The document summarizes an event hosted by World Financial Symposiums (WFS) on growth and exit strategies for software and IT companies. WFS is an international organization that educates technology leaders through webcasts and conferences. The event featured presentations from industry experts on topics such as mobile advertising trends, mergers and acquisitions in the ad tech sector, and experiences from companies involved in M&A. Contact information is provided for those seeking more information on WFS and the presented materials.

2. World Financial Symposiums
WFS is an international organization dedicated to educating
technology leaders through monthly,
Market Spotlight webcasts and day-long
Growth and Exit Strategies for Software and IT Companies
conferences.
www.wfs.com

3. Daniel Bernstein
Daniel Bernstein, Vice President at Corum, has worked in a number of roles over a twenty year career in high
technology, most recently as the founder and CEO of Sandlot Games Corporation, a leading casual games
publisher and developer. Having sold Sandlot Games to Digital Chocolate in 2011, Daniel started a games
studio and a consulting practice where he advises larger companies such as RealNetworks and smaller high
growth businesses on product development, strategic initiatives, and M&A opportunities.
Prior to Sandlot Games, Daniel Bernstein held director level positions in companies such as Wild Tangent and
Monolith. Daniel holds a BS in Computer Science and an MA in Music Composition from the University of
Virginia.
Moderator

4. Yasmin Khodamoradi
Yasmin joined Corum Group in 2015 as a research analyst. Previously she worked as a
finance and operations coordinator at a financial technology startup and provided
consultation services to an institutional investing advisory firm. Yasmin graduated from
the Foster School of Business at the University of Washington, specializing in Finance and
International Business.
Research Analyst

5. Total Media Ad Spending Worldwide ($B)
Source: eMarketer

6. US Mobile Search Ad Spending ($B)
Source: eMarketer

7. US Mobile vs. Desktop Search Volume (billions)
Source: eMarketer

8. Mobile Internet Ad Spending Worldwide
Source: eMarketer

9. Ad Revenue
Mobile
+46% +72%
73% 89%

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AdTech M&A Activity (2012-2015)
Total Disclosed Deal Value ($mm) Total Deal Count
Source: 451 Research

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2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
AdTech M&A Activity (2012-2015)
Total Disclosed Deal Value ($mm) Total Deal Count

12. 37
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19 18
14 14 13 12
10 10 9 9 9
Top Strategic Acquirers: 2014

13. 37
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10 10 9 9 9
Top Strategic Acquirers: 2014

14. 37
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10 10 9 9 9
Top Strategic Acquirers: 2014

15. Sold to
Target: BrightRoll
Acquirer: Yahoo!
Date Announced: November 2014
Transaction Value: $640 million
- Programmatic video solutions, including a demand side platform and marketplace
- Accelerates Yahoo’s advances into digital video, making its video advertising
platform one of the largest in the US

16. Sold to
Target: Flurry
Acquirer: Yahoo!
Date Announced: July 2014
Transaction Value: $270 million
- Mobile application analytics and ad network
- Additional insight on consumer behavior on mobile apps.

17. Sold to
Target: [x+1]
Acquirer: Rocket Fuel
Date Announced: August 2014
Transaction Value: $230 million
- DSP/DMP, programmatic marketing and data management solutions
- Strengthens media buying algorithms and direct-to-advertiser capabilities

18. Sold to
Target: LiveRail
Acquirer: Facebook
Date Announced: July 2014
Transaction Value: $500 million
- Platform connecting publishers to advertisement networks, demand side platforms,
trading desks, and real-time biddable exchanges
- Yield optimization technology and publisher relationships give Facebook an edge in
competing for video ad dollars.

19. Sold to
Target: Freewheel
Acquirer: Comcast
Date Announced: March 2014
Transaction Value: $360 million
- Technology platform for ad management and monetization for the television
industry
- Highlights industry’s move toward addressable TV buys at a programmatic scale

20. Sold to
Target: AdColony
Acquirer: Opera
Date Announced: June 2014
Transaction Value: $350 million
- Mobile video ad network and monetization platform
- Strengthened Opera’s mobile video ad capabilities and highlighted its focus on
engaging ad formats

21. Sold to
Transaction Value: $532 million
- Digital ad platform and retargeting
Sold to
Sold to
Transaction Value: ~$30 million
- Analytics tools for social media campaigns
Transaction Value: ~$30 million
- Digital ad platform and retargeting

22. Sold to
Target: AOL
Acquirer: Verizon
Date Announced: May 2015
Transaction Value: $4.4 billion
- Advertising.com - digital advertising platform
- Verizon’s data on customers should enhance Aol’s advertising business

23. Demand Side Platforms Rocket Fuel [x+1] ($230M), Blinkx LYFE Mobile, Single
Touch DoubleVision Networks ($3.6M)
Supply Side Platforms Millennial Media Nexage ($107.5M), Blinkx AdKarma
($15M), RNTS Media Fyber ($190M)
Core Technology
(e.g. Analytics,
Retargeting, DMPs)
Gravity4Triggit, AppNexus Xaxis ($225M),
GoDaddy Mad Mimi ($42M), Linkedin Bizo ($175M),
Twitter TapCommerce ($100M), AOL Gravity ($90.7M),
Comcast Freewheel ($360M), Rocket Fuel [x+1] ($230M)
Ad Exchanges Matomy Media Group MobFox ($17.6M),
Yahoo BrightRoll ($640M), RTL Group SpotXchange
($144M)
Ad Networks Zenovia AdJuggler ($10M), Opera AdVine, Yahoo Flurry
($270M), Opera Apprupt
Notable AdTech Deals by Category (2014)

25. Danan Margason
Danan is General Counsel and a member of the executive team at TUNE, Inc. 500’s 88th fastest-
growing company in 2014. TUNE (www.tune.com) creates Software-as-a-Service (SaaS) products
to help marketers manage performance advertising relationships across mobile and desktop.
Danan is heavily involved with TUNE’s business operations, and his team manages key aspects of
TUNE’s M&A activity. TUNE is based in Seattle and has offices in San Francisco, NYC, Dallas, Tel
Aviv, Seoul, Berlin, and London. Danan is on the executive team and manages the legal team and
much of the company's operations.
General Counsel

26. Ragnar Kruse
As a serial entrepreneur with 30+ years experience in IT, Ragnar Kruse understands the unique challenges in bringing new
technologies to market. He has built up several companies from inception to market launch in both the US and Europe.
At Intershop Communications, a leader in E-Commerce software solutions, Ragnar was VP of Sales and Marketing in San
Francisco. During his tenure, Ragnar was instrumental in the company’s growth and ushering it through a successful IPO on
NASDAQ and the “Neuer Markt” in 1998.
More recently, Ragnar held key management positions at high-tech companies in the U.S. and Europe including eCharge and
Xtramind. Through his many years in IT, Ragnar maintains strong relationships with companies in the telecommunications and
mobile sectors, including Deutsche Telekom, Telekom New Zealand, Telstra, Telia, Cable & Wireless, Siemens, T-Online, T-Mobile,
France Telecom, HP and SUN.
Ragnar started his career as an entrepreneur. In 1980, he founded IPT GmbH, a computer retail business that imported products
into Germany from the USA and Taiwan. In 1987 he expanded his business by starting DTP Partner GmbH, a distribution company
in Hamburg.
DTP Partner was the exclusive distributor of several desktop publishing solutions such as Corel and was instrumental in
establishing international distribution agreements with American and Taiwanese companies. Ragnar studied law at the
universities of Hamburg and Munich, Germany.
CEO

27. Hagai Tal
Hagai has extensive international management and business development experience,
specializing in growing start-ups into profitable ventures/IPO, predominantly in the areas of on-
line marketing, digital media/advertising and global financial processing. He has invested, led and
developed companies for successful growth, continued investment and IPO/disposal including:
Kontera, Amadesa, Payoneer, BlueSnap (formerly Plimus), Spark Networks (NYSE: LOV). Hagai is a
Fellow of the third class of the Middle East Leadership Initiative of The Aspen Institute and a
member of the Aspen Global Leadership Network.
CEO

28. Scott Braley
Scott Braley is senior vice president, Demand, at OpenX. He brings 16 years of ad tech sales leadership to the OpenX Demand
team, where he works closely with agencies, agency trading desks and advertisers to help them understand the benefits of
programmatic tools and why they should be an integral element of any comprehensive marketing strategy.
Before joining OpenX, Scott ran the U.S. Sales and Global Agency team for Facebook’s Atlas division, where he oversaw all U.S.
new business and account management functions. Previously, Scott held various global and regional sales leadership roles for the
Atlas division at Microsoft and aQuantive.
Prior to his 10 years collectively on the Atlas business, Scott held various sales and account management roles at Bluestreak,
AdKnowledge, and TBS Media Management.
Scott holds a B.A. in Psychology from SUNY Albany.
SVP of Demand

30. Contact Us
For further information or copies of today’s
presentation:
• Visit www.wfs.com
• -or-
• Email danielb@corumgroup.com
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