Headwaters MB Q4 Mobile Market Update

Confidential

Mobile Market Update 4Q 2015

Member FINRA

2 Confidential

Mobile Market Update

Capital Markets – IoT / M2M companies continue to outperform the NASDAQ and S&P indexes while their counterparts in mobile software & solutions also remain market leaders. Handsets, wireless and diversified infrastructure, and mobile marketing and advertising companies trail the broader market indices

Trading Multiples – Wireless and diversified infrastructure companies are trading at a median LTM revenue multiple of 2.2x, outpacing mobile software & solutions companies, IoT / M2M companies, mobile advertising & marketing companies, and handsets firms

M&A Activity – M&A activity reached a 3-year high in 3Q 2015 with 120 deals, continuing a streak of increased mobile M&A activity which saw none of the prior four quarters dip below 90 acquisitions in each period. The aggressive pace slowed to 93 transactions recorded in 4Q 2015. Notable recent transactions include LeTV’s $700 million move with its majority ownership stake in Yidao Yongche, an aggressive rival to its counterpart Uber in China, and Laird’s car connectivity purchase of mobile device integration company Novero

Investment Activity – Investment volume and aggregate values slowed from early year highs to 98 investments and $3.8 billion in value for Q4 2015. Notable recent investments include Uber Technologies’ $2.1 billion raise and mobile video blogging company Yixia’s $200 million round

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Since 2013, IoT / M2M (+93.3%) and mobile software and solutions companies (+54.8%) have outperformed the S&P 500 while handsets companies (+13.5%), wireless & diversified infrastructure (+13.0%) companies, and mobile marketing & advertising (-11.0%) companies have underperformed on the whole

(50.0%)

0.0%

50.0%

100.0%

150.0%

200.0%

250.0%

Mobile Capital Markets Performance

NASDAQ: + 60.9%

S&P 500: +39.8%

Mobile Software & Solutions: +54.8%

Mobile Marketing & Advertising: (11.0%)

Wireless & Diversified Infrastructure: +13.0%

Handsets: +13.5%

_______ Source: Capital IQ as of 12/31/15; refer to public comparables for constituents

IoT / M2M: +93.3%

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2.0x

0.9x

2.8x

1.6x

1.4x

1.2x

1.4x

1.1x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

LTM Revenue Multiple

Mobile Comparable Public Companies

Median: 1.4x

Mobile Software & Solutions

_______ Source: Capital IQ as of 12/31/15; companies arranged by descending enterprise value

2.3x

0.7x

1.2x

1.0x

0.7x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x


Median: 1.0x

IoT / M2M

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2.1x

2.7x

10.7x

1.0x 1.4x

2.5x

0.9x

2.3x 2.3x

1.3x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0xLTM Revenue Multiple

Mobile Comparable Public Companies (Cont.)

Median: 2.2x

Wireless & Diversified Infrastructure


Mobile Marketing & Advertising

1.6x

2.0x

0.3x 0.3x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x


Median: 1.0x

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Mobile Comparable Public Companies (Cont.) Handsets


2.9x

0.6x

0.3x 0.2x

2.6x

1.6x

0.1x 0.2x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x


Median: 0.4x

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Mobile Comparable Public Companies

_______ Source: Capital IQ

Trading Metrics($ in millions, except per share data) Stock

Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA

Company Ticker 12/31/15 Low High Cap. Value LTM CY 2015E CY 2016E LTM CY 2015E CY 2016E


Amdocs Nasdaq:DOX $54.57 $45.75 $61.46 $8,347 $7,213 2.0x 2.0x 1.9x 10.2x 9.5x 9.1x

Convergys NYSE:CVG 24.89 18.81 26.60 2,436 2,580 0.9x 0.9x 0.8x 7.0x 6.9x 6.4x

Synchronoss Nasdaq:SNCR 35.23 27.86 52.45 1,529 1,562 2.8x 2.7x 2.3x 9.9x 7.8x 6.6x

CSG Nasdaq:CSGS 35.98 23.72 38.85 1,130 1,215 1.6x 1.6x 1.6x 9.3x 6.9x 6.5x

Xura Nasdaq:MESG 24.58 16.95 26.63 615 631 1.4x 2.3x 1.7x 13.8x NA 7.1x

TeleCommunication Systems Nasdaq:TSYS 4.97 2.79 4.99 333 425 1.2x 1.1x 1.1x 12.0x 10.1x 8.4x

Spok Holdings (fka USA Mobility) Nasdaq:SPOK 18.32 15.26 21.73 385 271 1.4x NA NA 6.3x NA NA

RedKnee TSX:RKN 2.14 1.98 3.77 238 240 1.1x 1.1x 1.0x 9.4x 7.8x 5.5x

High 2.8x 2.7x 2.3x 13.8x 10.1x 9.1x

Mean 1.5x 1.7x 1.5x 9.8x 8.2x 7.1x

Median 1.4x 1.6x 1.6x 9.7x 7.8x 6.6x

Low 0.9x 0.9x 0.8x 6.3x 6.9x 5.5x

IoT / M2M

CalAmp Nasdaq:CAMP $19.93 $14.01 $21.82 $738 $653 2.3x 2.3x 2.1x 16.1x 13.3x 11.8x

Sierra Wireless TSX:SW 15.69 13.49 41.04 511 423 0.7x 0.7x 0.6x 10.9x 8.9x 7.5x

Telit AIM:TCM 3.15 2.62 5.27 375 375 1.2x 1.1x 1.0x 15.0x 8.9x 6.4x

Digi Nasdaq:DGII 11.38 8.23 13.53 295 203 1.0x 0.9x 0.9x 15.9x 12.5x 9.6x

Novatel Nasdaq:MIFI 1.67 1.58 6.89 88 158 0.7x 0.7x 0.5x NM NA 10.6x

High 2.3x 2.7x 2.3x 13.8x 10.1x 9.1x

Mean 1.2x 1.7x 1.5x 9.8x 8.2x 7.1x

Median 1.0x 1.6x 1.6x 9.7x 7.8x 6.6x

Low 0.7x 0.9x 0.8x 6.3x 6.9x 5.5x

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Cisco Nasdaq:CSCO $27.16 $23.03 $30.31 $138,013 $103,535 2.1x 2.1x 2.1x 7.6x 7.3x 7.3x

QUALCOMM Nasdaq:QCOM 49.99 45.93 75.30 75,384 69,025 2.7x 2.9x 2.9x 8.0x 7.8x 7.4x

CCI Corp NYSE:CCI 86.45 75.78 89.44 28,792 40,749 10.7x 11.1x 10.8x 19.4x 19.1x 18.7x

Ericsson OM:ERIC B 9.75 8.92 14.22 31,703 28,739 1.0x 1.0x 1.0x 7.0x 7.7x 6.7x

Nokia HLSE:NOKIA 7.16 5.33 8.55 25,973 21,291 1.4x 1.5x 1.4x 10.5x 9.7x 9.3x

Motorola Solutions NYSE:MSI 68.45 56.40 72.97 12,215 14,414 2.5x 2.5x 2.5x 11.4x 11.1x 10.2x

ZTE Corp SZSE:000063 2.87 2.18 4.46 11,909 13,461 0.9x 0.9x 0.8x 21.0x 11.5x 10.5x

Juniper Networks NYSE:JNPR 27.60 21.24 32.39 10,699 10,664 2.3x 2.2x 2.1x 10.9x 8.2x 7.9x

Ruckus NYSE:RKUS 10.71 9.11 13.50 1,037 816 2.3x 2.2x 1.9x 47.6x 15.1x 11.2x

Aerohive NYSE:HIVE 5.11 3.43 8.35 255 186 1.3x 1.2x 1.0x NM NA NA

High 10.7x 11.1x 10.8x 47.6x 19.1x 18.7x

Mean 2.7x 2.8x 2.6x 15.9x 10.8x 9.9x

Median 2.2x 2.1x 2.0x 10.9x 9.7x 9.3x

Low 0.9x 0.9x 0.8x 7.0x 7.3x 6.7x

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Mobile Marketing and Advertising

Opera Software OB:OPERA $5.71 $4.89 $11.95 $830 $908 1.6x 1.6x 1.6x 9.8x 10.0x 7.2x

1000mercis ENXTPA:ALMIL 40.66 38.01 48.97 127 112 2.0x 2.0x 2.0x 8.3x 9.1x 8.0x

Marchex Nasdaq:MCHX 3.89 3.51 5.32 161 52 0.3x 0.4x 0.4x 7.8x 3.4x 4.7x

InternetQ AIM:INTQ 0.94 0.65 5.50 37 41 0.3x 0.2x 0.2x 2.2x 1.5x 1.2x

High 2.0x 2.0x 2.0x 8.3x 9.1x 8.0x

Mean 1.1x 0.9x 0.9x 6.1x 4.7x 4.6x

Median 1.0x 0.4x 0.4x 7.8x 3.4x 4.7x

Low 0.3x 0.2x 0.2x 2.2x 1.5x 1.2x

Handsets & Hardware

Apple Nasdaq:AAPL $118.30 $92.00 $134.54 $659,686 $682,166 2.9x 2.9x 2.7x 8.3x 8.2x 8.1x

Samsung KOSE:A005930 1,070.75 877.84 1,283.19 138,464 95,908 0.6x 0.6x 0.5x 2.5x 2.4x 2.3x

LG Electronics KOSE:A066570 45.72 33.40 54.64 7,447 14,378 0.3x 0.3x 0.3x 5.6x 5.5x 5.0x

Lenovo SEHK:992 1.02 0.78 1.85 11,281 11,667 0.2x 0.2x 0.2x 9.6x 35.6x 7.4x

Trimble Navigation Nasdaq:TRMB 21.45 15.90 27.62 5,408 6,045 2.6x 2.7x 2.6x 16.3x 12.5x 11.3x

BlackBerry TSX:BB 9.25 5.76 10.88 4,868 3,887 1.6x 1.6x 1.8x 8.5x 8.3x 9.9x

HTC TSEC:2498 2.37 1.22 4.88 1,949 605 0.1x 0.2x 0.2x NM NA NA

Coolpad SEHK:2369 0.20 0.14 0.42 877 524 0.2x 0.2x 0.2x 21.4x 5.5x 4.6x

High 2.9x 2.9x 2.7x 21.4x 35.6x 11.3x

Mean 1.1x 1.1x 1.1x 10.3x 11.1x 6.9x

Median 0.4x 0.4x 0.4x 8.5x 8.2x 7.4x

Low 0.1x 0.2x 0.2x 2.5x 2.4x 2.3x

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Operating Metrics($ in millions, except per share data)

LTM Revenue Growth LTM Revenue EBITDA

Company Ticker As Of '14A-'15E '15E-'16E GM LTM CY 2015E CY 2016E LTM CY 2015E CY 2016E


Amdocs Nasdaq:DOX Sep 2015 2% 4% 36% $3,644 $3,662 $3,809 $704 $761 $796

Convergys NYSE:CVG Sep 2015 3% 3% 36% 2,963 2,953 3,052 370 373 405

Synchronoss Nasdaq:SNCR Sep 2015 26% 18% 59% 552 578 679 157 200 235

CSG Nasdaq:CSGS Sep 2015 NM 4% 49% 749 749 778 131 176 186

Xura Nasdaq:MESG Oct 2015 (43%) 38% 37% 462 270 373 46 NA 89

TeleCommunication Systems Nasdaq:TSYS Sep 2015 6% 5% 39% 364 382 401 35 42 51

Spok Holdings (fka USA Mobility) Nasdaq:SPOK Sep 2015 NA NA 66% 194 NA NA 43 NA NA

RedKnee TSX:RKN Sep 2015 (15%) 11% 59% 223 220 244 25 31 44

IoT / M2M

CalAmp Nasdaq:CAMP Nov 2015 NM 12% 36% $279 $278 $313 $41 $49 $55

Sierra Wireless TSX:SW Sep 2015 12% 11% 32% 612 612 682 39 48 57

Telit AIM:TCM Jun 2015 13% 17% 40% 312 333 390 25 42 58

Digi Nasdaq:DGII Sep 2015 11% 2% 46% 213 215 220 13 16 21

Novatel Nasdaq:MIFI Sep 2015 28% 23% 25% 218 238 293 (13) NA 15

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Operating Metrics($ in millions, except per share data)

LTM Revenue Growth LTM Revenue EBITDA

Company Ticker As Of '14A-'15E '15E-'16E GM LTM CY 2015E CY 2016E LTM CY 2015E CY 2016E


Cisco Nasdaq:CSCO Oct 2015 3% 1% 61% $49,598 $49,470 $49,793 $13,674 $14,277 $14,240

QUALCOMM Nasdaq:QCOM Sep 2015 (12%) (1%) 60% 25,281 23,863 23,720 8,669 8,867 9,352

CCI Corp NYSE:CCI Sep 2015 (1%) 3% 64% 3,795 3,666 3,763 2,098 2,128 2,179

Ericsson OM:ERIC B Sep 2015 NM 1% 36% 28,765 28,994 29,286 4,082 3,729 4,291

Nokia HLSE:NOKIA Sep 2015 (10%) 13% 44% 14,920 13,847 15,712 2,027 2,200 2,280

Motorola Solutions NYSE:MSI Oct 2015 (3%) NM 48% 5,836 5,718 5,728 1,261 1,293 1,408

ZTE Corp SZSE:000063 Sep 2015 7% 10% 32% 14,346 14,523 15,955 642 1,171 1,276

Juniper Networks NYSE:JNPR Sep 2015 4% 5% 63% 4,640 4,833 5,062 974 1,296 1,346

Ruckus NYSE:RKUS Sep 2015 15% 16% 68% 359 375 437 17 54 73

Aerohive NYSE:HIVE Sep 2015 10% 24% 67% 142 151 188 (42) NA NA

Mobile Marketing and Advertising

Opera Software OB:OPERA Sep 2015 18% 20% 35% $577 $576 $693 $93 $91 $126

1000mercis ENXTPA:ALMIL Jun 2015 1% 16% 23% 55 57 66 13 12 14

Marchex Nasdaq:MCHX Sep 2015 (19%) (1%) 46% 148 147 146 7 15 11

InternetQ AIM:INTQ Jun 2015 10% 15% 25% 155 176 203 19 28 34

Handsets & Hardware

Apple Nasdaq:AAPL Sep 2015 18% 5% 40% $233,715 $236,185 $247,422 $82,487 $82,850 $83,266

Samsung KOSE:A005930 Sep 2015 (10%) 3% 38% 168,981 170,887 175,440 38,335 40,312 41,419

LG Electronics KOSE:A066570 Sep 2015 (11%) 4% 22% 48,330 48,103 49,998 2,585 2,594 2,871

Lenovo SEHK:992 Sep 2015 7% 5% 15% 48,291 47,541 50,068 1,216 327 1,573

Trimble Navigation Nasdaq:TRMB Oct 2015 (5%) 3% 56% 2,295 2,271 2,343 372 484 537

BlackBerry TSX:BB Nov 2015 NM (9%) 46% 2,356 2,356 2,133 456 471 393

HTC TSEC:2498 Sep 2015 (38%) (10%) 20% 4,363 3,691 3,335 (164) NA NA

Coolpad SEHK:2369 Jun 2015 (15%) 15% 11% 2,418 2,730 3,146 24 96 113

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55

40 45

53

65 70

98 100 93

99

120

93

$0.5 $1.1 $2.6 $2.2

$22.9

$5.9

$2.7 $1.9 $1.6

$2.5 $2.4 $1.0

0

20

40

60

80

100

120

140

0

5

10

15

20

25

30

1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015

# Deals $ in billions

Deal Volume Deal Value ($B)

Mobile M&A Volume Exhibiting Consistent Growth

_______ Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction values Top 3 acquisitions with disclosed transaction values Average LTM revenue multiple excludes 50x+ revenue multiples

Average LTM Revenue Multiple 2013 2014 2015 2.6x 1.7x 2.2x

Top 3 Acquisitions by Quarter ($M) – Target / Acquirer 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Epocrates / athenahealth

($293)

Waze / Google

($966)

91 Wireless / Baidu

($1,850)

Supercell / Softbank Corp.

($1,530)

WhatsApp / Facebook ($19,000)

Motorola (assets) / Zebra

($3,450)

TOA Tech. / Oracle ($550)

BrightRoll / Yahoo! ($640)

MyFitnessPal / UnderArmour

($475)

China Mobile Games/

Pegasus Inv. ($689)

FL Mobile / Jinxing Inv.

($626)

Yidao Yongche / LeTV

($700)

mFoundry / Fidelity

($120)

Parse / Facebook

($85)

MoPub / Twitter ($350)

Fiberlink / IBM

($300)

AirWatch / VMware ($1,540)

AutoNavi / Alibaba ($1,580)

LiveRail / Facebook

($382)

Telerik / Progress ($263)

Paydiant / PayPal ($280)

TellApart / Twitter ($533)

Good Tech. / Blackberry

($425)

Undertone / Perion ($130)

Crashlytics / Twitter ($38)

Meridian / Aruba Net.

($16)

JumpTap / Millennial

($221)

MapMyFitness / UnderArmour

($150)

Viber Media / Rakuten ($900)

Check / Intuit ($360)

Flurry / Yahoo! ($270)

Acompli / Microsoft

($200)

Red Bend / Harman Int’l

($170)

Domob / BlueFocus

($289)

AtHoc / Blackberry

($250)

Novero / Laird ($71)

13 Confidential

_______ Source: 451 Group, acquirer press release, Good Technology S-1 filing, conference call transcripts

Mobile M&A Case Study

On September 4, 2015

HAS ACQUIRED

Transaction Overview • $425 million acquisition of Good Technology by Blackberry

• All cash offer • Good Technology had $212 million in CY14 revenue and was forecasted for $160 million

in CY16 revenue (from impacts of deferred revenue of IP licenses and customer overlaps), representing a 2.0x CY14 and 2.7x CY16 revenue multiple respectively

• Good Technology was not profitable in CY14 Target Description • Provides mobile device management, messaging, security and Intranet access software for use

on a broad range of handheld devices for businesses and government agencies globally. Also provides related managed and systems integration services

Transaction Commentary • “By acquiring Good, BlackBerry will better solve one of the biggest struggles for CIOs today,

especially those in regulated industries: securely managing devices across any platform. By providing even stronger cross-platform capabilities our customers will not have to compromise on their choice of operating systems, deployment models or any level of privacy and security,” said John Chen, BlackBerry Executive Chairman and CEO

• “Good has worked hard to deliver the highest levels of security across operating systems and applications. Our trusted Good solutions will also help BlackBerry to accelerate its Internet of Things platform for managing endpoints beyond mobile devices,” said Christy Wyatt, Good Chairman and CEO

• Furthermore, BlackBerry’s COO Marty Beard emphasized the combination’s “common heritage in security”, highlighting the logical extension of BlackBerry’s existing strategy to expand into mobile enterprise security platforms

14 Confidential

Top Acquirers in Mobile

Buyer # Acquisitions Total Value ($M) Targets

23 936 AdMovate, Bignoggins Productions, BrightRoll, Cooliris, GhostBird Software, Go Poll Go, Hitpost, Incredible Labs, Jybe, Loki Studios, Luminate, MessageMe, Meh Labs (Blink), Propeld (Alike), Quik.io, Qwiki, Summly, ThumbsUp Labs (Aviate), Todoroo (Astrid), Tomfoolery (Anchor), Wander

20 1,096 Agawi, Bitspin, Bump Technologies, Enterproid (Divide), Firebase, Flexycore, Fly Labs, Green Throttle Games, Input Factory, Jetpac, Jibe Mobile, mDialog, Pixate, Quest Visual, RelativeWave, Timeful, Tinker Square, wavii, Waze, WIMM Labs

11 30 AlgoTrim, Burstly, Catch.com, Coherent Navigation, Concept.io, Embark, Mapsense, Metaio, Perceptio, Prss, SnappyLabs

10 300 Acompli, Capptain, Datazen Software, DoubleLabs, FieldOne Systems, HockeyApp, id8, Mobile Data Labs, Sunrise

Buyer Total Value ($M) Targets

19,100 Branch Media, Luma, Osmeta, Parse, WhatsApp

1,850 91 Wireless Websoft

1,580 AutoNavi Holdings

1,540 AirWatch

1,530 Supercell

1,096 Agawi, Bitspin, Bump Technologies, Enterproid (Divide), Firebase, Flexycore, Fly Labs, Green Throttle Games, Input Factory, Jetpac, Jibe Mobile, mDialog, Pixate, Quest Visual, RelativeWave, Timeful, Tinker Square, wavii, Waze, WIMM Labs

936 AdMovate, Bignoggins Productions, BrightRoll, Cooliris, GhostBird Software, Go Poll Go, Hitpost, Incredible Labs, Jybe, Loki Studios, Luminate, MessageMe, Meh Labs (Blink), Propeld (Alike), Quik.io, Qwiki, Summly, ThumbsUp Labs (Aviate), Todoroo (Astrid), Tomfoolery (Anchor), Wander

900 Viber Media

Top Acquirers by Volume – 10+ Acquisitions, 2013 – Present

Top Acquirers by Total Transaction Value – $750M or More, 2013 – Present

_______ Source: 451 Group; includes transactions with disclosed, estimated, undisclosed values

15 Confidential

4Q 2015 Mobile Investment Volume Off 2015 Highs

_______ Source: PitchBook; includes announced transactions with disclosed, estimated, undisclosed transaction values Top 3 investments with disclosed investment values

159 163

203 192

222 211

253

211 213

189

168

98

$711 $643

$896 $1,091

$1,912 $2,425 $2,107

$2,115 $2,132

$2,702

$7,152

$3,835

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

0

50

100

150

200

250

300

1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015

$ in millions # Investments Investment Volume Investment Value ($M)

Top 3 Investments by Quarter ($M)

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

GenBand ($343)

AirWatch ($225)

Uber ($258)

Idea Cellular ($490)

Tango ($283)

Uber ($1,188)

Delivery Hero ($350)

Koudai ($350)

Ele.me ($350)

Context Logic ($514)

Didi Kuaidi ($3,000)

Uber ($2,100)

WhatsApp ($53)

Kakao ($63)

Delivery Hero ($80)

Flipboard ($101)

Wuxi ($200)

Garena ($118)

Lookout ($150)

Instacart ($220)

Hungama Digital ($100)

Iwjw ($120)

Uber ($1,000)

WePiao ($235)

Urban Airship ($25)

Affirmed Ntwks ($51)

Rdio ($75)

Telogis ($93)

Snapdeal ($134)

Mozido ($103)

Pluralsight ($135)

Guahao ($107)

Shenzhen Wangzhi Tech

($100)

WePiao ($105)

Ele.me ($630)

Yixia ($200)

16 Confidential

Top Notable Investors In Mobile

Investor Investments Targets

94

AgilOne, Backwater Technologies, Beijing Century Technology, Beijing Datacom Century IT, Days Billion Technology, Beijing Perfect Creative, Blue Danube Labs, Carousell, Chukong Technologies, Citrus Payment Solutions, Clari, CooTek, Cryptopy Technologies, Dayima.com, Drawbridge, Druva Software, Ele.me, Feidee, Girnar Software, Inkling Systems, Instacart, July Systems, Kahuna, Keen Labs, Luminate Wireless, MangoMan Consumer Electronics, Mishi, Mobvoi, Moovit, Myfriday.cn, Near, Nubank, Octro, On Haiaihaisi IT, PicsArt, Plain Vanilla Games, Relcy, Shanghai Bai Sheng IT, Shopular, Skillz, Skyhigh Networks, Strava, Thanx, TinyOwl Technology, Trippy, Ver se' Innovation, WeLab, WhisperText, WizRocket Technologies, Wuxi Maimaibao, Yixia, Yunmanman, Zhongshan Communication, Zilingo, Zomato, Zoomcar

61 Azumio, Blablacar, CartoDB, Centrify, Clinkle, CrownIT, Dasher, Dronebase, Emergent VR, Fever Labs, Flaregames, ForgeRock, Gametime United, Hammer & Chisel, Hotel Tonight, Industrial Toys, InfinyPool, Invoice2go, Lola, Lookout, MobStac, Mubble, Neumob, Nextbit Systems, OpenX Software, Skydio, Space Ape, SwiftKey, UrbanClap Technologies, URX, UserTesting, Vinted, Wallapop, WizRocket Technologies, Zenoti

57

Almalence, Apperian, Audyssey, Beijing Unispreadtrum, Bluebank, BlueStack, CaféX, Clinkle, Delta ID, EyeSmart, Fortumo, FreedomPop, Genband, Gengo, Guangdong Appscomm, Hangtime, Helpshift, Hungama Digital Media, Incoming Media, INRIX, InVisage, ip.access, iZettle, Joyent, July Systems, LeWa Technology, LISNR, Microprogram, Navita Tecnologia, NetSpeed Systems, Nexmo, Occipital, Olive Telecom, Qnovo, Rancard, Reebonz, Reflektion, Screenovate, Shanghai Ailiao IT, SkyCross, Snapdeal, Swrve, Thunder Software, Urban Airship, Venafi, Zinitix, Zumigo, Zya

57

8sec, Ad Hoc Labs, Andy OS, Anyadir Education, BetterDoctor, BuildersCloud, Carousell, Cleanly, Eko Communications, First Opinion, Foverever Snap, Gosmith, GoSpotCheck, Greengar Studios, Guidekick, Hinge, Innoz Technologies, Iterable, Keen Labs, Merchbar, Mojio, Neuron Fuel, Okpanda, OLSET, Online Permissions Technologies, Ordrx, Parenthooods, PayDragon, PayrollHero.com, PinMyPet, Pogoseat, PriceBaba, Roomkey Technologies, Shoppr, SkyGiraffe, SnowShoeFood, Sonar, Sunrise Atelier, Supahands, Tamatem, Telepathic, TotSpot, Vangoart, Videogram, WillCall, WishPlz, Woomoo, YaSabe, Zeemi.tv, ZipZap

56

AllMobilize, AppVirality, askem TLV, Bar Pass, Beijing Technology, BuildersCloud, Chai Energy, Chance, CreatingEV, Culligence Software, DabKick, DailyRounds, Deck App Technologies, Diting Technology, EvoMob, Hermetic, i7 Networks, Idotools, Igloo, iReff, Kanisi, KO-SU, Lanmei, Linglong Salon, LionHeart Innovations, Liquid Commerce, MediSafe Project, MISingularity, MobileReady, My Manisku, Ping ++, Powzy, Prism Bill Pay, Productive Mobile, Raven Tech, Run Mobile, Sensorberg, Sensoro, Shanghai Wemart eCommerce, SkyGiraffe, SmartNotify, Solvebot, StoneMountain, UBQT, UnlockYourBrain, UXCam, WAG Mobile, Wozhi Tech, XYSec Labs, Zoomcar, Zula

52

AdYapper, Amino, Augur Technologies, Avuba, Brandfolder, Brewbot, Change Collective, Clandestine Development, Colatris, Crowdly, DaoPay, Dash Labs, Digital Manufacturing, Fancred, FeedPack, Final, Findit, flck.me, Lassy Project, Leanplum, Moni Technologies, Nexercise, Numerous, Ordrx, Owlet Baby Care, Package Zen, Pathful, Patient IO, Peerby, Perfect Glass App, Placester, Prism Bill Pay, ProductGram, ROCKI, ShortCut, SnowShoeFood, Spitfire Athlete, Sportsy, Stand in, Sundar, Synch, Testlio, Touchbase, TYFFON, WiCastr, Yosko

49

99Taxis, AppsDaily, August Home, Beijing Unisound, BlueStack, Chukong Technologies, Clearcare, Cubic Telecom, Curbside, Cyanogen, Deck App Technologies, Emprego Ligado, Ineda Systems, Kaleo Software, Infinypool Payment, Leanworks, Lookout, MangoPlate, Mantis Vision, MediSafe Project, Naldo, Navdy, OpenSignal, Peak, Playdek, Sense360, Seworks, Shanghai CooTek, Siklu, Simplest Software, Tapingo, Verve Mobile, Voluntis, Workspot, Zoom Video Communications

Top Notable Investors by Volume, 2013 – Present

_______ Source: PitchBook; number of investments may include follow-on investments in same target

17 Confidential

Top Seed Investors in Mobile

Top Investors by Volume, 2013 – Present



500 Startups 57

8sec, Ad Hoc Labs, Andy OS, Anyadir Education, BetterDoctor, BuildersCloud, Carousell, Cleanly, Eko Communications, First Opinion, Foverever Snap, Gosmith, GoSpotCheck, Greengar Studios, Guidekick, Hinge, Innoz Technologies, Iterable, Keen Labs, Merchbar, Mojio, Neuron Fuel, Okpanda, OLSET, Online Permissions Technologies, Ordrx, Parenthooods, PayDragon, PayrollHero.com, PinMyPet, Pogoseat, PriceBaba, Roomkey Technologies, Shoppr, SkyGiraffe, SnowShoeFood, Sonar, Sunrise Atelier, Supahands, Tamatem, Telepathic, TotSpot, Vangoart, Videogram, WillCall, WishPlz, Woomoo, YaSabe, Zeemi.tv, ZipZap

Techstars 52

AdYapper, Amino, Augur Technologies, Avuba, Brandfolder, Brewbot, Change Collective, Clandestine Development, Colatris, Crowdly, DaoPay, Dash Labs, Digital Manufacturing, Fancred, FeedPack, Final, Findit, flck.me, Lassy Project, Leanplum, Moni Technologies, Nexercise, Numerous, Ordrx, Owlet Baby Care, Package Zen, Pathful, Patient IO, Peerby, Perfect Glass App, Placester, Prism Bill Pay, ProductGram, ROCKI, ShortCut, SnowShoeFood, Spitfire Athlete, Sportsy, Stand in, Sundar, Synch, Testlio, Touchbase, TYFFON, WiCastr, Yosko

Kima Ventures

37

7-hugs Labs, Agentdesks, Andy OS, BetterDoctor, Caktus, Curve, Dispatch, Final, Flaviar, Gosmith, Heyku, Instaply, Jackpocket, Keecker, Labrdr, Leanplum, Mango, Mobi Rider, MyCrowd, Navdy, Navendis, Nonyelu, Pixalate, Podo, Pogoseat, SimpliField, SixDoors, Smore, Toze Labs, Travelnuts, Trusting Social, Tulip Retail, Useful Systems, Webaoo, Whally, Whatt

Y Combinator 32 Apptimize, Authbox, BloomThat, Emailio, Estimote, Final, Fixed, Flaviar, HD Trade Services, HoverChat, Hum, Lob, LocalOn, Mixerbox, Nightingale App, Notice Software, One Signal, Parenthoods, PayDragon, Povio, Reebee, Sonalight, Strikingly, Syrp, Two Tap, Tyrant, Whirlscape, ZowPow

SV Angel 21 Cargomatic, Confide, Coopkanics, DroneBase, Layer, Lugg, PayDragon, Pushbullet, Shopservices, Sonalight, Strikingly, Sunrise Atelier, Swipe Labs, Teleport, Two Tap, Veri, Vertical Mass, WillCall, Wit Dot Media, WUT

Slow Ventures 18 Cord, Dash Labs, Dwellers, Fixed, Freebird, Friendsy, Heal, Life Before Us, Nexar, Parenthoods, Resy Network, Strut, Swipe Labs, Wag Labs, WillCall, WUT, Yett, Yoi

Eniac Ventures

17 Basket, BioBeats, Change Collective, DSSV, Hinge, MaestroIQ, mParticle, Navdy, Neumob, Owlet Baby Care, Reactor Labs, Sneeky, StockUp, Strut, Testfire, WUT

Plug and Play Ventures

15 Beaming, DabKick, Dasher, KaChing!, Mbaas Development, Muzley, Neumob, Number25, OLSET, Podo, ProxToMe, Riffsy, Tinyview, Waldo

Structure Capital

15 appLoud, Cargomatic, DoLightful, Fixed, Ghostruck, Gosmith, Honk Technologies, Kash, Merchbar, Pogoseat, Saucey, Shyp, The League, Wag Labs, WillCall

DreamIt Ventures

15 Bar & Club Stats, Charlie Contacts, emocha Mobile Health, GamePress, Grassroots Unwired, Knowledge Diffusion, Medlio, Meerkat, Miner, Notorious, Parkloco, Psico Smart Apps, Redberry Mobile, SnipSnap App, Stat

18 Confidential

Top Series A Investors in Mobile




Sequoia Capital

26

Backwater Technologies, Beijing Perfect Creative Technology, Carousell, Clari, Cryptopy Technologies, Girnar Software, Instacart, Kahuna, Keen Labs, Luminate Wireless, NuBank, Octro, On Haiaihaisi IT, PicsArt, Plain Vanilla Games, Relcy, Shopular, Thanx, TinyOwl Technology, Trippy, WeLab, WizRocket Technologies, Zilingo, Zoomcar India

500 Startups 20 App.io, Bloodhound, Carousell, Catch That Bus, Clip, Eaze Solutions, Kudo, Mediaspike, Mojio, Next Door Learning Solutions, Shots Mobile, Silverpush, SkyGiraffe, SpotHero, Sprig, Tableapp, Trocafone, VERSUS IQ, Videogram, Virool

Accel Partners 20 Azumio, CrownIT, Fever Labs, Gametime United, Hammer & Chisel, Industrial Toys, Invoice2go, Lola, Mubble, MySmartPrice, Neumob, Nextbit Systems, Shuddle, Sprig, UrbanClap, URX, Vinted, Wallapop, WizRocket, Zenoti

NEA 14 BetterDoctor, Bitglass, Branch Metrics, Cape Productions, DataVisor, GQQii, Luminate Wireless, mNectar, Movius Interactive, Pager, SocialRadar, Spare5, Tuya

Matrix Partners

14 Atzuche, Bee Cave Games, Bugsnag, Confer Technologies, Edaixi, Hoodinn Interactive, Klook Travel Technology, Machinity, Reebonz, Shenzhen Wangzhi Technology, Tasteful, The Flatiron School, Wuhu Cube Network Information Service

Greycroft Partners

13 Azimo, Fortumo, Giddy (Boxed), Kaleo Software, Motivation Science, Plain Vanilla Games, Playdek, Playdots, Scopely, When I Work, Wochit

Google Ventures

13 Amino, Hey, Jello Labs, KeepTruckin, LotusFlare, MediaSpike, MobileDay, N3twork, Nextbit Systems, Niantic, Product Hunt, Spruce, URX

SV Angel 13 Amino, BloomThat, Cargomatic, Coopkanics, FiftyThree, Instacart, Jello Labs, Product Hunt, Reserve Media, Studio SBV, TIKL, URX, Zesty

Qualcomm Ventures

12 99Taxis, Emprego Ligado, MangoPlate, MediSafe Project, Naldo, Navdy, OpenSignal, Peak, Playdek, Simplest Software, Workspot, Zoom

BoxGroup 11 Adcade, Amino, Betable, ChatID, Giddy (Boxed), Hightower, Informed Data Systems, Jello Labs, Studio SBV, The Flatiron School, Veri

19 Confidential

Top Series B Investors in Mobile




Sequoia Capital

29

Beijing Perfect Creative Technology, Blue Danube Labs, Citrus Payment Solutions, Clari, Cryptopy Technologies, Dayima, Drawbridge, Faaso’s Food Services, Feidee, Girnar Software, Instacart, Kahuna, Mishi, Mobvoi, Moovit, Myfriday.cn, Near, NuBank, On Haiaihaisi IT, Shanhai Bai Sheng IT, Skillz, Skyhigh Networks, TinyOwl Technology, True Software, Ver se’ Innovation, WhisperText, Wuxi Maimaibao IT, Yunmanman, Zoomcar India

Accel Partners 13 CartoDB, Fever Labs, Flaregames, ForgeRock, Hammer & Chisel, MobStac, MySmartPrice Web Technology, Origami Logic, Roofoods, Sprig, SwiftKey, UrbanClap Technologies, Vinted

Intel Capital 11 Apperian, CafeX, Gengo, LISNR, NetSpeed Systems, Nexmo, Occipital, Qnovo, Reflektion, Swrve New Media, Zumigo

Matrix Partners

11 Adelphic, Aquto, Atzuche, Confer Technologies, Edaixi, Eleme, Fastback Networks, PinGuo Technology, Quri, Shenzhen Wangzhi Technology, The Flatiron School

Qualcomm Ventures

10 99Taxis, AppsDaily, August Home, Beijing Unisound IT, ClearCare, Curbside, Ineda Systems, Kaleo Software, Leanworks, Workspot

20 Confidential

Top Series C Investors in Mobile




Sequoia Capital

16 AgilOne, Beijing Century Technology, Beijing Days Billion Technology, CooTek IT, Citrus Payment Solutions, Dayima.com, Druva Software, Eleme, Inkling Systems, Instacart, Moovit, Skyhigh Networks, True Software, Ver se’ Innovation, WhisperText, Yunmanman

Accel Partners 9 BlaBlaCar, ForgeRock, Invoice2go, Origami Logic, Roofoods, Space Ape, UserTesting, Vinted, Wallapop

Qualcomm Ventures

7 Cootek IT, Cyanogen, ip.access, Siklu, Tapingo, Verve Mobile, Zoom

Tenaya Capital

7 AgilOne, Capriza, Druva Software, FutureSimple, Inkling Systems, ItsOn, Smartling

Index Ventures

7 BlaBlaCar, Cyanogen, DoubleDutch, Flipboard, FutureSimple, iZettle, Roofoods

Intel Capital 7 Apperian, Gengo, ip.access, iZettle, Nexmo, Snapdeal, Zya

GGV Capital 6 ContextLogic, DraftKings, lwjw, Quixey, WePiao

Matrix Partners

6 Affirmed Networks, Edaijia, Eleme, Fastback Networks, Quri, Shenzhen Wangzhi Technology

US Venture Partners

6 PlaceIQ, Quixey, Smartling, Wayin, Zerto

KPCB 6 Apperian, Flipboard, Instacart, Remind, True Software, Yixia

21 Confidential

Top Series D+ Investors in Mobile




Sequoia Capital

9 Chukong Technologies, Druva Software, Eleme, Straya, Yixia, Zomato Media

Accel Partners 8 Centrify, Hotel Tonight, Lookout, OpenX, Roofoods

Index Ventures

8 Centrify, DoubleDutch, iZettle, Lookout, OpenX, Roofoods

Intel Capital 7 INRIX, InVisage Technologies, iZettle, Joyent, Urban Airship

GGV Capital 6 Chukong Technologies, DraftKings, Hotel Tonight, InVisage Technologies, lwjw

Battery Ventures

5 90min, Avalara, Fastly, Hotel Tonight, Zerto

US Venture Partners

5 AltoBeam,Electric Cloud, Hotel Tonight, Smartling, Zerto

Atlas Ventures

5 DataXu, DraftKings, Integral Ad Science

KPCB 5 One Kings Lane, ServiceMax, Uber Technologies

Bessemer Venture Partners

5 DoubleDutch, Smule, Thinking Phone Networks

22 Confidential

Recent Awards and Nominations

Headwaters Technology, Media & Telecom (TMT) team has won awards for

Online and Mobile Tech Deal of the Year and Consumer Services Deal of the Year

and back-to-back M&A Advisor TMT Deal of the Year awards

HAS BEEN ACQUIRED BY

Financial Advisor to the Seller


A DIVISION OF

Financial Advisor to

the Seller




A PORTFOLIO COMPANY OF

Financial Advisor to

the Seller

2013 TMT DEAL OF THE YEAR <$100M

CONSUMER SERVICES

DEAL OF THE YEAR

CROSS BORDER DEAL OF THE YEAR


CORPORATE / STRATEGIC ACQUISITION OF THE

YEAR

2014 ONLINE AND MOBILE TECH DEAL

OF THE YEAR






7th ANNUAL

INTERNATIONAL M&A AWARDS

2015 WINNER

HAS ACQUIRED

Financial Advisor to the Buyer

23 Confidential

Deep Industry Focus Leads to Successful Transactions









CERTAIN ASSETS ACQUIRED BY


HAS ACQUIRED

Financial Advisor to the Buyer





HAS DIVESTED MOST OF ITS ASSETS TO




STRATEGIC PARTNERSHIP WITH

Sole Advisor

_______ Certain transactions completed by Headwaters MB bankers at prior firms


A PORTFOLIO COMPANY OF


24 Confidential

Contact

www.headwatersmb.com

Gary Moon Managing Director

Head of Technology, Media & Telecom

Investment Banking

Office: (415) 766-3862

Cell: (650) 515-8734

[email protected]

135 Main St

Suite 800

San Francisco, CA 94105

Ryan McCarthy Director

Technology, Media & Telecom

Investment Banking

Office: (415) 766-3864

Cell: (203) 984-9057

[email protected]

135 Main St

Suite 800

San Francisco, CA 94105

25 Confidential

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This newsletter is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks, and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this newsletter. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is available upon request. The companies mentioned in this newsletter may be clients of Headwaters MB, LLC. The decisions to include any company in this newsletter is unrelated in all respects to any service that Headwaters MB, LLC may provide to such company. This newsletter may not be copied or reproduced in any form, or redistributed without the prior written consent of Headwaters MB, LLC. The information contained herein should not be construed as legal advice.

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