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Menlo Park, CA
November 2017
STATE OF
DIGITAL
MARKETING
Agenda
1. Market Update
2. Ad Ecosystem Considerations
3. Industry Trends
1. Market Update
+20%
+56%
Ad Tech & MarTech LTM Performance
Source: Capital IQ, market data as of 11/10/2017
-10%	
0%	
10%	
20%	
30%	
40%	
50%	
60%	
Ad	Tech MarTech NASDAQ
The IPO Window Has Reopened… Somewhat
Q2’17Q3’16 Q4’16 Q1’17Q1’16 Q2’16 Q3’17 Q4’17
The IPO Window Has Reopened… Somewhat
Q2’17Q3’16 Q4’16 Q1’17Q1’16 Q2’16 Q3’17 Q4’17
• Offering Amount: $131 MM
• Offer Price: $16.00 (Priced above the expected range of $13.50 – $15.50)
• Nov. 15th Closing Share Price: $18.00 (+13%)
• Market Cap: $734 MM
• Enterprise Value: $595 MM
• EV / LTM Rev: 5.8x
IPO
NYSE: SEND
Who’s Next?
IPO	Pipeline
Soon?
The Market Manifestation of Ad Tech’s Challenges
Source: Capital IQ, market data as of 9/1/2017
-100%	
-50%	
0%	
50%	
100%	
150%	
Millennial	Media Tremor	Video YuMe Rocket	Fuel TubeMogul MaxPoint	Interactive NASDAQ
The Market Manifestation of Ad Tech’s Challenges
Source: Capital IQ, market data as of 9/1/2017
-100%	
-50%	
0%	
50%	
100%	
150%	
Millennial	Media Tremor	Video YuMe Rocket	Fuel TubeMogul MaxPoint	Interactive NASDAQ
$1.00
$2.08
$0.37
The Market Manifestation of Ad Tech’s Challenges
Source: Capital IQ, market data as of 9/1/2017
-100%	
-50%	
0%	
50%	
100%	
150%	
Millennial	Media Tremor	Video YuMe Rocket	Fuel TubeMogul MaxPoint	Interactive NASDAQ
$1.00
$2.08
$0.37
The Great Ad Tech Cleanup
Ø By	Q1	2018,	all	public	I/O	business	model	ad	tech	companies	will	be	gone	from	the	markets	
leaving	only	platform	companies
Ø This	remaining	cohort	should	make	for	better	comps	for	platform	businesses	seeking	an	IPO
Average	LTM	Revenue	Multiple:	0.6x Average	LTM	Revenue	Multiple:	3.4x
0.8x
0.3x
ND
0.7x
0.7x
2.2x
NM
0.8x
7.1x
DSP
I/O-Based	Ad	Tech	Companies	Acquired Remaining	Platform	Ad	Tech	Companies
(1) Divested I/O business, rebranded SSP platform as Telaria.
(2) Revenue multiple metric represents net revenue.
Source: Capital IQ, market data as of 11/10/2017.
(1)
(2)
(2)
(2)
M&A Remains the Primary Source of Exits
Source: LUMA
14 11
20
12 14 10 13
4
22
22
18
14
22 20
21 20
27
24
23
19
28 30 28
26
29 32
26
0
10
20
30
40
50
60
70
80
Q3	2015 Q4	2015 Q1	2016 Q2	2016 Q3	2016 Q4	2016 Q1	2017 Q2	2017 Q3	2017
Ad	Tech MarTech Digital	Content
13 6 9 13 13 11 7 10 17
#	of	Transactions	Over	$100M
M&A Remains the Primary Source of Exits
Source: LUMA
14 11
20
12 14 10 13
4
22
22
18
14
22 20
21 20
27
24
23
19
28 30 28
26
29 32
26
0
10
20
30
40
50
60
70
80
Q3	2015 Q4	2015 Q1	2016 Q2	2016 Q3	2016 Q4	2016 Q1	2017 Q2	2017 Q3	2017
Ad	Tech MarTech Digital	Content
45 Deals Over $100M
in the Last Year
13 6 9 13 13 11 7 10 17
#	of	Transactions	Over	$100M
2017 M&A: Active Market <$1 Billion
$310M
$308M
$400M
ND
$341M
ND
$404M
$108M
$300M
$147M
$135M
~$100M
$240M$119M
$350M
2. Ad Ecosystem Considerations
Digital Media Continues its Rapid Growth
Source: eMarketer
36% 49%
33%40%
Monetization
20172012
Usage
Time Spent Across Media in U.S. Total Ad Spend in U.S.
Digital TV Other
($	in	billions)
$37 $43 $50
$60
$72
$83
$128 $128 $126
$123
$124
$124
$0
$30
$60
$90
$120
$150
$180
$210
2012 2013 2014 2015 2016 2017
Digital Other	Ad	Spend
But the Duopoly is Taking Nearly All of the Growth
Source: eMarketer, IAB, Company Filings, LUMA
*Google Advertising Revenue reflects Advertising Revenue Ex-TAC
($	in	billions)
U.S.	Digital	Ad	Spend
35%	 39%	 40%	 41%	 40%	 42%	 41%	 41%	
0%	 4%	 5%	 6%	 7%	 11%	 14%	 19%	
35%	 43%	 45%	 47%	 47%	 52%	 55%	 60%	
Share	%
Total	%
Google	U.S.	Advertising	Revenue* Facebook	U.S.	Advertising	RevenueU.S.	Digital	Ad	Spend ~90%
~10%
U.S.	Incremental	Ad	Spend
$23 $26
$32
$37
$43
$50
$60
$72
$0
$20
$40
$60
$80
2009 2010 2011 2012 2013 2014 2015 2016
But the Duopoly is Taking Nearly All of the Growth
Source: eMarketer, IAB, Company Filings, LUMA
*Google Advertising Revenue reflects Advertising Revenue Ex-TAC
($	in	billions)
U.S.	Digital	Ad	Spend
35%	 39%	 40%	 41%	 40%	 42%	 41%	 41%	
0%	 4%	 5%	 6%	 7%	 11%	 14%	 19%	
35%	 43%	 45%	 47%	 47%	 52%	 55%	 60%	
Share	%
Total	%
Google	U.S.	Advertising	Revenue* Facebook	U.S.	Advertising	RevenueU.S.	Digital	Ad	Spend ~90%
~10%
U.S.	Incremental	Ad	Spend
$23 $26
$32
$37
$43
$50
$60
$72
$0
$20
$40
$60
$80
2009 2010 2011 2012 2013 2014 2015 2016
The New Goliath: Amazon
Source: Statista
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$135,987
$1
CAGR	
76%
Amazon	Revenue
($	in	millions)
The Retail Armageddon is Here…
…And Amazon is thriving
+284%
-71%
Source: Capital IQ, market data as of 11/10/2017
-88%
-19%
+6%
-32%
-100%	
-50%	
0%	
50%	
100%	
150%	
200%
250%	
300%	
Amazon Kroger Macy's Sears Target Walmart S&P	500
25
28
40
44
54
63
80
0
10
20
30
40
50
60
70
80
90
12/13	 6/14	 12/14	 6/15	 12/15	 6/16	 3/17	
Prime Drives Amazon’s Booming Business
Source: Statista
$2,486
$544
Non-Prime
Average	Spend	per	Customer
(past	12	months)
Amazon	Prime	Subscribers
(millions)
a
Search
Take Action
Connect
Visit
Purchase
Review
Search Amazon Prime
Purchase
Review
1 2
55% of shoppers
go to Amazon first to search products
Secondary Search
Source: Bloomreach
Amazon is Displacing Search for Commerce
More Touchpoints than Traditional Retailers
Source: eMarketer
$76B
U.S. TV Ad Spend
$83B
63%
37%
U.S. Digital Ad Spend
5%
95%
The Digital Market Opportunity is Huge
Source: eMarketer
U.S. TV & Digital Ad Spend
31%
69%
$155B
And About to Get a Lot Bigger!
DATA
INTERNET ORIGINALS
TECH SERVICES
TELCO
INTERNATIONAL
PRIVATE EQUITY
MARKETING
CONSUMER INTERNET
COMMERCE
ADVERTISING TECH
ENTERPRISE SOFTWARE
MEDIAAd Tech /
MarTech
Companies
Large Strategic Buyers Attracted to the Sector
Maturation of Ad Tech and MarTech
Venture	Capital* Private	Equity
*Data as of 5/18/17.
Source: Pitchbook, LUMA
($	in	millions)
External
Community
Business
$0
$2,000
$4,000
$6,000
$8,000
$10,000
2010 2011 2012 2013 2014 2015 2016 2017	YTD 2018 2019 2020
$0
$2,000
$4,000
$6,000
$8,000
$10,000
2010 2011 2012 2013 2014 2015 2016 2017	YTD 2018 2019 2020
$0
$2,000
$4,000
$6,000
$8,000
$10,000
2010 2011 2012 2013 2014 2015 2016 2017	YTD 2018 2019 2020
External
Community
Business
Maturation of Ad Tech and MarTech
Venture	Capital* Private	Equity
*Data as of 5/18/17.
Source: Pitchbook, LUMA
($	in	millions)
Early	Innovation Adoption Maturation Maturity
The Much Needed Consolidation Is Happening
2013 20172013 2017
121 Acquired109 Acquired
69 New Companies 76 New Companies
Source: LUMA
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Net Consolidation is Here
Market Dynamics Favor a Select Few Players
N
D D
Ø Numerator	larger:	the	total	
addressable	market	is	growing	
rapidly	as	dollars	shift	to	digital	
and	programmatic	and	TV	spend	
becomes	addressable
The	result	will	be	substantial	wealth	creation	for	a	few	companies
Ø Denominator	smaller:	the	number	
of	sustainable,	scaled	companies	
with	omni-channel	capabilities	is	
shrinking	as	the	sector	matures,	
rationalizes	and	consolidates
N
provided we don’t blow it
Digital Advertising Supply Chain Challenges
1. Transparency
2. Measurement
3. Latency
4. Privacy
5. Viewability
6. Fraud
7. Adverse Context
8. Ad Blocking
9. Digital Duopoly
10. Fragmentation
TRUST
Digital Advertising Supply Chain Challenges
1. Transparency
2. Measurement
3. Latency
4. Privacy
5. Viewability
6. Fraud
7. Adverse Context
8. Ad Blocking
9. Digital Duopoly
10. Fragmentation
Lifecycle of a Media Impression
M
E
D
I
A
I
M
P
R
E
S
S
I
O
N Bot	Impression
(Fraud)
Ad	Blockers
No	Ad
Served
MARKETER	
LOST	VALUE
MARKETER	PAYS
PUBLISHER	PAID
Ad
Served
CONSUMER	SEES
Engagement
Impression	Only PUBLISHER	
LOST	VALUE
Conversion
Viewability	
Standards
Not	Viewable
Viewable
Advertising’s Issues Have Real Consequences
“We didn’t see a reduction in
[P&G’s] growth rate. The spending
we cut was largely ineffective.”
Jon Moeller, CFO, P&G
Need to Limit Vulnerability to Exogenous Forces
iOS
AD FRAUD
GDPR as an Opportunity
“Another area where we will differentiate is
around GDPR, which is not just a European
problem. It is a US brand problem as well if
you deal with European customers.”
Marcus Ruebsam, SVP, SAP
$350M Acquisition
MarTech Healing Ad Tech
MarTechIndustry
Ads.txt
Fraud
Viewability
Verified
IDENTITY
PLANNING
ACTIVATION
MEASUREMENT
ATTRIBUTION
DATA INGESTION
Paid MediaEmail Website
CREATIVE / AD
SERVING
The CMO Needs Holistic Marketing Solutions
MarTech AdTechIDENTITY
3. MarTech Industry Trends
Every Marketer’s Goal:
DRIVE	MORE	
REVENUES!
(at	lowest	cost)
The	Right	Time The	Right	PersonThe	Right	Message
Optimize the Customer Experience
Ad Tech MarTech
Drive More Revenue
Fraud-free
Viewable
Verified
Identity
Data
Orchestration
The	Right	Time The	Right	PersonThe	Right	Message
Optimize the Customer Experience
Orchestration
Marketing Orchestration: Data + Identity + A.I.
CRM / Data Hub
Identity
Marketing Orchestration: Data + Identity + A.I.
CRM / Data Hub
Marketing: Channel-Centric with Data Silos
CRM DMP
E-Commerce
Platform
Email
Service	
Provider
Web
Analytics Call	Center
Key Market Need: Single View of the Customer
Source: “Marketing Technology 2017 – It’s More than Just the Stack,” eMarketer, 3/2/17
Marketer	Survey:	Importance	of	a	Single	Customer	View
31%	
39%	
23%	
6%	
Extremely	Important
Very	Important
Important
Not	Important
Key Market Need: Single View of the Customer
Source: “Marketing Technology 2017 – It’s More than Just the Stack,” eMarketer, 3/2/17
Only 5% of respondents
have a single platform to
manage data across
channels
Emails
Sent/Opened
Call Center
Interactions
Social
Mentions
Ads
Served/Clicked
Categories Browsed
Products Viewed
Cart Abandoned
What is the Customer Record?
Device IDs
Brand
Affinities
Household
Income
Opt In / Opt
Out
Customer
Segment
Yes
No
Size
XXL
Name
Address
Purchase History
Email #
WHO OWNS THE
CUSTOMER RECORD?
The Customer Record
B2B B2C
?
The Customer Record
B2B B2C
Customer	Data	Platform
Artificial	Intelligence	/
Machine	Learning
Introducing the CDP Category on the MarTech LS
CDP
The Customer Data Platform
Collects & Models Unifies Segments Syndicates
Email
Mobile
Social
Website
Commerce
Advertising
IoT
Deal
Seeker
High
Value
New
VisitorUnique ID: 138AB125
Name: John Doe
Email: jd@gmail.com
Last Purchase: 11/17/17
Attributes: Male / Athlete
Orchestration
Marketing Orchestration: Data + Identity + A.I.
CRM / Data Hub
Identity
CDP
CDP Customer Base
Marketing Orchestration: Data + Identity + A.I.
CRM / Data Hub
Identity
Orchestration Sensei
Marketing Orchestration: Data + Identity + A.I.
CRM / Data Hub
Identity
Orchestration Sensei
When companies claim they're in
A.I., 'most of the time it's just
nonsense'.
Mark Hurd, CEO, Oracle
November 14, 2017
B2B MARKETING
B2B Marketing
Key	Trends:
1. Account	Based	Marketing
- Right	Message	at	Right	Time	
to	Right	Accounts
2. Predictive	Analytics
- Identify	Prospects
- Intelligent	Lead	Scoring
3. Convergence	of	MarTech	&	
Sales	Tech
MQL
Raw Leads
MQL
Lead Accepted
Meeting
Proposal
Negotiation
Close
DMS West 16
ABM on the SalesTech LUMAscape
MARKETING CLOUDS
VS BEST-OF-BREED
Marketing Clouds Created through M&A
Launches	Cross-
Device	Data	Coop	
Beta
Launches	Core	
Services
Launches	Oracle	
ID	Graph
Launches	Digital	
Marketing	
Network
Launches	
Universal	Behavior	
Exchange	
Launches	
Predictive	
Decisions
2010 2011 2012 2013 2014 2015 2016 20172009
Launches
Experience	Cloud
The Marketing Cloud Problem
The Marketing Cloud Problem
"Marketing tech is actually a unique segment
within all of enterprise software… this market
really favors best-of-breed. In all other
software segments, there's actually a
structural advantage to buying an integrated
suite. You wouldn't go buy a general ledger
system and an AP system from two different
vendors… But in marketing, you want to buy
the best social system, you want to buy the
best AB testing. Why? That incremental
conversion lift matters. It drives dollars.”
Neeraj Agrawal
The Case for Best-of-Breed
$1.0B
$1.2B
$1.4B
$1.6B
$2.0B
$0.4B
$0.5B
$0.7B
$0.9B
$1.2B
2013 2014 2015 2016 2017E
Adobe	Marketing	Cloud	Revenue Salesforce	Marketing	Cloud	Revenue
Marketing	Cloud	Revenue	by	Company
The Case for the Marketing Cloud
CAGR
26%
* Represents ExactTarget 2013 revenue guidance
** Annualized from last six months revenue of 2017
Source: Company filings
Marketing	Cloud	Revenue Marketing	Cloud	Revenue
CAGR
14%
*
**
Operations & Collaboration
Content Management
Data & Analytics
Partner
Seller
Data & Ops
Customer
Our Customer
Cisco’s “Digital Engagement” Tech Stack
Cisco’s “Digital Engagement” Tech Stack
Marketing Clouds or Best-of-Breed?
YES
Investment Banking. Evolved.
New York | Palo Alto

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LUMA's State of Digital Marketing at DMS West 17

  • 1. Menlo Park, CA November 2017 STATE OF DIGITAL MARKETING
  • 2. Agenda 1. Market Update 2. Ad Ecosystem Considerations 3. Industry Trends
  • 4. +20% +56% Ad Tech & MarTech LTM Performance Source: Capital IQ, market data as of 11/10/2017 -10% 0% 10% 20% 30% 40% 50% 60% Ad Tech MarTech NASDAQ
  • 5. The IPO Window Has Reopened… Somewhat Q2’17Q3’16 Q4’16 Q1’17Q1’16 Q2’16 Q3’17 Q4’17
  • 6. The IPO Window Has Reopened… Somewhat Q2’17Q3’16 Q4’16 Q1’17Q1’16 Q2’16 Q3’17 Q4’17 • Offering Amount: $131 MM • Offer Price: $16.00 (Priced above the expected range of $13.50 – $15.50) • Nov. 15th Closing Share Price: $18.00 (+13%) • Market Cap: $734 MM • Enterprise Value: $595 MM • EV / LTM Rev: 5.8x IPO NYSE: SEND
  • 8. The Market Manifestation of Ad Tech’s Challenges Source: Capital IQ, market data as of 9/1/2017 -100% -50% 0% 50% 100% 150% Millennial Media Tremor Video YuMe Rocket Fuel TubeMogul MaxPoint Interactive NASDAQ
  • 9. The Market Manifestation of Ad Tech’s Challenges Source: Capital IQ, market data as of 9/1/2017 -100% -50% 0% 50% 100% 150% Millennial Media Tremor Video YuMe Rocket Fuel TubeMogul MaxPoint Interactive NASDAQ $1.00 $2.08 $0.37
  • 10. The Market Manifestation of Ad Tech’s Challenges Source: Capital IQ, market data as of 9/1/2017 -100% -50% 0% 50% 100% 150% Millennial Media Tremor Video YuMe Rocket Fuel TubeMogul MaxPoint Interactive NASDAQ $1.00 $2.08 $0.37
  • 11. The Great Ad Tech Cleanup Ø By Q1 2018, all public I/O business model ad tech companies will be gone from the markets leaving only platform companies Ø This remaining cohort should make for better comps for platform businesses seeking an IPO Average LTM Revenue Multiple: 0.6x Average LTM Revenue Multiple: 3.4x 0.8x 0.3x ND 0.7x 0.7x 2.2x NM 0.8x 7.1x DSP I/O-Based Ad Tech Companies Acquired Remaining Platform Ad Tech Companies (1) Divested I/O business, rebranded SSP platform as Telaria. (2) Revenue multiple metric represents net revenue. Source: Capital IQ, market data as of 11/10/2017. (1) (2) (2) (2)
  • 12. M&A Remains the Primary Source of Exits Source: LUMA 14 11 20 12 14 10 13 4 22 22 18 14 22 20 21 20 27 24 23 19 28 30 28 26 29 32 26 0 10 20 30 40 50 60 70 80 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Ad Tech MarTech Digital Content 13 6 9 13 13 11 7 10 17 # of Transactions Over $100M
  • 13. M&A Remains the Primary Source of Exits Source: LUMA 14 11 20 12 14 10 13 4 22 22 18 14 22 20 21 20 27 24 23 19 28 30 28 26 29 32 26 0 10 20 30 40 50 60 70 80 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Ad Tech MarTech Digital Content 45 Deals Over $100M in the Last Year 13 6 9 13 13 11 7 10 17 # of Transactions Over $100M
  • 14. 2017 M&A: Active Market <$1 Billion $310M $308M $400M ND $341M ND $404M $108M $300M $147M $135M ~$100M $240M$119M $350M
  • 15. 2. Ad Ecosystem Considerations
  • 16. Digital Media Continues its Rapid Growth Source: eMarketer 36% 49% 33%40% Monetization 20172012 Usage Time Spent Across Media in U.S. Total Ad Spend in U.S. Digital TV Other ($ in billions) $37 $43 $50 $60 $72 $83 $128 $128 $126 $123 $124 $124 $0 $30 $60 $90 $120 $150 $180 $210 2012 2013 2014 2015 2016 2017 Digital Other Ad Spend
  • 17. But the Duopoly is Taking Nearly All of the Growth Source: eMarketer, IAB, Company Filings, LUMA *Google Advertising Revenue reflects Advertising Revenue Ex-TAC ($ in billions) U.S. Digital Ad Spend 35% 39% 40% 41% 40% 42% 41% 41% 0% 4% 5% 6% 7% 11% 14% 19% 35% 43% 45% 47% 47% 52% 55% 60% Share % Total % Google U.S. Advertising Revenue* Facebook U.S. Advertising RevenueU.S. Digital Ad Spend ~90% ~10% U.S. Incremental Ad Spend $23 $26 $32 $37 $43 $50 $60 $72 $0 $20 $40 $60 $80 2009 2010 2011 2012 2013 2014 2015 2016
  • 18. But the Duopoly is Taking Nearly All of the Growth Source: eMarketer, IAB, Company Filings, LUMA *Google Advertising Revenue reflects Advertising Revenue Ex-TAC ($ in billions) U.S. Digital Ad Spend 35% 39% 40% 41% 40% 42% 41% 41% 0% 4% 5% 6% 7% 11% 14% 19% 35% 43% 45% 47% 47% 52% 55% 60% Share % Total % Google U.S. Advertising Revenue* Facebook U.S. Advertising RevenueU.S. Digital Ad Spend ~90% ~10% U.S. Incremental Ad Spend $23 $26 $32 $37 $43 $50 $60 $72 $0 $20 $40 $60 $80 2009 2010 2011 2012 2013 2014 2015 2016
  • 19. The New Goliath: Amazon Source: Statista $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 $135,987 $1 CAGR 76% Amazon Revenue ($ in millions)
  • 20. The Retail Armageddon is Here… …And Amazon is thriving +284% -71% Source: Capital IQ, market data as of 11/10/2017 -88% -19% +6% -32% -100% -50% 0% 50% 100% 150% 200% 250% 300% Amazon Kroger Macy's Sears Target Walmart S&P 500
  • 21. 25 28 40 44 54 63 80 0 10 20 30 40 50 60 70 80 90 12/13 6/14 12/14 6/15 12/15 6/16 3/17 Prime Drives Amazon’s Booming Business Source: Statista $2,486 $544 Non-Prime Average Spend per Customer (past 12 months) Amazon Prime Subscribers (millions)
  • 22. a Search Take Action Connect Visit Purchase Review Search Amazon Prime Purchase Review 1 2 55% of shoppers go to Amazon first to search products Secondary Search Source: Bloomreach Amazon is Displacing Search for Commerce
  • 23. More Touchpoints than Traditional Retailers
  • 24. Source: eMarketer $76B U.S. TV Ad Spend $83B 63% 37% U.S. Digital Ad Spend 5% 95% The Digital Market Opportunity is Huge
  • 25. Source: eMarketer U.S. TV & Digital Ad Spend 31% 69% $155B And About to Get a Lot Bigger!
  • 26. DATA INTERNET ORIGINALS TECH SERVICES TELCO INTERNATIONAL PRIVATE EQUITY MARKETING CONSUMER INTERNET COMMERCE ADVERTISING TECH ENTERPRISE SOFTWARE MEDIAAd Tech / MarTech Companies Large Strategic Buyers Attracted to the Sector
  • 27. Maturation of Ad Tech and MarTech Venture Capital* Private Equity *Data as of 5/18/17. Source: Pitchbook, LUMA ($ in millions) External Community Business $0 $2,000 $4,000 $6,000 $8,000 $10,000 2010 2011 2012 2013 2014 2015 2016 2017 YTD 2018 2019 2020 $0 $2,000 $4,000 $6,000 $8,000 $10,000 2010 2011 2012 2013 2014 2015 2016 2017 YTD 2018 2019 2020
  • 28. $0 $2,000 $4,000 $6,000 $8,000 $10,000 2010 2011 2012 2013 2014 2015 2016 2017 YTD 2018 2019 2020 External Community Business Maturation of Ad Tech and MarTech Venture Capital* Private Equity *Data as of 5/18/17. Source: Pitchbook, LUMA ($ in millions) Early Innovation Adoption Maturation Maturity
  • 29. The Much Needed Consolidation Is Happening 2013 20172013 2017 121 Acquired109 Acquired 69 New Companies 76 New Companies Source: LUMA ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQACQ ACQ ACQ ACQACQACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQACQACQACQ ACQ ACQ ACQ ACQ ACQ ACQACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ ACQ Net Consolidation is Here
  • 30. Market Dynamics Favor a Select Few Players N D D Ø Numerator larger: the total addressable market is growing rapidly as dollars shift to digital and programmatic and TV spend becomes addressable The result will be substantial wealth creation for a few companies Ø Denominator smaller: the number of sustainable, scaled companies with omni-channel capabilities is shrinking as the sector matures, rationalizes and consolidates N
  • 32. Digital Advertising Supply Chain Challenges 1. Transparency 2. Measurement 3. Latency 4. Privacy 5. Viewability 6. Fraud 7. Adverse Context 8. Ad Blocking 9. Digital Duopoly 10. Fragmentation TRUST
  • 33. Digital Advertising Supply Chain Challenges 1. Transparency 2. Measurement 3. Latency 4. Privacy 5. Viewability 6. Fraud 7. Adverse Context 8. Ad Blocking 9. Digital Duopoly 10. Fragmentation
  • 34. Lifecycle of a Media Impression M E D I A I M P R E S S I O N Bot Impression (Fraud) Ad Blockers No Ad Served MARKETER LOST VALUE MARKETER PAYS PUBLISHER PAID Ad Served CONSUMER SEES Engagement Impression Only PUBLISHER LOST VALUE Conversion Viewability Standards Not Viewable Viewable
  • 35. Advertising’s Issues Have Real Consequences “We didn’t see a reduction in [P&G’s] growth rate. The spending we cut was largely ineffective.” Jon Moeller, CFO, P&G
  • 36. Need to Limit Vulnerability to Exogenous Forces iOS AD FRAUD
  • 37. GDPR as an Opportunity “Another area where we will differentiate is around GDPR, which is not just a European problem. It is a US brand problem as well if you deal with European customers.” Marcus Ruebsam, SVP, SAP $350M Acquisition
  • 38. MarTech Healing Ad Tech MarTechIndustry Ads.txt Fraud Viewability Verified
  • 39. IDENTITY PLANNING ACTIVATION MEASUREMENT ATTRIBUTION DATA INGESTION Paid MediaEmail Website CREATIVE / AD SERVING The CMO Needs Holistic Marketing Solutions MarTech AdTechIDENTITY
  • 43. Ad Tech MarTech Drive More Revenue Fraud-free Viewable Verified Identity Data Orchestration The Right Time The Right PersonThe Right Message Optimize the Customer Experience
  • 44.
  • 45. Orchestration Marketing Orchestration: Data + Identity + A.I. CRM / Data Hub Identity
  • 46. Marketing Orchestration: Data + Identity + A.I. CRM / Data Hub
  • 47. Marketing: Channel-Centric with Data Silos CRM DMP E-Commerce Platform Email Service Provider Web Analytics Call Center
  • 48. Key Market Need: Single View of the Customer Source: “Marketing Technology 2017 – It’s More than Just the Stack,” eMarketer, 3/2/17 Marketer Survey: Importance of a Single Customer View 31% 39% 23% 6% Extremely Important Very Important Important Not Important
  • 49. Key Market Need: Single View of the Customer Source: “Marketing Technology 2017 – It’s More than Just the Stack,” eMarketer, 3/2/17 Only 5% of respondents have a single platform to manage data across channels
  • 50. Emails Sent/Opened Call Center Interactions Social Mentions Ads Served/Clicked Categories Browsed Products Viewed Cart Abandoned What is the Customer Record? Device IDs Brand Affinities Household Income Opt In / Opt Out Customer Segment Yes No Size XXL Name Address Purchase History Email #
  • 53. The Customer Record B2B B2C Customer Data Platform Artificial Intelligence / Machine Learning
  • 54. Introducing the CDP Category on the MarTech LS CDP
  • 55. The Customer Data Platform Collects & Models Unifies Segments Syndicates Email Mobile Social Website Commerce Advertising IoT Deal Seeker High Value New VisitorUnique ID: 138AB125 Name: John Doe Email: jd@gmail.com Last Purchase: 11/17/17 Attributes: Male / Athlete
  • 56. Orchestration Marketing Orchestration: Data + Identity + A.I. CRM / Data Hub Identity CDP
  • 58. Marketing Orchestration: Data + Identity + A.I. CRM / Data Hub Identity Orchestration Sensei
  • 59. Marketing Orchestration: Data + Identity + A.I. CRM / Data Hub Identity Orchestration Sensei When companies claim they're in A.I., 'most of the time it's just nonsense'. Mark Hurd, CEO, Oracle November 14, 2017
  • 61. B2B Marketing Key Trends: 1. Account Based Marketing - Right Message at Right Time to Right Accounts 2. Predictive Analytics - Identify Prospects - Intelligent Lead Scoring 3. Convergence of MarTech & Sales Tech MQL Raw Leads MQL Lead Accepted Meeting Proposal Negotiation Close DMS West 16
  • 62. ABM on the SalesTech LUMAscape
  • 64. Marketing Clouds Created through M&A Launches Cross- Device Data Coop Beta Launches Core Services Launches Oracle ID Graph Launches Digital Marketing Network Launches Universal Behavior Exchange Launches Predictive Decisions 2010 2011 2012 2013 2014 2015 2016 20172009 Launches Experience Cloud
  • 67. "Marketing tech is actually a unique segment within all of enterprise software… this market really favors best-of-breed. In all other software segments, there's actually a structural advantage to buying an integrated suite. You wouldn't go buy a general ledger system and an AP system from two different vendors… But in marketing, you want to buy the best social system, you want to buy the best AB testing. Why? That incremental conversion lift matters. It drives dollars.” Neeraj Agrawal The Case for Best-of-Breed
  • 68. $1.0B $1.2B $1.4B $1.6B $2.0B $0.4B $0.5B $0.7B $0.9B $1.2B 2013 2014 2015 2016 2017E Adobe Marketing Cloud Revenue Salesforce Marketing Cloud Revenue Marketing Cloud Revenue by Company The Case for the Marketing Cloud CAGR 26% * Represents ExactTarget 2013 revenue guidance ** Annualized from last six months revenue of 2017 Source: Company filings Marketing Cloud Revenue Marketing Cloud Revenue CAGR 14% * **
  • 69. Operations & Collaboration Content Management Data & Analytics Partner Seller Data & Ops Customer Our Customer Cisco’s “Digital Engagement” Tech Stack
  • 71. Marketing Clouds or Best-of-Breed? YES