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#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
Where technology creates value: an
investme...
2
#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
Sources: GP Bullhound, IDC (2013), eMarkete...
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#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
THE REAL-TIME DATA EXPLOSION
1.2bn
MAUs
37,...
4
#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
Over $1.5bn of Capital Raised to Date
MORE ...
5
#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
EVOLUTION OF THE RTB LANDSCAPE
Sell-Side
Pl...
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#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
RTB - $21BN GLOBAL MARKET BY 2017
Source: G...
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#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
MARKET PENETRATION – US LEADING THE WAY
Sou...
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#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
0,7
3,3
4,0
2013 2017 (IDC) 2017 (GPB Upsid...
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#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
KEY DRIVERS OF GROWTH - MOBILE
MOBILE RTB A...
10
#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
KEY DRIVERS OF GROWTH - VIDEO
Source: IDC ...
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#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
DATA IS KING BUT NOT ALL DATA IS EQUAL
Sou...
12
#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
WHERE TO INVEST NOW?
Sell-Side
Platforms
(...
13
#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
INTERNATIONALISATION
CUSTOMERS /
VERTICALS...
14
#GPBullhound
LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN
www.gpbullhound.com
SAN FRANCISCO OFFICE
ONE MARITIME PLAZA, S...
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[Master Class Programmatic Trading May 2014] Keynote by Simon Nicholls Partner at GP Bullhound

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MASTER CLASS PROGRAMMATIC TRADING
IAB Interact Paris 2014

May 19,2014
Paris: Microsoft France
41 Quai du Président Roosevelt, 92130 Issy-les-Moulineaux

Where Technology creates Value: An Investment Perspective on Programmatic Buying.

http://masterclass.stickyads.tv/

Simon is a Partner of GP Bullhound, the technology investment bank with offices in London, Stockholm, Berlin and Silicon Valley. Simon has spent nearly 20 years advising clients on a wide range of M&A and capital markets transactions ranging from £10 million to £5 billion and has extensive experience advising entrepreneurs and corporates on transactional strategies for building businesses and realising value. With 17 years experience focussing on the media, technology & internet sectors, he specialises in transactions for clients experiencing rapid growth and industry transformation, completing deals in digital media, e-commerce, ad-tech, mobile, data analytics, marketing services, broadcasting, television production, professional and business information, consumer publishing, music, media services and media technology. Prior to joining GP Bullhound, Simon was a Managing Director at Ingenious Corporate Finance, the M&A advisory business of the Ingenious Media Group, and a Director at UBS, where he advised on large-cap international media & internet transactions. He qualified as a Chartered Accountant with Deloitte & Touche and is a graduate of Durham University.

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Transcript of "[Master Class Programmatic Trading May 2014] Keynote by Simon Nicholls Partner at GP Bullhound"

  1. 1. 1 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com Where technology creates value: an investment perspective on programmatic buying May 2014 #GPBullhound INDEPENDENT TECHNOLOGY RESEARCH
  2. 2. 2 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com Sources: GP Bullhound, IDC (2013), eMarketer (2013) THE ‘BIG BANG’ OF ONLINE ADVERTISING KEY METRICS $140+ Billion Global online advertising market by 2017 $3.3+ Billion Estimated Western European spend on RTB by 2017 $80+ Billion Global display advertising market by 2017 $21+ Billion Estimated global spend on RTB by 2017 50%+ CAGR Growth of the global market between 2012 and 2017 $1.5+ Billion Invested to date in RTB technologies
  3. 3. 3 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com THE REAL-TIME DATA EXPLOSION 1.2bn MAUs 37,000 Comments and likes per second 230m+ MAUs 1bn Tweets created every two days 540m MAUs 1.5bn Image uploads per week c. 90% of the world’s data generated in the last 2 years 26m MAUs 350m Average daily photo uploads 150m MAUs 55m Photos uploaded per day Today advertisers have access to millions of users across multiple properties and devices where a LOT happens in a SHORT space of time
  4. 4. 4 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com Over $1.5bn of Capital Raised to Date MORE THAN $1.5BN CAPITAL RAISED TO DATE $8 $104 $60 $47 $141 $87 $145 $75 $163 $576 $248 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD Other Exchange SSP DSP
  5. 5. 5 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com EVOLUTION OF THE RTB LANDSCAPE Sell-Side Platforms (SSPs) Ad Exchanges Ad Networks Demand- Side Platforms (DSPs) Trading Desks ADVERTISERS PUBLISHERS FLOWOF MONEY
  6. 6. 6 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com RTB - $21BN GLOBAL MARKET BY 2017 Source: GP Bullhound, IDC Global RTB Display Ad Spend $80bn $34bn 2012 2017 $10bn $2.7bn Global Share of RTB Display Ad Spend taken by intermediaries Global Online Display Ad Spend $21bn $1.8bn
  7. 7. 7 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com MARKET PENETRATION – US LEADING THE WAY Source: IDC, eMarketer, Magna Global DISPLAY PENETRATION POTENTIAL? 52%? Magna Global 41%? IDC 29%? eMarketer 1% 3% 7% 11% 13% 17% 22% 27% 2% 5% 12% 15% 17% 22% 27% 1% 6% 8% 14% 17% 20% 25% 30% 4% 9% 14% 19% 23% 28% 34% 41% 2010 2011 2012 2013 2014 2015 2016 2017 France Germany UK US GLOBAL RTB MARKET
  8. 8. 8 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com 0,7 3,3 4,0 2013 2017 (IDC) 2017 (GPB Upside) UK Germany France Rest of Western Europe EUROPE TO BENEFIT THE MOST EUROPEAN RTB – IDC VS UPSIDE CASE ($bn) Source: IDC 45% CAGR
  9. 9. 9 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com KEY DRIVERS OF GROWTH - MOBILE MOBILE RTB AD SPEND ($m) Source: IDC (2013), Facebook company filings, Comscore (2013), Verve Mobile (2013) 50%+ G5 smartphone penetration 2.3x CTR from location-based campaigns 62 549 2014 2017 Germany France UK 107% CAGR
  10. 10. 10 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com KEY DRIVERS OF GROWTH - VIDEO Source: IDC (2013), Digital TV Research (2013) VIDEO RTB AD SPEND ($m) $3.6bn 2017 global online video advertising $219bn 2018 global TV ad spend 759m 2018 global TVs connected to the internet 30 152 2014 2017 Germany France UK 71% CAGR
  11. 11. 11 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com DATA IS KING BUT NOT ALL DATA IS EQUAL Source: Casale Media Index (2013) 100 78 51 Cookie & 3rd Party Data Cookie & No 3rd Party Data No Cookie Cookie and Third Party Data Driving the Winning Bid Price
  12. 12. 12 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com WHERE TO INVEST NOW? Sell-Side Platforms (SSPs) Ad Exchanges Ad Networks Demand- Side Platforms (DSPs) Trading Desks ADVERTISERS PUBLISHERS FLOWOF MONEY
  13. 13. 13 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com INTERNATIONALISATION CUSTOMERS / VERTICALS GROWTH / SCALE M&A: POISED FOR A NEW WAVE OF CONSOLIDATION Internet Giants CRM Software Providers Global Agencies & Ad Networks Existing RTB Players ADDITIONAL CAPABILITIES
  14. 14. 14 #GPBullhound LONDON | SAN FRANCISCO | STOCKHOLM | BERLIN www.gpbullhound.com SAN FRANCISCO OFFICE ONE MARITIME PLAZA, SUITE 1620, SAN +1(415) 986 7480 FAX +1(415) 986 0180 MEMBER OF FINRAFRANCISCO, CA 94111 TEL HQ: LONDON OFFICE 52 JERMYN STREET, LONDON SW1Y 6LX TEL +44(0)207 101 7560 FAX +44(0)207 101 7561 AUTHORISED AND REGULATED BY THE FSA SAN FRANCISCO OFFICE ONE MARITIME PLAZA, SUITE 1940 SAN FRANCISCO, CA 94111 TEL +1(415) 986 0191 FAX +1(415) 986 0180 MEMBER OF FINRA HQ: LONDON OFFICE 52 JERMYN STREET, LONDON SW1Y 6LX TEL +44(0)207 101 7560 FAX +44(0)207 101 7561 AUTHORISED AND REGULATED BY THE FCA & PRA STOCKHOLM OFFICE BIRGER JARLSGATAN 5 111 45 STOCKHOLM, SWEDEN TEL +46(0)8 545 074 14 FAX: +46(0)8 545 071 01 BERLIN OFFICE OBERWALLSTR. 20, 101 17 BERLIN, GERMANY TEL +49(0)30 610 80 600 FAX +49(0)30 610 80 6029 Disclaimer: The contents of this presentation document ("Presentation") shall not be deemed to be any form of offer or binding commitment on the part of GP Bullhound LLP. This Presentation is provided for use by the intended recipient for information purposes only. It is prepared on the basis that the recipients are sophisticated investors with a high degree of financial sophistication and knowledge. No representation or warranty, express or implied, is or will be made in respect of the information contained in this Presentation and no responsibility or liability is or will be accepted by GP Bullhound LLP in this regard. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given as to the accuracy, completeness or reasonableness of any projections, targets, estimates or forecasts contained in this Presentation or in such other written or oral information that may be provided by GP Bullhound LLP. All liability is expressly excluded to the fullest extent permitted by law. This Presentation may contain forward-looking statements, which involve risks and uncertainties. Actual results may differ significantly from the results described in such forward-looking statements. Any past performance information contained in this Presentation is provided for illustrative purposes only and is not necessarily a guide to future performance and the value of securities may fall as well as rise. In particular, investments in the technology sector can involve a high degree of risk and investors may not get back the full amount invested. This Presentation should not be construed in any circumstances as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction, or to provide any investment advice or service and you should not act or refrain from acting upon any information contained on it without seeking appropriate professional advice. In the event that you should wish to engage GP Bullhound LLP, separate documentation, including an engagement letter, will be provided to you. For the purposes of the rules and guidance issued by the Financial Conduct Authority ("the FCA"), this Presentation has been communicated by GP Bullhound LLP, which is authorised and regulated by the United Kingdom Financial Conduct Authority under number 527314. This Presentation is only directed at persons who fall within the category of “Professional Clients” as defined in the rules and guidance issued by the FCA from time to time and any investment or investment activity to which this Presentation relates is available only to such persons and will be engaged in only with such persons. The information contained in this Presentation must not be relied upon by persons who are not Professional Clients and any person who is not a Professional Client should return it immediately to GP Bullhound LLP at the address below. This Presentation and any other information or opinions supplied or given to you by GP Bullhound LLP constitute confidential information. Neither the whole nor any part of the information contained in this Presentation may be duplicated in any form or by any means. Neither should the information contained in this Presentation, or any part thereof, be redistributed or disclosed to anyone without the prior written consent of GP Bullhound LLP. GP Bullhound LLP is a limited liability partnership registered in England and Wales, registered number OC352636, and is authorised and regulated by the FCA. Any reference to a partner in relation to GP Bullhound LLP is to a member of GP Bullhound LLP or an employee with equivalent standing and qualifications. A list of the members of GP Bullhound LLP is available for inspection at its registered office: 52 Jermyn Street, London SE1Y 6LX.
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