DOCSLIB.ORG

Watermarking of Image Signal Based on Discrete Cosine Transform (DCT)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Watermarking of Image Signal Based on Discrete Cosine Transform (DCT) ISSN: 2277-3754 ISO 9001:2008 Certified International Journal of Engineering and Innovative Technology (IJEIT) Volume 3, Issue 11, May 2014 Watermarking Of Image Signal Based On Discrete Cosine Transform (DCT) 1Huma Vohra, 2Rajiv Dahiya 1 (M-Tech Scholar, PDM College of Engineering, Bahadurgarh, Haryana) 2 (Assistant Professor, PDM College of Engineering, Bahadurgarh, Haryana) Abstract: - In this paper, we present a digital has been inserted into the host signal should be invisible watermarking techniques based on the discrete cosine by the human eye. Usually each watermarked signal may transform. This is a type of frequency domain watermarking be subjected to intentional or unintentional attacks where that uses the approach of transform domain signal. This method operates in the frequency domain embedding a the signal is chased and an attempt is made to alter or watermark image in a selected set of DCT coefficients. remove the watermark from the watermarked signal. Watermark casting is performed by exploiting the masking Filtering, adding noise, and geometric distortions are characteristics of the Human Visual System, to ensure among these attacks. All video watermarking methods are watermark invisibility. We proposed a 2-dimension image categorized into two domains: uncompressed domain [8]- watermarking algorithm in DCT domain. In order to embed [12] and compressed domain [13], [14]; in which the an image watermark, we split the image watermark into blocks and transform them into DCT domain. Then these DCT uncompressed domain can in turn be divided into spatial coefficients are quantized and adjusted. Finally, we choose the domain [12] and transform domain [8]-[11]. non-zero DCT coefficients of each block to constitute the In this paper, we present a digital watermarking watermark. We split the cover image into blocks and classify techniques based on the discrete cosine transform. This is these blocks based on the human visual system, and transform a type of frequency domain watermarking that uses the them into DCT domain. Experimental results demonstrate that approach of transform domain signal. In order to embed the watermark is robust to most of the signal processing techniques and geometric distortions. Results show the an image watermark, we split the image watermark into performance of DCT based watermarking of gray scale image blocks and transform them into DCT domain. Then these and color image in the presence of image reshaping and JPEG DCT coefficients are quantized and adjusted. compression with 5% and 10% quality. Simulation results The rest of the paper is organized as follows: In reveal that the DCT watermarking outperforms over random Section II, basic steps of digital watermarking is water marks. explained with visible and invisible watermarking. In section III, attacks in digital images are presented Index Terms: - Image watermarking, Discrete cosine compression and rotation and rescaling is explained. transform, frequency domain watermarking, JPEG Section IV presents the DCT based watermarking. compression. Different steps used with digital watermarking are presented. Section V, simulation results will be explained I. INTRODUCTION with the help of graphical representation with different A watermarking system can be viewed as a attacks. Section VI, conclusions will be put forward. communication system consisting of three main elements: an embedder, a communication channel and a detector. II. DIGITAL WATERMARKING To be more specific, the watermark information is embedded within the host signal before the watermarked Digital watermarking is the process of embedding signal is transmitted over the communication channel, so information into a digital signal. In visible watermarking, that the watermark can be detected at the receiving end, the information is visible in the picture or video. that is, at the detector. Digital watermarking is a good Typically, the information is text or a logo which technique to prevent illegal distributions of multimedia identifies the owner of the media [7]. In invisible data [1]. Digital watermarking is the imperceptible watermarking, information is added as digital data to insertion of copyright information into multimedia data audio, picture or video, but it cannot be perceived as such. [4], where the information remains detectable as long the An important application of invisible watermarking is to quality of the content itself is not rendered useless. It is copyright protection systems, which are intended to commonly assumed that digital watermarking is the only prevent or deter unauthorized copying of digital media one of several measures that has to be combined to build [5]. a good copy protection mechanism [4]. All digital watermarking schemes could possibly Although there are a variety of digital watermarking partake in the same generic principal of the watermarking methods but the performance of any digital watermarking implementation which are the two watermarking systems must be evaluated on merits such as: transparency, and known as embedding and extracting systems. The robustness, capacity, security, and rapid detection. In a scheme’s input is the watermark itself and it can be such good watermarking algorithm [3]-[7], the watermark that an image or a secret key. The digital watermark can be 274 ISSN: 2277-3754 ISO 9001:2008 Certified International Journal of Engineering and Innovative Technology (IJEIT) Volume 3, Issue 11, May 2014 formed in many different forms such as a text, a number and the locally generated version do not share the same or even an image. The real use of the key the scheme has spatial pattern anymore. is to compel the security which then can prevent those unauthorized parties from manipulating either from IV. DCT BASED WATERMARKING recovering the watermark. The watermark scheme will In this section, we are presenting the watermarking have an output which is the watermarked data. Fig. 1 algorithm based on DCT with both colour and B/W shows the generic scheme for digital watermarking image. technique. A. DCT TRANSFORM BASED EMBEDDING SYSTEM Let’s X is referred to the original image (cover image), and its size N1 X N2. Moreover, let us suppose Y as a notation for the watermark image and its size noted as M1 X M2. The size of the watermark image that we donated as Y is supposed to be smaller than the size of the cover image X. Step 1: Both the cover image X and the watermark Y must be divided into block. Step 2: For the purpose of enhancing the perceptual invisibility, we need to take within consideration the understanding of the original image characteristics. Thus, those divided blocks from the watermark which contain such more details or more complex contents should be in fact embedded into those blocks of the original image Fig. 1 generic scheme for digital watermarking technique which also consist of more information. III. ATTACKS IN IMAGE SIGNALS Step 3: After breaking the original image X into The distortions are limited to those that do not produce blocks, the DCT transform [15] is then applied and excessive degradations, since otherwise the transformed performed for each block of the image X so that each object would be unusable. These distortions also single block can be DCT transformed independently[16]. introduce degradation on the performance of the system. For intentional attacks, the goal of the attacker is to Step 4: Since we have got the image X and the maximize the reduction in these probabilities while watermark Y converted into the frequency domain as in minimizing the impact that his/her transformation the new resultant image A, all we need to do next is produces on the object; this has to be done without knowing the value of the secret key used in the extracting out the middle-frequency coefficients ( FM) watermarking insertion process, which is where all the from the computed image A. In fact, there is a significant security of the algorithm lies [7]. There are many more cause for the reason of choosing the middle-frequency attacks associated with image signal here we are coefficients of A and it is due to two significant folded as considering compression and scaling and rotating. follow: Compression: This is generally an unintentional attack 1. The first basis is that the human eye indeed is which appears very often in multimedia applications. more sensitive to whatever noise existing within Practically all the audio, video and images that are the frequency components of the low region ( currently being distributed via Internet have been FL), so it’s more sensitive to the noise in those compressed. If the watermark is required to resist lower frequency components than to the different levels of compression, it is usually advisable to components of the higher frequencies. perform the watermark insertion task in the same domain Therefore, we should not replace the watermark where the compression takes place. into those components where the low frequency Rotation and Scaling: This has been the true battle region is placed. horse of digital watermarking, especially because of its 2. The second basis however is the fact that since success with still images. Correlation based detection and the components of the higher frequencies are extraction fail when rotation or scaling is performed on being affected by means of the quantization the watermarked image because the embedded watermark operation for the JPEG lossy compression, 275 ISSN: 2277-3754 ISO 9001:2008 Certified International Journal of Engineering and Innovative Technology (IJEIT) Volume 3, Issue 11, May 2014 replacing the watermark into this frequency band In this section, simulation results are presented for of the high region ( FH) may discard the watermarking of gray scale image and color image in the watermark while performing the lossy presence of compressed and rescaled images. compression. Step 5: for any DCT transformed image that has been A. WATERMARKING THE GRAY-SCALE IMAGES divided into the size of 8x8 block out of 64 coefficients Fig. 2 shows a 256x256 gray-scale image of a horse and fig.
Load more

Recommended publications
  • Digital Watermarking Based on DCT Transform
    A Survey of Digital Watermarking Technologies Lin Liu [email protected] Abstract: This report introduces the basic concepts in digital watermarking. Common watermarking technologies are reviewed. Some experiment results are provided as well. Index Terms: Digital watermarking, copyright protection 1. INTRODUCTION During the past decade, with the development of information digitalization and internet, digital media increasingly predominate over traditional analog media. However, as one of the concomitant side-effects, it is also becoming easier for some individual or group to copy and transmit digital products without the permission of the owner. The digital watermark is then introduced to solve this problem. Covering many subjects such as signal processing, communication theory and Encryption, the research in digital watermark is to provide copyright protection to digital products, and to prevent and track illegal copying and transmission of them. Watermarking is embedding information, which is able to show the ownership or track copyright intrusion, into the digital image, video or audio. Its purpose determines that the watermark should be indivisible and robust to common processing and attack. Currently the digital watermarking technologies can be divided into two categories by the embedding position——spatial domain and transform domain watermark. Spatial domain techniques developed earlier and is easier to implement, but is limited in robustness, while transform domain techniques, which embed watermark in the host’s transform domain, is more sophisticated and robust. With the development of digital watermarking, spatial techniques, due to their weakness in robustness, are generally abandoned, and frequency algorithm based on DCT or DWT becomes the research focus. Another tendency in watermarking is blind extraction, which means the host is not need when extracting the watermark; otherwise it is hard to avoid the multiple claims of ownerships.
    [Show full text]
  • DIGITAL Media Players Have MEDIA Evolved to Provide PLAYERS a Wide Range of Applications and Uses
    2011-2012 Texas 4-H Study Guide - Additional Resources DigitalDIGITAL media players have MEDIA evolved to provide PLAYERS a wide range of applications and uses. They come in a range of shapes and sizes, use different types of memory, and support a variety of file formats. In addition, digital media players interface differently with computers as well as the user. Consideration of these variables is the key in selecting the best digital media player. In this case, one size does not fit all. This guide is intended to provide you, the consumer, with information that will assist you in making the best choice. Key Terms • Digital Media Player – a portable consumer electronic device that is capable of storing and playing digital media. The data is typically stored on a hard drive, microdrive, or flash memory. • Data – information that may take the form of audio, music, images, video, photos, and other types of computer files that are stored electronically in order to be recalled by a digital media player or computer • Flash Memory – a memory chip that stores data and is solid-state (no moving parts) which makes it much less likely to fail. It is generally very small (postage stamp) making it lightweight and requires very little power. • Hard Drive – a type of data storage consisting of a collection of spinning platters and a roving head that reads data that is magnetically imprinted on the platters. They hold large amounts of data useful in storing large quantities of music, video, audio, photos, files, and other data. • Audio Format – the file format in which music or audio is available for use on the digital media player.
    [Show full text]
  • Digital Media: Rise of On-Demand Content 2 Contents
    Digital Media: Rise of On-demand Content www.deloitte.com/in 2 Contents Foreword 04 Global Trends: Transition to On-Demand Content 05 Digital Media Landscape in India 08 On-demand Ecosystem in India 13 Prevalent On-Demand Content Monetization Models 15 On-Demand Content: Music Streaming 20 On-Demand Content: Video Streaming 28 Conclusion 34 Acknowledgements 35 References 36 3 Foreword Welcome to the Deloitte’s point of view about the rise key industry trends and developments in key sub-sectors. of On-demand Content consumption through digital In some cases, we seek to identify the drivers behind platforms in India. major inflection points and milestones while in others Deloitte’s aim with this point of view is to catalyze our intent is to explain fundamental challenges and discussions around significant developments that may roadblocks that might need due consideration. We also require companies or governments to respond. Deloitte aim to cover the different monetization methods that provides a view on what may happen, what could likely the players are experimenting with in the evolving Indian occur as a consequence, and the likely implications for digital content market in order to come up with the various types of ecosystem players. most optimal operating model. This publication is inspired by the huge opportunity Arguably, the bigger challenge in identification of the Hemant Joshi presented by on-demand content, especially digital future milestones about this evolving industry and audio and video in India. Our objective with this report ecosystem is not about forecasting what technologies is to analyze the key market trends in past, and expected or services will emerge or be enhanced, but in how they developments in the near to long-term future which will be adopted.
    [Show full text]
  • Technology, Media and Telecommunications Review
    Telecommunications Review Telecommunications the Technology, Media and and Media Technology, Technology, Media and Telecommunications Review Eleventh Edition Editor Matthew T Murchison Eleventh Edition lawreviews © 2020 Law Business Research Ltd Technology, Media and Telecommunications Review Eleventh Edition Reproduced with permission from Law Business Research Ltd This article was first published in December 2020 For further information please contact [email protected] Editor Matthew T Murchison lawreviews © 2020 Law Business Research Ltd PUBLISHER Tom Barnes SENIOR BUSINESS DEVELOPMENT MANAGER Nick Barette BUSINESS DEVELOPMENT MANAGER Joel Woods SENIOR ACCOUNT MANAGERS Pere Aspinall, Jack Bagnall ACCOUNT MANAGERS Olivia Budd, Katie Hodgetts, Reece Whelan PRODUCT MARKETING EXECUTIVE Rebecca Mogridge RESEARCH LEAD Kieran Hansen EDITORIAL COORDINATOR Gavin Jordan PRODUCTION AND OPERATIONS DIRECTOR Adam Myers PRODUCTION EDITOR Anna Andreoli SUBEDITOR Martin Roach CHIEF EXECUTIVE OFFICER Nick Brailey Published in the United Kingdom by Law Business Research Ltd, London Meridian House, 34–35 Farringdon Street, London, EC4A 4HL, UK © 2020 Law Business Research Ltd www.TheLawReviews.co.uk No photocopying: copyright licences do not apply. The information provided in this publication is general and may not apply in a specific situation, nor does it necessarily represent the views of authors’ firms or their clients. Legal advice should always be sought before taking any legal action based on the information provided. The publishers
    [Show full text]
  • How Will Technology, Media, and Telecommunications Companies Prepare for Further Disruption Ii at a Glance
    Streaming the future How will technology, media, and telecommunications companies prepare for further disruption ii At a glance Perhaps no other development in recent history Bottom line: It is hard to predict how things will has transformed the business landscape as look just a few years from now. To better envision much as the Internet. In less than two decades, the future, PwC has analyzed the key uncertainties life without the Internet has become almost facing TMT companies and developed a series unimaginable. And yet, recent international court of scenarios for what the playing field might look cases and the policymaking of some governments under different circumstances. These scenarios make the future of the Internet as we now know can help industry participants and investors to it less than certain. navigate the future. A handful of technology, media, and telecommu- We start with a contextual assessment of the forces nications (TMT) companies have come to dominate of change affecting TMT companies (page 2), various aspects of the Internet, including access, then explore two uncertainties that will have search, social networking, on-line shopping, a profound impact on how TMT companies grow the sharing economy, advertising, and content and compete over the coming decade (page 6), creation and distribution. These players were assess the scenarios uncovered by those able to enter the market with unique offerings uncertainties (page 10), and finally, describe the or business models, quickly shaking up industry implications of those scenarios (page 17). after industry. These disruptors appear to have a stronghold in their chosen markets, but ongoing innovation in the Internet space continues to usher in new businesses that could well end up disrupting the disruptors.
    [Show full text]
  • Embedding and Extracting Digital Watermark Based on DCT Algorithm
    Journal of Computer and Communications, 2018, 6, 287-298 http://www.scirp.org/journal/jcc ISSN Online: 2327-5227 ISSN Print: 2327-5219 Embedding and Extracting Digital Watermark Based on DCT Algorithm Haiming Li, Xiaoyun Guo School of Computer Science and Technology, Shanghai University of Electric Power, Shanghai, China How to cite this paper: Li, H.M. and Guo, Abstract X.Y. (2018) Embedding and Extracting Dig- ital Watermark Based on DCT Algorithm. The principle of digital watermark is the method of adding digital watermark Journal of Computer and Communications, in the frequency domain. The digital watermark hides the watermark in digi- 6, 287-298. tal media, such as image, voice, video, etc., so as to realize the functions of https://doi.org/10.4236/jcc.2018.611026 copyright protection, and identity recognition. DCT for Discrete Cosine Received: September 15, 2018 Transform is used to transform the image pixel value and the frequency do- Accepted: November 25, 2018 main coefficient matrix to realize the embedding and extracting of the blind Published: November 28, 2018 watermark in the paper. After success, the image is attacked by white noise Copyright © 2018 by authors and and Gaussian low-pass filtering. The result shows that the watermark signal Scientific Research Publishing Inc. embedded based on the DCT algorithm is relatively robust, and can effective- This work is licensed under the Creative ly resist some attack methods that use signal distortion to destroy the water- Commons Attribution International mark, and has good robustness and imperceptibility. License (CC BY 4.0). http://creativecommons.org/licenses/by/4.0/ Keywords Open Access Digital Watermark, DCT Algorithm, White Noise, Gaussian Low-Pass Filtering, Robustness, Imperceptibility 1.
    [Show full text]
  • Digital Media Technology
    MCC-1011A Digital Media Technology A.A.S. Degree (A25210) Certificate (C25210) Business Technologies The Digital Media program prepares students for entry-level jobs in the digital design and multimedia industry. Students learn to synthesize multimedia, hypertext, computer programming, Job Outlook information architecture, and client/server technologies using both Internet and non-network- According to the U.S. Department of Labor's based media. Occupational Outlook Handbook, “Employment of web developers is Students develop skills in communication, critical thinking, and problem solving as well as interface projected to grow 20 percent from 2012 to design, multimedia formats, application programming, data architecture, and client/server 2022, faster than the average for all technologies. The program develops technical skills through practical applications that employ occupations. Demand will be driven by the current and emerging standards and technologies. growing popularity of mobile devices and Graduates should qualify for employment as web designers, graphic artists/designers, multimedia ecommerce.” specialists, web developers, web content specialists, media specialists, information specialists, Source: Bureau of Labor Statistics, U.S. Department of Labor, digital media specialists, animation specialists, interface designers, and many new jobs yet to be Occupational Outlook Handbook, 2014-15 Edition, Web defined in this expanding field. Developers, on the Internet at http://www.bls.gov/ooh/ computer-and-information-technology/web-developers.htm
    [Show full text]
  • G. Resolution to Establish School of Communication Digital Media
    RESOLUTION TO ESTABLISH THE SCHOOL OF COMMUNICATION AND DIGITAL MEDIA IN THE COLLEGE OF LIBERAL ARTS AND HUMAN SCIENCES WHEREAS, the domain of communication has grown in terms of specialization, expertise, disciplinary areas, and methodologies; and WHEREAS, a School of Communication and Digital Media will enhance the university’s ability to create, convey, and apply knowledge that expands personal growth and understanding of human communication, improves media practice, and broadens media literacy among voters and other media consumers; and WHEREAS, a School of Communication and Digital Media will advance social and community development through ethical news and sports reporting, advertising, corporate communication, and public relations and foster economic competitiveness through industry- related majors in advertising, communication science and social inquiry, digital media production, multimedia journalism, sports media and analytics, professional communication, and public relations; and WHEREAS, a School of Communication and Digital Media will align curriculum resources more efficiently and allow more coordinated and strategic investment of resources within the college and university in communication and digital-media instruction; and WHEREAS, a School of Communication and Digital Media will more closely align the communication programs with national, institutional, and SCHEV peers that have colleges or schools of communication, journalism, or media; and WHEREAS, a School of Communication and Digital Media supports the land-grant
    [Show full text]
  • A Cross- Sectional Study Among Switzerland-Based Occupational
    Does Therapy Always Need Touch? - A cross- sectional study among Switzerland-based occupational therapists and midwives regarding their experience with health care at a distance during the COVID-19 pandemic in Spring 2020 Verena Klamroth ( [email protected] ) ZHAW: Zurcher Hochschule fur Angewandte Wissenschaften https://orcid.org/0000-0002-8944-792X Michael Gemperle ZHAW: Zurcher Hochschule fur Angewandte Wissenschaften Thomas Ballmer ZHAW: Zurcher Hochschule fur Angewandte Wissenschaften Susanne Grylka-Baeschlin ZHAW: Zurcher Hochschule fur Angewandte Wissenschaften Jessica Pehlke-Milde ZHAW: Zurcher Hochschule fur Angewandte Wissenschaften Brigitte Gantschnig ZHAW: Zurcher Hochschule fur Angewandte Wissenschaften Research article Keywords: Tele-health, tele-care, tele-rehabilitation, tele-monitoring health professions, video-telephony, technology acceptance, occupational therapy, midwifery Posted Date: November 6th, 2020 DOI: https://doi.org/10.21203/rs.3.rs-103168/v1 License: This work is licensed under a Creative Commons Attribution 4.0 International License. Read Full License Page 1/19 Abstract Background: The COVID-19 pandemic impedes therapy and care activities. Health care at a distance (HCD) is a promising way to ll the supply gap. However, facilitators and barriers inuence the use and experience of HCD in occupational therapists (OTs) and midwives. We identied use of services and appraisal of experiences of Switzerland-based OTs and midwives regarding the provision of HCD during the lockdown as it pertains to the COVID-19 pandemic in spring 2020. 1. Hypothesis: Profession, age in years, and area of work have a signicant and meaningful inuence over whether HCD is provided. 2. Hypothesis: Profession, age in years, area of work, possibility of reimbursement by health insurance, and application used have a signicant and meaningful inuence on the experience of HCD.
    [Show full text]
  • Singular Value Decomposition and Discrete Cosine Transform Based Image Watermarking
    Master Thesis Computer Science Thesis no: MCS-2008:8 January 23, 2008 Singular Value Decomposition and Discrete Cosine Transform Based Image Watermarking S.M. Rafizul Haque Department of Interaction and System Design School of Engineering Blekinge Institute of Technology Box 520 SE – 372 25 Ronneby Sweden This thesis is submitted to the Department of Interaction and System Design, School of Engineering at Blekinge Institute of Technology in partial fulfillment of the requirements for the degree of Master of Science in Computer Science. The thesis is equivalent to 20 weeks of full time studies. Contact Information: Author: S.M. Rafizul Haque E-mail: [email protected] Advisor(s): Guohua Bai Email: [email protected] Department of Interaction and System Design Department of Internet : www.bth.se/tek Interaction and System Design Phone : +46 457 38 50 00 Blekinge Institute of Technology Fax : + 46 457 102 45 Box 520 SE – 372 25 Ronneby Sweden ii Acknowledgement I would like to express my sincere and heartiest gratitude to my honorable supervisor Dr. Guohua Bai for his continuous help, guidance, constant support and enduring patience throughout the progress of this thesis. I would like to extend my special appreciation and gratitude to my parents and my friends for their encouragement, endless love and understanding of my spending lots of time on this work iii Abstract Rapid evolution of digital technology has improved the ease of access to digital information enabling reliable, faster and efficient storage, transfer and processing of digital data. It also leads to the consequence of making the illegal production and redistribution of digital media easy and undetectable.
    [Show full text]
  • Digital Media | Internet Sector Report
    INTERNET & DIGITAL MEDIA SECTOR REPORT Q3 2019 EXECUTIVE SUMMARY Q3 2019 Internet & Digital Media Wrap-Up » Internet & Digital Media continues to be a highly active category, with ~$34.5Bn in M&A volume (including the $20.9Bn Viacom-CBS merger) and ~$12.9Bn in financing volume during Q3 ’19 - 15 M&A transactions in Q3 ‘19 as varied as: Vista / Acquia (CMS); Prudential / Assurance (Insuretech); Vox / New York Magazine; Hasbro / eONE - 688 financings across all stages -- from seed to LBO – in Q3 ’19 consistent with the similar volume in Q3 ’18 » Financial sponsor-backed M&A and financing activity remains healthy in the category as firms look to deploy capital and back innovators and market leaders, especially leading digital brands - Vista Equity continues its strong pace of investment with its purchase of Acquia, an open digital experience company, in its third billion dollar deal in the last 12 months - Growth equity investment continued in Q3 including Sequoia’s investments in Stripe and Thumbtack and TCG’s investment in Food52 » Q3 public capital markets activity saw 22 VC-backed IPOs, dominated by technology-based D2C companies including Peleton and SmileDirectClub; the number of VC-backed U.S. unicorns remains at a record high » From a trading perspective, Marketplace companies lead the public company pack, trading at 7.1x EV / ’19E Revenue and 21.3x EV/ ’19E EBITDA on average Select Q3 Active Buyers Select Q3 Active Investors TCG Notes: Sources: Capital IQ, PitchBook, PriceWaterhouseCoopers / NVCA MoneyTree Report, Wall Street Research.
    [Show full text]
  • Digital Media | Internet Sector Report
    INTERNET & DIGITAL MEDIA SECTOR REPORT Q4 2019 EXECUTIVE SUMMARY Q4 2019 Internet & Digital Media Wrap-Up » Internet & Digital Media continues to be a highly active category, with ~$24.3Bn in M&A volume and ~$12.7Bn in financing volume during Q4 ’19 - 20 M&A transactions in Q4 ‘19 as varied as: PayPay / Honey (eCommerce); Platinum Equity / Cision (PR Software and Services); Thoma Bravo / Instructure (Learning Management Software) - 706 financings across all stages -- from seed to LBO – in Q4 ’19 consistent with the similar volume in Q4 ’18 » High-profile, billion dollar M&A deals abounded in Q4 2019, with both strategic buyers and financial sponsors driving deal activity, as they look to build out their offerings / remain competitive and deploy capital / back innovators, respectively » At the end of 2019, a record 199 VC-backed private companies are valued at greater than $1BN, compared to just 149 a year ago; these unicorns are comprised heavily of consumer-facing start-ups who raised billions in 2019, such as Airbnb, SoFi, and Juul Labs » Q4 public capital markets activity saw 20 VC-backed technology IPOs, a slight drop from the 22 that occurred in Q3. Overall, technology IPOs experienced an increase in 2019 compared to 2018 » From a trading perspective, Marketplace companies lead the public company pack, trading at 7.0x EV / ’19E Revenue and 20.9x EV/ ’19E EBITDA on average Select Q4 Active Buyers Select Q4 Active Investors Notes: Sources: Capital IQ, PitchBook, PriceWaterhouseCoopers / NVCA MoneyTree Report, Wall Street Research. 2
    [Show full text]