Internet Advertising Market Update - Headwaters TMT Blog · 2 Capital Markets – U.S. Internet Advertising companies continue to outpace their international counterparts and outperform

Internet Advertising Market Update 2Q 2015

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2

Capital Markets – U.S. Internet Advertising companies continue to outpace their international counterparts and outperform the S&P 500 and MSCI Europe indexes, though they have recently begun underperforming against the NASDAQ

Trading Multiples – U.S. Internet Advertising companies are trading at a median LTM revenue multiple of 1.9x, while International Internet Advertising companies are trading at a median LTM revenue multiple of 4.9x

M&A Activity – M&A activity reached a 3-year high in 4Q 2014, with 53 deals, before dropping in 1Q 2015 and 2Q 2015, with 42 deals and 40 deals respectively. Notable recent transactions include Rubicon’s acquisition of Chango ($100M), Oracle’s acquisition of Datalogix ($1.1B), Twitter’s acquisition of TellApart ($532M) and BlueFocus’ acquisition of Domob Network Technology ($289M)

Investment Activity – Investment volume and aggregate values declined in 2Q 2015 to 65 investments and $458M in value, from 1Q 2015 with 66 investments and $1.7B in value. Notable recent investments include Panshi ($200M), Lattice Engines ($28M), and Magnetic Media ($25M)

Executive Summary

3

-40.00%

-20.00%

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

Capital Markets Performance Since 2012, U.S. Internet Advertising companies (+67.5%) have underperformed the NASDAQ (+88.3%), but outperformed S&P 500 (+61.6%), and MSCI Europe (+26.5%) indexes, along with their international counterparts (+43.7%)

NASDAQ: +88.3%

MSCI Europe: +26.5%

S&P 500: +61.6% Int'l. Internet Advertising Companies: +43.7%

Source: Capital IQ; refer to public comps for constituents

U.S. Internet Advertising Companies: +67.5%

4

7.7x

4.6x 5.3x 5.5x

3.1x

0.7x 0.0x1.0x2.0x3.0x4.0x5.0x6.0x7.0x8.0x9.0x

LTM Revenue Multiple

Internet Advertising Comparable Public Companies

International Internet Advertising Companies

U.S. Internet Advertising Companies

4.6x

7.0x

2.1x

5.4x

7.3x

2.3x

4.1x

0.8x

1.5x

0.9x

1.9x 1.5x

0.7x 0.7x 0.1x

0.0x

2.0x

4.0x

6.0x

8.0xLTM Revenue Multiple

Median: 1.9x

Median: 4.9x

Source: Capital IQ; companies arranged by descending enterprise value

5

Public Trading Comparables: Internet Advertising

_______ Source: Capital IQ

Trading Metrics($ in millions, except per share data) Stock

Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDACompany Ticker 06/30/15 Low High Cap. Value LTM CY 2015E CY 2016E LTM CY 2015E CY 2016E

U.S. COMPANIESGoogle NasdaqGS:GOOGL $540.04 $490.91 $608.91 $370,878 $313,144 4.6x 4.2x 3.7x 14.3x 10.7x 9.2xYahoo! NasdaqGS:YHOO 39.29 32.93 52.62 37,063 33,009 7.0x 7.7x 7.7x NM 30.4x 28.6xIAC/InterActive NasdaqGS:IACI 79.66 56.50 82.40 6,327 6,558 2.1x 2.0x 1.9x 14.8x 13.4x 9.9xcomScore NasdaqGS:SCOR 53.26 35.03 58.22 1,847 1,833 5.4x 4.9x 4.2x HM 20.1x 16.5xMarketo NasdaqGS:MKTO 28.06 24.56 35.63 1,284 1,187 7.3x 5.7x 4.3x NM NM NMConstant Contact NasdaqGS:CTCT 28.76 25.00 43.18 962 783 2.3x 2.1x 1.8x 19.3x 10.6x 8.5xRubicon Project NYSE:RUBI 14.96 8.76 20.59 693 572 4.1x 2.8x 2.1x NM 22.0x 13.5xRocketFuel NasdaqGS:FUEL 8.20 7.53 31.27 346 338 0.8x 0.7x 0.6x NM NM 12.6xJive Software NasdaqGS:JIVE 5.25 4.88 8.74 393 279 1.5x 1.4x 1.3x NM NM 34.3xQuinStreet NasdaqGS:QNST 6.45 3.78 6.83 288 238 0.9x 0.8x 0.8x NM 15.8x 10.5xMarin Software NYSE:MRIN 6.74 5.36 12.14 244 194 1.9x 1.7x 1.4x NM NM NMMaxPoint NYSE:MXPT 8.08 6.73 11.24 220 183 1.5x 2.0x 1.4x NM NM NMSizmek NasdaqGS:SZMK 7.10 4.85 10.20 210 127 0.7x 0.7x 0.6x 7.3x 5.0x 4.1xMarchex NasdaqGS:MCHX 4.95 3.15 12.42 203 119 0.7x 0.8x 0.8x 10.2x 9.0x 10.6xReachLocal NasdaqGS:RLOC 3.15 2.64 7.65 92 60 0.1x 0.1x 0.1x NM NM 5.2x

High 7.3x 7.7x 7.7x 19.3x 30.4x 34.3xMean 2.7x 2.5x 2.2x 13.2x 15.2x 13.6x

Median 1.9x 2.0x 1.4x 14.3x 13.4x 10.5xLow 0.1x 0.1x 0.1x 7.3x 5.0x 4.1x

INTERNATIONAL COMPANIESBaidu NasdaqGS:BIDU 199.08 176.69 251.99 70,091 65,339 7.7x 6.0x 4.5x 24.0x 21.0x 15.1xRakuten TSE:4755 16.17 9.24 19.58 22,820 23,738 4.6x 4.2x 3.7x 19.6x 17.8x 14.9xYahoo! Japan TSE:4689 4.04 3.14 4.64 22,992 18,914 5.3x 5.0x 4.6x 10.6x 10.5x 9.7xYandex NasdaqGS:YNDX 15.22 13.90 35.85 4,935 4,923 5.5x 4.9x 4.1x 15.1x 14.1x 11.2xCriteo NasdaqGS:CRTO 47.67 28.31 51.43 3,157 2,860 3.1x 5.6x 4.3x 36.7x 21.5x 14.6xMatomy LSE:MTMY 1.72 1.54 4.01 162 167 0.7x 0.6x 0.5x 9.0x 6.2x 4.3x

High 7.7x 6.0x 4.6x 36.7x 21.5x 15.1xMean 4.5x 4.4x 3.6x 19.2x 15.2x 11.6x

Median 4.9x 4.9x 4.2x 17.3x 15.9x 12.9xLow 0.7x 0.6x 0.5x 9.0x 6.2x 4.3x

6

Public Operating Comparables: Internet Advertising (Cont.)

_______ Source: Capital IQ

Operating Metrics($ in millions, except per share data)

LTM Revenue Growth LTM Revenue EBITDACompany Ticker As Of '14A-'15E '15E-'16E GM LTM CY 2015E CY 2016E LTM CY 2015E CY 2016E

U.S. COMPANIESGoogle NasdaqGS:GOOGL Mar 2015 12% 15% 62% $67,839 $74,247 $85,414 $21,898 $29,201 $33,958Yahoo! NasdaqGS:YHOO Mar 2015 (7%) 1% 70% 4,711 4,286 4,310 599 1,087 1,155IAC/InterActive NasdaqGS:IACI Mar 2015 5% 9% 72% 3,142 3,254 3,531 442 491 662comScore NasdaqGS:SCOR Mar 2015 14% 16% 71% 340 374 434 14 91 111 Marketo NasdaqGS:MKTO Mar 2015 39% 32% 66% 164 209 277 (52) NM NMConstant Contact NasdaqGS:CTCT Mar 2015 13% 15% 73% 343 375 431 41 74 92 Rubicon Project NYSE:RUBI Mar 2015 64% 33% 84% 139 205 273 (10) 26 43 RocketFuel NasdaqGS:FUEL Mar 2015 25% 19% 43% 439 509 605 (55) 2 27 Jive Software NasdaqGS:JIVE Mar 2015 11% 10% 63% 185 197 218 (32) 0 8 QuinStreet NasdaqGS:QNST Mar 2015 5% 5% 10% 279 289 304 (4) 15 23 Marin Software NYSE:MRIN Mar 2015 15% 17% 64% 103 115 134 (27) NM NMMaxPoint NYSE:MXPT Mar 2015 (13%) 37% 50% 120 93 127 (12) NM NMSizmek NasdaqGS:SZMK Mar 2015 10% 12% 65% 169 188 211 17 25 31 Marchex NasdaqGS:MCHX Mar 2015 (21%) 1% 41% 175 145 146 12 13 11 ReachLocal NasdaqGS:RLOC Mar 2015 (15%) 5% 45% 450 406 425 (37) NM 12

INTERNATIONAL COMPANIESBaidu NasdaqGS:BIDU Mar 2015 39% 33% 68% 8,433 10,958 14,582 2,726 3,107 4,317Rakuten TSE:4755 Mar 2015 12% 13% 17% 5,160 5,619 6,353 1,211 1,334 1,596Yahoo! Japan TSE:4689 Mar 2015 (8%) 8% 80% 3,571 3,773 4,086 1,785 1,807 1,957Yandex NasdaqGS:YNDX Mar 2015 22% 19% 72% 898 1,009 1,203 327 349 440Criteo NasdaqGS:CRTO Mar 2015 39% 29% 36% 918 511 658 78 133 196Matomy LSE:MTMY Dec 2014 8% 19% 25% 237 280 332 19 27 39

7

Internet Advertising M&A Activity Remains Strong

_______ Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction values Top 3 acquisitions with disclosed transaction values

Average LTM Revenue Multiple 2012 2013 2014 6.7x 6.1x 4.9x

Top 3 Acquisitions by Quarter ($M) – Target / Acquirer 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

Wildfire / Google ($350)

Eloqua / Oracle ($956)

Channel Intel / Google ($125)

ExactTarget / Salesforce ($2,500)

DG (assets) / Extreme Reach

($485)

Responsys / Oracle

($1,607)

Valassis / Harland Clarke

($1,947)

Vocus / GTCR

($413)

Conversant / ADS

($2,216)

Datalogix / Oracle

($1,100)

eXelate / Nielsen ($195)

TellApart / Twitter ($532)

SPEED FC / Navarre

($50)

Pardot / ExactTarget

($96)

AfterDownload / ironSource

($28)

Hybris / SAP

($1,341)

Adap.tv / AOL

($465)

Dealer.com / DealerTrack

($987)

BlueKai / Oracle ($320)

Adconion / Amobee ($209)

LiveRail / Facebook

($382)

BrightRoll / Yahoo! ($640)

Chango / Rubicon ($100)

Domob / BlueFocus

($289) TigerLead /

Move ($22)

ClickMotive / DealerTrak

($62)

Akamai(asset) / MediaMath

($25)

Neolane / Adobe ($600)

Locu / GoDaddy

($70)

Aggregate / NeuStar ($119)

FreeWheel / Comcast ($320)

Adometry / Google ($150)

[x+1] / Rocket Fuel

($230)

Videoplaza / Ooyala ($80)

Yashi / Nexstar

($33)

Bronto / NetSuite ($200)

30 27

18

31 34 34

51 53

41

53

42 40

$477

$1,180

$191

$4,810

$1,167

$2,865 $3,049

$845

$3,305

$1,945

$1,138

$1,220

0

10

20

30

40

50

60

0

1,000

2,000

3,000

4,000

5,000

6,000

3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015

# Deals $ in millions Deal Volume Deal Value ($M)

8

Top Acquirers in Internet Advertising Market

Buyer # Acquisitions Total Value ($M) Targets

Google 8 1,025.0 Admeld, Adometry, Channel Intelligence, Incentive Targeting, mDialog, Red Hot Labs, Wildfire, Zave Networks

Yahoo! 8 975.5 5to1.com, AdMovate, Brightroll, Flurry, Interclick, Luminate, Palaran, Ztelic

Oracle 6 4,408.7 BlueKai, Datalogix, Eloqua, Involver, Responsys, Vitrue

Adobe 5 1,178.0 Auditude, Demdex, Efficient Frontier, Neolane, Search Discovery

Facebook 5 382.0 LiveRail, Microsoft Corporation (Atlas Advertiser Suite Assets), Onavo, Pryte, Threadsy

Top Acquirers by Volume – Five or More Acquisitions, 2011 – Present

Buyer Total Value ($M) Targets

Oracle 4,408.7 BlueKai, Datalogix, Eloqua, Involver, Responsys, Vitrue

Salesforce 3,515.0 Buddy Media, ExactTarget, Radian6

Alliance Data Systems 2,300.0 Conversant

Harland Clarke 1,947.0 Valassis

SAP AG 1,381.0 Hybris, KXEN, SeeWhy

Adobe 1,178.0 Auditude, Demdex, Efficient Frontier, Neolane, Search Discovery, Tumri Inc.

DealerTrack Holdings 1,048.5 ClickMotive, Dealer Dot Com

Google 1,025.0 Admeld, Adometry, Channel Intelligence, Incentive Targeting, mDialog, Red Hot Labs, Wildfire, Zave Networks

Yahoo! 975.5 5to1.com, AdMovate, Brightroll, Flurry, Interclick, Luminate, Palaran, Ztelic

DG 597.6 EyeWonder, MediaMind Technologies, Peer39, Republic Project

Twitter 532.6 AdGrok, RestEngine, TellApart

IBM 500.1 Now Factory, The Silverpop Systems, Tealeaf Technology, Inc.

Extreme Reach 485.0 DG

Top Acquirers by Total Transaction Value – $450M or More, 2011 – Present

Source: 451 Group

9

On April 28th, 2015

ACQUIRED

Transaction Overview: $532.6M acquisition of TellApart by Twitter

- $532.6M in stock through issuance of 12.6M shares of common stock TellApart had $17.7M in VC funding at the time of the acquisition Target Description: Provides predictive marketing and customer analytics SaaS that enables personalized

cross-device retargeted ads, as well as mobile, social media and email campaigns, for e-retailers and marketing teams.

Transaction Commentary: “TellApart’s strengths in personalization, dynamic product ads, commerce data and with

retail advertisers are strong complements to Twitter’s deep experience in mobile, understanding users and the app ecosystem,” said Josh McFarland, Co-Founder & CEO of TellApart

"TellApart brings deep expertise in performance advertising, driving cost-effective return on investment through dynamic product ads and email marketing. With continued investment and expansion through our global sales teams, we believe we can extend TellApart’s services internationally and to industries beyond retail,” elaborated Kevin Weil, Twitter’s Senior VP of Product

Internet Advertising Market: M&A Case Study

_______ Source: 451 Group, Twitter’s Company Website, TechCrunch

10

Internet Advertising Investment Rebounding

_______ Source: PitchBook; includes transactions with disclosed, estimated, undisclosed transaction values Top 3 investments with disclosed investment values

Top 3 Investments by Quarter ($M) 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

Dianping.com ($60)

ignitAd ($65)

AppNexus ($75)

Brand Ntwk ($68)

Droga5 ($225)

Komli Media ($30)

Appforma ($80)

Campaign Monitor ($250)

AppNexus ($85)

AppNexus ($110)

Dianping.com ($850)

Panshi ($200)

Criteo ($39)

HubSpot ($35)

Infusionsoft ($60)

BrightEdge ($43)

Videology ($68)

BrightTag ($27)

Turn ($80)

MediaMath ($176)

Hootsuite ($60)

Matomy Media ($82)

Red Ventures ($250)

Lattice Engines ($28.3)

Say Media ($27)

Emailvision ($30)

AVITO.ru ($50)

MarketShare ($38)

SugarCRM ($40)

Vungle ($19)

Integral Ad ($30)

AdRoll ($70)

xAd ($50)

Infusionsoft ($55)

Harbor City ($100)

Magnetic ($25)

# Investments

56

69 71

85

63

45

59

71

61

53

66 65

$360 $432

$519 $488 $554

$268

$459

$1,071

$478 $462

$1,677

$458

0

10

20

30

40

50

60

70

80

90

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015

$ in millions

Investment Volume Investment Value ($M)

11

Top Investors in Internet Advertising Market

_______ Source: PitchBook; number of investments may include follow-on investments in same target

Investor Investments Targets

500 Startups 31 AdStage, BackType, Boostable, BrandCont, Capseo, Central Mayoreo, Conekta, Crowdrally, Ginzamarkets, Iterable, LocBox, MarketVibe, Newswhip Media, OwnLocal, PostRocket, Privy, Regresa Pronto, Samba Ads, ShareRoot, Skimbit, Spinnakr, Unbounce Marketing, Vid Network, Virool, Vungle

First Round Capital 22 33Across, Altruik, AppNexus, DoubleVerify, Elicit, Flurry, Handshakez, Jirafe, Moat, Nomi, Say Media, SinglePlatform, Solve Media, VigLink

Greycroft Partners 22 33Across, Custora, Elicit, Media Armor, Molio, Netsertive, Nomi, Performance Horizon Group, Radiate Media, Resonate Networks, Skimbit, SteelHouse, TagMan

SV Angel 21 Booshaka, Boostable, Custora, Heap, Moat, Nomi, NowSpots, Pipewise, SocialFlow, SteelHouse, TellApart, TT Labs, Tubular Labs, Vungle, WibiData, Wish, Yext

Draper Fisher Jurvetson 19 4INFO, AdXpose, Flurry, ignitAd, InsightSquared, iSocket, Komli Media, PubMatic, Servio, StrikeAd, SugarCRM, Tremor Video, Virool, Yodle

Sequoia Capital 18 AgilOne, Dianping.com, Flite, HubSpot, Innovid, Kahuna, Kenshoo, Kontera Technologies, Lattice Engines, Taykey

Battery Ventures 17 BrightEdge Technologies, ExactTarget, Kontagent, Lotame Solutions, Marketo, Smarter Remarketer, Sprinklr, Tapad, Tealium

Accel Partners 16 AdRoll, AVITO.ru, BEBB India, Collective, Dealer.com, HootSuite,Genius.com, LocBox, MoPub, myThings, Nomi, OpenX Software, YuMe

Intel Capital 14 [x+1], BrightEdge Technologies, Delivery Agent, HookLogic, Movable Inc, SmartZip Analytics, Sprinklr, Vizury, YuMe, Zamplus Technology

New Enterprise Associates 14 BloomReach, Compass Labs, Lattice Engines, Millennial Media, RezNext Global, Say Media, SugarCRM, TrackMaven, Videology, WibiData

Atlas Venture 12 Bluetrain Mobile, DataXu, InsightSquared, Integral Ad Science, Overdog, Privy, Unbounce Marketing

Bertelsmann Digital Media Investments 12 Adomic, Content Fleet, CrowdTwist, Deal United, Regiohelden, Semasio, SensorTower, Skimbit

Y Combinator 11 AdGrok, BackType, Boostable, Custora, Heap, LocalOn, Orankl, Reebee, TT Labs, Virool

SoftTech VC 10 iSocket, Kahuna, Rapleaf, StrikeAd, TurnHere, VigLink, Vungle

Top Investors by Volume, 2011 – Present

12

Top Seed and Series A Investors in Internet Advertising Market


500 Startups 26 AdStage, BackType Boostable, Capseo, Central Mayoreo, Conekta, Crowdrally ,Iterable, LocBox, MarketVibe, PostRocket, Privy, Regresa Pronto, Samba Ads, ShareRoot, Spinnakr, Unbounce Marketing, Vid Network, Virool, Vungle

SV Angel 14 Booshaka, Boostable, Custora, Heap, Moat, Nomi, NowSpots, Pipewise, SocialFlow, TT Labs, Tubular Labs, Vungle

Y Combinator 11 AdGrok, BackType, Boostable, Custora, Heap, LocalOn, Orankl, Reebee, TT Labs, Virool

First Round Capital 10 Altruik, Elicit, Handshakez, Jirafe, Moat, Nomi, Say Media, SinglePlatform, Solve Media

RRE Ventures 9 Bloglovin, BlueTrain Mobile, ividence, Pontiflex, Say Media, SinglePlatform, SocialFlow, Yieldbot

TechStars 9 AdYapper, Bizible, inRentive, MarketVibe, Mavrck, Mobintent, Simple Energy, SimpleRelevance, Splashscore

Lerer Hippeau Ventures 8 Bloglovin, Bottlenose, Brandtale, Fuisz Media, GraphEffect, Moat, Tubular Labs

Greycroft Partners 7 Custora, Elicit, Media Armor, Molio, Nomi, TagMan

Betaworks 6 Bloglovin, Namo Media, SocialFlow, Teleportd

Atlas Venture 5 Bluetrain Mobile, InsightSquared, Privy, Unbounce Marketing

CommonAngels 5 InsightSquared, Linkable Networks, Yieldbot

Draper Associates 5 Autopilot, MomentFeed, Vungle

ff Venture Capital 5 Bottlenose, Elicit, Movable Inc, Parse.ly

Founder Collective 5 BackType, Custora, GraphEffect, Moat, ThriveHive



13

Top Series B and C Investors in Internet Advertising Market


Greycroft Partners 10 Netsertive, Performance Horizon Group, Resonate Networks, Skimbit, SteelHouse, TagMan

Sequoia Capital 9 AgilOne, Dianping.com, Flite, Innovid, Lattice Engines, Taykey

Battery Ventures 8 BrightEdge Technologies, Kontagent, Sprinklr, Tapad, Tealium

First Round Capital 7 33Across, DoubleVerify, Moat, Solve Media, VigLink

Intel Capital 7 BrightEdge Technologies, HookLogic, Movable Inc, SmartZip Analytics, Sprinklr, Vizury

Lightspeed Venture Partners 7 BloomReach, Dianping.com, Evariant, Eyeviewdigital, MediaV, MyBuys

New Enterprise Associates 6 BloomReach, Compass Labs, Lattice Engines, TrackMaven, Videology, WibiData

Redpoint Ventures 6 55social, Adap.tv, nadco, Intent Media, The Miaozhen Systems

Baird Capital 5 BrightTag, ClickFuel, eDo Interactive, WordStream

Draper Fisher Jurvetson 5 ignitAd, InsightSquared, iSocket, Servio

Ignition Partners 5 Dianping.com, Moz, Visible Technologies



14

Top Series D+ Investors in Internet Advertising Market


Norwest Venture Partners 8 Act-On Software, Komli Media, True[x] Media, Turn

Draper Fisher Jurvetson 7 4INFO, AdXpose, Flurry, Komli Media, PubMatic, SugarCRM, Tremor Video, Yodle

Accel Partners 5 AdRoll, Genius.com, OpenX Software, YuMe

Battery Ventures 5 BrightEdge Technologies, Lotame, Marketo, Sprinklr, Tealium

Focus Ventures 5 Delivery Agent, Marin Software, Turn

Institutional Venture Partners 5 AdRoll, Buddy Media, Marketo, xAd, Yext

Menlo Ventures 5 DataXu, Flurry, YuMe

SAP Ventures 5 Criteo, Marin Software, OpenX Software, Tremor Video

Crosslink Capital 4 Flurry, Marin Software

First Round Capital 4 33Across, AppNexus, Flurry

Intel Capital 4 BrightEdge Technologies, Delivery Agent, Sprinklr, YuMe

Panorama Capital 4 33Across, JiWire, Zoove

Scale Venture Partners 4 BrightRoll, Demandbase, HubSpot

Trident Capital 4 BrightRoll, JiWire, Turn



15

On June 8th, 2015

&

INVESTED IN

Transaction Overview: $28M Series D venture funding from lead investors River Cities Capital Funds and

Piper Jaffray Merchant Banking on June 8th, 2015 Puts pre-money valuation at $77M Target Description Developer of a platform designed to help sales and marketing processes. The

company's software integrates internal, external and Lattice Engines proprietary data to identify customer patterns and predictive events that influence buying decisions.

Transaction Commentary: "Predictive analytics are becoming embedded in numerous industries, from

healthcare to industrial manufacturing," said Robert Heimann, Director at River Cities, who will also join the Lattice Board. "We share Lattice's belief that marketing and sales teams can greatly improve their productivity with predictive analytics, which ultimately leads to positive impacts on a business' bottom line.“

"In the past decade there has been a massive shift in B2B marketing towards predictive solutions. It's no longer enough to be a modern marketer. It's about being a predictive marketer," said Shashi Upadhyay, CEO of Lattice. "By leveraging big data and powerful analytics, B2B marketers today have the same power of prediction as consumer giants such as Amazon and Netflix."

Internet Advertising Investment Case Study

16

15+ Years of Internet Advertising Success

IPO

Lead Manager

IPO

Lead Manager

IPO

Lead Manager

HAS ACQUIRED

Fairness Opinion to the Buyer

IPO

Co-Manager

HAS BEEN ACQUIRED BY

Financial Advisor to the Seller

_______ Certain transactions executed by Headwaters TMT bankers at prior firms














A DIVISION OF






17

Recent Awards and Nominations






A DIVISION OF



A PORTFOLIO COMPANY OF



A PORTFOLIO COMPANY OF


Headwaters Technology, Media & Telecom (TMT) team has won awards for

2014 Online and Mobile Tech Deal of the Year and 2014 Consumer Services Deal of the Year

and back-to-back M&A Advisor TMT Deal of the Year awards

2012 TMT DEAL OF THE YEAR <$100M

CONSUMER SERVICES

DEAL OF THE YEAR



CORPORATE / STRATEGIC ACQUISITION

OF THE YEAR

2014 ONLINE AND MOBILE TECH DEAL

OF THE YEAR





18

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Internet Advertising Market Update - Headwaters TMT Blog · 2 Capital Markets – U.S. Internet Advertising companies continue to outpace their international counterparts and outperform