Looking Forward to NRF 2017 – November 2016

1. CONFIDENTIAL
Looking forward to NRF 2017-
January 2017 in NYC
November 2016

2. CONFIDENTIAL
2
ComCap hosts dialogs with its strategic partners at NRF 2017
 As in years past, we will be hosting ongoing dialog between our strategic partners that have expressed interest in
both business partnerships and strategic investments, and our private company relationships.
 ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key
subsectors including B2C eCommerce, B2B SaaS, B2B services for retail (IT and marketing services, fulfillment and
logistics and call center), payments, mobile commerce and marketplaces.
 Headquartered in San Francisco, our firm works with mid-cap public companies on buyside initiatives, and public
and private growth companies on financing and strategic M&A.
 In addition to being the only boutique focused on disruptive commerce models, we differentiate by bringing bulge
bracket techniques to emerging models, a strong and uncommon buyside/strategy practice, deep understanding of
industry drivers and synergy analyses, deep relationships across the sector and worldwide coverage with closed
transactions in the United States, Japan, China, the ASEAN region, Western and Eastern Europe and Latin
America.
 Please contact Aron or Steve to share feedback on your company profile and discuss your views on the
personalization and B2B SaaS and professional services industries.
Aron Bohlig
Managing Partner
M: 415-235-8270
E: aron@comcapllc.com
David Yom
Associate
M: 201-341-9473
E: dyom@comcapllc.com
Uren Dhanani
Associate
M: 512-590-4989
E: uren@comcapllc.com
Fermin Caro
Vice President
M: 650-743-7825
E: fermin@comcapllc.com
Steve Terry
Managing Director
M: 415-971-3794
E: steve@comcapllc.com

3. CONFIDENTIAL
3
ComCap’s strategic partner landscape-personalization focus
j
Software and
Service
Leaders
Payments
& Fintech
End to end
Players
Global
Logistics
Leaders
Agencies and
Systems
Integrators
Retailers and
Corporate VCs
eCommerce
Leaders

4. CONFIDENTIAL
4
Recommended strategic investors
Strategic investor Rationale
 Accenture Interactive, part of Accenture Digital, offers integrated, industrialized and industry-driven digital transformation and personalization
marketing solutions
 Adobe’s marketing cloud platform, Adobe Target, is a complete optimization solution that allows data-driven marketers to rapidly experiment
and create high-converting personalized experiences
 Clorox has increased their investments in digital marketing and eCommerce in recent years to be more responsive to the 21
st
century
consumers who expect personalization and authenticity when it comes to interaction with their brands
1
 Dentsu Aegis Network acquired a majority stake in Merkle, a global data-driven, technology-enabled marketing agency, in order to enhance
their capability to deliver unique, personalized customer experiences across platforms and devices
 First Data recently published a study
2
demonstrating that cardholders are more attracted to credit card providers that provide a personalized
experience, from choosing their card style, rewards preferences, security features, and even card materials
 HCL has a dedicated platform that provides services and tools to help Media & Entertainment customers develop CRM and Personalization
strategies for their consumers across mobile, web, and social
 IBM’s Marketing Cloud suite allows their clients to deliver personalized content across every digital channel so that they can provide a uniquely
relevant experience across websites, applications and digital communications
 Naspers hired Barron Ernst as their Senior Director of Mobile and International Growth in 2015 to broaden their capabilities in the
personalization space. Barron was previously Head of Marketing, Personalization, and Growth at One Kings Lane
3
.
 Oracle’s Maxymiser website optimization platform allows companies to conduct simple A/B testing, or complex multivariate testing, while
tracking and analyzing customer behavior across all channels
 Salesforce’s Personalization Builder enables clients to use the power of predictive analytics and predictive modeling to understand each
customer’s preferences and automatically tailor content delivered in email and on the web
 SAP’s Customer Engagement and Personalization Solutions allow their clients to inform their customers, suggest products, and influence
shopping behavior in real time across channels, including in store, with mobile devices, and across SAP software
 SAS’s Digital Marketing platform allows clients to implement a customer-focused, cross-channel digital marketing strategies that aligns with
their overall marketing strategy in order to create relevant and personalized digital marketing messages
 Transcomos signed a partnership with Adobe in 2015 to accelerate the marketing strategies of Japanese and overseas companies, by
combining Adobe’s powerful marketing solution which include analytics, customer experience, mobile, DMP, personalization and social media
along with the production and operations capabilities of Transcosmos
Sources:
(1) https://www.thecloroxcompany.com/brands/innovation/
(2) https://www.firstdata.com/en_us/insights/does-personalization-really-persuade-your-cardholders.html
(3) https://growthhackers.com/amas/live-jan-5-ama-with-barron-ernst-head-of-international-growth-at-naspers-and-formerly-at-one-kings-lane-and-imvu
(4) http://www.trans-cosmos.co.jp/english/company/news/150330.html

5. CONFIDENTIAL
5
Ecommerce personalization services landscape
 Personalization capabilities are now viewed
as critical in achieving a unified customer
experience
− B2C, and increasingly, B2B sellers are
investing in customer individualization
and intimacy
− Personalization strategies are
increasingly being implemented by all
business sizes
 Historically a poorly defined category,
Personalization Services is now entering its
“Version 2.0”
− First generation solutions were
characterized as being complex and
difficult to implement resulting in delays
as marketers had to rely soley on IT
− Next generation providers are now
leveraging big data, AI and machine
learning to create meaningful one-to-
one consumer and buyer profiles
− This new generation of providers puts
the marketer in charge, allow DIY
implementations
 Some early consolidation occurring as
larger platforms strive to meet retailers
agendas
`
Personalization Companies
TotalCapitalRaised
$50m
$10m
$25m
$75m
$100m+
n/a
Source: Pitchbook

6. CONFIDENTIAL
6
Top vendors and SIs are rapidly gaining capabilities to service the
full ecommerce suite ecosystem
Diagram adapted from Forrester B2C Commerce Suites report
Commerce Platform
Order ManagementExperience
Management
Product Information
Management
Commerce
Suite
Physical Touchpoints
Branded Digital Touchpoints
Enterprise systems and
technologies
ERP/Supply
Chain
Marketing/
CRM/ Loyalty
Business
Intelligence
Merchandising
Warehouse
Management
Web
Mobile
Tablet
Contact
Center
Social
Stores /
Kiosks
POS
 Increasingly the major vendors are combining point retail solutions into formidable suites
 Systems integrators are being challenged to build complete practices capable of implementing and supporting a diverse set of components which
may not be well integrated due to the rapid pace of acquisitions

7. CONFIDENTIAL
7
WEC ecommerce OMS
Retail
Planning
Marketing
Suite
Relevant
Acquisitions
√ x x x √
• May ’10 Livefyr – content marketing platform
• Arp ’15 Tumri – online display ad solutions
• Jan ’15 Fotolia – online stock photography community
√ √ √ √ √
• Dec ’15 Clearleap – content management streaming
• Sep ’15 ClevAPI – image recognition
• Mar ’15 AlchemyAPI – text mining, image recognition
x x x x √ • NA
√ √ √ √ √
• Sep ’15 Maximizer – personalization platform
• Jan ’15 Datalogix – online ad platform
• Sep ’14 Micros – retail software technology and POS
x √ √ x √
• Aug ’16 BeyondCore – automated analytics software
• Jul ‘16 Demandware – SaaS ecommerce platform
x √ √ x √
• Oct ‘15 Seewhy – target remarketing platform
• Jun ’13 hybris – enterprise ecommerce platform
√ x x x √ • Jun ’14 TruCentric – content personalization platform
√ x x x x
• Aug ’16 Peerius – personalization
• Jan ’15 Ektron – web content management
• May ’13 Euroling – In-site search engine
√ ? x x √
• Nov ’13 Commerceserver.net – ecommerce platform
Content management players may collide with commerce
Adobe’s rumored interest in ecommerce may drive Acquia/Epi/Sitecore to expand or become marginalized
Source: Gartner Research and ComCap analysis.
Horizontal
Solutions
Point
Solutions
Potential area of consolidation / acquisition

8. CONFIDENTIAL
ComCap overview materials

9. CONFIDENTIAL
9
ComCap – A leading boutique at the intersection of Capital
and Commerce
Value
Proposition
Unique, Focused, Global, Strategy and Investment Banking Boutique
Recent transactions completed or underway in the United States, Japan, China, Singapore, Argentina, UK, Sweden, Belgium,
France, Germany
$2bn revenue Japanese ecommerce BPO co.
#3 Russian Internet company
#1 UK Internet company
Multiple private B2B ecommerce systems integrators
Selected
ComCap
Clients
#1 Asian ecommerce B2B company
$200mm rev US public company
Multiple US and EU private equity funds
Many ecommerce SaaS companies
Google
eBay
Previous
Clients
Dice.com
Internet Brands
Yahoo
Digital River
Selected Team
Members
Sakshi Goel
Associate
Back office
Team
Shiv Ng
PPG
Sabhi Muhammed
Analyst
Cindy Lang
Administration and Ops
Experience
Education
Location
Aron Bohlig
Managing Partner
21 years
Credit Suisse
Become, Nortel
Wharton MBA
San Francisco
Mr. Bohlig is a registered representatives of and Securities and Investment Banking Services are offered through BA Securities, LLC Member FINRA SIPC.
ComCap and BA Securities, LLC are separate and unaffiliated entities
Fermin Caro
Vice President
12 years
Credit Suisse
Yale MBA
San Francisco
Uren Dhanani
Associate
5 years
UBS, DaVita
McCombs School
of Business
San Francisco
David Yom
Associate
9 years
J.P. Morgan,
Deutsche Bank
Georgia Tech MBA
San Francisco
Alex Martin
Associate
9 years
Credit Suisse
Richard Ivey School
of Business
San Francisco
Steve Terry
Managing Director
20 years
Credit Suisse
Battery Ventures
Robertson Stephens
McCombs School
of Business MBA
San Francisco

10. CONFIDENTIAL
10
Why ComCap?
 Who is ComCap?
− Ecommerce-focused boutique, accepting clients only by word of mouth recommendation
− Proven team with background at Credit Suisse, 100% focused on the ecommerce value chain
− Senior execution, no bait-and-switch, but with a strong bench team for support
− We are small, so we must be selective, working only on the best probability engagements, but
working ferociously to achieve a great outcome
− We do deals where we add unique value – not untargeted auctions to test the market
 How do we differentiate?
− Vertical focus enables deep understanding of your value proposition
− Unique synergies identification and advocacy process – based on bottoms up revenue and profit
analysis of the value of entering new geographies, new verticals for strategic investors / buyers
− Huge network among strategics in the US, Europe and Asia
− 50% of our transactions are cross border (active in the US, Asia, Europe and LatAm)
− New market entry experience on buyside
 Win-win proposal and differentiated proposition for our clients
− While we may charge premium pricing, we offer greater levels of service than other firms, and
our client references will attest to this

11. CONFIDENTIAL
11
ComCap helps DynamicAction raise $15m strategic round
• DynamicAction (DnA) is a San Francisco based SaaS predictive
analytics platform for retailers
• DnA’s solution leverages >600 algorithms to provide large retailers with
big data insights, derived from $12bn in annual GMV (2nd only to
Amazon), and proscribe prioritized actions related to critical issues that
are largely not visible today - across primarily merchandising, site
operations and customer interactions
• Marquee retailers in the US, UK and Europe such as Victoria’s Secret,
Abercrombie, American Eagle Outfitters, Brooks Brothers, Eddie Bauer,
Cole Haan, Otto Group, Tesco, and El Corte Ingles achieved >20% Y/Y
growth in profit during the 4Q (the most important season for retailers)
• At the time of the transaction, DnA surpassed its 2016E target revenue
and had visibility into >70% of its 2017E target standalone revenue
(112% including its weighted pipeline)
• The round valued DnA at 7.3x 2017E target standalone revenue and
5.3x 2017E revenue (including synergies)
ComCap process differentiation
ComCap successfully executed a capital raise and partnership with committed resources to accelerate
growth and realize material revenue synergies
• Extensive pre-transaction engagement to optimize company’s
positioning emphasizing first mover advantage and
differentiation
• Process designed to engage with key strategics and targeted
private equity players on a global basis
• Created detailed analysis of historical financials to support key
value drivers, customized for each strategic investor, and
detailed synergy models to gain commercial buy-in
• Aggressively engaged with commercial and strategic investment
teams to foster commitment to and consideration for synergies
in the valuation rationale
• Accenture’s retail practice corroborated the commercial opportunity
and, along with the strategic investment, committed to accelerating
DnA’s penetration of the largest retailers worldwide.
• Synergies to DnA are expected to contribute 33% in incremental
annualized revenues vs. DnA’s 2017E standalone revenues
$5
$9
$23
$0
$3
$9
$5
$12
$33
$0
$10
$20
$30
$40
2016E 2017E 2018E
DnA Standalone DnA Synergies
5.3x
Multiple
DnA revenue ramp including synergies ($m)
implies a ‘17 multiple in-line with vertical SaaS leaders

12. CONFIDENTIAL
12
ComCap helps drive global ecommerce
outsourcing expansion through $15mm equity investment
Global outsourcing leader with premier client base, seeks
expansion via digital services & new geographies
• Based in Tokyo, founded in 1985, (TSE: 09715) since 1997
• $1.5B in sales, ~16,000 employees, ~ 800 clients
• Leading BPO, contact center, digital marketer w. Asia expertise
• Proactively sought to meet clients’ Int’l. expansion needs
• Identified ecommerce as next evolution in outsourced services
International outsourced ecommerce with robust
capabilities and iconic global brands
• Based in Texas, founded in 1994, IPO 1999 on NASDAQ:
PFSW
• $250M in sales, 1,400 employees, >60 brand name clients
• Best in class provider of end-to-end ecommerce outsourcing
• Established operations in N. America and Europe
• Seeking strategic partners to achieve a global solution
Capabilities
Capabilities
Clients Clients
Working with fifteen different strategic partners over four months, ComCap brought together a large
strategic and a best-of-breed point provider to create a best-in-class, end-to-end, global solution

13. CONFIDENTIAL
13
ComCap’s ecommerce / digital retail investors landscape
US
Stage
agnostic
Buyout /
Alternate
Early
stage
Late
stage
Strategic
International