adtech late stage deal & m&a analysis (thomvest ventures)
TRANSCRIPT
AdTech Late Stage Deal & M&A AnalysisQ1 2016
Agenda
Late Stage AdTech Financings
AdTech Mergers & Acquisitions
U.S. Late Stage AdTech Financings, 2008-2016 (as of 3/31/2016)
3
30
60
90
120
$250M
$500M
$750M
$1,000M
2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
Total Deal Size # of Late Stage Deals
11
41
6457
5059
54
42
30 $168M
$753M
$859M
$633M
$751M$753M
$606M
$520M$530M
30
42
5459
5057
64
41
11
$18.9M $12.7M $11.9M $12.8M $16.0M $11.7M $14.8M $19.3M $12.9MAverage Deal Size
Source: Pitchbook
Notable Late Stage AdTech Financings in 2016
4
Company Deal Type Deal Size Valuation (Post) Deal Date Investors
Moat Series C $50M 433M Mar 21 Insight Venture Partners
PlaceIQ Series D $25M - Jan 14 Harmony Partners, IA Ventures, Iris Capital Management, US Venture Partners
The Whistle Series C $20M $120M Mar 10 Emil Capital Partners, NBC Sports Ventures, Sky Ventures, TEGNA
JW Player Series D $20M $154M Jan 5 Cue Ball, e.ventures, Greenspring Associates, Greycroft Partners
Turn Series E (Bridge) $15M - Mar 15 Norwest Venture Partners
Signal Series E $13M $291M Mar 8 Undisclosed
DataXu Series F $10M - Jan 25 Sky UK
NinthDecimal Series D $6.7M - Jan 5 Undisclosed
Qualia Series B $5.5M - Feb 16 S3 Ventures, Verizon Ventures
Source: Pitchbook
Notable Late Stage AdTech Financings in 2015
5
Company Deal Type Deal Size Valuation (Post) Deal Date Investors
AppNexus Series F $62.7M $1.56B Apr 15 Undisclosed
RadiumOne Series C $54M $208M Jun 30 Adams Street Partners, Crosslink Capital, Draper Esprit, Harmony Partners, Industry Ventures, Trinity Ventures
SteelHouse Series C $49M $189M Dec 11 Mercato Partners, Silicon Valley Bank, Staley Capital Management
LiveIntent Series D $32.5M $307M Jun 17 Battery Ventures, First Round Capital, FTV Capital, Shasta Ventures
Tealium Series D $30.7M $168M Feb 17 Bain Capital Ventures, Battery Ventures, Georgian Partners, Presidio Ventures, Tenaya Capital
Swrve New Media Series C $30M - Nov 11 Acero Capital, Atlantic Bridge Capital, Delta Partners, Evolution Media Capital, Ireland Strategic Investment Fund, Participant Media, TPG Growth
Centro Series B $30M - May 20 NB Private Equity Partners
Mode Media Series G $29.1M $233M May 21 Hubert Burda Media
Innovid Series E $27.5M - Dec 23 Cisco Investments, Genesis Partners, NewSpring Capital, Sequoia Capital, T-Venture Holding, Vintage Ventures Management
Placester Series C $27M $150M Nov 24 New Enterprise Associates, Romulus Capital
Integral Ad Science Series E $27M $365M Jul 17 Atlas Venture, August Capital, Cross Creek Advisors, Pelion Venture Partners, Sapphire Ventures
GumGum Series C $26M $167M May 28 First Round Capital, Morgan Stanley Expansion Capital, New Enterprise Associates, Upfront Ventures
Magnetic Media Online Series C $25M May 20 Charles River Ventures, Edison Partners, Honeywell International Master Retirement Trust, Jonathan Kraft, ORIX Ventures, Raptor Group, Roger Ehrenberg
Netsertive Series C $24M $158M Dec 2 Babson Capital Management, Greycroft Partners, Harbert Venture Partners, River Cities Capital Funds, RRE Ventures
RockYou Series F $23M $271M Mar 2 Columbia Capital, Finaventures
Source: Pitchbook
Comparable Public AdTech Companies
6
GoogleYahoo!
Rubicon ProjectcomScore
TubeMogulCriteo
MarchexIAC
Marin SoftwareYume
Tremor VideoSizmek
MaxPointRocketFuelReachLocal
2 4 6 8
0.20.30.3
0.50.5
0.71.1
1.21.2
1.82.3
3.23.3
6.66.8
Source: Yahoo! Finance
Price / Gross Sales (TTM)(as of 3/28/2016)
Median 1.2x
$504.9B
$33.4B
$830M
$1.6B
$416M
$2.5B
$192M
$3.9B
$114M
$130M
$93M
$82M
$45M
$138M
$57M
MarketCap
Agenda
Late Stage AdTech Financings
AdTech Mergers & Acquisitions
40
80
120
2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD
17
69
103
56
30
47
28
712
AdTech M&A, 2008-2016
8
$143M $437M $115M $176M $173M $243M $228M $134M $366MAverage Deal Size
Source: AdOpsInsider M&A Tracker; Note: Publishers and Marketing Tech companies were excluded from this analysis
Note: Deals where terms were not disclosed are not included in the “Average Deal Size” figures
Count of AdTech Acquisitions by Year (as of 3/31/2016)
Notable AdTech Acquisitions in 2016
9
Company Buyer Deal Size Total Raised Deal Date
Opera Mediaworks Golden Brick Silk Road $1.2B - Feb 10
Tapad Telenor $360M $34M Feb 1
AddThis Oracle $175M $73M Jan 5
Inneractive RNTS Media $72M $12M Mar 3
NativeX Mobvista $25M - Feb 29
Viant Time Inc. Undisclosed $110M Feb 12
Pointlogic Nielsen Undisclosed - Mar 3
Informate Mobile Nielsen Undisclosed - Mar 10
Revee Outbrain Undisclosed $1M Mar 3
Heyzap Fyber Undisclosed $8M Jan 8
BlueCava Qualia Merger $34M Jan 25
Source: AdOpsInsider M&A Tracker
Notable AdTech Acquisitions in 2015
10
Company Buyer Deal Size Total Raised Deal Date
Rentrak comScore $732M - Sep 30
TellApart Twitter $533M $18M Apr 28
1010data Inc Advance / Newhouse $500M $35M Aug 4
Marketshare Neustar $450M $96M Nov 5
Millennial Media AOL $238M $240M Sep 3
Exelate Nielsen $200M $30M Mar 4
Undertone Perion $180M $40M Dec 1
Supersonic IronSource $150M $23M Sep 10
Yieldex AppNexus $100M $18M Mar 18
Visible World Comcast Undisclosed $33M Jun 4
Martini Media Evolve Media Undisclosed $41M Jun 16
AdChina Alibaba Undisclosed $40M Jan 14
Medialets WPP Undisclosed $33M Apr 15
Source: AdOpsInsider M&A Tracker
Most Active Acquirers of AdTech Vendors, 2014-2016
11
4
8
Twitter Yahoo! Google Oracle Nielsen MediaMath GroupM Rakuten AOL Criteo TUNE Rubicon AppNexus
3333333444
56
7
$847M $913M - $1.73B $200M - - $1B $288M $29M - $122M $100MTotal Deal Size*
Gnip OOO Brightroll Adometry AddThis Brandbank RareCrowds Aerodeon DC Storm Kanvas Labs DataPop Appfuel Chango AlentyNamo Media Cooliris Agawi Datalogix Exelate Spree7 plista Deep Forest Millennial Med. AdQuantic Artisan iSocket MediaGluSecondSync Flurry mDialog Front Porch Informate Mob. Tactads Exchange Lab eBates Vidible Tedemis MobileDev HQ ShinyAds YieldexSnappyTV Luminate Spider.io BlueKai Pointlogic Upcast
TapCommerce Media Group ToroTellApart SPARQZipDial
Source: AdOpsInsider M&A Tracker * Note: Only includes deals where acquisition price was disclosed
Count of AdTech Acquisitions by Company (as of 3/31/2016)
Demand-Side Platform (DSP) Acquisitions, 2010-2015
12
5
10
15
20
2010 2011 2012 2013 2014 2015
1314
6
23
2
Source: AdOpsInsider M&A Tracker
Count of DSP Acquisitions by Year (as of 3/31/2016)
$81M $400M $321M $83M $219M $716MTotal Deal Size
Note: Deals where terms were not disclosed are not included in the “Total Deal Size” figures
Data/Analytics Acquisitions, 2010-2016
13
5
10
15
20
2010 2011 2012 2013 2014 2015 2016 YTD
7
12
16
8
6
1
5
Source: AdOpsInsider M&A Tracker
Count of Data/Analytics Acquisitions by Year (as of 3/31/2016)
$783M $650M $1.29B $1.75B $2.39B $2.05B $360MTotal Deal Size
Note: Deals where terms were not disclosed are not included in the “Total Deal Size” figures
Mobile AdTech Acquisitions, 2010-2016
14
10
20
30
40
2010 2011 2012 2013 2014 2015 2016 YTD
5
14
31
25
1076
Source: AdOpsInsider M&A Tracker
Count of Mobile AdTech Acquisitions by Year (as of 3/31/2016)
$348M $280M $380M $1.03B $1.29B $366M $1.30BTotal Deal Size
Note: Deals where terms were not disclosed are not included in the “Total Deal Size” figures
Ad Network Acquisitions, 2010-2016
15
5
10
15
20
2010 2011 2012 2013 2014 2015 2016 YTD
1
1211
88
1111
Source: AdOpsInsider M&A Tracker
Note: Deals where terms were not disclosed are not included in the “Total Deal Size” figures
Count of Ad Network Acquisitions by Year (as of 3/31/2016)
$455M $1.29B $89M $209M $1.23B $503M N/ATotal Deal Size
Thank you!
For questions or comments, please contact:
Don Butler [email protected]
Nima Wedlake [email protected]
Mark Prior [email protected] Thomvest Ventures
203 Redwood Shores Parkway, Suite 680 Redwood City, CA 94065
thomvest.com
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