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European Technology Media & Telecommunications Monitor European Technology Media & Telecommunications Monitor Market and Industry Update Second Quarter 2012 Piper Jaffray European TMT Team: Eric Sanschagrin Managing Director Head of European TMT [email protected] +44 (0) 207 796 8420 Stefan Zinzen Principal [email protected] +44 (0) 207 796 8418 Varun Verma Associate [email protected] +44 (0) 207 796 8416 Peter Shin Analyst [email protected] +44 (0) 207 796 8444 TECHNOLOGY MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update Selected Piper Jaffray Q2 2012 TMT Transactions A – M&A Transactions Date: May 2012 $206,000,000 Client: NEXX Systems Inc. Appointment: Sale to Tokyo Electron Ltd. Transaction: Tokyo Electron (“TEL”), a Japan-based developer of semiconductor production Has Been Acquired By equipment, announced the completion of its acquisition of NEXX Systems (“NEXX”) for $206 million. The acquisition will expand TEL’s position in advanced packaging to include electrochemical deposition and physical vapor deposition systems that have won awards for outstanding performance, low cost of ownership, development flexibility and their extendibility to future May 2012 applications. Client Description: NEXX is a global leader in advanced semiconductor packaging equipment with focused solutions for back-end wafer level processing. PJC Role: Piper Jaffray acted as sole financial adviser to NEXX Systems. Date: April 2012 $1,400,000,000 Client: Stratasys Inc. Appointment: Merger with Objet Ltd. Transaction: Stratasys and privately held Objet announced that the boards of directors of both companies unanimously approved a definitive merger agreement under which the companies would Has Merged with combine in an all-stock transaction with a total equity value of approximately $1.4 billion. The transaction will position the combined company as a leader within the high-growth 3D printing and direct digital manufacturing industry. Under the terms of the agreement, Stratasys will merge with a April 2012 subsidiary of Objet, and Stratasys stockholders will receive one share of the new combined company for each share of Stratasys common stock they own. Upon closing of the transaction, Stratasys shareholders are expected to own 55% and Objet shareholders are expected to own 45% of the combined company on a fully diluted basis. Client Description: Stratasys is a maker of additive-manufacturing machines for prototyping and producing plastic parts. The company markets under the brands uPrint and Dimension 3D Printers and Fortus Production 3D Printers. PJC Role: Piper Jaffray served as exclusive financial advisor to Stratasys and rendered an opinion, from a financial point of view, as to the fairness of the exchange ratio provided for in the merger. 2 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2012 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update Selected Piper Jaffray Q2 2012 TMT Transactions A – M&A Transactions (cont’d) Date: April 2012 Undisclosed Client: EduNeering (“kaplaneduneering.com”) Appointment: Sale to Underwriters Laboratories Inc. Transaction: Underwriters Laboratories (“UL”) acquired 100% of the capital stock of EduNeering Has Been Acquired By from Kaplan Inc. Knowledge Services. UL's fast-growing training, advisory and software solutions business unit will integrate EduNeering's team of 85 employees, its technology platform and a course library of 700 online training modules, which also includes energy operations, manufacturing, ethics, environmental health and safety, engineering and construction, and food April 2012 safety. Client Description: EduNeering develops technology-enabled knowledge solutions for assuring regulatory compliance and improving business performance. PJC Role: Piper Jaffray acted as sole financial adviser to EduNeering. 3 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2012 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update Selected Piper Jaffray Q2 2012 TMT Transactions B – Capital Market Transactions Date: May 2012 $16,000,000,000 Client: Facebook Inc. Appointment: IPO Transaction: Facebook completed a $16.0 billion initial public offering of 421.2 million shares of common stock at $38 per share. The company updated its filing for an IPO with the U.S. Securities and Exchange Commission for the seventh time by revising its IPO price range from IPO $28-$35 to $34-$38. But investors expecting a first-day pop in the price saw it close just 0.6% above the IPO price at $38.23. May 2012 Client Description: Facebook is a social networking company that allows users to connect and communicate with each other. It enables developers to build applications and integrate them with Facebook, and offers advertisers the ability to engage with users. PJC Role: Piper Jaffray acted as co-underwriter for the offering. Date: May 2012 $122,000,000 Client: Web.com Group Inc. Appointment: Follow-on Transaction: Web.com closed a $122.0 million follow-on offering of 8.0 million shares of common stock, priced at $15.25 per share. The issuer will not receive any proceeds from the offering as the transaction is 100% secondary. Follow-On Client Description: Web.com is a leading provider of online marketing for small- to medium-sized businesses, providing global domain name registration and complementary Web site design and May 2012 management services. PJC Role: Piper Jaffray acted as co-underwriter for the offering. 4 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2012 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update Contents 1. Internet and Digital Media A. Trading Update B. Transaction Update C. Industry News D. Public Market Trading Multiples 2. Software and IT Services A. Trading Update B. Transaction Update C. Industry News D. Public Market Trading Multiples 3. Communications Technology & Hardware A. Trading Update B. Transaction Update C. Industry News D. Public Market Trading Multiples 4. Equity Capital Markets and M&A Update 5 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2012 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 1 - Internet and Digital Media A - Trading Update Sub-sector performance – Last Three Months: Sub-sector performance – Last 12 Months: Sector 3M Sector LTM Online Retail 8.8% Global Internet Leaders 17.9% Vertical Market Places - Real Estate 1.9% Vertical Market Places - Real Estate 17.9% Global Internet Leaders (0.5)% Online Gambling 6.7% Online Travel (1.6)% Online Retail 6.1% Chinese Internet Leaders (6.6)% Online Travel 0.4% Online Gambling (10.4)% Online Content (6.3)% Online Content (15.0)% Chinese Internet Leaders (8.3)% Vertical Marketplaces - Employment Other Vertical Market Places (16.5)% Services (26.8)% Vertical Marketplaces - Employment Services (28.6)% Online Marketing / Advertising (37.2)% Online Marketing / Advertising (30.3)% Other Vertical Market Places (38.7)% DJIA (2.5)% DJIA 3.8% NASDAQ Comp (3.3)% NASDAQ Comp 5.8% S&P 500 (5.1)% S&P 500 3.1% Note: For composition of indices, see Public Market Trading Multiples section Top 5 Price Performers – Last Three Months: Top 5 Price Performers – Last 12 Months: Company % change Company % change Expedia 43.8% Hotel.de 121.2% Overstock.com 31.9% 888 Holdings 84.1% Web.com 26.6% Expedia 76.3% Orbitz 19.7% Sportech 52.2% Amadeus IT 18.0% Web.com 48.3% Top 5 Price Underperformers – Last Three Months: Top 5 Price Underperformers – Last 12 Months: Company % change Company % change Tradedoubler (45.7)% Netflix (73.9)% Sedo Holdings Plc (43.5)% Blinkx (66.0)% Netflix (40.5)% Travelzoo (64.9)% AD Pepper Media (34.1)% Ctrip.com (61.1)% Blinkx (33.2)% Marchex (59.3)% Source: Thomson Reuters 6 This report may not be reproduced, redistributed or passed to any other person or published in whole or in part for any purpose without the written consent of Piper Jaffray. © 2012 Piper Jaffray Ltd. All rights reserved. TECHNOLOGY MEDIA &TELECOMMUNICATIONS MONITOR Market and Industry Update 1 - Internet and Digital Media B - Transaction Update Selected European ECM Transactions – Q2 2012 Offering Target Amount Offering Date Target Location ($MM) Deal Type Description Target Description 20-Jun-2012 Funcom NV Netherlands 10 Follow-On Common Stock Develops and publishes multi-player online games 07-May-2012 Eniro AB Sweden 59 Follow-On Preference Shares Offers search services and directory assistance 16-Apr-2012 Zattikka plc UK 21 IPO Common Stock Online and mobile gaming company that develops a range of social network games 05-Apr-2012 Progressive Digital Media UK 32 Follow-On Common Stock Focuses on the B2B space providing web-based Group plc information products and online digital marketing Number of Deals 4 Average Value ($MM) 30 Total Value ($MM) 121 Note: Offerings over $10 million where the issuer is headquartered in Europe Selected European M&A Transactions – Q2 2012 Deal Trans. Multiples Target Acquirer Value EV / EV / Date Target
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