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A Little About Me… Brad Weekes Vice President Software Equity Group, LLC 858 509-2800 www.softwareequity.com © Software Equity Group, LLC 2012 A little about me… Over 15 years of operational and investment banking experience in mobile, wireless and software sectors Nearlyyy 10 years of op erational exp erience in mobile specifically, working closely with a number of vendors in the space Product lead for award winning mobile music service Strategic consultant for mobile browser and widget runtime provider MBA, UCLA Anderson School of Management M. Eng, Electrical Engineering, UCSD B. S., Computer Engineering , UCSD © Software Equity Group, LLC 2012 Mobile Software Product Categories Mobile Categories Description Example Companies Technology focused on advertising display (creative, rich media, Advertising etc) and infrastructure to connect ads with publishers (Ad networks, exchanges, DSPs, SSPs, etc). Collect, analyze, deliver and manage mobile traffic data including Analytics usage trends, device, OS, ad types, etc. from native and the Mobile web. App stores, unique applications that don't fit into a specific Apps category, custom application job shops. Commerce Focused on facilitating mobile retail, excluding payment platforms. Communications Messaging, Group Messaging, VoIP, video over IP, etc. Pla tforms tha t ena ble wr ite once, run anyw here w here the ou tpu t Development is native and/or mobile web. Includes specialty platforms Platforms focused on special vertical, like gaming, retail, etc. Focus on needs of enterprise, via private application stores, Enterprise application development platforms, device management (MDM)l), telecom expense management (TEM)dii(TEM), productivity, etc. Apps and services focused on music, video, images, etc. Other Entertainment services include cloud sync and access anywhere solutions. Does not include games as it's a big enough category onto its own. Games Social, MMPG, gaming platforms, etc. © Software Equity Group, LLC 2012 Mobile Software Product Categories (con’t) Mobile Categories Description Example Companies Health Apps focused on health care, fitness, etc. Back office billing, messaging, policy control, video and web Infrastructure optimization, video codecs, transcoding, content management systems, etc. LtiBdLocation Based EtExtensi ve use of fl locati on i n appli litication or servi ce or st titlrictly a location based service used by others to create location based Services applications. Focused on selling to the customer, post advertisement (destination Marketing landing site, communication tools/messaging, sweepstakes, polls, etc). Also includes market segmentation/targeting, CRM, etc. Enable payments (digital or physical) via smartphones serving Payments merchants. Also, serving the banking sector supporting deposits, bill pay, etc. Security Antivirus, filtering, device location, etc. Focused on social networks or highly social services, including Social social games, which will also be counted in the gaming category. Firms focused squarely on enabling the mobile web. Primarily Web browser companies as the web platform developers are in the Development Platform category. © Software Equity Group, LLC 2012 High Level Mobile Software M&A Historical Mobile Software M&A by Year Historical Mobile Software M&A by Quarter 250 2010 2011 2012 205 80 70 67 200 70 M&A 59 sactions ee 60 54 Tran 150 50 40 Softwar 36 M&A 40 100 81 27 are Transactions 30 obile ww 20 21 M 20 Soft 13 of 50 # 10 0 Mobile 0 of 2010 2011* # Q1 Q2 Q3 Q4 2011 Mobile Software M&A By Product Category 1H 2012 Mobile Software M&A By Product Category 10 Categories within Other, all less than 5% of total mobile so ftware M&A Mobile Marketing Mobile Marketing 13% 17% Mobile Apps 24% Mobile Enterprise 29% Mobile Gaming Mobile Infrastructure 13% Mobile Advertising Mobile Apps 12% Mobile Infrastructure Mobile Advertising Mobile Development Platforms 7% 10% Mobile Development Platforms 6% Mobile Entertainment 10% Mobile Entertainment 6% Mobile Payments 7% 8% Mobile Payments 7% 7% Mobile Other 7% 9% 7% Mobile Other 7 Categories within Other, all less than 5% of total mobile software M&A © Software Equity Group, LLC 2012 Select Active Mobile Software Buyers Buyer Acquisitions © Software Equity Group, LLC 2012 Select Active Mobile Software Buyers Buyer Acquisitions © Software Equity Group, LLC 2012 Select Active Mobile Software Buyers Buyer Acquisitions © Software Equity Group, LLC 2012 Select Mobile Software M&A Transactions and Deal Structures Buyer TtTarget Date EV EV/Rev ChCash SkStock Earnout Notes Buongiorno is an Italian mobile content provider with a sizeable customer base of 2 billion across 57 countries. Buongiorno offers services such as gaming, music, casual content and mobile 5/14/2012 $322. 0M 10x1.0x $262. 5M $111. 9M payments e ither direc t to consumers or throug h carrier partnerships. NTT DOCOMO , like many other carriers around the world, continues to expand outside its core business into content and services through acquisitions. Gree , a 1.7 billion dollar gaming company with headquarters in Japan , continues to expand outside of its home market and into Western markets with its acquisition of Funzio , a mobile 5/1/2012 $210.0M $210.0M game developer based in San Francisco . The Funzio acquisition comes on the heels of Gree’s acquisiion of OpenFeint, a mobile social gaming platform. SingTel , a wireless carrier based in Singapore, purchased Amobee to expand beyond their traditional services. Amobee, a provider of mobile ad networks, enables SingTel to monetize content 4/13/2012 $320.0M10.7x $320.0M using targeted advertising to its 430 million users across Asia. SingTel stated its goal is to become the leading mobile advertising company in Asia Pacific and among the top three companies worldwide. Monitise’s presence in the mobile banking and payment sector makes their acquisition of Clairmail, a leading US provider of mobile banking and payments, a natural fit as they seek global 3/26/2012 $174. 4M 10. 0x $174. 4M expansion. Together, they have 13 million registered users over four continents and will provide mobile banking services for one-third of the top 50 U.S. financial institutions. The mobile banking sector is undergoing tremendous innovation from Company’s like Monitise, who provide the banking infrastructure, and others who interface more directly with the consumer such as Square, PayPal, Google and others. © Software Equity Group, LLC 2012 Select Mobile Software M&A Transactions and Deal Structures Buyer TtTarget Date EV EV/Rev ChCash SkStock Earnout Notes Opera’s acquisition of Mobile Theory indicates they are consolidating within the mobile sector to help them better compete against companies like Google and other full-service solutions. Companies 2/16/2012 $18. 0 - $50. 0M $18. 0M $32.0M like Google and Apple are lowering their prices, forcing other companies to change their strategies within the Mobile Ad space. Both Mobile Theory and 4th Screen Advertising focus on rich-media advertising solutions and will benefit Opera by expanding their current advertising business. 4th Screen Advertising is one of the world’s leading premium mobile advertising agencies. In order to strengthen their offering for advertisers across 2/16/2012 $8.0M - $14.5M $8.0M $6.5M both the U.S. and Europe, Opera wants to add more demand-side advertising services. The addition of Mobile Theory and 4th Screen Advertising allows Opera to command a larger international presence. WorkLight’s native mobile application platform is one of a handful of mobile platforms targeting the enterprise market as opposed to the developer ecosystem. The strategy and product is a perfect 1/31/2012 $70.0M 20.0x fit with IBM’s enterprise orientation. Enterprise adoption of mobile applications has lagged consumer adoption dramatically, but IBM’s acquisition of WorkLight is a strong indicator that enterpr ises are ge tting seri ous ab out mobil e an d looking for solutions from their technology providers.. The CardStar acquisition is consistent with Constant Contact’s strategic goal of expanding wallet share within their large (~500,000) SMB customer base. Constant Contact has evolved from purely e-mail marketing to surveys, event marketing, social media monitoring/campaigns and now mobile loyalty/coupons. CardStar enables Constant Contact to offer their SMB customers the 1/19/2012 $5.8M $5.8M ability to reach mobile consumers with timely, location based couponing/loyalty- another arrow in the proverbial quiver to offer Constant Contact’s customer base. In order for this acquisition to be successful, the solution must be drop dead simple, given the lack of technical sophistication and resources within Constant Contact’s base SMB customers whereby ~70% have 10 © Software Equity Group, LLC 2012 Select Mobile Software M&A Transactions and Deal Structures Buyer TtTarget Date EV EV/Rev ChCash SkStock Earnout Notes Synchronoss will leverage Miyowa’s social networking capabilities to expand its product offering, adding social capabilities to its 1/5/2012 $45.5M-$59.0M 3.6x-4.6x $45.5M $13.5M ConvergenceNow Plus+ platform and its Network Address Book. This transaction is similar to the Myriad Group/Synchronica acquisition two days prior and reflects the growing interest in adding social capabilities to existing mobileservices Synchronica’s business is primarily mobile messaging solutions based on open industry standards. Its flagship product, Mobile Gateway, provides p ush email , s ynchroni zation , instant 1/3/2012 $45.1M 2.7x $45.1M messaging, backup and restore to popular social networking services. Myriad acquired Synchronica to bolster its thrust in the mobile social networking domain as it attempts to capitalize on the success of a major partnership with Vodaphone. Nuance acquired Vlingo to expand its focus on voice enabling mobile devices. Nuance is rumored to be the supplier of the underlying voice recognition engine for the popular Siri application on the iPhone. The acquisition of Vlingo provides 12/20/2011 Nuance with an application it can marry with its powerful speech recognition capabilities to create its own Siri competitor for Android.
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