About Bessemer Venture Partners:
Bessemer Venture Partners was born from innovations in steel that literally forged modern building and manufacturing. Today, we work with people who want to create revolutions of their own. We've been fortunate to be a part of over 120 IPOs in the last 50 years, including Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, DocuSign, Wix, Box, and MindBody.
The latest issue of our 2Q 2016 Mobile Market Update, highlighting trends in M&A, financing, and capital markets for private and public companies in Mobile, is now available.
Bessemer Venture Partners has backed over 100 Cloud Computing companies, including over 1/4 of all cloud IPOs and 4 of 7 cloud IPOs last year alone. Byron Deeter leads BVP's cloud computing practice and recently presented an entirely updated version of BVP's famous 10 Laws at the SaaStr 2016 conference. For more BVP presentations, white papers, and content you can visit www.bvp.com/cloud
In Bessemerâs State of the Cloud 2020 Report, we distill twenty years of data on the private and public cloud market trends, dive into the time tested tenets that early-stage cloud founders need to prioritize for growth, and of course, share our predictions that explain the emerging categories weâre eyeing to spot promising new companies.
Since the early 2000s, the industry has seen exponential growth, both in private and public spheres. Many companies have cloud strategies in place, but they are amidst their digital transformations. We believe the future of technology is forged in the cloud, and after two decades of growth itâs just the beginning.
In a time when founders and investors are faced with unprecedented market volatility, it is especially timely to step back and look at the long arc of technology, and the cloud computing revolution in particular.
Source: bvp.com/cloud
Bessemer Venture Partners (Byron Deeter, Elliott Robinson, Hansae Catlett, Mary D'Onofrio)
"State of the Cloud" Report -- Bessemer Venture Partners (June 2015)Ian Gertler
Â
Cloud computing continues to gain momentum and according to this state of the cloud report from Bessemer Venture Partners, the total market cap for the 42 public cloud companies indexed will pass $500 billion by 2020.
U.S. Internet Advertising companies continue to outpace their international counterparts and outperform the NASDAQ, S&P 500 and MSCI Europe indexes. 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 reached a 3-year high in 3Q 2015, with 55 deals, after it had dropped in 1Q 2015 and 2Q 2015, with 42 deals and 40 deals respectively, although aggregate transaction value continues to decline. Notable recent transactions include Rubiconâs acquisition of Chango ($100M), Oracleâs acquisition of Datalogix ($1.1B), Twitterâs acquisition of TellApart ($532M), BlueFocusâ acquisition of Domob Network Technology ($289M), and AOLâs acquisition of Millennial Media ($248M). Investment volume and aggregate values declined in 3Q 2015 to 60 investments and $456M in value, from 2Q 2015âs 65 investments and $458M in value. Notable recent investments include Kahuna ($45M), Demandbase ($30M), Panshi ($200M), Lattice Engines ($28M), and Magnetic Media ($25M).
About Bessemer Venture Partners:
Bessemer Venture Partners was born from innovations in steel that literally forged modern building and manufacturing. Today, we work with people who want to create revolutions of their own. We've been fortunate to be a part of over 120 IPOs in the last 50 years, including Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, DocuSign, Wix, Box, and MindBody.
The latest issue of our 2Q 2016 Mobile Market Update, highlighting trends in M&A, financing, and capital markets for private and public companies in Mobile, is now available.
Bessemer Venture Partners has backed over 100 Cloud Computing companies, including over 1/4 of all cloud IPOs and 4 of 7 cloud IPOs last year alone. Byron Deeter leads BVP's cloud computing practice and recently presented an entirely updated version of BVP's famous 10 Laws at the SaaStr 2016 conference. For more BVP presentations, white papers, and content you can visit www.bvp.com/cloud
In Bessemerâs State of the Cloud 2020 Report, we distill twenty years of data on the private and public cloud market trends, dive into the time tested tenets that early-stage cloud founders need to prioritize for growth, and of course, share our predictions that explain the emerging categories weâre eyeing to spot promising new companies.
Since the early 2000s, the industry has seen exponential growth, both in private and public spheres. Many companies have cloud strategies in place, but they are amidst their digital transformations. We believe the future of technology is forged in the cloud, and after two decades of growth itâs just the beginning.
In a time when founders and investors are faced with unprecedented market volatility, it is especially timely to step back and look at the long arc of technology, and the cloud computing revolution in particular.
Source: bvp.com/cloud
Bessemer Venture Partners (Byron Deeter, Elliott Robinson, Hansae Catlett, Mary D'Onofrio)
"State of the Cloud" Report -- Bessemer Venture Partners (June 2015)Ian Gertler
Â
Cloud computing continues to gain momentum and according to this state of the cloud report from Bessemer Venture Partners, the total market cap for the 42 public cloud companies indexed will pass $500 billion by 2020.
U.S. Internet Advertising companies continue to outpace their international counterparts and outperform the NASDAQ, S&P 500 and MSCI Europe indexes. 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 reached a 3-year high in 3Q 2015, with 55 deals, after it had dropped in 1Q 2015 and 2Q 2015, with 42 deals and 40 deals respectively, although aggregate transaction value continues to decline. Notable recent transactions include Rubiconâs acquisition of Chango ($100M), Oracleâs acquisition of Datalogix ($1.1B), Twitterâs acquisition of TellApart ($532M), BlueFocusâ acquisition of Domob Network Technology ($289M), and AOLâs acquisition of Millennial Media ($248M). Investment volume and aggregate values declined in 3Q 2015 to 60 investments and $456M in value, from 2Q 2015âs 65 investments and $458M in value. Notable recent investments include Kahuna ($45M), Demandbase ($30M), Panshi ($200M), Lattice Engines ($28M), and Magnetic Media ($25M).
In Bessemerâs 2018 State of the Cloud, leading SaaS and cloud investors Byron Deeter, Kristina Shen, and Anna Khan explain the ups-and-downs of the cloud market, a new valuation framework for startups, and emerging predictions for 2018.
In this report, youâll also learn:
- Cloud market trends and factors that led to a 4x growth in venture funding
- A framework for valuation across Series A and B financing
Bessemerâs annual recurring revenue to growth multiple (ARRG)
- Eight new predictions for 2018
The latest issue of our Q4 2015 Mobile Market Update, highlighting trends in M&A, financing, IPOs and capital markets for private and public companies in Internet Advertising, is now available.
Highlights include:
- M&A activity reached a 3-year high in Q3 2015
- Investment volume and aggregate values slowed from
earlier year highs
- Wireless and diversified infrastructure companies are trading
at a median LTM revenue multiple of 2.1x
- IoT / M2M companies continue to outperform the NASDAQ
and S&P indexes while their counterparts in mobile software
& solutions also remain market leaders
The fourth annual State of the Cloud has arrived! As the definitive guide to the biggest trends in the cloud industry, Bessemer Venture Partnersâ State of the Cloud 2018 includes:
-A look back at 2017
-A new valuation framework for early-stage investing in private cloud companies
-Bessemerâs eight cloud predictions for 2018
The NOAH Newsletter is a bi-monthly publication with a dedicated focus on European Internet companies. Here are a few highlights on what to expect.
- State of the web: traffic benchmarking of the largest B2C sectors
- Latest sector valuations and operational KPIs
- The most significant transactions in the last few years
- Recent developments and program for the NOAH Conference (London & Berlin)
The results of WAN-IFRAâs annual survey depict an industry that is increasingly building loyal audiences, as the shift to reader-based revenue continues. In its 2017 World Press Trends study, WAN-IFRA estimates that 56 percent of newspapersâ overall revenue came from circulation sales (print and digital) in 2016.
Deep analysis of the Martech's leading 1461 companies. This reports offers insights on:
- How big is the market
- Where are the investments made
- Who are the top performing companies
- What happened to the Unicorns
And much more.
The Future of Retail In A Digital World - Keynote at Boston eTailLee McCabe
Â
In this compelling keynote, we explore the transformative journey of the retail sector through the lens of digital innovation. As technology continues to reshape consumer expectations and behaviors, the retail industry stands at a pivotal crossroads. This presentation delves into the heart of how digital trends are revolutionizing shopping experiences, from personalized customer service powered by AI to seamless omnichannel shopping journeys.
Our expert speaker will guide you through the evolving landscape of retail, highlighting the crucial role of technology in creating competitive advantages and fostering customer loyalty. Attendees will gain insights into:
The latest consumer behavior trends and their implications for retailers.
Innovative technologies driving the future of retail, including augmented reality, IoT, and blockchain.
Strategies for embracing digital transformation while overcoming challenges such as cybersecurity and privacy concerns.
Predictions for the next decade of retail and how businesses can adapt to stay ahead.
This keynote is a must-attend for retail professionals seeking to understand the future of the industry and how to navigate the challenges and opportunities presented by the digital world. Join us for an enlightening journey into the future of retail, where digital innovation meets customer experience.
At the end of the year, we often reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
In Bessemerâs 2018 State of the Cloud, leading SaaS and cloud investors Byron Deeter, Kristina Shen, and Anna Khan explain the ups-and-downs of the cloud market, a new valuation framework for startups, and emerging predictions for 2018.
In this report, youâll also learn:
- Cloud market trends and factors that led to a 4x growth in venture funding
- A framework for valuation across Series A and B financing
Bessemerâs annual recurring revenue to growth multiple (ARRG)
- Eight new predictions for 2018
The latest issue of our Q4 2015 Mobile Market Update, highlighting trends in M&A, financing, IPOs and capital markets for private and public companies in Internet Advertising, is now available.
Highlights include:
- M&A activity reached a 3-year high in Q3 2015
- Investment volume and aggregate values slowed from
earlier year highs
- Wireless and diversified infrastructure companies are trading
at a median LTM revenue multiple of 2.1x
- IoT / M2M companies continue to outperform the NASDAQ
and S&P indexes while their counterparts in mobile software
& solutions also remain market leaders
The fourth annual State of the Cloud has arrived! As the definitive guide to the biggest trends in the cloud industry, Bessemer Venture Partnersâ State of the Cloud 2018 includes:
-A look back at 2017
-A new valuation framework for early-stage investing in private cloud companies
-Bessemerâs eight cloud predictions for 2018
The NOAH Newsletter is a bi-monthly publication with a dedicated focus on European Internet companies. Here are a few highlights on what to expect.
- State of the web: traffic benchmarking of the largest B2C sectors
- Latest sector valuations and operational KPIs
- The most significant transactions in the last few years
- Recent developments and program for the NOAH Conference (London & Berlin)
The results of WAN-IFRAâs annual survey depict an industry that is increasingly building loyal audiences, as the shift to reader-based revenue continues. In its 2017 World Press Trends study, WAN-IFRA estimates that 56 percent of newspapersâ overall revenue came from circulation sales (print and digital) in 2016.
Deep analysis of the Martech's leading 1461 companies. This reports offers insights on:
- How big is the market
- Where are the investments made
- Who are the top performing companies
- What happened to the Unicorns
And much more.
The Future of Retail In A Digital World - Keynote at Boston eTailLee McCabe
Â
In this compelling keynote, we explore the transformative journey of the retail sector through the lens of digital innovation. As technology continues to reshape consumer expectations and behaviors, the retail industry stands at a pivotal crossroads. This presentation delves into the heart of how digital trends are revolutionizing shopping experiences, from personalized customer service powered by AI to seamless omnichannel shopping journeys.
Our expert speaker will guide you through the evolving landscape of retail, highlighting the crucial role of technology in creating competitive advantages and fostering customer loyalty. Attendees will gain insights into:
The latest consumer behavior trends and their implications for retailers.
Innovative technologies driving the future of retail, including augmented reality, IoT, and blockchain.
Strategies for embracing digital transformation while overcoming challenges such as cybersecurity and privacy concerns.
Predictions for the next decade of retail and how businesses can adapt to stay ahead.
This keynote is a must-attend for retail professionals seeking to understand the future of the industry and how to navigate the challenges and opportunities presented by the digital world. Join us for an enlightening journey into the future of retail, where digital innovation meets customer experience.
At the end of the year, we often reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
M&A in Gaming has hit record levels in 2013 and 2014 H1. For the first time, Corum Group has put together research M&A trending within the Gaming Ecosystem.
I gave this talk at Casual Connect SF July 2014 detailing increased appetite of Asian buyers and driving trends of innovation and interest activity across the gaming industry.
Madison Park Group activity monitors public equity market activity across a range of software and technology sectors. In our Q2 2021 Software & Technology Public Market Update Report, readers will find market and financial data that is relevant to a range of critical sectors.
Corum Group Tech M&A Monthly - April 2018 - Top Acquirer ProfileCorum Group
Â
April's edition of Tech M&A Monthly, featuring an in-depth look at M&A in Q1 2018 and an interview with 2017 Top Acquirer Constellation Software's COO and Volaris CEO, Mark Miller
Gridley's Guide to Digital NY -- January 2012Linda Gridley
Â
Gridleyâs Guide to Digital New York is a unique and comprehensive report for investors, buyers and entrepreneurs looking for one place to quickly get up to speed on New Yorkâs exciting, explosive digital ecosystem. In addition to this report, we have designed an âeasy to useâ website that lays out the information in this report (and more) in a fun, creative way. You can access this website from our firmâs home page, www.gridleyco.com, or at www.gridleydigitalny.com.
We decided to put together this report when we were out visiting companies and investors in May/June of 2011 and people starting asking us about all of the âdigital momentumâ in NY. There was a feeling that lots was going on, but people didnât really understand just what âitâ was and how extensive âitâ was. Well, now we can tell you a few things about âitâ:
Since 2006,
⢠There has been $8.4 billion of capital invested in Digital NY companies.
⢠While the total number of Digital NY private companies probably is well over 600, we have identified 374 to be included in this report. Companies in our report either have raised at least $5 million of outside capital or are prominent enough in the Digital NY scene to merit inclusion. The digital sectors we focused on are: Content, eCommerce, Marketing, Mobile, and Social.
⢠There are approximately 212 investors with a focused interest in Digital NY. This includes all stages â Seed, Early Stage, Growth, and Buyout â and includes local firms as well as firms with little or no physical presence in NY.
⢠There have been fifteen private companies that have raised over $100MM of capital (Fab.com, Fotolia, ZocDoc, Gilt Groupe, MongoDB, Appnexus, GrubHub Seamless, Foursquare, OnDeck Capital, Everyday Health, ideeli, Thing Daemon, Warby Parker, 1stdibs, Quirky) and 24 that have raised between $50MM and $100MM.
⢠There have been seventeen $100MM+ sale transactions of private Digital NY companies since January 2008 (Tumblr, Buddy Media, Mediamind, iCrossing, Admeld, Huffington Post, Webloyalty, About.com, Interclick, Hotjobs, Innovation Interactive, OMGPOP, Ziff Davis Media, Zagat, Behance Network, Register.com, and Answers.com).
Mobile Goes Mainstreet: Consumers Lead the Way â Key Trends and Investment Op...Linda Gridley
Â
The number of smartphone users in the U.S. is consistently growing and the connected user is turning to mobile more and more frequently for everyday consumption. Global mobile data traffic is predicted to increase 26-fold between 2010 and 2015. Smartphone and tablet revenues overtook traditional desktop and laptop revenues in 2013. At the same time, the amount of time users are spending on mobile daily is increasing. Mobile commerce sales are reaching all-time highs, and now represent 12% of total digital commerce, while mobile traffic represent about 40% for major eCommerce retailers such as Amazon, eBay, Apple, and Walmart.
The mobile industry was unquestionably the most important growth channel across digital media. Some of the most important trends weâve seen in the sector include:
Average mobile (plus tablet) time spend now equal to desktop
Mobile is no longer just for gaming. Growing number
of use cases and apps hitting mass adoptionâ utilities, productivity,shopping, media & entertainment
Total mobile ad revenue grew twofold in 2013, and still only represents 2% of total ad spend but 12% of total media time spend
Strong M&A and funding environment â First $1bn M&A deal in mobile. Q3â13 was record quarter for mobile
Digital media leaders such as Facebook and Twitter realigned their organizations to mobile over the past two years and now see 40% plus of their revenue from the mobile channel
The evolution of mobile as the next computing platform is just beginning to take shape, bringing new billion market opportunities to the digital media ecosystem. We believe it is still early in this evolution and expect to see new technologies and innovative applications to fuel continued growth over the next five years.
POS Goes Digital: Evolution of the in Store Shopping ExperienceLinda Gridley
Â
Gridley & Company released an industry overview on the dynamic in-store consumer experience called, âPOS Goes Digital: Evolution of the In-Store Shopping Experience.â The report focuses on recent trends in the in-store consumer experience as well as our expectations about how the industry, particularly the payments and marketing sectors, will transform in the coming years.
OMMA Display 2011 -- Transformation of the Measurement Industry: How Much Can...Linda Gridley
Â
OMMA Display 2011
Presentation by Linda Gridley
Transformation of the Measurement Industry: How Much Can be Attriibuted to M&A? Learn more about Gridley & Company at http://www.gridleyco.com
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
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Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
Â
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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how can i use my minded pi coins I need some funds.DOT TECH
Â
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. đ I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
Â
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
Â
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The European Unemployment Puzzle: implications from population agingGRAPE
Â
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how can I sell pi coins after successfully completing KYCDOT TECH
Â
Pi coins is not launched yet in any exchange đą this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAYÂ you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers âĽď¸
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Â
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Â
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
5. 5
(30%)
(10%)
10%
30%
50%
Jan Feb Mar May Jun Jul Sep
Bovespa
(30%)
(10%)
10%
30%
50%
Jan Feb Mar May Jun Jul Sep
Nikkei 225 Hang Seng
(30%)
(10%)
10%
30%
50%
Jan Feb Mar May Jun Jul Sep
FTSE 100 DAX
(30%)
(10%)
10%
30%
50%
Jan Feb Mar May Jun Jul Sep
S&P 500 DJIA NASDAQ
2014 YTD Global Market Performance
Source: Capital IQ, as of September 25, 2014.
0%
U.S. Market Index Performance European Market Index Performance
Latin American Asian Market Index Performance Market Index Performance
+3%
+5%
+8%
+8%
+3%
+12%
+3%
6. 6
Market Value 2014 YTD Since 2008
($ in billions)
$392 7% 73%
149 (19%) 250%
39 (4%) 66%
65 (4%) 58%
201 41% NA
219 32% NA
(60%)
(40%)
(20%)
0%
20%
40%
60%
80%
100%
U.S. Equity Market at a Glance
Source: Capital IQ, as of September 25, 2014.
U.S. Market Index Performance
+30% Performance of Internet Bellwethers
Strong Market Despite Some Skepticism
⢠Anticipated correction yet to occur
⢠Ukrainian and Israeli conflicts still
unresolved; ISIS impact growing
⢠10-year Treasuries reaching lows
2013
+38%
+27%
2014 YTD
+8%
+8%
+3%
7. 7
Digital Media Equity Market Performance
Median Stock Price Performance of Digital Media Sectors
⢠Performance has been very mixed: 82% of all Digital Media stocks ďŞ this year
⢠50% of all Digital Media IPOs ďŞ this year
⢠AdTech has struggled
Best Performing
Internet Titans
⢠+43%
⢠+24%
⢠+22%
Best Performing
Digital Marketing
⢠+47%
â˘
⢠+31%
Best Performing
eCommerce
⢠+95%
⢠+50%
⢠+46%
Worst Performing
Overall
⢠-75%
⢠-74%
⢠-69%
Median % Change
2012 2013 2014YTD
Digital Media +20.6% +59.7% (9.4%)
Internet Titans +33.1% +87.4% (1.8%)
Digital Marketing (31.2%) +29.3% (26.1%)
eCommerce +23.4% +80.5% (5.6%)
Market Indices
S&P 500 +13.4% +29.6% +8.1%
Dow Jones +7.3% +26.5% +2.9%
Nasdaq +15.9% +38.3% +8.0%
8. 8
United States Latin America Europe Asia/Pacific Africa/Middle East
$106.0
$234.4
$135.9
$99.6
$137.0
$90.6
2009 2010 2011 2012 2013 1H 2014
Global IPO Volume
($ billions)
Source: Capital IQ; Renaissance Capital; Annual Global IPO Reviews.
64%
66%
51%
42%
33%
21%
16% 25% 40% 38%
6%
12%
19% 10%
20%
40%
28%
31%
⢠Issuances are up in all geographies
⢠The US IPO market has been particularly
active
9. 9
0
100
200
300
400
500
$0
$20
$40
$60
$80
$100
$120
Source: Renaissance Capital; Dealogic; EY Global IPO Trends, Factset.
YTD as of September 25, 2014.
U.S. and Global IPO Issuance and Deal Volume
Global IPO Issuance
IPO Deal Volume
# of IPOs
U.S. IPO Issuance
# of IPOs
IPO Deal Volume
($ in billions)
$ Volume # IPOs
Alibaba
0
500
1,000
1,500
2,000
2,500
$0
$100
$200
$300
$400
10. 10
Digital Media Sector IPO Performance
($ in millions) Market Cap Price Performance
Date Company Subsector IPO Size @ IPO Day 1 Since IPO
2014 (12)
Sep 18 Alibaba Group Holding Limited eCommerce $21,767 $167,620.4 38.1% 30.8%
Jul 18 Globant S.A. Digital Agency 59 333.5 15.1% 29.7%
Jul 17 TubeMogul, Inc. AdTech 44 200.8 64.3% 60.9%
May 21 JD.com, Inc. Social 1,780 25,974.6 10.0% 39.8%
May 19 TrueCar, Inc. eCommerce 70 639.3 5.6% 98.8%
Mar 21 Borderfree, Inc. eCommerce 80 487.6 20.4% (17.3%)
Apr 04 GrubHub Inc. eCommerce 193 1,934.0 33.8% 33.5%
Mar 25 King Digital Entertainment plc Digital Content 500 7,086.0 (15.6%) (41.1%)
Apr 02 The Rubicon Project, Inc. AdTech 102 520.7 32.3% (19.0%)
Mar 06 Coupons.com Incorporated eCommerce 168 1,170.7 87.5% (22.2%)
Mar 28 Everyday Health, Inc. Digital Content 100 415.5 (0.1%) (6.0%)
Jan 24 Care.com, Inc. eCommerce 91 505.7 46.5% (51.9%)
2014 Median 101 580.0 26.4% 11.9%
2013 (11)
Nov 14 zulily, Inc. eCommerce 253 2,685.4 63.7% 80.4%
Nov 06 Twitter, Inc. Social 1,820 14,162.1 72.7% 97.9%
Oct 29 Criteo SA Ad Tech 251 1,714.2 14.2% 12.2%
Sep 19 Rocket Fuel Inc. Ad Tech 116 942.3 93.4% (47.2%)
Aug 06 YuMe, Inc. Ad Tech 46 286.2 0.0% (45.0%)
Jul 18 RetailMeNot, Inc. Retail 191 1,054.3 31.9% (20.7%)
Jun 26 Tremor Video, Inc. Ad Tech 75 494.2 (15.0%) (74.3%)
May 22 ChannelAdvisor eCommerce 81 286.6 31.7% 11.9%
May 16 Marketo, Inc. Marketing Auto 79 465.2 77.7% 138.2%
Mar 21 Marin Software Digital Marketing 105 432.8 16.1% (38.3%)
Mar 04 Professional Diversity Social 21 29.1 (4.1%) (36.3%)
2013 Median 105 494.2 31.7% (20.7%)
Overall Median 102 520.7 31.7% (6.0%)
Source: Capital IQ.
11. 11
15.0%
21.0%
26.2%
27.3%
29.7%
32.1%
33.1%
35.8%
42.1%
44.2%
48.3%
(16.4%)
10.8%
17.2%
21.0%
23.0%
24.2%
76.1%
QuinStreet, Inc.
Bankrate, Inc.
Constant Contact, Inc.
ReachLocal, Inc.
ChannelAdvisor
Corporation
ValueClick, Inc.
Millennial Media Inc.
âŚDigital Media Companies Going Public Today Have
Higher Growth Profiles/Reasonable Valuations
Public Comp Universe at End of 2012
â12-â13 Revenue Growth
2012
Revenue
Multiple
2.5x
2.5x
13.8x
0.6x
2.8x
4.1x
1.0x
Median: 22.0% 2.7x 24%
NM
35%
NM
NM
21%
28%
6%
EBITDA
Margin
Source: Capital IQ.
2014 Digital Media IPOs
â14-â15 Revenue Growth
2014E
Revenue
Multiple
1.7x
1.2x
3.5x
5.9x
19.5x
3.5x
2.8x
10.8x
2.1x
2.2x
2.3x
1.6x
Median: 32.1% 2.5x 20%
EBITDA
Margin
NM
NM
NM
8%
54%
14%
NM
32%
7%
20%
20%
39%
13. 13
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
$0
$500
$1,000
$1,500
$2,000
Source: Dealogic, Capital IQ.
YTD as of September 25, 2014.
U.S. and Global M&A Deal Volume
Global M&A Deals
Deal Volume
# of Deals
U.S. M&A Deals
# of Deals
Deal Volume
($ in billions)
$ Volume # Deals
0
10,000
20,000
30,000
40,000
50,000
60,000
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
14. 14
Source: Capital IQ; Annual Global IPO Reviews.
YTD as of September 25, 2014.
Global M&A Deal Volume and VC Financings
Global M&A Volume ($ billions) Global VC Financings ($ billions)
33%
23%
37%
31%
23%
35%
29%
22%
39%
32%
21%
39%
26%
23%
45%
36%
29%
29%
24%
37%
27%
13%
61%
18%
22%
38%
29%
16%
35%
37%
$1,919
$2,280
$2,511
$2,351
$2,543
$2,799
$82.5
$155.8
$278.6
$150.6
$128.1
$115.5
United States Latin America and Caribbean Europe Asia/Pacific Africa/Middle East
15. 15
Source: Capital IQ, PwC National Venture Capital Association MoneyTree Report.
YTD as of September 25, 2014.
Annual M&A Deal Volume
U.S. M&A and VC Markets
($ in billions)
Annual VC Financing Volume
$711
$800
$982
$908
$1,150
$1,263
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
# of Deals
Deal Volume
$ Volume # Deals
$20
$23
$30
$27 $28
$23
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
$0
$5
$10
$15
$20
$25
$30
$35
16. 16
6.3%
10.1% 11.2% 12.1%
15.5% 15.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
2009 2010 2011 2012 20132014YTD
24.9%
22.6%
26.1% 26.0%
32.2%
34.1%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
2009 2010 2011 2012 20132014YTD
Sources: Thomson Reuters; Capital IQ.
YTD as of September 25, 2014.
Financial Sponsor M&A Activity
U.S. Private Equity (% Total) Global Private Equity M&A (% Total)
Top Global Private Equity Deals of 2014 (All U.S.)
$4.2BN
$4.2BN
$3.6BN
17. 17
0
100
200
300
400
500
600
$0
$5
$10
$15
$20
$25
$30
2009 2010 2011 2012 2013 1H
2014
Sources: Thomson Reuters, Natural Venture Capital Association, July 2014.
2014 Has Been a Good Year for U.S. Venture Backed Exits
Total Disclosed M&A $ Value ($ billions) Total IPO $ Amount ($ billions)
Deal Volume
# of Deals
($ in billions)
$ Volume # Deals
=
0
100
200
300
400
500
600
$0
$5
$10
$15
$20
$25
$30
2009 2010 2011 2012 2013 1H
2014
18. 18
Key Themes in the U.S. Digital Media M&A Market
â˘AdTech Consolidation ContinuesâŚstill too many companies
â˘Enterprise Software Giants Continue to Build Out their Marketing Stack
â˘A Few Traditional Strategics Get âDigital Courageâ via M&A
â˘Early M&A Deals in the âInternet of Thingsâ
â˘PE Firms Place $1 Billion+ Bets on Traditional Marketing Services Businesses
19. 19
Date Acquirer Size Revenue
($ in Millions)
EBITDA
Implied Enterprise Value to LTM
Target
Top U.S. Digital Media Deals â YTD 2014
Feb. 2014 $19,500 NA NA
Apr. 2014 3,305 19.0x NA
Jun. 2014 2,600 13.1x 52.4x
Sep. 2014 2,448 4.12x 12.4x
Aug. 2014 1,827 30.9x 11.6x
Sep. 2014 1,000 NA NA
May 2014 1,000 32.3x NA
Aug. 2014 970 NA 18x
Sep. 2014 950 NA NA
20. 20
Internet âTitansâ M&A in 2014
Company
# Deals in 2014
Notable Deals
12
Mkt. Value ($bn)
$40.7
$369.2
$37.6
$138.6
$69.0
$3.4
$181.5
4
3
2
Machine Translation Technology Division
10
28
15
21. 21
Return of the Traditional Strategic Buyers
May. 2014
$1,000
15.5x
NA
Mar. 2014
950
NA
NA
Sep. 2014
950
NA
NA
Jul. 2014
422
2.3x
24.7x
Mar. 2014
360
10.3x
NA
May. 2014
310
12.4x
NA
Jul. 2014
281
0.7x
NA
Apr. 2014
205
2.1x
NA
Aug. 2014
160
2.3x
NA
2014
NA
NA
NA
Date
Acquirer
Size
Revenue
($ in Millions)
EBITDA
Implied Enterprise Value to LTM
Target
22. 22
Key 2014 Digital Investment Themes
â˘Niche eCommerce and Content Companies Still Getting Funded
â˘Companies Doing Record-Breaking Late Stage Financings as Alternative to IPO
â˘Ad Tech M&A Consolidation ď Fewer Ad Tech Startups Doing Large Rounds
â˘Data Analytics and Cloud Storage Continue to See Many New Entrants
23. 23
Notable 2014 Digital Private Financings
Jun. 2014
Mobile
$1,400
$18,400
Aug. 2014
Content
500
2,500
Apr. 2014
eCommerce
475
10,000
Mar. 2014
Mobile
285
1,100
Mar. 2014
Mobile
250
950
May 2014
Social
200
5,200
May 2014
Content
160
1,160
Jan. 2014
eCommerce
157
2,000
Jun. 2014
Content
Not Disclosed
150
2,300
Jul. 2014
Content
120
1,000
Jan. 2014
eCommerce
112
912
Mar. 2014
Ad Tech
100
NA
Sep. 2014
Mobile
100
6,000
Date
Company
Investors
Size
($ in Millions)
Implied Valuation
Sector
25. 25
Sector
Ad Tech
eCommerce
Marketing Automation
Internet of Things
Mobile
Traditional Advertising / Marketing Services
26. 26
Key Trends in Ad Tech
â˘Recent IPOs have brought new life into the Ad Tech community
âCreating urgency to get scale
âEstablishing clarity around value for high growth advertising stories
â˘Noise level on Privacy/Cookie debate up; although still very exploratory in terms of going forward models
â˘Programmatic ad buying is getting closer to being the ânew normâ
â˘Category leaders getting funding, but otherwise hard market for new capital
â˘Convergence of marketing and advertising technologies not leading to considerable strategic activity yet
27. 27
Continuing Influence of RTB
Sources: e-Marketer.
Technology and transparency leading to greater buying efficiencies for advertisers
U.S. Digital Display Ad Spend
⢠Improved
ROI
⢠Growth of
digital
share of
total ad
spend
23% 25% 27% 28% 29% 31%
Digital %
Overall Ad
Spend:
28. 28
($ in Millions)
Select Ad Tech M&A in 2014YTD
Date Acquirer Size Revenue EBITDA
Implied Enterprise Value to LTM
Target
Jul. 2014 $382 3.5x 21.0x
Feb. 2014 408 6.5x NA
Mar. 2014 360 10.3x NA
May 2014 101 8.1x NA
Apr. 2014 205 2.1x NA
Aug. 2014 230 2.7x NA
Jun. 2014 350 6.6x 44.0x
May 2014 310 12.4x NA
Jul. 2014 240 4.8x NA
Sep. 2014 107 17.6x NA
Oct. 2013 119 9.9x NA
Jul. 2014 144 1.4x NA
Jun. 2014 235 1.3x NA
Jun. 2014 150 5.8x NA
Mar. 2014 200 NA NA
29. 29
Sector
Ad Tech
eCommerce
Marketing Automation
Traditional Advertising / Marketing Services
Internet of Things
Mobile
30. 30
2012 2013 2014E 2015E 2016E 2017E 2018E
Big Industry Growth Opportunity in eCommerce
U.S. ($ Trillions)
Source: eMarketer, April 2014; Goldman Sachs, âeCommerce Expected to Accelerate
Globally in 2014â; Forrester Research , 2014
â eCommerce â Traditional Retail
8% 11%
$4.3 $4.5
$4.7
$4.9 $5.1
$5.3
$5.5
7%
Traditional
Y/Y Growth (%)
5.2 4.2 4.4 4.3 4.0 4.0 4.0
eCommerce
Y/Y Growth (%)
16.0 15.9 16.1 15.6 14.8 13.7 12.6
31. 31
2012 2013 2014E 2015E 2016E 2017E 2018E
Mobile Will Play an Increasingly Important Role
U.S. ($ Billions) Global ($ Billions)
â Mobile Commerce â Desktop Commerce
Source: Goldman Sachs, âeCommerce Expected to Accelerate Globally in 2014â
14% 32% 11% 47%
2012 2013 2014E 2015E 2016E 2017E 2018E
24% 27%
$545
$638
$752
$882
$1,024
$1,179
$1,346
$179
$208
$241
$279
$320
$364
$410
32. 32
eCommerce M&A Dynamics
â˘Early Days for eCommerce M&A
â˘Complicated BecauseâŚ
âLogical Buyers = Traditional Retail, Trade at Low Multiples
âMany eCommerce Companies Choose Growth Over Profits
âMany Specialty Verticals Hit the â$100mm Wallâ
âLots of VC/PE $$ InvestedâŚBig EXIT Expectations
â˘Role of Social eCommerce M&A â Not There Yet
33. 33
Select eCommerce M&A in 2014YTD
Jul. 2014 $3,305 19.0x NA
Feb. 2014 2,600 13.1x 43.3x
Jul. 2014 970 NA NA
Mar. 2014 422 2.3x 24.7x
Jul. 2014 300 1.4x NA
May 2014 281 0.7x NA
Sep 2014 200 7.6x NA
Apr. 2014 160 8.7x NA
Aug. 2014 121 0.7x NA
Oct. 2013 100 9.9x NA
Sep. 2014 50 2.5x NA
Jul. 2014 42 0.4x NA
Date Acquirer Size(1) Revenue
($ in Millions)
EBITDA
Implied Enterprise Value to LTM
Target
34. 34
Sector
Ad Tech
eCommerce
Marketing Automation
Traditional Advertising / Marketing Services
Internet of Things
Mobile
35. 35
Evolution of Marketing Software
1995-2001
2002-2007
2009-2010
2011-2014YTD
Dotcom Bubble
â˘Email and the Internet are in their introduction / growth stage, as mainstream adoption begins to occur.
⢠Companies like Google, MSN, and Yahoo were launched in order to support the demand for email and internet content
Dotcom Bubble Burst and the Emergence of Social
â˘After the Dot.com bubble burst, there was a drought of funding for new internet businesses.
⢠Shortly after, a new generation of companies were founded as peopleâs use of the internet evolved and became more integrated with their daily lives
The Rise of the Devices
â˘As social media consolidation occurs ad acquirers try to add critical capabilities to their own product suite
Critical Mass in the Need for Data Automation
&
Do Not Call List
Can-Spam Act
Launched
Key Acquisitions
IPOs
Launched
Legislation
Key Acquisitions
36. 36
Basics of Marketing Automation Lifecycle
Lead Generation
â˘Management
â˘Scoring
â˘Segmentation
â˘Nurturing
Measurement
â˘Analytics
â˘Tracking
â˘Optimization
Management
â˘Campaigns
â˘Monitoring
â˘Surveys
â˘Advertising
â˘Personalization
CALL
MOBILE
SEO
EMAIL
SOCIAL
CRM
37. 37
Marketing is Becoming a Key Strategic Imperative
CRM
(Database)
Marketing Automation
Alignment
Client ďł Sales
Sales ďł Marketing
CMO/CTO ďł CFO/CEO
Key Objectives
RPM
(revenue performance management)
â˘Identify, organize, and assign leads and prospects
â˘Sophisticated conversion from lead to prospect
â˘Integrated measurement across channels/touch points
â˘Incorporate social channels (Campaign management vs. marketing tool management)
â˘Cloud-based platform allows for rapid prototyping and ongoing development
â˘Marketing viewed as revenue generator vs. cost center
â˘Attribute marketing activities against financial performance
â˘Plot most direct course through sales funnel to maximize marketing ROI
38. 38
Marketing Automation Ecosystem
Site Optimization (4)
Attribution (2)
CRM (9)
Email (8)
Social Marketing (19)
Mobile Marketing (8)
Database Marketing (2)
Web Analytics (3)
Display/Search Retargeters (4)
Demand Side Platform (4)
Marketing Automation
Predictive Analytics
Personalization
39. 39
Marketing Automation Will Increasingly Be a Multi- Channel Story
Email
Social
Mobile
Web
â˘Emerging marketing channel with highest growth in customer engagement
â˘Considerable opportunities for growth and scale
â˘Greatly increases conversion rates
â˘Established channel, considerable optimization possibilities
â˘Category has quickly scaled and developed comprehensive management capabilities
â˘Many companies are centering digital âsuiteâ capabilities around social capabilities
â˘Email remains the most scalable and effective digital communication channel
â˘Email providers leading innovation around the email channel
40. 40
Select Marketing Automation M&A in 2014YTD
Apr. 2014
$492
2.6x
NA
Jul. 2014
390
NA
NA
Apr. 2014
275
3.4x
NA
Jul. 2014
175
4.4x
NA
Date
Acquirer
Size
Revenue
($ in Millions)
EBITDA
Implied Enterprise Value to LTM
Target
41. 41
Sector
Ad Tech
eCommerce
Marketing Automation
Internet of Things
Mobile
Traditional Advertising / Marketing Services
42. 42
142
153
147
139
10
22
43
67
1
12
40
63
2010
2011
2012
2013
Desktop/laptop
Smartphone
Tablet
Mobile Timespend is Spread Broadly
Average Timespend Per Day (minutes)
Source: eMarketer, Jul. 2013. US Data
Source: Experian Marketing Services. US Data
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009
2010
2011
2012E
2013E
2014E
2015E
Desktops+Notebooks
Smartphones+Tablets
2013 Projected Inflection Point
Mobile Usage > PC Usage
(in billions)
Note: Notebook PCs include Netbooks. Assumes the following lifecycles: Desktop PCs â 5 years: Notebook PCs â 4 years; Smartphones â 2 years; Tablets â 2.5 years. Source: Equity Research, 2012. Global data.
Non-Talk Applications
= 70% Of Timespend
Global Installed Base
Mobile = Most Important Broad Theme in 2014
Text
20%
Browser
14%
Email
9%
Social
16%
Talk
26%
Games 8%
Other
7%
43. 43
Mobile Scalability is Increasing Dramatically
Unprecedented Mobile Adoption Cycle
Source: Digital Buzz Blog, Extreme Networks
38
13
4
3.5
0.5
50
days
35
days
Radio
TV
Internet
Time It Took to Reach 50 Million Users (Years)
44. 44
Mobile Starting to Dominate as Primary Social
Channel
Source: DigiDay, 2014
Share of Time Spent on Mobile
15%
48%
April 2013 April 2014
88%
92%
April 2013 April 2014
72%
93%
April 2013 April 2014
62%
68%
AJpurliyl 22001133 AJuplryi l2 2001144 July 2013 July 2014
July 2013 July 2014 July 2013 July 2014
45. 45
Mobile is Becoming the Key Tool in Commerce
Source: âMobile In-Store Research,â Google and Shopper Marketing Council.
90%
Of Smartphone Shoppers Use Their Phone for Pre-Shopping Activities
Of Smartphone Shoppers Use Their Devices to Help Shop While in a Store
Shoppers Use Their Smartphones to Find Information Instead of Asking Store Employees
Increase in Health & Beauty
84%
1 in 3
Mobile Influences Path To Purchase
Mobile Increases Median Basket Sizes
Increase in Household Care
Increase in Electronics
Increase in Appliances
50%
34%
25%
40%
46. 46
Consumer Usage is Ahead of Mobile Ad Spend
% of Time Spent in Media vs. % of Advertising Spending, USA 2013
5%
12%
38%
25%
19% 20%
10%
45%
22%
4%
Print Radio TV Internet Mobile
% of Total Media Consumption
Time or Advertising Spending
Consumer Time Spent
Ad Spend
Source: Mary Meekerâs 2014 âInternet Trendsâ, Advertising spend based on IAB data for full year 2013. Print includes newspaper and magazine.
$30B+ opportunity calculated assuming Internet and Mobile ad spend share equal their respective time spent share.
Internet Ad = $43B
Mobile Ad = $7.1B
~$30B+
Opportunity
in US
47. 47
Mobile Has Plenty of Room to Disrupt Traditional
Advertising and Retail
Mobile % of Time Spent vs. % Total Ad Spending vs. % Total Retail
20%
4%
2%
0%
5%
10%
15%
20%
25%
Consumer Time
Spent
Mobile Ad
Spending
Mobile
Commerce
Source: Mary Meekerâs 2014 âInternet Trendsâ, Advertising spend based on IAB data for full year 2013. Print includes newspaper and magazine.
% of Total
Consumption
48. 48
$1 Billion+ Vertical Based Mobile Categories
Section/Leader Competitors Adjacent Verticals $BN Category 2014 Highlights
â˘Exercise gamification
â˘Convergence of mobile & wearables
â˘Pandora only non-game top 10 iPhone app of 2013
â˘âPandora modelâ replicated in other content verticals
â˘Top iOS app of 2013
â˘9 of top 10 most downloaded apps are in gaming
â˘Other privacy apps compete and specialty messaging apps gain traction
â˘WhatsApp has >600mm active users
â˘Proliferation of the âUber modelâ into other transportation-related verticals
Media & Entertainment
Messaging
Utilities
Health & Wellness
Gaming
ďź
ďź
ďź
ďź
ďź
49. 49
Select Mobile M&A in 2014YTD
Feb. 2014 $19,000 NA NA
Feb. 2014 900 594x NA
May 2014 360 NA NA
Jul. 2014 100 2.3x 8x
Feb. 2014 17 NA NA
Aug. 2014 NA NA NA
Aug. 2014 NA NA NA
Date Acquirer Size Revenue
($ in Millions)
EBITDA
Implied Enterprise Value to LTM
Target
50. 50
Sector
Ad Tech
eCommerce
Marketing Automation
Internet of Things
Mobile
Traditional Advertising / Marketing Services
51. 51
Lower cost of hardware development
Ubiquity of wireless protocols and applications
Digitization of the physical world
Enabling factors for mass consumer adoption
Key Themes
Source: Cisco
Connected Objects Around the World: 2014 â 2020 (billions of devices)
âInternet of Thingsâ = Key Growth Area for the Broader Technology Ecosystem
14.4
18.2
22.9
28.4
34.8
42.1
50.1
2014
2015
2016
2017
2018
2019
2020
52. 52
Select Internet of Things M&A in 2014YTD
Jan. 2014 $3,200 NA NA
May 2014 3,000 NA NA
Jun. 2014 555 NA NA
Aug. 2014 200 NA NA
Jul. 2014 170 NA NA
/
Date Acquirer Size Revenue
($ in Millions)
EBITDA
Implied Enterprise Value to LTM
Target
53. 53
Sector
Š 2013 Gridley & Company LLC
Ad Tech
eCommerce
Marketing Automation
Internet of Things
Mobile
Traditional Advertising / Marketing Services
54. 54
Secular Shift in Ad Spend to Digital
38.4% 38.3% 38.9% 38.7% 38.4% 38.2% 38.6%
17.1%
20.2%
22.5% 24.8% 26.8% 28.3% 29.2%
24.7%
22.6%
20.7%
19.3% 18.1% 17.4% 16.6%
9.9% 9.6% 9.3% 9.2% 9.0% 8.8% 8.5%
5.8% 5.2% 4.5% 4.0% 3.6% 3.2% 2.9%
4.0% 4.0% 4.1% 4.1% 4.1% 4.1% 4.1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2010 2011 2012 2013 2014 2015 2016
TV Digital Print Radio Directories Outdoor
U.S. Total Ad Spending Share
$158.3
$166.0
$171.7
$178.4
$183.2
$189.2
2011 2012 2013 2014 2015 2016
U.S. Total Ad Spending ($ in Billions)
Sources: eMarketer..
55. 55
â˘Increased measurability and targeting capabilities
â˘Multichannel creative applicability and execution
Creative
â˘Multi-channel integration
â˘New âanglesâ in mobile, social, and eCommerce
â˘Integration with ad measurement platforms
Prod- uction
â˘Efficient offshore models
â˘Enable large scale production, driving revenue, at low cost
â˘Develop in-house offshore teams, e.g. Digitas/Publicis
Key Threats
Key Thoughts
Emerging Competitors
Key Threats to Core Traditional Agency Services
Vertical Oriented Solutions
Mobile Oriented Solutions
56. 56
â˘Cheaper, real-time data collection
â˘Plentiful peer reviews and social media
Market Research
â˘Online surveys replacing traditional focus groups
â˘Social media (âlikesâ) becoming a proxy for survey data
Media Buying
â˘âManaged service technologyâ providers
âDSPs, DMPs and other ad tech tools
â˘Ad Tech moving upstream, forging relationships directly with agency clients
â˘Media buying agency claims face dramatic upheaval
â˘The commoditization of DSPs
âAgency trading desks must build proprietary buying tech in order to compete
â˘DMP begin to supply âresearchâ-enabled RTB
Key Threats to Core Traditional Agency Services (contâd)
Key Threats
Key Thoughts
Emerging Competitors
57. 57
PE Firms Invest in Traditional Advertising / Marketing Services
Jun. 2014
$4,200
0.8x
NA
Jan. 2014
1,840
NA
NA
Apr. 2014
446
2.4x
NA
Jul. 2014
NA
NA
NA
Jan. 2014
NA
NA
NA
Mar. 2014
NA
NA
NA
Date
Acquirer
Size
Revenue
($ in Millions)
EBITDA
Implied Enterprise Value to LTM
Target
59. 59
Summary Thoughts
â˘Digital Media Private Financings: Bigger Checks
âHigher Valuations
âAn Increasing Number of $1billion+ Babies
â˘Digital Media IPOâs: Lots of Exits in 2013 and 2014
âMixed Performance
â˘Digital Media M&A: Good Deal Year with Many Solid Growth Themes
âVariety to Size and Scale
âBroadening Buyer Universe
â˘Favorite Gridley 2015 Investment Themes:
âMobile
âeCommerce Services
âAd Agency Disruption