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About Results International

Deep domain expertise in three inter-related sectors… … and broad industry networks

A market-leading corporate finance advisory firm…

• Founded in 1991

• Entrepreneurial and owner-managed

• 40 person team; 250+ completed transactions • Broad global network

• Creative solutions

• Senior level focus on every transaction

…with global reach

50%

60%

70%

80%

90%

100%

110%

120%

130%

Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15

NASDAQ Comp Diversified Internet MarTech Data AdTech

Results International Global AdTech & MarTech Indices

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10.4%

(5.1%)

16.7%

0.6%

(40.9%)

Last

12 m

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Q1 2015 Performance

Diversified Internet 6.2%

Nasdaq Comp 3.5%

Data 0.5%

MarTech (1.6%)

AdTech (18.9%)

Apr 14 May 14 Feb 15 Jan 15 Dec 14 Nov 14 Oct 14 Aug 14 Jul 14 Jun 14 Sep 14 Mar 15

Note: Based on share prices as at 31st March 2015

Note: Indices weighted by market capitalisation

Sources: Capital IQ and Results analysis

(73.8%)

(2.6%) (9.0%)

2.9%

(40.5%)

(23.7%) (16.7%)

(79.0%)

(17.3%)

(74.8%) (78.5%)

19.5%

(43.2%)

97.4%

(29.0%) (22.6%) (25.4%)

56.2%

(4.9%)

59.6%

(21.6%)

2.1%

(46.2%)

8.7% 3.3%

(10.3%)

10.6%

(9.5%)

4.4%

36.5%

(0.5%)

23.8%

(100%)

(80%)

(60%)

(40%)

(20%)

-

20%

40%

60%

80%

100%

120%

11.3%

(2.3%)

(6.8%)

2.9%

(25.7%)

(14.2%) (16.7%)

(9.4%)

(31.8%)

(39.0%) (42.9%)

11.0%

(18.5%)

(38.7%)

3.0%

(29.7%)

(5.8%)

4.1% 5.8%

18.7%

(21.7%)

(0.4%)

(8.8%)

3.6% 2.7% 1.1%

19.9%

(14.2%)

2.8% 5.4% 4.5%

(12.0%)

(50%)

(40%)

(30%)

(20%)

(10%)

-

10%

20%

30%

AdTech & MarTech: Share Price Performance

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AdTech Diversified Internet

Q1 2

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MarTech Data

Note: (1) MaxPoint Interactive IPO’d on 5th March 2015, this price represents the increase between that date and 31st March 2015

Note: (2) 2015E Net Revenue data is unavailable

Note: (3) These companies have IPO’d within the last 12 months, this price represents the increase between their respective IPO date and 31st March 2015

Note: Based on share prices as at 31st March 2015

Sources: Capital IQ and Results analysis

EV/2015E

Net Revenue 0.4x 6.6x 4.2x 4.4x 1.3x

(1)

1.7x 1.1x 1.6x 3.7x 0.7x 5.1x 1.3x 2.0x 1.6x 3.0x 9.0x 8.1x 12.1x 5.1x 1.5x 4.9x 4.1x 2.3x 1.7x 1.7x 3.6x 6.2x 8.0x 12.9x - 1.4x - (2) (2)

(3)

(3)

(3) (3)

(3)

(3)

(3)

(3)

AdTech & MarTech: Selected Stocks – Performance Since IPO

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Company IPO date Description Raised

($) Indicative price

range ($)

IPO listing

price ($)

Day 1

increase

Current

increase(1)

Current

EV ($)

EV / Net

Revenue

2015E

EV / EBITDA

2015E

Mar-15 Hyperlocal ad targeting 75 10.5-12.5 11.5 (15.1%) (16.7%) 208 n.a. n.a.

Oct-14 Marketing automation 125 22.0-24.0 25.0 20.4% 59.6% 1,303 8.1x n.m.

Sept-14 Multi-channel ad server 75 n.a. 1.7 0.8% (9.0%) 164 n.a. n.a.

Jul-14 Programmatic video DSP

44 7.0-8.0 7.0 64.3% 97.4% 411 5.1x n.m.

Jul-14 Multi-channel ad network

70 n.a. 3.9 4.4% (23.7%) 287 4.4x 17.0x

Apr-14 SSP 102 15.0-17.0 15.0 33.9% 19.5% 659 3.7x 31.4x

Nov-13 Multi-channel network 33 n.a. 1.0 20.0% (72.0%) 46 1.1x 8.6x

Oct-13 DSP focused on retargeting

251 27.0-29.0 31.0 14.2% 27.4% 2,138 6.6x 30.9x

Sep-13 DSP 116 27.0-29.0 29.0 93.4% (68.3%) 367 1.6x n.m.

Aug-13 Video ad network 46 12.0-14.0 9.0 0.0% (42.3%) 109 1.3x n.m.

Jun-13 Video ad network 75 11.0-13.0 10.0 (15.0%) (76.6%) 42 0.7x n.m.

May-13 Marketing automation 79 11.0-13.0 13.0 77.7% 97.1% 1,047 5.1x n.m.

Nasdaq

LSE

NYSE

AIM

Nasdaq

Nasdaq

NYSE

NYSE

Nasdaq

AIM

NYSE

Note: (1) Current increase from IPO price; Market data as of 31st March 2015

Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 60x EV / EBITDA

Sources: Capital IQ and Results analysis

NYSE

1.6 x

5.1 x

3.2 x

4.9 x

3.3 x

0.0 x

1.0 x

2.0 x

3.0 x

4.0 x

5.0 x

6.0 x

AdTech MarTech Data Diversified

Internet

Global AdTech/

MarTech

25.1% 26.3%

3.6%

11.9%

19.1%

-

5%

10%

15%

20%

25%

30%

AdTech MarTech Data Diversified

Internet

Global AdTech/

MarTech

AdTech & MarTech: Valuation Benchmarks

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Revenue growth (2015-16E) EV / Net Revenue 2015E

(1) (1)

Note: (1) Global AdTech / MarTech represents the average of all stocks in AdTech, MarTech, Data & Diversified Internet, with no weighting applied

Note: EV = Enterprise Value; Financials calendarised to December year end

Note: Median values reported; exclude negative multiples

Note: See Selected Publicly Traded Companies (Slide 9) for details of companies included in each category

Source: Capital IQ & analyst reports

AdTech & MarTech: Global M&A Activity 2013-Q1 2015

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Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis

54

43

74

52

108

101

113

106

98

-

$1bn

$2bn

$3bn

$4bn

$5bn

$6bn

$7bn

0

20

40

60

80

100

120

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015

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Number of deals Total disclosed deal value ($bn)

AdTech & MarTech: Selected Deals in Q1 2015 Date Buyer Target EV ($m) EV / Revenue Company description Target location

Mar 15 100 4.3x Retargeting DSP

Mar 15 - - Cross-screen mobile DSP

Mar 15 - - Multi-channel optimisation & tracking mobile DSP

Mar 15 85 - Programmatic direct SSP

Mar 15 58 1.9x Mobile marketing optimisation

Mar 15 - - Personalised eCommerce search engine

Mar 15 - - Mobile ad network

Mar 15 195 5.6x DMP

Feb 15 - - Social commerce & networking

Feb 15 - - Creative optimisation & ad enablement

Feb 15 30 - App marketing SSP

Feb 15 - - Omni-channel shopper data & analytics

Feb 15 15 - Social media DSP

Jan 15 - - Data driven ad retargeting

Jan 15 - - eCommerce personalisation & recommendation

Jan 15 30 - Click-to-call mobile marketing & analytics

Jan 15 - - Ad exchange with DSP & SSP capabilities

Jan 15 125 6.3x B2B DMP

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(1)

Note: (1) In certain cases EV/Revenue are estimates; TTM net revenues have been used where possible (gross revenues minus TAC generated in the last 12 months); EV = transaction value scaled to

100% shareholding plus net debt (incl. minority interest)

Sources: Press Releases, Capital IQ, Mergermarket, PitchBook, 451 Research and Results analysis

AdTech & MarTech: Selected Fundraisings in Q1 2015

Date Company Type of round Funds

raised ($m) Investor participation Company description

Company

headquarters

Mar 15 Series E 46 Battery Ventures, Intel Capital, and Iconiq Capital Social media management USA

Mar 15 Series B 24 Cheetah Mobile (lead investor), Avalon Ventures and Wellington

Management Co. Social and mobile ad automation USA

Mar 15 Series D 35 Sapphire Ventures (lead investor), Foundation Capital and Polaris Partners Mobile analytics & marketing for apps USA

Mar 15 Series D 130 Fidelity (lead investor), Wellington Management Company LLP, Credit Suisse

NEXT Investors, Venrock, Institutional Venture Partners and private investors Social media monitoring & analytics USA

Mar 15 Series C 45 Undisclosed Augmented reality mobile ads UK

Mar 15 Series C1 60 Alibaba (lead investor), SoftBank, GGV and Goldman Sachs Mobile app search engine USA

Mar 15 Series E 24 Silver Lake Waterman Social media listening & management USA

Feb 15 Series A 7 Highland Capital (lead investor), Endeavor Catalyst, Innova and NXTP Labs Data-driven mobile DSP UK

Feb 15 Series D 32 Adobe and Salesforce Ventures (lead investors), Cue Ball, Greycroft Partners,

Hillsven Capital and US Venture Partners Content curation USA

Feb 15 Series A 11 Octopus Investments and Notion Capital Social eCommerce UK

Feb 15 Series D 31 Georgian Partners (lead investors), Bain Capital, Battery Ventures, Tenaya

Capital and Presidio Ventures Tag management USA

Feb 15 Series C 16 Frog Capital (lead investor), Bertelsmann Digital Media Investments,

Greycroft, Sussex Place Ventures and Silicon Valley Bank Affiliate marketing UK

Feb 15 Series E 117

Fidelity Management and Research Company (lead investors), Marker

Financial Advisors, Steadfast Capital, Advance Publications, Comcast

Ventures; Groupe Arnault, Yahoo Japan and private investors

Content recommendation engine Israel

Jan 15 Series B 27 Icon Ventures (lead investor), Performance Equity Management and Accel

Partners Mobile app ad campaign analytics USA

Jan 15 Series B 21 StarVest Partners (lead investor), Citi Ventures, American Express Ventures and

Bain Capital Partners Marketing automation USA

Jan 15 Series B 20 Fidelity Growth Partners Europe (lead investor), Magma Venture Partners and

Pitango Venture Capital In-app mobile ad analytics Israel

Jan 15 Series D 55 Institutional Venture Partners (lead investor), Sequoia Capital, Greycroft

Partners and IDG Capital Partners App data & analytics USA

Jan 15 Series C 14 Gimv, Partech and Elaia and BPI Video SSP France

8 Notes: (1) Raised a total €12m Series C from the above investors and £10m from Bank of China, HSBC, BNPP and BPI

Source: Press Releases, Capital IQ, Mergermarket, PitchBook and Results analysis

(1)

AdTech & MarTech: Selected Publicly Traded Companies

9

Source: Capital IQ, Market Data as of 31 March 2015. Note: Calendarised to December year end. Cap multiple at 20x EV/Revenue and 60x EV/EBITDA. Net debt is inclusive of minority interest and preferred equity. Net revenues have been used where appropriate. Blinkx - financials taken from Numis (May 2014) & checked against company's financial results, market data taken from CapitalIQ; Criteo – financials taken from Jefferies (Feb 15) & checked against company's financial results, market data taken from CapitalIQ; Marimedia – financials taken from N+1 Singer (Mar 15) & checked against company's financial results, market data taken from CapitalIQ; Matomy Media - financials taken from Canaccord Genuity (Mar 15) & checked against company's financial results, market data taken from CapitalIQ; Millennial Media – financials taken from Evercore (Sep 14) & checked against company's financial results, market data taken from CapitalIQ; Rightster - financials taken from Cenkos (Sep 14) & checked against company's financial results, market data taken from CapitalIQ; Rocket Fuel – financials taken from BMO Capital Markets (Feb 15) & checked against company's financial results, market data taken from CapitalIQ; Tremor Video – financials taken from Jefferies (Feb 15) & checked against company's financial results, market data taken from CapitalIQ; TubeMogul – financials taken from BMO Capital Markets (Mar 15) & checked against company's financial results, market data taken from CapitalIQ; YuMe – financials taken from Deutsche Bank (Feb 15) & checked against company's financial results, market data taken from CapitalIQ; AOL – financials taken from Deutsche Bank (Feb 15) & checked against company's financial results, market data taken from CapitalIQ; Google – financials taken from RBC Capital Markets (Mar 15) & checked against company's financial results, market data taken from CapitalIQ; Yahoo! – financials taken from Deutsche Bank (Feb 15) & checked against company's financial results, market data taken from CapitalIQ

Valuation Metrics Operating Metrics

Price % of 52 Market Net Enterprise Net Revenue EBITDA Revenue Growth EBITDA Margin

Company (31-Mar-15) Week High Cap Debt Value CY2015 CY2016 CY2015 CY2016 CY14-15 CY15-16 CY2015 CY2016

AdTech

Blinkx plc 0.44 25.8% 176 (115) 62 0.4 x 0.4 x 1.5 x 1.2 x 16.3% 15.1% 30.2% 31.4%

Criteo SA 39.50 84.9% 2,435 (297) 2,138 6.6 x 4.5 x 30.9 x 20.3 x 69.6% 44.9% 21.2% 22.3%

Crossrider Plc 1.52 90.5% 240 (76) 164 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Marimedia Ltd. 2.10 80.0% 143 (25) 118 4.2 x 3.3 x 7.3 x 5.8 x 48.9% 25.1% 56.9% 57.3%

Marin Software Incorporated 6.29 49.7% 231 (65) 166 1.4 x 1.2 x n.m. n.m. 15.7% 17.0% (9.8%) (4.1%)

Matomy Media Group Ltd. 2.96 78.3% 281 6 287 4.4 x 3.7 x 17.0 x 8.8 x 20.3% 20.7% 26.2% 41.8%

MaxPoint Interactive, Inc. 9.58 85.2% 252 (44) 208 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Millennial Media Inc. 1.45 20.3% 202 (48) 153 1.3 x 1.1 x n.m. n.m. 12.5% 23.6% (31.5%) (7.9%)

Opera Software ASA 8.04 61.2% 1,147 (75) 1,072 1.7 x 1.3 x 8.1 x 5.9 x 29.4% 28.0% 21.3% 22.8%

Rightster Group Plc 0.27 22.5% 52 (6) 46 1.1 x 0.7 x 8.6 x 2.8 x 220.0% 44.1% 12.5% 26.3%

Rocket Fuel Inc. 9.20 21.0% 387 (20) 367 1.6 x 1.3 x n.m. n.m. 71.7% 21.2% (15.5%) (9.1%)

The Rubicon Project, Inc. 17.92 77.2% 757 (97) 659 3.7 x 2.9 x 31.4 x 17.7 x 40.9% 28.6% 11.9% 16.4%

Tremor Video, Inc. 2.34 47.0% 120 (78) 42 0.7 x 0.5 x n.m. n.m. 7.3% 33.9% (28.6%) (13.1%)

TubeMogul, Inc. 13.82 58.0% 456 (45) 411 5.1 x 3.8 x n.m. n.m. 114.0% 34.9% (1.1%) (25.3%)

YuMe, Inc. 5.19 69.7% 173 (64) 109 1.3 x 1.1 x n.m. n.m. 20.1% 13.3% (3.6%) (5.1%)

MarTech

Bazaarvoice, Inc. 5.65 60.2% 449 (48) 401 2.0 x 1.8 x n.m. 32.3 x 9.9% 11.3% (0.4%) 5.5%

Brightcove Inc. 7.33 67.1% 240 (21) 218 1.6 x 1.5 x 36.2 x 23.2 x 6.7% 8.7% 4.5% 6.5%

Constant Contact, Inc. 38.21 88.5% 1,308 (163) 1,146 3.0 x 2.5 x 15.2 x 12.0 x 17.0% 16.8% 19.5% 21.1%

Demandware, Inc. 60.90 85.0% 2,338 (243) 2,096 9.0 x 6.7 x n.m. n.m. 45.5% 33.6% 4.5% 7.7%

HubSpot, Inc. 39.90 90.0% 1,427 (124) 1,303 8.1 x 6.4 x n.m. n.m. 39.2% 26.3% (22.2%) (15.9%)

Marketo, Inc. 25.62 71.9% 1,153 (106) 1,047 5.1 x 3.9 x n.m. n.m. 37.1% 31.1% (17.3%) (9.4%)

New Relic, Inc. 34.70 89.8% 1,839 (205) 1,635 12.1 x 9.2 x n.m. n.m. 40.3% 31.2% (26.7%) (12.2%)

Data

Acxiom Corporation 18.49 51.7% 1,429 169 1,598 1.5 x 1.5 x 7.4 x 6.5 x 0.3% 3.8% 20.6% 22.7%

Alliance Data Systems Corporation 296.25 98.2% 18,649 13,333 31,983 4.9 x 4.4 x 16.5 x 14.5 x 23.2% 11.7% 29.6% 30.1%

Experian plc 16.59 91.4% 16,143 3,840 19,983 4.1 x 3.9 x 11.7 x 11.2 x 1.1% 3.5% 34.8% 35.0%

Teradata Corporation 44.14 89.0% 6,602 (366) 6,236 2.3 x 2.2 x 9.2 x 8.4 x (1.5%) 3.4% 25.3% 26.8%

Diversified Internet

Amazon.com Inc. 372.10 95.6% 172,946 (1,327) 171,619 1.7 x 1.4 x 20.6 x 16.0 x 15.2% 17.5% 8.1% 8.9%

AOL Inc. 39.61 79.4% 3,202 (27) 3,175 1.7 x 1.8 x 7.7 x 7.2 x (0.9%) (3.0%) 22.7% 24.8%

eBay Inc. 57.68 94.7% 70,181 (2,471) 67,710 3.6 x 3.2 x 11.4 x 10.3 x 6.0% 10.8% 31.2% 31.2%

Facebook, Inc. 82.22 95.5% 231,126 (10,966) 220,160 12.9 x 9.7 x 21.1 x 16.0 x 37.4% 32.2% 60.9% 60.6%

Google Inc. 554.70 91.1% 379,997 (54,618) 325,379 6.2 x 5.4 x 12.3 x 11.1 x 22.1% 13.0% 49.9% 49.1%

Yahoo! Inc. 44.44 84.4% 41,835 (6,734) 35,101 8.0 x 8.1 x 46.8 x 55.3 x (0.6%) (2.1%) 17.0% 14.7%

25th percentile 1.6 x 1.4 x 8.3 x 7.1 x 7.9% 11.4% (3.0%) (4.8%)

Median 3.3 x 2.7 x 12.3 x 11.2 x 20.2% 19.1% 14.8% 18.8%

75th percentile 5.1 x 4.3 x 20.9 x 16.5 x 40.0% 30.5% 25.9% 29.3%

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Contact Us

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www.resultsig.com

Julie Langley

Partner

Di: +44 (0) 20 7514 8247

E: jlangley@resultsig.com

Mark Williams

Director

Di: +44 (0) 20 7514 8242

E: mwilliams@resultsig.com

588 Broadway, Suite 1010, New York, NY 10012

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Partner

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E: pgroy@resultsig.com

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Partner

Di: +1 646 747 6500

E: mwatkins@resultsig.com

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