July 19 -ad-tech-market-update-20170714

Mid-Year Ad Tech Market Update
July 2017

Table of Contents
I. Key Takeaways
II. Industry Update
III. Strategic Buyer Overview
IV. M&A Transaction Analysis
V. Private Placement Market Update
VI. Public Company Financial and Stock Price Analysis
VII. WCP Overview

3
▪ Digital Advertising Industry Growth Remains Strong:
– The Ad Tech industry is experiencing sustained growth, especially due to
increased use of mobile devices
– Strongest sectors of growth include mobile app, video, programmatic (including
header bidding and traditional TV), location-based, and cross-device campaigns
– Many companies are experiencing slower growth because Facebook and
Google continue to capture most of the increased ad spending
▪ Major Ongoing Issues: Transparency, measurement, viewability, fraud,
privacy and ad blocking
▪ Investment Activity Declining:
– Public investors have pulled back significantly, resulting in lower valuations for
most publicly-traded Ad Tech companies. Despite the weak climate, The Trade
Desk and Snap successfully completed IPOs
– Private and VC investors have also pulled back, resulting in generally smaller
rounds and lower valuations, and forced exits for those unable to raise capital
Key Takeaways

4
▪ M&A Consolidation Continues:
– The industry is in the midst of a consolidation due to over-investment in most
sectors and industry domination by certain large players
– M&A acquirors have generally become more selective: some sellers have
found good exits, while others have not
– China became very active in M&A acquisitions in 2016, but has been much
less active in 2017, due to government forces in both China and the U.S.
– Telecom companies have become more active, as have other groups,
including traditional media, enterprise software companies, and PE firms
▪ Ad Tech/Mar Tech Converging: These industries continue to edge closer
together, although slowly due to their different business models, corporate
departments, and ecosystems
▪ Data: While data (including location) has become essential for targeting and ad
performance, data businesses have become difficult to differentiate due to their
proliferation, as well as limitations of attribution
Key Takeaways

6
▪ Continued Overall Growth in Digital Advertising
▪ Rapid Growth in Mobile Device Usage and Video Consumption
▪ Ad Tech/Mar Tech Converging
▪ Telecom Moving Aggressively into Ad Tech
▪ China Boosted M&A Growth in 2016
▪ Programmatic/Header Bidding Growing Rapidly
▪ Print and Traditional TV Spending Shifting to Digital
▪ Increased Availability and Use of Data (including Location)
Positive Trends

Challenges/Issues
• Transparency
• Measurement
• Latency
• Privacy/Tracking
• Viewability
• Fraud
• Fragmentation
• Ad Blocking
• Differentiation
• Walled Gardens (Google,
Facebook, Twitter, Snap)
7

M&A Drivers
▪ Reduced Availability of Financing (VCs/IPOs)
▪ Increased Interest from New Acquiror Groups (e.g. Telcos, Traditional Media)
▪ Private Equity Pursuing Opportunities at Lower Valuations
▪ China Leading Cross-Border Transactions
▪ Online Video Disrupting Traditional Video (TV)
▪ Smaller Companies Seeking Scale to Achieve Operating Economies and
Reassure Larger Brands
▪ Interest in Broadening Value Proposition
– Cross-Device and Location Data Capabilities
– Closed Loop Attribution for Both Online and Offline Sales
– Emerging Programmatic Technologies (e.g., Header Bidding)
▪ Larger Platforms Seeking to Extend Dominance
▪ Convergence of Mar Tech and Ad Tech
8

▪ Financing Trends
▪ “Advertising Giants Leave Little Room for Ad Tech Startups, and VCs are Noticing” | TechCrunch
(6/13/2017)
▪ “Ad Tech is in for a Rough 2017: The Visible Measures Collapse is Just the Beginning” | Fortune
(05/22/2017)
▪ “Is the Ad Tech Funding Crash a Big Deal?” | AdNews (01/11/2017)
▪ “Google and Facebook Push Ad Tech Investing to a 5-year Low” | BizJournals (01/3/2017)
▪ Recent Placements
▪ “Ad Tech Company MediaMath Secures $175M Credit Facility” | TechCrunch (06/06/2017)
▪ “Ad Tech Startup Unlockd Raises $30.7M as Asian Expansion Plans Take Shape” | Financial Review
(05/24/2017)
▪ “Ad Tech Startup Chymera VR Raises Funds from Anupam Mittal, Others” | VCCircle (05/10/2017)
▪ “Centerfield Secures Financing and Acquires Qology Direct” | PR Newswire (01/31/2017)
▪ “Israeli Ad Tech Startup Raises $56M to Grab Asia’s Mobile Marketing Opportunity” | TechInAsia
(01/17/2017)
Financing Market Update
9

▪ M&A Trends
▪ “Q1 2017 Saw a Record Number of Ad and Mar Tech M&A Deals” | MobileMarketing (04/24/2017)
▪ “What Is Happening To Ad and Marketing Tech M&A in 6 Charts” | BDO Global (03/24/2017)
▪ “The 17 biggest Ad Tech Exits of 2016” | Business Insider (12/30/2016)
▪ “M&A 2016: The Year Ad Tech Cautiously Rose Again” | AdExchanger (12/30/2016)
▪ M&A Transactions
▪ “Snap Said to Acquire Placed for $125M to Track Ad Effects” | Bloomberg (06/05/2017)
▪ “Telco Altice to Acquire Video Ad Tech Player Teads for $308M” | TechCrunch (05/21/2017)
▪ “Oracle Acquires Ad Measurement Company Moat” | TechCrunch (04/18/2017)
▪ “Singtel’s Digital Ad Division Amobee Acquires Turn for $310M” | TechCrunch (02/22/17)
▪ “Spearhead Acquires Smaato for $148M” | PE Hub (12/22/2016)
M&A Market Update
10

▪ “Adobe Launching an Advertising Cloud to Better Compete in the Ad Tech World” | ADWeek (05/21/2017)
▪ “Facebook's New Tool Lets Publishers Use Data to Sell Video Ads” | ADAge (05/23/2017)
▪ “How Facebook Uses AI to Penalize Ad-Heavy Websites in its News Feed” | Marketing Land (05/10/2017)
▪ “Google Secretly Monitoring your Real-World Purchases, Too” | Vanity Fair (05/24/2017)
▪ “Google Has All the Data it Needs, Will Stop Scanning Gmail Inboxes” | TechCrunch (06/23/2017)
▪ “Twitter TV? Twitter Makes the Case for Live at its Inaugural NewFronts” | AdExchanger (05/02/17)
▪ “Twitter’s Got Ad Tech Ambitions but Current Challenges” | TechCrunch (02/13/2017)
▪ “Ad Tech Giant Criteo sees a Big Opportunity in Twitter’s TellApart Shutdown” | Yahoo Finance (05/03/2017)
▪ “Criteo CEO Eric Eichmann’s Two Big Predictions for Ad Tech in 2017” | Business Insider (05/22/2017)
▪ “Yahoo-AOL Will Be Platform to Test Over-the-Top Video Service” | Variety (05/22/2017)
▪ “Rakuten Marketing Enhances Affiliate Technology Suite”| PR Newswire(06/21/2017)
Major Players Update
11

▪ Ad Blocking: “Why is Google Building an Ad Blocker?” | Vox (06/05/2017)
▪ Ad Fraud: “Ad Fraud Will Actually Go Down in 2017” | AdExchanger (05/27/2017)
▪ Ad Tech/Mar Tech Convergence: “Ad Tech and Mar Tech: The New Dynamic Duo” | CMO (04/11/17)
▪ Ad Tech Trends: “10 Ad Tech Trends to Watch in 2017” | Sortable (02/09/17)
▪ Ads On Lockscreens: “Nokia 6 comes to the US for less. Thanks, Amazon Prime! ” | Cnet (06/27/2017)
▪ China M&A Activity: “China's $246 Billion Foreign Buying Spree is Unraveling” | Bloomberg (05/10/2017)
▪ Facebook/Google Duopoly: “Facebook and Google Dominate the Digital Ad Industry” | Silicon Valley
Watcher (06/01/17)
▪ Header Bidding: “Google’s Header Bidding Killer Won’t Kill Header Bidding” | AdExchanger (06/08/17)
▪ Measurement: “Oracle Acquires Ad Measurement Company Moat” | TechCrunch (04/18/2017)
▪ Privacy: “EU Privacy Laws Challenge Ad Tech Companies” | MediaPost (02/09/2017)
▪ Programmatic: “The Fifth Wave in Ad Tech: The Privileged Programmatic” | AdExchanger (03/10/17)
▪ Telecom Moving into Ad Tech: “For Telecoms, the Ad Tech Opportunity is Massive” | eMarketer (01/18/17)
▪ Transparency: “Ad Tech Transparency and Market Manipulation” | AdExchanger (05/01/2017)
Industry Update
12

13
KPCB/Mary Meeker Report Highlights
▪ Consumers Continue to Spend More Time on Digital Devices
▪ Total increased from 5.4 to 5.6 hours per day (4%)
▪ Mobile device usage increased from 2.8 to 3.1 hours per day (11%)
▪ Advertisers Shifting More Ad Spend to Digital and Mobile
▪ Total U.S. digital ad spending increased 22%
– Mobile increased ~75% while desktop declined ~7%
▪ Mobile spending exceeded desktop advertising in 2016 for the first time
▪ Shift to mobile expected to continue as consumers spend more time on mobile ($16B
opportunity)
▪ Global Internet Ad Spend in 2017 expected to exceed Global TV Ad Spend for the first
time ($205B vs. $195B)
▪ Ad Blockers Used by 18% of U.S. Desktop Users vs. Only 1% of Mobile Users
▪ Ads Becoming Storefronts; Content Becoming the Store
▪ Facebook in-feed ads offer browsable products in a single ad unit
▪ Ads offer simple click-to-purchase options rather than link to seller’s website
Source: http://www.kpcb.com/internet-trends

Representative M&A Activity
14
June 2016
$148M
Beijng, China San Francisco, CA
December 2016
$2.9B
March 2017
$308M
San Francisco, CA
Singapore, Singapore
The Netherlands
February 2017
$310M
April 2017
$850M
Redwood City, CA New York, NY
Sterling, VA
New York, NY
Redwood City, CA
China, Programmatic
Private Equity, Data
Telecom
Telecom
Ad Verification
August 2016
$113.7M
July 2016
$4.5B
San Jose, CA Emeryville, CA
Basking Ridge, NJ Santa Clara, CA
San Francisco, CA Austin, TX
November 2016
$500M
July 2016
$600M
Beijing, China Oslow, Norway
Private Equity
Telecom
Video
China
June 2017
$200M
Los Angeles, CA New York, NY
Attribution

Expanding Pool of Strategic Players
16
Media Ad Agencies Telecom Commerce
Consumer Internet Tech ServicesData Ad/Marketing Tech
Internet Portals Marketing Clouds Online Video

17
Strategic Buyer Overviews
Ad Agencies
Ad/Marketing Technology
Commerce
Note: Acquisitions during the past five years
Source: CapitalIQ
Company Market Cap ($M) Revenue ($M) Cash ($M) Debt ($M) Acquisitions # Business Descriptions
$13,476 $7,732 $2,027 $4,204 127 Dentsu provides brand, media, and digital communication services to customers
4,443 2,597 924 754 30 Havas is a worldwide advertising, digital and communications provider
9,759 7,859 778 1,917 45 The Interpublic Group of Companies is a global advertising and marketing company
13,781 6,348 451 8,418 24 Nielsen is an information and measurement company
16,589 11,104 2,542 4,034 108 Publicis provides marketing, communication, and digital transformation services
26,679 18,687 2,930 8,529 210 WPP provides various communications services
$0 $241 $100 $1 2 Marketo provides cloud-based engagement marketing software platform that enables organizations to engage
in engagement marketing globally
51 93 33 3 2 Marin Software Incorporated operates a cross-channel advertising cloud platform in the United States and
internationally
130 447 63 86 1 Rocket Fuel provides digital advertising solutions globally
257 255 149 0 3 Rubicon Project engages in automating the purchasing and selling of advertising
2,151 226 107 26 0 The Trade Desk operates a self-service cloud-based platform that enables advertising buyers to create, manage,
and optimize data-driven digital advertising campaigns
158 158 31 1 1 YuMe provides digital video brand advertising solutions in the United States and internationally
$466,471 $142,573 $15,440 $21,599 36 Amazon engages in the retail sale of consumer products and subscriptions
37,351 9,059 1,979 8,966 19 eBay operates commerce platforms that connect various buyers and sellers
92,240 11,014 2,434 8,285 12 Priceline provides online travel and restaurant reservation, and related services
16,443 7,243 4,588 7,468 50 Rakuten is an Internet service provider and E-commerce company
228,891 487,511 6,545 47,104 35 Walmart operates retail stores in various formats

18
Data
Internet
Source: CapitalIQ
Consumer Internet
$437,741 $30,288 $7,104 $0 41 Facebook provides various products to connect and share through mobile devices and personal computers
0 3,615 697 1,162 14 LinkedIn Corporation, together with its subsidiaries, operates an online professional network worldwide.
0 0 0 0 13 Pinterest, Inc. provides a visual discovery tool that helps users to discover ideas for various projects and
interests on the Internet
21,092 515 1,427 15 8 Snapchat is a camera and social media company
12,809 2,483 1,192 1,718 38 Twitter operates as a global platform for public self-expression and conversation in real time
$2,057 $880 $170 $229 4 Acxiom is an enterprise data, analytics, and software-as-a-service company
14,371 7,341 1,867 20,671 16 Alliance Data provides marketing and loyalty solutions
18,932 4,335 83 3,294 8 Experian provides data, analytics, and software solutions to businesses and organizations
1,860 1,216 47 732 6 NeuStar provides various real-time information services
$641,790 $94,765 $18,132 $3,937 129 Google provides online advertising services
528,778 87,247 6,713 85,995 59 Microsoft develops, licenses, and supports software products, services, and devices

19
Source: CapitalIQ
Media
Marketing Clouds
Online Video
$69,689 $6,526 $1,317 $1,888 12 Adobe is a diversified software and digital advertising company
144,805 79,390 10,096 42,786 60 IBM provides information technology (IT) products and services
207,661 37,728 21,784 57,909 42 Oracle develops, manufactures, markets, sells, hosts, and supports database and middleware software,
application software, cloud infrastructure, hardware systems, and related services
61,744 8,863 2,025 2,535 30 Salesforce develops enterprise cloud computing solutions with a focus on customer relationship management
123,494 25,806 6,774 9,388 18 SAP operates as an enterprise application software and database company
$0 $19,577 $1,566 $5,142 123 Bertelsmann operates as a media, services, and education company
165,423 55,539 3,800 21,653 16 Disney operates as an entertainment company
1,005 3,162 89 385 10 Gannett operates as a news and information company
0 0 0 0 29 The Hearst Corporation publishes daily and weekly newspapers and magazines.
8,006 8,285 1,850 376 47 NewsCorp focuses on creating and distributing content to consumers and businesses
$64,689 $9,510 $1,078 $3,365 0 Netflix engages in the Internet delivery of television shows and movies on various Internet-connected screens
118 $174 28 1 1 Tremor Video provides online video advertising services for buyers and sellers of video advertisements
8,101 $3,082 1,397 1,577 30 Vimeo operates as a video sharing site

20
Source: CapitalIQ
Telecom
Tech Services
$76,006 $34,189 $3,382 $28 90 Accenture plc provides consulting, technology, and outsourcing services worldwide
2,850 3,399 740 3,284 7 Pitney Bowes offers customer information management, location intelligence, and customer engagement
technology products and solutions in the United States and internationally
$231,288 $162,616 $14,884 $136,904 50 AT&T provides telecommunications and digital entertainment services
184,359 82,076 4,022 61,785 41 Comcast operates as a media and technology company
46,143 12,140 388 8,126 11 Singtel provides integrated infocomms technology (ICT) solutions to enterprise customers
24,791 15,567 3,120 10,207 20 Telenor operates as a telecommunication company
39,183 20,192 912 13,207 34 Telstra provides telecommunications and information services to businesses, governments, communities, and
individuals
$181,165 $123,623 4,307 116,842 32 Verizon provides communications, information, and entertainment products and services to consumers,
businesses, and governmental agencies

Selected Ad Tech M&A Transaction Values(1)
($ in Millions)
$850.0
$680.0
$310.0 $308.1
$200.0
$33.0 $26.4
$0.0
$100.0
$200.0
$300.0
$400.0
$500.0
$600.0
$700.0
$800.0
$900.0
2017 M&A Transactions
21
Note: (1) Through June 30, 2017
Source: CapitalIQ

Selected Transaction Revenue Multiples
33.3x
17.0x
14.4x
13.3x 13.1x
8.8x
7.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
2016 – 2017 Transactions
(2)
EV/Rev Multiple
(1)
22
Notes:
(1) Enterprise Value divided by last 12 months revenue
(2) Through June 30, 2017
Source: CapitalIQ

24
$2.0
$8.0
$10.6
$15.4
223
428
411
412
0
50
100
150
200
250
300
350
400
450
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
2013 2014 2015 2016
M&A Total Value in $B # of Deals
($ in Billions) (# of M&As)
Ad Tech M&A
Source: Tracxn, 451 Research, CB Insights, CapitalIQ

Date Target Acquiror
Transaction
Value ($M)
EV/Rev
Multiple Business Description
06/05/2017 Placed Snap $200.0 NA Placed provides location-driven insights and mobile advertising intelligence. It measures mobile device information, including
location for market research purposes
05/10/2017 Dominion Web
Solutions
Goldman Sachs;
Eurazeo
680.0 NA Dominion Web Solutions operates an integrated platform of branded marketplaces and digital marketing solutions for the
powersport, RV, commercial truck, and equipment industries
05/02/2017 Crisp Media Quotient
Technology
33.0 1.5x Crisp Mobile offers mobile advertising technology solutions and services to brand advertisers, agencies, and publishers
04/27/2017 Sprooki Invigor Group 10.0 NA Sprooki provides a location-based mobile engagement platform for malls and retailers
04/18/2017 Moat Oracle 850.0 13.3 Moat is a SaaS-based search engine for display ads, enabling users to find and discover their favorite brands
04/05/2017 Glispa Market Tech 26.4 NA Glispa provides digital marketing and mobile advertising solutions
03/21/2017 Teads Altice 308.1 1.5 Teads operates a platform for social video advertising
03/09/2017 Visible Measures AcuityAds 10.0 NA Visible Measures provides content advertising technology that enables brands to compete for consumer engagement by
maximizing their share of attention relative to media spend in video content advertising
03/02/2017 Headway Digital Entravision 47.0 NA Headway operates as a data-driven media and marketing company
02/22/2017 Turn Amobee 310.0 2.8 Turn develops and provides an advertising technology platform for marketers, brands, and agencies
02/07/2017 ClicksMob ExciteAd Digital
Marketing
5.1 0.3 ClicksMob develops and operates a mobile performance platform. Its platform provides solutions for user acquisition and
mobile performance marketing for publishers and advertisers
01/30/2017 Arrowhead Agency Big Rhino 5.1 NA Arrowhead Agency provides integrated advertising services to healthcare, automotive, and quick service restaurants
01/19/2017 Global Messaging
Solutions
Link Mobility 12.1 NA Global Messaging Solutions provides digital marketing and certification services to companies for launching marketing
campaigns via SMS, Email, voice, and fax
12/14/2016 NeuStar GIC Special
Investments
2926.7 2.5 NeuStar provides various real-time information services worldwide. Its cloud-based platforms and data sets offer informative,
real-time analytics, which enable clients to make actionable, data-driven decisions
11/09/2016 TubeMogul Adobe Systems 583.3 2.6 TubeMogul designs, develops, and markets software for digital branding. It offers a cloud-based platform that enables
advertisers to plan, buy, measure, and optimize video advertising spend from a single platform
23
Note: Through June 30, 2017
Source: CapitalIQ
Selected M&A Transactions

Transaction
Value ($M)
EV/Rev
10/06/2016 Art of Click Xurpas $45.0 4.0x Art Of Click provides mobile marketing solutions for operators, advertisement networks, advertisers (interactive agencies and
brands), publishers, and application developers
10/04/2016 Hooklogic Criteo 250.0 NA HookLogic provides performance marketing services to manufacturers and hotels. It offers retail search exchange/native
advertising, paid product listings integration, and closed-loop advertising solutions to ecommerce site owners
10/03/2016 Krux Digital salesforce.com 680.0 13.1 Krux Digital develops a cloud-based data management platform for marketers, media companies, publishers, and agencies
09/26/2016 GovDelivery Vista Equity
Partners
153.0 NA GovDelivery operates a digital marketing platform for government organizations. The company’s GovDelivery platform connects
governments with citizens in order to promote the usage of services and enhance public awareness
09/26/2016 AppLovin Orient Hontai
Capital
1420.0 NA AppLovin develops and delivers a mobile advertisement platform. Its platform enables advertisers to target, grow, re-engage, and
retain their existing mobile audience based on applications that are previously downloaded, and find new customers
09/22/2016 Cohort Holdings
Australia
Pureprofile 28.3 1.4 Cohort Holdings Australia provides digital marketing solutions. The company’s services include lead generation, customer-base
acceleration, audience monetization, and Email marketing
09/09/2016 Weibo Alibaba Group 135.0 17.0 Weibo operates as a social media platform for people to create, distribute, and discover Chinese-language content
09/01/2016 Income Access
Group
Paysafe 30.6 NA Income Access Group is a technology and digital marketing agency that serves the gaming market, including traditional iGaming,
social gaming, land-based casinos, and online trading
09/01/2016 Bloom Media (UK) Jaywing 10.9 NA Bloom Media (UK) operates as a digital agency
08/22/2016 Media.net Miteno 900.0 3.9 Media.net is a contextual advertising company that provides traffic monetization solutions to web publishers and advertisers
08/18/2016 Atypon Systems John Wiley & Sons 120.0 3.9 Atypon Systems provides software solutions for digital content delivery, discovery, and monetization to publishers
08/18/2016 Meme Video Somoto 13.0 1.4 Meme Video provides media and digital advertising products and services
08/17/2016 Townsquare Media Madison Square
Garden
23.1 1.5 Townsquare Media operates as a media, entertainment, and digital marketing solutions company in small and mid-sized markets
08/04/2016 Acxiom Impact Zeta Interactive 22.0 0.4 Acxiom Impact provides data-driven, one-to-one email, and cross-channel marketing solutions for enterprise marketers globally
08/03/2016 Sizmek Vector Capital 113.7 0.4 Sizmek operates an online ad campaign management and distribution platform that provides online advertising services
worldwide
24Source: CapitalIQ

Transaction
Value ($M)
EV/Rev
08/03/2016 Antevenio Inversiones y
Servicios
$12.6 0.9x Antevenio provides online advertising and direct marketing services
07/29/2016 Tianyi Read Besttone Holding 104.7 2.2 TianYi Read provides an online platform for content based publication and network literature
07/25/2016 Yahoo! (Operating
Business)
Verizon
Communications
4500.0 1.0 Yahoo! Operating Business comprises core Internet business
07/21/2016 TouchCommerce Nuance
Communications
215.1 NA TouchCommerce provides pay-for-performance online conversion marketing solutions for online customers
07/21/2016 Olapic Monotype Imaging 130.0 14.4 Olapic operates a visual marketing platform that turns consumer-generated photos and videos into brand assets for use in
marketing channels and e-commerce environments
07/18/2016 Opera Software Qihoo 360 600.0 NA Opera Software develops and sells Web browsers. It offers Opera browsers for computers, phones, and tablets, as well as mobile
store and add-ons
07/01/2016 TRADER Thoma Bravo 1220.0 NA TRADER provides online media, automotive consumer marketplaces, and automotive-focused digital marketing solutions
06/27/2016 ReachLocal Gannett 156.0 0.4 ReachLocal provides a suite of online marketing and reporting solutions to small and medium-sized businesses
06/22/2016 The BIO Agency Tech Mahindra 66.2 3.6 The BIO Agency provides digital advertising services
06/15/2016 Shenzhen
Weimengxiang
Xiamen Anne
Corporation
10.7 5.0 Shenzhen Weimengxiang Network Technology offers social media and Internet marketing services
06/08/2016 Smaato Spearhead 147.8 NA Smaato operates a real-time advertising platform for mobile publishers, application developers, and advertisers
06/07/2016 Madhouse BlueFocus
(Shanghai)
44.7 NA Madhouse provides mobile advertising platform and other services globally
05/31/2016 Marketo Vista Equity
Partners
1795.1 7.5 Marketo provides a cloud-based engagement marketing software platform that enables organizations to engage in engagement
marketing
05/09/2016 StickyADStv FreeWheel Media 100.0 NA StickyADStv develops and provides programmatic video platform for publishers and advertisers
05/03/2016 Livefyre Adobe Systems 45.0 3.8 Livefyre develops and operates a content marketing and engagement platform that helps companies to engage consumers
through real-time conversation, social curation, content, and advertising solutions
25Source: CapitalIQ

Transaction
Value ($M)
EV/Rev
04/14/2016 Crosswise Oracle Corporation $50.0 33.3x Crosswise provides machine-learning based cross-device mapping data
03/22/2016 Conversion
Innovations
Propel Business
Services
11.8 NA Conversion Innovations operates an online marketing platform that provides marketing tools and guidance to small business
owners for managing their business
03/21/2016 smartclip Mediengruppe 52.8 NA smartclip develops online video marketing space to deliver multiscreen video advertising formats from publishers and content
owners
03/15/2016 JUICE Mobile YP.com 26.2 1.4 JUICE Mobile provides mobile marketing solutions for agencies, brands, and publishers
03/14/2016 Hipcricket Upland Software 6.2 NA Hipcricket provides data driven mobile engagement and analytics solutions that enable brands, agencies, and media companies
to drive customer engagement, loyalty, and sales
03/02/2016 Inneractive RNTS Media 72.0 1.7 Inneractive operates as a mobile ad exchange company
02/29/2016 NativeX Mobvista 25.0 NA NativeX develops a mobile advertising technology platform that helps application developers, advertisers, and publishers
monetize their mobile games and applications worldwide
02/01/2016 Tapad Telenor 360.0 6.6 Tapad is a marketing technology firm that provides unified, cross-device solutions for smartphones, tablets, home computers
and smart TVs
02/01/2016 Yodle Web.com 428.2 2.0 Yodle provides online marketing services to local business owners. Its services include Web presence, local search placement,
social media, customer reviews, Email marketing, and special offers distribution
01/05/2016 AddThis Oracle 175.0 8.8 AddThis operates a social sharing and analytics platform for sharing online content
75th Percentile $309.1 5.4x
Mean 369.2 5.1
Median 100.0 2.6
25th Percentile 25.6 1.4
26Source: CapitalIQ

27
Source: CapitalIQ
Selected M&A Transactions – Transaction Value Not Disclosed
Date Target Acquiror Business Description
06/27/2017 Apsalar Singular Apsalar provides enterprise marketing analytics solutions for mobile application marketers
06/19/2017 SMSpubli Mobile
Marketing
Esendex Limited SMSpubli Mobile Marketing provides business SMS marketing services through its application
05/29/2017 AdClear Digital DigitalF5 Marketing
Services
AdClear Digital provides digital marketing, analytics consulting, support, and web development services
05/27/2017 Mamadigital Mashfrog Mamadigital offers digital marketing services, including search engine marketing and online communications
05/25/2017 Switch Design
Consultancy
Pure Consultancy Switch Design Consultancy provides design, brand, and digital communications solutions
05/15/2017 ICiDigital Beringer Capital ICiDigital, a technology enabled digital marketing company, provides enterprise digital marketing solution
05/10/2017 LION New Media AdSupply LION New Media plans and executes digital advertising campaigns
05/09/2017 LeadingResponse ICV Partners LeadingResponse provides lead generation and customer acquisition services
04/26/2017 Raven Tools TapClicks Raven Tools develops tools for search engine optimization (SEO), social media/metrics and reporting, pay-per-click, analytics/campaign, and content
management
04/20/2017 SweetiQ Analytics ReachLocal SweetiQ Analytics provides local search marketing solutions for helping Fortune 500 brands convert online searches to in-store shoppers
04/20/2017 Develon Plan.Net Italia Develon provides digital marketing solutions and also designs online sales platform
04/19/2017 Experiment Engine Optimizely Experiment Engine operates testing and conversion optimization platform. Its platform enables brands and agencies to manage testing programs, scale
experimentation, and measure ROI; and allows teams to plan testing projects, review variations, and report on results
04/10/2017 Towers Design Zest the Agency Towers Design operates as a digital marketing agency
04/04/2017 Security Media
Publishing
Security Buyer Security Media Publishing provides news and marketing services for the security industry and other markets
03/30/2017 ethology Tallwave ethology is an integrated digital marketing agency. Its services include analytics and reporting, audience research, content strategy, digital paid media,
display media, lifecycle marketing, local search, mobile experience and SEO

03/10/2017 Statiq Axonix Statiq operates a multi-device advertising technology platform that provides location based audience data. Its platform enables advertisers to target and
analyze their audience by demographic, socio-economic, interest characteristics
03/10/2017 Webtrends, Infinity Oracle Webtrends, Infinity comprises a big data analytics platform that allows businesses to see how customers interact with their brand across any digital
channel, at any time, and in one place
03/08/2017 Pont-Neuf Hungry And Foolish Pont-Neuf offers digital marketing and advertising services
03/03/2017 Audience Partners Altice Audience Partners provides data-driven interactive advertising and direct marketing solutions for advertisers, direct marketing companies, and media
organizations and publishers
02/23/2017 Duplicera Cybercom Group Duplicera offers digital marketing services including keyword optimization, web production, and graphic design services
02/22/2017 LiftMetrix HootSuite Media LiftMetrix operates as an integrated business-to-business and business-to-consumer e-health company
02/15/2017 realzeit D.C. Media
Networks
realzeit provides mobile marketing, mobile advertising, and retargeting services
02/09/2017 Gigigo Digital Dimension Gigigo designs and develops mobility-oriented digital products and solutions for business corporations. The company offers an inbound mobile marketing
SaaS platform that provides a set of services to create, manage, and deliver digital experiences
02/08/2017 Ron and Eddie Single Malt Design Ron and Eddie operates as a creative digital marketing agency. It offers services, such as web design and development, branding and graphic design,
marketing, video and animation, content marketing, and email marketing and design
01/30/2017 Stream Digital PeopleToMySite Stream Digital provides digital marketing services for various brands
01/26/2017 Innovantum
Technologies
Fusion RMS Innovantum Technologies provides strategy and planning, creative and marketing, and technology development services
01/18/2017 Adzzup Digital Caddies Adzzup operates as an Internet marketing and advertising company for small and medium sized businesses. It offers Website search engine and mobile
marketing, social media marketing and advertising, and local search marketing services
01/18/2017 Ad-Juster Innotech Capital Ad-Juster offers third party reporting and discrepancy management tools. The company offers trafficking, AdOps/sales support, billing and finance,
inventory management, and sales solutions
01/12/2017 Attitude Design Fifteen Design Attitude Design provides branding and digital marketing services
01/05/2017 Mogo Marketing +
Media
Learfield
Communications
Mogo Marketing + Media, an integrated digital marketing firm, helps brands engage and transact with customers across display, video, Facebook, mobile,
and search
28Source: CapitalIQ

12/16/2016 Revsquare Pentalog Revsquare provides digital marketing services. It offers strategy, marketing, content, experience, and technology services
12/15/2016 ShopLocal Liquidus Marketing ShopLocal provides digital marketing solutions. It offers solutions, such as SmartDelivery for placing promotions to targeted audiences in various channels,
devices, properties, and media
12/08/2016 Sentient Interactive W2O Group Sentient Interactive provides digital marketing services. The company offers creative, technology, and insights and activation services
11/29/2016 Excel Optimus Excel provides direct marketing, digital marketing, event management, and strategic consulting services focusing on fundraising
11/21/2016 Dyn Oracle Dyn operates as a cloud-based Internet performance company. It helps companies to monitor, control, and optimize online infrastructures
11/14/2016 Essential Marketing
+ ChoiceAdz.com
NOHO ChoiceAdz.com offers online advertising services. Essential Marketing Systems operates in the advertising technology sector
10/11/2016 FameBit YouTube FameBit provides digital marketing services and operates an online marketplace that allows businesses to find, manage, fund, and track influential video
campaigns from the stage of connection to campaign delivery
10/04/2016 optivo EPiServer optivo provides omnichannel campaign management and email marketing solutions to companies from various sectors
09/28/2016 BuzzCity mobad BuzzCity develops and operates advertising networks via mobile sites and applications for publishers and developers, brand owners, agencies, mobile
media property owners, and advertisers
09/21/2016 Independent Media
Distribution
Inflexion Private
Equity Partners
Independent Media Distribution provides cloud based platforms and services for advertisers, creative and media agencies, post-production houses,
broadcasters, and online publishers to deliver video advertising and manage complex campaign data in multiple territories
09/08/2016 Quantum Hi-Media Quantum develops and operates an end-to-end native advertising platform for the media, advertisers, agencies, and trading desks
08/09/2016 Zulu5 audienzz Zulu5 provides online advertising monitoring and insight services
08/01/2016 Meteora Media Stamedia Meteora Media develops online advertising platform that specializes in customized audience targeting harvesting site traffic into segmented audiences for
specific advertisements across the Web
07/12/2016 Fiveworx Northshore
Management
Fiveworx designs and develops email marketing and marketing automation software for the utility industry
06/21/2016 ROXIMITY Verve Wireless ROXIMITY is a location-based alert and deals platform enabling merchants to send targeted messages to potential customers
31Source: CapitalIQ

06/16/2016 AdGear
Technologies
Samsung
Electronics Canada
BLOOM Digital Platforms develops and operates online advertising platforms
05/03/2016 SEOlytics SISTRIX SEOlytics provides analysis and controlling software for the analysis of search engine optimization activities for search engine optimization managers and
online marketing agencies
05/02/2016 VHX Vimeo VHX provides technology for businesses to create custom video experiences across various platforms and connected devices
04/14/2016 Retailigence ShopAdvisor Retailigence provides an online-to-offline marketing platform that drives product sales in-store
04/05/2016 Carnival Labs Sailthru Carnival Labs develops and provides a mobile marketing platform for brands to manage their users and publish campaigns
04/01/2016 Genwi Persistent Systems Genwi develops a Mobile Content Engagement Platform that delivers access and content sharing capabilities across the enterprises
03/30/2016 Darwin Marketing Dentsu Aegis
Network
Darwin Marketing provides Internet marketing consulting services in China and internationally
03/29/2016 Encore Alert Meltwater Encore Alert owns and operates an online application that identifies key mentions and trends from social media and sends proactive alerts with
recommended immediate actions
03/16/2016 Volicon Verizon Digital
Media Services
Volicon provides enterprise media intelligence solutions for broadcasters, networks, cable operators, and governments.
03/11/2016 Ad Trends
Advertising
Custom Specialties Ad Trends Advertising designs marketing strategies for its clients
03/11/2016 HelloSociety T Brand Studio HelloSociety operates a Pinterest marketing and technology platform to track, manage, and control Pinterest campaigns
03/08/2016 AntiHero Mic Network AntiHero operates a curated video platform for quality short form content
03/03/2016 Access Media Outbrain Access Media, doing business as Revee, develops and markets a cloud based analytics platform and software solution that facilitates ROI content tracking
03/03/2016 Pointlogic Nielsen Holdings Pointlogic provides mathematical techniques and software technology to support the decision making programs in various organizations
03/02/2016 Comet Global
Consulting
Merkle Comet Global Consulting provides inbound and outbound marketing, and customer management technology solutions
32Source: CapitalIQ

03/02/2016 Contastic SugarCRM Contastic provides a CRM system that generates emails with personalized content for users to send to remain relevant
03/01/2016 AppData FI Navigator AppData provides a subscription Web service designed to help application developers, analysts, investors, and advertisers in the social and mobile spheres
02/29/2016 Adapt Worldwide Welocalize Adapt Worldwide provides multilingual digital marketing services worldwide
02/18/2016 Docalytics Contently Docalytics operates a cloud-based platform for marketing and sales communication
02/11/2016 Roostr Chartboost Roostr provides an online marketplace that enables mobile game publishers to connect and collaborate to YouTube and Twitch content creators
02/11/2016 Viant Technology Time Viant Technology provides a cloud-based platform that enables marketers to plan, execute, and measure their digital media investments
02/04/2016 ZooEffect Cincopa ZooEffect operates an online platform for marketers and developers to create, publish, and test media that includes videos, image galleries, music players,
and slideshows
02/02/2016 Evizion Media
Group
All Direct Leads Evizion Media Group provides online digital marketing services
02/02/2016 Life Marketing Sew Cal Logo Life Marketing provides online marketing and advertising services to the cannabis industry
02/01/2016 Adaptive Medias AdSupply Adaptive Medias operates as a programmatic audience and content monetization provider for Website owners, developers, and video publishers who want
to optimize content
02/01/2016 Vitberg LeadG2 Vitberg offers digital marketing strategies and plans, digital branding, Websites, digital lead generation, content marketing, social media marketing services
01/28/2016 Media Properties
Holdings
Cannella Response
T.V.
Media Properties Holdings, doing business as MPH, owns and manages media companies that provide media buying, creative, lead generation, and cost-
per-acquisition television advertising
01/21/2016 Ustream International
Business Machines
Ustream provides cloud-based end-to-end video solutions for media and enterprises
01/19/2016 Second Media VerticalScope Second Media provides digital marketing services. Second Media develops a network for advertisers and publishers to target audiences on contextually
relevant Websites
01/12/2016 Encore Media
Metrics
Simplicity
Marketing
Encore Media Metrics operates a digital media analytics platform
33Source: CapitalIQ

V. Private Placement Market Update

34Source: Tracxn
$1.3
$0.7
$1.2
$2.0
$1.4
$1.6
$2.2
$2.5
$1.3
186
182
262
303
307
347 343
301
189
0
50
100
150
200
250
300
350
400
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
2008 2009 2010 2011 2012 2013 2014 2015 2016
Funding Amount in ($B) # of Rounds
($ in Billions)
(# of Rounds)
Ad Tech Funding Declined in 2016

35
Selected Private Placement Transactions(1)
($ in Millions)
Note: (1) Through June 30, 2017
Source: CapitalIQ
$175.0
$136.0
$65.0
$31.0
$26.5
$22.9
$16.2
$13.0 $12.0
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
$160.0
$180.0
$200.0
2017 Ad Tech Financings

36
Note: Excludes Private Placements Less than $5M. Through June 30, 2017
Source: CapitalIQ
Selected Private Placement Transactions
Date Company Investor
Capital Raised
($M) Business Description
06/07/2017 MediaMath Goldman Sachs;
Santander Bank
$175.0 MediaMath a leading provider of digital media trading technology and services
05/25/2017 DEMANDBASE Sigma Partners;
Silver Lake
65.0 DEMANDBASE provides B2B marketing solutions for businesses worldwide
05/24/2017 Unlockd Alium Capital
Management
22.9 Unlockd is an ad startup that helps consumers to get discounts on their phone bills. The company offers Unlockd, a mobile based technology
platform that connects brands, content, and relevant media to the consumer
05/23/2017 Bounce Exchange SVB Capital 31.0 Bounce Exchange provides software solutions for automated customer acquisition and behavioral marketing for e-commerce, enterprise
publishers, travel, business-to-business, Fortune 500, and financial services industries
05/15/2017 Mintigo Sequoia Capital;
Maverick Ventures
10.0 Mintigo provides a cloud-based predictive marketing platform for marketers
05/05/2017 Terminus Software Edison Partners;
HubSpot
10.3 Terminus Software develops an account-based marketing platform for B2B marketers
05/02/2017 Social Native SoftBank Capital 8.0 Social Native provides a platform that matches brands with relevant content creators based on interests and brand affinities
04/26/2017 Sidecar Interactive Osage Partners; The
Yard Ventures
11.0 Sidecar Interactive provides bid management software for product listing advertisements in channels, such as Google Shopping, Facebook
Dynamic Product advertisements, and Bing Shopping
04/21/2017 eRelevance Capital Factory;
Chicago Ventures
5.1 eRelevance provides a technology-enabled marketing automation service to small- and medium-sized businesses
04/20/2017 Social Reality NA 5.0 Social Reality, an Internet advertising and platform technology company, provides tools to automate the digital advertising market in the
United States
04/13/2017 Akoonu Shasta Ventures 8.0 Akoonu develops and operates a content marketing platform that enables B2B marketers to develop integrated, data-driven content
marketing strategies
04/05/2017 AdAsia Holdings JAFCO Investment 12.0 AdAsia Holdings develops advertising technology solutions for marketers, advertisers, and publishers in Singapore and internationally
04/03/2017 IgnitionOne Horizon Technology
Finance
12.0 IgnitionOne designs and develops cloud-based digital marketing solutions for online marketers worldwide
03/29/2017 ActionIQ FirstMark Capital;
Sequoia Capital
13.0 ActionIQ develops and operates a cloud-based marketing-centric platform to solve data, analytics, and campaign problems of marketers,
analysists, and technologists in the United States and internationally
03/21/2017 DataBerries Index Ventures;
Mosaic Ventures
16.2 DataBerries offers predictive mobile marketing services by leveraging data points and machine learning algorithms to optimize performance

35
Capital Raised
03/09/2017 Crealytics Bayern Kapital,
LBBW Ventures
$9.0 Crealytics provides software solutions for advertising industries
03/08/2017 Conversion Logic Crosscut Ventures,
TenOneTen
9.0 Conversion Logic operates a cross-channel attribution Software-as-a-Service platform for delivering digital and video media performance
insights for brands, agencies, and ad tech partners
03/07/2017 LoopMe Impulse VC,
OpenOcean
10.0 LoopMe provides a mobile advertising inbox technology solution for advertisers, publishers, and app developers
02/15/2017 Persado UK European
Investment Bank
26.5 Persado UK provides hosted mobile monetization solutions for mobile operators to sell their own and third party products and services to
their subscribers
02/08/2017 Centerfield Media H.I.G. Growth
Partners
136.0 Centerfield Media develops a digital advertising technology that focuses on real time biddable (RTB) media
01/25/2017 Sourcepoint Accel Partners,
Foundry Group
16.0 Sourcepoint develops a content compensation platform for publishers
01/25/2017 Button DCM Ventures,
Greycroft Partners
20.0 Button provides mobile customer acquisition, engagement, and monetization solutions
01/17/2017 Zeotap Capnamic, HERE, Iris
Capital
13.0 Zeotap provides a technology platform that transmits data securely and in a privacy-compliant way for businesses and consumers
01/17/2017 AppsFlyer Deutsche Telekom
Capital Partners
56.0 Appsflyer develops and operates a mobile apps measurement platform that allows mobile app-developers, brands, and advertising agencies
to measure and optimize their mobile customer acquisition funnel from a real-time dashboard
11/14/2016 xAd Eminence Capital,
IVP, W Capital
43.0 xAd provides a location-based marketing and advertising platform for publishers and developers
11/11/2016 Smartpipe Solutions Finance Wales,
Notion Capital
19.0 Smartpipe revolutionises the world of network data monetisation
11/10/2016 Singular Labs General Catalyst
Partners
15.0 Singular Labs operates a SaaS-based mobile marketing platform that unifies, analyzes, and optimizes various marketing channels through a
single dashboard
10/31/2016 Spongecell Safeguard Scientifics 11.0 Spongecell offers advertising technology tools and services. It transforms banner advertising into flash advertising with interactive features,
such as video, interactive mapping, carousels, social media, and more
10/14/2016 mParticle Bain Capital, Social
Capital
18.0 mParticle, a mobile technology company, develops a mobile data activation platform that provides mobile app owners with the controls and
reporting functionality to make informed decisions about their data
10/06/2016 Nugit Sequoia Capital
India
5.2 Nugit operates an advertising technology platform that supplies online marketers and agencies with insights to help achieve ROI
improvements and cost savings
Note: Excludes Private Placements less than $5M
Source: CapitalIQ

36
Capital Raised
09/30/2016 PeerLogix NA $5.6 PeerLogix provides proprietary software as a service platform that enables the tracking and cataloguing of torrent files and networks to
determine consumer trends and preferences based upon media consumption
09/28/2016 AppNexus News Corp, Yahoo
Japan
31.0 AppNexus operates a cloud-based software platform that enables and optimizes programmatic online advertising
09/20/2016 4C Insights GSV Capital, Jump
Capital
26.0 4C Insights provides data science and media technology with solutions for multi-screen convergence. Its product suite includes activation on
Facebook, Twitter, LinkedIn, Pinterest, Instagram, and Snapchat as well as TV Synced Ads across display, search, social, and video
09/13/2016 TVTY Partech Ventures,
Serena Capital
6.7 TVTY, a moment marketing company, monitors relevant offline moments and allows digital marketing campaigns to respond to these
moments in real-time for brands globally
09/13/2016 Defy Media Love Video 70.0 Defy Media creates, distributes, and owns millennial focused digital content. The company offers various videos in the areas of comedy,
entertainment, gaming, and lifestyle
09/12/2016 Datorama Lightspeed Ventures 32.0 Datorama provides marketing integration engine for enterprises, agencies, publishers, and platforms
09/08/2016 session M CRV; General
Atlantic; KPCB
35.0 session M provides mobile-first loyalty, engagement, and marketing solutions
09/06/2016 Ogury ACG, Covent
Partners
15.0 Ogury develops a Web-based acquisition system for E-merchants
08/31/2016 Zeta Interactive NA 45.0 Zeta Interactive provides marketing solutions for helping brands to acquire, grow, and retain customers
08/30/2016 Blackwood Seven Jolt Capital,
Sunstone
15.0 Blackwood Seven A/S provides an automated media allocation platform, which allows advertisers to plan and execute campaigns across
various media groups–on and offline–on the basis of performance data
08/22/2016 MediaBrix Edison Partners;
Horizon Technology
6.5 MediaBrix delivers emotionally charged brand connections for consumer receptivity during mobile advertising experiences in the United
States
08/19/2016 Beeswax RRE Ventures;
Foundry Group
13.3 Beeswax provides a technology buying platform for digital media
08/16/2016 Goop NEA; Felix Capital
Partners
10.0 Goop provides digital media and e-commerce services
08/15/2016 Yieldbot Stanley Capital
Management
35.0 Yieldbot, a predictive and actionable data intelligence company, leverages publisher site data using visitor referrer data and site click stream
data
08/10/2016 Bynder Insight Venture
Partners
22.3 Bynder provides cloud-based brand management and marketing resource management (MRM) software solutions for users to send, manage,
create, and edit marketing and branding materials
Source: CapitalIQ

37
Capital Raised
08/08/2016 Kaltura Goldman Sachs
Private Capital
$50.0 Kaltura operates an open source video platform for media companies, digital publishers, operators, education sector, financial services sector,
governments, insurance companies, retail sector, enterprises, and cloud service providers
08/01/2016 DoctorLogic NA 7.5 DoctorLogic provides online marketing tools for the medical industry
07/27/2016 Vertigo Media NA 10.0 Vertigo Media develops a social media platform for the creation and exchange of user-generated content and marketing research revolving
around music
07/20/2016 Sprinklr EDB Investments;
Temasek Holdings
105.0 Sprinklr develops social software platform for content planning and publishing, advocate and audience management, owned engagement and
moderation, and earned monitoring and listening
07/19/2016 Kiip True Ventures,
Verizon Ventures
12.0 Kiip provides a moments-targeting platform that enables brands to deliver automated rewards to consumers during relevant moments in
their brand-owned applications and across social networks
06/29/2016 Moloco NA 7.0 Moloco provides TMON, a mobile e-commerce platform for targeted re-engagement campaigns
06/29/2016 Amobee SingTel Mobile
Marketing
20.0 Amobee provides data-driven solutions for agencies and brands worldwide
06/28/2016 Ifeelgoods IDInvest Partners;
GROUPE UP
6.0 Ifeelgoods provides digital promotion and marketing solutions for retailers, brands, and businesses
06/24/2016 Digital
Entertainment
TEGNA; Corus
Entertainment
13.5 Digital Entertainment Corporation of America operates as a women’s digital media company
06/23/2016 LeTV Legend Holdings;
China Bridge
45.6 LeTV operates an online video portal
06/16/2016 Collective Accel Partners;
iNovia Capital
34.0 Collective provides multi-screen advertising solutions that help brands connect with their audience
06/15/2016 Performance
Horizon
DN Capital;
Greycroft Partners
15.5 Performance Horizon, a SaaS-based digital partner marketing solutions provider, enables brands to directly connect with their marketing
partners to enhance customer acquisition and drive revenues from online marketing channels
06/15/2016 Eyeview Gemini Israel Funds 38.8 Eyeview develops video advertising technology solutions
06/14/2016 Spicee NA 11.2 Spicee provides digital media services
06/08/2016 Frequency Networks Oakmont; YOU On
Demand
11.0 Frequency Networks offers cloud-based internet video service that aggregates and distributes video from content producers
Source: CapitalIQ

38
Capital Raised
06/08/2016 Impact Radius Silversmith Capital
Partners
$30.0 Impact Radius provides a SaaS based digital marketing platform that enables digital brands and agencies to maximize the return on ad spend
across digital, mobile, and offline channels
06/03/2016 Plaid Technologies NEA; Goldman
Sachs
44.0 Plaid Technologies develops API for banking data that enables developers to programatically interact with banks and credit cards
06/01/2016 Tubular Labs Marker 10.0 Tubular Labs provides cross-platform video intelligence and analytics solutions for media companies, brands, and agencies
06/01/2016 Vibes Media Syniverse Holdings 45.0 Vibes Media provides mobile marketing solutions to retailers and brands, carriers and telco, sports and entertainment, and media and
publishers
05/31/2016 Merkle Nant Capital 9.2 Merkle provides customer relationship marketing solutions through a connected customer relationship management (CRM) framework for
organizations to apply quantitative communication strategies to their marketing programs
05/25/2016 Seismic Software General Atlantic;
JMI Equity
40.0 Seismic Software develops a sales enablement and content management platform for marketing teams
05/23/2016 tronc Nant Capital 70.5 tronc, a multiplatform media and marketing solutions company, publishes newspapers in the United States
05/10/2016 Outbrain NA 45.0 Outbrain provides a content discovery platform
05/05/2016 Drawbridge Kleiner Perkins
Caufield & Byers
25.0 Drawbridge offers advertising solutions, data licensing, and a software-as-a-service platform, which empower a range of businesses to better
connect with their customers and measure performance
05/04/2016 Appboy Battery Ventures;
IDG Ventures
20.0 Appboy provides marketing automation for applications
05/02/2016 AdJoy Almaz Capital 7.0 Adjoy provides an online platform for video content advertising
04/25/2016 Kamcord Time Warner;
TransLink
10.0 Kamcord develops a software solution that allows the capture and sharing of mobile gameplay or mobile application use videos
04/24/2016 Unlockd Alium Capital
Management
12.0 Unlockd is an ad startup that helps consumers to get discounts on their phone bills. The company offers Unlockd, a mobile based technology
platform that connects brands, content, and relevant media to the consumer
04/21/2016 Medium Spark Capital; AH 50.0 Medium provides an online platform for people to read, write, and share ideas and stories
04/19/2016 Apester Blumberg Capital 12.0 Apester believes that the evolution of digital storytelling revolves around integrating the reader's voice into the content
Source: CapitalIQ

Capital Raised
04/16/2016 Blis Beringea, Unilever
Ventures
$25.0 Blis is the global leader in advanced location data technology
04/12/2016 90 Seconds Sequoia Capital;
AirTree Ventures
7.6 90 Seconds develops a cloud video production platform that allows brands to purchase, plan, shoot, edit, and review video anywhere in the
world, online, and on mobile
04/11/2016 Altitude Digital
Partners
Bridge Bank 17.5 Altitude Digital Partners doing business as Altitude Digital, provides video and mobile advertising technology solutions
04/05/2016 Virool Menlo Ventures;
Thomvest Ventures
12.0 Virool develops a video advertising platform for brand marketers
04/05/2016 Persado StarVest Partners;
Bain Capital
30.0 Persado provides marketing persuasion technology solutions for digital marketers worldwide
03/31/2016 Mashable Updata Partners;
Time Warner
15.0 Mashable operates an online news community
03/30/2016 PowerInbox Battery Ventures;
Genesis Partners
6.5 PowerInbox develops and offers an email platform that automatically turns email URLs into interactive content
03/21/2016 Moat Insight Venture
Partners
50.0 Moat develops SaaS analytics solutions for brand advertisers and publishers
03/03/2016 Snapchat Fidelity Investments 175.0 Snapchat is a photo messaging app that allows users to take photos, record videos, add text and drawings, and send them to recipients
02/29/2016 Crimson Hexagon Sageview Capital 20.0 Crimson Hexagon provides social media analysis software for businesses and organizations globally
02/25/2016 Shanghai
WiseMedia
Youzu Interactive 10.0 Shanghai WiseMedia Technology operates as an online advertising marketing solutions provider
02/25/2016 AppCard The Founders Fund;
Innovation
20.0 AppCard offers a cloud-based customer loyalty platform that provides real-time reports, analytics, and business intelligence that enable
merchants to engage customers with personalized offers
02/22/2016 QuBit Digital Accel Partners;
Goldman Sachs
40.1 QuBit Digital builds and licenses technology solutions to collect and process Web data
02/12/2016 DataMi Orange Capital 10.0 DataMi develops and operates network-aware mobile marketing platform that enables advertisers, businesses, and service vendors to
increase visibility
02/09/2016 TapInfluence Grotech Ventures;
Access Ventures
14.0 TapInfluence provides a marketing software solution that automates the creation, management, and measurement of influencer content
marketing programs
39
Source: CapitalIQ

Source: CapitalIQ 40
Capital Raised
01/31/2016 The Trade Desk Wellington
Management
$60.0 The Trade Desk operates a buy-side platform that provides access to all RTB inventory for display, television, video, social, mobile, and more
01/26/2016 Buildscale Battery Ventures;
Bessemer Venture
35.0 Buildscale, doing business as Vidyard, operates a video marketing platform that helps businesses turn viewers into customers
01/24/2016 DataXu Sky 10.0 DataXu provides programmatic marketing software for brands and agencies
01/19/2016 Adestra Business Growth
Fund
7.2 Adestra provides digital marketing technology solutions to organizations and marketers worldwide
01/04/2016 Admedo MMC Ventures 6.0 Admedo provides a self-serve online advertising platform for businesses and agencies

VI. Public Company Financial
and Stock Price Analysis

Selected Public Company Analysis – Ad Tech Sector
42
Note: As of June 1, 2017
Source: CapitalIQ
June 30, 2017
(Dollars in millions, except per share data)
Stock Price Market Enterprise CY16A CY17E CY16A CY17E Gross Operating
Company 6-30-17 Cap Value Cash Rev. Rev. EBITDA EBITDA CY16A CY17E Margin Margin 15A-16A 16E-17E LTGR
Advertising Technology Co's
Criteo $ 49.1 $ 3,176 $ 2,972 $ 304 1.6x 3.1x 14.0x 10.1x 39.2x 20.1x 35.7 % 6.2 % (45.9)% 31.0 % 26.0 %
Marchex 3.0 128 25 103 0.2 0.3 NM NM NM NM 41.8 % (16.2)% (11.1)% (25.7)% 15.0 %
Marin Software 1.3 51 21 33 0.2 NA 69.0 NM NM NM 63.3 % (18.5)% (8.8)% NA 0.0 %
Matomy Media Group 1.3 122 140 22 0.5 NA 9.2 NA NM NA 20.6 % (0.5)% NA NA NA
MaxPoint Interactive 7.4 50 48 20 0.4 0.5 NM 19.0 NM NM 52.7 % (10.4)% NA 9.0 % 0.0 %
Opera Software 3.9 565 468 195 0.8 0.8 9.9 10.7 NM NM 18.4 % (3.0)% 32.9 % (4.6)% 0.0 %
QuinStreet 4.2 190 148 42 0.5 0.5 NM 10.8 NM NM 9.0 % (4.5)% 6.5 % 0.1 % 16.7 %
Rakuten 11.8 16,443 19,323 6,199 2.3 2.4 12.9 12.2 50.0 23.7 13.1 % 14.7 % 9.7 % 15.6 % 24.4 %
RhythmOne 0.5 264 212 52 NA NA NA NA NA NA 33.9 % (6.7)% NA NA NA
Rocket Fuel 2.8 128 151 63 0.3 0.4 NM 30.0 NM NM 33.8 % (10.7)% (2.5)% (6.2)% 3.0 %
The Rubicon Project 5.1 249 61 188 0.2 0.3 2.2 2.8 NM NM 72.1 % (2.9)% NA NA NA
The Trade Desk 50.1 2,121 2,040 107 9.9 6.3 33.8 25.6 NM 46.4 80.1 % 24.8 % NA NA 32.3 %
Tremor Video 2.5 125 98 28 0.5 0.5 NM 23.5 NM NM 45.8 % (9.8)% NA NA 0.0 %
YuMe 4.7 161 101 61 0.6 0.6 NM 28.2 NM NM 51.1 % (0.2)% (6.5)% NA 0.0 %
75
th
Percentile 0.7x 1.6x 23.9x 25.0x 50.0x 35.0x 52.3 % (0.3)% 7.3 % 12.3 % 20.5 %
Mean 1.4 1.4 21.6 17.3 50.0 30.1 40.8 % (2.7)% (3.2)% 2.8 % 10.7 %
Median 0.5 0.5 12.9 15.6 50.0 23.7 38.8 % (3.7)% (4.5)% 0.1 % 3.0 %
25
th
Percentile 0.3 0.4 9.6 10.7 50.0 21.9 23.9 % (10.3)% (9.4)% (5.4)% 0.0 %
P/E
Enterprise Value as a Multiple of :
CY Revenue Growth

Source: CapitalIQ
Stock Price Performance Analysis: Ad Tech vs. NASDAQ
Prior 3 Years
Prior 12 Months
Blue: Nasdaq Index
Orange: Ad-Tech Index
▪ Criteo
▪ Marchex
▪ Marin Software
▪ Matomy Media Group
▪ MaxPoint Interactive
▪ QuinStreet
▪ Rakuten
▪ Rhythm One
▪ Rocket Fuel
▪ The Rubicon Project
▪ Tremor Video
▪ YuMe
Blue: Nasdaq Index
Orange: Ad-Tech Index
▪ Criteo
▪ Marchex
▪ Marin Software
▪ Matomy Media Group
▪ MaxPoint Interactive
▪ QuinStreet
▪ Rakuten
▪ Rhythm One
▪ Rocket Fuel
▪ The Rubicon Project
▪ Tremor Video
▪ YuMe
-11.00%
-6.00%
-1.00%
4.00%
9.00%
14.00%
19.00%
24.00%
29.00%
34.00%
-64.00%
-44.00%
-24.00%
-4.00%
16.00%
36.00%
43

30.0 x
28.2 x
25.9 x
23.5x
10.7 x 10.1x
3.2x
Stock Price Analysis
Source: CapitalIQ
Median - 0.6x
75th Percentile - 2.0x
Median - 23.5x
75th Percentile – 27.1x
2017E EV/Revenue Multiples 2017E EV/EBITDA Multiples
44
7.0 x
3.1 x
0.8 x 0.6 x 0.5 x 0.4 x 0.3 x

WCP Overview
Woodside Capital Partners is a leading global, independent investment bank
that delivers world-class strategic and financial advice to emerging growth
companies in the Software, Hardware and Internet sectors
▪ Founded in 2001: over $8 billion in transaction value
▪ Sell-side/buy-side M&A, strategic partnership and corporate finance advisory in:
— Software, Digital Media, Ad Tech and Internet Services
— Hardware – Systems, Semiconductors, Electronics, and Enabling Materials
— Special Situations
▪ Silicon Valley-based, with offices in London – ~1/2 of transactions are cross-border
▪ WCP Research team offers technology research serving buy-side institutional
investors and technology industry executives
▪ 30 professionals; backgrounds as entrepreneurs/CEOs and from top investment
banks
46

“Accelerating Consolidation Ahead” “Growth, Disruption, and Consolidation”
Digital Ad Tech
May 2016
Digital Ad Tech
August 2014
Comprehensive Research Reports
47

Selected WCP Ad Tech Transactions
SALE OF COMPANY SALE OF COMPANY SALE OF COMPANY
SALE OF COMPANY
SALE OF COMPANY
MERGER OF COMPANIES
SALE OF COMPANY
48

Contact Information
Silicon Valley Offices
1950 University Ave, Suite 150
Palo Alto, California 94303
Tel: +1 (650) 391-2075
UK Offices
Riverbank House
2 Swan Lane
London, EC4R 3TT
Tel: +44 207 929 0248
Kelly Porter
Partner and Managing Director
kelly.porter@woodsidecap.com
Tel: +1 (650) 513-2756
Ron Heller
Managing Director
ron.heller@woodsidecap.com
Tel: +1 (650) 513-2762
49

July 19 -ad-tech-market-update-20170714

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