Mobile Market Update 2Q 2014

Confidential
Mobile Market Update
2Q 2014
TMT Investment Banking
Mobile-First Summit
New York
Co-host

2Confidential
The “Who’s Who” of Mobile: M1 (Mobile-First) Summit
On May 20th, co-hosts Headwaters MB and Eniac Ventures welcomed a
sold-out crowd of 700+ attendees to the inaugural M1 Summit.
Attendees, executives, and investors participated in a mixture of events
including:
90+ speakers at the forefront of innovation in mobile covering
_______
Photo credits: Cezary Pietrzak; M1 Summit
Co-hosts Nihal Mehta (L, Eniac Ventures) and Gary
Moon (R, Headwaters MB) with opening remarks
Sampling of attendees from:
Mobile Commerce and Payments Mobile Education
Mobile Marketing and Advertising Wearables
Mobile Enterprise Mobile Health
Mobile Consumer Mobile Applications and Discovery
Diverse keynotes and
industry panels
Private 1:1 meetings with top
mobile investors and corporate
development executives
Fireside chats

3Confidential
Mobile Market Update
M&A Activity – M&A activity continued to grow during throughout 2014. Volume
increased from 53 transactions in 4Q 2013 to 65 in 1Q 2014 and 69 in 2Q 2014. Notable
transactions were led by messaging players including Facebook’s acquisition of WhatsApp
($19B), Rakuten’s acquisition of Viber Media ($900M), and Intuit’s acquisition of Check
($360M).
Investment Activity – Investment deal volume continues reaching new highs throughout
2013 and into 2014. A high of 265 investments occurred in 4Q 2013 (91% increase year-
over-year). 2Q 2014 saw a new high in total disclosed funding raised ($2.7B).
Trading Multiples – Diversified Mobile companies commanded the greatest premium at
the end of 2Q, trading at a median of 5.6x LTM revenue, while Handsets & Hardware
trade at the lowest median multiple of 0.6x LTM revenue.
Capital Markets – Diversified Mobile companies have outperformed the NASDAQ and the
S&P 500 while other mobile companies have underperformed on the whole led by Mobile
Marketing & Advertising companies.

4Confidential
Mobile M&A Volume Resurging
_______
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
7.4x 7.5x 4.2x
31
42 43 44
40
30
55
40
45
53
65
69
$13.6
$1.8
$0.8
$2.2
$0.1
$1.1
$0.5 $1.1
$2.6
$2.2
$22.9
$2.4
0
10
20
30
40
50
60
70
80
0
5
10
15
20
25
30
3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014
# Deals$ in billions
Deal Volume Deal Value ($M)
Top 3 Acquisitions by Quarter ($M) – Target / Acquirer
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
Motorola Mob.
/ Google
($12,500)
Sony Ericsson
Mobile / Sony
($1,461)
Amobee /
SingTel
($321)
Instagram /
Facebook
($1,000)
Socialcam /
Autodesk
($60)
Gloops /
NEXON
($470)
Epocrates /
athenahealth
($293)
Waze /
Google
($966)
91 Wireless /
Baidu
($1,850)
Supercell /
Softbank Corp.
($1,530)
WhatsApp /
Facebook
($19,000)
Motorola
(assets) / Zebra
($3,450)
PopCap /
EA
($750)
Swype /
Nuance
($78)
Clairmail /
Monitise
($173)
Hughes Tele. /
Verizon
($612)
Pixable /
SingTel
($27)
Zenprise /
Citrix
($327)
mFoundry /
Fidelity
($120)
Parse /
Facebook
($85)
MoPub /
Twitter
($350)
Fiberlink /
IBM
($300)
AirWatch /
VMware
($1,540)
AutoNavi /
Alibaba
($1,580)
Zong /
eBay
($240)
SiliconBlue /
Lattice
($62)
Worklight /
IBM
($70)
Funzio /
GREE
($210)
Venmo /
Braintree
($26)
POKELABO /
GREE
($174)
Crashlytics /
Twitter
($38)
Meridian /
Aruba Net.
($16)
JumpTap /
Millennial
($221)
MapMyFitness
/ UnderArmour
($150)
Viber Media /
Rakuten
($900)
Check /
Intuit
($360)

5Confidential
Top Acquirers in Mobile
Buyer # Acquisitions Total Value ($M) Targets
19 31
AdMovate, Bignoggins Productions, GhostBird Software, Go Poll Go, Hitpost, Incredible Labs, IntoNow, Jybe, Loki Studios, Meh Labs
(Blink), Propeld (Alike), Quik.io, Qwiki, Stamped, Summly, ThumbsUp Labs (Aviate), Todoroo (Astrid), Tomfoolery (Anchor), Wander
18 13,606
AdMeld, Bitspin, Bump, Clever Sense, eBook, Enterproid (Divide), FlexyCore, Green Throttle Games, Motorola Mobility, Punchd,
PushLife, Quest Visual, Quickoffice, TalkBin, Wavii, Waze, WIMM, Zave Networks
12 20,100 Branch Media, Beluga, Glancee, Instagram, Karma Science, Midnox, Osmeta, Parse, Rel8tion, Snaptu, Spool, WhatsApp
7 8 Bubbli, Endorse, Loom, Orchestra, Readmill, TapEngage, Zulip
6 391 Cabana, Crashlytics, MoPub, Spindle Labs, Vine, Whisper Systems
Buyer Total Value ($M) Targets
20,100 Branch Media, Beluga, Glancee, Instagram, Karma Science, Midnox, Osmeta, Parse, Rel8tion, Snaptu, Spool, WhatsApp
13,606
AdMeld, Bitspin, Bump, Clever Sense, eBook, Enterproid (Divide), FlexyCore, Green Throttle Games, Motorola Mobility, Punchd, PushLife, Quest Visual,
Quickoffice, TalkBin, Wavii, Waze, WIMM, Zave Networks
3,450 Motorola Solutions
1,850 91 Wireless Websoft
1,580 AutoNavi Holdings
1,540 Airwatch
1,530 Supercell
1,461 Sony Ericsson Mobile Communications
900 Viber Media
750 Bight Interactive, Firemint, PopCap Games
Top Acquirers by Volume – Greater than Five Acquisitions, 2011 – Present
Top Acquirers by Total Transaction Value – $750M or More, 2011 – Present
_______
Source: 451 Group; includes transactions with disclosed, estimated, undisclosed values

6Confidential
On May 27, 2014
ACQUIRED
Transaction Overview:
• $360 million acquisition of Check by Intuit
• Check had an estimated $15 million LTM revenue at the time of acquisition,
putting the LTM revenue multiple at 24.0x
• Additionally, Check was expecting $20 million in revenue for 2014, implying a
forward multiple of 18.0x
• With an estimated 10 million registered users at the time of acquisition, value
per registered user was $36
• Check had raised $48 million in funding at the time of acquisition
Target Description
• Provides Android, BlackBerry, Windows Phone and iOS mobile bill payment
software for consumers.
• The smartphone app enables users to monitor bank accounts and set up
automatic payments for utilities, mortgages and other recurring bills.
Transaction Commentary:
• According to the acquirer press release, “Through the acquisition, Intuit gains a
critical consumer payments capability that will allow the company to streamline
interactions between consumer and small business customers, consistent with
Intuit’s vision of enabling products to work together as an ecosystem.”
• Intuit paid almost two times its last major consumer-focused acquisition, Mint,
an online financial planning company
Mobile M&A Case Study
_______
Source: 451 Group, Acquirer Press Release, PitchBook

7Confidential
Mobile Investment Volume On the Rise
_______
Source: PitchBook; includes announced transactions with disclosed, estimated, undisclosed transaction values
Top 3 investments with disclosed investment values
138 136
148
178
168
139
171
195
255
265
250
252
$978
$969
$689
$944 $955
$644
$1,080
$1,449
$1,558
$2,224 $2,337
$2,683
0
500
1,000
1,500
2,000
2,500
3,000
0
50
100
150
200
250
300
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# Investments Investment Volume Investment Value ($M)
Top 3 Investments by Quarter ($M)
3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
Lookout Mobile
($40)
Square
($103)
Veracity
($80)
Instagram
($50)
Square
($200)
Calxeda
($55)
AirWatch
($200)
AirWatch
($225)
Powa
($76)
Idea Cellular
($490)
Tango
($280)
InMobi
($300)
Square
($31)
Xiaomi
($90)
Lithium
($53)
Tango
($42)
Affirmed
($36)
Netbiscuits
($27)
Truphone
($120)
Snapchat
($60)
TOA
($66)
Flipboard
($101)
Wuxi
Maimaibao
($200)
Houzz
($150)
Tower Cloud
($31)
Tower Cloud
($49)
PlayPhone
($52)
Mobilelron
($40)
JumpTap
($28)
T.E.P
($25)
Avalanche
($35)
Evenbrite
($60)
The Fancy
($60)
Telogis
($93)
Wandoujia
($120)
Good Tech.
($101)

8Confidential
Top Investors In Mobile
Investor Investments Targets
56
Airseed, AppStack, Apptimize, Astrid, Bionic Panda Games, Butter Systems, Carnival Labs, Cluster Labs, Concept.io, Confide, Crittercism,
DocuSign, Duo Security, Echoecho Media, Enterproid, Firespotter Labs, FitStar Labs, Gyft, Hey, Just.me, Kibits, LittleInc Labs, MediaSpike,
Moonfrye, mParticle, Mr. Buzz, N3twork, Naama Networks, Namo Media, Nettle, Nextbit Systems, Openbay, Parse, Pocket Change, Rise Labs,
Rumble Entertainment, Scan, Schematic labs, SCVNGR, Secret, Stickery, TweetNGo, UberSense, URX, Vungle, Zencoder
50
App Annie, Avalanche Technology, Bubble Motion, Bump Technologies, Chukong Technologies, Drawbridge, Druva Software, Girnar Software,
Houzz, Inkling, Instacart, Instagram, Just Dial, Kahuna, Kiwi, MeLLmo, MindSnacks, Mintigo, MixPanel, MobileIron, Mobo Tap, Mojave Networks,
Moovit, Plain Vanilla Games, RingCentral, Sencha, Shopular, Skyhigh Networks, Skyscanner, Sourcebits, Square, Stoke, Trippy, WhatsApp,
WhisperText, Wuxi Maimaibao Information Technology, Zomato
45
App Annie, Apptimize, Avalanche Technology, Bluebox, Bubble Motion, Bump Technologies, Chukong Technologies, Drawbridge, Druva Software,
Girnar Software, Houzz, Inkling, Instacart, Instagram, Just Dial, Kiwi, MeLLmo, MindSnacks, Mintigo, MixPanel, MobileIron, Mobo Tap, Mojave
Networks, Moovit, Plain Vanilla Games, RingCentral, Sencha, Skyhigh Networks, Skyscanner, Sourcebits, Square, Stoke, Trippy, UXPin, WhatsApp,
WhisperText, Zomato
40
AgLocal, Bluebox, BlueStack Systems, Boku, Bump Technologies, Capriza, Circle, Clinkle, Cloudtop, Clover Network, CrowdMob, Cyanogen,
Dwolla, Estimote, Everyme, FiftyThree, Firespotter Labs, Getable, Instart Logic, InVisage Technologies, ItsOn, Jumio, LittleInc Labs, Lookout
Mobile, Magnet Systems, MediaSpike, MinoMonsters, MobileWorks, Namo Media, Nexmo, Openbay, QuickPay, Reflektion, Speaktoit, TinyCo,
Tomfoolery, Upwards Labs Holdings, UXPin, Zencoder
39
AirWatch, Azumio, BreezyPrint, Clinkle, DocuSign, Dropcam, Flaregames, GetJar, Hailo Network, Hammer & Chisel, Hotel Tonight, Juice Mobile,
Lightbox, Lookout Mobile, MobileMotion Technologies, MobileSpaces, MyFitnessPal, MySmartPrice Web Technology, Nextbit Systems, OpenX
Technologies, Origami Logic, Phoenix Guild, Pixate, Qriously, Rovio Entertainment, Schematic labs, Sprig, TRUSTe, Vinted
39
Betable, Edmodo, Everyme, First Opinion, Game Closure, Gigwalk, If You Can, Input Factory, Instagram, Instart Logic, iZettle, Laffster, LittleInc
Labs, Lookout Mobile, Marqeta, Mighty Software, Mobilespan, mParticle, Path, Physical Graph, Recurious, Rise Labs, SiTime, Skyhigh Networks,
Snappli, Sprig, Sprig, Suddenly Social, Telit Wireless Solutions, ToyTalk, URX, Yub, Zenprise
35
Apps & Zerts, Cluster Labs, Confide, Cover, DogVacay, EAT Club, Flurry, Hotel Tonight, LittleInc Labs, Mango Health, Mighty Software, Path,
Physical Graph, Pocket Change, Relay Network, Remind101, SavingStar, Seesaw Decisions, Simple Finance Technology, Sincerely, Smartling,
TaskRabbit, ToyTalk, URX, Voxel
Top Investors by Volume, 2011 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target

9Confidential
Mobile Investment Case Study
On March 20, 2014
and Individual Investors
INVESTED IN
Transaction Overview:
• $280 million Series D investment in Tango by Alibaba, AME Cloud
Ventures, and other Individual Investors, valuing the company at $1 to $2
billion
• Tango has raised nearly $370 million in disclosed funding to date
• Other previous investors included Qualcomm Ventures and Draper Fisher
Jurvetson
Target Description
• Provider of mobile messaging and gaming services. The company also
enables iPhone or Android phone users to make free mobile video calls
over 3G, 4G, or Wi-Fi to family and friends.
• Tango has roughly 200 million registered users, and 70 million monthly
actives, generally aged 25 to 45.
Transaction Commentary:
• The company plans to use the funding in continuing to evolve its
platform to provide additional communication features and expand
content partnerships
• Led by Alibaba, the investment is also expected to spur plans in building
a competing mobile gaming network to rival Tencent within the $14
billion Chinese gaming market
_______
Source: PitchBook; TechCrunch

10Confidential
3.1x
5.6x
3.4x
18.2x
29.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
1.9x
1.2x
3.8x
1.2x
0.8x
1.2x
4.7x
0.5x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x
LTM Revenue Multiple
Mobile Comparable Public Companies
Median:
1.2x
Diversified MobileMobile Software & Solutions
Median:
5.6x
LTM Revenue Multiple
_______
Source: Capital IQ as of 6/30/14; companies arranged by descending enterprise value

11Confidential
0.6x
1.9x
0.4x
4.5x
0.8x
0.4x 0.4x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x
4.7x
2.1x
11.4x
0.9x
1.5x
1.9x
0.6x
2.1x
0.8x
2.5x
3.4x 3.4x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
LTM Revenue Multiple LTM Revenue Multiple
Mobile Comparable Public Companies (Cont.)
Median:
2.1xMedian:
0.6x
Wireless & Diversified InfrastructureHandsets & Hardware
_______

12Confidential
5.4x
2.6x
1.5x
1.2x
2.7x
2.0x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
Median:
2.3x
Mobile Advertising & Marketing
_______

13Confidential
Since 2011, Diversified Mobile companies (+85.4%) have outperformed the NASDAQ (+56.5%) and the
S&P 500 (+46.3%) while Mobile Software & Solutions companies (+38.9%), Handsets & Hardware
(+28.6%), Wireless & Diversified Infrastructure (+25.2%), and Mobile Marketing & Advertising (-43.2%)
companies have underperformed on the whole
(80.0%)
(60.0%)
(40.0%)
(20.0%)
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
Mobile Capital Markets Performance
NASDAQ: +56.5%
S&P 500: +46.3%
Mobile Software & Solutions: +38.9%
Wireless & Diversified
Infrastructure: +25.2%
Handsets & Hardware +28.6%
Mobile Marketing &
Advertising: -23.2%
Diversified Mobile: +85.4%
_______
Source: Capital IQ as of 6/30/14; refer to public comparables for constituents

14Confidential
• We are best in class bankers, technologists, and strategists
• Relevant transaction expertise
 Completed transactions with many strategic acquirers, targets, and investors in
Mobile
• Strong relationships with key, relevant strategic parties
 Sector focus and industry experience means we are in frequent communication
with likely interested targets
• Direct market coverage gives us unique insights regarding:
 Acquisition targets ▪ 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 Mobile
 We will run a focused, intelligent process with proper target screening tailored to
specific areas of interest to achieve most ideal valuation for buyer
• We think “outside the box” – complex situations require creative
solutions
Headwaters Is Your Premier Choice
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
the Seller
HAS BEEN ACQUIRED
BY
the Seller
HAS BEEN ACQUIRED
BY
the Seller
HAS BEEN ACQUIRED
BY
the Seller
2013 TMT DEAL OF THE
YEAR <$100M
CONSUMER SERVICES
DEAL OF THE YEAR
YEAR <$100M
THE 11th ANNUAL
2012 WINNER
INVESTMENT BANK
OF THE YEAR
2013 FINALIST
HAS ACQUIRED
the Buyer

15Confidential
Recent Technology, Media & Telecom Deals of the Year
Headwaters Technology, Media & Telecom (TMT) team has won the
6th Annual International M&A Advisor Consumer Services Deal of the Year award and
back-to-back M&A Advisor TMT <$100M Deal of the Year awards
YEAR <$100M
THE 12th ANNUAL
2013 WINNER
HAS BEEN ACQUIRED
BY
the Seller
YEAR <$100M
THE 11th ANNUAL
2012 WINNER
HAS BEEN ACQUIRED
BY
the Seller
CONSUMER SERVICES
DEAL OF THE YEAR
HAS BEEN ACQUIRED
BY
the Seller

16Confidential
Gary Moon
Managing Director
Head of Technology, Media & Telecom
Investment Banking
Office: (415) 766-3862
Cell: (650) 515-8734
gmoon@headwatersmb.com
135 Main St
Suite 800
San Francisco, CA 94105
2 Greenwich Office Park
2nd Floor
Greenwich, CT 06831
2200 Pennsylvania Ave NW
4th Floor, East Tower
Washington, DC 20037
Contact
www.headwatersmb.com

17Confidential
Appendix
2Q 2014
Mobile Precedent M&A Transactions

18Confidential
Date Target Target Description Acquirer(s)
Enterprise
Value ($M)
EV /
Revenue
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 --
06/27/14 MoFuse
Provides mobile website creation and optimization SaaS for Web publishers. Software enables
small businesses to create and monetize multiple versions of their websites for use by consumers
utilizing mobile devices.
Search Agency, The -- --
06/27/14
PresEn Solutions
Sdn.
Provides a mobile application to enable businesses to post, track and hire applicants via a mobile
iOS and Android application. Also enables consumers to search and apply for jobs.
Unwall International
Holding Group BV [aka
UIHG]
-- --
06/27/14 Relatable Sdn. Bhd.
Provides an app for iOS, Android and Windows that translates foreign text in images, including
currency, captured by the device camera.
Unwall International
Holding Group BV [aka
UIHG]
-- --
06/26/14 Monkeybars Inc.
Provides a mobile application to enable iOS and Android device users to discover, purchase and
earn rewards for sharing music and video art. Also provides a means for musicians and artists to
distribute content.
Ubiquity Inc. [fka Ubiquity
Broadcasting
Corporation]
2.3 --
06/24/14 AdColony
Provides mobile video advertising and application monetization software development kit (SDK)
to enable video ad placement in mobile applications for app developers, businesses and
marketers.
Opera Mediaworks
[Opera Software ASA]
75.0 1.4x
06/20/14 TalkTo
Provides a mobile messaging application to enable consumers to ask questions of businesses via
text message and to view questions and responses from other consumers and businesses.
Path -- --
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. -- --
06/18/14 Layar B.V.
Provides a mobile application that enables iOS and Android device users to acquire information
via image capture on their mobile device and then provide users with additional information from
the Web.
Blippar -- --
2Q 2014 Precedent M&A Transactions
EV ($M) EV / Rev
High $1,062.8 24.0x
Mean 153.5 8.5x
Median 24.6 4.8x
Low $0.5 0.8x
_______
Source: 451 Group

19Confidential
Enterprise
Value ($M)
EV /
Revenue
06/16/14 Stylr
Provides a location-based mobile shopping application that enables consumers to locate desired
clothing in nearby brick-and-mortar stores.
@WalmartLabs [Wal-
Mart Stores Inc.]
-- --
06/13/14
GreenPay LLC [dba
MJ-Pay]
Operates as a mobile payment application for medical and recreational marijuana users and
businesses.
MyECheck Inc. [OTCBB:
MYEC]
0.4 --
06/13/14
Millipede Creative
Development
Provides mobile application development and design services, to include mobile games and
educational applications development, for businesses in Australia and New Zealand.
DT -- --
06/12/14 MPayMe Ltd.
Provides mobile payment processing, loyalty and rewards programs, and mobile advertising for
consumers and businesses globally.
Powa Technologies Ltd. 75.0 2.5x
06/11/14
Zoom Interactive
Co., Ltd.
Provides mobile advertising and search engine marketing (SEM) SaaS and services, with a focus
on Google and Facebook ads, for businesses in China.
Cheetah Mobile, Inc. 24.0 --
06/10/14 MobileSpan, Inc.
Provides mobile file sharing software to enable employees to securely access corporate content
from their mobile devices.
Dropbox, Inc. -- --
06/09/14 Abacast Inc.
Provides online and mobile audio streaming advertising network and ad insertion SaaS called
Clarity, for broadcasters.
WideOrbit, Inc. -- --
06/06/14 Impact Mobile, Inc.
Provides mobile customer engagement and advertising software and services for businesses in
Canada. Also provides related customer automation and analytics.
DealNet Capital Corp. 1.4 --
06/06/14 Spotsetter
Provides a social search application to enable Web, iOS and Android device users to receive
recommendations based on location, aggregate personal social network findings and review
websites.
Apple, Inc. -- --
2Q 2014 Precedent M&A Transactions (Cont.)
EV ($M) EV / Rev
High $1,062.8 24.0x
Mean 153.5 8.5x
Median 24.6 4.8x
Low $0.5 0.8x
_______
Source: 451 Group

20Confidential
Enterprise
Value ($M)
EV /
Revenue
06/04/14 Namo Media
Provides in-stream advertising creation SaaS that enables iOS and Android mobile application
publishers to monetize, create and run native advertising. Also provides related analytics.
Twitter Inc. [NASDAQ:
TWTR]
-- --
06/04/14 Seelio
Provides an online portfolio website for students to document and showcase their schoolwork, as
well as an destination for educational institutions to promote their universities and interact with
current and potential students via www.seelio.com.
PlattForm -- --
06/04/14 Spiral Toys, Inc.
Provides a mobile application that enables iOS and Android device users to connect physical toys
with mobile video games. Also provides a cloud-based environment that enables game
developers to offer their games online.
Rocap Marketing Inc. 3.6 --
06/04/14 Sworkit
Provides Android and iOS circuit training fitness applications for consumers. Applications have
body weight resistance workout tutorials and instructional videos.
Nexercise, Inc. -- --
06/04/14 Timbre Inc.
Provides a mobile directory application to enable both a location-based search for live music
events and purchase of tickets to attend shows for consumers worldwide.
Seatwave Ltd. -- --
06/03/14 Driven Apps, Inc.
Provides a mobile basketball, football, golf and fitness training application for consumers.
Application provides videos workouts of famous professional athletes and tracks the users
progress through set training programs. Also provides fitness and training blog.
STACK Media -- --
06/03/14 Simplikate
Provides mobile advertising SaaS for the mall, airport and real estate sectors. Enables real estate
sales and marketing, virtual tours, hotel reservations, travel maps, mobile marketing, pop-up
advertising, e-commerce payment services and content integration for mobile devices.
Phunware -- --
06/03/14
Smile Interactive Co
Ltd
Provides text message delivery software for businesses in the media sector in Thailand. Macromac PLC 3.3 0.8x
06/02/14 Cozi Inc.
Provides a free mobile application to schedule family-oriented events for consumers. Application
provides a mobile calendar, shopping, to-do lists, meal plans, school schedules and other items
that can be shared with members of a user’s household.
Time Inc. -- --
EV ($M) EV / Rev
High $1,062.8 24.0x
Mean 153.5 8.5x
Median 24.6 4.8x
Low $0.5 0.8x
_______
Source: 451 Group

21Confidential
Enterprise
Value ($M)
EV /
Revenue
06/01/14 Run The Red Ltd
Provides SMS gateway SaaS software to enable targeted SMS marketing automation for
businesses globally.
Pushpay Ltd -- --
05/29/14
Swing by Swing Golf,
Inc.
Provides a mobile application that enables iOS and Android device users to use their devices on
golf courses as a GPS-based rangefinder and personal statistics tracker. Also operates an online
golf blog at golf.swingbyswing.com.
Back9Network Inc. -- --
05/28/14 Capptain
Provides mobile application marketing software for mobile application owners that uses
application usage analytics to target push notifications and in-app advertisements.
Microsoft Corporation -- --
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 Nitrodesk, Inc.
Provides a secure, containerized mobile enterprise email application for businesses. Software
application enables secure encrypted Microsoft Exchange and Outlook email services on mobile
iOS and Android devices, as well as tablets and laptops.
Symantec Corporation -- --
05/27/14 Aldiko Limited
Provides a mobile reader application that enables Android device users to shop, purchase and
read a wide range of e-books. Also provides publishers and booksellers with a means of
distribution. Also enables consumers to read e-books checked out from libraries.
Feedbooks SAS -- --
05/27/14
Check Inc. [fka
Pageonce, Inc.]
Provides Android, BlackBerry, Windows Phone and iOS mobile bill payment software for
consumers. Software enables users to monitor bank accounts and set up automatic payments for
utilities, mortgages and other recurring bills.
Intuit, Inc. 360.0 24.0x
05/23/14
Beijing Emay
Softcom Technology
Ltd.
Provides business-to-mobile messaging, mobile office and marketing software for businesses
globally. Software enables wireless office control of ERP, SCM and CRM functions.
Shenzhen Infotech
Technologies Co., Ltd.
48.6 --
05/23/14 Coco Play Ltd Development stage company intending to develop mobile and online games for children. TabTale -- --
EV ($M) EV / Rev
High $1,062.8 24.0x
Mean 153.5 8.5x
Median 24.6 4.8x
Low $0.5 0.8x
_______
Source: 451 Group

22Confidential
Enterprise
Value ($M)
EV /
Revenue
05/21/14 LetMobile
Provides both on-premise and SaaS-based BYOD mobile security and device management
software for enterprises. Software secures corporate email, passwords and company data stored
on employees' personal iOS, Android and Windows Mobile smartphones and tablets.
LANDesk Software
[Thoma Bravo LLC]
15.0 15.0x
05/20/14
Aria Glassworks, Inc.
[dba Bubbli]
Provides a mobile application that enables iOS device users to take photos and convert them into
3D spherical images, called Bubbles. Also enables the recording of related image sounds and
sharing via social media.
Dropbox, Inc. -- --
05/19/14
Enterproid, Inc. [dba
Divide]
Provides bring-your-own-device (BYOD) Android and iOS mobile device management (MDM)
software for businesses. Software uses secure containers to store corporate data, with a focus on
corporate email, and keep it separate from personal data.
Google Inc. 130.0 --
05/19/14 Mocean Mobile
Provides mobile advertising software and networks for publishers, ad agencies and app
developers. Software enables customers to serve targeted advertisements to consumers. Also
provides related analytics software.
PubMatic -- --
05/19/14 Quest Visual, Inc.
Provides a mobile language translation app called Word Lens for Android, Google Glass and iOS
users. Application uses users' smartphone camera to recognize text and then translates the text in
real-time. No Internet connection is needed.
Google Inc. -- --
05/19/14 connectBlue AB
Manufacturers short-range wireless Bluetooth connectivity modules and wireless serial Ethernet
port adapters for industrial, vehicle tracking and medical wireless device OEMs.
U-Blox AG 28.2 2.1x
05/13/14
Meh Labs, Inc. [dba
Blink]
Provides a private encrypted instant messaging application, Blink, that enables users to set a time
limit before messages are permanently deleted. Also developed location-based social networking
application, Kismet.
Yahoo! Inc. -- --
05/08/14
Delicious [fka
Del.icio.us Inc.]
[AVOS]
Provides an online social networking-based bookmarking destination to enable users to share
online content at https://delicious.com.
Science Media Inc. -- --
05/08/14 Spendship, LLC
Provides mobile social promotional applications for businesses to entice customers to promote
the products and services they use by offering rewards for mentioning them on social media sites.
Applications enable consumer referral marketing for businesses.
Moontoast, Inc. -- --
EV ($M) EV / Rev
High $1,062.8 24.0x
Mean 153.5 8.5x
Median 24.6 4.8x
Low $0.5 0.8x
_______
Source: 451 Group

23Confidential
Enterprise
Value ($M)
EV /
Revenue
05/07/14 Hotelmobi
Development stage startup, currently developing a mobile application to enable users to locate
and book hotels.
Remark Media Inc 2.5 --
05/06/14 Digby
Provides location-based mobile marketing software and APIs that enable businesses to integrate
location-based mobile marketing into their mobile applications. Software also enables businesses
to identify specific important locations and areas. Also provides related analytics software.
Phunware -- --
05/06/14 LYFE Mobile, Inc.
Provides contextual location-based mobile and display marketing software for businesses. Also
provides related reporting software.
blinkx plc [AIM: BLNX] -- --
05/06/14
My Mobile Payments
Ltd. [dba
MoneyOnMobile]
Provides India-based consumers with a mobile phone minute recharge and top-up and utility
payments application that also provides prepaid debit cards transportation tickets.
Calpian Inc. -- --
05/06/14 Nixter, Inc.
Provides an iOS mobile application that enables users to find, book and purchase tickets for
nightlife and entertainment events. Also provides related event management and payment SaaS
for businesses at www.nightlifegraph.com.
Skout Inc. -- --
05/02/14
DDS Wireless
International Inc.
Provides GPS-based fleet management, vehicle tracking, fuel management, navigation systems
for businesses. Also provides mobile payment processing software.
Ghai Investments Ltd. 24.6 0.8x
05/01/14 PlayFirst, Inc.
Develops a range of mobile video games for Android and iOS device users globally. Provides
videogames such as Diner Dash and Cooking Dash for Android, iOS and Kindle devices, as well as
online via www.playfirst.com.
Glu Mobile Inc. [fka
Sorrent]
15.3 1.3x
04/30/14 apprupt GmbH
Operates mobile advertising networks for businesses in Germany, Austria and Switzerland.
Networks are targeted toward higher-end audiences.
Opera Mediaworks
[Opera Software ASA]
-- --
04/28/14 metaquark GmbH
Provides mobile software development software called a mobile enterprise application platform
(MEAP), to enable companies to design and develop, test, distribute and manage cross-platform
mobile applications through one development interface.
Software AG -- --
EV ($M) EV / Rev
High $1,062.8 24.0x
Mean 153.5 8.5x
Median 24.6 4.8x
Low $0.5 0.8x
_______
Source: 451 Group

24Confidential
Enterprise
Value ($M)
EV /
Revenue
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 Liberate Ideas, Inc.
Provides a mobile iPad point of care patient education application for the healthcare industry.
Application enables healthcare providers to educate patients on their conditions and treatment
options at the point of care by using this mobile application and through an online service.
NexJ Systems, Inc. 1.0 --
04/24/14
ProtoGeo Oy [dba
Moves]
Provides a mobile fitness-monitoring application for iOS and Android devices. Application tracks
the users steps and time spent walking, jogging and cycling, as well as calculates calories.
Facebook [NASDAQ: FB] -- --
04/24/14 Tactads
Provides advertising tracking and targeting software both without using cookies and across
multiple connected devices for digital advertisers. Enables the automatic detection of consumer's
device for proper display and presentation of targeted advertising without using tracking cookies.
MediaMath -- --
04/24/14 Zippler
Development stage startup that provides a GPS- and social networking-focused mobile
applications for marketing purposes for businesses.
Genius Properties Ltd.
[fka Synergy Acquisition
Corp.]
0.5 --
04/22/14 Mobile Productivity
Provides mobile and online asset financing quotation and document management applications
for the asset finance industry. Software enables brokers and lenders to provide financing quotes,
email deal status and calculate payment options from their mobile device.
Sword Group -- --
04/17/14 Loom, Inc.
Provides photo and video storage and management mobile applications and online software for
consumers. Software enables access across multiple platforms.
Dropbox, Inc. -- --
04/15/14 Pickie
Provides a free, personalized shopping iPad application and email newsletter service for
consumers. Application enables digital catalog shopping from personalized, curated content
gleaned from mentions and interactions on social networks.
RetailMeNot, Inc. [fka
WhaleShark Media]
[NASDAQ: SALE]
-- --
04/14/14
Liquivision Products
Inc.
Manufacturers hand-held mobile diving computers for the scuba and free diving industry. Devices
read diving depth, reads air tank capacity and other vitals.
Huish Outdoors, LLC -- --
EV ($M) EV / Rev
High $1,062.8 24.0x
Mean 153.5 8.5x
Median 24.6 4.8x
Low $0.5 0.8x
_______
Source: 451 Group

25Confidential
Enterprise
Value ($M)
EV /
Revenue
04/11/14
AutoNavi Holdings
Limited
Provides digital map data and location-based software for automakers, mobile device
manufacturers, government agencies and consumers in China.
Alibaba.com [aka Alibaba
Group]
1,062.8 7.5x
04/09/14 Uppidy, Inc.
Provides iOS, Android and BlackBerry mobile applications that enable users to backup, save and
search for SMS messages, and to share them via social media.
Gryphn Corporation [aka
ArmorText]
-- --
04/07/14 Cover
Provides an Android smartphone application that enables users to prioritize and organize
application icons that are displayed on their lockscreen.
Twitter Inc. [NASDAQ:
TWTR]
-- --
04/04/14
GENIEgroup [dba
adGENIE]
Provides banner ad pre-targeting and re-targeting SaaS for online advertisers. Software enables
the placement of relevant, customer analytics-based advertisements on websites.
Ve Interactive Ltd -- --
04/01/14
Office Media
Network, Inc.
Provides a display advertising network featuring Dow Jones-licensed content, as well as concierge
information, for use in building lobbies and elevators in the US.
Captivate Network Inc.
[Gannett]
-- --
04/01/14 Playground.fm
Provides an iOS application that aggregates Facebook and Spotify data to construct a personalized
music playlist. Also enables users to share and add effects to music.
Jawbone [aka Aliph, Inc.] -- --
EV ($M) EV / Rev
High $1,062.8 24.0x
Mean 153.5 8.5x
Median 24.6 4.8x
Low $0.5 0.8x
_______
Source: 451 Group

26Confidential
Appendix
2Q 2014
Mobile Precedent Investments

27Confidential
2Q 2014 Precedent Investments, $10M+
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
06/25/14
WellAware
Holdings
Developer and provider of machine-to-machine data networks. The company
offers data delivery and security to businesses with its mobile software.
Activant Capital, Individual
Investor
PE
Growth/Expan
sion
37.0 --
06/24/14 Phunware
Provider of consumer mobile experiences and infrastructure. The company offers
brandME enterprise branded mobile environments, PRAISE Mobile Technologies, ,
PocketShare Mobile Analytics and Phlameware Social Chat
Central Texas Angels, Cisco, FTV
Fund, FMC, Maxima, Samsung,
Wild Basin, WWE
Series E 30.7 153.5
06/24/14 Helpshift
The company allows mobile application developers to build customer service
platforms into their applications which enables the mobile users to chat and share
screenshots with customer service representative.
Intel Capital, Nexus Venture
Partners, True Ventures ,
Visionnaire Ventures
Series A 10.0 --
06/23/14
Skyhigh
Networks
The company's cloud-based multi-tenant service, enables companies to deploy
cloud services with appropriate levels of security and governance, while lowering
overall risk and cost.
Greylock Partners, Salesforce.com,
Sequoia Capital
Series C 40.0 --
06/23/14 Slyce
Developer of a discovery-to-purchase platform. The company is the creator of
Slyce, a mobile application that enables users to shop online for products they see
around them.
Beacon Securities Limited,
Canaccord Financial, Cormark
Securities, Salman Partners
Series B 12.0 --
06/19/14 InMobi
Provider of mobile-advertising software. The company provides a marketing and
advertising platform that is designed to integrate seamlessly into clients' software
applications.
-- Later Stage VC 300.0 --
06/19/14 ForgeRock
Provider of an open source platform for infrastructure applications. The company
offers an identity relationship management platform that delivers identity and
access management for protecting enterprise, cloud, social and mobile systems.
Accel Partners, Foundation Capital,
Meritech Capital Partners
Series C 30.0 --
06/18/14 Mantis Vision
Developer of three dimensional (3D) technology for mobile. The company
develops content creation tools and technologies which allow users to watch three
dimensional (3D) videos on smartphone.
Flextronics Lab IX, Qualcomm
Ventures, Samsung Electronics,
Sunny Group
Later Stage VC 12.5 --
06/18/14 ClearCare
Provider of Web and mobile platform for administration of home-care agencies.
The company provides a front-end and back-end system for the management of
home-care agencies.
Bessemer, Cambia Health, City
National, Harbor Pacific,
Qualcomm, Voyager
Series B 11.0 --
Deal Size
($M)
Company
Val. ($M)
High $300.0 $2,300.0
Mean 35.9 354.1
Median 20.0 118.5
Low $10.0 $28.0
_______
Source: PitchBook

28Confidential
2Q 2014 Precedent Investments, $10M+ (Cont.)
Deal Size
($M)
Company
Valuation
($M)
06/17/14 Kony Solutions
Provider of mobile application and vertical market mobile software. The company
provides a platform that helps companies launch commerce-enabled mobile
applications.
Delta-v Capital, Georgian Partners,
Hamilton Lane, Insight VP,
SoftBank, Telstra
Series E 50.0 --
06/17/14 Clari
Operator of an enterprise mobile application platform for sales teams. The
company's product helps organize content and extend CRM through machine
learning algorithms and knowledge graphs.
Bain Capital Ventures, Northgate
Capital, Sequoia Capital
Series B 20.0 --
06/17/14 Wayin
Provider of mobile engagement services. The company allows users around the
world to connect with each other in real-time, giving them a gaming platform to
share instant feedback on items that are most important to them and their friends.
-- Series C 12.1 --
06/16/14 Instacart
Provider of a mobile application that enables users to order and secure delivery of
groceries. The company's application enables its users to scroll and search grocery
items and have them delivered to their door.
Andreessen Horowitz, Canaan
Partners, Individual Investor,
Khosla Ventures, Sequoia Capital
Series B 44.0 --
06/16/14
Pacific
DataVision
Provider of instant voice messaging and documentation applications. The company
develops instant voice messaging platforms and wide area dictation applications.
06/16/14 WeLab
Operator of an Internet finance company. The company operates WeLend.hk,
Hong Kong’s peer-to-peer lending platform. It provides people with the
opportunity to borrow, invest and connect through a secure platform.
Individual Investor, Sequoia
Capital, TOM Group
Series A 14.0 --
06/16/14 Get Victorious
Provider of technological platform to industries. The company operates in the
online video industry and provides a mobile video platform.
Individual Investor, Kleiner Perkins
Caufield & Byers, Lowercase
Capital
Seed 13.0 --
06/13/14 Glympse
Provider of location-sharing service for global positioning system enabled mobile
phones. The company’s service enables sharing of location by a mobile phone user
for a pre-set period of time.
Ignition Partners, Menlo Ventures,
Naya Ventures, UMC Capital,
Verizon Investments
Series C 12.0 --
06/12/14 Webtrekk
Provider of digital intelligence services. The company provides Webtrekk Q3, quick
insights, TV Trekk, live analytics, rich media insights, mobile insights, safe tag, plug
inns and data protections.
DPE Deutsche Private Equity
PE
Growth/Expan
sion
34.0 --
Deal Size
($M)
Company
Val. ($M)
High $300.0 $2,300.0
Mean 35.9 354.1
Median 20.0 118.5
Low $10.0 $28.0
_______
Source: PitchBook

29Confidential
Deal Size
($M)
Company
Valuation
($M)
06/10/14 Ibotta
Provider of a mobile saving application. The company provides its users cash
rewards instead of credits or points for engaging with brands.
Individual Investor Series B 20.0 --
06/09/14 Affirm
Developer of online mobile payment platform. The company works as a digital
charge card for merchants.
Khosla Ventures, Lightspeed
Venture Partners, Nyca Partners
Early Stage VC 45.0 --
06/09/14 Wash.io
Provider of laundry and dry cleaning services with the help of a mobile application.
The company offers a mobile application that lets its users schedule laundry pickup
and delivery from their phones.
A Grade Investments, Canaan,
Individual Investor, Pejman Mar
Ventures, Sherpa Ventures
Series A 10.5 --
06/06/14 Dayima.com
Developer of a mobile application for women's health. The company provides a
platform for users to track and predict their menstrual cycles. The platform also
provides health and beauty content and tools for interacting with other users.
Bertelsmann Asia Investments,
Ceyuan Ventures, Sequoia Capital
Series C 30.0 --
06/06/14 DewMobile
Provider of mobile-to-mobile file sharing application. The company offers tools
which allow mobile user to transfer large files without internet connection.
IDG Capital Partners, Innovation
Works (China), Northern Light
Venture Capital
Series B 20.0 --
06/05/14 Flaregames
Provider of games played on mobile devices and involving the real world. The
company's free-to-play games are built for tablets and smartphones, and
developed in-house.
Accel Partners, T-Venture Holding Series B 12.2 --
06/04/14 Octro
Developer of real-time multi-player social games. The company offers various
online cross-platform games like Teen Patti and Indian Rummy that can be played
on different platforms including Apple iOS, Google Play, and Windows Phone 8.
Sequoia Capital Series A 15.0 --
06/03/14 Houzz
Provider of a community and photo database for home design. The company also
develops mobile and table applications for home decoration, and also sells a
variety of home products.
-- Series D 150.0 2,300.0
06/02/14
Movius
Interactive
Provider of messaging, collaboration and mobile media platform for service
providers. The company provides messaging and collaboration apps including voice
mail, video mail, unified messaging, conferencing and video conferencing.
Deal Size
($M)
Company
Val. ($M)
High $300.0 $2,300.0
Mean 35.9 354.1
Median 20.0 118.5
Low $10.0 $28.0
_______
Source: PitchBook

30Confidential
Deal Size
($M)
Company
Valuation
($M)
05/29/14 RiskIQ
Provider of website security, mobile application security and anti-malvertising
services beyond the firewall.
Battery Ventures, Summit Partners Series B 25.0 --
05/28/14 App Annie
Provider of a market data platform for the mobile-application industry. The
company functions as an app store market-data company, tracking app downloads,
revenues, rankings and reviews for its clients.
Greycroft Partners, IDG Capital
Partners, Sequoia Capital
Series D 17.0 --
05/28/14 Ticketscript
Provider of self-ticketing and mobile ticketing services. The company offers online
platform that enables event organizers to sell tickets from their Website and
Facebook page.
Fleming Family & Partners
PE Growth /
Expansion
11.8 --
05/28/14
CafeX
Communicatio
ns
The company's products and services enables business applications with
communications capabilities across mobile and desktop endpoints that helps
businesses interact with their customers.
Individual Investor Angel 10.5 --
05/22/14 Smartling
The company helps businesses translate and deploy multilingual websites and
dynamic web applications, mobile applications and business documents across
their corporate digital infrastructure.
Accelerator, Felicis, First Round,
Harmony, Iconiq, IDG, Individuals,
Tenaya, US VP, Venrock
Series D 25.0 250.0
05/21/14 Snapdeal
Provider of an e-commerce marketplace. The company provides a platform for
vendors across the country to connect customers. It also has products from
national, international and regional brands across multiple categories
BlackRock, Myriad Group,
PremjiInvest, Temasek Holdings,
tybourne capital
Later Stage VC 100.0 1,000.0
05/21/14 Silent Circle
Developer of a private, proprietary communication network and a privacy-focused
smartphone. The company has developed Blackphone, a phone specifically
designed for their secure network that will protect users' information.
Cain Capital, Individual Investor Early Stage VC 30.0 --
05/20/14 NoWait
Provider of a mobile seating management service. The company provides an
application that enables restaurant owners and mangers to get a view of the queue
and optimize turnover.
Birchmere Ventures, Drive Capital Series B 10.0 33.2
05/20/14
Network for
good
Operator of an online nonprofits fundraising platform. The company offers
internet and mobile based technology that allows donors to make donations to
various charities and non-profit organizations.
Camden Partners, Individual
Investor
PE Growth /
Expansion
10.0 --
Deal Size
($M)
Company
Val. ($M)
High $300.0 $2,300.0
Mean 35.9 354.1
Median 20.0 118.5
Low $10.0 $28.0
_______
Source: PitchBook

31Confidential
Deal Size
($M)
Company
Valuation
($M)
05/19/14 WhisperText
Provider of a social platform based on anonymous posts. The company is the
creator of a mobile application enabling users to post comments and visual
content with the added expressive benefit of anonymity.
Lightspeed, Sequoia, Shasta,
Tencent, Thrive
Early Stage VC 36.0 200.0
05/14/14 Prodege
Provider of web and mobile marketing services. The company offers a platform for
brands, advertisers, and marketers to establish relationships with consumers and
also rewards its members with web discovery activities.
Technology Crossover Ventures Later Stage VC 61.0 --
05/12/14 Wochit
Developer of a platform for video news and digital content. The company’s
platform is utilized by web sites, mobile applications, news services, blogs and
other publishing entities for revenue opportunities and audience engagement.
Cedar Fund, Greycroft Partners,
Marker, Redpoint Ventures
Early Stage VC 11.2 --
05/09/14 iZettle
Developer of a social payment device. The company provides a small card-reader
that plugs into smartphones or tablets. It offers services for person-to-person and
business-to-consumer commerce.
Creandum KB, Dawn Capital,
Greylock, Index, Intel Capital,
Northzone, SEB PE, Zouk
Series C 55.0 --
05/09/14 Avalara
Provider of sales tax and compliance automation services in the cloud. The
company provides service-based platform for tax automation and automation
effort for financial, electronic commerce, POS and mobility applications.
05/09/14 Zettics
Provider of mobile analytic and measurement applications. The company offers a
monitoring and analytics that enables real-time visibility and analytic across web,
video and messaging applications.
--
Acquisition
Financing
10.2 47.8
05/07/14 Layer
Developer of an open communications layer for the Internet. The company's
technology is designed to enable messaging, voice and video calling in any mobile
or Web product.
AME Cloud Ventures, CrunchFund,
FUEL Capital, Homebrew
Series A 14.5 63.7
05/06/14
Perfecto
Mobile
Provider of cloud-based testing, automation and monitoring technology for mobile
applications and websites.
Carmel Venture Partners, FTV
Capital, Globespan, Vertex
Series D 20.0 --
04/29/14 Apigee
Provider of tools and services for building end to end mobile platforms with
applications and data. The company offers a platform for creating, managing and
measuring digital initiatives built on applications.
Accenture, Bay Partners,
BlackRock, Focus, NVP, Pine River,
SAP, Third Point, Wellington
Series H 60.1 669.5
Deal Size
($M)
Company
Val. ($M)
High $300.0 $2,300.0
Mean 35.9 354.1
Median 20.0 118.5
Low $10.0 $28.0
_______
Source: PitchBook

32Confidential
Deal Size
($M)
Company
Valuation
($M)
04/29/14
WellAware
Holdings
Developer and provider of machine-to-machine data networks. The company
offers data delivery and security to an entire business with its map-based mobile
software.
-- Series B 24.7 104.8
04/28/14 URX
Developer of a mobile application retargeting platform. The company has created
a platform which links users to specific pages in applications using deeplinks.
Accel Partners, First Round Capital,
Google Ventures, SV Angel
Series A 12.0 40.0
04/24/14 ShopKeep POS
Provider of cloud-based mobile point-of-sale system. The company provides a
platform enabling retail merchants to run customer transactions from an iPad.
Canaan Partners, Contour,
Individuals, Thayer Street, Tribeca
VP, TTV
Series C 25.0 118.5
04/23/14 Delivery Hero
Provider of online take-out ordering service. The company provides global network
of online food ordering marketplace where orders and payments can be placed
online and restaurants are peer-reviewed.
-- Series F 85.0 --
04/23/14 O3B Networks
Provider of internet services for telecommunications operators. The company
develops commercial 3G mobile and fiber-to-the-home (FTTH) network.
-- Series G 50.0 --
04/22/14 Mozido
Provider of an integrated platform of cloud-based mobile payment and marketing
solutions.
Atlanticus Holdings, Brentwood
Venture Capital, Individual
Investor, TomorrowVentures
Later Stage VC 93.5 --
04/17/14 Citymapper
Provider of route-planning software that uses real-time traffic information, and a
mobile transport app enabling trip-planning on multiple transportation modes,
along with real-time data on weather, alerts and disruptions.
Balderton Capital, Comcast
Ventures, Connect Ventures,
Greylock Partners, Index Ventures
Series A 10.0 36.3
04/15/14 Kinetic Social
Provider of a social advertising and media marketing platform. The company
provides audience-based digital marketing services, including integrate display and
mobile campaigns with the social graph.
Blue Chip Venture Series B 18.0 --
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 Fund,
Next World Capital, Sequoia
Capital, Tenaya Capital
Series C 25.0 115.5
Deal Size
($M)
Company
Val. ($M)
High $300.0 $2,300.0
Mean 35.9 354.1
Median 20.0 118.5
Low $10.0 $28.0
_______
Source: PitchBook

33Confidential
Deal Size
($M)
Company
Valuation
($M)
04/10/14
Good
Technology
(Visto)
Provider of mobile messaging services for mobile operators. The company offers a
platform for mobile service providers to deliver push email, calendar, contacts and
various corporate data to a set of devices.
-- Series C1 100.9 1,178.5
04/10/14 Smule
Developer of sonic applications for the iPhone. The company creates a mobile
audio platform that enables a new generation of applications for the iPhone.
Bessemer Venture Partners,
Granite Ventures, Roth Capital
Partners, Shasta
Series E 16.6 183.4
04/10/14 Quantia
Provider of a mobile and Web-based physician relationship management (PRM)
platform.
Fuse Capital, Safeguard Scientifics Series B 10.0 28.0
04/09/14 Crittercism
Provider of a software development kit for mobile application development. The
company's platform enables software developers to improve user experience with
real-time diagnostic data, crash reporting and access to metadata.
Accenture, Interwest Partners,
Scale Venture Partners, VMware
Series C 30.0 149.2
04/08/14
Lithium
Technologies
Provider of social customer software for brands to find online and mobile social
customers. The company offers comprehensive social monitoring, customer
experiences and actionable analytics across blogs, forums and social networks.
04/08/14 ItsOn
Provider of cloud platform that allows operators to offer data plans for consumers.
The company offers wireless users real-time visibility and control over their voice,
text and data services.
Andreessen Horowitz, Tenaya
Capital
Series C 12.9 --
04/07/14 Ineda Systems
Developer of low-power system on a chips (SoCs). The company develops mobile
computing platforms including systems on chips (SOC) integrated circuits and
software.
Imagination Technologies,
Indusage, Qualcomm, Riverwood,
Samsung, Walden
Series B 17.9 56.2
Deal Size
($M)
Company
Val. ($M)
High $300.0 $2,300.0
Mean 35.9 354.1
Median 20.0 118.5
Low $10.0 $28.0
_______
Source: PitchBook

34Confidential
Appendix
Mobile Public Company Comparables

35Confidential
Mobile Comparable Public Companies
_______
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
Mobile Software & Solutions
Amdocs Nasdaq:DOX $46.33 $36.39 $48.99 $7,606 $6,497 1.9x 1.8x 1.7x 10.2x 9.0x 8.5x
Convergys NYSE:CVG 21.44 17.16 24.43 2,182 2,664 1.2x 0.9x 0.8x 9.8x 7.5x 6.9x
Synchronoss Nasdaq:SNCR 34.96 25.28 39.30 1,435 1,385 3.8x 3.2x 2.8x 15.6x 9.6x 8.1x
CSG Nasdaq:CSGS 26.11 21.67 32.11 842 921 1.2x 1.2x 1.2x 7.5x 5.9x 5.6x
TeleCommunication Systems Nasdaq:TSYS 3.29 2.08 3.47 195 276 0.8x 0.8x 0.7x 12.5x 7.9x 6.1x
USA Mobility Nasdaq:USMO 15.40 12.58 19.50 334 241 1.2x 1.2x 1.2x 4.1x NM NM
Myriad SWX:MYRN 2.21 1.39 2.99 203 202 4.7x NM NM NM NM NM
Acotel BIT:ACO 23.27 22.37 35.59 96 71 0.5x 0.4x 0.4x NM 11.4x 6.5x
High 4.7x 3.2x 2.8x 15.6x 11.4x 8.5x
Mean 1.9x 1.4x 1.3x 10.0x 8.5x 7.0x
Median 1.2x 1.2x 1.2x 10.0x 8.4x 6.7x
Low 0.5x 0.4x 0.4x 4.1x 5.9x 5.6x
Diversified Mobile
Apple Nasdaq:AAPL 92.93 57.32 95.05 562,428 537,995 3.1x 2.9x 2.7x 9.3x 8.7x 8.2x
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
Microsoft Nasdaq:MSFT 41.70 30.84 42.29 344,598 280,406 3.4x 3.0x 2.7x 8.7x 8.6x 8.1x
Facebook Nasdaq:FB 67.29 24.15 72.59 174,098 161,861 18.2x 13.7x 10.4x 34.7x 22.1x 16.8x
Twitter NYSE:TWTR 40.97 29.51 74.73 25,575 23,591 29.5x 18.6x 11.5x NM NM NM
High 29.5x 18.6x 11.5x 34.7x 22.1x 16.8x
Mean 11.9x 8.7x 6.4x 17.9x 13.2x 11.1x
Median 5.6x 5.3x 4.6x 14.1x 11.0x 9.7x
Low 3.1x 2.9x 2.7x 8.7x 8.6x 8.1x
Handsets & Hardware
Samsung KOSE:A005930 1,306.72 1,195.03 1,485.63 171,141 130,481 0.6x 0.6x 0.6x 2.6x 2.5x 2.4x
Honeywell NYSE:HON 92.95 77.32 96.49 74,008 75,531 1.9x 1.9x 1.8x 11.6x 10.0x 9.2x
LG Electronics KOSE:A066570 73.44 58.12 78.58 11,962 19,425 0.4x 0.3x 0.3x 6.5x 5.3x 5.0x
Trimble Navigation Nasdaq:TRMB 36.95 24.90 40.17 9,907 10,417 4.5x 4.2x 3.8x 21.7x 20.8x 18.3x
BlackBerry TSX:BB 10.26 5.43 11.80 5,327 3,982 0.8x 1.0x 1.0x NM 11.9x 16.8x
HTC TSEC:2498 4.62 4.08 7.97 3,803 2,431 0.4x 0.4x 0.3x NM 13.4x 12.2x
China Wireless SEHK:2369 0.28 0.15 0.35 1,200 1,068 0.4x 0.2x 0.2x 27.3x 7.5x 6.6x
High 4.5x 4.2x 3.8x 27.3x 20.8x 18.3x
Mean 1.3x 1.2x 1.1x 13.9x 10.2x 10.1x
Median 0.6x 0.6x 0.6x 11.6x 10.0x 9.2x
Low 0.4x 0.2x 0.2x 2.6x 2.5x 2.4x

36Confidential
_______
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
Wireless & Diversified Infrastructure
QUALCOMM Nasdaq:QCOM 79.20 59.02 81.66 136,381 119,764 4.7x 4.4x 4.0x 13.9x 11.2x 10.4x
Cisco Nasdaq:CSCO 24.85 20.22 26.49 128,086 98,526 2.1x 2.1x 2.0x 7.7x 6.0x 5.8x
CCI Corp NYSE:CCI 74.26 66.73 78.00 24,657 36,046 11.4x 10.2x 9.8x 19.8x 17.3x 16.3x
Ericsson OM:ERIC B 12.07 11.07 13.59 39,025 30,659 0.9x 0.9x 0.9x 6.4x 7.2x 6.4x
Nokia HLSE:NOK1V 7.57 3.95 8.36 28,156 25,352 1.5x 1.5x 1.5x 10.7x 12.0x 10.6x
Motorola Solutions NYSE:MSI 66.57 53.62 68.33 17,088 16,443 1.9x 2.0x 2.1x 10.8x 9.5x 9.1x
Alcatel-Lucent ENXTPA:ALU 3.57 1.80 4.72 9,868 11,057 0.6x 0.6x 0.6x 10.3x 6.7x 5.2x
Juniper Networks NYSE:JNPR 24.54 18.36 28.75 11,686 10,078 2.1x 2.0x 1.9x 12.4x 7.8x 6.7x
ZTE Corp SZSE:000063 2.11 1.93 2.94 7,253 9,641 0.8x 0.7x 0.6x 15.4x 9.9x 9.2x
Aruba Netorks Nasdaq:ARUN 17.52 15.42 23.58 2,018 1,718 2.5x 2.2x 1.9x NM 10.0x 8.2x
Ruckus NYSE:RKUS 11.91 8.65 18.58 1,122 966 3.4x 2.9x 2.4x NM 24.0x 15.5x
Aerohive NYSE:HIVE 8.22 8.00 12.23 404 391 3.4x 2.8x 2.2x NM NM NM
High 11.4x 10.2x 9.8x 19.8x 24.0x 16.3x
Mean 2.9x 2.7x 2.5x 11.9x 11.1x 9.4x
Median 2.1x 2.0x 1.9x 10.8x 9.9x 9.1x
Low 0.6x 0.6x 0.6x 6.4x 6.0x 5.2x
Mobile Marketing and Advertising
Opera Software OB:OPERA 13.34 7.22 15.49 1,830 1,747 5.4x 4.2x 3.1x 21.3x 15.7x 11.0x
Marchex Nasdaq:MCHX 12.02 5.43 12.84 480 442 2.6x 2.4x 2.2x NM 30.4x 24.7x
Millennial Media NYSE:MM 4.99 2.90 10.48 534 436 1.5x 1.3x 1.1x NM NM 17.3x
InternetQ AIM:INTQ 4.76 3.68 7.06 185 179 1.2x 0.9x 0.8x 12.4x 5.9x 4.7x
1000mercis ENXTPA:ALMIL 67.15 60.40 70.85 209 151 2.7x 2.5x 2.2x 10.1x 8.8x 7.4x
Voltari Nasdaq:VLTC 1.98 1.60 7.22 9 22 2.0x NM NM NM NM NM
High 2.7x 2.5x 2.2x 12.4x 30.4x 24.7x
Mean 2.0x 1.8x 1.6x 11.2x 15.0x 13.5x
Median 2.0x 1.8x 1.6x 11.2x 8.8x 12.4x
Low 1.2x 0.9x 0.8x 10.1x 5.9x 4.7x

37Confidential
_______
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
Mobile Software & Solutions
Amdocs Nasdaq:DOX Mar 2014 7% 4% 35% $3,447 $3,617 $3,750 $634 $725 $763
Convergys NYSE:CVG Mar 2014 43% 9% 35% 2,158 2,921 3,172 273 354 388
Synchronoss Nasdaq:SNCR Mar 2014 22% 17% 58% 369 427 499 89 144 170
CSG Nasdaq:CSGS Mar 2014 2% 4% 48% 755 765 794 122 157 165
TeleCommunication Systems Nasdaq:TSYS Mar 2014 1% 8% 39% 353 365 395 22 35 45
USA Mobility Nasdaq:USMO Mar 2014 (5%) 1% 73% 207 200 202 59 NA NA
Myriad SWX:MYRN Dec 2013 NA NA 29% 43 NA NA NM NA NA
Acotel BIT:ACO Mar 2014 17% 3% 76% 155 193 199 NM 6 11
Diversified Mobile
Apple Nasdaq:AAPL Mar 2014 7% 6% 38% 176,035 185,696 197,491 57,795 61,663 65,309
Google Nasdaq:GOOGL Mar 2014 10% 16% 57% 62,294 65,535 75,755 18,582 26,294 31,414
Microsoft Nasdaq:MSFT Mar 2014 15% 9% 70% 83,347 94,724 103,354 32,127 32,646 34,681
Facebook Nasdaq:FB Mar 2014 50% 31% 80% 8,916 11,841 15,558 4,665 7,327 9,611
Twitter NYSE:TWTR Mar 2014 91% 61% 61% 801 1,271 2,043 NM 206 455
Handsets & Hardware
Samsung KOSE:A005930 Mar 2014 2% 4% 40% 216,006 220,665 230,330 49,769 51,590 54,208
Honeywell NYSE:HON Mar 2014 4% 5% 28% 39,406 40,697 42,575 6,537 7,580 8,211
LG Electronics KOSE:A066570 Mar 2014 10% 4% 23% 54,886 60,496 63,203 2,993 3,649 3,921
Trimble Navigation Nasdaq:TRMB Apr 2014 9% 11% 57% 2,337 2,487 2,762 481 501 568
BlackBerry TSX:BB May 2014 (57%) 4% (11%) 4,708 3,845 4,000 NM 336 238
HTC TSEC:2498 Mar 2014 2% 3% 21% 6,365 6,942 7,153 NM 181 200
China Wireless SEHK:2369 Dec 2013 73% 21% 13% 2,531 4,389 5,293 39 143 163

38Confidential
_______
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
Wireless & Diversified Infrastructure
QUALCOMM Nasdaq:QCOM Mar 2014 8% 9% 59% 25,712 27,460 29,908 8,644 10,659 11,538
Cisco Nasdaq:CSCO Apr 2014 NM 5% 59% 47,202 47,793 49,971 12,871 16,489 16,926
CCI Corp NYSE:CCI Mar 2014 16% 5% 65% 3,158 3,520 3,680 1,820 2,083 2,213
Ericsson OM:ERIC B Mar 2014 (6%) 4% 35% 34,369 33,264 34,677 4,772 4,275 4,825
Nokia HLSE:NOK1V Mar 2014 (5%) 4% 44% 16,856 16,690 17,399 2,370 2,112 2,381
Motorola Solutions NYSE:MSI Mar 2014 (3%) (9%) 49% 8,524 8,414 7,695 1,523 1,739 1,798
Alcatel-Lucent ENXTPA:ALU Mar 2014 (7%) 3% 33% 19,753 18,543 19,156 1,072 1,643 2,107
Juniper Networks NYSE:JNPR Mar 2014 7% 5% 63% 4,780 4,982 5,239 813 1,290 1,509
ZTE Corp SZSE:000063 Mar 2014 13% 14% 29% 12,262 13,991 15,890 627 974 1,043
Aruba Netorks Nasdaq:ARUN Apr 2014 24% 15% 69% 679 788 905 16 173 209
Ruckus NYSE:RKUS Mar 2014 25% 21% 67% 281 329 396 7 40 62
Aerohive NYSE:HIVE Mar 2014 32% 24% 67% 116 141 175 NM NA NA
Mobile Marketing and Advertising
Opera Software OB:OPERA Mar 2014 38% 36% 44% 325 414 562 82 111 159
Marchex Nasdaq:MCHX Mar 2014 23% 10% 38% 168 187 205 8 15 18
Millennial Media NYSE:MM Mar 2014 28% 17% 40% 282 331 387 NM NA 25
InternetQ AIM:INTQ Dec 2013 35% 20% 53% 144 194 233 14 30 38
1000mercis ENXTPA:ALMIL Dec 2013 10% 12% 29% 55 61 69 15 17 20
Voltari Nasdaq:VLTC Mar 2014 NA NA 4% 11 NA NA NM NA NA

39Confidential
Disclosure: This newsletter is a periodic compilation of certain economic and corporate information, as well as completed and announced
merger and acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or buy any
security. Any reference to or omission of any reference to any company in this newsletter should not be construed as a recommendation to
buy, sell or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any
security or company based on this newsletter. The newsletter is published solely for the general information of clients and friends of
Headwaters MB, LLC. It does not take into account the particular investment objectives, financial situation, or needs of individual
recipients. Certain transactions, including those involving early stage companies, give rise to substantial risk and are not suitable for all
investors.
This newsletter is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should
not be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks, and other factors that may
cause actual results to vary materially. We are under no obligation to update the information contained in this newsletter. Opinions
expressed are our present opinions only and are subject to change without notice. Additional information is available upon request. The
companies mentioned in this newsletter may be clients of Headwaters MB, LLC. The decisions to include any company in this newsletter is
unrelated in all respects to any service that Headwaters MB, LLC may provide to such company. This newsletter may not be copied or
reproduced in any form, or redistributed without the prior written consent of Headwaters MB, LLC. The information contained herein
should not be construed as legal advice.
Disclaimer

Mobile Market Update 2Q 2014

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to Mobile Market Update 2Q 2014

Similar to Mobile Market Update 2Q 2014 (20)

More from Capstone Headwaters

More from Capstone Headwaters (20)

Recently uploaded

Recently uploaded (20)

Mobile Market Update 2Q 2014