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Table of Contents
Program 5
Service Provider 9
Trading Comparables 48
2
3
Table of Contents
Service Provider
500Tech 11
Adtelligence 12
Aklamio 13
BDO Legal 14
Besedo 15
Business Buddies 16
CareerTeam 17
Chris Philipps 18
Clipperton 19
ctrl QS 20
Deloitte Legal 21
Dr. Graf von Westarp
Executive Search
22
Drake Star Partners 23
Dwight Cribb 24
Early Metrics 25
Easy Payment Gateway 26
enable2grow 27
Flick Gock Schaumburg 28
FSL Software Technologies 29
German Accelerator 30
Gestluz 31
Goodwin 32
headfinders 33
Indigo Headhunters 34
Leverate Media 35
Match-Maker Ventures 36
NOAH Advisors 37
Norton Rose Fulbright 38
Oppsense 39
PIABO PR 40
PortusPark 41
Sasteria Financiera 42
Scalebridge 43
SolbegSoft 44
TechGDPR 45
Thinslices 46
tridion digital solutions 47
TripleLift 48
5
The NOAH Bible, an up-to-date valuation
and industry KPI publication.
This is the most comprehensive set of
valuation comps you'll find in the industry.
Reach out to us if you spot any companies
or deals we've missed!
March 2018 Edition (PDF)
Sign up Here
Program
6
Trav
el &
Tou
rism
Tran
spor
tatio
n &
Mob
ility
Heal
thca
re, S
cien
ce
& Ed
ucat
ion
Mar
ketin
g Te
chO
nlin
e Fa
shio
n
CP
CP
KFC
FCK
FCFC
FCFC
FCFC
FCFC
FCFC
CP
CP
CP
PP
FCC
PC
PA
CP
CP
CP
KFC
CP
K
Lunch served between 11:30 - 15:00
NOAH
St
artu
ps
CP
Cons
umer
Goo
ds,
Reta
il &
Ecom
mer
ce
Nir ErezNicolas BrussonMarkus VilligSebastian WohlrappPaulin DementhonAmos HaggiagDr. Jens WohltorfMarko GučekJochen EngertFinn Age HänselSohaila OuffataChantal AmbordFlorian Reuter
Saskia SteinackerSimone MenneJulie TeiglandStanislas Niox-Chateau Alberto E. PorcianiMartin VarsavskyMarkus WittePhilipp Roesch-SchlandererWalter Masalin
Jens BegemannSascha KonietzkeRob MoffatSuranga Chandratillake
Jörn Nikolay Dr. Florian Tappeiner
Hakan Koç
Alexander FrolovShmuel ChafetsFabian SiegelDirk GraberPhilipp ManAnna PolishchukYuriy MukhinToon Bouten
Matthias RiedlMayer ReichMichael Altendorf
Joanna PrzetakiewiczDaniel SchustermannStefan DziarskiJulia Boesch
Founder & CEOCo-Founder & CEOFounder & CEOVP Digital Business PlatformCEOCo-Founder & CEOCo-Founder & CEOCo-Founder & CEOFounder & MDCEODirector of PlatformGeneral Manager, BlaBlaPro CEO
Global Head of Digital Excellence Supervisory Board Member of BMW, DPDHLManaging Partner EY GSACEOFounder & CEOFounderCEOCEOPartner
CEOCEOPartnerPartner
Managing DirectorCo-CEO & Managing Director
Founder & Managing Director
General PartnerGeneral PartnerFounder & CEOFounder & Managing DirectorCEOCo-FounderCo-FounderCEO
Co-FounderFounder & CEOCo-Founder & CEO
Founder & Creative DirectorCEOPartnerFounder & Managing Director
Eric La BonnardièreOliver DlouhýDr. Patrick AndraeHarley MillerJohannes ReckRobbie Antonio
Dr. Mathias Döpfner
Dara KhosrowshahiChristoph Keese
Matthias Schmidt-Pfitzner
CEOCEOCo-Founder & CEOVice PresidentCo-Founder & CEOCEO
9:15 - 9:259:25 - 9:359:35 - 9:45
9:45 - 9:559:55 - 10:05
10:05 - 10:15
10:15 - 10:40
14:20 - 14:30
10:40 - 10:5010:50 - 11:0011:00 - 11:1011:10 - 11:2011:20 - 11:3011:30 - 11:4011:40 - 11:5011:50 - 12:0012:00 - 12:1012:10 - 12:2012:20 - 12:3012:30 - 12:4012:40 - 12:55
12:55 - 13:10
13:10 - 13:2013:20 - 13:3013:30 - 13:4013:40 - 13:5013:50 - 14:00
16:35 - 16:50
16:50 - 17:00
14:30 - 14:45
14:45 - 14:5514:55 - 15:0515:05 - 15:1515:15 - 15:25
15:25 - 15:35
16:05 - 16:1516:15 - 16:2516:25 - 16:35
15:35 - 15:4515:45 - 15:55
15:55 - 16:05
Marco RodzynekGerhard CrommeMartin Ott
Breakfast
Founder & CEOChairmanVP, MD Central Europe
9:00 - 9:15
8:00 - 10:00
Dr. Bernd MontagMark Krymalowski
CEO
CEOCEO
Digital Partner
CEOHead of EMEA Digital Practice
POSITIONCOMPANY SESSION TITLE TIME SPEAKER
K P ACP FCKeynote Panel AnnouncementCompany Presentation
Fireside Chat
17:00 - 17:10
MoovitBlaBlaCarTaxifyPorscheDrivyOptibusBlacklaneGoOptiFlixBus MovingaBMW iVenturesBlaBlaCarVolocopter
Bayer-EYDoctolibTop DoctorsPreludeBabbeleGymNGP Capital
WoogaContentfulBalderton CapitalBalderton Capital
General AtlanticNUCOM GROUP
AUTO1 GroupTarget Global AnnouncementTarget GlobalTarget GlobalMarley SpoonMister SpexChronextLalafoLalafotado°
DCMNRankAboveAdtelligence
La ManiaBestSecretPermiraOUTFITTERY
EvaneosKiwi.comHomeToGoInsight Venture PartnersGetYourGuideRevolution Precrafted
Between Tradition and Digitisation: What Old and New Economy can Learn from One Another?NOAH AdvisorsAUTO1 GroupFacebook
Axel Springer
Uberhy
Corporate Digital Innovation – from Shame to Fame Digital McKinsey
Siemens HealthineersEgon Zehnder
COMPANY
MR
MR
MR
MR
MR
MR
MR
MR
MR
Deutsche Telekom
Rocket Internet
Edge Technologies
Generation IM
14:00 - 14:10
17:20 - 17:35
17:10 - 17:20
17:35 - 18:05
Claudia Nemat
Oliver Samwer
Coen van Oostrom
Al Gore
CTO
Founder & CEO
Founder & CEO
Chairman
Interview / Panel with participation of Marco Rodzynek Founder & CEO, NOAH Advisors
K
Party @ Tempodrom with DJ Ken Abel22:00
Closing Note NOAH Advisors
18:05 - 18:10Marco Rodzynek Founder & CEO
Alice WeightmanTillan Barros
Founder & CEOFounder & CEO
14:10 - 14:1514:15 - 14:20
NOAH London 2017 Startups Winners The Work Crowd Misterporter
MR
MR
MR
MR
COLOSSEUM - Day 1 6 June 2018
®
®
Digi
tal &
TM
TFi
ntec
hLe
ndin
g Pl
atfo
rms
Indu
s-tri
als
&
IoT
Paym
ents
B2B
& So
ftwar
e
CP
CP
CP
FCFC
KFC
FCFC
CP
CP
CP
CP
CP
CP
CP
CP
CP
PFC
FCFC
K
Rest
aura
nts
&
Food
Del
iver
y
FC
Lunch served between 11:30 - 15:00
Tamaz GeorgadzeMauro GiacobbeRonald SlabkeGiovanni GiulianiMalte DummelJulian TeickeYaron VallerNazim CetimErik PodzuweitBenoît LegrandMax von BismarckValentin StalfPeter BakeneckerDr. Julian HospArdian GjeloshiGreg Skibiski
Jens WoloszczakAlexander ArtopéRaffael Johnen
Philipp PausderRainer Maerkle
Paul WalshDavid AvgiMichael KentShirin DehghanMarc-Alexander ChristMax Laemmle
Ron HirsonDvir Ben-Aroya Chris FarinacciYoram WijngaardeOliver SteilStefan DziarskiPeter MühlmannFatih UysalKumardev ChatterjeeHolger TaubmannNicolas Witte
CEOCEOCEOChief Strategy, Innovation & Business Development OfficerCFOCEOGeneral PartnerCEOCo-Founder & Co-CEOChief Innovation OfficerCBO & Managing DirectorFounder & CEODivision President Germany & SwitzerlandFounder & CEOCo-Founder & ChairmanFounder & CEO
Co-Founder & CEOCo-Founder & CEOCo-Founder & CEO
Founder & Managing DirectorPartner
SVP Platform Strategy and InnovationCEOCo-Founder & CEOPartnerCo-FounderFounder & CEO
Chief Product OfficerCo-Founder & CEOHead of BusinessFounder & CEOCEOPartnerFounder & CEOCEOFounder & CEOCEOCEO
Christoph BrandJared GrusdAsaf PeledOscar HöglundEfe CakarelRahul SoodJohn SuhDipan PatelNicolas BeraudoPayal KadakiaAdam Valkin
David Thevenon
Head of Classifieds & MarketplacesCEOFounder & CEOCo-Founder & CEOFounder & CEOCo-Founder & CEOCEOPartnerManaging DirectorFounder & Executive ChairmanGeneral Partner
9:35 - 9:459:45 - 9:55
9:55 - 10:0510:05 - 10:1510:15 - 10:2510:25 - 10:3510:35 - 10:45
10:45 - 10:5510:55 - 11:05
11:05 - 11:15
12:30 - 12:4012:40 - 12:5012:50 - 13:0013:00 - 13:1013:10 - 13:2013:20 - 13:30
13:30 - 13:40
13:40 - 13:5013:50 - 14:0014:00 - 14:1014:10 - 14:2014:20 - 14:3014:30 - 14:40
14:40 - 14:5014:50 - 15:0015:00 - 15:10
15:55 - 16:05
11:35 - 11:5011:50 - 12:0012:00 - 12:10
12:10 - 12:2012:20 - 12:30
16.05 - 16:1516:15 - 16:2516:25 - 16:3516:35 - 16:4516:45 - 16:55
16:55 - 17:0517:05 - 17:1517:15 - 17:2517:25 - 17:3517:35 - 17:45
Marco Rodzynek
Breakfast
Founder & CEO9:30 - 9:35
8:00 - 10:00
Partner
POSITIONCOMPANY SESSION TITLE TIME SPEAKER
K PCP FCKeynote PanelCompany Presentation Fireside Chat
RaisinFacile.itHypoport Zurich Insurance GroupxbAVwefox GroupTarget GlobalAllianz XScalable CapitalING GroupDeposit SolutionsN26MastercardTenXCrowdhouseThasos Group
Spotcapsmavaauxmoney
ThermondoHoltzbrinck Ventures
VISASafechargeAzimoFrog CapitalSumUpFraugster
DocuSignHopAsanaDealroom.coTeamViewerPermiraTrustpilotKariyer.netUnmanned LifeScytlControl€xpert
TamediaHuffPostMinute MediaEpidemic SoundMUBIUnikrnLegalZoomPermiraApp AnnieClassPassGeneral Catalyst
Day 1 SummaryNOAH Advisors
Softbank
COMPANY
MR
MR
MR
MR
MR
MR
MR
MR
MR
MR
Entrepreneur First
Federal Ministry for Economic Affairs and EnergyLakestar
TelefónicaWayraAlpha
Closing Note NOAH Advisors
15:20 - 15:30
15:30 - 15:55
15:10 - 15:20
17:45 - 17:50
Alice Bentinck
Peter Altmaier
Klaus Hommels
Gonzalo Martín-VillaChristian LindenerPablo Rodríguez
Marco Rodzynek
Co-Founder & CPO
Federal Minister for Economic Affairs and Energy
Founder & CEO
Chief Innovation OfficerCEO GermanyCEO
Founder & CEO
Interview / Panel with participation of Marco Rodzynek Founder & CEO, NOAH Advisors
Dominik RichterHarley MillerNiklas ÖstbergStefan Nicola
CEOVice PresidentCEOGerman Telecoms, Tech and Media Reporter
11:15 - 11:25
11:25 - 11:35
HelloFreshInsight Venture PartnersDelivery HeroBloomberg
MR
COLOSSEUM - Day 2 7 June 2018
®
®
The event is a unique platform for senior executives from old champions and new challengers to discuss disruption in 10+ industrial verticals.
Over 100 CEOs to tell the story of their Company!
Marketing Tech
Payments
Restaurants & Food Delivery
Lending Platforms
B2B & Software
Consumer Goods, Retail & Ecommerce
Digital & TMT
Fintech
Healthcare, Science & Education
Industrials & IoT
Transportation & Mobility
Travel & Tourism
Online Fashion
Service
Providers
10
KEY CORPORATE FACTS / KPIS
Headquarters Tel Aviv, Israel
Other Offices in EU -
Website www.500tech.com Founded 2013
Employees 11-25 Employees in Europe 20
Active Markets Israel
Ownership -
Revenues -
SALES CONTACTS
Chen Kamin
Business development and Client Success Director at
500Tech - React, React Native and Blockchain experts
chenk@500Tech.com
Business development and Client Success Director at 500Tech - React,
React Native and Blockchain experts
500Tech
Product Name
Front-end development and
consulting
Description
When it comes to Front-end we can either build it for you or teach you to build it. We
do: Development Consulting Training Meetups Conferences
Active Markets Israel
Product Categories Digital Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Education Technology, Travel &
Transportation, Financial Services, Gaming, Health, Financial
Services, Other
-PricingVideo Link -
Product Website -
COMPANY DESCRIPTION
When it comes to Front-end we can either build it for you or teach you to build it. We do: Development Consulting
Training Meetups Conferences
NOAH18 BERLIN SERVICE PROVIDER BOOK
BUSINESS SERVICES OFFERED
11
KEY CORPORATE FACTS / KPIS
Headquarters Mannheim, Deutschland
-Other Offices in EU
Website www.adtelligence.com Founded 2009
Employees 51-100 Employees in Europe 55
Active Markets Germany
Ownership -
Revenues -
SALES CONTACTS
Michael Altendorf
CEO and Co-Founder
am@adtelligence.de
Michael is CEO & Co-Founder of ADTELLIGENCE and founding member
of several programs, clubs and events on tech-topics around the world.
Adtelligence
Product Name
AI driven Sales
Platform
Description
The software enables optimized websites to react in real time to search criteria and
individual needs of users. Displayed content is always personalized.
Active Markets Germany
Product Categories Financial Technology, Analytics, Digital Services
Target Clients IndustriesFinancial Technology, Financial Services, Analytics, Digital Services,
Financial Services
-PricingVideo Link -
Product Website -
COMPANY DESCRIPTION
The software enables optimized websites to react in real time to search criteria and individual needs of users. Displayed
content is always personalized.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 12
KEY CORPORATE FACTS / KPIS
Headquarters Berlin, Germany
Other Offices in EU
Website
Employees
Active Markets
London|UK
www.aklamio.com Founded 2011
51-100 Employees in Europe 60
Austria, Belgium, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece,
Ireland, Israel, Italy, Latvia, Lithuania, Netherlands,
Norway, Poland, Portugal, Russia, Spain, Sweden,
Switzerland, Turkey,
United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Robert Wetzker
CEO
robert.wetzker@aklamio.com
Founder and CEO Aklamio
Aklamio
Product Name
Customer Referral
Portals
Description
Add a customer referral solution to your website, POS, or call center and turn your own
customers into your most effective growth channel.
Active Markets
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Ireland, Israel, Italy, Latvia, Lithuania, Netherlands, Norway, Poland,
Portugal, Russia, Spain, Sweden, Switzerland, Turkey,
United Kingdom
Product Categories Marketing, Analytics, Digital Services
Target Clients Industries
Retail, E-Commerce Technology, Communications, Education Technology, Travel &
Transportation, Financial Technology, Financial Services,
Gaming, Digital Services, Financial Services
-PricingVideo Link -
Product Website www.aklamio.com/for-companies
COMPANY DESCRIPTION
Add a customer referral solution to your website, POS, or call center and turn your own customers into your most
effective growth channel.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 13
KEY CORPORATE FACTS / KPIS
Headquarters Hamburg, Germany
Other Offices in EU Multiple offices in all European countries|
Website
Employees
Active Markets
www.bdo.de
Over 1,000 Employees in Europe 74000
Austria, Belgium, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece,
Ireland, Israel, Italy, Latvia, Lithuania, Netherlands,
Norway, Poland, Portugal, Russia, Spain, Sweden,
Switzerland, Turkey,
United Kingdom
Ownership partnership, main sharevalue family-owned
Revenues215 Mio € in Germany, about 7,6 billionUSD
globally
SALES CONTACTS
Daniel Dr. Wied
Partner
daniel.wied@bdolegal.de
Partner of BDO Legal since 2018, Dr. jur., specialisation in corporate law and
M&A as well as Private Euqity and Venture Capital
BDOWirtschaftsprüfungsgesellschaft / BDO Legal
Product Name
Audit, tax and legal services
Description
Audits, tax advice, IT advice and legal advice of all kind and in all major industry
areas (including public sector)
Active MarketsAustria, Belgium, France, Germany, Italy, Spain, Switzerland, United
Kingdom
Product Categories Offline Services, Financial Services
Target Clients Industries Investor
Pricing Unit: EUR/hour
Min: 250 - Max: 400
Video Link -
Product Website -
COMPANY DESCRIPTION
Audits, tax advice, IT advice and legal advice of all kind and in all major industry areas (including public sector)
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 14
KEY CORPORATE FACTS / KPIS
Headquarters Stockholm, Sweden
Other Offices in EU
Website
Employees
Active Markets
Msida|Malta
www.besedo.com Founded 2002
100-1,000 Employees in Europe 350
Austria, Belgium, Denmark, France, Germany, Italy,
Netherlands, Norway, Spain, Sweden,
United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Patrik Frisk
CEO
patrik@besedo.com
Patrik is passionate about AI, the digital world and data. As the CEO of Besedo
he works to help build trust and user safety online.
Besedo
Product Name
Implio
Description
Featuring a moderation UI optimized for efficiency, insights and automation modules powered by
high level filter technology and AI (incl. image vision).
Active MarketsAustria, Belgium, Denmark, France, Norway, Spain, Sweden, United
Kingdom
Product Categories Marketplaces, Digital Services
Target Clients Industries Retail, Marketplaces, Communications, Gaming
-Pricing
Product Website www.besedo.com/product/all-in-one-tool/
COMPANY DESCRIPTION
Featuring a moderation UI optimized for efficiency, insights and automation modules powered by high level filter
technology and AI (incl. image vision).
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 15
KEY CORPORATE FACTS / KPIS
Headquarters Berlin, Germany
-Other Offices in EU
Website www.businessbuddies.berlin/en/ Founded 2014
Employees 1-3 Employees in Europe 2
Active Markets Austria, Germany, Switzerland
Ownership -
Revenues -
SALES CONTACTS
Marc Mogalle
MD
info@businessbuddies.berlin
Marc is a seasoned investor & entrepreneur with 18+ years of experience
in Venture Capital: www.linkedin.com/in/marcmogalle
Business Buddies
Product Name
Company building
Description
We support founders in building a solid company: Team, company set-up, strategy,
financing etc.
Active Markets Austria, Germany, Switzerland
Product Categories Analytics
Target Clients IndustriesMarketplaces, Education Technology, Travel & Transportation, Financial
Technology, Investor
-PricingVideo Link -
Product Website www.businessbuddies.berlin/en/companybuilding/
Product Name
Fundraising
Description
We support founders in raising the necessary funds, starting as low as 1 million Euro and
going up to 10+ million (pre-series to Series B).
Active Markets Austria, Germany, Switzerland
Product Categories Financial Services
Target Clients IndustriesMarketplaces, Media, Communications, Education Technology, Travel &
Transportation, Financial Technology, Analytics, Investor
-PricingVideo Link -
Product Website www.businessbuddies.berlin/en/financing/
COMPANY DESCRIPTION
We support founders in building a solid company: Team, company set-up, strategy, financing etc.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 16
KEY CORPORATE FACTS / KPIS
Headquarters Hamburg, Germany
Other Offices in EU Berlin|Germany
Website www.careerteam.de Founded 2011
Employees 100-1,000 Employees in Europe 140
Active MarketsFrance, Germany, Netherlands, Switzerland,
United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Ole Mensching
CEO
mensching@careerteam.de
Ole Mensching is the founder of CareerTeam, a doctorate from the University
of Cologne and the University of California, Berkeley.
CareerTeam
Product Name
Datadriven Headhunting
Description
CareerTeam is one of Europe’s leading executive search agency for the digital space. We
find unique Executives or builds digital teams
Active Markets France, Germany, Netherlands, Switzerland, United Kingdom
Product CategoriesMarketplaces, Media, Communications, Financial Technology, Marketing,
Analytics, Digital Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Media, Communications, Travel &
Transportation, Financial Technology, Gaming, Health, Marketing, Analytics,
Digital Services, Hardware, Association, Investor
-PricingVideo Link -
Product Website -
COMPANY DESCRIPTION
CareerTeam is one of Europe’s leading executive search agency for the digital space. We find unique Executives or
builds digital teams
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 17
KEY CORPORATE FACTS / KPIS
Headquarters Berlin, Germany
Other Offices in EU
Websitewww.linkedin.com/in/chris-philipps-a523758/
working worldwide|
Founded 2012
Employees
Active Markets
1-3 Employees in Europe 1
Finland, Germany, Israel, Italy, Lithuania,
Poland, Spain, Switzerland, United Kingdom
Ownership -
Revenues -
Number of Tech DD's > 60
Biggest transaction volume under DD > EUR 400M
Number of countries 14
SALES CONTACTS
Chris Philipps
Owner
cphilipps@me.com
Being in the Tech and startup industry for 18 years, Chris Philipps has held
various positions as Interim CTO and Senior Tech Advisor.
Chris Philipps Tech DD
Product Name
Tech Due Diligence
Description
Product and technology reviews for funding and M&A contexts. Tech and Product strategy,
leadership, teams, architecture, infrastructure, data, etc.
Active Markets
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Ireland, Israel, Italy, Latvia, Lithuania, Netherlands, Norway, Poland,
Portugal, Russia, Spain, Sweden, Switzerland, Turkey,
United Kingdom
Product CategoriesMarketplaces, Media, Communications, Financial Technology, Marketing,
Analytics, Digital Services, Financial Services
Target Clients Industries Investor
-PricingVideo Link -
Product Website -
COMPANY DESCRIPTION
Product and technology reviews for funding and M&A contexts. Tech and Product strategy, leadership, teams,
architecture, infrastructure, data, etc.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 18
KEY CORPORATE FACTS / KPIS
Headquarters Paris, France
Other Offices in EU
Website
Employees
Active Markets
Berlin|Germany
www.clipperton.net Founded 2003
26-50 Employees in Europe 30
Austria, Belgium, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece, Ireland,
Israel, Italy, Latvia, Lithuania, Netherlands, Norway,
Poland, Portugal, Spain, Sweden, Switzerland, United
Kingdom
Ownership -
Revenues -
SALES CONTACTS
Stephane Valorge
Managing Partner
svalorge@clipperton.net
Before co-founding Clipperton in 2003, Stéphane worked for eight years in
consulting and investment banking.
Clipperton
Product Name
Corporate Finance Advisory (M&A and
fundraisings)
Description
Clipperton provides advisory services to high-tech companies on M&A
transactions, debt financings and equity offerings.
Active Markets
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Ireland, Israel, Italy, Latvia, Lithuania, Netherlands, Norway, Poland,
Portugal, Spain, Sweden, Switzerland, United Kingdom
Product Categories Financial Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Media, Communications, Education
Technology, Travel & Transportation, Financial Technology, Financial Services,
Gaming, Gambling and Betting, Health, Marketing, Analytics, Digital Services,
Financial Services, Hardware, Investor, Other
-PricingVideo Link -
Product Website
COMPANY DESCRIPTION
Clipperton provides advisory services to high-tech companies on M&A transactions, debt financings and equity offerings.
NOAH18 BERLIN SERVICE PROVIDER BOOK 19
BUSINESS SERVICES OFFERED
KEY CORPORATE FACTS / KPIS
Headquarters Berlin, Germany
Other Offices in EU
Website
Employees
Active Markets
-
www.ctrl-qs.com Founded 2009
51-100 Employees in Europe 65
Austria, Belgium, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece,
Ireland, Israel, Italy, Latvia, Lithuania, Netherlands,
Norway, Poland, Portugal, Russia, Spain, Sweden,
Switzerland, Turkey,
United Kingdom
Ownership by founder
Revenues -
ctrl QS
Product Name
steering international digital
activities
Description
Rollout Management for international digital projects, Country Management &
Support, Consulting, Content Mgmt, Localisation Services, Change Management
Active Markets
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Ireland, Israel, Italy, Latvia, Lithuania, Netherlands, Norway, Poland,
Portugal, Russia, Spain, Sweden, Switzerland, Turkey,
United Kingdom
Product Categories Digital Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Media, Communications, Education
Technology, Travel & Transportation, Financial Technology,
Financial Services, Gaming, Gambling and Betting, Health, Marketing, Digital
Services, Offline Services, Financial Services, Hardware,
Association, Other
-PricingVideo Link -
Product Website -
SALES CONTACTS
Mirja Silverman
Founder & CEO
msilverman@ctrl-qs.com
Founder and Managing Director of ctrl QS, background in international Digital
Strategy, former eBay and Beiersdorf, ESCP-EAP
COMPANY DESCRIPTION
Rollout Management for international digital projects, Country Management & Support, Consulting, Content Mgmt,
Localisation Services, Change Management
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 20
KEY CORPORATE FACTS / KPIS
Headquarters Düsseldorf, Germany
Other Offices in EU Frankfurt|Germany
Website
Employees
Active Markets
www.deloittelegal.de Founded 1997
100-1,000 Employees in Europe 2000
Austria, Belgium, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece,
Ireland, Italy, Latvia, Lithuania, Netherlands,
Norway, Poland, Portugal, Russia, Spain, Sweden,
Switzerland, Turkey
Ownership -
Revenues -
SALES CONTACTS
Dr. Julia Petersen
Partner
jpetersen@deloitte.de
Julia Petersen is a Corporate/M&A partner with a strong track record in
transactions (including real estate).
Felix Felleisen
Partner
ffelleisen@deloitte.de
Felix is a Corporate/M&A partner with a strong track record in
transactions involving software players.
Deloitte Legal
Product Name
Legal Services
Description
Deloitte Legal advises on all issues related to Corporate/M&A, Commercial, Employment
and Pensions, Tax Controversy and Business Integrity.
Active Markets
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Ireland, Italy, Latvia, Lithuania, Netherlands, Norway, Poland, Portugal,
Russia, Spain, Sweden, Switzerland, Turkey
Product Categories Analytics, Digital Services, Financial Services
Target Clients Industries Other
-Pricing
Product Website http://www.deloittelegal.de
COMPANY DESCRIPTION
Deloitte Legal advises on all issues related to Corporate/M&A, Commercial, Employment and Pensions, Tax Controversy and
Business Integrity.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 21
KEY CORPORATE FACTS / KPIS
Headquarters München, Germany
Other Offices in EU -
Website www.de.linkedin.com/in/westarp/de Founded 2013
Employees 4-10 Employees in Europe 7
Active Markets Austria, Germany, Switzerland
Ownership -
Revenues -
SALES CONTACTS
Falk Graf von Westarp
Founder/Owner
falk@westarp.com
Founder and owner of a specialized executive search company for Digital
Business and High Tech.
Dr. Graf von Westarp ExecutiveSearch for Digital Business andHigh Tech
Product Name
Executive Search for Digital
Business and High Tech
Description
We are an executive search firm specialized on C-Level positions in (young) digital
and/or technology driven companies in DE, AT and CH. In the recent year
Active Markets Austria, Germany, Switzerland
Product Categories Offline Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Media, Communications, Education
Technology, Travel & Transportation, Financial Technology, Financial Services,
Gaming, Gambling and Betting, Health, Marketing, Analytics, Digital Services,
Financial Services, Hardware
-PricingVideo Link -
Product Website www.de.linkedin.com/in/westarp/de
COMPANY DESCRIPTION
We are an executive search firm specialized on C-Level positions in (young) digital and/or technology driven companies
in DE, AT and CH. In the recent year
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 22
KEY CORPORATE FACTS / KPIS
Headquarters New York, United States
Other Offices in EU Munich|Germany
Website
Employees
Active Markets
www.drakestar.com Founded 2004
51-100 Employees in Europe 50
Austria, Belgium, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece,
Ireland, Israel, Italy, Latvia, Lithuania, Netherlands,
Norway, Poland, Portugal, Russia, Spain, Sweden,
Switzerland, Turkey,
United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Ralf Philipp Hofmann
Managing Partner & Member of the Executive Commitee
ralf.hofmann@drakestar.com
Ralf Philipp Hofmann is Managing Partner & Co-Founder, Member of the Group’s
Executive Committee and CEO of Drake Star Germany.
Julian Ostertag
Managing Partner
julian.ostertag@drakestar.com
Julian Ostertag is Managing Partner & Co-Founder of Drake Star Partners.
Drake Star Partners
BUSINESS SERVICES OFFERED
Product Name
M&A Advisory, Corporate
Finance, Co-Investment
Description
Drake Star Partners focuses on M&A and corporate finance for its clients
worldwide. The firm completed over 300 transactions since 2004.
Active Markets
Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Ireland,
Israel, Italy, Netherlands, Spain, Sweden, Switzerland, United
Kingdom
Product Categories Financial Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Media, Communications, Education
Technology, Travel & Transportation, Financial Technology, Financial Services,
Gaming, Health, Marketing, Analytics, Digital Services,
Offline Services, Financial Services, Hardware
-Pricing Video Link -
Product Website
http://www.drakestar.com/our-services/merger-
and-acquisition-advisory-services
COMPANY DESCRIPTION
Drake Star Partners focuses on M&A and corporate finance for its clients worldwide. The firm completed over 300
transactions since 2004.
NOAH18 BERLIN SERVICE PROVIDER BOOK 23
KEY CORPORATE FACTS / KPIS
Headquarters Hamburg, Germany
Other Offices in EU
Website
Employees
Active Markets
Berlin|Germany
www.cribb.de Founded 1998
11-25 Employees in Europe 15
Austria, Germany, Switzerland
Ownership privately owned
Revenues -
SALES CONTACTS
Nicole Mai
Director of Executive Search
nmai@cribb.de
Director of Executive Search. Prior at ZEIT/Handelsblatt and founder of a media
startup.
Dwight Cribb Personalberatung
Product Name
Executive Search
Description
Search and selection of senior executives.
Active Markets Austria, Germany, Switzerland
Product Categories Offline Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Media, Communications, Travel &
Transportation, Financial Services, Gaming, Marketing, Analytics, Digital Services,
Financial Services, Association, Investor
-PricingVideo Link -
Product Website -
COMPANY DESCRIPTION
Search and selection of senior executives.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 24
KEY CORPORATE FACTS / KPIS
Headquarters Paris, France
Other Offices in EU London|United Kindgom
Website www.earlymetrics.com Founded 2015
Employees 26-50 Employees in Europe 45
Active Markets
Belgium, France, Germany, Israel,
Netherlands, Sweden, Switzerland, United
Kingdom
Ownership -
Revenues -
SALES CONTACTS
Gene Gerrienne
Head Business Development DACH
gene@earlymetrics.com
Giving Corporates from the DACH region access to the future with the most
qualified startups through Sourcing & Rating on Demand
Simon Jacobs
Business Developer DACH
simon_ja@earlymetrics.com
Early Metrics
Product Name
Rating on Demand &
Sourcing
Description
Assess the growth potential and reliability of a targeted start-up and manage the inherent
risk and detect start-ups in line with your innovation strategy.
Active MarketsAustria, Belgium, France, Germany, Israel, Netherlands, Sweden, United
Kingdom
Product Categories Analytics, Offline Services, Financial Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Media, Communications, Travel &
Transportation, Financial Services, Health, Financial Services,
Investor
-PricingVideo Link -
Product Website -
COMPANY DESCRIPTION
Assess the growth potential and reliability of a targeted start-up and manage the inherent risk and detect start-ups in line
with your innovation strategy.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 25
KEY CORPORATE FACTS / KPIS
Headquarters Sevilla, Spain
Other Offices in EU Gibraltar|UK
Website www.easypaymentsgateway.com Founded 2015
Employees 51-100 Employees in Europe 62
Active Markets
Austria, Belgium, Czech Republic, Denmark,
Finland, France, Germany, Greece, Ireland, Israel,
Italy, Netherlands, Norway, Poland, Portugal, Russia,
Spain, Sweden, Switzerland,
Turkey, United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Marcos Toran
Head of Business Development
marcos.toran@easypaymentgateway.com
Head of business development a EPG deciding what global strategies should be
carried out. Prior to this head of ecomm at Santander Ban
Easy Payment Gateway
Product Name
Easy Payment Gateway
Checkout
Description
With Easy Payment Gateway create complex payment architectures to reduce costs,
eliminate fraud and increases conversions all through one simple API.
Active Markets
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Ireland, Israel, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain,
Sweden, Switzerland, Turkey, United Kingdom
Product Categories Financial Technology, Financial Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Media, Education
Technology, Travel & Transportation, Financial Services, Gaming, Gambling
and Betting, Health, Digital Services, Financial Services
-PricingVideo Link www.vimeo.com/245364098
Product Website -
COMPANY DESCRIPTION
With Easy Payment Gateway create complex payment architectures to reduce costs, eliminate fraud and increases
conversions all through one simple API.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 26
KEY CORPORATE FACTS / KPIS
Headquarters Munich, Germany
Other Offices in EU Berlin|Germany
Website www.enable2grow.com Founded 2013
Employees 1-3 Employees in Europe 3
Active MarketsAustria, France, Germany, Italy, Switzerland,
United Kingdom
Ownership Private
Revenues -
SALES CONTACTS
Katharina Le Thierry
Senior Advisor
katharina.lethierry@enable2grow.com
Track record in the consumer goods industry (FMCG, luxury, sporting & lifestyle),
consulting, advisor and non executive board member
enable2grow
Product Name
Digital Wheel
Description
Tool helping to analyze the digital status quo of a company.
Active Markets Germany
Product Categories Digital Services, Offline Services
Target Clients IndustriesRetail, Media, Communications, Education Technology, Travel &
Transportation, Health, Investor
-PricingVideo Link -
Product Website -
COMPANY DESCRIPTION
Tool helping to analyze the digital status quo of a company.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 27
KEY CORPORATE FACTS / KPIS
Headquarters Bonn, Germany
Other Offices in EU Berlin|Germany
Website www.fgs.de Founded 1972
Employees 100-1,000 Employees in Europe 550
Active Markets Germany
Ownership -
Revenues -
SALES CONTACTS
Alexander Goertz
Associated Partner
alexander.goertz@fgs.de
Investors and startups seek my adivce to guide them trough complex VC
financings, M&A transactions and the establishment of VC funds.
Flick Gocke Schaumburg
Product Name
Deal counsel
Description
We provide legal assistance to VC investors and startups as deal counsel in all stages from the first
financing round to the exit transaction.
Active Markets Germany
Product Categories Financial Services
Target Clients Industries Investor, Other
-PricingVideo Link -
Product Website -
Product Name
Fund formation & fund
restructuring
Description
We advise initiators, managers and investors in structuring and restructuring VC and PE
funds, including all corporate, tax and reguzlatory aspects.
Active Markets Germany
Product Categories Financial Services
Target Clients Industries Investor, Other
-PricingVideo Link -
Product Website -
COMPANY DESCRIPTION
We provide legal assistance to VC investors and startups as deal counsel in all stages from the first financing round
to the exit transaction.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 28
KEY CORPORATE FACTS / KPIS
Headquarters NOIDA, INDIA
Other Offices in EU -
Website www.fsltechnologies.com Founded 2000
Employees 51-100 Employees in Europe 1
Active Markets United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Rakesh Jain
Chairman
chairman@fsltechnologies.com
Mentor for the group , first generation entrepreneur over 35 years of
experience .
FSL SOFTWARE TECHNOLOGIES
Product Name
LEX MANTRA
Description
Litigation Management tool for corporate houses having multi locations , provides bird eye view
of legal matters , alerts , planning next dates & much more
Active Markets United Kingdom
Product Categories Financial Technology, Financial Services
Target Clients IndustriesE-Commerce Technology, Communications, Travel & Transportation,
Financial Services, Health, Financial Services
-PricingVideo Link -
Product Website www.lexmantra.co.in
Product Name
Compliance Mantra
Description
Cloud based, right based, responsibility based corporate compliance management &
comprehensive reporting across acts , agencies , departments etc
.
Active Markets United Kingdom
Product Categories Financial Technology, Financial Services
Target Clients IndustriesTravel & Transportation, Financial Technology, Financial Services,
Financial Services
-PricingVideo Link -
Product Website www.compliancemantra.com
COMPANY DESCRIPTION
Litigation Management tool for corporate houses having multi locations , provides bird eye view of legal matters , alerts ,
planning next dates & much more
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 29
KEY CORPORATE FACTS / KPIS
Headquarters Munich, Germany
-Other Offices in EU
Website www.germanaccelerator.com Founded 2012
Employees 26-50 Employees in Europe 10
Active Markets Germany
Ownership -
Revenues -
SALES CONTACTS
Konstantin Krauss
Company Scout
konstantin@germanaccelerator.com
Studied Computer Science at LMU 2009-2017: CTO Property Base since
2017: Company Scout German Accelerato
German Accelerator
Product Name
Acceleration of German companies to the
U.S. and Southeast-Asia
Description
hands-on, individual mentoring, free office space, tactical support for setting
up your operations, immediate access to a top-notch network
Active Markets Germany
Product Categories Marketplaces, Marketing, Offline Services, Financial Services
Target Clients Industries
Retail, Marketplaces, Media, Education Technology, Financial Services, Health,
Analytics, Digital Services, Offline Services, Financial Services,
Hardware,Other
-PricingVideo Link https://youtu.be/8DOawcJbLS0
Product Website
COMPANY DESCRIPTION
hands-on, individual mentoring, free office space, tactical support for setting up your operations, immediate
access to a top-notch network
NOAH18 BERLIN SERVICE PROVIDER BOOK 30
BUSINESS SERVICES OFFERED
KEY CORPORATE FACTS / KPIS
Headquarters Matosinhos, Portugal
Other Offices in EU -
Website www.gestluz.pt Founded 1994
Employees 11-25 Employees in Europe 14
Active Markets Portugal
Ownership -
Revenues -
SALES CONTACTS
Marta Luz
Partner
mluz@gestluz.pt
Degree in Economics, MBA and MSc Management; Marketing
Management | Business Developer | Project Manager | Partnerships |
Fundraising.
Gestluz
Product Name
Advisory
Description
Entrepreneurship Training; European Funds applications; Quality Management Systems; I&DI;
HR; Business Process Management; Internationalisation Strategies
Active Markets Portugal
Product Categories Marketing, Financial Services
Target Clients Industries Association
-PricingVideo Link -
Product Website -
COMPANY DESCRIPTION
Entrepreneurship Training; European Funds applications; Quality Management Systems; I&DI; HR; Business
Process Management; Internationalisation Strategies
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 31
KEY CORPORATE FACTS / KPIS
Headquarters Boston, USA
Other Offices in EU -
Website www.goodwinlaw.com Founded 1912
Employees Over 1000 Employees in Europe -
Active Markets France, Germany, United Kingdom
Ownership -
Revenues 1B+
Number of emerging company clients 1200+
Number of venture capital clients
Number of VC andPE deals closed inthe last 2 yrs
1500+
SALES CONTACTS
Markus Bauman
Partner
MBauman@goodwinlaw.com
Markus Bauman is a partner in Goodwin’s Technology and Life Sciences
Group.
Amanda Zamurs
Marketing Specialist
AZamurs@goodwinlaw.com
Goodwin
Product Name
Sophisticated Technology Company Legal
Representation
Description
Company formation, Venture financings, M+A transactions, Intellectual
property counseling and transactions, Fund formations, IPOs and capital
market
Active Markets France, Germany, United Kingdom
Product CategoriesMarketplaces, Media, Communications, Financial Technology, Marketing,
Analytics, Digital Services, Financial Services
Target Clients IndustriesRetail, E-Commerce Technology, Marketplaces, Media, Communications, Education
Technology, Travel & Transportation and more
-Pricing Video Link -
Product Website
COMPANY DESCRIPTION
Company formation, Venture financings, M+A transactions, Intellectual property counseling and transactions,
Fund formations, IPOs and capital market
KEY CORPORATE FACTS / KPISKEY CORPORATE FACTS / KPIS
NOAH18 BERLIN SERVICE PROVIDER BOOK 32
BUSINESS SERVICES OFFERED
KEY CORPORATE FACTS / KPIS
Headquarters Hamburg, Germany
Other Offices in EU
Website
Employees
Active Markets
Berlin|Germany
www.headfinders.com Founded 2008
4-10 Employees in Europe 5
Austria, Czech Republic, Estonia, Germany, Latvia,
Lithuania, Netherlands, Switzerland
Ownership -
Revenues -
SALES CONTACTS
Dr. Frank Knoche
CEO
info@headfinders.com
Frank can draw on over 20 years of experience at large corporations and nimble
new businesses. Frank will support your success.
headfinders.com
Product Name
Executive Search /
Headhunting
Description
Executive Search for Startups We strongly believe that we have a good instinct for
young leaders who can elevate a startup to the next level.
Active MarketsAustria, Czech Republic, Estonia, Germany, Latvia, Lithuania, Netherlands,
Switzerland
Product Categories Offline Services
Target Clients Industries
Marketplaces, Media, Communications, Travel & Transportation, Financial
Technology, Financial Services, Gaming, Health, Marketing, Digital Services,
Offline Services, Financial Services, Hardware, Investor
-PricingVideo Link -
Product Website https://ceosearch.de
COMPANY DESCRIPTION
Executive Search for Startups We strongly believe that we have a good instinct for young leaders who can elevate a startup
to the next level.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 33
KEY CORPORATE FACTS / KPIS
Headquarters Frankfurt am Main, Germany
Other Offices in EU -
Website www.indigo-headhunters.com/uk/homeFounded 2007
Employees
Active Markets
11-25 Employees in Europe 25
Austria, Belgium, Denmark, France, Germany,
Ireland, Netherlands, Switzerland, United
Kingdom
Ownership -
Revenues -
SALES CONTACTS
Britta Bene
Consultant / Head of Alternative Investments
britta.bene@indigo-headhunters.com
Built Alternative Investment business at Indigo Headhunters. Prior, Director at
BlackRock and Associate at Bridgewater Associates.
Indigo Headhunters
Product Name
Executive Search /
Headhunting
Description
Executive Search, Headhunting, Market Mapping, Industry Expertise, Coaching,
Compensation Analysis, Competitor Analysis, Networking, Benchmarking,
Advisory
Active MarketsAustria, Belgium, Denmark, France, Germany, Ireland, Netherlands,
Switzerland, United Kingdom
Product Categories Marketplaces, Offline Services, Financial Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Media, Communications, Education
Technology, Travel & Transportation, Financial Technology, Financial Services,
Gaming, Gambling and Betting, Health, Marketing, Analytics, Digital Services, Offline
Services, Financial Services, Hardware,
Association, Investor, Other
-PricingVideo Link -
Product Website -
COMPANY DESCRIPTION
Executive Search, Headhunting, Market Mapping, Industry Expertise, Coaching, Compensation Analysis, Competitor
Analysis, Networking, Benchmarking, Advisory
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 34
KEY CORPORATE FACTS / KPIS
Headquarters Berlin, Germany
Other Offices in EU
Website
Employees
Active Markets
-
www.leverate.de/en/ Founded 2013
100-1,000 Employees in Europe 60
Austria, France, Germany, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Christian Hubel
Managing Director
chubel@leverate.de
Responsible for the digital business of Leverate Media Group in Europe.
Leverate Media
Product Name
ROI Driven Digital
Marketing
Description
We are experts in optimizing digital campaigns in all available digital channels like Search,
Social, Display, Content, Native for specific ROI goals.
Active Markets
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Ireland, Israel, Italy, Latvia, Lithuania, Netherlands, Norway, Poland,
Portugal, Russia, Spain, Sweden, Switzerland, Turkey,
United Kingdom
Product Categories Marketplaces, Media, Marketing, Analytics, Digital Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Travel & Transportation,
Financial Technology, Financial Services, Gaming, Health, Digital Services,
Offline Services, Financial Services, Hardware
-PricingVideo Link -
Product Website www.leverate.de/en/advertising/
COMPANY DESCRIPTION
We are experts in optimizing digital campaigns in all available digital channels like Search, Social, Display, Content, Native for
specific ROI goals.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 35
KEY CORPORATE FACTS / KPIS
Headquarters Vienna, Austria
Other Offices in EU Düsseldorf|Germany
Website www.match-maker.ventures Founded 2015
Employees 11-25 Employees in Europe 12
Active Markets
Austria, Czech Republic, Denmark, Estonia,
France, Germany, Greece, Israel, Italy,
Netherlands, Norway, Poland, Portugal, Russia,
Spain, Sweden, Switzerland, Turkey,
United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Karin Carpentier
Associate Partner
karin@match-maker.ventures
Multilingual and entrepreneurial leader with long-standing international
experience in managing front-line organisations and alliances.
Match-Maker Ventures
Product Name
Sales Acceleration for startups
Description
We connect startups with their future customers.
Active Markets Austria, Estonia, France, Germany, Greece, Israel, Portugal, Switzerland
Product CategoriesMedia, Communications, Financial Technology, Marketing, Analytics,
DigitalServices
Target Clients Industries
Retail, E-Commerce Technology, Media, Communications, Education
Technology, Travel & Transportation, Financial Services, Marketing,
Analytics, Digital Services, Financial Services
-Pricing Video Link -
Product Website
Product Name
Corporate Innovation Services (CIS)
Description
We enable a shortcut to start-up innovation for corporates.
Active Markets
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Ireland, Israel, Italy, Latvia, Lithuania, Netherlands, Norway, Poland,
Portugal, Russia, Spain, Sweden, Switzerland, Turkey,
United Kingdom
Product CategoriesMedia, Communications, Marketing, Analytics, Digital Services, Financial
Services
Target Clients Industries Media, Financial Services, Digital Services, Financial Services, Other
-Pricing Video Link -
Product Website
COMPANY DESCRIPTION
We connect startups with their future customers.
NOAH18 BERLIN SERVICE PROVIDER BOOK 36
BUSINESS SERVICES OFFERED
KEY CORPORATE FACTS / KPIS
Headquarters -
Other Offices in EU
Website www.noah-advisors.com Founded 2009
Employees 26-50 Employees in Europe 30
Active Markets Pan-European
CONTACTS
Marco Rodzynek
Founder & Managing Director
marco.rodzynek@noah-advisors.com
Founder & CEO of NOAH Advisors
Jan Brandes
Managing Director
jan.brandes@noah-advisors.com
MD at NOAH Advisors
NOAH Advisors
Product Name
M&A Advisory
Description
NOAH Advisors is the leading European corporate finance boutique focused on the Internet
sector. The team advises on M&A transactions and major capital raises.
Active Markets Pan-European
Product Categories Financial Services
Target Clients Industries Internet & Technology
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 37
Unique Industry
Know-How
• Focus on Leading European Internet companies • Covering over 400 companies across 25 online verticals, a broad range of over 500
investors as well as 100+ online-focused corporates • Deep understanding of industry dynamics • Ability to add value beyond banking advice
• Facilitates overall process and minimizes management distraction
Strong Investment
Banking
Competence
• Over 40 years of combined relevant M&A experience• Routine execution of M&A and financing transactions with sizes of several billion
euros• 30 successfully completed NOAH Advisors transactions underline successful transfer of M&A
competencies to the Internet sector
Unmatched
Network and
Relationships
• NOAH Advisors is globally well connected and has direct access to virtually all key players in the industry
• Knowledge of and strong relationships with potential buyers’ key decision makers• Proactively finds and unlocks attractive investment opportunities for leading
investors• Annual NOAH Conference in its 8th year
Full Commitment -
We Are
Entrepreneurs!
• Entrepreneurial mind-set, focused on growing the business and establishing a reputation for excellence
• Ability to deliver top results in short time frames• Highly success-based compensation structures align interests of clients and NOAH Advisors,
and demonstrate conviction to deliver top results• Creative deal solutions
Ownership -
Revenues -
-
KEY CORPORATE FACTS / KPIS
Headquarters London, UK
Other Offices in EU
Website www.nortonrosefulbright.com
Employees Over 1,000
Frankfurt|Germany
Founded 1794
Employees in Europe 2087
Active MarketsBelgium, France, Germany, Greece, Italy, Netherlands, Poland,
Russia, Turkey, United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Nils Rahlf
Partner
Nils.Rahlf@nortonrosefulbright.com
Corporate lawyer advising strategic and financial investors on high-profile cross-
border M&A, PE and VC transactions and corporate law.
Norton Rose Fulbright
Product Name
Legal advice
Description
Global law firm providing the world's preeminent corporations and financial
institutions with a full business law service.
Belgium, France, Germany, Greece, Italy, Netherlands, Poland,
Russia, Turkey, United Kingdom
Offline Services
Retail, E-Commerce Technology, Marketplaces, Media,
Communications, Education Technology, Travel & Transportation,
Financial Technology, Financial Services, Gaming, Health, Marketing,
Analytics, Digital Services, Offline Services, Financial Services,
Hardware, Association, Investor,
Other
-PricingVideo Link
Product Website www.nortonrosefulbright.co
COMPANY DESCRIPTION
Global law firm providing the world's preeminent corporations and financial institutions with a full business law service.
NOAH18 BERLIN SERVICE PROVIDER BOOK 38
BUSINESS SERVICES OFFEREDKEY CORPORATE FACTS / KPIS
Active Markets
Product Categories
Target Clients Industries
KEY CORPORATE FACTS / KPIS
Headquarters Toronto, Canada
Other Offices in EU
Website www.oppsense.com
Istanbul|Turkey
Founded 2018
Employees 1-3 Employees in Europe 1
Active Markets Israel, Portugal, Turkey
Ownership -
Revenues -
SALES CONTACTS
Cagdas Onen
Managing Director
cagdas@oppsense.com
10+ years of experience as Marketing Director in fast growing fintech and
technology companies. SXSW Accelerator Advisory Board Member
Oppsense
Product Name
INTERNATIONALBUSINESS
CATALYST
Description
International Business Development B2B Trade Delegations Startup Innovation
Champion for Corporates Executive Masterclass Programs in North America
Active Markets Israel, Turkey
Product Categories Marketing, Offline Services
Target Clients IndustriesRetail, E-Commerce Technology, Media, Education Technology, Financial
Services, Gaming, Financial Services, Association
-PricingVideo Link -
Product Website www.oppsense.com
Product Name
INTERNATIONAL STARTUP
CATALYST
Description
International Expansion Country-Launcher as a Service (CLaaS) Innovation Champion
for Startups International Bootcamp Programs in North America-Israel
Active Markets Israel, Portugal, Turkey
Product Categories Marketing, Offline Services
Target Clients IndustriesE-Commerce Technology, Marketplaces, Education Technology, Financial Services,
Gaming, Health, Analytics, Financial Services
-PricingVideo Link -
Product Website www.oppsense.com
COMPANY DESCRIPTION
International Business Development B2B Trade Delegations Startup Innovation Champion for Corporates Executive
Masterclass Programs in North America
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 39
KEY CORPORATE FACTS / KPIS
Headquarters Berlin, Germany
Other Offices in EU
Website
Employees
Active Markets
-
www.piabo.net Founded 2006
26-50 Employees in Europe 45
Austria, France, Germany, Israel, Netherlands, Spain,
Sweden, Switzerland, United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Tilo Bonow
Founder & CEO
tilo.bonow@piabo.net
Tilo Bonow is a Platinum-level thought leader and value-adding investor who
drives market ownership for entrepreneurs in global arenas.
PIABO PR
Product Name
Public Relations, Social Media,
Content Marketing
Description
PIABO's goal is to help entrepreneurs actively achieve their growth goals
through excellent international communication.
Active MarketsAustria, France, Germany, Israel, Netherlands, Spain, Sweden,
Switzerland, United Kingdom
Product Categories Media, Communications, Marketing
Target Clients Industries
E-Commerce Technology, Marketplaces, Media, Communications, Travel &
Transportation, Financial Technology, Financial Services, Health, Marketing,
Analytics, Digital Services, Financial Services, Hardware,
Investor
-PricingVideo Link -
Product Website www.piabo.net/leistungen/
COMPANY DESCRIPTION
PIABO's goal is to help entrepreneurs actively achieve their growth goals through excellent international communication.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 40
KEY CORPORATE FACTS / KPIS
Headquarters Porto, Portugal
Other Offices in EU -
Website
Employees
Active Markets
www.portuspark.org Founded 1991
1-3 Employees in Europe 0
Portugal
Ownership
Universities, City Halls, Government
Oganizations, Emblematic Companies,
Business Associations
Revenues -
SALES CONTACTS
Paula Costa
Responsible for the Management of Marketing
pcosta@portuspark.org
Works at APCTP/PortusPark - Association of the Science and Technology
Park of Porto Responsible for the Management of Marketing
PortusPark - Science Parks & Incubators Network
Product Name
Services
Description
Qualified Human Resources High Quality Infrastructures Incubation and Acceleration Support
Programs Link to the Scientific and Technologic System
Active Markets Portugal
Product Categories Marketplaces, Communications, Marketing
Target Clients Industries Other
-PricingVideo Link www.youtube.com/watch?v=PXIrepCRTS4
Product Website -
COMPANY DESCRIPTION
Qualified Human Resources High Quality Infrastructures Incubation and Acceleration Support Programs Link to the
Scientific and Technologic System
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 41
KEY CORPORATE FACTS / KPIS
Headquarters MADRID, SPAIN
-Other Offices in EU
Website www.sastreriafinanciera.com/en/ Founded 2014
Employees 1-3 Employees in Europe 3
Active Markets Poland, Spain, United Kingdom
Ownership -
Revenues -
SALES CONTACTS
RICARDO OLABARRI
COFOUNDER
rolabarri@sastreriafinanciera.com
Graduated Law, MBA and FRM. Employed by Cuatrecasas, BBVA and Globalvia.
Involved Impact NGOs and Impact Investing
SASTRERIA FINANCIERA
Product Name
CORPORATE FINANCE
Description
Transaction financial services relating the origination, structuring, negotiation, closing,
management and exit of investments
Active Markets Spain
Product Categories Financial Services
Target Clients IndustriesMarketplaces, Education Technology, Travel & Transportation, Marketing,
Digital Services, Investor
-PricingVideo Link -
Product Website -
COMPANY DESCRIPTION
Transaction financial services relating the origination, structuring, negotiation, closing, management and exit of
investments
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 42
KEY CORPORATE FACTS / KPIS
Headquarters Berlin, Germany
Other Offices in EU -
Website www.scalebridge.io Founded 2016
Employees 1-3 Employees in Europe 3
Active Markets Germany, Netherlands
Ownership -
Revenues -
SALES CONTACTS
Abhishek Gupta
Partner
ag@scalebridge.io
Product Manager @ N26 and McMakler Corporate Finance Stints at BNP
Paribas, Allianz Global Investors, Berenberg WHU Graduate
Scalebridge
Product Name
Technical Recruiting
Description
Working together in defining and understanding the roles, sourcing best talent globally and
providing with interview ready pre-vetted tech candidates
Active Markets France, Germany, Netherlands
Product Categories Digital Services, Offline Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Media, Education
Technology, Travel & Transportation, Financial Technology, Financial Services,
Gaming, Gambling and Betting, Health, Marketing, Analytics,
Digital Services, Financial Services
-PricingVideo Link -
Product Website www.scalebridge.io
COMPANY DESCRIPTION
Working together in defining and understanding the roles, sourcing best talent globally and providing with interview ready
pre-vetted tech candidates
NOAH18 BERLIN SERVICE PROVIDER BOOK 43
BUSINESS SERVICES OFFERED
KEY CORPORATE FACTS / KPIS
Headquarters Minsk, Belarus
Other Offices in EU
Website
Employees
Active Markets
-
www.solbeg.com Founded 2008
100-1,000 Employees in Europe 170
Germany, Israel, Lithuania, Russia, United
Kingdom
Ownership Private Company
Revenues -
SALES CONTACTS
Yegor Kudrytski
Business Development Manager
yegor.kudrytski@solbeg.com
Currently Business Development in SolbegSoft. 7 years experience as Head of
Business Development in Cargo Aviation.
Sergey Siroezhkin
Chief Business Development Officer
sergey.siroezhkin@solbeg.com
Executive level professional with 15 years of experience in
software\hardware R&D and production.
SolbegSoft
Product Name
Software Development
Description
- Custom Applications Development - Enterprise Solutions - Re-engineering and Cloud
Migration - Testing and QA - Software Maintenance and Support
Active Markets Germany, Israel, Lithuania, Russia, United Kingdom
Product Categories Digital Services
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Communications, Financial
Technology, Financial Services, Health, Marketing, Digital
Services, Financial Services
-PricingVideo Link -
Product Website www.solbeg.com
COMPANY DESCRIPTION
- Custom Applications Development - Enterprise Solutions - Re-engineering and Cloud Migration - Testing and QA - Software
Maintenance and Support
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 44
KEY CORPORATE FACTS / KPIS
Headquarters Berlin, Germany
Other Offices in EU -
Website www.techgdpr.com Founded 2017
Employees 1-3 Employees in Europe 3
Active Markets Germany
Ownership -
Revenues -
SALES CONTACTS
Silvan Jongerius
Founder
contact@techgdpr.com
I have over 14 years of experience as an entrepreneur and in private
technology/media education in senior leadership/tech positions.
TechGDPR
Product Name
Initial GDPR compliance
audit
Description
A careful analysis of who your data subjects are, which data you store on them, where
you store this, and what your business processes are workflow are.
Active Markets Germany
Product Categories Digital Services
Target Clients Industries Other
-PricingVideo Link -
Product Website -
COMPANY DESCRIPTION
A careful analysis of who your data subjects are, which data you store on them, where you store this, and what your
business processes are workflow are.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 45
KEY CORPORATE FACTS / KPIS
Headquarters Iasi,Romania
Other Offices in EU Berlin|Germany
Website
Employees
Active Markets
www.thinslices.com Founded 2010
51-100 Employees in Europe 60
Austria, Belgium, France, Germany,
Netherlands, Switzerland, United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Ilie Ghiciuc
CEO
ilie@thinslices.com
As a manager Ilie has delivered over 100 IT projects for companies in the finance,
insurance, healthcare and publishing industries.
Thinslices
Product Name
Software Development
Services
Description
Design and build web apps, mobile apps, cloud solutions, back-end systems, complex
technology platforms, PoC implementations, MVPs and SaaS solutions.
Active MarketsAustria, Belgium, France, Germany, Netherlands, Switzerland, United
Kingdom
Product Categories Digital Services
Target Clients Industries
Retail, Marketplaces, Media, Communications, Education Technology, Travel &
Transportation, Financial Technology, Financial Services, Health, Analytics, Digital
Services, Offline Services, Financial Services
-PricingVideo Link -
Product Website www.thinslices.com/services
Product Name
Design & Prototyping
Sprints
Description
A process for rapidly delivering high-quality design prototypes together with all the necessary
artefacts required to start user testing and development.
Active MarketsAustria, Belgium, France, Germany, Netherlands, Switzerland, United
Kingdom
Product Categories Digital Services
Target Clients Industries
Retail, Marketplaces, Media, Communications, Education Technology, Travel &
Transportation, Financial Technology, Financial Services, Health, Marketing, Analytics,
Digital Services, Offline Services, Financial Services
Pricing - Video Link -
Product Website https://www.thinslices.com/design-prototypingCOMPANY DESCRIPTION
Design and build web apps, mobile apps, cloud solutions, back-end systems, complex technology platforms, PoC
implementations, MVPs and SaaS solutions.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 46
KEY CORPORATE FACTS / KPIS
Headquarters Berlin, Germany
Other Offices in EU -
Website www.hrlab.de Founded 2016
Employees 11-25 Employees in Europe 21
Active Markets Germany, Switzerland
Ownership -
Revenues -
SALES CONTACTS
Kay Ackermann
Head of Business Development
info@hrlab.de
Kay Ackermann is co-founder, Head of Business Development and expert for
digital HR processes with passion for innovative technology.
tridion digital solutions
Product Name
HRlab
Description
HRlab is the modern Human Capital Management platform that combines all HR processes and
data in one solution including smart interfaces and analyses.
Active Markets Germany, Switzerland
Product Categories Analytics, Digital Services
Target Clients Industries Other
-PricingVideo Link -
Product Website www.hrlab.de
COMPANY DESCRIPTION
HRlab is the modern Human Capital Management platform that combines all HR processes and data in one solution
including smart interfaces and analyses.
BUSINESS SERVICES OFFERED
NOAH18 BERLIN SERVICE PROVIDER BOOK 47
KEY CORPORATE FACTS / KPIS
Headquarters New York, United States
Other Offices in EU
Website
Employees
Active Markets
London|UK
www.triplelift.com Founded 2012
100-1,000 Employees in Europe 25
France, Germany, United Kingdom
Ownership -
Revenues > $100M
SALES CONTACTS
Eric Berry
CEO
eric@triplelift.com
CEO and co-founder of TripleLift, one of fastest growing private
companies in America.
TripleLift
Product Name
Programmatic Native Advertising
Description
We provide a native advertising platform for publishers to monetize and for
brands to buy through their DSPs.
Active Markets France, Germany, United Kingdom
Product Categories Marketplaces, Media, Marketing
Target Clients Industries Media, Marketing
-PricingVideo Link -
Product Website
COMPANY DESCRIPTION
We provide a native advertising platform for publishers to monetize and for brands to buy through their DSPs.
NOAH18 BERLIN SERVICE PROVIDER BOOK 48
BUSINESS SERVICES OFFERED
Trading
Comparables
49
Trading Comparables
1Source: CapitalIQ (as of 29 May 2018).
29-May-18 Enterprise CAGR CAGR Margin
Company Value (€m) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019
Share Price
(% of year high)
EV / Revenue EV / EBITDA P/E
Advertising / Marketing
Ad Networks
Criteo (Europe) 1,002 44% 1.2x 1.1x 1.0x 11% 3.9x 3.8x 3.3x 10% 30% 9.9x 10.3x 8.6x
Taptica (Middle East) 236 58% 1.0x 0.6x 0.6x 31% 6.2x 5.3x 4.7x 14% 12% 7.8x 7.1x 6.3x
Matomy (Middle East) 48 41% 0.2x n/a n/a (100%) 1.8x n/a n/a (100%) n/a n/a n/a n/a
Mean 0.8x 0.9x 0.8x (19%) 4.0x 4.6x 4.0x (25%) 21% 8.8x 8.7x 7.4x
Intermediaries
Trade Desk (US) 2,896 94% 10.9x 7.7x 6.1x 34% 36.7x 24.9x 19.4x 37% 31% 52.9x 38.8x 30.5x
QuinStreet (US) 488 89% 1.7x 1.3x 1.2x 20% 27.5x 15.4x 11.5x 55% 8% 63.1x 20.4x 16.9x
FreakOut (AsiaPac) 281 53% 2.8x 2.5x 1.6x 32% 53.1x 50.3x 22.7x 53% 5% n/a n/a n/a
RhythmOne (US) 159 48% 0.6x 0.3x 0.3x 44% 12.8x 3.1x 2.1x 144% 11% n/a n/a n/a
SeaChange (US) 48 72% 0.7x 0.7x 0.6x 6% 10.0x 6.9x 5.4x 36% 10% 33.1x 18.5x 13.3x
Weborama (Europe) 47 90% n/a 1.2x 1.0x n/a 7.9x 6.2x 4.8x 29% 20% 57.0x 18.3x 17.5x
Cxense (Europe) 35 48% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Marin Software (US) 13 38% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Netccentric (AsiaPac) (1) 24% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
The Rubicon Project (US) (2) 41% n/m n/m n/m (9%) 0.6x 0.1x 0.2x 72% (23%) n/m n/m n/m
Mean 3.3x 2.3x 1.8x 21% 21.2x 15.3x 9.4x 61% 9% 51.6x 24.0x 19.6x
Data and Loyalty
HubSpot (US) 3,760 96% 11.7x 8.8x 7.1x 28% n/m 95.5x 65.6x 74% 9% n/m n/m 99.7x
Acxiom (US) 1,992 87% 2.6x 2.4x 2.3x 6% 13.4x 12.4x 11.9x 6% 20% 36.3x 28.4x 24.2x
Quotient Technology (US) 888 75% 3.2x 2.7x 2.3x 19% 21.9x 14.8x 10.9x 42% 18% 56.8x 36.3x 20.6x
Aimia (Canada) 243 52% 0.2x 0.2x 0.2x (14%) 1.5x 1.6x 1.6x (4%) 15% 2.9x 2.8x 3.2x
1000mercis (Europe) 81 59% 1.4x 1.2x 1.1x 14% 6.5x 7.3x 6.3x 2% 17% n/a n/a n/a
Marchex (US) 26 72% 0.3x 0.3x 0.3x (1%) 42.4x 24.7x 16.5x 60% 1% n/m n/m n/m
Somoto (Middle East) 22 51% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 3.2x 2.6x 2.2x 9% 17.1x 26.1x 18.8x 30% 13% 32.0x 22.5x 36.9x
Market Research
Nielsen (Europe) 16,426 68% 2.9x 2.8x 2.7x 4% 9.3x 9.2x 8.5x 5% 30% 11.2x 11.8x 10.5x
Gartner (US) 12,760 92% 4.5x 3.7x 3.3x 16% 21.1x 19.9x 17.6x 10% 19% 38.3x 34.3x 28.6x
Ipsos (Europe) 1,681 82% 0.9x 1.0x 0.9x 1% 8.2x 8.3x 7.8x 3% 12% 10.2x 9.7x 9.0x
comScore (US) 1,198 79% 2.3x 3.3x 3.3x (16%) 8.7x n/m 40.7x (54%) (1%) 12.5x n/a n/a
National Research Corporation (US) 698 81% 6.8x n/a n/a (100%) 20.8x n/a n/a (100%) n/a 38.1x n/a n/a
Forrester Research (US) 537 88% 1.9x 1.8x 1.7x 6% 16.2x 13.9x 12.0x 16% 13% 33.4x n/a n/a
YouGov (Europe) 505 97% 3.9x 3.6x 3.3x 10% 24.6x 20.8x 17.7x 18% 17% 35.5x 30.7x n/a
Intage (AsiaPac) 308 76% 0.8x 0.7x 0.7x 5% 6.9x 6.9x 6.6x 3% 11% n/a n/a n/a
Mean 3.0x 2.4x 2.3x (9%) 14.5x 13.2x 15.8x (12%) 14% 25.6x 21.7x 16.0x
Agencies
WPP (Europe) 23,384 70% 1.3x 1.3x 1.3x 1% 7.9x 8.2x 8.0x (1%) 16% 10.1x 10.5x 10.1x
Omnicom (US) 16,542 82% 1.2x 1.2x 1.2x 3% 8.2x 7.9x 7.5x 5% 15% 13.3x 12.4x 12.0x
Publicis Group (Europe) 14,114 86% 1.5x 1.5x 1.4x 0% 8.4x 8.4x 8.0x 2% 18% 12.9x 12.6x 11.8x
Dentsu (AsiaPac) 13,996 90% 1.9x 1.8x 1.6x 7% 9.9x 10.2x 8.8x 6% 17% n/a n/a n/a
Interpublic Group of Companies (US) 9,087 87% 1.3x 1.2x 1.2x 7% 9.3x 8.5x 8.3x 6% 14% 15.7x 13.0x 12.4x
JCDecaux (Europe) 6,137 72% 1.8x 1.7x 1.7x 3% 10.3x 10.1x 9.4x 4% 17% 24.9x 24.8x 21.2x
MDC Partners (US) 1,178 34% 0.9x 0.9x 0.8x 3% 6.7x 6.6x 6.1x 5% 14% 8.4x 13.7x 6.0x
Asatsu-DK (AsiaPac) - 92% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/a n/a n/a
Mean 1.4x 1.4x 1.3x (10%) 8.6x 8.6x 8.0x (9%) 16% 14.2x 14.5x 12.2x
Classifieds
Diversified
Next Co (US) 97,044 99% 6.5x 6.2x 5.9x 4% 12.2x 12.3x 11.2x 4% 51% 24.3x 21.0x 19.2x
Naspers (Africa) 92,978 75% 15.6x 14.8x 12.9x 10% n/m n/m 90.4x 90% 10% 41.5x 29.7x 21.0x
Recruit Holdings (AsiaPac) 37,837 97% 2.3x 2.1x 1.9x 9% 18.2x 17.1x 14.5x 12% 12% n/a n/a n/a
MercadoLibre (LatAm) 11,326 71% 9.6x 8.3x 5.3x 35% 69.5x n/m 59.2x 8% 5% n/m n/m n/m
58.com (AsiaPac) 9,685 88% 7.3x 5.8x 4.8x 24% 37.1x 26.1x 17.9x 44% 22% 49.2x 30.6x 21.5x
Schibsted (Europe) 5,808 87% 3.3x 3.0x 2.8x 7% 21.6x 16.9x 13.8x 25% 18% 53.3x 34.6x 23.9x
Scout24 (Europe) 5,190 94% 10.8x 9.9x 9.0x 9% 20.9x 18.1x 16.2x 14% 55% 31.2x 27.0x 23.7x
Info Edge India (AsiaPac) 1,756 85% 15.7x 13.4x 11.5x 17% 46.4x 37.3x 31.0x 22% 36% 61.3x 47.8x 40.1x
Trade Me (AsiaPac) 1,197 86% 8.2x 7.7x 7.2x 7% 12.5x 11.9x 11.3x 5% 65% 20.1x 19.2x 18.1x
Just Dial (AsiaPac) 522 93% 5.4x 4.9x 4.4x 10% 27.3x 22.6x 20.0x 17% 21% 30.6x 26.1x 22.8x
Mean 8.5x 7.6x 6.6x 13% 29.5x 20.3x 28.6x 24% 30% 38.9x 29.5x 23.8x
Real Estate
Zillow (US) 8,790 92% 9.5x 6.8x 4.9x 40% 43.1x 36.7x 26.9x 27% 19% n/m 76.8x 50.2x
REA Group (AsiaPac) 7,894 99% 16.5x 14.0x 12.4x 15% 28.9x 24.0x 20.9x 18% 58% 46.8x 38.3x 32.6x
Rightmove (Europe) 5,136 100% 18.4x 16.8x 15.5x 9% 24.4x 22.1x 20.5x 9% 76% 30.8x 27.7x 25.7x
ZPG (Europe) 2,794 97% 10.2x 7.7x 7.1x 20% 23.7x 19.6x 17.8x 16% 39% 32.0x 29.0x 24.7x
Fang Holdings (AsiaPac) 2,341 93% 5.9x 5.8x 5.0x 9% 50.7x 16.0x 11.6x 109% 36% n/m 20.5x 14.9x
Redfin (US) 1,413 66% 4.5x 3.4x 2.7x 29% n/m n/m 60.6x 972% 0% n/m n/m n/m
Mitula (Europe) 90 66% 4.0x 3.4x 3.0x 15% 11.2x 10.0x 9.1x 11% 34% 19.5x 17.5x 15.9x
Leju (AsiaPac) 42 49% 0.1x 0.1x 0.1x 24% n/m n/m n/a (100%) (6%) n/m 18.8x 58.7x
Mean 8.6x 7.2x 6.3x 20% 30.3x 21.4x 23.9x 133% 32% 32.3x 32.7x 31.8x
View Our Internet Trading Comps
Trading Comparables
2Source: CapitalIQ (as of 29 May 2018).
29-May-18 Enterprise CAGR CAGR Margin
Company Value (€m) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019
Share Price
(% of year high)
EV / Revenue EV / EBITDA P/E
Classifieds (Cont'd)
Automotive
Autohome (AsiaPac) 9,327 95% 11.4x 9.5x 7.9x 20% 33.0x 22.7x 18.6x 33% 42% 40.6x 28.8x 23.8x
Bitauto (AsiaPac) 4,700 41% 4.1x 3.1x 2.5x 29% 26.8x 41.1x 14.6x 36% 8% 13.0x 12.7x 7.6x
Auto Trader (Europe) 4,353 82% 11.8x 11.0x 10.6x 5% 16.8x 15.7x 14.7x 7% 70% 20.7x 19.1x 17.7x
Cargurus (US) 2,879 79% 10.6x 7.9x 6.7x 26% n/m n/m 74.5x 46% 8% n/m n/m n/m
Carsales.com (AsiaPac) 2,385 92% 9.4x 7.8x 7.0x 16% 19.1x 16.3x 14.6x 14% 48% 27.8x 24.9x 22.3x
BCA Marketplace (Europe) 2,174 84% 0.8x 0.8x 0.7x 9% 12.9x 11.8x 10.8x 9% 6% 18.7x 16.7x 15.0x
Carvana (US) 1,183 86% 1.6x 0.8x 0.4x 94% n/m n/m n/m (77%) (8%) n/m n/m n/m
TrueCar (US) 688 44% 2.5x 2.2x 1.9x 14% 28.5x 21.2x 14.7x 39% 10% n/m 63.8x 33.9x
Mean 6.5x 5.4x 4.7x 27% 22.9x 21.4x 23.2x (10%) 23% 24.2x 27.7x 20.0x
Recruitment
Axel Springer (Europe) 8,638 84% 2.5x 2.7x 2.6x (2%) 13.3x 11.6x 10.6x 12% 23% 22.8x 21.1x 19.1x
Seek (AsiaPac) 5,415 97% 7.2x 6.1x 5.5x 14% 20.6x 18.2x 16.2x 13% 34% 36.0x 31.7x 27.8x
51job (AsiaPac) 5,044 97% 2.0x 1.5x 1.3x 28% 5.8x 4.4x 3.4x 31% 35% 7.4x 5.3x 4.1x
Dice Holdings (US) 119 74% 0.7x 0.8x 0.8x (9%) 3.5x 3.8x 4.5x (12%) 21% 17.4x 9.8x 15.1x
Mean 3.1x 2.8x 2.5x 8% 10.8x 9.5x 8.7x 11% 28% 20.9x 17.0x 16.5x
Content Providers
IAC (US) 11,772 91% 4.2x 3.3x 2.9x 20% 23.5x 14.1x 11.6x 42% 23% 59.0x 22.7x 17.8x
TechTarget (US) 621 100% 6.6x 5.8x 5.1x 14% 33.2x 23.7x 18.5x 34% 24% 65.9x 35.2x 26.2x
XO Group (US) 606 100% 4.4x 4.2x 3.8x 7% 25.1x 19.0x 16.8x 22% 22% 92.9x 51.0x 43.0x
Mean 5.1x 4.4x 4.0x 14% 27.3x 19.0x 15.6x 33% 23% 72.6x 36.3x 29.0x
Digital Entertainment
Netflix (US) 134,995 99% 13.3x 9.7x 7.8x 31% n/m 74.5x 48.3x 73% 13% n/m n/m 72.0x
Spotify (Europe) 23,540 90% n/a 5.3x 4.1x n/a n/a n/m n/m n/a (4%) n/a n/m n/m
Freenet (Europe) 4,222 73% 1.2x 1.3x 1.3x (5%) 8.8x 9.6x 9.3x (3%) 14% 10.4x 12.8x 11.8x
Bilibil i (AsiaPac) 4,009 97% n/a 1.1x 0.7x n/a n/a 8.5x 2.9x n/a 12% n/a 84.1x 4.5x
Roku (US) 3,255 66% 7.4x 5.4x 4.1x 35% n/m n/m 93.6x n/a (0%) n/a n/m n/m
Pandora (US) 1,754 70% 1.4x 1.3x 1.2x 8% n/m n/m n/m (67%) (6%) n/m n/m n/m
Pandora Media (US) 1,754 70% 1.4x 1.3x 1.2x 8% n/m n/m n/m (67%) (6%) n/m n/m n/m
Xunlei (AsiaPac) 382 44% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Brave Bison (Europe) 5 33% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 5.0x 3.6x 2.9x 15% 8.8x 30.9x 38.6x (16%) 3% 10.4x 48.5x 29.5x
E-Commerce
Diversified
Amazon (US) 694,245 98% 4.5x 3.4x 2.8x 28% 41.9x 26.9x 20.4x 43% 13% n/m n/m 80.5x
Alibaba (AsiaPac) 438,392 96% 15.0x 8.9x 6.3x 54% 33.0x 25.1x 17.9x 36% 36% 40.9x 32.3x 23.3x
Rakuten (AsiaPac) 11,298 52% 1.5x 1.3x 1.2x 14% 7.2x 8.0x 7.1x 0% 17% n/a n/a n/a
Investment AB Kinnevik (Europe) 8,207 93% 83.9x 79.7x 79.7x 3% n/m n/m n/m 12% (21%) 37.7x 47.9x 39.0x
Liberty Ventures (US) 6,049 77% n/a 7.4x 7.3x n/a n/a 26.1x 24.9x n/a 28% n/a n/m n/m
B2W (LatAm) 2,976 73% 1.7x 1.7x 1.6x 4% 19.1x 14.9x 11.2x 30% 12% n/m n/m n/m
Vostok New Ventures (AsiaPac) 658 97% 3.1x 2.5x 2.1x 23% 5.4x 4.2x 3.3x 28% 61% 6.5x 6.0x 4.9x
Rocket Internet (Europe) 588 87% 8.6x 9.1x 8.3x 2% n/m n/m n/m 21% (125%) n/m n/m n/m
Netshoes (LatAm) 140 11% 0.3x 0.3x 0.3x 2% n/m n/m 22.0x n/a (0%) n/m n/m n/m
Mean 14.8x 12.7x 12.2x 16% 21.3x 17.5x 15.3x 24% 2% 28.4x 28.7x 36.9x
Personalized
Cimpress (Europe) 4,501 80% 2.2x 1.9x 1.7x 13% 17.9x 14.8x 11.5x 24% 13% 62.3x n/a n/a
Stamps.com (US) 3,780 99% 9.5x 8.0x 6.9x 18% 19.2x 17.2x 14.3x 16% 46% 26.0x 23.7x 21.0x
Shutterfly (US) 2,788 95% 2.8x 1.6x 1.4x 40% 14.5x 8.2x 7.5x 39% 19% n/m 29.9x 26.8x
CEWE Stiftung (Europe) 640 93% 1.1x 1.0x 0.9x 6% 7.0x 6.7x 6.4x 5% 15% 18.3x 16.8x 15.6x
Eve Sleep (Europe) 105 59% 3.3x 1.6x 0.9x 94% n/m n/m n/m n/a (25%) n/m n/m n/m
Oponeo.pl (Europe) 122 77% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Cafepress Inc. (US) 1 52% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 3.8x 2.8x 2.4x 34% 14.6x 11.7x 9.9x 21% 14% 35.5x 23.5x 21.1x
Online Food & Restaurants
Delivery Hero (Europe) 6,615 96% 12.0x 8.6x 6.3x 39% n/m n/m n/m n/a (8%) n/m n/m n/m
Just Eat (Europe) 6,233 92% 10.3x 7.6x 6.3x 28% 33.5x 29.6x 21.9x 24% 26% 50.5x 46.1x 33.9x
Takeaway.com (Europe) 1,972 87% 11.9x 8.5x 6.6x 34% n/m n/m 69.1x n/a (4%) n/m n/m 95.6x
Hellofresh (Europe) 1,521 78% 1.7x 1.2x 1.0x 31% n/m n/m 35.1x n/a (4%) n/m n/m n/m
Blue Apron (US) 479 27% 0.6x 0.7x 0.6x 2% n/m n/m n/m (83%) (7%) n/m n/m n/m
Mean 7.3x 5.3x 4.2x 27% 33.5x 29.6x 42.0x (30%) 1% 50.5x 46.1x 64.7x
Marketplaces
eBay (US) 36,138 80% 4.4x 3.8x 3.5x 12% 12.1x 11.4x 10.6x 7% 34% 17.2x 16.2x 14.8x
GrubHub (US) 7,776 90% 13.2x 9.4x 7.5x 33% 49.6x 34.9x 26.8x 36% 27% 91.2x 57.3x 44.3x
Kakaku (AsiaPac) 3,764 100% n/a 9.3x 8.4x n/a n/a 18.2x 16.5x n/a 51% n/a n/a n/a
Etsy (US) 2,861 96% 7.6x 6.1x 5.1x 21% 44.5x 26.8x 21.3x 45% 23% 52.0x 45.3x 34.9x
Shutterstock (US) 1,141 87% 2.4x 2.1x 1.9x 13% 14.5x 12.6x 10.5x 18% 17% 38.8x 33.1x 24.7x
Care.com (US) 494 97% 3.3x 3.0x 2.6x 12% 26.1x 18.0x 15.0x 32% 16% 31.7x 23.3x 20.2x
Liquidity Services (US) 69 70% 0.3x 0.4x n/a (100%) n/m n/m n/a (100%) (7%) n/m n/m n/a
MyHammer (Europe) 45 93% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 5.2x 4.8x 4.8x (2%) 29.4x 20.3x 16.8x 6% 23% 46.2x 35.0x 27.8x
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Trading Comparables
3Source: CapitalIQ (as of 29 May 2018).
29-May-18 Enterprise CAGR CAGR Margin
Company Value (€m) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019
Share Price
(% of year high)
EV / Revenue EV / EBITDA P/E
E-Commerce (Cont'd)
Verticals / Players
JD.com (AsiaPac) 43,515 72% 0.1x 0.1x 0.1x 28% 8.4x 5.9x 3.0x 67% 2% 10.2x 8.0x 4.6x
Ocado (Europe) 6,976 87% 4.2x 3.8x 3.3x 12% 66.7x 67.8x 55.7x 9% 6% n/m n/m n/m
Wayfair (US) 6,873 91% 1.7x 1.2x 1.0x 34% n/m n/m n/m (12%) (2%) n/m n/m n/m
Monotaro (AsiaPac) 4,192 96% 6.0x 4.9x 4.0x 22% 40.8x 33.3x 27.8x 21% 15% n/a n/a n/a
CTS Eventim (Europe) 3,356 93% 3.4x 3.0x 2.9x 9% 15.7x 14.1x 12.8x 11% 21% 33.1x 31.9x 27.4x
Proto Labs (US) 2,733 94% 9.2x 7.1x 6.2x 21% 32.4x 25.7x 22.5x 20% 27% 57.3x 40.9x 35.5x
Abcam (Europe) 2,709 91% 10.5x 9.6x 8.7x 10% 31.5x 24.1x 21.8x 20% 40% 41.7x 35.5x 32.1x
Zooplus (Europe) 1,217 90% 1.1x 0.9x 0.7x 22% n/m n/m 58.8x 47% 0% n/m n/m n/m
AO World (Europe) 799 91% 0.9x 0.8x 0.7x 13% n/m n/m 32.3x n/a 1% n/a n/m 57.5x
Overstock.com (US) 710 37% 0.5x 0.4x 0.4x 7% n/m n/m n/m n/a (7%) n/m n/m n/m
1-800-Flowers.com (US) 665 97% 0.7x 0.7x 0.6x 2% 9.3x 8.7x 8.3x 6% 8% 30.6x 22.7x 20.7x
PetMed Express (US) 594 65% 2.6x 2.4x 2.2x 8% 14.2x 12.0x n/a (100%) 20% 24.0x 17.1x 14.8x
Zur Rose Group (Europe) 588 79% 0.7x 0.6x 0.5x 20% n/m n/m 40.7x n/a (1%) n/m n/m n/m
Cogobuy (AsiaPac) 503 46% 0.4x 0.2x 0.2x 47% 5.9x 4.1x 3.2x 36% 5% 10.0x 6.1x 4.7x
Shop Apotheke Europe (Europe) 489 66% 1.7x 0.9x 0.7x 55% n/m n/m 68.1x n/a 0% n/m n/m n/m
LDLC.com (Europe) 132 52% 0.3x 0.2x 0.2x 13% 9.1x 7.7x 6.2x 21% 3% 17.6x 14.9x 10.7x
Delticom (Europe) 121 49% 0.2x 0.2x 0.2x 8% 9.4x 7.8x 6.7x 18% 2% 32.0x 21.3x 14.8x
U.S. Auto Parts Network (US) 51 50% 0.2x 0.2x 0.2x 2% 4.3x 4.3x 3.5x 10% 4% n/a n/m 19.6x
Mean 2.5x 2.1x 1.8x 19% 20.6x 18.0x 24.8x 13% 8% 28.5x 22.1x 22.0x
Fashion and Flash Sales
Zalando (Europe) 10,025 89% 2.2x 1.8x 1.5x 22% 37.2x 30.0x 23.2x 27% 6% 85.1x 75.0x 56.5x
Start Today (AsiaPac) 9,256 97% 12.5x 9.5x 7.1x 33% 36.1x 29.8x 24.1x 23% 32% n/a n/a n/a
ASOS (Europe) 6,265 85% 2.8x 2.2x 1.7x 29% 41.3x 31.1x 23.9x 31% 7% 80.4x 63.8x 51.0x
Vipshop (AsiaPac) 6,119 61% 0.1x 0.1x 0.1x 25% 2.1x 1.8x 1.3x 29% 4% 2.7x 2.3x 1.7x
Yoox Net-A-Porter (Europe) 5,107 100% 2.4x 2.1x 1.8x 17% 30.0x 24.9x 18.5x 27% 9% 90.4x 73.2x 48.0x
Boohoo.com (Europe) 2,563 75% 5.3x 2.9x 2.2x 55% 52.2x 31.8x 24.5x 46% 9% 80.2x 55.6x 46.6x
Stitch Fix (US) 1,450 66% n/a 1.3x 1.0x n/a n/a 36.9x 33.2x n/a 3% n/a n/m 99.0x
MySale Group (AsiaPac) 150 73% 0.5x 0.4x n/a (100%) 12.8x 9.9x n/a (100%) 4% 35.8x 29.7x n/a
LightInTheBox (AsiaPac) 60 58% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Windeln.de (Europe) 31 43% 0.1x 0.2x 0.1x 2% n/m n/m n/m (75%) (9%) n/m n/m n/m
Jumei (AsiaPac) 6 57% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 3.3x 2.3x 1.9x 10% 30.3x 24.5x 21.2x 1% 7% 62.4x 49.9x 50.5x
Finance and Price Comparison
Moneysupermarket (Europe) 1,893 85% 4.9x 4.8x 4.5x 4% 12.8x 13.0x 12.3x 2% 37% 18.7x 18.8x 17.3x
Hypoport (Europe) 902 91% 4.6x 3.8x 3.4x 17% 28.6x 23.6x 20.1x 19% 16% 47.0x 37.2x 32.2x
Jianpu Tech (AsiaPac) 644 61% 0.5x 0.4x 0.2x 75% n/m n/m 2.8x n/a (6%) n/m n/m 4.1x
Gruppo MutuiOnline (Europe) 463 73% 3.0x 2.6x 2.3x 13% 10.2x 8.9x 8.1x 12% 29% 18.9x 17.6x 15.7x
iSelect (AsiaPac) 67 28% 0.5x 0.5x 0.5x 7% 4.2x 4.4x 3.6x 7% 12% 9.8x 9.8x 7.6x
Comperia (Europe) 4 100% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
HubStyle (Grupa Nokaut) (Europe) 2 23% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
LendingClub (US) - 51% n/m n/m n/m 19% n/m n/m n/m 74% 12% n/m 35.8x 18.4x
Ferratum (Europe) - 72% n/m n/m n/m 30% n/m n/m n/m 36% 16% 24.2x 16.3x 12.3x
On Deck Capital (US) - 93% n/m n/m n/m 11% n/m n/m n/m 191% 7% n/m 18.7x 13.6x
Mean 2.7x 2.4x 2.2x 22% 13.9x 12.4x 9.4x 49% 15% 23.7x 22.0x 15.2x
Other
LendingTree (US) 2,706 64% 5.1x 4.0x 3.2x 27% 27.7x 21.0x 15.8x 32% 19% 60.0x 39.9x 27.0x
Yelp (US) 2,379 88% 3.3x 2.9x 2.5x 15% 17.5x 14.9x 11.5x 23% 19% 40.4x 30.4x 23.6x
Groupon (US) 1,879 79% 0.8x 0.8x 0.8x (2%) 9.1x 7.6x 7.1x 14% 11% 35.9x 19.2x 16.8x
Gocompare.com (Europe) 637 90% 3.7x 3.2x 3.1x 10% 14.9x 11.8x 10.7x 18% 27% 19.0x 14.7x 13.2x
eHealth (US) 294 69% 2.0x 1.5x 1.3x 22% n/m 13.8x 9.5x n/a 11% n/m 24.3x 14.4x
Gurunavi (AsiaPac) 279 45% 1.0x 1.0x 1.0x (1%) 4.4x 5.0x 5.5x (11%) 20% n/a n/a n/a
Mean 2.6x 2.2x 2.0x 12% 14.7x 12.3x 10.0x 15% 18% 38.8x 25.7x 19.0x
Education
New Oriental Education (AsiaPac) 11,310 91% 6.4x 4.7x 3.5x 35% 38.7x 31.1x 20.9x 36% 15% 48.8x 37.9x 27.3x
Pearson (Europe) 8,919 97% 1.7x 1.9x 1.9x (5%) 11.0x 11.3x 10.5x 2% 17% 16.7x 18.1x 16.1x
2U (US) 4,402 94% 17.8x 12.4x 9.4x 38% n/m n/m n/m 62% 4% n/m n/m n/m
Chegg (US) 2,485 100% 11.4x 9.4x 7.8x 21% 63.7x 36.8x 27.4x 53% 26% n/m 63.0x 47.2x
Pluralsight (US) 1,638 99% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Instructure (US) 1,128 90% 8.3x 6.3x 5.0x 29% n/m n/m n/m (36%) (10%) n/m n/m n/m
Capella Education (US) 806 95% 2.1x 2.1x 2.0x 2% 10.8x 10.6x 9.9x 5% 20% 25.7x 20.9x 19.4x
Cambium Learning Group (US) 455 73% n/a 3.3x 3.1x n/a n/a 11.1x 9.9x n/a 30% n/a 25.0x 20.5x
American Public Education (US) 444 93% 1.7x 1.7x 1.6x 2% 10.1x 9.5x 8.8x 7% 18% 38.7x 25.8x 23.1x
K12 (US) 374 81% 0.5x 0.5x n/a (100%) 3.8x 3.7x n/a (100%) 13% 29.0x 51.1x n/a
Boxlight (US) 57 38% 2.4x 1.9x n/a (100%) n/a n/a n/a n/a - n/a n/a n/a
Mean 5.8x 4.4x 4.3x (9%) 23.0x 16.3x 14.6x 4% 13% 31.8x 34.5x 25.6x
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Trading Comparables
4Source: CapitalIQ (as of 29 May 2018).
29-May-18 Enterprise CAGR CAGR Margin
Company Value (€m) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019
Share Price
(% of year high)
EV / Revenue EV / EBITDA P/E
Fitness & Wearbles
Under Armour (US) 8,097 88% 1.9x 1.8x 1.7x 6% 29.1x 27.6x 21.9x 15% 7% 99.3x n/m 62.9x
GoPro (US) 653 47% 0.6x 0.7x 0.7x (2%) n/m n/m 14.6x n/a (0%) n/m n/m n/m
Fitbit (US) 558 74% 0.4x 0.4x 0.4x (4%) n/m n/m n/m (4%) (4%) n/m n/m n/m
Huami Corporation (AsiaPac) 426 88% 0.2x 0.2x 0.1x 49% 3.2x 3.8x 1.2x 62% 4% 3.8x 2.1x 1.5x
Mean 0.8x 0.8x 0.7x 12% 16.1x 15.7x 12.5x 25% 1% 51.6x 2.1x 32.2x
Gambling
Paddy Power Betfair (Europe) 8,567 100% 4.4x 4.0x 3.8x 8% 16.4x 15.5x 14.7x 6% 26% 23.8x 22.5x 21.3x
Amaya (Canada) 6,748 93% 7.8x 6.1x 4.9x 25% 16.7x 14.6x 11.7x 19% 42% 14.9x 13.1x 11.5x
GVC Holdings (Europe) 6,677 98% 6.0x 1.6x 1.5x 99% 21.5x 7.3x 6.7x 79% 22% 30.6x 12.4x 11.1x
Playtech (Europe) 2,757 77% 2.9x 2.8x 2.3x 13% 7.5x 7.1x 5.5x 16% 40% 10.0x 9.8x 8.1x
Net Entertainment (Europe) 1,121 63% 7.1x 6.4x 5.8x 11% 15.5x 13.6x 12.4x 12% 47% 22.5x 19.4x 18.6x
888 Holdings (Europe) 1,092 92% 1.7x 1.7x 1.6x 5% 9.8x 8.8x 8.2x 10% 19% 16.4x 15.3x 13.4x
Bet-at-home.com (Europe) 419 50% 3.5x 3.4x 3.3x 3% 11.6x 11.7x 10.9x 3% 29% 16.2x 16.5x 15.2x
Sportech (Europe) 158 77% 1.7x 1.9x 1.8x (5%) 11.1x 14.5x 13.7x (10%) 13% 26.2x n/a n/a
ZEAL Network (Europe) 101 93% 0.7x 0.6x 0.6x 9% 4.3x 2.9x 2.3x 37% 22% 14.1x 9.8x 7.6x
Mean 4.0x 3.2x 2.8x 19% 12.7x 10.7x 9.6x 19% 29% 19.4x 14.9x 13.4x
Gaming
MMO
NetEase (AsiaPac) 21,647 61% 3.0x 2.3x 1.8x 30% 12.3x 15.8x 12.0x 1% 15% 14.6x 18.5x 15.0x
Nexon (AsiaPac) 9,597 89% 5.3x 4.5x 4.1x 13% 12.1x 9.6x 8.8x 17% 46% n/a n/a n/a
Sea Limited (US) 8,877 89% 2.3x 2.2x 2.1x 5% 12.4x 11.3x 10.8x 7% 19% 21.0x 17.7x 16.3x
NCsoft (AsiaPac) 4,745 71% 3.3x 3.4x 2.6x 13% 9.4x 8.4x 6.5x 21% 40% 15.5x 15.6x 11.2x
HUYA (AsiaPac) 3,989 96% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
NetDragon (AsiaPac) 1,028 59% 2.4x 2.0x 1.6x 22% 29.0x 18.1x 15.4x 37% 11% n/m 80.0x 33.3x
WeMade (AsiaPac) 489 81% 5.7x 3.8x 3.1x 37% 70.5x 15.3x 11.6x 147% 25% 66.1x 26.3x 19.4x
Rovio (Europe) 334 43% 1.1x 1.2x 1.1x (1%) 5.0x 7.7x 6.9x (15%) 16% 13.3x 20.7x 13.7x
Changyou (AsiaPac) (108) 40% n/m n/m n/m (7%) n/m n/m n/m (18%) 23% 6.0x 18.1x 8.6x
Mean 3.3x 2.7x 2.3x 14% 21.5x 12.3x 10.3x 25% 24% 22.8x 28.1x 16.8x
Mobile and Casual
Colopl (Europe) 17,680 98% 8.3x 7.8x 7.2x 8% 22.8x 22.2x 20.6x 5% 35% 33.3x 32.1x 29.4x
CyberAgent (AsiaPac) 5,692 92% 1.9x 1.6x 1.3x 18% 17.8x 15.6x 13.0x 17% 10% n/a n/a n/a
Youzu (AsiaPac) 2,629 63% 5.6x 4.4x 3.4x 28% 20.7x 19.8x 13.5x 24% 22% 23.8x 16.9x 13.3x
Zynga (US) 2,554 96% 3.5x 3.3x 2.9x 9% 22.9x 17.6x 13.9x 28% 19% 41.4x 28.6x 22.1x
GREE (Europe) 2,084 70% 0.8x 0.7x 0.7x 4% 9.4x 8.6x 8.1x 8% 8% 12.6x 12.1x 11.4x
DeNA (AsiaPac) 1,819 73% 1.6x 1.6x 1.5x 4% 6.8x 8.6x 6.2x 5% 18% n/a n/a n/a
GungHo Online (AsiaPac) 1,199 71% 1.6x 1.8x 1.9x (7%) 3.9x 5.9x 6.2x (21%) 30% n/a n/a n/a
NHN Entertainment (AsiaPac) 800 78% 1.1x 1.0x 0.9x 9% 13.6x 9.3x 8.0x 30% 11% 29.2x 11.9x 15.5x
Glu Mobile (US) 619 95% 2.3x 1.9x 1.7x 14% n/m 20.8x 14.6x n/a 9% n/m 23.2x 15.9x
Gumi (AsiaPac) 171 56% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
IGNIS (AsiaPac) 162 44% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Focus Home Interactive (Europe) 144 65% 1.7x 1.3x 1.2x 19% 14.3x 9.7x 8.9x 27% 14% 24.3x 14.0x 13.8x
Ourgame (AsiaPac) 90 39% 1.4x 1.0x 1.0x 18% n/a n/a n/a n/a - n/m 11.8x 7.0x
Boyaa Interactive (AsiaPac) (38) 73% n/m n/m n/m 3% n/a n/a n/a n/a - 6.5x 7.1x 5.9x
Mean 2.7x 2.4x 2.2x 11% 14.7x 13.8x 11.3x 14% 15% 24.4x 17.5x 14.9x
Console & PC
Activision Blizzard (US) 45,760 89% 7.5x 7.0x 6.5x 7% 20.4x 18.7x 16.2x 12% 38% 30.9x 26.8x 23.0x
Electronic Arts (US) 31,100 98% 7.1x 6.6x 6.0x 9% 21.2x 18.5x 15.3x 18% 36% 32.5x 27.4x 23.1x
Take-Two Interactive (US) 9,741 86% 5.6x 4.4x 4.2x 16% 21.3x 17.0x 12.4x 31% 26% 32.7x 26.3x 19.1x
Ubisoft Entertainment (Europe) 9,671 98% 5.3x 4.6x 4.2x 13% 14.5x 10.9x 10.1x 20% 42% 51.8x 31.0x 31.3x
Bandai Namco (AsiaPac) 6,286 99% 1.2x 1.1x 1.1x 4% 9.1x 8.4x 8.0x 7% 13% n/a n/a n/a
Konami (AsiaPac) 4,626 78% 2.3x 2.3x 2.3x 2% 9.6x 9.0x 7.9x 10% 25% n/a n/a n/a
Square Enix (AsiaPac) 3,903 91% 1.8x 1.8x 1.7x 4% 11.6x 10.0x 8.5x 16% 19% n/a n/a n/a
CD Projekt (Europe) 3,047 97% 29.1x 26.1x 8.1x 90% 54.1x 66.7x 13.1x 103% 39% 72.4x 80.8x 21.0x
Sega Sammy (AsiaPac) 2,736 96% 1.0x 1.0x 0.9x 2% 7.8x 7.8x 6.4x 10% 13% n/a n/a n/a
Paradox Interactive (Europe) 2,099 99% 27.0x 18.5x 14.6x 36% 45.4x 29.9x 22.4x 42% 62% 87.0x 51.9x 40.4x
Capcom (AsiaPac) 1,977 96% 2.8x 2.4x 2.5x 6% 10.6x 10.4x 9.3x 6% 23% n/a n/a n/a
Marvelous (AsiaPac) 280 75% 1.4x 1.3x 1.2x 7% n/a n/a n/a n/a - n/a n/a n/a
Mean 7.7x 6.4x 4.4x 16% 20.5x 18.8x 11.8x 25% 28% 51.2x 40.7x 26.3x
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Trading Comparables
5Source: CapitalIQ (as of 29 May 2018).
29-May-18 Enterprise CAGR CAGR Margin
Company Value (€m) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019
Share Price
(% of year high)
EV / Revenue EV / EBITDA P/E
Hardware & Semiconductors
Apple (US) 828,677 99% 4.0x 3.6x 3.5x 7% 13.0x 11.8x 11.4x 7% 31% 18.4x 15.2x 15.1x
Samsung (AsiaPac) 243,011 89% 1.3x 1.2x 1.1x 5% 3.9x 3.3x 3.2x 10% 36% 9.0x 7.5x 7.6x
IBM (US) 141,408 83% 2.1x 2.0x 2.0x 1% 8.5x 8.8x 8.3x 1% 23% 10.0x 10.2x 10.2x
Sony (AsiaPac) 46,359 90% 0.7x 0.7x 0.7x 1% 5.4x 5.4x 5.0x 4% 12% n/a n/a n/a
Hitachi (AsiaPac) 40,941 86% 0.6x 0.5x 0.5x 2% 4.6x 4.8x 4.5x 1% 11% n/a n/a n/a
Philips (Europe) 35,618 96% 2.0x 2.0x 1.9x 3% 12.5x 11.7x 10.8x 8% 17% 23.9x 21.0x 18.7x
HP (US) 26,275 79% 0.9x 1.0x 1.0x (3%) 5.4x 5.7x 5.6x (2%) 18% 12.1x 10.3x 10.2x
Hewlett Packard Enterprise (US) 26,275 79% 0.9x 1.0x 1.0x (3%) 5.4x 5.7x 5.6x (2%) 18% 12.1x 10.3x 10.2x
Nokia (Europe) 24,024 86% 1.0x 1.1x 1.1x (1%) 8.0x 8.3x 7.2x 5% 13% 16.1x 21.6x 16.2x
Motorola (US) 19,733 98% 3.6x 3.1x 3.0x 9% 13.0x 11.4x 10.5x 11% 27% 19.5x 15.2x 14.1x
Toshiba (AsiaPac) 19,261 88% 0.5x 0.8x 0.6x (10%) 1.8x 10.8x 13.1x (63%) 7% n/a n/a n/a
Sharp (AsiaPac) 13,425 69% 0.7x 0.7x 0.6x 4% 9.2x 8.9x 8.7x 3% 8% n/a n/a n/a
Fujitsu (AsiaPac) 11,487 73% 0.3x 0.4x 0.4x (4%) 4.5x 3.8x 4.2x 4% 10% n/a n/a n/a
Unisplendour (AsiaPac) 9,900 83% 1.9x 1.7x 1.4x 16% n/a n/a n/a n/a - 71.6x 60.2x 52.1x
Lenovo (AsiaPac) 8,178 79% 1.7x 1.6x 1.5x 5% 68.8x 53.5x 46.1x 22% 3% n/m n/m 79.6x
LG (US) 6,286 65% 1.7x 1.9x 1.7x (0%) 11.5x 13.2x 11.1x 2% 14% 12.6x 22.3x 19.5x
Quanta Computer (AsiaPac) 5,550 67% 0.2x 0.2x 0.2x 3% 7.6x 7.4x 6.4x 9% 3% 13.4x 12.5x 10.7x
Pegatron Corporation (AsiaPac) 4,865 66% 0.1x 0.1x 0.1x 7% 4.6x 4.6x 3.8x 11% 3% 10.3x 10.6x 8.5x
ASUSTeK Computer (AsiaPac) 3,796 94% 0.3x 0.3x 0.3x 1% 9.2x 7.3x 7.0x 15% 5% 13.8x 13.1x 12.1x
Foxconn (AsiaPac) 1,643 74% 0.4x 0.4x 0.4x 1% 4.5x 4.3x 4.0x 6% 9% 10.3x 10.8x 10.0x
Acer (AsiaPac) 1,444 73% 0.2x 0.2x 0.2x 3% 10.4x 8.9x 7.9x 15% 2% 27.0x 18.9x 17.4x
nLIGHT (US) 1,127 96% n/a 6.9x 5.5x n/a n/a 44.7x 31.4x n/a 15% n/a 85.4x 56.1x
One Stop Systems (US) 41 70% 1.7x 1.3x 0.9x 34% 29.6x 29.6x 11.6x 60% 4% n/m 56.6x 18.2x
Mean 1.2x 1.4x 1.3x 4% 11.5x 12.4x 10.3x 6% 13% 18.7x 23.6x 21.5x
Computer Peripherals & Storage
Hon Hai Precision Industry (AsiaPac) 42,462 72% 0.3x 0.3x 0.3x 2% 7.0x 7.2x 6.2x 6% 4% 11.3x 11.8x 10.0x
Western Digital (US) 27,769 81% 1.6x 1.5x 1.5x 3% 4.5x 4.5x 5.1x (6%) 34% 6.7x 5.8x 6.1x
Seagate (Europe) 15,865 91% 1.7x 1.6x 1.7x 2% 8.4x 7.4x 7.8x 4% 22% 13.9x 9.7x 10.6x
NetApp (US) 12,528 92% 2.5x 2.4x 2.3x 6% 11.1x 10.2x 8.8x 12% 23% 20.3x 17.1x 15.4x
Zebra Technologies (US) 8,912 98% 2.8x 2.6x 2.5x 6% 15.2x 12.8x 12.3x 11% 20% 22.4x 15.3x 14.7x
Logitech (Europe) 5,224 97% 2.5x 2.2x 2.0x 11% 20.8x 17.0x 15.9x 14% 13% 27.6x 23.2x 20.5x
Shenzen Huiding (AsiaPac) 3,796 94% 0.3x 0.3x 0.3x 1% 9.2x 7.3x 7.0x 15% 5% 13.8x 13.1x 12.1x
Pure Storage (US) 3,487 84% 4.0x 3.0x 2.4x 30% n/m 33.7x 20.9x 198% 9% n/m n/m 44.4x
Lite-On (AsiaPac) 1,895 74% 0.3x 0.3x 0.3x (1%) 4.3x 4.3x 3.9x 4% 7% 32.6x 11.4x 10.2x
PCI-Suntek (AsiaPac) 1,636 65% 2.8x 1.9x 1.4x 43% n/a n/a n/a n/a - 61.6x 33.1x 18.5x
Chicony (AsiaPac) 1,462 88% 0.6x 0.6x 0.6x 8% 6.7x 7.1x 5.9x 7% 9% 12.8x 13.2x 10.3x
Synaptics (US) 1,413 66% 0.9x 1.0x 0.9x 2% 7.3x 7.4x 7.3x (0%) 13% 9.3x 9.2x 7.9x
Phison Electronics (AsiaPac) 1,092 62% 0.9x 0.9x 0.8x 4% 5.3x 6.3x 7.0x (13%) 14% 9.4x 12.1x 11.8x
Mean 1.6x 1.4x 1.3x 9% 9.1x 10.4x 9.0x 21% 13% 20.1x 14.6x 14.8x
Semiconductors
Intel (US) 233,863 99% 4.4x 4.0x 3.9x 6% 10.5x 9.4x 8.7x 10% 42% 16.4x 14.0x 13.4x
Taiwan Semiconductor (AsiaPac) 153,204 85% 5.5x 5.1x 4.6x 9% 8.3x 7.7x 6.9x 9% 67% 17.1x 16.1x 14.2x
NVIDIA (US) 126,012 95% 15.3x 11.2x 10.0x 24% 44.7x 28.0x 25.7x 32% 40% 53.1x 31.1x 28.9x
Broadcom (US) 100,563 99% 6.2x 5.6x 5.3x 8% 8.6x 8.9x 8.6x 0% 63% 12.9x 11.7x 10.9x
Texas Instruments (US) 94,262 92% 7.3x 6.8x 6.5x 5% 15.7x 14.4x 13.8x 6% 47% 23.6x 19.4x 17.6x
ASML (Europe) 72,439 97% 8.4x 6.9x 6.4x 14% 26.6x 22.0x 19.1x 18% 32% 37.3x 29.5x 24.5x
Micron (US) 64,723 99% 3.3x 2.4x 2.4x 18% 5.9x 3.7x 3.6x 29% 65% 9.1x 4.9x 5.1x
Qualcomm (US) 60,460 84% 3.0x 3.2x 3.0x (0%) 8.5x 10.6x 7.3x 8% 30% 14.5x 18.5x 15.0x
SK hynix (AsiaPac) 50,029 97% 2.1x 1.6x 1.5x 17% 3.3x 2.3x 2.4x 18% 67% 6.2x 4.5x 4.9x
Applied Materials (US) 45,346 83% 3.4x 2.9x 2.8x 10% 10.9x 9.1x 9.0x 10% 32% 13.6x 10.9x 10.9x
Analog Devices (US) 35,930 96% 7.3x 6.9x 6.6x 5% 14.3x 15.0x 13.6x 3% 46% 18.9x 16.7x 16.0x
Infineon (Europe) 26,030 93% 3.6x 3.4x 3.2x 7% 13.7x 11.7x 11.0x 12% 29% 27.0x 22.8x 20.7x
Microchip Technology (US) 20,127 94% 6.0x 5.6x 5.3x 6% 13.5x 11.5x 11.4x 9% 48% 17.6x 15.1x 14.2x
STMicroelectronics (Europe) 17,804 94% 2.2x 1.9x 1.7x 12% 10.7x 8.0x 7.2x 22% 23% 22.0x 15.1x 13.5x
Renesas Electronics (AsiaPac) 15,099 70% 2.5x 2.4x 2.2x 5% 10.7x 9.4x 8.5x 12% 25% n/a n/a n/a
Skyworks Solutions (US) 14,042 85% 4.3x 4.2x 3.9x 5% 9.7x 9.5x 8.7x 6% 44% 14.4x 13.8x 12.4x
Xilinx (US) 13,489 87% 6.3x 5.7x 5.4x 8% 20.0x 17.2x 16.7x 9% 33% 26.6x 22.8x 21.4x
Maxim Integrated Products (US) 13,182 79% 6.4x 6.0x 5.7x 6% 15.5x 14.6x 13.9x 6% 41% 23.7x 20.6x 19.2x
AMD (US) 11,505 85% 2.5x 2.0x 1.9x 16% 33.2x 17.1x 16.0x 44% 12% 87.6x 25.0x 19.0x
MediaTek (AsiaPac) 11,336 84% 1.6x 1.6x 1.4x 8% 21.5x 14.2x 9.9x 47% 11% 23.1x 19.5x 15.0x
Sanan Optoelectronics (AsiaPac) 11,197 70% 9.5x 7.3x 5.7x 29% 17.4x 13.7x 11.2x 24% 53% 28.8x 19.9x 16.8x
ON Semiconductor (US) 11,096 94% 2.4x 2.2x 2.2x 5% 10.3x 9.3x 8.6x 9% 24% 17.9x 14.2x 12.7x
ASE Group (AsiaPac) 10,636 92% 1.3x 1.0x 0.9x 21% 6.9x 4.8x 4.2x 28% 20% 14.7x 13.9x 11.0x
Microsemi (US) 8,454 100% 5.3x 4.8x 4.6x 8% 15.2x 14.2x 12.9x 9% 34% 17.3x 17.7x 13.9x
Marvell Technology Group (AsiaPac) 7,834 87% 3.8x 3.6x 3.5x 4% 12.9x 11.8x 11.1x 8% 31% 17.8x 15.8x 14.7x
SMIC (AsiaPac) 7,775 69% 22.7x 20.6x 18.6x 10% 68.8x 64.2x 55.0x 12% 32% n/m n/m n/m
ROHM (AsiaPac) 6,149 77% 2.0x 1.9x 1.7x 7% 8.3x 6.9x 6.0x 18% 27% n/a n/a n/a
United Microelectronics (AsiaPac) 6,084 98% 1.4x 1.4x 1.3x 4% 3.6x 3.6x 3.5x 2% 38% 21.3x 20.0x 17.5x
Mean 5.0x 4.5x 4.1x 10% 15.4x 13.1x 11.7x 15% 36% 22.5x 16.9x 14.9x
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Trading Comparables
6Source: CapitalIQ (as of 29 May 2018).
29-May-18 Enterprise CAGR CAGR Margin
Company Value (€m) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019
Share Price
(% of year high)
EV / Revenue EV / EBITDA P/E
Healthcare & Science
Quintiles (US) 25,965 90% 3.7x 3.0x 2.8x 15% 14.8x 13.7x 12.7x 8% 21% 19.7x 17.9x 16.1x
Cerner (US) 16,667 81% 3.7x 3.6x 3.3x 6% 11.5x 11.8x 10.8x 3% 30% 24.1x 23.4x 20.8x
ResMed (US) 12,581 96% 6.7x 6.0x 5.5x 10% 24.0x 20.3x 18.9x 13% 29% 34.8x 28.6x 26.3x
M3 (AsiaPac) 11,885 94% 16.8x 13.8x 11.8x 19% 49.3x 43.7x 37.1x 15% 32% n/a n/a n/a
Athenahealth (US) 5,433 96% 5.2x 4.6x 4.2x 11% 23.8x 16.8x 14.7x 27% 28% 75.7x 34.5x 29.5x
Allscripts (US) 3,762 79% 2.4x 2.0x 1.9x 12% 11.9x 10.0x 9.3x 13% 20% 20.0x 16.1x 14.1x
Cotiviti (US) 3,204 73% 5.4x 4.9x 4.5x 10% 13.9x 12.1x 11.2x 11% 40% 21.4x 17.3x 15.5x
Teladoc (US) 2,819 99% 14.0x 9.1x 7.2x 40% n/m n/m 90.6x n/a 2% n/m n/m n/m
Evolent Health (US) 1,286 73% 3.4x 2.6x 2.2x 25% n/m 69.7x 35.3x n/a 4% n/m n/m n/m
HealthStream (US) 632 91% 3.0x 3.2x 3.1x (2%) 19.5x 18.6x 17.0x 7% 17% n/m 95.0x 78.2x
CPSI (US) 508 92% 2.2x 2.0x 2.0x 6% 12.2x 11.2x 11.5x 3% 18% 20.7x 14.1x 14.3x
Mean 6.1x 5.0x 4.4x 14% 20.1x 22.8x 24.5x 11% 22% 30.9x 30.9x 26.9x
Internet of Things (IoT)
Forescout Technologies (US) 866 79% 4.6x 3.6x 3.0x 23% n/m n/m n/m (62%) (11%) n/m n/m n/m
Impinj (US) 321 31% 2.9x 3.3x 2.8x 1% n/m n/m n/m 112% (22%) n/m n/m n/m
ShotSpotter (US) 249 86% 12.4x 8.6x 6.5x 39% n/m n/m 33.1x 163% 9% n/m n/m 99.1x
Internet of Things (Canada) 9 47% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 6.6x 5.2x 4.1x 18% - - 33.1x 39% 5% - - 99.1x
Online Brokerage
Charles Schwab (US) 46,092 92% n/m n/m n/m 15% n/m n/m n/m 21% 49% 33.9x 22.5x 19.0x
TD Ameritrade (US) 23,927 93% n/m n/m n/m 22% n/m n/m n/m 30% 43% 33.3x 17.6x 14.7x
E*TRADE (US) 17,105 94% n/m n/m n/m 14% n/m n/m n/m 17% 52% 25.4x 17.5x 16.1x
IG Group (Europe) 3,430 95% n/m n/m n/m 2% n/m n/m n/m 1% 49% 16.7x n/a n/a
Plus500 (Middle East) 1,921 95% n/m n/m n/m 17% n/m n/m n/m 17% 56% 10.2x 7.4x 7.2x
Alfa Financial Software (Europe) 1,051 58% 10.4x 9.8x 8.7x 9% 22.5x 20.8x 18.7x 10% 47% 30.2x 28.0x 25.3x
SwissQuote (Europe) n/m 97% n/m n/m n/m 10% n/a n/a n/a n/a - n/a 20.3x 17.6x
Interactive Brokers (US) n/m 92% n/m n/m n/m 18% n/m n/m n/m 43% 94% 48.0x 31.7x 27.9x
Mean 10.4x 9.8x 8.7x 13% 22.5x 20.8x 18.7x 20% 49% 28.2x 20.7x 18.2x
Online Travel
OTAs
Priceline Group (US) 88,398 93% 8.1x 7.0x 6.2x 15% 21.6x 17.9x 15.9x 17% 39% 26.9x 23.2x 20.5x
Ctrip.com (AsiaPac) 21,501 75% 5.9x 5.0x 4.0x 21% 29.8x 25.6x 17.7x 30% 20% 42.1x 31.7x 22.8x
Expedia (US) 16,495 73% 1.9x 1.7x 1.5x 12% 10.9x 10.3x 8.9x 11% 16% 24.1x 22.1x 18.7x
TripAdvisor (US) 5,377 98% 4.0x 3.8x 3.5x 7% 19.4x 17.4x 15.8x 11% 22% 43.6x 36.3x 31.9x
MakeMyTrip (AsiaPac) 2,693 92% 6.1x 4.8x 4.1x 22% n/m n/m n/m (29%) (21%) n/m n/m n/m
Trivago (Europe) 1,266 19% 1.4x 1.4x 1.2x 7% n/m n/m n/m n/a (4%) n/m n/m n/m
Despegar.com (LatAm) 1,045 62% 2.3x 1.9x 1.6x 22% 14.6x 11.4x 9.4x 24% 17% 39.3x 26.4x 20.3x
Webjet (AsiaPac) 978 94% 5.8x 4.9x 4.0x 20% 19.5x 15.3x 11.5x 30% 32% 35.1x 24.2x 17.4x
eDreams ODIGEO (Europe) 828 75% 1.6x 1.6x 1.5x 5% 7.1x 6.9x 6.4x 5% 22% 12.3x 10.2x 8.6x
On The Beach (Europe) 668 74% 6.6x 5.6x 4.8x 18% 18.4x 14.9x 12.2x 23% 37% 26.0x 21.4x 17.6x
Hostelworld (Europe) 376 85% 3.8x 3.7x 3.4x 6% 12.8x 13.5x 11.4x 6% 27% 17.1x 18.4x 15.4x
Tuniu (AsiaPac) 328 67% 0.2x 0.1x 0.1x 21% n/m n/m 29.2x n/a (8%) n/m 59.2x 8.8x
HolidayCheck (Europe) 157 93% 1.3x 1.2x 1.1x 10% 82.2x 21.9x 14.3x 140% 6% n/m n/m 69.5x
Travelzoo (US) 155 97% 1.7x 1.6x 1.5x 9% 28.4x 18.8x 14.1x 42% 8% n/m 38.6x 29.4x
Lastminute.com (Europe) 113 82% 0.5x 0.5x 0.5x 4% 7.4x 5.9x 5.8x 13% 8% n/a n/a n/a
Asiatravel (AsiaPac) 9 41% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 3.4x 3.0x 2.6x 13% 22.7x 15.0x 13.3x 25% 15% 29.6x 28.3x 23.4x
GDS
Amadeus IT (Europe) 31,695 99% 6.5x 6.3x 5.9x 5% 17.0x 15.8x 14.6x 8% 40% 28.6x 27.1x 25.4x
Sabre Corp (US) 8,438 97% 2.7x 2.6x 2.4x 6% 9.1x 8.9x 8.4x 4% 29% 17.5x 16.4x 14.9x
Travelport (Europe) 3,709 96% 1.8x 1.7x 1.6x 5% 7.3x 7.2x 6.8x 4% 23% 13.1x 12.1x 10.9x
Mean 3.7x 3.5x 3.3x 9% 11.1x 10.6x 9.9x 34% 15% 19.7x 18.6x 17.1x
Payments
PayPal (US) 74,733 94% 6.7x 5.6x 4.9x 17% 25.6x 21.5x 18.2x 19% 26% 42.0x 33.9x 28.4x
First Data (US) 33,773 96% 3.2x 4.5x 4.3x (13%) 12.8x 11.7x 11.0x 8% 38% 12.5x 12.8x 11.5x
Worldpay (US) 27,327 91% 14.9x 8.1x 7.4x 42% 31.1x 17.1x 14.8x 45% 48% 36.2x 19.6x 16.3x
Square (US) 19,242 97% 23.0x 15.5x 11.8x 40% n/m 88.1x 51.7x 78% 18% n/m n/m 61.1x
Wirecard (Europe) 14,969 97% 10.1x 7.6x 6.2x 27% 36.4x 27.5x 21.4x 30% 28% 63.5x 45.9x 34.3x
Shopify (Canada) 11,741 93% 20.5x 13.3x 9.7x 45% n/m n/m n/m 121% 4% n/m n/m n/m
Ingenico (Europe) 5,716 72% 2.3x 2.1x 2.0x 8% 11.3x 10.7x 9.7x 8% 20% 14.4x 13.4x 11.9x
Q2 Holdings (US) 2,016 98% 12.0x 9.8x 7.9x 23% n/m n/m 66.7x 89% 10% n/m n/m n/m
Qiwi (Europe) 609 63% 0.1x 0.0x 0.0x 19% 0.1x 0.1x 0.1x 28% 33% 0.3x 0.2x 0.2x
Boku (US) 232 91% 8.4x 6.3x 5.0x 29% n/m 44.0x 17.2x n/a 14% n/m n/m 27.5x
Intershop Communications (Europe) 55 78% 1.5x 1.5x 1.3x 8% 18.0x 21.7x 14.4x 12% 7% n/m n/m 54.8x
Seamless Distribution (Europe) 4 7% 0.2x 0.3x 0.3x (6%) n/m n/m 2.5x n/a (10%) n/a n/m 9.2x
Mean 8.6x 6.2x 5.1x 20% 19.3x 26.9x 20.7x 44% 20% 28.1x 21.0x 25.5x
Search / Portals
Alphabet (US) 555,252 89% 5.8x 4.7x 4.0x 21% 14.6x 12.8x 10.8x 16% 37% 32.3x 23.6x 21.5x
Tencent (AsiaPac) 423,612 84% 16.0x 11.3x 8.4x 38% 41.1x 30.4x 23.9x 31% 37% 57.6x 44.3x 33.6x
Baidu (AsiaPac) 66,750 85% 5.9x 4.8x 4.0x 22% 22.7x 16.7x 13.9x 28% 29% 25.9x 23.1x 19.2x
Naver (AsiaPac) 13,497 69% 3.6x 3.1x 2.7x 16% 12.1x 11.8x 9.9x 10% 26% 23.6x 22.8x 18.9x
Yahoo! Japan (AsiaPac) 13,282 72% 1.9x 1.8x 1.6x 7% 5.9x 6.9x 6.7x (6%) 25% n/a n/a n/a
Yandex (Europe) 8,502 73% 0.1x 0.1x 0.1x 28% 0.4x 0.3x 0.2x 36% 31% 0.7x 0.5x 0.3x
Sogou (AsiaPac) 2,283 65% 2.9x 2.0x 1.5x 37% 17.2x 14.6x 9.3x 36% 14% 36.2x 25.5x 16.6x
Wirtualna Polska (Europe) 418 94% 3.9x 3.4x 3.1x 11% 12.9x 11.2x 10.3x 12% 30% 39.4x 25.4x 18.3x
Sohu.com (AsiaPac) 415 52% 0.3x 0.2x 0.2x 15% 4.1x 5.2x 2.1x 39% 4% n/m n/m n/m
Phoenix New Media (AsiaPac) 271 69% 1.3x 1.3x 1.1x 9% 30.1x 30.0x 17.5x 31% 4% 45.3x 53.2x 24.1x
Mean 4.2x 3.3x 2.7x 21% 16.1x 14.0x 10.5x 23% 24% 32.6x 27.3x 19.1x
View Our Internet Trading Comps
Trading Comparables
7Source: CapitalIQ (as of 29 May 2018).
29-May-18 Enterprise CAGR CAGR Margin
Company Value (€m) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019
Share Price
(% of year high)
EV / Revenue EV / EBITDA P/E
Social Networking
Facebook (US) 427,291 95% 12.3x 8.7x 6.9x 33% 18.7x 14.2x 11.4x 28% 62% 30.8x 24.2x 20.3x
Twitter (US) 19,739 93% 9.5x 7.8x 7.0x 17% 28.8x 20.4x 17.4x 29% 38% 88.2x 45.1x 39.1x
Weibo (AsiaPac) 18,808 72% 19.1x 12.0x 8.7x 48% 48.8x 30.1x 19.7x 57% 40% 59.4x 35.7x 24.6x
Match Group (US) 10,652 84% 9.4x 7.3x 6.4x 21% 26.4x 19.2x 16.4x 27% 38% 49.5x 28.0x 22.7x
Snap (US) 9,926 49% 14.5x 9.7x 6.7x 47% n/m n/m n/m (21%) (60%) n/m n/m n/m
Momo (AsiaPac) 7,131 96% 6.3x 4.1x 3.5x 33% 22.7x 14.4x 12.3x 36% 28% 26.1x 17.3x 15.0x
LINE (AsiaPac) 6,704 72% 4.9x 4.2x 3.6x 16% 23.9x 36.5x 20.1x 9% 11% n/a n/a n/a
Daum Kakao (AsiaPac) 5,365 64% 3.4x 2.8x 2.5x 17% 22.2x 24.7x 17.5x 13% 11% 61.1x 61.2x 41.5x
Mail.ru (Europe) 4,989 73% 0.1x 0.1x 0.1x 25% 0.3x 0.3x 0.2x 25% 31% 0.4x 0.4x 0.3x
YY (AsiaPac) 4,855 75% 3.2x 2.3x 1.9x 28% 12.3x 9.6x 7.8x 26% 24% 17.4x 13.2x 10.9x
SINA (AsiaPac) 4,283 72% 3.2x 2.2x 1.7x 38% 9.3x 7.3x 4.9x 39% 29% 31.0x 25.4x 16.8x
Meitu (AsiaPac) 3,346 61% 6.8x 3.8x 2.5x 66% n/m 40.5x 19.5x n/a 9% n/m 54.0x 27.6x
XING (Europe) 1,415 87% 7.7x 6.1x 5.3x 20% 24.7x 18.8x 16.4x 23% 33% 55.0x 43.4x 34.2x
Mixi (AsiaPac) 977 49% 0.6x 0.7x 0.7x (11%) 1.6x 1.7x 2.1x (13%) 40% n/a n/a n/a
Renren (AsiaPac) 588 47% 3.4x 1.3x n/a (100%) n/m n/m n/a (100%) (8%) n/m n/m n/a
MeetMe (US) 230 61% 2.2x 1.7x 1.7x 14% 8.7x 11.9x 9.6x (5%) 15% 8.7x 13.6x 9.9x
Mean 6.6x 4.7x 3.9x 20% 19.1x 17.8x 12.5x 11% 21% 38.9x 30.1x 21.9x
Software
Cloud Infrastructure, Hosting & VoIP
VeriSign (US) 13,780 100% 13.7x 13.1x 12.6x 4% 19.8x 18.4x 17.8x 6% 71% 32.2x 28.5x 26.5x
United Internet (Europe) 12,537 89% 3.0x 2.5x 2.3x 14% 12.1x 10.4x 9.4x 13% 24% 22.8x 24.3x 19.4x
GoDaddy (US) 11,369 99% 5.9x 5.0x 4.5x 15% 22.6x 17.7x 16.3x 18% 28% 28.7x 21.6x 16.9x
Akamai Technologies (US) 11,074 97% 5.1x 4.7x 4.3x 9% 13.9x 12.1x 10.9x 13% 39% 29.3x 23.1x 20.5x
Nutanix (US) 6,951 87% 8.2x 6.6x 5.5x 23% n/m n/m 61.1x n/a (7%) n/m n/m n/m
RingCentral (US) 4,927 92% 11.4x 8.9x 7.2x 26% n/m 74.4x 57.4x 75% 12% n/m n/m 83.8x
New Relic (US) 4,577 100% 16.2x 12.2x 9.7x 29% n/m n/m 81.2x 297% 11% n/m n/m n/m
Twilio (US) 4,207 95% 12.5x 9.0x 7.3x 31% n/m n/m n/m n/a 2% n/m n/m n/m
j2 Global (US) 4,200 94% 4.3x 3.9x 3.7x 9% 10.4x 9.8x 8.7x 9% 40% 15.0x 13.9x 12.3x
Endurance International (US) 2,665 95% 2.6x 2.7x 2.6x (0%) 9.0x 9.8x 9.6x (3%) 27% 9.2x 10.8x 11.4x
FireEye (US) 2,593 85% 4.0x 3.6x 3.4x 9% 34.2x 28.5x 25.4x 16% 13% n/m n/m 88.1x
Vonage (US) 2,510 95% 2.9x 2.8x 2.7x 4% 16.1x 14.9x 14.0x 7% 19% 37.2x 26.4x 26.6x
Qualys (US) 2,303 90% 11.6x 9.6x 8.2x 19% 31.5x 26.3x 22.2x 19% 36% 71.5x 48.9x 40.7x
Presidio (US) 1,822 68% 0.7x 0.7x 0.7x 3% 8.8x 9.5x 8.6x 1% 8% 10.3x 9.4x 8.1x
Econocom Group (Europe) 1,617 66% 0.6x 0.5x 0.5x 4% 9.4x 8.6x 7.7x 10% 6% 12.7x 12.5x 10.8x
Switch (US) 1,424 51% 4.4x 3.8x 3.2x 16% 8.5x 7.6x 6.4x 16% 51% n/m 37.9x 13.2x
8x8 (US) 1,308 78% 5.4x 4.5x 3.8x 19% 71.7x n/m n/m (57%) (1%) n/m n/m n/m
Carbonite (US) 1,052 100% 4.9x 4.0x 3.5x 18% 25.7x 15.0x 13.0x 41% 26% 48.1x 22.3x 18.1x
Acacia Communications (US) 897 67% 2.7x 3.6x 3.0x (6%) 13.4x 45.2x 19.6x (17%) 8% 18.8x n/m 39.3x
SendGrid (US) 881 82% 9.3x 7.2x 5.8x 27% 94.7x 64.7x 49.3x 39% 11% n/m n/m n/m
SecureWorks (US) 636 79% 1.6x 1.4x 1.3x 10% n/m n/m 51.7x n/a (1%) n/m n/m n/m
Tucows Inc. (Canada) 621 87% 2.2x 1.9x 1.8x 10% 18.4x 14.1x 11.4x 27% 13% n/a n/a n/a
Bandwith (US) 498 94% 3.5x 3.0x 2.6x 16% 27.3x n/m n/m n/a 2% 74.6x n/m n/m
Sonus Networks (US) 488 64% 1.7x 1.0x 1.0x 33% 16.6x 7.6x 5.5x 73% 13% 24.5x 15.0x 10.2x
Aquantia (US) 296 65% 3.3x 2.7x 2.2x 23% n/m 43.5x 16.0x 186% 6% n/m n/m 29.2x
Tintri (US) 44 6% 0.4x 0.5x 0.4x (3%) n/m n/m n/m (50%) (36%) n/m n/m n/m
Mean 5.5x 4.6x 4.0x 14% 24.4x 23.0x 23.8x 33% 16% 31.1x 22.6x 27.9x
Applications
Microsoft (US) 613,967 99% 7.0x 6.2x 5.7x 11% 17.8x 14.8x 13.2x 16% 42% 28.2x 24.4x 22.8x
Oracle (US) 155,509 86% 4.6x 4.4x 4.3x 4% 10.0x 9.5x 9.1x 5% 47% 15.4x 13.7x 13.2x
SAP (Europe) 113,414 95% 4.8x 4.7x 4.3x 5% 13.8x 13.5x 12.7x 4% 34% 22.5x 22.0x 20.0x
Adobe (US) 99,538 98% 15.9x 13.0x 11.0x 20% 37.8x 28.5x 23.6x 27% 46% 56.5x 37.0x 32.8x
Intuit (US) 42,396 99% 9.0x 7.9x 7.2x 12% 24.6x 21.9x 19.7x 12% 36% 42.6x 34.1x 28.6x
VMware (US) 41,425 83% 6.1x 5.5x 5.1x 9% 16.4x 15.2x 14.0x 8% 36% 26.1x 22.4x 20.5x
Autodesk (US) 24,835 92% 14.0x 11.5x 9.0x 25% n/m 78.8x 29.6x n/a 15% n/m n/m 40.8x
Constellation Software (Canada) 13,973 96% 8.6x 6.8x 6.0x 19% 32.9x 27.0x 23.1x 19% 25% 46.1x 35.0x 31.0x
Symantec (US) 13,786 61% 3.2x 3.3x 3.2x 1% 7.0x 7.6x 6.9x 1% 44% 13.5x 12.2x 11.0x
Citrix (US) 13,014 98% 5.3x 5.2x 5.0x 3% 14.8x 15.2x 15.6x (3%) 34% 19.5x 19.5x 18.7x
Check Point Software Technologies (Middle East)11,974 81% 7.4x 7.3x 7.0x 3% 13.3x 13.5x 13.0x 1% 54% 17.5x 17.2x 16.6x
Sage Group (Europe) 9,000 80% 4.6x 4.2x 4.0x 7% 15.4x 14.5x 13.3x 8% 29% 21.6x 20.3x 18.6x
Tableau (US) 6,167 98% 8.2x 7.3x 6.4x 13% n/m n/m 89.8x 18% 2% n/m n/m n/m
Trend Micro (AsiaPac) 5,541 91% 4.7x 4.3x 4.0x 8% 13.8x 13.3x 12.4x 5% 32% n/a n/a n/a
Ceridian HCM Holding (US) 5,164 88% n/a 8.1x 7.6x n/a n/a 39.9x 33.6x n/a 20% n/a n/m 66.1x
LogMeIn (US) 4,569 80% 5.2x 4.3x 4.0x 14% 14.3x 11.8x 10.6x 16% 37% 26.0x 20.2x 17.9x
Nemetschek (Europe) 3,886 92% 9.8x 8.6x 7.5x 14% 37.0x 32.7x 28.1x 15% 26% 61.6x 53.0x 46.0x
Teradata (US) 3,701 90% 2.0x 2.0x 1.9x 2% 11.5x 11.5x 10.3x 6% 17% 28.7x 27.3x 22.4x
MongoDB (US) 1,764 98% 13.4x 9.5x 7.1x 38% n/m n/m n/m (16%) (32%) n/m n/m n/m
Appian (US) 1,615 73% 11.1x 9.1x 7.8x 20% n/m n/m n/m 11% (18%) n/m n/m n/m
Carbon Black (US) 1,571 89% n/a 9.0x 7.3x n/a n/a n/m n/m n/a (27%) n/a n/m n/m
MicroStrategy (US) 679 66% 1.6x 1.5x 1.5x 2% 7.6x 16.8x 13.8x (26%) 9% 26.8x 46.4x 37.5x
Rosetta Stone (US) 290 98% 1.8x 1.9x 1.7x 2% 30.3x n/m 35.3x (7%) (4%) n/m n/a n/a
Gridsum (AsiaPac) 168 45% 0.3x 0.2x 0.1x 48% n/m 1.5x 0.5x n/a 13% n/m 1.9x 0.6x
Perion (Middle East) 91 61% 0.4x 0.4x n/a (100%) 4.1x 3.7x n/a (100%) 10% 5.0x 5.0x n/a
MuleSoft (US) - 100% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/m n/a n/a
NIC (Africa) - 85% n/m n/m n/m 3% n/a n/a n/a n/a - 6.1x 4.8x 5.6x
Mean 6.5x 5.9x 5.4x 3% 17.9x 19.6x 20.4x (4%) 20% 27.3x 23.1x 24.8x
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Trading Comparables
8Source: CapitalIQ (as of 29 May 2018).
29-May-18 Enterprise CAGR CAGR Margin
Company Value (€m) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019
Share Price
(% of year high)
EV / Revenue EV / EBITDA P/E
Software (Cont'd)
Software as a Service (SaaS)
Salesforce.com (US) 79,602 97% 8.8x 7.2x 6.0x 21% 40.9x 31.2x 25.0x 28% 23% 96.1x 56.7x 44.5x
Workday (US) 22,744 93% 12.3x 9.8x 7.9x 24% 75.6x 52.5x 38.6x 40% 19% n/m 96.4x 67.4x
Xero (US) 10,066 74% 1.1x 1.2x 1.2x (2%) 6.8x 6.3x 6.3x 4% 18% 8.0x 7.5x 7.3x
Dropbox (US) 9,735 86% n/a 8.3x 7.1x n/a n/a 39.0x 33.0x n/a 21% n/a n/m 69.7x
Veeva Systems (US) 8,598 95% 14.6x 12.0x 10.2x 20% 43.7x 35.9x 30.4x 20% 33% 77.2x 50.8x 42.8x
Ultimate Software Group (US) 6,839 98% 8.5x 7.1x 6.0x 18% 36.8x 28.6x 23.6x 25% 25% 72.5x 46.5x 38.1x
DocuSign (US) 6,764 99% n/a 12.5x 10.3x n/a n/a n/m n/m n/a 3% n/a n/m n/m
Paycom (US) 5,291 88% 14.1x 11.2x 9.1x 25% 46.0x 27.4x 22.4x 43% 41% 83.1x 41.7x 33.8x
Pivotal Software (US) 5,053 92% n/a 9.4x 7.5x n/a n/a n/m n/m n/a (14%) n/a n/m n/m
Zendesk (US) 4,837 98% 13.1x 9.8x 7.6x 31% n/m n/m 83.7x 120% 7% n/m n/m n/m
Okta (US) 4,747 100% 21.1x 15.8x 12.0x 33% n/m n/m n/m (33%) (17%) n/m n/m n/m
RealPage (US) 4,611 96% 7.9x 6.2x 5.5x 20% 32.8x 23.5x 19.8x 29% 26% 62.9x 37.5x 30.3x
Blackbaud (US) 4,397 85% 6.4x 5.8x 5.3x 10% 26.1x 23.1x 20.7x 12% 25% 44.9x 34.0x 29.5x
Medidata Solutions (US) 3,746 88% 7.9x 6.8x 5.8x 17% 32.9x 26.5x 21.3x 24% 26% 58.5x 43.1x 34.4x
Wix.com (Middle East) 3,225 95% 8.8x 6.2x 5.0x 33% 55.4x 34.3x 22.1x 58% 18% n/m n/m 53.0x
Box (US) 3,194 95% 7.3x 6.1x 5.0x 21% n/m n/m 80.5x n/a 2% n/m n/m n/m
Ellie Mae (US) 2,980 93% 8.3x 6.9x 5.9x 19% 28.8x 26.3x 20.5x 19% 26% 67.0x 56.1x 39.4x
Zscaler (US) 2,719 74% 20.6x 15.4x 11.6x 33% n/a n/m n/m n/a (10%) n/a n/m n/m
Paylocity (US) 2,612 99% 9.1x 7.3x 6.0x 23% 45.6x 33.6x 25.4x 34% 22% 75.6x 42.3x 45.8x
Cornerstone Ondemand (US) 2,368 98% 5.7x 5.4x 4.9x 8% 41.9x 29.8x 21.0x 41% 18% n/m 63.8x 39.4x
Coupa (US) 2,316 94% 14.7x 11.6x 9.3x 26% n/m n/m n/m n/a (2%) n/m n/m n/m
SmartSheet (US) 2,038 96% n/a 15.2x 10.8x n/a n/a n/m n/m n/a (32%) n/a n/m n/m
Altair Engineering (US) 1,885 94% 6.6x 5.8x 5.2x 13% 97.8x 64.6x 40.6x 55% 9% n/m n/m 58.6x
Zuora (US) 1,853 93% n/a 10.0x 7.9x n/a n/a n/m n/m n/a (24%) n/a n/m n/m
SailPoint (US) 1,838 93% 12.2x 9.3x 7.6x 27% 99.9x n/m 80.4x 12% 8% n/m n/m n/m
Blucora (US) 1,779 100% 4.1x 3.7x 3.5x 9% 20.6x 17.8x 15.6x 15% 21% 28.7x 20.0x 17.4x
BlackLine (US) 1,769 89% 11.7x 9.1x 7.3x 27% n/m n/m n/m 246% 5% n/m n/m n/m
Cloudera (US) 1,713 68% 5.5x 4.5x 3.8x 20% n/m n/m n/m (21%) (19%) n/m n/m n/m
Five9 (US) 1,661 97% 9.7x 8.1x 6.9x 19% n/m 66.1x 48.4x 57% 12% n/m n/m 73.1x
Alteryx (US) 1,560 83% 14.1x 9.7x 7.4x 38% n/m n/m n/m (32%) (6%) n/m n/m n/m
Talend (Europe) 1,410 97% 11.0x 8.0x 6.3x 32% n/m n/m n/m (91%) (5%) n/m n/m n/m
Yext (US) 1,121 95% 7.6x 5.8x 4.4x 32% n/m n/m n/m (7%) (17%) n/m n/m n/m
Apptio (US) 1,089 96% 6.8x 5.5x 4.7x 20% n/m n/m 75.9x n/a 3% n/m n/m n/m
Everbridge (US) 1,072 99% 11.9x 8.9x 7.1x 30% n/m n/m n/m n/a (2%) n/m n/m n/m
Benefitfocus (US) 988 91% 4.5x 4.5x 4.0x 6% 60.3x n/m 55.0x 5% 3% n/m n/m n/m
SPS Commerce (US) 975 100% 5.1x 4.6x 4.2x 10% 35.3x 25.5x 21.3x 29% 18% 81.0x 51.6x 43.5x
LivePerson (US) 967 100% 5.1x 4.6x 4.1x 11% 61.4x 49.4x 38.0x 27% 9% n/m n/m n/m
Synchronoss (US) 358 35% 0.9x 1.0x 1.0x (7%) 3.6x 5.1x 6.7x (27%) 19% 8.2x 46.5x n/m
Cardlytics (US) 340 93% 3.0x 2.5x 1.6x 37% n/m n/m 45.7x n/a (10%) n/m n/m n/m
ChannelAdvisor (US) 292 96% 2.7x 2.6x 2.4x 7% 72.2x 41.9x 31.6x 51% 6% n/m n/m n/m
Veritone (US) 246 28% 18.5x 13.4x 7.2x 60% n/m n/m n/m 13% (190%) n/m n/m n/m
EQS Group (Europe) 122 95% 3.8x 3.3x 2.9x 16% 36.0x 75.9x 35.5x 1% 4% n/m n/m n/m
Callidus (US) - 88% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/m n/a n/a
Mean 9.1x 7.7x 6.2x 18% 45.5x 34.7x 35.3x 22% 3% 58.7x 46.3x 42.7x
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