gridley at-business-insider-2012-creating-value-in digital-world
TRANSCRIPT
DIGITAL CHALK TALK: Creating Value in Today’s Increasingly Digital World
November 28, 2012
2
I. Where Value is Being Created in Digital
II. Summary of IPO Performance
III. What’s Happening in Digital New York
IV. Quick Gridley Commercial
Agenda
I. Where Value is Being Created in Digital
4
1%
10%
2009 May 2012
% o
f G
lob
al
Inte
rnet
Tra
ffic
373
1,005
2007 2012
Go
ba
l S
oci
al
Ne
two
rk U
sers
(Millions)
Tectonic Shifts Underlying Digital Continue
Growth of Mobile
Source: Strategy Analytics. Source: KPCB
Growth of Social
(Website)
(PR, Word of Mouth)
(PR, Twitter, Facebook,
Blogs, video sharing)
(eCRM, Website) (eCRM, Website,
Syndicated Channels,
Content)
90%
Paid Media
(Advertising)
60%
Paid Media
80%
Paid Media
5%
Owned
media
5%
Earned
media
7%
Owned
media
13%
Earned
media
10%
Owned
media
30%
Earned
media
Video Sharing, Wiki, Bookmarking, Social
Networking, Crowdsourcing,
Co-Creation, Commenting etc.)
2000 2010 2015
(PR, Blogging,
5
Unprecedented Time for Enormous Value Creation
• Traditional industry leaders are highly vulnerable like never before
Open Architecture New Business Models Open Source Cloud Computing
• Innovation at record speeds – Approximately $130 Billion of value created in 3 years
Private Public
6
Computing Platform Shifting Underlies Much of the Value
Reallocation in Digital
• Windows loses 40% of
market in less than four
years
• Open Source grows to
1/3 of market
7
Volatility is Inevitable as Emerging Digital Leaders
Develop Their Business Models in the Public Eye
2002
2004
2007
2007
2008
$6.2 Billion
$73.0 Billion
$6.0 Billion
$11.7 Billion
$10.7 Billion
Year Founded Value One Year Ago Company
Sources: Second Market and CapIQ as of November 25, 2012
Value Today
< $1.0 Billion
$11.6 Billion
$52.7 Billion
$1.9 Billion
$2.5 Billion
2004 $1.2 Billion $561 Million
8
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
App
le
Mic
roso
ft
Goo
gle
IBM
Ora
cle
Am
azo
n
Vis
a
Dis
ney
eB
ay
Mast
ercard
Fac
ebo
ok
New
sco
rp
Tim
e W
arn
er
Via
com
Yah
oo
CB
S
Sal
esf
orc
e
Dis
cov
er
WP
P
Om
nic
om
Pub
lici
s
All
iance D
ata
Den
tsu
IPG
AO
L
NY
Tim
es
Ma
rket C
ap
($
in
bil
lio
ns)
Key Players Positioned to Attack Emerging Growth
Markets
Payments Content
Advertising /
Marketing
Commerce
Mobile
Social
eCommerce led Services led Payments led Content led Platform driven Technology led
9
0
200
400
600
800
1000
December 2004 October 2012
Users (
mil
lion
s)
Social is Chewing Through Multiple Markets
Commerce
Payments
AdTech/Mkt
Content
• Developing models that tie social
connectivity into the path to purchase
• Infrastructure underlying social commerce
still primitive
• Facebook alone represents about 1/3 of total
impression volume
• Facebook recently announced plan to extend
data outside of its properties for ad targeting
• Scalable business historically limited to
gaming
(0.7)
(0.6)
(0.5)
(0.4)
(0.3)
(0.2)
(0.1)
0.0
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
ΔS
ubscrib
ers (
mil
lion
s)
Net Subscriber Adds for Cable TV
Source: One Touch Intelligence.
Monthly Active Facebook Users Worldwide
Source: Facebook S-1
10
Notable M&A
2012 Was the Year of Social M&A
$1.2BN
$1BN
$745MM
$85MM
$50MM
$40MM
$25MM
$32MM
$100MM
$53MM
NA
NA
© 2012 Gridley & Company LLC
Notable Private Financings
Acquirer Target Company
NA
11
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2009 2010 2011 2012E 2013E 2014E 2015E
Glo
ba
l In
sta
lled
Ba
se (B
illi
on
s)
Desktops+NotebooksSmartphones+Tablets
Can We Take Mobile Seriously Yet?
Note: Notebook PCs include Netbooks. Assumes the following lifecycles: Desktop PCs – 5 years: Notebook PCs – 4 years; Smartphones – 2 years; Tablets – 2.5 years.
Source: Morgan Stanley Research, 2012.
Q2:13E: Projected Inflection Point
Smartphones + Tablet Installed Base >
Total PCs Installed Base
Commerce
Payments
AdTech/Mkt
Content
• Certain retailers seeing 30%+ of transactions
originating from mobile form factors
• Industry titans chasing opportunity to
reimagine mobile payments, especially in-
store
• Very young category
• Integration of marketing and payments
• Scalable business historically limited to
gaming
12
Notable M&A
Mobile M&A Growing Up Quickly, Albeit on Small Volume
$1BN
$183MM
$50MM
$70MM
$35MM
$20MM
$16MM
$200MM
$50MM
NA
NA
© 2012 Gridley & Company LLC
Notable Private Financings
Acquirer Target Company
Source: CapIQ
13
POS – A Major Battleground in Mobile
Market Research /
Data Analytics
Digital Commerce
Account Marketing
Payments
eReceipts
Consumer
14
Keys to Value Creation in the Digital Economy
Durable and extensible
platforms
Technical barrier or consumer lock-in
Enduring brand Ability to evolve
quickly
15
Digital Bellwethers – Apple vs. Google
Stock Price Performance Market Cap ($ billions)
$528
$220
Apple Google
(100%)
(50%)
0%
50%
100%
150%
200%
250%
Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 May-12 Oct-12
Apple Google S&P 500
% Price Δ
Apple Google
YTD 39.7% 3.5%
1-Year 50.9% 12.3%
3-Year 176.7% 14.6%
5-Year 245.1% 6.8%
16
• Aggressive acquirer to maintain mindshare in key sectors
• Intelligently consolidated capabilities across adtech stack
• Acquired its way into largest growth markets – mobile and payment
• Took a long term bet on online video, just starting to realize value today
• Considerable resources to experiment in new areas
− $45bn in cash
• Has aggressively invested as core search business matures
• Took advantage of unfocused
consumer electronics players in
mobile to build a platform
company
• Remained true to its closed
environment philosophy
• Remained relatively agnostic to
application
− Used M&A as a tool to fill
holes in building platform
services
• Considerable firepower to adapt
− $120bn in cash
Digital Bellwethers – Apple vs. Google
17
Commerce Leaders – Amazon vs. eBay
Stock Price Performance Market Cap ($ billions)
$104
$62
Amazon eBay
(30%)
(10%)
10%
30%
50%
70%
90%
110%
Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 May-12 Oct-12
Amazon eBay S&P 500
% Price Δ
Amazon eBay
YTD 32.7% 58.0%
1-Year 16.5% 60.8%
3-Year 72.8% 103.1%
5-Year 190.1% 48.8%
18
• Saw mobile and local services
early and made smart
acquisitions across the path to
purchase
• Recognized opportunity to “facilitate” commerce and acquired GSI Commerce
• Grew Paypal into a payments platform that is portable to mobile and offline
• Made considerable investments against its “partner” strategy as core eBay commerce business stagnated
• Very selective but strategic
about owning key commerce
assets
• Most notable acquisitions
intended to maintain high
barrier through brand and price
• Aggressively moving into
hardware and offline as mobile
emerges as an important
facilitator of commerce
Commerce Leaders – Amazon vs. eBay
19
Digital Content Leaders - Yahoo vs. AOL
Stock Price Performance Market Cap ($ billions)
$22
$3
Yahoo AOL
(70%)
(50%)
(30%)
(10%)
10%
30%
50%
70%
Nov-09 Apr-10 Sep-10 Feb-11 Jul-11 Dec-11 May-12 Oct-12
Yahoo AOL S&P 500
% Price Δ
Yahoo AOL
YTD 14% 134.9%
1-Year 19% 140.8%
3-Year 20% 41.5%
5-Year (31%) NA
20
• Aggressive acquirers in technology early, but fragmentation of content and adtech difficult
to counteract
• Rebirth of both companies with new management teams
• Jury still out on sustainability of models
− Yahoo – “Productizing” around mobile platform
− AOL – Assembling a stable to top tier content brand
• Large stock moves to date driven by one-time events
Digital Content Leaders - Yahoo vs. AOL
2006 2007 2008 2010 2011 2009 2005 2012
Didn’t participate in
shift to mobile
Notable M&A Deals Outside of Publishing
21
The Enterprise - Oracle vs. Salesforce vs. IBM
Stock Price Performance Market Cap ($ billions)
$215
$146
$20
IBM Oracle Salesforce
(50%)
0%
50%
100%
150%
200%
Nov-09 Apr-10 Aug-10 Dec-10 May-11 Sep-11 Jan-12 May-12 Oct-12
Oracle Salesforce IBM S&P 500
% Price Δ
Oracle Salesforce IBM
YTD 18% 45.2% 3.5%
1-Year (2%) 29.9% 2.8%
3-Year 36% 125.1% 48.8%
5-Year 47% 172.4% 86.2%
22
The Enterprise - Oracle vs. Salesforce vs. IBM
• Historically reluctant to adapt
to enterprise cloud models
• Has recently made numerous
acquisitions to evolve product
and business model
• Broke from historical stance of
staying agnostic to applications
• Aggressively acquiring
vertically oriented data assets to
maintain category leadership
• Leverages early leading cloud based applications to
methodically build out sales/service suite
II. Summary of IPO Performance
24
Current State of Digital IPO Market
• Challenging market for digital/internet IPOs this year
− Facebook performance brought into question consumer internet valuations
− Platform dependencies exasperated downward pressure
• M&A very risky strategic tool for newly public companies today
− New digital companies having to compete for scarce assets against much
larger competitors
− Lack of financial fundamentals in most targets today brings new levels of risk
to shareholders
• Numerous consumer internet companies required to change business model
while being public
− Zynga, Groupon, DemandMedia
• Enterprise marketing remains relatively healthy
− Performance dictated by company fundamentals
25
Digital IPOs in 2012 vs. 2011
2012YTD U.S. Digital IPOs 2011 U.S. Digital IPOs
($ in millions) Offer Current Performance ($ in millions) Offer Current Performance
Date Company Size Market Value Since IPO Date Company Size Market Value Since IPO
Oct 11 Workday, Inc. $732.6 $8,311.0 85.2% Dec 15 Zynga, Inc. $1,000.0 $1,842.3 (76.5%)
Oct 10 Shutterstock, Inc. 76.5 868.0 52.4% Dec 12 Jive Software, Inc. 161.3 879.8 14.0%
Oct 02 LifeLock, Inc. 141.3 703.6 (9.4%) Nov 16 Angie's List, Inc. 114.3 636.5 (15.3%)
Sep 19 Trulia, Inc. 102.0 464.8 0.0% Nov 03 Groupon, Inc. 700.0 2,596.6 (80.2%)
Aug 01 Eloqua, Inc. 92.0 609.3 53.7% Aug 10 Carbonite, Inc. 71.9 239.1 (6.8%)
Jul 25 E2open, Inc. 70.3 350.8 (6.7%) Jul 19 Zillow, Inc. 79.6 846.9 26.7%
Jul 19 Kayak Software 91.0 1,526.6 52.3% Jun 28 HomeAway, Inc. 248.4 1,741.7 (22.4%)
May 17 Facebook, Inc. 16,006.9 56,652.1 (31.2%) Jun 16 Bankrate, Inc. 336.8 1,187.6 (20.9%)
Mar 28 CafePress Inc. 85.5 92.2 (71.6%) Jun 14 Pandora Media, Inc. 234.9 1,425.3 (47.3%)
Mar 28 Millennial Media Inc. 132.6 1,034.8 1.6% May 25 The Active Network, Inc. 165.0 285.3 (68.6%)
Mar 22 Vipshop 71.5 663.1 101.7% May 18 LinkedIn Corporation 352.8 11,560.4 139.1%
Mar 21 ExactTarget, Inc. 161.5 1,359.6 5.1% May 10 FriendFinder Networks Inc. 50.0 20.1 (93.7%)
Mar 21 Vantiv, Inc. 500.0 2,766.8 26.5% Apr 20 Responsys, Inc. 79.4 318.1 (45.7%)
Mar 14 Demandware, Inc. 88.0 819.3 72.3% Apr 13 Zipcar, Inc. 200.5 303.7 (57.9%)
Mar 01 Yelp, Inc. 107.3 1,281.2 34.9% Jan 25 Demand Media, Inc. 174.0 726.6 (49.8%)
Feb 23 Bazaarvoice, Inc. 113.8 653.3 (21.2%) Mean (27.0%)
Feb 17 Brightcove, Inc. 55.0 278.5 (9.0%) Median (45.7%)
Feb 09 Synacor, Inc. 34.1 $149.1 10.0%
Mean 15.4%
Median 5.1%
26
Social Consumer IPOs
Stock Price Performance Commentary
• Doubled down with M&A and investment
in an unsustainable model
• Negative publicity was too hard to
overcome
• Dismal M&A strategy; paid $180mm for
OMGPOP, wrote it off shortly thereafter
• Realization of platform risk and consumer
behavior shift in a short period of time
• Jury is out on quality of long term business
revenue growth model
• Company aggressively experimenting
(100%)
(80%)
(60%)
(40%)
(20%)
0%
20%
40%
60%
IPO
OfferPrice
30
days
60
days
90
days
120
days
150
days
180
days
210
days
240
days
Groupon Zynga Facebook
27
Lead Gen / Content IPOs
Stock Price Performance Commentary
• Had successfully built a content business
around high value verticals such as finance
and insurance
• Disappointing recent quarter as company
makes adjustments to its revenue model
• Content farm = Unsustainable business
model
• Pivoting towards AOL strategy
• Successful exit three months after IPO
(80%)
(60%)
(40%)
(20%)
0%
20%
40%
60%
80%
IPO
OfferPrice
60
days
120
days
180
days
240
days
300
days
360
days
420
days
Bankrate Demand Media Kayak
28
Marketing Automation IPOs
Stock Price Performance Commentary
• Has struggled to counter pricing issues at
large enterprise end of the market
• Successfully transitioned business away
from traditional email marketing
• Growing at north of 40%
• Successfully created B2B marketing
automation category
(60%)
(40%)
(20%)
0%
20%
40%
60%
80%
100%
120%
140%
IPO
Offer
Price
60 days 120
days
180
days
240
days
300
days
360
days
Responsys ExactTarget Eloqua
29
Exciting Value Creators for 2013
MOBILE
Broadcast Ad Models
Local + Social Apps
Niche Utilities
All categories discovering
new ways to employ data to
enhance consumer
experience and revenue
Early Ad Model
Location specific apps
Transaction based models
30
SOCIAL
Broad Interest Networks
Enterprise Tools
Niche Networks
• Enterprise & Social
integrating within
broader suites
• Emergence of Niche
Networks
Platforms develop
Single channel management tools
Context based environments
Exciting Value Creators for 2013
31
Exciting Value Creators for 2013
eCOMMERCE
Retailing Online
Niche Commerce
Convergence
• Evolution of new consumer
models
• “Convergence” a major area
of investment among
commerce leaders and VCs
Development of new business models
Tight integration offline and online
Creation of online only businesses
32
Exciting Value Creators for 2013
MARKETING SERVICES
Email Marketing
New Channels
Multi-Channel/Mktg.
Automation
• Data driven capabilities fuel
nearly all M&A and investments
in Mktg Services
• Currently in an integration
phase – putting all of the pieces
together
Development of leading single channel solutions
Data based models to drive higher ROI
Primitive digital capabilities
III. What’s Happening in Digital NY
34
Gridley’s Guide to Digital NY
• Unique and comprehensive report for investors, buyers and entrepreneurs looking for one place to
quickly get up to speed on New York’s exciting, explosive digital ecosystem
• We decided to put together this report last year after people kept asking us about all of the “digital
momentum” in NY. There was a feeling that lots was going on, but people didn’t really understand
just what “it” was and how extensive “it” was. We aim to answer those questions here
• For an “easy to use” website that lays out the information in this report (and more) in a fun,
creative way, visit www.gridleyco.com or www.gridleydigitalny.com
35
• New York now consistently #2 tech hub behind SF Bay Area
− $5.6 billion invested in Digital NY companies since 2006
− ~200 Digital NY companies have raised $5 million+ of outside
capital
− ~150 investors focused on Digital NY
• Leading digital/internet companies moving into area
− Twitter opens office in late 2011
– eBay building an innovation center in the City
• NY has distinct competencies that are attracting talent
– Wall Street
– Madison Avenue
– Retail
A Word About the New York Scene
36
San Francisco, 69
Palo Alto, 13
San Mateo, 9
Sunnyvale, 6Los Altos, 1
New York, 52
Boston, 16
Los Angeles, 9
Others, 197
San Francisco31%
Palo Alto3%
San Mateo3%
Sunnyvale2%
Los Altos5%New York
13%
Boston7%
Los Angeles5%
Others31%
NY’s Emergence as a Tech Hub
• New York City has become a true digital media innovation center
−Source: CB Insights “Venture Capital Activity Report”
Total of Top Cities = $1,853 million
Total Including Others = $2,672 million
Q3 2012 Internet VC Funding by Top Cities Q3 2012 Internet VC Deals by Top Cities
Total of Top Cities = 175
Total Including Others = 372
Bay Area
98 Bay Area
$1,171M
37
The Past Six Years Have Shaped Much of NY’s
Digital Media and Technology Landscape
• Notable events in NY since 2007:
June
2011
January
2007
/
April
2007
September
2010
November
2007
June
2008
September
2009
January
2011
is founded announces spin-offs of:
Opens a
Googleplex in New
York City
Mayor Bloomberg
starts up city-funded
business incubator
programs
comes to New York
leads
in tech VC funding
and deal quantity
Mayor Bloomberg offers
$100 million and land to
develop a top
engineering school to
encourage tech
development, to bring
New York City to the
forefront of innovation.
($3.1 billion)
($680 million)
July
2007
/
/ ($275 million)
Closes deal and
announces HQ move
to NY in September
Raises Series B
round
Raises series A round
Acquires
For $125 million
August
2008 Raises series
A round Raises series A
round
September
2007
October 2007
Raises series
A round
Development of brand
names across broad set of
verticals
Raises Series A
round
December
2007
Raises series A
round
announces
acquisition of
December
2009
Announces
acquisition of
for $30 billion
announces
acquisition of
June
2012
For $183
million
March
2012
announces
acquisition of
for $745 million
announces
acquisition of
February
2011
announces
acquisition of
($524 million)
($315
million)
38
NY Ecosystem Has Very Different Roots and Growth
Opportunities Than Silicon Valley
Operational
Efficiencies
Leadership
Talent Engineering
Talent
Creative
Talent
Strategic
Partnerships
Strategic
Acquirers
Key
Customers
Internet Services
Advertising Data Services
Wall Street
Business
Development Media Fashion
39
Explosion of Seed Investment
Seed Programs / Super Angel / Seed VC
Source: CB Insights
Traditional VC with Formal Seed Programs
24
8 9 9
15 1513 13
2426
42
Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Seed VC Deals
40 Source: Capital IQ, TechCrunch, public filings, and press releases. *rumored value
Private Digital NY Sale Transactions >$100 million Since January 2010 (Disclosed deals / rumored pricing available)
Date Acquirer / Target
Transaction
Value ($MM)
6/4/2012 salesforce.com, inc
(NYSE:CRM)
Buddy Media, Inc. $745
6/16/2011 DG FastChannel MediaMind
Technologies Inc.
524
6/3/2010 The Hearst
Corporation
iCrossing, Inc. 425
6/13/2011 Google AdMeld 400
2/6/2011 AOL Huffington Post 315
1/19/2011 Affinion Web Loyalty 296
8/26/2012 IAC Search &
Media, Inc.
About.com, Inc. 300
11/1/2011 Yahoo! Inc.
(NasdaqGS:YHOO)
interclick, inc. 264
2/3/2010 Monster
Worldwide, Inc.
HotJobs.com, Ltd. 225
1/25/2010 Dentsu Innovation
Internactive
200
3/21/2012 Zynga, Inc.
(NasdaqGS:ZNGA)
OMGPOP, Inc. 183
11/12/2012 j2 Global, Inc.
(NasdaqGS:JCOM)
Ziff Davis Media
Inc.
165
9/8/2011 Google Inc.
(NasdaqGS:GOOG)
Zagat Survey, LLC 151
6/17/2010 Web.com Group,
Inc.
Register.com, Inc. 135
*
*
IV. Quick Gridley Commercial
42
Focused Digital Expertise Underlies
Gridley’s Investment Banking Services
Advertising /
Marketing
SaaS
Content
Payments
Social
Mobile Point-of-Sale
eCommerce
Enterprise
Comprehensive Investment
Banking Services
• Private Company Sales
• Private Company Equity
Financing
• Public Company Buyside
43
Strategic Thought Leadership is Well Known
• 2012 Business Insider:
IGNITION
• DFJ Gotham Annual Investors
Meeting
• IAB Marketplace: Mobile
• Women’s Mobile Network
• 2011 Business Insider:
IGNITION
• OMMA Display
• Market Research Council
Luncheon
• Capital RoundTable
• SIIA Midmarket Growth
Conference
• OMMA Mobile
• Digital Hollywood NYC:
Media Disruption
• ad:tech NYC 2010
• January Conference
• Summer Networking
Event & Golf Outing
Quarterly Publications Industry
Guides
Frequent
Industry Speaker
Annual Gridley Hosted
Events
• Highly respected
newsletter about industry
trends and corporate
finance / M&A activity
• In-depth review of the
digital NY ecosystem,
including recent startups
and the firms investing in
them
44
Selected Recent Gridley Transactions
Gridley clients include industry leaders and premier emerging growth companies
Advisor
Undisclosed
Acquired by Schulman, Ronca, &
Bucuvalas, Inc. .
Advisor
Undisclosed
Acquired by
WPP Group plc
Advisor
Acquired
M3 Mobile Marketing
Undisclosed
Advisor
Acquired by
Channel Intelligence, Inc.
Undisclosed
Advisor
Undisclosed
Acquired by
ISIS Equity Partners, Inc.
Advisor
Acquired by
Undisclosed
Quest Software
Advisor
Acquired by
MDC Partners Inc.
Undisclosed
Advisor
Acquired by
Minicom Digital Signage
Undisclosed
Advisor
$138,000,000
Acquired
Modem Media, Inc.
Undisclosed
Email Business of
Advisor
Sold to
One to One Interactive, Inc.
Advisor
Acquired
Pepperjam
Undisclosed
Advisor
Acquired by
Oversee.net
Undisclosed
Advisor
Undisclosed
Acquired by
Valassis Communications, Inc.
Sold to
Ad Serving Business of
Advisor
Undisclosed
Aegis plc
Advisor
Acquired
Silverlign Group Inc.
Undisclosed
Advisor
Acquired by
TeleTech Holdings
Undisclosed
Advisor
$58,000,000
Acquired
Performics, Inc.
$20,000,000
Placement Agent
Investment by
TZP Group LLC
$20,500,000
Advisor
Acquired by
The Dolan Company
Advisory Communications
Advisor
Acquired by
Systems, Inc. (ACS) d/b/a
Undisclosed
ARAG Group
Co-Manager
$113,189,337
Secondary Offering
Acquired by Roper Industries, Inc.
Advisor
$367,000,000
Advisor
Acquired by
WPP Group plc
Undisclosed
Issued Fairness Opinion
$17,450,000
Acquired by
Verisign
PrePay Intelligent Network Solutions Business Unit of
Advisor
$157,000,000
Acquired
e-Dialog, Inc.
Advisor
Acquired
FetchBack Inc.
Undisclosed
Advisor
GfK
Undisclosed
Acquired by
Advisor
Undisclosed
Parthenon Capital LLC
Sold to
$55,200,000
Follow-On Offering
Co-Manager
Undisclosed
Acquired by
Carlson Marketing Group
Advisor
Marketing One to One, Inc.
d/b/a
Advisor
SAS
Undisclosed
Acquired by
Advisor
Pending
Undisclosed
Acquired by
Digital Agency
Gridley & Company LLC
10 East 53rd Street, 24th Floor
New York, NY 10022
212.400.9720 tel
212.400.9717 fax
Twitter: @gridleyco
www.gridleyco.com
QUESTIONS?
Linda Gridley
President & CEO
212-400-9710
Pratik Patel
Director
212-400-9712
Peg Jackson
Managing Director
212-400-9709