The latest issue of our Marketing and Advertising 2Q 2016 Market Update, highlighting trends in M&A, financing, IPOs and capital markets for private and public companies in marketing and advertising, is now available.

1. Technology Sector Update: Marketing and Advertising
2Q 2016

2. Executive Summary
• Capital Markets – Marketing Technology companies continue to outpace Advertising Technology
companies and outperform the NASDAQ, S&P 500 and MSCI Europe indexes
• Trading Multiples – The public markets continue to discern between the business models of
Marketing Technology companies and Advertising Technology companies. Marketing Technology
companies are trading at a median LTM revenue multiple of 3.0x, while Advertising Technology
companies are trading at a median LTM revenue multiple of 0.5x
Page | 2
• M&A Activity – M&A activity declined slightly in 2Q 2016, with 33 deals compared to 36 deals in
1Q 2016, with aggregate transaction value increasing. Notable recent transactions include
Salesforce’s acquisition of Demandware ($2,800M), Vista Equity’s acquisition of Marketo
($1,790M), and Marlin Equity’s acquisition of Teradata’s marketing applications business ($90M)
• Investment Activity – While investment volume increased significantly, it was through smaller
deals as aggregate value dropped in 2Q 2016 with 93 investments and $528M in value, from 64
investments and $577M in value in 1Q 2016. Notable recent investments include Vibes Media
($45M), Evariant ($42.3M), and Collective($34M)

3. Key Themes We are Watching in 2016
• New technologies are driving customer adoption of both MarTech and AdTech as marketing departments emerge as a
competitive differentiator for enterprises
– Rapid Adoption – Marketers are rapidly adopting both point solutions and platforms as advertising technologies
enable new ways of conducting business and acquiring customers
– Metrics Matter – Metrics continue to grow in importance – attribution and conversion metrics drive marketer’s
decisions – both for which technologies to buy and to properly evaluate spend and ROI across all marketing tactics
• Marketing moves up the funnel with significant efficiency improvements
– Rather than targeting large audiences and then spending significant time and resources whittling them down,
emerging technologies and analytics are becoming accurate enough to effectively disrupt the traditional sales
funnel model
– Marketers expand beyond retargeting by investing and spending on understanding intent and marketing higher in
the funnel as opposed to “preaching to the converted”
• M&A activity remains strong for the near future, driven by:
– Traditional buyers building out their marketing platforms, stacks or data assets
– New categories of buyers continue to emerge, including marketing agencies adopting technology, data providers
levering their data assets into new markets, telcos and media
– Private equity is becoming more active and paying strategic multiples with Vista Equity’s acquisition of Marketo as
a prime example
– Lowering valuation expectations – investors in crowded sectors of digital marketing recognizing a solid exit is
better than no exit
• Funding is both available at higher scale, and scarce at lower scale
– Companies that have demonstrated business models with solid margins and ability to scale will continue to find
funding available for growth
– However, companies seeking series A and B rounds with limited traction or proof points will likely struggle finding
attractive capital and valuations
Page | 3

4. Capital Markets Performance
Page | 4
Since 2013, Marketing Technology companies (+72.3%) have outperformed the NASDAQ (+49.2%), S&P
500 (+34.8%), and MSCI Europe (-5.5%) indexes, along with Advertising Technology companies (-
56.6%)
-80.00%
-60.00%
-40.00%
-20.00%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%

5. 7.7x
4.0x
7.5x
1.4x 2.0x
0.9x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
LTM Revenue Multiple
Marketing and Advertising Comparable Public Companies
Page | 5
Advertising Technology
Marketing Technology
1.9x 1.9x 1.9x
0.2x 0.4x 0.5x 0.5x
0.2x
0.0x
2.0x
4.0x

6. Public Trading Comparables: Marketing and Advertising Tech
Page | 6
Trading Metrics
($ in millions, except per share data) Stock
Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA
Company Ticker 06/30/16 Low High Cap. Value LTM CY 2016E CY 2017E LTM CY 2016E CY 2017E
Marketing Technology
Salesforce NYSE:CRM $79.41 $52.60 $84.48 $54,417 $54,451 7.7x 6.6x 5.5x NM 33.3x 27.3x
Endurance International NasdaqGS:EIGI 8.99 7.45 22.37 1,267 3,244 4.0x 2.8x 2.5x 20.9x 8.2x 7.1x
Hubspot NYSE:HUBS 43.42 27.00 60.11 1,621 1,515 7.5x 5.9x 4.5x NM NA NA
Bazaarvoice NasdaqGS:BV 4.01 2.82 6.11 331 278 1.4x 1.4x 1.3x NM NM 24.6x
Brightcove NasdaqGS:BCOV 8.80 4.70 9.00 298 270 2.0x 1.8x 1.7x NM 30.5x 23.6x
Jive Software NasdaqGS:JIVE 3.76 2.84 5.49 288 178 0.9x 0.9x 1.0x NM 13.5x 11.8x
High 7.7x 6.6x 5.5x 20.9x 33.3x 27.3x
Mean 3.9x 3.2x 2.7x 20.9x 21.4x 18.9x
Median 3.0x 2.3x 2.1x 20.9x 22.0x 23.6x
Low 0.9x 0.9x 1.0x 20.9x 8.2x 7.1x
Advertising Technology
Criteo NasdaqGS:CRTO $45.92 $24.23 $57.30 $3,052 $2,682 1.9x 3.8x 3.0x 20.8x 13.2x 9.9x
Rubicon NYSE:RUBI 13.65 11.72 20.37 686 527 1.9x 1.8x 1.5x 18.6x 8.2x 6.0x
TubeMogul NasdaqGS:TUBE 11.90 9.11 16.33 448 374 1.9x 1.6x 1.4x NM NM 19.9x
Rocket Fuel NasdaqGS:FUEL 2.22 2.09 8.28 97 110 0.2x 0.2x 0.2x NM 10.4x 9.3x
YuMe NYSE:YUME 3.68 2.35 5.60 128 66 0.4x 0.4x 0.3x NM 8.0x 5.9x
MaxPoint NasdaqGM:MXPT 10.80 4.64 40.56 72 64 0.5x 0.7x 0.6x NM NA NM
Marin Software NYSE:MRIN 2.35 1.88 6.76 90 56 0.5x 0.5x 0.5x NM 37.7x 11.0x
Tremor Video NYSE:TRMR 1.84 1.29 3.08 98 41 0.2x 0.2x 0.2x NM 16.0x 3.2x
High 1.9x 3.8x 3.0x 20.8x 37.7x 19.9x
Mean 0.9x 1.2x 1.0x 19.7x 15.6x 9.3x
Median 0.5x 0.6x 0.6x 19.7x 11.8x 9.3x
Low 0.2x 0.2x 0.2x 18.6x 8.0x 3.2x

7. Public Operating Comparables: Marketing and Advertising Tech
Page | 7
Operating Metrics
($ in millions, except per share data)
LTM Revenue Growth LTM Revenue EBITDA
Company Ticker As Of '15A-'16E '16E-'17E GM LTM CY 2016E CY 2017E LTM CY 2016E CY 2017E
Marketing Technology
Salesforce NYSE:CRM Apr 2016 24% 21% 75% $7,073 $8,267 $9,971 $522 $1,635 $1,995
Endurance International NasdaqGS:EIGI Mar 2016 0% 13% 43% 801 1,157 1,311 156 398 456
Hubspot NYSE:HUBS Mar 2016 42% 30% 75% 203 259 336 (42) NA NA
Bazaarvoice NasdaqGS:BV Apr 2016 2% 7% 62% 200 201 215 (15) 4 11
Brightcove NasdaqGS:BCOV Mar 2016 9% 10% 65% 138 147 163 2 9 11
Jive Software NasdaqGS:JIVE Mar 2016 1% (5%) 63% 199 197 187 (19) 13 15
Advertising Technology
Criteo NasdaqGS:CRTO Mar 2016 (47%) 25% 36% $1,430 $708 $884 $129 $204 $272
Rubicon NYSE:RUBI Mar 2016 19% 21% 76% 281 295 357 28 64 88
TubeMogul NasdaqGS:TUBE Mar 2016 27% 20% 68% 192 229 276 (12) 7 19
Rocket Fuel NasdaqGS:FUEL Mar 2016 (0%) 3% 42% 462 461 476 (21) 11 12
YuMe NYSE:YUME Mar 2016 4% 6% 45% 172 180 191 (9) 8 11
MaxPoint NasdaqGM:MXPT Mar 2016 (32%) 6% 51% 141 96 101 (20) NA 0
Marin Software NYSE:MRIN Mar 2016 (2%) 1% 64% 109 106 108 (16) 1 5
Tremor Video NYSE:TRMR Mar 2016 6% 20% 44% 170 184 222 (12) 3 13

8. Marketing and Advertising M&A Volume Declines Slightly
Page | 8
_______
Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction values
Top 3 acquisitions with disclosed transaction values
Average LTM Revenue Multiple
2013 2014 2015
6.1x 4.9x 1.9x
Top 3 Acquisitions by Quarter ($M) – Target / Acquirer
3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
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)
Cons. Contact
/ Endurance
Intl.
($1,100)
Tapad /
Telenor
($360)
Demandware
/ Salesforce
($2,800)
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)
ShopperTrak /
Tyco
($175)
Smartclip /
RTL Group
($53)
Marketo /
Vista Equity
($1,790)
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)
Undertone /
Perion
($130)
Technorati /
Synacor
($3)
Teradata
(assets) /
Marlin Equity
($90)
34 34
51
53
41
53
42
40
55
53
36
33
$1,167
$2,865
$3,049
$845
$3,305
$1,945
$389
$1,220
$820
$1,706
$416
$4,730
0
10
20
30
40
50
60
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016
# Deals$ in millions Deal Volume Deal Value ($M)

9. Top Acquirers in Marketing and Advertising Market
Page | 9
Buyer # Acquisitions Total Value ($M) Targets
Google 8 1,025.0
Admeld, Adometry, Channel Intelligence, Incentive Targeting, mDialog, Red Hot Labs, Wildfire, Zave
Networks
Yahoo! 8 975.5 5to1.com, AdMovate, Brightroll, Flurry, Interclick, Luminate, Palaran, Ztelic
Adobe 7 1,178.0 Auditude, comScore (assets), Demdex, Efficient Frontier, Neolane, Search Discovery, Tumri
Oracle 7 3,177.7 BlueKai, Crosswise, Datalogix, Eloqua, Involver, Responsys, Vitrue
Facebook 5 382.0 LiveRail, Microsoft Corp (Atlas Ad Suite), Onavo, Pryte, Threadsy (Uptake Communications)
Top Acquirers by Volume – Four or More Acquisitions, 2011 – Present
Buyer Total Value ($M) Targets
Oracle 4,458.7 BlueKai, Crosswise, Datalogix, Responsys
Salesforce 6,315.0 Demandware, ExactTarget
Alliance Data Systems 2,300.0 Conversant
Harland Clarke 1,947.0 Valassis
Vista Equity Partners 1,790.0 Digital Technology, MarketLive, Marketo, Mediaocean
SAP AG 1,381.0 Hybris, KXEN, SeeWhy
Adobe Systems 1,178.0 Auditude, comScore (assets), Demdex, Efficient Frontier, Neolane, Search Discovery, Tumri
Endurance International 1,100.0 Constant Contact
Dealertrack Holdings 1,048.5 Dealer Dot Com, ClickMotive
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, Peer39, Republic Project
AOL 539.1 Adap.tv, goviral, Vidible
Top Acquirers by Total Transaction Value – $450M or More, 2011 – Present
_______
Source: 451 Group

10. Marketing & Advertising M&A Case Study
Transaction Overview:
• $1.8B acquisition of Marketo by Vista Equity Partners
- All cash offer for an enterprise value of $1.8B
- $35.25 per share, representing a 64% premium to the unaffected closing
price as of May 9, 2016
• Financial metrics:
- Marketo generated $226 million in LTM revenue and an LTM EBITDA loss
of $54 million at the time of acquisition, representing a 7.9x LTM revenue
multiple
Target Description:
• Provides marketing automation SaaS for businesses. Software provides features
for sales lead management and analytics, email and social media marketing,
and marketing campaign analytics
Transaction Commentary:
• "The acquisition will allow Marketo to continue to focus on customer success and to
remain the independent category leader, continuing to set the agenda for product
innovation and thought leadership for the entire digital marketing industry. It will
also enable us to successfully deliver on the bold vision we recently set forth - to give
tomorrow's marketers and the C-suite an ultra-high-scale enterprise platform for
customer engagement”, said Phil Fernandez, chairman and CEO of Marketo
• "Marketo is the clear leader in the marketing automation space and has consistently
delivered innovative mission critical products to its more than 4,600 customers,"
said Brian Sheth, co-founder and president of Vista Equity. "Given our proven track
record and focus on investing in high-growth SaaS platforms, we are thrilled to
partner with Phil and the broader Marketo team to help the company accelerate
innovation, growth, and excellence."
ACQUIRED
On May 31, 2016
Page | 10

11. 63
45
59
71
61
53
65 65
60
64 64
93
$554
$268
$459
$1,071
$478
$462
$827
$458 $456
$622 $577
$528
0
10
20
30
40
50
60
70
80
90
100
$0
$200
$400
$600
$800
$1,000
$1,200
3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016
$ in millions Investment Volume Investment Value ($M)
Marketing and Advertising Investment Volume Rising
_______
Source: PitchBook; includes transactions with disclosed, estimated, undisclosed transaction values
Top 3 investments with disclosed investment values
Top 3 Investments by Quarter ($M)
3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Droga5
($225)
Komli Media
($30)
Appforma
($80)
Campaign
Monitor
($250)
AppNexus
($85)
AppNexus
($110)
Red Ventures
($250)
Panshi
($200)
Kahuna
($45)
iPinYou
($78)
Seat Pagine
($127)
Vibes Media
($45)
Videology
($68)
BrightTag
($27)
Turn
($80)
MediaMath
($176)
Hootsuite
($60)
Matomy
Media
($82)
Harbor City
($100)
Lattice
Engines
($28)
Emarsys
($33)
Siteimprove
($55)
Yello Mobile
($73)
Evariant
($42)
SugarCRM
($40)
Vungle
($19)
Integral Ad
($30)
AdRoll
($70)
xAd
($50)
Infusionsoft
($55)
Volusion
($55)
Magnetic
($25)
Demandbase
($30)
SteelHouse
($49)
BloomReach
($56)
Collective
($34)
# investments
Page | 11

12. Top Investors in Marketing and Advertising Market
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
Greycroft Partners 25
33Across, Collective, Custora, Elicit, Media Armor, Molio, Netsertive, Nomi, Performance Horizon Group, Radiate Media,
Resonate Networks, Skimbit, SteelHouse, TagMan
First Round Capital 22
33Across, Altruik, AppNexus, DoubleVerify, Elicit, Flurry, Handshakez, Jirafe, Moat, Nomi, Say Media, SinglePlatform, Solve
Media, VigLink
SV Angel 21
Booshaka, Boostable, Custora, Heap, Moat, Nomi, NowSpots, Pipewise, SocialFlow, SteelHouse, TellApart, TT Labs, Tubular
Labs, Vungle, WibiData, Wish, Yext
Accel Partners 21
AdRoll, AVITO.ru, BEBB India, ChargeBee, Collective, Dealer.com, Doctolib, Genius.com, HootSuite, LocBox, MoPub,
myThings, Nomi, OpenX Software, Origami Logic, Power2sme, YuMe
Sequoia Capital 21 AgilOne, Dianping.com, Flite, HubSpot, Innovid, Kahuna, Kenshoo, Kontera Technologies, Lattice Engines, Orbi, Taykey
Battery Ventures 20
Appboy, Bloomreach, BrightEdge Technologies, ExactTarget, Kontagent, Lotame Solutions, Marketo, PowerInbox, Smarter
Remarketer, Sprinklr, Tapad, Tealium
Draper Fisher Jurvetson 19
4INFO, AdXpose, Flurry, ignitAd, InsightSquared, iSocket, Komli Media, PubMatic, Servio, StrikeAd, SugarCRM, Tremor Video,
Virool, Yodle
New Enterprise Associates 17
BloomReach, Compass Labs, Lattice Engines, Millennial Media, Placester, RezNext Global, Say Media, Spare5, SugarCRM,
TrackMaven, Videology, WibiData
TechStars 17
Adhawk, AdYapper, Bizible, CrowdTwist, HYP3R, inRentive, Jebbit, MarketVibe, Mavrck, Mobintent, Rally Networks, Simple
Energy, SimpleRelevance, Splashscore, Sponsokit
Intel Capital 15
[x+1], BrightEdge Technologies, Delivery Agent, HookLogic, Movable Inc, SmartZip Analytics, Sprinklr, Vizury, YuMe, Zamplus
Technology
Atlas Venture 14 Bluetrain Mobile, DataXu, InsightSquared, Integral Ad Science, Overdog, Privy, Unbounce Marketing
Y Combinator 13 AdGrok, BackType, Boostable, Custora, Heap, LocalOn, Orankl, Reebee, TrendMD, TT Labs, Virool, Zenprospect
Bertelsmann Digital Media
Investments
12 Adomic, Content Fleet, CrowdTwist, Deal United, Regiohelden, Semasio, SensorTower, Skimbit
Top Investors by Volume, 2011 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Page | 12

13. Top Seed and Series A Investors in Marketing and Advertising
Investor Investments Targets
500 Startups 29
AdStage, BackType, Boostable, Capseo, Central Mayoreo, Conekta, Crowdrally, Ematic Solutions, Funnely, Iterable, LocBox
Labs, MarketVibe, PostRocket, Privy, Regresa Pronto, Samba Ads, ShareRoot, Spinnakr, Unbounce Marketing Solutions, 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
TechStars 11 AdYapper, Bizible, inRentive, HYP3R, MarketVibe, Mavrck, Mobintent, Simple Energy, SimpleRelevance, Splashscore
First Round Capital 10 Altruik, Elicit, Handshakez, Jirafe, Moat, Nomi, Say Media, SinglePlatform, Solve Media
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
Page | 13

14. Top Series B and C Investors in Marketing and Advertising
Investor Investments Targets
Greycroft Partners 11 Netsertive, Performance Horizon Group, Resonate Networks, Skimbit, SteelHouse, TagMan
Sequoia Capital 10 AgilOne, Dianping.com, Flite, Innovid, Kahuna, Lattice Engines, Taykey
Battery Ventures 9 Appboy,BrightEdge Technologies, Kontagent, Sprinklr, Tapad, Tealium
Lightspeed Venture
Partners
9 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
Page | 14

15. Top Series D+ Investors in Marketing and Advertising
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 6 AdRoll, Genius.com, OpenX Software, Power2sme, YuMe
Battery Ventures 6 BloomReach, 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
Page | 15

16. Marketing and Advertising Investment Case Study
Transaction Overview:
• $34M of later stage venture funding from lead investors Accel Partners,
Columbia Partners, Greycroft Partners and Inovia Capital
• Collective currently has 405 employees
• Collective has raised $120M in funding to date
Target Description:
• Provider of an online advertising network. The company's products enable
brands to control audience reach & frequency and choreograph messaging
across TV, PC, tablet and smartphone devices
Transaction Commentary:
• Collective is known for its Visto product, which provides clients a single
platform to manage and track all advertising activity
• The money will be put to work on the company’s new product, Visto. The
recently launched platform brings additional transparency to the MarTech
space
• "With this increased investment, we will be able to accelerate the rollout of
new features and functionality in the second half of 2016 and into 2017,"
said Collective founder and CEO Joe Apprendi
• Joe Apprendi, CEO of Collective, wants to focus on display and video ads first.
With the platform, users will be able to use a single UI to target audiences
and create campaigns across channels in a unified system_______
Sources: PitchBook, NY Biz Journal, TechCrunch
INVESTED IN
On June 16th, 2016
Page | 16

17. 15+ Years of Marketing and Advertising Tech Sector Success
_______
Certain transactions executed by Headwaters TMT bankers at prior firms
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
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
Page | 17

18. Recent Awards and Nominations
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
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
A PORTFOLIO COMPANY OF
Financial Advisor to
the Seller
2013 TMT DEAL OF
THE YEAR <$100M
CONSUMER
SERVICES
DEAL OF THE YEAR
CROSS BORDER
DEAL OF THE YEAR
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
2012 TMT DEAL OF
THE YEAR <$100M
7th ANNUAL
INTERNATIONAL M&A AWARDS
2015 WINNER
HAS ACQUIRED
Financial Advisor to
the Buyer
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19. Contact Us
www.headwatersmb.com
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20. Disclaimer
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.
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