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The NOAH Conference San Francisco 2012 June 26, 2012
Four Seasons Hotel San Francisco
Brought to you by
Date: June 26, 2012
Address:
757 Market Street San Francisco California 94103 • Audience: 500+ internet and media
executives as well as financial investors
The NOAH Conference San Francisco 2012
NOAH Conference San Francisco 2012 2
On June 26, over 60 CEOs from selected leading European Internet companies will come to San Francisco to present their businesses to a relevant US audience of potential customers, partners and investors
Introduction
Logistical Details
Draft Program
Full day of presentations by 60 CEOs of some of Europe’s most successful internet companies
We expect approximately 500+ guests
- Mix of senior executives from US Internet and media companies and corporates and leading Internet finance companies
NOAH Conference started in London in 2009 and has grown to one of the leading European Internet business focused conference with over 2,000 participants expected this year
NOAH San Francisco takes place on 26 June 2011 at Four seasons hotel in San Francisco
Currently, 60 CEOs from leading European Internet companies have confirmed their participation as speakers
Expected audience of 500+ internet and media executives as well as financial investors
Information and frequent updates available under
www.noah-conference.com
www.twitter.com/noahconference
www.youtube.com/user/noahadvisors
www.slideshare.net/noahadvisors
To enable European Internet companies to establish or improve relationships with their US counterparts, media executives and investors
To provide US attendees with an opportunity to meet the leaders of European Internet in one place
To facilitate mutual learning in presentation sessions about the European and US Internet market
The NOAH Conference was founded in 2009 by Marco Rodzynek and is, organised by the NOAH Advisors team with sponsorship from some of the, world’s leading financial investors. NOAH Advisors is Europe's leading Internet M&A boutique
Main Ideas Behind the NOAH San Francisco Conference
Save the Date and Registration Details
Registration now open under: www.noah-conference.com/san-francisco-2012/san-francisco-2012-registration
Ticket prices: - Internet and media: $500 - Investors: $1,000 - Bankers: On request
Confirmed European Speakers
3
Advertising E-Commerce
Classifieds
Travel
Lead Generation
Other
Apps
Gaming
CEOs from 60 leading European Internet Companies will present their companies
Note: Additional companies expected to confirm shortly.
NOAH Conference San Francisco 2012
The conference will again take place at Old Billingsgate in London Registration will open in early 2012 For updates, please check: www.noah-conference.com
Introduction to the NOAH Conference Overview of the NOAH Conference 2011
NOAH ‘12 on 6-7 November – Save the Date
The NOAH Conference is an annual Internet event taking place once a year in London, focused on top management from Internet start-ups to global media companies as well as senior investment professionals
NOAH’s goal is to create a marketplace for the European Internet eco-system to discuss key trends, generate business and facilitate investment transactions
Over the past 3 years numerous high-profile speakers presented at NOAH, including over 100 CEOs
The NOAH Conference was founded in 2009 by Marco Rodzynek and is organised by the NOAH Advisors team with sponsorship from some of the world’s leading financial investors
NOAH ‘11 took place on 9-10 November 2011 at Old Billingsgate in London
Fantastic line-up of 90 speakers from 20 countries in keynotes, presentations and panels over 2 full days
1,150 attendees from 35 countries – 57% from Internet companies, 26% from investors, 15% from corporates (media companies, advisors, PR and recruiting) and 2% press representatives from leading on- and offline publications
NOAH party with additional guests from London and a great live band on the evening of the first day
Extremely positive feedback from numerous attendees, on twitter and in the press
Event Sponsors
Conference Program
Selected Conference Impressions
Summary Overview
Strategic Sponsors
Impressions from the NOAH London Conference 2011
5 NOAH Conference San Francisco 2012
Overview of NOAH Advisors
Unique Industry Know-How Core Investment Banking Competence
Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs!
100% focused on Internet companies, covering over 25 sub-verticals in this highly complex industry - 15+ years active coverage of leading European
Internet companies and investors Deep understanding of industry dynamics and
thinking of industry leaders Ability to add value beyond banking advice
- Facilitates overall process and minimizes management distraction
The NOAH team has 25+ years of media investment banking experience - Routine execution of M&A and financing
transactions with sizes of several billion euros The team has been working together closely for 7
years (including 6 years at Lehman Brothers) 8 successfully completed NOAH Advisors
transactions underline successful transfer of competencies to the Internet sector
NOAH Advisors is globally very well connected and has direct access to virtually all key players in the industry - Knowledge of and strong relationships with
potential buyers’ key decision makers - Coverage of over 500 companies and 4,000
individuals - Proactively finds and unlocks attractive
investment opportunities for leading investors (e.g. Bigpoint)
Annual NOAH Conference
The NOAH team are entrepreneurs and focused on growing the business and establishing a reputation for excellence
Full commitment to deliver top quality results in short time frames
Highly success-based compensation structures align interests of clients and NOAH Advisors, and demonstrate conviction to deliver top results
NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique
Marco Rodzynek
Managing Director and Founder
Yoram Wijngaarde
Director
Jan Brandes
Director
Contact Details [email protected] UK Mobile: +44 77 85 330 330 Swiss Mobile: + 41 79958 1512
Contact Details [email protected] UK Mobile: +44 79 17 084 784
Contact Details [email protected] German Mobile: +49 174 2010 984
The NOAH Advisors Core Team
Selected Completed NOAH Transactions
November 2011 August 2011
July 2011 April 2011
April 2011 April 2011
December 2009 April 2009
Sale of a majority stake in
to Quants Financial Services AG
Exclusive Financial Advisor to grupfoni and its Shareholders Advisor to RankAbove
Fund raising for
from various investors
Advisor to EnGrande
Sale of a majority stake in
to
have acquired a majority stake in
for $350m from
Exclusive Advisor to Summit Partners and TA Associates
Advisor to AdTelligence
Fund raising for
from various investors
Advisor to Yatego
Sale of a majority stake in
to
Advisor to Softonic
Partial sale of
to
Valuing Softonic at €175m
Advisor to Fotolia
$80m partial sale of
to
Overview of NOAH Advisors
Company Overview
The leading corporate finance advisor with a clear focus on Internet companies in Europe and its emerging markets and financial investors
- Products include M&A and selective capital raising
- Typical transaction sizes between €50 million and €2 billion
Founded by Marco Rodzynek in April 2009, later joined by Yoram Wijngaarde and Jan Brandes
- The team worked together between 6 and 12 years at Lehman Brothers media investment banking in London
- As Head of European Internet , Marco has been covering European Internet companies since the 1990s
To date, NOAH Advisors has advised on 12 completed transactions including, most recently
- Sale of grupfoni to Quants Financial Services
- Sale of a majority stake in EnGrande to Palamon
- TA Associates and Summit Partners’ $350m control transaction of Bigpoint
NOAH Advisors also hosts the annual NOAH Internet Conference in London, an event where Internet companies and investors meet to network and discuss the industry
- NOAH Conference 2011 will take place on the 9th and 10th of November 2011 at Old Billingsgate in London
- Move to bigger and better facilities after successful 2009 and 2010 event with over 650 attendees each
NOAH Advisors Key Strengths
Unique Industry Know-How
Core Investment Banking
Competence
Unmatched Industry Network and Relationships
Full Commitment - We Are
Entrepreneurs!
Selected Recent Completed Transaction
Europe’s Leading Internet corporate finance boutique
April 2011
have acquired a majority stake in
for $350m
Exclusive Advisor to Summit Partners and TA Associates
8
July 2011
the owner of
Exclusive Advisor to EnGrande
Sale of a majority stake in
to
November 2011
Exclusive Financial Advisor to grupfoni and its Shareholders
Sale of a majority stake in
To Quants Financial
Services AG
The NOAH Advisors Team
A team of highly experienced professionals focused on Internet corporate finance advisory
Marco Rodzynek Managing Director and Founder of NOAH Advisors (April 2009)
Yoram Wijngaarde Director
With NOAH Advisors since November 2009
Jan Brandes Director
With NOAH Advisors since August 2010
Previous Experience
• Lehman Brothers, 1998 - April 2009 (acquired by Nomura end 2008)
- Executive Director, Media Investment Banking
- 30 announced M&A deals with a total transaction value of over $95bn, including for:
Contact Details
• UK Mobile: +44 77 85 330 330
• Swiss Mobile: + 41 79958 1512
Previous Experience
• Lehman Brothers, 2004 – November 2009 (acquired by Nomura end 2008)
- Media Investment Banking
- 10+ announced M&A deals, including for:
Contact Details
• UK Mobile: +44 79 17 084 784
Previous Experience
• Lehman Brothers, 2005 – May 2010 (acquired by Nomura end 2008)
- Media Investment Banking
- 10+ announced M&A deals, including for:
Contact Details
• German Mobile: +49 174 2010 984
9
Why NOAH Advisors
Unique Industry Know-How Core Investment Banking Competence
Unmatched Industry Network and Relationships Full Commitment - We Are Entrepreneurs!
100% focused on Internet companies, covering over 25 sub-verticals in this highly complex industry
- 15+ years active coverage of leading European Internet companies and investors
Deep understanding of industry dynamics and thinking of industry leaders
Ability to add value beyond banking advice
- Facilitates overall process and minimizes management distraction
The NOAH team has 25+ years of media investment banking experience
- Routine execution of M&A and financing transactions with sizes of several billion euros
The team has been working together closely for 7 years (including 6 years at Lehman Brothers)
8 successfully completed NOAH Advisors transactions underline successful transfer of competencies to the Internet sector
NOAH Advisors is globally very well connected and has direct access to virtually all key players in the industry
- Knowledge of and strong relationships with potential buyers’ key decision makers
- Coverage of over 500 companies and 4,000 individuals
- Proactively finds and unlocks attractive investment opportunities for leading investors (e.g. Bigpoint)
The annual NOAH Conference helps strengthening and expanding the network
The NOAH team are entrepreneurs and focused on growing the business and establishing a reputation for excellence
Full commitment to deliver top quality results in short time frames
Highly success-based compensation structures align interests of clients and NOAH Advisors, and demonstrate conviction to deliver top results
NOAH Advisors combines unparalleled expertise in European Internet with bulge bracket investment banking competence
10
Completed Transactions
11
Advisor to AdTelligence Advisor to Yatego
Fund raising for Sale of a majority stake in
from various investors
to
October 2010
Investment in
Advisor to JamesList Advisor to BullionVault
Advisor to Softonic Advisor to Fotolia
June 2010
December 2009
Investment in
Partial sale of
to
$80m partial sale of
April 2009
by by
Valuing Softonic at €175m
to
April 2011
April 2011 April 2011
July 2011
March 2011
have acquired a majority stake in
for $350m from
Exclusive Advisor to Summit Partners and TA Associates Advisor to EnGrande
Sale of a majority stake in
to
Advisor to EnGrande
Call option agreement for an investment in
by an undisclosed party
August 2011
Advisor to RankAbove
Fund raising for
from various investors
November 2011 December 2011
Advisor to Work4 Labs
Fund raising for
from various investors including Angel Investors
Sale of a majority stake in
to Quants Financial Services AG
Exclusive Financial Advisor to grupfoni and its Shareholders
NOAH’s Networking Strength
Internet Large Cap
Private Equity
Angels / Family Offices
Maryland Klaus Hommels
Armira
Traditional TMT & Retail
Hedge Funds VC and Growth Funds
Long lasting relationships with companies and investors
Coverage of over 4,000 industry leaders: 400 target companies and 150 investors
12
Financial Investors Present at the NOAH Conference 2011
13
Fund Attendees Key Contact
11 Harry Nelis ([email protected]) Sonali de Rycker ([email protected]) Adam Valkin ([email protected])
9 Dominique Vidal ([email protected]) Ben Holmes ([email protected]) Jan Hammer ([email protected])
3 Hans-Jürgen Schmitz ([email protected])
Eugene Mizin ([email protected]) Guillaume Durao ([email protected])
3 Pawel Chudzinski ([email protected]) Lukasz Gadowski ([email protected]) Kolja Hebenstreit ([email protected])
2 Roberto Bonanzinga ([email protected]) Dharmash Mistry ([email protected] )
2 Marcel Rafart ([email protected]) Javier Rubio ([email protected])
2 Pär-Jörgen Pärson ([email protected]) Hans Otterling ([email protected])
2 Andrin Bachmann ([email protected]) Greg Lockwood ([email protected])
2 Alexander Ribbink ([email protected]) Rogier Taphoorn ([email protected])
2 Hubert Deitmers ([email protected]) Martijn Hamann ([email protected])
2 Alex Gonthier (gonthier@@wellington-partners.com) Christian Thaler-Wolski ([email protected])
1 Emanuele Levi ([email protected])
1 Mike Chalfen ([email protected])
1 Mattias Ljungman ([email protected])
1 Michael Eisenberg ([email protected])
1 Alon Lifshitz ([email protected])
1 Ian Noel ([email protected])
1 Nic Brisbourne ([email protected])
1 Ben Tompkins ([email protected])
1 Bernard Vogel ([email protected])
1 Davor Hebel ([email protected])
1 Stephen Lowery ([email protected])
1 Torsten Kreindl ([email protected] )
1 Laurel Bowden ([email protected])
1 Martin Weber ([email protected])
1 Johan Englund ([email protected])
1 Baris Aksoy ([email protected])
1 Tomasz Czechowicz ([email protected])
1 Thomas Preuss ([email protected])
1 Phillippe Collombel ([email protected])
1 Tony Askew ([email protected] )
1 Olivier Sichel ([email protected])
1 Mauro Pretolani ([email protected])
Fund Attendees Key Contact
9 Stefan Götz ([email protected]) Zita Saurel ([email protected]) Blake Kleinman ([email protected])
4 Philipp Freise ([email protected]) Lucian Schoenefelder ([email protected]) Vania Schlogel ([email protected])
4 Dominik Stein ([email protected] ) Christian Schuette ([email protected]) Anil Hansjee ([email protected])
3 Kai Romberg ([email protected]) Dan Groen ([email protected]) Sascha Kaumann ([email protected])
3 Karim Tabet ([email protected]) Bruno Mourgue d'A. ([email protected])
Andrew Tisdale ([email protected])
3 Karl Peterson ([email protected]) Anand Tejani ([email protected]) Jean Baptiste Brian ([email protected])
2 Tripp Lane ([email protected]) Frank Ehmer ([email protected])
2 Andrea Valeri ([email protected]) Lance Toler ([email protected])
2 Stefan Franssen ([email protected]) Natalie Tydeman ([email protected])
2 Hinrich Stahl ([email protected]) Helge Luetzen ([email protected])
2 Michael Korzinstone ([email protected])
John Flynn ([email protected])
1 Jan-Olivier Fillols ([email protected])
1 Jens Hagen ([email protected])
1 Jörg Mohaupt ([email protected])
1 Michael Black ([email protected])
1 Jason Khaksar ([email protected])
1 Andrew Young ([email protected])
Fund Attendees Key Contact
7 John Meeks ([email protected]) Ajit Nedungadi ([email protected]) Morgan Seigler ([email protected])
5 Scott Collins ([email protected]) Christian Strain ([email protected]) Vincent Lambert ([email protected])
5 Konrad Stoebe ([email protected]) Steven Klooster ([email protected]) Johannes Korp ([email protected])
3 Frank Seehaus ([email protected]) Jan-Gisbert Schultze ([email protected]) Benedikt Sudbrock ([email protected])
3 Fabio Giuseppetti ([email protected]) Daniel Mytnik ([email protected]) Ricardo Caupers ([email protected])
2 Marco Brockhaus ([email protected]) Jan Daniel Neumann ([email protected])
2 Chris Caulkin ([email protected]) David Lisewski ([email protected])
2 Sarah Pinto ([email protected]) Peter Garran ([email protected])
2 Jim Quagliaroli ([email protected]) Jeff Haywood ([email protected])
2 Daniel O’Keefe ([email protected] ) Woody Marshall ([email protected])
2 Stephen Byrne ([email protected]) Jussi Wuoristo ([email protected])
Expansion Capital
1 Fabian Wasmus ([email protected])
Mercury 1 Sebastien Briens ([email protected])
1 Harley Miller ([email protected])
1 Christoph Haschka ([email protected])
1 Mark Joseph ([email protected])
1 Pueo Keffer ([email protected])
1 Richard Yen ([email protected])
1 Morgan Callagy ([email protected])
Growth Capital (€20-250m) Venture Capital (€5-20m) Private Equity (€250-1,000+m)
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US Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
Internet Deals 1 1 1 1 1 1 1 1 2 1 1 1 1 2 2 1 2 2 2 2 2 2 1 2 2 2 1 1 1 1 2 2 2 2 1 1 2 2 1 3 2 1 3 3 3 2 3 3 1
2 5 5 5 2 5 10 5 5 5 10
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The Universe of Financial European Internet Investors
Note: Number of previous European Internet deals: 1 - many, 2 - a few, 3 - new to the segment.
Equity Investment Size
Control Investments Only
Sweet Spot
Venture Capital Growth Funds Buyout Funds
NOAH Advisors maintains close contact with key investors in all major categories
14
Internet is a Complex Parallel Economy
Note: Values estimated by NOAH Advisors.
250 European public/private Internet companies valued at about €100 billion, of which over 150 worth over €120m
15
Online Travel 15.2 55.0 Transaction Mature 10%eDreams, Booking.com, HRS, hotel.de, Interhome, Pierre & Vacances,
trainline, Holidaycheck, VoyagePrive, SeLoger
Emerging Markets 13.4 11.0 Various Early 30% Mail.ru, Seznam, RosBusinessConsulting, Rambler, Naspers, DST
Online Classified 11.8 11.0 Listing fees Advanced 20%Schibstedt, Scout24, Rightmove, Seloger, Funda, AutoTrader, Stepstone,
Yakaz, Idealista, Immobiliare.it (Auto)
Private Sale 5.4 2.2 Transaction Early 100% Vente Privee, Brands4Friends, KupiVIP, Buyvip, Privalia, Dressforless, Ofertix
E-Commerce 5.3 165.0 Transaction Advanced 25%Asos, Yoox, Delticom, Priceminister, Lovefilm, Netaporter, BOL, mytoys,
zooplus, Laithwaites, Pixmania, Hepsiburada (Apparel)
Anti-Virus 5.3 2.2 Subscription/Transaction Early 40% ALWIL, AVG, Avira, Eset, Kaspersky, Sophos, Panda
Betting 5.0 2.2 Commission Advanced 15% Betfair, Bwin
Online Gaming 4.4 5.5 Subscription/ Virtual Items Early 50%Miniclip, Spil, Gameforge, Jagex, Bigpoint, CCP, Ankama, Stardoll, Gameduell,
Travian
Outsourcing 4.0 3.3 Transaction Advanced 30% D+S, Hermes, Bertelsmann Services Group
Online Advertising 3.7 22.0 Commission/CPM/CPC/CPA Advanced 15-50%Tradedoubler, Adconion, Glam, Hi Media, Bigmouthmedia, Adscale, Conduit,
At Internet, Adtelligence, Criteo
Marketplace 3.2 5.5 Commission/ Listing Fees Early 50% Fotolia, Teleroute, Softonic, Bullionvault, Perform Group, Experteer, Artprice
VOIP 3.2 0.6 Subscription/Micropayment Early 50% Skype, Truphone
Paid Services/Content 2.5 3.3 Subscription/Micropayment Advanced 20% United Internet
Social Networks 2.2 0.6 Subscription/Advertising Early 50% Xing, Forticom, Sulake, badoo
Applications 1.8 5.5 Subscription Early 50% Huddle, Netviewer, Teamviewer, Rapidshare, Spinvox, Thunderhead, eBuddy
(Remote Access)
Lead Generation 1.8 5.5 CPC/CPA Advanced 25%Moneysupermarket, Confused, Check24, Guenstiger.de, Interhyp, Verivox,
MutuiOnline
Online Payment 1.4 2.2 Commission Advanced 30% Moneybookers, Clear2Pay, Wirecard
Info Services 1.3 2.2 Subscription Advanced 10% Boardex, Juris, Bureau van Dijk, Dealogic
Mobile Internet 1.3 1.1 Various Early 50% Zed, Acision, Getjar
Ticketing 1.2 1.1 Commission Early 60% CTS, Viagogo, Getmein, Seatwave
Online Dating 1.1 0.6 Subscription Advanced 20% Parship, Meetic, Be2
Group Buying 1.0 2.0 Commission Early 100%+ GBG, Rebate Networks, Daily Deal, Offerum, Grupfoni, Groupalia
Local Advertising 0.6 5.5 Subscription Early 100% Astramedia, Europeweb, Cortix, Proximedia, Eniro
Online Video 0.4 < 0.5 CPM Early 100% Smartclip, Sevenload, Perform
Online Music 0.4 <0.2 Subscription/Advertising Early 100% Spotify
Online Market Research 0.2 1.1 By Project Advanced 20% Metrixlab
Consolidation Play
Aggregated EV
(€bn)
Market Size
(€bn)Segment Revenue Model Maturity Growth Selected European Market Leaders
Selected Investor References
16
Name Background and Deal Experience Name Background and Deal Experience Dom Vidal (Partner Index Ventures)
Index Ventures is one of Europe’s leading Internet VC group Joined Yahoo! from Kelkoo, when Yahoo! acquired the company
in March 2004 CEO of Yahoo! Europe from 2004 to 2007 Deals: Kelkoo, Adconion, Be2, Criteo
Martin Weber (Holtzbrinck Ventures, Managing Partner)
More than 14 years of experience in the private equity industry
Has invested in more than 80 companies, built several category leading businesses in consumer internet
Deals: Brands4Friends, Parship, Experteer, GameDuell, My-Hammer, Adscale, Zalando
Harry Nelis (Partner Accel Partners)
Accel is a leading globally active VC Before joining Accel, was at Perry Capital, a $10bn hedge fund Spent a decade in Silicon Valley and was founder of E-motion Deals: Gameforge, Check24, Kayak, Netvibes, Onforce, Double
Fusion, Spreadshirt
Greg Lockwood (Partner Piton Capital)
Involved in early stage internet investing as a partner with UBS Capital and as an angel investor since 1996
Recently founded Piton Capital to invest in marketplace Sunrise, Betfair (and former Chairman of betfair)
Klaus Hommels (Klaus Hommels Capital)
Klaus is Europe's most successful and respected angel investor Joined AOL in 1995 Deals: AOL, Freenet, Skype, King.com, Stardoll, XING, Spotify,
Nicolas Massard (Principal, Abry Partners)
Principle at leading U.S. growth capital fund, joined in 2010 Joined Spectrum in January 2002 from Continuum Group, a
London-based communications venture capital firm Deals: Demand Media, Riskmetrics, Eutelsat, Classic Media,
etc.
Jonathan Meeks (Partner TA Associates)
TA Associates is a leading European growth capital investor Deals: M&M, eCircle, Micromax, AVG, Fotolia, eDreams,
GlobeOp, OpenLink, Radialpoint, Datek Online Holdings, Idea Cellular and The Island EC
Tomas Diago (Founder/CEO Softonic)
Founder of Softonic.com, one of the most visited sites in Spain with 70m monthly unique visitors
European leader in software downloading Second client of NOAH Advisors Sold a <15% stake to U.S. listed Digital River in Dec 2009
Patrick Healy (Partner Hellman & Friedman)
HF is the globally leading private equity investor in the Internet sector
Deals: Doubleclick, Getty Images, Web Reservations, IRIS, SSP
Jörg Mohaupt (Head of TMT, Access Industries)
Formerly with Providence Equity Partners, Morgan Stanley and Lehman Brothers. Co-founder of Continuum Group
Deals: Casema, Canal Digitaal, Com Hem, Digiturk, Versatel, Bibit, Perfrom Group, Acision, Warner Music
Antonio González Barros (CEO Grupo Intercom)
Founding partner and main shareholder of Grupo Intercom (founded 1995)
Intercom is a successful incubator model focused on Spain Deals: Softonic, InfoJobs, Emagister, over 20 start-ups
Jo Schull (Head of Europe, Warburg Pincus)
A bulge-bracket private equity and growth capital investor Focuses on firm's European technology, media and
communications investments, as well as its investment activities in emerging Europe
Deals: Ziggo, FiberNet, Centrum, Nectar (Loyalty Management)
Oleg Tscheltzoff (CEO Fotolia)
European serial entrepreneur. Founded Amen and Fotolia, Europe’s leading stock photography company
First client of NOAH Advisors Deals: Amen, Fotolia
Paul Tustain (CEO/Founder BullionVault)
Launched BullionVault in 2005 and since then he has overseen its expansion to the £250m turnover business it is today
Also founded SAM Systems in 1990
Lars Hinrichs (CEO HackFwd)
Founder of Xing. One of Germany’s most successful start-ups Cinco Capital is building a portfolio of holdings in private &
public companies Deals: Xing, Boettcher Hinrichs AG
John Lindfors (DST)
Head of the European Technology and the Media Investment Banking Group at Goldman Sachs
Deals: Numerous (incl. Facebook fundraising)
The best trust us and work with us
grupfoni Transaction Case Study NOAH Advisors advised on the majority sale of the market leading group buying company in Turkey
November 2011
Sale of a majority stake in
to
Quants Financial Services AG
Exclusive Financial Advisor to grupfoni and its Shareholders
Overview of grupfoni
The company operates Turkey’s leading group buying site with 1.4 million members, over 300k followers on Facebook and up to 150k daily visitors
To date, the company has sold over 1.4 million coupons in over 7,000 deals in the categories restaurants, beauty, travel, nightlife amongst others
grupfoni was founded in June 2010 in Istanbul by Burak Hatipoğlu and Münteha Mangan
grupfoni has established a market leading position in the Turkish group buying market despite competition, mainly from Grupanya and SehirFirsati (Groupon)
Turkey is one of the most exciting e-commerce markets in Europe with Internet penetration of ~45% and e-commerce usage only 5% of the population the last 12 months
Young, emerging Internet population (40% are below 24, over 70% under 34) with relatively low, but increasing purchasing power
Deal Team
Transaction Overview
On 9 November 2011, Quants Financial Services AG, a Swiss investment company acquired a majority stake in grupfoni for an undisclosed amount
For majority shareholder Group Buying Global (GBG), a Zurich-based holding company run by Klaus Hommels and Oliver Jung, the transaction represents the latest in a series of highly successful exits from its portfolio of global group buying and private sales operators, following e.g. Markafoni and DeinDeal
Management shareholders will continue to lead the company, backed by its new investors Burak Hatipoglu, Co-founder and CEO Münteha Mangan, Co-founder and CSO
Sellers
GBG: Klaus Hommels, Oliver Jung, Manu Gupta AlterInvest: Samih Toukan, Hussam Khouri Emre Kurttepeli
Marco Rodzynek, Jan Brandes, Yoram Wijngaarde
NOAH Advisor’s Role
NOAH Advisors has maintained a close relationship with Group Buying Global for two years and has worked with Klaus Hommels and Oliver Jung on multiple occasions
NOAH Advisors was mandated following inbound interest to acquire the grupfoni
grupfoni and NOAH Advisors worked together intensively, exploring options with a number of strategic and financial investors
NOAH Advisors acted as exclusive financial advisor to grupfoni and its selling shareholders
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EnGrande Transaction Case Study NOAH Advisors partnered with EnGrande, exploring a range of strategic alternatives, resulting in a highly successful outcome for all parties
July 2011
Sale of a majority stake in
the owner of
to
Exclusive Financial Advisor to EnGrande S.L.
Overview of EnGrande
EnGrande S.L. ("EnGrande" or "the Company") was established in 2003 by founder and CEO John Erceg to generate bookings for budget hotels and apartments
Following a period of rapid expansion across Europe and selected cities in America and Asia-Pacific, the Company now has more than 7,000 establishments worldwide directly contracted to its service and processes more than €80 million of bookings per annum
EnGrande's websites, which include www.budgetplaces.com, and a network of dedicated 30's city websites, such as www.london30.com and www.amsterdam30.com, are aimed at cost-conscious, mostly European leisure and business travellers
The Company employs 85 staff and is headquartered in Barcelona with offices in New York and Dublin
The EnGrande team is passionate about finding new well-located, cheap and clean establishments, partnering with hoteliers to fill their rooms profitably with a unique easy-to-use backoffice system which offers maximum administrative efficiency
Deal Team
Transaction Rationale
The online accommodation bookings market has proven to be a massive opportunity. Gross bookings of the European hotel sector are estimated to total about €85 billion per annum, of which online bookings currently account for around €14 billion
The European budget accommodation sector itself is currently worth approximately €15 billion per annum and is rapidly growing, in part due to the expansion of low cost carriers
The fragmented nature of accommodation suppliers and their low online penetration presents EnGrande with a strong opportunity to accelerate the growth of its network of providers
A key part of the growth plan is a shared commitment to grow the platform to become the leader in the budget accommodation category
Palamon Capital Partners is a leading European mid-market private equity firms
The terms of the transaction were not disclosed John Erceg (founder and CEO)
Fabio Massimo Giuseppetti, Jaime-Enrique Hugas, Ricardo Caupers Sponsor: Louis Elson
Marco Rodzynek, Yoram Wijngaarde, Jan Brandes
NOAH Advisor’s Role
EnGrande decided to partner with NOAH Advisors, following inbound interest to acquire the Company
EnGrande and NOAH Advisors worked together intensively on exploring a wide range of strategic alternatives, while the Company grew from strength to strength was able to scale its platform rapidly
NOAH Advisors acted as exclusive M&A financial advisor to EnGrande
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Bigpoint Transaction Case Study NOAH Advisors identified the Bigpoint opportunity early on, and re-introduced the deal to Summit Partners and TA Associates based on superior insight into the situation
April 2011
and
are jointly investing $350m to acquire a majority stake in
from
Exclusive Financial Advisor to Summit Partners and TA Associates
Overview of Bigpoint
Bigpoint was founded in 2002 by Heiko Hubertz (co-CEO) in Hamburg and has become a globally leading online gaming company, with over 185m registered users in over 150 countries, 250,000 daily registrations, millions of paying users, and 1 million+ concurrent users
Its 60 active browser games in 25 languages include core games such as Seafight and DarkOrbit, next-generation 3D games such Battlestar Galactica Online, and casual-social games such as Farmerama and Zoomumba. A strong pipeline includes The Mummy and RamaCity
Bigpoint’s games are free-to-play, with paid virtual items. Paying users spend an average of circa €20 ($29) per month and purchase over a billion virtual items every day
Bigpoint is one of the best-positioned online gaming platforms, in the sweet-spot of a market with several structural growth dynamics (fast growing $15b+ online gaming market, the $2.5b+ free-to-play model outgrowing the market) and better developer risk-return characteristics
Bigpoint has built an industry-leading platform in terms of user analytics, virtual items sales, a diversified portfolio of strong games in different segments, coupled with a strong pipeline
The company’s strong growth track-record, industry-leading profit margins, and high-quality management team made it a highly attractive investment opportunity for TA and Summit
Deal Team
Transaction Summary
TA Associates and Summit Partners are jointly investing $350 million for a majority stake. Heiko Hubertz, Bigpoint’s founder and co-chief executive, will retain his 30% stake
Comcast Interactive Capital, GMT Communications and General Electric sell down their stakes. GMT and GE will retain a minority stake. GMT and NBC Universal acquired a 70% stake in June ‘08 at a $110m valuation. They have made a fivefold return on their investment
Although Bigpoint is not raising new funds as part of the deal, the new partners will help it to expand internationally, make acquisitions and develop software
Completion is subject to regulatory approval and other standard conditions
Heiko Hubertz, Arthur Bastings, Simon Guild, Nils Holger Henning, Philip Reisberger, Tobias Reisberger, Michael Gutsmann, Jan Wergin
Scott Collins, Christian Strain, Vincent Lambert, Nicolas Slim, Ronan Gouello
John Meeks, Morgan Seigler, Khaled Heliouli
Marco Rodzynek, Yoram Wijngaarde, Jan Brandes
NOAH Advisor’s Role
Bigpoint has been a close relationship of NOAH Advisors for close to two years
NOAH had intensively followed Bigpoint as a potential transaction opportunity and re-introduced the deal to Summit Partners and TA Associates based on superior insight into the situation
NOAH Advisors acted as exclusive M&A financial advisor to Summit and TA, bringing in-depth knowledge of the online gaming sector, the company, and intelligence around the opportunity
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