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Q4 2017
Market Report
Digital
Brief 018
2
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
3
U.S. Digital Media M&A Activity by Sector
Source: LUMA
Ø M&A	activity	continues	to	remain	
robust	with	more	potential	buyers	
including	telcos and	private	equity	
despite	China	going	away	as	acquirers	
due	to	regulatory	and	capital	control	
issues	and	lack	of	scaled	M&A	activity	
from	digital	giants	like	Facebook	and	
Google
Ø Although	Ad	Tech	and	MarTech M&A	
activity	combined	rose	in	2017,	there	
were	zero	billion	dollar	acquisitions	
after	six	deals	of	that	size	in	2016
#	of	Transactions
55 49
75 90
106
113
0
50
100
150
200
250
300
2016 2017
Ad	Tech MarTech Digital	Content
4
U.S. Digital Media M&A Activity by Sector
Source: LUMA
Ø The	digital	duopoly	of	Facebook	and	
Google,	which	is	capturing	nearly	all	
of	digital	ad	spend	growth,	and	the	
emergence	of	Amazon	in	the	space	
was	the	main	story	in	2017
Ø The	mega	content	deals	of	21st
Century	Fox,	Scripps	Networks	and	
pending	acquisition	of	Time	Warner		
will	have	significant	implications	for	
the	rest	of	the	digital	ecosystem
Ø 2017	saw	the	Great	Ad	Tech	
Cleanup,	with	all	the	remaining	
public	I/O	based	businesses	having	
been	acquired
#	of	Transactions
13
4
22
10
20
27
24
19
29 32
26
26
0
10
20
30
40
50
60
70
80
Q1	2017 Q2	2017 Q3	2017 Q4	2017
Ad	Tech MarTech Digital	Content
5
Ad Tech M&A Activity
#	of	Transactions
Ø Full	Year	Observations
§ In	2017	we	saw	Private	Equity	
increase	activity	in	Ad	Tech,	led	by	
GTCR,	Providence	Equity	and	
Vector	Capital
§ Telcos continue	to	be	active	with	
Altice	and	Singtel acquiring	Ad	Tech	
assets
Ø Looking	Ahead	– Apple	ITP	&	GDPR
§ As	Apple’s	ITP	and	GDPR	come	into	
full	effect	next	year,	we	will	see	
many	companies	struggle	to	adapt
§ Businesses	that	are	less	vulnerable	
to	exogenous	forces	such	as	these	
and	have	a	focus	on	first-party	data	
and	identity	will	thrive
Source: LUMA
2
7
11
4
15
10
0
5
10
15
20
25
Q1	2017 Q2	2017 Q3	2017 Q4	2017
+$100M <$100M
6
Ad Tech – 2017 Notable Deals
Acquirer
Capital
Raised
Enterprise
Value
Comments
Source: Capital IQ; Crunchbase
$47M $300M
Providence	Equity	acquired	a	majority	stake	in	DoubleVerify,	a	digital	ad	verification	
company,	to	help	DoubleVerifyexpand	its	reach	and	product	offerings
N/A $415M
Cogintspun	off	Fluent,	a	performance	marketing	company,	with	assets	of	BlueFocus
International;BlueFocusCommunicationswill	own	67%	of	the	new	combined	entity
NASDAQ $147M
VectorCapital-backed	Sizmekhasacquired	Rocket	Fuel	to	grow	its	platform	business	as	
it	tries	to	return	to	growth
$10M N/A
GTCR	acquired a	majority	stake	in	Simpli.fi,	a	programmatic	platform	
provider	that	enables	hyper-targeted	localized	advertising	campaigns
$12M $404M
RTL	Group	acquired	the	remaining	shares	of	SpotX to	gain	full	ownership	of	
the	video	advertising platform
$55M $308M
Cable	provider	Altice	acquired	Teads, a	leading	ad	network	focused	on	
outstream video	ad	formats
$164M $310M
Singapore telco	Singtel acquired	Turn,	an	omni-channel demand	side	
platform	and	analytics	firm
7
MarTech M&A Activity
#	of	Transactions
Ø Full	Year	Observations
§ Strong	Private	Equity	activity	
continued	with	acquisitions	
including	Bazaarvoice,	Experian’s	
cross-channel	marketing	business	
and	Jive	Software
§ Marketing	Clouds	led	by	Oracle	and	
SAP	made	scaled	acquisitions	in	
Moat	and	Gigya respectively
Ø Looking	Ahead	– Marketing	Clouds	&	PE
§ Marketing	Clouds	are	continuing	to	
further	build	out	their	stacks	
through	M&A
§ Private	Equity	buyers	will	remain	
active,	seeking	strong	SaaS	
businesses
Source: LUMA
1
5 5
2
19
22
19
17
0
5
10
15
20
25
30
Q1	2017 Q2	2017 Q3	2017 Q4	2017
+$100M <$100M
8
MarTech – 2017 Notable Deals
Acquirer
Capital
Raised
Enterprise
Value
Comments
NASDAQ $467M
Marlin	Equity	has	acquired	Bazaarvoice, a	provider	of	user	generated	content	
marketing	solutions
LON $400M
Vector	Capital acquired	a	majority	stake	in	Experian’s	Cross	Channel	
Marketing	business	and	has	rebranded	the	company	as	Cheetah	Digital
$106M $350M
Software	giant	SAP	acquired	Gigya,	a	customer	identity	management	
company,	to	strengthen	its	e-commerce	software	solutions
NASDAQ $341M
Private	equity	firm	ESW	Capital	acquired	Jive	Software	through	its	affiliate	Wave	
Systems	and	will	integrate	JiveSoftware	into	Aurea’s	family	of	companies
$201.7M N/A
Vista	Equity	Partnersacquired	Lithium	Technologies,	a	social	media	management
company,	continuing	its	buying	spree	of	digital	marketing	businesses
$67.5M N/A
Software	giant Oracle	acquired	Moat,	a	measurement	and	analytics	
platform,	and	has	integrated	the	company	into	Oracle	Data	Cloud
N/A $820M
Belgian	Post	Group,	also	known	as	bPost,	acquired	Radial,	formerly	eBay	
Enterprise,	to	enhance their	capabilities	in	e-commerce	fulfillment
Source: Capital IQ; Crunchbase
Cross-Channel Marketing
9
Digital Content M&A Activity
#	of	Transactions
Ø Full	Year	Observations
§ The	mega	content	deals	of	21st
Century	Fox	and	Scripps	Network	
were	the	headline	story	in	2017
§ Gaming	M&A	continues	to	be	
robust	with	notable	deals,	such	as	
Big	Fish	Games,	Double	Down	
Interactive	and	Outfit7
Ø Looking	Ahead	– Media
§ Consolidation	across	traditional	and	
new	media	is	picking	up
§ Coinciding	with	the	shift	to	video-
first	strategies,	news	of	layoffs	and	
struggles	will	make	2018	a	major	
year	for	media	companies
Source: LUMA
4 5 5
10
25
27
21
16
0
5
10
15
20
25
30
35
Q1	2017 Q2	2017 Q3	2017 Q4	2017
+$100M <$100M
10
Digital Content – 2017 Notable Deals
Acquirer
Capital
Raised
Enterprise
Value
Comments
NASDAQ $66,100M
Disney	has	agreed	to	acquire	21st	Century	Fox’s	film	and	TV	businesses to	
expand	its	global	content	and	entertainment	offerings
NYSE $1,434M
Red	Ventures	acquired	Bankrate, an	online	publisher	of	personal	finance	
content,	to	expand	its	presence	in	financial	services
$146M $1,000M
Musical.ly,	the	popular	lip-syncing	app	with	over	60	million	users,	has	been	
acquired	by	Chinese	news	aggregator	company	Toutiao
N/A $1,000M
Outfit7,	the	maker	of	the	Talking	Tom	franchise,	was	acquired	byZhejianJinke
Entertainment,	a	chemicals	company	that	entered	the	entertainment	market	last	year
NASDAQ $14,920M
Discovery Comm.	has	agreed	to	merge	with	Scripps	Networks	to	expand	its	
presence	in	TV,	digital,	and	OTT	with	home,	food	and	travel	properties
NYSE $2,813M
Meredith	Corp.	has acquired publishing	giant	Time	Inc.	to	expand	their	reach	
across	TV,	print	and	digital
NASDAQ $3,670M
KKR-backed Internet	Brands	acquired	WebMD,	a	leading	health	media	
company	to	its	portfolio	of	online	health	properties	
Source: Capital IQ; Crunchbase
11
Ad Tech – 2017 Stocks Performance
Market Data as of 12/31/16
Ø The	Great	Ad	Tech	Cleanup
§ In	a	year	when	Ad	Tech	fell	4%,	all	IO-based	
businesses	(FUEL,	MXPT,	YUME,	TRMR	
demand	business)	were	acquired	in	Q3
§ The	remaining	public	cohort	with	platform	
business	models,	led	by	TTD,	which	trades	at	
6.5x	LTM	revenue,	provides	a	more	
attractive	comp	universe
Ø Ad	Tech’s	Struggles
§ RUBI	has	fallen	74%	after	header	bidding	
headwinds	and	declining	revenues	have	
lowered	investor	confidence
§ CRTO	shed	over	36%	of	its	market	cap	in	
2017	due	in	large	part	to	Apple’s	ITP,	which	is	
expected	to	have	a	22%	net	negative	impact	
to	the	company’s	2018	Revenue	Ex-TAC
-100%	
-50%	
0%	
50%	
100%	
150%	
200%
1/3/17	 2/3/17	 3/3/17	 4/3/17	 5/3/17	 6/3/17	 7/3/17	 8/3/17	 9/3/17	 10/3/17	 11/3/17	 12/3/17	
RUBI TLRA MXPT YUME FUEL CRTO TTD NASDAQ
12
MarTech – 2017 Stocks Performance
Market Data as of 12/31/16
Ø SendGrid IPO
§ Email	marketing	platform	SEND	had	a	
successful	IPO,	pricing	above	the	range	and	
currently	trades	50%	above	its	IPO	price
§ The	continued	success	of	SEND	and	its	
attractive	SaaS	business	may	help	set	the	
stage	for	new	potential	IPOs	in	the	marketing	
space
Ø MarTech Surges	Ahead
§ MarTech grew	over	60%	in	2017,	led	by	
SHOP	which	climbed	over	170%	as	the	
company	achieves	tremendous	growth	
quarter	after	quarter
§ BV	and	JIVE	were	both	taken	private	by	
Marlin	Equity	Partners	and	ESW	Capital	
respectively
-100%	
-50%	
0%	
50%	
100%	
150%	
200%
250%	
1/3/17	 2/3/17	 3/3/17	 4/3/17	 5/3/17	 6/3/17	 7/3/17	 8/3/17	 9/3/17	 10/3/17	 11/3/17	 12/3/17	
CRM HUBS BV JIVE MRIN LPSN SHOP YEXT SEND NASDAQ
13
2017 Key Startup Financings to Watch
Lead Investor Capital Raised Valuation Comments
Source: Crunchbase
$1,000M $4,500M
Fanatics hopes	to	leverage	SoftBank to	expand	their	sports	e-commerce	
business	internationally,	which	currently	makes	up	only	10%	of	total	sales
$400M $4,000M
Home	design	company Houzz,	now	with	40	million	monthly	users	and	1.5	
million	listed	professionals,	has	doubled	its	valuation	from	its	last	financing
$502M $1,000M
Improbable, a	gaming	development	platform,	has	raised	over	half	a	billion	
dollars	to	build	out	its	SpatialOS operating	system	and	developer	ecosystem
N/A $150M $12,300M
Pinterest,	which	has	now	raised	nearly	$1.5 billion,	targeted	$500	million	in	
revenue	in	2017	as	it	prepares	for	an	eventual	IPO
N/A $200M $1,800M
Reddit tripled	its	previous	valuation	and	will	use	new	capital	towards	
redesigning	its	website	and	making	a	push	into	video
$450M $5,700M
Vice	Media	raised	a	new	round	of	funding	to	launch	new	initiatives	into	OTT,
subscriptions and	Vice	Studios	ahead	of	its	anticipated	IPO
$140M $1,300M
Marketing	technology	company	Zeta	Global	raised	$140 million	($25	million	
of	debt	financing)	with	a	potential	IPO	on	the	horizon
14
LUMA 2017 Deals
15
LUMA’s Differentiated Value Proposition
1. Peerless	Industry	Knowledge
2. Strategic	Approach
3. Execution	ExcellenceThe	Leading	Strategic	
Advisory	Firm
in	Digital	Media	
and	Marketing
16
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	at	
Premium	Valuations
Digital	Briefs
DISPLAY MOBILE VIDEO SOCIAL NATIVE SEARCH MARTECH COMMERCE GAMING STRATEGIC
BUYERS
17
Investment Banking. Evolved.
New York | Palo Alto

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LUMA Digital Brief 018 - Market Report Q4 2017

  • 2. 2 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
  • 3. 3 U.S. Digital Media M&A Activity by Sector Source: LUMA Ø M&A activity continues to remain robust with more potential buyers including telcos and private equity despite China going away as acquirers due to regulatory and capital control issues and lack of scaled M&A activity from digital giants like Facebook and Google Ø Although Ad Tech and MarTech M&A activity combined rose in 2017, there were zero billion dollar acquisitions after six deals of that size in 2016 # of Transactions 55 49 75 90 106 113 0 50 100 150 200 250 300 2016 2017 Ad Tech MarTech Digital Content
  • 4. 4 U.S. Digital Media M&A Activity by Sector Source: LUMA Ø The digital duopoly of Facebook and Google, which is capturing nearly all of digital ad spend growth, and the emergence of Amazon in the space was the main story in 2017 Ø The mega content deals of 21st Century Fox, Scripps Networks and pending acquisition of Time Warner will have significant implications for the rest of the digital ecosystem Ø 2017 saw the Great Ad Tech Cleanup, with all the remaining public I/O based businesses having been acquired # of Transactions 13 4 22 10 20 27 24 19 29 32 26 26 0 10 20 30 40 50 60 70 80 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Ad Tech MarTech Digital Content
  • 5. 5 Ad Tech M&A Activity # of Transactions Ø Full Year Observations § In 2017 we saw Private Equity increase activity in Ad Tech, led by GTCR, Providence Equity and Vector Capital § Telcos continue to be active with Altice and Singtel acquiring Ad Tech assets Ø Looking Ahead – Apple ITP & GDPR § As Apple’s ITP and GDPR come into full effect next year, we will see many companies struggle to adapt § Businesses that are less vulnerable to exogenous forces such as these and have a focus on first-party data and identity will thrive Source: LUMA 2 7 11 4 15 10 0 5 10 15 20 25 Q1 2017 Q2 2017 Q3 2017 Q4 2017 +$100M <$100M
  • 6. 6 Ad Tech – 2017 Notable Deals Acquirer Capital Raised Enterprise Value Comments Source: Capital IQ; Crunchbase $47M $300M Providence Equity acquired a majority stake in DoubleVerify, a digital ad verification company, to help DoubleVerifyexpand its reach and product offerings N/A $415M Cogintspun off Fluent, a performance marketing company, with assets of BlueFocus International;BlueFocusCommunicationswill own 67% of the new combined entity NASDAQ $147M VectorCapital-backed Sizmekhasacquired Rocket Fuel to grow its platform business as it tries to return to growth $10M N/A GTCR acquired a majority stake in Simpli.fi, a programmatic platform provider that enables hyper-targeted localized advertising campaigns $12M $404M RTL Group acquired the remaining shares of SpotX to gain full ownership of the video advertising platform $55M $308M Cable provider Altice acquired Teads, a leading ad network focused on outstream video ad formats $164M $310M Singapore telco Singtel acquired Turn, an omni-channel demand side platform and analytics firm
  • 7. 7 MarTech M&A Activity # of Transactions Ø Full Year Observations § Strong Private Equity activity continued with acquisitions including Bazaarvoice, Experian’s cross-channel marketing business and Jive Software § Marketing Clouds led by Oracle and SAP made scaled acquisitions in Moat and Gigya respectively Ø Looking Ahead – Marketing Clouds & PE § Marketing Clouds are continuing to further build out their stacks through M&A § Private Equity buyers will remain active, seeking strong SaaS businesses Source: LUMA 1 5 5 2 19 22 19 17 0 5 10 15 20 25 30 Q1 2017 Q2 2017 Q3 2017 Q4 2017 +$100M <$100M
  • 8. 8 MarTech – 2017 Notable Deals Acquirer Capital Raised Enterprise Value Comments NASDAQ $467M Marlin Equity has acquired Bazaarvoice, a provider of user generated content marketing solutions LON $400M Vector Capital acquired a majority stake in Experian’s Cross Channel Marketing business and has rebranded the company as Cheetah Digital $106M $350M Software giant SAP acquired Gigya, a customer identity management company, to strengthen its e-commerce software solutions NASDAQ $341M Private equity firm ESW Capital acquired Jive Software through its affiliate Wave Systems and will integrate JiveSoftware into Aurea’s family of companies $201.7M N/A Vista Equity Partnersacquired Lithium Technologies, a social media management company, continuing its buying spree of digital marketing businesses $67.5M N/A Software giant Oracle acquired Moat, a measurement and analytics platform, and has integrated the company into Oracle Data Cloud N/A $820M Belgian Post Group, also known as bPost, acquired Radial, formerly eBay Enterprise, to enhance their capabilities in e-commerce fulfillment Source: Capital IQ; Crunchbase Cross-Channel Marketing
  • 9. 9 Digital Content M&A Activity # of Transactions Ø Full Year Observations § The mega content deals of 21st Century Fox and Scripps Network were the headline story in 2017 § Gaming M&A continues to be robust with notable deals, such as Big Fish Games, Double Down Interactive and Outfit7 Ø Looking Ahead – Media § Consolidation across traditional and new media is picking up § Coinciding with the shift to video- first strategies, news of layoffs and struggles will make 2018 a major year for media companies Source: LUMA 4 5 5 10 25 27 21 16 0 5 10 15 20 25 30 35 Q1 2017 Q2 2017 Q3 2017 Q4 2017 +$100M <$100M
  • 10. 10 Digital Content – 2017 Notable Deals Acquirer Capital Raised Enterprise Value Comments NASDAQ $66,100M Disney has agreed to acquire 21st Century Fox’s film and TV businesses to expand its global content and entertainment offerings NYSE $1,434M Red Ventures acquired Bankrate, an online publisher of personal finance content, to expand its presence in financial services $146M $1,000M Musical.ly, the popular lip-syncing app with over 60 million users, has been acquired by Chinese news aggregator company Toutiao N/A $1,000M Outfit7, the maker of the Talking Tom franchise, was acquired byZhejianJinke Entertainment, a chemicals company that entered the entertainment market last year NASDAQ $14,920M Discovery Comm. has agreed to merge with Scripps Networks to expand its presence in TV, digital, and OTT with home, food and travel properties NYSE $2,813M Meredith Corp. has acquired publishing giant Time Inc. to expand their reach across TV, print and digital NASDAQ $3,670M KKR-backed Internet Brands acquired WebMD, a leading health media company to its portfolio of online health properties Source: Capital IQ; Crunchbase
  • 11. 11 Ad Tech – 2017 Stocks Performance Market Data as of 12/31/16 Ø The Great Ad Tech Cleanup § In a year when Ad Tech fell 4%, all IO-based businesses (FUEL, MXPT, YUME, TRMR demand business) were acquired in Q3 § The remaining public cohort with platform business models, led by TTD, which trades at 6.5x LTM revenue, provides a more attractive comp universe Ø Ad Tech’s Struggles § RUBI has fallen 74% after header bidding headwinds and declining revenues have lowered investor confidence § CRTO shed over 36% of its market cap in 2017 due in large part to Apple’s ITP, which is expected to have a 22% net negative impact to the company’s 2018 Revenue Ex-TAC -100% -50% 0% 50% 100% 150% 200% 1/3/17 2/3/17 3/3/17 4/3/17 5/3/17 6/3/17 7/3/17 8/3/17 9/3/17 10/3/17 11/3/17 12/3/17 RUBI TLRA MXPT YUME FUEL CRTO TTD NASDAQ
  • 12. 12 MarTech – 2017 Stocks Performance Market Data as of 12/31/16 Ø SendGrid IPO § Email marketing platform SEND had a successful IPO, pricing above the range and currently trades 50% above its IPO price § The continued success of SEND and its attractive SaaS business may help set the stage for new potential IPOs in the marketing space Ø MarTech Surges Ahead § MarTech grew over 60% in 2017, led by SHOP which climbed over 170% as the company achieves tremendous growth quarter after quarter § BV and JIVE were both taken private by Marlin Equity Partners and ESW Capital respectively -100% -50% 0% 50% 100% 150% 200% 250% 1/3/17 2/3/17 3/3/17 4/3/17 5/3/17 6/3/17 7/3/17 8/3/17 9/3/17 10/3/17 11/3/17 12/3/17 CRM HUBS BV JIVE MRIN LPSN SHOP YEXT SEND NASDAQ
  • 13. 13 2017 Key Startup Financings to Watch Lead Investor Capital Raised Valuation Comments Source: Crunchbase $1,000M $4,500M Fanatics hopes to leverage SoftBank to expand their sports e-commerce business internationally, which currently makes up only 10% of total sales $400M $4,000M Home design company Houzz, now with 40 million monthly users and 1.5 million listed professionals, has doubled its valuation from its last financing $502M $1,000M Improbable, a gaming development platform, has raised over half a billion dollars to build out its SpatialOS operating system and developer ecosystem N/A $150M $12,300M Pinterest, which has now raised nearly $1.5 billion, targeted $500 million in revenue in 2017 as it prepares for an eventual IPO N/A $200M $1,800M Reddit tripled its previous valuation and will use new capital towards redesigning its website and making a push into video $450M $5,700M Vice Media raised a new round of funding to launch new initiatives into OTT, subscriptions and Vice Studios ahead of its anticipated IPO $140M $1,300M Marketing technology company Zeta Global raised $140 million ($25 million of debt financing) with a potential IPO on the horizon
  • 15. 15 LUMA’s Differentiated Value Proposition 1. Peerless Industry Knowledge 2. Strategic Approach 3. Execution ExcellenceThe Leading Strategic Advisory Firm in Digital Media and Marketing
  • 16. 16 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 at Premium Valuations Digital Briefs DISPLAY MOBILE VIDEO SOCIAL NATIVE SEARCH MARTECH COMMERCE GAMING STRATEGIC BUYERS