STRICTLY PRIVATE & CONFIDENTIAL Q3 2017 Internet & Digital Media Market Snapshot Robert Berstein Frank Cordek Managing Director Director
[email protected] [email protected] www.signalhill.com Baltimore│Bangalore│Boston │ Mumbai│Nashville│NewYork│Reston│San Francisco Table of Contents I. Public Company Universe and Trading Statistics II. Mergers and Acquisitions Activity III. Private Placement Activity IV. IPO Activity Strictly Private & Confidential 2 Quarterly Summary Public Company Trading Statistics1 M&A Activity 6.0x $32,000 120 4.9x 5.0x 2 96 4.1x 100 4.0x $24,000 of DealsNumber 4.0x 3.6x 3.7x 3.5x 72 80 3.0x 57 3.1x $16,000 48 51 60 2.5x 2.0x 2.8x 2.4x 2.3x 2.2x 40 3 EV / CY'17ERevenue $8,000 21 1.0x 20 Aggregate Deal Value ($M)Value DealAggregate 0.0x Q3 2016 Q3 2017 Q3 2016 Q3 2017 Q3 2016 Q3 2017 $0 0 Q3 2016 Q3 2017 Q3 2016 Q3 2017 Q3 2016 Q3 2017 Internet Content & Services e-Commerce Interactive Marketing & Marketing Services Internet Content & e-Commerce Interactive Marketing & Services Marketing Services Median Mean Private Placement Activity4 IPO Activity $4,000 40 34 2 $3,500 35 $32.00 28 $32.00 $3,000 30 of DealsNumber $26.00 $26.54 $2,500 21 25 $25.09 $24.00 $2,000 20 14 $1,500 13 15 $16.00 $15.00 9 3 $14.00 $13.56 $1,000 10 $13.00 $11.50 Aggregate DealValue ($M) $500 5 $8.90 $8.00 $0 0 Q3 2016 Q3 2017 Q3 2016 Q3 2017 Q3 2016 Q3 2017 Internet Content & Services e-Commerce Interactive Marketing & $0.00 Marketing Services RDFN DESP SECO ROKU ROVIO Offer Price Price as of 9/30/17 Source: Signal Hill Database