DOCSLIB.ORG

AUGUST 2010 M&A & Investment Summary

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
AUGUST 2010 M&A & Investment Summary Marketing, Information and Digital Media / Commerce Industries AUGUST 2010 M&A & Investment Summary Expertise. Commitment. Results. MARKETING, INFORMATION AND DIGITAL MEDIA / COMMERCE INDUSTRIES Transaction Distribution A total of 57 deals worth approximately $2.6 billion were announced in August 2010 • Marketing Technology, Digital Media / Commerce and Interactive Advertising were the most active segments • Software & Information was the highest value segment with three deals worth approximately $802 million • Strategic buyers announced 31 deals for approximately $2.2 billion (83% of total) • VC/Growth Capital investors announced 25 deals for approximately $342 million • Francisco Partners’ acquisition of Emailvision for $109.4 million was the only buyout transaction announced this month AUGUST 2010 ($ in millions) BUYER/INVESTOR BREAKDOWN Transactions Est. ValueStrategic Buyout VC /Growth Capital #% $ %#$#$#$ Marketing Technology 21 37% 787.9 30% 8 640.0 0 0.0 13 147.9 Digital Media / Commerce 16 28% 674.1 25% 11 601.0 0 0.0 5 73.1 Interactive Advertising 12 21% 344.1 13% 7 124.0 1 109.4 4 110.7 Advertising & Promotion 4 7% 34.3 1% 3 32.0 0 0.0 1 2.3 Software & Information 3 5% 802.1 30% 2 796.0 0 0.0 1 6.1 Out-of-Home & Specialty Media 1 2% 2.0 0% 0 0.0 0 0.0 1 2.0 Marketing Services 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 57 100% 2,644.5 100% 31 2,193.0 1 109.4 25 342.1 $14.1 Marketing, Information and Digital Media / Commerce Industries M&A and Investment Volume $9.5 Last 13 Months $9.4 $7.6 $4.7 $3.5 $3.5 $3.6 $2.5 $2.6 $2.6 $2.3 $2.6 $1.3 $1.4 $1.8 Value ($ in billions) in ($ Value 44 49 80 65 5779 54 68 72 98 56 71 57 $- Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 M&A & INVESTMENT SUMMARY AUGUST 2010 2 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED ($ in Millions) Select Transactions With Multiples Information EV/ EV/ Target Segment Buyer/Investor Ent. Value Rev EBITDA REV EBITDA Interactive Advertising Emailvision, Inc. (France) Email Services Francisco Partners$ 109.4 $ 54.3 $ 5.2 2.0x 21.2x BV! Media, Inc. (Canada) Ad Networks/Exchanges Rogers Communications, Inc. 24.2 13.1 1.9 1.8x 13.0x Digital Media / Commerce CMI Marketing, Inc. Social Media Yahoo!, Inc. 100.0 27.5 - 3.6x NA Investopedia.com, Inc. Niche Content ValueClick, Inc. 42.0 10.0 5.0 4.2x 8.4x Software & Information United BioSource Corp. Marketing Data Medco Health Solutions, Inc. 730.0 280.0 56.0 2.6x 13.0x A.D.A.M., Inc. Healthcare-BioPharma Ebix, Inc. 66.0 27.9 6.3 2.4x 10.5x Marketing Technology Unica Corporation MRM/Workflow Management IBM Corporation 480.0 109.2 10.1 4.4x 47.5x Note: Transaction values where not publicly disclosed have been estimated. M&A & INVESTMENT SUMMARY AUGUST 2010 3 EQUITY MARKETS Index Performance Since Jan 1, 2010 Index Performance Since Aug 1, 2010 • S&P 500 – T 2.5% • S&P 500 – T 6.80% • NASDAQ – T 3.4% • NASDAQ – T 7.90% •Dow Jones –T 1.3% •Dow Jones –T 6.18% 115 110 105 100 95 Index Performance (%) Performance Index 90 85 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 S&P 500 NASDAQ Dow Jones M&A & INVESTMENT SUMMARY AUGUST 2010 4 IPO PIPELINE ($ in Millions) Securities in Registration Aggregate LTM Company Name Segment Offering Value Rev Adj. EBITDA Nielsen Holdings (Netherlands) Market Research$ 1,750.0 $ 4,902.0 $ 1,345.0 Toys R US Multichannel Retailer 800.0 13,568.0 1,130.0 Affinion Group Holdings Loyalty Solutions Provider 400.0 1,386.1 296.6 Newegg eCommerce 175.0 2,289.8 55.7 Demand Media Domain Portfolio/Marketplace 125.0 221.1 46.8 Everyday Health Healthcare Information 100.0 95.7 3.0 Epocrates Healthcare Information 75.0 93.3 17.7 Reply.com Online Lead Generation 60.0 38.3 8.1 IPO Performance Initial Offering Final Price Stock Price at Close Stock Price Date Ticker Company Name Price Range Per Share on 1st Trading Day on Aug 31, 2010 Feb-10 QNST QuinStreet $17.00 - $19.00 $15.00 $15.00, flat $10.73 Mar-10 FNGN Financial Engines $9.00 - $11.00 $12.00 $17.25, up 44% $13.30 Mar-10 SSNC SS&C Technologies $13.00 - $15.00 $15.00 $15.08, up 1% $14.09 Apr-10 SPSC SPS Commerce $11.00 - $13.00 $12.00 $13.60, up 13% $10.19 Apr-10 CNVO Convio $10.00 - $12.00 $9.00 $10.24, up 14% $8.29 May-10 RLOC ReachLocal $17.00 - $19.00 $13.00 $14.98, up 15% $13.01 Jun-10 MOTR Motricity $10.00 - $11.00 $10.00 $9.26, down 7% $7.36 Jul-10 QLIK Qlik Technologies $8.50 - $9.50 $10.00 $14.06, up 41% $18.63 Jul-10 GDOT Green Dot Corp. $32.00 - $35.00 $36.00 $44.99, up 25% $45.26 Aug-10 MDMD MediaMind Technologies $14.00 - $16.00 $11.50 $11.00, down 4% $11.80 Aug-10 MMYT MakeMyTrip Ltd. (India) $12.00 - $14.00 $14.00 $26.45, up 89% $34.00 New filing in August. M&A & INVESTMENT SUMMARY AUGUST 2010 5 INTERACTIVE ADVERTISING Transactions by Segment & Buyer Type ($ in Millions) • With four transactions for approximately $69 million, Interactive Agency was the most active subsegment • Select acquisitions included › Francisco Partners’ acquisition of Emailvision, (France) an email service provider › Roger Communications’ (Canada) acquisition of BV! Media, (Canada) an ad network business › JWT’s acquisition of Digitaria Interactive, an interactive agency › Euro RSCG Discovery’s acquisition of Congruent Media, an interactive agency • Select investments included › Singapore-based Temasek Holdings’ $50 million growth investment in Tudou.com, (China) a leading digital- video website › Bain Capital’s $16.7 million investment in 1-800-DENTIST.com › General Atlantic’s undisclosed growth investment in Red Ventures, a customer acquisition marketing company INTERACTIVE ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $%#$#$ # $ Interactive Agency 4 33% 69.0 20% 4 69.0 0 0.0 0 0.0 Email Services 2 17% 129.4 38% 1 20.0 1 109.4 0 0.0 Digital Video 2 17% 60.0 17% 1 10.0 0 0.0 1 50.0 Online Lead Generation 2 17% 56.7 16% 0 0.0 0 0.0 2 56.7 Ad Networks/Exchanges 2 17% 29.0 8% 1 25.0 0 0.0 1 4.0 Total 12 100% 344.1 100% 7 124.0 1 109.4 4 110.7 M&A & INVESTMENT SUMMARY AUGUST 2010 6 INTERACTIVE ADVERTISING PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/10 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $450.02 -29% $ 143,574.7 $ 113,515.7 $ 26,213.6 $ 10,825.5 41.3% 17.7% 4.3x 10.5x Microsoft Corporation United States 23.47 -26% 203,055.9 172,468.9 62,484.0 27,197.0 43.5% 6.9% 2.8x 6.3x 2 ergo Group plc United Kingdom $0.88 -57% $ 28.9 $ 24.0 $ 33.1 $ 4.5 13.7% -16.1% 0.7x 5.3x Autobytel Inc. United States 0.85 -40% 38.6 14.7 49.5 (6.6) NM -15.7% 0.3x NM Blinkx plc United Kingdom * 1.14 -21% 350.8 336.1 33.7 (6.5) NM 141.6% 10.0x NM Burst Media Corp, United States 0.08 -55% 5.9 0.5 31.4 0.3 0.9% 15.2% 0.0x 1.7x BV! Media Inc. Canada 0.37 -9% 22.5 22.1 12.6 1.8 14.1% 48.9% 1.8x 12.5x Constant Contact, Inc. United States 17.72 -33% 513.5 397.5 151.9 7.1 4.7% 41.5% 2.6x 55.8x Cyberplex Inc. Canada 0.50 -66% 66.4 99.7 78.3 4.7 6.0% -15.1% 1.3x 21.1x eHealth, Inc. United States 10.10 -47% 237.8 96.5 141.8 28.1 19.8% 15.0% 0.7x 3.4x E-mail Vision France 3.71 -2% 66.9 66.0 42.1 2.5 6.0% 34.9% 1.6x 26.2x Glu Mobile, Inc. United States 1.13 -33% 34.8 37.7 71.9 (4.9) NM -16.5% 0.5x NM Hi-Media S.A. France 3.80 -50% 167.8 209.1 247.0 26.8 10.8% 27.0% 0.8x 7.8x IAC/InterActiveCorp. United States 24.78 -5% 2,591.8 1,281.1 1,492.5 131.3 8.8% -3.2% 0.9x 9.8x InfoSpace Inc. United States 6.99 -43% 251.8 28.5 246.0 21.8 8.9% 54.7% 0.1x 1.3x InsWeb Corp. United States 4.90 -16% 23.8 13.9 36.3 0.8 2.2% 9.5% 0.4x 17.7x Internet Brands, Inc.
Load more

Recommended publications
  • Software Industry Financial Report Contents
    The Software Industry Financial Report SOFTWARE INDUSTRY FINANCIAL REPORT CONTENTS About Software Equity Group Leaders in Software M&A 4 Extensive Global Reach 5 Software Industry Macroeconomics Global GDP 8 U.S. GDP and Unemployment 9 Global IT Spending 10 E-Commerce and Digital Advertising Spend 11 SEG Indices vs. Benchmark Indices 12 Public Software Financial and Valuation Performance The SEG Software Index 14 The SEG Software Index: Financial Performance 15-17 The SEG Software Index: Market Multiples 18-19 The SEG Software Index by Product Category 20 The SEG Software Index by Product Category: Financial Performance 21 The SEG Software Index by Product Category: Market Multiples 22 Public SaaS Company Financial and Valuation Performance The SEG SaaS Index 24 The SEG SaaS Index Detail 25 The SEG SaaS Index: Financial Performance 26-28 The SEG SaaS Index: Market Multiples 29-30 The SEG SaaS Index by Product Category 31 The SEG SaaS Index by Product Category: Financial Performance 32 The SEG SaaS Index by Product Category: Market Multiples 33 Public Internet Company Financial and Valuation Performance The SEG Internet Index 35 The SEG Internet Index: Financial Performance 36-38 The SEG Internet Index: Market Multiples 39-40 The SEG Internet Index by Product Category 41 The SEG Internet Index by Product Category: Financial Performance 42 The SEG Internet Index by Product Category: Market Multiples 43 1 Q3 2013 Software Industry Financial Report Copyright © 2013 by Software Equity Group, LLC All Rights Reserved SOFTWARE INDUSTRY FINANCIAL
    [Show full text]
  • Software Equity Group Flash Report
    Software Equity Group Flash Report Select M&A Transactions and Valuations and Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet Companies by Product Category LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved EXTENSIVE GLOBAL REACH Current Sell‐side Representation • SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia Recent Sell‐side Representation • In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa SEG Research Distribution • SEG’s Quarterly and Annual Software Industry Equity Reports and Monthly Flash Reports are distributed to an opt‐in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, public accountants, etc.
    [Show full text]
  • Boston San Francisco Munich London
    Internet & Digital Media Monthly August 2018 BOB LOCKWOOD JERRY DARKO Managing Director Senior Vice President +1.617.624.7010 +1.415.616.8002 [email protected] [email protected] BOSTON SAN FRANCISCO HARALD MAEHRLE LAURA MADDISON Managing Director Senior Vice President +49.892.323.7720 +44.203.798.5600 [email protected] [email protected] MUNICH LONDON INVESTMENT BANKING Raymond James & Associates, Inc. member New York Stock Exchange/SIPC. Internet & Digital Media Monthly TECHNOLOGY & SERVICES INVESTMENT BANKING GROUP OVERVIEW Deep & Experienced Tech Team Business Model Coverage Internet / Digital Media + More Than 75 Investment Banking Professionals Globally Software / SaaS + 11 Senior Equity Research Technology-Enabled Solutions Analysts Transaction Processing + 7 Equity Capital Markets Professionals Data / Information Services Systems | Semiconductors | Hardware + 8 Global Offices BPO / IT Services Extensive Transaction Experience Domain Coverage Vertical Coverage Accounting / Financial B2B + More than 160 M&A and private placement transactions with an Digital Media Communications aggregate deal value of exceeding $25 billion since 2012 E-Commerce Consumer HCM Education / Non-Profit + More than 100 public equities transactions raising more than Marketing Tech / Services Financial $10 billion since 2012 Supply Chain Real Estate . Internet Equity Research: Top-Ranked Research Team Covering 25+ Companies . Software / Other Equity Research: 4 Analysts Covering 40+ Companies RAYMOND JAMES / INVESTMENT BANKING OVERVIEW . Full-service firm with investment banking, equity research, institutional sales & trading and asset management – Founded in 1962; public since 1983 (NYSE: RJF) – $6.4 billion in FY 2017 revenue; equity market capitalization of approximately $14.0 billion – Stable and well-capitalized platform; over 110 consecutive quarters of profitability .
    [Show full text]
  • Student Investment Fund
    STUDENT INVESTMENT FUND 2007-2008 ANNUAL REPORT May 9, 2008 http://org.business.utah.edu/investmentfund TABLE OF CONTENTS 2007-2008 STUDENT MANAGERS........................................................................................... 3 HISTORY ...................................................................................................................................... 4 STRATEGY................................................................................................................................... 5 Davidson & Milner Portfolios .................................................................................................... 5 School Portfolio .......................................................................................................................... 6 DAVIDSON AND MILNER PERFORMANCE........................................................................ 6 Overall ........................................................................................................................................ 6 Individual Stock Performance..................................................................................................... 7 SCHOOL PERFORMANCE....................................................................................................... 9 Overall ........................................................................................................................................ 9 Individual Stock Performance....................................................................................................
    [Show full text]
  • August 2014 Software Business Services Internet & Digital Media
    The Lighthouse August 2014 Software Business Services Internet & Digital Media A Pharus Advisors, LLC Publication | www.pharus.com August 2014 Software & Business Services Internet & Digital Media Table of Contents 1. Capital Market Trends 3 2. Public Market Valuations 4 3. Public Market Universe 13 4. M&A Transactions 15 5. Recent Transactions 23 6. Pharus Overview 24 If you would like to be included on (or removed from) the distribution list for the Software & Services version of The Lighthouse, please contact Nathan Bullock at: [email protected]. The information contained herein is obtained from sources we believe to be reliable but its accuracy and completeness, and that of the opinions based thereon, is not guaranteed. Pharus Advisors, or one or more of its partners, may have an interest in any of the securities or companies discussed herein. All rights reserved by Pharus Advisors. LLC. 2014 Copyright Pharus Advisors, LLC. Executive Contacts Telephone Email Michael E. Goodman, Co-Founder & Sr. Managing Director 212-904-0102 [email protected] Kenneth M. Harrell, Co- Founder & Sr. Managing Director 212-904-0101 [email protected] Pharus Advisors, LLC | www.pharus.com 2 August 2014 Software & Business Services Internet & Digital Media 1. Capital Market Trends Relative Performance of Major Stock Indices through August 31, 2014 (Base = 100, 7/31/2013) 140 130 120 110 100 90 Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value S&P 500 Index (^SPX) - Index Value Russell 2000 Index (^RUT) - Index Value As of Change % Index 31-Aug-14 1 Year 3 Months 1 Month Dow Jones 17,098.45 15.4% 2.3% 3.2% Nasdaq 4,580.27 27.6% 8.0% 4.8% S&P 500 2,003.37 22.7% 4.1% 3.8% Russell 2000 1,174.35 16.2% 3.5% 4.8% Pharus Advisors, LLC | www.pharus.com 3 August 2014 Software & Business Services Internet & Digital Media 2.
    [Show full text]
  • Software Equity Group Flash Report
    Software Equity Group Flash Report Select M&A Transactions and Valuations and Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet Companies by Product Category February 2014 LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 pritivate an d pu blic compan ies thhtUSthroughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients Copyright © 2014 by Software Equity Group, LLC EXTENSIVE GLOBAL REACH Current Sell-side Representation • SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia Recent Sell-side Representation • In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa SEG Research Distribution • SEG’s Quarterly and Annual Software Industry Eqyquity Re ports and Monthl y Flash Re ports are distributed to an opt-in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, pp,ublic accountants, etc.
    [Show full text]
  • Software Equity Group Flash Report
    Software Equity Group Flash Report Select M&A Transactions and Valuations and Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet Companies by Product Category LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved EXTENSIVE GLOBAL REACH Current Sell‐side Representation • SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia Recent Sell‐side Representation • In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa SEG Research Distribution • SEG’s Quarterly and Annual Software Industry Equity Reports and Monthly Flash Reports are distributed to an opt‐in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, public accountants, etc.
    [Show full text]
  • November 2016
    THE LIGHTHOUSE November 2016 . Software . Online & Digital . Tech Enabled Business Services A Pharus Advisors Holdings, LLC Publication | www.pharus.com TABLE OF CONTENTS 1. Capital Market Trends ………….. 3 2. Public Market Valuations ……… 4 3. M&A Transactions ………………. 20 4. Selected Transactions …………. 31 5. Pharus Overview ………………… 37 If you would like to be included on (or removed from) the distribution list for The Lighthouse, please contact Archit Vijoy at [email protected]. The information contained herein is obtained from sources we believe to be reliable but its accuracy and completeness, and that of the opinions based thereon, is not guaranteed. Pharus Advisors Holdings, or one or more of its partners, may have an interest in any of the securities or companies discussed herein. All rights reserved by Pharus Advisors Holdings, LLC. 2016 Copyright Pharus Advisors Holdings, LLC. Pharus Advisors Holdings, LLC | www.pharus.com 2 1. CAPITAL MARKET TRENDS RELATIVE PERFORMANCE OF MAJOR INDICES Through November 30, 2016 (Base = 100, 12/01/2015) 120 Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value 110 S&P 500 Index (^SPX) - Index Value Russell 2000 Index (^RUT) - Index Value 100 90 80 70 As of Change % Index 30-Nov-16 1 Year 3 Months 1 Month Dow Jones 19,123.58 7.9% 3.9% 5.4% Nasdaq 5,323.68 4.2% 2.1% 2.6% S&P 500 2,198.81 5.7% 1.3% 3.4% Russell 2000 1,322.34 10.4% 6.6% 11.0% Pharus Advisors Holdings, LLC | www.pharus.com 3 PUBLIC MARKET 2 VALUATIONS Pharus Advisors Holdings, LLC | www.pharus.com 2.
    [Show full text]
  • Ferocious Logics: Unmaking the Algorithm Munn, Luke
    www.ssoar.info Ferocious Logics: Unmaking the Algorithm Munn, Luke Veröffentlichungsversion / Published Version Monographie / monograph Empfohlene Zitierung / Suggested Citation: Munn, L. (2018). Ferocious Logics: Unmaking the Algorithm.. Lüneburg: meson press. https://doi.org/10.14619/1402 Nutzungsbedingungen: Terms of use: Dieser Text wird unter einer CC BY-SA Lizenz (Namensnennung- This document is made available under a CC BY-SA Licence Weitergabe unter gleichen Bedingungen) zur Verfügung gestellt. (Attribution-ShareAlike). For more Information see: Nähere Auskünfte zu den CC-Lizenzen finden Sie hier: https://creativecommons.org/licenses/by-sa/4.0 https://creativecommons.org/licenses/by-sa/4.0/deed.de Diese Version ist zitierbar unter / This version is citable under: https://nbn-resolving.org/urn:nbn:de:0168-ssoar-59121-1 Luke Munn Ferocious Logics: Unmaking the Algorithm MUNN LOGICS LOGICS UNMAKING ALGORITHM FEROCIOUS FEROCIOUS Ferocious Logics Luke Munn uses both practice-based and theoretical approaches to explore the intersections between technology and capital, body and code. His projects have been exhibited throughout Europe, North America, and Oceania. He is a Studio Supervisor at Whitecliffe College of Art & Design and a current PhD Candidate at the Institute for Culture & Society, Western Sydney University. Ferocious Logics: Unmaking the Algorithm Luke Munn Bibliographical Information of the German National Library The German National Library lists this publication in the Deutsche Nationalbibliografie (German National Bib- liography); detailed bibliographic information is available online at http://dnb.d-nb.de. Published in 2018 by meson press, Lüneburg, Germany www.meson.press Design concept: Torsten Köchlin, Silke Krieg Cover image: © Michael Deistler Copy editing: Joely Day The print edition of this book is printed by Lightning Source, Milton Keynes, United Kingdom.
    [Show full text]
  • Software Online & Digital Tech Enabled Services
    . Software . Online & Digital . Tech Enabled Services A Pharus Advisors Holdings, LLC Publication | www.pharus.com 1. Capital Market Trends ………….. 3 2. Public Market Valuations ……… 4 3. Public Market Universe ………… 14 4. M&A Transactions ………………... 17 5. Selected Transactions ………….. 27 6. Pharus Overview ………………….. 28 If you would like to be included on (or removed from) the distribution list for The Lighthouse, please contact Nathan Bullock at [email protected]. The information contained herein is obtained from sources we believe to be reliable but its accuracy and completeness, and that of the opinions based thereon, is not guaranteed. Pharus Advisors Holdings, or one or more of its partners, may have an interest in any of the securities or companies discussed herein. All rights reserved by Pharus Advisors Holdings, LLC. 2014 Copyright Pharus Advisors Holdings, LLC. Pharus Advisors Holdings, LLC | www.pharus.com Through October 31, 2014 (Base = 100, 10/31/2013) 130 Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value S&P 500 Index (^SPX) - Index Value Russell 2000 Index (^RUT) - Index Value 120 110 100 90 As of Change % Index 31-Oct-14 1 Year 3 Months 1 Month Dow Jones 17,390.52 11.9% 5.0% 2.0% Nasdaq 4,630.74 18.1% 6.0% 3.1% S&P 500 2,018.05 14.9% 4.5% 2.3% Russell 2000 1,173.51 6.7% 4.8% 6.5% Pharus Advisors Holdings, LLC | www.pharus.com 4.5x 4.0x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Application Software EMS / Infrastructure Software Financial & Payment Processing
    [Show full text]
  • Conference Guide
    Chicago | June 10-13, 2013 CONFERENCE GUIDE DIAMOND SPONSORS Chris Brogan Anindya Ghose Hyatt Corporation New York University Nick Harris Ron Kohavi United Airlines Microsoft SPEAKER SURVEY DDBWCH2013 Jim Sterne eMetrics Summit http://bit.ly/chicagoemetrics2013 LIFETIME PARTNER www.emetrics.org/chicago MAY THE BEST CUSTOMER EXPERIENCE WIN. With the ForeSee’s patented Customer Experience technology, you can precisely measure the experience, acquire customer intelligence, analyze the data and take action. The world’s most successful companies rely on ForeSee to manage forward and win. Why not follow their lead? Visit ForeSee at Booth 105 www.foresee.com © 2013 ForeSee. All rights reserved. Welcome Dear Marketing Optimization Professional: Welcome to the eMetrics Summit Chicago 2013. Table of Contents We’re now twelve years into the eMetrics Summit. I am very excited about what you Agenda Overview ........... 2 are about to experience and I want to make sure you get the most out of this event. Therefore, here are your eMetrics Summit operating Instructions: Conference Floorplan ...... 4 1. Make a List Session Descriptions ....... 6 Take a minute before things start and make a short list of the things you really want to accomplish. And no, “learn a lot” does not cut it. I promise that you will learn a lot. Be so specific that you’ll know Workshop Descriptions .. 13 whether you were successful. People you need to talk to, technology you need to understand, solutions Keynote Bios .................. 15 to a specific problem you have back at your desk. Keep these things in mind. 2. Introduce Yourself Exhibitor Floorplan ......... 17 Ooooohhh - scary! Outside of your comfort zone! Sponsors .......................
    [Show full text]
  • View Annual Report
    Innovation. Experience. Value. Interactive Intelligence Inc® | 2005 Annual Report Innovation. Experience. Value. TO OUR SHAREOWNERS, CUSTOMERS, PARTNERS AND EMPLOYEES: When we started Interactive Intelligence in 1994, we knew our server- capability via the Interaction based telephony platform would give organizations a welcome alternative Mobile Office, and new to expensive and inflexible proprietary communications systems. But we interaction screen recording in also knew our innovation would face the skepticism of an industry buried Interaction Recorder® to improve in traditional thinking and blinded by generations of legacy hardware. both compliance and Despite the doubts, however, we’ve stayed our course. performance management in the contact center environment. And the skeptics still can’t believe what we’ve accomplished. THE EXCEPTIONAL GROWTH Our experience, like our vision, has served us well. One milestone after OF VONEXUS. Introduced in another has allowed us to mature our company, our product suite, our July 2004, our Vonexus business processes and the network of sales and technology partners subsidiary is succeeding in the who share our foresight. Now in increasing numbers, contact centers enterprise IP PBX market by targeting small and mid- and enterprises around the world are using our platform to pave a path sized businesses with its 100% Microsoft®-based toward standards-based IP communications and away from obsolete IP communications system. Primary drivers of that proprietary hardware and outdated computer-telephony integration. growth in 2005 were the addition of more than 50 top-tier Elite Partner resellers and 120 new Clearly customers are recognizing the value our innovative applications and customer organizations. Also as a Microsoft Gold Certified industry experience bring to their business.
    [Show full text]