Weekly Internet / Digital Media / SaaS Sector Summary Week of October ... - GCA … · 2015. 10....

Weekly Internet / Digital Media / SaaS

Sector Summary

Week of October 12th, 2015

80%

90%

100%

110%

120%

7/13/2015 7/26/2015 8/8/2015 8/21/2015 9/3/2015 9/16/2015 9/29/2015 10/12/2015

90%

100%

110%

120%

130%

140%

150%

10/13/2014 12/4/2014 1/25/2015 3/18/2015 5/9/2015 6/30/2015 8/21/2015 10/12/2015

Notes:

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

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

3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, GDDY, IACI, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WWWW, 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, CTCT, 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

11.5%

15.9%

11.6%

33.4%

19.8%

14.6%

7.2%

14.2%

27.1%

8.2%

(8.5%)

(11.2%)

(3.1%) (2.3%)

(4.8%)

(0.2%)

(4.6%)

2.5%

$MM, Except Per Share Data

Stock LTM EPS

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

10/12/15 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. $676.43 $490.91 $713.33 $465,170 ($59,798) $405,372 5.8x 5.5x 4.8x 17.9x 13.6x 11.5x 33.7x 23.4x 20.0x 16.4% 1.2 15.2% 11.1%

Microsoft Corporation 47.00 39.72 50.05 375,905 (61,055) 314,850 3.4 3.5 3.4 9.4 9.7 9.3 31.8 18.7 16.8 6.0% 2.8 4.6% (5.1%)

Yahoo! Inc. 32.86 27.20 52.62 30,934 (4,584) 26,382 5.4 6.3 6.4 48.7 26.4 26.5 56.7 50.1 47.0 NM NM (1.0%) 14.7%

Yandex N.V. 12.19 9.94 28.87 3,884 (164) 3,721 3.8 4.0 3.3 11.8 11.6 9.3 15.1 21.1 17.2 19.6% 0.9 19.0% (30.0%)

Criteo SA (1) 40.42 28.09 57.30 2,513 (307) 2,209 5.0 4.1 3.1 25.3 16.1 11.2 53.1 32.6 22.9 29.2% 0.8 31.3% 33.3%

The Rubicon Project, Inc. (1) 16.34 8.76 20.59 716 (99) 617 3.8 2.5 1.9 NM 16.5 11.9 NM 35.4 32.2 37.3% 0.9 33.4% 87.6%

Blucora, Inc. 14.67 12.61 17.30 601 (80) 521 1.0 1.1 1.1 6.7 7.1 7.1 36.7 11.0 10.6 18.5% 0.6 0.2% (16.0%)

TubeMogul, Inc. (1) 11.56 9.11 23.83 400 (81) 320 2.3 1.9 1.5 NM NM NM NM NM NM 15.0% NM 25.2% 58.2%

QuinStreet, Inc. 5.98 3.78 6.83 269 (45) 224 0.8 0.8 0.7 NM 17.7 12.8 NM NM NM NA NA 9.4% 5.0%

Rocket Fuel Inc. 5.03 4.41 21.10 215 2 217 0.5 0.4 0.4 NM 46.7 7.9 NM NM NM 45.0% NM 16.4% 29.6%

Sizmek Inc. 6.55 4.85 8.47 194 (67) 127 1.8 0.7 0.6 6.7 5.5 4.2 NM NM NM NA NA 12.6% (8.6%)

Marchex, Inc. 4.28 3.15 5.32 181 (104) 77 0.5 0.5 0.5 11.4 5.5 6.2 85.6 25.3 31.6 NA NA 0.6% (24.9%)

Blinkx plc 0.44 0.23 0.62 176 (95) 81 0.4 0.4 NA NM NA NA NM NM 20.2 NM NM NA (19.7%)

Marin Software Incorporated 3.48 3.04 9.68 128 (40) 89 0.8 0.8 0.7 NM NM NM NM NM NM NA NA 12.1% 12.3%

MaxPoint Interactive, Inc. 4.92 3.93 11.24 128 (28) 100 0.8 1.1 0.8 NM NM NM NM NM NM 20.0% NM 31.9% 35.8%

Tremor Video, Inc. 1.97 1.76 3.28 102 (69) 33 0.2 0.2 0.1 NM NM 7.9 NM NM NM NA NA 16.9% 5.4%

YuMe, Inc. 2.99 2.35 6.38 101 (47) 54 0.3 0.3 0.3 NM NM 19.7 NM NM NM NA NA 3.1% 0.0%

ReachLocal, Inc. 1.75 1.76 4.67 51 (3) 49 0.1 0.1 0.1 NM 31.8 3.2 NM NM NM 67.5% NM 4.2% (20.1%)

Mean 2.0x 1.9x 1.8x 17.2x 17.4x 10.6x 44.7x 27.2x 24.3x 27.5% 1.2 13.8% 9.4%

Median 0.9 1.0 0.8 11.6 14.8 9.3 36.7 24.3 20.2 19.8% 0.9 12.6% 5.2%

Internet Content

IAC/InterActiveCorp $71.44 $56.50 $84.66 $6,337 $190 $6,556 2.1x 2.0x 1.9x 16.4x 13.7x 10.0x 20.6x 23.0x 17.3x 19.8% 0.9 9.2% 2.0%

Zillow Group, Inc. 34.54 22.86 44.40 6,102 (395) 5,707 11.9 8.6 6.8 NM 66.6 32.6 NM NM NM 57.0% NM 26.1% 117.7%

TEGNA Inc. 25.53 21.30 38.48 5,782 4,242 10,297 3.2 3.1 2.8 8.9 8.9 8.0 13.7 15.5 11.4 8.7% 1.3 12.7% 4.2%

comScore, Inc. 50.47 35.67 65.00 1,965 (157) 1,808 5.2 4.8 4.1 96.7 19.2 15.8 NM 28.3 23.9 28.6% 0.8 16.3% 14.2%

GoDaddy Inc. 26.74 21.04 33.00 1,738 754 2,764 1.8 1.7 1.5 31.1 8.5 7.0 NM 22.6 18.8 22.0% 0.9 14.0% 16.5%

WebMD Health Corp. 43.42 34.48 48.91 1,602 195 1,796 3.0 2.9 2.6 14.7 9.6 8.5 37.0 28.5 26.0 12.7% 2.1 8.2% 5.6%

Shutterfly, Inc. 39.07 35.22 49.10 1,416 186 1,602 1.7 1.5 1.4 17.9 8.3 7.0 NM NM 53.7 22.5% 2.4 12.1% 15.5%

Renren Inc. 3.46 2.35 4.45 1,173 (243) 929 14.6 13.2 6.4 NM NM NM NM NM NM 20.0% NM 107.0% (39.5%)

Bankrate, Inc. 11.51 8.87 13.92 1,161 159 1,321 2.4 2.5 2.4 13.6 8.9 8.7 NM 17.1 16.2 20.0% 0.8 2.9% 1.9%

Web.com Group, Inc. 22.25 14.52 26.04 1,139 449 1,589 2.9 2.9 2.7 15.4 10.4 9.5 NM 9.3 8.3 14.0% 0.6 4.3% (1.8%)

Monster Worldwide, Inc. 7.57 3.41 8.23 690 101 838 1.1 1.1 1.1 10.5 7.0 5.5 NM 17.6 11.5 12.0% 1.0 3.6% (7.2%)

DHI Group, Inc. 7.91 7.09 11.49 429 72 501 1.9 2.0 2.0 7.1 6.8 6.6 15.8 19.1 16.2 13.9% 1.2 2.3% (1.1%)

XO Group Inc. 14.60 11.19 18.60 383 (86) 298 2.1 2.1 2.0 15.9 11.9 9.6 NM 48.7 33.6 NA NA 8.7% (5.6%)

Everyday Health, Inc. 9.38 8.30 15.21 303 66 369 1.8 1.5 1.3 19.7 7.7 5.8 21.7 12.7 9.3 NA NA 19.4% 32.2%

TechTarget, Inc. 9.25 8.39 12.63 299 (21) 277 2.5 2.3 2.1 18.0 10.2 8.3 54.7 23.6 18.4 25.0% 0.7 13.1% 13.8%

eHealth, Inc. 13.27 8.81 29.20 240 (52) 188 1.0 1.0 1.0 31.2 23.2 13.3 NM 33.9 32.4 10.0% 3.2 7.4% (6.3%)

United Online, Inc. 11.16 9.50 18.15 165 (75) 90 0.4 0.4 0.4 3.4 2.5 2.5 18.8 12.0 12.8 NA NA 3.7% (8.3%)

RealNetworks Inc. 4.08 3.75 7.45 148 (111) 37 0.3 0.3 0.2 NM NM NM NM NM NM NA NA 22.3% (16.8%)

Demand Media, Inc. 4.40 3.94 8.01 88 (42) 45 0.3 0.3 0.3 NM NM NM NM NM NM NA NA 11.0% (30.9%)

TheStreet, Inc. (2) 1.73 1.58 2.50 60 24 84 1.3 1.2 1.2 NM 28.5 21.4 NM NM NM NA NA 4.4% 16.1%

Mean 3.1x 2.8x 2.2x 21.4x 14.8x 10.6x 26.0x 22.3x 20.6x 20.4% 1.3 15.4% 6.1%

Median 2.0 2.0 1.9 15.9 9.6 8.5 20.6 20.8 17.3 19.9% 0.9 10.1% 1.9%

Public Company Valuations

3

Internet / Digital Media / SaaS: Financial Metrics

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. $550.19 $284.00 $580.57 $257,329 $3,952 $261,281 2.7x 2.5x 2.1x 45.6x 25.3x 18.6x NM NM NM 63.3% NM 19.8% 19.9%

Alibaba Group Holding Limited 70.30 57.20 120.00 176,624 (7,448) 169,916 13.1 11.8 9.1 39.9 22.9 18.4 34.1 28.8 23.1 24.5% 0.9 28.7% 28.7%

The Priceline Group Inc. 1,347.19 990.69 1,372.33 68,305 2,212 70,517 8.0 7.6 6.5 21.6 19.3 16.0 30.0 23.6 19.5 19.6% 1.0 17.8% 7.4%

Netflix, Inc. 113.45 45.08 128.85 48,330 (397) 47,933 7.8 7.0 5.5 NM 93.6 83.6 NM NM NM 42.9% NM 27.3% 22.7%

eBay Inc. 24.56 23.23 66.73 29,920 (2,932) 26,988 1.5 3.1 3.0 5.2 7.9 7.4 10.3 13.8 12.7 8.5% 1.5 5.0% 6.7%

Expedia Inc. 127.02 70.91 130.99 18,028 (911) 17,739 2.9 2.7 2.1 25.1 14.8 11.2 48.5 27.8 20.5 22.1% 0.9 26.5% 11.2%

Liberty Interactive Corporation 27.90 22.37 31.62 12,862 4,547 17,497 1.7 2.0 1.8 10.0 9.2 8.5 24.0 19.2 18.0 12.7% 1.4 8.5% (9.3%)

Copart, Inc. 34.94 29.93 38.50 4,199 190 4,390 3.8 3.8 3.6 11.3 10.1 9.6 20.9 20.1 17.9 13.7% 1.3 5.2% (1.8%)

HomeAway, Inc. 28.06 25.13 35.25 2,692 (579) 2,123 4.5 4.2 3.7 40.0 17.4 14.3 NM NM NM 22.8% NM 15.8% 10.1%

Cimpress N.V. 81.97 52.13 91.75 2,660 542 3,260 2.2 2.0 1.8 16.1 14.1 12.1 30.0 23.4 23.2 15.0% 1.5 10.7% 12.5%

GrubHub Inc. 29.80 23.53 47.95 2,522 (196) 2,326 7.5 6.4 5.0 26.8 20.9 15.8 68.3 46.4 36.1 38.0% 1.0 28.8% 46.6%

Etsy, Inc. 12.31 11.85 35.74 1,377 (279) 1,099 4.7 4.0 3.1 NM 42.4 29.5 NM NM NM NA NA 29.5% 44.4%

Stamps.com Inc. 74.68 31.64 88.87 1,231 (82) 1,149 6.7 6.0 5.0 27.3 18.1 15.8 NM 21.8 19.4 20.5% 0.9 19.6% 41.1%

Shutterstock, Inc. 34.04 28.96 84.06 1,227 (266) 961 2.5 2.3 1.9 19.2 11.5 9.3 58.7 29.0 22.7 24.3% 0.9 21.7% 30.1%

Coupons.com Incorporated 8.72 7.65 20.00 726 (187) 539 2.3 2.1 1.7 NM 15.8 9.1 NM 77.5 27.9 20.0% 1.4 22.6% 8.0%

1-800-Flowers.com Inc. 9.59 7.05 13.46 624 104 730 0.7 0.6 0.6 8.3 8.4 7.1 32.0 24.6 17.0 18.0% 0.9 3.7% 21.8%

Overstock.com Inc. 17.20 15.81 27.28 434 (104) 330 0.2 NA NA 13.6 6.9 NA 57.3 NA NA NA NA NA 16.7%

Blue Nile Inc. 32.06 26.59 37.50 369 (39) 330 0.7 0.7 0.6 20.1 14.2 13.0 37.9 36.0 30.8 18.6% 1.7 6.1% 6.7%

Travelzoo Inc. 9.21 8.02 15.29 136 (56) 80 0.6 0.6 0.6 9.2 11.7 10.4 35.4 51.2 35.0 5.0% 7.0 2.7% (7.6%)

CafePress Inc. 4.30 1.95 5.36 73 (42) 32 0.2 0.3 0.3 NM 7.6 5.4 NM NM NM NA NA 5.9% (25.1%)

Mean 3.7x 3.7x 3.0x 21.2x 19.6x 16.6x 37.5x 31.7x 23.1x 22.9% 1.6 16.1% 14.5%

Median 2.6 2.7 2.1 19.7 14.5 12.1 34.1 26.2 21.6 20.0% 1.1 17.8% 11.9%

Media Conglomerates / Selected Entertainment

The Walt Disney Company $106.35 $78.54 $122.08 $179,504 $10,798 $194,290 3.8x 3.6x 3.4x 13.1x 11.7x 10.7x 22.1x 20.3x 18.8x 13.4% 1.4 5.8% 5.1%

Comcast Corporation 60.27 49.33 64.99 150,219 44,893 196,549 2.8 2.7 2.5 8.1 8.0 7.5 17.8 18.3 16.3 12.6% 1.3 5.4% 11.3%

Time Warner Inc. 73.18 65.25 91.34 59,684 20,672 80,356 2.8 2.8 2.6 10.2 10.3 9.0 17.4 15.7 12.9 16.3% 0.8 6.0% 8.2%

Twenty-First Century Fox, Inc. 28.67 22.81 39.27 56,842 10,611 69,040 2.4 2.5 2.3 10.8 10.6 9.3 19.5 17.4 14.0 14.1% 1.0 9.0% (26.3%)

Sony Corporation 26.76 14.85 33.09 33,754 (5,416) 33,431 0.5 0.5 0.5 5.8 6.5 4.6 NM 42.5 16.3 10.0% 1.6 1.4% (17.3%)

CBS Corporation 42.62 38.51 63.95 20,553 7,780 28,333 2.1 2.0 1.9 9.2 9.0 8.1 18.4 12.7 10.5 16.6% 0.6 5.0% 1.0%

Discovery Communications, Inc. 28.84 25.02 37.64 18,747 6,821 26,323 4.1 4.1 3.9 10.5 10.8 10.3 18.1 17.3 14.8 17.7% 0.8 5.3% 2.7%

Viacom, Inc. 46.50 36.32 78.00 18,497 12,662 31,433 2.3 2.3 2.3 7.4 7.5 7.4 10.9 8.3 7.8 10.4% 0.7 3.1% (10.6%)

Scripps Networks Interactive, Inc. 55.14 47.62 82.78 7,087 2,300 9,745 3.6 3.3 3.0 7.9 8.0 7.5 12.8 12.4 11.4 13.1% 0.9 10.5% 3.4%

Lions Gate Entertainment Corp. 40.14 27.51 40.74 5,953 1,257 7,210 3.1 3.0 2.6 29.4 19.1 15.6 33.4 31.0 21.3 24.0% 0.9 14.9% (9.0%)

Tribune Media Company 37.10 34.20 71.00 3,494 3,089 6,584 3.3 3.3 2.9 12.2 13.8 10.3 17.7 30.9 14.8 3.0% 4.9 12.2% 5.6%

Mean 2.8x 2.7x 2.5x 11.3x 10.5x 9.1x 18.8x 20.6x 14.4x 13.8% 1.4 7.1% (2.4%)

Median 2.8 2.8 2.6 10.2 10.3 9.0 18.0 17.4 14.8 13.4% 0.9 5.8% 2.7%

Publishers

Thomson Reuters Corporation $41.32 $30.42 $42.00 $32,100 $7,571 $40,160 3.2x 3.3x 3.2x 15.0x 11.7x 10.9x 17.0x 20.4x 17.9x 11.5% 1.6 2.6% (3.8%)

Pearson plc 18.50 15.49 23.28 15,003 3,788 18,801 2.4 2.4 2.5 21.0 13.1 12.9 50.5 16.1 15.9 6.5% 2.4 (4.6%) (3.1%)

News Corporation 13.91 12.16 17.55 8,090 (1,951) 6,310 0.7 0.7 0.7 8.0 6.6 6.4 NM 29.5 30.6 11.1% 2.8 (0.6%) (2.1%)

Lagardere SCA 28.54 20.26 34.34 3,661 1,600 5,353 0.6 0.7 0.6 9.0 8.1 7.5 39.3 13.9 12.8 11.9% 1.1 3.6% (20.2%)

UBM plc 7.90 6.78 9.08 3,496 828 4,366 3.3 2.9 2.9 14.2 11.1 10.8 15.9 13.4 13.0 5.6% 2.3 0.0% 16.1%

Graham Holdings Company 584.98 565.00 1,119.54 3,417 (465) 2,974 0.8 1.1 1.1 4.9 9.0 8.2 7.0 22.9 18.2 NA NA (2.8%) 0.6%

Time Inc. 19.63 17.58 25.95 2,154 974 3,128 1.0 1.0 1.0 7.2 6.6 5.7 10.4 15.9 10.8 6.5% 1.7 (1.5%) (5.7%)

The New York Times Company 12.84 11.48 14.53 2,123 (226) 1,898 1.2 1.2 1.2 8.0 7.4 7.4 87.0 23.8 23.5 NA NA (0.3%) (1.5%)

Gannett Co., Inc. 15.06 10.75 16.00 1,732 (62) 1,670 0.6 0.6 0.5 4.0 4.4 4.2 8.5 8.9 9.2 NM NM 4.6% NA

The E. W. Scripps Company 19.68 15.22 28.70 1,658 306 1,964 2.0 2.5 1.9 18.4 18.8 6.5 NM NM 11.8 9.0% 1.3 30.5% 65.5%

Tribune Publishing Company 9.39 7.33 23.73 247 366 614 0.4 0.4 0.4 5.7 4.3 4.1 11.3 8.3 18.7 NM NM 1.7% (4.5%)

Mean 1.5x 1.5x 1.5x 10.5x 9.2x 7.7x 27.4x 17.3x 16.6x 8.9% 1.9 3.0% 4.1%

Median 1.0 1.1 1.1 8.0 8.1 7.4 15.9 16.0 15.9 9.0% 1.7 0.0% (2.6%)


4

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

Notes:



Stock LTM EPS



Diversif ied Marketing

WPP plc $21.60 $16.74 $24.79 $27,915 $5,318 $33,768 1.8x 1.8x 1.7x 9.4x 10.9x 10.3x 14.2x 15.1x 13.9x 8.7% 1.6 5.7% (1.8%)

Nielsen Holdings plc 46.99 40.56 49.37 17,239 7,151 24,465 3.9 3.9 3.8 15.9 13.1 12.2 41.5 17.9 15.9 8.0% 2.0 4.8% (2.2%)

Alliance Data Systems Corporation 279.00 230.54 312.00 17,140 13,829 31,203 5.3 4.8 4.3 19.4 16.4 14.5 34.8 18.5 16.1 15.1% 1.1 12.5% 18.6%

Experian plc 16.94 13.96 19.39 16,215 3,266 19,496 4.1 4.1 4.0 12.6 11.8 11.7 22.3 18.6 17.8 11.0% 1.6 2.0% NA

Equifax Inc. 105.78 69.04 105.86 12,508 1,397 13,944 5.4 5.2 4.9 15.6 15.0 13.6 33.2 24.0 21.4 11.0% 1.9 7.8% 10.5%

The Interpublic Group of Companies, Inc. 20.96 16.37 22.69 8,602 927 9,789 1.3 1.3 1.2 9.9 9.6 8.8 16.9 18.1 15.9 11.7% 1.4 3.9% 1.3%

Havas 8.42 6.17 9.64 3,515 147 3,678 1.6 1.5 1.5 10.0 9.1 8.6 20.4 16.9 15.5 11.8% 1.3 4.2% (3.0%)

Acxiom Corporation 21.57 15.78 22.08 1,681 149 1,830 1.8 2.1 2.1 12.2 12.1 13.1 NM 38.3 36.7 12.5% 2.9 (1.3%) 5.5%

MDC Partners Inc. 20.68 15.34 28.02 1,033 707 1,970 1.5 1.5 1.4 13.8 9.8 8.7 NM 35.1 21.9 8.0% 2.7 7.8% 12.4%

Harte-Hanks Inc. 4.25 3.38 8.27 262 42 304 0.6 0.6 0.6 6.0 6.5 5.4 19.2 13.7 12.5 NM NM (0.7%) (12.8%)

Mean 2.7x 2.7x 2.5x 12.5x 11.4x 10.7x 25.3x 21.6x 18.8x 10.9% 1.8 4.7% 3.2%

Median 1.8 1.9 1.9 12.4 11.4 11.0 21.4 18.3 16.0 11.0% 1.6 4.5% 1.3%

Gaming

Tencent Holdings Limited $18.58 $13.48 $22.06 $172,915 ($2,835) $170,503 12.2x 11.0x 8.4x 29.1x 24.6x 19.6x 42.0x 34.6x 26.1x 27.4% 1.0 29.9% 19.0%

Activision Blizzard, Inc. 32.58 17.73 32.50 23,751 (444) 23,307 5.0 5.0 4.7 16.5 14.5 12.6 25.6 24.3 20.9 8.0% 2.6 6.8% 7.6%

Electronic Arts Inc. 68.11 31.77 75.65 21,233 (2,246) 18,987 4.2 4.3 4.1 14.8 14.3 12.7 22.8 25.1 21.1 13.3% 1.6 5.1% (0.9%)

NetEase, Inc. 131.48 82.50 154.88 17,187 (3,349) 13,864 5.8 4.6 3.7 15.9 13.7 11.2 21.0 17.4 14.7 20.5% 0.7 22.8% 65.5%

Naver Corporation 502.71 401.12 711.16 14,813 (1,016) 13,799 5.2 5.0 4.3 17.4 16.3 13.0 46.7 33.0 25.0 24.0% 1.0 14.4% 3.0%

King Digital Entertainment plc 14.35 10.68 18.00 4,462 (786) 3,677 1.7 1.9 1.9 5.0 4.7 5.1 8.2 7.8 8.6 NM NM (3.5%) (16.4%)

NCsoft Corporation 169.47 109.48 218.95 3,382 (802) 2,597 3.4 3.4 3.0 9.2 9.5 7.6 16.9 18.2 14.6 11.5% 1.3 12.9% (8.0%)

GungHo Online Entertainment, Inc. 3.19 2.63 4.72 3,063 (583) 2,496 1.9 1.9 2.1 3.6 3.7 3.7 7.9 8.4 9.0 NA NA (7.7%) (29.7%)

DeNA Co., Ltd. 18.73 10.48 22.55 2,715 (587) 2,191 1.9 1.8 1.5 7.5 7.9 5.8 23.0 23.8 15.1 14.9% 1.0 16.6% (12.8%)

Ubisoft Entertainment SA 24.03 12.56 24.11 2,651 (212) 2,439 1.6 1.8 1.2 12.3 3.1 2.8 29.0 18.5 15.7 16.9% 0.9 50.7% 7.0%

Zynga, Inc. 2.47 2.20 3.13 2,283 (1,059) 1,224 1.6 1.6 1.5 NM 98.2 13.4 NM NM 57.6 21.0% 2.7 5.6% 30.5%

Shanda Games Limited 6.88 4.91 6.97 1,860 (81) 1,825 3.0 NA NA 7.9 NA NA 11.1 NA NA NA NA NA (16.5%)

Gree, Inc. 4.83 4.38 7.33 1,130 (638) 492 0.7 0.7 0.7 2.4 2.8 3.1 NM 53.2 14.3 10.0% 1.4 (7.1%) (34.8%)

Changyou.com Limited 19.94 17.00 35.27 1,036 (181) 904 1.1 1.2 1.1 4.1 4.4 4.6 9.8 6.0 6.6 23.6% 0.3 6.2% 13.7%

Glu Mobile, Inc. 4.10 3.27 7.03 536 (190) 346 1.3 1.3 1.0 27.7 13.4 7.5 64.8 NM 30.4 NA NA 20.6% 37.3%

Mean 3.4x 3.2x 2.8x 12.4x 16.5x 8.8x 25.3x 22.5x 20.0x 17.4% 1.3 12.4% 4.3%

Median 1.9 1.9 2.0 10.7 11.4 7.6 22.8 21.1 15.4 16.9% 1.0 9.9% 3.0%

Social Media & New Platform

Facebook, Inc. $94.26 $70.32 $99.24 $265,582 ($13,976) $251,606 17.2x 14.6x 10.8x 39.4x 23.7x 17.6x 95.8x 45.5x 34.5x 27.7% 1.2 35.7% 38.9%

LinkedIn Corporation 192.16 165.57 276.18 25,050 (1,929) 23,146 9.0 7.8 6.0 NM 34.4 23.2 NM 85.2 53.7 40.0% 1.3 30.9% 33.3%

Twitter, Inc. 28.75 39.40 53.49 19,444 714 20,157 11.3 9.0 6.2 NM 37.5 22.7 NM 87.1 46.9 58.4% 0.8 44.6% 60.9%

Pandora Media, Inc. 20.21 13.30 23.67 4,290 (372) 3,918 3.8 3.3 2.7 NM 48.0 23.7 NM NM 47.3 55.6% 0.9 22.2% 30.5%

Groupon, Inc. 3.76 3.17 8.43 2,460 (1,077) 1,384 0.4 0.4 0.4 14.4 4.8 4.1 NM 27.7 20.2 29.4% 0.7 10.5% 3.1%

Yelp Inc. 22.74 20.50 73.41 1,711 (368) 1,343 2.9 2.5 1.9 47.1 17.9 11.5 50.7 53.0 34.5 34.3% 1.0 27.6% 50.8%

Mean 7.5x 6.3x 4.7x 33.6x 27.7x 17.1x 73.2x 59.7x 39.5x 40.9% 1.0 28.6% 36.3%

Median 6.4 5.6 4.4 39.4 29.0 20.2 73.2 53.0 40.7 37.1% 0.9 29.2% 36.1%


5


Notes:



Stock LTM EPS



SaaS

salesforce.com, inc. $75.88 $51.04 $78.46 $49,744 $851 $50,594 8.5x 7.6x 6.3x NM 41.4x 29.9x NM NM 79.6x 28.6% 2.8 20.7% 24.0%

Workday, Inc. 77.51 65.33 97.40 14,882 (1,404) 13,478 13.8 11.6 8.5 NM NM NM NM NM NM 36.0% NM 37.1% 51.4%

ServiceNow, Inc. 74.28 54.05 83.52 11,595 (264) 11,332 13.6 11.4 8.3 NM 81.0 54.7 NM NM NM 48.3% NM 36.3% 47.9%

NetSuite Inc. 89.28 82.87 113.88 7,057 (107) 6,950 10.8 9.3 7.2 NM NM 89.5 NM NM NM 22.7% NM 30.3% 34.5%

The Ultimate Software Group, Inc. 187.66 125.74 195.18 5,365 (102) 5,263 9.5 8.5 7.0 77.7 35.7 28.2 NM 75.3 60.9 24.4% 2.5 21.6% 20.7%

Shopify Inc. 34.31 22.70 42.13 2,799 (199) 2,601 18.0 14.2 10.2 NM NM NM NM NM NM NA NA 38.9% NA

Demandware, Inc. 53.40 47.30 75.90 2,009 (187) 1,823 9.3 7.8 5.8 NM NM 88.2 NM NM NM 37.5% NM 33.8% 46.6%

Cornerstone OnDemand, Inc. 36.37 25.99 40.70 1,971 4 1,975 6.6 5.8 4.5 NM NM NM NM NM NM 20.0% NM 26.9% 34.3%

Zendesk, Inc. 21.03 11.06 28.20 1,850 (256) 1,595 9.8 8.0 5.8 NM NM NM NM NM NM 30.8% NM 38.3% 63.4%

HubSpot, Inc. 48.80 25.79 55.07 1,647 (109) 1,538 10.6 8.9 6.9 NM NM NM NM NM NM 42.1% NM 28.9% 58.5%

Box, Inc. 12.63 10.93 24.73 1,520 (197) 1,323 5.1 4.5 3.4 NM NM NM NM NM NM 58.5% NM 30.5% 42.8%

RealPage, Inc. 17.88 15.47 23.11 1,416 21 1,437 3.3 3.1 2.8 43.7 16.5 14.5 NM 37.0 30.8 20.0% 1.5 12.0% 20.8%

Marketo, Inc. 32.04 23.17 35.63 1,368 (106) 1,264 7.1 6.0 4.5 NM NM NM NM NM NM 18.4% NM 32.9% 40.7%

Cvent, Inc. 32.70 22.13 34.63 1,361 (164) 1,198 7.3 6.4 5.2 NM 61.2 43.2 NM NM NM NA NA 22.8% 38.6%

RingCentral, Inc. 18.60 10.02 20.94 1,309 (100) 1,209 4.7 4.2 3.3 NM NM 60.3 NM NM NM 23.8% NM 24.6% 33.9%

Constant Contact, Inc. 25.20 22.75 43.18 810 (181) 630 1.8 1.7 1.5 14.4 8.5 6.8 44.4 19.2 14.8 22.5% 0.7 14.0% 12.6%

MINDBODY, Inc. 17.00 9.14 17.45 665 (91) 574 6.8 5.8 4.4 NM NM NM NM NM NM NA NA 31.4% NA

AppFolio, Inc. 19.52 12.11 19.72 654 (60) 594 9.8 8.0 5.6 NM NM NM NM NM NM 30.0% NM 42.4% NA

LivePerson Inc. 8.17 7.40 14.70 467 (37) 430 1.9 1.8 1.6 46.3 21.9 16.5 NM 60.5 34.8 20.0% 1.7 12.4% 16.1%

Bazaarvoice, Inc. 4.87 4.35 9.39 392 (46) 346 1.8 1.7 1.6 NM NM 48.3 NM NM NM NA NA 10.7% 6.3%

Jive Software, Inc. 4.96 3.51 7.14 375 (112) 263 1.4 1.4 1.3 NM NM 30.2 NM NM NM NA NA 6.5% 12.1%

Apigee Corporation 9.71 5.14 20.50 285 (86) 199 2.9 2.6 2.0 NM NM NM NM NM NM NA NA 31.4% 25.5%

Xactly Corporation 9.38 6.09 10.09 273 (43) 230 3.4 3.1 2.5 NM NM NM NM NM NM NA NA 23.0% 34.7%

ChannelAdvisor Corporation 9.59 8.22 22.47 241 (57) 184 2.0 1.9 1.6 NM NM NM NM NM NM NA NA 15.3% 16.4%

Brightcove Inc. 5.27 4.79 8.46 172 (19) 152 1.2 1.1 1.1 NM 27.2 16.7 NM NM NM 15.0% NM 8.5% 6.0%

Marin Software Incorporated 3.48 3.04 9.68 128 (40) 89 0.8 0.8 0.7 NM NM NM NM NM NM NA NA 12.1% 12.3%

Mean 6.6x 5.7x 4.4x 45.5x 36.7x 40.5x NM 48.0x 44.2x 29.3% 1.8 24.7% 30.4%

Median 6.7 5.8 4.5 45.0 31.5 30.2 NM 48.8 34.8 24.4% 1.7 25.7% 33.9%


6


Notes:


Notes:

Multiples <0x or >50x considered NM.

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

(1) NTM revenue multiple based on LogMeIn M&A call. Excludes $15MM in retention payments and earnout.

(2) LTM multiple based on 2014 figures.

(3) NTM multiple based on Roper press release.

(4) NTM revenue multiple based on Vasco M&A call.

(5) LTM revenue multiple based on transaction’s expected immediate revenue contribution, per New World press release.

(6) NTM multiples based on CapitalIQ consensus estimates.

(7) LTM revenue multiple based on market research; NTM revenue multiple per Axel Springer M&A call.

(8) Aggregate value excludes a $87MM earnout; LTM revenue multiple based on Unruly press release.

($MM)

Announced

DateAcquirer Target Aggregate Value

AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

10/13/2015 NA NA NA NA NA

10/9/2015 $110 11.5x NA 7.3x NA

10/8/2015 $675 NA NA 5.4x NA

10/7/2015 $450 8.2x NA NA NA

10/6/2015 $85 5.3x NA 4.3x NA

10/1/2015 $670 5.0x NA NA NA

9/29/2015 $65 NA NA NA NA

9/29/2015 $710 6.6x NM 4.2x 19.5x

9/29/2015 $390 9.0x NA 6.0x NA

9/22/2015 $265 NA NA NA NA

9/16/2015 $90 1.9x NA NA NA

9/15/2015 $175 2.3x 12.6x NA NA

9/14/2015 $122 2.4x 10.2x NA NA(2)

(8)

(6)

(7)

(5)

(1)

(4)

(2)

(2)

(3)

Recent Acquisitions

7

Internet / Digital Media / SaaS: Trailing 6 Months

($MM)

Announced


AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

9/13/2015 $5,746 5.0x 13.9x 4.4x 11.4x

9/10/2015 $1,017 1.8x 13.7x 1.7x 9.1x

9/10/2015 $90 2.1x NM 2.1x NA

9/3/2015 $500 NA NA NA NA

9/3/2015 $218 0.8x NM 0.8x NM

8/20/2015 $55 NA NA NA NA

8/17/2015 $2,155 1.7x NM 1.4x 24.4x

8/14/2015 $200 NA NA NA NA

8/13/2015 $85 NA NA NA NA

8/11/2015 $675 5.1x NM NA NA

8/10/2015 $590 6.0x NM 5.4x NM

8/4/2015 $400 NA NA NA NA

8/3/2015 $500 10.0x NA NA NA

(1)

(1)

(1)

(1)

(1)

(2)

Notes:




(2) LTM multiples based on CY2014 data.

Recent Acquisitions

8

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

(4)

(1)

(3)

(2)

(1)

($MM)

Announced


AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

7/31/2015 $230 NA NA NA NA

7/29/2015 $218 0.7x NA NA NA

7/22/2015 $108 10.4x NA 6.0x NA

7/14/2015 $1,886 5.9x 21.9x NA NA

7/14/2015 $575 NA NA NA NA

7/13/2015 $620 NA NA NA NA

7/9/2015 $100 NA NA NA NA

7/8/2015 $196 1.9x NA NA NA

7/8/2015 $83 NA NA NA NA

7/7/2015 $139 NA NA NA NA

7/1/2015 $890 5.3x NM 3.8x 26.2x

7/1/2015 $830 NA 13.8x NA NA

6/30/2015 $242 4.2x NA NA NA

(3)

(1)

(5)

(2)

(4)

Notes:



(1) Aggregate value includes $40MM in retention payments.

(2) Aggregate value excludes $9MM earnout. NTM and LTM multiples based on GCA Savvian private metrics.

(3) LTM multiples based on 7/14/2015 Digital Realty press release.

(4) Implied aggregate value based on 51% stake by Sony.


Recent Acquisitions

9


(4)

(3)

(2)

(1)

(6)

(5)

($MM)

Announced


AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

6/30/2015 $635 25.4x NA NA NA

6/29/2015 $720 2.9x NA NA NA

6/22/2015 $353 2.8x 40.1x 3.9x 28.8x

6/15/2015 $4,807 5.1x 35.3x 4.4x 21.4x

6/2/2015 $103 0.8x NM 0.8x NM

5/26/2015 $1,200 NA NA NA NA

5/12/2015 $4,072 1.6x 9.3x 1.5x 8.1x

5/11/2015 $140 NA NA 4.0x NA

5/11/2015 $310 NA NA NA NA

5/5/2015 $100 13.8x NA NA NA

5/5/2015 $395 3.1x NM 3.0x NM

4/28/2015 $533 NA NA NA NA

4/27/2015 $600 NA NA NA NA

(1)

(1)

(1)

(4)

(3)

(2)

(1)

Recent Acquisitions

10


(4)

(3)

(2)

(1)

(6)

(5)

Notes:




(2) NTM revenue multiple based on 5/11/2015 Towers Watson press release.

(3) Aggregate value excludes a $5MM earnout.


10

($MM)

Announced


AV / LTM

Sales

AV / LTM

EBITDA

AV / NTM

Sales

AV / NTM

EBITDA

4/24/2015 $120 7.9x NA NA NA

4/23/2015 $200 5.0x NA NA NA

4/20/2015 $1,300 3.5x NA 3.5x NA

4/20/2015 $90 16.6x NA NA NA

4/14/2015 $135 NA NA NA NA

(1)

Recent Acquisitions

11


(4)

(3)

(2)

(1)

(6)

(5)

Notes:



(1) NTM revenue multiple based on 4/20/2015 Raytheon conference call.

11

For the period 1/1/2010 to 10/12/2015

Offering Amounts $10MM or Greater

Issuer Primary IndustryInitial Filing

Date

Initial Offering

Amount ($MM)Underwriters

Major Shareholders

(% ownership prior to offering)

Internet Software 10/09/15 $75 Goldman Sachs, Morgan Stanley, Jefferies,

Needham, Oppenheimer, Raymond James

OpenView Venture Partners (23.1%), Epic Ventures (22.0%),

Bessemer Venture Partners (12.4%), Insight Venture Partners

(9.7%)

Internet Software 07/07/14 $75

Canaccord Genuity, Credit Suisse, Deutsche

Bank, Jefferies, Needham & Company,

Oppenheimer, Piper Jaffray

Bessemer Venture Partners (29.7%); Draper Fisher Jurvetson

(24.4%); JAFCO Technology Partners (8.7%)

Filed IPOS

12

Internet / Digital Media / SaaS: IPOs in Public Registration

Notes:

Source: Dealogic, CapitalIQ and SEC.gov.

0

200

400

600

800

1,000

$0

$2

$4

$6

$8

$10

$12

Q12001

Q42001

Q32002

Q22003

Q12004

Q42004

Q32005

Q22006

Q12007

Q42007

Q32008

Q22009

Q12010

Q42010

Q32011

Q22012

Q12013

Q42013

Q32014

Q22015

Nu

mb

er

of

Inv

estm

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

13

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

$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

14

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

Canva

Surry Hills, Australia

www.canva.com

09-Oct-2015 Series A $28 Felicis Ventures (Wesley Chan)Felicis Ventures, Owen Wilson, Vayner Capital, Woody Harrelson,

Blackbird Ventures, Matrix PartnersProvider of an online design platform. $40

DocuSign

San Francisco, CA

www.docusign.com

08-Oct-2015 Series F $310 Bain Capital Ventures (Enrique Salem),

Brookside Capital Partners Fund

Arnold Venture Group, Bain Capital Ventures, Brookside Capital

Partners Fund, Citi Ventures, ClearBridge, Cross Creek Advisors,

Dell Ventures, Deutsche Telekom, Generation Investment

Management, ICONIQ Capital, Intel Capital, Sands Brothers &

Provider of a cloud-based electronic signature platform. $563

Hubba

Toronto, Canada

www.hubba.com

08-Oct-2015 Series A $11 Kensington Capital Partners, Real

Ventures (Janet Bannister)

500 Startups, Ardent Capital, Canso Investment Counsel, Golden

Gate Ventures, Kensington Capital Partners, Real Ventures, Two

Small Fish Ventures, Brightspark Ventures

Provider of a B2B product sharing and discovery platform. $16

AppDirect

San Francisco, CA

www.appdirect.com

07-Oct-2015 Series E $140 JP Morgan Asset Management

(Lawrence Unrein)

JP Morgan Asset Management, Foundry Group, iNovia Capital,

Mithril Capital Management, StarVest Partners, Stingray Digital

Group

Provider of business application network. $250

Credible Labs

San Francisco, CA

www.credible.com

07-Oct-2015 Series A $12 Soul HtiteRon Suber, Scott Langmack, Soul Htite, Carthona Capital, Redbus

GroupProvider of student loan refinancing services. $14

MOVE Guides

London, United Kingdom

www.moveguides.com

07-Oct-2015 Series B $16

New Enterprise Associates (Ravi

Viswanathan), Notion Capital (Jos

White)

New Enterprise Associates, Notion Capital Operator of a site that offers services for people relocating internationally. $36

Netsertive

Morrisvil le, NC

www.netsertive.com

07-Oct-2015 Series C $15 River Cities Capital FundsRiver Cities Capital Funds, Greycroft Partners, Harbert Venture

Partners, RRE VenturesProvider of online marketing and advertising services. $30

Phunware

Austin, TX

www.phunware.com

07-Oct-2015 Venture Round $10 Philippine Long Distance Telephone

(Winston Damarillo)Philippine Long Distance Telephone Provider of consumer mobile experiences and infrastructure. $70

Binary Fountain

McLean, VA

www.binaryfountain.com

06-Oct-2015 Series A $16 HLM Venture Partners (Edward Cahill)HLM Venture Partners, Pioneer Venture Partners, Providence

VenturesDeveloper and provider of end-to-end Social Business Intelligence (SBI) platform. $22

Censio

Allston, MA

www.cens.io

06-Oct-2015 Series A $10 General Catalyst Partners General Catalyst Partners, Lakestar, Bain Capital Ventures Provider of a software for the auto insurance industry. $13

Code 42 Software

Minneapolis, MN

www.code42.com

06-Oct-2015 Series B $85 JMI Equity (Harry Gruner), New

Enterprise Associates (Harry Weller)

JMI Equity, New Enterprise Associates, Accel Partners, Split Rock

PartnersProvider of software for endpoint data protection and security. $138

ezCater

Boston, MA

www.ezcater.com

06-Oct-2015 Series C $28 Insight Venture Partners (Jeffrey

Lieberman)

Insight Venture Partners, Breton Capital Management, Launchpad

Venture Group, Maine AngelsProvider of a referral site for catering services. $35

Ripple

San Francisco, CA

www.ripplelabs.com

06-Oct-2015 Series A $32 Not disclosed

AME Cloud Ventures, China Growth Capital, ChinaRock Capital

Management, CME Ventures, Route 66 Ventures, RRE Ventures,

Santander InnoVentures, Seagate Technology, Wicklow Capital,

Andreessen Horowitz, Camp One Ventures, Core Innovation Capital,

Developer of a virtual currency and payments system. $41

Robin Systems

Milpitas, CA

www.robinsystems.com

06-Oct-2015 Series A $15

DN Capital (Steven Schlenker), United

Services Automobile Association (Gopi

Rangan)

Hasso Plattner Ventures, United Services Automobile Association,

Ashu Garg, Cambrian Ventures, Chris Rust, Dave Stevens, DN

Capital, Farooq Abbasi, Fred van den Bosch, Milliways Ventures,

Steve Schlenker

Provider of data infrastructure and management services. $22

Recent Private Financings

15

Internet / Digital Media / Software

Notes:

Source: PitchBook.


($MM)

Name

Announced


Total

Raised

Sportority


www.90min.com

06-Oct-2015 Series D $15 ProSiebenSat.1 Media (Zeljko Karajica)ProSiebenSat.1 Media, Battery Ventures, Dawn Capital, Gemini

Israel FundsProvider of an online media football platform. $39

Tube

Chelmsford, MA

www.datami.com

06-Oct-2015 Series B $11 Not disclosed Not disclosed Provider of a mobile communications platform. $15

GC Web Ventures

New Delhi, India

www.indialends.com

05-Oct-2015 Venture Round $10 DSG Consumer Partners (Deepak

Shahdadpuri)DSG Consumer Partners, Individual Investor

Provider of a credit underwriting and analytics platform for unsecured consumer

lending.$0

YouNow

New York , NY

www.younow.com

05-Oct-2015 Series D $15 Orens Capital (Oren Zeev), Venrock

(David Pakman)Comcast Ventures, Venrock, Orens Capital

Provider of social video platform that allows users to broadcast & interact with

audiences in real time.$30

BigPanda

Mountain View, CA

www.bigpanda.io

01-Oct-2015 Series B $16 Battery Ventures (Scott Tobin) Battery Ventures, Mayfield, Sequoia Capital Provider of a data science management platform for automating IT events. $25

happn

Paris, France

www.happn.com

01-Oct-2015 Series B $14 IDInvest Partners (Guillaume Durao)David Wolfson, Gil Penchina, IDInvest Partners, Raine Ventures,

Alven Capital Partners, DN Capital, Fabrice GrindaDeveloper of location-based mobile dating application. $22

Credible Labs

San Francisco, CA

www.credible.com

30-Sep-2015 Series A $10 Soul HtiteRon Suber, Scott Langmack, Soul Htite, Carthona Capital, Redbus

GroupProvider of student loan refinancing services. $13

Farmigo

Palo Alto, CA

www.farmigo.com

30-Sep-2015 Series B $16 Formation 8 (Joe Lonsdale) Formation 8, Benchmark Capital, Sherbrooke CapitalProvider of an online marketplace for consumers to buy fresh agricultural produce

and other food products.$26

Ibotta

Denver, CO

www.ibotta.com

30-Sep-2015 Series C $40 James H. Clark James H. Clark Provider of a mobile saving application. $73

Neumob

Sunnyvale, CA

www.neumob.com

30-Sep-2015 Venture Round $13 Accel Partners (Richard Wong)Robert Glaser, Accel Partners, Eniac Ventures, Lightbank, Shasta

VenturesDeveloper of application-acceleration software. $15

Norse

Foster C ity, CA

www.norse-corp.com

30-Sep-2015 Series A1 $11 KPMG Capital (Mark Toon) KPMG CapitalProvider of internet security intelligence services for eCommerce and enterprise

clients.$42

Novapost

Paris, France

www.people-doc.fr

30-Sep-2015 Series C $28 Eurazeo (Virgine Morgon)Eurazeo, Accel Partners, Alven Capital Partners, Kernel

InvestissementsDeveloper of an online platform for document management. $53

Teridion

San Francisco, CA

www.teridion.com

30-Sep-2015 Series B $15 SingTel Innov8 (Jeff Karras)SingTel Innov8, Jerusalem Venture Partners, Magma Venture

PartnersDeveloper of internet based software. $20

Workable


www.workable.com

30-Sep-2015 Series B $27 Balderton Capital (Daniel Waterhouse) Balderton Capital, Notion Capital, 83North Operator of an online hiring platform. $35


16 Notes:

Source: PitchBook.


Internet / Digital Media / Software (Cont’d)

($MM)

Name

Announced


Total

Raised

Zanbato

Mountain View, CA

www.zanbato.com

30-Sep-2015 Series B $15 Accelerate-IT Ventures Management

Euromoney Institutional Investor, Formation 8, Joe Lonsdale, Silicon

Valley Association of Startup Entrepreneurs, Accelerate-IT Ventures

Management

Provider of an online marketplace for buyers and sellers of infrastructure

investments and projects.$21

Avant

Chicago, IL

www.avant.com

29-Sep-2015 Series E $325 General Atlantic (Aaron Goldman)

Balyasny Asset Management, General Atlantic, J.P. Morgan, August

Capital, DFJ Growth, Peter Thiel, RRE Ventures, Tiger Global

Management

Provider of online consumer-lending services. $993

Exabeam

San Mateo, CA

www.exabeam.com

29-Sep-2015 Series B $25 Icon Ventures (Jeb Miller)Icon Ventures, Aspect Venture Partners, Norwest Venture Partners,

Shlomo KramerDeveloper of security analytics technologies. $38

LLamasoft

Ann Arbor, MI

www.llamasoft.com

29-Sep-2015 Series B $50 Goldman Sachs (Jason Kreuziger) Goldman Sachs Developer of supply chain modelling software. $56

Medium.com

San Francisco, CA

www.medium.com

29-Sep-2015 Series B $57 Andreessen HorowitzAndreessen Horowitz, Obvious Ventures, The Chernin Group, Google

Ventures, Greylock PartnersCreator of an online blog-hosting platform. $84

One97 Communications

Noida, India

www.one97.com

29-Sep-2015 Private Equity $680 Not disclosedAlibaba Group, SVB Capital, Ant Financial Services Group, SAIF

Partners

Provider of telecommunications value added services to telecom service

providers, consumers and enterprises in India.$1,359

Origami Logic

Menlo Park , CA

www.origamilogic.com

29-Sep-2015 Series C $25 Next World Capital (Tom Rikert)Duff Ackerman & Goodrich, Next World Capital, Accel Partners, Icon

Ventures, Lightspeed Venture Partners

Developer of platform for visual, self-service analytics specifically geared for

marketers.$49

Vectra Networks

San Jose, CA

www.vectranetworks.com

29-Sep-2015 Series C $35 Duff Ackerman & GoodrichDuff Ackerman & Goodrich, Accel Partners, AME Cloud Ventures, IA

Ventures, Intel Capital, Juniper Networks, Khosla VenturesDeveloper of a network intrusion detection system. $78

Acquia

Boston, MA

www.acquia.com

28-Sep-2015 Series G $55 Centerview Capital Technology (Ned

Hooper)

Centerview Capital Technology, New Enterprise Associates, Split

Rock PartnersProvider of a web publishing platform. $194

C ivitas Learning

Austin, TX

www.civitaslearning.com

28-Sep-2015 Series D $60 Warburg Pincus (Adarsh Sarma)Gera Venture Capital, Warburg Pincus, Austin Ventures, Emergence

Capital Partners, Rethink Education, SJF VenturesProvider of a predictive analytics platform to the higher education market. $89

Collibra

Brussels, Belgium

www.collibra.com

28-Sep-2015 Series B $23 Index Ventures (Jan Hammer) Dawn Capital, Index Ventures Provider of data governance software for organizations. $26

Ellevest

New York , NY

www.ellevest.com

28-Sep-2015 Series A $10 MorningstarAjay Banga, Andrea Jung, Brian Finn, Contour Venture Partners, Jeff

Schwarz, Karen Finerman, Morningstar, Robert DruskinProvider of a digital investment platform. $10

Thumbtack

San Francisco, CA

www.thumbtack .com

28-Sep-2015 Series E $125 Baillie GiffordBaillie Gifford, Google Capital, Sequoia Capital, Tiger Global

ManagementProvider of an online marketplace for hiring workers and local services. $274

UniF i Software

San Mateo, CA

www.unifisoftware.com

28-Sep-2015 Series A $10 Pelion Venture Partners Pelion Venture Partners, Canaan Partners Provider of a data integration platform. $18


17 Notes:

Source: PitchBook.



($MM)

Name

Announced


Total

Raised

Wayin

Denver, CO

www.wayin.com

25-Sep-2015 Series D $15 Not disclosedDave Duffield, Hasso Plattner Ventures, Scott McNealy, US Venture

PartnersProvider of mobile-engagement services. $50

Binary Fountain

McLean, VA

www.binaryfountain.com

24-Sep-2015 Series A $11 Not disclosed Not disclosed Developer and provider of end-to-end Social Business Intelligence (SBI) platform. $17

Onshape

Cambridge, MA

www.onshape.com

24-Sep-2015 Series D $80 Andreessen Horowitz (Peter Levine)Andreessen Horowitz, Commonwealth Capital Ventures, New

Enterprise Associates, North Bridge Venture PartnersDeveloper of computer-aided design software. $145

Premise Data

San Francisco, CA

www.premise.com

24-Sep-2015 Series C $50 Valor Equity Partners (Antonio Gracias) Valor Equity Partners, The Social+Capital PartnershipDeveloper of a platform that provides real-time data for a streaming global

economy.$67

Sierra Auto F inance

Dallas, TX

www.sierraautofinance.com

24-Sep-2015 Series B $20 SF Capital Group (Neil Wolfson) SF Capital Group, Emerald Development Managers, RRE Ventures Provider of an online marketplace for automotive financing services. $70

Sk illz

San Francisco, CA

www.sk illz .com

24-Sep-2015 Series B $15 Wildcat Capital Management (Leonard

Potter)

Marc Lasry, Sequoia Capital, The Kraft Group, Wildcat Capital

Management, Atlas Venture, Mark Jung, NextView VenturesDeveloper of a mobile gaming platform. $28

Beijing Zhongcheng Huitong

Telecommunications Technology

Beijing, China

www.beequick .cn

23-Sep-2015 Series C $70 Not disclosedEastern Bell Venture Capital, Tiantu Capital, Hillhouse Capital

Management, Sequoia CapitalOperator of an on-demand delivery platform. $110

Blue Jeans Network

Mountain View, CA

www.bluejeans.com

23-Sep-2015 Series E $77 New Enterprise Associates (Scott

Sandell)

Derek Jeter, Glynn Capital Management, Jeter Ventures, Quadrille

Capital, Accel Partners, Battery Ventures, New Enterprise

Associates, Norwest Venture Partners

Provider of interoperable video-conferencing services. $175

Scribble Technologies

Toronto, Canada

www.scribblelive.com

23-Sep-2015 Series D $27 OpenText (Richard Black)

Blue Cloud Ventures, Emerillon Capital, Northleaf Capital Partners,

OpenText, Waterloo Innovation Network, Export Development

Canada, Georgian Partners, Rogers Venture Partners, Summerhill

Venture Partners

Provider of a content-management system for media and news organizations. $29

SevOne

Wilmington, DE

www.sevone.com

23-Sep-2015 Series C $50

Bain Capital Ventures, Westfield Capital

Management Company (William

Muggia)

Brookside Capital, HarbourVest Partners, VTT Ventures, Westfield

Capital Management Company, Bain Capital Ventures, Osage

Partners

Provider of a network performance management software. $203

Velocity Mobile


www.velocityapp.com

23-Sep-2015 Series A $16 Shukri Shammas (Shukri Shammas),

Tom Glocer (Tom Glocer)

Initial Capital, Lerer Hippeau Ventures, O'Reilly AlphaTech Ventures,

Shukri Shammas, Spark Capital, Thomson Reuters, Tom GlocerDeveloper of an online bill settlement application. $17

Zscaler

San Jose, CA

www.zscaler.com

23-Sep-2015 Series D $110 TPG Capital (Nehal Raj)Google Capital, TPG Capital, EMC Ventures, Lightspeed Venture

PartnersProvider of integrated cloud-delivered security services. $183

Arrayent

Redwood C ity, CA

www.arrayent.com

22-Sep-2015 Series C $11 Not disclosed Comerica Bank, DCM Ventures, Intel Capital, Opus CapitalProvider of a cloud-based connected product platform that lets manufacturers and

retailers connect their products to the internet.$26

C loudFlare

San Francisco, CA

www.cloudflare.com

22-Sep-2015 Series D $109 Fidelity Management & Research

Baidu, Fidelity Management & Research, Google Capital, Microsoft,

Qualcomm Ventures, GreenSpring Ventures, New Enterprise

Associates, Pelion Venture Partners, Union Square Ventures,

Venrock

Provider of a platform for web performance and security. $181


18 Notes:

Source: PitchBook.



($MM)

Name

Announced


Total

Raised

Complex Media

New York , NY

www.complex .com

22-Sep-2015 Venture Round $21 Hearst Communications (Neeraj

Khemlani)Hearst Communications Operator of an advertisement network for style and trend focused young men. $61

CoverHound

Westlake Village, CA

www.coverhound.com

22-Sep-2015 Series C $33 ACEACE, American Family Ventures, Blumberg Capital, Core Innovation

Capital, Route 66 Ventures, RRE VenturesProvider of an online automobile insurance comparison and sales platform. $57

Daraz .pk

Karachi, Pak istan

www.daraz .pk

22-Sep-2015 Series A $56 CDC Group (David Osborne) Asia Pacific Internet Group, CDC Group Operator of an online shopping platform. $56

Everyone Counts

San Diego, CA

www.everyonecounts.com

22-Sep-2015 Debt Financing $20 Draper Associates Draper Associates Provider of software based election and voting systems. $38

BLStream

Szczecin, Poland

www.blstream.com

17-Sep-2015Acquisition

Financing$40 Enterprise Investors Enterprise Investors Operator of a digital strategy and software development company. $53

Fundera

New York , NY

www.fundera.com

17-Sep-2015 Series B $12 Susquehanna Growth Equity (Scott

Feldman)

Susquehanna Growth Equity, First Round Capital, Khosla Ventures,

QED InvestorsProvider of an online marketplace for small business loans. $15

Tascent

Los Gatos, CA

www.tascent.com

17-Sep-2015 Series A $19 Tano Capital Tano Capital Developer of biometric identity products. $19

Typeform

Barcelona, Spain

www.typeform.com

17-Sep-2015 Series A $15 Index Ventures (Neil Rimer)Anthony Casalena, Index Ventures, Javier Olivan, Jay Parikh,

Connect Ventures, Point Nine Capital, RTAventuresProvider of web services. $17

Alkami Technology

Plano, TX

www.alkamitech.com

16-Sep-2015 Series C $11 Not disclosed Not disclosed Provider of electronic banking service to the financial services industry. $59

BlaBlaCar

Paris, France

www.blablacar.fr

16-Sep-2015 Series D $200 Insight Venture Partners (Jeffrey

Horing)•Lead Edge CapitalInsight Venture Partners, Vostok New Ventures, Lead Edge Capital Provider of a mobile application for carpooling. $313

Hola!

Netanya, Israel

www.hola.org

16-Sep-2015 Series C $17 Iris Capital Management (Jacky Abitbol)

Iris Capital Management, DFJ Tamir Fishman, Draper Fisher

Jurvetson, Horizons Ventures, Magma Venture Partners, Trilogy

Equity Partners

Developer of a network management software. $46

LearnZill ion

Washington, DC

www.learnz ill ion.com

16-Sep-2015 Series B $13 Owl Ventures (Tory Patterson) Owl Ventures, DCM Ventures, O'Reilly AlphaTech Ventures Provider of web-based platform that offers free video lessons. $23

Lightspeed POS

Montreal, Canada

www.lightspeedpos.com

16-Sep-2015 Series C $61

Caisse de dépôt et placement du

Québec (Christian

Dubé)•Investissement Quebec (Pierre

Cote)

Caisse de dépôt et placement du Québec, Investissement Quebec,

Accel Partners, iNovia CapitalDeveloper of retail business software. $126

TeamSnap

Boulder, CO

www.teamsnap.com

16-Sep-2015 Series B3 $10 Northgate Capital (Charley Dean)Colorado Impact Fund, Crawley Ventures, Northgate Capital,

Foundry GroupProvider of an online service to manage organized groups, including sports teams. $22


19 Notes:

Source: PitchBook.



($MM)

Name

Announced


Total

Raised

Agora Voice

Palo Alto, CA

www.agora.io

15-Sep-2015 Series B $20 Not disclosedGGV Capital, IDG Ventures Europe, Morningside Capital, SIG,

Shunwei CapitalDeveloper of mobile communication application. $26

CallMiner

Waltham, MA

www.callminer.com

15-Sep-2015 Series D $16 NewSpring Capital (Glenn Rieger)NewSpring Capital, Hamilton Lane, Intersouth Partners, Sigma

PartnersProvider of cloud based conversational analytics service. $53

Compass

New York , NY

www.compass.com

15-Sep-2015 Series C $50 Institutional Venture Partners (Todd

Chaffee)

Institutional Venture Partners, .406 Ventures, Advance Publications,

Founders Fund, Kenneth I. Chenault, Marc Benioff, Thrive CapitalProvider of a platform for real estate information and agent services. $123

Datos IO

San Jose, CA

www.datos.io

15-Sep-2015 Series A $13 Lightspeed Venture Partners, True

VenturesEngineering Capital, Lightspeed Venture Partners, True Ventures Developer of recovery management technologies. $15

Emarsys eMarketing Systems

Vienna, Austria

www.emarsys.com

15-Sep-2015 Series A $33 Vector Capital (Matthew Blodgett) Vector Capital Developer of marketing technologies. $33

F inancière des Paiements

Électroniques

Charenton-Le-Pont, France

www.financieredespaiementselectroni

15-Sep-2015Venture

Round$11 Partech Ventures (Philippe Collombel)

Financial Idac, HGDLMA Holding, Hugues Le Bret, Partech Ventures,

Ryad Boulanouar, La Confédération National des Buralistes de

France

Provider of electronic payment management services. $33

Olacabs

Bangalore, India

www.olacabs.com

15-Sep-2015 Series H $223 Falcon Edge CapitalRatan Tata, Falcon Edge Capital, Softbank, Tiger Global

ManagementProvider of online car rental services. $700

Pack link

Madrid, Spain

www.pack link .es

15-Sep-2015 Series C $13 Eight Roads Ventures (Davor Hebel) Eight Roads Ventures, Accel Partners, Active Venture Partners Operator of a search engine for parcel and courier services. $25

Springlane

Düsseldorf, Germany

www.springlane.de

15-Sep-2015 Series B $12 Not disclosedAd4Ventures, Heliad Equity Partners, Ithaca Investments, KfW,

Tripos International, Holtzbrinck Ventures, Tengelmann VenturesProvider of an online portal for cooking, food and kitchen accessories. $14

ThinkHR

Pleasanton, CA

www.thinkhr.com

15-Sep-2015Venture

Round$12 Kennet Partners (Eric Filipek) Kennet Partners Provider of a cloud-based human resource (HR) and compliance service. $12

You.i Labs

Kanata, Canada

www.youi.tv

15-Sep-2015Venture

Round$15

Kayne Anderson Capital Advisors (Leon

Chen)Kayne Anderson Capital Advisors Developer of multi-screen video applications. $15

Adara Media

Mountain View, CA

www.adara.com

14-Sep-2015 Series C $23 WiL, LLC (DBA World Innovation Lab)

(Gen Isayama)

August Capital, Morgenthaler, ONSET Ventures, QuestMark

Partners, WiL, LLC (DBA World Innovation Lab)Developer of an online audience targeting platform. $76

Albumatic

New York , NY

www.albumatic.com

14-Sep-2015 Series C $27 Not disclosed Not disclosed Provider of photo-sharing application. $41

AvidXchange

Charlotte, NC

www.avidxchange.com

14-Sep-2015 Series E $225 Bain Capital Ventures (Matthew Harris)Bain Capital Ventures, Foundry Group, KeyBanc Capital Markets,

Nyca Partners, Square 1 Bank, TPG CapitalProvider of accounts payable and on-demand invoice management services. $247


20 Notes:

Source: PitchBook.



($MM)

Name

Announced


Total

Raised

ICart Malaysia

Kuala Lumpur, Malaysia

www.happyfresh.com

14-Sep-2015 Series A $12 Sinar Mas Digital Ventures•Vertex

Venture Holdings (Joo Hock Chua)

500 Startups, Asia Venture Group, Sinar Mas Digital Ventures,

Teruhide Sato, Vertex Venture Holdings, Ardent Capital, Cherry

Ventures

Provider of an online marketplace for groceries. $12

InteraXon

Toronto, Canada

www.choosemuse.com

14-Sep-2015 Series B $11 OMERS Ventures (Ken Nickerson)Mindfull Investors, New Ground Ventures, Felicis Ventures,

Flextronics Lab IX, Horizons Ventures, OMERS VenturesProducer of brainwave controlled computing technology and applications. $18

Plexx i

Nashua, NH

www.plexx i.com

14-Sep-2015 Series D $35 Not disclosedLightspeed Venture Partners, Matrix Partners, North Bridge Venture

PartnersProvider of stealthy networking technology. $83

WebAction

Palo Alto, CA

www.webaction.com

14-Sep-2015 Series B $20 Intel Capital (Igor Taber) Intel Capital, Panorama Point Partners, Summit Partners Provider of enterprise infrastructure software. $32

Argus Cyber Security

Tel Aviv, Israel

www.argus-sec.com

10-Sep-2015 Series B $26 Not disclosedAllianz, Magna International, SBI Holdings, Magma Venture

Partners, Vertex Venture CapitalProvider of cyber security services for automobiles. $30

BlaBlaCar

Paris, France

www.blablacar.fr

10-Sep-2015 Series D $160 Insight Venture Partners Insight Venture Partners Provider of a mobile application for carpooling. $273

CartoDB

Brook lyn, NY

www.cartodb.com

10-Sep-2015 Series B $23 Accel Partners (Harry Nelis)Accel Partners, Salesforce Ventures, Earlybird Venture Capital, Kibo

VenturesDeveloper of a location based service and visualization engine. $31

Fundbox

San Francisco, CA

www.fundbox .com

10-Sep-2015 Series C $50 Spark Capital (Jeremy Philips)

Bezos Expeditions, Entrée Capital, Sound Ventures, Spark Capital,

Blumberg Capital, General Catalyst Partners, Khosla Ventures,

Shlomo Kramer

Provider of funds, cash and cash flow management software to small businesses. $108

HookLogic

New York , NY

www.hook logic.com

10-Sep-2015 Series C $16 Not disclosedFung Capital USA, Mousse Partners, Bain Capital Ventures, Intel

CapitalProvider of eCommerce media services. $40

Optimal+

Holon, Israel

www.optimaltest.com

10-Sep-2015 Series C $42 Kohlberg Kravis Roberts (Lucian

Schonefelder)Kohlberg Kravis Roberts, Carmel Ventures, Pitango Venture Capital Provider of test management and optimization software. $80

Plutus F inancial

San Francisco, CA

www.goabra.com

10-Sep-2015 Series A $12 Not disclosed Arbor Ventures, First Round Capital, RRE Ventures Developer of an application for online money transfer. $14

Tanium

Emeryville, CA

www.tanium.com

10-Sep-2015 Series G $128 Institutional Venture Partners•T. Rowe

Price•TPG Capital (Bryan Taylor)

Institutional Venture Partners, T. Rowe Price, TPG Capital,

Andreessen HorowitzDeveloper of security and systems management technologies. $287

thredUp

San Francisco, CA

www.thredup.com

10-Sep-2015 Series E $81 Goldman Sachs Investment Partners

(Ian Friedman)

Goldman Sachs Investment Partners, Highland Capital Partners,

Redpoint Ventures, Trinity Ventures, Upfront VenturesProvider of an online clothing retail and marketplace platform. $127

Unified Social

New York , NY

www.unifiedsocial.com

10-Sep-15 Series B $36 iHeartMedia (Robert Pittman)Foundry Group, iHeartMedia, Upfront Ventures, Advance

PublicationsProvider of cloud-based social operating platform for global brands and agencies. $54


21 Notes:

Source: PitchBook.



GCA Savvian Advisors Overview

22

Selected Recent Digital Media and Software Transactions

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

Undisclosed Consortium Led by

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

August 2015 July 2015 June 2015 June 2015 June 2015 May 2015 April 2015 April 2015 March 2015

Sale of

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

A subsidiary of to

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 We Advised the Seller

February 2015 December 2014 October 2014 October 2014 September 2014 September 2014 August 2014 August 2014 August 2014

Preferred Stock Acquisition of Sale of Entertainment Acquired by Acquired by

Store Assets to

Financial Advisor We Advised the Seller 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

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

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

Fairness Opinion for

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

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

Sale of

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

to

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 We Advised the Seller

May 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 December 2011 November 2011

Reality Media Holdings

Acquired byAcquired byAcquired byAcquired by

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]

GCA Savvian

23

Digital Media / Software Team

San Francisco

150 California St., Ste. 2300

San Francisco, CA 94111

United States

Phone: (415) 318-3600

New York

1330 Ave. of the Americas, 28th

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

Giuseppe Diprima Tomohiko Kubota Ashley Ma Saif Malik

Vice President Vice President Vice President Vice President

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

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

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

Weekly Internet / Digital Media / SaaS Sector Summary Week of October ... - GCA … · 2015. 10....

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