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AGC at the Forefront of Emerging Technology Advisory
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TOP RANKED TECH BOUTIQUE
451 Group consistently ranks AGC as the leading technology boutique
Over a decade of delivering results
History of driving high-multiple financings and exits
Partner-led deal execution
24 / 7 commitment
5 strategically located offices across the US and in London
231 transactions closed since 2003
20-30 transactions per year; 25 2014 YTD
Deals ranging from $25M to $1B at compelling valuations
4 major events annually
Attended by top investors and strategic partners
Thousands of one-on-one meetings each year
1000+ Strategic Buyer relationships
500+ PE / VC relationships
Completed transactions with the largest players
In-depth domain expertise
Broad network of relationships
Partner-published industry thought pieces
50 MEMBER GLOBAL TECH TEAM CLOSING LARGE AND SMALL DEALS
ACQUIRER / INVESTOR RELATIONSHIPS
DEEP SECTOR KNOWLEDGE PREMIER CONFERENCE SERIES
Boston New York Silicon Valley Minneapolis London
Selected Semiconductor & Industrial Clients
Semiconductor and Energy/Industrial Technology Banking
Joseph Dews, Partner
Joe Dews Biography
Based in AGC’s Silicon Valley office, focused on IoT Infrastructure and the Industrial IoT
Experience in the application of technology to Energy and other Industrial end-markets
Long experience in the Semiconductor industry 20+ years of experience in investment banking, including as Head of
CleanTech at ThinkEquity and Head of Semiconductors at Needham, and has completed over 100 transactions
Worked as an FAE at Cirrus Logic KK, and received a B.S. in Applied & Engineering Physics from Cornell University
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Agenda
What is IoT?
Why does Wall Street Care?
When did Wall Street Start to Care?
IoT Related M&A Trends
IoT Spans Many Markets
What Does the IoT Market Need from You?
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5
What is IoT?
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Why Does Wall Street Care?
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When Did Wall Street Start to Care?
January 13, 2014 $3.2 Billion
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When Did Wall Street Start to Care?
January 2014 $3.2 Billion
December 2013 up to $130 Million
August 2014 $200 Million*
July 2014 up to $170 Million
* Denotes estimate
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IoT Related M&A Volume, and What it has been Called
1
99
24
34
$14
$863
$3,246
$7,548
$11,108
0
2,400
4,800
7,200
9,600
$12,000
0
8
16
24
32
40
2010 2011 2012 2013 2014
US
$ M
illio
n
Deals $ Value
“RFID”
“M2M,
Asset
Tracking,
Smart Grid”
“IoT”
“GPS,
Fleet Tracking,
Energy Mgmt”
“All the
above,
IoT”
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Names Matter – IoT as the Next Logical Step in Internet Growth
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IoT – Widely Forecasted to be Billions if Units
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IoT Spans Many Markets
Smart Home
Smart Cities Smart Grid
Smart Building
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IoT Spans Many Markets
Wearables
Digital Oil Field
Healthcare
Connected Car
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Applying Technology to Traditional Industries Matters
“U.S. Overtakes Saudi Arabia and Russia as Largest Oil Producer” JULY 10, 2014
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Value Curve for Industrial IoT Apps
Remote Monitoring Connectivity
Process Improvements Big Data Analytics
Predictive Maintenance “Small Data” Analytics
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What Does the IoT Market Need In Terms of Technology Advances to Realize
Its Potential?
Very Low Cost and Low Power
Energy Harvesting
Solid State Batteries
High Reliability
Printed Electronics
Sensors, Antennae
MEMS and Si-based Sensors
Software, Software, Software
Security
Take Advantage of Real World Data on Product Usage
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What are VCs Funding?
($US in millions)
Date Target Description Amount Investors
1. Oct-14 Digital Lumens Designs, develops, and manufactures LED-based lighting systems $23Aster Capital Partners; Black Coral Capital; Flybridge Capital Partners; Goldman Sachs; Nokia Growth
Partners; Stata Venture Partners
2. Aug-14 Electric Imp Provides integrated hardware solutions to connect devices to the Internet wirelessly 15 Foxconn Electronics; PTI Ventures; Rampart Capital; Redpoint Ventures
3. Jul-14 Sensoria Develops IoE (Internet of Everyone) wearable platforms and devices 5 Reply; StartCaps Ventures
4. Jul-14 Altierre Provides thin infrastructure, bi-directional, ultra-low power wireless dynamic pricing solutions for retailers 21 D.E. Shaw; ATA Ventures; DuPont Capital Mangement; Labrador Ventures; Kinetic Ventures
5. Jul-14 Robin PoweredProvides software solution for building automation and presence sensing in offices, connecting people,
devices, and systems1 Atlas Venture; Deep Fork Capital; BOLDstart Ventures; Space Pirates
6. Jun-14 Uber Technologies Offers online car booking services via mobile phones 1,200Fidelity; Wellington Management; BlackRock; Summit Partners; Kleiner Perkins Caulfield & Byers;
Menlo Ventures, Google Ventures
7. Apr-14 Ayla Networks Owns a cloud-based connectivity platform for the Internet of things 15Cisco Investments; CrossLink Capital; SAIF Partners; SJF Ventures; SAIF Partners; Voyager Capital;
International Finance Corporation
8. Apr-14 EVRYTHNG Provides a software engine for creating Active Digital Identity (ADI) profiles for physical objects on Web 7 Cisco Investments; BHLP; Dawn Capital; Atomico Investment Holdings
9. Mar-14 Lyft Inc. Helps commuters to share rides with friends, classmates, and coworkers going the same way 250Alibaba Capital; Third Point; Andreessen Horowitz; Coature Management; FLOODGATE; GSV Asset
Management; GSV Capital; Mayfield Fund; Founder's Fund; Third Point
10. Feb-14 Aliph (Jawbone) Develops human-centered wearable technology and audio devices 250 Rizvi Traverse Management
11. Feb-14 Ionic Security Offers a unified data and mobility security platform 26Kleiner Perkins Caufield & Byers; JAFCO Ventures; TechOperators; Google Ventures; ff Venture
Capital; Webb Investment Network
12. Jan-14 Nest Labs Designs, develops, manufactures, and sells solutions to address home energy consumption. 150KPCB; Venrock; Lightspeed Venture; Generation Investment; Shasta Ventures; Google Ventures; DST
Global2014 Subtotal $1,962
13. Dec-13 Bit Stew Systems Develops a Web-based software platform for utility companies ND Cisco Investments; Yaletown Venture Partners
14. Dec-13 Mocana Provides device management solutions and embedded security tools 15 Trident Capital; Symantec; Shasta Ventures; Southern Cross Venture Partners; GE Ventures
15. Nov-13 SmartThingsOffers a platform that enables device manufacturers, hardware makers, developers, and everyday people
to build connected devices13 Highland Capital Partners; Greylock Partners
16. Nov-13 ArrayentDevelops Internet-connect communication systems that enable users to connect products to Web
applications and smartphone apps12 DCM; Intel Capital; Opus Capital
17. Oct-13 TaKaDuProvides a SaaS solution for water utilities to control and monitor water distribution networks, and reduce
non-revenue-waterND 3M New Ventures
18. Oct-13 LookoutProvides cloud-connected applications that offer solutions to protect mobile phones from viruses, malware,
spyware, fraud, hackers, etc55
Accel Partners; Greylock Israel Partners; Index Ventures; Deutsche Telekom; QUALCOMM Ventures;
Khosla Ventures; Andreessen Horowitz; Mithril Capital
19. Aug-13 Uber Technologies Offers online car booking services via mobile phones 361 Benchmark Capital; Google Ventures; TPG Capital
20. Aug-13 Axeda Provides cloud platform for connected products and M2M applications 12 JMI Equity; Mitsui & Co.; Wipro
21. Jul-13 Dropcam Provides Wi-Fi video monitoring camera and cloud services 35 Accel; Institutional Ventures; KPCB; Menlo Ventures
22. May-13 Lyft Inc. Helps commuters to share rides with friends, classmates, and coworkers going the same way 60 Andreessen Horowitz; Mayfield Fund; Founders Fund
23. May-13 Sight Machine Designs and develops software for vision analysis 6 ND
24. Apr-13 Pivotal SoftwareProvides solutions that enable the creation of software applications that leverage big and fast data on a
cloud independent platform105 General Electric
25. Apr-13 Ionic Security Offers a unified data and mobility security platform 10 Foundation Capital; Kleiner Perkins Caufield & Byers; TechOperators; Google Ventures; Flashpoint
26. Mar-13 RetailNext Provides in-store retail analytics 15 August Capital; StarVest Partners; Nokia Growth Partners; StarVest Partners II; Commerce Ventures
27. Mar-13 Watermark Medical Provides home sleep testing solutions for enhancing ongoing patient care and sleep disorder management 32 ND
28. Mar-13 Silver Spring NetworksProvides networking platform and solutions that enable utilities to transform the power grid infrastructure
into the smart grid12 ND
29. Jan-13 Lyft Inc. Helps commuters to share rides with friends, classmates, and coworkers going the same way 15 Founders Fund; FLOODGATE; K9 Ventures; Mayfield Fund
30. Jan-13 Nest Labs Designs, develops, manufactures, and sells solutions to address home energy consumption 80KPCB; Venrock; InterTrust Technologies; Lightspeed Venture; Generation Investmen; Shasta Ventures;
Google Ventures
31. Jan-13 Cohda WirelessEngages in developing and providing Wi-Fi enhancing products and technology that overcome technical
limitations for broadband communications10 Cisco Systems; NXP Semiconductors
32. Jan-13 ORBCOMMProvides M2M communication solutions that enable businesses and government agencies to track,
monitor, control and communicate with fixed mobile assets45 ND
2013 Subtotal $892
Source: CapIQ, Company press releases
A Decade of Delivering Strategic Results
Disclosure
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.