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.

1. AdTech & MarTech
Barometer
2015 Market Review
2015 STRICTLY PRIVATE AND CONFIDENTIAL

2. 1
About Results International
A MARKET-LEADING CORPORATE FINANCE ADVISORY FIRM… …WITH GLOBAL REACH
• 40 person team; 250+ completed transactions
• Broad global network
• Creative solutions
• Senior level focus on every transaction
• Founded in 1991
• Entrepreneurial and owner-managed
DEEP DOMAIN EXPERTISE IN THREE INTER-RELATED SECTORS… …AND BROAD INDUSTRY NETWORKS
Marketing
Healthcar
e
Technolog
y
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH

3. 2
50%
60%
70%
80%
90%
100%
110%
120%
130%
140%
150%
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15
Diversified Internet NASDAQ Comp MarTech Data AdTech
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
Results International Global AdTech & MarTech Indices
Dec-15Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15
Notes: Based on share prices as at 31st December 2015; indices weighted by market capitalisation
Sources: Capital IQ and Results analysis
LAST12MONTHSHAREPRICEPERFORMANCE
(0.7%)
42.8%
5.7%
(5.7%)
(37.3%)
Q4 2015 PERFROMANCE
Diversified Internet 22.5%
Nasdaq Comp 8.4%
Data 6.6%
AdTech 1.7%
MarTech (2.1%)

4. 3
(80.4%)
(35.8%)
(2.0%)
(49.5%)
(57.7%)(55.1%)
(85.1%)
(46.8%)
(78.8%)(78.3%)
(54.5%)
1.9%
(28.2%)
(39.7%)
(30.4%)
(45.5%)
(20.3%)(20.3%)
(6.2%)
67.5%
(12.3%)
8.7%
51.8%
3.2%
(3.3%)
10.4%
(39.5%)
46.6%
117.8%
(51.0%)
34.1%
(34.2%)
(100%)
(50%)
-
50%
100%
150%
(78.2%)
(38.2%)
5.5%
(14.0%)
14.4%
(5.0%)
(58.1%)
10.1%
(45.7%)
(25.3%)
0.0%
13.2% 10.8%
29.3%
35.5%
(2.9%)
26.0%
20.6%
4.4%
21.4%
1.0%
(4.4%)
(26.7%)
5.9% 6.8%
13.5%
(8.8%)
21.9%
32.0%
12.4% 16.4% 15.0%
(100%)
(80%)
(60%)
(40%)
(20%)
-
20%
40%
60%
AdTech & MarTech: Share Price Performance
EV/2015E
Net Revenue
n.m 0.3x - 2.4x 1.6x 1.0x 0.6x 2.2x 3.3x 0.6x 3.9x 1.0x 1.5x 1.4x 2.2x 8.3x 5.9x11.3x 11.5x 1.9x 4.9x 4.4x 1.3x 7.9x 3.0x 16.1x 6.7x4.1x4.3x 1.0x 0.3x 11.0x
(1)
(1) 2015E Net Revenue data is unavailable
(2) These companies have IPO’d within the last 12 months, the share price movement represents the change between each stocks respective IPO date (see slide 4) and 31st December 2015
Note: Based on share prices as at 31st December 2015
Sources: Capital IQ and Results analysis
(2) (2)
(2)
(2)
ADTECH DIVERSIFIED INTERNETMARTECH DATA
LAST12MONTHSHAREPRICEPERFORMANCEQ42015
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH

5. 4
AdTech & MarTech: Selected Stocks – Performance Since IPO
COMPANY IPO DATE DESCRIPTION
RAISED
D ($M)
INDICATIVE PRICE
RANGE ($)
IPO LISTING
PRICE ($)
DAY 1 INCREASE CURRENT
INCREASE
CURRENT
T EV ($M)
EV / NET
REVENUE 2015E
EV / EBITDA
2015E
Jun-15 AI ad optimisation 42 n.a. 2.1 4.2% (80.4%) (7) n.m. n.m.
May-15 eCommerce platform 131 12.0-14.0 17.0 51.1% 51.8% 2,152 11.0x n.m.
Mar-15 Localised ad targeting 75 10.5-12.5 11.5 (15.1%) (85.1%) 23 0.3x n.m.
Oct-14
Marketing
automation
125 22.0-24.0 25.0 20.4% 125.2% 2,030 11.3x n.m.
Sept-14
Multi-channel ad
server
75 n.a. 1.7 0.8% (51.1%) 42 n.a. n.a.
Jul-14
Programmatic video
DSP
44 7.0-8.0 7.0 64.3% 94.3% 437 3.9x n.m.
Jul-14
Multi-channel ad
network
70 n.a. 3.9 4.4% (60.3%) 159 2.4x 11.1x
Apr-14 SSP 102 15.0-17.0 15.0 33.9% 9.7% 718 3.3x n.m.
Nov-13
Multi-channel
network
33 n.a. 1.0 20.0% (90.4%) 22 1.0x n.m.
Oct-13
DSP focused on
retargeting
251 27.0-29.0 31.0 14.2% 27.7% 2,201 4.3x 19.6x
Sep-13 DSP 116 27.0-29.0 29.0 93.4% (88.0%) 151 0.6x n.m.
Aug-13 Video ad network 46 12.0-14.0 9.0 0.0% (61.0%) 72 1.0x n.m.
Nasdaq
LSE
NYSE
AIM
Nasdaq
Nasdaq
NYSE
AIM
NYSE
AIM
NYSE
NYSE
(1) Current increase from IPO price; Market data as of 31st December 2015
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
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
(1)

6. 5
26.5%
30.4%
0.7%
17.0%
20.4%
-
5%
10%
15%
20%
25%
30%
35%
AdTech MarTech Data Diversified
Internet
Global AdTech/
MarTech
1.0 x
7.1 x
3.2 x
6.7 x
2.7 x
-
1.0 x
2.0 x
3.0 x
4.0 x
5.0 x
6.0 x
7.0 x
8.0 x
AdTech MarTech Data Diversified
Internet
Global AdTech/
MarTech
AdTech & MarTech: Valuation Benchmarks
(1) (1)
(1) Global AdTech / MarTech represents the median of all stocks in AdTech, MarTech, Data & Diversified Internet
Notes: EV = Enterprise Value; Financials calendarised to December year end; Median values reported
See Selected Publicly Traded Companies (Slide 11) for details of companies included in each category
Source: Capital IQ & analyst reports
REVENUE GROWTH (2015-16E) EV / NET REVENUE 2015E
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH

7. 6
54
43
74
52
108
101
113
106
98 101
112
100
-
$1bn
$2bn
$3bn
$4bn
$5bn
$6bn
$7bn
$8bn
$9bn
0
20
40
60
80
100
120
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
TOTALDISCLOSEDDEALVALUE($BN)
NUMBEROFDEALS
Number of deals Total disclosed deal value ($bn)
AdTech & MarTech: Global M&AActivity Q1 2013 – Q4 2015
(1) Q3 2014 data includes Alliance Data’s acquisition of Conversant ($2.2bn)
(2) Q2 2015 data includes Verizon’s acquisition of AOL ($4.3bn)
Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
(1) (2)
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH

8. 7
AdTech & MarTech: Selected Deals in H2 2015
DATE BUYER TARGET EV ($M) EV/REVENUE COMPANY DESCRIPTION
TARGET
LOCATION
Dec 15 20 1.0x B2B mobile ad network
Dec 15 - - Programmatic ad optimisation
Dec 15 141 1.0x Ad network with proprietary ad formats
Nov 15 20 1.0x Rich media Ad Server
Nov 15 450 7.9x Marketing BI DMP
Nov 15 1,083 2.4x Email and social marketing
Sep 15 683 6.3x TV and movie measurement
Sep 15 120 - Content management & GRC
Sep 15 - - Mobile attribution
Sep 15 - - In-store customer analytics
Sep 15 89 1.9x Social and video ad network
Sep 15 - - Mobile ad app SDK
Sep 15 17 1.1x Mobile and social DSP
Sep 15 500 - OTT video content
Sep 15 218 1.9x Mobile ad network and ad exchange
Aug 15 - - Predictive marketing CRM
Aug 15 - - Cross-channel optimisation and personalisation
Jul 15 1,000 6.0x Multi-channel, big data marketing cloud
(1) In certain cases EV/Revenue are publicly reported 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)
(2) Earn out of $25m has not been included in the calculation of EV
(3) Deal has been announced, but is yet to close
(4) Earn out of $86m (£56m) has not been included in the calculation of EV
Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
(4)
(1)
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
(2)
(3)

9. 8
AdTech & MarTech: Selected Deals in H1 2015
DATE BUYER TARGET EV ($M) EV/REVENUE COMPANY DESCRIPTION
TARGET
LOCATION
Jun 15 720 3.5x Campaign management and optimisation stack
Jun 15 - - Targeted TV SSP
May 15 43 1.6x Ad server & search retargeting
May 15 12 1.1x Mobile DSP
May 15 4,135 2.3x Online publisher and full ad tech stack
May 15 26 4.2x eCommerce marketing platform
Apr 15 533 - Predictive cross-device retargeting
Apr 15 120 - mCommerce platform
Apr 15 200 5.0x eCommerce marketing automation
Apr 15 22 3.1x Mobile ad tracking
Mar 15 100 4.3x Retargeting DSP
Mar 15 85 5.0x Programmatic direct SSP
Mar 15 58 1.9x Mobile marketing optimisation
Mar 15 195 5.6x DMP
Feb 15 30 - App marketing SSP
Feb 15 - - Omni-channel shopper data & analytics
Jan 15 - - Ad exchange with DSP & SSP capabilities
Jan 15 125 6.3x B2B DMP
(1) In certain cases EV/Revenue are publicly reported 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)
(2) Earn out of $22m has not been included in the calculation of EV
Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
(1)
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
(2)

10. 9
AdTech & MarTech: Selected Fundraisings in H2 2015
DATE COMPANY
TYPE OF
ROUND
FUNDS
RAISED ($M)
INVESTOR PARTICIPATON COMPANY DESCRIPTION
COMPANY
LOCATION
Dec 15 Series C 49 Mercato Partners (lead investor), Staley Capital and Silicon Valley Bank Data-driven marketing
Dec 15 - 22 Danica Pension DSP, DMP and Ad Server
Dec 15 Series B 30
Led by several major institutional investors, including European Investment Bank
and Dutch L’Arche BV
Native ad automation
Oct 15 Series C 33 Partech (lead investor), Highland Capital Partners Europe and Nauta Capital Social media monitoring
Oct 15 - 20 Accel-KKR
eCommerce insight and
optimisation
Oct 15 Series C 53
Insight Venture Partners, Lead Edge Capital, Mack Capital, Volition Capital (lead
investors) and Silicon Valley Bank
Tag and data management
Oct 15 Series B 65
Lightspeed Venture Partners (lead investor), Sequoia Capital, IDG Ventures and
Lakestar
B2B predictive marketing data and
analytics
Oct 15 Series C 58
Index Ventures (lead investor), Andreessen Horowitz, Bain Capital Ventures,
Battery Ventures, Benchmark, Citi Ventures, Correlation Ventures, Danhua Capital,
Pharus Capital Management, Salesforce Ventures and Tenaya Capital
Content A/B testing
Sep 15 Debt 100 Tennenbaum Capital Partners Mobile discovery platform
Sep 15 Debt 30 Silicon Valley Bank Programmatic ad exchange
Sep 15 Series A 33 Vector Capital B2C marketing cloud
Sep 15 Series B 40
IHeartMedia (lead investor), Advance Publications, Upfront Ventures and Foundry
Group; Silicon Valley Bank (debt)
Social data and ad buying
Aug 15 Series B 45 Tenaya Capital (lead investor), Sequoia Capital, SoftTech VC and others Mobile marketing automation
Jul 15 Series E 67
Silicon Valley Bank (debt); Sapphire Ventures (lead investor), Cross Creek Advisors
and previous investors
Ad viewability and fraud
Jul 15 Series D 50
Founders Fund (lead investor), BlueRun Ventures, Glynn Capital Management,
AME Cloud Ventures, Yuan Capital, Salesforce Ventures, Formation 8
B2B predictive marketing
Jul 15 Series F 50 Susquehanna Growth Equity Content recommendation
Jul 15 Series G 30
Sageview Capital (lead investor), Adobe Systems, Altos Ventures, Costanoa Venture
Capital, Greenspring Associates, Salesforce.com Ventures, Scale Venture Partners
and Sigma West
B2B account-based marketing
Jul 15 Series D 42
FTV Capital (lead investor), Mayfield Fund, InterWest Partners and FirstMark
Capital
Omni-channel content management
(1) Round is reported to be split between unspecified equity and debt funding
(2) Round is reported to be split $30million equity funding, $10million debt funding
(3) Round is reported to be split $27million equity funding, $40million debt funding
Source: Press Releases, Capital IQ, Mergermarket and Results analysis
(2)
(3)
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
(1)
(1)

11. 10
AdTech & MarTech: Selected Fundraisings in H1 2015
DATE COMPANY
TYPE OF
ROUND
FUNDS
RAISED ($M)
INVESTOR PARTICIPATON COMPANY DESCRIPTION
COMPANY
LOCATION
Jun 15 - 54
Harmony Partners (lead investor), Industry Ventures, DFJ Esprit, Trinity Ventures,
Crosslink Capital and Adams Street Partners
DSP
Jun 15 Series B 13 Smedvig Capital (lead investor), Panoramic Growth Equity Search retargeting
Jun 15 Series A 12 Softbank Capital and Google Ventures Predictive eCommerce targeting
Jun 15 Series D 33
FTV Capital (lead investor), Battery Ventures, First Round Capital and Shasta
Ventures
Targeted in-email advertising
Jun 15 Series D 21
Ares Capital Corporation (lead investor), Vision Private Equity, Verlinvest,
Syngenta Ventures and Unilever Ventures
Mobile marketing CRM
May 15 Series D 74
Vitruvian Partners (lead investor), Seed Capital, Northzone, Index Ventures and DFJ
Esprit
eCommerce review community
May 15 Series B 30 Neuberger Berman
Digital media planning &
management
May 15 Series C 40
Lightspeed Venture Partners (lead investor), Lerer Hippeau Ventures, First Round
Capital, GGV Capital and Sequoia Capital
Marketing management
Apr 15 Series A 5 Dawn Capital (lead investor), Northzone and Conor Ad viewability
Mar 15 Series E 46 Battery Ventures, Intel Capital, and Iconiq Capital Social media management
Mar 15 Series D 35 Sapphire Ventures (lead investor), Foundation Capital and Polaris Partners
Mobile analytics & marketing for
apps
Mar 15 Series C 45 Undisclosed Augmented reality mobile ads
Feb 15 Series D 32
Adobe and Salesforce Ventures (lead investors), Cue Ball, Greycroft Partners,
Hillsven Capital and US Venture Partners
Content curation
Feb 15 Series D 31
Georgian Partners (lead investors), Bain Capital, Battery Ventures, Tenaya Capital
and Presidio Ventures
Tag management
Feb 15 Series C 16
Frog Capital (lead investor), Bertelsmann Digital Media Investments, Greycroft,
Sussex Place Ventures and Silicon Valley Bank
Affiliate marketing
Feb 15 Series E 117
Fidelity Management and Research Company (lead investors), Marker Financial
Advisors, Steadfast Capital, Advance Publications, Comcast Ventures; Groupe
Arnault, Yahoo Japan and private investors
Content recommendation engine
Jan 15 Series D 55
Institutional Venture Partners (lead investor), Sequoia Capital, Greycroft Partners
and IDG Capital Partners
App data & analytics
Jan 15 Series C 30
Gimv, Partech and Elaia and BPI (investors), Bank of China, HSBC, BNPP and BPI
(debt)
Video SSP
(1) Round is reported to be split $27million equity funding, $27million debt funding
(2) Round is reported to be split €12million equity funding, €6.5million debt funding
(3) Round is reported to be split €12million equity funding, £10million debt funding
Source: Press Releases, Capital IQ, Mergermarket and Results analysis
(3)
(1)
(2)
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH

12. 11
COMPANY OPERATING METRICS VALUATION METRICS
PRICE($) %OF52 MARKET TOTAL NET ENTERPRISE REVENUEGROWTH EBITDA MARGIN NETREVENUE EBITDA
(31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE($M) CY14-15 CY15-16 CY2015 CY2016 CY2015 CY2016 CY2015 CY2016
ADTECH
Adgorithms LTD 0.41 18.1% 27 35 (35) (7) 56.3% 65.0% 67.5% 58.7% n.m. n.m. n.m. n.m.
Blinkx plc 0.25 42.0% 101 75 (75) 26 (11.1%) 3.7% (0.4%) 3.2% 0.3 x 0.3 x n.m. 8.8 x
Criteo SA 39.60 69.1% 2,490 305 (290) 2,201 56.1% 26.0% 21.8% 24.8% 4.3 x 3.4 x 19.6 x 13.7 x
Crossrider Plc 0.82 50.5% 120 78 (78) 42 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Marin Software Incorporated 3.58 41.5% 133 33 (30) 103 7.6% 5.7% (10.4%) 0.1% 1.0 x 0.9 x n.m. n.m.
Matomy Media Group Ltd. 1.54 42.7% 144 43 15 159 0.8% 34.7% 22.1% 28.1% 2.4 x 1.8 x 11.1 x 6.5 x
MaxPoint Interactive, Inc. 1.71 15.2% 45 49 (21) 23 33.8% 11.2% (20.0%) (27.7%) 0.3 x 0.3 x n.m. n.m.
Opera Software ASA 5.71 47.8% 838 85 78 917 20.1% 20.4% 15.8% 18.3% 1.6 x 1.3 x 10.0 x 7.2 x
Rightster Group Plc 0.09 20.3% 34 12 (12) 22 70.1% 39.9% (71.6%) (19.3%) 1.0 x 0.7 x n.m. n.m.
Rocket Fuel Inc. 3.49 20.7% 150 83 0 151 13.9% 2.6% (58.2%) (8.6%) 0.6 x 0.5 x n.m. n.m.
Taptica International Ltd 0.92 35.3% 64 23 (23) 41 (2.0%) 52.5% 9.7% 25.0% 2.2 x 1.5 x 23.0 x 5.8 x
The Rubicon Project, Inc. 16.45 79.9% 798 80 (80) 718 76.3% 33.0% 3.9% 5.5% 3.3 x 2.4 x n.m. 44.5 x
Tremor Video, Inc. 2.06 62.9% 107 66 (66) 42 29.8% 27.0% (46.3%) (2.1%) 0.6 x 0.4 x n.m. n.m.
TubeMogul, Inc. 13.60 57.9% 519 84 (83) 437 40.6% 28.7% (21.1%) (10.5%) 3.9 x 3.0 x n.m. n.m.
YuMe, Inc. 3.51 55.0% 121 48 (48) 72 (11.5%) 3.6% (15.5%) (7.8%) 1.0 x 0.9 x n.m. n.m.
MARTECH
Bazaarvoice, Inc. 4.38 46.6% 353 110 (53) 300 6.9% 8.4% (3.5%) 3.9% 1.5 x 1.4 x n.m. 35.8 x
Brightcove Inc. 6.20 73.3% 203 24 (22) 180 6.8% 8.0% 5.0% 6.2% 1.4 x 1.2 x 26.9 x 20.1 x
Constant Contact, Inc. 29.24 67.7% 981 181 (181) 801 11.2% 13.9% 19.7% 21.9% 2.2 x 1.9 x 11.0 x 8.7 x
Demandware, Inc. 53.97 71.1% 2,132 183 (183) 1,949 45.9% 28.7% 7.8% 8.2% 8.3 x 6.5 x n.m. n.m.
HubSpot, Inc. 56.31 93.7% 2,134 105 (104) 2,030 54.6% 33.7% (13.6%) (8.8%) 11.3 x 8.5 x n.m. n.m.
Marketo, Inc. 28.71 80.6% 1,336 113 (106) 1,230 39.9% 32.1% (8.7%) (5.3%) 5.9 x 4.4 x n.m. n.m.
New Relic, Inc. 36.43 90.8% 2,022 189 (189) 1,833 61.4% 37.9% (21.6%) (10.9%) 11.5 x 8.4 x n.m. n.m.
Shopify Inc. 25.80 61.2% 2,339 187 (187) 2,152 86.4% 43.6% (1.0%) 2.7% 11.0 x 7.7 x n.m. n.m.
DATA
Acxiom Corporation 20.92 89.3% 1,658 181 28 1,686 (15.0%) (0.1%) 14.6% 16.0% 1.9 x 1.9 x 13.2 x 12.0 x
Alliance Data Systems Corporation 276.57 88.6% 16,949 977 14,554 31,503 22.4% 12.2% 29.2% 29.4% 4.9 x 4.3 x 16.6 x 14.7 x
Experian plc 17.71 95.0% 17,040 165 3,356 20,396 (3.8%) 1.6% 33.6% 34.5% 4.4 x 4.3 x 13.1 x 12.6 x
Teradata Corporation 26.42 56.2% 3,514 874 (164) 3,350 (7.9%) (4.8%) 21.9% 24.0% 1.3 x 1.4 x 6.1 x 5.8 x
DIVERSIFIED INTERNET
Alphabet Inc. 778.01 97.4% 539,129 70,912 (62,415) 476,714 14.1% 17.0% 40.4% 44.4% 7.9 x 6.8 x 19.6 x 15.2 x
Amazon.com, Inc. 675.89 97.0% 317,102 14,428 4,159 321,261 20.5% 20.9% 10.2% 11.3% 3.0 x 2.5 x 29.5 x 21.8 x
eBay Inc. 27.48 41.2% 32,994 5,301 2,138 35,132 (2.9%) 4.8% 40.8% 41.2% 4.1 x 3.9 x 10.0 x 9.5 x
Facebook, Inc. 104.66 94.6% 297,275 15,834 (15,708) 281,567 39.9% 37.8% 62.4% 61.3% 16.1 x 11.7 x 25.9 x 19.1 x
Yahoo! Inc. 33.26 65.5% 31,545 5,882 (4,632) 26,913 (8.3%) (4.0%) 8.0% 13.3% 6.7 x 7.0 x n.m. 52.1 x
25th percentile (0.6%) 5.2% (12.0%) (3.7%) 1.3 x 1.3 x 11.0 x 8.7 x
Median 20.1% 20.4% 7.8% 8.2% 2.7 x 2.2 x 14.9 x 13.1 x
75th percentile 43.3% 33.4% 21.9% 24.9% 5.6 x 4.4 x 22.1 x 19.8 x
AdTech & MarTech: Selected Publicly Traded Companies
Notes: Broker reports have been used for selected company financials – Liberium (Aug-15) for Adgorithms, Numis (May-15) for Blinkx, JP Morgan (Nov-15) for Criteo, Canaccord Genuity (Nov-15) for Matomy Media, William Blair (Nov-15) for
MaxPoint Interactive, Cenkos (Oct-15) for Rightster, BMO Capital Markets (Nov-15) for Rocket Fuel, N+1 Singer (Sep-15) for Taptica, Jefferies (Dec-15) for The Rubicon Project, Jefferies (Nov-15) for Tremor Video, BMO Capital Markets (Aug-15) for
TubeMogul, Deutsche Bank (Nov-15) for YuMe, RBC Capital Markets (Dec-15) for Alphabet and JP Morgan (Oct-15) for Yahoo!
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
Sources: Capital IQ, market data as of 31st December 2015
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH

13. 12
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QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
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DIRECTOR – LONDON
t +44 (0)20 7514 8242
e mwilliams@resultsig.com
27 Soho Square, London, W1D 3AY
t +44 20 7629 7575
588 Broadway, Suite 1010, New York,
10012 | t +1 646 747 6500
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Singapore, 048660 | t +65 6221 3575
Pierre-Georges Roy
PARTNER – NEW YORK
t +1 (0)646 747 6505
e pgroy@resultsig.com
Julie Langley
PARTNER – LONDON
t +44 (0)20 7514 8247
e jlangley@resultsig.com
Maurice Watkins
PARTNER – NEW YORK
t +1 (0)646 747 6500
e mwatkins@resultsig.com
Andrew Kefford
PARTNER – APAC
t +65 (0)6221 3575
e akefford@resultsig.com