The latest edition of our Advertising and Marketing Technology sector overview piece, looking at M&A and financing trends across the AdTech and marketing software sector.

1. Advertising And Marketing Technology
June 2014
Disclaimer:
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liability whatsoever arising directly or indirectly from the use of this document.
Julie Langley Chris Lewis Mark Williams
Partner Managing Director Director
+44 (0) 20 7514 8247 +44 (0) 20 7514 8236 +44 (0) 20 7514 8242
jlangley@resultsig.com clewis@resultsig.com mwilliams@resultsig.com
For more information contact:
Market overview and update

2. Contents
01 About Us
02 Market Landscape
03 Public Markets Environment
1

3. Digital Media
Selected clients and transaction counterparties (1)
Corporate Finance Advisors to the AdTech, Software & Marcoms Sectors
An established team of sector experts…
• Results International is a market-leading M&A advisory
firm founded in 1991
• Entrepreneurial and owner-managed
• 40 person global team with over 250 completed
transactions
• Senior level attention on all transactions
Adtech
Marketing ServicesSoftware
Sector specialism
…with global reach
(1) Some clients were advised by Results International Partners at prior firms
2

4. Jim Houghton
Partner
James Kesner
Manager
Anthony Harrington
Director
Mark Williams
Director
Selected Team Members - UK
• Joined Results in 2010, with
over 15 years of M&A
experience
• Prior to joining Results Jim led
European M&A activity for
the marketing services
division of Omnicom (DAS)
• Clients include We are
Social, Blue Rubicon, Virgo
Health, Crayon, Iris, and
United News & Media plc
Keith Hunt
Managing Partner
• Joined Results in 2005 -
Previously Head of M&A at
Ernst & Young
• 20+ years experience in
corporate finance, including
M&A, fundraising, IPOs, JVs,
MBOs and MBIs
• Clients include The Group,
Figtree, Monitor Media,
Spannerworks, Flip Media,
Transactis, Punktilio,
Flamingo, Brand X, and AIA
• Joined Results in 2012. He
started his career at KPMG
working in Financial Services
M&A and moved to
Ingenious Corporate
Finance in 2010
• Clients include Staffcare,
Moonpig, St Ives, and
Inflexion
Julia Crawley-Boevey
Director
• Joined Results in 2010 having
spent over four years at BDO
where she worked in both
Audit and Corporate
Finance
• Clients include The Group,
Blue Rubicon, Virgo Health,
Incite, and Crayon
• Joined Results in 2013, has
experience in healthcare
focused corporate finance
at Bear Stearns, Rothschild
and Investec
• Clients include Enteq
Upstream PLC, Arena Leisure
PLC, Busy Bees and
Protherics PLC
• Joined Results in 2013 from
Kingston Smith
• ACA qualified, has
previously worked as a
Finance Director for a
London based brand
consultancy
• Previous clients include ID
magazine, Not to Scale,
Writtle, Adam and Eve
Julie Langley
Partner
• Joined Results in 2012 to
lead the tech and digital
media practice
• 15 years M&A experience at
Broadview then Jefferies,
advising tech and digital
media companies on M&A
and fundraising
• Advised on transactions with
Oracle, Microsoft, Experian,
Moody’s, IAC, Axel Springer,
DMGT, and BT, amongst
others
• Joined Results in 2013, with
over 15 years M&A
experience
• Prior to joining Results, Chris
headed up the Technology
M&A practice at KPMG. He
also spent 11 years advising
tech companies at Arma
Partners and JP Morgan
• Clients include Zinc Ahead,
Pushbutton and Irdeto
Chris Lewis
Managing Director
3

5. • Co-founded GroupArgent in
2005. Closed $4.0 billion in
cross-border transactions
including several Canada-US
• Experience includes advising
Hunt Mobile Advertising on
its transaction with Opera
Mediaworks, Telesystem
International Wireless
(NASDAQ: TIWI) sold to
Vodafone, and buyout and
exit representation for
Canadian firms Caisse de
Dépôt and Wynnchurch
Pierre-Georges Roy
Partner
Selected Team Members - International
• Long career in marketing
sector (Ogilvy & Mather, The
Ball Partnership)
• Managed the acquisition of
SMART to McCann
Worldgroup, CCG by
Publicis Group to establish
Digitas China, CIC by Kantar
Media and The Upper Storey
by Isobar
Andrew Kefford
Managing Partner –
Asia Pacific & MENA
Chris Beaumont
Managing Partner –
North Asia
• 16 years of experience
consulting in Asia
• For 10 years Chris was with
McCann-Erickson in Asia; he
was both Vice-Chairman of
its operations in Tokyo and
Chief Strategy Officer for
WorldGroup across Asia
• Co-founded GroupArgent in
2005 and has closed over 35
transactions totaling $0.75
billion
• Experience includes advising
Hunt Mobile Advertising on
its transaction with Opera
Mediaworks
• Prior to GroupArgent,
Maurice worked at the
Zanett Group, Morgan
Stanley and IBM
Maurice Watkins
Partner
• Joined Results in 2008 and
has 13 years working in
financial services, with over 8
years of experience as a
corporate finance specialist
• Previously worked at
Nomura, Royal Bank of
Canada and Ernst & Young
• Clients include Abacus, Total
Healthcare Group, Synergy,
D2D and Retail Eyes
Hemavli Bali
Executive Director
• 27 years experience in the
advertising sector, including
as COO of JWT's Middle East
Network
• Joined Results International
in 2008 and has since been
engaged in a number of
buy and sell mandates
Imad Kublawi
Regional Partner –
MENA
• Spent 24 years at Hindustan
Thompson (part of JWT), the
largest ad agency in India
• Other roles include COO at
RK Swamy/BBDO and as
advisor to companies in
India, Pakistan & Dubai
Sunil Gupta
Area Liaison –
South Asia
4
US Team
Asia Team

6. Selected Transactions Across Technology, Marcoms & Digital Media
NOTE: Certain transactions were advised on by RI’s Partners and Managing Directors at previous firms. 5
has been acquired
by
has been acquired
by
has been acquired
by
has invested in
has been acquired
by
has been acquired
by
is joining
has been acquired
by
has been acquired
by
has been acquired
by
has been acquired
by
has been acquired
by
has completed a joint
venture with
has invested in
has been acquired
by
has been acquired
by
has been acquired
by
has been acquired
by

7. Content
01 About Us
02 Market Landscape
03 Public Markets Environment
6

8. Measurement & Optimisation
• Ad Network and Exchanges
• DSPs/SSPs/DMPs
• Programmatic Trading Space
• Targeting/Retargeting
• Tracking, Tag Management
Attribution
• Optimisation
Marketing Technology Landscape – Illustrative Companies
Marketing Automation
• Omnichannel Campaign
Management
• Marketing Automation
• Lead Management
• Email Marketing
Social CRM /
Social Software / Data
Advertising Platforms Mobile
• Mobile Marketing
• Mobile App Platforms
• Mobile DSPs
• Mobile Ad Management/Ad
Serving
• mCommerce
eCommerce Tech
• eCommerce Platforms
• Recommendation Software
• Personalisation Software
• eCommerce Logistics
• Content Management
Video
• OVP’s
• Video Sharing
• Video Commerce/
Marketing
• Video Creation Tools
• Video Ad Networks
• Video Search Engines
Subsegments
Diversified
Vendors
Selected Representative Companies
• Social Media Tools
• Ratings & Reviews
• Monitoring & Intelligence
• Analytics
• Customer Service Solutions
• Enterprise social networking
7

9. Advertising Platforms Landscape – Illustrative Companies
8
Specialised entities of
media buying
agencies focusing on
media trading and
RTB
Agency buying
desks
Demand side
Technology for media
buyers
aggregate, bid on and
optimize digital
inventory
across multiple sources
Demand side
platforms (DSPs)
Technology /
marketplaces to
connect publishers
and advertisers and
advertisements on
websites
Ad Exchanges & Ad
Servers
Data providers and
data management
Platforms (DMP)
Data Management
Platforms (DMPs)
Commonly known as
yield managers/optimisers
Supply side
platforms (SSPs)
Supply side
Enable the publishers
of the website they
Represent to sell more
Inventory
Ad Networks
RTB
Focus

10. 61
55
48 45
78 78
88
65 64
70
89
73 77
68
49
59
119
0
20
40
60
80
100
120
140
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014
Strength Of The Global M&A Ad Tech Market
(#Deals)
Sources: Press releases, CapitalIQ, Corpfin, and Results’ Analysis
 Adtech consolidation continues at pace – however there is substantial VC funding going into the sector and the number of new start-ups is outpacing the
number of acquisitions (Source: Luma Partners)
 Key M&A drivers:
- Established players have been acquiring new capabilities/ technologies to extend their existing product suites
- Large internet conglomerates and technology companies continue to compete to remain ‘on top’ of new tech innovations and are
competitively scouring the market for the best start-ups and talent
- Yahoo, in particular, was a prolific acquirer in 2013 making over 30 acquisitions
 The IPO market has recently opened for adtech including RocketFuel, Criteo and YuMe, however these parties have yet to use their currency to pursue
acquisitions
- As many of the recently IPO’d companies have large operating losses and without profitability in sight, these companies are unlikely to make
significant acquisitions unless a deal is highly strategic
9

11. Selected Recent Deal Activity
Date Buyer Target
EV
($m)
EV/REV Description
May-14 n.a. n.a.
Behavioural based marketing
automation platform
Apr-14 n.a. n.a.
Cloud-based marketing
automation
Jan-14 n.a. n.a.
Marketing automation and
lead generation platform
Jan-14 n.a. n.a.
Marketing automation platform
provider
Jan-14 n.a. n.a.
Marketing automation platform
provider
Jan-14 n.a. n.a.
Mobile and web push
notifications
Jan-14 n.a. n.a.
Technology that turns graphic
designs into email marketing
messages
Dec-13 1,497 7.7x
Software to orchestrate
marketing interactions
Oct-13 n.a. n.a.
CRM and marketing
automation solutions
Oct-13 15 7.5x Content marketing start-up
Aug-13 n.a. n.a.
Marketing automation &
demand generation
Jun-13 600 10.3x
Cross-channel campaign
management
Jun-13 2,562 8.1x
Cloud-based marketing
automation
May-13 344 7.2x
Lead generation and
conversion software
May-13 n.a. n.a.
App for SMEs to create email &
mobile marketing campaigns
(1) Consideration was reportedly between $15-20m
Marketing Automation
10
Date Buyer Target
EV
($m)
EV/REV Description
Feb-14 n.a. n.a. Social media strategy platform
Jan-14 18(1)
n.a. Social analytics platform
Jan-14 n.a. n.a.
Social intelligence and text
analytics
Dec-13 n.a. n.a.
Social media analytics and
engagement platform
Nov-13 n.a. n.a. Social analytics platform
Oct-13 35 n.a.
Social advertising and analytics
platform
Oct-13 n.a. n.a.
"Billboard", social ads to
promote products
Jul-13 n.a. n.a.
Social media monitoring
company
Jun-13 n.a. n.a.
Platform for conducting social
media analysis
May-13 n.a. n.a. Social commerce platform
Apr-13 n.a. n.a.
Social media listening and
compliance
Feb-13 c.75 n.a.
Social media monitoring for TV
shows & commercials
Jan-13 n.a. n.a.
Social media marketing suite
for SMBs
Aug-12 40 n.a.
Social media advertising
services
Jul-12 350 n.a.
Social media marketing
software
Social CRM / Social Software

12. Selected Recent Deal Activity
Date Buyer Target
EV
($m)
EV/REV Description
May-14 n.a. n.a.
Mobile data management
platform
May-14 n.a. n.a. Mobile ad sever
Apr-14 n.a. n.a. Rich media mobile advertising
Apr-14 n.a. n.a. Mobile ad exchange
Mar-14 n.a. n.a.
Mobile ad targeting
technology
Mar-14 n.a. n.a. Mobile ad targeting
Jan-14 n.a. n.a.
Mobile ad server and analytics
platform
Jan-14 n.a. n.a.
"Smart receipts" that feature
coupons and special offers
Jan-14 n.a. n.a. Proximity mobile marketing firm
Jan-14 n.a. n.a.
Technology to target display
ads to audiences & locations
Jan-14 n.a. n.a. Mobile advertising network
Nov-14 n.a. n.a.
Mobile marketing business in
India, UK and US
Oct-13 150(1)
n.a. Mobile data analytics platform
Oct-13 15 n.a.
Mobile personalisation and
native advertising technology
Oct-13 n.a. n.a.
Cloud-based mobile
messaging tools
11
(1) Total deal size is reportedly between $100-200m
(2) Does not include approx. $4m in employee equity instruments which vest over next 4 year period
(3) Consideration consists of 3m of Brightcove stock and $9m in cash
(4) A further $10m of consideration is payable to employees and management as incentive and
retention payments over next 12 month period
(5) EV includes extra consideration of $5m which is contingent on further investment not being required
for the new company post acquisition
Mobile Technology
Date Buyer Target
EV
($m)
EV/REV Description
May-14 n.a. n.a.
Video ad measurement
technology
Mar-14 360 n.a.
Video ad placement
technology
Feb-14 26(2)
n.a.
Targeted video advertising
technology
Jan-14 49(3)
9.8x Video advertising technology
Dec-13 55(4)
2.2x
Mobile video advertising
technology platform
Oct-13 n.a. n.a.
Video creative build and
distribution
Oct-13 n.a. n.a.
Social artery for video news,
inspiration and leading voices
Sep-13 n.a. n.a.
Online video demand side
platform
Aug-13 490(5)
n.a.
TV advertising distribution unit
of Digital Generation
Aug-13 405 n.a. Video advertising platform
Aug-13 n.a. n.a.
Video content syndication and
advertising platform
May-13 n.a. n.a.
Platform for social video
advertising
Apr-13 n.a. n.a. Video advertising network
Mar-13 n.a. n.a. Video advertising network
Jan-13 n.a. n.a.
In-stream video advertising
optimization
Video Technology

13. Selected Recent Deal Activity
12
Date Buyer Target
EV
($m)
EV/REV Description
May-14 n.a. n.a.
Product search technology for
eCommerce sites
Feb-14 n.a. n.a.
SEO technology for
eCommerce sites
Feb-14 n.a. n.a. eCommerce software solutions
Feb-14 n.a. n.a. eCommerce platform provider
Jan-14 n.a. n.a. eCommerce platform
Jan-14 n.a.(1)
n.a.
eCommerce and ad
personalisation technology
Jan-14 n.a. n.a.
Digital publishing and
eCommerce SaaS solutions
Nov-13 n.a. n.a.
CXM platform with integrated
eCommerce engine
Oct-13 n.a. n.a.
SaaS logistics and supply chain
management
Oct-13 n.a. n.a.
Customer-centric ecommerce
solution
Oct-13 n.a. n.a.
eCommerce personalisation
technology
Aug-13 n.a. n.a. eCommerce solutions provider
Aug-13 1 0.7x eCommerce solutions provider
Jul-13 n.a. n.a. eCommerce app platform
Jun-13 n.a. n.a.
eCommerce platform that
places promotions (Buy Now)
Ecommerce Technology
(1) Does not include a further $7.7m of consideration paid out over next two years
(2) Expected to generate roughly $30m in revenue for FY16
(3) Does not include $2m in converted stock awards given as part of the consideration and potential
$10m earn out payable over next 17 months
(4) EV / TTM EBIT multiple of 2.2x
Date Buyer Target
EV
($m)
EV/REV Description
May-14 n.a. n.a. Marketing attribution platform
May-14 310 n.a.(2) Data on boarding technology
to assist advertising decisions
May-14 150 7.5x Marketing attribution platform
May-14 91 8.3x(3)
Marketing attribution platform
Apr-14 n.a. n.a.
Cookieless and cross-device
targeting technologies
Apr-14 n.a. n.a. Real time ad creation software
Apr-14 n.a. n.a Demand side platform
Apr-14 n.a. n.a
Bid management technology
for search marketing
Apr-14 n.a. n.a.
Programmatic digital
advertising technology
Mar-14 n.a. n.a. Data management platform
Mar-14 n.a. n.a. Tag management technology
Feb-14 n.a. n.a. Data management platform
Feb-14 n.a. n.a.
Programmatic media buying
and optimisation platform
Feb-14 n.a. n.a. Media trading firm
Dec-13 3 n.a.(4) Advertising solutions to match
advertisements to content
Advertising Platforms

14. Content
01 About Us
02 Market Landscape
03 Public Markets Environment
13

15. 18.7x
21.2x
15.2x
11.3x
n.a.
9.1x
12.1x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
Diversified
Internet
Marketing
Technology
Video Mobile Social CRM Diversified
Agencies
Enterprise
Software
28%
11%
0%
24%
0%
17%
30%
0%
5%
10%
15%
20%
25%
30%
35%
Diversified
Internet
Marketing
Technology
Video Mobile Social CRM Diversified
Agencies
Enterprise
Software
6.5x
2.9x
2.1x
2.8x
2.5x
1.6x
3.9x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
Diversified
Internet
Marketing
Technology
Video Mobile Social CRM Diversified
Agencies
Enterprise
Software
18%
26%
17%
30%
15%
4%
9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
Diversified
Internet
Marketing
Technology
Video Mobile Social CRM Diversified
Agencies
Enterprise
Software
Valuation Benchmarks
14
EBITDA Margins 2014E EV/EBITDA 2014E
Revenue growth (13-14E) EV/REV 2014E
N/A
Notes: EV = Enterprise Value; Calendarised to December year end
Source: Capital IQ and Analyst Reports
Note – see appendix for details of companies included in each category
N/A

16. Company
IPO Date IPO Share
Price
Current
Share Price
% Change
Since IPO
High Since
Trading
Low Since
Trading
Current EV
EV/Rev
2014E
EV/EBITDA
2014E
NYSE
April 2014 15.00 12.13 (19%) 23.20 11.15 472 4.2x n.m.
AIM
November
2013
0.96 1.25 31% 1.51 0.69 132 11.2x n.m.
Nasdaq
October 2013 31.00 33.59 8% 60.95 25.16 1,622 6.1x 33.0x
Nasdaq
September
2013
29.00 22.08 (24%) 71.89 19.31 699 2.9x n.m.
NYSE
August 2013 9.00 5.69 (37%) 12.08 5.51 135 1.5x 23.7x
NYSE
June 2013 10.00 4.12 (59%) 11.09 3.59 121 2.0x n.m.
Nasdaq
May 2013 13.00 23.71 82% 45.00 17.20 966 6.8x n.m.
NYSE
March 2013 14.00 9.68 (31%) 19.95 8.41 247 2.5x n.m.
IPO Case Studies
15
Source – Capital IQ, Market Data as of 16th May 2014; Note – Calendarised to December year end
$ millions, except share price data
IPO Current Trading Valuation

17. 27 Soho Square, London, W1D 3AY
t +44 20 7629 7575 | f +44 20 7629 2233
www.resultsig.com
Contact Us
Julie Langley
Partner
Di: +44 (0) 20 7514 8247
E: jlangley@resultsig.com
16
Mark Williams
Director
Di: +44 (0) 20 7514 8242
E: mwilliams@resultsig.com

18. Content
Appendix
17

19. usd millions, except per share
data Valuation Metrics Operating Metrics
Price Market Net Enterprise Revenue EBITDA Revenue Growth EBITDA Margin
Company (16-May-14) Cap Debt Value CY2014 CY2015 CY2014 CY2015 CY13-14 CY14-15 CY2014 CY2015
Diversified Internet
Google Inc. 528.30 356,335 (48,880) 307,455 5.8 x 5.0 x 11.7 x 9.8 x 13.0% 16.8% 50.0% 51.0%
Yahoo! Inc. 33.41 33,910 (1,715) 32,194 7.1 x 6.8 x 25.0 x 20.6 x 2.1% 4.7% 28.5% 33.0%
AOL Inc. 36.81 3,040 34 3,074 1.7 x 1.7 x 6.2 x 5.9 x 0.8% (0.1%) 26.9% 28.3%
Facebook, Inc. 58.02 148,899 (12,237) 136,662 11.6 x 8.8 x 18.7 x 14.2 x 50.2% 31.1% 61.9% 61.9%
LinkedIn Corporation 147.02 17,901 (2,301) 15,600 7.3 x 5.5 x 29.9 x 20.2 x 39.1% 33.3% 24.6% 27.2%
Amazon.com Inc. 297.70 136,992 (5,519) 131,473 1.4 x 1.2 x 19.8 x 14.8 x 21.9% 20.1% 7.3% 8.2%
Twitter, Inc. 32.26 20,299 (1,983) 18,316 14.5 x 9.2 x n.m. 41.3 x 90.4% 57.0% 16.2% 22.3%
eBay Inc. 51.95 66,149 (3,716) 62,433 3.4 x 3.0 x 10.3 x 9.2 x 13.9% 14.4% 33.1% 32.5%
25th percentile 3.0 x 2.7 x 11.0 x 9.7 x 10.2% 12.0% 22.5% 26.0%
Median 6.5 x 5.3 x 18.7 x 14.5 x 17.9% 18.5% 27.7% 30.4%
75th percentile 8.4 x 7.3 x 22.4 x 20.3 x 41.9% 31.7% 37.3% 37.5%
Marketing Technology
Experian plc 17.50 17,084 3,943 21,027 4.2 x 3.9 x 12.1 x 11.2 x 4.5% 7.0% 34.4% 35.0%
Marin Software Incorporated 9.68 338 (91) 247 2.5 x 2.1 x n.m. n.m. 25.8% 19.9% (22.7%) (10.3%)
LivePerson Inc. 9.84 533 (79) 454 2.2 x 2.0 x 20.6 x 16.3 x 13.8% 14.3% 10.9% 12.0%
Demandware, Inc. 50.10 1,911 (254) 1,657 11.2 x 7.9 x n.m. n.m. 42.8% 41.9% 3.4% 7.0%
Vocus Inc. 17.99 398 40 438 2.4 x 2.3 x 21.7 x 17.2 x (2.6%) 4.3% 11.1% 13.4%
Digital River Inc. 15.70 513 (257) 256 0.7 x 0.6 x 5.5 x 4.4 x (3.4%) 6.0% 12.3% 14.5%
Interactive Intelligence Group Inc. 47.83 1,043 (90) 953 2.6 x 2.2 x 42.0 x 34.8 x 15.0% 16.5% 6.2% 6.4%
Constant Contact, Inc. 27.59 906 (131) 775 2.3 x 2.1 x 12.8 x 10.4 x 15.8% 13.6% 18.3% 19.9%
Marketo, Inc. 23.71 1,077 (111) 966 6.8 x 5.2 x n.m. n.m. 47.3% 31.9% (23.3%) (12.1%)
Rocket Fuel Inc. 22.08 888 (189) 699 2.9 x 2.0 x n.m. 18.1 x 78.1% 45.1% 1.3% 10.9%
Criteo SA 33.59 1,938 (316) 1,622 6.1 x 4.7 x 33.0 x 18.2 x 49.3% 29.4% 18.4% 25.7%
The Rubicon Project, Inc. 12.13 435 37 472 4.2 x 3.2 x n.m. n.m. 35.0% 31.6% (4.7%) 3.8%
PROS Holdings, Inc. 22.30 667 (44) 623 3.3 x 2.7 x 26.9 x 16.0 x 31.0% 19.6% 12.2% 17.2%
25th percentile 2.4 x 2.1 x 12.7 x 11.2 x 13.8% 13.6% 1.3% 6.4%
Median 2.9 x 2.3 x 21.2 x 16.3 x 25.8% 19.6% 10.9% 12.0%
75th percentile 4.2 x 3.9 x 28.4 x 18.1 x 42.8% 31.6% 12.3% 17.2%
Video
Brightcove, Inc. 8.71 286 (20) 265 2.1 x 1.8 x n.m. n.m. 17.3% 16.4% (6.1%) (1.2%)
Rightster Group Plc 1.25 153 (21) 132 11.2 x 3.8 x n.m. n.m. 13.6% 194.3% (168.6%) 1.9%
Blinkx plc 1.26 505 (127) 378 2.7 x n.a. 6.7 x n.a. 21.3% n.a. 39.7% n.a.
Tremor Video, Inc. 4.12 209 (87) 121 2.0 x 1.4 x n.m. 55.1 x 14.3% 40.3% (17.4%) 2.5%
YuMe, Inc. 5.69 185 (50) 135 1.5 x 1.2 x 23.7 x 9.5 x 28.2% 28.9% 6.3% 12.1%
25th percentile 2.0 x 1.3 x 11.0 x 20.9 x 14.3% 25.8% (17.4%) 1.2%
Median 2.1 x 1.6 x 15.2 x 32.3 x 17.3% 34.6% (6.1%) 2.2%
75th percentile 2.7 x 2.3 x 19.5 x 43.7 x 21.3% 78.8% 6.3% 4.9%
Selected Publicly Traded Companies
18
See Slide 22 for sources and notes

20. usd millions, except per share
data Valuation Metrics Operating Metrics
Price Market Net Enterprise Revenue EBITDA Revenue Growth EBITDA Margin
Company (16-May-14) Cap Debt Value CY2014 CY2015 CY2014 CY2015 CY13-14 CY14-15 CY2014 CY2015
Mobile
Millennial Media Inc. 3.84 411 (98) 313 1.9 x 1.5 x 9.2 x 4.9 x 24.6% 27.8% 20.3% 29.7%
Opera Software ASA 11.77 1,610 (83) 1,527 3.7 x 2.9 x 13.4 x 9.9 x 36.2% 27.8% 27.8% 29.6%
25th percentile 2.3 x 1.8 x 10.2 x 6.2 x 27.5% 27.8% 22.2% 29.6%
Median 2.8 x 2.2 x 11.3 x 7.4 x 30.4% 27.8% 24.1% 29.6%
75th percentile 3.3 x 2.6 x 12.4 x 8.6 x 33.3% 27.8% 25.9% 29.6%
Social CRM / Social Software
Bazaarvoice, Inc. 6.03 457 (57) 400 2.1 x 1.8 x n.m. n.m. 10.0% 12.7% (5.6%) (1.7%)
Jive Software, Inc. 8.28 609 (106) 503 2.9 x 2.5 x n.m. n.m. 19.1% 18.1% (7.1%) (1.5%)
25th percentile 2.3 x 2.0 x n.a. n.a. 12.3% 14.0% (6.7%) (1.6%)
Median 2.5 x 2.1 x n.a. n.a. 14.6% 15.4% (6.4%) (1.6%)
75th percentile 2.7 x 2.3 x n.a. n.a. 16.9% 16.8% (6.0%) (1.5%)
Diversified Agencies
Dentsu Inc. 37.92 10,936 2,322 13,258 2.2 x 2.1 x 9.2 x 8.9 x 14.6% 4.0% 24.2% 24.0%
Havas 8.08 3,322 286 3,609 1.5 x 1.4 x 8.9 x 8.4 x 2.3% 3.6% 16.2% 16.7%
The Interpublic Group of Companies, Inc.17.80 7,612 1,161 8,773 1.2 x 1.1 x 9.1 x 8.0 x 4.6% 4.5% 12.9% 14.1%
Omnicom Group Inc. 67.28 17,496 2,639 20,135 1.3 x 1.3 x 9.0 x 8.4 x 4.3% 4.4% 14.7% 15.0%
Publicis Groupe SA 81.30 17,464 (739) 16,725 1.7 x 1.6 x 9.1 x 8.4 x 4.3% 5.3% 18.5% 19.0%
WPP plc 20.39 26,939 4,206 31,145 1.7 x 1.6 x 9.6 x 8.9 x 0.6% 5.9% 17.5% 17.7%
25th percentile 1.4 x 1.3 x 9.0 x 8.4 x 2.8% 4.1% 15.1% 15.4%
Median 1.6 x 1.5 x 9.1 x 8.4 x 4.3% 4.5% 16.8% 17.2%
75th percentile 1.7 x 1.6 x 9.2 x 8.8 x 4.5% 5.1% 18.3% 18.6%
Selected Publicly Traded Companies
19
See Slide 22 for sources and notes

21. usd millions, except per share
data Valuation Metrics Operating Metrics
Price Market Net Enterprise Revenue EBITDA Revenue Growth EBITDA Margin
Company (16-May-14) Cap Debt Value CY2014 CY2015 CY2014 CY2015 CY13-14 CY14-15 CY2014 CY2015
Enterprise Software
Sage Group plc 6.69 7,346 607 7,952 3.5 x 3.3 x 11.7 x 10.9 x (1.3%) 6.1% 30.1% 30.3%
Blackbaud Inc. 33.29 1,515 141 1,656 3.0 x 2.8 x 14.4 x 12.7 x 8.7% 8.1% 21.0% 22.1%
Adobe Systems Inc. 61.64 30,913 (1,622) 29,291 7.0 x 5.8 x 25.4 x 16.6 x 3.6% 19.8% 27.4% 35.0%
Concur Technologies, Inc. 80.81 4,625 (131) 4,494 6.1 x 5.0 x 36.3 x 27.7 x 25.7% 24.0% 16.9% 17.9%
Qlik Technologies, Inc. 21.20 1,908 (253) 1,655 3.0 x 2.6 x 38.8 x 27.0 x 16.5% 16.7% 7.8% 9.6%
Salesforce.com, Inc 51.80 32,297 1,670 33,967 6.6 x 5.3 x 45.9 x 32.7 x 30.0% 24.5% 14.3% 16.1%
Oracle Corporation 41.69 193,137 (12,520) 180,617 4.6 x 4.4 x 9.0 x 8.5 x 4.2% 4.5% 50.9% 51.7%
Microsoft Corporation 39.83 329,144 (64,192) 264,952 2.8 x 2.5 x 8.0 x 7.8 x 15.8% 10.4% 34.7% 32.5%
SAP AG 75.91 92,503 (400) 92,103 3.9 x 3.6 x 11.0 x 10.1 x 3.8% 6.9% 35.2% 35.5%
Intuit Inc. 75.51 21,844 (832) 21,012 4.5 x 4.2 x 11.4 x 10.4 x 7.8% 7.7% 39.8% 40.3%
Open Text Corporation 47.67 5,880 997 6,876 3.9 x 3.5 x 12.1 x 10.4 x 18.2% 11.5% 32.3% 33.7%
25th percentile 3.3 x 3.1 x 11.2 x 10.3 x 4.0% 7.3% 18.9% 20.0%
Median 3.9 x 3.6 x 12.1 x 10.9 x 8.7% 10.4% 30.1% 32.5%
75th percentile 5.4 x 4.7 x 30.9 x 21.8 x 17.4% 18.2% 34.9% 35.3%
Selected Publicly Traded Companies Cont.
20
Sources:
Net revenues have been used where appropriate
Yahoo – financials taken from Jefferies (April 2014) & checked against company's financial results, market data taken from Capital
Google – financials taken from Morgan Stanley (April 2014) & checked against company's financial results, market data taken from CapitalIQ
AOL – financials taken from Deutsche Bank (May 2014) & checked against company's financial results, market data taken from CapitalIQ
Rocket Fuel – financials taken from Credit Suisse (May 2014) & checked against company's financial results, market data taken from CapitalIQ
Criteo – financials taken from Deutsche Bank (May 2014) & checked against company's financial results, market data taken from CapitalIQ
Tremor Video – financials taken from Credit Suisse (May 2014) & checked against company's financial results, market data taken from CapitalIQ
Millennial Media – financials taken from Morgan Stanley (March 2014) & checked against company's financial results, market data taken from CapitalIQ
YuMe – financials taken from Deutsche Bank (May 2014) & checked against company's financial results, market data taken from CapitalIQ
Dentsu - financials taken from Morgan Stanley (February 2014) & checked against company's financial results, market data taken from CapitalIQ
Blinkx - financials taken from Jefferies (January 2014) & checked against company's financial results, market data taken from CapitalIQ
For all other companies – financials and market data taken from CapitalIQ
Note:
Financials calendarised to December year end, market data as at 16th May 2014