Mergers & Acquisitions Capital Raising Strategic...

1 │ Mobile Industry Update Q3 2018

Mergers & Acquisitions Capital Raising Strategic Advisory

Mobile Industry Update Q3 2018


Unconflicted AdviceDeep Technology Domain Expertise

Differentiated Negotiation Framework

Vista Point exclusively provides sell-side

M&A and Capital Raising advisory services

to technology businesses removing the

conflict of interest associated with working

both sides of the table.

Vista Point bankers are industry specialists that

focus exclusively on core technology markets

allowing us to provide relevant insights into our

client’s business and create the strategic

framework to optimize valuation.

The firm utilizes a unique negotiation

framework to increase the

competitiveness of the transaction

process, and ultimately yield higher

valuations at better terms for clients.

Vista Point Advisors was founded on the principle that founder-led technology companies in the emerging and

middle markets are unique and require specialized attention and advice when considering investment and exit

opportunities. Our unique focus on sell-side processes provides our clients with unconflicted advice that assures

our interests are completely aligned with the entrepreneur. VPA is focused exclusively on working with founder-

owned and operated businesses to deliver the most favorable transactions at premium valuations.

Vista Point Advisors Overview


Our Differentiated Model Yields Differentiated Results

March 2016

acquired by

December 2015

investment from

September 2015

acquired by

October 2015

acquired by

a portfolio company of

March 2015

acquired by

May 2016

acquired by

May 2016

acquired by

July 2016

acquired by


May 2016

acquired by


October 2016

acquired by


November 2016

acquired by

January 2017

acquired by

a subsidiary of

February 2017

acquired by


March 2017

acquired by

December 2017

investment from

November 2017

investment from

August 2017

investment from

August 2017

investment from

September 2017

investment from

September 2017

acquired by

September 2017

acquired by


January 2018

investment from

March 2018

acquired by

May 2018

investment from

April 2018

acquired by


June 2018

investment from

July 2018

investment from

July 2018

acquired by


• Mobile M&A continued its strong run in Q3 2018 with 199 transactions, representing $43.7b in transaction value

− Mobile M&A deal volume in Q3 2018 was up 81% relative to Q3 2017, which saw 110 transactions

− Notable deals include:

• Apple’s $400m acquisition of Shazam

• Bertelsmann’s $500m acquisition of OnCourse Learning

• SS&C Technologies’ $1.5b acquisition of IntraLinks, representing 10.9x LTM EBITDA

• Microsoft’s $7.5b acquisition of GitHub

• GrubHub’s $390m acquisition of LevelUp

• Major opportunities for investment and exit opportunities include:

− Mobile commerce

− Business services

− Location services

− Gaming

− Wearables / fitness

− Lifestyle, medical, news and social networking applications

Q3 2018 Mobile Industry Overview


USA Internet Advertising

Mobile Data Traffic in North America Forecast

Time Spent with Digital Media Using a Mobile Device

Global Mobile Traffic and Connectivity

Sources: Statista, 2018 IAB / PWC Internet Advertising Report

US Mobile Payment Volume

1.3

1.9

2.6

3.6

4.6

6.1

0

1

2

3

4

5

6

7

2016 2017 2018 2019 2020 2021

Mo

bile

Dat

a Tr

affi

c (E

B p

er M

on

th)

$26$32

$37$43

$50

$60

$73

$88

$0

$15

$30

$45

$60

$75

$90

2010 2011 2012 2013 2014 2015 2016 2017

USA

Inte

rnet

Ad

vert

isin

g (B

illio

ns)

Non-mobile Mobile

0.4

0.8

1.6

2.3

2.62.8

3.13.3

0

1

2

3

4

2010 2011 2012 2013 2014 2015 2016 2017

Ave

rage

Ho

urs

per

Ad

ult

Use

r p

er D

ay

$25

$55

$99

$154

$215

$274

0

50

100

150

200

250

300

2016 2017 2018 2019 2020 2021

An

nu

al V

olu

me

(Bill

ion

s)


38

19 1914 13 12

8 7 5 5 4 3 4 4 4

2

1 1

1

1

0

10

20

30

40

50

Nu

mb

er

of

Tran

sact

ion

s

Most Active Acquirers (Since 2010)

Source: Capital IQ as of 9/30/18

Notable Recent Transactions

Deals <$1bn

Deals >$1bn

Acquirer

Target

Date 09/24/18 09/17/18 09/06/18 07/26/18 07/25/18

EV $400m $500m $1.5b $7.5b $390m

EV / LTM Rev N/A N/A N/A N/A N/A

EV / LTM EBITDA N/A N/A 10.9x N/A N/A

Active Acquirers and Notable Transactions

Gray bar denotesDeals over $1 billion

$5.1 $1.4

$29.4

$17.5

$0.1 $0.0 $0.6 $0.1 $0.0 $0.0 $0.4 $1.3 $0.1 $0.1 $0.2

$0.0

$10.0

$20.0

$30.0

$40.0

Tran

sact

ion

Val

ue

($

bn

)


60 5648

57 61 60

8779

94 91 96

72

9183

68 73

98107

122

81 78 73

134

88 8979

123112

132

83

11096

117

142

199

0

30

60

90

120

150

180

210

Q1

'10

Q2

'10

Q3

'10

Q4

'10

Q1

'11

Q2

'11

Q3

'11

Q4

'11

Q1

'12

Q2

'12

Q3

'12

Q4

'12

Q1

'13

Q2

'13

Q3

'13

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Nu

mb

er

of

Tran

sact

ion

s

$0.1$4.0

$2.7$1.1 $1.0

$3.2$4.8

$1.4

$0.6$2.2 $2.9 $2.9

$5.7 $4.3$8.0

$4.1 $6.1

$7.7

$18.7

$3.4 $1.0

$6.0

$13.4$11.1

$0.7

$9.2

$22.0

$10.2

$13.5

$4.5

$13.8

$10.4

$7.0

$20.5

$36.2

$0

$5

$10

$15

$20

$25

$30

$35

$40

Tran

sact

ion

Val

ue

($

bn

)

Quarterly Mobile M&A Value and Deal Count (Since 2010)

Source: Capital IQ as of 9/30/18, WhatsApp/Facebook, LinkedIn/Microsoft, and GitHub/Microsoft deals omitted from top graph

Mobile M&A Market Overview


Transactions by Reported Value

Transactions by Target Funding

$50M+

$30 - $50M

$10 - $30M

$0.1 - $10M

$500M - $1B>$1B

$250M - $500M$100M - $250M$50M - $100M<$50M

Source: Capital IQ as of 9/30/18

Mobile M&A Market Overview

Total: $20B Total: $36B

No Funding / Undisclosed

37%

11%

18%

34%

Q2 '18

32%

7%

13%48%

Q3 '18


Top 20 Most Active Investors Across Software & Internet Over the Last 2 Years

Despite High Valuations, Investments Lead Exits 3:1

Source: Capital IQ and Pitchbook as of 09/30/18, Investors ranked by investments made in the last 12 months

52

43

29

34

21

20

21

11

10

18

19

16

15

8

7

10

4

4

7

3

42

37

30

22

28

22

17

17

20

16

14

9

12

12

5

6

8

9

5

8

92

41

53

47

49

36

36

33

27

21

18

18

14

21

23

15

13

12

11

12

186

121

112

103

98

78

74

61

57

55

51

43

41

41

35

31

25

25

23

23

050100150200

Investments Made

Within last 6 months Within 6-12 months Within 12-24 months

16

10

17

6

11

7

4

3

3

3

4

1

2

3

4

8

7

3

3

2

10

7

15

9

8

6

3

1

5

3

2

3

1

3

6

2

9

1

3

27

12

19

17

15

6

3

3

11

5

5

6

2

10

6

7

7

1

6

8

53

29

51

32

34

19

10

7

19

11

11

10

5

16

16

17

23

5

9

13

0 20 40 60

Portfolio Exits

Within last 6 months Within 6-12 months Within 12-24 months


Select Q3 2018 Announced M&A TransactionsEnterprise Target LTM Enterprise Value /

Date Target Acquirer Mobile Type Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful.Source: Capital IQ and Pitchbook as of 09/30/18

09/27/18 VidVerify Gremln Business CRM N/A N/A N/A N/A N/A

09/27/18 SICOM Global Payments Business Business Software $415 N/A N/A N/A N/A

09/26/18 Link AKC Wagz Consumer Content and Services N/A N/A N/A N/A N/A

09/26/18 Resolve Software Solutions Nemetschek Vectorworks Business CAD / CAM N/A N/A N/A N/A N/A

09/25/18 Pirean Exostar Business Governance, Risk, & Compliance N/A N/A N/A N/A N/A

09/25/18 XO Group Bull City, Permira, Spectrum, WeddingWire Consumer Knowledge / Content (Social) $933 $164 $28 5.7x 32.9x

09/25/18 Tapingo GrubHub Consumer Ecommerce $150 N/A N/A N/A N/A

09/25/18 DEBX Debitize Consumer Fintech N/A N/A N/A N/A N/A

09/25/18 NETfacil ities AMTdirect, Luminate Capital Partners Business Business Software N/A N/A N/A N/A N/A

09/25/18 FatStax BigTinCan Business Business Intell igence N/A N/A N/A N/A N/A

09/25/18 Record360 Alpine Investors, Alpine SG Business Business Software N/A N/A N/A N/A N/A

09/25/18 Augeo FI Loyalty Lightyear Capital Consumer Fintech $140 N/A N/A N/A N/A

09/24/18 Shazam Apple Consumer Diversified Media $400 N/A N/A N/A N/A

09/24/18 Recruiter.com Truli Technologies Business Human Capital N/A N/A N/A N/A N/A

09/24/18 Greenlight Technologies Leafbuyer Technologies Consumer Ecommerce N/A N/A N/A N/A N/A

09/24/18 Acuant Audax Group Business Governance, Risk, & Compliance N/A N/A N/A N/A N/A

09/24/18 Astro Slack Business Business Software N/A N/A N/A N/A N/A

09/21/18 Umapped Flight Centre Travel Group Consumer Travel / Hospitality N/A N/A N/A N/A N/A

09/20/18 Marketo Adobe Systems Business Advertising and Marketing $4,750 N/A N/A N/A N/A

09/20/18 NewVoiceMedia Vonage Holdings Business CRM $350 N/A N/A N/A N/A

09/19/18 Sitrion Limeade Business Telecommunications N/A N/A N/A N/A N/A

09/18/18 StackPointCloud NetApp Development Development N/A N/A N/A N/A N/A

09/18/18 Cluep CI Capital Partners, Impact Group Business Advertising and Marketing $31 $23 N/A 1.3x N/A

09/18/18 Ziploop Snipp Interactive Consumer Ecommerce $0 N/A N/A N/A N/A

09/18/18 Oildex Dril l ingInfo, Genstar Capital Business Oil & Gas N/A N/A N/A N/A N/A

09/18/18 Tint Filestack, Scaleworks Consumer Advertising and Marketing N/A N/A N/M N/A N/A

09/17/18 XenoHolographic Imagination Park Entertainment Consumer Augmented & Virtual Reality $5 N/A N/A N/A N/A

09/17/18 OnCourse Learning Bertelsmann Business Education $500 N/A N/A N/A N/A

09/17/18 Prolific Business Solutions A&M Capital, Juna Equity Partners, Talus Business Retail Software N/A N/A N/A N/A N/A

09/14/18 Dimec The Co-operative Group Consumer Healthcare / Biotechnology $14 N/A N/A N/A N/A

09/14/18 Pinch Chime Bank Consumer Fintech N/A N/A N/A N/A N/A

09/13/18 Inxpo Apollo Global Management, West Business Video Management N/A N/A N/A N/A N/A

09/13/18 Boxxo Vendini Business Travel / Hospitality N/A N/A N/A N/A N/A

09/13/18 BeyondTrust Software Bomgar, Francisco Partners, Neuberger Berman Business Security / Storage N/A N/A N/A N/A N/A

09/13/18 HowStuffWorks iHeartMedia Consumer Education $55 N/A N/A N/A N/A

09/13/18 AssetLock Aquiline Capital Partners, Simplicity Consumer Fintech N/A N/A N/A N/A N/A

09/13/18 Surgimap Globus Medical Business Healthcare / Biotechnology N/A N/A N/A N/A N/A

09/13/18 Slick Innovations Iron Creek Partners, Main Street Capital Business Business Software N/A N/A N/A N/A N/A

09/12/18 iCIMS Vista Equity Partners Business Human Capital N/A N/A N/A N/A N/A

09/12/18 Connectiva Systems Altruist Technologie Business Business Software N/A N/A N/A N/A N/A

09/12/18 WellPass Wellto Business Healthcare / Biotechnology N/A N/A N/A N/A N/A

09/12/18 Workpop Cornerstone OnDemand Business Human Capital N/A N/A N/A N/A N/A

09/12/18 Burnham Benefit Advisors Alera Group, Genstar Capital Business Human Capital N/A N/A N/A N/A N/A

09/12/18 Teem WeWor Business Business Software $100 N/A N/A N/A N/M

09/12/18 Movem Barbon Insurance Group, Carlyle Business Business Software N/A N/A N/A N/A N/A


Select Q3 2018 Announced M&A Transactions (Cont’d)Enterprise Target LTM Enterprise Value /


09/12/18 OpenCounter GTY Technology Holdings Consumer Business Software N/A N/A N/A N/A N/A

09/11/18 Personify Pamlico Capital Business CRM N/A N/A N/A N/A N/A

09/11/18 Accruent Fortive Business Mapping / Tracking $2,000 $270 N/A 7.4x N/A

09/11/18 ByBox Francisco Partners Business Supply Chain $384 N/A N/A N/A N/A

09/11/18 Sherbit Medopad Consumer Healthcare / Biotechnology N/A N/A N/A N/A N/A

09/11/18 NOVAtime Technology Ascentis, Summit Partners Business Human Capital N/A N/A N/A N/A N/A

09/11/18 Open Listings Opendoor Consumer Ecommerce N/A N/A N/A N/A N/A

09/11/18 ETwater Jain Irrigation Systems Business Business Software N/A N/A N/A N/A N/A

09/11/18 RosterApps ARCOS, The Riverside Company Business Human Capital N/A N/A N/A N/A N/A

09/10/18 Chain Lightyear.io Consumer Blockchain N/A N/A N/A N/A N/A

09/10/18 Supdate Crowdcube Business Business Software N/A N/A N/A N/A N/A

09/10/18 Base Zendesk Business CRM N/A N/A N/A N/A N/A

09/10/18 Chic Lifestyle GAHN Capita Consumer Travel / Hospitality N/A N/A N/A N/A N/A

09/10/18 Personify Jaun Consumer Augmented & Virtual Reality N/A N/A N/A N/A N/A

09/10/18 Ringtail eDiscovery Armitage Associates, Macquarie Group, Nuix Business Governance, Risk, & Compliance $55 N/A N/A N/A N/A

09/07/18 420WIFI.com First Bitcoin Capita Consumer Advertising and Marketing N/A N/A N/A N/A N/A

09/06/18 Purch Future Consumer Advertising and Marketing $133 N/A N/A N/A N/A

09/06/18 IntraLinks SS&C Technologies Business Content / Document Management $1,500 N/A $138 N/A 10.9x

09/06/18 Episerver Insight Venture Partners Development Development $1,160 N/A N/A N/A N/A

09/06/18 Juicer SaaS.group Consumer Content and Services N/A N/A N/A N/A N/A

09/06/18 Performance IQ Systems Clubessential Consumer Healthcare / Biotechnology N/A N/A N/A N/A N/A

09/05/18 CRF Health Bracket, Foresite, Genstar, Oaktree, Soda Rock Business Healthcare / Biotechnology $1,000 N/A N/M N/A N/A

09/05/18 AdvancedMD Global Payments Business Healthcare / Biotechnology $700 $30 N/A 23.3x N/A

09/05/18 Digium Sangoma Technologies Business Telecommunications N/A N/A N/A N/A N/A

09/05/18 Alpine.AI Headspace Consumer Ecommerce N/A N/A N/A N/A N/A

09/05/18 PrivateFly Directional Aviation Capital, Eldridge, OneSky Flight Consumer Transportation / Logistics N/A N/A N/A N/A N/A

09/04/18 Tintri DataDirect Networks Business Security / Storage $28 N/A N/A N/A N/A

09/04/18 OpsGenie Atlassian Business Business Software $295 N/A N/A N/A N/A

09/04/18 Transportation Insight Gryphon Investors Business Transportation / Logistics N/A N/A N/A N/A N/A

09/04/18 Electronic Transaction Systems Elavon Consumer Fintech N/A N/A N/A N/A N/A

09/04/18 Acrobatiq VitalSource Consumer Education N/A N/A N/A N/A N/A

09/04/18 DCR Workforce Coupa Software Business Business Software N/A N/A N/A N/A N/A

09/04/18 Tikatap Tri-River Ventures Consumer Ecommerce N/A N/A N/A N/A N/A

09/04/18 Spredfast Lithium Technologies, Vista Equity Partners Business Advertising and Marketing N/A N/A N/A N/A N/A

09/04/18 Apttus Thoma Bravo Business Business Software N/A N/A N/A N/A N/A

09/04/18 Herald Health Persistent Systems Business Healthcare / Biotechnology $5 $0 N/A 74.3x N/A

09/04/18 Selltis Adroit Infotech Pvt Business CRM N/A N/A N/A N/A N/A

08/31/18 DynamicOdds The Betmakers Consumer Sports $2 N/A N/A N/A N/A

08/31/18 RBmedia Kohlberg Kravis Roberts Consumer Education N/A N/A N/A N/A N/A

08/31/18 ClariCare True Nature Holding Business Business Software $3 N/A N/A N/A N/A

08/30/18 Data Specialists Dairy.com Business Accounting / ERP N/A N/A N/A N/A N/A

08/30/18 Bravio Technologies LottoGopher Holdings Consumer Content and Services N/A N/A N/A N/A N/A

08/29/18 Flight Plan Garmin Consumer Business Software N/A N/A N/A N/A N/A

08/29/18 OpCity News Corp Consumer Travel / Hospitality $210 N/A N/A N/A N/A

08/26/18 Pixowl Animoca Brands Consumer Development $5 $4 N/A 1.4x N/A





08/23/18 Pivotshare Chicken Soup for the Soul Entertainment Consumer Video Management $4 N/A N/A N/A N/A

08/23/18 ClearPay Finance Afterpay Touch Group Consumer Fintech $11 N/A N/A N/A N/A

08/23/18 Blueprint Registry Clayton, Dubilier & Rice, David's Bridal, Leonard Green Consumer Content and Services N/A N/A N/A N/A N/A

08/23/18 getaroom.com Court Square Capital Partner Consumer Travel / Hospitality N/A $1,000 N/A N/A N/A

08/22/18 Shoeboxed Earth Class Mail, Scaleworks Business Content / Document Management N/A N/A N/A N/A N/A

08/22/18 TypeZero DexCom Consumer Healthcare / Biotechnology N/A N/A N/A N/A N/A

08/22/18 Serviz Porch Consumer Content and Services N/A N/A N/A N/A N/A

08/21/18 Transax Pineapple Payments, Providence, Woodland Management Business Fintech N/A N/A N/A N/A N/A

08/21/18 Vegas Winners Jericho Associate Consumer Gaming N/A N/A N/A N/A N/A

08/21/18 FiftyThree WeTransfer Consumer Content / Document Management N/A N/A N/A N/A N/A

08/20/18 Smartbox Tobii Dynavox Limited Consumer Education $19 N/A N/M N/A N/A

08/16/18 Approved Credit Karma Consumer Fintech N/A N/A N/A N/A N/A

08/15/18 GreatCall Best Buy Consumer Healthcare / Biotechnology $800 N/A N/A N/A N/A

08/15/18 XCEL Testing Solutions Securities Training Consumer Education N/A N/A N/A N/A N/A

08/15/18 Pass Perfect CeriFi, Leeds Equity Partners Consumer Education N/A N/A N/A N/A N/A

08/14/18 DealCloud Great Hill Partners, IntApp, Temasek Holdings Business CRM N/A N/A N/A N/A N/A

08/14/18 Eyenalyze Rising Sun Ventures Business Business Software N/A N/A N/A N/A N/A

08/14/18 Limnu ZipSocket Consumer Content / Document Management N/A N/A N/A N/A N/A

08/13/18 Quorum Software Thoma Bravo Business Accounting / ERP $740 N/A $43 N/A 17.2x

08/13/18 Vidpresso Facebook Consumer Video Management N/A N/A N/A N/A N/A

08/13/18 HingePoint WCI Data Solutions Business IT Infrastructure & Management N/A N/A N/A N/A N/A

08/13/18 Clutch Cox Automotiv Consumer Transportation / Logistics N/A N/A N/A N/A N/A

08/10/18 TravelClick Amadeus IT Group Consumer Travel / Hospitality $1,520 $373 $86 4.1x 17.7x

08/10/18 Knowre Daekyo Company Consumer Education N/A N/A N/A N/A N/A

08/09/18 iCrowdU AB International Group Consumer Ecommerce $5 N/A N/A N/A N/A

08/09/18 Perfect 10 Mobile Beauty Ruuby Consumer Ecommerce N/A N/A N/A N/A N/A

08/08/18 Beston Technologies DataDot Technology Consumer Retail Software N/A N/A N/A N/A N/A

08/08/18 Memberful Patreon Business Ecommerce N/A N/A N/A N/A N/A

08/08/18 Avid AI Fite Consumer Sports N/A N/A N/A N/A N/A

08/08/18 Cloud Lending Solutions Q2 Holdings Business Fintech $105 N/A N/A N/A N/A

08/08/18 Pouncer BigDish Ventures Consumer Ecommerce N/A N/A N/M N/A N/A

08/08/18 VineUp Graduway Business Education N/A N/A N/A N/A N/A

08/07/18 Take It 2 The Next Level Technology TLD3 Entertainment Group Consumer Diversified Media N/A $5 N/A N/A N/A

08/07/18 Picatic Eventbrite Consumer Ecommerce N/A N/A N/A N/A N/A

08/07/18 Highlight Games Cherry Consumer Gaming $41 N/A N/A N/A N/A

08/02/18 DrillingInfo Genstar Capital Business Oil & Gas $20 N/A N/A N/A N/A

08/02/18 Ipreo IHS Markit Business Fintech $1,855 N/A $116 N/A 16.0x

08/02/18 Hook Mobile Kaleyra Business Telecommunications N/A N/A N/A N/A N/A

08/02/18 Buttery Drizly Consumer Ecommerce N/A N/A N/A N/A N/A

08/01/18 Adaptive Insights Workday Business Accounting / ERP $1,556 $114 -$35 13.6x N/M

08/01/18 DreamBox Learning TPG Growth Consumer Education $130 N/A N/A N/A N/A

08/01/18 TokBox Vonage Holdings Business Telecommunications $35 N/A N/A N/A N/A

08/01/18 Modevity Data443 Risk Mitigation Business Content / Document Management N/A N/A N/A N/A N/A

08/01/18 LifeCubby Brentwood Associates, Excelligence Learning Business Education N/A N/A N/A N/A N/A

08/01/18 Mendix Siemens Development Development $730 N/A N/A N/A N/A





08/01/18 BoozeBud ZX Ventures Consumer Ecommerce N/A N/A N/A N/A N/A

08/01/18 Conquest RT Fort Point Capital, WolfePak Software Business Oil & Gas N/A N/A N/A N/A N/A

08/01/18 Legal Anywhere Goldman Sachs, HighQ, Morgan Stanley, One Peak Business Security / Storage N/A N/A N/A N/A N/A

07/31/18 Zunos Technologies BigTinCan Business Education $14 N/A N/A N/A N/A

07/31/18 Sturgis Web Services Greater Sum Ventures, Providence Business Fintech N/A N/A N/A N/A N/A

07/31/18 Bluebird Auto Rental Systems Valsoft Business Transportation / Logistics N/A N/A N/A N/A N/A

07/31/18 Eze Software SS&C Technologies Business Fintech $1,450 N/A N/A N/A N/A

07/31/18 Comm-N-Sense AgroFresh Solutions Business Supply Chain N/A N/A N/M N/A N/A

07/31/18 Trust Wallet Binance Consumer Fintech N/A N/A N/A N/A N/A

07/31/18 Applied Computer Systems JDM Technology Group Business Accounting / ERP N/A N/A N/A N/A N/A

07/31/18 Hubdoc Xero Business Accounting / ERP $70 N/A N/A N/A N/A

07/31/18 Dattus Accel, Francisco Partners, Plex, T. Rowe Price Business Mapping / Tracking N/A N/A N/A N/A N/A

07/31/18 Vieux & Associates Union Park Capital Business Mapping / Tracking N/A N/A N/M N/A N/A

07/30/18 Adcel engage:BDR Business Advertising and Marketing $4 $1 N/A 2.8x N/A

07/30/18 Stellar Loyalty Cheetah Digital, Vector Capital Business Retail Software N/A N/A N/A N/A N/A

07/30/18 Trusted Care.com Consumer Content and Services N/A N/A N/A N/A N/A

07/28/18 AwesomenessTV Viacom Consumer Content and Services $300 N/A N/A N/A N/A

07/27/18 LifeWorks USA Morneau Shepell Business Human Capital $426 N/A N/A N/A N/A

07/27/18 DesertMicro Advanced Manufacturing Control Systems Business Accounting / ERP N/A N/A N/A N/A N/A

07/26/18 GitHub Microsoft Development Development $7,500 N/A N/A N/A N/A

07/26/18 Beeline.com New Mountain Capital Business Human Capital N/A N/A N/A N/A N/A

07/26/18 RedKix Facebook Business Business Software $100 N/A N/A N/A N/A

07/26/18 HipChat Slack Business Content / Document Management N/A N/A N/A N/A N/A

07/26/18 Spookfish EagleView Technologies, Vista Equity Partners Business Mapping / Tracking $75 $8 -$6 9.2x N/M

07/26/18 Zepp Huami Consumer Sports N/A N/A N/A N/A N/A

07/26/18 SatoshiPay Blue Sky Capital Consumer Fintech N/A N/A N/A N/A N/A

07/26/18 Priority Payment Systems M I Acquisitions Consumer Fintech N/A N/A N/A N/A N/A

07/25/18 LevelUp GrubHub Consumer Ecommerce $390 N/A N/A N/A N/A

07/24/18 Centric Software Dassault Systemes Business Supply Chain N/A N/A N/A N/A N/A

07/24/18 Invenias Bullhorn, Genstar Capital, Insight Venture Partners Business Human Capital N/A N/A N/A N/A N/A

07/24/18 TriTech Software Systems Superion, Aptean Business Business Intelligence N/A N/A N/A N/A N/A

07/24/18 Superion TriTech Software Systems, Aptean Business Business Intelligence N/A N/A N/A N/A N/A

07/24/18 Rukkus TickPick Business Ecommerce N/A N/A N/A N/A N/A

07/24/18 HealthCast Argo Management Group, Identity Automation Business Healthcare / Biotechnology N/A N/A N/A N/A N/A

07/24/18 Arrow Digital Softvision, Tower Arch Capital Development Development N/A N/A N/A N/A N/A

07/24/18 DIY LittleBits Consumer Knowledge / Content (Social) N/A N/A N/A N/A N/A

07/20/18 Charles River Systems State Street Business Fintech $2,600 N/A N/A N/A N/A

07/19/18 HighGround YouEarnedIt Business Human Capital N/A N/A N/A N/A N/A

07/19/18 Moola JLT Employee Benefits Consumer Fintech N/A N/A N/A N/A N/A

07/19/18 ZorroSign Velocitymoney Business Business Software N/A N/A N/A N/A N/A

07/19/18 Klever Marketing DarkPulse Technologies Business Retail Software N/A N/A N/A N/A N/A

07/19/18 Paywire Payscout Business Fintech N/A N/A N/A N/A N/A

07/17/18 Abacus Certify, K1 Capital Business Accounting / ERP N/A N/A N/A N/A N/A

07/17/18 NAVEX Global BC Partners, Noble Rock Advisors Business Governance, Risk, & Compliance $1,200 N/A N/A N/A N/A

07/16/18 Socrative Showbie Business Education N/A N/A N/A N/A N/A





07/16/18 Botplan HelloAlex Business Travel / Hospitality N/A N/A N/A N/A N/A

07/12/18 ZPG GIC Private, PSPIB, Silver Lake Management Consumer Travel / Hospitality $2,934 $376 $118 7.8x 24.8x

07/12/18 Fishtree Follett Business Education N/A N/A N/A N/A N/A

07/11/18 Medicity Health Catalyst Business Healthcare / Biotechnology N/A N/A N/A N/A N/A

07/11/18 FanDuel Betfair International Consumer Sports $465 N/A N/A N/A N/A

07/11/18 BzzAgent PowerReviews Business Advertising and Marketing N/A N/A N/A N/A N/A

07/11/18 Plexchat Warner Bros. Entertainment Consumer Knowledge / Content (Social) N/A N/A N/A N/A N/A

07/10/18 Sky Betting and Gaming Stars Group Consumer Content & Services $2,814 N/A N/A N/A N/A

07/10/18 Ataata Mimecast Business Human Capital N/A N/A N/A N/A N/A

07/10/18 Alive TTC Karium Consumer Video Management N/A N/A N/A N/A N/A

07/10/18 Meditation Studio Interaxon Consumer Education N/A N/A N/A N/A N/A

07/10/18 Virtual Towns and Schools CivicPlus Business Development N/A N/A N/A N/A N/A

07/10/18 E-ISG Asset Intelligence AssetWork Business Accounting / ERP N/A N/A N/A N/A N/A

07/07/18 FanVictor.com Ven Solutions Business Sports N/A N/A N/A N/A N/A

07/03/18 Excelerated Apps Eventstag Business Business Software N/A N/A N/A N/A N/A

07/02/18 Isonas Allegion Business Security / Storage N/A $6 N/A N/A N/A

07/02/18 Corum Santeon Group Consumer Blockchain N/A N/A N/A N/A N/A

07/02/18 StudyBlue Chegg Consumer Education $21 N/A N/A N/A N/A

07/02/18 Brand Integrity Columbia Partners, Great Hill, Reward Gateway Business Human Capital N/A N/A N/A N/A N/A

Mobile Median $180 $27 $65 7.4x 17.4x

Mobile Mean $721 $170 $61 13.7x 19.9x



Vista Point Advisors is a boutique investment bank focused on capital raises and M&A advisory for growing technology companies

555 Mission Street, Suite 2650

San Francisco, CA 94105

Software Internet Mobile Hardware

• Software-as-a-Service

• On-premise

• Application Software

• Healthcare IT

• Financial Tech

• Advertising and Marketing

• Digital Media

• Gaming

• Content

• Platforms

• Consumer Applications

• Enterprise Applications

• Gaming

• Payments

• Infrastructure

• Communications

• Entertainment

• Industrial

• Systems

• Consumer

Mike Lyon

(415) 722-3506

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Jeff Bean

(415) 746-9413

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Thomas Lin

(415) 508-8113

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Russell Perkins

(415) 993-0872

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Miles Lacey

(415) 917-3066

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Jeffrey Koons

(415) 993-1417

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David Cho

(415) 917-3042

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Scott Austin

(415) 404-9854

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Drew Pascarella

(917) 670-1097

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Mike Greco

(415) 917-3056

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Vista Point Advisors Overview

Tyler Jamison

(415) 917-4120

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Charlie Penner

(415) 964-1617

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Ryan Phipps

(415) 993-1565

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Umar Mansuri

(415) 347-5704

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Chet Kristy

(415) 686-1241

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