adtech & martech barometer - 2015 market review
TRANSCRIPT
AdTech & MarTech Barometer2015 Market Review
2015 STRICTLY PRIVATE AND CONFIDENTIAL
2
About Results International
A MARKET-LEADING CORPORATE FINANCE ADVISORY FIRM… …WITH GLOBAL REACH
• 40 person team; 250+ completed transactions
• Broad global network
• Creative solutions
• Senior level focus on every transaction
• Founded in 1991
• Entrepreneurial and owner-managed
DEEP DOMAIN EXPERTISE IN THREE INTER-RELATED SECTORS… …AND BROAD INDUSTRY NETWORKS
Marketing
Healthcare
Technology
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
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Dec-14Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Jan-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Feb-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Mar-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-1550%
60%
70%
80%
90%
100%
110%
120%
130%
140%
150%
Diversified Internet NASDAQ Comp MarTech Data AdTech
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
Results International Global AdTech & MarTech Indices
Dec-15Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15
Notes: Based on share prices as at 31st December 2015; indices weighted by market capitalisationSources: Capital IQ and Results analysis
LAST
12
MON
TH S
HARE
PRI
CE P
ERFO
RMAN
CE
(0.7%)
42.8%
5.7%
(5.7%)
(37.3%)
Q4 2015 PERFROMANCEDiversified Internet 22.5%Nasdaq Comp 8.4%Data 6.6%AdTech 1.7%MarTech (2.1%)
4
(100%)
(50%)
-
50%
100%
150%
(80.4%)
(35.8%)
(2.0%)
(49.5%)(57.7%)(55.1%)
(85.1%)
(46.8%)
(78.8%)(78.3%)(54.5%)
1.9%
(28.2%)(39.7%)(30.4%)
(45.5%)(20.3%)(20.3%)
(6.2%)
67.5%
(12.3%)
8.7%
51.8%
3.2%
(3.3%)
10.4%
(39.5%)
46.6%
117.8%
(51.0%)
34.1%
(34.2%)
(100%)
(80%)
(60%)
(40%)
(20%)
-
20%
40%
60%
(78.2%)
(38.2%)
5.5%
(14.0%)
14.4%
(5.0%)
(58.1%)
10.1%
(45.7%)
(25.3%)
0.0%13.2%10.8%
29.3%35.5%
(2.9%)
26.0%20.6%4.4%
21.4%
1.0%
(4.4%)
(26.7%)
5.9% 6.8% 13.5%
(8.8%)
21.9%32.0%
12.4%16.4%15.0%
AdTech & MarTech: Share Price Performance
EV/2015E Net Revenue n.m 0.3x - 2.4x 1.6x 1.0x 0.6x 2.2x 3.3x 0.6x 3.9x 1.0x 1.5x 1.4x 2.2x 8.3x 5.9x11.3
x11.5
x1.9x 4.9x 4.4x 1.3x 7.9x 3.0x 16.1
x6.7x4.1x4.3x 1.0x 0.3x 11.0
x(1)
(1) 2015E Net Revenue data is unavailable(2) These companies have IPO’d within the last 12 months, the share price movement represents the change between each stocks respective IPO date (see slide 4) and 31 st December 2015Note: Based on share prices as at 31st December 2015Sources: Capital IQ and Results analysis
(2) (2)
(2)
(2)
ADTECH DIVERSIFIED INTERNETMARTECH DATA
LAST
12
MON
TH S
HARE
PRI
CE
PERF
ORM
ANCE
Q4 2
015
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
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AdTech & MarTech: Selected Stocks – Performance Since IPO
COMPANY IPO DATE DESCRIPTION RAISED ($M)
INDICATIVE PRICE RANGE ($)
IPO LISTING PRICE ($)
DAY 1 INCREASE
CURRENT INCREASE
CURRENT EV ($M)
EV / NET REVENUE
2015EEV / EBITDA
2015E
Jun-15 AI ad optimisation 42 n.a. 2.1 4.2% (80.4%) (7) n.m. n.m.
May-15 eCommerce platform 131 12.0-14.0 17.0 51.1% 51.8% 2,152 11.0x n.m.
Mar-15 Localised ad targeting 75 10.5-12.5 11.5 (15.1%) (85.1%) 23 0.3x n.m.
Oct-14 Marketing automation 125 22.0-24.0 25.0 20.4% 125.2% 2,030 11.3x n.m.
Sept-14 Multi-channel ad server 75 n.a. 1.7 0.8% (51.1%) 42 n.a. n.a.
Jul-14 Programmatic video DSP 44 7.0-8.0 7.0 64.3% 94.3% 437 3.9x n.m.
Jul-14 Multi-channel ad network 70 n.a. 3.9 4.4% (60.3%) 159 2.4x 11.1x
Apr-14 SSP 102 15.0-17.0 15.0 33.9% 9.7% 718 3.3x n.m.
Nov-13 Multi-channel network 33 n.a. 1.0 20.0% (90.4%) 22 1.0x n.m.
Oct-13 DSP focused on retargeting 251 27.0-29.0 31.0 14.2% 27.7% 2,201 4.3x 19.6x
Sep-13 DSP 116 27.0-29.0 29.0 93.4% (88.0%) 151 0.6x n.m.
Aug-13 Video ad network 46 12.0-14.0 9.0 0.0% (61.0%) 72 1.0x n.m.
Nasdaq
LSE
NYSE
AIM
Nasdaq
Nasdaq
NYSE
AIM
NYSE
AIM
NYSE
NYSE
(1) Current increase from IPO price; Market data as of 31st December 2015Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 60x EV / EBITDASources: Capital IQ and Results analysis
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
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AdTech MarTech Data Diversified Internet
Global AdTech/ MarTech
-
5%
10%
15%
20%
25%
30%
35%
26.5%
30.4%
0.7%
17.0%
20.4%
AdTech MarTech Data Diversified Internet
Global AdTech/ MarTech
-
1.0 x
2.0 x
3.0 x
4.0 x
5.0 x
6.0 x
7.0 x
8.0 x
1.0 x
7.1 x
3.2 x
6.7 x
2.7 x
AdTech & MarTech: Valuation Benchmarks
(1) (1)
(1) Global AdTech / MarTech represents the median of all stocks in AdTech, MarTech, Data & Diversified InternetNotes: EV = Enterprise Value; Financials calendarised to December year end; Median values reportedSee Selected Publicly Traded Companies (Slide 11) for details of companies included in each categorySource: Capital IQ & analyst reports
REVENUE GROWTH (2015-16E) EV / NET REVENUE 2015E
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
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Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 20150
20
40
60
80
100
120
-
$1bn
$2bn
$3bn
$4bn
$5bn
$6bn
$7bn
$8bn
$9bn
5443
74
52
108101
113106
98 101112
100
Number of deals Total disclosed deal value ($bn)
NUMB
ER O
F DEA
LS
TOTA
L DI
SCLO
SED
DEAL
VAL
UE ($
BN)
AdTech & MarTech: Global M&A Activity Q1 2013 – Q4 2015
(1) Q3 2014 data includes Alliance Data’s acquisition of Conversant ($2.2bn)(2) Q2 2015 data includes Verizon’s acquisition of AOL ($4.3bn)Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
(1) (2)
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AdTech & MarTech: Selected Deals in H2 2015
DATE BUYER TARGET EV ($M) EV/REVENUE COMPANY DESCRIPTION TARGETLOCATION
Dec 15 20 1.0x B2B mobile ad network
Dec 15 - - Programmatic ad optimisation
Dec 15 141 1.0x Ad network with proprietary ad formats
Nov 15 20 1.0x Rich media Ad Server
Nov 15 450 7.9x Marketing BI DMP
Nov 15 1,083 2.4x Email and social marketing
Sep 15 683 6.3x TV and movie measurement
Sep 15 120 - Content management & GRC
Sep 15 - - Mobile attribution
Sep 15 - - In-store customer analytics
Sep 15 89 1.9x Social and video ad network
Sep 15 - - Mobile ad app SDK
Sep 15 17 1.1x Mobile and social DSP
Sep 15 500 - OTT video content
Sep 15 218 1.9x Mobile ad network and ad exchange
Aug 15 - - Predictive marketing CRM
Aug 15 - - Cross-channel optimisation and personalisation
Jul 15 1,000 6.0x Multi-channel, big data marketing cloud
(1) In certain cases EV/Revenue are publicly reported estimates; TTM net revenues have been used where possible (gross revenues minus TAC generated in the last 12 months); EV = transaction value scaled to 100% shareholding plus net debt (incl. minority interest)
(2) Earn out of $25m has not been included in the calculation of EV(3) Deal has been announced, but is yet to close(4) Earn out of $86m (£56m) has not been included in the calculation of EVSources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
(4)
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AdTech & MarTech: Selected Deals in H1 2015
DATE BUYER TARGET EV ($M) EV/REVENUE COMPANY DESCRIPTION TARGETLOCATION
Jun 15 720 3.5x Campaign management and optimisation stack
Jun 15 - - Targeted TV SSP
May 15 43 1.6x Ad server & search retargeting
May 15 12 1.1x Mobile DSP
May 15 4,135 2.3x Online publisher and full ad tech stack
May 15 26 4.2x eCommerce marketing platform
Apr 15 533 - Predictive cross-device retargeting
Apr 15 120 - mCommerce platform
Apr 15 200 5.0x eCommerce marketing automation
Apr 15 22 3.1x Mobile ad tracking
Mar 15 100 4.3x Retargeting DSP
Mar 15 85 5.0x Programmatic direct SSP
Mar 15 58 1.9x Mobile marketing optimisation
Mar 15 195 5.6x DMP
Feb 15 30 - App marketing SSP
Feb 15 - - Omni-channel shopper data & analytics
Jan 15 - - Ad exchange with DSP & SSP capabilities
Jan 15 125 6.3x B2B DMP
(1) In certain cases EV/Revenue are publicly reported estimates; TTM net revenues have been used where possible (gross revenues minus TAC generated in the last 12 months); EV = transaction value scaled to 100% shareholding plus net debt (incl. minority interest)
(2) Earn out of $22m has not been included in the calculation of EVSources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
(1)
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AdTech & MarTech: Selected Fundraisings in H2 2015
DATE COMPANY TYPE OF ROUND
FUNDS RAISED
($M)INVESTOR PARTICIPATON COMPANY DESCRIPTION COMPANY
LOCATION
Dec 15 Series C 49 Mercato Partners (lead investor), Staley Capital and Silicon Valley Bank Data-driven marketing
Dec 15 - 22 Danica Pension DSP, DMP and Ad Server
Dec 15 Series B 30 Led by several major institutional investors, including European Investment Bank and Dutch L’Arche BV Native ad automation
Oct 15 Series C 33 Partech (lead investor), Highland Capital Partners Europe and Nauta Capital Social media monitoring
Oct 15 - 20 Accel-KKR eCommerce insight and optimisation
Oct 15 Series C 53 Insight Venture Partners, Lead Edge Capital, Mack Capital, Volition Capital (lead investors) and Silicon Valley Bank Tag and data management
Oct 15 Series B 65 Lightspeed Venture Partners (lead investor), Sequoia Capital, IDG Ventures and Lakestar
B2B predictive marketing data and analytics
Oct 15 Series C 58Index Ventures (lead investor), Andreessen Horowitz, Bain Capital Ventures, Battery Ventures, Benchmark, Citi Ventures, Correlation Ventures, Danhua Capital, Pharus Capital Management, Salesforce Ventures and Tenaya Capital
Content A/B testing
Sep 15 Debt 100 Tennenbaum Capital Partners Mobile discovery platform
Sep 15 Debt 30 Silicon Valley Bank Programmatic ad exchange
Sep 15 Series A 33 Vector Capital B2C marketing cloud
Sep 15 Series B 40 IHeartMedia (lead investor), Advance Publications, Upfront Ventures and Foundry Group; Silicon Valley Bank (debt) Social data and ad buying
Aug 15 Series B 45 Tenaya Capital (lead investor), Sequoia Capital, SoftTech VC and others
Mobile marketing automation
Jul 15 Series E 67 Silicon Valley Bank (debt); Sapphire Ventures (lead investor), Cross Creek Advisors and previous investors Ad viewability and fraud
Jul 15 Series D 50Founders Fund (lead investor), BlueRun Ventures, Glynn Capital Management, AME Cloud Ventures, Yuan Capital, Salesforce Ventures, Formation 8
B2B predictive marketing
Jul 15 Series F 50 Susquehanna Growth Equity Content recommendation
Jul 15 Series G 30Sageview Capital (lead investor), Adobe Systems, Altos Ventures, Costanoa Venture Capital, Greenspring Associates, Salesforce.com Ventures, Scale Venture Partners and Sigma West
B2B account-based marketing
Jul 15 Series D 42 FTV Capital (lead investor), Mayfield Fund, InterWest Partners and FirstMark Capital
Omni-channel content management
(1) Round is reported to be split between unspecified equity and debt funding(2) Round is reported to be split $30million equity funding, $10million debt funding(3) Round is reported to be split $27million equity funding, $40million debt fundingSource: Press Releases, Capital IQ, Mergermarket and Results analysis
(2)
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AdTech & MarTech: Selected Fundraisings in H1 2015
DATE COMPANY TYPE OF ROUND
FUNDS RAISED
($M)INVESTOR PARTICIPATON COMPANY DESCRIPTION COMPANY
LOCATION
Jun 15 - 54 Harmony Partners (lead investor), Industry Ventures, DFJ Esprit, Trinity Ventures, Crosslink Capital and Adams Street Partners DSP
Jun 15 Series B 13 Smedvig Capital (lead investor), Panoramic Growth Equity Search retargeting
Jun 15 Series A 12 Softbank Capital and Google Ventures Predictive eCommerce targeting
Jun 15 Series D 33 FTV Capital (lead investor), Battery Ventures, First Round Capital and Shasta Ventures
Targeted in-email advertising
Jun 15 Series D 21 Ares Capital Corporation (lead investor), Vision Private Equity, Verlinvest, Syngenta Ventures and Unilever Ventures Mobile marketing CRM
May 15 Series D 74 Vitruvian Partners (lead investor), Seed Capital, Northzone, Index Ventures and DFJ Esprit
eCommerce review community
May 15 Series B 30 Neuberger Berman Digital media planning & management
May 15 Series C 40 Lightspeed Venture Partners (lead investor), Lerer Hippeau Ventures, First Round Capital, GGV Capital and Sequoia Capital Marketing management
Apr 15 Series A 5 Dawn Capital (lead investor), Northzone and Conor Ad viewability
Mar 15 Series E 46 Battery Ventures, Intel Capital, and Iconiq Capital Social media management
Mar 15 Series D 35 Sapphire Ventures (lead investor), Foundation Capital and Polaris Partners
Mobile analytics & marketing for apps
Mar 15 Series C 45 Undisclosed Augmented reality mobile ads
Feb 15 Series D 32 Adobe and Salesforce Ventures (lead investors), Cue Ball, Greycroft Partners, Hillsven Capital and US Venture Partners Content curation
Feb 15 Series D 31 Georgian Partners (lead investors), Bain Capital, Battery Ventures, Tenaya Capital and Presidio Ventures Tag management
Feb 15 Series C 16Frog Capital (lead investor), Bertelsmann Digital Media Investments, Greycroft, Sussex Place Ventures and Silicon Valley Bank
Affiliate marketing
Feb 15 Series E 117Fidelity Management and Research Company (lead investors), Marker Financial Advisors, Steadfast Capital, Advance Publications, Comcast Ventures; Groupe Arnault, Yahoo Japan and private investors
Content recommendation engine
Jan 15 Series D 55 Institutional Venture Partners (lead investor), Sequoia Capital, Greycroft Partners and IDG Capital Partners App data & analytics
Jan 15 Series C 30 Gimv, Partech and Elaia and BPI (investors), Bank of China, HSBC, BNPP and BPI (debt) Video SSP(1) Round is reported to be split $27million equity funding, $27million debt funding
(2) Round is reported to be split €12million equity funding, €6.5million debt funding(3) Round is reported to be split €12million equity funding, £10million debt fundingSource: Press Releases, Capital IQ, Mergermarket and Results analysis
(3)
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QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
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COMPANY OPERATING METRICS VALUATION METRICSPRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE GROWTH EBITDA MARGIN NET REVENUE EBITDA Revenues
(31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE ($M) CY14-15 CY15-16 CY2015 CY2016 CY2015 CY2016 CY2015 CY2016ADTECHAdgorithms LTD 0.41 18.1% 27 35 (35) (7) 56.3% 65.0% 67.5% 58.7% n.m. n.m. n.m. n.m.Blinkx plc 0.25 42.0% 101 75 (75) 26 (11.1%) 3.7% (0.4%) 3.2% 0.3 x 0.3 x n.m. 8.8 xCriteo SA 39.60 69.1% 2,490 305 (290) 2,201 56.1% 26.0% 21.8% 24.8% 4.3 x 3.4 x 19.6 x 13.7 xCrossrider Plc 0.82 50.5% 120 78 (78) 42 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.Marin Software Incorporated 3.58 41.5% 133 33 (30) 103 7.6% 5.7% (10.4%) 0.1% 1.0 x 0.9 x n.m. n.m.Matomy Media Group Ltd. 1.54 42.7% 144 43 15 159 0.8% 34.7% 22.1% 28.1% 2.4 x 1.8 x 11.1 x 6.5 xMaxPoint Interactive, Inc. 1.71 15.2% 45 49 (21) 23 33.8% 11.2% (20.0%) (27.7%) 0.3 x 0.3 x n.m. n.m.Opera Software ASA 5.71 47.8% 838 85 78 917 20.1% 20.4% 15.8% 18.3% 1.6 x 1.3 x 10.0 x 7.2 xRightster Group Plc 0.09 20.3% 34 12 (12) 22 70.1% 39.9% (71.6%) (19.3%) 1.0 x 0.7 x n.m. n.m.Rocket Fuel Inc. 3.49 20.7% 150 83 0 151 13.9% 2.6% (58.2%) (8.6%) 0.6 x 0.5 x n.m. n.m.Taptica International Ltd 0.92 35.3% 64 23 (23) 41 (2.0%) 52.5% 9.7% 25.0% 2.2 x 1.5 x 23.0 x 5.8 xThe Rubicon Project, Inc. 16.45 79.9% 798 80 (80) 718 76.3% 33.0% 3.9% 5.5% 3.3 x 2.4 x n.m. 44.5 xTremor Video, Inc. 2.06 62.9% 107 66 (66) 42 29.8% 27.0% (46.3%) (2.1%) 0.6 x 0.4 x n.m. n.m.TubeMogul, Inc. 13.60 57.9% 519 84 (83) 437 40.6% 28.7% (21.1%) (10.5%) 3.9 x 3.0 x n.m. n.m.YuMe, Inc. 3.51 55.0% 121 48 (48) 72 (11.5%) 3.6% (15.5%) (7.8%) 1.0 x 0.9 x n.m. n.m.MARTECHBazaarvoice, Inc. 4.38 46.6% 353 110 (53) 300 6.9% 8.4% (3.5%) 3.9% 1.5 x 1.4 x n.m. 35.8 xBrightcove Inc. 6.20 73.3% 203 24 (22) 180 6.8% 8.0% 5.0% 6.2% 1.4 x 1.2 x 26.9 x 20.1 xConstant Contact, Inc. 29.24 67.7% 981 181 (181) 801 11.2% 13.9% 19.7% 21.9% 2.2 x 1.9 x 11.0 x 8.7 xDemandware, Inc. 53.97 71.1% 2,132 183 (183) 1,949 45.9% 28.7% 7.8% 8.2% 8.3 x 6.5 x n.m. n.m.HubSpot, Inc. 56.31 93.7% 2,134 105 (104) 2,030 54.6% 33.7% (13.6%) (8.8%) 11.3 x 8.5 x n.m. n.m.Marketo, Inc. 28.71 80.6% 1,336 113 (106) 1,230 39.9% 32.1% (8.7%) (5.3%) 5.9 x 4.4 x n.m. n.m.New Relic, Inc. 36.43 90.8% 2,022 189 (189) 1,833 61.4% 37.9% (21.6%) (10.9%) 11.5 x 8.4 x n.m. n.m.Shopify Inc. 25.80 61.2% 2,339 187 (187) 2,152 86.4% 43.6% (1.0%) 2.7% 11.0 x 7.7 x n.m. n.m.DATAAcxiom Corporation 20.92 89.3% 1,658 181 28 1,686 (15.0%) (0.1%) 14.6% 16.0% 1.9 x 1.9 x 13.2 x 12.0 xAlliance Data Systems Corporation 276.57 88.6% 16,949 977 14,554 31,503 22.4% 12.2% 29.2% 29.4% 4.9 x 4.3 x 16.6 x 14.7 xExperian plc 17.71 95.0% 17,040 165 3,356 20,396 (3.8%) 1.6% 33.6% 34.5% 4.4 x 4.3 x 13.1 x 12.6 xTeradata Corporation 26.42 56.2% 3,514 874 (164) 3,350 (7.9%) (4.8%) 21.9% 24.0% 1.3 x 1.4 x 6.1 x 5.8 xDIVERSIFIED INTERNETAlphabet Inc. 778.01 97.4% 539,129 70,912 (62,415) 476,714 14.1% 17.0% 40.4% 44.4% 7.9 x 6.8 x 19.6 x 15.2 xAmazon.com, Inc. 675.89 97.0% 317,102 14,428 4,159 321,261 20.5% 20.9% 10.2% 11.3% 3.0 x 2.5 x 29.5 x 21.8 xeBay Inc. 27.48 41.2% 32,994 5,301 2,138 35,132 (2.9%) 4.8% 40.8% 41.2% 4.1 x 3.9 x 10.0 x 9.5 xFacebook, Inc. 104.66 94.6% 297,275 15,834 (15,708) 281,567 39.9% 37.8% 62.4% 61.3% 16.1 x 11.7 x 25.9 x 19.1 xYahoo! Inc. 33.26 65.5% 31,545 5,882 (4,632) 26,913 (8.3%) (4.0%) 8.0% 13.3% 6.7 x 7.0 x n.m. 52.1 x25th percentile (0.6%) 5.2% (12.0%) (3.7%) 1.3 x 1.3 x 11.0 x 8.7 xMedian 20.1% 20.4% 7.8% 8.2% 2.7 x 2.2 x 14.9 x 13.1 x75th percentile 43.3% 33.4% 21.9% 24.9% 5.6 x 4.4 x 22.1 x 19.8 x
AdTech & MarTech: Selected Publicly Traded Companies
Notes: Broker reports have been used for selected company financials – Liberium (Aug-15) for Adgorithms, Numis (May-15) for Blinkx, JP Morgan (Nov-15) for Criteo, Canaccord Genuity (Nov-15) for Matomy Media, William Blair (Nov-15) for MaxPoint Interactive, Cenkos (Oct-15) for Rightster, BMO Capital Markets (Nov-15) for Rocket Fuel, N+1 Singer (Sep-15) for Taptica, Jefferies (Dec-15) for The Rubicon Project, Jefferies (Nov-15) for Tremor Video, BMO Capital Markets (Aug-15) for TubeMogul, Deutsche Bank (Nov-15) for YuMe, RBC Capital Markets (Dec-15) for Alphabet and JP Morgan (Oct-15) for Yahoo!Note: Calendarised to December year end. Cap multiple at 20x EV/Revenue and 60x EV/EBITDA. Net debt is inclusive of minority interest and preferred equity. Net revenues have been used where appropriateSources: Capital IQ, market data as of 31st December 2015
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
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QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH
Disclaimer: This document has been produced by Results International Group LLP (“Results”) and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein and, accordingly, none of Results’ officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.Authorised and regulated by the Financial Conduct Authority.
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t +1 (0)646 747 6505e [email protected]
Julie LangleyPARTNER – LONDON
t +44 (0)20 7514 8247e [email protected]
Maurice WatkinsPARTNER – NEW YORK
t +1 (0)646 747 6500e [email protected]
Andrew KeffordPARTNER – APAC
t +65 (0)6221 3575e [email protected]