Since 2011, U.S. Internet Advertising companies (+92.3%) have outperformed the NASDAQ (+63.8%), S&P 500 (+54.1%), and MSCI Europe (+43.2%) indexes, along with their international counterparts (+51.1%).

1. Confidential
Internet Advertising Market Update
2Q 2014
Member FINRA

2. 2Confidential
Key Themes for Internet Advertising in 2014
• Innovation in the Internet Advertising ecosystem is being driven by emergence and
confluence of mobile, video, social and programmatic, causing market participants to
scramble to adapt to evolving customer demands
• Current view of the Internet Advertising landscape remains overly complex requiring
unnecessary differentiation, confusing customers
• Expect marketers to gravitate to broader integrated platforms that improve
effectiveness and efficiency of media planning, buying and selling online advertising
• As a result, we expect continued consolidation as leaders assemble more complete
solutions from companies that are actually products / point solutions
• However, because larger, usually public, buyers often require scale, we expect to see
more private to private transactions in 2014 as companies seek to improve
competitive positioning and path to liquidity

3. 3Confidential
Executive Summary
Capital Markets – U.S. Internet Advertising companies continue to outpace their
international counterparts and beat the NASDAQ, S&P 500, and MSCI Europe indexes
Trading Multiples – U.S. Internet Advertising companies are trading at a median LTM
revenue multiple of 3.3x, while International Internet Advertising companies are trading
at a median LTM revenue multiple of 2.6x.
M&A Activity – Strong M&A activity continued in 2Q 2014 with 51 deals totaling to
$1.2B in disclosed value, continuing the massive growth from 1Q. Notable transactions
include GTCR’s acquisition of Vocus ($413M), Google’s acquisition of Adometry ($150M),
and IBM’s acquisition of Silverpop Systems ($235M).
Investment Activity – Once again, investment volume rose by a substantial amount from
1Q 2014. In 2Q 2014, investments increased from 59 to 71 with aggregate deal value
more than doubling from $459M to $1.1B. Notable investments include Campaign
Monitor ($250M) and MediaMath ($176M).

4. 4Confidential
Capital Markets Performance
Since 2011, U.S. Internet Advertising companies (+92.3%) have outperformed the NASDAQ (+63.8%), S&P 500
(+54.1%), and MSCI Europe (+43.2%) indexes, along with their international counterparts (+51.1%).
NASDAQ:
+63.8%
MSCI Europe:
+43.2%
S&P 500:
+54.1%
Int'l. Internet
Advertising
Companies:
+51.1%
_______
Source: Capital IQ; refer to public comps for constituents
-40.00%
-20.00%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
U.S. Internet
Advertising
Companies:
+92.3%

5. 5Confidential
10.9x
5.6x
3.4x
9.5x
2.6x
0.7x 0.2x
1.0x 0.1x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
LTM Revenue Multiple
5.6x
7.3x
1.9x
2.9x
11.2x
4.0x 3.9x 3.2x
6.1x
3.4x
2.6x 3.6x
1.2x
0.7x 0.3x
0.0x
4.0x
8.0x
12.0x
16.0x
LTM Revenue Multiple
Internet Advertising Comparable Public Companies
_______
Source: Capital IQ; companies arranged by descending enterprise value
International Internet Advertising Companies
U.S. Internet Advertising Companies
Median:
3.3x
Median:
2.6x

6. 6Confidential
Public Trading Comparables: Internet Advertising
_______
Source: Capital IQ
Trading Metrics
($ in millions, except per share data) Stock
Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA
Company Ticker 06/30/14 Low High Cap. Value LTM CY 2014E CY 2015E LTM CY 2014E CY 2015E
U.S. COMPANIES
Google Nasdaq:GOOGL $584.67 $418.00 $614.44 $398,072 $349,192 5.6x 5.3x 4.6x 18.8x 13.3x 11.1x
Yahoo! Nasdaq:YHOO 35.13 24.82 41.72 35,677 33,962 7.3x 7.5x 7.3x 38.3x 24.9x 22.8x
IAC/InterActive Nasdaq:IACI 69.23 46.48 80.64 5,608 5,673 1.9x 1.8x 1.6x 10.7x 9.4x 7.8x
Conversant Nasdaq:CNVR 25.40 18.62 28.79 1,720 1,690 2.9x 2.7x 2.5x 8.3x 8.0x 7.2x
Marketo Nasdaq:MKTO 29.08 21.15 45.00 1,328 1,218 11.2x 8.6x 6.5x NM NA NA
comScore Nasdaq:SCOR 35.48 24.31 36.23 1,207 1,178 4.0x 3.6x 3.1x 46.6x 18.3x 14.6x
RocketFuel Nasdaq:FUEL 31.09 19.31 71.89 1,273 1,084 3.9x 2.6x 1.6x NM NM 29.2x
Constant Contact Nasdaq:CTCT 32.11 16.08 32.91 1,071 940 3.2x 2.8x 2.5x 30.8x 15.5x 12.5x
Rubicon Project NYSE:RUBI 12.84 11.15 23.20 517 553 6.1x 4.9x 3.7x NM NA NM
Jive Software Nasdaq:JIVE 8.51 6.75 18.48 627 521 3.4x 3.0x 2.5x NM NA NA
Marchex Nasdaq:MCHX 12.02 5.43 12.84 480 442 2.6x 2.4x 2.2x NM 30.4x 24.7x
Marin Software NYSE:MRIN 11.77 8.41 14.37 392 301 3.6x 3.1x 2.6x NM NA NA
Sizmek Nasdaq:SZMK 9.53 8.40 13.25 290 207 1.2x 1.1x 1.0x 10.2x 8.8x 6.3x
QuinStreet Nasdaq:QNST 5.51 5.10 9.71 242 203 0.7x 0.7x 0.7x 9.6x 7.8x 7.0x
ReachLocal Nasdaq:RLOC 7.03 5.87 14.45 204 130 0.3x 0.3x 0.2x 28.0x 48.4x 5.4x
Local.com Nasdaq:LOCM 2.08 1.44 2.30 48 59 0.6x 0.6x 0.5x NM 17.5x 8.5x
High 11.2x 8.6x 7.3x 46.6x 48.4x 29.2x
Mean 3.7x 3.2x 2.7x 22.4x 18.4x 13.1x
Median 3.3x 2.8x 2.5x 18.8x 15.5x 9.8x
Low 0.3x 0.3x 0.2x 8.3x 7.8x 5.4x
INTERNATIONAL COMPANIES
Baidu Nasdaq:BIDU $186.81 $88.89 $189.34 $65,460 $62,283 10.9x 8.0x 5.9x 26.9x 26.6x 18.7x
Yahoo Japan TSE:4689 4.62 4.03 6.60 26,314 20,973 5.6x 5.2x 4.9x 10.0x 10.2x 8.8x
Rakuten TSE:4755 12.92 10.70 18.20 17,073 18,013 3.4x 3.1x 2.8x 15.8x 14.2x 11.3x
Yandex Nasdaq:YNDX 35.64 21.70 45.42 11,585 11,444 9.5x 7.9x 6.4x 24.3x 19.0x 15.0x
Criteo Nasdaq:CRTO 33.77 25.16 60.95 2,084 1,767 2.6x 1.9x 1.4x 41.4x 26.3x 14.3x
Hi-Media ENXTPA:HIM 3.72 2.26 3.90 167 170 0.7x 0.7x 0.6x 18.1x 10.9x 9.2x
TradeDoubler OM:TRAD 1.78 1.77 3.56 75 47 0.2x 0.2x 0.2x 8.1x 4.5x 4.0x
Weborama ENXTPA:ALWEB 11.73 11.13 18.92 41 38 1.0x 1.1x NM 13.9x 6.5x NA
ad pepper media Int'l XTRA:APM 1.31 1.06 1.94 28 8 0.1x 0.1x 0.1x NM NA 21.3x
High 10.9x 8.0x 6.4x 41.4x 26.6x 21.3x
Mean 3.8x 3.1x 2.8x 19.8x 14.8x 12.8x
Median 2.6x 1.9x 2.1x 17.0x 12.6x 12.8x
x Low 0.1x 0.1x 0.1x 8.1x 4.5x 4.0x

7. 7Confidential
Public Operating Comparables: Internet Advertising (Cont.)
_______
Source: Capital IQ
Operating Metrics
($ in millions, except per share data)
LTM Revenue Growth LTM Revenue EBITDA
Company Ticker As Of '13A-'14E '14E-'15E GM LTM CY 2014E CY 2015E LTM CY 2014E CY 2015E
U.S. COMPANIES
Google Nasdaq:GOOGL Mar 2014 10% 16% 57% $62,294 $65,535 $75,755 $18,582 $26,294 $31,414
Yahoo! Nasdaq:YHOO Mar 2014 2% 3% 71% 4,673 4,502 4,648 887 1,363 1,492
IAC/InterActive Nasdaq:IACI Mar 2014 6% 9% 68% 3,021 3,208 3,495 529 601 728
Conversant Nasdaq:CNVR Mar 2014 8% 8% 68% 585 617 668 204 212 236
Marketo Nasdaq:MKTO Mar 2014 47% 32% 63% 108 141 186 NM NA NA
comScore Nasdaq:SCOR Mar 2014 13% 15% 69% 295 325 374 25 64 81
RocketFuel Nasdaq:FUEL Mar 2014 75% 57% 49% 277 422 663 NM 4 37
Constant Contact Nasdaq:CTCT Mar 2014 16% 14% 72% 296 330 376 30 60 75
Rubicon Project NYSE:RUBI Mar 2014 35% 32% 82% 90 113 149 NM NA 6
Jive Software Nasdaq:JIVE Mar 2014 19% 18% 62% 153 174 205 NM NA NA
Marchex Nasdaq:MCHX Mar 2014 23% 10% 38% 168 187 205 8 15 18
Marin Software NYSE:MRIN Mar 2014 26% 20% 61% 83 97 117 NM NA NA
Sizmek Nasdaq:SZMK Mar 2014 14% 13% 66% 165 184 209 20 23 33
QuinStreet Nasdaq:QNST Mar 2014 (7%) 4% 17% 291 281 291 21 26 29
ReachLocal Nasdaq:RLOC Mar 2014 (2%) 9% 50% 517 506 552 5 3 24
Local.com Nasdaq:LOCM Mar 2014 13% 9% 26% 99 106 116 NM 3 7
INTERNATIONAL COMPANIES
Baidu Nasdaq:BIDU Mar 2014 49% 36% 70% 5,706 7,748 10,570 2,315 2,342 3,329
Yahoo Japan TSE:4689 Mar 2014 11% 5% 84% 3,752 4,045 4,267 2,087 2,056 2,372
Rakuten TSE:4755 Mar 2014 18% 12% 100% 5,281 5,830 6,545 1,137 1,265 1,589
Yandex Nasdaq:YNDX Mar 2014 30% 24% 72% 1,205 1,440 1,779 470 601 761
Criteo Nasdaq:CRTO Mar 2014 50% 36% 36% 691 918 1,244 43 67 123
Hi-Media ENXTPA:HIM Dec 2013 1% 4% 22% 255 258 268 9 16 19
TradeDoubler OM:TRAD Mar 2014 (13%) 7% 23% 296 270 289 6 11 12
Weborama ENXTPA:ALWEB Dec 2013 (0%) NA 14% 39 35 NA 3 6 NA
ad pepper media Int'l XTRA:APM Mar 2014 (3%) 9% 40% 66 67 72 NM NA NA

8. 8Confidential
Internet Advertising M&A Volume Rising
_______
Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction values
Top 3 acquisitions with disclosed transaction values
Average LTM Revenue Multiple
2011 2012 2013
7.8x 6.7x 6.1x
Top 3 Acquisitions by Quarter ($M) – Target / Acquirer
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
EyeWonder /
DG
($66)
Efficient Frntr. /
Adobe
($400)
iContact /
Vocus
($179)
Buddy Media /
Salesforce
($689)
Wildfire /
Google
($350)
Eloqua /
Oracle
($956)
Channel Intel /
Google
($125)
ExactTarget /
Salesforce
($2,500)
DG (assets) /
Extreme Reach
($485)
Valassis /
Harland Clarke
($1,947)
BlueKai /
Oracle
($420)
Vocus /
GTCR
($413)
Vovici /
Verint
($57)
Interclick /
Yahoo!
($270)
BeeAd /
ebuzzing
($13)
Demandforce /
Intuit
($424)
SPEED FC /
Navarre
($50)
Pardot /
ExactTarget
($96)
AfterDownload /
ironSource
($28)
Hybris /
SAP
($1,341)
Adap.tv /
AOL
($465)
Responsys /
Oracle
($1,608)
FreeWheel /
Comcast
($320)
Silverpop /
IBM
($235)
Prospectiv /
Affinion
($30)
Auditude /
Adobe
($120)
Kontexto /
Sargas
($10)
Vitrue /
Oracle
($325)
TigerLead /
Move
($22)
ClickMotive /
DealerTrak
($62)
Akamai(asset) /
MediaMath
($25)
Neolane /
Adobe
($600)
Locu /
GoDaddy
($70)
Dealer.com /
DealerTrack
($987)
Klout /
Lithium Tech.
($200)
Adconion /
Amobee
($235)
31
26
23 24 24 24
16
23
27
32
53
51
$201
$798
$227
$1,723
$457
$1,180
$191
$4,804
$1,138
$4,812
$1,128
$1,203
0
10
20
30
40
50
60
0
1,000
2,000
3,000
4,000
5,000
6,000
3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014
# Deals$ in millions
Deal Volume Deal Value ($M)

9. 9Confidential
Top Acquirers in Internet Advertising Market
Buyer # Acquisitions Total Value ($M) Targets
Google 7 1,025.0 Admeld, Adometry, Channel Intelligence, Incentive Targeting, mDialog, Wildfire, Zave Networks
Yahoo! 5 335.5 5to1.com, AdMovate, Interclick, Palaran, Ztelic
Oracle 5 3,308.7 BlueKai, Eloqua, Involver, Responsys, Vitrue
Adobe 5 1,120.0 Auditude, Demdex, Efficient Frontier, Neolane, Search Discovery
DG 4 597.6 EyeWonder, MediaMind, Peer39, Republic Project
Top Acquirers by Volume – Four or More Acquisitions, 2011 – Present
Buyer Total Value ($M) Targets
Salesforce 3,515.0 Buddy Media, ExactTarget, Radian6
Oracle 3,308.7 BlueKai, Eloqua, Involver, Responsys, Vitrue
Harland Clarke Holdings 1,946.5 Valassis Communications
SAP 1,381.0 Hybris, KXEN, SeeWhy
Adobe 1,120.0 Auditude, Demdex, Efficient Frontier, Neolane, Search Discovery
DealerTrack 1,048.5 ClickMotive, Dealer.com
Google 1,025.0 Admeld, Adometry, Channel Intelligence, Incentive Targeting, mDialog, Wildfire, Zave Networks
DG 597.6 EyeWonder, MediaMind, Peer39, Republic Project
AOL 539.1 Adap.tv, Goviral
Extreme Reach 485.0 DG (assets)
GTCR 446.5 Vocus
Intuit 423.5 Demandforce
Trulia 355.0 Market Leader
Top Acquirers by Total Transaction Value – $350M or More, 2011 – Present
_______
Source: 451 Group

10. 10Confidential
On May 6, 2014
ACQUIRED
Transaction Overview:
• $150 million cash acquisition of Adometry by Google
• Adometry had $20 million LTM revenue as of December 31, 2013,
putting the TTM revenue multiple at 7.5x
• Prior to acquisition, Adometry had raised $29.1M from four rounds of VC
funding led by Shasta Ventures, Sierra Ventures, and Austin Ventures
Target Description:
• Provides online advertising analytics and customer analytics SaaS for
businesses and advertisers. Software helps customers optimize their
advertising campaigns by increasing targeting effectiveness and better
allocating advertising expenditures.
Transaction Commentary:
• According to Paul Pellman, CEO of Adometry, “Not only does Google
focus on innovation and solving big problems, but also like Adometry,
they seek to provide brands and their agency partners with the analytics
and insights to improve the performance of their marketing campaigns.”
• According to Paul Muret, Google Analytics’ VP of Engineering, “Google
Analytics Premium and its hundreds of customers will now have an
additional set of tools to accomplish their business and marketing goals."
Internet Advertising M&A Case Study
_______
Source: 451 Group; Acquirer Press Release, Company Website, Crunchbase

11. 11Confidential
Internet Advertising Investment Volume On the Uptick
_______
Source: PitchBook; includes transactions with disclosed, estimated, undisclosed transaction values
Top 3 investments with disclosed investment values
76
60 60
72
56
69 71
85
63
45
59
71
$485
$360
$277
$700
$360
$432
$519
$488
$554
$268
$459
$1,071
0
10
20
30
40
50
60
70
80
90
0
200
400
600
800
1,000
1,200
3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014
$ in millions
Investment Volume Investment Value ($M)
# Investments
Top 3 Investments by Quarter ($M)
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
Adchemy
($61)
Marketo
($50)
Marin
($35)
BazaarVoice
($104)
Dianping.com
($60)
ignitAd
($65)
AppNexus
($75)
Brand Ntwk
($68)
Droga5
($225)
Komli Media
($30)
Appforma
($80)
Campaign
Montor
($250)
Buddy Media
($54)
ExactTarget
($40)
eMarketer
($25)
AVITO.ru
($75)
Criteo
($39)
HubSpot
($35)
Infusionsoft
($60)
BrightEdge
($43)
Videology
($68)
BrightTag
($27)
Turn
($80)
MediaMath
($176)
Reply!com
($41)
Radiate Media
($22)
Unruly
($25)
XL Marketing
($70)
Say Media
($27)
Emailvision
($30)
AVITO.ru
($50)
MarketShare
($38)
SugarCRM
($40)
Vungle
($19)
Integral Ad
($30)
AdRoll
($70)

12. 12Confidential
Top Investors in Internet Advertising Market
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Investor Investments Targets
500 Startups 26
AdStage, BackType, Boostable, BrandCont, Capseo, Central Mayoreo, Conekta, Crowdrally, Ginzamarkets, Iterable, LocBox, MarketVibe,
OwnLocal, PostRocket, Privy, Regresa Pronto, ShareRoot, Skimbit, Spinnakr, Unbounce Marketing, Vid Network, Virool, Vungle
First Round Capital 21
33Across, Altruik, AppNexus, DoubleVerify, Elicit, Flurry, Handshakez, Jirafe, Moat, Nomi, Say Media, SinglePlatform, Solve Media,
VigLink
SV Angel 20
Booshaka, Boostable, Custora, Heap, Moat, Nomi, NowSpots, Pipewise, SocialFlow, SteelHouse, TellApart, TT Labs, Tubular Labs,
Vungle, WibiData, Wish, Yext
Draper Fisher Jurvetson 19
4INFO, AdXpose, Flurry, ignitAd, InsightSquared, iSocket, Komli Media, PubMatic, Servio, StrikeAd, SugarCRM, Tremor Video,
Virool, Yodle
Sequoia Capital 17 AgilOne, Dianping.com, Flite, HubSpot, Innovid, Kahuna, Kenshoo, Kontera Technologies, Lattice Engines, Taykey
Greycroft Partners 16
33Across, Elicit, Media Armor, Netsertive, Nomi, Performance Horizon Group, Radiate Media, Resonate Networks, Skimbit,
SteelHouse, TagMan
Accel Partners 14 AdRoll, AVITO.ru, Collective, Dealer.com, ,Genius.com, LocBox, MoPub, myThings, Nomi, OpenX Software, YuMe
Battery Ventures 14 BrightEdge Technologies, ExactTarget, Kontagent, Lotame Solutions, Marketo, Smarter Remarketer, Sprinklr, Tapad, Tealium
Intel Capital 12 [x+1], BrightEdge Technologies, Delivery Agent, HookLogic, Movable Inc, Sprinklr, Vizury, YuMe, Zamplus Technology
Atlas Venture 11 Bluetrain Mobile, DataXu, InsightSquared, Integral Ad Science, Privy, Unbounce Marketing
New Enterprise Associates 11 BloomReach, Compass Labs, Lattice Engines, Millennial Media, Say Media, SugarCRM, TrackMaven, Videology, WibiData
Bertelsmann Digital Media
Investments
11 Adomic, Content Fleet, CrowdTwist, Deal United, Regiohelden, Semasio, SensorTower, Skimbit
SoftTech VC 10 iSocket, Kahuna, Rapleaf, StrikeAd, TurnHere, VigLink, Vungle
Y Combinator 10 AdGrok, BackType, Boostable, Custora, Heap, LocalOn, Orankl, Reebee, TT Labs, Virool
Top Investors by Volume, 2011 – Present

13. 13Confidential
Top Seed and Series A Investors in Internet Advertising Market
Investor Investments Targets
500 Startups 22
AdStage, BackType Boostable, Capseo, Central Mayoreo, Conekta, Crowdrally ,Iterable, LocBox, MarketVibe, PostRocket, Privy,
Regresa Pronto, ShareRoot, Spinnakr, Unbounce Marketing, Vid Network, Virool, Vungle
SV Angel 13 Booshaka, Boostable, Custora, Heap, Moat, Nomi, NowSpots, Pipewise, SocialFlow, TT Labs, Tubular Labs, Vungle
First Round Capital 10 Altruik, Elicit, Handshakez, Jirafe, Moat, Nomi, Say Media, SinglePlatform, Solve Media
Y Combinator 10 AdGrok, BackType, Boostable, Custora, Heap, LocalOn, Orankl, Reebee, TT Labs, Virool
Lerer Hippeau Ventures 6 Bloglovin, Bottlenose, GraphEffect, Moat, Tubular Labs
RRE Ventures 6 Bloglovin, Pontiflex, SinglePlatform, SocialFlow, Yieldbot
TechStars 6 AdYapper, Bizible, MarketVibe, Mobintent, Simple Energy, SimpleRelevance
Betaworks 6 Bloglovin, Namo Media, SocialFlow, Teleportd
Atlas Venture 5 Bluetrain Mobile, InsightSquared, Privy, Unbounce Marketing
CommonAngels 5 InsightSquared, Linkable Networks, Yieldbot
Draper Associates 5 Autopilot, MomentFeed, Vungle
ff Venture Capital 5 Bottlenose, Elicit, Movable Inc, Parse.ly
Founder Collective 5 BackType, Custora, GraphEffect, Moat, ThriveHive
Greycroft Partners 5 Elicit, Media Armor, Nomi, TagMan
Top Investors by Volume, 2011 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target

14. 14Confidential
Top Series B and C Investors in Internet Advertising Market
Investor Investments Targets
Sequoia Capital 10 AgilOne, Dianping.com, Flite, Innovid, Lattice Engines, Taykey
Battery Ventures 8 BrightEdge Technologies, Kontagent, Sprinklr, Tapad, Tealium
Greycroft Partners 6 Netsertive, Resonate Networks, Skimbit, SteelHouse, TagMan
First Round Capital 6 33Across, DoubleVerify, Moat, Solve Media, VigLink
Intel Capital 6 BrightEdge Technologies, HookLogic, Movable Inc, Sprinklr, Vizury
Draper Fisher Jurvetson 5 ignitAd, InsightSquared, iSocket, Servio
Ignition Partners 5 Dianping.com, Moz, Visible Technologies
New Enterprise Associates 5 BloomReach, Compass Labs, Lattice Engines, Videology, WibiData
Top Investors by Volume, 2011 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target

15. 15Confidential
Top Series D+ Investors in Internet Advertising Market
Investor Investments Targets
Norwest Venture Partners 8 Act-On Software, Komli Media, True[x] Media, Turn
Draper Fisher Jurvetson 7 4INFO, AdXpose, Flurry, Komli Media, PubMatic, SugarCRM, Tremor Video, Yodle
Focus Ventures 5 Delivery Agent, Marin Software, Turn
Menlo Ventures 5 DataXu, Flurry, YuMe
SAP Ventures 5 Criteo, Marin Software, OpenX Software, Tremor Video
Accel Partners 5 AdRoll, Genius.com, OpenX Software, YuMe
Institutional Venture
Partners
5 AdRoll, Buddy Media, Marketo, Yext
Crosslink Capital 4 Flurry, Marin Software
First Round Capital 4 33Across, AppNexus, Flurry
Panorama Capital 4 33Across, JiWire, Zoove
Scale Venture Partners 4 BrightRoll, Demandbase, HubSpot
Trident Capital 4 BrightRoll, JiWire, Turn
Top Investors by Volume, 2011 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target

16. 16Confidential
On June 3, 2014
INVESTED IN
Transaction Overview:
• $176 million Series C funding by MediaMath by Akamai Technologies, Catalyst
Investors, Safeguard Scientifics, Spring Lake Equity Partners, and Observatory
Capital Management
• Spring Lake led round with $73.5M; $102.5M debt facility from SVB
• Post-money valuation in range of $623.5M to $673.5M
Target Description
• Provider of cross exchange advertising management services and technology.
MediaMath’s TerminalOne Marketing Operating System allows marketers to
activate data, automate execution, and optimize consumer interactions across
multiple channels.
Transaction Commentary:
• According to Forbes, MediaMath boosted sales revenue from $135 million and
$600,000 EBITDA in 2012 to $311 million and $14 million EBITDA in 2013
• Growth remains over 100% in 2014
• Quoting CEO Joe Zawadzki on Spring Lake’s investment: “Their strategic
insights, deep relationships, and significant resources will play an important role
in this next phase of the company's, and the industry's, evolution“
• Funding will be used to continue rapid global growth, support its new
international offices in EMEA, APAC, and Latin America, and more quickly
develop new products and features of TerminalOne Marketing OS
Internet Advertising Investment Case Study
_______
Source: Forbes, PitchBook, Company website

17. 17Confidential
HAS BEEN ACQUIRED BY
A DIVISION OF
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
Headwaters Is Your Premier Choice
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
• We are seasoned bankers, technologists, and strategists
• Relevant transaction expertise
• Completed multiple Internet Advertising (“IA”) transactions with many strategic
acquirers and investors
• Strong relationships with key strategic parties
• Sector focus and industry experience mean we are in frequent communication with
likely interested acquirers and investors
• Over 350 Companies covered in Internet Advertising
• Direct market coverage gives us unique insights regarding:
 Strategic targets and investors ▪ IA IP / value chain
 Competitive and adjacent market activity ▪ Growth markets
• Highly customized process to fit specific dynamic context
 One size fits all auction processes not the best in IA
 We run a focused, intelligent process with proper company positioning tailored to
specific acquirers selected for premium valuation
• We think “outside the box” – complex situations require creative
solutions
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
2013 TMT DEAL OF THE
YEAR <$100M
CONSUMER SERVICES
DEAL OF THE YEAR
2012 TMT DEAL OF THE
YEAR <$100M
THE 11th ANNUAL
2012 WINNER
INVESTMENT BANK
OF THE YEAR
2013 FINALIST
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller

18. 18Confidential
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
15+ Years of Internet Advertising Success
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
IPO
Lead Manager
IPO
Lead Manager
IPO
Lead Manager
HAS ACQUIRED
Fairness Opinion to
the Buyer
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
A DIVISION OF
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
IPO
Co-Manager
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
2014
_______
Certain transactions executed by Headwaters TMT bankers at prior firms
Under LOI
Current Pipeline
Project
Leader
Social Intent Targeting
Cross Platform Ad
Network
Sell-Side Advisor
Project
Prime
Digital Publishing
Solutions
Software Platform
Sell-Side Advisor
Project
Dynamite
Mobile Marketing
Automation
Platform
Sell-Side Advisor
Project
Rocket
Internet Advertising
Local Online Marketing
Solutions
Sell-Side Advisor

19. 19Confidential
Contact Us
www.headwatersmb.com
John Batdorf
Managing Director
Head of Software & Internet
Investment Banking
Office: (415) 926-7454
Cell: (415) 847-8805
jbatdorf@headwatersmb.com
135 Main St
Suite 800
San Francisco, CA 94105

20. 20Confidential
Disclaimer
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advice.

21. 21Confidential
Appendix
2Q 2014 Internet Advertising
Precedent M&A Transactions

22. 22Confidential
Date Target Target Description Acquirer(s)
Enterprise
Value ($M)
EV /
LTM Rev.
06/30/14 Grow Mobile Inc.
Provides mobile advertising campaign creation, management, tracking and purchasing
software for businesses.
Perion Network Ltd. [fka
IncrediMail]
17.0 --
06/26/14 Synference Ltd.
Provides web analytics, multivariate testing, pricing optimization and Web content
management SaaS for businesses.
Optimizely Inc. -- --
06/23/14 Team Internet AG
Provides search engine optimization and direct navigation traffic advertising SaaS for
marketers and businesses through www.dntx.com. Also provides an online domain
name resale marketplace through www.parkingcrew.com.
Matomy Media Group -- --
06/19/14
Aito Technologies
(assets)
The business assets of Aito Technologies, which provides customer analytics, mobile
device management, billing and usage software for the telecommunications sector.
Software also enables wireless telecom service providers to business data.
EXFO -- --
06/19/14 mDialog
Provides video streaming-focused advertising and Web analytics SaaS to enable ad
insertion across Internet-connected devices such as mobile phones, tablets, laptops and
smart TVs for the media programming and distribution industries.
Google Inc. -- --
06/13/14 Leadformance
Provides store and product locator e-commerce SaaS to enable businesses to connect
their online website visitors to point-of-sale networks via individually created microsites.
Solocal Group SA [fka
PagesJaunes Groupe SA]
-- --
06/12/14 Medio Systems, Inc.
Provides businesses with predictive customer analytics SaaS to enable Web usage
pattern-focused location-based advertisements and recommendations to smartphone
users.
HERE [fka Nokia Maps] [Nokia
Corporation]
-- --
06/11/14
Upfront Digital Media
[fka Legolas Media]
Provides mobile, video and web marketing automation and data management analytics
SaaS for marketers, publishers, advertising agencies and data providers. Also operates
an online exchange that enables businesses to bid advertising space.
Undertone, Inc. [aka Intercept
Interactive Inc. [fka Undertone
Networks]
-- --
06/10/14 Adconion Direct
Provides online cross-channel advertising (mobile, web, video, email, and social media),
SEO and related marketing analytics SaaS for marketers and businesses.
Amobee, Inc. [Singapore
Telecommunications Limited
[aka SingTel]]
235.0 1.3x
_______
Source: 451 Group
EV ($M)
EV/LTM
Revenue
High $413.1 7.5x
Mean 167.9 3.5x
Median 150.0 2.9x
Low 17.0 1.3x
2Q 2014 Precedent M&A Transactions

23. 23Confidential
Date Target Target Description Acquirer(s)
Enterprise
Value ($M)
EV /
LTM Rev.
06/10/14 EdgeRank Checker
Provides Web analytics SaaS that monitors Facebook news feeds to measure the
effectiveness of social media marketing campaigns for marketers and businesses
globally.
Socialbakers [fka Candytech] -- --
06/10/14
Precise Media Group
Holdings Ltd
Provides reputation and social media management SaaS and services for corporations,
major brands, financial institutions and small to medium-sized businesses worldwide.
Kantar Media [WPP] -- --
06/10/14 buuteeq, Inc.
Provides digital marketing SaaS, that includes applications for advertising, analytics and
online booking, as well as website hosting services for the hotel sector worldwide.
The Priceline Group [dba
Priceline.com]
-- --
06/09/14 Abacast Inc.
Provides online and mobile audio streaming advertising network and ad insertion SaaS
called Clarity, for broadcasters.
WideOrbit, Inc. -- --
06/04/14 Measureful
Provides a marketing analytics reporting SaaS that integrates with Google and social
media sites such as Facebook and twitter for marketers and businesses.
Chirpify -- --
06/03/14
Metaboli SA (white
label division)
The white label division of Metaboli, which provides online video game retailing and e-
commerce SaaS to enable video game publishers to manage their catalogs and sell
digital video games online and across PC and Android devices.
Nexway S.A.S. -- --
06/03/14 Pryte Ltd.
Provides mobile application distribution SaaS to enable mobile operators to offer mobile
data packages that include subscription-based cloud-based mobile applications and data
storage.
Facebook [NASDAQ: FB] -- --
06/03/14 TruCentric Inc.
Provides targeted marketing and website personalization SaaS for e-commerce
businesses. Software includes real-time customer tracking and analytics, online and
email marketing and advertising and targeted web content.
Acquia -- --
06/02/14 Clinknow
Provides consumer spending data tracking SaaS for businesses and a related mobile
customer loyalty rewards program application for consumers through
www.clinknow.com.
Ezetap Private Ltd -- --
_______
Source: 451 Group
EV ($M)
EV/LTM
Revenue
High $413.1 7.5x
Mean 167.9 3.5x
Median 150.0 2.9x
Low 17.0 1.3x
2Q 2014 Precedent M&A Transactions (Cont.)

24. 24Confidential
Date Target Target Description Acquirer(s)
Enterprise
Value ($M)
EV /
LTM Rev.
06/02/14
NowSpots, Inc. [dba
Perfect Audience]
Provides display and Facebook and Twitter retargeting SaaS for advertisers and
businesses. Software advertises to individuals who either did not respond to initial
advertisements on websites, or did not make a purchase on the businesses' websites.
Marin Software, Inc. 22.8 --
05/29/14 DC Storm Ltd.
Provides online marketing performance management and reporting SaaS for advertisers.
Software enables the measurement and optimization of pay-per-click marketing
campaigns, tag management and advertising tracking for digital advertisers.
Rakuten Marketing -- --
05/28/14 Cognitive Match
Provides ad optimization SaaS to target online and mobile advertising content for
advertisers, agencies and media sellers. Software enables tracking of potential
customers and targeted advertising based on customer tracking of browsing history.
Magnetic Media Online, Inc. -- --
05/28/14 Distimo Holding B.V.
Provides mobile application store analytics and mobile advertising SaaS for app
developers and businesses globally. Software enables developers to track downloads,
revenue and rankings via a dashboard, API, a daily email or mobile application.
App Annie Limited -- --
05/28/14 Intweetiv
Provides online marketing content optimization SaaS for Twitter-based marketing
campaigns. Application provides pre-written content and ideas for content to post to
Twitter accounts to increase business visibility.
Post Planner, Inc. -- --
05/28/14 iHance Inc.
Provides an email marketing SaaS that connects with Salesforce.com to generate and file
sales leads, contact information and follow-up communications with customers for
businesses.
InsideSales.com -- --
05/27/14
IGA Worldwide (in-
game advertising
technology)
The in-game advertising technology of IGA Worldwide, which provides a real-time in-
game advertising network for marketers to enable in-game ad streaming in PC-based,
mobile and console video games.
RapidFire, Inc. -- --
05/27/14 ReachFactor
Provides search engine optimization and social media marketing SaaS for real estate
agents and mortgage brokers. Software enables real estate professionals to improve
their search rankings, manage their online reputations, and promote properties.
Realbiz Media Inc. -- --
05/21/14 Whoosh Traffic
Provides search engine optimization (SEO), Internet traffic statistics reporting and
Google ranking analysis and tracking SaaS for online advertisers and businesses.
OwnLocal, Inc. -- --
_______
Source: 451 Group
EV ($M)
EV/LTM
Revenue
High $413.1 7.5x
Mean 167.9 3.5x
Median 150.0 2.9x
Low 17.0 1.3x
2Q 2014 Precedent M&A Transactions (Cont.)

25. 25Confidential
Date Target Target Description Acquirer(s)
Enterprise
Value ($M)
EV /
LTM Rev.
05/20/14 SeeWhy
Provides customer marketing automation SaaS for online retailers that sends emails and
social media messages to consumers who have abandoned their shopping cart with the
goal of bringing them back to the businesses’ websites to complete the sale.
SAP AG -- --
05/14/14 MediaV
Provides advertising tracking analytics and campaign management software and services
for advertisers and businesses in China.
Qihoo 360 Technology
Company Limited
-- --
05/08/14 Brandify Inc.
Provides SaaS that scores businesses marketing, advertising and brand awareness.
Software analyzes a brand€™s presence on social media and business information networks
and calculates a score based on customers€interactions with the brand.
Where 2 Get It, Inc. [dba
Where2GetIt]
-- --
05/07/14 Keycrunch AB
Provides subscription-based Google AdWords search engine optimization (SEO) SaaS for
online merchants. Software enables advertisers to develop keyword-enhanced,
product-specific ads for easy discovery in consumer Internet searches.
Jetshop AB -- --
05/06/14
Adometry [fka Click
Forensics]
Provides online advertising analytics and customer analytics SaaS for businesses and
advertisers. Software helps customers optimize their advertising campaigns by
increasing targeting effectiveness and better allocating advertising expenditures.
Google Inc. 150.0 7.5x
05/05/14 Adchemy, Inc.
Provides online marketing campaign management SaaS for businesses, with a focus on
search engine marketing and software, semantics search and analytics. Software uses
customer keyword searches to direct and scale online advertising campaigns.
@WalmartLabs [Wal-Mart
Stores Inc.]
-- --
05/05/14
PNI Digital Media [fka
PhotoChannel
Networks, Inc.]
Provides consumer product personalization SaaS that enables retailers to design and sell
customized photo prints and gifts online, in stores and via consumer-facing kiosks.
Staples Inc. 62.2 2.9x
04/30/14 Fivia SA [IPMG]
Provides automated inventory, order and billing management software, and online ad
campaign management and Web-based online advertising information databases for the
online advertising industry.
WideOrbit, Inc. -- --
04/29/14
4DK Technologies,
Inc.
Provides businesses with mobile customer analytics and marketing automation SaaS
that sends advertisements to consumers who enter the proximity or a retailer. Also
provides related application development services and systems integration services.
Radius Networks, Inc. -- --
_______
Source: 451 Group
EV ($M)
EV/LTM
Revenue
High $413.1 7.5x
Mean 167.9 3.5x
Median 150.0 2.9x
Low 17.0 1.3x
2Q 2014 Precedent M&A Transactions (Cont.)

26. 26Confidential
Date Target Target Description Acquirer(s)
Enterprise
Value ($M)
EV /
LTM Rev.
04/24/14 JasperLabs, Inc.
Provides online display and multimedia banner advertising SaaS for online advertisers.
Software enables the deployment and real-time editing of targeted, relative advertising
based on the consumer's location, user platform and customized search criteria.
DataXu -- --
04/24/14 Tactads
Provides advertising tracking and targeting software both without using cookies and
across multiple connected devices for digital advertisers. Software enables the
automatic detection of consumer's device for proper display of targeted advertising.
MediaMath -- --
04/16/14
Turiya Media Inc.
[dba Playnomics]
Provides customer predictive analytics and marketing analytics SaaS for use by
businesses in their marketing campaigns. Software is targeted at mobile application and
video game developers and marketers.
Unity Technologies -- --
04/15/14 addGloo
Provides semantic demand-side real-time bidding (RTB) SaaS for small to medium-sized
online marketers. Software enables advertisers to bid for ad space based on keyword-
targeted searches by Internet users.
Vertical Search Works -- --
04/10/14 AdQuantic
Provides pay-per-click (PPC) advertising campaign bid optimization and campaign
management SaaS for businesses in Europe. Also provides related Web analytics.
Criteo SA [NASDAQ:CRTO] -- --
04/10/14
Silverpop Systems
Inc.
Provides email marketing campaign creation, management and analytics software as a
service (SaaS) for businesses globally. Also provides sales lead generation and
management and marketing automation SaaS.
IBM Corporation 275.0 3.4x
04/07/14 Vocus, Inc.
Provides public relations management and business intelligence (BI) software as a
service (SaaS) for businesses. Software provides a database of press and media contacts
and offers social media and news monitoring and press release distribution features.
GTCR, LLC 413.1 2.2x
04/07/14
8thBridge, Inc. [fka
Alvenda, Inc.]
Provides customer analytics, social network discovery and marketing automation SaaS
that enables businesses to gather information from consumers via social media and
provide related targeted marketing.
Fluid Inc. -- --
04/04/14
GENIEgroup [dba
adGENIE]
Provides banner ad pre-targeting and re-targeting SaaS for online advertisers. Software
enables the placement of relevant, customer analytics-based advertisements on
websites.
Ve Interactive Ltd -- --
_______
Source: 451 Group
EV ($M)
EV/LTM
Revenue
High $413.1 7.5x
Mean 167.9 3.5x
Median 150.0 2.9x
Low 17.0 1.3x
2Q 2014 Precedent M&A Transactions (Cont.)

27. 27Confidential
Date Target Target Description Acquirer(s)
Enterprise
Value ($M)
EV /
LTM Rev.
04/03/14 Datamonk GmbH
Provides mobile ad-targeting and analytics software for advertisers. Software provides
predictive demographic and application usage information for advertisers.
HitFox Group -- --
04/03/14 New Control LLC
Provides search engine optimization and analytics, email marketing and Web design
services for email, mobile and online advertising. Also provides traditional marketing
services.
Merkle Inc. -- --
04/03/14
Sociomantic Labs
GmbH
Provides ad retargeting, customer analytics and marketing automation SaaS to enable
advertisers to publish personalized display advertising via online, mobile and social
media.
dunnhumby Ltd. -- --
04/01/14
Office Media
Network, Inc.
Provides a display advertising network featuring Dow Jones-licensed content, as well as
concierge information, for use in building lobbies and elevators in the US.
Captivate Network Inc.
[Gannett]
-- --
04/01/14 TrafficCaptain GmbH
Provides a mobile, browser and social media online advertising network for video game
providers publishers.
Crobo GmbH -- --
04/01/14
Transaction Labs [aka
T-Labs]
Provides payment and transaction processing, customer analytics and marketing
automation SaaS that enables businesses to process customer payments and deliver
related targeted marketing.
CurvePay, LLC -- --
_______
Source: 451 Group
EV ($M)
EV/LTM
Revenue
High $413.1 7.5x
Mean 167.9 3.5x
Median 150.0 2.9x
Low 17.0 1.3x
2Q 2014 Precedent M&A Transactions (Cont.)

28. 28Confidential
Appendix
2Q 2014 Internet Advertising
Precedent Investments

29. 29Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
06/30/14 Springbot
Developer of an e-commerce marketing platform. The company's platform uses Big
Data analytics and marketing automation to help small and medium-sized
eCommerce stores grow revenue by taking smarter, data-driven marketing actions.
Forté Ventures, Nonami,
TechOperators , TTV Capital
Early Stage VC 4.0 8.0
06/30/14 Tapad
Provider of cross-platform advertising services for advertisers, agencies and trading
desks. The company's technology allows advertisers to view analytics of media
consumption on smartphones, tablets and home computers.
Avalon Ventures, Battery,
Firsthand Technology Value Fund,
FirstMark Capital, G&H Partners
Early Stage VC -- --
06/30/14
Visible
Technologies
Provider of online brand management products and technologies. The company
provides social media monitoring, analytics, engagement and social performance
dashboard solutions for business and enterprise markets.
-- Later Stage VC -- 90.0
06/27/14 ContextLogic
Provider of online advertising and product discovery platform. The company's
platform helps publishers to monetize sites, advertisers to reach audiences and
products and content to reach relevant users.
Formation 8, Founders Fund, GGV
Capital, Individual Investor,
Legend Capital
Early Stage VC -- 40.0
06/26/14 CrowdTwist
Developer of loyalty software services for fan clubs. The company offers a fan club
model that allows fans to earn points for the stuff they do online and redeem
those points for VIP experiences, packages and special artist promotions.
Bertelsmann, Fairhaven,
Individual, KBS+P, SoftBank
Capital, StarVest, TechStars
Early Stage VC -- --
06/26/14 IgnitionOne
Provider of cloud-based digital marketing technology services. The company
provides a digital marketing suite and demand side platform technologies to
advertisers and advertising agencies.
ABS Capital Partners, Savano
Capital Partners, SoftBank Capital
Early Stage VC -- --
06/23/14 All Campus
Provider of education marketing and recruitment services in United States. The
company helps educational institution in their online student enrollment services
with student inquiries, search engine marketing and email to university clients.
--
PE Growth /
Expansion
-- --
06/23/14 Crealytics
Provider of Pay per click advertising services. The company provides paid search
marketing or Pay per click advertising services which includes strategic planning,
keyword searches, drafting advertisements, ad campaign creation and ad tracking.
ALSTIN, BayBG, Bayern Kapital,
High-Tech Gründerfonds, LBBW,
Mountain Partners
Later Stage VC 250.0 --
06/19/14 SyCara
Developer of workflow management software. The company also develops search
engine optimization (SEO) tools for digital marketers.
-- Early Stage VC 176.0 --
2Q 2014 Precedent Investments
Deal Size
($M)
Company
Val. ($M)
High $250.0 $598.1
Mean 16.5 156.2
Median 4.5 70.0
Low 0.1 0.6
_______
Source: PitchBook

30. 30Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
06/18/14 SIM Partners
Provider of digital marketing technology. The company provides a digital
marketing suite which enables its customers to remotely manage and target social
through a social networking platform.
Jump Capital, River Cities Capital
Funds
Later Stage VC 8.0 --
06/17/14 Rhiza
Provider of advertising research and sales tools. The company's platform analyzes
Big Data to optimize media buys, track campaign effectiveness and create new
marketing plans.
Arthur Ventures, Camp One,
Draper Triangle Ventures
Later Stage VC 3.0 --
06/16/14 Crobo
Developer of online gaming services. The company offers advertisers online
marketing services for branding and performance based gaming campaigns based
on game competitive analysis.
Boost & Co Early Stage VC 5.7 --
06/13/14 BrightRoll
Operator of a video advertising network in the United States. The company
executes video advertising campaigns on online media properties for brand
advertisers and agencies.
-- Later Stage VC 1.2 --
06/13/14 VigLink
Provider of a platform for the optimization of affiliate marketing. The company
simplifies the affiliate process so that bloggers, authors and site masters can focus
on creating content
Correlation, Emergence, First
Round, Google Ventures, RRE, SVB
Later Stage VC 18.0 --
06/12/14 Vizury
Provider of ad retargeting and marketing services online. The company provides
enterprises a fully-managed account management service for ad retargeting and
marketing.
Ascent Capital, Intel Capital,
Inventus, Nokia Growth
Later Stage VC 16.0 70.0
06/06/14 My Docket
Creator of a CRM platform leveraging social media and web analytics. The
company offers sales professionals Web-based tools to create virtual private
spaces, rich-media creation and analytics.
-- Early Stage VC 1.0 --
06/05/14
Allocadia
Software
Provider of cloud based marketing software. The company connects CRM, finance,
social media, resource management, and marketing automation systems.
Altos, Beehive Holdings,
Illuminate, Individual Investor,
iNovia
Early Stage VC 6.5 --
06/05/14 Buzzoola
Operator of an automated social advertising platform. The company provides
technology for deployment of social video advertising campaigns.
Corporate Finance Bank, I2BF Seed Round 4.0 --
2Q 2014 Precedent Investments (Cont.)
_______
Source: PitchBook
Deal Size
($M)
Company
Val. ($M)
High $250.0 $598.1
Mean 16.5 156.2
Median 4.5 70.0
Low 0.1 0.6

31. 31Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
06/05/14 Yieldbot
Provider of an online advertising platform. The company collects visitor data,
mines it and then serves advertisements to the visitor that are actionable based on
the rules-based engine it has created.
City National Bank,
CommonAngels, New Atlantic,
RRE, SJF
Early Stage VC 18.0 --
06/03/14 MediaMath
Provider of cross exchange advertising management services and technology. The
company provides the technology, strategy, services and insights to trade across
the display advertising exchanges and supply sources on behalf of agencies.
Akamai, Catalyst, Observatory,
Safeguard Scientifics, Spring Lake
Equity
Later Stage VC 176.0 --
06/03/14 theEword
Provider of a form analytics and reaction engine. The company offers a software
which monitors and analyzes the reaction of users and also provides search engine
optimization services.
Creative Capital Fund, Individual
Investor, Seedcamp
Early Stage VC 0.6 --
06/02/14 BlueCava
Developer of an analytics platform for mobile advertising. The company provides a
platform that makes the connections between screens, consumers and
households, enabling marketers to recognize their single audience anywhere.
-- Early Stage VC 0.8 --
05/29/14
HealthCare.
com
Provider of health care related information search services. The company also
provides performance-based local online advertising to health care marketers.
Individual Investor
Angel -
Individual
2.0 --
05/28/14 Datalogix
Provider of a data and technology software for direct marketers and brand
advertisers. The company offers an online advertising platform for real world data
that enables media companies and agencies to find internet users.
Institutional Venture Partners,
Wellington Management
Later Stage VC 45.0 --
05/28/14 Raising IT
Provider of an online platform for charities to manage content, communities,
transactions and communications. The company provides an online platform
including charity tools, fundraising tools and social media marketing for charities.
Episode 1, Frontline, Individual
Investor
Seed Round 2.7 --
05/23/14 TVTY
Developer of software products to provide real-time television data to online
advertisers. The company specializes in real-time data for the online advertising
industry and synchronizes online campaigns with television advertisements.
360°, Business Angels Club,
Partech International
Later Stage VC 4.5 --
05/22/14 true[x] media
Operator of an online advertising network. The company connects people with
brands to earn charitable donations using their social media properties. It enables
members to complete and share branded activities to earn points.
JAFCO, Norwest, Pinnacle,
Redpoint
Later Stage VC 26.0 118.8
2Q 2014 Precedent Investments (Cont.)
_______
Source: PitchBook
Deal Size
($M)
Company
Val. ($M)
High $250.0 $598.1
Mean 16.5 156.2
Median 4.5 70.0
Low 0.1 0.6

32. 32Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
05/21/14 iSnap Social
Creator of the social photo station and accompanying suite of social media
marketing tools. The company's products enable brands to create connections with
customers through photo sharing.
Individual Investor Early Stage VC 1.0
--
05/19/14 Autopilot
Developer of marketing and digital advertising tools for small and medium-sized
businesses. The company delivers website marketing products that enable
marketers to create, optimize and manage their websites for social and mobile.
Blackbird, Individual Investor,
Rembrandt, Southern Cross
Early Stage VC 7.0 27.1
05/15/14 Posiq
Developer of customer relationship management software for restaurants. The
company provides a software that integrates directly with existing point of sale
systems and automates the tracking of marketing metrics.
Individual Investor, SVG Partners,
Thayer
Early Stage VC 3.2 6.7
05/14/14 Etsy
Provider of an online marketplace for crafty, handmade items such as clothing,
accessories, stationary, and house wares. The company offers handmade products
under various categories.
-- Later Stage VC 5.6 --
05/14/14
Rockfish
Interactive
Operator of an employee engagement software platform. The company provides
an e-commerce platform where employees can be recognized and rewarded for
their work habits, with gift cards and physical products.
Capital Factory, WPP (9
Subsidiaries)
Seed Round 1.5 --
05/14/14 SmartDIGITAL
Provider of interactive advertisement displays. The company’s smartDIGITAL
displays have multi-touch screens that allow consumers to interact with the
advertisements. It also provides mobile applications for dining and city attractions.
Advantage Capital, Partners Path
Investments
Early Stage VC 1.0 --
05/13/14 Azullo
Provider of an online advertising platform for direct response advertising
campaigns. The company offers web based product which filters advertising
campaigns into relevant content across a network of websites.
-- Early Stage VC 0.1 1.5
05/13/14 Blink Group Owner of digital marketing agency. The company offers public relation services. Anthem Asia
PE Growth /
Expansion
-- --
05/13/14 Shareablee
Provider of a social business intelligence and market research platform. The
company provides competitive benchmarking, social analytics and real time social
media insights for brand marketers, agencies and publishers.
SoftBank Capital, Valhalla Partners Early Stage VC 6.0 18.1
2Q 2014 Precedent Investments (Cont.)
_______
Source: PitchBook
Deal Size
($M)
Company
Val. ($M)
High $250.0 $598.1
Mean 16.5 156.2
Median 4.5 70.0
Low 0.1 0.6

33. 33Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
05/13/14
West World
Media
Provider of movie showtime listings. The company supplies movie theater
showtimes, movie content, advertising services, marketing services, web-hosting
services and local event data on a global basis.
Monroe Capital
PE Growth /
Expansion
22.5 --
05/12/14 Adform
Provider of product suite for digital advertising. The company develops and
operates an integrated online marketing platform for media agencies and
advertisers.
Via Venture Partners Later Stage VC 5.5 --
05/12/14 AdSame
Operator of a digital marketing company. The company provides advertisement
serving, performance monitoring, e commence, advertisement sales, technology
research and development options services.
Dream Capital Group, Matrix,
Pacific Venture Partners, Vertex
Later Stage VC 30.0 --
05/12/14 Driftrock
Provider of data management services for multichannel marketing. The company
offers various marketing tools for multichannel marketing and data analysis.
Forward Internet Group,
Individual Investor
Seed Round 1.0 --
05/12/14 Searchmetrics
Developer of search and social analytics software. The company provides search
engine optimization software and services for larger corporate advertisers and
advertising agencies.
Holtzbrinck, Iris Capital, Neuhaus Early Stage VC 11.7 --
05/08/14 AdYapper
Provider of technology to track mobile and display advertisement. The company's
technology tracks display and mobile advertising.
Individual Investor Seed Round 1.0 9.6
05/06/14 AdMobilize
Provider of real-time metrics for outdoor and indoor advertising and other
verticals including vending machines. The company provides combination of digital
advertising model with physical advertising.
Azoic, Individual Investor, Rokk3r
Labs
Early Stage VC 2.2 --
05/05/14 Evariant
Provider of SaaS-based CRM or PRM and marketing automation software. The
company helps hospitals and health care systems accelerate provider referral and
patient volume growth across service.
Dignity Health, Health Enterprise
Partners, Lightspeed,
Salesforce.com
Later Stage VC 18.3 97.8
05/01/14 Intent HQ
Provider of social media and online behavior analytics. The company produces
software that tracks customers' social media data and online behavior in order to
better generate tailored advertisements.
Edge Investment, Oxford Capital,
RockRidge Capital, Sustainable
Technology Investments
Early Stage VC 8.0 --
2Q 2014 Precedent Investments (Cont.)
_______
Source: PitchBook
Deal Size
($M)
Company
Val. ($M)
High $250.0 $598.1
Mean 16.5 156.2
Median 4.5 70.0
Low 0.1 0.6

34. 34Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
04/29/14 BrightWhistle
Provider of online digital marketing that attracts, targets and qualifies prospects
through the use of educational content. The company also provides its platform to
select marketing agencies with specialization in healthcare.
Eastside Partners, Hamilton
Ventures, Individual Investor
Early Stage VC -- --
04/29/14 Sprinklr
Provider of social media management infrastructure for large enterprises. The
company offers a social media management system which provides social
governance, social engagement, social audience management, and social analytics.
Battery, Iconiq, Intel Capital Later Stage VC 40.0 530.4
04/28/14 Trada
Provider of pay per click advertising marketplace and crowdsourced search engine
marketing services. The company has developed a pay per click marketplace that
allows advertisers to earn risk free money by generating clicks and conversions.
-- Later Stage VC 1.0 --
04/24/14 ContextLogic
Provider of online advertising and product discovery platform. The company's
platform helps publishers to monetize sites, advertisers to reach audiences and
products and content to reach relevant users.
Formation 8, GGV Capital,
Individual Investor
Early Stage VC 19.0 --
04/24/14
Cove Financial
Group
Provider of a mortgage-alternative program for residential consumers. The
company offers a program for would-be home buyers who have money for a down
payment, but do not qualify for a mortgage.
JAM Equity Partners Early Stage VC 1.5 --
04/22/14 Salesvue
Developer of sales force automation software. The company's web based software
offering is accessible to all employees involved in the selling process. The company
offers staff augmentation, list development, and campaign management.
Cultivation Capital, Individual
Investor
Early Stage VC 3.0 --
04/22/14 Tubular Labs
Provider of actionable insights and intelligence for online video. The company
offers an audience development platform for online videos. They manage their
online video audience in real-time using technology and analytics.
Canaan, FirstMark, Lerer Hippeau
Ventures
Early Stage VC 13.0 43.5
04/21/14 AdRoll
Provider of online social advertising network. The company's platform enables
brands of all sizes to create personalized advertise campaigns based on their own
website data, ensuring maximum return on online advertising spend.
Accel, Foundation, Glenmede
Trust, Individual, IVP, Merus,
Northgate, Performance Equity
Later Stage VC 70.0 598.1
04/17/14 Enplug
Provider of an advertising platform. The company allows realtime campaign
management and deployment. It also provides social media-integrated interactive
television.
Amidi Group, DominateFund,
Start Engine, ZPark Venture
Seed Round 2.5
--
2Q 2014 Precedent Investments (Cont.)
_______
Source: PitchBook
Deal Size
($M)
Company
Val. ($M)
High $250.0 $598.1
Mean 16.5 156.2
Median 4.5 70.0
Low 0.1 0.6

35. 35Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
04/17/14 TorqBak
Provider of an online marketing platform for business on Twitter. The company
provides the marketing platform for brands and industries to target their potential
customer on Twitter.
Mercia Early Stage VC 0.2 0.6
04/16/14
Campaign
Monitor
Operator of an email marketing platform. The company offers software for email
marketing pitches, website development, campaign monitoring and email
templates for non-tech-savvy employees.
Insight
PE Growth /
Expansion
250.0
--
04/16/14 Docalytics
Provider of B2B document management and publishing platform for PDF based
marketing documents. The company also operates a cloud-based platform for
marketing and sales communication.
Revolution Early Stage VC 0.1
--
04/15/14
Act-On
Software
Provider of cloud based integrated marketing platform. The company's platform
enables the adoption of marketing automation technologies by smaller marketing
teams without process analysis and IT support.
Norwest, TCV, Trinity, U.S. VP,
Voyager
Later Stage VC 42.1 324.6
04/14/14 AgilOne
Provider of an online retail marketing platform. The company provides cloud-
based, multi-channel marketing analytics of e-mail, Web, mobile and social data to
give businesses insight into customer behavior and their marketing strategy.
Four Rivers Group, Mayfield, Next
World, Sequoia, Tenaya
Later Stage VC 25.0 115.5
04/14/14 eLama
Provider of an online platform for clients to launch contextual advertising
campaigns on online advertising services. The company provides a platform for
clients to create and run advertising campaigns simultaneously.
ImpulseVC Early Stage VC 0.8
--
04/14/14 Insem
Developer of digital marketing software products. The company's products include
SEO, PPC and web design along with mobile sites, ecommerce and mobile
applications for smaller-sized companies and projects for large companies.
Holding di Iniziativa Industriale
PE Growth /
Expansion
1.4 6.9
04/10/14 Ektron
Provider of a Web content-management platform. The company provides multiple
software technologies for enterprise Web content, including digital experience
management, Web design, managed cloud services for higher-education providers
Accel-KKR
PE Growth /
Expansion
-- --
04/09/14 Tuned Brands
Provider of digital search services. The company engages in providing search
engine optimization services.
BrandProject Early Stage VC -- --
2Q 2014 Precedent Investments (Cont.)
_______
Source: PitchBook
Deal Size
($M)
Company
Val. ($M)
High $250.0 $598.1
Mean 16.5 156.2
Median 4.5 70.0
Low 0.1 0.6

36. 36Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
04/08/14 Closely
Provider of promotional services from small businesses. The company provides a
mobile business application for merchants to approach their digital marketing
using real-time monitoring of social, mobile, promotions and reviews activities.
Clark Enterprises, Grotech,
Steadfast
Early Stage VC 3.0 --
04/08/14 Kenshoo
Provider of search marketing, social media and online advertising platform. The
company's platform provides automation, intelligence, integration and scale to
make marketing investments.
Arts Alliance, Bain Capital
Ventures, Sequoia, Tenaya
Later Stage VC 20.0 500.0
04/07/14 Datalogix
Provider of a data and technology software for direct marketers and brand
advertisers. The company offers an online advertising platform for real world data
that enables media companies and agencies to find internet users.
Breyer Capital Later Stage VC -- --
04/04/14 AdsNative
Provider of an advertisement platform. The company allows its users to monetize
their websites or applications through visually integrated advertisements that
blend with their content.
Foundry Group, Individual
Investor, Interwest, KBS+P, ONSET
Seed Round 2.0 --
04/03/14 Bloglovin
Provider of a website that enables users to discover fashion and lifestyle content.
The company allows users to arrange various aspects from competitions to
advertorials and collaborations with the bloggers in the world.
Bassett Furniture Industries,
Betaworks, Individual, Lerer
Hippeau, Northzone, White Star
Later Stage VC 7.0 --
04/03/14 Plink
Provider of an online to offline loyalty program that rewards members for dining
and shopping at their favorite national restaurants and offline stores. The
company's platform connects social media and online marketing to offline sales.
-- Early Stage VC 2.5 --
04/02/14 Pigeonly
Provider of an online marketing platform. The company provides a platform to
facilitate communication between inmates and the outside world that allows users
to send printed photos directly from a cell phone, tablet or computer to anyone.
-- Early Stage VC 1.0 --
04/02/14 SailPlay
Provider of reward points to consumers for making purchases at various stores.
The company uses game mechanics, social networks and targeted SMSs and email
marketing to get customers addicted to online stores.
Flint Capital Early Stage VC -- --
2Q 2014 Precedent Investments (Cont.)
_______
Source: PitchBook
Deal Size
($M)
Company
Val. ($M)
High $250.0 $598.1
Mean 16.5 156.2
Median 4.5 70.0
Low 0.1 0.6