1. Research Report
Email Marketing
2013

2. Content
2
I. Market Trends
II. M&A Activity
III. Company Profiles

3. Mergers Alliance
Market trends

4. Interactive landscape
Source:Chiefmartec
4

5. Email marketing
5

6. 43%
50%
51%
55%
46%
37%
39%
37%
Email marketing
Online video
Mobile marketing
Created social media
In the next three years, how do you think
marketing's effectiveness will change compared
to today for each of the following channels?
Interactive marketing
Interactive embeds Itself in the mix
• Interactive marketing includes Social Media, Email marketing, Mobile
Marketing, Display advertising and Search Marketing
• By 2016, advertisers will spend as much on interactive marketing as
they do on television advertising today
• Investment in search marketing, display advertising, email marketing,
mobile marketing, and social media will near $77 billion and represent
35% of all advertising, by 2016
Growth of interactive media spend is fueled by:
• Interactive marketing effectiveness
• Interactive channels will generate better results over time.
30%
35%
40%
41%
57%
40%
54%
48%
0% 20% 40% 60% 80% 100%
Paid search listings
Display advertising
SEO
Paid placement in social media
Increase Stay same Decrease N/a
Source:
Interactive marketing forecast 2011 to 2016 – Forrester
• Interactive channels will generate better results over time.
• Increased measurability
• Bigger interactive teams
• Because of larger teams, programs can be expanded
• Excitement about emerging media
• Customer obsession
• Marketers offer customized experiences across customers’
preferred touchpoints
• Forrester projects that by 2015 smartphone adoption will grow
150%, and 82 million consumers (in the US) will own a tablet
Source: December 2010 US Interactive Marketing Executive Online Survey
6

7. Average
Deliverability
Rate
Average Open
Rate
Average Click
Through Rate
Average
amount of time
typical
Marketing
departments
84%
24%
13%
24%
Email marketing in Interactive Mix
• Email marketing is one of the most powerful
marketing tools available today. It is easy, affordable,
direct, actionable, and highly effective
• Most Email Service Providers (ESPs) are increasingly
making use of more sophisticated campaigns and
tactics instead of focusing on short term gains
(boosting open & click rates)
• Blending email and social media marketing utilizes
the strengths of each channel, and also strengthens
the capability and value of each individual channel in
ways that cannot be achieved by managing these
capabilities seperately
• Integration of Social and Email allows ESPs to email
Email Marketing Statistics
departments
spend on email
marketing
Source: iContact
“2010 Email Marketing Benchmarking Survey,”
Eloqua
• Integration of Social and Email allows ESPs to email
a promotion to a high-value customer and, with the
click of a button (ideally, a button embedded in the
email), customers disseminate the same promotion,
with the customer’s credible endorsement, to dozens,
hundreds or even thousands of individuals in that
customer’s social network
• Roughly 80% of marketers indicated that social
sharing “extends the reach of email content to new
markets” and “increases brand reputation and
awareness.”
• Currently, the most important factors in marketing
success are delivering value to empowered
customers, fostering long lasting relationships with
customers and capturing the value by measuring
marketing effectiveness
Create and
send your
email
Share your
email across
social
networks
Engage with
an extended
social
network
Attract New
Email List
Subscribers
Track and
analyze
related
activity
7

8. 0
200
400
600
800
1.000
1.200
1.400
1.600
2009 2010 2011 2012 2013 2014
€millions
Forecast: US Email marketing Spend, 2009 -
2014
Retention email Acquisition email Transactional emailQuestion: What methods do you currently use to
acquire email marketing addresses? Which
method of email acquisition produces your most
valuable email subscribers?
How is the budget spend?
Types of emails sent:
• The vast majority of emails sent are used for retention or customer acquisition
purposes. It is expected that the share of emails sent to acquire new customers
will increase slightly
• Customer retention email campaigns have highest conversion rates,
therefore companies spend more resources on these programs
• Transactional emails, such as order confirmations and account updates,
hardly generate additional sale, thus little marketing budget is spend on
these programs
• Retention email spend: budget spend on emailing existing customers
0% 10% 20% 30% 40% 50% 60%
Not sure
Purchased on CD
SMS text Opt-in Code
mobile ads or co-registration
QR Code
co-registration
email list rental
paid search
website banner ads
call center
append email address
in-store, point of sale
social media
website
valuable email subscribers?
Currently Used Delivers most valuable subscribers
Source: US Interactive Marketing Forecast 2009 2014 – Forrester
Interactive marketing forecast 2011 to 2016 – Forrester
http://www.clickz.com/clickz/column/2184428/how-to-drive-revenue-from-retention-email-marketing
• Best ways to drive revenue from retention campaigns:
• Birthday mail
• Review Solicitation
• Replenishment Program
• Re-permission
Email acquisition
• Both the method through which email addresses are obtained, as how
careful acquisition programs are shaped, determine the successfulness of
an acquisition campaign
• The most valuable subscribers to your email program actually come from
previous customer interaction moments (website, in-store contact, customer
contact centers)
• Current email acquisition methods do not correlate with tactics that produce
most valuable subscribers
8

9. • The global size of the email marketing market is approximately €2.3 bn (2011)
• This amount for the email marketing industry as a whole, representing less than 6% of total direct mail expenditures of € 38,6bn,
recorded in 2011 and a mere 0.7% of total global advertizing expenditures of € 342.7bn
• The US market for online marketing is, with annual spend of €24.5,slightly larger than the European annual online marketing spend
60.000
70.000
Forecast: US Interactive Marketing Spend, 2011 - 2016
US & Worldwide market
30
Online ad spend in €bn Europe vs United
States
0
10.000
20.000
30.000
40.000
50.000
60.000
2011 2012 2013 2014 2015 2016
€millions
Social Media
Email marketing
Mobile marketing
Display advertising
Search Marketing
Source: http://www.email-marketing-reports.com/basics/why.htm
Net Marketing Will Take 18% Of Budget By 2012 – Forrester
Interactive marketing forecast 2011 to 2016 – Forrester
0
5
10
15
20
25
2010 2011
Europe US
9

10. Three major themes are dominating the development of email marketing
• It becomes more common for ESPs to run both regular welcome programs, and coordinate content over multiple channels (email,
website, etc)
• In particular Social Media integration has proven synergy benefits
• ESPs focus on integration of mobile
• Specifically targeted campaigns
In addition, the quality offered by ESPs becomes one of their main selling points. Customers are increasingly focused on quality account
management offered by ESPs
Trends – three themes
“What are the biggest email marketing challenges you expect to face in the
Vendor Offerings Average Rank
Good Account management 1,96
Integration with other online tools 3,73
Automation of next-best action 3,85
Support for your database record 3,96
Professional services 4,54
Support for channels outside of email 5,01
International campaign support 5,89
Proprietary offices around the world 7,05
1 = most important, 8 = least important
Please Rank how important the following venor
offerings are to you
n=74
31%
34%
35%
36%
38%
38%
43%
50%
57%
0% 10% 20% 30% 40% 50% 60%
Having adequate staffing resources
Retaining current email subscribers
Creating and managing email content
Finding new email subscribers
Increasing open en click-through rates
Managing email frequency and cadence
Leveraging segmentation
Leveraging dynamic content
Integrating email with other channels
Source:
The Forrester Wave: email marketing vendors Q1 2012 – Forrester
“What are the biggest email marketing challenges you expect to face in the
next two years?”
10

11. Email marketing – multi channel integration (i)
Multi-channel Integration
• Nearly every enterprise marketer uses email marketing as the workhorse of her interactive mix. But spend on email marketing
delivery, analytics, integration, and creative nears just $2.5 billion by 2016 because of its low CPMs
• One of biggest challenges is integrating email marketing with other channels
More email will be sent
• Launch new interactive programs
• For every action on every separate channel, you notify your clients/followers/relations via email. For example: for every entry
on a corporate blog, an email is sent to its followers
• The more channels marketers embrace, the more email programs they’ll need to support them• The more channels marketers embrace, the more email programs they’ll need to support them
• Create calculated campaigns
• Further email delivery growth will come as marketers spend to get more specific about what they send to whom and when
• Upgrade email analytics
• ESPs start spending more to send the right message to enrich customer lifetime value. Email marketers are investing in
analytics as part of a larger focus on customer relationship management (CRM) and customer intelligence
Source:
Interactive marketing forecast 2011 to 2016 – Forrester 11

12. Email marketing – multi channel integration (ii)
New Trends, New Behaviors. How does a marketing agency
adapt?
• ESPs that understand how to integrate the various channels
through which a message is spread, are on the right path
• ESPs only offering one or a few services are going to be left
behind by the other agencies who can offer a one-stop-shop
approach for their clients
Generalist specialists
• Employees at generalist marketing agencies and ESPs that are
trained in several areas of marketing are able to accomplish a lot
more and a lot faster
• Teams that are well-rounded will have an easier time working to
put strategy in place and managing it over time
Measure New Metrics
• Across channels, the holistic agency will have to track new metrics
like content reach, traffic, search rankings, social media shares,
link-backs, and or leads/sales
Source: Optify
12

13. 71%
Use email to promote presence on Twitter,
Facebook and other social channels
Objectives for integrating email and social mediaHow are marketers currently
integrating social media?
Email marketing – social media
• The emergence of social media has transformed the way people communicate online, and particularly how companies market their
products and services to their target audience
• Businesses use social media in their email marketing campaigns because social media has the capacity to reach a large audience
very quickly, providing an opportunity for a company to share content, increase their online following and enhance their brand
credibility
• Social media complements email marketing because it provides additional channels for sharing information and engaging readers
91%Facebook
How are marketers currently integrating social media?
5%
17%
35%
48%
63%
71%
0% 20% 40% 60% 80%
Other
Leverage agency services to build an
integrated social media program
Integrate user-generated content/reviews
into email marketing campaigns
Use email to launch a referral/viral
marketing campaign in social media
Enable recipients to share email content
with their social networks
Facebook and other social channels
10%
3%
4%
12%
13%
15%
34%
48%
84%
91%
0% 20% 40% 60% 80% 100%
Other
Yelp
Foursquare
Myspace
Digg
Sharethis
YouTube
Linkedin
Twitter
Facebook
Source:
http://www.marketingprofs.com
http://wsiwebvision.com/
10%
3%
4%
12%
13%
15%
34%
48%
84%
91%
0% 20% 40% 60% 80% 100%
Other
Yelp
Foursquare
Myspace
Digg
Sharethis
YouTube
Linkedin
Twitter
Facebook
13

14. 6%
8%
8%
10%
28%
38%
43%
48%
71%
80%
Company's blog
Youtube
Linkedin
Twitter
Facebook
21%
6%
29%
Significantly better
Somewhat better
Neutral
Email marketing – effectiveness social media
Social media sites that produced the best email marketing
results according to email and online marketers in North
America (June 2010)
Change in results from combining social media marketing
with email marketing according to email and online
marketers in North America (June 2010)
3%
33%
4%
6%
5%
20%
0% 20% 40% 60% 80% 100%
Don't know
Other
Company's online community
Company's blog
Used Produced best result
33%
11%
Not any better
Did not use SMM with
email marketing / Not
applicable
Source:
http://www.emarketer.com/
• More than half of email and online marketers (53%) said that combining social media marketing with email marketing generated either
significantly better or somewhat better results
• Facebook and Twitter were the most commonly used sites in integrated email-social campaigns, and Facebook integration produced
the best results.
Note: in the past year, respondents were asked “if you used social media
together with email marketing to get better results this last year, how much
better were your results?”
14

15. Email marketing – mobile
• Over the course of 2011, the number of smart phones sold became larger than PCs sold
• The amount of customers reading their email on mobile device is increasing too
• It is crucial to the success of your campaign that the email content is suited for both PCs and mobile reading
• Mobile email will account for 10 to 50% of email opens, depending on your target audience, product and email type.
• ESPs are developing mobile apps to manage and track mobile campaigns
• Simultaneously, campaigns are tailored to be mutually suitable for PC and mobile
• ESPs start to automatically display campaigns in a mobile friendly way when viewed in a mobile browser
11%
15%
18%
20%
32%
35%
41%
56%
0% 10% 20% 30% 40% 50% 60%
Non-Shopping related application
Location-Based Social Networking
Telephone
Twitter
Shopping related app (eBay,…
Facebook
Text Message
Email
Source: http://www.emailmonday.com
http://www.electriceasel.com/
Mobile Commerce
How did you receive the message(s) that led to the purchase?
15

16. Changing Market – targeting and analytics
€ 1.400
€ 1.600
€ 1.800
€ 2.000
Whatis the email marketing budgetspendon
Targeted Emails
• Email marketing becomes more focused. Specific messages are sent to
specific groups. Email badges become smaller, and frequency of email sent
goes up (both per sub group as well as a total, as a campaign is targeted
differently to multiple groups)
Analytics emails
• Email marketers are investing in analytics as part of a larger focus on
customer relationship management (CRM) and customer intelligence
• Only 13% of consumers say that the ads they see are relevant to
their wants and needs, and even fewer find direct mail and email
marketing relevant
€ 0
€ 200
€ 400
€ 600
€ 800
€ 1.000
€ 1.200
€ 1.400
2011 2012 2013 2014 2015 2016
€million
Creative
Integration
Analytics
Delivery
• With increasing importance of delivering the right message to the right
person at the right time, a larger portion of the email marketing budget will be
spend on analytics over the next years
• Also, with the increase of the amount of email sent, spend on ‘delivery’
expenses also increases relatively faster than spend on creation and
integration
Source:
Interactive marketing forecast 2011 to 2016 – Forrester
The intelligent approach to customer intelligence 2009 - Forrester
16

17. The Netherlands
• In The Netherlands, the total spent on email marketing campaigns during 2011 was € 177 mio.
• Driven by the highest ROI among online marketing instruments, the email marketing market in the Netherlands is expected to
increase to € 360 mio in 2016 (CAGR of 15.3%)
• The growth of the email marketing market will outperform the expectations for the online marketing spend as a whole. Whereas the
total spend on online marketing amounts €1.1 bn in 2011, it is expected to grow 10.2% annually to € 1.7bn in 2016
• The Netherlands are one of the leading European countries on online advertising. Dutch companies are the fifth largest spenders on
online advertising in Europe
Dutch email marketing market
€ 0
€ 200
€ 400
€ 600
€ 800
€ 1.000
€ 1.200
€ 1.400
€ 1.600
€ 1.800
€ 0
€ 50
€ 100
€ 150
€ 200
€ 250
€ 300
€ 350
€ 400
2011 2012 2013 2014 2015 2016
onlinemarketing
Email
email marketing spend online marketing spend
CAGR
10,2%
CAGR
15,3%
€ 0
€ 1.000
€ 2.000
€ 3.000
€ 4.000
€ 5.000
€ 6.000
Total online ad spend (€m)
Source: PWC Entertainment & Media Outlook 2012-2016
Adex 2011 Online advertising in Europe
Net Marketing Will Take 18% Of Budget By 2012 – Forrester
Deloitte & IAB
17

18. Future role of email marketing
Email marketing is one of the dominant marketing instruments in the mix, and will remain to be so
• 97% of marketers are using or planning to use email marketing this year
• The use of email marketing is growing, and is expected to see an 11% CAGR (globally) over the next five
years
• Reasons for increasing use of email marketing:
• A current email renaissance
• Turn on more and smarter programs to boost sluggish sales;
• Shift money to email from direct mail; and
•• Improve email effectiveness by linking it to other channels like search or user-generated
ratings and reviews
• Growth in marketing due to the social inbox
• Further decline in email marketing costs – although already low, budget-strapped companies will rely
more on email
Source:
Interactive marketing forecast 2011 to 2016 – Forrester
Eloqua
18

19. Dutch email marketing landscape
Email Service Providers Software Development
19
Lead Generation

20. M&A Activity

21. Date Acquirer Country Target Country Pre-deal
Revenue
Pre-deal
EBITDA
Pre-deal
EBIT
Sales
Multiple
EBIT
Multiple
Pending ORACLE INC. US ELOQUA INC. US € 55,1 € -3,9 € -2,5 12,0 n.s.
Oct-12 EXACTTARGET INC. US IGODIGITAL LLC US € 1,8 n.a. n.a. 9,2 n.a.
Oct-12 EXACTTARGET INC. US PARDOT LLC US n.a. n.a. n.a. n.a. n.a.
Oct-12 IZURIUMCAPITAL ADVISERS EUROPE LLP GB EMAILVISION HOLDINGS LTD GB € 66,9 € -11,6 € -23,3 0,3 n.a.
Sep-12 EMAILVISION HOLDINGS LTD GB PREDICTIVE INTENT LTD GB n.a. n.a. n.a. n.a. n.a.
Aug-12 IPO ELOQUA INC. US € 58,3 n.a. n.a. 1,5 n.a.
Jun-12 CONSTANT CONTACT INC. US SINGLEPLATFORM CORPORATION US n.a. n.a. n.a. n.a. n.a.
Jun-12 APRIMO INC. US ECIRCLE GMBH DE € 22,0 € 0,9 € -0,3 n.a. n.a.
May-12 TWITTER INC. US RESTENGINE LLC US n.a. n.a. n.a. n.a. n.a.
Apr-12 MARKETO INC. US CROWD FACTORY INC. US n.a. n.a. n.a. n.a. n.a.
• A selection of recent interesting deals in the email marketing market are:
*
M&A (i)
Apr-12 MARKETO INC. US CROWD FACTORY INC. US n.a. n.a. n.a. n.a. n.a.
Mar-12 IPO EXACTTARGET INC. US € 157,0 n.a. n.a. 0,8 n.a.
Feb-12 VOCUS INC. US ICONTACT CORPORATION US € 37,0 n.a. € -4,6 3,4 n.s.
Jan-12 CONSTANT CONTACT INC. US CARDSTAR INC. US n.a. n.a. n.a. n.a. n.a.
Dec-11 VERTICALRESPONSE INC. US ROOST INC. US € 0,9 n.a. n.a. n.a. n.a.
Dec-11 STERLING INFOSYSTEMS INC. US ACXIOM INFORMATION SECURITY SYSTEMS INC. US n.a. n.a. n.a. n.a. n.a.
Nov-11 BATTERY MANAGEMENT CORPORATION US MARKETO INC. US € 17,7 n.a. n.a. 2,1 n.a.
Sep-11 EXACTTARGET INC. US FRONTIER DIGITAL BR n.a. n.a. n.a. n.a. n.a.
Aug-11 HUBSPOT INC. US ONEFORTY INC. US n.a. n.a. n.a. n.a. n.a.
Jun-11 HUBSPOT INC. US PERFORMABLE US € 74,0 n.a. n.a. n.a. n.a.
Jun-11 LYRIS INC. US COGENT ONLINE PTY LTD AU n.a. n.a. n.a. n.a. n.a.
Jun-11 EMAILVISION HOLDINGS LTD GB SMARTFOCUS GROUP PLC GB € 16,3 € 2,2 € 1,1 1,8 25,8
Feb-11 CONSTANT CONTACT INC. US BANTAMNETWORKS LLC'S ASSETS US n.a. n.a. n.a. n.a. n.a.
Source: Zephyr
BlueMind 21

22. Date Acquirer Country Target Country Pre-deal
Revenue
Pre-deal
EBITDA
Pre-deal
EBIT
Sales
Multiple
EBIT
Multiple
Jan-11 TERADATA CORPORATION US APRIMO INC. US € 59,8 n.a. € 2,4 6,5 164,8
Aug-10 EXACTTARGET INC. US MPATH GLOBAL AU n.a. n.a. n.a. n.a. n.a.
Jul-10 STRONGMAIL SYSTEMS INC. US CONVERSA MARKETING LLC US n.a. n.a. n.a. n.a. n.a.
Jul-10 RESPONSYS INC. US ESERVICES GROUP PTY LTD AU n.a. n.a. n.a. n.a. n.a.
May-10 CONSTANT CONTACT INC. US NUTSHELLMAIL US n.a. n.a. n.a. n.a. n.a.
May-10 LYRIS INC. US INTAFACE MARKETING AR n.a. n.a. n.a. n.a. n.a.
Mar-10 EXACTTARGET INC. US COTWEET INC. US n.a. n.a. n.a. n.a. n.a.
Feb-10 TA ASSOCIATES US ECIRCLE GMBH DE € 18,6 € 5,0 € 4,6 n.a. n.a.
Dec-09 STRONGMAIL SYSTEMS INC. US EMAIL ADVISOR LLC, THE US n.a. n.a. n.a. n.a. n.a.
Dec-09 VIRID INTERATIVIDADE DIGITAL LTDA BR ZARTANA MARKETING DIRETO BR n.a. n.a. n.a. n.a. n.a.
Nov-09 TCMI INC. US EXACTTARGET INC. US € 18,2 n.a. n.a. 2,6 n.a.
M&A (ii)
Nov-09 TCMI INC. US EXACTTARGET INC. US € 18,2 n.a. n.a. 2,6 n.a.
Sep-09 ACXIOMCORPORATION US DIRECT MARKETING SERVICES UAE n.a. n.a. n.a. n.a. n.a.
Sep-09 EXACTTARGET INC. US KEYMAIL MARKETING LTD GB n.a. n.a. n.a. n.a. n.a.
Jun-09 STRONGMAIL SYSTEMS INC. US POPULARMEDIA INC. US n.a. n.a. n.a. n.a. n.a.
May-09 LYRIS INC. US FACULTAS LTD GB n.a. n.a. n.a. n.a. n.a.
May-09 BATTERY MANAGEMENT CORPORATION US EXACTTARGET INC. US € 20,4 n.a. n.a. 2,6 n.a.
Mar-09 E-MARK SOLUTIONS BV NL OSWALD & RUBY BV NL n.a. n.a. n.a. n.a. n.a.
Jan-09 WEST END VENTURES PLC GB DOTMAILER LTD GB € 3,1 € 1,0 € 0,9 2,6 8,9
Jan-09 ONLINE MARKETING GROUP BV NL MAILMEDIA BV NL € 5,0 n.a. n.a. n.a. n.a.
Oct-08 SELLIGENT SA BE OPTIZEN BE € 2,6 € 1,7 € 1,7 n.a. n.a.
Jun-08 PROTUS IP SOLUTIONS INC. CA GOT CORPORATION CA € 4,1 n.a. n.a. n.a. n.a.
Sep-06 BAY PARTNERS LLC US ELOQUA CORPORATION CA € 19,5 n.a. n.a. 0,5 n.a.
Average 3,5 66,5
Median 2,6 25,8
N 13 3
Source: Zephyr
BlueMind
*
22

23. The email marketing market is expected to grow further:
• Foreign investors
The M&A activity within the email marketing market has been an Anglo Saxon play mostly. These players have been looking into
expanding to Europe, by opening up local branches. Meanwhile, a number of these foreposts have been closed, and it is expected
that globally active, acquisitive email marketing companies will re-enter Europe by acquiring local companies for their expertise, clients
and network
• Domestic market
A number of markets show a high number of fragmented players in the email marketing field. Consolidation activity in the market is
expected
Growth Potential
• Strategic Partnerships
A number of companies have developed specialized technology that enables its clients to target
consumers in specialized ways. We foresee companies forming partnerships over these
technologies
• Dutch Market
The market in the Netherlands is characterised by many, relatively small, players. There is no
single market leader. There has been a price war, initiated by big international players that
entered the Dutch market. We expect a shake-out that causes small players to
be liquidated, and several M&A transaction in the near future
Source: BlueMind
23

24. Company Profiles

25. www.tripolis.com
Location: Amsterdam, Netherlands
Management: Joost Nienhuis, Bas Kuntz
• Founded in 1999
• Offices in the Netherlands, Germany, Turkey, Central America,
Argentina and Shanghai
• ISO 9001:2008 and ISO/IEC 27001:2005 certified
Company Status and Situation
FinancialsSector and activities
Tripolis Solutions
• Tripolis is a technology developer in email marketing software
• The company is a pure technology player and does not run
email campaigns, like ESPs do.
• Email marketing SW is sold to third parties via partners, either
VAR or Full Service Partners
• Users pay via a yearly license, and in addition CPM based on
fair use
• Tripolis’ key product is ‘Dynamic Mail’, a solution that fills in
email frames at the moment it is opened, allowing to present
the latest information, tweets, offers etc depending on the
device (including app store) and geo location the email is
opened
• Tripolis is active in Europe, Latin America and Asia/Australia.
Future roll out plans include Russia
2012
Turnover € 3 m
EBIT ~20%
Employees 40
* Figures estimated by BlueMind Corporate Finance
25
FinancialsSector and activities

26. www.blinker.com
Location: Zoetermeer, Netherlands
Management: Marc Schussler
• Blinker has recently separated its services and software activities
• Services to large customers is an increasing source of revenue
• Blinker would consider undertaking an acquisition
Company Status and Situation
FinancialsSector and activities
Blinker
• Blinker is an ESP, that developed its proprietary SW (mailplus)
• Recently, the services and SW development activities have
been split in separate entities
• Blinker = ESP
• Mailplus = SW
• SW is sold as SaaS solution (license fee), in addition a CPM
fee is charged for sending out mailings.
• Blinker runs its own hosting (ISP)
• Clients are mostly CRM/LeadGen companies that operate
large databases
• The company has an automated survey & form tool that
generates sophisticated benchmarking reports (freemium
model)
26
2012
Turnover € 4,5 m
EBIT n.a.
Employees 50
* Figures estimated by BlueMind Corporate Finance
FinancialsSector and activities

27. www.e-mark.nl
Location: Haarlem, Netherlands
Management: Ubbo Waardenberg, Eric Verhage
• Ubbo founded E-mark in 1999 In 2008, he sold the company
• After developing specialized database software tools, Ubbo needed a
company that could handle volume for this tool, and he bought back E-
mark.
• Recently, ESP Zoomio was acquired
• E-mark would consider undertaking other acquisitions
Company Status and Situation
FinancialsSector and activities
E-mark
• E-mark is a ESP and SW developer for email marketing
campaigns
• The company is essentially a SW manufacturer that distributes
to the product to its clients
• Currently the company is working on a switch to service based
income model, into performance based
27
2012
Turnover € 4,0 m
EBIT n.a.
Employees 25
* Figures estimated by BlueMind Corporate Finance
FinancialsSector and activities

28. www. dm-interface.nl
Location: Almere, Netherlands
Management: Wiebe Barkey,
• DM Interface is shifting its business model from print / email service
provider to development of software products
• Currently software is developed for specific clients. All building blocks
of the software are reusable
• DM Interface is in the process of implementing a managed services
business model
Company Status and Situation
FinancialsSector and activities
DM Interface
• DM Interface is a cross media solutions bureau.
• The company develops SW tools/applications that are used
for segmented communications to specific customers
• DM Interface has a history in handling print mailings and still
coordinates print mailings
• DM Interface’s current specialty is handling complex, multi-
item mailings to specific subgroups of customers, including
specialized follow up actions
• Customers are typically large insurance companies, such as
Achmea, Delta Lloyd, Zilveren Kruis, PGGM, etc.
• In addition, DM Interface enriches its clients customer data to
enable enhanced targeting
28
2012
Turnover € 6 m
EBIT 20%
Employees 40
* Figures estimated by BlueMind Corporate Finance
FinancialsSector and activities

29. www.spotney.com
Location: Houten, Netherlands
Management: Richard Musch, Robbert-Jan Hanse
• Spotney is rapidly developing their services for new channels
• Challenge is to roll this technique out throughout Europe
• Contemplating small acquisition in Western Europe
• The company anticipates rapid growth over the next years
Company Status and Situation
FinancialsSector and activities
Spotney
• Spotney is founded in 2011 by the founders of E2MA
• Spotney is a lead generation company that intents to
revolutionize the concept of lead-gen.
• By enriching email databases with data (big data analysis, real
time, chross channel) on specific consumer preferences
regarding timing, brand, device, media, message etc, and
optimizing commercial messages to the consumers
preferences
• Spotney uses the customers email address as cross-device
tracing instrument
• Currently implemented in email marketing, will roll out to
display, social, search, content etc.
29
2012
Turnover (Gross) € 5,5 m
EBIT 20%
Employees 5
* Figures estimated by BlueMind Corporate Finance
FinancialsSector and activities

30. www.yourzine.nl
Location: ‘s-Hertogenbosch, Netherlands
Management: Michiel van Riemsdijk
• Yourzine is changing its customer strategy. Formerly focused on CPM
+ fee, now changing to performance based (ROI) models
• Organization is changing as well, different skills are needed to advise
customers on strategy, instead of developing SW.
• Yourzine recognizes that email plays central theme in interactive
marketing. The company starts integrating other channels in their
strategy as well, covering al touch-points; DM fulfillment, Customer
Contact Centers, etc
Company Status and Situation
FinancialsSector and activities
Yourzine
• Yourzine is an Email Service Provider, following an omni-
channel approach to online marketing
• Customer lifecycle is central concept in Yourzine’s services.
Customer contact strategy is key theme .
• Company started as SW provider, soon realised other
companies were better utilized to provide those solutions
• Partners with Pitney Bowes, Aprimo, Seligent and Tripolis for
technologic solutions
• Customers include Hema, ANWB, Ikea and V&D
30
2012
Turnover € 4,5 m
EBIT ~ 20%
Employees 5
* Figures estimated by BlueMind Corporate Finance
FinancialsSector and activities

31. www.omg.nl
Location: Utrecht, Netherlands
Management: Edwin Basten, Marcel Misdorp
• OMG is focusing on traditional retail clients to increase the use of
email marketing in their mix
• The company has developed a specialized tool (MailMaps) that
enables local retailers to target only customers that are in the
same geographic area
• Provides a channel next to the traditional door-to-door
leaflets
• Potential marketsize of € 1b
• The company considers making a move into the French market
Company Status and Situation
FinancialsSector and activities
Online Marketing Group
• OMG is an Online Direct Media bureau, that focuses on
lead generation and maintaining high-value relations with
clients and customers
• OMG provides its clients with high-value consumer email
addresses, which enables them to send highly targeted
emails
• The company has collected a large email addresses
database (3-step opt-in) with rich demographic details to
every entry
• Clients are able to target specific groups of leads through
OMGs database
• B2B: CPM > 100,-
• B2C: CPM > 500,-
31
2012
Turnover € 7 m
EBIT na
Employees 30
* Figures estimated by BlueMind Corporate Finance
FinancialsSector and activities

32. www.ematters.nl
Location: Amsterdam, Netherlands
Management: Wouter Theijsmeijer, Ruben Niet
• Ematters started as ESP, intending to become one of the top
players in email marketing
• After becoming the top 3 ESP in several annual lists, Ematters
developed additional services to anticipate to the cross-channel
development in the market
• Ematters’ intention is to become number 1 digital marketing
company
• Wouter is chairman of the DDMA search committee
Company Status and Situation
FinancialsSector and activities
Ematters
• Ematters is a full service Digital Direct Marketing company,
chross channel
• The company started as pure ESP, later developed
additional services
• Today, the company offers services in email marketing,
search, display and social media
• Ematters uses email marketing SW of Tripolis
32
2012
Turnover € 2 m
EBIT na
Employees 10
* Figures estimated by BlueMind Corporate Finance
FinancialsSector and activities

33. www.measuremail.nl
Location: Dordrecht, Netherlands
Management: Martijn Groeneweg, Ronald Dubbeldam
• Measuremail has invested heavily in updating its email software over
the last years
• The founders of Measuremail have developed a new SW tool
(‘MailMerk’) that identifies unauthorized emails sent from clients’
accounts (i.e. phishing mails etc)
• SW is operated in separate entity
• Shareholders would consider sale of the company
Company Status and Situation
FinancialsSector and activities
MeasureMail
• Measuremail is a full services email service provider (ESP),
active in the Netherlands and Belgium
• Measuremail has developed proprietary SW for its email
services
• Measuremail handles relatively many transactional emails for
its clients
• These are typically complicated email processes that
differ widely in follow up actions
• Measuremail aims at servicing entire email processes
for its clients
33
2012
Turnover € 2 m
EBIT na
Employees 15
* Figures estimated by BlueMind Corporate Finance
FinancialsSector and activities

34. www.copernica.com
Location: Amsterdam, Netherlands
Management: Michael Linthorst
• Copernica has, since its start, grown through organic growth
• Copernica has overcome the critical phase of being too small
• Expects a shake-out among the smallest companies in the
market
• The company intends to exceed its steady growth over the last years
• Focus on organic growth, not via M&A
Company Status and Situation
FinancialsSector and activities
Copernica
• Copernica is a pure SW developer for the email marketing
market
• SW is sold through ~200 partners and resellers who provide
added services
• Also, marketing agencies that develop online strategies for
their clients use Copernica’s SW
• Copernica has incurred YoY growth in excess of 25% over the
last 4 years
• Revenues are mostly recurring (>95%)
• Software is build in a way that makes it easy to add different
languages to it.
• Translate agency should be able to deliver in
~60hours
34
2012
Turnover € 2 m
EBIT na
Employees 21
* Figures estimated by BlueMind Corporate Finance
FinancialsSector and activities

35. www.e2ma.nl
Location: Houten, Netherlands
Management: Joost van Driel
• The company has grown quickly after its initiation
• In 2008 the shareholders nearly sold the company, when the credit
crisis set it and cancelled the deal
• The economic crisis and the introduction of the “Do Not Call Register”
in the 2009 have caused the company some trouble
• The founding shareholders have appointed a new CEO to run the
company and are no longer involved with day-to-day operations
• The shareholders intend to sell the company in a few years
Company Status and Situation
FinancialsSector and activities
E2MA Consumer Profiling
• E2MA is a web-based lead generation company
• E2MA excels in questionnaire management – asking the right
questions at the right time
• E2MA works with advanced ranking technology, opt-in
verification, and active account management
• E2MA delivers leads for‘Direct Response’, ‘List Broking’ and
‘Social Media’ campaigns.
35
2012
Turnover € 4 m
EBIT 20%
Employees 30
* Figures estimated by BlueMind Corporate Finance
FinancialsSector and activities

36. www.webpower.com
Location: Barneveld, Netherlands
Management: Jacco Bouw
• After rolling out to China, Webpower has become one of the main
players in email marketing software in the Netherlands
• Webpower is currently developing SW that allows customers to take a
cross-channel approach to their online marketing
• Integrating CMS/CRM into email platform
• Integrating 3rd party SW, such as ERPs, Salesforce &
Magento
• The company is aggressively expanding in China to become the
market leader in this region
• Webpower advises the Chinese government on email legislation
Company Status and Situation
FinancialsSector and activities
Webpower
• Webpower is a developer of an email marketing platform, that
allow clients to run email campaigns with Webpower
• In addition, Webpower advises on optimal email strategies and
other services
• Value Added Services include:
• Creation
• Planning
• Reporting
• Analysis
• The company is internationally active, and has offices in both
the Netherlands and China (Shanghai)
• 69% of revenues come from licenses + CPM
36
2012
Turnover € 9,0 m
EBIT 20%
Employees 120
* Figures estimated by BlueMind Corporate Finance
FinancialsSector and activities

37. www.e-village.nl
Location: Zeist, Netherlands
Management: Robert Rebergen
• Around 20% of revenue is from customers outside of the Netherlands
• The shareholders are considering making a move in the email
marketing market (sell/buy)
Company Status and Situation
FinancialsSector and activities
E-village
• E-village is a SW developer and service provider in email
marketing
• Services include designing, planning, creation, campaign
management and reporting the optimal email / mobile / social
media campaigns
• E-village has developed Clang, an email marketing software
platform that enables customers to run their online marketing
campaigns
• Clang has an API with Magento
• E-village has split the company’s activities between ESP (E-
village) and SW (Clang)
37
2012
Turnover € 5,0 m
EBIT 20%
Employees 35
* Figures estimated by BlueMind Corporate Finance
FinancialsSector and activities

38. www.ecircle.nl
Location: Utrecht, Netherlands (HQ: Munchen, Germany)
Management: Volker Viewer (Germany)
• Founded in 1999 in Germany
• Acquired by Aprimo (Teradata ), global leader in Integrated Marketing
Management (IMM) software
• eCircle is active in Germany, France, Italy, Spain, Netherlands,
Denmark, Finland, Sweden and Poland
• The company is about to become the largest European player in the
field
• eCircle is considering expanding through acquisitions
Company Status and Situation
FinancialsSector and activities
eCircle
• eCircle is a full-service digital marketing solutions provider and
a provider of email marketing solutions
• Developing email marketing software
• Mail marketing services, including
• Consulting services
• Email Audit
• eCircle is member of DDMA (Dutch Dialogue Marketing
Association) and holds several pan-European certificates and
memberships
• eCircle typically focuses on the largest customers in the
market
38
2011
Turnover € 18,6 m
EBIT € 4,6 m
Employees n.a.
FinancialsSector and activities

39. Target Name Website Residence in Netherlands HQ-
country
Countries Category Estimated
Revenues
Global
Estimated
Revenues NL
# Employees
Emailvision www.emailvision.nl Amsterdam UK USA/EMEA/ASIA ESP + SW € 70,0 600
Mail Pepper (Ad pepper) www.adpepper.nl Amsterdam DE USA/DE/AT/DK/CH/
SE/SP/FR/NL
Lead Gen € 55,0 254
Webpower www.webpower.nl/ Barneveld NL NL/DE/SW/SP/CN ESP +SW € 7,0 € 2,5 116
Selligent www.selligent.nl Hasselt BE BE/FR/DE/IT/ SP/CN/PL SW € 15,0 115
Cheetahmail www.experian.nl Den Haag US Worldwide ESP + SW n.a. € 2,5 64
List of email marketing companies active in
Holland (i)
Cheetahmail www.experian.nl Den Haag US Worldwide ESP + SW n.a. € 2,5 64
Blinker www.blinker.nl Zoetermeer NL NL ESP + SW € 4,5 € 4,5 50
Veritate www.veritate.nl Amsterdam NL NL ESP + Lead Gen € 3,0 49
DM Interface www.dm-interface.nl Almere NL NL SW € 6,0 € 5,9 40
RapidSugar www.rapidsugar.nl Amsterdam NL NL ESP € 3,0 36
Yourzine www.yourzine.nl/ s-Hertogenbosch NL NL ESP € 4,5 35
39
Figures are estimated by BlueMind Corporate Finance

40. Target Name Website Residence in Netherlands HQ-
country
Countries Category Estimated
Revenues
Global
Estimated
Revenues NL
# Employees
E-Village www.e-village.nl Zeist NL NL ESP + SW € 5,0 € 5,0 28
E2MA Consumer Profiling www.e2ma.nl Houten NL DE/NL Lead Gen € 4,0 € 4,0 23
Copernica http://www.copernica.nl Haarlem NL UK, DE SW € 2,0 21
E-Mark Solutions www.e-mark.nl Haarlem NL NL ESP + SW € 2,5 19
MeasureMail www.measuremail.com Dordrecht NL NL ESP € 2,5 13
List of email marketing companies active in
Holland (ii)
MeasureMail www.measuremail.com Dordrecht NL NL ESP € 2,5 13
OMG/Mailmedia www.mailmedia.nl Amsterdam NL NL Lead Gen € 6,0 11
Tripolis Solutions www.tripolis.nl Amsterdam NL NL Software € 3,0 11
eMatters http://www.ematters.nl Amsterdam NL NL ESP € 1,5 € 1,5 9
eCircle http://www.ecircle.com/nl/home
.html
Utrecht DE DE/FR/IT/SP/NL/DK/FI/S
E/PO
ESP + SW n.a. € 3,0 8
GraphicMail www.graphicmail.nl Amsterdam US Worldwide SW n.a. € 3,0 0
40
Figures are estimated by BlueMind Corporate Finance