Go4Venture Bulletin - Venture & Growth Equity Market Report Europe, Decembert 2014

Go4Venture Advisers LLP is authorised and regulated by the Financial Conduct Authority (FCA)

Published by Go4Venture Research the Equity Research unit of Go4Venture Advisers LLP

Go4Venture Advisers LLP is authorised and regulated by the Financial Conduct Authority (FCA)

copy Go4Venture Advisers 2015

Go4Venture Advisers European Venture amp Growth Equity Market

Monthly Bulletin | December 2014

Technology Media Telecoms Internet Healthcare Cleantech Materials

About Go4Venture Advisers

Providing innovative fast-growing companies and their investors with independent corporate finance advice to help them

evaluate develop and execute growth strategies

wwwgo4venturecom

Equity Capital Markets (ECM)

Equity private placements

Growth equity financings and secondaries

Pre-IPO advisory

Mergers amp Acquisitions (MampA)

Sellside

Buyside Buy and build

Valuation services

Visit wwwgo4venturecomBulletin to read past Bulletins

December 2014


Contents

This Month in Brief 2

Investments

11 - Headline Transaction Index (HTI) 5

12 - Large Transactions Summary 6

13 - Large Transactions Profiles 7

MampA Transactions

21 - MampA Activity Index 19

22 - Top 5 Global TMT MampA Transactions Summary 20

23 - Headline European VC amp PE-Backed MampA Transactions Summary 21

24 - Headline European VC amp PE-Backed MampA Transaction Profiles 22

List of Acronyms 27

About this Bulletin

The Go4Venture Advisersrsquo European Venture amp Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies

Investments ie Venture Capital (VC) and Private Equity (PE) financings including growth equity financing rounds with single secondaries components (recapitalisations) and

MampA Transactions where the sellers are VC and PE-backed European companies including all majority transactions with no new investment going into the business (eg acquisitions Management Buyouts (MBOs) and other buyouts)

Investment activity is measured using Go4Venturersquos European Tech Headline Transaction Index (HTI) which is based on the number and value of transactions reported in professional publications

MampA activity is measured using data from a combination of external sources primarily Capital IQ with complementary reporting from 451 Group PitchBook and VentureSource

Europe is defined as Western Central and Eastern Europe excluding Israel

For more details please refer to the Methodology Note available on our website

Please note that no part of the Bulletin can be reproduced unless content is duly attributed to Go4Venture and the details of republishing are notified to g4vBulletingo4venturecom

December 2014

copy Go4Venture Advisers 2015 Page 2

This Month in Brief

Dear Clients and Friends

Welcome to the latest edition of the Go4Venture Monthly European Venture amp Growth Equity Market

Bulletin featuring our proprietary Headline Transaction Index (HTI) of investment activity as well as a

quick summary of VC amp PE-backed TMT MampA exits of $50 million or more

2015 The Sky Is The Limit

Best wishes for 2015

2014 finished on a high with record fund-raising for December considerable IPO activity (at least in the

US) and sustained MampA activity And all the signs are that 2015 is starting with a bang ndash see for

instance the January announcement of Andreessen Horowitz leading the $58mn funding round for

Transferwise (which we will cover in our next issue) At the same time we continue to notice growing

signs of indiscriminate optimism which will inevitably lead to a re-rating of private investment

valuations

Investments

Compared to 2013 the Headline Transaction Index (HTI) was up more than 40 in value in 2014

reaching an all-time high of euro54bn - even though the number of transactions recorded was down

nearly 15 The growing size of fund-raisings was reflected by a record number of Landmark

transactions (at least euro20mn) in 2014 56 ndash by comparison the highest number of Landmark

transactions reached in the last cycle was 29 in 2008 (approximately half of the 2014 tally)

December was representative of the activity in 2014 as a whole with five Landmark deals (vs two

in December 2013) led by the mega funding of just over euro200mn for Netherlands-based Payment

System Provider (PSP) Adyen Interestingly all Landmark deals were either Fintech or infrastructure

plays (big data or collaboration)

December 2014


Elsewhere the news was all about the excitement taking hold of the tech investment market

Notable points include

The IPO markets were incredibly active in December (at least in the US) In a month when

markets usually quieten down we instead had a number of notable IPOs ndash including

Hortonworks Lending Club and New Relic What is remarkable is that markets are becoming

less discriminate backing for instance Hortonworks just because it is a cloud play despite

rather paltry financials (revenues of $415mn losses of $1015mn for the twelve months ended

September 30 2014)

In fact as the Financial Times pointed out we now have the paradoxical situation in which

private valuations are starting to exceed public market valuations A prime example was

Boxrsquos IPO at a haircut to its last private fund-raising

It is becoming increasingly difficult to understand price formation Late investors are being

offered preferences (protecting them from an IPO at a lower valuation than the pre-IPO round)

which are not public (or at least not widely publicised) The names of investors are now

commonly undisclosed (eg the last round funding of Shazam)

We are seeing the return of lsquome-toorsquo investments Consider Uber raising another $16bn

(from Goldmanrsquos private clients) along with Didi Dache (backed by Tencent) raising $700mn or

Kuadi Dache (sponsored by Alibaba) raising $600mn

New companies are commonly valued at a multiple over established players something

reminiscent of the 1999-2000 debate over the New vs Old Economy (the New Economy of

course collapsed soon after) The case in point in December was Xiaomi (the Chinese mobile

handset maker) raising $11bn at a valuation of $45bn making it the worldrsquos highest-valued

technology startup and 3x as valuable as Hong Kong listed Lenovo (which has a similar share

of the Chinese smartphone market)

This euphoria is of course benefitting Europe making US investors optimistic enough to come to

Europe and encouraging European investors to be bolder ndash see for instance Paris-based Partech

experimenting at the seed stage with Partech Shaker and at the same time expanding its remit with a

new euro200mn growth equity fund whilst building on its Franco-American roots through a presence in

San Francisco

Exits

From an MampA standpoint December was a solid month once again driven more by the Private

Equity (PE) end of the market than venture

In fact PE firms were involved as buyers in three of the Top 5 Global TMT MampA Transactions

And in Europe specifically the two venture exits resulted from investment by two direct

secondary funds covering the VC industry namely Azini in the UK and Verdane in the Nordics

It is worth noting that direct secondary funds have been quite active particularly since the 2008-

09 economic crisis Usually founded as funds dedicated to buying entire portfolios of other funds

many have now expanded their remit to single direct secondaries (ie buying other fundsrsquo position in a

single company rather than entire portfolios) This is driven by fewer portfolios changing hands and

secondaries funds developing company management skills over the years ndash making it reasonably easy

for them to move to the single asset business In fact many not only buy existing positions but are also

able to invest new money if need be

December 2014


The two December exits were very different cases

Azini exiting incadea at a euro170mn total company valuation was in fact what is referred to as

a ldquoquick fliprdquo ndash an exit shortly after the investment was made (in this particular case a matter of

weeks) incadea was an investment in a publicly-listed company Azini is somewhat unique in

this respect providing ldquoan early liquidity option for historical investors and shareholders in

illiquid private and small-cap public companiesrdquo unlike most secondaries funds which focus on

venture funding of private companies alone

More classically Wireless Maingate selling to Sierra Wireless for euro74mn allowed Verdane

Capital to exit a position acquired in 2008 from Brainheart a $200mn European venture capital

fund dedicated to wireless investments (vintage 2002) set up by successful entrepreneur Ulf

Jonstroumlmer (who founded AU-System)

Enjoy the reading Please direct any questions or comments to g4vBulletingo4venturecom If you do

not wish to receive future HTI updates from us please send an email with the title unsubscribe

to g4vBulletingo4venturecom

The Go4Venture Team

Where to Meet the Go4Venture Advisers Team in February 2014 ndash see wwwgo4venturecomcontact

February 3-4 ndash Eindhoven Netherlands ndash Global Government Venturing Summit 2015

February 12 ndash London UK ndash EISA Chairmanrsquos Reception at the House of Lords

February 25-26 ndash San Clara CA ndash Linley Data Center Conference 2015

For more details about the Headline Transaction Index (HTI) please visit our website

December 2014


11 Headline Transaction Index (HTI)

Go4Venture HTI Index by Deal Value

Source Go4Venture Advisers HTI Database

Go4Venture HTI Index by Cumulative Deal Value


December 2013 2014 Var Year-to-Date 2013 2014 Var

Large Transactions 12 12 0 Large Transactions 127 166 31

euromn 155 432 178 euromn 2899 4680 61

Other Transactions 17 29 71 Other Transactions 334 232 (31)

euromn 42 102 142 euromn 889 753 (15)

All Headline Transactions

29 41 41 All Headline Transactions

461 398 (14)

euromn 196 533 172 euromn 3788 5432 43

Of Which Of Which

Landmark Transactions 2 5 150 Landmark Transactions 35 56 60

euromn 60 359 498 euromn 1866 4069 118

Definitions

Large Transactions ge pound5mn euro75mn $10mn

Other Transactions lt pound5mn euro75mn $10mn

Landmark Transactions subset of Large Transactions ge euro20mn pound13mn $27mn

0

100

200

300

400

500

600

700

800

900

1000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Valu

e o

f T

ransactio

ns p

er

Month

(eurom

n)

2011 2012 2013 2014

0

1000

2000

3000

4000

5000

6000


Cum

ula

tive V

alu

e o

f T

ransactio

ns (

eurom

n)

2011 2012 2013 2014

Includes Rocket Internet (euro768mn)

December 2014


12 Large Transactions Summary (gepound5mn euro75mn $10mn)

Ranked by Round Size (euromn including estimates) in Descending Order then Alphabetically

Company Sector Round euromn Description Investors

1 Adyen (Netherlands) wwwadyencom

Software B 2030 Provider of a web-based payments system

Felicis Ventures General Atlantic Index Ventures Temasek Holdings

2 Blue Yonder (Germany) wwwblue-yondercom

Software A 609 Provider of big data analytics and predictive applications

Warburg Pincus

3 Huddle (UK) wwwhuddlecom

Internet Services

D 414 Operator of a cloud-based content management and collaboration platform

DAG Ventures Eden Ventures Hermes GPE Jafco Ventures Matrix Partners Zouk Capital

4 Atom Bank (UK) wwwatombankcouk

Internet Services

Late Stage

317 Operator of digital-only banking services

Polar Capital Woodford Investment Management

5 eToro (UK) wwwetorocom

Internet Services

Late Stage

219 Provider of a social currency commodity and index trading platform

Anthemis Group BRM Capital Cubit Investments Ping An Ventures SBT Venture Capital Social Leverage Spark Capital Venture51

6 Helpling (Germany) wwwhelplingde

Internet Services

A 138 Operator of a domestic cleaning booking platform

Mangrove Capital Phenomen Ventures Point Nine Capital

7 Home24 (Germany) wwwhome24com

Internet Services

A 129 Operator of an online furniture shopping platform

Holtzbrinck Ventures Investment AB Kinnevik JP Morgan REWE Group Rocket Internet Zimmermann Investment

8 Nexthink (Switzerland) wwwnexthinkcom

Software D 118 Developer of an end-user IT analytics platform

Auriga Partners Mannai Corporation VI Partners

9 ShopWings (Germany) wwwshopwingsde

Internet Services

A 100 Operator of an online grocery shopping and delivery platform

Tengelmann Ventures

10 Novelda (Norway) wwwxethrucom

Hardware A 97 Developer of radar-based technology for use in sensors

Alliance Venture Investinor SpareBank 1

11 Sonnenbatterie (Germany) wwwsonnenbatteriede

Cleantech B 76 Manufacturer of lithium-based storage systems for solar electricity

Chrysalix SET eCAPITAL Munich Venture Partners

12 MarketInvoice (UK) wwwmarketinvoicecom

Internet Services

B 63 Peer-to-Peer lending platform for working capital financing

Northzone


Key

Bold indicates lead investor(s)

Internal round

December 2014


Adyen Netherlands | wwwadyencom

Sector Round euromn Description Investors

1 Software B 2030 Provider of a web-based payments system


Adyen (Netherlands) a provider of a web-based payments system raised euro2030mn in a Series B round led by

General Atlantic with support from fellow new investor Temasek Holdings with participation of investors Felicis

Ventures and Index Ventures The money will be used for expansion in Asia and the US as well as implementing the

companyrsquos new mobile Point-of-Sale (PoS) system Shuttle

When we last saw Adyen in our June 2014 Bulletin it had just raised euro12mn from Felicis Ventures and Index Ventures

Just like other payment platforms we have seen recently like The Currency Cloud Group and iZettle (whose fundraisings

we covered in April and May 2014 respectively) the advantage of using Adyen is that it obviates the need to deal with a

plethora of banks and other service providers Instead merchants can use a single firm for all their payment processing

needs

Adyen can process payments in 187 different currencies using 250 different payment methods such as credit cards and

online payments via mobile devices and PoS for merchants with physical stores This breadth of coverage gives Adyen

a competitive advantage in countries where consumers have unusual payment preferences Merchants may find that

Adyen is the only viable option in these countries and once they have chosen Adyen in these countries it doesnrsquot make

sense to use a different system elsewhere

The result of this is that Adyen has over 3500 different merchants using its platform including well-known tech

companies like Airbnb Facebook Google Groupon Showroomprive and Spotify More traditional companies have also

adopted Adyenrsquos system including Germanyrsquos second-largest airline by chartered passengers airberlin US-based

provider of business management software for the beauty and wellness industries Mindbody low cost Irish airline

Ryanair and global telecoms carrier Vodafone

In 2014 Adyen posted revenues of euro185mn Not only was this a two-fold increase in turnover compared with the

previous year but it also gave the company a profit of euro10mn The company expects to process over euro25bn in payments

over the next twelve months Whereas 50 of last yearrsquos payment volumes came from Europe and 30 from the US

with Asia and Latin America accounting for only 10 each Adyen aims to increase the amount of business it does in

Asia and the US To this end some of Adyenrsquos 240 staff are based in Boston San Francisco Sao Paulo and Singapore

as well as in the firmrsquos five European offices

Investors

This round is the latest in a number of recent payment platform investments that featured in our Bulletin including Trustly

in November 2014 and Tradeshift in February 2014 It is however the largest investment in a payments platform that we

have covered to date and brings total funding for Adyen up to euro230mn valuing the business at euro13bn

The transaction was led by global private equity group General Atlantic (euro755mn (2013) AUM euro10bn) Well known for

backing of Alibaba and Facebook General Atlantic provides growth equity from its eleven offices in China Europe India

and the US Unusually General Atlantic has a disproportionately high number of wealthy families amongst its backers ndash

very much in line with the way it was set up in the lsquo80s by successful businessman and philanthropist Charles Feeney

General Atlanticrsquos investments are in five broad sectors ndash business services consumer and retail businesses financial

services healthcare and technology The firmrsquos approach is based on identifying industry macro-trends ndash a research

effort to which it devotes significant effort ndash and has allowed it to build up a euro10bn portfolio (as of December 2013)

With much of the growth in the euro12tn online shopping market expected to come from emerging markets in China and

Latin America it is not surprising that General Atlantic was joined by Temasek Holdings (AUM euro181bn) Also a new

investor in this round Temasek is owned by the Singaporean Government and targets Singapore as well as Asia Even

older than General Atlantic having been founded in the early lsquo70s Temasekrsquos investment preferences are thematic

rather than sector-based such as transforming economies and deepening competitive advantages Despite the firmrsquos

focus on Singapore and Asia it also has offices in Europe Latin America and the US

Like General Atlantic Temasek has an unusual structure Wholly owned by the Minister of Finance (a legal personality in

Singapore) the firmrsquos size and credit rating enabled it to enhance its capital efficiency and raise additional capital

through the issue of bonds At over euro162bn Temasekrsquos portfolio dwarfs that of most VC or PE funds

Silicon Valleyrsquos Felicis Ventures (euro97mn (2014) AUM euro178mn) which led the firmrsquos euro12mn Series B round in June

2014 and Index Ventures (euro400mn (2014) AUM euro30bn) have both returned for this round

As we have noted in a number of similar contexts new entrants in fintech are not weighed down with legacy

infrastructure which means that not only can they do things more efficiently but if they get it right they can grow

extremely rapidly as in this case While it was founded back in 2006 Adyen did not raise external investment until 2011

December 2014


Blue Yonder Germany | wwwblue-yondercom Sector Round euromn Description Investors

2 Software A 609 Provider of big data analytics and predictive applications

Warburg Pincus

Blue Yonder (Germany) a provider of big data analytics and predictive applications raised $750mn (euro609mn) in a

Series A round from Warburg Pincus

Blue Yonder was founded in 2008 by Professor Michael Feindt a Professor at the Karlsruhe Institute of Technology and

former researcher at DESY and CERN The firm has developed algorithms for making predictions from large data sets

which it offers as a SaaS platform

Being able to make predictions based on big data has utility across a number of sectors although so far the majority of

Blue Yonderrsquos customers have been in manufacturing and retail Manufacturing applications include optimising

production lines based on inputs from monitoring sensors and predictive maintenance for the automotive industry In

retail Blue Yonderrsquos system facilitates demand forecasting and recognition of purchasing trends leading to more efficient

inventory planning as well as the implementation of dynamic pricing to maximise sales

Customers in manufacturing and retail include Bauhaus Bosch EAT Next the Otto Group Schwab Tengelmann and

Vodafone The firm has recently expanded into other verticals such as logistics and transport with customers including

Eurotunnel and Lufthansa Systems

Unsurprisingly given its founders background the secret sauce in Blue Yonderrsquos products is a combination of Bayesian

statistics and neural networks that was originally used in accelerator physics Developed in 1999 the companyrsquos

algorithm was first used as a way to sift through the large amount of data produced by particle accelerators in order to

identify events corresponding to particles of interest

Given the traction of lsquobig datarsquo as a sector and the increasing availability of commercially relevant large data sets we

may see more of this sort of investment So herersquos a quick primer Bayesian statistics is the statistics of figuring out the

probability of something given a particular condition rather than purely on the basis of just observing how frequently that

something happens independently of everything else A simple example in the context of Blue Yonderrsquos clients would be

the probability that an automotive engine is about to fail given everything we know about it from sensor logs transmitted

to the manufacturer Kevin Boone released a clear overview of Bayesian statistics on its website

Of course it would be very hard to code up a custom Bayesian solution for every commercial problem Instead Blue

Yonder uses neural nets which can be lsquotrainedrsquo to use a computational approach analogous of the neurons in a brain to

come up with answers based on a large number of inputs

While Blue Yonderrsquos platform might seem esoteric its commercialisation follows a well-trodden path with a now

traditional SaaS business model White papers and industry awards are used to raise awareness of the firmrsquos platform

Sales are made primarily through a network of partners and resellers including Talend which featured in our December

2013 Bulletin when it raised euro292mn in a late-stage round from investors including Balderton Bpifrance and Silver Lake

In the future Blue Yonder sees opportunities in combination with the Internet of Things (IoT) Blue Yonderrsquos technology

will certainly be relevant if the IoT ever takes off but there is already plenty of scope even if one were to limit oneself to

for example digital marketing Outside of Germany ndash known for the quality of its education system ndash Blue Yonder may

find itself limited more by the supply of so-called data scientists than by any shortage of applications

Investors

Warburg Pincus (euro32bn (2014) AUM euro47bn) is a global private equity investor with 180 investment professionals

working from offices in Brazil China Europe India and the US Over half of Warburgrsquos investments are made outside the

US

As one of the oldest investors to feature in our Bulletin ndash the firm was founded in 1966 and can trace its history back to

the banking activities of EM Warburg amp Co in the 1930s ndash Warburg has invested over euro41bn in more than 720

companies and celebrated its 100th

IPO in 2005

Stage-agnostic the firm currently invests across a wide range of sectors ndash as well as TMT the firm backs consumer

healthcare industrial financial and services businesses and invests in real estate Last time the firm appeared in our

Bulletin was in November 2007 when it invested euro22mn in a Series B round in provider of micro-seismic fracture

monitoring and stimulation evaluation systems Spectraseis However to date it has invested over euro12bn in TMT

worldwide with 13 technology investments this year alone Warburg Pincus has previous experience in the enterprise

software arena For example in 1996 the firm backed (for an undisclosed amount) Kognitio (originally WhiteCross)

which now presents itself as a provider of supercomputing for data science

December 2014


Huddle UK | wwwhuddlecom


3 Internet Services



Huddle (Ninian Solutions) (UK) an operator of a cloud-based content management and collaboration platform raised

$510mn (euro414mn) in a Series D round led by Zouk Capital with support from new investor Hermes GPE and existing

investors DAG Ventures Eden Ventures Jafco Ventures and Matrix Partners The money will be used to expand the

development team and compete with alternatives in Europe and the US

Huddlersquos collaboration and project management tools include virtual whiteboards phone conferencing and task and

people management tools Notably it also integrates with existing corporate systems such as LDAPs (Lightweight

Directory Access Protocols)

This is the third time Huddle has appeared in our Bulletin Its last feature was in May 2012 for its euro19mn Series C round

Ever since the firmrsquos May 2012 Series C round however there has been speculation about if and when Huddle will go

public An IPO initially scheduled for September 2012 was pulled

citing unfavourable market conditions Since then Huddle has

increased its turnover but gross margins have decreased from

85 to 78 and Profit After Tax (PAT) has gone from a loss of

115 of revenue to 170 of revenue

Huddle has also spent significantly on its back end and on programs for training users The company now faces the

problem that it is not as unique as it used to be ndash strong competition exists in the form of Microsoftrsquos Office 365 (which

recently teamed up with Dropbox) and Silicon Valleyrsquos Box With cloud-storage now offered for free by a number of major

providers market leadership will be heavily influenced by the services and products which go on top Huddle has stated

that some of this round will be used to double the development team in Hubblersquos Silicon Roundabout HQ

The company now has more than 100000 private sector clients and moving forward has stated intentions to focus on

the public sector The companyrsquos current public-sector clients include 80 of government departments in the UK four

US federal agencies the NHS and NASA Huddle is growing rapidly with sales to enterprise customers tripling year-on-

year and seven of Huddlersquos ten largest deals also being signed in 2014

Investors

This round brings total investment in Huddle to just over euro75mn with a valuation of euro215mn to euro260mn on a 69x

turnover multiple This can be compared with competitors Box ndash which has raised euro400mn of venture funding and has

also been planning an IPO and Dropbox ndash which has raised c euro500mn excluding debt

December saw three IPOs in the enterprise technology space ndash Hortonworks and New Relic (both which closed higher

than their initial Public Offering Price (POP) and Workiva Furthermore Huddle competitor Box which recently landed

GE as a client and updated its S-1 with improved revenue figures certainly looks to be going the IPO route One may

thus ask why Huddle has just raised more private money rather than going straight for a listing

Huddle co-founder Andy McLoughlin has said that one of the reasons for this additional round is that they want to avoid

being acquired This is a very realistic possibility ndash not only is Dropbox cash rich and acquisitive but Microsoft has a

relatively new CEO acquired enterprise social networking firm Yammer for euro1bn in 2012 (moving it into the Office 365

development team) and has plenty of cash for acquisitions in this space

Transaction leader Zouk Capital (euro263mn (2014) AUM euro585mn) is a growth capital investor with offices in London and

Singapore Founded in 1999 the firm has had a strong cleantech bias and specifically targets companies involved in

renewable energy and resource efficiency Fellow new investor Hermes GPE (euro414mn (2014) AUM euro132bn) is a

combined private equity and infrastructure investor with offices in London and Singapore as well as an office in Boston

Returning investors for this round were technology and life sciences investor DAG Ventures (euro260mn (2012) AUM

euro16bn) early-stage investor Eden Ventures (euro87mn (2007) AUM euro675mn) which has enterprise software as a target

sector JAFCO Ventures (euro225mn (2014) AUM euro650mn) which led Huddlersquos previous round and global VC firm Matrix

Partners (euro336mn (2014) AUM euro27bn)

euromn 2012 2013 2012 2013

Revenues 40 63

Gross Profit 34 49 85 78

PAT (46) (107) -115 -170

December 2014


Atom Bank UK | wwwatombankcouk


4 Internet Services

Late Stage



Atom Bank (UK) an operator of digital-only banking services raised pound250mn (euro317mn) in a Late Stage round from

Polar Capital and Woodford Investment Management The money will be used in particular to implement a biometric

customer recognition system

Most of the Fintech startups we cover seek to exploit a particular weakness in the traditional banking system Peer-to-

Peer lenders for example seek to exploit the slowness and poor underwriting arising from legacy IT and credit-scoring

systems The contention is that the existing banking system is so tied up with regulatory constraints existing procedures

and market practice legacy IT systems that it is ripe for disruption

Rather than targeting a particular niche or specific gap in the market arising from the inadequacies of the legacy banks

Atom Bank takes this argument to its logical conclusion and seeks to replace them The firm is being set up by Anthony

Thomson and Mark Mullen Mr Thomson spent over a decade as Chief Executive of financial services marketing and

communications group CFM before setting up London-based Metro Bank in 2007 Mr Mullen is the former CEO of

HSBC internet and telephone banking subsidiary First Direct

Atom expects to launch in the second half of 2015 with a full range of products Unlike Metro Atom intends to be entirely

digital Instead services will be offered predominantly through smartphone apps With outsourced infrastructure no

branch network and no legacy systems Atomrsquos operating costs are expected to be around 30 of turnover compared

with the industry average of over 50 Even Atomrsquos office location in Durham was chosen with a view to reduce

overheads Higher margins should result in higher returns for shareholders

One of the key issues for a digital only bank is client security and for this reason Atom is currently working on integrating

biometric user-recognition into its systems

Atom Bank is being hyped in the press as the UKrsquos first lsquodigital-only bankrsquo which is complete nonsense When internet

penetration in the UK first reached critical mass towards the end of the 1990s British life assurance company the

Prudential launched the internet bank Egg ndash which expanded into France in 2002 as lsquoLa Carte Eggrsquo Despite later

controversy involving the cancelling of ATM cards and mis-selling of PPI (Payment Protection Insurance) Egg was

highly successful with over 1mn credit card accounts when its consumer finance assets were sold to Barclays in 2011If

anything the timing is even better now than at the end of the 1990s Broadband penetration is almost universal

smartphone use is ubiquitous and service from existing banks is appalling at a time when they are blamed for the post-

2008 recession According to the British Bankersrsquo Association (BBA) footfall in bank branches is dropping at 10 a year

with the use of mobile banking apps to make transactions doubling year-on-year

While Atomrsquos management team have previous experience and a successful track record they may not be the only new

banks opening in the near future While it can take a long time to gain a banking license ndash Metro took two years ndash and

this can be a significant barrier to entry the British regulatory authorities (the FCA and PRA) have been tasked with

increasing competition in the retail banking industry and almost thirty new organisations are now seeking banking

licenses The most prominent of these are Tesco Bank and Virgin Money

Investors

This is the third time that UK-based Woodford Investment Management (AUM euro103bn) appears in our Bulletin in 2014

following a euro97mn Series A round in Gigaclear in July 2014 a euro10mn Series B round in Purplebricks in August 2014

and a euro13mn Series B round in Genomics in November 2014 While technology investments accounts for only 1-2 of

this fund three appearances in our Bulletin in less than twelve months strongly suggest that Woodford intends to

continue in this asset class Woodfordrsquos backing is particularly significant in this case as when Woodfordrsquos Head of

Investment (Neil Woodford) was responsible for Invesco Perpetualrsquos equity income funds he shunned the banking

sector for over a decade

Woodford was supported by specialist fund manager Polar Capital (LSEPOLR) as well as a number of notable

individual investors including former Managing Partner of Alchemy Jon Moulton and former Chair of Goldman Sachs

Asset Management Jim ONeill

December 2014


eToro UK | wwwetorocom Sector Round euromn Description Investors

5 Internet Services

Late Stage



eToro (UK) a provider of a social currency commodity and index trading platform raised $270mn (euro219mn) in a Late

Stage round co-led by Ping An Ventures and SBT Venture Capital with support from existing investors Anthemis

Group BRM Capital Cubit Investments Social Leverage Spark Capital and Venture51 The money will be used to

support expansion in China and Russia

eToro is a platform for trading Contract for Differences (CFDs) commodities equities forex and indices Unlike many

trading platforms the firm makes its money primarily on spreads rather than fees Indeed fees are only charged for

equity trades ndash typically 10 basis points (1 change = 100 basis points) with a minimum of 1 for equities Fees are

also charged for making withdrawals Users are allowed to trade on margin (with a leverage of up to 400x) and can

access the eToro platform from their smartphones

eTororsquos distinguishing feature is that its platform has a social aspect allowing traders to connect with each other and

copy the trades of other investors When we last saw the firm in March 2012 it had just raised euro11mn for international

expansion particularly in the US Since then eToro has doubled its user base from two million to four million

While such growth may seem pedestrian in comparison with some of the growth rates we have seen in other sectors for

many Fintech businesses regulation provides a significant barrier to entry which slows growth Over the last two years

eToro has successfully obtained regulatory approval from the Australian Securities and Investments Commission (ASIC)

and the National Futures Association (NFA) thus allowing both Asian and American investors to use the firmrsquos platform

Investors

This sixth round of funding for eToro brings total funding to just under euro50mn In addition to the euro219mn of equity a line

of credit has also been provided by Silicon Valley Bank although details were not disclosed

The round was co-led by Ping An Ventures (PA Ventures) (euro140mn (2012)) and SBT Venture Capital PA Ventures is a

relatively new VC fund having been set up with euro140mn of investment capital by Chinarsquos Ping An Insurance Group in

2012 The firm has a very broad investment remit with sectors of interest ranging from TMT to finance and healthcare

Despite its youth PA already has a portfolio of well over thirty investments Unsurprisingly PA concentrates almost

entirely on China and claims to be the first VC fund in Chinarsquos financial services industry

SBT is a Fintech specialist providing growth capital to revenue-generating companies seeking growth capital Although

partnered with Russiarsquos biggest bank (Sberbank) SBT is headquartered in London and most of its eight investments

have been in Europe or the US This investment is unusual for the firm which usually aims for new technologies or

disruptive business models rather than simply seeking to take an existing business model to new territories In this case

however the firm clearly seeks to leverage its relationship with Sberbank to help eToro expand in Russia With backing

from PA and SBT we expect to see eToro expand into both China and Russia fairly rapidly

Well-known US investor Spark Capital (euro300mn (2014) AUM euro15bn) which first backed eToro in January 2011 and led

the firmrsquos two most recent rounds has again returned Spark has normally invested in early-stage deals with a preference

for getting in as one of the first venture investors However in 2014 Spark raised a euro320mn growth fund While primarily

intended to catch mid-stage deals that Spark had occasionally come across but been forced to let go the fund will also

allow the firm to back its own portfolio companies for longer in cases such as eToro Also a participant in eTororsquos

previous round BRM Capital (euro80mn (2000) AUM euro200mn) targets IT companies with ties to Israel where eToro now

has a significant operational presence

Anthemis Group and Venture51 (euro20mn (2015) AUM euro50mn) both also backed eTororsquos last round but were not reported

at the time Luxembourg-based Anthemis is another specialist in growth capital for Fintech companies Based in

California Venture51 and Social Leverage (euro5mn (2013)) are both early-stage technology investors Venture51 is

unusual in that it targets investments that fall between seed money and Series A Cubit Investments is an incubator and

early-stage investor based in Israel

December 2014


Helpling Germany | wwwhelplingde Sector Round euromn Description Investors

6 Internet Services



Helpling (Germany) an operator of a domestic cleaning booking platform raised $170mn (euro138mn) in a Series A

round from Mangrove Capital Phenomen Ventures and Point Nine Capital The money will be used to support

continued expansion and consolidate the firmrsquos presence in existing cities particularly through local advertising

Founded in Berlin in March 2014 Helpling runs a platform for booking domestic cleaning services Helpling guarantees

that all cleaners are insured and have references as well as providing a secure method of payment The checking of

references is far more stringent than anything a private individual is likely to do and includes a telephone interview

cleaning test criminal record check and verification of the cleanerrsquos papers and business license Obvious benefits are

internet-based disintermediation and the normal lsquolocal commercersquo benefit of a cheap internet portal for small businesses

Incubated by Rocket Internet Helpling is pursuing Rocketrsquos now familiar rapid roll-out strategy It has a presence in 150

cities in eight different countries across Australia Europe and Latin America Like many other local commerce

businesses Helplingrsquos success will depend on achieving critical mass in each city where it is active We saw this very

clearly in the battle for dominance amongst take-away food ordering portals As discussed in our September 2014

coverage of Delivery Hero large sums of venture capital were deployed in order to capture and keep each new city

There is however an important difference between home cleaning services and takeaway food Whereas takeaway

food restaurants all have a physical presence and are difficult to hide from the taxman many cleaners operate in the

black economy Moreover while it may take time to build up a client base through word of mouth once they have a full

schedule good cleaners rarely have any gaps There is a danger therefore that the best cleaners will not use the

platform and that the platformrsquos margins may simply increase the cost of cleaners who are merely good

Notwithstanding these reservations there is plenty of competition in the market The best known competitor is Y-

combinator backed HomeJoy which was set up in San Francisco in the summer of 2012 and which has so far raised

almost euro35mn In Europe there is London-based Hassle which launched in May 2014 and has raised euro5mn from Accel

and Ventech Smaller local competitors include Housekeep and Mopp which both launched in 2013 and are targeting

the London market Peer-to-Peer task outsourcing service TaskRabbit also has a number of cleaners using its platform

The good news is that Mopp was sold to US-based TaskRabbit clone Handy in September last year for an undisclosed

sum believed to a little under euro10mn Handy had previously raised around euro40mn in venture funding in two rounds from

General Catalyst Partners and Highland Capital Partners

However Homejoy has recently put its operations in Canada and France lsquoon holdrsquo saying publicly that it is choosing to

focus on its operations in Berlin Hamburg and London The former two will put it in direct competition with Helpling It is

conceivable that Homejoy is simply choosing to focus on cities which can deliver profitability most quickly and cost-

effectively However the firm only entered the French market a few months ago and a recent interview with the firmrsquos

CEO did not show a deep understanding of either the European market or competition in Europe

Investors

Luxembourg-based technology investor Mangrove Capital (euro100mn (2013) AUM euro150mn) likes to back companies at

an early-stage often prior to product launch and even participate in the creation of new companies For successful start-

ups however the firm is able to follow its money with up to euro20mn per investment Mangrove is unusual in that it splits

its activities equally between Europe and emerging markets such as India and Russia

A relative newcomer only having been set up in 2012 Phenomen Ventures (euro240mn (2013) AUM euro240mn) is an early

stage investor focussing on businesses in the CIS Phenomenrsquos previous investments include a euro15mn round for

Foodpanda in February 2014 so not only does Helpling have an entry into the CIS but this will be facilitated by a backer

who already has a good understanding of local commerce and the kind of venture-backed land-grab that is likely to

ensue

Berlin-based early stage investor Point Nine Capital (euro45mn (2013)) is another veteran of the war between takeaway

food portals having participated in Delivery Herorsquos euro80mn Series B in August 2012

Despite Helpling being a Rocket proteacutegeacute Rocket itself has not participated in this round Notwithstanding our

reservations above however this trio of investors has a combination of local knowledge business model expertise and

time in the trenches that is particularly well suited to taking Helpling elsewhere in the world This transaction can be seen

as a milestone for lsquolocal commercersquo It is the first transaction to feature in our Bulletin where one of the investors

(Delivery Hero chairman Lukasz Gadowski) has previous experience with the business model

December 2014


Home24 Germany | wwwhome24com Sector Round euromn Description Investors

7 Internet Services


Holtzbrinck Ventures Investment AB Kinnevik JPMorgan REWE Group Rocket Internet Zimmermann Investment

Internal round

Home24 (Germany) operator of an online furniture shopping platform raised euro129mn in a Series A round led by

Rocket Internet with support from Holtzbrinck Ventures Investment AB Kinnevik JP Morgan REWE Group and

Zimmermann Investment The money will be used to consolidate the firmrsquos position in Europe and Latin America and

to fuel further expansion

Just as clothing sales have moved online following a plethora of fashion portals and shopping clubs in the last half-

decade the same is now happening with home furnishings Indeed this is not the first major investment in a furniture e-

tailer that we have seen in our Bulletin in March 2014 Westwing Home amp Living raised euro72mn in a late-stage round See

also Madecomrsquos 63 jump in 2014 sales to pound428mn (euro659mn) ahead of a planned IPO rumoured to be for more than

pound100mn (euro135mn) and the sub $15mn (euro12mn) firesale of the previously billion-dollar Fabcom

Home24 was founded in Berlin in 2009 and launched its online store in 2011 It sells quality furnishings at reasonable

prices to the mid-market The range of products it offers (more than 150000 from over 800 manufacturers) is

significantly greater than its online competitors Moreover the firm also sells own-brand products such as Furnlab

JackampAlice Moslashrteens and Smood

Over its first 4-5 years the firm built up its platform and then expanded from Germany into Austria Brazil (under the

name of Mobly) France and Holland During 2014 the pace of expansion increased dramatically with a pan-European

roll-out across Belgium Italy and Switzerland and the opening of the firmrsquos own warehouse in Berlin

The numbers also increased dramatically In 2012 Home24 had 50000 items in its catalogue half a million customers

and net revenues of euro62mn Sales reached euro100mn roughly one year later (61 growth) and the firm now offers over

three times as many products to over one million customers Between 2012 and 2014 the firm doubled the number of

orders it took (from 100000 to 200000) and most of the firmrsquos KPIs now seem to be trending in the right direction

Getting here has not been easy In 2012 Home24 has had to deal with the loss of customer data from phishing and

migrating from well-known e-commerce platform Magento to a proprietary system This was so problematic that the

firmrsquos site had to be taken down briefly While the firm still uses a third party for its logistics operations its e-commerce

operations are now certified by German engineering firm TUumlV Suumld and reviewed on the Trusted Shops platform

A feature of Home24rsquos business model that is common amongst fashion e-tailers is offering not just free delivery but also

free returns for the first 30 days The idea is that this gives customers the confidence to buy and hence increases

turnover However even though the firmrsquos mean basket size (a little over euro200) is larger than might be expected in the

fashion world it is more expensive to deliver furniture than clothes and Home24 is not yet profitable

While Home24 cites return rates of under 10 this could still have a significant impact on the bottom line Even if costly

however this strategy will help the firm grow and compete with better known bricks-and-mortar furniture retailers such

as Ikea who are now expanding online

Investors

In many ways this investment is the strongest indication yet that it is business as normal for the post-IPO Rocket Internet

(DERKET) As transaction leader Rocket not only contributed euro10mn of the total but was supported by its traditional

collaborators Holtzbrinck Ventures (euro285mn (2015) AUM euro645mn) and Investment AB Kinnevik (AUM euro72bn)

What is not normal for Rocket is the amount of information made public Previously Rocket focused more on running its

companies than on disseminating information to the press so information had to be gleaned indirectly from Kinnevik and

other sources Rocketrsquos new-found public status greatly increases transparency This deal leaves Home24 with a

valuation of euro815mn ndash a bit shy of the Samwer brothersrsquo usual billion-dollar benchmark ndash and Rocket with a 498 stake

valued at euro406mn What is less clear is what Rocket intends to do next as it also owns a significant stake in Westwing

Although Westwing operates as a shopping club for a curated selection of products it is very much in the same sector It

is also not entirely clear how many rounds of financing Home24 has had so far as they took place prior to Rocketrsquos IPO

What is known is that all the investors in this round were already shareholders making it a late-stage internal round

Other investors were Germany-based venture capital firm Zimmermann Investment as well as investment bank

JPMorgan and European merchant retailer tourism and travel company the REWE Group which have both backed

Rocket companies before just not as often as Holtzbrinck and Kinnevik

December 2014


Nexthink Switzerland | wwwnexthinkcom Sector Round euromn Description Investors

8 Software D 118 Developer of an end-user IT analytics platform


Internal round

Nexthink (Switzerland) a developer of an end-user IT analytics platform raised $145mn (euro118mn) in a Series D

internal round led by Auriga Partners with support from the Mannai Corporation and VI Partners

The EPFL (Eacutecole Polytechnique Feacutedeacuterale de Lausanne) is becoming something of a power house of entrepreneurial

activity Two EPFL spin-outs have featured in our Bulletin in the last couple of years ndash hardware firm Kandoursquos euro76mn

Series A round in March 2012 and software development platform Typesafersquos euro113mn Series B round in August 2012

The EPFL also has strong links to molecular and immunodiagnostics platform developer Biocartis which featured in our

September 2014 for raising a euro645mn late-stage round owing to its presence in the institutionrsquos science park and the

fact that its founder Dr Rudi Pauwels spent a three year sabbatical there

Founded in 2004 Nexthink is another EPFL spin-out and arose from research that used AI (Artificial Intelligence)

techniques to monitor computer systems One of the independent peer-reviewers an IT Director of a Swiss watchmaker

commended the innovative nature of the research and expressed a strong interest in purchasing the product if it were

commercially available The company was formally established in 2006

Based on two patents one for real-time visualisation and the other for using AI and self-learning to determine abnormal

behaviours Nexthinkrsquos software provides real-time visibility and analytics on the usage of a companyrsquos IT infrastructure

from an end-user perspective with the aim of enabling companies to be proactive in addressing problems This is in

contrast to the traditional reactive approach of monitoring IT services from the data centre

The software captures data on end-user events such as application usage bandwidth changes in the IT infrastructure

error messages and crashes as well as potential security risks This enables IT departments to monitor the performance

of their infrastructure ensure compliance with IT policies detect security threats in real time manage their IT Help Desk

and analyse the likely impact of new IT projects According to Nexthink its product helps resolve help desk issues 60

faster and reduces the number of incidents handled by up to 35

It is impressive that the need for this sort of product was identified before corporate IT departments embraced SaaS and

started migrating to the cloud prior to BYOD (Bring-Your-Own-Device) becoming a significant issue and well in advance

of the current trend towards software-defined dynamic provisioning of IT infrastructure With IT departments now also

expected to manage links to third party cloud-computing applications and storage as well as a plethora of networks and

systems used by employees who wish to bring their own hardware for work a tool like Nexthink is almost indispensable

As is conventional for enterprise software sales Nexthink uses a network of channel partners to sell its product and 95

of revenues go through this route Its partners include CIO Plus (Ireland and the UK) Cloud Sherpas (Australia Canada

and the US) and Ontrex (Austria Germany and Switzerland) In addition to its channel partners Nexthink also works

with half a dozen lsquoalliance partnersrsquo to ensure that its RampD pipeline is compatible and exhibits synergy with new

developments

Investors

Led by Paris-based life sciences and technology investor Auriga Partners (euro174mn (2006) AUM euro406mn) this latest

round brings total investment in Nexthink to euro25mn Auriga typically seeks to invest a minimum of euro1mn with the

intention of making follow-on investments over subsequent rounds to reach a total commitment of c euro5mn In

technology Auriga is particularly interested in big data cloud computing and SaaS mobile and open source software

The company first invested in Nexthink as part of its euro23mn Series A round and has made follow-on investments in

every subsequent round Previous investments by Auriga that have featured in our Bulletin include BonitaSoft in

September 2011 and Amplitude Systegravemes in January 2012

Indiarsquos Mannai Corporation is an industrial conglomerate with interests in air travel the automotive industry medical

equipment and jewellery Nexthink is of strategic importance to the firmrsquos Computer and Office Systems (COS) business

which provides IT services telecoms equipment and office automation products It first invested in Nexthink in 2011

Swiss incubator VI Partners (AUM euro100mn) supports life sciences IT and materials technology businesses Supported

by half a dozen Swiss blue chips and four of the Swiss banks as well as McKinsey and the ETH Zurich VI was one of

the earliest incubators set up when it was founded in 2001

December 2014


ShopWings Germany | wwwshopwingsde


9 Internet Services


Tengelmann Ventures

ShopWings (Germany) operator of an online grocery shopping and delivery platform raised euro100mn in a Series A

round from Tengelmann Ventures

Started within the Samwer brothersrsquo famous incubator and launched only a few months ago ShopWings is vintage

Rocket Internet ndash taking a business model proven in the US analysing and learning from it and then rolling it out very

rapidly across Europe with plenty of financial support

The business model in question is that of San Francisco-based Instacart It allows consumers to shop at multiple grocery

stores through a single portal for delivery within 24 hours Set up in 2012 Instacart operates in more than a dozen

different municipal areas clustered around major cities Originally incubated by Y Combinator the firm has so far raised

euro240mn from investors including KPCB and Sequoia Capital including a euro190mn Series C at a euro17bn valuation earlier

this month This year the firm expects revenues of more than euro85mn ndash a ten-fold increase on 2013

ShopWings allows customers to select from its range of products sourced from local grocery stores via their website It

then applies an algorithm to detect whether there is matching stock in the stores within close proximity of the buyerrsquos

location A shopper is then dispatched to source the buyerrsquos basket of goods Delivery on the service is levied at euro490

with a guaranteed drop time of within two hours of ordering ShopWings began operating solely in Munich in October

2014 and is in the process of expanding across Germany with Western Europe earmarked as the next stage

ShopWings is already recruiting contract shopping staff through the web site Ein-kauferde to facilitate its service The

senior management team is comprised of Christoph Harsch and Florian Jaeger who founded online wine marketplace

Mywineportalcom who both bring substantial experience of e-commerce to the table In the long term it will be

interesting to see whether the ShopWings team will go for a rapid exit or whether they focus on continued expansion

Competition in this market is already on the rise In the US Instacart has already been cloned by San Francisco based

HelloEnvoy ndash an upscale version of Instacart offering dedicated personal shoppers but charging a subscription for

delivery rather than making a margin on the food or charging per delivery More threateningly Amazon has launched its

AmazonFresh service in the US leveraging its existing global logistics operation Even Uber is reported as having

spoken with KPCB about collaboration with Instacart If this business model continues to succeed it seems inevitable

that these players will take a keen interest in the European market

Investors

Additionally to the euro138mn round in Helpling this is the second transaction in this Bulletin where the firm was incubated

by Rocket Internet but Rocket itself did not participate Rocket-backed furniture e-tailer Home24 also appears in this

issue for raising a euro129mn Series A round but with Rocket as a participating investor While Rocket has just raised

significant capital as we pointed out in our coverage of the firmrsquos IPO this requires careful stewardship as running a

conglomerate of startups is very capital intensive

Strategic investor the Tengelmann Group via its corporate venture capital fund Tengelmann Ventures has been a long-

term collaborator with Rocket Tengelmann is one of the DACH regionrsquos largest multi-sector retailers with practical

experience of running supermarkets (under the Kaiserrsquos Tengelmann brand) and operations in 18 different countries It

also possesses startup experience having pioneered e-commerce in Europe with the first online discounter Plus Online

in 2001 The firm last featured in our April 2014 and March 2014 issues for its participation in German takeaway food

portal Delivery Hero and German online furniture shopping club Westwing Home amp Livingrsquos euro62mn and euro72mn late-

stage rounds respectively

While this could be viewed as a local commerce deal it differs from the takeaway food portal business model which has

become the paradigm for this sector For each new city that ShopWings expands into there will be significant advertising

expenditure and local staff recruits However most local staff will be temporary workers acting as shoppers thus not

expensive to hire Unlike takeaway food it will not be necessary to sell to a multitude of takeaway food restaurants in the

area One central agreement with each of the major supermarkets should be enough This means that with only a

relatively low cost of entry into each new city it will be easier to achieve break-even For this reason there will not be the

same pressure to take and hold each individual city and we do not expect to see quite such a frantic venture-fuelled war

for territory but that is not to say that we expect Rocket to go slowly As one of the firms listed as lsquoconceptsrsquo in Rocketrsquos

pre-IPO prospectus ShopWings is a golden opportunity for Rocket to show the public markets what it can do

December 2014


Novelda Norway | wwwxethrucom Sector Round euromn Description Investors

10 Hardware A 97 Developer of radar-based technology for use in sensors


Novelda (AKA XeThru) (Norway) a developer of radar-based technology for use in sensors raised $120mn (euro97mn)

in a Series A round led by Investinor with support from fellow new investor SpareBank 1 and returning investor

Alliance Venture

Novelda has developed a low energy radar system designed specifically for close range applications The radar systemrsquos

basic functionality is detecting presence proximity size and motion It operates at frequencies of less than 10GHz (radio

waves towards the microwave end of the spectrum) can be incorporated in sensors half the size of a credit card and has

a range of 30m and resolution of a few millimetres Also owing to the high bandwidth of which its system is capable

Noveldarsquos sensors can separate objects which are close together (to the order of millimetres) Noveldarsquos technology is

based on a System-On-a-Chip (SOC) which is only 025cm2 in size and notably uses less radio energy than is

accidentally wasted by TV sets or vacuum cleaners

Real-world applications of Noveldarsquos technology include use in sensors for security systems and home automation

Additionally (due to its high resolution) Noveldarsquos technology can be used for applications such as gesture recognition

systems monitoring a patientrsquos breathing in hospitals and robot vision Furthermore the technology is also able to

perform Ground Penetrating Radar (GPR) to a depth of one metre (the company has thus indicated that it could be used

for mine work)

Novelda is initially planning to sell its technology in two ways Firstly directly as a development kit (called the XeThru X2

Inspiration Kit) This includes a pre-programmed movement sensor as well as software and a range of other sensor

modules Secondly (and more importantly from a commercial perspective) Novelda is targeting OEMs through a value-

added reseller program To date the firm has recruited resellers in China Italy Russia South Korea Sweden and the

US

Novelda marks the second university spin-out in this issue the first being Nexthink It was founded in 2004 by Oslo

University Associate Professor Dag Wisland and serial entrepreneur Eirik Naess-Ulseth

Investors

Transaction leader Investinor (euro74mn (2013) AUM euro74mn) contributed euro62mn of this roundrsquos euro97mn total The firm is

an evergreen fund backed by the Norwegian Government which was set up in 1990 It provides both venture capital and

growth equity funding and aims to support Norwegian firms looking to expand internationally It is not a technology

specialist and has also backed aquaculture biotech and oil and gas businesses in the past

As a quasi-public sector organisation Investinor prefers not to take a majority stake and seeks to syndicate its

investments with other investors The firm has exited from a number of companies covered in our Bulletin including

silicon wafer recycler Metallkraft (profiled in February 2010) which it sold to Capricorn Venture Partners in 2012 and

electric car manufacturer Think (profiled in August 2009) which it sold to US-based Ener1 in 2011

Fellow new investor SpareBank 1 (MINGOL) is a regional Norwegian Bank listed on the Oslo Stock Exchange A

relatively small bank (with c 13000 customers) SpareBank primarily caters to clients such as farmers retail customers

the self-employed and SMEs (as opposed to large corporates)

There has been very little external investment prior to this round What little there was ndash a euro750k seed round in

September 2008 ndash was provided by Alliance Venture (euro56mn (2014) AUM euro564mn) which also participated in this

round

Founded in 2001 Alliance is an early-stage seed investor which targets companies within the oil and gas and TMT

sectors This investment was made from the firmrsquos euro40mn second fund (a 2006 vintage) which is now almost fully

invested The firm last featured in our July 2011 bulletin for its participation (alongside Investinor) in PoLightrsquos (provider

of autofocus lenses for camera phones) euro128mn Series B round

December 2014


Sonnenbatterie Germany | wwwsonnenbatteriede


11 Cleantech B 76 Manufacturer of lithium-based storage systems for solar electricity


Sonnenbatterie (Germany) a manufacturer of lithium-based storage systems for solar electricity raised $94mn

(euro76mn) in a Series B round led by Chrysalix SET and new investor Munich Venture Partners with participation from

existing investor eCAPITAL The money will be used to fund increased production and expansion into the US market

Sonnenbatterie provides smart home energy storage systems for solar electricity Its product is comprised of a lithium-

ion battery an inverter to convert the DC supply from the batteries to AC like the domestic supply and software for the

user to manage battery capacity and connected appliances in their home The software is available as an app for

smartphones tablets or through a web browser allowing consumers to remotely manage electricity usage in their home

As a home photovoltaic system (typically an existing solar panel installation) generates electricity and powers appliances

throughout the day any excess electricity generated is stored in the Sonnenbatterie The stored electricity is then

automatically delivered to appliances when a householdrsquos photovoltaic system is incapable of supplying sufficient

electricity to match the householdrsquos demand for example in the event of adverse weather conditions or at night If the

Sonnenbatterie becomes fully charged it can automatically connect to additional electrical appliances using remotely

controlled sockets to try to increase usage If it is still the case that excess power is available the electricity is fed back

into the grid and the user receives statutory compensation

The companyrsquos systems are priced on the basis of energy usage starting at c $13k (euro113k) for a 45 kWh system The

companies systems are available up to a maximum capacity of 60 kWh To date the company has sold 4k units across

Austria Germany Italy Luxembourg Slovakia and Switzerland and has more than a 50 market share in German-

speaking countries

Sonnenbatterie has seen increasing demand in Germany as a result of government subsidies ndash euro600 grants for domestic

installation with a national budget of euro25mn Unfortunately the industryrsquos distribution system involving substantial

dealing with utility companies have caused delays in deliveries which have affected Sonnenbatterie While

Sonnenbatterie currently requires minimum delivery volumes from its partners which has helped guarantee a certain

level of revenue in the long term such structures may not be viable The company has been sold out since September

2014 and is looking to expand capacity This round should help resolve the companyrsquos bottleneck issues

Storage is one of the most important enabling technologies for the solar power industry and a key growth market in clean

energy In these terms Sonnenbatterie has an edge through its cooperation agreement with German utility company

RWE Effizienz Furthermore having entered the US market in March 2014 the company is actively recruiting channel

partners in the US to help distribute its products Aside from scaling up and managing its international growth the firmrsquos

key challenges will be strengthening its consumer brand equity and further cost reduction

The current market trend is towards integrated appliances for storage combined with smart energy functionality

Appliance control demand management and ultimately minimisation of energy consumption from the grid are at the

core of the proposition Sonnenbatterie competes not only with the major inverter manufacturers eg SMA Solar

Danfoss but also with large industrials in the electronic components space such as Schneider Electric Siemens and of

course the battery sector The market is still very fragmented in all of these sectors and competition is high

Investors

This round was led by new investor Chrysalix SET (euro41mn (2007) AUM euro41mn) Founded in 2007 Chrysalix SET was

known as SET Venture Partners until January 2012 and originated as a joint venture between Netherlands-based asset

manager Robeco and Canada-based venture capital firm Chrysalix EVC Headquartered in Amsterdam but investing

across Europe the firm typically focuses on early stage investments Nevertheless Chrysalix SET will invest anywhere

along the value chain ndash from power production through distribution and storage to energy use It has a particular interest

in so-called smart energy solutions The company recently formalised its international network as the lsquoChrysalix Global

Network (CGN)rsquo This organisation also includes both Chrysalix EVC in Vancouver Canada and Grand River Capital

Management Chrysalix in Beijing China

Stage agnostic eCAPITAL (euro49mn (2010) AUM euro100mn) was the sole investor in Sonnenbatteriersquos Series A round

(amount undisclosed) Known for its renewable energy and environmental technologies investments eCAPITAL

classifies its areas of interest as cleantech ICT automation and the rather broad category of products and services for

the lsquogood lifersquo This is eCAPITALrsquos fifth cleantech investment this year one of which featured in our September 2014

Bulletin for the firmrsquos participation in Heliatekrsquos euro18mn Series C round Munich Venture Partners (euro127mn (2012) AUM

euro176mn) a new investor in Sonnenbatterie is one of the largest cleantech investors in Germany and the preferred

venture partner of Europersquos largest application-orientated research organisation the Fraunhofer Institute

December 2014


MarketInvoice UK | wwwmarketinvoicecom


12 Internet Services B 63 Peer-to-Peer lending platform for working capital financing

Northzone

MarketInvoice (UK) operator of a Peer-to-Peer (P2P) lending platform for working capital financing raised pound50mn

(euro63mn) in a Series B round from Northzone The funds will be used to accelerate expansion of its platform in light of

the booming P2P lending market

Founded in 2010 and launched in 2011 London-based MarketInvoice is the second P2P invoice factoring business we

have seen in as many months The other was Paris-based Finexkap which featured last month for its euro182mn Series A

round

Like a conventional factoring business MarketInvoice allows SMEs to sell their invoices to a third party at a discount

before they have been paid thus improving their cash flow position However unlike with a conventional factor

MarketInvoice determines this discount via a real-time auction between investors using the platform The investors taking

part in this auction are either self-certified High Net Worth Individuals (HNWIs) or institutional investors such as asset

managers family offices and hedge funds As a P2P platform MarketInvoice is much quicker than conventional factoring

businesses and in many cases funds can be drawn down the same day Somewhat unusually MarketInvoice does not

require either debentures or personal guarantees from the companies seeking finance

In order to be eligible to use the MarketInvoice platform SMEs must have at least six months of trading history and

revenues of more than euro130k While this is not too big a hurdle the companies invoiced must also be either ldquocredit

worthy businesses with revenues greater than euro20mn per annum or public sector bodiesrdquo

To date the firm has arranged factoring for invoices with a nominal value of euro390mn Notably euro260mn of this was

achieved in 2014 ndash the companyrsquos growth is attributable to the fact that P2P finance platforms are becoming better

known and institutional investors are starting to use new platforms much earlier Furthermore the British Government

and some local authorities are starting to actively support such P2P lending platforms as a way to support the economy

Specifically since August 2013 the UK Government has been buying invoices as part of the British Business Bank

initiative Also the Greater Manchester Combined Authority (GMCA) has agreed to use euro26mn to buy up to 50 of any

invoices traded by SMEs in the Greater Manchester area

As a relatively new approach to financing businesses P2P lenders and invoice factors are sometimes criticised for being

less diligent in their screening of customers and investors (with P2P finance currently more lightly regulated than the

traditional banks) With Government threats of more stringent regulation of the banking sector fresh in everybodyrsquos

minds a number of P2P finance businesses have come together to form an industry association ndash the Peer-to-Peer

Finance Association (P2PFA)

Members of this trade body commit to following a set of best practice guidelines for things such as anti-money

laundering fraud prevention and segregation of client funds (based on the Know Your Customer (KYC) procedures of

the banks and professional services firms) So far the body has eight members ndash Funding Circle Landbay Lending

Works LendInvest Madiston RateSetter ThinCats and Zopa

Investors

This round which follows on from a euro2mn angel round in October 2010 brings total investment in MarketInvoice to more

than euro8mn One of the advantages of P2P businesses is that once the platform has been built their growth depends

primarily on the number of investors using the platform rather than additional venture rounds In principle at least this

should mean that they have a relatively short runway

That said US Lending Club required over euro250mn in equity as well as debt finance prior to its December euro47bn NYSE

IPO The returns however were strong with early investors making returns of 50x to 80x Even later investors such as

Kleiner Perkins Caufield amp Byers (which only came in during the summer of 2012) still made returns of 86x

This is thus a positive indicator for lead investor Northzone (euro268mn (2014) AUM euro561mn) Northzone is originally a

Nordic focused technology investor but has broadened its geographic reach in recent years having opened an office in

London in January 2012 and made numerous investments in UK and US-based companies The firm is best known for

its investment in Spotifyrsquos Series A round in September 2008 It featured in our Bulletin last month when it led Fyndiqrsquos

euro16mn Series A round Like a number of other investors including Spark Capital which featured earlier in this issue with

eToro Northzone was originally an early-stage investor but now participates in growth equity deals The company has

just closed its seventh fund with euro250mn of committed capital

December 2014


21 MampA Activity Index

Disclosed Global TMT MampA Transactions

Source Capital IQ Go4Venture Advisers Analysis

(1) Includes Dell acquisition by Silver Lake for euro223bn (2013) and WhatsApp acquisition by Facebook for euro139bn (2014)

Disclosed European VC amp PE-Backed TMT MampA Transactions (gtpound30mn euro35mn $50mn)

Source The 451 Group Capital IQ PitchBook VentureSource (including transaction value estimates) Go4Venture Advisers Analysis

(1) Includes ista International acquisition by CVC Capital Partners for euro31bn (2013)

Disclosed European VC amp PE-Backed TMT MampA Transactions (2014)

gtpound30mn euro35mn $50mn


Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170

Cumulative Number 5 9 10 12 15 22 28 29 34 41 47 52

Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month

European Deals 2013 (euromn) European Deals 2014 (euromn)

Global Deals 2013 (euromn) Global Deals 2014 (euromn)

of Global Deals 2013 of Global Deals 2014

0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month

Value of Deals 2013 (euromn) Value of Deals 2014 (euromn)

of Deals 2013 of Deals 2014

(1)

(1)

December 2014


22 Top 5 Global TMT MampA Transactions Summary

Ranked by Price (euromn including estimates) in descending order

Target Acquirer Target Sector Price (euromn)

Revenues (euromn) PR

1 Riverbed (US NASDAQRVBD) wwwriverbedcom

Thoma Bravo (US) wwwthomabravocom Ontario Teachersrsquo Pension Plan (Canada) wwwotppcom

IT Infrastructure 2922 936 31x

Riverbed a provider of Wide Area Network (WAN) traffic optimisation hardware and software for businesses globally will be acquired by private equity firm Thoma Bravo and pension fund Ontario Teachersrsquo Pension Plan This acquisition which is Thoma Bravorsquos largest investment since inception happens after more than a year of pressure from investor Elliott Management Corp for Riverbed to sell itself since it reported results missing its own forecasts in its main WAN optimisation business and struggled to integrate network traffic management software provider Opnet which it acquired for $1bn (euro812mn) in 2012

2 Spansion (US NYSECODE) wwwspansioncom

Cypress Semiconductor (US NYSECY) wwwcypresscom

Semiconductors 1312 989 13x

Spansion a flash memory semiconductor manufacturer will be acquired by System-on-Chip (SoC) semiconductor manufacturer Cypress Semiconductor This acquisition is Cypressrsquo largest since 2002 (according to The 451 Group) and its first since that of ferroelectric Random-Access Memory (RAM) semiconductor designer Ramtron for euro88mn in June 2012 It will enable Cypress to expand its market share in embedded systems

3 IPC Systems (US) wwwipccom

Centerbridge Partners (US) wwwcenterbridgecom

Software 974 406 24x

Noteworthy seller Silver Lake Partners IPC Systems a provider of VoIP-based financial trade communications software and services will be acquired by private equity firm Centerbridge Partners IPC Systems is one of Silver Lakersquos longest-held investments having been acquired eight years ago (in August 2006) for $800mn (euro625mn) from Goldman Sachs This acquisition follows Silver Lake Partnersrsquo stated intention to sell IPC Systems and Centerbridge closing a $6bn (euro5bn) private equity fund both in October 2014 Centerbridge will focus on IPCs unified trading communications and data platform Unigy as it seeks ways to boost IPCs $500mn (euro406mn) in trailing revenue

4 Xeroxrsquos IT Outsourcing Business (US NYSEXRX) wwwxeroxcom

Atos (France PARATO) atosnet

IT Services 852 1130e 07x

Xeroxrsquos IT Outsourcing (ITO) Business a provider of ITO services will be acquired by IT services provider Atos With this acquisition Atos intends to increase its focus on its Business Process Outsourcing (BPO) and document outsourcing businesses The deal will increase Atosrsquo customer base with Xeroxrsquos blue-chip ITO clients and strengthen its position in the US With more than 90 of Xeroxs ITO revenue coming from the US Atos will almost triple its sales there and increase its share of global revenue generated in the US from 6 to 17 (according to The 451 Group)

5 EVRY (Norway OBEVRY) wwwevrycom

Apax Partners (UK) wwwapaxcom


EVRY a provider of systems and storage integration services for businesses in Norway will be acquired by private equity firm Apax Partners This acquisition will serve to accelerate EVRYrsquos strategy of developing bank and finance solutions portfolio scaling up its focus on industry verticals in the Nordic countries and support further mergers and acquisitions

Source The 451 Group Capital IQ PitchBook Go4Venture Advisers Analysis

Key

PR ndash Price Last 12 Months Revenues

e 2014 revenues estimate

December 2014


23 Headline European VC amp PE-Backed MampA Transactions gtpound30mn euro35mn $50mn


Target Acquirer Target Sector

Price (euromn)


Funding (euromn) PF

1 Fotolia (France US) wwwfotoliacom

Adobe Systems (US NASDAQADBE) wwwadobecom

Internet Content amp Commerce

649 NA NA 162e 40x

Noteworthy Sellers Kohlberg Kravis Roberts TA Associates

2 Intergenia (Germany) wwwintergeniade

Host Europe (UK) wwwhegcom

Internet Services

210 30 70x NA NA

Noteworthy Sellers Oakley Capital (AIMOCL)

3 incadea (Germany AIM INCA) wwwincadeacom

Dealertrack (US NASDAQTRAK) wwwdealertrackcom

Software 170 44 39x NA NA

Noteworthy Sellers Azini Capital Partners

4 Assembleacuteon (Netherlands) wwwassembleoncom

Kulicke amp Soffa Industries

(US NASDAQKLIC) wwwknscom

Hardware 80 68e 12x NA NA

Noteworthy Sellers H2 Equity Partners

5 Wireless Maingate (Sweden) wwwwirelessmaingatecom

Sierra Wireless (Canada TSXSW) wwwsierrawirelesscom

Internet Services

74 16 46x 17 44x

Noteworthy Sellers Verdane Capital


Key


PF ndash Price Total Funding

PF gt 1x indicates an investment where all investors have made a positive return on their investment

PF lt 1x indicates poor returns for some but early or late investor entrants may still show a positive return on investment

e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated

Fotolia (France US) operator of an online stock photography marketplace will be acquired by Adobe Systems for

$800mn (euro649mn) in cash and stock The sellers are private equity firms Kohlberg Kravis Roberts (KKR) and TA

Associates This acquisition will enable Adobe to offer a more complete lsquoone-stop-shoprsquo for creative teams and

strengthen its user community

Target Acquirer

Founded in 2005 Fotolia is a leading online marketplace

for royalty-free creative stock Through Fotolia marketers

and designers can purchase lower-cost photos graphics

and HD video used to design adverts or other content

Fotolia is currently home to over 34mn pieces of stock

content double what it offered in 2012 and c40 more

than its October 2013 count of 24mn Fotolia is accessible

in 14 languages and 23 countries It also provides

messaging tools for creative professionals to

communicate

This deal reflects other combinations in the creative

industry Autodesk a 3D design software and online

community provider acquired stock design marketplace

Creative Market in March 2014 for an undisclosed amount

Website builder Wix has also strategically partnered with

Bigstock to provide users with stock images for their sites

Founded in 1982 US-based Adobe Systems is a software

company with three business units Digital Media Digital

Marketing and Print and Publishing Fotolia will be

integrated into Adobersquos Digital Media unit which currently

offers Adobe Creative Suite an all-in-one tool for digital

marketers to design creative advertising content as well

as several related products

Adobe Systems has more than 11800 employees and

global revenue of $41bn (euro35bn) in 2014 Its Digital

Media segment had $19bn (euro16bn) of Annualised

Recurring Revenue (ARR) in the same period It has

completed 47 acquisitions to date with Fotolia being the

third largest behind that of Omniture (online marketing and

web analytics) and Macromedia (provider of web design

software as well as the Flash protocol) for euro11bn and

euro28bn in September 2009 and April 2005 respectively

Noteworthy Sellers

KKR became involved with Fotolia through a $150mn (euro121mn) investment for 50 of the company (with which it

provided another euro150mn in senior debt alongside several banks arranged through KKR Capital its debt and equity

financing arm) in June 2012 This was in part a secondary transaction which saw management and TA Associates selling

part of their stakes TA Associates made its initial growth equity investment in May 2009 While the exact size of that deal

was not confirmed the size was suggested to be between $50mn (euro37mn) to $100mn (euro74mn) by the Financial Times

US-based KKR (AUM euro745bn) is a listed (NYSEKKR) investment firm specialising in leveraged buyouts KKR which

invests globally also manages investments across multiple asset classes including capital markets credit energy

hedge funds infrastructure and real estate The firm last featured in our September 2014 Bulletin for its euro950mn sale of

Versatel a German data Virtual Private Network (VPN) and voice provider The sale of Fotolia is the latest of a string of

recent exits for KKR which according to the Financial Times are also intended to facilitate raising euro3bn for its new

European fund This happens at the same time as its previous $6bn (euro5bn) buyout fund (raised in 2008) ran out of

money In July 2014 it sold its 35 stake in Wild Flavors (a German natural food ingredient maker) and in March 2014 it

sold its 499 stake in Avincis (a helicopter service provider) for 25x its initial investment

Founded in 1968 TA Associates (euro13bn (2013) AUM euro132bn) is a private equity firm With a team of 80 staff split

across offices in Boston Hong Kong London Menlo Park and Mumbai it has invested in over 440 companies around

the world It specialises in buyouts and minority recapitalisations of profitable growth companies in sectors including

business services consumer financial services healthcare and technology It typically invests between $50mn (euro37mn)

and $500mn (euro368mn) in equity andor between $10mn (euro7mn) and $50mn (euro37mn) in subordinated debt in

businesses valued between $150mn (euro121mn) and $3bn (euro24bn)TA Associates last featured in our June 2014 Bulletin

for its euro173mn exit of M and M Direct an online discount apparel and footwear retailer Before that it featured in March

2012 when it sold hedge fund management software and services provider GlobeOp Financial Services (LSEGO) to

financial sector software and business process outsourcing provider SSampC Technologies (NASDAQSSNC) for euro623mn

December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA

Intergenia (Germany) a provider of web hosting and server solutions will be acquired by Host Europe for euro210mn in

cash The seller is UK-based private equity firm Oakley Capital (AIMOCL) previously an investor in Host Europe

before selling its stake to Montagu Private Equity in September 2010 This acquisition will enable Host Europe to further

consolidate its position in the European managed hosting market Furthermore Host Europe has specifically cited

Intergeniarsquos ldquocomplementary product range and position as a market leader in their fieldrdquo as key drivers for the deal

Target Acquirer

Founded in 1999 and headquartered in Cologne

Germany Intergenia is a provider of web hosting and

server solutions predominantly to SMEs

The company provides its products and services through a

portfolio of brands internet24 (a German ISP) PlusServer

Server4You serverloft Synergetic Technology and

Unmeteredcom These include cloud hosting domains

managed hosting and reseller hosting

Intergeniarsquos key competitive advantage is its Strasbourg

data centre datadock The low water temperature (c 12degC)

and groundwater richness of the area minimise the need

for water cooling and sourcing typically a significant

operating cost for a data centre datadock has been

recognised as Europersquos ldquogreenest data centrerdquo and

achieves a PUE (Power Usage Efficiency) of 118

compared to an industry average of 162

The company also organises conferences for the hosting

and cloud services industry via its subsidiary

WorldHostingDays with more than 6k people attending its

flagship WHDglobal event in Germany last year

Intergenia hosts more than 2mn active websites and c 40k

customer servers across its two data centres in France

and St Louis US The company employs more than 50

staff across its offices in Germany and the US

Founded in 1997 and headquartered in London UK Host

Europe provides colocation and web application hosting

services to businesses with a focus on SMEs

The company offers an end-to-end product suite through

its portfolio of brands 123-reg Domainbox

domainFACTORY Domainmonstercom Heart Internet

Host Europe RedCoruna and Webfusion These include

a range of application hosting cloud hosting domain

registration managed hosting and reseller hosting

Host Europe has primarily grown through acquisitions

completing eight transactions in the last four years under

the buy-and-build strategies of its previous (Oakley Capital

and Montagu Private Equity) and current (Cinven) private

equity owners Most recently it acquired Sign-upto in

August 2014 a UK-based email marketing platform as

part of its expansion into the hosted SaaS application

market

The company operates more than 6mn domains for c

17mn customers (c 11 year-on-year growth) and its

123-reg brand is the largest domain registrar in the UK

Host Europe currently has more than 500 employees

across its offices in Austria Germany Spain Switzerland

the UK and the US It reported revenues of euro143mn (13

year-on-year growth) and EBITDA of euro54mn (c 38

margin) for its fiscal year ending December 2013

Noteworthy Sellers

Oakley Capital (euro288mn (2007) AUM euro912mn) is a UK-based mid-market private equity firm that was founded in 2007

by Peter Dubens best known for consolidating 14 telecoms and internet businesses between 2002 and 2007 to form

Pipex The firm typically seeks to invest between euro20mn and euro60mn in companies within the TMT and consumer

products sectors located in the UK and Western Europe and with enterprise values of between euro40mn and euro150mn

The firm last featured in our Bulletin in March 2011 for its participation in Dutch leisure deal auction platform Emesarsquos

euro119mn late-stage fundraising

Oakley Capital acquired a 51 stake in Intergenia in November 2011 for pound40mn (euro463mn) having identified the

company as being at an attractive point in its infrastructure investment cycle following the completion of two new data

centres Interestingly Oakley Capital was previously an owner of Host Europe which it sold to Montagu Private Equity in

September 2010 in a euro267mn MBO

December 2014



Price (euromn)


Funding (euromn) PF

3 incadea (Germany AIMINCA) wwwincadeacom



incadea (Germany) a provider of software and services to the automobile industry will be acquired by Dealertrack for

euro170mn The seller is UK-based private equity firm Azini Capital Partners Upon completion of the deal Dealertrack

intends to de-list incadea from the LSE AIM with immediate effect Dealertrack has cited international expansion as this

acquisitionrsquos primary motivator Specifically it has stated that acquiring incadea will allow the company to ldquocreate a

global footprint with a strong base of installed international customers in Europe Asia and Latin America further develop

strong international relationships and cross-selling opportunities with key OEMs and expand Dealertrackrsquos total

addressable marketrdquo

Target Acquirer

Founded in 2000 incadea has c 500 employees and is

headquartered in Munich Germany The company

provides a range of enterprise software and services

exclusively to the automobile industry

Its software is segmented into CRM systems Dealer

Management Systems (DMS ndash software which allows car

dealerships to manage internal processes such as order

processing purchasing car parts and managing vehicle

inventory) and Business Intelligence Like most enterprise

software providers incadearsquos services include consulting

project management and training

The company has operations in 87 countries (its software

is available in 21 languages) serves c 70000 end-users

and is used by more than 2400 automotive dealerships

Its notable customers include Bosch BMW Ford

Mercedes-Benz Peugeot Scania Toyota and

Volkswagen

Despite being a German company Incadea listed on the

London Stock Exchangersquos AIM market in May 2012 to

raise pound38mn (euro50mn) stating ldquoWe are an international

provider focusing on Brazil Russia India and China

London is the only market place that has that international

flavourrdquo With a market cap of pound117mn (euro154mn) the

company reported LTM revenues (as of June 2014) of

$51mn (euro44mn 21 year-on-year growth) and EBITDA of

$35mn (euro30mn c 7 margin)

Founded in 2001 Dealertrack is headquartered in New

York US and has c 2000 employees The company

provides a range of web-based enterprise software to the

automotive industry

The companyrsquos offerings are segmented into Digital

Marketing Software (web-design and digital advertising

software) DMS (offered for both franchised and

independent car dealerships) Lender Solutions (software

for car loan providers such as digital contract processing

services) Sales Finance and Insurance Solutions (ERP

systems enabling dealers to optimise in-store online sales

and financing processes) and Registration Solutions ndash

online vehicle registration services for dealers

Notably the company claims to provide the industryrsquos

largest online credit application network which connects c

20000 dealers with more than 1500 lenders

incadea contributes to Dealertrackrsquos recent expansion

strategy ndash the company has made eight acquisitions (all

software providers) in the last two years (one of which

Dealercom we covered in our December 2013 Bulletin)

Interestingly incadea marks Dealertrackrsquos only acquisition

of a non-US company in the last 2 years With a market

cap of $21bn (euro18bn) Dealertrack reported LTM

revenues (as of September 2014) of $743mn (euro641mn

54 year-on-year growth) and EBITDA of $97mn (euro84mn

c 13 margin)

Noteworthy Sellers

Azini Capital Partners (euro86mn (2014) AUM euro260mn) is a secondaries private equity firm which last featured in our

September 2013 Bulletin for its role as a seller in Tungstenrsquos euro116mn acquisition of e-invoicing network provider OB10

Since then the firm has raised its third fund ndash Azini 3 $100mn (euro81mn) Azini specialises in direct portfolio secondary

transactions (for instance it acquired the remaining venture portfolio from Apax in November 2010) and has increasingly

got involved in single direct secondary deals specifically stating its focus as ldquoacquiring shareholdings in growth-stage

private and small-cap public technology companies from historical investors and shareholdersrdquo The firm currently holds

a portfolio of 10 companies Notably this includes music-recognition app provider Shazam which Azini became involved

in via its acquisition of Lynx Capital Ventures from Bear Sterns in August 2008 Founded in 2005 the company is

headquartered in London UK

December 2014



Price (euromn)


Funding (euromn) PF





e 2014 estimated revenues

Assembleacuteon (Netherlands) a provider of assembly equipment and services for the backend semiconductor market (the

second part of integrated circuit (IC) fabrication where the individual devices (eg capacitors resistors transistors) get

interconnected with wiring on the wafer) will be acquired by Kulicke amp Soffa Industries for euro80mn in cash The seller

is private equity firm H2 Equity Partners This acquisition will strengthen Kulicke amp Soffa Industriesrsquo position in the

automotive and industrial markets by increasing its product portfolio and customer base

Target Acquirer

Assembleacuteon (formerly known as Philips EMT until 2001

when it intended to IPO on NASDAQ) was founded in 1984

as an internal supplier of pick-and-place machinery

(machines used to place surface-mount devices onto a

printed circuit board) to the Philips Consumer Electronics

division

The company now provides a range of assembly

equipment and services for the backend semiconductor

market This includes high-speed one-machine solutions

combining flip chip mounting (a method for interconnecting

semiconductor devices such as IC chips) with passive

component placement (a method for placing electrical

components on printed circuit boards) and pick-and-place

process machines Additionally it provides software to

improve factoriesrsquo productivity as well as services such as

implementation and optimisation of manufacturing lines

Its solutions are used in a broad range of applications such

as memory manufacturing safety-critical applications (eg

automotive medical and military) as well as mobile and

consumer products manufacturing

The company employs 501 staff across offices in China

Netherlands and the US and reached estimated revenues

of c $90mn (euro68mn) in 2014

Founded in 1951 Kulicke amp Soffa Industries

(NASDAQKLIC) is a global designer and manufacturer of

semiconductor and LED assembly equipment

The company provides a range of manufacturing

equipment and tools for high precision manufacturing

applications such as die-stacking (for 3D integrated chips)

copper and gold ball bonding and packaging for

semiconductors and LEDs

Customers include automotive electronics suppliers

contract manufacturers integrated device manufacturers

and industrial manufacturers providing chips used in

products such as computers LED TVs pacemakers

smartphones and tablets The company has a blue-chip

customer base including ST Microelectronics

(ENXTPASTM) and Texas Instruments (NASDAQTXN)

Kulicke amp Soffa Industries operates manufacturing facilities

in China Malaysia and Singapore and employs c 2300

staff globally It reached revenues of c euro428mn in 2014

(6 year-on-year growth) and c euro68mn EBITDA (16

margin)

Noteworthy Sellers

This is the first time that H2 Equity Partners (euro88mn (2011) AUM euro500mn) appears in our Bulletin It is a Netherlands-

based private equity firm targeting mid-sized companies headquartered in the Benelux Germany and the UK with sales

of up to euro500mn H2 Equity Partners typically holds its investments between 5 and 7 years and its current portfolio

includes 14 companies mainly from the distribution (4) services (4) and manufacturing (3) sectors Additionally to

Amsterdam the company has offices in London

H2 Equity Partners became involved in Assembleacuteon in December 2010 when it acquired an 80 stake (for an

undisclosed amount) from Philips Electronics (ENXTAMPHIA)

December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x

Wireless Maingate (Sweden) a provider of Machine-to-Machine (M2M) connectivity and data management services

will be acquired by Sierra Wireless for $90mn (euro74mn) in cash The seller is Norway-based secondary private equity

firm Verdane Capital This acquisition will enable Sierra Wireless to expand its position in the M2M value chain with the

addition of wireless connectivity and provide value-added services for European customers Furthermore Sierra

Wireless has specifically cited Wireless Maingatersquos ldquostrong strategic fit top-tier M2M customers and proven technology

platformrdquo as key drivers for the deal The acquisition is expected to be immediately Earnings Per Share (EPS) accretive

Target Acquirer

Founded in 1998 and headquartered in southern Sweden

Wireless Maingate is a provider of M2M connectivity and

data management services primarily for industrial

applications

Maingate Connectivity offers a range of provider-agnostic

SIM cards for machines enabling owners to switch Mobile

Network Operator (MNO) remotely Historically SIM cards

were pre-installed by MNOs leaving owners unable to

switch operator without undertaking an expensive and

disruptive process to physically replace the SIM card

Maingate Messaging Services offers a web-based

communication platform for managing incoming data (via

SMS) from machines The platform utilises Wireless

Maingatersquos proprietary Short Message Service Centres

(SMSCs) to enable two-way communication between

machines and owners as well as providing delivery

reports

The company serves more than 500 customers in Europe

reaching a subscriber base of more than 500k connected

devices It employs more than 40 people across its offices

in Norway and Sweden

Wireless Maingate is expecting revenues of more than

$19mn (euro155mn) and EBITDA of $6mn (euro49mn 32


Founded in 1993 and headquartered in Richmond

Canada Sierra Wireless is a manufacturer of M2M devices

and provider of an M2M network management platform

The company floated on the Toronto Stock Exchange in

May 1999

Sierra Wireless offers its products and services through a

portfolio of brands its AirPrime brand offers a range of

embedded wireless modules its AirLink brand provides

intelligent wireless gateways and modems its AirVantage

brand is a cloud-based control data and analytics platform

for monitoring and managing connected machines The

companyrsquos modules and gateways are capable of

supporting 2G 3G and 4G connectivity

Sierra Wireless is estimated to have a 34 market share

for M2M embedded modules connecting more than

100mn devices to the internet It supplies a range of blue-

chip customers including Cisco Honeywell and GE

The company currently has more than 900 employees

across its offices in Brazil Canada China France

Germany Hong Kong India Japan Korea South Africa

Taiwan the UK and the US Sierra Wireless reported

revenues of $442mn (euro321mn 11 year-on-year growth)

and EBITDA of $187mn (euro136mn 42 margin) for its

fiscal year ending December 2013

Noteworthy Sellers

Verdane Capital (euro221mn (2014) AUM euro19bn) is a Norway-based private equity firm specialising in direct portfolio

secondary investments having completed 22 portfolio acquisitions to date from investors including Eqvitech Saab

Ventures and Skandia Liv The firm typically seeks to acquire portfolios from investors in the Nordic region with an

anticipated holding period of between five and seven years It has completed 16 IPOs (three of which were on NASDAQ)

and 100 industrial exits to date the most notable being Meru Networksrsquo (NASDAQMERU) $223mn (euro166mn) IPO in

March 2010

Verdane Capital became involved in Wireless Maingate through the acquisition of a portfolio of four privately held mobile

internet focused companies from BrainHeart Capital for $60mn (euro41mn) in January 2008 The firm last featured in our

Bulletin in June 2014 for closing its eighth fund with $300mn (euro221mn) of committed capital

December 2014


List of Acronyms

Financial Terms

k used as abbreviation for 1000 (for example euro1k means euro1000)

mn million

bn billion

AUM Asset Under Management

CEO Chief Executive Officer

EBIT Earnings before interest and tax

EBITDA Earnings before interest tax depreciation and amortisation

ECM Equity Capital Markets

FINMA Financial Market Supervisory Authority

IPO Initial Public Offering

JV Joint Venture

LBO Leverage Buyout

LLP Limited Liability Partnership

MampA Merger and Acquisition

PLC Public Limited Company

SME Small-Medium Enterprise

VC Venture Capital

Business Technical Terms

AI Artificial Intelligence

ARR Annualised Recurring Revenue

ASIC Australian Security and Investments Commission

BBA British Bankers Association

BPO Business Process Outsourcing

BYOD Bring-Your-Own-Device

CFD Contract for Difference

CRM Client Relationship Management

DMS Dealer Management System

EPS Earnings Per Share

ERP Enterprise Resource Planning

FCA Financial Conduct Authority

December 2014


GPR Ground Penetrating Radar

HNWI High Net Worth Individual

IC Integrated Circuit

IoT Internet of Things

ISP Internet Service Provider

KPI Key Performance Indicator

KYC Know Your Customer

LDAP Lightweight Directory Access Protocols

LED Light-Emitting Diode

LTM Last Twelve Months

M2M Machine-to-Machine

MNO Mobile Network Operator

NFA National Futures Association

OEM Original Equipment Manufacturer

P2P Peer-to-Peer

P2PFA Peer-to-Peer Finance Association

PAT Profit After Tax

PE Private Equity

POP Public Offering Price

PoS Point-of-Sale

PPI Payment Protection Insurance

PRA Prudential Regulation Authority

PUE Power Usage Efficiency

RAM Random-Access Memory

SaaS Software as a Service

SMSC Short Message Service Centre

SOC System-On-a-Chip

TMT Technology Media and Telecommunications

VoIP Voice over Internet Protocol

VPN Virtual Private Network

WAN Wide Area Network

December 2014


Go4Venture Advisers LLP

48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400

g4vbulletingo4venturecom

This report was published on January 30 2015

Disclaimer

This report has been prepared and issued by Go4Venture Advisers LLP who are authorised and regulated by the Financial Conduct Authority All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable however no representation warranty or undertaking express or limited is given as to the accuracy or completeness of the information or opinions contained in this report Opinions contained in this report represent those of Go4Venture Advisers LLP at the time of publication This research is non-objective This document is provided for information purposes only and should not be construed as an offer or solicitation for investment Furthermore as the information contained in this document is strictly confidential it may not be reproduced or further distributed The value of investments and any income generated may go down as well as up Past performance is not necessarily a guide to future performance Investors may not get back the amount invested This publication is not intended to be relied upon in making any specific investment or other decisions Appropriate independent advice should be obtained before making any such decision This report has been compiled by Jean-Michel Deligny Managing Director ndash for and on behalf of Go4Venture Advisers

Copyright 2015 Go4Venture Advisers All rights reserved

Registered address 10 Wellington Street Cambridge CB1 1HW Incorporation number OC336611

Authorised and Regulated by the Financial Conduct Authority

December 2014


Contents

This Month in Brief 2

Investments

11 - Headline Transaction Index (HTI) 5

12 - Large Transactions Summary 6

13 - Large Transactions Profiles 7

MampA Transactions

21 - MampA Activity Index 19

22 - Top 5 Global TMT MampA Transactions Summary 20

23 - Headline European VC amp PE-Backed MampA Transactions Summary 21

24 - Headline European VC amp PE-Backed MampA Transaction Profiles 22

List of Acronyms 27

About this Bulletin

The Go4Venture Advisersrsquo European Venture amp Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies

Investments ie Venture Capital (VC) and Private Equity (PE) financings including growth equity financing rounds with single secondaries components (recapitalisations) and

MampA Transactions where the sellers are VC and PE-backed European companies including all majority transactions with no new investment going into the business (eg acquisitions Management Buyouts (MBOs) and other buyouts)

Investment activity is measured using Go4Venturersquos European Tech Headline Transaction Index (HTI) which is based on the number and value of transactions reported in professional publications

MampA activity is measured using data from a combination of external sources primarily Capital IQ with complementary reporting from 451 Group PitchBook and VentureSource

Europe is defined as Western Central and Eastern Europe excluding Israel

For more details please refer to the Methodology Note available on our website

Please note that no part of the Bulletin can be reproduced unless content is duly attributed to Go4Venture and the details of republishing are notified to g4vBulletingo4venturecom

December 2014


This Month in Brief












valuations

Investments










December 2014









September 30 2014)





















San Francisco

Exits













December 2014
















The Go4Venture Team






December 2014









euromn 155 432 178 euromn 2899 4680 61


euromn 42 102 142 euromn 889 753 (15)



461 398 (14)

euromn 196 533 172 euromn 3788 5432 43

Of Which Of Which


euromn 60 359 498 euromn 1866 4069 118

Definitions




0

100

200

300

400

500

600

700

800

900

1000


Valu

e o

f T

ransactio

ns p

er

Month

(eurom

n)

2011 2012 2013 2014

0

1000

2000

3000

4000

5000

6000


Cum

ula

tive V

alu

e o

f T

ransactio

ns (

eurom

n)

2011 2012 2013 2014


December 2014










Warburg Pincus


Internet Services




Internet Services

Late Stage




Internet Services

Late Stage




Internet Services




Internet Services







Internet Services


Tengelmann Ventures








Internet Services


Northzone


Key


Internal round

December 2014














needs

















Investors

























December 2014




Warburg Pincus



































Investors



US




IPO in 2005








December 2014




3 Internet Services


























Investors




















euromn 2012 2013 2012 2013

Revenues 40 63


PAT (46) (107) -115 -170

December 2014




4 Internet Services

Late Stage




































Investors











December 2014



5 Internet Services

Late Stage



















Investors


























December 2014



6 Internet Services


































Investors









ensue








December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014


This Month in Brief












valuations

Investments










December 2014









September 30 2014)





















San Francisco

Exits













December 2014
















The Go4Venture Team






December 2014









euromn 155 432 178 euromn 2899 4680 61


euromn 42 102 142 euromn 889 753 (15)



461 398 (14)

euromn 196 533 172 euromn 3788 5432 43

Of Which Of Which


euromn 60 359 498 euromn 1866 4069 118

Definitions




0

100

200

300

400

500

600

700

800

900

1000


Valu

e o

f T

ransactio

ns p

er

Month

(eurom

n)

2011 2012 2013 2014

0

1000

2000

3000

4000

5000

6000


Cum

ula

tive V

alu

e o

f T

ransactio

ns (

eurom

n)

2011 2012 2013 2014


December 2014










Warburg Pincus


Internet Services




Internet Services

Late Stage




Internet Services

Late Stage




Internet Services




Internet Services







Internet Services


Tengelmann Ventures








Internet Services


Northzone


Key


Internal round

December 2014














needs

















Investors

























December 2014




Warburg Pincus



































Investors



US




IPO in 2005








December 2014




3 Internet Services


























Investors




















euromn 2012 2013 2012 2013

Revenues 40 63


PAT (46) (107) -115 -170

December 2014




4 Internet Services

Late Stage




































Investors











December 2014



5 Internet Services

Late Stage



















Investors


























December 2014



6 Internet Services


































Investors









ensue








December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014









September 30 2014)





















San Francisco

Exits













December 2014
















The Go4Venture Team






December 2014









euromn 155 432 178 euromn 2899 4680 61


euromn 42 102 142 euromn 889 753 (15)



461 398 (14)

euromn 196 533 172 euromn 3788 5432 43

Of Which Of Which


euromn 60 359 498 euromn 1866 4069 118

Definitions




0

100

200

300

400

500

600

700

800

900

1000


Valu

e o

f T

ransactio

ns p

er

Month

(eurom

n)

2011 2012 2013 2014

0

1000

2000

3000

4000

5000

6000


Cum

ula

tive V

alu

e o

f T

ransactio

ns (

eurom

n)

2011 2012 2013 2014


December 2014










Warburg Pincus


Internet Services




Internet Services

Late Stage




Internet Services

Late Stage




Internet Services




Internet Services







Internet Services


Tengelmann Ventures








Internet Services


Northzone


Key


Internal round

December 2014














needs

















Investors

























December 2014




Warburg Pincus



































Investors



US




IPO in 2005








December 2014




3 Internet Services


























Investors




















euromn 2012 2013 2012 2013

Revenues 40 63


PAT (46) (107) -115 -170

December 2014




4 Internet Services

Late Stage




































Investors











December 2014



5 Internet Services

Late Stage



















Investors


























December 2014



6 Internet Services


































Investors









ensue








December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014
















The Go4Venture Team






December 2014









euromn 155 432 178 euromn 2899 4680 61


euromn 42 102 142 euromn 889 753 (15)



461 398 (14)

euromn 196 533 172 euromn 3788 5432 43

Of Which Of Which


euromn 60 359 498 euromn 1866 4069 118

Definitions




0

100

200

300

400

500

600

700

800

900

1000


Valu

e o

f T

ransactio

ns p

er

Month

(eurom

n)

2011 2012 2013 2014

0

1000

2000

3000

4000

5000

6000


Cum

ula

tive V

alu

e o

f T

ransactio

ns (

eurom

n)

2011 2012 2013 2014


December 2014










Warburg Pincus


Internet Services




Internet Services

Late Stage




Internet Services

Late Stage




Internet Services




Internet Services







Internet Services


Tengelmann Ventures








Internet Services


Northzone


Key


Internal round

December 2014














needs

















Investors

























December 2014




Warburg Pincus



































Investors



US




IPO in 2005








December 2014




3 Internet Services


























Investors




















euromn 2012 2013 2012 2013

Revenues 40 63


PAT (46) (107) -115 -170

December 2014




4 Internet Services

Late Stage




































Investors











December 2014



5 Internet Services

Late Stage



















Investors


























December 2014



6 Internet Services


































Investors









ensue








December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014









euromn 155 432 178 euromn 2899 4680 61


euromn 42 102 142 euromn 889 753 (15)



461 398 (14)

euromn 196 533 172 euromn 3788 5432 43

Of Which Of Which


euromn 60 359 498 euromn 1866 4069 118

Definitions




0

100

200

300

400

500

600

700

800

900

1000


Valu

e o

f T

ransactio

ns p

er

Month

(eurom

n)

2011 2012 2013 2014

0

1000

2000

3000

4000

5000

6000


Cum

ula

tive V

alu

e o

f T

ransactio

ns (

eurom

n)

2011 2012 2013 2014


December 2014










Warburg Pincus


Internet Services




Internet Services

Late Stage




Internet Services

Late Stage




Internet Services




Internet Services







Internet Services


Tengelmann Ventures








Internet Services


Northzone


Key


Internal round

December 2014














needs

















Investors

























December 2014




Warburg Pincus



































Investors



US




IPO in 2005








December 2014




3 Internet Services


























Investors




















euromn 2012 2013 2012 2013

Revenues 40 63


PAT (46) (107) -115 -170

December 2014




4 Internet Services

Late Stage




































Investors











December 2014



5 Internet Services

Late Stage



















Investors


























December 2014



6 Internet Services


































Investors









ensue








December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014










Warburg Pincus


Internet Services




Internet Services

Late Stage




Internet Services

Late Stage




Internet Services




Internet Services







Internet Services


Tengelmann Ventures








Internet Services


Northzone


Key


Internal round

December 2014














needs

















Investors

























December 2014




Warburg Pincus



































Investors



US




IPO in 2005








December 2014




3 Internet Services


























Investors




















euromn 2012 2013 2012 2013

Revenues 40 63


PAT (46) (107) -115 -170

December 2014




4 Internet Services

Late Stage




































Investors











December 2014



5 Internet Services

Late Stage



















Investors


























December 2014



6 Internet Services


































Investors









ensue








December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014














needs

















Investors

























December 2014




Warburg Pincus



































Investors



US




IPO in 2005








December 2014




3 Internet Services


























Investors




















euromn 2012 2013 2012 2013

Revenues 40 63


PAT (46) (107) -115 -170

December 2014




4 Internet Services

Late Stage




































Investors











December 2014



5 Internet Services

Late Stage



















Investors


























December 2014



6 Internet Services


































Investors









ensue








December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014




Warburg Pincus



































Investors



US




IPO in 2005








December 2014




3 Internet Services


























Investors




















euromn 2012 2013 2012 2013

Revenues 40 63


PAT (46) (107) -115 -170

December 2014




4 Internet Services

Late Stage




































Investors











December 2014



5 Internet Services

Late Stage



















Investors


























December 2014



6 Internet Services


































Investors









ensue








December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014




3 Internet Services


























Investors




















euromn 2012 2013 2012 2013

Revenues 40 63


PAT (46) (107) -115 -170

December 2014




4 Internet Services

Late Stage




































Investors











December 2014



5 Internet Services

Late Stage



















Investors


























December 2014



6 Internet Services


































Investors









ensue








December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014




4 Internet Services

Late Stage




































Investors











December 2014



5 Internet Services

Late Stage



















Investors


























December 2014



6 Internet Services


































Investors









ensue








December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014



5 Internet Services

Late Stage



















Investors


























December 2014



6 Internet Services


































Investors









ensue








December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014



6 Internet Services


































Investors









ensue








December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014



7 Internet Services



Internal round
































Investors















December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014





Internal round































developments

Investors














December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014




9 Internet Services


Tengelmann Ventures


























Investors






















December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014







Alliance Venture












for mine work)





US



Investors














round





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014























speaking countries

















Investors
















December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014





Northzone






round



























Investors















December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014












Monthly Number 5 4 1 2 3 7 6 1 5 7 6 5

Value euromn 1106 1140 448 258 906 1083 1607 266 1617 876 1982 1183

Median euromn 240 259 448 129 215 129 200 266 150 96 256 170


Value euromn 1106 2246 2695 2953 3859 4942 6549 6815 8432 9308 11290 12473

Median euromn 240 39 303 186 228 175 175 195 175 151 163 161

0

5000

10000

15000

20000

25000

30000

35000

0

100

200

300

400

500

600


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month




0

500

1000

1500

2000

2500

3000

3500

4000

4500

0

2

4

6

8

10

12

14

16

18

20


Deal V

alu

e p

er

Month

(eurom

n)

o

f D

eals

per

Month



(1)

(1)

December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014



























Key



December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014





Price (euromn)


Funding (euromn) PF




649 NA NA 162e 40x




Internet Services

210 30 70x NA NA













Internet Services

74 16 46x 17 44x



Key





e estimated

December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014




Funding (euromn) PF




649 NA NA 162e 40x

e estimated





Target Acquirer










communicate























Noteworthy Sellers























December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

210 30 70x NA NA






Target Acquirer









































market









Noteworthy Sellers











December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer

















Volkswagen













automotive industry






















c 13 margin)

Noteworthy Sellers










December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014



Price (euromn)


Funding (euromn) PF











Target Acquirer






division





































margin)

Noteworthy Sellers








December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014



Price (euromn)


Funding (euromn) PF



Internet Services

74 16 46x 17 44x







Target Acquirer




applications













reports












May 1999




















Noteworthy Sellers






March 2010




December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014


List of Acronyms

Financial Terms


mn million

bn billion








JV Joint Venture

LBO Leverage Buyout





VC Venture Capital














December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014
















P2P Peer-to-Peer



PE Private Equity


PoS Point-of-Sale












December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





December 2014



48 Charles Street

Berkeley Square

London

W1J 5EN

+44 (0)20 7529 5400



Disclaimer





Go4Venture Bulletin - Venture & Growth Equity Market Report Europe, Decembert 2014

Economy & Finance

Transcript of Go4Venture Bulletin - Venture & Growth Equity Market Report Europe, Decembert 2014