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.

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%
130%
Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15
NASDAQ Comp Diversified Internet MarTech Data AdTech
Results International Global AdTech & MarTech Indices
2
10.4%
(5.1%)
16.7%
0.6%
(40.9%)
Last12monthssharepriceperformance
Q1 2015 Performance
Diversified Internet 6.2%
Nasdaq Comp 3.5%
Data 0.5%
MarTech (1.6%)
AdTech (18.9%)
Apr 14 May 14 Feb 15Jan 15Dec 14Nov 14Oct 14Aug 14Jul 14Jun 14 Sep 14 Mar 15
Note: Based on share prices as at 31st March 2015
Note: Indices weighted by market capitalisation
Sources: Capital IQ and Results analysis

4. (73.8%)
(2.6%)
(9.0%)
2.9%
(40.5%)
(23.7%)
(16.7%)
(79.0%)
(17.3%)
(74.8%)(78.5%)
19.5%
(43.2%)
97.4%
(29.0%)
(22.6%)(25.4%)
56.2%
(4.9%)
59.6%
(21.6%)
2.1%
(46.2%)
8.7%
3.3%
(10.3%)
10.6%
(9.5%)
4.4%
36.5%
(0.5%)
23.8%
(100%)
(80%)
(60%)
(40%)
(20%)
-
20%
40%
60%
80%
100%
120%
11.3%
(2.3%)
(6.8%)
2.9%
(25.7%)
(14.2%)
(16.7%)
(9.4%)
(31.8%)
(39.0%)
(42.9%)
11.0%
(18.5%)
(38.7%)
3.0%
(29.7%)
(5.8%)
4.1% 5.8%
18.7%
(21.7%)
(0.4%)
(8.8%)
3.6% 2.7% 1.1%
19.9%
(14.2%)
2.8%
5.4% 4.5%
(12.0%)
(50%)
(40%)
(30%)
(20%)
(10%)
-
10%
20%
30%
AdTech & MarTech: Share Price Performance
3
AdTech Diversified Internet
Q12015Last12monthssharepriceperformance
MarTech Data
Note: (1) MaxPoint Interactive IPO’d on 5th March 2015, this price represents the increase between that date and 31st March 2015
Note: (2) 2015E Net Revenue data is unavailable
Note: (3) These companies have IPO’d within the last 12 months, this price represents the increase between their respective IPO date and 31st March 2015
Note: Based on share prices as at 31st March 2015
Sources: Capital IQ and Results analysis
EV/2015E
Net Revenue
0.4x 6.6x 4.2x 4.4x 1.3x
(1)
1.7x 1.1x 1.6x 3.7x 0.7x 5.1x 1.3x 2.0x 1.6x 3.0x 9.0x 8.1x 12.1x5.1x 1.5x 4.9x 4.1x 2.3x 1.7x 1.7x 3.6x 6.2x 8.0x12.9x- 1.4x -
(2) (2)
(3)
(3)
(3) (3)
(3)
(3)
(3)
(3)

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
2015E
EV / EBITDA
2015E
Mar-15 Hyperlocal ad targeting 75 10.5-12.5 11.5 (15.1%) (16.7%) 208 n.a. n.a.
Oct-14 Marketing automation 125 22.0-24.0 25.0 20.4% 59.6% 1,303 8.1x n.m.
Sept-14 Multi-channel ad server 75 n.a. 1.7 0.8% (9.0%) 164 n.a. n.a.
Jul-14
Programmatic video
DSP
44 7.0-8.0 7.0 64.3% 97.4% 411 5.1x n.m.
Jul-14
Multi-channel ad
network
70 n.a. 3.9 4.4% (23.7%) 287 4.4x 17.0x
Apr-14 SSP 102 15.0-17.0 15.0 33.9% 19.5% 659 3.7x 31.4x
Nov-13 Multi-channel network 33 n.a. 1.0 20.0% (72.0%) 46 1.1x 8.6x
Oct-13
DSP focused on
retargeting
251 27.0-29.0 31.0 14.2% 27.4% 2,138 6.6x 30.9x
Sep-13 DSP 116 27.0-29.0 29.0 93.4% (68.3%) 367 1.6x n.m.
Aug-13 Video ad network 46 12.0-14.0 9.0 0.0% (42.3%) 109 1.3x n.m.
Jun-13 Video ad network 75 11.0-13.0 10.0 (15.0%) (76.6%) 42 0.7x n.m.
May-13 Marketing automation 79 11.0-13.0 13.0 77.7% 97.1% 1,047 5.1x 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 March 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
NYSE

6. 1.6 x
5.1 x
3.2 x
4.9 x
3.3 x
0.0 x
1.0 x
2.0 x
3.0 x
4.0 x
5.0 x
6.0 x
AdTech MarTech Data Diversified
Internet
Global AdTech/
MarTech
25.1%
26.3%
3.6%
11.9%
19.1%
-
5%
10%
15%
20%
25%
30%
AdTech MarTech Data Diversified
Internet
Global AdTech/
MarTech
AdTech & MarTech: Valuation Benchmarks
5
Revenue growth (2015-16E) EV / Net Revenue 2015E
(1) (1)
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 9) for details of companies included in each category
Source: Capital IQ & analyst reports

7. AdTech & MarTech: Global M&A Activity 2013-Q1 2015
6Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
54
43
74
52
108
101
113
106
98
-
$1bn
$2bn
$3bn
$4bn
$5bn
$6bn
$7bn
0
20
40
60
80
100
120
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
Totaldiscloseddealvalue($bn)
Numberofdeals
Number of deals Total disclosed deal value ($bn)

8. AdTech & MarTech: Selected Deals in Q1 2015
Date Buyer Target EV ($m) EV / Revenue Company description Target location
Mar 15 100 4.3x Retargeting DSP
Mar 15 - - Cross-screen mobile DSP
Mar 15 - - Multi-channel optimisation & tracking mobile DSP
Mar 15 85 - Programmatic direct SSP
Mar 15 58 1.9x Mobile marketing optimisation
Mar 15 - - Personalised eCommerce search engine
Mar 15 - - Mobile ad network
Mar 15 195 5.6x DMP
Feb 15 - - Social commerce & networking
Feb 15 - - Creative optimisation & ad enablement
Feb 15 30 - App marketing SSP
Feb 15 - - Omni-channel shopper data & analytics
Feb 15 15 - Social media DSP
Jan 15 - - Data driven ad retargeting
Jan 15 - - eCommerce personalisation & recommendation
Jan 15 30 - Click-to-call mobile marketing & analytics
Jan 15 - - Ad exchange with DSP & SSP capabilities
Jan 15 125 6.3x B2B DMP
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. AdTech & MarTech: Selected Fundraisings in Q1 2015
Date Company Type of round
Funds
raised ($m)
Investor participation Company description
Company
headquarters
Mar 15 Series E 46 Battery Ventures, Intel Capital, and Iconiq Capital Social media management USA
Mar 15 Series B 24
Cheetah Mobile (lead investor), Avalon Ventures and Wellington
Management Co.
Social and mobile ad automation USA
Mar 15 Series D 35 Sapphire Ventures (lead investor), Foundation Capital and Polaris Partners Mobile analytics & marketing for apps USA
Mar 15 Series D 130
Fidelity (lead investor), Wellington Management Company LLP, Credit Suisse
NEXT Investors, Venrock, Institutional Venture Partners and private investors
Social media monitoring & analytics USA
Mar 15 Series C 45 Undisclosed Augmented reality mobile ads UK
Mar 15 Series C1 60 Alibaba (lead investor), SoftBank, GGV and Goldman Sachs Mobile app search engine USA
Mar 15 Series E 24 Silver Lake Waterman Social media listening & management USA
Feb 15 Series A 7 Highland Capital (lead investor), Endeavor Catalyst, Innova and NXTP Labs Data-driven mobile DSP UK
Feb 15 Series D 32
Adobe and Salesforce Ventures (lead investors), Cue Ball, Greycroft Partners,
Hillsven Capital and US Venture Partners
Content curation USA
Feb 15 Series A 11 Octopus Investments and Notion Capital Social eCommerce UK
Feb 15 Series D 31
Georgian Partners (lead investors), Bain Capital, Battery Ventures, Tenaya
Capital and Presidio Ventures
Tag management USA
Feb 15 Series C 16
Frog Capital (lead investor), Bertelsmann Digital Media Investments,
Greycroft, Sussex Place Ventures and Silicon Valley Bank
Affiliate marketing UK
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 Israel
Jan 15 Series B 27
Icon Ventures (lead investor), Performance Equity Management and Accel
Partners
Mobile app ad campaign analytics USA
Jan 15 Series B 21
StarVest Partners (lead investor), Citi Ventures, American Express Ventures and
Bain Capital Partners
Marketing automation USA
Jan 15 Series B 20
Fidelity Growth Partners Europe (lead investor), Magma Venture Partners and
Pitango Venture Capital
In-app mobile ad analytics Israel
Jan 15 Series D 55
Institutional Venture Partners (lead investor), Sequoia Capital, Greycroft
Partners and IDG Capital Partners
App data & analytics USA
Jan 15 Series C 14 Gimv, Partech and Elaia and BPI Video SSP France
8
Notes: (1) Raised a total €12m Series C from the above investors and £10m from Bank of China, HSBC, BNPP and BPI
Source: Press Releases, Capital IQ, Mergermarket, PitchBook and Results analysis
(1)

10. AdTech & MarTech: Selected Publicly Traded Companies
9
Source: Capital IQ, Market Data as of 31 March 2015. 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. Blinkx - financials taken from Numis (May 2014) &
checked against company's financial results, market data taken from CapitalIQ; Criteo – financials taken from Jefferies (Feb 15) & checked against company's financial results, market data taken from CapitalIQ; Marimedia – financials taken from N+1 Singer (Mar 15) & checked against company's financial
results, market data taken from CapitalIQ; Matomy Media - financials taken from Canaccord Genuity (Mar 15) & checked against company's financial results, market data taken from CapitalIQ; Millennial Media – financials taken from Evercore (Sep 14) & checked against company's financial results, market
data taken from CapitalIQ; Rightster - financials taken from Cenkos (Sep 14) & checked against company's financial results, market data taken from CapitalIQ; Rocket Fuel – financials taken from BMO Capital Markets (Feb 15) & checked against company's financial results, market data taken from CapitalIQ;
Tremor Video – financials taken from Jefferies (Feb 15) & checked against company's financial results, market data taken from CapitalIQ; TubeMogul – financials taken from BMO Capital Markets (Mar 15) & checked against company's financial results, market data taken from CapitalIQ;
YuMe – financials taken from Deutsche Bank (Feb 15) & checked against company's financial results, market data taken from CapitalIQ; AOL – financials taken from Deutsche Bank (Feb 15) & checked against company's financial results, market data taken from CapitalIQ;
Google – financials taken from RBC Capital Markets (Mar 15) & checked against company's financial results, market data taken from CapitalIQ; Yahoo! – financials taken from Deutsche Bank (Feb 15) & checked against company's financial results, market data taken from CapitalIQ
Valuation Metrics Operating Metrics
Price % of 52 Market Net Enterprise Net Revenue EBITDA Revenue Growth EBITDA Margin
Company (31-Mar-15) Week High Cap Debt Value CY2015 CY2016 CY2015 CY2016 CY14-15 CY15-16 CY2015 CY2016
AdTech
Blinkx plc 0.44 25.8% 176 (115) 62 0.4 x 0.4 x 1.5 x 1.2 x 16.3% 15.1% 30.2% 31.4%
Criteo SA 39.50 84.9% 2,435 (297) 2,138 6.6 x 4.5 x 30.9 x 20.3 x 69.6% 44.9% 21.2% 22.3%
Crossrider Plc 1.52 90.5% 240 (76) 164 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Marimedia Ltd. 2.10 80.0% 143 (25) 118 4.2 x 3.3 x 7.3 x 5.8 x 48.9% 25.1% 56.9% 57.3%
Marin Software Incorporated 6.29 49.7% 231 (65) 166 1.4 x 1.2 x n.m. n.m. 15.7% 17.0% (9.8%) (4.1%)
Matomy Media Group Ltd. 2.96 78.3% 281 6 287 4.4 x 3.7 x 17.0 x 8.8 x 20.3% 20.7% 26.2% 41.8%
MaxPoint Interactive, Inc. 9.58 85.2% 252 (44) 208 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Millennial Media Inc. 1.45 20.3% 202 (48) 153 1.3 x 1.1 x n.m. n.m. 12.5% 23.6% (31.5%) (7.9%)
Opera Software ASA 8.04 61.2% 1,147 (75) 1,072 1.7 x 1.3 x 8.1 x 5.9 x 29.4% 28.0% 21.3% 22.8%
Rightster Group Plc 0.27 22.5% 52 (6) 46 1.1 x 0.7 x 8.6 x 2.8 x 220.0% 44.1% 12.5% 26.3%
Rocket Fuel Inc. 9.20 21.0% 387 (20) 367 1.6 x 1.3 x n.m. n.m. 71.7% 21.2% (15.5%) (9.1%)
The Rubicon Project, Inc. 17.92 77.2% 757 (97) 659 3.7 x 2.9 x 31.4 x 17.7 x 40.9% 28.6% 11.9% 16.4%
Tremor Video, Inc. 2.34 47.0% 120 (78) 42 0.7 x 0.5 x n.m. n.m. 7.3% 33.9% (28.6%) (13.1%)
TubeMogul, Inc. 13.82 58.0% 456 (45) 411 5.1 x 3.8 x n.m. n.m. 114.0% 34.9% (1.1%) (25.3%)
YuMe, Inc. 5.19 69.7% 173 (64) 109 1.3 x 1.1 x n.m. n.m. 20.1% 13.3% (3.6%) (5.1%)
MarTech
Bazaarvoice, Inc. 5.65 60.2% 449 (48) 401 2.0 x 1.8 x n.m. 32.3 x 9.9% 11.3% (0.4%) 5.5%
Brightcove Inc. 7.33 67.1% 240 (21) 218 1.6 x 1.5 x 36.2 x 23.2 x 6.7% 8.7% 4.5% 6.5%
Constant Contact, Inc. 38.21 88.5% 1,308 (163) 1,146 3.0 x 2.5 x 15.2 x 12.0 x 17.0% 16.8% 19.5% 21.1%
Demandware, Inc. 60.90 85.0% 2,338 (243) 2,096 9.0 x 6.7 x n.m. n.m. 45.5% 33.6% 4.5% 7.7%
HubSpot, Inc. 39.90 90.0% 1,427 (124) 1,303 8.1 x 6.4 x n.m. n.m. 39.2% 26.3% (22.2%) (15.9%)
Marketo, Inc. 25.62 71.9% 1,153 (106) 1,047 5.1 x 3.9 x n.m. n.m. 37.1% 31.1% (17.3%) (9.4%)
New Relic, Inc. 34.70 89.8% 1,839 (205) 1,635 12.1 x 9.2 x n.m. n.m. 40.3% 31.2% (26.7%) (12.2%)
Data
Acxiom Corporation 18.49 51.7% 1,429 169 1,598 1.5 x 1.5 x 7.4 x 6.5 x 0.3% 3.8% 20.6% 22.7%
Alliance Data Systems Corporation 296.25 98.2% 18,649 13,333 31,983 4.9 x 4.4 x 16.5 x 14.5 x 23.2% 11.7% 29.6% 30.1%
Experian plc 16.59 91.4% 16,143 3,840 19,983 4.1 x 3.9 x 11.7 x 11.2 x 1.1% 3.5% 34.8% 35.0%
Teradata Corporation 44.14 89.0% 6,602 (366) 6,236 2.3 x 2.2 x 9.2 x 8.4 x (1.5%) 3.4% 25.3% 26.8%
Diversified Internet
Amazon.com Inc. 372.10 95.6% 172,946 (1,327) 171,619 1.7 x 1.4 x 20.6 x 16.0 x 15.2% 17.5% 8.1% 8.9%
AOL Inc. 39.61 79.4% 3,202 (27) 3,175 1.7 x 1.8 x 7.7 x 7.2 x (0.9%) (3.0%) 22.7% 24.8%
eBay Inc. 57.68 94.7% 70,181 (2,471) 67,710 3.6 x 3.2 x 11.4 x 10.3 x 6.0% 10.8% 31.2% 31.2%
Facebook, Inc. 82.22 95.5% 231,126 (10,966) 220,160 12.9 x 9.7 x 21.1 x 16.0 x 37.4% 32.2% 60.9% 60.6%
Google Inc. 554.70 91.1% 379,997 (54,618) 325,379 6.2 x 5.4 x 12.3 x 11.1 x 22.1% 13.0% 49.9% 49.1%
Yahoo! Inc. 44.44 84.4% 41,835 (6,734) 35,101 8.0 x 8.1 x 46.8 x 55.3 x (0.6%) (2.1%) 17.0% 14.7%
25th percentile 1.6 x 1.4 x 8.3 x 7.1 x 7.9% 11.4% (3.0%) (4.8%)
Median 3.3 x 2.7 x 12.3 x 11.2 x 20.2% 19.1% 14.8% 18.8%
75th percentile 5.1 x 4.3 x 20.9 x 16.5 x 40.0% 30.5% 25.9% 29.3%

11. 10
Contact Us
27 Soho Square, London, W1D 3AY
t +44 20 7629 7575 | f +44 20 7629 2233
www.resultsig.com
Julie Langley
Partner
Di: +44 (0) 20 7514 8247
E: jlangley@resultsig.com
Mark Williams
Director
Di: +44 (0) 20 7514 8242
E: mwilliams@resultsig.com
588 Broadway, Suite 1010, New York, NY 10012
t +1 646 747 6500
www.resultsig.com
Pierre-Georges Roy
Partner
Di: +1 646 747 6505
E: pgroy@resultsig.com
Maurice Watkins
Partner
Di: +1 646 747 6500
E: mwatkins@resultsig.com
Disclaimer:
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
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