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2015 High-Tech Forum: Tel Aviv 3 Welcome Note Key Insights October 21, 2015 2015 Forum: High-Tech Tel Aviv Global Tech Trends and IPO Landscape “ There are trillions of dollars seeking to be invested but there are less then 100 qualified technology stocks to invest; the result is that the private market is starting to dwarf the public market. ” John Metz, Managing Director, Global Technology Banking Division, Credit Suisse Investment Banking, San Francisco Pre-IPO Market Trends “ Going public is like moving from college sports to the pros – you need to ratchet up your game and prepare well in advance. ” Adam Kostyál, Head of International Listings, Nasdaq, Stockholm Quotes Private Equity – A Viable Partner for Growth Companies “ Private equity can plug the funding gap between early stage Venture Capital and IPO. ” Richard Sanders, Co-Head of Global Technology Team, Permira, London Sources of Capital for an Israeli High-Tech Company “ High valuations are forcing VCs to be more selective than ever before. ” Alan Freudenstein, Managing Partner, Credit Suisse NEXT Investors, New York “ Pre-IPO valuations may be up but these companies are really changing the world and how we live our lives. ” Gigi Levy-Weiss, Angel Investor, Tel Aviv “ The funding gap between seed stage and the VCs creates a great opportunity for Crowdfunding platforms. ” Laly David, Business Development Director, OurCrowd, Jerusalem “ If you really want to build a huge company, you must go public. It is not a question of ‘if,’ it is a question of ‘when’. ” Assaf Ben Ami, CFO, IronSource, Tel Aviv “ The value in going public includes better access, transparency, recruiting… but it must be part of an overall growth strategy, and management has to be committed. ” Asaf Homossany, Senior Managing Director EMEA, Nasdaq, London “ We need to shift from building great products to building great companies, we need to keep on dreaming of changing the world; And if a storm comes up, act like a sailor to not get sick: watch the horizon, not the waves. ” Shlomo Dovrat, Founder & Managing Partner, Carmel Ventures, Tel Aviv Selected Speaker Helping High-Tech Entrepreneurs Create and Preserve Wealth – Private and Investment Banking Join Forces in Israel On October 21, 2015, Credit Suisse hosted its second annual High-Tech Forum in Tel Aviv Visit www.credit-suisse.com/ bringing together 200 selected high-tech entrepreneurs, investors and experts from Israel, hightech to learn more Russia, Eastern Europe, the UK, the Nordic countries, and the US. By joining forces about how we help high- across Private Banking and Investment Banking, Credit Suisse strives to be the number tech entrepreneurs in Israel one bank for high-tech entrepreneurs in Israel: we provide growth companies access create and preserve wealth, to the exclusive investor network of the Private Bank and, vice versa, introduce Private and to subscribe to news Banking clients to promising companies covered on the Investment Banking side. and insights for the high- tech community. The focus of this year’s Forum was on “trends in sourcing growth for Israeli high-tech companies” and was hosted in partnership with Nasdaq, and OurCrowd, a leading equity crowdfunding platform. John Metz, Managing Director of Global Technology Banking Division at Credit Suisse Investment Banking in San Francisco, opened the Forum discussing the paradox that megatrends in technology create addressable markets and larger opportunities than ever before. Nevertheless, investors increasingly face difficulties to find sufficient investable opportunities in public markets as wealth generation moves more and more to the pre-IPO stage. Adam Kostyál, Head of International Listings at Nasdaq and based in Stockholm, shared his thoughts on key factors that companies should consider when growing a business towards a public company. In particular, he emphasized the importance of a well-diversified, more resilient revenue portfolio and illustrated this using the example of Nasdaq itself, which is now venturing into services for companies pre-IPO to address this growing demand on the back of the deep capabilities Nasdaq has built in this space. Richard Sanders, Co-Head of the Global Technology Team at Permira in London then challenged the perception of private equity as an asset-stripping, debt-burdening, control-ridden industry and demonstrated with concrete investment cases from Permira how private equity can be a viable partner in plugging the funding gap between early-stage venture capital and the IPO. This last point in particular was intensely debated in the subsequent panel discussion led by Philippe Cerf, Co-Head of EMEA TMT at Credit Suisse Investment Banking in London. Panelists voiced the concern that, while the Israeli high-tech sector overall is increasingly attracting attention and capital from around the world, most of it is chasing the same unicorns and a decreasing share is risking investments at earlier stages where entrepreneurs need it the most. Here new concepts such as crowdfunding platforms like OurCrowd can close an important gap. With that in mind, the Forum reached its culmination in the Pitching Ring Award 2015 which, this year, was sponsored in partnership with OurCrowd’s seed fund OurCrowdFirst. Five innovative start-ups out of over 50 pre-selected contestants pitched in four minutes each. After an electronic vote among the audience, CodeMonkey, a software company that teaches children computer programming in a playful way and reaches kids also in less privileged areas of the world, won this year’s award. With the Pitching Ring Award, Credit Suisse supports innovative Israeli high-tech entrepreneurs from an early stage, helps them with its global network and leading capabilities in technology banking to grow towards a mature company, and establishes close partnerships for the bank for the long term, both on the Investment Banking and the Private Banking side. 2015 High-Tech Forum: Tel Aviv 3 Welcome Note Thomas Schornstein, Market Leader for Israel and Managing Director of Credit Suisse Private Banking in Zurich, welcomed 200 guests to the second Credit Suisse High tech Forum in Tel Aviv. In a filled-to-capacity space perched above a leafy courtyard in Tel Aviv’s historic Neve Tsedek district, Mr. Schornstein set the stage for the day’s presentations, for an attentive audience of high tech entrepreneurs, serial entrepreneur-investors, venture capitalists and private equity managers, speakers, and Credit Suisse staff who had gathered from Israel and around the world. Mr. Schornstein’s brief remarks underscored Credit Suisse’s philosophy and commitment to engage with high tech ventures from an early stage with knowledge, experience, and financing, with a readiness to be integrally involved with deal making at each state of the startup’s lifecycle, including private placement and IPO. 4 2015 High-Tech Forum: Tel Aviv I. Global Tech Trends and IPO Landscape Presented by: John Metz Managing Director, Global Technology Banking Division, Credit Suisse Investment Banking, San Francisco Mr. Metz posed the question “What is creating value in the technology landscape?” Mobility, Cloud, Social, and Big Data comprise four of the major mega trends in the technology world. An attractive growth opportunity exists if a company addresses one or more of these trends. Because these trends cross industries, geographies, and demographics, they intersect across a horizontal, not vertical landscape. 1. IPO and Private Placement Market Landscape: Investors must consider the total addressable market of a particular technology. From perhaps 1 million units in the mainframe era to 10 billion mobile device units, each new computing cycle has presented larger opportunities than the last. Some investment players are now only investing in addressable market opportunities of hundreds of millions of units. John Metz has 22 years of experience in the technology “Technology money is looking for at least 30 % growth,” said Metz. “There are trillions of dollars banking sector. He has available, but less than 100 qualified investment opportunities in the public markets.” The result, led over 30 technology he noted, is that the private market is starting to dwarf the public market. “This is creating IPO’s, advised over 100 a unicorn feeding frenzy,” he continued, “Big VC’s are now dollar cost averaging into a future billion dollars in technology equity position by investing pre-IPO. There are deep incentives to undergo a much longer mergers and acquisitions, gestation period before IPO. By the time companies go public these days, they are no longer and overseen over 1 billion growth opportunities.” dollars in technology private placements. Based in San Meanwhile, we are seeing up to 6 years of revenue multiples in private companies. “Is it a Francisco, Mr. Metz focuses bubble?” posed Metz, “No, it is pure Adam Smith supply and demand economics, and will see primarily on enterprise, sustained revenue multiples longer than ever before.” As for value creation after IPO, cloud, and communications however, Metz quoted a leading Google VC investor: “You will never see a Google-like return infrastructure, security, on IPO investment again.” virtualization, networking, and storage. The impressive 2. Themes in Technology: list of companies Mr. “Mega trends like on-demand, the sharing economy, online education, and digital health are Metz has advised includes turning technology verticals into horizontals as these trends permeate the entire economy,” Cisco, HP, Dell, Palo Alto posited Metz, “While people are already accustomed to one-click digital interaction, there is now Networks, and SanDisk a shift to on-demand consumption and fractional labor.” Some figures suggest that 48 % of – whose acquisition by the labor market is already on-demand labor, with 100 new on-demand companies formed in the Western Digital, Mr. past year alone. This has enabled enormous avoidance of infrastructure expense worldwide – For Metz revealed, had been instance 56.6 hotels in New York City that do not need to be built, because of Airbnb. announced just one hour prior to the conference.
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