Software Internet Mobile - Vista Point...

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Software Internet Mobile

Internet Industry Update

Q4 2013

http://www.victorypharma.com/index.shtml

http://www.victorypharma.com/index.shtml

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Q4 2013 Internet Industry Overview

• Internet M&A recovered from a 3 year low

- Divestitures of non-core assets and consolidation were the trends in Q4 2013 as buyers targeted

strategic acquisitions

- Harland Clarke acquired Valassis for $1.9 billion

- Ziff Davis acquired TechBargains from Exponential Interactive

- Nielsen acquired Harris Interactive for $103 million

- The number of M&A transactions rebounded from Q3, which saw the fewest transactions since 2009,

but volume remained low with only 301 internet transactions in Q4 2013

- Q4 2013 experienced a higher than normal number of venture-backed M&A exits; however, aggregate

exit value declined from $84 billion in 2012 to $61 billion in 2013

• IPO activity decreased in Q4 2013 partly driven by robust M&A conditions

- Twitter (NYSE:TWTR) was by far the quarter’s most successful internet IPO; the micro-blogging site

raised $1.8 billion and is trading up 145% since its debut

- Zulily (NasdaqGS:ZU) is trading up 88% after raising $253 million

- Chegg (NYSE:CHGG) has disappointed since its IPO, raising $188 million but trading down 32%

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Active Acquirers and Notable Transactions

Source: Capital IQ as of 12/31/13

Notable Recent Transactions

Most Active Acquirers (Since 2008)

Acquirer

Target

Date 10/22/13 11/19/13 11/25/13 12/18/13 12/19/13

EV N/A N/A $103m $1,872m $994m

EV / LTM Rev N/A N/A 0.7x 0.9x N/A

EV / LTM EBITDA N/A N/A 8.7x 7.3x N/A

Deals <$1bn

Deals >$1bn

32

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100

150

200

250

300

350

400

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($

bn

)Internet M&A Market Overview Quarterly Internet M&A Value and Deal Count (Since 2008)


5

80%74% 76%

69% 69% 69%74% 71% 71% 71% 73% 69% 69% 71%

61% 61%

0%

20%

40%

60%

80%

100%

Q1

'10

Q2

'10

Q3

'10

Q4

'10

Q1

'11

Q2

'11

Q3

'11

Q4

'11

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Q2

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Q3

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Q4

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Q1

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Q2

'13

Q3

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Q4

'13

Internet M&A Market Overview


Transactions by Reported Value

Transactions by Target Funding

<$50M67%

$50M - $100M11%

$100M - $250M7%

$250M - $500M7%

$500M - $1B3%

>$1B5%

2012

<$50M

$50M - $100M

$100M - $250M

$250M - $500M

$500M - $1B

>$1B

Total: $84B Total: $61B 69%

7%

11%

3%

4%

6%

2013

66%

11%

7%

6%

4%

6%

2012

50+

$30 - $50M

$10 - $30M

$0.1 - $10M

Undisclosed

No Funding

6

Select Q4 2013 Announced M&A Transactions

Note: $ in Millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful. Source: Capital IQ as of 12/31/13

Enterprise Target LTM Enterprise Value / Date Target Acquirer Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

12/31/13 VideoIQ Avigilon Security $32.0 N/A N/A N/A N/A

12/30/13 ThingWorx PTC Development 130.0 N/A N/A N/A N/A

12/23/13 As Seen On TV Infusion Brands International Advertising and Marketing N/A $10.5 ($7.0) N/A N/A

12/23/13 Clickability Upland Software Content Delivery and Management 12.7 N/A N/A N/A N/A

12/23/13 HeadSprout LAZEL Education 4.0 N/A N/A N/A N/A

12/23/13 Impatex Freight Software The Descartes Systems Supply Chain 8.3 N/A N/A N/A N/A

12/23/13 Gracenote Tribune Company Content and Services 170.0 N/A N/A N/A N/A

12/20/13 Responsys Oracle Advertising and Marketing 1,589.2 194.3 13.3 8.2x N/M

12/20/13 ForeSee Results Answers Corporation Business Intelligence N/A N/A N/A N/A N/A

12/19/13 Hart Systems Zebra Technologies Retail Software 94.0 N/A N/A N/A N/A

12/19/13 FanSnap SeatGeek Ecommerce N/A N/A N/A N/A N/A

12/19/13 Aspera IBM Systems / Network N/A N/A N/A N/A N/A

12/19/13 Dealer.com Dealertrack Technologies Advertising and Marketing 994.3 N/A N/A N/A N/A

12/18/13 Valassis Communications Harland Clarke Advertising and Marketing 1,871.6 2,047.2 257.7 0.9x 7.3x

12/18/13 oDesk Elance Content and Services N/A N/A N/A N/A N/A

12/18/13 NMTI Amadeus Business Software 500.0 N/A N/A N/A N/A

12/17/13 Kibits Cisco Content Delivery and Management N/A N/A N/A N/A N/A

12/17/13 BTX Trader WPCS International Fintech N/A N/A N/A N/A N/A

12/17/13 StackMob PayPal Development N/A N/A N/A N/A N/A

12/17/13 MediaNews Group 21st Century Media Content and Services N/A N/A N/A N/A N/A

12/17/13 Matrix-Data Market Metrics Fintech 32.5 N/A N/A N/A N/A

12/17/13 Globe Wireless Inmarsat Retail Software 45.0 91.0 N/A 0.5x N/A

12/17/13 Entrust DataCard Security N/A N/A N/A N/A N/A

12/17/13 3TIER Vaisala Governance, Risk, & Compliance 14.7 9.0 N/A 1.6x N/A

12/17/13 SportStream Facebook Content Delivery and Management N/A N/A N/A N/A N/A

12/16/13 wetpaint.com Viggle Content and Services 30.0 N/A N/A N/A N/A

12/16/13 SignalDemand PROS Holdings Supply Chain 13.5 N/A N/A N/A N/A

12/16/13 TargetSpot Radionomy Advertising and Marketing N/A N/A N/A N/A N/A

12/16/13 Alohar Mobile AutoNavi Development 30.0 N/A N/A N/A N/A

12/13/13 Staffcare SimplyBiz Human Capital N/A N/A N/A N/A N/A

12/12/13 Strutta Media LX Ventures Advertising and Marketing 9.6 N/A N/A N/A N/A

12/11/13 Property Data Solutions Australian Property Monitors Content and Services 27.2 N/A N/A N/A N/A

12/11/13 Kontagent Medium Entertainment Advertising and Marketing N/A N/A N/A N/A N/A

12/11/13 Skills2Learn Babcock International Education N/A N/A N/A N/A N/A

12/11/13 Vasont Systems TransPerfect Translations Content Delivery and Management N/A N/A N/A N/A N/A

12/10/13 Cloudmeter Splunk Business Intelligence 21.0 N/A N/A N/A N/A

12/10/13 Twitchy Salem Communications Content and Services N/A N/A N/A N/A N/A

12/09/13 Media Convergence Group The E. W. Scripps Company Content and Services 35.0 N/A N/A N/A N/A

12/09/13 Get Out of Cambridge Groupon Content and Services N/A N/A N/A N/A N/A

12/06/13 EvntLive Yahoo! Content Delivery and Management N/A N/A N/A N/A N/A

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Select Q4 2013 Announced M&A Transactions (cont.)



12/05/13 getTalent Dice Human Capital N/A N/A N/A N/A N/A

12/04/13 Stayz HomeAway Australia Knowledge / Content 198.4 N/A N/A N/A N/A

12/04/13 Critical Path Openwave Messaging Security N/A N/A N/A N/A N/A

12/04/13 Claritics Systems In Motion Business Intelligence N/A N/A N/A N/A N/A

12/03/13 Nearbuy Systems RetailNext Business Intelligence N/A N/A N/A N/A N/A

12/03/13 Rhythm NewMedia Blinkx Advertising and Marketing 63.2 11.7 N/A 5.4x N/A

12/02/13 Alaric Systems NCR Fintech 78.4 N/A N/A N/A N/A

12/02/13 AppHero Fuse Powered Knowledge / Content N/A N/A N/A N/A N/A

12/02/13 Digital Insight NCR Fintech 1,650.0 330.0 N/A 5.0x N/A

12/02/13 Topsy Labs Apple Content Delivery and Management N/A N/A N/A N/A N/A

11/29/13 Keystone Management Solutions UXC Systems / Network 25.6 N/A N/A N/A N/A

11/28/13 Walker Media Holdings ZenithOptimedia Diversified Media 78.4 N/A N/A N/A N/A

11/28/13 Copper.io LX Ventures Content Delivery and Management 6.6 N/A N/A N/A N/A

11/26/13 iiNet Commonwealth Bank of Australia Security N/A 860.5 155.2 N/A N/A

11/25/13 Roadnet Technologies Omnitracs Business Software N/A N/A N/A N/A N/A

11/25/13 Accruent TA Associates Business Software N/A N/A N/A N/A N/A

11/25/13 Harris Interactive Nielsen Holdings Content and Services 102.9 139.7 11.8 0.7x 8.7x

11/22/13 Connective Broker Services Macquarie Group Business Software N/A N/A N/A N/A N/A

11/22/13 Liazon Towers Watson & Co. Content and Services 215.0 N/A N/A N/A N/A

11/22/13 Stylesight Worth Global Style Network Content and Services N/A N/A N/A N/A N/A

11/22/13 Daily Internet Hawk Investment Holdings Content and Services N/A 2.4 (0.3) N/A N/A

11/19/13 Tier 3 Savvis Content and Services N/A N/A N/A N/A N/A

11/19/13 Techbargains.com Ziff Davis Media Ecommerce N/A N/A N/A N/A N/A

11/18/13 Bitzer Mobile Oracle Security N/A N/A N/A N/A N/A

11/18/13 InTechnology Managed Services Redcentric Systems / Network 104.7 N/A N/A N/A N/A

11/18/13 WhiteFence Allconnect Content and Services N/A N/A N/A N/A N/A

11/18/13 WeHostels StudentUniverse.com Content and Services N/A N/A N/A N/A N/A

11/14/13 The Wercs UL Governance, Risk, & Compliance N/A N/A N/A N/A N/A

11/14/13 Latista Technologies Textura Business Software 35.0 N/A N/A N/A N/A

11/14/13 Massive Interactive Xtreme Oil & Gas Business Software 4.4 N/A N/A N/A N/A

11/14/13 Best Practice Solutions CCH Accounting / ERP N/A N/A N/A N/A N/A

11/14/13 MapMyFitness Under Armour Knowledge / Content 150.0 N/A N/A N/A N/A

11/14/13 Servio CrowdSource Solutions Content and Services N/A N/A N/A N/A N/A

11/13/13 Centurion Research Solutions Deltek Business Intelligence N/A N/A N/A N/A N/A

11/13/13 upLynk Verizon Digital Media Services Diversified Media N/A N/A N/A N/A N/A

11/13/13 Fiberlink Communications IBM Security N/A N/A N/A N/A N/A

11/13/13 Genova Diagnostics Levine Leichtman Capital Partners Healthcare / Biotechnology N/A N/A N/A N/A N/A

11/12/13 Wundr Software Patriot Minefinders Platform / OS 8.3 N/A N/A N/A N/A

11/12/13 Bluemile Wideopenwest Networks Systems / Network 20.0 8.9 2.9 2.2x 6.9x

11/11/13 Voicenet Solutions 8x8 Systems / Network 18.4 N/A N/A N/A N/A

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11/10/13 Curbed.Com Vox Media Content and Services N/A N/A N/A N/A N/A

11/08/13 Bottle Rocket Apps WPP Development N/A 17.0 N/A N/A N/A

11/08/13 Kno Intel Knowledge / Content N/A N/A N/A N/A N/A

11/08/13 My Yoga Online Gaiam Content and Services N/A 2.6 N/A N/A N/A

11/07/13 High Cloud Security HyTrust Security N/A N/A N/A N/A N/A

11/07/13 Sincerely Provide Commerce Content Delivery and Management N/A N/A N/A N/A N/A

11/07/13 Espresso Group Discovery Education Content and Services N/A N/A N/A N/A N/A

11/07/13 Sky Motion Research AccuWeather Content and Services N/A N/A N/A N/A N/A

11/06/13 Drive My Car Rentals Qanda Technology Content and Services 9.9 N/A N/A N/A N/A

11/06/13 AdaptiveBlue ITV Diversified Media N/A N/A N/A N/A N/A

11/05/13 GXS Group Open Text Business Software 1,165.0 487.0 N/A 2.4x N/A

11/05/13 Teknision Synacor Development 1.0 N/A N/A N/A N/A

11/05/13 Duo Web Solutions ARI Network Services Advertising and Marketing N/A N/A N/A N/A N/A

11/05/13 SiteScout Centro Advertising and Marketing 40.0 N/A N/A N/A N/A

11/05/13 YSL Ventures RetailMeNot Content and Services 17.8 N/A N/A N/A N/A

11/05/13 Smarsh Toba Capital Governance, Risk, & Compliance N/A 27.0 N/A N/A N/A

11/04/13 Information Access Technology Enghouse Systems Business Software N/A N/A N/A N/A N/A

11/04/13 Primordial Polaris Industries Knowledge / Content N/A 2.0 N/A N/A N/A

11/04/13 Findex.com EcoSmart Surface Business Software N/A N/A (0.2) N/A N/A

11/04/13 Know Technology Enables IT Content and Services 1.5 2.8 N/A 0.5x N/A

11/04/13 TDMobility Tech Data Platform / OS N/A N/A N/A N/A N/A

11/04/13 West 49 YM Ecommerce 10.6 N/A N/A N/A N/A

11/04/13 Archetypes CC Bridge Lender Diversified Media 7.3 N/A N/A N/A N/A

11/04/13 Sold. Dropbox Ecommerce N/A N/A N/A N/A N/A

11/01/13 Atex NEWSCYCLE Solutions Advertising and Marketing N/A N/A N/A N/A N/A

10/31/13 Newborhood.com American Nortel Communications Content and Services N/A N/A N/A N/A N/A

10/31/13 ARG Interactive Ellie Mae CRM N/A N/A N/A N/A N/A

10/31/13 C4Media Trifork Content and Services 12.5 N/A N/A N/A N/A

10/30/13 ServiceMesh Computer Sciences Corporation Platform / OS 295.0 N/A N/A N/A N/A

10/30/13 Full Slate Demandforce Business Software 8.3 N/A N/A N/A N/A

10/30/13 Aggregate Knowledge NeuStar Advertising and Marketing 119.0 N/A N/A N/A N/A

10/30/13 NexTraq FleetCor Technologies Business Software N/A N/A N/A N/A N/A

10/30/13 iWeb Group Internap Network Services Systems / Network 145.0 N/A N/A N/A N/A

10/29/13 Marine Drive Mobile Gamzio Mobile Content and Services N/A N/A (1.0) N/A N/A

10/29/13 Choice Solutions HMH Holdings Education N/A N/A N/A N/A N/A

10/29/13 Net Optics Ixia Systems / Network 190.0 49.0 N/A 3.9x N/A

10/29/13 Slice Networks Cloud Security Corporation Content and Services N/A N/A N/A N/A N/A

10/29/13 Victrio Verint Systems Security N/A N/A N/A N/A N/A

10/29/13 Active Building RealPage Knowledge / Content N/A N/A N/A N/A N/A

10/28/13 Novalon Technologies OBJ Enterprises Gaming N/A N/A N/A N/A N/A


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10/28/13 Threshold Financial Technologies DirectCash Payments Fintech 47.9 N/A N/A N/A N/A

10/28/13 Ruckus Media Group KiwiTech Diversified Media N/A N/A N/A N/A N/A

10/28/13 Virtela Technology Services NTT Communications Systems / Network 525.0 N/A N/A N/A N/A

10/28/13 RagingWire Enterprise Solutions NTT Communications Systems / Network 437.5 85.0 N/A 5.1x N/A

10/28/13 Muzicall RealNetworks Content and Services 6.7 N/A N/A N/A N/A

10/28/13 Shipwire Ingram Micro Supply Chain N/A N/A N/A N/A N/A

10/28/13 CableCom Networking Inflexion Private Equity Partners Content and Services N/A 27.4 N/A N/A N/A

10/25/13 ninemsn Nine Entertainment Content and Services N/A N/A N/A N/A N/A

10/25/13 Telespree Communications Evolving Systems Platform / OS 2.1 N/A N/A N/A N/A

10/24/13 HumanR PricewaterhouseCoopers Business Intelligence N/A N/A N/A N/A N/A

10/24/13 Consolidated Graphics R.R. Donnelley & Sons Advertising and Marketing 682.1 1,039.1 117.5 0.7x 5.8x

10/24/13 Tunezy SFX Entertainment Content and Services N/A N/A N/A N/A N/A

10/24/13 CyDesign Labs ESI Group Engineering N/A N/A N/A N/A N/A

10/24/13 365 Command Kaseya International Integration / Middleware N/A N/A N/A N/A N/A

10/23/13 BigMachines Oracle Business Software N/A N/A N/A N/A N/A

10/23/13 LookFlow Yahoo! Content and Services N/A N/A N/A N/A N/A

10/22/13 APN Outdoor Quadrant Private Equity Advertising and Marketing 139.4 94.9 8.2 1.5x 17.1x

10/22/13 CLM Fleet Management Maxxia Business Software 13.8 48.7 N/A 0.3x N/A

10/22/13 Netplan Internet Solutions Daily Internet Systems / Network 5.3 N/A N/A N/A N/A

10/22/13 TribeHR NetSuite Human Capital N/A N/A N/A N/A N/A

10/22/13 Shutl eBay Content and Services N/A N/A N/A N/A N/A

10/21/13 Red 5 Studios Shanghai Oriental Pearl Gaming 119.7 N/A N/A N/A N/A

10/21/13 Supremesoft Kellton Tech Content and Services N/A 9.0 N/A N/A N/A

10/21/13 LiteStack Rackspace Platform / OS N/A N/A N/A N/A N/A

10/18/13 Brightstar SoftBank Supply Chain 1,105.0 6,312.9 N/A 0.2x N/A

10/17/13 KashFlow Software IRIS Software Accounting / ERP N/A 3.2 N/A N/A N/A

10/17/13 DMTI Spatial Neopost Business Intelligence N/A 9.7 N/A N/A N/A

10/17/13 Millennium Care TUC Managed IT Solutions CRM N/A N/A N/A N/A N/A

10/17/13 Compendium Software Oracle Advertising and Marketing N/A N/A N/A N/A N/A

10/16/13 Metrix Software Electronics for Imaging Business Software N/A N/A N/A N/A N/A

10/16/13 Optimal Brand Networks Advertising and Marketing 35.0 N/A N/A N/A N/A

10/15/13 TLO TransUnion Governance, Risk, & Compliance 154.0 N/A N/A N/A N/A

10/15/13 Oyster Travel Smarter Travel Media Content and Services N/A N/A N/A N/A N/A

10/15/13 (mt) Media Temple The Go Daddy Group Systems / Network N/A N/A N/A N/A N/A

10/14/13 YamYam EffTec International Development N/A N/A N/A N/A N/A

10/14/13 Powershift Media Beta Platform / OS N/A N/A N/A N/A N/A

10/11/13 Antenna Software Pegasystems Platform / OS 27.7 N/A N/A N/A N/A

10/11/13 Hackermeter Pinterest Content and Services N/A N/A N/A N/A N/A

10/11/13 Trinity Expert Systems Liberata Content and Services N/A 50.2 N/A N/A N/A

10/10/13 Familiar TASER International Diversified Media 2.9 N/A N/A N/A N/A

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10/10/13 TenMarks Education Amazon.com Knowledge / Content N/A N/A N/A N/A N/A

10/10/13 Hubbl Airpush Advertising and Marketing 15.0 N/A N/A N/A N/A

10/10/13 Employtouch The Ultimate Software Group Human Capital N/A N/A N/A N/A N/A

10/10/13 Press-Enterprise Freedom Communications Content and Services 27.3 N/A N/A N/A N/A

10/10/13 Blendedschools.net Sibling Group Holdings Content and Services N/A N/A N/A N/A N/A

10/10/13 ONE-EIGHTY ADP CRM N/A N/A N/A N/A N/A

10/10/13 APIphany Microsoft Platform / OS N/A N/A N/A N/A N/A

10/09/13 Varolii Nuance Business Software N/A N/A N/A N/A N/A

10/08/13 One iota Sanderson Multi-Channel Solutions Retail Software 8.7 1.1 N/A 8.2x N/A

10/08/13 The Republic Project Digital Generation Advertising and Marketing 1.4 N/A N/A N/A N/A

10/08/13 Echopass Genesys Telecommunications Business Software N/A N/A N/A N/A N/A

10/08/13 My FA Network FA today Content and Services N/A N/A N/A N/A N/A

10/08/13 Hastings Insurance Services Goldman Sachs Content and Services N/A 714.3 134.0 N/A N/A

10/08/13 Break Media Defy Media Advertising and Marketing N/A N/A N/A N/A N/A

10/07/13 Tryzens Limited Scottish Equity Ecommerce 9.7 N/A N/A N/A N/A

10/07/13 Antian Professional Services Smart Employee Benefits Content and Services 0.8 N/A N/A N/A N/A

10/04/13 S Squared Ranger Wireless Holdings Systems / Network 8.3 N/A N/A N/A N/A

10/04/13 Balance Financial 2nd Story Software Accounting / ERP N/A N/A N/A N/A N/A

10/04/13 e-pay Asia GHL Systems Berhad Content and Services 33.2 10.7 3.7 3.1x 9.0x

10/04/13 Scoop Media Heng Fai Enterprises Content and Services 0.1 N/A N/A N/A N/A

10/03/13 Notify Technology Globo Business Software 3.7 5.8 N/A 0.6x N/A

10/03/13 Xtify IBM Platform / OS N/A N/A N/A N/A N/A

10/03/13 RJDutton Arthur J Gallagher & Co. Knowledge / Content N/A N/A N/A N/A N/A

10/02/13 Ovalpath Scientech Platform / OS 3.0 N/A N/A N/A N/A

10/02/13 Runa Staples Ecommerce N/A N/A N/A N/A N/A

10/02/13 Ronin The Go Daddy Group Business Software N/A N/A N/A N/A N/A

10/01/13 Ignite Technologies Versata Knowledge / Content N/A N/A N/A N/A N/A

10/01/13 Future Games of London Ubisoft Entertainment Gaming N/A N/A N/A N/A N/A

10/01/13 Sendmail Proofpoint Security 23.0 N/A N/A N/A N/A

10/01/13 HitPost Yahoo! Knowledge / Content N/A N/A N/A N/A N/A

10/01/13 AdReady CPX Interactive Advertising and Marketing N/A N/A N/A N/A N/A

Internet Median 1.6x 8.0x

Internet Mean 2.7 9.1

11

93%94%

91%

86%

75%

80%

85%

90%

95%

100%

Advertising Content Ecommerce Gaming

3.0x

9.1x

2.6x1.7x

2.8x

5.7x

2.0x1.6x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x


20.9x22.9x

24.4x

11.0x

15.7x18.4x

15.7x

6.7x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x


Internet Public Market Performance

EV / Revenue EV / EBITDA

Ecommerce: AMZN, AWAY, CTRP, EBAY, EXPN, LQDT, LYV, MELI, NILE, OPEN, OSTK, OWW, PCLN, SFLY, VPRT Content and Services: ANGI, AWAY, DMD, FB, IACI, LNKD, MWW, NFLX, P, SCOR, TRLA, VRSN, WBMD, YELP, Z Advertising and Marketing: AOL, BIDU, GOOG, GRPN, MM, QNST, RATE, VCLK, YHOO, YNDX Gaming: ATVI, EA, TAOM, UBI, ZNGA, SEHK:700, TSE:3632, TSE:3635, TSE:3659, TSE:6460, TSE:7832, TSE:9684, TSE:9697, TSE:9766 Source: Capital IQ as of 12/31/13

Public Market Performance

% of 52 Week High LTM

2014E

LTM

2014E

Index Performance Since 2010Ecommerce +345%Content and Services +234%Gaming +181%NASDAQ Composite Index +81%S&P 500 Index +63%Advertising and Marketing +63%

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12

Public Company Trading Comparables


Price 52-Wk EV / Revenue EV / EBITDA P / E 52 Week

Company 12/31/13 High Mkt Cap EV LTM 2013E 2014E LTM 2013E 2014E LTM 2013E 2014E

Advertising and MarketingGoogle Inc. $1,120.71 100% $374,415 $368,097 6.4x 6.2x 5.4x 20.9x 17.1x 14.2x 32.3x 25.3x 21.4xBaidu, Inc. 177.88 99% 62,247 62,253 13.3 12.0 8.8 29.5 27.6 21.4 36.3 35.6 28.3Yahoo! Inc. 40.44 99% 41,539 40,743 8.6 9.2 9.0 34.3 26.9 25.9 34.9 27.7 24.4Yandex N.V. 43.15 100% 14,061 13,709 12.3 11.1 8.7 28.5 24.9 19.6 36.6 36.3 29.8Groupon, Inc. 11.77 93% 7,860 6,721 2.8 2.7 2.3 53.6 23.0 17.1 NM 127.2 48.3AOL Inc. 46.62 100% 3,768 3,695 1.6 1.6 1.5 8.9 7.9 7.2 42.4 22.9 19.4Rocket Fuel Inc. 61.49 93% 2,425 2,326 11.9 10.0 5.5 NM NM NM NM NM NM Bankrate, Inc. 17.94 79% 1,833 1,938 4.5 4.3 3.7 20.7 16.5 13.4 NM 35.0 25.0ValueClick, Inc. 23.37 73% 1,584 1,724 2.5 3.0 2.8 7.7 7.8 7.4 17.9 15.6 12.7Millennial Media Inc. 7.27 51% 785 663 3.0 2.5 1.6 NM NM 23.8 NM NM 51.4QuinStreet, Inc. 8.69 91% 377 378 1.2 1.3 1.2 12.2 9.2 9.5 NM NM NM Tremor Video, Inc. 5.80 53% 303 207 1.6 1.6 1.4 NM NM NM NM NM NM YuMe, Inc. 7.45 64% 249 186 1.3 1.2 0.9 26.2 24.8 16.7 107.0 NM 43.1Median 93% $2,425 $2,326 3.0x 3.0x 2.8x 23.6x 20.1x 16.7x 36.3x 31.3x 26.6xMean 84% $39,342 $38,665 5.5x 5.1x 4.1x 24.3x 18.6x 16.0x 43.9x 40.7x 30.4x

Content Delivery and ManagementAkamai Technologies, Inc. $47.18 88% $8,574 $8,339 5.5x 5.3x 4.7x 15.0x 12.2x 10.9x 30.6x 23.7x 21.9xLevel 3 Communications, Inc. 33.17 100% 7,460 15,534 2.5 2.5 2.4 10.5 9.6 8.8 NM NM 53.3Mentor Graphics Corp. 24.07 100% 2,846 2,851 2.6 2.5 2.3 14.5 10.3 9.4 27.5 15.1 13.8Rovi Corporation 19.69 74% 1,983 3,178 5.2 5.9 6.0 16.5 13.3 13.5 107.8 11.7 11.3EarthLink Holdings Corp. 5.07 72% 517 1,009 0.8 0.8 0.9 4.4 4.5 5.3 NM NM NM Median 88% $2,846 $3,178 2.6x 2.5x 2.4x 14.5x 10.3x 9.4x 30.6x 15.1x 17.9xMean 87% $4,276 $6,182 3.3x 3.4x 3.2x 12.2x 10.0x 9.6x 55.3x 16.8x 25.1x

Content and ServicesFacebook, Inc. $54.65 94% $138,820 $136,295 19.8x 17.9x 13.1x 41.8x 30.2x 22.2x 139.7x 65.4x 48.4xLinkedIn Corporation 216.83 85% 25,891 24,494 17.7 16.1 11.3 NM 65.5 42.5 NM 135.2 96.7Netflix, Inc. 368.17 97% 22,874 22,935 5.5 5.3 4.4 NM 66.5 41.1 NM NM 96.8VeriSign, Inc. 59.78 100% 8,206 9,452 10.0 9.8 9.2 15.9 15.4 14.5 26.8 25.5 22.8IAC/InterActiveCorp 68.65 100% 6,084 5,922 1.9 1.9 1.8 11.0 10.1 8.7 24.3 17.3 16.5Pandora Media, Inc. 26.60 84% 5,777 5,335 9.1 8.4 5.9 NM NM NM NM NM 137.8Yelp, Inc. 68.95 92% 4,793 4,692 23.1 20.5 13.5 NM NM NM NM NM 113.6HomeAway, Inc. 40.88 100% 3,977 3,784 11.5 11.0 8.9 64.0 39.5 31.0 145.9 NM 108.9Zillow, Inc. 81.73 81% 3,183 2,864 16.5 14.7 10.1 NM NM NM NM NM NM WebMD Health Corp. 39.50 98% 1,912 1,836 3.7 3.6 3.3 29.9 15.3 12.2 NM 55.6 39.9Trulia, Inc. 35.27 68% 1,395 1,359 11.9 9.6 5.7 NM 85.4 29.1 NM 73.8 46.5comScore, Inc. 28.61 96% 1,022 961 3.4 3.4 3.0 40.6 16.4 13.9 NM 25.6 21.5Angie's List, Inc. 15.15 54% 902 875 3.9 3.6 2.6 NM NM 42.0 NM NM 95.2Monster Worldwide, Inc. 7.13 100% 748 850 1.0 1.1 1.1 6.7 6.0 5.7 43.2 21.8 20.9Demand Media, Inc. 5.77 59% 518 461 1.2 1.2 1.1 7.3 5.3 5.4 NM 21.9 27.3Median 94% $3,977 $3,784 9.1x 8.4x 5.7x 22.9x 16.4x 18.4x 43.2x 25.6x 47.5xMean 87% $15,073 $14,808 9.3x 8.5x 6.3x 27.1x 32.3x 22.4x 76.0x 49.1x 63.8x

13

Public Company Trading Comparables (cont.)




Diversified MediaComcast Corporation $51.97 100% $135,911 $180,833 2.8x 2.8x 2.6x 8.6x 8.5x 8.0x 21.7x 20.8x 18.1xThe Walt Disney Company 76.40 100% 135,869 146,500 3.3 3.2 3.0 12.5 11.5 10.9 22.6 21.9 18.8Time Warner Inc. 69.72 99% 64,121 81,717 2.8 2.8 2.7 10.3 10.8 10.2 17.6 18.6 16.4Viacom, Inc. 87.34 100% 38,952 48,434 3.5 3.5 3.3 11.6 11.2 10.5 18.0 17.6 15.3CBS Corporation 63.74 100% 38,249 44,329 2.9 2.9 2.9 12.1 11.8 11.0 22.2 21.2 18.3Liberty Media Corporation 146.29 93% 16,714 20,424 4.4 5.1 4.5 16.6 15.5 13.7 2.1 2.1 38.7Scripps Networks Interactive, Inc. 86.41 100% 12,622 13,450 5.4 5.3 4.9 12.3 12.0 11.1 18.4 23.6 21.0Gannett Co., Inc. 29.58 100% 6,741 7,910 1.5 1.5 1.3 7.5 7.4 5.7 17.3 14.4 10.7The New York Times Company 15.87 99% 2,377 2,670 1.3 1.7 1.7 9.0 11.3 11.4 18.8 48.7 40.9Meredith Corporation 51.80 97% 2,375 2,728 1.9 1.9 1.8 10.4 10.8 9.1 19.1 19.4 16.1Smiths News Plc 3.91 100% 717 871 0.3 0.3 0.3 8.9 8.3 8.1 15.8 11.2 10.8Median 100% $16,714 $20,424 2.8x 2.8x 2.7x 10.4x 11.2x 10.5x 18.4x 19.4x 18.1xMean 99% $41,332 $49,988 2.7x 2.8x 2.6x 10.9x 10.8x 10.0x 17.6x 20.0x 20.5x

GamingTencent Holdings Ltd. $63.79 100% $118,536 $117,984 13.0x 11.9x 9.0x 36.5x 32.6x 25.1x 48.4x 42.6x 33.0xActivision Blizzard, Inc. 17.83 98% 12,730 10,497 2.2 2.4 2.3 6.1 7.2 6.3 17.2 19.8 13.9Electronic Arts Inc. 22.94 82% 7,091 6,571 1.7 1.6 1.6 14.9 6.6 9.4 31.2 13.4 16.5Sega Sammy Holdings Inc. 25.46 87% 6,187 5,997 1.7 1.5 1.4 12.8 8.0 6.3 14.9 15.1 13.4Namco Bandai Holdings Inc. 22.20 99% 4,876 3,796 0.8 0.8 0.8 5.5 5.9 5.6 13.8 16.7 16.1Nexon Co. Ltd. 9.24 70% 4,061 3,497 2.3 2.4 2.1 4.6 5.3 4.7 11.7 10.6 9.5Konami Corp. 23.10 83% 3,202 3,126 1.4 1.4 1.3 12.8 10.3 7.8 38.2 25.7 18.2Zynga, Inc. 3.80 84% 3,099 2,712 2.7 3.1 3.8 19.0 NM 76.6 NM NM NM Gree, Inc. 9.88 60% 2,293 2,016 1.3 1.5 1.6 3.9 4.6 4.9 14.6 17.5 11.6Square Enix Holdings Co., Ltd. 17.50 95% 2,017 1,369 0.9 1.0 0.9 12.2 10.4 7.1 NM NM 25.2Ubisoft Entertainment SA 14.16 87% 1,603 1,796 1.0 1.3 0.8 2.8 3.6 3.1 29.7 NM 16.0Tecmo Koei Holdings Co., Ltd. 11.77 86% 1,023 928 2.5 2.6 2.5 9.9 11.7 10.3 13.4 18.2 16.4Capcom Co. Ltd. 17.95 89% 1,009 874 0.8 1.0 0.9 5.6 5.9 5.4 26.5 17.0 13.7Taomee Holdings Ltd. 5.05 74% 416 303 6.7 6.3 5.4 61.1 52.9 43.3 39.7 32.2 25.3Median 86% $3,151 $2,919 1.7x 1.5x 1.6x 11.0x 7.2x 6.7x 21.8x 17.5x 16.1xMean 85% $12,010 $11,533 2.8x 2.8x 2.5x 14.8x 12.7x 15.4x 24.9x 20.8x 17.6x

14

Public Company Trading Comparables (cont.)




EcommerceAmazon.com Inc. $398.79 99% $182,540 $181,711 2.6x 2.4x 2.0x 57.3x 36.2x 26.7x NM NM 144.7xeBay Inc. 54.87 95% 71,472 70,723 4.6 4.4 3.8 15.4 13.1 11.6 26.1x 20.3x 17.6priceline.com Incorporated 1162.40 97% 59,918 61,128 9.5 9.0 7.3 25.3 23.3 18.5 33.5 28.4 22.9Experian plc 18.45 90% 18,532 21,862 4.6 4.5 4.2 13.4 13.1 12.3 28.3 20.8 18.9Ctrip.com International Ltd. 49.62 83% 6,439 6,205 7.5 7.1 5.6 43.2 32.8 25.2 47.2 33.9 28.6Mercadolibre, Inc. 107.79 75% 4,759 4,650 10.5 9.9 8.2 30.7 28.9 23.0 45.0 41.0 32.9Live Nation Entertainment, Inc. 19.76 100% 4,094 4,596 0.7 0.7 0.7 10.1 9.5 8.7 NM NM NM HomeAway, Inc. 40.88 100% 3,977 3,784 11.5 11.0 8.9 64.0 39.5 31.0 145.9 NM 108.9OpenTable, Inc. 79.37 92% 1,973 1,883 10.4 9.9 8.5 33.3 23.1 19.2 61.6 40.2 35.9Vistaprint N.V. 56.85 99% 1,970 2,175 1.8 1.8 1.6 18.9 14.2 11.3 62.9 23.3 18.4Shutterfly, Inc. 50.93 85% 1,956 1,863 2.6 2.4 2.0 23.5 12.5 10.5 106.9 58.9 41.3RetailMeNot, Inc. 28.79 74% 1,513 1,420 7.8 7.1 5.6 22.6 18.5 14.8 NM 33.9 28.5Orbitz Worldwide, Inc. 7.18 57% 783 1,070 1.3 1.3 1.2 9.1 7.6 7.0 NM 5.1 29.0Liquidity Services, Inc. 22.66 52% 738 643 1.3 1.3 1.2 7.0 6.7 6.3 18.0 14.6 13.9Overstock.com Inc. 30.79 88% 737 652 0.5 0.5 0.4 22.1 14.7 13.1 31.6 27.0 24.1Blue Nile Inc. 47.09 98% 617 569 1.3 1.2 1.1 37.2 25.2 19.5 54.3 53.8 44.4LightInTheBox Holding Co., Ltd. 8.09 36% 408 337 1.2 1.2 0.9 80.2 44.9 18.4 NM 133.3 39.1Median 90% $1,973 $2,175 2.6x 2.4x 2.0x 23.5x 18.5x 14.8x 46.1x 31.2x 28.8xMean 84% $21,319 $21,486 4.7x 4.5x 3.7x 30.2x 21.4x 16.3x 55.1x 38.2x 40.6x

15

Public Company Operating Metrics

EBITDA and Net Margins Greater than 100% or less than -100% are deemed non-material (“NM”) Source: Capital IQ as of 12/31/13

Price 52-Wk Revenue Growth EBITDA Margin Net Margin 52 Week


Advertising and MarketingGoogle Inc. $1,120.71 100% $374,415 $368,097 24% 19% 16% 31% 36% 38% 71% 69% 70%Baidu, Inc. 177.88 99% 62,247 62,253 44% 45% 37% 45% 43% 41% 81% 78% 77%Yahoo! Inc. 40.44 99% 41,539 40,743 (4%) (11%) 3% 25% 34% 35% NM NM NM Yandex N.V. 43.15 100% 14,061 13,709 32% 31% 27% 43% 44% 44% 82% 74% 69%Groupon, Inc. 11.77 93% 7,860 6,721 12% 8% 14% 5% 12% 14% (76%) 21% 44%AOL Inc. 46.62 100% 3,768 3,695 3% 5% 9% 19% 20% 21% 22% 35% 38%Rocket Fuel Inc. 61.49 93% 2,425 2,326 337% 117% 81% (8%) (1%) 1% NM NM NM Bankrate, Inc. 17.94 79% 1,833 1,938 (10%) (0%) 14% 22% 26% 28% (7%) 44% 51%ValueClick, Inc. 23.37 73% 1,584 1,724 25% (13%) 6% 33% 38% 38% 41% 50% 55%Millennial Media Inc. 7.27 51% 785 663 43% 49% 60% (1%) 1% 7% NM NM 58%QuinStreet, Inc. 8.69 91% 377 378 (13%) (9%) 3% 10% 14% 13% NM 49% 52%Tremor Video, Inc. 5.80 53% 303 207 42% 19% 18% (2%) (2%) (0%) NM NM NM YuMe, Inc. 7.45 64% 249 186 108% 34% 30% 5% 5% 5% 29% 22% 76%Median 93% $2,425 $2,326 25% 19% 16% 19% 20% 21% 35% 49% 56%Mean 84% $39,342 $38,665 49% 23% 24% 17% 21% 22% 31% 49% 59%

Content Delivery and ManagementAkamai Technologies, Inc. $47.18 88% $8,574 $8,339 15% 14% 14% 37% 44% 43% 51% 53% 51%Level 3 Communications, Inc. 33.17 100% 7,460 15,534 (0%) (1%) 2% 23% 26% 28% (12%) (4%) 8%Mentor Graphics Corp. 24.07 100% 2,846 2,851 1% 6% 6% 18% 24% 25% 57% 67% 68%Rovi Corporation 19.69 74% 1,983 3,178 (8%) (17%) (1%) 32% 44% 44% (57%) 70% 70%EarthLink Holdings Corp. 5.07 72% 517 1,009 (6%) (8%) (5%) 18% 18% 16% NM (10%) (29%)Median 88% $2,846 $3,178 (0%) (1%) 2% 23% 26% 28% 19% 53% 51%Mean 87% $4,276 $6,182 1% (1%) 3% 26% 31% 31% 10% 35% 34%

Content and ServicesFacebook, Inc. $54.65 94% $138,820 $136,295 48% 50% 36% 48% 59% 59% 32% 47% 47%LinkedIn Corporation 216.83 85% 25,891 24,494 66% 56% 43% 12% 25% 27% 21% 51% 48%Netflix, Inc. 368.17 97% 22,874 22,935 17% 21% 19% 5% 8% 11% 34% 33% 43%VeriSign, Inc. 59.78 100% 8,206 9,452 12% 10% 6% 63% 64% 64% 60% 60% 59%IAC/InterActiveCorp 68.65 100% 6,084 5,922 16% 9% 8% 18% 19% 21% 46% 59% 54%Pandora Media, Inc. 26.60 84% 5,777 5,335 53% 49% 41% (7%) (0%) 6% NM NM 75%Yelp, Inc. 68.95 92% 4,793 4,692 68% 67% 51% (0%) 13% 18% NM 56% 70%HomeAway, Inc. 40.88 100% 3,977 3,784 23% 22% 24% 18% 28% 29% 40% 58% 58%Zillow, Inc. 81.73 81% 3,183 2,864 69% 67% 45% (5%) 12% 17% NM 6% 43%WebMD Health Corp. 39.50 98% 1,912 1,836 3% 9% 10% 12% 23% 27% (3%) NM NM Trulia, Inc. 35.27 68% 1,395 1,359 93% 107% 68% (3%) 11% 20% NM NM 70%comScore, Inc. 28.61 96% 1,022 961 12% 12% 12% 9% 21% 22% (17%) 68% 70%Angie's List, Inc. 15.15 54% 902 875 63% 58% 36% (13%) (7%) 6% NM NM 54%Monster Worldwide, Inc. 7.13 100% 748 850 (10%) (10%) (2%) 15% 18% 19% (42%) 26% 24%Demand Media, Inc. 5.77 59% 518 461 11% 4% 5% 16% 22% 20% (6%) 26% 22%Median 94% $3,977 $3,784 23% 22% 24% 12% 19% 20% 26% 51% 54%Mean 87% $15,073 $14,808 36% 35% 27% 12% 21% 24% 16% 44% 53%

16

Public Company Operating Metrics (cont.)




Diversified MediaComcast Corporation $51.97 100% $135,911 $180,833 3% 3% 6% 33% 33% 33% 30% 31% 33%The Walt Disney Company 76.40 100% 135,869 146,500 7% 7% 6% 26% 28% 28% 52% 50% 53%Time Warner Inc. 69.72 99% 64,121 81,717 2% 3% 4% 27% 26% 26% 49% 47% 48%Viacom, Inc. 87.34 100% 38,952 48,434 (1%) 4% 5% 30% 31% 32% 57% 55% 54%CBS Corporation 63.74 100% 38,249 44,329 11% 8% 2% 24% 25% 26% 49% 50% 51%Liberty Media Corporation 146.29 93% 16,714 20,424 259% 100% 13% 27% 33% 33% NM NM 20%Scripps Networks Interactive, Inc. 86.41 100% 12,622 13,450 10% 10% 7% 44% 44% 44% 64% 49% 49%Gannett Co., Inc. 29.58 100% 6,741 7,910 2% (2%) 15% 20% 20% 23% 38% 45% 46%The New York Times Company 15.87 99% 2,377 2,670 19% (19%) (1%) 15% 15% 15% 59% 21% 26%Meredith Corporation 51.80 97% 2,375 2,728 5% 2% 4% 18% 17% 20% 47% 48% 49%Smiths News Plc 3.91 100% 717 871 (2%) 2% (2%) 3% 4% 4% 49% 64% 64%Median 100% $16,714 $20,424 5% 3% 5% 26% 26% 26% 49% 48% 49%Mean 99% $41,332 $49,988 29% 11% 5% 24% 25% 26% 50% 46% 45%

GamingTencent Holdings Ltd. $63.79 100% $118,536 $117,984 44% 41% 33% 36% 37% 36% 76% 77% 77%Activision Blizzard, Inc. 17.83 98% 12,730 10,497 8% (11%) 8% 35% 34% 35% 70% 65% 59%Electronic Arts Inc. 22.94 82% 7,091 6,571 (8%) 7% (2%) 12% 23% 17% 51% 55% 62%Sega Sammy Holdings Inc. 25.46 87% 6,187 5,997 (27%) 16% 10% 13% 19% 22% 89% NM NM Namco Bandai Holdings Inc. 22.20 99% 4,876 3,796 (19%) (15%) 1% 14% 14% 14% 51% NM NM Nexon Co. Ltd. 9.24 70% 4,061 3,497 21% 18% 10% 50% 45% 45% 46% NM NM Konami Corp. 23.10 83% 3,202 3,126 (31%) (19%) 8% 11% 14% 17% 34% NM NM Zynga, Inc. 3.80 84% 3,099 2,712 (21%) (32%) (19%) 14% 3% 5% (42%) NM (75%)Gree, Inc. 9.88 60% 2,293 2,016 (28%) (27%) (9%) 34% 32% 33% 32% NM NM Square Enix Holdings Co., Ltd. 17.50 95% 2,017 1,369 (10%) (10%) 3% 7% 9% 13% (51%) NM NM Ubisoft Entertainment SA 14.16 87% 1,603 1,796 23% (11%) 58% 38% 36% 27% 7% (3%) 15%Tecmo Koei Holdings Co., Ltd. 11.77 86% 1,023 928 (19%) (17%) 7% 25% 23% 24% 81% NM NM Capcom Co. Ltd. 17.95 89% 1,009 874 (18%) (26%) 6% 15% 17% 17% 25% NM NM Taomee Holdings Ltd. 5.05 74% 416 303 9% 19% 16% 11% 12% 13% NM NM NM Median 86% $3,151 $2,919 (14%) (11%) 8% 15% 21% 20% 46% 60% 59%Mean 85% $12,010 $11,533 (6%) (5%) 9% 22% 23% 23% 36% 48% 27%

17

Public Company Operating Metrics (cont.)




EcommerceAmazon.com Inc. $398.79 99% $182,540 $181,711 22% 23% 22% 5% 7% 7% 4% 7% 19%eBay Inc. 54.87 95% 71,472 70,723 15% 14% 15% 30% 34% 33% 60% 65% 67%priceline.com Incorporated 1162.40 97% 59,918 61,128 27% 29% 23% 37% 39% 40% 75% 82% 82%Experian plc 18.45 90% 18,532 21,862 4% 4% 7% 34% 34% 34% 47% 53% 54%Ctrip.com International Ltd. 49.62 83% 6,439 6,205 30% 31% 28% 17% 22% 22% NM NM NM Mercadolibre, Inc. 107.79 75% 4,759 4,650 24% 25% 21% 34% 34% 36% 70% 72% 71%Live Nation Entertainment, Inc. 19.76 100% 4,094 4,596 13% 8% 6% 7% 8% 8% (26%) (14%) 4%HomeAway, Inc. 40.88 100% 3,977 3,784 23% 22% 24% 18% 28% 29% 40% 58% 58%OpenTable, Inc. 79.37 92% 1,973 1,883 16% 17% 18% 31% 43% 44% 54% 58% 55%Vistaprint N.V. 56.85 99% 1,970 2,175 12% 10% 9% 10% 13% 14% 27% 56% 56%Shutterfly, Inc. 50.93 85% 1,956 1,863 31% 22% 17% 11% 19% 20% 24% 14% 27%RetailMeNot, Inc. 28.79 74% 1,513 1,420 126% 38% 26% 35% 38% 38% 40% 53% 56%Orbitz Worldwide, Inc. 7.18 57% 783 1,070 10% 8% 4% 14% 17% 17% NM 36% 27%Liquidity Services, Inc. 22.66 52% 738 643 6% 1% 6% 18% 19% 20% 45% 53% 53%Overstock.com Inc. 30.79 88% 737 652 17% 18% 12% 2% 3% 3% 80% 63% 63%Blue Nile Inc. 47.09 98% 617 569 17% 14% 12% 3% 5% 6% 71% 52% 48%LightInTheBox Holding Co., Ltd. 8.09 36% 408 337 65% 44% 29% 2% 3% 5% 46% 32% 57%Median 90% $1,973 $2,175 17% 18% 17% 17% 19% 20% 46% 53% 55%Mean 84% $21,319 $21,486 27% 19% 16% 18% 21% 22% 44% 46% 50%

18

Internet IPOs

Note: $ in Millions. Data as of 12/31/13. Revenue and EBITDA multiples greater than 25x and 100x, respectively, are deemed non-material (“NM”). Source: Capital IQ as of 12/31/13

LTM Multiples Metrics and Financings Share Information

IPO DateDays on

FileCompany EV

IPO Amt

Raised

Market

CapEV / Rev

EV /

EBITDA

Rev Grwth

at IPO

NTM Rev

Growth

Net Cash

at IPO

IPO Offer

Price

File to

Price Chg

Primary

Shares

Current

Price

Chg Since

IPOBusiness Description

Internet and Digital Media11/12/13 90 Chegg $910 $188 $1,098 3.7x 21.3x 43% 17% ($5) $13 9% 96% $9 (32%) Online textbook rental marketplace

11/14/13 37 Zulily 2,534 253 2,787 4.5 NM 298% 71% 103 22 10% 55% 41 88% eCommerce daily deals website

11/06/13 34 Twitter 13,377 1,820 15,197 NM NM 403% 83% (29) 26 4% 100% 64 145% Social network and communication platform

10/24/13 45 Endurance International 1,262 253 1,515 2.5 16.1 163% 14% (1,165) 12 (14%) 100% 14 18% Global technology conglomerate

09/19/13 34 Rocket Fuel 1,005 116 1,121 6.3 NM 257% 84% 0 29 -- 100% 61 112% DSP Ad Network

08/06/13 35 YuMe 262 46 308 2.0 33.3 93% 31% 23 9 (25%) 100% 7 (17%) Digital video advertising

07/18/13 31 RetailMeNot 832 220 1,052 4.9 13.1 110% 28% 74 21 -- 50% 29 37% Online coupons

06/26/13 34 Tremor Video 467 75 542 4.1 NM 25% 30% 26 10 (9%) 100% 6 (42%) Video advertising

06/06/13 50 LightInTheBox 386 91 477 1.6 79.0 89% 51% 18 10 -- 100% 8 (15%) Ecommerce

03/04/13 286 Professional Diversity Network 30 21 51 4.8 11.6 10% NM 2 8 (20%) 100% 5 (42%) Professional networking site

02/14/13 34 Xoom 481 116 597 6.0 NM 60% 30% 45 16 7% 83% 27 71% C2C money transfer

11/20/12 36 YY Inc. 12,060 94 12,154 NM NM 444% 78% 51 11 -- 100% 50 379% Chinese social network

09/19/12 33 Trulia 494 117 611 9.6 NM 159% 53% 90 17 6% 87% 35 107% Real estate and rental site

05/17/12 106 Facebook 73,865 16,007 89,872 18.3 34.7 105% 30% 3,910 38 -- 43% 55 44% Social network

03/28/12 83 Millennial Media 933 152 1,086 9.0 NM 117% 89% 17 13 -- 90% 7 (44%) Mobile advertising and monetization

03/01/12 105 Yelp 879 107 987 10.6 NM 74% 49% 22 15 7% 99% 69 360% Restaurant guide

02/23/12 181 Bazaarvoice 664 131 795 7.1 NM 143% 32% 12 12 20% 96% 8 (34%) Ecommerce network

02/17/12 177 Brightcove 264 63 328 4.2 NM 45% 22% 10 11 -- 100% 14 29% Video hosting

Median 41 $856 $117 $1,019 4.9x 21.3x 107% 32% $20 6% 100% 33%

Mean 80 $6,150 $1,104 $7,254 6.2x 29.9x 147% 47% $178 (1%) 89% 65%

19

Vista Point Advisors Overview

Mike Lyon

415.659.9187

[email protected]

Jeff Bean

415.659.9190

[email protected]

Morgan Livermore

415.501.9029

[email protected]

Vivek Goyal

415.692.6163

[email protected]

David Cho

415.547.8440

[email protected]

Miles Lacey

415.659.9278

[email protected]

Scott Austin

415.547.8437

[email protected]

Jeffrey Koons

415.659.9189

[email protected] 90 New Montgomery, Suite 700

San Francisco, CA 94105

• SaaS

• On-premise

• Application Software

• Healthcare IT

• Financial Tech

• Advertising and Marketing

• Digital Media

• Gaming

• Content

• Platforms

• Consumer Applications

• Enterprise Applications

• Gaming

• Payments

• Infrastructure

Software Internet Mobile

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

Software Internet Mobile - Vista Point...

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