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INTERNET & DIGITAL MEDIA SECTOR REVIEW | 3Q 2018 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams Ltd, which is private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams is a trade name under which Harris Williams LLC and Harris Williams Ltd conduct business. IDM SECTOR REVIEW | 3Q 2018 . M&A TRANSACTIONS – 3Q 2018 KEY FACTS . IDM M&A ACTIVITY . IDM SECTOR OVERVIEWS . Founded in 1991 . IDM PRIVATE PLACEMENTS . IDM PUBLIC COMPARABLES . 300+ professionals across eight offices globally . TECHNOLOGY IPOS . DEBT MARKETS . 160+ closed transactions in the last . APPENDIX: PUBLIC COMPARABLES DETAIL 24 months . 20th record year in 2017 . 10 industry groups Managing Director HW Office [email protected] Managing Director [email protected] SOFTWARE / SAAS INTERNET & DIGITAL MEDIA Managing Director [email protected] . Enterprise Software . IT and Tech-Enabled . Consumer Internet . Media, Content and Services Gaming . Data and Analytics . Online Marketing Managing Director . Infrastructure Software . Telecom and Data Center . Data Analytics . eCommerce [email protected] Solutions . Mobile TMT VERTICAL FOCUS AREAS Managing Director [email protected] . Education Technology . Fintech . Public Sector . Energy Technology . Healthcare IT . Supply Chain and Logistics *[email protected] . Human Capital Management . Industrial Software a wholly-owned has been acquired by affiliate of has received an has been acquired by has acquired has merged with has been acquired by has been acquired by has acquired has invested in has been acquired by has been acquired by investment from & has been acquired by TECHNOLOGY, MEDIA & TELECOM PAGE | 1 IDM SECTOR REVIEW | 3Q 2018 • Pandora provides an internet radio platform that generates tailored playlists based on users’ favorite artists and songs. • The Company analyzes hundreds of attributes within each recording as part of its proprietary Music Genome Project, delivering highly personalized music to its 70 million monthly active users. Enterprise Value: $3,047M EV / Rev: 2.1x • Sirius’ acquisition of Pandora creates the world’s largest audio entertainment company, producing considerable revenue Rev: $1,451M EV / EBITDA: NA synergy potential across SiriusXM’s base of more than 36 million subscribers and Pandora’s base through the creation of unique audio packages and other cross-promotional opportunities. • Marketo provides digital marketing software that includes solutions for CRM lead management, email, mobile, and consumer/customer marketing. • Taken private by Vista Equity in 2016 for $1.6B, the Company’s platform provides tools that drive marketing engagement, Enterprise Value: $4,750 EV / Rev: NA automation, and attribution power for clients across a diverse set of industries. Rev: NA EV / EBITDA: NA • The acquisition will combine Marketo’s multi-channel capabilities with Adobe’s expansive behavioral data to deliver new solutions across analytics, content, personalization, advertising, and commerce to the Adobe Experience Cloud. • Dun & Bradstreet provides a comprehensive set of commercial data analytics, research, and insights solutions to businesses worldwide to accelerate sales, lower costs, manage risk, and transform operations. • The Company’s database contains more than 300 million business records worldwide, helping risk and finance, operations Enterprise Value: $6,524M EV / Rev: 3.7x and supply, and sales and marketing professionals make more informed decisions. Rev: $1,743M EV / EBITDA: 14.1x • The acquisition enables continued growth for the Company, increasing operational efficiencies and improving the D&B customer experience through enhanced business solutions. • Datorama provides a cross-channel marketing analytics platform created to connect data, report across channels and campaigns, and surface insights real-time. • The Company’s marketing integration engine optimizes performance by making data actionable with goals, pacing, alerts, Enterprise Value: $850M EV / Rev: NA reports, and AI-powered insights to analyze marketing holistically. Rev: NA EV / EBITDA: NA • Following the acquisition, Salesforce will leverage Datorama’s data integration and intelligence capabilities to enhance its Marketing Cloud, strengthening its ability to empower brands. • Acxiom Marketing Solutions provides customer and information management services that allow brands, agencies, media, and technology partners to harness data to improve every customer interaction. • A leading provider of consumer-related data solutions, the Company serves over 2,000 global clients, recognizes over 2.2 Enterprise Value: $2,300M EV / Rev: NA billion connected consumers, and manages 20 billion customer records. Rev: NA EV / EBITDA: NA • The acquisition enhances IPG’s service offerings in data strategy and management, performance media and analytics, further diversifying its revenue and earnings. TECHNOLOGY, MEDIA & TELECOM PAGE | 2 IDM SECTOR REVIEW | 3Q 2018 (# of Transactions) . Activity increased slightly in 3Q 2018, and strategics are continuing to pay a 2018 4 premium for assets that align with their corporate strategies. 2017 . The most active strategic acquirers of IDM 11 assets made a combined 10 acquisitions in 2016 3Q 2018, bringing the total acquisition count amongst these acquirers to 23 in 2015 YTD 2018. 14 2 . Google (Alphabet) and Booking Holdings 3 1 outpaced all other notable strategic 7 1 2 1 3 buyers, Google adding one acquisition 4 1 4 2 2 1 2 7 6 3 1 1 1 and Booking Holdings two in 3Q 2018 to 1 6 2 2 7 6 3 bring their combined YTD acquisition total 4 4 4 2 2 3 3 2 to eight. 1 (# of Transactions) . 3Q 2018 saw a slight increase in M&A activity from the prior quarter with strategic M&A activity increasing by seven transactions quarter-over- quarter. In addition to continued expansion YTD, 3Q 2018 YTD activity experienced a volume increase of 7.3% from 3Q 2017 YTD. 228 215 195 193 . However, 3Q 2018 activity is still down 164 161 41.2% from the four-year high of 228 141 133 134 119 117 123 115 127 deals back in 2Q 2015. 96 1Q - 15 2Q - 15 3Q - 15 4Q - 15 1Q - 16 2Q - 16 3Q - 16 4Q - 16 1Q - 17 2Q - 17 3Q - 17 4Q - 17 1Q - 18 2Q - 18 3Q - 18 Note: Includes control investments only. TECHNOLOGY, MEDIA & TELECOM PAGE | 3 IDM SECTOR REVIEW | 3Q 2018 (# of Platform Transactions) . The 10 most active private equity investors in IDM assets remained very 2018 active with six platform acquisitions completed in 3Q 2018 and a total of 24 2017 YTD 2018. 8 . Vista Equity Partners remains one of the 2016 more prolific acquirers of new IDM 7 2015 platforms, logging three additional IDM 3 acquisitions in 3Q to bring their YTD 2018 3 4 4 acquisitions total to eight. 2 11 1 1 7 4 4 3 2 3 2 1 4 2 2 11 4 7 2 6 6 6 7 4 3 4 3 1 (# of Platform Transactions) . IDM M&A volume has maintained and continues to trend around a historical mean of 16 deals per quarter. Private equity IDM M&A volume remained consistent quarter-over-quarter with financial sponsors staying active and aggressive. 29 22 21 18 16 17 15 15 15 14 12 12 12 9 10 1Q - 15 2Q - 15 3Q - 15 4Q - 15 1Q - 16 2Q - 16 3Q - 16 4Q - 16 1Q - 17 2Q - 17 3Q - 17 4Q - 17 1Q - 18 2Q - 18 3Q - 18 Note: Includes control new platform investments only. Excludes add-on acquisitions. TECHNOLOGY, MEDIA & TELECOM PAGE | 4 IDM SECTOR REVIEW | 3Q 2018 3.3x . Online Marketing M&A moderately 87 3.0x decreased in volume from the 2.9x previous quarter. 2.5x 68 . Strategics again dominated M&A 2.3x 2.3x activity in the sector while private 57 equity activity held constant 1.9x 1.9x 1.8x 1.7x between quarters. 47 1.6x 42 42 39 1.4x . Median multiples increased 47% 37 38 37 1.3x 35 1.3x quarter-over-quarter rising above 32 33 the historical mean. 28 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 . Insight Venture Partners’ $1.1B Online Marketing acquisition of Episerver Pending Lithium Technologies, Inc. Spredfast, Inc. Provider of an integrated SaaS-based social media marketing automation platform. NA NA demonstrates the rising Pending S4 Capital Ltd. MediaMonks BV Provider of outsourced business-to-business lead generation services. $353 NA prominence of “Customer Pending Adobe Systems, Inc. Marketo, Inc. Provider of marketing engagement and automation platforms. $4,750 NA Experience Management” and 9/30/2018 Criteo SA Storetail Marketing Services SAS Provider of a digital retail media platform. $48 NA increasing digital transformation 9/10/2018 RealPage, Inc. LeaseLabs, Inc. Provider of search marketing and traffic conversion services for real estate. $117 NA (DX) spending, a market IDC 9/09/2018 Appstudioz India Pvt Ltd. Vizury Interactive Solutions Pvt Ltd. Provider of a multi-channel marketing platform. $10 NA projects to reach $1.7T by 2019. 9/06/2018 Insight Venture Partners Episerver, Inc. Provider of web content management and online community software platforms. $1,250 NA . Accel-KKR acquired SugarCRM for 9/04/2018 FMG Suite LLC MarketingPro, Inc. Provider of marketing automation services for financial professionals. NA NA $100M, a CRM software solutions 8/29/2018 Amazon.com, Inc. Coraza Technologies Pvt Ltd. Provider of a customer experience management platform. NA NA provider that leverages AI, 8/28/2018 Scout24 AG FINANZCHECK GmbH Provider of outsourced business-to-business lead generation services.
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