©TechTarget 1

TechTarget, Inc. November 2019

©TechTarget 2

This presentation is for informational purposes only and is not an offer to sell securities or a solicitation of an offer to buy any securities, and may not be relied upon in connection with the purchase or sale of any security. Sales and offers to sell TechTarget, Inc. securities will only be made in accordance with the Securities Act of 1933, as amended, and applicable Securities and Exchange Commission (“SEC”) regulations, including the written prospectus requirements.

This presentation is proprietary and is intended solely for the information of the persons to whom it is presented. It may not be retained, reproduced or distributed, in whole or in part, by any means (including electronic) without the prior written consent of TechTarget.

This presentation may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, in this release that address activities, events or developments which we expect will or may occur in the future are forward-looking statements, including statements regarding the intent, belief or current expectations of the Company and members of our management team. The words "will," "believe," "intend," "expect," "anticipate," "project," "estimate," "predict" and similar expressions are also intended to identify forward-looking statements, including those regarding guidance on future financial results; expectations concerning market opportunities and our ability to capitalize on them; and the amount and timing of the benefits expected from acquisitions, new products or services and other potential sources of additional revenue. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. These risks and uncertainties include, but are not limited to, those relating to: market acceptance of our products and services, including continued increased sales of our IT Deal Alert offerings and continued increased international growth; relationships with customers, strategic partners and employees; difficulties in integrating acquired businesses; changes in economic or regulatory conditions or other trends affecting the Internet, Internet advertising and information technology industries; and other matters included in our SEC filings, including in our Annual Report on Form 10-K.. Actual results may differ materially from those contemplated by the forward-looking statements. We undertake no obligation to update our forward-looking statements to reflect future events or circumstances.

In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A presentation of and reconciliation to the most directly comparable GAAP financial measure, where such can be done without unreasonable effort, can be found on our Web site at http://investor.techtarget.com.

This presentation contains statistical data that we obtained from industry publications and reports generated by third parties. Although industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable, we have not independently verified this statistical data.

Safe Harbor Statement

©TechTarget 3

TTGT at a glance

• Leading provider of data-driven marketing analytics and sales-enablement solutions

• Unique targeted content model that is highly segmented and aligned with IT vendor needs

• Market leader where IT vendors use TechTarget purchase intent data to fuel their sales pipelines faster

• Large and growing community of more than 20 million registered members

• Founded in 1999; Nasdaq listed since 2007 (TTGT)

• Headquartered in Newton, Massachusetts; ~ 650 worldwide employees

• Offices in Boston, San Francisco, London, Paris, Munich, Sydney, Singapore

95%

Unpaid

Traffic

20.3M

Registered

Members

35%+

Subscription

revenue as a %

of revenue

$41.5M

Adjusted

EBITDA

40%+

Adjusted EBITDA

target

50-70%

Incremental

Adjusted EBITDA

margin

140+

Owned and

operated

websites

$133.5M

2019E Revenue

31%

2019E Adjusted

EBITDA margin

©TechTarget 4

Megatrend: IT vendors’ sales

and marketing organizations

investing in data

• Early innings

• Innovative, proprietary solution

• Dominant company position

• High barriers to entry

Growing recurring revenues • TechTarget purchase intent data integrates into customers’ daily workflow

• From 0% to 35% of revenue in 3 years; 50% target

• Multiple expansion

Favorable market dynamics • Significant investment in data-driven marketing and sales

• Marketing spend on Data Analytics, AdTech and MarTech are expected to

grow to $46.4B (2022), a CAGR of 11.6% from 2017 1

• Increasing CMO usage of first-, second-, and third-party data to analyze

marketing performance tied to specific business goal

• New technologies (Cloud, Analytics, Security, AI, IOT)

• Tax reform (full expensing, repatriation, lower rates)

Rapid margin expansion • Expanding gross margins

• 50%-70% incremental EBITDA margins

• Expanding EBITDA margins; 40% target

Investment highlights

1 The US Marketing Technology and Services Outlook, 2017 to 2022, Forrester April 25, 2018

©TechTarget 5

Bringing together enterprise IT buyers and sellers with unique content and proprietary purchase intent data

IT V

en

do

rs

IT P

rofe

ss

ion

als

Solutions

Priority Engine™

Qualified Sales

Opportunities™

Demand Gen

Branding

Content

Articles

Peer Content

White Papers

Webcasts

Podcasts

Activity

Intelligence

~20M valuable, highly sought registered

members

1,300+ leading IT vendors

Delivering the right content at the right time to IT professionals

Delivering the right accounts and prospects at the right time to IT vendors

©TechTarget 6

• Create 75,000 pieces of content annually

• 175 full-time editors

• 750+ outside experts

• Thousands of users generating peer content

• Leading distributor of vendor content:

⎻ White papers

⎻ Webcasts

⎻ Videos

Leading producer of content in enterprise IT market on the web

©TechTarget 7

Content that drives highly targeted organic traffic

• Over 20 million registered members

⎻ Over 95% of monthly visits is organic

⎻ 935K top 10 search results

⎻ Over 5.6M keyword rankings in the top 100

⎻ Estimated PPC value of over $539M annually

⎻ Content volume supports larger revenue platform

• Long track record of organic success

#1 in Google for B2B Technology

$422K

$871K

$1.M

$2.2M

$2.1M

$5.8M

$12.8M

$16.M

$48.9M

UBM Tech

1105 Tech Media

TheRegister

Spiceworks

TechRepublic

Gartner

Quinstreet Enterprise

IDG Enterprise

TechTarget

Monthly cost if you were to buy the organically driven traffic1

Source: 1. SEMRush

©TechTarget 8

Established leaders

High-growth innovators

Diversified, world-class customer base

• 1,300+ industry leaders and high-growth technology companies

• Targeted, content-rich platform creates high ROI for advertisers

• Deep, long-term relationships with largest and fastest growing IT vendors

• Low concentration

• History of high recurring revenue

Representative customers

©TechTarget 9

TechTarget advantages

• Unique targeted content model

⎻ 5,000 topics covered

• Large and growing community of registered members

⎻ 95%+ unpaid traffic

⎻ Favorable search rankings

• Significant brand recognition

• Innovative product platform

• Strong advertiser relationships

• Proprietary data built over 20 years

Traditional competitors retrenched during prolonged, challenging market environment

Strong market position

©TechTarget 10

Significant investment in data-driven marketing and sales

• Expanding sales and marketing budgets due to positive IT

spend indications

• Increasing CMO usage of first-, second-, and third-party data to

analyze marketing performance tied to specific business goals

• Marketing spend on Data Analytics, AdTech and MarTech are

expected to grow to $46.4B (2022), a CAGR of 11.6% from

2017 1

Source: Gartner (April 2018); Forrester - US Marketing Technology And Services (April 2018)

1 The US Marketing Technology and Services Outlook, 2017 to 2022, Forrester April 25, 2018

2 John-David Lovelock, Research Vice-President, Gartner, April 9, 2018

($’s in millions)

Data and analytics spend

$3,404

$3,967

$4,498

$5,077

2017 2018 2019 2020

($’s in billions)

$3,300

$3,400

$3,500

$3,600

$3,700

$3,800

2016 2017 2018

3+%

6+%

IT spend Improving IT spend environment

• “The highest annual growth rate that Gartner has forecast

since 2007 and a sign of a new cycle of IT growth.”2

• Missed upgrade cycle

• Tax reform

⎻ Expensing of IT spend for tax purposes

⎻ Reduction of corporate rate

Macro trends favor continued growth

©TechTarget 11

Building a subscription data analytics business

Extremely large, infrequent purchases

Large, diverse buying team doing research

Long (6–12+ month) corporate decision process

Complex IT purchase process

Buying team members individually consume a wide variety of TechTarget content during research

Activity Intelligence analytics on TechTarget’s audience behaviors deliver specific, actionable insight into purchase intent

©TechTarget 12

Priority Engine delivers the most productive accounts/prospects in the market, driving faster results for marketing & sales

Practical Insights

• Topic/product interests,

vendors considered and

tech install

• E-mails and calls that

break through the noise

Active TAM

• Ideal target market

aligned to your solutions

• Generate more

opportunities faster

Active Accounts

• Most engaged accounts in

your TAM & geo today

• Focus on accounts with

proven interest

Target Buying Team

• Leads, opted-in prospects

and influencers

• Better response to

marketing & sales

outreach

©TechTarget 13

Priority Engine™ use cases

Practical benefits for leading marketing and sales teams

Direct Marketing / Demand Gen Marketing Ops Sales & Biz Dev Field & Channel

Prioritize call lists for

sales and BDR territories

Reactive “closed-lost”

deals and reduce

customer churn

Discover new prospects

within rep territories

Identify active prospects

from named accounts

Cross-sell customers

based on behavioral data

Use purchase intent data

to improve lead scores

Create & expand

programmatic account

pools

Identify contacts from

accounts visiting your site

Feed automation lists with

direct prospects exports

Discover contacts from

predictive ABM lists

Build content marketing

lists to generate MQLs

Nurture prospects

downloading your content

Segment by firmographic

filters & purchase intent

Target accounts engaging

with competitor content

Conquest using

competitive product

install data

Recruit new prospects

for regional events

Prioritize event leads by

purchase intent

Generate regional

content marketing lists

Prioritize ABM targets

for the channel

Enable channel partners

with regional lead lists

©TechTarget 14

Improved UI and

SalesForce integration

Launch “Inbound Converter,” Direct access to buyers at accts visiting your Website

ROI Dashboard debut – 360° view of your TAM, your influence, your progress and your impact on pipeline

EXPORTS

13.3K Active Accounts

682 Account Opportunities

$12.5M Revenue84%68% 9.1K

of 13.3Kaccounts exported

11.1Kof 13.3K accounts influenced

PIPELINEENGAGEMENTS

Summary KPI’s

Export History – This snapshot reflects overall export activity with Priority Engine

0 Prospects this Week Change from previous week: N/A 1,176 Average per Week

We estimate you’ll download another 21,826 prospects

41,894Total Prospects to date

Download Exported Prospects:

Prospects downloaded within past:

Month

Email Recipients: (Comma separated)

Required: Comma separated emails

Download them again

Firmographics Recap

667.5K Prospect Impressions

872Accounts Engaged

28.6KProspects Exported

Show me recaps of:

My exports Total available Accounts Compare my exported to available

Priority EngineTM

ROI Dashboard

2018 2019

Persistent, portable URL for every

account

Q2

Integration of Confirmed Project

purchase data

Q1 Q2 Q4

Ideal Customer Profile feature

released – ability to qualify and rank

accounts by firmographics,

interests, engagement

Accounts now custom-ranked based on Qualifications and direct Engagement with you

(email, banners, Web site visits)

Accounts scored on a 5-star system

based on new / relevant prospect

activity

Priority Engine enhancements over the past 18 months

©TechTarget 15

Increased

sales utility

• Automated outbound sales alerts

• Timeline views of territory activity

• Contact-centered call lists

Markets Interests/Install Contacts Accounts

Core Data

Robust roadmap of future enhancements

Improved platform integration

• SFDC account list synching and single-sign-on

• Contact level SFDC lead creation

• Sales orchestration platform integration

Enhanced ROI reporting

• Opportunity timelines

• ROI dashboard modifications

Expanded Account Access

• Broadening definition of active accounts

• Leveraging data on customer website visitors

Contact level scoring and intelligence

• Individual level qualifications and ranking

• Ideal prospect profile

• Expanded Total Buying Team

©TechTarget 16

Significant TAM expansion through Priority Engine Express for SMBs

• Priority Engine has seen great progress and growth with largest spenders

⎻ 65% of Q319 revenue from top 100 and global

⎻ Revenue retention with these accounts much higher

• Offering is optimized for larger accounts – price point and functionality

• “Priority Engine Express” currently in soft rollout

⎻ Lower price point

⎻ Value prop geared toward sales and low volume outbound marketing

⎻ Sales approach and territory makeup

⎻ Customer service requirements

• Positive early momentum and traction with a number of clients

⎻ Sold 100% as a subscription

✓

✓

✓

✓

©TechTarget 17

Transition from selling quarterly media programs to annual data subscriptions

Revenue Adjusted EBITDA Adjusted EBITDA Margin

$102

$108

$121

$134

$80

$90

$100

$110

$120

$130

$140

2016 2017 2018 2019E

Mill

ion

s

$18

$22

$30

$41

$10

$15

$20

$25

$30

$35

$40

$45

2016 2017 2018 2019E

Mill

ion

s

18%

20%

25%

31%

10%

12%

14%

16%

18%

20%

22%

24%

26%

28%

30%

32%

34%

2016 2017 2018 2019E

©TechTarget 18

Growing subscription revenue Subscription rev. as a % of overall rev.

(% of Total Revenue)

0

6%

12%

22%

33%

50%

0%

10%

20%

30%

40%

50%

2014 2015 2016 2017 2018 Future Target

©TechTarget 19

Financial Overview

©TechTarget 20

Rapidly expanding margins

• Expanding gross margins

• 50 – 70% incremental EBITDA margins

• Expanding EBITDA margins from 18% to 30+% in 4 years; 40%+

target

Strong subscription growth • Predictable, highly recurring revenue stream

• From 0% to 35% of revenue in 3 years; 50%+ target

Consistent free cash flow • 15 consecutive years of positive free cash flow

• Modest capex requirements create high EBITDA to cash conversion

Attractive business model • Shift to annual and multiyear subscription agreements

• Strong retention rates

Financial highlights

©TechTarget 21

• 15 consecutive years of positive free cash flow and

positive Adjusted EBITDA

• Cash balance of $52.1M as of September 30, 2019

• Loan balance of $24 million

⎻ LIBOR plus 1.375%

⎻ Matures 2023

• Modest CapEx requirements creating high EBITDA to cash

conversion

52 million

47 million

39 million

30 million 29 million

25

30

35

40

45

50

55

2009 2010# 2013# 2016# 2018*

+

Reduced share count by 45% using cash flow and debt

# Shares repurchased pursuant to the terms of a tender offer

* $25 million share buyback announced November 2018

Consistent free cash flow and strong balance sheet

©TechTarget 22

Current Long-Term

Gross Margin 76% 80%+

Incremental Adjusted

EBITDA Margin 70+% 70%+

Adjusted EBITDA Margin 31% 40%+

Significant margin expansion

©TechTarget 23

Megatrend: IT vendors’ sales

and marketing organizations

investing in data

• Early innings

• Innovative, proprietary solution

• Dominant company position

• High barriers to entry

Growing recurring revenues • TechTarget purchase intent data integrates into customers’ daily workflow

• From 0% to 35% of revenue in 3 years; 50% target

• Multiple expansion

Favorable market dynamics • Significant investment in data-driven marketing and sales

• Marketing spend on Data Analytics, AdTech and MarTech are expected to

grow to $46.4B (2022), a CAGR of 11.6% from 2017 1

• Increasing CMO usage of first-, second-, and third-party data to analyze

marketing performance tied to specific business goal

• New technologies (Cloud, Analytics, Security, AI, IOT)

• Tax reform (full expensing, repatriation, lower rates)

Rapid margin expansion • Expanding gross margins

• 50%-70% incremental EBITDA margins

• Expanding EBITDA margins; 40% target

Investment highlights

1 The US Marketing Technology and Services Outlook, 2017 to 2022, Forrester April 25, 2018