the next big thing - petsky prunier...

The Next Big ThingThe Next Big Thing

June 2013

Agenda

About Petsky Prunier1

Market Overview2

The Next Big Thing – Trends & Activity3 The Next Big Thing – Trends & Activity3

2

Petsky Prunier was Ranked #1 by Bloomberg in 2011‐2012 for Mid‐Market Internet & Advertising Transactions

Rank Advisor Deal Count1 Petsky Prunier LLC 302 Nomura Holdings Inc 243 GCA Savvian Group Corp 234 Goldman Sachs & Co. 205 Morgan Stanley 196 Jordan Edmiston Group 187 Jefferies Group Inc. 168 China Renaissance Partners 158 Sumitomo Mitsui Financial 1510 JP Morgan 1410 RBC Capital Markets 14

Based on number of deals announced in 2011‐2012 valued at $500 million or less

Nearly 60 transactions closed since 2010:

Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings Across a broad universe of industries including digital advertising and marketing eCommerce and digital

3

Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media, technology and software, information services, and healthcare

Petsky Prunier: Maximizing Shareholder Value

Overview

Founded in 1999 Focused on the technology, marketing, media, eCommerce, and healthcare industries

• More than 35 focused professionals Unique combination of investment banking and consulting expertise New York, Palo Alto, Las Vegas, Chicago, Tampa Sell‐side and private placement close rate is unmatched at our level of deal volume

D l i hi b d f i l d i i l d d i b Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers With strategic consulting firm Winterberry Group, one of the largest industry‐specific advisors providing strategic and transactional

services International reach enhanced through our partnership with investment bank Altium, which operates from ten offices across Europe Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker‐dealerp g y ,

Sell‐Side Representation Capital Raising and Private Placements Corporate Divestitures M&A Advisory Fairness Opinions

Strategic Development and Competitive Analysis M&A Transaction Due Diligence Support and

Valuation Analysis Acquisition Strategy and Target Identification Publishing and Thought Leadership

Technology Media Marketing eCommerce Healthcare

4

Fairness Opinions g g pHealthcare

Representative Recent eCommerce and Related Industry Transactions

a real‐time behavioral advertising companyhas been acquired by

has sold

provider of online travel guides for top destinations

has been sold to

a leading digital advertising monetization and shopper marketing partner for e‐commerce retailers

a portfolio company of

(NYSE: AOL)

around the worldto

(NYSE: GCI)

has been sold to

with financing from

a dynamic display media and retargeting company

has been sold to

a provider of a cloud‐based integration platform for the digital marketing industry

has received $15M financing led by

a leader in multichannel retail, ecommerce and

loyalty marketing services

has been sold to

(JASDAQ:4755)

the top independentdirect‐to‐consumer marketer of dental

savings plans

has been sold to

(NASDAQ: TREE)has sold

a leading online lead generation business

to

(Nasdaq LEDR)

has been sold to

(Nasdaq: GSIC)

5

(Nasdaq: LEDR)

)

Agenda


Market Overview2


6

Marketing, Media, and Technology Transaction Activity(Last Twelve Months as of 5/31/13)

Marketing l

2013 Last Twelve Months Transaction Value by SegmentTotal: $161.4 Billion

2013 Last Twelve Months Transactions by SegmentTotal: 4,576 Deals

eCommerce/ Digital Media$23,626.3

Software$20,131.4

Marketing Technology$9,366.0

Digital Advertising$5,696.3

Traditional Media

$39,595.4

eCommerce/ Digital Media905 Deals

Software610 Deals

Marketing Technology773 Deals

Marketing Services91 Deals

Information & Business Services$12,748.4

Communications$8,473.7

Technology$18,876.5

Agency & Marketing Services$10,054.2

Digital Advertising350 Deals

Traditional Media

670 Deals

Information & Business Services

Communications234 Deals

Technology450 Deals

$18,876.5 282 Deals

$64.8$70 0

M&A and Investment Volume: 1Q09 – 1Q13 ($BN)All transactions; value based on reported values only

$50.2 $141.8 $179.6 $189.5 $50.9

$

$23.8

$12 5

$22.8$31.7

$37.8

$49.5

$36.6$42.7

$64.8

$35.4$42.7

$51.6 $54.9

$40.3

$23.2$27.6

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

7

$5.0$8.9 $12.5

353 311 302 356 361 421 393 621 986 1,142 1,135 1,147 1,083 1,206 1,170 1,215 1,042$0.0

$10.0

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 YTD

722

eCommerce and Multichannel Marketing Deal Activity(Last Twelve Months as of 5/31/13)

# % $ % # $ # $ # $

Marketers

2013 LTM BUYER/INVESTOR BREAKDOWN

Transactions Reported Value ($MM) Strategic Buyout Venture/Growth Capital

# % $ % # $ # $ # $

eCommerce 297 80% 10,790.1 34% 78 1,659.3 6 4,945.1 213 4,185.7

Catalog 9 2% 697.8 2% 6 392.8 2 235.0 1 70.0

Other* 63 17% 20,096.6 64% 44 11,345.6 8 7,997.9 11 753.1

Total 369 100% 31,584.4 100% 128 13,397.6 16 13,178.0 225 5,008.8

Transaction Volume by Segment ($MM)Transaction Value by Segment ($MM)

eCommerce

eCommerce$10,392.8

Catalog$520 0

Transaction Volume by Segment ($MM)Last Twelve Months as of 4/30/13:

Transaction Value by Segment ($MM)Last Twelve Months as of 4/30/13:

297 Deals

Catalog9 Deals

Other63 Deals

$520.0

8

9 DealsOther

$18,594.8

*Other consists of Affinity/Partner, Direct Selling, and Retail

eCommerce and Multichannel Marketing M&A Trends

2002‐2013 Year‐to‐Date Transaction Volume

349400

325

265229

183158 174

114 104

154

349324

202

100

150

200

250

300

350

nsaction

s Volum

e

2002 2013 Y t D t T ti V l ($BN)

0

50

100

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD

Tran

Catalog Other* eCommerce

$46.7

$53.0

$31 1

$43.0

$32.4 $40

$50

$60

Value

2002‐2013 Year‐to‐Date Transaction Value ($BN)

$19.5

$31.1

$21.3

$5.5

$16.3 $13.4

$22.3

$

$8.5

$0

$10

$20

$30

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD

Transactions

9

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD

Catalog Other* eCommerce

*Other consists of Affinity/Partner, Direct Selling, and Retail

Most Active Buyers and Investors(Last Twelve Months as of 5/31/13)

BuyerNumber of Transactions

Representative Targets

A I 5 A t id E i T h l i G d d IVONA S ft U N tAmazon.com, Inc. 5 Astrid, Evi Technologies , Goodreads , IVONA Software, UpNext

Apple Inc. 4 AuthenTec, Color Labs , Particle, WifiSLAM

IAC/InterActiveCorp 4 About.com, DateHookUp.com, Pastas Party, Tutor.com

fab.com 3 Fab DBY, Llustre Des ign, True Sparrow Systems

Myntra .com 3 Exclus ively.In, Fi tiquette, SherSingh

Shutterfly Inc 3 MyPubl i sher Penguin Digi ta l ThisLi feShutterfly, Inc. 3 MyPubl i sher, Penguin Digi ta l , ThisLi fe

Target Corporation 3 CHEFS, Cooking.com, Pikes Peak Direct Marketing

Tesco PLC 2 Mobcast Services , WE7

Number ofInvestor

Number of Transactions

Representative Investments

Summit Partners LP 9 Jade 1352, Jumia , Lazada, Linio, Moto, Namshi , Westwing Home and Living

Accel Partners 6 BaubleBar, BEBB India , BookMyShow, Dropcam, One Jackson, Qrious ly

500 Startups 4 BarkBox, Chewse, Mile High Organics , SupplyHog

Andreessen Horowitz 4 Flurish, Julep Beauty, Kynetic, Runscope, Zul i ly, p y, y , p , y

Canaan Partners 4 Artspace Marketplace, Borro, Instacart, Onefinestay

GRP Partners 4 ChowNow, Dai lyLook.com, NuORDER, Pop‐Up Pantry

Battery Ventures 3 Modria , Reta i l Relay, Wayfair.com

Firs t Round Capita l 3 EAT Club, Grand St., The Founders Club

General Cata lyst Partners LLC 3 JAND, NaureBox, Warby Parker

10

Ins ight Venture Partners 3 B2B‐Center, IndiaGoGo, One Kings Lane

J.P. Morgan Asset Management 3 Dafi ti , KupiVip.ru, Za lando

eCommerce and Multichannel Marketing Largest Acquisitions & Investments (Deals with Terms Announced for the Last Twelve Months as of 5/31/13)

($ in Millions)

Acquisitions

Date Target Segment Buyer Deal Value EV/Revenue EV/EBITDA

10/24/12 PSS World Medical, Inc. Direct Selling McKesson Corporation 1,819.0 0.8x 10.7x

11/08/12 K k S ft C ti C i Sh i P i l i I 1 629 0 5 8 30 211/08/12 Kayak Software Corporation Comparison Shopping Priceline.com, Inc. 1,629.0 5.8x 30.2x

10/22/12 Ancestry.com Inc. eCommerce Permira Advisers 1,590.4 3.5x 10.5x

05/23/13 rue21, Inc. Retail Apax Partners 970.4 1.1x 9.6x

06/04/12 1‐800 Contacts, Inc. eCommerce WellPoint, Inc. 900.0 2.3x NA

05/02/12 Charming Shoppes, Inc. Retail Ascena Retail Group, Inc. 890.0 0.4x 10.7x

03/12/13 Naspers Ltd., Slando.ru and OLX.ru Classifieds/Auctions/P‐to‐P Avito.ru 570.0 NA NA

05/10/12 Things Remembered, Inc. eCommerce Madison Dearborn Partners, Inc. 295.0 NA NA g

05/30/12 Leader Participacoes Retail BTG Pactual Participations 281.0 NA NA

11/08/12 The Sportsman’s Guide and The Golf Warehouse Catalog Northern Tool & Equipment 215.0 NA NA

05/17/13 SkyMall, Inc. Catalog Xhibit Corp. 177.8 NA NA

08/07/12 Triad Catalog Company Catalog Brentwood Associates 175.0 NA NA

07/16/12 Sundance Catalog Company, Inc. Catalog Brentwood Associates 125.0 1.3x 8.9x

Investments

Date Target Segment Investor Deal Value EV/Revenue EV/EBITDA

01/29/13 Netfl ix, Inc. eCommerce (Institutional Buyers) 500.0 2.5x 94.0x

02/19/13 Beijing Jingdong Century Trading Co., Ltd. eCommerce Kingdom Holding Company 400.0 NA NA

07/14/12 360buy.com eCommerce Ontario Teachers' Pension Plan 400.0 NA NA

12/11/12 TripAdvisor, Inc. Comparison Shopping Liberty Interactive Group 300.0 0.4x 1.0x

08/07/12 S h t & B t i Wh l l AXA P i t E it 248 0 NA NA08/07/12 Schustermann & Borenstein Wholesale AXA Private Equity 248.0 NA NA

08/28/12 Flipkart Online Services Private Limited eCommerce MIH Group 150.0 NA NA

07/18/12 fab.com eCommerce Atomico Ventures 105.0 0.8x NA

05/22/13 Zalora Co. Ltd. eCommerce Rocket Internet 100.0 NA NA

11/16/12 Zulily, Inc. eCommerce Andreessen Horowitz 85.0 2.0x NA

04/09/13 Acumen Brands, Inc eCommerce General Atlantic, LLC 83.0 NA NA

07/26/12 JustFabulous eCommerce Rho Capital Partners, Inc. 76.0 NA NA

11

/ / p ,

12/10/12 Dafiti eCommerce Quadrant Capital Advisors, Inc. 65.0 NA NA

09/04/12 KupiVip.ru eCommerce J.P. Morgan Asset Management 65.0 NA NA

04/03/13 Moonbasa eCommerce GSR Ventures 55.0 NA NA

Agenda


Market Overview2


12

Everything Old is New Again

Continuing investments in new technologies allow tried‐and‐true tactics to adapt to new solutions, making eCommerce sites bigger, stronger, faster, and cheaper from front to back‐end

eCommerce mCommerce, fCommerce

Basic Search Retargeting and Personalization

Discount Offers Digital Couponing, Group Buying

Loyalty Programs Prime, ShopRunner, MCX

Product‐of‐the‐Month Clubs Subscription Commercep

Paper‐based Catalogs Catalog Shopping Apps

Offline Pricing Models Dynamic Pricing

Sh M k ti Di it l Ad M ti ti /Sh M k tiShopper Marketing Digital Ad Monetization/Shopper Marketing

Inflexible Systems Infrastructure Cloud

Expensive Enterprise Software SaaS

13

Packaging Data‐Driven Marketing/Ad Monetization Opportunity

Everything Old is New Again: Shopper Marketing Goes Digital and Offers Ad Monetization Opportunities

The pioneer and market leader in creating and operating digital retail media programs for highly‐trafficked retail websites Creates and places targeted premium ads and sponsored/ Creates and places targeted premium ads and sponsored/ customized content (enhanced via use of first‐party data) that engage consumers when they are actively in a shopping mode Retail partners include Walmart, Sam’s Club, eBay, Toys“R”Us, CVS,

a leading digital advertising monetization and shopper marketing partner for top e‐commerce retailers

a portfolio company of p , , y, y , ,and many other leading retailers Provides +650 top brand advertisers, including P&G, Ford, J&J, State Farm, Microsoft, Chase, Disney, AT&T, and Unilever, with

a portfolio company of

has been sold to

exclusive access to premium media inventory and 100 million monthly unique shoppers on leading online and mobile ecommerce sites Revenue share from advertisers provides retailers significant

with financing from

Revenue share from advertisers provides retailers significant additional profit at no cost Triad has twice been named one of the fastest‐growing private companies in the U.S. by Inc. Magazine

14

p y g Petsky Prunier advised Triad Retail Media on its sale in December 2012 to private equity firm Rockbridge Growth Equity

Everything Old is New Again: Search Evolves into Retargeting and Personalization

Retargeted consumers are nearly 70% more likely to complete a purchase as compared to non‐retargeted consumers (Source: InfoTrust)consumers (Source: InfoTrust) mediaFORGE is a leading provider of retargeting solutions for e‐tailers, providing technologically‐advanced, dynamic, and personalized ad units, and associated media buying to a dynamic display media and retargeting

the web's top brands One of the only display advertising companies to base its business model on consumer engagement, aligning its

f h d ' l b h

company

has been acquired by

performance with advertisers' goals by using a metric that measurably increases site conversions Robust, real‐time business analytics and reporting capabilities

(JASDAQ: 4755)

capabilities Venture capital‐backed company Top five fastest growing companies in Utah in 2011 #55 on the 2012 Inc. 500 list

15

Petsky Prunier advised mediaFORGE on its sale to RakutenLinkshare in September 2012

Everything Old is New Again: Packaging Becomes a Data‐Driven Marketing and Monetization Opportunity

Zadspace, Inc. operates the first technology‐enabled media platform that allows brands to place highly‐targeted, data‐driven advertisements (“Zads”) on h id f k hi d b C

21

Anatomy (4” x 6”)1. Personalization2 Unlimited Creative Versioning

the outside of packages shipped by eCommercemarketers Exclusive partnerships with “Channel Partner” retailers to provide third‐party brands with access to illi f h h h i i

34

2. Unlimited Creative Versioning3. Highly-Targeted4. Dynamic Real-Time Offers5. Removable Label

Key Highlights• Visibility: Adjacent to shipping label

millions of shoppers each month via premium, on‐package media inventory Channel Partners also use Zadspace’s targeted media platform to execute cross‐sell, up‐sell, loyalty, d i t t il d d i t b k ti

5

• Relevance: Data-driven targeting delivers the right message, to the right consumer, at the right time

• Timeliness: Delivered to “hot-line” consumers who just made purchases

drive‐to‐retail, and drive‐to‐web marketing campaigns for their own products on the outside of their direct‐to‐consumer (“DTC”) shipments Zad campaigns generate average response rates of

t 5% i li di l di t ilup to 5%, rivaling or exceeding solo direct mail response rates at approximately 50% of the cost, and outperforming non‐targeted, in‐package inserts by up to 800% P t k P i i tl d i i Z d

16

Petsky Prunier is currently advising Zadspace on raising additional capital for growth

Everything Old is New Again: Selected Acquisitions

($ in Millions)

Date Target Segment Buyer Deal Value

05/28/13 WebCollage, Inc. Content Management Answers Corporation 37.0

05/13/13 Avail Intell igence Content Management RichRelevance05/13/13 Avail Intell igence Content Management RichRelevance ‐

05/08/13 OrderMotion, Inc. Commerce Management NetSuite Inc. ‐

05/03/13 Group Commerce, Inc. Content Management Nimble Commerce ‐

04/16/13 Fitiquette Content Management Myntra.com ‐

04/12/13 Iron Pearl Analytics/Reporting PayPal, Inc. ‐

02/19/13 Ch l I t l l i I C M t G l I 125 002/19/13 Channel Intell igence, Inc. Commerce Management Google, Inc. 125.0

01/28/13 Payvment, Inc. Commerce Management Intuit, Inc. ‐

01/11/13 Retail Anywhere Cloud Retail Software Netsuite, Inc. ‐

01/04/13 ThisLife LLC Cloud Storage Shutterfly, Inc. 25.0

12/21/12 Triad Digital Media, LLC Advertising Monetization Rockbridge Growth Equity, LLC ‐

12/21/12 C I t f C M t G I12/21/12 CommerceInterface Commerce Management Groupon, Inc. ‐

12/17/12 Black Locus Cloud Retail Software Celerant Technology Corporation ‐

12/17/12 Crossrider Content Management Markets.com 37.0

12/04/12 Buysight, Inc. Online Targeting/Optimization Advertising.com ‐

11/13/12 50 Below Sales & Marketing Commerce Management ARI Network Services, Inc. 5.0

09/05/12 M di FORGE O li T i /O i i i R k I09/05/12 MediaFORGE Online Targeting/Optimization Rakuten, Inc. ‐

07/13/12 Onlycart.com Commerce Management Gripsell Technologies Pvt. Ltd. 10.0

06/18/12 Seamless Receipts Content Management Sailthru, Inc. 15.0

06/05/12 Vin65 Commerce Management WineDirect 8.0

04/25/12 PickupZone Logistics ShopRunner ‐

/ / d h

17

03/01/12 Mediachase Commerce Management EPiServer AB 25.0

02/22/12 WHI Solutions Commerce Management eBay Incorporated 40.0

01/12/12 Zeon Solutions, Inc. Commerce Management The Grand River 10.0

Everything Old is New Again: Selected Investments

($ in Millions)

Date Target Segment Investor Invest. Value Total Invest.

05/15/13 RJMetrics BI Tools Trinity Ventures 6.5 7.7

04/24/13 Pi t l O A li ti M t G l El t i C 105 0 105 004/24/13 Pivotal One Application Management General Electric Company 105.0 105.0

04/23/13 Chirpify, Inc. Commerce Management Voyager Capital 2.0

03/08/13 Photobucket Corporation Cloud Storage Oak Investment Partners 10.0 25.0

03/07/13 Servio Commerce Management (Unnamed Fund Contibuters) 4.3

03/05/13 Hybris Software Commerce Management Meritech Capital Partners 30.0 30.0

02/04/13 DropShip.com Commerce Management Kickstart Seed Fund 1.5

11/14/12 10gen, Inc. Data Management Red Hat, Inc. 8.0 89.4

09/18/12 Monsoon Commerce, Inc. Commerce Management Oak Hill Capital Partners 8.0

09/14/12 Amplidata Data Storage Quantum Corporation 6.0 23.1

09/05/12 BigCommerce Pty. Ltd. Commerce Management General Catalyst Partners LLC 20.0

07/17/12 FiftyOne Commerce Management Vintage Capital Partners 10.1

07/17/12 Basho Technologies, Inc. Data Management Georgetown Partners, Inc. 11.5 24.9

07/02/12 Needle, Inc. Commerce Management Shasta Ventures 10.5

05/30/12 Group Commerce, Inc.(1) Content Management Jafco America Ventures, Inc. 21.0 47.2

05/14/12 Utopia, Inc. Data Management FTV Capital 50.0 50.0

05/07/12 RichRelevance, Inc. Commerce Management Crosslink Capital 20.0

03/06/12 Commerce Guys Commerce Management Alven Capital Partners 5.0

01/10/12 Zmags, Inc. Content Management Square 1 Bank 7.0

18

(1) Group Commerce merged with Nimble Commerce on May 3, 2013

Mobile: The Big Driver

Mobile has finally begun to fulfill its promise of becoming a core component of any digital commerce strategyU S t h b d C l ill i t $31 billi i 2017 d 9% f t t l• U.S. smartphone‐based mCommerce sales will increase to $31 billion in 2017 and 9% of total eCommerce sales, up from $8 billion in 2012 and 3% of total eCommerce sales (Source: Forrester)

Approximately 90% of organizations are in some state of mobile deployment for customers:

b l b d d d l ( ) l d d l ( ) l ( )• Mobile web site: widespread deployment (39%), limited deployment (14%), pilot testing (10%), evaluating (27%)

• Mobile app(s): widespread deployment (25%), limited deployment (29%), pilot testing (12%), evaluating (23%) (Source: Information Week 2012)evaluating (23%) (Source: Information Week 2012)

No dominant “tech stack” has emerged ‐‐ investment and M&A activity continue to focus on point solutions that need to be integrated to provide a single, seamless mobile solution that works both externally and internallyy y

• Many advertising and marketing solutions for mobile are still difficult to deploy at scale and require custom work

• Complexities that always apply to developing mobile applications are compounded in mCommerce by

19

Complexities that always apply to developing mobile applications are compounded in mCommerce by financial and security issues and the required integration of mCommerce systems into core IT, financial and inventory management, and delivery systems

Selected Mobile Acquisitions

($ in Millions)


05/15/13 Tech Hollywood Studios / IWantIt Mobile Technology Bitzio, Inc. ‐

/ / /03/28/13 Nellymoser, Inc. Mobile Content/Apps Brown Printing Company ‐

03/25/13 WifiSLAM Geo‐demo Software Apple Inc. 19.5

03/08/13 Priority Processing Systems Payments Technology Motopia Limited 1.7

03/07/13 Blazerfish Mobile Content/Apps Quadrant 4 Systems Corporation ‐

03/07/13 Wilico Wireless Networking Solutions Mobile Technology Ace Marketing & Promotions, Inc. ‐

01/31/13 mFoundry, Inc. Payments Technology Fidelity National Information Services, Inc. 120.0

01/23/13 Mixel Mobile Content/Apps Etsy, Inc. ‐

12/03/12 Mobile Money Network Ltd. Payments Technology Monitise plc 24.1

11/07/12 True Sparrow Systems Mobile Content/Apps fab.com ‐

11/01/12 Shanghai Gsuo Information Technology Geo‐demo Software Alibaba.com ‐

10/31/12 Litle & Company Payments Technology Vantiv, Inc. 361.0

09/17/12 Penguin Digital Mobile Content/Apps Shutterfly, Inc. ‐

07/18/12 card.io Payments Technology eBay Incorporated ‐

04/23/12 Apps4less Mobile Content/Apps Suff Holdings ‐

04/13/12 Netmind's Payment Mobile Platform Payments Technology Telpac Industries Inc 20 004/13/12 Netmind s Payment Mobile Platform Payments Technology Telpac Industries, Inc. 20.0

04/03/12 TxVia Payments Technology Google, Inc. ‐

20

Selected Mobile Investments

($ in Millions)


05/10/13 AutoNavi Holdings Geo‐demo Software Alibaba Group 294.0 334.0

05/07/13 Pl IQ G d S ft U S V t P t 6 8 12 805/07/13 PlaceIQ Geo‐demo Software U.S. Venture Partners 6.8 12.8

04/23/13 Zooz Payments Technology XSeed Capital 2.0 2.0

04/18/13 GoCardless Ltd. Payments Technology Accel Partners 3.3 4.8

04/10/13 Bypass Mobile, LLC Payments Technology eBay Incorporated 3.5 5.9

04/10/13 Walk.By, Inc. Digital Media/Commerce Lightbank 0.7 0.7

/ /04/10/13 Bypass Mobile, LLC Payments Technology eBay Incorporated 3.5 5.9

04/04/13 Jusp S.p.A. Payments Technology Vertis SGR SpA 6.0 6.7

03/20/13 Masabi Mobile Technology Fontinalis Partners, LLC 2.8 8.8

03/05/13 GlobeSherpa, Inc. Mobile Technology Oregon Angel Fund 2.0 3.3

03/04/13 Marxent Labs Mobile Content/Apps Stage 1 Ventures 0.8 1.6

02/21/13 Fortumo Ltd. Payments Technology Intel Capital 10.0 10.0

10/17/12 Braintree Payment Solutions Payments Technology New Enterprise Associates 35.0 70.0

09/12/12 Inspire Commerce, Inc. Payments Technology Axia Payment Solutions 0.5 0.5

09/04/12 Pirq, Inc. Mobile Content/Apps Rally Capital 1.2 3.2

08/30/12 MoBank Limited Payments Technology Business Angel Co Investment Fund 3.6 4.6

07/17/12 Tapingo Mobile Content/Apps Carmel Ventures 3.5 3.5

07/10/12 Stripe Payments Technology General Catalyst Partners LLC 20.0 40.0

04/03/12 Money‐On‐Mobile.net Payments Technology Calpain 29.7 29.7

01/18/12 LianLian Pay Payments Technology American Express Company 125.0 125.0

01/18/12 On The Spot Systems, Inc. Mobile Technology Kepha Partners 0.8 0.8

21

Emerging Technology: What’s New and What’s Next?

Social media has driven new opportunities for digital commerce• Sales of physical goods through social networks is expected to grow to approximately $14 billion of U.S. sales by 2015, up from $1 billion in 2011 – 27% of shoppers say they are willing to buy through social media (Source: Booz & Co.)

• 75% of social media users would be more likely to purchase a product or service that a friend openly endorses (i e write about and/or make recommendation of) on a social media site thanopenly endorses (i.e., write about and/or make recommendation of) on a social media site, than one they just “like” or “follow.” (Source: Digitas)

“Big Data” has been a huge driver for investments in the past 24 months

• Large enterprises in particular are now pulling together both structured and unstructured data• Large enterprises, in particular, are now pulling together both structured and unstructured data from diverse and, often previously separate, online and offline sources across their organizations

While Big Data has been big with larger e‐tailers, eCommerce sites of all sizes have moved toward more efficient data management with cloud‐based tag management softwareg g g

• Tag management allows e‐tailers to remove third‐party tags from their web sites to control their own data and speed up their sites

• Four top tag management software providers – BrightTag, Ensighten, Tealium, and TagMan – have

22

Four top tag management software providers BrightTag, Ensighten, Tealium, and TagMan have raised nearly $75 million in capital between them since 2010, while other technology companies have moved to add tag management capabilities to their software solutions

Emerging Technologies: Cloud‐based Tag Management

BrightTag is the leading provider of integrated cloud‐based data management and analytics software for web sites of all sizesall sizes Created the first and only operating system that facilitates the transfer of valuable digital data from one party to another via a single, integrated cloud‐based data server

“Petsky Prunier delivered bulge bracket advice, relationships, service and execution

for our middle market transaction.”

Mitchell Weisman, CEO, a provider of a cloud‐based integration platform

for the digital marketing industry

• Third‐party tags placed directly on web sites create multiple problems, including complex integration processes, compliance and privacy issues, and data losses h b d l l d h d d b

, ,LifeStreet Media

for the digital marketing industry

has received $15M financing led by

when users abandon slow‐loading sites weighed down by tags

BrightTag has approximately 130 global direct enterprise client relationships with more than 500 brands includingclient relationships with more than 500 brands, including Gap, Macys, Orbitz, Sears, 1‐800 Flowers, and Macys BrightTag is the exclusive tag management and data integration solution provider to P&G and GM

23

Petsky Prunier advised BrightTag on its most recent round of growth capital in April 2012

Selected Emerging Technology Acquisitions

($ in Millions)


05/30/13 ShopLogic, Inc. Big Data Technology BloomReach, Inc. ‐

05/14/13 PeopleString Social Technology Echelong Growth Partners ‐

05/14/13 OneOps Cloud Computing @WalkmartLabs ‐

05/14/13 Tasty Labs Social Media/Apps @WalkmartLabs ‐

05/14/13 Shopalize Social Technology 24/7 Customer, Inc. ‐

05/09/13 Clipboard, Inc. Social Media/Apps Salesforce.com 12.0

04/25/13 ParAccel, Inc. Big Data Technology Actian Corporation ‐

04/01/13 Goodreads, Inc. Social Media/Apps Amazon.com 150.0

01/31/13 Quantivo Corporation Big Data Technology Aggregate Knowledge, Inc. ‐

07/10/12 Algo Anywhere Social Technology 500px Inc 2 007/10/12 Algo Anywhere Social Technology 500px, Inc. 2.0

08/22/12 SiteTagger Tag Management BrightTag, Inc. ‐

05/24/12 PowerReviews, Inc. Social Technology BazaarVoice, Inc. 127.8

05/02/12 TeaLeaf Technology, Inc. Big Data Analytics IBM Corporation ‐

04/19/12 BIQ, LLC Big Data Analytics Opera Solutions, LLC ‐

04/09/12 Instagram Social Media/Apps Facebook 735.0

02/17/12 Hyperpublic Big Data Technology Groupon, Inc. ‐

02/10/12 ShopSanity Social Technology ShopRunner ‐

02/06/12 Adku Big Data Analytics Groupon, Inc. 10.0

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01/23/12 Effiscience, Inc. Big Data Analytics BearingPoint, Inc. ‐

Selected Emerging Technology Investments

($ in Millions)


05/30/13 Dering Hall Social eCommerce Lerer Ventures 1.4 1.4

05/16/13 Luvocracy Social eCommerce Kleiner Perkins Caufield & Byers 11.0 11.0

05/01/13 Skytree Big Data Analytics U.S. Venture Partners 18.0 21.5

04/30/13 Weibo.com Social Media/Apps Alibaba.com 586.0 846.0

04/17/13 Gainsight Big Data Analytics Battery Ventures 9.0 9.5

04/03/13 SiSense, Ltd. Big Data Analytics Battery Ventures 10.0 22.004/03/13 SiSense, Ltd. Big Data Analytics Battery Ventures 10.0 22.0

04/03/13 Tealium Tag Management Tenaya Capital 15.6 27.2

02/27/13 Wanelo.com Social Media/Apps (Unnamed) 10.0 13.7

02/21/13 Euclid, Inc. Big Data Analytics Benchmark Capital 17.3 44.8

02/20/13 Pinterest Social Media/Apps Valiant Capital Management 200.0 337.0

02/19/13 Elasticsearch Big Data Analytics Index Ventures 24.0 34.0

02/12/13 Monetate, Inc. Big Data Analytics (Unnamed) 17.0 37.0

02/12/13 Storenvy, LLC Social Media/Apps Intel Capital 5.0 6.5

02/11/13 Sailthru, Inc. Big Data Analytics Benchmark Capital 19.0 28.0

01/29/13 DataGravity Big Data Analytics Andreessen Horowitz 30.0 42.001/29/13 DataGravity Big Data Analytics Andreessen Horowitz 30.0 42.0

01/07/13 Attivio, Inc. Big Data Analytics General Electric Pension Trust 8.0 8.0

12/06/12 Cloudera, Inc. Big Data Analytics Accel Partners 65.0 141.0

12/06/12 ClearStory Data Big Data Analytics Kleiner Perkins Caufield & Byers 9.0 9.0

11/29/12 Agilone LLC Big Data Analytics Mayfield Fund 10.0 10.0

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11/20/12 SumAll Big Data Analytics Battery Ventures 6.0 7.5

11/14/12 Origami Logic Big Data Analytics Accel Partners 9.3 9.3

10/30/12 iJento Big Data Analytics MMC Ventures, LLC 8.0 27.8

Selected Emerging Technology Investments

($ in Millions)


10/01/12 DataStax Big Data Analytics Meritech Capital Partners 25.0 38.7

07/26/12 Olapic, Inc. Social Technology Bonobos, Inc. 1.0 1.0

07/19/12 Pocket Social Technology Foundation Capital 5.0 5.0

07/12/12 SteelHouse, Inc. Social Technology QUALCOMM Ventures 8.3 8.3

06/26/12 Jirafe Big Data Analytics Foundry Group 7.0 9.0

06/25/12 Visual IQ, Inc. Big Data Analytics Volution Capital LLC 12.0 15.006/25/12 Visual IQ, Inc. Big Data Analytics Volution Capital LLC 12.0 15.0

06/05/12 Cartera Commerce, Inc. Social Technology Comvest Partners 12.2 29.8

04/25/12 BrightTag, Inc. Tag Management Baird Venture Partners 15.0 20.0

01/23/12 Fantasy Shopper Social Media/Apps Accel Partners 3.3 3.6

01/13/12 Polyvore, Inc. Social Media/Apps Duff Ackerman & Goodrick, Inc. 14.0 22.1

01/12/12 GraphDive, Inc. Social Technology Crosslink Capital 1.0 1.0

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Thank You

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N C lbNorm Colbert Partner & Managing Director

ncolbert@petskyprunier [email protected](702) 990‐3280

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