The NOAH Bible
Contents Title Page Title Page Cover 1 Manhattan Venture Partners 33 Agenda 2 NOAH Top List: European FinTech 34 Selected NOAH Advisors Deals 3 Selected Transaction Comps 35-39 The NOAH Conferences 4-8 Strategic Buyers by Segment 35-38 NOAH Connect: ComingSoon! 9 Financial Buyers by Segment 39 Porsche: The New Panamera 10 Pipedrive 40 Traffic Benchmarking 11 NOAHDisruptor List 41-48 Key Public B2C Internet Companies 12 CHRONEXT 49 Traffic Benchmarking 13 NOAH Top List: European SaaS 50-51 Desktop / Mobile Web Traffic Split 14 The NOAH Conferences 52 SimilarWeb 15 The NOAH Ecosystem 53 European Online Valuations 16 Real Winners on Stage 54-55 Universe of Public Internet Companies 17 Adyen 56 Sector Valuations 18 NOAH London 2017 Review 57-60 Sector KPIs 19 NOAH London 2017 Overview 57 Deutsche Börse Venture Network 20 NOAH London 2017 Highlights 58 Historical Valuation by Region 21 Event Impressions 59-60 Growth Driven Valuation 22 Sponsors & Partners 61 Significant European Movers 23 Target Global 62 Credit Suisse 24 NOAH Berlin 2017 Review 63-68 Trading Comparables 25-32 NOAH Berlin 2017 Overview 63 Advertising, Classifieds 25 NOAH Berlin 2017 Highlights 64 Classifieds (Cont’d), Content, Digi. 26 Entertainment, E-commerce Event Impressions 65-66 E-commerce (Cont’d), Education, 27 Fitness/Wearables Sponsors & Partners 67 Gambling, Gaming, Hardware & 28 Semiconductors NOAH Advisors 68 Hardware & Semiconductors (Cont’d), 29 Healthcare & Science, IoT, Brokerage NOAH Advisors Overview 69-70 Travel, Payments, Search, Social 30 Selected NOAH Advisors Deals 71 Software 31 NOAH Resources 72 Software (Cont’d) 32 2
Selected NOAH Advisors Deals August 2017 December 2016 October 2016 September 2016 Acquisition of a Majority Stake in Investment in Investment in Acquisition of a Majority Stake in by by by by from 84% Ownership at a valuation of $200m Exclusive Financial Advisor to at a valuation of €300m Financial Advisor to EMK Capital Financial Advisor to Silver Lake KäuferPortal and its Financial Advisor to Oakley Shareholders Capital May 2016 November 2015 August 2015 September 2015 Investment in $5m fundraising and NOAH as $14m fundraising and NOAH as Sale of 70% stake in 10Bis the Lead Investor the Lead Investor by to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to 10Bis and its Shareholders Pipedrive Aloha Drushim and its Shareholders July 2015 December 2014 October 2014 September 2014 Primary funding for Sale of 100% of Sale of 100% of Sale of controlling stake in from for $800m to for €80m to to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Advisor to BIScience Fotolia and the Selling Trovit and its Shareholders Facile.it and its Shareholders Shareholders August 2014 May 2014 February 2013 May 2012 sold 100% of Growth equity investment from $150 million growth equity investment from sale to for $228m to JV between for a 30% stake alongside Softonic’s for a 50% stake alongside Fotolia’s Founders and Angel Investors at Founders and TA Associates €275m valuation Additional $150 million senior debt financing Advisor to the Selling Shareholders Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Yad2 and its Shareholders Softonic and its shareholders Fotolia and its Shareholders April 2012 November 2011 July 2011 July 2011 Sale of 100% in Sale of a majority stake in Sale of a majority stake in have acquired a majority stake in to to to for $350m from Quants Financial Services AG at a valuation of €40m Financial Advisor to Toprural Exclusive Financial Advisor to Exclusive Advisor to and its Shareholders grupfoni and its Shareholders Exclusive Advisor to EnGrande Summit Partners and TA Associates 3
The NOAH Conference Tel Aviv 13-14 March 2018 Haoman17, Tel Aviv Connecting Israel’s Startups with Large Corporates and Investors Day 1 Conference Day 2 Tech Tours Technology deep dive with Israel’s Thematic tech tours – organised by hottest startups industry Followed by networking reception Selected startups meet you at their premises Technology Focus on Mainstage • Artificial Intelligence & Deep • Electric & Autonomous Cars Learning • Fintech • Big Data & Analytics • Hardware & IoT • Crypto Currencies • Robotics & Drones • Cyber Security • User Paid & B2B Services • Digital & Adtech • Virtual & Mixed Reality NOAH Style Networking 800 hand picked executives, entrepreneurs and investors 12 March: Opening Dinner 13 March: Networking reception Relaxed main-stage schedule Founding Partners NOAH Tel Aviv REQUEST INVITE >> OVERVIEW PRESENTATION 4
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The NOAH Conference Berlin 6-7 June 2018 Tempodrom, Berlin Connecting European Champions and Challengers Fantastic speaker line-up Meet disruptors across key industry verticals Networking with 4,000+ attendees Traditional market leaders meet their digital start-up counterparts Attendees by Type Attendees by Seniority Internet Entrepreneurs C-Level and Executives 3%1% Corporate Executives 17% Investment Partner 28% Investors 38% 42% Service Providers Owner, Founder Press 19% Board Member Other Other 2% 21% 22% 7% HIGHLIGHTS FROM NOAH17 BERLIN PROGRAM >> VIDEO LIBRARY >> REQUEST INVITE >> REGISTER >> NOAH Conference WATCH THE TRAILER OVERVIEW PRESENTATION 6
NOAH Conference London 30-31 October 2018 Old Billingsgate, London Connecting Capital with Entrepreneurs 630+ investment funds 100+ top speakers ~2,000 senior attendees Europe’s top entrepreneurs and C-level executives meet financial, corporate and private investors Attendees by Type Attendees by Seniority Internet Entrepreneurs C-Level and Executives 3% 2% Investors 9% 21% Investment Partner Corporate Executives 14% Service Providers 47% Owner, Founder 1% 8% 49% Press Board Member Other 25% Other 21% HIGHLIGHTS FROM NOAH17 LONDON PROGRAM >> VIDEO LIBRARY >> REQUEST INVITE >> REGISTER >> NOAH Conference WATCH THE TRAILER OVERVIEW PRESENTATION 7
THE NOAH STARTUP STAGE NOAH London Startups: Vote for Your Favourites Today! The voting for the best start-ups from NOAH17 London Conference is now open. CEOs and founders from 93 outstanding digital start-ups presented their businesses in a series of 6-minute pitches. The 3 companies with the most votes will not only present on the main stage of the upcoming NOAH Berlin Conference on the 6th and 7th of June 2018, but will also win great prizes from our partner DCMN. VOTE FOR YOUR #1 STARTUP Want to meet relevant angels and VCs looking for early-stage opportunities and increase public awareness? Apply for the NOAH Berlin Startup Stage 2018 now! APPLY FOR NOAH18 BERLIN STARTUP STAGE
NOAH Connect: Coming Soon! NOAH Connect: Bringing the NOAH Ecosystem Online in 2018 Supporting the European online ecosystem with 4 key objectives • Connect Europe’s digital leaders • Connect old and new economy • Narrow competitive disadvantage vs. better funded US firms • Increase exits to European strategic buyers (to preserve long-term competitiveness) 9
Traffic Benchmarking Traffic Measurement
Key Public B2C Internet Companies Classifieds Lead Gen E-commerce Marketplaces Social Travel Europe United States 12
Traffic Benchmarking Direct Traffic (% of total visits) 61% 60% 45% 43% 45% 42% 33% 39% 31% 31% 20% 21% Social Classifieds Marketplaces E-commerce Travel Lead Generation Europe United States Average Page Impressions per Visit 21.3 13.3 10.9 9.0 10.7 10.3 9.7 7.1 5.3 6.9 6.0 3.7 Social E-commerce Classifieds Marketplaces Travel Lead Generation Europe United States Average Visit Duration (minutes) 15.6 14.3 9.0 8.7 7.5 6.1 5.8 6.4 7.1 5.0 4.0 3.5 Social E-commerce Classifieds Marketplaces Travel Lead Generation Europe United States Source: SimilarWebData from Q1 2017. 13 Note: Direct share derived from Desktop traffic only.
Desktop / Mobile Web Traffic Split Europe US 32% 44% 56% 68% Desktop Mobile Mobile Share by Sector 49% Marketplaces 0 48% 49% Classifieds 0 45% 47% Travel 0 42% Lead 43% Generation 0 46% 39% E-commerce 0 42% 27% Social 0 44% Europe United States Source: SimilarWebData from Q1 2017. 14 Note: Direct share derived from Desktop traffic only.
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European Online Valuations
Universe of Public Internet Companies Advertising Classifieds E-commerce Lead Gen Marketplaces Online Gaming Search Social Travel Europe United States 17
Sector Valuations EV / EBITDA 2017E December 2017 52.0x E-commerce 29.9x 48.5x Marketplaces 15.0x Search & 20.1x Portals 14.5x 18.5x Social 19.3x 16.2x Classifieds 36.3x Lead 15.7x Generation 20.0x 12.5x Travel 15.7x 9.2x Gaming 26.8x 8.4x Advertising 10.9x Europe United States Note: Calculation based on sector aggregates. 18
Sector KPIs EBITDA CAGR 2017E-2019E 49% 45% 41% 35% 35% 28% 25% 23% 18% 21% 21% 14% 11% 15% 9% 8% 5% 8% Marketplaces E-commerce Search & Gaming Social Classifieds Lead Travel Advertising Portals Generation Europe United States EBITDA Margin 2017E 58% 45% 49% 37% 32% 31% 29% 29% 28% 22% 21% 18% 18% 10% 12% 15% 11% 7% Gaming Social Search & Lead Travel Marketplaces Classifieds Advertising E-commerce Portals Generation Europe United States Cash Conversion: FCF / EBITDA 2017E 67% 65% 65% 69% 59% n/m 61% n/m 61% 50% 54% 50% 42% 46% 33% n/m Lead Marketplaces Social Advertising Search & Travel Classifieds Gaming Generation Portals Europe United States Note: Calculation based on sector aggregates. 19
Historical Valuation by Region EV / 1 Year Forward EBITDA 25x Europe United States Rest of World 20x 15x 10x 5x - 0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 7 7 7 7 1n- r-1l-1 t-1 n-1r-1 l-1t-1 n-1r-1 l-1t-1 n-1 r-1l-1 t-1n-1 r-1l-1 t-1n-1 r-1 l-1t-1 n-1r-1 l-1t-1 n-1 r-1l-1 t-1 aJ Ap Ju Oc Ja Ap Ju Oc Ja Ap Ju Oc Ja Ap Ju Oc Ja Ap Ju Oc Ja Ap Ju Oc Ja Ap Ju Oc Ja Ap Ju Oc Selected Companies Europe United States Rest of World Note: NTM EBITDA derived by time-weighted estimates. 21 Forward multiples are median values for region.
Growth Driven Valuation Europe EV / EBITDA 2017E 50x 40x 30x 20x 10x - - 10% 20% 30% 40% EBITDA CAGR 2017E-2019E United States EV / EBITDA 2017E 40x 30x 20x 10x - - 10% 20% 30% 40% EBITDA CAGR 2017E-2019E Note: Size of bubble represents Enterprise Value. 22
Significant European Movers Valuations: Dec-17 vs. Nov-17 Enterprise Value (€m) * Company Dec-17 Nov-17 % Change Gainers 184 145 +27% 997 885 +13% 151 140 +8% 226 213 +6% 584 563 +4% Losers 6,675 8,234 -19% 2,961 3,335 -11% 4,770 5,320 -10% 7,027 7,644 -8% 2,867 3,098 -7% EV/EBITDA 2017E Company Dec-17 Nov-17 % Change Gainers 12.3x 10.8x +14% 11.5x 10.5x +9% 7.5x 7.0x +7% 19.6x 18.7x +5% 11.6x 11.1x +4% Losers 8.5x 10.5x -20% 17.2x 19.3x -11% 9.1x 10.1x -9% 9.1x 9.8x -8% 27.4x 29.5x -7% Source: Factset(December 2017). 23 Note: * Companies with enterprise value <€100m excluded.
Trading Comparables 21-Dec-17 52-weeks Market Enterprise EV / Revenue CAGR EV / EBITDA CAGR Margin EV / EBITDA / G P/E Company Share Price High Cap. (€m) Value (€m) 2017 2018 16-18E 2017 2018 16-18E 2017 2016 2017 2018 Advertising / Marketing Ad Networks Criteo (Europe) $ 24.25 $ 56.00 1,306 1,026 1.3x 1.3x 13% 4.1x 4.6x 8% 32% 0.7x 17.4x 23.5x Taptica (Middle East) £ 3.83 £ 4.69 261 233 1.3x 0.8x 61% 9.2x 7.2x 17% 14% 0.6x 15.9x 11.6x Tremor Video (US) $ 3.90 $ 5.10 166 101 2.7x 2.0x (40%) n/m 17.2x n/a (15%) n/a n/m n/m YuMe (US) $ 3.57 $ 6.06 102 69 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Matomy (Middle East) £ 0.72 £ 1.35 67 67 0.3x 0.3x (5%) 3.5x 2.6x 28% 9% 0.2x n/a n/a Mean 1.4x 1.1x 7% 5.6x 7.9x 18% 10% 0.5x 16.6x 17.6x Intermediaries Trade Desk (US) $ 49.59 $ 67.30 1,633 1,544 6.0x 4.7x 39% 20.1x 15.2x 36% 30% 0.8x 39.4x 36.6x Opera Software (Europe) NOK 26.50 NOK 42.30 393 344 0.8x 0.9x (9%) 26.7x 7.6x 8% 3% 1.1x n/m 82.1x QuinStreet (US) $ 8.67 $ 10.97 332 289 1.1x 1.0x 9% 18.1x 11.9x 70% 6% 0.5x n/m 62.2x FreakOut (AsiaPac) ¥ 2,623 ¥ 4760.00 256 260 2.7x 2.0x 56% 24.9x 23.6x 27% 11% 1.4x n/m 77.2x RhythmOne (US) £ 2.35 £ 34.62 131 131 0.6x 0.4x 55% 12.0x 3.8x n/a 5% n/a n/m 7.3x SeaChange (US) $ 3.99 $ 4.03 119 90 1.3x 1.3x (1%) 30.1x 13.7x n/a 4% n/a n/m n/m Weborama (Europe) € 10.82 € 11.71 37 38 1.2x 1.0x 14% 6.9x 5.5x 39% 17% 0.3x n/a n/a Cxense (Europe) NOK 56.50 NOK 149.00 45 35 1.8x 2.1x (11%) n/m n/m (45%) (53%) n/a n/a n/a Marin Software (US) $ 11.05 $ 19.19 52 28 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Netccentric (AsiaPac) A$ 0.02 A$ 0.06 3 3 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a The Rubicon Project (US) $ 1.87 $ 9.16 78 n/m -0.3x -0.4x (34%) 9.8x 2.2x n/a (3%) n/a n/m n/m Mean 1.9x 1.7x 19% 19.8x 11.6x 23% 3% 0.8x 39.4x 53.1x Data and Loyalty HubSpot (US) $ 90.35 $ 93.53 2,721 2,554 8.2x 6.4x 32% n/m 85.1x n/a 6% n/a n/m n/m Acxiom (US) $ 27.33 $ 30.40 1,801 1,847 2.4x 2.2x 7% 12.0x 10.1x 18% 20% 0.8x n/m n/m Quotient Technology (US) $ 11.40 $ 17.85 850 695 2.6x 2.1x 18% 17.6x 12.2x 44% 15% 0.6x n/m 98.4x Bazaarvoice (US) $ 5.45 $ 5.50 387 332 1.9x 1.8x 4% 16.4x 12.7x 63% 12% 0.5x n/m n/m Aimia (Canada) C$ 3.63 C$ 9.49 362 274 0.2x 0.2x (6%) 1.6x 1.7x 2% 13% 1.1x n/a n/a 1000mercis (Europe) € 42.78 € 54.70 128 119 2.0x 1.7x 12% 9.3x 7.8x 12% 21% 0.8x 19.1x 15.0x Marchex (US) $ 3.19 $ 3.75 116 28 0.4x 0.4x (17%) 62.5x 15.9x n/a 1% n/a n/m n/m Somoto (Middle East) ILS 1.56 ILS 3.49 27 18 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 2.5x 2.1x 7% 19.9x 20.8x 28% 12% 0.8x 19.1x 56.7x Market Research Nielsen (US) $ 36.22 $ 45.73 10,896 17,614 3.2x 3.1x 4% 10.3x 10.2x 3% 31% 3.5x 25.2x 24.5x Gartner (US) $ 123.66 $ 130.02 8,601 10,884 3.7x 3.2x 29% 18.5x 15.4x 35% 20% 0.8x n/m 56.5x Ipsos (Europe) € 31.14 € 35.64 1,319 1,826 1.0x 1.0x 1% 8.9x 8.5x 2% 11% 5.0x 12.2x 11.2x National Research Corporation (US) $ 34.95 $ 41.99 1,239 1,211 12.2x 11.3x 8% 37.1x 33.6x 7% 33% 5.6x n/a n/a comScore (US) $ 27.51 $ 34.85 902 811 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Forrester Research (US) $ 45.25 $ 47.75 699 586 2.1x 2.0x 3% 16.6x 14.6x 4% 13% 3.5x 49.5x 43.2x YouGov (Europe) £ 3.15 £ 3.30 374 374 3.0x 2.8x 12% 20.2x 17.5x 18% 15% 1.3x 64.9x 52.1x Intage (AsiaPac) ¥ 1404.00 ¥ 1500.00 416 361 1.0x 0.9x 5% 8.7x 8.3x n/a 11% n/a n/a n/a Mean 3.7x 3.5x 9% 17.2x 15.5x 12% 19% 3.3x 37.9x 37.5x Agencies WPP (Europe) £ 13.53 £ 19.28 19,340 23,709 1.5x 1.5x 0% 8.3x 8.1x 4% 18% 2.1x 11.6x 11.4x Omnicom (US) $ 74.00 $ 87.43 14,616 17,726 1.4x 1.3x 1% 9.0x 8.6x 3% 15% 3.1x 14.6x 14.1x Publicis Group (Europe) € 56.34 € 69.00 12,697 14,625 1.5x 1.5x 0% 8.6x 8.2x 3% 17% 3.2x 13.0x 12.1x Dentsu (AsiaPac) ¥ 4,775 ¥ 6550.00 10,113 12,190 1.8x 1.7x 8% 9.3x 8.7x 2% 19% 4.7x 16.3x 15.1x Interpublic Group of Companies (US) $ 20.15 $ 25.71 6,641 8,036 1.2x 1.2x 2% 7.8x 7.7x 2% 16% 3.4x 14.0x 13.1x JCDecaux (Europe) € 33.66 € 35.28 7,154 7,154 2.1x 2.0x 2% 11.7x 10.9x 5% 18% 2.5x 32.1x 28.7x Havas (Europe) € 9.25 € 9.40 3,882 3,965 1.7x 1.7x 1% 11.7x 11.1x (1%) 15% n/a 22.0x 20.3x MDC Partners (US) $ 10.25 $ 12.26 455 1,294 1.0x 1.0x 8% 7.6x 6.8x 13% 13% 0.7x 18.4x 14.0x Asatsu-DK (AsiaPac) ¥ 3635.00 ¥ 3980.00 1,126 993 0.4x 0.4x 1% 17.7x 16.4x 7% 2% 2.5x 29.2x 27.8x Mean 1.4x 1.4x 3% 10.2x 9.6x 4% 15% 2.8x 19.0x 17.4x Classifieds Diversified Naspers (Africa) R 3,301 R 4142.99 95,066 84,349 15.4x 14.0x 6% n/m n/m 146% 5% n/a 41.6x 32.9x Recruit Holdings (AsiaPac) ¥ 2,758 ¥ 2839.50 34,222 32,695 2.1x 1.9x 15% 17.0x 14.7x 15% 12% 1.3x 34.9x 27.8x Axel Springer (Europe) € 66.49 € 69.01 7,174 8,626 2.5x 2.5x 3% 13.2x 11.8x 11% 19% 1.3x 30.5x 27.0x 58.com (AsiaPac) $ 70.90 $ 79.79 7,188 6,964 5.5x 4.5x 27% 28.1x 19.2x 93% 20% 0.8x 58.3x 32.6x Schibsted (Europe) NOK 230 NOK 259.50 5,226 5,308 3.1x 2.9x 6% 20.2x 15.6x 27% 16% 0.9x 23.5x 31.7x Scout24 (Europe) € 34.24 € 36.22 3,683 4,275 8.9x 8.1x 9% 17.3x 15.3x 13% 51% 1.5x 30.7x 24.9x Info Edge India (AsiaPac) INR 1275.00 INR 1339.50 2,027 1,802 15.6x 13.6x 13% 47.5x 38.9x 28% 33% 2.3x 60.8x 50.7x Next Co (AsiaPac) ¥ 1060.00 ¥ 1111.00 935 904 3.7x 3.0x 18% 27.8x 19.1x 11% 13% 2.2x n/a n/a Angie's List (US) $ 11.02 $ 13.74 551 501 0.7x 0.5x 90% 8.3x 2.3x 209% 9% 0.1x n/m 15.1x Just Dial (AsiaPac) INR 498.20 INR 619.45 455 441 4.4x 4.0x 8% 25.3x 21.6x 12% 17% 2.3x 25.4x 23.5x Mean 6.2x 5.5x 20% 22.7x 17.6x 56% 19% 1.4x 38.2x 29.6x Real Estate REA Group (AsiaPac) A$ 78.64 A$ 81.10 6,682 6,550 13.7x 11.8x 13% 24.2x 20.3x 17% 57% 1.6x 41.8x 32.7x Zillow (US) $ 43.07 $ 51.23 6,614 6,361 7.1x 5.8x 24% 32.0x 23.6x 49% 22% 1.1x n/m n/m Rightmove (Europe) £ 44.80 £ 45.74 4,692 4,672 17.0x 15.6x 10% 22.5x 20.6x 10% 76% 2.4x 28.5x 25.8x Redfin (US) $ 26.48 $ 33.49 1,803 1,616 5.2x 4.0x n/a n/m n/m n/a (0%) n/a n/m n/m Fang Holdings (AsiaPac) $ 4.57 $ 5.27 1,231 1,321 3.4x 3.2x (27%) 32.2x 10.2x n/a 11% n/a 66.3x 14.6x Mitula (Europe) A$ 0.55 A$ 1.08 76 76 3.4x 2.8x 23% 9.5x 6.9x 16% 36% 0.6x 15.0x 10.2x Leju (AsiaPac) $ 1.43 $ 5.02 163 n/m -0.1x 0.0x (10%) 0.2x 1.8x n/a (23%) n/a n/m n/m Mean 7.1x 6.2x 5% 20.1x 13.9x 23% 25% 1.4x 37.9x 20.8x Source: Factset (as of 21 December 2017). 25
Trading Comparables (Cont’d) 21-Dec-17 52-weeks Market Enterprise EV / Revenue CAGR EV / EBITDA CAGR Margin EV / EBITDA / G P/E Company Share Price High Cap. (€m) Value (€m) 2017 2018 16-18E 2017 2018 16-18E 2017 2016 2017 2018 Classifieds (Cont'd) Automotive Autohome (AsiaPac) $ 64.44 $ 67.69 6,253 5,379 6.9x 5.8x 13% 19.6x 15.6x 48% 35% 0.7x 28.8x 23.3x Auto Trader (Europe) £ 3.45 £ 4.45 3,896 4,283 11.6x 10.9x 7% 16.8x 15.5x 9% 69% 2.0x 20.9x 19.0x Cargurus (US) $ 30.10 $ 35.42 2,771 2,699 10.3x 8.4x n/a n/m n/m n/a 7% n/a n/m n/m Carsales.com (AsiaPac) A$ 14.82 A$ 15.45 2,312 2,269 8.8x 7.6x 13% 18.4x 15.8x 13% 48% 1.5x 29.6x 25.4x BCA Marketplace (Europe) £ 2.09 £ 2.30 1,842 1,842 0.7x 0.7x 18% 11.1x 10.2x 13% 6% 1.0x 26.6x 21.9x Bitauto (AsiaPac) $ 31.78 $ 54.42 1,892 1,757 1.6x 1.2x 43% 14.4x 6.4x 112% 11% 0.3x n/m 46.8x TrueCar (US) $ 11.44 $ 21.75 830 689 2.5x 2.2x 14% 29.3x 20.1x 64% 9% 0.8x n/m n/m Carvana (US) $ 20.99 $ 24.89 265 352 0.5x 0.2x 137% n/m n/m (18%) (17%) n/a n/m n/m Mean 6.1x 5.3x 18% 18.3x 13.9x 43% 26% 1.1x 26.5x 27.3x Recruitment Seek (AsiaPac) A$ 18.73 A$ 19.88 4,207 4,692 6.3x 5.5x 14% 18.2x 16.0x 11% 35% 1.8x 24.0x 29.6x 51job (AsiaPac) $ 61.53 $ 65.85 3,110 2,380 6.6x 5.4x 23% 18.7x 14.8x 35% 35% 0.8x n/a n/a Dice Holdings (US) $ 2.00 $ 6.75 83 122 0.7x 0.7x (3%) 3.7x 3.6x (16%) 19% n/a 11.8x 9.3x Mean 4.6x 3.9x 11% 13.5x 11.4x 10% 30% 1.3x 17.9x 19.4x Content Providers IAC (US) $ 126.97 $ 137.86 8,376 9,048 3.3x 2.8x 11% 18.7x 11.9x 34% 18% 0.6x 30.2x 31.3x Roku (US) $ 52.89 $ 58.80 4,277 4,241 9.9x 7.6x n/a n/m n/m n/a (4%) n/a n/m n/m Pandora (US) $ 4.74 $ 13.72 938 743 0.6x 0.6x 6% n/m n/m (41%) (10%) n/a n/m n/m XO Group (US) $ 19.64 $ 20.99 435 349 2.6x 2.4x 6% 14.7x 11.9x 3% 18% 3.7x 66.7x 44.6x TechTarget (US) $ 13.95 $ 14.33 323 328 3.6x 3.2x 7% 18.1x 13.5x 25% 20% 0.9x 61.4x 39.3x Mean 4.0x 3.3x 8% 17.2x 12.5x 5% 8% 1.7x 52.8x 38.4x Digital Entertainment Netflix (US) $ 188.82 $ 204.38 68,338 70,983 7.2x 5.6x 30% 76.8x 43.8x 77% 9% n/a n/m 78.8x Freenet (Europe) € 30.92 € 32.37 3,960 4,590 1.3x 1.3x 2% 10.4x 10.2x 3% 13% 3.6x 15.3x 15.7x Pandora Media (US) $ 4.74 $ 13.72 938 743 0.6x 0.6x 6% n/m n/m (41%) (10%) n/a n/m n/m Xunlei (AsiaPac) $ 13.10 $ 27.00 729 389 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Brave Bison (Europe) £ 0.01 £ 0.03 6 6 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 3.1x 2.5x 13% N/A 27.0x N/A 4% N/A N/A N/A E-commerce Diversified Amazon (US) $ 1177.62 $ 1213.41 472,733 488,618 3.3x 2.5x 29% 30.5x 22.4x 30% 11% 1.3x n/m n/m Alibaba (AsiaPac) $ 172.64 $ 191.75 367,490 347,569 12.4x 8.8x 50% 27.6x 20.2x 43% 45% 1.0x 49.3x 35.5x Liberty Ventures (US) $ 55.56 $ 62.41 25,426 31,063 40.3x 77.4x 6% n/m n/m 525% 11% n/a n/a n/a Rakuten (AsiaPac) ¥ 1,021 ¥ 1407.50 10,812 12,858 1.9x 1.7x 15% 8.8x 8.9x 26% 21% 0.5x 17.4x 18.4x Investment AB Kinnevik (Europe) SEK 279.60 SEK 285.80 7,733 7,820 47.0x 44.4x n/a n/m 96.2x n/a 44% n/a 13.1x 12.4x B2W (LatAm) R$ 18 R$ 26.54 1,613 2,212 1.1x 1.1x (5%) 12.8x 9.2x 19% 9% 0.7x n/m n/m Rocket Internet (Europe) € 20.76 € 23.54 3,468 1,621 25.2x 16.8x 38% n/m n/m (21%) (500%) n/a n/m n/m Vostok New Ventures (Europe) SEK 63.50 SEK 83.25 566 566 2.6x 2.1x 47% n/a n/a n/a n/a n/a n/a n/a Netshoes (LatAm) $ 8.10 $ 26.96 218 284 0.6x 0.5x 13% n/m 80.1x n/a (0%) n/a n/m n/m Mean 14.9x 17.3x 24% 19.9x 39.5x 104% (45%) 0.9x 26.6x 22.1x Personalized Cimpress (Europe) $ 118.59 $ 123.95 3,135 3,992 2.1x 1.8x 15% 17.3x 13.7x 15% 12% 1.2x n/m 51.3x Stamps.com (US) $ 184.45 $ 233.13 2,623 2,580 6.7x 5.8x 20% 13.4x 11.2x 25% 50% 0.7x 25.3x 26.6x Shutterfly (US) $ 47.46 $ 53.99 1,343 1,606 1.7x 1.6x 3% 8.6x 7.3x 12% 19% 0.8x n/m 34.2x CEWE Stiftung (Europe) € 88.29 € 90.27 631 648 1.1x 1.0x 3% 7.1x 6.8x 2% 15% 2.9x 18.3x 17.0x Eve Sleep (Europe) £ 1.10 £ 1.12 189 189 6.1x 2.6x n/a n/m n/m n/a (58%) n/a n/m n/m Oponeo.pl (Europe) PLN 39.60 PLN 54.00 131 131 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Cafepress Inc. (US) $ 1.88 $ 3.72 26 5 0.1x 0.1x (8%) n/m n/m n/a (4%) n/a n/m n/m Mean 2.9x 2.2x 7% 11.6x 9.7x 14% 6% 1.4x 21.8x 32.3x Marketplaces eBay (US) $ 37.93 $ 39.28 34,698 38,037 4.7x 4.4x 7% 13.0x 12.1x 4% 36% 3.2x 20.0x 23.3x MercadoLibre (LatAm) $ 314.90 $ 334.99 11,702 11,448 10.0x 7.0x 51% 70.6x 64.0x (2%) 14% n/a n/m n/m Delivery Hero (Europe) € 33.99 € 39.95 5,846 5,648 10.4x 7.3x n/a n/m n/m n/a (16%) n/a n/m n/m Just Eat (Europe) £ 7.63 £ 8.27 5,841 5,602 9.5x 7.7x 31% 30.5x 22.0x 40% 31% 1.1x 56.8x 37.7x GrubHub (US) $ 74.09 $ 74.81 5,343 5,064 8.9x 6.5x 37% 33.3x 24.2x 31% 27% 1.3x n/m 72.8x Kakaku (AsiaPac) ¥ 1851.00 ¥ 2082.00 2,976 2,756 8.1x 7.5x 6% 15.8x 14.5x 8% 51% 2.1x 26.4x 24.5x Takeaway.com (Europe) € 49.98 € 50.42 2,158 2,158 13.2x 9.6x 42% n/m n/m (69%) (14%) n/a n/m n/m Etsy (US) $ 20.72 $ 20.92 2,022 1,821 4.9x 4.2x 19% 29.0x 20.1x 37% 17% 1.0x 52.1x 69.9x TradeMe (AsiaPac) NZ$ 4.87 NZ$ 5.59 1,134 1,179 8.3x 7.8x 7% 12.8x 12.0x 7% 65% 1.9x 20.3x 19.4x Shutterstock (US) $ 43.30 $ 55.07 1,269 1,071 2.3x 2.1x 11% 14.2x 12.4x 4% 16% 3.8x 75.3x 60.8x Blue Apron (US) $ 4.41 $ 11.00 528 468 0.6x 0.6x n/a n/m n/m n/a (17%) n/a n/m n/m Care.com (US) $ 18.44 $ 20.88 450 369 2.5x 2.3x 8% 20.0x 14.5x 50% 13% 0.7x n/m 41.7x RetailMeNot (US) $ 11.57 $ 11.68 466 326 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Hellofresh (Europe) € 12.00 € 12.67 373 320 0.4x 0.3x n/a n/m n/m n/a (10%) n/a n/m n/m Liquidity Services (US) $ 4.70 $ 10.45 125 45 0.2x 0.2x (13%) n/m n/m 54% (8%) n/a n/a n/a MyHammer (Europe) € 6.33 € 7.85 32 32 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 6.0x 4.8x 19% 26.6x 21.8x 15% 15% 1.9x 41.8x 43.8x Source: Factset (as of 21 December 2017). 26
Trading Comparables (Cont’d) 21-Dec-17 52-weeks Market Enterprise EV / Revenue CAGR EV / EBITDA CAGR Margin EV / EBITDA / G P/E Company Share Price High Cap. (€m) Value (€m) 2017 2018 16-18E 2017 2018 16-18E 2017 2016 2017 2018 E-commerce (Cont'd) Other Verticals JD.com (AsiaPac) $ 42.16 $ 48.99 42,310 38,369 0.8x 0.6x 37% 53.1x 26.7x 291% 2% n/a n/m 87.3x Wayfair (US) $ 81.58 $ 84.19 5,893 5,725 1.5x 1.1x 33% n/m n/m (75%) (2%) n/a n/m n/m CTS Eventim (Europe) € 39.00 € 41.56 3,744 3,421 3.4x 3.2x 13% 15.6x 13.9x 13% 22% 1.3x 31.5x 28.2x Monotaro (AsiaPac) ¥ 3450.00 ¥ 3950.00 3,176 3,198 4.9x 4.1x 24% 33.4x 26.5x 27% 15% 1.6x 50.2x 41.3x Ocado (Europe) £ 3.57 £ 3.73 2,401 2,574 1.5x 1.4x 13% 24.7x 21.6x 12% 6% 2.3x n/m n/m Abcam (Europe) £ 10.00 £ 11.13 2,299 2,194 8.6x 7.8x 13% 23.5x 19.8x 20% 36% 1.4x 40.8x 33.0x Proto Labs (US) $ 103.00 $ 109.10 2,297 2,152 7.5x 5.9x 21% 26.2x 20.4x 22% 28% 1.4x 53.6x 45.0x Overstock.com (US) $ 69.95 $ 82.70 1,497 1,463 1.0x 0.9x 1% n/m n/m (32%) 0% n/a n/m n/m Zooplus (Europe) € 152.95 € 200.15 1,080 1,040 0.9x 0.8x 23% n/m 50.6x 2% 1% 25.4x n/m n/m PetMed Express (US) $ 46.07 $ 50.90 796 738 3.3x 3.1x 8% 18.6x 16.7x 18% 18% 1.3x 32.1x 29.3x 1-800-Flowers.com (US) $ 11.55 $ 11.60 633 715 0.7x 0.7x (1%) 9.6x 9.1x 4% 8% 2.4x 19.8x 22.2x Cogobuy (AsiaPac) HK$ 4.03 HK$ 12.38 651 709 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a AO World (Europe) £ 1.11 £ 1.92 527 522 0.6x 0.5x 13% n/m n/m n/a (0%) n/a n/m n/m Shop Apotheke Europe (Europe) € 45.20 € 64.81 410 358 1.3x 0.6x 78% n/m n/m n/a (3%) n/a n/m n/m Delticom (Europe) € 11.45 € 18.20 143 180 0.3x 0.3x 8% 11.6x 10.3x 7% 2% 1.6x 34.0x 28.0x LDLC.com (Europe) € 19.86 € 37.50 122 122 0.3x 0.2x 12% 7.5x 6.5x 5% 3% 1.5x 18.1x 15.3x U.S. Auto Parts Network (US) $ 2.65 $ 4.13 77 80 0.3x 0.3x 2% 6.8x 6.4x 9% 5% 0.9x 3.2x 21.3x Mean 2.3x 2.0x 19% 21.0x 19.0x 23% 9% 3.7x 31.5x 35.1x Fashion and Flash Sales Zalando (Europe) € 44.00 € 46.49 10,876 9,804 2.2x 1.8x 23% 36.3x 28.2x 16% 6% 2.4x 85.5x 65.3x Start Today (AsiaPac) ¥ 3,700 ¥ 3785.00 8,565 8,407 12.0x 9.2x 31% 35.4x 28.8x 24% 34% 1.9x 53.7x 43.5x ASOS (Europe) £ 64.50 £ 64.97 6,047 5,863 2.5x 2.0x 29% 37.7x 27.9x 35% 7% 1.5x 76.7x 61.0x Vipshop (AsiaPac) $ 12.02 $ 15.49 5,134 5,261 0.6x 0.5x 26% 12.1x 10.7x 8% 5% 1.5x 22.4x 18.1x Yoox Net-A-Porter (Europe) € 29.51 € 34.50 3,948 3,948 1.9x 1.6x 14% 23.7x 17.9x 24% 8% 1.1x n/m 80.2x Boohoo.com (Europe) £ 1.84 £ 2.73 2,258 2,128 3.7x 2.6x 61% 39.1x 28.3x 42% 9% 1.4x 72.8x 57.1x Stitch Fix (US) $ 22.34 $ 25.98 477 384 0.4x 0.4x n/a 7.9x 9.8x n/a 5% n/a 69.3x 37.6x Showroomprive (Europe) € 6.60 € 26.88 226 226 0.3x 0.3x 22% 11.5x 7.2x 14% 3% 0.7x 58.1x 15.6x MySale Group (AsiaPac) £ 1.06 £ 1.36 181 175 0.9x 0.8x 10% 26.3x 20.4x 35% 4% 1.1x n/a n/a LightInTheBox (AsiaPac) $ 1.78 $ 3.20 103 42 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Windeln.de (Europe) € 2.04 € 4.07 52 24 0.1x 0.1x 16% n/m n/m (30%) (13%) n/a n/m n/m Jumei (AsiaPac) $ 3.04 $ 5.05 233 12 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 2.5x 1.9x 26% 25.5x 19.9x 19% 7% 1.4x 62.6x 47.3x Finance and Price Comparison IG Group (Europe) £ 6.82 £ 7.33 2,820 2,455 4.2x 4.0x 5% 8.9x 8.5x 7% 47% 1.5x n/a n/a Moneysupermarket (Europe) £ 3.49 £ 3.65 2,151 2,131 5.6x 5.2x 7% 14.7x 13.6x 7% 38% 2.2x 23.3x 20.9x Bankrate (US) $ 14.00 $ 14.25 1,061 1,152 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Hypoport (Europe) € 147.90 € 164.00 879 879 4.5x 4.0x 18% 27.3x 23.1x 16% 17% 1.9x 44.4x 36.2x LendingClub (US) $ 4.09 $ 6.79 1,370 780 1.6x 1.3x 18% 21.2x 11.1x n/a 8% n/a n/m n/m Ferratum (Europe) € 30.00 € 30.67 647 647 2.9x 2.2x 39% 18.6x 13.0x 44% 16% 0.6x 31.2x 19.4x Gruppo MutuiOnline (Europe) € 13.15 € 13.92 495 484 3.1x 2.9x 8% 10.8x 9.9x 8% 29% 1.4x n/a n/a On Deck Capital (US) $ 5.77 $ 6.36 348 348 1.2x 1.1x 16% 78.6x 13.7x n/a 2% n/a n/m 60.5x iSelect (AsiaPac) A$ 1.39 A$ 2.26 204 149 1.2x 1.1x 10% 7.6x 6.7x 15% 15% 0.6x 18.5x 16.0x Jianpu Tech (AsiaPac) $ 6.80 $ 8.43 18 18 0.1x 0.1x n/a n/m n/m n/a (6%) n/a n/m n/m HubStyle (Grupa Nokaut) (Europe) PLN 0.65 PLN 3.16 5 5 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Comperia (Europe) PLN 6.39 PLN 6.50 3 3 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 2.7x 2.4x 15% 23.5x 12.4x 16% 18% 1.4x 29.3x 30.6x Lead Gen LendingTree (US) $ 337.55 $ 355.80 3,350 3,350 6.5x 5.1x 42% 35.3x 27.0x 45% 19% 1.3x n/m 72.8x Yelp (US) $ 43.32 $ 48.40 2,896 2,426 3.4x 3.0x 16% 18.4x 14.6x 28% 19% 0.8x n/m 95.0x Groupon (US) $ 5.39 $ 5.99 2,561 2,196 0.9x 0.9x (4%) 11.0x 9.5x 24% 8% 0.6x n/m 84.8x Gocompare.com (Europe) £ 1.03 £ 1.17 486 486 2.9x 2.5x 10% 11.7x 9.6x 19% 25% 0.7x 16.2x 13.8x Gurunavi (AsiaPac) ¥ 1336.00 ¥ 2582.00 464 464 1.7x 1.7x 0% 8.3x 8.7x (12%) 20% n/a 17.5x 17.6x eHealth (US) $ 17.84 $ 28.59 276 232 1.6x 1.4x 1% n/m n/m n/a (12%) n/a n/m n/m Mean 3.1x 2.7x 0.1x 16.9x 13.9x 0.2x 18% 0.9x 16.9x 56.8x Education New Oriental Education (AsiaPac) $ 91.81 $ 94.63 12,184 10,205 5.7x 4.5x 27% 33.7x 25.5x 28% 17% 1.5x 47.3x 36.2x Pearson (Europe) £ 7.27 £ 8.33 6,675 6,675 1.3x 1.3x (1%) 8.5x 8.7x (5%) 15% n/a 26.6x 21.9x 2U (US) $ 64.36 $ 69.27 2,554 2,384 9.9x 7.2x 39% n/m n/m 83% 4% n/a n/m n/m Chegg (US) $ 16.38 $ 16.67 1,264 1,093 5.2x 4.4x 22% 28.8x 17.5x 89% 18% 0.7x n/m n/m Instructure (US) $ 33.50 $ 36.60 805 749 5.7x 4.4x 35% n/m n/m (33%) (20%) n/a n/m n/m Capella Education (US) $ 80.30 $ 99.25 780 639 1.7x 1.7x 3% 8.7x 8.2x 1% 20% 12.4x 22.0x 20.9x K12 (US) $ 16.75 $ 21.18 575 477 0.6x 0.6x 2% 4.8x 4.8x 9% 13% 0.6x 75.4x 34.2x Cambium Learning Group (US) $ 5.70 $ 7.30 222 269 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a American Public Education (US) $ 25.75 $ 27.40 349 197 0.8x 0.8x (3%) 4.5x 4.6x (13%) 18% n/a 23.1x 23.7x Boxlight (US) $ 5.75 $ 9.17 21 24 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 3.9x 3.1x 15% 14.8x 11.5x 20% 11% 3.8x 38.9x 27.4x Fitness & Wearables Under Armour (US) $ 13.72 $ 27.64 5,062 5,744 1.4x 1.3x 3% 20.9x 18.8x (20%) 7% n/a n/m 61.1x GoPro (US) $ 8.04 $ 11.89 956 899 0.8x 0.8x 9% 16.9x 8.5x n/a 5% n/a n/m n/m Fitbit (US) $ 6.19 $ 8.40 1,176 620 0.5x 0.4x (10%) n/m n/m (51%) (4%) n/a n/m n/m Mean 0.9x 0.8x 1% 18.9x 13.7x N/A 2% N/A N/A N/A Source: Factset (as of 21 December 2017). 27
Trading Comparables (Cont’d) 21-Dec-17 52-weeks Market Enterprise EV / Revenue CAGR EV / EBITDA CAGR Margin EV / EBITDA / G P/E Company Share Price High Cap. (€m) Value (€m) 2017 2018 16-18E 2017 2018 16-18E 2017 2016 2017 2018 Gambling Paddy Power Betfair (Europe) £ 87.80 £ 89.45 8,277 8,095 4.2x 3.8x 10% 15.7x 13.9x 14% 27% 1.3x 28.4x 22.4x Amaya (Canada) C$ 29.86 C$ 30.74 2,837 4,595 4.2x 3.9x 8% 9.0x 8.5x 9% 46% 1.1x 12.3x 11.1x GVC Holdings (Europe) £ 9.39 £ 9.93 3,105 3,131 3.3x 3.3x 9% 11.7x 11.4x 19% 28% 0.9x 73.7x 39.5x Playtech (Europe) £ 8.46 £ 10.20 3,000 2,961 3.6x 3.3x 15% 9.1x 8.4x 11% 39% 0.9x 13.9x 12.3x Net Entertainment (Europe) SEK 60.65 SEK 79.75 1,464 1,445 8.7x 7.5x 15% 18.5x 15.5x 17% 47% 1.2x 25.6x 21.7x 888 Holdings (Europe) £ 2.82 £ 3.02 1,131 997 2.2x 2.0x 2% 12.3x 11.2x 6% 18% 2.1x 85.3x 18.7x Bet-at-home.com (Europe) € 103.10 € 150.30 724 631 4.9x 4.4x 9% 17.5x 14.7x 14% 28% 1.4x 22.0x 18.7x Sportech (Europe) £ 0.79 £ 0.83 184 184 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a ZEAL Network (Europe) € 23.00 € 38.76 193 76 0.6x 0.5x 17% 3.5x 1.9x (1%) 16% n/a 16.1x 7.4x Mean 3.9x 3.6x 11% 12.2x 10.7x 11% 31% 1.3x 34.7x 19.0x Gaming MMO NetEase (AsiaPac) $ 362.43 $ 375.10 40,036 34,972 5.2x 4.1x 35% 18.8x 15.8x 17% 28% 1.3x 26.3x 22.5x Nexon (AsiaPac) ¥ 3,260 ¥ 3530.00 10,530 7,698 4.4x 4.1x 17% 10.2x 9.4x 54% 44% 0.4x 19.6x 16.1x NCsoft (AsiaPac) ₩ 435,500 ₩ 495500.00 7,201 6,164 4.4x 3.6x 50% 12.0x 8.9x 57% 37% 0.4x 18.5x 14.0x Sea Limited (AsiaPac) $ 12 $ 16.99 1,779 1,778 5.1x 3.6x n/a n/m n/m n/a (111%) n/a n/m n/m NetDragon (AsiaPac) HK$ 20.00 HK$ 34.35 1,067 855 1.8x 1.4x 35% 28.7x 19.5x n/a 6% n/a n/m 49.5x Changyou (AsiaPac) $ 36.67 $ 44.55 532 851 1.7x 1.7x 8% 6.1x 4.7x 16% 28% 0.4x 4.9x 3.3x Rovio (Europe) € 9 € 12.34 695 695 2.3x 2.1x n/a 11.3x 10.6x n/a 20% n/a 27.4x 19.5x WeMade (AsiaPac) ₩ 44,600 ₩ 49400.00 576 436 5.3x 4.6x 7% 66.0x 26.1x 33% 8% 1.4x 67.3x 25.5x Mean 3.6x 2.9x 29% 14.5x 11.5x 36% 7% 0.6x 19.3x 20.8x Mobile and Casual CyberAgent (AsiaPac) ¥ 4,355 ¥ 4370.00 4,069 3,845 1.4x 1.2x 14% 13.0x 11.7x 2% 10% 6.1x 54.7x 62.4x Youzu (AsiaPac) CNY 23.64 CNY 33.80 2,604 2,669 6.1x 4.7x 32% 22.6x 17.6x 37% 27% 0.9x 25.0x 18.0x Zynga (US) $ 3.96 $ 4.34 2,956 2,298 3.2x 3.0x 11% 21.5x 15.7x 89% 15% 0.6x n/m 43.0x DeNA (AsiaPac) ¥ 2,321 ¥ 2877.00 2,501 1,711 1.6x 1.6x 1% 6.4x 5.6x 10% 25% 0.7x 16.0x 16.1x GungHo Online (AsiaPac) ¥ 319.00 ¥ 344.00 1,685 1,335 2.0x 2.2x (14%) 4.6x 5.2x (16%) 43% n/a 9.5x 10.4x Colopl (AsiaPac) ¥ 1,210 ¥ 1426.00 1,130 776 2.0x 2.0x (17%) 7.7x 9.2x (36%) 26% n/a 18.3x 21.3x NHN Entertainment (AsiaPac) ₩ 68800.00 ₩ 85700.00 1,029 670 0.9x 0.8x 9% 11.2x 8.0x 31% 8% 0.4x 41.9x 23.0x GREE (AsiaPac) ¥ 727 ¥ 1113.00 1,270 661 1.2x 1.0x 13% 7.1x 5.5x 15% 17% 0.5x 17.2x 16.9x Glu Mobile (US) $ 3.66 $ 4.95 413 359 1.4x 1.2x 26% n/m 29.2x n/a (3%) n/a n/m n/m Ourgame (AsiaPac) HK$ 2.47 HK$ 3.50 209 209 2.7x 2.1x (4%) n/a n/a n/a n/a n/a n/m 16.4x IGNIS (AsiaPac) ¥ 1,992 ¥ 5340.00 198 193 4.2x 2.9x 26% n/a n/a n/a n/a n/a n/a n/a Gumi (AsiaPac) ¥ 1,041 ¥ 1685.00 225 179 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Focus Home Interactive (Europe) € 31.77 € 32.97 151 151 2.1x 1.4x 18% 19.6x 10.5x 22% 10% 0.7x 33.5x 15.9x Boyaa Interactive (AsiaPac) HK$ 3.18 HK$ 4.96 233 25 0.3x 0.2x 7% n/a n/a n/a n/a n/a 7.0x 6.6x Mean 2.2x 1.9x 9% 12.7x 11.8x 17% 18% 1.4x 24.8x 22.7x Console & PC Activision Blizzard (US) $ 64.38 $ 67.40 40,391 41,074 7.0x 6.6x 6% 19.1x 16.7x 9% 37% 2.1x 47.8x 35.7x Electronic Arts (US) $ 108.45 $ 122.79 28,144 25,313 5.9x 5.5x 6% 16.8x 15.0x 11% 35% 1.7x 30.5x 27.3x Take-Two Interactive (US) $ 108.75 $ 120.62 9,392 7,978 4.7x 3.5x 21% 20.5x 12.8x 53% 23% 0.6x 56.9x 25.3x Ubisoft Entertainment (Europe) € 64.54 € 72.23 7,027 7,201 4.4x 3.6x 17% 9.3x 7.3x 25% 47% 0.5x 47.1x 28.8x Konami (AsiaPac) ¥ 6,420 ¥ 6600.00 6,449 5,604 3.1x 2.9x 5% 12.0x 10.7x 16% 25% 0.9x 26.8x 23.5x Bandai Namco (AsiaPac) ¥ 3,730 ¥ 4295.00 6,086 4,993 1.1x 1.0x 5% 7.6x 7.2x 7% 14% 1.2x 17.9x 15.7x Square Enix (AsiaPac) ¥ 5,580 ¥ 5690.00 5,059 4,121 2.1x 2.0x 5% 12.2x 10.9x 19% 18% 0.8x 26.1x 22.0x CD Projekt (Europe) PLN 100 PLN 128.00 2,278 2,126 20.1x 17.6x (8%) 36.6x 31.0x (7%) 55% n/a n/a n/a Sega Sammy (AsiaPac) ¥ 1391 ¥ 1848.00 2,422 1,585 0.6x 0.6x (3%) 4.9x 5.0x (6%) 12% n/a 26.7x 28.8x Capcom (AsiaPac) ¥ 3,575 ¥ 3600.00 1,454 1,360 2.1x 2.0x 4% 9.0x 8.4x 6% 23% 1.5x 19.9x 18.7x Paradox Interactive (Europe) SEK 93 SEK 98.00 982 957 11.6x 8.9x n/a 19.7x 14.6x n/a 59% n/a 36.4x 26.7x Marvelous (AsiaPac) ¥ 1026 ¥ 1249.00 394 310 1.6x 1.4x (1%) n/a n/a n/a n/a n/a n/a n/a Mean 5.4x 4.6x 5% 15.3x 12.7x 13% 32% 1.2x 33.6x 25.3x Hardware & Semiconductors Consumer Electronics Apple (US) $ 174.35 $ 177.20 752,159 787,084 3.9x 3.4x 12% 12.4x 10.8x 11% 31% 1.2x 17.6x 15.5x Samsung (AsiaPac) ₩ 2544000 ₩ 2876000.00 277,239 233,487 1.2x 1.1x 16% 3.9x 3.2x 36% 32% 0.2x 8.5x 7.4x IBM (US) $ 152.95 $ 182.79 121,751 150,567 2.3x 2.3x (1%) 9.5x 9.3x 0% 24% 27.1x 12.7x 12.7x Sony (AsiaPac) ¥ 5125.00 ¥ 5485.00 48,066 45,901 0.7x 0.7x 6% 6.6x 5.8x 29% 11% 0.3x 21.0x 16.4x Hitachi (AsiaPac) ¥ 892.80 ¥ 908.70 32,016 39,322 0.6x 0.6x 0% 5.2x 4.8x 6% 11% 0.9x 14.9x 11.5x Philips (Europe) € 32.15 € 36.12 29,656 34,754 1.9x 1.9x (13%) 12.9x 11.3x (2%) 15% n/a 23.0x 19.8x HP (US) $ 21.46 $ 22.68 29,799 29,493 0.7x 0.6x 5% 8.2x 7.8x 4% 8% 2.0x 13.6x 12.0x Hewlett Packard Enterprise (US) $ 14.71 $ 15.12 19,745 21,392 0.9x 0.9x (21%) 4.5x 4.9x (17%) 19% n/a 57.5x 27.9x Nokia (Europe) € 3.87 € 5.96 22,161 19,392 0.8x 0.9x (3%) 6.5x 6.8x (2%) 13% n/a n/m n/m Sharp (AsiaPac) ¥ 3895.00 ¥ 5040.00 17,673 19,343 1.1x 1.1x 7% 16.6x 15.0x 53% 7% 0.7x 54.1x 49.0x Motorola (US) $ 92.10 $ 95.30 12,766 15,922 3.0x 2.9x 4% 10.6x 10.4x 4% 28% 2.5x 20.8x 19.0x LG (AsiaPac) ₩ 103000 ₩ 106500.00 14,439 15,460 0.3x 0.3x 8% 4.6x 4.2x 24% 7% 0.3x 10.0x 10.1x Fujitsu (AsiaPac) ¥ 812.40 ¥ 927.00 12,373 13,398 0.4x 0.4x (5%) 5.4x 4.9x 12% 8% 0.5x 11.9x 10.9x Toshiba (AsiaPac) ¥ 320.00 ¥ 462.50 10,063 12,562 0.3x 0.4x (7%) 2.9x 5.3x 62% 12% 0.2x n/m 8.4x Lenovo (AsiaPac) HK$ 4.36 HK$ 5.40 5,211 7,165 0.2x 0.2x 2% 7.8x 6.4x 11% 2% 0.7x 18.1x 14.0x Quanta Computer (AsiaPac) NT$ 62.00 NT$ 80.00 6,707 7,095 0.2x 0.2x 10% 9.7x 8.3x 7% 3% 1.3x 15.0x 11.7x Pegatron Corporation (AsiaPac) NT$ 72.30 NT$ 100.00 5,225 4,916 0.1x 0.1x 5% 4.7x 3.9x 1% 3% 5.5x 10.5x 8.4x ASUSTeK Computer (AsiaPac) NT$ 273.00 NT$ 308.00 5,691 4,119 0.4x 0.4x (3%) 10.5x 8.7x (8%) 4% n/a 13.6x 12.4x Foxconn (AsiaPac) NT$ 85.00 NT$ 102.00 3,374 1,744 0.4x 0.4x 37% 4.6x 4.0x 4% 10% 1.0x 11.7x 10.1x Acer (AsiaPac) NT$ 20.55 NT$ 22.15 1,750 1,120 0.2x 0.2x 0% 9.3x 8.6x 36% 2% 0.4x 34.4x 33.4x Unisplendour (AsiaPac) HK$ 1.88 HK$ 2.51 294 294 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 1.0x 0.9x 3% 7.8x 7.2x 14% 13% 2.8x 20.5x 16.3x Source: Factset (as of 21 December 2017). 28
Trading Comparables (Cont’d) 21-Dec-17 52-weeks Market Enterprise EV / Revenue CAGR EV / EBITDA CAGR Margin EV / EBITDA / G P/E Company Share Price High Cap. (€m) Value (€m) 2017 2018 16-18E 2017 2018 16-18E 2017 2016 2017 2018 Hardware & Semiconductors (Cont'd) Computer Peripherals & Storage Hon Hai Precision Industry (AsiaPac) NT$ 92.70 NT$ 122.50 45,077 37,655 0.3x 0.3x 6% 6.6x 5.3x 2% 5% 2.4x 13.0x 10.2x Western Digital (US) $ 82.77 $ 95.77 20,479 25,220 1.5x 1.5x 13% 4.6x 4.3x 27% 33% 0.3x 15.7x 9.4x Seagate (Europe) $ 42 $ 50.96 10,199 12,482 1.4x 1.4x (3%) 6.9x 7.4x 1% 20% 5.3x 14.4x 13.0x NetApp (US) $ 57.04 $ 58.99 12,913 10,528 2.2x 2.1x 4% 10.0x 9.2x 11% 22% 1.0x 23.1x 20.5x Zebra Technologies (US) $ 106.38 $ 117.44 4,735 6,752 2.2x 2.1x 3% 11.8x 11.2x 7% 18% 1.8x 69.7x 22.2x Shenzen Huiding (AsiaPac) CNY 101.47 CNY 133.88 5,775 5,522 10.8x 9.0x 25% 43.0x 36.7x 13% 25% 3.6x 46.0x 38.9x Logitech (Europe) CHF 33.03 CHF 39.00 4,584 4,249 2.1x 1.9x 9% 17.8x 15.6x 15% 12% 1.4x 26.5x 23.0x Pure Storage (US) $ 17 $ 19.28 2,908 2,444 2.9x 2.2x 36% n/m 36.0x n/a 1% n/a n/m n/m Lite-On (AsiaPac) NT$ 39.90 NT$ 55.00 2,602 1,827 0.3x 0.3x (1%) 4.2x 3.7x (5%) 7% n/a 33.5x 10.0x PCI-Suntek (AsiaPac) CNY 8.34 CNY 12.12 1,658 1,660 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Chicony (AsiaPac) NT$ 75.80 NT$ 82.69 1,437 1,547 0.7x 0.6x 6% 7.2x 6.5x 9% 10% 0.9x 11.3x 9.8x Synaptics (US) $ 40.01 $ 64.54 1,166 1,367 1.0x 0.9x 1% 8.5x 10.4x (18%) 11% n/a 92.2x n/m Phison Electronics (AsiaPac) NT$ 305.00 NT$ 450.00 1,687 1,252 1.1x 1.0x 3% 6.2x 7.6x 5% 17% 1.6x 10.2x 10.4x Mean 2.2x 1.9x 9% 11.5x 12.8x 6% 15% 2.0x 32.3x 16.7x Semiconductors Intel (US) $ 47.56 $ 47.64 189,319 197,744 3.8x 3.7x 4% 8.9x 8.5x 10% 43% 1.0x 15.9x 15.6x Taiwan Semiconductor (AsiaPac) NT$ 224.50 NT$ 245.00 163,372 154,589 5.6x 5.1x 7% 8.5x 7.7x 9% 66% 1.0x 17.1x 15.5x Broadcom (AsiaPac) $ 265.64 $ 285.68 90,896 98,681 6.4x 5.5x 23% 10.1x 9.6x 21% 64% 0.7x 51.1x 31.6x NVIDIA (US) $ 196.80 $ 218.67 96,889 93,265 12.0x 10.3x 26% 34.4x 28.6x 35% 35% 1.5x 45.3x 39.3x Texas Instruments (US) $ 104.80 $ 105.15 87,843 87,938 7.0x 6.7x 8% 15.0x 14.3x 13% 47% 1.4x 23.6x 22.9x Qualcomm (US) $ 64.60 $ 69.28 80,135 67,162 3.5x 3.5x (1%) 9.8x 10.8x (10%) 35% n/a 33.3x 22.8x ASML (Europe) € 147.80 € 159.95 63,545 62,817 7.3x 6.3x 21% 23.5x 20.0x 25% 31% 1.2x 32.6x 27.0x Micron (US) $ 45.75 $ 49.89 42,814 46,588 2.5x 2.2x 29% 4.7x 3.8x 61% 53% 0.2x 7.9x 5.9x Applied Materials (US) $ 53.29 $ 60.89 47,538 45,879 3.7x 3.2x 22% 12.0x 10.3x 32% 31% 0.6x 15.8x 13.0x SK hynix (AsiaPac) ₩ 80100.0 ₩ 90300.0 44,026 42,173 1.8x 1.5x 44% 2.9x 2.4x 69% 62% 0.1x 5.3x 4.7x Analog Devices (US) $ 88.65 $ 93.99 27,502 33,228 7.4x 6.6x 27% 16.2x 14.3x 35% 46% 0.7x 39.5x 24.3x Infineon (Europe) € 23 € 25.45 25,831 25,185 3.5x 3.2x 9% 13.0x 11.6x 12% 27% 1.2x 30.9x 25.3x Microchip Technology (US) $ 90 $ 95.92 17,394 18,828 5.8x 5.4x 14% 13.3x 12.2x 23% 44% 0.8x 32.4x 20.8x Renesas Electronics (AsiaPac) ¥ 1269.00 ¥ 1543.00 15,713 16,527 2.9x 2.7x 13% 12.5x 10.4x 24% 23% 0.7x 28.9x 23.9x STMicroelectronics (Europe) € 18.40 € 21.45 16,250 15,930 2.3x 2.1x 9% 11.5x 9.2x 38% 20% 0.5x 24.3x 18.5x Skyworks Solutions (US) $ 97.43 $ 117.65 15,013 13,653 4.3x 3.9x 10% 9.9x 8.9x 11% 44% 1.0x 16.9x 14.7x Sanan Optoelectronics (AsiaPac) CNY 26.33 CNY 30.05 13,734 13,520 12.2x 9.1x 37% 22.5x 17.1x 43% 54% 0.8x 31.4x 23.8x Xilinx (US) $ 68.99 $ 75.14 14,400 12,868 6.2x 5.8x 6% 19.1x 17.6x 6% 32% 3.1x 26.1x 24.4x Maxim Integrated Products (US) $ 53.39 $ 55.43 12,712 11,630 5.9x 5.6x 5% 14.6x 14.0x 6% 40% 2.7x 24.4x 21.9x MediaTek (AsiaPac) NT$ 292.50 NT$ 350.50 12,923 10,407 1.5x 1.4x (1%) 20.3x 11.8x 4% 8% 3.1x 23.9x 17.1x ON Semiconductor (US) $ 20.96 $ 22.15 7,390 9,127 2.0x 2.0x 19% 9.0x 8.4x 29% 22% 0.5x 22.5x 18.1x AMD (US) $ 11 $ 15.65 8,640 9,051 2.0x 1.8x 18% 32.2x 18.9x 160% 6% n/a n/m 39.2x ASE Group (AsiaPac) NT$ 37.60 NT$ 42.35 8,119 8,228 1.0x 0.9x 7% 5.5x 5.1x 2% 19% 2.8x 12.5x 12.4x Marvell Technology Group (Other) $ 22.31 $ 24.22 9,502 8,090 4.0x 3.9x 3% 14.3x 12.9x 33% 28% 0.7x 22.1x 20.3x ROHM (AsiaPac) ¥ 11830.00 ¥ 12750.00 9,294 6,973 2.4x 2.2x 9% 10.2x 8.4x 24% 24% 0.5x 32.1x 26.0x SMIC (AsiaPac) HK$ 11.66 HK$ 14.76 5,335 6,651 2.5x 2.2x 11% 7.5x 6.3x 10% 34% 0.8x 45.8x 48.7x Microsemi (US) $ 52.94 $ 57.97 5,182 6,572 4.3x 4.0x 7% 12.9x 11.9x 11% 33% 1.3x 31.8x 24.0x United Microelectronics (AsiaPac) NT$ 14.60 NT$ 16.80 5,009 5,625 1.3x 1.3x 2% 3.4x 3.3x 2% 39% 1.8x 19.9x 17.8x Mean 4.5x 4.0x 14% 13.5x 11.4x 26% 36% 1.2x 26.4x 22.1x Healthcare & Science Quintiles (US) $ 100.32 $ 110.67 19,874 27,266 4.0x 3.8x 26% 16.2x 14.8x 33% 25% 0.8x 62.9x 44.6x Cerner (US) $ 68.52 $ 73.86 19,009 18,742 4.3x 4.0x 8% 13.2x 12.1x 9% 33% 1.6x 31.7x 30.1x ResMed (US) $ 85.57 $ 87.81 10,238 10,379 5.7x 5.2x 10% 19.8x 17.7x 11% 29% 1.9x 32.3x 27.8x M3 (AsiaPac) ¥ 3915.00 ¥ 4015.00 9,414 9,229 13.8x 11.6x 20% 41.2x 34.3x 21% 33% 2.4x 74.9x 58.9x Athenahealth (US) $ 134.11 $ 158.66 4,458 4,587 4.5x 4.1x 11% 20.2x 15.9x 17% 22% 1.3x n/m 76.3x Allscripts (US) $ 14.68 $ 15.20 2,230 3,693 2.4x 2.0x 17% 11.9x 10.1x 20% 20% 0.7x n/m n/m Cotiviti (US) $ 33.27 $ 45.97 2,541 3,079 5.4x 4.8x 11% 13.7x 12.2x 12% 39% 1.3x 32.5x 29.6x Teladoc (US) $ 35.60 $ 37.90 1,384 1,551 7.9x 5.1x 72% n/m n/m n/a (6%) n/a n/m n/m HealthStream (US) $ 23.81 $ 31.53 636 532 2.6x 2.4x 8% 16.7x 14.9x 20% 15% 1.1x n/m 82.9x Evolent Health (US) $ 13.55 $ 27.50 600 485 1.3x 1.0x 51% n/m 28.6x n/a (1%) n/a n/m n/m CPSI (US) $ 29.75 $ 36.15 339 460 2.0x 1.9x 3% 11.1x 10.2x 5% 18% 2.3x 55.8x 32.3x Mean 4.9x 4.2x 0.2x 18.2x 17.1x 0.2x 21% 1.5x 48.4x 47.8x Internet of Things (IoT) Impinj (US) $ 23.67 $ 60.85 405 363 3.4x 3.0x 13% n/m n/m n/a (3%) n/a n/m n/m Forescout Technologies (US) $ 31.98 $ 32.58 1,006 965 5.3x 4.4x n/a n/m n/m n/a (21%) n/a n/m n/m Internet of Things (Canada) C$ 0.12 C$ 0.17 11 12 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a ShotSpotter (US) $ 13.97 $ 20.15 19 3 0.1x 0.1x n/a 2.8x 0.8x n/a 5% n/a n/m n/m Mean 2.9x 2.5x 13% 2.8x N/A ###### N/A N/A N/A N/A Online Brokerage Charles Schwab (US) $ 51.81 $ 52.52 58,110 58,110 8.0x 7.0x 15% 17.4x 14.4x 20% 46% 1.0x 30.9x 25.4x TD Ameritrade (US) $ 51.48 $ 54.24 24,565 24,565 7.3x 5.8x 21% 17.0x 13.8x 17% 43% 1.1x 32.2x 25.6x E*TRADE (US) $ 49.54 $ 51.04 11,422 11,422 5.8x 5.2x 16% 11.8x 10.8x 15% 49% 0.9x 21.8x 19.7x Interactive Brokers (US) $ 59.50 $ 62.33 3,404 3,404 2.6x 2.4x 10% 3.8x 3.3x 20% 67% 0.2x 38.5x 34.6x Alfa Financial Software (Europe) £ 5.31 £ 5.48 1,423 1,400 14.2x 12.8x n/a 31.1x 28.1x n/a 46% n/a 54.6x 37.4x Mean 7.6x 6.7x 15% 16.2x 14.0x 18% 50% 0.8x 35.6x 28.5x Source: Factset (as of 21 December 2017). 29
Trading Comparables (Cont’d) 21-Dec-17 52-weeks Market Enterprise EV / Revenue CAGR EV / EBITDA CAGR Margin EV / EBITDA / G P/E Company Share Price High Cap. (€m) Value (€m) 2017 2018 16-18E 2017 2018 16-18E 2017 2016 2017 2018 Online Travel Travel Agents Priceline Group (US) $ 1,774 $ 2067.99 73,436 75,440 7.1x 6.2x 16% 19.0x 16.9x 13% 38% 1.6x 24.5x 21.9x Ctrip.com (AsiaPac) $ 44.40 $ 60.65 19,178 19,553 5.7x 4.6x 35% 36.6x 25.9x n/a 16% n/a 82.4x 50.2x Expedia (US) $ 120.01 $ 161.00 15,153 16,872 2.0x 1.8x 14% 11.5x 10.3x 10% 17% 1.3x 41.7x 34.5x TripAdvisor (US) $ 34.46 $ 53.58 4,179 3,756 2.9x 2.8x 4% 13.9x 14.4x (6%) 21% n/a 76.3x 79.3x Trivago (Europe) $ 7.17 $ 24.27 2,112 1,922 1.9x 1.8x 40% n/m n/m n/a 1% n/a n/m n/m MakeMyTrip (AsiaPac) $ 29.00 $ 40.90 2,237 1,854 4.5x 3.3x 63% n/m n/m 27% (37%) n/a n/m n/m Despegar.com (LatAm) $ 27.19 $ 34.70 1,581 1,581 3.6x 3.0x n/a 22.7x 17.5x n/a 16% n/a 46.8x 34.1x eDreams ODIGEO (Europe) € 4.57 € 4.75 488 815 1.6x 1.6x 4% 7.0x 6.5x 11% 23% 0.7x 22.5x 13.0x Webjet (AsiaPac) A$ 10.52 A$ 13.19 675 675 4.2x 3.4x 29% 14.5x 11.0x 39% 29% 0.5x 19.0x 17.4x On The Beach (Europe) £ 4.50 £ 4.83 662 600 6.1x 4.9x 21% 16.2x 13.0x 27% 38% 0.8x 29.2x 21.0x Hostelworld (Europe) £ 3.50 £ 3.80 377 377 4.4x 4.2x 7% 14.9x 14.1x 7% 30% 2.4x 44.5x 39.8x Tuniu (AsiaPac) $ 7.96 $ 9.88 809 263 0.9x 0.7x (39%) n/m n/m (96%) (32%) n/a n/m n/m HolidayCheck (Europe) € 2.88 € 3.34 168 142 1.2x 1.1x 10% n/m 26.8x 35% (0%) 1.4x n/m n/a Lastminute.com (Europe) CHF 15.20 CHF 15.30 178 108 0.4x 0.4x 4% 5.9x 4.6x (3%) 7% n/a 46.0x 23.2x Travelzoo (US) $ 6.60 $ 11.25 75 59 0.7x 0.7x (9%) 11.1x 13.5x (39%) 6% n/a 29.6x 46.8x Asiatravel (AsiaPac) SGD 0.07 SGD 0.11 15 13 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 3.2x 2.7x 14% 15.8x 14.5x 2% 11% 1.2x 42.0x 34.7x Metasearch and Infrastructure Amadeus IT (Europe) € 61.15 € 62.39 26,741 26,741 5.5x 5.2x 8% 14.4x 13.4x 8% 38% 1.9x 28.3x 26.5x Sabre Corp (US) $ 20.53 $ 25.89 4,785 7,460 2.5x 2.4x 5% 8.3x 8.0x 3% 30% 3.2x 27.9x 19.7x Travelport (Europe) $ 13.09 $ 16.17 1,366 3,090 1.5x 1.4x 4% 6.3x 6.0x 3% 24% 2.1x 14.7x 13.5x Mean 3.2x 3.0x 6% 9.6x 9.2x 5% 31% 2.4x 23.6x 19.9x Payments PayPal (US) $ 74.00 $ 79.39 75,168 75,168 6.9x 5.8x 19% 26.2x 21.9x 21% 26% 1.5x 52.6x 44.0x First Data (US) $ 16.17 $ 19.23 12,410 12,410 1.2x 1.2x 4% 4.8x 4.5x 6% 25% 0.8x 18.3x 16.8x Square (US) $ 35.66 $ 49.56 10,940 10,940 13.4x 10.2x 36% 95.7x 52.8x 134% 14% n/a n/m n/m Wirecard (Europe) € 93.55 € 94.60 11,560 10,775 7.4x 5.9x 33% 26.4x 20.4x 31% 28% 1.1x 46.1x 34.9x Worldpay (Europe) £ 4.29 £ 4.39 9,565 10,635 7.6x 7.0x 10% 18.5x 15.4x 16% 41% 1.3x 42.4x 30.3x Shopify (Canada) $ 105.24 $ 123.94 7,918 7,918 14.3x 9.9x 57% n/m n/m 1650% 3% n/a n/m n/m Ingenico (Europe) € 87.70 € 99.25 5,383 5,383 2.2x 1.9x 10% 10.7x 9.2x 12% 20% 1.0x 20.2x 17.7x Paysafe Group (Europe) £ 5.90 £ 6.01 3,260 3,432 3.4x 3.0x 11% 11.3x 10.3x 10% 30% 1.3x 21.9x 17.7x Q2 Holdings (US) $ 37.65 $ 44.35 1,281 1,281 7.8x 6.3x 26% n/m 75.8x n/a 5% n/a n/m n/m Qiwi (Europe) $ 15.40 $ 26.55 584 584 3.3x 3.0x 16% 7.6x 6.5x (2%) 44% n/a 10.7x 10.0x Boku (US) £ 0.72 £ 0.86 169 169 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Intershop Communications (Europe) € 1.80 € 2.24 57 57 1.5x 1.4x 10% 18.5x 15.7x 466% 8% n/a n/a n/a Seamless Distribution (Europe) SEK 1.70 SEK 9.05 10 10 0.5x 0.7x (27%) n/m n/m (38%) (40%) n/a n/a n/a Mean 6.3x 5.0x 21% 24.4x 23.3x 234% 22% 1.2x 30.3x 24.5x Search / Portals Alphabet (US) $ 1064.95 $ 1078.49 619,560 534,158 7.1x 6.0x 20% 14.5x 12.1x 20% 49% 0.9x 32.1x 25.1x Tencent (AsiaPac) HK$ 397.40 HK$ 439.60 401,675 387,770 12.7x 9.2x 52% 32.8x 25.6x 41% 39% 1.2x 47.2x 38.8x Baidu (AsiaPac) $ 233.37 $ 274.97 53,667 45,060 4.2x 3.4x 24% 16.7x 13.5x 33% 25% 0.7x 24.3x 22.3x Yahoo! Japan (AsiaPac) ¥ 507.00 ¥ 559.00 21,438 18,550 2.8x 2.6x 9% 10.5x 9.6x 6% 27% 1.9x 21.5x 20.0x Naver (AsiaPac) ₩ 849,000 ₩ 975000.00 19,041 16,956 4.7x 4.0x 16% 15.6x 13.2x 14% 30% 1.2x 29.7x 23.6x Yandex (Europe) $ 32.01 $ 35.32 8,691 8,129 6.1x 4.9x 22% 20.8x 15.3x 20% 29% 1.1x 60.7x 31.9x Sohu.com (AsiaPac) $ 44.05 $ 70.86 1,436 926 0.6x 0.5x 16% 16.9x 4.2x 227% 3% 0.2x n/m n/m Soguo (AsiaPac) $ 11.61 $ 14.70 1,102 792 1.0x 0.8x n/a 6.1x 4.0x n/a 17% n/a 14.9x 8.7x Wirtualna Polska (Europe) PLN 45.39 PLN 61.50 310 357 3.2x 2.8x 13% 11.2x 9.5x 13% 29% 0.9x n/a n/a Phoenix New Media (AsiaPac) $ 6.96 $ 8.14 187 68 0.3x 0.3x 12% 7.8x 9.8x (14%) 4% n/a 32.8x 23.6x Mean 4.3x 3.5x 20% 15.3x 11.7x 40% 25% 1.0x 32.9x 24.3x Social Networking Facebook (US) $ 177.89 $ 184.25 432,954 400,731 11.8x 8.9x 39% 18.1x 14.9x 33% 65% 0.8x 29.7x 26.0x Twitter (US) $ 25.20 $ 25.49 15,303 13,211 6.6x 6.2x 0% 19.8x 18.4x 7% 33% 3.2x n/m n/m Snap (US) $ 15.50 $ 29.44 15,095 13,175 19.6x 11.9x 80% n/m n/m 23% (95%) n/a n/m n/m Weibo (AsiaPac) $ 105.53 $ 123.00 9,694 9,077 9.5x 6.4x 60% 24.1x 14.5x 105% 39% 0.6x 33.9x 20.2x Match Group (US) $ 31.69 $ 32.87 6,820 7,695 7.0x 5.9x 13% 19.6x 15.8x 19% 35% 1.2x 17.9x 26.9x Daum Kakao (AsiaPac) ₩ 133,500 ₩ 168000.00 7,027 6,575 4.3x 3.7x 25% 27.9x 20.7x 34% 15% 1.1x 68.0x 50.3x LINE (AsiaPac) ¥ 4,630 ¥ 5080.00 7,489 6,556 5.0x 4.5x 19% 24.5x 22.2x 21% 21% 1.5x 63.5x 53.3x Mail.ru (Europe) $ 28.08 $ 34.00 4,929 4,770 6.0x 5.0x 27% 17.2x 13.4x 35% 35% 0.7x 24.8x 23.9x Meitu (AsiaPac) HK$ 10.22 HK$ 23.05 4,648 4,648 8.3x 4.4x 136% n/m 37.7x n/a (11%) n/a n/m 43.5x SINA (AsiaPac) $ 102.83 $ 119.20 6,139 4,635 3.6x 2.6x 43% 11.5x 7.4x 108% 31% 0.3x 47.2x 34.6x YY (AsiaPac) $ 112.93 $ 123.48 3,565 2,613 1.8x 1.4x 37% 7.0x 5.4x 42% 26% 0.3x 11.6x 9.5x Momo (AsiaPac) $ 26.02 $ 46.69 3,198 2,398 2.2x 1.7x 76% 7.6x 6.0x 71% 29% 0.2x 12.6x 9.8x Mixi (AsiaPac) ¥ 5,450 ¥ 7300.00 3,220 2,143 1.4x 1.5x (4%) 3.4x 3.9x (10%) 42% n/a 7.8x 9.3x Renren (AsiaPac) $ 10.46 $ 11.98 2,112 2,053 n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a XING (Europe) € 262.05 € 275.15 1,473 1,433 8.0x 6.6x 22% 24.6x 20.0x 23% 32% 1.3x 54.4x 40.8x MeetMe (US) $ 2.91 $ 6.45 144 124 1.2x 1.1x 32% 4.9x 4.8x 2% 25% 2.1x 29.4x 18.1x Mean 6.4x 4.8x 40% 16.2x 14.6x 37% 21% 1.1x 33.4x 28.2x Source: Factset (as of 21 December 2017). 30
Trading Comparables (Cont’d) 21-Dec-17 52-weeks Market Enterprise EV / Revenue CAGR EV / EBITDA CAGR Margin EV / EBITDA / G P/E Company Share Price High Cap. (€m) Value (€m) 2017 2018 16-18E 2017 2018 16-18E 2017 2016 2017 2018 Software Cloud Infrastructure, Hosting & VoIP United Internet (Europe) € 58.00 € 59.17 11,663 13,155 3.2x 2.6x 13% 13.2x 10.8x 20% 24% 0.8x 23.8x 22.1x VeriSign (US) $ 116.01 $ 118.28 10,065 10,099 10.3x 9.9x 3% 14.7x 13.9x 4% 70% 3.8x 25.7x 25.1x Akamai Technologies (US) $ 66.63 $ 71.64 9,715 9,635 4.6x 4.3x 7% 12.4x 11.9x 1% 37% 17.8x 43.6x 43.0x GoDaddy (US) $ 50.40 $ 51.35 3,756 5,382 2.9x 2.5x 17% 12.1x 10.0x 56% 24% 0.4x n/m 85.2x Nutanix (US) $ 35.34 $ 38.28 4,599 4,291 5.5x 4.2x 45% n/m n/m (68%) (7%) n/a n/m n/m j2 Global (US) $ 74.87 $ 91.48 2,989 3,491 3.7x 3.5x 17% 8.9x 8.0x 14% 41% 0.7x 23.8x 18.0x Aquantia (US) $ 11.42 $ 13.80 3,205 3,205 37.1x 29.9x n/a n/m n/m n/a 3% n/a n/m n/m RingCentral (US) $ 48.20 $ 49.95 3,017 2,872 6.9x 5.5x 27% n/m 76.4x 43% 6% n/a n/m n/m Endurance International (US) $ 8.55 $ 9.85 970 2,557 2.6x 2.6x 3% 8.9x 8.9x 9% 29% 1.2x n/m n/m New Relic (US) $ 58.00 $ 60.85 2,601 2,409 8.7x 6.8x 31% n/m 93.7x n/a 2% n/a n/m n/m Presidio (US) $ 18.55 $ 18.65 1,420 2,145 0.9x 0.8x n/a 10.8x 10.0x n/a 8% n/a 48.1x 23.0x Vonage (US) $ 10.15 $ 10.57 1,871 2,080 2.5x 2.4x 4% 13.7x 13.0x 9% 18% 1.7x 62.8x 52.4x FireEye (US) $ 14.40 $ 18.00 2,075 1,984 3.2x 2.9x 6% 28.3x 30.7x n/a 11% n/a n/m n/m Twilio (US) $ 25.09 $ 35.15 1,842 1,603 4.9x 4.0x 32% n/m n/m n/a (2%) n/a n/m n/m Qualys (US) $ 59.25 $ 62.35 1,787 1,532 7.9x 6.8x 16% 21.5x 18.4x 21% 37% 1.3x 46.2x 70.5x Econocom Group (Europe) € 5.95 € 8.00 1,275 1,275 0.5x 0.4x 9% 7.7x 7.0x 9% 6% 0.9x 16.4x 13.5x BroadSoft (US) $ 55.00 $ 55.05 1,405 1,270 3.9x 3.5x 13% 17.0x 14.9x 9% 23% 2.0x n/m n/m Switch (US) $ 17.10 $ 24.90 517 1,223 3.9x 3.4x n/a 7.5x 6.6x n/a 51% n/a n/m 8.4x Acacia Communications (US) $ 38.16 $ 69.97 1,220 977 3.0x 2.7x (5%) 17.5x 14.2x (24%) 17% n/a 8x8 (US) $ 14.15 $ 16.80 1,090 949 4.0x 3.4x 17% 54.1x 48.8x (5%) 7% n/a n/m n/m SendGrid (US) $ 23.33 $ 24.45 814 797 8.6x 6.8x n/a n/m n/m n/a 5% n/a n/m n/m Tucows Inc. (Canada) $ 67.05 $ 67.55 590 649 2.3x 2.1x 38% 19.0x 12.9x 43% 12% 0.6x n/a n/a Carbonite (US) $ 25.10 $ 27.00 579 571 2.8x 2.5x 14% 15.3x 12.0x 26% 18% 0.7x n/m n/m SecureWorks (US) $ 9.59 $ 12.99 650 566 1.5x 1.3x 9% n/m n/m (34%) (4%) n/a n/m n/m Bandwith (US) $ 22.97 $ 24.99 352 380 2.8x 2.5x n/a 21.4x n/m n/a 13% n/a 66.3x n/m Sonus Networks (US) $ 8.02 $ 9.05 331 243 0.9x 0.5x 57% 9.5x 4.4x 60% 9% 0.2x n/m 32.9x Tintri (US) $ 5.17 $ 7.75 141 152 n/a 1.6x n/a n/a n/m n/a n/a n/a n/a n/m Sonus Networks (Europe) PLN 17.25 PLN 21.00 51 51 2.1x 1.9x n/a 12.6x 10.4x n/a 17% n/a n/a n/a Mean 5.8x 4.9x 16% 16.6x 22.2x 10% 19% 2.7x 36.3x 36.1x Applications Microsoft (US) $ 85.52 $ 87.50 554,755 512,910 6.0x 5.5x 8% 15.2x 13.7x 11% 40% 1.5x 27.8x 23.7x Oracle (US) $ 47.90 $ 53.14 166,768 157,949 4.8x 4.6x 4% 10.5x 9.9x 6% 46% 1.9x 20.1x 18.5x SAP (Europe) € 95.00 € 100.70 113,869 116,750 5.0x 4.7x 6% 15.6x 14.3x 6% 32% 2.7x 30.3x 26.6x Adobe (US) $ 174.25 $ 186.27 72,586 69,651 11.1x 9.3x 22% 26.5x 21.0x 29% 42% 1.2x 49.5x 37.8x VMware (US) $ 128.62 $ 129.50 44,201 37,990 6.2x 5.3x 10% 16.6x 14.7x 9% 37% 2.0x 38.2x 34.0x Intuit (US) $ 159.35 $ 161.44 34,286 34,369 7.6x 6.9x 10% 19.9x 18.0x 11% 38% 2.0x 40.0x 36.1x Autodesk (US) $ 105.03 $ 131.10 19,472 19,583 11.4x 9.3x 10% n/m 52.4x n/a (1%) n/a n/m n/m Symantec (US) $ 28.16 $ 34.20 14,409 17,930 4.4x 4.1x 13% 9.4x 8.6x 24% 47% 0.5x n/m 75.8x Check Point Software Technologies (Middle East) $ 104.37 $ 119.20 14,578 13,308 8.5x 8.0x 6% 15.4x 14.6x 7% 55% 2.5x 22.2x 20.9x Citrix (US) $ 88.14 $ 88.96 11,594 11,520 4.8x 4.8x (8%) 13.3x 14.0x (10%) 36% n/a 29.4x 29.5x Constellation Software (Canada) C$ 771.40 C$ 791.00 10,704 10,619 5.1x 4.5x 14% 19.7x 17.0x 15% 26% 1.5x 58.3x 42.2x Sage Group (Europe) £ 7.89 £ 8.20 9,624 9,624 4.8x 4.4x 10% 17.6x 15.2x 12% 28% 1.6x 27.6x 24.9x Trend Micro (AsiaPac) ¥ 6,490 ¥ 6590.00 6,611 5,559 5.1x 4.8x 9% 15.4x 14.1x 10% 33% 1.6x 32.2x 29.8x Tableau (US) $ 70.06 $ 82.32 4,523 3,730 5.1x 4.7x 7% 77.6x 62.5x (11%) 7% n/a n/m n/m Nemetschek (Europe) € 74.90 € 83.34 2,884 2,867 7.2x 6.2x 17% 27.4x 23.3x 18% 26% 1.8x 48.4x 40.1x LogMeIn (US) $ 113.10 $ 129.51 2,432 2,200 2.6x 2.3x 85% 7.1x 5.9x 122% 36% 0.2x n/m 36.9x MuleSoft (US) $ 21.95 $ 29.00 2,327 2,175 8.9x 6.5x 45% n/m n/m 24% (20%) n/a n/m n/m MongoDB (US) $ 29.50 $ 34.00 1,245 1,003 n/a 5.9x n/a n/a n/m n/a n/a n/a n/a n/m NIC (US) $ 17.70 $ 25.70 983 855 3.0x 2.9x 5% 11.5x 10.7x 5% 26% 2.5x 22.3x 22.4x MicroStrategy (US) $ 135.07 $ 207.28 1,300 755 1.8x 1.8x (2%) 11.8x n/a n/a 15% n/a 29.9x 65.8x Rosetta Stone (US) $ 12.77 $ 13.67 241 209 1.3x 1.3x (2%) 22.5x 17.3x 82% 6% 0.7x n/m n/a Gridsum (AsiaPac) $ 9.20 $ 13.94 195 164 2.0x 1.3x 61% n/m 9.9x n/a (8%) n/a n/a n/a Perion (Middle East) $ 1.00 $ 2.38 65 88 0.4x n/a n/a 4.1x n/a n/a 9% n/a n/m n/a Appian (US) $ 27.28 $ 28.65 143 83 0.6x 0.5x n/a n/m n/m n/a (13%) n/a n/m n/m Mean 5.1x 4.8x 16% 18.8x 18.8x 21% 24% 1.6x 34.0x 35.3x Source: Factset (as of 21 December 2017). 31
Trading Comparables (Cont’d) 21-Dec-17 52-weeks Market Enterprise EV / Revenue CAGR EV / EBITDA CAGR Margin EV / EBITDA / G P/E Company Share Price High Cap. (€m) Value (€m) 2017 2018 16-18E 2017 2018 16-18E 2017 2016 2017 2018 Software (Cont'd) Software as Service (SaaS) Salesforce.com (US) $ 103.39 $ 109.19 61,556 60,336 7.0x 5.8x 22% 32.0x 25.6x 28% 22% 1.5x n/m n/m Workday (US) $ 102.00 $ 116.89 17,426 15,963 9.1x 7.2x 31% 57.5x 43.6x 65% 16% n/a n/m n/m Veeva Systems (US) $ 57.10 $ 68.07 6,626 5,988 10.6x 8.9x 22% 31.9x 27.4x 24% 33% 1.8x 62.7x 60.8x Ultimate Software Group (US) $ 219.36 $ 233.42 5,417 5,309 6.8x 5.7x 19% 29.4x 23.0x 22% 23% 1.6x n/m n/m Blackbaud (US) $ 96.69 $ 104.55 3,866 4,019 6.0x 5.5x 9% 25.3x 22.7x 11% 24% 2.6x 95.4x 81.7x Paycom (US) $ 82.33 $ 86.10 3,972 3,945 10.9x 8.6x 28% 35.3x 28.1x 33% 31% 1.5x 74.1x 65.1x Cornerstone Ondemand (US) $ 44.50 $ 46.80 3,037 3,202 5.7x 4.6x 20% 23.3x 17.7x 30% 24% 1.0x n/m 89.3x Medidata Solutions (US) $ 66.06 $ 85.92 3,209 3,102 6.8x 5.8x 18% 28.0x 22.3x 25% 24% 1.4x 99.4x 83.4x Box (US) $ 33.59 $ 35.89 2,734 2,543 7.1x 5.5x 33% n/m n/m 104% 3% n/a n/m n/m Xero (AsiaPac) NZ$ 30.95 NZ$ 35.50 2,489 2,489 11.1x 8.3x 37% n/m 63.8x n/a 3% n/a n/m n/m Ellie Mae (US) $ 95.11 $ 114.95 2,696 2,388 6.9x 5.8x 17% 23.7x 20.4x 11% 29% 2.3x 75.1x n/m Zendesk (US) $ 20.92 $ 24.10 2,300 2,225 5.3x 4.3x 25% n/m n/m n/a (5%) n/a n/m n/m Wix.com (Middle East) $ 60.85 $ 86.15 2,268 2,093 5.9x 4.5x 39% 36.6x 22.9x 60% 16% 1.0x n/m n/m Paylocity (US) $ 47.45 $ 53.96 2,066 1,984 7.0x 5.7x 24% 36.0x 27.8x 41% 20% 1.3x n/m n/m RealPage (US) $ 35.23 $ 44.25 1,676 1,623 4.0x 3.8x 9% 34.3x 21.6x 68% 12% 0.9x n/m n/m Okta (US) $ 25.40 $ 33.64 1,793 1,604 7.8x 5.8x n/a n/m n/m n/a (26%) n/a n/m n/m Cloudera (US) $ 17.28 $ 23.35 1,895 1,567 5.3x 4.1x n/a n/m n/m n/a (29%) n/a n/m n/m Callidus (US) $ 29.65 $ 30.60 1,589 1,441 6.9x 5.7x 20% 54.3x 36.9x 40% 13% 1.8x n/m n/m BlackLine (US) $ 34.88 $ 40.28 1,505 1,413 9.6x 7.5x 35% n/m n/m n/a 1% n/a n/m n/m Coupa (US) $ 32.50 $ 37.73 1,374 1,190 8.0x 6.4x n/a n/m n/m n/a (7%) n/a n/m n/m Alteryx (US) $ 25.01 $ 29.16 1,236 1,104 10.2x 7.5x 43% n/m n/m (29%) (7%) n/a n/m n/m Five9 (US) $ 24.47 $ 27.81 1,099 1,084 6.5x 5.6x 20% 79.6x 60.0x 60% 8% n/a n/m n/m SailPoint (US) $ 14.30 $ 16.36 1,027 1,027 7.0x 5.6x n/a 72.0x n/m n/a 10% n/a n/m n/m Blucora (US) $ 17.35 $ 17.35 611 850 2.0x 1.9x 8% 10.1x 8.7x 11% 20% 1.0x n/m 32.1x Yext (US) $ 12.37 $ 15.11 906 811 5.8x 4.4x n/a n/m n/m n/a (23%) n/a n/m n/m Benefitfocus (US) $ 27.00 $ 37.10 691 746 3.5x 3.2x 10% 46.8x 32.0x n/a 7% n/a n/m n/m Everbridge (US) $ 29.02 $ 29.99 663 623 7.1x 5.7x 31% n/m n/m 2244% (1%) n/a n/m n/m Apptio (US) $ 22.64 $ 24.50 730 616 3.9x 3.4x 16% n/m n/m n/a (3%) n/a n/m n/m SPS Commerce (US) $ 48.01 $ 73.03 690 552 3.0x 2.7x 12% 20.6x 17.1x 20% 15% 1.2x n/m 88.1x LivePerson (US) $ 11.50 $ 15.10 541 494 2.7x 2.5x 2% 32.4x 26.8x 7% 8% 4.5x n/m n/m Talend (US) $ 38.74 $ 46.32 561 482 3.8x 3.0x 35% n/m n/m (20%) (16%) n/a n/m n/m Synchronoss (US) $ 9.03 $ 40.94 344 410 0.7x 0.8x 2% 2.9x 3.7x (16%) 25% n/a n/m n/m Altair Engineering (US) $ 23.24 $ 25.59 245 308 1.1x 1.0x n/a 16.4x 8.5x n/a 7% n/a n/m 15.4x ChannelAdvisor (US) $ 9.20 $ 15.60 201 156 1.5x 1.4x 9% 39.7x 24.2x 2% 4% 16.1x n/m n/m Veritone (US) $ 23.88 $ 74.92 168 117 9.1x 4.5x 87% n/m n/m (13%) (183%) n/a n/m n/m EQS Group (Europe) € 65.80 € 70.01 86 96 3.0x 2.7x 18% 28.2x 21.8x 3% 11% 8.6x n/m n/m Mean 6.1x 4.9x 23% 34.6x 26.4x 113% 3% 2.9x 81.3x 64.5x Source: Factset (as of 21 December 2017). 32
MANHATTAN VENTURE PARTNERS I N S I G H T A C C E S S O P P O R T U N I T Y ManhattanVenture Partners (“MVP”) is a research-driven merchant bank focused on acquiring shares in late- stage, pre-IPO technology companies from existing shareholders. Partners of MVP have arranged or invested in morethan$2Bofsecondaryandprimaryventuretransactions OFFERINGS DIRECT INVESTMENTS DEAL-SPECIFIC FUNDS MANAGED FUNDS For institutional investors who make For investors who do not have the appetite For investors who want broad exposure to substantial allocations — often $10 million or strategy for direct investments, but wish secondary venture investments, deal or more per transaction to make transaction-specific decisions or selection by proven experts, and the institutional investors desiring to remain opportunity to co-invest on a self selected discrete basis Manhattan Venture Research “MVR” publishes Venture Bytes, a monthly newsletter which contains the Liquidity Watchlist, a proprietary list of top-25 promising private companies in the TMT space that are candidates for a liquidity event – either an IPO or an acquisition - within the next 12 to 18 months. The companiesarerankedbasedonaseriesofquantitative andqualitative factors from a pool of 325 companies that we closely monitor. Liquidity Watchlist December 2017 # ∆ Company Description Status 1 0 DocuSign DocuSign provides electronic signature technology and Digital Transaction Management Hired former Repsponsys CEO as CEO. Raised $558M to date in 10 rounds, including the last round of services for facilitating electronic exchanges of contracts and signed documents $310M in Oct. 2015 at $3.1B post valuation and $19.09/share; includes late-stage investors Largest on-demand music subscription service in the world with 40 mil paying & over 100 Raised $2.1B to date, including $1.1B equity and $1B debt; most recent round was a convertible debt round 2 +1 Spotify mil active listeners; +30 mil songs in music library; $10/month subscription rate in March 2016 of $1.0B; last equity round, Series G, in June 2015 for $526M at $8.53B post valuation; appointed new CFO in 2015 Raised $1.72B in 9 rounds, including the last debt round of $600M in March 2017; last post money valuation 3 -1 Dropbox Provides users with the ability to store and access files online from any location at any time $10.38B in Feb. 2014 at $19.10/share; key investors include Fidelity, Black Rock, MorganStanley, Salesforce Ventures Raised $344.2M to date; last round Series F in Sept 2016 for $31M at $1.6B post valuation and $26/share; 4 0 AppNexus Provides trading solutions and powers marketplaces for Internet advertising key investors include News Corp., Yahoo Japan, SharesPost 100 Fund, Deutsche Telekom Capital Partners, Fidelity Investments, among others Pinterest is a “virtual and social pinboard” that allows users to share interesting and Raised $1.47B to date in 10 rounds, including the last round of $150M in June 2017at $12.3B post valuation 5 0 Pinterest inspiring ideas, images and tastes and $7.18/share; key investors include Rakuten, Wellington, Goldman Sachs, AdreessenHorowitz, Fidelity, among others Provides an online marketplace which connects community drivers with passengers who Raised $2.61B in 10 rounds; last round Series G for $600M at $7.5B post valuation and $32.15/share; key 6 +1 Lyft request rides through the company's iPhone or Android application investors: Alibaba Group, Al-Waleed Bin Abdul-Aziz, Didi, DSCN, General Motors, Alliance Bernstein, Janus, KKR among others; the company is working closely with General Motors on testing self driving electric cars Palantir Technologies offer a suite of software applications for integrating, visualizing and Raised $2.75B to date in 14 rounds; last round Series K for $880M in December 2015 at $11.38/share and 7 +1 Palantir Tech. analyzing information $20.53B post money valuation; key investors include Aeon Funds, BlackRock Private Equity Partners, GSV Ventures, Third Point, among others 8 +1 DataXU Provides real-time media management platform; develops a platform for digital advertising Raised $93.5M to date in 8 rounds; last round Series F for $10.0M in January 2016 at $1.99/share and campaigns across online, mobile and video channels $390M post money valuation Map Technologies provides an enterprise-grade, big data platform that supports mission- Raised $224.6M in 5 rounds; last round Series E was for $50.5M in Aug 2016 led by Australia Future Fund 9 -1 Mapr critical and real-time production uses at $500.5M post-money valuation as $4.14/share; other key investors include Google Capital, Light speed, Qualcomm Ventures, Redpoint Develops security and systems management technologies to allow real-time data collection Raised $307.29M in 7 rounds, including the last round of $147.5M in Sept. 2015 at $3.75B post money 10 +1 Tanium by organizations, helping information technology personnel identify and fix operational valuation and $14.89/share; key investors include T. Rowe Price, Andreessen, TPG, IVP, among others issues and also fend off security attacks Glassdoor is a jobs and career marketplace; users can uncover inside connections at a Raised $202.2M in 8 rounds; last round Series H was for $40M in June 2016 at $1.0B post-money valuation 11 +2 Glassdoor company, see the latest job listings, as well as get access to proprietary user-generated and $8.0/share; key investors: T. Rowe Price, Tiger Global, Google Capital, Battery Ventures content 12 0 Flipkart eCommerce site for electronics, home appliances, books, music and movies; operates Raised $4.8B in 11 rounds; last round (Corporate) for $1.4B at $11.6B valuation; key investors Qatar exclusively in India; registered and based in Singapore Authority, T. Rowe, Tiger, Accel, DST, eBay, Microsoft, Tencent Develops real time messaging, archiving and search tool; provides a collaboration platform Raised $546.7M in 8 rounds; last round in April 2016 for $200M at $5B post-valuation and $7.80/share; 13 +2 Slack Tech. that lets users to port conversations and links to other work from other applications key investors: Accel Partners, Comcast Ventures, GGV Capital, Index Ventures, Sherpa Capital, Spark Capital, Thrive Capital 14 +2 BuzzFeed BuzzFeed is social news and entertainment company with a focus on digital media and Raised $496.4M in 8 rounds; last round in Nov 2016 for $200M at $1.7B post-valuation and $45.04/share; digital technology key investors: Andreessen Horowitz, General Atlantic, NEA 15 -1 Stripe The company provides a suite of APIs to enable businesses to accept and manage online Raised $445M in 11 rounds; last round in Mar 2017 for $5.05M at $9.20B post-valuation; key investors: payments General Catalyst Partners, CapitalG, Sequoia Capital, Peter Thiel and Elon Musk Provides office and desk space on a monthly rental basis; office space is shared by startups, Raised $4.69B in 9 rounds; last round for $3.0B led by Softbank at $23B post valuation and $57.90/share; 16 +1 WeWork entrepreneurs and small businesses key investors Benchmark Capital, Mort Zuckerman, T. Rowe, Wellington, JPM, Goldman Sachs, Fidelity, among others Raised $14.69B in 15 rounds, including a $1.0B corporate investment from Didi Chuxingin August 2016 at 17 +1 Uber Uber is a mobile app connecting passengers with drivers for hire $68B post-valuation, and a $30M investment from Kumpulan Wang Persaranof Malaysia in September 2016 at $68B post-valuation Operates an online community marketplace for travel accommodations allowing users to Raised $4.4B in 11 rounds; the last round, Series F, in Mar 2017 for $1.0B at $31B post-money valuation and 18 -12 Airbnb both list and rent space from traditional or mobile platforms $105/share; key investors include Andreessen Horowitz, Fidelity, General Atlantic, Sequoia, GGV, among others; hired new CFO with IPO experience, Laurence Tosi, in 2015 from Blackstone Group Provider of a mobile application that enables users to order and secure delivery of Raised $724M to date in 7 rounds; last round Mar 2017 of $413M at $3.41B post-money valuation; earlier 19 0 Instacart groceries; the company's application enables its users to scroll and search grocery items investors include Kleiner Perkins, AmEx Ventures, Comcast Ventures, Dragoneer, Sequoia, Khosla Ventures, and have them delivered to their door Andreessen, among others 22 0 Acquia Provider of a web publishing platform, the company provides tools for enterprise users of Raised $194.5M in 8 rounds, including most recent round of $55M in Sept 2015 at $840M post valuation the open-source web publishing platform and $18.92/share; key investors Centerview Capital Technology Partners, NEA, among others 20 0 Klarna Provides online payment services designed to make online shopping easy and seamless, and Raised $439.1M in 7 rounds; the last round in March, 2017 raised $62.2M at $439.1M post-valuation;, key help the customers improve their average order value as well as conversion investors include Sequoia Capital, Wellington, Northzone Ventures, iVP, among others 21 0 SoFi SoFi is a leading marketplace lender and the #1 provider of student loan refinancing with Raised $1.87B in 8 rounds; last round Series G for $452.9M in Mar 2017 at $17.18/share and $4.35B post over $4 billion loans originated to date valuation Provides on-demand subscription billing and Relationship Business Management (RBM) 23 0 Zuora platform. The company’s end-to-end subscription management platform helps the business Raised $250M in 6 rounds; last round Series F for $115M in Mar. 2015 at $3.80 per share and $738.1M post in automating recurring billing and collections, configuring, pricing as well as quoting for valuation recurring revenue businesses Provides an online website for renting dresses and accessories. The company offers users Raised $176.2M to date in 7 rounds; last round, Series E, in Dec 2016 for $60M at $750M post-money 24 0 Rent The Runway the ability to rent designer apparel and accessories, both on-demand and through its valuation and $21.76/share; key investors include Bain Capital Ventures, Fidelity Investments, Highland subscription service Unlimited Capital, Conde Nast, 2020 Ventures, among others Provides an end-to-end multi-channel payment platform designed to offer outsourced The company raised an undisclosed amount of venture funding from ICONIQ Capital on September 30,2015 payment services. The company's multi-channel payment platform connects businesses raising the post-valuation to $2.3B. Previously, the company raised $250m of Series B venture funding in a 25 0 Adyen directly to Visa, MasterCard, and all key payment methods globally, enabling merchants to deal lead by General Atlantic on December 16, 2014 raising the post-money valuation to $1.5B. Temasek accept payments and optimize growth online, in-application, and in store Holdings, Index Ventures and Felicis Ventures, Robert Wuttke and Jorg Mohaupt also participated in this round www.mvp.vc 212.858.9900 New York, New York Securities offered through Fusion Analytics Securities, LLC, member FINRA/SIPC 33
NOAH Top List: European FinTech Company Location Business Overview Founded KeyInvestors Funding Online marketplace for small business loan lenders and 2010 €349.0m seekers Provides e-commerce payment solutions for 2006 €293.5m merchants and shoppers Provides e-commerce payment solutions for 2005 €270m merchants and shoppers Online big data scoring technology and machine- 2012 €251.8m learning algorithms services Provides digital and commercial banking services 2014 €239.3m for merchants and businesses Online peer-to-peer loan 2007 marketplace €176.8m Provides mobile payment services for businesses and 2010 €216m individuals Online company providing loans secured with luxury 2008 €164.3m assets Online service that lets people send money to friends 2010 €132.1m and family living abroad Online payday lender that offers short-term personal 2007 €129.5m cash loans Source: Company websites, CrunchBase, NOAH Advisors. 34
Select Transaction Comparables Strategic Buyers Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward Classifieds Aug 16 Randstad Monster US 383.3 0.6x 0.7x 4.0x 6.8x Mar 16 Swiss Mobiliar Scout24 Schweiz (50% stake) Switzerland Mar 16 Scout24 Switzerland Gratis-Inserate.ch Switzerland Nov 16 Novasol Wimdu Germany Dec 15 Axel Springer Axel Springer Digital Classifieds (15%) Germany Nov 15 CarTrade CarWale (Axel Springer) Germany 83.2 Oct 15 Naspers Avito (50.6%) Russia 2,152.4 Aug 15 Apax Partners Idealista Spain 150.0 3.6x 16.7x Feb 15 Immowelt Immonet (merger) Germany 420.0 Dec 14 Axel Springer Axel Springer Digital Classifieds (15%) Germany 2,973.0 Oct 14 Next Co. Trovit.com Spain 80.0 4.5x 13.6x Jun 14 Yandex auto.ru Russia 128.9 May 14 Stepstone Evenbase UK 110.0 2.5x 22.0x May 14 Axel Springer Yad2.co.il Israel 165.0 Mar 14 Schibsted Mlanuncios Spain 50.0 Mar 13 Naspers Avito (18.6%) Russia 2,351.3 Feb 14 Schibsted Milanuncios Spain 100.0 Nov 12 Axel Springer Immoweb.be (80%) Belgium 159.4 12.0x Apr 12 Axel Springer Totaljobs UK 132.0 Sep 10 Axel Springer Verlag SeLoger (87.6%) France 634.4 6.8x 6.2x 13.1x 11.4x Sep 10 Schibsted LeBoncoin (remaining 50%) France 400.0 18.0x E-commerce Oct 17 Bygghema Vitvaruexperten Sweden Aug 17 The Hut Group Glossybox Germany Jul 17 Aptos TXT Retail Italy 85.0 Apr 17 Gamesrocket Digital Republic Media Germany Mar 17 GeoPost Stuart France Feb 17 Showroomprivé Beauté Privée France Dec 16 Invision Tintencenter.com Germany Nov 16 Sigma Retail Internetstores Germany Nov 16 Mail.ru Group Delivery Club Russia 93.3 21.4x Aug 16 Essilor MyOptique Group UK 140.0 Aug 16 Funding Led by Bridgepoint Deliveroo UK 247.8 Jul 16 Myntra Jabong.com India 63.3 0.5x Jul 16 Tencent China Music Corp China 2,442.3 May 16 eBay Ticketbis Spain 148.0 6.6x May 16 ProSiebenSat.1 Commerce Stylight (78%) Germany 80.0 May 16 TripAdvisor HouseTrip Switzerland May 16 Temasek Holdings Pte Ltd; EurazeFao SArfe; tIcDhG U CKa Lpiimtailt ePdartners UK 95.7 Apr 16 Alabbar Enterprises Yoox Net-a-Porter Italy 3,700.0 Apr 16 Vente-Privée Privalia Spain 500.0 1.2x 30.1x Apr 16 Vente-Privée Eboutic.ch (majority stake) Switzerland Apr 16 Karstadt Outfitter Germany Apr 16 Schustermann & Borenstein FashionFriends Switzerland Feb 16 Just-Eat Selected assets from Rocket Internet Various 125.0 Nov 15 Lightspeed POS SEOshop Netherlands Nov 15 Intercontinental Exchange Trayport UK 608.2 8.1x 16.3x Oct 15 Ingram Micro Docdata Netherlands 155.0 9.5x Sep 15 Grainger Cromwell UK 421.8 1.1x 10.8x Jul 15 Photobox posterXXL Germany May 15 Michelin Black Circles UK 67.2 1.9x May 15 Delivery Hero Yemek Sepeti (88.6%) Turkey 594.7 33.0x 66.1x Apr 15 Michelin Allopneus (40%) France 150.0 Mar 15 YOOX Net-a-Porter (merger) UK 3,120.0 2.4x 29.3x Mar 15 Rocket Internet FoodPanda (52%) Germany 104.0 Mar 15 Verisk Analytics Wood Mackenzie UK 2,605.2 8.1x 17.3x Mar 15 Recruit Holdings Quandoo (92.9%) Germany 213.8 50.9x Mar 15 Wolseley Bathempire.com UK Feb 15 British Gas AlertMe UK 87.8 Feb 15 Rocket Internet Talabat Kuwait 150.3 Feb 15 Rocket Internet Grupo Yamm Comida a Domicilio Spain 80.0 2.0x Feb 15 Rocket Internet HelloFresh (51.7%) Germany 623.8 8.9x Feb 15 Rocket Internet Delivery Hero (30%) Germany 496.0 Nov 14 Photobox Hofmann Spain Sep 14 Neiman Marcus Mytheresa.com Germany 150.0 15.0x Aug 14 Delivery Hero Pizza.de Germany 300.0 Jun 14 Axel Springer Car & Boat Media (51%) France 72.0 2.9x Jun 14 Monitise Markco Media UK 68.8 Jun 14 Bestseller M&M Direct UK 177.0 1.2x Sources: Press articles, FactSet. 35 Please email Marco Rodzynek for any comments.
Select Transaction Comparables (Cont’d) Strategic Buyers (Cont'd) Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward May 14 Naspers markafoni Turkey 146.0 May 14 Tripadvisor LaFourchette France 100.0 10.0x Apr 14 Afk Systema Ozon.ru (21.6%) Russia 108.6 Apr 14 Takeaway.com Lieferando Germany 50.0 Feb 14 Rocket Internet La Nevera Roja Spain 80.0 20.0x Oct 13 eBay Shutl UK 145.1 Sep 13 Delticom Tirendo Germany 50.0 Aug 12 AXA Private Equity Bestsecret.com Germany 223.2 Jun 12 Naspers Netretail (79%) Netherlands 213.3 Feb 12 Ahold Bol.com Netherlands 350.0 Dec 11 Quants Grupfoni (55%) Turkey Sep 11 Google DailyDeal Germany 130.0 Sep 11 Rakuten Ozon.ru Russia Jul 11 Photobox Moonpig UK 136.3 3.2x Mar 11 Privalia Dress for Less Germany 175.0 Oct 10 Amazon BuyVIP Spain 70.0 0.8x 0.4x Jun 10 Rakuten PriceMinister France 200.0 5.0x Apr 10 Richemont Net-a-Porter UK 434.5 2.9x Lead Generation Oct 17 HomeServe Checkatrade UK 61.0 Sep 17 Zoopla Money.co.uk UK 154.2 Oct 16 Consortium of Firms Käuferportal (42%) Germany Mar 16 NS Intressenter (Owners) PriceRunner Sweden Jun 15 7Commerce Verivox (80%) Germany 262.5 5.8x Apr 15 Zoopla uSwitch UK 260.1 3.0x 11.7x Dec 14 eSure Gocompare (50%) UK 241.5 1.7x 7.3x Jun 12 Moneysupermarket MoneySavingExpert UK 108.0 Feb 11 EasyVoyage Dealchecker. TravelJungle. FSI Travel UK 10.0 Jul 10 Expedia (Tripadvisor) HolidayLettings UK 36.0 15.0x May 10 Priceline TravelJigsaw UK 93.7 Travel Apr 17 AccorHotels VeryChic France Feb 17 Priceline Group Momondo Group UK 586.0 5.7x Dec 16 Ctrip Skyscanner UK 1,622.7 9.5x 51.2x May 16 TUI Group Transat France France 54.0 Apr 16 Cinven Partners Hotelbeds Spain 1,163.5 1.1x 16.9x Apr 16 TravelSky Technology OpenJaw Technologies Ireland Apr 16 AccorHotels OneFineStay UK 212.0 Mar 16 Trainline Captain Train France 165.0 Jan 16 Yahoo Japan (et all) Skyscanner UK 1.5 9.3x 50.6x Jan 16 Michelin Bookatable UK 108.0 Nov 15 LBO France Fram France Nov 15 Quicket BookitNow! Germany Oct 15 ProSiebenSat.1 Etraveli Sweden 235.0 3.4x 11.1x Mar 15 Bravofly Lastminute.com UK 104.4 0.9x Oct 13 Uvet Viaggio Turismo Flygpoolen Sweden Apr 13 Hostelworld HostelBookers.com UK 59.0 2.8x 12.1x Mar 13 HRS hotel.de (remaining 15%) Germany 102.3 2.2x 78.7x Mar 13 NC2 Media Lonely Planet UK 60.4 Dec 12 Expedia trivago (61.6%) Germany 774.4 7.7x 26.0x Oct 12 Bravofly Rumbo Spain 60.0 1.0x 5.3x Aug 12 LOET Trading, Bankhaus Metzler Travel24 (46%) Germany 52.0 2.2x 12.2x Jan 12 Dnata World Travel TravelRepublic UK Oct 11 HRS hotel.de (61.59%) Germany 61.0 1.5x 1.3x 55.4x 50.8x May 11 LBO France Promovacances France 200.0 10.0x Mar 11 Kuoni Gullivers Travel Associates UK 503.0 2.4x 8.4x Feb 11 Odigeo (AXA and Permira) Opodo UK 450.0 3.1x 11.1x Marketplaces Jun 17 Baloise Group MOVU Switzerland Jun 17 Hoffman Contorion Germany 100.0 May 15 Recruit Holdings Wahanda (70%) UK 218.1 28.7x Mar 15 Gruppo MutuiOnline 7Pixel (74.85%) Italy 74.2 4.9x 9.4x Feb 15 Tamedia Ricardo Switzerland 228.7 6.0x Dec 14 Adobe Fotolia Europe 645.5 Sources: Press articles, FactSet. 36 Please email Marco Rodzynek for any comments.
Select Transaction Comparables (Cont’d) Strategic Buyers (Cont'd) Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward Social Networking Sep 17 The Meet Group LOVOO Germany 83.8 2.2x Jun 17 Snapchat Zenly France 186.4 Oct 16 eDarling Attractive World France Sep 16 ProSiebenSat.1 Parship (51%) Germany 300.0 Sep 14 mail.ru Vkontakte (remaining 48%) Russia 1,598.5 0.5x 2.1x Apr 13 Elsevier B.V. Mendeley UK 64.9 Gaming Nov 17 Stillfront Goodgames Germany 270.0 Nov 17 Zynga Peak Games Turkey 85.0 Aug 17 Aristocrat Technologies Plarium Israel 420.8 May 17 MTG InnoGames (30%) Germany 260.0 2.0x May 17 Supercell Space Ape Games UK Feb 17 Take-Two Social Point Spain 234.6 Jan 17 Zhejiang Jinke Entertainment Outfit7 Slovenia 1,000.0 Oct 16 MTG Innogames (35% + 16% Optional) Germany 260.0 Jul 16 Giant Network Technologies Playtika Israel 3,930.1 6.1x 4.9x 16.0x Jul 16 Hydra Industries Inspired Gaming Group UK 238.7 Jul 16 Playtech Best Gaming Technology Austria 138.0 Jul 16 Gamigo Aerial Games Germany Jun 16 Tencent Supercell (84%) Finland 9,687.6 4.7x 11.6x May 16 CVC Capital Partners Sisal Italy 1,000.0 1.3x 5.5x May 16 Cherry AB ComeOn (49%) Malta 80.0 Apr 16 CVC Capital Partners Tipico (60%) Malta 1,666.0 3.3x 16.7x Apr 16 NYX OpenBet UK 337.8 Mar 16 Shandong Hongda Mining Co. Jagex UK 270.1 3.6x 10.3x Mar 16 Youzu Bigpoint Germany 80.0 Nov 15 Activision Blizzard King.com UK 4,539.5 2.4x 5.6x Oct 15 Vivendi Ubisoft France 1,809.5 1.2x 9.8x Jul 15 MTG Turtle Entertainment (74%) Germany 105.4 Jun 15 Betsson Europe-Bet Georgia 75.8 1.6x 4.3x Jun 15 SoftBank Supercell & GungHo (additional 22%) Finland 5,033.1 Feb 15 Tencent Miniclip (majority stake) Switzerland Feb 15 Intertain Group Gamesys UK 569.0 Dec 14 CVC Capital Partners Sky Gaming UK 1,068.6 Oct 14 Intertain Group Dumarca Malta 89.1 Sep 14 Microsoft Mojang Sweden 1,932.3 7.6x 19.5x Jun 14 Amaya Rational Group UK 3,616.2 4.5x 11.7x Jun 14 Bally Dragonplay Israel 73.2 3.3x 10.0x Jun 14 Webedia JeuxVideo France 90.0 Jan 14 Zynga NaturalMotion UK 388.7 8.8x 63.6x Oct 13 SoftBank Supercell & GungHo (51%) Finland 2,217.9 4.2x 3.5x 7.2x Adtech Mar 17 Altice Teads.tv France 300.0 1.6x Feb 17 Accenture SinnerSchrader (62%) Germany 100.0 2.0x 21.3x Sep 16 Glispa Global Group Avocarrot UK Jun 16 Spearhead Smaato Germany 132.2 May 16 FreeWheel Media StickyADStv France 87.7 Mar 16 RTL Smartclip Germany 50.0 Sep 15 NewsCorp Unruly UK 156.5 3.5x Sep 15 Gravity4 EuroAds Denmark Sep 15 ironSource Supersonic Israel 132.9 1.9x Aug 15 Ströer InteractiveMedia Germany 300.0 Jul 15 FanDuel Kotikan UK Mar 15 Cheetah Mobile MobPartner France 54.9 Oct 14 Publicis Matomy (24.9%) Israel 383.0 1.9x 1.4x 26.9x 12.9x Oct 14 RNTS Media Fyber Germany 150.0 Jul 14 RTL SpotXchange (65%) Germany 165.5 6.0x 44.3x Jun 14 Opera AdColony US 257.3 3.4x 17.5x Jun 14 Amobee Kontera Israel 110.7 Apr 14 Tesco Sociomantic Germany 150.0 9.0x Nov 11 Adconion Media Smartclip Germany 125.0 Sources: Press articles, FactSet. 37 Please email Marco Rodzynek for any comments.
Select Transaction Comparables (Cont’d) Strategic Buyers (Cont'd) Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward Others Dec 17 Apple Shazam United Kingdom 452.0 Dec 17 Thales Group Gemalto Netherlands 5,430.0 1.7x 10.5x Dec 17 Assystem Technology Group SQS Group United Kingdom 317.8 1.0x 0.9x 14.4x 13.8x Nov 17 ByteDance News Republic France 73.6 Nov 17 iHealth Labs eDevice France Jul 17 iRobot Robopolis France 119.1 0.9x Jul 17 Ingenico Bambora Sweden 1,500.0 Jul 17 Gamigo Mediakraft Networks Germany Jul 17 Bottega InvestCo Getronics UK 220.0 Jul 17 Symantec Fireglass Israel 211.2 Jul 17 CM Docdata Netherlands Jun 17 Microsoft Cloudyn Israel 52.5 10.0x Jun 17 Blackbaud JustGiving UK 108.4 Jun 17 Fiserv Monitise UK 79.8 1.4x Jun 17 Microsoft Hexadite Israel 87.5 Jun 17 Porsche PTV Group Germany 300.0 Jun 17 Vivendi Havas France 3,675.8 May 17 Moody's Bureau van Dijk Netherlands 3,000.0 11.6x 22.7x May 17 United Internet Drillisch Germany 2,800.0 May 17 Spotify Niland.io France Apr 17 BNP Paribas Compte Nickel France Apr 17 Auto-News.de Motor1 Germany Apr 17 Trade Extensions Coupa Software Sweden 42.2 4.5x Mar 17 Ekinops OneAccess France 60.0 1.0x Mar 17 Alibaba WayRay Switzerland Mar 17 Intel Mobileye Israel 14,359.5 42.7x 30.6x 80.1x 55.6x Mar 17 The Travellers Companies Simply Business UK 459.9 10.0x Feb 17 Zalando Kickz Germany Feb 17 Palo Alto Networks LighCyber Israel 98.5 Feb 17 Nokia Comptel Finland 347.3 Feb 17 Klarna BillPay Germany 69.0 Jan 17 Zoopla Hometrack UK 139.8 7.7x 16.9x Jan 17 Kik Rounds Israel 64.8 Dec 16 Thundersoft Rightware Finland Dec 16 Megafon (63.8%) Mail.ru Russia 1,075.8 1.8x Dec 16 Huawei Toga Networks Israel 139.9 Dec 16 Go Daddy Host Europe Group Germany 1,690.0 6.3x 15.2x Dec 16 CA Technologies Automic Austria 600.0 8.9x Oct 16 Boomreach Hippo NV Netherlands Oct 16 The Economist Signal Noise United Kingdom Oct 16 Liberty Global Multimedia Polska Poland 696.6 Aug 16 SpeedCast WINS Malta 60.0 Aug 16 Cheetah Mobile News Republic France 53.2 Aug 16 Verizon Fleetmatics Ireland 2,238.2 8.4x 24.9x Jul 16 BPCE Fidor Germany 100.0 Jul 16 AVAST Software AVG Technologies Netherlands 1,170.0 2.7x 9.5x Jul 16 InfraVia Next Generation Data UK 119.4 8.9x 20.8x Jul 16 Thoma Bravo Trader Corporation Canada 1,076.5 May 16 Ingenico Nera Solutions Singapore 57.0 2.7x Jun 16 Capita Trustmarque UK 74.2 Jun 16 Astorg VI Special AutoForm Switzerland 644.0 12.9x Jun 16 Dedalus SpA NoemaLife SpA Italy 61.4 May 16 Volkswagen Gett Israel May 16 eBay ExpertMaker AB Sweden May 16 Microsoft Solair Italy May 16 New Signature Dotnet Solutions United Kingdom 0.3x 3.5x Apr 16 Rakuten Cabify Spain 283.1 Apr 16 Nokia Withings France 170.0 Apr 16 Zoopla Property Software Holdings United Kingdom 94.8 4.7x 14.7x Apr 16 Altor Infotheek Netherlands Mar 16 Aconex Conject Germany 65.0 Mar 16 Visma Fortnox Sweden 146.0 9.2x 45.4x Mar 16 Facebook Masquerade Belarus Mar 16 Freenet Media Broadcast Germany 295.0 Mar 16 MasterCard VocaLink United Kingdom 1,294.7 Feb 16 Oracle Ravello Systems Israel 453.6 Feb 16 Golden Brick Consortium Opera Norway 1,100.0 2.0x 12.7x Jan 16 Seat Pagine Gialle Italiaonline Italy 450.6 Dec 15 Laird Novero Germany 65.0 Dec 15 Ströer SE Statista (81.3%) Germany 79.3 Dec 15 CSC Xchanging UK 607.7 1.0x Nov 15 Cisco Acano UK 684.9 20.0x Nov 15 ACI Worldwide PAY.ON Germany 180.0 13.0x Oct 15 Trinity Mirror Local World UK 307.5 5.0x Oct 15 Google Digisfera Portugal Oct 15 Vivendi Telecom Italia (stake increase to 20%) Italy 678.0 Sep 15 Figaro Group CCM Benchmark France Sources: Press articles, FactSet. 38 Please email Marco Rodzynek for any comments.
Select Transaction Comparables (Cont’d) Strategic Buyers (Cont'd) Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward Sep 15 Axel Springer Business Insider (remaining 88%) US 395.0 Sep 15 Credit Mutuel Arkéa Leetchi France 50.0 Sep 15 Interoute Easynet UK 552.2 Sep 15 Microsoft Adallom Israel 285.5 Sep 15 GVC Holdings Bwin.party Gibraltar 1,524.0 Aug 15 Paddy Power Betfair Group (merger) UK 6,824.5 Aug 15 Manheim Movex (majority stake) UK Aug 15 Adidas Runtastic Austria 220.0 Jul 15 Deutsche Boerse 360T Germany 725.0 Jul 15 Nikkei Financial Times UK 1,192.2 Jul 15 Oculus VR Pebbles Interfaces Israel 55.1 Jul 15 CareerBuilder Textkernel Netherlands Jul 15 Rakuten Fits.me UK Jul 15 United Internet Home.pl Poland 155.0 Jun 15 Vivendi DailyMotion (80%) France 271.3 4.2x Jun 15 Microsoft 6Wunderkinder Germany 137.3 May 15 Oculus VR Surreal Vision UK May 15 Visma e-conomic DK 200.0 5.9x May 15 AVG Privax HMA! UK 52.9 Apr 15 Playtech TradeFX UK 458.0 4.0x 8.1x Mar 15 Optimal Payments Skrill UK 1,100.0 9.0x Mar 15 Paypal CyActive Israel 54.4 Feb 15 British Gas AlertMe UK 88.4 3.7x Feb 15 Wanda Infront Sports & Media Switzerland 1,050.0 1.9x Feb 15 Under Armour Endomondo Denmark 75.1 Jan 15 DropBox CloudOn Israel 64.1 Dec 14 Host Europe Intergenia Germany 210.0 Dec 14 Progress Telerik Bulgaria 211.9 4.4x Nov 14 Solera CAP Automotive UK 328.5 9.2x 15.8x Sep 14 Daimler mytaxi Germany 50.0 Sep 14 Fis Clear2pay Belgium 375.0 3.9x Jul 14 Rightster Base79 UK 62.9 15.3x Jul 14 Ingenico GlobalCollect Netherlands 820.0 2.7x 16.4x Jun 14 Vodafone Cobra Automotive Italy 145.0 1.0x 8.5x Apr 14 Facebook ProtoGeo Oy Finland Apr 14 Vistaprint Pixartprinting Italy 137.0 2.4x 10.0x Mar 14 Kudelski Group Conax Norway 164.0 Feb 14 McGraw Hill Area9 Denmark 130.0 Feb 14 Rakuten Viber Cyprus 658.1 Feb 14 Renova Group Octo Telematics Italy 405.0 3.3x Jan 14 Google DeepMind United Kingdom 365.3 Dec 13 Klarna Sofort Germany 110.0 Dec 13 Dassault Systemes RealTime Techology (84%) Germany 179.8 2.0x 13.3x Oct 13 Asurion Soluto Israel 72.9 Sep 13 EMIS Ascribe UK 68.7 2.5x Jun 13 Google Waze Israel 863.7 NM Feb 13 Orange DailyMotion France 127.0 Jan 13 Ingenico Ogone Belgium 360.0 8.6x 6.6x 25.0x Jul 12 Skrill Paysafecard Austria 140.0 Jun 12 Rakuten Wuaki.tv Spain May 12 Perform Group RunningBall Switzerland 120.0 7.4x 16.6x May 12 NTT DOCOMO Buongiorno Italy 223.9 1.0x 10.9x May 11 Microsoft Skype Luxemburg 5,899.0 10.7x 47.6x Jan 11 AOL GoViral UK 71.0 6.0x 25.0x Jan 11 Amazon LoveFilm UK 236.3 2.2x 1.8x Aug 10 MasterCard DataCash UK 360.9 9.0x 19.8x Sources: Press articles, FactSet. 39 Please email Marco Rodzynek for any comments.
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NOAH Disruptor List Media, Telecom, Gaming & Social Media Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size: Digital Media ($16.8bn) & Social Media ($6.5bn) USA –Market size: Digital Media ($30bn) & Social Media ($12.6bn) * Image messaging app and smart glasses 4,700 Music streaming service 2,700 Social media application 1,466 Cross-platform games community 554 / Multichannel media network 1,400 Fantasy league platforms 1,130 Music streaming service 346 Zynga Online games producer and developer 867 Cross-platform game engine 689 Online audio sharing platform 468 Online video service 683 Global music publisher and music Real-time enterprise messaging 540 services 191 Media company providing social news 496 International mobile phone 159 Mobile messaging app 361 services Online media publisher 308 * Social app for music 144 Cloud communication company 234 Cloud-based communication platform 230 Global encrypted communications 130 Question-and-answer website 226 Online community to review and Popular social magazine 211 discover companies 126 Social network to contact neighbors 210 Developer and publisher of 99 Media player for streaming 209 browser games Global marketplace for events 198 Global phone directory 93 Developer of publishing platforms 191 High-end precision gaming products 175 Provider of online movie streaming 84 Video platform for websites 166 services Content discovery platform 160 Global WiFi network 64 Conferencing, meetings, and messaging 146 Developer of Massively Multiplayer Social publishing platform 132 Online games 67 Fashion and style website 125 Business-oriented social 60 Social photo sharing webstore and app 124 networking platform Delivers live virtual reality content 116 Technology for television 50 Mobile device operating systems 105 broadcasters Developer and publisher of games 99 Video and music streaming service 45 Manage teamtasks and conversations 88 Developer and publisher of mobile Online food network 80 games 42 Real-time social data mining platform 72 Music streaming service enabling 33 Question and answer website 68 background music for businesses Mobile content sharing app 67 Developer of mobile gaming app 32 Mobile photo-sharing and messaging 66 SaaS for project management 63 Cloud-based document sharing and 32 Enterprise file sharing 63 collaboration platform Online anonymous community 61 Developer and publisher of mobile 32 games Digital media content website 57 Voice over internet protocol Workplace telecommunication 53 peering and clearing service 32 Mediacontent website for news 46 Cloud-based file transfer service 25 Multiplayer game developer 45 image sharing platform 40 Developer and publisher of mobile 23 Streaming and community for gamers 36 games Protocol used for file sharing 36 Location-based mobile dating app 22 Tools to craft commercial content 31 Mobile eSports tournaments 31 Cross-platform games community 17 Networks that connects artists and 6 creators to brands Source: Crunchbase, eMarketer, Statista. 41 * The company went public after July 2014
NOAH Disruptor List (Cont'd) Healthcare & Science Company Country Description Funding ($m) Company Description Funding ($m) Europe – MarketSize: eHealth ($2.2bn) USA –Market Size: eHealth ($2.4bn) Multisensory virtual reality 109 Health insurance company 728 platform for motor rehabilitation SaaS for healthcare professionals 585 Professional network for scientists 88 Collect and analyze medical metrics 422 and researchers Platform for cancer care 313 Healthcare application providing 85 Human genome research company 241 video consultations with doctors Population care management 240 Groupe Santiane Operator of a price comparison site 60 Platform for booking doctors 223 for healthcare insurance PaaS that manage health data 222 Online and mobile medical booking 54 * Application for healthcare costs 181 platform * Telehealth platform 173 Online healthcare platform to find 46 local physicians Social solutions for the health plan 164 Patient Relationship management On-demand health care concierge 163 platform 32 Electronic Health Record system 155 Blood glucose meter and web 29 Health management services 141 software to manage diabetes Platform to connects with doctors 141 Online platform providing 22 SaaS to manage health business 138 information on and access to drugs Online pharmacy 118 Provider of a digital platform for 16 Health IT software and services 103 private health insurance App providing chat with a physician 87 Medical Travel Platform 12 Professional network for physicians 82 Clinical communication solutions 81 Bright light headphones that fights 10 Digital health program 77 seasonal affective disorder Medical booking platform for visits 59 Developer of a film sensor that 9 Health engagement company 57 tracks sleeping conditions Patient-controlled medical records Health monitoring device via App 56 system 7 Platform for respiratory health 48 Online platform where patients and Datascience platform for scientists 32 doctors can connect 6 Healthcare software company 32 Fitness, Wearables & Sports Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size: Fitness & Wearables ($1bn) USA –Market Size: Fitness & Wearables ($1.2bn) Provider of real-time sports data 98 and content Wearables to interact with digital devices 1,900 Smartphone app that allows users 89 Social & live streaming cycling 445 to monitor their training sessions * Sport media company 59 HD wearable and personal cameras 288 Global football community 20 Gym membership platform 154 Smartphone app that focuses on 17 Platform for sports video analysis 105 what users eat Wearable visual system for blind 15 Developer for 3D motion control devices and visually impaired persons 94 Sport wearable camera 12 Digital health services 75 Medical-grade wearable physiology 10 Augmented reality platform & wearables 73 monitoring device Wearable technology for women 8 Wearable tech focusing on healthcare 66 Mobile marketplace for gym- 6 Software developer for smart glasses 63 services Wearable solutions for interaction Sports tracking app 41 with multiple screens 4 Health and sports performance Wearable technology producer 29 optimizer 4 Wearable fitness device for water Blood pressure management system 22 sports 1 Sports wearable devices producer 20 Source: Crunchbase, Statista. 42 * The company went public after July 2014
NOAH Disruptor List (Cont'd) Education Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size: eLearning ($8.1bn) USA –Market Size: eLearning ($27.1bn) Cloud-based educational software Web-based Git repository hosting 350 for the pre-university market 68 service Online learning and teaching 173 Online learning platform for foreign marketplace languages 33 E-learning solutions company 175 Social network that enables its 39 Education technology company 165 users to form study groups providing lecture capture service Online training platform for 163 Online mathematics platform 23 developers and IT professionals Online courses for professionals 160 e-learning tool for academic and 20 Adaptive learning technology 157 career development courses provider Free game-based platform for online curriculum for kindergarten 150 learning 17 and elementary school Online university courses platform 146 Online language learning platform 15 Online computer programming 120 courses Online community for crafters 106 Online language learning platform 12 featuring online classes Provider of liberal arts and sciences 95 education Brain training app 10 Social learning network enabling 88 teachers and students to connect Interactive sheet music app 10 Online language learning platform 83 Platform that enables educators 59 Online university courses 7 and employers to share credentials Allows schools to manage all their 43 apps through its platform Online programs for developing 6 Platform that teaches employable 43 vocational tech skills digital skills Assessment and learning analytics 40 Online learning platform 6 company Personalized and adaptive language 31 learning platform Online tools for teaching science 4 Online technology school for tech 12 job Home Automation & IoT Company Country Description Funding ($m) Company Description Funding ($m) Europe - Market Size: Home Automation ($1.1bn) USA –MarketSize: Home Automation ($3.8bn) Network for communication of 277 Home remodeling, architecture and 614 connected objects interior design platform Provider of M2M (Machine to 100 Wireless multiroom music player 455 Machine) network software Location-aware smart thermostat 56 Home monitoring via mobile app 209 WiFi and cloud-based internet 44 connectivity services to devices Platform for housing IoT 124 Personal weather station with air 39 Wireless systems that facilitate quality sensors communication between devices 119 Provider of cloud-based M2M 37 connectivity platform Smart Wi-Fi system for use in 90 POS systems for the hospitality households industry 37 Free app that allows users to control TVs and DVRs as well as 87 Provider of tech-enable heating 37 discover content system Smart energy efficiency solutions Smart solutions for home for buildings 80 surveillance 26 Cloud management system for 75 Energy marketplace and 25 interoperability and IoT networks management of energy assets Smart controls for all house 16 Home security solutions 57 appliances and heating Smart home appliances and access 48 Smart lock systems 9 systems Voice recognition for automobile, 25 Intelligent heat controller 6 home and mobile Enables the connection of non- 3 Open source platform for managing 25 smart appliances to the network IoT "time-series" data Home automation via smartphone 3 Remote heat controller 10 Source: Crunchbase, Statista, Docebo. 43 * The company went public after July 2014
NOAH Disruptor List (Cont'd) Travel & Tourism Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size: eTravel ($193bn) USA –Market Size:eTravel ($192bn) Booking platform for tours and 181 Marketplace for people to list and activities book accommodation 4,400 GetYourGuides Booking platform for tours and 170 activities Cloud-based platform for the Europe-focused travel search 146 business travel industry 539 website Globally expanding startup 73 Mobile hotel booking application 118 specialized in selling cruises Ticketing platform for rail travel 69 Mobile App to predict and analyze airfare 84 * Online hotel search platform 54 One Two Trip Travel booking website 48 Vacation property management 40 and marketing services Price comparison and online 39 booking portal for hotel Personalized travel 39 Online travel platform 39 recommendations Online hotel booking service 33 Online travel expense management 27 service Hotel data and analytics company 30 Travel website and browser add-on Meta-search engine for vacation for tracking and booking flight 25 rentals 30 tickets Web platform helping travelers Travel community for free housing 24 design, estimate the cost, and book 28 lodging Online travel booking platform 23 A one-stop shop to find and book 17 Mobile ticketing technology for the activities transport sector 21 Community that invites people to Flights booking engine 1 dine in homes and connect with 8 hosts Members only luxury travel club N/A Marketplace for hotel reservations 7 European bus operator N/A obilet.com Online platform for bus tickets N/A Booking of airport lounges 4 Mobility – Market Size: Ride-hailing ($40bn) Company Country Description Funding ($m) Company Description Funding ($m) Europe USA Mobile app for booking taxis and 613 limos Mobile app connecting passengers 11,600 Car-sharing website that connects with drivers for hire drivers with empty seats and 335 paying passengers Transportation network company 4,110 Online cab service that enables users to book vehicles and 247 chauffeurs Mobile app that enables users to Urban logistics and delivery 278 track information on public 82 platform transport Urban transport app 50 Real-time traffic data and traffic 143 speed Peer-to-Peer car rental platform in 43 Peer-to-peer car sharing France marketplace that enables car 103 On-demand taxi hailing services for 43 owners to rent out their cars licensed professional drivers Peer-to-peer car renting platform Peer-to-Peer car sharing 172 for travelers at airports and train 22 marketplace stations Online rental platform for 19 Service that sends valets to park 76 motorhomes and campervans the car wherever it is the position Peer-to-peer car rental 18 Car rental platform that tackles queues and paperwork 60 Smartphone app enabling users to arrange carpools with the 14 community Solution to manage vehicle parking 54 App connecting users to taxi drivers 13 through new sensing technologies Cab services with flexible booking Mobile app that allows users to hail options via a mobile app and the 11 a cab, track a ride, and make 39 web payments Source: Crunchbase, Statista, Pwc (2016), Reuters. 44 * The company went public after July 2014
NOAH Disruptor List (Cont'd) Advertising, Marketing & Sales Company Country Description Funding ($m) Company Description Funding ($m) Europe – M0arketSize: Digital Advertising ($42bn) USA –MarketSize: Digital Advertising ($80bn) * Online fashion retailer platform for 233 Trading solutions for advertising 346 luxury brands Customer life-cycle marketing 310 Content discovery platform 194 operating on top publisher sites SaaS quote-to-cash software 274 Cloud-based client engagement 110 Digital advertising technology 262 solutions for businesses Mobile advertising platform for 108 Customer experience management 255 telecom carriers SaaS sales lead management 251 Software discovery, distribution, 105 Email marketing 250 delivery and monetization Image-recognition that helps 99 Platform for managing social media 247 brands interact with customers Platform to connect with customers 229 Quote-to-Cash software to help 96 businesses with their sales life cycle Business intelligence solutions 157 Big data analytics for marketing 75 Ecommerce platform for brand 155 and advertising Offers web personalization, digital 75 Social media experience platform 138 segmentation tools to marketers Connects brands with audiences 121 Online restaurant booking 63 infrastructure and marketing Offers location-based ad solutions 117 Managing andsharing marketing 61 Customer communication platform 116 contact to sales representatives * Distributed advertising and Platform for advertising tools 105 ecommerce platform 60 * Inbound marketing software 101 Provider of cloud marketing 55 Digital media trading and services 100 software for B2C companies Digital customer experience & 55 Cloud marketing platform 97 website analytics Digital experience management 91 Mobile marketing company 53 Platform to create ad campaigns 90 Publisher of global enterprise 35 Customer communication platform 80 reputation management (ERM) Provides marketing & analytics Programmatic ad technology company 71 solutions 34 Mobile marketing solutions 68 Specialist in real-time personalized 34 search engine for display ads 68 advertising on the web Web-based sales CRM & pipeline 32 Programmatic media activation 66 management Ad-tech focused on audience measurement 65 Enterprise SEO and content 32 marketing platform Marketing software for advertising strategy 63 Provider of mobile analytics 29 Platform to manage social media 61 software for marketers SaaS -based digital partner 29 Mobile marketing automation platform 61 marketing solution Analytics and marketing platform 60 Media platform to support multi- 28 Ad analytics and targeting company 53 screen brand advertising Location-based mobile AdTech 27 eCommerce acceleration platform 52 platform Big data platform for advertisers 50 SaaS that allows advertisers to 25 manage social media campaigns mobile marketing platform 46 Provider of enterprise customer 24 Development platform for apps 46 data analytics software Provider of an AI media analytics 24 Marketing and website optimization 46 platform Mobile Marketing Automation platform 45 PoSmarketing platform delivering 23 Clients data collecting and analysis 45 targeted offers at checkout Marketing tool for publishers 23 Scalable virtual reality (VR) shopping 43 Cloud-based branding automation Mobile customer service platform 39 and digital asset management 22 Web-based CRM for SMEs 38 Mobile advertising platform for 18 Customer service via social channels 38 offline retailers Online marketplace connecting 17 PR analytics for enterprises 37 brands to salespeople Enterprise Platform for Mobile Marketing 36 Ad platform that helps brands 17 Advertising automation software 33 reach their multi-screen consumers Cloud platform offering unified 15 Social media monitoring analysis services 31 solution for SMEs Monitoring and analytics for social media 31 Ad-tech company developing a 6 performance-based ad exchange Cloud based product intelligence platform 29 Online video advertising and 5 Checkouttechnology for e-commerce 29 content syndication E-commerce optimization and Sales analytics and forecasting platform 26 customer intelligence Platform offering mobile analytics 23 Ad platform focusing on publishers E-commerce platform for businesses 17 Source: Crunchbase. 45 * The company went public after July 2014
NOAH Disruptor List (Cont'd) Consumer, Retail & Marketplace Company Country Description Funding ($m) Company Description Funding ($m) Europe – Market Size: eCommerce ($281bn) & eService¹ ($28bn) USA –Market Size: eCommerce ($322bn) & eService¹ ($28bn) Online food ordering network 1,800 Mobile commerce platform 1,080 * Online fashion retailer 615 Cloud-based online survey tool 694 Online fashion retailer 565 Same-day grocery delivery company 675 Online marketplace for used cars 522 * Retailer of home products and furniture 351 Online food ordering network 475 * Online marketplace for used cars 332 Hello Fresh Meal planning and groceries shopping 364 Online home-selling service 320 Fashion from independent boutiques 305 * E-commerce of automobiles 300 Online Russian shopping website 271 E-commerce of beauty products 287 Retailer of furniture and homewares 237 Online marketplace for professional services 273 Online fashion retailer 212 Online subscription fashion retailer 249 Domestic cleaning booking platform 173 The Honest Company E-commerce of non-toxic household products 228 Marketplace for second hand fashion 131 Online marketplace for second-hand goods 222 Online retailer of lighting products 130 Members only online fashion club 120 Designer and seller of eyeglasses 215 Online food ordering network 118 Real estate platform 208 Fiverr.com * Marketplace for professional services 111 Online and offline post-it note 205 Picnic Online discount supermarket 109 Jobs and recruiting marketplace 205 Operator of an online real estate agency 101 Self-service ticketing platform 197 * Online retailer of shoes and accessories 101 Grocery delivery service company 194 Catalogue and auction house 95 Food delivery service 187 Online retail and flash sales platform 92 Rent TheRunway Online rental of designer apparel 174 * Online food delivery portal 89 Real estate search and brokerage services 168 * Online job marketplace for SMEs 86 Foursquare Local search-and-discovery service mobile app 166 Website for house furnishings 73 Ticket search engine 160 Online household services 73 Search engine for GIFs 151 Online retailer for shoes 72 Online real estate marketplace 142 Online eyewear retailer 70 Search engine for Apps 134 Not On The High Street Curated fashion for small businesses 69 * Online shop of men's clothing and accessories 128 Platform for online classified sites 65 Cloud-based commerce platform for SMEs 122 Job Today Hiring app 65 Online food deliver service 120 Marketplace for crafting communities 61 Career marketplace 114 Fashion e-Commerce aggregator 61 Platform for professional legal advice 111 Booking of student accommodation 60 Booking platform of household services 111 P2P marketplace for second-hand fashion 60 Online curated shopping service 59 Subscription delivery of beauty products 103 Online real estate portal 56 Home improvement services platform 99 Mobile app based job marketplace 54 Online booking of pet sitters and dog walkers 91 Groupalia E-commerce platform 51 Peer-to-Peer gift card marketplace 87 Online platform for moving and logistic 50 Subscription delivery of beauty products 87 Online seller of prescription eyewear 50 Online marketplace for estate sale 85 Online used car broker and auctioneer 48 E-commerce of sleeping products 70 Provider of an online real estate platform 48 Online employment marketplace 63 Food delivery services 48 Offers delivery of boxes of all-natural foods 59 Operator of a private sales website 47 Apartment rental marketplace 59 Retailer of apparel for plus size women 45 Online app provides healthy organic meals 57 Meal kit delivery service 37 Provider of food recipes and ingredients 56 Leading home exchange website 37 Recruiting platform 55 Online portal for selling vehicles 35 Recruiting platform 55 Social gifting service 33 Artsy Online platform for art collections 51 Fashion e-commerce platform 33 Dollar store for a wide range of products 48 Retailer of glasses and contact lenses 33 Online retailer of custom made men's suits 47 Fashion e-commerce platfrm 30 Pet boarding marketplace 47 Retailer of sports merchandise 29 Booking of student accommodation 29 Online curated shopping service 47 Retailer of food recipes and groceries 28 Booking app for premium dining experiences 40 Online flower marketplace 27 Automation to connect Apps and product 39 Online cleaning service booking platform 27 Online marketplace of local freelance labor 38 Hire wear e-commerce website 26 Wine community and label recognition app 36 Online marketplace for artworks 24 Online fashion jewelry shop 36 Online fashion and lifestyle retail store 24 E-commerce software company 35 Online marketplace of luxury watches 23 Drizly Online marketplace for alcoholic beverages 35 Online personnel placement platform 22 E-commerce website 33 Online fashion retailer 21 Recruiting platform 33 Online luxury watch retailer 18 Mobile shopping platform 32 Food-delivery app 16 Real time apartment rental platform 31 Market of DIY and gardening products 15 Mobile marketplace for auto reparations 31 E-commerce of customized apparel 13 Career website for college students 24 Online retailer of cooking equipment 12 Online shop of lingerie and female appeal 12 Home & furniture ecommerce platform 6 E-commerce for health and wellness food 5 Online classifieds and shopping platform N/A Source: Crunchbase, Statista. * The company went public after July 2014 46 Note: 1. eService does not include fitness
NOAH Disruptor List (Cont'd) Insurance & Finance Company Country Description Funding ($m) Company Description Funding ($m) Europe – Transaction Value: Fintech ($640bn) USA –Transaction Value: Fintech ($769bn) Lending marketplace to SMB 373 Lending and wealth management services 1,880 E-commerce payment solutions 296 Lending using online data 282 Online credit platform 654 Online banking services 268 * Credit card processing platform 591 Online, mobile and PoS payment 266 Online peer-to-peer loan marketplace 198 Web and mobile payment services 440 Mobile payments company 188 Online loans secured with luxury assets 184 Installment loans at the point of sale 420 Online international money transfer 148 * Peer-to-peer lending company 392 Online payday lender 145 Blockchain-based social payment app 136 Online credit and financial management 368 Financial solution to SMB 119 Marketplace for lending 355 Peer-to-Peer money transfer service 116 Online investment management firm 90 Cloud-based mobile payment and marketing 307 Mobile-delivered health insurance 82 Regulatory financial software 80 Cross-border payment platform 270 App-based mobile digital banking services 78 Financial lending and data company 239 Peer-to-peer invoice finance platform 74 Peer-to-Peer lending platform 74 Online car insurance provider 206 Social trading and investment marketplace 73 Smart automated investing service 205 Digital bank 70 Zopa Peer-to-Peer money lending service 69 * Platform for business lenders and borrowers 190 Peer-to-Peer lending platform 67 Online business loans to companies 66 Financial lending platform to SMEs 182 Interest rate comparison site 64 Low-cost stock brokerage 176 Cloud-based platform for payments 59 Online Peer-to-Peer lending platform 59 Online investment advisory platform 175 Short-term finance to SMEs 59 Personal finance and payment automation 159 Home banking on mobile 58 Loan facilities for students 54 Financial management and accounting 131 Consumer loans comparison platform 53 Fintech company offering online banking 53 Automated investment service firm 130 Provider of consumer fintech solutions 48 Bitcoin wallet and exchange service company 117 Worldwide money transfer 47 Mobile point-of-sales company (mPOS) 44 Online-only direct lender of loans 112 International student payment solution 43 Online marketplace for real estate lending 109 Platform for digital subscription payments 42 Banking-as-a-Platform service 42 SaaS treasury and payment solutions 108 SaaS for managing contractors' payments 40 Payment platform 40 Short term invoice financing to SME 108 Operator of an online lending platform 38 Mobile payment platform 100 Risk management for financial institutions 37 Platform for algorithmic trading strategy 34 International payments 94 Online insurance brokerage 34 Global mobile payments network 87 Product insurance for e-commerce 33 Property crowd funding platform 32 Online payment service provider 74 Bitcoin mining equipment 32 Quick-to-access personal finance 30 Personal finance website 69 Web-based bitcoin platform 30 Marketplace for alternative investments 68 Independent investment advisory services 30 Marketplace for business loans in SME 27 Distributed ledger technology solutions 67 Platform for bank-to-bank payments 25 Investment management platform 66 Offers products around fixed deposits 24 Global mobile foreign money transfer app 23 Credit scoring and credit risk 62 International payment 21 Peer-to-peer foreign currency swap 20 Online investment platform 62 Online alternative investment platform 20 Online Peer-to-Peer insurance 60 Automation for financial agreement process 18 Mobile insurance broker 18 Online and mobile payment solutions 55 Mobile personal finance app for savings 17 Online loans backed by car ownership 53 Android NFC reader for cashless payments 17 Mobile payments with loyalty and rewards 15 Online lending marketplace 51 Insurance robo-advisor 15 E-trading financial technology 15 SaaS suite of enterprise software for SMEs 50 Secure in-app payments 14 Online asset management fund 49 Mobile app for personal finance 14 Lending platform for postgraduates 13 Fundraising platform 48 Digital investment management service 12 Bitcoin wallet 40 Machine learning for insurance fraud 12 Prepaid debit card and mobile banking 11 Online marketplace for real estate investing 36 Low-cost stock trading platform 11 App and card reader to create PoS 8 Financial search engine for equity investors 35 Cybersecurity for credit card fraud 8 Online marketplace investing in rental homes 33 Fraud prevention platform 6 Platform for retail investors 5 Peer-to-peer digital currency 32 Anti-fraud company for payment 5 Online investing platform 20 Provider of eWallet solution 3 Source: Crunchbase. 47 * The company went public after July 2014
NOAH Disruptor List (Cont'd) Cloud, SaaS, & Enterprise Software – Market Size: Cloud Services ($204bn) Company Country Description Funding ($m) Company Description Funding ($m) Europe USA (Cont.) Web hosting, cloud computing, and servers 279 SaaS for subscription billing and payments 243 Developer of cloud-based contract center 141 Planning and performance management 240 Electronic voting and electoral modernization 126 * Provider of identity protection for enterprises 229 Software asset management and cloud spend 120 B2B cloud computing services company 220 Security and digital identification technologies 110 * Financial and accounting management 220 Six Degree Group Provider of managed data services 106 SaaS-based software analytics platform 215 Enterprise cyber threat defense software 105 Provider of analytics and decision science 211 Online procurement marketplace 101 Copy datavisualization 208 Security software development company 100 Cloud-based enterprise resource planning 194 Software-driven storage for unstructured data 92 Developer of distributed database technology 190 * Cloud-based email management software 90 Analysis using data from social media 183 SaaS solution for sensitive-data management 81 Web performance and security company 182 User experience management tools 75 Cloud-based open platform for applications 181 Data analytics for security and optimization 74 Cybersecurity products and services 177 Provider of database software 72 HR, payroll and benefits management 176 Enterprise Content Management (ECM) 69 Database platform for business 173 Provider of website usage and traffic analysis 65 * Platform for business spend management 169 Provider of SaaS-based social media tools 65 Mobile Device Management solutions (MDM) 164 Provider of web governance software 55 Domain name registration service 155 Provider of cloud-based HR software 53 SaaS log management and analytics service 155 Java development platform on a PaaS 51 Cloud-based customer support software 149 Cloud-based document management software 45 Cyber security for business 148 Provider of music hardware and software 44 Monitoring for dynamic cloud infrastructures 148 Provider of SaaS-based office application suite 43 Cloud-based waste and recycling solutions 145 Online B2B intelligence tools through platform 42 Data center and cloud security company 143 SaaS for retailers to replace the PoS 42 SaaS-based Technology Business 136 Software licensor and IT service provider 40 Object storage platform to build cloud storage 134 Cloud-based applications for small business 38 SaaS product design platform 134 Cloud platform for application developers 37 IaaS company for software developers 123 Online business management platform 36 Operating system for datacenters 122 Web analytics and data intelligence platform 35 Data virtualization software 120 Web-based business process management 34 Security and information platform 118 Developer of big data software for telecom 34 * Provider of location-related information 116 Delivery and logistic management software 31 Software and hosted service for big data 107 Workplace and office management 30 Cloud access security broker 107 Robotic process automation software 30 Cloud-based automation platform 105 Provider of mobile analytics software 29 Big data search and analytics software 104 * Data integration, quality and management 102 Audio technology for entertainment industry 28 Business intelligence for monetarization 101 Process mining and big data analysis SaaS 28 Backup, recovery and business continuity 100 Online HR management 25 Business analytics software 94 Solution for global supply chain risks 24 Customs brokerage and freight forwarder 94 Open source data analytics software 21 Search engine for big data apps 91 Ocean freight price comparison platform 21 Content management and collaboration 89 Client feedback platform via PoS terminal 19 * Online customer support service company 86 SaaS HR and project analytics 19 Provider of an open source graph database 80 Platform for connecting different cloud apps 16 Mobile App development platform 80 Anti-malware software products 15 Cloud-based integrated suite of small business 80 Online job matching platform 14 SaaS-based solutions for creating websites 79 IP phone systems and communication solutions 11 Database platform for real-time analytics 78 Analytics platform for the mobile and web 77 Provider of SaaS presentation software 73 USA Cloud monitoring with real-time analytics 66 Developer of enterprise business software 2,500 Security for digital personas and transactions 62 Software for visualizing and analyzing data 2,030 PaaS for enterprise application development 62 Cloud platform to drive software innovation 1,700 Music artist-ticketing and content discovery 61 Security and systems management solution 1,202 Cloud-based recruiting optimization platform 60 Cloud-based data analytics and integration 60 * Platform for data management and analytics 1,040 Real-time employee engagement platform 60 Cloud file storage 690 Payroll, benefits and compliance software 53 SaaS-based business intelligence platform 672 Password and digital wallet management app 53 SaaS for HR management and automation 584 Provider of payroll software and services 52 * Online file sharing and content management 559 Cloud-based security company 49 Cloud-based electronic signature platform 512 Cloud-based HR management software 47 Online research and insights platform 400 Cloud identity and access management 43 Cloud-based software provider for sales taxes 320 Managed hosting platform for WordPress 41 * Cloud-based database solutions 311 Monitoring and analyzing cloud expenses 40 Data access for recovery and development 292 Development of enterprise software 38 Cyber security provider 282 Research to test usability and user experience 36 * B2B application delivery network 259 SaaS-based solutions for creating websites 36 Cybersecurity technology firm 256 Cloud-based multi-channel retail management 36 SaaS for property management 255 Cloud-based recruitment software for SMEs 34 Storing, managing and analyzing data 248 Anti fraud technology for e-commerce 31 Commerce platform for selling cloud services 246 Provider of DIY website building software 28 Source: Crunchbase, Gartner. 48 * The company went public after July 2014
NOAH Partners
NOAH Top List: Europe SaaS Players Company Location Business Overview Founded KeyInvestors Funding Develops and delivers cloud 2000 contact center solutions €130.8m SaaS solution for sensitive- 2000 data management €73.7m Social media monitoring system summarizing content 2007 €60.2m on the web Online restaurant booking infrastructure and marketing 2005 €58.3m service Increases the productivity of sales while providing 2011 €58.2m marketing with relevant data on sales interactions Provider of cloud marketing 2000 software for B2C companies €51.2m Provider of web governance 2003 €51.0m software Platform and management software provider for doctors 2013 €50.0m in Europe Online healthcare platform enabling patients to find local 2011 €45.9m physicians online Provider of cloud-based HR 2007 €44.0m software Provider of SaaS-based office 2005 €39.8m application suite SaaS enabling retailers to 2013 digitize their point of sale €38.4m Developer of cloud-based applications for small 2009 €35.2m business Web-based sales CRM & 2010 pipeline management €32.0m Web-based business process 2009 management €31.0m Source: Company websites, CrunchBase, NOAH Advisors. 50
NOAH Top List: Europe SaaS Players (Cont’d) Company Location Business Overview Founded KeyInvestors Funding Provider of SaaS solutions for 2010 digital partner marketing €25.3m Process mining and big data 2011 analysis SaaS €24.4m Process mining and big data 2011 analysis SaaS €24.4m SaaS platform that allows advertisers to launch and 2010 measure social media €21.8m campaigns Online platform that offers cost-effective package 2011 €21.7m delivery services SaaS and cloud-based supply chain risk management 2013 €21.7m solution Seamless integration of a Marketplace with an existing 2011 €20.9m or embryonic website Largest source of free private company information in the 2011 €20.4m UK and Ireland Cloud-based branding automation and digital asset 2013 €19.8m management Enables airlines to leverage their online, offline and 2011 €17.6m offsite customer data Online service to drive direct hotel bookings for the hotel 2013 €17.1m industry SaaS platform for HR and 2011 project analytics €17.0m Emailing platform that improves the deliverability of 2010 €16.2m emails Content management system that enables cross-platform, 2011 €15.6m multi-device publishing Powers marketers to understand and engage with 2012 €15.3m their customers Source: Company websites, CrunchBase, NOAH Advisors. 51
The NOAH Conferences
The NOAH Ecosystem Three Conferences, One Mission: Empower the European Digital Ecosystem The NOAH Ecosystem * c * Includes only a small sample of companies regularly 53 attending NOAH Conferences.
Real Winners on Stage $50bn+ Exits have Presented on the NOAH Stage M&A Jun-16 (2016) US Mega Fund Raise 62,500 Jun-16 (2009) US 26,200 Nov-13 (2009) Sweden Multiple Mega Fund Raises 13,000 Sep-15 (2009) UK 8,931 May-11 (2009) Luxembourg 8,000 Nov-15 (2011) Ireland 5,900 May-17 (2016) The Netherlands 3,270 May-17 (2017) Germany Mega Fund Raise 2,800 Jan-14 (2011) UK 2,800 Oct-15 (2013) Russia 2,729 Nov-13 (2013) Germany 2,500 Aug-15 (2013) Sweden Multiple Mega Fund Raises 2,250 Sep-17 (2016) UK Mega Fund Raise 2,000 Sep-15 (2011) The Netherlands Mega Multiple Fund Raises 2,000+ Nov-12 (2010) USA 1,800 Mar-15 (2009) UK 1,550 Jan-14 (2010) France (minority) 1,500 Jul-16 (2009) The Netherlands 1,300 Sept-14 (2009) UK 1,200 Jun-13 (2011) USA 1,100 Feb-14 (2012) Czech Republic 1,000 May-14 (2016) Czech Republic 870 Jan-11 (2011) France 846 Dec-14 (2009) France 800 Feb-14 (2009) UK (controlling) 800 Mar-17 (2005) UAE 650 Feb-15 (2015) Germany (52%) 706 Jan-15 (2011) UK 680 May-08 (2016) Germany 644 Mar-14 (2016) Ireland 620 Oct-15 (2017) UK Exponent. Electra 617 Apr-11 (2011) Germany (60%) 600 May-15 (2013) Turkey 589 54
Real Winners on Stage (Cont’d) $50bn+ Exits have Presented on the NOAH Stage M&A (Cont’d) May-16 (2014) Israel (undisclosed %) 575 Apr-16 (2013) Spain 570 Feb-17 (2012) UK 550 Sep-15 (2015) USA 440 Jul-14 (2013) Switzerland Multiple Mega Fund Raises 400+ Feb-13 (2009) Spain 345 Jan-11 (2010) UK 312 Sep-16 (2016) Germany (51%) 300 Jul-12 (2012) CzechRepublic 250 Apr-16 (2014) UK 241 Aug-15 (2014) Austria 240 May-14 (2012) Israel 228 Mar-15 (2013) Germany 219 May-14 (2010) Turkey 200 Apr-17 (2017) US 200 Aug-17 (2017) Israel 200 Oct-14 (2012) Germany 190 Sep-15 (2012) UK 176 Nov-17 Cards Games Studio (2013) Turkey Zynga 100 IPO Current Market Cap ($m) Jul-15 (2017) US IPO 75,679 Sep-14 (2013) Germany IPO 11,956 Oct-10 (2009) UK IPO 8,276 Jun-17 (2016) Germany IPO 6,813 Apr-14 (2017) UK IPO 6,072 Oct-15 (2015) UK IPO 4,367 Oct-14 (2013) Germany IPO 3,974 Nov-13 (2012) Israel IPO 3,020 May-14 (2017) US IPO 2,743 Oct-13 (2011) France IPO 2,741 Dec-16 (2012) Germany IPO 2,681 Sept-16 (2017) The Netherlands IPO 1,902 Apr-14 (2013) Spain IPO 324 Aug-16 (2016) UK IPO 171 55
NOAH London 2017 Review Key Facts Old Billingsgate Dates: 2-3 November 2017 Location: Old Billingsgate, 16 Lower Thames Street London EC3R 6DX # of Speakers: 100+ # of Stages: 3 # of Exhibitors: 16 Caterer: Noura Key Links Program >> Videos >> Photos >> Infographic >> Speaker Book >> Investor Book >> Partner Book >> Request Invite >> References 57
NOAH London 2017 Highlights 660+ CEOs 100+ Speakers Attendees by Country Attendees by Type UK Internet Entrepreneurs and 18% 33% 3% 2% Executives Germany 9% 47% Investors 4% Switzerland Corporate Executives 4% Spain 14% 4% Poland Service Providers 5% USA Press 32% Other 25% Other Speaker Highlights 58
Venue & Networking Impressions See more pictures 59
Main Stage Impressions See more pictures 60
NOAH Partners - London 2017 Strategic Partners Premium Partners Event Partners Media Partners 61
Target Global Portfolio
NOAH Berlin 2017 Review Key Facts The Tempodrom Dates: 22-23 June 2017 Location: Tempodrom, Möckernstraße 10, 10963 Berlin Audience: 3,296 # of Speakers: 110+ # of Stages: 3 # of Exhibitors: 38 Caterer: Käfer Service The Tempodrom is one of Berlin’s premier and most historic event venues, located between Mitte and Kreuzberg Key Links Video Library >> NOAH17 Berlin Impressions >> Full Program >> Request Invite >> Ground Floor The Terrace Seating for up to 3,000 guests in the main and 5,500 sqm outdoor space will be covered in lounge 1,000 sqm indoor space areas, exhibition stands and catering booths. 63
NOAH Berlin 2017 Highlights 3,296 Attendees 110+ Speakers 76 Partners 18 Workshops Attendees by Country Attendees by Type Corporate Executives 5% 1% Germany 18% 15% 21% Internet Entrepreneurs Great Britain 3% and Executives Switzerland 5% Investors US 8% Service Providers 18% 66% Press Other 41% Other Speaker Highlights 64
Venue & Networking Impressions See more pictures 65
Colosseum Impressions See more pictures 66
NOAH Partners - Berlin 2017 Strategic Partners Premium Partners Event Partners Media Partners 67
NOAH Advisors Overview
NOAH Advisors Overview Unique Industry Know-How Strong Investment Banking Competence ▪ 100% focused on Internet companies in 25 verticals ▪ The NOAH team has 20+ years of media investment - Covering 250 leading European Internet companies, banking experience 200 Investors and 50 Corporates - Routine execution of M&A and financing ▪ Deep understanding of industry dynamics transactions with sizes of several billion euros ▪ Ability to add value beyond banking advice ▪ 25 successfully completed NOAH Advisors transactions - Facilitates overall process and minimizes underline successful transfer of M&A competencies to management distraction the Internet sector Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs! ▪ NOAH Advisors is globally well connected and has ▪ The NOAH team are entrepreneurs and focused on direct access to virtually all key players in the industry growing the business and establishing a reputation for - Knowledge of and strong relationships with potential excellence ▪ Ability to deliver top results in short time frames buyers’ key decision makers - Database of over 2k companies and 30k individuals ▪ Highly success-based compensation structures align - Proactively finds and unlocks attractive investment interests of clients and NOAH Advisors, and opportunities for leading investors demonstrate conviction to deliver top results ▪ Annual NOAH Conference in its 7th year ▪ Creative deal solutions The NOAH Advisors Core Banking Team Marco Rodzynek Jan Brandes Founding Managing Director Managing Director [email protected] [email protected] +41 799 581 512 +49 174 2010 984 Justus Lumpe Nikhil Parmar Managing Director Director [email protected] [email protected] +44 77 0811 6401 +44 7521 835 241 Selected Completed NOAH Transactions August 2017 December 2016 October 2016 September 2016 Acquisition of a Majority Stake in Investmentin Investmentin Acquisition of a Majority Stake in by by by by from 84% Ownership at a valuation of $200m Exclusive Financial Advisor to at a valuation of €300m Financial Advisor to EMK Capital Financial Advisor to Silver Lake KäuferPortal and its Shareholders Financial Advisor to Oakley Capital December 2014 October 2014 September 2014 May 2014 Sale of 100% of Sale of 100% of Sale of controlling stake in sold 100% of for €800m to to for €80m to for $228m to a joint venture between Exclusive Financial Advisor to Fotolia and Exclusive Financial Advisor to Trovit Exclusive Financial Advisor to Facile.it Exclusive Financial Advisor to the Selling Shareholders and its Shareholders and its Shareholders Yad2 and its Shareholders 69
NOAH Advisors Overview (Cont’d) The NOAH Advisors Team Marco Rodzynek Jan Brandes Founding Managing Director Managing Director Apr-09 With NOAH Advisors since Aug-10 [email protected] [email protected] Mobile: +41 799 58 1512 Mobile: +49 174 2010 984 • Lehman Brothers, 1998 - April 2009 • Lehman Brothers, 2005 – May 2010 (acquired by Nomura end 2008) (Nomura from end 2008) - Head of Internet, Media Investment Banking - Media/TMT Investment Banking • 40+ completed M&A deals ($95bn+), including: • 20+ completed M&A deals, including: Justus Lumpe Dr. Gerhard Cromme Managing Director Chairman With NOAH Advisors With NOAH Advisors since Dec-15 since Jun-17 • Lehman Brothers / Nomura, Industrials, 2005-2012 • Chairman of the Supervisory Board of Siemens AG • Selected transactions include: • Former Chairman of the Executive Board and later Chairman of the Supervisory board of ThyssenKrupp AG • Board memberships include: Compagnie de Saint-Gobain, Allianz SE, Deutsche Lufthansa AG, E.ON AG, BNP Paribas S.A., Suez S.A., Volkswagen AG, ABB Ltd., Thales S.A. and Axel Springer AG Nikhil Parmar Aleksander Skwarczek Director Analyst With NOAH Advisors With NOAH Advisors since since Jul-12 Sep-15 • BSc in Economics and MSc in Economics • M&A / corporate finance at IPOPEMA (with specialisation in Finance) from the Securities, EY and KPMG London School of Economics • Completed M&A deals include: • Completed M&A deals include: Marco Bombach Maria del Mar Pérez Creative Director CTO With NOAH Advisors since With NOAH Advisors Jun-10 since Feb-17 • Digital content creation, creative concept development, covering • 9+ years experience in software development the full audio-visual production chain, content distribution and • BSc in Computer Engineering optimization Gema Alba Paula García Martina Grivnova New Media Designer VP NOAH Partnerships VP Conference Management With NOAH Advisors With NOAH Advisors With NOAH Advisors since Jun-15 since Jan-16 since May-17 • 12+ years experience in visual and user • Sales & Marketing, QP Magazine @ • Ba in International Business and interface design, and UI development The Telegraph, London Management from European Business • Client Service, Global Forest Partners, School London NH, USA Marina Khrolovich Daniel Wasowicz Assistant Head of Data Team With NOAH Advisors since With NOAH Advisors Jan-12 since Feb-16 • Manager in International Business • Assistant Director of Sales in HERMES Department of SOE "Belaeronavigation“ POLAND • Economics and Industrial Management, • Business Owner’s assistant in Ledkos Belarusian State University of Informatics and Radioelectronics 70
Selected NOAH Advisors Deals August 2017 December 2016 October 2016 September 2016 Acquisition of a Majority Stake in Investment in Investment in Acquisition of a Majority Stake in by by by by from 84% Ownership at a valuation of $200m Exclusive Financial Advisor to at a valuation of €300m Financial Advisor to EMK Capital Financial Advisor to Silver Lake KäuferPortal and its Financial Advisor to Oakley Shareholders Capital May 2016 November 2015 August 2015 September 2015 Investment in $5m fundraising and NOAH as $14m fundraising and NOAH as Sale of 70% stake in 10Bis the Lead Investor the Lead Investor by to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to 10Bis and its Shareholders Pipedrive Aloha Drushim and its Shareholders July 2015 December 2014 October 2014 September 2014 Primary funding for Sale of 100% of Sale of 100% of Sale of controlling stake in from for $800m to for €80m to to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Advisor to BIScience Fotolia and the Selling Trovit and its Shareholders Facile.it and its Shareholders Shareholders August 2014 May 2014 February 2013 May 2012 sold 100% of Growth equity investment from $150 million growth equity investment from sale to for $228m to JV between for a 30% stake alongside Softonic’s for a 50% stake alongside Fotolia’s Founders and Angel Investors at Founders and TA Associates €275m valuation Additional $150 million senior debt financing Advisor to the Selling Shareholders Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Yad2 and its Shareholders Softonic and its shareholders Fotolia and its Shareholders April 2012 November 2011 July 2011 July 2011 Sale of 100% in Sale of a majority stake in Sale of a majority stake in have acquired a majority stake in to to to for $350m from Quants Financial Services AG at a valuation of €40m Financial Advisor to Toprural Exclusive Financial Advisor to Exclusive Advisor to and its Shareholders grupfoni and its Shareholders Exclusive Advisor to EnGrande Summit Partners and TA Associates 71
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