DOCSLIB.ORG

Mobile M&A and Valuation Update

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

2014 AWARD WINNER: BOUTIQUE INVESTMENT BANKING FIRM OF THE YEAR Mobile M&A and Valuation Update Q4 2014 BOSTON CHICAGO LONDON LOS ANGELES PHILADELPHIA SAN DIEGO SILICON VALLEY TAMPA Capstone Partners Over a Decade of M&A Excellence 1 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.1 BUILT FOR THE MIDDLE MARKET.TM Table of Contents Section Page Introduction Research Coverage: Mobile 4 Key Takeaways 5-6 M&A Activity & Multiples M&A Dollar Volume 8 M&A Transaction Volume 9-11 LTM Revenue Multiples 12-13 Revenue Multiples by Segment 14 Highest Revenue Multiple Transactions 15 Notable M&A Transactions 16 Most Active Buyers 17-18 Public Company Valuation & Operating Metrics Mobile 140 Public Company Universe 20-22 Recent IPOs 23-27 Stock Price Performance 28 LTM Revenue, EBITDA & P/E Multiples 29-31 Revenue, EBITDA and EPS Growth 32-34 Margin Analysis 35-36 Best / Worst Performers 37-38 Notable Transaction Profiles 40-49 Public Company Trading & Operating Metrics 51-57 Technology & Telecom Team 59-61 Capstone Partners Over a Decade of M&A Excellence 2 Investment Banking Advisors 2 Introduction Capstone Partners Over a Decade of M&A Excellence 3 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.3 BUILT FOR THE MIDDLE MARKET.TM Research Coverage: Mobile Capstone’s Technology & Telecom Group focuses its research efforts on the following market segments: Enterprise SaaS & Mobile Consumer Internet Cloud App Stores & Content Aggregators Carrier Back Office Games / Virtual Goods M-Commerce Enablement Messaging & VoIP Mobile / Local Marketing E-Commerce Consumer, IT & Mobile Devices Telecom Hardware Mobile OS & Utility SW Mobility & Monitoring Portals & Social Networks Search, Referral & Navigation Video, Music & eBooks Wireless Network Equipment Wireless Network Operators Wireless Semiconductors Capstone Partners Over a Decade of M&A Excellence 4 Investment Banking Advisors 4 Capstone Partners KeyInvestment Takeaways Banking Advisors – M&A Activity & Multiples M&A dollar volume has increased to $118.0B in 2014 from $100.7B in 2013 Although H2’14 M&A dollar volume was weaker than prior years, strong M&A activity in H1’14 fueled the total dollar volume, bringing it to a five year high Transaction volume reaches a new 5 year high, just shy of 600 transactions Private company deal volume of 579 in 2014 sets a new five year high 17 billion- dollar private deals in 2014 sets a new five year high Public target M&A transaction volume remains stable at 13 deals in 2014 Median deal size rose to $625M in LTM with deal mix diverging toward the high and low ends of the range M&A valuations vary considerably across the various Mobile segments, with Wireless Tower and hot Software segments commanding more than 6x revenue while the majority of segments trade below 4x Notable M&A transactions in Q4’14 Altice / Portugal Telecom ($9.1B) American Tower / Airtel (Assets) ($1.1B) BCE / Glentel ($528M) AT&T / Iusacell ($2.5B) Churchill Downs / Big Fish Games ($835M) Raytheon / Blackbird Tech ($420M) Qualcomm / CSR ($2.5B) Mozido / PayEase ($750M) American Tower / TIM (Assets) ($1.2B) Yahoo! / BrightRoll ($640M) Most active buyers include Yahoo!, Google, Apple, Facebook, Intel, American Tower, Twitter, AT&T and Dropbox Capstone expects the robust M&A activity and attractive exit valuations in Mobile to continue through 2015 There is some risk that an abrupt market correction could negatively affect the market in mid/late 2015 Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 5 Investment Banking Advisors 5 Capstone Partners KeyInvestment Takeaways Banking Advisors – Public Company Metrics Q4’14 saw five IPOs added to Capstone’s Mobile 140 Post IPO performances were mixed among the 5 companies added to the Mobile 140 Mobile 140 median has underperformed the NASDAQ for the first time in five years The Mobile 140 median experienced a 4.2% decrease, while the NASDAQ gained 5.4% in Q4 Wireless Semis posted the strongest performance with a 7.4% gain over the last quarter with Mobile / Local Marketing coming in second with a 6% gain Median LTM Revenue Multiple decreased to 3.0x Medians vary significantly with Wireless Towers at 10.7x and Carrier Back Office at just 1.2x Public companies within the Mobile sector continue to trade at a healthy EBITDA multiple of 11.5x Search, Referral & Navigation trade at a premium LTM EBITDA multiple of 32.5x Median LTM P/E multiple decreased slightly to 18.4x for 2014 P/E multiples have recovered after a 2011-2012 drop as investors are valuing on future profit growth expectations Mobile 140 median revenue growth slowed to 11.2% LTM with growth of 11.0% NTM expected Six segments are projecting median NTM revenue growth of over 15% Median EBITDA growth increased 8.7% in LTM with strong NTM growth projected Median gross margins improved to 55.3%, a new five year high Median EBITDA margins stayed constant at 21.0%, despite companies improving EBITDA margins outnumbering companies with declines Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 6 Investment Banking Advisors 6 Capstone Partners Investment Banking Advisors M&A Activity & Multiples Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 7 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.7 BUILT FOR THE MIDDLE MARKET.TM Capstone Partners LTMInvestment M&A Banking Dollar Advisors Volume M&A dollar volume has surged to $118B in 2014 from $100.7B in 2013 Although H2’14 M&A dollar volume was weaker than prior years, strong M&A activity in H1’14 fueled the total dollar volume, bringing it to a five year high A lack of large public telecom deals in 2014 drove the drop from 2012 and 2013 levels $140,000 $120,000 $12,444 $100,000 $80,000 $43,837 $60,000 $51,530 $22,005 $105,724 Total Transaction Value $40,000 $44,921 $10,534 $56,896 $20,000 $35,319 $40,297 $25,194 $18,724 $0 2009 2010 2011 2012 2013 2014 Total Private $ Total Public $ Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 8 Investment Banking Advisors 8 Capstone Partners LTMInvestment M&A Banking Transaction Advisors Volume by Segment Transaction volume reaches a new 5 year high, just shy of 600 transactions M-Commerce Enablement and Mobile / Local Marketing has grown from a combined 41 deals in 2009 to 144 deals in 2014 as marketing and commerce are increasingly moving towards mobile devices Mobile OS & Utility Software surged to 101 deals in 2014 Deal volume fell for Carrier Back Office, Portals & Social Networks, and Search, Referral & Navigation 700 600 9 16 6 6 60 23 6 500 19 61 51 17 14 11 22 10 7 13 36 20 17 19 37 400 34 46 5 51 45 71 35 16 7 18 11 16 41 21 67 300 80 20 38 17 25 103 81 38 6 33 72 Transactions 18 33 60 9 200 33 11 64 50 31 16 15 41 34 48 88 58 30 7 66 6 15 39 42 100 26 29 26 30 25 18 23 25 43 15 34 42 56 33 36 26 13 13 27 11 22 12 11 20 10 0 2009 2010 2011 2012 2013 2014 Apps Stores & Content Aggregators Carrier Back Office m-Commerce Enablement Messaging & VoIP Mobile / Local Marketing Mobile Devices Mobile Games / Virtual Goods Mobile OS & Utility Software Mobility & Monitoring Portals & Social Networks Search, Referral & Navigation Video, Music & eBooks Wireless Network Equipment Wireless Network Operators Wireless Semis Wireless Tower Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 9 Investment Banking Advisors 9 Capstone Partners LTMInvestment M&A Banking Transaction Advisors Volume by Deal Size – Private Targets Private company deal volume of 578 in 2014 sets a new five year high 17 billion dollar private deals in 2014 set a new five year high Mid-market deal volume increased significantly with 65 deals compared to 46 in 2013 100% 6 6 4 3 14 16 17 5 2 6 90% 5 9 10 14 9 11 15 15 7 80% 20 10 10 12 23 16 26 70% 12 13 6 21 14 60% 25 15 21 21 16 50% 25 32 34 40% 27 22 30 30% 64 20% 80 49 49 33 48 10% 0% 2009 2010 2011 2012 2013 2014 Total Deals 351 417 534 443 515 578 Deals w/ Value 139 149 201 123 157 179 Median ($M) $11 $20 $19 $32 $26 $30 $0-10M $10-25M $25-50M $50-100M $100-250M $250-500M $500M-1B $1B+ Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 10 Investment Banking Advisors 10 Capstone Partners LTMInvestment M&A Banking Transaction Advisors Volume by Deal Size – Public Targets Public target M&A transaction volume remains stable with deal mix diverging toward the high and low ends $1B+ transaction activity is at the high end of recent years with five $1B+ deals in LTM Median deal size rose to $625M in 2014 despite deal mix diverging toward the high and low ends of the range 100% 90% 4 6 3 4 4 80% 5 70% 2 1 2 2 60% 2 3 1 4 2 50% 1 2 40% 2 1 2 3 2 1 1 30% 1 2 1 1 20% 2 4 2 1 2 1 10% 1 2 2 1 1 1 1 0% 2009 2010 2011 2012 2013 2014 Total Deals 16 21 12 11 13 13 Median ($M) $349 $68 $541 $384 $607 $625 $0-10M $10-25M $25-50M $50-100M $100-250M $250-500M $500M-1B $1B+ Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 11 Investment Banking Advisors 11 Capstone Partners LTMInvestment Revenue Banking Advisors Multiples – Private Targets The Median LTM Revenue Multiple paid for private company targets have increased to 2.7x More premium valuations were in the mid-range ($25M~$250M) deals 25% of Mobile software & services deals have revenue multiples greater than 6.8x
Recommended publications
  • Access, Broadband Video and Data, Internet Protocol Network Services, Network Access, Long Distance, and Other Services

    Access, Broadband Video and Data, Internet Protocol Network Services, Network Access, Long Distance, and Other Services

    Federal Communications Commission FCC 12-95 Before the Federal Communications Commission Washington, D.C. 20554 In the Matter of ) ) Applications of Cellco Partnership d/b/a ) WT Docket No. 12-4 Verizon Wireless and SpectrumCo LLC and Cox ) TMI, LLC For Consent To Assign AWS-1 ) Licenses ) ) Applications of Verizon Wireless and Leap for ) ULS File Nos. 0004942973, 0004942992, Consent To Exchange Lower 700 MHz, AWS-1, ) 0004952444, 0004949596, and 0004949598 and PCS Licenses ) ) Applications of T-Mobile License LLC and Cellco ) WT Docket 12-175 Partnership d/b/a Verizon Wireless for Consent to ) Assign Licenses ) MEMORANDUM OPINION AND ORDER AND DECLARATORY RULING Adopted: August 21, 2012 Released: August 23, 2012 By the Commission: Chairman Genachowski and Commissioners Clyburn and Rosenworcel issuing separate statements; Commissioners McDowell and Pai approving in part, concurring in part and issuing separate statements. TABLE OF CONTENTS Heading Paragraph # I. INTRODUCTION.................................................................................................................................. 1 II. BACKGROUND.................................................................................................................................... 7 A. Description of Applicants ................................................................................................................ 8 1. Verizon Wireless ....................................................................................................................... 8 2.
  • Finding Alibaba: How Jerry Yang Made the Most Lucrative Bet in Silicon Valley History

    Finding Alibaba: How Jerry Yang Made the Most Lucrative Bet in Silicon Valley History

    Parmy Olson Forbes Staff I cover agitators and innovators in mobile. FOLLOW FORBES 9/30/2014 @ 12:55PM 122,847 views Finding Alibaba: How Jerry Yang Made The Most Lucrative Bet In Silicon Valley History This story appears in the October 20, 2014 issue of Forbes. Comment Now Follow Comments Yahoo's co-founder Jerry Yang at the office of his venture firm AME in Palo Alto, Calif. (Ethan Pines For Forbes) Jerry Yang’s Revenge - Forbes, 2014-10-20 Page 1 Jerry Yang is giving a quick tour of the conference room at his private investment firm in Palo Alto, Calif. It’s dotted with gifts and photos from his 20 years in Silicon Valley. Yahoo’s 45-year-old billionaire co-founder stops before a glass deal toy on a low table. “Um, I have no idea what that is.” He peers more closely, checks the date: September 2012. “That is… that was after I’d gone. I think that was the last deal I worked on at Yahoo.” The plaque commemorates what may have been one of the dumbest business decisions of all time. Yahoo’s board agreed to sell 523 million Alibaba shares, half of its stake, back to Alibaba at $13 apiece. Yang hadn’t been so keen to sell. They did anyway. By then he’d quit the board. Sure enough, Alibaba’s IPO last month rocked global markets. Shares of the Chinese e-commerce giant are now worth around $90. Yahoo still has a 16% stake worth $36 billion, but it left almost as much money on the table–some $35.5 billion–as its entire current market capitalization.
  • Yahoo Chief Marissa Mayer to Leave Company Board After Verizon Sale 10 January 2017, by Glenn Chapman

    Yahoo Chief Marissa Mayer to Leave Company Board After Verizon Sale 10 January 2017, by Glenn Chapman

    Yahoo chief Marissa Mayer to leave company board after Verizon sale 10 January 2017, by Glenn Chapman "For me personally, I'm planning to stay," Mayer said in the post. "It's important to me to see Yahoo into its next chapter." Mayer remains chief executive at Yahoo. Recent hacking It still remained unclear on Monday how news of recent large-scale hacks might effect Yahoo's deal to sell its core operating assets to Verizon for $4.8 billion, or Mayer's role going forward. Marissa Mayer is expected to remain with Yahoo's core Yahoo said in December that personal data from business, which is being bought by Verizon over a billion users was stolen in a hack dating back to 2013—twice as big as another breach disclosed just three months earlier. Yahoo confirmed on Monday that chief executive Marissa Mayer will quit the company's board after its merger with Verizon. Mayer is expected to remain with Yahoo's core business, which is being bought by the US telecom titan. Yahoo is selling its internet operations as a way to separate that from its more valuable stake in Chinese internet giant Alibaba. The share-tending entity, to be renamed Altaba, Inc., will act as an investment company with its board reduced to five members, according to a filing with the Securities and Exchange Commission. Yahoo co-founder David Filo and Mayer will be among those resigning from the board, according to the filing. When asked what role Mayer will play after the merger with Verizon, the company referred AFP to a Tumblr post from July, after the deal to sell the company's core operations was announced.
  • Mobile Smart Fundamentals Mma Members Edition June 2014

    Mobile Smart Fundamentals Mma Members Edition June 2014

    MOBILE SMART FUNDAMENTALS MMA MEMBERS EDITION JUNE 2014 messaging . advertising . apps . mcommerce www.mmaglobal.com NEW YORK • LONDON • SINGAPORE • SÃO PAULO MOBILE MARKETING ASSOCIATION JUNE 2014 REPORT The Global Board Given our continuous march toward providing marketers the tools they need to successfully leverage mobile, it’s tempting to give you another week-by-week update on our DRUMBEAT. But, as busy as that’s been, I’d like to focus my introduction for this month’s Mobile Smart Fundamentals on the recent announcement we made regarding our Global Board. Our May 6th announcement that we would be welcoming the first CMO in the MMA’s history to take up the position of Global Chairperson was significant for many reasons, not least of which is the incredible insight and leadership that John Costello brings to the role. This was also one of our first steps to truly aligning the MMA to a new marketer-first mission. Subsequently, on June 25th, we were pleased to announce the introduction, re-election and continuation of committed leaders to the MMA’s Global Board (read full press release here). But perhaps most significantly of all, we welcomed a number of new Brand marketers and that list of Brands on the Global Board now includes The Coca-Cola Company, Colgate-Palmolive, Dunkin’ Brands, General Motors, Mondelez International, Procter & Gamble, Unilever, Visa and Walmart. http://www.mmaglobal.com/about/board-of-directors/global To put this into context, the board now comprises 80% CEOs and Top 100 Marketers vs. three years ago where only 19% of the board comprised CEOs and a single marketer, with the majority being mid-level managers.
  • Should Google Be Taken at Its Word?

    Should Google Be Taken at Its Word?

    CAN GOOGLE BE TRUSTED? SHOULD GOOGLE BE TAKEN AT ITS WORD? IF SO, WHICH ONE? GOOGLE RECENTLY POSTED ABOUT “THE PRINCIPLES THAT HAVE GUIDED US FROM THE BEGINNING.” THE FIVE PRINCIPLES ARE: DO WHAT’S BEST FOR THE USER. PROVIDE THE MOST RELEVANT ANSWERS AS QUICKLY AS POSSIBLE. LABEL ADVERTISEMENTS CLEARLY. BE TRANSPARENT. LOYALTY, NOT LOCK-IN. BUT, CAN GOOGLE BE TAKEN AT ITS WORD? AND IF SO, WHICH ONE? HERE’S A LOOK AT WHAT GOOGLE EXECUTIVES HAVE SAID ABOUT THESE PRINCIPLES IN THE PAST. DECIDE FOR YOURSELF WHO TO TRUST. “DO WHAT’S BEST FOR THE USER” “DO WHAT’S BEST FOR THE USER” “I actually think most people don't want Google to answer their questions. They want Google to tell them what they should be doing next.” Eric Schmidt The Wall Street Journal 8/14/10 EXEC. CHAIRMAN ERIC SCHMIDT “DO WHAT’S BEST FOR THE USER” “We expect that advertising funded search engines will be inherently biased towards the advertisers and away from the needs of consumers.” Larry Page & Sergey Brin Stanford Thesis 1998 FOUNDERS BRIN & PAGE “DO WHAT’S BEST FOR THE USER” “The Google policy on a lot of things is to get right up to the creepy line.” Eric Schmidt at the Washington Ideas Forum 10/1/10 EXEC. CHAIRMAN ERIC SCHMIDT “DO WHAT’S BEST FOR THE USER” “We don’t monetize the thing we create…We monetize the people that use it. The more people use our products,0 the more opportunity we have to advertise to them.” Andy Rubin In the Plex SVP OF MOBILE ANDY RUBIN “PROVIDE THE MOST RELEVANT ANSWERS AS QUICKLY AS POSSIBLE” “PROVIDE THE MOST RELEVANT ANSWERS AS QUICKLY
  • Purchase Intent Predicts Stock Performance

    Purchase Intent Predicts Stock Performance

    Purchase Intent Predicts Stock Performance LikeFolio Purchase Intent Strategies Performance Report EDITION: APRIL 2018 TABLE OF CONTENTS LIKEFOLIO OVERVIEW ........................................................................................................... 1 PURCHASE INTENT (PI) METRIC & SIGNAL CALCULATION .................................................... 2 Purchase Intent (PI) Metric Definition & Examples ........................................................................ 2 Purchase Intent Signal Calculation .................................................................................................. 3 TRADING STRATEGIES UTILIZING LIKEFOLIO PI SIGNAL ....................................................... 4 Earnings Trading Strategy ................................................................................................................ 5 Active Trading Strategies ................................................................................................................. 6 Portfolio Strategy – Top-8 Long vs Bottom-8 Short ..................................................................... 12 Combined Portfolio ......................................................................................................................... 13 SUMMARY .......................................................................................................................... 15 CONTACT INFORMATION .................................................................................................... 16 LEGAL DISCLAIMERS..........................................................................................................
  • Review of Service Composition Interfaces

    Review of Service Composition Interfaces

    Sanna Kotkaluoto, Juha Leino, Antti Oulasvirta, Peter Peltonen, Kari‐Jouko Räihä and Seppo Törmä Review of Service Composition Interfaces DEPARTMENT OF COMPUTER SCIENCES UNIVERSITY OF TAMPERE D‐2009‐7 TAMPERE 2009 UNIVERSITY OF TAMPERE DEPARTMENT OF COMPUTER SCIENCES SERIES OF PUBLICATIONS D – NET PUBLICATIONS D‐2009‐7, OCTOBER 2009 Sanna Kotkaluoto, Juha Leino, Antti Oulasvirta, Peter Peltonen, Kari‐Jouko Räihä and Seppo Törmä Review of Service Composition Interfaces DEPARTMENT OF COMPUTER SCIENCES FIN‐33014 UNIVERSITY OF TAMPERE ISBN 978‐951‐44‐7896‐3 ISSN 1795‐4274 Preface This report was produced in the LUCRE project. LUCRE stands for Local and User-Created Services. The project is part of the Flexible Services research programme, one of the programmes of the Strategic Centre for Science, Technology and Innovation in the ICT field (TIVIT) and funded by Tekes (the Finnish Funding Agency for Technology and Innovation) and the participating organizations. The Flexible Service Programme creates service business activity for global markets. The programme has the aim of creating a Web of Services. The programme creates new types of ecosystems, in which the producers of services, the people that convey the service and the users all work together in unison. As part of such ecosystems, LUCRE will develop an easy-to-use, visual service creation platform to support the creation of context aware mobile services. The goal is to support user-driven open innovation: the end- users (people, local businesses, communities) will be provided with tools to compose new services or to modify existing ones. The service creation platform will build on the technology of existing mashup tools, widget frameworks, and publish/subscribe mechanisms.
  • The Technology, Media and Telecommunications Review

    The Technology, Media and Telecommunications Review

    The Technology, Media and Telecommunications Review Fourth Edition Editor John P Janka Law Business Research The Technology, Media and Telecommunications Review Reproduced with permission from Law Business Research Ltd. This article was first published in The Technology, Media and Telecommunications Review, 4th edition (published in October 2013 – editor John P Janka). For further information please email [email protected] The Technology, Media and Telecommunications Review Fourth Edition Editor John P Janka Law Business Research Ltd THE LAW REVIEWS THE MERGERS AND ACQUISITIONS REVIEW THE RESTRUCTURING REVIEW THE PRIVATE COmpetITION ENFORCEMENT REVIEW THE DISPUTE RESOLUTION REVIEW THE EMPLOYMENT LAW REVIEW THE PUBLIC COmpetITION ENFORCEMENT REVIEW THE BANKING REGULATION REVIEW THE INTERNATIONAL ARBITRATION REVIEW THE MERGER CONTROL REVIEW THE TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS REVIEW THE INWARD INVESTMENT AND INTERNATIONAL TAXATION REVIEW THE CORPORATE GOVERNANCE REVIEW THE CORPORATE IMMIGRATION REVIEW THE INTERNATIONAL INVESTIGATIONS REVIEW THE PROJECTS AND CONSTRUCTION REVIEW THE INTERNATIONAL CAPITAL MARKETS REVIEW THE REAL ESTATE LAW REVIEW THE PRIVATE EQUITY REVIEW THE ENERGY REGULATION AND MARKETS REVIEW THE INTELLECTUAL PROpertY REVIEW THE ASSET MANAGEMENT REVIEW THE PRIVATE WEALTH AND PRIVATE CLIENT REVIEW THE MINING LAW REVIEW THE EXECUTIVE REMUNERATION REVIEW THE ANTi-BRIBERY AND ANTi-CORRUPTION REVIEW THE CArtelS AND LENIENCY REVIEW THE TAX DISPUTES AND LITIGATION REVIEW THE LIFE SCIENCES LAW REVIEW THE INSURANCE
  • Q&A: Does Machiavelli's the Prince Have Relevant Lessons for Modern

    Q&A: Does Machiavelli's the Prince Have Relevant Lessons for Modern

    Technology Innovation Management Review August 2017 (Volume 7, Issue 8) Q&A Clovia Hamilton Q. Does Machiavelli’s The Prince Have Relevant Lessons for Modern High-Tech Managers and Leaders? A. When we think of Machiavellian conduct in tech- goodness and effectiveness are not likely to go hand in nology companies, we think of cut-throat, cunning, be- hand. Individuals that take this view of The Prince may haviour. Cut-throat competition in technological not think the book is relevant to modern day leaders innovations can be the barrier to market entry (Lee, that are under considerable pressure to engage in cor- 2014). The lean philosophy is that managers and leaders porate social responsibility and ethical behaviour. Yet, are to strive for the efficient and effective use of re- morality and achieving business results are intercon- sources in order to overcome this barrier and gain com- nected. Character is the combination of a person’s petitive advantage. In order for there to be cut throats, moral habits and internalized beliefs that shape his or there have to be cut-throat technology innovation lead- her relationship to others (Kiel, 2015). Today, charac- ers and managers. What the lean philosophy lacks is ter-based business results have been coined “return on guidance on how to achieve an efficient and effective character” (ROC) and have been studied. The ROC has use of resources in a cut-throat competitive environ- been identified as an element of a CEO’s formula for ment. The challenges posed by that type of environment creating value (i.e., processes, products, raw materials do not go away and cannot be swept under the rug.
  • Google's Transformation from Gateway To

    Google's Transformation from Gateway To

    GOOGLE’S TRANSFORMATION FROM GATEWAY TO GATEKEEPER: HOW GOOGLE’S EXCLUSIONARY AND ANTICOMPETITIVE CONDUCT RESTRICTS INNOVATION AND DECEIVES CONSUMERS EXECUTIVE SUMMARY Approximately 240 million people in the United States regularly use the Internet, and last year their activity generated nearly $170 billion in commerce – making the Internet a linchpin of our economy, our society, and of everyday life. Maintaining a competitive environment in which investment and innovation can thrive on the Internet therefore should be a core public policy goal. Yet today, anticompetitive actions of the monopolist search engine, Google, put that goal at serious risk. Search engines are among the most critical actors on the Internet. With more than one trillion webpages on the Internet and more appearing every day, search is the principal means by which consumers find online businesses and online businesses find consumers amidst an otherwise crowded and confusing landscape. The Pew Internet & American Life Project reports that as of May 2011, 92% of adults online use search engines to find information on the Internet. In July 2011 alone, there were over 17.1 billion search queries conducted in the United States, up 3% from the prior month. Google controlled at least seven out of every ten of those searches. As antitrust authorities and courts here in the U.S. and abroad have repeatedly concluded, Google has market power in search, giving this single company unprecedented power over what users find, who is found, and what businesses must pay to be found on the Internet. Having gained a monopoly in Internet search and search advertising, Google also has come to control nearly 97% of the fast-growing mobile search market.
  • Yahoo Startup Shopping Spree Continues 4 July 2013, by Glenn Chapman

    Yahoo Startup Shopping Spree Continues 4 July 2013, by Glenn Chapman

    Yahoo startup shopping spree continues 4 July 2013, by Glenn Chapman Xobni goodness baked right in." Xobni products help manage email and other communications based on patterns of exchanges between people and their contacts. The acquisition continues a shopping spree launched after Marissa Mayer became chief of Yahoo a year ago. Yahoo on Tuesday announced it bought Qwiki, a New York operation behind an application that converts video and pictures on iPhones into sharable movie clips complete with music soundtracks. Yahoo on Wednesday continued a months-long take- over binge with word that it had bought Xobni, a startup The Qwiki buy announcement came a day after behind tools for better managing contact lists and email Yahoo put out word that it bought Bignoggins inboxes. Productions, a one-person operation specializing in fantasy sports applications for iPhones. Yahoo in June completed a billion-dollar deal taking Yahoo forged ahead Wednesday on its months- over the popular blogging platform Tumblr, a move long take-over binge with word that it had bought aimed at bringing more youthful users into the Xobni, a startup behind tools for better managing company's orbit. contact lists and email inboxes. Yahoo last month bought startup GhostBird Yahoo did not disclose how much it paid for Software, which makes picture-taking applications Xobni—which is 'inbox' spelled backwards—but saidfor iPhones, to enhance its Flickr photo service. it planned to use the startup's technology to improve Yahoo! Mail, Messenger and other Since former Google executive Mayer became "communications offerings." chief at Yahoo, the company has racked up a series of acquisitions including startups Alike, San Francisco-based Xobni was launched in 2006, Stamped, Snip.it and a Summly application built by and two years later the venture-backed firm hired a British teen.
  • View July 2014 Report

    View July 2014 Report

    MOBILE SMART FUNDAMENTALS MMA MEMBERS EDITION JULY 2014 messaging . advertising . apps . mcommerce www.mmaglobal.com NEW YORK • LONDON • SINGAPORE • SÃO PAULO MOBILE MARKETING ASSOCIATION JULY 2014 REPORT The Playbook Over the last few months we’ve been building a unique resource that will help our brand marketer members successfully develop and execute a mobile strategy, allowing them to deliver a consistent mobile brand experience on a global scale. Enter our Mobile Marketing Playbook (Press Release). Launched last week and created in partnership with global sporting goods giant, adidas, it aims to explain when, where and how companies can use mobile as core to their marketing efforts. Whilst we’ve seen some incredible work this year, as evidenced by the many great mobile campaigns submitted to our 2014 Smarties Awards Program (currently in pre-screening), one of the challenges marketers still face is how to make mobile an integral part of their mix. The Playbook takes marketers through the process of mobile strategy development from start to finish. It provides best practices around mobile executions, ways to leverage the myriad mobile vehicles, insights into mobile creative effectiveness and how companies can effectively measure and optimize mobile. To address the ever changing needs of and challenges faced by marketers, the Playbook will be regularly updated to reflect shifts in consumer behavior, mobile trends as they are introduced, and innovations that are continuously being developed through and with mobile. This will be accomplished in part by the annual addition of well over 500 case studies into our Case Study Hub, helping to define best practice and to serve as a source of inspiration to our marketer members Members can access the entire Playbook by logging in using your member login and password where directed.