This research track key clients and Annualised Recurring Revenue (ARR) growth of AV1.

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Key Customers
Go-Jek – US$9.5 bn valuation. Indonesia’s first and fastest
growing on-demandSuper App for two dozen services
including food, commuting, payments, shopping etc.
Backed by Google, Visa, Tencent, JD.com, Temasek and
Blackrock. Active in 144 cities across Asia.
A$300k annual12-mth minimum contract.
Rappi – US$2.5 billion food-delivery business.
Backed by Softbank. Active across Latin America.
Minimum A$32k/month,24-month contract (>$750k total
value)
MUV – subsidiary of the world’s largest global agency,
WPP PLC (market capitalisation US$12.3 billion).
Offices in Brazil and the USA. Operates mobile marketing
campaigns in over 40 countries. See here.
Bukalapak – US$2.5bn valuation. Largest marketplacein
Southeast Asia.
Backed by Emtek Group and Shinhan GIB, the investment
banking unit of South Korean financial group Shinhan
Financial Group (NYSE: SHG, US$17.6 billion market cap)
Centauro – the largest multi-channelsports product
network in Latin America (see here), owned by Brazil-
listed Grupo SBF SA (market capitalisation US$1.4
billion). Has 188 stores in 20 Brazilian states, as well as
ecommercesite centauro.com.br.
Headquartersin Sao Paulo.
This document does not constitute investment advice to any reader and is not a recommendation to buy or sell any securities of any company.
We do not accept any responsibility for updating or correcting any errors or omissions whichmay become apparent after this has been issued.
ARR GROWTH TRACKER – 4 Nov 2019
Adveritas Limited’s (ASX:AV1) ARR is ~A$1.6m, up +78% in
the last 6 months with global, multi-billion dollar clients
signing 1-2 year contracts, paying ~A$250-300kper annum.
TrafficGuard® is AV1’s flagship anti-fraudSaaS, blocking
attempted mobile phone app install fraud at the click level.
Key Contract Announcements
Source: Adveritas (AV1) companydisclosures
Date Event
10-Oct-19 Rappi upgrades its contract to 2 years and min
US$22.5k/mth (see here)
09-Oct-19 MUV increases contract to 15 months and US$10k/month
(see here)
31-Jul-19 Signed contracts with Centauro and Bukalapak (see here)
01-Jul-19 Signed A$300,000 1-year contract with GO-JEK (see here)
11-Apr-19 Signed a 2-year contract with Rappi (see here)
25-Mar-19 Integration with Partnerize campaign management
platform (see here)
28-Feb-19 Integration with HasOffers campaign management
platform (see here)
CHART 1: ANNUALISED RECURRING REVENUES
Annualised Recurring Revenue (ARR)
Growth Tracker
Contracted Revenue Upgrades - Revenue Growth Option
Upgraded client contracts is a growth option across the
customer portfolio.
Recent upgrades include Rappi (up from US$15k to
US$22.5k/mth)and MUV (up from US$2k to US$10k/mth),
demonstratingclient satisfaction.
ARR Growth Trends
AV1 commenced commercial sales of
TrafficGuard® in Jan 2019.
Since then, ARR growth trends are:
• 19% growth - month of October 2019
• 78% growth - 6 monthsto October
2019
• 157% growth - annualised year to
date.
0.6
0.9 0.9
1.2
1.3
1.3 1.3
1.6
0.5
0.7
0.9
1.1
1.3
1.5
1.7
Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19
A$M
Annualised Recurring Revenue (A$)

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Melbourne, VIC 3000
investors@bletchleyparkcapital.com.auBLETCHLEY Park
Capital
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Further Research Resources
1. http://adveritas.com.au/
2. https://au.linkedin.com/company/adveritas-hq
3. FutureDigital Advertising – AI, Ad Fraud & Ad
Blocking 2019-23 (Juniper Research)
4. https://www.youtube.com/watch?v=qABaKfGOaJk&fe
ature=youtu.be
5. https://itunes.apple.com/au/podcast/asx-company-
deep-dive/id1450368565?mt=2
6. https://partnerize.com/en
7. https://www.hasoffers.com/about/
8. www.rappi.com
9. www.go-jek.com
ARR Growth Tracker
Email for any questions –
investors@bletchleyparkcapital.com.au
Follow Adveritas on LinkedIn for
company updates
Equity Analyst Coverage
1. No stockbroker research coverage.
2. BLETCHLEYPark Capital (BPC) research:
• STOCK SNAPSHOT– Company Overview
• Understandingthe mobile app install ecosystem and
cashflows
• Show me the money – Tracking high profile investors
in the digital marketingecosystem
Outlook and Key Catalysts
1. Growing annual recurringrevenue
2. New enterpriselevel SaaS clients
3. More campaign managementplatform integrations
4. North American sales revenue growth
5. Product expansion including programmatic
6. VC/PE consolidation of CMPs and sector generally
Sales and Marketing Strategies
AV1 released a Strategy Update outlining 6 key sales
strategies:
1. Sector Education – showcasing TrafficGuard through
white papers, industry events and journal articles.
2. Campaign Management Platforms (CMPs) – major
brands and networks use CMPs to managetheir digital
advertising campaigns. TrafficGuard® is now directly
integratedwith several CMPs and other platforms, so
their clients can easily access TrafficGuard® .
3. North American Expansion – a key targetregion for
internationalexpansion, given it is 38% of global ad
spend. Recently appointed sales team can service
clients in the USA during local hours.
4. Emerging Markets Expansion – clients include Go-Jek
(APAC), Rappi (LatAm), Centauro(Brazil), Bukalapak
(SE Asia).
5. Agency Channels – agencies provide exposure to
dozens of potentialclients throughtheir existing
clients, allowing AV1 to grow its pipeline quickly and
efficiently.
6. Account Growth – as TrafficGuard® processes more
traffic for growth clients, client contracts are revised
and subscription tiers upgraded, improving revenue
per client.