510 (1) 508 1.5 1.5 1.4 30.9 16.0 11.9 NM NM 37.3 8.0% 4.7 6.1% 0.4%

1-800-Flowers.com Inc. 7.55 6.11 10.95 494 59 553 0.5 0.5 0.4 6.5 6.1 5.1 13.8 15.7 12.5 19.0% 0.7 5.1% 0.8%

Overstock.com Inc. 16.56 10.03 24.00 420 (100) 318 0.2 NA NA 39.7 NA NA 31.4 NA NA NA NA NA 3.8%

Blue Nile Inc. 25.76 22.33 39.00 299 (29) 270 0.6 0.6 0.5 16.1 12.1 11.3 28.9 28.7 25.5 20.0% 1.3 3.3% (3.2%)

Travelzoo Inc. 7.96 6.63 13.19 112 (30) 83 0.6 0.6 0.6 8.6 12.0 9.2 30.6 27.7 26.3 5.0% 5.3 2.6% (11.1%)

CafePress Inc. 3.10 3.02 5.36 52 (38) 14 0.1 0.1 0.1 5.3 3.4 2.0 NM NM NM NA NA 4.5% (23.3%)

Mean 3.2x 3.1x 2.6x 20.1x 17.3x 12.5x 37.5x 22.0x 29.2x 21.1% 1.6 12.5% 18.4%

Median 2.5 2.2 1.9 18.0 12.1 10.9 30.6 21.1 23.6 19.5% 1.3 13.6% 19.2%

Media Conglomerates / Selected Entertainment

The Walt Disney Company $99.18 $86.25 $122.08 $160,914 $16,107 $180,907 3.3x 3.2x 3.0x 10.8x 10.4x 9.9x 18.3x 17.0x 15.7x 10.9% 1.4 5.2% 4.1%

Comcast Corporation 61.81 50.01 64.99 150,025 50,006 203,137 2.7 2.6 2.5 8.0 7.7 7.3 18.7 17.4 15.8 11.4% 1.4 3.7% 5.2%

Time Warner Inc. 72.07 55.53 91.34 56,675 22,133 78,838 2.8 2.7 2.5 9.8 9.6 8.9 14.6 13.4 11.9 12.7% 0.9 6.0% 2.5%

Twenty-First Century Fox, Inc. 28.19 22.66 34.70 53,399 14,752 69,741 2.6 2.5 2.3 11.0 9.8 9.2 19.2 14.8 12.4 14.6% 0.9 4.9% 5.7%

Sony Corporation 26.53 20.09 36.07 33,464 (1,901) 37,671 0.5 0.5 0.5 6.2 5.7 4.8 24.7 34.2 18.2 10.0% 1.8 3.1% (5.9%)

CBS Corporation 52.44 38.51 62.97 23,757 7,838 31,595 2.2 2.2 2.1 9.8 9.2 9.0 16.9 12.9 11.9 17.3% 0.7 1.3% 10.0%

Viacom, Inc. 39.95 30.11 69.17 15,822 12,049 28,150 2.2 2.1 2.1 7.4 7.4 6.9 7.2 7.9 7.3 4.9% 1.5 2.1% (2.5%)

Discovery Communications, Inc. 26.24 23.74 34.94 14,908 7,504 22,660 3.5 3.4 3.2 9.3 9.2 8.7 16.1 12.9 11.5 11.7% 1.0 5.4% 1.6%

Scripps Networks Interactive, Inc. 61.79 47.62 68.75 7,968 3,483 11,722 3.7 3.5 3.3 8.1 8.4 8.1 10.4 11.9 11.3 11.5% 1.0 4.5% 24.1%

Tribune Media Company 40.24 26.10 56.60 3,702 3,100 6,808 3.3 3.0 3.0 18.5 10.6 12.1 19.2 19.0 22.5 3.0% 7.5 (0.4%) 10.1%

Lions Gate Entertainment Corp. 19.59 16.21 41.41 2,938 1,506 4,534 2.1 1.8 1.7 67.8 18.7 12.0 50.0 26.2 15.1 36.2% 0.4 5.2% (10.8%)

Mean 2.6x 2.5x 2.4x 15.2x 9.7x 8.8x 19.6x 17.1x 14.0x 13.1% 1.7 3.7% 4.0%

Median 2.7 2.6 2.5 9.8 9.2 8.9 18.3 14.8 12.4 11.5% 1.0 4.5% 4.1%

Publishers

Thomson Reuters Corporation $41.19 $35.96 $42.55 $30,988 $8,233 $39,711 3.3x 3.5x 3.4x 15.9x 12.4x 11.7x 26.8x 20.0x 17.7x 8.4% 2.1 2.9% (1.0%)

Pearson plc 11.75 9.33 19.70 9,538 1,106 10,650 1.6 1.7 1.7 10.5 9.7 9.0 NM 15.1 13.2 NM NM 0.6% NA

News Corporation 11.70 10.21 15.92 6,788 (1,603) 5,384 0.6 0.7 0.7 8.7 6.0 5.8 NM 25.4 22.9 7.7% 3.0 (1.8%) (7.3%)

UBM plc 8.42 6.68 8.86 3,728 723 4,495 4.0 3.9 3.6 15.7 13.6 12.5 32.0 16.3 14.1 5.9% 2.4 7.1% NA

Lagardere SCA 24.12 23.11 32.36 3,091 1,738 4,985 0.6 0.6 0.6 8.0 7.0 6.8 37.8 11.9 10.8 7.2% 1.5 1.0% 0.7%

Graham Holdings Company 492.01 425.14 1,119.54 2,764 (515) 2,276 0.9 0.9 0.9 6.7 7.9 7.8 NM 20.0 19.9 NA NA (1.0%) (7.1%)

The New York Times Company 11.80 11.48 14.53 1,899 (190) 1,706 1.1 1.1 1.1 7.1 6.9 6.7 27.9 20.3 18.5 4.0% 4.6 0.1% (1.2%)

Gannett Co., Inc. 15.74 10.75 17.91 1,834 (191) 1,643 0.6 0.5 0.5 4.2 4.0 3.9 12.9 10.4 9.8 NM NM 0.0% (8.1%)

Time Inc. 14.43 12.23 24.26 1,469 858 2,327 0.8 0.7 0.7 6.1 5.1 4.8 NM 10.2 8.4 8.5% 1.0 (0.1%) (1.0%)

The E. W. Scripps Company 15.43 14.52 25.02 1,296 302 1,599 2.0 1.6 1.7 28.8 6.4 11.9 NM 12.9 45.8 3.0% 15.3 (7.5%) 70.3%

Tribune Publishing Company 12.09 5.45 16.75 383 290 672 0.4 0.4 0.4 5.5 4.8 5.2 NM 12.9 14.6 NA NA (1.8%) (0.0%)

Mean 1.4x 1.4x 1.4x 10.7x 7.6x 7.8x 27.5x 15.9x 17.8x 6.4% 4.3 (0.1%) 5.0%

Median 0.9 0.9 NM 8.0 6.9 6.8 27.9 15.1 14.6 7.2% 2.4 0.0% (1.0%)


5


Notes:



Stock LTM EPS



Diversif ied Marketing

WPP plc $22.91 $18.43 $24.46 $29,215 $4,647 $34,411 1.9x 1.8x 1.7x 11.1x 10.8x 10.2x 17.9x 15.0x 13.8x 8.3% 1.7 4.7% 5.5%

Nielsen Holdings plc 52.22 42.76 54.59 18,841 7,242 26,279 4.2 4.1 3.9 17.2 13.3 12.4 31.7 18.1 16.4 10.9% 1.5 5.3% 2.0%

Experian plc 18.41 14.72 18.73 17,270 2,918 20,202 4.4 4.5 4.1 13.1 12.5 11.8 23.2 20.7 18.2 11.0% 1.7 9.4% NA

Equifax Inc. 122.39 90.94 124.75 14,566 2,972 17,584 6.4 5.6 5.2 19.1 16.1 14.4 33.3 23.5 21.0 12.0% 1.8 9.4% 11.7%

Alliance Data Systems Corporation 205.28 176.63 307.78 12,099 16,961 29,252 4.5 4.1 3.7 19.2 14.3 12.9 23.1 12.2 10.9 14.1% 0.8 11.6% 4.7%

The Interpublic Group of Companies, Inc. 23.38 18.16 24.27 9,408 1,063 10,750 1.4 1.4 1.3 10.3 9.5 9.0 21.2 17.7 15.6 13.2% 1.2 4.7% 3.9%

Havas SA 8.25 7.25 9.24 3,442 (99) 3,360 1.4 1.3 1.2 8.6 7.8 7.4 18.0 15.4 14.4 9.3% 1.5 3.7% 15.6%

Acxiom Corporation 19.74 15.78 23.57 1,534 1 1,535 1.8 1.7 1.6 13.7 10.8 9.7 NM 34.7 29.5 12.5% 2.4 6.4% (12.7%)

MDC Partners Inc. 16.27 15.94 23.90 840 875 1,867 1.4 1.3 1.2 11.1 8.1 7.3 NM 29.4 12.4 27.7% 0.4 7.6% 2.3%

Harte-Hanks Inc. 1.13 1.15 6.57 69 67 137 0.3 0.3 0.3 5.0 3.8 3.1 NM 8.1 7.1 NM NM 0.2% (8.6%)

Mean 2.8x 2.6x 2.4x 12.8x 10.7x 9.8x 24.1x 19.5x 15.9x 13.2% 1.4 6.3% 2.7%

Median 1.9 1.8 1.7 12.1 10.8 10.0 23.1 17.9 15.0 12.0% 1.5 5.9% 3.9%

Gaming

Tencent Holdings Limited $20.48 $15.96 $21.52 $189,293 ($2,807) $186,828 10.9x 8.7x 7.0x 25.8x 20.3x 16.6x 40.8x 29.8x 23.4x 27.6% 0.8 24.4% 42.8%

Activision Blizzard, Inc. 37.73 24.04 39.93 27,853 2,969 30,822 6.4 4.9 4.4 19.3 14.1 12.1 33.9 20.5 17.7 17.5% 1.0 10.0% 13.8%

Electronic Arts Inc. 73.24 53.01 77.15 22,654 (2,682) 19,972 4.5 4.2 3.9 18.2 13.1 11.4 20.9 22.0 19.7 12.7% 1.6 7.0% 10.4%

NetEase, Inc. 164.20 102.80 186.45 21,589 (3,778) 17,830 4.3 3.4 2.8 12.9 10.3 9.1 17.9 14.4 13.4 21.1% 0.6 20.0% 116.3%

Naver Corporation 581.86 386.22 602.10 16,954 (1,374) 15,723 5.4 4.7 4.1 19.2 15.0 12.1 35.8 29.1 23.1 23.4% 1.0 13.5% 26.6%

Gamesa Corporación Tecnológica S.A. 19.71 12.22 20.47 5,442 (272) 5,170 1.2 1.1 1.0 11.2 8.0 7.5 25.9 18.5 17.4 24.7% 0.7 5.3% 29.8%

NCsoft Corporation 192.27 149.68 233.59 4,084 (616) 3,472 4.6 4.1 3.5 13.5 11.4 8.9 NA 18.3 13.9 27.3% 0.5 18.2% 28.0%

Ubisoft Entertainment SA 34.82 16.62 35.08 3,836 50 3,885 2.5 2.0 1.9 5.6 5.1 4.2 37.9 27.8 19.5 25.2% 0.8 0.5% 21.1%

DeNA Co., Ltd. 20.08 14.00 24.71 2,912 (547) 2,430 1.9 1.7 1.7 9.1 6.2 5.5 28.0 19.1 13.0 10.0% 1.3 4.4% (3.2%)

GungHo Online Entertainment, Inc. 2.39 2.16 4.65 2,297 (783) 1,528 1.2 1.3 1.6 2.6 2.9 3.6 7.0 7.8 9.1 NA NA (17.0%) (29.0%)

Zynga, Inc. 2.57 1.78 3.08 2,245 (857) 1,388 1.8 1.8 1.6 NM 27.8 15.0 NM NM 41.0 21.0% 2.0 9.7% 1.9%

Gree, Inc. 5.78 4.18 7.15 1,353 (707) 646 0.9 1.1 1.1 3.6 4.6 4.5 NM 16.6 20.1 NA NA 0.5% (23.6%)

Changyou.com Limited 17.73 15.21 34.61 901 (653) 278 0.4 0.5 0.5 1.3 1.9 2.0 4.8 7.5 7.0 4.0% 1.8 11.1% (37.8%)

Glu Mobile, Inc. 2.44 1.98 6.77 323 (159) 164 0.7 0.7 0.7 NM NM NM NM NM NM 15.0% NM 12.3% (21.5%)

Mean 3.3x 2.9x 2.6x 11.9x 10.8x 8.7x 25.3x 19.3x 18.3x 19.1% 1.1 8.6% 12.6%

Median 2.2 1.9 1.8 12.1 10.3 8.9 26.9 18.8 17.7 21.0% 1.0 9.9% 12.1%

Social Media & New Platform

Facebook, Inc. $115.97 $72.00 $121.08 $331,710 ($20,621) $311,089 15.7x 11.9x 9.0x 33.0x 19.4x 14.9x 70.9x 32.4x 25.4x 32.5% 0.8 32.7% 51.9%

LinkedIn Corporation 125.15 98.25 258.39 16,714 (2,021) 14,720 4.6 4.0 3.3 55.3 14.6 11.8 NM 36.1 29.2 29.0% 1.0 19.6% 35.0%

Twitter, Inc. 14.41 39.40 38.82 10,038 719 10,757 4.5 3.9 3.2 NM 14.7 11.7 NM 28.0 21.3 32.5% 0.7 21.1% 36.4%

Pandora Media, Inc. 10.83 7.10 22.60 2,478 (110) 2,367 1.9 1.7 1.4 NM NM 53.7 NM NM NM 42.3% NM 18.3% 28.8%

Groupon, Inc. 3.41 2.15 6.55 1,971 (636) 1,336 0.4 0.4 0.4 43.5 11.1 7.0 NM NM 63.1 21.5% 2.9 4.1% (2.5%)

Yelp Inc. 24.90 14.53 48.90 1,904 (375) 1,529 2.6 2.2 1.8 NM 15.5 10.8 NM 38.0 27.0 32.7% 0.8 24.9% 33.8%

Mean 5.0x 4.0x 3.2x 43.9x 15.1x 18.3x NM 33.6x 33.2x 31.8% 1.2 20.1% 30.6%

Median 3.6 3.1 2.5 43.5 14.7 11.7 NM 34.3 27.0 32.5% 0.8 20.4% 34.4%


6


Notes:



Stock LTM EPS



SaaS

salesforce.com, inc. $81.73 $52.60 $82.90 $55,372 $34 $55,406 7.8x 6.8x 5.6x NM 33.9x 28.5x NM 80.1x 61.5x 27.4% 2.2 19.7% 26.8%

Workday, Inc. 75.19 47.32 93.62 14,732 (1,462) 13,270 11.4 8.6 6.5 NM 98.5 57.8 NM NM NM 41.9% NM 31.0% 42.9%

ServiceNow, Inc. 70.23 46.00 91.28 11,437 (418) 11,019 10.0 8.0 6.2 NM 44.3 28.6 NM NM 69.4 48.2% 1.4 30.2% 44.3%

NetSuite Inc. 77.49 51.75 102.46 6,233 (100) 6,134 7.7 6.3 5.0 NM 71.5 54.9 NM NM NM 22.3% NM 27.0% 31.4%

The Ultimate Software Group, Inc. 195.14 148.26 216.27 5,635 (86) 5,549 8.4 7.1 5.8 86.2 28.6 23.1 NM 59.1 47.9 26.0% 1.8 21.9% 29.2%

Zendesk, Inc. 24.30 11.06 28.20 2,229 (256) 1,974 8.4 6.5 4.9 NM NM NM NM NM NM 22.5% NM 32.9% 62.1%

Shopify Inc. 26.82 18.48 42.13 2,176 (189) 1,986 8.3 5.7 4.1 NM NM NM NM NM NM 25.0% NM 38.7% 94.7%

Cornerstone OnDemand, Inc. 37.03 22.25 40.70 2,040 (42) 1,998 5.5 4.6 3.7 NM 54.3 33.0 NM NM NM 20.0% NM 23.8% 34.3%

RealPage, Inc. 21.19 16.06 23.98 1,696 67 1,763 3.6 3.1 2.7 29.2 15.0 12.4 NM 29.3 24.0 20.0% 1.2 14.9% 16.2%

Demandware, Inc. 43.21 26.47 75.90 1,580 (196) 1,385 5.4 4.6 3.6 NM 51.5 36.9 NM NM NM 34.2% NM 26.0% 33.4%

HubSpot, Inc. 43.87 27.00 60.11 1,533 (107) 1,426 7.0 5.5 4.2 NM NM NM NM NM NM 39.7% NM 29.6% 54.5%

Cvent, Inc. 35.74 17.85 37.25 1,508 (177) 1,331 6.7 5.8 4.8 NM 45.8 34.1 NM NM NM 30.0% NM 20.9% 27.3%

Box, Inc. 11.84 8.82 20.60 1,500 (141) 1,359 4.5 3.5 2.7 NM NM NM NM NM NM 68.4% NM 28.7% 35.7%

RingCentral, Inc. 18.52 13.88 25.67 1,338 (103) 1,235 3.9 3.4 2.8 NM 63.7 35.8 NM NM 98.1 23.3% 4.2 22.0% 32.5%

Marketo, Inc. 28.17 12.86 33.99 1,254 (93) 1,166 5.2 4.3 3.4 NM NM NM NM NM NM 20.0% NM 25.1% 35.3%

MINDBODY, Inc. 13.53 9.14 18.39 537 (76) 461 4.2 3.4 2.6 NM NM NM NM NM NM NA NA 28.7% 43.8%

AppFolio, Inc. 13.51 11.07 19.94 454 (21) 433 5.3 4.2 3.2 NM NM NM NM NM NM 30.0% NM 30.6% 46.5%

LivePerson Inc. 6.40 3.74 10.66 368 (45) 323 1.4 1.4 1.3 19.7 14.5 11.5 NM 84.6 33.1 20.0% 1.7 8.2% (7.2%)

Apigee Corporation 10.96 5.14 15.57 327 (71) 255 3.2 2.4 1.9 NM NM NM NM NM NM NA NA 29.8% 34.6%

ChannelAdvisor Corporation 11.81 8.71 14.73 301 (60) 241 2.3 2.1 1.9 NM 87.8 43.2 NM NM NM 25.0% NM 14.7% 16.6%

Jive Software, Inc. 3.79 2.84 5.99 290 (110) 181 0.9 0.9 1.0 NM 13.7 11.9 NM NM 55.5 NA NA (5.1%) 7.5%

Bazaarvoice, Inc. 3.55 2.82 6.56 291 (52) 239 1.2 1.2 1.1 NM 53.6 18.0 NM NM NM NA NA 6.5% 1.4%

Xactly Corporation 9.15 4.68 10.67 273 (32) 241 3.2 2.5 2.1 NM NM NM NM NM NM 25.0% NM 23.8% 30.3%

Brightcove Inc. 6.21 4.70 7.49 203 (28) 175 1.3 1.2 1.1 83.8 19.9 15.0 NM 97.0 53.5 15.0% 3.6 9.9% 10.4%

Marin Software Incorporated 2.25 1.88 7.62 86 (34) 52 0.5 0.5 0.5 NM 35.1 10.2 NM NM NM NA NA 1.3% 2.9%

Mean 5.1x 4.1x 3.3x 54.7x 45.7x 28.4x NM 70.0x 55.4x 29.2% 2.3 21.6% 31.5%

Median 5.2 4.2 3.2 56.5 45.0 28.5 NM 80.1 54.5 25.0% 1.8 23.8% 32.5%


7


Notes:


($MM)

Announced

DateAcquirer Target Aggregate Value

AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

5/18/2016 $915 3.9x NM 3.4x 42.4x

5/13/2016 $117 0.8x 17.0x NA NA

5/5/2016 $250 NA NA NA NA

5/5/2016 $71 0.5x 4.7x 0.6x 4.7x

5/3/2016 $115 NA NA NA NA

5/2/2016 $61 NA NA NA NA

5/2/2016 $566 3.8x NM 3.6x NM

4/29/2016 $789 1.6x 6.8x 1.5x 5.2x

4/28/2016 $631 6.8x NM 5.8x NM

4/28/2016 $4,069 4.4x 39.5x 4.4x 37.2x

4/22/2016 $90 0.5x NA NA NA

4/19/2016 $360 NA NA NA NA

4/18/2016 $1,473 7.8x NM 6.1x NM(1)(2)

Marketing Applications Business

(2)

(1)

(1)

(1)

(1)

(1)

(2)

(1)

(2)

(2)

Recent Acquisitions

8

Internet / Digital Media / SaaS: Trailing 6 Months

Notes:

Multiples 50x considered NM.

Disclosed transactions with Aggregate Value

($MM)

Announced


AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

4/5/2016 $168 NA NA NA NA

4/4/2016 $275 NA NA NA NA

3/25/2016 $100 NA NA NA NA

3/22/2016 $540 NA NA NA NA

3/21/2016 $56 NA NA NA NA

3/21/2016 $200 NA NA NA NA

3/17/2016 $72 2.7x NM NA NA

3/7/2016 $207 1.7x NA NA NA

3/3/2016 $100 NA NA NA NA

3/1/2016 $260 NA NA NA NA

2/25/2016 $250 NA NA NA NA

2/24/2016 $400 10.7x NA NA NA

2/23/2016 $68 1.2x 11.3x NA NA

(1)

(2)

(1)

(1)

Notes:



($MM)

Announced


AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

2/18/2016 $500 NA NA NA NA

2/14/2016 $389 4.1x 22.1x 3.1x 15.7x

2/12/2016 $85 NA NA NA NA

2/12/2016 $108 NA NA NA NA

2/4/2016 $100 NA NA NA NA

2/4/2016 $342 1.6x NA NA NA

2/3/2016 $1,400 11.7x NA NA NA

2/3/2016 $96 NA NA NA NA

2/1/2016 $379 6.6x NM 4.2x NA

1/20/2016 $130 NA NA NA NA

1/20/2016 $200 5.0x NA NA NA

1/11/2016 $155 4.8x NA NA NA

1/11/2016 $135 NA NA NA NA

(6)

(5)

(4)

(3)

(3)

(1) (2)

Notes:



($MM)

Announced


AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

1/11/2016 $62 NA NA NA NA

12/23/2015 $100 5.0x NA NA NA

12/23/2015 $300 NA NA NA NA

(1)

Notes:



IPO Pipeline

12

Internet / Digital Media / SaaS: IPOs in Public Registration

Notes:

Source: Dealogic, Capital and SEC.gov.

Offering Amounts $10MM or Greater

Primary Initial Initial Offering LTM

Issuer Industry Filing Date Amount ($MM) Description Revenue EBIT % EBITDA

Internet Software and Services 12/22/15 $200

Nutanix, Inc., together with its subsidiaries,

provides enterprise cloud platform solutions that

converge traditional silos of server, virtualization,

and storage into one integrated solution.

$283 (45.7%) ($111)

0

200

400

600

800

1,000

$0

$2

$4

$6

$8

$10

$12

Q1 2001 Q1 2002 Q1 2003 Q1 2004 Q1 2005 Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016

Nu

mb

er

of

Inve

stm

en

ts

$B

n

Quarter - Year

Number of Deals Investment Amount

Notes:

(1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, Electronics

/ Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications.

Venture Capital Industry

13

TMT: Transactions Since 2001

(1)

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

0

20

40

60

80

100

120

Jan

-07

Ma

r-07

Ma

y-07

Jul-0

7

Se

p-0

7

No

v-0

7

Jan

-08

Ma

r-08

Ma

y-08

Jul-0

8

Se

p-0

8

No

v-0

8

Jan

-09

Ma

r-09

Ma

y-09

Jul-0

9

Se

p-0

9

No

v-0

9

Jan

-10

Ma

r-10

Ma

y-10

Jul-1

0

Se

p-1

0

No

v-1

0

Jan

-11

Ma

r-11

Ma

y-11

Jul-1

1

Se

p-1

1

No

v-1

1

Jan

-12

Ma

r-12

Ma

y-12

Jul-1

2

Se

p-1

2

No

v-1

2

Jan

-13

Ma

r-13

Ma

y-13

Jul-1

3

Se

p-1

3

No

v-1

3

Jan

-14

Ma

r-14

Ma

y-14

Jul-1

4

Se

p-1

4

No

v-1

4

Jan

-15

Ma

r-15

Ma

y-15

Jul-1

5

Se

p-1

5

No

v-1

5

Jan

-16

Ma

r-16

$M

M

Nu

mb

er

of

Fin

an

cin

gs

Notes:

Source: DowJones VentureWire.

Only financings > $10MM included.

(1) Chart excludes Groupon’s $377MM raise on 12/29/10.

(2) Chart excludes Facebook’s $1.5Bn raise on 1/21/11.

(3) Chart excludes Supercell’s $1.6Bn raise on 10/15/13.

(4) Chart excludes Lyft’s $332MM raise on 4/2/14.

(5) Chart excludes Good Technology’s $583MM raise on 4/10/2014.

(6) Chart excludes Uber’s $1.5Bn raise on 6/6/2014.

(7) Chart excludes Koudai Shopping’s $567MM raise on 10/23/2014, Magic Leap’s $550MM raise on 10/14/2014, and CarTradeExchange.com’s $1.9Bn raise on 10/13/2014.

Private Financing Activity

14

Internet / Digital Media / Software: Monthly Since January 2007

0

5

10

15

20

25

30

0

250

500

750

1,000

1,250

Se

p-1

1

Au

g-1

1

Ju

l-11

Ju

n-1

1

Ma

y-1

1

Ap

r-11

Ma

r-11

Fe

b-1

1

Ja

n-1

1

De

c-1

0

No

v-1

0

Oct-1

0

Se

p-1

0

Au

g-1

0

Ju

l-10

Ju

n-1

0

Ma

y-1

0

Ap

r-10

Ma

r-10

Fe

b-1

0

Ja

n-1

0

De

c-0

9

No

v-0

9

Oct-0

9

Se

p-0

9

Au

g-0

9

Ju

l-09

Ju

n-0

9

Ma

y-0

9

Ap

r-09

Ma

r-09

Fe

b-0

9

Ja

n-0

9

De

c-0

8

No

v-0

8

Oct-0

8

Se

p-0

8

Au

g-0

8

Ju

l-08

Ju

n-0

8

Ma

y-0

8

Ap

r-08

Ma

r-08

Fe

b-0

8

Ja

n-0

8

De

c-0

7

No

v-0

7

Oct-0

7

Se

p-0

7

Au

g-0

7

Ju

l-07

Ju

n-0

7

Ma

y-0

7

Ap

r-07

Ma

r-07

Fe

b-0

7

Ja

n-0

7

Nu

mb

er

of

Fin

an

cin

gs

$M

M

Amount Raised ($MM) Number of Financings

(2)

(3)

(1)

(4) (5)

(6)

(7)

Ap

r-16

($MM)

Name

Announced

Date Series Amount Lead Investor Other Investors Brief Business Description

Total

Raised

Sun Basket

San Francisco, CA

www.sunbasket.com

19-May-2016 Series A $12 PivotNorth Capital, Robertson

Stephens, Vulcan Capital

Baseline Ventures, Cooley, Correlation Ventures, Filter14,

PivotNorth Capital, Relevance Capital, Rembrandt Venture

Partners, Robertson Stephens, Roth Capital Partners, Stanford

Management Company, The Lucas Venture Group, Tyler Florence

Operator of an e-commerce platform which provides healthy cooking service. $13

ThoughtSpot

Palo Alto, CA

www.thoughtspot.com

19-May-2016 Series C $50 General Catalyst Partners, Geodesic

Capital

General Catalyst Partners, Geodesic Capital, Khosla Ventures,

Lightspeed Venture PartnersProvider of a platform to access and analyze enterprise data. $91

DriveScale

Sunnyvale, CA

www.drivescale.com

19-May-2016 Series A $15 Pelion Venture PartnersAmeet Patel, Ingrasys, Nautilus Venture Partners, Pelion Venture

Partners

Provider of services to bring hyperscale computing capabilities to mainstream

enterprises.$16

Keep

Beijing, China

www.gotokeep.com

19-May-2016 Series C $32 GGV Capital, Morningside Group Bertelsmann Asia Investments, GGV Capital, Morningside Group Operator of a mobile fitness community. $47

Mocho Trading

Chicago, IL

www.mochotrading.com

19-May-2016 Series A $14 Not disclosed Not disclosed Operator of a arbitrage trading firm. $14

Shift Technology

Paris, France

www.shift-technology.com

19-May-2016 Series A $10 Accel Partners Accel Partners, Elaia Partners, Iris Capital Management Developer of a data security platform for insurers. $12

Showpad

San Francisco, CA

www.showpad.com

19-May-2016 Series C $50 Insight Venture Partners Dawn Capital, Hummingbird Ventures, Insight Venture Partners Provider of a content engagement and analysis platform for the sales sector. $61

Tally

San Francisco, CA

www.meettally.com

19-May-2016 Series A $15 Shasta VenturesAccelerate-IT Ventures Management, Cowboy Ventures, David

Michaels, Shasta Ventures, Silicon Valley BankProvider of a multiple card management application. $17

Tink

Stockholm, Sweden

www.tink .se

19-May-2016 Series B $10 Creades, Skandinaviska Enskilda

Banken

ABN AMRO Bank, Creades, Skandinaviska Enskilda Banken,

Sunstone CapitalDeveloper of a personal finance management application. $15

Afero

Los Altos, CA

www.afero.io

18-May-2016 Series A $20 Samsung Strategy and Innovation

Center

Assembly Partners, Fenox Venture Capital, Presidio Ventures,

Robert Dobkin, Samsung Strategy and Innovation Center, Sanshin

Electronics, Softbank

Developer of an IoT platform for cloud-connected devices. $22

Bloomfire

Austin, TX

www.bloomfire.com

18-May-2016 Series B $13 Austin Ventures Austin Ventures Developer of a cloud-collaboration software. $33

RedPoint Global

Wellesley Hills, MA

www.redpoint.net

18-May-2016 Series C $12 Grotech Ventures, WP Global Partners Grotech Ventures, WP Global Partners Provider of data management and messaging platform. $24

BigPanda

Palo Alto, CA

www.bigpanda.io

17-May-2016 Series B $21 Battery VenturesBattery Ventures, Mayfield, Pelion Venture Partners, Sequoia

CapitalProvider of a data science management platform for automating IT events. $30

Avanan

New York , NY

www.avanan.com

17-May-2016 Series B $15 TPG Growth Magma Venture Partners, StageOne Ventures, TPG Growth Provider of a cloud-based security platform. $16

Recent Private Financings

15

Internet / Digital Media / Software

Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Embroker

San Francisco, CA

www.embroker.com

17-May-2016 Series A $12 Canaan Partners500 Startups, Bee Partners, Canaan Partners, FinTech Collective,

Nyca Partners, Vertical Venture Partners, XL InnovateProvider of a cloud-based platform in the field of insurance. $14

Q4

Toronto, Canada

www.q4inc.com

17-May-2016 Series B $22

HarbourVest Partners, Information

Venture Partners, OpenText Enterprise

Apps Fund

Accomplice VC, Emerillon Capital, HarbourVest Partners,

Information Venture Partners, Kensington Capital Partners,

OpenText Enterprise Apps Fund, Plaza Ventures

Provider of a Software as a Service (SaaS) platform that provides communication

and intelligence services for public companies.$29

Rescale

San Francisco, CA

www.rescale.com

17-May-2016 Series A $12 Not disclosed Not disclosed Developer of simulation workflow software. $21

Kollective Technology

Bend, OR

www.kontik i.com

16-May-2016 Series C $12 Not disclosed Not disclosed Developer of end-to-end enterprise video platform. NA

StayZilla

Chennai, India

www.stayz il la.com

16-May-2016 Series C $14 Not disclosed Matrix Partners India, Nexus Venture Partners Provider of online hotel booking services. $40

AtScale

San Mateo, CA

www.atscale.com

16-May-2016 Series B $11 Comcast VenturesAME Cloud Ventures, Comcast Ventures, Storm Ventures, UMC

Capital, XSeed CapitalProvider of a self-service business intelligence platform. $20

C ircleCI

San Francisco, CA

www.circleci.com

16-May-2016 Series B $18 Scale Venture PartnersBaseline Ventures, Draper Fisher Jurvetson, Harrison Metal Capital,

Scale Venture PartnersProvider of a continuous integration platform for Web application developers. $25

C loudHealth Technologies

Boston, MA

www.cloudhealthtech.com

16-May-2016 Series C $20 Sapphire Ventures.406 Ventures, Sapphire Ventures, Scale Venture Partners, Sigma

Prime VenturesProvider of cloud-management software for businesses. $40

Didi Chux ing

Beijing, China

www.x iaojukeji.com/en/index .html

13-May-2016 Private Equity $2,000 Apple Apple Provider of a mobile taxi-booking application. $2,000

Capital F loat

Bangalore, India

www.capitalf loat.com

12-May-2016 Series B $25 Creation Investments Capital

Management

Aspada Investments, Creation Investments Capital Management,

SAIF Partners, Sequoia CapitalProvider of an online financing platform. $42

ChatGame

Nanjing, China

www.chatgame.me

12-May-2016 Venture Round $14 Not disclosed Li Shaowen, Lin Zhen, Sandra Wen, Su Liang Provider of a social communication application. $14

Tandem (UK)

London, United Kingdom

www.tandem.co.uk

12-May-2016 Series B $25 Omidyar Network e.ventures, Nigel Morris, Omidyar Network, Route 66 Ventures Provider of digital retail banking services in the U. $41

Wickr

Chicago, IL

www.wickr.com

12-May-2016 Venture Round $30 Not disclosed Not disclosed Provider of data security technologies. $68

GuiaBolso

São Paulo, Braz il

www.guiabolso.com.br

11-May-2016 Series C $17 Ribbit Capital IFC, Kaszek Ventures, QED Investors, Ribbit Capital Operator of an online financial control and advisory platform. $26


16

Internet / Digital Media / Software (Cont’d)

Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

OrderBird

Berlin, Germany

www.orderbird.com

11-May-2016 Series C $23 Digital+ Partners, Metro ConCardis, Digital+ Partners, Metro Provider of Point of Sale (POS) systems for the catering industry. $37

Brainly

New York , NY

www.brainly.com

11-May-2016 Series B $15 Naspers Naspers Provider of an electronic learning platform. $25

Cyber adAPT

Half Moon Bay, CA

www.cyberadapt.com

11-May-2016 Series A $15 Not disclosedAlvin Fund, Black River Diversified Services & Investments,

Fundamental Capital, Granite Point Capital, Griffin PartnersProvider of a real-time network-based threat detection platform. $15

Weaveworks


www.weave.works

11-May-2016 Series B $15 GV Accel Partners, GV Developer of a virtual network that connects docker containers. $20

Dyn

Manchester, NH

www.dyn.com

10-May-2016 Series B $50 Pamplona Capital Management Pamplona Capital Management Provider of Internet performance management (IPM) services. $100

Etouches

Norwalk , CT

www.etouches.com

10-May-2016 Series C1 $20 Not disclosed Not disclosedProvider of web-based event management software platform for corporation,

educational institution, meetings and events companies.$59

FreshGrade

Kelowna, Canada

www.freshgrade.com

10-May-2016 Series A $12 Relay Ventures Accel Partners, Emerson Collective, Reach Capital, Relay Ventures Provider of an assessment and communications platform for the education sector. $16

Kingsoft C loud

Beijing, China

www.ksyun.com

10-May-2016 Series C $110 China Merchants SecuritiesChina Asset Management, China Merchants Securities, IDG Capital

Partners, Kingsoft CorporationProvider of cloud computing services. $198

Outbrain

New York , NY

www.outbrain.com

10-May-2016 Venture Round $45 Not disclosed Not disclosed Provider of content rating and recommendations for blogs, magazines and news. $195

Bigcommerce

Austin, TX

www.bigcommerce.com

10-May-2016 Series E $30 GGV Capital

American Express Ventures, General Catalyst Partners, GGV Capital,

Revolution Growth, SoftBank Capital, Split Rock Partners, Stephan

Schambach, Telstra Ventures, Tenaya Capital

Provider of software services to online retailers and merchants. $155

Oz lo

Palo Alto, CA

www.oz lo.com

10-May-2016 Venture Round $14 Greylock Partners AME Cloud Ventures, Greylock Partners, Jerry Yang Developer of artificial intelligence technology platform. $14

Security F irst

Rancho Santa Margarita, CA

www.securityfirstcorp.com

10-May-2016 Debt Financing $15 Not disclosed Not disclosed Developer of security software. $62

Simplee

Palo Alto, CA

www2.simplee.com

10-May-2016 Series C $20 Social Capital83North, American Express Ventures, Heritage Group, Social

Capital

Provider of a web and smartphone application for managing and paying medical

bills.$40

Soracom

Tokyo, Japan

www.soracom.jp

10-May-2016 Series B $22 Not disclosed Infinity Venture Partners, World Innovation Lab Provider of a communication platform for developers of connected devices. $28


17


Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Vera

Palo Alto, CA

www.vera.com

10-May-2016 Series B $19 Sutter Hill VenturesAmplify Partners, Battery Ventures, Capital One Growth Ventures,

Clear Venture Partners, Sutter Hill VenturesProvider of secure sharing of digital information. $33

Speakaboos

New York , NY

www.speakaboos.com

9-May-2016 Series B1 $13 Wellington Management

Advancit Capital, Betty Cohen, David Pottruck, Deborah Quazzo,

Gerald Hughes, Helena Wong, Kyowon Group, Rick Segal, Wellington

Management

Provider of a subscription-based service for children's interactive storybooks. $25

Tradesy

Santa Monica, CA

www.tradesy.com

9-May-2016 Series C $30 Wildcat Capital ManagementKleiner Perkins Caufield & Byers, Rincon Venture Partners, Wildcat

Capital ManagementOperator of an online peer-to-peer marketplace for fashion. $82

CoreOS

San Francisco, CA

www.coreos.com

9-May-2016 Series B $28 GVAccel Partners, FUEL Capital, GV, Intel Capital, Kleiner Perkins

Caufield & Byers, Y CombinatorProvider of an open source operating system. $53

Pivotal Software

Palo Alto, CA

www.pivotal.io

9-May-2016 Series C $653 Ford, Microsoft EMC, Ford, GE Ventures, Microsoft, VMware Provider of a next-generation enterprise platform-as-a-service (PaaS). $758

Rancher (Container Management)

Cupertino, CA

www.rancher.com

9-May-2016 Series B $20 Grand River Capital ManagementGrand River Capital Management, Mayfield, Nexus Venture

Partners

Developer of an open-source container management software for enterprises

leveraging containers.$30

Relayware

Jersey C ity, NJ

www.relayware.com

9-May-2016 Venture Round $11 Amadeus Capital Partners Albion Ventures, Amadeus Capital Partners Provider of partnering automation and relationship management services. NA

Drivy

Paris, France

www.drivy.com

28-Apr-2016 Series C $34 Cathay Capital Private Equity, Nokia

Growth Partners

Bpifrance, Cathay Capital Private Equity, Index Ventures, Nokia

Growth Partners, Via-IDProvider of peer-to-peer, car-rental platform. $54

Evident.io

Dublin, CA

www.evident.io

28-Apr-2016 Series B $16 Venrock Venrock Provider of cloud-based security services. $27

Seclore

Santa C lara, CA

www.seclore.com

27-Apr-2016 Series B $12 Not disclosedHelion Venture Partners, India Alternatives Investment Advisors,

Sistema, VenturEast

Developer of enterprise software products focusing on information rights

management.$19

TaskEasy

Walnut, CA

www.taskeasy.com

26-Apr-2016 Series B $12 Delta ElectronicsAccess Venture Partners, Delta Electronics, Grotech Ventures,

Kickstart Seed Fund, Moderne Ventures, MTD Products

Provider of an online platform that allows contractors and property owners to buy

or sell contractor services.$26

Trov

Danville, CA

www.trov.com

26-Apr-2016 Series C $26 Oak HC/FT Anthemis Group, Guidewire Software, Oak HC/FT, Suncorp GroupDeveloper of applications that help people collect and benefit from information

about their assets.$39

Ant F inancial

Hangzhou, China

www.antgroup.com

26-Apr-2016 Series B $4,500 China Construction Bank, China

Investment Corporation

China Construction Bank, China Development Bank, China

Investment Corporation, China Life Insurance, China Post Group,

New China Life Insurance Company, Primavera Capital Group

Provider of online payment service. $6,400

Lendix

Paris, France

www.lendix .com

26-Apr-2016 Series B $14 Not disclosed

CNP Assurances, Decaux Brothers Investments, Inter Mutuelles

Entreprises, Partech Ventures, Sycomore Asset Management,

Weber Investissements, Zencap

Provider of an online crowd-lending platform. $26


18


Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Mark43

New York , NY

www.mark43.com

26-Apr-2016 Series B $27 General Catalyst Partners, Spark Capital

General Catalyst Partners, Govtech Fund, Jeffrey Bezos, Lowercase

Capital, Sound Ventures, Spark Capital, SV Angel, The Goldman

Sachs Group

Creator of information-management software for the law-enforcement and military

sectors.$40

Remitly

Seattle, WA

www.remitly.com

26-Apr-2016 Series C $39 Stripes GroupBezos Expeditions, DN Capital, Draper Fisher Jurvetson, Stripes

Group, Trilogy Equity Partners, Vulcan CapitalProvider of online remittance services. $61

TranServ

Mumbai, India

www.transerv.co.in

26-Apr-2016 Series C $15 IDFC Asset Management Company,

Micromax Informatics

Faering Capital, IDFC Asset Management Company, Micromax

Informatics, Nirvana Venture AdvisorsProvider of digital payment services for banks and retailers. $15

VidSys

Vienna, VA

www.vidsys.com

26-Apr-2016 Private Equity $11 Harmony Partners, NewSpring CapitalAtlanta Equity, Flybridge Capital Partners, Harmony Partners, JVax

Investment Group, NewSpring CapitalProvider of converged security and information management (CSIM) software. $47

bitF lyer

Tokyo, Japan

www.bitf lyer.jp

25-Apr-2016 Series C $27 SBI Investment, Venture Labo

InvestmentSBI Investment, Venture Labo Investment Operator of a bitcoin exchange marketplace. $34

Dispersive Technologies

Alpharetta, GA

www.dispersivetechnologies.com

25-Apr-2016 Angel $38 Not disclosed Not disclosedDeveloper and provider of cloud based virtualized dispersive networking

technologies.$42

Helium Systems

San Francisco, CA

www.helium.com

25-Apr-2016 Series B $20 GV FirstMark Capital, GV, Khosla Ventures, Munich Re/HSB Ventures Provider of Internet of Things (IoT) technology. $39

Kamcord

San Francisco, CA

www.kamcord.com

25-Apr-2016 Series C $10 Time Warner InvestmentsPlug and Play, Tencent Industry Win-Win Fund, Time Warner

Investments, TransLink Capital, Wargaming, XG VenturesProvider of tools for recording and sharing of games. $38

Unlockd

South Melbourne, Australia

www.unlockd.com

25-Apr-2016 Series A $11 Not disclosedGreg Roebuck, Lachlan Murdoch, Peter Gammell, Radek Sali, Sam

MostynProvider of a mobile-based media and telecommunications platform. $16

Security F irst

Rancho Santa Margarita, CA

www.securityfirstcorp.com

22-Apr-2016 Venture Round $38 Not disclosed Topspin Venture Developer of security software. $47

Deem

San Francisco, CA

www.deem.com

21-Apr-2016 Venture Round $34 PointGuard Ventures PointGuard VenturesDeveloper of a web based tool that manages the everyday details of business and

personal life.$536

Medium.com

San Francisco, CA

www.medium.com

21-Apr-2016 Series C $50 Spark Capital Andreessen Horowitz, GV, Spark Capital Creator of an online blog-hosting platform. $134

The RealReal

San Francisco, CA

www.therealreal.com

21-Apr-2016 Series E $40 Greenspring Associates

Broadway Angels, Canaan Partners, DBL Partners, e.ventures,

Greenspring Associates, Greycroft Partners, Industry Ventures,

InterWest Partners, NextEquity Partners

Operator of designer resale store. $123

Acorns

Irvine, CA

www.acorns.com

21-Apr-2016 Series D $30 Paypal Paypal, Rakuten Developer of an investing platform. $62


19


Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Anomali

Redwood C ity, CA

www.anomali.com

21-Apr-2016 Series C $30 IVP General Catalyst Partners, GV, IVP, Paladin Capital Group Provider of a SaaS-based cyber security intelligence platform. $57

Forter

San Francisco, CA

www.forter.com

21-Apr-2016 Series C $32 Scale Venture Partners New Enterprise Associates, Scale Venture Partners, Sequoia Capital Provider of an online fraud prevention platform. $50

Beijing-Tak Network Technology Co

Beijing, China

www.roseonly.com.cn

20-Apr-2016 Series C $31 Not disclosed Echo Capital Group, Genesis Capital, Yuansheng Capital Online retailer of floral products. $41

Bugcrowd

San Francisco, CA

www.bugcrowd.com

20-Apr-2016 Series B $15 Blackbird Ventures

Blackbird Ventures, Costanoa Venture Capital, Industry Ventures,

Paladin Capital Group, Rally Ventures, Salesforce Ventures,

Startmate

Provider of crowdsourced security testing. $24

Cabify

Madrid, Spain

www.cabify.es

20-Apr-2016 Series C $120 Rakuten Rakuten, Western Technology Investment Developer of a mobile application for car hires. $150

PicsArt

San Francisco, CA

www.picsart.com

20-Apr-2016 Series B $20 Not disclosed DCM Ventures, Siguler Guff & Company Provider of a mobile photo-editing application. $45

Apester

New York , NY

www.apester.com

19-Apr-2016 Series A $17 Blumberg Capital, Mangrove Capital

Partners

Blumberg Capital, Gigi Kaplan, Giora Kaplan, Mangrove Capital

Partners, Morris Kahn, Tal Kerret, Tal Simantov, Wellborn VenturesProvider of content platform that allows sharing content items. $18

Huochebang

Chengdu, China

www.56qq.com

19-Apr-2016 Series A $100 Yuansheng Capital

DCM Ventures, Eastern Bell Venture Capital, Genesis Capital,

Hillhouse Capital Management, Tencent Holdings, Yuansheng

Capital

Provider of an online truck logistics platform. $100

Diamanti

San Jose, CA

www.diamanti.com

19-Apr-2016 Series A $13 Not disclosedCharles River Ventures, Draper Fisher Jurvetson, GSR Ventures, The

Goldman Sachs GroupProvider of networking and storage appliance for Linux containers. $13

FusionOps

Mountain View, CA

www.fusionops.com

19-Apr-2016 Series C $25 Georgian Partners Georgian Partners, New Enterprise Associates, Prabhu Goel Developer of supply chain analytics software for businesses. $44

TapInfluence

Boulder, CO

www.tapinfluence.com

19-Apr-2016 Series B1 $14 Noro-Moseley PartnersAccess Venture Partners, Grotech Ventures, MergeLane, Noro-

Moseley Partners, Robin FerraconeProvider of a marketing automation platform. $23

TrapX Security

San Mateo, CA

www.trapx .com

19-Apr-2016 Series B $14 Intel Capital, Liberty Venture PartnersBRM Capital, Intel Capital, Liberty Venture Partners, Opus Capital,

Strategic Cyber VenturesProvider of a cloud-based and on -remises cyber security platform. $19

4M Industrial Ox idation

Knoxville, TN

4mio.com

18-Apr-2016 Angel $10 Not disclosed Not disclosed Developer of plasma oxidation technology. $10

BaubleBar

New York , NY

www.baublebar.com

18-Apr-2016 Series C $21 Accel PartnersAccel Partners, Aspect Venture Partners, Burch Creative Capital,

DSW, Greycroft Partners, Hubert Burda Media, Simon Venture GroupProvider of an e-commerce jewelry platform. $39


20


Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

HomeLight

San Francisco, CA

www.homelight.com

18-Apr-2016 Series A $11 Zeev Ventures

Bullpen Capital, Dovi Frances, Innovation Endeavors, Krillion

Ventures, Montage Ventures, Oren Dobronsky, Yariv Davidovich,

Zeev Ventures

Provider of real estate technology that matches home-buyers and sellers with real

estate agents.$16

HomeToGo

Berlin, Germany

www.hometogo.de

15-Apr-2016 Series B $20 Insight Venture Partners Acton Capital Partners, DN Capital, Insight Venture Partners Provider of a metasearch engine for vacation rentals. $29

Threat Stack

Boston, MA

www.threatstack .com

15-Apr-2016 Venture Round $15 Not disclosed Not disclosed Developer of digital security services. $27

Wolt

Helsink i, F inland

www.woltapp.com

15-Apr-2016 Series B $11 EQT Ventures EQT Ventures, Ilkka Paananen, Niklas Zennström, Risto Siilasmaa Provider of an online food ordering platform. $14

Onfido


www.onfido.com

14-Apr-2016 Series B $25 IDInvest Partners CrunchFund, IDInvest Partners, Wellington PartnersProvider of an online platform that uses technology to automate the background

checking process.$30

Eversight

Palo Alto, CA

www.eversightlabs.com

14-Apr-2016 Venture Round $14 Not disclosed Not disclosed Provider of machine learning and data science technologies. $24

RigUp

Austin, TX

www.rigup.com

14-Apr-2016 Series A $15 Not disclosedBoxGroup, Founders Fund, Frees Fund, GE Ventures, Great Oaks

Venture Capital, Moore CapitalDeveloper of a software platform for oil rig logistics. $18

Nauto

Palo Alto, CA

www.nauto.com

13-Apr-2016 Series A $12 Playground Global Draper Nexus, Index Ventures, Playground Global Provider of an online traffic monitoring device. $15

Poshmark

Redwood C ity, CA

www.poshmark .com

13-Apr-2016 Series C1 $25 GGV Capital

AngelList, GGV Capital, Inventus Capital Partners, Mayfield, Menlo

Ventures, Shea Ventures, SoftTech VC, Union Grove Venture

Partners

Operator of an online marketplace for fashion. $72

C loudEndure

New York , NY

www.cloudendure.com

13-Apr-2016 Series B $13 Infosys Technologies, Magma Venture

PartnersInfosys Technologies, Magma Venture Partners Developer and provider of a business continuity application. $18

NEXThink

Pril ly, Switzerland

www.nexthink .com

13-Apr-2016 Series E $40 Highland Capital Partners EuropeAuriga Partners, Galeo-Ventures, Highland Capital Partners Europe,

WayPoint Capital Partners

Developer of a software tool to measure and manage information security

programs.$69

NodeSource

San Francisco, CA

www.nodesource.com

13-Apr-2016 Series A $10 RRE Ventures Crosslink Capital, Resolute Ventures, RRE Ventures Provider of enterprise grade software products. $13

Blis Media


www.blis.com

12-Apr-2016 Series B $25 Not disclosed Beringea, Endeit Capital, Unilever Ventures Provider of an online platform for Internet advertising. $27

CropX

Tel Aviv, Israel

www.cropx .com

12-Apr-2016 Series A $10 Finistere Ventures, GREENSOIL

Investments, Innovation Endeavors

Finistere Ventures, Flextronics Lab IX, GREENSOIL Investments,

Innovation Endeavors, OurCrowd, Robert Bosch Venture CapitalDeveloper of an irrigation software. $11


21


Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Datera

Mountain View, CA

www.datera.io

12-Apr-2016 Venture Round $40 Not disclosedAndreas Bechtolsheim, Khosla Ventures, Pradeep Sindhu,

Samsung Venture InvestmentProvider of data storage software systems. $48

Huoli Tianhui

Beijing, China

www.huoli.com

12-Apr-2016 Series C $933 Not disclosedCaissa Shijia Asset Management Partnership, Dapeng Air Service,

HNA-Caissa Travel Group, Matrix Partners ChinaDeveloper of mobile application for flight and train ticketing. $953

The F irst Chedai

Beijing, China

www.chedai.com

12-Apr-2016 Venture Round $33 China Growth Capital China Growth Capital, Matrix Partners China Provider of an online loan-financing platform. $33

LendStreet

Oak land, CA

www.lendstreet.com

11-Apr-2016 Venture Round $28 Not disclosed Not disclosed Provider of an online lending platform for debt restructuring and refinancing. $28

Marxent

Kettering, OH

www.marxentlabs.com

11-Apr-2016 Series B $10 Detroit Venture Partners, Stage 1

VenturesDetroit Venture Partners, Stage 1 Ventures Developer of virtual reality mobile applications. NA

PerimeterX

San Mateo, CA

www.perimeterx .com

11-Apr-2016 Series A $12 Not disclosed Andy Bechtolsheim, Data Collective, Vertex Ventures Provider of cloud and web security. $15

RideLabs

San Francisco, CA

www.instantcab.com

8-Apr-2016 Series A $12 Not disclosed Khosla Ventures Provider of transportation services and a transportation mobile application. $12

Electric Imp

Los Altos, CA

www.electricimp.com

7-Apr-2016 Series C $21 Rampart Capital Rampart Capital, Redpoint Ventures Provider of technology to connect devices to the Internet, wirelessly. $44

Twiggle

Tel Aviv, Israel

www.twiggle.com

7-Apr-2016 Series A $13 Naspers Naspers, Ronald Cohen, State Of Mind Ventures, Yahoo Japan Provider of an online search engine. $15

Globality ( IT)

Menlo Park , CA

www.globality.com

7-Apr-2016 Series B $27 Not disclosed Al Gore, John Joyce, Ken Goldman, Michael Marks, Ron Johnson Provider of global technological services. $37

Intercom

San Francisco, CA

www.intercom.io

7-Apr-2016 Series D $50 Index VenturesBessemer Venture Partners, ICONIQ Capital, Index Ventures, The

Social+Capital Partnership

Provider of a customer relationship management and messaging tool for web

businesses.$116

Luxe

San Francisco, CA

www.luxevalet.com

7-Apr-2016 Series B $50 The Hertz Redpoint Ventures, The Hertz, Venrock Provider of mobile application for valet parking. $76

x .ai

New York , NY

www.x .ai

7-Apr-2016 Series B $23 Two Sigma Investments

CrunchFund, DCM Ventures, FirstMark Capital, IA Ventures, Lerer

Hippeau Ventures, Pritzker Group Venture Capital, SoftBank

Capital, Two Sigma Investments, Work-Bench

Provider of an artificial intelligence powered personal assistant application. $34

IronPlanet

Pleasanton, CA

www.ironplanet.com

6-Apr-2016 Venture Round $14 Not disclosed Not disclosed Provider of an online marketplace for used heavy equipment. $153


22


Notes:

Source: PitchBook.


GCA Savvian Advisors Overview

23

Selected Recent Digital Media and Software Transactions

Preferred Stock Equity Investment Acquisition of Acquired by Acquired by Acquired by Acquired by Preferred Stock Preferred Stock

Undisclosed

Financial Advisor Financial Advisor We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor

February 2016 February 2016 December 2015 August 2015 July 2015 July 2015 June 2015 June 2015 May 2015

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by

Consortium Led by A subsidiary of

We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

April 2015 April 2015 March 2015 February 2015 December 2014 October 2014 October 2014 September 2014 September 2014

Sale of

Acquired by Acquired by Preferred Stock Acquisition of Acquisition of Acquisition of Acquisition of Acquisition of

to

We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller

August 2014 August 2014 August 2014 May 2014 April 2014 April 2014 March 2014 March 2014 November 2013

Sale of Entertainment Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Preferred Stock Acquired by

Store Assets to

Fairness Opinion for

We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Buddy Media

September 2013 August 2013 August 2013 July 2013 July 2013 January 2013 September 2012 August 2012 August 2012

Sale of

Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Acquired by Acquired by

to

We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

August 2012 June 2012 June 2012 May 2012 May 2012 April 2012 March 2012 February 2012 January 2012

Reality Media Holdings

Japan

Paul DiNardo Steve Fletcher Rich Jasen Seihun Kong John Lambros Joshua Wepman

Advisory Director Managing Director Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3653 Phone: (415) 318-3682 Phone: (212) 999-7083 Phone: (212) 999-7092

Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 308-4760 Mobile: (415) 823-7300 Mobile: (917) 744-9011 Mobile: (917) 306-4168

[email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Ashley Ma Giuseppe Diprima Tomohiko Kubota Saif Malik

Director Vice President Vice President Vice President

Phone: (212) 999-7076 Phone: (212) 999-7088 Phone: +81 (3) 6212-7129 Phone: +44 (0) 207 038-3216

Mobile: (917) 575-0103 Mobile: (347) 622-1887 [email protected] Mobile: +44 (0) 778 606-8553

[email protected] [email protected] [email protected]

GCA Savvian

24

Digital Media / Software Team

San Francisco

150 California St., Ste. 2300

San Francisco, CA 94111

United States

Phone: (415) 318-3600

New York

640 Fifth Avenue, 10th

Fl.

New York, NY 10019

United States

Phone: (212) 999-7090

Tokyo

11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6230

Japan

Phone: +81 (3) 6212-7100

London

48 Dover Street

London W1S 4FF

United Kingdom

Phone: +44 (0) 207 038-3200

weekly internet / digital media / saas sector summary45.7x 17.3x 16.8x 15.1x 11.9x 10.8x 10.7x 9.7x...

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