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.
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.
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.
Turkey, a bridge between two great continents, with its young and connected population of 82 million, offers the right environment for startups to launch, test and go global. Here find our own Strategy Report for Turkey collaboration with @Velox Partner and @Startups.watch.
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.
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.
Turkey, a bridge between two great continents, with its young and connected population of 82 million, offers the right environment for startups to launch, test and go global. Here find our own Strategy Report for Turkey collaboration with @Velox Partner and @Startups.watch.
Spanish Digital Startup Ecosystem Overview 2015Aleix Valls
Spain is known for many things all around the world, but digital or technology have not been one of such things for many decades. However, things are slowly but steadily changing for both regions.
Barcelona has been described by many as and up-and-coming technology hub in Europe, thanks to a healthy combination of high class educational institutions, government support, ability to attract foreign talent and various waves of entrepreneurs and companies that have planted the seeds for generations to come.
Given the young nature of Spain and Barcelona’s technology scenes, an analysis of their evolution has yet to be produced. 2015 was a record year for the country, and this report will analyse the bigger trends that have defined this record period of time and the areas that could and should still improve over the next few years in order for Spain and Catalonia to become worldwide known for their technology advancements.
MMRS B2C Online research panels, which have thousands of deeply profiled double opt-in panelists throughout the Americas, Europe, and Asia-Pacific. Our world-wide scope allows us to target the right panelists in the right place, at the right time. We acquire our panel members from many sources, resulting in a highly diverse sample pool. We offer easy access to high-value audiences that are highly engaged, thoroughly screened and meticulously segmented. In short, we offer a quality, targeted panel. MMRS collects hundreds of data points about every panelist, which allows to target an audience based on predefined criteria.
Happy new year and welcome to the first edition of the CyberScope in 2016 – Results International’s quarterly market update for the global cybersecurity space.
The world of cybersecurity has suffered mixed fortunes over the course of 2015, riding a wave of growth sparked by numerous high profile cyber attacks. Broader macroeconomic trends over the second half of the year have eroded the gains made earlier in H1, but nevertheless these have been navigated successfully by companies such as Trend Micro and Palo Alto Networks, up 48% and 44% respectively for the year. Valuations continue to remain strong with a number of companies trading at high single digit revenue multiples with some pushing into double digits, namely Palo Alto Networks (14.0x) and Proofpoint (10.7x).
M&A activity in the sector has continued unabated, with deal activity up c.14% on CY2014. This is also reflected across the private equity community with US investors, traditionally the pioneers of cybersecurity investment, deploying more capital in UK shores – a notable example being JMI Equity’s $49m investment in Avecto (Results International acted as exclusive advisor to Avecto). It is also interesting to note the strong appetite for acquisitions by companies who have recently raised funds, as evidenced by LookingGlass’ purchase of Cyveillance on the back of Series C fundraising from NewSpring Capital. CyberArk and Sophos, both recent IPO candidates, exhibited a similar trend with their acquisitions of Cybertinel, Viewfinity (both CyberArk) and SurfRight (Sophos).
The increased presence in the M&A markets of well-funded newer entrants combined with the continued spend of tech giants such as Microsoft and Cisco makes for positive reading; we expect more of the same in 2016. 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.
digital MediaScape - Year on Year Comparison 2010-2017Denise Shrivell
MediaScope has been mapping the Australian digital media landscape since 2010 through the digital MediaScape. This year on year comparison shows the changes & evolution of this fast moving landscape.
Nokia Growth Partners is a venture capital firm sponsored by Nokia. NGP invests in growth-stage companies globally with offices in India, China, US and Europe.
Again we publish against the backdrop of continued high profile attacks – most recently against US military social media accounts and Sony Pictures. As the depth and breadth of threats intensify on an ever larger attack surface we are seeing continued M&A activity and significant fundraising as vendors seek to keep pace with the cyber actors.
As a result, valuations of businesses with a next-generation solution set and market traction remain strong. As a group, cyber stocks performed well in 2014 (up 20% over the year and significantly outperforming the NASDAQ), and the recent CyberArk IPO has been highly successful. Particularly gratifying to us, is the level of innovation from the European headquartered businesses that we meet. These businesses will undoubtedly figure more prominently in future editions of our tracking of Cyber Security M&A and financings.
India Technology Product M&A Industry Monitor Report - Presented by iSPIRT & ...ProductNation/iSPIRT
The iSPIRT M&A monitor shows that since 2010, there have been 159 M&A transactions involving Indian Technology Product companies, with a total estimated transaction value of $1.78B. Domestic transactions account for the lion share (70%) of the M&A activity by volume. However in value terms, the 48 inbound M&A transactions account for 63% of the estimated M&A transaction value, due to a higher average deal size ($23.3m versus $6.0m).
“In the Silicon Valley, technology M&A exits provide liquidity to all the stakeholders in the eco-system and help enable the next generation of tech startups. For the Indian product startup eco-system to flourish, it is critical to us to drive up the level of Technology Product M&A transactions”, said Sanat Rao, who leads iSPIRT’s M&A Connect Program, an initiative dedicated to facilitating and expediting the cross-border M&A process for Indian software product companies.
Tracxn Research Ad Tech Landscape, October 2016Tracxn
Investments in the adtech industry are driven by mobile, digital video, cross-screen advertising and programmatic buying targeting specific sectors or audience groups.
Spark Summit EU 2015: Matei Zaharia keynoteDatabricks
2015 was a year of continued growth for Spark, with numerous additions to the core project and very fast growth of use cases across the industry. In this talk, I’ll look back at how the Spark community is has grown and changed in 2015, based on a large Apache Spark user survey conducted by Databricks. We see some interesting trends in the diversity of runtime environments (which are increasingly not just Hadoop); the types of applications run on Spark; and the types of users, now that features like R support and DataFrames are available in Spark. I’ll also cover the ongoing work in the upcoming releases of Spark to support new use cases.
Official speaker book for the NOAH 2019 Conference in Tel Aviv with comprehensive background information on all presenting speakers and their companies.
Spanish Digital Startup Ecosystem Overview 2015Aleix Valls
Spain is known for many things all around the world, but digital or technology have not been one of such things for many decades. However, things are slowly but steadily changing for both regions.
Barcelona has been described by many as and up-and-coming technology hub in Europe, thanks to a healthy combination of high class educational institutions, government support, ability to attract foreign talent and various waves of entrepreneurs and companies that have planted the seeds for generations to come.
Given the young nature of Spain and Barcelona’s technology scenes, an analysis of their evolution has yet to be produced. 2015 was a record year for the country, and this report will analyse the bigger trends that have defined this record period of time and the areas that could and should still improve over the next few years in order for Spain and Catalonia to become worldwide known for their technology advancements.
MMRS B2C Online research panels, which have thousands of deeply profiled double opt-in panelists throughout the Americas, Europe, and Asia-Pacific. Our world-wide scope allows us to target the right panelists in the right place, at the right time. We acquire our panel members from many sources, resulting in a highly diverse sample pool. We offer easy access to high-value audiences that are highly engaged, thoroughly screened and meticulously segmented. In short, we offer a quality, targeted panel. MMRS collects hundreds of data points about every panelist, which allows to target an audience based on predefined criteria.
Happy new year and welcome to the first edition of the CyberScope in 2016 – Results International’s quarterly market update for the global cybersecurity space.
The world of cybersecurity has suffered mixed fortunes over the course of 2015, riding a wave of growth sparked by numerous high profile cyber attacks. Broader macroeconomic trends over the second half of the year have eroded the gains made earlier in H1, but nevertheless these have been navigated successfully by companies such as Trend Micro and Palo Alto Networks, up 48% and 44% respectively for the year. Valuations continue to remain strong with a number of companies trading at high single digit revenue multiples with some pushing into double digits, namely Palo Alto Networks (14.0x) and Proofpoint (10.7x).
M&A activity in the sector has continued unabated, with deal activity up c.14% on CY2014. This is also reflected across the private equity community with US investors, traditionally the pioneers of cybersecurity investment, deploying more capital in UK shores – a notable example being JMI Equity’s $49m investment in Avecto (Results International acted as exclusive advisor to Avecto). It is also interesting to note the strong appetite for acquisitions by companies who have recently raised funds, as evidenced by LookingGlass’ purchase of Cyveillance on the back of Series C fundraising from NewSpring Capital. CyberArk and Sophos, both recent IPO candidates, exhibited a similar trend with their acquisitions of Cybertinel, Viewfinity (both CyberArk) and SurfRight (Sophos).
The increased presence in the M&A markets of well-funded newer entrants combined with the continued spend of tech giants such as Microsoft and Cisco makes for positive reading; we expect more of the same in 2016. 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.
digital MediaScape - Year on Year Comparison 2010-2017Denise Shrivell
MediaScope has been mapping the Australian digital media landscape since 2010 through the digital MediaScape. This year on year comparison shows the changes & evolution of this fast moving landscape.
Nokia Growth Partners is a venture capital firm sponsored by Nokia. NGP invests in growth-stage companies globally with offices in India, China, US and Europe.
Again we publish against the backdrop of continued high profile attacks – most recently against US military social media accounts and Sony Pictures. As the depth and breadth of threats intensify on an ever larger attack surface we are seeing continued M&A activity and significant fundraising as vendors seek to keep pace with the cyber actors.
As a result, valuations of businesses with a next-generation solution set and market traction remain strong. As a group, cyber stocks performed well in 2014 (up 20% over the year and significantly outperforming the NASDAQ), and the recent CyberArk IPO has been highly successful. Particularly gratifying to us, is the level of innovation from the European headquartered businesses that we meet. These businesses will undoubtedly figure more prominently in future editions of our tracking of Cyber Security M&A and financings.
India Technology Product M&A Industry Monitor Report - Presented by iSPIRT & ...ProductNation/iSPIRT
The iSPIRT M&A monitor shows that since 2010, there have been 159 M&A transactions involving Indian Technology Product companies, with a total estimated transaction value of $1.78B. Domestic transactions account for the lion share (70%) of the M&A activity by volume. However in value terms, the 48 inbound M&A transactions account for 63% of the estimated M&A transaction value, due to a higher average deal size ($23.3m versus $6.0m).
“In the Silicon Valley, technology M&A exits provide liquidity to all the stakeholders in the eco-system and help enable the next generation of tech startups. For the Indian product startup eco-system to flourish, it is critical to us to drive up the level of Technology Product M&A transactions”, said Sanat Rao, who leads iSPIRT’s M&A Connect Program, an initiative dedicated to facilitating and expediting the cross-border M&A process for Indian software product companies.
Tracxn Research Ad Tech Landscape, October 2016Tracxn
Investments in the adtech industry are driven by mobile, digital video, cross-screen advertising and programmatic buying targeting specific sectors or audience groups.
Spark Summit EU 2015: Matei Zaharia keynoteDatabricks
2015 was a year of continued growth for Spark, with numerous additions to the core project and very fast growth of use cases across the industry. In this talk, I’ll look back at how the Spark community is has grown and changed in 2015, based on a large Apache Spark user survey conducted by Databricks. We see some interesting trends in the diversity of runtime environments (which are increasingly not just Hadoop); the types of applications run on Spark; and the types of users, now that features like R support and DataFrames are available in Spark. I’ll also cover the ongoing work in the upcoming releases of Spark to support new use cases.
Official speaker book for the NOAH 2019 Conference in Tel Aviv with comprehensive background information on all presenting speakers and their companies.
Since 2011, U.S. Internet Advertising companies (+92.3%) have outperformed the NASDAQ (+63.8%), S&P 500
(+54.1%), and MSCI Europe (+43.2%) indexes, along with their international counterparts (+51.1%).
Smart Cities are interconnected, sustainable, low carbon cities striving to be more competitive, livable and attract more investment than traditional counterparts. The vision spans mobility, transport, buildings, infrastructure, energy and water management, security, even healthcare and governance. The market will grow to $1.5 Trillion in 2020.
This integrated technology market is driving extraordinary M&A opportunity, and on May 20, 2014 we sit down with several industry luminaries to discuss growth and exit strategies in this market.
If you are building a company capable of becoming an important thread in the smart city fabric, one that can flourish in the middle ground where sustainability and carbon friendly technologies create better living conditions, competitive and economic advantage, then you won’t want to miss this event.
Changing the world through digital experiences, AdobeAvaus
Presentation at Avaus Executive Lounge 26.3.2015 by Adobe
Digital Trends for 2015 – insights and reflection
Franck Attia, Nordic Managing Director, Adobe Marketing Cloud
• What are the results for 2015, what are the new insights?
• Lesson learned from the report and how can we utilise the result
• How can technology help you stay ahead – and exceed your customers expectations
Showcases how the technology of today can shape the future of Malaysia, achieving its goal to be one of the Top 20 Countries by 2050. Connecting people, processes and things to gain greater insights and drive forward the digital economy agenda. Investigate how “Whole of Government” concepts create scalability, and economies of scale. Showcase innovations driven by machine learning and blockchain.
For further information, visit our website at ma2017.mymagic.my.
Facebook - Facebook.com/magic.cyberjaya
Twitter - Twitter.com/MagicCyberjaya
Instagram - Instagram.com/magic_cyberjaya/
LinkedIn - my.linkedin.com/in/magiccyberjaya
YouTube - https://www.youtube.com/channel/UCIT_ihmWh5f3MCobvEwWMaA
Similar to AdTech & MarTech Barometer - 2014 Market Review (20)
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.
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 the previous quarter’s proceedings in a series of individual market reviews on; SaaS, HealthTech, Cybersecurity and AdTech & MarTech.
The global economic slowdown and financial market volatility has had an impact on public markets for SaaS, HealthTech, Cybersecurity, Adtech & MarTech with our Results indices all dropping from the previous quarter. Nevertheless the indices for SaaS and Cybersecurity for the year remain up, both outperforming the broader Nasdaq Composite Index.
The private markets in AdTech & MarTech and HealthTech have seen a record number of M&A transactions over the past quarter while fundraising appetite and valuation remain healthy across all four 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.
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.
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.
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.
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.
With the ever blurring boundaries between “marcoms” and “martech”, it is maybe unsurprising to see that the most talked about subsectors sit at their convergence
points, namely :
1.Content marketing
2.Data & analytics,
3.eCommerce
4.Digital marketing; and
5.Mobile marketing
This paper examines each subsector, the key trends and deal activity in 2014 YTD using both proprietary and third party data.
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 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
A tale of scale & speed: How the US Navy is enabling software delivery from l...sonjaschweigert1
Rapid and secure feature delivery is a goal across every application team and every branch of the DoD. The Navy’s DevSecOps platform, Party Barge, has achieved:
- Reduction in onboarding time from 5 weeks to 1 day
- Improved developer experience and productivity through actionable findings and reduction of false positives
- Maintenance of superior security standards and inherent policy enforcement with Authorization to Operate (ATO)
Development teams can ship efficiently and ensure applications are cyber ready for Navy Authorizing Officials (AOs). In this webinar, Sigma Defense and Anchore will give attendees a look behind the scenes and demo secure pipeline automation and security artifacts that speed up application ATO and time to production.
We will cover:
- How to remove silos in DevSecOps
- How to build efficient development pipeline roles and component templates
- How to deliver security artifacts that matter for ATO’s (SBOMs, vulnerability reports, and policy evidence)
- How to streamline operations with automated policy checks on container images
PHP Frameworks: I want to break free (IPC Berlin 2024)Ralf Eggert
In this presentation, we examine the challenges and limitations of relying too heavily on PHP frameworks in web development. We discuss the history of PHP and its frameworks to understand how this dependence has evolved. The focus will be on providing concrete tips and strategies to reduce reliance on these frameworks, based on real-world examples and practical considerations. The goal is to equip developers with the skills and knowledge to create more flexible and future-proof web applications. We'll explore the importance of maintaining autonomy in a rapidly changing tech landscape and how to make informed decisions in PHP development.
This talk is aimed at encouraging a more independent approach to using PHP frameworks, moving towards a more flexible and future-proof approach to PHP development.
In his public lecture, Christian Timmerer provides insights into the fascinating history of video streaming, starting from its humble beginnings before YouTube to the groundbreaking technologies that now dominate platforms like Netflix and ORF ON. Timmerer also presents provocative contributions of his own that have significantly influenced the industry. He concludes by looking at future challenges and invites the audience to join in a discussion.
Alt. GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using ...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
Generative AI Deep Dive: Advancing from Proof of Concept to ProductionAggregage
Join Maher Hanafi, VP of Engineering at Betterworks, in this new session where he'll share a practical framework to transform Gen AI prototypes into impactful products! He'll delve into the complexities of data collection and management, model selection and optimization, and ensuring security, scalability, and responsible use.
zkStudyClub - Reef: Fast Succinct Non-Interactive Zero-Knowledge Regex ProofsAlex Pruden
This paper presents Reef, a system for generating publicly verifiable succinct non-interactive zero-knowledge proofs that a committed document matches or does not match a regular expression. We describe applications such as proving the strength of passwords, the provenance of email despite redactions, the validity of oblivious DNS queries, and the existence of mutations in DNA. Reef supports the Perl Compatible Regular Expression syntax, including wildcards, alternation, ranges, capture groups, Kleene star, negations, and lookarounds. Reef introduces a new type of automata, Skipping Alternating Finite Automata (SAFA), that skips irrelevant parts of a document when producing proofs without undermining soundness, and instantiates SAFA with a lookup argument. Our experimental evaluation confirms that Reef can generate proofs for documents with 32M characters; the proofs are small and cheap to verify (under a second).
Paper: https://eprint.iacr.org/2023/1886
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
Why You Should Replace Windows 11 with Nitrux Linux 3.5.0 for enhanced perfor...SOFTTECHHUB
The choice of an operating system plays a pivotal role in shaping our computing experience. For decades, Microsoft's Windows has dominated the market, offering a familiar and widely adopted platform for personal and professional use. However, as technological advancements continue to push the boundaries of innovation, alternative operating systems have emerged, challenging the status quo and offering users a fresh perspective on computing.
One such alternative that has garnered significant attention and acclaim is Nitrux Linux 3.5.0, a sleek, powerful, and user-friendly Linux distribution that promises to redefine the way we interact with our devices. With its focus on performance, security, and customization, Nitrux Linux presents a compelling case for those seeking to break free from the constraints of proprietary software and embrace the freedom and flexibility of open-source computing.
Climate Impact of Software Testing at Nordic Testing DaysKari Kakkonen
My slides at Nordic Testing Days 6.6.2024
Climate impact / sustainability of software testing discussed on the talk. ICT and testing must carry their part of global responsibility to help with the climat warming. We can minimize the carbon footprint but we can also have a carbon handprint, a positive impact on the climate. Quality characteristics can be added with sustainability, and then measured continuously. Test environments can be used less, and in smaller scale and on demand. Test techniques can be used in optimizing or minimizing number of tests. Test automation can be used to speed up testing.
Climate Impact of Software Testing at Nordic Testing Days
AdTech & MarTech Barometer - 2014 Market Review
1.
2. 1
About Results International
Deep domain expertise in three inter-related sectors… … and broad industry networks
A market-leading corporate finance advisory firm…
• Founded in 1991
• Entrepreneurial and owner-managed
• 40 person team; 250+ completed transactions
• Broad global network
• Creative solutions
• Senior level focus on every transaction
…with global reach
3. 50%
60%
70%
80%
90%
100%
110%
120%
Jan-14 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14
NASDAQ Comp Diversified Internet Data MarTech AdTech
Results International Global AdTech & MarTech Indices
2
2.0%
(3.3%)
14.3%
(7.2%)
(34.3%)
2014sharepriceperformance
Q4 2014 Performance
MarTech 14.5%
Data 9.8%
AdTech 8.2%
Nasdaq Comp 5.4%
Diversified Internet (4.4%)
Jan 14 Feb 14 Nov 14Oct 14Sep 14Aug 14Jul 14May 14Apr 14Mar 14 Jun 14 Dec 14
Note: Based on share prices as at 31st December 2014
Note: Indices weighted by market capitalisation
Sources: Capital IQ and Results analysis
4. (87.1%)
18.2%
-
(17.4%)
-
(78.0%)
14.5%
(41.6%)
(73.8%)
-
(50.5%)
-
(32.3%)
1.5%
(45.0%)
18.1%
(10.3%)
-
(11.7%)
(45.2%)
8.8%
(2.3%) (4.0%)
(22.2%)
(1.0%)
2.3%
42.8%
(5.3%)
24.9%
(100%)
(80%)
(60%)
(40%)
(20%)
-
20%
40%
60%
AdTech & MarTech: Share Price Performance
3
AdTech Diversified Internet
Q420142014sharepriceperformance
MarTech Data
Note: (1) Crossrider’s EV/Net Revenue multiple has been calculated using their run-rate Net Revenue from H1 2014 as per their IPO admission document
Note: (2) Hubspot IPO’d on 9th October 2014, this price represents the increase between that date and 31st December 2014
Note: Based on share prices as at 31st December 2014
Sources: Capital IQ and Results analysis
(24.8%)
20.1%
5.8%
(1.6%)
2.2%
(14.0%)
5.6%
(44.9%)
2.0%
37.6%
22.6%
96.1%
0.8%
8.8%
39.4%
35.2%
13.0% 11.6%
1.3%
22.5%
15.2%
10.6%
4.2%
(3.7%)
2.7%
(0.9%) (1.3%)
(9.8%)
24.0%
(60%)
(40%)
(20%)
-
20%
40%
60%
80%
100%
120%
EV/2014
Net Revenue
0.4x 5.9x 4.3x 2.4x 5.7x
(2)
1.2x 3.8x 2.4x 2.9x 4.6x 1.2x 9.3x 1.3x 3.1x 1.9x 3.3x 12.7x 9.5x10.3x 1.7x 5.5x 4.2x 2.2x 1.6x 2.0x 3.8x 5.9x 8.7x16.6x
(1)
5. AdTech & MarTech: Selected Stocks – Performance Since IPO
4
Company IPO date Description
Raised
($)
Indicative price
range ($)
IPO listing
price ($)
Day 1
increase
Current
increase(1)
Current
EV ($)
EV / Net
Revenue
2014E
EV / EBITDA
2014E
Oct-14 Marketing automation 125 22.0-24.0 25.0 20.4% 34.4% 1,167 10.3x n.m.
Sept-14 Multi-channel ad server, 75 n.a. 1.7 0.8% 2.4% 179 4.3x 26.0x
Jul-14
Programmatic video
DSP
44 7.0-8.0 7.0 64.3% 222.1% 717 9.3x n.m.
Jul-14
Multi-channel ad
network
70 n.a. 3.9 4.4% (6.8%) 408 5.7x 20.5x
Apr-14 SSP 102 15.0-17.0 15.0 33.9% 7.6% 560 4.6x 55.2x
Nov-13 Multi-channel network 33 n.a. 1.0 20.0% (51.9%) 83 2.4x n.m.
Oct-13
DSP focused on
retargeting
251 27.0-29.0 31.0 14.2% 30.4% 2,130 5.9x 28.2x
Sep-13 DSP 116 27.0-29.0 29.0 93.4% (44.4%) 692 2.9x n.m.
Aug-13 Video ad network 46 12.0-14.0 9.0 0.0% (44.0%) 109 1.3x n.m.
Jun-13 Video ad network 75 11.0-13.0 10.0 (15.0%) (71.3%) 69 1.2x n.m.
May-13 Marketing automation 79 11.0-13.0 13.0 77.7% 151.7% 1,411 9.5x n.m.
Nasdaq
LSE
NYSE
AIM
Nasdaq
Nasdaq
NYSE
NYSE
Nasdaq
AIM
NYSE
Note: (1) Current increase from IPO price; Market data as of 31st December 2014
Note: (2) Crossrider’s EV/ Net Revenue multiple has been calculated using their run-rate Net Revenue from H1 2014 as per their IPO admission document
Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 60x EV / EBITDA
Sources: Capital IQ and Results analysis
(2)
6. AdTech & MarTech: Valuation Benchmarks
5
Revenue growth (2014-15E) EV / Net Revenue 2014E
(1) (1)
29.0%
22.5%
2.8%
14.4%
21.3%
-
5%
10%
15%
20%
25%
30%
35%
AdTech MarTech Data Diversified
Internet
Global AdTech/
MarTech
2.9 x
6.4 x
3.2 x
4.8 x
3.8 x
0.0 x
1.0 x
2.0 x
3.0 x
4.0 x
5.0 x
6.0 x
7.0 x
AdTech MarTech Data Diversified
Internet
Global AdTech/
MarTech
Note: (1) Global AdTech / MarTech represents the average of all stocks in AdTech, MarTech, Data & Diversified Internet, with no weighting applied
Note: EV = Enterprise Value; Financials calendarised to December year end
Note: Median values reported; exclude negative multiples
Note: See Selected Publicly Traded Companies (Slide 11) for details of companies included in each category
Source: Capital IQ & analyst reports
7. AdTech & MarTech: Global M&A Activity 2013-2014
6
54
43
74
52
108
101
113
106
-
$1bn
$2bn
$3bn
$4bn
$5bn
$6bn
$7bn
0
20
40
60
80
100
120
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014
Totaldiscloseddealvalue($bn)
Numberofdeals
Number of deals Total disclosed deal value ($bn)
Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
8. AdTech & MarTech: Selected Deals in 2014
Date Buyer Target EV ($m) EV / Revenue Company description Target location
Dec 14 - - Online to offline DMP
Dec 14 200 - Premium ad exchange and SSP
Nov 14 640 6.4x Video ad exchange
Oct 14 60 8.6x Mobile programmatic DSP
Oct 14 321 4.3x PR & media monitoring
Oct 14 80 10.0x Streaming video distribution & analytics
Oct 14 190 3.4x Mobile SSP
Sept 14 115 14.8x Mobile SSP & exchange
Sept 14 2,216 5.4x Ad platform with mobile and display and affiliate network
Aug 14 360 6.8x Video distribution & analytics
Aug 14 230 2.6x DSP & DMP
Jul 14 222 2.2x Video SSP
Jul 14 175 4.6x B2B display ad network
Jul 14 270 5.4x Mobile app analytics
Jul 14 51 1.4x Omni-channel eCommerce
Jul 14 352 - Relationship intelligence
Jul 14 43 7.6x Multi-channel network
Jul 14 382 5.5x Video SSP
7
(1)
Note: (1) In certain cases EV/Revenue are estimates; TTM net revenues have been used where possible (gross revenues minus TAC generated in the last 12 months); EV = transaction value scaled to
100% shareholding plus net debt (incl. minority interest)
Sources: Press Releases, Capital IQ, Mergermarket, PitchBook, 451 Research and Results analysis
9. Date Buyer Target EV ($m) EV / Revenue Company description Target location
Jun 14 100 - Mobile ad retargeting platform
Jun 14 75 1.4x Mobile video network
Jun 14 150 5.8x Big data marketing intelligence
Jun 14 235 1.3x Cross channel ad network
May 14 - - Marketing attribution
May 14 - - TV and video marketing analytics
May 14 310 12.4x Data on boarding technology to assist advertising decisions
May 14 150 7.5x Marketing attribution
May 14 89 8.1x Marketing attribution
Apr 14 - - Marketing campaign management
Apr 14 413 2.2x Contact database with social media/news monitoring
Apr 14 200 2.0x Programmatic DSP
Mar 14 200 - Social media measurement
Mar 14 - - Tag management
Mar 14 360 16.4x Video ad placement
Feb 14 408 6.5x DMP
Feb 14 - - Ad fraud identification
Jan 14 - - Mobile ad network
AdTech & MarTech: Selected Deals in 2014
8
(1)
Note: (1) In certain cases EV/Revenue are estimates; TTM net revenues have been used where possible (gross revenues minus TAC generated in the last 12 months); EV = transaction value scaled to
100% shareholding plus net debt (incl. minority interest)
Sources: Press Releases, Capital IQ, Mergermarket, PitchBook, 451 Research and Results analysis
10. Date Company Type of round
Funds
raised ($m)
Investor participation Company description
Company
headquarters
Dec 14 Series B 65 Andreessen Horowitz Big data and analytics
Nov 14 Series D 50
SoftBank Capital (lead investor), Telstra Ventures, American Express, General
Catalyst and Revolution Growth
eCommerce and marketing
Nov 14 Series C 80 Wellington Management Mobile payments and eCommerce
Nov 14 Series F 35
Intel Venture Capital (lead investor), Common Fund Capital, Vintage
Investment Partners, Adobe, Advance Publications, Benchmark Capital, DAG
Ventures, Greenspring Associates and Mayfield Fund
Data-focused social targeting
Oct 14 Series E 110
Unknown Boston-based public equity and asset management firm (lead
investors) and WPP
Ad exchange & DSP
Oct 14 Series F 70 Discovery Capital Card-linked targeted marketing
Oct 14 Series B 185
MasterCard, Wellington Management, Tiger Management Corporation and
private investors
Mobile payments and marketing
Sept 14 Series D 10
BSkyB (lead investor), FLOODGATE, Elevation Partners, North Bridge Venture
Partners and Silver Creek Ventures
Native ad network
Sept 14 Series B 26 Accel Partners (lead investor), Balderton Capital, Salesforce Ventures eCommerce personalisation
Sept 14 Series C 60
Fidelity (lead investor), Accel Partners, Insight Venture Partners, OMERS
Ventures and Silicon Valley Bank
Social media monitoring
Sept 14 - 30 PINOVA Capital and L-Bank Marketing resource management
Sept 14 Series C 55
Founders Fund (lead investor), BlueRun Ventures, Formation 8 Partners, Glynn
Capital Management, Slow Ventures, Western Technology Investment, Yuan
Capital and private investors
B2B marketing data & analytics
Sept 14 Series E 30
NewSpring Capital (lead investor), Apex Venture Partners, SSM Partners,
Origin Ventures, River Cities Capital Funds, i2A Illinois Accelerator Fund and
Spring Mill Venture Partners
Voice-based marketing automation
Sept 14 Series D 50
Institutional Venture Partners (lead investor), Emergence Capital, Softbank
Capital and Silicon Valley Bank
Location driven ad serving
Aug 14 Series E 25
Singapore Press Holdings (lead investor), Aeris CAPITAL, EDBI and private
investors
Mobile ad exchange & SSP
Jul 14 Series C 24
NewSpring Capital (lead investor), U.S. Venture Partners, Menlo Ventures and
Venrock
Ad analytics and targeting
Jun 14 Series E 50
SoftBank Capital (lead investor), Insight Venture Partners, Telstra Ventures,
Georgian Partners, Delta-V and Hamilton Lane
Mobile app development platform
AdTech & MarTech: Selected Fundraisings in 2014
9
Notes: (1) AppNexus announced their Series E in several stages, eventually closing the round in October 2014 having raised $110m
Source: Press Releases, Capital IQ, Mergermarket, PitchBook and Results analysis
(1)
11. AdTech & MarTech: Selected Fundraisings in 2014
Date Company Type of round
Funds
raised ($m)
Investor participation Company description
Company
headquarters
Jun 14 Series C 70
New Enterprise Associates (lead investor), Benchmark Capital and Index
Ventures
End-to-end search and analytics
Jun 14 - 35 Goldman Sachs & Co (lead investor), Sterling Partners and SAP Ventures Sales enablement
Jun 14 Series F 50
Insight Venture Partners (lead investors), Marker, Institutional Venture Partners,
and Sutter Hill Ventures
Local marketing content management
Jun 14 Series C 74
Spring Lake Equity Partners (lead investor), Akamai Technologies, Safeguard
Scientifics, Catalyst Investors and Observatory Capital
DSP
May 14 Series C 45
Wellington Management Company (lead investor) and Institutional Venture
Partners
Online to offline DMP
May 14 Series B 22
Highland Capital Partners (lead investor), Nauta Capital and other existing
investors
Social media analytics and listening
May 14 Series C 61
Zouk Capital (lead investor), Dawn Capital, Intel Capital, Greylock Partners,
Index Ventures, Northzone, Creandum, SEB and Hasso Plattner Ventures
Mobile payments
Apr 14 Series D 40 ICONIQ Capital (lead investor), Battery Ventures and Intel Capital Social media management
Apr 14 Series F 100
BlackRock and Passport Capital (lead investors), T. Rowe Price and Wellington
Management
App performance management
Apr 14 Series C 70
Foundation Capital (lead investor), Institutional Venture Partners, Northgate
Capital, Performance Equity, Glenmede, Merus Capital, Accel Partners and
private investors
Retargeting DSP
Apr 14 Series B 40 General Atlantic Website design and build platform
Mar 14 Series C 40
Redpoint Ventures (lead investor), Kleiner Perkins Caufield & Byers, Felicis
Ventures and News Corp
Relationship intelligence & management
Mar 14 Series A 48 Gaorang Capital (lead investor), plus other undisclosed investors DSP and ad exchange
Feb 14 Series C 41
Dawn Capital (lead investor), ePlanet Capital, Frog Capital, Westcoast
Capital, WPP and WTI
Omni-channel commerce
Feb 14 Series C 26 Index Ventures (lead investor) and Earlybird Venture Capital. Social media analytics
Jan 14 Series B 40 Insight Venture Partners Tag management
Jan 14 Series E 80
Fidelity Investments and BlackRock (lead investors), ClearBridge Investment,
Firsthand Technology Value Fund, Northport Investments, Pine River Capital
Management, Focus Ventures, Norwest Venture Partners, Shasta Ventures
and Trident Capital
DSP & DMP
10
Notes: (1) MediaMath also raised $105m in debt from Silicon Valley Bank, bringing the total raised to $178.5m;
(2) iZettle raised an initial €40m in May and increased this by €5m in July to reach €45m ($61m)
Source: Press Releases, Capital IQ, Mergermarket, PitchBook and Results analysis
(1)
(2)
12. AdTech & MarTech: Selected Publicly Traded Companies
11
Source: Capital IQ, Market Data as of 31 December 2014. Note: Calendarised to December year end. Cap multiple at 20x EV/Revenue and 60x EV/EBITDA. Net debt is inclusive of minority interest and preferred equity. Net revenues have been used where appropriate. Yahoo – financials taken from Credit Suisse
(November 2014) & checked against company's financial results, market data taken from CapitalIQ, Google – financials taken from J.P. Morgan (December 2014) & checked against company's financial results, market data taken from CapitalIQ, AOL – financials taken from Macquarie (November 2014) &
checked against company's financial results, market data taken from CapitalIQ, Rocket Fuel – financials taken from Credit Suisse (November 2014) & checked against company's financial results, market data taken from CapitalIQ, Criteo – financials taken from J.P. Morgan (November 2014) & checked against
company's financial results, market data taken from CapitalIQ, Tremor Video – financials taken from Credit Suisse (November 2014) & checked against company's financial results, market data taken from CapitalIQ, Millennial Media – financials taken from Evercore (September 2014) & checked against
company's financial results, market data taken from CapitalIQ, YuMe – financials taken from Deutsche Bank (November 2014) & checked against company's financial results, market data taken from CapitalIQ, company's financial results, market data taken from CapitalIQ, Blinkx –
financials taken from Numis (May 2014) & checked against company's financial results, market data taken from CapitalIQ, Matomy Media - financials taken from Canaccord Genuity (October 2014) & checked against company's financial results, market data taken from CapitalIQ;
TubeMogul - financials taken from RBC (December 2014) & checked against company's financial results, market data taken from CapitalIQ; Crossrider – financials taken from their IPO Admission Document, using a H1 run-rate to calculate FY2014, market data taken from CapitalIQ
Valuation Metrics Operating Metrics
Price % of 52 Market Net Enterprise Net Revenue EBITDA Revenue Growth EBITDA Margin
Company (31-Dec-14) Week High Cap Debt Value CY2014 CY2015 CY2014 CY2015 CY13-14 CY14-15 CY2014 CY2015
AdTech
Blinkx plc 0.41 12.0% 166 (115) 51 0.4 x 0.3 x 1.2 x 1.0 x 16.3% 15.1% 30.2% 31.4%
Criteo SA 40.42 66.3% 2,426 (296) 2,130 5.9 x 4.3 x 28.2 x 17.0 x 66.4% 36.6% 20.9% 25.4%
Crossrider Plc 1.71 97.1% 255 (75) 179 4.3 x n.a. 26.0 x n.a. 263.1% n.a. 16.5% n.a.
Marin Software Incorporated 8.46 66.9% 305 (72) 233 2.4 x 2.0 x n.m. n.m. 27.2% 19.1% (19.8%) (10.3%)
Matomy Media Group Ltd. 3.62 91.3% 349 59 408 5.7 x 4.2 x 20.5 x 12.0 x 26.3% 34.4% 27.8% 35.2%
Millennial Media Inc. 1.60 19.0% 223 (76) 146 1.2 x 1.0 x n.m. n.m. 12.5% 23.6% (31.5%) (7.9%)
Opera Software ASA 12.70 94.2% 1,862 (82) 1,780 3.8 x 2.6 x 15.9 x 10.2 x 56.2% 46.7% 23.9% 25.4%
Rightster Group Plc 0.46 32.8% 89 (6) 83 2.4 x 0.7 x n.m. 14.7 x 261.8% 219.7% (55.6%) 5.0%
Rocket Fuel Inc. 16.12 22.4% 733 (42) 692 2.9 x 2.3 x n.m. n.m. 71.6% 28.2% (21.0%) (19.9%)
The Rubicon Project, Inc. 16.14 69.6% 664 (104) 560 4.6 x 3.5 x 55.2 x 48.9 x 46.6% 29.0% 8.2% 7.2%
Tremor Video, Inc. 2.87 49.8% 147 (78) 69 1.2 x 0.9 x n.m. n.m. 8.7% 29.0% (27.0%) (15.1%)
TubeMogul, Inc. 22.55 94.6% 763 (46) 717 9.3 x 6.3 x n.m. n.m. 105.5% 47.3% (3.7%) (5.9%)
YuMe, Inc. 5.04 57.3% 167 (57) 109 1.3 x 1.1 x n.m. n.m. 18.7% 17.1% (4.5%) (2.4%)
MarTech
Bazaarvoice, Inc. 8.04 92.1% 630 (54) 575 3.1 x 2.8 x n.m. n.m. 14.0% 13.4% (10.1%) (5.2%)
Brightcove Inc. 7.78 52.9% 254 (20) 234 1.9 x 1.7 x n.m. n.m. 12.9% 8.3% (1.6%) 1.8%
Constant Contact, Inc. 36.70 94.5% 1,248 (154) 1,094 3.3 x 2.8 x 18.1 x 14.4 x 16.0% 17.0% 18.3% 19.6%
Demandware, Inc. 57.54 70.0% 2,224 (259) 1,965 12.7 x 8.9 x n.m. n.m. 49.5% 42.4% 6.3% 6.5%
HubSpot, Inc. 33.61 87.1% 1,182 (14) 1,167 10.3 x 8.0 x n.m. n.m. 46.0% 28.1% (22.8%) (18.8%)
Marketo, Inc. 32.72 72.7% 1,522 (112) 1,411 9.5 x 7.0 x n.m. n.m. 54.9% 35.9% (17.1%) (11.8%)
Data
Acxiom Corporation 20.27 51.6% 1,561 195 1,756 1.7 x 1.7 x 8.9 x 8.5 x (5.2%) 0.9% 18.9% 19.7%
Alliance Data Systems Corporation 286.05 95.2% 18,370 10,820 29,190 5.5 x 4.4 x 18.5 x 14.8 x 22.9% 25.0% 29.7% 29.7%
Experian plc 16.96 92.0% 16,789 3,840 20,629 4.2 x 4.1 x 12.2 x 11.9 x 1.1% 2.2% 34.6% 34.9%
Teradata Corporation 43.68 88.1% 6,756 (593) 6,163 2.2 x 2.2 x 8.3 x 8.1 x 2.1% 3.3% 27.0% 26.9%
Diversified Internet
Amazon.com Inc. 310.35 76.1% 143,694 (3,784) 139,910 1.6 x 1.3 x 22.9 x 17.4 x 20.0% 18.4% 6.8% 7.6%
AOL Inc. 46.17 86.7% 3,755 (8) 3,746 2.0 x 2.0 x 9.3 x 8.2 x 0.3% 2.0% 21.7% 24.2%
eBay Inc. 56.12 94.0% 70,090 (2,785) 67,305 3.8 x 3.4 x 11.8 x 10.8 x 11.7% 11.8% 31.8% 31.2%
Facebook, Inc. 78.02 94.9% 219,154 (13,972) 205,182 16.6 x 12.0 x 25.3 x 20.1 x 57.4% 37.7% 65.3% 59.9%
Google Inc. 530.66 86.4% 363,154 (51,417) 311,737 5.9 x 5.1 x 14.3 x 12.5 x 21.7% 17.1% 41.5% 40.4%
Yahoo! Inc. 50.51 96.0% 48,481 (9,962) 38,520 8.7 x 8.5 x 44.4 x 36.4 x (0.1%) 2.8% 19.6% 23.3%
25th percentile 2.0 x 1.7 x 11.8 x 10.2 x 12.5% 13.0% (10.1%) (5.4%)
Median 3.8 x 2.8 x 18.1 x 12.5 x 21.7% 21.3% 16.5% 13.6%
75th percentile 5.9 x 4.6 x 25.3 x 17.0 x 54.9% 34.7% 27.0% 27.6%
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