Digital Media M&A Update January 2015
|
|
- Claud Rodgers
- 8 years ago
- Views:
Transcription
1 Technology and Digital Media Investment Banking M&A Advisory Digital Media M&A Update January 2015 January 29, 2015 Generation Equity Advisors, LLC 8560 W. Sunset Blvd, Suite 500 West Hollywood, CA (310) TechMediaMergers.com
2 Generation Equity Advisors is an independent investment banking and M&A advisory firm focused exclusively on the global Software, IT Services and Digital Media industry sectors. We cover the IT Services sector comprehensively including companies that provide cloud services, systems integrators, IT consultants, hosting/data centers, VAR s and managed services firms. We advise buyers and sellers of companies and efficiently execute M&A transactions that help increase shareholder value. Our professionals have advised on $20+ billion in M&A transactions to date and have current clients and relationships globally with software, IT services and digital media companies as well as leading private equity firms. Aaron Solganick, CEO Generation Equity Advisors +1 (310) x101 aaron@generationequityadvisors.com Table of Contents: M&A Update Page 3 Digital Media M&A Update Page 5 M&A Spotlight Page 6 Digital Media Public Comparables Page 7 Sources for our research and data include: S&P Capital IQ, SEC Filings Yahoo! Finance, Company Websites and Third Party Research DISCLAIMER The information contained herein is of a general nature and is not intended to address the circumstances of any particular company, individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. We perform our own research and also use third party research. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. This is not an offer or recommendation to buy or sell securities nor is it a recommendation to merge, acquire, sell or exit a specific company or entity. We do not hold any equity or debt position in any of the securities listed herein as of the date of this report. Generation Equity Advisors, LLC Page 2
3 M&A Update 2014 was undoubtedly a breakout year for M&A dealmaking. Thompson Reuters reported that last year was the strongest year for dealmaking since before the recession with a 47% increase in the total value of worldwide M&A over Also, according to Bloomberg s Global M&A Market Review, North American deals increased by almost 55% in overall value compared to The leading sectors for last year were telecommunications and media, pharmaceuticals and healthcare, and energy. The drivers behind 2014 s M&A activity were the profusion of cash available to be deployed and low interest rate financing available. Additionally, while less applicable to the middle market, slower corporate growth and earnings lagging from recession recovery forced corporate giants to seek growth externally rather than focus on organic increases in revenue. The Wall Street Journal recently reported that in 2014, purchase price multiples reached 2007 levels, the pre-recession peak year. Like that pre-recession peak, multiples are being driven by high levels of leverage, with debt being available at well over 5x EBITDA. Deals for bigger companies, or those with $50 million or more in EBITDA, fetched an average of 9.7x EBITDA, just a hair lower than the 2007 level of 9.8x times EBITDA for such deals. Smaller companies were also sold for an average of 9.7x times EBITDA in 2014, higher than 9.3x average purchase price multiples that such companies were gone for in 2007, LCD s data show. Through November 2014, private equity firms paid an average of 9.7x a target company s trailing 12 months EBITDA, almost matching the historical high seen in The average multiple was up from 8.8x EBITDA in 2013, according to loan data tracker Standard & Poor s Capital IQ Leveraged Commentary and Data.
4 Private Equity Backed Exits According to deal research firm Preqin, 2014 represented the highest ever aggregate exit value for private equity buyout fund managers, with a total of 1,604 exits globally valued at $428bn. This is up over 30% on the total value of exits in 2013, and is the highest ever annual value of private equity-backed buyout exits. This has resulted in a significant increase in the level of capital being returned to buyout fund investors, which had almost surpassed the full-year 2013 amount as of November 2014 (the latest data available). The total value of deals in 2014 reached $332bn globally, the highest annual amount since Other Key Buyout Deal Market Facts for PE Backed Exits, According to Preqin: In 2014 there were 3,423 private equity-backed buyout deals announced globally with an aggregate value of $332bn, representing the highest aggregate deal value since 2007 and a 10% increase on North America saw $181bn of deals in 2014, a 2% fall on the aggregate value in the previous year despite an 11% rise in number of deals to 1,899. The total value of deals in Asia in 2014 ($42bn) was 68% higher than the 2013 figure, compared to a 16% drop in number of deals in the region to 270 in The aggregate value of public-to-private transactions saw a notable drop from accounting for 30% of the total deal value in 2013 to 10% in 2014, due largely to the takeprivate acquisitions of H.J. Heinz Company, Dell Inc. and BMC Software in 2013 which totalled $59.8bn. Small-cap investments valued at under $250mn accounted for 68% of the number of private equity deals announced globally in 2014, down from 76% in Deals in the mid-market range ($250mn - $1bn)comprised 24% of all deals in 2014, compared to 18% in the previous year M&A Outlook The continuation and expectations of these market factors will apparently make 2015 another record year in mergers & acquisitions. Ernst & Young s (E&Y) recently published US Capital Confidence Barometer suggests that the robust market will continue for the near term. An all time high of 80% of E&Y s respondents believe that the M&A market will improve in The majority of dealmakers asked were evaluating more than one deal and almost half were considering more than 5 potential transactions. E&Y also reports that the middle market will benefit from this bullish outlook. Expectations of deal value have significantly shifted toward middle market deals over the past 12 to 18 months. Prior M&A markets have been led by large cap transactions, followed by a period of focus on the middle market as acquirers fully digest their large acquisitions and reshape their future plans is on track to meet this trend. Pitchbook suggests that private equity has approximately $750 billion of dry powder available for dealmaking, along with a large portfolio of aging companies that will soon result in additional liquidity. Generation Equity Advisors, LLC Page 4
5 Digital Media M&A Update Merger & acquisition deal values in digital media, information & technology rose 48% in 2014 compared with The aggregate total value of announced M&A deals rose to $224 billion in 2014 from $151 billion in There were approximately 2,240 acquisitions announced in digital media, information & technology last year -- up from 2,020 in and activity should continue to pick up in Agency & marketing, information and digital content were the top three most active sectors last year, remaining steady from 2013 and Software, mobile, and digital content provided higher exit valuations in Announced deals in software represented $48 billion or 21.7% of the total -- up from $27 billion and 17.7% in followed by mobile, digital content and information, evenly distributed and each accounting for between 17.8% and 15.0% of the total. Facebook's WhatsApp acquisition for $19.7 billion substantially increased the value of mobile M&A s. While WhatsApp represents the largest deal, there were 48 M&A transactions above $1 billion in deal value last year, accounting for 61.9% of total reported deal value, compared with 34 transactions in 2013, accounting for 59.2% of total deal value. There were 28 deals in search and digital media sectors that included search, search engine optimization or paid-search marketing, and 178 deals categorized as digital agencies. Google, Yahoo, Publicis, and WPP Groupe were the most active acquirers in Overall, 2014 was an active year in the advertising technology sector, with 100 M&A transactions representing $7.5 billion in value, more than 3x the value of deals in Publicis Groupe's acquisition of digital agency Sapient for $3.7 billion was announced in November With advertisers wanting to use fewer vendors, we expect to see an increase of M&A activity around larger companies looking to gobble up smaller ones with specific services, as they attempt to become full-service providers. The largest ad tech deal in 2014 was Alliance Data's $2.4 billion acquisition of Conversant, formerly known as ValueClick, an affiliate marketing firm that enables companies to personalize ads and target users based on previous Internet searches. Conversant's technology will become an extension of Alliance Data's loyalty marketing services capabilities. Yahoo s $640 million acquisition of video ad provider BrightRoll (Nov 2014) was another move into video advertising. M&A will not slow in We see all of the economic elements for a strong M&A marketplace for 2015: an improving economy, strong balance sheets, low interest rates, current IPO filings and a rising stock market. Generation Equity Advisors, LLC Page 5
6 M&A Spotlight Yahoo! acquires BrightRoll for $640m in cash SUNNYVALE and SAN FRANCISCO Calif. November 11, 2014 Yahoo! Inc. (NASDAQ: YHOO) and BrightRoll, Inc. announced a definitive agreement for Yahoo to acquire BrightRoll, a leading programmatic video advertising platform. The transaction will combine Yahoo s premium desktop and mobile video advertising inventory with BrightRoll s programmatic video platform and publisher relationships to bring substantial value to advertisers on both platforms. BrightRoll is a large, growing and profitable business with net revenues expected to exceed $100 million this year. Yahoo expects the transaction to enhance its EBITDA. The acquisition will accelerate Yahoo s strategy, which is focused on search, communications, and digital content through growth in mobile, social, native, and video advertising. Acquiring BrightRoll will dramatically strengthen Yahoo s video advertising platform, making it the largest in the US. Online video advertising is increasingly fragmented across thousands, if not millions, of sites and mobile apps. More so than with traditional broadcast television, advertisers are seeking ways to buy online video advertising at scale across many sites in fewer, simpler transactions. BrightRoll provides an elegant solution, aggregating high-quality publishers together into a unified network and utilizing programmatic advertising and aggregation to allow real-time buying on the largest set of online video advertising inventory available. BrightRoll s approach not only benefits advertisers and publishers, but also improves experiences for consumers, through better quality, more relevant advertisements. BrightRoll is the industry s leading programmatic video advertising platform for reaching audiences across desktop, mobile and connected TV. BrightRoll powers digital video advertising for the world s largest brands and agencies, including 87 of the AdAge Top 100 US advertisers, all of the top 15 advertising agencies, and all 10 of the leading demand-side platforms BrightRoll served more video ads and reached more consumers in the US in 2014 than any other platform, according to comscore Tens of thousands of sites and mobile apps send approximately two billion requests per day to BrightRoll to monetize the inventory they worked hard to create Following the closing of the acquisition, expected in Q1 2015, BrightRoll will continue to offer its current suite of industry-leading products and services. With Yahoo s additional investment and global support, BrightRoll s platform and advertising solutions will continue to improve and expand. BrightRoll will retain their talented team of approximately 400 employees, all of whom will remain completely focused on digital video advertising. Fore more information, please refer to the following websites: Generation Equity Advisors, LLC Page 6
7 Digital Media Industry Sector Public Comparables CONSUMER/ADVERTISING Ticker Stock Price Market Cap EV/Revenue EV/EBITDA AOL AOL B Demand Media DMD M Facebook FB B Google GOOG B Groupon GRPN B IAC/Interactive Corp. IACI B WebMD WBMD B Yahoo! YHOO B Yelp YELP B Zillow Z B Zynga ZNGA B Average Median E-Commerce Ticker Stock Price Market Cap EV/Revenue EV/EBITDA Alibaba BABA B Amazon.com AMZN B Baidu BIDU B Ebay EBAY B Expedia EXPE B Orbitz OWW B Priceline PCLN 1, B Average Median Interactive Marketing Ticker Stock Price Market Cap EV/Revenue EV/EBITDA Digital River DRIV M LinkedIn LNKD B Marchex MCHX M Quinstreet QNST M YuMe YUME M Average Median Advertising Agencies Ticker Stock Price Market Cap EV/Revenue EV/EBITDA Havas HAVSF B Interpublic Group IPG B MDC Partners MDCA B Omnicom Group OMC B Publicis PUBGY B WPP WPPGY B Average Median EV = Enterprise Value Stock Prices and Market Data as of January 20, 2015
8 Generation Equity Advisors, LLC is an independent investment bank and M&A advisory firm focused exclusively on the global Software, IT Services, Internet and Digital Media industry sectors. We advise buyers and sellers of companies and efficiently execute transactions to increase shareholder value. Our professionals have advised on $20+ billion in M&A transactions to date and have current relationships globally with companies as well as leading private equity firms. Please contact for information regarding this report or to inquire about an M&A transaction: Aaron Solganick, CEO Generation Equity Advisors, LLC 8560 W. Sunset Blvd, Suite 500 West Hollywood, CA (310) TechMediaMergers.com Follow Us on Twitter: TechMediaMerger Generation Equity Advisors, LLC Page 8
IT Services, Cloud and Managed Services M&A Update February 2015
Technology and Digital Media Investment Banking M&A Advisory IT Services, Cloud and Managed Services M&A Update February 2015 February 16, 2015 Generation Equity Advisors, LLC 8560 W. Sunset Blvd, Suite
More informationIT Services, Cloud and Managed Services M&A Update Q2 2015
Technology and Digital Media Investment Banking + M&A Advisory IT Services, Cloud and Managed Services M&A Update Q2 2015 July 9, 2015 Generation Equity Advisors, LLC 8560 W. Sunset Blvd, Suite 500 West
More informationIT Services, Cloud and Managed Services M&A Update July / August 2014
Technology and Digital Media Investment Banking M&A Advisory IT Services, Cloud and Managed Services M&A Update July / August 2014 August 29, 2014 Generation Equity Advisors, LLC 8560 W. Sunset Blvd, Suite
More informationThe Internet & Native Advertising A Wall Street Perspective
The Internet & Native Advertising A Wall Street Perspective Ron Josey Sr. Analyst, Internet Sector JMP Securities 212.906.3528 rjosey@jmpsecurities.com But First -- What Gets Us Excited About The Internet?
More informationState of the Traditional Ad Agencies. Part of a Presentation Made to the IAB Agency Advisory Board December 3, 2013
State of the Traditional Ad Agencies Part of a Presentation Made to the IAB Agency Advisory Board December 3, 2013 State of the Traditional Ad Agencies 1 Massive Movement to Digital Advertising 2 Traditional
More information2011 Private Equity Forum
Marketing Services M&A Update presented by Tolman Geffs and Scott Peters, Co-Presidents The Jordan, Edmiston Group, Inc. September 22, 2011 Media and Marketing M&A M&A volume and value steady in 2011 After
More informationDigital Customer Engagement
Digital Customer Engagement First Analysis Investment Banking Industry Update July 2013 Industry Focus: Wave of Consolidation Changing Landscape for Digital Customer Engagement Solutions With the global
More informationTravel & Hospitality Technology Mergers & Acquisitions Industry Update Q4 2014
Travel & Hospitality Technology Mergers & Acquisitions Industry Update Mergers & Acquisitions Business Valuation Strategic Consulting Corporate Finance Industry Snapshot: Travel & Hospitality Notable M&A
More informationMarketing services mergers and acquisitions
Marketing services mergers and acquisitions Grant Thornton Corporate Finance, Mergers and Acquisitions Summer 21 Activity returns to pre-recession levels M&A activity within the marketing services sector
More informationQuarterly Technology M&A Review
Quarterly Technology M&A Review Q4 01 Technology M&A deal value increased considerably in Q4 01, while deal count dipped to the lowest level since Q4 010. Normalized to remove the impact of Softbank s
More information2015 M&A Outlook Survey Report
2015 M&A Outlook Survey Report The Boom is Back: M&A Reemerges as Leading Growth Strategy kpmg.com Foreword M&A in the U.S. has finally reached prerecession levels. Deal value in the first three quarters
More informationSoftware industry M&A update
Software industry M&A update Grant Thornton Corporate Finance, Mergers and Acquisitions Summer 2011 U.S. M&A update Software industry M&A activity in the United States remained healthy in Q1 2011, with
More informationComparable Companies Analysis
Comparable Companies Analysis Educational TMT Group with Assistance from the FIG Group Mario Campea, Michael Liu, Steve Lo, Kevin Gryp & Vinayak Modi 06-Nov-13 Disclaimer The analyses and conclusions of
More informationFor more information and analysis, please see the factsheet that follows.
Press Release 5 th January 215 214 Equity-Backed Buyout Deals and Exits Reach Highest Levels Since the Global Financial Crisis The total value of exits from private equity-backed portfolio companies throughout
More informationOn March 12, 2000, the technology
Market Intelligence were AOL (America Online), EBay, Amazon, Yahoo, Cisco, Nortel, EarthLink, and MySpace.com. During Tech Boom Dejavu? By Anil Tahiliani, CFA, MBA Portfolio Manager, North American Equities
More informationA Closer Look At The Second Largest Cybersecurity M&A Transaction In History
1 acquires A Closer Look At The Second Largest Cybersecurity M&A Transaction In History Advisors & Dealmakers In Cybersecurity. Momentum Partners, LLC Advise. Network. Invest. Symantec Acquires Blue Coat
More informationMedia Maven. The Ad Tech Marketplace: Let the M&A Games Begin? Volume 5 December 2010
1370 Avenue of the Americas New York, NY 10019 www.coadydiemar.com Media Maven The Ad Tech Marketplace: Let the M&A Games Begin? Volume 5 December 2010 For some time now, online advertising industry pundits
More informationWebinar: Digital Media M&A at the Halfway Mark
Webinar: Digital M&A at the Halfway Mark JEANNE DIXON DATTILO Sr. Valuation Analyst JED WILLIAMS Vice President, Consulting LEM LLOYD CRO, Fixya August 7, 2013 Today s Agenda INTRODUCTION TO: LOCAL MEDIA
More informationQuarterly Technology M&A Review
Quarterly Technology M&A Review Q3 2011 Overall Q3 Technology M&A kept pace with a strong Q2 and proved to be an impressive quarter in terms of both aggregate count and value, totaling 937 announced transactions
More information2013 Mergers & Acquisitions Survey Results
Exceptional service. Dykema delivers. www.dykema.com California Illinois Michigan Minnesota North Carolina Texas Washington, D.C. Executive Summary Moving slowly forward, but moving forward The expression:
More informationFUTURE OF ADVERTISING SPEND
Future of Advertising Spend: How Has It Evolved, and How Will It Continue to Evolve? The advertising landscape continues to evolve, with new mediums, shifting spend and agency consolidation creating a
More informationMIRUS MIDDLE-MARKET MONITOR
MIRUS MIDDLE-MARKET MONITOR MARKET BRIEF August 2013 The U.S. economy picked up slightly in the second quarter of the year, though the overall pace of growth remained lackluster as consumers held back
More informationBuilding Products Industry M&A Outlook Q2 2015
Building Products Industry M&A Outlook Q2 2015 About Us Calabasas Capital is a boutique investment banking firm focused on serving lower middlemarket privately-held companies. We specialize in representing
More informationAcquisition of Move, Inc. 30 September 2014
Acquisition of Move, Inc. 30 September 2014 Disclaimer Forward- Looking Statements This document contains forward-looking statements based on current expectations or beliefs, as well as a number of assumptions
More informationSankaty Advisors, LLC
Middle Market Overview March 2013 Overview of Middle Market We view the middle market as having three distinct segments, defined by a company's ownership type, prospects, and access to capital. Companies
More informationMobile Advertising Trends Report
OCTOBER 2014 Mobile Advertising Trends Report Q3 2014 TABLE OF CONTENTS Introduction... 1 Highlights... 2 Mobile Spend Growth Index... 3 Mobile App Index... 3 Pricing Trends... 4 Trends by Segment...
More informationHerald Investment Management June 2015. Herald Investment Management Ltd is authorised and regulated by the Financial Conduct Authority
Herald Investment Management June 2015 Herald Investment Management Ltd is authorised and regulated by the Financial Conduct Authority This presentation is intended for professional investors only Investors
More informationecommerce Industry Outlook 2015.
ecommerce Industry Outlook 2015. JANUARY 2015 Introduction. The global ecommerce industry saw impressive growth in 2014 with goods and services worth $1.5 trillion bought by shoppers via desktops, tablets
More informationMerger and acquisition premiums
JEREMY H. JAVIDI, CFA, WAYNE COLLETE, CFA, RICHARD D AUTEUIL CHRISTIAN STADLINGER, PH.D, CFA 2015 PERSPECTIVES SMALL-CAP STOCKS TODAY AND FOR THE LONG TERM Pundits often compare the valuation of small-
More informationFlexible Equity Review and Outlook
Flexible Equity Review and Outlook For the first time since 2012, U.S. equity markets retreated 10% from their previous high. The S&P 500 Index fell 6.4% during the quarter, and the Flexible Equity Strategy
More informationInvesting in a 3-D World
Investing in a 3-D World February 10, 2016 by Bill Nasgovitz of Heartland Advisors Executive Summary Slowing growth and swelling corporate debt are expected to result in challenges in the coming quarters.
More informationM&A and VC Trends in the Gaming Market. By Tomio Geron, Exitround
M&A and VC Trends in the Gaming Market By Tomio Geron, Exitround Introduction Like many other sectors in and around technology, the gaming industry has in recent years seen some massive hits as well as
More informationYHOO is currently among an exclusive group of 157 stocks awarded our highest average score of 10. Peers BIDU 9 LNKD 5 FB 4 NFLX 3
- Updated August 30, 2013 YAHOO! INC. (-O) Software & IT Services / Software & IT Services / Internet Services The Average Score combines the quantitative analysis of six widely-used investment decision
More informationMuddy Waters Investment Competition. Analysis on the Zillow Trulia Merger
The Economist MBA Case Competition 2014 Muddy Waters Investment Competition Analysis on the Zillow Trulia Merger Authors Michael Jonas, Juan Guillermo Rintha, Philipp Soechtig Full-Time MBA Class of 2015
More informationHOW THE COMING LBO BOOM WILL AFFECT YOUR BONDS
FIXED INCOME HOW THE COMING LBO BOOM WILL AFFECT YOUR BONDS Krishna Memani CIO Fixed Income Wall Street s animal spirits are coming back, judging by the amount of leveraged buyout (LBO) activity across
More informationEnterprise Software Meets Marketing Technology UNION SQUARE ADVISORS LLC
Enterprise Meets Technology 1 CONFIDENTIAL DRAFT Relevant Technology Industry Trends Informing Strategic Dialogue Potential IPO Market for Next Generation Ad-tech New Generation of Ad-tech / Data Models
More informationPrivate Equity Market Overview 2014 Review and 2015 Outlook
Private Equity Market Overview 214 Review and 215 Outlook Abbott Capital Management, LLC 129 Avenue of the Americas New York NY 114 +1 212 757 27 Private Equity Market Summary Buyouts and Special Situations
More informationAgency Trading Desks
Agency Trading Desks Basics Marketers Need to Know & Questions to Ask The purpose of this document is to educate ANA members on agency trading desks regarding what they are, what they do, potential benefits,
More informationPrivate Trading Platforms for Restricted Securities
THE AMERICAN LAW INSTITUTE Continuing Legal Education Regulation D Offerings and Private Placements March 14-16, 2013 Private Trading Platforms for Restricted Securities by Robert B. Robbins Pillsbury
More information2015 Annual Outlook: What to Expect in Direct and Digital Marketing
2015 Annual Outlook: What to Expect in Direct and Digital Marketing Bruce Biegel Senior Managing Director January 8, 2015 About Winterberry Group Corporate Strategy Brand Data Strategy, Marketing Technology
More informationImpairment Testing Procedures and Pitfalls
Audio Conference Dial-in Number: 877.691.9300; Access Code: 4321206 Impairment Testing Procedures and Pitfalls November 3, 2009 Presenters: Cory J. Thompson, CFA, CIRA Ryan A. Gandre, CFA Moderator: Jay
More informationPCPIQ1 Private Company Price Index. Spotlight on Software & IT Services
2014 PCPIQ1 Private Company Price Index Spotlight on Software & IT Services 2 PCPI/PEPI IS IT ALL BAD NEWS? 2013 ended on a high: deals in Q4 2013 were up by 5.4% yearon-year, and the Private Company Price
More informationMarket Capitalization $473.2 Billion
BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY July 19, 2016 SDAQ: BUY RATING SINCE 07/19/2016 TARGET PRICE $963.09 BUSINESS DESCRIPTION Alphabet Inc., through its subsidiaries, provides online
More informationUS PE/VC Benchmark Commentary Quarter and Year Ending December 31, 2013
US PE/VC Benchmark Commentary Quarter and Year Ending December 31, 2013 In 2013, US private equity and venture capital turned in their best annual performance since 2006 and 1999, respectively. Strong
More informationLBO screen for S&P500: plenty to think about
LBO screen for S&P500: plenty to think about With the cost of US corporate debt falling and rumoured deal activity rising, a simple LBO screen highlights the large number of candidates in the US where
More informationHealth Care: McGladrey Quarterly Private Equity Deal
Health Care: McGladrey Quarterly Private Equity Deal Q3 213 Insight Analysis Experience the power of being understood. SM Powered by McGladrey announces the Q3 213 Private Equity Deal Flow Profile The
More informationGrowth Trends in Digital Media. October 20, 2014
Growth Trends in Digital Media October 20, 2014 Agenda I. Market Overview II. Digital Growth Drivers III. Summary Thoughts 2 I. Market Overview U.S. Equity Market at a Glance 100.00% 80.00% 60.00% 40.00%
More informationTechnology and Digital Media Investment Banking. Human Capital Management (HCM) Software M&A Q3 2011 Update
Technology and Digital Media Investment Banking Human Capital Management (HCM) Software M&A Q3 2011 Update Oct 12, 2011 Generation Equity Advisors, LLC is an independent investment bank and M&A advisory
More informationATEL Growth Capital Fund 8, LLC. Financing Tomorrow s Technologies... Today
ATEL Growth Capital Fund 8, LLC Financing Tomorrow s Technologies... Today RISK FACTORS Investors are encouraged to carefully read the Prospectus for ATEL Growth Capital Fund 8, LLC which has been provided
More informationINTERNATIONAL BUSINESS BROKERS ASSOCIATION M&A SOURCE PEPPERDINE PRIVATE CAPITAL MARKETS PROJECT MARKETPULSE
INTERNATIONAL BUSINESS BROKERS ASSOCIATION M&A SOURCE PEPPERDINE PRIVATE CAPITAL MARKETS PROJECT MARKETPULSE QUARTERLY SURVEY REPORT FIRST QUARTER 2014 P E P P E R D I N E PRIVATE CAPITAL MARKETS PROJECT
More informationManagement Commentary. Second Quarter 2015 Results
Management Commentary Second Quarter 2015 Results The RetailMeNot, Inc. ( RetailMeNot ) earnings call will begin on August 5, 2015 at 7:00am central time (8:00am eastern time) and will include prepared
More informationInternet Software & Services February 12, 2014 Information Technology Sector Industry Rating Market Weight Investment Thesis
The Henry Fund Henry B. Tippie School of Management Adam Conzemius [Adam-Conzemius@uiowa.edu] Internet Software & Services February 12, 2014 Information Technology Sector Industry Rating Market Weight
More informationJohn Ross, Andy Ladygin, Dayne Jervis Tuck School of Business at Dartmouth November 9, 2015
Strong Cash Flows at a Modest Valuation with an Option on the Seamless Omni-channel Retail Experience of the Future: A Case for Walmart Outperformance over the Next Decade John Ross, Andy Ladygin, Dayne
More informationA VERY DIFFERENT NASDAQ
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS The Nasdaq Composite just hit 5000 today as this report was going to press and is nearing its all-time record closing high of 5048. Even with the Nasdaq
More informationKeep Decypha-ing! What s in it for You?
What s in it for You? Decypha is a comprehensive financial platform offering decision-enabling intelligence on the MENA region and even beyond. It has been designed using global best practices for investment
More informationIPAA Private Capital Conference Houston, Texas January 29, 2015
IPAA Private Capital Conference Houston, Texas January 29, 2015 These presentation materials do not constitute an offer or invitation by or on behalf of Energy & Infrastructure Capital, LLC or any of its
More informationQ3 2014. The Software Industry Financial Report
Q3 2014 The Software Industry Financial Report Software Equity Group, L.L.C. 12220 El Camino Real Suite 320 San Diego, CA 92130 info@softwareequity.com (858) 509-2800 SOFTWARE INDUSTRY FINANCIAL REPORT
More informationMOBILE AD TRENDS 2015
MOBILE AD S 2015 INNERACTIVE KEY S Inneractive s mobile programmatic platform processes billions of ad requests daily from around the world. We are strong believers in leveraging our data in order to provide
More informationMarket Research Council
Market Research Council Gridley & Company LLC A Perspective on Market Research Trends October 21, 2011 0 Key Industry Issues Definition of online panels evolving Threat of real time analytics and customer
More informationBPO Front Office Contact Center CRM Services Findings Report
An Ephor Group review of the Business Process Outsourcing (BPO) capabilities for front office contact center CRM services. Q1 BPO Front Office Contact Center CRM Services Findings Report The front office
More informationWS RESEARCH LABS INTRODUCING TIME AS AN EFFECTIVE AD METRIC JAN 2014
WS RESEARCH LABS INTRODUCING TIME AS AN EFFECTIVE AD METRIC JAN 2014 Research conducted using GTS: Guaranteed Time Slot. GTS is an (MRC) Media Rating Council Accredited metric. Copyright WS RESEARCH LABS
More informationSOFTWARE CEO GUIDE: Valuation Analysis Online Marketing Software
SOFTWARE CEO GUIDE: Valuation Analysis Online Marketing Software TTM CAGR Valuation Analysis FTM GP RR Published July 2014, Copyright From the Partners Determining the value of a private software company
More informationTechniques in Finance & Valuation
Techniques in Finance & Valuation 1 What is Valuation? Valuation: Methods of quantifying how much money something should be exchanged for today, considering future benefits. We will teach 4 valuation methods
More informationArma Partners: Q2 Bulletin
Arma Partners: Q2 Bulletin Arma Partners, the leading independent Communications, Media and Technology (CMT) focused advisory firm, shares an update on the development of M&A markets and trends in the
More informationFinancial Repression: A Driving Force for Mergers and Acquisitions?
Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past
More informationInvesting in innovative companies How Private Equity think
Investing in innovative companies How Private Equity think Christer Nilsson Director 3i Nordic Date: 2010-11-25 www.3i.com (see also Nordic section) 1 2 I will cover Innovations? What is Private Equity?
More informationEntrepreneurs Assess Their M&A Options
2015 SURVEY RESULTS Entrepreneurs Assess Their M&A Options Research among business leaders reveals excitement about future transactions and positive outlook for near-term M&A. INTRODUCTION Creating value
More informationFinancial Analysis Project. Apple Inc.
MBA 606, Managerial Finance Spring 2008 Pfeiffer/Triangle Financial Analysis Project Apple Inc. Prepared by: Radoslav Petrov Course Instructor: Dr. Rosemary E. Minyard Submission Date: 5 May 2008 Petrov,
More informationCompany Category S2S Description
LIVERAMP INTEGRATIONS Company Category S2S Description 24/7, Video 24/7 creates the technology tools for business advantage in the digital age, offering clients powerful and streamlined marketing solutions
More informationState of the Life Sciences Mergers and Acquisitions Market
State of the Life Sciences Mergers and Acquisitions Market Brian Miller, Managing Partner and Co-Founder, Linden Partners Rich Fante, RF Consulting LLC, Formerly with AstraZeneca Americas Mark Nicholson,
More informationTXT e-solutions CORPORATE PRESENTATION
TXT e-solutions CORPORATE PRESENTATION April 16 th, 2014 April 2014 A bit of History Founded by A.Braga Illa Until 2000: healthy, but very small «Italy-only» System Integrator July 2000: IPO Borsa Italiana
More informationCanadian Tire: Value Under the Hood
Canadian Tire: Value Under the Hood May 2006 Pershing Square Capital Management, L.P. Disclaimer Pershing Square Capital Management's ("Pershing") analysis and conclusions regarding Canadian Tire Corporation
More informationMOBILE BUYER SURVEY 2014. February 25, 2014. Rubicon Project All Rights Reserved
February 25, 2014 Rubicon Project All Rights Reserved buyers EXECUTIVE representing SUMMARY more than 100,000 globally. Global mobile advertising spending is forecast to reach $18 billion in 2014, and
More informationThe State of Mobile Social Advertising
Q1 2015 The State of Mobile Social Advertising Affirming The Advantages of a Managed Approach Table of Contents About The Report Executive Summary... Mobile Advertising Spend Growth... Pricing Trends...
More informationPriority Senior Secured Income Fund, Inc.
Priority Senior Secured Income Fund, Inc. This material is neither an offer to sell nor the solicitation of an offer to buy any security. Such an offer can be made only by prospectus, which has been filed
More information2013 Full Year Results. 28 March 2014
2013 Full Year Results 28 March 2014 Agenda 1. Full year highlights 2. Business performance 3. Corporate strategy 4. Summary Full year highlights 3 Full year highlights Exceptional full year results -
More informationThe Physical Security Business 2014 to 2018; Access Control, Intruder Alarms & Video Surveillance
Brochure More information from http://www.researchandmarkets.com/reports/3049614/ The Physical Security Business 2014 to 2018; Access Control, Intruder Alarms & Video Surveillance Description: The game
More informationDIGITAL VIDEO 2013 US VIDEO ADVERTISING: FIRMLY ROOTED AND GROWING
DIGITAL VIDEO 2013 US VIDEO ADVERTISING: FIRMLY ROOTED AND GROWING BrightRoll US Video Advertising Report: April 2013 www.brightroll.com 415.677.9222 343 Sansome Street, Suite 600, San Francisco, CA 94104
More informationIT Security Q1 2016. Investment Banking. Market Challenges Slow Near-Term Activity in IT Security. Highlights from RSA Conference.
Q1 2016 Investment Banking Market Challenges Slow Near-Term Activity in IT Security IT Security In This Report Highlights from RSA Conference IPO activity slows as valuations decline Volatility delays
More informationWhat have we achieved so far? MEDIA INNOVATION 2015 IAB AGM STATUS UPDATE
What have we achieved so far? MEDIA INNOVATION 2015 IAB AGM STATUS UPDATE Overview This document will illustrate the current Industry engagement and undertakings that have taken place over the last 9 months
More informationEHOUSE GLOBAL PLC. Building Russia s Internet and Mobile Powerhouse September 2010
EHOUSE GLOBAL PLC Building Russia s Internet and Mobile Powerhouse September 2010 1 Comparison of Economies: Russia has a higher GDP /Capita than any other developing BRIC country Country Population (Millions)
More informationFacebook Inc. See last page for Important Disclosures and Analyst Certification
19 SOURCES COMPANIES: FB AAPL, GOOGL, TWTR FB App Install Ads Drive Solid Growth Facebook app install advertisements continued to drive solid U.S. growth during 3Q14 yy, and LiveRail and Instagram are
More informationOne COPYRIGHTED MATERIAL. Leveraged Buyout Overview. http://www.pbookshop.com. Part
Part One Leveraged Buyout Overview leveraged buyout (LBO) is a fundamental, yet complex acquisition commonly used in the investment banking and private equity industries. We A will take a look at the basic
More informationHow To Value An Asset
Business Valuation: How to Make the Most of Your Business Pooja Gardemal, CPA/ABV Vice President Business Valuation & Economic Analysis 1 About is a global consulting firm with offices in the U.S. and
More informationThe events and digital media specialist
The events and digital media specialist Bringing business leaders a nd investors together Final Results 2014/15 July 2015 Financial highlights n Improved financial performance driven by increase in revenues
More informationTechnology, Digital Media & Internet and Software M&A Activity. 4 th QUARTER 2010 IN REVIEW
Technology, Digital Media & Internet and Software M&A Activity 4 th QUARTER 2010 IN REVIEW S&A Exit Report Methodology The S&A Exit Report captures: Technology, Digital Media & Internet and Software transactions
More informationMuddy Waters Investment Competition. MBA Case Competition 2014 ZILLOW ACQUISITION OVER TRULIA ANALYSIS FULL PAPER
Muddy Waters Investment Competition MBA Case Competition 2014 ZILLOW ACQUISITION OVER TRULIA ANALYSIS FULL PAPER William Vidal Adriana Martins Raquel Clara W.A.R. Consultancy Team 1 Introduction This report
More informationPIVOTAL. Madison & Wall Mobile Marketing: Still Early Innings For Brands. U.S. Equity Research Internet / Advertising.
PIVOTAL Pivotal Research Group Madison & Wall Mobile Marketing: Still Early Innings For Brands Mobile Marketing: Still Early Innings For Brands Over the past two years a case could be made that the year
More informationPress Releases. Zillow Announces Acquisition of Trulia for $3.5 Billion in Stock
Press Releases Zillow Announces Acquisition of Trulia for $3.5 Billion in Stock Combination of companies sets stage to offer more real estate tools and services that empower consumers and drive more business
More informationQ4 2015 INTERNATIONAL BUSINESS BROKERS ASSOCIATION M&A SOURCE PEPPERDINE PRIVATE CAPITAL MARKETS PROJECT MARKETPULSE
Q4 2015 INTERNATIONAL BUSINESS BROKERS ASSOCIATION M&A SOURCE PEPPERDINE PRIVATE CAPITAL MARKETS PROJECT MARKETPULSE QUARTERLY SURVEY REPORT FOURTH QUARTER 2015 THE IBBA AND M&A SOURCE MARKET PULSE SURVEY
More informationTypes of Stock. Common Stock most common form of stock. Preferred Stock. Companies may customize other classes of stock.
Stock Market Basics What are Stocks? Stock is ownership in a publicly traded company. Stock is a claim on the company s assets and earnings. The more stock you have, the greater your claim as an owner.
More informationMobile Advertising and Marketing: 3Q M&A Update
Advertising and Marketing: 3Q M&A Update Mark R. Langner Managing Director Research 415-464-6322 (t) 415-994-0557 (m) mlangner@headwatersmb.com Section 1: Review M&A activity in the mobile advertising
More informationCAPTURING THE ALPHA IN STOCK BUYBACKS
CAPTURING THE ALPHA IN STOCK BUYBACKS QWAFAFEW NYC NOVEMBER 12, 2014 DAVID KREIN, MARKETAXESS CAMERON LILJA, NASDAQ INVESTOR ALPHA, NOT EXECUTIVE ALPHA 2 HIGHLIGHTS What is a stock buyback? A stock buyback
More informationFive Integration Imperatives that will Make or Break a Software M&A Transaction
Five Integration Imperatives that will Make or Break a Software M&A Transaction Industry Whitepaper by Waterstone Management Group Mark Hauser, Partner Nick Latz, Senior Associate Carolanne Fried, Analyst
More informationMerger, Acquisition and Divestiture Value Creation Acceleration using NetSuite Cloud-based solution
About NetSuite NetSuite Inc. is the industry s leading provider of cloud-based financials/ Enterprise Resource Planning (ERP) and omnichannel commerce software suites. In addition to financials/erp and
More informationAxel Springer acquires Business Insider Investor/Analyst Conference Call
Axel Springer acquires Business Insider Investor/Analyst Conference Call Dr Mathias Döpfner, Chairman & CEO, Axel Springer SE Dr Julian Deutz, CFO, Axel Springer SE Henry Blodget, Founder, CEO & Editor-in-chief,
More informationOutsourcing 2010. www.iaop.org. Summary of Findings from IAOP s State of the Industry Survey. Produced with the support of
Outsourcing 2010 Summary of Findings from IAOP s State of the Industry Survey Produced with the support of Outsourcing 2010 Summary of Findings from IAOP s State of the Industry Survey For the past 18
More informationToshiba to Execute Toshiba Revitalization Action Plan
December 21, 2015 FOR IMMEDEATE RELEASE Toshiba to Execute Toshiba Revitalization Action Plan Toshiba Corporation ( the Company ) today announced that Toshiba Group will implement a series of management
More informationEconomic Development. Technology Development. Shareholder Returns. fund growing companies. in innovative technology sectors
The Canarie is Dead Something is Wrong in Venture Capital -Q3 2008- The Lofty Goals of Venture Capital Economic Development fund growing companies Technology Development in innovative technology sectors
More informationMove Investor Presentation
Move Investor Presentation Q4 2013 2013 Move, Inc. All rights reserved. Do not copy or distribute. Disclaimer This presentation contains "forward-looking" statements that involve risks, uncertainties and
More information