Monthly European TMT Private Investments and M&A Transactions Bulletin – September 2012

September 2012

Technology / Medtech / Internet / Digital Media / Telecoms / Cleantech Monthly European TMT Private Investments and M&A Transactions Bulletin – September 2012

Published by Go4Venture Research, the Equity Research unit of Go4Venture Advisers LLP.

About Go4Venture Advisers

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September 2012 Contents

This Month in Brief 3

Private Investments 1.1 - Headline Investment Index (HTI) 5 1.2 - Large Headline Investment Summary 6 1.3 - Large Headline Investment Profiles 8

M&A Transactions 2.1 - M&A Activity Index 24 2.2 - Top 5 Global TMT M&A Transactions Summary 25 Headline European VC & PE-Backed M&A Transactions: 2.3 - Summary 27 2.4 - Profiles 28

List of Acronyms 33

About this Bulletin

The Go4Venture Monthly European TMT Private Investments and M&A Transactions Bulletin provides a summary of corporate finance activity among emerging European TMT companies:  Private Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and  M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, MBOs and other buyouts). Investment activity is measured using Go4Venture’s European Tech Headline Transactions Index (HTI), which is based on the number and value of transactions reported in professional publications. M&A activity is measured using data from a combination of external sources, primarily Capital IQ, with complementary reporting from 451 Group and VentureSource. Europe is defined as Western, Central and Eastern Europe, excluding Israel. For more details, please refer to the Methodology Note available at www.go4venture.com/research/hti.htm. Please note that no part of the Bulletin can be reproduced unless content is duly attributed to Go4Venture and the details of republishing are notified to [email protected].

September 2012

This Month in Brief

Dear Clients and Friends,

Welcome to the latest edition of the Go4Venture Monthly European TMT Bulletin, featuring our proprietary Headline Transaction Index (HTI) of investment activity, as well as a summary of VC & PE-backed TMT M&A exits of $50 million or more.

Europe Venture Financing: Beginning of a Lift-Off?

Following an unusually busy August, September proved to be another market high, admittedly on the investment side rather than on the exit front. We seem to be getting into this part of the cycle when investors are now increasing their commitment (for the right sort of investments of course - see below), while exits haven’t proven them right just yet.

Given the exciting internet and late-stage investments of the past 3-4 years, we firmly believe it is now only a matter of time before European venture financing finally makes its mark as a bona fide investment class. Of course, this is if you define venture financing as firmly embracing growth equity and much higher ambitions around aggressive internationalisation from the word go.

Investments

September 2012 is a bit of a milestone with our investment summary table splitting over two pages for the first time ever, reflecting the large number of Large HTI transactions (above £5mn, €7.5mn or $10mn). September statistics are quite striking:

 14 Large HTI transactions vs. 8 during the same month last year  Of these, 7 are Landmark transactions (more than €20mn), to be compared to 24 in the whole of last year!  The mix is very broad with internet services (primarily e-tailing ) leading the pack, followed by cleantech (technology infrastructure for waste or energy conservation or carbon reduction), the rest being split between hardware, software (SaaS), digital media and telecoms  From a geography standpoint, the UK is well ahead of others (5 out of 14 profiled transactions i.e. the UK manages to get more than its fair share of the larger financing transactions), with others trailing, and Germany and France doing no better than Russia (2 each).

This stronger emphasis on larger transactions is partly driven by new entrants, first and foremost US funds focusing more on the European market (in September JP Morgan, General Atlantic and Insight Venture Partners) and corporate investors (Intel Capital, Rusnano and Softbank).

It is also the result of more aggressive European funds which are surviving the cull that is currently under way and are now thriving. On this note, it is worth mentioning the wealth of post-summer fund closing announcements, including:

 Country leaders in France (such as Idinvest and Ventech for €100mn each) or Germany (Wellington for a €120mn dedicated life sciences fund).  Early-stage funds: o Established players such as DN Capital in the UK (€50 million for a targeted €100m) or

September 2012

Active Venture Partners in Spain (€54mn). Please note than both are now straddling geographies with one of DN’s partners in the US, and Active balancing its operations between Spain and the rest of Europe. o Newcomers, e.g. Connect Ventures (€39mn target), where principals are either ex entrepreneurs or ex Amadeus Capital and Doughty Hanson Technology Ventures.  Sector specialists such as Demeter in France (€43mn first close) and Emerald Technology Partners in Switzerland (€100mn targeted) in cleantech.

Exits

The global TMT M&A environment continues to be utterly depressed, in line with what we’ve seen in previous months. It is quite striking that all September transactions are below the $1 billion mark.

By contrast private TMT M&A transactions are doing rather well. In fact in 5 of the past 9 months, the value of 2012 total transactions was higher than in 2011. By number however 2012 is consistently lower than 2011, which suggests fewer, but comparatively bigger transactions for VC/PE-backed TMT companies. In fact, in this month’s edition, no less than two of these make it to the Global Top 5.

The reason behind this activity is that, by using their financial firepower, financial and corporate investors are driving consolidation both in mature and emerging sectors:

 In mature sectors, investment themes illustrated in September are SAP services (Lodestone), data services (At Tokyo) and distribution (SDG)  In emerging industries, media is the segment where corporate investors are the most aggressive, in particular digital advertising (Publicis buying LBi) and classifieds (Ringier and Tamedia acquiring Jobs.ch and contributing their own operations).

Our view is that the standards of venture financing have tremendously heightened since 2008. Investors’ appetite for risk has clearly diminished at earlier stages (putting the onus on entrepreneurs to get by in a much more resourceful manner), but investors are also prepared to invest much more substantial amounts on plays which are seemingly working. In effect, VCs are becoming more like PE players. And of course PE players are themselves getting involved in much smaller growth equity deals these days, changing the DNA of European venture financing in the process.

Enjoy the reading. Please direct any questions or comments to [email protected]. If you do not wish to receive future HTI updates from us, please send an email with the title “unsubscribe” to [email protected].

The Go4Venture Team

September 2012

1.1 - Headline Investment Index (HTI)

Go4Venture HTI Index by Deal Value 500

450 2009 2010

mn) 400 2011 2012 € 350

300

250

200

150

100 ValueTransactions of ( Month per 50

0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

September 2011 2012 Year-to-Date 2011 2012 Landmark Deals # 1 7 Landmark Deals # 21 26 €m 72.6 280.5 €m 896.4 928.5 Headline Deals # 7 7 Headline Deals # 46 59 €m 69.9 85.6 €m 521.4 692.8 Small Deals # 22 28 Small Deals # 186 217 €m 71.9 87.6 €m 539.3 636.7 All Deals # 30 42 All Deals # 253 302 €m 214.5 453.8 €m 1,957.1 2,257.9

Go4Venture HTI Index by Cumulative Deal Value 3,000

2,500 2009 2010 mn) € 2011 2012 2,000

1,500

1,000

Total ValueTransactionsTotal of ( 500

0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

September 2012

1.2 - Large Headline Investment Summary

(>£5mn / €7.5mn / $10mn)

Company Sector Round €mn Description Investors 1 MAPPER (Netherlands) Manufacturing C 65 Maskless lithography for ADP Industries, Demcon www.mapperlithography.com Process the semiconductor Twente, Dutch industry. Government, Hoving & Partners, Parcom Capital Management, Rusnano, Technolution. 2 Mimecast (UK) Software C 48 Cloud-based email Dawn Capital, Insight www.mimecast.com management for Venture Partners. Microsoft Exchange.

3 Lamoda.ru (Russia) Internet Late 47 Fashion e-tailer JP Morgan. www.lamoda.ru Services Stage operating in Russia and Kazakhstan. 4 Yemek Sepeti (Turkey) Internet Late 34 Portal providing Endeavor Catalyst, www.yemeksepeti.com Services Stage centralised take-away General Atlantic food ordering. Partners. 5 ivi.ru Media (Russia) Digital Media Late 31 Video and music Baring Vostok Capital www.ivi.ru Stage streaming service. Partners, Frontier Ventures, Ru-net, Tiger Global Management. 6 Criteo (France) Internet Late 30 Performance advertising Adams Street Partners, www.criteo.com Services Stage specialist. Bessemer Venture Partners, SAP Ventures, SoftBank Capital, Yahoo!. 7 SkyDox (UK) Software C 25 Cloud-based document Business Growth Fund, www.skydox.com sharing and SEP (Scottish Equity collaboration enterprise Partners). platform. 8 Wireless Energy Management Cleantech A 16 Wireless, web-enabled Hermes GPE, WHEB Systems International (UK) building energy Ventures. www.wems.co.uk management systems.

9 Matches Fashion (UK) Internet Late 15 Upscale fashion e-tailer SEP (Scottish Equity www.matchesfashion.com Services Stage which also operates Partners). traditional bricks-and- mortar stores. 10 ZenRobotics (Finland) Cleantech C 13 Robotic recycling Invus, Lifeline Ventures. www.zenrobotics.com technology. 11 Brille24 (Germany) Internet B 12 E-tailer of prescription TIME Equity Partners. www.brille24.de Services eye-wear. 12 Sigfox (France) Telecom B 10 Machine-to-Machine Elaia Partners, Intel www.sigfox.com Services (M2M) communications Capital, iXO Private Equity operator. SAS, Partech International.

13 GOVECS (Germany) Cleantech A 10 Electric scooters BayBG, Gimv, KfW. www.govecs.com manufacturer.

September 2012

14 Nujira (UK) Hardware Late 9 Energy efficient power Amadeus Capital Partners, www.nujira.com Stage amplifiers for the Climate Change Capital, telecoms industry. Emerald Technology Ventures, Environmental Technologies Fund, NES Partners, SAM Private Equity. Source: Go4Venture

Key Bold indicates lead investor(s) * Internal round ** Led by existing investors

September 2012

Company Sector Round €mn Description Investors MAPPER (Netherlands) Manufacturing C 65 Maskless lithography ADP Industries, Demcon Twente, www.mapperlithography.com Process for the semiconductor Dutch Government, Hoving & industry. Partners, Parcom Capital Management, Rusnano, Technolution.

MAPPER (Netherlands), the developer of a maskless lithography infrastructure for the semiconductor industry, raised €65mn in a Series C round led by Rusnano with support from existing investors ADP Industries, Parcom Capital Management, Hoving & Partners, Technolution, Demcon Twente, the Dutch Ministry of Economic Affairs and undisclosed investors.

Conventionally, semiconductors are made using photolithography. In this process, the pattern of the circuits required for any given chip is transferred to the wafer with a reusable photo-mask and photochemistry. The problem with this is that each photo-mask contains nanometre scale structures and can cost up to €2mn. Moreover a single chip may require as many as thirty different masks. Commercially this makes it extremely expensive to produce chips in low volumes and also makes the testing of new chip designs time consuming.

For this reason there has been a great deal of research into alternatives. Founded in 2000 as a spin-out from Delft University of Technology, Mapper’s approach uses parallel electron beams controlled by fibre-optic technology to write onto an electron-sensitive film – somewhat akin to old-fashioned cathode ray TVs.

This investment will allow Mapper to expand its manufacturing infrastructure to achieve production volumes of twenty of its Matrix machines per annum. In addition, a Russian manufacturing site will be established for production of the Micro-Electro-Mechanical (MEMS) lens system which controls the electron beams. The company also intends to continue its IMAGINE collaboration with French research centre CEA-Leti.

Readers may remember transaction leader Rusnano (€3.6bn AUM) from our April 2012 issue when the firm was the sole investor in a €25mn Late Stage round for Beneq. State-owned, the firm’s mandate is to produce a $30bn nanotechnology industry in Russia by 2015 based on co-investments and educational programmes. Rusnano provided half of this round.

Existing VC investors who participated in this round were Parcom Capital (€1.5bn AUM) and Hoving & Partners. Established in 1982 and a 100% subsidiary of the ING Group since 1993, Dutch investor Parcom has a very broad remit. For its mid-market Western European private equity investments, Parcom is sector agnostic although it does have a preference for sectors in which it already has expertise. Parcom also invests in other funds. In 2005, it collaborated with GBL Group to set up Ergon Capital Partners – a €500mn fund targeting niche market opportunities in Belgium, Italy and Spain. Better known is Duke Street Capital. Over the past fifteen years, Parcom has contributed to all six of Duke Street’s funds. Hoving & Partners is a Swiss investment boutique specialising in wealth management.

Other investors included semiconductor executive Arthur del Prado through his investment vehicle ADP Industries, strategic investor Demcon Twente, which is a designer and manufacturer of products for the high- technology and medical devices markets, and electronics and software developer Technolution. The Dutch Ministry of Economic Affairs also participated.

September 2012

Company Sector Round €mn Description Investors Mimecast (UK) Software C 48 Cloud-based email management for Dawn Capital, Insight www.mimecast.com Microsoft Exchange. Venture Partners.

Mimecast (UK), a supplier of e-mail archiving, security and continuity services for Microsoft Exchange and Office 365, raised $62mn (€48.2mn) in a Series C round led by Insight Venture Partners with support from existing investor Dawn Capital. The money will be used for expansion in the US and for R&D.

We last saw Mimecast in January 2010 when we covered its €14.7mn Series B round from Dawn Capital and Index Ventures. Since then, Mimecast has more than doubled its client base from 2,500 to 6,000 throughout Europe, North America and South Africa. This includes more than two thirds of the UK’s top 100 law firms. The firm has also developed compatibility with Microsoft’s SaaS service Office 365.

The key benefit of Mimecast’s SaaS approach is that it replaces the conventional stack of e-mail technologies – gateways, anti-spam systems, archiving and virus protection – with a single system. Apart from the attractiveness of simplicity and a one-stop-shop, one of Mimecasts’s key selling points is the robustness and efficiency of its e-mail archiving system, its associated anti-tampering and retrieval systems and the richness of the meta-data which Mimecast’s systems store. These make Mimecast particularly attractive to the legal profession and industries such as financial services, which demand high standards of compliance. Over the last twelve months Mimecast has expanded its US legal customer base by 30%.

Perhaps unsurprisingly given that both its founders are originally from South Africa, the firm has paid particular attention to the South African market where it won a 16,000 user deal for government owned transport company Transnet in 2004 and has since gained a significant market share. The market for Mimecasts’s product in Europe and the US is much more fragmented.

With 2011 turnover over €10mn and 2012 turnover expected to be much higher, the firm is considering an IPO sometime in the next few years. Both Mimecast’s founders sold companies to businesses listed on the Johannesburg Stock Exchange in the late 1990s but are reported to prefer a US-listing.

Global private equity and venture firm Insight Venture Partners (€1.2bn (2011); €2.3bn AUM) last featured in our bulletin in June 2012 with an investment in online procurement marketplace B2B-Center. Prior to that it appeared in March 2011 and April 2011 issues with investments in social shopping site Privalia and collective buying site Groupalia. These were some of the last investments made by Insight’s Fund VI and brought the total number of investments by this fund to about 25.

Shortly after that time it raised two new funds. The firm’s seventh fund Insight Venture Partners VII – remember the firm has been investing since 1995 – reached $1.5bn with commitments from institutional investors plus an additional $70mn from affiliates. Insight also raised a $450mn fund targeted at coinvestment in larger deals – Venture Partners Coinvestment Fund II. According to Insight, these new funds would enable them to commit up to $150mn per transaction.

Dawn Capital (€50mn AUM) last appeared in our April 2012 bulletin, participating in a €9.1mn round for Bathrooms.com. Originally a pure technology investor, Dawn has broadened its focus to include technology- enabled service companies, particularly when they operate in the finance or healthcare industries. Limited to the UK, Dawn normally invests between £0.1-5mn.

September 2012

Company Sector Round €mn Description Investors Lamoda.ru (Russia) Internet Late 47 Fashion e-tailer operating in JP Morgan. www.lamoda.ru Services Stage Russia and Kazakhstan.

Lamoda.ru (Russia), a fashion e-tailer operating in Russia and Kazhakstan, raised an estimated $60mn (€46.6mn) from JP Morgan. The money will be used to increase the firm’s product range and for expansion into other Commonwealth of Independent States (CIS) markets such as Azerbeijan, Belarus and the Ukraine.

Founded in January 2010, Lamoda is a fashion e-tailer which launched in Russia in December 2010 and, in March this year, in Kazhakstan. Lamoda is just one of a number of Rocket Internet’s e-tailing companies to have received investment from JP Morgan in the last few months, as described in our August 2012 issue where we featured a €13mn investment in Zalando.

Like Zalando, Lamoda started off as a shoe e-tailer known as KupiShoes but has since diversified. The firm now sells over half a million different products from over 700 brands including many international brands from outside the CIS. Just like its major competitors online shopping club KupiVIP and Amazon equivalent Ozon.ru, which featured in our June 2012 and September 2011 issues respectively, owing to the inadequacy of the Russian postal system, Lamoda has had to create its own logistics infrastructure.

Lamoda’s business has not always grown as aggressively as some of Rocket Internet’s other fashion e- tailing offspring. Whether or not this is attributable to not learning from Brazil and Germany as Oliver Samwer claimed in a now notorious leaked e-mail, the attractiveness of the Russian market makes it highly competitive. Russia has the seventh largest internet audience in the world, a population with little debt and a high proportion of disposable income and an online retail market which is less than 2% of the total retail market as compared with around 10% in the developed economies.

Russian business newspaper Kommersant estimated this deal at $40-80mn and probably in the upper end of this range. We have taken it to be $60mn. This follows on from an undisclosed investment in 2011 by traditional strategic and venture investors Holtzbrinck Ventures, Kinnevik and the Tengelmann Group. Originally, the firm was incubated by the Samwer brothers’ Rocket Internet.

Although it made venture investments during the dot-com boom through its private equity division, JP Morgan (€0.9bn (2011); €1,011bn AUM) span this out in 2006 as Panorama Capital. In 2011, however, the firm raised a $1.2bn digital growth fund for investment in late stage technology startups in order to give high net worth investors exposure to the supposed riches of technology investment. Given investment banks’ embarassment over the poor performance of late stage investments in Facebook, Groupon and LinkedIn, JP Morgan will be under pressure to deliver rapid results from this $175mn fashion investment spree. Further details were described last month in our coverage of Zalando.

Oliver Samwer has said repeatedly that, after Amazon, there are only two remaining opportunites to create billion dollar e-commerce companies – furniture and fashion. With Rocket Internet’s fashion strategy now clear, one wonders whether they will take the same approach to furniture. We note that they participated in a €39mn round for German furniture e-tailer Westwing Home & Living in June 2012 with some of the same investors – Holtzbrinck Ventures and Kinnevik. Rocket currently has plenty of firepower, having received an additional $200mn of investment capital in May this year from Russian-American billionaire Leonard

Blavatnik, through his US-based industrial holding company Access Industries.

September 2012

Company Sector Round €mn Description Investors Yemek Sepeti (Turkey) Internet Late 34 Portal providing centralised Endeavor Catalyst, General www.yemeksepeti.com Services Stage take-away food ordering. Atlantic Partners.

Yemek Sepeti (Turkey), a portal providing centralised food ordering from a variety of takeaway food suppliers, raised $44mn (€34.2mn) in a Late Stage Round led by General Atlantic with co-investment from Endeavor Catalyst. The money will be used to support growth both within Turkey and internationally.

Founded in 2001, Yemek Sepeti operates in Turkey (as yemeksepeti.com) and the UAE (as foodonclick.com). Its 1.5mn registered users submit over 50,000 orders a day. In terms of scale, Yemek has 6,500 partner restaurants in Turkey and 500 in the UAE. In addition to its core food-ordering business, the firm has plans for online grocery shopping and a restaurant booking and reviewing service.

Readers will be familiar with the business model of on-line takeaway food ordering services from our recent coverage of what is still an incredibly hot sector. This year alone we have covered a €13mn round for Takeaway in January 2012, €49mn for Just-Eat in April 2012, €15mn for Germany’s YourDelivery in June 2012 and €80mn for Delivery Hero in August 2012.

The key to the business model is scale. Any takeaway food portal must attract enough restaurants to give customers choice. A wide variety of choice attracts more customers which in turn makes the portal more attractive as a sales channel and encourages more restaurants to sign-up in a virtuous circle of profitable feedback. In other words, there is a huge advantage in having a large number of restaurants per country. Even the market leaders amongst the companies we have covered so far have only about a couple of thousand restaurants per country, whereas in Turkey Yemek Sepeti has more than three times this number.

Other things being equal, this should make Yemek Sepeti relatively profitable and put it in a good position to expand. For instance, exploiting Turkey’s traditional position as a gateway to the Middle East by expanding into the UAE may turn out to be a particularly cunning move. GDP per capita is higher than all European countries except Switzerland and Norway so affordability is not a problem. Logistically, almost 90% of the population is urban and roughly half lives in only two major cities – Dubai and Abu Dhabi. Finally, with only 20% of the population being UAE natives, potential consumers may already be in the habit of ordering their takeaway food online when they are at home.

While it obviously makes strategic sense for Yemek to continue its expansion in the Middle East and North Africa (MENA) region – several countries in the region have their populations clustered conveniently in urban centres – Yemek’s success in this region might also make it an attractive acquisition target for other food ordering portals seeking to increase their profitability prior to an IPO.

Growth equity firm General Atlantic (€0.5bn (2007); €13bn AUM) is truly global with offices on both the East and West Coast of North America, London and Munich in Europe, São Paulo in South America, Mumbai in India and across Asia in Singapore, Hong Kong and Beijing. With typical investments between $75-400mn this is actually a relatively small investment for General Atlantic. The firm typically makes 10-12 investments per year across a wide range of sectors – not just in technology. Headquartered in New York, Endeavor Catalyst is a philanthropic investment organisation which seeks to catalyse economic growth in Latin America, Africa, Southeast Asia and the Middle East.

September 2012

Company Sector Round €mn Description Investors ivi.ru Media (Russia) Digital Late 31 Video and music Baring Vostok Capital Partners, www.ivi.ru Media Stage streaming service. Frontier Ventures, ru-Net, Tiger Global Management.

ivi.ru Media (Russia), a video and music streaming service, raised €31.5mn in a Late Stage Round led by Baring Vostok Capital Partners with support from existing investors Frontier Ventures, Prof-Media, ru-Net Ventures and Tiger Global Management.

Part of the money will be used to expand the firm’s content library. The rest will be used for technology development to get around poor consumer broadband infrastructure and to make ivi.ru’s content available across a number of platforms, including smartphones and tablets.

Ivi.ru provides streaming of both local and international TV shows, movies and music videos. According to the Hollywood press, in April this year it became the first Eastern European firm to have licensing deals with all of the major Hollywood studios – 20th Centure Fox, Walt Disney, Sony Pictures, Warner Brothers, Paramount Pictures and NBC Universal. The firm targets the rapidly growing number of Russian speaking consumers who shop online – the so-called RuNet. Launched in February 2010, ivi.ru has about ten million unique visitors per month (95% from Russia) consuming some 50 million streams. ivi.ru operates a freemium model supported by advertising. Users can subscribe to a basic package for €0.70 a day or €7.40 a month. They can also subscribe to more expensive premium content or watch individual blockbuster movies for about €2. In line with current practice in the digital music industry, ivi.ru uses social media platforms including facebook, google plus, twitter and most importantly Russian language social networking site vk.com (in Russia, just like in China and Japan, facebook is not the leading social network).

Unsurprisingly, ivi.ru suffers significant competition from YouTube, which according to comScore has 2.5 times as many unique visitors per month as ivi.ru, and Russian Youtube clone RuTube which was acquired by Gazprom Media Holdings in November 2008 for about $15mn.

More significantly, Hulu and Netflix are both thought to be considering entering the Russian market. Unlike the businesses of Ozon.ru or KupiVIP, where the necessity of constructing a local logistics infrastructure acts as a barrier to entry for foreign firms, here there is no such impediment. While foreign firms may find it more difficult to source local content, they also have bigger catalogues.

On the other hand there are two factors which may shield ivi.ru from this competition, at least in the short term. Firstly, content providers have tended to view Russia as rife with piracy – poor enforcement of intellectual property rights was one of the factors delaying Russia’s membership of the WTO. For this reason they have largely abandoned the market. It is therefore possible that they might offer ivi.ru relatively low cost licensing deals on the basis that it is better to get some revenue from Russia rather than none at all. Secondly, with over 90% of Russia’s broadband internet users in Moscow, the actual RuNet market for ivi.ru services is still fairly small, at least until local broadband infrastructure catches up.

September 2012

The total raised in previous rounds has not been disclosed but the company’s founder – Oleg Tumanov – has stated that it amounts to several tens of millions of dollars. This round was led by Baring Vostok Capital Partners (€820mn (2007); €1.7bn AUM) which has made a number of very high profile investments. Other Baring Vostok investments we have covered include €58.6mn for classified ads portal Avito.ru in May 2012 and €27.2mn for broadband services provider Enforta in January 2008.

Founded in 1994, Baring Vostok has raised six funds for various types of investment from which it has invested $1.8bn in 60 companies in Russia, Kazakhstan and the Ukraine, over 40 of which have been exited. The firm will consider investments anywhere in the CIS. The firm’s most recent private equity fund – Baring Vostok Private Equity Fund V (BVPEF V) – is a $1.5bn fund making growth equity investments of between $30mn and $200mn. While the firm does not have a particularly tightly defined industry focus, it has tended to invest in four main areas – TMT, natural resources, financial services and consumer goods and services.

Returning investor Frontier Ventures (€42mn (2012); €42mn AUM) is in an unusual position in that ivi.ru’s founder, co-owner and chairman is one of its venture partners and a member of its investment committee. The firm concentrates on internet businesses based in the CIS. While the firm describes itself as an early stage investor, this should be interpreted in the broadest sense as the firm can commit anywhere between $100k and $10mn. Frontier’s other two investments so far are TravelRent.com – a business which is very similar to America’s AirBnB but for Russian speakers – for whom Frontier provided $2mn in June 2012, and biglion.ru – a Russian version of Groupon. With both partners in the business having a mixture of corporate finance, blue chip and entrepreneurial experience and a track record (albeit short) of building clone businesses, in some ways their fund resembles that of the Samwer brothers’ Rocket Internet.

Strategic investor Prof-Media is also an existing shareholder. One of Russia’s largest groups, Prof-Media is a diversified media holding company operating across TV, radio, film and the print media.

Readers may remember ru-Net Ventures (€0.5bn AUM) which featured in our August 2012 bulletin with an €80mn investment in German takeaway food portal Delivery Hero. Having made its initial investments at the peak of the dot-com boom, ru-Net has built up a portfolio of some thirty companies spanning Europe, North America, Russia and South East Asia.

Based in New York, Tiger Global Management (€1.2bn (2012); €4.6bn AUM) is a fund manager active in both hedge and private equity funds. Founded in 2001, the firm operates globally with additional offices in China and India. The firm focuses on energy, media, real estate, retail and telecoms investments.

September 2012

Company Sector Round €mn Description Investors Criteo (France) Internet Late 30 Performance Adams Street Partners, Bessemer Venture Partners, www.criteo.com Services Stage advertising specialist. SAP Ventures, SoftBank Capital, Yahoo!.

Criteo (France), a performance advertising specialist, raised €30mn in a Late Stage Round led by SoftBank Capital with support from new investors Adams Street Partners, SAP Ventures and Yahoo!, as well as existing investor Bessemer Venture Partners. The money will be used for R&D and new hires.

Retargeting player Criteo uses data gleaned by publishers when users visit their web sites to buy ads on other sites which the user visits afterwards. As a result Criteo is able to achieve higher click-through rates (4- 5x). The company makes money by arbitraging advertising inventory bought on a cost per mille (CPM) basis and selling it on a cost-per-click (CPC) basis.

Criteo’s recent growth actually is dramatic. Profitable since 2009 when the firm’s turnover first exceeded €10mn, 2010 turnover approached €20mn and 2011 turnover reached €140mn. 2012 revenues are forecast to be around €300mn. Despite having moved its headquarters to San Francisco, revenues are still 75% from Europe, leaving a major opportunity in the US. These revenues are generated from a client portfolio of over 2,000 different advertisers, through Criteo’s network of over 4,000 publishers

Other players include Next Performance (financed by Kennet), myThings (Iris Capital), Struq (Pentech) and Cognitive Match (Dawn capital).

Since it was originally spotted by well known investor Idinvest Partners in 2006, Criteo has acquired quite a portfolio of backers. Transaction leader SoftBank Capital (€83mn (2010); €2.3bn AUM) is an early and growth stage investor focusing on cloud computing, e-commerce, gaming, internet advertising, mobile applications and social media deals and has built up a portfolio of more than fifty investments. For instance, SoftBank was an early investor in online news service Huffington Post, which was bought by US ISP and content provider AOL for $315m in February 2011.

Normally SoftBank prefers to invest in US or Asian businesses. Given that a large part of Criteo’s revenues derive from the US and that Criteo views the Asian market as being so important strategically, SoftBank has made an exception. SoftBank’s affiliation with listed Japanese telecoms, internet and media conglomerate the SOFTBANK Group can help Criteo significantly. Some benefits are already apparent in the form of a partnership it has just entered with SOFTBANK subsidiary and new investor Yahoo! Japan.

New investor Adams Street Partners (€22bn AUM) is an employee-owned firm with a range of private equity products. One of the oldest fund of funds managers (founded in 1972), Adams Street was also a pioneer of secondary investments. It has made over 265 direct investments ranging from traditional venture capital through growth equity and buyouts.

Bessemer Venture Partners (€1.3bn (2011); €3.3bn AUM), which led the previous €6mn round in May 2010, last appeared in our bulletin with a €38mn investment for KupiVIP in April 2011. New investor SAP Ventures (€290mn (2011)), which is affiliated with the enterprise software company SAP, typically invests $5-12mn per round and significantly more over the life of a deal. The firm last appeared in our bulletin with an €8mn round for Aepona.

September 2012

Company Sector Round €mn Description Investors SkyDox (UK) Software C 25 Cloud-based document sharing and Business Growth Fund, SEP www.skydox.com collaboration enterprise platform. (Scottish Equity Partners).

SkyDox (UK), provider of a cloud-based document sharing and collaboration platform, raised £20mn (€25mn) in a Series C round led by SEP (formerly known as Scottish Equity Partners) with support from the Business Growth Fund (BGF). The money will be used to support collaboration with document comparison and policy management business Workshare.

The most unusual feature of this investment is that it also involves a merger in which both brands will be retained. Technically, the investment is in SkyDox – a cloud-based secure file-sharing and collaboration platform set up in 2009 with 100 employees and a turnover of £14mn. Much like other SaaS collaboration tools, SkyDox provides Bring Your Own Device (BYOD) functionality and integrates with MS™ SharePoint plus a variety of other Document Management Systems (DMS) and Electronic Content Management (ECM) systems. Current SkyDox clients include the NHS, PwC and the European Court of Human Rights.

The other half of the merger is Workshare, a provider of document collaboration software which was founded in 1998. While it has a similar number of employees, Workshare’s customer reach is much greater, encompassing 18,000 clients in 70 countries. Workshare’s products have particularly good penetration in legal and professional services firms.

The strategy is to combine Workshare’s market-leading position with SkyDox’s SaaS delivery model. A software integration team is working with beta customers to deliver a combined application within three months. If it can be delivered then the result will be attractive as, according to Gartner, the global market for online document sharing and collaboration services will reach $8bn in 2014.

A regular participant in our Headline Transactions Index (HTI) since 2002, transaction leader SEP (€120mn (2012); €470mn AUM) last featured in our bulletin in December 2011 with an investment in picocell developer ip.access. One of the larger British VC funds, SEP invests between £2-10mn at a time in rounds of up to £30mn and almost always takes a minority stake. For this investment SEP provided £12.75mn. At the time of going to press it has just been named Venture Capital Firm of the Year at the 2012 British Private Equity Awards sponsored by Unquote.

Following the 2008 financial crisis the Business Growth Fund (BGF) (€3.1bn AUM) was set up at the instigation of the British Government with £2.5bn of commitments from the banks and a mandate to invest in SMEs. Structured as a plc and regulated by the FSA, the BGF became operational in April 2011. It typically invests between £2-10mn for minority stakes in British businesses with turnovers in the £5-100mn range. An active investor, the firm will always take a board seat and will invest in any sector apart from financial services and real estate.

BGF previously appeared in our January 2012 issue when it teamed up with Amadeus Capital Partners and Van den Ende & Deitmars to provide £16mn for social video advertising business Unruly. According to BGF’s investment director, the firm will increasingly look to work with private equity firms, angel investors and British VCTs (tax-incentivised schemes used to finance fast-growing companies).

September 2012

Company Sector Round €mn Description Investors Wireless Energy Management Cleantech A 16 Wireless, web-enabled building Hermes GPE, Systems International (UK) energy management systems. WHEB Partners. www.wems.co.uk

Wireless Energy Management Systems International (WEMS) (UK), a provider of web-enabled wireless building management systems, raised £13mn (€16.3mn) in a Series A round led by WHEB Partners with support from Hermes GPE.

With legislation and regulation increasingly encouraging a greener approach to the management of commercial property throughout Europe, many landlords have sought to reduce their costs and carbon emissions through the use of Building Management Systems (BMS). Such systems allow landlords to control and monitor building services such as heating, ventilation, lighting and air conditioning.

There are two problems associated with conventional systems. Firstly, with the vast majority of such systems being retrofitted to existing buildings, the cabling required can prove expensive. Secondly, many landlords either have properties on multiple sites or have multiple units on a single site (e.g. shopping centres). WEMS has developed a wireless system which eliminates the need for retrofitted cabling. Moreover, as WEMS’ system is web-enabled it is easy for landlords or their agents to manage multiple sites. Most effective for premises with energy costs of £7,000 per annum or more, deployment of WEMS’ system typically results in energy savings of 15-30%. In addition to supplying the hardware, WEMS also provides outsourced energy management services.

WEMS’ customers include well known British firms such as BT, Boots, HMV, Watersones and the Nationwide Building Society. Although founded in 1990, the firm has only really grown significantly over the last three years, posting a turnover of £2.8mn in 2009, £5.7mn in 2010 and £11.9mn in 2011 at which point the firm also posted a pre-tax profit of some £0.5mn.

Following this transaction, WHEB Partners (€130mn (2008); €160mn AUM) and Hermes GPE will have a majority stake in the firm and one of the two founding directors will retire.

The cleantech sector continues to attract investors despite the unstable business environment. This has been partly caused by the cleantech policy vacillations of European Governments, which include reducing feed-in tariffs and changing biomass regulations. On the other hand, increasing energy prices mean that waste management technologies continue to make commercial sense regardless of changing regulations.

Unusually, WHEB Partners started out in the mid-1990s as a corporate finance house and incubator. Having established the UK’s first incubator fund in 2005, the firm now has offices in both London and Munich. We last saw WHEB in July 2010 with an €11mn MBO for plastics recycling company Friedola.

Private equity and infrastructure investor Hermes GPE invests both directly and by backing funds but prefers co-investments for the latter. We last saw Hermes in our March 2012 and April 2012 issues with investments in European Batteries and energy efficiency software business Sefaira respectively.

September 2012

Company Sector Round €mn Description Investors Matches Fashion (UK) Internet Late 15 Upscale fashion e-tailer which also operates SEP (Scottish www.matchesfashion.com Services Stage traditional bricks-and-mortar stores. Equity Partners).

Matches Fashion (UK), an upscale fashion e-tailer which started with traditional bricks-and-mortar stores, raised £12mn (€15mn) in a Late Stage Round from SEP (formerly Scottish Equity Partners). The money will be used to help the company expand its online sales, particularly overseas.

Matches started off as a bricks-and-mortar shop in London’s Wimbledon Village in 1987. With rents in the 1980s being relatively low it was comparatively cheap to open a new shop. Rapidly realising that with the right product in the right location price was not an issue the firm chose to focus on upscale, cutting edge fashion. This meant that they particularly targeted affluent suburbanites who preferred to be able to get their top end fashion close to home rather than having to endure central London.

Matches now has over a dozen stores spread out amongst the most desirable areas of London including Richmond, Mayfair and Notting Hill. Indeed, in Notting Hill the firm has no less than four boutiques as each store aims to be unique and blend in with its customer community. During its expansion, Matches has operated a number of high end franchise stores – starting with one for MaxMara in 1992 and, much later, the first Diane von Furstenberg store outside of the US. In 2004, the firm launched its own collection – Freda. Highly risky from a business perspective, as it meant the firm had to start manufacturing, this did give Matches’ buyers a competitive advantage. More recently, the firm has set up an appointment only private shopping boutique in Marylebone.

The firm’s online distribution channel, Matchesfashion.com, was launched in 2006. In addition to all of the conventional advantages of internet technology such as disintermediation, reaching the long tail of a market and reducing costs, Matches’ online business shares one key feature with its other boutiques – it gives upscale consumers convenience and obviates the need for them to actually go to a shop. Moreover the firm’s customer service ethos is extended to its web clients with an online shopping concierge service and premium wrapping, shipping and returns services.

Matches’ 2012 turnover was £50mn – 60% of which was from the online boutique. The fact that the online boutique is bringing in more than all of the offline boutiques put together suggests that Matches is succesfully managing to transfer the key features of its real world business model to the web. It can attract international clientele who would like to shop in London’s independent fashion boutiques but do not wish to actually have to go there to do so.

Matches is very different from group buying and flash sales fashion e-tailers such as KupiVIP which we featured in April 2011. It has more in common with Farfetch (January 2012) which acts as an electronic shopfront for independent fashion boutiques and Stylistpick (February 2012) which emphasises the personalisation of its shopping service.

This investment is part of a growing trend for VC funds to get involved in building brands. Just as technology and the internet have dramatically reduced the cost of conducting retail operations, they are now slashing the cost of building brands. This is a major new value creation driver which smart VCs are starting to exploit. One of the early movers is Index Ventures with their investment in US-based Nasty Gal. From a standing start two years ago, Nasty Gal has become a $200mn turnover business which has now started international expansion to Australia, Canada, Japan and the UK – an absolute record by brand building standards.

This is SEP’s (€120mn (2012); €470mn AUM) second investment this month, the first being SkyDox (see above).

September 2012

Company Sector Round €mn Description Investors ZenRobotics (Finland) Cleantech C 13 Robotic recycling technology. Invus, Lifeline Ventures. www.zenrobotics.com

ZenRobotics (Finland), a provider of robotic recycling technology, raised €13mn in a Series C round led by Invus Group and Lifeline Ventures.

Founded in 2007, ZenRobotics has developed a waste sorting system which uses AI-driven industrial robots to recover raw materials from construction and demolition waste. This is based on combining input from multiple sensors, including spectroscopic cameras, 3D scanners, touch sensors and metal detectors.

While current economic conditions have encouraged governments to cut back on certain incentives to the cleantech industry – most notably feed-in tariffs – land-fill taxes generate fiscal revenue.

The economics are neatly explained in what has to be one of the more amusing VC presentations. The key point is that recovering raw materials from waste not only saves on disposal costs but any valuable materials recovered (e.g. wood, metals, stone etc.) can be sold on. With the company’s robots capable of over seven million picks per year, typically recovering over 10,000 tons of useful materials, its payback time can be less than a year. Moreover, the fact that robots can save humans from having to work in hazardous environments, not only provides positive PR value for the customer but also helps the customer comply with the EU’s 1975 directive which limits the sorting of waste by humans.

The money will be used for international growth as exemplified by the company’s recent sale of its system to Baetsen Group, the Dutch construction services provider.

Transaction leader Invus Group (AUM €3.1bn) is an evergreen fund founded in 1985. Invus has appeared in our bulletin only twice before – in January 2010 and June 2012 with two investments in Swedish touch- screen manufacturer FlatFrog.

Invus acts exclusively for Artal Luxembourg, a private investment vehicle representing a number of affluent Belgian families. By virtue of its evergreen status, Invus has grown its assets under management to roughly $4bn. Invus differs from most VC funds in that it charges neither management nor transaction fees and makes all of its money from profitable exits.

Invus is truly sector and geography agnostic. Historically the firm has invested in Fast Moving Consumer Goods (FMCG), software, life sciences and professional services. While most of these have been in Europe and the US, the firm invests globally. One of its best known investments is Weight Watchers International (WWI), which was bought for $750mn in 1999 and was floated in 2001. Invus still retains 55% in WWI.

While many claim to have realised the folly of the dot-com bubble of the 1990s, Invus did something about it at the time. At the same time as acquiring WWI, the firm set up WeightWatchers.com (WW.com) with $100k of equity investment. Created as a separate entity to distance the main investment from internet mania, Invus also went against the contemporary obsession with valuing internet businesses by numbers of users, by insisting on a subscription model from the start. While a slightly incestuous deal, Invus was vindicated in 2005 when WWI – by this stage a public company – bought WW.com at an EV of $550mn.

For Finnish health, web and games investor Lifeline Ventures (€20mn (2012); €20mn AUM), which describes itself as a startup accelerator, this is the second cleantech deal, the first being an investment in Swedish waste management sensor company Enevo.

September 2012

Company Sector Round €mn Description Investors Brille24 (Germany) Internet B 12 E-tailer of prescription eye-wear. TIME Equity Partners. www.brille24.de Services

Brille24 (Germany), an e-tailer of prescription eye-wear, raised €12mn in Series B funding from TIME Equity Partners. The money will be used to support further international expansion.

This is the second online dispensing optician we have featured recently. The first was French firm Sensee which received €17.5mn from Idinvest, Orkos Capital and Partech as described in our June 2012 issue.

Brille24 was established in 2007, two years later than Sensee. Rather than focusing purely on its domestic market, Brille expanded into Belgium, the Netherlands and Spain. Interestingly the firm is also now operating in France and is therefore competing directly with Sensee.

Offering a choice of over 500 frames for an all-inclusive price, Brille24 sold almost quarter of a million pairs of glasses in 2011 (mostly in Germany). Like its competitors, Brille24 aims to eat into the margins of dispensing opticians. The firm minimises costs not only by effectively outsourcing fitting to the optician who conducts an eyetest, but also by outsourcing frame production to China and assembly to Thailand. The only costly part of the glasses is the most technologically demanding part, the lenses, which are produced either in Japan or South Korea where labour costs are comparable with Western Europe.

Notwithstanding the practical problems with selling glasses online, it appears that the e-tailing of glasses is hotting up as a sector. Recent funding examples include:

 French firm Sensee received €17.5mn from Idinvest, Orkos Capital and Partech as described in our June 2012 issue.  Also based in Germany and founded in 2007, Mister Spex was supported first by angels, next by Grazia Equity, High Tech Gründerfonds, Team Europe Ventures and Ventures Astutia and then in 2010 by a €7mn round from DN Capital and XAnge.  British sector veteran Glasses Direct was described in our April 2009 bulletin.

Although the total commitment of this investment is €12mn, only €7mn has been provided up-front. The conditions under which the remaining amount will be released have not been made public. Contrary to the majority of press coverage, this is actually a Series B round. Brille’s first true investment round of €3mn was provided by CFP & Founders Investments in January 2011.

Created in 2009, French investor TIME Equity Partners (€100mn (2009)) provides growth capital for medium-sized European businesses in the Telecoms, Internet, digital Media and E-commerce sectors – hence ‘TIME’. The firm was initially backed by Yam Invest, an investment vehicle created by four successful European entrepreneurs. YAM targets real estate, healthcare and digital economy investments either directly or through its specialised investment vehicles.

TIME’s sweet-spot spans the €3-15mn range although the firm will co-invest in larger deals. Its preference is for businesses which are already profitable and have some form of sector or geographic leadership. Brille24 is TIME’s seventh investment. The firm’s other investments include CommentCaMarche which we featured in our September 2010 issue.

September 2012

Company Sector Round €mn Description Investors Sigfox (France) Telecom B 10 Machine-to-Machine (M2M) communications Elaia Partners, Intel Capital, www.sigfox.com Services operator. iXO Private Equity SAS, Partech International.

Sigfox (France), the operator of a low bandwidth cellular network targeted at Machine-to-Machine (M2M) communications and designed to facilitate the so-called Internet of Things, raised €10mn in a Series B round led by Intel Capital with support from existing investors Elaia Partners, iXO Private Equity and Partech International. The money will be used to continue the roll-out of the firm’s network infrastructure both in France and other European countries starting in 2013.

Founded in France in 2009, Sigfox has developed patented Ultra-Narrow Band (UNB) technology which operates over radio frequency bands that do not require a license. Although only suitable for low bandwidth (10b/s – 1kb/s) applications, at these frequences it is possible to transmit over relatively long distances using only minimal energy. This allows Sigfox to act as a wireless ISP for M2M communications.

The long range of Sigfox’s devices means that it requires far fewer base stations than it would with a conventional wireless infrastructure (for the same level of coverage, SIGFOX claims that its solution requires around 1,000 times fewer antennae and base stations than a conventional GSM network). Consequently, Sigfox can deploy a network covering a large area with only relatively modest investment – this round brings the total raised by the firm to €12mn.

While the company tends to hype the ‘ínternet of things’, there are many other commercial applications which currently produce a €2mn turnover for Sigfox and its 100 staff.

Sigfox is not unique. For example British firm Plextek has developed a UNB telemetry system for reading electricity meters. Despite its long gestation period, there is certainly still interest in this area. Indeed, the UK’s Technology Strategy Board has just launched a £4mn Internet of Things demonstrator competition. Sigfox is, however, extremely unusual in how advanced it is with rolling out a commercial network.

Readers will be familiar with strategic investor Intel Capital (€80mn (2012); €1.7bn AUM) from its appearances in our bulletin. Investments we have written up include €16mn for Tobii Technology in March 2012 followed by €30mn for KupiVIP and €20mn for FlatFrog Laboratories, both in June 2012.

Founded in 2002, existing investor Elaia Partners (€45mn (2004); €80mn AUM) manages a traditional FCPR (Fonds Commun de Placement à Risques) fund (with the usual institutional investors and family offices as investors) but also funds delegated by 123Venture, Neotec and Crédit Agricole Private Equity. The FCPR structure is France’s tax-efficient fund structure dating back to 1983.

The firm has an active portfolio of a dozen digital economy related investments, of which all-in-one home entertainment company WyPlay featured in our May 2010 issue. Elaia has made almost as many exits as it has investments, the most recent being the sale of OpenTrust to Keynectis in July 2011.

Fellow French investor iXO Private Equity (€3mn (2011); €250mn AUM) does manage general funds but it is best known for its regional funds focusing on the south west of France. A generalist investor, iXO targets deals of €0.5-3.5mn per round or up to €10mn over the lifetime of a deal.

Partech Europe separated from Partech International (US) (€140mn (2012); €660mn AUM), back in 2008 and this was covered in our write-up for Go On Media in our April 2009 issue. The European team is in the driving seat with Partech International managing a global fund (Partech VI), with offices in Paris, Berlin and San Francisco (Israel has now been de-emphasised). Berlin is the latest addition as a springboard into the

September 2012 under-invested German market. Part of Partech US’s historical team is still there with Nicolas ElBaze being a general partner and Partech founder Vincent Worms being a Partner Emeritus. The focus will remain identical to the previous funds; an IT focus with a strong internet slant and a mix of early-stage and B round investments.

September 2012

Company Sector Round €mn Description Investors GOVECS (Germany) Cleantech A 10 Electric scooters manufacturer. BayBG, Gimv, KfW. www.govecs.com

GOVECS (Germany), a developer of electric scooters, raised €10mn in a Series A round led by Gimv with support from BayBG Bayerische Beteiligungsgesellschaft and KfW Bankengruppe.

Electric vehicle manufacturers and the developers of associated battery technology have contributed to our Headline Transaction Index (HTI) on several occasions. Investments we have written up include Norwegian electric car producer Think Global in May 2010, Finnish battery-powered car manufacturer Valmet in November 2010, Finnish battery developer European Batteries in January 2011 and German Light Electric Vehicle (LEV) drive train manufacture Clean Mobile in April 2011.

Founded in January 2009, GOVECS concentrates solely on electric scooters. Depending on the model, GOVECS’ scooters have a range of 50-100km with top speeds of 20-85 km per hour. The top of the range is equivalent to a 125cc conventional scooter. Running costs work out as less than one eurocent per kilometre, even for the top of the range models. Using Li-Ion batteries means that GOVECS’ scooters can be charged at any domestic electricity outlet with no detrimental memory effect reducing battery life.

In other words, the firm’s scooters are ideal as commuter vehicles in major cities. In an urban environment, they are also highly suitable as small, localised delivery vehicles for businesses such as takeaway food delivery. The firm is based in Munich, with importers in over a dozen countries including Australia, while the vehicles themselves are manufactured in Wroclaw in Poland.

While there is European legislation targeted at reducing greenhouse gas emissions, by focusing on the practicality of scooters as personal vehicles rather than larger electric vehicles as car substitutes, GOVECS is clearly hoping that its business will be driven by consumer pull rather than legislative push.

Euronext listed Gimv (EBR:GIMB; AUM €1.8bn) was founded in Belgium in 1980 (it is still part-owned by the Flemish Regional Government) and listed in 1997. Primarily a technology and life science investor, since the start of the millenium Gimv has made 223 investments with a total value of €2.1bn and either sold or IPO’d 200 businesses for a total of €2.5bn. About a third of Gimv’s transactions are traditional VC deals, but the majority either support buyouts or provide growth equity. Roughly half of Gimv’s investments are in Belgium. Three quarters take place in either Belgium, France or the Netherlands. Less than 10% are non-European.

While for the past five years the company has consistently maintained a dividend of €2-2.5 per share (a gross yield of just under 7%), in May 2012 the firm announced a net loss and, while it retained the dividend, for the first time this was offered in the form of stock. In September, Gimv announced a reorganisation with a view to focusing on four new investment themes – Consumer 2020 (concentrating on consumer needs), Health & Care, Smart Industries (where technology adds value) and Sustainable Cities. Each will work with a dedicated team across the Benelux, France and Germany.

BayBG Bayerische Beteiligungsgesellschaft (€50mn (2008); €300mn AUM) makes a variety of equity investments in the Bavaria region. Over two thirds of these are the provision of growth capital but the firm also does traditional venture deals, MBOs and provides turnaround finance. Sector agnostic, for venture deals the firm typically provides between €0.25-1.5mn. Readers will recall KfW Bankengruppe from its support of Yourdelivery in our June 2012 issue.

September 2012

Company Sector Round €mn Description Investors Nujira (UK) Hardware Late 9 Energy efficient power Amadeus Capital Partners, Climate Change www.nujira.com Stage amplifiers for the Capital, Emerald Technology Ventures, telecoms industry. Environmental Technologies Fund, NES Partners, SAM Private Equity.

Nujira (UK), a manufacturer of energy efficient power amplifiers for the telecoms industry, raised $12mn (€9.3mn) in a Late Stage round led by SAM Private Equity with support from existing investors Amadeus Capital Partners, Climate Change Capital, the Environmental Technologies Fund, NES Partners and unspecified angel investors. The money will be used to scale up manufacture of its Coolteq.L IC technology for mobile handsets.

We last discussed Nujira in our May 2011 issue, as part of their last €11.4mn Late Stage round. As readers might remember, Nujira had developed patented Coolteq Envelope Tracking (ET) technology to adjust the power supplied to a radio-frequency amplifier to match instantaneous demand. One application of this is mobile telecoms where, by matching the power provided to the power required by, for example, high bandwidth applications like web-browsing, smartphone battery life can be greatly extended. This issue is particularly significant with the imminent deployment of 4G networks.

When we last discussed Nujira, the firm was planning to target handset manufacturers and the defence industry. The firm appears to have made good progress. In February 2012 at the Mobile World Congress the firm announced the first commercial integrated circuit for ET power supply modulation. The firm is also engaged with 16 suppliers of smartphone chips with a view to embedding its ET technology into their reference platforms. The firm expects its technology to be designed into 4G smartphones in 2013.

The firm has also continued to protect and develop its IP portfolio. In April of this year Nujira filed its 150th patent relating to ET technology.

Founded in 2005, transaction leader and new investor SAM Private Equity (€50mn (2010); €390mn AUM) is owned by Robeco, a subsidiary of the Dutch Rabobank Group. Despite this, the firm is based in Zurich where it focuses on sustainable investments either in the form of asset management, or direct private equity co-investments. It also publishes various sustainability indices in collaboration with Dow Jones. For its private equity activities, SAM is primarily a fund-of-funds investor but will also make direct co-investments.

High profile Cambridge investor Amadeus Capital Partners (€13mn (2006); €590mn AUM) has been somewhat quiet in terms of new investments for the last few years – we tracked only four investments by Amadeus in 2011 and this is only its third in 2012. The firm has made a couple of significant exits. Most notable were the sale of Icera to NVIDIA for $367mn and the $85mn IPO of Transmode, both in 2011. Not only was Transmode a rare European tech IPO but, unlike more recent American tech IPOs, Transmode more or less doubled its share price after listing. More recently, the firm sold its stake in Xelerated to Marvell and exited the first investment of its seed fund ‘Amadeus & Angels’ by selling oneDrum to Yammer.

We last saw well known Climate Change Capital (€200mn (2007); €200mn AUM) with an investment in Power Plus Communications in June 2012. The Environmental Technologies Fund (€120mn (2008); AUM €160mn), is a fellow cleantech specialist which prefers to be lead investor on transactions of €5-15mn.It has not featured in our bulletin since a €10mn round for Enablon in June 2011.

Readers may be more familiar with NES Partners (€110mn (2007); €160mn AUM), whose Bankinvest New Energy Solutions brand features frequently in our bulletin, most recently with investments in Enecsys and Sulfurcell.

September 2012 2.1 - M&A Activity Index

Disclosed Global & European TMT M&A Transactions European Deals 2011 (€mn) Global Deals 2011 (€mn) 600 European Deals 2012 (€mn) Global Deals 2012 (€mn) 35,000 # of Global Deals 2011 # of Global Deals 2012

500 30,000 mn) 25,000 € 400 20,000 300

15,000 # of Deals of perMonth # 200 10,000 Deal( Value Month per

100 5,000

0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Capital IQ; Go4Venture Analysis

Disclosed European VC & PE-Backed TMT M&A Transactions >£30mn / €35mn / $50mn Value of Deals 2011 (€mn) Value of Deals 2012 (€mn) 20 4,500 # of Deals 2011 18 # of Deals 2012 4,000

3,500

mn) € 14 3,000 12 2,500 10

# of Deals Month perof # 2,000

8 Deal( Value Month per 1,500 6 1,000 4

2 500

0 0 (1) (2) (3) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Capital IQ, The 451 Group, VentureSource (including transaction value estimates); Go4Venture Analysis (1) Includes NDS acquisition by Cisco Systems for €3.8bn (2) Excludes Skype acquisition by Microsoft, but includes Landis+Gyr acquisition by Toshiba for €1.8bn (3) Includes Elster acquisition by Melrose for €2.3bn

Disclosed European VC & PE-Backed TMT M&A Transactions (2012) > £30mn / €35mn / $50mn Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Monthly Number # 3 2 3 2 4 3 5 6 3 Value €mn 159 1,117 4,459 398 372 2,553 1,412 511 895 Median €mn 54 558 623 199 89 210 150 65 322

Cum. Number # 3 5 8 10 14 17 22 28 31 Value €mn 159 1,275 5,734 6,133 6,505 9,058 10,469 10,980 11,875 Median €mn 54 60 205 199 135 153 152 127 121

September 2012 2.2 - Top 5 Global TMT M&A Transactions Summary

Ranked by Price (€mn) in descending order (includes announced and/or completed deals) Price Rev. # Target & Acquirer Target Sector (€mn) (€mn) P/R Noteworthy Sellers 1 LBi International (Netherlands ENXTAM:LBI) Media 453 172 2.6x Janivo, The Carlyle Group. www.lbi.com Technologies

Publicis Groupe (France ENXTPA:PUB) www.publicisgroupe.com

Publicis Groupe, one of the largest communications groups globally, will acquire LBi, a digital advertising agency. LBi, with origins dating back to 1992, has grown rapidly through a series of mergers (e.g. bigmouthmedia, a SEO and internet marketing specialist, in a c. €60mn deal in 2010) and acquisitions (e.g. social media and marketing agency Mr Youth, for c. €32mn in 2011). LBi is Publicis' fourth digital brand acquisition along with Digitas (c. €1bn, 2006), Razorfish (c. €410mn, 2009) and Rosetta (c. €450mn, 2011), and is expected to grow its revenues from digital operations whilst strengthening its position in European markets.

2 At Tokyo (Japan) Data Centres 331 260 2.5x* - www.attokyo.com & Facilities

Secom (Japan TSE:9735) www.secom.co.jp

*Takes account of full implied enterprise value. Secom, a provider of security services, will acquire a 51% stake in At Tokyo, a data centre service provider, which operates as a subsidiary of the recently nationalised TEPCO (Tokyo Electric Power Company). The sale is part of TEPCO's restructuring efforts that aim to shed c. €7bn in assets, under a reconstruction plan approved by the Japanese government in May 2012. The deal stands to support Secom's vision of providing a complete platform of secure solutions, as well as accelerating the development of its data centre business that is provided through its subsidiary Secom Trust Systems. 3 Jobs.ch (Switzerland) Internet 322 38 8.5x European Founders Fund holding.jobs.ch/en/ Content & Management, Tiger Global Commerce Management. Ringier (Switzerland) www.ringier.com

Tamedia (Switzerland SWX:TAMN) www.tamedia.ch

The media companies Ringier and Tamedia will jointly (50:50) take over jobs.ch, an online recruitment company that operates online job portals for job seekers and employers in Switzerland. Additionally, jobs.ch owns 49% of the Austrian online job search platform karriere.at. The acquirers aim to extend the multilingual functionality of the platform and expand its international coverage to become a global leader in online job search which, based on estimated unique monthly visitors, is dominated by Monster (28mn), careerbuilder.com (26.5mn) and indeed (17mn). Tamedia will bring to the partnership its online job search subsidiary Jobup, which operates job search portal jobup.ch in French-speaking Switzerland and the job search platforms jobwinner.ch and alpha.ch.

September 2012

Ranked by Price (€mn) in descending order (includes announced and/or completed deals) Price Rev. # Target & Acquirer Target Sector (€mn) (€mn) P/R Noteworthy Sellers 4 Specialist Distribution Group (SDG) (UK) IT Distribution 272 1,400* 0.2x - www.sdg.eu.com & Services

Tech Data Europe (Germany) www.techdata-europe.com

*third-party sales generated by the companies to be acquired Tech Data Europe, a wholesale distributor of IT products, will take over various SDG distribution companies in the UK (IQ Sys and ISI), France (ETC and Best'Ware) and the Netherlands (ETC). SDG is a distributor of enterprise-focused IT products and belongs to Specialist Computer Holdings (SCH), a UK privately-held provider of IT services. Through the acquisition of these SDG subsidiaries, Tech Data (the parent company of Tech Data Europe) expects to expand its enterprise offerings and strengthen its European footprint. Tech Data has been focusing on European expansion since 1998, acquiring about 20 European IT distributors (e.g. UK-based Brightstar Europe for €135mn which featured in our July 2012 newsletter, Netherlands-based Triade for €45mn in 2010 and Swedish Scribona for €65mn in 2008).

5 Lodestone (Switzerland) IT Services 272 171 1.6x - www.lodestonemc.com

Infosys (India BSE:500209) www.infy.com

Lodestone, a management consulting firm which focuses on SAP-enabled businesses, will be acquired by Infosys, a provider of consulting, IT and outsourcing services. Through the acquisition of Lodestone, Infosys will add 4 new European locations in its geographical footprint (which currently includes 66 offices in 69 countries across America, Asia Pacific and EMEA) whilst strengthening its presence in continental Europe and emerging markets (e.g. Latin America and Asia Pacific). Further, Infosys aims to add more than 200 clients to its pool of 700 clients and, through bringing 750 experienced SAP consultants, achieve more than €800mn of revenues through SAP-related practices, thus emerging as a global leader in SAP consulting, alongside major players such as Accenture, CapGemini, Deloitte, IBM and Logica. Source: Capital IQ, The 451 Group; Go4Venture Analysis

Key Bold indicates name of Target Italic indicates name of Acquirer P/R – Price / Last 12 Months Revenues

September 2012 2.3 - Headline European VC & PE-Backed M&A Transactions

Where transaction value is available (>£30mn / €35mn / $50mn), includes announced and/or completed deals LTM Target Price Rev. Funding # Target & Acquirer Sector (€mn) (€mn) P/R (€mn) P/F Noteworthy Sellers 1 LBi International (Netherlands Media 453 172 2.6x N/A N/A Janivo, The Carlyle ENXTAM:LBI) Technologies Group. www.lbi.com

Publicis Groupe (France ENXTPA:PUB) www.publicisgroupe.com 2 Jobs.ch (Switzerland) Internet 322 38 8.5x N/A N/A European Founders holding.jobs.ch/en/ Content & Fund Management, Commerce Tiger Global Ringier (Switzerland) Management. www.ringier.com

Tamedia (Switzerland SWX:TAMN) www.tamedia.ch

3 Solarsoft Business Systems Application 121 70 1.7x 19 6.4x Marlin Equity (UK) Software Partners. www.solarsoft.com

Epicor Software Corporation (US) www.epicor.com Source: Capital IQ, The 451 Group, VentureSource; Go4Venture Analysis

Key Bold indicates name of Target P/R – Price / Last 12 Months Revenues Italic indicates name of Acquirer P/F – Price / Total Funding

P/F>1x indicates an investment where all investors have made a positive return on their investment. P/F<1x indicates poor returns for some, but early or late investor entrants may still show a positive return on their investment.

September 2012

LTM Target Price Rev. Funding # Target & Acquirer Sector (€mn) (€mn) P/R (€mn) P/F Noteworthy Sellers 1 LBi International (Netherlands Media 453 172 2.6x N/A N/A Janivo, The Carlyle ENXTAM:LBI) Technologies Group. www.lbi.com

Publicis Groupe (France ENXTPA:PUB) www.publicisgroupe.com Source: Capital IQ, The 451 Group, VentureSource; Go4Venture Analysis

LBi (ENXTAM:LBI), a digital advertising agency, will be acquired by Publicis Groupe (France) for €453mn in cash. The noteworthy sellers include the private equity firm The Carlyle Group and the venture capital and private equity firm Janivo.

Netherlands-based LBi (“Lost Boys international”) offers multiple marketing services to facilitate the acquisition and engagement of consumers through digital channels. The company’s portfolio of services ranges from digital strategy development to CRM systems and hosting. Its key clients include conglomerates such as Johnson & Johnson, Coca Cola and Sony. LBi, an amalgamation of a number of entities dating back to 1992, officially began as a brand name in 2006. Since 1992, it has completed more than 10 mergers (e.g. bigmouthmedia, a SEO and internet marketing specialist, in a c. €60mn deal in 2010) and acquisitions (e.g. social media and marketing agency Mr Youth, for c. €32mn in 2011) and currently has over 2,000 employees and 30 offices in 17 countries. Both primary sellers became involved through investing in digital agencies that were subsequently acquired or merged with LBi. In November 2006, The Carlyle Group emerged as the major shareholder of SEO and internet marketing specialist bigmouthmedia. Carlyle combined bigmouthmedia with €40mn of capital to create Obtineo, which, having received financial backing from investment companies Janivo and Cyrte, merged with LBi.

Founded in 1926, Publicis Groupe is a multinational communications group whose services include digital and traditional advertising, public affairs and events. It owns a wide range of generalist and specialist advertising agency brands, including Saatchi & Saatchi and VivaKi, the group’s digital media umbrella. Publicis’ strategic focus is on digital activities (30% of 2011 revenues) and emerging countries such as Brazil and China. Publicis’ clients include Microsoft, Delta Airlines and Burger King and the group employs 53,000 professionals across 109 countries.

Along with Digitas (c. €1bn, 2006), Razorfish (c. €410mn, 2009) and Rosetta (c. €450mn, 2011), LBi is Publicis’ fourth digital brand acquisition. LBi is expected to boost Publicis revenues from digital operations to over 35%, among the highest of the major global multi-channel agencies, and to strengthen its position in European markets, particularly in the UK, Germany and the Nordics.

This is the first time that Janivo, a Netherlands-based private equity manager which serves as the investment vehicle of the De Pont family, appears in our newsletter. One of its most well-known investments was in the Dutch-provider of navigation solutions and digital maps TomTom; along with Cyrte, another Netherlands-based private equity manager, they acquired a 10% stake for c.€100mn in 2009. Before TomTom, Janivo was an investor in Tele Atlas, another Dutch-provider of navigation solutions and digital

September 2012

maps, which was acquired by TomTom in 2007 for c.€2bn.

The Carlyle Group (€5bn (2007); €130bn AUM), is one of the world’s largest alternative investment managers. Its private equity group manages over €45bn, specialising in buyout and growth capital deals. It invests globally and splits its private equity funds both by geography and by sector, with specialist buyout funds in Technology and Financial Services. Investment sizes vary by fund and typical investments for buyout activities range between €40-800mn. Founded in 1987, The Carlyle Group is headquartered in Washington, DC. The firm has appeared multiple times in our newsletter through its portfolio companies, most recently when Sagemcom divested its M2M technology business (€45mn, June 2012) and last month when EQT Partners acquired UC4 Software for €219mn.

September 2012

LTM Target Price Rev. Funding # Target & Acquirer Sector (€mn) (€mn) P/R (€mn) P/F Noteworthy Sellers 2 Jobs.ch (Switzerland) Internet 322 38 8.5x N/A N/A European Founders holding.jobs.ch/en/ Content & Fund Management, Commerce Tiger Global Ringier (Switzerland) Management. www.ringier.com

Tamedia (Switzerland SWX:TAMN) www.tamedia.ch

Source: Capital IQ, The 451 Group, VentureSource; Go4Venture Analysis

Jobs.ch (Switzerland), an online job portal, will be jointly (50:50) acquired by Ringier (Switzerland) and Tamedia (SWX:TAMN) for €322mn. The noteworthy sellers include Tiger Global Management and the venture capital firm European Founders Fund Management.

Jobs.ch is a leading Swiss operator of online job portals. With an average of more than 30,000 job postings published at any time over the past 12 months and 2.3 million visits per month, jobs.ch is one of the leading Swiss job platforms. Since 2009, it also holds 49% of the Austrian online job search platform karriere.at. The sellers became involved in July 2007, when they acquired jobs.ch from Jobindex Media and Prospective Media Services for an undisclosed amount. Tiger Global Management emerged as the major shareholder, with European Founders as a minority shareholder (along with founders and management).

With over 120 newspapers and magazines, Ringier is the largest media company in Switzerland. It also runs printing facilities, radio and TV stations, over 80 web and mobile platforms, e-commerce websites and stages entertainment events. Ringier employs 8,000 professionals and operates in multiple European countries (Switzerland, Germany, Hungary and Romania), as well as in China and Vietnam. Ringier expanded its geographical coverage further in 2010, when it established a 50:50 joint venture with German publishing house Axel Springer and merged their respective businesses in the Czech Republic, Poland, Serbia and Slovakia. Ringier was founded in 1833 and has been family run for five generations.

Tamedia, another Swiss media company, is a publisher of newspapers and magazines and an operator of online platforms and printing facilities. Following industry trends and the switch in focus from traditional to digital media, the company terminated its involvement in radio and TV broadcasting in 2011. Subsequently, it focused on strengthening its online presence (which in 2011 represented 12% of its revenues) through further developing its e-platforms (e.g. search.ch, Doodle, Homegate etc.). Founded in 1893, Tamedia employs 4,000 people and is publicly listed on the Swiss stock exchange.

The acquisition of jobs.ch stands to enhance Ringier’s and Tamedia’s online presence and boost their revenues coming from digital operations, which represented 13% and 12% of total revenues, respectively, for FYE 2011. The acquirers plan to extend the multilingual functionality of jobs.ch and utilise Tamedia’s job

September 2012 search platforms jobup.ch, jobwinner.ch and alpha.ch, to become global leaders in the online job search market.

European Founders Fund Management (€75mn AUM), is a Munich-based venture capital firm which was founded in 2007 by digital entrepreneurs Marc, Oliver and Alexander Samwer. The Samwer brothers have built multiple successful internet businesses, including online auction house Alando which was acquired by eBay (c. €42mn, 1999) and Jamba, a provider of content distribution and billing services to wireless carriers, which was sold to Verisign (€210mn, 2004), now part of News Corporation. Instead of focusing on innovation, the Samwer brothers are known for, and often accussed of, cloning successful existing high- growth web companies (e.g. StudiVz which was acquired by Airbnb) and then selling them back to the originators; examples include German Facebook clone StudiVZ which was acquired by publishing group Holtzbrinck (€85mn, 2007) and Groupon clone MyCityDeal which was acquired by Groupon itself (c.€80mn, 2010). In 2007, the Samwer brothers founded online startup incubator Rocket Internet, which up to date has built about 100 cloning business across the globe, including fashion e-tailer Lamoda.ru which is profiled in the Private Investments section of our HTI. Through their Rocket Internet companies, the Samwer Brothers have managed to attract multiple investments from JP Morgan (within September 2012 JP Morgan invested in 7 Rocket Internet’s companies, including Zalando and Dafiti) and Yuri Milner’s DST Global. DST, a family of funds which is among the largest Internet investors globally, became known after leading an investment of c.€150 million in Facebook in 2009. The European Founders Fund Management prefers to invest in early stage internet companies and current investments include MFG, HomeAway and ReachLocal. Typical investments range between €100k-1mn during the seed stage, €1-3mn during the early stage and €3-8mn during the growth stage.

Tiger Global Management (€1.2bn (2012); €4.6bn AUM), is a privately owned hedge fund sponsor which also invests in public and private equity markets. The firm invests across the globe in various sectors, including IT, real estate, telecommunications, energy, media and retailing. Its current investments include Facebook, Google, Apple and Amazon. Tiger Global Management was founded in 2001 and is based in New York, with an additional office in Beijing, China. The firm is also profiled in the Private Investments section of our HTI through participating in the Late Stage round of ivi.ru Media, a video and music streaming service provider.

September 2012

LTM Target Price Rev. Funding # Target & Acquirer Sector (€mn) (€mn) P/R (€mn) P/F Noteworthy Sellers 3 Solarsoft Business Systems Application 121 70 1.7x 19 6.4x Marlin Equity Partners. (UK) Software www.solarsoft.com

Epicor Software Corporation (US) www.epicor.com Source: Capital IQ, The 451 Group, VentureSource; Go4Venture Analysis

Solarsoft Business Systems (UK), a provider of mid-market Enterprise Resource Planning (ERP) software, will be acquired by Epicor (US) for €121mn in cash. The primary seller is the private equity firm Marlin Equity Partners.

Solarsoft supplies mid-market ERP software and IT services to manufacturers, distributors and wholesale businesses across Europe, North America and Asia. It serves multiple industries (e.g. healthcare, food and beverage, automotive etc.) and its clients include conglomerates such as Unilever, Diageo, Magna International, Chrysler and Rexam. Founded in 1986, Solarsoft employs 450 professionals and offers local support across 16 time zones. Marlin Equity Partners became involved in October 2006, through acquiring XKO Software from XKO Group for c. €20mn. The combined entity was renamed to Solarsoft in November 2007, following Marlin Equity Partners’ acquisition of ERP and SCM software provider CMS Software (undisclosed, 2007), and its subsequent merger with XKO Software, to create a business with total annual revenues of c. €40mn.

Epicor Software provides manufacturing, HR, distribution and retail management software to manufacturing, distribution and wholesale industries globally. It has more than 20,000 customers in over 150 countries and its Technology Solution Partners include HP, IBM, Microsoft and Motorola. Founded in 1972, California-based Epicor was acquired for c. €760mn by the private equity firm Apax Partners in April 2011. As mentioned in our March 2011 newsletter, after acquiring Activant Solutions (c. €1.5bn, 2011), Apax merged the two companies to create a single mid-market ERP company with total annual revenue of c. €640mn. This deal is typical of the consolidation trend in the mid-market ERP sector, as also illustrated by the acquisition of Lawson Software by Infor Global (owned by private equity firm Golden Gate Capital Partners) for c. €1.4bn in April 2011.

The combination of Epicor with Solarsoft, which brings around 2,000 customers and annual revenues of c. €70mn, will lead to a customer base of over 22,000 and total annual revenues of c. €780mn, whilst creating an entity with expanded solutions and service offerings, geographical coverage and infrastructure capabilities. Through this acquisition Epicor expects to emerge as a major provider of complete end-to-end enterprise business solutions and to compete directly with the largest ERP vendors (e.g. Oracle, SAP, Infor)

Marlin Equity Partners (€505mn (2009); €778mn AUM), is a US-based private equity firm specialising in growth-to-late stage investments and in special situations (e.g. bankruptcies, out of court restructurings, equity and debt recapitalisations). It seeks to invest across the globe in middle market companies with revenues between €15-800mn. Founded in 2005, Marlin Equity Partners has completed over 60 acquisitions through its group of funds and related companies and it has active investments in around 30 companies across a wide range of industries.

September 2012 List of Acronyms

Financial Terms: AUM: Assets Under Management FYE: Fiscal Year-End LTM: Last 12 months MBO: Management Buy Out mn: million P/E: Price to Earnings ratio P/F: Price to Funding ratio PIPE: Private Investment in Public Equity

Business Terms: BMS: Building Management Systems BYOD: Bring Your Own Device CPC: Cost-per-click CPM: Cost per impression/Cost per mille CRM: Customer Relationship Management DMS: Document Management Systems ECM: Electronic Content Management EMEA: Europe, the Middle East and Africa ERP: Enterprise Resource Planning FMCG: Fast Moving Consumer Goods HR: Human Resources IT: Information Technology M2M: Machine-to-Machine MEMS: Micro-Electro-Mechanical Systems MENA: Middle East and North Africa SEO: Search Engine Optimisation UND: Ultra-Narrow Band

September 2012

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