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1
Q4 2016
Market Report
Digital
Brief 012
2
Mobile
LUMA’s Singular Focus on Digital Media
Technology
Media
Marketing
MarTech
Digital
Content
Ad	Tech
Ø LUMA’s	expertise	is	at	the	intersection	of	Media,	
Marketing	and	Technology
Ø At	this	intersection	exists:
§ Digital	Content: content	sites,	MCNs,	game	
publishers,	aggregators
§ Ad	Tech: display,	search,	video,	mobile,	social,	
content	marketing/native,	connected	TV
§ MarTech: data,	analytics,	sales	and	marketing	
automation,	email,	predictive	tools,	commerce	
technology,	shopper	marketing,	payments
Ø Mobile proliferation	has	a	major	impact	on	these	
markets	and	LUMA	is	deeply	knowledgeable	on	
mobile
3
Overall Commentary on Consolidation
Ø In	our	last	Q3	2016	Market	Report,	we	reported	
62	mergers	and	acquisitions	in	digital	media	and	
marketing
Ø The	deals	we	track	in	this	report	fall	into	one	of	
four	categories:
§ Large	(over	$500	mm)
§ Medium	($100	– $500	mm)
§ Small	($20	– $100	mm)
§ Sub	$20	mm	exits	are	considered	tech	and	team	deals,	
capitulations,	or	undisclosed
4
U.S. Digital Media M&A Activity by Sector
Source: LUMA
#	of	Transactions
Ø Robust	M&A	activity	across	digital	
media	is	reflective	of	the	growing	pool	
of	strategic	buyers,	most	notably	new	
entrants	from	the	telecom	industry	as	
well	as	international	and	private	
equity	buyers
Ø This	phenomena	has	resulted	in	many	
large	scaled	exits	for	differentiated	
companies	at	very	strategic	multiples
59 56
72 77
78
112
0
50
100
150
200
250
300
2015 2016
Ad	Tech MarTech Digital	Content
5
U.S. Digital Media M&A Activity by Sector
Source: LUMA
#	of	Transactions
Ø In	the	fourth	quarter,	scaled	exits	in	
Ad	Tech	was	a	major	story	with	
industry	leading	companies	focused	
on	video	/	TV	and	data	being	
acquired
Ø We	expect	momentum	from	2016	to	
continue	into	the	new	year	as	new	
market	dynamics	and	increased	
competition	will	drive	further	
consolidation	across	these	sectors
20
12 14 10
14
22 20
21
28 30 28
26
0
10
20
30
40
50
60
70
Q1	2016 Q2	2016 Q3	2016 Q4	2016
Ad	Tech MarTech Digital	Content
6
A Growing Pool of Strategic Buyers
DATA
INTERNET ORIGINALS
TECH SERVICES
TELCO
INTERNATIONAL
PRIVATE EQUITY
MEDIA
MARKETING
CONSUMER INTERNET
COMMERCE
MARKETING TECH
CRM SOFTWARE
Right Time
Decisioning of
Consumer Data
(Ad Tech and MarTech)
Ø The	pool	of	strategic	
buyers	continues	to	
grow	with	private	equity	
becoming	active	
acquirers	in	this	space
Ø Private	equity	buyers	
have	not	only	become	
very	acquisitive	in	digital	
marketing,	but	are	also	
paying	strategic	
multiples	for	these	
assets
7
9%	
26%	
6%	
27%	
8%	
5%	
5%	
6%	
6%	
2%	
Consumer	Internet
Commerce
Telco
Media
Marketing	Tech
Tech	Services
Internet	Originals
CRM	Software
Marketing
Data
Digital Media M&A Activity by Strategic Buyers
2016
Strategic	Buyers	Transactions
Ø In	2016,	buyers	in	Commerce	were	
very	acquisitive	with	the	aim	of	
acquiring	strategic	assets	for	their	
core	business	and	to	enhance	their	
digital	marketing	capabilities
Ø Buyers	in	Media	including	Time	
Warner,	Univision	and	Ziff	Davis	
were	also	particularly	active	this	
year	with	publishers	building	their	
portfolio	of	brands	as	engagement	
online	continues	to	grow
Source: LUMA
8
Ad Tech M&A Activity
#	of	Transactions
Ø Full	Year	Observations
§ The	second	half	of	2016	saw	many	
scaled	exits	in	Ad	Tech	including	
the	acquisitions	of	AppLovin and	
Media.net in	Q3	as	well	as	
HookLogic,	INVIDI,	Operative,	Triad	
Retail	Media,	and	TubeMogul in	Q4
§ Telcos and	Marketing	Clouds	were	
particularly	acquisitive	in	Ad	Tech	
this	year	from	AT&T	to	Adobe
Ø Looking	Ahead	– TV
§ We	expect	to	see	an	increase	in	
M&A	activity	in	TV	advertising	
following	the	acquisitions	of	INVIDI	
and	Operative	in	Q4
Source: LUMA
1 2
4 4
19
10
10
6
0
5
10
15
20
25
Q1	2016 Q2	2016 Q3	2016 Q4	2016
+$100M <$100M
9
Ad Tech – 2016 Notable Deals
Acquirer
Capital
Raised
Enterprise
Value
Comments
Source: Capital IQ; Crunchbase
$4M $1.4B
Chinese	private equity	firm	Orient	Hontai Capital	has agreed	to	acquire	a	
majority	stake	in	the	fast-growing	mobile	ad	network	AppLovin
$39M $250M
Criteo will	boost	its	performance	marketing	platform	by	leveraging	
HookLogic’s unique	relationships	with	brand	manufacturers	and	retailers
$132M N/A
A	consortium	led	by	AT&T	has	announced	plansto	acquireINVIDI,		a	leading	provider	of	
addressable	TV	advertising	solutions
$45M N/A
Mediaoceanhas	acquired	Invision,	anAd	Tech	company	offering	workflow	solutions	to	
broadcasters	and	MVPDs,	to	add	sell-side	tools	to	its	core	buy-side	business
N/A $900M
Media.net,	an	Ad	Tech	company	powering	Yahoo	Bing	Contextual	Ads,	will	be	acquired	
by	a	Chinese	consortium	led	by	Beijing	MitenoCommunication	Technology
$34M $360M
Norwegian	telecom	operator	Telenor	acquired	cross-device	advertising	
company Tapad to	bolster	its	digital	marketing	capabilities
NASDAQ $540M
Adobe	has	agreedto	acquire	TubeMogul,	a	leading	video	DSP,		and	combine	it	with	the	
Adobe	Marketing	Cloud	as	the	companydives	deeperinto	media	execution
10
MarTech M&A Activity
#	of	Transactions
Ø Full	Year	Observations
§ The	acquisitions	of	Demandware,	
Marketo,	NetSuite	and	Neustar
headlined	a	busy	year	in	
Marketing	Technology
§ Private	Equity	buyers	were	very	
active	this	year	in	MarTech,	
paying	multiples	typically	
associated	with	strategic	buyers
Ø Looking	Ahead	– Identity
§ Identity	is	a	key	industry	focus	
since	it	is	critical	to	enable	true	
1:1	marketing
§ Marketing	Clouds	and	startups	
alike	are	building	robust	identity	
solutions
Source: LUMA
2
5
3 4
12
17
17
17
0
5
10
15
20
25
Q1	2016 Q2	2016 Q3	2016 Q4	2016
+$100M <$100M
11
MarTech – 2016 Notable Deals
Acquirer
Capital
Raised
Enterprise
Value
Comments
NYSE $2.7B
Leading	CRM	platform	Salesforce.comacquiredDemandware,	the	leading	enterprise	
cloud-basede-commerce	platform	provider,	to	create	its	new	Commerce	Cloud
$50M $700M
By	acquiring	DMP	Krux,	Salesforce’s	clients	will	be	able	to	perform	more	granular	
segmenting	and	stronger	audience	management	from	within	its	Marketing	Cloud
NASDAQ $1.7B
Marketo,	a	marketing	automation	company	with	over	4,600	customers,	was	taken	
private	by	Vista	Equity	Partners	
NYSE $8.7B
Software	giant	Oracle	acquired	NetSuite,	the	SaaS	ERP	leader	(with
marketing	technology	assets)
NYSE $2.9B
Golden	Gate	Capital	has	agreed	to	acquire	Neustar,	an	industry	leading	
provider	of	information	services	and	digital	marketing	capabilities
NASDAQ $2.6B
Business	intelligenceand	data	visualization	platform,	Qlik,	has	been	taken	private	by	
ThomaBravo
N/A $1.1B
Sitecore,	a	web	content	management	system,	was	acquired	by	EQT	Partners	as	it	plans	
to	expand	Sitecore’sdigital	marketing	capabilities
Source: Capital IQ; Crunchbase
12
Digital Content M&A Activity
#	of	Transactions
Ø Full	Year	Observations
§ Acquisitions	in	traditional	media	
(Dreamworks,	Time	Warner)	and	
digital	media	(Complex	Media,	
EverydayHealth,	Gawker	Media)	
highlighted	digital	content	in	2016
§ Gaming	companies	Supercell and	
Playtika had	two	of	the	largest	exits	
in	the	sector	all	year
Ø Looking	Ahead	– Publisher	Consolidation
§ Amid	the	golden	age	of	content,	we	
expect	to	see	further	consolidation	
among	publishers	in	order	to	offer	a	
broader	variety	of	compelling	
content	across	verticals	and	attract	
large	advertisers
Source: LUMA
6 6 6
3
22 24 22
23
0
5
10
15
20
25
30
35
Q1	2016 Q2	2016 Q3	2016 Q4	2016
+$100M <$100M
13
Digital Content – 2016 Notable Deals
Acquirer
Capital
Raised
Enterprise
Value
Comments
NASDAQ $4.1B
NBCUniversal(Comcast)	acquired	DreamworksAnimations	to	bolster	its	portfolio	of	
entertainment	franchisesacross	TV,	film,	and	digital	properties
$245M ~$800M
NetmarbleGames	has	acquired	Kabam’sVancouver-based	studio,	the	developer	of	
popularmobile	game	stitlesincluding	“Marvel	Contest	of	Champions”
NYSE $26.2B
By	acquiring	LinkedIn,	Microsoft	adds	the	ubiquitous	professional	network	and	its		
diverse	revenue	models	to	Microsoft’s	“professional	cloud”
N/A $4.4B
A	consortium	of	Chinese	buyers	has	agreed	to	acquire	Playtika,	the	social	
casino	gaming	unit	of	Caesars	Entertainment	it	originally	bought	in	2011
N/A $10.2B
Chinese	media	giant	TencentHoldings	acquired	a	majority	stakein	the	massively	
profitable	maker	of	the	popular	mobile	gaming	franchise	Clash	of	Clans	
NYSE $105.6B
AT&T	has	agreedto	acquire	Time	Warner	to	own	content	and	distribution	as	the	
telecom	giant	aims	to	push	media	and	advertising	to	its	growing	user	networks
NASDAQ $4.8B
Following	its	acquisition	of	AOL,	Verizon	has	agreed	to	acquire	Yahoo’s	core	business,	
which	includes	its	digital	media	properties	and	scaled	Ad	Tech	capabilities
Giant
(Chinese	Consortium)
Source: Capital IQ; Crunchbase
14
Ad Tech – 2016 Stocks Performance
Market Data as of 12/31/16
Ø Ad	Tech	Weighed	Down	by	Industry	Issues
§ Header	bidding	is	having	a	strong	impact	on	
Ad	Tech	as	investors	question	the	future	of	
these	firms	under	this	new	market	dynamic
§ A	recent	analysis	concluded	that	Facebook	
and	Google	captured	all	of	the	growth	in	
digital	advertising	in	2016,	raising	many	
concerns	about	the	rest	of	the	industry
Ø Ad	Tech	IPO’s
§ TTD’s	successful	initial	public	offering	in	
September	was	a	major	boost	for	Ad	Tech	
and	could	serve	as	a	catalyst	for	more	IPO’s	
§ AppNexus is	expected	to	go	public	in	Q2	of	
2017	after	filing	confidentially	for	an	IPO
-100%	
-50%	
0%	
50%	
100%	
1/4/16	 2/4/16	 3/4/16	 4/4/16	 5/4/16	 6/4/16	 7/4/16	 8/4/16	 9/4/16	 10/4/16	 11/4/16	 12/4/16	
TUBE RUBI TRMR MXPT YUME FUEL CRTO TTD NASDAQ
15
MarTech – 2016 Stocks Performance
Market Data as of 12/31/16
Ø Major	Acquisitions
§ Two	industry	leaders,	MKTO	and	DWRE,	were	
acquired	for	$1.8	billion	and	$2.8	billion	
respectively
§ MKTO	and	DWRE	acquisition	multiples	were	
7.5x	LTM,	6.2x	CY	revenue	and	10.5x	LTM,	
8.8x	CY	revenue	respectively
Ø MarTech Continues	Steady	Growth
§ MarTech stocks	on	average	grew	17%	of	
value	during	2016,	but	the	declines	of	CRM	
and	HUBS	weighed	down	the	sector
§ After	growing	substantially	in	2015,	CRM	
and	HUBS	shed	nearly	10%	of	their	market	
value	in	2016,	while	SHOP	added	nearly	
100%	of	value	during	the	year
-80%	
-40%	
0%	
40%	
80%	
120%	
1/4/16	 2/4/16	 3/4/16	 4/4/16	 5/4/16	 6/4/16	 7/4/16	 8/4/16	 9/4/16	 10/4/16	 11/4/16	 12/4/16	
CRM MKTO HUBS BV DWRE JIVE MRIN LPSN SHOP NASDAQ
16
2016 Key Startup Financings to Watch
Lead Investor Capital Raised Valuation Comments
Source: Crunchbase
$555M $30B
Airbnb recently	unveiled	its	ambitious	new	line	of	business	“Trips”	as	it	looks	
for	growth	outside	its	core	rental	home	offering
$200M $1.7B
Following	its	$200	million	raise	last	year,	BuzzFeed has	received	another	
$200	million	from	NBCUniversal to	grow	its	content	/	advertising	partnership
$794M $4.5B
Augmented	reality (AR)	startup	Magic	Leap’s	Series C	round	of	funding	will	
enable	the	secretive	company	to	bring	its	first	product	to	market	soon
$1.8B $20B
Snap	Inc.,	the	parent	company	of	Snapchat,	has	now	raised	over	$2.6	billion	
in	funding	as	it	prepares	for	its	eventual	IPO	next	year
$150M $9B
Digital	payments	company	Stripe	nearly	doubled	its	valuation	as	it	builds	
upon	a	leading	position	in	the	fast	growing	e-commerce	space
$181M $1.5B
Unity,	one	of	the	leading	game	engine	platforms,	has	raised	capital	to	
continue	building	technology	for	virtual	and	augmented	reality	experiences
$430M $16B
WeWork,	the	popular	co-working	space	startup	that	has	50,000	members	in	
21	cities,	raised	funding	to	enter	the	Asian	market	as	it	continues	to	grow
17
LUMA’s 2016 LUMAscape
Ø 2016	was	such	a	busy	year	
for	LUMA,	we	made	a	
LUMAscape	out	of	all	our	
activity	grouped	by	our	three	
value	propositions:
Access - We	hosted	several	
exclusive	events	from	our	CEO	
DMS	series	to	fun	dinners	and	
launched	LUMA	Corporate	
Partners
Insights – We	published	lots	of	
great	content	that	attracted	
audiences	in	the	millions
Execution – We	announced	
transactions	valued	at	$3	billion	
for	our	clients
18
LUMA’s Differentiated Value Proposition
1. Peerless	Industry	Knowledge
2. Strategic	Approach
3. Execution	Excellence
19
acquired	by
March	2015
acquired	by
September	2014
acquired	by
July	2014
a	subsidiary	of
acquired	by
September	2015
=
acquired	by
December	2011
acquired	by
November	2012
=
merged	with
March	2012
to	form
December	2011
acquired	by
acquired	by
July	2016
acquired	by
March	2016
acquired	by
October	2015
a	division	of
December	2015
acquired	byacquired	by
November	2016 February	2016
acquired	byacquired	by
Pending
acquired	by
Pending
acquired	by
December
LUMA’s Content-Driven, Expert-Based Approach
Conference	
Keynotes
Publications
(over	3	million	views)
Corporate	
Teach-ins
LUMAscapes
(over	6	million	views	
from	211	countries)
Completed	
Deals
Digital	Briefs
DISPLAY MOBILE VIDEO SOCIAL NATIVE SEARCH MARTECH COMMERCE GAMING STRATEGIC
BUYERS
20
Access. Insights. Execution.
New York | Palo Alto

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LUMA Digital Brief 012 - Market Report Q4 2016

  • 2. 2 Mobile LUMA’s Singular Focus on Digital Media Technology Media Marketing MarTech Digital Content Ad Tech Ø LUMA’s expertise is at the intersection of Media, Marketing and Technology Ø At this intersection exists: § Digital Content: content sites, MCNs, game publishers, aggregators § Ad Tech: display, search, video, mobile, social, content marketing/native, connected TV § MarTech: data, analytics, sales and marketing automation, email, predictive tools, commerce technology, shopper marketing, payments Ø Mobile proliferation has a major impact on these markets and LUMA is deeply knowledgeable on mobile
  • 3. 3 Overall Commentary on Consolidation Ø In our last Q3 2016 Market Report, we reported 62 mergers and acquisitions in digital media and marketing Ø The deals we track in this report fall into one of four categories: § Large (over $500 mm) § Medium ($100 – $500 mm) § Small ($20 – $100 mm) § Sub $20 mm exits are considered tech and team deals, capitulations, or undisclosed
  • 4. 4 U.S. Digital Media M&A Activity by Sector Source: LUMA # of Transactions Ø Robust M&A activity across digital media is reflective of the growing pool of strategic buyers, most notably new entrants from the telecom industry as well as international and private equity buyers Ø This phenomena has resulted in many large scaled exits for differentiated companies at very strategic multiples 59 56 72 77 78 112 0 50 100 150 200 250 300 2015 2016 Ad Tech MarTech Digital Content
  • 5. 5 U.S. Digital Media M&A Activity by Sector Source: LUMA # of Transactions Ø In the fourth quarter, scaled exits in Ad Tech was a major story with industry leading companies focused on video / TV and data being acquired Ø We expect momentum from 2016 to continue into the new year as new market dynamics and increased competition will drive further consolidation across these sectors 20 12 14 10 14 22 20 21 28 30 28 26 0 10 20 30 40 50 60 70 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Ad Tech MarTech Digital Content
  • 6. 6 A Growing Pool of Strategic Buyers DATA INTERNET ORIGINALS TECH SERVICES TELCO INTERNATIONAL PRIVATE EQUITY MEDIA MARKETING CONSUMER INTERNET COMMERCE MARKETING TECH CRM SOFTWARE Right Time Decisioning of Consumer Data (Ad Tech and MarTech) Ø The pool of strategic buyers continues to grow with private equity becoming active acquirers in this space Ø Private equity buyers have not only become very acquisitive in digital marketing, but are also paying strategic multiples for these assets
  • 7. 7 9% 26% 6% 27% 8% 5% 5% 6% 6% 2% Consumer Internet Commerce Telco Media Marketing Tech Tech Services Internet Originals CRM Software Marketing Data Digital Media M&A Activity by Strategic Buyers 2016 Strategic Buyers Transactions Ø In 2016, buyers in Commerce were very acquisitive with the aim of acquiring strategic assets for their core business and to enhance their digital marketing capabilities Ø Buyers in Media including Time Warner, Univision and Ziff Davis were also particularly active this year with publishers building their portfolio of brands as engagement online continues to grow Source: LUMA
  • 8. 8 Ad Tech M&A Activity # of Transactions Ø Full Year Observations § The second half of 2016 saw many scaled exits in Ad Tech including the acquisitions of AppLovin and Media.net in Q3 as well as HookLogic, INVIDI, Operative, Triad Retail Media, and TubeMogul in Q4 § Telcos and Marketing Clouds were particularly acquisitive in Ad Tech this year from AT&T to Adobe Ø Looking Ahead – TV § We expect to see an increase in M&A activity in TV advertising following the acquisitions of INVIDI and Operative in Q4 Source: LUMA 1 2 4 4 19 10 10 6 0 5 10 15 20 25 Q1 2016 Q2 2016 Q3 2016 Q4 2016 +$100M <$100M
  • 9. 9 Ad Tech – 2016 Notable Deals Acquirer Capital Raised Enterprise Value Comments Source: Capital IQ; Crunchbase $4M $1.4B Chinese private equity firm Orient Hontai Capital has agreed to acquire a majority stake in the fast-growing mobile ad network AppLovin $39M $250M Criteo will boost its performance marketing platform by leveraging HookLogic’s unique relationships with brand manufacturers and retailers $132M N/A A consortium led by AT&T has announced plansto acquireINVIDI, a leading provider of addressable TV advertising solutions $45M N/A Mediaoceanhas acquired Invision, anAd Tech company offering workflow solutions to broadcasters and MVPDs, to add sell-side tools to its core buy-side business N/A $900M Media.net, an Ad Tech company powering Yahoo Bing Contextual Ads, will be acquired by a Chinese consortium led by Beijing MitenoCommunication Technology $34M $360M Norwegian telecom operator Telenor acquired cross-device advertising company Tapad to bolster its digital marketing capabilities NASDAQ $540M Adobe has agreedto acquire TubeMogul, a leading video DSP, and combine it with the Adobe Marketing Cloud as the companydives deeperinto media execution
  • 10. 10 MarTech M&A Activity # of Transactions Ø Full Year Observations § The acquisitions of Demandware, Marketo, NetSuite and Neustar headlined a busy year in Marketing Technology § Private Equity buyers were very active this year in MarTech, paying multiples typically associated with strategic buyers Ø Looking Ahead – Identity § Identity is a key industry focus since it is critical to enable true 1:1 marketing § Marketing Clouds and startups alike are building robust identity solutions Source: LUMA 2 5 3 4 12 17 17 17 0 5 10 15 20 25 Q1 2016 Q2 2016 Q3 2016 Q4 2016 +$100M <$100M
  • 11. 11 MarTech – 2016 Notable Deals Acquirer Capital Raised Enterprise Value Comments NYSE $2.7B Leading CRM platform Salesforce.comacquiredDemandware, the leading enterprise cloud-basede-commerce platform provider, to create its new Commerce Cloud $50M $700M By acquiring DMP Krux, Salesforce’s clients will be able to perform more granular segmenting and stronger audience management from within its Marketing Cloud NASDAQ $1.7B Marketo, a marketing automation company with over 4,600 customers, was taken private by Vista Equity Partners NYSE $8.7B Software giant Oracle acquired NetSuite, the SaaS ERP leader (with marketing technology assets) NYSE $2.9B Golden Gate Capital has agreed to acquire Neustar, an industry leading provider of information services and digital marketing capabilities NASDAQ $2.6B Business intelligenceand data visualization platform, Qlik, has been taken private by ThomaBravo N/A $1.1B Sitecore, a web content management system, was acquired by EQT Partners as it plans to expand Sitecore’sdigital marketing capabilities Source: Capital IQ; Crunchbase
  • 12. 12 Digital Content M&A Activity # of Transactions Ø Full Year Observations § Acquisitions in traditional media (Dreamworks, Time Warner) and digital media (Complex Media, EverydayHealth, Gawker Media) highlighted digital content in 2016 § Gaming companies Supercell and Playtika had two of the largest exits in the sector all year Ø Looking Ahead – Publisher Consolidation § Amid the golden age of content, we expect to see further consolidation among publishers in order to offer a broader variety of compelling content across verticals and attract large advertisers Source: LUMA 6 6 6 3 22 24 22 23 0 5 10 15 20 25 30 35 Q1 2016 Q2 2016 Q3 2016 Q4 2016 +$100M <$100M
  • 13. 13 Digital Content – 2016 Notable Deals Acquirer Capital Raised Enterprise Value Comments NASDAQ $4.1B NBCUniversal(Comcast) acquired DreamworksAnimations to bolster its portfolio of entertainment franchisesacross TV, film, and digital properties $245M ~$800M NetmarbleGames has acquired Kabam’sVancouver-based studio, the developer of popularmobile game stitlesincluding “Marvel Contest of Champions” NYSE $26.2B By acquiring LinkedIn, Microsoft adds the ubiquitous professional network and its diverse revenue models to Microsoft’s “professional cloud” N/A $4.4B A consortium of Chinese buyers has agreed to acquire Playtika, the social casino gaming unit of Caesars Entertainment it originally bought in 2011 N/A $10.2B Chinese media giant TencentHoldings acquired a majority stakein the massively profitable maker of the popular mobile gaming franchise Clash of Clans NYSE $105.6B AT&T has agreedto acquire Time Warner to own content and distribution as the telecom giant aims to push media and advertising to its growing user networks NASDAQ $4.8B Following its acquisition of AOL, Verizon has agreed to acquire Yahoo’s core business, which includes its digital media properties and scaled Ad Tech capabilities Giant (Chinese Consortium) Source: Capital IQ; Crunchbase
  • 14. 14 Ad Tech – 2016 Stocks Performance Market Data as of 12/31/16 Ø Ad Tech Weighed Down by Industry Issues § Header bidding is having a strong impact on Ad Tech as investors question the future of these firms under this new market dynamic § A recent analysis concluded that Facebook and Google captured all of the growth in digital advertising in 2016, raising many concerns about the rest of the industry Ø Ad Tech IPO’s § TTD’s successful initial public offering in September was a major boost for Ad Tech and could serve as a catalyst for more IPO’s § AppNexus is expected to go public in Q2 of 2017 after filing confidentially for an IPO -100% -50% 0% 50% 100% 1/4/16 2/4/16 3/4/16 4/4/16 5/4/16 6/4/16 7/4/16 8/4/16 9/4/16 10/4/16 11/4/16 12/4/16 TUBE RUBI TRMR MXPT YUME FUEL CRTO TTD NASDAQ
  • 15. 15 MarTech – 2016 Stocks Performance Market Data as of 12/31/16 Ø Major Acquisitions § Two industry leaders, MKTO and DWRE, were acquired for $1.8 billion and $2.8 billion respectively § MKTO and DWRE acquisition multiples were 7.5x LTM, 6.2x CY revenue and 10.5x LTM, 8.8x CY revenue respectively Ø MarTech Continues Steady Growth § MarTech stocks on average grew 17% of value during 2016, but the declines of CRM and HUBS weighed down the sector § After growing substantially in 2015, CRM and HUBS shed nearly 10% of their market value in 2016, while SHOP added nearly 100% of value during the year -80% -40% 0% 40% 80% 120% 1/4/16 2/4/16 3/4/16 4/4/16 5/4/16 6/4/16 7/4/16 8/4/16 9/4/16 10/4/16 11/4/16 12/4/16 CRM MKTO HUBS BV DWRE JIVE MRIN LPSN SHOP NASDAQ
  • 16. 16 2016 Key Startup Financings to Watch Lead Investor Capital Raised Valuation Comments Source: Crunchbase $555M $30B Airbnb recently unveiled its ambitious new line of business “Trips” as it looks for growth outside its core rental home offering $200M $1.7B Following its $200 million raise last year, BuzzFeed has received another $200 million from NBCUniversal to grow its content / advertising partnership $794M $4.5B Augmented reality (AR) startup Magic Leap’s Series C round of funding will enable the secretive company to bring its first product to market soon $1.8B $20B Snap Inc., the parent company of Snapchat, has now raised over $2.6 billion in funding as it prepares for its eventual IPO next year $150M $9B Digital payments company Stripe nearly doubled its valuation as it builds upon a leading position in the fast growing e-commerce space $181M $1.5B Unity, one of the leading game engine platforms, has raised capital to continue building technology for virtual and augmented reality experiences $430M $16B WeWork, the popular co-working space startup that has 50,000 members in 21 cities, raised funding to enter the Asian market as it continues to grow
  • 17. 17 LUMA’s 2016 LUMAscape Ø 2016 was such a busy year for LUMA, we made a LUMAscape out of all our activity grouped by our three value propositions: Access - We hosted several exclusive events from our CEO DMS series to fun dinners and launched LUMA Corporate Partners Insights – We published lots of great content that attracted audiences in the millions Execution – We announced transactions valued at $3 billion for our clients
  • 18. 18 LUMA’s Differentiated Value Proposition 1. Peerless Industry Knowledge 2. Strategic Approach 3. Execution Excellence