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Internet & Digital Media Insights January 2015 Industry Update Internet & Digital Media Insights Overview, Analysis, and Trends in the Internet & Digital Media Industry William Blair Contents William Blair Internet & Digital Media Credentials ....................................................................................................................................................................... 1 Recent Headlines............................................................................................................................................................................................................................................. 2 IDM Intelligence .............................................................................................................................................................................................................................................. 5 Market Snapshot ............................................................................................................................................................................................................................................. 7 Public Equity Market Overview ............................................................................................................................................................................................................... 9 Public Comparable Companies............................................................................................................................................................................................................ 9 Public Comparables Detail ................................................................................................................................................................................................................. 11 Equity Offerings (All Sectors) ........................................................................................................................................................................................................... 18 M&A Activity .................................................................................................................................................................................................................................................. 21 William Blair Internet & Digital Media Team ................................................................................................................................................................................. 22 Disclosures ...................................................................................................................................................................................................................................................... 23 Internet & Digital Media Internet & Digital Media Table of Contents William Blair William Blair Internet & Digital Media Credentials $1,000,500,000 $85,000,000 $642,772,851 Not Disclosed has been acquired by IPO & Follow-On Initial Public Offering Senior Credit Facility April 2014 & December 2014 September 2014 September 2014 May 2014 $92,000,000 $524,393,977 $406,932,806 $66,046,633 IPO & Follow-On IPO & Follow-On Follow-On Offerings Initial Public Offering October 2013 & July 2013 & May 2013 & March 2014 March 2014 December 2013 November 2013 $290,950,000 $405,375,000 $763,794,000 $187,000,000 R IPO & Follow-On IPO & Follow-On Initial Public Offering Initial Public Offering October 2012 & June 2011 & November 2013 September 2013 September 2013 June 2013 $329,783,752 $361,000,000 Not Disclosed Not Disclosed has received a growth equity A wholly owned subsidiary of Yext has been acquired by investment from has been acquired by IPO & Follow-On Strategic Technology September 2012 & Investors March 2013 November 2012 October 2012 August 2012 Not Disclosed Not Disclosed $16,006,877,370 $805,000,000 TM has been acquired by has been acquired by Initial Public Offering Initial Public Offering July 2012 June 2012 May 2012 November 2011 Internet & Digital Media William Blair Internet & Digital Media Credentials 1 William Blair Recent Headlines The Internet & Digital Media (“IDM”) sector continued its momentum into the fourth quarter of 2014, marked by some notable M&A and financing transactions, particularly in the Asian e-commerce, online lending platform, and ride sharing spaces. Asian e-Commerce transactions included Flipkart’s $700 million financing led by DST, Tiger Global, ICONIQ Capital and GIC, Coupang’s $300 million financing led by BlackRock, Lazada’s $250 million financing from Temasek, and Snapdeal’s $627 million financing from Softbank. In the online lending platform sector, we saw OnDeck Capital’s $230 million IPO (valuing the Company at $1.3 billion), LendingClub’s $1 billion IPO (valuing the Company at $5.4 billion), and AvantCredit’s $225 million financing led by Tiger Global. There was also a lot of activity in the ride sharing space—notable transactions included Uber’s massive $1.2 billion financing (valuing the Company at $40 billion) and its Southeast Asia-based rival, GrabTaxi’s $250 million financing (at a relatively humble $1 billion valuation). Overall, 2014 was a very exciting year in the IDM sector, and we expect the strong M&A and financing environment to continue into 2015 as the global macro outlook remains favorable and investors remain hungry to invest in high growth companies! Selected Highlights Date Company News Headline Sony revealved that its controversial new movie, "The Interview", earned $15 Dec-28 million in consumer spending via rentals and purchases across various online platforms over the first four days it was available Goodwater Capital, an early-stage VC firm, released an interesting analysis that found 27 consumer Internet giants holding at least $1 billion in cash; adding Dec-23 Apple, Microsoft and Samsung to the mix (all of which have been increasingly active in consumer startups), brings the grand total of cash held to a whopping $605 billion, making 2015 ripe for some blockbuster deals! DST Global, GIC, ICONIQ Capital and Tiger Global announced their $700 million lead investment in Flipcart, India's largest e-commerce company that is popular Dec-20 \ for selling books and electronics online; the Company raised the capital at an approximate $10 billion valuation OnDeck Capital, an online lending platform for small businesses, priced its IPO Dec-17 at $20 per share, raising $230 million, valuing the Company at $1.3 billion Bravofly Rumbo Group announced its $120 million acquisition of Dec-16 lastminute.com, an online travel and leisure retailer with operations in the U.K., \ France, Germany, Spain and Italy; the Company was previously owned by Sabre T.Rowe Price, Morgan Stanley Investment Management and Baillie Gifford & Co. announced thier $250 million lead investment in SurveyMonkey, an online Dec-15 \ survey platform with tools that allow users to turn survey data into insights and reports LendingClub, an online marketplace lending platform primarily for consumers Dec-12 and small businesses, priced its IPO at $15 per share, raising $1 billion, valuing the Company at $5.4 billion Adobe announced its $800 million acquisition of Fotolia, a marketplace for royalty-free photos, images, graphics and HD video; the Company will be Dec-11 \ integrated into Adobe's Creative Cloud platform, allowing members to access and purchase over 34 million images and videos Institutional Venture Partners announced its $18 million investment in Woven Digitial, which runs pop culture and entertainment news sites Brobible and Dec-11 \ Uproxx (also has an exclusive partnership with theChive); the Company will continue to have a "guy-heavy" editorial perspective for the near future BlackRock Private Equity Partners announced its $300 million lead investment in Coupang, the largest South Korean e-commerce retailer; the Company raised Dec-10 the capital at approximately a $2.5 billion valuation; similar to Indian e- \ commerce neighbors Flipkart and Snapdeal, the Company expects to beat global e-commerce giant Amazon.com on its home turf Public Equity Offering M&A Transaction Private Financing News Highlight Internet & Digital Media 2 Recent Headlines William Blair Selected Highlights (cont.) Date Company News Headline CVC Capital Partners announced its approximately $942 million majority acquisition (~80%) of Sky Bet, an online casino, poker and bingo gaming and Dec-04 \ sports betting website for consumers in the U.K and Europe, from Sky (SKYB.L); the deal values the online betting business at approximately $1.3 billion Though investors were not officially announced, it is believed that Sequoia ? Capital, TPG, Fidelity, T.Rowe Price, Wellington, KPCB and Menlo Ventures Dec-04 ? \ invested $1.2 billion in Uber, a ride sharing company; the Company raised the capital at a $40 billion valuation Tiger Global announced its $225 million lead investment in AvantCredit, which specializes in making loans to borrowers whose credit scores generally lie in Dec-04 \ the 600 range; unlike LendingClub but similar to OnDeck Capital, the Company makes loans using its own capital Softbank announced a $250 million investment in GrabTaxi, a Southeast Asia app-based ride sharing company that is Uber's major rival in the region; the Dec-03 Company raised the capital at a ~$1 billion valuation; the announcement from \ Softbank comes after the Japanese telecom giant announced its $10 billion commitment to high growth startups in India
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