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First Capital Brochure Presentation Transcript

  • 1. Corporate Overview
  • 2. FirstCapital: Who We Are FirstCapital is a boutique investment bank that specialises in fund raising and mergers Independent  and acquisitions advice for high growth technology companies. advice, expert  Our team of senior investment bankers has collectively advised over 220 clients, from technology start-ups to multinationals, on $145bn of domestic and international cross transaction border transactions. execution  As a management owned business, we are independent and committed to achieving the highest levels of satisfaction and maximum value for our clients. We are UK based, recognised for our integrity, professionalism and trustworthiness. we have a global reach  Where many advisers see a merger, acquisition or sale as just another deal, FirstCapital knows that a successful deal requires the right strategy and a tailored approach. We work closely with each client, to understand their specific Proven circumstances and needs. We specialise in positioning, founded on our understanding ability to of the market place, the needs of the participants and the value drivers, enabling our achieve a clients to achieve maximum value from the engagement. better  We work in partnership with our clients to achieve their goals. Our experienced outcome directors lead each engagement throughout, guaranteeing our clients the highest quality advice and negotiation support at every stage in the process. Private and Confidential © FirstCapital Corporation Ltd 2009 2
  • 3. Director Bios: Experienced Professionals With Global Reach Hazel Moore, Chairman Hazel specialises in transactions in cleantech and physical sciences. Before founding FirstCapital in 1999, Hazel was Sales Director in London for WI Carr, a leading Far Eastern stockbroker. Previously she was based in Hong Kong for 5 years as Head of Equity Research, responsible for advising institutional investors on market strategy. Hazel is a CFA, with an MA (Natural Sciences, Cambridge University). Jason Purcell, CEO Jason’s area of expertise includes internet, software and services companies. Prior to co-founding FirstCapital, he was a Director of Union Bank of Switzerland (UBS), and worked on numerous deals in India and Pakistan. Previously he was a number 1 ranked equity analyst with Smith New Court. Jason is a CFA, with an MA (Management Studies & Physics, Cambridge University). Piers Hartland-Swann, Director Piers was previously a Partner at MacArthur and Co. Prior to this, as Senior Managing Director at Bear Stearns in Hong Kong, Piers led the team advising China Telecom on their $1.4bn IPO in 2002. Prior to this, Piers was Head of Asian Telecoms corporate finance at UBS Warburg, where he led the team advising on PCCW’s $34bn bid for Hong Kong Telecom, which was Asia’s largest M&A deal. Piers graduated in Civil Engineering from London University. John Yeomans, Director John’s focus area is communications and digital media. Previously as Head of HSBC TMT corporate finance, John built the department to a $120m global business. Previously he was a TMT strategy consultant with KPMG and Regis McKenna, and has extensive strategic, marketing and technical experience in Mitel and venture backed companies. John has a starred first class degree in Electrical Sciences from Cambridge University. Peter Wolfers, CFO Peter joined FirstCapital in 2005 and manages the FirstVentures portfolio. He was previously a Founding Director of FNI Venture Capital, the venture capital fund of the Nixdorf family. Prior roles include VP Marketing for Incases, a German EDA company, and various senior strategic marketing and technical roles with IBM and Lockheed. Peter is chairman of XCalibre, and a board director of Ranier and Intense. Private and Confidential © FirstCapital Corporation Ltd 2009 3
  • 4. Bios of Professional Staff Amer Vohora, Vice President Amer joined FirstCapital in 2000, and specialises in cleantech and physical sciences companies. Previously he worked with number of start up technology companies in a variety of roles. Amer holds a postgraduate Advanced Course in Design, Manufacture and Management (ACDMM) at Cambridge University, and has a BEng & BComL degree from Birmingham University in Manufacture Engineering and Commerce with Japanese. Martin Brennan, Associate Martin specialises in Internet and Digital Media companies. Prior to joining FirstCapital in 2005, Martin was a management consultant in the Strategy practice at Accenture. Martin has a First Class BA Honours degree in International Business and Modern Languages from the University of Strathclyde, and holds the Certificate and the Diploma in Corporate Finance from the SII/ ICAEW/ CICA. He is fluent in Spanish and French. Zaeem Maqsood, Associate Zaeem focuses on software and internet companies. He joined FirstCapital in 2005 from Library House where as a Product Manager he developed venture capital analytics tools. Prior to this he was a strategy consultant with IconZest and also spent 4 years at Merrill Lynch in London & New York. He has an MBA from Cambridge, an MA from the IoE, London, and an MSc. and BA from UCL. Zaeem holds the Certificate in Corporate Finance. Bala Krishnan, Associate Bala specialises in communications and business services companies. He joined FirstCapital in 2006 having graduated from the London Business School with an MBA in Finance & Private Equity. Prior to this Bala worked for 3 years at London based Advent Venture Partners. Bala qualified as a Chartered Accountant at KPMG London, where he advised clients in the TMT space. Jessica Ford, Analyst Jessica joined FirstCapital in 2007 from the Max Planck Institute-EVA in Leipzig, where she was a Daimler- Benz Fellow and DAAD Scholar. She focuses on the medtech sector. She graduated from Cambridge University with a First Class BA in Medical Sciences, and has an MA (Distinction, Sussex) in Philosophy of Cognitive Science. Jessica is fluent in French and German. Private and Confidential © FirstCapital Corporation Ltd 2009 4
  • 5. Adviser Bios: Leveraging Networks And Experience of Senior Executives David Sexton David was previously President of Global Markets at Cable and Wireless. He brings extensive experience in telecommunications and computer services on both a national and global scale, particularly in marketing, strategy development and business change. Over the past 20 years he has held a range of board level and management positions within the telecommunications industry including C&W and subsidiaries of BT and Mercury Telecommunications. David now holds a number of advisory and non-executive roles with early stage businesses. Bob Mann Bob has spent over 25 years in the technology industry. Prior to founding Siebel Systems in Europe, he was Vice President for Legent which had revenues of $175m and 500 people in Europe Bob has extensive expertise in building the operations for exceptionally fast-growing software companies. Bob currently holds a number of directorships and advisory positions and sits on the Technology Advisory Group of Scottish Equity Partners. Rod Attwooll Rod has a wealth of experience including 25 years as Managing Director of Texas Instruments, Mercury Communications and other interesting technology companies. He brings broad knowledge of the electronics sector and specific management skills in Sales, Marketing and Leadership. Rod has successfully raised funds for a number of start-ups in the Semiconductor, Materials and Internet sectors including Danionics, ES2 and Netcom. Rod currently advises companies on strategic direction and change. Richard Atkins Richard’s career has focused on the IT and support services industry. He has held senior positions in marketing, strategy and general management at IBM. He was General Manager of IBM Global Services Northern Europe, and 5 a member of the IBM Global Services European Operations and IBM worldwide Senior Leadership teams. In 1991, Richard, as Finance Director, led the MBO of Data Sciences Limited from Thorn EMI plc before managing its sale to IBM in 1996. He was senior non executive director of Message Labs, sold to Symantec for $695mn, and is Chairman of 7 City Learning Ltd and NED at Global Crossing UK. Private and Confidential © FirstCapital Corporation Ltd 2009 5
  • 6. Our Services: What We Do Fund Raising Mergers and Acquisitions Strategic Advice Services Services Services  Private placements to VC/PE  Mergers and acquisitions for public  Assessment of strategic options and strategic investors and private companies  Development of M&A strategies  Range €5mn +  Transaction value range €15-150mn  Valuations and fairness opinions Deliverables Deliverables Deliverables  Work with clients to develop  Position client within market and  Work with company boards to financing strategy competitive space develop long term strategies to  Identify target investors  Provide insightful analysis and realise corporate objectives based on client needs and positioning to understand value characteristics drivers and hence target universe Benefits  Leverage extensive contacts  Leverage network of relationships  Experienced, unbiased advice in the investment community within buyers and sellers (both to enable client to accurately strategic and financial) assess all options and develop Benefits  Run a tight and rigorous process plan to generate value through to close  Ensure financial strategy is aligned to specific needs  Deliver right investors Benefits /syndicate of investors  Attract interest from genuine  Maximize the outcome for buyers and generate competitive shareholders and tension to deliver maximum value management to client Private and Confidential © FirstCapital Corporation Ltd 2009 6
  • 7. Track Record and Selected Case Studies Private and Confidential © FirstCapital Corporation Ltd 2009 7
  • 8. FirstCapital Track Record (2005-2008) $6.5mn $16mn $5mn Undisclosed Series B round Undisclosed £3mn Has been acquired by Series A round Series A round Azini Capital Partners Has been acquired by SPARK Ventures Alliance Trust Solon Ventures LP Index Strategic Advice First Ventures Equity Partners Quest for Growth First Ventures Highland Herald Ventures LP Entrepreneurs Fund Loudwater Exclusive financial Exclusive financial Exclusive financial advisers to Exclusive financial Exclusive financial Exclusive financial Exclusive financial advisers advisers to Ranier advisers to Prosonix Glasses Direct advisers to Texperts advisers to Player One to FNI Venture Capital advisers to Multimap January 2008 November 2007 July 2007 December 2008 October 2008 October 2008 December 2007 £2mn Undisclosed £9.9mn round £6.25mn £5mn $5mn £24.2mn and acquisition of Has been acquired Series C round Has been acquired by Series A round Has been acquired by Convertible loan by Eden Ventures Exclusive financial Exclusive financial Exclusive financial Exclusive financial advisers to FNI advisers to FNI advisers to FNI advisers to Centric Venture Capital Exclusive financial Exclusive financial Venture Capital Exclusive financial Venture Capital advisers to Reevoo advisers to Smart421 advisers to AIM Group July 2007 June 2007 March 2007 December 2006 September 2006 July 2006 May 2006 Undisclosed £6mn $4mn Undisclosed Series A round £3mn £6.5mn round Series C round Series A round Undisclosed Has acquired Pentech Series B round Quester, Celtic Has been acquired by Coronel Iris Capital Benchmark SEP, Cazenove House, MTI & Cross Atlantic Exclusive financial Gantock Exclusive financial Exclusive financial Exclusive financial Exclusive financial advisers to FNI advisers to Global advisers to Exclusive financial advisers to advisers to Venture Capital Silicon Rawflow Exclusive financial advisers to Cassium OmniPerception Zeus Technology October 2005 August 2005 July 2005 advisers to Cassium May 2005 April 2005 February 2005 May 2005 Private and Confidential © FirstCapital Corporation Ltd 2009 8
  • 9. The Results: We Achieve More for our Clients “FirstCapital had the commitment and tenacity to manage a broadly based, international sale process for Multimap, dealing with the world's top players in IT. They were thoroughly professional, adding value throughout a complex process, and on hand for support whenever we needed them. We are delighted with the result.quot; Sean Phelan, Founder, Multimap quot;I am delighted with the service delivered by the team at FirstCapital. They worked with us to position Smart421 as a key strategic asset in the marketplace. They leveraged their trusted and deep relationships inside target acquirers on a global basis. They were totally committed, ran the whole process with the utmost attention to detail and delivered an excellent result for the shareholders, management and the company.quot; Julian Harris, Chairman, Smart 421 quot;FirstCapital is a rare breed: an investment bank which combines a deep understanding of positioning technology companies, with a highly efficient process to get deals done well. It is unusual to find a group who truly drives both, to deliver maximum value to shareholders.quot; Tina Rogers, Chairman, AIM Group quot;FirstCapital ran a tight, efficient and entirely complementary process, all the way from developing strategy and producing the marketing materials, through investor selection and management and onto deal negotiation and completion. Jason and his team shouldered the bulk of the load throughout, kept me well informed and managed expectations on both sides so that a good deal became inevitable in a reasonable timescale without major management distraction. I would recommend First Capital without reservationquot;. Dr Geoffrey Andrews, CEO and Founder, Ranier Private and Confidential © FirstCapital Corporation Ltd 2009 9
  • 10. Sale of Multimap to Microsoft: Excellent Strategic Fit in a Fast Moving Market Positioned as a strategic asset in a rapidly evolving sector  The leading independent mapping company in Europe, offering both B2B and a popular B2C site Undisclosed Has been acquired by  Multimap was ready to fully exploit the European opportunity as well as a re-launched public site  Passive investor Virgin Media was seeking exit and founder wanted to de-risk Dual track process targeting investors and acquirers Exclusive financial advisers to Multimap  Requirement to support aggressive growth plans December 2007  Strong understanding of the market space “FirstCapital had the International marketing process to select the right partner commitment and tenacity  FirstCapital produced a detailed IM which articulated the strengths and market opportunity of a to manage a broadly based, international sale complex, mature and fast growing business process for Multimap,  The Multimap team were briefed in detail and trained to emphasise key messages dealing with the world's  FirstCapital targeted all the key contacts top players in IT. They were thoroughly professional, adding Support through a detailed due diligence process value throughout a complex process, and on  Provided dedicated assistance for the production of a detailed data room hand for support  Managed large bidding teams through the data room process, including follow up queries whenever we needed them. We are delighted with the result.quot; Delivered a market-defining transaction Sean Phelan, Founder  FirstCapital delivered a transaction with an excellent strategic fit and strong valuation Multimap  Strategic imperative for Microsoft as it goes head to head with Google in Europe Private and Confidential © FirstCapital Corporation Ltd 2009 10
  • 11. GlassesDirect: Shattering the Optical Industry’s Traditional Business Model Positioned GlassesDirect as extremely disruptive model with attractive fundamentals  Already the world’s largest online retailer of prescription glasses £3mn Series A round  Structural advantage over offline incumbents, with the opportunity to disrupt a large traditional industry Index Highland We focused on a targeted shortlist of global Tier 1 ecommerce investors Exclusive financial  Management and shareholders were clear about their needs: advisers to GlassesDirect  Partner with Tier 1 global ecommerce investors with a strong track record July 2007  Find an investor with ambitions to match management and deep pockets  Protect and increase valuation quot;FirstCapital effectively  Close the round quickly to enable management to focus on executing on the became my right hand opportunity man not just in managing the investment round but We ran a targeted marketing process, to achieve optimal outcome for the company also in devising and  Documentation prepared by FirstCapital to fully and concisely articulate the value of the opportunity shaping the future  Detailed briefing and training of the management team for all interactions with VCs strategy of Glasses Direct.”  Full support and strategic advice through an intense phase of follow-up meetings and requests  Managed the bidding and negotiation process, maintaining competitive tension throughout James Murray-Wells, CEO Glasses Direct Full support ensured quick, clean Due Diligence and legal phase  Full support and advice to management through intense due diligence, negotiation and legal processes  Rigorous process management minimised risk, saved management time, and delivered cash quickly FirstCapital delivered an excellent outcome, and a solid platform to execute  Index and Highland joined the Board as two of the best respected ecommerce VCs globally  Existing shareholders delighted with the deal Private and Confidential © FirstCapital Corporation Ltd 2009 11
  • 12. Smart421 Exit: Thinking Outside the Box to Achieve a Premium Valuation Positioned from outset as a strategic asset  IT Services company providing application integration and managed services to blue chips £24.2mn  High end positioning as the company owning the application – NOT just another IT Services company Has been acquired by  Price range established reflected this strategic positioning Built optimal target list of acquirers Exclusive financial advisers to Smart421  Focussed on who had the greatest pain / need September 2006  Network integrators and telcos becoming increasingly commoditised  Offshore players looking to go head to head with IBM, Accenture  NOT traditional IT Services groups “First Capital worked with us to position  Search conducted on global basis and across various sectors : prospects heavily qualified Smart421 as a key strategic asset in the marketplace. They Ran focussed marketing process leveraged their trusted  Teaser and IM reflected strategic positioning, price range to qualify out time-wasters and deep relationships  Detailed briefing and training of team to ensure they remained on message inside target acquirers  Managed the bidding process to generate competitive tension on a global basis. They were totally committed, ran the whole process Tightly managed to closure with the utmost attention to detail and  Heads to cash was four weeks delivered an excellent  Reflected detailed preparation and aggressive project management result for the shareholders, management and the Delivered an exceptional transaction company.”  Kingston paid cash of £24.2mn including £4mn on balance sheet  Premium pricing of P/S 1.8x and P/PBT 13.5x (trailing revenues £11.1mn, PBT £1.5 mn) Julian Harris, Chairman, Smart421  Employees held substantial options: the deal was life changing  Ran post acquisition as an autonomous unit, with no redundancies Private and Confidential © FirstCapital Corporation Ltd 2009 12
  • 13. Reevoo Fundraising: A Platform for Future Growth Positioned as B2B, with upside from B2C  Reevoo provides a B2B service to online retailers to collect customer reviews and then display them on $5mn site. Series A round  We positioned the business’s B2C presence as a major upside to provide a “trust filter” for second Eden Ventures generation price comparison with innovative advertising model– NOT just another website Exclusive financial Target list of investors reflected client needs advisers to Reevoo December 2006  Reevoo management and existing investors were clear in what they wanted from a fund-raising  Protect and increase valuation  Investor with vision and contacts in the web sector “First Capital: you and your team did a great  Respected investor with sufficient financing capacity to follow their money job advising us.  Investors targeted on European and US basis, and included corporates and traditional VCs We got the deal and investor we wanted in Ran tight marketing process a very short time frame. It was great to  Teaser and IM reflected strategic positioning have you as part of the  Detailed briefing and training of team to ensure they remained on message team”  Managed the bidding process to generate competitive tension: 3 offers generated Richard Anson, CEO, Dedicated support through legal process Reevoo  Aggressive management of the transaction through to close  Minimised risk, saved management time and delivered cash quickly Delivered a platform for future growth  New board member Eden Ventures’ Ben Tompkins previously worked on selling Kelkoo to Yahoo  Shareholders exceptionally pleased with valuation  Existing investors pleased with deal terms and board composition going forward Private and Confidential © FirstCapital Corporation Ltd 2009 13
  • 14. Thank You FirstCapital Elsinore House 77 Fulham Palace Road London W6 8JA UK Tel: +44 (0)20 8563 1563 First Capital Corporation Ltd is authorised and regulated by the Financial Services Authority www.firstcapital.co.uk