weekly internet / digital media / saas sector summary · 2016. 5. 18. · 45.7x 17.3x 16.4x 15.3x...
TRANSCRIPT
Weekly Internet / Digital Media / SaaS
Sector Summary
Week of May 16th, 2016
90%
95%
100%
105%
110%
115%
120%
125%
130%
135%
140%
145%
2/15/2016 2/28/2016 3/12/2016 3/25/2016 4/7/2016 4/20/2016 5/3/2016 5/16/2016
65%
75%
85%
95%
105%
115%
125%
135%
5/18/2015 7/9/2015 8/30/2015 10/21/2015 12/12/2015 2/2/2016 3/25/2016 5/16/2016
11.0%
(2.7%)
(6.0%)
11.3%
8.3%
Industry Stock Market Valuation
2
Internet / Digital Media / SaaS
Last 12 Months Last 3 Months
Diversified Marketing
(5)
Internet Content (3)
Search / Online Advertising (1)
Gaming (7)
Media Conglomerates (6)
Internet Commerce (2)
SaaS (8)
Publishers (4)
NASDAQ
2.7%
4.3%
18.0%
(23.0%)
(8.7%)
4.9%
(18.5%)
18.7%
12.3%
7.7%
23.6%
33.1%
(3.4%)
Notes:
(1) Search/Online Advertising Composite includes: BCOR, BLNX, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, SZMK, TRMR, TUBE, YHOO, YNDX, YUME.
(2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, NILE, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TZOO.
(3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, EVDY, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TGNA, TST, TTGT, WBMD, WEB, XOXO, ZG.
(4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TPUB, TRI, UBM-GB.
(5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB.
(6) Media Conglomerates Composite includes: 6758-JP, CBS, CMCSA, DIS, DISCA, FOXA, LGF, SNI, TRCO, TWX, VIA.B.
(7) Gaming Composite includes: A035420-KR, A036570-KR, 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GAME, GLUU, NTES, UBI-FR, ZNGA.
(8) SaaS Composite includes: APIC, APPF, BCOV, BOX, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTO, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN.
45.7x
17.3x 16.4x 15.3x12.0x 11.0x 10.8x 9.8x
7.6x
0.0x
10.0x
20.0x
30.0x
40.0x
50.0x
4.1x 4.1x
3.1x2.9x
2.6x 2.5x
2.1x1.9x
1.4x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
Industry Stock Market Valuation
3
Internet / Digital Media / SaaS: Financial Metrics
EV / 2016E EBITDA EV / 2016E Revenue
Notes:
(1) Search/Online Advertising Composite includes: BCOR, BLNX, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, SZMK, TRMR, TUBE, YHOO, YNDX, YUME.
(2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, NILE, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TZOO.
(3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, EVDY, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TGNA, TST, TTGT, WBMD, WEB, XOXO, ZG.
(4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TPUB, TRI, UBM-GB.
(5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB.
(6) Media Conglomerates Composite includes: 6758-JP, CBS, CMCSA, DIS, DISCA, FOXA, LGF, SNI, TRCO, TWX, VIA.B.
(7) Gaming Composite includes: A035420-KR, A036570-KR, 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GAME, GLUU, NTES, UBI-FR, ZNGA.
(8) SaaS Composite includes: APIC, APPF, BCOV, BOX, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTO, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN.
$MM, Except Per Share Data
Stock LTM EPS
Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth
5/16/16 Low High Value Debt Value LTM CY 16E CY 17E LTM CY 16E CY 17E LTM CY 16E CY 17E Growth PEG 17E/16E Y/Y MRQ
Search / Online Advertising
Alphabet Inc. $730.30 $538.85 $810.35 $501,395 ($66,071) $435,324 5.6x 5.0x 4.4x 17.1x 12.3x 10.6x 29.7x 21.8x 18.4x 16.1% 1.1 14.3% 17.4%
Microsoft Corporation 51.83 39.72 56.85 407,408 (58,571) 348,837 4.0 3.8 3.6 12.0 10.2 9.5 40.0 19.4 17.1 9.5% 1.8 4.5% (5.5%)
Yahoo! Inc. 37.48 26.15 44.66 35,571 (4,727) 30,881 6.4 8.8 8.7 NM 40.8 36.1 NM 74.6 64.4 1.5% 41.9 1.3% (11.3%)
Yandex N.V. 19.81 9.94 20.77 6,433 (541) 5,892 6.2 5.3 4.5 21.1 15.3 11.5 50.0 29.7 23.6 21.9% 1.1 17.2% 15.7%
Criteo SA (1) 44.29 24.23 57.30 2,793 (377) 2,423 5.1 3.5 2.8 18.8 12.1 9.0 45.7 25.7 19.4 26.0% 0.7 25.0% 36.4%
The Rubicon Project, Inc. (1) 14.31 11.72 20.37 694 (158) 535 1.9 1.8 1.5 18.9 8.3 6.1 86.6 16.0 13.8 20.2% 0.7 21.1% 86.2%
TubeMogul, Inc. (1) 12.49 9.11 17.77 447 (74) 372 1.9 1.6 1.3 NM 51.1 19.8 NM NM 36.3 NM NM 20.5% 38.8%
Blucora, Inc. 8.69 4.69 16.66 359 429 804 4.0 1.7 1.6 22.6 8.7 7.6 NM 8.6 6.5 18.5% 0.4 6.9% 104.5%
Marchex, Inc. 3.63 3.08 5.21 152 (107) 46 0.3 0.3 0.3 NM 35.4 6.7 NM NM NM 15.0% NM 4.5% 0.2%
QuinStreet, Inc. 3.04 2.65 6.82 138 (40) 98 0.3 0.3 0.3 NM 5.5 3.1 NM NM NM NA NA 13.3% 7.8%
YuMe, Inc. 3.77 2.35 5.76 131 (62) 69 0.4 0.4 0.4 NM 7.6 6.6 NM NM NM NA NA 6.2% (2.3%)
Rocket Fuel Inc. 2.53 2.40 9.25 111 13 124 0.3 0.3 0.3 NM 11.5 10.5 NM NM NM 4.0% NM 3.1% 0.4%
Tremor Video, Inc. 1.87 1.29 3.28 99 (56) 42 0.2 0.2 0.2 NM 16.4 3.3 NM NM 45.1 NA NA 20.7% (9.2%)
Blinkx plc 0.24 0.21 0.57 98 (75) 23 0.1 0.1 0.1 NM 4.9 2.3 NM 6.1 13.5 NM NM 2.1% (13.8%)
Marin Software Incorporated 2.20 1.88 7.62 84 (34) 50 0.5 0.5 0.5 NM 33.8 9.8 NM NM NM NA NA 1.3% 2.9%
Sizmek Inc. 2.44 2.38 7.91 71 (40) 31 0.2 0.2 0.2 6.7 1.9 1.5 NM NM 40.7 NA NA 7.8% 10.2%
MaxPoint Interactive, Inc. 8.10 4.64 40.56 53 (8) 45 0.3 0.5 0.4 NM NM NM NM NM NM 20.0% NM 6.9% 2.6%
ReachLocal, Inc. 1.71 0.55 3.35 51 0 51 NA 0.2 0.2 NA 3.4 2.2 NA NM NM NA NA 5.2% NA
Mean 2.2x 1.9x 1.7x 16.7x 16.4x 9.2x 50.4x 25.2x 27.2x 15.3% 6.8 10.1% 16.5%
Median 0.5 0.5 0.5 18.8 11.5 7.6 45.7 20.6 19.4 17.3% 1.1 6.9% 2.9%
Internet Content
Zillow Group, Inc. $29.00 $16.46 $35.47 $5,182 ($284) $4,898 7.0x 5.9x 4.9x NM 40.4x 23.6x NM NM 60.3x 42.3% 1.4 21.2% 46.1%
TEGNA Inc. 22.60 21.11 38.48 4,917 4,118 9,336 3.0 2.7 2.7 8.3 7.1 7.9 13.4 9.8 11.6 6.0% 1.9 1.7% 6.9%
IAC/InterActiveCorp 54.63 38.82 84.66 4,327 293 4,709 1.4 1.5 1.4 12.3 8.8 7.2 48.3 17.2 12.8 16.5% 0.8 7.1% 6.0%
GoDaddy Inc. 31.08 21.04 35.35 2,525 603 3,365 2.0 1.8 1.6 21.8 8.2 6.9 NM 19.4 15.4 23.0% 0.7 13.2% 15.3%
WebMD Health Corp. 63.45 37.57 64.36 2,347 98 2,445 3.8 3.5 3.2 15.9 10.7 9.5 40.4 33.9 29.7 12.5% 2.4 9.3% 10.6%
Shutterfly, Inc. 47.20 35.22 49.10 1,627 210 1,836 1.7 1.6 1.5 15.2 8.5 7.4 NM 72.3 49.4 20.0% 2.5 8.8% 13.6%
comScore, Inc. 27.85 26.21 65.00 1,578 (114) 1,464 4.0 2.8 2.4 39.4 11.8 9.0 NM 17.8 13.5 25.8% 0.5 19.1% 8.4%
Web.com Group, Inc. 17.18 15.71 26.04 815 710 1,525 2.7 2.0 1.8 14.1 8.8 7.1 10.1 6.6 5.6 9.8% 0.6 10.6% 9.2%
Bankrate, Inc. 8.72 6.59 15.80 788 89 878 2.3 2.2 2.0 9.1 8.9 7.5 60.3 17.6 14.0 17.7% 0.8 8.6% 4.8%
Renren Inc. 2.17 2.15 4.45 735 170 904 22.0 6.2 NA NM NM NA NM NM NA 20.0% NA NA 18.8%
XO Group Inc. 16.25 13.55 18.18 414 (92) 322 2.2 2.1 1.9 15.0 9.5 7.6 60.1 38.7 24.4 20.0% 1.2 11.4% 9.4%
DHI Group, Inc. 6.77 6.05 10.48 351 67 418 1.6 1.7 1.7 7.0 6.3 5.9 NM 16.7 13.1 NA NA 2.7% (8.6%)
eHealth, Inc. 14.19 8.14 16.81 258 (67) 192 0.9 1.0 0.9 7.3 12.3 9.0 16.7 22.7 19.2 10.0% 1.9 6.9% 20.5%
Care.com, Inc. 7.89 4.89 7.99 257 (52) 205 1.4 1.3 1.1 NM 19.3 12.2 NM 54.9 27.3 20.0% 1.4 13.5% 22.5%
TechTarget, Inc. 7.90 5.98 10.94 255 (29) 226 2.0 1.9 1.7 12.8 7.7 6.2 39.1 17.0 12.3 24.5% 0.5 8.5% 5.8%
Monster Worldwide, Inc. 2.75 2.43 8.23 245 53 297 0.5 0.5 0.5 3.2 3.4 3.2 54.0 10.2 8.3 100.0% 0.1 2.7% (8.7%)
Everyday Health, Inc. 6.08 3.71 14.24 202 83 284 1.2 1.1 1.0 12.6 6.3 4.6 NM 15.9 7.4 NA NA 12.9% 34.0%
RealNetworks Inc. 4.38 3.04 7.15 161 (87) 74 0.6 0.6 0.5 NM NM NM NM NM NM NA NA 18.8% (7.7%)
Demand Media, Inc. 5.49 3.94 6.85 112 (31) 81 0.7 0.7 0.7 NM NM NM NM NM NM NA NA 7.1% (18.8%)
TheStreet, Inc. (2) 1.13 0.82 2.05 40 25 65 1.0 1.0 0.9 84.8 25.8 17.6 NM NA NM NA NA 3.6% (4.9%)
Mean 3.1x 2.1x 1.7x 18.6x 12.0x 9.0x 38.1x 24.7x 20.3x 24.5% 1.2 9.9% 9.2%
Median 1.8 1.8 1.6 12.8 8.8 7.5 40.4 17.6 13.8 20.0% 1.0 8.8% 8.8%
Public Company Valuations
4
Internet / Digital Media / SaaS: Financial Metrics (Cont’d)
Notes:
Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
(1) Revenue multiples reflective of Net Revenue.
(2) Includes convertible preferred stock with total liquidation preference of $55.0MM.
$MM, Except Per Share Data
Stock LTM EPS
Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth
5/16/16 Low High Value Debt Value LTM CY 16E CY 17E LTM CY 16E CY 17E LTM CY 16E CY 17E Growth PEG 17E/16E Y/Y MRQ
Internet Commerce
Amazon.com, Inc. $710.66 $418.36 $722.45 $335,309 $1,753 $337,062 3.0x 2.5x 2.1x 37.1x 22.0x 17.0x NM NM 73.5x 56.1% 1.3 20.8% 28.2%
Alibaba Group Holding Limited 79.29 57.20 95.06 195,846 (7,448) 189,139 12.1 13.1 10.2 37.6 25.5 20.5 38.5 32.5 26.1 24.5% 1.1 28.7% 33.3%
The Priceline Group Inc. 1,283.47 954.02 1,476.52 63,711 3,041 66,752 7.0 6.3 5.5 18.3 15.9 13.6 25.3 19.2 16.4 16.5% 1.0 14.8% 16.7%
Netflix, Inc. 89.12 79.95 133.27 38,170 300 38,470 5.4 4.4 3.5 NM 72.8 34.9 NM NM 77.5 50.1% 1.5 25.6% 24.4%
eBay Inc. 23.80 21.52 66.73 27,344 1,023 28,367 3.3 3.2 3.1 9.5 8.2 7.8 14.5 12.8 11.6 7.4% 1.6 4.3% 3.7%
Expedia Inc. 111.92 88.40 140.51 16,688 1,144 18,567 2.6 2.1 1.8 23.2 11.4 9.1 42.7 21.9 16.7 23.6% 0.7 14.4% 38.6%
QVC Group 25.98 22.51 31.62 12,496 6,175 18,763 2.0 1.8 1.7 10.6 9.1 8.5 21.7 15.6 12.8 20.0% 0.6 5.4% 22.1%
Copart, Inc. 43.46 32.26 43.82 4,868 517 5,384 4.6 4.3 4.1 13.4 12.4 11.5 24.6 21.2 19.2 12.8% 1.5 5.5% 8.5%
Cimpress N.V. 95.17 63.15 99.95 2,995 769 3,829 2.3 1.9 1.7 16.3 12.2 10.9 NM 21.0 18.2 18.3% 1.0 11.1% 28.5%
GrubHub Inc. 25.28 17.77 41.20 2,142 (196) 1,946 5.0 4.2 3.5 21.8 15.1 11.9 57.4 32.2 25.5 26.3% 1.0 20.5% 27.2%
Stamps.com Inc. 83.59 65.36 123.75 1,458 52 1,511 6.0 4.7 4.2 18.7 11.7 10.0 NM 13.3 13.2 20.5% 0.6 12.5% 85.8%
Shutterstock, Inc. 40.07 25.44 65.79 1,402 (276) 1,127 2.5 2.2 1.9 18.8 11.4 9.4 64.7 28.4 24.0 17.0% 1.4 15.8% 19.6%
Etsy, Inc. 8.61 6.04 23.44 974 (257) 717 2.4 2.0 1.7 33.1 17.8 13.4 NM NM 86.1 10.0% 8.6 21.6% 39.8%
Quotient Technology Inc. 11.21 5.00 13.65 930 (126) 803 3.2 3.0 2.7 NM 32.7 19.5 NM NM 60.1 25.0% 2.4 13.9% 18.9%
Angie's List, Inc. 8.74 3.73 11.25 513 (1) 511 1.5 1.5 1.4 31.1 16.0 12.0 NM NM 37.5 8.0% 4.7 6.1% 0.4%
1-800-Flowers.com Inc. 7.54 6.11 10.95 493 59 553 0.5 0.5 0.4 6.5 6.1 5.1 13.8 15.7 12.5 19.0% 0.7 5.1% 0.8%
Overstock.com Inc. 15.38 10.03 24.00 390 (100) 288 0.2 NA NA 36.0 NA NA 29.1 NA NA NA NA NA 3.8%
Blue Nile Inc. 26.17 22.33 39.00 304 (29) 275 0.6 0.6 0.6 16.3 12.4 11.5 29.3 29.2 25.9 20.0% 1.3 3.3% (3.2%)
Travelzoo Inc. 7.99 6.63 13.64 113 (30) 83 0.6 0.6 0.6 8.7 12.1 9.2 30.7 27.8 26.4 5.0% 5.3 2.6% (11.1%)
CafePress Inc. 3.27 3.02 5.36 55 (38) 16 0.2 0.2 0.2 6.5 4.1 2.4 NM NM NM NA NA 4.5% (23.3%)
Mean 3.2x 3.1x 2.7x 20.2x 17.3x 12.5x 32.7x 22.4x 32.4x 21.1% 2.0 12.5% 18.1%
Median 2.6 2.2 1.9 18.5 12.4 11.5 29.2 21.2 24.7 19.5% 1.3 12.5% 19.2%
Media Conglomerates / Selected Entertainment
The Walt Disney Company $100.36 $86.25 $122.08 $162,828 $16,107 $182,821 3.3x 3.2x 3.1x 10.9x 10.5x 10.0x 18.5x 17.2x 15.8x 10.9% 1.4 5.4% 4.1%
Comcast Corporation 62.00 50.01 64.99 150,486 50,006 203,598 2.7 2.6 2.5 8.1 7.7 7.3 18.8 17.4 15.8 11.4% 1.4 3.7% 5.2%
Time Warner Inc. 73.12 55.53 91.34 57,501 22,133 79,664 2.8 2.7 2.6 9.9 9.7 9.0 14.8 13.6 12.1 12.7% 1.0 6.0% 2.5%
Twenty-First Century Fox, Inc. 28.93 22.66 34.83 54,801 14,752 71,143 2.6 2.5 2.4 11.2 10.0 9.4 19.7 15.1 12.8 14.6% 0.9 4.9% 5.7%
Sony Corporation 26.27 20.20 36.47 33,138 1,250 40,338 0.6 0.6 0.5 6.6 6.1 5.1 25.1 33.7 17.9 10.0% 1.8 2.4% 0.9%
CBS Corporation 53.65 38.51 62.97 24,305 7,838 32,143 2.3 2.2 2.2 10.0 9.3 9.1 17.3 13.2 12.1 16.5% 0.7 1.4% 10.0%
Discovery Communications, Inc. 27.53 23.74 34.94 15,641 7,504 23,393 3.6 3.5 3.4 9.6 9.5 9.0 16.9 13.6 12.1 11.7% 1.0 5.4% 1.6%
Viacom, Inc. 39.33 30.11 69.17 15,576 12,049 27,904 2.1 2.1 2.1 7.4 7.3 6.9 7.1 7.7 7.2 4.8% 1.5 2.0% (2.5%)
Scripps Networks Interactive, Inc. 64.26 47.62 68.85 8,282 3,483 12,036 3.8 3.5 3.4 8.4 8.6 8.3 10.8 12.4 11.7 11.5% 1.0 4.5% 24.1%
Tribune Media Company 39.00 26.10 56.60 3,588 3,100 6,694 3.3 3.0 3.0 18.2 10.4 11.9 18.6 18.4 21.8 3.0% 7.3 (0.4%) 10.1%
Lions Gate Entertainment Corp. 20.27 16.21 41.41 3,040 1,506 4,636 2.1 1.8 1.7 69.4 18.7 12.2 51.7 26.5 18.7 36.2% 0.5 5.1% (10.8%)
Mean 2.7x 2.5x 2.4x 15.4x 9.8x 8.9x 19.9x 17.2x 14.4x 13.0% 1.7 3.7% 4.6%
Median 2.7 2.6 2.5 9.9 9.5 9.0 18.5 15.1 12.8 11.5% 1.0 4.5% 4.1%
Publishers
Thomson Reuters Corporation $41.43 $36.64 $43.37 $31,245 $8,233 $39,968 3.3x 3.5x 3.4x 16.0x 12.5x 11.8x 27.0x 20.1x 17.8x 8.4% 2.1 2.9% (1.0%)
Pearson plc 11.58 9.28 19.60 9,394 1,127 10,527 1.6 1.7 1.7 10.2 9.7 9.0 NM 14.9 13.0 NM NM 0.6% NA
News Corporation 11.75 10.21 15.92 6,495 (1,603) 5,091 0.6 0.6 0.6 8.3 5.7 5.5 NM 25.8 23.0 7.7% 3.0 (1.8%) (7.3%)
UBM plc 8.20 6.65 8.81 3,629 737 4,410 3.9 3.8 3.6 15.1 13.5 12.4 30.5 16.3 13.8 6.6% 2.1 6.0% NA
Lagardere SCA 25.04 23.37 32.73 3,209 1,684 5,045 0.6 0.6 0.6 8.4 7.1 6.9 40.4 12.2 11.2 8.4% 1.3 0.4% (9.6%)
Graham Holdings Company 481.46 425.14 1,119.54 2,705 (515) 2,216 0.9 0.9 0.9 6.5 7.7 7.6 NM 19.6 19.5 NA NA (1.0%) (7.1%)
The New York Times Company 12.29 11.48 14.53 1,978 (190) 1,785 1.1 1.1 1.1 7.5 7.2 7.0 29.1 21.2 19.3 4.0% 4.8 0.1% (1.2%)
Gannett Co., Inc. 15.98 10.75 17.91 1,862 (191) 1,671 0.6 0.5 0.5 4.3 4.0 4.0 13.1 10.7 10.0 NM NM (0.0%) (8.1%)
Time Inc. 13.97 12.23 24.26 1,422 858 2,280 0.7 0.7 0.7 6.0 5.0 4.6 NM 9.9 8.4 6.5% 1.3 (0.7%) (1.0%)
The E. W. Scripps Company 15.19 14.52 25.02 1,276 302 1,578 2.0 1.6 1.7 28.4 6.3 11.7 NM 12.7 45.1 3.0% 15.0 (7.5%) 70.3%
Tribune Publishing Company 14.08 5.45 16.75 446 290 735 0.4 0.4 0.5 6.1 5.0 5.2 NM 15.0 17.0 NA NA (2.3%) (0.0%)
Mean 1.4x 1.4x 1.4x 10.6x 7.6x 7.8x 28.0x 16.2x 18.0x 6.4% 4.2 (0.3%) 3.9%
Median 0.9 0.9 NM 8.3 7.1 7.0 29.1 15.0 17.0 6.6% 2.1 (0.0%) (1.2%)
Public Company Valuations
5
Internet / Digital Media / SaaS: Financial Metrics (Cont’d)
Notes:
Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
$MM, Except Per Share Data
Stock LTM EPS
Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth
5/16/16 Low High Value Debt Value LTM CY 16E CY 17E LTM CY 16E CY 17E LTM CY 16E CY 17E Growth PEG 17E/16E Y/Y MRQ
Diversif ied Marketing
WPP plc $22.96 $18.33 $24.33 $29,310 $4,735 $34,603 1.9x 1.8x 1.7x 11.0x 11.0x 10.3x 17.6x 15.2x 14.0x 8.3% 1.7 4.8% (0.1%)
Nielsen Holdings plc 52.34 42.76 54.59 18,885 7,242 26,323 4.2 4.1 3.9 17.2 13.3 12.4 31.8 18.1 16.5 10.9% 1.5 5.3% 2.0%
Experian plc 18.11 14.64 18.63 16,986 2,918 19,918 4.4 4.4 4.0 12.9 12.4 11.6 22.8 20.4 17.9 11.0% 1.6 9.4% NA
Equifax Inc. 123.69 90.94 124.75 14,721 2,972 17,739 6.5 5.7 5.2 19.2 16.2 14.5 33.7 23.7 21.3 12.0% 1.8 9.4% 11.7%
Alliance Data Systems Corporation 205.04 176.63 307.78 12,085 16,961 29,238 4.5 4.1 3.7 19.2 14.3 12.9 23.1 12.2 10.9 14.1% 0.8 11.6% 4.7%
The Interpublic Group of Companies, Inc. 23.83 18.16 24.27 9,589 1,063 10,931 1.4 1.4 1.3 10.5 9.7 9.1 21.6 18.0 15.9 13.2% 1.2 4.7% 3.9%
Havas SA 8.13 7.33 9.35 3,394 (96) 3,315 1.4 1.3 1.2 8.8 7.7 7.2 18.3 15.0 14.1 9.3% 1.5 3.8% 3.8%
Acxiom Corporation 22.82 15.78 23.57 1,774 15 1,788 1.7 2.0 1.9 10.5 11.9 9.5 NM 39.3 25.8 12.5% 2.1 6.7% 6.2%
MDC Partners Inc. 16.47 16.15 23.90 850 875 1,877 1.4 1.3 1.2 11.2 8.2 7.3 NM 29.8 12.5 27.7% 0.5 7.6% 2.3%
Harte-Hanks Inc. 1.22 1.19 6.57 76 60 136 0.3 0.3 0.3 5.0 3.8 2.9 NM 8.7 5.7 NM NM 1.3% (8.6%)
Mean 2.8x 2.6x 2.4x 12.6x 10.8x 9.8x 24.1x 20.1x 15.4x 13.2% 1.4 6.4% 2.9%
Median 1.8 1.9 1.8 11.1 11.4 9.9 22.8 18.1 15.0 12.0% 1.5 6.0% 3.8%
Gaming
Tencent Holdings Limited $20.60 $15.97 $21.54 $190,369 ($2,288) $188,399 11.9x 9.1x 7.2x 28.5x 21.5x 17.4x 43.8x 30.1x 23.6x 27.0% 0.9 26.1% 38.6%
Activision Blizzard, Inc. 39.39 24.04 39.93 29,079 2,969 32,048 6.6 5.1 4.6 20.1 14.6 12.6 35.3 21.4 18.5 17.5% 1.1 10.0% 13.8%
Electronic Arts Inc. 76.62 53.01 77.15 23,699 (2,682) 21,017 4.8 4.4 4.1 19.2 13.8 12.0 21.9 23.1 20.3 12.7% 1.6 7.1% 10.4%
NetEase, Inc. 161.62 102.80 186.45 21,249 (3,836) 17,433 4.2 3.3 2.7 12.5 10.1 8.9 17.4 14.2 13.1 21.1% 0.6 20.1% 107.7%
Naver Corporation 588.39 389.42 607.09 17,144 (1,433) 15,860 5.2 4.7 4.1 18.5 15.0 12.1 34.7 29.1 23.1 23.4% 1.0 13.5% 23.4%
Gamesa Corporación Tecnológica S.A. 20.19 12.36 20.70 5,575 (276) 5,299 1.2 1.1 1.0 11.3 8.1 7.5 26.1 18.7 17.4 24.7% 0.7 6.2% 37.6%
NCsoft Corporation 204.49 150.92 235.52 4,343 (642) 3,705 4.7 4.3 3.7 13.8 11.9 9.4 NA 19.3 14.7 27.3% 0.5 17.5% 24.8%
Ubisoft Entertainment SA 34.07 16.81 34.44 3,753 50 3,804 2.4 1.9 1.9 5.4 4.9 4.1 36.5 26.8 18.9 24.6% 0.8 0.5% 28.4%
DeNA Co., Ltd. 18.86 14.07 24.85 2,735 (533) 2,265 1.8 1.6 1.5 8.8 5.8 5.1 27.0 17.9 12.2 10.0% 1.2 4.4% 3.4%
GungHo Online Entertainment, Inc. 2.49 2.17 4.68 2,388 (762) 1,640 1.3 1.4 1.7 2.8 3.1 3.9 7.5 8.0 9.4 NA NA (17.0%) (24.1%)
Zynga, Inc. 2.57 1.78 3.10 2,245 (857) 1,388 1.8 1.8 1.6 NM 27.8 15.0 NM NM 41.0 21.0% 2.0 9.7% 1.9%
Gree, Inc. 5.57 4.21 7.19 1,302 (688) 614 0.9 1.0 1.0 3.5 4.3 4.2 NM 15.8 19.2 NA NA 0.5% (18.4%)
Changyou.com Limited 18.16 15.21 35.27 923 (653) 300 0.4 0.6 0.5 1.4 2.0 2.1 4.9 7.7 7.2 4.0% 1.8 11.1% (37.8%)
Glu Mobile, Inc. 2.45 1.98 6.78 324 (159) 165 0.7 0.7 0.7 NM NM NM NM NM NM 15.0% NM 12.3% (21.5%)
Mean 3.4x 2.9x 2.6x 12.1x 11.0x 8.8x 25.5x 19.4x 18.4x 19.0% 1.1 8.7% 13.4%
Median 2.1 1.8 1.8 11.9 10.1 8.9 26.5 19.0 18.5 21.0% 1.0 9.9% 12.1%
Social Media & New Platform
Facebook, Inc. $118.67 $72.00 $121.08 $339,432 ($20,621) $318,811 16.1x 12.2x 9.2x 33.8x 19.9x 15.3x 72.6x 33.1x 25.9x 32.5% 0.8 32.5% 51.9%
LinkedIn Corporation 128.97 98.25 258.39 17,224 (2,021) 15,230 4.7 4.1 3.4 57.2 15.1 12.2 NM 37.2 30.1 29.0% 1.0 19.4% 35.0%
Twitter, Inc. 14.29 39.40 38.82 9,954 719 10,673 4.5 3.9 3.2 NM 14.6 11.6 NM 27.8 21.1 32.5% 0.6 21.1% 36.4%
Pandora Media, Inc. 9.98 7.10 22.60 2,283 (110) 2,173 1.8 1.5 1.3 NM NM 48.9 NM NM NM 42.3% NM 18.3% 28.8%
Groupon, Inc. 3.40 2.15 6.68 1,965 (636) 1,330 0.4 0.4 0.4 43.3 11.1 7.0 NM NM 63.0 21.5% 2.9 4.1% (2.5%)
Yelp Inc. 25.18 14.53 48.90 1,926 (375) 1,550 2.6 2.2 1.8 NM 15.7 10.9 NM 38.4 27.3 32.7% 0.8 24.9% 33.8%
Mean 5.0x 4.1x 3.2x 44.8x 15.3x 17.7x NM 34.1x 33.5x 31.8% 1.2 20.1% 30.6%
Median 3.6 3.1 2.5 43.3 15.1 11.9 NM 35.2 27.3 32.5% 0.8 20.3% 34.4%
Public Company Valuations
6
Internet / Digital Media / SaaS: Financial Metrics (Cont’d)
Notes:
Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
$MM, Except Per Share Data
Stock LTM EPS
Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth
5/16/16 Low High Value Debt Value LTM CY 16E CY 17E LTM CY 16E CY 17E LTM CY 16E CY 17E Growth PEG 17E/16E Y/Y MRQ
SaaS
salesforce.com, inc. $77.31 $52.60 $82.90 $52,450 $715 $53,165 8.0x 6.5x 5.5x NM 32.7x 27.6x NM 76.4x 59.3x 27.3% 2.2 19.8% 25.3%
Workday, Inc. 72.41 47.32 93.62 14,188 (1,462) 12,726 10.9 8.2 6.3 NM 94.5 55.5 NM NM NM 41.9% NM 31.0% 42.9%
ServiceNow, Inc. 70.30 46.00 91.28 11,448 (418) 11,030 10.0 8.1 6.2 NM 44.5 29.4 NM NM 69.2 48.2% 1.4 30.2% 44.3%
NetSuite Inc. 78.89 51.75 102.46 6,346 (100) 6,246 7.9 6.5 5.1 NM 75.7 57.0 NM NM NM 22.3% NM 27.2% 31.4%
The Ultimate Software Group, Inc. 195.63 148.26 216.27 5,649 (86) 5,563 8.4 7.1 5.9 86.4 29.0 23.2 NM 59.3 48.1 26.0% 1.8 22.0% 29.2%
Zendesk, Inc. 23.34 11.06 28.20 2,141 (256) 1,886 8.0 6.2 4.7 NM NM 95.8 NM NM NM 22.5% NM 32.9% 62.1%
Shopify Inc. 26.16 18.48 42.13 2,122 (189) 1,933 8.0 5.6 4.0 NM NM NM NM NM NM 25.0% NM 38.6% 94.7%
Cornerstone OnDemand, Inc. 37.10 22.25 40.70 2,043 (42) 2,002 5.5 4.6 3.7 NM 53.0 31.6 NM NM NM 20.0% NM 23.9% 34.3%
RealPage, Inc. 21.60 16.06 23.98 1,729 67 1,795 3.7 3.2 2.7 29.7 15.2 12.7 NM 29.9 24.5 20.0% 1.2 14.9% 16.2%
Demandware, Inc. 43.69 26.47 75.90 1,598 (196) 1,402 5.5 4.6 3.7 NM 52.1 37.3 NM NM NM 34.2% NM 26.0% 33.4%
HubSpot, Inc. 45.12 27.00 60.11 1,577 (107) 1,470 7.3 5.7 4.4 NM NM NM NM NM NM 39.7% NM 29.6% 54.5%
Cvent, Inc. 35.57 17.85 37.25 1,501 (177) 1,324 6.7 5.7 4.7 NM 45.5 33.9 NM NM NM 30.0% NM 20.9% 27.3%
Box, Inc. 11.68 8.82 20.60 1,480 (141) 1,338 4.4 3.4 2.7 NM NM NM NM NM NM 68.4% NM 26.4% 35.7%
RingCentral, Inc. 18.67 13.88 25.67 1,348 (103) 1,246 3.9 3.4 2.8 NM 64.3 35.9 NM NM 97.9 23.3% 4.2 21.7% 32.5%
Marketo, Inc. 27.07 12.86 33.99 1,205 (93) 1,117 4.9 4.1 3.3 NM NM NM NM NM NM 20.0% NM 25.1% 35.3%
MINDBODY, Inc. 13.97 9.14 18.39 554 (76) 479 4.3 3.5 2.7 NM NM NM NM NM NM NA NA 28.7% 43.8%
AppFolio, Inc. 12.55 11.07 19.94 422 (21) 401 4.9 3.9 3.0 NM NM NM NM NM NM 30.0% NM 30.6% 46.5%
LivePerson Inc. 5.93 3.74 10.66 341 (45) 296 1.3 1.3 1.2 18.1 13.3 10.5 NM 78.4 30.7 20.0% 1.5 8.2% (7.2%)
Apigee Corporation 10.62 5.14 16.94 316 (71) 245 3.1 2.3 1.8 NM NM NM NM NM NM NA NA 29.8% 34.6%
ChannelAdvisor Corporation 12.38 8.71 14.73 315 (60) 256 2.5 2.3 2.0 NM 93.1 45.8 NM NM NM 25.0% NM 14.7% 16.6%
Jive Software, Inc. 3.79 2.84 5.99 290 (110) 181 0.9 0.9 1.0 NM 13.7 11.9 NM NM 55.5 NA NA (5.1%) 7.5%
Bazaarvoice, Inc. 3.43 2.82 6.56 281 (52) 230 1.2 1.1 1.1 NM 51.4 17.2 NM NM NM NA NA 6.5% 1.4%
Xactly Corporation 8.08 4.68 10.67 241 (32) 208 2.7 2.2 1.8 NM NM NM NM NM NM 20.0% NM 24.3% 30.3%
Brightcove Inc. 6.11 4.70 7.49 200 (28) 172 1.2 1.2 1.1 82.3 19.5 14.8 NM 95.5 52.7 15.0% 3.5 9.9% 10.4%
Marin Software Incorporated 2.20 1.88 7.62 84 (34) 50 0.5 0.5 0.5 NM 33.8 9.8 NM NM NM NA NA 1.3% 2.9%
Mean 5.0x 4.1x 3.3x 54.1x 45.7x 32.3x NM 67.9x 54.7x 28.9% 2.3 21.6% 31.4%
Median 4.9 3.9 3.0 56.0 45.0 29.4 NM 76.4 54.1 25.0% 1.8 24.3% 32.5%
Public Company Valuations
7
Internet / Digital Media / SaaS: Financial Metrics (Cont’d)
Notes:
Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
($MM)
Announced
DateAcquirer Target Aggregate Value
AV / LTM
Sales
AV / LTM
EBITDA
AV / NTM
Sales
AV / NTM
EBITDA
5/13/2016 $117 0.8x 17.0x NA NA
5/5/2016 $250 NA NA NA NA
5/5/2016 $66 0.5x 4.4x 0.5x 4.4x
5/3/2016 $115 NA NA NA NA
5/2/2016 $566 3.8x NM 3.6x NM
4/29/2016 $789 1.6x 6.8x 1.5x 5.2x
4/28/2016 $631 6.8x NM 5.8x NM
4/28/2016 $4,069 4.4x 39.5x 4.4x 37.2x
4/22/2016 $90 0.5x NA NA NA
4/19/2016 $360 NA NA NA NA
4/18/2016 $1,473 7.8x NM 6.1x NM
4/5/2016 $168 NA NA NA NA
4/4/2016 $275 NA NA NA NA
(1)(2)
Marketing Applications Business
(1)
(2)
(2)
(2)
(2)
(2)
(1)
Recent Acquisitions
8
Internet / Digital Media / SaaS: Trailing 6 Months
Notes:
Multiples <0x or >50x considered NM.
Disclosed transactions with Aggregate Value <$50MM not included.
(1) NTM multiples based on Capital IQ consensus estimates.
(2) LTM multiple based on period ending 12/31/15.
8
($MM)
Announced
DateAcquirer Target Aggregate Value
AV / LTM
Sales
AV / LTM
EBITDA
AV / NTM
Sales
AV / NTM
EBITDA
3/25/2016 $100 NA NA NA NA
3/22/2016 $540 NA NA NA NA
3/21/2016 $56 NA NA NA NA
3/21/2016 $200 NA NA NA NA
3/17/2016 $72 2.7x NM NA NA
3/7/2016 $207 1.7x NA NA NA
3/3/2016 $100 NA NA NA NA
3/1/2016 $260 NA NA NA NA
2/25/2016 $250 NA NA NA NA
2/24/2016 $400 10.7x NA NA NA
2/23/2016 $68 1.2x 11.3x NA NA
2/18/2016 $500 NA NA NA NA
2/14/2016 $389 4.1x 22.1x 3.1x 15.7x(3) (4)
(1)
(2)
(1)
(1)
Notes:
Multiples <0x or >50x considered NM.
Disclosed transactions with Aggregate Value <$50MM not included.
(1) LTM multiple based on period ending 12/31/15.
(2) LTM multiples based on acquirer press release 2/23/16.
(3) LTM multiples based on acquirer press release 2/15/16.
(4) NTM multiples based on Capital IQ consensus estimates.
Recent Acquisitions
9
Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)
($MM)
Announced
DateAcquirer Target Aggregate Value
AV / LTM
Sales
AV / LTM
EBITDA
AV / NTM
Sales
AV / NTM
EBITDA
2/12/2016 $85 NA NA NA NA
2/12/2016 $108 NA NA NA NA
2/4/2016 $100 NA NA NA NA
2/4/2016 $342 1.6x NA NA NA
2/3/2016 $1,400 11.7x NA NA NA
2/3/2016 $96 NA NA NA NA
2/1/2016 $379 6.6x NM 4.2x NA
1/20/2016 $130 NA NA NA NA
1/20/2016 $200 5.0x NA NA NA
1/11/2016 $155 4.8x NA NA NA
1/11/2016 $135 NA NA NA NA
1/11/2016 $62 NA NA NA NA
12/23/2015 $100 5.0x NA NA NA(5)
(4)
(3)
(2)
(1)
(1)
Notes:
Multiples <0x or >50x considered NM.
Disclosed transactions with Aggregate Value <$50MM not included.
(1) LTM multiple based on period ending 12/31/15.
(2) Reflects a $360MM placement for 95% ownership.
(3) LTM multiple based on acquirer press release 1/20/16.
(4) Reflects a $93MM private placement for 60% ownership. LTM multiple based on 2014 figure.
(5) LTM multiple based on acquirer press release 12/30/15. Excludes $18MM earnout.
Recent Acquisitions
10
Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)
($MM)
Announced
DateAcquirer Target Aggregate Value
AV / LTM
Sales
AV / LTM
EBITDA
AV / NTM
Sales
AV / NTM
EBITDA
12/23/2015 $300 NA NA NA NA
12/22/2015 $175 2.3x NA NA NA
12/17/2015 $475 NA NA NA NA
(1)
Notes:
Multiples <0x or >50x considered NM.
Disclosed transactions with Aggregate Value <$50MM not included.
(1) LTM multiple based on acquirer press release 12/22/15.
Recent Acquisitions
11
Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)
11
IPO Pipeline
12
Internet / Digital Media / SaaS: IPOs in Public Registration
Notes:
Source: Dealogic, Capital and SEC.gov.
Offering Amounts $10MM or Greater
Primary Initial Initial Offering LTM
Issuer Industry Filing Date Amount ($MM) Description Revenue EBIT % EBITDA
Internet Software and Services 12/22/15 $200
Nutanix, Inc., together with its subsidiaries,
provides enterprise cloud platform solutions that
converge traditional silos of server, virtualization,
and storage into one integrated solution.
$283 (45.7%) ($111)
0
200
400
600
800
1,000
$0
$2
$4
$6
$8
$10
$12
Q1 2001 Q1 2002 Q1 2003 Q1 2004 Q1 2005 Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016
Nu
mb
er
of
Inve
stm
en
ts
$B
n
Quarter - Year
Number of Deals Investment Amount
Notes:
(1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, Electronics
/ Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications.
Venture Capital Industry
13
TMT: Transactions Since 2001
(1)
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
$10,000
0
20
40
60
80
100
120
Jan
-07
Ma
r-07
Ma
y-07
Jul-0
7
Se
p-0
7
No
v-0
7
Jan
-08
Ma
r-08
Ma
y-08
Jul-0
8
Se
p-0
8
No
v-0
8
Jan
-09
Ma
r-09
Ma
y-09
Jul-0
9
Se
p-0
9
No
v-0
9
Jan
-10
Ma
r-10
Ma
y-10
Jul-1
0
Se
p-1
0
No
v-1
0
Jan
-11
Ma
r-11
Ma
y-11
Jul-1
1
Se
p-1
1
No
v-1
1
Jan
-12
Ma
r-12
Ma
y-12
Jul-1
2
Se
p-1
2
No
v-1
2
Jan
-13
Ma
r-13
Ma
y-13
Jul-1
3
Se
p-1
3
No
v-1
3
Jan
-14
Ma
r-14
Ma
y-14
Jul-1
4
Se
p-1
4
No
v-1
4
Jan
-15
Ma
r-15
Ma
y-15
Jul-1
5
Se
p-1
5
No
v-1
5
Jan
-16
Ma
r-16
$M
M
Nu
mb
er
of
Fin
an
cin
gs
Notes:
Source: DowJones VentureWire.
Only financings > $10MM included.
(1) Chart excludes Groupon’s $377MM raise on 12/29/10.
(2) Chart excludes Facebook’s $1.5Bn raise on 1/21/11.
(3) Chart excludes Supercell’s $1.6Bn raise on 10/15/13.
(4) Chart excludes Lyft’s $332MM raise on 4/2/14.
(5) Chart excludes Good Technology’s $583MM raise on 4/10/2014.
(6) Chart excludes Uber’s $1.5Bn raise on 6/6/2014.
(7) Chart excludes Koudai Shopping’s $567MM raise on 10/23/2014, Magic Leap’s $550MM raise on 10/14/2014, and CarTradeExchange.com’s $1.9Bn raise on 10/13/2014.
Private Financing Activity
14
Internet / Digital Media / Software: Monthly Since January 2007
0
5
10
15
20
25
30
0
250
500
750
1,000
1,250
Se
p-1
1
Au
g-1
1
Ju
l-11
Ju
n-1
1
Ma
y-1
1
Ap
r-11
Ma
r-11
Fe
b-1
1
Ja
n-1
1
De
c-1
0
No
v-1
0
Oct-1
0
Se
p-1
0
Au
g-1
0
Ju
l-10
Ju
n-1
0
Ma
y-1
0
Ap
r-10
Ma
r-10
Fe
b-1
0
Ja
n-1
0
De
c-0
9
No
v-0
9
Oct-0
9
Se
p-0
9
Au
g-0
9
Ju
l-09
Ju
n-0
9
Ma
y-0
9
Ap
r-09
Ma
r-09
Fe
b-0
9
Ja
n-0
9
De
c-0
8
No
v-0
8
Oct-0
8
Se
p-0
8
Au
g-0
8
Ju
l-08
Ju
n-0
8
Ma
y-0
8
Ap
r-08
Ma
r-08
Fe
b-0
8
Ja
n-0
8
De
c-0
7
No
v-0
7
Oct-0
7
Se
p-0
7
Au
g-0
7
Ju
l-07
Ju
n-0
7
Ma
y-0
7
Ap
r-07
Ma
r-07
Fe
b-0
7
Ja
n-0
7
Nu
mb
er
of
Fin
an
cin
gs
$M
M
Amount Raised ($MM) Number of Financings
(2)
(3)
(1)
(4) (5)
(6)
(7)
Ap
r-16
($MM)
Name
Announced
Date Series Amount Lead Investor Other Investors Brief Business Description
Total
Raised
Didi Chux ing
Beijing, China
www.x iaojukeji.com/en/index .html
13-May-2016 Private Equity $2,000 Apple Apple Provider of a mobile taxi-booking application. $2,000
Capital F loat
Bangalore, India
www.capitalf loat.com
12-May-2016 Series B $25 Creation Investments Capital
Management
Aspada Investments, Creation Investments Capital Management,
SAIF Partners, Sequoia CapitalProvider of an online financing platform. $42
ChatGame
Nanjing, China
www.chatgame.me
12-May-2016 Venture Round $14 Not disclosed Li Shaowen, Lin Zhen, Sandra Wen, Su Liang Provider of a social communication application. $14
Tandem (UK)
London, United Kingdom
www.tandem.co.uk
12-May-2016 Series B $25 Omidyar Network e.ventures, Nigel Morris, Omidyar Network, Route 66 Ventures Provider of digital retail banking services in the U. $41
Wickr
Chicago, IL
www.wickr.com
12-May-2016 Venture Round $30 Not disclosed Not disclosed Provider of data security technologies. $68
GuiaBolso
São Paulo, Braz il
www.guiabolso.com.br
11-May-2016 Series C $17 Ribbit Capital IFC, Kaszek Ventures, QED Investors, Ribbit Capital Operator of an online financial control and advisory platform. $26
OrderBird
Berlin, Germany
www.orderbird.com
11-May-2016 Series C $23 Digital+ Partners, Metro ConCardis, Digital+ Partners, Metro Provider of Point of Sale (POS) systems for the catering industry. $37
Brainly
New York , NY
www.brainly.com
11-May-2016 Series B $15 Naspers Naspers Provider of an electronic learning platform. $25
Cyber adAPT
Half Moon Bay, CA
www.cyberadapt.com
11-May-2016 Series A $15 Not disclosedAlvin Fund, Black River Diversified Services & Investments,
Fundamental Capital, Granite Point Capital, Griffin PartnersProvider of a real-time network-based threat detection platform. $15
Weaveworks
London, United Kingdom
www.weave.works
11-May-2016 Series B $15 GV Accel Partners, GV Developer of a virtual network that connects docker containers. $20
Dyn
Manchester, NH
www.dyn.com
10-May-2016 Series B $50 Pamplona Capital Management Pamplona Capital Management Provider of Internet performance management (IPM) services. $100
Etouches
Norwalk , CT
www.etouches.com
10-May-2016 Series C1 $20 Not disclosed Not disclosedProvider of web-based event management software platform for corporation,
educational institution, meetings and events companies.$59
FreshGrade
Kelowna, Canada
www.freshgrade.com
10-May-2016 Series A $12 Relay Ventures Accel Partners, Emerson Collective, Reach Capital, Relay Ventures Provider of an assessment and communications platform for the education sector. $16
Kingsoft C loud
Beijing, China
www.ksyun.com
10-May-2016 Series C $110 China Merchants SecuritiesChina Asset Management, China Merchants Securities, IDG Capital
Partners, Kingsoft CorporationProvider of cloud computing services. $198
Recent Private Financings
15
Internet / Digital Media / Software
Notes:
Source: PitchBook.
Only financings > $10MM included.
($MM)
Name
Announced
Date Series Amount Lead Investor Other Investors Brief Business Description
Total
Raised
Outbrain
New York , NY
www.outbrain.com
10-May-2016 Venture Round $45 Not disclosed Not disclosed Provider of content rating and recommendations for blogs, magazines and news. $195
Bigcommerce
Austin, TX
www.bigcommerce.com
10-May-2016 Series E $30 GGV Capital
American Express Ventures, General Catalyst Partners, GGV Capital,
Revolution Growth, SoftBank Capital, Split Rock Partners, Stephan
Schambach, Telstra Ventures, Tenaya Capital
Provider of software services to online retailers and merchants. $155
Oz lo
Palo Alto, CA
www.oz lo.com
10-May-2016 Venture Round $14 Greylock Partners AME Cloud Ventures, Greylock Partners, Jerry Yang Developer of artificial intelligence technology platform. $14
Security F irst
Rancho Santa Margarita, CA
www.securityfirstcorp.com
10-May-2016 Debt Financing $15 Not disclosed Not disclosed Developer of security software. $62
Simplee
Palo Alto, CA
www2.simplee.com
10-May-2016 Series C $20 Social Capital83North, American Express Ventures, Heritage Group, Social
Capital
Provider of a web and smartphone application for managing and paying medical
bills.$40
Soracom
Tokyo, Japan
www.soracom.jp
10-May-2016 Series B $22 Not disclosed Infinity Venture Partners, World Innovation Lab Provider of a communication platform for developers of connected devices. $28
Vera
Palo Alto, CA
www.vera.com
10-May-2016 Series B $19 Sutter Hill VenturesAmplify Partners, Battery Ventures, Capital One Growth Ventures,
Clear Venture Partners, Sutter Hill VenturesProvider of secure sharing of digital information. $33
Speakaboos
New York , NY
www.speakaboos.com
9-May-2016 Series B1 $13 Wellington Management
Advancit Capital, Betty Cohen, David Pottruck, Deborah Quazzo,
Gerald Hughes, Helena Wong, Kyowon Group, Rick Segal, Wellington
Management
Provider of a subscription-based service for children's interactive storybooks. $25
Tradesy
Santa Monica, CA
www.tradesy.com
9-May-2016 Series C $30 Wildcat Capital ManagementKleiner Perkins Caufield & Byers, Rincon Venture Partners, Wildcat
Capital ManagementOperator of an online peer-to-peer marketplace for fashion. $82
CoreOS
San Francisco, CA
www.coreos.com
9-May-2016 Series B $28 GVAccel Partners, FUEL Capital, GV, Intel Capital, Kleiner Perkins
Caufield & Byers, Y CombinatorProvider of an open source operating system. $53
Pivotal Software
Palo Alto, CA
www.pivotal.io
9-May-2016 Series C $653 Ford, Microsoft EMC, Ford, GE Ventures, Microsoft, VMware Provider of a next-generation enterprise platform-as-a-service (PaaS). $758
Rancher (Container Management)
Cupertino, CA
www.rancher.com
9-May-2016 Series B $20 Grand River Capital ManagementGrand River Capital Management, Mayfield, Nexus Venture
Partners
Developer of an open-source container management software for enterprises
leveraging containers.$30
Relayware
Jersey C ity, NJ
www.relayware.com
9-May-2016 Venture Round $11 Amadeus Capital Partners Albion Ventures, Amadeus Capital Partners Provider of partnering automation and relationship management services. NA
Drivy
Paris, France
www.drivy.com
28-Apr-2016 Series C $34 Cathay Capital Private Equity, Nokia
Growth Partners
Bpifrance, Cathay Capital Private Equity, Index Ventures, Nokia
Growth Partners, Via-IDProvider of peer-to-peer, car-rental platform. $54
Recent Private Financings
16
Internet / Digital Media / Software (Cont’d)
Notes:
Source: PitchBook.
Only financings > $10MM included.
($MM)
Name
Announced
Date Series Amount Lead Investor Other Investors Brief Business Description
Total
Raised
Evident.io
Dublin, CA
www.evident.io
28-Apr-2016 Series B $16 Venrock Venrock Provider of cloud-based security services. $27
Seclore
Santa C lara, CA
www.seclore.com
27-Apr-2016 Series B $12 Not disclosedHelion Venture Partners, India Alternatives Investment Advisors,
Sistema, VenturEast
Developer of enterprise software products focusing on information rights
management.$19
TaskEasy
Walnut, CA
www.taskeasy.com
26-Apr-2016 Series B $12 Delta ElectronicsAccess Venture Partners, Delta Electronics, Grotech Ventures,
Kickstart Seed Fund, Moderne Ventures, MTD Products
Provider of an online platform that allows contractors and property owners to buy
or sell contractor services.$26
Trov
Danville, CA
www.trov.com
26-Apr-2016 Series C $26 Oak HC/FT Anthemis Group, Guidewire Software, Oak HC/FT, Suncorp GroupDeveloper of applications that help people collect and benefit from information
about their assets.$39
Ant F inancial
Hangzhou, China
www.antgroup.com
26-Apr-2016 Series B $4,500 China Construction Bank, China
Investment Corporation
China Construction Bank, China Development Bank, China
Investment Corporation, China Life Insurance, China Post Group,
New China Life Insurance Company, Primavera Capital Group
Provider of online payment service. $6,400
Lendix
Paris, France
www.lendix .com
26-Apr-2016 Series B $14 Not disclosed
CNP Assurances, Decaux Brothers Investments, Inter Mutuelles
Entreprises, Partech Ventures, Sycomore Asset Management,
Weber Investissements, Zencap
Provider of an online crowd-lending platform. $26
Mark43
New York , NY
www.mark43.com
26-Apr-2016 Series B $27 General Catalyst Partners, Spark Capital
General Catalyst Partners, Govtech Fund, Jeffrey Bezos, Lowercase
Capital, Sound Ventures, Spark Capital, SV Angel, The Goldman
Sachs Group
Creator of information-management software for the law-enforcement and military
sectors.$40
Remitly
Seattle, WA
www.remitly.com
26-Apr-2016 Series C $39 Stripes GroupBezos Expeditions, DN Capital, Draper Fisher Jurvetson, Stripes
Group, Trilogy Equity Partners, Vulcan CapitalProvider of online remittance services. $61
TranServ
Mumbai, India
www.transerv.co.in
26-Apr-2016 Series C $15 IDFC Asset Management Company,
Micromax Informatics
Faering Capital, IDFC Asset Management Company, Micromax
Informatics, Nirvana Venture AdvisorsProvider of digital payment services for banks and retailers. $15
VidSys
Vienna, VA
www.vidsys.com
26-Apr-2016 Private Equity $11 Harmony Partners, NewSpring CapitalAtlanta Equity, Flybridge Capital Partners, Harmony Partners, JVax
Investment Group, NewSpring CapitalProvider of converged security and information management (CSIM) software. $47
bitF lyer
Tokyo, Japan
www.bitf lyer.jp
25-Apr-2016 Series C $27 SBI Investment, Venture Labo
InvestmentSBI Investment, Venture Labo Investment Operator of a bitcoin exchange marketplace. $34
Dispersive Technologies
Alpharetta, GA
www.dispersivetechnologies.com
25-Apr-2016 Angel $38 Not disclosed Not disclosedDeveloper and provider of cloud based virtualized dispersive networking
technologies.$42
Helium Systems
San Francisco, CA
www.helium.com
25-Apr-2016 Series B $20 GV FirstMark Capital, GV, Khosla Ventures, Munich Re/HSB Ventures Provider of Internet of Things (IoT) technology. $39
Kamcord
San Francisco, CA
www.kamcord.com
25-Apr-2016 Series C $10 Time Warner InvestmentsPlug and Play, Tencent Industry Win-Win Fund, Time Warner
Investments, TransLink Capital, Wargaming, XG VenturesProvider of tools for recording and sharing of games. $38
Recent Private Financings
17
Internet / Digital Media / Software (Cont’d)
Notes:
Source: PitchBook.
Only financings > $10MM included.
($MM)
Name
Announced
Date Series Amount Lead Investor Other Investors Brief Business Description
Total
Raised
Unlockd
South Melbourne, Australia
www.unlockd.com
25-Apr-2016 Series A $11 Not disclosedGreg Roebuck, Lachlan Murdoch, Peter Gammell, Radek Sali, Sam
MostynProvider of a mobile-based media and telecommunications platform. $16
Security F irst
Rancho Santa Margarita, CA
www.securityfirstcorp.com
22-Apr-2016 Venture Round $38 Not disclosed Topspin Venture Developer of security software. $47
Deem
San Francisco, CA
www.deem.com
21-Apr-2016 Venture Round $34 PointGuard Ventures PointGuard VenturesDeveloper of a web based tool that manages the everyday details of business and
personal life.$536
Medium.com
San Francisco, CA
www.medium.com
21-Apr-2016 Series C $50 Spark Capital Andreessen Horowitz, GV, Spark Capital Creator of an online blog-hosting platform. $134
The RealReal
San Francisco, CA
www.therealreal.com
21-Apr-2016 Series E $40 Greenspring Associates
Broadway Angels, Canaan Partners, DBL Partners, e.ventures,
Greenspring Associates, Greycroft Partners, Industry Ventures,
InterWest Partners, NextEquity Partners
Operator of designer resale store. $123
Acorns
Irvine, CA
www.acorns.com
21-Apr-2016 Series D $30 Paypal Paypal, Rakuten Developer of an investing platform. $62
Anomali
Redwood C ity, CA
www.anomali.com
21-Apr-2016 Series C $30 IVP General Catalyst Partners, GV, IVP, Paladin Capital Group Provider of a SaaS-based cyber security intelligence platform. $57
Forter
San Francisco, CA
www.forter.com
21-Apr-2016 Series C $32 Scale Venture Partners New Enterprise Associates, Scale Venture Partners, Sequoia Capital Provider of an online fraud prevention platform. $50
Beijing-Tak Network Technology Co
Beijing, China
www.roseonly.com.cn
20-Apr-2016 Series C $31 Not disclosed Echo Capital Group, Genesis Capital, Yuansheng Capital Online retailer of floral products. $41
Bugcrowd
San Francisco, CA
www.bugcrowd.com
20-Apr-2016 Series B $15 Blackbird Ventures
Blackbird Ventures, Costanoa Venture Capital, Industry Ventures,
Paladin Capital Group, Rally Ventures, Salesforce Ventures,
Startmate
Provider of crowdsourced security testing. $24
Cabify
Madrid, Spain
www.cabify.es
20-Apr-2016 Series C $120 Rakuten Rakuten, Western Technology Investment Developer of a mobile application for car hires. $150
PicsArt
San Francisco, CA
www.picsart.com
20-Apr-2016 Series B $20 Not disclosed DCM Ventures, Siguler Guff & Company Provider of a mobile photo-editing application. $45
Apester
New York , NY
www.apester.com
19-Apr-2016 Series A $17 Blumberg Capital, Mangrove Capital
Partners
Blumberg Capital, Gigi Kaplan, Giora Kaplan, Mangrove Capital
Partners, Morris Kahn, Tal Kerret, Tal Simantov, Wellborn VenturesProvider of content platform that allows sharing content items. $18
Huochebang
Chengdu, China
www.56qq.com
19-Apr-2016 Series A $100 Yuansheng Capital
DCM Ventures, Eastern Bell Venture Capital, Genesis Capital,
Hillhouse Capital Management, Tencent Holdings, Yuansheng
Capital
Provider of an online truck logistics platform. $100
Recent Private Financings
18
Internet / Digital Media / Software (Cont’d)
Notes:
Source: PitchBook.
Only financings > $10MM included.
($MM)
Name
Announced
Date Series Amount Lead Investor Other Investors Brief Business Description
Total
Raised
Diamanti
San Jose, CA
www.diamanti.com
19-Apr-2016 Series A $13 Not disclosedCharles River Ventures, Draper Fisher Jurvetson, GSR Ventures, The
Goldman Sachs GroupProvider of networking and storage appliance for Linux containers. $13
FusionOps
Mountain View, CA
www.fusionops.com
19-Apr-2016 Series C $25 Georgian Partners Georgian Partners, New Enterprise Associates, Prabhu Goel Developer of supply chain analytics software for businesses. $44
TapInfluence
Boulder, CO
www.tapinfluence.com
19-Apr-2016 Series B1 $14 Noro-Moseley PartnersAccess Venture Partners, Grotech Ventures, MergeLane, Noro-
Moseley Partners, Robin FerraconeProvider of a marketing automation platform. $23
TrapX Security
San Mateo, CA
www.trapx .com
19-Apr-2016 Series B $14 Intel Capital, Liberty Venture PartnersBRM Capital, Intel Capital, Liberty Venture Partners, Opus Capital,
Strategic Cyber VenturesProvider of a cloud-based and on -remises cyber security platform. $19
4M Industrial Ox idation
Knoxville, TN
4mio.com
18-Apr-2016 Angel $10 Not disclosed Not disclosed Developer of plasma oxidation technology. $10
BaubleBar
New York , NY
www.baublebar.com
18-Apr-2016 Series C $21 Accel PartnersAccel Partners, Aspect Venture Partners, Burch Creative Capital,
DSW, Greycroft Partners, Hubert Burda Media, Simon Venture GroupProvider of an e-commerce jewelry platform. $39
HomeLight
San Francisco, CA
www.homelight.com
18-Apr-2016 Series A $11 Zeev Ventures
Bullpen Capital, Dovi Frances, Innovation Endeavors, Krillion
Ventures, Montage Ventures, Oren Dobronsky, Yariv Davidovich,
Zeev Ventures
Provider of real estate technology that matches home-buyers and sellers with real
estate agents.$16
HomeToGo
Berlin, Germany
www.hometogo.de
15-Apr-2016 Series B $20 Insight Venture Partners Acton Capital Partners, DN Capital, Insight Venture Partners Provider of a metasearch engine for vacation rentals. $29
Threat Stack
Boston, MA
www.threatstack .com
15-Apr-2016 Venture Round $15 Not disclosed Not disclosed Developer of digital security services. $27
Wolt
Helsink i, F inland
www.woltapp.com
15-Apr-2016 Series B $11 EQT Ventures EQT Ventures, Ilkka Paananen, Niklas Zennström, Risto Siilasmaa Provider of an online food ordering platform. $14
Onfido
London, United Kingdom
www.onfido.com
14-Apr-2016 Series B $25 IDInvest Partners CrunchFund, IDInvest Partners, Wellington PartnersProvider of an online platform that uses technology to automate the background
checking process.$30
Eversight
Palo Alto, CA
www.eversightlabs.com
14-Apr-2016 Venture Round $14 Not disclosed Not disclosed Provider of machine learning and data science technologies. $24
RigUp
Austin, TX
www.rigup.com
14-Apr-2016 Series A $15 Not disclosedBoxGroup, Founders Fund, Frees Fund, GE Ventures, Great Oaks
Venture Capital, Moore CapitalDeveloper of a software platform for oil rig logistics. $18
Nauto
Palo Alto, CA
www.nauto.com
13-Apr-2016 Series A $12 Playground Global Draper Nexus, Index Ventures, Playground Global Provider of an online traffic monitoring device. $15
Recent Private Financings
19
Internet / Digital Media / Software (Cont’d)
Notes:
Source: PitchBook.
Only financings > $10MM included.
($MM)
Name
Announced
Date Series Amount Lead Investor Other Investors Brief Business Description
Total
Raised
Poshmark
Redwood C ity, CA
www.poshmark .com
13-Apr-2016 Series C1 $25 GGV Capital
AngelList, GGV Capital, Inventus Capital Partners, Mayfield, Menlo
Ventures, Shea Ventures, SoftTech VC, Union Grove Venture
Partners
Operator of an online marketplace for fashion. $72
C loudEndure
New York , NY
www.cloudendure.com
13-Apr-2016 Series B $13 Infosys Technologies, Magma Venture
PartnersInfosys Technologies, Magma Venture Partners Developer and provider of a business continuity application. $18
NEXThink
Pril ly, Switzerland
www.nexthink .com
13-Apr-2016 Series E $40 Highland Capital Partners EuropeAuriga Partners, Galeo-Ventures, Highland Capital Partners Europe,
WayPoint Capital Partners
Developer of a software tool to measure and manage information security
programs.$69
NodeSource
San Francisco, CA
www.nodesource.com
13-Apr-2016 Series A $10 RRE Ventures Crosslink Capital, Resolute Ventures, RRE Ventures Provider of enterprise grade software products. $13
Blis Media
London, United Kingdom
www.blis.com
12-Apr-2016 Series B $25 Not disclosed Beringea, Endeit Capital, Unilever Ventures Provider of an online platform for Internet advertising. $27
CropX
Tel Aviv, Israel
www.cropx .com
12-Apr-2016 Series A $10 Finistere Ventures, GREENSOIL
Investments, Innovation Endeavors
Finistere Ventures, Flextronics Lab IX, GREENSOIL Investments,
Innovation Endeavors, OurCrowd, Robert Bosch Venture CapitalDeveloper of an irrigation software. $11
Datera
Mountain View, CA
www.datera.io
12-Apr-2016 Venture Round $40 Not disclosedAndreas Bechtolsheim, Khosla Ventures, Pradeep Sindhu, Samsung
Venture InvestmentProvider of data storage software systems. $48
Huoli Tianhui
Beijing, China
www.huoli.com
12-Apr-2016 Series C $933 Not disclosedCaissa Shijia Asset Management Partnership, Dapeng Air Service,
HNA-Caissa Travel Group, Matrix Partners ChinaDeveloper of mobile application for flight and train ticketing. $953
The F irst Chedai
Beijing, China
www.chedai.com
12-Apr-2016 Venture Round $33 China Growth Capital China Growth Capital, Matrix Partners China Provider of an online loan-financing platform. $33
LendStreet
Oak land, CA
www.lendstreet.com
11-Apr-2016 Venture Round $28 Not disclosed Not disclosed Provider of an online lending platform for debt restructuring and refinancing. $28
Marxent
Kettering, OH
www.marxentlabs.com
11-Apr-2016 Series B $10 Detroit Venture Partners, Stage 1
VenturesDetroit Venture Partners, Stage 1 Ventures Developer of virtual reality mobile applications. NA
PerimeterX
San Mateo, CA
www.perimeterx .com
11-Apr-2016 Series A $12 Not disclosed Andy Bechtolsheim, Data Collective, Vertex Ventures Provider of cloud and web security. $15
RideLabs
San Francisco, CA
www.instantcab.com
8-Apr-2016 Series A $12 Not disclosed Khosla Ventures Provider of transportation services and a transportation mobile application. $12
Electric Imp
Los Altos, CA
www.electricimp.com
7-Apr-2016 Series C $21 Rampart Capital Rampart Capital, Redpoint Ventures Provider of technology to connect devices to the Internet, wirelessly. $44
Recent Private Financings
20
Internet / Digital Media / Software (Cont’d)
Notes:
Source: PitchBook.
Only financings > $10MM included.
($MM)
Name
Announced
Date Series Amount Lead Investor Other Investors Brief Business Description
Total
Raised
Twiggle
Tel Aviv, Israel
www.twiggle.com
7-Apr-2016 Series A $13 Naspers Naspers, Ronald Cohen, State Of Mind Ventures, Yahoo Japan Provider of an online search engine. $15
Globality ( IT)
Menlo Park , CA
www.globality.com
7-Apr-2016 Series B $27 Not disclosed Al Gore, John Joyce, Ken Goldman, Michael Marks, Ron Johnson Provider of global technological services. $37
Intercom
San Francisco, CA
www.intercom.io
7-Apr-2016 Series D $50 Index VenturesBessemer Venture Partners, ICONIQ Capital, Index Ventures, The
Social+Capital Partnership
Provider of a customer relationship management and messaging tool for web
businesses.$116
Luxe
San Francisco, CA
www.luxevalet.com
7-Apr-2016 Series B $50 The Hertz Redpoint Ventures, The Hertz, Venrock Provider of mobile application for valet parking. $76
x .ai
New York , NY
www.x .ai
7-Apr-2016 Series B $23 Two Sigma Investments
CrunchFund, DCM Ventures, FirstMark Capital, IA Ventures, Lerer
Hippeau Ventures, Pritzker Group Venture Capital, SoftBank
Capital, Two Sigma Investments, Work-Bench
Provider of an artificial intelligence powered personal assistant application. $34
IronPlanet
Pleasanton, CA
www.ironplanet.com
6-Apr-2016 Venture Round $14 Not disclosed Not disclosed Provider of an online marketplace for used heavy equipment. $153
CrossChx
Columbus, OH
crosschx .com
6-Apr-2016 Series C $15 Not disclosedDrive Capital, Khosla Ventures, Moonshots Capital, NCT Ventures,
Silicon Valley BankProvider of patient identification and security technologies for healthcare facilities. $35
Endless Mobile
San Francisco, CA
www.endlessm.com
6-Apr-2016 Angel $23 Not disclosed Not disclosed Manufacturer of a computer device. $33
F inanzcheck .de
Hamburg, Germany
www.finanzcheck .de
6-Apr-2016 Series C $37 HarbourVest PartnersActon Capital Partners, HarbourVest Partners, Highland Capital
Partners EuropeProvider of consumer loan technology platform. $52
Vasona Networks
San Jose, CA
www.vasonanetworks.com
6-Apr-2016 Series C $15 Not disclosedBessemer Venture Partners, New Venture Partners, Nexstar Capital
Partners
Provider of platforms for mobile network capacity, resource management and
edge intelligence.$40
Mintigo
San Mateo, CA
www.mintigo.com
5-Apr-2016 Series D $15 Sequoia Capital Sequoia Capital Provider of an intelligent lead-generation services for customers. $34
Origami Energy
Cambridge, United Kingdom
www.origamienergy.com
5-Apr-2016 Series A $20 Not disclosed Cambridge Innovation Capital, Fred. Olsen, Octopus Investments Provider of grid-scale energy management services. $25
Vinomofo
Cremorne, Australia
www.vinomofo.com
5-Apr-2016 Venture Round $19 Blue Sky Alternative Investments Blue Sky Alternative Investments Operator of an e-commerce site for wine. NA
MariaDB
Espoo, F inland
www.mariadb.com
5-Apr-2016 Series C $12 Not disclosed California Technology Ventures, Intel Capital, SmartFin Capital Provider of a database software. $44
Recent Private Financings
21
Internet / Digital Media / Software (Cont’d)
Notes:
Source: PitchBook.
Only financings > $10MM included.
($MM)
Name
Announced
Date Series Amount Lead Investor Other Investors Brief Business Description
Total
Raised
Persado
New York , NY
www.persado.com
5-Apr-2016 Series C $30 The Goldman Sachs GroupAmerican Express Ventures, Bain Capital Ventures, Citi Ventures,
StarVest Partners, The Goldman Sachs Group, TLcom CapitalProvider of marketing software. $66
Virool
San Francisco, CA
www.virool.com
5-Apr-2016 Series A $20 Not disclosed 500 Startups, FJ Labs, Flint Capital, Menlo Ventures, Yahoo Japan Developer of social video advertising platform. $27
EdCast
Mountain View, CA
www.edcast.com
4-Apr-2016 Venture Round $13 Not disclosed Not disclosed Provider of an online learning platform. $19
Eris
London, United Kingdom
www.erisindustries.com
1-Apr-2016 Grant $1 Mondroit Capital Mondroit Capital Developer of legal software systems. $1
Slack Technologies
San Francisco, CA
www.slack .com
1-Apr-2016 Venture Round $200 Thrive CapitalAccel Partners, Comcast Ventures, GGV Capital, Index Ventures,
Spark Capital, The Social+Capital Partnership, Thrive CapitalDeveloper of a real time messaging, archiving and search tool. $547
Swanest
London, United Kingdom
www.swanest.com
1-Apr-2016 Seed $10 Andreessen Horowitz Andreessen Horowitz Provider of an online brokerage platform. $10
Home24
Berlin, Germany
www.home24.de
31-Mar-2016 Venture Round $22 Baillie GiffordBaillie Gifford, HV Holtzbrinck Venture, Investment AB Kinnevik,
Rocket Internet
Provider of an online shopping platform for furniture, interior decorating, lighting
and other home accessories.$176
Mashable
New York , NY
www.mashable.com
31-Mar-2016 Series C $15 Turner Broadcasting SystemR&R Ventures Partners, Time Warner Investments, Turner
Broadcasting System, Updata Partners
Provider of an online news site covering digital culture, social media and
technology.$59
Playbuzz
New York , NY
www.playbuzz .com
31-Mar-2016 Series C $15 Saban Capital Group83North, Carmel Ventures, FirstTime Venture Capital, Saban
Capital Group, Walt DisneyDeveloper of a free content platform. $35
blispay.
Forest Hill , MD
www.blispay.com
31-Mar-2016 Seed $13 FirstMark CapitalAccomplice VC, AngelList, FirstMark Capital, Founder Collective,
New Enterprise Associates, TriplePoint CapitalProvider of mobile credit for businesses and consumers. $14
Garena
Singapore, Singapore
www.garena.sg
31-Mar-2016 Series D $170 Khazanah NasionalGeneral Atlantic, Keytone Ventures, Khazanah Nasional, Ontario
Teachers' Pension PlanProvider of an online mobile platform for entertainment and communication. $172
Invoca
Santa Barbara, CA
www.invoca.com
30-Mar-2016 Series D $30 Morgan Stanley Alternative Investment
Partners
Accel Partners, Morgan Stanley Alternative Investment Partners,
Rincon Venture Partners, Salesforce Ventures, StepStone, Upfront
Ventures
Provider of a pay-per-call platform for the performance marketing industry. $62
Asana
San Francisco, CA
www.asana.com
30-Mar-2016 Series C $50 Sam Altman 8 | partners, Founders Fund, Mark Zuckerberg, VegasTechFund Developer of task management software for enterprises. $89
Cockroach Labs
New York , NY
www.cockroachlabs.com
30-Mar-2016 Series A1 $20 Index Ventures Benchmark Capital, FirstMark Capital, GV, Index Ventures Provider of a data-storage framework. $27
Recent Private Financings
22
Internet / Digital Media / Software (Cont’d)
Notes:
Source: PitchBook.
Only financings > $10MM included.
GCA Savvian Advisors Overview
23
Selected Recent Digital Media and Software Transactions
Preferred Stock Equity Investment Acquisition of Acquired by Acquired by Acquired by Acquired by Preferred Stock Preferred Stock
Undisclosed
Financial Advisor Financial Advisor We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor
February 2016 February 2016 December 2015 August 2015 July 2015 July 2015 June 2015 June 2015 May 2015
Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by
Consortium Led by A subsidiary of
We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller
April 2015 April 2015 March 2015 February 2015 December 2014 October 2014 October 2014 September 2014 September 2014
Sale of
Acquired by Acquired by Preferred Stock Acquisition of Acquisition of Acquisition of Acquisition of Acquisition of
to
We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller
August 2014 August 2014 August 2014 May 2014 April 2014 April 2014 March 2014 March 2014 November 2013
Sale of Entertainment Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Preferred Stock Acquired by
Store Assets to
Fairness Opinion for
We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Buddy Media
September 2013 August 2013 August 2013 July 2013 July 2013 January 2013 September 2012 August 2012 August 2012
Sale of
Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Acquired by Acquired by
to
We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller
August 2012 June 2012 June 2012 May 2012 May 2012 April 2012 March 2012 February 2012 January 2012
Reality Media Holdings
Japan
Paul DiNardo Steve Fletcher Rich Jasen Seihun Kong John Lambros Joshua Wepman
Advisory Director Managing Director Managing Director Managing Director Managing Director Managing Director
Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3653 Phone: (415) 318-3682 Phone: (212) 999-7083 Phone: (212) 999-7092
Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 308-4760 Mobile: (415) 823-7300 Mobile: (917) 744-9011 Mobile: (917) 306-4168
[email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Ashley Ma Giuseppe Diprima Tomohiko Kubota Saif Malik
Director Vice President Vice President Vice President
Phone: (212) 999-7076 Phone: (212) 999-7088 Phone: +81 (3) 6212-7129 Phone: +44 (0) 207 038-3216
Mobile: (917) 575-0103 Mobile: (347) 622-1887 [email protected] Mobile: +44 (0) 778 606-8553
[email protected] [email protected] [email protected]
GCA Savvian
24
Digital Media / Software Team
San Francisco
150 California St., Ste. 2300
San Francisco, CA 94111
United States
Phone: (415) 318-3600
New York
640 Fifth Avenue, 10th
Fl.
New York, NY 10019
United States
Phone: (212) 999-7090
Tokyo
11-1 Marunouchi 1-chome
Chiyoda-ku, Tokyo 100-6230
Japan
Phone: +81 (3) 6212-7100
London
48 Dover Street
London W1S 4FF
United Kingdom
Phone: +44 (0) 207 038-3200