Weekly Internet / Digital Media / SaaS Sector Summary · Weekly Internet / Digital Media / SaaS...

Weekly Internet / Digital Media / SaaS

Sector Summary

Week of April 11th, 2016

70%

75%

80%

85%

90%

95%

100%

105%

110%

115%

1/11/2016 1/24/2016 2/6/2016 2/19/2016 3/3/2016 3/16/2016 3/29/2016 4/11/2016

65%

75%

85%

95%

105%

115%

125%

135%

4/13/2015 6/4/2015 7/26/2015 9/16/2015 11/7/2015 12/29/2015 2/19/2016 4/11/2016

6.6%

(3.1%)

9.5%

9.8%

Notes:

(1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME.

(2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, QUOT, SSTK, STMP, TZOO.

(3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WEB, XOXO, Z.

(4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO.

(5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, VCI, WPP-GB.

(6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B.

(7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA.

(8) SaaS Composite includes: APIC, APPF, BCOV, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTG, MKTO, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN.

Industry Stock Market Valuation

2

Internet / Digital Media / SaaS

Last 12 Months Last 3 Months

Diversified Marketing

(5)

Internet Content (3)

Search / Online Advertising (1)

Gaming (7)

Media Conglomerates (6)

Internet Commerce (2)

SaaS (8)

Publishers (4)

NASDAQ

3.9%

(6.5%)

26.4%

(16.7%)

(8.5%)

(0.5%)

(19.2%)

9.2%

10.9%

4.2%

1.3%

(2.1%)

3.8%

(3.4%)

35.9x

16.9x 16.7x14.8x

10.5x 10.3x 10.0x 9.5x7.5x

0.0x

15.0x

30.0x

45.0x

3.8x 3.8x

2.9x2.7x

2.5x 2.5x

2.0x 1.9x

1.4x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

Notes:

(1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME.

(2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, QUOT, SSTK, STMP, TZOO.

(3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WEB, XOXO, Z.

(4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO.

(5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, VCI, WPP-GB.

(6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B.

(7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA.

(8) SaaS Composite includes: APIC, APPF, BCOV, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTG, MKTO, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN.

Industry Stock Market Valuation

3

Internet / Digital Media / SaaS: Financial Metrics

EV / 2016E EBITDA EV / 2016E Revenue

$MM, Except Per Share Data

Stock LTM EPS

Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth

4/11/16 Low High Value Debt Value LTM CY 15E CY 16E LTM CY 15E CY 16E LTM CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ

Search / Online Advertising

Alphabet Inc. $757.54 $529.00 $810.35 $521,430 ($64,278) $457,152 6.1x 6.1x 5.3x 18.7x 15.5x 13.0x 32.1x 26.2x 21.9x 16.4% 1.3 16.7% NA

Microsoft Corporation 54.31 39.72 56.85 429,554 (57,446) 372,108 4.2 4.1 3.9 12.2 11.0 10.9 38.4 20.7 19.2 9.3% 2.1 4.2% (10.1%)

Yahoo! Inc. 36.48 26.15 46.13 34,540 (4,591) 29,985 6.0 7.4 8.5 90.7 32.4 39.7 62.9 62.2 68.8 1.8% 37.6 (12.4%) 1.6%

Yandex N.V. 15.68 9.94 21.36 5,010 (208) 4,803 5.8 5.9 4.6 20.5 16.7 13.4 37.7 30.1 25.4 20.4% 1.2 28.3% 5.3%

Criteo SA (1) 38.25 24.23 57.30 2,390 (343) 2,051 4.7 4.0 2.9 18.0 15.4 10.0 42.0 35.7 21.9 24.9% 0.9 39.4% 14.1%

The Rubicon Project, Inc. (1) 18.60 11.72 19.45 878 (140) 738 3.0 3.3 2.5 38.8 17.0 12.5 NM 28.0 25.1 24.6% 1.0 32.1% 124.7%

TubeMogul, Inc. (1) 13.86 9.11 17.77 493 (80) 413 2.3 2.4 1.8 NM NM 71.4 NM NM NM NM NM 29.7% 62.0%

Blucora, Inc. 5.11 4.69 16.66 211 505 730 6.2 1.6 1.6 32.2 10.8 8.2 12.8 4.4 5.1 18.5% 0.3 (3.0%) NA

Marchex, Inc. 4.32 3.08 5.32 181 (109) 72 0.5 0.5 0.5 38.5 4.8 17.1 86.4 21.9 NM 15.0% NM (3.8%) 11.8%

QuinStreet, Inc. 3.31 2.65 6.82 150 (36) 114 0.4 0.4 0.3 NM 12.3 6.9 NM NM NM NA NA 14.1% (2.6%)

Rocket Fuel Inc. 3.01 2.61 9.66 131 5 137 0.3 0.3 0.3 NM NM 21.8 NM NM NM NA NA (1.3%) (10.1%)

YuMe, Inc. 3.61 2.35 5.76 126 (48) 77 0.4 0.5 0.4 NM NM 15.3 NM NM NM NA NA 3.2% (5.7%)

Marin Software Incorporated 2.88 2.61 7.62 110 (34) 75 0.7 0.7 0.7 NM NM 17.3 NM NM NM NA NA 4.1% 7.5%

Blinkx plc 0.26 0.21 0.58 104 (75) 29 0.1 0.1 0.1 NM NM 6.3 NM 11.1 6.5 NM NM 6.9% (13.8%)

Tremor Video, Inc. 1.86 1.29 3.28 98 (60) 38 0.2 0.2 0.2 NM NM 16.1 NM NM NM NA NA (6.0%) (9.5%)

Sizmek Inc. 2.80 2.68 7.91 81 (42) 39 0.2 0.2 0.2 6.7 3.4 2.4 NM NA NM NA NA 11.7% 13.4%

ReachLocal, Inc. 1.93 0.55 3.50 58 12 70 0.2 0.2 0.2 NM NM 4.4 NM NM NM NA NA (17.8%) (18.4%)

MaxPoint Interactive, Inc. 1.85 1.16 10.14 49 (10) 39 0.3 0.5 0.4 NM NM NM NM NM NM 20.0% NM 11.6% 6.2%

Mean 2.3x 2.1x 1.9x 30.7x 13.9x 16.9x 44.6x 26.7x 24.2x 16.8% 6.4 8.7% 11.0%

Median 0.6 0.6 0.6 20.5 13.9 13.0 38.4 26.2 21.9 18.5% 1.2 5.5% 3.5%

Internet Content

TEGNA Inc. $22.73 $21.11 $38.48 $4,969 $4,072 $9,331 3.1x 2.9x 2.7x 8.4x 8.6x 7.0x 14.6x 15.2x 9.9x 6.0% 1.6 8.4% (1.1%)

IAC/InterActiveCorp 46.55 38.82 84.66 3,867 268 4,576 1.4 1.4 1.4 11.9 9.5 8.2 34.9 14.4 14.6 14.7% 1.0 3.6% 2.2%

Zillow Group, Inc. 21.05 16.46 35.47 3,756 (290) 3,466 5.4 5.4 4.3 NM 37.0 29.6 NM NM NM 49.8% NM 24.4% 83.4%

GoDaddy Inc. 30.64 21.04 35.35 2,381 723 3,360 2.1 2.1 1.8 25.7 10.0 8.3 NM 24.2 19.5 22.0% 0.9 14.5% 14.4%

WebMD Health Corp. 61.19 37.57 63.14 2,201 162 2,362 3.7 3.7 3.4 16.1 12.3 10.6 41.2 41.7 33.9 12.5% 2.7 9.9% NA

comScore, Inc. 28.96 26.21 65.00 1,641 (114) 1,527 4.1 4.1 2.9 41.1 16.4 12.3 NM 16.5 18.6 23.5% 0.8 40.8% 8.4%

Shutterfly, Inc. 45.82 35.22 49.10 1,597 71 1,668 1.6 1.6 1.4 14.5 8.6 7.8 NM NM 60.3 20.0% 3.0 9.1% 13.4%

Renren Inc. 3.43 2.58 4.45 1,163 (172) 990 18.1 14.0 6.8 NM NM NM NM NM NM 20.0% NM 107.0% (36.4%)

Web.com Group, Inc. 18.63 15.71 26.04 884 404 1,288 2.4 2.3 1.7 11.6 8.4 7.5 10.8 7.7 7.2 11.0% 0.7 35.5% 2.8%

Bankrate, Inc. 8.73 6.59 15.80 850 61 911 2.5 1.7 2.5 8.5 6.0 9.0 48.5 12.4 19.2 17.7% 1.1 (33.9%) (23.0%)

XO Group Inc. 16.50 13.55 17.91 416 (89) 328 2.3 2.3 2.1 16.3 12.2 9.5 78.6 45.2 32.7 NA NA 11.6% 2.9%

DHI Group, Inc. 7.77 7.05 10.48 407 67 474 1.8 1.9 1.9 7.4 6.4 6.8 NM 17.9 16.8 NA NA (3.8%) (4.0%)

Monster Worldwide, Inc. 3.21 2.43 8.23 289 31 320 0.5 0.5 0.5 3.4 2.9 3.3 32.1 8.1 9.7 NA NA (5.1%) (9.2%)

TechTarget, Inc. 7.11 5.98 11.64 229 (25) 204 1.8 1.8 1.7 11.6 8.3 6.9 33.9 19.8 16.5 24.5% 0.7 8.1% (4.1%)

United Online, Inc. 11.39 9.50 18.00 170 (105) 65 0.4 0.4 0.5 4.3 3.1 4.5 50.0 24.2 42.2 NA NA (18.5%) (4.1%)

Everyday Health, Inc. 5.15 3.71 14.24 169 81 250 1.1 1.1 1.0 10.4 5.4 5.6 NM 9.4 12.1 NA NA 12.4% 29.6%

eHealth, Inc. 8.71 8.14 16.81 158 (63) 95 0.5 0.5 0.5 17.0 8.5 6.6 NM 15.1 17.5 10.0% 1.8 9.2% 11.5%

RealNetworks Inc. 4.07 3.04 7.15 149 (99) 50 0.4 0.4 0.4 NM NM NM NM NM NM NA NA 4.0% (15.7%)

Demand Media, Inc. 5.18 3.94 6.89 103 (39) 65 0.5 0.5 0.5 NM NM NM NM NM NM NA NA 4.6% (19.8%)

TheStreet, Inc. (2) 1.21 0.82 2.05 43 27 69 1.0 1.0 1.0 37.4 23.9 31.5 NM NM NM NA NA (0.9%) (1.8%)

Mean 2.7x 2.5x 2.0x 15.3x 11.0x 10.3x 38.3x 19.4x 22.0x 19.3% 1.4 12.0% 2.6%

Median 1.8 1.7 1.7 11.8 8.6 7.8 34.9 15.8 17.5 18.8% 1.0 8.8% (1.1%)

Public Company Valuations

4

Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

Notes:

Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.

(1) Revenue multiples reflective of Net Revenue.

(2) Includes convertible preferred stock with total liquidation preference of $55.0MM.


Stock LTM EPS



Internet Commerce

Amazon.com, Inc. $595.93 $374.40 $696.44 $281,035 ($2,261) $278,774 2.6x 2.6x 2.1x 35.4x 25.5x 19.7x NM NM NM 48.3% NM 21.3% 21.9%

Alibaba Group Holding Limited 77.71 57.20 95.06 195,241 (7,448) 188,533 13.0 13.0 10.1 38.1 25.4 20.4 37.7 31.8 25.6 24.5% 1.0 28.7% 26.0%

The Priceline Group Inc. 1,264.63 954.02 1,476.52 62,747 3,510 66,257 7.2 7.2 6.2 18.9 18.0 15.2 25.6 21.9 18.3 17.3% 1.1 16.9% 8.7%

Netflix, Inc. 102.68 67.06 133.27 43,955 61 44,016 6.5 6.5 5.0 NM 91.9 79.4 NM NM NM 52.0% NM 29.1% 22.8%

eBay Inc. 24.06 21.52 66.73 27,492 648 28,140 3.3 3.3 3.2 9.6 8.0 8.1 15.0 13.2 12.9 5.7% 2.3 1.7% (0.0%)

Expedia Inc. 101.96 88.40 140.51 15,353 1,919 17,996 2.7 2.7 2.0 24.6 15.7 11.1 38.9 25.2 19.5 28.6% 0.7 32.8% 25.3%

QVC Group 25.60 22.51 31.62 12,467 6,097 18,662 2.0 2.1 1.8 10.2 9.6 9.2 19.5 14.1 17.1 20.0% 0.9 18.3% 16.0%

Copart, Inc. 40.92 32.26 41.80 4,583 517 5,100 4.4 4.4 4.1 12.7 12.0 11.7 23.1 23.7 19.9 11.8% 1.7 8.3% 8.5%

Cimpress N.V. 89.63 63.15 94.57 2,809 623 3,497 2.2 2.2 2.0 16.7 15.0 12.6 41.2 25.0 22.6 16.4% 1.4 13.0% 12.8%

GrubHub Inc. 23.29 17.77 47.38 1,971 (196) 1,775 4.9 4.9 3.9 19.9 17.2 14.0 52.9 37.4 30.6 28.0% 1.1 26.1% 36.3%

Stamps.com Inc. 93.96 60.16 123.75 1,570 88 1,658 7.8 8.2 5.5 25.8 23.6 15.1 NM 24.7 17.8 20.5% 0.9 49.0% 67.0%

Shutterstock, Inc. 36.83 25.44 74.30 1,299 (288) 1,011 2.4 2.4 2.0 18.3 12.1 10.3 68.2 31.6 27.4 16.0% 1.7 18.0% 27.2%

Etsy, Inc. 8.05 6.04 35.74 907 (280) 628 2.3 2.3 1.8 48.8 22.7 17.1 NM NM NM 10.0% NM 25.2% 35.4%

Quotient Technology Inc. 10.81 5.00 14.45 889 (137) 752 3.2 3.3 2.9 NM 60.4 32.2 NM NM NM 20.0% NM 13.3% 15.7%

1-800-Flowers.com Inc. 7.23 6.11 13.28 468 16 484 0.4 0.4 0.4 6.1 6.0 5.2 13.6 17.7 15.2 18.0% 0.8 1.6% 2.6%

Angie's List, Inc. 7.94 3.73 11.25 466 3 468 1.4 1.4 1.3 21.7 16.7 14.3 46.7 38.5 43.4 8.0% 5.4 1.7% 5.0%

Overstock.com Inc. 14.60 10.03 25.93 369 (155) 213 0.1 NA NA 18.9 NA NA NM NA NA NA NA NA 2.1%

Blue Nile Inc. 25.12 22.33 39.00 291 (86) 205 0.4 0.4 0.4 11.9 9.1 9.3 27.9 28.3 30.3 18.8% 1.6 (3.8%) (4.8%)

Travelzoo Inc. 7.86 6.63 14.29 114 (30) 84 0.6 0.6 0.6 8.7 8.8 9.4 30.2 20.2 47.4 5.0% 9.5 0.6% (6.5%)

CafePress Inc. 3.75 3.02 5.36 63 (49) 14 0.1 0.1 0.1 3.4 3.8 3.5 NM NM NM NA NA 0.7% NA

Mean 3.4x 3.6x 2.9x 19.4x 21.1x 16.7x 33.9x 25.2x 24.9x 20.5% 2.1 15.9% 16.9%

Median 2.5 2.6 2.0 18.6 15.7 12.6 30.2 24.8 21.3 18.4% 1.2 16.9% 15.7%

Media Conglomerates / Selected Entertainment

The Walt Disney Company $96.27 $86.25 $122.08 $157,071 $14,614 $175,925 3.2x 3.3x 3.1x 10.7x 10.4x 10.0x 18.0x 18.0x 16.5x 11.5% 1.4 5.8% 13.8%

Comcast Corporation 61.44 50.01 64.99 149,011 50,220 202,161 2.7 2.7 2.6 8.1 8.2 7.7 19.0 18.8 17.3 11.7% 1.5 6.9% 8.5%

Time Warner Inc. 73.27 55.53 91.34 57,895 21,637 79,561 2.8 2.8 2.7 10.1 10.3 9.6 16.0 15.6 13.7 13.7% 1.0 3.3% (5.9%)

Twenty-First Century Fox, Inc. 28.53 22.66 35.15 54,720 15,444 71,772 2.7 2.7 2.5 11.7 11.1 10.1 19.4 17.5 14.7 14.8% 1.0 6.5% (8.4%)

Sony Corporation 27.46 20.37 36.77 34,642 2,094 42,140 0.6 0.6 0.6 5.7 10.8 5.9 31.3 42.4 22.7 10.0% 2.3 5.7% 0.2%

CBS Corporation 53.52 38.51 63.95 24,595 8,125 32,720 2.4 2.4 2.3 10.5 10.5 9.5 18.6 16.1 13.4 16.2% 0.8 5.4% 6.2%

Discovery Communications, Inc. 28.35 23.74 34.94 16,176 7,196 23,613 3.7 3.7 3.6 9.7 9.7 9.7 18.0 15.7 14.4 14.2% 1.0 2.9% (1.8%)

Viacom, Inc. 38.13 30.11 73.52 15,095 12,240 27,624 2.1 2.1 2.1 6.9 6.8 7.0 8.2 7.1 7.3 5.3% 1.4 1.2% (5.7%)

Scripps Networks Interactive, Inc. 64.82 47.62 72.11 8,353 3,787 12,552 4.2 4.2 3.7 9.2 10.1 9.1 13.9 14.4 12.7 11.1% 1.2 12.8% 27.3%

Tribune Media Company 38.73 26.10 59.42 3,589 3,216 6,811 3.4 3.4 3.1 17.3 14.2 10.8 18.4 32.8 17.4 3.0% 5.8 11.1% NA

Lions Gate Entertainment Corp. 19.90 16.21 41.41 2,985 1,506 4,580 2.1 2.0 1.8 68.5 17.0 15.3 50.8 34.4 18.9 27.6% 0.7 13.1% (10.8%)

Mean 2.7x 2.7x 2.5x 15.3x 10.8x 9.5x 21.1x 21.2x 15.4x 12.7% 1.6 6.8% 2.4%

Median 2.7 2.7 2.6 10.1 10.4 9.6 18.4 17.5 14.7 11.7% 1.2 5.8% (0.8%)

Publishers

Thomson Reuters Corporation $40.39 $36.64 $43.36 $30,636 $7,652 $38,775 3.2x 3.2x 3.3x 14.9x 11.3x 11.9x 25.2x 19.6x 19.5x 8.4% 2.3 (3.7%) (2.0%)

Pearson plc 11.90 9.19 20.89 9,655 1,127 10,787 1.6 1.5 1.7 10.4 8.3 10.0 NM 11.7 15.3 NM NM (11.9%) NA

News Corporation 12.29 10.21 16.27 7,127 (1,883) 5,431 0.6 0.7 0.7 8.5 5.9 6.5 NM 32.8 24.7 9.2% 2.7 (2.9%) (4.3%)

UBM plc 8.50 6.58 8.72 3,761 737 4,542 4.0 3.3 4.0 15.5 12.2 14.2 31.7 15.5 17.3 3.8% 4.6 (18.7%) NA

Lagardere SCA 26.93 25.65 34.53 3,451 1,684 5,288 0.7 0.7 0.6 8.8 8.3 7.4 43.5 13.5 12.8 9.8% 1.3 6.5% (9.6%)

Graham Holdings Company 467.84 425.14 1,119.54 2,637 (734) 1,929 0.7 0.8 0.8 5.9 7.4 6.7 NM 28.9 19.1 NA NA 1.2% (15.3%)

The New York Times Company 12.42 11.48 14.53 1,990 (182) 1,809 1.1 1.1 1.2 7.5 6.5 7.5 32.7 19.8 22.2 4.0% 5.6 (0.1%) 0.0%

Gannett Co., Inc. 15.38 10.75 17.91 1,792 (197) 1,595 0.6 0.5 0.5 4.2 4.1 4.0 12.3 8.9 10.7 NM NM 5.8% (9.7%)

Time Inc. 14.60 12.23 24.26 1,531 582 2,113 0.7 0.7 0.7 5.2 4.7 4.6 NM 12.2 10.3 6.5% 1.6 1.8% (1.8%)

The E. W. Scripps Company 15.04 14.56 25.02 1,262 291 1,553 2.2 2.0 1.5 46.7 13.6 6.1 NM 63.5 12.6 3.0% 4.2 29.8% 36.0%

Tribune Publishing Company 6.86 5.45 19.88 217 349 566 0.3 0.3 0.3 5.1 3.6 3.9 NM 6.2 6.3 NA NA (0.7%) 1.0%

Mean 1.4x 1.3x 1.4x 12.1x 7.8x 7.5x 29.1x 21.2x 15.5x 6.4% 3.2 0.6% (0.6%)

Median 0.7 0.8 0.8 8.5 7.4 6.7 31.7 15.5 15.3 6.5% 2.7 (0.1%) (2.0%)


5


Notes:



Stock LTM EPS



Diversif ied Marketing

WPP plc $23.47 $18.15 $23.92 $30,357 $4,735 $35,650 2.0x 2.0x 1.9x 11.3x 12.1x 11.5x 18.0x 17.2x 15.8x 8.5% 1.8 5.1% (0.1%)

Nielsen Holdings plc 52.66 42.76 53.53 19,057 6,987 26,238 4.3 4.3 4.1 17.5 14.1 13.4 34.2 20.2 18.3 11.6% 1.6 3.3% (0.6%)

Experian plc 17.58 14.50 18.12 16,872 3,340 20,228 4.3 4.3 4.5 13.6 11.3 13.0 25.6 19.3 19.5 11.0% 1.8 (4.2%) (6.4%)

Equifax Inc. 113.69 90.94 116.80 13,496 1,102 14,637 5.5 5.5 4.8 16.0 15.9 13.5 32.0 25.4 22.7 11.6% 2.0 14.5% 6.7%

Alliance Data Systems Corporation 206.70 176.63 312.00 12,260 16,010 28,437 4.4 4.4 4.0 18.8 14.9 13.8 23.4 13.8 12.3 14.1% 0.9 10.0% 17.7%

The Interpublic Group of Companies, Inc. 22.70 18.16 23.80 9,165 253 9,706 1.3 1.3 1.2 9.4 9.4 8.8 20.8 19.5 17.3 11.3% 1.5 2.7% (0.5%)

Havas SA 8.07 7.39 9.42 3,370 (96) 3,275 1.4 1.4 1.2 9.1 8.4 7.4 18.1 16.8 14.7 11.0% 1.3 13.1% 3.8%

Acxiom Corporation 21.40 15.78 23.42 1,663 15 1,678 1.6 1.9 1.9 9.9 11.4 10.5 NM 36.6 37.1 12.5% 3.0 0.8% 6.2%

MDC Partners Inc. 21.98 16.15 28.64 1,099 680 1,928 1.5 1.5 1.3 11.6 9.8 8.4 NM NM 21.7 8.0% 2.7 7.5% 5.6%

Harte-Hanks Inc. 2.41 2.24 7.90 148 60 207 0.4 0.4 0.4 5.7 5.3 4.7 NM 11.5 11.5 NM NM (2.8%) (11.4%)

Mean 2.7x 2.7x 2.5x 12.3x 11.2x 10.5x 24.6x 20.0x 19.1x 11.1% 1.8 5.0% 2.1%

Median 1.8 2.0 1.9 11.4 11.3 11.0 23.4 19.3 17.8 11.3% 1.8 4.2% 1.8%

Gaming

Tencent Holdings Limited $20.57 $15.99 $22.05 $190,031 ($2,288) $188,061 11.9x 12.2x 9.0x 28.4x 28.1x 21.4x 43.7x 40.2x 29.9x 26.4% 1.1 35.1% 38.6%

Activision Blizzard, Inc. 33.41 22.62 39.93 24,556 2,248 26,804 5.7 5.7 4.3 18.9 16.6 12.3 28.1 24.6 18.7 14.4% 1.3 34.0% (14.2%)

Electronic Arts Inc. 63.16 53.01 76.92 19,536 (2,889) 16,647 3.9 3.7 3.6 17.7 11.4 11.1 32.3 21.1 19.4 11.5% 1.7 2.4% (5.0%)

NetEase, Inc. 138.91 102.80 186.45 18,158 (3,605) 14,566 4.1 4.2 2.7 12.7 12.7 10.0 17.7 16.4 13.4 24.3% 0.6 52.7% 118.0%

Naver Corporation 579.66 399.83 602.36 16,890 (1,181) 15,832 5.7 5.7 4.8 20.4 19.6 15.4 38.7 41.2 29.9 22.8% 1.3 20.4% NA

NCsoft Corporation 213.01 154.95 241.82 4,524 (810) 3,731 5.2 5.2 4.3 16.1 15.9 11.4 32.9 28.8 19.7 16.0% 1.2 21.8% (6.5%)

Ubisoft Entertainment SA 30.35 16.95 32.56 3,344 180 3,524 2.7 3.5 1.6 NM 7.8 4.4 NM NM 13.7 27.1% 0.5 118.8% (62.1%)

DeNA Co., Ltd. 18.10 14.19 25.05 2,625 (631) 2,056 1.7 1.7 1.5 7.5 7.9 5.8 28.3 24.5 14.4 20.0% 0.7 13.8% (2.1%)

GungHo Online Entertainment, Inc. 2.67 2.19 4.71 2,559 (676) 1,897 1.5 1.5 1.5 3.1 2.9 3.2 7.7 7.0 7.1 NA NA (2.1%) (13.0%)

Zynga, Inc. 2.34 1.78 3.13 2,019 (987) 1,032 1.3 1.4 1.4 NM 51.3 23.7 NM NM NM 21.0% NM (0.1%) (3.5%)

Gree, Inc. 5.54 4.24 8.15 1,302 (640) 662 1.0 1.0 1.0 4.0 4.0 4.6 NM NM 16.4 NA NA (5.5%) (25.1%)

Changyou.com Limited 19.09 15.21 35.27 970 (216) 784 1.0 1.0 1.4 3.2 3.7 5.1 4.7 4.8 8.2 15.0% 0.5 (26.1%) (25.0%)

Glu Mobile, Inc. 2.82 1.98 7.03 373 (181) 192 0.8 0.8 0.7 30.8 17.0 NM NM NM NM 15.0% NM 11.9% (16.2%)

GameAccount Network plc 0.38 0.31 1.11 25 (12) 13 1.3 1.4 0.7 NM NM 1.7 NM NM 4.8 NA NA 119.1% (36.2%)

Mean 3.4x 3.5x 2.7x 14.8x 15.3x 10.0x 26.0x 23.2x 16.3x 19.4% 1.0 28.3% (4.0%)

Median 2.2 2.6 1.5 16.1 12.7 10.0 28.3 24.5 15.4 20.0% 1.1 17.1% (13.0%)

Social Media & New Platform

Facebook, Inc. $108.99 $72.00 $117.59 $319,705 ($18,119) $301,586 16.8x 17.3x 11.8x 36.6x 28.0x 19.4x 84.3x 50.2x 34.7x 31.5% 1.1 46.9% 51.7%

LinkedIn Corporation 109.30 98.25 266.53 14,436 (1,993) 12,470 4.2 4.2 3.4 50.5 16.6 12.7 NM 40.7 34.1 28.4% 1.2 22.9% 34.0%

Twitter, Inc. 16.51 39.40 52.54 11,431 720 12,151 5.5 5.5 4.1 NM 22.5 15.7 NM 46.6 30.4 36.2% 0.8 33.5% 48.3%

Groupon, Inc. 4.13 2.15 7.54 2,385 (796) 1,591 0.5 0.5 0.5 24.6 6.7 14.6 NM 40.2 NM 21.7% NM (1.4%) 3.8%

Pandora Media, Inc. 8.17 7.10 22.60 1,860 (136) 1,724 1.5 1.5 1.2 NM 32.0 NM NM 86.4 NM 36.7% NM 22.3% 25.4%

Yelp Inc. 19.49 14.53 52.51 1,482 (371) 1,111 2.0 2.0 1.6 NM 15.1 11.7 NM 52.3 36.4 32.6% 1.1 26.0% 39.9%

Mean 5.1x 5.2x 3.8x 37.2x 20.2x 14.8x NM 52.7x 33.9x 31.2% 1.1 25.0% 33.9%

Median 3.1 3.1 2.5 36.6 19.6 14.6 NM 48.4 34.4 32.1% 1.1 24.5% 36.9%


6


Notes:



Stock LTM EPS



SaaS

salesforce.com, inc. $74.16 $52.60 $82.90 $49,754 $715 $50,469 7.6x 7.6x 6.2x NM 43.3x 30.1x NM 98.5x 73.3x 26.6% 2.8 22.2% 25.3%

Workday, Inc. 77.03 47.32 93.62 15,021 (1,462) 13,559 11.7 11.7 8.8 NM NM NM NM NM NM 41.9% NM 33.7% 42.9%

ServiceNow, Inc. 63.31 46.00 91.28 10,179 (327) 9,853 9.8 9.8 7.2 NM 64.2 39.1 NM NM 99.8 41.2% 2.4 35.9% 44.3%

NetSuite Inc. 70.41 51.75 102.46 5,632 (81) 5,551 7.5 7.5 5.8 NM NM 66.3 NM NM NM 23.5% NM 30.1% 30.6%

The Ultimate Software Group, Inc. 186.82 148.26 216.27 5,389 (112) 5,278 8.5 8.6 6.8 82.5 35.5 27.7 NM 73.0 57.8 25.2% 2.3 25.2% 26.0%

Shopify Inc. 29.52 18.48 42.13 2,372 (192) 2,180 10.6 11.1 6.6 NM NM NM NM NM NM 25.0% NM 67.5% 99.5%

Zendesk, Inc. 21.01 11.06 28.20 1,916 (256) 1,660 8.0 8.0 5.6 NM NM NM NM NM NM 36.2% NM 44.0% 62.5%

Cornerstone OnDemand, Inc. 33.00 22.25 40.70 1,808 (12) 1,796 5.3 5.2 4.2 NM NM 48.6 NM NM NM 20.0% NM 25.6% 25.5%

RealPage, Inc. 19.81 16.06 23.98 1,559 9 1,568 3.3 3.4 2.7 29.7 17.4 13.2 NM 37.4 27.9 20.0% 1.4 22.3% 16.5%

Demandware, Inc. 39.56 26.47 75.90 1,495 (197) 1,299 5.5 5.5 4.3 NM 71.2 55.1 NM NM NM 38.5% NM 28.6% 43.9%

Box, Inc. 12.02 8.82 20.60 1,457 (141) 1,316 4.3 4.4 3.3 NM NM NM NM NM NM 68.4% NM 31.3% 35.7%

HubSpot, Inc. 41.46 27.00 60.11 1,439 (104) 1,335 7.3 7.5 5.3 NM NM NM NM NM NM 40.2% NM 40.0% 55.5%

RingCentral, Inc. 16.09 13.88 25.67 1,159 (102) 1,057 3.6 3.6 3.0 NM NM 55.8 NM NM NM 23.3% NM 20.1% 34.8%

Marketo, Inc. 21.00 12.86 33.99 932 (105) 832 4.0 4.0 3.0 NM NM NM NM NM NM 20.9% NM 30.1% 37.6%

Cvent, Inc. 21.37 17.85 37.25 899 (145) 753 4.0 4.0 3.3 NM 32.6 26.3 NM 78.6 NM 30.0% NM 23.3% 29.5%

MINDBODY, Inc. 13.64 9.14 18.39 541 (77) 464 4.6 4.6 3.4 NM NM NM NM NM NM NA NA 33.9% 40.1%

AppFolio, Inc. 12.30 11.07 19.94 413 (22) 391 5.2 5.2 3.8 NM NM NM NM NM NM 30.0% NM 36.9% 54.3%

LivePerson Inc. 5.80 3.74 10.66 333 (49) 284 1.2 1.2 1.2 16.7 13.3 12.5 NM 44.8 68.7 20.0% 3.4 (2.9%) 1.6%

ChannelAdvisor Corporation 11.77 8.71 14.73 299 (56) 243 2.4 2.5 2.2 NM NM NM NM NM NM 25.0% NM 15.3% 23.5%

Jive Software, Inc. 3.77 2.84 5.99 289 (103) 186 0.9 1.0 0.9 NM 30.6 33.1 NM NM NM NA NA 4.1% 5.2%

Apigee Corporation 9.20 5.14 20.50 274 (71) 203 2.6 2.6 1.9 NM NM NM NM NM NM NA NA 34.0% 34.6%

Bazaarvoice, Inc. 3.10 2.82 6.56 252 (52) 200 1.0 1.0 1.0 NM NM 59.1 NM NM NM NA NA 4.0% 1.4%

Xactly Corporation 7.35 4.68 10.67 217 (32) 185 2.4 2.4 1.9 NM NM NM NM NM NM 20.0% NM 25.6% 30.3%

Brightcove Inc. 5.99 4.70 7.72 196 (27) 169 1.3 1.3 1.2 NM 25.1 19.2 NM NM 90.8 15.0% 6.1 9.4% 12.0%

Marin Software Incorporated 2.88 2.61 7.62 110 (34) 75 0.7 0.7 0.7 NM NM 17.3 NM NM NM NA NA 4.1% 7.5%

Mean 4.9x 5.0x 3.8x 43.0x 37.0x 35.9x NM 66.5x 69.7x 29.6% 3.1 25.8% 32.8%

Median 4.3 4.4 3.3 29.7 32.6 31.6 NM 73.0 71.0 25.1% 2.6 25.6% 30.6%


7


Notes:


($MM)

Announced

DateAcquirer Target Aggregate Value

AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

4/12/2016 $52 NA NA NA NA

4/5/2016 $168 NA NA NA NA

4/4/2016 $275 NA NA NA NA

3/25/2016 $100 NA NA NA NA

3/22/2016 $540 NA NA NA NA

3/21/2016 $56 NA NA NA NA

3/21/2016 $200 NA NA NA NA

3/17/2016 $72 2.7x 89.6x NA NA

3/7/2016 $207 1.7x NA NA NA

3/3/2016 $100 NA NA NA NA

3/1/2016 $260 NA NA NA NA

2/25/2016 $250 NA NA NA NA

2/24/2016 $400 10.7x NA NA NA(1)

(1)

(1)

Recent Acquisitions

8

Internet / Digital Media / SaaS: Trailing 6 Months

Notes:

Multiples <0x or >50x considered NM.

Disclosed transactions with Aggregate Value <$50MM not included.

(1) LTM multiple based on period ending 12/31/15.

8

($MM)

Announced


AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

2/23/2016 $68 1.2x 11.3x NA NA

2/18/2016 $500 NA NA NA NA

2/14/2016 $389 4.1x 22.1x 3.1x 15.7x

2/12/2016 $85 NA NA NA NA

2/12/2016 $108 NA NA NA NA

2/4/2016 $100 NA NA NA NA

2/4/2016 $342 1.6x NA NA NA

2/3/2016 $1,400 11.7x NA NA NA

2/3/2016 $96 NA NA NA NA

2/1/2016 $379 6.6x NM 4.2x NA

1/20/2016 $130 NA NA NA NA

1/20/2016 $200 5.0x NA NA NA

1/11/2016 $155 4.8x NA NA NA(7)

(6)

(5)

(4)

(4)

(2) (3)

(1)

Notes:



(1) LTM multiples based on acquirer press release 2/23/16.

(2) LTM multiples based on acquirer press release 2/15/16.

(3) NTM multiples based on Capital IQ consensus estimates.

(4) LTM multiple based on period ending 12/31/15.

(5) Reflects a $360MM placement for 95% ownership.

(6) LTM multiple based on acquirer press release 1/20/16.

(7) Reflects a $93MM private placement for 60% ownership. LTM multiple based on 2014 figure.

Recent Acquisitions

9

Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)

($MM)

Announced


AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

1/11/2016 $135 NA NA NA NA

1/11/2016 $62 NA NA NA NA

12/23/2015 $100 5.0x NA NA NA

12/23/2015 $300 NA NA NA NA

12/22/2015 $175 2.3x NA NA NA

12/17/2015 $475 NA NA NA NA

12/15/2015 $841 2.8x NA NA NA

12/8/2015 $200 8.0x NA NA NA

12/1/2015 $180 1.3x 9.2x NA NA

11/16/2015 $163 NA NA NA NA

11/9/2015 $280 NM NA NA NA

11/5/2015 $450 7.9x NM 5.0x NA

11/4/2015 $2,929 6.0x 30.0x 5.3x 19.9x

(7)

(6)

(5)

(3)

(4)

(1)

(2)

Notes:



(1) LTM multiple based on acquirer press release 12/30/15. Excludes $18MM earnout.

(2) LTM multiple based on acquirer press release 12/22/15.

(3) LTM multiple based on 2014 figure.

(4) LTM revenue based on Wall Street research.

(5) LTM multiples based on acquirer press release 12/1/15. Excludes net debt.

(6) NTM multiple based on acquirer conference call 11/5/15.


Recent Acquisitions

10


($MM)

Announced


AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

11/3/2015 $649 0.5x NA NA NA

11/3/2015 $95 47.5x NA NA NA

11/3/2015 $4,963 2.4x 5.7x 2.8x 7.3x

11/2/2015 $937 2.6x 13.3x 2.3x 11.0x

10/30/2015 $165 NA NA NA NA

10/29/2015 $105 NA NA NA NA

10/21/2015 $4,612 9.9x 32.0x 8.0x 17.0x

10/19/2015 $160 NA NA NA NA

10/19/2015 $400 8.0x NA 5.3x NA

10/19/2015 $575 NA NA NA NA

10/19/2015 $85 NA NA NA NA

10/15/2015 $176 NA NA NA NA

10/15/2015 $80 6.0x NA NA NA

(5)

(5)

(7)

(6)

(2)

(2)

(3)

(4)

(2)

(1)

Notes:



(1) LTM revenue based on Wall Street research.


(3) Excludes $25MM earnout.

(4) Excludes $40MM earnout.

(5) LTM multiple based on 2014 figure.

(6) NTM multiple based on acquirer press release.

(7) Aggregate value reduced by an estimated $6MM working capital adjustment.

Recent Acquisitions

11


11

IPO Pipeline

12

Internet / Digital Media / SaaS: IPOs in Public Registration

Notes:

Source: Dealogic, Capital and SEC.gov.

Offering Amounts $10MM or Greater

Primary Initial Initial Offering LTM

Issuer Industry Filing Date Amount ($MM) Description Revenue EBIT % EBITDA

Internet Software and Services 12/22/15 $200

Nutanix, Inc., together with its subsidiaries,

provides enterprise cloud platform solutions that

converge traditional silos of server, virtualization,

and storage into one integrated solution.

$283 (45.7%) ($111)

Application Software 12/17/15 100

SecureWorks Corp. provides intelligence-driven

information security solutions focused on

protecting organizations from cyber-attacks.

317 (29.3%) (52)

Offering Amounts $10MM or Greater

Primary Initial Date Initial Offering

Issuer Industry Filing Date Withdrawn Amount ($MM) Description

Application Software 06/03/15 08/18/15 $100

SunGard Data Systems provides solutions that automate the business

processes associated with trading, managing investment portfolios, and

accounting for investment assets.

Internet Software and Services 04/16/14 05/08/15 100 Zoosk, Inc. operates an online dating platform that helps singles to find the

person and relationship that is right for them.

IPO Pipeline

13

Internet / Digital Media / SaaS: Recently Withdrawn IPOs / Follow-ons

Notes:

Source: Dealogic, Capital and SEC.gov.

0

200

400

600

800

1,000

$0

$2

$4

$6

$8

$10

$12

Q1

2001

Q3

2001

Q1

2002

Q3

2002

Q1

2003

Q3

2003

Q1

2004

Q3

2004

Q1

2005

Q3

2005

Q1

2006

Q3

2006

Q1

2007

Q3

2007

Q1

2008

Q3

2008

Q1

2009

Q3

2009

Q1

2010

Q3

2010

Q1

2011

Q3

2011

Q1

2012

Q3

2012

Q1

2013

Q3

2013

Q1

2014

Q3

2014

Q1

2015

Q3

2015

Nu

mb

er

of

Inve

stm

en

ts

$B

n

Quarter - Year

Number of Deals Investment Amount

Notes:

(1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, Electronics

/ Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications.

Venture Capital Industry

14

TMT: Transactions Since 2001

(1)

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

$10,000

0

20

40

60

80

100

120

Jan

-07

Ma

r-07

Ma

y-07

Jul-0

7

Se

p-0

7

No

v-0

7

Jan

-08

Ma

r-08

Ma

y-08

Jul-0

8

Se

p-0

8

No

v-0

8

Jan

-09

Ma

r-09

Ma

y-09

Jul-0

9

Se

p-0

9

No

v-0

9

Jan

-10

Ma

r-10

Ma

y-10

Jul-1

0

Se

p-1

0

No

v-1

0

Jan

-11

Ma

r-11

Ma

y-11

Jul-1

1

Se

p-1

1

No

v-1

1

Jan

-12

Ma

r-12

Ma

y-12

Jul-1

2

Se

p-1

2

No

v-1

2

Jan

-13

Ma

r-13

Ma

y-13

Jul-1

3

Se

p-1

3

No

v-1

3

Jan

-14

Ma

r-14

Ma

y-14

Jul-1

4

Se

p-1

4

No

v-1

4

Jan

-15

Ma

r-15

Ma

y-15

Jul-1

5

Se

p-1

5

No

v-1

5

Jan

-16

Ma

r-16

$M

M

Nu

mb

er

of

Fin

an

cin

gs

Notes:

Source: DowJones VentureWire.

Only financings > $10MM included.

(1) Chart excludes Groupon’s $377MM raise on 12/29/10.

(2) Chart excludes Facebook’s $1.5Bn raise on 1/21/11.

(3) Chart excludes Supercell’s $1.6Bn raise on 10/15/13.

(4) Chart excludes Lyft’s $332MM raise on 4/2/14.

(5) Chart excludes Good Technology’s $583MM raise on 4/10/2014.

(6) Chart excludes Uber’s $1.5Bn raise on 6/6/2014.

(7) Chart excludes Koudai Shopping’s $567MM raise on 10/23/2014, Magic Leap’s $550MM raise on 10/14/2014, and CarTradeExchange.com’s $1.9Bn raise on 10/13/2014.

Private Financing Activity

15

Internet / Digital Media / Software: Monthly Since January 2007

0

5

10

15

20

25

30

0

250

500

750

1,000

1,250

Se

p-1

1

Au

g-1

1

Ju

l-11

Ju

n-1

1

Ma

y-1

1

Ap

r-11

Ma

r-11

Fe

b-1

1

Ja

n-1

1

De

c-1

0

No

v-1

0

Oct-1

0

Se

p-1

0

Au

g-1

0

Ju

l-10

Ju

n-1

0

Ma

y-1

0

Ap

r-10

Ma

r-10

Fe

b-1

0

Ja

n-1

0

De

c-0

9

No

v-0

9

Oct-0

9

Se

p-0

9

Au

g-0

9

Ju

l-09

Ju

n-0

9

Ma

y-0

9

Ap

r-09

Ma

r-09

Fe

b-0

9

Ja

n-0

9

De

c-0

8

No

v-0

8

Oct-0

8

Se

p-0

8

Au

g-0

8

Ju

l-08

Ju

n-0

8

Ma

y-0

8

Ap

r-08

Ma

r-08

Fe

b-0

8

Ja

n-0

8

De

c-0

7

No

v-0

7

Oct-0

7

Se

p-0

7

Au

g-0

7

Ju

l-07

Ju

n-0

7

Ma

y-0

7

Ap

r-07

Ma

r-07

Fe

b-0

7

Ja

n-0

7

Nu

mb

er

of

Fin

an

cin

gs

$M

M

Amount Raised ($MM) Number of Financings

(2)

(3) (1)

(4) (5)

(6)

(7)

($MM)

Name

Announced

Date Series Amount Lead Investor Other Investors Brief Business Description

Total

Raised

RideLabs

San Francisco, CA

www.instantcab.com

8-Apr-2016 Series A $12 Not disclosed Khosla Ventures Provider of transportation services and a transportation mobile application. $12

Electric Imp

Los Altos, CA

www.electricimp.com

7-Apr-2016 Series C $21 Rampart Capital Rampart Capital, Redpoint Ventures Provider of technology to connect devices to the Internet, wirelessly. $44

Twiggle

Tel Aviv, Israel

www.twiggle.com

7-Apr-2016 Series A $13 Naspers Naspers, Ronald Cohen, State Of Mind Ventures, Yahoo Japan Provider of an online search engine. $15

Globality ( IT)

Menlo Park , CA

www.globality.com

7-Apr-2016 Series B $27 Not disclosed Al Gore, John Joyce, Ken Goldman, Michael Marks, Ron Johnson Provider of global technological services. $37

Intercom

San Francisco, CA

www.intercom.io

7-Apr-2016 Series D $50 Index VenturesBessemer Venture Partners, ICONIQ Capital, Index Ventures, The

Social+Capital Partnership

Provider of a customer relationship management and messaging tool for web

businesses.$116

Luxe

San Francisco, CA

www.luxevalet.com

7-Apr-2016 Series B $50 The Hertz Redpoint Ventures, The Hertz, Venrock Provider of mobile application for valet parking. $76

x .ai

New York , NY

www.x .ai

7-Apr-2016 Series B $23 Two Sigma Investments

CrunchFund, DCM Ventures, FirstMark Capital, IA Ventures, Lerer

Hippeau Ventures, Pritzker Group Venture Capital, SoftBank

Capital, Two Sigma Investments, Work-Bench

Provider of an artificial intelligence powered personal assistant application. $34

IronPlanet

Pleasanton, CA

www.ironplanet.com

6-Apr-2016 Venture Round $14 Not disclosed Not disclosed Provider of an online marketplace for used heavy equipment. $153

CrossChx

Columbus, OH

crosschx .com

6-Apr-2016 Series C $15 Not disclosedDrive Capital, Khosla Ventures, Moonshots Capital, NCT Ventures,

Silicon Valley BankProvider of patient identification and security technologies for healthcare facilities. $35

Endless Mobile

San Francisco, CA

www.endlessm.com

6-Apr-2016 Angel $23 Not disclosed Not disclosed Manufacturer of a computer device. $33

F inanzcheck .de

Hamburg, Germany

www.finanzcheck .de

6-Apr-2016 Series C $37 HarbourVest PartnersActon Capital Partners, HarbourVest Partners, Highland Capital

Partners EuropeProvider of consumer loan technology platform. $52

Vasona Networks

San Jose, CA

www.vasonanetworks.com

6-Apr-2016 Series C $15 Not disclosedBessemer Venture Partners, New Venture Partners, Nexstar Capital

Partners

Provider of platforms for mobile network capacity, resource management and

edge intelligence.$40

Mintigo

San Mateo, CA

www.mintigo.com

5-Apr-2016 Series D $15 Sequoia Capital Sequoia Capital Provider of an intelligent lead-generation services for customers. $34

Origami Energy

Cambridge, United Kingdom

www.origamienergy.com

5-Apr-2016 Series A $20 Not disclosed Cambridge Innovation Capital, Fred. Olsen, Octopus Investments Provider of grid-scale energy management services. $25

Recent Private Financings

16

Internet / Digital Media / Software

Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Vinomofo

Cremorne, Australia

www.vinomofo.com

5-Apr-2016 Venture Round $19 Blue Sky Alternative Investments Blue Sky Alternative Investments Operator of an e-commerce site for wine. NA

MariaDB

Espoo, F inland

www.mariadb.com

5-Apr-2016 Series C $12 Not disclosed California Technology Ventures, Intel Capital, SmartFin Capital Provider of a database software. $44

Persado

New York , NY

www.persado.com

5-Apr-2016 Series C $30 The Goldman Sachs GroupAmerican Express Ventures, Bain Capital Ventures, Citi Ventures,

StarVest Partners, The Goldman Sachs Group, TLcom CapitalProvider of marketing software. $66

Virool

San Francisco, CA

www.virool.com

5-Apr-2016 Series A $20 Not disclosed 500 Startups, FJ Labs, Flint Capital, Menlo Ventures, Yahoo Japan Developer of social video advertising platform. $27

EdCast

Mountain View, CA

www.edcast.com

4-Apr-2016 Venture Round $13 Not disclosed Not disclosed Provider of an online learning platform. $19

Eris

London, United Kingdom

www.erisindustries.com

1-Apr-2016 Grant $1 Mondroit Capital Mondroit Capital Developer of legal software systems. $1

Slack Technologies

San Francisco, CA

www.slack .com

1-Apr-2016 Venture Round $200 Thrive CapitalAccel Partners, Comcast Ventures, GGV Capital, Index Ventures,

Spark Capital, The Social+Capital Partnership, Thrive CapitalDeveloper of a real time messaging, archiving and search tool. $547

Swanest


www.swanest.com

1-Apr-2016 Seed $10 Andreessen Horowitz Andreessen Horowitz Provider of an online brokerage platform. $10

Home24

Berlin, Germany

www.home24.de

31-Mar-2016 Venture Round $22 Baillie GiffordBaillie Gifford, HV Holtzbrinck Venture, Investment AB Kinnevik,

Rocket Internet

Provider of an online shopping platform for furniture, interior decorating, lighting

and other home accessories.$176

Mashable

New York , NY

www.mashable.com

31-Mar-2016 Series C $15 Turner Broadcasting SystemR&R Ventures Partners, Time Warner Investments, Turner

Broadcasting System, Updata Partners

Provider of an online news site covering digital culture, social media and

technology.$59

Playbuzz

New York , NY

www.playbuzz .com

31-Mar-2016 Series C $15 Saban Capital Group83North, Carmel Ventures, FirstTime Venture Capital, Saban

Capital Group, Walt DisneyDeveloper of a free content platform. $35

blispay.

Forest Hill , MD

www.blispay.com

31-Mar-2016 Seed $13 FirstMark CapitalAccomplice VC, AngelList, FirstMark Capital, Founder Collective,

New Enterprise Associates, TriplePoint CapitalProvider of mobile credit for businesses and consumers. $14

Garena

Singapore, Singapore

www.garena.sg

31-Mar-2016 Series D $170 Khazanah NasionalGeneral Atlantic, Keytone Ventures, Khazanah Nasional, Ontario

Teachers' Pension PlanProvider of an online mobile platform for entertainment and communication. $172

Invoca

Santa Barbara, CA

www.invoca.com

30-Mar-2016 Series D $30 Morgan Stanley Alternative Investment

Partners

Accel Partners, Morgan Stanley Alternative Investment Partners,

Rincon Venture Partners, Salesforce Ventures, StepStone, Upfront

Ventures

Provider of a pay-per-call platform for the performance marketing industry. $62


17

Internet / Digital Media / Software (Cont’d)

Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Asana

San Francisco, CA

www.asana.com

30-Mar-2016 Series C $50 Sam Altman 8 | partners, Founders Fund, Mark Zuckerberg, VegasTechFund Developer of task management software for enterprises. $89

Cockroach Labs

New York , NY

www.cockroachlabs.com

30-Mar-2016 Series A1 $20 Index Ventures Benchmark Capital, FirstMark Capital, GV, Index Ventures Provider of a data-storage framework. $27

Cyara

Hawthorn, Australia

www.cyara.com

30-Mar-2016 Series A $25 PeakSpan Capital Greenspring Associates, PeakSpan Capital Provider of an online platform for customer experience testing. $25

Gauss Surgical

Los Altos, CA

www.gausssurgical.com

30-Mar-2016 Series B $13 Providence VenturesJump Capital, Lifeforce Ventures, Promus Ventures, Providence

Ventures, StartX, Summation Health Ventures

Developer of a mobile computer vision platform to monitor surgical blood loss in

real time.$24

LoanLogics

Trevose, PA

www.loanlogics.com

30-Mar-2016 Series B $10 Blue Cloud Ventures Blue Cloud Ventures, Volition CapitalProvider of a technology platform to improve the transparency, accuracy and

quality of consumer loan commerce.$22

MapD

San Francisco, CA

www.mapd.com

30-Mar-2016 Series A $10 Vanedge Capital GV, Nvidia, Vanedge Capital, Verizon Ventures Provider of big data analytics and visualization platform. $24

Planday

Brook lyn, NY

www.planday.com

30-Mar-2016 Series B $14 Creandum, IDInvest Partners Creandum, IDInvest Partners, SEB Asset Management Provider of workforce scheduling SaaS platform. $18

Urfresh

China

www.urfresh.cn

29-Mar-2016 Series B $30 Capital Today, Fengshang Capital Capital Today, Fengshang Capital Operator of a fresh produce e-commerce platform. $30

Beamr

Tel Aviv, Israel

www.beamr.com

29-Mar-2016 Acquisition Financing $15 Disruptive Ventures Disruptive Ventures, Innovation Endeavors, Marker Provider of image and video optimization products. $25

Betterment

New York , NY

www.betterment.com

29-Mar-2016 Series E $100 Investment AB Kinnevik

Anthemis Group, Bessemer Venture Partners, Francisco Partners,

Globespan Capital Partners, Investment AB Kinnevik, Menlo

Ventures

Provider of an online investment platform. $205

Icebrg

Bellevue, WA

www.icebrg.io

29-Mar-2016 Series A $10 Pelion Venture Partners Madrona Venture Group, Pelion Venture Partners Provider of network security services. $13

LeTV Sports

Beijing, China

www.lesports.com

29-Mar-2016 Series B $1,200 HNA Group HNA Group Provider of platform for streaming live sporting events. $1,331

Load DynamiX

San Jose, CA

www.loaddynamix .com

29-Mar-2016 Venture Round $20 HighBAR PartnersAzure Capital Partners, Benhamou Global Ventures, HighBAR

Partners, Kinetic VenturesProvider of workload analysis and modeling software. $39

Wave Accounting

Toronto, Canada

www.waveapps.com

29-Mar-2016 Series C $23 Not disclosedBusiness Development Bank of Canada, Charles River Ventures,

OMERS Ventures, The Social+Capital PartnershipDeveloper of financial software for small businesses. $48


18


Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Figtree F inancing

San Diego, CA

www.figtreefinancing.com

28-Mar-2016 Series A $30 LL Funds LL Funds Provider of financial services for property owners. $30

Hopper

Cambridge, MA

www.hopper.com

28-Mar-2016 Series C $16 Business Development Bank of CanadaAtlas Venture, Brightspark Ventures, Business Development Bank

of Canada, OMERS VenturesDeveloper of a mobile trip-planning application. $38

Zeel

New York , NY

www.zeel.com

24-Mar-2016 Series A $10 Emil Capital PartnersEmil Capital Partners, Lightbank, NAV.VC, Partech Ventures, Slow

VenturesProvider of an online directory and appointment-booking service for people. $12

Bromium

Cupertino, CA

www.bromium.com

24-Mar-2016 Series D $40 Not disclosed

Andreessen Horowitz, Highland Capital Partners, Ignition Venture

Partners, Intel Capital, Lightspeed Venture Partners, Meritech

Capital Partners, Silver Lake

Developer of endpoint security system. $116

HG Data

Santa Barbara, CA

www.hgdata.com

24-Mar-2016 Series B $12 Updata Partners EPIC Ventures, Rincon Venture Partners, Updata Partners Developer of a competitive intelligence database for the technology industry. $23

Kreditech

Hamburg, Germany

www.kreditech.com

24-Mar-2016 Series C $103 J.C. Flowers & Company

Amadeus Capital Partners, Blumberg Capital, HPE Growth Capital,

International Finance Corporation, J.C. Flowers & Company, Point

Nine Capital, Valar Ventures, Värde Partners

Provider of a big data credit-scoring platform. $374

Mesosphere

San Francisco, CA

www.mesosphere.com

24-Mar-2016 Series C $74 Hewlett-Packard EnterpriseA Capital, Andreessen Horowitz, FUEL Capital, Hewlett-Packard

Enterprise, Khosla Ventures, Microsoft, Triangle Peak PartnersProvider of an application programming interface for building distributed systems. $124

Checkr

San Francisco, CA

www.checkr.com

23-Mar-2016 Series B $40 Y Combinator Accel Partners, GV, IVP, Y Combinator Provider of background check application. $49

Science Exchange

Palo Alto, CA

www.scienceexchange.com

23-Mar-2016 Series B $25 Maverick Capital

Collaborative Fund, Fenwick & West, Index Ventures, Maverick

Capital, O'Reilly AlphaTech Ventures, Silicon Valley Bank, Union

Square Ventures, Windham Venture Partners, Y Combinator

Provider of an online marketplace for science experiments. $30

BetterWorks

Redwood C ity, CA

www.betterworks.com

23-Mar-2016 Series B $20 Emergence Capital Partners

8 | partners, AME Cloud Ventures, Dipchand Nishar, Emergence

Capital Partners, Formation 8, Kleiner Perkins Caufield & Byers,

Pejman Mar Ventures

Developer of an enterprise goal-setting software. $35

GoCardless


www.gocardless.com

23-Mar-2016 Series C $13 Notion Capital Accel Partners, Balderton Capital, Notion Capital, Passion Capital Provider of online-payment services. $33

Stratoscale

Herz liya Pituach, Israel

www.stratoscale.com

23-Mar-2016 Series C $27 Qualcomm VenturesBattery Ventures, Bessemer Venture Partners, Cisco Investments,

Intel Capital, Qualcomm Ventures, SanDisk VenturesDeveloper of virtulization technology for large data centers. $69

Convoy (Logisitics Application)

Seattle, WA

www.convoy.com

22-Mar-2016 Series A $16 Greylock PartnersAllen & Company, Bezos Expeditions, FUEL Capital, Greylock

Partners, Omidyar NetworkDeveloper of technology for on-demand shipment services. $19

Domo

American Fork , UT

www.domo.com

22-Mar-2016 Series E $131 BlackRock BlackRock, Canyon Capital Realty Advisors, Credit Suisse Provider of a cloud-based business management platform. $615


19


Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Byju's

Bangalore, India

www.byjus.com

22-Mar-2016 Venture Round $80 Not disclosed Sequoia Capital, Sofina Provider of online education services. $120

HomeUnion

Irvine, CA

www.homeunion.com

22-Mar-2016 Series B $16 Not disclosedArtiman Ventures, Colchis Capital Management, Ka Hui Lua,

Northgate Capital, NVC Investment, TamariscOperator of an online real estate investment management firm. $22

Striim

Palo Alto, CA

www.striim.com

22-Mar-2016 Series B $30 Intel CapitalAtlantic Bridge Capital, Frank Caufield, Intel Capital, Panorama

Point Partners, Summit PartnersProvider of enterprise infrastructure software. $42

Maxwell Health

Boston, MA

www.maxwellhealth.com

21-Mar-2016 Series C $22 GIS Strategic Ventures

Adams Street Partners, Cambia Health Solutions, Catalyst Health

Ventures, Cendana Capital, GIS Strategic Ventures, Industry

Ventures, Lerer Hippeau Ventures, Schooner Capital, Sun Life

Financial, Tribeca Venture Partners, Vaizra Ventures

Provider of an employee benefits management platform. $58

Easyhin

Shenzhen, China

www.easyhin.com

21-Mar-2016 Series B $15 Fosun Kinzon CapitalHawthorne Investments, Fosun Kinzon Capital, Morningside

Venture Group, SB China Venture CapitalProvider of an online health management platform for mothers and babies. $27

Moat

New York , NY

www.moat.com

21-Mar-2016 Series C $50 Insight Venture Partners Insight Venture Partners Provider of multi-platform and actionable marketing analytics for brands. $68

Sight Machine

San Francisco, CA

www.sightmachine.com

21-Mar-2016 Series B $14 Jump Capital

GE Ventures, Huron River Ventures, IA Ventures, Jump Capital,

Mercury Fund, O'Reilly AlphaTech Ventures, Orfin Ventures, Pritzker

Group Venture Capital, Two Roads Group

Developer of manufacturing analytics platform. $25

Handshake

New York , NY

www.handshake.com

17-Mar-2016 Series B $14 Sozo Ventures

BOLDstart Ventures, Emergence Capital Partners, MHS Capital,

Point Nine Capital, Primary Venture Partners, SoftTech VC, Sozo

Ventures

Provider of a sales order management platform. $24

Kenandy

Redwood C ity, CA

www.kenandy.com

17-Mar-2016 Series B1 $12 Not disclosedKleiner Perkins Caufield & Byers, Lightspeed Venture Partners,

Salesforce Ventures, WS InvestmentsProvider of a cloud-based platform for enterprise resource management. $55

AvidXchange

Charlotte, NC

www.avidxchange.com

17-Mar-2016 Venture Round $10 Not disclosed Not disclosed Provider of accounts payable and on-demand invoice management services. $261

M-F iles

Dallas, TX

www.m-files.com

17-Mar-2016 Series B $36 Partech Ventures Draper Esprit, Finnish Industry Investment, Partech Ventures Provider of document management software. $44

Momo App (M_Service)

Ho Chi Minh, Vietnam

www.momo.vn

17-Mar-2016 Series B $28 Standard Chartered Private Equity Goldman Sachs Capital Partners, Standard Chartered Private Equity Provider of online mobile services and payment application. $34

Douyu.com

Shanghai, China

www.douyutv.com

16-Mar-2016 Series B $100 Tencent Holdings Nanshan Capital, Sequoia Capital, Tencent Holdings Provider of an online platform that broadcasts live e-sports events. $103

Ring

Santa Monica, CA

www.ring.com

16-Mar-2016 Series C $61 Kleiner Perkins Caufield & Byers Kleiner Perkins Caufield & Byers, Richard Branson Developer of wireless frequency enabled security device. $100


20


Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Striim

Palo Alto, CA

www.striim.com

16-Mar-2016 Series B $30 Intel CapitalAtlantic Bridge Capital, Frank Caufield, Intel Capital, Panorama

Point Partners, Regis McKenna, Summit PartnersProvider of enterprise infrastructure software. $42

Usermind

Seattle, WA

www.usermind.com

16-Mar-2016 Series B $15 Menlo Ventures Andreessen Horowitz, Charles River Ventures, Menlo Ventures Developer of enterprise software for business operations. $22

Next Insurance

Palo Alto, CA

www.next-insurance.com

15-Mar-2016 Series A $13 Ribbit Capital, TLV Partners, Zeev

VenturesRibbit Capital, TLV Partners, Zeev Ventures

Developer and provider of an insurance technology for small businesses to find

and obtain insurance online.$13

Redbubble

Melbourne, Australia

www.redbubble.com

15-Mar-2016 Venture Round $12 Blackbird Ventures Blackbird Ventures Provider of a digital platform for artwork products. $28

Turn

Redwood C ity, CA

www.turn.com

15-Mar-2016 Debt Financing $14 Not disclosed Not disclosed Provider of data and media management platform. $152

Couchbase

Mountain View, CA

www.couchbase.com

15-Mar-2016 Series F $30 Sorenson Capital

Accel Partners, Adams Street Partners, Ignition Venture Partners,

Mayfield, North Bridge Venture Partners, Sorenson Capital,

WestSummit Capital

Provider of database technologies. $129

Pivot3

Austin, TX

www.pivot3.com

15-Mar-2016 Series C $55 Argonaut Private Equity, S3 Ventures Argonaut Private Equity, S3 Ventures Provider of software infrastructure for the networked storage market. $214

Skyport Systems

Mountain View, CA

www.skyportsystems.net

15-Mar-2016 Series C $30 GVCisco Investments, GV, Index Ventures, Instant Scale Capital, Intel

Capital, Northgate Capital, Sutter Hill Ventures, Thomvest Ventures

Developer of enterprise IT software that provides a secure-computing

infrastructure for enterprise applications.$67

Alooma

Tel Aviv, Israel

www.alooma.com

14-Mar-2016 Series A $11 Lightspeed Venture Partners, Sequoia

CapitalLightspeed Venture Partners, Sequoia Capital Provider of data plumbing services. $15

LendInvest


www.lendinvest.com

14-Mar-2016 Series B $25 Atomico Atomico Provider of a peer-to-peer marketplace lending platform. $152

Zenly

Paris, France

www.zen.ly

14-Mar-2016 Venture Round $11 Not disclosed IDInvest Partners, Kima Ventures Provider of a mobile-based, location-sharing platform. $11

Ezbob


www.ezbob.com

11-Mar-2016 Series C $29 Leumi Partners, Oaktree Capital

ManagementLeumi Partners, Oaktree Capital Management Operator of an e-lending platform. $82

Bustle

New York , NY

www.bustle.com

10-Mar-2016 Series D $12 Saban Capital GroupGeneral Catalyst Partners, GGV Capital, Saban Capital Group, The

Social+Capital Partnership, Time Warner InvestmentsProvider of digital media site for women. $39

Icertis

Bellevue, WA

www.icertis.com

10-Mar-2016 Series B $15 Ignition Venture PartnersEight Roads Ventures, Greycroft Partners, Ignition Venture Partners,

Vijay VasheeProvider of a contract management software. $22


21


Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Justworks

New York , NY

www.justworks.com

10-Mar-2016 Series C $33 Redpoint VenturesBain Capital Ventures, Index Ventures, Redpoint Ventures, Thrive

CapitalProvider of an online payroll and benefits platform. $58

Soothe

Los Angeles, CA

www.soothe.com

10-Mar-2016 Series B $35 The Riverside Company The Riverside Company Provider of massage services. $48

The Whistle

New York , NY

www.whistlesports.com

10-Mar-2016 Series C $20 NBC Sports Ventures Emil Capital Partners, NBC Sports Ventures, Sky Ventures, TEGNA Producer and publisher of sports-focused videos. $63

Attivio

Newton, MA

www.attivio.com

9-Mar-2016 Series E $31 Not disclosedGeneral Electric Pension Trust, Oak Investment Partners, Per-Olof

Soderberg, Tenth Avenue Holdings

Provider of enterprise software services and unified information access for

businesses.$103

fuboTV

New York , NY

www.fubo.tv

9-Mar-2016 Series B $15 Sky UK, Twenty-First Century FoxChris Silbermann, David Stern, Edgar Bronfman, LionTree Advisors,

Luminari Capital, Sky UK, Twenty-First Century FoxProvider of an online video streaming platform for sports. $21

Intersec

Paris, France

www.intersec.com

8-Mar-2016 Series C $10 Cisco Systems, Harbert Management,

Omnes Capital

Cisco Systems, CM-CIC Investissement, Harbert Management,

Highland Capital Partners Europe, Innovacom, Omnes CapitalDeveloper of software for telecom service providers. $34

Crimson Hexagon

Boston, MA

www.crimsonhexagon.com

8-Mar-2016 Series C $20 Sageview Capital Sageview Capital

Provider of technologies for companies to identify opinion from in-house content

repository and blogosphere. Offers market research insight into the stream of

online opinion-turning qualitative feedback into quantitative terms.

$31

Culture Amp

Richmond, Australia

www.cultureamp.com

7-Mar-2016 Series B $10 Index Ventures Blackbird Ventures, Felicis Ventures, Index VenturesProvider of people analytics platform for data-driven insights on employee

engagement and company culture.$16

Property Partner


www.propertypartner.co

7-Mar-2016 Series B $23 Octopus Investments Dawn Capital, Index Ventures, Octopus InvestmentsOperator of a online crowdfunding platform for investments in residential

properties.$33

WorkForce Software

Livonia, MI

www.workforcesoftware.com

7-Mar-2016 Venture Round $18 Not disclosed ORIX Ventures Provider of workforce management services for mid-size and large employers. NA

Oro

Los Angeles, CA

www.orocrm.com

3-Mar-2016 Series A $12 Highland Capital Partners Europe Highland Capital Partners Europe Developer of open source Customer Relationship Management (CRM) software. $12

Snapchat

Los Angeles, CA

www.snapchat.com

3-Mar-2016 Series F $713 Not disclosed

Access Industries, Alibaba Group, Fidelity Investments, Graph

Ventures, New Enterprise Associates, York Capital Management

Global Advisors, Yorkville Capital Management

Developer of a photo messaging application. $1,363

Wrap (Media)

San Francisco, CA

www.wrap.co

3-Mar-2016 Series B $17 ProSiebenSat.1 Media, Raine Ventures

Christopher Crain, Dream Incubator, Founders Fund,

ProSiebenSat.1 Media, Raine Ventures, Salesforce Ventures,

Transmedia Capital

Developer of a storytelling mobile user interface and interaction platform. $23

Blippar


www.blippar.com

2-Mar-2016 Series D $54 Khazanah Nasional Khazanah Nasional, Lansdowne Partners, Qualcomm Ventures Provider of augmented reality software for smartphones. $126


22


Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Influitive

Toronto, Canada

www.influitive.com

2-Mar-2016 Series B $39 Export Development Canada, Georgian

Partners, Leaders Fund

Atlas Venture, Business Development Bank of Canada, Converge

Venture Partners, Docomo Capital, Export Development Canada,

First Round Capital, Georgian Partners, Hummer Winblad Venture

Partners, Illuminate Ventures, Leaders Fund, Lightspeed Venture

Partners, NTT DoCoMo Ventures, OurCrowd, Relay Ventures,

Resolute Ventures, RocketSpace

Provider of a platform for advocate marketing. $50

Mercari

Tokyo, Japan

www.mercari.com

2-Mar-2016 Series D $75 Mitsui & CoDevelopment Bank of Japan, Global Brain, Globis Capital Partners,

Mitsui & Co, Sumitomo Mitsui Trust Bank, World Innovation LabProvider of a resale shopping application. $117

CornerJob

Barcelona, Spain

www.cornerjob.com

1-Mar-2016 Series A $10 Not disclosed

Antai Venture Builder, Banco Sabadell Foundation, Bonsai Venture

Capital, Caixa Capital Risc, Cube Investments, Ithaca Investments,

Media Digital Ventures, Mediaset, Samaipata Ventures

Developer of an application for recruitment. $10

Parchment

Scottsdale, AZ

www.parchment.com

1-Mar-2016 Venture Round $12 Not disclosed Not disclosed Provider of an online educational record management service. $69

YourMechanic

Mountain View, CA

www.yourmechanic.com

1-Mar-2016 Series B $24 Not disclosed

American Family Mutual Insurance Company, Andreessen Horowitz,

Data Point Capital, Lerer Hippeau Ventures, PG Ventures, Promus

Ventures, SAIC Capital, Silicon Valley Bank, SoftBank Capital,

Verizon Ventures

Provider of mobile car repair services. $36

Hit the Mark

Mumbai, India

www.hopscotch.in

29-Feb-2016 Series C $13 Eduardo Saverin Eduardo Saverin Operator of an online store offering baby and children's products. $27

MedCPU

New York , NY

www.MedCPU.com

29-Feb-2016 Venture Round $35 UPMC Health System Merck Global Health Innovation, UPMC Health System Provider of real-time clinical care software. $62

Replay Technologies

Newark , CA

www.replay-technologies.com

29-Feb-2016 Series B $14 Deutsche Telekom Deutsche Telekom Provider of a video technology. $37

Souq.com

Dubai, United Arab Emirates

www.uae.souq.com

29-Feb-2016 Venture Round $275 Naspers, Tiger Global ManagementBaillie Gifford, International Finance Corporation, Naspers,

Standard Chartered Private Equity, Tiger Global ManagementOperator of an e-commerce portal in the Middle East and North Africa. $725

55Haitao

Pasadena, CA

www.55haitao.com

25-Feb-2016 Series A $15 JJ Capital JJ Capital Operator of an e-commerce cashback website. $15

AppCard

New York , NY

www.appcard.com

25-Feb-2016 Series B $20 Alexander Rittweger, Philippine Long

Distance Telephone

Alexander Rittweger, Founders Fund, Innovation Endeavors, Jerry

Yang, Philippine Long Distance Telephone

Provider of a platform enabling merchants to retain customers through loyalty

programs, analytics engines, rewards and personalized offers.$33

enSilo

Palo Alto, CA

www.ensilo.com

25-Feb-2016 Series A $19 Lightspeed Venture Partners,

Rembrandt Venture Partners

Carmel Ventures, Lightspeed Venture Partners, Rembrandt Venture

PartnersProvider of a real-time targeted attack exfiltration prevention platform. $21

Niantic

San Francisco, CA

www.nianticlabs.com

25-Feb-2016 Series A $30 Not disclosed

Alsop Louie Partners, Cyan Banister, Fuji Television Network, GV,

Lucas Nealan, Nintendo, Scott Banister, The Pokémon Company,

You & Mr Jones Brandtech Ventures

Developer of gaming software. $33

Shopgate

Austin, TX

www.shopgate.com

25-Feb-2016 Series C $15 Not disclosed Not disclosed Provider of a mobile shopping application for mail-order and retail businesses. $22


23


Notes:

Source: PitchBook.


GCA Savvian Advisors Overview

24

Selected Recent Digital Media and Software Transactions

Preferred Stock Equity Investment Acquisition of Acquired by Acquired by Acquired by Acquired by Preferred Stock Preferred Stock

Undisclosed

Financial Advisor Financial Advisor We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor

February 2016 February 2016 December 2015 August 2015 July 2015 July 2015 June 2015 June 2015 May 2015

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by

Consortium Led by A subsidiary of

We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

April 2015 April 2015 March 2015 February 2015 December 2014 October 2014 October 2014 September 2014 September 2014

Sale of

Acquired by Acquired by Preferred Stock Acquisition of Acquisition of Acquisition of Acquisition of Acquisition of

to

We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller

August 2014 August 2014 August 2014 May 2014 April 2014 April 2014 March 2014 March 2014 November 2013

Sale of Entertainment Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Preferred Stock Acquired by

Store Assets to

Fairness Opinion for

We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Buddy Media

September 2013 August 2013 August 2013 July 2013 July 2013 January 2013 September 2012 August 2012 August 2012

Sale of

Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Acquired by Acquired by

to

We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

August 2012 June 2012 June 2012 May 2012 May 2012 April 2012 March 2012 February 2012 January 2012

Reality Media Holdings

Japan

Paul DiNardo Steve Fletcher Rich Jasen Seihun Kong John Lambros Joshua Wepman

Advisory Director Managing Director Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3653 Phone: (415) 318-3682 Phone: (212) 999-7083 Phone: (212) 999-7092

Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 308-4760 Mobile: (415) 823-7300 Mobile: (917) 744-9011 Mobile: (917) 306-4168

[email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Ashley Ma Giuseppe Diprima Tomohiko Kubota Saif Malik

Director Vice President Vice President Vice President

Phone: (212) 999-7076 Phone: (212) 999-7088 Phone: +81 (3) 6212-7129 Phone: +44 (0) 207 038-3216

Mobile: (917) 575-0103 Mobile: (347) 622-1887 [email protected] Mobile: +44 (0) 778 606-8553

[email protected] [email protected] [email protected]

GCA Savvian

25

Digital Media / Software Team

San Francisco

150 California St., Ste. 2300

San Francisco, CA 94111

United States

Phone: (415) 318-3600

New York

640 Fifth Avenue, 10th

Fl.

New York, NY 10019

United States

Phone: (212) 999-7090

Tokyo

11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6230

Japan

Phone: +81 (3) 6212-7100

London

48 Dover Street

London W1S 4FF

United Kingdom

Phone: +44 (0) 207 038-3200

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