NOAH18 Berlin Service Provider Book

Table of Contents
Program 5
Service Provider 9
Trading Comparables 48
2

3
Table of Contents
Service Provider
500Tech 11
Adtelligence 12
Aklamio 13
BDO Legal 14
Besedo 15
Business Buddies 16
CareerTeam 17
Chris Philipps 18
Clipperton 19
ctrl QS 20
Deloitte Legal 21
Dr. Graf von Westarp
Executive Search
22
Drake Star Partners 23
Dwight Cribb 24
Early Metrics 25
Easy Payment Gateway 26
enable2grow 27
Flick Gock Schaumburg 28
FSL Software Technologies 29
German Accelerator 30
Gestluz 31
Goodwin 32
headfinders 33
Indigo Headhunters 34
Leverate Media 35
Match-Maker Ventures 36
NOAH Advisors 37
Norton Rose Fulbright 38
Oppsense 39
PIABO PR 40
PortusPark 41
Sasteria Financiera 42
Scalebridge 43
SolbegSoft 44
TechGDPR 45
Thinslices 46
tridion digital solutions 47
TripleLift 48

Travel
&
Tourism
Transportation
&
Mobility
Healthcare,
Science
&
Education
Marketing
Tech
Online
Fashion
CP
CP
K
FC
FC
K
FC
FC
FC
FC
FC
FC
FC
FC
FC
FC
CP
CP
CP
P
P
FC
CP
CP
A
CP
CP
CP
K
FC
CP
K
Lunch served between 11:30 - 15:00
NOAH
Startups
CP
Consumer
Goods,
Retail
&
Ecommerce
Nir Erez
Nicolas Brusson
Markus Villig
Sebastian Wohlrapp
Paulin Dementhon
Amos Haggiag
Dr. Jens Wohltorf
Marko Guček
Jochen Engert
Finn Age Hänsel
Sohaila Ouffata
Chantal Ambord
Florian Reuter
Saskia Steinacker
Simone Menne
Julie Teigland
Stanislas Niox-Chateau
Alberto E. Porciani
Martin Varsavsky
Markus Witte
Philipp Roesch-Schlanderer
Walter Masalin
Jens Begemann
Sascha Konietzke
Rob Moffat
Suranga Chandratillake
Jörn Nikolay
Dr. Florian Tappeiner
Hakan Koç
Alexander Frolov
Shmuel Chafets
Fabian Siegel
Dirk Graber
Philipp Man
Anna Polishchuk
Yuriy Mukhin
Toon Bouten
Matthias Riedl
Mayer Reich
Michael Altendorf
Joanna Przetakiewicz
Daniel Schustermann
Stefan Dziarski
Julia Boesch
Founder & CEO
Co-Founder & CEO
Founder & CEO
VP Digital Business Platform
CEO
Co-Founder & CEO
Co-Founder & CEO
Co-Founder & CEO
Founder & MD
CEO
Director of Platform
General Manager, BlaBlaPro
CEO
Global Head of Digital Excellence
Supervisory Board Member of BMW, DPDHL
Managing Partner EY GSA
CEO
Founder & CEO
Founder
CEO
CEO
Partner
CEO
CEO
Partner
Partner
Managing Director
Co-CEO & Managing Director
Founder & Managing Director
General Partner
General Partner
Founder & CEO
CEO
Co-Founder
Co-Founder
CEO
Co-Founder
Founder & CEO
Co-Founder & CEO
Founder & Creative Director
CEO
Partner
Eric La Bonnardière
Oliver Dlouhý
Dr. Patrick Andrae
Harley Miller
Johannes Reck
Robbie Antonio
Dr. Mathias Döpfner
Dara Khosrowshahi
Christoph Keese
Matthias Schmidt-Pfitzner
CEO
CEO
Co-Founder & CEO
Vice President
Co-Founder & CEO
CEO
9:15 - 9:25
9:25 - 9:35
9:35 - 9:45
9:45 - 9:55
9:55 - 10:05
10:05 - 10:15
10:15 - 10:40
14:20 - 14:30
10:40 - 10:50
10:50 - 11:00
11:00 - 11:10
11:10 - 11:20
11:20 - 11:30
11:30 - 11:40
11:40 - 11:50
11:50 - 12:00
12:00 - 12:10
12:10 - 12:20
12:20 - 12:30
12:30 - 12:40
12:40 - 12:55
12:55 - 13:10
13:10 - 13:20
13:20 - 13:30
13:30 - 13:40
13:40 - 13:50
13:50 - 14:00
16:35 - 16:50
16:50 - 17:00
14:30 - 14:45

14:45 - 14:55
14:55 - 15:05
15:05 - 15:15
15:15 - 15:25

15:25 - 15:35
16:05 - 16:15
16:15 - 16:25
16:25 - 16:35
15:35 - 15:45
15:45 - 15:55
15:55 - 16:05
Marco Rodzynek
Gerhard Cromme
Martin Ott
Breakfast
Founder & CEO
Chairman
VP, MD Central Europe
9:00 - 9:15
8:00 - 10:00
Dr. Bernd Montag
Mark Krymalowski
CEO
CEO
CEO
Digital Partner
CEO
Head of EMEA Digital Practice
POSITION
COMPANY
SESSION TITLE TIME SPEAKER
K P A
CP FC
Keynote Panel Announcement
Company
Presentation
Fireside
Chat
17:00 - 17:10
Moovit
BlaBlaCar
Taxify
Porsche
Drivy
Optibus
Blacklane
GoOpti
FlixBus
Movinga
BMW iVentures
BlaBlaCar
Volocopter
Bayer
-
EY
Doctolib
Top Doctors
Prelude
Babbel
eGym
NGP Capital
Wooga
Contentful
Balderton Capital
Balderton Capital
General Atlantic
NUCOM GROUP
AUTO1 Group
Target Global Announcement
Target Global
Target Global
Marley Spoon
Mister Spex
Chronext
Lalafo
Lalafo
tado°
DCMN
RankAbove
Adtelligence
La Mania
BestSecret
Permira
OUTFITTERY
Evaneos
Kiwi.com
HomeToGo
Insight Venture Partners
GetYourGuide
Revolution Precrafted
Between Tradition and Digitisation: What Old and New Economy can Learn from One Another?
NOAH Advisors
AUTO1 Group
Facebook
Axel Springer
Uber
hy
Corporate Digital Innovation – from Shame to Fame
Digital McKinsey
Siemens Healthineers
Egon Zehnder
COMPANY
MR
MR
MR
MR
MR
MR
MR
MR
MR
Deutsche Telekom
Rocket Internet
Edge Technologies
Generation IM
14:00 - 14:10
17:20 - 17:35
17:10 - 17:20
17:35 - 18:05
Claudia Nemat
Oliver Samwer
Coen van Oostrom
Al Gore
CTO
Founder & CEO
Founder & CEO
Chairman
Interview / Panel with participation of Marco
Rodzynek Founder & CEO, NOAH Advisors
K
Party @ Tempodrom with DJ Ken Abel
22:00
Closing Note
NOAH Advisors
18:05 - 18:10
Marco Rodzynek Founder & CEO
Alice Weightman
Tillan Barros
Founder & CEO
Founder & CEO
14:10 - 14:15
14:15 - 14:20
NOAH London 2017 Startups Winners
The Work Crowd
Misterporter
MR
MR
MR
MR
COLOSSEUM - Day 1 6 June 2018
®
®

Digital
&
TMT
Fintech
Lending
Platforms
Indus-
trials
&
IoT
Payments
B2B
&
Software
CP
CP
CP
FC
FC
K
FC
FC
FC
CP
CP
CP
CP
CP
CP
CP
CP
CP
P
FC
FC
FC
K
Restaurants
&
Food
Delivery
FC
Lunch served between 11:30 - 15:00
Tamaz Georgadze
Mauro Giacobbe
Ronald Slabke
Giovanni Giuliani
Malte Dummel
Julian Teicke
Yaron Valler
Nazim Cetim
Erik Podzuweit
Benoît Legrand
Max von Bismarck
Valentin Stalf
Peter Bakenecker
Dr. Julian Hosp
Ardian Gjeloshi
Greg Skibiski
Jens Woloszczak
Alexander Artopé
Raffael Johnen
Philipp Pausder
Rainer Maerkle
Paul Walsh
David Avgi
Michael Kent
Shirin Dehghan
Marc-Alexander Christ
Max Laemmle
Ron Hirson
Dvir Ben-Aroya
Chris Farinacci
Yoram Wijngaarde
Oliver Steil
Stefan Dziarski
Peter Mühlmann
Fatih Uysal
Kumardev Chatterjee
Holger Taubmann
Nicolas Witte
CEO
CEO
CEO
Chief Strategy, Innovation & Business Development Officer
CFO
CEO
General Partner
CEO
Co-Founder & Co-CEO
Chief Innovation Officer
CBO & Managing Director
Founder & CEO
Division President Germany & Switzerland
Founder & CEO
Co-Founder & Chairman
Founder & CEO
Co-Founder & CEO
Co-Founder & CEO
Co-Founder & CEO
Partner
SVP Platform Strategy and Innovation
CEO
Co-Founder & CEO
Partner
Co-Founder
Founder & CEO
Chief Product Officer
Co-Founder & CEO
Head of Business
Founder & CEO
CEO
Partner
Founder & CEO
CEO
Founder & CEO
CEO
CEO
Christoph Brand
Jared Grusd
Asaf Peled
Oscar Höglund
Efe Cakarel
Rahul Sood
John Suh
Dipan Patel
Nicolas Beraudo
Payal Kadakia
Adam Valkin
David Thevenon
Head of Classifieds & Marketplaces
CEO
Founder & CEO
Co-Founder & CEO
Founder & CEO
Co-Founder & CEO
CEO
Partner
Managing Director
Founder & Executive Chairman
General Partner
9:35 - 9:45
9:45 - 9:55
9:55 - 10:05
10:05 - 10:15
10:15 - 10:25
10:25 - 10:35
10:35 - 10:45
10:45 - 10:55
10:55 - 11:05
11:05 - 11:15
12:30 - 12:40
12:40 - 12:50
12:50 - 13:00
13:00 - 13:10
13:10 - 13:20
13:20 - 13:30
13:30 - 13:40
13:40 - 13:50
13:50 - 14:00
14:00 - 14:10
14:10 - 14:20
14:20 - 14:30
14:30 - 14:40
14:40 - 14:50
14:50 - 15:00
15:00 - 15:10
15:55 - 16:05
11:35 - 11:50
11:50 - 12:00
12:00 - 12:10
12:10 - 12:20
12:20 - 12:30
16.05 - 16:15
16:15 - 16:25
16:25 - 16:35
16:35 - 16:45
16:45 - 16:55
16:55 - 17:05
17:05 - 17:15
17:15 - 17:25
17:25 - 17:35
17:35 - 17:45
Marco Rodzynek
Breakfast
Founder & CEO
9:30 - 9:35
8:00 - 10:00
Partner
POSITION
COMPANY
SESSION TITLE TIME SPEAKER
K P
CP FC
Keynote Panel
Company Presentation Fireside Chat
Raisin
Facile.it
Hypoport
Zurich Insurance Group
xbAV
wefox Group
Target Global
Allianz X
Scalable Capital
ING Group
Deposit Solutions
N26
Mastercard
TenX
Crowdhouse
Thasos Group
Spotcap
smava
auxmoney
Thermondo
Holtzbrinck Ventures
VISA
Safecharge
Azimo
Frog Capital
SumUp
Fraugster
DocuSign
Hop
Asana
Dealroom.co
TeamViewer
Permira
Trustpilot
Kariyer.net
Unmanned Life
Scytl
Control€xpert
Tamedia
HuffPost
Minute Media
Epidemic Sound
MUBI
Unikrn
LegalZoom
Permira
App Annie
ClassPass
General Catalyst
Day 1 Summary
NOAH Advisors
Softbank
COMPANY
MR
MR
MR
MR
MR
MR
MR
MR
MR
MR
Entrepreneur First
Federal Ministry for Economic
Affairs and Energy
Lakestar
Telefónica
Wayra
Alpha
Closing Note
NOAH Advisors
15:20 - 15:30
15:30 - 15:55
15:10 - 15:20
17:45 - 17:50
Alice Bentinck
Peter Altmaier
Klaus Hommels
Gonzalo Martín-Villa
Christian Lindener
Pablo Rodríguez
Marco Rodzynek
Co-Founder & CPO
Federal Minister for Economic Affairs and Energy
Founder & CEO
Chief Innovation Officer
CEO Germany
CEO
Founder & CEO
Interview / Panel with participation of Marco
Rodzynek Founder & CEO, NOAH Advisors
Dominik Richter
Harley Miller
Niklas Östberg
Stefan Nicola
CEO
Vice President
CEO
German Telecoms, Tech and Media Reporter
11:15 - 11:25

11:25 - 11:35
HelloFresh
Insight Venture Partners
Delivery Hero
Bloomberg
MR
COLOSSEUM - Day 2 7 June 2018
®
®

The event is a unique platform for senior executives
from old champions and new challengers to discuss
disruption in 10+ industrial verticals.
Over 100 CEOs to tell the story
of their Company!
Marketing Tech
Payments
Restaurants &
Food Delivery
Lending Platforms
B2B & Software
Consumer
Goods, Retail
& Ecommerce
Digital & TMT
Fintech
Healthcare,
Science & Education
Industrials & IoT
Transportation
& Mobility
Travel & Tourism
Online Fashion

KEY CORPORATE FACTS / KPIS
Headquarters Tel Aviv,Israel
Other Offices in EU -
Website www.500tech.com Founded 2013
Employees 11-25 Employees in Europe 20
Active Markets Israel
Ownership -
Revenues -
SALES CONTACTS
Chen Kamin
Business development and Client SuccessDirector at
500Tech - React, React Native and Blockchain experts
chenk@500Tech.com
Business development and Client Success Director at 500Tech - React,
React Nativeand Blockchain experts
500Tech
Product Name
Front-end development and
consulting
Description
When it comes to Front-end wecan either build it for you or teach you to build it. We
do:Development Consulting Training Meetups Conferences
Active Markets Israel
Product Categories DigitalServices
Target Clients Industries
Retail, E-Commerce Technology, Marketplaces, Education Technology, Travel &
Transportation,Financial Services, Gaming,Health, Financial
Services,Other
-
Pricing Video Link -
Product Website -
COMPANY DESCRIPTION
When it comes to Front-end we can either build it for you or teach you to build it. We do: Development Consulting
TrainingMeetups Conferences
NOAH18 BERLIN SERVICE PROVIDER BOOK
BUSINESS SERVICES OFFERED
11

Headquarters Mannheim,Deutschland
-
Other Offices in EU
Website www.adtelligence.com Founded 2009
Active Markets Germany
Ownership -
Revenues -
SALES CONTACTS
Michael Altendorf
CEOand Co-Founder
am@adtelligence.de
Michael is CEO & Co-Founder of ADTELLIGENCE and founding member
of several programs,clubs and events on tech-topics around the world.
Adtelligence
Product Name
AI driven Sales
Platform
Description
The software enables optimized websites to reactin real time to search criteria and
individual needs ofusers. Displayed content is always personalized.
Product Categories Financial Technology, Analytics, Digital Services
Financial Technology, Financial Services, Analytics, Digital Services,
FinancialServices
-
Product Website -
COMPANY DESCRIPTION
The software enables optimized websites to react in real time to search criteria and individualneeds of users. Displayed
content is always personalized.
NOAH18 BERLIN SERVICE PROVIDER BOOK 12

Headquarters Berlin,Germany
Other Offices in EU
Website
Employees
Active Markets
London|UK
www.aklamio.com Founded 2011
51-100 Employees in Europe 60
Austria, Belgium, Czech Republic, Denmark,
Estonia, Finland, France, Germany, Greece,
Ireland, Israel, Italy, Latvia, Lithuania, Netherlands,
Norway, Poland, Portugal, Russia, Spain, Sweden,
Switzerland, Turkey,
United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Robert Wetzker
CEO
robert.wetzker@aklamio.com
Founder and CEO Aklamio
Aklamio
Product Name
Customer Referral
Portals
Description
Add acustomer referral solution to your website, POS, or call center and turn your own
customers into your most effective growth channel.
Active Markets
Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Ireland, Israel, Italy, Latvia, Lithuania, Netherlands, Norway, Poland,
Portugal, Russia, Spain, Sweden, Switzerland, Turkey,
UnitedKingdom
Product Categories Marketing, Analytics, Digital Services
Retail, E-Commerce Technology, Communications, Education Technology, Travel &
Transportation,Financial Technology, Financial Services,
Gaming,DigitalServices, Financial Services
-
Product Website www.aklamio.com/for-companies
COMPANY DESCRIPTION
Add a customer referral solution to your website, POS, or call center and turn your own customers into your most
effective growth channel.

Headquarters Hamburg,Germany
Other Offices in EU Multiple offices in all European countries|
Website
Employees
Active Markets
www.bdo.de
Over 1,000 Employees in Europe 74000
United Kingdom
Ownership partnership, main sharevalue family-owned
Revenues
215 Mio €
in Germany, about 7,6 billionU
S
D
globally
SALES CONTACTS
Daniel Dr. Wied
Partner
daniel.wied@bdolegal.de
Partner of BDO Legal since 2018, Dr. jur.,specialisation in corporate lawand
M&A as well as Private Euqity and Venture Capital
BDO
Wirtschaftsprüfungsgesellschaft /
BDO Legal
Product Name
Audit, tax and legal services
Description
Audits, tax advice, ITadvice and legal advice of all kind and in all major industry
areas (including public sector)
Active Markets
Austria, Belgium, France, Germany, Italy,Spain, Switzerland, United
Kingdom
Product Categories Offline Services, Financial Services
Target Clients Industries Investor
Pricing Unit: EUR/hour
Min:250 - Max: 400
Video Link -
Product Website -
COMPANY DESCRIPTION
Audits, tax advice, ITadvice and legal advice of all kind and in allmajor industry areas (includingpublic sector)

Headquarters Stockholm, Sweden
Other Offices in EU
Website
Employees
Active Markets
Msida|Malta
www.besedo.com Founded 2002
100-1,000 Employees in Europe 350
Austria, Belgium, Denmark, France, Germany, Italy,
Netherlands, Norway,Spain, Sweden,
United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Patrik Frisk
CEO
patrik@besedo.com
Patrik is passionate about AI,the digitalworld and data. As the CEO of Besedo
he works to help build trust and user safety online.
Besedo
Product Name
Implio
Description
Featuring amoderation UIoptimized for efficiency, insights and automation modules powered by
high level filter technology and AI(incl. imagevision).
Active Markets
Austria, Belgium, Denmark, France, Norway,Spain, Sweden, United
Kingdom
Product Categories Marketplaces, DigitalServices
Target Clients Industries Retail, Marketplaces, Communications, Gaming
-
Pricing
Product Website www.besedo.com/product/all-in-one-tool/
COMPANY DESCRIPTION
Featuring a moderation UIoptimized for efficiency, insights and automation modules powered by high level filter
technology and AI(incl. image vision).

-
Other Offices in EU
Website www.businessbuddies.berlin/en/ Founded 2014
Active Markets Austria, Germany, Switzerland
Ownership -
Revenues -
SALES CONTACTS
Marc Mogalle
MD
info@businessbuddies.berlin
Marc is a seasoned investor & entrepreneur with18+ years of experience
in Venture Capital: www.linkedin.com/in/marcmogalle
Business Buddies
Product Name
Company building
Description
We support founders in building asolid company: Team, companyset-up, strategy,
financing etc.
Product Categories Analytics
Marketplaces, Education Technology, Travel & Transportation, Financial
Technology, Investor
-
Product Website www.businessbuddies.berlin/en/companybuilding/
Product Name
Fundraising
Description
We support founders in raisingthe necessary funds, starting as lowas 1 million Euro and
goingup to 10+ million (pre-series to Series B).
Product Categories FinancialServices
Marketplaces, Media, Communications, Education Technology, Travel &
Transportation,Financial Technology, Analytics, Investor
-
Product Website www.businessbuddies.berlin/en/financing/
COMPANY DESCRIPTION
We support founders in building a solid company: Team, company set-up, strategy, financing etc.

Other Offices in EU Berlin|Germany
Website www.careerteam.de Founded 2011
Employees 100-1,000 Employees in Europe 140
Active Markets
France, Germany, Netherlands, Switzerland,
United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Ole Mensching
CEO
mensching@careerteam.de
Ole Mensching is the founder of CareerTeam, a doctorate from the University
of Cologne and the University of California, Berkeley.
CareerTeam
Product Name
Datadriven Headhunting
Description
CareerTeam is one of Europe’s leadingexecutive search agency for the digital space. We
find unique Executives or builds digitalteams
Active Markets France, Germany, Netherlands, Switzerland, United Kingdom
Product Categories
Marketplaces, Media, Communications, Financial Technology, Marketing,
Analytics, Digital Services
Retail, E-Commerce Technology, Marketplaces, Media, Communications, Travel &
Transportation,Financial Technology, Gaming, Health, Marketing, Analytics,
DigitalServices, Hardware,Association, Investor
-
Product Website -
COMPANY DESCRIPTION
CareerTeam is one of Europe’s leading executive search agency for the digitalspace. We find unique Executives or
builds digital teams

Other Offices in EU
Website
www.linkedin.com/in/chris-philipps-
a523758/
working worldwide|
Founded 2012
Employees
Active Markets
Finland, Germany, Israel, Italy,Lithuania,
Poland, Spain, Switzerland, United Kingdom
Ownership -
Revenues -
Number of Tech DD's > 60
Biggest transaction
volume under DD > EUR400M
Number of countries 14
SALES CONTACTS
Chris Philipps
Owner
cphilipps@me.com
Being in the Tech and startup industry for 18 years, Chris Philipps has held
various positions as Interim CTO and Senior Tech Advisor.
Chris Philipps Tech DD
Product Name
Tech Due Diligence
Description
Product and technology reviews for fundingand M&A contexts. Tech and Product strategy,
leadership, teams, architecture, infrastructure, data, etc.
Active Markets
UnitedKingdom
Product Categories
Analytics, DigitalServices, Financial Services
Target Clients Industries Investor
-
Product Website -
COMPANY DESCRIPTION
Product and technology reviews for funding and M&A contexts. Tech and Product strategy, leadership, teams,
architecture, infrastructure, data, etc.

Headquarters Paris,France
Other Offices in EU
Website
Employees
Active Markets
Berlin|Germany
www.clipperton.net Founded 2003
Estonia, Finland, France, Germany, Greece, Ireland,
Israel, Italy, Latvia, Lithuania, Netherlands, Norway,
Poland, Portugal, Spain, Sweden, Switzerland, United
Kingdom
Ownership -
Revenues -
SALES CONTACTS
Stephane Valorge
Managing Partner
svalorge@clipperton.net
Before co-founding Clipperton in 2003, Stéphane worked for eight years in
consulting and investment banking.
Clipperton
Product Name
CorporateFinance Advisory (M&A and
fundraisings)
Description
Clipperton provides advisory services to high-tech companies on M&A
transactions,debt financings and equity offerings.
Active Markets
Greece, Ireland, Israel, Italy,Latvia,Lithuania, Netherlands, Norway,Poland,
Portugal, Spain, Sweden, Switzerland, United Kingdom
Retail, E-Commerce Technology, Marketplaces, Media, Communications, Education
Technology, Travel & Transportation, Financial Technology, Financial Services,
Gaming, Gambling and Betting, Health, Marketing, Analytics, Digital Services,
Financial Services, Hardware,Investor, Other
-
Product Website
COMPANY DESCRIPTION
Clippertonprovides advisory services to high-tech companies on M&A transactions, debt financings and equity offerings.

Other Offices in EU
Website
Employees
Active Markets
-
www.ctrl-qs.com Founded 2009
United Kingdom
Ownership byfounder
Revenues -
ctrl QS
Product Name
steering international digital
activities
Description
Rollout Management for international digitalprojects, Country Management &
Support, Consulting, Content Mgmt, Localisation Services, Change Management
Active Markets
UnitedKingdom
Technology, Travel & Transportation, Financial Technology,
Financial Services, Gaming,Gamblingand Betting, Health, Marketing, Digital
Services, Offline Services, Financial Services, Hardware,
Association, Other
-
Product Website -
SALES CONTACTS
Mirja Silverman
Founder & CEO
msilverman@ctrl-qs.com
Founder and ManagingDirector of ctrl QS, background in international Digital
Strategy, former eBay and Beiersdorf, ESCP-EAP
COMPANY DESCRIPTION
Rollout Management for international digitalprojects, Country Management & Support, Consulting, Content Mgmt,
Localisation Services, Change Management

Headquarters Düsseldorf,Germany
Other Offices in EU Frankfurt|Germany
Website
Employees
Active Markets
www.deloittelegal.de Founded 1997
Ireland, Italy,Latvia, Lithuania, Netherlands,
Norway,Poland, Portugal, Russia, Spain, Sweden,
Switzerland, Turkey
Ownership -
Revenues -
SALES CONTACTS
Dr. Julia Petersen
Partner
jpetersen@deloitte.de
Julia Petersen is a Corporate/M&A partnerwitha strong track record in
transactions (includingreal estate).
Felix Felleisen
Partner
ffelleisen@deloitte.de
Felix is a Corporate/M&A partnerwitha strong track record in
transactions involvingsoftware players.
Deloitte Legal
Product Name
LegalServices
Description
Deloitte Legaladvises on all issues related to Corporate/M&A, Commercial, Employment
and Pensions, Tax Controversy and Business Integrity.
Active Markets
Greece, Ireland, Italy,Latvia,Lithuania, Netherlands, Norway, Poland, Portugal,
Russia, Spain, Sweden, Switzerland, Turkey
Product Categories Analytics, DigitalServices, Financial Services
Target Clients Industries Other
-
Pricing
Product Website http://www.deloittelegal.de
COMPANY DESCRIPTION
Deloitte Legal advises on allissues related to Corporate/M&A, Commercial, Employmentand Pensions, Tax Controversy and
Business Integrity.

Headquarters München, Germany
Website www.de.linkedin.com/in/westarp/de Founded 2013
Ownership -
Revenues -
SALES CONTACTS
Falk Graf von Westarp
Founder/Owner
falk@westarp.com
Founder and owner of a specialized executive search company for Digital
Business and High Tech.
Dr. Graf von Westarp Executive
Search for Digital Business and
High Tech
Product Name
Executive Search for Digital
Business and High Tech
Description
We are an executive search firm specialized on C-Level positions in (young)digital
and/or technology driven companies in DE,AT and CH. In the recent year
Product Categories Offline Services
Gaming,Gamblingand Betting, Health, Marketing, Analytics, DigitalServices,
Financial Services, Hardware
-
Product Website www.de.linkedin.com/in/westarp/de
COMPANY DESCRIPTION
We are an executive search firm specialized on C-Level positions in (young)digitaland/or technology driven companies
in DE, AT and CH. Inthe recent year

Headquarters New York, United States
Other Offices in EU Munich|Germany
Website
Employees
Active Markets
www.drakestar.com Founded 2004
United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Ralf Philipp Hofmann
Managing Partner & Member of the ExecutiveCommitee
ralf.hofmann@drakestar.com
RalfPhilipp Hofmann is ManagingPartner & Co-Founder, Member of the Group’s
Executive Committee and CEO of Drake Star Germany.
Julian Ostertag
Managing Partner
julian.ostertag@drakestar.com
JulianOstertag is ManagingPartner & Co-Founder of Drake Star Partners.
Drake Star Partners
Product Name
M&A Advisory, Corporate
Finance, Co-Investment
Description
Drake Star Partners focuses on M&A and corporate finance for its clients
worldwide. The firm completed over 300 transactions since 2004.
Active Markets
Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Ireland,
Israel, Italy,Netherlands, Spain, Sweden, Switzerland, United
Kingdom
Gaming,Health, Marketing, Analytics, DigitalServices,
Offline Services, Financial Services, Hardware
-
Product Website
http://www.drakestar.com/our-services/merger-
and-acquisition-advisory-services
COMPANY DESCRIPTION
Drake Star Partners focuses on M&A and corporate finance for its clients worldwide.The firm completed over 300
transactions since 2004.

Other Offices in EU
Website
Employees
Active Markets
Berlin|Germany
www.cribb.de Founded 1998
Austria, Germany, Switzerland
Ownership privatelyowned
Revenues -
SALES CONTACTS
Nicole Mai
Director of Executive Search
nmai@cribb.de
Director of Executive Search. Prior at ZEIT/Handelsblatt and founder of a media
startup.
Dwight Cribb Personalberatung
Product Name
Executive Search
Description
Search and selection of senior executives.
Transportation,Financial Services, Gaming, Marketing, Analytics, DigitalServices,
Financial Services, Association, Investor
-
Product Website -
COMPANY DESCRIPTION
Search and selection of senior executives.

Headquarters Paris,France
Other Offices in EU London|United Kindgom
Website www.earlymetrics.com Founded 2015
Active Markets
Belgium, France, Germany, Israel,
Netherlands, Sweden, Switzerland, United
Kingdom
Ownership -
Revenues -
SALES CONTACTS
Gene Gerrienne
Head Business Development DACH
gene@earlymetrics.com
GivingCorporates from the DACH region access to the future with the most
qualified startups through Sourcing & Ratingon Demand
Simon Jacobs
Business Developer DACH
simon_ja@earlymetrics.com
Early Metrics
Product Name
Ratingon Demand &
Sourcing
Description
Assess the growthpotential and reliability of atargeted start-up and manage the inherent
risk and detect start-ups in line with your innovation strategy.
Active Markets
Austria, Belgium, France, Germany, Israel, Netherlands, Sweden, United
Kingdom
Product Categories Analytics, Offline Services, Financial Services
Transportation,Financial Services, Health, Financial Services,
Investor
-
Product Website -
COMPANY DESCRIPTION
Assess the growth potential and reliabilityof a targeted start-up and manage the inherent risk and detect start-ups in line
withyour innovation strategy.

Headquarters Sevilla, Spain
Other Offices in EU Gibraltar|UK
Website www.easypaymentsgateway.com Founded 2015
Active Markets
Finland, France, Germany, Greece, Ireland, Israel,
Italy,Netherlands, Norway, Poland, Portugal, Russia,
Spain, Sweden, Switzerland,
Turkey, United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Marcos Toran
Head of Business Development
marcos.toran@easypaymentgateway.com
Head of business development a EPG deciding what globalstrategies should be
carried out. Prior to this head of ecomm at Santander Ban
Easy Payment Gateway
Product Name
Easy Payment Gateway
Checkout
Description
With Easy Payment Gatewaycreate complex payment architectures to reduce costs,
eliminate fraud and increases conversions all through one simple API.
Active Markets
Greece, Ireland, Israel, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain,
Sweden, Switzerland, Turkey, United Kingdom
Product Categories Financial Technology, Financial Services
Retail, E-Commerce Technology, Marketplaces, Media, Education
Technology, Travel & Transportation, Financial Services, Gaming, Gambling
and Betting, Health, DigitalServices, Financial Services
-
Pricing Video Link www.vimeo.com/245364098
Product Website -
COMPANY DESCRIPTION
With Easy Payment Gateway create complex payment architectures to reduce costs, eliminate fraud and increases
conversions allthrough one simple API.

Headquarters Munich,Germany
Website www.enable2grow.com Founded 2013
Active Markets
Austria, France, Germany, Italy, Switzerland,
United Kingdom
Ownership Private
Revenues -
SALES CONTACTS
Katharina Le Thierry
Senior Advisor
katharina.lethierry@enable2grow.com
Track record in the consumer goods industry (FMCG, luxury,sporting & lifestyle),
consulting, advisor and non executive board member
enable2grow
Product Name
DigitalWheel
Description
Tool helping to analyze the digital status quo of a company.
Product Categories DigitalServices, Offline Services
Retail, Media, Communications, Education Technology, Travel &
Transportation,Health, Investor
-
Product Website -
COMPANY DESCRIPTION
Tool helping to analyze the digitalstatus quo of a company.

Headquarters Bonn,Germany
Website www.fgs.de Founded 1972
Employees 100-1,000 Employees in Europe 550
Ownership -
Revenues -
SALES CONTACTS
Alexander Goertz
Associated Partner
alexander.goertz@fgs.de
Investors and startups seek my adivce to guide them trough complex VC
financings, M&A transactions and the establishment of VC funds.
Flick Gocke Schaumburg
Product Name
Deal counsel
Description
We provide legal assistance to VC investors and startups as deal counsel in all stages fromthe first
financing round to the exit transaction.
Target Clients Industries Investor, Other
-
Product Website -
Product Name
Fund formation & fund
restructuring
Description
We advise initiators, managers and investors in structuring and restructuring VC and PE
funds, including all corporate,tax and reguzlatory aspects.
Target Clients Industries Investor, Other
-
Product Website -
COMPANY DESCRIPTION
We provide legalassistance to VC investors and startups as deal counsel in allstages from the first financinground
to the exit transaction.

Headquarters NOIDA,INDIA
Website www.fsltechnologies.com Founded 2000
Active Markets United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Rakesh Jain
Chairman
chairman@fsltechnologies.com
Mentor for the group , first generation entrepreneur over 35 years of
experience .
FSL SOFTWARE TECHNOLOGIES
Product Name
LEX MANTRA
Description
Litigation Management tool for corporatehouses havingmulti locations ,provides bird eye view
of legal matters , alerts , planning next dates & much more
E-Commerce Technology, Communications, Travel & Transportation,
Financial Services, Health, Financial Services
-
Product Website www.lexmantra.co.in
Product Name
Compliance Mantra
Description
Cloud based, right based, responsibility based corporatecompliance management &
comprehensive reporting across acts , agencies , departments etc
.
Travel & Transportation,Financial Technology, Financial Services,
FinancialServices
-
Product Website www.compliancemantra.com
COMPANY DESCRIPTION
Litigation Management tool for corporate houses havingmulti locations , provides bird eye view of legal matters , alerts ,
planningnext dates & much more

Headquarters Munich,Germany
-
Other Offices in EU
Website www.germanaccelerator.com Founded 2012
Ownership -
Revenues -
SALES CONTACTS
Konstantin Krauss
Company Scout
konstantin@germanaccelerator.com
Studied Computer Science at LMU 2009-2017: CTO Property Base since
2017: Company Scout German Accelerato
German Accelerator
Product Name
Acceleration of German companies to the
U.S. and Southeast-Asia
Description
hands-on, individual mentoring, free office space, tacticalsupport for setting
up your operations, immediate accessto atop-notch network
Product Categories Marketplaces, Marketing, Offline Services, Financial Services
Retail, Marketplaces, Media, Education Technology, Financial Services, Health,
Analytics, DigitalServices, Offline Services, Financial Services,
Hardware,Other
-
Pricing Video Link https://youtu.be/8DOawcJbLS0
Product Website
COMPANY DESCRIPTION
hands-on, individualmentoring, free office space, tactical support for setting up your operations, immediate
access to a top-notch network

Headquarters Matosinhos,Portugal
Website www.gestluz.pt Founded 1994
Active Markets Portugal
Ownership -
Revenues -
SALES CONTACTS
Marta Luz
Partner
mluz@gestluz.pt
Degree in Economics, MBA and MSc Management; Marketing
Management | Business Developer | Project Manager | Partnerships |
Fundraising.
Gestluz
Product Name
Advisory
Description
Entrepreneurship Training;European Funds applications; Quality Management Systems; I&DI;
HR;Business Process Management; Internationalisation Strategies
Product Categories Marketing, Financial Services
Target Clients Industries Association
-
Product Website -
COMPANY DESCRIPTION
Entrepreneurship Training;European Funds applications; QualityManagement Systems; I&DI;HR; Business
Process Management; Internationalisation Strategies

Headquarters Boston, USA
Website www.goodwinlaw.com Founded 1912
Employees Over 1000 Employees in Europe -
Active Markets France, Germany, United Kingdom
Ownership -
Revenues 1B+
Number of emerging
company clients 1200+
Number of venture
capital clients
Number of VC and
PE deals closed in
the last 2 yrs
1500+
SALES CONTACTS
Markus Bauman
Partner
MBauman@goodwinlaw.com
Markus Bauman is a partner in Goodwin’sTechnology and Life Sciences
Group.
Amanda Zamurs
Marketing Specialist
AZamurs@goodwinlaw.com
Goodwin
Product Name
Sophisticated Technology Company Legal
Representation
Description
Company formation, Venture financings, M+A transactions, Intellectual
property counseling and transactions, Fund formations, IPOsand capital
market
Product Categories
Technology, Travel & Transportation and more
-
Product Website
COMPANY DESCRIPTION
Company formation, Venture financings, M+A transactions, Intellectual property counseling and transactions,
Fund formations, IPOs and capital market

Other Offices in EU
Website
Employees
Active Markets
Berlin|Germany
www.headfinders.com Founded 2008
Austria, Czech Republic, Estonia, Germany, Latvia,
Lithuania, Netherlands, Switzerland
Ownership -
Revenues -
SALES CONTACTS
Dr. Frank Knoche
CEO
info@headfinders.com
Frank can draw on over 20 years of experience at largecorporations and nimble
new businesses. Frank willsupport your success.
headfinders.com
Product Name
Executive Search /
Headhunting
Description
Executive Search for Startups We strongly believe that wehave agood instinct for
young leaders who can elevate a startup to the next level.
Active Markets
Austria, Czech Republic, Estonia,Germany, Latvia,Lithuania, Netherlands,
Switzerland
Marketplaces, Media, Communications, Travel & Transportation, Financial
Technology, Financial Services, Gaming,Health, Marketing, Digital Services,
Offline Services, Financial Services, Hardware, Investor
-
Product Website https://ceosearch.de
COMPANY DESCRIPTION
Executive Search for Startups We stronglybelieve that we have a good instinct for youngleaders who can elevate a startup
to the next level.

Headquarters Frankfurt am Main, Germany
Website www.indigo-headhunters.com/uk/home
Founded 2007
Employees
Active Markets
Austria, Belgium, Denmark, France, Germany,
Ireland, Netherlands, Switzerland, United
Kingdom
Ownership -
Revenues -
SALES CONTACTS
Britta Bene
Consultant / Head of AlternativeInvestments
britta.bene@indigo-headhunters.com
Built Alternative Investment business at IndigoHeadhunters. Prior, Directorat
BlackRock and Associate at Bridgewater Associates.
Indigo Headhunters
Product Name
Executive Search /
Headhunting
Description
Executive Search, Headhunting, Market Mapping, Industry Expertise, Coaching,
Compensation Analysis, Competitor Analysis, Networking, Benchmarking,
Advisory
Active Markets
Austria, Belgium, Denmark, France, Germany, Ireland, Netherlands,
Switzerland, United Kingdom
Product Categories Marketplaces, Offline Services, Financial Services
Gaming,Gamblingand Betting, Health, Marketing, Analytics, DigitalServices, Offline
Services, Financial Services, Hardware,
Association, Investor, Other
-
Product Website -
COMPANY DESCRIPTION
Executive Search, Headhunting,Market Mapping, Industry Expertise, Coaching, Compensation Analysis, Competitor
Analysis,Networking,Benchmarking, Advisory

Other Offices in EU
Website
Employees
Active Markets
-
www.leverate.de/en/ Founded 2013
Austria, France, Germany, Italy,Netherlands, Spain,
Sweden, Switzerland, United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Christian Hubel
Managing Director
chubel@leverate.de
Responsible for the digitalbusiness of Leverate Media Group in Europe.
Leverate Media
Product Name
ROIDriven Digital
Marketing
Description
We are experts in optimizing digitalcampaigns in all available digitalchannels like Search,
Social, Display, Content, Native for specific ROI goals.
Active Markets
UnitedKingdom
Product Categories Marketplaces, Media, Marketing, Analytics, Digital Services
Retail, E-Commerce Technology, Marketplaces, Travel & Transportation,
Financial Technology, Financial Services, Gaming,Health, Digital Services,
Offline Services, Financial Services, Hardware
-
Product Website www.leverate.de/en/advertising/
COMPANY DESCRIPTION
We are experts in optimizing digitalcampaigns in allavailable digitalchannels like Search, Social, Display, Content, Nativefor
specific ROI goals.

Headquarters Vienna, Austria
Other Offices in EU Düsseldorf|Germany
Website www.match-maker.ventures Founded 2015
Active Markets
Austria, Czech Republic, Denmark, Estonia,
France, Germany, Greece, Israel, Italy,
Netherlands, Norway, Poland, Portugal, Russia,
Spain, Sweden, Switzerland, Turkey,
United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Karin Carpentier
Associate Partner
karin@match-maker.ventures
Multilingualand entrepreneurial leader withlong-standing international
experience in managingfront-line organisations and alliances.
Match-Maker Ventures
Product Name
Sales Acceleration for startups
Description
We connect startups withtheir future customers.
Active Markets Austria, Estonia, France, Germany, Greece, Israel,Portugal, Switzerland
Product Categories
Media, Communications, Financial Technology, Marketing, Analytics,
DigitalServices
Retail, E-Commerce Technology, Media, Communications, Education
Technology, Travel & Transportation, Financial Services, Marketing,
-
Product Website
Product Name
CorporateInnovation Services (CIS)
Description
We enable ashortcut to start-up innovation for corporates.
Active Markets
UnitedKingdom
Product Categories
Media, Communications, Marketing, Analytics, DigitalServices, Financial
Services
Target Clients Industries Media, Financial Services, DigitalServices, Financial Services, Other
-
Product Website
COMPANY DESCRIPTION
We connect startups withtheir future customers.

Headquarters -
Other Offices in EU
Website www.noah-advisors.com Founded 2009
Active Markets Pan-European
CONTACTS
Marco Rodzynek
marco.rodzynek@noah-advisors.com
Founder & CEO of NOAH Advisors
Jan Brandes
Managing Director
jan.brandes@noah-advisors.com
MD at NOAH Advisors
NOAH Advisors
Product Name
M&A Advisory
Description
NOAH Advisors is the leadingEuropean corporatefinance boutique focused on the Internet
sector. The team advises on M&A transactions and major capital raises.
Active Markets Pan-European
Target Clients Industries Internet & Technology
Unique Industry
Know-How
• Focus on Leading European Internet companies
• Covering over 400 companies across 25 online verticals, a broad range of over 500
investors as well as 100+ online-focused corporates
• Deep understanding of industry dynamics
• Ability to add value beyond banking advice
• Facilitates overall process and minimizes management distraction
Strong Investment
Banking
Competence
• Over 40 years of combined relevant M&A experience
• Routine execution of M&A and financing transactions with sizes of several billion
euros
• 30 successfully completed NOAH Advisors transactions underline successful transfer of M&A
competencies to the Internet sector
Unmatched
Network and
Relationships
• NOAH Advisors is globally well connected and has direct access to virtually all key players in
the industry
• Knowledge of and strong relationships with potential buyers’ key decision makers
• Proactively finds and unlocks attractive investment opportunities for leading
investors
• Annual NOAH Conference in its 8th year
Full Commitment -
We Are
Entrepreneurs!
• Entrepreneurial mind-set, focused on growing the business and establishing a reputation for
excellence
• Ability to deliver top results in short time frames
• Highly success-based compensation structures align interests of clients and NOAH Advisors,
and demonstrate conviction to deliver top results
• Creative deal solutions
Ownership -
Revenues -
-

Headquarters London,UK
Other Offices in EU
Website www.nortonrosefulbright.com
Employees Over 1,000
Frankfurt|Germany
Founded 1794
Employees in Europe 2087
Active Markets
Belgium, France, Germany, Greece, Italy,Netherlands, Poland,
Russia, Turkey, United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Nils Rahlf
Partner
Nils.Rahlf@nortonrosefulbright.com
Corporate lawyer advisingstrategic and financial investors on high-profile cross-
border M&A, PE and VC transactions and corporate law.
Norton Rose Fulbright
Product Name
Legaladvice
Description
Global lawfirm providingthe world'spreeminent corporationsand financial
institutions withafull business law service.
Belgium, France, Germany, Greece, Italy,Netherlands, Poland,
Russia, Turkey, United Kingdom
Offline Services
Retail, E-Commerce Technology, Marketplaces, Media,
Communications, Education Technology, Travel & Transportation,
Financial Technology, Financial Services, Gaming,Health, Marketing,
Analytics, Digital Services, Offline Services, Financial Services,
Hardware,Association, Investor,
Other
-
Pricing Video Link
Product Website www.nortonrosefulbright.co
COMPANY DESCRIPTION
Global lawfirm providingthe world'spreeminent corporations and financial institutions witha full business law service.
Active Markets
Product Categories

Headquarters Toronto,Canada
Other Offices in EU
Website www.oppsense.com
Istanbul|Turkey
Founded 2018
Active Markets Israel, Portugal, Turkey
Ownership -
Revenues -
SALES CONTACTS
Cagdas Onen
Managing Director
cagdas@oppsense.com
10+ years of experience as MarketingDirector in fast growingfintech and
technology companies. SXSW Accelerator Advisory Board Member
Oppsense
Product Name
INTERNATIONALBUSINESS
CATALYST
Description
International Business Development B2B Trade Delegations Startup Innovation
Champion for CorporatesExecutive Masterclass Programsin North America
Active Markets Israel, Turkey
Product Categories Marketing, Offline Services
Retail, E-Commerce Technology, Media, Education Technology, Financial
Services, Gaming,Financial Services, Association
-
Product Website www.oppsense.com
Product Name
INTERNATIONALSTARTUP
CATALYST
Description
International Expansion Country-Launcher as aService (CLaaS) Innovation Champion
for Startups International BootcampProgramsin North America-Israel
Active Markets Israel, Portugal, Turkey
Product Categories Marketing, Offline Services
E-Commerce Technology, Marketplaces, Education Technology, Financial Services,
Gaming,Health, Analytics, Financial Services
-
Product Website www.oppsense.com
COMPANY DESCRIPTION
International Business Development B2B Trade Delegations Startup Innovation Champion for Corporates Executive
Masterclass Programs in North America

Other Offices in EU
Website
Employees
Active Markets
-
www.piabo.net Founded 2006
Austria, France, Germany, Israel, Netherlands, Spain,
Sweden, Switzerland, United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Tilo Bonow
Founder & CEO
tilo.bonow@piabo.net
Tilo Bonow is a Platinum-level thought leader and value-adding investor who
drives market ownership for entrepreneurs in global arenas.
PIABO PR
Product Name
Public Relations, Social Media,
Content Marketing
Description
PIABO'sgoalis to help entrepreneurs actively achieve their growth goals
through excellent international communication.
Active Markets
Austria, France, Germany, Israel, Netherlands, Spain, Sweden,
Switzerland, United Kingdom
Product Categories Media, Communications, Marketing
E-Commerce Technology, Marketplaces, Media, Communications, Travel &
Transportation, Financial Technology, Financial Services, Health, Marketing,
Analytics, DigitalServices, Financial Services, Hardware,
Investor
-
Product Website www.piabo.net/leistungen/
COMPANY DESCRIPTION
PIABO's goalis to help entrepreneurs actively achieve their growth goals through excellent international communication.

Headquarters Porto,Portugal
Website
Employees
Active Markets
www.portuspark.org Founded 1991
Portugal
Ownership
Universities, City Halls, Government
Oganizations, Emblematic Companies,
BusinessAssociations
Revenues -
SALES CONTACTS
Paula Costa
Responsible for the Management of Marketing
pcosta@portuspark.org
Works at APCTP/PortusPark - Association of the Science and Technology
Park of Porto Responsible for the Management of Marketing
PortusPark - Science Parks &
Incubators Network
Product Name
Services
Description
Qualified Human Resources High Quality Infrastructures Incubation and Acceleration Support
ProgramsLink to the Scientific and Technologic System
Product Categories Marketplaces, Communications, Marketing
-
Pricing Video Link www.youtube.com/watch?v=PXIrepCRTS4
Product Website -
COMPANY DESCRIPTION
Qualified Human Resources HighQualityInfrastructures Incubation and Acceleration Support Programs Link to the
Scientific and Technologic System

Headquarters MADRID,SPAIN
-
Other Offices in EU
Website www.sastreriafinanciera.com/en/ Founded 2014
Active Markets Poland, Spain, United Kingdom
Ownership -
Revenues -
SALES CONTACTS
RICARDO OLABARRI
COFOUNDER
rolabarri@sastreriafinanciera.com
Graduated Law, MBA and FRM. Employed by Cuatrecasas, BBVA and Globalvia.
InvolvedImpact NGOs and Impact Investing
SASTRERIA FINANCIERA
Product Name
CORPORATEFINANCE
Description
Transactionfinancial services relatingthe origination, structuring, negotiation, closing,
management and exit of investments
Active Markets Spain
Marketplaces, Education Technology, Travel & Transportation, Marketing,
DigitalServices, Investor
-
Product Website -
COMPANY DESCRIPTION
Transaction financial services relating the origination, structuring, negotiation, closing, management and exit of
investments

Website www.scalebridge.io Founded 2016
Active Markets Germany, Netherlands
Ownership -
Revenues -
SALES CONTACTS
Abhishek Gupta
Partner
ag@scalebridge.io
Product Manager @ N26 and McMakler Corporate Finance Stints at BNP
Paribas, Allianz Global Investors, Berenberg WHU Graduate
Scalebridge
Product Name
Technical Recruiting
Description
Working together in defining and understanding the roles, sourcing best talent globally and
providingwithinterview ready pre-vetted tech candidates
Active Markets France, Germany, Netherlands
Product Categories DigitalServices, Offline Services
Retail, E-Commerce Technology, Marketplaces, Media, Education
Gaming,Gamblingand Betting, Health, Marketing, Analytics,
DigitalServices, Financial Services
-
Product Website www.scalebridge.io
COMPANY DESCRIPTION
Workingtogether in definingand understanding the roles, sourcing best talent globallyand providingwith interviewready
pre-vetted tech candidates

Headquarters Minsk, Belarus
Other Offices in EU
Website
Employees
Active Markets
-
www.solbeg.com Founded 2008
Germany, Israel, Lithuania, Russia, United
Kingdom
Ownership PrivateCompany
Revenues -
SALES CONTACTS
Yegor Kudrytski
Business Development Manager
yegor.kudrytski@solbeg.com
Currently Business Development in SolbegSoft. 7 years experience as Head of
Business Development in Cargo Aviation.
Sergey Siroezhkin
Chief Business Development Officer
sergey.siroezhkin@solbeg.com
Executive level professionalwith15 years of experience in
softwarehardware R&D and production.
SolbegSoft
Product Name
Software Development
Description
- Custom Applications Development - Enterprise Solutions - Re-engineering and Cloud
Migration - Testing and QA - Software Maintenance and Support
Active Markets Germany, Israel, Lithuania, Russia, United Kingdom
Retail, E-Commerce Technology, Marketplaces, Communications, Financial
Technology, Financial Services, Health, Marketing, Digital
Services, Financial Services
-
Product Website www.solbeg.com
COMPANY DESCRIPTION
- Custom Applications Development - Enterprise Solutions - Re-engineering and Cloud Migration- Testing and QA - Software
Maintenance and Support

Website www.techgdpr.com Founded 2017
Ownership -
Revenues -
SALES CONTACTS
Silvan Jongerius
Founder
contact@techgdpr.com
Ihave over 14 years of experience as an entrepreneur and in private
technology/media education in senior leadership/tech positions.
TechGDPR
Product Name
Initial GDPR compliance
audit
Description
Acareful analysis of whoyour data subjects are, whichdata you store on them, where
you store this, and whatyour business processes are workflow are.
-
Product Website -
COMPANY DESCRIPTION
A careful analysis of who your data subjects are, which data you store on them, where you store this, and what your
business processes are workflow are.

Headquarters Iasi,Romania
Website
Employees
Active Markets
www.thinslices.com Founded 2010
Austria, Belgium, France, Germany,
Netherlands, Switzerland, United Kingdom
Ownership -
Revenues -
SALES CONTACTS
Ilie Ghiciuc
CEO
ilie@thinslices.com
As a manager Iliehas delivered over 100 ITprojects for companies in the finance,
insurance, healthcare and publishing industries.
Thinslices
Product Name
Software Development
Services
Description
Design and build webapps, mobile apps, cloud solutions, back-end systems, complex
technology platforms, PoC implementations, MVPs and SaaS solutions.
Active Markets
Austria, Belgium, France, Germany, Netherlands, Switzerland, United
Kingdom
Retail, Marketplaces, Media, Communications, Education Technology, Travel &
Transportation,Financial Technology, Financial Services, Health, Analytics, Digital
Services, Offline Services, Financial Services
-
Product Website www.thinslices.com/services
Product Name
Design &Prototyping
Sprints
Description
Aprocess for rapidly delivering high-quality design prototypes together withall the necessary
artefactsrequired to start user testing and development.
Active Markets
Austria, Belgium, France, Germany, Netherlands, Switzerland, United
Kingdom
Retail, Marketplaces, Media, Communications, Education Technology, Travel &
Transportation,Financial Technology, Financial Services, Health, Marketing, Analytics,
DigitalServices, Offline Services, Financial Services
Pricing - Video Link -
Product Website https://www.thinslices.com/design-prototyping
COMPANY DESCRIPTION
Design and build web apps, mobile apps, cloud solutions, back-end systems, complex technology platforms, PoC
implementations, MVPs and SaaS solutions.

Website www.hrlab.de Founded 2016
Active Markets Germany, Switzerland
Ownership -
Revenues -
SALES CONTACTS
Kay Ackermann
Head of Business Development
info@hrlab.de
KayAckermann is co-founder, Head of Business Development and expert for
digitalHR processes withpassion for innovative technology.
tridion digital solutions
Product Name
HRlab
Description
HRlab is the modern Human Capital Management platform that combines all HR processes and
data in one solution including smart interfaces and analyses.
Active Markets Germany, Switzerland
Product Categories Analytics, Digital Services
-
Product Website www.hrlab.de
COMPANY DESCRIPTION
HRlab is the modern Human Capital Management platform that combines allHR processes and data in one solution
includingsmart interfaces and analyses.

Headquarters New York, United States
Other Offices in EU
Website
Employees
Active Markets
London|UK
www.triplelift.com Founded 2012
France, Germany, United Kingdom
Ownership -
Revenues > $100M
SALES CONTACTS
Eric Berry
CEO
eric@triplelift.com
CEO and co-founder of TripleLift, one of fastest growingprivate
companies in America.
TripleLift
Product Name
Programmatic Native Advertising
Description
We provide anative advertising platform for publishers to monetize and for
brands to buy through their DSPs.
Product Categories Marketplaces, Media, Marketing
Target Clients Industries Media, Marketing
-
Product Website
COMPANY DESCRIPTION
We provide a native advertising platform for publishers to monetize and for brands to buy through their DSPs.

Trading Comparables
1
Source: CapitalIQ (as of 29 May 2018).
29-May-18 Enterprise CAGR CAGR Margin
Company Value (€m) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019
Share Price
(% of year high)
EV / Revenue EV / EBITDA P/E
Advertising / Marketing
Ad Networks
Criteo (Europe) 1,002 44% 1.2x 1.1x 1.0x 11% 3.9x 3.8x 3.3x 10% 30% 9.9x 10.3x 8.6x
Taptica (Middle East) 236 58% 1.0x 0.6x 0.6x 31% 6.2x 5.3x 4.7x 14% 12% 7.8x 7.1x 6.3x
Matomy (Middle East) 48 41% 0.2x n/a n/a (100%) 1.8x n/a n/a (100%) n/a n/a n/a n/a
Mean 0.8x 0.9x 0.8x (19%) 4.0x 4.6x 4.0x (25%) 21% 8.8x 8.7x 7.4x
Intermediaries
Trade Desk (US) 2,896 94% 10.9x 7.7x 6.1x 34% 36.7x 24.9x 19.4x 37% 31% 52.9x 38.8x 30.5x
QuinStreet (US) 488 89% 1.7x 1.3x 1.2x 20% 27.5x 15.4x 11.5x 55% 8% 63.1x 20.4x 16.9x
FreakOut (AsiaPac) 281 53% 2.8x 2.5x 1.6x 32% 53.1x 50.3x 22.7x 53% 5% n/a n/a n/a
RhythmOne (US) 159 48% 0.6x 0.3x 0.3x 44% 12.8x 3.1x 2.1x 144% 11% n/a n/a n/a
SeaChange (US) 48 72% 0.7x 0.7x 0.6x 6% 10.0x 6.9x 5.4x 36% 10% 33.1x 18.5x 13.3x
Weborama (Europe) 47 90% n/a 1.2x 1.0x n/a 7.9x 6.2x 4.8x 29% 20% 57.0x 18.3x 17.5x
Cxense (Europe) 35 48% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Marin Software (US) 13 38% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Netccentric (AsiaPac) (1) 24% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
The Rubicon Project (US) (2) 41% n/m n/m n/m (9%) 0.6x 0.1x 0.2x 72% (23%) n/m n/m n/m
Mean 3.3x 2.3x 1.8x 21% 21.2x 15.3x 9.4x 61% 9% 51.6x 24.0x 19.6x
Data and Loyalty
HubSpot (US) 3,760 96% 11.7x 8.8x 7.1x 28% n/m 95.5x 65.6x 74% 9% n/m n/m 99.7x
Acxiom (US) 1,992 87% 2.6x 2.4x 2.3x 6% 13.4x 12.4x 11.9x 6% 20% 36.3x 28.4x 24.2x
Quotient Technology (US) 888 75% 3.2x 2.7x 2.3x 19% 21.9x 14.8x 10.9x 42% 18% 56.8x 36.3x 20.6x
Aimia (Canada) 243 52% 0.2x 0.2x 0.2x (14%) 1.5x 1.6x 1.6x (4%) 15% 2.9x 2.8x 3.2x
1000mercis (Europe) 81 59% 1.4x 1.2x 1.1x 14% 6.5x 7.3x 6.3x 2% 17% n/a n/a n/a
Marchex (US) 26 72% 0.3x 0.3x 0.3x (1%) 42.4x 24.7x 16.5x 60% 1% n/m n/m n/m
Somoto (Middle East) 22 51% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 3.2x 2.6x 2.2x 9% 17.1x 26.1x 18.8x 30% 13% 32.0x 22.5x 36.9x
Market Research
Nielsen (Europe) 16,426 68% 2.9x 2.8x 2.7x 4% 9.3x 9.2x 8.5x 5% 30% 11.2x 11.8x 10.5x
Gartner (US) 12,760 92% 4.5x 3.7x 3.3x 16% 21.1x 19.9x 17.6x 10% 19% 38.3x 34.3x 28.6x
Ipsos (Europe) 1,681 82% 0.9x 1.0x 0.9x 1% 8.2x 8.3x 7.8x 3% 12% 10.2x 9.7x 9.0x
comScore (US) 1,198 79% 2.3x 3.3x 3.3x (16%) 8.7x n/m 40.7x (54%) (1%) 12.5x n/a n/a
National Research Corporation (US) 698 81% 6.8x n/a n/a (100%) 20.8x n/a n/a (100%) n/a 38.1x n/a n/a
Forrester Research (US) 537 88% 1.9x 1.8x 1.7x 6% 16.2x 13.9x 12.0x 16% 13% 33.4x n/a n/a
YouGov (Europe) 505 97% 3.9x 3.6x 3.3x 10% 24.6x 20.8x 17.7x 18% 17% 35.5x 30.7x n/a
Intage (AsiaPac) 308 76% 0.8x 0.7x 0.7x 5% 6.9x 6.9x 6.6x 3% 11% n/a n/a n/a
Mean 3.0x 2.4x 2.3x (9%) 14.5x 13.2x 15.8x (12%) 14% 25.6x 21.7x 16.0x
Agencies
WPP (Europe) 23,384 70% 1.3x 1.3x 1.3x 1% 7.9x 8.2x 8.0x (1%) 16% 10.1x 10.5x 10.1x
Omnicom (US) 16,542 82% 1.2x 1.2x 1.2x 3% 8.2x 7.9x 7.5x 5% 15% 13.3x 12.4x 12.0x
Publicis Group (Europe) 14,114 86% 1.5x 1.5x 1.4x 0% 8.4x 8.4x 8.0x 2% 18% 12.9x 12.6x 11.8x
Dentsu (AsiaPac) 13,996 90% 1.9x 1.8x 1.6x 7% 9.9x 10.2x 8.8x 6% 17% n/a n/a n/a
Interpublic Group of Companies (US) 9,087 87% 1.3x 1.2x 1.2x 7% 9.3x 8.5x 8.3x 6% 14% 15.7x 13.0x 12.4x
JCDecaux (Europe) 6,137 72% 1.8x 1.7x 1.7x 3% 10.3x 10.1x 9.4x 4% 17% 24.9x 24.8x 21.2x
MDC Partners (US) 1,178 34% 0.9x 0.9x 0.8x 3% 6.7x 6.6x 6.1x 5% 14% 8.4x 13.7x 6.0x
Asatsu-DK (AsiaPac) - 92% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/a n/a n/a
Mean 1.4x 1.4x 1.3x (10%) 8.6x 8.6x 8.0x (9%) 16% 14.2x 14.5x 12.2x
Classifieds
Diversified
Next Co (US) 97,044 99% 6.5x 6.2x 5.9x 4% 12.2x 12.3x 11.2x 4% 51% 24.3x 21.0x 19.2x
Naspers (Africa) 92,978 75% 15.6x 14.8x 12.9x 10% n/m n/m 90.4x 90% 10% 41.5x 29.7x 21.0x
Recruit Holdings (AsiaPac) 37,837 97% 2.3x 2.1x 1.9x 9% 18.2x 17.1x 14.5x 12% 12% n/a n/a n/a
MercadoLibre (LatAm) 11,326 71% 9.6x 8.3x 5.3x 35% 69.5x n/m 59.2x 8% 5% n/m n/m n/m
58.com (AsiaPac) 9,685 88% 7.3x 5.8x 4.8x 24% 37.1x 26.1x 17.9x 44% 22% 49.2x 30.6x 21.5x
Schibsted (Europe) 5,808 87% 3.3x 3.0x 2.8x 7% 21.6x 16.9x 13.8x 25% 18% 53.3x 34.6x 23.9x
Scout24 (Europe) 5,190 94% 10.8x 9.9x 9.0x 9% 20.9x 18.1x 16.2x 14% 55% 31.2x 27.0x 23.7x
Info Edge India (AsiaPac) 1,756 85% 15.7x 13.4x 11.5x 17% 46.4x 37.3x 31.0x 22% 36% 61.3x 47.8x 40.1x
Trade Me (AsiaPac) 1,197 86% 8.2x 7.7x 7.2x 7% 12.5x 11.9x 11.3x 5% 65% 20.1x 19.2x 18.1x
Just Dial (AsiaPac) 522 93% 5.4x 4.9x 4.4x 10% 27.3x 22.6x 20.0x 17% 21% 30.6x 26.1x 22.8x
Mean 8.5x 7.6x 6.6x 13% 29.5x 20.3x 28.6x 24% 30% 38.9x 29.5x 23.8x
Real Estate
Zillow (US) 8,790 92% 9.5x 6.8x 4.9x 40% 43.1x 36.7x 26.9x 27% 19% n/m 76.8x 50.2x
REA Group (AsiaPac) 7,894 99% 16.5x 14.0x 12.4x 15% 28.9x 24.0x 20.9x 18% 58% 46.8x 38.3x 32.6x
Rightmove (Europe) 5,136 100% 18.4x 16.8x 15.5x 9% 24.4x 22.1x 20.5x 9% 76% 30.8x 27.7x 25.7x
ZPG (Europe) 2,794 97% 10.2x 7.7x 7.1x 20% 23.7x 19.6x 17.8x 16% 39% 32.0x 29.0x 24.7x
Fang Holdings (AsiaPac) 2,341 93% 5.9x 5.8x 5.0x 9% 50.7x 16.0x 11.6x 109% 36% n/m 20.5x 14.9x
Redfin (US) 1,413 66% 4.5x 3.4x 2.7x 29% n/m n/m 60.6x 972% 0% n/m n/m n/m
Mitula (Europe) 90 66% 4.0x 3.4x 3.0x 15% 11.2x 10.0x 9.1x 11% 34% 19.5x 17.5x 15.9x
Leju (AsiaPac) 42 49% 0.1x 0.1x 0.1x 24% n/m n/m n/a (100%) (6%) n/m 18.8x 58.7x
Mean 8.6x 7.2x 6.3x 20% 30.3x 21.4x 23.9x 133% 32% 32.3x 32.7x 31.8x
View Our Internet Trading Comps

Trading Comparables
2
Share Price
(% of year high)
Classifieds (Cont'd)
Automotive
Autohome (AsiaPac) 9,327 95% 11.4x 9.5x 7.9x 20% 33.0x 22.7x 18.6x 33% 42% 40.6x 28.8x 23.8x
Bitauto (AsiaPac) 4,700 41% 4.1x 3.1x 2.5x 29% 26.8x 41.1x 14.6x 36% 8% 13.0x 12.7x 7.6x
Auto Trader (Europe) 4,353 82% 11.8x 11.0x 10.6x 5% 16.8x 15.7x 14.7x 7% 70% 20.7x 19.1x 17.7x
Cargurus (US) 2,879 79% 10.6x 7.9x 6.7x 26% n/m n/m 74.5x 46% 8% n/m n/m n/m
Carsales.com (AsiaPac) 2,385 92% 9.4x 7.8x 7.0x 16% 19.1x 16.3x 14.6x 14% 48% 27.8x 24.9x 22.3x
BCA Marketplace (Europe) 2,174 84% 0.8x 0.8x 0.7x 9% 12.9x 11.8x 10.8x 9% 6% 18.7x 16.7x 15.0x
Carvana (US) 1,183 86% 1.6x 0.8x 0.4x 94% n/m n/m n/m (77%) (8%) n/m n/m n/m
TrueCar (US) 688 44% 2.5x 2.2x 1.9x 14% 28.5x 21.2x 14.7x 39% 10% n/m 63.8x 33.9x
Mean 6.5x 5.4x 4.7x 27% 22.9x 21.4x 23.2x (10%) 23% 24.2x 27.7x 20.0x
Recruitment
Axel Springer (Europe) 8,638 84% 2.5x 2.7x 2.6x (2%) 13.3x 11.6x 10.6x 12% 23% 22.8x 21.1x 19.1x
Seek (AsiaPac) 5,415 97% 7.2x 6.1x 5.5x 14% 20.6x 18.2x 16.2x 13% 34% 36.0x 31.7x 27.8x
51job (AsiaPac) 5,044 97% 2.0x 1.5x 1.3x 28% 5.8x 4.4x 3.4x 31% 35% 7.4x 5.3x 4.1x
Dice Holdings (US) 119 74% 0.7x 0.8x 0.8x (9%) 3.5x 3.8x 4.5x (12%) 21% 17.4x 9.8x 15.1x
Mean 3.1x 2.8x 2.5x 8% 10.8x 9.5x 8.7x 11% 28% 20.9x 17.0x 16.5x
Content Providers
IAC (US) 11,772 91% 4.2x 3.3x 2.9x 20% 23.5x 14.1x 11.6x 42% 23% 59.0x 22.7x 17.8x
TechTarget (US) 621 100% 6.6x 5.8x 5.1x 14% 33.2x 23.7x 18.5x 34% 24% 65.9x 35.2x 26.2x
XO Group (US) 606 100% 4.4x 4.2x 3.8x 7% 25.1x 19.0x 16.8x 22% 22% 92.9x 51.0x 43.0x
Mean 5.1x 4.4x 4.0x 14% 27.3x 19.0x 15.6x 33% 23% 72.6x 36.3x 29.0x
Digital Entertainment
Netflix (US) 134,995 99% 13.3x 9.7x 7.8x 31% n/m 74.5x 48.3x 73% 13% n/m n/m 72.0x
Spotify (Europe) 23,540 90% n/a 5.3x 4.1x n/a n/a n/m n/m n/a (4%) n/a n/m n/m
Freenet (Europe) 4,222 73% 1.2x 1.3x 1.3x (5%) 8.8x 9.6x 9.3x (3%) 14% 10.4x 12.8x 11.8x
Bilibili (AsiaPac) 4,009 97% n/a 1.1x 0.7x n/a n/a 8.5x 2.9x n/a 12% n/a 84.1x 4.5x
Roku (US) 3,255 66% 7.4x 5.4x 4.1x 35% n/m n/m 93.6x n/a (0%) n/a n/m n/m
Pandora (US) 1,754 70% 1.4x 1.3x 1.2x 8% n/m n/m n/m (67%) (6%) n/m n/m n/m
Pandora Media (US) 1,754 70% 1.4x 1.3x 1.2x 8% n/m n/m n/m (67%) (6%) n/m n/m n/m
Xunlei (AsiaPac) 382 44% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Brave Bison (Europe) 5 33% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 5.0x 3.6x 2.9x 15% 8.8x 30.9x 38.6x (16%) 3% 10.4x 48.5x 29.5x
E-Commerce
Diversified
Amazon (US) 694,245 98% 4.5x 3.4x 2.8x 28% 41.9x 26.9x 20.4x 43% 13% n/m n/m 80.5x
Alibaba (AsiaPac) 438,392 96% 15.0x 8.9x 6.3x 54% 33.0x 25.1x 17.9x 36% 36% 40.9x 32.3x 23.3x
Rakuten (AsiaPac) 11,298 52% 1.5x 1.3x 1.2x 14% 7.2x 8.0x 7.1x 0% 17% n/a n/a n/a
Investment AB Kinnevik (Europe) 8,207 93% 83.9x 79.7x 79.7x 3% n/m n/m n/m 12% (21%) 37.7x 47.9x 39.0x
Liberty Ventures (US) 6,049 77% n/a 7.4x 7.3x n/a n/a 26.1x 24.9x n/a 28% n/a n/m n/m
B2W (LatAm) 2,976 73% 1.7x 1.7x 1.6x 4% 19.1x 14.9x 11.2x 30% 12% n/m n/m n/m
Vostok New Ventures (AsiaPac) 658 97% 3.1x 2.5x 2.1x 23% 5.4x 4.2x 3.3x 28% 61% 6.5x 6.0x 4.9x
Rocket Internet (Europe) 588 87% 8.6x 9.1x 8.3x 2% n/m n/m n/m 21% (125%) n/m n/m n/m
Netshoes (LatAm) 140 11% 0.3x 0.3x 0.3x 2% n/m n/m 22.0x n/a (0%) n/m n/m n/m
Mean 14.8x 12.7x 12.2x 16% 21.3x 17.5x 15.3x 24% 2% 28.4x 28.7x 36.9x
Personalized
Cimpress (Europe) 4,501 80% 2.2x 1.9x 1.7x 13% 17.9x 14.8x 11.5x 24% 13% 62.3x n/a n/a
Stamps.com (US) 3,780 99% 9.5x 8.0x 6.9x 18% 19.2x 17.2x 14.3x 16% 46% 26.0x 23.7x 21.0x
Shutterfly (US) 2,788 95% 2.8x 1.6x 1.4x 40% 14.5x 8.2x 7.5x 39% 19% n/m 29.9x 26.8x
CEWE Stiftung (Europe) 640 93% 1.1x 1.0x 0.9x 6% 7.0x 6.7x 6.4x 5% 15% 18.3x 16.8x 15.6x
Eve Sleep (Europe) 105 59% 3.3x 1.6x 0.9x 94% n/m n/m n/m n/a (25%) n/m n/m n/m
Oponeo.pl (Europe) 122 77% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Cafepress Inc. (US) 1 52% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 3.8x 2.8x 2.4x 34% 14.6x 11.7x 9.9x 21% 14% 35.5x 23.5x 21.1x
Online Food & Restaurants
Delivery Hero (Europe) 6,615 96% 12.0x 8.6x 6.3x 39% n/m n/m n/m n/a (8%) n/m n/m n/m
Just Eat (Europe) 6,233 92% 10.3x 7.6x 6.3x 28% 33.5x 29.6x 21.9x 24% 26% 50.5x 46.1x 33.9x
Takeaway.com (Europe) 1,972 87% 11.9x 8.5x 6.6x 34% n/m n/m 69.1x n/a (4%) n/m n/m 95.6x
Hellofresh (Europe) 1,521 78% 1.7x 1.2x 1.0x 31% n/m n/m 35.1x n/a (4%) n/m n/m n/m
Blue Apron (US) 479 27% 0.6x 0.7x 0.6x 2% n/m n/m n/m (83%) (7%) n/m n/m n/m
Mean 7.3x 5.3x 4.2x 27% 33.5x 29.6x 42.0x (30%) 1% 50.5x 46.1x 64.7x
Marketplaces
eBay (US) 36,138 80% 4.4x 3.8x 3.5x 12% 12.1x 11.4x 10.6x 7% 34% 17.2x 16.2x 14.8x
GrubHub (US) 7,776 90% 13.2x 9.4x 7.5x 33% 49.6x 34.9x 26.8x 36% 27% 91.2x 57.3x 44.3x
Kakaku (AsiaPac) 3,764 100% n/a 9.3x 8.4x n/a n/a 18.2x 16.5x n/a 51% n/a n/a n/a
Etsy (US) 2,861 96% 7.6x 6.1x 5.1x 21% 44.5x 26.8x 21.3x 45% 23% 52.0x 45.3x 34.9x
Shutterstock (US) 1,141 87% 2.4x 2.1x 1.9x 13% 14.5x 12.6x 10.5x 18% 17% 38.8x 33.1x 24.7x
Care.com (US) 494 97% 3.3x 3.0x 2.6x 12% 26.1x 18.0x 15.0x 32% 16% 31.7x 23.3x 20.2x
Liquidity Services (US) 69 70% 0.3x 0.4x n/a (100%) n/m n/m n/a (100%) (7%) n/m n/m n/a
MyHammer (Europe) 45 93% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 5.2x 4.8x 4.8x (2%) 29.4x 20.3x 16.8x 6% 23% 46.2x 35.0x 27.8x

Trading Comparables
3
Share Price
(% of year high)
E-Commerce (Cont'd)
Verticals / Players
JD.com (AsiaPac) 43,515 72% 0.1x 0.1x 0.1x 28% 8.4x 5.9x 3.0x 67% 2% 10.2x 8.0x 4.6x
Ocado (Europe) 6,976 87% 4.2x 3.8x 3.3x 12% 66.7x 67.8x 55.7x 9% 6% n/m n/m n/m
Wayfair (US) 6,873 91% 1.7x 1.2x 1.0x 34% n/m n/m n/m (12%) (2%) n/m n/m n/m
Monotaro (AsiaPac) 4,192 96% 6.0x 4.9x 4.0x 22% 40.8x 33.3x 27.8x 21% 15% n/a n/a n/a
CTS Eventim (Europe) 3,356 93% 3.4x 3.0x 2.9x 9% 15.7x 14.1x 12.8x 11% 21% 33.1x 31.9x 27.4x
Proto Labs (US) 2,733 94% 9.2x 7.1x 6.2x 21% 32.4x 25.7x 22.5x 20% 27% 57.3x 40.9x 35.5x
Abcam (Europe) 2,709 91% 10.5x 9.6x 8.7x 10% 31.5x 24.1x 21.8x 20% 40% 41.7x 35.5x 32.1x
Zooplus (Europe) 1,217 90% 1.1x 0.9x 0.7x 22% n/m n/m 58.8x 47% 0% n/m n/m n/m
AO World (Europe) 799 91% 0.9x 0.8x 0.7x 13% n/m n/m 32.3x n/a 1% n/a n/m 57.5x
Overstock.com (US) 710 37% 0.5x 0.4x 0.4x 7% n/m n/m n/m n/a (7%) n/m n/m n/m
1-800-Flowers.com (US) 665 97% 0.7x 0.7x 0.6x 2% 9.3x 8.7x 8.3x 6% 8% 30.6x 22.7x 20.7x
PetMed Express (US) 594 65% 2.6x 2.4x 2.2x 8% 14.2x 12.0x n/a (100%) 20% 24.0x 17.1x 14.8x
Zur Rose Group (Europe) 588 79% 0.7x 0.6x 0.5x 20% n/m n/m 40.7x n/a (1%) n/m n/m n/m
Cogobuy (AsiaPac) 503 46% 0.4x 0.2x 0.2x 47% 5.9x 4.1x 3.2x 36% 5% 10.0x 6.1x 4.7x
Shop Apotheke Europe (Europe) 489 66% 1.7x 0.9x 0.7x 55% n/m n/m 68.1x n/a 0% n/m n/m n/m
LDLC.com (Europe) 132 52% 0.3x 0.2x 0.2x 13% 9.1x 7.7x 6.2x 21% 3% 17.6x 14.9x 10.7x
Delticom (Europe) 121 49% 0.2x 0.2x 0.2x 8% 9.4x 7.8x 6.7x 18% 2% 32.0x 21.3x 14.8x
U.S. Auto Parts Network (US) 51 50% 0.2x 0.2x 0.2x 2% 4.3x 4.3x 3.5x 10% 4% n/a n/m 19.6x
Mean 2.5x 2.1x 1.8x 19% 20.6x 18.0x 24.8x 13% 8% 28.5x 22.1x 22.0x
Fashion and Flash Sales
Zalando (Europe) 10,025 89% 2.2x 1.8x 1.5x 22% 37.2x 30.0x 23.2x 27% 6% 85.1x 75.0x 56.5x
Start Today (AsiaPac) 9,256 97% 12.5x 9.5x 7.1x 33% 36.1x 29.8x 24.1x 23% 32% n/a n/a n/a
ASOS (Europe) 6,265 85% 2.8x 2.2x 1.7x 29% 41.3x 31.1x 23.9x 31% 7% 80.4x 63.8x 51.0x
Vipshop (AsiaPac) 6,119 61% 0.1x 0.1x 0.1x 25% 2.1x 1.8x 1.3x 29% 4% 2.7x 2.3x 1.7x
Yoox Net-A-Porter (Europe) 5,107 100% 2.4x 2.1x 1.8x 17% 30.0x 24.9x 18.5x 27% 9% 90.4x 73.2x 48.0x
Boohoo.com (Europe) 2,563 75% 5.3x 2.9x 2.2x 55% 52.2x 31.8x 24.5x 46% 9% 80.2x 55.6x 46.6x
Stitch Fix (US) 1,450 66% n/a 1.3x 1.0x n/a n/a 36.9x 33.2x n/a 3% n/a n/m 99.0x
MySale Group (AsiaPac) 150 73% 0.5x 0.4x n/a (100%) 12.8x 9.9x n/a (100%) 4% 35.8x 29.7x n/a
LightInTheBox (AsiaPac) 60 58% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Windeln.de (Europe) 31 43% 0.1x 0.2x 0.1x 2% n/m n/m n/m (75%) (9%) n/m n/m n/m
Jumei (AsiaPac) 6 57% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 3.3x 2.3x 1.9x 10% 30.3x 24.5x 21.2x 1% 7% 62.4x 49.9x 50.5x
Finance and Price Comparison
Moneysupermarket (Europe) 1,893 85% 4.9x 4.8x 4.5x 4% 12.8x 13.0x 12.3x 2% 37% 18.7x 18.8x 17.3x
Hypoport (Europe) 902 91% 4.6x 3.8x 3.4x 17% 28.6x 23.6x 20.1x 19% 16% 47.0x 37.2x 32.2x
Jianpu Tech (AsiaPac) 644 61% 0.5x 0.4x 0.2x 75% n/m n/m 2.8x n/a (6%) n/m n/m 4.1x
Gruppo MutuiOnline (Europe) 463 73% 3.0x 2.6x 2.3x 13% 10.2x 8.9x 8.1x 12% 29% 18.9x 17.6x 15.7x
iSelect (AsiaPac) 67 28% 0.5x 0.5x 0.5x 7% 4.2x 4.4x 3.6x 7% 12% 9.8x 9.8x 7.6x
Comperia (Europe) 4 100% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
HubStyle (Grupa Nokaut) (Europe) 2 23% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
LendingClub (US) - 51% n/m n/m n/m 19% n/m n/m n/m 74% 12% n/m 35.8x 18.4x
Ferratum (Europe) - 72% n/m n/m n/m 30% n/m n/m n/m 36% 16% 24.2x 16.3x 12.3x
On Deck Capital (US) - 93% n/m n/m n/m 11% n/m n/m n/m 191% 7% n/m 18.7x 13.6x
Mean 2.7x 2.4x 2.2x 22% 13.9x 12.4x 9.4x 49% 15% 23.7x 22.0x 15.2x
Other
LendingTree (US) 2,706 64% 5.1x 4.0x 3.2x 27% 27.7x 21.0x 15.8x 32% 19% 60.0x 39.9x 27.0x
Yelp (US) 2,379 88% 3.3x 2.9x 2.5x 15% 17.5x 14.9x 11.5x 23% 19% 40.4x 30.4x 23.6x
Groupon (US) 1,879 79% 0.8x 0.8x 0.8x (2%) 9.1x 7.6x 7.1x 14% 11% 35.9x 19.2x 16.8x
Gocompare.com (Europe) 637 90% 3.7x 3.2x 3.1x 10% 14.9x 11.8x 10.7x 18% 27% 19.0x 14.7x 13.2x
eHealth (US) 294 69% 2.0x 1.5x 1.3x 22% n/m 13.8x 9.5x n/a 11% n/m 24.3x 14.4x
Gurunavi (AsiaPac) 279 45% 1.0x 1.0x 1.0x (1%) 4.4x 5.0x 5.5x (11%) 20% n/a n/a n/a
Mean 2.6x 2.2x 2.0x 12% 14.7x 12.3x 10.0x 15% 18% 38.8x 25.7x 19.0x
Education
New Oriental Education (AsiaPac) 11,310 91% 6.4x 4.7x 3.5x 35% 38.7x 31.1x 20.9x 36% 15% 48.8x 37.9x 27.3x
Pearson (Europe) 8,919 97% 1.7x 1.9x 1.9x (5%) 11.0x 11.3x 10.5x 2% 17% 16.7x 18.1x 16.1x
2U (US) 4,402 94% 17.8x 12.4x 9.4x 38% n/m n/m n/m 62% 4% n/m n/m n/m
Chegg (US) 2,485 100% 11.4x 9.4x 7.8x 21% 63.7x 36.8x 27.4x 53% 26% n/m 63.0x 47.2x
Pluralsight (US) 1,638 99% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Instructure (US) 1,128 90% 8.3x 6.3x 5.0x 29% n/m n/m n/m (36%) (10%) n/m n/m n/m
Capella Education (US) 806 95% 2.1x 2.1x 2.0x 2% 10.8x 10.6x 9.9x 5% 20% 25.7x 20.9x 19.4x
Cambium Learning Group (US) 455 73% n/a 3.3x 3.1x n/a n/a 11.1x 9.9x n/a 30% n/a 25.0x 20.5x
American Public Education (US) 444 93% 1.7x 1.7x 1.6x 2% 10.1x 9.5x 8.8x 7% 18% 38.7x 25.8x 23.1x
K12 (US) 374 81% 0.5x 0.5x n/a (100%) 3.8x 3.7x n/a (100%) 13% 29.0x 51.1x n/a
Boxlight (US) 57 38% 2.4x 1.9x n/a (100%) n/a n/a n/a n/a - n/a n/a n/a
Mean 5.8x 4.4x 4.3x (9%) 23.0x 16.3x 14.6x 4% 13% 31.8x 34.5x 25.6x

Trading Comparables
4
Share Price
(% of year high)
Fitness & Wearbles
Under Armour (US) 8,097 88% 1.9x 1.8x 1.7x 6% 29.1x 27.6x 21.9x 15% 7% 99.3x n/m 62.9x
GoPro (US) 653 47% 0.6x 0.7x 0.7x (2%) n/m n/m 14.6x n/a (0%) n/m n/m n/m
Fitbit (US) 558 74% 0.4x 0.4x 0.4x (4%) n/m n/m n/m (4%) (4%) n/m n/m n/m
Huami Corporation (AsiaPac) 426 88% 0.2x 0.2x 0.1x 49% 3.2x 3.8x 1.2x 62% 4% 3.8x 2.1x 1.5x
Mean 0.8x 0.8x 0.7x 12% 16.1x 15.7x 12.5x 25% 1% 51.6x 2.1x 32.2x
Gambling
Paddy Power Betfair (Europe) 8,567 100% 4.4x 4.0x 3.8x 8% 16.4x 15.5x 14.7x 6% 26% 23.8x 22.5x 21.3x
Amaya (Canada) 6,748 93% 7.8x 6.1x 4.9x 25% 16.7x 14.6x 11.7x 19% 42% 14.9x 13.1x 11.5x
GVC Holdings (Europe) 6,677 98% 6.0x 1.6x 1.5x 99% 21.5x 7.3x 6.7x 79% 22% 30.6x 12.4x 11.1x
Playtech (Europe) 2,757 77% 2.9x 2.8x 2.3x 13% 7.5x 7.1x 5.5x 16% 40% 10.0x 9.8x 8.1x
Net Entertainment (Europe) 1,121 63% 7.1x 6.4x 5.8x 11% 15.5x 13.6x 12.4x 12% 47% 22.5x 19.4x 18.6x
888 Holdings (Europe) 1,092 92% 1.7x 1.7x 1.6x 5% 9.8x 8.8x 8.2x 10% 19% 16.4x 15.3x 13.4x
Bet-at-home.com (Europe) 419 50% 3.5x 3.4x 3.3x 3% 11.6x 11.7x 10.9x 3% 29% 16.2x 16.5x 15.2x
Sportech (Europe) 158 77% 1.7x 1.9x 1.8x (5%) 11.1x 14.5x 13.7x (10%) 13% 26.2x n/a n/a
ZEAL Network (Europe) 101 93% 0.7x 0.6x 0.6x 9% 4.3x 2.9x 2.3x 37% 22% 14.1x 9.8x 7.6x
Mean 4.0x 3.2x 2.8x 19% 12.7x 10.7x 9.6x 19% 29% 19.4x 14.9x 13.4x
Gaming
MMO
NetEase (AsiaPac) 21,647 61% 3.0x 2.3x 1.8x 30% 12.3x 15.8x 12.0x 1% 15% 14.6x 18.5x 15.0x
Nexon (AsiaPac) 9,597 89% 5.3x 4.5x 4.1x 13% 12.1x 9.6x 8.8x 17% 46% n/a n/a n/a
Sea Limited (US) 8,877 89% 2.3x 2.2x 2.1x 5% 12.4x 11.3x 10.8x 7% 19% 21.0x 17.7x 16.3x
NCsoft (AsiaPac) 4,745 71% 3.3x 3.4x 2.6x 13% 9.4x 8.4x 6.5x 21% 40% 15.5x 15.6x 11.2x
HUYA (AsiaPac) 3,989 96% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
NetDragon (AsiaPac) 1,028 59% 2.4x 2.0x 1.6x 22% 29.0x 18.1x 15.4x 37% 11% n/m 80.0x 33.3x
WeMade (AsiaPac) 489 81% 5.7x 3.8x 3.1x 37% 70.5x 15.3x 11.6x 147% 25% 66.1x 26.3x 19.4x
Rovio (Europe) 334 43% 1.1x 1.2x 1.1x (1%) 5.0x 7.7x 6.9x (15%) 16% 13.3x 20.7x 13.7x
Changyou (AsiaPac) (108) 40% n/m n/m n/m (7%) n/m n/m n/m (18%) 23% 6.0x 18.1x 8.6x
Mean 3.3x 2.7x 2.3x 14% 21.5x 12.3x 10.3x 25% 24% 22.8x 28.1x 16.8x
Mobile and Casual
Colopl (Europe) 17,680 98% 8.3x 7.8x 7.2x 8% 22.8x 22.2x 20.6x 5% 35% 33.3x 32.1x 29.4x
CyberAgent (AsiaPac) 5,692 92% 1.9x 1.6x 1.3x 18% 17.8x 15.6x 13.0x 17% 10% n/a n/a n/a
Youzu (AsiaPac) 2,629 63% 5.6x 4.4x 3.4x 28% 20.7x 19.8x 13.5x 24% 22% 23.8x 16.9x 13.3x
Zynga (US) 2,554 96% 3.5x 3.3x 2.9x 9% 22.9x 17.6x 13.9x 28% 19% 41.4x 28.6x 22.1x
GREE (Europe) 2,084 70% 0.8x 0.7x 0.7x 4% 9.4x 8.6x 8.1x 8% 8% 12.6x 12.1x 11.4x
DeNA (AsiaPac) 1,819 73% 1.6x 1.6x 1.5x 4% 6.8x 8.6x 6.2x 5% 18% n/a n/a n/a
GungHo Online (AsiaPac) 1,199 71% 1.6x 1.8x 1.9x (7%) 3.9x 5.9x 6.2x (21%) 30% n/a n/a n/a
NHN Entertainment (AsiaPac) 800 78% 1.1x 1.0x 0.9x 9% 13.6x 9.3x 8.0x 30% 11% 29.2x 11.9x 15.5x
Glu Mobile (US) 619 95% 2.3x 1.9x 1.7x 14% n/m 20.8x 14.6x n/a 9% n/m 23.2x 15.9x
Gumi (AsiaPac) 171 56% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
IGNIS (AsiaPac) 162 44% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Focus Home Interactive (Europe) 144 65% 1.7x 1.3x 1.2x 19% 14.3x 9.7x 8.9x 27% 14% 24.3x 14.0x 13.8x
Ourgame (AsiaPac) 90 39% 1.4x 1.0x 1.0x 18% n/a n/a n/a n/a - n/m 11.8x 7.0x
Boyaa Interactive (AsiaPac) (38) 73% n/m n/m n/m 3% n/a n/a n/a n/a - 6.5x 7.1x 5.9x
Mean 2.7x 2.4x 2.2x 11% 14.7x 13.8x 11.3x 14% 15% 24.4x 17.5x 14.9x
Console & PC
Activision Blizzard (US) 45,760 89% 7.5x 7.0x 6.5x 7% 20.4x 18.7x 16.2x 12% 38% 30.9x 26.8x 23.0x
Electronic Arts (US) 31,100 98% 7.1x 6.6x 6.0x 9% 21.2x 18.5x 15.3x 18% 36% 32.5x 27.4x 23.1x
Take-Two Interactive (US) 9,741 86% 5.6x 4.4x 4.2x 16% 21.3x 17.0x 12.4x 31% 26% 32.7x 26.3x 19.1x
Ubisoft Entertainment (Europe) 9,671 98% 5.3x 4.6x 4.2x 13% 14.5x 10.9x 10.1x 20% 42% 51.8x 31.0x 31.3x
Bandai Namco (AsiaPac) 6,286 99% 1.2x 1.1x 1.1x 4% 9.1x 8.4x 8.0x 7% 13% n/a n/a n/a
Konami (AsiaPac) 4,626 78% 2.3x 2.3x 2.3x 2% 9.6x 9.0x 7.9x 10% 25% n/a n/a n/a
Square Enix (AsiaPac) 3,903 91% 1.8x 1.8x 1.7x 4% 11.6x 10.0x 8.5x 16% 19% n/a n/a n/a
CD Projekt (Europe) 3,047 97% 29.1x 26.1x 8.1x 90% 54.1x 66.7x 13.1x 103% 39% 72.4x 80.8x 21.0x
Sega Sammy (AsiaPac) 2,736 96% 1.0x 1.0x 0.9x 2% 7.8x 7.8x 6.4x 10% 13% n/a n/a n/a
Paradox Interactive (Europe) 2,099 99% 27.0x 18.5x 14.6x 36% 45.4x 29.9x 22.4x 42% 62% 87.0x 51.9x 40.4x
Capcom (AsiaPac) 1,977 96% 2.8x 2.4x 2.5x 6% 10.6x 10.4x 9.3x 6% 23% n/a n/a n/a
Marvelous (AsiaPac) 280 75% 1.4x 1.3x 1.2x 7% n/a n/a n/a n/a - n/a n/a n/a
Mean 7.7x 6.4x 4.4x 16% 20.5x 18.8x 11.8x 25% 28% 51.2x 40.7x 26.3x

Trading Comparables
5
Share Price
(% of year high)
Hardware & Semiconductors
Apple (US) 828,677 99% 4.0x 3.6x 3.5x 7% 13.0x 11.8x 11.4x 7% 31% 18.4x 15.2x 15.1x
Samsung (AsiaPac) 243,011 89% 1.3x 1.2x 1.1x 5% 3.9x 3.3x 3.2x 10% 36% 9.0x 7.5x 7.6x
IBM (US) 141,408 83% 2.1x 2.0x 2.0x 1% 8.5x 8.8x 8.3x 1% 23% 10.0x 10.2x 10.2x
Sony (AsiaPac) 46,359 90% 0.7x 0.7x 0.7x 1% 5.4x 5.4x 5.0x 4% 12% n/a n/a n/a
Hitachi (AsiaPac) 40,941 86% 0.6x 0.5x 0.5x 2% 4.6x 4.8x 4.5x 1% 11% n/a n/a n/a
Philips (Europe) 35,618 96% 2.0x 2.0x 1.9x 3% 12.5x 11.7x 10.8x 8% 17% 23.9x 21.0x 18.7x
HP (US) 26,275 79% 0.9x 1.0x 1.0x (3%) 5.4x 5.7x 5.6x (2%) 18% 12.1x 10.3x 10.2x
Hewlett Packard Enterprise (US) 26,275 79% 0.9x 1.0x 1.0x (3%) 5.4x 5.7x 5.6x (2%) 18% 12.1x 10.3x 10.2x
Nokia (Europe) 24,024 86% 1.0x 1.1x 1.1x (1%) 8.0x 8.3x 7.2x 5% 13% 16.1x 21.6x 16.2x
Motorola (US) 19,733 98% 3.6x 3.1x 3.0x 9% 13.0x 11.4x 10.5x 11% 27% 19.5x 15.2x 14.1x
Toshiba (AsiaPac) 19,261 88% 0.5x 0.8x 0.6x (10%) 1.8x 10.8x 13.1x (63%) 7% n/a n/a n/a
Sharp (AsiaPac) 13,425 69% 0.7x 0.7x 0.6x 4% 9.2x 8.9x 8.7x 3% 8% n/a n/a n/a
Fujitsu (AsiaPac) 11,487 73% 0.3x 0.4x 0.4x (4%) 4.5x 3.8x 4.2x 4% 10% n/a n/a n/a
Unisplendour (AsiaPac) 9,900 83% 1.9x 1.7x 1.4x 16% n/a n/a n/a n/a - 71.6x 60.2x 52.1x
Lenovo (AsiaPac) 8,178 79% 1.7x 1.6x 1.5x 5% 68.8x 53.5x 46.1x 22% 3% n/m n/m 79.6x
LG (US) 6,286 65% 1.7x 1.9x 1.7x (0%) 11.5x 13.2x 11.1x 2% 14% 12.6x 22.3x 19.5x
Quanta Computer (AsiaPac) 5,550 67% 0.2x 0.2x 0.2x 3% 7.6x 7.4x 6.4x 9% 3% 13.4x 12.5x 10.7x
Pegatron Corporation (AsiaPac) 4,865 66% 0.1x 0.1x 0.1x 7% 4.6x 4.6x 3.8x 11% 3% 10.3x 10.6x 8.5x
ASUSTeK Computer (AsiaPac) 3,796 94% 0.3x 0.3x 0.3x 1% 9.2x 7.3x 7.0x 15% 5% 13.8x 13.1x 12.1x
Foxconn (AsiaPac) 1,643 74% 0.4x 0.4x 0.4x 1% 4.5x 4.3x 4.0x 6% 9% 10.3x 10.8x 10.0x
Acer (AsiaPac) 1,444 73% 0.2x 0.2x 0.2x 3% 10.4x 8.9x 7.9x 15% 2% 27.0x 18.9x 17.4x
nLIGHT (US) 1,127 96% n/a 6.9x 5.5x n/a n/a 44.7x 31.4x n/a 15% n/a 85.4x 56.1x
One Stop Systems (US) 41 70% 1.7x 1.3x 0.9x 34% 29.6x 29.6x 11.6x 60% 4% n/m 56.6x 18.2x
Mean 1.2x 1.4x 1.3x 4% 11.5x 12.4x 10.3x 6% 13% 18.7x 23.6x 21.5x
Computer Peripherals & Storage
Hon Hai Precision Industry (AsiaPac) 42,462 72% 0.3x 0.3x 0.3x 2% 7.0x 7.2x 6.2x 6% 4% 11.3x 11.8x 10.0x
Western Digital (US) 27,769 81% 1.6x 1.5x 1.5x 3% 4.5x 4.5x 5.1x (6%) 34% 6.7x 5.8x 6.1x
Seagate (Europe) 15,865 91% 1.7x 1.6x 1.7x 2% 8.4x 7.4x 7.8x 4% 22% 13.9x 9.7x 10.6x
NetApp (US) 12,528 92% 2.5x 2.4x 2.3x 6% 11.1x 10.2x 8.8x 12% 23% 20.3x 17.1x 15.4x
Zebra Technologies (US) 8,912 98% 2.8x 2.6x 2.5x 6% 15.2x 12.8x 12.3x 11% 20% 22.4x 15.3x 14.7x
Logitech (Europe) 5,224 97% 2.5x 2.2x 2.0x 11% 20.8x 17.0x 15.9x 14% 13% 27.6x 23.2x 20.5x
Shenzen Huiding (AsiaPac) 3,796 94% 0.3x 0.3x 0.3x 1% 9.2x 7.3x 7.0x 15% 5% 13.8x 13.1x 12.1x
Pure Storage (US) 3,487 84% 4.0x 3.0x 2.4x 30% n/m 33.7x 20.9x 198% 9% n/m n/m 44.4x
Lite-On (AsiaPac) 1,895 74% 0.3x 0.3x 0.3x (1%) 4.3x 4.3x 3.9x 4% 7% 32.6x 11.4x 10.2x
PCI-Suntek (AsiaPac) 1,636 65% 2.8x 1.9x 1.4x 43% n/a n/a n/a n/a - 61.6x 33.1x 18.5x
Chicony (AsiaPac) 1,462 88% 0.6x 0.6x 0.6x 8% 6.7x 7.1x 5.9x 7% 9% 12.8x 13.2x 10.3x
Synaptics (US) 1,413 66% 0.9x 1.0x 0.9x 2% 7.3x 7.4x 7.3x (0%) 13% 9.3x 9.2x 7.9x
Phison Electronics (AsiaPac) 1,092 62% 0.9x 0.9x 0.8x 4% 5.3x 6.3x 7.0x (13%) 14% 9.4x 12.1x 11.8x
Mean 1.6x 1.4x 1.3x 9% 9.1x 10.4x 9.0x 21% 13% 20.1x 14.6x 14.8x
Semiconductors
Intel (US) 233,863 99% 4.4x 4.0x 3.9x 6% 10.5x 9.4x 8.7x 10% 42% 16.4x 14.0x 13.4x
Taiwan Semiconductor (AsiaPac) 153,204 85% 5.5x 5.1x 4.6x 9% 8.3x 7.7x 6.9x 9% 67% 17.1x 16.1x 14.2x
NVIDIA (US) 126,012 95% 15.3x 11.2x 10.0x 24% 44.7x 28.0x 25.7x 32% 40% 53.1x 31.1x 28.9x
Broadcom (US) 100,563 99% 6.2x 5.6x 5.3x 8% 8.6x 8.9x 8.6x 0% 63% 12.9x 11.7x 10.9x
Texas Instruments (US) 94,262 92% 7.3x 6.8x 6.5x 5% 15.7x 14.4x 13.8x 6% 47% 23.6x 19.4x 17.6x
ASML (Europe) 72,439 97% 8.4x 6.9x 6.4x 14% 26.6x 22.0x 19.1x 18% 32% 37.3x 29.5x 24.5x
Micron (US) 64,723 99% 3.3x 2.4x 2.4x 18% 5.9x 3.7x 3.6x 29% 65% 9.1x 4.9x 5.1x
Qualcomm (US) 60,460 84% 3.0x 3.2x 3.0x (0%) 8.5x 10.6x 7.3x 8% 30% 14.5x 18.5x 15.0x
SK hynix (AsiaPac) 50,029 97% 2.1x 1.6x 1.5x 17% 3.3x 2.3x 2.4x 18% 67% 6.2x 4.5x 4.9x
Applied Materials (US) 45,346 83% 3.4x 2.9x 2.8x 10% 10.9x 9.1x 9.0x 10% 32% 13.6x 10.9x 10.9x
Analog Devices (US) 35,930 96% 7.3x 6.9x 6.6x 5% 14.3x 15.0x 13.6x 3% 46% 18.9x 16.7x 16.0x
Infineon (Europe) 26,030 93% 3.6x 3.4x 3.2x 7% 13.7x 11.7x 11.0x 12% 29% 27.0x 22.8x 20.7x
Microchip Technology (US) 20,127 94% 6.0x 5.6x 5.3x 6% 13.5x 11.5x 11.4x 9% 48% 17.6x 15.1x 14.2x
STMicroelectronics (Europe) 17,804 94% 2.2x 1.9x 1.7x 12% 10.7x 8.0x 7.2x 22% 23% 22.0x 15.1x 13.5x
Renesas Electronics (AsiaPac) 15,099 70% 2.5x 2.4x 2.2x 5% 10.7x 9.4x 8.5x 12% 25% n/a n/a n/a
Skyworks Solutions (US) 14,042 85% 4.3x 4.2x 3.9x 5% 9.7x 9.5x 8.7x 6% 44% 14.4x 13.8x 12.4x
Xilinx (US) 13,489 87% 6.3x 5.7x 5.4x 8% 20.0x 17.2x 16.7x 9% 33% 26.6x 22.8x 21.4x
Maxim Integrated Products (US) 13,182 79% 6.4x 6.0x 5.7x 6% 15.5x 14.6x 13.9x 6% 41% 23.7x 20.6x 19.2x
AMD (US) 11,505 85% 2.5x 2.0x 1.9x 16% 33.2x 17.1x 16.0x 44% 12% 87.6x 25.0x 19.0x
MediaTek (AsiaPac) 11,336 84% 1.6x 1.6x 1.4x 8% 21.5x 14.2x 9.9x 47% 11% 23.1x 19.5x 15.0x
Sanan Optoelectronics (AsiaPac) 11,197 70% 9.5x 7.3x 5.7x 29% 17.4x 13.7x 11.2x 24% 53% 28.8x 19.9x 16.8x
ON Semiconductor (US) 11,096 94% 2.4x 2.2x 2.2x 5% 10.3x 9.3x 8.6x 9% 24% 17.9x 14.2x 12.7x
ASE Group (AsiaPac) 10,636 92% 1.3x 1.0x 0.9x 21% 6.9x 4.8x 4.2x 28% 20% 14.7x 13.9x 11.0x
Microsemi (US) 8,454 100% 5.3x 4.8x 4.6x 8% 15.2x 14.2x 12.9x 9% 34% 17.3x 17.7x 13.9x
Marvell Technology Group (AsiaPac) 7,834 87% 3.8x 3.6x 3.5x 4% 12.9x 11.8x 11.1x 8% 31% 17.8x 15.8x 14.7x
SMIC (AsiaPac) 7,775 69% 22.7x 20.6x 18.6x 10% 68.8x 64.2x 55.0x 12% 32% n/m n/m n/m
ROHM (AsiaPac) 6,149 77% 2.0x 1.9x 1.7x 7% 8.3x 6.9x 6.0x 18% 27% n/a n/a n/a
United Microelectronics (AsiaPac) 6,084 98% 1.4x 1.4x 1.3x 4% 3.6x 3.6x 3.5x 2% 38% 21.3x 20.0x 17.5x
Mean 5.0x 4.5x 4.1x 10% 15.4x 13.1x 11.7x 15% 36% 22.5x 16.9x 14.9x

Trading Comparables
6
Share Price
(% of year high)
Healthcare & Science
Quintiles (US) 25,965 90% 3.7x 3.0x 2.8x 15% 14.8x 13.7x 12.7x 8% 21% 19.7x 17.9x 16.1x
Cerner (US) 16,667 81% 3.7x 3.6x 3.3x 6% 11.5x 11.8x 10.8x 3% 30% 24.1x 23.4x 20.8x
ResMed (US) 12,581 96% 6.7x 6.0x 5.5x 10% 24.0x 20.3x 18.9x 13% 29% 34.8x 28.6x 26.3x
M3 (AsiaPac) 11,885 94% 16.8x 13.8x 11.8x 19% 49.3x 43.7x 37.1x 15% 32% n/a n/a n/a
Athenahealth (US) 5,433 96% 5.2x 4.6x 4.2x 11% 23.8x 16.8x 14.7x 27% 28% 75.7x 34.5x 29.5x
Allscripts (US) 3,762 79% 2.4x 2.0x 1.9x 12% 11.9x 10.0x 9.3x 13% 20% 20.0x 16.1x 14.1x
Cotiviti (US) 3,204 73% 5.4x 4.9x 4.5x 10% 13.9x 12.1x 11.2x 11% 40% 21.4x 17.3x 15.5x
Teladoc (US) 2,819 99% 14.0x 9.1x 7.2x 40% n/m n/m 90.6x n/a 2% n/m n/m n/m
Evolent Health (US) 1,286 73% 3.4x 2.6x 2.2x 25% n/m 69.7x 35.3x n/a 4% n/m n/m n/m
HealthStream (US) 632 91% 3.0x 3.2x 3.1x (2%) 19.5x 18.6x 17.0x 7% 17% n/m 95.0x 78.2x
CPSI (US) 508 92% 2.2x 2.0x 2.0x 6% 12.2x 11.2x 11.5x 3% 18% 20.7x 14.1x 14.3x
Mean 6.1x 5.0x 4.4x 14% 20.1x 22.8x 24.5x 11% 22% 30.9x 30.9x 26.9x
Internet of Things (IoT)
Forescout Technologies (US) 866 79% 4.6x 3.6x 3.0x 23% n/m n/m n/m (62%) (11%) n/m n/m n/m
Impinj (US) 321 31% 2.9x 3.3x 2.8x 1% n/m n/m n/m 112% (22%) n/m n/m n/m
ShotSpotter (US) 249 86% 12.4x 8.6x 6.5x 39% n/m n/m 33.1x 163% 9% n/m n/m 99.1x
Internet of Things (Canada) 9 47% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 6.6x 5.2x 4.1x 18% - - 33.1x 39% 5% - - 99.1x
Online Brokerage
Charles Schwab (US) 46,092 92% n/m n/m n/m 15% n/m n/m n/m 21% 49% 33.9x 22.5x 19.0x
TD Ameritrade (US) 23,927 93% n/m n/m n/m 22% n/m n/m n/m 30% 43% 33.3x 17.6x 14.7x
E*TRADE (US) 17,105 94% n/m n/m n/m 14% n/m n/m n/m 17% 52% 25.4x 17.5x 16.1x
IG Group (Europe) 3,430 95% n/m n/m n/m 2% n/m n/m n/m 1% 49% 16.7x n/a n/a
Plus500 (Middle East) 1,921 95% n/m n/m n/m 17% n/m n/m n/m 17% 56% 10.2x 7.4x 7.2x
Alfa Financial Software (Europe) 1,051 58% 10.4x 9.8x 8.7x 9% 22.5x 20.8x 18.7x 10% 47% 30.2x 28.0x 25.3x
SwissQuote (Europe) n/m 97% n/m n/m n/m 10% n/a n/a n/a n/a - n/a 20.3x 17.6x
Interactive Brokers (US) n/m 92% n/m n/m n/m 18% n/m n/m n/m 43% 94% 48.0x 31.7x 27.9x
Mean 10.4x 9.8x 8.7x 13% 22.5x 20.8x 18.7x 20% 49% 28.2x 20.7x 18.2x
Online Travel
OTAs
Priceline Group (US) 88,398 93% 8.1x 7.0x 6.2x 15% 21.6x 17.9x 15.9x 17% 39% 26.9x 23.2x 20.5x
Ctrip.com (AsiaPac) 21,501 75% 5.9x 5.0x 4.0x 21% 29.8x 25.6x 17.7x 30% 20% 42.1x 31.7x 22.8x
Expedia (US) 16,495 73% 1.9x 1.7x 1.5x 12% 10.9x 10.3x 8.9x 11% 16% 24.1x 22.1x 18.7x
TripAdvisor (US) 5,377 98% 4.0x 3.8x 3.5x 7% 19.4x 17.4x 15.8x 11% 22% 43.6x 36.3x 31.9x
MakeMyTrip (AsiaPac) 2,693 92% 6.1x 4.8x 4.1x 22% n/m n/m n/m (29%) (21%) n/m n/m n/m
Trivago (Europe) 1,266 19% 1.4x 1.4x 1.2x 7% n/m n/m n/m n/a (4%) n/m n/m n/m
Despegar.com (LatAm) 1,045 62% 2.3x 1.9x 1.6x 22% 14.6x 11.4x 9.4x 24% 17% 39.3x 26.4x 20.3x
Webjet (AsiaPac) 978 94% 5.8x 4.9x 4.0x 20% 19.5x 15.3x 11.5x 30% 32% 35.1x 24.2x 17.4x
eDreams ODIGEO (Europe) 828 75% 1.6x 1.6x 1.5x 5% 7.1x 6.9x 6.4x 5% 22% 12.3x 10.2x 8.6x
On The Beach (Europe) 668 74% 6.6x 5.6x 4.8x 18% 18.4x 14.9x 12.2x 23% 37% 26.0x 21.4x 17.6x
Hostelworld (Europe) 376 85% 3.8x 3.7x 3.4x 6% 12.8x 13.5x 11.4x 6% 27% 17.1x 18.4x 15.4x
Tuniu (AsiaPac) 328 67% 0.2x 0.1x 0.1x 21% n/m n/m 29.2x n/a (8%) n/m 59.2x 8.8x
HolidayCheck (Europe) 157 93% 1.3x 1.2x 1.1x 10% 82.2x 21.9x 14.3x 140% 6% n/m n/m 69.5x
Travelzoo (US) 155 97% 1.7x 1.6x 1.5x 9% 28.4x 18.8x 14.1x 42% 8% n/m 38.6x 29.4x
Lastminute.com (Europe) 113 82% 0.5x 0.5x 0.5x 4% 7.4x 5.9x 5.8x 13% 8% n/a n/a n/a
Asiatravel (AsiaPac) 9 41% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 3.4x 3.0x 2.6x 13% 22.7x 15.0x 13.3x 25% 15% 29.6x 28.3x 23.4x
GDS
Amadeus IT (Europe) 31,695 99% 6.5x 6.3x 5.9x 5% 17.0x 15.8x 14.6x 8% 40% 28.6x 27.1x 25.4x
Sabre Corp (US) 8,438 97% 2.7x 2.6x 2.4x 6% 9.1x 8.9x 8.4x 4% 29% 17.5x 16.4x 14.9x
Travelport (Europe) 3,709 96% 1.8x 1.7x 1.6x 5% 7.3x 7.2x 6.8x 4% 23% 13.1x 12.1x 10.9x
Mean 3.7x 3.5x 3.3x 9% 11.1x 10.6x 9.9x 34% 15% 19.7x 18.6x 17.1x
Payments
PayPal (US) 74,733 94% 6.7x 5.6x 4.9x 17% 25.6x 21.5x 18.2x 19% 26% 42.0x 33.9x 28.4x
First Data (US) 33,773 96% 3.2x 4.5x 4.3x (13%) 12.8x 11.7x 11.0x 8% 38% 12.5x 12.8x 11.5x
Worldpay (US) 27,327 91% 14.9x 8.1x 7.4x 42% 31.1x 17.1x 14.8x 45% 48% 36.2x 19.6x 16.3x
Square (US) 19,242 97% 23.0x 15.5x 11.8x 40% n/m 88.1x 51.7x 78% 18% n/m n/m 61.1x
Wirecard (Europe) 14,969 97% 10.1x 7.6x 6.2x 27% 36.4x 27.5x 21.4x 30% 28% 63.5x 45.9x 34.3x
Shopify (Canada) 11,741 93% 20.5x 13.3x 9.7x 45% n/m n/m n/m 121% 4% n/m n/m n/m
Ingenico (Europe) 5,716 72% 2.3x 2.1x 2.0x 8% 11.3x 10.7x 9.7x 8% 20% 14.4x 13.4x 11.9x
Q2 Holdings (US) 2,016 98% 12.0x 9.8x 7.9x 23% n/m n/m 66.7x 89% 10% n/m n/m n/m
Qiwi (Europe) 609 63% 0.1x 0.0x 0.0x 19% 0.1x 0.1x 0.1x 28% 33% 0.3x 0.2x 0.2x
Boku (US) 232 91% 8.4x 6.3x 5.0x 29% n/m 44.0x 17.2x n/a 14% n/m n/m 27.5x
Intershop Communications (Europe) 55 78% 1.5x 1.5x 1.3x 8% 18.0x 21.7x 14.4x 12% 7% n/m n/m 54.8x
Seamless Distribution (Europe) 4 7% 0.2x 0.3x 0.3x (6%) n/m n/m 2.5x n/a (10%) n/a n/m 9.2x
Mean 8.6x 6.2x 5.1x 20% 19.3x 26.9x 20.7x 44% 20% 28.1x 21.0x 25.5x
Search / Portals
Alphabet (US) 555,252 89% 5.8x 4.7x 4.0x 21% 14.6x 12.8x 10.8x 16% 37% 32.3x 23.6x 21.5x
Tencent (AsiaPac) 423,612 84% 16.0x 11.3x 8.4x 38% 41.1x 30.4x 23.9x 31% 37% 57.6x 44.3x 33.6x
Baidu (AsiaPac) 66,750 85% 5.9x 4.8x 4.0x 22% 22.7x 16.7x 13.9x 28% 29% 25.9x 23.1x 19.2x
Naver (AsiaPac) 13,497 69% 3.6x 3.1x 2.7x 16% 12.1x 11.8x 9.9x 10% 26% 23.6x 22.8x 18.9x
Yahoo! Japan (AsiaPac) 13,282 72% 1.9x 1.8x 1.6x 7% 5.9x 6.9x 6.7x (6%) 25% n/a n/a n/a
Yandex (Europe) 8,502 73% 0.1x 0.1x 0.1x 28% 0.4x 0.3x 0.2x 36% 31% 0.7x 0.5x 0.3x
Sogou (AsiaPac) 2,283 65% 2.9x 2.0x 1.5x 37% 17.2x 14.6x 9.3x 36% 14% 36.2x 25.5x 16.6x
Wirtualna Polska (Europe) 418 94% 3.9x 3.4x 3.1x 11% 12.9x 11.2x 10.3x 12% 30% 39.4x 25.4x 18.3x
Sohu.com (AsiaPac) 415 52% 0.3x 0.2x 0.2x 15% 4.1x 5.2x 2.1x 39% 4% n/m n/m n/m
Phoenix New Media (AsiaPac) 271 69% 1.3x 1.3x 1.1x 9% 30.1x 30.0x 17.5x 31% 4% 45.3x 53.2x 24.1x
Mean 4.2x 3.3x 2.7x 21% 16.1x 14.0x 10.5x 23% 24% 32.6x 27.3x 19.1x

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