The latest edition of our Advertising and Marketing Technology sector overview piece, looking at M&A and financing trends across the AdTech and marketing software sector.
Advertising and Marketing Technology Perspective - November 2013
By Julie Langley, Managing Director at Results International Group LLP
Latest perspective on the advertising and marketing technology sector which looks at M&A and financing trends across areas such as marketing automation, analytics, e-commerce, social media, mobile and video.
This document provides an overview of the advertising and marketing technology landscape and recent M&A activity in the sector. It contains information on various digital marketing subsegments, selected companies, and a number of acquisitions that took place between January 2014 and February 2014 across areas such as marketing automation, social media, mobile technology, and video. The document also includes contact information for Results International, the corporate finance advisors that produced this report.
The latest edition of our Advertising and Marketing Technology sector overview piece, looking at M&A and financing trends across the AdTech and marketing software sector.
The Canadian Trade Commissioner Service manages the Canadian Technology Accelerators (CTA) in New York, San Francisco & Silicon Valley, Boston, and Philadelphia, global clusters for technology and entrepreneurship. This initiative provides those Canadian start-ups in information and communication technology, digital and social media, gaming, clean technologies, and life sciences with access to unique resources and contacts that foster their international growth.
The CTAs make available free office space for three to six months where physical offices are located within existing business incubators. The CTAs help you to refine your business model, collect competitive intelligence, pursue key clients, access financing sources, and engage strategic partners.
Spindle Communications is based in Johannesburg, South Africa and specialises in green PR, cleantech PR, life sciences PR, healthcare PR, mining PR, ITCE PR, private equity / venture capital PR, infrastructure & construction PR. We also arrange events for our own account (e.g. www.viridisafrica.com, www.lifesparks.co.za, www.madiniafrica.com) or on behalf of clients. We work on an ad hoc or retainer basis. Visit us at www.spindlecommunications.com, www.facebook.com/SpindleCommunications or join us at @SpindleComms on Twitter.
Spindle Communications specialises in public relations, investor relatons, media relations and event management for companies in life sciences, cleantech, mining, ITCE, infrastructural development, and financial services. For more info: www.spindlecommunications.com or like our page http://www.facebook.com/InvestorRelationsinAfrica
Advertising and Marketing Technology Perspective - November 2013
By Julie Langley, Managing Director at Results International Group LLP
Latest perspective on the advertising and marketing technology sector which looks at M&A and financing trends across areas such as marketing automation, analytics, e-commerce, social media, mobile and video.
This document provides an overview of the advertising and marketing technology landscape and recent M&A activity in the sector. It contains information on various digital marketing subsegments, selected companies, and a number of acquisitions that took place between January 2014 and February 2014 across areas such as marketing automation, social media, mobile technology, and video. The document also includes contact information for Results International, the corporate finance advisors that produced this report.
The latest edition of our Advertising and Marketing Technology sector overview piece, looking at M&A and financing trends across the AdTech and marketing software sector.
The Canadian Trade Commissioner Service manages the Canadian Technology Accelerators (CTA) in New York, San Francisco & Silicon Valley, Boston, and Philadelphia, global clusters for technology and entrepreneurship. This initiative provides those Canadian start-ups in information and communication technology, digital and social media, gaming, clean technologies, and life sciences with access to unique resources and contacts that foster their international growth.
The CTAs make available free office space for three to six months where physical offices are located within existing business incubators. The CTAs help you to refine your business model, collect competitive intelligence, pursue key clients, access financing sources, and engage strategic partners.
Spindle Communications is based in Johannesburg, South Africa and specialises in green PR, cleantech PR, life sciences PR, healthcare PR, mining PR, ITCE PR, private equity / venture capital PR, infrastructure & construction PR. We also arrange events for our own account (e.g. www.viridisafrica.com, www.lifesparks.co.za, www.madiniafrica.com) or on behalf of clients. We work on an ad hoc or retainer basis. Visit us at www.spindlecommunications.com, www.facebook.com/SpindleCommunications or join us at @SpindleComms on Twitter.
Spindle Communications specialises in public relations, investor relatons, media relations and event management for companies in life sciences, cleantech, mining, ITCE, infrastructural development, and financial services. For more info: www.spindlecommunications.com or like our page http://www.facebook.com/InvestorRelationsinAfrica
Qhuba is a network organization founded in 2007 that provides executives, IT project delivery, and consultancy services. It exists to successfully implement strategies through collaboration between competent and trustworthy individuals. Qhuba's business model involves providing interim staff to clients based on their needs and competencies within the network. The document outlines Qhuba's values, roles, strategy principles, and goals for building its network and knowledge sharing to generate over €7 million in revenue and €200 million in customer benefits by executing strategies.
From Monitor Group's Boston HQ I led teams of brand strategists and planners in five countries to develop, pitch ffor and eventually win the world wide global re-branding and communications business for Club mED
The document is a presentation by IGS, a management consulting firm that provides multidisciplinary teams of experienced managers to help clients solve challenges. IGS aims to make permanent changes by transferring knowledge to clients' teams. IGS can help with challenges such as business planning, international expansion, performance management, and digital transformation. The presentation describes IGS's approach, services, team member experience, and contact information.
The document summarizes lessons learned from some of IFC's past projects in Sub-Saharan Africa. It discusses four projects and what IFC expected from each, what actually happened, and the key lessons learned. The lessons indicate that factors like limited client commitment, lack of local presence, overly ambitious targets, and inability to adapt to changing conditions can impact project success. Ensuring strong client capacity, stakeholder buy-in, flexible timelines, and responsiveness to the local context are important for projects to achieve their goals.
Corlette Consulting provides services to help senior executives and board directors maximize their use of online communication platforms like LinkedIn. They offer LinkedIn strategy and development, people capability programs, online community development, and business development advice. Their services include profile optimization, network building, thought leadership promotion, and integrating business goals with online solutions and training. They take a holistic approach and work with clients and technology partners to build thriving online communities that drive business results through revenue, insight, branding, and customer engagement.
Steve Currie of Communitech - ScaleUp CT keynote 2017Courtney King
Keynote presentation from Communitech's own Steve Currie. Covering how Communitech is changing Waterloo-Kitchener, what Connecticut can do to emulate it, and how ScaleUps can face- and conquer, their uniquer challenges.
Business model development in Social BusinessLinda Kleemann
This document provides an overview of business models for social entrepreneurship and social business. It begins with an agenda for topics to be covered, including an introduction to business models, options for social business models, legal forms, and the social business model canvas. It then defines what a business model is and discusses how the traditional business model process has evolved to incorporate social and environmental impacts. Several stylized examples of social business models are presented, focusing on earned income, impact investors, cross-subsidization, and more. Key success factors and examples are also provided for different categories of social business models. The document concludes by discussing the social business model canvas as a tool for developing social enterprise models and encourages the reader to develop their own business
The latest edition of our Advertising and Marketing Technology sector overview piece, looking at M&A and financing trends across the AdTech and marketing software sector
Adfactors B2B is India’s first specialized, full-service B2B integrated marketing communications (IMC) consultancy primarily serving business-to-business (B2B) enterprises across all sectors and economic segments. A subsidiary of the multi-dimensional independent communications enterprise Adfactors Group that comprises Adfactors PR, Adfactors Advertising, Chlorophyll Brand Consultancy, Economic Research India Pvt. Ltd and Saffron Media Pvt. Ltd.
At Adfactors B2B, our passion is to build B2B brand leaders by helping small and growing companies attract new business by highlighting their strengths, thus helping them to gain visibility and build thought leadership in its domain.
We believe that the B2B enterprise segment needs communication tools that are specialized and radically different from conventional consumer communications. Adfactors B2B has developed specialized B2B expertise to offer integrated solutions such as Brand Consultancy, Public Relations, Digital & Social Media, Direct Marketing, Advertising and Specialized Content Creation. Our specialist teams understand the complexities of the B2B marketplace. We design campaigns that help B2B organizations generate and convert leads, stand out as thought leaders in crowded markets, engage communities, attract talent and, of course, effectively manage crisis if they do happen. Our focus is unapologetically commercial and our efforts are focused to positively impact your bottom line.
With a clear understanding of your marketing budget and communications objectives, we design campaigns that cut across multiple tools of communications, integrated through unified messaging.
This document provides an overview of an integrated communications partner called Spiral. It describes Spiral's group structure, which includes magazines, events, and ISO certifications divisions. It then profiles the core team members and their experience. Finally, it outlines Spiral's strategic approach to immerse, narrow, talk, evaluate, and lead brands, as well as the integrated services it offers including brand development, ATL, BTL, digital marketing, media planning, and PR.
This document provides information about the consulting firm JoinForces. It introduces JoinForces as business developers who help clients grow their business. It outlines their values of integrity, diversity, energy, achievement, and sensitivity. JoinForces offers services in strategy, marketing, business development, and sales. It describes the team's experience across multiple industries and provides biographies of the team members.
What's hot in marcoms? - Data & analyticsresultsig
As specialist advisers to the marketing communications and technologies industry, we are uniquely positioned to ensure that we are continually on top of key trends in this rapidly evolving landscape.
Take a look at this Company Overview to learn more about what DUO does, DUO's differentiators and the services offered. Find out about our team, DUO's mission, clients and some examples our work.
This document describes the services offered by 151 Advisors, a strategic consulting firm that helps technology companies with growth strategies and execution. They have over 100 combined years of experience building profitable US-based tech companies. Their services include market research, go-to-market strategy, marketing, competitive analysis, sales channel development, financial planning, and executive resources. They focus on helping Internet of Things and machine-to-machine companies develop and execute strategies to drive revenue growth.
The document discusses an upcoming Middle East PR Association (MEPRA) event focused on driving thought leadership and business impact through professional associations and global platforms. It provides an agenda for the event including introductions, an overview of MEPRA's mission and goals, and upcoming MEPRA events. Attendees will discuss understanding associations in the regional context, evaluating associations, setting objectives for engagement, and measuring results. The goal is to inspire new engagements and familiarize attendees with opportunities through MEPRA membership and engagement.
John Buckley is a dual national sales executive based in Johannesburg with over 20 years of experience in sales, account management, business development, and public relations across various industries. He has a proven track record of exceeding sales targets and developing new business through strong client relationships and networking. His educational background includes a National Diploma in Public Relations and further studies in Media Management.
Since 1995 EASTWEST PR has been getting clients noticed in Asia. With offices in Singapore and Beijing, China, and now the UK, the Agency is independent, proactive and represents great value.
The document provides an overview of Wisdom Agency, including its business philosophy, services, partners, and clients. It discusses two case studies in detail. The first case study outlines Wisdom Agency's work with Nova Land on brand strategy and digital media planning for various real estate projects. The second case study discusses Wisdom Agency's work with Edutalk on brand repositioning, strategy, and integrated brand management. Both case studies achieved positive results from the strategic and implementation work done by Wisdom Agency.
Sheer Media is a 360 degree solutions provider based in Chennai, India that offers both offline and online brand marketing solutions including digital marketing, content creation, mobile and web applications, and film and video production. They work with a team of over 20 senior professionals across industries to create engaging stories that help brands reach the right audiences. Sheer Media tailors its solutions to meet client needs while finding cost effective approaches within set budgets.
EarlyWMC is a full-service marketing agency that was co-founded by Neal Fullman and Laurence Alexander to provide outsourced marketing solutions for companies. They aim to help clients accelerate sustainable commercial growth faster than if working alone. EarlyWMC provides strategic planning, creative services, digital marketing, public relations, and other services through flexible resourcing models. Their goal is to help clients achieve exponential market penetration and growth through outcome-focused solutions aligned with strategic goals and return on investment.
Qhuba is a network organization founded in 2007 that provides executives, IT project delivery, and consultancy services. It exists to successfully implement strategies through collaboration between competent and trustworthy individuals. Qhuba's business model involves providing interim staff to clients based on their needs and competencies within the network. The document outlines Qhuba's values, roles, strategy principles, and goals for building its network and knowledge sharing to generate over €7 million in revenue and €200 million in customer benefits by executing strategies.
From Monitor Group's Boston HQ I led teams of brand strategists and planners in five countries to develop, pitch ffor and eventually win the world wide global re-branding and communications business for Club mED
The document is a presentation by IGS, a management consulting firm that provides multidisciplinary teams of experienced managers to help clients solve challenges. IGS aims to make permanent changes by transferring knowledge to clients' teams. IGS can help with challenges such as business planning, international expansion, performance management, and digital transformation. The presentation describes IGS's approach, services, team member experience, and contact information.
The document summarizes lessons learned from some of IFC's past projects in Sub-Saharan Africa. It discusses four projects and what IFC expected from each, what actually happened, and the key lessons learned. The lessons indicate that factors like limited client commitment, lack of local presence, overly ambitious targets, and inability to adapt to changing conditions can impact project success. Ensuring strong client capacity, stakeholder buy-in, flexible timelines, and responsiveness to the local context are important for projects to achieve their goals.
Corlette Consulting provides services to help senior executives and board directors maximize their use of online communication platforms like LinkedIn. They offer LinkedIn strategy and development, people capability programs, online community development, and business development advice. Their services include profile optimization, network building, thought leadership promotion, and integrating business goals with online solutions and training. They take a holistic approach and work with clients and technology partners to build thriving online communities that drive business results through revenue, insight, branding, and customer engagement.
Steve Currie of Communitech - ScaleUp CT keynote 2017Courtney King
Keynote presentation from Communitech's own Steve Currie. Covering how Communitech is changing Waterloo-Kitchener, what Connecticut can do to emulate it, and how ScaleUps can face- and conquer, their uniquer challenges.
Business model development in Social BusinessLinda Kleemann
This document provides an overview of business models for social entrepreneurship and social business. It begins with an agenda for topics to be covered, including an introduction to business models, options for social business models, legal forms, and the social business model canvas. It then defines what a business model is and discusses how the traditional business model process has evolved to incorporate social and environmental impacts. Several stylized examples of social business models are presented, focusing on earned income, impact investors, cross-subsidization, and more. Key success factors and examples are also provided for different categories of social business models. The document concludes by discussing the social business model canvas as a tool for developing social enterprise models and encourages the reader to develop their own business
The latest edition of our Advertising and Marketing Technology sector overview piece, looking at M&A and financing trends across the AdTech and marketing software sector
Adfactors B2B is India’s first specialized, full-service B2B integrated marketing communications (IMC) consultancy primarily serving business-to-business (B2B) enterprises across all sectors and economic segments. A subsidiary of the multi-dimensional independent communications enterprise Adfactors Group that comprises Adfactors PR, Adfactors Advertising, Chlorophyll Brand Consultancy, Economic Research India Pvt. Ltd and Saffron Media Pvt. Ltd.
At Adfactors B2B, our passion is to build B2B brand leaders by helping small and growing companies attract new business by highlighting their strengths, thus helping them to gain visibility and build thought leadership in its domain.
We believe that the B2B enterprise segment needs communication tools that are specialized and radically different from conventional consumer communications. Adfactors B2B has developed specialized B2B expertise to offer integrated solutions such as Brand Consultancy, Public Relations, Digital & Social Media, Direct Marketing, Advertising and Specialized Content Creation. Our specialist teams understand the complexities of the B2B marketplace. We design campaigns that help B2B organizations generate and convert leads, stand out as thought leaders in crowded markets, engage communities, attract talent and, of course, effectively manage crisis if they do happen. Our focus is unapologetically commercial and our efforts are focused to positively impact your bottom line.
With a clear understanding of your marketing budget and communications objectives, we design campaigns that cut across multiple tools of communications, integrated through unified messaging.
This document provides an overview of an integrated communications partner called Spiral. It describes Spiral's group structure, which includes magazines, events, and ISO certifications divisions. It then profiles the core team members and their experience. Finally, it outlines Spiral's strategic approach to immerse, narrow, talk, evaluate, and lead brands, as well as the integrated services it offers including brand development, ATL, BTL, digital marketing, media planning, and PR.
This document provides information about the consulting firm JoinForces. It introduces JoinForces as business developers who help clients grow their business. It outlines their values of integrity, diversity, energy, achievement, and sensitivity. JoinForces offers services in strategy, marketing, business development, and sales. It describes the team's experience across multiple industries and provides biographies of the team members.
What's hot in marcoms? - Data & analyticsresultsig
As specialist advisers to the marketing communications and technologies industry, we are uniquely positioned to ensure that we are continually on top of key trends in this rapidly evolving landscape.
Take a look at this Company Overview to learn more about what DUO does, DUO's differentiators and the services offered. Find out about our team, DUO's mission, clients and some examples our work.
This document describes the services offered by 151 Advisors, a strategic consulting firm that helps technology companies with growth strategies and execution. They have over 100 combined years of experience building profitable US-based tech companies. Their services include market research, go-to-market strategy, marketing, competitive analysis, sales channel development, financial planning, and executive resources. They focus on helping Internet of Things and machine-to-machine companies develop and execute strategies to drive revenue growth.
The document discusses an upcoming Middle East PR Association (MEPRA) event focused on driving thought leadership and business impact through professional associations and global platforms. It provides an agenda for the event including introductions, an overview of MEPRA's mission and goals, and upcoming MEPRA events. Attendees will discuss understanding associations in the regional context, evaluating associations, setting objectives for engagement, and measuring results. The goal is to inspire new engagements and familiarize attendees with opportunities through MEPRA membership and engagement.
John Buckley is a dual national sales executive based in Johannesburg with over 20 years of experience in sales, account management, business development, and public relations across various industries. He has a proven track record of exceeding sales targets and developing new business through strong client relationships and networking. His educational background includes a National Diploma in Public Relations and further studies in Media Management.
Since 1995 EASTWEST PR has been getting clients noticed in Asia. With offices in Singapore and Beijing, China, and now the UK, the Agency is independent, proactive and represents great value.
The document provides an overview of Wisdom Agency, including its business philosophy, services, partners, and clients. It discusses two case studies in detail. The first case study outlines Wisdom Agency's work with Nova Land on brand strategy and digital media planning for various real estate projects. The second case study discusses Wisdom Agency's work with Edutalk on brand repositioning, strategy, and integrated brand management. Both case studies achieved positive results from the strategic and implementation work done by Wisdom Agency.
Sheer Media is a 360 degree solutions provider based in Chennai, India that offers both offline and online brand marketing solutions including digital marketing, content creation, mobile and web applications, and film and video production. They work with a team of over 20 senior professionals across industries to create engaging stories that help brands reach the right audiences. Sheer Media tailors its solutions to meet client needs while finding cost effective approaches within set budgets.
EarlyWMC is a full-service marketing agency that was co-founded by Neal Fullman and Laurence Alexander to provide outsourced marketing solutions for companies. They aim to help clients accelerate sustainable commercial growth faster than if working alone. EarlyWMC provides strategic planning, creative services, digital marketing, public relations, and other services through flexible resourcing models. Their goal is to help clients achieve exponential market penetration and growth through outcome-focused solutions aligned with strategic goals and return on investment.
Vodacom has engaged Ogilvy and partner agencies to develop an overarching brand for its financial services offerings. The consulting team will take a three workstream approach to create a brand architecture and 12-month communication strategy. As part of the brand discovery phase, the team will conduct competitive research, audience mapping, and concept development. They will develop two unique brand concepts for validation through consumer research. The research will involve a 3-day online community with Vodacom and competitor customers to understand reactions and provide strategic direction.
The document provides an overview of the proposed approach and consulting team for a project to create an overarching brand for Vodacom Financial Services. The summary is:
The consulting team led by Ogilvy will take a three workstream approach over three months to develop a brand strategy, including brand discovery, creation and definition. A multidisciplinary team from Ogilvy and partner agencies will manage the project. The strategy will create a brand architecture to support financial services and digital content products across Vodacom.
By embracing digital marketing and integrating it with offline communications, a company will demonstrate thought leadership, reinforce its position as a trusted advisor in the financial services community and fuel new client acquisition.
Veritas Real Solutions was established in 2008 to provide marketing and sales strategies for the real estate market in southeastern Europe (1). Within two years, it had won several awards and expanded its services to include the tourism industry (2). In 2014, it established new partnerships and adopted new practices, and began working in the M.I.C.E. industry as well (3). By 2016, the M.I.C.E. industry had become a core focus as it had grown its client network and team through multiple successful contract wins (3).
This document provides a summary of an individual's qualifications and experience in corporate marketing. It includes:
1) Contact information and an overview of the individual's marketing communications experience across sectors like IT, telecommunications, and events.
2) A summary of the individual's core leadership qualifications and professional experience, including marketing roles at Reliance Jio, Siva Group, Kochar Tech, and Bharti Airtel.
3) Details of the individual's responsibilities and achievements in each role, such as managing large marketing budgets, teams, and brand visibility campaigns.
Vodacom is seeking to create an overarching brand for its financial services and digital lifestyle offerings. The consulting team will use Ogilvy's brand strategy methodology to conduct brand discovery, creation, and definition over three months. This will include reviewing Vodacom's touchpoints, competitors, audience needs, and digital trends to develop two brand design concepts for consumer research. The research will validate which concept to further develop and optimize to ensure relevance and resonance with target audiences. The goal is to establish a brand architecture and 12-month strategy to achieve success across financial services and digital content.
Here at Results we cover all aspects of technology with a particular focus on enterprise software / SaaS, software-related IT services, and tech enabled services. However we like to turn our attention to a number of specific sectors at the end of every quarter to consider the trends and analyse the activity in the M&A, fundraising and public markets.
We have produced our view on 2015’s proceedings in a series of individual market reviews on:
- Digital Services
- SaaS
- HealthTech
- Cybersecurity
- AdTech & MarTech
Following a turbulent stock market in Q3, public markets across all five technology sectors rebounded strongly in the fourth quarter to end the year on a high. For the full year, the SaaS sector remained the stand-out performer - Results International’s Global SaaS Index was up c.15%, outperforming the broader Nasdaq Composite’s c.6% gain in 2015.
Nevertheless, the private markets in Cybersecurity and HealthTech witnessed record numbers of M&A transactions in 2015 whilst investor appetite and valuations continue to remain healthy across all five market sectors.
Companies displaying strong top-line growth with quality clients and an innovative products, within each of their sectors, continue to outperform their peers on the public markets.
We hope you enjoy the document, and please do get in touch if you would like to discuss any of the themes with us. We look forward to speaking with you soon.
Happy new year and welcome to the first edition of the AdTech & MarTech Barometer in 2016 - Results International’s quarterly market review of the global advertising and marketing technology sector. Verizon’s acquisition of AOL, one of arguably the largest ever deals in the sector, was just one reason why 2015 was a noteworthy year for AdTech and MarTech M&A. Serial acquirers, including the likes of Oracle, WPP and Twitter, were joined by new entrants, such as News Corp and Endurance, in the acquisition foray. In another notable quarter, Q4 saw Perion acquire ad network Undertone, Endurance acquire publicly listed email marketing software vendor Constant Contact and Neustar acquire DMP MarketShare, the latter at one of the highest reported revenue multiples of the year. Despite the very well documented challenges facing AdTech companies in the public markets, the AdTech and Martech M&A market remained buoyant with overall deal volume in 2015 only very marginally down on the record levels of 2014.
The fundraising market has also seen a busy year. Notable high profile raises in Europe in Q4 include Brandwatch’s $33m Series C, Kiosked’s $30m Series B, Adform’s $22m raise and Clavis Insight’s $20m raise.
In the public markets, our Data and MarTech indices have trended broadly in line with the wider market, while our Diversified Internet index has grown significantly in 2015. Our AdTech index had a positive Q4 (up 1.7%) but overall 2015 was a challenging year for listed Adtech companies. Another quarter without a notable AdTech or MarTech IPO reflects market sentiment in the space, however several high profile IPOs are anticipated in 2016, including Hootsuite, Appnexus, MediaMath and Outbrain.
With increasing consolidation in the sector, and technological innovation as rapid as ever, 2016 is set to be a fascinating year and a good time to be contemplating corporate activity in the AdTech and MarTech space – if you are, please do get in touch.
Results International is a leading adviser to entrepreneurs, investors and corporates in the technology, marketing services, and healthcare sectors. Our team has more than 70 years experience in supporting businesses in the software sector with M&A activity and fundraising.
We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.
Results International advised Avecto, a UK-based cybersecurity company, on its $49 million growth equity investment from JMI Equity, a US investor. Avecto provides endpoint security software and has over 600 enterprise clients. Results helped identify strategic partners for Avecto and leveraged its global relationships. The founders of Avecto commented that Results drove the process forward relentlessly while maintaining a strategic view.
Happy new year and welcome to the first edition of the Results International’s SaaS Market Review in 2016 – Results International’s quarterly market update for the SaaS segment.
Despite a turbulent stock market in 2015 due to sliding oil prices, Chinese equity markets and geopolitical tensions, SaaS vendors remained relatively unscathed. SaaS stocks rebounded strongly in Q4 from the dips witnessed in Q3, surging by c.10% over the quarter. For the full year, Results International’s Global SaaS Index was up 14.5% beating the Nasdaq’s c.6% gain in 2015.
M&A and investor appetite remains strong in the sector while valuations remain healthy with median revenue valuations for 2015 at 5.9x for the Global SaaS Index. SaaS companies continue to post robust growth and with Wall Street predicting c.20% top line revenue growth next year, 2016 is expected to be yet another strong year for SaaS vendors. Now is a good time to be contemplating corporate activity for enterprise software businesses with a SaaS business model – if you are, please do get in touch.
Results International is a leading adviser to entrepreneurs, investors and corporates in the technology, marketing services, and healthcare sectors. Our team has more than 70 years experience in supporting businesses in the software sector with M&A activity and fundraising.
We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.
The document provides a quarterly summary of the SaaS market. It analyzes performance in Q3 2015 and year-to-date for large cap, mid cap, and small cap SaaS companies based on share price indices. While the indices dropped in Q3 due to global economic factors, the large cap and cybersecurity indices for the year remain up, outperforming the broader Nasdaq Composite Index. The private markets saw high M&A activity and fundraising remained healthy across all sectors.
Our research has revealed that although North America remains the most active region for M&A deals in the adtech/martech sector, with 51% of the total global deal volume in Q2 2015, other regions are eating away at its dominance. Advertising platforms continue to be the most active sector within adtech. They comprised over a third (35%) of all global M&A deals done in the sector in the second quarter of 2015 – up from 33% in Q1 2015. The disclosed value of deals in the sector in Q2 2015 was $7.7bn as opposed to $1.4bn in Q1, but that is mainly due to Verizon’s $4.8bn acquisition of AOL.
The second quarter saw a continuation of the strong upward trend in cybersecurity M&A activity with a total number of 33 transactions accounting for over $4 billion in deal value. Notable transactions included Raytheon’s $1.3 billion acquisition of Websense and SingTel’s $850 million acquisition of Trustwave.
Investors have continued to jump on the cybersecurity bandwagon as malicious hacks and major data breaches have continued to persist. In April more than 21 million personal records were stolen from the US government, which was widely blamed on China. This is also acting as a major tailwind for cybersecurity stocks which have continued their outperformance against the Nasdaq. Despite the ongoing Greek debt crisis and China’s market meltdown, the Results International index tracked up 7.4% in Q2 (up nearly 28% over the last twelve months).
The second quarter also saw British cybersecurity firm Sophos go public at a £1bn valuation in the largest ever initial public offering for a UK software company on the London Stock exchange.
M&A activity in the space is on an upward trend, fundraising appetite is strong and valuations in the sector remain healthy. As a result, now is a good time to be contemplating corporate activity in the Cybersecurity space – if you are, please do get in touch.
Results International is a leading adviser to entrepreneurs, investors and corporates in the technology, marketing services, and healthcare sectors. Our team has more than 70 years experience in supporting businesses in the software sector with M&A activity and fundraising.
We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.
The momentum in the HealthTech market shows no signs of letting-up: (i) the Evolent IPO (the 6th in 18 months) closely followed by Kainos’ in early July once again demonstrates the significant appetite in the space; (ii) market indices continue to rise with the European players catching up with their US counterparts; and (iii) there is increased focus on the use of data analytics to improve diagnoses and patient outcomes as evidenced by IBM’s investment in Watson Health through the acquisitions of Explorys and Phytel.
M&A activity in the space is on an upward trend, fundraising appetite is strong and valuations in the sector remain healthy. As a result, now is a good time to be contemplating corporate activity in the HealthTech space – if you are, please do get in touch.
Results International is a leading adviser to entrepreneurs, investors and corporates in the technology, healthcare, and marketing services sectors. Our team has more than 70 years experience in supporting businesses in the software sector with M&A activity and fundraising.
We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.
Cyber Security, HealthTech and SaaS have all seen healthy public markets with our Results indices all up on the previous quarter. The AdTech & MarTech sectors have been mixed in Q1 however the underlying sector trends remain strong as the shift to programmatic and the rise of video, mobile, social and native continues.
The private markets in Cyber Security have seen a correspondingly strong quarter with M&A activity up to record levels. The HealthTech and AdTech & MarTech M&A markets have seen a slight decline from the previous quarter, however both remain at historically high levels as private investors invest in innovation and product differentiation.
One thing is prevalent within each of the sectors; those displaying strong top-line growth with quality clients and an innovative product continue to outperform their peers on the public markets.
- The document provides information on Results International, a market-leading corporate finance advisory firm founded in 1991 with a 40 person team that has completed over 250 transactions.
- It also includes performance data and analysis of indices tracking large cap, mid cap, and small cap software as a service (SaaS) companies for the first quarter of 2015 and the previous 12 months.
- Tables are presented with operating and valuation metrics for selected publicly traded SaaS companies broken into large cap, mid cap, and small cap categories based on revenue size.
This document summarizes a market-leading corporate finance advisory firm with deep domain expertise in healthcare, technology, and related sectors. The firm was founded in 1991, is entrepreneurial and owner-managed, and has a 40 person team that has completed over 250 transactions globally. The firm prides itself on creative solutions and senior-level focus for every transaction, and maintains a broad global network of industry contacts.
Results International is a 40-person, market-leading corporate finance advisory firm founded in 1991 that focuses on three inter-related sectors. It has deep domain expertise, a broad global network, and has completed over 250 transactions. The firm prides itself on its entrepreneurial approach, senior-level focus on each transaction, and creative solutions.
This document provides an overview of a market-leading corporate finance advisory firm with deep domain expertise in cyber security, technology, and telecommunications. The firm was founded in 1991 and is entrepreneurial, owner-managed, and has a 40 person team that has completed over 250 transactions. It has a broad global network and focuses on creative solutions tailored to each client's specific needs.
We enter 2015 on the back of a strong Q4 in both the public markets and M&A. After a fairly turbulent year the public stocks specifically, it’s reassuring that both Hubspot and Crossrider’s IPOs were successful with both continuing to trade above their IPO price by year end with many other companies experiencing a stronger Q4.
The M&A market continues to be strong with over 100 deals completed in Q4 and 2015 looks set to be an exciting year as the universe of strategic players entering the market continues to widen and demand for innovation remains high.
- The document describes a market-leading corporate finance advisory firm that was founded in 1991 and has a 40 person team with over 250 completed transactions. It has deep expertise in corporate finance, technology, and media/telecom sectors and a broad global network. The firm focuses on providing creative solutions for each transaction with senior-level involvement.
We are in a phase of massive innovation through digital technologies across the healthcare industry: sensor-driven connected health applications are creating a wealth of data – as the sensors improve the opportunities for remote monitoring and intervention are significant; drug discovery and development are being accelerated using big data and digital collaboration tools; and healthcare provision at the point of care is beginning to benefit from joined-up, efficiency-driven workflows.
All of these innovations promise very real benefits to affordable provision of improved healthcare outcomes. As a result, M&A activity in the space is on an upward trend (we tracked in excess of 50% more deals in 2014 than 2013), fundraising appetite is strong for digital innovation, and valuations in the sector remain healthy. Now is a good time to be contemplating corporate activity in the HealthTech space – if you are, please do get in touch.
2014 was an interesting year for the SaaS segment. In the public markets, a correction earlier in the year could not be wholly offset by a welcome Q4 rally (the Results International Global SaaS Index tracked up 8% in the last 3 months but nonetheless ended the year 3% down over the 12 month period; with the small cap group down by 30%).
Median valuations in the space rose along with share prices during Q4 with the segment ending the year trading at 6.5x revenue. Meanwhile, investor appetite for growing SaaS businesses in Europe and North America remains very strong and the M&A environment is favourable for those companies offering differentiated products with a strong recurring revenue base.
As specialist advisers to the marketing communications and technologies industry, we are uniquely positioned to ensure that we are continually on top of key trends in this rapidly evolving landscape.
As specialist advisers to the marketing communications and technologies industry, we are uniquely positioned to ensure that we are continually on top of key trends in this rapidly evolving landscape.
As specialist advisers to the marketing communications and technologies industry, we are uniquely positioned to ensure that we are continually on top of key trends in this rapidly evolving landscape.
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Ad tech perspective oct 2013
1. Advertising And Marketing Technology
Market overview and update
For more information contact:
Julie Langley
Partner
+44 (0) 20 7514 8247
jlangley@resultsig.com
Mark Williams
Director
+44 (0) 20 7514 8242
mwilliams@resultsig.com
Disclaimer:
February 2014
This document has been produced by Results International Group LLP (“Results”) and is furnished to you solely for your
information and may not be reproduced or redistributed, in whole or in part, to any other person. No representation or
warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or
completeness of the information contained herein and, accordingly, none of Results‟ officers or employees accepts any
liability whatsoever arising directly or indirectly from the use of this document.
3. Corporate Finance Advisors to the Adtech, Software & Marcoms Sectors
An established team of sector experts…
…with global reach
• Results International is a market-leading M&A advisory
firm founded in 1991
• Entrepreneurial and owner-managed
• 40 person global team with over 250 completed
transactions
• Senior level attention on all transactions
Selected clients and transaction counterparties
Sector specialism
(1)
Adtech
Software
Marketing Services
Digital Media
(1) Some clients were advised by Results International Partners at prior firms
2
4. Selected Team Members- UK
Keith Hunt
Managing Partner
•
Joined Results in 2005 Previously Head of M&A at
Ernst & Young
•
20+ years experience in
corporate finance, including
M&A, fundraising, IPOs, JVs,
MBOs and MBIs
•
Clients include The Group,
Figtree, Monitor Media,
Spannerworks, Flip Media,
Transactis, Punktilio,
Flamingo, Brand X, and AIA
Julia Crawley-Boevey
Director
•
•
Andy Collins
Senior Partner
Joined Results in 2010 having
spent over four years at BDO
where she worked in both
Audit and Corporate
Finance
Clients include The Group,
Blue Rubicon, Virgo Health,
Incite, and Crayon
Joined Results in 2005 and
has completed over 50
transactions, raised £150m
of funding from private
equity and the Capital
Markets and provided
strategic advice to a wide
range of businesses
•
Clients include Abacus,
Retail Eyes, Bridgehead
International, Chemistry
Communications, Latitude,
and Total Healthcare Group
•
Mark Williams
Director
•
•
Joined Results in 2012. He
started his career at KPMG
working in Financial Services
M&A and moved to
Ingenious Corporate
Finance in 2010
Clients include Staffcare,
Moonpig, St Ives, and
Inflexion
Jim Houghton
Partner
Julie Langley
Partner
•
Joined Results in 2010, with
over 10 years of M&A
experience
•
Joined Results in 2012 to
lead the tech and digital
media practice
•
Prior to joining Results Jim led
European M&A activity for
the marketing services
division of Omnicom (DAS)
•
•
Clients include We are
Social, Blue Rubicon, Virgo
Health, Crayon, Iris, and
United News & Media plc
15 years M&A experience at
Broadview then Jefferies,
advising tech and digital
media companies on M&A
and fundraising
•
Advised on transactions with
Oracle, Microsoft, Experian,
Moody‟s, IAC, Axel Springer,
DMGT, and BT, amongst
others
Anthony Harrington
Manager
•
•
Joined Results in 2013, has
experience in healthcare
focused corporate finance
at Bear Stearns, Rothschild
and Investec
Clients include Enteq
Upstream PLC, Arena Leisure
PLC, Busy Bees and
Protherics PLC
James Kesner
Manager
•
Joined Results in 2013 from
Kingston Smith
•
ACA qualified, has
previously worked as a
Finance Director for a
London based brand
consultancy
•
Previous clients include ID
magazine, Not to Scale,
Writtle, Adam and Eve
3
5. Selected Team Members - International
US Team
Pierre-Georges Roy
Partner
Maurice Watkins
Partner
•
Co-founded GroupArgent in
2005. Closed $4.0 billion in
cross-border transactions
including several Canada-US
•
Co-founded GroupArgent in
2005 and has closed over 35
transactions totaling $0.75
billion
•
Experience includes advising
Hunt Mobile Advertising on
its transaction with Opera
Mediaworks, Telesystem
International Wireless
(NASDAQ: TIWI) sold to
Vodafone, and buyout and
exit representation for
Canadian firms Caisse de
Dépôt and Wynnchurch
•
Experience includes advising
Hunt Mobile Advertising on
its transaction with Opera
Mediaworks
•
Prior to GroupArgent,
Maurice worked at the
Zanett Group, Morgan
Stanley and IBM
Hemavli Bali
Executive Director
•
Joined Results in 2008 and
has 13 years working in
financial services, with over 8
years of experience as a
corporate finance specialist
•
Previously worked at
Nomura, Royal Bank of
Canada and Ernst & Young
•
Clients include Abacus, Total
Healthcare Group, Synergy,
D2D and Retail Eyes
Asia Team
Andrew Kefford
Managing Partner –
Asia Pacific & MENA
•
Long career in marketing
sector (Ogilvy & Mather, The
Ball Partnership)
•
Managed the acquisition of
SMART to McCann
Worldgroup, CCG by
Publicis Group to establish
Digitas China, CIC by Kantar
Media and The Upper Storey
by Isobar
Imad Kublawi
Regional Partner –
MENA
•
•
27 years experience in the
advertising sector, including
as COO of JWT's Middle East
Network
Joined Results International
in 2008 and has since been
engaged in a number of
buy and sell mandates
Chris Beaumont
Managing Partner –
North Asia
•
16 years of experience
consulting in Asia
•
For 10 years Chris was with
McCann-Erickson in Asia; he
was both Vice-Chairman of
its operations in Tokyo and
Chief Strategy Officer for
WorldGroup across Asia
Sunil Gupta
Area Liaison –
South Asia
•
Spent 24 years at Hindustan
Thompson (part of JWT), the
largest ad agency in India
•
Other roles include COO at
RK Swamy/BBDO and as
advisor to companies in
India, Pakistan & Dubai
4
6. Selected Transactions Across Technology, Marcoms & Digital Media
has been acquired
by
is joining
has been acquired
by
has been acquired
by
has been acquired
by
has been acquired
by
has invested in
has been acquired
by
has been acquired
by
has been acquired
by
has been acquired
by
has been acquired
by
has been acquired
by
has been acquired
by
has been acquired
by
has been acquired
by
has been acquired
by
has completed a joint
venture with
NOTE: Certain transactions were advised on by RI’s Partners at previous firms.
5
8. Marketing Technology Landscape – Illustrative Companies
Marketing Automation
Social CRM /
Social Software / Data
eCommerce Tech
Advertising Platforms
Mobile
Video
Measurement & Optimisation
Subsegments
•
•
•
•
Omnichannel Campaign
Management
Marketing Automation
Lead Management
Email Marketing
•
•
•
•
•
eCommerce Platforms
Recommendation Software
Personalisation Software
eCommerce Logistics
Content Management
•
•
•
•
•
•
Social Media Tools
Ratings & Reviews
Monitoring & Intelligence
Analytics
Customer Service Solutions
Enterprise social networking
•
•
•
•
•
•
Ad Network and Exchanges
DSPs/SSPs/DMPs
Programmatic Trading Space
Targeting/Retargeting
Tracking, Tag Management
Attribution
Optimisation
•
•
•
•
•
Mobile Marketing
Mobile App Platforms
Mobile DSPs
Mobile Ad Management/Ad
Serving
mCommerce
•
•
•
•
•
•
OVP‟s
Video Sharing
Video Commerce/
Marketing
Video Creation Tools
Video Ad Networks
Video Search Engines
Diversified
Vendors
Selected Representative Companies
7
9. Advertising Platforms Landscape – Illustrative Companies
Supply side
platforms (SSPs)
Ad Exchanges & Ad
Servers
Ad Networks
Data Management
Platforms (DMPs)
Demand side
platforms (DSPs)
Supply side
Agency buying
desks
Demand side
RTB
Focus
Commonly known as
yield managers/optimisers
Technology /
marketplaces to
connect publishers
and advertisers and
advertisements on
websites
Enable the publishers
of the website they
Represent to sell more
Inventory
Data providers and
data management
Platforms (DMP)
Technology for media
buyers
aggregate, bid on and
optimize digital
inventory
across multiple sources
Specialised entities of
media buying
agencies focusing on
media trading and
RTB
8
10. Strength Of The Global M&A Ad Tech Market
100
90
80
(# Deals)
70
60
50
40
78
61
30
20
49
43
36
32
34
Q3
2008
Q4
2008
10
26
34
55
43
78
89
88
65
48
Q4
2010
77
68
59
49
45
Q3
2010
64
73
70
0
Q1
2008
Q2
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q1
2011
Q2
2011
Q3
2011
Q4
2011
Q1
2012
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Sources: Press releases, CapitalIQ, Corpfin, and Results’ Analysis
Adtech consolidation continues at pace – however there is substantial VC funding going into the sector and the number of new start-ups is outpacing the
number of acquisitions (Source: Luma Partners)
Key M&A drivers:
-
Established players have been acquiring new capabilities/ technologies to extend their existing product suites
-
Large internet conglomerates and technology companies continue to compete to remain „on top‟ of new tech innovations and are
competitively scouring the market for the best start-ups and talent
-
Yahoo, in particular, was a prolific acquirer in 2013 making over 30 acquisitions
The IPO market has recently opened for adtech including RocketFuel, Criteo and YuMe, however these parties have yet to use their currency to pursue
acquisitions
-
As many of the recently IPO‟d companies have large operating losses and without profitability in sight, these companies are unlikely to make
significant acquisitions unless a deal is highly strategic
9
11. Selected Recent Deal Activity
Marketing Automation
Social CRM / Social Software
EV
($m)
EV/REV
Description
Nov-13
n.a.
n.a.
Social analytics platform
CRM and marketing
automation solutions
Oct-13
35
n.a.
Social advertising and analytics
platform
7.5x
Content marketing start-up
Oct-13
n.a.
n.a.
"Billboard", social ads to
promote products
n.a.
n.a.
Marketing automation &
demand generation
Jul-13
n.a.
n.a.
Social media monitoring
company
Jun-13
600
10.3x
Cross-channel campaign
management
Jun-13
n.a.
n.a.
Platform for conducting social
media analysis
Jun-13
2,562
8.1x
Cloud-based marketing
automation
May-13
n.a.
n.a.
Social commerce platform
May-13
344
7.2x
Lead generation and
conversion software
Apr-13
n.a.
n.a.
Social media listening and
compliance
n.a.
n.a.
App for SMEs to create email &
mobile marketing campaigns
Feb-13
c.75
n.a.
Social media monitoring for TV
shows & commercials
May-13
n.a.
n.a.
Web-based email marketing
system
Jan-13
n.a.
n.a.
Social media marketing suite
for SMBs
Dec-12
871
9.2x(1)
Cloud-based marketing
automation
Aug-12
40
n.a.
Social media advertising
services
Sep-12
n.a.
n.a.
Behavioural targeting &
predictive analytics
Jul-12
350
n.a.
Social media marketing
software
Oct-12
96
8.6x
SaaS marketing automation
platform
Jun-12
1,200
n.a.
Enterprise social networking
Oct-12
n.a.
n.a.
Marketing automation
software
Jun-12
n.a.
n.a.
Social media monitoring
Intelligence
May-12
150
4.3x
Digital messaging platform
Jun-12
745
c. 19x(2)
Social media marketing suite
Mar-12
n.a.
n.a.
Marketing automation solution
for Microsoft
May-12
166
13.9x
Rating and reviews software
EV
($m)
EV/REV
Description
Date
1,497
7.7x
Software to orchestrate
marketing interactions
n.a.
n.a.
Oct-13
15
Aug-13
Date
Buyer
Target
Dec-13
Oct-13
May-13
(1)
(2)
Ellie Mae
Swisscom
MortgageCE
O
Tweasy
Buyer
Target
Eloqua was on a revenue run rate of approx. $95m, 9.2x is the run rate revenue multiple
BuddyMedia generated approx. $25 million revenue in CY2011 (up 250% year-on-year). Based on Salesforce.com’s statements, the TTM revenue at the time of the deal was approx. $40 million
10
12. Selected Recent Deal Activity
Mobile Technology
Video Technology
EV
($m)
EV/REV
Description
Jan-14
49(3)
9.8x
Video advertising technology
Technology to target display
ads to audiences & locations
Dec-13
55(4)
2.2x
Mobile video advertising
technology platform
n.a.
Mobile data analytics platform
Oct-13
n.a.
n.a.
Social artery for video news,
inspiration and leading voices
15
n.a.
Mobile personalisation and
native advertising technology
Sep-13
n.a.
n.a.
Online video demand side
platform
Oct-13
n.a.
n.a.
Cloud-based mobile
messaging tools
Aug-13
490(5)
n.a.
TV advertising distribution unit
of Digital Generation
Sep-13
350
n.a.
Ad inventory management
platform for mobile publishers
Aug-13
405
n.a.
Video advertising platform
Sep-13
n.a.
n.a.
Real-time bidding platform for
mobile ads
Aug-13
n.a.
n.a.
Video content syndication and
advertising platform
Aug-13
209(2)
n.a.
Mobile ad network - targeted
advertising
May-13
n.a.
n.a.
Platform for social video
advertising
Aug-13
n.a.
n.a.
US assets of mobile marketing
and software company
Apr-13
n.a.
n.a.
Video advertising network
Jul-13
n.a.
n.a.
Mobile marketing technology
and services
Mar-13
n.a.
n.a.
Video advertising network
Jul-13
n.a.
n.a.
Personalized, hyper-local
targeted offers on mobile
Jan-13
n.a.
n.a.
In-stream video advertising
optimization
Jul-13
n.a.
n.a.
Mobile advertising targeting
Dec-12
n.a.
n.a.
Video and mobile ad
technology provider
Jul-13
n.a.
n.a.
Monitors advertising
performance on apps
Oct-12
n.a.
n.a.
Video advertising network
Jun-13
n.a.
n.a.
Mobile app focused on
location and check-in space
Mar-12
13
1.4x
Video advertising network
May-13
3
n.a.
Platform that operates in
mobile local search & ads
Jan-12
n.a.
n.a.
„InPlay‟ Video analytics
solutions from TubeMogul
EV
($m)
EV/REV
Description
Date
Jan-14
n.a.
n.a.
Mobile marketing business in
India, UK and US
Jan-14
n.a.
n.a.
Oct-13
200(1)
Oct-13
Date
(1)
(2)
(3)
Buyer
Target
Total deal size is reportedly between $100-200m
Jumptap shareholders received 24.6m of Millennial Media shares, this EV is based in August 14 th share
price of $8.5
Consideration consists of 3m of Brightcove stock and $9m in cash
(4)
(5)
Buyer
Target
A further $10m of consideration is payable to employees and management as incentive and retention
payments payable over 12 months
EV includes extra consideration of $5m which is contingent on further investment not being required for
the new company post acquisition
11
13. Selected Recent Deal Activity
Ecommerce Technology
Advertising Platforms
EV
($m)
EV/REV
Description
Date
EV
($m)
EV/REV
Description
Nov-13
n.a.
n.a.
CXM platform with integrated
e-commerce engine
Dec-13
3
n.a.(1)
Advertising solutions to match
advertisements to content
Oct-13
n.a.
n.a.
SaaS logistics and supply chain
management for eCommerce
Nov-13
n.a.
n.a.
RTB buy side platform
Oct-13
n.a.
n.a.
Customer-centric eCommerce
solution
Nov-13
n.a.
n.a.
Technology in programmatic,
desktop RTB trading
Oct-13
n.a.
n.a.
eCommerce personalisation
technology
Nov-13
40
n.a.
Demand side platform
Aug-13
n.a.
n.a.
eCommerce solutions provider
Oct-13
119
n.a.
Data management platform
Aug-13
1
0.7x
eCommerce solutions provider
Oct-13
1(2)
n.a.
Ad platform for rich media
advertisements
Jul-13
n.a.
n.a.
Tag management technology
Oct-13
n.a.
n.a.
Self-serve advertising platform
and dynamic creative vendor
Jul-13
n.a.
n.a.
eCommerce app platform
Sep-13
n.a.
n.a.
Advertising platform
Jun-13
n.a.
n.a.
eCommerce platform that
places promotions (Buy Now)
Aug-13
n.a.
n.a.
Digital advertising distribution
technology
Jun-13
n.a.
n.a.
eCommerce fulfilment
technology
Aug-13
13(3)
n.a.
Demand side platform
Jun-13
1,351
10.8x
eCommerce software
Jul-13
n.a.
n.a.
Native advertising platform
Jun-13
n.a.
n.a.
Commerce and order
management platform
Jul-13
n.a.
n.a.
Online ad network active in
programmatic buying space
May-13
n.a.
n.a.
Big data company for
optimisation of online discounts
Jul-13
2
n.a.
Supply side platform
May-13
284
2.0x
Digital marketing and
eCommerce company
Jun-13
n.a.
n.a.
Certain IP assets of adBrite‟s ad
exchange
May-13
n.a.
n.a.
Recommendation engine and
online personalisation
Jun-13
n.a.
n.a.
Premium advertising platform
Date
(1)
(2)
(3)
Buyer
Target
Buyer
Target
EV / TTM EBIT multiple of 2.2x
Further consideration of up to $13.1m is available based on Republic Project reaching revenue and adjusted EBITDA performance targets in 2014 and 2015
Valuation reportedly ranges from $10-15m
12
15. Valuation Benchmarks
Revenue growth (13-14E)
EV/REV 2014E
7.0x
38%
40%
6.4x
35%
6.0x
30%
5.0x
4.0x
21%
20%
4.2x
4.0x
25%
17%
3.4x
18%
3.0x
15%
2.5x
15%
9%
10%
1.4x
1.0x
4%
5%
1.9x
2.0x
0.0x
0%
Diversified
Internet
Marketing
Technology
Video
Mobile
Social CRM
Diversified
Agencies
Diversified
Internet
Enterprise
Software
Marketing
Technology
EBITDA Margins 2014E
Mobile
Social CRM
Diversified
Agencies
Enterprise
Software
EV/EBITDA 2014E
35%
30%
Video
20.0x
30%
28%
18.6x
18.0x
16.0x
26%
25%
14.3x
14.0x
12.9x
12.3x
11.5x
12.0x
20%
9.2x
10.0x
16%
15%
8.0x
12%
6.0x
10%
4.0x
5%
3%
2.0x
N/A
0%
0%
n.a.
0.0x
Diversified
Internet
Marketing
Technology
Video
Mobile
Social CRM
Diversified
Agencies
Enterprise
Software
Diversified
Internet
Marketing
Technology
Video
Mobile
Social CRM
Diversified
Agencies
Enterprise
Software
Notes: EV = Enterprise Value; Calendarised to December year end
Source: Capital IQ and Analyst Reports
Note – see appendix for details of companies included in each category
14
16. IPO Case Studies
IPO
Company
Current Trading
IPO Date
IPO Share
Price
Valuation
Current
Share Price
% Change
Since IPO
High Since
Trading
Low Since
Trading
Current EV
EV/Rev
2014E
EV/EBITDA
2014E
November
2013
0.96
1.22
28%
1.50
0.68
168
n.a.
n.a.
October 2013
31.00
46.84
51%
47.16
28.27
2,357
9.5x
n.m.
September
2013
29.00
53.25
84%
71.89
37.81
1,779
7.5x
n.m.
August 2013
9.00
6.95
(23%)
12.08
5.86
172
1.8x
17.0x
June 2013
10.00
4.29
(57%)
11.09
3.59
120
1.9x
n.m.
May 2013
13.00
39.87
207%
45.00
17.20
1,444
10.7x
n.m.
March 2013
14.00
11.56
(17%)
19.95
8.50
279
2.9x
n.m.
AIM
Nasdaq
Nasdaq
NYSE
NYSE
Nasdaq
NYSE
$ millions, except share price data
Source – Capital IQ, Market Data as of 24th February 2014; Note – Calendarised to December year end
15
17. Contact Us
Julie Langley
Mark Williams
Partner
Director
Di: +44 (0) 20 7514 8247
E: jlangley@resultsig.com
Di: +44 (0) 20 7514 8242
E: mwilliams@resultsig.com
27 Soho Square, London, W1D 3AY
t +44 20 7629 7575 | f +44 20 7629 2233
www.resultsig.com
16
19. Selected Publicly Traded Companies
usd millions, except per share
data
Company
Price
(24-Feb-14)
Market
Cap
Net
Debt
Enterprise
Value
1,212.51
37.42
43.70
70.78
199.59
351.78
56.30
407,465
37,960
3,615
180,471
24,057
161,560
73,260
(50,915)
(2,125)
(85)
(10,973)
(2,324)
(6,311)
(4,902)
356,550
35,835
3,529
169,498
21,732
155,249
68,358
Revenue
CY2014
CY2015
Valuation Metrics
EBITDA
CY2014
CY2015
Operating Metrics
Revenue Growth
CY13-14
CY14-15
EBITDA Margin
CY2014
CY2015
Diversified Internet
Google Inc.
Yahoo! Inc.
AOL Inc.
Facebook, Inc.
LinkedIn Corporation
Amazon.com Inc.
eBay Inc.
5.5 x
7.7 x
1.9 x
11.5 x
7.7 x
1.4 x
3.3 x
14.7 x
32.0 x
6.7 x
25.1 x
n.m.
22.5 x
11.4 x
11.6 x
n.m.
6.4 x
19.1 x
28.5 x
17.0 x
10.1 x
17.4%
2.6%
2.2%
43.6%
38.5%
20.6%
13.8%
16.8%
2.1%
0.5%
30.8%
33.8%
19.8%
14.5%
43.4%
24.7%
27.9%
59.7%
24.5%
7.7%
32.8%
46.9%
2.7%
29.1%
60.1%
26.9%
8.5%
32.4%
2.8 x
6.4 x
9.1 x
25th percentile
Median
75th percentile
6.4 x
7.9 x
1.9 x
15.0 x
10.3 x
1.7 x
3.7 x
2.6 x
5.5 x
7.7 x
12.2 x
18.6 x
24.5 x
10.5 x
14.3 x
18.5 x
8.2%
17.4%
29.6%
8.3%
16.8%
25.3%
24.6%
27.9%
38.1%
17.7%
29.1%
39.7%
Marketing Technology
Experian plc
Marin Software Incorporated
18.49
11.56
17,984
377
3,314
(98)
21,298
279
4.1 x
2.9 x
3.8 x
2.4 x
12.0 x
n.m.
11.0 x
n.m.
7.1%
23.8%
7.3%
19.8%
34.2%
(24.5%)
34.6%
(15.4%)
LivePerson Inc.
Demandware, Inc.
Vocus Inc.
Digital River Inc.
Interactive Intelligence Group Inc.
Constant Contact, Inc.
Marketo, Inc.
Rocket Fuel Inc.
Criteo SA
PROS Holdings, Inc.
13.65
73.88
13.23
18.06
76.45
27.53
39.87
53.25
46.84
39.11
739
2,556
280
591
1,546
844
1,565
1,866
2,663
1,164
(92)
(275)
44
(304)
(98)
(123)
(121)
(86)
(306)
(91)
647
2,281
324
288
1,448
721
1,444
1,779
2,357
1,073
3.2 x
15.8 x
1.8 x
0.8 x
4.0 x
2.2 x
10.7 x
7.5 x
9.5 x
6.1 x
2.8 x
11.1 x
1.7 x
0.7 x
3.4 x
2.0 x
8.1 x
4.7 x
7.2 x
5.1 x
29.8 x
n.m.
14.3 x
5.7 x
n.m.
12.3 x
n.m.
n.m.
n.m.
n.m.
23.6 x
n.m.
12.1 x
5.2 x
n.m.
10.1 x
n.m.
n.m.
26.5 x
30.0 x
13.5%
39.1%
(2.2%)
(4.0%)
15.2%
13.2%
40.2%
74.3%
38.8%
21.4%
14.3%
42.8%
3.1%
3.4%
17.1%
12.7%
32.1%
59.2%
31.2%
20.3%
10.8%
2.8%
12.4%
13.4%
5.9%
18.2%
(28.0%)
1.8%
19.8%
16.3%
11.9%
6.8%
14.1%
14.3%
5.3%
19.7%
(14.3%)
10.3%
27.3%
16.9%
2.7 x
4.0 x
8.0 x
2.3 x
3.6 x
5.6 x
12.0 x
12.3 x
14.3 x
10.5 x
12.1 x
25.0 x
11.7%
18.3%
38.8%
11.4%
18.5%
31.4%
2.5%
11.6%
16.8%
6.5%
13.0%
17.6%
1.8 x
n.a.
4.6 x
1.9 x
1.8 x
1.6 x
n.a.
n.a.
1.4 x
1.4 x
n.m.
n.a.
11.6 x
n.m.
17.0 x
n.m.
n.a.
n.a.
13.7 x
8.3 x
16.9%
n.a.
21.3%
20.6%
28.3%
16.3%
n.a.
n.a.
33.1%
30.3%
(5.3%)
n.a.
39.7%
(11.6%)
10.9%
0.0%
n.a.
n.a.
10.2%
17.1%
1.8 x
1.9 x
2.5 x
1.4 x
1.4 x
1.5 x
12.9 x
14.3 x
15.6 x
9.6 x
11.0 x
12.3 x
19.7%
21.0%
23.1%
23.3%
30.3%
31.7%
(6.9%)
2.8%
18.1%
5.1%
10.2%
13.6%
25th percentile
Median
75th percentile
Video
Brightcove, Inc.
Rightster Group Plc
Blinkx plc
Tremor Video, Inc.
YuMe, Inc.
25th percentile
Median
75th percentile
See Slide 20 for sources and notes
9.38
1.22
1.76
4.29
6.95
270
142
721
213
235
(36)
25
(69)
(93)
(63)
234
168
652
120
172
18
20. Selected Publicly Traded Companies
usd millions, except per share
data
Company
Price
(24-Feb-14)
Market
Cap
Net
Debt
Enterprise
Value
6.08
13.39
646
1,771
(99)
(163)
547
1,607
Revenue
CY2014
CY2015
Valuation Metrics
EBITDA
CY2014
CY2015
Operating Metrics
Revenue Growth
CY13-14
CY14-15
EBITDA Margin
CY2014
CY2015
Mobile
Millennial Media Inc.
Opera Software ASA
2.1 x
3.1 x
12.2 x
13.6 x
6.5 x
10.4 x
40.4%
36.4%
36.5%
26.3%
23.7%
28.9%
32.7%
30.0%
3.1 x
3.4 x
3.7 x
2.4 x
2.6 x
2.9 x
12.5 x
12.9 x
13.2 x
7.4 x
8.4 x
9.4 x
37.4%
38.4%
39.4%
28.8%
31.4%
33.9%
25.0%
26.3%
27.6%
30.6%
31.3%
32.0%
2.4 x
2.7 x
2.1 x
2.3 x
n.m.
n.m.
n.m.
n.m.
12.3%
18.4%
13.8%
18.3%
(3.5%)
(8.2%)
4.3%
(1.5%)
2.5 x
2.5 x
2.6 x
25th percentile
Median
75th percentile
2.9 x
3.9 x
2.2 x
2.2 x
2.2 x
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
13.8%
15.4%
16.9%
14.9%
16.0%
17.2%
(7.0%)
(5.8%)
(4.7%)
(0.0%)
1.4%
2.8%
0.5 x
1.3 x
1.1 x
1.4 x
1.9 x
1.9 x
0.5 x
1.3 x
1.1 x
1.4 x
1.8 x
1.8 x
8.8 x
7.9 x
8.8 x
9.7 x
10.1 x
10.6 x
8.5 x
7.5 x
7.6 x
8.5 x
9.4 x
9.8 x
7.3%
2.7%
4.2%
3.9%
5.1%
4.4%
3.5%
3.4%
4.4%
4.6%
5.8%
5.4%
5.6%
16.4%
13.0%
14.8%
18.5%
17.5%
5.6%
16.9%
14.2%
16.1%
18.9%
17.9%
1.2 x
1.4 x
1.7 x
1.1 x
1.3 x
1.7 x
8.8 x
9.2 x
10.0 x
7.8 x
8.5 x
9.2 x
4.0%
4.3%
4.9%
3.7%
4.5%
5.2%
13.4%
15.6%
17.2%
14.7%
16.5%
17.7%
Social CRM / Social Software
Bazaarvoice, Inc.
Jive Software, Inc.
7.34
8.15
546
564
(75)
(100)
472
464
25th percentile
Median
75th percentile
Diversified Agencies
Dentsu Inc.
38.31
Havas
8.55
The Interpublic Group of Companies, Inc.
17.17
Omnicom Group Inc.
75.85
Publicis Groupe SA
94.67
WPP plc
22.46
25th percentile
Median
75th percentile
See Slide 20 for sources and notes
11,047
3,513
7,281
19,716
19,558
30,770
241
(236)
1,147
1,999
(748)
4,966
11,288
3,277
8,428
21,714
18,810
35,736
19
21. Selected Publicly Traded Companies Cont.
usd millions, except per share
data
Company
Price
(24-Feb-14)
Market
Cap
Net
Debt
Enterprise
Value
7.15
32.67
68.77
126.13
29.31
63.91
38.14
37.69
79.94
77.41
51.46
7,860
1,489
34,435
7,191
2,601
39,657
177,190
312,978
95,405
22,409
6,321
599
141
(1,660)
(191)
(228)
1,754
(12,330)
(59,297)
2,084
(832)
31
8,459
1,630
32,775
6,999
2,374
41,411
164,860
253,681
97,489
21,577
6,351
Revenue
CY2014
CY2015
Valuation Metrics
EBITDA
CY2014
CY2015
Operating Metrics
Revenue Growth
CY13-14
CY14-15
EBITDA Margin
CY2014
CY2015
Enterprise Software
Sage Group plc
Blackbaud Inc.
Adobe Systems Inc.
Concur Technologies, Inc.
Qlik Technologies, Inc.
Salesforce.com, Inc
Oracle Corporation
Microsoft Corporation
SAP AG
Intuit Inc.
Open Text Corporation
25th percentile
Median
75th percentile
3.7 x
2.9 x
7.9 x
9.6 x
4.3 x
8.1 x
4.2 x
2.9 x
4.0 x
4.7 x
3.6 x
3.5 x
2.7 x
6.6 x
7.7 x
3.7 x
6.5 x
4.0 x
2.7 x
3.7 x
4.3 x
3.2 x
12.2 x
15.6 x
29.5 x
n.m.
n.m.
n.m.
8.2 x
7.8 x
11.0 x
11.7 x
11.3 x
11.4 x
12.2 x
18.8 x
n.m.
n.m.
n.m.
7.7 x
7.4 x
10.3 x
10.7 x
9.6 x
0.8%
9.9%
2.2%
25.7%
16.9%
29.5%
4.3%
8.8%
6.1%
7.8%
18.5%
5.2%
7.7%
20.3%
23.7%
17.2%
23.0%
4.5%
6.7%
6.9%
7.9%
13.0%
30.0%
18.9%
26.8%
16.5%
7.7%
16.7%
51.1%
36.8%
36.0%
39.8%
31.8%
30.6%
22.5%
35.0%
17.6%
9.6%
17.0%
51.5%
36.5%
36.2%
40.3%
33.2%
3.6 x
4.2 x
6.3 x
3.3 x
3.7 x
5.4 x
10.3 x
11.5 x
13.1 x
9.1 x
10.5 x
11.6 x
5.2%
8.8%
17.7%
6.8%
7.9%
18.8%
17.8%
30.0%
36.4%
20.0%
33.2%
36.4%
Sources:
Net revenues have been used where appropriate
Yahoo – financials taken from Credit Suisse (January 2014), market data taken from CapitalIQ
Google – financials taken from Credit Suisse (January 2014), market data taken from CapitalIQ
AOL – financials taken from Deutsche Bank (February 2014), market data taken from CapitalIQ
Rocket Fuel – financials taken from Credit Suisse (February 2014), market data taken from CapitalIQ
Criteo – financials taken from Deutsche Bank (February 2014), market data taken from CapitalIQ
Tremor Video – financials taken from Credit Suisse (November 2013), market data taken from CapitalIQ
Millennial Media – financials taken from Morgan Stanley (January 2014), market data taken from CapitalIQ
YuMe – financials taken from Deutsche Bank (November 2013), market data taken from CapitalIQ
Dentsu - financials taken from Morgan Stanley (January 2014), market data taken from CapitalIQ
Blinkx - financials taken from Jefferies (January 2014), market data taken from CpaitalIQ
For all other companies – financials and market data taken from CapitalIQ
Note:
Financials calendarised to December year end, market data as at 24 February 2014
20
Editor's Notes
AC2012Net Rev. 24.1m, 22% increased in FY12 over FY11PositivesManagement Team
Deal size: Fermat & Moody’s: $200mDeal size: Chemistry & Publicis:£15mDeal size: seloger.com & 3i: €180mDeal size: Loot & DMGT: £45m
Crunchbase SearchSector Advertising -> Social Marketing -> After Jan 2012