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AdTech Late Stage Deal & M&A Analysis (Thomvest Ventures)

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This report is a compilation of data on late stage investment in advertising technology (adtech) companies over the last several years, as well as a summary of M&A activity in the sector.

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AdTech Late Stage Deal & M&A Analysis (Thomvest Ventures)

  1. 1. AdTech Late Stage Deal & M&A Analysis Q1 2016
  2. 2. Agenda Late Stage AdTech Financings AdTech Mergers & Acquisitions
  3. 3. U.S. Late Stage AdTech Financings, 2008-2016 (as of 3/31/2016) 3 30 60 90 120 $250M $500M $750M $1,000M 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD Total Deal Size # of Late Stage Deals 11 41 64 57 50 59 54 42 30 $168M $753M $859M $633M $751M$753M $606M $520M$530M 30 42 54 59 50 57 64 41 11 $18.9M $12.7M $11.9M $12.8M $16.0M $11.7M $14.8M $19.3M $12.9M Average Deal Size Source: Pitchbook
  4. 4. Notable Late Stage AdTech Financings in 2016 4 Company Deal Type Deal Size Valuation (Post) Deal Date Investors Moat Series C $50M 433M Mar 21 Insight Venture Partners PlaceIQ Series D $25M - Jan 14 Harmony Partners, IA Ventures, Iris Capital Management, US Venture Partners The Whistle Series C $20M $120M Mar 10 Emil Capital Partners, NBC Sports Ventures, Sky Ventures, TEGNA JW Player Series D $20M $154M Jan 5 Cue Ball, e.ventures, Greenspring Associates, Greycroft Partners Turn Series E (Bridge) $15M - Mar 15 Norwest Venture Partners Signal Series E $13M $291M Mar 8 Undisclosed DataXu Series F $10M - Jan 25 Sky UK NinthDecimal Series D $6.7M - Jan 5 Undisclosed Qualia Series B $5.5M - Feb 16 S3 Ventures, Verizon Ventures Source: Pitchbook
  5. 5. Notable Late Stage AdTech Financings in 2015 5 Company Deal Type Deal Size Valuation (Post) Deal Date Investors AppNexus Series F $62.7M $1.56B Apr 15 Undisclosed RadiumOne Series C $54M $208M Jun 30 Adams Street Partners, Crosslink Capital, Draper Esprit, Harmony Partners, Industry Ventures, Trinity Ventures SteelHouse Series C $49M $189M Dec 11 Mercato Partners, Silicon Valley Bank, Staley Capital Management LiveIntent Series D $32.5M $307M Jun 17 Battery Ventures, First Round Capital, FTV Capital, Shasta Ventures Tealium Series D $30.7M $168M Feb 17 Bain Capital Ventures, Battery Ventures, Georgian Partners, Presidio Ventures, Tenaya Capital Swrve New Media Series C $30M - Nov 11 Acero Capital, Atlantic Bridge Capital, Delta Partners, Evolution Media Capital, Ireland Strategic Investment Fund, Participant Media, TPG Growth Centro Series B $30M - May 20 NB Private Equity Partners Mode Media Series G $29.1M $233M May 21 Hubert Burda Media Innovid Series E $27.5M - Dec 23 Cisco Investments, Genesis Partners, NewSpring Capital, Sequoia Capital, T- Venture Holding, Vintage Ventures Management Placester Series C $27M $150M Nov 24 New Enterprise Associates, Romulus Capital Integral Ad Science Series E $27M $365M Jul 17 Atlas Venture, August Capital, Cross Creek Advisors, Pelion Venture Partners, Sapphire Ventures GumGum Series C $26M $167M May 28 First Round Capital, Morgan Stanley Expansion Capital, New Enterprise Associates, Upfront Ventures Magnetic Media Online Series C $25M May 20 Charles River Ventures, Edison Partners, Honeywell International Master Retirement Trust, Jonathan Kraft, ORIX Ventures, Raptor Group, Roger Ehrenberg Netsertive Series C $24M $158M Dec 2 Babson Capital Management, Greycroft Partners, Harbert Venture Partners, River Cities Capital Funds, RRE Ventures RockYou Series F $23M $271M Mar 2 Columbia Capital, Finaventures Source: Pitchbook
  6. 6. Comparable Public AdTech Companies 6 Google Yahoo! Rubicon Project comScore TubeMogul Criteo Marchex IAC Marin Software Yume Tremor Video Sizmek MaxPoint RocketFuel ReachLocal 2 4 6 8 0.2 0.3 0.3 0.5 0.5 0.7 1.1 1.2 1.2 1.8 2.3 3.2 3.3 6.6 6.8 Source: Yahoo! Finance Price / Gross Sales (TTM) (as of 3/28/2016) Median 1.2x $504.9B $33.4B $830M $1.6B $416M $2.5B $192M $3.9B $114M $130M $93M $82M $45M $138M $57M Market
 Cap
  7. 7. Agenda Late Stage AdTech Financings AdTech Mergers & Acquisitions
  8. 8. 40 80 120 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD 17 69 103 56 30 47 28 7 12 AdTech M&A, 2008-2016 8 $143M $437M $115M $176M $173M $243M $228M $134M $366M Average Deal Size Source: AdOpsInsider M&A Tracker; Note: Publishers and Marketing Tech companies were excluded from this analysis Note: Deals where terms were not disclosed are not included in the “Average Deal Size” figures Count of AdTech Acquisitions by Year (as of 3/31/2016)
  9. 9. Notable AdTech Acquisitions in 2016 9 Company Buyer Deal Size Total Raised Deal Date Opera Mediaworks Golden Brick Silk Road $1.2B - Feb 10 Tapad Telenor $360M $34M Feb 1 AddThis Oracle $175M $73M Jan 5 Inneractive RNTS Media $72M $12M Mar 3 NativeX Mobvista $25M - Feb 29 Viant Time Inc. Undisclosed $110M Feb 12 Pointlogic Nielsen Undisclosed - Mar 3 Informate Mobile Nielsen Undisclosed - Mar 10 Revee Outbrain Undisclosed $1M Mar 3 Heyzap Fyber Undisclosed $8M Jan 8 BlueCava Qualia Merger $34M Jan 25 Source: AdOpsInsider M&A Tracker
  10. 10. Notable AdTech Acquisitions in 2015 10 Company Buyer Deal Size Total Raised Deal Date Rentrak comScore $732M - Sep 30 TellApart Twitter $533M $18M Apr 28 1010data Inc Advance / Newhouse $500M $35M Aug 4 Marketshare Neustar $450M $96M Nov 5 Millennial Media AOL $238M $240M Sep 3 Exelate Nielsen $200M $30M Mar 4 Undertone Perion $180M $40M Dec 1 Supersonic IronSource $150M $23M Sep 10 Yieldex AppNexus $100M $18M Mar 18 Visible World Comcast Undisclosed $33M Jun 4 Martini Media Evolve Media Undisclosed $41M Jun 16 AdChina Alibaba Undisclosed $40M Jan 14 Medialets WPP Undisclosed $33M Apr 15 Source: AdOpsInsider M&A Tracker
  11. 11. Most Active Acquirers of AdTech Vendors, 2014-2016 11 4 8 Twitter Yahoo! Google Oracle Nielsen MediaMath GroupM Rakuten AOL Criteo TUNE Rubicon AppNexus 3333333 444 5 6 7 $847M $913M - $1.73B $200M - - $1B $288M $29M - $122M $100M Total Deal Size* Gnip OOO Brightroll Adometry AddThis Brandbank RareCrowds Aerodeon DC Storm Kanvas Labs DataPop Appfuel Chango Alenty Namo Media Cooliris Agawi Datalogix Exelate Spree7 plista Deep Forest Millennial Med. AdQuantic Artisan iSocket MediaGlu SecondSync Flurry mDialog Front Porch Informate Mob. Tactads Exchange Lab eBates Vidible Tedemis MobileDev HQ ShinyAds Yieldex SnappyTV Luminate Spider.io BlueKai Pointlogic Upcast TapCommerce Media Group Toro TellApart SPARQ ZipDial Source: AdOpsInsider M&A Tracker * Note: Only includes deals where acquisition price was disclosed Count of AdTech Acquisitions by Company (as of 3/31/2016)
  12. 12. Demand-Side Platform (DSP) Acquisitions, 2010-2015 12 5 10 15 20 2010 2011 2012 2013 2014 2015 13 14 6 2 3 2 Source: AdOpsInsider M&A Tracker Count of DSP Acquisitions by Year (as of 3/31/2016) $81M $400M $321M $83M $219M $716M Total Deal Size Note: Deals where terms were not disclosed are not included in the “Total Deal Size” figures
  13. 13. Data/Analytics Acquisitions, 2010-2016 13 5 10 15 20 2010 2011 2012 2013 2014 2015 2016 YTD 7 12 16 8 6 1 5 Source: AdOpsInsider M&A Tracker Count of Data/Analytics Acquisitions by Year (as of 3/31/2016) $783M $650M $1.29B $1.75B $2.39B $2.05B $360M Total Deal Size Note: Deals where terms were not disclosed are not included in the “Total Deal Size” figures
  14. 14. Mobile AdTech Acquisitions, 2010-2016 14 10 20 30 40 2010 2011 2012 2013 2014 2015 2016 YTD 5 14 31 25 10 7 6 Source: AdOpsInsider M&A Tracker Count of Mobile AdTech Acquisitions by Year (as of 3/31/2016) $348M $280M $380M $1.03B $1.29B $366M $1.30B Total Deal Size Note: Deals where terms were not disclosed are not included in the “Total Deal Size” figures
  15. 15. Ad Network Acquisitions, 2010-2016 15 5 10 15 20 2010 2011 2012 2013 2014 2015 2016 YTD 1 12 11 88 1111 Source: AdOpsInsider M&A Tracker Note: Deals where terms were not disclosed are not included in the “Total Deal Size” figures Count of Ad Network Acquisitions by Year (as of 3/31/2016) $455M $1.29B $89M $209M $1.23B $503M N/A Total Deal Size
  16. 16. Thank you! For questions or comments, please contact: Don Butler don@thomvest.com Nima Wedlake nima@thomvest.com Mark Prior mark@thomvest.com Thomvest Ventures 203 Redwood Shores Parkway, Suite 680 Redwood City, CA 94065 thomvest.com 16

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