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Internet Industry Update Q1 2020

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Internet Industry Update Q1 2020 Mergers & Acquisitions Capital Raising Strategic Advisory Internet Industry Update Q1 2020 1 │ Internet Industry Update Q1 2020 Vista Point Advisors Overview Vista Point Advisors was founded on the principle that founder-led technology companies in the emerging and middle markets are unique and require specialized attention and advice when considering investment and exit opportunities. Our unique focus on sell-side processes provides our clients with unconflicted advice that assures our interests are completely aligned with the entrepreneur. VPA is focused exclusively on working with founder- owned and operated businesses to deliver the most favorable transactions at premium valuations. Deep Technology Differentiated Negotiation Unconflicted Advice Domain Expertise Framework Vista Point exclusively provides sell-side Vista Point bankers are industry specialists that The firm utilizes a unique negotiation M&A and Capital Raising advisory services focus exclusively on core technology markets framework to increase the to technology businesses removing the allowing us to provide relevant insights into our competitiveness of the transaction conflict of interest associated with working client’s business and create the strategic process, and ultimately yield higher both sides of the table. framework to optimize valuation. valuations at better terms for clients. 2 │ Internet Industry Update Q1 2020 Our Differentiated Model Yields Unrivaled Results Software Client (Undisclosed) acquired by acquired by acquired by acquired by investment from acquired by acquired by a portfolio company of a portfolio company of a portfolio company of March 2020 January 2020 December 2019 November 2019 November 2019 November 2019 August 2019 acquired by acquired by acquired by acquired by investment from acquired by acquired by a portfolio company of a portfolio company of a portfolio company of a portfolio company of August 2019 July 2019 May 2019 May 2019 May 2019 May 2019 January 2019 acquired by acquired by investment from acquired by acquired by investment from investment from June 2018 December 2018 November 2018 November 2018 October 2018 July 2018 July 2018 acquired by acquired by investment from acquired by investment from investment from investment from a portfolio company of a portfolio company of May 2018 April 2018 March 2018 January 2018 December 2017 November 2017 September 2017 3 │ Internet Industry Update Q1 2020 Q1 2020 Internet Industry Overview • There were 62 reported Internet M&A transactions in Q1 2020, representing more than $1.0B in transaction value − Internet M&A deal volume in Q1 2020 was down 30.3% relative to Q1 2019, which saw 89 transactions − Notable deals include: • Facebank Group’s $700M acquisition of fuboTV • Scopely’s $250M acquisition of FoxNext Games • The acquisition of Addison Lee for $51M by a consortium of investors including Cheyne Capital and Liam Griffin • The Internet IPO market saw three major IPO pricings in Q1 2020: − Danke Apartment, an online real estate platform based in China, raised $130M on January 17th and traded down 36% through the end of the quarter − Lizhi, an interactive online audio entertainment platform in China, raised $45M on January 17th and traded down 36% through the end of the quarter − Casper, an online mattress company, raised $100M on February 6th and traded down 64% through the end of the quarter 4 │ Internet Industry Update Q1 2020 Active Acquirers and Notable Transactions Most Active Acquirers (Since 2010) 1 $38.4 $40.0 $33.1 $30.7 $26.7 $30.0 $20.0 $12.8 $9.0 $10.0 $5.2 $2.1 Reported Value ($bn) Value Reported $0.6 $1.1 $0.1 $1.3 $0.5 $1.8 $0.0 70 2 60 Deals <$1b 50 Deals >$1b 8 40 2 1 30 60 2 6 5 4 20 32 30 28 27 10 26 22 22 22 25 23 Number of Transactions of Number 18 17 16 16 0 Notable Recent Transactions Acquirer Target Date 3/20/20 1/22/20 3/24/20 EV $700M $250M $51M EV / LTM Rev Undisclosed Undisclosed Undisclosed Sector Categorization Internet Streaming Services Gaming Transportation Technology Source: Pitchbook as of 3/31/20. 1Blanks indicate undisclosed transaction values. 5 │ Internet Industry Update Q1 2020 Internet M&A Market Overview Quarterly Internet M&A Value and Deal Count (Since 2012) $80 $70 $70 $60 $57 $50 $41 $40 $30 $29 $28 $28 $26 $26 $26 $30 $37 $21 Transaction Value ($bn) Value Transaction $20 $20 $16 $27 $23 $24 $20 $21 $21 $21 $20 $18 $19 $10 $15 $15 $16 $14 $13 $12 $10 $10 $10 $0 600 505 500 414 407 399 400 376 369 363 348 344 340 336 318 308 312 313 310 320 301 296 293 297 300 267 276 274 270 276 251 253 229 230 233 240 236 200 Number of Transactions of Number 100 0 Q1 '12 Q1 '12 Q2 '12 Q3 '12 Q4 '13 Q1 '13 Q2 '13 Q3 '13 Q4 '14 Q1 '14 Q2 '14 Q3 '14 Q4 '15 Q1 '15 Q2 '15 Q3 '15 Q4 '16 Q1 '16 Q2 '16 Q3 '16 Q4 '17 Q1 '17 Q2 '17 Q3 '17 Q4 '18 Q1 '18 Q2 '18 Q3 '18 Q4 '19 Q1 '19 Q2 '19 Q3 '19 Q4 '20 Q1 Source: Pitchbook as of 3/31/20, Time Warner/Comcast, Time Warner/Charter, EMC/Denali, LinkedIn/Microsoft, CA Technologies/Broadcom, Red Hat/IBM, Refinitiv/Blackstone, BMC/KKR, First Data/Fiserv, Tableau/Salesforce, and Just Eat/Takeaway.com, E*Trade/Morgan Stanley deals omitted from top graph 6 │ Internet Industry Update Q1 2020 Internet M&A Market Overview Transactions by Reported Value Q1 '19 Q1 '20 25% 44% 15% 20% >$1B 9% $500M - $1B Total: $151B $250M - $500M Total: $33B $100M - $250M 6% $50M - $100M <$50M 10% 10% 26% 10% 8% 17% Transactions by Target Funding 5% 4% 4% 6% 4% 4% 4% 4% 3% 4% 4% 5% 4% 8% 8% 8% 6% 10% 9% 7% 9% 7% 7% 8% 11% 8% 7% 7% 3% 7% 4% $50M+ 7% 8% 5% 8% 9% 8% 9% 9% 9% 9% 9% 8% 10% $30 - $50M 12% 11% 7% 10% 10% 8% 9% 13% 18% 8% 13% 10% 12% 9% 12% 12% 8% 15% 10% 15% 16% 11% 10% $10 - $30M 15% 20% 17% 18% 24% 24% 18% 17% 23% 25% 20% 26% 18% 20% 19% 24% 18% 22% 23% 22% 25% 21% 26% 25% 23% $0.1 - $10M 81% 73% 74% 77% 73% 73% 73% 76% 69% 63% 63% 66% 66% 63% 61% 60% 61% 61% 60% 63% 60% 60% 62% 62% No Funding / 58% 55% 58% 57% 53% 50% 52% 53% 54% Undisclosed Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 '12 '12 '12 '12 '13 '13 '13 '13 '14 '14 '14 '14 '15 '15 '15 '15 '16 '16 '16 '16 '17 '17 '17 '17 '18 '18 '18 '18 '19 '19 '19 '19 '20 Source: Pitchbook as of 3/31/20 7 │ Internet Industry Update Q1 2020 Despite High Valuations, Investments Lead Exits 4:1 Top 20 Most Active Investors Across Software & Internet Over the Last 2 Years Investments Made Portfolio Exits 300 250 200 150 100 50 0 0 20 40 60 80 100 226 109 62 55 9 16 36 61 205 98 54 53 4 8 20 32 188 86 45 57 9 9 14 32 189 103 42 44 14 24 33 71 141 73 35 33 8 11 17 36 138 74 27 37 5 3 14 22 120 62 29 29 7 4 13 24 108 54 29 25 5 3 12 20 93 43 30 20 5 6 11 22 90 41 29 20 1 4 5 10 77 36 16 25 4 4 6 14 79 40 22 17 8 9 9 26 88 51 21 16 6 6 20 32 61 29 17 15 4 4 3 11 60 34 16 10 2 3 5 10 53 28 9 16 2 7 14 23 46 22 11 13 4 6 14 24 35 20 10 5 2 1 17 20 30 19 7 4 2 1 2 5 7 61 0 2 5 11 18 Within last 6 months Within 6-12 months Within 12-24 months Within last 6 months Within 6-12 months Within 12-24 months Source: Pitchbook as of 3/31/20, Investors ranked by investments made in the last 12 months 8 │ Internet Industry Update Q1 2020 Internet Public Market Performance Last 3 Months Amazon.com 5.5% Apple (13.4%) Booking Holdings (34.5%) Amazon.com 5.5% Pinduoduo (4.7%) Facebook (18.7%) MercadoLibre (14.6%) The Walt Disney Company (33.2%) eBay (16.8%) Netflix 16.0% Expedia Group (48.0%) Spotify (18.8%) Etsy (13.2%) Streaming Services Sirius XM Radio (30.9%) Grubhub (16.3%) LendingTree (39.6%) Tencent Music Entertainment Group (14.3%) CarGurus (46.2%) Roku (34.7%) Proto Labs (25.0%) Microsoft 0.0% Shutterstock (25.0%) Alphabet (13.2%) Yunji Weidian (20.1%) The Trade Desk (25.7%) eCommerce & Marketplaces EverQuote (23.6%) Alliance Data Systems (70.0%) Quotient Technology (34.1%) Blucora (53.9%) Groupon (59.0%) Criteo (54.1%) Cars.com (64.8%) Ad Tech QuinStreet (47.4%) TrueCar (49.1%) Rubicon Project (32.0%) Casper 0.0% DHI Group (28.2%) Telaria (31.9%) Uber (6.1%) Marchex (61.6%) Lyft (37.6%) Amazon.com 5.5% Upwork Global (39.6%) Alibaba Group (8.3%) LendingClub (37.8%) JD.com 15.0% Sharing Economy Funding Circle (40.6%) Chewy 29.3% Facebook (18.7%) Farfetch (23.7%) Twitter (23.4%) Stamps.com 55.7% Match Group (19.6%) SmileDirectClub (46.6%) Snap (27.2%) Online Retail Cimpress (57.7%) Social LINE (1.8%) Pinterest (17.2%) 1-800-Flowers.com (8.8%) Momo (35.3%) Petmed Express 22.4% The Meet Group 17.2% Overstock.com (29.2%) (80.0%) (60.0%) (40.0%) (20.0%) 0.0% 20.0% 40.0% (90.0%) (60.0%) (30.0%) 0.0% 30.0% 60.0% Source: Pitchbook as of 3/31/20 9 │ Internet Industry Update Q1 2020 Internet Public Market Performance Last 3 Months (cont.) Microsoft 0.0% The Walt Disney Company (33.2%) Amazon.com 5.5% Comcast (23.5%) Alphabet (13.2%) Alibaba Group (8.3%) Naspers (12.3%) Large InternetCap Facebook (18.7%) S&P Global (10.3%) IAC (28.1%) Zillow Group (25.7%) ViacomCBS (66.6%) LendingTree (39.6%) Traditional Media News Corp (36.5%) TripAdvisor (42.8%) Content The New York Times (4.5%) Yelp (48.2%) Shutterstock (25.0%) Tegna (34.9%) TechTarget (21.0%) Graham Holdings (46.6%) Activision Blizzard 0.1% Electronic Arts (6.8%) MercadoLibre (14.6%) Take-Two Interactive Software (3.1%) Ubisoft Entertainment 7.4% Gaming Zynga 11.9% United Internet (9.5%) Douyu (24.3%) GameStop (42.4%) Rightmove (27.4%) Twilio (8.9%) MoneySupermarket.com Group (13.3%) GoDaddy (15.9%) Wix.com (17.6%) The Meet Group 17.2% Selected Europe and Latin America LogMeIn (2.9%) Technicolor Web Services (68.4%) Tucows (21.9%) HolidayCheck Group (52.3%) Cheetah Mobile (42.4%) (60.0%) (40.0%)
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