The document summarizes key trends in the internet advertising market in Q3 2015. It notes that US internet advertising companies continue outperforming international counterparts and stock market indexes. Trading multiples show US companies trading at a median LTM revenue multiple of 1.3x versus 3.3x for international companies. M&A activity reached a 3-year high in Q3 2015 with 55 deals, though aggregate transaction value continues to decline. Notable recent transactions include Rubicon's acquisition of Chango and Oracle's acquisition of Datalogix. Investment activity and values declined in Q3 2015 from the previous quarter.

1. Internet Advertising Market Update
Q3 2015
Member FINRA

2. 2
 Capital Markets – U.S. Internet Advertising companies continue to outpace their international
counterparts and outperform the NASDAQ, S&P 500 and MSCI Europe indexes
 Trading Multiples – U.S. Internet Advertising companies are trading at a median LTM revenue
multiple of 1.3x, while International Internet Advertising companies are trading at a median LTM
revenue multiple of 3.3x
 M&A Activity – M&A activity reached a 3-year high in Q3 2015, with 55 deals, after it had
dropped in Q1 2015 and Q2 2015, with 42 deals and 40 deals respectively, although aggregate
transaction value continues to decline. Notable recent transactions include Rubicon’s acquisition
of Chango ($100M), Oracle’s acquisition of Datalogix ($1.1B), Twitter’s acquisition of TellApart
($532M), BlueFocus’ acquisition of Domob Network Technology ($289M), and AOL’s acquisition
of Millennial Media ($248M)
 Investment Activity – Investment volume and aggregate values declined in Q3 2015 to 60
investments and $456M in value, from Q2 2015’s 65 investments and $458M in value. Notable
recent investments include Kahuna ($45M), Demandbase ($30M), Panshi ($200M), Lattice
Engines ($28M), and Magnetic Media ($25M)
Executive Summary

3. 3
-40.00%
-20.00%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
Capital Markets Performance
Since 2012, U.S. Internet Advertising companies (+87.4%) have outperformed the NASDAQ (+74.4%),
S&P 500 (+50.3%), and MSCI Europe (+15.0%) indexes, along with their international counterparts
(+8.9%)
NASDAQ:
+74.4%
MSCI Europe:
+15.0%
S&P 500:
+50.3%
Int'l. Internet
Advertising
Companies:
+8.9%
Source: Capital IQ; refer to public comps for constituents
U.S. Internet
Advertising
Companies:
+87.4%

4. 4
4.6x
5.0x
3.3x 3.4x
2.0x
0.7x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
LTM Revenue Multiple
Internet Advertising Comparable Public Companies
International Internet Advertising Companies
U.S. Internet Advertising Companies
5.5x
4.7x
1.7x
4.8x
6.8x
1.7x
3.6x
1.3x
0.7x
0.4x 0.7x 0.6x 0.7x 0.4x 0.1x
0.0x
2.0x
4.0x
6.0x
8.0x
LTM Revenue Multiple
Median:
1.3x
Median:
3.3x
Source: Capital IQ; companies arranged by descending enterprise value

5. 5
Public Trading Comparables: Internet Advertising
_______
Source: Capital IQ
Trading Metrics
($ in millions, except per share data) Stock
Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA
Company Ticker 09/30/15 Low High Cap. Value LTM CY 2015E CY 2016E LTM CY 2015E CY 2016E
U.S. COMPANIES
Google NasdaqGS:GOOG.L $638.37 $490.91 $713.33 $442,058 $382,260 5.5x 5.2x 4.5x 16.9x 12.8x 10.9x
Yahoo! NasdaqGS:YHOO 28.91 27.20 52.62 27,311 22,758 4.7x 5.4x 5.5x 42.0x 22.7x 22.8x
IAC/InterActive NasdaqGS:IACI 65.27 56.50 84.66 5,193 5,412 1.7x 1.7x 1.5x 13.5x 11.3x 8.3x
comScore NasdaqGS:SCOR 46.15 35.03 65.00 1,833 1,676 4.8x 4.5x 3.8x NM 17.8x 14.6x
Marketo NasdaqGS:MKTO 28.42 23.17 35.63 1,315 1,210 6.8x 5.8x 4.3x NM NM NM
Constant Contact NasdaqGS:CTCT 24.24 22.75 43.18 796 616 1.7x 1.7x 1.5x 14.0x 8.3x 6.7x
Rubicon Project NYSE:RUBI 14.53 8.76 20.59 690 590 3.6x 2.4x 1.8x NM 15.8x 11.4x
Jive Software NasdaqGS:JIVE 4.67 3.51 7.14 353 241 1.3x 1.2x 1.2x NM NM 27.7x
QuinStreet NasdaqGS:QNST 5.55 3.78 6.83 250 205 0.7x 0.7x 0.6x NM 16.2x 11.0x
RocketFuel NasdaqGS:FUEL 4.67 4.41 21.10 199 201 0.4x 0.4x 0.3x NM 43.4x 7.3x
Sizmek NasdaqGS:SZMK 5.99 4.85 8.47 177 110 0.7x 0.6x 0.5x 8.3x 4.8x 3.7x
MaxPoint NYSE:MXPT 4.08 3.93 11.24 110 82 0.6x 0.9x 0.7x NM NM NM
Marin Software NYSE:MRIN 3.13 3.04 9.68 116 76 0.7x 0.7x 0.6x NM NM NM
Marchex NasdaqGS:MCHX 4.03 3.15 5.32 166 62 0.4x 0.4x 0.4x 9.2x 4.5x 5.0x
ReachLocal NasdaqGS:RLOC 2.11 2.01 4.67 62 59 0.1x 0.2x 0.1x NM 38.7x 4.0x
High 6.8x 5.8x 5.5x 42.0x 43.4x 27.7x
Mean 2.3x 2.1x 1.8x 17.3x 17.8x 11.1x
Median 1.3x 1.2x 1.2x 13.8x 15.8x 9.6x
Low 0.1x 0.2x 0.1x 8.3x 4.5x 3.7x
INTERNATIONAL COMPANIES
Baidu NasdaqGS:BIDU 137.41 100.00 251.99 48,286 42,593 4.6x 4.0x 3.0x 15.4x 18.2x 14.1x
Yahoo! Japan TSE:4689 3.79 3.21 4.82 21,614 17,986 5.0x 4.7x 4.4x 10.2x 9.8x 9.1x
Rakuten TSE:4755 12.73 9.44 20.00 18,125 17,401 3.3x 3.0x 2.6x 14.0x 13.2x 10.7x
Yandex NasdaqGS:YNDX 10.73 9.94 28.87 3,429 3,265 3.4x 3.5x 3.0x 10.3x 10.4x 8.3x
Criteo NasdaqGS:CRTO 37.54 28.09 57.30 2,485 2,181 2.0x 4.1x 3.1x 25.0x 16.0x 11.1x
Matomy LSE:MTMY 1.66 1.38 3.85 154 169 0.7x 0.6x 0.5x 8.7x 6.5x 4.7x
High 5.0x 4.7x 4.4x 25.0x 18.2x 14.1x
Mean 3.2x 3.3x 2.8x 13.9x 12.3x 9.7x
Median 3.3x 3.8x 3.0x 12.2x 11.8x 9.9x
Low 0.7x 0.6x 0.5x 8.7x 6.5x 4.7x

6. 6
Public Operating Comparables: Internet Advertising
_______
Source: Capital IQ
Operating Metrics
($ in millions, except per share data)
LTM Revenue Growth LTM Revenue EBITDA
Company Ticker As Of '14A-'15E '15E-'16E GM LTM CY 2015E CY 2016E LTM CY 2015E CY 2016E
U.S. COMPANIES
Google NasdaqGS:GOOG.L Jun 2015 11% 15% 62% $69,611 $73,079 $84,217 $22,620 $29,955 $35,173
Yahoo! NasdaqGS:YHOO Jun 2015 (9%) (1%) 67% 4,870 4,195 4,156 542 1,001 1,000
IAC/InterActive NasdaqGS:IACI Jun 2015 4% 9% 73% 3,157 3,221 3,515 400 478 651
comScore NasdaqGS:SCOR Jun 2015 14% 16% 70% 351 376 437 19 94 115
Marketo NasdaqGS:MKTO Jun 2015 40% 33% 65% 178 210 280 (55) NA NA
Constant Contact NasdaqGS:CTCT Jun 2015 12% 14% 73% 353 372 424 44 74 92
Rubicon Project NYSE:RUBI Jun 2015 98% 33% 81% 164 248 331 (10) 37 52
Jive Software NasdaqGS:JIVE Jun 2015 9% 7% 63% 190 194 207 (26) 1 9
QuinStreet NasdaqGS:QNST Jun 2015 7% 9% 11% 282 294 321 (3) 13 19
RocketFuel NasdaqGS:FUEL Jun 2015 23% 17% 42% 466 504 590 (53) 5 28
Sizmek NasdaqGS:SZMK Jun 2015 4% 13% 65% 165 178 201 13 23 30
MaxPoint NYSE:MXPT Jun 2015 (16%) 32% 50% 129 90 119 (13) NA NA
Marin Software NYSE:MRIN Jun 2015 7% 12% 63% 106 106 119 (30) NA NA
Marchex NasdaqGS:MCHX Jun 2015 (20%) 1% 43% 159 145 146 7 14 12
ReachLocal NasdaqGS:RLOC Jun 2015 (18%) 4% 44% 425 391 408 (34) 2 15
INTERNATIONAL COMPANIES
Baidu NasdaqGS:BIDU Jun 2015 36% 32% 68% 9,172 10,657 14,055 2,767 2,343 3,024
Yahoo! Japan TSE:4689 Jun 2015 (7%) 7% 79% 3,590 3,834 4,114 1,770 1,844 1,984
Rakuten TSE:4755 Jun 2015 18% 15% 17% 5,347 5,888 6,751 1,243 1,315 1,630
Yandex NasdaqGS:YNDX Jun 2015 12% 19% 72% 972 927 1,101 316 315 395
Criteo NasdaqGS:CRTO Jun 2015 46% 31% 36% 1,069 537 704 87 137 196
Matomy LSE:MTMY Jun 2015 3% 15% 23% 255 268 308 19 26 36

7. 7
Internet Advertising M&A Reaches New Heights
_______
Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction values
Top 3 acquisitions with disclosed transaction values
Average LTM Revenue Multiple
2012 2013 2014
6.7x 6.1x 4.9x
Top 3 Acquisitions by Quarter ($M) – Target / Acquirer
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Eloqua /
Oracle
($956)
Channel Intel /
Google
($125)
ExactTarget /
Salesforce
($2,500)
DG (assets) /
Extreme Reach
($485)
Responsys /
Oracle
($1,607)
Valassis /
Harland Clarke
($1,947)
Vocus /
GTCR
($413)
Conversant /
ADS
($2,216)
Datalogix /
Oracle
($1,100)
eXelate /
Nielsen
($195)
TellApart /
Twitter
($532)
DT (assets) /
Stroeer
($331)
Pardot /
ExactTarget
($96)
AfterDownload /
ironSource
($28)
Hybris /
SAP
($1,341)
Adap.tv /
AOL
($465)
Dealer.com /
DealerTrack
($987)
BlueKai /
Oracle
($320)
Adconion /
Amobee
($209)
LiveRail /
Facebook
($382)
BrightRoll /
Yahoo!
($640)
Chango /
Rubicon
($100)
Domob /
BlueFocus
($289)
Mil. Media /
AOL
($248)
ClickMotive /
DealerTrak
($62)
Akamai (asset)
/ MediaMath
($25)
Neolane /
Adobe
($600)
Locu /
GoDaddy
($70)
Aggregate /
NeuStar
($119)
FreeWheel /
Comcast
($320)
Adometry /
Google
($150)
[x+1] /
Rocket Fuel
($230)
Videoplaza /
Ooyala
($80)
Yashi /
Nexstar
($33)
Bronto /
NetSuite
($200)
Unruly Media /
News Corp
($90)
27
18
31
34 34
51
53
41
53
42
40
55
$1,180
$191
$4,810
$1,167
$2,865
$3,049
$845
$3,305
$1,945
$389
$1,220
$820
0
10
20
30
40
50
60
0
1,000
2,000
3,000
4,000
5,000
6,000
4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015
# Deals$ in millions
Deal Volume Deal Value ($M)

8. 8
Top Acquirers in Internet Advertising Market
Buyer # Acquisitions Total Value ($M) Targets
Google 8 1,025.0 Admeld, Adometry, Channel Intelligence, Incentive Targeting, mDialog, Red Hot Labs, Wildfire, Zave Networks
Yahoo! 8 975.5 5to1.com, AdMovate, Brightroll, Flurry, Interclick, Luminate, Palaran, Ztelic
Oracle 6 4,408.7 BlueKai, Datalogix, Eloqua, Involver, Responsys, Vitrue
Adobe 6 1,178.0 Auditude, Demdex, Efficient Frontier, Neolane, Search Discovery, Tumri
Facebook 5 382.0 LiveRail, Microsoft Corporation (Atlas Advertiser Suite Assets), Onavo, Pryte, Threadsy
Top Acquirers by Volume – Five or More Acquisitions, 2011 – Present
Buyer Total Value ($M) Targets
Oracle 4,408.7 BlueKai, Datalogix, Eloqua, Involver, Responsys, Vitrue
Salesforce 3,515.0 Buddy Media, ExactTarget, Radian6
Alliance Data Systems 2,300.0 Conversant
Harland Clarke 1,947.0 Valassis
SAP AG 1,381.0 Hybris, KXEN, SeeWhy
Adobe 1,178.0 Auditude, Demdex, Efficient Frontier, Neolane, Search Discovery, Tumri
DealerTrack Holdings 1,048.5 ClickMotive, Dealer Dot Com
Google 1,025.0 Admeld, Adometry, Channel Intelligence, Incentive Targeting, mDialog, Red Hot Labs, Wildfire, Zave Networks
Yahoo! 975.5 5to1.com, AdMovate, Brightroll, Flurry, Interclick, Luminate, Palaran, Ztelic
DG 597.6 EyeWonder, MediaMind Technologies, Peer39, Republic Project
Twitter 532.6 AdGrok, RestEngine, TellApart
IBM 500.1 Now Factory, The Silverpop Systems, Tealeaf Technology, Inc.
Extreme Reach 485.0 DG
Top Acquirers by Total Transaction Value – $450M or More, 2011 – Present
_______
Source: 451 Group

9. 9
Internet Advertising Market: M&A Case Study
On September 3rd, 2015
ACQUIRED
Transaction Overview:
 $247.9M acquisition of Millennial Media by AOL
- All cash offer for an enterprise value of $218.2M
- $1.75 per share, representing a 31% premium
 Millennial Media had $285.3M LTM revenue at the time of acquisition,
representing a 0.8x revenue multiple
 Millennial Media was not profitable at the time of the transaction
Target Description:
 Provides supply-side mobile advertising campaign management and
application monetization software for businesses.
Transaction Commentary:
 “As we continue to invest in our platforms and technology, the
acquisition of Millennial Media accelerates our competitive mobile
offering in ONE by AOL and enhances our current publisher offering
with an ‘all in’ monetization platform for app developers,” said Bob
Lord, President of AOL
 "By joining AOL, we will be adding additional mobile expertise to
AOL's growing technology assets,” said Michael Barrett, President &
CEO of Millennial Media. “I am excited by what this acquisition means
for our shareholders, our employees and our partners.”
_______
Source: 451 Group, Acquirer Press Release, WSJ

10. 10
Internet Advertising Investment Declining Slightly
_______
Source: PitchBook; includes transactions with disclosed, estimated, undisclosed transaction values
Top 3 investments with disclosed investment values
Top 3 Investments by Quarter ($M)
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
ignitAd
($65)
AppNexus
($75)
Brand Ntwk
($68)
Droga5
($225)
Komli Media
($30)
Appforma
($80)
Campaign
Monitor
($250)
AppNexus
($85)
AppNexus
($110)
Red Ventures
($250)
Panshi
($200)
Kahuna
($45)
HubSpot
($35)
Infusionsoft
($60)
BrightEdge
($43)
Videology
($68)
BrightTag
($27)
Turn
($80)
MediaMath
($176)
Hootsuite
($60)
Matomy Media
($82)
Harbor City
($100)
Lattice Engines
($28.3)
Emarsys
($33)
Emailvision
($30)
AVITO.ru
($50)
MarketShare
($38)
SugarCRM
($40)
Vungle
($19)
Integral Ad
($30)
AdRoll
($70)
xAd
($50)
Infusionsoft
($55)
Volusion
($55)
Magnetic
($25)
Demandbase
($30)
# Investments
69 71
85
63
45
59
71
61
53
65 65
60
$432
$519
$488
$554
$268
$459
$1,071
$478
$462
$827
$458 $456
0
10
20
30
40
50
60
70
80
90
$0
$200
$400
$600
$800
$1,000
$1,200
4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015
$ in millions
Investment Volume Investment Value ($M)

11. 11
Top Investors in Internet Advertising Market
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Investor Investments Targets
500 Startups 31
AdStage, BackType, Boostable, BrandCont, Capseo, Central Mayoreo, Conekta, Crowdrally, Ginzamarkets, Iterable, LocBox, MarketVibe,
Newswhip Media, OwnLocal, PostRocket, Privy, Regresa Pronto, Samba Ads, ShareRoot, Skimbit, Spinnakr, Unbounce Marketing, Vid
Network, Virool, Vungle
First Round Capital 22
33Across, Altruik, AppNexus, DoubleVerify, Elicit, Flurry, Handshakez, Jirafe, Moat, Nomi, Say Media, SinglePlatform, Solve Media,
VigLink
Greycroft Partners 22
33Across, Custora, Elicit, Media Armor, Molio, Netsertive, Nomi, Performance Horizon Group, Radiate Media, Resonate Networks,
Skimbit, SteelHouse, TagMan
SV Angel 21
Booshaka, Boostable, Custora, Heap, Moat, Nomi, NowSpots, Pipewise, SocialFlow, SteelHouse, TellApart, TT Labs, Tubular Labs,
Vungle, WibiData, Wish, Yext
Draper Fisher Jurvetson 19
4INFO, AdXpose, Flurry, ignitAd, InsightSquared, iSocket, Komli Media, PubMatic, Servio, StrikeAd, SugarCRM, Tremor Video,
Virool, Yodle
Sequoia Capital 19 AgilOne, Dianping.com, Flite, HubSpot, Innovid, Kahuna, Kenshoo, Kontera Technologies, Lattice Engines, Taykey
Accel Partners 18
AdRoll, AVITO.ru, BEBB India, ChargeBee, Collective, Dealer.com, Genius.com, HootSuite, LocBox, MoPub, myThings, Nomi, OpenX
Software, Origami Logic, YuMe
Battery Ventures 17 BrightEdge Technologies, ExactTarget, Kontagent, Lotame Solutions, Marketo, Smarter Remarketer, Sprinklr, Tapad, Tealium
Intel Capital 15
[x+1], BrightEdge Technologies, Delivery Agent, HookLogic, Movable Inc, SmartZip Analytics, Sprinklr, Vizury, YuMe, Zamplus
Technology
New Enterprise Associates 15
BloomReach, Compass Labs, Lattice Engines, Millennial Media, RezNext Global, Say Media, Spare5, SugarCRM, TrackMaven,
Videology, WibiData
Atlas Venture 12 Bluetrain Mobile, DataXu, InsightSquared, Integral Ad Science, Overdog, Privy, Unbounce Marketing
Bertelsmann Digital Media
Investments
12 Adomic, Content Fleet, CrowdTwist, Deal United, Regiohelden, Semasio, SensorTower, Skimbit
Y Combinator 11 AdGrok, BackType, Boostable, Custora, Heap, LocalOn, Orankl, Reebee, TT Labs, Virool
SoftTech VC 10 iSocket, Kahuna, Rapleaf, StrikeAd, TurnHere, VigLink, Vungle
Top Investors by Volume, 2011 – Present

12. 12
Top Seed and Series A Investors in Internet Advertising Market
Investor Investments Targets
500 Startups 26
AdStage, BackType Boostable, Capseo, Central Mayoreo, Conekta, Crowdrally ,Iterable, LocBox, MarketVibe, PostRocket, Privy,
Regresa Pronto, Samba Ads, ShareRoot, Spinnakr, Unbounce Marketing, Vid Network, Virool, Vungle
SV Angel 14 Booshaka, Boostable, Custora, Heap, Moat, Nomi, NowSpots, Pipewise, SocialFlow, TT Labs, Tubular Labs, Vungle
RRE Ventures 11 Bloglovin, BlueTrain Mobile, Deepomatic, ividence, Klaviyo, Pontiflex, Say Media, SinglePlatform, SocialFlow, Yieldbot
Y Combinator 11 AdGrok, BackType, Boostable, Custora, Heap, LocalOn, Orankl, Reebee, TT Labs, Virool
First Round Capital 10 Altruik, Elicit, Handshakez, Jirafe, Moat, Nomi, Say Media, SinglePlatform, Solve Media
TechStars 10 AdYapper, Bizible, inRentive, MarketVibe, Mavrck, Mobintent, Simple Energy, SimpleRelevance, Splashscore
Lerer Hippeau Ventures 8 Bloglovin, Bottlenose, Brandtale, Fuisz Media, GraphEffect, Moat, Tubular Labs
Greycroft Partners 7 Custora, Elicit, Media Armor, Molio, Nomi, TagMan
Betaworks 6 Bloglovin, Namo Media, SocialFlow, Teleportd
Atlas Venture 5 Bluetrain Mobile, InsightSquared, Privy, Unbounce Marketing
CommonAngels 5 InsightSquared, Linkable Networks, Yieldbot
Draper Associates 5 Autopilot, MomentFeed, Vungle
ff Venture Capital 5 Bottlenose, Elicit, Movable Inc, Parse.ly
Founder Collective 5 BackType, Custora, GraphEffect, Moat, ThriveHive
Top Investors by Volume, 2011 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target

13. 13
Top Series B and C Investors in Internet Advertising Market
Investor Investments Targets
Greycroft Partners 10 Netsertive, Performance Horizon Group, Resonate Networks, Skimbit, SteelHouse, TagMan
Sequoia Capital 10 AgilOne, Dianping.com, Flite, Innovid, Kahuna, Lattice Engines, Taykey
Battery Ventures 8 BrightEdge Technologies, Kontagent, Sprinklr, Tapad, Tealium
Lightspeed Venture Partners 8 BloomReach, Dianping.com, Evariant, Eyeviewdigital, MediaV, MyBuys, Origami Logic
First Round Capital 7 33Across, DoubleVerify, Moat, Solve Media, VigLink
Intel Capital 7 BrightEdge Technologies, HookLogic, Movable Inc, SmartZip Analytics, Sprinklr, Vizury
New Enterprise Associates 6 BloomReach, Compass Labs, Lattice Engines, TrackMaven, Videology, WibiData
Redpoint Ventures 6 55social, Adap.tv, nadco, Intent Media, The Miaozhen Systems
Baird Capital 5 BrightTag, ClickFuel, eDo Interactive, WordStream
Draper Fisher Jurvetson 5 ignitAd, InsightSquared, iSocket, Servio
Ignition Partners 5 Dianping.com, Moz, Visible Technologies
Top Investors by Volume, 2011 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target

14. 14
Top Series D+ Investors in Internet Advertising Market
Investor Investments Targets
Norwest Venture Partners 8 Act-On Software, Komli Media, True[x] Media, Turn
Draper Fisher Jurvetson 7 4INFO, AdXpose, Flurry, Komli Media, PubMatic, SugarCRM, Tremor Video, Yodle
Accel Partners 5 AdRoll, Genius.com, OpenX Software, YuMe
Battery Ventures 5 BrightEdge Technologies, Lotame, Marketo, Sprinklr, Tealium
Focus Ventures 5 Delivery Agent, Marin Software, Turn
Institutional Venture
Partners
5 AdRoll, Buddy Media, Marketo, xAd, Yext
Menlo Ventures 5 DataXu, Flurry, YuMe
SAP Ventures 5 Criteo, Marin Software, OpenX Software, Tremor Video
Crosslink Capital 4 Flurry, Marin Software
First Round Capital 4 33Across, AppNexus, Flurry
Intel Capital 4 BrightEdge Technologies, Delivery Agent, Sprinklr, YuMe
Panorama Capital 4 33Across, JiWire, Zoove
Scale Venture Partners 4 BrightRoll, Demandbase, HubSpot
Trident Capital 4 BrightRoll, JiWire, Turn
Top Investors by Volume, 2011 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target

15. 15
On August 19h, 2015
INVESTED IN
Transaction Overview:
 $45 million of Series B venture funding from lead investor Tenaya Capital.
Sequoia Capital, Lumia Capital, and SoftTech VC also participated
 Puts pre-money valuation at $141M
Target Description
 Provider of an email and mobile marketing and analytics platform. The
company's platform utilizes data insights to deliver messages to consumers on
the right channel, at the right time
Transaction Commentary:
 “The rules for marketing have changed, and so have the technology
requirements,” said Adam Marchick, co-founder and CEO of Kahuna. “With the
latest evolution of the Kahuna platform, businesses will be able to augment
their ability to connect meaningfully with people across all channels and
devices, today and in the future. The Series B investment will enable us to
further build on the platform’s capabilities to serve the evolving needs of our
customers.”
 “The company is just getting started, yet is already serving many of the world’s
best marketers,” said Ben Boyer, managing director of Tenaya Capital. “It is a
once-in-a-generation opportunity to guide the entire marketing industry
through a major paradigm shift. It’s the age of ‘personal communication at
scale,’ and Kahuna is front and center.”
Internet Advertising Investment Case Study
_______
Source: PitchBook, Company Press Release

16. 16
15+ Years of Internet Advertising Success
IPO
Lead Manager
IPO
Lead Manager
IPO
Lead Manager
HAS ACQUIRED
Fairness Opinion to
the Buyer
IPO
Co-Manager
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
_______
Certain transactions executed by Headwaters TMT bankers at prior firms
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
A DIVISION OF
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller

17. 17
Recent Awards and Nominations
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
A DIVISION OF
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
A PORTFOLIO COMPANY OF
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
A PORTFOLIO COMPANY OF
Financial Advisor to
the Seller
Headwaters Technology, Media & Telecom (TMT) team has won awards for
2014 Online and Mobile Tech Deal of the Year and 2014 Consumer Services Deal of the Year
and back-to-back M&A Advisor TMT Deal of the Year awards
2012 TMT DEAL OF
THE YEAR <$100M
CONSUMER
SERVICES
DEAL OF THE YEAR
2013 TMT DEAL OF
THE YEAR <$100M
2014 TMT DEAL OF
THE YEAR <$100M
CORPORATE /
STRATEGIC ACQUISITION
OF THE YEAR
2014 ONLINE AND
MOBILE TECH DEAL
OF THE YEAR
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller

18. 18
Contact Us
www.headwatersmb.com
John Batdorf
Managing Director
Head of Software & Internet
Investment Banking
Office: (415) 926-7454
Cell: (415) 847-8805
jbatdorf@headwatersmb.com
135 Main St
Suite 800
San Francisco, CA 94105

19. 19
Disclosure: This newsletter is a periodic compilation of certain economic and corporate information, as well as
completed and announced merger and acquisition activity. Information contained in this newsletter should not
be construed as a recommendation to sell or buy any security. Any reference to or omission of any reference to
any company in this newsletter should not be construed as a recommendation to buy, sell or take any other
action with respect to any security of any such company. We are not soliciting any action with respect to any
security or company based on this newsletter. The newsletter is published solely for the general information of
clients and friends of Headwaters MB, LLC. It does not take into account the particular investment objectives,
financial situation, or needs of individual recipients. Certain transactions, including those involving early stage
companies, give rise to substantial risk and are not suitable for all investors.
This newsletter is based upon information that we consider reliable, but we do not represent that it is accurate
or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both
known and unknown risks, and other factors that may cause actual results to vary materially. We are under no
obligation to update the information contained in this newsletter. Opinions expressed are our present opinions
only and are subject to change without notice. Additional information is available upon request. The
companies mentioned in this newsletter may be clients of Headwaters MB, LLC. The decisions to include any
company in this newsletter is unrelated in all respects to any service that Headwaters MB, LLC may provide to
such company. This newsletter may not be copied or reproduced in any form, or redistributed without the prior
written consent of Headwaters MB, LLC. The information contained herein should not be construed as legal
advice.
Disclaimer