ComCap is an investment bank focused on commerce and capital markets that provides M&A advisory, financing, and strategic services. The document discusses ComCap's views on personalization in retail and how disruptive personalization companies are attracting significant investment. It also outlines ComCap's network of investors and clients that it shares insights on personalization trends with.

1. CONFIDENTIAL
Personalization in retail –
ComCap discussion materials
December 2017

2. CONFIDENTIAL
▪ In the following slides, we have synthesized our views on personalization and its implications for retail
▪ ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key focus
on B2B SaaS, B2C ecommerce (DNVBs, beauty, health, and wellness), B2B services for retail technologies (IT and
marketing services, in-store, fulfillment, logistics, call center, analytics, personalization), payments, mobile
commerce and marketplaces
▪ Headquartered in San Francisco with an office in Singapore, our firm works with mid-cap public companies on
buyside initiatives and public and private growth companies on financing and strategic M&A
▪ In addition to being the only boutique focused on disruptive commerce models, we differentiate by:
‒ Bringing bulge bracket techniques to emerging models;
‒ A strong and uncommon buyside/strategy practice;
‒ Deep understanding of industry drivers and synergy analyses;
‒ Deep relationships across the sector; and
‒ Worldwide coverage with closed transactions in the United States, Japan, China, the ASEAN region, Western
and Eastern Europe and Latin America
▪ If you'd like to connect with us over the phone and / or meet in person to be included in this report or to discuss your
strategic initiatives, please contact us:
We are pleased to present our views on personalization in
retail
Aron Bohlig
Managing Partner
M: +1 415-235-8270
E: aron@comcapllc.com
Steve Terry
Managing Director
M: +1 415-971-3794
E: steve@comcapllc.com
Matt Nemer
Senior Advisor
M: +1 415-444-6714
E: matt@comcapllc.com
Fermin Caro
Director
M: +1 650-743-7825
E: fermin@comcapllc.com
Swetha Vijay
Director, Asia
M: +65 9326-4726
E: swetha@comcapllc.com
1
Carlos Gonzalez
Director, Europe
M: +7 915-413-1911
E: carlos@comcapllc.com

3. CONFIDENTIAL
ComCap’s current thematic focus areas
Theme Description Select companies
Personalization Emerging players in the ecommerce personalization space
Digitally Native Vertical
Brands (DNVBs)
D2C digitally native brands covering clothing, accessories, personal care,
home and kitchen, furniture, and other consumer-focused products.
Beauty, health and
wellness
Universe of beauty companies, including product manufacturers, retailers,
disruptors and new entrants.
Analytics
Focus on disruptors in the analytics space focused on ecommerce,
logistics, retail, predictive, payment, risk and marketing
Marketing Suites Emerging platforms in the digital marketing space
Mobile
Focused on mobile solution providers optimizing the mobile experience
from desktop-to-mobile website conversions, targeted mobile marketing, to
simplifying the mobile checkout experience.
Fintech
Retail and commerce-related disruptors in the fintech universe. Current
focus areas include payments, risk analytics, false declines and retail POS.
Outsourcing and service
providers
Companies that provide outsourcing and end-to-end ecommerce services,
such as contact centers, platform, marketing, photo services, logistics,
warehousing etc.
System Integrators
Focus on large SIs covering multiple platform as well as smaller SIs
covering just one or a handful of platforms.
Ecommerce SaaS Emerging and disruptive SaaS businesses in the ecommerce sector.
Other (IoT, SMB, POS)
We are constantly evaluating new themes and evolving our focus. Other
categories currently include logistics, shipping, IoT, and SMB.
2

4. CONFIDENTIAL
$672.0
$340.6
$99.4 $89.6 $61.8 $42.6 $38.9 $26.8 $19.5 $19.0 $18.9 $15.9 $14.0 $13.4 $10.5 $9.6 $9.4 $9.4 $8.5 $6.9 $5.7 $5.0 $3.2
Retail Ecommerce Sales Worldwide – 2015 (In $B)
3
ComCap – active in 13 countries, including 11 of the top 22 global
ecommerce markets
Source: eMarketer December 2015
M&A
Strategy
Financing
B2C
Services
SaaS
Fintech

5. CONFIDENTIAL
ComCap’s perspectives on Personalization in retail is
shared with 250+ financial and 100+ strategic investors
▪ ComCap’s perspectives on various industries, including personalization in retail, is being shared with our large
network of strategic and financial investors globally
▪ This facilitates a better understanding of sweet spots for these investors; and ultimately helps to better position a
mandated client with selected players
▪ Unique disruptors are gaining additional global coverage via ComCap’s reach
4

6. CONFIDENTIAL
5
eCommerce personalization services landscape
▪ Personalization capabilities are now viewed
as critical in achieving a unified customer
experience
− B2C, and increasingly, B2B sellers are
investing in customer individualization
and intimacy
▪ Historically a poorly defined category,
Personalization Services is now entering its
“Version 2.0”
− First generation solutions were
characterized as being complex and
difficult to implement resulting in delays
as marketers had to rely solely on IT
− Next generation SaaS providers are
now leveraging big data, AI and
machine learning to create meaningful
one-to-one consumer and buyer profiles
− This new generation of providers puts
the marketer in charge, allow DIY
implementations
▪ Some early consolidation occurring as
larger platforms strive to meet retailers
agendas
▪ In addition there has been very active
investment by the venture / PE community
driven by the strong ROI in the space
`
Personalization Companies
TotalCapitalRaised
$50m
$10m
$25m
$75m
$100m+
N/A
Source: Pitchbook, Crunchbase

7. CONFIDENTIAL
Personalization disruptors are emerging across a wide range of sectors, representing an
attractive investment opportunity for financial and strategic investors
Personalization is quickly becoming a cornerstone of corporate marketing strategy
Personalization is evolving rapidly as retailers react to consumer demand to provide a
“frictionless” customer experience
Consumers are prepared to pay a premium for a customized product or service
Personalization is bridging the gap between online shopping and in-store experience
Data is transforming how companies approach personalization
The CMO is wielding more power when it comes to technology spend, with
personalization becoming a focus area
Retailers are engaging with customers through personalized in-store technologies
including beacons and in-store ads
5
4
7
1
2
3
6
8
6
Personalization in Retail – Key themes for 2018

8. CONFIDENTIAL
7
Personalization is of current paramount importance
“The bottom line is that if you can't identify customers
through the interaction channels, you can't engage with
them in a meaningful way… Businesses must integrate
their customer relationship management (CRM) systems
with data sources from other customer touchpoints, [and]
need to consider new approaches and programs that
will enable them to capture additional customer
behavior information that will provide deeper insights”
-Brian Chung, Head of Global Solutions
Marketing, SAP
“Personalization is helping us build relationships with our
customers that translate into increased engagement,
loyalty and revenue.”
- Simon Pritchard, Group Digital Director,
Arcadia
“59% of shoppers who have experienced personalization
believe it has a noticeable influence on purchasing.”
-Rethinking Retail, Infosys
“77% of consumers have chosen, recommended, or paid
more for a brand that provides a personalized
experience.”
- Forrester Research
“In 2017, personalization will continue to drive customer
engagement for retailers….it will empower sales
associates to build stronger connections, increased
brand trust, and loyalty.”
- Oscar Sachs, CEO, Salesfloor
“70% of retailers cited personalization of the customer
experience as a leading customer engagement priority
for 2017.”
- Boston Retail Partners 2017 Customer
Engagement Survey
“In-store shopping is far from dead — but it does have to
change to keep up with the trends. Instead of telling
customers how, when and where to shop, retail stores are
catering to their customers’ individual shopping
requirements — the shopper is in charge, and retailers
must adapt.”
Gary Ambrosino, CEO, TimeTrade
1

9. CONFIDENTIAL
8
Organizations employ a variety of personalization tools to
drive consumer engagement
Email and social media personalization
Consumers tend to identify themselves to a business by signing up for some form of notification such as
a newsletter or following the business on social media. As a result they will provide information about
themselves and their preferences. This allows targeted communication using segmentation based on the
data the consumer provided. For example this might occur through targeted email campaigns or
Facebook advertising.
Campaign personalization
Campaign personalization describes website content personalised to support online and offline
campaigns. This typically involves the creation of a custom landing page to support the campaign. These
pages would include a call to action such as making a donation or signing up for an event.
Geographical personalization
Geographical personalization customises content based on the consumer’s geographical location. The
technology can also send consumers geo-located messages about special offers or discounts close-by.
Internet protocol address customisation
IP customisation attempts to identify the user through their IP address. Knowing where a user comes
from allows the customisation of content to reflect their needs. It involve changing homepage content to
provide quick links to content of specific interest to that consumer.
Account customization
The consumers can personalise content once personalise content once they have created an account.
By logging in the consumer identifies himself and so content can be tailored according to the
requirements. It is possible to do account customization without a consumer logging in by relying on
cookies.
Related content personalization
This type of personalization is used by Amazon. It refers to recommendations based on what content a
consumer has previously viewed and the behaviour of other consumers.
1

10. CONFIDENTIAL
9
Organizations are quickly implementing personalization
strategies
▪ Personalization is widespread, but techniques remain relatively basic: roughly 90% of senior marketers worldwide
are implementing personalization strategies, but only 6% rate their strategy as advanced
▪ Email remains the most common channel that retail marketers personalize: two-thirds of US marketers
personalized email content, followed by 56% that personalized elements of their website
▪ 48% of US marketers reported that personalization on their websites or apps lifted revenues in excess of 10%;
only 11% reported no lift
▪ Integration of data across devices, channels and functions is essential, but most companies lack this capability:
data from customer relationship management systems is often the hardest to tap for personalization purposes
▪ A recent survey from eMarketer, found that 55% of US internet users ranked Amazon as the digital platform
having the best personalized customer experience
Implementation of Personalization StrategyOrganizations define Personalization Differently
According to Senior Marketers Worldwide, Dec 2016
(% of respondents)
In process,
56%Just
starting
out, 28%
Not doing
anything,
10%
Advanced, 6%61%
View personalization as a
business strategy
80%
Feel that personalization has
gotten more complex in last
3 years
75%
View segmentation as the
minimal effort to claim
“personalization”
View personalization as a
marketing tactic
39%
Source: eMarketer
1

11. CONFIDENTIAL
Personalization is evolving rapidly as retailers react to consumer
demand to provide a “frictionless” customer experience
Plans to implement personalization services among North American Retailers
Most retailers expect to implement a personalization strategy within the next 3 years
9% 4% 2%
27%
18% 21%
16%
38%
60%
44%
42%
Personalized rewards
based on customer
loyalty
Suggested selling
based on previous
purchases
Personalized
promotions
Personalized digital
content
Implemented and working well
Implemented and needs improvement
Implement within 3 years
▪ Personalization of the eCommerce
experience is proven to increase sales
▪ 60% of US consumers want to receive
real-time promotions and offers
▪ Yet many North American retailers have
not implemented a personalization
strategy
− Vendor integration problems
− Additional analytics required
− Inability to create personalized
content
10Source: Boston Retail Partners
(% of respondents)
2

12. CONFIDENTIAL
Marketers view personalization as critical to drive their most
important metrics…
24% 24%
22%
20%
17%
15%
14%
12%
10% 10%
0%
5%
10%
15%
20%
25%
30%
Returnvisits
Conversionrate(e.g.,
purchase)
Timeonsite
Pageviews
Registration/signups
Numberofleads
Downloads(e.g.,whitepapers)
AverageOrderVolume(AOV)
LifetimeValue(LTV)
Bounce/exitrate
▪ Web personalization is becoming
democratized and is providing ROI for
large, medium, and small businesses
▪ Web personalization has proven to affect
bounce rates, time-on-site, page views,
conversions, etc.
▪ Over 85% of marketers report seeing a
lift of at least 5% in their most important
metrics
− Roughly 40% have seen increases of
at least 20% in their metrics
What are the primary metrics marketers use to improve web personalization efforts?
11Source: VentureBeat
2

13. CONFIDENTIAL
12
…and consumers are prepared to pay a premium for a
customized product or service
34%
31%
26%
25%
24%
23%
22%
22%
21%
21%
19%
16%
15%
14%
12%
33%
34%
36%
36%
35%
36%
38%
32%
33%
33%
32%
29%
28%
27%
31%
10%
15%
19%
17%
19%
18%
21%
21%
20%
18%
23%
20%
22%
24%
25%
7%
3%
7%
6%
8%
9%
9%
7%
8%
12%
11%
14%
12%
12%
11%
3%
4%
2%
4%
3%
3%
2%
5%
5%
3%
4%
5%
4%
5%
5%
3%
5%
3%
4%
4%
5%
2%
4%
6%
5%
6%
9%
10%
11%
9%
10%
8%
7%
8%
7%
6%
6%
9%
7%
8%
5%
7%
9%
7%
7%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Soft drinks
Books, music & entertainment
Restuarants
Beer, wines & spirits
Hotels
Flights
Food & groceries
Electrical products
Health & Welness
Beauty products
Holidays
Fashion accessories & jewellery
Furniture, homeware & DIY
Footwear
Clothing
0% more 10% more 20% more 30% more 40% more Over 50% more Don't know
Premium consumers are willing to pay for a customized product or service
Source: Deloitte
3

14. CONFIDENTIAL
The CMO is wielding more power when it comes to
technology spend, with personalization becoming a focus area
Overview CIO vs. CMO Spending (% Revenue)
CMOs (Chief Marketing Officers) emerge as the
primary technology consumer in the Enterprise
▪ CMOs are wielding increasing purchasing power and
influence over marketing software solutions
─ CMO-directed IT budgets are expected to grow at 11%
per year, compared to 4% for CIO (Chief Information
Officer) - directed IT budgets
─ Solutions that demonstrate rapid time-to-value and
robust integration will be beneficiaries of the CMO-
directed spend
▪ According to Gartner CMO Spend Survey 2016-2017,
CMOs oversee or heavily influence customer experience,
technology spending and P&L performance as means to
deliver growth
─ Digital commerce continues to be an important driver
of growth, with 62% of companies reporting that digital
commerce rolls up to CMO
─ Marketers have started to spend heavily on
technology. This has narrowed the gap between IT
spending by CIOs and CMOs
Data and personalization becoming a focus area:
▪ Personalization is rooted in tracking and analyzing every
customer interaction point, identifying the next best action
and triggering that action through engagement applications
▪ The majority of marketing organizations are personalizing
content in social media and owned web, email, and
eCommerce channels
Source: Gartner, Wall Street Research
Digital Marketing Market Size (In $bn)
3.2%
3.8%
2.5%
3.8%
2013 2017
CIO IT Spend CMO IT Spend
$14.2B
$20.2B
$33.3B
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
2010 2012 2016
eCommerce Sales CRM Automation Email
WCM Social CRM Analytics
13
4

15. CONFIDENTIAL
The consumer and the data they generate is driving mass
personalization
▪ Direct input from the customer is
key to creating compelling and
relevant personalized retail
experiences
▪ Retailers can use information from
online buying behaviour to serve
customers at the point of sale
based on the relevant input he or
she requires
─ This closes the gap between
online and physical shopping
experiences that previously
created headaches for a lot of
retail brands
▪ Email and website personalization
allows retailers to deliver a hyper-
relevant online experience to every
customer
▪ Hyper personalization relies on
additional dimensions about the
customer; these dimensions relate
to their activity, interest, opinion
(AIOs), attitudes, values and
behaviour.
▪ The loyalty program allows customers to set up a profile in
which they input specific attributes relevant to a provider of
beauty products, such as skin tone
▪ This information is then used to serve special offers to the
customer relevant to their requirements
▪ In addition, shoppers can save ‘loves’ and purchases in a
‘beauty bag’ both online and in store. This information in
available across devices, including in store via the provision of
iPads at store counters.
Source: Smart Insights; ComCap analysis
Case Study: Sephora’s Beauty insider loyalty programme
14
Need for Customer Input
5

16. CONFIDENTIAL
Data is transforming how companies approach personalization
Source: 2017 Customer Experience / Unified Commerce Survey
▪ Today retailers have unprecedented access to data
that can potentially enhance customer experiences
─ Data from devices (such as smartphones and
tablets), ecommerce and point-of-sale systems,
loyalty programs, inventory systems, contact
centres, geographic, demographic, social
behavioural and others
─ The larger the amount of data a retailer can
collect and analyse, the better the possibilities
are to deliver a better and relevant omnichannel
experiences
▪ In 2017, Gartner predicted that 89% of marketing
leaders expect customer experience to be their
primary basis for competitive differentiation
─ The main aim of the companies is to create
focused direct-to-customer relationships, both to
protect profits and raise the barriers to new
market entries
▪ Companies do face significant hurdles in realizing
the full benefits of personalization, such as:
─ Technical barriers such as poor data
centralization
─ Legacy technology that does not support one-to-
communication at scale
─ Insufficient measurement capabilities
37%
52%
61%
64%
67%
69%
Use data extracted from loyalty and customer value
programs to create relevant personalized offers
Use behavior-based data to develop the right content based
on insights and emotions
Use customer data to create individualized content and
offers on a channel-specific basis
Integrate customer data to create individualized content and
offers that span across channels
Use customer data to create targeted content and offers by
demographics
Use demographic categories to create at least some level of
personalization for unidentified prospected customers
15
Approaches to personalized marketing according
to senior marketers in the US and Western Europe
5

17. CONFIDENTIAL
Personalization is bridging the gap between online
shopping and in-store experience
Retailers can combine online buying behaviour with in-store location data gathered via
beacons to serve customers with relevant information or offers right at the point sale. This
helps cross sell and up-sell as well as enhances customer experience
▪ Direct input from the customer is a key
to create compelling and relevant
personalized retail experiences
▪ Retailers can use information from
online buying behaviour to serve
customers at the point of sale based on
the relevant input he or she requires
─ This closes the gap between online
and physical shopping experiences
that previously created headaches
for a lot of retail brands
▪ Email and website personalization, the
retailers can can deliver a hyper-
relevant online experience to
behaviour.
▪ The customer experience is manifested
by who you are - your people; what you
do - your products and services; and
how you do it - your business
processes, methodologies & service
levels.
▪ The goal marketing leaders is to attract
and grow customer relationships, earn
customer loyalty, and activate their
advocacy.
Source: Gartner
ValueVoice
Valence
Product
PeopleProcess
What you do
Customer
feedback and
sentiment
How you do it
Lifetime
value of the
customer
Who you are
Positive or
negative affinity
over time
Attraction
Growth
Loyalty
Advocacy
Content
16
6

18. CONFIDENTIAL
17
Retailers and brands are using beacons for marketing
campaigns
Retailers Description
• Macy’s introduced beacons technology in combination with ShopKick, an iPhone app that offers
location-based coupons
• This technology recognizes consumers as they enter or pass one of their stores
• Shoppers receive personalized deals, discounts and product recommendations
• Even reward points can be generated for entering their stores or buying a product
• Lord & Taylor launched a beacon program to offer more personalized approach of targeting the users
with specific sections of store sales in addition to short range for individualized products based on past
information collected on the visitors shopping preferences
• The technology anticipates what the customer will like about the products while they are near the store
• Target is implementing beacons across 50 selected stores
• It plans to limit the number of beacon notifications to two push notifications per shopping trip, so as not
to overwhelm customers with alerts
• Carrefour has extensive iBeacon networks across a range of its hypermarkets in Romania through
which the retail chain offers its consumers an app for orientation inside hypermarkets from area to area
• The app p automates the commercial content delivery and collects essential data about in-store
consumer behaviour
• Eat, the food-to-go chain, partnered with Weve’s beacon-enabled consumer loyalty app, Pouch,
designed to store a retailer’s loyalty cards and push out offers to customers
• The action allowed the company to access more information about customer behaviour and drive
business intelligence to make precise decisions about how consumer behaviour can be influenced
• Hammerson rolled out beacons across their shopping centres to improve personalization of consumers’
shopping experience
• Currently, over 80,000 customers have downloaded the Plus app already and Hammerson has over
6,000 beacons situated throughout its shopping centres in the UK and France
7

19. CONFIDENTIAL
18
Retailers and brands are using beacons for marketing
campaigns (cont’d)
Retailers Description
• In 2016, Rite Aid has installed beacons in over 4,500 US stores for retargeting and personalization of
user experience
• It plans to employ these beacons to focus on creation of a digital infrastructure base that will enable the
drug-store chain to link its stores to IoT, collection of beacon-level proximity data to strategize their
retargeting plan, and achieve personalization capabilities similar to those that have been used in
eCommerce
• Woolworths has implemented iBeacon technology to improve customer service around click-and-collect
• In 2016, Woolworth announced its plans to roll out beacons across all of its 254 click-and-collect stores
with the aim of allowing consumers to place their order online and pick them up in-store
• American Eagle Outfitters partnered with Shopkick, to launch beacon networks in more than 100 of its
top performing stores located in states such as Chicago, Dallas, Miami, New York, and San Francisco
• The main purpose was to implement iBeacon technology at the stores with highest traffic levels and best
traction with Shopkick
• Waitrose started using iBeacon technology at its relatively new experimental Swindon store to deliver
price promotions to consumers when they were near a particular aisle or food counter
• The app also allows a consumer to scan barcodes, read customer reviews of products, add items to a
virtual shopping basket, and pay via a mobile wallet
• Tesco launched its “biggest trial” of iBeacon technology, in partnership with consumer goods company
Unilever, by deploying beacons in 270 stores across London
• They launched the ‘Mpulse app’ as a part of the Pink and Black marketing campaign
• Alex and Ani used beacons in all of its 40 stores to optimize store layouts and product placement
• It used beacons to educate consumers about its jewellery. 30% of the customers who saw the
notifications, visited the store
• The brand’s focus was primarily to capture analytics and enhance store layouts for better business.
7

20. CONFIDENTIAL
19
Retailers and brands are using beacons for marketing
campaigns (cont’d)
Retailers Description
• American Eagle and Aerie introduced beacons across its various stores to target people with
promotional offers
• The company will use pre-populated orders via beacons to get people ordering without even opening
the app itself
• Neiman Marcus has adopted a strategy for beacon implementation is to focus on in store events
• The high end fashion retailer will use their beacons to alert customers of events in store where they can
learn fashion tips, find specials or learn about clothing care and others
• The company can also pair up a personalized offer that relates to the event to an to attract more
participation and engagement from the consumers
• Best Buy has implemented a beacon strategy to drive its sales and gain more business with a person
touch
• It has implemented beacons through their application as well as Shopkick retailing app to offer rewards
to shoppers, simply for stepping foot in the door
• Meadowhall Shopping Centre used iBeacon technology to gamify the Ladies’ Night event with brands
providing offers, discounts, freebies, and prize giveaways
• Customers had to download Meadowhall’s beacon-enabled app to receive a notification on their
smartphone whenever they came into range of a beacon
• McDonald’s planned to enhance personal relationships with customers as well as promote a new line of
coffee-flavored beverages by leveraging a new proximity marketing strategy via beacons at its 15 cafés
in Istanbul
• The chain tapped a popular Turkish loyalty app called Shopping Genie, to target customers while they
were around the premises of a local McD Café
• Kenneth Cole is using beacons to create more compelling, personalized customer experiences with an
aim to “provide value and offers at the time of need when customers are in the store”
Source: Styla.com, blog.beaconstac.com
7

21. CONFIDENTIAL
Showrooms are getting personal
▪ A customer that spends a considerable
amount of time in a single area of a store
can be picked up by Beacon’s, which
then cross-check that information with the
store's floor plan and ascertain what
product they are interested in
− The customer can then be messaged
later on with relevant offers based on
what products they were researching
in store
▪ Beacons provide a way to bricks-and-
mortar retailers to deliver offers and
notifications to consumers' smartphones
via a Bluetooth low energy (BLE) signal
while they're in-store
− The devices provide a unique
advantage for bricks-and-mortar
businesses as they continue to try
to deflect the threat from
eCommerce-only retailers
− They won't keep people from using
their smartphones to price compare
but they could send people the kind
of incentives that will entice them to
convert in-store
Beacons allows retailers to send personalised messages which link the in-store and online
shopping experience.
A customer may plan to buy a Smart TV may spend a
considerable amount of time looking at the different
Smart TV options in Currys PC World, then go home
and do a bit more research online. Later that day they
get an email from Currys PC world with special offers
on the TVs the customer spent time browsing in-store.
The customer then purchases a TV online, which is
then delivered to their home.
Source: Smart insights.com, Business Insider 20
7

22. CONFIDENTIAL
Personalized in-store ads are increasing in prominence
Retailers are engaging with customers through personalized in-store ads based on demographic information
and preferences
▪ Snack food giant, Mondelez, makers of Oreo, Ritz crackers, Wheat Thins and
other snacks has invented Smart Shelves
▪ Smart Shelves can identify basic demographic information about the shopper as
they browse the store
─ Smart shelves use the information to display personalized ads on video displays
near the checkout that customers would see when queuing before purchase
▪ Smart shelves can also detect when a shopper picks an item up from a shelf to
get a closer look
▪ Ads are also targeted based on items almost bought, and special offer coupons
are displayed to close the deal
▪ Coca-Cola has collaborated with Google Technologies to target consumers in US
grocery stores
─The system is powered by Google Cloud technologies and works on any HDMI-
ready display that serves as grocery store aisle “end caps” (a term used to describe
advertisements at the front of grocery store aisles)
▪ These endcaps, using a combination of Google’s DoubleClick and location-based
technologies, serve ads and e-coupons to passing consumers based on their
smartphone data
▪ The data includes anything from consumer’s basic gender or age demographic to
previous browsing history
─An ad could change from Coke Zero to Glacéau Smartwater, if it recognizes a
preference for healthier products
▪ The aim is to connect and engage with consumers to drive sales of the brand in retail
stores
Mondelez’s Smart Shelves
Coca Cola’s personalized in-store displays
Source: Smart insights, Business insider, Netimperative.com 21
7

23. CONFIDENTIAL
Mobile is the key to customer engagement
Mobile apps can help drive sales by engaging with the customer through personal experiences by providing
special promotions or recommendations based on buying behaviour
▪ According to a mobile marketing
study conducted by Vibes, 89%
people agreed to sign up for mobile
messaging if they were
personalised based on their
preferences, location, timeliness
and others
▪ 86% of consumers say
personalization influences their
purchasing decisions, and 53%
think it is important for retailers to
recognize users in all the channels
available
− Retailers must offer cross-
channel personalization in
order to combat showrooming
▪ According to Rich Relevance
Survey:
− 52% are open to receiving pop
up offers on their mobile
device, triggered when they
enter a store
− 43% would like to receive a
digital coupon for a product
they looked at but didn’t buy
after leaving the store
50%
20% 13%
8%
Uses consumer’s
preferences –
favourite
shopping
categories,
brands, sizes
Timeliness –
when consumers
are getting ready
to purchase that
item
Location –
when
consumers are
in the store or
around the
store
Uses
consumer’s
name
Most important
aspects of
personalization
186%
Year-over-year increase in consumers who make purchase
based on in-store text message or QR code scan
89% of
consumers would
sign up for mobile
messages if they
were personalized
18%
of consumers
frequently see
personalization from
retailers and brands
Source: Vibes Mobile Consumer Survey
22
7

24. CONFIDENTIAL
Beauty players are actively focusing on personalizing their
mobile strategy
▪ L’Oréal’s luxury brand Kérastase made a move into the
IOT with the world’s first smart hairbrush, to prove its
innovation credentials and attract “hundreds of
thousands” of new customers
▪ This will allow the beauty brand to communicate
directly with consumers and provide “much more
personalised marketing”
▪ It uses algorithms to score the quality of the user’s hair
and to monitor the effects of different hair care routines
▪ An app that provides additional insights and
customised product recommendations
▪ The product aims to drive traffic to salons, with certain
treatments only available in store
▪ Benefit Cosmetics launched eyebrow-related invention,
a mobile optimized site that details how users should
style their brows, to promote its brow-shaping products
and services
▪ It has planned to rolled out a range of services &
promotions all in relation to eyebrows, to take
advantage of the trending beauty theme
▪ The Brow Genie is mobile optimized and allows users
to take or upload a selfie to the site where it uses face-
mapping technology to decipher where and how the
user’s brows should be shaped and styled
▪ The company has essentially put a department store
makeup counter in the palm of every woman’s hand,
with only their products stocked on the shelves
23
L’Oréal Benefit Cosmetics
7

25. CONFIDENTIAL
“Hyper personalization” is growing rapidly
Digital technologies, Omni channel growth and rising consumer expectations are driving
hyper personalization across various industries
Attribute Analysis uses a map to describe a customer,
using demographic, physical, psychological, functional,
professional, aspirational attributes. Each attribute is
mapped to a product, service, or piece of communication
which helps in making recommendations that go beyond
product and service
Event Sequence Analysis observes the sequence of
events a customer goes through to understand the lead
indicators for certain positive action or negative action
Computational Techniques
Clustering
Bayesian
Systems
Timeseries
Modeling
Regre-
ssion
She works as a teacher in
the local primary school
She lives in St. Louis
Television is her
primary media
influence
They like traditional
family sit down dinners
She is a health freak
Statistical
Model
She transacts at
multiple stores
Her average
basket size is $45
She is Brand Loyal
She lingers the longest
in section which have
promotions/offers
On an average she
spends 63 minutes
per trip in the store
Source: Wipro.com 24
7

26. CONFIDENTIAL
Personalization Platforms
25
Adobe
Cxense
Evergage
Google IBM
Localytics
Mixpanel Optimizely
SAS
Webtrekk
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
-1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0
DigitalIntelligenceUserExperience
Digital Engagement Optimization
Emerging players
Majors
Avg. deal size
Forrester Key Engagement and UX Rankings
Source: Forrester Wave: Digital Intelligence Platforms Q2, 2017, Pitchbook as of 12/14/2017.
Note: Scale represents average deal size from a low of 0 to a high of 5.0.
Score based on average of Forrester Digital Intelligence User Experience and Digital Engagement Optimization scores..
Score Company Employees Market Cap ($mn)
3.8 15,706 67,897.3
2.5 10,538 641.6
2.1 380,300 145,791.1
1.8 73,992 658,773.5
Score Company Employees Total raised ($mn)
4.3 85 26.3
2.8 400 146.2
1.9 212 77.0
1.6 88 35.1
1.0 138 48.7
0.9 201 59.7
Emerging platformsMajor platforms
8

27. CONFIDENTIAL
Source: MatterMark
Overview of personalization disruptors across sectors
Big Data/Predictive/AI eCommerce Marketing Personalized UX Others
TotalFundsRaised
`
$20m
$60m
$40m
$80m
$100m
$120m+
Seed
26Acquired Companies
8

28. CONFIDENTIAL
27
Conclusions
▪ For retailers:
− Personalization is an effective tool to increase your yield on marketing and
ecommerce platform investments – the big question is which subsectors within
personalization should be your focus – as today the sector remains fragmented
▪ For investors:
− 2018 will be a year of continued “hyper growth” for many personalization players.
That said, not all will be suited to scale into a platform eligible for a major
acquisition. Investment decisions should focus on both a “niche solution” takeout
scenario and the potential for continued investment (and potentially acquisition of
smaller personalization players)
▪ For personalization vendors:
− As personalization becomes an increasingly hot topic for retailers, expect the major
platform/suite providers to both offer their own solutions and acquire best of breed
solutions
− Expect that in 2019, the industry will begin to mature with a limited number of
independent pureplays competing against marketing suites as well as major
platform players

29. CONFIDENTIAL
Appendix: Market Data
28

30. CONFIDENTIAL
Financial and corporate investors
US
Stage
agnostic
Buyout /
Alternate
Early
stage
Late
stage
Corp.
VC
International
Investors with personalization investments
29

31. CONFIDENTIAL
30
Active investors
Investor Representative InvestmentsFund Overview
HQ: Boston, MA
Founded: 1983, Funds raised: $5.6bn
# of personalization transactions: 13
Note: (1) Represents AUM for India only; (2) Gotham is part of the Draper Fisher Jurvetson Global Network, which has $6 billion in assets under management
Source: Capital IQ with transactions over $6m since 2013
HQ: Menlo Park, CA
Founded: 1995, Funds raised: N/A
# of personalization transactions: 9
HQ: Palo Alto, CA
Founded: 1984, Funds raised: $75bn
# of personalization transactions: 6
HQ: San Francisco, CA
Founded: 2009, Funds raised: N/A
# of personalization transactions: 9
HQ: Menlo Park, CA
Founded: 1972, Funds raised: $3bn(1)
# of personalization transactions: 6
HQ: Menlo Park, CA
Founded: 1911, Funds raised: $3.6bn
# of personalization transactions: 7
HQ: New York, NY
Founded: 2010, Funds raised: N/A
# of personalization transactions: 4
HQ: New York, NY
Founded: 1999, Funds raised: $6bn(2)
# of personalization transactions: 5
HQ: Palo Alto, CA
Founded: 2010, Funds raised: $700m
# of personalization transactions: 5
HQ: New York, NY
Founded: 1994, Funds raised: N/A
# of personalization transactions: 7
HQ: Tel Aviv, Israel
Founded: 2014, Funds raised: N/A
# of personalization transactions: 3
4 rounds
4 rounds
1 round
4 rounds 2 rounds 1 round
1 round1 round3 rounds
4 rounds 1 round 1 round 1 round
3 rounds
3 rounds 2 rounds1 round
3 rounds2 rounds 1 round
3 rounds 2 rounds4 rounds
1 round each 1 round1 round1 round 2 round 2 round
3 rounds2 rounds2 rounds
1 round
each

32. CONFIDENTIAL
Selected private placements in the personalization sector
31
Closed
Date
Investor Company Deal Value
($m)
13-Oct-15 IDG Ventures; Sequoia Capital; Lightspeed Venture Partners; Lakestar Advisors GmbH; Hommels Holding GmbH EverString Technology Inc. 65
30-Sep-15 Battery Ventures; Benchmark; Index Ventures; Bain Capital Ventures; Tenaya Capital; Correlation Ventures; Andreessen Horowitz LLC; Citi Ventures, Inc.; Danhua Capital; Salesforce Ventures;
Pharus Capital Management, LLC
Optimizely, Inc. 59
21-Apr-14 Benchmark; Bain Capital Ventures; Andreessen Horowitz LLC Optimizely, Inc. 57
21-Jan-15 Goldman Sachs Group, Merchant Banking Division; Zodius Advisors India Private Limited Antuit Holdings Pte. Ltd. 56
shea 29-Jan-16 Battery Ventures; New Enterprise Associates; Lightspeed Venture Partners; Bain Capital Ventures; Salesforce Ventures BloomReach, Inc. 56
06-Apr-16 K1 Investment Management, LLC CrownPeak Technology, Inc. 50
02-Sep-15 Warburg Pincus LLC; Norwest Venture Partners; Sequoia Capital India Capillary Technologies Pvt Ltd. 45
05-Aug-15 EDB Investments Pte. Ltd.; Flare Capital Partners; Georgian Partners Welltok, Inc. 45
22-Feb-16 Accel; Goldman Sachs Group, Merchant Banking Division; Sapphire Ventures LLC; Salesforce Ventures QuBit Digital Ltd 40
22-Aug-17 Kleiner Perkins Caufield & Byers; Jump Capital Tulip Retail, Inc. 40
05-Nov-15 Propulsion Ventures Inc.; BDC Venture Capital; Fonds de solidarité FTQ; Investissement Québec, Investment Arm; Tandem Coveo Solutions Inc. 35
19-Sep-17 Bain Capital Ventures; Harmony Partners; Social Capital mParticle, Inc. 35
08-Sep-16 CRV; General Atlantic LLC; Highland Capital Partners; Kleiner Perkins Caufield & Byers; Causeway Management LLC; Salesforce Ventures SessionM, Inc. 35
15-Sep-16 Bessemer Venture Partners; HLM Venture Partners; InterWest Partners LLC; New Enterprise Associates; Sigma Partners; Hearst Ventures; EDB Investments Pte. Ltd.; QUALCOMM Ventures;
Miramar Venture Partners; Flare Capital Partners; Emergence Capital Partners; Okapi Venture Capital, LLC; Georgian Partners
Welltok, Inc. 34
10-Apr-13 Battery Ventures; Benchmark; InterWest Partners LLC; Bain Capital Ventures; GV Optimizely, Inc. 34
31-Jul-16 Bessemer Venture Partners; Baidu, Inc. (NasdaqGS:BIDU); Vertex Ventures Israel; Global Founders Capital Management GmbH; Innovation Endeavors; La Maison Interiors, LLC; Marker LLC;
ClalTech; Deutsche Telekom Capital Partners Management GmbH
Dynamic Yield Ltd. 31
23-Sep-16 Primus Capital Certona Corporation 30
25-Jul-16 Starbucks Corporation (NasdaqGS:SBUX); BCG Digital Ventures Takt, Inc. 30
10-Dec-15 EPIC Ventures; Millennium Technology Value Partners; RPM Ventures; Emergence Capital Partners; DFJ Frontier; Split Rock Partners, LLC; HighBar Partners Janrain, Inc. 27
29-Sep-14 Accel Partners; Balderton Capital; Salesforce Ventures QuBit Digital Ltd 26
04-Apr-14 Mayfield Fund; Sequoia Capital; Tenaya Capital Inc.; Next World Capital; The Four Rivers Group AgilOne Inc. 25
20-Dec-16 Bessemer Venture Partners; Baidu, Inc. (NasdaqGS:BIDU); Vertex Ventures Israel; Global Founders Capital Management GmbH; Innovation Endeavors; Marker LLC; ClalTech Dynamic Yield Ltd. 22
26-Jun-14 ABS Capital Partners, Inc.; SoftBank Capital IgnitionOne, Inc. 21
02-Jun-14 Draper Fisher Jurvetson; J.F. Shea Venture Capital; CrossLink Capital, Inc.; Centerview Capital Holdings, LLC; Greylock Partners RichRelevance, Inc. 20
12-Dec-13 Benchmark; RRE Ventures LLC; Gotham Ventures; Scale Venture Partners; AOL Ventures Sailthru, Inc. 20
01-May-15 VantagePoint Capital Partners; Baird Venture Partners Legacy Interactive, Inc. 20
11-Feb-13 Benchmark; RRE Ventures LLC; Gotham Ventures; AOL Ventures Sailthru, Inc. 19
30-Jun-16 General Catalyst Partners Index, Inc. 19
11-Feb-13 Benchmark; RRE Ventures LLC; Gotham Ventures; AOL Ventures Sailthru, Inc. 19
11-Feb-16 Battery Ventures; Intel Capital; Hasso Plattner Ventures Reflektion, Inc. 18
Shea 29-Sep-16 Bain Capital Ventures; Social Capital mParticle, Inc. 18
22-Aug-17 Ignition Partners; Greycroft Partners LLC; Trilogy Equity Partners; Seven Peaks Ventures LLP; Wildcat Venture Partners, LP Amplero, Inc. 18
12-Jan-15 Volition Capital LLC Insite Software Solutions, Inc. 17
12-Jun-14 Intel Capital; Nokia Growth Partners; Inventus Capital Partners; Ojas Venture Partners; Ascent Capital Advisors Vizury Interactive Solutions Private Limited 16
25-Sep-15 U.S. Venture Partners; Hasso Plattner Ventures Wayin, Inc. 15
12-Feb-13 N/A Monetate, Inc. 15
16-Nov-15 ENIAC Ventures; Social Capital; Golden Venture Partners, Inc.; Bowery Capital mParticle, Inc. 15
28-Aug-15 North Atlantic Capital ChoiceStream, Inc. 14
17-Jul-14 Norwest Venture Partners; Sequoia Capital India Capillary Technologies Pvt Ltd. 14
31-May-13 N/A nGage Labs, Inc. 14
11-Feb-14 Norwest Venture Partners; QUALCOMM Ventures; Sequoia Capital India; American Express Ventures Capillary Technologies Pvt Ltd. 14
03-Jun-14 U.S. Venture Partners; WS Investments Wayin, Inc. 13
29-Dec-14 NewSpring Capital SiteSpect, Inc. 13
19-Jun-17 Inventus Capital Partners; IDG Ventures India; Eight Roads Ventures India; Nirvana Venture Advisors UNBXD Software Private Limited 13
20-Jun-14 Bessemer Venture Partners; The New York Times Company (NYSE:NYT); Innovation Endeavors; Marker LLC; ProSiebenSat.1 Accelerator Dynamic Yield Ltd. 12
02-Sep-13 N/A Segmint, Inc. 12
13-Oct-15 Sierra Ventures; Lerer Hippeau Ventures; Cota Capital boomtrain, Inc. 12
25-Oct-17 Battery Ventures; Hasso Plattner Ventures; Clear Ventures Management LLC Reflektion, Inc. 12
10-Dec-15 Fondaction; Fonds de solidarité FTQ; W Investments Orckestra Inc. 12
05-May-15 CRV; Highland Capital Partners; Kleiner Perkins Caufield & Byers; DoCoMo Capital, Inc.; Commerce Ventures; Causeway Management LLC SessionM, Inc. 12
01-Aug-14 IDG Ventures; Sequoia Capital; Lightspeed Venture Partners EverString Technology Inc. 12
31-Oct-16 Safeguard Scientifics, Inc. (NYSE:SFE); Pivotal Capital Group, LLC Spongecell Inc. 11
26-Mar-15 Octopus Investments Limited; Northstar Ventures; SVB Silicon Valley Bank, Investment Arm Amplience (UK) Limited 11
06-Dec-16 TTV Capital; TechOperators LLC; Harbert Growth Partners Springbot, Inc. 10
09-Aug-17 Arrowroot Capital Evergage 10
18-Dec-15 Arrowroot Capital, G20 Ventures, Point Judith Capital Evergage 10
12-Jan-16 PJC; G20 Associates, LLC.; Arrowroot Capital Evergage, Inc. 10
14-Jan-15 N/A Moxtra, Inc. 10
Source: Capital IQ

33. CONFIDENTIAL
32
Acquirer Targets
Source: Crunchbase, Capital IQ
Active strategic buyers
HQ: Redwood City, CA
Founded: 1977, Status: Public
Acquired in: Aug‘15
Implied EV: $160m
Acquired in: Feb ‘14
Implied EV: NA
HQ: San Francisco, CA
Founded: 2006, Status: Public
Acquired in: Apr ‘15
Implied EV: $533M
Acquired in: Apr‘12
Implied EV: NA
HQ: New York, NY
Founded: 1984, Status: Public
Acquired in: Jan ‘14
Implied EV: $80M
Acquired in: Mar ‘13
Implied EV: NA
HQ: New York, NY
Founded: 1985, Status: Private
Acquired in: Jan ‘14
Implied EV: $91M
HQ: Karnataka, India
Founded: 1981, Status: Public
Acquired in: Apr ‘15
Implied EV: $111M
HQ: Littleton, CO
Founded: 2007, Status: Public
Acquired in: Aug‘14
Implied EV: $69M
HQ: Sydney, Australia
Founded: 2011, Status: Private
Acquired in: Aug ‘07
Implied EV: $41m
Acquired in: July ‘17
Implied EV: NA
HQ: Dublin, Ireland
Founded: 1989, Status: Public
HQ: Melville, NY
Founded: 1994, Status: Public
Acquired in: Nov‘16
Implied EV: NA
HQ: Petaluma, CA
Founded: 1995, Status: Private
Acquired in: Sep ‘16
Implied EV: NA
HQ: Nashua, NH
Founded: 1994
Acquired in: Aug ‘16
Implied EV: NA
HQ: San Francisco, CA
Founded: 2008, Status: Private
Acquired in: Jan ‘15
Implied EV: NA

34. CONFIDENTIAL
33
Profiles of personalization disruptors: Big Data/Predictive/AI
Company FocusCategory Employees FundingLocation
Big Data/Predictive/AI San Mateo, CA 51-100 $78.7m Data and AnalyticsEverstring
Big Data/Predictive/AI Seattle, WA 11-50 $25.5m Content MarketingAmplero
Source: Press releases, dealroom.co, Crunchbase
Big Data/Predictive/AI Mountain View, CA 251-500 $97.0m Cloud MarketingBloomreach
Big Data/Predictive/AI Boston, MA 11-50 $7.0m Predictive AnalyticsCoherent Path
Big Data/Predictive/AI Somerville, MA 51-100 $26.3m Digital MarketingEvergage
Big Data/Predictive/AI Mountain View, CA 11-50 $14.5m Navigation and
Mapping
Unbxd
Big Data/Predictive/AI London, UK 101-250 $3.1m Delivery PlatformINSIDER
Big Data/Predictive/AI Menlo Park, CA 11-50 $3.0m Data and AnalyticsGraphdive
Big Data/Predictive/AI San Francisco, CA 11-50 $36.0m Predictive
intelligence engine
6sense
Big Data/Predictive/AI
HaZafon, Israel 11-50 $4.7m Data and AnalyticsciValue
Big Data/Predictive/AI London, UK 51-100 $7.4m Practical applications
of deep learning and
AI
DigitalGenius
Big Data/Predictive/AI New York, NY 11-50 $14.0m Machine learning
processes & AI
algoritms
Qloo

35. CONFIDENTIAL
34
Profiles of personalization disruptors: Big Data/Predictive/AI
Company FocusCategory Employees FundingLocation
Source: Press releases, dealroom.co, Crunchbase
Big Data/Predictive/AI Stockholm, Sweden 11-50 $0.6m eCommerce search
engine
Loop54
Big Data/Predictive/AI Tel Aviv, Israel 11-50 N/APersonyze SaaS platform
Big Data/Predictive/AI Madrid, Spain 11-50 $1.1m eCommerce
Analytics
BrainSINS

36. CONFIDENTIAL
35
Profiles of personalization disruptors: eCommerce
Company FocusCategory Employees FundingLocation
eCommerce Stevenson, WA 11-50 $3.9m eCommerce
Software
4-Tell
eCommerce Atlanta, GA 51-100 $20.0m Marketing platformSpringbot
eCommerce San Francisco, CA 101-250 $95.8m OmnichannelRichRelevance
eCommerce Toronto, Canada 101-250 $ 51.2m Mobile app platformTulip Retail
eCommerce Cambridge, MA 11-50 $14.0m Live engagement
solution provider
Vee24
eCommerce Luxembourg 11-50 $3.9m People-centric open
platform
Pingvalue
eCommerce Mountain View, CA 1-10 $2.0m Personalized
Merchandising
Attune
Source: Press releases, dealroom.co, Crunchbase
eCommerce Columbia, Canada 101-250 $21.8m PlatformElastic Path
eCommerce Palo Alto, CA 11-50 $17.0m Promotions platformIfeelgoods
eCommerce Karnataka, India 251-500 $27.0m Growth Marketing
platform
Vizury
eCommerce Los Angeles, CA 101-250 $12.0m
OroCRM,
OroCommerce and
the OroPlatform
ORO

37. CONFIDENTIAL
36
Profiles of personalization disruptors: eCommerce
Company FocusCategory Employees FundingLocation
eCommerce Gujrat, India 11-50 $1.0m On-demand retail
platform
Gingercrush
eCommerce York, UK 1-10 N/APureClarity Personalization
Software
Source: Press releases, dealroom.co, Crunchbase

38. CONFIDENTIAL
37
Profiles of personalization disruptors: Marketing
Company FocusCategory Employees FundingLocation
Marketing Boston, MA 11-50 $84.1m Digital advertising
solutions
ChoiceStream
Marketing Boston, MA 101-250 $45.2m
Machine learning
engine
Dynamic Yield
Source: Press releases, dealroom.co, Crunchbase
Marketing London, UK 251-500 $74.9m SaaS personalizationQubit
Marketing Boston, MA 101-250 $73.5m
Customer engagement
platform
SessionM
Marketing Culver City, CA 101-250 $64.8m AdvertisingSteelHouse
Marketing New York, NY 101-250 $67.0m Smart video
platform
SundaySky
Marketing New York, NY 101-250 $48.0mSailthru
Marketing Denver, CO 51-100 $49.6m CMS platformWayin
Mobile app messaging
& engagement
Marketing Philadelphia, PA 101-250 $ 46.0m Platform for digital
experiences
Monetate
Marketing Mountain View, CA 101-250 $41.0m Predictive marketingAgilOne
Marketing London, UK 51-100 $31.3m Content-as-a-
Service platform
Amplience
Marketing Akron, OH 11-50 $29.5m Digital marketing
solutions
Segmint
Marketing San Francisco, CA 11-50 $26.0m Retail softwareIndex

39. CONFIDENTIAL
38
Profiles of personalization disruptors: Marketing
Company FocusCategory Employees FundingLocation
Marketing Chicago, IL 251-500 $25.0m Interactive Employee
Communication
Software
Jellyvision
Source: Press releases, dealroom.co, Crunchbase
Marketing NewYork, NY 101-250 $24.5m Creative management
platform
Spongecell
Marketing London, UK 51-100 $23.8m OptimisationAB Tasty
Marketing Minneapolis, MN 101-250 $16.8mInsite Softtware B2B eCommerce
Marketing Austin, TX 11-50 $15.8m Acceleration
Software
ReachForce
Marketing San Francisco, CA 11-50 $10.6m Segment-of -One
marketing
Blueshift
Marketing Santa Monica, CA 51-100 $10.3m Retention marketingRetention
Science
Marketing Krakow, Poland 101-250 $6.0m Automation platformSALESmanago
Marketing Bath, UK 11-50 $9.7m MerchandisingThe Filter
Marketing Paris, France 11-50 $4.8m AR platformAugment
Marketing London, UK 11-50 $10.9m Automation platformOmetria
Marketing New York, NY 11-50 $2.0m Marketing services
& analytics
Grey Jean
Technologies
Marketing Boston, MA 11-50 $8.5m
Email marketing
platform
Klaviyo

40. CONFIDENTIAL
39
Profiles of personalization disruptors: Personalized UX
Company FocusCategory Employees FundingLocation
Personalized UX San Francisco, CA 251-500 $146.2m PlatformOptimizely
Personalized UX San Diego, CA 51-100 $37.0m Multi-channel
personalization platform
Certona
Personalized UX New York, NY 51-100 $76.3m
Customer data
platform
mparticle
Personalized UX San Mateo, CA 51-100 $41.3m Individualized
Commerce Technology
Reflektion
Personalized UX Singapore 251-500 $82.1mCapillary
Technologies
Customer analytics
marketing platform
Source: Press releases, dealroom.co, Crunchbase
Personalized UX Helsinki, Finland 51-100 $25.4m Product
recommendations
Nosto
Personalized UX Salt Lake City, UT 51-100 $19.5m PlatformNeedle
Personalized UX San Diego, CA 11-50 $8.1m Adaptive messaging
platform
Cordial
Personalized UX Denver, CO 11-50 $12.5m Mobile appBaker
Technologies
Personalized UX San Francisco, CA 11-50 $3.8m Algorithmic body
measurement prediction
Bold Metrics
Personalized UX Paris, France 11-50 $3.0m Personalized user
experience
AntVoice
Personalized UX Bucharest, Romania 11-50 $1.1m PlatformOmniConvert
Personalized UX Tel Aviv, Israel 11-50 NA Website personalization
technologies
Barilliance

41. CONFIDENTIAL
40
Profiles of personalization disruptors: Other
Company FocusCategory Employees FundingLocation
Other Dallas, TX 251-500 $40.9m
Omnichannel
commerce platform
KIBO
Software
Other Durham, NC 101-250 $18.2m
Predictive lifecycle
and retention
marketing platform
Windsor Circle
Source: Press releases, dealroom.co, Crunchbase
Other Scottsdale, AZ 11-50 $20.9m Personalized mobile
engagement
nGage Labs
Other Karnataka, India 11-50 $4.0m Performance advertisingRevX
Other Woburn, MA 51-100 $57.4m
Footwear and
apparel’s discovery
platform
True Fit