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Internet & Digital Media Insights December 2012 Industry Update Mark Watt +1 415 248 5910 [email protected] James Hoak +1 415 248 5908 Internet & Digital [email protected] Media Insights Overview, Analysis, and Trends in the Internet & Digital Media Industry William Blair Table of Contents William Blair Update ............................................................................................................................................................................................................................. 1 IDM Intelligence ...................................................................................................................................................................................................................................... 2 Market Snapshot ..................................................................................................................................................................................................................................... 4 Recent Headlines in the Sector ..................................................................................................................................................................................................... 6 Public Comparable Companies ..................................................................................................................................................................................................... 8 Public Equity Market Overview ...................................................................................................................................................................................................... 10 Initial Public Offerings ................................................................................................................................................................................................................... 17 Financing Activity ................................................................................................................................................................................................................................. 20 M&A Activity ........................................................................................................................................................................................................................................... 23 William Blair Internet & Digital Media Credentials ................................................................................................................................................................ 25 William Blair Internet & Digital Media Team ............................................................................................................................................................................ 27 Disclosures ............................................................................................................................................................................................................................................... 28 Internet & Digital Media Internet & Digital Media Table of Contents William Blair William Blair Update Capital Markets U.S. capital markets remained steady in November 2012, with the Dow Jones, S&P 500, and Nasdaq all essentially even for the month. While six IPOs successfully debuted on U.S. exchanges in November, there were no Internet and digital media (IDM) or technology issuers. In the follow‐on market, e‐commerce company Proto Labs, a technology‐enabled provider of injection‐molded custom parts, raised $128 million of primary and secondary capital; the company’s stock is currently up 17.7% since pricing the follow‐on. William Blair is pleased to have served as an underwriter on the transaction. Several companies in the IDM sector continue to actively monitor the market for the opportune IPO window. Israel‐based public company Babylon, a global provider of language and search solutions, filed with the SEC to raise up to $115 million in its initial public offering on the Nasdaq Global Select Market. William Blair is pleased to serve as an underwriter on the proposed transaction. As of November 30, there were nine IDM IPOs on file with the SEC and a significant number of issuers in the shadow backlog as a result of JOBS Act confidential filings. Private Financings There were 79 IDM private financings in November, totaling $624 million in disclosed transaction value(1). A selected list of transactions begins on page 20. Notable investments in the IDM sector in November include: • Evernote, a personal data and productivity application with over 45 million users, raised an $85 million round of funding led by AGC Equity Partners’ majority‐owned, mobile‐focused affiliate m8 Capital, with participation from Valiant Capital and T. Rowe Price. • HubSpot, an all‐in‐one inbound marketing software firm, raised a $35 million round of mezzanine financing led by a large, unnamed institutional investor, Altimeter Capital, Cross Creek Capital, Fidelity Investments, and others. • Zulily, a flash‐sales website targeted at busy moms and their kids, raised an $85 million Series D round led by new investor Andreessen Horowitz, with participation from existing investors Maveron, MeriTech Capital Partners, and others, at a valuation of $1 billion. Mergers and Acquisitions There were 28 IDM M&A transactions in November, totaling $2.1 billion in disclosed transaction value(1). A selected list of transactions is on page 23. Notable M&A transactions in the IDM sector in November include: • Travel search engine Kayak was acquired by online travel site Priceline.com for $1.8 billion. Priceline will pay $40 per share for Kayak; about $500 million of the purchase price will be in cash and the other $1.3 billion in equity and stock options. • Coupon targeting company Incentive Targeting, which provides a technology that allows nontechnical marketing executives to design sophisticated promotions and measure ROI in real‐time, was acquired by Google. • Ziff Davis, a digital media technology company, was acquired by j2 Global, a provider of business cloud services, for about $175 million. As always, we encourage you to contact us if we may be of assistance. Best regards, Mark Watt Head of Internet & Digital Media [email protected] (1) Transactions included are limited to those with target companies that are based in either the United States or Canada. Internet & Digital Media William Blair Update 1 William Blair IDM Intelligence December 2012: Evolving World of Commerce William Blair’s Internet & Digital Media team would like to introduce a new section of our monthly report, IDM Intelligence. IDM Intelligence will identify relevant topics from our conversations with key companies in the Internet & Digital Media industry, survey audience sentiment, and then present our results and findings. If you have suggestions for future topics, please let us know by replying to the report email. As we enter the holiday shopping season, this edition’s topic is the evolving world of commerce. With the introduction of new tools available to the consumer, the shopping experience has changed over recent years. Some of the catalysts behind this evolution include an increased trust in the online world, the introduction of mobile commerce, the smartphone research capabilities available to shoppers while in store, and review sites available online. 90% of our audience is In the past 3 months how many times have you using the Internet for purchased something online (not mobile)? shopping purposes When identifying our audience, Never 1­3 Times 4­6 Times 7+ Times online purchasers are the clear 9.8% 46.7% 18.9% 24.6% majority. Over 90% of our audience is using the Internet for shopping purposes. Which do you prefer, online shopping or shopping in a store? However, preferences indicate that Consumers consumers are not looking to abandon are not brick & mortar shopping. looking to About half still prefer shopping in a store. Online Shopping abandon This statistic holds true when filtering for 48.2% gender. brick & 51.8% Preferences aside, 61.6% of our audience Shopping in a mortar Store will conduct online research “most of the shopping time” or “all of the time” before making an in store purchase. So why shop online? What factors go into why you shop online? (Please select all that apply) So what factors end up going into the decision to purchase online vs. shopping in a store? Price 100% Our audience weighted Price (less expensive options) and Discovery (I can browse and easily find what I want) as the most important factors that go 50% into their decision to shop online. Both of which were selected more than 70% of the time. Social 0% Discovery Reviews also played an important factor in decisions to shop online, with approximately half of respondents selecting that option. Women factored reviews into their rationale to shop online ~2x more than men. Meanwhile, our audience did not weigh social and the ability to share Reviews purchases with friends as an important factor in why they shop online. Note: The data for this survey was collected using SurveyMonkey Audience. Internet & Digital Media 2 IDM Intelligence William Blair Increased likelihood of As global mobile traffic is steadily increasing, mobile commerce is continuing to expand as using mobile to make well. Of the respondents who own a commerce‐enabled mobile device or tablet, our purchases in the next audience indicated they are more likely
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