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Weekly Internet / Digital Media / SaaS
Sector Summary
Week of April 21st, 2014
1
Last 12 Months Last 3 Months
Notes:
1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CNVR, CRTO, GOOG, FUEL, MCHX, MM, MRIN, MSFT, QNST, RLOC, TRMR, TWTR, VELT, YHOO, YNDX, YUME.
2) Internet Commerce Composite includes: AMZN, AWAY, COUP, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, SSTK, STMP, TZOO, VPRT, ZU.
3) Internet Content Composite includes: AOL, CRCM, DHX, DMD, EHTH, IACI, MOVE, 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: BCOV, BV, CNQR, CRM, CSOD, CTCT, CVT, DWRE, ECOM, JIVE, LPSN, MRIN, MKTG, MKTO, N, NOW, RNG, RP, ULTI, WDAY.
Industry Stock Market Valuation Internet / Digital Media / SaaS
Diversified Marketing (5)
Internet Content (3)
Search / Online Advertising (1)
Gaming (7)
Media Conglomerates (6)
Internet Commerce (2)
SaaS (8)
Publishers (4)
NASDAQ
(8.4%)
(8.2%)
(5.9%)
(14.7%)
(2.5%)
(1.6%)
(5.8%)
(0.4%)
(4.2%)
33.1%
33.6%
20.5%
66.9%
25.2%
26.7%
13.5%
28.8%
31.2%
75
85
95
105
115
125
1/17/14 2/9/14 3/4/14 3/27/14 4/19/14
50
70
90
110
130
150
170
190
210
4/6/13 6/8/13 8/10/13 10/12/13 12/14/13 2/15/14 4/19/14
Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics
Notes:
Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
(1) Includes convertible preferred stock with total liquidation preference of $55.0MM.
2
$MM, Except Per Share Data
Stock LTM EPS
Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth
4/21/14 Low High Value Debt Value LTM CY 14E CY 15E LTM CY 14E CY 15E LTM CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ
Search / Online Advertising
Google Inc. $539.37 $387.50 $614.44 $363,152 ($50,983) $312,169 5.0x 4.8x 4.2x 16.8x 12.0x 10.0x 29.8x 20.2x 17.0x 16.9% 1.0 15.1% 10.4%
Microsoft Corporation 39.94 30.27 41.66 331,531 (59,297) 272,234 3.3 3.1 2.9 8.6 8.4 7.9 14.8 14.5 13.2 8.5% 1.6 8.4% 14.3%
Yahoo! Inc. 36.40 23.47 41.72 36,867 (1,705) 35,220 7.5 7.8 7.6 39.7 25.9 23.9 30.4 22.6 19.9 10.4% 1.9 3.2% (0.7%)
Yandex N.V. 29.37 16.60 45.42 9,690 (519) 9,171 7.6 6.3 5.1 18.7 14.5 11.7 24.0 22.3 17.6 31.3% 0.6 23.9% 27.4%
Criteo SA 36.50 28.27 60.95 2,096 (273) 1,824 3.0 2.1 1.5 58.1 26.7 15.5 NM 76.4 39.8 56.0% 0.7 35.8% 64.0%
Conversant, Inc. 25.50 18.62 32.25 1,717 59 1,776 3.1 2.9 2.7 8.6 7.8 7.1 20.9 13.6 12.5 13.9% 0.9 8.4% 5.9%
Rocket Fuel Inc. 36.34 33.87 71.89 1,274 (86) 1,187 4.9 2.7 1.7 NM NM 30.1 NM NM 96.1 NA NA 60.7% 113.4%
Blucora, Inc. 19.25 14.30 30.12 812 (31) 781 1.4 1.1 1.0 7.6 6.3 5.6 34.4 8.0 7.0 15.8% 0.4 9.5% 71.7%
Millennial Media Inc. 6.57 5.78 10.48 700 (97) 603 2.3 1.5 1.2 NM 32.0 13.1 NM 74.7 27.8 58.6% 0.5 22.6% 66.8%
Blinkx plc 1.43 1.28 3.94 571 (69) 501 2.2 1.8 1.5 15.8 11.6 9.4 23.6 17.5 13.3 33.6% 0.4 20.9% 36.1%
The Rubicon Project, Inc. 20.21 17.12 22.98 523 (98) 425 5.1 NA NA NM NA NA NM NA NA NA NA NA NA
Marchex, Inc. 10.03 3.81 12.84 422 (31) 391 2.6 2.2 2.0 59.8 25.1 19.2 NM 55.4 38.5 47.8% 0.8 11.2% 22.3%
Marin Software Incorporated 9.37 8.50 15.12 313 (98) 215 2.8 2.2 1.9 NM NM NM NM NM NM 20.0% NM 19.8% 28.0%
Sizmek Inc. 9.97 9.05 13.25 304 (23) 281 1.8 1.5 1.3 6.7 12.8 8.1 NM NM NM NA NA 15.1% NA
ReachLocal, Inc. 10.33 9.70 17.39 298 (80) 218 0.4 0.4 0.3 16.5 8.8 4.3 NM NM 36.9 27.5% 1.3 13.5% NA
QuinStreet, Inc. 6.45 5.76 9.71 280 (37) 243 0.8 0.8 0.8 9.1 6.7 6.6 NM NM NM 15.0% NM 4.9% (7.8%)
Tremor Video, Inc. 4.38 3.59 11.09 220 (93) 128 1.0 0.8 0.6 NM NM NM NM NM NM 52.0% NM 24.4% 11.6%
YuMe, Inc. 6.80 5.79 12.08 220 (50) 170 1.1 0.9 0.7 38.9 34.6 10.4 NM NM 63.5 NA NA 26.1% 18.8%
Mean 3.1 x 2.5 x 2.2 x 23.4 x 16.7 x 12.2 x 25.4 x 32.5 x 31.0 x 29.1% 0.9 19.0% 32.1%
Median 2.7 2.1 1.5 16.5 12.4 10.0 24.0 21.3 19.9 23.8% 0.8 15.1% 22.3%
Internet Content
IAC/InterActiveCorp $69.14 $43.34 $80.64 $5,684 ($26) $5,744 1.9x 1.8x 1.6x 10.5x 8.9x 7.7x 21.1x 17.8x 15.1x 12.6% 1.2 9.1% (5.3%)
Zillow, Inc. 103.00 48.54 104.68 4,035 (295) 3,739 18.9 12.7 9.4 NM 89.4 48.3 NM NM NM 60.1% NM 35.4% 69.9%
AOL Inc. 43.14 32.19 53.28 3,447 (96) 3,361 1.4 1.3 1.2 7.7 6.5 6.0 38.2 18.6 16.0 14.2% 1.1 8.7% 13.3%
Bankrate, Inc. 17.30 12.41 23.14 1,779 67 1,845 4.0 3.5 3.1 17.0 12.4 10.6 NM 24.4 20.6 20.7% 1.0 12.0% 31.1%
WebMD Health Corp. 45.45 22.97 51.41 1,718 127 1,845 3.6 3.2 2.9 25.1 12.0 9.8 NM 40.8 29.2 12.5% 2.3 11.1% 10.2%
Web.com Group, Inc. 32.43 16.28 37.72 1,673 549 2,223 4.5 3.8 3.4 25.5 12.9 11.4 NM 13.0 11.0 16.9% 0.6 11.3% 17.7%
Shutterfly, Inc. 42.10 39.11 59.93 1,610 (254) 1,356 1.7 1.5 1.3 15.7 8.0 6.3 NM NM 35.0 29.2% 1.2 15.1% 16.8%
Renren Inc. 3.43 2.52 4.79 1,299 (949) 350 2.2 3.0 2.2 NM NM NM NA NM NM 20.0% NM 35.2% (37.1%)
Trulia, Inc. 34.22 23.83 52.71 1,260 5 1,265 8.8 5.1 3.9 NM 62.2 25.9 NM NM NM 24.1% NM 30.9% 141.9%
comScore, Inc. 29.88 15.25 34.11 1,032 (44) 988 3.4 3.1 2.7 37.6 15.5 12.0 NM 25.8 19.2 24.0% 0.8 14.0% 11.9%
eHealth, Inc. 44.77 19.09 63.32 845 (107) 738 4.1 3.5 2.9 63.8 33.4 21.6 NM NM 50.9 21.2% 2.4 20.1% 19.6%
Monster Worldwide, Inc. 6.72 4.02 8.50 646 47 747 0.9 0.9 0.9 6.7 5.2 5.0 NM 21.8 18.3 12.0% 1.5 2.1% (5.9%)
Move, Inc. 11.01 9.91 18.36 433 (36) 396 1.7 1.6 1.4 29.2 14.2 10.6 NM 34.9 22.5 16.5% 1.4 13.4% 7.1%
Everyday Health, Inc. 13.99 13.01 14.94 415 (13) 403 2.6 NA NA 38.1 NA NA NM NA NA NA NA NA NA
Dice Holdings, Inc. 7.25 6.50 9.86 393 80 472 2.2 1.9 1.8 7.5 6.4 5.9 26.9 18.1 14.8 13.8% 1.1 5.0% 10.8%
Care.com, Inc. 12.45 10.66 29.25 385 (121) 265 3.2 2.4 1.8 NM NM NM NM NM NM NA NA 33.8% 81.1%
Demand Media, Inc. 4.20 4.16 9.75 364 (57) 307 0.8 0.8 0.8 6.8 5.6 4.9 NM NM 50.6 NA NA 4.3% (6.3%)
XO Group Inc. 10.69 8.82 15.78 286 (91) 196 1.5 1.4 1.3 11.1 10.9 8.5 46.5 NM 20.5 NA NA 6.0% 1.3%
RealNetworks Inc. 7.74 6.83 8.95 277 (226) 51 0.2 0.3 0.2 NM NA NA NM NM NM NA NA 5.3% (24.8%)
TechTarget, Inc. 6.70 4.00 8.20 219 (30) 189 2.1 1.9 1.7 50.1 15.3 10.7 NM 41.9 17.4 NA NA 10.6% (6.4%)
United Online, Inc. 11.57 9.20 62.30 162 (68) 94 0.4 0.4 0.4 5.4 3.3 2.7 NM 13.5 12.9 NA NA 1.5% NA
TheStreet, Inc. (1) 2.54 1.81 3.04 87 0 87 1.6 NA NA NM NA NA NM NA NA NA NA NA 7.1%
Mean 3.3 x 2.7 x 2.3 x 22.4 x 18.9 x 12.2 x 33.2 x 24.6 x 23.6 x 21.3% 1.3 14.2% 17.7%
Median 2.2 1.9 1.8 16.4 12.0 9.8 32.5 21.8 19.2 18.5% 1.2 11.2% 10.5%
3
Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont.)
Notes:
Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
$MM, Except Per Share Data
Stock LTM EPS
Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth
4/21/14 Low High Value Debt Value LTM CY 14E CY 15E LTM CY 14E CY 15E LTM CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ
Internet Commerce
Amazon.com Inc. $330.87 $245.75 $408.06 $152,248 ($6,311) $145,937 2.0x 1.6x 1.4x 41.1x 21.1x 15.9x NM NM 77.3x 47.9% 1.6 19.8% 20.3%
eBay Inc. 54.93 48.06 59.70 69,599 (4,902) 64,697 4.0 3.5 3.1 13.6 10.8 9.6 25.2 18.4 16.2 12.8% 1.3 14.6% 13.4%
The Priceline Group Inc. 1,221.04 677.72 1,378.96 63,667 (4,850) 58,817 8.7 6.9 5.8 23.0 17.4 14.1 33.8 23.3 18.9 22.1% 0.9 20.5% 29.4%
Netflix, Inc. 348.49 165.72 458.00 20,889 (768) 20,120 4.4 3.7 3.2 58.7 35.6 22.8 NM 88.0 49.7 36.3% 1.4 18.2% 24.0%
Liberty Interactive Corporation 29.42 19.86 30.68 14,651 5,585 24,735 2.2 2.3 2.2 12.3 12.2 11.9 30.9 22.3 19.2 18.8% 1.0 2.5% 8.2%
Expedia Inc. 72.21 45.69 81.78 9,348 (97) 9,729 2.0 1.7 1.6 14.9 9.6 8.5 43.2 18.8 16.1 13.5% 1.2 12.1% 18.2%
zulily, Inc. 48.10 34.19 73.50 5,970 (308) 5,662 8.1 4.9 3.4 NM NM 49.9 NA NM NM 68.2% NM 46.9% 100.1%
Copart, Inc. 36.41 30.11 38.26 4,583 312 4,894 4.4 4.0 3.7 14.4 11.3 10.7 26.2 20.9 18.4 12.7% 1.4 7.8% 7.6%
HomeAway, Inc. 35.74 27.00 48.90 3,303 (391) 2,922 8.4 6.7 5.6 49.4 24.0 19.4 NM NM 99.7 27.1% 3.7 19.9% 26.1%
Shutterstock, Inc. 71.38 40.25 103.01 2,504 (210) 2,294 9.7 7.4 5.8 48.8 33.4 23.8 92.7 66.0 48.4 34.0% 1.4 27.0% 38.4%
GrubHub Inc. 33.19 34.00 40.80 2,469 (181) 2,288 16.7 NA NA 76.5 NA NA NM NA NA NA NA NA NA
OpenTable, Inc. 71.90 54.38 87.48 1,686 (115) 1,571 8.3 7.0 6.0 27.0 18.5 14.9 51.7 39.1 31.0 15.5% 2.0 15.3% 21.7%
Vistaprint N.V. 49.87 38.85 58.20 1,657 142 1,799 1.5 1.3 1.3 13.1 9.0 7.7 34.6 15.2 12.0 23.2% 0.5 6.9% 6.5%
Coupons.com Incorporated 18.88 18.43 33.00 1,381 (132) 1,249 7.4 6.0 4.5 NM NM 28.5 NM NM 59.0 NA NA 31.9% NA
Stamps.com Inc. 33.67 23.42 49.40 547 (73) 474 3.7 3.5 3.2 12.9 11.1 9.9 12.4 14.1 12.7 18.7% 0.7 9.8% 7.6%
Digital River Inc. 16.33 12.80 20.29 536 (294) 243 0.6 0.7 0.6 7.5 4.9 4.1 NM 38.8 22.9 10.0% 2.3 5.9% 3.2%
Borderfree, Inc. 15.88 13.29 21.25 484 (117) 367 3.3 2.7 2.1 NM 77.0 30.2 NM NM 83.6 22.5% 3.7 25.3% 23.8%
Overstock.com Inc. 18.51 16.60 35.60 444 (149) 295 0.2 0.2 0.2 13.0 6.4 7.4 5.1 16.6 20.1 NM NM (2.8%) 16.2%
Blue Nile Inc. 34.85 30.62 49.14 439 (115) 324 0.7 0.6 0.6 20.4 12.3 10.3 41.0 38.9 31.2 19.4% 1.6 9.1% 7.2%
1-800-Flowers.com Inc. 5.73 4.53 7.17 368 0 371 0.5 0.5 0.5 8.0 6.7 5.9 22.1 19.5 14.2 16.0% 0.9 3.8% 6.0%
Travelzoo Inc. 17.09 17.03 33.95 252 (61) 191 1.2 1.2 1.1 7.3 6.8 5.7 NM 16.4 13.4 NA NA 7.8% (4.7%)
CafePress Inc. 6.04 4.98 7.47 104 (34) 70 0.3 0.3 0.3 13.4 7.5 5.1 NM NM 24.7 NM NM 11.0% 3.7%
Mean 4.5 x 3.2 x 2.7 x 25.0 x 17.7 x 15.1 x 34.9 x 30.4 x 34.4 x 24.6% 1.6 14.9% 18.9%
Median 3.5 2.7 2.2 14.4 11.3 10.7 32.4 20.9 21.5 19.4% 1.4 12.1% 14.8%
Media Conglomerates / Selected Entertainment
The Walt Disney Company $79.11 $60.41 $83.65 $138,605 $11,004 $152,581 3.3x 3.1x 2.9x 12.3x 11.3x 9.8x 21.8x 19.3x 16.8x 14.1% 1.2 8.3% 8.5%
Comcast Corporation 49.88 38.75 55.28 129,520 41,957 172,894 2.6 2.5 2.4 7.9 7.4 7.0 18.3 17.4 15.2 14.0% 1.1 4.2% 13.7%
Time Warner Inc. 65.05 55.71 70.77 58,068 18,303 76,371 2.6 2.7 2.5 9.7 10.1 9.4 17.3 16.3 14.1 13.0% 1.1 7.4% 4.9%
Viacom, Inc. 84.30 63.53 89.27 36,916 10,469 47,588 3.5 3.3 3.2 11.0 10.3 9.6 16.4 14.7 12.4 13.0% 1.0 4.0% (3.5%)
CBS Corporation 59.71 45.28 68.10 35,431 6,039 41,470 2.7 2.7 2.6 11.1 10.5 10.0 19.9 17.2 14.9 14.6% 1.0 1.4% 5.8%
Discovery Communications, Inc. 77.45 72.77 90.76 27,008 5,962 33,007 6.0 5.1 4.7 14.3 12.4 11.1 26.1 21.0 17.1 17.9% 1.0 9.7% 28.1%
Sony Corporation 18.83 14.76 23.52 19,544 6,692 31,181 0.4 0.4 0.4 9.4 6.0 5.1 22.5 NM 30.2 17.0% 1.8 (0.5%) 1.9%
Lions Gate Entertainment Corp. 27.25 23.32 37.81 3,761 1,180 4,941 1.8 1.7 1.6 16.2 11.2 9.6 15.8 18.6 15.3 17.5% 0.9 4.8% 12.9%
Mean 2.9 x 2.7 x 2.5 x 11.5 x 9.9 x 8.9 x 19.7 x 17.8 x 17.0 x 15.1% 1.1 4.9% 9.0%
Median 2.7 2.7 2.6 11.0 10.4 9.6 19.1 17.4 15.3 14.4% 1.1 4.5% 7.1%
Publishers
Thomson Reuters Corporation $34.79 $29.96 $38.20 $28,380 $6,640 $35,414 2.8x 2.8x 2.7x 13.2x 10.4x 9.5x NM 18.6x 15.8x 9.2% 1.7 2.3% (2.6%)
Pearson plc 17.84 16.47 23.18 14,442 2,549 17,002 2.0 2.0 2.0 12.5 11.7 10.4 29.7 16.1 13.8 6.5% 2.1 3.8% NA
News Corporation 16.95 14.39 18.53 9,818 (2,908) 7,032 0.8 0.8 0.9 10.9 8.9 7.6 NM 42.7 26.4 7.0% 3.8 (1.3%) (3.6%)
Gannett Co., Inc. 27.01 19.53 30.43 6,146 3,244 9,606 1.9 1.6 1.6 9.7 6.5 7.2 16.3 10.1 10.7 10.0% 1.1 (2.3%) (9.9%)
Lagardere SCA 40.47 26.29 41.14 5,198 (497) 4,809 0.5 0.5 0.5 7.3 6.1 5.7 2.9 17.9 15.1 12.5% 1.2 1.0% 0.4%
Graham Holdings Company 671.76 433.34 745.11 4,972 (640) 4,338 1.2 1.2 1.2 7.1 6.3 6.5 26.1 18.8 18.4 NA NA (0.1%) (4.1%)
UBM plc 11.13 10.40 12.75 2,729 756 3,529 2.7 2.8 2.6 11.3 11.2 10.0 18.7 13.8 12.0 8.5% 1.4 5.7% 10.3%
The New York Times Company 16.72 8.71 17.37 2,511 (163) 2,351 1.5 1.5 1.5 8.9 9.6 9.1 46.4 40.5 32.6 NA NA 0.6% (5.2%)
The E. W. Scripps Company 16.75 12.85 22.59 944 (21) 925 1.1 1.0 1.0 13.9 7.0 8.4 NM 19.3 35.6 NA NA (0.2%) (15.0%)
Mean 1.6 x 1.6 x 1.6 x 10.5 x 8.6 x 8.3 x 23.3 x 22.0 x 20.0 x 8.9% 1.9 1.1% (3.7%)
Median 1.5 1.5 1.5 10.9 8.9 8.4 22.4 18.6 15.8 8.8% 1.6 0.6% (3.8%)
Diversified Marketing
WPP plc $21.19 $17.26 $23.36 $28,248 $3,711 $32,389 1.8x 1.7x 1.6x 10.6x 9.9x 9.4x 18.4x 15.1x 13.5x 9.5% 1.4 5.4% 7.4%
Experian plc 18.15 17.13 21.66 18,029 3,286 21,343 4.5 4.1 3.8 13.1 11.9 10.9 27.8 18.7 17.1 10.2% 1.7 7.3% 2.4%
Nielsen Holdings N.V. 44.79 32.40 47.45 16,971 6,086 23,135 4.1 3.6 3.5 17.2 12.4 11.5 39.3 18.0 16.1 15.4% 1.1 5.0% 11.8%
Equifax Inc. 68.29 57.54 72.90 8,334 1,206 9,581 4.2 3.9 3.6 11.8 11.3 10.5 25.4 17.8 16.0 7.0% 2.3 7.6% 8.4%
The Interpublic Group of Companies, Inc. 16.87 13.41 18.00 7,169 20 7,190 1.0 1.0 0.9 8.5 7.6 6.6 24.5 16.8 NA 13.9% NA 4.7% 6.1%
Havas 7.72 6.18 8.72 3,167 275 3,455 1.4 1.4 1.3 9.4 8.4 7.9 17.5 14.7 13.4 6.8% 2.0 3.4% 1.4%
Acxiom Corporation 31.13 18.41 39.30 2,378 (58) 2,320 2.1 2.1 2.0 12.7 10.5 9.0 46.5 37.8 28.1 11.4% 2.5 4.6% 1.7%
MDC Partners Inc. 24.32 8.89 26.37 1,203 563 1,967 1.7 1.6 1.5 NM 11.0 9.9 NM 37.0 29.5 6.0% 4.9 7.2% 5.2%
Harte-Hanks Inc. 8.26 6.70 10.12 522 9 532 1.0 1.0 0.9 8.4 7.6 6.2 21.2 17.2 13.3 NM NM 4.4% (3.6%)
Mean 2.4 x 2.3 x 2.1 x 11.4 x 10.1 x 9.1 x 27.6 x 21.5 x 18.4 x 10.0% 2.3 5.5% 4.5%
Median 1.8 1.7 1.6 11.2 10.5 9.4 25.0 17.8 16.1 9.8% 2.0 5.0% 5.2%
4 Notes:
Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont.)
$MM, Except Per Share Data
Stock LTM EPS
Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth
4/21/14 Low High Value Debt Value LTM CY 14E CY 15E LTM CY 14E CY 15E LTM CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ
Gaming
Tencent Holdings Ltd. $67.77 $31.78 $83.31 $125,050 ($4,096) $121,039 12.1x 9.5x 7.3x 35.4x 26.8x 20.7x 49.4x 35.7x 26.3x 27.8% 0.9 29.9% 43.8%
Naver Corporation 728.40 369.49 846.76 21,719 (593) 21,130 9.6 7.8 6.4 34.0 23.8 17.0 89.2 41.5 29.3 28.4% 1.0 21.1% 0.5%
Activision Blizzard, Inc. 19.69 13.27 21.50 14,074 250 14,324 3.1 3.1 3.0 9.7 8.9 8.3 20.7 15.3 14.0 14.9% 0.9 1.7% (14.1%)
NetEase, Inc. 74.04 51.43 84.35 9,613 (2,975) 6,626 4.4 3.7 3.2 8.9 7.7 6.6 13.2 12.1 10.5 14.4% 0.7 15.2% 9.8%
Electronic Arts Inc. 27.98 16.76 30.56 8,662 (1,495) 7,167 2.0 1.8 1.7 32.1 9.6 8.5 NM 19.8 16.8 21.0% 0.8 1.5% (12.4%)
GungHo Online Entertainment, Inc. 5.63 4.91 15.92 6,491 (613) 5,906 3.8 3.4 3.6 6.6 6.5 7.7 12.5 10.2 10.7 12.2% 0.9 (6.5%) 172.6%
King Digital Entertainment plc 17.61 15.84 21.39 5,546 (516) 5,030 2.7 2.1 2.2 7.0 5.1 6.0 10.1 NA NA NA NA (7.0%) 997.6%
NCsoft Corporation 198.70 143.85 243.44 3,963 (638) 3,342 4.7 3.6 3.3 14.7 8.5 7.7 26.4 14.8 13.2 28.9% 0.5 9.8% (25.3%)
Zynga, Inc. 4.47 2.50 5.89 3,951 (1,125) 2,826 3.2 3.4 3.0 38.4 30.0 19.6 NM NM 89.0 19.6% 4.6 13.2% (43.3%)
Giant Interactive Group, Inc. 11.70 6.85 11.74 2,814 (529) 2,295 5.9 5.3 4.8 9.0 8.2 7.7 13.9 11.4 11.0 12.0% 0.9 10.7% 8.9%
Gree, Inc. 9.88 6.59 13.31 2,326 (374) 1,952 1.4 1.6 1.6 4.6 4.9 4.8 17.4 11.2 10.3 6.7% 1.5 1.9% (31.9%)
DeNA Co., Ltd. 17.75 15.60 27.99 2,299 (559) 1,784 1.0 1.1 1.2 2.7 3.3 3.5 6.4 9.8 8.2 NM NM (7.6%) (34.4%)
Ubisoft Entertainment SA 17.30 10.41 18.14 1,962 193 2,156 1.3 1.1 1.0 3.3 4.4 3.2 36.3 21.5 11.1 17.3% 0.6 10.1% 10.7%
Shanda Games Limited 6.71 2.68 7.00 1,800 (83) 1,771 2.5 2.3 2.1 5.3 5.2 4.9 6.9 7.2 6.8 12.5% 0.5 7.6% (2.0%)
Changyou.com Limited 27.85 25.00 41.64 1,472 (141) 1,348 1.8 1.8 1.6 3.8 9.0 5.6 5.5 NM 9.1 12.5% 0.7 11.1% 12.3%
Perfect World Co., Ltd. 19.78 10.48 26.25 977 (381) 602 1.2 1.0 0.9 6.1 5.1 4.2 14.1 9.5 7.8 11.7% 0.7 14.2% 38.5%
Glu Mobile, Inc. 4.17 2.10 5.65 336 (28) 307 2.9 2.1 1.8 NM 57.4 18.1 NM NM NM NA NA 18.5% 32.4%
Mean 3.7 x 3.2 x 2.9 x 13.9 x 13.2 x 9.1 x 23.0 x 16.9 x 18.3 x 17.1% 1.1 8.6% 68.4%
Median 2.9 2.3 2.2 7.9 8.2 7.7 14.0 12.1 11.0 14.7% 0.8 10.1% 8.9%
Social Media & New Platform
Facebook, Inc. $61.24 $22.67 $72.59 $157,013 ($10,973) $146,040 18.6x 12.8x 9.8x 37.1x 21.3x 16.2x NM 48.6x 36.7x 33.2% 1.1 30.9% 63.2%
Twitter, Inc. 46.13 39.40 74.73 27,192 (1,712) 25,480 38.3 20.5 12.9 NM NM 60.8 NM NM NM NM NM 59.4% 116.2%
LinkedIn Corporation 176.90 158.06 257.56 21,377 (2,329) 19,052 12.5 9.0 6.7 NM 36.6 24.5 NM NM 69.0 42.3% 1.6 33.8% 47.3%
Pandora Media, Inc. 28.36 12.94 40.44 5,599 (344) 5,254 8.9 5.8 4.5 NM NM 42.9 NM NM 58.7 73.6% 0.8 29.7% 9.5%
Groupon, Inc. 7.41 5.37 12.76 5,055 (1,231) 3,822 1.5 1.2 1.0 27.3 13.1 9.6 NM 64.7 27.3 26.9% 1.0 14.3% 20.4%
Yelp, Inc. 67.05 24.75 101.75 4,797 (390) 4,407 18.9 12.3 8.6 NM 74.9 41.4 NM NM 73.2 53.9% 1.4 42.5% 71.7%
Mean 16.4 x 10.3 x 7.3 x 32.2 x 36.5 x 32.6 x NM 56.7 x 53.0 x 46.0% 1.2 x 35.1% 54.7%
Median 15.5 10.6 7.7 32.2 29.0 33.0 NM 56.7 58.7 42.3% 1.1 32.3% 55.2%
SaaS
Salesforce.com, Inc $56.11 $36.09 $67.00 $34,233 $1,670 $35,903 8.8x 6.8x 5.5x NM 42.9x 33.3x NM NM 80.3x 27.3% 2.9 23.9% 37.2%
Workday, Inc. 77.93 57.00 116.47 14,362 (1,405) 12,957 27.6 17.6 12.0 NM NM NM NM NM NM 40.0% NM 46.3% 74.0%
ServiceNow, Inc. 53.15 35.21 71.80 7,499 (220) 7,280 17.1 11.3 8.2 NM NM 74.0 NM NM NM 46.1% NM 37.9% 66.6%
NetSuite Inc. 82.29 77.12 120.77 6,217 (186) 6,031 14.6 11.2 8.7 NM NM 87.0 NM NM NM 38.3% NM 27.9% 35.3%
Concur Technologies, Inc. 92.35 67.62 130.39 5,230 (193) 5,039 8.6 6.9 5.6 NM 42.8 32.3 NM NM 83.3 21.8% 3.8 23.6% 32.8%
The Ultimate Software Group, Inc. 128.19 91.59 171.96 3,627 (80) 3,547 8.6 7.0 5.7 60.3 29.2 22.4 NM 65.2 51.6 29.0% 1.8 22.8% 21.4%
Cornerstone OnDemand, Inc. 39.04 32.92 61.85 2,061 (90) 1,972 10.7 7.3 5.4 NM NM 88.4 NM NM NM 37.7% NM 36.9% 50.6%
Demandware, Inc. 54.30 24.64 82.23 1,943 (275) 1,668 16.1 11.6 8.1 NM NM NM NM NM NM 37.5% NM 42.7% 35.0%
RealPage, Inc. 18.14 15.40 26.34 1,430 (33) 1,396 3.7 3.2 2.7 25.7 13.2 10.9 67.2 27.0 21.4 19.0% 1.1 17.1% 11.4%
Cvent, Inc. 33.29 30.01 46.13 1,368 (158) 1,210 10.9 8.7 7.0 NM 91.6 68.7 NM NM NM NA NA 24.8% 30.0%
Marketo, Inc. 31.27 17.20 45.00 1,257 (121) 1,137 11.8 8.4 6.4 NM NM NM NM NM NM 30.0% NM 32.2% 67.2%
RingCentral, Inc. 16.21 14.95 23.65 1,085 (71) 1,015 6.3 5.0 3.9 NM NM NM NM NM NM NM NM 26.3% 36.9%
OPOWER, Inc. 21.89 20.63 26.00 1,039 (133) 906 10.2 NA NA NM NA NA NM NA NA NA NA NA 63.3%
Paylocity Holding Corporation 19.37 18.28 31.00 948 (2) 946 10.4 8.4 6.8 NM NM NM NM NM NM NM NM 24.3% 39.0%
Constant Contact, Inc. 26.20 11.88 32.91 822 (123) 699 2.4 2.1 1.9 26.1 11.5 9.5 NM 26.3 21.0 25.4% 0.8 13.6% 13.0%
Paycom Software, Inc. 16.10 15.15 17.92 818 (4) 814 7.6 NA NA 49.1 NA NA NM NA NA NA NA NA NA
ChannelAdvisor Corporation 30.60 14.25 49.90 750 (101) 648 9.5 7.6 6.0 NM NM NM NM NM NM 28.0% NM 27.6% 28.1%
LivePerson Inc. 10.82 8.03 15.24 592 (92) 500 2.8 2.5 2.2 79.9 23.1 18.2 NM 47.0 37.4 18.8% 2.0 14.3% 10.4%
Bazaarvoice, Inc. 7.08 6.45 11.50 522 (57) 465 2.6 2.4 2.1 NM NM 93.2 NM NM NM NA NA 14.0% 12.5%
Jive Software, Inc. 7.38 6.84 18.48 519 (100) 419 2.9 2.4 2.1 NM NM NM NM NM NM 25.0% NM 18.3% 20.9%
2U, Inc. 13.10 12.00 15.89 513 (100) 412 5.0 3.6 2.7 NM NM NM NM NM NM NA NA 34.2% NA
Five9, Inc. 7.13 6.84 9.35 328 (50) 278 3.3 NA NA NM NA NA NM NA NA NA NA NA NA
Marin Software Incorporated 9.37 8.50 15.12 313 (98) 215 2.8 2.2 1.9 NM NM NM NM NM NM 20.0% NM 19.8% 28.0%
Amber Road, Inc. 14.90 14.00 17.90 296 (49) 247 4.7 4.0 3.4 NM NM NM NM NM NM 19.0% NM 18.2% 29.5%
Brightcove, Inc. 8.56 4.89 16.25 274 (36) 238 2.2 1.9 1.6 NM NM NM NM NM NM 15.0% NM 16.3% 22.2%
Mean 8.4 x 6.5 x 5.0 x 48.2 x 36.3 x 48.9 x NM 41.4 x 49.1 x 28.1% 2.1 25.6% 34.8%
Median 8.6 6.9 5.4 49.1 29.2 33.3 NM 37.0 44.5 27.3% 1.9 24.1% 31.4%
5
Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months
Notes:
Multiples <0x or >50x considered NM.
Disclosed transactions with Aggregate Value <$50MM not included.
(1) LTM Revenue multiples based on 451 Research estimate.
(2) Aggregate Value excludes $450MM potential earnout.
(3) NTM Revenue multiple based on 2014 sales estimate of $300MM.
(4) Aggregate Value includes earnout of up to $15 million; LTM and NTM Revenue based on GCAS internal data.
(5) LTM Revenue and EBITDA multiples based on CoStar Group Press Release.
(6) Deal value and LTM Revenue multiple based on 451 Research estimates.
($MM)
Announced
DateAcquirer Target Aggregate Value
AV / LTM
Sales
AV / LTM
EBITDA
AV / NTM
Sales
AV / NTM
EBITDA
4/7/2014 $550 NA NA NA NA
4/7/2014 $413 2.2x NM 2.3x 18.3x
3/25/2014 $85 2.4x NA NA NA
3/24/2014 $500 NA NA NA NA
3/18/2014 $930 NA NA 3.1x NA
3/6/2014 $375 16.3x NA 9.4x NA
3/3/2014 $585 6.8x 20.9x NA NA
3/3/2014 $52 NA NA NA NA
2/26/2014 $180 3.2x NA NA NA
2/24/2014 $420 6.7x NA NA NA
2/24/2014 $69 NA NA NA NA
2/19/2014 $19,000 NA NA NA NA
2/14/2014 $900 NA NA NA NA
(6)
Third Coast Holdings,dba
(4)
(5)
(3)
(2)
(1)
6
Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)
Notes:
Multiples <0x or >50x considered NM.
Disclosed transactions with Aggregate Value <$50MM not included.
(1) NTM Revenue and NTM EBITDA multiples based on Capital IQ consensus estimates.
(2) LTM Revenue multiple based on 451 Research estimate.
(3) LTM Revenue multiple based on FY2013 Revenue ending March 31, 2014.
($MM)
Announced
DateAcquirer Target Aggregate Value
AV / LTM
Sales
AV / LTM
EBITDA
AV / NTM
Sales
AV / NTM
EBITDA
2/6/2014 $120 NA NA NA NA
1/29/2014 $55 NA NA NA NA
1/29/2014 $135 NA NA NA NA
1/23/2014 $91 NA NA NA NA
1/6/2014 $100 NA NA NA NA
12/20/2013 $1,500 7.7x NM 6.2x 46.3x
12/19/2013 $94 NA NA NA NA
12/19/2013 $987 4.4x NA 4.3x NA
12/11/2013
Owned & Operated Websites
$80 0.7x NA NA NA
12/4/2013 $198 NA NA NA NA
12/3/2013 $65 2.6x NM NA NA
12/2/2013 $240 NA NA NA NA
11/25/2013 $117 0.7x 9.1x NA NA
(3)
(2)
(1)
7
Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont.)
Notes:
Multiples <0x or >50x considered NM.
Disclosed transactions with Aggregate Value <$50MM not included.
(1) Aggregate Value includes earnout of up to $14 million; LTM Revenue multiple based on 451 Research estimate.
($MM)
Announced
DateAcquirer Target Aggregate Value
AV / LTM
Sales
AV / LTM
EBITDA
AV / NTM
Sales
AV / NTM
EBITDA
11/21/2013 $2,896 NA NA NA NA
11/14/2013 $150 NA NA NA NA
11/7/2013 $260 NA NA NA NA
11/7/2013 $50 1.3x NA NA NA
11/3/2013 $100 NA NA NA NA
10/30/2013 $119 NA NA NA NA
10/10/2013 $90 1.8x NA NA NA
10/7/2013 $118 NA NA NA NA
10/2/2013 $930 NA NA NA NA
10/1/2013 $324 14.7x NA NA NA
9/30/2013 $942 2.1x NM 2.0x 19.1x
9/17/2013 $88 43.9x NA NA NA
9/9/2013 $350 NA NA 3.5x NA
(1)
8
Filed IPOs Internet / Digital Media / SaaS: IPOs In Public Registration
Notes:
Source: Dealogic, CapitalIQ and SEC.gov.
For the period 1/1/2010 to 04/21/2014
Offering Amounts $10MM or Greater
Issuer Primary IndustryInitial Filing
Date
Initial Offering
Amount ($MM)Underwriters
Major Shareholders
(% ownership prior to offering)
Internet Software 04/16/14 $100 BAML, Citigroup, Oppenheimer, RBC Capital
Markets, William Blair
Canaan (32.4%); ATA Ventures (17.0%); Bessemer Venture
Partners (16.3%)
SaaS 04/10/14 150
Canaccord Genuity, Credit Suisse, Goldman
Sachs, Morgan Stanley, Pacific Crest
Securities
Charles River Ventures (24.5%); Benchmark Capital (18.7%);
Matrix Partners (8.8%)
Internet Software 04/07/14 100
Barclays, Deutsche Bank,Goldman Sachs,
Morgan Stanley, Nomura, Raymond James,
Stifel
Storm Ventures (20.2%); Norwest Venture Partners (19.5%);
Sequoia Capital (16.9%); Foundation Capital (8.5%)
Internet Software 04/03/14 125 Goldman Sachs, J.P. Morgan
United Services Automobile Association (26.2%); Capricorn
Investment Group (16.0%); Upfront Ventures (15.2%); Anthem
Ventures (9.3%); Vulcan Capital (9.1%); Peppy Capital
Partners (6.6%)
Internet Software 03/26/14 75
BAML, BMO Capital Markets, Citigroup,
Oppenheimer & Company, RBC Capital
Markets
Trinity Ventures (26.5%); Foundation Capital (22.7%);
Northgate Capital (8.0%)
SaaS 03/30/12 75
BAML; Stifel Nicolaus; BMO Capital Markets;
Lazard Capital Markets; Raymond James;
Oppenheimer & Co.
North Bridge Venture Partners (58%); Commonwealth Capital
Ventures (34.6%)
GameFly Inc eCommerce 02/10/10 50 BAML; Piper Jaffray; William Blair; Cowen Sequoia (51.3%); Tenaya Capital (5.9%)
200
400
600
800
1,000
1,200
1,400
1,600
0
1
2
3
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5
6
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8
9
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Nu
mb
er
of
Inv
estm
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ts
$B
n
Quarter - Year
TMT VC-Backed IPO Exit Value TMT VC-Backed M&A Exit Value Number of TMT VC Investments
9
Venture Capital Activity TMT: Transactions Since 2001
Notes:
(1) Includes Facebook IPO at Exit Value of $16.0Bn.
(2) TMT VC-Backed IPO Exits and TMT VC-Backed M&A Exits per NVCA / Thomson Venture-Backed Exit Activity report. TMT Inclusive of:
Internet Specific, Communications & Media, Computer Software & Services, Semiconductors/Other Electronics, Computer Hardware.
(3) 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.
(2)
$16.9Bn
$19.5Bn
(1)
(2) (3)
0.0
500.0
1000.0
1500.0
2000.0
2500.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
$M
M
Nu
mb
er
of
Fin
an
cin
gs
10
Private Financing Activity Internet / Digital Media / Software: Monthly Since January 2007(1)
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 $1.6Bn raise on 10/15/13.
0
5
10
15
20
25
30
0
250
500
750
1,000
1,250
Se
p-1
1
Au
g-1
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Ju
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$M
M
Amount Raised ($MM) Number of Financings
(2)
(3)
(1)
11
Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)
Notes:
Source: DowJones VentureWire.
Only financings > $10MM included.
($MM)
Name
Announced
Date Series Amount Lead Investor Other Investors Brief Business Description
Total
Raised
Airbnb
San Francisco, CA
www.airbnb.com
18-Apr-14 Series D $450 TPG Growth, Dragoneer Investment
GroupT. Rowe Price, Sequoia Capital Operator of online property rental marketplace for short-term travel stays. $776
SpringCM
Chicago, IL
www.springcm.com
17-Apr-14 Later Stage Equity $18 Not disclosed Goff Capital Partners, Square 1 Bank, Foundation CapitalProvider of an on demand content management services through web based
software as a service model. $62
Citymapper
London, United Kingdom
www.citymapper.com
17-Apr-14 Series A $10 Balderton CapitalComcast Ventures, Connect Ventures, Greylock Partners,
Index VenturesProvider of route-planning software that uses real-time traffic information. $10
Yatra Online
Gurgaon, India
www.yatra.com
16-Apr-14 Later Stage Equity $23 IDG Ventures India, Vertex Venture
Management
Intel Capital, Norwest Venture Partners, Reliance Venture Asset
Management, Television Eighteen, Valiant Capital PartnersProvider of online travel services in India. $133
Paperless Post
New York, NY
www.paperlesspost.com
16-Apr-14 Series C $25 August Capital Individual Investor, Mousse Partners, RRE Ventures, SV Angel Provider of online event invitation and social stationery services. $37
Jasper
Mountain View, CA
www.jasperwireless.com,
www.jasper.com
16-Apr-14 Later Stage Equity $50 Singapore's Temasek Holdings Singapore's Temasek Holdings
Developer of a platform that helps network operators to service the Machine to
Machine (M2M) market and for their customers to run connected device
businesses.
$192
India World Technologies
Gurgaon, India
www.indiahomes.com
16-Apr-14 Later Stage Equity $25 New Enterprise AssociatesNew Enterprise Associates, Foundation Capital, Helion Venture
Partners
Provider of property related services including buying, selling, renting,
financing, and legal services.$56
FireHost
Richardson, TX
www.firehost.com
16-Apr-14 Series E $25 The Stephens Group The Stephens GroupProvider of website and application hosting solutions to e-commerce, SaaS,
healthcare and security companies around the world. $59
The Currency Cloud
London, United Kingdom
www.thecurrencycloud.com
15-Apr-14 Series B $10 Not disclosedSilicon Valley Bank, Anthemis Group, Atlas Venture, Notion
Capital, XAnge Private EquityDeveloper of a Foreign Exchange (FX) payments automation platform. $21
Squarespace
New York, NY
www.squarespace.com
15-Apr-14 Series B $40 General Atlantic General AtlanticProvider of hosted and managed environment for creating, publishing, and
maintaining a website, blog, or portfolio. $79
Liepin
Beijing, China
www.liepin.com
15-Apr-14 Series C $70 Not disclosed Matrix Partners Provider of the online web-base professional recruitment platform. $70
LearnVest
New York, NY
www.learnvest.com
15-Apr-14 Series D $28 Northwestern Mutual Capital Accel Partners, American ExpressProvider of interactive and educational articles and personal finance information
on the web. $81
Kinetic Social
New York, NY
www.kineticsocial.com
15-Apr-14 Series B $18 Blue Chip Venture Blue Chip Venture Provider of a social advertising and media marketing platform. $29
Consumers United
Boston, MA
www.consumerunited.com
15-Apr-14 Series D $14 Spark Capital, Thayer Street Partners Five Elms Capital, Village VenturesProvider of a platform which helps consumer simplify and save on monthly
cost of living expenses. $71
12
Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)
Notes:
Source: DowJones VentureWire.
Only financings > $10MM included.
($MM)
Name
Announced
Date Series Amount Lead Investor Other Investors Brief Business Description
Total
Raised
Betterment
New York, NY
www.betterment.com
15-Apr-14 Series C $32 Citi Ventures, Globespan Capital
Partners, Northwestern MutualAnthemis Group, Bessemer Venture Partners, Menlo Ventures Provider of an online investment platform. $45
Avvo
Seattle, WA
www.avvo.com
15-Apr-14 Series D $38 Coatue Management Benchmark Capital, Duff Ackerman & Goodrich, Ignition
PartnersProvider of an online legal marketplace for consumers and attorneys. $61
Auctionata
Berlin, Germany
www.auctionata.com
15-Apr-14 Series C $29 Not disclosedREN Invest, e.ventures, Earlybird Venture Capital, Holtzbrinck
VenturesProvider of online market place for auctions. $58
Act-On Software
Beaverton, OR
www.actonsoftware.com
15-Apr-14 Later Stage Equity $42 Technology Crossover Ventures Norwest Venture Partners, Trinity Ventures, US Venture
Partners, Voyager CapitalProvider of cloud based integrated marketing platform. $73
SilverRail Technologies
Woburn, MA
www.silverrailtech.com
14-Apr-14 Series C $40 Mithril Capital Management Brook Venture Partners, Canaan Partners, Sutter Hill VenturesProvider of a single integrated technology platform for selling rail tickets and
railway trip planning. $73
Liaison Technologies
Atlanta, GA
www.liaison.com
14-Apr-14 Series B $15 Not disclosed Not disclosed Provider of business to business managed and infrastructure services. $56
AgilOne
Mountain View, CA
www.agilone.com
14-Apr-14 Series C $25 Tenaya CapitalFour Rivers Group, Next World Capital, Tenaya Capital, Mayfield
Fund, Sequoia CapitalProvider of an online retail marketing platform. $41
Genesis Media
New York, NY
www.genesismedia.com
11-Apr-14 Series B $10 Blue Chip Venture Crown Predator Holdings, Provider of digital technology platform for video advertisements. $13
Smule
San Francisco, CA
www.smule.com
10-Apr-14 Later Stage Equity $17 Roth Capital PartnersBessemer Venture Partners, Granite Ventures, Shasta
VenturesProvider of interactive intelligent music iPhone applications. $42
Quantia
Waltham, MA
www.quantiamd.com
10-Apr-14 Series B $10 Safeguard Scientifics Fuse CapitalProvider of a mobile and Web-based physician relationship management
(PRM) platform. $39
Good Technology (Visto)
Sunnyvale, CA
www1.good.com
10-Apr-14 Later Stage Equity $101 Not disclosed
Oak Investment Partners, ePlanet Capital, Meritech Capital
Partners, Draper Fisher Jurvetson, GKM Venture Partners,
Rustic Canyon Partners, Blueprint Ventures
Provider of mobile messaging services for mobile operators. $583
Fundbox
San Francisco, CA
www.fundbox.com
10-Apr-14 Series A $18 Khosla Ventures Individual Investor, SV AngelProvider of funds, cash and cash flow management software to small
businesses. $18
Decisyon
Stamford, CT
www.decisyon.com
10-Apr-14 Series B $26 Catalyst Investors Catalyst Investors Provider of collaborative decision making platform. $46
Blue Apron
Brooklyn, NY
www.blueapron.com
10-Apr-14 Series C $30 Not disclosed Not disclosed Provider of online meal subscription services. $38
13
Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)
Notes:
Source: DowJones VentureWire.
Only financings > $10MM included.
($MM)
Name
Announced
Date Series Amount Lead Investor Other Investors Brief Business Description
Total
Raised
AppDirect
San Francisco, CA
www.appdirect.com
10-Apr-14 Series C $35 Mithril Capital Management Foundry GroupProvider of business application network that allows businesses to find, buy
and manage Web-based applications. $56
Quora
Mountain View, CA
www.quora.com
9-Apr-14 Series C $80 Tiger Global ManagementBenchmark Capital, Individual Investor, Matrix Partners, North
Bridge Venture PartnersDeveloper of a question and answer website. $141
Omada Health
San Francisco, CA
www.omadahealth.com
9-Apr-14 Series B $23 Andreessen Horowitz Kaiser Permanente Ventures, The Vertical Group, US Venture
Partners
Developer of an online diabetes prevention program based on the Diabetes
Prevention Program (DPP) clinical trial. $29
Crittercism
San Francisco, CA
www.crittercism.com
9-Apr-14 Series C $30 Scale Venture Partners Accenture, Interwest Partners, VMware Provider of a software development kit for mobile application development. $50
Wattpad
Toronto, Canada
www.wattpad.com
8-Apr-14 Series C $46 OMERS Ventures
AME Cloud Ventures, August Capital, Northleaf Capital
Partners, The Raine Group, Golden Venture Partners, Khosla
Ventures, Union Square Ventures, Version One Ventures
Provider of a story sharing platform, enabling writers to share their work with
an online community. $67
Quad Learning
Washington, DC
www.quadlearninginc.com
8-Apr-14 Series B $10 Not disclosed
Clark Enterprises, ECMC, MentorTech Ventures, Comcast
Ventures, New Atlantic Ventures, New Enterprise Associates,
SWaN & Legend Venture Partners
Provider of a learning platform. The company enables students to obtain a
bachelor's degree through seminar style classes in virtual classrooms.$21
NetProspex
Waltham, MA
www.netprospex.com
8-Apr-14 Series C $13 Spring Lake Equity Partners Edison Ventures Provider of cloud-based B2B marketing data management services. $27
Kenshoo
Tel-Aviv, Israel
www.kenshoo.com
8-Apr-14 Later Stage Equity $20 Bain Capital Ventures Arts Alliance, Sequoia Capital, Tenaya Capital Provider of search marketing, social media and online advertising platform. $52
Altia Systems
Cupertino, CA
www.altiasystems.com
8-Apr-14 Series B $11 Intel Capital Intel Capital Developer of a video-collaboration platform. $24
Scytl Secure Electronic Voting
Barcelona, Spain
www.scytl.com
7-Apr-14 Series B $40 Vulcan Capital Vulcan Capital Provider of internet-based voting technology systems. $54
GrabTaxi
Singapore, Singapore
www.grabtaxi.com
7-Apr-14 Series A $10 Vertex Venture Management Individual Investor, Vertex Venture Management Provider of an application software for the booking of taxi and cabs. $10
CiteeCars
Luxembourg, Germany
www.citeecar.com
4-Apr-14 Series A $10 Mangrove Capital PartnersEdison Energy, Mitsui & Co. (USA), DFJ Growth, Draper Fisher
Jurvetson, The Westly Group, Triangle Peak Partners
Provider of car-sharing services. The company offers fleet utilization for
providing free access to the place to park. $10
Imgur
San Francisco, CA
www.imgur.com
3-Apr-14 Series A $40 Andreessen Horowitz Reddit Developer of an image sharer platform. $47
Boundary
Mountain View, CA
www.boundary.com
3-Apr-14 Series C $22 Adams Street PartnersTriangle Peak Partners, Lightspeed Venture Partners, Scale
Venture Partners
Provider of platforms for visualizing, exploring and troubleshooting data
networks. $41
14
Recent Private Financings Internet / Digital Media / Software: Trailing 6 Weeks (Cont.)
Notes:
Source: DowJones VentureWire.
Only financings > $10MM included.
($MM)
Name
Announced
Date Series Amount Lead Investor Other Investors Brief Business Description
Total
Raised
Artsy
New York, NY
www.artsy.net
3-Apr-14 Series B $16 Thrive Capital BoxGroup, Founder Collective, Plug & Play Ventures
Provider of a marketing platform for galleries and their artists. The company
offers a platform that allows collectors to discover, share and buy fine arts
online.
$23
Wealthfront
Palo Alto, CA
www.wealthfront.com
2-Apr-14 Later Stage Equity $35 Index Ventures Ribbit Capital, Duff Ackerman & Goodrich, Greylock Partners,
Individual Investor, Social+Capital PartnershipProvider of software-based financial and investment advisory services. $66
Lyft
San Francisco, CA
www.lyft.me
2-Apr-14 Series D $250 Coatue ManagementAlibaba Group, Third Point, Andreessen Horowitz, Founders
Fund, Individual Investor, Mayfield FundProvider of an on-demand ride-sharing service. $332
Health Fidelity
Palo Alto, CA
www.healthfidelity.com
2-Apr-14 Series A $14 Not disclosed Not disclosedProvider of a clinical natural language processing (NLP) platform that enables
medical practitioners to handle large amounts of medical information.$17
WalkMe
San Francisco, CA
www.walkme.com
1-Apr-14 Series C $11 Scale Venture Partners Gemini Israel Funds, Giza Venture Capital, Mangrove Capital
PartnersDeveloper of an interactive online guidance and engagement platform. $18
SCIenergy
Dallas, TX
www.scienergy.com
1-Apr-14 Series C $12 Braemar Energy Ventures Edison Energy, Mitsui & Co. (USA), DFJ Growth, Draper Fisher
Jurvetson, The Westly Group, Triangle Peak PartnersProvider of cloud-based energy management system. $69
Buzz Points
Austin, TX
www.buzzbanking.com
1-Apr-14 Series A $19 Lead Edge Capital Discover Financial Services, KEC Ventures, Greycroft Partners Developer of social media & marketing tools for financial institutions. $43
ClearStory Data
Palo Alto, CA
www.clearstorydata.com
31-Mar-14 Series B $21 Duff Ackerman & GoodrichAndreessen Horowitz, Google Ventures, Khosla Ventures,
Kleiner Perkins Caufield & ByersDeveloper of tool for users to conduct self driven big data exploration. $32
TraceVector
San Jose, CA
www.tracevector.com
27-Mar-14 Series B $18 Not disclosed AME Cloud Ventures, IA Ventures, Khosla VenturesDeveloper of a network intrusion detection System. The company's technology
detects anomalies in network traffic to secure against cyber-attacks.$36
Sportority
London, United Kingdom
www.ftbpro.com
26-Mar-14 Series B $18 Not disclosedDawn Capital, Battery Ventures, Gemini Israel Funds, Individual
Investor
Provider of a fan-generated online platform for soccer (football). The company's
platform is a social network, enabling fans to interact online in various
languages.
$24
CircleUp Network
San Francisco, CA
www.circleup.com
26-Mar-14 Series B $14 Canaan Partners Google Ventures, Maveron, Rose Park Advisors, Union Square
Ventures
Developer of an online social marketplace that provides equity investments
from individual investors to small private consumer and retail companies. $23
Circle Internet Financial
Boston, MA
www.circle.com
26-Mar-14 Series B $17 Oak Investment Partners
Bitcoin Opportunity Fund, Fenway Summers, Pantera Capital,
Accel Partners, Breyer Capital, General Catalyst Partners,
Individual Investor
Provider of payment tools for Bitcoin and other digital currency services. $26
Vend
Auckland, New Zealand
www.vendhq.com
25-Mar-14 Series B $20 Square Peg Ventures, Valar Ventures Point Nine Capital, Square Peg Ventures, Valar Ventures Provider of web-based point of sale and retail management software. $30
Themis Solutions
Vancouver, Canada
www.goclio.com
25-Mar-14 Series C $19 Bessemer Venture Partners Version One Ventures, Acton Capital Partners, Point Nine
Capital
Provider of web-based practice management system for solo practitioners and
small law firms. $26
15
GCA Savvian Advisors Overview Selected Recent Digital Media and Software Transactions
Sale of Entertainment Acquired by Acquired by Preferred Stock Acquired by
Store Assets 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 Financial Advisor We Advised the Seller
Pending March 2014 March 2014 November 2013 September 2013 August 2013 August 2013 July 2013 July 2013
Sale of
Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Preferred Stock Acquired by
Fairness Opinion for
to
We Advised the Seller We Advised the Seller Financial Advisor Buddy Media We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller
January 2013 September 2012 August 2012 August 2012 August 2012 June 2012 June 2012 May 2012 May 2012
Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Preferred Stock Acquired by
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 Financial Advisor We Advised the Seller
April 2012 March 2012 February 2012 January 2012 December 2011 December 2011 November 2011 November 2011 October 2011
Merger with
Acquired by Preferred Stock Preferred Stock Acquired By Preferred Stock
Acquired by Acquired by Acquired by
We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller Financial Advisor We Advised lolapps
October 2011 September 2011 August 2011 August 2011 August 2011 August 2011 August 2011 July 2011 July 2011
Acquired By Acquired By Sale of Subscription Acquisition of JV from Sale of Business Unit Acquired by Secondary Acquired by Preferred Stock
Music Service to Mogae Consultants Six Apart KK to Sale
We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Founders We Advised the Seller Financial Advisor
May 2011 April 2011 March 2011 January 2011 January 2011 January 2011 January 2011 December 2010 December 2010
Reality Media Holdings
Acquired byAcquired byAcquired byAcquired by
16
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
GCA Savvian Digital Media / Software Team
Paul DiNardo Steve Fletcher Mark Greenbaum Rich Jasen Seihun KongManaging Director Managing Director Managing Director Managing Director Managing Director
Phone: (415) 318-3665 Phone: (415) 318-3661 Phone: (415) 318-3656 Phone: (415) 318-3653 Phone: (415) 318-3682
Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 531-6020 Mobile: (415) 308-4760 Mobile: (415) 823-7300
[email protected] [email protected] [email protected] [email protected] [email protected]
Tomohiko Kubota Sachio Kuninori John Lambros Ashley Ma Clifford Platt Joshua WepmanVice President Executive Director Managing Director Vice President Director Director
Phone: +81 (3) 6212-7129 Phone: +81 (3) 6212-7226 Phone: (212) 999-7083 Phone: (212) 999-7076 Phone: (415) 318-3622 Phone: (212) 999-7092
[email protected] [email protected] Mobile: (917) 744-9011 Mobile: (917) 575-0103 Mobile: (917) 796-7782 Mobile: (917) 306-4168
[email protected] [email protected] [email protected] [email protected]
