1. Late Stage AdTech Market Update
Thomvest Ventures Research Report June 2017
A look at public market performance, venture capital activity and M&A volume
among late stage advertising technology companies

2. About Thomvest Ventures
2
Thomvest is a cross-stage venture capital firm with $250M under management. We primarily focus on
opportunities in Silicon Valley with startups in the fields of advertising & marketing technology, financial technology,
and cybersecurity. The capital we invest is our own, enabling us to be more creative, flexible and patient with our
entrepreneurial partners. More than two-thirds of the companies we have funded in the last decade have either
gone public, been acquired, or continue to grow as independent businesses.
Don Butler
don@thomvest.com
Nima Wedlake
nima@thomvest.com
For questions or comments, please contact:

3. Agenda
1 Public Markets
Stock performance and valuation multiples are up in 2017, but down relative
to prior years; public market investors remain skeptical of the sector
3
2 Late Stage Venture Capital
3 Mergers & Acquisitions

4. Public Company Performance in 2017
4
Relative Stock Performance, 2017 YTD
(% Change)
1/4 2/1
StockPerformance(%Change)
-10%
0%
10%
20%
30%
40%
Facebook Google AdTech Index
3/1 4/1 5/1
+31%
+24%
+30%AdTech Index
Google
Facebook
Advertising technology stocks are performing in-line with Facebook and Google in 2017. Rocket Fuel (FUEL) & YuMe (YUME) have rebounded from
their 2016 lows, and Criteo (CRTO) & The Trade Desk (TTD) continue to show impressive growth.
The AdTech Index includes
Criteo, Rocket Fuel, Rubicon
Project, The Trade Desk,
Tremor Video & YuMe
Source: Thomson EIkon; as of 6/6/2017
6/1

5. 3x
6x
9x
12x
Q
3'13
Q
4'13
Q
1'14
Q
2'14
Q
3'14
Q
4'14
Q
1'15
Q
2'15
Q
3'15
Q
4'15
Q
1'16
Q
2'16
Q
3'16
Q
4
'16
Q
1
'17
9.6x
7.8x
5.7x
4.2x
2.9x
3.3x
2.9x 3.0x
2.0x 2.1x 2.0x 1.8x
2.3x 2.1x
2.7x
Public AdTech Valuation Trend, 2013-2017
5
Average Enterprise Value / TTM Gross Profit Ratio, by Quarter
(Among companies in the public adtech index)
Valuation multiples of public advertising technology companies have risen slightly over the last quarter, driven upward by The Trade Desk (TTD) which
is trading at a SaaS-like multiple.
The AdTech Index includes
Criteo, Rocket Fuel, Rubicon
Project, The Trade Desk,
Tremor Video & YuMe
Source: Thomson EIkon

6. Public Company Metrics
6
Criteo
(CRTO)
Rocket Fuel
(FUEL)
Rubicon Project
(RUBI)
Trade Desk
(TTD)
Tremor Video
(TRMR)
YuMe
(YUME)
Enterprise Value
(as of 6/6/17)
$2.87B $165M $59M $2.14B $97M $106M
2016 Net Revenue1
(Actual)
$730M $252M $256M $203M $95M4 $100M4
2017 Net Revenue1
(Estimated)
$939M $202M $197M $294M $115M4 $105M4
Y/Y Revenue Growth
(Estimated)
+29% -20% -23% +45% +19% +5%
2017 EBITDA2
(Estimated)
$292M $1M $20M $80M $4M $2M
EV / 2017
Revenue
3.1x 0.8x 0.3x 7.3x 0.8x 1.0x
YTD Stock
Performance
+13% +59% -34% +107% -2% +33%
1. Revenue is net of media costs
2. Reported as Adjusted EBITDA
3. Revenue includes non-advertising business lines
4. Company does not provide revenue net of media costs; Thomvest estimate
Facebook3
(FB)
Google3
(GOOG)
$410.6B $593.9B
$27.6B $90.3B
$38.5B $107.8B
+39% +19%
$23.6B $42.9B
10.7x 5.6x
+31% +24%
Source: Company Filings & Thomson Eikon; Note: 2017 Revenue & EBITDA figures are average estimates provided by equity analysts

7. U.S. Digital Advertising Spend Across Platforms
7
U.S. Digital Advertising Revenue, 2015-2016 (Billions, USD)
(Based on IAB Internet Advertising Report)
$20B
$40B
$60B
$80B
2015 2016
$23.5B
$21.6B
$13.6B
$8.4B
$35.4B
$29.6B
Google Facebook Other
1. Google U.S. advertising revenue is an estimate provided by Morgan Stanley Research
2. Facebook includes U.S. and Canada advertising revenue
+9% Y/Y
+62% Y/Y
+20% Y/Y
Google and Facebook capture two-thirds of digital advertising spend in the United States; ad spend outside of these two platforms grew to $23.5 in
2016, up 9% year-over-year.
1 2

8. Agenda
1 Public Markets
Both deal volume and average deal size over the last 18 months are down
relative to 2014 and 2015
8
2 Late Stage Venture Capital
3 Mergers & Acquisitions

9. U.S. Late Stage AdTech Financings, 2009-2017
9
30
60
90
120
$250M
$500M
$750M
$1,000M
2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD
Total Deal Size # of Late Stage Deals
14
34
41
64
57
50
59
54
42
$165M
$444M
$753M
$859M
$633M
$751M$753M
$606M
$520M
42
54
59
50
57
64
41
34
14
$12.7M $11.9M $12.8M $16.0M $11.7M $14.8M $19.3M $13.0M $12.5M
Average
Deal Size
Source: Pitchbook; As of 6/6/2017; “Late Stage” is defined by Pitchbook as “usually Series B to Series Z+ rounds”

10. Notable Late Stage AdTech Financings in 2017 YTD
10 Source: Pitchbook; As of 6/6/2017
Company Deal Type Deal Size Valuation (Post) Deal Date Investors
AdRise Series C $21M $70M May 12 Jump Capital, DHVC, Foundation Capital, Cota Capital
SimpleReach Series B $9M - May 8 Spring Mountain Capital
Placester Series D $50M $202M Mar 24 New Enterprise Associates
Whistle Sports Series C $27.5M $120M Jan 23 NBC Sports Ventures, Sky Ventures and Emil Capital Partners
Magnetic Series D $7.5M - Mar 29 Edison Partners, Charles River Ventures, ORIX Ventures
NinthDecimal Series E $5M - Jan 4 Norwest Venture Partners, North Atlantic Capital, DFJ
SocialFlow Series C1 $1.9M $54M Apr 4 Undisclosed

11. Notable Late Stage AdTech Financings in 2016
11 Source: Pitchbook
Company Deal Type Deal Size Valuation (Post) Deal Date Investors
Moat Series C $50M 433M Mar 21 Insight Venture Partners
xAd Series E $42.5M $387.5M Oct 31 Eminence Capital, W Capital, IVP, Emergence Capital
Yieldbot Series C $35M $96M Aug 3 RRE Venture, Converge Venture, SJF Venture, New Atlantic Ventures
Collective Series D $34M - Apr 8 Columbia Partners, iNovia Capital, Greycroft Partners, Accel Partners
AppNexus Series F1 $31M $1.6B Sep 28 News Corp, Yahoo Japan
PlaceIQ Series D $25M - Jan 14 Harmony Partners, IA Ventures, Iris Capital Management, US Venture Partners
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
Swrve Series D $9.4M - Nov 16 Atlantic Bridge Capital, Allied Irish Bank, Acero Capital
DataXu Series F $10M - Jan 25 Sky UK
Apsalar Series B1 $8M - Apr 1 Thomvest Ventures, DCM Ventures, YJ Capital
Qualia Series B $5.5M - Feb 16 S3 Ventures, Verizon Ventures

12. Notable Late Stage AdTech Financings in 2015
12
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 Edison Partners, Charles River Ventures, ORIX Ventures
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

13. Agenda
1 Public Markets
Deal volume is trending down slightly, although several transactions north of
$100M have occurred in the last 12 months
13
2 Late Stage Venture Capital
3 Mergers & Acquisitions

14. AdTech Mergers & Acquisitions, 2009-2017
14
40
80
120
2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD
22
7982
104
56
30
47
28
7
$874M $1.50B $3.88B $1.73B $4.86B $8.30B $5.79B $10.01B $1.70B
Aggregate
Deal Volume
Source: Pitchbook & AdOpsInsider M&A Tracker; Note: Agencies, Publishers and Marketing Tech firms were excluded from this analysis
Note: Deals where terms were not
disclosed are not included in the
“Aggregate Deal Volume” figures
Count of AdTech Acquisitions by Year
(as of 6/6/2017)

15. Recent AdTech Exits Exceeding $100M
15
2017 YTD 2016
Company Buyer Deal Size
$850M
Moat $310M
$305M
$125M
Company Buyer Deal Size
$2.9B
$1.4B
$900M
$700M
$540M
$360M
$300M
$300M
Company Buyer Deal Size
HookLogic Criteo $250M
$200M
$175M
Gannett $156M
$148M
$122M
$100M
$100M
Source: Pitchbook & AdOpsInsider M&A Tracker; Note: Agencies, Publishers and Marketing Tech firms were excluded from this analysis

16. Most Active Acquirers of AdTech, 2014-2017
16
4
8
Twitter Google Yahoo! Nielsen Oracle MediaMath AppNexus Adobe AOL Comcast Criteo Time Inc. GroupM
333333
44
5
66
77
$847M - $913M $740M $2.45B - $100M $540M $288M $320M $250M $87M -
Total Deal
Size*
Gnip Adometry Brightroll Brandbank AddThis RareCrowds Alenty Ensemble Kanvas Labs Freewheel AdQuantic Adelphic Aerodeon
Namo Media Agawi Cooliris Gracenote BlueKai Spree7 MediaGlu Tumri Millennial Med. Visible World Datapop Collective UK Exchange Lab
SecondSync Anvato Flurry Exelate Datalogix Tactads Real Media LA TubeMogul Vidible Watchwith HookLogic Viant plista
SnappyTV Famebit Luminate Informate Mob. Front Porch Upcast Yieldex
TapCommerce mDialog Media Group Pointlogic Moat
TellApart Spider.io SPARQ VisualDNA
ZipDial Toro
Source: Pitchbook & AdOpsInsider M&A Tracker; * Note: Total Deal Size includes deals where acquisition price was disclosed
Count of AdTech Acquisitions by Company
(as of 6/6/2017)

17. Notable AdTech Acquisitions in 2017
17
Company Buyer Deal Size Total Raised Deal Date
Placed Snap $125M $13M Jun 6
Moat Oracle $850M $68M Apr 27
Turn Amobee $310M $157M Apr 10
Teads Altice $305M $94M Mar 20
Crisp Mobile Quotient Technology $58M $17M May 2
Visible Measures AcuityAds $10M $72M Mar 31
Adelphic Time Inc. - $23M Jan 23
Watchwith Comcast - $13M Jan 3
AdEspresso Hootsuite - $3.2M Feb 7
Source: AdOpsInsider M&A Tracker

18. Notable AdTech Acquisitions in 2016
18
Company Buyer Deal Size Total Raised Deal Date
Neustar Golden Gate Capital $2.9B - Dec 14
AppLovin Orient Hontai Capital $1.4B $4M Sep 29
Media.net Miteno Communications $900M - Aug 22
Krux Salesforce $700M $50M Oct 3
TubeMogul Adobe $540M - Nov 10
Tapad Telenor $360M $34M Feb 1
HookLogic Criteo $250M $39M Oct 4
Operative Sintec Media $200M $15M Nov 29
AddThis Oracle $175M $73M Jan 5
ReachLocal Gannett $156M - Aug 9
Viant Time Inc. $155M $110M Feb 12
Smaato Spearhead Integrated Marketing $148M $47M Jun 8
Sizmek Vector Capital $122M - Aug 1
ConvertMedia Taboola $100M - Jul 26
Crosswise Oracle $50M $5M Apr 14
Source: AdOpsInsider M&A Tracker

19. Notable AdTech Acquisitions in 2015
19
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

20. Thank You!
20
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