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The NOAH Conference San Francisco 2012                                                    June 26, 2012                   ...
The NOAH Conference San Francisco 2012On June 26, over 60 CEOs from selected leading European Internet companies will come...
Confirmed European SpeakersCEOs from 60 leading European Internet Companies will present their companies                  ...
Introduction to the NOAH Conference                                                      Overview of the NOAH Conference 2...
Impressions from the NOAH London Conference 2011                              5            NOAH Conference San Francisco 2...
Overview of NOAH Advisors
NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique                                                Select...
Overview of NOAH AdvisorsEurope’s Leading Internet corporate finance boutique                        Company Overview     ...
The NOAH Advisors TeamA team of highly experienced professionals focused on Internet corporate finance advisory           ...
Why NOAH AdvisorsNOAH Advisors combines unparalleled expertise in European Internet with bulge bracket investment bankingc...
Completed Transactions                       December 2011                         November 2011                          ...
NOAH’s Networking StrengthLong lasting relationships with companies and investors    Internet           Coverage of over 4...
Financial Investors Present at the NOAH Conference 2011            Venture Capital (€5-20m)                               ...
The Universe of Financial European Internet InvestorsNOAH Advisors maintains close contact with key investors in all major...
Internet is a Complex Parallel Economy250 European public/private Internet companies valued at about €100 billion, of whic...
NOAH San Francisco 2012
NOAH San Francisco 2012
NOAH San Francisco 2012
NOAH San Francisco 2012
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  1. 1. The NOAH Conference San Francisco 2012 June 26, 2012 Four Seasons Hotel San Francisco Brought to you by
  2. 2. The NOAH Conference San Francisco 2012On June 26, over 60 CEOs from selected leading European Internet companies will come to San Francisco to presenttheir businesses to a relevant US audience of potential customers, partners and investors Introduction Draft Program NOAH Conference started in London in 2009 and has grown to one of the  Full day of presentations by 60 CEOs of some of Europe’s most successful leading European Internet business focused conference with over 2,000 internet companies participants expected this year  We expect approximately 500+ guests NOAH San Francisco takes place on 26 June 2011 at Four seasons hotel in San Francisco - Mix of senior executives from US Internet and media companies and corporates and leading Internet finance companies Currently, 60 CEOs from leading European Internet companies have confirmed their participation as speakers Expected audience of 500+ internet and media executives as well as financial Information and frequent updates available under investors www.noah-conference.com Main Ideas Behind the NOAH San Francisco Conference www.twitter.com/noahconference To enable European Internet companies to establish or improve relationships www.youtube.com/user/noahadvisors with their US counterparts, media executives and investors www.slideshare.net/noahadvisors To provide US attendees with an opportunity to meet the leaders of European Internet in one place To facilitate mutual learning in presentation sessions about the European Logistical Details and US Internet market The NOAH Conference was founded in 2009 by Marco Rodzynek and is, organised by the NOAH Advisors team with sponsorship from some of the, world’s leading financial investors. NOAH Advisors is Europes leading Internet M&A boutique  Date: June 26, 2012  Address: Save the Date and Registration Details Registration now open under: www.noah-conference.com/san-francisco- 757 Market Street 2012/san-francisco-2012-registration San Francisco Ticket prices: California 94103 - Internet and media: $500 • Audience: 500+ internet and media - Investors: $1,000 executives as well as - Bankers: On request financial investors 2 NOAH Conference San Francisco 2012
  3. 3. Confirmed European SpeakersCEOs from 60 leading European Internet Companies will present their companies E-Commerce Advertising Lead Generation Gaming Classifieds Apps Travel OtherNote: Additional companies expected to confirm shortly. 3 NOAH Conference San Francisco 2012
  4. 4. Introduction to the NOAH Conference Overview of the NOAH Conference 2011 The NOAH Conference is an annual Internet event taking place once a Summary Overview Conference Program year in London, focused on top management from Internet start-ups to global media companies as well as senior investment professionals  NOAH ‘11 took place on 9-10 November 2011 at Old NOAH’s goal is to create a marketplace for the European Internet eco- Billingsgate in London system to discuss key trends, generate business and facilitate  Fantastic line-up of 90 speakers from 20 countries in keynotes, investment transactions presentations and panels over 2 full days Over the past 3 years numerous high-profile speakers presented at  1,150 attendees from 35 countries – 57% from Internet NOAH, including over 100 CEOs companies, 26% from investors, 15% from corporates (media The NOAH Conference was founded in 2009 by Marco Rodzynek and is companies, advisors, PR and recruiting) and 2% press organised by the NOAH Advisors team with sponsorship from some of representatives from leading on- and offline publications the world’s leading financial investors  NOAH party with additional guests from London and a great live band on the evening of the first day NOAH ‘12 on 6-7 November – Save the Date  Extremely positive feedback from numerous attendees, on twitter and in the press The conference will again take place at Old Billingsgate in London Registration will open in early 2012 Selected Conference Impressions For updates, please check: www.noah-conference.com Event Sponsors Strategic Sponsors
  5. 5. Impressions from the NOAH London Conference 2011 5 NOAH Conference San Francisco 2012
  6. 6. Overview of NOAH Advisors
  7. 7. NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique Selected Completed NOAH Transactions November 2011 August 2011 Unique Industry Know-How Core Investment Banking Competence Sale of a majority stake in Fund raising for 100% focused on Internet companies, covering  The NOAH team has 25+ years of media over 25 sub-verticals in this highly complex investment banking experience industry - Routine execution of M&A and financing to - 15+ years active coverage of leading European transactions with sizes of several billion euros Quants Financial Services AG from various investors Internet companies and investors  The team has been working together closely for 7 Exclusive Financial Advisor to Deep understanding of industry dynamics and years (including 6 years at Lehman Brothers) grupfoni and its Shareholders Advisor to RankAbove thinking of industry leaders  8 successfully completed NOAH Advisors Ability to add value beyond banking advice transactions underline successful transfer of - Facilitates overall process and minimizes competencies to the Internet sector July 2011 April 2011 management distraction Sale of a majority stake in Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs! have acquired a majority stake in NOAH Advisors is globally very well connected  The NOAH team are entrepreneurs and focused to and has direct access to virtually all key players in on growing the business and establishing a for $350m from the industry reputation for excellence - Knowledge of and strong relationships with  Full commitment to deliver top quality results in Advisor to EnGrande Exclusive Advisor to Summit Partners and TA Associates potential buyers’ key decision makers short time frames - Coverage of over 500 companies and 4,000  Highly success-based compensation structures individuals align interests of clients and NOAH Advisors, and April 2011 April 2011 - Proactively finds and unlocks attractive demonstrate conviction to deliver top results Fund raising for Sale of a majority stake in investment opportunities for leading investors (e.g. Bigpoint) Annual NOAH Conference to from various investors The NOAH Advisors Core Team Advisor to AdTelligence Advisor to Yatego Marco Yoram Jan Rodzynek Wijngaarde Brandes December 2009 April 2009 Managing Director Director Director Partial sale of $80m partial sale of and Founder to toContact Details Contact Details Contact Details Valuing Softonic at €175mmarco.rodzynek@noah-advisors.com yoram.wijngaarde@noah-advisors.com jan.brandes@noah-advisors.com Advisor to Softonic Advisor to FotoliaUK Mobile: +44 77 85 330 330 UK Mobile: +44 79 17 084 784 German Mobile: +49 174 2010 984Swiss Mobile: + 41 79958 1512
  8. 8. Overview of NOAH AdvisorsEurope’s Leading Internet corporate finance boutique Company Overview NOAH Advisors Key Strengths  The leading corporate finance advisor with a clear focus on Internet companies in Europe and its emerging markets and Core Investment Unique Industry financial investors Banking Know-How Competence - Products include M&A and selective capital raising - Typical transaction sizes between €50 million and €2 billion  Founded by Marco Rodzynek in April 2009, later joined by Yoram Unmatched Full Commitment - Wijngaarde and Jan Brandes Industry Network We Are - The team worked together between 6 and 12 years at Lehman and Relationships Entrepreneurs! Brothers media investment banking in London - As Head of European Internet , Marco has been covering Selected Recent Completed Transaction European Internet companies since the 1990s  To date, NOAH Advisors has advised on 12 completed transactions November 2011 July 2011 April 2011 including, most recently Sale of a majority stake in Sale of a majority stake in - Sale of grupfoni to Quants Financial Services - Sale of a majority stake in EnGrande to Palamon have acquired a majority the owner of - TA Associates and Summit Partners’ $350m control transaction stake in of Bigpoint To to Quants Financial  NOAH Advisors also hosts the annual NOAH Internet Conference in Services AG for $350m London, an event where Internet companies and investors meet to Exclusive Financial Advisor to Exclusive Advisor Exclusive Advisor to Summit network and discuss the industry grupfoni and its Shareholders to EnGrande Partners and TA Associates - NOAH Conference 2011 will take place on the 9th and 10th of November 2011 at Old Billingsgate in London - Move to bigger and better facilities after successful 2009 and 2010 event with over 650 attendees each 8
  9. 9. The NOAH Advisors TeamA team of highly experienced professionals focused on Internet corporate finance advisory Marco Rodzynek Yoram Wijngaarde Jan Brandes Managing Director and Director Director Founder of NOAH Advisors With NOAH Advisors since With NOAH Advisors since (April 2009) November 2009 August 2010 Previous Experience Previous Experience Previous Experience • Lehman Brothers, 1998 - April 2009 • Lehman Brothers, 2004 – November • Lehman Brothers, 2005 – May 2010 (acquired by Nomura end 2008) 2009 (acquired by Nomura end 2008) (acquired by Nomura end 2008) - Executive Director, Media Investment - Media Investment Banking - Media Investment Banking Banking - 10+ announced M&A deals, including - 10+ announced M&A deals, including - 30 announced M&A deals with a total for: for: transaction value of over $95bn, including for: Contact Details Contact Details Contact Details • marco.rodzynek@noah-advisors.com • yoram.wijngaarde@noah-advisors.com • jan.brandes@noah-advisors.com • UK Mobile: +44 77 85 330 330 • UK Mobile: +44 79 17 084 784 • German Mobile: +49 174 2010 984 • Swiss Mobile: + 41 79958 1512 9
  10. 10. Why NOAH AdvisorsNOAH Advisors combines unparalleled expertise in European Internet with bulge bracket investment bankingcompetence Unique Industry Know-How Core Investment Banking Competence  100% focused on Internet companies, covering over  The NOAH team has 25+ years of media investment 25 sub-verticals in this highly complex industry banking experience - 15+ years active coverage of leading European - Routine execution of M&A and financing Internet companies and investors transactions with sizes of several billion euros  Deep understanding of industry dynamics and  The team has been working together closely for 7 thinking of industry leaders years (including 6 years at Lehman Brothers)  Ability to add value beyond banking advice  8 successfully completed NOAH Advisors transactions underline successful transfer of competencies to the - Facilitates overall process and minimizes Internet sector management distractionUnmatched Industry Network and Relationships Full Commitment - We Are Entrepreneurs!  NOAH Advisors is globally very well connected and has  The NOAH team are entrepreneurs and focused on direct access to virtually all key players in the industry growing the business and establishing a reputation for excellence - Knowledge of and strong relationships with potential buyers’ key decision makers  Full commitment to deliver top quality results in short time frames - Coverage of over 500 companies and 4,000 individuals  Highly success-based compensation structures align interests of clients and NOAH Advisors, and - Proactively finds and unlocks attractive investment demonstrate conviction to deliver top results opportunities for leading investors (e.g. Bigpoint)  The annual NOAH Conference helps strengthening and expanding the network 10
  11. 11. Completed Transactions December 2011 November 2011 August 2011 July 2011 April 2011 Fund raising for Sale of a majority stake in Sale of a majority stake in Fund raising for have acquired a majority stake in to to for $350m from from various investors including Quants Financial Services AG from various investors Angel Investors Exclusive Financial Advisor to Exclusive Advisor to Summit Partners Advisor to Work4 Labs grupfoni and its Shareholders Advisor to RankAbove Advisor to EnGrande and TA Associates April 2011 April 2011 March 2011 October 2010 June 2010 Fund raising for Sale of a majority stake in Call option agreement Investment in Investment in for an investment in to by by from various investors by an undisclosed party Advisor to AdTelligence Advisor to Yatego Advisor to EnGrande Advisor to JamesList Advisor to BullionVault December 2009 April 2009 Partial sale of $80m partial sale of to to Valuing Softonic at €175m Advisor to Softonic Advisor to Fotolia 11
  12. 12. NOAH’s Networking StrengthLong lasting relationships with companies and investors Internet Coverage of over 4,000 industry leaders: 400 target companies and 150 investors Traditional Large Cap TMT & Retail Angels / Family VC and Hedge Funds Offices Private Growth Equity Funds Maryland Klaus Hommels Armira 12
  13. 13. Financial Investors Present at the NOAH Conference 2011 Venture Capital (€5-20m) Growth Capital (€20-250m) Private Equity (€250-1,000+m) Fund Attendees Key Contact Fund Attendees Key Contact Fund Attendees Key Contact Harry Nelis (hnelis@accel.com) John Meeks (jmeeks@ta.com) Stefan Götz (sgoetz@hf.com) 11 Sonali de Rycker (sderycker@accel.com) 7 Ajit Nedungadi (ajit@ta.com) 9 Zita Saurel (zita@hf.com) Adam Valkin (avalkin@accel.com) Morgan Seigler (mseigler@ta.com) Blake Kleinman (bkleinman@hf.com) Dominique Vidal (dom@indexventures.com) Scott Collins (scollins@summitpartners.com) Philipp Freise (freip@kkr.com) 9 Ben Holmes (benh@indexventures.com) 5 Christian Strain (cstrain@summitpartners.com) 4 Lucian Schoenefelder (lucian.schoenefelder@kkr.com) Jan Hammer (jan@indexventures.com) Vincent Lambert (vlambert@summitpartners.com) Vania Schlogel (vania.schlogel@kkr.com) Hans-Jürgen Schmitz (hans-juergen.schmitz@mangrove-vc.com) Konrad Stoebe (konrad.stoebe@warburgpincus.com) Dominik Stein (dominik.stein@eqt.de ) 3 Eugene Mizin (eugene.mizin@mangrove-vc.com) 5 Steven Klooster (steven.klooster@warburgpincus.com) 4 Christian Schuette (christian.schuette@eqt.de) Guillaume Durao (guillaume.durao@mangrove-vc.com) Johannes Korp (johannes.korp@warburgpincus.com) Anil Hansjee (anil@hansjee.net) Pawel Chudzinski (pawel@pointninecap.com) Frank Seehaus (fs@actoncapital.de) Kai Romberg (kai.romberg@hgcapital.com) 3 Lukasz Gadowski (lukasz@teameurope.net) 3 Jan-Gisbert Schultze (jgs@actoncapital.de) 3 Dan Groen (dan.groen@hgcapital.com) Kolja Hebenstreit (kolja@teameurope.net) Benedikt Sudbrock (bs@actoncapital.de) Sascha Kaumann (sascha.kaumann@hgcapital.com) Roberto Bonanzinga (rbonanzinga@balderton.com) Fabio Giuseppetti (giuseppetti@palamon.com) 2 Karim Tabet (karim.tabet@provequity.co.uk) Dharmash Mistry (dmistry@balderton.com ) 3 Daniel Mytnik (mytnik@palamon.com) Ricardo Caupers (caupers@palamon.com) 3 Bruno Mourgue dA. (bruno.mourguedAlgue@provequity.co.uk) Marcel Rafart (marcel.rafart@nautacapital.com) Andrew Tisdale (andrew.tisdale@provequity.co.uk) 2 Javier Rubio (javier.rubio@nautacapital.com) Marco Brockhaus (brockhaus@brockhaus-pe.com) Karl Peterson (kpeterson@tpg.com) Pär-Jörgen Pärson (pjp@northzone.com) 2 Jan Daniel Neumann (neumann@brockhaus-pe.com) 2 3 Anand Tejani (atejani@tpg.com) Hans Otterling (hans@northzone.com) Jean Baptiste Brian (jbbrian@tpg.com) Andrin Bachmann (andrin.bachmann@pitoncap.com) Chris Caulkin (ccaulkin@generalatlantic.com) 2 Greg Lockwood (greg.lockwood@pitoncap.com) 2 David Lisewski (dlisewski@generalatlantic.com) Tripp Lane (tripp.lane@apax.com) 2 Frank Ehmer (frank.ehmer@apax.de) Alexander Ribbink (alexander@primeventures.com) 2 Rogier Taphoorn (rogier@primeventures.com) Sarah Pinto (spinto@greathillpartners.com) 2 Peter Garran (pgarran@greathillpartners.com) Hubert Deitmers (hubert.deitmers@endeit.com) Andrea Valeri (valeri@blackstone.com) 2 Martijn Hamann (martijn.hamann@endeit.com) 2 Lance Toler (lance.toler@blackstone.com) Alex Gonthier (gonthier@@wellington-partners.com) Jim Quagliaroli (jim@spectrumequity.com) 2 2 Jeff Haywood (jeff@spectrumequity.com) Christian Thaler-Wolski (thaler@wellington-partners.com) Stefan Franssen (stefan.franssen@gmtpartners.com) 2 Natalie Tydeman (natalie.tydeman@gmtpartners.com) 1 Emanuele Levi (emanuele.levi@360capitalpartners.com) Daniel O’Keefe (dokeefe@tcv.com ) 1 Mike Chalfen (mike.chalfen@adventventures.com) 2 Woody Marshall (wmarshall@tcv.com) Hinrich Stahl (hs@maryland-gmbh.de) 1 Mattias Ljungman (mattias@atomicoinvestments.com) 2 Helge Luetzen (hl@maryland-gmbh.de) Stephen Byrne (stephen.byrne@vitruvianpartners.com) 1 Michael Eisenberg (michael@benchmark.com) 2 Jussi Wuoristo (jussi.wuoristo@vitruvianpartners.com) Michael Korzinstone (michael.korzinstone@silverlake.com) 1 Alon Lifshitz (alon@blumbergcapital.com) 2 John Flynn (john.flynn@silverlake.com) 1 Ian Noel (iannoel@bonsaigrupo.com) 1 Fabian Wasmus (fabian.wasmus@eqt.de) Expansion Capital 1 Nic Brisbourne (nic@dfjesprit.com) 1 Jan-Olivier Fillols (jan-olivier.fillols@3i.com) 1 Sebastien Briens (sebastien.briens@hgcapital.com) 1 Ben Tompkins (bt@edenventures.co.uk) Mercury 1 Bernard Vogel (bv@endeavourvision.com) 1 Jens Hagen (jhagen@uk.adventinternational.com) 1 Harley Miller (HMiller@insightpartners.com) 1 Davor Hebel (davor@fgpe.com) 1 Stephen Lowery (stephen.lowery@frogcapital.com) 1 Jörg Mohaupt (jmohaupt@accind.com) 1 Christoph Haschka (christoph.haschka@macquarie.com) 1 Torsten Kreindl (t.kreindl@grazia.com ) 1 Laurel Bowden (lbowden@greylock.com) 1 Michael Black (michael.black@bridgepoint.eu) 1 Mark Joseph (mark.joseph@oakleycapital.com) 1 Martin Weber (martin.weber@holtzbrinck.net) 1 Johan Englund (johan.englund@industrifonden.se) 1 Pueo Keffer (pkeffer@redpoint.com) 1 Jason Khaksar (jason.khaksar@carlyle.com) 1 Baris Aksoy (baris.aksoy@intel.com) 1 Tomasz Czechowicz (czechowicz@mci.eu) 1 Richard Yen (ryen@saban.com) 1 Andrew Young (andrew.young@permira.com) 1 Thomas Preuss (preuss@neuhauspartners.com) 1 Phillippe Collombel (pcollombel@partechventure.com) 1 Morgan Callagy (callagym@vss.com) 1 Tony Askew (tony.askew@reedelsevier.com ) 1 Olivier Sichel (osichel@sofinnova.fr) 1 Mauro Pretolani (mauro.pretolani@tlcom.co.uk) 13
  14. 14. The Universe of Financial European Internet InvestorsNOAH Advisors maintains close contact with key investors in all major categories Venture Capital Growth Funds Buyout Funds Francisco Partners Silverlake Growth Warburg Pincus General Atlantic Carlyle Growth Intel Capital Holtzbrinck Providence Wellington Blackstone Investcorp HG Capital Balderton Spectrum Silverlake Exponent Bessemer Great Hill Vitruvian R Capital Palamon Peacock Sequoia Permira Summit Veronis Advent Fidelity Battery Kennet Carlyle Cinven Insight Endeit Acton Accel Index Cyrte Apax GMT H&F Bain TPG KKR Oak CVC TCV TA(€ million) 3iEU Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔US Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔Internet Deals 1 1 1 1 1 1 1 1 2 1 1 1 1 2 2 1 2 2 2 2 2 2 1 2 2 2 1 1 1 1 2 2 2 2 1 1 2 2 1 3 2 1 3 3 3 2 3 3 1 800 800 750 700 700 Equity Investment Size 600 600 600 Control Investments Only 500 500 500 500 Sweet Spot 500 500 400 400 400 400 300 300 300 300 300 300 300 250 200 200 200 200 200 200 200 200 200 150 150 150 120 100 100 100 150 80 75 100 100 70 70 70 70 70 70 120 60 60 50 50 100 100 100 100 100 100 100 100 35 30 25 25 25 25 25 75 75 75 20 15 60 50 50 50 40 40 40 30 30 30 0 0 25 25 25 20 20 20 20 20 15 15 10 10 10 10 10 10 5 5 5 5 5 5 5 5 2 2Note: Number of previous European Internet deals: 1 - many, 2 - a few, 3 - new to the segment. 14
  15. 15. Internet is a Complex Parallel Economy250 European public/private Internet companies valued at about €100 billion, of which over 150 worth over€120m Aggregated EV Market SizeSegment (€bn) (€bn) Revenue Model Maturity Growth Selected European Market Leaders Consolidation Play eDreams, Booking.com, HRS, hotel.de, Interhome, Pierre & Vacances,Online Travel 15.2 55.0 Transaction Mature 10%  trainline, Holidaycheck, VoyagePrive, SeLogerEmerging Markets 13.4 11.0 Various Early 30% Mail.ru, Seznam, RosBusinessConsulting, Rambler, Naspers, DST  Schibstedt, Scout24, Rightmove, Seloger, Funda, AutoTrader, Stepstone,Online Classified 11.8 11.0 Listing fees Advanced 20%  (Auto) Yakaz, Idealista, Immobiliare.itPrivate Sale 5.4 2.2 Transaction Early 100% Vente Privee, Brands4Friends, KupiVIP, Buyvip, Privalia, Dressforless, Ofertix  Asos, Yoox, Delticom, Priceminister, Lovefilm, Netaporter, BOL, mytoys,E-Commerce 5.3 165.0 Transaction Advanced 25%  (Apparel) zooplus, Laithwaites, Pixmania, HepsiburadaAnti-Virus 5.3 2.2 Subscription/Transaction Early 40% ALWIL, AVG, Avira, Eset, Kaspersky, Sophos, Panda Betting 5.0 2.2 Commission Advanced 15% Betfair, Bwin  Miniclip, Spil, Gameforge, Jagex, Bigpoint, CCP, Ankama, Stardoll, Gameduell,Online Gaming 4.4 5.5 Subscription/ Virtual Items Early 50%  TravianOutsourcing 4.0 3.3 Transaction Advanced 30% D+S, Hermes, Bertelsmann Services Group  Tradedoubler, Adconion, Glam, Hi Media, Bigmouthmedia, Adscale, Conduit,Online Advertising 3.7 22.0 Commission/CPM/CPC/CPA Advanced 15-50%  At Internet, Adtelligence, CriteoMarketplace 3.2 5.5 Commission/ Listing Fees Early 50% Fotolia, Teleroute, Softonic, Bullionvault, Perform Group, Experteer, Artprice VOIP 3.2 0.6 Subscription/Micropayment Early 50% Skype, Truphone Paid Services/Content 2.5 3.3 Subscription/Micropayment Advanced 20% United Internet Social Networks 2.2 0.6 Subscription/Advertising Early 50% Xing, Forticom, Sulake, badoo  Applications 1.8 5.5 Subscription Early 50% Huddle, Netviewer, Teamviewer, Rapidshare, Spinvox, Thunderhead, eBuddy (Remote Access) Moneysupermarket, Confused, Check24, Guenstiger.de, Interhyp, Verivox,Lead Generation 1.8 5.5 CPC/CPA Advanced 25%  MutuiOnlineOnline Payment 1.4 2.2 Commission Advanced 30% Moneybookers, Clear2Pay, Wirecard Info Services 1.3 2.2 Subscription Advanced 10% Boardex, Juris, Bureau van Dijk, Dealogic Mobile Internet 1.3 1.1 Various Early 50% Zed, Acision, Getjar Ticketing 1.2 1.1 Commission Early 60% CTS, Viagogo, Getmein, Seatwave Online Dating 1.1 0.6 Subscription Advanced 20% Parship, Meetic, Be2 Group Buying 1.0 2.0 Commission Early 100%+ GBG, Rebate Networks, Daily Deal, Offerum, Grupfoni, Groupalia Local Advertising 0.6 5.5 Subscription Early 100% Astramedia, Europeweb, Cortix, Proximedia, Eniro Online Video 0.4 < 0.5 CPM Early 100% Smartclip, Sevenload, Perform Online Music 0.4 <0.2 Subscription/Advertising Early 100% Spotify Online Market Research 0.2 1.1 By Project Advanced 20% Metrixlab Note: Values estimated by NOAH Advisors. 15
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