AdTech M&A in 2014 and Beyond: Trends and Drivers in an...

Jon Guido Linda Gridley Gee Leung Zack Lesko Sean Hurley

Partner Partner Partner CTO Analyst

AdTech M&A in 2014 and Beyond:

Trends and Drivers in an Evolving

Landscape

AGC’s AdTech M&A Update 2014

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AdTech’s momentum as a disruptive force to traditional advertising

practices continues to build in concert with technological advances

such as mobile computing and cloud delivery technologies. The role

of the media agency is being diminished and the traditional

commission payment model is giving way to programmatic real time

bidding ad impressions with a lifecycle of 200 milliseconds. Global

RTB spending is projected to grow at a 36% CAGR through 2017 to

$20.8 billion, according to IDC. With the proliferation of

smartphones, tablets and other mobile devices advertisers are focused

on providing cross-screen advertising and capitalizing on global

mobile ad spending that Magna Global forecasts to grow by a CAGR

of 35% and reach $73 billion by 2018. These industry trends coupled

with an overall increase in market size are shaping M&A activity

within AdTech.

M&A activity in the AdTech space has been strong for the year to

date. If deal activity continues at the current pace, the space will see

twice as many deals in 2014 as it did in 2013. Fourteen of these

transactions were between $100-$400 million. Additionally, the

AdTech buyer universe is expanding. More big players are jumping

into the AdTech frenzy including Yahoo, Twitter, and Adobe.

According to Ernst and Young’s Q3 2014 Technology M&A Report,

the total value of global Tech M&A activity in Q3 of 2014 was $73.7

billion. This broke the previous “post-dotcom bubble” Q3 record of

$71.2 billion in 2013. AdTech was targeted in over 100 deals in Q3

and $1.5 billion has been spent on AdTech M&A in 2014 as of

September. It was the third highest targeted sector behind only the

cloud/SaaS and mobility sectors. Subsectors that showed particularly

strong growth were video and Data Management Platforms. Video

deal activity jumped from 7 transactions in all of 2013 to 14 in 1H

2014 alone. This growth was fueled by the higher revenues produced

by video ads, as opposed to traditional banner ads, that are brought

about by the higher click through rates of video ads in comparison

with other AdTech mediums. Recent transactions in the space include

Facebook’s acquisition of LiveRail for $382 million and Opera’s June

acquisition of AdColony for $75 million in cash with a potential earn-

out of up to $275 million. The DMP subsector has also been active as

AdTech and enterprise software vendors have enhanced their focus on

the aggregation and application of data. This data is leveraged to drive

audience profiling and ad targeting in order to drive higher ROI.

Recent transactions in the Data Management Platform space are

Oracle picking up BlueKai for a price tag of $408 million and Rocket

Fuel buying programmatic marketing company [x+1] for $230

million in August 2014.

These acquisitions that are driving the continued consolidation of Ad

Tech companies, especially in the Display segment, are being fueled

0

5

10

15

20

$25

2013 2017

Global Programmatic-Based Display Spending 2013-2017 $USD in billions

Source: IDC

0

10

20

30

40

50

60

70

$80

2013 2014 2015 2016 2017 2018

Global Mobile Ad Spending 2013-2017 $USD in billions

Source: Magna Global


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by multiple industry-wide trends. Venture firms that have invested in

the space are seeing their investments mature and are seeking to make

profitable exits, which is aiding the supply of target companies to the

market. Larger advertisers in particular are looking to make omni-

channel impressions on consumers and many view building their

capabilities through acquisitions as a better investment than dedicating

R&D spend to develop an unproven platform internally. The

continued growth of mobile devices and the emergence of connected

TVs have incentivized advertisers to be adept at serving ads to these

channels as more and more consumers consume online video content.

Aggregation and use of mobile data has become a particularly

important initiative for many AdTech companies as use of geolocation

and purchase information are leveraged to deliver increasingly

targeted, and therefore more effective, advertising. One recent

transaction that reflects this rationale is RTL Group’s $144 million

purchase of SpotXchange, which provides behavioral in-market

targeting among other services. These trends have manifested

themselves in the transactions of active buyers in the space whose

names include some of the biggest players in the digital universe.

Active players in AdTech include media giant WPP, who has

participated as a buyer in five transactions in 2014YTD. Notable 2014

purchases for WPP include announcing the acquisitions of Twist

Image and Quirk Digital Media five days apart in May. Social media

behemoth Twitter acquired mobile ad service Namo Media and

retargeting solutions provider TapCommerce in June. New buyers

including social media firms, such as the aforementioned Twitter, as

well as telecom companies such as SingTel and Telefonica, have

entered the space by making a splash with strategic acquisitions, a

sign of the increased competition for client advertising spending. On

June 16, 2014, Amobee, a recent acquisition by SingTel, acquired

Adconion, an online cross-channel advertising firm, and Kontera, a

mobile advertising technology firm, for a combined $360 million.

Buyers place a premium on characteristics such as scale, scarcity, and

disruption. Recent transactions that are notable for their size are

Publicis’ purchase of Sapient for $3.4 billion and Yahoo’s acquisition

of digital video advertising firm BrightRoll for $640 million. Going

forward the space should see increased international expansion. As the

AdTech market in Europe reaches maturity and U.S. firms achieve

scale domestically there is anticipation in the market of increased

international deal flow.

Sources: eMarketer, Magna Global, IDC, Results International, Yahoo! Finance,

adexchanger, S&P Capital IQ, 451 Research

Source: Ernst & Young

Source: MarketWatch; As of 9/23/14;

Excludes Google’s acquisition of DoubleClick


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*M&A activity from 1/1/14 – 11/18/14; Source: S&P Capital IQ, 451 Research

Announced Target Acquirer Implied EV ($M) EV / LTM Rev Target LTM Revs

11/03/14 Sapient Publicis 3,400 2.5x 1,350

11/11/14 Brightroll Yahoo 640 NM ND

02/24/14 BlueKai Oracle 408 6.5x 63

07/02/14 LiveRail Facebook 382 70 5.5

3/6/2014 FreeWheel Media Comcast 360 16.4x 22

5/14/2014 LiveRamp Acxiom 310 12.4x 25

6/10/2014 Adconion Media SingTel 235 1.3x 185

8/5/2014 [x+1] Rocket Fuel 230 2.6x 90

7/22/2014 Bizo LinkedIn 175 4.4 40

6/10/2014 Kontera SingTel 150 5.8 26

7/31/2014 SpotXchange RTL Group 144 NM ND

9/23/2014 Nexage Millennial Media 115 14.3 8

5/28/2014 Distimo App Annie 109 NM ND

5/6/2014 Convertro AOL 89 11 8

9/10/2014 Beijing Yiqilian Technology Beijing Join-Cheer Software 78 NM ND

6/24/2014 AdColony Opera Software 75 1.4x 53

6/26/2014 Markco Media Monitise 45 NM ND

6/2/2014 NowSpots Marin Software 23 NM ND

5/20/2014 Suzhou Intimes Technology Company Limited Guangdong Eastone 21 16.8x 1

4/27/2014 The Pappas Group Digital Management 20 NM ND

7/10/2014 GroupCard EFactor Group 2 NM ND

9/5/2014 Cellfire Catalina Marketing Corporation ND NM ND

9/5/2014 Luminate Yahoo! ND NM ND

9/3/2014 Cyber Kiosk Solutions EPA Petroleum ND NM ND

8/26/2014 Keyade GroupM ND NM ND

8/14/2014 TBG Digital Sprinklr ND NM ND

8/3/2014 Focus on Emotions ALTABOX ND NM ND

7/21/2014 Flurry Yahoo! ND NM ND

7/2/2014 The Rimm-Kaufman Group Merkle ND NM ND

7/2/2014 Global Leads Group Holtzbrinck Digital ND NM ND

6/12/2014 Medio Systems Nokia ND NM ND

6/9/2014 Blick & Staff Communications O'Malley Hansen ND NM ND

6/4/2014 Namo Media Twitter ND NM ND

6/3/2014 The Mid Roll Midroll Media ND NM ND

5/28/2014 Capptain Microsoft ND NM ND

5/22/2014 Assetus Wealth Bay Spólka Akcyjna ND NM ND

5/19/2014 WSM Communications Group Limited Corbis Entertainment ND NM ND

5/19/2014 Mocean Mobile Pubmatic ND NM ND

5/6/2014 BrandAds Extreme Reach ND NM ND

5/6/2014 Genuine Interactive Jack Morton Worldwide ND NM ND

5/6/2014 Midnight Marketing Autologue Computer ND NM ND

5/6/2014 Purestone TFM Lewis PR ND NM ND

4/30/2014 Apprupt Opera ND NM ND

4/28/2014 Public Creative Communisis ND NM 1

4/21/2014 The Powers That Be Social Media Driven Solutions ND NM ND

4/17/2014 The Skyline Agency Webxu ND NM ND

4/17/2014 Media Interactive Omnicom Media Group ND NM ND

4/16/2014 Blabwire Media Experience Art and Design ND NM ND

4/10/2014 CustomerLink Systems Demandforce ND NM ND

4/3/2014 Sociabliz The Social Client ND NM ND

4/3/2014 Sociomantic Labs Dunnhumby ND 100 ND

4/2/2014 WinWin Media The Icicle Group ND NM ND

4/2/2014 New Control Merkle ND NM ND

4/1/2014 X-Prime JWT Paris ND NM ND

3/27/2014 Klout Lithium Technologies ND NM ND

3/24/2014 Performance Media Equistone Partners Europe ND NM ND

3/18/2014 Hare Communications Concert Care Healthcare ND NM ND

3/18/2014 AdMobius Lotame Solutions ND NM ND

3/17/2014 Selling Attitude Adhrena ND NM ND

3/12/2014 Image Group Betley Whitehorne ND NM ND

Recent M&A Transactions*


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Acquirer Display Search Social Video Email Mobile Data / Audience Exchanges

OOT (9/07)

24/7 Real Media (5/07)

Quickstep394 (5/07)

Spot Runner (11/06)

Midia 123 (9/14)

Keyade (8/14)

Quirk Digital Marketing (5/14)

Lemon Sky (2/14)

Biggs Gilmore (11/13)

Keyade (8/14)

Precise Media Group (6/14)

Twist Image (5/14)

Data Republic (4/14)

X-PRIME Group (4/14)

Keyade (8/14)

Panache (12/11)

Spot Runner (11/06)

CM Interactive (12/12)

Mayko Trading (12/12)

Netbooster Asia (11/12)

Cairos Usabilidade (9/14)

Double Encore (8/14)

Aerodeon (5/14)

X-PRIME Group (4/14)

Guardian Digital (7/14)

XTEL Group (4/14)

FusePump (3/14)

plista (1/14)

YourWebBrand (12/13)

Bannerconnect (2/14)

Luminate (9/14)

Interclick (11/11)

5 to 1 (5/11)

Dapper (10/10)

Bread Labs (10/13)

Bix (11/06)Maven Networks (2/08)

Flurry (7/14)

Admovate (7/13)

Cirius (8/10)

Actionality (7/07)

Flurry (7/14)

Palaran (7/13)

Interclick (11/11)

IndexTools (4/08)

BlueLithium (10/07)

Right Media (4/07)

5 to 1 (5/11)

Right Media (4/07)

Invite Media (6/10)

DoubleClick (4/07)PeakStream (5/07)

Wavii (4/13)

Wildfire Interactive (7/12)

Meebo (6/12)

Adscape Media (3/07)

mDialog (6/14)

Autofuss (12/13)AdMob (11/09)

Adometry (5/14)

Channel Intelligence (2/13)

Zave Networks (9/11)

AdMeld (6/11)

PostRank (6/11)

DoubleClick (4/07)

Buysight (12/12)

Pictela (12/10)

ADTECH (5/07)

Quigo (11/07) Gravity (1/14)

Adap.tv (8/13)

GoViral (1/11)

Pictela (12/10)

ADTECH (5/07)

Goowy (2/08)

Quigo (11/07)

ADTECH (5/07)

Third Screen Media (5/07)

PrecisionDemand (5/14)

Converto (5/14)

Gravity (1/14)

Buysight (12/12)

AdECN (7/07) aQuantive (5/07) MarketingPilot Software (10/12) Massive (5/06)Capptain (5/14)

MessageCast (5/05)

Navic Systems (6/08)

Rapt (6/08)

YaData (2/08)

AdECN (7/07)

Omnicom (7/13)

ZenithOptimedia (1/14)

Lbi International (9/12)

Rosetta (5/11)

Portfolio (7/08)

Hawkeye (3/14)


Net@lk (7/13)

Omnicom (7/13)

Airlock (3/11)

TPM Communications

(9/13)

Omnicom (7/13)


Hawkeye (3/14)

Omnicom (7/13)

Digital District (12/10)

Phonevalley (9/07)

Applied Media (1/14)


Omnicom (7/13)


Rosetta (5/11)

Unica (8/10)Xtify (10/13)

Unica (8/10)

Netezza (9/10)

Unica (8/10)

Coremetrics (6/10)

ExactTarget (6/13)

Buddy Media (6/12)

Radian6 (3/11)

ExactTarget (6/13) ExactTarget (6/13)

Compendium (10/13)

Responsys (12/13)

Responsys (12/13)

Vitrue (5/12)

Responsys (12/13)

Eloqua (12/12)Responsys (12/13) BlueKai (2/14)

Tumri (7/11)

OggiFinogi (2/11)Web TV (3/11)

Web TV (3/11)

OggiFinogi (2/11)

OggiFinogi (2/11)

Personifi (6/08)

SecondSync (3/14)

Trendrr (8/13)

BlueFin Labs (2/13)

TapCommerce (6/14)

MoPub (11/13)

Namo Media (6/14)

AdGrok (5/11) MoPub (11/13)

Hydra Group (6/10)Hydra Group (6/10)

MIVA Media (3/09)

Giant Media (3/14)

Montipay (4/13)

AdParlor (11/11)

Hydra Group (6/10)

Social Media Networks (11/09)

KTTN Media (7/09)

TriVu Media (7/14)

Giant Media (3/14)Hydra Group (6/10)

Montipay (4/13)

KITN Media (7/09)TriVu Media (7/14)

Fetchback (6/10)

Pepperjam (9/09)Pepperjam (9/09)

Where (4/11)

Pepperjam (9/09)

MBS (5/10)

e-Dialog (1/08)

Where (4/11)

M3 Mobile Marketing (4/10)

Where (4/11)

ClearSaleing (1/11)

FetchBack (6/10)

Silverlign (4/09)

Efficient Frontier (11/11)

Scene7 (5/07)

Efficient Frontier (11/11)

Omniture (9/09)

Neolane (6/13)

Efficient Frontier (11/11)Neolane (6/13)

Search Discovery (8/13)

Altitude (11/11)

Demdex (1/11)

Omniture (9/09)

Visual Sciences (10/07)

Jumptap (8/13)

Metaresolver (2/13)

Condaptive (5/11)

TapMetrics (2/10)

Metaresolver (2/13)

Condaptive (5/11)

TapMetrics (2/10)

Aggregate Knowledge (10/13)Aggregate Knowledge (10/13)

TargusInfo (10/11)

HiClip (9/08)

smartclip (10/11)

RedLever (11/08)

HiClip (9/08)

Frontline Direct (3/08)

Tempest Media (10/07)Objective Loyalty (12/10)

AdCombination (11/10)

Adviva (3/08)Broadband Ent. (10/10)

Adcombination (11/10)

Adviva (3/08)

Excludes deals done by subsidiaries prior to their acquisition by parent company


Recent M&A Transactions*

Major Players’ M&A Activity


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Date Target Acquirer Implied EV ($M) EV / LTM Rev Target LTM Revs

1. 05/17/07 aQuantive Microsoft 5,746 11.7x 493

2. 04/13/07 DoubleClick Google 3,110 NM ND

3. 06/04/13 ExactTarget salesforce.com 2,539 8.0x 317

4. 08/05/14 Classified Ventures Gannett 2,474 NM ND

5. 09/20/10 Netezza Corporation IBM 1,593 7.1x 223

6. 12/20/13 Responsys Oracle Corporation 1,590 8.2x 194

7. 09/15/09 Omniture Adobe Systems 1,559 4.6x 336

8. 04/30/07 Right Media Yahoo! 850 NM ND

9. 08/12/13 Digital Generation Extreme Reach 829 2.1x 386

10. 06/04/12 Buddy Media salesforce.com 745 26.0x 29

11. 11/09/09 AdMob Google 675 NM ND

12. 10/11/11 Targus Neustar 658 4.4x 149

13. 02/06/07 NetRatings The Nielsen Company 610 7.5x 82

14. 05/17/11 Rosetta Marketing Group Publicis Groupe 575 2.7x 215

15. 12/22/10 Aprimo, Incorporated Teradata Corporation 500 7.4x 68

16. 08/13/10 Unica Corporation IBM 447 4.1x 109

17. 06/03/10 iCrossing The Hearst Corporation 425 4.3x 100

18. 06/16/11 MediaMind Technologies Digital Generation 423 5.0x 84

19. 08/07/13 Adapt.tv AOL 405 NM ND

20. 11/30/11 Efficient Frontier Adobe Systems 375 NM ND

21. 10/25/07 Visual Sciences Adobe Systems 367 4.6x 79

22. 03/06/14 FreeWheel Media Comcast 360 NM ND

23. 06/24/14 AdColony Opera Software 350 6.6x 53

24. 09/09/13 MoPub Twitter 350 130.1x 3

25. 11/07/07 Quigo Technologies AOL 346 NM ND

26. 03/30/11 Radian6 salesforce.com 341 NM ND

27. 03/05/12 Amobee SingTel 321 NM ND

28. 05/14/14 LiveRamp Acxiom 310 NM ND

29. 05/23/12 Vitrue Oracle Corporation 300 NM ND

30. 04/28/08 Adify Corporation The Travel Channel 300 42.9x 7

31. 08/02/11 Dotomi ValueClick 278 5.6x 50

32. 07/26/07 Tacoda AOL 275 NM ND

33. 11/01/11 interclick Yahoo! 251 2.0x 128

34. 08/13/13 Jumptap Millennial Media 245 3.8x 64

35. 09/04/07 BlueLithium Yahoo! 243 NM ND

36. 08/05/14 [x+1] Rocket Fuel 236 3.3x 72

37. 06/10/14 Adconion Media SingTel 229 1.2x 185

38. 07/31/14 SpotXchange RTL Group 222 NM ND

39. 07/22/14 Bizo LinkedIn 175 NM ND

40. 02/12/08 Maven Networks Yahoo! 162 NM ND

41. 03/03/08 Compete WPP 150 10.1x 15

42. 02/28/14 IREP Co D.A.Consortium 149 0.3x 485

43. 01/23/08 e-Dialog GSI Commerce (eBay) 148 4.4x 34

44. 01/29/14 Digitalsmiths TiVo 135 NM ND

45. 04/20/11 Where eBay 135 NM ND

46. 02/06/13 Channel Intelligence Google 125 NM ND

47. 10/30/13 Aggregate Knowledge Neustar 117 NM ND

48. 12/21/09 EyeWonder Digital Generation 116 NM ND

49. 03/25/05 Digital Impact Acxiom Corporation 115 2.7x 42

50. 07/26/07 Interactive Marketing Works TradeDoubler 115 0.8x 141

Precedent M&A Transactions*


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Precedent M&A Transactions* (cont’d)

Date Target Acquirer Implied EV ($M) EV / LTM Rev Target LTM Revs

51. 05/28/14 Distimo App Annie 109 NM ND

52. 06/04/12 Meebo Google 100 NM ND

53. 10/20/08 Acerno Akamai Technologies 98 NM ND

54. 06/26/14 Markco Media Monitise 94 NM ND

55. 01/31/11 GoViral AOL 92 NM ND

56. 01/23/14 Gravity AOL 91 NM ND

57. 10/20/14 Videoplaza Ooyala 80 10x 8

58. 09/10/14 Beijing Yiqilian Technology Beijing Join-Cheer Software 78 NM ND

59. 04/25/11 Greystripe ValueClick 71 NM ND

60. 04/11/11 Jingle Networks Marchex 67 3.4x 19

61. 04/11/11 Tatto Ozura World 60 NM ND

62. 12/03/13 Rhythm NewMedia Blinkx 57 4.9x 12

63. 10/05/10 Dapper Yahoo! 55 NM ND

64. 10/01/10 Mobclix Velti 54 NM ND

65. 09/04/13 Saffron Digital Cinram Group 47 NM ND

66. 11/05/12 Longboard Media Bazaarvoice 44 NM ND

67. 11/05/13 SiteScout Centro 40 NM ND

68. 03/11/13 Amaze St. Ives 37 1.4x 26

69. 08/20/04 Agency M WPP 34 4.0x 8

70. 09/30/10 Match Point Media Digital Generation 31 NM ND

71. 04/08/11 BurstMedia Blinkx 30 0.8x 38

72. 07/24/11 Adperio Matomy Media Group 30 0.6x 50

73. 04/23/13 Wavii Google 30 NM ND

74. 05/18/11 5to1 Yahoo! 26 NM ND

75. 10/29/13 Perka First Data 26 NM ND

76. 01/02/13 TapIt! Media Group Phunware 23 NM ND

77. 06/02/14 NowSpots Marin Software 23 NM ND

78. 10/28/10 Quova Neustar 22 NM ND

79. 05/20/14 Suzhou Intimes Technology Company

Limited

Guangdong Eastone 21 16.8x 1

80. 04/27/14 The Pappas Group Digital Management 20 NM ND

81. 01/15/08 Webmetrics Neustar 19 NM ND

82. 01/10/13 (m) PHASIZE Sapient 18 NM ND

83. 06/21/12 Brand.net Valassis Communications 18 NM ND

84. 03/01/10 Perfiliate Technologies Limited Digital Window Ltd. 17 0.3x 57

85. 04/23/12 Peer39 MediaMind Technologies 16 NM ND

86. 02/20/13 Metaresolver Millennial Media 15 NM ND

87. 09/13/13 Facilitate Digital Holdings Adslot 14 3.6x 4

88. 07/15/13 AD-X Criteo 12 NM ND

89. 03/12/09 MIVA Media International Adknowledge 12 NM ND

90. 11/17/14 iSocket Rubicon Project / iSocket 10 NM ND

91. 01/07/13 MediaWhiz Holdings Matomy Media Group 10 0.1x 75

92. 03/09/11 M-Factor DemandTec 10 2.1x 4

93. 02/24/10 SMBLive ReachLocal 9 NM ND

94. 11/06/14 E-Tale Holdings ChannelAdvisor 8 NM ND

95. 06/10/10 Adisn CrowdGather 8 NM ND

96. 01/12/11 TrackSimple Blue Kai 7 NM ND

97. 02/26/14 thelab Wellcom Group 6 0.5x 13

98. 02/24/14 Odigma Consultancy Infibeam Digital Entertainment

Private

5 NM ND

99. 01/15/13 Crowd Science YuMe 4 NM ND

100. 01/21/03 Insight First 24/7 Media 4 NM ND

101. 04/06/09 Silverlign Group GSI Commerce (eBay) 2 NM ND

102. 07/10/14 GroupCard EFactor Group 2 NM ND

103. 05/23/11 Condaptive Millennial Media 2 NM ND

104. 03/27/06 Advertigo TradeDoubler 1 NM ND

Disclosed M&A Median $98 4.2x $64


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Date Target Acquirer Date Announced Target Acquirer

1. 10/02/14 2Go Media Affinity Solutions 63. 02/05/14 Mobi Targets adQuota Denmark

2. 10/01/14 Struq Quantcast 64. 01/23/14 Handpicked Media Future PLC

3. 09/05/14 Cellfire Catalina Marketing Corporation 65. 01/21/14 Applied Media Logic Publicis Groupe

4. 09/05/14 Luminate Yahoo! 66. 01/10/14 john st. WPP

5. 09/03/14 Cyber Kiosk Solutions EPA Petroleum 67. 01/07/14 Salesquest Onesource

6. 08/26/14 Keyade GroupM 68. 01/06/14 Sense Networks YP Intellectual Property

7. 08/14/14 TBG Digital Sprinklr 69. 12/31/13 InsightsOne Apigee

8. 08/03/14 Focus on Emotions ALTABOX 70. 12/13/13 Apptera Soleo Comm.

9. 07/21/14 Flurry Yahoo! 71. 12/09/13 Crystal Semantics 24/7 Media

10. 07/02/14 LiveRail Facebook 72. 11/12/13 TRAFFIQ Talus Holdings

11. 07/02/14 The Rimm-Kaufman Group Merkle 73. 11/07/13 ETO Publicis Groupe

12. 07/02/14 Global Leads Group Holtzbrinck Digital 74. 10/01/13 AdReady CPX Interactive

13. 06/12/14 Medio Systems Nokia 75. 10/01/13 Rapleaf TowerData

14. 06/09/14 Blick & Staff Communications O'Malley Hansen 76. 09/30/13 AdStack TellApart

15. 06/04/14 Namo Media Twitter 77. 07/16/13 EveryScreen Media Dstillery

16. 06/03/14 The Mid Roll Midroll Media 78. 05/20/13 NetShelter Technology Media Ziff Davis Media

17. 05/28/14 Capptain Microsoft 79. 05/20/13 AdMovate Yahoo!

18. 05/22/14 Assetus Wealth Bay Spólka Akcyjna 80. 05/13/13 Avail Intelligence AB RichRelevance

19. 05/19/14 WSM Communications Group Limited Corbis Entertainment 81. 05/10/13 Loki Studios Yahoo!

20. 05/19/14 Mocean Mobile Pubmatic 82. 04/08/13 Montipay Inc Adknowledge

21. 05/06/14 BrandAds Extreme Reach 83. 03/07/13 Visual Revenue Outbrain

22. 05/06/14 Genuine Interactive Jack Morton Worldwide 84. 01/08/13 MakeGood Quantcast

23. 05/06/14 Midnight Marketing Autologue Computer 85. 01/08/13 Akamai, Ad Solutions Division MediaMath

24. 05/06/14 Purestone TFM Lewis PR 86. 01/07/13 Overlay Media InMobi

25. 04/30/14 Apprupt Opera 87. 12/11/12 Scribit Outbrain

26. 04/28/14 Public Creative Communisis 88. 12/04/12 TapMe MediaMath

27. 04/21/14 The Powers That Be Social Media Driven Solutions 89. 12/03/12 Buysight AOL

28. 04/17/14 The Skyline Agency Webxu 90. 10/28/12 JumpTime OpenX Technologies

29. 04/17/14 Media Interactive Omnicom Media Group 91. 10/17/12 Tyroo Media Xplorer

30. 04/16/14 Blabwire Media Experience Art and Design 92. 10/17/12 Daylife NewsCred

31. 04/10/14 CustomerLink Systems Demandforce 93. 09/14/12 Ze Frank Games Contagious Media

32. 04/03/14 Sociabliz The Social Client 94. 09/13/12 Kingfish Labs Contagious Media

33. 04/02/14 WinWin Media The Icicle Group 95. 09/07/12 VirusTotal Google

34. 04/02/14 New Control Merkle 96. 09/05/12 Media Forum Rakuten LinkShare

35. 04/01/14 X-Prime JWT Paris 97. 07/31/12 Wildfire Interactive Google

36. 03/24/14 Performance Media Equistone Partners Europe 98. 07/31/12 Metaflow Solutions InMobi

37. 03/18/14 Hare Communications Concert Care Healthcare 99. 07/13/12 MMTG Labs InMobi

38. 03/18/14 AdMobius Lotame Solutions 100. 07/02/12 Vizu Corporation Nielsen Holdings

39. 03/17/14 Selling Attitude Adhrena 101. 06/14/12 Clickable Synapse

40. 03/12/14 Image Group Betley Whitehorne 102. 05/23/12 MobSmith The Rubicon Project

41. 03/10/14 eBrains Delucchi Plus 103. 02/27/12 OpenX Lift OpenX Technologies

42. 03/10/14 The Church Designworks Group 104. 02/21/12 aiMatch SAS Institute

43. 03/10/14 Party Of 2 Azoff MSG Entertainment 105. 01/26/12 Audience Intertainment Media

44. 03/07/14 Benedict Advertising & Marketing JKR Advertising 106. 01/23/12 WebVisible The Berry Company

45. 03/05/14 Bread Labs Yahoo! 107. 01/19/12 Image Space Media Vibrant Media

46. 03/03/14 Henry Russell Bruc AMPERAGE Marketing 108. 12/21/11 ClickEquations Acquisio

47. 02/28/14 Verkossa Media Oy Fonecta Enterprise 109. 12/07/11 CoreAudience iCrossing

48. 02/27/14 MSB Local Maximize Digital Media 110. 12/06/11 Panache 24/7 Media

49. 02/24/14 Bluekai Oracle 111. 11/01/11 AdParlor Adknowledge

50. 02/21/14 Cool Pink Blue Logic Digital 112. 11/01/11 XGraph Clearspring Technologies

51. 02/21/14 SMG Lighthouse Starcom 113. 10/06/11 smartclip Adconion Media

52. 02/21/14 Burstly Apple 114. 10/04/11 Lijit Networks Federated Media

53. 02/19/14 Connexity Shopzilla 115. 09/27/11 Web Dev. Vantage Media

54. 02/18/14 MobiGirl Media SuperAwesome 116. 09/26/11 BrokersWeb Vantage Media

55. 02/17/14 Agent3 Next Fifteen Communications 117. 09/25/11 MediaBank Mediaocean

56. 02/13/14 Milanuncios Schibsted Classified Media 118. 09/22/11 CONTEXTWEB PulsePoint

57. 02/13/14 Tube One Networks Ströer Media 119. 08/16/11 AdJug IgnitionOne

58. 02/12/14 Women's Marketing BB&T Capital Partners 120. 08/03/11 CS Adxpose comScore

59. 02/11/14 Awak'It SARL GFI Informatique 121. 08/02/11 ChipIn InMobi

60. 02/11/14 This Way Up Marketing Sharp Innovations 122. 06/13/11 Admeld Google

61. 02/11/14 Simplytics Integral Ad Science 123. 06/03/11 PostRank Google

62. 02/10/14 RealTargeting DoubleVerify 124. 04/28/11 Sooth Software MediaBank


Precedent M&A Transactions* (cont’d) – Undisclosed Values


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Jon Guido

Partner

Investment Banking

Co-Head, Digital Interactive and Mobile Group

Jon is a founding Partner at AGC with a focus on the Digital Media, Internet, and Business Services sectors

Over the span of his 15-year career in investment banking, Jon has completed more than 65 transactions

As Chief Operating Officer for AGC, Jon works on developing and implementing the firm’s financial, operational, and business development strategies

Jon helped found AGC in February of 2003, coordinating the infrastructure build, capital raise, and recruiting effort

Prior to AGC, Jon worked in SG Cowen’s Mergers & Acquisitions Group

Linda Gridley

Partner

Investment Banking

Co-Head, Digital Interactive and Mobile Group

Linda has over 25 years of Wall Street investment banking experience

Transactional experience focused in Digital Marketing & Media, Adtech, E-Commerce, Mobile, Social, Payments, Financial Technology, Traditional Marketing, Data and Saas & Outsourcing services

Founded Gridley & Company in August 2001 and built a premier boutique bank from the ground up

Linda is regarded as an industry leader for conceiving some of the industry’s best-regarded and best-attended conferences and events

Gee Leung

Partner

Investment Banking

Gee joined AGC Partners in 2014 as a Partner focusing on Digital Media and Internet

Prior to AGC, Gee held senior positions at MESA Global and Montgomery & Co.

Gee brings 16 years of banking experience to AGC

Gee holds a BS from the Haas School of Business at the University of California, Berkley

Digital Media, Internet & Mobility Experience


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Note: This document is intended to serve as information only, and to suggest that further analysis and consideration may be

warranted. Unless otherwise indicated, AGC does not believe that the information contained herein is sufficient to serve as the basis

of an investment decision. There can be no assurance that these statements, estimates or forecasts will be attained and actual

results may be materially different. Only those representations or warranties which are made in a definitive purchase agreement will

have any legal effect. To learn more about the company/companies that is/are the subject of this commentary, contact one of

persons named herein who can give you additional information.

AGC Today Culture of teamwork, creativity, passion, tenacity, community and integrity

A reputation for closing deals large and small at premium valuations

History of completing 25 to 30 transactions per year – volume brings market knowledge, experience and deep worldwide technology contacts

50 person global team with offices in Boston, Silicon Valley, New York City, Minneapolis and London

Strong technology sector expertise lead by 15 AGC Partners with average banking experience of 20 years – HCIT, security, cloud infrastructure, SaaS, digital media, consumer / enterprise application and more

451 Group ranks AGC as the leading technology boutique – 10 years in business and 40 consecutive quarters of profitability

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