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TMT Investment Banking Mobile Market Update 1H 2014 Co-host Mobile-First Summit New York Confidential The “Who’s Who” of Mobile: M1 (Mobile-First) Summit On May 20th, co-hosts Headwaters MB and Eniac Ventures welcomed a sold-out crowd of 700+ attendees to the inaugural M1 Summit. Attendees, executives, and investors participated in a mixture of events including: Private 1:1 meetings with top Diverse keynotes and mobile investors and corporate Fireside chats industry panels development executives 90+ speakers at the forefront of innovation in mobile covering Mobile Commerce and Payments Mobile Education Co-hosts Nihal Mehta (L, Eniac Ventures) and Gary Moon (R, Headwaters MB) with opening remarks Mobile Marketing and Advertising Wearables Sampling of attendees from: Mobile Enterprise Mobile Health Mobile Consumer Mobile Applications and Discovery _______ Photo credits: Cezary Pietrzak; M1 Summit Confidential 2 Mobile Market Update M&A Activity – M&A activity continued to grow during throughout 2014. Volume increased from 53 transactions in 4Q 2013 to 65 in 1Q 2014 and 69 in 2Q 2014. Notable transactions were led by messaging players including Facebook’s acquisition of WhatsApp ($19B), Rakuten’s acquisition of Viber Media ($900M), and Intuit’s acquisition of Check ($360M). Investment Activity – Investment deal volume continues reaching new highs throughout 2013 and into 2014. A high of 265 investments occurred in 4Q 2013 (91% increase year- over-year). 2Q 2014 saw a new high in total disclosed funding raised ($2.7B). Trading Multiples – Diversified Mobile companies commanded the greatest premium at the end of 2Q, trading at a median of 5.6x LTM revenue, while Handsets & Hardware trade at the lowest median multiple of 0.6x LTM revenue. Capital Markets – Diversified Mobile companies have outperformed the NASDAQ and the S&P 500 while other mobile companies have underperformed on the whole led by Mobile Marketing & Advertising companies. Confidential 3 Mobile M&A Volume Resurging Average LTM Revenue Multiple 2011 2012 2013 $ in billions 7.4x 7.5x 4.2x # Deals 30 80 Deal Volume Deal Value ($M) 69 65 70 25 $22.9 60 55 53 20 50 43 44 45 42 40 40 15 31 40 30 30 10 $13.6 $2.2 20 5 $1.8 $2.4 $2.2 $2.6 $1.1 $1.1 10 $0.8 $0.1 $0.5 0 0 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 Top 3 Acquisitions by Quarter ($M) – Target / Acquirer 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Motorola Mob. Sony Ericsson Amobee / Instagram / Socialcam / Gloops / Epocrates / Waze / 91 Wireless / Supercell / WhatsApp / Motorola / Google Mobile / Sony SingTel Facebook Autodesk NEXON athenahealth Google Baidu Softbank Corp. Facebook (assets) / Zebra ($12,500) ($1,461) ($321) ($1,000) ($60) ($470) ($293) ($966) ($1,850) ($1,530) ($19,000) ($3,450) PopCap / Swype / Clairmail / Hughes Tele. / Pixable / Zenprise / mFoundry / Parse / MoPub / Fiberlink / AirWatch / AutoNavi / EA Nuance Monitise Verizon SingTel Citrix Fidelity Facebook Twitter IBM VMware Alibaba ($750) ($78) ($173) ($612) ($27) ($327) ($120) ($85) ($350) ($300) ($1,540) ($1,580) Zong / SiliconBlue / Worklight / Funzio / Venmo / POKELABO / Crashlytics / Meridian / JumpTap / MapMyFitness Viber Media / Check / eBay Lattice IBM GREE Braintree GREE Twitter Aruba Net. Millennial / UnderArmour Rakuten Intuit ($240) ($62) ($70) ($210) ($26) ($174) ($38) ($16) ($221) ($150) ($900) ($360) _______ Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction values Top 3 acquisitions with disclosed transaction values Confidential 4 Top Acquirers in Mobile Top Acquirers by Volume – Greater than Five Acquisitions, 2011 – Present Buyer # Acquisitions Total Value ($M) Targets AdMovate, Bignoggins Productions, GhostBird Software, Go Poll Go, Hitpost, Incredible Labs, IntoNow, Jybe, Loki Studios, Meh Labs 19 31 (Blink), Propeld (Alike), Quik.io, Qwiki, Stamped, Summly, ThumbsUp Labs (Aviate), Todoroo (Astrid), Tomfoolery (Anchor), Wander AdMeld, Bitspin, Bump, Clever Sense, eBook, Enterproid (Divide), FlexyCore, Green Throttle Games, Motorola Mobility, Punchd, 18 13,606 PushLife, Quest Visual, Quickoffice, TalkBin, Wavii, Waze, WIMM, Zave Networks 12 20,100 Branch Media, Beluga, Glancee, Instagram, Karma Science, Midnox, Osmeta, Parse, Rel8tion, Snaptu, Spool, WhatsApp 7 8 Bubbli, Endorse, Loom, Orchestra, Readmill, TapEngage, Zulip 6 391 Cabana, Crashlytics, MoPub, Spindle Labs, Vine, Whisper Systems Top Acquirers by Total Transaction Value – $750M or More, 2011 – Present Buyer Total Value ($M) Targets 20,100 Branch Media, Beluga, Glancee, Instagram, Karma Science, Midnox, Osmeta, Parse, Rel8tion, Snaptu, Spool, WhatsApp AdMeld, Bitspin, Bump, Clever Sense, eBook, Enterproid (Divide), FlexyCore, Green Throttle Games, Motorola Mobility, Punchd, PushLife, Quest Visual, 13,606 Quickoffice, TalkBin, Wavii, Waze, WIMM, Zave Networks 3,450 Motorola Solutions 1,850 91 Wireless Websoft 1,580 AutoNavi Holdings 1,540 Airwatch 1,530 Supercell 1,461 Sony Ericsson Mobile Communications 900 Viber Media 750 Bight Interactive, Firemint, PopCap Games _______ Source: 451 Group; includes transactions with disclosed, estimated, undisclosed values Confidential 5 Mobile M&A Case Study Transaction Overview: On May 27, 2014 • $360 million acquisition of Check by Intuit • Check had an estimated $15 million LTM revenue at the time of acquisition, putting the LTM revenue multiple at 24.0x • Additionally, Check was expecting $20 million in revenue for 2014, implying a forward multiple of 18.0x • With an estimated 10 million registered users at the time of acquisition, value per registered user was $36 • Check had raised $48 million in funding at the time of acquisition ACQUIRED Target Description • Provides Android, BlackBerry, Windows Phone and iOS mobile bill payment software for consumers. • The smartphone app enables users to monitor bank accounts and set up automatic payments for utilities, mortgages and other recurring bills. Transaction Commentary: • According to the acquirer press release, “Through the acquisition, Intuit gains a critical consumer payments capability that will allow the company to streamline interactions between consumer and small business customers, consistent with Intuit’s vision of enabling products to work together as an ecosystem.” • Intuit paid almost two times its last major consumer-focused acquisition, Mint, an online financial planning company _______ Source: 451 Group, Acquirer Press Release, PitchBook Confidential 6 Mobile Investment Volume On the Rise # Investments Investment Volume Investment Value ($M) $ in millions 300 3,000 265 252 255 250 250 $2,683 2,500 $2,224 $2,337 195 200 2,000 178 168 171 $1,558 148 $1,449 150 138 136 139 1,500 $1,080 $978 $944 $955 100 $969 1,000 $689 $644 50 500 0 0 3Q 2011 4Q 2011 1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 Top 3 Investments by Quarter ($M) 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Lookout Mobile Square Veracity Instagram Square Calxeda AirWatch AirWatch Powa Idea Cellular Tango InMobi ($40) ($103) ($80) ($50) ($200) ($55) ($200) ($225) ($76) ($490) ($280) ($300) Wuxi Square Xiaomi Lithium Tango Affirmed Netbiscuits Truphone Snapchat TOA Flipboard Houzz Maimaibao ($31) ($90) ($53) ($42) ($36) ($27) ($120) ($60) ($66) ($101) ($150) ($200) Tower Cloud Tower Cloud PlayPhone Mobilelron JumpTap T.E.P Avalanche Evenbrite The Fancy Telogis Wandoujia Good Tech. ($31) ($49) ($52) ($40) ($28) ($25) ($35) ($60) ($60) ($93) ($120) ($101) _______ Source: PitchBook; includes announced transactions with disclosed, estimated, undisclosed transaction values Top 3 investments with disclosed investment values Confidential 7 Top Investors In Mobile Top Investors by Volume, 2011 – Present Investor Investments Targets Airseed, AppStack, Apptimize, Astrid, Bionic Panda Games, Butter Systems, Carnival Labs, Cluster Labs, Concept.io, Confide, Crittercism, DocuSign, Duo Security, Echoecho Media, Enterproid, Firespotter Labs, FitStar Labs, Gyft, Hey, Just.me, Kibits, LittleInc Labs, MediaSpike, 56 Moonfrye, mParticle, Mr. Buzz, N3twork, Naama Networks, Namo Media, Nettle, Nextbit Systems, Openbay, Parse, Pocket Change, Rise Labs, Rumble Entertainment, Scan, Schematic labs, SCVNGR, Secret, Stickery, TweetNGo, UberSense, URX, Vungle, Zencoder App Annie, Avalanche Technology, Bubble Motion, Bump Technologies, Chukong Technologies, Drawbridge, Druva Software, Girnar Software, Houzz, Inkling, Instacart, Instagram, Just Dial, Kahuna, Kiwi, MeLLmo, MindSnacks, Mintigo, MixPanel, MobileIron, Mobo Tap, Mojave Networks, 50 Moovit, Plain Vanilla Games, RingCentral, Sencha, Shopular, Skyhigh Networks, Skyscanner, Sourcebits, Square, Stoke, Trippy, WhatsApp, WhisperText, Wuxi Maimaibao Information Technology, Zomato App Annie, Apptimize, Avalanche Technology, Bluebox, Bubble Motion, Bump Technologies, Chukong Technologies, Drawbridge, Druva Software, Girnar Software, Houzz, Inkling, Instacart, Instagram, Just Dial, Kiwi, MeLLmo, MindSnacks, Mintigo, MixPanel, MobileIron, Mobo Tap, Mojave 45 Networks, Moovit, Plain Vanilla Games, RingCentral, Sencha, Skyhigh Networks, Skyscanner, Sourcebits, Square, Stoke, Trippy, UXPin, WhatsApp, WhisperText, Zomato AgLocal, Bluebox, BlueStack Systems, Boku, Bump Technologies, Capriza, Circle, Clinkle, Cloudtop, Clover Network, CrowdMob, Cyanogen, Dwolla, Estimote, Everyme, FiftyThree, Firespotter Labs, Getable, Instart Logic, InVisage Technologies, ItsOn, Jumio, LittleInc Labs, Lookout 40 Mobile, Magnet Systems,
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