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Technology, Media & Telecom TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 3Q 2016 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. www.harriswilliams.de Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze, and Mr. Aadil Khan, authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 3Q 2016 HARRIS WILLIAMS & CO. OVERVIEW CONTENTS HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM . IDM OVERVIEW . WHAT WE’RE READING KEY FACTS . SELECT M&A TRANSACTIONS – 3Q 2016 . IDM M&A ACTIVITY . Approximately 250 . IDM SECTOR OVERVIEWS professionals across seven . IDM PRIVATE PLACEMENTS OVERVIEW offices in the U.S. and Europe . IDM PUBLIC COMPARABLES OVERVIEW . TECHNOLOGY IPO OVERVIEW . Strategic relationships in . DEBT MARKET OVERVIEW India and China . APPENDIX: PUBLIC COMPARABLES DETAIL . 10 industry groups TMT CONTACTS HW&Co. Office UNITED STATES Network Office Jeff Bistrong Managing Director [email protected] HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP FOCUS AREAS Sam Hendler Managing Director [email protected] INTERNET & DIGITAL MEDIA SOFTWARE / SAAS Mike Wilkins . AdTech and Marketing . eCommerce . Enterprise Software . IT and Tech-enabled Managing Director [email protected] Solutions . Media, Content, and . Data and Analytics Services EUROPE . Data and Information Gaming . Infrastructure and . Data Center and Services Security Software Managed Services Thierry Monjauze Managing Director [email protected] TMT VERTICAL FOCUS AREAS . Education . Fintech . Manufacturing . Public Sector and Non-Profit TO SUBSCRIBE PLEASE EMAIL: *[email protected] . Energy, Power, and . Healthcare IT . Professional Services . Supply Chain, Transportation, Infrastructure and Logistics SELECT 2016 AND 2015 HW&CO. TMT TRANSACTIONS Baarsma B2C trades as: pending has been has received a has been has acquired has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by recapitalization by recapitalized by majority investment recapitalized by from PAGE | 1 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 3Q 2016 HARRIS WILLIAMS & CO. INTERNET & DIGITAL MEDIA (IDM) OVERVIEW Primary IDM Contact ABOUT THE SECTOR Mike Wilkins Managing Director Harris Williams & Co.’s Technology, Media & Telecom (“TMT”) Group is dedicated to providing 575 Market Street, 31st Floor superior merger & acquisition and capital markets advisory services to market leading companies. San Francisco, California 94105 We are pleased to issue the 3Q 2016 Internet & Digital Media Sector Update, which provides Office: 415.217.3411 commentary and analysis on the current IDM M&A environment and market trends. Mobile: 415.722.4550 [email protected] SECTION CONTENTS AdTech and Marketing Solutions eCommerce • Advertising Networks and Search Portals • Marketplace • Marketing Technology • Travel • eCommerce Enablement • Flash Sales, Promotional, and Coupons • Vertical eCommerce Data and Information Services Media, Content, and Gaming • Proprietary Data Networks • Digital Media • Community Based Information Services • Online Content • Social Media • Gaming SELECT HW&CO. INTERNET & DIGITAL MEDIA TRANSACTIONS Provider of B2B Leading Baarsma B2C trades as: Leading B2C Provider of Cloud-based Provider of news, inbound eCommerce online information data-driven information, demand wine retail community and analytics marketing and data, software generation platform in management platform for analytics tools and custom and sales Europe has been acquired by solutions has been acquired by the aviation has been acquired by to the has been acquired by has been acquired by has been acquired by content conversion industry automotive solutions for platform industry the travel industry PAGE | 2 TECHNOLOGY, MEDIA & TELECOM QUARTERLY INTERNET & DIGITAL MEDIA SECTOR REVIEW │ 3Q 2016 WHAT WE’RE READING HOW ARTIFICIAL INTELLIGENCE IS CHANGING ONLINE RETAIL FOREVER (OCTOBER 11, 2016) Artificial intelligence (“A.I.”) is beginning to demonstrate a potentially transformative impact on online retail. Though the full implications of the technological trend for the sector have yet to be determined, its benefits are already becoming tangible. Even now, there are areas where A.I. is showing the ability to plug seamlessly into retailers’ existing online infrastructure and provide immediate value for businesses and consumers alike. As the applications of A.I. evolve, the purchasing lifecycle from product discovery to the logistics of delivery will be meaningfully impacted—providing early-adopters with clear advantages over those who choose to ignore its utility, while simultaneously introducing consumers to a new chapter of eCommerce, one that is increasingly more personalized and intuitive. TechCrunch TWITTER’S TROUBLES AND SNAP’S APPEAL: IT’S ALL ABOUT THE MOJO (OCTOBER 11, 2016) The contrasting narratives of Twitter and Snap illuminate recent dynamics in Silicon Valley M&A and valuation. Over time, as Twitter’s potential sale played out on a public stage, speculations regarding the various causes for the slow cooling of buyer interest began to center upon several issues, with one key issue amongst all: user growth. For Twitter, though revenue has more than tripled since its IPO, user growth has waned significantly. At filing in 2013, the company posted 39% year-over-year growth whereas, in the three months ended June 30th, that number has fallen significantly to 3% year-over-year growth. On the other hand, Snap is still riding high atop its 150 million daily active users and 30% user growth rate—supporting a potential valuation of $25 billion. The careful cultivation of momentum at Twitter, once valued at $40 billion, no longer sustains the company and, as observers continue to parse the company’s recent M&A difficulties, many are left to wonder if there aren’t insights to be gleaned regarding sky-high social media valuations. The New York Times DOUBTS ABOUT DIGITAL ADS RISE OVER NEW REVELATIONS (SEPTEMBER 23, 2016) In recent months, several significant revelations have further called into question the integrity of both reported advertising data and the reporting party: the revelations that Facebook overestimated the average time spent watching video ads on its platform by up to 80%; that Denstu overcharged at least 111 companies for internet ads; and that ad agencies may have accepted rebates from media companies without informing clients. These developments have all served to compound a mounting concern: that marketers are wasting billions of dollars on digital advertising. In light of this concern, calls for greater accountability and transparency have resounded amongst ad buyers, with some voicing support for broader third-party verification. Without a standardized currency on which to base performance, buyers are struggling to be able to judge the efficacy of their campaigns, and as decisions around budget allocation are further contemplated, the trumpeted value of digital advertising is being re-assessed by some. The Wall Street Journal INSIDE VERIZON’S GAMBLE ON DIGITAL MEDIA (AUGUST 2, 2016) Verizon is stepping up a $10 billion effort to build out its digital media business. The telecom giant’s apparent plan is to acquire, develop, and distribute creative content, while using the vast data collected from mobile phones to offer highly targeted advertising to its tens of millions of users. In so doing, Verizon is hoping to present itself as a strong contender to Facebook and Google as the three vie for advertising dollars—leveraging the diverse assets gained through Verizon’s notable acquisitions of AOL and Yahoo. The company’s digital media push comes in the midst of a 5% quarterly decline in revenue despite a 44% surge in smartphone data usage, signaling heightened competition in the sector. Indeed, collective performance has plateaued across the wireless industry, prompting other carriers to similarly seek out new avenues of strategic reinvention. The Wall Street Journal HOW THE MEDIA WILL RISE IN THE FACE OF THE DIGITAL REVOLUTION (JULY 28, 2016) Despite suffering a continued downturn since 2007, broadcasters and publishers may have cause for optimism in the near term. It is no secret that the ‘digital age’ has beset many media institutions with a series of challenges—declining advertising revenue brought on by channel proliferation, shifting consumer
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