The document provides an overview of Consort Partners, an international strategic marketing, public relations and social media company founded in 2004. It discusses Consort Partner's entrepreneurial roots in building new and established businesses across technology, media and finance markets in the US, Europe and Asia. Consort employs senior journalists, PR and marketing experts with an international network to leverage on behalf of clients. The second part of the document introduces NOAH Advisors, a European investment banking boutique focused on internet companies, and discusses some of their recent transaction experience.
Mobile / Mobile Apps - Presentation by Philipp Kandal, Founder of Skobbler at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
A glimpse about the Successful European Startups in areas like Music, Gaming, Fashion, Travel, FinTech, Apps besides the Startup Europe development and outcomes presented at the Digital Leaders Salon
Mobile / Mobile Apps - Presentation by Philipp Kandal, Founder of Skobbler at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
A glimpse about the Successful European Startups in areas like Music, Gaming, Fashion, Travel, FinTech, Apps besides the Startup Europe development and outcomes presented at the Digital Leaders Salon
Visualización de datos en cubos de informacion usando sharepoint 2013, perfor...SpanishPASSVC
En esta sesion se vera la integracion y arquitectura de los componentes necesarios para desarrollar soluciones con SQL SERVER Analysis Services y PerformancePoint de Sharepoint 2013. Ademas se vera la integracion con otros servicios tales como Power View, Reporting Services, Excel Services y Visio.
Presentación realizada por Bárbara M.D (6ºB,) en el marco de las propuestas de ampliación planteadas para el área de educación física del colegio de Lanjaŕon (Granada)
En esta presentación encontraras todos los tips y apuntes, para que seas el mejor en tu rotación de reumatología con el Dr. Carlos Vinicio Caballero. RotReuma. Sólo tienes que poner de tu parte y aplicar toda la información que aquí te brindamos.
Éxitos y buena suerte!!
To Get any Project for CSE, IT ECE, EEE Contact Me @ 09666155510, 09849539085 or mail us - ieeefinalsemprojects@gmail.com-Visit Our Website: www.finalyearprojects.org
Silicon Halton Meetup #44 - Special Presentation By The Weather NetworkSilicon Halton
The Weather Network | Pelmorex Media Inc. provides weather information to millions of Canadians each day across it’s media properties - television (15 million monthly viewers), online (8 million monthly unique users), mobile and tablet apps (8 million monthly users). They are also one of the largest information technology companies in Halton region – employing over 450 people. Their goal is to be the best weather and weather-related content and information provider in Canada. They are committed to delivering weather information to consumers 24 hours a day, 365 days a year, across all platforms
Carrie Lysenko, Director Web Services, Moe Abeidat, Director Software Development, and Matt Mejaski, Software Development Manager, shared their story about the evolution of their strategy from television to interactive websites and apps. They discussed the website’s history, it’s challenges, why and how they recently re-launched their website, and what they see for the Weather Network’s future. It’s a great made in Canada technology story.
CA Consumer Finance shares the findings of its survey of the consumer credit market in 27 European Union countries (EU-27) for the fourth year running. With a total of 1,105 billion euros in loans outstanding at end-2010, the EU accounts for nearly one quarter of the global credit market.
Sistema de gestion para la prevencion de delitosAddVANTE
La implantación de un adecuado modelo de vigilancia y control para prevenir los delitos, puede actuar como “eximente” ante cualquier demanda de responsabilidad penal.
Cheapflights Media - NOAH12 San FranciscoNOAH Advisors
Travel - Presentation by Hugo Burge, Founder & CEO of Cheapflights at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
Advertising - Presentation by Marco Kloots, Founder & CEOs of Clickdistrict at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
Visualización de datos en cubos de informacion usando sharepoint 2013, perfor...SpanishPASSVC
En esta sesion se vera la integracion y arquitectura de los componentes necesarios para desarrollar soluciones con SQL SERVER Analysis Services y PerformancePoint de Sharepoint 2013. Ademas se vera la integracion con otros servicios tales como Power View, Reporting Services, Excel Services y Visio.
Presentación realizada por Bárbara M.D (6ºB,) en el marco de las propuestas de ampliación planteadas para el área de educación física del colegio de Lanjaŕon (Granada)
En esta presentación encontraras todos los tips y apuntes, para que seas el mejor en tu rotación de reumatología con el Dr. Carlos Vinicio Caballero. RotReuma. Sólo tienes que poner de tu parte y aplicar toda la información que aquí te brindamos.
Éxitos y buena suerte!!
To Get any Project for CSE, IT ECE, EEE Contact Me @ 09666155510, 09849539085 or mail us - ieeefinalsemprojects@gmail.com-Visit Our Website: www.finalyearprojects.org
Silicon Halton Meetup #44 - Special Presentation By The Weather NetworkSilicon Halton
The Weather Network | Pelmorex Media Inc. provides weather information to millions of Canadians each day across it’s media properties - television (15 million monthly viewers), online (8 million monthly unique users), mobile and tablet apps (8 million monthly users). They are also one of the largest information technology companies in Halton region – employing over 450 people. Their goal is to be the best weather and weather-related content and information provider in Canada. They are committed to delivering weather information to consumers 24 hours a day, 365 days a year, across all platforms
Carrie Lysenko, Director Web Services, Moe Abeidat, Director Software Development, and Matt Mejaski, Software Development Manager, shared their story about the evolution of their strategy from television to interactive websites and apps. They discussed the website’s history, it’s challenges, why and how they recently re-launched their website, and what they see for the Weather Network’s future. It’s a great made in Canada technology story.
CA Consumer Finance shares the findings of its survey of the consumer credit market in 27 European Union countries (EU-27) for the fourth year running. With a total of 1,105 billion euros in loans outstanding at end-2010, the EU accounts for nearly one quarter of the global credit market.
Sistema de gestion para la prevencion de delitosAddVANTE
La implantación de un adecuado modelo de vigilancia y control para prevenir los delitos, puede actuar como “eximente” ante cualquier demanda de responsabilidad penal.
Cheapflights Media - NOAH12 San FranciscoNOAH Advisors
Travel - Presentation by Hugo Burge, Founder & CEO of Cheapflights at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
Advertising - Presentation by Marco Kloots, Founder & CEOs of Clickdistrict at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
Advertising - Presentation by Tal Schwartz, Founder & CEO of ClickTale at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
E-Commerce Enablers - Presentation by Pieter Van der Does, Founder & CEO of Adyen at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
E-Commerce Enablers - Presentation by Daniel Fratzschner, Founder & CEO of Euroweb at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
Advertising - Presentation by Luca Ascani, Founder & CEO of Populis at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
Travel - Presentation by JR Friedlander, Founder & CEO of Reviewpro at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of June. www.noah-conference.com
Advertising - Presentation by Andreas Bodczek, Co-Founder & CEO of SponsorPay at the NOAH 2012 Conference in San Francisco, Four Seasons Hotel on the 26th of june. www.noah-conference.com
Official speaker book for the NOAH 2019 Conference in Tel Aviv with comprehensive background information on all presenting speakers and their companies.
Official speaker book for the NOAH 2018 Conference in Tel Aviv with comprehensive background information on all presenting speakers and their companies.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
3. But with a Little Help We Managed
Consort Partners Overview
Founded in 2004, Consort Partners is an
international strategic marketing, social media and
public relations company with a track record of
building the profiles and awareness of new and
established businesses alike
Consort Partners has its entrepreneurial roots in
creating, building, and leading high-profile
companies across technology, media, and finance
markets across the US, Europe and Asia
Consort employs senior journalists, PR and
marketing experts who have an international
network of business leaders, journalists, thought-
leaders, opinion formers, financiers and analysts
that they can leverage on behalf of our clients.
Consort Partners is a privately-held company owned
100% by the founders and is based in the Bay Area,
Kathy Johnson, Founder of Consort Partners with operations in Austin, New York, and London
3
4. So Today… We Are Proud to Be Here
Guys, It is Really Finally
Let’s Go! Hot Here Here!
4
6. NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique Selected Completed NOAH Transactions
May 2012 April 2012
Unique Industry Know-How Core Investment Banking Competence
Sale of a 100%-stake in
100% focused on Internet companies, covering The NOAH team has 25+ years of media
150 million growth equity investment from
over 25 sub-verticals in this highly complex investment banking experience
industry - Routine execution of M&A and financing for a 50% stake alongside Fotolia’s Founders and
to
- 15+ years active coverage of leading European transactions with sizes of several billion euros
Internet companies and investors The team has been working together closely for 7 Additional $150 million senior debt financing
Total $300 million investment
Deep understanding of industry dynamics and years (including 6 years at Lehman Brothers) Financial Advisor to Fotolia and its Shareholders Financial Advisor to Toprural and its Shareholders
thinking of industry leaders 8 successfully completed NOAH Advisors
Ability to add value beyond banking advice transactions underline successful transfer of
- Facilitates overall process and minimizes competencies to the Internet sector November 2011 July 2011
management distraction Sale of a majority stake in Sale of a majority stake in
Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs!
NOAH Advisors is globally very well connected The NOAH team are entrepreneurs and focused to
to
and has direct access to virtually all key players in on growing the business and establishing a Quants Financial Services AG
the industry reputation for excellence Exclusive Financial Advisor to
- Knowledge of and strong relationships with Full commitment to deliver top quality results in grupfoni and its Shareholders Advisor to EnGrande
potential buyers’ key decision makers short time frames
- Coverage of over 500 companies and 4,000 Highly success-based compensation structures
individuals align interests of clients and NOAH Advisors, and April 2011 April 2011
- Proactively finds and unlocks attractive demonstrate conviction to deliver top results Sale of a majority stake in
investment opportunities for leading have acquired a majority stake in
investors (e.g. Bigpoint)
Annual NOAH Conference to
for $350m from
The NOAH Advisors Core Team
Exclusive Advisor to Advisor to Yatego
Summit Partners and TA Associates
Marco Yoram Jan
Rodzynek Wijngaarde Brandes
December 2009 April 2009
Managing Director Director Director
Partial sale of $80m partial sale of
and Founder
to
to
Contact Details Contact Details Contact Details Valuing Softonic at €175m
marco.rodzynek@noah-advisors.com yoram.wijngaarde@noah-advisors.com jan.brandes@noah-advisors.com
Advisor to Softonic Advisor to Fotolia
UK Mobile: +44 77 85 330 330 UK Mobile: +44 79 17 084 784 German Mobile: +49 174 2010 984
Swiss Mobile: + 41 79958 1512
7. Fotolia - Europe’s Largest Internet LBO 2012
May 2012 NOAH Advisors’ Role
Fotolia has been a close relationship of NOAH
$150 million growth equity investment from
Advisors for over 3 years
In April 2009, NOAH Advisors advised the Fotolia
founders in their sale of a majority stake to TA
for a 50% stake alongside Fotolia’s Founders and Associates
NOAH had worked intensively with Fotolia and its
shareholders on various strategic opportunities and
introduced the deal to KKR, with whom NOAH has as
Additional $150 million senior debt financing long-standing institutional relationship
Total $300 million investment
NOAH Advisors acted as exclusive M&A financial
Exclusive Financial Advisor to advisor to Fotolia and its shareholders, and
Fotolia and its shareholders
facilitated a fast execution based on in-depth
knowledge the company, and intelligence around
the best potential investor candidates
7
10. So Why Are We Here?
Because …
We love the Internet
Clients asked us to expand the NOAH Conference to reach
more US companies and investors
Most of you don't like to travel
Europe matters:
There are ~100 European Internet Companies
valued at over €200m+
10
12. European Internet Pioneers & Global Leaders
Some business models were invented or most successfully executed in Europe
Company Segment Company Segment
Innovative payment platform Remote access
Largest pure-play fashion Retailer Open-source database
Enterprise software FX
Social networking for people you
Vertical ad network (soccer)
don’t know
Betting VoIP
Free to play online gaming Legal music service
Toolbars Global hotel comparison leader
Freemium anti-virus Private sales
Payment instalments Personal loans
12
13. Public Internet Valuations – US vs. Europe
European Internet companies are valued at a significant discount compared to the US
Internet EV / EBITDA 2012E Internet EV / EBITDA 2013E
15.0x
12.0x
49% Premium
40% Premium
10.1x 8.6x
US Europe US Europe
Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors. 13
14. Europe Is Unique
Countries & Poupulation Investors
10 Largest countries: Less VC money available and harder to get
- 50m+: Germany (81.5m), France (65.3m), funding
U.K. (62.7m), Italy (61.0m)
- 20-50m: Spain (46.8m), Ukraine (45.1m), Serial entrepreneurs and angel investors
Poland (38.4m), Romania (21.9m), dominate the scene as in the US
- 10-20m: Netherlands (16.8m), Portugal
Cultural differences, e.g. not anyone wants
(10.8m)
to get rich, different work ethics / intensity
10 Largest cities, many local markets: levels
- 3m+: London (7.8m), Berlin (3.5m), Madrid
(3.3m)
- 1m+: Rome (2.8m), Paris (2.2m), Hamburg
(1.8m), Warsaw (1.8m), Budapest (1.7m),
Vienna (1.7m), Bucharest (1.6m)
Proximity to Russian and Eastern European
market
14
16. NOAH Study – Companies Included
The market cap of post-2000 Internet bubble IPOs is ~4x larger in the US than in Europe
US Market Cap: $96bn European Market Cap: $27bn
Nov-09 Nov-11
Oct-01 Feb-12 Oct-10
Feb-12 Mar-12 Jan-11
Dec-10 Aug-06
Nov-10 Jul-07
May-12 Nov-11 Jun-11
Jul-10 Apr-11 Mar-06
May-11 May-09
Nov-05 Mar-05 Dec-06
Jun-11 Feb-10 May-10
May-11 Dec-09 May-08
Feb-12 Jul-11 Dec-11 IPO Date = EBITDA Negative
Note: Market caps as of 15-Jun-12.
16
17. Company Size and Valuation Growth
US company universe valued 3.5x higher than European one
However, EU companies performed 3.3x better since IPO than the US group
European Internet IPOs are cheaper than US Internet IPOs
Average Market Cap ($bn) Average Share Price Performance since IPO
Average market cap of across sampled firms Average share price increase since IPO of sampled firms
6.0 46%
1.7 14%
US Europe US Europe
Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors. We excluded Asos, up (8,145% since IPO)
17
18. VC Funding is Less Developed in Europe
European public companies have relied less on VC money than US ones
VC investment per company and in % of current market cap significantly
lower in Europe compared to the US
However, there are also fewer winners in Europe (less exits)
Average VC Funding Raised ($m) VC Funding as % of Market Cap
Average amount of venture capital raised across sampled Average of venture capital raised as a percentage of current
firms market capitalisation of sampled firms
367
21.1%
Including
Tradedoubler (165%)
& Ocado (53%)
6.1%
69
1.6%
US Europe US Europe
Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors.
18
19. Valuation Drivers in the Context of a Company’s
Development Stage: How NOAH sees the World
Market
Management Technology Users / KPIs Revenues EBITDA
Leadership
Increasing valuations – However Multiples Get More Reasonable (in Theory)
Decreasing Execution Risk and Benefit of the Doubt (Less to Hope for)
(GROWTH * MARGIN) Predictability = Valuation Multiple
19
20. A Look at the Largest VC Backed Companies
Over-promised and under-delivered? They jumped several hurdles in our valuation chain
VC Capital Raised ($bn) Share Price Performance since IPO
2,240 (21%)
1,140 (50%)
860 (44%)
510 (22%)
471 (44%)
Source: Bloomberg, FactSet, 4-traders & NOAH Advisors.
20
21. High Profile Venture Backed Companies
European VC is waking up or rather has been awakened by many US investors
Company Last Round Raised Selected Investors Company Last Round Raised Selected Investors
Mar-11 $218m Feb-09 $65m
June-11 $188m Jan-12 $63m
Dec-11 $166m Apr-12 $62m
Feb-12 $145m Mar-11 $59m
Jul-07 $130m Feb-12 $58m
Apr-12 $129m Jun-09 $53m
Sep-07 $117m Jun-12 $47m
May-11 $114m May-10 $23m
Feb-12 ~$100m
Sources: Crunchbase, NOAH Advisors.
21
22. Financial Investors at the NOAH Conference 2011
Venture Capital (€5-20m) Growth Capital (€20-250m) Private Equity (€250-1,000+m)
Fund Attendees Key Contact Fund Attendees Key Contact Fund Attendees Key Contact
Harry Nelis (hnelis@accel.com) John Meeks (jmeeks@ta.com) Stefan Götz (sgoetz@hf.com)
11 Sonali de Rycker (sderycker@accel.com) 7 Ajit Nedungadi (ajit@ta.com) 9 Zita Saurel (zita@hf.com)
Adam Valkin (avalkin@accel.com) Morgan Seigler (mseigler@ta.com) Blake Kleinman (bkleinman@hf.com)
Dominique Vidal (dom@indexventures.com) Scott Collins (scollins@summitpartners.com) Philipp Freise (freip@kkr.com)
9 Ben Holmes (benh@indexventures.com) 5 Christian Strain (cstrain@summitpartners.com) 4 Lucian Schoenefelder (lucian.schoenefelder@kkr.com)
Jan Hammer (jan@indexventures.com) Vincent Lambert (vlambert@summitpartners.com) Vania Schlogel (vania.schlogel@kkr.com)
Hans-Jürgen Schmitz (hans-juergen.schmitz@mangrove-vc.com) Konrad Stoebe (konrad.stoebe@warburgpincus.com) Dominik Stein (dominik.stein@eqt.de )
3 Eugene Mizin (eugene.mizin@mangrove-vc.com) 5 Steven Klooster (steven.klooster@warburgpincus.com) 4 Christian Schuette (christian.schuette@eqt.de)
Guillaume Durao (guillaume.durao@mangrove-vc.com) Johannes Korp (johannes.korp@warburgpincus.com) Anil Hansjee (anil@hansjee.net)
Pawel Chudzinski (pawel@pointninecap.com) Frank Seehaus (fs@actoncapital.de)
Kai Romberg (kai.romberg@hgcapital.com)
3 Lukasz Gadowski (lukasz@teameurope.net) 3 Jan-Gisbert Schultze (jgs@actoncapital.de)
3 Dan Groen (dan.groen@hgcapital.com)
Kolja Hebenstreit (kolja@teameurope.net) Benedikt Sudbrock (bs@actoncapital.de)
Sascha Kaumann (sascha.kaumann@hgcapital.com)
Roberto Bonanzinga (rbonanzinga@balderton.com) Fabio Giuseppetti (giuseppetti@palamon.com)
2 Karim Tabet (karim.tabet@provequity.co.uk)
Dharmash Mistry (dmistry@balderton.com ) 3 Daniel Mytnik (mytnik@palamon.com)
Ricardo Caupers (caupers@palamon.com) 3 Bruno Mourgue d'A. (bruno.mourguedAlgue@provequity.co.uk)
Marcel Rafart (marcel.rafart@nautacapital.com) Andrew Tisdale (andrew.tisdale@provequity.co.uk)
2 Javier Rubio (javier.rubio@nautacapital.com) Marco Brockhaus (brockhaus@brockhaus-pe.com) Karl Peterson (kpeterson@tpg.com)
Pär-Jörgen Pärson (pjp@northzone.com) 2 Jan Daniel Neumann (neumann@brockhaus-pe.com)
2 3 Anand Tejani (atejani@tpg.com)
Hans Otterling (hans@northzone.com) Jean Baptiste Brian (jbbrian@tpg.com)
Andrin Bachmann (andrin.bachmann@pitoncap.com) Chris Caulkin (ccaulkin@generalatlantic.com)
2 Greg Lockwood (greg.lockwood@pitoncap.com) 2 David Lisewski (dlisewski@generalatlantic.com) Tripp Lane (tripp.lane@apax.com)
2 Frank Ehmer (frank.ehmer@apax.de)
Alexander Ribbink (alexander@primeventures.com)
2 Rogier Taphoorn (rogier@primeventures.com) Sarah Pinto (spinto@greathillpartners.com)
2 Peter Garran (pgarran@greathillpartners.com)
Hubert Deitmers (hubert.deitmers@endeit.com) Andrea Valeri (valeri@blackstone.com)
2 Martijn Hamann (martijn.hamann@endeit.com)
2 Lance Toler (lance.toler@blackstone.com)
Alex Gonthier (gonthier@@wellington-partners.com) Jim Quagliaroli (jim@spectrumequity.com)
2 2 Jeff Haywood (jeff@spectrumequity.com)
Christian Thaler-Wolski (thaler@wellington-partners.com) Stefan Franssen (stefan.franssen@gmtpartners.com)
2 Natalie Tydeman (natalie.tydeman@gmtpartners.com)
1 Emanuele Levi (emanuele.levi@360capitalpartners.com)
Daniel O’Keefe (dokeefe@tcv.com )
1 Mike Chalfen (mike.chalfen@adventventures.com)
2 Woody Marshall (wmarshall@tcv.com)
Hinrich Stahl (hs@maryland-gmbh.de)
1 Mattias Ljungman (mattias@atomicoinvestments.com)
2 Helge Luetzen (hl@maryland-gmbh.de)
Stephen Byrne (stephen.byrne@vitruvianpartners.com)
1 Michael Eisenberg (michael@benchmark.com)
2 Jussi Wuoristo (jussi.wuoristo@vitruvianpartners.com)
Michael Korzinstone (michael.korzinstone@silverlake.com)
1 Alon Lifshitz (alon@blumbergcapital.com) 2 John Flynn (john.flynn@silverlake.com)
1 Ian Noel (iannoel@bonsaigrupo.com)
1 Fabian Wasmus (fabian.wasmus@eqt.de)
Expansion Capital
1 Nic Brisbourne (nic@dfjesprit.com) 1 Jan-Olivier Fillols (jan-olivier.fillols@3i.com)
1 Sebastien Briens (sebastien.briens@hgcapital.com)
1 Ben Tompkins (bt@edenventures.co.uk) Mercury
1 Bernard Vogel (bv@endeavourvision.com) 1 Jens Hagen (jhagen@uk.adventinternational.com)
1 Harley Miller (HMiller@insightpartners.com)
1 Davor Hebel (davor@fgpe.com)
1 Stephen Lowery (stephen.lowery@frogcapital.com) 1 Jörg Mohaupt (jmohaupt@accind.com)
1 Christoph Haschka (christoph.haschka@macquarie.com)
1 Torsten Kreindl (t.kreindl@grazia.com )
1 Laurel Bowden (lbowden@greylock.com)
1 Michael Black (michael.black@bridgepoint.eu)
1 Mark Joseph (mark.joseph@oakleycapital.com)
1 Martin Weber (martin.weber@holtzbrinck.net)
1 Johan Englund (johan.englund@industrifonden.se)
1 Pueo Keffer (pkeffer@redpoint.com) 1 Jason Khaksar (jason.khaksar@carlyle.com)
1 Baris Aksoy (baris.aksoy@intel.com)
1 Tomasz Czechowicz (czechowicz@mci.eu)
1 Richard Yen (ryen@saban.com) 1 Andrew Young (andrew.young@permira.com)
1 Thomas Preuss (preuss@neuhauspartners.com)
1 Phillippe Collombel (pcollombel@partechventure.com)
1 Morgan Callagy (callagym@vss.com)
1 Tony Askew (tony.askew@reedelsevier.com )
1 Olivier Sichel (osichel@sofinnova.fr)
1 Mauro Pretolani (mauro.pretolani@tlcom.co.uk)
22