The Tech Report - 2015 Market Reviews

The Tech Report
2015 Market Reviews
2015 STRICTLY PRIVATE AND CONFIDENTIAL

1QUARTERLY TECH REPORT - 2015
Welcome to the Q3 edition of Results International’s Tech Report
Here at Results we cover all aspects of technology with a particular focus on enterprise software / SaaS, software-related
IT services, and tech enabled services. However we like to turn our attention to a number of specific sectors at the end of
every quarter to consider the trends and analyse the activity in the M&A, fundraising and public markets.
We have produced our view on 2015’s proceedings in a series of individual market reviews on:
• Digital Services
• SaaS
• HealthTech
• Cybersecurity
• AdTech & MarTech
Following a turbulent stock market in Q3, public markets across all five technology sectors rebounded strongly in the
fourth quarter to end the year on a high. For the full year, the SaaS sector remained the stand-out performer - Results
International’s Global SaaS Index was up c.15%, outperforming the broader Nasdaq Composite’s c.6% gain in 2015.
Nevertheless, the private markets in Cybersecurity and HealthTech witnessed record numbers of M&A transactions in
2015 whilst investor appetite and valuations continue to remain healthy across all five market sectors.
Companies displaying strong top-line growth with quality clients and an innovative products, within each of their sectors,
continue to outperform their peers on the public markets.
We hope you enjoy the document, and please do get in touch if you would like to discuss any of the themes with us. We
look forward to speaking with you soon.

SECTION 1
Digital Services

3QUARTERLY TECH REPORT – 2015, YEAR IN REVIEW: DIGITAL SERVICES
About Results International
A MARKET-LEADING CORPORATE FINANCE ADVISORY FIRM… …WITH GLOBAL REACH
• 40 person team; 250+ completed transactions
• Broad global network
• Creative solutions
• Senior level focus on every transaction
• Founded in 1991
• Entrepreneurial and owner-managed
DEEP DOMAIN EXPERTISE IN THREE INTER-RELATED SECTORS… …AND BROAD INDUSTRY NETWORKS
Marketing
HealthcareTechnology

4
DIGITAL
SERVICES
The Digital Services Spectrum
QUARTERLY TECH REPORT – 2015, YEAR IN REVIEW: DIGITAL SERVICES
The Results International Digital Services Ecosystem
The traditionally distinct sectors of IT / Consulting Services and Marketing Communications, included above, are converging at an
ever increasing rate supported by transferable revenue and business models

5
80
85
90
95
100
105
110
115
120
Technology Consulting / Services Marketing Communications NASDAQ Composite Index FTSE 100 Index
Results International Global Digital Services Indices
Dec-15Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15
Notes: Based on share prices as at 31st December 2015; indices weighted by market capitalisation
Sources: Capital IQ and Results analysis
LAST12MONTHSHAREPRICEPERFORMANCE
Q4 2015 PERFORMANCE
Technology Consulting /
Services
(3.7%)
Marketing Communications 9.5%
(3.2%)
5.7%
7.8%
(4.9%)

6
9.2%
5.7%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
IT / CONSULTING SERVICES MARKETING COMMUNICATIONS
15.1% 14.8%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
1.9 x
1.4 x
0.0 x
0.2 x
0.4 x
0.6 x
0.8 x
1.0 x
1.2 x
1.4 x
1.6 x
1.8 x
2.0 x
11.4 x
10.1 x
0.0 x
2.0 x
4.0 x
6.0 x
8.0 x
10.0 x
12.0 x
Digital Services: Valuation Benchmarks
Notes: EV = Enterprise Value; financials calendarised to December year end; median values reported; excludes negative multiples
See Selected Publicly Traded Companies (Slides 10 & 11) for details of companies included in each category
Source: Capital IQ
REVENUE GROWTH (2015-16E) EV / REVENUE 2015E
EBITDA MARGIN 2015E EV / EBITDA 2015E

Data & Analytics: Selected Deals in 2015
DATE BUYER TARGET EV ($M) EV/REVENUE EV/EBITDA COMPANY DESCRIPTION
TARGET
LOCATION
Dec-15 Consumer research and
data analytics companies
47.0 0.6x -
Experian Simmons and Hitwise; consumer research and
behaviour measurement, and behavioural analytics respectively
Dec-15
Advanced Advertising Unit
- - - Data analytics for advertising optimisation
Sep-15 - - - Online data marketing solutions provider
Sep-15 682.6 6.3x n.m.
Content measurement and analytics for the entertainment
industry
Aug-15 - - - Adobe data analytics and conversion rate optimisation
Aug-15 - - - Web site analysis solutions for digital marketers
Aug-15 - - - Digitally driven marketing & data intelligence
Jul-15 - - - Geomarketing analytics and campaign control
Jul-15 - - -
Marketing measurement and consulting services for the food
services and retail industries
Jul-15 - - - Web analytics and optimisation
Jul-15 - - - Data, predictive analytics, and marketing automation services
Jul-15 60.0 1.5x -
Customer counting and statistics solutions for the retail and
property markets
Jun-15 41.2 - - Integrated database marketing analytics
May-15 - - -
Customer experience management and feedback analytics
solutions
Apr-15 - - - Tech-enabled digital analytics
Feb-15 - - - Website and call tracking analytics
Feb-15 47.0 - - Database marketing services for the insurance industry
Feb-15 Internet Audience
Measurement Business
58.8 - -
Kantar’s Scandinavian Internet Audience Measurement
businesses
Note: In certain cases EV/Revenue are publicly reported estimates; TTM financials have been used where possible; EV = transaction value scaled to 100% shareholding plus net debt (incl. minority
interest)

Strategy, UX, Design & Build: Selected Deals in 2015
TARGET
LOCATION
Oct-15 - - -
User experience and design-focused mobile and social media
application development
Oct-15 - - -
UX, branded content and digital product design and
development
Sep-15 - - -
User and brand experience-focused mobile application
development
Sep-15 - - - User interface design and software development
Aug-15 - - - User experience and digital design
Jul-15 - - -
User experience strategy and design and mobile/web application
development
Jul-15 - - - Digital strategy and user experience design
Jul-15 61.0
(1)
3.1x 12.6x
User experience strategy, interaction and design, and product
innovation services
Jul-15 - - -
User experience design and strategy, marketing and mobile/web
application development
Jun-15 - - -
User experience and interface design, and application
development
Jun-15 6.1 1.0x
(2)
- User experience design and innovation
May-15 - - - User interface design
Apr-15 25.5 2.2x 5.4x
User experience and design, and mobile / web application
development
Apr-15 3.8 - -
User interface and experience design, and mobile / web
application design
Apr-15 - - -
Creative strategy, user experience design and application
development
Mar-15 - - - Mobile user experience and interface design
Feb-15 - - -
User experience design and mobile / web application
development
Jan-15 - - -
User experience, website design and build, and digital marketing
services
UK
(1) Includes performance based portion payable over 3 years; (2) Based on acquirer approximation of annual revenue
interest)

Bespoke Software Development and Systems Integration: Selected Deals in 2015
TARGET
LOCATION
Dec-15 - - -
Systems integration, data and cyber security solutions for the
global energy and chemical industries
Dec-15 77.7 0.8x -
SAP ERP and Microsoft SharePoint systems integration and
software development
Dec-15 - - - Salesforce-based software development and systems integration
Sep-15 120.0 3.0x - Workday systems integration
Sep-15 - - -
Epic healthcare software systems integration, training, analytics
and associated services
Sep-15 410.0 - -
Salesforce, Google Applications and ServiceNow SaaS
consulting, systems integration and management
Sep-15 - - - Custom web application development
Aug-15 - - - ServiceNow consultancy, integration and solutions
Jul-15 - - -
Software integration, custom application development, digital
strategy and design
Jul-15 50.6 1.2x 16.9x SAP enterprise software systems integration
Jul-15 Human Resources Service
Delivery
- - - Workday and other cloud-based HR systems integration services
Jun-15 - - -
Manufacturing software systems planning, design and
integration
Jun-15 24.2 - - Salesforce consultancy and cloud solution management
Jun-15 - - -
SAP Governance, Risk and Compliance systems design and
integration
May-15 - - -
Salesforce systems integration and custom application
development
Mar-15 430.7 2.2x 19.6x
Custom software development, service optimisation and
programme management for government
Jan-15 780.0 2.1x 13.0x Software engineering and integration services
Jan-15 - - -
Business advisory, systems integration and customised software
development for the energy and utilities industries
interest)

eCommerce: Selected Deals in 2015
TARGET
LOCATION
Dec-15 - - -
Omni-channel Hybris and Intershop systems integration and
eCommerce consultancy
Nov-15 29.5 - - eCommerce and SCM / fulfilment systems integration
Aug-15 38.0 - - eCommerce systems integration and digital agency services
Jul-15 Open Resources - - - eCommerce web development
Jul-15 - - -
eCommerce web development solutions for the automotive
aftermarket industry
Jun-15 2.0 - -
eCommerce platform integration, web design and application
development
Jun-15 - - -
Omni-channel eCommerce systems strategy and integration,
and digital marketing
Jun-15 1.2 - -
eCommerce systems integration, consulting and application
design
Jun-15 - - - Retail strategy, eCommerce site design and systems integration
May-15 - - - eCommerce mobile site and application development
May-15 - - -
Retail and eCommerce strategy, analytics and systems
integration
May-15 388.7 3.1x n.m.
International eCommerce services including fulfilment,
marketing, and platform design and implementation
Apr-15 55.2 - - eCommerce big data analysis
Mar-15 - - - Invoicing and order management systems integration
Feb-15 - - - eCommerce and fulfilment platform integration and design
Feb-15 4.6 - -
eCommerce strategy, integration, design and website
optimisation
Feb-15 29.0 1.2x 11.7x eCommerce, ERP and CRM systems integration
Jan-15 - - - B2B eCommerce integration services
interest)

Enterprise Mobility & App Development: Selected Deals in 2015
TARGET
LOCATION
Nov-15 - - -
Software services business assets providing software and
mobile application development services
Sep-15 - - - Mobile application development and integration
Sep-15 - - -
Minority investment; IoT and mobile-focused software
development and integration
Sep-15 - - - Enterprise software and application development
Aug-15 - - -
Enterprise software, mobile application and eCommerce
solutions
Aug-15 - - - Mobile and web application development
Aug-15 - - - Mobile cross-platform enterprise application development
Jul-15 - - - Software and mobile application development
Jul-15 - - - Mobile application development
Jul-15 - - - Mobile application and web design and development
Jul-15 4.7 Mobile, social, and web-based application development
Jun-15 - - - Mobile business application development
Jun-15 - - - Mobile application and web design and development
May-15 - - - Customer loyalty-focused mobile application development
Apr-15 6.7 Mobile business application development
Mar-15 - - - Mobile application development
Mar-15 37.0(1)
1.5x 9.1x Mobile application development and digital consulting
Feb-15 - - - Fitness mobile application development
(1) EV does not include earnout payable over three years
interest)

12
OPERATING METRICS VALUATION METRICS
PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA
COMPANY (31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE CY2015 CY15-16 HISTORICAL CY2015 CY2016 CY2015 CY2016 CY2015 CY2016
IT / CONSULTING SERVICES
Accenture 104.50 95% 65,623 3,076 (2,543) 63,080 31,426 4.5% 32.0% 16.6% 16.8% 2.0 x 1.9 x 12.1 x 11.4 x
Cap Gemini 92.97 94% 16,021 6,235 (1,477) 14,544 12,927 9.5% 24.7% 11.7% 12.6% 1.1 x 1.0 x 9.7 x 8.1 x
Capita 17.81 90% 11,803 721 2,882 14,685 7,139 7.5% 27.6% 15.2% 15.2% 2.1 x 1.9 x 13.5 x 12.6 x
CGI Group 39.93 93% 13,139 220 1,314 14,452 7,472 3.0% 29.7% 17.5% 19.0% 1.9 x 1.9 x 11.0 x 9.9 x
Cognizant 60.02 86% 36,818 4,051 (3,101) 33,717 12,417 14.0% 40.2% 20.4% 20.6% 2.7 x 2.4 x 13.3 x 11.5 x
CSC 32.68 45% 4,535 1,818 821 5,356 8,971 (17.0%) 24.1% 13.5% 17.9% 0.6 x 0.7 x 4.4 x 4.0 x
Devoteam 36.38 97% 290 34 (17) 273 522 7.8% 7.2% 7.6% 8.2% 0.5 x 0.5 x 6.9 x 5.9 x
GFI Informatique 9.04 98% 497 20 98 595 963 3.4% 9.1% 7.5% 7.7% 0.6 x 0.6 x 8.3 x 7.7 x
Globant 37.51 98% 1,330 73 (73) 1,257 251 20.5% 39.1% 14.6% 16.7% 5.0 x 4.2 x 34.4 x 24.9 x
Indra Sistemas 9.42 75% 1,543 301 923 2,466 3,174 0.1% 21.8% 4.1% 8.7% 0.8 x 0.8 x 18.8 x 8.9 x
Infosys 16.69 91% 38,151 4,655 (4,655) 33,496 9,150 10.5% 33.9% 27.6% 27.7% 3.7 x 3.3 x 13.3 x 11.9 x
IBM 137.62 78% 133,578 9,568 30,249 163,827 81,818 (2.3%) 50.0% 26.2% 26.8% 2.0 x 2.0 x 7.6 x 7.6 x
Kainos 3.80 86% 449 14 (14) 435 107 9.4% 53.0% 19.2% 19.3% 4.1 x 3.7 x 21.1 x 19.3 x
MindTree 21.69 89% 1,823 76 (76) 1,747 650 19.0% 35.2% 18.6% 18.7% 2.7 x 2.3 x 14.4 x 12.1 x
Perficient 17.12 79% 605 9 52 657 467 6.9% 34.0% 15.1% 17.0% 1.4 x 1.3 x 9.3 x 7.7 x
PFSWeb 12.87 78% 245 13 25 270 284 12.1% 20.9% 6.9% 7.7% 1.0 x 0.8 x 13.8 x 11.0 x
Reply 136.74 97% 1,279 85 (23) 1,256 763 9.2% 16.2% 13.8% 14.0% 1.6 x 1.5 x 11.9 x 10.8 x
Sopra Steria Group 117.62 95% 2,334 249 710 3,043 3,895 4.9% 14.0% 8.1% 8.9% 0.8 x 0.7 x 9.7 x 8.3 x
Syntel 45.25 85% 3,796 980 (848) 2,948 969 9.3% 41.4% 30.5% 30.8% 3.0 x 2.8 x 10.0 x 9.0 x
Tata Consultancy Services 36.80 87% 72,505 3,200 (3,108) 69,396 15,883 13.2% 34.8% 27.8% 28.5% 4.4 x 3.9 x 15.7 x 13.5 x
Tech Mahindra 7.88 70% 7,834 527 (382) 7,453 3,863 13.6% 31.0% 16.9% 17.3% 1.9 x 1.7 x 11.4 x 9.8 x
Tieto 26.85 99% 1,982 126 73 2,055 1,585 2.3% 30.2% 13.2% 14.5% 1.3 x 1.3 x 9.8 x 8.8 x
Unisys 11.05 37% 552 293 36 588 3,027 (1.6%) 23.2% 4.8% 1.7% 0.2 x 0.2 x 4.0 x 11.7 x
Virtusa Corporation 41.34 70% 1,255 179 (179) 1,076 586 31.0% 36.5% 12.5% 10.8% 1.8 x 1.4 x 14.7 x 13.0 x
Wipro 8.45 83% 20,832 4,288 (2,759) 18,073 7,548 9.2% 30.2% 22.3% 22.4% 2.4 x 2.2 x 10.7 x 9.8 x
25th percentile 3.4% 23.2% 11.7% 10.8% 1.0 x 0.8 x 9.7 x 8.3 x
Median 9.2% 30.2% 15.1% 16.8% 1.9 x 1.7 x 11.4 x 9.9 x
EBITDA MARGIN
IT / Consulting Services: Selected Publicly Traded Companies
Note: Calendarised to December year end; $ millions, except share price data; Net debt includes minority interest
Source: Capital IQ

13
MARKETING COMMUNICATIONS
BlueFocus Communication Group 2.27 58% 4,381 500 413 4,794 1,344 32.7% 31.8% 18.2% 15.9% 3.6 x 2.7 x 19.6 x 16.9 x
CACI International 92.78 89% 2,251 29 982 3,233 3,385 5.8% 32.8% 9.2% 9.4% 1.0 x 0.9 x 10.4 x 9.6 x
Cheil Worldwide 17.60 81% 1,903 349 (311) 1,593 805 10.1% 99.6% 19.0% 19.5% 2.0 x 1.8 x 10.4 x 9.2 x
Cello Group Plc 1.30 82% 115 2 15 130 125 3.4% 100.0% 14.0% 14.1% 1.0 x 1.0 x 7.4 x 7.1 x
Communisis plc 0.60 65% 129 38 51 179 533 3.9% 45.2% 8.5% 8.7% 0.3 x 0.3 x 4.0 x 3.7 x
Creston plc 1.84 77% 107 1 4 111 122 5.6% 34.7% 15.4% 15.9% 0.9 x 0.9 x 5.9 x 5.4 x
Dentsu 55.58 92% 15,847 2,110 1,236 17,084 5,467 26.3% 58.4% 21.6% 22.7% 3.1 x 2.5 x 14.5 x 10.9 x
Ebiquity plc 2.06 89% 165 14 40 205 117 3.4% 56.2% 18.4% 19.5% 1.8 x 1.7 x 9.6 x 8.7 x
Hakuhodo 10.97 90% 4,090 1,090 (858) 3,232 1,737 2.5% n.a. 19.7% 20.0% 1.9 x 1.8 x 9.4 x 9.1 x
Havas 8.42 91% 3,517 203 160 3,676 2,338 6.5% 38.9% 16.6% 16.9% 1.6 x 1.5 x 9.5 x 8.7 x
Innocean Worldwide 59.50 92% 1,190 255 (255) 935 810 12.5% n.a. 9.9% 10.8% 1.2 x 1.0 x 11.6 x 9.5 x
M&C Saatchi plc 4.81 83% 361 38 6 367 268 5.7% 32.9% 11.8% 12.4% 1.4 x 1.3 x 11.6 x 10.5 x
MDC Partners 21.72 76% 1,106 16 963 2,069 1,328 7.7% 34.7% 14.9% 15.9% 1.6 x 1.4 x 10.4 x 9.1 x
Next Fifteen Communications Group plc 3.56 87% 251 16 12 264 184 9.6% 31.9% 13.9% 14.6% 1.4 x 1.3 x 10.3 x 9.0 x
Omnicom Group 75.66 93% 18,408 1,430 3,805 22,213 15,167 4.3% 25.9% 14.6% 14.6% 1.5 x 1.4 x 10.0 x 9.6 x
Porta Communications Plc 0.10 65% 29 3 11 40 52 4.1% 83.4% 7.7% 8.6% 0.8 x 0.7 x 10.0 x 8.7 x
Publicis Groupe 66.66 77% 13,958 1,184 3,178 17,136 10,314 4.8% 38.7% 17.5% 17.8% 1.7 x 1.6 x 9.5 x 8.9 x
St Ives 3.30 98% 447 24 93 540 523 5.6% 32.6% 13.1% 12.8% 1.0 x 1.0 x 7.9 x 7.6 x
The Interpublic Group of Companies 23.28 98% 9,560 881 1,125 10,685 7,607 3.7% 36.0% 13.6% 14.0% 1.4 x 1.4 x 10.3 x 9.6 x
The Mission Marketing Group plc 0.63 86% 55 4 13 67 89 13.6% 99.9% 15.0% 14.3% 0.8 x 0.7 x 5.1 x 4.7 x
Valtech 12.60 99% 344 25 (23) 321 192 9.9% 33.6% 7.9% 9.4% 1.7 x 1.5 x 21.2 x 16.2 x
WPP 23.05 97% 30,269 1,997 5,488 35,757 17,953 5.6% 87.3% 16.5% 16.5% 2.0 x 1.9 x 12.1 x 11.4 x
Median 5.7% 37.4% 14.8% 14.6% 1.4 x 1.4 x 10.1 x 9.1 x
EBITDA MARGIN
Marketing Communications: Selected Publicly Traded Companies
Note: Calendarised to December year end; $ millions, except share price data; Net debt includes minority interest
Source: Capital IQ

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SECTION 2
SaaS

16QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: SAAS
• Founded in 1991
Marketing

17
90
100
110
120
130
140
Large Cap Mid Cap Small Cap Global SaaS Index NASDAQ COMP
Results International Global SaaS Indices
17.5%
14.2%
4.6%
5.7%
5.1%
Q4 2015 PERFORMANCE
Large Cap 9.6%
Mid Cap 10.2%
Small Cap 12.8%
Global SaaS 9.9%
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: SAAS

18
20.7%
1.5% 0.9%
12.9%
24.6%
9.2%
15.7%
20.6%
4.4%
9.4%
23.2%
9.4%
17.1%
35.1%
1.0%
3.5%
(9.5%) (10.7%)
(1.6%)
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
Global SaaS Universe: Large & Mid Cap Share Price Performance
Note: Based on share prices as at 31st December 2015
LAST12MONTHSHAREPRICEPERFORMANCEQ42015
LARGE CAP MID CAP
10.5%
7.1%
(22.5%)
32.2%
27.6%
33.2%
(2.4%)
(20.3%)
(6.2%)
(23.8%)
9.2%
(23.8%)
3.2% 2.2%
(12.3%)
43.1%
49.4%
(52.1%)
36.0%
(60.0%)
(40.0%)
(20.0%)
0.0%
20.0%
40.0%
60.0%

19
10.8%
(35.8%)
25.4%
30.9%
(32.3%)
(2.0%)
(45.5%)
22.6%
67.5%
(24.2%)
(57.7%)
(12.3%) (10.2%)
24.0%
67.5%
(15.9%)
6.2%
(80.0%)
(60.0%)
(40.0%)
(20.0%)
0.0%
20.0%
40.0%
60.0%
80.0%
Global SaaS Universe: Small Cap Share Price Performance
(1) These companies have IPO’d within the last 12 months, the share price movement represents the change between each stock’s respective IPO dates and the 31st December 2015
LAST12MONTHSHAREPRICEPERFORMANCEQ42015
SMALL CAP
(1)
(1)
(1)
16.4%
39.3%
3.7%
(3.2%)
(12.6%)
9.4%
(2.9%)
32.0%
21.4%
(16.5%)
14.4%
16.3%
29.7%
3.4%
17.5%
(15.9%)
4.1%
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%

20
Global SaaS: Valuation Benchmarks
(1) Global SaaS represents the median of all stocks in Large Cap, Mid Cap and Small Cap, with no weighting applied
Notes: EV = Enterprise Value; financials calendarised to December year end; median values reported
See Selected Publicly Traded Companies (slides 6 and 7) for details of companies included in each category
Sources: Capital IQ and analyst reports
23.0%
20.1%
22.8%
22.2%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Large Cap Mid Cap Small Cap Global SaaS
37.7 x
20.0 x
26.9 x
24.8 x
0.0 x
5.0 x
10.0 x
15.0 x
20.0 x
25.0 x
30.0 x
35.0 x
40.0 x
9.1 x
5.8 x
3.3 x
5.9 x
0.0 x
1.0 x
2.0 x
3.0 x
4.0 x
5.0 x
6.0 x
7.0 x
8.0 x
9.0 x
10.0 x
17.3%
19.5%
(3.2%)
13.2%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%

21
PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN EBITDA MARGIN REVENUE EBITDA
COMPANY (31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE CY2015 HISTORICAL CY15-16 HISTORICAL CY2015 CY2016 CY2015 CY2016 CY2015 CY2016
LARGE CAP
salesforce.com, inc. 78.40 94.6% 53,060 1,358 706 53,766 6,543 93.9% 21.7% 76.0% 17.3% 20.2% 8.2 x 6.8 x 47.5 x 33.4 x
Solera Holdings Inc. 54.83 96.7% 3,704 495 2,729 6,433 1,206 n.a 8.9% 68.3% 45.0% 38.9% 5.3 x 4.9 x 14.3 x 12.6 x
Workday, Inc. 79.68 83.7% 16,786 1,896 (1,388) 15,397 1,128 75.5% 34.4% 66.4% 5.0% 7.5% 13.7 x 10.2 x n.m. n.m.
ServiceNow, Inc. 86.56 94.8% 14,949 729 (262) 14,687 1,001 82.4% 36.9% 63.6% 15.3% 18.1% 14.7 x 10.7 x 95.6 x 59.1 x
athenahealth, Inc. 160.97 94.5% 6,428 118 182 6,610 925 94.7% 19.9% 59.8% 19.4% 20.7% 7.1 x 6.0 x 36.9 x 28.8 x
NetSuite Inc. 84.62 77.0% 6,788 372 (90) 6,698 739 80.5% 29.9% 68.2% 7.2% 7.6% 9.1 x 7.0 x n.m. 91.3 x
The Ultimate Software Group, Inc. 195.51 90.4% 5,724 129 (121) 5,604 617 81.5% 23.0% 59.8% 24.1% 24.9% 9.1 x 7.4 x 37.7 x 29.6 x
25th percentile 87.1% 832 80.8% 20.8% 61.7% 11.3% 12.9% 7.7 x 6.4 x 36.9 x 29.0 x
Median 94.5% 1,001 82.0% 23.0% 66.4% 17.3% 20.2% 9.1 x 7.0 x 37.7 x 31.5 x
75th percentile 94.7% 1,167 91.0% 32.1% 68.3% 21.7% 22.8% 11.4 x 8.8 x 47.5 x 52.7 x
MID CAP
RealPage, Inc. 22.45 93.6% 1,780 19 25 1,805 466 96.1% 12.4% 56.8% 19.4% 20.0% 3.9 x 3.4 x 20.0 x 17.2 x
Medidata Solutions, Inc. 49.29 80.4% 2,800 287 (38) 2,762 399 82.3% 18.9% 74.7% 22.9% 24.6% 6.9 x 5.8 x 30.3 x 23.7 x
Veeva Systems Inc. 28.85 85.7% 4,421 339 (339) 4,081 398 69.8% 25.7% 60.7% 28.2% 29.4% 10.3 x 8.2 x 36.4 x 27.7 x
Constant Contact, Inc. 29.24 67.7% 981 181 (181) 801 369 n.a 13.9% 72.5% 19.7% 21.9% 2.2 x 1.9 x 11.0 x 8.7 x
Cornerstone OnDemand, Inc. 34.53 84.8% 1,915 214 16 1,932 342 n.a 28.2% 70.5% 1.4% 8.5% 5.6 x 4.4 x n.m. 51.7 x
Fleetmatics Group PLC 50.79 80.8% 1,998 189 (162) 1,836 285 n.a 20.8% 75.2% 32.3% 33.3% 6.4 x 5.3 x 20.0 x 16.0 x
IntraLinks Holdings, Inc. 9.07 70.9% 539 57 21 560 275 n.a 6.6% 72.9% 14.4% 15.1% 2.0 x 1.9 x 14.2 x 12.6 x
LogMeIn, Inc. 67.10 89.0% 1,734 246 (246) 1,488 270 n.a 19.4% 89.6% 25.1% 24.1% 5.5 x 4.6 x 21.9 x 19.1 x
Ellie Mae, Inc. 60.23 72.6% 1,927 110 (105) 1,821 250 n.a 22.2% 71.4% 26.2% 27.2% 7.3 x 6.0 x 27.7 x 21.9 x
LivePerson Inc. 6.75 47.3% 387 41 (41) 346 239 n.a 9.1% 74.9% 8.9% 10.3% 1.4 x 1.3 x 16.2 x 12.8 x
Demandware, Inc. 53.97 71.1% 2,132 183 (183) 1,949 234 92.3% 28.7% 73.8% 7.8% 8.2% 8.3 x 6.5 x n.m. 79.3 x
Marketo, Inc. 28.71 80.6% 1,336 113 (106) 1,230 210 90.2% 32.1% 62.7% (8.7%) (5.3%) 5.9 x 4.4 x n.m. n.m.
Median 80.5% 280 90.2% 20.1% 72.7% 19.5% 20.9% 5.8 x 4.5 x 20.0 x 19.1 x
Global SaaS: Selected Publicly Traded Companies
Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 100x EV / EBITDA; Net debt includes minority interest
Note: Market cap classifications categorised by CY2015E revenue:
• Large Cap: Revenues greater than $500m
• Mid Cap: Revenues between $200m and $500m
• Small Cap: Revenues less than $200m

22
PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN EBITDA MARGIN REVENUE EBITDA
COMPANY (31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE CY2015 HISTORICAL CY15-16 HISTORICAL CY2015 CY2016 CY2015 CY2016 CY2015 CY2016
SMALL CAP
Bazaarvoice, Inc. 4.38 46.6% 353 110 (53) 300 196 88.7% 8.4% 68.2% (3.5%) 3.9% 1.5 x 1.4 x n.m. 35.8 x
Jive Software, Inc. 4.08 64.5% 310 111 (107) 203 195 88.7% 6.3% 68.2% 3.1% 4.7% 1.0 x 1.0 x 33.4 x 20.6 x
Cvent, Inc. 34.91 93.7% 1,557 159 (159) 1,398 187 90.2% 23.6% 70.2% 12.8% 10.8% 7.5 x 6.0 x 58.4 x 56.0 x
Benefitfocus, Inc. 36.39 76.6% 1,130 85 (34) 1,096 183 93.3% 25.4% 36.3% (19.4%) (10.4%) 6.0 x 4.8 x n.m. n.m.
HubSpot, Inc. 56.31 93.7% 2,134 105 (104) 2,030 179 58.4% 33.7% 68.0% (13.6%) (8.8%) 11.3 x 8.5 x n.m. n.m.
Qualys, Inc. 33.09 59.7% 1,285 174 (174) 1,111 164 n.a 22.8% 77.2% 33.0% 32.7% 6.8 x 5.5 x 20.5 x 16.8 x
SPS Commerce, Inc. 70.21 89.7% 1,215 123 (123) 1,092 158 n.a 23.0% 68.7% 13.8% 13.7% 6.9 x 5.6 x 49.9 x 40.9 x
Xero Limited. 13.57 74.7% 1,841 154 (154) 1,687 129 94.9% 56.6% 65.7% (35.4%) (17.0%) 13.1 x 8.3 x n.m. n.m.
Marin Software Incorporated 3.58 41.5% 133 33 (30) 103 107 n.a 5.7% 64.2% (10.4%) 0.1% 1.0 x 0.9 x n.m. n.m.
SciQuest, Inc. 12.97 71.0% 361 136 (136) 225 105 n.a 6.5% 69.1% 18.8% 19.9% 2.1 x 2.0 x 11.4 x 10.1 x
MINDBODY, Inc. 15.13 82.3% 632 317 (301) 331 101 58.0% 32.5% 57.1% (21.3%) (14.3%) 3.3 x 2.5 x n.m. n.m.
ChannelAdvisor Corporation 13.85 62.4% 355 59 (57) 298 98 n.a 15.6% 71.5% (3.2%) 0.3% 3.1 x 2.6 x n.m. n.m.
Textura Corporation 21.58 69.1% 575 73 (73) 502 93 n.a 30.5% 79.6% 13.2% 19.8% 5.4 x 4.1 x 40.7 x 20.8 x
Xactly Corporation 8.53 79.9% 274 169 (153) 121 74 77.4% 23.6% 59.0% (17.0%) (11.3%) 1.6 x 1.3 x n.m. n.m.
Craneware plc 11.76 94.9% 320 42 (42) 278 48 86.7% 10.9% 94.6% 30.6% 31.0% 5.9 x 5.3 x 19.1 x 17.0 x
Halogen Software Inc. 5.15 64.1% 113 40 (40) 74 47 87.7% 12.8% 71.8% (5.9%) (6.1%) 1.1 x 1.0 x n.m. n.m.
StatPro Group plc 1.14 87.5% 77 3 (3) 74 46 n.a. 3.7% n.a. 13.1% 14.2% 1.6 x 1.5 x 12.2 x 10.9 x
25th percentile 64.1% 93 79.7% 8.4% 65.3% (13.6%) (8.8%) 1.6 x 1.4 x 17.4 x 16.8 x
Median 74.7% 107 88.2% 22.8% 68.5% (3.2%) 3.9% 3.3 x 2.6 x 26.9 x 20.6 x
Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 100x EV / EBITDA; Net debt includes minority interest
Note: Market cap classifications categorised by CY2015E revenue:
• Large Cap: Revenues greater than $500m
• Mid Cap: Revenues between $200m and $500m
• Small Cap: Revenues less than $200m
Global SaaS: Selected Publicly Traded Companies (Cont.)

23
Contact Us
Mark Williams
DIRECTOR – LONDON
t +44 (0)20 7514 8242
e mwilliams@resultsig.com
t +44 20 7629 7575
York, 10012 | t +1 646 747 6500
03, Singapore, 048660 | t +65 6221
3575
Pierre-Georges
Roy
t +1 (0)646 747 6505
Chris Lewis
PARTNER – LONDON
t +44 (0)20 7514 8236
Maurice Watkins
t +1 (0)646 747 6500
Andrew Kefford
PARTNER – APAC
t +65 (0)6221 3575

SECTION 3
HealthTech Heartbeat

25QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: HEALTHTECH
• Founded in 1991
Marketing

26
80
90
100
110
120
130
140
Healthcare IT - Europe Healthcare IT - US Biopharma IT Generalists NASDAQ Comp FTSE 100
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: HEALTHTECH
Results International Global HealthTech Indices
(1) Excludes Generalists
Notes: Based on share prices as at 31st December 2015; indices weighted by market capitalisation; Healthcare IT – US excludes McKesson because the majority of its revenue is generated from
pharmaceutical distribution
Q4 2015 PERFORMANCE
Healthcare IT -
Europe
5.8%
Healthcare IT - US 1.1%
Biopharma IT 20.6%
Generalists 6.8%
HealthTech(1) 3.3%
(6.1%)
31.5%
5.7%
(7.6%)
6.9%
(4.9%)

27
70.3%
9.7%
30.8%
12.2%
46.8%
67.5%
(5.0%) (6.9%)
(0.7%)
20.4%
10.5%
56.6%
3.4%
(37.0%)
(25.4%)
(18.1%)
(35.8%) (37.0%)
(63.5%)
9.2%
3.2%
69.8%
(80.0%)
(60.0%)
(40.0%)
(20.0%)
0.0%
20.0%
40.0%
60.0%
80.0%
14.9%
(11.1%)
8.4%
3.8%
9.3%
17.5%
6.6%
0.4%
(12.5%)
24.0%
20.7%
54.2%
29.2%
(18.4%)
0.9%
18.1%
(24.1%)
(19.4%)
1.7%
23.2%
17.1% 17.5%
(30.0%)
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
HealthTech: Share Price Performance
(1) Last 12 months reference dates adjusted to first trading day post IPO for Teladoc (01-Jul-15), Evolent Health (05-Jun-15) and Inovalon Holdings (12-Feb-15)
Note: Share price performance as at 31st December 2015
LAST12MONTHSQ42015
HEALTHCARE IT - EUROPE HEALTHCARE IT - US BIOPHARMA IT
(1)(1)(1)

HealthTech: Selected Stocks – Performance Since IPO
COMPANY
IPO
DATE
DESCRIPTION
RAISE
D ($M)
INDICATIVE PRICE
RANGE ($)
IPO LISTING
PRICE ($)
INCREASE
VS. RANGE
DAY 1
INCREASE
CURRENT
INCREASE(1)
CURRENT
EV ($M)
EV /
REVENUE
2015E
EV / EBITDA
2015E
NYSE
Jun-15
Video telemedicine platform for
medical consultations
156.8 15.00-17.00 19.00 18.8% 50% (5.5%) 566 7.4x n.m.(2)
NYSE
Jun-15
Healthcare delivery and
payments software
195.5 14.00-16.00 17.00 13.3% 10.9% (28.8%) 794 4.9x n.m.(3)
NasdaqGS
Feb-15
Cloud-based healthcare data
analytics software
600.0 24.00-26.00 27.00 8.0% 0.0% (37.0%) 2,136 4.8x 13.9x
NYSE
Apr-14
Healthcare information
technology and services
1,300.0 18.00-21.00 20.00 2.5% 15.0% 27.4% 12,263 4.2x 13.9x
NYSE
Mar-14
Healthcare enterprise
management software
177.6 13.00-15.00 16.00 14.3% 148.8% (73.3%) 257 3.4x n.m.(4)
LSE
Dec-13
Software, hardware and services
for the healthcare and energy
sectors
199.7 n.a. 2.93 n.a. 20.1% 67.7% 333 3.4x 14.0x
NYSE
Oct-13
Cloud-based CRM software for
the biopharma industry
260.9 16.00-18.00 20.00 17.6% 85.8% 44.3% 3,497 8.8x 31.2x
(1) Current increase from IPO price; Market data as of 31st December 2015
(2) Teladoc projecting negative EBITDA for CY2015
(3) Evolent Health projecting negative EBITDA for CY2015
(4) Castlight projecting negative EBITDA for CY2015
Note: Calendarised to December year end; $ millions, except share price data
Source: Capital IQ

29
27.9%
22.5%
17.7%
22.9%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Generalists Healthcare IT -
Europe
Healthcare IT - US Biopharma IT
11.0 x
14.1 x 13.9 x
29.5 x
0.0 x
5.0 x
10.0 x
15.0 x
20.0 x
25.0 x
30.0 x
35.0 x
Europe
3.8 x
3.6 x
3.8 x
6.8 x
0.0 x
1.0 x
2.0 x
3.0 x
4.0 x
5.0 x
6.0 x
7.0 x
8.0 x
Europe
3.5%
7.4%
16.1%
18.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
Europe
HealthTech: Valuation Benchmarks
Notes: EV = Enterprise Value; financials calendarised to December year end; median values reported; excludes negative multiples; McKesson excluded from above analysis because majority of
revenue is generated from pharmaceutical distribution
See Selected Publicly Traded Companies (Slide 11) for details of companies included in each category
Source: Capital IQ

30
21
17
20
32
29
18
28 27 28
32
44
61
54
49
70
56
4
3
5
1
1
7
2
7 5
6
2
8
12
5
5
2
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
0
10
20
30
40
50
60
70
80
Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015
TOTALDISCLOSEDDEALVALUE($M)
NUMBEROFDEALS
Healthcare IT Biopharma IT Healthcare IT Total Disclosed Deal Value Biopharma IT Total Disclosed Deal Value
HealthTech: Global M&A Activity Q1 2012 – Q4 2015
Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis

HealthTech: Selected Deals in 2015
TARGET
LOCATION
Dec-15 71.5 - - Hospital information system and medical imaging software
Dec-15 13.1 - - Hospital insurance claims management software
Dec-15 - - - Clinical databases and data management services
Nov-15 250.0 - -
Electronic health records and clinical information management
solutions
Nov-15 2,779.2 3.6x 13.0x Revenue and clinical resource management software and services
Oct-15 190.0 - - Mobile Electronic Health Record software
Oct-15 275.0 1.5x 13.8x Pharmacy automation software and hardware
Oct-15 48.0 - - Clinical process and connectivity solutions
Oct-15 261.1 4.6x 16.3x Laboratory information management systems
Sep-15 120.0 - - SaaS-based biopharma marketing compliance software
Sep-15 - - - Mobile clinical assessment and patient flow management systems
Sep-15 - - -
Mobile workflow management software for the healthcare,
government and industrial sectors
Sep-15 - - - Cloud-based financial performance analytics for healthcare
Aug-15 11.7 2.0x - Clinical patient flow and compliance education software
Aug-15 140.0 3.0x -
Data-driven advisory services and BI systems for the life sciences
industry
Aug-15 150.0 3.8x - Mobile medical education platform for physicians
Aug-15 65.0 - - Financial management software for hospitals
Aug-15 903.9 4.0x 20.7x Medical image management systems
interest)

HealthTech: Selected Deals in 2015
TARGET
LOCATION
Jul-15 - - - Laboratory information system middleware
Jul-15 4.7 - -
Primary and secondary care administration and compliance
software
Jul-15 910.0 - -
Cloud-based healthcare data analytics platform and engagement
solutions
Jul-15 - - - Clinical decision support software
Jun-15 - - - Nurse and doctor scheduling automation software
May-15 1.9 - -
Customer-driven healthcare and reimbursement accounts software
and services
May-15 - - - Patient flow and bed management software
Apr-15 24.1 - - Venous biometric patient identification systems
Apr-15 - - - Cloud-based healthcare intelligence software
Apr-15 - - - Cloud-based population health data management software
Mar-15 - - - Healthcare analytics and performance benchmarking software
Mar-15 81.4 1.8x 15.0x(1) Practice management, communication and electronic patient record
software
Mar-15 Key Opinion Leader
Solutions Assets
- - -
Key Opinion Leader campaign optimisation software and services
for the biopharma industry
Jan-15 140.0 - -
Cloud-based analytics, decision support and financial planning
software for the healthcare industry
Jan-15 40.0 - -
Cloud-based electronic health record and financial software for rural
and community hospitals
Jan-15 65.0 - - Genomic analysis and bioinformatics software
Jan-15 - - - Electronic Clinical Outcome Assessments solutions for clinical trials
Jan-15 37.0 - - Medical imaging software
(1) Multiple quoted directly in seller press release
interest)

HealthTech: Selected European Fundraisings in 2015
Sources: Press releases, Capital IQ and Results analysis
DATE COMPANY
TYPE OF
ROUND
FUNDS
RAISED ($M)
INVESTOR PARTICIPATION COMPANY DESCRIPTION
COMPANY
LOCATION
Dec-15 - - Holosfind
Patient recruitment application for clinical
trials
Dec-15 Venture 5.0 -
Online medical appointment booking
platform
Dec-15 DESKTOP
GENETICS
Series A - Illumina Inc.
Genome engineering and editing
software
Dec-15 - - Up to Eleven Digital Solutions
Online platform for mental health
consultation
Dec-15 Series A 1.6 Capricorn Venture Partners
Cardiac health tele-monitoring
dashboard
Dec-15 Venture 5.1 Balderton Capital; Maxfield Capital
Patient-controlled online medical record
system
Dec-15 Series C 15.0 - Data-driven diagnostic testing platform
Nov-15 - - Change Partners
Physical rehabilitation programme
design and administration platform
Nov-15 Venture 26.8 Dievini Hopp BioTech holding
Big data-driven healthcare decision-
making support software
Nov-15 Venture 5.0
Oxford University Hospitals NHS Trust; University Of Oxford,
Endowment Arm
MRI-based liver image analysis software
Nov-15 - 0.6
Turenne Capital Partenaires; IT Translation Investissement;
CREAZUR France
Touchless medical image viewing
platform
Nov-15 Seed 1.1 -
Consumer health tracking application
and patient insight tool for professionals
Oct-15 Seed - - Dental diagnostic software
Oct-15 - - Visiomed Group SA
Healthcare decision-making support
platform
Oct-15 Seed 1.1 Inveready Asset Management, S.G.E.I.C., S.A. Medical imaging software
Oct-15 Seed 1.7 Tekes Microscopy visualisation software
Oct-15 Seed 0.6 Enterprise Ireland, Investment Arm; Kernel Capital
Appointment and patient communication
management platform
Sep-15 DESKTOP
GENETICS
Venture 2.1
IQ Capital Partners LLP; London Business Angels; Funding
London; Capital Enterprise, Investment Arm
Genome engineering and editing
software

HealthTech: Selected European Fundraisings in 2015
Sources: Press releases, Capital IQ and Results analysis
DATE COMPANY
TYPE OF
ROUND
FUNDS
RAISED ($M)
COMPANY
LOCATION
Aug-15 Series A - Wild Blue Cohort Online consumer care platform
Aug-15 Series A 3.4 LEO Pharma A/S; Personal Health Solutions Capital
Skin health tracking and inspection
mobile application
Jul-15 Seed 1.5 -
Online GP consultation platform for
desktop and smartphone
Jul-15 Seed 5.0 Smedvig Capital Limited
Personalised healthcare information
assistant applications
Jun-15 Series B 9.2 Amadeus Capital Partners; Gilde Healthcare Partners; Archimedia
Primary care practice and case
management software
Jun-15 - - WuXi PharmaTech
Data management and analysis software
for the life sciences industry
May-15 Series A 5.0 Industrifonden; Briban Invest
Mobile patient recruitment and trial
management software and services
May-15 - 10.0 -
Online platform for medical and dental
appointment scheduling
May-15 Series A 7.2
QUALCOMM Ventures; Mangrove Capital Partners; Innovation
Capital; ABRT Venture Fund; TA Ventures; Maya Capital LLP
Online platform for private and public
healthcare appointment booking
May-15 Venture 3.9 XLHealth
Mobile telemedicine application for video
healthcare consultations
May-15 - - Parkwalk Advisors
Late phase clinical trial design, data
capture and management software
Apr-15 Venture 5.3 Prime Ventures
Healthcare information exchange
software for clinical information sharing
Mar-15 Seed 0.3 - Genomic data sharing platform
Mar-15 - 8.5 - Neuro-therapy software and hardware
Feb-15 - 9.9 - Diversified healthcare software vendor
Feb-15 Seed 2.5
Creathor Venture; Partech; Stephan Schamback; Heilemann
Ventures; Atlantic Labs
Telemedicine application for
dermatology
Feb-15 Series B 13.5
Amadeus Capital Partners Limited; Smedvig Capital Limited;
Octopus Investments Limited
Patient eMarketplace for clinical trials
Jan-15 Series A 1.5
Capricorn Venture Partners; Participatiemaatschappij Vlaanderen
NV
Simulation software for cardiovascular
procedures

35
GENERALISTS WITH SIGNIFICANT HEALTHTECH EXPOSURE
Oracle 36.53 81% 153,471 52,335 (9,987) 143,484 37,666 0.6% 60.7% 43.9% 45.1% 3.8 x 3.8 x 8.7 x 8.4 x
EMC 25.68 85% 49,789 7,642 1,313 51,102 24,900 3.5% 62.4% 25.0% 26.2% 2.1 x 2.0 x 8.2 x 7.6 x
SAP 80.25 98% 95,929 5,175 6,179 102,107 22,293 5.3% 72.2% 35.2% 35.0% 4.6 x 4.3 x 13.0 x 12.4 x
Thermo Fisher Scientific 141.85 99% 56,612 503 12,818 69,430 16,868 4.3% 46.2% 24.8% 25.7% 4.1 x 3.9 x 16.6 x 15.4 x
Computer Sciences Corporation 32.68 45% 4,535 1,818 821 5,356 9,003 (16.6%) 24.1% 13.5% 17.7% 0.6 x 0.7 x 4.4 x 4.0 x
Thomson Reuters 37.77 94% 29,008 869 8,464 37,472 8,836 2.1% 28.0% 27.9% 29.1% 3.1 x 3.0 x 11.0 x 10.3 x
Aspen Technology 37.76 81% 3,145 181 (181) 2,963 455 7.3% 87.7% 44.8% 47.4% 6.5 x 6.1 x 14.5 x 12.8 x
Median 3.5% 60.7% 27.9% 29.1% 3.8 x 3.8 x 11.0 x 10.3 x
HEALTHCARE IT - EUROPE
CompuGroup Medical 36.80 92% 1,830 32 376 2,206 595 7.7% 33.9% 20.6% 22.8% 3.7 x 3.4 x 18.0 x 15.1 x
Cegedim 34.75 74% 485 237 197 682 552 2.9% 46.2% 17.9% 18.4% 1.2 x 1.2 x 6.9 x 6.5 x
EMIS Group 16.78 98% 1,052 13 6 1,058 237 7.1% 48.2% 31.5% 31.8% 4.5 x 4.2 x 14.2 x 13.1 x
Servelec Group 4.91 97% 341 8 (8) 333 98 6.2% 45.3% 24.3% 25.4% 3.4 x 3.2 x 14.0 x 12.6 x
NoemaLife 7.30 88% 55 4 40 96 82 12.8% 22.4% 19.2% 19.6% 1.2 x 1.0 x 6.1 x 5.3 x
Craneware 11.76 95% 316 42 (42) 274 48 10.9% 95.0% 30.6% 31.0% 5.8 x 5.2 x 18.8 x 16.7 x
Median 7.4% 45.7% 22.5% 24.1% 3.6 x 3.3 x 14.1 x 12.8 x
HEALTHCARE IT - US
McKesson 197.23 81% 45,384 5,359 5,524 50,908 189,256 6.2% 6.3% 2.6% 2.7% 0.3 x 0.3 x 10.4 x 9.2 x
Cerner 60.17 79% 20,584 465 166 20,751 4,591 20.3% 84.5% 33.6% 33.8% 4.5 x 3.8 x 13.5 x 11.1 x
IMS Health 25.47 76% 8,369 394 3,894 12,263 2,899 9.0% 53.4% 30.5% 31.0% 4.2 x 3.9 x 13.9 x 12.5 x
Allscripts Healthcare Solutions 15.38 97% 2,907 91 575 3,482 1,399 5.5% 45.5% 17.6% 19.5% 2.5 x 2.4 x 14.2 x 12.1 x
athenahealth 160.97 94% 6,250 118 182 6,432 925 19.9% 59.8% 19.4% 20.7% 7.0 x 5.8 x 35.9 x 28.0 x
MedAssets 30.94 99% 1,837 - 798 2,634 765 0.9% 76.1% 31.0% 31.7% 3.4 x 3.4 x 11.1 x 10.7 x
Quality Systems 16.12 86% 981 111 (111) 870 500 6.2% 54.6% 14.7% 16.9% 1.7 x 1.6 x 11.8 x 9.7 x
Inovalon Holdings 17.00 50% 2,565 714 (429) 2,136 441 21.4% 68.8% 34.8% 35.7% 4.8 x 4.0 x 13.9 x 11.2 x
Healthstream 22.00 68% 696 145 (145) 551 207 12.4% 56.6% 16.1% 16.5% 2.7 x 2.4 x 16.5 x 14.3 x
Computer Programs & Systems 49.75 79% 562 38 (38) 524 184 5.6% 45.9% 17.9% 22.6% 2.8 x 2.7 x 15.9 x 11.9 x
Evolent Health 12.11 52% 714 210 79 794 160 32.4% 27.5% (22.3%) (13.2%) 4.9 x 3.7 x n.m. n.m.
Teladoc 17.96 51% 691 152 (125) 566 76 56.0% 77.2% (66.6%) (26.2%) 7.4 x 4.8 x n.m. n.m.
Castlight Health 4.27 36% 404 147 (147) 257 75 34.5% 39.1% (83.9%) (46.3%) 3.4 x 2.5 x n.m. n.m.
Median 16.1% 55.6% 17.7% 20.1% 3.8 x 3.6 x 13.9 x 11.9 x
BIOPHARMA IT
Medidata Solutions 49.29 80% 2,729 287 (38) 2,692 399 18.9% 74.7% 22.9% 24.6% 6.8 x 5.7 x 29.5 x 23.1 x
Veeva Systems 28.85 86% 3,837 339 (339) 3,497 398 25.7% 62.9% 28.2% 29.4% 8.8 x 7.0 x 31.2 x 23.8 x
Instem 3.32 97% 43 2 - 28 22 5.9% 14.8% 15.4% 17.3% 1.9 x 1.8 x 12.5 x 10.5 x
Median 18.9% 62.9% 22.9% 24.6% 6.8 x 5.7 x 29.5 x 23.1 x
EBITDA MARGIN
HealthTech: Selected Publicly Traded Companies
(1) McKesson excluded from ‘Healthcare IT – US’ summary analysis above because majority of revenue is generated from pharmaceutical distribution
Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 50x EV / EBITDA; net debt includes minority interest
Source: Capital IQ
(1)

Contact Us
Richard Latner
MANAGER - LONDON
t +44 (0)20 7514 8241
e rlatner@resultsig.com
t +44 20 7629 7575
York, 10012 | t +1 646 747 6500
03, Singapore, 048660 | t +65 6221
3575
Pierre-Georges Roy
t +1 (0)646 747 6505
Chris Lewis
PARTNER – LONDON
t +44 (0)20 7514 8236
Maurice Watkins
t +1 (0)646 747 6500
Andrew Kefford
PARTNER – APAC
t +65 (0)6221 3575

SECTION 4
CyberScope

38
• Founded in 1991
Marketing
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY

39
Avecto has received a $49m growth equity investment from JMI Equity
OPPORTUNITY
Results International was appointed to support the company in evaluating its investment options, preparing for a
highly competitive process, seeking out the most appropriate partners on a global basis and executing a transaction.
OUTCOME
Results leveraged its relationships with top tier global growth equity investors to identify a number of the best strategic partners for Avecto.
These firms had exemplary track records backing high growth technology companies and shared the shareholders’ excitement about Avecto’s
positioning in the fast-growth cyber security market.
PAUL KENYON & MARK AUSTIN, FOUNDERS & CO-CEOS, AVECTO, COMMENT:
“From start to finish the Results team were fantastic. They drove the process forwards relentlessly, were always on top of the detail but never
lost sight of the big picture. We would recommend them to anyone.”
Results International is delighted to have advised Avecto, the leading endpoint security software firm, on its
$49m (£32m) minority investment from JMI Equity, a US-based growth equity investor focused on backing
leading software and services companies.
SITUATION
Avecto is a market leader in the large and fast-growing $3 billion endpoint security sector. Headquartered in
Manchester, UK, with offices in Boston, USA, Melbourne, Australia and Frankfurt, Germany, Avecto was
founded by entrepreneurs Mark Austin and Paul Kenyon in 2008. Since that time, the company has
demonstrated significant growth, serving a roster of over 600 enterprise clients and adding over 100 new
customers per year for the past five years.

40
70
80
90
100
110
120
130
140
150
160
Broadline Endpoint Network Data Monitoring & Analysis Global Security NASDAQ Comp
Results International Global Cybersecurity Indices
Sep-15 Oct-15 Nov-15Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15
3.0%
(1.6%)
5.7%
(22.6%)
(6.7%)
4.1%
(7.5%)
Q4 2015 PERFORMANCE
Broadline 11.1%
Endpoint (1.8%)
Network (5.8%)
Data (18.5%)
Monitoring & Analysis (7.4%)
Global Security (3.3%)
LAST12MONTHSHAREPRICEPERFORMANCE QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY
Dec-15

41
7.9%
17.0%
(7.8%)
(10.0%)
4.5%
16.5%
12.2%
19.9%
2.6%
(26.6%)
(16.3%)
2.4%
(5.7%)
16.0%
(34.8%)
(3.3%) (4.0%)
7.8%
0.0%
16.3%
(33.5%)
(40.0%)
(30.0%)
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
(18.1%)
47.6%
1.6%
13.8% 14.7%
(63.8%)
9.3%
(47.9%)
3.6% 1.7%
(25.7%)
43.7%
(30.3%)
15.4%
(34.3%)
28.1%
(4.0%)
34.8%
(17.0%)
(12.3%)
(5.4%)
(80.0%)
(60.0%)
(40.0%)
(20.0%)
0.0%
20.0%
40.0%
60.0%
Cybersecurity: Share Price Performance
(1) These companies have IPO’d within the last 12 months, the share price movement represents the change between each stock’s respective IPO date (see slide 5) and 31st December 2015
LAST12MONTHSQ42015
BROADLINE ENDPOINT NETWORK DATA
MONITORING
& ANALYSIS
(1
)
(1)
(1)
(1)

42
Cybersecurity: Selected Stocks – Performance Since IPO
COMPANY
IPO
DATE
DESCRIPTION
RAISED
($M)
INDICATIVE PRICE
RANGE ($)
IPO LISTING
PRICE ($)
INCREASE VS.
RANGE
DAY 1
INCREASE
CURRENT
INCREASE(1)
CURRENT
EV ($M)
EV /
REVENUE
2015E
EV / EBITDA
2015E
Nov-15
Email security,
continuity and archiving
78 10.00-12.00 10.00 (9.1%) 1.0% (4.0%) 608 4.6 x n.m.
Jul-15
Detection, analytics
and penetration testing
103 13.00-15.00 16.00 14.3% 58.0% (5.4%) 440 4.1 x n.m.
Jun-15
Antivirus and network
security
552 n.a. 3.54 n.a. 7.4% 9.3% 2,164 4.5 x 30.1 x
Sep-14
Privileged account
security
86 13.00-15.00 16.00 14.3% 87.1% 182.1% 1,374 9.0 x 35.4 x
Jun-14
Mobile security and
management
100 8.00-10.00 9.00 0.0% 22.4% (59.9%) 192 1.3 x n.m.
Nov-13
Network security and
data storage
64 18.00-21.00 18.00 (7.7%) 19.7% 3.8% 845 2.7 x 17.7 x
Sep-13
Forensics and malware
protection
304 12.00-14.00 20.00 53.8% 80.0% 3.7% 3,073 4.9 x n.m.
Sep-12
Cloud security and
compliance
91 11.00-13.00 12.00 0.0% 18.0% 175.8% 1,111 6.8 x 20.5 x
Jul-12
Firewalls and network
security
260 34.00-37.00 42.00 18.3% 26.5% 319.4% 15,394 14.0 x n.m.
Apr-12
Communication
security
82 10.00-12.00 13.00 18.2% 8.3% 400.1% 2,835 10.7 x n.m.
(1) Current increase from IPO price; market data as of 31st December 2015
Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 50x EV / EBITDA
Nasdaq
Nasdaq
Nasdaq
Nasdaq
NYSE
NYSE
Nasdaq
LSE
Nasdaq
Nasdaq

43
Cybersecurity: Valuation Benchmarks
Note: Symantec’s (Broadline) 2016 forecast revenue excludes the Veritas business unit (in active sale discussions with Carlyle)
Note: Global Security represents the median of all stocks in Broadline, Endpoint, Network, Data and Monitoring & Analysis, with no weighting applied
Note: EV = Enterprise Value; financials calendarised to December year end; median values reported
See Selected Publicly Traded Companies (slide 12) for details of companies included in each category
Sources: Capital IQ and analyst reports
(4.2%)
11.1%
8.0%
28.1%
22.8%
16.6%
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Broadline Endpoint Network Data Monitoring &
Analysis
Global
Security
32.2%
19.4%
16.4%
2.4%
(1.4%)
15.4%
(5.0%)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Analysis
Global
Security
3.4 x
2.8 x
3.1 x
6.4 x
4.1 x
4.4 x
0.0 x
1.0 x
2.0 x
3.0 x
4.0 x
5.0 x
6.0 x
7.0 x
Analysis
Global
Security
10.4 x
20.8 x
14.4 x
n.m.
20.5 x
14.1 x
0.0 x
5.0 x
10.0 x
15.0 x
20.0 x
25.0 x
Analysis
Global
Security

44
Cybersecurity: Global M&A Activity Q1 2011 – Q4 2015
Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
26 26 26
27
23 23
32
24
15
31
25
22
32
28
27
22
34
33
22
35
0
2,000
4,000
6,000
8,000
10,000
12,000
0
5
10
15
20
25
30
35
40
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
TOTALDISCLOSEDDEALVALUE($M)
NUMBEROFDEALS
No. of Deals Total Disclosed Deal Value

45
Cybersecurity: Selected Deals in 2015
DATE BUYER TARGET EV ($M)
EV /
REVENUE
EV /
EBITDA
COMPANY DESCRIPTION
TARGET
LOCATION
Dec-15 PE Consortium 9,671.4 7.0x 28.3x Desktop and mobile anti-virus and web browser protection
Dec-15 31.8 - - Anti-virus and anti-spam endpoint security and encryption
Dec-15 35.0 - - Web-based and on-premises network security threat analysis and management
Nov-15 85.0 - - Data encryption, information protection and control
Nov-15 18.7 - - Secure web gateway, web and email filtering
Oct-15
Firewall business
- - - McAfee next generation firewall and enterprise firewall business
Oct-15 452.5 6.0x - Network visibility and behaviour anomaly detection
Oct-15 300.0 1.8x 6.7x
(1)
HP’s next generation network intrusion prevention and response business
Oct-15 400.0 8.0x - Encryption and key management vendor
Oct-15 30.5 3.8x
(2)
- Privilege & administrative rights management and application control
Sep-15 425.0 2.0x - Secure enterprise mobility solutions
Aug-15 - - - Range of security software from antivirus to firewall and mobile security
Aug-15 - - - Online cybersecurity analytics and big data platform
Aug-15 - - - Endpoint security integrity and threat detection
Aug-15 8.5 - - Mobile app threat identification and prevention
Aug-15 - - - Privileged user access, password management and network authentication
Jul-15 - - - Data encryption and tokenisation of personally identifiable information
Jul-15 190.0 - - Real-time behavioural analytics and breach detection software
interest)
(1) Multiple based on EBIT (2) Multiple based on FY16 projected revenue
(tech
assets)
(China)

46
Cybersecurity: Selected Deals in 2015
DATE BUYER TARGET EV ($M)
EV /
REVENUE
EV /
EBITDA
COMPANY DESCRIPTION
TARGET
LOCATION
Jun-15 635.0 - - Cloud-delivered network security and intelligence
Jun-15 - - - Cybersecurity anomaly detection and predictive analytics
Jun-15 - - - Cloud-based email security for managed service providers
Jun-15 19.8 5.0x - Intelligent identity management application developer
Jun-15 16.5 1.9x - Vulnerability assessment and penetration testing
May-15 40.0 2.0x - Mobile virtual private network provider (VPN)
Apr-15 150.0 5.0x - Enterprise identity and access management
Apr-15 1,300.0 3.5x
(1)
- Web filtering and data theft prevention
Apr-15 850.0 3.9x 65.6x Data security and compliance management solutions
Apr-15 80.0 - - Mobile threat management platform
Mar-15 - - - Mobile VPN service for secure browsing
Mar-15 2,400.1 - - Enterprise security solutions against advanced threats
Mar-15 59.8 - - Predictive cyberthreat detection and prevention
Mar-15 40.1 - - Firewall and intrusion detection software
Feb-15 - - - Online two-factor authentication software
Feb-15 79.8 - - CPU level threat prevention engine
Feb-15 - - - Data-centric security software
Jan-15 - - - Mobile security and risk analytics
interest)
(1) Multiple of CY2015 projected revenues, as per Raytheon conference call on 20/04/15

47
Cybersecurity: Selected Fundraisings in 2015
DATE COMPANY
TYPE OF
ROUND
FUNDS
RAISED ($M)
COMPANY
LOCATION
Dec-15 Venture 66.0
GE Asset Management, Fairhaven Capital Partners, Brookline Venture
Partners, LLR Partners, Mass Mutual Ventures
Advanced data loss prevention platform
Dec-15 Series C 50.0 NewSpring Capital
Cyberthreat intelligence monitoring and
management
Dec-15 Series A 49.0 JMI Equity Proactive endpoint protection software
Nov-15 Seed 2.3 Albion Ventures, Notion Capital, Winton Technology Ventures, C5 Holdings Enterprise security intelligence
Nov-15 Series B 250.0 Accel Partners, Insight Venture Partners Network vulnerability detection systems
Oct-15 Series B 22.0
New Enterprise Associates, Bessemer Venture Partners, Marker, Citi
Ventures, Innovation Endeavors
Deception-based advanced threat protection
Oct-15 Venture 54.5 .406 Ventures, Accomplice, Highland Capital, KPCB, Sequoia Capital Endpoint and server security
Oct-15 Series C 59.0 SoftBank, CRV, Spark Capital
Real-time endpoint threat detection and
response
Oct-15 Series B 25.0
Third Point Ventures, Tiger Global Management, Data Collective, Granite
Hill Capital, Westly Group, SineWave Ventures
Endpoint threat detection and protection
Oct-15 Series B 85.0 JMI Equity, New Enterprise Associates, Accel Partners, Split Rock Partners Endpoint data protection and security
Sep-15 Series G 150.0
TPG, Institutional Venture Partners, T. Row Price Associates, Andreessen
Horowitz, Franklin Templeton, Geodesic Partners
Enterprise security and systems
management
Sep-15 Series B 110.0 TPG Growth, EMC, Lightspeed Ventures, Google Capital Security-as-a-Service platform
Sep-15 Series D 110.0
FMR, Google Capital, Microsoft Ventures, Baidu, Qualcomm Ventures, New
Enterprise Associates, Union Square Ventures
Internet security protection
Sep-15 Series D 75.0 Iconiq Capital, Accel Partners, Lightspeed Venture Partners, Social+Capital Cloud access security broker
Aug-15 Series E 52.0 Institutional Venture Partners, Trident Capital, KPCB, GGV Capital Security management and threat intelligence
Jul-15 Series C 42.0
DFJ Growth, KKR, Dell Ventures, CapitalOne Ventures, TenEleven
Ventures
Website performance and security
Jul-15 Series C 100.0 Google Capital, Rackspace, Accel Partners, Warburg Pincus Endpoint protection and threat intelligence
Jul-15 Series D 30.0 Pinnacle Ventures, Qihoo 360 Technology, Redpoint Ventures
Secure cloud protection for Windows and
Android
Sources: Press Releases, Capital IQ, Mergermarket and Results analysis

48
Cybersecurity: Selected Fundraisings in 2015
DATE COMPANY
TYPE OF
ROUND
FUNDS
RAISED ($M)
COMPANY
LOCATION
Jun-15 Series B 21.0
Bessemer Venture Partners, Foundry Group, TechStars, ff Venture Capital,
Idea Fund, Correlation Ventures
Bot detection and mitigation platform
Jun-15 Venture 84.0 Insight Venture Partners
Application security testing and attack
prevention
Jun-15 Series B 23.0
Comcast Ventures, Menlo Ventures, Globespan Capital Partners,
Commonwealth Capital Partners, Flybridge Capital Partners
Data security analytics
May-15 Venture 14.9
Goldman Sachs, EDB Investments, Siemens Venture Capital, Alcatel-
Lucent, Mitsui, Fairhaven Capital, Arsenal Venture Partners
Real-time endpoint threat detection
May-15 Series C 35.0
Cisco, Glynn Capital, Evolution Equity, Lumia Capital, Mohr Davidow
Ventures, Northgate, Greylock , Sequoia Capital, Sutter Hill Ventures
Cloud-delivered network security and
intelligence
May-15 Series B 25.0 Spark Capital, Lockheed Martin, CRV
Real-time cyberattack detection and
response
Apr-15 Series C 30.0
BDS Ventures, Hewlett Packard Ventures, Index Ventures, Rembrandt
Venture Partners, Sequoia Capital
Cloud access security
Redpoint Ventures, Benchmark Capital, Google Ventures, Radar Partners,
True Ventures
Two-factor authentication network security
Accel Partners, BlackRock, Andreessen Horowitz, Data Collective,
Formation 8, General Catalyst Partners, Valor Capital Group
Enterprise data centre and cloud computing
security
Apr-15 Series D 25.0
AITV, Cisco Ventures, EPIC Ventures, Fortinet, Granite Ventures, Intel,
Trident Capital, Vanedge Capital, VMware
Virtualised infrastructure security
Mar-15 Venture 52.0 Andreessen Horowitz
Enterprise security and systems
management
Mar-15 Series A 18.0 Hoxton Ventures, Talis Capital, Invoke Capital Partners Behavioural cyber defence technology
Mar-15 Series B 30.0 Third Point Ventures, Mayfield Fund, Telstra, Pelion Ventures Cloud application security services
Feb-15 Series B 25.0
GGV Capital, Icon Ventures, Kleiner Perkins Caulfield & Byers, Google
Ventures, Greylock Partners, Allegis Capital
Crowd security intelligence platform
Feb-15 Venture 15.0 83North Venture Capital, Bessemer Venture Partners Secure mobile gateway and threat prevention
Jan-15 Series B 15.0 Sequoia Capital, Index Ventures, EMC, Zohar Zisapel User activity auditing and threat protection
Jan-15 Series B 8.0 Harmony Partners, New Science Ventures, .406 Ventures Cloud data encryption platform
Jan-15 Series C 40.1 Jafco Ventures, TechOperators, Google Ventures, Meritech Capital, KPCB Data security platform
Sources: Press Releases, Capital IQ, Mergermarket and Results analysis

49
Cybersecurity: Selected Publicly Traded Companies
Note: Symantec’s 2016 forecast revenue excludes the Veritas business unit (in active sale discussions with Carlyle)
Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 50x EV / EBITDA; net debt includes minority interest
Source: Capital IQ
PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN EBITDA MARGIN
BROADLINE
Symantec 21.00 76.9% 14,186 3,357 (1,617) 12,569 5,372 (25.0%) 82.3% 31.1% 35.1% 2.3 x 3.1 x 7.5 x 8.9 x
Trend Micro 41.02 90.5% 5,599 1,038 (1,037) 4,561 1,029 16.6% 82.3% 33.3% 32.5% 4.4 x 3.8 x 13.3 x 11.7 x
ENDPOINT
AVG Technologies 20.05 68.8% 1,054 145 121 1,175 427 4.4% 86.1% 36.0% 35.6% 2.8 x 2.6 x 7.6 x 7.4 x
CyberArk 45.14 59.1% 1,623 250 (250) 1,374 153 32.2% 85.7% 25.3% 22.6% 9.0 x 6.8 x 35.4 x 30.0 x
F-Secure 2.80 67.2% 441 88 (88) 354 159 5.8% 94.9% 19.4% 19.0% 2.2 x 2.1 x 11.4 x 11.0 x
MobileIron 3.61 27.9% 290 98 (98) 192 147 16.8% 81.8% (38.3%) (19.1%) 1.3 x 1.1 x n.m. n.m.
Sophos 3.86 89.5% 1,934 68 230 2,164 477 11.1% 80.0% 15.1% 14.7% 4.5 x 4.1 x 30.1 x 27.8 x
NETWORK
Barracuda Networks 18.68 39.9% 995 154 (149) 845 311 10.1% 78.9% 15.4% 16.6% 2.7 x 2.5 x 17.7 x 14.9 x
Check Point Software 81.38 92.0% 15,153 1,299 (1,299) 13,854 1,629 8.0% 88.2% 57.6% 57.0% 8.5 x 7.9 x 14.8 x 13.8 x
Fortinet 31.17 62.0% 5,543 908 (908) 4,635 1,009 23.6% 70.0% 16.4% 17.0% 4.6 x 3.7 x 28.1 x 21.9 x
F5 Networks 96.96 71.7% 6,827 774 (774) 6,052 1,952 7.1% 82.7% 33.3% 40.1% 3.1 x 2.9 x 9.3 x 7.2 x
Palo Alto Networks 176.14 87.8% 15,663 761 (269) 15,394 1,097 38.4% 72.9% 5.7% 24.2% 14.0 x 10.1 x n.m. 41.9 x
Radware 15.34 61.6% 695 92 (92) 603 216 5.0% 82.1% 19.8% 18.1% 2.8 x 2.7 x 14.1 x 14.6 x
Secunet 24.07 99.4% 156 26 (26) 130 98 5.1% 59.7% 9.8% 9.9% 1.3 x 1.3 x 13.4 x 12.7 x
DATA
FireEye 20.74 37.5% 3,546 1,170 (472) 3,073 625 31.1% 58.9% (32.0%) (18.1%) 4.9 x 3.7 x n.m. n.m.
Imperva 63.31 81.2% 2,056 254 (254) 1,802 230 26.3% 77.7% 3.3% 6.2% 7.8 x 6.2 x n.m. n.m.
Mimecast 9.60 89.1% 573 34 35 608 134 19.5% 68.3% 8.2% 7.0% 4.6 x 3.8 x n.m. n.m.
Proofpoint 65.01 86.2% 2,911 416 (76) 2,835 264 29.9% 66.4% 1.5% 3.2% 10.7 x 8.3 x n.m. n.m.
MONITORING & ANALYSIS
Guidance Software 6.02 58.9% 184 18 (18) 166 105 5.3% 66.9% (1.4%) 1.4% 1.6 x 1.5 x n.m. n.m.
Qualys 33.09 59.7% 1,285 174 (174) 1,111 164 22.8% 78.3% 33.0% 32.7% 6.8 x 5.5 x 20.5 x 16.8 x
Rapid7 15.13 57.8% 667 227 (227) 440 108 28.5% 76.0% (28.6%) (26.2%) 4.1 x 3.2 x n.m. n.m.
25th percentile 59.1% 153 5.8% 70.0% 3.3% 6.2% 2.7 x 2.6 x 11.4 x 11.2 x
Median 68.8% 264 16.6% 78.9% 15.4% 17.0% 4.4 x 3.7 x 14.1 x 14.2 x
75th percentile 87.8% 1,009 26.3% 82.3% 31.1% 32.5% 6.8 x 5.5 x 20.5 x 20.6 x
REVENUE EBITDA

50
Contact Us
Mark Williams
DIRECTOR – LONDON
t +44 (0)20 7514 8242
t +44 20 7629 7575
York, 10012 | t +1 646 747 6500
03, Singapore, 048660 | t +65 6221
3575
Pierre-Georges
Roy
t +1 (0)646 747 6505
Chris Lewis
PARTNER – LONDON
t +44 (0)20 7514 8236
Maurice Watkins
t +1 (0)646 747 6500
Andrew Kefford
PARTNER – APAC
t +65 (0)6221 3575

SECTION 5
AdTech & MarTech Barometer

52
• Founded in 1991
Marketing
Healthcar
e
Technolog
y
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: ADTECH & MARTECH

53
50%
60%
70%
80%
90%
100%
110%
120%
130%
140%
150%
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15
Diversified Internet NASDAQ Comp MarTech Data AdTech
Results International Global AdTech & MarTech Indices
(0.7%)
42.8%
5.7%
(5.7%)
(37.3%)
Q4 2015 PERFROMANCE
Diversified Internet 22.5%
Nasdaq Comp 8.4%
Data 6.6%
AdTech 1.7%
MarTech (2.1%)

54
(80.4%)
(35.8%)
(2.0%)
(49.5%)
(57.7%)(55.1%)
(85.1%)
(46.8%)
(78.8%)(78.3%)
(54.5%)
1.9%
(28.2%)
(39.7%)
(30.4%)
(45.5%)
(20.3%)(20.3%)
(6.2%)
67.5%
(12.3%)
8.7%
51.8%
3.2%
(3.3%)
10.4%
(39.5%)
46.6%
117.8%
(51.0%)
34.1%
(34.2%)
(100%)
(50%)
-
50%
100%
150%
(78.2%)
(38.2%)
5.5%
(14.0%)
14.4%
(5.0%)
(58.1%)
10.1%
(45.7%)
(25.3%)
0.0%
13.2% 10.8%
29.3%
35.5%
(2.9%)
26.0%
20.6%
4.4%
21.4%
1.0%
(4.4%)
(26.7%)
5.9% 6.8%
13.5%
(8.8%)
21.9%
32.0%
12.4% 16.4% 15.0%
(100%)
(80%)
(60%)
(40%)
(20%)
-
20%
40%
60%
AdTech & MarTech: Share Price Performance
EV/2015E
Net Revenue
n.m 0.3x - 2.4x 1.6x 1.0x 0.6x 2.2x 3.3x 0.6x 3.9x 1.0x 1.5x 1.4x 2.2x 8.3x 5.9x11.3x 11.5x 1.9x 4.9x 4.4x 1.3x 7.9x 3.0x 16.1x 6.7x4.1x4.3x 1.0x 0.3x 11.0x
(1)
(1) 2015E Net Revenue data is unavailable
(2) These companies have IPO’d within the last 12 months, the share price movement represents the change between each stocks respective IPO date (see slide 4) and 31st December 2015
(2) (2)
(2)
(2)
ADTECH DIVERSIFIED INTERNETMARTECH DATA
LAST12MONTHSHAREPRICE
PERFORMANCE
Q42015

55
AdTech & MarTech: Selected Stocks – Performance Since IPO
COMPANY IPO DATE DESCRIPTION
RAISE
D ($M)
INDICATIVE PRICE
RANGE ($)
IPO LISTING
PRICE ($)
DAY 1
INCREASE
CURRENT
INCREASE
CURREN
T EV ($M)
EV / NET
REVENUE
2015E
EV / EBITDA
2015E
Jun-15 AI ad optimisation 42 n.a. 2.1 4.2% (80.4%) (7) n.m. n.m.
May-15
eCommerce
platform
131 12.0-14.0 17.0 51.1% 51.8% 2,152 11.0x n.m.
Mar-15
Localised ad
targeting
75 10.5-12.5 11.5 (15.1%) (85.1%) 23 0.3x n.m.
Oct-14
Marketing
automation
125 22.0-24.0 25.0 20.4% 125.2% 2,030 11.3x n.m.
Sept-14
Multi-channel ad
server
75 n.a. 1.7 0.8% (51.1%) 42 n.a. n.a.
Jul-14
Programmatic video
DSP
44 7.0-8.0 7.0 64.3% 94.3% 437 3.9x n.m.
Jul-14
Multi-channel ad
network
70 n.a. 3.9 4.4% (60.3%) 159 2.4x 11.1x
Apr-14 SSP 102 15.0-17.0 15.0 33.9% 9.7% 718 3.3x n.m.
Nov-13
Multi-channel
network
33 n.a. 1.0 20.0% (90.4%) 22 1.0x n.m.
Oct-13
DSP focused on
retargeting
251 27.0-29.0 31.0 14.2% 27.7% 2,201 4.3x 19.6x
Sep-13 DSP 116 27.0-29.0 29.0 93.4% (88.0%) 151 0.6x n.m.
Aug-13 Video ad network 46 12.0-14.0 9.0 0.0% (61.0%) 72 1.0x n.m.
Nasdaq
LSE
NYSE
AIM
Nasdaq
Nasdaq
NYSE
AIM
NYSE
AIM
NYSE
NYSE
(1) Current increase from IPO price; Market data as of 31st December 2015
Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 60x EV / EBITDA
(1)

56
26.5%
30.4%
0.7%
17.0%
20.4%
-
5%
10%
15%
20%
25%
30%
35%
AdTech MarTech Data Diversified
Internet
Global AdTech/
MarTech
1.0 x
7.1 x
3.2 x
6.7 x
2.7 x
-
1.0 x
2.0 x
3.0 x
4.0 x
5.0 x
6.0 x
7.0 x
8.0 x
AdTech MarTech Data Diversified
Internet
Global AdTech/
MarTech
AdTech & MarTech: Valuation Benchmarks
(1) (1)
(1) Global AdTech / MarTech represents the median of all stocks in AdTech, MarTech, Data & Diversified Internet
Notes: EV = Enterprise Value; Financials calendarised to December year end; Median values reported
See Selected Publicly Traded Companies (Slide 11) for details of companies included in each category
Source: Capital IQ & analyst reports
REVENUE GROWTH (2015-16E) EV / NET REVENUE 2015E

57
54
43
74
52
108
101
113
106
98 101
112
100
-
$1bn
$2bn
$3bn
$4bn
$5bn
$6bn
$7bn
$8bn
$9bn
0
20
40
60
80
100
120
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
TOTALDISCLOSEDDEALVALUE($BN)
NUMBEROFDEALS
Number of deals Total disclosed deal value ($bn)
AdTech & MarTech: Global M&A Activity Q1 2013 – Q4 2015
(1) Q3 2014 data includes Alliance Data’s acquisition of Conversant ($2.2bn)
(2) Q2 2015 data includes Verizon’s acquisition of AOL ($4.3bn)
(1) (2)

58
AdTech & MarTech: Selected Deals in H2 2015
DATE BUYER TARGET EV ($M) EV/REVENUE COMPANY DESCRIPTION
TARGET
LOCATION
Dec 15 20 1.0x B2B mobile ad network
Dec 15 - - Programmatic ad optimisation
Dec 15 141 1.0x Ad network with proprietary ad formats
Nov 15 20 1.0x Rich media Ad Server
Nov 15 450 7.9x Marketing BI DMP
Nov 15 1,083 2.4x Email and social marketing
Sep 15 683 6.3x TV and movie measurement
Sep 15 120 - Content management & GRC
Sep 15 - - Mobile attribution
Sep 15 - - In-store customer analytics
Sep 15 89 1.9x Social and video ad network
Sep 15 - - Mobile ad app SDK
Sep 15 17 1.1x Mobile and social DSP
Sep 15 500 - OTT video content
Sep 15 218 1.9x Mobile ad network and ad exchange
Aug 15 - - Predictive marketing CRM
Aug 15 - - Cross-channel optimisation and personalisation
Jul 15 1,000 6.0x Multi-channel, big data marketing cloud
(1) In certain cases EV/Revenue are publicly reported estimates; TTM net revenues have been used where possible (gross revenues minus TAC generated in the last 12 months); EV =
transaction value scaled to 100% shareholding plus net debt (incl. minority interest)
(2) Earn out of $25m has not been included in the calculation of EV
(3) Deal has been announced, but is yet to close
(4) Earn out of $86m (£56m) has not been included in the calculation of EV
(4)
(1)
(2)
(3)

59
AdTech & MarTech: Selected Deals in H1 2015
DATE BUYER TARGET EV ($M) EV/REVENUE COMPANY DESCRIPTION
TARGET
LOCATION
Jun 15 720 3.5x Campaign management and optimisation stack
Jun 15 - - Targeted TV SSP
May 15 43 1.6x Ad server & search retargeting
May 15 12 1.1x Mobile DSP
May 15 4,135 2.3x Online publisher and full ad tech stack
May 15 26 4.2x eCommerce marketing platform
Apr 15 533 - Predictive cross-device retargeting
Apr 15 120 - mCommerce platform
Apr 15 200 5.0x eCommerce marketing automation
Apr 15 22 3.1x Mobile ad tracking
Mar 15 100 4.3x Retargeting DSP
Mar 15 85 5.0x Programmatic direct SSP
Mar 15 58 1.9x Mobile marketing optimisation
Mar 15 195 5.6x DMP
Feb 15 30 - App marketing SSP
Feb 15 - - Omni-channel shopper data & analytics
Jan 15 - - Ad exchange with DSP & SSP capabilities
Jan 15 125 6.3x B2B DMP
(1) In certain cases EV/Revenue are publicly reported estimates; TTM net revenues have been used where possible (gross revenues minus TAC generated in the last 12 months); EV =
transaction value scaled to 100% shareholding plus net debt (incl. minority interest)
(2) Earn out of $22m has not been included in the calculation of EV
(1)
(2)

60
AdTech & MarTech: Selected Fundraisings in H2 2015
DATE COMPANY
TYPE OF
ROUND
FUNDS
RAISED ($M)
INVESTOR PARTICIPATON COMPANY DESCRIPTION
COMPANY
LOCATION
Dec 15 Series C 49 Mercato Partners (lead investor), Staley Capital and Silicon Valley Bank Data-driven marketing
Dec 15 - 22 Danica Pension DSP, DMP and Ad Server
Dec 15 Series B 30
Led by several major institutional investors, including European Investment
Bank and Dutch L’Arche BV
Native ad automation
Oct 15 Series C 33 Partech (lead investor), Highland Capital Partners Europe and Nauta Capital Social media monitoring
Oct 15 - 20 Accel-KKR
eCommerce insight and
optimisation
Oct 15 Series C 53
Insight Venture Partners, Lead Edge Capital, Mack Capital, Volition Capital
(lead investors) and Silicon Valley Bank
Tag and data management
Oct 15 Series B 65
Lightspeed Venture Partners (lead investor), Sequoia Capital, IDG Ventures
and Lakestar
B2B predictive marketing data
and analytics
Oct 15 Series C 58
Index Ventures (lead investor), Andreessen Horowitz, Bain Capital
Ventures, Battery Ventures, Benchmark, Citi Ventures, Correlation
Ventures, Danhua Capital, Pharus Capital Management, Salesforce
Ventures and Tenaya Capital
Content A/B testing
Sep 15 Debt 100 Tennenbaum Capital Partners Mobile discovery platform
Sep 15 Debt 30 Silicon Valley Bank Programmatic ad exchange
Sep 15 Series A 33 Vector Capital B2C marketing cloud
Sep 15 Series B 40
IHeartMedia (lead investor), Advance Publications, Upfront Ventures and
Foundry Group; Silicon Valley Bank (debt)
Social data and ad buying
Aug 15 Series B 45 Tenaya Capital (lead investor), Sequoia Capital, SoftTech VC and others Mobile marketing automation
Jul 15 Series E 67
Silicon Valley Bank (debt); Sapphire Ventures (lead investor), Cross Creek
Advisors and previous investors
Ad viewability and fraud
Jul 15 Series D 50
Founders Fund (lead investor), BlueRun Ventures, Glynn Capital
Management, AME Cloud Ventures, Yuan Capital, Salesforce Ventures,
Formation 8
B2B predictive marketing
Jul 15 Series F 50 Susquehanna Growth Equity Content recommendation
Jul 15 Series G 30
Sageview Capital (lead investor), Adobe Systems, Altos Ventures, Costanoa
Venture Capital, Greenspring Associates, Salesforce.com Ventures, Scale
Venture Partners and Sigma West
B2B account-based marketing
Jul 15 Series D 42
FTV Capital (lead investor), Mayfield Fund, InterWest Partners and
FirstMark Capital
Omni-channel content
management(1) Round is reported to be split between unspecified equity and debt funding
(2) Round is reported to be split $30million equity funding, $10million debt funding
Source: Press Releases, Capital IQ, Mergermarket and Results analysis
(2)
(3)
(1)
(1)

61
AdTech & MarTech: Selected Fundraisings in H1 2015
DATE COMPANY
TYPE OF
ROUND
FUNDS
RAISED ($M)
INVESTOR PARTICIPATON COMPANY DESCRIPTION
COMPANY
LOCATION
Jun 15 - 54
Harmony Partners (lead investor), Industry Ventures, DFJ Esprit, Trinity
Ventures, Crosslink Capital and Adams Street Partners
DSP
Jun 15 Series B 13 Smedvig Capital (lead investor), Panoramic Growth Equity Search retargeting
Jun 15 Series A 12 Softbank Capital and Google Ventures
Predictive eCommerce
targeting
Jun 15 Series D 33
FTV Capital (lead investor), Battery Ventures, First Round Capital and
Shasta Ventures
Targeted in-email advertising
Jun 15 Series D 21
Ares Capital Corporation (lead investor), Vision Private Equity, Verlinvest,
Syngenta Ventures and Unilever Ventures
Mobile marketing CRM
May 15 Series D 74
Vitruvian Partners (lead investor), Seed Capital, Northzone, Index Ventures
and DFJ Esprit
eCommerce review community
May 15 Series B 30 Neuberger Berman
Digital media planning &
management
May 15 Series C 40
Lightspeed Venture Partners (lead investor), Lerer Hippeau Ventures, First
Round Capital, GGV Capital and Sequoia Capital
Marketing management
Apr 15 Series A 5 Dawn Capital (lead investor), Northzone and Conor Ad viewability
Mar 15 Series E 46 Battery Ventures, Intel Capital, and Iconiq Capital Social media management
Mar 15 Series D 35 Sapphire Ventures (lead investor), Foundation Capital and Polaris Partners
Mobile analytics & marketing
for apps
Mar 15 Series C 45 Undisclosed Augmented reality mobile ads
Feb 15 Series D 32
Adobe and Salesforce Ventures (lead investors), Cue Ball, Greycroft
Partners, Hillsven Capital and US Venture Partners
Content curation
Feb 15 Series D 31
Georgian Partners (lead investors), Bain Capital, Battery Ventures, Tenaya
Capital and Presidio Ventures
Tag management
Feb 15 Series C 16
Frog Capital (lead investor), Bertelsmann Digital Media Investments,
Greycroft, Sussex Place Ventures and Silicon Valley Bank
Affiliate marketing
Feb 15 Series E 117
Fidelity Management and Research Company (lead investors), Marker
Financial Advisors, Steadfast Capital, Advance Publications, Comcast
Ventures; Groupe Arnault, Yahoo Japan and private investors
Content recommendation
engine
Jan 15 Series D 55
Institutional Venture Partners (lead investor), Sequoia Capital, Greycroft
Partners and IDG Capital Partners
App data & analytics
Jan 15 Series C 30
Gimv, Partech and Elaia and BPI (investors), Bank of China, HSBC, BNPP
and BPI (debt)
Video SSP
(2) Round is reported to be split €12million equity funding, €6.5million debt funding
(3) Round is reported to be split €12million equity funding, £10million debt funding
Source: Press Releases, Capital IQ, Mergermarket and Results analysis
(3)
(1)
(2)

62
COMPANY OPERATING METRICS VALUATION METRICS
PRICE($) %OF52 MARKET TOTAL NET ENTERPRISE REVENUEGROWTH EBITDA MARGIN NETREVENUE EBITDA
(31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE($M) CY14-15 CY15-16 CY2015 CY2016 CY2015 CY2016 CY2015 CY2016
ADTECH
Adgorithms LTD 0.41 18.1% 27 35 (35) (7) 56.3% 65.0% 67.5% 58.7% n.m. n.m. n.m. n.m.
Blinkx plc 0.25 42.0% 101 75 (75) 26 (11.1%) 3.7% (0.4%) 3.2% 0.3 x 0.3 x n.m. 8.8 x
Criteo SA 39.60 69.1% 2,490 305 (290) 2,201 56.1% 26.0% 21.8% 24.8% 4.3 x 3.4 x 19.6 x 13.7 x
Crossrider Plc 0.82 50.5% 120 78 (78) 42 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Marin Software Incorporated 3.58 41.5% 133 33 (30) 103 7.6% 5.7% (10.4%) 0.1% 1.0 x 0.9 x n.m. n.m.
Matomy Media Group Ltd. 1.54 42.7% 144 43 15 159 0.8% 34.7% 22.1% 28.1% 2.4 x 1.8 x 11.1 x 6.5 x
MaxPoint Interactive, Inc. 1.71 15.2% 45 49 (21) 23 33.8% 11.2% (20.0%) (27.7%) 0.3 x 0.3 x n.m. n.m.
Opera Software ASA 5.71 47.8% 838 85 78 917 20.1% 20.4% 15.8% 18.3% 1.6 x 1.3 x 10.0 x 7.2 x
Rightster Group Plc 0.09 20.3% 34 12 (12) 22 70.1% 39.9% (71.6%) (19.3%) 1.0 x 0.7 x n.m. n.m.
Rocket Fuel Inc. 3.49 20.7% 150 83 0 151 13.9% 2.6% (58.2%) (8.6%) 0.6 x 0.5 x n.m. n.m.
Taptica International Ltd 0.92 35.3% 64 23 (23) 41 (2.0%) 52.5% 9.7% 25.0% 2.2 x 1.5 x 23.0 x 5.8 x
The Rubicon Project, Inc. 16.45 79.9% 798 80 (80) 718 76.3% 33.0% 3.9% 5.5% 3.3 x 2.4 x n.m. 44.5 x
Tremor Video, Inc. 2.06 62.9% 107 66 (66) 42 29.8% 27.0% (46.3%) (2.1%) 0.6 x 0.4 x n.m. n.m.
TubeMogul, Inc. 13.60 57.9% 519 84 (83) 437 40.6% 28.7% (21.1%) (10.5%) 3.9 x 3.0 x n.m. n.m.
YuMe, Inc. 3.51 55.0% 121 48 (48) 72 (11.5%) 3.6% (15.5%) (7.8%) 1.0 x 0.9 x n.m. n.m.
MARTECH
Bazaarvoice, Inc. 4.38 46.6% 353 110 (53) 300 6.9% 8.4% (3.5%) 3.9% 1.5 x 1.4 x n.m. 35.8 x
Brightcove Inc. 6.20 73.3% 203 24 (22) 180 6.8% 8.0% 5.0% 6.2% 1.4 x 1.2 x 26.9 x 20.1 x
Constant Contact, Inc. 29.24 67.7% 981 181 (181) 801 11.2% 13.9% 19.7% 21.9% 2.2 x 1.9 x 11.0 x 8.7 x
Demandware, Inc. 53.97 71.1% 2,132 183 (183) 1,949 45.9% 28.7% 7.8% 8.2% 8.3 x 6.5 x n.m. n.m.
HubSpot, Inc. 56.31 93.7% 2,134 105 (104) 2,030 54.6% 33.7% (13.6%) (8.8%) 11.3 x 8.5 x n.m. n.m.
Marketo, Inc. 28.71 80.6% 1,336 113 (106) 1,230 39.9% 32.1% (8.7%) (5.3%) 5.9 x 4.4 x n.m. n.m.
New Relic, Inc. 36.43 90.8% 2,022 189 (189) 1,833 61.4% 37.9% (21.6%) (10.9%) 11.5 x 8.4 x n.m. n.m.
Shopify Inc. 25.80 61.2% 2,339 187 (187) 2,152 86.4% 43.6% (1.0%) 2.7% 11.0 x 7.7 x n.m. n.m.
DATA
Acxiom Corporation 20.92 89.3% 1,658 181 28 1,686 (15.0%) (0.1%) 14.6% 16.0% 1.9 x 1.9 x 13.2 x 12.0 x
Alliance Data Systems Corporation 276.57 88.6% 16,949 977 14,554 31,503 22.4% 12.2% 29.2% 29.4% 4.9 x 4.3 x 16.6 x 14.7 x
Experian plc 17.71 95.0% 17,040 165 3,356 20,396 (3.8%) 1.6% 33.6% 34.5% 4.4 x 4.3 x 13.1 x 12.6 x
Teradata Corporation 26.42 56.2% 3,514 874 (164) 3,350 (7.9%) (4.8%) 21.9% 24.0% 1.3 x 1.4 x 6.1 x 5.8 x
DIVERSIFIED INTERNET
Alphabet Inc. 778.01 97.4% 539,129 70,912 (62,415) 476,714 14.1% 17.0% 40.4% 44.4% 7.9 x 6.8 x 19.6 x 15.2 x
Amazon.com, Inc. 675.89 97.0% 317,102 14,428 4,159 321,261 20.5% 20.9% 10.2% 11.3% 3.0 x 2.5 x 29.5 x 21.8 x
eBay Inc. 27.48 41.2% 32,994 5,301 2,138 35,132 (2.9%) 4.8% 40.8% 41.2% 4.1 x 3.9 x 10.0 x 9.5 x
Facebook, Inc. 104.66 94.6% 297,275 15,834 (15,708) 281,567 39.9% 37.8% 62.4% 61.3% 16.1 x 11.7 x 25.9 x 19.1 x
Yahoo! Inc. 33.26 65.5% 31,545 5,882 (4,632) 26,913 (8.3%) (4.0%) 8.0% 13.3% 6.7 x 7.0 x n.m. 52.1 x
25th percentile (0.6%) 5.2% (12.0%) (3.7%) 1.3 x 1.3 x 11.0 x 8.7 x
Median 20.1% 20.4% 7.8% 8.2% 2.7 x 2.2 x 14.9 x 13.1 x
AdTech & MarTech: Selected Publicly Traded Companies
Notes: Broker reports have been used for selected company financials – Liberium (Aug-15) for Adgorithms, Numis (May-15) for Blinkx, JP Morgan (Nov-15) for Criteo, Canaccord Genuity (Nov-15) for Matomy Media, William Blair
(Nov-15) for MaxPoint Interactive, Cenkos (Oct-15) for Rightster, BMO Capital Markets (Nov-15) for Rocket Fuel, N+1 Singer (Sep-15) for Taptica, Jefferies (Dec-15) for The Rubicon Project, Jefferies (Nov-15) for Tremor Video, BMO
Capital Markets (Aug-15) for TubeMogul, Deutsche Bank (Nov-15) for YuMe, RBC Capital Markets (Dec-15) for Alphabet and JP Morgan (Oct-15) for Yahoo!
Note: Calendarised to December year end. Cap multiple at 20x EV/Revenue and 60x EV/EBITDA. Net debt is inclusive of minority interest and preferred equity. Net revenues have been used where appropriate
Sources: Capital IQ, market data as of 31st December 2015

63
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