Helping to raise Series A investment for tech companies.
About Techcelerate Ventures
Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
v
People Building our Future
Featuring 40 inspiring European startup stories of innovative
companies which have proven to be highly successful over
recent years.
We're delighted to have hosted all of them across our
NOAH Conferences!
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Contents
Title
Page
Cover
1
NOAH Hall of Fame
2
Agenda
3
Selected NOAH Advisors Deals
4
The NOAH Conferences
58
NOAH Connect: Coming Soon!
910
"NOAH, I'm On Board"
11
Porsche: The New Panamera
12
European Online Valuations
13
Universe of Public Internet Companies
14
Sector Valuations
15
Sector KPIs
16
Historical Valuation by Region
17
Growth Driven Valuation
18
Significant European Movers
19
Deutsche Brse Venture Network
20
Trading Comparables
2131
Advertising, Classifieds
21
Classifieds (Cont'd), Content, Digi.
Entertainment, Ecommerce
22
Ecommerce (Cont'd)
23
Ecommerce (Cont'd). Education,
Fitness/Wearables, Gambling, Gaming
24
Gaming (Cont'd), Hardware &
Semiconductors
25
Hardware & Semiconductors (Cont'd),
Healthcare & Science, IoT
26
Brokerage, Travel, Payments, Search,
27
Social, Software
28
Software (Cont'd)
29
Software (Cont'd)
30
NOAH Internet Trading Comps
31
Manhattan Venture Partners
32
NOAH Top List: European FinTech
33
Selected Transaction Comps
3441
Strategic Buyers by Segment
3439
Financial Buyers by Segment
4041
3
Title
Page
Pipedrive
42
NOAH Disruptor List
4350
CHRONEXT
51
NOAH Top List: European SaaS
5253
The NOAH Conferences
54
The NOAH Ecosystem
55
Real Winners on Stage
5657
Adyen
58
NOAH London 2018 Review
5963
NOAH London 2018 Overview
59
NOAH London 2018 Highlights
60
Event Impressions
6162
Sponsors & Partners
63
NOAH Berlin 2018 Review
6468
NOAH Berlin 2018 Overview
64
NOAH Berlin 2018 Highlights
65
Event Impressions
6667
Sponsors & Partners
68
NOAH Tel Aviv 2018 Review
6972
NOAH Tel Aviv 2018 Overview
69
Event Impressions
7071
Sponsors & Partners
72
Target Global
73
NOAH Advisors
74
NOAH Advisors Overview
7576
Selected NOAH Advisors Deals
77
NOAH Resources
78
Selected NOAH Advisors Deals
Exclusive Financial Advisor to
Facile.it and its Shareholders
to
Sale of controlling stake in
Exclusive Financial Advisor to
Trovit and its Shareholders
for 80m to
Sale of 100% of
Advisor to the Selling Shareholders
sale to
Exclusive Financial Advisor to
Yad2 and its Shareholders
for $228m to JV between
sold 100% of
Exclusive Financial Advisor to
Softonic and its shareholders
for a 30% stake alongside Softonic's
Founders and Angel Investors at
275m valuation
Growth equity investment from
April 2012
Financial Advisor to Toprural
and its Shareholders
Sale of 100% in
to
November 2011
Exclusive Financial Advisor to
Fotolia and its Shareholders
$150 million growth equity
investment from
for a 50% stake alongside Fotolia's
Founders and TA Associates
Additional $150 million senior debt
financing
Exclusive Advisor to EnGrande
Sale of a majority stake in
to
at a valuation of 40m
September 2014
October 2014
December 2014
Exclusive Financial Advisor to
Fotolia and the Selling
Shareholders
for $800m to
Sale of 100% of
August 2014
May 2014
February 2013
May 2012
Exclusive Financial Advisor to
grupfoni and its Shareholders
Sale of a majority stake in
to
Quants Financial Services AG
September 2015
Exclusive Financial Advisor to
Drushim and its Shareholders
to
Sale of 70% stake in
July 2015
Advisor to BIScience
from
Primary funding for
November 2015
Exclusive Financial Advisor to
Pipedrive
$5m fundraising and NOAH as
the Lead Investor
August 2015
Exclusive Financial Advisor to
Aloha
$14m fundraising and NOAH as
the Lead Investor
May 2016
September 2016
Acquisition of a Majority Stake in
by
from
at a valuation of 300m
Exclusive Financial Advisor to
10Bis and its Shareholders
Financial Advisor to Oakley
Capital
Investment in
10Bis
by
October 2016
Investment in
by
84% Ownership
Exclusive Financial Advisor to
KuferPortal and its
Shareholders
December 2016
Investment in
Financial Advisor to Silver Lake
July 2011
by
August 2017
Acquisition of a Majority Stake in
Financial Advisor to EMK Capital
by
at a valuation of $200m
4
July 2018
Sale of 100% in
Exclusive Financial Advisor to
PromoFarma and its
shareholders
to
BOOK TICKET >>
NOAH19 TEL AVIV OVERVIEW
910 April 2019
Hangar 11, Tel Aviv
The NOAH Conference Tel Aviv
Connecting Israel's Startups with Large Corporates and Investors
5
70+ top speakers
300+ international executives
Selected European "large caps" visit
leading Israeli startups
~1,200 senior attendees
VIDEO LIBRARY >>
HIGHLIGHTS FROM NOAH19 TEL AVIV
BOOK TICKET >>
Fantastic speaker lineup
Meet disruptors across key industry verticals
Networking with 3,500+ attendees
NOAH Conference
OVERVIEW PRESENTATION
WATCH THE TRAILER
1314 June 2019
STATION Berlin
The NOAH Conference Berlin
PROGRAM >>
VIDEO LIBRARY >>
HIGHLIGHTS FROM NOAH18 BERLIN
Traditional market leaders meet their digital startup counterparts
Connecting European Champions and Challengers
6
41%
21%
17%
16%
4% 1%
Internet Entrepreneurs
and Executives
Investors
Service Providers
Corporate Executives
Press
Other
Attendees by Type
29%
19%
18%
10%
24%
Board Member
CLevel
Owner, Founder
Investment Partner
Other
Attendees by Seniority
3031 October 2019
120+ top speakers
~1,500 senior attendees
400+ investment funds
Europe's top entrepreneurs and Clevel executives meet financial,
corporate and private investors
NOAH Conference London
BOOK TICKET >>
NOAH Conference
OVERVIEW PRESENTATION
Old Billingsgate, London
7
37%
25%
14%
13%
4%
7%
Internet Entrepreneurs
and Executives
Investors
Service Providers
Corporate Executives
Press
Other
Attendees by Type
PROGRAM >>
VIDEO LIBRARY >>
HIGHLIGHTS FROM NOAH18 LONDON
Connecting Capital with Entrepreneurs
46%
20%
9%
25%
CLevel
Owner, Founder
Investment Partner
Other
Attendees by Seniority
THE NOAH STARTUP STAGE
APPLY FOR NOAH 2019 STARTUP STAGE
The NOAH 2019 Startup Stage
Want to meet relevant angels and VCs looking for earlystage opportunities and
increase public awareness? Apply for the NOAH Startup Stage 2019 now!
NOAH18 London Startup Competition
Congratulations to the voted winner NOS Stablecoin as well as runnersup
CarPlanner and Learn 2 Play, which will present their ventures on the main stage of
our upcoming NOAH Berlin on 1314 June 2019.
MEET OUR WINNERS
9
NOAH Connect: Coming Soon!
Supporting the European online ecosystem with 4 key objectives
Connect Europe's digital leaders
Connect old and new economy
Narrow competitive disadvantage vs. better funded US firms
Increase exits to European strategic buyers
(to preserve longterm competitiveness)
NOAH Connect: Bringing the NOAH Ecosystem Online in 2018
v
NOAH MATCHMAKING
Looking for New Potential Business Partners?
There is no better opportunity to meet them
in person than at the NOAH Conference!
How does it work?
Selecteither companiesor investment funds depending on
your objectives
Searchand filter our listings to mark your networking wishlist
for the Conference
We will reach out to them to signalyour interest in meeting
them at our events
Manage confirmations and your conference agenda via our
NOAH Connect App for iOS and Android
1
2
3
4
v
Want to join our mission? Leave your mark and show support the
European digital ecosystem! All we need is a 5 second selfie video of
you saying "NOAH, I'm On Board" and we'll then publish all relevant
videos on our website.
They Are on Board to Support the
European Digital Ecosystem!
Share Your Video with Us
Are You?
Share Your Video
European Online Valuations
Universe of Public Internet Companies
14
Europe
United States
Travel
Ecommerce
Advertising
Classifieds
Lead Gen
Marketplaces
Online Gaming
Search
Social
38.4x
23.0x
20.5x
16.2x
13.5x
13.0x
8.0x
7.7x
3.3x
35.4x
13.7x
11.0x
12.9x
13.7x
12.6x
12.7x
11.4x
11.6x
Sector Valuations
15
Europe
United States
Social
Ecommerce
Gaming
Marketplaces
Lead
Generation
Travel
Classifieds
Search &
Portals
Advertising
Note: Calculation based on sector aggregates.
EV / EBITDA 2018E
December 2018
Sector KPIs
16
EBITDA Margin 2018E
Cash Conversion: FCF / EBITDA 2018E
Europe
United States
Europe
United States
Europe
United States
Note: Calculation based on sector aggregates.
EBITDA CAGR 2017E2019E
37%
26%
23%
21%
15%
10%
8%
5%
2%
17%
44%
20%
4%
9%
24%
14%
7%
7%
Search &
Portals
Ecommerce
Social
Classifieds Marketplaces
Lead
Generation
Travel
Gaming
Advertising
47%
31%
28%
26%
25%
22%
20%
16%
5%
28%
34%
25%
11%
44%
32%
15%
42%
9%
Marketplaces
Gaming
Travel
Lead
Generation
Social
Search &
Portals
Advertising
Classifieds Ecommerce
82%
70%
60%
55%
48%
46%
45%
29%
19%
70%
60%
64%
87%
63%
65%
34%
52%
18%
Gaming
Lead
Generation
Marketplaces Advertising
Travel
Social
Classifieds
Search &
Portals
Ecommerce
Historical Valuation by Region
17
EV / 1 Year Forward EBITDA
Selected Companies
Europe
United States
Rest of World
Europe
United States
Rest of World
Note: NTM EBITDA derived by timeweighted estimates.
Forward multiples are median values for region.

5x
10x
15x
20x
25x
30x
35x
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
Jan16
Jan17
Jan18

5x
10x
15x
20x
25x
30x
35x
40x

5%
10%
15%
20%
25%
30%
35%

10x
20x
30x
40x
50x

10%
20%
30%
40%
50%
60%
Growth Driven Valuation
18
Europe
United States
EV / EBITDA 2018E
EBITDA CAGR 2017E2019E
EV / EBITDA 2018E
EBITDA CAGR 2017E2019E
Note: Size of bubble represents Enterprise Value.
Company
Oct18
Nov18
% Change
Gainers
8.7x
17.1x
+97%
19.8x
27.3x
+38%
3.6x
4.5x
+25%
13.0x
16.2x
+25%
7.8x
9.4x
+20%
Losers
49.3x
21.5x
56%
41.1x
23.9x
42%
9.4x
6.9x
26%
40.0x
30.7x
23%
116.8x
96.8x
17%
Significant European Movers
19
Valuations: Oct18 vs. Nov18
Enterprise Value (m) *
EV/EBITDA 2018E
Company
Oct18
Nov18
% Change
Gainers
120
149
+25%
924
1,135
+23%
1,105
1,273
+15%
381
423
+11%
622
687
+11%
Losers
1,342
987
26%
7,356
5,905
20%
1,404
1,160
17%
15,156
12,556
17%
18,477
15,448
16%
Source: Capital IQ (December 2018).
Note:
* Companies with enterprise value <100m excluded.
Trading Comparables
21
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Advertising / Marketing
Ad Networks
Criteo (Europe)
984
63%
1.2x
1.2x
1.1x
4%
3.8x
3.7x
3.6x
4%
32%
9.5x
9.7x
9.3x
Taptica (Middle East)
111
37%
0.5x
0.3x
0.3x
30%
3.0x
2.3x
2.1x
20%
15%
5.1x
3.9x
3.7x
Matomy (Middle East)
27
7%
0.1x
n/a
n/a
(100%)
1.1x
n/a
n/a
(100%)
n/a
n/a
n/a
n/a
Mean
0.6x
0.8x
0.7x
(22%)
2.6x
3.0x
2.8x
(25%)
23%
7.3x
6.8x
6.5x
Intermediaries
Trade Desk (US)
4,455
75%
16.6x 11.0x 8.2x
42%
55.8x 34.7x 26.7x
45%
32%
79.8x 47.1x 39.6x
Catena Media (Europe)
642
59%
99.9x 62.7x 52.6x
38%
n/m
n/m
n/m
36%
49%
n/m
n/m
n/m
QuinStreet (US)
612
88%
2.2x
1.6x
1.4x
26%
34.1x 17.2x 12.2x
67%
9%
79.5x 26.9x 19.7x
FreakOut (AsiaPac)
210
56%
2.2x
1.7x
1.4x
25%
33.1x 27.7x 16.5x
41%
6%
n/a
n/a
n/a
RhythmOne (US)
142
57%
0.5x
0.4x
0.3x
35%
11.8x 3.2x
2.1x
135%
11%
n/a
n/a
n/a
The Rubicon Project (US)
78
75%
0.6x
0.7x
0.6x
(3%)
n/m
n/m
8.0x
n/a
(13%)
n/m
n/m
n/m
Weborama (Europe)
32
47%
n/a
n/a
n/a
n/a
5.4x
n/a
n/a
(100%)
n/a
35.7x
n/a
n/a
Algomizer (Middle East)
27
92%
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)
24
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
Cxense (Europe)
24
49%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
SeaChange (US)
18
30%
0.3x
0.3x
0.3x
(7%)
3.7x
n/m
6.3x
(24%)
(15%)
14.0x
n/a
n/m
Mean
17.5x 11.2x 9.3x
22%
24.0x 20.7x 12.0x
29%
11%
52.3x 37.0x 29.7x
Data and Loyalty
HubSpot (US)
4,130
78%
12.7x 9.3x
7.4x
31%
n/m 89.8x 62.5x
86%
10%
n/m
n/m 98.9x
LiveRamp (US)
3,096
83%
3.9x
4.5x
10.2x
(38%)
20.5x 30.3x
n/m
n/a
15%
55.7x 70.8x
n/m
Quotient Technology (US)
785
70%
2.8x
2.3x
1.8x
25%
19.1x 14.9x 10.8x
33%
15%
48.4x 60.3x 26.4x
Aimia (Canada)
288
72%
0.2x
0.3x
0.3x
(12%)
1.8x
2.0x
2.4x
(15%)
14%
4.3x
n/m
n/m
1000mercis (Europe)
62
56%
1.1x
1.0x
0.9x
10%
5.0x
6.7x
6.3x
(11%)
14%
n/a
n/a
n/a
Marchex (US)
29
74%
0.4x
0.4x
0.3x
6%
46.9x 16.1x 7.3x
153%
2%
n/m
n/m 86.7x
Somoto (Middle East)
24
82%
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
3.5x
3.0x
3.5x
4%
18.7x 26.6x 17.9x
49%
12%
36.1x 65.5x 70.7x
Market Research
Nielsen (US)
14,864
62%
2.6x
2.6x
2.6x
(0%)
8.3x
9.2x
9.0x
(4%)
28%
9.2x
12.5x 12.6x
Gartner (US)
12,113
81%
4.2x
3.5x
3.2x
15%
19.8x 19.4x 17.4x
7%
18%
38.1x 34.1x 30.0x
Ipsos (Europe)
1,382
59%
0.8x
0.8x
0.7x
4%
6.7x
7.1x
6.2x
4%
11%
7.6x
7.9x
6.9x
comScore (US)
842
48%
1.6x
2.3x
2.2x
(16%)
6.1x
78.2x 36.0x
(59%)
3%
7.7x
n/m
n/m
National Research Corporation (US)
853
89%
8.2x
8.1x
7.7x
4%
25.1x
n/a
n/a
(100%)

42.7x
n/a
n/a
Forrester Research (US)
524
81%
1.8x
1.7x
1.6x
6%
15.7x 15.5x 11.4x
17%
11%
32.8x
n/a
n/a
YouGov (Europe)
442
78%
3.6x
3.2x
2.9x
11%
21.2x 17.0x 14.6x
20%
19%
31.3x 22.9x 20.7x
Intage (AsiaPac)
229
58%
0.6x
0.6x
0.6x
3%
5.2x
5.4x
5.2x
0%
10%
n/a
n/a
n/a
Mean
2.9x
2.8x
2.7x
3%
13.5x 21.7x 14.3x
(14%)
13%
24.2x 19.3x 17.6x
Agencies
Omnicom (US)
17,673
89%
1.3x
1.3x
1.3x
0%
8.6x
8.5x
8.4x
1%
16%
13.8x 12.9x 12.9x
WPP (Europe)
18,057
60%
1.1x
1.1x
1.1x
1%
6.3x
7.0x
7.4x
(8%)
15%
7.4x
8.4x
8.8x
Publicis Group (Europe)
14,755
80%
1.5x
1.6x
1.5x
(1%)
8.7x
8.6x
8.3x
3%
18%
11.3x 11.0x 10.4x
Dentsu (AsiaPac)
9,307
86%
1.3x
1.2x
1.1x
8%
6.7x
6.7x
6.1x
5%
18%
n/a
n/a
n/a
Interpublic Group of Companies (US)
8,638
82%
1.3x
1.2x
1.2x
5%
8.7x
7.6x
6.8x
13%
16%
14.8x 12.1x 11.8x
JCDecaux (Europe)
5,852
65%
1.7x
1.6x
1.5x
6%
9.8x
9.9x
8.7x
6%
16%
23.3x 23.1x 19.2x
MDC Partners (US)
1,171
27%
0.9x
0.9x
0.9x
1%
6.6x
7.4x
5.9x
5%
12%
5.4x
n/m
4.2x
XLMedia (Europe)
147
33%
1.3x
1.3x
1.3x
2%
3.9x
4.0x
3.7x
3%
34%
7.2x
7.1x
6.5x
Mean
1.3x
1.3x
1.2x
3%
7.4x
7.5x
6.9x
4%
18%
11.9x 12.4x 10.5x
Classifieds
Diversified
Next Co (US)
103,787
95%
6.9x
6.7x
6.2x
5%
12.9x 12.7x 11.9x
4%
53%
26.2x 22.6x 20.6x
Naspers (Africa)
67,821
75%
n/m
n/m
n/m
11%
n/m
n/m
n/m
65%
7%
n/m
n/m
n/m
Recruit Holdings (AsiaPac)
33,870
70%
2.1x
1.9x
1.7x
9%
16.7x 15.4x 13.3x
12%
12%
n/a
n/a
n/a
MercadoLibre (LatAm)
12,009
75%
10.1x 9.6x
6.9x
21%
72.9x
n/m
n/m
(30%)
(2%)
n/m
n/m
n/m
58.com (AsiaPac)
6,580
60%
4.9x
4.0x
3.3x
23%
24.9x 19.1x 14.2x
32%
21%
33.8x 21.0x 16.3x
Schibsted (Europe)
6,806
86%
4.0x
3.7x
3.5x
6%
26.2x 20.9x 16.7x
25%
18%
65.4x 45.2x 30.2x
Scout24 (Europe)
5,317
86%
11.1x 10.0x 8.5x
14%
21.4x 18.7x 16.3x
15%
53%
30.5x 25.7x 23.0x
Info Edge India (AsiaPac)
2,243
94%
20.6x 17.4x 14.8x
18%
60.7x 53.1x 42.3x
20%
33%
78.8x 64.7x 53.2x
Trade Me (AsiaPac)
1,542
99%
10.6x 9.9x
9.2x
7%
16.1x 15.0x 14.0x
7%
66%
26.3x 24.9x 23.1x
Just Dial (AsiaPac)
402
76%
4.2x
3.7x
3.4x
12%
21.6x 15.5x 13.7x
26%
24%
24.3x 20.1x 16.6x
Mean
8.3x
7.4x
6.4x
13%
30.4x 21.3x 17.8x
18%
28%
40.8x 32.0x 26.1x
Source: Capital IQ (as of 20 December 2018).
View Our Internet Trading Comps
Trading Comparables (Cont'd)
22
Classifieds (Cont'd)
Real Estate
REA Group (AsiaPac)
6,155
76%
13.3x 11.3x 10.0x
15%
23.3x 19.5x 17.0x
17%
58%
37.1x 30.9x 26.2x
Zillow (US)
4,551
46%
4.9x
3.9x
2.7x
33%
22.0x 25.7x 22.6x
(1%)
15%
58.6x 69.4x 62.2x
Rightmove (Europe)
4,172
79%
15.5x 14.1x 13.1x
9%
20.5x 18.6x 17.3x
9%
76%
25.9x 23.0x 21.5x
Fang Holdings (AsiaPac)
1,022
26%
2.5x
3.7x
3.0x
(8%)
21.9x 15.8x 8.4x
61%
23%
29.3x 7.6x
7.1x
Redfin (US)
849
46%
2.7x
2.0x
1.6x
28%
n/m
n/m
n/m
n/a
(4%)
n/m
n/m
n/m
Purplebricks (Europe)
389
30%
3.9x
2.1x
1.4x
65%
n/m
n/m 16.6x
n/a
(18%)
n/m
n/m
n/m
Mitula (Europe)
97
100%
4.5x
n/a
n/a
(100%)
12.5x
n/a
n/a
(100%)
n/a
22.5x
n/a
n/a
Leju (AsiaPac)
16
59%
0.1x
0.0x
0.0x
18%
n/m
n/m
0.4x
n/a
(3%)
n/m
n/m
5.1x
Mean
5.9x
5.3x
4.6x
8%
20.1x 19.9x 13.7x
(3%)
21%
34.7x 32.7x 24.4x
Automotive
Autohome (AsiaPac)
7,074
66%
8.5x
7.8x
6.4x
15%
24.7x 19.1x 15.7x
26%
41%
31.3x 22.5x 19.0x
Auto Trader (Europe)
4,992
95%
14.0x 13.3x 12.9x
4%
20.0x 19.1x 17.1x
8%
70%
25.1x 22.9x 20.9x
Bitauto (AsiaPac)
4,703
50%
4.1x
3.6x
3.0x
17%
26.6x 25.5x 20.7x
13%
14%
11.7x 13.8x 11.0x
Cargurus (US)
3,064
58%
11.2x 7.8x
6.2x
34%
n/m 91.3x 64.8x
60%
9%
n/m
n/m 91.5x
BCA Marketplace (Europe)
2,196
84%
0.9x
0.7x
0.7x
13%
13.6x 11.8x 10.9x
12%
6%
20.1x 16.4x 15.0x
Carsales.com (AsiaPac)
1,928
67%
7.9x
6.3x
5.9x
16%
16.0x 14.1x 12.7x
12%
45%
21.3x 19.6x 18.0x
Carvana (US)
1,643
45%
2.2x
0.9x
0.5x
105%
n/m
n/m
n/m
(21%)
(10%)
n/m
n/m
n/m
TrueCar (US)
668
63%
2.4x
2.1x
1.9x
13%
27.4x 21.8x 16.1x
30%
10%
n/m 72.2x 40.9x
Cango (AsiaPac)
677
58%
n/a
0.5x
0.2x
n/a
n/a
1.5x
0.6x
n/a
36%
n/a
3.5x
1.4x
Mean
6.4x
4.8x
4.2x
27%
21.4x 25.5x 19.8x
7%
24%
21.9x 24.4x 27.2x
Recruitment
Axel Springer (Europe)
7,162
68%
2.0x
2.2x
2.1x
(2%)
11.0x 9.6x
8.8x
12%
23%
18.2x 17.3x 15.9x
Seek (AsiaPac)
4,487
74%
6.1x
5.1x
4.4x
18%
17.7x 16.0x 14.6x
10%
32%
29.6x 28.9x 25.9x
51job (AsiaPac)
2,552
54%
1.0x
0.8x
0.6x
27%
2.9x
2.3x
1.8x
27%
34%
4.3x
3.0x
2.4x
Upwork (US)
2,029
85%
n/a
9.2x
7.7x
n/a
n/a
n/m
n/m
n/a
0%
n/a
n/m
n/m
Dice Holdings (US)
82
48%
0.5x
0.6x
0.6x
(14%)
2.4x
3.0x
2.9x
(9%)
20%
12.2x
n/a
6.6x
Mean
2.4x
3.6x
3.1x
7%
8.5x
7.7x
7.0x
10%
22%
16.1x 16.4x 12.7x
Content Providers
IAC (US)
13,774
79%
4.8x
3.7x
3.3x
21%
27.2x 16.1x 13.5x
42%
23%
69.2x 19.2x 19.7x
XO Group (US)
663
98%
4.7x
4.5x
4.1x
7%
27.2x 20.5x 18.3x
22%
22%
n/m 51.6x 44.5x
TechTarget (US)
283
34%
3.0x
2.7x
2.4x
12%
15.0x 11.0x 9.0x
29%
24%
30.4x 16.6x 13.2x
Mean
4.2x
3.6x
3.3x
13%
23.1x 15.9x 13.6x
31%
23%
49.8x 29.2x 25.8x
Digital Entertainment
Netflix (US)
106,427
63%
10.4x 7.7x
6.1x
30%
n/m 61.1x 40.4x
67%
13%
n/m 97.6x 62.3x
Spotify (Europe)
17,109
60%
n/a
3.7x
2.9x
n/a
n/a
n/m
n/m
n/a
(2%)
n/a
n/m
n/m
Freenet (Europe)
3,558
51%
1.0x
1.2x
1.2x
(8%)
7.4x
8.0x
7.9x
(3%)
16%
7.2x
9.3x
8.5x
Bilibil i (AsiaPac)
3,120
64%
n/a
0.9x
0.6x
n/a
n/a
n/m
4.9x
n/a
(6%)
n/a
n/m
n/m
Roku (US)
2,767
39%
6.2x
4.3x
3.2x
39%
n/m
n/m
n/m
n/a
4%
n/a
n/m
n/m
Pandora Media (US)
2,314
83%
1.8x
1.7x
1.5x
10%
n/m
n/m
n/m
(74%)
(7%)
n/m
n/m
n/m
Brave Bison (Europe)
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
4.9x
3.3x
2.6x
18%
7.4x 34.5x 17.7x
(4%)
3%
7.2x 53.5x 35.4x
ECommerce
Diversified
Amazon (US)
655,088
73%
4.2x
3.2x
2.7x
26%
39.1x 22.7x 17.8x
48%
14%
n/m 74.5x 54.3x
Alibaba (AsiaPac)
312,578
65%
1.6x
1.0x
0.7x
47%
3.5x
3.1x
2.4x
20%
33%
4.3x
3.9x
3.1x
Rakuten (AsiaPac)
10,633
74%
1.5x
1.3x
1.1x
14%
6.9x
6.1x
7.7x
(5%)
20%
n/a
n/a
n/a
Liberty Ventures (US)
6,400
77%
n/a
10.0x 8.2x
n/a
n/a
37.3x 26.8x
n/a
27%
n/a
n/a
n/a
Investment AB Kinnevik (Europe)
6,132
65%
62.8x 46.1x 48.5x
14%
n/m
n/m
n/m
14%
(16%)
26.7x 39.8x 40.4x
B2W (LatAm)
4,474
95%
2.6x
2.9x
2.6x
(0%)
29.5x 44.8x 27.6x
3%
7%
n/m
n/m
n/m
Rocket Internet (Europe)
651
64%
9.6x
14.9x 14.0x
(17%)
n/m
n/m
n/m
18%
(100%)
n/m
n/m
n/m
Vostok New Ventures (AsiaPac)
532
75%
2.5x
2.1x
1.7x
22%
4.3x
3.4x
2.6x
29%
63%
5.1x
n/m
n/m
Netshoes (LatAm)
90
13%
0.2x
0.2x
0.2x
(4%)
n/m
n/m 11.8x
n/a
(0%)
n/m
n/m
n/m
Mean
10.6x 9.1x
8.9x
13%
16.7x 19.6x 13.8x
18%
5%
12.0x 39.4x 32.6x
Personalized
Cimpress (Europe)
3,767
61%
1.8x
1.6x
1.4x
12%
14.8x 12.0x 9.8x
23%
13%
48.2x
n/a
n/a
Stamps.com (US)
2,362
52%
5.9x
4.7x
3.9x
23%
11.8x 10.6x 9.1x
14%
44%
15.6x 12.9x 12.5x
Shutterfly (US)
2,009
38%
2.0x
1.2x
1.0x
39%
10.3x 5.8x
5.6x
36%
20%
48.3x 11.8x 13.4x
CEWE Stiftung (Europe)
485
67%
0.8x
0.7x
0.7x
6%
5.3x
5.1x
4.8x
4%
15%
13.1x 12.4x 11.4x
Oponeo.pl (Europe)
62
47%
0.4x
0.3x
0.3x
19%
14.7x 9.3x
8.2x
34%
3%
21.6x 15.4x 14.4x
Eve Sleep (Europe)
(2)
7%
n/m
n/m
n/m
36%
0.1x
0.1x
0.4x
(37%)
(49%)
n/m
n/m
n/m
Mean
2.2x
1.7x
1.5x
22%
9.5x
7.1x
6.3x
12%
8%
29.4x 13.1x 12.9x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
23
ECommerce (Cont'd)
Online Food & Restaurants
Delivery Hero (Europe)
4,663
54%
8.5x
6.1x
4.3x
41%
n/m
n/m
n/m
11%
(18%)
n/m
n/m
n/m
Just Eat (Europe)
4,374
64%
7.5x
5.2x
4.1x
35%
24.3x 23.2x 18.0x
16%
22%
35.4x 34.8x 27.1x
Takeaway.com (Europe)
1,897
64%
11.5x 7.9x
5.9x
40%
n/m
n/m 88.7x
n/a
(4%)
n/m
n/m
n/m
Hellofresh (Europe)
742
40%
0.8x
0.6x
0.5x
33%
n/m
n/m 38.3x
n/a
(6%)
n/m
n/m
n/m
Blue Apron (US)
161
17%
0.2x
0.3x
0.3x
(17%)
n/m
n/m
n/m
(74%)
(10%)
n/m
n/m
n/m
Mean
5.7x
4.0x
3.0x
26%
24.3x 23.2x 48.3x
(16%)
(3%)
35.4x 34.8x 27.1x
Marketplaces
eBay (US)
27,707
60%
3.3x
2.9x
2.8x
9%
9.2x
8.8x
8.3x
5%
34%
12.6x 11.9x 11.5x
GrubHub (US)
5,759
49%
9.7x
6.5x
4.9x
40%
36.4x 27.5x 20.8x
32%
24%
65.9x 40.9x 34.5x
Etsy (US)
5,011
86%
13.1x 9.6x
7.4x
33%
77.1x 41.8x 29.5x
62%
23%
86.3x 61.9x 44.5x
Kakaku (AsiaPac)
3,211
78%
n/a
7.8x
7.1x
n/a
n/a
15.7x 14.5x
n/a
50%
n/a
n/a
n/a
Shutterstock (US)
878
62%
1.8x
1.6x
1.5x
12%
11.0x 9.7x
8.3x
16%
17%
29.3x 23.0x 19.3x
Care.com (US)
415
74%
2.7x
2.5x
2.2x
12%
21.7x 15.0x 12.6x
31%
16%
27.4x 19.3x 17.5x
Liquidity Services (US)
131
86%
0.6x
0.7x
0.7x
(7%)
n/m
n/m 38.3x
n/a
(3%)
n/m
n/m
n/m
MyHammer (Europe)
45
85%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Lauritz.com (Europe)
33
17%
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
4.5x
3.8x
17%
31.1x 19.7x 18.9x
29%
23%
44.3x 31.4x 25.5x
Verticals / Players
JD.com (AsiaPac)
25,090
40%
0.1x
0.1x
0.1x
24%
4.8x
5.7x
3.0x
26%
1%
5.7x
11.2x 4.8x
Wayfair (US)
7,159
60%
1.8x
1.2x
0.9x
38%
n/m
n/m
n/m
80%
(4%)
n/m
n/m
n/m
Ocado (Europe)
5,881
66%
3.7x
3.3x
2.9x
13%
58.3x 71.0x 50.6x
7%
5%
n/m
n/m
n/m
Monotaro (AsiaPac)
5,409
83%
7.9x
6.3x
5.2x
23%
53.8x 44.8x 36.4x
22%
14%
n/a
n/a
n/a
CTS Eventim (Europe)
2,952
77%
3.0x
2.5x
2.4x
12%
13.8x 12.6x 11.2x
11%
20%
28.3x 25.9x 23.2x
Proto Labs (US)
2,452
65%
8.2x
6.3x
5.6x
21%
28.8x 21.7x 18.8x
24%
29%
51.4x 34.7x 30.8x
Abcam (Europe)
2,236
62%
8.9x
8.2x
7.4x
10%
27.0x 22.1x 20.0x
16%
37%
36.3x 31.1x 29.3x
Zooplus (Europe)
872
65%
0.8x
0.6x
0.5x
22%
91.7x
n/m 51.6x
33%
0%
n/m
n/m
n/m
1800Flowers.com (US)
730
79%
0.7x
0.7x
0.7x
4%
10.1x 10.5x 9.6x
2%
7%
27.8x 24.4x 22.4x
Zur Rose Group (Europe)
617
63%
0.7x
0.6x
0.4x
30%
n/m
n/m 52.9x
n/a
(1%)
n/m
n/m
n/m
AO World (Europe)
629
72%
0.7x
0.7x
0.6x
14%
n/m
n/m 57.1x
n/a
0%
n/a
n/m
n/m
Overstock.com (US)
289
15%
0.2x
0.2x
0.2x
5%
44.4x
n/m
n/m
n/a
(9%)
n/m
n/m
n/m
Shop Apotheke Europe (Europe)
380
68%
1.3x
0.7x
0.5x
56%
n/m
n/m
n/m
(30%)
(2%)
n/m
n/m
n/m
Cogobuy (AsiaPac)
350
56%
0.3x
0.1x
n/a
(100%)
4.1x
2.8x
n/a
(100%)
5%
7.1x
4.3x
n/a
PetMed Express (US)
331
39%
1.4x
1.3x
1.2x
8%
7.8x
6.6x
6.3x
11%
20%
14.6x 10.7x 9.8x
Home24 (Europe)
220
38%
n/a
0.7x
0.6x
n/a
n/a
n/m
n/m
n/a
(12%)
n/a
n/m
n/m
Delticom (Europe)
160
72%
0.2x
0.2x
0.2x
6%
12.4x 12.6x 9.4x
15%
2%
30.2x 28.5x 14.1x
LDLC.com (Europe)
100
27%
0.2x
0.2x
0.2x
10%
6.9x
10.7x 7.6x
(5%)
2%
6.6x
8.3x
7.5x
U.S. Auto Parts Network (US)
32
38%
0.1x
0.1x
0.1x
(3%)
2.7x
3.2x
2.8x
(3%)
4%
n/a
n/m 19.4x
Mean
2.2x
1.8x
1.6x
11%
26.2x 18.7x 24.1x
7%
6%
23.1x 19.9x 17.9x
Fashion and Flash Sales
Start Today (AsiaPac)
5,345
46%
7.4x
5.8x
4.5x
28%
21.3x 19.5x 15.5x
17%
30%
n/a
n/a
n/a
Zalando (Europe)
5,154
47%
1.1x
1.0x
0.8x
21%
19.1x 21.5x 16.6x
7%
4%
47.0x 60.1x 45.9x
Farfetch (Europe)
4,010
59%
n/a
n/m
n/m
n/a
n/a
n/m
n/m
n/a
(21%)
n/a
n/m
n/m
ASOS (Europe)
2,070
29%
1.0x
0.8x
0.7x
20%
14.2x 12.1x 14.2x
0%
6%
28.0x 25.5x 42.8x
Vipshop (AsiaPac)
2,918
27%
0.0x
0.0x
0.0x
15%
1.0x
1.0x
0.8x
8%
4%
1.2x
1.3x
1.1x
Boohoo.com (Europe)
1,903
64%
4.1x
2.5x
1.7x
56%
40.2x 24.6x 17.6x
51%
10%
63.3x 40.6x 32.2x
Stitch Fix (US)
1,386
35%
1.4x
1.2x
1.0x
22%
n/a
32.3x 39.6x
n/a
4%
n/a
42.3x
n/m
MySale Group (AsiaPac)
37
16%
0.1x
0.1x
0.1x
(4%)
3.2x
4.5x
4.4x
(14%)
3%
7.8x
16.7x 99.0x
LightInTheBox (AsiaPac)
41
36%
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)
(9)
7%
n/m
n/m
n/m
7%
0.3x
0.7x
1.0x
(40%)
(6%)
n/m
n/m
n/m
Jumei (AsiaPac)
(75)
54%
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
2.2x
1.6x
1.2x
21%
14.2x 14.5x 13.7x
4%
4%
29.5x 31.1x 44.2x
Finance and Price Comparison
Moneysupermarket (Europe)
1,617
74%
4.3x
4.2x
3.9x
6%
11.3x 11.3x 10.5x
4%
37%
16.5x 16.0x 14.8x
Funding Circle (Europe)
1,162
56%
n/a
7.5x
5.3x
n/a
n/a
n/m
n/m
n/a
(25%)
n/a
n/m
n/m
Hypoport (Europe)
1,007
73%
5.2x
3.9x
3.3x
26%
31.9x 25.2x 19.6x
28%
15%
49.9x 41.9x 31.3x
Gruppo MutuiOnline (Europe)
652
87%
4.2x
3.6x
3.3x
12%
14.3x 12.1x 10.8x
15%
30%
23.3x 18.7x 16.4x
Pintech Technology (AsiaPac)
646
73%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Jianpu Tech (AsiaPac)
408
39%
0.3x
0.2x
0.1x
56%
n/m
n/m
4.2x
n/a
(5%)
n/m
n/m
7.8x
iSelect (AsiaPac)
85
52%
0.7x
0.7x
0.7x
3%
6.0x
11.3x 5.8x
1%
6%
13.5x 42.3x 14.4x
Comperia (Europe)
7
85%
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)
3
36%
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)

58%
n/m
n/m
n/m
18%
n/m
n/m
n/m
76%
13%
n/m 25.9x 14.5x
Ferratum (Europe)

25%
n/m
n/m
n/m
19%
n/m
n/m
n/m
23%
17%
8.3x
8.8x
5.9x
On Deck Capital (US)

66%
n/m
n/m
n/m
14%
n/m
n/m
n/m
215%
11%
n/m 11.2x 10.3x
Mean
3.0x
3.4x
2.8x
19%
15.9x 15.0x 10.2x
52%
11%
22.3x 23.5x 14.4x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
24
ECommerce (Cont'd)
Other
LendingTree (US)
2,412
53%
4.5x
3.6x
2.7x
29%
24.4x 17.9x 13.7x
33%
20%
51.5x 32.9x 25.4x
Yelp (US)
1,729
64%
2.3x
2.1x
1.9x
11%
12.6x 11.0x 9.0x
18%
19%
31.9x 21.6x 18.8x
Groupon (US)
1,211
53%
0.5x
0.5x
0.5x
(4%)
5.8x
4.9x
4.6x
12%
11%
23.2x 13.7x 11.8x
eHealth (US)
568
85%
3.8x
2.9x
2.4x
24%
n/m 24.7x 15.8x
n/a
12%
n/m 32.7x 22.4x
Gocompare.com (Europe)
394
46%
2.4x
2.3x
2.1x
6%
9.6x
7.7x
6.9x
18%
30%
10.4x 8.4x
7.6x
Gurunavi (AsiaPac)
190
42%
0.7x
0.7x
0.7x
(4%)
3.0x
4.3x
4.8x
(21%)
17%
n/a
n/a
n/a
Mean
2.4x
2.0x
1.7x
10%
11.1x 11.7x 9.2x
12%
18%
29.2x 21.8x 17.2x
Education
Pearson (Europe)
9,000
96%
1.8x
1.9x
1.9x
(4%)
11.5x 12.0x 11.0x
2%
16%
17.2x 15.6x 16.3x
New Oriental Education (AsiaPac)
5,319
49%
3.0x
2.2x
1.8x
29%
18.0x 16.1x 13.7x
15%
14%
26.6x 22.7x 19.4x
Chegg (US)
2,758
88%
12.5x 9.9x
8.1x
24%
70.0x 38.4x 28.0x
58%
26%
n/m 53.5x 43.6x
2U (US)
2,234
52%
9.0x
6.2x
4.7x
38%
n/m
n/m
n/m
8%
4%
n/m
n/m
n/m
IDP Education (AsiaPac)
1,537
84%
5.6x
4.7x
4.3x
14%
31.1x 25.0x 20.9x
22%
19%
49.8x 41.4x 35.2x
Pluralsight (US)
1,131
57%
n/a
5.6x
4.2x
n/a
n/a
n/m
n/m
n/a
(19%)
n/a
n/m
n/m
Instructure (US)
1,014
77%
7.4x
5.5x
4.5x
29%
n/m
n/m
n/m
(39%)
(8%)
n/m
n/m
n/m
K12 (US)
712
93%
0.9x
0.8x
0.8x
7%
7.1x
6.4x
6.8x
2%
13%
42.2x
n/a
29.6x
American Public Education (US)
237
62%
0.9x
0.9x
0.9x
1%
5.3x
5.3x
5.1x
3%
17%
25.9x 18.7x 16.6x
Boxlight (US)
16
9%
0.7x
0.5x
0.4x
29%
n/a
n/a
n/a
n/a

n/m
n/a
n/m
Cambium Learning Group (US)

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
Mean
4.6x
3.8x
3.2x
19%
23.8x 17.2x 14.2x
9%
8%
32.3x 30.4x 26.8x
Fitness & Wearbles
Under Armour (US)
7,369
73%
1.7x
1.6x
1.6x
5%
26.2x 24.6x 20.6x
13%
7%
88.7x 79.4x 51.8x
GoPro (US)
555
56%
0.5x
0.6x
0.5x
(0%)
n/m 53.9x 7.1x
n/a
1%
n/m
n/m 17.8x
Fitbit (US)
564
65%
0.4x
0.4x
0.4x
(2%)
n/m
n/m
n/m
(58%)
(3%)
n/m
n/m
n/m
Huami Corporation (AsiaPac)
358
66%
0.2x
0.1x
0.1x
54%
2.7x
1.2x
1.0x
67%
9%
3.4x
1.4x
1.1x
Catapult Group (AsiaPac)
81
40%
1.8x
1.5x
2.8x
(21%)
75.0x 38.1x 29.8x
59%
4%
n/m
n/m
n/m
Mean
0.9x
0.8x
1.1x
7%
34.6x 29.4x 14.6x
20%
4%
46.0x 40.4x 23.6x
Gambling
Amaya (Canada)
7,803
40%
9.2x
5.7x
4.3x
45%
19.7x 15.3x 11.8x
29%
38%
12.4x 11.1x 9.3x
GVC Holdings (Europe)
6,409
58%
6.7x
1.7x
1.7x
97%
24.1x 7.8x
8.7x
66%
22%
23.7x 9.1x
10.9x
Paddy Power Betfair (Europe)
5,439
66%
2.8x
2.6x
2.4x
9%
10.4x 10.9x 11.6x
(6%)
24%
15.1x 15.9x 17.5x
Playtech (Europe)
1,806
45%
2.0x
1.3x
1.0x
43%
5.1x
4.9x
4.0x
13%
27%
5.1x
6.3x
5.5x
Net Entertainment (Europe)
865
60%
5.5x
5.0x
4.7x
8%
12.0x 10.6x 9.7x
11%
47%
17.3x 15.6x 14.7x
888 Holdings (Europe)
613
54%
1.0x
1.0x
1.0x
2%
5.7x
5.3x
5.4x
3%
19%
10.0x 9.2x
9.8x
Betathome.com (Europe)
283
44%
2.4x
2.2x
2.3x
3%
7.8x
7.7x
7.8x
0%
28%
10.8x 11.0x 10.7x
Raketech Group (Europe)
73
64%
n/a
30.3x 26.8x
n/a
n/a
54.3x 48.3x
n/a
56%
n/a
n/m 88.2x
Sportech (Europe)
62
45%
0.7x
0.8x
0.8x
(7%)
4.5x
7.3x
6.6x
(17%)
11%
12.1x
n/a
n/a
ZEAL Network (Europe)
29
71%
0.2x
0.2x
0.2x
6%
1.2x
0.7x
0.6x
41%
25%
10.6x 6.5x
5.6x
Mean
3.4x
5.1x
4.5x
23%
10.1x 12.5x 11.5x
16%
30%
13.0x 10.6x 19.1x
Gaming
MMO
NetEase (AsiaPac)
23,520
62%
3.3x
2.8x
2.2x
21%
13.3x 21.5x 16.7x
(11%)
13%
14.8x 24.7x 20.5x
Sea Limited (US)
7,706
70%
2.0x
1.9x
1.8x
5%
10.6x 10.1x 9.6x
5%
18%
15.9x 13.9x 13.0x
NCsoft (AsiaPac)
6,736
90%
4.9x
5.0x
4.2x
8%
13.7x 13.0x 10.5x
14%
39%
20.6x 21.8x 16.2x
Nexon (AsiaPac)
5,580
65%
3.1x
2.8x
2.6x
10%
7.2x
6.5x
6.0x
9%
43%
n/a
n/a
n/a
HUYA (AsiaPac)
2,070
31%
n/a
0.5x
0.3x
n/a
n/a
8.5x
2.6x
n/a
6%
n/a
9.5x
4.6x
NetDragon (AsiaPac)
683
55%
1.6x
1.3x
1.1x
23%
19.0x 14.7x 10.8x
33%
9%
n/m 28.4x 23.7x
Changyou (AsiaPac)
303
50%
0.6x
0.7x
0.7x
(12%)
1.6x
2.7x
2.9x
(27%)
27%
6.2x
10.3x 9.1x
Rovio (Europe)
230
42%
0.8x
0.8x
0.8x
(0%)
3.4x
4.9x
4.3x
(10%)
17%
10.5x 13.9x 10.3x
WeMade (AsiaPac)
216
37%
2.6x
2.3x
1.9x
17%
31.9x 45.1x 12.3x
61%
5%
30.5x 45.4x 15.5x
Mean
2.3x
2.0x
1.7x
9%
12.6x 14.1x 8.4x
9%
20%
16.4x 21.0x 14.1x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
25
Gaming (Cont'd)
Mobile and Casual
Colopl (Europe)
17,898
86%
8.5x
7.9x
7.3x
8%
23.2x 22.9x 20.8x
6%
35%
34.2x 33.9x 30.8x
CyberAgent (AsiaPac)
4,070
64%
1.4x
1.2x
1.1x
13%
13.0x 12.9x 11.0x
9%
9%
n/a
n/a
n/a
Zynga (US)
2,416
81%
3.3x
3.1x
2.6x
11%
21.4x 15.1x 14.0x
24%
20%
36.8x 22.6x 21.7x
Youzu (AsiaPac)
2,026
64%
4.6x
4.2x
3.2x
20%
16.9x 17.4x 12.0x
19%
24%
18.4x 15.4x 12.9x
GREE (Europe)
1,877
76%
0.7x
0.7x
1.1x
(19%)
8.8x
8.9x
11.1x
(11%)
8%
11.7x 11.9x 14.8x
DeNA (AsiaPac)
1,385
77%
1.2x
1.3x
1.3x
(3%)
5.3x
6.7x
5.5x
(2%)
20%
n/a
n/a
n/a
Glu Mobile (US)
913
93%
3.3x
2.7x
2.4x
18%
n/m 26.0x 19.0x
n/a
10%
n/m 29.0x 21.4x
GungHo Online (AsiaPac)
683
51%
1.0x
1.1x
1.1x
(8%)
2.3x
3.8x
4.2x
(27%)
29%
n/a
n/a
n/a
NHN Entertainment (AsiaPac)
703
67%
1.0x
0.7x
0.6x
26%
12.3x 7.8x
6.4x
38%
9%
24.6x 8.6x
12.7x
Stil lfront Group (Europe)
358
50%
21.6x 2.8x
2.3x
204%
69.8x 8.5x
6.7x
224%
33%
n/m 18.0x 13.5x
IGNIS (AsiaPac)
129
34%
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)
113
52%
1.3x
1.1x
1.0x
17%
11.2x
n/a
7.3x
24%

19.9x 14.2x 12.1x
Gumi (AsiaPac)
85
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
Ourgame (AsiaPac)
52
25%
0.8x
0.7x
0.6x
9%
n/a
n/a
n/a
n/a

n/m
n/a
n/a
Boyaa Interactive (AsiaPac)
(128)
38%
n/m
n/a
n/a
(100%)
n/a
n/a
n/a
n/a
n/a
3.0x
n/a
n/a
Mean
4.1x
2.3x
2.1x
15%
18.4x 13.0x 10.7x
30%
17%
21.2x 19.2x 17.5x
Console & PC
Activision Blizzard (US)
30,280
55%
4.9x
4.6x
4.5x
5%
13.4x 12.9x 11.9x
6%
36%
20.3x 17.5x 16.4x
Electronic Arts (US)
17,611
52%
4.0x
4.0x
3.6x
6%
11.9x 11.7x 10.1x
9%
34%
19.1x 18.1x 15.0x
TakeTwo Interactive (US)
9,369
74%
5.4x
3.9x
3.8x
19%
20.4x 15.5x 11.9x
31%
25%
30.2x 21.9x 17.3x
Ubisoft Entertainment (Europe)
8,195
64%
4.5x
4.2x
3.4x
15%
12.3x 9.4x
8.0x
24%
45%
44.6x 25.5x 20.2x
Bandai Namco (AsiaPac)
6,670
94%
1.3x
1.2x
1.2x
6%
10.1x 8.1x
7.8x
14%
15%
n/a
n/a
n/a
Konami (AsiaPac)
3,981
71%
2.1x
2.0x
2.0x
2%
8.5x
7.7x
7.0x
10%
26%
n/a
n/a
n/a
CD Projekt (Europe)
3,294
69%
31.2x 34.9x 13.8x
50%
58.0x 83.7x 20.4x
69%
42%
77.1x
n/m 29.4x
Sega Sammy (AsiaPac)
2,340
78%
0.8x
0.9x
0.8x
3%
6.8x
7.4x
5.6x
10%
13%
n/a
n/a
n/a
Square Enix (AsiaPac)
1,959
50%
0.9x
1.1x
0.9x
1%
5.9x
6.3x
5.2x
7%
17%
n/a
n/a
n/a
Capcom (AsiaPac)
1,429
67%
2.1x
1.7x
1.6x
13%
7.8x
7.9x
6.9x
6%
21%
n/a
n/a
n/a
Paradox Interactive (Europe)
1,460
63%
18.8x 14.0x 11.1x
30%
31.6x 24.9x 18.2x
32%
56%
61.0x 47.4x 34.1x
Marvelous (AsiaPac)
213
74%
1.1x
1.0x
0.9x
7%
n/a
n/a
n/a
n/a

n/a
n/a
n/a
Mean
6.4x
6.1x
4.0x
13%
17.0x 17.8x 10.3x
20%
27%
42.1x 26.1x 22.1x
Hardware & Semiconductors
Apple (US)
710,373
69%
3.4x
3.0x
2.9x
8%
11.0x 9.9x
9.8x
6%
30%
15.2x 12.4x 12.2x
Samsung (AsiaPac)
148,653
71%
0.8x
0.8x
0.8x
2%
2.5x
2.2x
2.3x
3%
36%
6.3x
5.6x
6.3x
IBM (US)
121,239
68%
1.8x
1.7x
1.7x
0%
7.2x
7.4x
7.0x
2%
23%
8.2x
8.4x
8.4x
Sony (AsiaPac)
50,171
78%
0.8x
0.7x
0.7x
3%
5.9x
5.2x
5.1x
8%
14%
n/a
n/a
n/a
Hitachi (AsiaPac)
33,042
65%
0.5x
0.4x
0.4x
1%
3.8x
3.7x
3.6x
3%
12%
n/a
n/a
n/a
Philips (Europe)
32,852
78%
1.8x
1.8x
1.7x
3%
11.5x 10.9x 9.9x
8%
17%
21.5x 20.6x 17.0x
Nokia (Europe)
26,608
95%
1.2x
1.2x
1.2x
0%
8.8x
9.6x
7.9x
6%
12%
16.3x 23.1x 16.4x
HP (US)
22,507
68%
0.8x
0.8x
0.8x
(3%)
4.6x
4.8x
4.8x
(3%)
18%
9.5x
7.8x
8.2x
Hewlett Packard Enterprise (US)
22,507
68%
0.8x
0.8x
0.8x
(3%)
4.6x
4.8x
4.8x
(3%)
18%
9.5x
7.8x
8.2x
Motorola (US)
21,072
89%
3.8x
3.3x
3.1x
10%
13.8x 12.9x 11.3x
10%
25%
21.3x 16.1x 14.9x
Fujitsu (AsiaPac)
14,028
81%
0.4x
0.5x
0.5x
(5%)
5.6x
4.1x
5.8x
(2%)
11%
n/a
n/a
n/a
Lenovo (AsiaPac)
10,527
93%
2.1x
1.9x
1.8x
9%
87.4x 54.2x 50.5x
31%
3%
n/m
n/m
n/m
Sharp (AsiaPac)
8,207
27%
0.4x
0.4x
0.4x
7%
5.7x
5.8x
5.6x
0%
7%
n/a
n/a
n/a
Unisplendour (AsiaPac)
6,603
56%
1.4x
1.1x
0.9x
25%
n/a
n/a
n/a
n/a

48.0x
n/a
n/a
Toshiba (AsiaPac)
5,092
79%
0.1x
0.2x
0.2x
(12%)
0.5x
5.4x
3.5x
(63%)
4%
n/a
n/a
n/a
Quanta Computer (AsiaPac)
5,498
79%
0.2x
0.2x
0.2x
1%
7.6x
9.0x
7.6x
0%
2%
12.8x 13.4x 12.2x
LG (US)
4,737
40%
1.3x
1.4x
1.3x
(2%)
8.6x
9.9x
8.8x
(1%)
14%
7.9x
13.1x 9.1x
Pegatron Corporation (AsiaPac)
4,489
61%
0.1x
0.1x
0.1x
6%
4.3x
5.3x
4.3x
0%
2%
7.7x
10.0x 8.4x
ASUSTeK Computer (AsiaPac)
2,583
73%
0.2x
0.2x
0.2x
(4%)
6.4x
6.4x
6.2x
2%
4%
10.3x 21.0x 11.3x
Foxconn (AsiaPac)
1,176
68%
0.3x
0.3x
0.3x
1%
3.2x
3.9x
3.5x
(4%)
7%
8.2x
9.3x
8.9x
Acer (AsiaPac)
951
58%
0.1x
0.1x
0.1x
2%
7.0x
7.0x
5.9x
9%
2%
22.0x 18.2x 16.3x
Sonos (US)
741
44%
n/a
0.7x
0.6x
n/a
n/a
11.6x 7.6x
n/a
6%
n/a
n/m 27.7x
Niu Technologies (AsiaPac)
464
64%
n/a
0.4x
0.2x
n/a
n/a
n/m
2.6x
n/a
(10%)
n/a
n/m
2.9x
nLIGHT (US)
403
38%
n/a
2.4x
2.1x
n/a
n/a
15.2x 12.2x
n/a
16%
n/a
34.5x 26.5x
Viomi Technology (AsiaPac)
354
71%
n/a
0.2x
0.1x
n/a
n/a
2.0x
0.8x
n/a
8%
n/a
2.9x
1.2x
One Stop Systems (US)
21
35%
0.8x
0.6x
0.4x
42%
14.9x 23.8x 8.2x
35%
3%
n/m
n/a
38.5x
Mean
1.1x
1.0x
0.9x
4%
10.7x 9.8x
8.0x
2%
11%
15.0x 14.0x 13.4x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
26
Hardware & Semiconductors (Cont'd)
Computer Peripherals & Storage
Hon Hai Precision (AsiaPac)
31,079
59%
0.2x
0.2x
0.2x
5%
5.2x
6.3x
5.8x
(6%)
3%
7.4x
9.5x
8.9x
Western Digital (US)
14,931
34%
0.9x
0.9x
1.0x
(8%)
2.4x
2.7x
4.1x
(23%)
32%
2.7x
3.0x
5.7x
Seagate (Europe)
11,582
58%
1.3x
1.2x
1.3x
(1%)
6.1x
5.2x
6.2x
(1%)
22%
8.7x
5.9x
7.4x
NetApp (US)
10,889
67%
2.2x
2.0x
1.9x
7%
9.6x
8.0x
7.5x
13%
25%
17.0x 13.0x 12.4x
Zebra Technologies (US)
9,115
86%
2.8x
2.5x
2.4x
10%
15.3x 12.1x 11.4x
16%
20%
23.3x 14.5x 13.3x
Logitech (Europe)
4,287
63%
2.0x
1.8x
1.7x
10%
16.8x 13.3x 13.0x
14%
13%
22.1x 17.3x 16.0x
Pure Storage (US)
2,766
55%
3.1x
2.3x
1.8x
32%
n/m 22.6x 15.6x
206%
10%
n/m 58.5x 33.0x
Shenzen Huiding (AsiaPac)
2,583
73%
0.2x
0.2x
0.2x
(4%)
6.4x
6.4x
6.2x
2%
4%
10.3x 21.0x 11.3x
LiteOn (AsiaPac)
1,998
93%
0.3x
0.3x
0.4x
(4%)
4.5x
5.1x
4.4x
2%
7%
34.5x 12.6x 11.4x
PCISuntek (AsiaPac)
1,404
60%
2.6x
1.8x
1.3x
39%
n/a
n/a
n/a
n/a

55.4x 30.1x 18.3x
Chicony (AsiaPac)
1,389
83%
0.6x
0.6x
0.5x
9%
6.5x
6.9x
6.0x
4%
8%
11.5x 11.8x 10.3x
Synaptics (US)
1,275
66%
0.8x
0.9x
0.9x
(2%)
6.5x
6.4x
6.2x
3%
14%
8.0x
7.8x
7.5x
Phison Electronics (AsiaPac)
794
68%
0.7x
0.7x
0.6x
2%
3.9x
5.3x
5.3x
(14%)
13%
7.4x
9.5x
9.7x
Mean
1.4x
1.2x
1.1x
7%
7.6x
8.4x
7.6x
18%
13%
17.3x 16.5x 12.7x
Semiconductors
Intel (US)
194,880
79%
3.6x
3.1x
3.0x
9%
8.7x
6.9x
6.7x
13%
45%
13.2x 9.7x
9.9x
Taiwan Semiconductor (AsiaPac)
150,109
82%
5.4x
5.1x
4.7x
7%
8.2x
7.9x
7.3x
6%
65%
16.8x 16.4x 15.2x
Broadcom (US)
99,805
89%
6.1x
5.3x
4.6x
15%
8.5x
8.0x
7.6x
6%
66%
12.7x 10.8x 9.6x
Texas Instruments (US)
76,065
75%
5.8x
5.5x
5.6x
2%
12.5x 11.4x 11.8x
3%
48%
18.8x 15.3x 15.6x
NVIDIA (US)
69,045
47%
8.3x
6.5x
6.0x
18%
24.2x 16.9x 16.4x
22%
38%
29.7x 18.7x 18.9x
Qualcomm (US)
63,889
74%
3.1x
3.5x
3.4x
(3%)
8.9x
12.0x 10.7x
(9%)
29%
11.5x 14.0x 15.2x
ASML (Europe)
59,947
72%
7.0x
5.6x
5.1x
17%
22.0x 17.4x 15.2x
20%
32%
30.8x 23.4x 19.5x
SK hynix (AsiaPac)
31,729
60%
1.4x
1.0x
1.0x
14%
2.2x
1.4x
1.6x
15%
69%
3.8x
2.6x
3.3x
Analog Devices (US)
31,940
81%
6.4x
5.9x
5.8x
5%
12.6x 12.7x 12.2x
2%
47%
16.8x 14.2x 14.8x
Micron (US)
30,327
49%
1.5x
1.1x
1.4x
4%
2.7x
1.7x
2.5x
5%
66%
4.4x
2.3x
4.5x
Applied Materials (US)
27,572
51%
2.0x
1.9x
2.0x
2%
6.6x
6.2x
6.9x
(3%)
30%
7.9x
7.2x
8.5x
Microchip Technology (US)
23,323
66%
6.9x
5.2x
4.6x
23%
16.7x 12.6x 10.8x
24%
41%
12.7x 10.2x 9.5x
Infineon (Europe)
18,770
67%
2.6x
2.4x
2.2x
9%
9.9x
8.0x
7.7x
14%
30%
20.0x 16.9x 16.2x
Xilinx (US)
17,528
90%
8.1x
7.0x
6.3x
13%
25.6x 20.2x 19.4x
15%
34%
33.2x 26.1x 24.7x
AMD (US)
16,100
53%
3.5x
2.8x
2.6x
15%
45.9x 23.7x 18.2x
59%
12%
n/m 34.9x 25.1x
ASE Group (AsiaPac)
13,775
71%
1.7x
1.3x
1.2x
21%
9.1x
6.8x
6.2x
21%
18%
14.3x 14.2x 14.5x
Maxim Integrated Products (US)
11,033
66%
5.3x
5.0x
5.1x
2%
12.8x 12.0x 12.6x
1%
42%
19.7x 17.1x 17.8x
STMicroelectronics (Europe)
10,481
52%
1.3x
1.1x
1.0x
10%
6.3x
4.9x
4.6x
17%
22%
13.1x 8.6x
9.0x
Marvell Technology Group (AsiaPac)
9,539
59%
4.5x
3.7x
3.2x
19%
15.5x 10.8x 8.8x
33%
34%
15.9x 12.8x 10.1x
Skyworks Solutions (US)
9,412
57%
2.8x
2.8x
2.7x
3%
6.5x
6.4x
6.1x
3%
44%
9.4x
9.1x
8.7x
ON Semiconductor (US)
7,618
61%
1.6x
1.5x
1.4x
6%
7.0x
6.4x
6.2x
6%
23%
11.3x 8.4x
8.5x
MediaTek (AsiaPac)
7,153
60%
1.0x
1.1x
1.0x
2%
13.7x 10.6x 8.7x
26%
10%
16.6x 16.5x 15.2x
Sanan Optoelectronics (AsiaPac)
7,048
49%
6.3x
6.2x
4.8x
15%
11.6x 11.4x 9.2x
13%
55%
18.6x 16.4x 13.8x
Renesas Electronics (AsiaPac)
6,581
33%
1.1x
1.1x
1.1x
2%
4.7x
4.4x
4.2x
7%
25%
n/a
n/a
n/a
SMIC (AsiaPac)
6,060
51%
17.5x 16.1x 15.8x
5%
52.9x 52.4x 49.3x
4%
31%
n/m
n/m
n/m
United Microelectronics (AsiaPac)
4,068
61%
1.0x
0.9x
0.9x
3%
2.4x
2.4x
2.5x
(1%)
39%
14.8x 13.6x 14.4x
ROHM (AsiaPac)
3,310
52%
1.1x
1.0x
1.0x
4%
4.6x
4.0x
3.9x
8%
26%
n/a
n/a
n/a
Mean
4.2x
3.8x
3.5x
9%
14.0x 11.5x 10.6x
13%
35%
16.2x 14.4x 13.7x
Healthcare & Science
Quintiles (US)
28,467
84%
4.0x
3.1x
3.0x
16%
16.0x 14.8x 13.5x
9%
21%
21.8x 19.5x 17.8x
Cerner (US)
14,689
71%
3.3x
3.1x
2.9x
6%
10.0x 10.7x 9.8x
1%
29%
21.0x 20.9x 19.2x
ResMed (US)
13,922
94%
7.3x
6.4x
5.6x
14%
26.2x 21.7x 19.3x
17%
30%
37.7x 30.0x 27.7x
M3 (AsiaPac)
7,181
54%
10.4x 8.4x
7.2x
20%
30.4x 27.6x 23.7x
13%
30%
n/a
n/a
n/a
Athenahealth (US)
4,606
80%
4.3x
3.9x
3.6x
10%
20.0x 14.1x 12.3x
27%
28%
65.3x 30.3x 26.3x
Allscripts (US)
3,488
63%
2.2x
1.9x
1.8x
10%
10.9x 9.6x
9.2x
9%
19%
15.6x 13.5x 11.9x
Teladoc (US)
2,925
55%
14.4x 8.1x
6.1x
54%
n/m
n/m 78.6x
n/a
3%
n/m
n/m
n/m
Evolent Health (US)
1,182
63%
3.1x
2.2x
1.6x
41%
n/m 56.5x 21.5x
n/a
4%
n/m
n/m 63.2x
HealthStream (US)
527
75%
2.4x
2.6x
2.5x
(2%)
16.1x 14.7x 14.2x
6%
18%
99.6x 62.1x 63.7x
CPSI (US)
406
70%
1.7x
1.6x
1.6x
4%
9.6x
10.3x 9.1x
3%
16%
15.4x 10.4x 10.7x
Mean
5.3x
4.1x
3.6x
17%
17.4x 20.0x 21.1x
11%
20%
39.5x 26.7x 30.1x
Internet of Things (IoT)
Forescout Technologies (US)
766
61%
4.0x
3.0x
2.5x
27%
n/m
n/m
n/m
(57%)
(7%)
n/m
n/m
n/m
ShotSpotter (US)
263
44%
13.0x 8.7x
6.5x
41%
n/m 91.3x 31.5x
176%
10%
n/m
n/m
n/m
Impinj (US)
254
52%
2.3x
2.4x
2.1x
5%
n/m
n/m
n/m
33%
(12%)
n/m
n/m
n/m
Internet of Things (Canada)
4
21%
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
6.4x
4.7x
3.7x
23%


31.5x
29%
6%


#####
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
27
Online Brokerage
Charles Schwab (US)
46,092
66%
n/m
n/m
n/m
15%
n/m
n/m
n/m
21%
49%
24.4x 16.2x 13.6x
TD Ameritrade (US)
23,927
75%
n/m
n/m
n/m
22%
n/m
n/m
n/m
34%
47%
26.8x 13.3x 11.8x
E*TRADE (US)
17,105
65%
n/m
n/m
n/m
14%
n/m
n/m
n/m
16%
54%
17.0x 11.1x 10.6x
IG Group (Europe)
3,430
60%
n/m
n/m
n/m
1%
n/m
n/m
n/m
(1%)
51%
10.9x 10.1x 11.0x
Plus500 (Middle East)
1,921
63%
n/m
n/m
n/m
12%
n/m
n/m
n/m
20%
68%
8.3x
4.3x
5.9x
Alfa Financial Software (Europe)
1,051
21%
3.4x
4.2x
4.0x
(8%)
7.4x
13.7x 11.9x
(21%)
31%
10.8x 20.5x 17.7x
SwissQuote (Europe)
n/m
56%
n/m
n/m
n/m
19%
n/a
n/a
n/a
n/a

n/a
13.0x 10.6x
Interactive Brokers (US)
n/m
67%
n/m
n/m
n/m
15%
n/m
n/m
n/m
37%
90%
36.7x 24.8x 20.1x
Mean
3.4x
4.2x
4.0x
11%
7.4x 13.7x 11.9x
15%
49%
19.3x 14.2x 12.7x
Online Travel
OTAs
Priceline Group (US)
71,797
78%
6.5x
5.6x
5.1x
13%
17.4x 14.4x 13.0x
16%
39%
21.7x 18.6x 16.9x
Expedia (US)
16,684
82%
1.9x
1.7x
1.5x
11%
10.9x 10.0x 8.7x
12%
17%
23.5x 19.7x 16.9x
Ctrip.com (AsiaPac)
13,182
51%
3.6x
3.4x
2.9x
12%
18.1x 20.7x 17.2x
3%
16%
24.3x 20.8x 19.3x
TripAdvisor (US)
6,248
82%
4.6x
4.4x
4.1x
7%
22.3x 17.2x 15.4x
20%
26%
49.6x 32.2x 29.1x
MakeMyTrip (AsiaPac)
1,712
54%
3.8x
3.1x
2.6x
22%
n/m
n/m
n/m
(29%)
(22%)
n/m
n/m
n/m
Trivago (Europe)
1,637
58%
1.8x
2.0x
2.0x
(4%)
n/m
n/m 34.6x
124%
(0%)
n/m
n/m 56.5x
Webjet (AsiaPac)
914
62%
5.6x
4.3x
3.3x
31%
18.8x 13.7x 9.4x
41%
31%
36.7x 25.3x 15.4x
eDreams ODIGEO (Europe)
667
45%
1.3x
1.3x
1.2x
4%
5.7x
5.8x
5.5x
2%
22%
7.6x
7.2x
5.2x
Despegar.com (LatAm)
509
36%
1.1x
1.1x
1.0x
4%
7.0x
8.6x
8.4x
(8%)
13%
22.7x 36.8x 38.1x
On The Beach (Europe)
436
57%
4.6x
3.3x
2.4x
39%
12.5x 10.7x 8.7x
20%
30%
19.8x 16.7x 14.3x
Tuniu (AsiaPac)
348
56%
0.2x
0.2x
0.1x
11%
n/m
n/m 30.6x
n/a
(9%)
n/m
n/m
7.3x
Hostelworld (Europe)
172
44%
1.8x
1.9x
1.8x
(1%)
6.1x
7.5x
6.9x
(6%)
25%
8.7x
11.0x 10.4x
Lastminute.com (Europe)
133
92%
0.6x
0.5x
0.5x
5%
8.5x
6.0x
5.4x
26%
9%
n/a
33.9x 23.0x
HolidayCheck (Europe)
121
67%
1.0x
0.9x
0.8x
14%
42.5x 12.2x 10.1x
105%
7%
n/m 45.6x 36.1x
Travelzoo (US)
79
42%
0.9x
0.8x
0.8x
6%
14.4x 9.6x
9.2x
25%
8%
96.7x 26.6x 23.1x
Mean
2.6x
2.3x
2.0x
12%
15.3x 11.4x 13.1x
25%
14%
31.1x 24.5x 22.3x
GDS
Amadeus IT (Europe)
28,469
73%
5.9x
5.7x
5.1x
7%
15.2x 14.0x 12.6x
10%
41%
25.9x 24.0x 22.2x
Sabre Corp (US)
8,114
85%
2.6x
2.4x
2.3x
7%
8.6x
8.3x
7.8x
5%
29%
16.6x 14.9x 13.8x
Travelport (Europe)
3,595
77%
1.7x
1.6x
1.6x
4%
7.0x
7.0x
7.0x
(0%)
23%
12.2x 11.4x 11.9x
Mean
3.4x
3.3x
3.0x
7%
10.3x 9.8x
9.1x
24%
20%
18.2x 16.8x 16.0x
Payments
PayPal (US)
80,020
90%
7.0x
5.9x
5.1x
18%
27.1x 22.9x 19.2x
19%
26%
43.4x 34.3x 28.9x
First Data (US)
30,899
61%
2.9x
4.0x
3.9x
(13%)
11.6x 10.8x 10.3x
6%
37%
10.8x 11.4x 9.9x
Worldpay (US)
26,776
73%
14.5x 7.8x
7.1x
43%
30.2x 16.3x 14.0x
47%
48%
35.4x 18.3x 15.5x
Square (US)
21,234
58%
25.1x 15.4x 10.7x
53%
n/m 95.2x 57.4x
76%
16%
n/m
n/m 66.7x
Wirecard (Europe)
15,757
66%
10.6x 7.6x
6.0x
34%
38.3x 27.9x 20.5x
37%
27%
66.8x 46.1x 33.1x
Adyen (Europe)
12,150
56%
n/a
36.3x 26.4x
n/a
n/a
76.8x 53.1x
n/a
47%
n/a
n/m 79.0x
Shopify (Canada)
11,480
75%
19.9x 12.4x 8.9x
49%
n/m
n/m
n/m
123%
4%
n/m
n/m
n/m
Ingenico (Europe)
4,866
52%
2.0x
1.8x
1.7x
8%
9.6x
9.6x
8.5x
6%
19%
10.6x 10.9x 9.5x
Q2 Holdings (US)
1,692
70%
10.0x 8.0x
6.3x
26%
n/m
n/m 79.8x
58%
8%
n/m
n/m
n/m
Qiwi (Europe)
368
72%
0.0x
0.0x
0.0x
28%
0.1x
0.1x
0.1x
32%
28%
0.2x
0.2x
0.1x
Boku (US)
150
35%
5.6x
3.9x
3.2x
32%
n/m 25.7x 11.1x
n/a
15%
n/m 60.2x
n/a
Intershop Communic. (Europe)
42
62%
1.1x
1.3x
1.1x
4%
13.8x
n/m 30.5x
(33%)
(7%)
n/m
n/m
n/m
Seamless Distribution (Europe)
15
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
9.0x
8.7x
6.7x
26%
18.7x 31.7x 27.7x
37%
22%
27.9x 25.9x 30.3x
Search / Portals
Alphabet (US)
536,799
80%
5.6x
4.5x
3.8x
21%
13.9x 12.3x 10.3x
17%
37%
31.3x 22.5x 21.1x
Tencent (AsiaPac)
326,293
63%
12.2x 9.3x
7.2x
30%
31.3x 24.8x 21.6x
20%
38%
43.3x 36.5x 29.5x
Baidu (AsiaPac)
44,204
57%
3.9x
3.4x
2.9x
15%
14.9x 13.2x 11.8x
13%
26%
17.4x 16.6x 15.0x
Naver (AsiaPac)
12,904
65%
3.5x
3.0x
2.6x
17%
11.8x 13.7x 12.1x
(1%)
22%
22.8x 26.2x 23.0x
Yahoo! Japan (AsiaPac)
8,555
49%
1.2x
1.2x
1.1x
6%
3.9x
5.3x
5.2x
(14%)
22%
n/a
n/a
n/a
Yandex (Europe)
7,157
61%
0.1x
0.1x
0.1x
32%
0.3x
0.2x
0.2x
37%
31%
0.6x
0.4x
0.3x
Sogou (AsiaPac)
903
35%
1.1x
0.9x
0.8x
23%
6.7x
9.5x
6.6x
1%
10%
20.5x 20.3x 16.8x
Wirtualna Polska (Europe)
412
91%
3.8x
3.2x
2.9x
15%
12.7x 10.9x 9.4x
16%
30%
38.2x 21.1x 17.0x
Phoenix New Media (AsiaPac)
95
43%
0.5x
0.6x
0.5x
(4%)
10.4x 16.7x 12.7x
(9%)
3%
26.0x 32.1x 24.9x
Sohu.com (AsiaPac)
(85)
44%
n/m
n/m
n/m
6%
n/m
n/m
n/m
(3%)
2%
n/m
n/m
n/m
Mean
3.5x
2.9x
2.4x
16%
11.8x 11.8x 10.0x
8%
22%
25.0x 22.0x 18.5x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
28
Social Networking
Facebook (US)
299,115
61%
8.5x
6.2x
5.0x
31%
12.9x 10.3x 9.2x
18%
60%
21.9x 17.6x 17.3x
Twitter (US)
19,024
69%
9.1x
7.2x
6.4x
19%
27.4x 18.9x 16.6x
29%
38%
86.4x 41.0x 36.8x
Weibo (AsiaPac)
10,363
40%
10.4x 6.9x
5.3x
41%
26.6x 18.3x 14.6x
35%
38%
32.7x 20.7x 16.4x
Match Group (US)
10,734
67%
9.3x
7.1x
6.2x
23%
26.3x 18.9x 16.3x
27%
38%
49.8x 25.5x 22.1x
Daum Kakao (AsiaPac)
5,771
63%
3.8x
3.1x
2.7x
19%
24.5x 32.1x 22.6x
4%
10%
63.7x
n/m 57.1x
LINE (AsiaPac)
6,206
69%
4.6x
3.8x
3.2x
19%
22.6x 49.0x 29.9x
(13%)
8%
n/a
n/a
n/a
Snap (US)
4,893
25%
7.1x
4.8x
3.6x
39%
n/m
n/m
n/m
(25%)
(54%)
n/m
n/m
n/m
Mail.ru (Europe)
4,529
65%
0.1x
0.1x
0.1x
27%
0.3x
0.2x
0.2x
22%
29%
0.4x
0.4x
0.3x
Momo (AsiaPac)
3,563
43%
3.1x
2.0x
1.7x
36%
11.2x 8.0x
6.5x
32%
25%
13.9x 9.5x
7.7x
SINA (AsiaPac)
3,054
44%
2.2x
1.7x
1.3x
29%
6.8x
6.4x
4.9x
18%
26%
19.1x 17.5x 13.2x
YY (AsiaPac)
1,833
42%
1.2x
0.9x
0.8x
24%
4.6x
4.9x
4.0x
7%
19%
9.8x
8.2x
7.5x
XING (Europe)
1,305
72%
7.1x
5.7x
4.8x
22%
22.8x 17.4x 15.0x
23%
33%
50.8x 40.9x 33.0x
Meitu (AsiaPac)
531
17%
1.1x
1.5x
1.6x
(18%)
n/m
n/m
n/m
(13%)
(31%)
n/m
n/m
n/m
Mixi (AsiaPac)
198
41%
0.1x
0.2x
0.2x
(15%)
0.3x
0.5x
0.7x
(31%)
34%
n/a
n/a
n/a
MeetMe (US)
274
71%
2.6x
1.8x
1.6x
25%
10.2x 10.3x 9.6x
4%
17%
10.6x 11.2x 9.6x
Renren (AsiaPac)
186
8%
1.1x
0.4x
n/a
(100%)
n/m
n/m
n/a
(100%)
(8%)
n/m
n/m
n/a
Mean
4.5x
3.3x
3.0x
14%
15.1x 15.0x 11.5x
2%
18%
32.6x 19.3x 20.1x
Software
Cloud Infrastructure, Hosting & VoIP
VeriSign (US)
16,369
85%
16.1x 15.4x 14.7x
4%
23.3x 21.5x 20.6x
6%
72%
36.7x 31.8x 29.3x
GoDaddy (US)
10,620
73%
5.5x
4.6x
4.1x
16%
20.9x 17.6x 15.9x
15%
26%
26.8x 20.0x 16.9x
United Internet (Europe)
9,751
62%
2.3x
1.9x
1.8x
14%
9.4x
8.1x
7.4x
12%
23%
16.2x 15.2x 14.2x
Akamai Technologies (US)
8,758
76%
4.0x
3.7x
3.4x
8%
10.9x 9.2x
8.3x
14%
40%
23.2x 17.1x 15.5x
Twilio (US)
7,138
85%
21.0x 13.0x 9.8x
46%
n/m
n/m
n/m
n/a
4%
n/m
n/m
n/m
Nutanix (US)
5,807
62%
6.8x
5.4x
4.2x
28%
n/m
n/m
n/m
(64%)
(5%)
n/m
n/m
n/m
RingCentral (US)
5,413
82%
12.4x 9.3x
7.5x
29%
n/m 78.1x 60.8x
77%
12%
n/m
n/m
n/m
New Relic (US)
3,731
70%
n/a
9.7x
7.6x
n/a
n/m 63.1x 65.4x
297%
15%
n/a
n/m
n/m
j2 Global (US)
3,632
76%
3.7x
3.4x
3.2x
7%
8.9x
8.5x
7.7x
7%
41%
12.4x 11.2x 10.1x
FireEye (US)
2,847
85%
4.4x
3.9x
3.7x
9%
39.0x 28.3x 26.5x
21%
14%
n/m
n/m 88.5x
Qualys (US)
2,224
74%
11.1x 9.1x
7.7x
20%
30.0x 22.8x 20.2x
22%
40%
68.6x 41.7x 36.5x
Endurance International (US)
2,371
61%
2.3x
2.4x
2.4x
(1%)
7.9x
8.3x
8.5x
(3%)
29%
6.9x
6.7x
8.6x
Vonage (US)
2,043
61%
2.3x
2.2x
2.0x
8%
12.9x 13.1x 12.5x
2%
17%
29.7x 24.5x 28.8x
Presidio (US)
1,843
68%
0.7x
0.7x
0.7x
1%
8.8x
9.5x
8.9x
(1%)
8%
9.1x
8.7x
8.0x
SendGrid (US)
1,574
86%
16.4x 12.4x 10.0x
28%
n/m 98.7x 76.4x
48%
13%
n/m
n/m
n/m
8x8 (US)
1,396
77%
5.7x
4.7x
4.0x
20%
75.7x
n/m
n/m
(85%)
(2%)
n/m
n/m
n/m
Switch (US)
1,251
35%
3.8x
3.5x
3.2x
9%
7.4x
7.2x
6.6x
6%
49%
n/m
n/m 22.3x
Acacia Communications (US)
1,083
82%
3.2x
3.7x
2.9x
5%
16.0x 31.8x 16.6x
(2%)
12%
21.9x 46.7x 25.7x
Econocom Group (Europe)
1,176
38%
0.4x
0.4x
0.4x
2%
6.9x
7.8x
7.6x
(5%)
5%
6.8x
10.4x 7.8x
SecureWorks (US)
996
81%
2.4x
2.2x
2.0x
11%
n/m 96.4x 57.2x
n/a
2%
n/m
n/m
n/m
Carbonite (US)
700
59%
3.3x
2.7x
2.4x
17%
16.9x 9.0x
8.2x
44%
30%
39.3x 15.9x 12.8x
Bandwith (US)
611
68%
4.3x
3.5x
3.1x
18%
33.1x 66.8x
n/m
n/a
5%
91.2x
n/m
n/m
Tucows Inc. (Canada)
612
85%
2.1x
2.0x
2.0x
3%
17.9x 15.2x 14.6x
11%
13%
n/a
n/a
n/a
Sonus Networks (US)
506
62%
1.7x
0.9x
0.9x
38%
17.0x 7.1x
5.5x
76%
13%
22.0x 9.3x
7.5x
Aquantia (US)
199
46%
2.2x
1.8x
1.5x
21%
86.5x 44.5x 14.6x
144%
4%
n/m
n/m 26.9x
Tintri (US)
32
0%
0.3x
n/a
n/a
(100%)
n/m
n/a
n/a
(100%)
n/a
n/m
n/a
n/a
Mean
5.5x
4.9x
4.2x
10%
23.7x 30.6x 22.4x
24%
19%
29.3x 19.9x 22.5x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
29
Software (Cont'd)
Applications
Microsoft (US)
654,858
89%
7.4x
6.3x
5.7x
14%
18.8x 15.0x 13.5x
18%
42%
29.8x 23.8x 22.3x
Oracle (US)
153,468
87%
4.5x
4.4x
4.4x
1%
9.8x
9.4x
9.5x
2%
47%
13.6x 12.3x 12.8x
SAP (Europe)
108,957
82%
4.6x
4.4x
4.1x
6%
13.3x 13.6x 12.3x
4%
33%
21.0x 20.3x 18.4x
Adobe (US)
96,758
81%
15.3x 12.3x 9.9x
24%
36.3x
n/a
22.4x
27%

52.0x 32.6x 28.6x
VMware (US)
48,108
93%
7.0x
6.2x
5.6x
12%
18.8x 15.9x 14.8x
13%
39%
30.3x 24.9x 23.1x
Intuit (US)
43,629
84%
9.2x
7.8x
7.2x
13%
25.0x 20.4x 20.2x
11%
38%
42.8x 30.8x 28.4x
Autodesk (US)
25,006
80%
13.9x 11.3x 8.9x
25%
n/m 77.7x 30.2x
n/a
15%
n/m
n/m 40.8x
Symantec (US)
13,702
69%
3.2x
3.3x
3.2x
(1%)
6.8x
7.3x
7.4x
(4%)
45%
13.5x 12.2x 11.8x
Citrix (US)
12,781
91%
5.2x
4.9x
4.7x
5%
14.4x 13.3x 13.1x
5%
37%
19.4x 18.3x 17.5x
Check Point Software Technologies (Middle East)
12,719
86%
7.8x
7.6x
7.3x
4%
14.0x 14.1x 13.7x
1%
54%
18.6x 18.0x 17.5x
Constellation Software (Canada)
12,208
78%
7.6x
6.2x
5.4x
19%
29.3x 24.5x 20.5x
20%
25%
41.0x 32.7x 27.0x
Tableau (US)
8,082
93%
10.6x 9.4x
6.8x
25%
n/m
n/m 43.3x
94%
(2%)
n/m
n/m 70.7x
Sage Group (Europe)
7,899
72%
4.2x
3.9x
3.7x
7%
14.0x 13.5x 14.1x
(0%)
29%
19.4x 18.8x 19.7x
SolarWinds (US)
5,511
74%
n/a
7.5x
6.8x
n/a
n/a
15.6x 12.8x
n/a
48%
n/a
23.6x 16.9x
Trend Micro (AsiaPac)
5,280
79%
4.6x
4.2x
3.9x
9%
13.4x 12.1x 11.1x
10%
34%
n/a
n/a
n/a
Ceridian HCM Holding (US)
4,575
76%
n/a
7.0x
6.5x
n/a
n/a
35.0x 29.5x
n/a
20%
n/a
n/m 67.1x
MongoDB (US)
3,743
92%
28.1x 17.5x 12.3x
51%
n/m
n/m
n/m
(17%)
(29%)
n/m
n/m
n/m
Nemetschek (Europe)
3,694
60%
9.3x
8.1x
7.0x
16%
35.2x 30.2x 25.7x
17%
27%
57.4x 47.8x 41.0x
LogMeIn (US)
3,634
60%
4.1x
3.5x
3.3x
11%
11.2x 9.4x
8.8x
13%
37%
19.0x 14.7x 13.9x
Teradata (US)
3,546
83%
1.9x
1.9x
1.9x
0%
10.9x 12.3x 10.3x
3%
15%
26.5x 28.7x 22.9x
Appian (US)
1,358
60%
9.2x
7.0x
6.1x
23%
n/m
n/m
n/m
8%
(14%)
n/m
n/m
n/m
Carbon Black (US)
644
38%
n/a
3.5x
2.9x
n/a
n/a
n/m
n/m
n/a
(24%)
n/a
n/m
n/m
MicroStrategy (US)
621
81%
1.4x
1.4x
1.4x
1%
6.9x
19.2x 22.7x
(45%)
7%
25.5x
n/a
n/a
CooTek (AsiaPac)
576
72%
n/a
4.9x
2.1x
n/a
n/a
49.0x 9.1x
n/a
10%
n/a
45.4x 8.3x
Rosetta Stone (US)
313
79%
1.9x
2.1x
1.9x
1%
32.3x
n/m 87.7x
(39%)
(1%)
n/m
n/a
n/a
Gridsum (AsiaPac)
80
21%
0.1x
0.1x
0.1x
48%
n/m
0.7x
0.3x
n/a
13%
n/m
0.9x
0.3x
Perion (Middle East)
58
64%
0.2x
0.3x
0.2x
(1%)
2.6x
n/a
n/a
(100%)

3.5x
n/a
n/a
NIC (Africa)

69%
n/m
n/m
n/m
6%
n/a
n/a
n/a
n/a

4.9x
4.6x
4.2x
Mean
7.0x
5.8x
4.9x
13%
17.4x 20.4x 19.7x
2%
20%
25.8x 22.8x 24.4x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
30
Source: Capital IQ (as of 20 December 2018).
Software (Cont'd)
Software as a Service (SaaS)
Salesforce.com (US)
88,639
81%
9.7x
7.6x
6.3x
24%
45.1x 31.9x 25.6x
33%
24%
n/m 49.6x 45.2x
Workday (US)
29,635
90%
15.9x 12.0x 9.6x
28%
97.4x 72.0x 51.3x
38%
17%
n/m
n/m 84.8x
Veeva Systems (US)
10,151
80%
17.0x 13.5x 11.4x
22%
51.0x 37.3x 31.9x
26%
36%
90.0x 51.3x 44.8x
Xero (US)
8,093
55%
0.9x
0.9x
1.0x
(3%)
5.4x
5.3x
5.3x
1%
18%
5.5x
5.6x
5.6x
Dropbox (US)
6,907
50%
n/a
5.7x
4.9x
n/a
n/a
24.1x 21.1x
n/a
24%
n/a
56.4x 44.9x
Ultimate Software Group (US)
6,349
71%
7.8x
6.4x
5.3x
21%
33.8x 26.5x 22.3x
23%
24%
66.6x 42.9x 36.7x
Paycom (US)
6,299
75%
16.7x 12.8x 10.3x
27%
54.2x 30.8x 24.8x
48%
42%
98.0x 47.3x 38.2x
Okta (US)
5,814
83%
25.6x 17.0x 12.8x
41%
n/m
n/m
n/m
(37%)
(10%)
n/m
n/m
n/m
DocuSign (US)
5,367
60%
n/a
8.8x
7.2x
n/a
n/a
n/m 73.3x
n/a
6%
n/a
n/m
n/m
Zendesk (US)
5,230
77%
14.0x 10.1x 7.7x
35%
n/m
n/m 92.0x
117%
6%
n/m
n/m
n/m
Zscaler (US)
3,933
82%
28.9x 19.1x 14.4x
41%
n/a
n/m
n/m
n/a
2%
n/a
n/m
n/m
RealPage (US)
4,033
72%
6.9x
5.3x
4.6x
22%
28.4x 19.9x 16.1x
33%
27%
56.5x 31.7x 25.3x
Avast (Europe)
3,818
87%
n/a
4.2x
4.0x
n/a
n/a
7.7x
7.3x
n/a
55%
n/a
8.9x
8.2x
Medidata Solutions (US)
3,507
76%
7.4x
6.3x
5.3x
17%
30.5x 26.3x 21.5x
19%
24%
53.8x 41.0x 35.4x
Pivotal Software (US)
2,972
50%
n/a
5.2x
4.2x
n/a
n/a
n/m
n/m
n/a
(9%)
n/a
n/m
n/m
Wix.com (Middle East)
3,288
70%
8.9x
6.2x
4.9x
34%
55.8x 33.2x 21.3x
62%
19%
n/m 91.3x 49.7x
Alteryx (US)
3,140
91%
28.0x 17.8x 13.2x
46%
n/m
n/m
n/m
n/a
1%
n/m
n/m
n/m
Coupa (US)
3,089
75%
19.4x 13.9x 11.2x
31%
n/m
n/m
n/m
n/a
7%
n/m
n/m
n/m
Blackbaud (US)
2,844
50%
4.1x
3.8x
3.7x
6%
16.7x 17.6x 17.7x
(3%)
22%
27.6x 23.8x 24.5x
Paylocity (US)
2,770
70%
9.5x
7.6x
6.4x
22%
47.8x 32.0x 22.0x
47%
24%
78.1x 41.9x 39.3x
Cornerstone Ondemand (US)
2,552
87%
6.0x
5.5x
5.1x
8%
44.7x 31.9x 22.6x
41%
17%
n/m 65.4x 44.4x
Box (US)
2,173
60%
4.9x
4.1x
3.4x
20%
n/m 94.2x 47.3x
n/a
4%
n/m
n/m
n/m
Five9 (US)
2,142
87%
12.4x 9.7x
8.3x
22%
n/m 59.3x 48.6x
77%
16%
n/m 80.9x 67.2x
SmartSheet (US)
1,939
69%
n/a
12.6x 9.1x
n/a
n/a
n/m
n/m
n/a
(17%)
n/a
n/m
n/m
SailPoint (US)
1,731
68%
11.4x 8.2x
6.7x
31%
93.1x 61.8x 58.5x
26%
13%
n/m 88.4x 82.7x
BlackLine (US)
1,784
68%
11.7x 9.0x
7.3x
26%
n/m
n/m
n/m
246%
6%
n/m
n/m
n/m
Avalara (US)
1,718
53%
n/a
7.4x
6.2x
n/a
n/a
n/m
n/m
n/a
(14%)
n/a
n/m
n/m
Ellie Mae (US)
1,636
53%
4.5x
3.9x
3.7x
11%
15.6x 14.6x 12.9x
10%
27%
39.0x 31.5x 29.9x
Zuora (US)
1,524
46%
n/a
7.4x
5.9x
n/a
n/a
n/m
n/m
n/a
(17%)
n/a
n/m
n/m
Altair Engineering (US)
1,528
63%
5.3x
4.6x
4.1x
14%
78.4x 47.3x 32.4x
56%
10%
n/m 80.9x 49.4x
Benefitfocus (US)
1,467
90%
6.5x
6.5x
5.6x
8%
88.5x
n/m 76.0x
8%
3%
n/m
n/m
n/m
SVMK (US)
1,343
55%
n/a
6.1x
5.3x
n/a
n/a
26.4x 28.2x
n/a
23%
n/a
n/m
n/m
Apptio (US)
1,382
92%
8.5x
6.8x
5.8x
21%
n/m
n/m 97.4x
n/a
6%
n/m
n/m
n/m
Everbridge (US)
1,447
89%
15.9x 11.3x 8.9x
34%
n/m
n/m
n/m
n/a
(2%)
n/m
n/m
n/m
Cloudera (US)
1,161
50%
3.7x
2.9x
2.5x
22%
n/m
n/m
n/m
(39%)
(10%)
n/m
n/m
n/m
Blucora (US)
1,256
63%
2.9x
2.6x
2.4x
10%
14.4x 12.1x 10.6x
17%
21%
19.6x 13.3x 11.4x
Yext (US)
1,185
53%
8.0x
5.9x
4.5x
32%
n/m
n/m
n/m
(13%)
(15%)
n/m
n/m
n/m
SPS Commerce (US)
1,106
82%
5.7x
5.1x
4.6x
12%
39.6x 24.6x 20.3x
40%
21%
91.1x 44.6x 39.5x
LivePerson (US)
995
69%
5.2x
4.6x
4.0x
14%
62.5x 59.8x 47.5x
15%
8%
n/m
n/m
n/m
Talend (Europe)
814
46%
6.3x
4.5x
3.7x
30%
n/m
n/m
n/m
(33%)
(7%)
n/m
n/m
n/m
Domo (US)
343
66%
n/a
2.8x
2.3x
n/a
n/a
n/m
n/m
n/a
(87%)
n/a
n/m
n/m
Synchronoss (US)
413
53%
1.0x
1.4x
1.4x
(15%)
4.1x
41.6x 9.0x
(33%)
3%
7.8x
n/m
n/m
Cardlytics (US)
210
40%
1.8x
1.6x
1.2x
23%
n/m
n/m
n/m
(56%)
(6%)
n/m
n/m
n/m
ChannelAdvisor (US)
201
65%
1.9x
1.8x
1.6x
7%
49.2x 28.5x 21.8x
50%
6%
n/m
n/m 67.3x
EQS Group (Europe)
110
85%
3.4x
3.0x
2.6x
15%
32.4x
n/m 52.2x
(21%)
1%
n/m
n/m
n/m
Veritone (US)
20
16%
1.5x
0.9x
0.5x
68%
n/m
n/m
n/m
21%
(160%)
n/m
n/m
n/m
Mean
9.4x
7.1x
5.8x
22%
44.9x 34.7x 34.6x
26%
5%
52.8x 47.2x 41.6x
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
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I N S I G H T A C C E S S O P P O R T U N I T Y
MANHATTAN VENTURE PARTNERS
O F F E R I N G S
DIRECT INVESTMENTS
For institutional investors who make
substantial allocations often $10 million
or more per transaction
DEALSPECIFIC FUNDS
For investors who do not have the appetite
or strategy for direct investments, but wish
to make transactionspecific decisions or
institutional investors desiring to remain
discrete
MANAGED FUNDS
For investors who want broad exposure to
secondary venture investments, deal
selection by proven experts, and the
opportunity to coinvest on a self selected
basis
Manhattan Venture Partners ("MVP") is a researchdriven merchant bank focused on acquiring shares in late
stage, preIPO technology companies from existing shareholders. Partners of MVP have arranged or invested
in more than $2B of secondary and primary venture transactions
Manhattan Venture Research "MVR" publishes Venture Bytes, a monthly newsletter which contains the
Liquidity Watchlist, a proprietary list of top25 promising private companies in the TMT space that are
candidates for a liquidity event either an IPO or an acquisition  within the next 12 to 18 months. The
companies are ranked based on a series of quantitative and qualitative factors from a pool of 325 companies
that we closely monitor.
Liquidity Watchlist October 2018
Securities offered through Fusion Analytics Securities, LLC, member FINRA/SIPC
www.mvp.vc
212.858.9900
New York, New York
#
Company
Description
Status
1
+1
Lyft
Provides an online marketplace which connects community drivers with passengers who
request rides
through the company's iPhone or Android application
CrowdStrikesed $4.91B in 10 rounds; last round Series I for $600M at $15.1B post valuation and
$47.35/share led by Fidelity Mgmt.; other key investors in previous rounds Alibaba Group, Prince Alwaleed
Bin Talal, Did, DSCN Capital, General Motors, AllianceBernstein, Janus Henderson, KKR among others
2
+21
NIO
Develops a cloudbased cybersecurity platform designed to prevent, detect, and respond to
cyber attacks in realtime.The company's platform uses artificial intelligence and machine
learning to offer instant visibility and protection across the enterprise.
Raised $481.2M including the latest round Series E of $200M in June 2018 at $3.4B postvaluation and
$116.46/share; key investors include General Atlantic, IVP and Accel, among others
3
+6
Slack Tech.
Develops real time messaging, archiving and search tool; provides a collaboration platform
that lets users to port conversations and links to other work from other applications
Raised $796.7M in 10 rounds; last round, Series G, in Sept 2017 for $250M at $8.70/share, raising the post
valuation to $5.1B; key investors: Accel, Comcast Ventures, GGV Capital, Index Ventures, Sherpa Capital,
Spark Capital, Thrive Capital; hired new CFO in Feb. 2018
4
0
Airbnb
Operates an online community marketplace for travel accommodations allowing users to
both list and rent space from traditional or mobile platforms
Raised $4.4B in 11 rounds;the last round, Series F, in Jul 2017 for $1.0B at $30.0B prevaluation
($31B postmoney valuation) and $105/share; key investors include Andreessen Horowitz, Fidelity,
General Atlantic, Sequoia, GGV, among others; Hired new CFO, Mike Liberatore from SquareTrade,
in place of Laurence Tosi, who left in Feb 2018
5
+10
Palantir Technologies
Palantir Technologies offer a suite of software applications for integrating, visualizing and
analyzing information
Raised $2.75B to date in 14 rounds; last round Series K for $880M in December 2015 at $11.38/share and
$19.7B prevaluation ($20.5B post money valuation); key investors include Aeon Funds, BlackRock Private
Equity Partners, GSV Ventures, Third Point, among others
6
*
Postmates
Develops an ondemand delivery platform created to enhance delivery experience
Raised $581M to date in 5 rounds; last major round Series E of $300M in Sept. 2018 at $816M prevaluation
($1.08B post money valuation); key investors include Founders Fund. Huron River Ventures, BluePointe
Ventures, WP Global Partners, Fontinalis Partners, among others
7
*
Cloudflare
Develops a web performance and security platform designed to stop large attacks on the
DNS system
Raised $182.3M to date in 4 rounds; last major round, Series D of $110M in Sept. 2015 at $1.7B pre
valuation ($1.8B post money valuation); key investors include Fidelity Investments, CapitalG, Microsoft,
Baidu, New Enterprise Associates, Pelion Venture Partners, Venrock, Greenspring Associates, Union Square
Ventures and Qualcomm Ventures
8
+13
Stripe
The company provides a suite of APIs to enable businesses to accept and manage online
payments
Raised $440.03M in 7 rounds; last round in Nov 2016 for $400M raising postvaluation to $9.2B; key
investors: General Catalyst Partners, Capital, Sequoia Capital, Peter Thiel and Elon Musk
9
3
Dataminr
Provides realtime AI platform designed to discover critical breaking information from
publicly available data sets and delivers realtime alerts
Raised $572M in 5 rounds (Series E); last round in Jun 2018 for $392M raising postvaluation to $1.59B;
key investors: IVP, Cross Creek Advisors, Venrock, InQTel, Wellington Management, Credit Suisse, Vikram
Pandit, and Point 72 Ventures, among others
10
3
Uber
Uber is a mobile app connecting passengers with drivers for hire
Raised $17.4B in combination of late stage VC rounds (10), corporate rounds (2), and debt rounds (3);
current postvaluation is $69.6B; Recent 2Q18 results show improving financials; CEO indicated IPO likely in
2019
11
9
Pinterest
Pinterest is a "virtual and social pin board" that allows users to share interesting and
inspiring ideas, images, and tastes
Raised $1.47B to date in 10 rounds (Series H), including the last round of $150M in June 2018 at $12.3B
post valuation and $7.18/share; key investors include Rakuten, Wellington, Goldman Sachs, Andreessen
Horowitz, Fidelity, among others
12
0
Acquia
Provider of a web publishing platform, the company provides tools for enterprise users of
the opensource web publishing platform
Raised $194.5M in 8 rounds, including most recent round of $55M in Sept 2015 at $840M post valuation
and $18.92/share; key investors Centerview Capital Technology Partners, NEA, among others
13
5
Sprinklr
Develops social media management platform (SMM) designed to provide digital
transformation for enterprise businesses. The company's integrated platform for social
media management allows brands to do marketing, advertising, care, sales, research and
commerce
Raised $228.50M in 6 rounds; the last round, Series F, in Jul 2016 for $105.00M at $1.70B prevaluation
($1.81B postmoney valuation) and $9/share
14
3
Klarna
Provides online payment services designed to make online shopping easy and seamless, and
help the customers improve their average order value as well as conversion
Raised $519.1M in 8 rounds; the last private transaction in Aug 2017 raised $250M at $2.50B post
valuation; key investors include Permira, Seqouia Capital, Wellington, Northzone Ventures, IVP, among
others
15
2
SoFi
SoFi is a leading marketplace lender and the #1 provider of student loan refinancing with
over $4 billion loans originated to date
Raised $1.92B in 6 rounds; last round Series G for $500M in Mar 2017 at $17.18/share and $3.9B pre
valuation ($4.4B post valuation); Hired former Goldman Sachs executive in April 2018 as the new CFO
16
6
MapR Tech.
Map Technologies provides an enterprisegrade, big data platform that supports mission
critical and realtime production uses
Raised $285.62M in 6 rounds; last round Series E was for $60.98M in Oct 2017 led by Lightspeed Venture
Partners at $560.98M postmoney valuation as $4.14/share; other key investors include Google Capital,
Qualcomm Ventures, Redpoint Ventures
17
3
Didi Chuxing
Provides a mobile ridehailing application designed to match customers with local drivers
in China
Raised $17.68B to date; last equity round Series B2 in Feb 2018 for $264.8M, raising the post valuation to
$57.6B; the company received $500M of corporate financing from Booking Holdings on July 17, 2018;
rumored to be considering its IPO in the near term
18
2
Actifio
Actifio delivers copy data virtualization to global enterprise customers and service provider
partners in more than 30 countries. Leading customers include IBM, Sungard, HBO,
Netflix, Time Warner Cable, Government Agencies, among others
Raised $454.63M in 6 rounds from 12 investors; last round was $100M in Aug 2018 at $1.30B post
valuation and $12.23/share; key investors included Tiger Global, Technology Crossover Ventures, among
others
19
2
Tanium
Develops security and systems management technologies to allow realtime data collection
by organizations, helping information technology personnel identify and fix operational
issues and also fend off security attacks
Raised $482.3M in 7 rounds, including the last round of PE Growth of $175M in May 2018 at $5B post
money valuation and $14.89/share; key investors include T. Rowe Price, Andreessen, TPG, IVP, among
others
20
2
DataXu
Provides realtime media management platform; develops a platform for digital advertising
campaigns across online, mobile and video channels
Raised $93.5M to date in 8 rounds; last round Series F for $10M in January 2016 at $1.99/share and $390M
post money valuation
21
2
Peloton
Develops integrated athome fitness equipment designed to engage and adapt to peoples
needs; the company's fitness equipment includes a stationary bike fused with a sweatproof
tablet that provides livestreaming, instructorled, group fitness classes, enabling customers
to receive an immersive fitness experience
Raised $994M in 8 rounds (Series F), including the last round of $550M in Aug 2018 at $4.15B post money
valuation and $21.66/share; key investors include Technology Crossover Ventures, NBCUniversal, GGV
Capital, True Ventures, Kleiner Perkins, Balyasny Asset Management, Wellington Management, Fidelity
Investments and Tiger Global, among others; hired a JP Morgan veteran as CFO
22
2
BuzzFeed
The company's social news and entertainment platform provides breaking news, original
reporting, entertainment and video across the social Web, providing viewers with news and
entertainment
Raised $496.4 in 7 rounds, including the last round Series G of $200M in Nov 2016 at $1.7B post money
valuation and $45.04/share led by NBCUniversa
23
1
Rent the Runway
Provides an online website for renting dresses and accessories intended to revolutionize
retail
Raised $196.15M in 7 rounds; last round in Mar 2018 for 20M raising postvaluation to $770M; key
investors: Bain Capital, Fidelity, American Express
24
0
23andMe
Operates a consumer genetics and research platform designed to help people access,
understand and benefit from the human genome
Raised $792M in latestage VC and Corporate rounds; last equity round in Sept 2017 for $250M,
raising postvaluation to $1.75B, and last Corporate round in Jul 2018 of $300M at $2.5B postvaluation;
key investors: Sequoia Capital, Fidelity Management & Research, Growth Technology
Partners, among others
25
20
Hootsuite
Based in Canada, provides a social media management system designed to make
connecting with customers faster, smarter and safer
Raised $303M in debt and equity rounds; last equity of $60M (Series D) in Sept. 2014 at $1B post money
valuation; key investors include Accel, Insight Venture Partners, Texas Atlantic Capital, Cloud Apps Capital
Partners, OMERS Ventures, Silicon Valley bank, Pine Hill Capital and Fidelity Investments
Note:
* New addition to the list since the last update.
NOAH Top List: European FinTech
33
Source: Company websites, CrunchBase, NOAH Advisors.
Company
Location
Business Overview
Founded
Key Investors
Funding
Provides ecommerce
payment solutions for
merchants and shoppers
2005
490.0m
Online marketplace for small
business loan lenders and
seekers
2010
430.4m
Provides digital and
commercial banking services
for merchants and businesses
2014
387.6m
Provides ecommerce
payment solutions for
merchants and shoppers
2006
293.5m
Online big data scoring
technology and machine
learning algorithms services
2012
251.8m
Online peertopeer loan
marketplace
2007
176.8m
Provides mobile payment
services for businesses and
individuals
2010
256m
Online company providing
loans secured with luxury
assets
2008
164.3m
Online service that lets
people send money to friends
and family living abroad
2010
164.3m
Online payday lender that
offers shortterm personal
cash loans
2007
129.5m
Select Transaction Comparables
34
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Classifieds
Aug 16
Randstad
Monster
US
383.3
0.6x
0.7x
4.0x
6.8x
Mar 16
Swiss Mobiliar
Scout24 Schweiz (50% stake)
Switzerland
Mar 16
Scout24 Switzerland
GratisInserate.ch
Switzerland
Nov 16
Novasol
Wimdu
Germany
Dec 15
Axel Springer
Axel Springer Digital Classifieds (15%)
Germany
Nov 15
CarTrade
CarWale (Axel Springer)
Germany
83.2
Oct 15
Naspers
Avito (50.6%)
Russia
2,152.4
Aug 15
Apax Partners
Idealista
Spain
150.0
3.6x
16.7x
Feb 15
Immowelt
Immonet (merger)
Germany
420.0
Dec 14
Axel Springer
Axel Springer Digital Classifieds (15%)
Germany
2,973.0
Oct 14
Next Co.
Trovit.com
Spain
80.0
4.5x
13.6x
Jun 14
Yandex
auto.ru
Russia
128.9
May 14
Stepstone
Evenbase
UK
110.0
2.5x
22.0x
May 14
Axel Springer
Yad2.co.il
Israel
165.0
Mar 14
Schibsted
Mlanuncios
Spain
50.0
Mar 13
Naspers
Avito (18.6%)
Russia
2,351.3
Feb 14
Schibsted
Milanuncios
Spain
100.0
Nov 12
Axel Springer
Immoweb.be (80%)
Belgium
159.4
12.0x
Apr 12
Axel Springer
Totaljobs
UK
132.0
Sep 10
Axel Springer Verlag
SeLoger (87.6%)
France
634.4
6.8x
6.2x
13.1x
11.4x
Sep 10
Schibsted
LeBoncoin (remaining 50%)
France
400.0
18.0x
Ecommerce
Nov 18
KAR
CarsOnTheWeb
Belgium
156.0
Aug 18
Zur Rosen Group
PromoFarma
Spain
Jul 18
Takeaway
10bis
Israel
135.0
Feb 18
Monoprix
Sarenza
France
Aug 17
The Hut Group
Glossybox
Germany
Jul 17
Aptos
TXT Retail
Italy
85.0
Apr 17
Gamesrocket
Digital Republic Media
Germany
Mar 17
GeoPost
Stuart
France
Feb 17
Showroompriv
Beaut Prive
France
Dec 16
Invision
Tintencenter.com
Germany
Nov 16
Sigma Retail
Internetstores
Germany
Nov 16
Mail.ru Group
Delivery Club
Russia
93.3
21.4x
Aug 16
Essilor
MyOptique Group
UK
140.0
Aug 16
Funding Led by Bridgepoint
Deliveroo
UK
247.8
Jul 16
Myntra
Jabong.com
India
63.3
0.5x
Jul 16
Tencent
China Music Corp
China
2,442.3
May 16
eBay
Ticketbis
Spain
148.0
6.6x
May 16
ProSiebenSat.1 Commerce
Stylight (78%)
Germany
80.0
May 16
TripAdvisor
HouseTrip
Switzerland
May 16
Temasek Holdings Pte Ltd; Eurazeo SA; IDG Capital Partners
Farfetch UK Limited
UK
95.7
Apr 16
Alabbar Enterprises
Yoox NetaPorter
Italy
3,700.0
Apr 16
VentePrive
Privalia
Spain
500.0
1.2x
30.1x
Apr 16
VentePrive
Eboutic.ch (majority stake)
Switzerland
Apr 16
Karstadt
Outfitter
Germany
Apr 16
Schustermann & Borenstein
FashionFriends
Switzerland
Feb 16
JustEat
Selected assets from Rocket Internet
Various
125.0
Nov 15
Lightspeed POS
SEOshop
Netherlands
Nov 15
Intercontinental Exchange
Trayport
UK
608.2
8.1x
16.3x
Oct 15
Ingram Micro
Docdata
Netherlands
155.0
9.5x
Sep 15
Grainger
Cromwell
UK
421.8
1.1x
10.8x
Jul 15
Photobox
posterXXL
Germany
May 15
Michelin
Black Circles
UK
67.2
1.9x
May 15
Delivery Hero
Yemek Sepeti (88.6%)
Turkey
594.7
33.0x
66.1x
Apr 15
Michelin
Allopneus (40%)
France
150.0
Mar 15
YOOX
NetaPorter (merger)
UK
3,120.0
2.4x
29.3x
Mar 15
Rocket Internet
FoodPanda (52%)
Germany
104.0
Mar 15
Verisk Analytics
Wood Mackenzie
UK
2,605.2
8.1x
17.3x
Mar 15
Recruit Holdings
Quandoo (92.9%)
Germany
213.8
50.9x
Mar 15
Wolseley
Bathempire.com
UK
Feb 15
British Gas
AlertMe
UK
87.8
Feb 15
Rocket Internet
Talabat
Kuwait
150.3
Feb 15
Rocket Internet
Grupo Yamm Comida a Domicil io
Spain
80.0
2.0x
Feb 15
Rocket Internet
HelloFresh (51.7%)
Germany
623.8
8.9x
Select Transaction Comparables (Cont'd)
35
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Ecommerce (Cont'd)
Feb 15
Rocket Internet
Delivery Hero (30%)
Germany
496.0
Nov 14
Photobox
Hofmann
Spain
Sep 14
Neiman Marcus
Mytheresa.com
Germany
150.0
15.0x
Aug 14
Delivery Hero
Pizza.de
Germany
300.0
Jun 14
Axel Springer
Car & Boat Media (51%)
France
72.0
2.9x
Jun 14
Monitise
Markco Media
UK
68.8
Jun 14
Bestseller
M&M Direct
UK
177.0
1.2x
May 14
Naspers
markafoni
Turkey
146.0
May 14
Tripadvisor
LaFourchette
France
100.0
10.0x
Apr 14
Afk Systema
Ozon.ru (21.6%)
Russia
108.6
Apr 14
Takeaway.com
Lieferando
Germany
50.0
Feb 14
Rocket Internet
La Nevera Roja
Spain
80.0
20.0x
Oct 13
eBay
Shutl
UK
145.1
Sep 13
Delticom
Tirendo
Germany
50.0
Aug 12
AXA Private Equity
Bestsecret.com
Germany
223.2
Jun 12
Naspers
Netretail (79%)
Netherlands
213.3
Feb 12
Ahold
Bol.com
Netherlands
350.0
Dec 11
Quants
Grupfoni (55%)
Turkey
Sep 11
Google
DailyDeal
Germany
130.0
Sep 11
Rakuten
Ozon.ru
Russia
Jul 11
Photobox
Moonpig
UK
136.3
3.2x
Mar 11
Privalia
Dress for Less
Germany
175.0
Oct 10
Amazon
BuyVIP
Spain
70.0
0.8x
0.4x
Jun 10
Rakuten
PriceMinister
France
200.0
5.0x
Apr 10
Richemont
NetaPorter
UK
434.5
2.9x
Lead Generation
Feb 18
NuCom Group
Verivox
Germany
46.7
Oct 17
HomeServe
Checkatrade
UK
61.0
Sep 17
Zoopla
Money.co.uk
UK
154.2
Oct 16
Consortium of Firms
Kuferportal (42%)
Germany
Mar 16
NS Intressenter (Owners)
PriceRunner
Sweden
Jun 15
NuCom Group
Verivox (80%)
Germany
262.5
5.8x
Apr 15
Zoopla
uSwitch
UK
260.1
3.0x
11.7x
Dec 14
eSure
Gocompare (50%)
UK
241.5
1.7x
7.3x
Jun 12
Moneysupermarket
MoneySavingExpert
UK
108.0
Feb 11
EasyVoyage
Dealchecker. TravelJungle. FSI Travel
UK
10.0
Jul 10
Expedia (Tripadvisor)
HolidayLettings
UK
36.0
15.0x
Travel
Dec 18
Airbnb
Luckey Homes
France
Nov 18
BlaBlaCar
Ouibus
France
Apr 17
AccorHotels
VeryChic
France
Feb 17
Priceline Group
Momondo Group
UK
586.0
5.7x
Dec 16
Ctrip
Skyscanner
UK
1,622.7
9.5x
51.2x
May 16
TUI Group
Transat France
France
54.0
Apr 16
Cinven Partners
Hotelbeds
Spain
1,163.5
1.1x
16.9x
Apr 16
TravelSky Technology
OpenJaw Technologies
Ireland
Apr 16
AccorHotels
OneFineStay
UK
212.0
Mar 16
Trainline
Captain Train
France
165.0
Jan 16
Yahoo Japan (et all)
Skyscanner
UK
1.5
9.3x
50.6x
Jan 16
Michelin
Bookatable
UK
108.0
Nov 15
LBO France
Fram
France
Nov 15
Quicket
BookitNow!
Germany
Oct 15
ProSiebenSat.1
Etraveli
Sweden
235.0
3.4x
11.1x
Mar 15
Bravofly
Lastminute.com
UK
104.4
0.9x
Oct 13
Uvet Viaggio Turismo
Flygpoolen
Sweden
Apr 13
Hostelworld
HostelBookers.com
UK
59.0
2.8x
12.1x
Mar 13
HRS
hotel.de (remaining 15%)
Germany
102.3
2.2x
78.7x
Mar 13
NC2 Media
Lonely Planet
UK
60.4
Dec 12
Expedia
trivago (61.6%)
Germany
774.4
7.7x
26.0x
Oct 12
Bravofly
Rumbo
Spain
60.0
1.0x
5.3x
Aug 12
LOET Trading, Bankhaus Metzler Travel24 (46%)
Germany
52.0
2.2x
12.2x
Jan 12
Dnata World Travel
TravelRepublic
UK
Oct 11
HRS
hotel.de (61.59%)
Germany
61.0
1.5x
1.3x
55.4x
50.8x
May 11
LBO France
Promovacances
France
200.0
10.0x
Mar 11
Kuoni
Gullivers Travel Associates
UK
503.0
2.4x
8.4x
Feb 11
Odigeo (AXA and Permira)
Opodo
UK
450.0
3.1x
11.1x
Select Transaction Comparables (Cont'd)
36
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Marketplaces
Jan 18
Bril le24
Lensspirit
Germany
Jun 17
Baloise Group
MOVU
Switzerland
Jun 17
Hoffman
Contorion
Germany
100.0
May 15
Recruit Holdings
Wahanda (70%)
UK
218.1
28.7x
Mar 15
Gruppo MutuiOnline
7Pixel (74.85%)
Italy
74.2
4.9x
9.4x
Feb 15
Tamedia
Ricardo
Switzerland
228.7
6.0x
Dec 14
Adobe
Fotolia
Europe
645.5
Social Networking
Sep 17
The Meet Group
LOVOO
Germany
83.8
2.2x
Jun 17
Snapchat
Zenly
France
186.4
Oct 16
eDarling
Attractive World
France
Sep 16
ProSiebenSat.1
Parship (51%)
Germany
300.0
Sep 14
mail.ru
Vkontakte (remaining 48%)
Russia
1,598.5
0.5x
2.1x
Apr 13
Elsevier B.V.
Mendeley
UK
64.9
Gaming
Dec 18
Ubisoft
i3D.net
Netherlands
Dec 18
Playtika
Wooga
Germany
90.9
Feb 18
THQ Nordic
Koch Media
Germany
121.0
0.7x
11.5x
Nov 17
Stil lfront
Goodgames
Germany
270.0
1.9x
7.8x
Nov 17
Zynga
Peak Games
Turkey
85.0
Aug 17
Aristocrat Technologies
Plarium
Israel
420.8
May 17
MTG
InnoGames (30%)
Germany
260.0
2.0x
May 17
Supercell
Space Ape Games
UK
Feb 17
TakeTwo
Social Point
Spain
234.6
Jan 17
Zhejiang Jinke Entertainment
Outfit7
Slovenia
1,000.0
Oct 16
MTG
Innogames (35% + 16% Optional)
Germany
260.0
Jul 16
Giant Network Technologies
Playtika
Israel
3,930.1
6.1x
4.9x
16.0x
Jul 16
Hydra Industries
Inspired Gaming Group
UK
238.7
Jul 16
Playtech
Best Gaming Technology
Austria
138.0
Jul 16
Gamigo
Aerial Games
Germany
Jun 16
Tencent
Supercell (84%)
Finland
9,687.6
4.7x
11.6x
May 16
CVC Capital Partners
Sisal
Italy
1,000.0
1.3x
5.5x
May 16
Cherry AB
ComeOn (49%)
Malta
80.0
Apr 16
CVC Capital Partners
Tipico (60%)
Malta
1,666.0
3.3x
16.7x
Apr 16
NYX
OpenBet
UK
337.8
Mar 16
Shandong Hongda Mining Co.
Jagex
UK
270.1
3.6x
10.3x
Mar 16
Youzu
Bigpoint
Germany
80.0
Nov 15
Activision Blizzard
King.com
UK
4,539.5
2.4x
5.6x
Oct 15
Vivendi
Ubisoft
France
1,809.5
1.2x
9.8x
Jul 15
MTG
Turtle Entertainment (74%)
Germany
105.4
Jun 15
Betsson
EuropeBet
Georgia
75.8
1.6x
4.3x
Jun 15
SoftBank
Supercell & GungHo (additional 22%)
Finland
5,033.1
Feb 15
Tencent
Miniclip (majority stake)
Switzerland
Feb 15
Intertain Group
Gamesys
UK
569.0
Dec 14
CVC Capital Partners
Sky Gaming
UK
1,068.6
Oct 14
Intertain Group
Dumarca
Malta
89.1
Sep 14
Microsoft
Mojang
Sweden
1,932.3
7.6x
19.5x
Jun 14
Amaya
Rational Group
UK
3,616.2
4.5x
11.7x
Jun 14
Bally
Dragonplay
Israel
73.2
3.3x
10.0x
Jun 14
Webedia
JeuxVideo
France
90.0
Jan 14
Zynga
NaturalMotion
UK
388.7
8.8x
63.6x
Oct 13
SoftBank
Supercell & GungHo (51%)
Finland
2,217.9
4.2x
3.5x
7.2x
Select Transaction Comparables (Cont'd)
37
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Adtech
May 18
Oracle
Grapeshot
UK
454.0
Mar 17
Altice
Teads.tv
France
300.0
1.6x
Feb 17
Accenture
SinnerSchrader (62%)
Germany
100.0
2.0x
21.3x
Sep 16
Glispa Global Group
Avocarrot
UK
0.0
Jun 16
Spearhead
Smaato
Germany
132.2
May 16
FreeWheel Media
StickyADStv
France
87.7
Mar 16
RTL
Smartclip
Germany
50.0
Sep 15
NewsCorp
Unruly
UK
156.5
3.5x
Sep 15
Gravity4
EuroAds
Denmark
Sep 15
ironSource
Supersonic
Israel
132.9
1.9x
Aug 15
Strer
InteractiveMedia
Germany
300.0
Jul 15
FanDuel
Kotikan
UK
Mar 15
Cheetah Mobile
MobPartner
France
54.9
Oct 14
Publicis
Matomy (24.9%)
Israel
383.0
1.9x
1.4x
26.9x
12.9x
Oct 14
RNTS Media
Fyber
Germany
150.0
Jul 14
RTL
SpotXchange (65%)
Germany
165.5
6.0x
44.3x
Jun 14
Opera
AdColony
US
257.3
3.4x
17.5x
Jun 14
Amobee
Kontera
Israel
110.7
Apr 14
Tesco
Sociomantic
Germany
150.0
9.0x
Nov 11
Adconion Media
Smartclip
Germany
125.0
Others
Dec 18
Saxo Bank
BlinckBank
Netherlands
436.0
Dec 18
Coinify
BetterCoins
Denmark
Nov 18
Deltatre
Massive Interactive
UK
83.6
Nov 18
Legrand
Netatmo
France
Nov 18
Infineon
Siltectra
Germany
124.0
Nov 18
ForeScout
Security Matters
Netherlands
102.7
Oct 18
Kape Technologies
ZenMate
Israel
Jul 18
Orange
Basefarm
Norway
350.0
Jul 18
Scout24
Finanzcheck.de
Germany
285.0
Jul 18
Ultimate Software
PeopleDoc
France
272.7
Sep 18
Munich Re
Relayr
Germany
272.7
Jul 18
Stamps.com
MetaPack
UK
197.0
Jun 18
Enel X
Ufinet International
Spain
142.1
Jun 18
Nets
Dotcard
Poland
69.0
May 18
Iron Mountain
EvoSwitch
Netherlands
193.3
May 18
VASCO Digital
Dealflo
UK
47.9
May 18
PayPal
iZettle
Sweden
1,864.9
May 18
LoopUp
MeetingZone
UK
67.2
Feb 18
LexisNexis
ThreatMetrix
UK
674.0
25.1x
Feb 18
Kunlu Tech
Opera Software
Norway
51.8
Jan 18
Thy Crypto Company
CoinTracking
Germany
462.2
Jan 18
Urban Sports
FITrate
Germany
0.0
Dec 17
Ascential
Clavis Technology
Ireland
157.2
Dec 17
Scheidt & Bachmann
ecopark
Germany
0.0
Dec 17
Apple
Shazam
UK
452.0
Dec 17
Thales Group
Gemalto
Netherlands
5,430.0
1.7x
10.5x
Nov 17
ByteDance
News Republic
France
73.6
Jul 17
iRobot
Robopolis
France
119.1
0.9x
Jul 17
Ingenico
Bambora
Sweden
1,500.0
Jul 17
Gamigo
Mediakraft Networks
Germany
Jul 17
Bottega InvestCo
Getronics
UK
220.0
Jul 17
Symantec
Fireglass
Israel
211.2
Jul 17
CM
Docdata
Netherlands
Jun 17
Microsoft
Cloudyn
Israel
52.5
10.0x
Jun 17
Blackbaud
JustGiving
UK
108.4
Jun 17
Fiserv
Monitise
UK
79.8
1.4x
Jun 17
Microsoft
Hexadite
Israel
87.5
Jun 17
Porsche
PTV Group
Germany
300.0
Jun 17
Vivendi
Havas
France
3,675.8
May 17
Moody's
Bureau van Dijk
Netherlands
3,000.0
11.6x
22.7x
May 17
United Internet
Dril l isch
Germany
2,800.0
May 17
Spotify
Niland.io
France
Apr 17
BNP Paribas
Compte Nickel
France
Apr 17
AutoNews.de
Motor1
Germany
Select Transaction Comparables (Cont'd)
38
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Others (Cont'd)
Apr 17
Trade Extensions
Coupa Software
Sweden
42.2
4.5x
Mar 17
Ekinops
OneAccess
France
60.0
1.0x
Mar 17
Alibaba
WayRay
Switzerland
Mar 17
Intel
Mobileye
Israel
14,359.5
42.7x
30.6x
80.1x
55.6x
Mar 17
The Travellers Companies
Simply Business
UK
459.9
10.0x
Feb 17
Zalando
Kickz
Germany
Feb 17
Palo Alto Networks
LighCyber
Israel
98.5
Feb 17
Nokia
Comptel
Finland
347.3
Feb 17
Klarna
BillPay
Germany
69.0
Jan 17
Zoopla
Hometrack
UK
139.8
7.7x
16.9x
Jan 17
Kik
Rounds
Israel
64.8
Dec 16
Thundersoft
Rightware
Finland
Dec 16
Megafon (63.8%)
Mail.ru
Russia
1,075.8
1.8x
Dec 16
Huawei
Toga Networks
Israel
139.9
Dec 16
Go Daddy
Host Europe Group
Germany
1,690.0
6.3x
15.2x
Dec 16
CA Technologies
Automic
Austria
600.0
8.9x
Oct 16
Boomreach
Hippo NV
Netherlands
Oct 16
The Economist
Signal Noise
UK
Oct 16
Liberty Global
Multimedia Polska
Poland
696.6
Aug 16
SpeedCast
WINS
Malta
60.0
Aug 16
Cheetah Mobile
News Republic
France
53.2
Aug 16
Verizon
Fleetmatics
Ireland
2,238.2
8.4x
24.9x
Jul 16
BPCE
Fidor
Germany
100.0
Jul 16
AVAST Software
AVG Technologies
Netherlands
1,170.0
2.7x
9.5x
Jul 16
InfraVia
Next Generation Data
UK
119.4
8.9x
20.8x
Jul 16
Thoma Bravo
Trader Corporation
Canada
1,076.5
May 16
Ingenico
Nera Solutions
Singapore
57.0
2.7x
Jun 16
Capita
Trustmarque
UK
74.2
Jun 16
Astorg VI Special
AutoForm
Switzerland
644.0
12.9x
Jun 16
Dedalus SpA
NoemaLife SpA
Italy
61.4
May 16
Volkswagen
Gett
Israel
May 16
eBay
ExpertMaker AB
Sweden
May 16
Microsoft
Solair
Italy
May 16
New Signature
Dotnet Solutions
UK
0.3x
3.5x
Apr 16
Rakuten
Cabify
Spain
283.1
Apr 16
Nokia
Withings
France
170.0
Apr 16
Zoopla
Property Software Holdings
UK
94.8
4.7x
14.7x
Apr 16
Altor
Infotheek
Netherlands
Mar 16
Aconex
Conject
Germany
65.0
Mar 16
Visma
Fortnox
Sweden
146.0
9.2x
45.4x
Mar 16
Facebook
Masquerade
Belarus
Mar 16
Freenet
Media Broadcast
Germany
295.0
Mar 16
MasterCard
VocaLink
UK
1,294.7
Feb 16
Oracle
Ravello Systems
Israel
453.6
Feb 16
Golden Brick Consortium
Opera
Norway
1,100.0
2.0x
12.7x
Jan 16
Seat Pagine Gialle
Italiaonline
Italy
450.6
Dec 15
Laird
Novero
Germany
65.0
Dec 15
Strer SE
Statista (81.3%)
Germany
79.3
Dec 15
CSC
Xchanging
UK
607.7
1.0x
Nov 15
Cisco
Acano
UK
684.9
20.0x
Nov 15
ACI Worldwide
PAY.ON
Germany
180.0
13.0x
Oct 15
Trinity Mirror
Local World
UK
307.5
5.0x
Oct 15
Google
Digisfera
Portugal
Oct 15
Vivendi
Telecom Italia (stake increase to 20%)
Italy
678.0
Sep 15
Figaro Group
CCM Benchmark
France
Sep 15
Axel Springer
Business Insider (remaining 88%)
US
395.0
Sep 15
Credit Mutuel Arka
Leetchi
France
50.0
Sep 15
Interoute
Easynet
UK
552.2
Sep 15
Microsoft
Adallom
Israel
285.5
Sep 15
GVC Holdings
Bwin.party
Gibraltar
1,524.0
Aug 15
Paddy Power
Betfair Group (merger)
UK
6,824.5
Aug 15
Manheim
Movex (majority stake)
UK
Aug 15
Adidas
Runtastic
Austria
220.0
Jul 15
Deutsche Boerse
360T
Germany
725.0
Jul 15
Nikkei
Financial Times
UK
1,192.2
Jul 15
Oculus VR
Pebbles Interfaces
Israel
55.1
Select Transaction Comparables (Cont'd)
39
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Others (Cont'd)
Jul 15
CareerBuilder
Textkernel
Netherlands
Jul 15
Rakuten
Fits.me
UK
Jul 15
United Internet
Home.pl
Poland
155.0
Jun 15
Vivendi
DailyMotion (80%)
France
271.3
4.2x
Jun 15
Microsoft
6Wunderkinder
Germany
137.3
May 15
Oculus VR
Surreal Vision
UK
May 15
Visma
economic
DK
200.0
5.9x
May 15
AVG
Privax HMA!
UK
52.9
Apr 15
Playtech
TradeFX
UK
458.0
4.0x
8.1x
Mar 15
Optimal Payments
Skril l
UK
1,100.0
9.0x
Mar 15
Paypal
CyActive
Israel
54.4
Feb 15
British Gas
AlertMe
UK
88.4
3.7x
Feb 15
Wanda
Infront Sports & Media
Switzerland
1,050.0
1.9x
Feb 15
Under Armour
Endomondo
Denmark
75.1
Jan 15
DropBox
CloudOn
Israel
64.1
Dec 14
Host Europe
Intergenia
Germany
210.0
Dec 14
Progress
Telerik
Bulgaria
211.9
4.4x
Nov 14
Solera
CAP Automotive
UK
328.5
9.2x
15.8x
Sep 14
Daimler
mytaxi
Germany
50.0
Sep 14
Fis
Clear2pay
Belgium
375.0
3.9x
Jul 14
Rightster
Base79
UK
62.9
15.3x
Jul 14
Ingenico
GlobalCollect
Netherlands
820.0
2.7x
16.4x
Jun 14
Vodafone
Cobra Automotive
Italy
145.0
1.0x
8.5x
Apr 14
Facebook
ProtoGeo Oy
Finland
Apr 14
Vistaprint
Pixartprinting
Italy
137.0
2.4x
10.0x
Mar 14
Kudelski Group
Conax
Norway
164.0
Feb 14
McGraw Hill
Area9
Denmark
130.0
Feb 14
Rakuten
Viber
Cyprus
658.1
Feb 14
Renova Group
Octo Telematics
Italy
405.0
3.3x
Jan 14
Google
DeepMind
UK
365.3
Dec 13
Klarna
Sofort
Germany
110.0
Dec 13
Dassault Systemes
RealTime Techology (84%)
Germany
179.8
2.0x
13.3x
Oct 13
Asurion
Soluto
Israel
72.9
Sep 13
EMIS
Ascribe
UK
68.7
2.5x
Jun 13
Google
Waze
Israel
863.7
NM
Feb 13
Orange
DailyMotion
France
127.0
Jan 13
Ingenico
Ogone
Belgium
360.0
8.6x
6.6x
25.0x
Jul 12
Skril l
Paysafecard
Austria
140.0
Jun 12
Rakuten
Wuaki.tv
Spain
May 12
Perform Group
RunningBall
Switzerland
120.0
7.4x
16.6x
May 12
NTT DOCOMO
Buongiorno
Italy
223.9
1.0x
10.9x
May 11
Microsoft
Skype
Luxemburg
5,899.0
10.7x
47.6x
Jan 11
AOL
GoViral
UK
71.0
6.0x
25.0x
Jan 11
Amazon
LoveFilm
UK
236.3
2.2x
1.8x
Aug 10
MasterCard
DataCash
UK
360.9
9.0x
19.8x
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Select Transaction Comparables (Cont'd)
40
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Fin ncial
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Jun 18
Siris Capital
Travelport
UK
Jul 18
EQT
Banking Circle
Denmark
Jun 18
Warburg Pincus
Constructionline
UK
Feb 18
Silver Lake
ZPG
UK
Feb 18
Eli Global
Finanzen.de
Germany
Oct 17
Hellman & Friedman
Nets Group
Denmark
4,290.0
Jul 17
Marlin Equity Partners
ABIT Europe
Germany
Jul 17
Equistone
DefShop
Germany
Jul 17
Gilde Buy Out Partners
Albumprinter
Netherlands
Jun 17
TCV
Pracuj Group (minority stake)
Polish
Jun 17
CVC Capital Partners
Etraveli
Sweden
508.0
14.0x
Jun 17
Investcorp
ABAX
Norway
188.7
Apr 17
Propellerhead
Verdane
Sweden
20.9
2.0x
Feb 17
Vitruvian Partners
OAG
UK
204.8
Feb 17
Goldman Sachs
Meilleurtaux
France
260.0
13.0x
Feb 17
KKR
Travelopia
UK
364.0
0.3x
7.3x
Feb 17
TA Associates
Think Project!
Germany
Dec 16
General Atlantic
Hemnet (majority stake)
Sweden
208.8
Dec 16
General Atlantic
Zoopla (majority stake)
Sweden
200.3
Oct 16
Dirk Strers Media Ventures
Stylebop (majority stake)
Germany
Oct 16
Permira
Schustermann & Borenstein
Germany
Oct 16
Cinven, Permira, Mid Europa
Allegro
Poland
3,033.7
Sep 16
Inflexion Private Equity
Group IMD
UK
Sep 16
Permira
Personal & Informatik
Germany
Sep 16
Bregal Unternehmerkapital
Onlineprinters
Germany
Aug 16
TPG
TRANSPOREON
Germany
300.0
Aug 16
Bridgepoint
Cruise.co.uk
UK
62.1
0.5x
Jul 16
KKR
Epicor Software
Singapore
2,985.1
3.3x
13.5x
May 16
General Atlantic
Argus Media (majority stake)
UK
1,301.3
Apr 16
EQT
Sitecore
Denmark
1,000.0
5.0x
20.0x
Mar 16
Apax Partners
InfoVista
France
Mar 16
HgCapital
Raet
Netherlands
470.0
3.2x
Mar 16
Riverside
Guestline
UK
Mar 16
Rockaway Capital
Invia
Czech Republic
76.0
Feb 16
Elbrus Capital
Headhunter
Russia
120.9
Feb 16
Various
Skyscanner
UK
1,421.4
Feb 16
Vitruvian Partners
Unifaun Group
Sweden
Feb 16
EQT
Kuoni
Switzerland
1.5
2.8x
14.8x
Oct 15
Rockaway Capital
Netretail and Heureka (from Naspers)
Czech Republic
200.0
Oct 15
Exponent. Electra
PhotoBox
UK
546.2
Sep 15
Blackstone
Ideal Shopping Direct
UK
Aug 15
SevenVentures
Bill igerMietwagen
Germany
70.0
4.2x
7.9x
Jul 15
Apax Partners
idealista (70%)
Spain
150.0
~17x
Jul 15
HGGC
Selligent
France
200.0
Jun 15
Charlesbank
Six Degrees Group
UK
223.3
2.0x
Apr 15
Oakley Capital
Parship
Germany
50.0
Mar 15
AAC Capital
Corilus
Netherlands
77.6
1.8x
15.0x
Jan 15
Insight Venture
DaWanda
Germany
Jan 15
KKR
thetrainline.com
UK
595.3
6.7x
11.8x
Dec 14
Warburg Pincus
Blue Yonder (minority stake)
Germany
59.9
Nov 14
The Carlyle Group
Dealogic
UK
418.4
3.6x
9.6x
Oct 14
Great Hill Parthers
Momondo (majority stake)
Denmark
166.5
2.4x
14.2x
Oct 14
HgCapital
Allocate Software
UK
137.7
2.3x
13.1x
Sep 14
Oakley Capital
Facile.it
Italy
100.0
3.3x
25.0x
Sep 14
Access Industries
Perform Group
UK
858.1
2.8x
2.5x
21.7x
12.8x
Jul 14
KKR
The Hut Group (20%)
UK
126.4
Jul 14
KKR
Scout24 Schweiz & Omnimedia (49%)
Switzerland
262.2
Jun 14
Vitruvian Partners
JacTravel
UK
99.7
May 14
Permira
Teamviewer
Germany
870.0
4.9x
6.8x
May 15
ECI Partners
Evans Cycles
UK
135.2
Mar 14
BC Partners
CarTrawler
Ireland
450.7
0.9x
20.6x
Feb 14
CVC Capital Partners
Avast Software
Czech Republic
738.9
Jan 14
Apax Partners
Trader Media Group
UK
2,126.1
7.4x
12.9x
Nov 13
Hellman & Friedman
Scout24
Germany
2,000.0
5.9x
21.8x
Oct 13
Inflexion Private Equity
On The Beach Holidays
UK
86.0
1.9x
6.8x
Oct 13
Sequoia Capital
Skyscanner
UK
589.0
8.7x
23.5x
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Select Transaction Comparables (Cont'd)
41
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Fin ncial
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Aug 13
LDC
uSwitch (undisclosed stake)
UK
81.6
2.4x
7.4x
Jul 13
Cinven
Host Europe
UK
508.8
13.8x
Jul 13
TPG
TSL Education
UK
464.8
Mar 13
TA Associates
Onlineprinters
Germany
Feb 13
Partners Group
Softonic (30%)
Spain
275.0
Oct 12
Permira
Ancestry.com
Israel
1,224.5
3.3x
25.4x
May 12
KKR
Fotolia (50%)
France
353.7
Jan 12
Insight Venture
Jagex
UK
May 11
ECI Partners
CarTrawler
Ireland
100.0
Apr 11
TA & Summit
Bigpoint
Germany
408.5
Oct 10
General Atlantic & Index
Privalia
Spain
70.0
Sep 10
Montagu
Host Europe
UK
265.8
Jul 10
Permira
eDreams
Spain
300.0
May 10
Ardian
GoVoyages (majority)
France
400.0
0.5x
16.2x
42
NOAH Disruptor List
43
Media, Telecom, Gaming & Social Media
Source: Crunchbase, eMarketer, Statista.
* The company went public after July 2014
Company
Description
Funding ($m)
USA Market size: Digital Media ($30bn) & Social Media ($12.6bn)
Image messaging app and smart glasses
4,700
Social media application
1,466
/
Multichannel media network
1,400
Fantasy league platforms
1,130
Zynga
Online games producer and developer
867
Realtime enterprise messaging
790
Crossplatform game engine
689
Online video service
683
Media company providing social news
496
Mobile messaging app
361
Developer of publishing platforms
317
Online media publisher
308
Social network to contact neighbors
285
Cloud communication company
261
Cloudbased communication platform
230
Questionandanswer website
226
Popular social magazine
211
Media player for streaming
209
Global marketplace for events
198
Highend precision gaming products
175
Video platform for websites
166
Manage team tasks and conversations
163
Content discovery platform
160
Developer and publisher of games
159
Mobile content sharing app
158
Conferencing, meetings, and messaging
146
Social publishing platform
132
Fashion and style website
125
Social photo sharing webstore and app
124
Delivers live virtual reality content
116
Crossplatform entertainment network
109
Mobile device operating systems
105
Online food network
80
Realtime social data mining platform
72
Workplace telecommunication
70
Question and answer website
68
Mobile photosharing and messaging
66
Tools to craft commercial content
66
SaaS for project management
63
Enterprise file sharing
63
Online anonymous community
61
Digital media content website
57
Mobile eSports tournaments
56
Media content website for news
46
Multiplayer game developer
45
image sharing platform
40
Streaming and community for gamers
36
Protocol used for file sharing
36
Company
Country
Description
Funding ($m)
Europe Market Size: Digital Media ($16.8bn) & Social Media ($6.5bn)
Music streaming service
2,700
Crossplatform games community
554
International mobile phone
services
546
Music streaming service
346
Online audio sharing platform
468
Global music publisher and music
services
205
Social app for music
144
Online community to review and
discover companies
144
Global encrypted communication
130
Global WiFi network
110
Developer and publisher of
browser games
99
Global phone directory
93
Provider of online movie streaming
services
84
Developer and publisher of mobile
games
76
Developer of Massively Multiplayer
Online games
67
Businessoriented social
networking platform
60
Technology for television
broadcasters
50
Video and music streaming service
45
Music streaming service enabling
background music for businesses
33
Developer of mobile gaming app
32
Cloudbased document sharing and
collaboration platform
32
Developer and publisher of mobile
games
32
Voice over internet protocol
peering and clearing service
32
Cloudbased file transfer service
25
Developer and publisher of mobile
games
23
Locationbased mobile dating app
22
Crossplatform games community
17
*
*
NOAH Disruptor List (Cont'd)
44
Healthcare & Science
Company
Description
Funding ($m)
USA Market Size: eHealth ($2.4bn)
SaaS for healthcare professionals
1,130
Health insurance company
728
Human genome research company
486
Collect and analyze medical metrics
422
Platform for cancer care
313
Population care management
240
Platform for booking doctors
223
PaaS that manage health data
222
Platform to connects with doctors
210
Application for healthcare costs
181
Telehealth platform
173
Social solutions for the health plan
164
Ondemand health care concierge
163
Electronic Health Record system
155
Health management services
141
SaaS to manage health business
138
Digital health program
127
Online pharmacy
118
Health IT software and services
103
App providing chat with a physician
87
Professional network for physicians
82
Clinical communication solutions
81
Medical booking platform for visits
59
Health engagement company
57
Health monitoring device via App
56
Platform for respiratory health
48
Data science platform for scientists
40
Healthcare software company
32
Company
Country
Description
Funding ($m)
Europe Market Size: eHealth ($2.2bn)
Multisensory virtual reality
platform for motor rehabilitation
109
Online and mobile medical booking
platform
96
Professional network for scientists
and researchers
88
Healthcare application providing
video consultations with doctors
85
Groupe Santiane
Operator of a price comparison site
for healthcare insurance
60
Provider of a digital platform for
private health insurance
48
Online healthcare platform to find
local physicians
46
Patient Relationship management
platform
32
Blood glucose meter and web
software to manage diabetes
29
Online platform providing
information on and access to drugs
22
Medical Travel Platform
12
Bright light headphones that fights
seasonal affective disorder
10
Developer of a film sensor that
tracks sleeping conditions
9
Patientcontrolled medical records
system
7
Online platform where patients and
doctors can connect
6
Company
Description
Funding ($m)
USA Market Size: Fitness & Wearables ($1.2bn)
Wearables to interact with digital devices
1,900
Social & live streaming cycling
445
HD wearable and personal cameras
288
Gym membership platform
154
Platform for sports video analysis
105
Developer for 3D motion control devices
94
Digital health services
75
Augmented reality platform & wearables
73
Wearable tech focusing on healthcare
66
Software developer for smart glasses
63
Sports tracking app
41
Wearable technology producer
29
Blood pressure management system
22
Sports wearable devices producer
20
Company
Country
Description
Funding ($m)
Europe Market Size: Fitness & Wearables ($1bn)
Provider of realtime sports data
and content
98
Smartphone app that allows users
to monitor their training sessions
89
Sport media company
59
Wearable visual system for blind
and visually impaired persons
45
Global football community
20
Smartphone app that focuses on
what users eat
17
Sport wearable camera
12
Medicalgrade wearable physiology
monitoring device
10
Wearable technology for women
8
Mobile marketplace for gym
services
6
Wearable solutions for interaction
with multiple screens
4
Health and sports performance
optimizer
4
Wearable fitness device for water
sports
1
Fitness, Wearables & Sports
Source: Crunchbase, Statista.
* The company went public after July 2014
*
*
*
Company
Description
Funding ($m)
USA Market Size: eLearning ($27.1bn)
Webbased Git repository hosting
service
350
Online university courses platform
210
Online learning and teaching
marketplace
173
Elearning solutions company
175
Education technology company
providing lecture capture service
165
Online training platform for
developers and IT professionals
163
Online courses for professionals
160
Adaptive learning technology
provider
157
online curriculum for kindergarten
and elementary school
150
Online computer programming
courses
120
Online language learning platform
108
Online community for crafters
featuring online classes
106
Provider of liberal arts and sciences
education
95
Social learning network enabling
teachers and students to connect
88
Platform that enables educators
and employers to share credentials
59
Allows schools to manage all their
apps through its platform
43
Platform that teaches employable
digital skills
43
Assessment and learning analytics
company
40
Personalized and adaptive language
learning platform
31
Online technology school for tech
job
12
NOAH Disruptor List (Cont'd)
45
Education
Company
Country
Description
Funding ($m)
Europe Market Size: eLearning ($8.1bn)
Cloudbased educational software
for the preuniversity market
68
Online learning platform for foreign
languages
33
Social network that enables its
users to form study groups
39
Free gamebased platform for
learning
27
Online mathematics platform
23
elearning tool for academic and
career development courses
20
Online language learning platform
15
Online tools for teaching science
14
Online language learning platform
12
Brain training app
10
Interactive sheet music app
10
Online university courses
7
Online programs for developing
vocational tech skills
6
Online learning platform
6
Company
Description
Funding ($m)
USA Market Size: Home Automation ($3.8bn)
Home remodeling, architecture and
interior design platform
614
Wireless multiroom music player
455
Home monitoring via mobile app
209
Platform for housing IoT
124
Wireless systems that facilitate
communication between devices
119
Smart WiFi system for use in
households
90
Free app that allows users to
control TVs and DVRs as well as
discover content
87
Smart energy efficiency solutions
for buildings
80
Cloud management system for
interoperability and IoT networks
75
Smart home appliances and access
systems
73
Voice recognition for automobile,
home and mobile
60
Home security solutions
57
Open source platform for managing
IoT "timeseries" data
25
Remote heat controller
10
Home Automation & IoT
Company
Country
Description
Funding ($m)
Europe  Market Size: Home Automation ($1.1bn)
Network for communication of
connected objects
277
Provider of M2M (Machine to
Machine) network software
100
Provider of cloudbased M2M
connectivity platform
84
Provider of techenable heating
system
66
Locationaware smart thermostat
56
WiFi and cloudbased internet
connectivity services to devices
44
Personal weather station with air
quality sensors
39
POS systems for the hospitality
industry
37
Smart solutions for home
surveillance
26
Energy marketplace and
management of energy assets
25
Smart controls for all house
appliances and heating
16
Smart lock systems
9
Intelligent heat controller
6
Enables the connection of non
smart appliances to the network
3
Home automation via smartphone
3
Source: Crunchbase, Statista, Docebo.
* The company went public after July 2014
NOAH Disruptor List (Cont'd)
46
Travel & Tourism
Company
Description
Funding ($m)
USA Market Size: eTravel ($192bn)
Marketplace for people to list and
book accommodation
4,400
Cloudbased platform for the
business travel industry
539
Vacation property management
and marketing services
144
Mobile hotel booking application
118
Mobile App to predict and analyze
airfare
84
Personalized travel
recommendations
39
Online travel expense management
service
27
Travel website and browser addon
for tracking and booking flight
tickets
25
Travel community for free housing
lodging
24
A onestop shop to find and book
activities
17
Community that invites people to
dine in homes and connect with
hosts
8
Marketplace for hotel reservations
7
Booking of airport lounges
4
Company
Description
Funding ($m)
USA
Mobile app connecting passengers
with drivers for hire
22,200
Transportation network company
4,110
Urban logistics and delivery
platform
278
Realtime traffic data and traffic
speed
143
Peertopeer car sharing
marketplace that enables car
owners to rent out their cars
103
PeertoPeer car sharing
marketplace
172
Service that sends valets to park
the car wherever it is the position
76
Car rental platform that tackles
queues and paperwork
60
Solution to manage vehicle parking
through new sensing technologies
54
Mobile app that allows users to hail
a cab, track a ride, and make
payments
39
Company
Country
Description
Funding ($m)
Europe
Mobile app for booking taxis and
limos
613
Online cab service that enables
users to book vehicles and
chauffeurs
407
Carsharing website that connects
drivers with empty seats and
paying passengers
335
Mobile app that enables users to
track information on public
transport
132
Ondemand taxi hailing services for
licensed professional drivers
83
Urban transport app
50
PeertoPeer car rental platform in
France
43
Peertopeer car renting platform
for travelers at airports and train
stations
22
Online rental platform for
motorhomes and campervans
19
Peertopeer car rental
18
Smartphone app enabling users to
arrange carpools with the
community
14
App connecting users to taxi drivers
13
Cab services with flexible booking
options via a mobile app and the
web
11
Mobility Market Size: Ridehailing ($40bn)
Company
Country
Description
Funding ($m)
Europe Market Size: eTravel ($193bn)
Booking platform for tours and
activities
181
GetYourGuide
Booking platform for tours and
activities
170
Europefocused travel search
website
146
Globally expanding startup
specialized in selling cruises
73
Ticketing platform for rail travel
69
Online hotel search platform
54
One Two Trip
Travel booking website
48
Price comparison and online
booking portal for hotel
39
Online travel platform
39
Online hotel booking service
33
Hotel data and analytics company
30
Metasearch engine for vacation
rentals
30
Web platform helping travelers
design, estimate the cost, and book
28
Online travel booking platform
23
Online marketplace for multiday
tours
17
Zizooboats
Global boat rental platform
3
Members only luxury travel club
N/A
European bus operator
N/A
obilet.com
Online platform for bus tickets
N/A
Source: Crunchbase, Statista, Pwc (2016), Reuters.
* The company went public after July 2014
*
Source: Crunchbase.
* The company went public after July 2014
NOAH Disruptor List (Cont'd)
47
Advertising, Marketing & Sales
Company
Description
Funding ($m)
USA Market Size: Digital Advertising ($80bn)
Trading solutions for advertising
346
SaaS quotetocash software
329
Customer lifecycle marketing
310
Digital advertising technology
262
Customer experience management
255
SaaS sales lead management
251
Email marketing
250
Platform for managing social media
247
Platform to connect with customers
229
Business intelligence solutions
157
Ecommerce platform for brand
155
Social media experience platform
138
Connects brands with audiences
121
Offers locationbased ad solutions
117
Customer communication platform
116
Clients data collecting and analysis
109
Platform for advertising tools
105
Inbound marketing software
101
Digital media trading and services
100
Cloud marketing platform
97
Mobile Marketing Automation platform
95
mobile marketing platform
93
Digital experience management
91
Platform to create ad campaigns
90
Customer communication platform
80
Platform to manage social media
75
Programmatic ad technology company
71
Mobile marketing solutions
68
search engine for display ads
68
Programmatic media activation
66
Adtech focused on audience measurement
65
Marketing software for advertising strategy
63
Mobile marketing automation platform
61
Analytics and marketing platform
60
Ad analytics and targeting company
53
eCommerce acceleration platform
52
Big data platform for advertisers
50
PR analytics for enterprises
48
Development platform for apps
46
Marketing and website optimization
46
Scalable virtual reality (VR) shopping
43
Mobile customer service platform
39
Webbased CRM for SMEs
38
Customer service via social channels
38
Enterprise Platform for Mobile Marketing
36
Advertising automation software
33
Social media monitoring analysis services
31
Monitoring and analytics for social media
31
Cloud based product intelligence platform
29
Checkout technology for ecommerce
29
Sales analytics and forecasting platform
26
Platform offering mobile analytics
23
Ecommerce platform for businesses
17
Company
Country
Description
Funding ($m)
Europe Market Size: Digital Advertising ($42bn)
Online fashion retailer platform for
luxury brands
233
Content discovery platform
operating on top publisher sites
194
Cloudbased client engagement
solutions for businesses
110
Mobile advertising platform for
telecom carriers
108
Software discovery, distribution,
delivery and monetization
105
Imagerecognition that helps
brands interact with customers
99
QuotetoCash software to help
businesses with their sales life cycle
96
Managing and sharing marketing
contact to sales representatives
86
Big data analytics for marketing
and advertising
75
Offers web personalization, digital
segmentation tools to marketers
75
Online restaurant booking
infrastructure and marketing
63
Distributed advertising and
ecommerce platform
60
Provider of cloud marketing
software for B2C companies
55
Digital customer experience &
website analytics
55
Mobile marketing company
53
Publisher of global enterprise
reputation management (ERM)
35
SaaS that allows advertisers to
manage social media campaigns
35
Provides marketing & analytics
solutions
34
Specialist in realtime personalized
advertising on the web
34
Webbased sales CRM & pipeline
management
81
Enterprise SEO and content
marketing platform
32
Provider of mobile analytics
software for marketers
29
SaaS based digital partner
marketing solution
29
Media platform to support multi
screen brand advertising
28
Locationbased mobile AdTech
platform
27
Provider of enterprise customer
data analytics software
24
Provider of an AI media analytics
platform
24
PoS marketing platform delivering
targeted offers at checkout
23
Marketing tool for publishers
23
Cloudbased branding automation
and digital asset management
22
Mobile advertising platform for
offline retailers
18
Online marketplace connecting
brands to salespeople
17
Ad platform that helps brands
reach their multiscreen consumers
17
Cloud platform offering unified
solution for SMEs
15
Adtech company developing a
performancebased ad exchange
6
Online video advertising and
content syndication
5
Ecommerce optimization and
customer intelligence
Ad platform focusing on publishers
*
*
*
Source: Crunchbase, Statista.
* The company went public after July 2014
Note: 1. eService does not include fitness
NOAH Disruptor List (Cont'd)
48
Consumer, Retail & Marketplace
Company
Country
Description
Funding ($m)
Europe Market Size: eCommerce ($281bn) & eService ($28bn)
Online food ordering network
2,600
Online marketplace for used cars
1,100
Fashion from independent boutiques
722
Online fashion retailer
615
Online fashion retailer
565
Online food ordering network
475
Hello Fresh
Meal planning and groceries shopping
364
Online Russian shopping website
271
Retailer of furniture and homewares
237
Online fashion retailer
212
Domestic cleaning booking platform
173
Marketplace for second hand fashion
169
Operator of a private sales website
141
Online retailer of lighting products
130
Members only online fashion club
120
Online food ordering network
118
Fiverr.com
Marketplace for professional services
111
Picnic
Online discount supermarket
109
Operator of an online real estate agency
101
Online retailer of shoes and accessories
101
Catalogue and auction house
95
Online retail and flash sales platform
92
Online food delivery portal
89
Market of DIY and gardening products
88
Online job marketplace for SMEs
86
Online platform for moving and logistic
75
Website for house furnishings
73
Online household services
73
Online retailer for shoes
72
Online eyewear retailer
70
Not On The High Street
Curated fashion for small businesses
69
Online fashion and lifestyle retail store
67
Online fashion retailer
66
Platform for online classified sites
65
Job Today
Hiring app
65
Marketplace for crafting communities
61
Fashion eCommerce aggregator
61
Booking of student accommodation
60
P2P marketplace for secondhand fashion
60
Online curated shopping service
59
Online real estate portal
56
Mobile app based job marketplace
54
Online luxury watch retailer
52
Groupalia
Ecommerce platform
51
Online seller of prescription eyewear
50
Online used car broker and auctioneer
48
Provider of an online real estate platform
48
Food delivery services
48
Online portal for selling vehicles
45
Retailer of apparel for plus size women
45
Meal kit delivery service
37
Leading home exchange website
37
Social gifting service
33
Fashion ecommerce platform
33
Retailer of glasses and contact lenses
33
Fashion ecommerce platform
30
Retailer of sports merchandise
29
Booking of student accommodation
29
Retailer of food recipes and groceries
28
Online flower marketplace
27
Online cleaning service booking platform
27
Hire wear ecommerce website
26
Online marketplace for artworks
24
Online marketplace of luxury watches
23
Online personnel placement platform
22
Fooddelivery app
16
Home & furniture ecommerce platform
14
Ecommerce of customized apparel
13
Online retailer of cooking equipment
12
Online classifieds and shopping platform
N/A
*
*
*
*
*
Company
Description
Funding ($m)
USA Market Size: eCommerce ($322bn) & eService ($28bn)
Mobile commerce platform
1,080
Sameday grocery delivery company
875
Real estate platform
808
Food delivery service
722
Cloudbased online survey tool
694
Ecommerce of beauty products
475
Retailer of home products and furniture
351
Online marketplace for used cars
332
Online homeselling service
320
The Honest Company
Ecommerce of nontoxic household products
303
Ecommerce of automobiles
300
Online marketplace for professional services
273
Online subscription fashion retailer
249
Ecommerce of sleeping products
240
Online marketplace for secondhand goods
222
Designer and seller of eyeglasses
215
Online and offline postit note
205
Jobs and recruiting marketplace
205
Selfservice ticketing platform
198
Grocery delivery service company
194
Rent The Runway
Online rental of designer apparel
174
Real estate search and brokerage services
168
Foursquare
Local searchanddiscovery service mobile app
166
Ticket search engine
160
Online booking of pet sitters and dog walkers
156
Search engine for GIFs
151
PeertoPeer gift card marketplace
147
Online real estate marketplace
142
Search engine for Apps
134
Online shop of men's clothing and accessories
128
Cloudbased commerce platform for SMEs
122
Online food deliver service
120
Career marketplace
114
Online employment marketplace
113
Platform for professional legal advice
111
Booking platform of household services
111
Apartment rental marketplace
109
Subscription delivery of beauty products
103
Artsy
Online platform for art collections
101
Home improvement services platform
99
Subscription delivery of beauty products
87
Online marketplace for estate sale
85
Recruiting platform
73
Offers delivery of boxes of allnatural foods
59
Online app provides healthy organic meals
57
Provider of food recipes and ingredients
56
Wine community and label recognition app
56
Recruiting platform
55
Recruiting platform
55
Dollar store for a wide range of products
48
Online retailer of custom made men's suits
47
Pet boarding marketplace
47
Online curated shopping service
47
Mobile marketplace for auto reparations
43
Booking app for premium dining experiences
40
Automation to connect Apps and product
39
Online marketplace of local freelance labor
38
Online fashion jewelry shop
36
Ecommerce software company
35
Drizly
Online marketplace for alcoholic beverages
35
Career website for college students
34
Ecommerce website
33
Mobile shopping platform
32
Real time apartment rental platform
31
Online shop of lingerie and female appeal
12
Ecommerce for health and wellness food
5
*
*
*
*
*
*
*
Source: Crunchbase.
* The company went public after July 2014
NOAH Disruptor List (Cont'd)
49
Insurance & Finance
Company
Country
Description
Funding ($m)
Europe Transaction Value: Fintech ($640bn)
Ecommerce payment solutions
600
PeertoPeer money transfer service
396
Lending marketplace to SMB
373
Lending using online data
282
Online banking services
268
Online, mobile and PoS payment
266
Online peertopeer loan marketplace
198
Mobile payments company
292
Loan facilities for students
217
Fintech company offering online banking
213
Online international money transfer
188
Online loans secured with luxury assets
184
Peertopeer invoice finance platform
157
Home banking on mobile
150
Online payday lender
145
Appbased mobile digital banking services
145
Blockchainbased social payment app
136
PeertoPeer lending platform
128
Financial solution to SMB
119
Zopa
PeertoPeer money lending service
112
Regulatory financial software
111
Online business loans to companies
98
Online investment management firm
90
Global mobile foreign money transfer app
86
Mobiledelivered health insurance
82
Social trading and investment marketplace
73
Digital bank
70
Webbased bitcoin platform
70
Interest rate comparison site
64
Cloudbased platform for payments
59
Online PeertoPeer lending platform
59
Shortterm finance to SMEs
59
Operator of an online lending platform
58
Consumer loans comparison platform
53
Lending platform for postgraduates
53
Digital investment management service
50
Provider of consumer fintech solutions
48
Worldwide money transfer
47
Platform for banktobank payments
47
Mobile pointofsales company (mPOS)
44
Offers products around fixed deposits
44
International student payment solution
43
Platform for digital subscription payments
42
BankingasaPlatform service
42
SaaS for managing contractors' payments
40
Payment platform
40
Machine learning for insurance fraud
40
PeertoPeer lending platform
38
Risk management for financial institutions
37
Platform for algorithmic trading strategy
34
Online insurance brokerage
34
Product insurance for ecommerce
33
Property crowd funding platform
32
Bitcoin mining equipment
32
Peertopeer foreign currency swap
32
Mobile app for personal finance
31
Quicktoaccess personal finance
30
Independent investment advisory services
30
Mobile payments with loyalty and rewards
30
Marketplace for business loans in SME
27
International payment
27
Lowcost stock trading platform
23
Online alternative investment platform
20
Automation for financial agreement process
18
Mobile insurance broker
18
Mobile personal finance app for savings
17
Android NFC reader for cashless payments
17
Insurance roboadvisor
15
Etrading financial technology
15
Secure inapp payments
14
Prepaid debit card and mobile banking
11
App and card reader to create PoS
11
Cybersecurity for credit card fraud
8
Fraud prevention platform
6
Platform for retail investors
5
Antifraud company for payment
5
Provider of eWallet solution
3
Company
Description
Funding ($m)
USA Transaction Value: Fintech ($769bn)
Lending and wealth management services
1,880
Online credit platform
654
Installment loans at the point of sale
620
Credit card processing platform
591
Web and mobile payment services
440
Online credit and financial management
420
Peertopeer lending company
392
Marketplace for lending
355
Cloudbased mobile payment and marketing
307
Smart automated investing service
275
Crossborder payment platform
270
Personal finance and payment automation
259
Financial lending and data company
239
Bitcoin wallet and exchange service company
225
Online investment advisory platform
215
Online car insurance provider
206
Investment management platform
206
Automated investment service firm
205
Platform for business lenders and borrowers
190
Financial lending platform to SMEs
182
Online PeertoPeer insurance
180
Lowcost stock brokerage
176
Online marketplace for real estate lending
166
Online loans backed by car ownership
155
SaaS treasury and payment solutions
153
Marketplace for alternative investments
133
Financial management and accounting
131
Online and mobile payment solutions
126
Onlineonly direct lender of loans
112
Short term invoice financing to SME
108
Distributed ledger technology solutions
107
Online investment platform
102
Mobile payment platform
100
International payments
94
Global mobile payments network
87
Online marketplace investing in rental homes
75
Online payment service provider
74
Personal finance website
69
Peertopeer digital currency
63
Credit scoring and credit risk
62
Online lending marketplace
51
SaaS suite of enterprise software for SMEs
50
Online asset management fund
49
Fundraising platform
48
Bitcoin wallet
40
Online marketplace for real estate investing
36
Financial search engine for equity investors
35
Online investing platform
20
*
*
*
*
Source: Crunchbase, Gartner.
* The company went public after July 2014
NOAH Disruptor List (Cont'd)
50
Cloud, SaaS, & Enterprise Software Market Size: Cloud Services ($204bn)
Company
Description
Funding ($m)
USA (Cont.)
B2B application delivery platform
259
SaaS for property management
255
Storing, managing and analyzing data
248
Software and hosted service for big data
247
Commerce platform for selling cloud services
246
Cloudbased open platform for applications
243
SaaS for subscription billing and payments
243
SaaS product design platform
235
Provider of identity protection for enterprises
229
B2B cloud computing services company
220
Financial and accounting management
220
SaaSbased software analytics platform
215
Provider of analytics and decision science
211
Copy data visualization
208
Customs brokerage and freight forwarder
204
Cloudbased enterprise resource planning
194
Developer of distributed database technology
190
Analysis using data from social media
183
Web performance and security company
182
Cybersecurity products and services
177
HR, payroll and benefits management
176
Database platform for business
173
Platform for business spend management
169
Mobile Device Management solutions (MDM)
164
Object storage platform to build cloud storage
159
Domain name registration service
155
Search engine for big data apps
151
Cloudbased customer support software
149
Cyber security for business
148
Monitoring for dynamic cloud infrastructures
148
Cloudbased waste and recycling solutions
145
SaaSbased Technology Business
136
IaaS company for software developers
123
Operating system for datacenters
122
Cloudbased security company
122
Data virtualization software
120
Security and information platform
118
Provider of locationrelated information
116
Cloud access security broker
107
Cloudbased automation platform
105
Big data search and analytics software
104
Data integration, quality and management
102
Business intelligence for monetarization
101
Backup, recovery and business continuity
100
Business analytics software
94
Content management and collaboration
89
Anti fraud technology for ecommerce
89
Online customer support service company
86
Mobile App development platform
85
Provider of an open source graph database
80
Cloudbased integrated suite of small business
80
Realtime employee engagement platform
80
Database platform for realtime analytics
78
Analytics platform for the mobile and web
77
Provider of SaaS presentation software
73
Cloud monitoring with realtime analytics
66
Security for digital personas and transactions
62
PaaS for enterprise application development
62
Music artistticketing and content discovery
61
Cloudbased recruiting optimization platform
60
Cloudbased data analytics and integration
60
Provider of payroll software and services
57
Payroll, benefits and compliance software
53
Password and digital wallet management app
53
Cloud identity and access management
53
Cloudbased HR management software
47
Monitoring and analyzing cloud expenses
40
Development of enterprise software
38
Research to test usability and user experience
36
SaaSbased solutions for creating websites
36
Cloudbased multichannel retail management
36
Cloudbased recruitment software for SMEs
34
Company
Country
Description
Funding ($m)
Europe
Web hosting, cloud computing, and servers
279
Enterprise cyber threat defense software
180
Developer of cloudbased contract center
141
Electronic voting and electoral modernization
126
Software asset management and cloud spend
120
Provider of website usage and traffic analysis
112
Security and digital identification technologies
110
Six Degree Group
Provider of managed data services
106
Online procurement marketplace
101
Security software development company
100
Provider of database software
98
Softwaredriven storage for unstructured data
92
Cloudbased email management software
90
SaaS solution for sensitivedata management
81
User experience management tools
75
Data analytics for security and optimization
74
Enterprise Content Management (ECM)
69
Provider of SaaSbased office application suite
68
Cloud platform for application developers
67
Provider of SaaSbased social media tools
65
Provider of web governance software
55
Provider of cloudbased HR software
53
Java development platform on a PaaS
51
Cloudbased document management software
45
Provider of music hardware and software
44
Online B2B intelligence tools through platform
42
SaaS for retailers to replace the PoS
42
Software licensor and IT service provider
40
Cloudbased applications for small business
38
Online business management platform
36
Recruitment CRM and marketing software
35
Web analytics and data intelligence platform
35
Webbased business process management
34
Developer of big data software for telecom
34
Delivery and logistic management software
31
Workplace and office management
30
Robotic process automation software
30
Provider of mobile analytics software
29
Audio technology for entertainment industry
28
Process mining and big data analysis SaaS
28
Provider of DIY website building software
28
Online HR management
25
Solution for global supply chain risks
24
Open source data analytics software
21
Ocean freight price comparison platform
21
Client feedback platform via PoS terminal
19
SaaS HR and project analytics
19
Platform for connecting different cloud apps
16
Antimalware software products
15
Online job matching platform
14
USA
Developer of enterprise business software
2,500
Software for visualizing and analyzing data
2,030
Cloud platform to drive software innovation
1,700
Security and systems management solution
1,202
Platform for data management and analytics
1,040
Cloud file storage
690
SaaSbased business intelligence platform
672
SaaS for HR management and automation
584
Online file sharing and content management
559
Cloudbased electronic signature platform
512
Online research and insights platform
400
SaaS log management and analytics service
355
Cloudbased software provider for sales taxes
320
Cloudbased database solutions
311
Planning and performance management
300
Data access for recovery and development
292
Managed hosting platform for WordPress
291
Cyber security provider
282
Cybersecurity technology firm
281
SaaSbased solutions for creating websites
279
Data center and cloud security company
268
*
*
*
*
*
*
*
*
*
*
*
*
*
NOAH Partners
NOAH Top List: Europe SaaS Players
Company
Location
Business Overview
Founded
Key Investors
Funding
Develops and delivers cloud
contact center solutions
2000
130.8m
Platform and management
software provider for doctors
in Europe
2013
78.4m
SaaS solution for sensitive
data management
2000
73.7m
Increases the productivity of
sales while providing
marketing with relevant data
on sales interactions
2011
72.8m
Process mining and big data
analysis SaaS
2011
71.9m
Social media monitoring
system summarizing content
on the web
2007
60.2m
Online restaurant booking
infrastructure and marketing
service
2005
58.3m
Provider of SaaSbased office
application suite
2005
55.2m
Provider of cloud marketing
software for B2C companies
2000
51.2m
Provider of web governance
software
2003
51.0m
Online healthcare platform
enabling patients to find local
physicians online
2011
45.9m
Provider of cloudbased HR
software
2007
44.0m
SaaS enabling retailers to
digitize their point of sale
2013
38.4m
Content management system
that enables crossplatform,
multidevice publishing
2011
36.4m
Developer of cloudbased
applications for small
business
2009
35.2m
52
Source: Company websites, CrunchBase, NOAH Advisors.
NOAH Top List: Europe SaaS Players (Cont'd)
53
Source: Company websites, CrunchBase, NOAH Advisors.
Company
Location
Business Overview
Founded
Key Investors
Funding
Webbased sales CRM &
pipeline management
2010
81.0m
Process mining and big data
analysis SaaS
2011
65.8m
Webbased business process
management
2009
46.5m
Largest source of free private
company information in the
UK and Ireland
2011
36.5m
SaaS platform that allows
advertisers to launch and
measure social media
campaigns
2010
33.0m
Provider of SaaS solutions for
digital partner marketing
2010
25.3m
Online platform that offers
costeffective package
delivery services
2011
21.7m
SaaS and cloudbased supply
chain risk management
solution
2013
21.7m
Seamless integration of a
Marketplace with an existing
or embryonic website
2011
20.9m
Cloudbased branding
automation and digital asset
management
2013
19.8m
Enables airlines to leverage
their online, offline and
offsite customer data
2011
17.6m
Online service to drive direct
hotel bookings for the hotel
industry
2013
17.1m
SaaS platform for HR and
project analytics
2011
17.0m
Emailing platform that
improves the deliverability of
emails
2010
16.2m
Powers marketers to
understand and engage with
their customers
2012
15.3m
The NOAH Conferences
The NOAH Ecosystem
55
The NOAH Ecosystem *
* Includes only a small sample of companies regularly
attending NOAH Conferences.
cThree Conferences, One Mission: Empower the European Digital Ecosystem
Real Winners on Stage
$50bn+ Exits have Presented on the NOAH Stage
Jun16
(2016)
US
Mega Fund Raise
62,500
Jun16
(2009)
US
26,200
Nov13
(2009)
Sweden
Multiple Mega Fund Raises
13,000
Sep15
(2009)
UK
8,931
May11
(2009)
Luxembourg
8,000
Nov15
(2011)
Ireland
5,900
May17
(2016)
The Netherlands
3,270
May17
(2017)
Germany
Mega Fund Raise
2,800
Jan14
(2011)
UK
2,800
Oct15
(2013)
Russia
2,729
Nov13
(2013)
Germany
2,500
Aug15
(2013)
Sweden
Multiple Mega Fund Raises
2,250
Sep17
(2016)
UK
Mega Fund Raise
2,000
Sep15
(2011)
The Netherlands
Mega Multiple Fund Raises
2,000+
Nov12
(2010)
USA
1,800
Mar15
(2009)
UK
1,550
Jan14
(2010)
France
1,500
Jul16
(2009)
The Netherlands
1,300
Sept14
(2009)
UK
1,200
Jun13
(2011)
USA
1,100
Feb14
(2012)
Czech Republic
1,000
May14
(2016)
Czech Republic
870
Jan11
(2011)
France
846
Dec14
(2009)
France
800
Feb14
(2009)
UK
800
Mar17
(2005)
UAE
650
Feb15
(2015)
Germany
706
Jan15
(2011)
UK
680
May08
(2016)
Germany
644
Mar14
(2016)
Ireland
620
Oct15
(2017)
UK
617
Apr11
(2011)
Germany
600
May15
(2013)
Turkey
589
M&A
(minority)
(52%)
56
(60%)
Exponent. Electra
(controlling)
Real Winners on Stage (Cont'd)
$50bn+ Exits have Presented on the NOAH Stage
57
Jul15
(2017)
US
IPO
99,985
Jun18
(2011)
Netherlands
IPO
14,061
Sep14
(2013)
Germany
IPO
11,507
Oct10
(2009)
UK
IPO
7,421
Jun17
(2016)
Germany
IPO
6,612
May14
(2017)
US
IPO
5,038
Oct14
(2013)
Germany
IPO
4,261
Oct15
(2015)
UK
IPO
3,947
Nov13
(2012)
Israel
IPO
3,782
Dec16
(2012)
Germany
IPO
2,728
Nov17
(2015)
Germany
IPO
2,037
Sept16
(2017)
The Netherlands
IPO
2,030
Oct13
(2011)
France
IPO
2,011
Apr14
(2017)
UK
IPO
1,265
Jun18
(2016)
Germany
IPO
844
IPO
Current Market Cap ($m)
May16
(2014)
Israel
575
Apr16
(2013)
Spain
570
Feb17
(2012)
UK
550
Sep15
(2015)
USA
440
Jul14
(2013)
Switzerland
Multiple Mega Fund Raises
400+
Feb13
(2009)
Spain
345
Jan11
(2010)
UK
312
Sep16
(2016)
Germany
(51%)
300
Jul12
(2012)
Czech Republic
250
Apr16
(2014)
UK
241
Aug15
(2014)
Austria
240
May14
(2012)
Israel
228
Mar15
(2013)
Germany
219
May14
(2010)
Turkey
200
Apr17
(2017)
US
200
Aug17
(2017)
Israel
200
Oct14
(2012)
Germany
190
Sep15
(2012)
UK
176
Nov17
Cards Games Studio (2013)
Turkey
Zynga
100
M&A (Cont'd)
(undisclosed %)
59
Key Facts
Dates:
3031 October 2018
Location:
Old Billingsgate, 16 Lower Thames Street
London EC3R 6DX
# of Speakers:
120+
# of Stages:
3
# of Exhibitors:
15
Caterer:
Noura
Old Billingsgate
References
Program >>
Videos >>
NOAH London 2018 Review
Key Links
Speaker Book >>
Investor Book >>
Service Provider Book >>
Startup Book >>
60
NOAH London 2018 Highlights
Speaker Highlights
37%
25%
14%
13%
4% 7%
Internet Entrepreneurs and
Executives
Investors
Service Providers
Corporate Excutives
Press
Other
25%
24%
12%
5%
4%
3%
27%
UK
Germany
USA
Spain
Switzerland
Poland
Other
Attendees by Country
Attendees by Type
61
Venue & Networking Impressions
62
Main Stage Impressions
NOAH Partners
Event Partners
Strategic Partners
Premium Partners
Knowledge Sponsor
Media Partners
63
64
The Terrace
Key Links
Seating for up to 3,000 guests in the main and
1,000 sqm indoor space
Key Facts
The Tempodrom is one of Berlin's premier and most historic
event venues, located between Mitte and Kreuzberg
5,500 sqm outdoor space will be covered in lounge
areas, exhibition stands and catering booths.
Dates:
67 June 2018
Location:
Tempodrom, Mckernstrae 10, 10963 Berlin
Audience:
2,641
# of Speakers:
120+
# of Stages:
3
# of Exhibitors:
32
Caterer:
Kfer Service
The Tempodrom
Ground Floor
Video Library >>
Full Program >>
NOAH18 Berlin Impressions >>
Live Blog >>
NOAH Berlin 2018 Review
65
NOAH Berlin 2018 Highlights
42%
21%
17%
16%
4% 1%
Internet Entrepreneurs
and Executives
Investors
Service Providers
Corporate Executives
Press
Other
67%
9%
5%
2%
18%
Germany
Great Britain
Switzerland
US
Other
Attendees by Country
Attendees by Type
Speaker Highlights
2,641 Attendees
120+ Speakers
62 Partners
12 Workshops
66
Venue & Networking Impressions
See more pictures
67
Colosseum Impressions
See more pictures
68
NOAH Partners
Event Partners
Media Partners
Strategic Partners
Premium Partners
Knowledge Partner
69
Key Links
Key Facts
Dates:
1314 March 2018
Location:
Haoman 17, Shalma Road 38, Tel AvivYafo, Israel
Audience:
800
# of Speakers:
80
# of Stages:
1
# of Exhibitors:
5
Haoman 17
Investor Book >>
Program >>
Speaker Book >>
Request Invite >>
NOAH Tel Aviv 2018 Review
Speaker Highlights
70
Venue & Networking Impressions
See more pictures
71
Main Stage Impressions
See more pictures
72
NOAH Partners
Industry Partners
Founding Partners
Event Partners
Media Partners
Target Global Portfolio
NOAH Advisors Overview
NOAH Advisors Overview
100% focused on Internet companies in 25 verticals
 Covering 250 leading European Internet companies,
200 Investors and 50 Corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
 Facilitates overall process and minimizes
management distraction
The NOAH team has 20+ years of media investment
banking 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
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
 Database of over 2k companies and 30k individuals
 Proactively finds and unlocks attractive investment
opportunities for leading investors
Annual NOAH Conference in its 7th year
The NOAH team are entrepreneurs and focused on
growing the business and establishing a reputation for
excellence
Ability to deliver top results in short time frames
Highly successbased compensation structures align
interests of clients and NOAH Advisors, and
demonstrate conviction to deliver top results
Creative deal solutions
Strong Investment Banking Competence
Unique Industry KnowHow
Full Commitment  We Are Entrepreneurs!
Unmatched Network and Relationships
Marco Rodzynek
Founding Managing Director
Jan Brandes
Managing Director
Nikhil Parmar
Director
The NOAH Advisors Core Banking Team
May 2014
Exclusive Financial Advisor to
Yad2 and its Shareholders
sold 100% of
for $228m to a joint venture between
December 2014
October 2014
Exclusive Financial Advisor to Trovit
and its Shareholders
Sale of 100% of
for 80m to
Exclusive Financial Advisor to Fotolia and
the Selling Shareholders
Sale of 100% of
for 800m to
Selected Completed NOAH Transactions
Olek Skwarczek
Associate
October 2016
Investment in
by
84% Ownership
Exclusive Financial Advisor to
KuferPortal and its Shareholders
75
December 2016
Investment in
Financial Advisor to Silver Lake
by
August 2017
Acquisition of a Majority Stake in
Financial Advisor to EMK Capital
by
at a valuation of $200m
Lukas Schlund
Analyst
July 2018
Sale of 100% in
Exclusive Financial Advisor to
PromoFarma and its shareholders
to
September 2018
Sale of 100% in
Financial Advisor to 10bis and its
shareholders
for 135m to
10Bis
NOAH Advisors Overview (Cont'd)
Jan Brandes
Managing Director
With NOAH Advisors since Aug10
jan.brandes@noahadvisors.com
Mobile: +49 174 2010 984
Nikhil Parmar
Director
With NOAH Advisors
since Jul12
BSc in Economics and MSc in Economics
(with specialisation in Finance) from the
London School of Economics
Completed M&A deals include:
Marco Rodzynek
Founding Managing Director
Apr09
marco.rodzynek@noahadvisors.com
Mobile: +41 799 58 1512
Lehman Brothers, 1998  April 2009
(acquired by Nomura end 2008)
 Head of Internet, Media Investment Banking
40+ completed M&A deals ($95bn+), including:
Lehman Brothers, 2005 May 2010
(Nomura from end 2008)
 Media/TMT Investment Banking
20+ completed M&A deals, including:
Paula Garca
VP NOAH
With NOAH Advisors
since Jan16
Sales & Marketing, QP Magazine @ The
Telegraph, London
Client Service, Global Forest Partners,
NH, USA
Gema Alba
New Media Designer
With NOAH Advisors
since Jun15
12+ years experience in visual
and user interface design, and UI
development
Olek Skwarczek
Associate
With NOAH Advisors since
Sep15
M&A / corporate finance at IPOPEMA
Securities, EY and KPMG
Completed M&A deals include:
Justus Lumpe
Managing Director
With NOAH Advisors
since Dec15
Lehman Brothers / Nomura, Industrials, 20052012
Selected transactions include:
The NOAH Advisors Team
Marco Bombach
Creative Director
With NOAH Advisors since
Jun10
Digital content creation, creative concept development, covering
the full audiovisual production chain, content distribution and
optimization for all media channels
Marina Khrolovich
Assistant
With NOAH Advisors since
Jan12
Manager in International Business
Department of SOE "Belaeronavigation"
Economics and Industrial Management,
Belarusian State University of Informatics
and Radioelectronics
Daniel Wasowicz
Head of Data Team
With NOAH Advisors
since Feb16
Assistant Director of Sales in HERMES
POLAND
Business Owner's assistant in Ledkos
76
Maria del Mar Prez
CTO
With NOAH Advisors
since Feb17
9+ years experience in software development
BSc in Computer Engineering
Chairman of the Supervisory Board of Siemens AG
Former Chairman of the Executive Board and later Chairman of the Supervisory
board of ThyssenKrupp AG
Board memberships include: Compagnie de SaintGobain, Allianz SE,
Deutsche Lufthansa AG, E.ON AG, BNP Paribas S.A., Suez S.A., Volkswagen
AG, ABB Ltd., Thales S.A. and Axel Springer AG
Dr. Gerhard Cromme
Chairman
With NOAH Advisors
since Jun17
Lukas Schlund
Analyst
With NOAH Advisors
since Feb18
Investment banking and Venture Capital experience
from SevenVentures, aws Founders Fund, GP
Bullhound and BNP Paribas
Graduated in Management from EBS Business
School and KEDGE Business School
Hadar Shalev
Key Account Manager
With NOAH Advisors
since Oct18
2 years as Project manager at a film and
television production company
BA in business management and economics
from Interdisciplinary center Herzeliya
Gabriela Clauss
Customer Relations &
Sales
With NOAH Advisors
since Feb16
Sales & Relationshipmanager Trusted
Family, NY
Sales & Relationshipmanager Family Office
Exchange, London
Selected NOAH Advisors Deals
Exclusive Financial Advisor to
Facile.it and its Shareholders
to
Sale of controlling stake in
Exclusive Financial Advisor to
Trovit and its Shareholders
for 80m to
Sale of 100% of
Advisor to the Selling Shareholders
sale to
Exclusive Financial Advisor to
Yad2 and its Shareholders
for $228m to JV between
sold 100% of
Exclusive Financial Advisor to
Softonic and its shareholders
for a 30% stake alongside
Softonic's Founders and Angel
Investors at 275m valuation
Growth equity investment from
April 2012
Financial Advisor to Toprural
and its Shareholders
Sale of 100% in
to
November 2011
Exclusive Financial Advisor to
Fotolia and its Shareholders
$150 million growth equity
investment from
for a 50% stake alongside Fotolia's
Founders and TA Associates
Additional $150 million senior debt
financing
September 2014
October 2014
December 2014
Exclusive Financial Advisor to
Fotolia and the Selling
Shareholders
for $800m to
Sale of 100% of
August 2014
May 2014
February 2013
May 2012
Exclusive Financial Advisor to
grupfoni and its Shareholders
Sale of a majority stake in
to
Quants Financial Services AG
September 2015
Exclusive Financial Advisor to
Drushim and its Shareholders
to
Sale of 70% stake in
July 2015
Advisor to BIScience
from
Primary funding for
November 2015
Exclusive Financial Advisor to
Pipedrive
$5m fundraising and NOAH as
the Lead Investor
August 2015
Exclusive Financial Advisor to
Aloha
$14m fundraising and NOAH as
the Lead Investor
May 2016
September 2016
Acquisition of a Majority Stake in
by
from
at a valuation of 300m
Exclusive Financial Advisor to
10Bis and its Shareholders
Financial Advisor to Oakley
Capital
Investment in
10Bis
by
October 2016
Investment in
by
84% Ownership
Exclusive Financial Advisor to
KuferPortal and its
Shareholders
December 2016
Investment in
Financial Advisor to Silver Lake
by
August 2017
Acquisition of a Majority Stake in
Financial Advisor to EMK Capital
by
at a valuation of $200m
77
July 2018
Sale of 100% in
Exclusive Financial Advisor to
PromoFarma and its
shareholders
to
September 2018
Sale of 100% in
Financial Advisor to 10bis and
its shareholders
for 135m to
10Bis
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Contents
Title
Page
Cover
1
NOAH Hall of Fame
2
Agenda
3
Selected NOAH Advisors Deals
4
The NOAH Conferences
58
NOAH Connect: Coming Soon!
910
"NOAH, I'm On Board"
11
Porsche: The New Panamera
12
European Online Valuations
13
Universe of Public Internet Companies
14
Sector Valuations
15
Sector KPIs
16
Historical Valuation by Region
17
Growth Driven Valuation
18
Significant European Movers
19
Deutsche Brse Venture Network
20
Trading Comparables
2131
Advertising, Classifieds
21
Classifieds (Cont'd), Content, Digi.
Entertainment, Ecommerce
22
Ecommerce (Cont'd)
23
Ecommerce (Cont'd). Education,
Fitness/Wearables, Gambling, Gaming
24
Gaming (Cont'd), Hardware &
Semiconductors
25
Hardware & Semiconductors (Cont'd),
Healthcare & Science, IoT
26
Brokerage, Travel, Payments, Search,
27
Social, Software
28
Software (Cont'd)
29
Software (Cont'd)
30
NOAH Internet Trading Comps
31
Manhattan Venture Partners
32
NOAH Top List: European FinTech
33
Selected Transaction Comps
3441
Strategic Buyers by Segment
3439
Financial Buyers by Segment
4041
3
Title
Page
Pipedrive
42
NOAH Disruptor List
4350
CHRONEXT
51
NOAH Top List: European SaaS
5253
The NOAH Conferences
54
The NOAH Ecosystem
55
Real Winners on Stage
5657
Adyen
58
NOAH London 2018 Review
5963
NOAH London 2018 Overview
59
NOAH London 2018 Highlights
60
Event Impressions
6162
Sponsors & Partners
63
NOAH Berlin 2018 Review
6468
NOAH Berlin 2018 Overview
64
NOAH Berlin 2018 Highlights
65
Event Impressions
6667
Sponsors & Partners
68
NOAH Tel Aviv 2018 Review
6972
NOAH Tel Aviv 2018 Overview
69
Event Impressions
7071
Sponsors & Partners
72
Target Global
73
NOAH Advisors
74
NOAH Advisors Overview
7576
Selected NOAH Advisors Deals
77
NOAH Resources
78
Selected NOAH Advisors Deals
Exclusive Financial Advisor to
Facile.it and its Shareholders
to
Sale of controlling stake in
Exclusive Financial Advisor to
Trovit and its Shareholders
for 80m to
Sale of 100% of
Advisor to the Selling Shareholders
sale to
Exclusive Financial Advisor to
Yad2 and its Shareholders
for $228m to JV between
sold 100% of
Exclusive Financial Advisor to
Softonic and its shareholders
for a 30% stake alongside Softonic's
Founders and Angel Investors at
275m valuation
Growth equity investment from
April 2012
Financial Advisor to Toprural
and its Shareholders
Sale of 100% in
to
November 2011
Exclusive Financial Advisor to
Fotolia and its Shareholders
$150 million growth equity
investment from
for a 50% stake alongside Fotolia's
Founders and TA Associates
Additional $150 million senior debt
financing
Exclusive Advisor to EnGrande
Sale of a majority stake in
to
at a valuation of 40m
September 2014
October 2014
December 2014
Exclusive Financial Advisor to
Fotolia and the Selling
Shareholders
for $800m to
Sale of 100% of
August 2014
May 2014
February 2013
May 2012
Exclusive Financial Advisor to
grupfoni and its Shareholders
Sale of a majority stake in
to
Quants Financial Services AG
September 2015
Exclusive Financial Advisor to
Drushim and its Shareholders
to
Sale of 70% stake in
July 2015
Advisor to BIScience
from
Primary funding for
November 2015
Exclusive Financial Advisor to
Pipedrive
$5m fundraising and NOAH as
the Lead Investor
August 2015
Exclusive Financial Advisor to
Aloha
$14m fundraising and NOAH as
the Lead Investor
May 2016
September 2016
Acquisition of a Majority Stake in
by
from
at a valuation of 300m
Exclusive Financial Advisor to
10Bis and its Shareholders
Financial Advisor to Oakley
Capital
Investment in
10Bis
by
October 2016
Investment in
by
84% Ownership
Exclusive Financial Advisor to
KuferPortal and its
Shareholders
December 2016
Investment in
Financial Advisor to Silver Lake
July 2011
by
August 2017
Acquisition of a Majority Stake in
Financial Advisor to EMK Capital
by
at a valuation of $200m
4
July 2018
Sale of 100% in
Exclusive Financial Advisor to
PromoFarma and its
shareholders
to
BOOK TICKET >>
NOAH19 TEL AVIV OVERVIEW
910 April 2019
Hangar 11, Tel Aviv
The NOAH Conference Tel Aviv
Connecting Israel's Startups with Large Corporates and Investors
5
70+ top speakers
300+ international executives
Selected European "large caps" visit
leading Israeli startups
~1,200 senior attendees
VIDEO LIBRARY >>
HIGHLIGHTS FROM NOAH19 TEL AVIV
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Fantastic speaker lineup
Meet disruptors across key industry verticals
Networking with 3,500+ attendees
NOAH Conference
OVERVIEW PRESENTATION
WATCH THE TRAILER
1314 June 2019
STATION Berlin
The NOAH Conference Berlin
PROGRAM >>
VIDEO LIBRARY >>
HIGHLIGHTS FROM NOAH18 BERLIN
Traditional market leaders meet their digital startup counterparts
Connecting European Champions and Challengers
6
41%
21%
17%
16%
4% 1%
Internet Entrepreneurs
and Executives
Investors
Service Providers
Corporate Executives
Press
Other
Attendees by Type
29%
19%
18%
10%
24%
Board Member
CLevel
Owner, Founder
Investment Partner
Other
Attendees by Seniority
3031 October 2019
120+ top speakers
~1,500 senior attendees
400+ investment funds
Europe's top entrepreneurs and Clevel executives meet financial,
corporate and private investors
NOAH Conference London
BOOK TICKET >>
NOAH Conference
OVERVIEW PRESENTATION
Old Billingsgate, London
7
37%
25%
14%
13%
4%
7%
Internet Entrepreneurs
and Executives
Investors
Service Providers
Corporate Executives
Press
Other
Attendees by Type
PROGRAM >>
VIDEO LIBRARY >>
HIGHLIGHTS FROM NOAH18 LONDON
Connecting Capital with Entrepreneurs
46%
20%
9%
25%
CLevel
Owner, Founder
Investment Partner
Other
Attendees by Seniority
THE NOAH STARTUP STAGE
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NOAH18 London Startup Competition
Congratulations to the voted winner NOS Stablecoin as well as runnersup
CarPlanner and Learn 2 Play, which will present their ventures on the main stage of
our upcoming NOAH Berlin on 1314 June 2019.
MEET OUR WINNERS
9
NOAH Connect: Coming Soon!
Supporting the European online ecosystem with 4 key objectives
Connect Europe's digital leaders
Connect old and new economy
Narrow competitive disadvantage vs. better funded US firms
Increase exits to European strategic buyers
(to preserve longterm competitiveness)
NOAH Connect: Bringing the NOAH Ecosystem Online in 2018
v
NOAH MATCHMAKING
Looking for New Potential Business Partners?
There is no better opportunity to meet them
in person than at the NOAH Conference!
How does it work?
Selecteither companiesor investment funds depending on
your objectives
Searchand filter our listings to mark your networking wishlist
for the Conference
We will reach out to them to signalyour interest in meeting
them at our events
Manage confirmations and your conference agenda via our
NOAH Connect App for iOS and Android
1
2
3
4
v
Want to join our mission? Leave your mark and show support the
European digital ecosystem! All we need is a 5 second selfie video of
you saying "NOAH, I'm On Board" and we'll then publish all relevant
videos on our website.
They Are on Board to Support the
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European Online Valuations
Universe of Public Internet Companies
14
Europe
United States
Travel
Ecommerce
Advertising
Classifieds
Lead Gen
Marketplaces
Online Gaming
Search
Social
38.4x
23.0x
20.5x
16.2x
13.5x
13.0x
8.0x
7.7x
3.3x
35.4x
13.7x
11.0x
12.9x
13.7x
12.6x
12.7x
11.4x
11.6x
Sector Valuations
15
Europe
United States
Social
Ecommerce
Gaming
Marketplaces
Lead
Generation
Travel
Classifieds
Search &
Portals
Advertising
Note: Calculation based on sector aggregates.
EV / EBITDA 2018E
December 2018
Sector KPIs
16
EBITDA Margin 2018E
Cash Conversion: FCF / EBITDA 2018E
Europe
United States
Europe
United States
Europe
United States
Note: Calculation based on sector aggregates.
EBITDA CAGR 2017E2019E
37%
26%
23%
21%
15%
10%
8%
5%
2%
17%
44%
20%
4%
9%
24%
14%
7%
7%
Search &
Portals
Ecommerce
Social
Classifieds Marketplaces
Lead
Generation
Travel
Gaming
Advertising
47%
31%
28%
26%
25%
22%
20%
16%
5%
28%
34%
25%
11%
44%
32%
15%
42%
9%
Marketplaces
Gaming
Travel
Lead
Generation
Social
Search &
Portals
Advertising
Classifieds Ecommerce
82%
70%
60%
55%
48%
46%
45%
29%
19%
70%
60%
64%
87%
63%
65%
34%
52%
18%
Gaming
Lead
Generation
Marketplaces Advertising
Travel
Social
Classifieds
Search &
Portals
Ecommerce
Historical Valuation by Region
17
EV / 1 Year Forward EBITDA
Selected Companies
Europe
United States
Rest of World
Europe
United States
Rest of World
Note: NTM EBITDA derived by timeweighted estimates.
Forward multiples are median values for region.

5x
10x
15x
20x
25x
30x
35x
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
Jan16
Jan17
Jan18

5x
10x
15x
20x
25x
30x
35x
40x

5%
10%
15%
20%
25%
30%
35%

10x
20x
30x
40x
50x

10%
20%
30%
40%
50%
60%
Growth Driven Valuation
18
Europe
United States
EV / EBITDA 2018E
EBITDA CAGR 2017E2019E
EV / EBITDA 2018E
EBITDA CAGR 2017E2019E
Note: Size of bubble represents Enterprise Value.
Company
Oct18
Nov18
% Change
Gainers
8.7x
17.1x
+97%
19.8x
27.3x
+38%
3.6x
4.5x
+25%
13.0x
16.2x
+25%
7.8x
9.4x
+20%
Losers
49.3x
21.5x
56%
41.1x
23.9x
42%
9.4x
6.9x
26%
40.0x
30.7x
23%
116.8x
96.8x
17%
Significant European Movers
19
Valuations: Oct18 vs. Nov18
Enterprise Value (m) *
EV/EBITDA 2018E
Company
Oct18
Nov18
% Change
Gainers
120
149
+25%
924
1,135
+23%
1,105
1,273
+15%
381
423
+11%
622
687
+11%
Losers
1,342
987
26%
7,356
5,905
20%
1,404
1,160
17%
15,156
12,556
17%
18,477
15,448
16%
Source: Capital IQ (December 2018).
Note:
* Companies with enterprise value <100m excluded.
Trading Comparables
21
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Advertising / Marketing
Ad Networks
Criteo (Europe)
984
63%
1.2x
1.2x
1.1x
4%
3.8x
3.7x
3.6x
4%
32%
9.5x
9.7x
9.3x
Taptica (Middle East)
111
37%
0.5x
0.3x
0.3x
30%
3.0x
2.3x
2.1x
20%
15%
5.1x
3.9x
3.7x
Matomy (Middle East)
27
7%
0.1x
n/a
n/a
(100%)
1.1x
n/a
n/a
(100%)
n/a
n/a
n/a
n/a
Mean
0.6x
0.8x
0.7x
(22%)
2.6x
3.0x
2.8x
(25%)
23%
7.3x
6.8x
6.5x
Intermediaries
Trade Desk (US)
4,455
75%
16.6x 11.0x 8.2x
42%
55.8x 34.7x 26.7x
45%
32%
79.8x 47.1x 39.6x
Catena Media (Europe)
642
59%
99.9x 62.7x 52.6x
38%
n/m
n/m
n/m
36%
49%
n/m
n/m
n/m
QuinStreet (US)
612
88%
2.2x
1.6x
1.4x
26%
34.1x 17.2x 12.2x
67%
9%
79.5x 26.9x 19.7x
FreakOut (AsiaPac)
210
56%
2.2x
1.7x
1.4x
25%
33.1x 27.7x 16.5x
41%
6%
n/a
n/a
n/a
RhythmOne (US)
142
57%
0.5x
0.4x
0.3x
35%
11.8x 3.2x
2.1x
135%
11%
n/a
n/a
n/a
The Rubicon Project (US)
78
75%
0.6x
0.7x
0.6x
(3%)
n/m
n/m
8.0x
n/a
(13%)
n/m
n/m
n/m
Weborama (Europe)
32
47%
n/a
n/a
n/a
n/a
5.4x
n/a
n/a
(100%)
n/a
35.7x
n/a
n/a
Algomizer (Middle East)
27
92%
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)
24
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
Cxense (Europe)
24
49%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
SeaChange (US)
18
30%
0.3x
0.3x
0.3x
(7%)
3.7x
n/m
6.3x
(24%)
(15%)
14.0x
n/a
n/m
Mean
17.5x 11.2x 9.3x
22%
24.0x 20.7x 12.0x
29%
11%
52.3x 37.0x 29.7x
Data and Loyalty
HubSpot (US)
4,130
78%
12.7x 9.3x
7.4x
31%
n/m 89.8x 62.5x
86%
10%
n/m
n/m 98.9x
LiveRamp (US)
3,096
83%
3.9x
4.5x
10.2x
(38%)
20.5x 30.3x
n/m
n/a
15%
55.7x 70.8x
n/m
Quotient Technology (US)
785
70%
2.8x
2.3x
1.8x
25%
19.1x 14.9x 10.8x
33%
15%
48.4x 60.3x 26.4x
Aimia (Canada)
288
72%
0.2x
0.3x
0.3x
(12%)
1.8x
2.0x
2.4x
(15%)
14%
4.3x
n/m
n/m
1000mercis (Europe)
62
56%
1.1x
1.0x
0.9x
10%
5.0x
6.7x
6.3x
(11%)
14%
n/a
n/a
n/a
Marchex (US)
29
74%
0.4x
0.4x
0.3x
6%
46.9x 16.1x 7.3x
153%
2%
n/m
n/m 86.7x
Somoto (Middle East)
24
82%
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
3.5x
3.0x
3.5x
4%
18.7x 26.6x 17.9x
49%
12%
36.1x 65.5x 70.7x
Market Research
Nielsen (US)
14,864
62%
2.6x
2.6x
2.6x
(0%)
8.3x
9.2x
9.0x
(4%)
28%
9.2x
12.5x 12.6x
Gartner (US)
12,113
81%
4.2x
3.5x
3.2x
15%
19.8x 19.4x 17.4x
7%
18%
38.1x 34.1x 30.0x
Ipsos (Europe)
1,382
59%
0.8x
0.8x
0.7x
4%
6.7x
7.1x
6.2x
4%
11%
7.6x
7.9x
6.9x
comScore (US)
842
48%
1.6x
2.3x
2.2x
(16%)
6.1x
78.2x 36.0x
(59%)
3%
7.7x
n/m
n/m
National Research Corporation (US)
853
89%
8.2x
8.1x
7.7x
4%
25.1x
n/a
n/a
(100%)

42.7x
n/a
n/a
Forrester Research (US)
524
81%
1.8x
1.7x
1.6x
6%
15.7x 15.5x 11.4x
17%
11%
32.8x
n/a
n/a
YouGov (Europe)
442
78%
3.6x
3.2x
2.9x
11%
21.2x 17.0x 14.6x
20%
19%
31.3x 22.9x 20.7x
Intage (AsiaPac)
229
58%
0.6x
0.6x
0.6x
3%
5.2x
5.4x
5.2x
0%
10%
n/a
n/a
n/a
Mean
2.9x
2.8x
2.7x
3%
13.5x 21.7x 14.3x
(14%)
13%
24.2x 19.3x 17.6x
Agencies
Omnicom (US)
17,673
89%
1.3x
1.3x
1.3x
0%
8.6x
8.5x
8.4x
1%
16%
13.8x 12.9x 12.9x
WPP (Europe)
18,057
60%
1.1x
1.1x
1.1x
1%
6.3x
7.0x
7.4x
(8%)
15%
7.4x
8.4x
8.8x
Publicis Group (Europe)
14,755
80%
1.5x
1.6x
1.5x
(1%)
8.7x
8.6x
8.3x
3%
18%
11.3x 11.0x 10.4x
Dentsu (AsiaPac)
9,307
86%
1.3x
1.2x
1.1x
8%
6.7x
6.7x
6.1x
5%
18%
n/a
n/a
n/a
Interpublic Group of Companies (US)
8,638
82%
1.3x
1.2x
1.2x
5%
8.7x
7.6x
6.8x
13%
16%
14.8x 12.1x 11.8x
JCDecaux (Europe)
5,852
65%
1.7x
1.6x
1.5x
6%
9.8x
9.9x
8.7x
6%
16%
23.3x 23.1x 19.2x
MDC Partners (US)
1,171
27%
0.9x
0.9x
0.9x
1%
6.6x
7.4x
5.9x
5%
12%
5.4x
n/m
4.2x
XLMedia (Europe)
147
33%
1.3x
1.3x
1.3x
2%
3.9x
4.0x
3.7x
3%
34%
7.2x
7.1x
6.5x
Mean
1.3x
1.3x
1.2x
3%
7.4x
7.5x
6.9x
4%
18%
11.9x 12.4x 10.5x
Classifieds
Diversified
Next Co (US)
103,787
95%
6.9x
6.7x
6.2x
5%
12.9x 12.7x 11.9x
4%
53%
26.2x 22.6x 20.6x
Naspers (Africa)
67,821
75%
n/m
n/m
n/m
11%
n/m
n/m
n/m
65%
7%
n/m
n/m
n/m
Recruit Holdings (AsiaPac)
33,870
70%
2.1x
1.9x
1.7x
9%
16.7x 15.4x 13.3x
12%
12%
n/a
n/a
n/a
MercadoLibre (LatAm)
12,009
75%
10.1x 9.6x
6.9x
21%
72.9x
n/m
n/m
(30%)
(2%)
n/m
n/m
n/m
58.com (AsiaPac)
6,580
60%
4.9x
4.0x
3.3x
23%
24.9x 19.1x 14.2x
32%
21%
33.8x 21.0x 16.3x
Schibsted (Europe)
6,806
86%
4.0x
3.7x
3.5x
6%
26.2x 20.9x 16.7x
25%
18%
65.4x 45.2x 30.2x
Scout24 (Europe)
5,317
86%
11.1x 10.0x 8.5x
14%
21.4x 18.7x 16.3x
15%
53%
30.5x 25.7x 23.0x
Info Edge India (AsiaPac)
2,243
94%
20.6x 17.4x 14.8x
18%
60.7x 53.1x 42.3x
20%
33%
78.8x 64.7x 53.2x
Trade Me (AsiaPac)
1,542
99%
10.6x 9.9x
9.2x
7%
16.1x 15.0x 14.0x
7%
66%
26.3x 24.9x 23.1x
Just Dial (AsiaPac)
402
76%
4.2x
3.7x
3.4x
12%
21.6x 15.5x 13.7x
26%
24%
24.3x 20.1x 16.6x
Mean
8.3x
7.4x
6.4x
13%
30.4x 21.3x 17.8x
18%
28%
40.8x 32.0x 26.1x
Source: Capital IQ (as of 20 December 2018).
View Our Internet Trading Comps
Trading Comparables (Cont'd)
22
Classifieds (Cont'd)
Real Estate
REA Group (AsiaPac)
6,155
76%
13.3x 11.3x 10.0x
15%
23.3x 19.5x 17.0x
17%
58%
37.1x 30.9x 26.2x
Zillow (US)
4,551
46%
4.9x
3.9x
2.7x
33%
22.0x 25.7x 22.6x
(1%)
15%
58.6x 69.4x 62.2x
Rightmove (Europe)
4,172
79%
15.5x 14.1x 13.1x
9%
20.5x 18.6x 17.3x
9%
76%
25.9x 23.0x 21.5x
Fang Holdings (AsiaPac)
1,022
26%
2.5x
3.7x
3.0x
(8%)
21.9x 15.8x 8.4x
61%
23%
29.3x 7.6x
7.1x
Redfin (US)
849
46%
2.7x
2.0x
1.6x
28%
n/m
n/m
n/m
n/a
(4%)
n/m
n/m
n/m
Purplebricks (Europe)
389
30%
3.9x
2.1x
1.4x
65%
n/m
n/m 16.6x
n/a
(18%)
n/m
n/m
n/m
Mitula (Europe)
97
100%
4.5x
n/a
n/a
(100%)
12.5x
n/a
n/a
(100%)
n/a
22.5x
n/a
n/a
Leju (AsiaPac)
16
59%
0.1x
0.0x
0.0x
18%
n/m
n/m
0.4x
n/a
(3%)
n/m
n/m
5.1x
Mean
5.9x
5.3x
4.6x
8%
20.1x 19.9x 13.7x
(3%)
21%
34.7x 32.7x 24.4x
Automotive
Autohome (AsiaPac)
7,074
66%
8.5x
7.8x
6.4x
15%
24.7x 19.1x 15.7x
26%
41%
31.3x 22.5x 19.0x
Auto Trader (Europe)
4,992
95%
14.0x 13.3x 12.9x
4%
20.0x 19.1x 17.1x
8%
70%
25.1x 22.9x 20.9x
Bitauto (AsiaPac)
4,703
50%
4.1x
3.6x
3.0x
17%
26.6x 25.5x 20.7x
13%
14%
11.7x 13.8x 11.0x
Cargurus (US)
3,064
58%
11.2x 7.8x
6.2x
34%
n/m 91.3x 64.8x
60%
9%
n/m
n/m 91.5x
BCA Marketplace (Europe)
2,196
84%
0.9x
0.7x
0.7x
13%
13.6x 11.8x 10.9x
12%
6%
20.1x 16.4x 15.0x
Carsales.com (AsiaPac)
1,928
67%
7.9x
6.3x
5.9x
16%
16.0x 14.1x 12.7x
12%
45%
21.3x 19.6x 18.0x
Carvana (US)
1,643
45%
2.2x
0.9x
0.5x
105%
n/m
n/m
n/m
(21%)
(10%)
n/m
n/m
n/m
TrueCar (US)
668
63%
2.4x
2.1x
1.9x
13%
27.4x 21.8x 16.1x
30%
10%
n/m 72.2x 40.9x
Cango (AsiaPac)
677
58%
n/a
0.5x
0.2x
n/a
n/a
1.5x
0.6x
n/a
36%
n/a
3.5x
1.4x
Mean
6.4x
4.8x
4.2x
27%
21.4x 25.5x 19.8x
7%
24%
21.9x 24.4x 27.2x
Recruitment
Axel Springer (Europe)
7,162
68%
2.0x
2.2x
2.1x
(2%)
11.0x 9.6x
8.8x
12%
23%
18.2x 17.3x 15.9x
Seek (AsiaPac)
4,487
74%
6.1x
5.1x
4.4x
18%
17.7x 16.0x 14.6x
10%
32%
29.6x 28.9x 25.9x
51job (AsiaPac)
2,552
54%
1.0x
0.8x
0.6x
27%
2.9x
2.3x
1.8x
27%
34%
4.3x
3.0x
2.4x
Upwork (US)
2,029
85%
n/a
9.2x
7.7x
n/a
n/a
n/m
n/m
n/a
0%
n/a
n/m
n/m
Dice Holdings (US)
82
48%
0.5x
0.6x
0.6x
(14%)
2.4x
3.0x
2.9x
(9%)
20%
12.2x
n/a
6.6x
Mean
2.4x
3.6x
3.1x
7%
8.5x
7.7x
7.0x
10%
22%
16.1x 16.4x 12.7x
Content Providers
IAC (US)
13,774
79%
4.8x
3.7x
3.3x
21%
27.2x 16.1x 13.5x
42%
23%
69.2x 19.2x 19.7x
XO Group (US)
663
98%
4.7x
4.5x
4.1x
7%
27.2x 20.5x 18.3x
22%
22%
n/m 51.6x 44.5x
TechTarget (US)
283
34%
3.0x
2.7x
2.4x
12%
15.0x 11.0x 9.0x
29%
24%
30.4x 16.6x 13.2x
Mean
4.2x
3.6x
3.3x
13%
23.1x 15.9x 13.6x
31%
23%
49.8x 29.2x 25.8x
Digital Entertainment
Netflix (US)
106,427
63%
10.4x 7.7x
6.1x
30%
n/m 61.1x 40.4x
67%
13%
n/m 97.6x 62.3x
Spotify (Europe)
17,109
60%
n/a
3.7x
2.9x
n/a
n/a
n/m
n/m
n/a
(2%)
n/a
n/m
n/m
Freenet (Europe)
3,558
51%
1.0x
1.2x
1.2x
(8%)
7.4x
8.0x
7.9x
(3%)
16%
7.2x
9.3x
8.5x
Bilibil i (AsiaPac)
3,120
64%
n/a
0.9x
0.6x
n/a
n/a
n/m
4.9x
n/a
(6%)
n/a
n/m
n/m
Roku (US)
2,767
39%
6.2x
4.3x
3.2x
39%
n/m
n/m
n/m
n/a
4%
n/a
n/m
n/m
Pandora Media (US)
2,314
83%
1.8x
1.7x
1.5x
10%
n/m
n/m
n/m
(74%)
(7%)
n/m
n/m
n/m
Brave Bison (Europe)
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
4.9x
3.3x
2.6x
18%
7.4x 34.5x 17.7x
(4%)
3%
7.2x 53.5x 35.4x
ECommerce
Diversified
Amazon (US)
655,088
73%
4.2x
3.2x
2.7x
26%
39.1x 22.7x 17.8x
48%
14%
n/m 74.5x 54.3x
Alibaba (AsiaPac)
312,578
65%
1.6x
1.0x
0.7x
47%
3.5x
3.1x
2.4x
20%
33%
4.3x
3.9x
3.1x
Rakuten (AsiaPac)
10,633
74%
1.5x
1.3x
1.1x
14%
6.9x
6.1x
7.7x
(5%)
20%
n/a
n/a
n/a
Liberty Ventures (US)
6,400
77%
n/a
10.0x 8.2x
n/a
n/a
37.3x 26.8x
n/a
27%
n/a
n/a
n/a
Investment AB Kinnevik (Europe)
6,132
65%
62.8x 46.1x 48.5x
14%
n/m
n/m
n/m
14%
(16%)
26.7x 39.8x 40.4x
B2W (LatAm)
4,474
95%
2.6x
2.9x
2.6x
(0%)
29.5x 44.8x 27.6x
3%
7%
n/m
n/m
n/m
Rocket Internet (Europe)
651
64%
9.6x
14.9x 14.0x
(17%)
n/m
n/m
n/m
18%
(100%)
n/m
n/m
n/m
Vostok New Ventures (AsiaPac)
532
75%
2.5x
2.1x
1.7x
22%
4.3x
3.4x
2.6x
29%
63%
5.1x
n/m
n/m
Netshoes (LatAm)
90
13%
0.2x
0.2x
0.2x
(4%)
n/m
n/m 11.8x
n/a
(0%)
n/m
n/m
n/m
Mean
10.6x 9.1x
8.9x
13%
16.7x 19.6x 13.8x
18%
5%
12.0x 39.4x 32.6x
Personalized
Cimpress (Europe)
3,767
61%
1.8x
1.6x
1.4x
12%
14.8x 12.0x 9.8x
23%
13%
48.2x
n/a
n/a
Stamps.com (US)
2,362
52%
5.9x
4.7x
3.9x
23%
11.8x 10.6x 9.1x
14%
44%
15.6x 12.9x 12.5x
Shutterfly (US)
2,009
38%
2.0x
1.2x
1.0x
39%
10.3x 5.8x
5.6x
36%
20%
48.3x 11.8x 13.4x
CEWE Stiftung (Europe)
485
67%
0.8x
0.7x
0.7x
6%
5.3x
5.1x
4.8x
4%
15%
13.1x 12.4x 11.4x
Oponeo.pl (Europe)
62
47%
0.4x
0.3x
0.3x
19%
14.7x 9.3x
8.2x
34%
3%
21.6x 15.4x 14.4x
Eve Sleep (Europe)
(2)
7%
n/m
n/m
n/m
36%
0.1x
0.1x
0.4x
(37%)
(49%)
n/m
n/m
n/m
Mean
2.2x
1.7x
1.5x
22%
9.5x
7.1x
6.3x
12%
8%
29.4x 13.1x 12.9x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
23
ECommerce (Cont'd)
Online Food & Restaurants
Delivery Hero (Europe)
4,663
54%
8.5x
6.1x
4.3x
41%
n/m
n/m
n/m
11%
(18%)
n/m
n/m
n/m
Just Eat (Europe)
4,374
64%
7.5x
5.2x
4.1x
35%
24.3x 23.2x 18.0x
16%
22%
35.4x 34.8x 27.1x
Takeaway.com (Europe)
1,897
64%
11.5x 7.9x
5.9x
40%
n/m
n/m 88.7x
n/a
(4%)
n/m
n/m
n/m
Hellofresh (Europe)
742
40%
0.8x
0.6x
0.5x
33%
n/m
n/m 38.3x
n/a
(6%)
n/m
n/m
n/m
Blue Apron (US)
161
17%
0.2x
0.3x
0.3x
(17%)
n/m
n/m
n/m
(74%)
(10%)
n/m
n/m
n/m
Mean
5.7x
4.0x
3.0x
26%
24.3x 23.2x 48.3x
(16%)
(3%)
35.4x 34.8x 27.1x
Marketplaces
eBay (US)
27,707
60%
3.3x
2.9x
2.8x
9%
9.2x
8.8x
8.3x
5%
34%
12.6x 11.9x 11.5x
GrubHub (US)
5,759
49%
9.7x
6.5x
4.9x
40%
36.4x 27.5x 20.8x
32%
24%
65.9x 40.9x 34.5x
Etsy (US)
5,011
86%
13.1x 9.6x
7.4x
33%
77.1x 41.8x 29.5x
62%
23%
86.3x 61.9x 44.5x
Kakaku (AsiaPac)
3,211
78%
n/a
7.8x
7.1x
n/a
n/a
15.7x 14.5x
n/a
50%
n/a
n/a
n/a
Shutterstock (US)
878
62%
1.8x
1.6x
1.5x
12%
11.0x 9.7x
8.3x
16%
17%
29.3x 23.0x 19.3x
Care.com (US)
415
74%
2.7x
2.5x
2.2x
12%
21.7x 15.0x 12.6x
31%
16%
27.4x 19.3x 17.5x
Liquidity Services (US)
131
86%
0.6x
0.7x
0.7x
(7%)
n/m
n/m 38.3x
n/a
(3%)
n/m
n/m
n/m
MyHammer (Europe)
45
85%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Lauritz.com (Europe)
33
17%
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
4.5x
3.8x
17%
31.1x 19.7x 18.9x
29%
23%
44.3x 31.4x 25.5x
Verticals / Players
JD.com (AsiaPac)
25,090
40%
0.1x
0.1x
0.1x
24%
4.8x
5.7x
3.0x
26%
1%
5.7x
11.2x 4.8x
Wayfair (US)
7,159
60%
1.8x
1.2x
0.9x
38%
n/m
n/m
n/m
80%
(4%)
n/m
n/m
n/m
Ocado (Europe)
5,881
66%
3.7x
3.3x
2.9x
13%
58.3x 71.0x 50.6x
7%
5%
n/m
n/m
n/m
Monotaro (AsiaPac)
5,409
83%
7.9x
6.3x
5.2x
23%
53.8x 44.8x 36.4x
22%
14%
n/a
n/a
n/a
CTS Eventim (Europe)
2,952
77%
3.0x
2.5x
2.4x
12%
13.8x 12.6x 11.2x
11%
20%
28.3x 25.9x 23.2x
Proto Labs (US)
2,452
65%
8.2x
6.3x
5.6x
21%
28.8x 21.7x 18.8x
24%
29%
51.4x 34.7x 30.8x
Abcam (Europe)
2,236
62%
8.9x
8.2x
7.4x
10%
27.0x 22.1x 20.0x
16%
37%
36.3x 31.1x 29.3x
Zooplus (Europe)
872
65%
0.8x
0.6x
0.5x
22%
91.7x
n/m 51.6x
33%
0%
n/m
n/m
n/m
1800Flowers.com (US)
730
79%
0.7x
0.7x
0.7x
4%
10.1x 10.5x 9.6x
2%
7%
27.8x 24.4x 22.4x
Zur Rose Group (Europe)
617
63%
0.7x
0.6x
0.4x
30%
n/m
n/m 52.9x
n/a
(1%)
n/m
n/m
n/m
AO World (Europe)
629
72%
0.7x
0.7x
0.6x
14%
n/m
n/m 57.1x
n/a
0%
n/a
n/m
n/m
Overstock.com (US)
289
15%
0.2x
0.2x
0.2x
5%
44.4x
n/m
n/m
n/a
(9%)
n/m
n/m
n/m
Shop Apotheke Europe (Europe)
380
68%
1.3x
0.7x
0.5x
56%
n/m
n/m
n/m
(30%)
(2%)
n/m
n/m
n/m
Cogobuy (AsiaPac)
350
56%
0.3x
0.1x
n/a
(100%)
4.1x
2.8x
n/a
(100%)
5%
7.1x
4.3x
n/a
PetMed Express (US)
331
39%
1.4x
1.3x
1.2x
8%
7.8x
6.6x
6.3x
11%
20%
14.6x 10.7x 9.8x
Home24 (Europe)
220
38%
n/a
0.7x
0.6x
n/a
n/a
n/m
n/m
n/a
(12%)
n/a
n/m
n/m
Delticom (Europe)
160
72%
0.2x
0.2x
0.2x
6%
12.4x 12.6x 9.4x
15%
2%
30.2x 28.5x 14.1x
LDLC.com (Europe)
100
27%
0.2x
0.2x
0.2x
10%
6.9x
10.7x 7.6x
(5%)
2%
6.6x
8.3x
7.5x
U.S. Auto Parts Network (US)
32
38%
0.1x
0.1x
0.1x
(3%)
2.7x
3.2x
2.8x
(3%)
4%
n/a
n/m 19.4x
Mean
2.2x
1.8x
1.6x
11%
26.2x 18.7x 24.1x
7%
6%
23.1x 19.9x 17.9x
Fashion and Flash Sales
Start Today (AsiaPac)
5,345
46%
7.4x
5.8x
4.5x
28%
21.3x 19.5x 15.5x
17%
30%
n/a
n/a
n/a
Zalando (Europe)
5,154
47%
1.1x
1.0x
0.8x
21%
19.1x 21.5x 16.6x
7%
4%
47.0x 60.1x 45.9x
Farfetch (Europe)
4,010
59%
n/a
n/m
n/m
n/a
n/a
n/m
n/m
n/a
(21%)
n/a
n/m
n/m
ASOS (Europe)
2,070
29%
1.0x
0.8x
0.7x
20%
14.2x 12.1x 14.2x
0%
6%
28.0x 25.5x 42.8x
Vipshop (AsiaPac)
2,918
27%
0.0x
0.0x
0.0x
15%
1.0x
1.0x
0.8x
8%
4%
1.2x
1.3x
1.1x
Boohoo.com (Europe)
1,903
64%
4.1x
2.5x
1.7x
56%
40.2x 24.6x 17.6x
51%
10%
63.3x 40.6x 32.2x
Stitch Fix (US)
1,386
35%
1.4x
1.2x
1.0x
22%
n/a
32.3x 39.6x
n/a
4%
n/a
42.3x
n/m
MySale Group (AsiaPac)
37
16%
0.1x
0.1x
0.1x
(4%)
3.2x
4.5x
4.4x
(14%)
3%
7.8x
16.7x 99.0x
LightInTheBox (AsiaPac)
41
36%
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)
(9)
7%
n/m
n/m
n/m
7%
0.3x
0.7x
1.0x
(40%)
(6%)
n/m
n/m
n/m
Jumei (AsiaPac)
(75)
54%
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
2.2x
1.6x
1.2x
21%
14.2x 14.5x 13.7x
4%
4%
29.5x 31.1x 44.2x
Finance and Price Comparison
Moneysupermarket (Europe)
1,617
74%
4.3x
4.2x
3.9x
6%
11.3x 11.3x 10.5x
4%
37%
16.5x 16.0x 14.8x
Funding Circle (Europe)
1,162
56%
n/a
7.5x
5.3x
n/a
n/a
n/m
n/m
n/a
(25%)
n/a
n/m
n/m
Hypoport (Europe)
1,007
73%
5.2x
3.9x
3.3x
26%
31.9x 25.2x 19.6x
28%
15%
49.9x 41.9x 31.3x
Gruppo MutuiOnline (Europe)
652
87%
4.2x
3.6x
3.3x
12%
14.3x 12.1x 10.8x
15%
30%
23.3x 18.7x 16.4x
Pintech Technology (AsiaPac)
646
73%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Jianpu Tech (AsiaPac)
408
39%
0.3x
0.2x
0.1x
56%
n/m
n/m
4.2x
n/a
(5%)
n/m
n/m
7.8x
iSelect (AsiaPac)
85
52%
0.7x
0.7x
0.7x
3%
6.0x
11.3x 5.8x
1%
6%
13.5x 42.3x 14.4x
Comperia (Europe)
7
85%
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)
3
36%
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)

58%
n/m
n/m
n/m
18%
n/m
n/m
n/m
76%
13%
n/m 25.9x 14.5x
Ferratum (Europe)

25%
n/m
n/m
n/m
19%
n/m
n/m
n/m
23%
17%
8.3x
8.8x
5.9x
On Deck Capital (US)

66%
n/m
n/m
n/m
14%
n/m
n/m
n/m
215%
11%
n/m 11.2x 10.3x
Mean
3.0x
3.4x
2.8x
19%
15.9x 15.0x 10.2x
52%
11%
22.3x 23.5x 14.4x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
24
ECommerce (Cont'd)
Other
LendingTree (US)
2,412
53%
4.5x
3.6x
2.7x
29%
24.4x 17.9x 13.7x
33%
20%
51.5x 32.9x 25.4x
Yelp (US)
1,729
64%
2.3x
2.1x
1.9x
11%
12.6x 11.0x 9.0x
18%
19%
31.9x 21.6x 18.8x
Groupon (US)
1,211
53%
0.5x
0.5x
0.5x
(4%)
5.8x
4.9x
4.6x
12%
11%
23.2x 13.7x 11.8x
eHealth (US)
568
85%
3.8x
2.9x
2.4x
24%
n/m 24.7x 15.8x
n/a
12%
n/m 32.7x 22.4x
Gocompare.com (Europe)
394
46%
2.4x
2.3x
2.1x
6%
9.6x
7.7x
6.9x
18%
30%
10.4x 8.4x
7.6x
Gurunavi (AsiaPac)
190
42%
0.7x
0.7x
0.7x
(4%)
3.0x
4.3x
4.8x
(21%)
17%
n/a
n/a
n/a
Mean
2.4x
2.0x
1.7x
10%
11.1x 11.7x 9.2x
12%
18%
29.2x 21.8x 17.2x
Education
Pearson (Europe)
9,000
96%
1.8x
1.9x
1.9x
(4%)
11.5x 12.0x 11.0x
2%
16%
17.2x 15.6x 16.3x
New Oriental Education (AsiaPac)
5,319
49%
3.0x
2.2x
1.8x
29%
18.0x 16.1x 13.7x
15%
14%
26.6x 22.7x 19.4x
Chegg (US)
2,758
88%
12.5x 9.9x
8.1x
24%
70.0x 38.4x 28.0x
58%
26%
n/m 53.5x 43.6x
2U (US)
2,234
52%
9.0x
6.2x
4.7x
38%
n/m
n/m
n/m
8%
4%
n/m
n/m
n/m
IDP Education (AsiaPac)
1,537
84%
5.6x
4.7x
4.3x
14%
31.1x 25.0x 20.9x
22%
19%
49.8x 41.4x 35.2x
Pluralsight (US)
1,131
57%
n/a
5.6x
4.2x
n/a
n/a
n/m
n/m
n/a
(19%)
n/a
n/m
n/m
Instructure (US)
1,014
77%
7.4x
5.5x
4.5x
29%
n/m
n/m
n/m
(39%)
(8%)
n/m
n/m
n/m
K12 (US)
712
93%
0.9x
0.8x
0.8x
7%
7.1x
6.4x
6.8x
2%
13%
42.2x
n/a
29.6x
American Public Education (US)
237
62%
0.9x
0.9x
0.9x
1%
5.3x
5.3x
5.1x
3%
17%
25.9x 18.7x 16.6x
Boxlight (US)
16
9%
0.7x
0.5x
0.4x
29%
n/a
n/a
n/a
n/a

n/m
n/a
n/m
Cambium Learning Group (US)

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
Mean
4.6x
3.8x
3.2x
19%
23.8x 17.2x 14.2x
9%
8%
32.3x 30.4x 26.8x
Fitness & Wearbles
Under Armour (US)
7,369
73%
1.7x
1.6x
1.6x
5%
26.2x 24.6x 20.6x
13%
7%
88.7x 79.4x 51.8x
GoPro (US)
555
56%
0.5x
0.6x
0.5x
(0%)
n/m 53.9x 7.1x
n/a
1%
n/m
n/m 17.8x
Fitbit (US)
564
65%
0.4x
0.4x
0.4x
(2%)
n/m
n/m
n/m
(58%)
(3%)
n/m
n/m
n/m
Huami Corporation (AsiaPac)
358
66%
0.2x
0.1x
0.1x
54%
2.7x
1.2x
1.0x
67%
9%
3.4x
1.4x
1.1x
Catapult Group (AsiaPac)
81
40%
1.8x
1.5x
2.8x
(21%)
75.0x 38.1x 29.8x
59%
4%
n/m
n/m
n/m
Mean
0.9x
0.8x
1.1x
7%
34.6x 29.4x 14.6x
20%
4%
46.0x 40.4x 23.6x
Gambling
Amaya (Canada)
7,803
40%
9.2x
5.7x
4.3x
45%
19.7x 15.3x 11.8x
29%
38%
12.4x 11.1x 9.3x
GVC Holdings (Europe)
6,409
58%
6.7x
1.7x
1.7x
97%
24.1x 7.8x
8.7x
66%
22%
23.7x 9.1x
10.9x
Paddy Power Betfair (Europe)
5,439
66%
2.8x
2.6x
2.4x
9%
10.4x 10.9x 11.6x
(6%)
24%
15.1x 15.9x 17.5x
Playtech (Europe)
1,806
45%
2.0x
1.3x
1.0x
43%
5.1x
4.9x
4.0x
13%
27%
5.1x
6.3x
5.5x
Net Entertainment (Europe)
865
60%
5.5x
5.0x
4.7x
8%
12.0x 10.6x 9.7x
11%
47%
17.3x 15.6x 14.7x
888 Holdings (Europe)
613
54%
1.0x
1.0x
1.0x
2%
5.7x
5.3x
5.4x
3%
19%
10.0x 9.2x
9.8x
Betathome.com (Europe)
283
44%
2.4x
2.2x
2.3x
3%
7.8x
7.7x
7.8x
0%
28%
10.8x 11.0x 10.7x
Raketech Group (Europe)
73
64%
n/a
30.3x 26.8x
n/a
n/a
54.3x 48.3x
n/a
56%
n/a
n/m 88.2x
Sportech (Europe)
62
45%
0.7x
0.8x
0.8x
(7%)
4.5x
7.3x
6.6x
(17%)
11%
12.1x
n/a
n/a
ZEAL Network (Europe)
29
71%
0.2x
0.2x
0.2x
6%
1.2x
0.7x
0.6x
41%
25%
10.6x 6.5x
5.6x
Mean
3.4x
5.1x
4.5x
23%
10.1x 12.5x 11.5x
16%
30%
13.0x 10.6x 19.1x
Gaming
MMO
NetEase (AsiaPac)
23,520
62%
3.3x
2.8x
2.2x
21%
13.3x 21.5x 16.7x
(11%)
13%
14.8x 24.7x 20.5x
Sea Limited (US)
7,706
70%
2.0x
1.9x
1.8x
5%
10.6x 10.1x 9.6x
5%
18%
15.9x 13.9x 13.0x
NCsoft (AsiaPac)
6,736
90%
4.9x
5.0x
4.2x
8%
13.7x 13.0x 10.5x
14%
39%
20.6x 21.8x 16.2x
Nexon (AsiaPac)
5,580
65%
3.1x
2.8x
2.6x
10%
7.2x
6.5x
6.0x
9%
43%
n/a
n/a
n/a
HUYA (AsiaPac)
2,070
31%
n/a
0.5x
0.3x
n/a
n/a
8.5x
2.6x
n/a
6%
n/a
9.5x
4.6x
NetDragon (AsiaPac)
683
55%
1.6x
1.3x
1.1x
23%
19.0x 14.7x 10.8x
33%
9%
n/m 28.4x 23.7x
Changyou (AsiaPac)
303
50%
0.6x
0.7x
0.7x
(12%)
1.6x
2.7x
2.9x
(27%)
27%
6.2x
10.3x 9.1x
Rovio (Europe)
230
42%
0.8x
0.8x
0.8x
(0%)
3.4x
4.9x
4.3x
(10%)
17%
10.5x 13.9x 10.3x
WeMade (AsiaPac)
216
37%
2.6x
2.3x
1.9x
17%
31.9x 45.1x 12.3x
61%
5%
30.5x 45.4x 15.5x
Mean
2.3x
2.0x
1.7x
9%
12.6x 14.1x 8.4x
9%
20%
16.4x 21.0x 14.1x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
25
Gaming (Cont'd)
Mobile and Casual
Colopl (Europe)
17,898
86%
8.5x
7.9x
7.3x
8%
23.2x 22.9x 20.8x
6%
35%
34.2x 33.9x 30.8x
CyberAgent (AsiaPac)
4,070
64%
1.4x
1.2x
1.1x
13%
13.0x 12.9x 11.0x
9%
9%
n/a
n/a
n/a
Zynga (US)
2,416
81%
3.3x
3.1x
2.6x
11%
21.4x 15.1x 14.0x
24%
20%
36.8x 22.6x 21.7x
Youzu (AsiaPac)
2,026
64%
4.6x
4.2x
3.2x
20%
16.9x 17.4x 12.0x
19%
24%
18.4x 15.4x 12.9x
GREE (Europe)
1,877
76%
0.7x
0.7x
1.1x
(19%)
8.8x
8.9x
11.1x
(11%)
8%
11.7x 11.9x 14.8x
DeNA (AsiaPac)
1,385
77%
1.2x
1.3x
1.3x
(3%)
5.3x
6.7x
5.5x
(2%)
20%
n/a
n/a
n/a
Glu Mobile (US)
913
93%
3.3x
2.7x
2.4x
18%
n/m 26.0x 19.0x
n/a
10%
n/m 29.0x 21.4x
GungHo Online (AsiaPac)
683
51%
1.0x
1.1x
1.1x
(8%)
2.3x
3.8x
4.2x
(27%)
29%
n/a
n/a
n/a
NHN Entertainment (AsiaPac)
703
67%
1.0x
0.7x
0.6x
26%
12.3x 7.8x
6.4x
38%
9%
24.6x 8.6x
12.7x
Stil lfront Group (Europe)
358
50%
21.6x 2.8x
2.3x
204%
69.8x 8.5x
6.7x
224%
33%
n/m 18.0x 13.5x
IGNIS (AsiaPac)
129
34%
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)
113
52%
1.3x
1.1x
1.0x
17%
11.2x
n/a
7.3x
24%

19.9x 14.2x 12.1x
Gumi (AsiaPac)
85
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
Ourgame (AsiaPac)
52
25%
0.8x
0.7x
0.6x
9%
n/a
n/a
n/a
n/a

n/m
n/a
n/a
Boyaa Interactive (AsiaPac)
(128)
38%
n/m
n/a
n/a
(100%)
n/a
n/a
n/a
n/a
n/a
3.0x
n/a
n/a
Mean
4.1x
2.3x
2.1x
15%
18.4x 13.0x 10.7x
30%
17%
21.2x 19.2x 17.5x
Console & PC
Activision Blizzard (US)
30,280
55%
4.9x
4.6x
4.5x
5%
13.4x 12.9x 11.9x
6%
36%
20.3x 17.5x 16.4x
Electronic Arts (US)
17,611
52%
4.0x
4.0x
3.6x
6%
11.9x 11.7x 10.1x
9%
34%
19.1x 18.1x 15.0x
TakeTwo Interactive (US)
9,369
74%
5.4x
3.9x
3.8x
19%
20.4x 15.5x 11.9x
31%
25%
30.2x 21.9x 17.3x
Ubisoft Entertainment (Europe)
8,195
64%
4.5x
4.2x
3.4x
15%
12.3x 9.4x
8.0x
24%
45%
44.6x 25.5x 20.2x
Bandai Namco (AsiaPac)
6,670
94%
1.3x
1.2x
1.2x
6%
10.1x 8.1x
7.8x
14%
15%
n/a
n/a
n/a
Konami (AsiaPac)
3,981
71%
2.1x
2.0x
2.0x
2%
8.5x
7.7x
7.0x
10%
26%
n/a
n/a
n/a
CD Projekt (Europe)
3,294
69%
31.2x 34.9x 13.8x
50%
58.0x 83.7x 20.4x
69%
42%
77.1x
n/m 29.4x
Sega Sammy (AsiaPac)
2,340
78%
0.8x
0.9x
0.8x
3%
6.8x
7.4x
5.6x
10%
13%
n/a
n/a
n/a
Square Enix (AsiaPac)
1,959
50%
0.9x
1.1x
0.9x
1%
5.9x
6.3x
5.2x
7%
17%
n/a
n/a
n/a
Capcom (AsiaPac)
1,429
67%
2.1x
1.7x
1.6x
13%
7.8x
7.9x
6.9x
6%
21%
n/a
n/a
n/a
Paradox Interactive (Europe)
1,460
63%
18.8x 14.0x 11.1x
30%
31.6x 24.9x 18.2x
32%
56%
61.0x 47.4x 34.1x
Marvelous (AsiaPac)
213
74%
1.1x
1.0x
0.9x
7%
n/a
n/a
n/a
n/a

n/a
n/a
n/a
Mean
6.4x
6.1x
4.0x
13%
17.0x 17.8x 10.3x
20%
27%
42.1x 26.1x 22.1x
Hardware & Semiconductors
Apple (US)
710,373
69%
3.4x
3.0x
2.9x
8%
11.0x 9.9x
9.8x
6%
30%
15.2x 12.4x 12.2x
Samsung (AsiaPac)
148,653
71%
0.8x
0.8x
0.8x
2%
2.5x
2.2x
2.3x
3%
36%
6.3x
5.6x
6.3x
IBM (US)
121,239
68%
1.8x
1.7x
1.7x
0%
7.2x
7.4x
7.0x
2%
23%
8.2x
8.4x
8.4x
Sony (AsiaPac)
50,171
78%
0.8x
0.7x
0.7x
3%
5.9x
5.2x
5.1x
8%
14%
n/a
n/a
n/a
Hitachi (AsiaPac)
33,042
65%
0.5x
0.4x
0.4x
1%
3.8x
3.7x
3.6x
3%
12%
n/a
n/a
n/a
Philips (Europe)
32,852
78%
1.8x
1.8x
1.7x
3%
11.5x 10.9x 9.9x
8%
17%
21.5x 20.6x 17.0x
Nokia (Europe)
26,608
95%
1.2x
1.2x
1.2x
0%
8.8x
9.6x
7.9x
6%
12%
16.3x 23.1x 16.4x
HP (US)
22,507
68%
0.8x
0.8x
0.8x
(3%)
4.6x
4.8x
4.8x
(3%)
18%
9.5x
7.8x
8.2x
Hewlett Packard Enterprise (US)
22,507
68%
0.8x
0.8x
0.8x
(3%)
4.6x
4.8x
4.8x
(3%)
18%
9.5x
7.8x
8.2x
Motorola (US)
21,072
89%
3.8x
3.3x
3.1x
10%
13.8x 12.9x 11.3x
10%
25%
21.3x 16.1x 14.9x
Fujitsu (AsiaPac)
14,028
81%
0.4x
0.5x
0.5x
(5%)
5.6x
4.1x
5.8x
(2%)
11%
n/a
n/a
n/a
Lenovo (AsiaPac)
10,527
93%
2.1x
1.9x
1.8x
9%
87.4x 54.2x 50.5x
31%
3%
n/m
n/m
n/m
Sharp (AsiaPac)
8,207
27%
0.4x
0.4x
0.4x
7%
5.7x
5.8x
5.6x
0%
7%
n/a
n/a
n/a
Unisplendour (AsiaPac)
6,603
56%
1.4x
1.1x
0.9x
25%
n/a
n/a
n/a
n/a

48.0x
n/a
n/a
Toshiba (AsiaPac)
5,092
79%
0.1x
0.2x
0.2x
(12%)
0.5x
5.4x
3.5x
(63%)
4%
n/a
n/a
n/a
Quanta Computer (AsiaPac)
5,498
79%
0.2x
0.2x
0.2x
1%
7.6x
9.0x
7.6x
0%
2%
12.8x 13.4x 12.2x
LG (US)
4,737
40%
1.3x
1.4x
1.3x
(2%)
8.6x
9.9x
8.8x
(1%)
14%
7.9x
13.1x 9.1x
Pegatron Corporation (AsiaPac)
4,489
61%
0.1x
0.1x
0.1x
6%
4.3x
5.3x
4.3x
0%
2%
7.7x
10.0x 8.4x
ASUSTeK Computer (AsiaPac)
2,583
73%
0.2x
0.2x
0.2x
(4%)
6.4x
6.4x
6.2x
2%
4%
10.3x 21.0x 11.3x
Foxconn (AsiaPac)
1,176
68%
0.3x
0.3x
0.3x
1%
3.2x
3.9x
3.5x
(4%)
7%
8.2x
9.3x
8.9x
Acer (AsiaPac)
951
58%
0.1x
0.1x
0.1x
2%
7.0x
7.0x
5.9x
9%
2%
22.0x 18.2x 16.3x
Sonos (US)
741
44%
n/a
0.7x
0.6x
n/a
n/a
11.6x 7.6x
n/a
6%
n/a
n/m 27.7x
Niu Technologies (AsiaPac)
464
64%
n/a
0.4x
0.2x
n/a
n/a
n/m
2.6x
n/a
(10%)
n/a
n/m
2.9x
nLIGHT (US)
403
38%
n/a
2.4x
2.1x
n/a
n/a
15.2x 12.2x
n/a
16%
n/a
34.5x 26.5x
Viomi Technology (AsiaPac)
354
71%
n/a
0.2x
0.1x
n/a
n/a
2.0x
0.8x
n/a
8%
n/a
2.9x
1.2x
One Stop Systems (US)
21
35%
0.8x
0.6x
0.4x
42%
14.9x 23.8x 8.2x
35%
3%
n/m
n/a
38.5x
Mean
1.1x
1.0x
0.9x
4%
10.7x 9.8x
8.0x
2%
11%
15.0x 14.0x 13.4x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
26
Hardware & Semiconductors (Cont'd)
Computer Peripherals & Storage
Hon Hai Precision (AsiaPac)
31,079
59%
0.2x
0.2x
0.2x
5%
5.2x
6.3x
5.8x
(6%)
3%
7.4x
9.5x
8.9x
Western Digital (US)
14,931
34%
0.9x
0.9x
1.0x
(8%)
2.4x
2.7x
4.1x
(23%)
32%
2.7x
3.0x
5.7x
Seagate (Europe)
11,582
58%
1.3x
1.2x
1.3x
(1%)
6.1x
5.2x
6.2x
(1%)
22%
8.7x
5.9x
7.4x
NetApp (US)
10,889
67%
2.2x
2.0x
1.9x
7%
9.6x
8.0x
7.5x
13%
25%
17.0x 13.0x 12.4x
Zebra Technologies (US)
9,115
86%
2.8x
2.5x
2.4x
10%
15.3x 12.1x 11.4x
16%
20%
23.3x 14.5x 13.3x
Logitech (Europe)
4,287
63%
2.0x
1.8x
1.7x
10%
16.8x 13.3x 13.0x
14%
13%
22.1x 17.3x 16.0x
Pure Storage (US)
2,766
55%
3.1x
2.3x
1.8x
32%
n/m 22.6x 15.6x
206%
10%
n/m 58.5x 33.0x
Shenzen Huiding (AsiaPac)
2,583
73%
0.2x
0.2x
0.2x
(4%)
6.4x
6.4x
6.2x
2%
4%
10.3x 21.0x 11.3x
LiteOn (AsiaPac)
1,998
93%
0.3x
0.3x
0.4x
(4%)
4.5x
5.1x
4.4x
2%
7%
34.5x 12.6x 11.4x
PCISuntek (AsiaPac)
1,404
60%
2.6x
1.8x
1.3x
39%
n/a
n/a
n/a
n/a

55.4x 30.1x 18.3x
Chicony (AsiaPac)
1,389
83%
0.6x
0.6x
0.5x
9%
6.5x
6.9x
6.0x
4%
8%
11.5x 11.8x 10.3x
Synaptics (US)
1,275
66%
0.8x
0.9x
0.9x
(2%)
6.5x
6.4x
6.2x
3%
14%
8.0x
7.8x
7.5x
Phison Electronics (AsiaPac)
794
68%
0.7x
0.7x
0.6x
2%
3.9x
5.3x
5.3x
(14%)
13%
7.4x
9.5x
9.7x
Mean
1.4x
1.2x
1.1x
7%
7.6x
8.4x
7.6x
18%
13%
17.3x 16.5x 12.7x
Semiconductors
Intel (US)
194,880
79%
3.6x
3.1x
3.0x
9%
8.7x
6.9x
6.7x
13%
45%
13.2x 9.7x
9.9x
Taiwan Semiconductor (AsiaPac)
150,109
82%
5.4x
5.1x
4.7x
7%
8.2x
7.9x
7.3x
6%
65%
16.8x 16.4x 15.2x
Broadcom (US)
99,805
89%
6.1x
5.3x
4.6x
15%
8.5x
8.0x
7.6x
6%
66%
12.7x 10.8x 9.6x
Texas Instruments (US)
76,065
75%
5.8x
5.5x
5.6x
2%
12.5x 11.4x 11.8x
3%
48%
18.8x 15.3x 15.6x
NVIDIA (US)
69,045
47%
8.3x
6.5x
6.0x
18%
24.2x 16.9x 16.4x
22%
38%
29.7x 18.7x 18.9x
Qualcomm (US)
63,889
74%
3.1x
3.5x
3.4x
(3%)
8.9x
12.0x 10.7x
(9%)
29%
11.5x 14.0x 15.2x
ASML (Europe)
59,947
72%
7.0x
5.6x
5.1x
17%
22.0x 17.4x 15.2x
20%
32%
30.8x 23.4x 19.5x
SK hynix (AsiaPac)
31,729
60%
1.4x
1.0x
1.0x
14%
2.2x
1.4x
1.6x
15%
69%
3.8x
2.6x
3.3x
Analog Devices (US)
31,940
81%
6.4x
5.9x
5.8x
5%
12.6x 12.7x 12.2x
2%
47%
16.8x 14.2x 14.8x
Micron (US)
30,327
49%
1.5x
1.1x
1.4x
4%
2.7x
1.7x
2.5x
5%
66%
4.4x
2.3x
4.5x
Applied Materials (US)
27,572
51%
2.0x
1.9x
2.0x
2%
6.6x
6.2x
6.9x
(3%)
30%
7.9x
7.2x
8.5x
Microchip Technology (US)
23,323
66%
6.9x
5.2x
4.6x
23%
16.7x 12.6x 10.8x
24%
41%
12.7x 10.2x 9.5x
Infineon (Europe)
18,770
67%
2.6x
2.4x
2.2x
9%
9.9x
8.0x
7.7x
14%
30%
20.0x 16.9x 16.2x
Xilinx (US)
17,528
90%
8.1x
7.0x
6.3x
13%
25.6x 20.2x 19.4x
15%
34%
33.2x 26.1x 24.7x
AMD (US)
16,100
53%
3.5x
2.8x
2.6x
15%
45.9x 23.7x 18.2x
59%
12%
n/m 34.9x 25.1x
ASE Group (AsiaPac)
13,775
71%
1.7x
1.3x
1.2x
21%
9.1x
6.8x
6.2x
21%
18%
14.3x 14.2x 14.5x
Maxim Integrated Products (US)
11,033
66%
5.3x
5.0x
5.1x
2%
12.8x 12.0x 12.6x
1%
42%
19.7x 17.1x 17.8x
STMicroelectronics (Europe)
10,481
52%
1.3x
1.1x
1.0x
10%
6.3x
4.9x
4.6x
17%
22%
13.1x 8.6x
9.0x
Marvell Technology Group (AsiaPac)
9,539
59%
4.5x
3.7x
3.2x
19%
15.5x 10.8x 8.8x
33%
34%
15.9x 12.8x 10.1x
Skyworks Solutions (US)
9,412
57%
2.8x
2.8x
2.7x
3%
6.5x
6.4x
6.1x
3%
44%
9.4x
9.1x
8.7x
ON Semiconductor (US)
7,618
61%
1.6x
1.5x
1.4x
6%
7.0x
6.4x
6.2x
6%
23%
11.3x 8.4x
8.5x
MediaTek (AsiaPac)
7,153
60%
1.0x
1.1x
1.0x
2%
13.7x 10.6x 8.7x
26%
10%
16.6x 16.5x 15.2x
Sanan Optoelectronics (AsiaPac)
7,048
49%
6.3x
6.2x
4.8x
15%
11.6x 11.4x 9.2x
13%
55%
18.6x 16.4x 13.8x
Renesas Electronics (AsiaPac)
6,581
33%
1.1x
1.1x
1.1x
2%
4.7x
4.4x
4.2x
7%
25%
n/a
n/a
n/a
SMIC (AsiaPac)
6,060
51%
17.5x 16.1x 15.8x
5%
52.9x 52.4x 49.3x
4%
31%
n/m
n/m
n/m
United Microelectronics (AsiaPac)
4,068
61%
1.0x
0.9x
0.9x
3%
2.4x
2.4x
2.5x
(1%)
39%
14.8x 13.6x 14.4x
ROHM (AsiaPac)
3,310
52%
1.1x
1.0x
1.0x
4%
4.6x
4.0x
3.9x
8%
26%
n/a
n/a
n/a
Mean
4.2x
3.8x
3.5x
9%
14.0x 11.5x 10.6x
13%
35%
16.2x 14.4x 13.7x
Healthcare & Science
Quintiles (US)
28,467
84%
4.0x
3.1x
3.0x
16%
16.0x 14.8x 13.5x
9%
21%
21.8x 19.5x 17.8x
Cerner (US)
14,689
71%
3.3x
3.1x
2.9x
6%
10.0x 10.7x 9.8x
1%
29%
21.0x 20.9x 19.2x
ResMed (US)
13,922
94%
7.3x
6.4x
5.6x
14%
26.2x 21.7x 19.3x
17%
30%
37.7x 30.0x 27.7x
M3 (AsiaPac)
7,181
54%
10.4x 8.4x
7.2x
20%
30.4x 27.6x 23.7x
13%
30%
n/a
n/a
n/a
Athenahealth (US)
4,606
80%
4.3x
3.9x
3.6x
10%
20.0x 14.1x 12.3x
27%
28%
65.3x 30.3x 26.3x
Allscripts (US)
3,488
63%
2.2x
1.9x
1.8x
10%
10.9x 9.6x
9.2x
9%
19%
15.6x 13.5x 11.9x
Teladoc (US)
2,925
55%
14.4x 8.1x
6.1x
54%
n/m
n/m 78.6x
n/a
3%
n/m
n/m
n/m
Evolent Health (US)
1,182
63%
3.1x
2.2x
1.6x
41%
n/m 56.5x 21.5x
n/a
4%
n/m
n/m 63.2x
HealthStream (US)
527
75%
2.4x
2.6x
2.5x
(2%)
16.1x 14.7x 14.2x
6%
18%
99.6x 62.1x 63.7x
CPSI (US)
406
70%
1.7x
1.6x
1.6x
4%
9.6x
10.3x 9.1x
3%
16%
15.4x 10.4x 10.7x
Mean
5.3x
4.1x
3.6x
17%
17.4x 20.0x 21.1x
11%
20%
39.5x 26.7x 30.1x
Internet of Things (IoT)
Forescout Technologies (US)
766
61%
4.0x
3.0x
2.5x
27%
n/m
n/m
n/m
(57%)
(7%)
n/m
n/m
n/m
ShotSpotter (US)
263
44%
13.0x 8.7x
6.5x
41%
n/m 91.3x 31.5x
176%
10%
n/m
n/m
n/m
Impinj (US)
254
52%
2.3x
2.4x
2.1x
5%
n/m
n/m
n/m
33%
(12%)
n/m
n/m
n/m
Internet of Things (Canada)
4
21%
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
6.4x
4.7x
3.7x
23%


31.5x
29%
6%


#####
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
27
Online Brokerage
Charles Schwab (US)
46,092
66%
n/m
n/m
n/m
15%
n/m
n/m
n/m
21%
49%
24.4x 16.2x 13.6x
TD Ameritrade (US)
23,927
75%
n/m
n/m
n/m
22%
n/m
n/m
n/m
34%
47%
26.8x 13.3x 11.8x
E*TRADE (US)
17,105
65%
n/m
n/m
n/m
14%
n/m
n/m
n/m
16%
54%
17.0x 11.1x 10.6x
IG Group (Europe)
3,430
60%
n/m
n/m
n/m
1%
n/m
n/m
n/m
(1%)
51%
10.9x 10.1x 11.0x
Plus500 (Middle East)
1,921
63%
n/m
n/m
n/m
12%
n/m
n/m
n/m
20%
68%
8.3x
4.3x
5.9x
Alfa Financial Software (Europe)
1,051
21%
3.4x
4.2x
4.0x
(8%)
7.4x
13.7x 11.9x
(21%)
31%
10.8x 20.5x 17.7x
SwissQuote (Europe)
n/m
56%
n/m
n/m
n/m
19%
n/a
n/a
n/a
n/a

n/a
13.0x 10.6x
Interactive Brokers (US)
n/m
67%
n/m
n/m
n/m
15%
n/m
n/m
n/m
37%
90%
36.7x 24.8x 20.1x
Mean
3.4x
4.2x
4.0x
11%
7.4x 13.7x 11.9x
15%
49%
19.3x 14.2x 12.7x
Online Travel
OTAs
Priceline Group (US)
71,797
78%
6.5x
5.6x
5.1x
13%
17.4x 14.4x 13.0x
16%
39%
21.7x 18.6x 16.9x
Expedia (US)
16,684
82%
1.9x
1.7x
1.5x
11%
10.9x 10.0x 8.7x
12%
17%
23.5x 19.7x 16.9x
Ctrip.com (AsiaPac)
13,182
51%
3.6x
3.4x
2.9x
12%
18.1x 20.7x 17.2x
3%
16%
24.3x 20.8x 19.3x
TripAdvisor (US)
6,248
82%
4.6x
4.4x
4.1x
7%
22.3x 17.2x 15.4x
20%
26%
49.6x 32.2x 29.1x
MakeMyTrip (AsiaPac)
1,712
54%
3.8x
3.1x
2.6x
22%
n/m
n/m
n/m
(29%)
(22%)
n/m
n/m
n/m
Trivago (Europe)
1,637
58%
1.8x
2.0x
2.0x
(4%)
n/m
n/m 34.6x
124%
(0%)
n/m
n/m 56.5x
Webjet (AsiaPac)
914
62%
5.6x
4.3x
3.3x
31%
18.8x 13.7x 9.4x
41%
31%
36.7x 25.3x 15.4x
eDreams ODIGEO (Europe)
667
45%
1.3x
1.3x
1.2x
4%
5.7x
5.8x
5.5x
2%
22%
7.6x
7.2x
5.2x
Despegar.com (LatAm)
509
36%
1.1x
1.1x
1.0x
4%
7.0x
8.6x
8.4x
(8%)
13%
22.7x 36.8x 38.1x
On The Beach (Europe)
436
57%
4.6x
3.3x
2.4x
39%
12.5x 10.7x 8.7x
20%
30%
19.8x 16.7x 14.3x
Tuniu (AsiaPac)
348
56%
0.2x
0.2x
0.1x
11%
n/m
n/m 30.6x
n/a
(9%)
n/m
n/m
7.3x
Hostelworld (Europe)
172
44%
1.8x
1.9x
1.8x
(1%)
6.1x
7.5x
6.9x
(6%)
25%
8.7x
11.0x 10.4x
Lastminute.com (Europe)
133
92%
0.6x
0.5x
0.5x
5%
8.5x
6.0x
5.4x
26%
9%
n/a
33.9x 23.0x
HolidayCheck (Europe)
121
67%
1.0x
0.9x
0.8x
14%
42.5x 12.2x 10.1x
105%
7%
n/m 45.6x 36.1x
Travelzoo (US)
79
42%
0.9x
0.8x
0.8x
6%
14.4x 9.6x
9.2x
25%
8%
96.7x 26.6x 23.1x
Mean
2.6x
2.3x
2.0x
12%
15.3x 11.4x 13.1x
25%
14%
31.1x 24.5x 22.3x
GDS
Amadeus IT (Europe)
28,469
73%
5.9x
5.7x
5.1x
7%
15.2x 14.0x 12.6x
10%
41%
25.9x 24.0x 22.2x
Sabre Corp (US)
8,114
85%
2.6x
2.4x
2.3x
7%
8.6x
8.3x
7.8x
5%
29%
16.6x 14.9x 13.8x
Travelport (Europe)
3,595
77%
1.7x
1.6x
1.6x
4%
7.0x
7.0x
7.0x
(0%)
23%
12.2x 11.4x 11.9x
Mean
3.4x
3.3x
3.0x
7%
10.3x 9.8x
9.1x
24%
20%
18.2x 16.8x 16.0x
Payments
PayPal (US)
80,020
90%
7.0x
5.9x
5.1x
18%
27.1x 22.9x 19.2x
19%
26%
43.4x 34.3x 28.9x
First Data (US)
30,899
61%
2.9x
4.0x
3.9x
(13%)
11.6x 10.8x 10.3x
6%
37%
10.8x 11.4x 9.9x
Worldpay (US)
26,776
73%
14.5x 7.8x
7.1x
43%
30.2x 16.3x 14.0x
47%
48%
35.4x 18.3x 15.5x
Square (US)
21,234
58%
25.1x 15.4x 10.7x
53%
n/m 95.2x 57.4x
76%
16%
n/m
n/m 66.7x
Wirecard (Europe)
15,757
66%
10.6x 7.6x
6.0x
34%
38.3x 27.9x 20.5x
37%
27%
66.8x 46.1x 33.1x
Adyen (Europe)
12,150
56%
n/a
36.3x 26.4x
n/a
n/a
76.8x 53.1x
n/a
47%
n/a
n/m 79.0x
Shopify (Canada)
11,480
75%
19.9x 12.4x 8.9x
49%
n/m
n/m
n/m
123%
4%
n/m
n/m
n/m
Ingenico (Europe)
4,866
52%
2.0x
1.8x
1.7x
8%
9.6x
9.6x
8.5x
6%
19%
10.6x 10.9x 9.5x
Q2 Holdings (US)
1,692
70%
10.0x 8.0x
6.3x
26%
n/m
n/m 79.8x
58%
8%
n/m
n/m
n/m
Qiwi (Europe)
368
72%
0.0x
0.0x
0.0x
28%
0.1x
0.1x
0.1x
32%
28%
0.2x
0.2x
0.1x
Boku (US)
150
35%
5.6x
3.9x
3.2x
32%
n/m 25.7x 11.1x
n/a
15%
n/m 60.2x
n/a
Intershop Communic. (Europe)
42
62%
1.1x
1.3x
1.1x
4%
13.8x
n/m 30.5x
(33%)
(7%)
n/m
n/m
n/m
Seamless Distribution (Europe)
15
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
9.0x
8.7x
6.7x
26%
18.7x 31.7x 27.7x
37%
22%
27.9x 25.9x 30.3x
Search / Portals
Alphabet (US)
536,799
80%
5.6x
4.5x
3.8x
21%
13.9x 12.3x 10.3x
17%
37%
31.3x 22.5x 21.1x
Tencent (AsiaPac)
326,293
63%
12.2x 9.3x
7.2x
30%
31.3x 24.8x 21.6x
20%
38%
43.3x 36.5x 29.5x
Baidu (AsiaPac)
44,204
57%
3.9x
3.4x
2.9x
15%
14.9x 13.2x 11.8x
13%
26%
17.4x 16.6x 15.0x
Naver (AsiaPac)
12,904
65%
3.5x
3.0x
2.6x
17%
11.8x 13.7x 12.1x
(1%)
22%
22.8x 26.2x 23.0x
Yahoo! Japan (AsiaPac)
8,555
49%
1.2x
1.2x
1.1x
6%
3.9x
5.3x
5.2x
(14%)
22%
n/a
n/a
n/a
Yandex (Europe)
7,157
61%
0.1x
0.1x
0.1x
32%
0.3x
0.2x
0.2x
37%
31%
0.6x
0.4x
0.3x
Sogou (AsiaPac)
903
35%
1.1x
0.9x
0.8x
23%
6.7x
9.5x
6.6x
1%
10%
20.5x 20.3x 16.8x
Wirtualna Polska (Europe)
412
91%
3.8x
3.2x
2.9x
15%
12.7x 10.9x 9.4x
16%
30%
38.2x 21.1x 17.0x
Phoenix New Media (AsiaPac)
95
43%
0.5x
0.6x
0.5x
(4%)
10.4x 16.7x 12.7x
(9%)
3%
26.0x 32.1x 24.9x
Sohu.com (AsiaPac)
(85)
44%
n/m
n/m
n/m
6%
n/m
n/m
n/m
(3%)
2%
n/m
n/m
n/m
Mean
3.5x
2.9x
2.4x
16%
11.8x 11.8x 10.0x
8%
22%
25.0x 22.0x 18.5x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
28
Social Networking
Facebook (US)
299,115
61%
8.5x
6.2x
5.0x
31%
12.9x 10.3x 9.2x
18%
60%
21.9x 17.6x 17.3x
Twitter (US)
19,024
69%
9.1x
7.2x
6.4x
19%
27.4x 18.9x 16.6x
29%
38%
86.4x 41.0x 36.8x
Weibo (AsiaPac)
10,363
40%
10.4x 6.9x
5.3x
41%
26.6x 18.3x 14.6x
35%
38%
32.7x 20.7x 16.4x
Match Group (US)
10,734
67%
9.3x
7.1x
6.2x
23%
26.3x 18.9x 16.3x
27%
38%
49.8x 25.5x 22.1x
Daum Kakao (AsiaPac)
5,771
63%
3.8x
3.1x
2.7x
19%
24.5x 32.1x 22.6x
4%
10%
63.7x
n/m 57.1x
LINE (AsiaPac)
6,206
69%
4.6x
3.8x
3.2x
19%
22.6x 49.0x 29.9x
(13%)
8%
n/a
n/a
n/a
Snap (US)
4,893
25%
7.1x
4.8x
3.6x
39%
n/m
n/m
n/m
(25%)
(54%)
n/m
n/m
n/m
Mail.ru (Europe)
4,529
65%
0.1x
0.1x
0.1x
27%
0.3x
0.2x
0.2x
22%
29%
0.4x
0.4x
0.3x
Momo (AsiaPac)
3,563
43%
3.1x
2.0x
1.7x
36%
11.2x 8.0x
6.5x
32%
25%
13.9x 9.5x
7.7x
SINA (AsiaPac)
3,054
44%
2.2x
1.7x
1.3x
29%
6.8x
6.4x
4.9x
18%
26%
19.1x 17.5x 13.2x
YY (AsiaPac)
1,833
42%
1.2x
0.9x
0.8x
24%
4.6x
4.9x
4.0x
7%
19%
9.8x
8.2x
7.5x
XING (Europe)
1,305
72%
7.1x
5.7x
4.8x
22%
22.8x 17.4x 15.0x
23%
33%
50.8x 40.9x 33.0x
Meitu (AsiaPac)
531
17%
1.1x
1.5x
1.6x
(18%)
n/m
n/m
n/m
(13%)
(31%)
n/m
n/m
n/m
Mixi (AsiaPac)
198
41%
0.1x
0.2x
0.2x
(15%)
0.3x
0.5x
0.7x
(31%)
34%
n/a
n/a
n/a
MeetMe (US)
274
71%
2.6x
1.8x
1.6x
25%
10.2x 10.3x 9.6x
4%
17%
10.6x 11.2x 9.6x
Renren (AsiaPac)
186
8%
1.1x
0.4x
n/a
(100%)
n/m
n/m
n/a
(100%)
(8%)
n/m
n/m
n/a
Mean
4.5x
3.3x
3.0x
14%
15.1x 15.0x 11.5x
2%
18%
32.6x 19.3x 20.1x
Software
Cloud Infrastructure, Hosting & VoIP
VeriSign (US)
16,369
85%
16.1x 15.4x 14.7x
4%
23.3x 21.5x 20.6x
6%
72%
36.7x 31.8x 29.3x
GoDaddy (US)
10,620
73%
5.5x
4.6x
4.1x
16%
20.9x 17.6x 15.9x
15%
26%
26.8x 20.0x 16.9x
United Internet (Europe)
9,751
62%
2.3x
1.9x
1.8x
14%
9.4x
8.1x
7.4x
12%
23%
16.2x 15.2x 14.2x
Akamai Technologies (US)
8,758
76%
4.0x
3.7x
3.4x
8%
10.9x 9.2x
8.3x
14%
40%
23.2x 17.1x 15.5x
Twilio (US)
7,138
85%
21.0x 13.0x 9.8x
46%
n/m
n/m
n/m
n/a
4%
n/m
n/m
n/m
Nutanix (US)
5,807
62%
6.8x
5.4x
4.2x
28%
n/m
n/m
n/m
(64%)
(5%)
n/m
n/m
n/m
RingCentral (US)
5,413
82%
12.4x 9.3x
7.5x
29%
n/m 78.1x 60.8x
77%
12%
n/m
n/m
n/m
New Relic (US)
3,731
70%
n/a
9.7x
7.6x
n/a
n/m 63.1x 65.4x
297%
15%
n/a
n/m
n/m
j2 Global (US)
3,632
76%
3.7x
3.4x
3.2x
7%
8.9x
8.5x
7.7x
7%
41%
12.4x 11.2x 10.1x
FireEye (US)
2,847
85%
4.4x
3.9x
3.7x
9%
39.0x 28.3x 26.5x
21%
14%
n/m
n/m 88.5x
Qualys (US)
2,224
74%
11.1x 9.1x
7.7x
20%
30.0x 22.8x 20.2x
22%
40%
68.6x 41.7x 36.5x
Endurance International (US)
2,371
61%
2.3x
2.4x
2.4x
(1%)
7.9x
8.3x
8.5x
(3%)
29%
6.9x
6.7x
8.6x
Vonage (US)
2,043
61%
2.3x
2.2x
2.0x
8%
12.9x 13.1x 12.5x
2%
17%
29.7x 24.5x 28.8x
Presidio (US)
1,843
68%
0.7x
0.7x
0.7x
1%
8.8x
9.5x
8.9x
(1%)
8%
9.1x
8.7x
8.0x
SendGrid (US)
1,574
86%
16.4x 12.4x 10.0x
28%
n/m 98.7x 76.4x
48%
13%
n/m
n/m
n/m
8x8 (US)
1,396
77%
5.7x
4.7x
4.0x
20%
75.7x
n/m
n/m
(85%)
(2%)
n/m
n/m
n/m
Switch (US)
1,251
35%
3.8x
3.5x
3.2x
9%
7.4x
7.2x
6.6x
6%
49%
n/m
n/m 22.3x
Acacia Communications (US)
1,083
82%
3.2x
3.7x
2.9x
5%
16.0x 31.8x 16.6x
(2%)
12%
21.9x 46.7x 25.7x
Econocom Group (Europe)
1,176
38%
0.4x
0.4x
0.4x
2%
6.9x
7.8x
7.6x
(5%)
5%
6.8x
10.4x 7.8x
SecureWorks (US)
996
81%
2.4x
2.2x
2.0x
11%
n/m 96.4x 57.2x
n/a
2%
n/m
n/m
n/m
Carbonite (US)
700
59%
3.3x
2.7x
2.4x
17%
16.9x 9.0x
8.2x
44%
30%
39.3x 15.9x 12.8x
Bandwith (US)
611
68%
4.3x
3.5x
3.1x
18%
33.1x 66.8x
n/m
n/a
5%
91.2x
n/m
n/m
Tucows Inc. (Canada)
612
85%
2.1x
2.0x
2.0x
3%
17.9x 15.2x 14.6x
11%
13%
n/a
n/a
n/a
Sonus Networks (US)
506
62%
1.7x
0.9x
0.9x
38%
17.0x 7.1x
5.5x
76%
13%
22.0x 9.3x
7.5x
Aquantia (US)
199
46%
2.2x
1.8x
1.5x
21%
86.5x 44.5x 14.6x
144%
4%
n/m
n/m 26.9x
Tintri (US)
32
0%
0.3x
n/a
n/a
(100%)
n/m
n/a
n/a
(100%)
n/a
n/m
n/a
n/a
Mean
5.5x
4.9x
4.2x
10%
23.7x 30.6x 22.4x
24%
19%
29.3x 19.9x 22.5x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
29
Software (Cont'd)
Applications
Microsoft (US)
654,858
89%
7.4x
6.3x
5.7x
14%
18.8x 15.0x 13.5x
18%
42%
29.8x 23.8x 22.3x
Oracle (US)
153,468
87%
4.5x
4.4x
4.4x
1%
9.8x
9.4x
9.5x
2%
47%
13.6x 12.3x 12.8x
SAP (Europe)
108,957
82%
4.6x
4.4x
4.1x
6%
13.3x 13.6x 12.3x
4%
33%
21.0x 20.3x 18.4x
Adobe (US)
96,758
81%
15.3x 12.3x 9.9x
24%
36.3x
n/a
22.4x
27%

52.0x 32.6x 28.6x
VMware (US)
48,108
93%
7.0x
6.2x
5.6x
12%
18.8x 15.9x 14.8x
13%
39%
30.3x 24.9x 23.1x
Intuit (US)
43,629
84%
9.2x
7.8x
7.2x
13%
25.0x 20.4x 20.2x
11%
38%
42.8x 30.8x 28.4x
Autodesk (US)
25,006
80%
13.9x 11.3x 8.9x
25%
n/m 77.7x 30.2x
n/a
15%
n/m
n/m 40.8x
Symantec (US)
13,702
69%
3.2x
3.3x
3.2x
(1%)
6.8x
7.3x
7.4x
(4%)
45%
13.5x 12.2x 11.8x
Citrix (US)
12,781
91%
5.2x
4.9x
4.7x
5%
14.4x 13.3x 13.1x
5%
37%
19.4x 18.3x 17.5x
Check Point Software Technologies (Middle East)
12,719
86%
7.8x
7.6x
7.3x
4%
14.0x 14.1x 13.7x
1%
54%
18.6x 18.0x 17.5x
Constellation Software (Canada)
12,208
78%
7.6x
6.2x
5.4x
19%
29.3x 24.5x 20.5x
20%
25%
41.0x 32.7x 27.0x
Tableau (US)
8,082
93%
10.6x 9.4x
6.8x
25%
n/m
n/m 43.3x
94%
(2%)
n/m
n/m 70.7x
Sage Group (Europe)
7,899
72%
4.2x
3.9x
3.7x
7%
14.0x 13.5x 14.1x
(0%)
29%
19.4x 18.8x 19.7x
SolarWinds (US)
5,511
74%
n/a
7.5x
6.8x
n/a
n/a
15.6x 12.8x
n/a
48%
n/a
23.6x 16.9x
Trend Micro (AsiaPac)
5,280
79%
4.6x
4.2x
3.9x
9%
13.4x 12.1x 11.1x
10%
34%
n/a
n/a
n/a
Ceridian HCM Holding (US)
4,575
76%
n/a
7.0x
6.5x
n/a
n/a
35.0x 29.5x
n/a
20%
n/a
n/m 67.1x
MongoDB (US)
3,743
92%
28.1x 17.5x 12.3x
51%
n/m
n/m
n/m
(17%)
(29%)
n/m
n/m
n/m
Nemetschek (Europe)
3,694
60%
9.3x
8.1x
7.0x
16%
35.2x 30.2x 25.7x
17%
27%
57.4x 47.8x 41.0x
LogMeIn (US)
3,634
60%
4.1x
3.5x
3.3x
11%
11.2x 9.4x
8.8x
13%
37%
19.0x 14.7x 13.9x
Teradata (US)
3,546
83%
1.9x
1.9x
1.9x
0%
10.9x 12.3x 10.3x
3%
15%
26.5x 28.7x 22.9x
Appian (US)
1,358
60%
9.2x
7.0x
6.1x
23%
n/m
n/m
n/m
8%
(14%)
n/m
n/m
n/m
Carbon Black (US)
644
38%
n/a
3.5x
2.9x
n/a
n/a
n/m
n/m
n/a
(24%)
n/a
n/m
n/m
MicroStrategy (US)
621
81%
1.4x
1.4x
1.4x
1%
6.9x
19.2x 22.7x
(45%)
7%
25.5x
n/a
n/a
CooTek (AsiaPac)
576
72%
n/a
4.9x
2.1x
n/a
n/a
49.0x 9.1x
n/a
10%
n/a
45.4x 8.3x
Rosetta Stone (US)
313
79%
1.9x
2.1x
1.9x
1%
32.3x
n/m 87.7x
(39%)
(1%)
n/m
n/a
n/a
Gridsum (AsiaPac)
80
21%
0.1x
0.1x
0.1x
48%
n/m
0.7x
0.3x
n/a
13%
n/m
0.9x
0.3x
Perion (Middle East)
58
64%
0.2x
0.3x
0.2x
(1%)
2.6x
n/a
n/a
(100%)

3.5x
n/a
n/a
NIC (Africa)

69%
n/m
n/m
n/m
6%
n/a
n/a
n/a
n/a

4.9x
4.6x
4.2x
Mean
7.0x
5.8x
4.9x
13%
17.4x 20.4x 19.7x
2%
20%
25.8x 22.8x 24.4x
Source: Capital IQ (as of 20 December 2018).
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
Trading Comparables (Cont'd)
30
Source: Capital IQ (as of 20 December 2018).
Software (Cont'd)
Software as a Service (SaaS)
Salesforce.com (US)
88,639
81%
9.7x
7.6x
6.3x
24%
45.1x 31.9x 25.6x
33%
24%
n/m 49.6x 45.2x
Workday (US)
29,635
90%
15.9x 12.0x 9.6x
28%
97.4x 72.0x 51.3x
38%
17%
n/m
n/m 84.8x
Veeva Systems (US)
10,151
80%
17.0x 13.5x 11.4x
22%
51.0x 37.3x 31.9x
26%
36%
90.0x 51.3x 44.8x
Xero (US)
8,093
55%
0.9x
0.9x
1.0x
(3%)
5.4x
5.3x
5.3x
1%
18%
5.5x
5.6x
5.6x
Dropbox (US)
6,907
50%
n/a
5.7x
4.9x
n/a
n/a
24.1x 21.1x
n/a
24%
n/a
56.4x 44.9x
Ultimate Software Group (US)
6,349
71%
7.8x
6.4x
5.3x
21%
33.8x 26.5x 22.3x
23%
24%
66.6x 42.9x 36.7x
Paycom (US)
6,299
75%
16.7x 12.8x 10.3x
27%
54.2x 30.8x 24.8x
48%
42%
98.0x 47.3x 38.2x
Okta (US)
5,814
83%
25.6x 17.0x 12.8x
41%
n/m
n/m
n/m
(37%)
(10%)
n/m
n/m
n/m
DocuSign (US)
5,367
60%
n/a
8.8x
7.2x
n/a
n/a
n/m 73.3x
n/a
6%
n/a
n/m
n/m
Zendesk (US)
5,230
77%
14.0x 10.1x 7.7x
35%
n/m
n/m 92.0x
117%
6%
n/m
n/m
n/m
Zscaler (US)
3,933
82%
28.9x 19.1x 14.4x
41%
n/a
n/m
n/m
n/a
2%
n/a
n/m
n/m
RealPage (US)
4,033
72%
6.9x
5.3x
4.6x
22%
28.4x 19.9x 16.1x
33%
27%
56.5x 31.7x 25.3x
Avast (Europe)
3,818
87%
n/a
4.2x
4.0x
n/a
n/a
7.7x
7.3x
n/a
55%
n/a
8.9x
8.2x
Medidata Solutions (US)
3,507
76%
7.4x
6.3x
5.3x
17%
30.5x 26.3x 21.5x
19%
24%
53.8x 41.0x 35.4x
Pivotal Software (US)
2,972
50%
n/a
5.2x
4.2x
n/a
n/a
n/m
n/m
n/a
(9%)
n/a
n/m
n/m
Wix.com (Middle East)
3,288
70%
8.9x
6.2x
4.9x
34%
55.8x 33.2x 21.3x
62%
19%
n/m 91.3x 49.7x
Alteryx (US)
3,140
91%
28.0x 17.8x 13.2x
46%
n/m
n/m
n/m
n/a
1%
n/m
n/m
n/m
Coupa (US)
3,089
75%
19.4x 13.9x 11.2x
31%
n/m
n/m
n/m
n/a
7%
n/m
n/m
n/m
Blackbaud (US)
2,844
50%
4.1x
3.8x
3.7x
6%
16.7x 17.6x 17.7x
(3%)
22%
27.6x 23.8x 24.5x
Paylocity (US)
2,770
70%
9.5x
7.6x
6.4x
22%
47.8x 32.0x 22.0x
47%
24%
78.1x 41.9x 39.3x
Cornerstone Ondemand (US)
2,552
87%
6.0x
5.5x
5.1x
8%
44.7x 31.9x 22.6x
41%
17%
n/m 65.4x 44.4x
Box (US)
2,173
60%
4.9x
4.1x
3.4x
20%
n/m 94.2x 47.3x
n/a
4%
n/m
n/m
n/m
Five9 (US)
2,142
87%
12.4x 9.7x
8.3x
22%
n/m 59.3x 48.6x
77%
16%
n/m 80.9x 67.2x
SmartSheet (US)
1,939
69%
n/a
12.6x 9.1x
n/a
n/a
n/m
n/m
n/a
(17%)
n/a
n/m
n/m
SailPoint (US)
1,731
68%
11.4x 8.2x
6.7x
31%
93.1x 61.8x 58.5x
26%
13%
n/m 88.4x 82.7x
BlackLine (US)
1,784
68%
11.7x 9.0x
7.3x
26%
n/m
n/m
n/m
246%
6%
n/m
n/m
n/m
Avalara (US)
1,718
53%
n/a
7.4x
6.2x
n/a
n/a
n/m
n/m
n/a
(14%)
n/a
n/m
n/m
Ellie Mae (US)
1,636
53%
4.5x
3.9x
3.7x
11%
15.6x 14.6x 12.9x
10%
27%
39.0x 31.5x 29.9x
Zuora (US)
1,524
46%
n/a
7.4x
5.9x
n/a
n/a
n/m
n/m
n/a
(17%)
n/a
n/m
n/m
Altair Engineering (US)
1,528
63%
5.3x
4.6x
4.1x
14%
78.4x 47.3x 32.4x
56%
10%
n/m 80.9x 49.4x
Benefitfocus (US)
1,467
90%
6.5x
6.5x
5.6x
8%
88.5x
n/m 76.0x
8%
3%
n/m
n/m
n/m
SVMK (US)
1,343
55%
n/a
6.1x
5.3x
n/a
n/a
26.4x 28.2x
n/a
23%
n/a
n/m
n/m
Apptio (US)
1,382
92%
8.5x
6.8x
5.8x
21%
n/m
n/m 97.4x
n/a
6%
n/m
n/m
n/m
Everbridge (US)
1,447
89%
15.9x 11.3x 8.9x
34%
n/m
n/m
n/m
n/a
(2%)
n/m
n/m
n/m
Cloudera (US)
1,161
50%
3.7x
2.9x
2.5x
22%
n/m
n/m
n/m
(39%)
(10%)
n/m
n/m
n/m
Blucora (US)
1,256
63%
2.9x
2.6x
2.4x
10%
14.4x 12.1x 10.6x
17%
21%
19.6x 13.3x 11.4x
Yext (US)
1,185
53%
8.0x
5.9x
4.5x
32%
n/m
n/m
n/m
(13%)
(15%)
n/m
n/m
n/m
SPS Commerce (US)
1,106
82%
5.7x
5.1x
4.6x
12%
39.6x 24.6x 20.3x
40%
21%
91.1x 44.6x 39.5x
LivePerson (US)
995
69%
5.2x
4.6x
4.0x
14%
62.5x 59.8x 47.5x
15%
8%
n/m
n/m
n/m
Talend (Europe)
814
46%
6.3x
4.5x
3.7x
30%
n/m
n/m
n/m
(33%)
(7%)
n/m
n/m
n/m
Domo (US)
343
66%
n/a
2.8x
2.3x
n/a
n/a
n/m
n/m
n/a
(87%)
n/a
n/m
n/m
Synchronoss (US)
413
53%
1.0x
1.4x
1.4x
(15%)
4.1x
41.6x 9.0x
(33%)
3%
7.8x
n/m
n/m
Cardlytics (US)
210
40%
1.8x
1.6x
1.2x
23%
n/m
n/m
n/m
(56%)
(6%)
n/m
n/m
n/m
ChannelAdvisor (US)
201
65%
1.9x
1.8x
1.6x
7%
49.2x 28.5x 21.8x
50%
6%
n/m
n/m 67.3x
EQS Group (Europe)
110
85%
3.4x
3.0x
2.6x
15%
32.4x
n/m 52.2x
(21%)
1%
n/m
n/m
n/m
Veritone (US)
20
16%
1.5x
0.9x
0.5x
68%
n/m
n/m
n/m
21%
(160%)
n/m
n/m
n/m
Mean
9.4x
7.1x
5.8x
22%
44.9x 34.7x 34.6x
26%
5%
52.8x 47.2x 41.6x
20. Dec 2018
Enterprise
CAGR
CAGR Margin
Company
Value (m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
View Our Internet Trading Comps
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450+ Listed Digital
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32
I N S I G H T A C C E S S O P P O R T U N I T Y
MANHATTAN VENTURE PARTNERS
O F F E R I N G S
DIRECT INVESTMENTS
For institutional investors who make
substantial allocations often $10 million
or more per transaction
DEALSPECIFIC FUNDS
For investors who do not have the appetite
or strategy for direct investments, but wish
to make transactionspecific decisions or
institutional investors desiring to remain
discrete
MANAGED FUNDS
For investors who want broad exposure to
secondary venture investments, deal
selection by proven experts, and the
opportunity to coinvest on a self selected
basis
Manhattan Venture Partners ("MVP") is a researchdriven merchant bank focused on acquiring shares in late
stage, preIPO technology companies from existing shareholders. Partners of MVP have arranged or invested
in more than $2B of secondary and primary venture transactions
Manhattan Venture Research "MVR" publishes Venture Bytes, a monthly newsletter which contains the
Liquidity Watchlist, a proprietary list of top25 promising private companies in the TMT space that are
candidates for a liquidity event either an IPO or an acquisition  within the next 12 to 18 months. The
companies are ranked based on a series of quantitative and qualitative factors from a pool of 325 companies
that we closely monitor.
Liquidity Watchlist October 2018
Securities offered through Fusion Analytics Securities, LLC, member FINRA/SIPC
www.mvp.vc
212.858.9900
New York, New York
#
Company
Description
Status
1
+1
Lyft
Provides an online marketplace which connects community drivers with passengers who
request rides
through the company's iPhone or Android application
CrowdStrikesed $4.91B in 10 rounds; last round Series I for $600M at $15.1B post valuation and
$47.35/share led by Fidelity Mgmt.; other key investors in previous rounds Alibaba Group, Prince Alwaleed
Bin Talal, Did, DSCN Capital, General Motors, AllianceBernstein, Janus Henderson, KKR among others
2
+21
NIO
Develops a cloudbased cybersecurity platform designed to prevent, detect, and respond to
cyber attacks in realtime.The company's platform uses artificial intelligence and machine
learning to offer instant visibility and protection across the enterprise.
Raised $481.2M including the latest round Series E of $200M in June 2018 at $3.4B postvaluation and
$116.46/share; key investors include General Atlantic, IVP and Accel, among others
3
+6
Slack Tech.
Develops real time messaging, archiving and search tool; provides a collaboration platform
that lets users to port conversations and links to other work from other applications
Raised $796.7M in 10 rounds; last round, Series G, in Sept 2017 for $250M at $8.70/share, raising the post
valuation to $5.1B; key investors: Accel, Comcast Ventures, GGV Capital, Index Ventures, Sherpa Capital,
Spark Capital, Thrive Capital; hired new CFO in Feb. 2018
4
0
Airbnb
Operates an online community marketplace for travel accommodations allowing users to
both list and rent space from traditional or mobile platforms
Raised $4.4B in 11 rounds;the last round, Series F, in Jul 2017 for $1.0B at $30.0B prevaluation
($31B postmoney valuation) and $105/share; key investors include Andreessen Horowitz, Fidelity,
General Atlantic, Sequoia, GGV, among others; Hired new CFO, Mike Liberatore from SquareTrade,
in place of Laurence Tosi, who left in Feb 2018
5
+10
Palantir Technologies
Palantir Technologies offer a suite of software applications for integrating, visualizing and
analyzing information
Raised $2.75B to date in 14 rounds; last round Series K for $880M in December 2015 at $11.38/share and
$19.7B prevaluation ($20.5B post money valuation); key investors include Aeon Funds, BlackRock Private
Equity Partners, GSV Ventures, Third Point, among others
6
*
Postmates
Develops an ondemand delivery platform created to enhance delivery experience
Raised $581M to date in 5 rounds; last major round Series E of $300M in Sept. 2018 at $816M prevaluation
($1.08B post money valuation); key investors include Founders Fund. Huron River Ventures, BluePointe
Ventures, WP Global Partners, Fontinalis Partners, among others
7
*
Cloudflare
Develops a web performance and security platform designed to stop large attacks on the
DNS system
Raised $182.3M to date in 4 rounds; last major round, Series D of $110M in Sept. 2015 at $1.7B pre
valuation ($1.8B post money valuation); key investors include Fidelity Investments, CapitalG, Microsoft,
Baidu, New Enterprise Associates, Pelion Venture Partners, Venrock, Greenspring Associates, Union Square
Ventures and Qualcomm Ventures
8
+13
Stripe
The company provides a suite of APIs to enable businesses to accept and manage online
payments
Raised $440.03M in 7 rounds; last round in Nov 2016 for $400M raising postvaluation to $9.2B; key
investors: General Catalyst Partners, Capital, Sequoia Capital, Peter Thiel and Elon Musk
9
3
Dataminr
Provides realtime AI platform designed to discover critical breaking information from
publicly available data sets and delivers realtime alerts
Raised $572M in 5 rounds (Series E); last round in Jun 2018 for $392M raising postvaluation to $1.59B;
key investors: IVP, Cross Creek Advisors, Venrock, InQTel, Wellington Management, Credit Suisse, Vikram
Pandit, and Point 72 Ventures, among others
10
3
Uber
Uber is a mobile app connecting passengers with drivers for hire
Raised $17.4B in combination of late stage VC rounds (10), corporate rounds (2), and debt rounds (3);
current postvaluation is $69.6B; Recent 2Q18 results show improving financials; CEO indicated IPO likely in
2019
11
9
Pinterest is a "virtual and social pin board" that allows users to share interesting and
inspiring ideas, images, and tastes
Raised $1.47B to date in 10 rounds (Series H), including the last round of $150M in June 2018 at $12.3B
post valuation and $7.18/share; key investors include Rakuten, Wellington, Goldman Sachs, Andreessen
Horowitz, Fidelity, among others
12
0
Acquia
Provider of a web publishing platform, the company provides tools for enterprise users of
the opensource web publishing platform
Raised $194.5M in 8 rounds, including most recent round of $55M in Sept 2015 at $840M post valuation
and $18.92/share; key investors Centerview Capital Technology Partners, NEA, among others
13
5
Sprinklr
Develops social media management platform (SMM) designed to provide digital
transformation for enterprise businesses. The company's integrated platform for social
media management allows brands to do marketing, advertising, care, sales, research and
commerce
Raised $228.50M in 6 rounds; the last round, Series F, in Jul 2016 for $105.00M at $1.70B prevaluation
($1.81B postmoney valuation) and $9/share
14
3
Klarna
Provides online payment services designed to make online shopping easy and seamless, and
help the customers improve their average order value as well as conversion
Raised $519.1M in 8 rounds; the last private transaction in Aug 2017 raised $250M at $2.50B post
valuation; key investors include Permira, Seqouia Capital, Wellington, Northzone Ventures, IVP, among
others
15
2
SoFi
SoFi is a leading marketplace lender and the #1 provider of student loan refinancing with
over $4 billion loans originated to date
Raised $1.92B in 6 rounds; last round Series G for $500M in Mar 2017 at $17.18/share and $3.9B pre
valuation ($4.4B post valuation); Hired former Goldman Sachs executive in April 2018 as the new CFO
16
6
MapR Tech.
Map Technologies provides an enterprisegrade, big data platform that supports mission
critical and realtime production uses
Raised $285.62M in 6 rounds; last round Series E was for $60.98M in Oct 2017 led by Lightspeed Venture
Partners at $560.98M postmoney valuation as $4.14/share; other key investors include Google Capital,
Qualcomm Ventures, Redpoint Ventures
17
3
Didi Chuxing
Provides a mobile ridehailing application designed to match customers with local drivers
in China
Raised $17.68B to date; last equity round Series B2 in Feb 2018 for $264.8M, raising the post valuation to
$57.6B; the company received $500M of corporate financing from Booking Holdings on July 17, 2018;
rumored to be considering its IPO in the near term
18
2
Actifio
Actifio delivers copy data virtualization to global enterprise customers and service provider
partners in more than 30 countries. Leading customers include IBM, Sungard, HBO,
Netflix, Time Warner Cable, Government Agencies, among others
Raised $454.63M in 6 rounds from 12 investors; last round was $100M in Aug 2018 at $1.30B post
valuation and $12.23/share; key investors included Tiger Global, Technology Crossover Ventures, among
others
19
2
Tanium
Develops security and systems management technologies to allow realtime data collection
by organizations, helping information technology personnel identify and fix operational
issues and also fend off security attacks
Raised $482.3M in 7 rounds, including the last round of PE Growth of $175M in May 2018 at $5B post
money valuation and $14.89/share; key investors include T. Rowe Price, Andreessen, TPG, IVP, among
others
20
2
DataXu
Provides realtime media management platform; develops a platform for digital advertising
campaigns across online, mobile and video channels
Raised $93.5M to date in 8 rounds; last round Series F for $10M in January 2016 at $1.99/share and $390M
post money valuation
21
2
Peloton
Develops integrated athome fitness equipment designed to engage and adapt to peoples
needs; the company's fitness equipment includes a stationary bike fused with a sweatproof
tablet that provides livestreaming, instructorled, group fitness classes, enabling customers
to receive an immersive fitness experience
Raised $994M in 8 rounds (Series F), including the last round of $550M in Aug 2018 at $4.15B post money
valuation and $21.66/share; key investors include Technology Crossover Ventures, NBCUniversal, GGV
Capital, True Ventures, Kleiner Perkins, Balyasny Asset Management, Wellington Management, Fidelity
Investments and Tiger Global, among others; hired a JP Morgan veteran as CFO
22
2
BuzzFeed
The company's social news and entertainment platform provides breaking news, original
reporting, entertainment and video across the social Web, providing viewers with news and
entertainment
Raised $496.4 in 7 rounds, including the last round Series G of $200M in Nov 2016 at $1.7B post money
valuation and $45.04/share led by NBCUniversa
23
1
Rent the Runway
Provides an online website for renting dresses and accessories intended to revolutionize
retail
Raised $196.15M in 7 rounds; last round in Mar 2018 for 20M raising postvaluation to $770M; key
investors: Bain Capital, Fidelity, American Express
24
0
23andMe
Operates a consumer genetics and research platform designed to help people access,
understand and benefit from the human genome
Raised $792M in latestage VC and Corporate rounds; last equity round in Sept 2017 for $250M,
raising postvaluation to $1.75B, and last Corporate round in Jul 2018 of $300M at $2.5B postvaluation;
key investors: Sequoia Capital, Fidelity Management & Research, Growth Technology
Partners, among others
25
20
Hootsuite
Based in Canada, provides a social media management system designed to make
connecting with customers faster, smarter and safer
Raised $303M in debt and equity rounds; last equity of $60M (Series D) in Sept. 2014 at $1B post money
valuation; key investors include Accel, Insight Venture Partners, Texas Atlantic Capital, Cloud Apps Capital
Partners, OMERS Ventures, Silicon Valley bank, Pine Hill Capital and Fidelity Investments
Note:
* New addition to the list since the last update.
NOAH Top List: European FinTech
33
Source: Company websites, CrunchBase, NOAH Advisors.
Company
Location
Business Overview
Founded
Key Investors
Funding
Provides ecommerce
payment solutions for
merchants and shoppers
2005
490.0m
Online marketplace for small
business loan lenders and
seekers
2010
430.4m
Provides digital and
commercial banking services
for merchants and businesses
2014
387.6m
Provides ecommerce
payment solutions for
merchants and shoppers
2006
293.5m
Online big data scoring
technology and machine
learning algorithms services
2012
251.8m
Online peertopeer loan
marketplace
2007
176.8m
Provides mobile payment
services for businesses and
individuals
2010
256m
Online company providing
loans secured with luxury
assets
2008
164.3m
Online service that lets
people send money to friends
and family living abroad
2010
164.3m
Online payday lender that
offers shortterm personal
cash loans
2007
129.5m
Select Transaction Comparables
34
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Classifieds
Aug 16
Randstad
Monster
US
383.3
0.6x
0.7x
4.0x
6.8x
Mar 16
Swiss Mobiliar
Scout24 Schweiz (50% stake)
Switzerland
Mar 16
Scout24 Switzerland
GratisInserate.ch
Switzerland
Nov 16
Novasol
Wimdu
Germany
Dec 15
Axel Springer
Axel Springer Digital Classifieds (15%)
Germany
Nov 15
CarTrade
CarWale (Axel Springer)
Germany
83.2
Oct 15
Naspers
Avito (50.6%)
Russia
2,152.4
Aug 15
Apax Partners
Idealista
Spain
150.0
3.6x
16.7x
Feb 15
Immowelt
Immonet (merger)
Germany
420.0
Dec 14
Axel Springer
Axel Springer Digital Classifieds (15%)
Germany
2,973.0
Oct 14
Next Co.
Trovit.com
Spain
80.0
4.5x
13.6x
Jun 14
Yandex
auto.ru
Russia
128.9
May 14
Stepstone
Evenbase
UK
110.0
2.5x
22.0x
May 14
Axel Springer
Yad2.co.il
Israel
165.0
Mar 14
Schibsted
Mlanuncios
Spain
50.0
Mar 13
Naspers
Avito (18.6%)
Russia
2,351.3
Feb 14
Schibsted
Milanuncios
Spain
100.0
Nov 12
Axel Springer
Immoweb.be (80%)
Belgium
159.4
12.0x
Apr 12
Axel Springer
Totaljobs
UK
132.0
Sep 10
Axel Springer Verlag
SeLoger (87.6%)
France
634.4
6.8x
6.2x
13.1x
11.4x
Sep 10
Schibsted
LeBoncoin (remaining 50%)
France
400.0
18.0x
Ecommerce
Nov 18
KAR
CarsOnTheWeb
Belgium
156.0
Aug 18
Zur Rosen Group
PromoFarma
Spain
Jul 18
Takeaway
10bis
Israel
135.0
Feb 18
Monoprix
Sarenza
France
Aug 17
The Hut Group
Glossybox
Germany
Jul 17
Aptos
TXT Retail
Italy
85.0
Apr 17
Gamesrocket
Digital Republic Media
Germany
Mar 17
GeoPost
Stuart
France
Feb 17
Showroompriv
Beaut Prive
France
Dec 16
Invision
Tintencenter.com
Germany
Nov 16
Sigma Retail
Internetstores
Germany
Nov 16
Mail.ru Group
Delivery Club
Russia
93.3
21.4x
Aug 16
Essilor
MyOptique Group
UK
140.0
Aug 16
Funding Led by Bridgepoint
Deliveroo
UK
247.8
Jul 16
Myntra
Jabong.com
India
63.3
0.5x
Jul 16
Tencent
China Music Corp
China
2,442.3
May 16
eBay
Ticketbis
Spain
148.0
6.6x
May 16
ProSiebenSat.1 Commerce
Stylight (78%)
Germany
80.0
May 16
TripAdvisor
HouseTrip
Switzerland
May 16
Temasek Holdings Pte Ltd; Eurazeo SA; IDG Capital Partners
Farfetch UK Limited
UK
95.7
Apr 16
Alabbar Enterprises
Yoox NetaPorter
Italy
3,700.0
Apr 16
VentePrive
Privalia
Spain
500.0
1.2x
30.1x
Apr 16
VentePrive
Eboutic.ch (majority stake)
Switzerland
Apr 16
Karstadt
Outfitter
Germany
Apr 16
Schustermann & Borenstein
FashionFriends
Switzerland
Feb 16
JustEat
Selected assets from Rocket Internet
Various
125.0
Nov 15
Lightspeed POS
SEOshop
Netherlands
Nov 15
Intercontinental Exchange
Trayport
UK
608.2
8.1x
16.3x
Oct 15
Ingram Micro
Docdata
Netherlands
155.0
9.5x
Sep 15
Grainger
Cromwell
UK
421.8
1.1x
10.8x
Jul 15
Photobox
posterXXL
Germany
May 15
Michelin
Black Circles
UK
67.2
1.9x
May 15
Delivery Hero
Yemek Sepeti (88.6%)
Turkey
594.7
33.0x
66.1x
Apr 15
Michelin
Allopneus (40%)
France
150.0
Mar 15
YOOX
NetaPorter (merger)
UK
3,120.0
2.4x
29.3x
Mar 15
Rocket Internet
FoodPanda (52%)
Germany
104.0
Mar 15
Verisk Analytics
Wood Mackenzie
UK
2,605.2
8.1x
17.3x
Mar 15
Recruit Holdings
Quandoo (92.9%)
Germany
213.8
50.9x
Mar 15
Wolseley
Bathempire.com
UK
Feb 15
British Gas
AlertMe
UK
87.8
Feb 15
Rocket Internet
Talabat
Kuwait
150.3
Feb 15
Rocket Internet
Grupo Yamm Comida a Domicil io
Spain
80.0
2.0x
Feb 15
Rocket Internet
HelloFresh (51.7%)
Germany
623.8
8.9x
Select Transaction Comparables (Cont'd)
35
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Ecommerce (Cont'd)
Feb 15
Rocket Internet
Delivery Hero (30%)
Germany
496.0
Nov 14
Photobox
Hofmann
Spain
Sep 14
Neiman Marcus
Mytheresa.com
Germany
150.0
15.0x
Aug 14
Delivery Hero
Pizza.de
Germany
300.0
Jun 14
Axel Springer
Car & Boat Media (51%)
France
72.0
2.9x
Jun 14
Monitise
Markco Media
UK
68.8
Jun 14
Bestseller
M&M Direct
UK
177.0
1.2x
May 14
Naspers
markafoni
Turkey
146.0
May 14
Tripadvisor
LaFourchette
France
100.0
10.0x
Apr 14
Afk Systema
Ozon.ru (21.6%)
Russia
108.6
Apr 14
Takeaway.com
Lieferando
Germany
50.0
Feb 14
Rocket Internet
La Nevera Roja
Spain
80.0
20.0x
Oct 13
eBay
Shutl
UK
145.1
Sep 13
Delticom
Tirendo
Germany
50.0
Aug 12
AXA Private Equity
Bestsecret.com
Germany
223.2
Jun 12
Naspers
Netretail (79%)
Netherlands
213.3
Feb 12
Ahold
Bol.com
Netherlands
350.0
Dec 11
Quants
Grupfoni (55%)
Turkey
Sep 11
DailyDeal
Germany
130.0
Sep 11
Rakuten
Ozon.ru
Russia
Jul 11
Photobox
Moonpig
UK
136.3
3.2x
Mar 11
Privalia
Dress for Less
Germany
175.0
Oct 10
Amazon
BuyVIP
Spain
70.0
0.8x
0.4x
Jun 10
Rakuten
PriceMinister
France
200.0
5.0x
Apr 10
Richemont
NetaPorter
UK
434.5
2.9x
Lead Generation
Feb 18
NuCom Group
Verivox
Germany
46.7
Oct 17
HomeServe
Checkatrade
UK
61.0
Sep 17
Zoopla
Money.co.uk
UK
154.2
Oct 16
Consortium of Firms
Kuferportal (42%)
Germany
Mar 16
NS Intressenter (Owners)
PriceRunner
Sweden
Jun 15
NuCom Group
Verivox (80%)
Germany
262.5
5.8x
Apr 15
Zoopla
uSwitch
UK
260.1
3.0x
11.7x
Dec 14
eSure
Gocompare (50%)
UK
241.5
1.7x
7.3x
Jun 12
Moneysupermarket
MoneySavingExpert
UK
108.0
Feb 11
EasyVoyage
Dealchecker. TravelJungle. FSI Travel
UK
10.0
Jul 10
Expedia (Tripadvisor)
HolidayLettings
UK
36.0
15.0x
Travel
Dec 18
Airbnb
Luckey Homes
France
Nov 18
BlaBlaCar
Ouibus
France
Apr 17
AccorHotels
VeryChic
France
Feb 17
Priceline Group
Momondo Group
UK
586.0
5.7x
Dec 16
Ctrip
Skyscanner
UK
1,622.7
9.5x
51.2x
May 16
TUI Group
Transat France
France
54.0
Apr 16
Cinven Partners
Hotelbeds
Spain
1,163.5
1.1x
16.9x
Apr 16
TravelSky Technology
OpenJaw Technologies
Ireland
Apr 16
AccorHotels
OneFineStay
UK
212.0
Mar 16
Trainline
Captain Train
France
165.0
Jan 16
Yahoo Japan (et all)
Skyscanner
UK
1.5
9.3x
50.6x
Jan 16
Michelin
Bookatable
UK
108.0
Nov 15
LBO France
Fram
France
Nov 15
Quicket
BookitNow!
Germany
Oct 15
ProSiebenSat.1
Etraveli
Sweden
235.0
3.4x
11.1x
Mar 15
Bravofly
Lastminute.com
UK
104.4
0.9x
Oct 13
Uvet Viaggio Turismo
Flygpoolen
Sweden
Apr 13
Hostelworld
HostelBookers.com
UK
59.0
2.8x
12.1x
Mar 13
HRS
hotel.de (remaining 15%)
Germany
102.3
2.2x
78.7x
Mar 13
NC2 Media
Lonely Planet
UK
60.4
Dec 12
Expedia
trivago (61.6%)
Germany
774.4
7.7x
26.0x
Oct 12
Bravofly
Rumbo
Spain
60.0
1.0x
5.3x
Aug 12
LOET Trading, Bankhaus Metzler Travel24 (46%)
Germany
52.0
2.2x
12.2x
Jan 12
Dnata World Travel
TravelRepublic
UK
Oct 11
HRS
hotel.de (61.59%)
Germany
61.0
1.5x
1.3x
55.4x
50.8x
May 11
LBO France
Promovacances
France
200.0
10.0x
Mar 11
Kuoni
Gullivers Travel Associates
UK
503.0
2.4x
8.4x
Feb 11
Odigeo (AXA and Permira)
Opodo
UK
450.0
3.1x
11.1x
Select Transaction Comparables (Cont'd)
36
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Marketplaces
Jan 18
Bril le24
Lensspirit
Germany
Jun 17
Baloise Group
MOVU
Switzerland
Jun 17
Hoffman
Contorion
Germany
100.0
May 15
Recruit Holdings
Wahanda (70%)
UK
218.1
28.7x
Mar 15
Gruppo MutuiOnline
7Pixel (74.85%)
Italy
74.2
4.9x
9.4x
Feb 15
Tamedia
Ricardo
Switzerland
228.7
6.0x
Dec 14
Adobe
Fotolia
Europe
645.5
Social Networking
Sep 17
The Meet Group
LOVOO
Germany
83.8
2.2x
Jun 17
Snapchat
Zenly
France
186.4
Oct 16
eDarling
Attractive World
France
Sep 16
ProSiebenSat.1
Parship (51%)
Germany
300.0
Sep 14
mail.ru
Vkontakte (remaining 48%)
Russia
1,598.5
0.5x
2.1x
Apr 13
Elsevier B.V.
Mendeley
UK
64.9
Gaming
Dec 18
Ubisoft
i3D.net
Netherlands
Dec 18
Playtika
Wooga
Germany
90.9
Feb 18
THQ Nordic
Koch Media
Germany
121.0
0.7x
11.5x
Nov 17
Stil lfront
Goodgames
Germany
270.0
1.9x
7.8x
Nov 17
Zynga
Peak Games
Turkey
85.0
Aug 17
Aristocrat Technologies
Plarium
Israel
420.8
May 17
MTG
InnoGames (30%)
Germany
260.0
2.0x
May 17
Supercell
Space Ape Games
UK
Feb 17
TakeTwo
Social Point
Spain
234.6
Jan 17
Zhejiang Jinke Entertainment
Outfit7
Slovenia
1,000.0
Oct 16
MTG
Innogames (35% + 16% Optional)
Germany
260.0
Jul 16
Giant Network Technologies
Playtika
Israel
3,930.1
6.1x
4.9x
16.0x
Jul 16
Hydra Industries
Inspired Gaming Group
UK
238.7
Jul 16
Playtech
Best Gaming Technology
Austria
138.0
Jul 16
Gamigo
Aerial Games
Germany
Jun 16
Tencent
Supercell (84%)
Finland
9,687.6
4.7x
11.6x
May 16
CVC Capital Partners
Sisal
Italy
1,000.0
1.3x
5.5x
May 16
Cherry AB
ComeOn (49%)
Malta
80.0
Apr 16
CVC Capital Partners
Tipico (60%)
Malta
1,666.0
3.3x
16.7x
Apr 16
NYX
OpenBet
UK
337.8
Mar 16
Shandong Hongda Mining Co.
Jagex
UK
270.1
3.6x
10.3x
Mar 16
Youzu
Bigpoint
Germany
80.0
Nov 15
Activision Blizzard
King.com
UK
4,539.5
2.4x
5.6x
Oct 15
Vivendi
Ubisoft
France
1,809.5
1.2x
9.8x
Jul 15
MTG
Turtle Entertainment (74%)
Germany
105.4
Jun 15
Betsson
EuropeBet
Georgia
75.8
1.6x
4.3x
Jun 15
SoftBank
Supercell & GungHo (additional 22%)
Finland
5,033.1
Feb 15
Tencent
Miniclip (majority stake)
Switzerland
Feb 15
Intertain Group
Gamesys
UK
569.0
Dec 14
CVC Capital Partners
Sky Gaming
UK
1,068.6
Oct 14
Intertain Group
Dumarca
Malta
89.1
Sep 14
Microsoft
Mojang
Sweden
1,932.3
7.6x
19.5x
Jun 14
Amaya
Rational Group
UK
3,616.2
4.5x
11.7x
Jun 14
Bally
Dragonplay
Israel
73.2
3.3x
10.0x
Jun 14
Webedia
JeuxVideo
France
90.0
Jan 14
Zynga
NaturalMotion
UK
388.7
8.8x
63.6x
Oct 13
SoftBank
Supercell & GungHo (51%)
Finland
2,217.9
4.2x
3.5x
7.2x
Select Transaction Comparables (Cont'd)
37
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Adtech
May 18
Oracle
Grapeshot
UK
454.0
Mar 17
Altice
Teads.tv
France
300.0
1.6x
Feb 17
Accenture
SinnerSchrader (62%)
Germany
100.0
2.0x
21.3x
Sep 16
Glispa Global Group
Avocarrot
UK
0.0
Jun 16
Spearhead
Smaato
Germany
132.2
May 16
FreeWheel Media
StickyADStv
France
87.7
Mar 16
RTL
Smartclip
Germany
50.0
Sep 15
NewsCorp
Unruly
UK
156.5
3.5x
Sep 15
Gravity4
EuroAds
Denmark
Sep 15
ironSource
Supersonic
Israel
132.9
1.9x
Aug 15
Strer
InteractiveMedia
Germany
300.0
Jul 15
FanDuel
Kotikan
UK
Mar 15
Cheetah Mobile
MobPartner
France
54.9
Oct 14
Publicis
Matomy (24.9%)
Israel
383.0
1.9x
1.4x
26.9x
12.9x
Oct 14
RNTS Media
Fyber
Germany
150.0
Jul 14
RTL
SpotXchange (65%)
Germany
165.5
6.0x
44.3x
Jun 14
Opera
AdColony
US
257.3
3.4x
17.5x
Jun 14
Amobee
Kontera
Israel
110.7
Apr 14
Tesco
Sociomantic
Germany
150.0
9.0x
Nov 11
Adconion Media
Smartclip
Germany
125.0
Others
Dec 18
Saxo Bank
BlinckBank
Netherlands
436.0
Dec 18
Coinify
BetterCoins
Denmark
Nov 18
Deltatre
Massive Interactive
UK
83.6
Nov 18
Legrand
Netatmo
France
Nov 18
Infineon
Siltectra
Germany
124.0
Nov 18
ForeScout
Security Matters
Netherlands
102.7
Oct 18
Kape Technologies
ZenMate
Israel
Jul 18
Orange
Basefarm
Norway
350.0
Jul 18
Scout24
Finanzcheck.de
Germany
285.0
Jul 18
Ultimate Software
PeopleDoc
France
272.7
Sep 18
Munich Re
Relayr
Germany
272.7
Jul 18
Stamps.com
MetaPack
UK
197.0
Jun 18
Enel X
Ufinet International
Spain
142.1
Jun 18
Nets
Dotcard
Poland
69.0
May 18
Iron Mountain
EvoSwitch
Netherlands
193.3
May 18
VASCO Digital
Dealflo
UK
47.9
May 18
PayPal
iZettle
Sweden
1,864.9
May 18
LoopUp
MeetingZone
UK
67.2
Feb 18
LexisNexis
ThreatMetrix
UK
674.0
25.1x
Feb 18
Kunlu Tech
Opera Software
Norway
51.8
Jan 18
Thy Crypto Company
CoinTracking
Germany
462.2
Jan 18
Urban Sports
FITrate
Germany
0.0
Dec 17
Ascential
Clavis Technology
Ireland
157.2
Dec 17
Scheidt & Bachmann
ecopark
Germany
0.0
Dec 17
Apple
Shazam
UK
452.0
Dec 17
Thales Group
Gemalto
Netherlands
5,430.0
1.7x
10.5x
Nov 17
ByteDance
News Republic
France
73.6
Jul 17
iRobot
Robopolis
France
119.1
0.9x
Jul 17
Ingenico
Bambora
Sweden
1,500.0
Jul 17
Gamigo
Mediakraft Networks
Germany
Jul 17
Bottega InvestCo
Getronics
UK
220.0
Jul 17
Symantec
Fireglass
Israel
211.2
Jul 17
CM
Docdata
Netherlands
Jun 17
Microsoft
Cloudyn
Israel
52.5
10.0x
Jun 17
Blackbaud
JustGiving
UK
108.4
Jun 17
Fiserv
Monitise
UK
79.8
1.4x
Jun 17
Microsoft
Hexadite
Israel
87.5
Jun 17
Porsche
PTV Group
Germany
300.0
Jun 17
Vivendi
Havas
France
3,675.8
May 17
Moody's
Bureau van Dijk
Netherlands
3,000.0
11.6x
22.7x
May 17
United Internet
Dril l isch
Germany
2,800.0
May 17
Spotify
Niland.io
France
Apr 17
BNP Paribas
Compte Nickel
France
Apr 17
AutoNews.de
Motor1
Germany
Select Transaction Comparables (Cont'd)
38
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Others (Cont'd)
Apr 17
Trade Extensions
Coupa Software
Sweden
42.2
4.5x
Mar 17
Ekinops
OneAccess
France
60.0
1.0x
Mar 17
Alibaba
WayRay
Switzerland
Mar 17
Intel
Mobileye
Israel
14,359.5
42.7x
30.6x
80.1x
55.6x
Mar 17
The Travellers Companies
Simply Business
UK
459.9
10.0x
Feb 17
Zalando
Kickz
Germany
Feb 17
Palo Alto Networks
LighCyber
Israel
98.5
Feb 17
Nokia
Comptel
Finland
347.3
Feb 17
Klarna
BillPay
Germany
69.0
Jan 17
Zoopla
Hometrack
UK
139.8
7.7x
16.9x
Jan 17
Kik
Rounds
Israel
64.8
Dec 16
Thundersoft
Rightware
Finland
Dec 16
Megafon (63.8%)
Mail.ru
Russia
1,075.8
1.8x
Dec 16
Huawei
Toga Networks
Israel
139.9
Dec 16
Go Daddy
Host Europe Group
Germany
1,690.0
6.3x
15.2x
Dec 16
CA Technologies
Automic
Austria
600.0
8.9x
Oct 16
Boomreach
Hippo NV
Netherlands
Oct 16
The Economist
Signal Noise
UK
Oct 16
Liberty Global
Multimedia Polska
Poland
696.6
Aug 16
SpeedCast
WINS
Malta
60.0
Aug 16
Cheetah Mobile
News Republic
France
53.2
Aug 16
Verizon
Fleetmatics
Ireland
2,238.2
8.4x
24.9x
Jul 16
BPCE
Fidor
Germany
100.0
Jul 16
AVAST Software
AVG Technologies
Netherlands
1,170.0
2.7x
9.5x
Jul 16
InfraVia
Next Generation Data
UK
119.4
8.9x
20.8x
Jul 16
Thoma Bravo
Trader Corporation
Canada
1,076.5
May 16
Ingenico
Nera Solutions
Singapore
57.0
2.7x
Jun 16
Capita
Trustmarque
UK
74.2
Jun 16
Astorg VI Special
AutoForm
Switzerland
644.0
12.9x
Jun 16
Dedalus SpA
NoemaLife SpA
Italy
61.4
May 16
Volkswagen
Gett
Israel
May 16
eBay
ExpertMaker AB
Sweden
May 16
Microsoft
Solair
Italy
May 16
New Signature
Dotnet Solutions
UK
0.3x
3.5x
Apr 16
Rakuten
Cabify
Spain
283.1
Apr 16
Nokia
Withings
France
170.0
Apr 16
Zoopla
Property Software Holdings
UK
94.8
4.7x
14.7x
Apr 16
Altor
Infotheek
Netherlands
Mar 16
Aconex
Conject
Germany
65.0
Mar 16
Visma
Fortnox
Sweden
146.0
9.2x
45.4x
Mar 16
Masquerade
Belarus
Mar 16
Freenet
Media Broadcast
Germany
295.0
Mar 16
MasterCard
VocaLink
UK
1,294.7
Feb 16
Oracle
Ravello Systems
Israel
453.6
Feb 16
Golden Brick Consortium
Opera
Norway
1,100.0
2.0x
12.7x
Jan 16
Seat Pagine Gialle
Italiaonline
Italy
450.6
Dec 15
Laird
Novero
Germany
65.0
Dec 15
Strer SE
Statista (81.3%)
Germany
79.3
Dec 15
CSC
Xchanging
UK
607.7
1.0x
Nov 15
Cisco
Acano
UK
684.9
20.0x
Nov 15
ACI Worldwide
PAY.ON
Germany
180.0
13.0x
Oct 15
Trinity Mirror
Local World
UK
307.5
5.0x
Oct 15
Digisfera
Portugal
Oct 15
Vivendi
Telecom Italia (stake increase to 20%)
Italy
678.0
Sep 15
Figaro Group
CCM Benchmark
France
Sep 15
Axel Springer
Business Insider (remaining 88%)
US
395.0
Sep 15
Credit Mutuel Arka
Leetchi
France
50.0
Sep 15
Interoute
Easynet
UK
552.2
Sep 15
Microsoft
Adallom
Israel
285.5
Sep 15
GVC Holdings
Bwin.party
Gibraltar
1,524.0
Aug 15
Paddy Power
Betfair Group (merger)
UK
6,824.5
Aug 15
Manheim
Movex (majority stake)
UK
Aug 15
Adidas
Runtastic
Austria
220.0
Jul 15
Deutsche Boerse
360T
Germany
725.0
Jul 15
Nikkei
Financial Times
UK
1,192.2
Jul 15
Oculus VR
Pebbles Interfaces
Israel
55.1
Select Transaction Comparables (Cont'd)
39
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Others (Cont'd)
Jul 15
CareerBuilder
Textkernel
Netherlands
Jul 15
Rakuten
Fits.me
UK
Jul 15
United Internet
Home.pl
Poland
155.0
Jun 15
Vivendi
DailyMotion (80%)
France
271.3
4.2x
Jun 15
Microsoft
6Wunderkinder
Germany
137.3
May 15
Oculus VR
Surreal Vision
UK
May 15
Visma
economic
DK
200.0
5.9x
May 15
AVG
Privax HMA!
UK
52.9
Apr 15
Playtech
TradeFX
UK
458.0
4.0x
8.1x
Mar 15
Optimal Payments
Skril l
UK
1,100.0
9.0x
Mar 15
Paypal
CyActive
Israel
54.4
Feb 15
British Gas
AlertMe
UK
88.4
3.7x
Feb 15
Wanda
Infront Sports & Media
Switzerland
1,050.0
1.9x
Feb 15
Under Armour
Endomondo
Denmark
75.1
Jan 15
DropBox
CloudOn
Israel
64.1
Dec 14
Host Europe
Intergenia
Germany
210.0
Dec 14
Progress
Telerik
Bulgaria
211.9
4.4x
Nov 14
Solera
CAP Automotive
UK
328.5
9.2x
15.8x
Sep 14
Daimler
mytaxi
Germany
50.0
Sep 14
Fis
Clear2pay
Belgium
375.0
3.9x
Jul 14
Rightster
Base79
UK
62.9
15.3x
Jul 14
Ingenico
GlobalCollect
Netherlands
820.0
2.7x
16.4x
Jun 14
Vodafone
Cobra Automotive
Italy
145.0
1.0x
8.5x
Apr 14
ProtoGeo Oy
Finland
Apr 14
Vistaprint
Pixartprinting
Italy
137.0
2.4x
10.0x
Mar 14
Kudelski Group
Conax
Norway
164.0
Feb 14
McGraw Hill
Area9
Denmark
130.0
Feb 14
Rakuten
Viber
Cyprus
658.1
Feb 14
Renova Group
Octo Telematics
Italy
405.0
3.3x
Jan 14
DeepMind
UK
365.3
Dec 13
Klarna
Sofort
Germany
110.0
Dec 13
Dassault Systemes
RealTime Techology (84%)
Germany
179.8
2.0x
13.3x
Oct 13
Asurion
Soluto
Israel
72.9
Sep 13
EMIS
Ascribe
UK
68.7
2.5x
Jun 13
Waze
Israel
863.7
NM
Feb 13
Orange
DailyMotion
France
127.0
Jan 13
Ingenico
Ogone
Belgium
360.0
8.6x
6.6x
25.0x
Jul 12
Skril l
Paysafecard
Austria
140.0
Jun 12
Rakuten
Wuaki.tv
Spain
May 12
Perform Group
RunningBall
Switzerland
120.0
7.4x
16.6x
May 12
NTT DOCOMO
Buongiorno
Italy
223.9
1.0x
10.9x
May 11
Microsoft
Skype
Luxemburg
5,899.0
10.7x
47.6x
Jan 11
AOL
GoViral
UK
71.0
6.0x
25.0x
Jan 11
Amazon
LoveFilm
UK
236.3
2.2x
1.8x
Aug 10
MasterCard
DataCash
UK
360.9
9.0x
19.8x
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Select Transaction Comparables (Cont'd)
40
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Fin ncial
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Jun 18
Siris Capital
Travelport
UK
Jul 18
EQT
Banking Circle
Denmark
Jun 18
Warburg Pincus
Constructionline
UK
Feb 18
Silver Lake
ZPG
UK
Feb 18
Eli Global
Finanzen.de
Germany
Oct 17
Hellman & Friedman
Nets Group
Denmark
4,290.0
Jul 17
Marlin Equity Partners
ABIT Europe
Germany
Jul 17
Equistone
DefShop
Germany
Jul 17
Gilde Buy Out Partners
Albumprinter
Netherlands
Jun 17
TCV
Pracuj Group (minority stake)
Polish
Jun 17
CVC Capital Partners
Etraveli
Sweden
508.0
14.0x
Jun 17
Investcorp
ABAX
Norway
188.7
Apr 17
Propellerhead
Verdane
Sweden
20.9
2.0x
Feb 17
Vitruvian Partners
OAG
UK
204.8
Feb 17
Goldman Sachs
Meilleurtaux
France
260.0
13.0x
Feb 17
KKR
Travelopia
UK
364.0
0.3x
7.3x
Feb 17
TA Associates
Think Project!
Germany
Dec 16
General Atlantic
Hemnet (majority stake)
Sweden
208.8
Dec 16
General Atlantic
Zoopla (majority stake)
Sweden
200.3
Oct 16
Dirk Strers Media Ventures
Stylebop (majority stake)
Germany
Oct 16
Permira
Schustermann & Borenstein
Germany
Oct 16
Cinven, Permira, Mid Europa
Allegro
Poland
3,033.7
Sep 16
Inflexion Private Equity
Group IMD
UK
Sep 16
Permira
Personal & Informatik
Germany
Sep 16
Bregal Unternehmerkapital
Onlineprinters
Germany
Aug 16
TPG
TRANSPOREON
Germany
300.0
Aug 16
Bridgepoint
Cruise.co.uk
UK
62.1
0.5x
Jul 16
KKR
Epicor Software
Singapore
2,985.1
3.3x
13.5x
May 16
General Atlantic
Argus Media (majority stake)
UK
1,301.3
Apr 16
EQT
Sitecore
Denmark
1,000.0
5.0x
20.0x
Mar 16
Apax Partners
InfoVista
France
Mar 16
HgCapital
Raet
Netherlands
470.0
3.2x
Mar 16
Riverside
Guestline
UK
Mar 16
Rockaway Capital
Invia
Czech Republic
76.0
Feb 16
Elbrus Capital
Headhunter
Russia
120.9
Feb 16
Various
Skyscanner
UK
1,421.4
Feb 16
Vitruvian Partners
Unifaun Group
Sweden
Feb 16
EQT
Kuoni
Switzerland
1.5
2.8x
14.8x
Oct 15
Rockaway Capital
Netretail and Heureka (from Naspers)
Czech Republic
200.0
Oct 15
Exponent. Electra
PhotoBox
UK
546.2
Sep 15
Blackstone
Ideal Shopping Direct
UK
Aug 15
SevenVentures
Bill igerMietwagen
Germany
70.0
4.2x
7.9x
Jul 15
Apax Partners
idealista (70%)
Spain
150.0
~17x
Jul 15
HGGC
Selligent
France
200.0
Jun 15
Charlesbank
Six Degrees Group
UK
223.3
2.0x
Apr 15
Oakley Capital
Parship
Germany
50.0
Mar 15
AAC Capital
Corilus
Netherlands
77.6
1.8x
15.0x
Jan 15
Insight Venture
DaWanda
Germany
Jan 15
KKR
thetrainline.com
UK
595.3
6.7x
11.8x
Dec 14
Warburg Pincus
Blue Yonder (minority stake)
Germany
59.9
Nov 14
The Carlyle Group
Dealogic
UK
418.4
3.6x
9.6x
Oct 14
Great Hill Parthers
Momondo (majority stake)
Denmark
166.5
2.4x
14.2x
Oct 14
HgCapital
Allocate Software
UK
137.7
2.3x
13.1x
Sep 14
Oakley Capital
Facile.it
Italy
100.0
3.3x
25.0x
Sep 14
Access Industries
Perform Group
UK
858.1
2.8x
2.5x
21.7x
12.8x
Jul 14
KKR
The Hut Group (20%)
UK
126.4
Jul 14
KKR
Scout24 Schweiz & Omnimedia (49%)
Switzerland
262.2
Jun 14
Vitruvian Partners
JacTravel
UK
99.7
May 14
Permira
Teamviewer
Germany
870.0
4.9x
6.8x
May 15
ECI Partners
Evans Cycles
UK
135.2
Mar 14
BC Partners
CarTrawler
Ireland
450.7
0.9x
20.6x
Feb 14
CVC Capital Partners
Avast Software
Czech Republic
738.9
Jan 14
Apax Partners
Trader Media Group
UK
2,126.1
7.4x
12.9x
Nov 13
Hellman & Friedman
Scout24
Germany
2,000.0
5.9x
21.8x
Oct 13
Inflexion Private Equity
On The Beach Holidays
UK
86.0
1.9x
6.8x
Oct 13
Sequoia Capital
Skyscanner
UK
589.0
8.7x
23.5x
Strategic Buyers
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Select Transaction Comparables (Cont'd)
41
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Fin ncial
Adjusted
EV (m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Aug 13
LDC
uSwitch (undisclosed stake)
UK
81.6
2.4x
7.4x
Jul 13
Cinven
Host Europe
UK
508.8
13.8x
Jul 13
TPG
TSL Education
UK
464.8
Mar 13
TA Associates
Onlineprinters
Germany
Feb 13
Partners Group
Softonic (30%)
Spain
275.0
Oct 12
Permira
Ancestry.com
Israel
1,224.5
3.3x
25.4x
May 12
KKR
Fotolia (50%)
France
353.7
Jan 12
Insight Venture
Jagex
UK
May 11
ECI Partners
CarTrawler
Ireland
100.0
Apr 11
TA & Summit
Bigpoint
Germany
408.5
Oct 10
General Atlantic & Index
Privalia
Spain
70.0
Sep 10
Montagu
Host Europe
UK
265.8
Jul 10
Permira
eDreams
Spain
300.0
May 10
Ardian
GoVoyages (majority)
France
400.0
0.5x
16.2x
42
NOAH Disruptor List
43
Media, Telecom, Gaming & Social Media
Source: Crunchbase, eMarketer, Statista.
* The company went public after July 2014
Company
Description
Funding ($m)
USA Market size: Digital Media ($30bn) & Social Media ($12.6bn)
Image messaging app and smart glasses
4,700
Social media application
1,466
/
Multichannel media network
1,400
Fantasy league platforms
1,130
Zynga
Online games producer and developer
867
Realtime enterprise messaging
790
Crossplatform game engine
689
Online video service
683
Media company providing social news
496
Mobile messaging app
361
Developer of publishing platforms
317
Online media publisher
308
Social network to contact neighbors
285
Cloud communication company
261
Cloudbased communication platform
230
Questionandanswer website
226
Popular social magazine
211
Media player for streaming
209
Global marketplace for events
198
Highend precision gaming products
175
Video platform for websites
166
Manage team tasks and conversations
163
Content discovery platform
160
Developer and publisher of games
159
Mobile content sharing app
158
Conferencing, meetings, and messaging
146
Social publishing platform
132
Fashion and style website
125
Social photo sharing webstore and app
124
Delivers live virtual reality content
116
Crossplatform entertainment network
109
Mobile device operating systems
105
Online food network
80
Realtime social data mining platform
72
Workplace telecommunication
70
Question and answer website
68
Mobile photosharing and messaging
66
Tools to craft commercial content
66
SaaS for project management
63
Enterprise file sharing
63
Online anonymous community
61
Digital media content website
57
Mobile eSports tournaments
56
Media content website for news
46
Multiplayer game developer
45
image sharing platform
40
Streaming and community for gamers
36
Protocol used for file sharing
36
Company
Country
Description
Funding ($m)
Europe Market Size: Digital Media ($16.8bn) & Social Media ($6.5bn)
Music streaming service
2,700
Crossplatform games community
554
International mobile phone
services
546
Music streaming service
346
Online audio sharing platform
468
Global music publisher and music
services
205
Social app for music
144
Online community to review and
discover companies
144
Global encrypted communication
130
Global WiFi network
110
Developer and publisher of
browser games
99
Global phone directory
93
Provider of online movie streaming
services
84
Developer and publisher of mobile
games
76
Developer of Massively Multiplayer
Online games
67
Businessoriented social
networking platform
60
Technology for television
broadcasters
50
Video and music streaming service
45
Music streaming service enabling
background music for businesses
33
Developer of mobile gaming app
32
Cloudbased document sharing and
collaboration platform
32
Developer and publisher of mobile
games
32
Voice over internet protocol
peering and clearing service
32
Cloudbased file transfer service
25
Developer and publisher of mobile
games
23
Locationbased mobile dating app
22
Crossplatform games community
17
*
*
NOAH Disruptor List (Cont'd)
44
Healthcare & Science
Company
Description
Funding ($m)
USA Market Size: eHealth ($2.4bn)
SaaS for healthcare professionals
1,130
Health insurance company
728
Human genome research company
486
Collect and analyze medical metrics
422
Platform for cancer care
313
Population care management
240
Platform for booking doctors
223
PaaS that manage health data
222
Platform to connects with doctors
210
Application for healthcare costs
181
Telehealth platform
173
Social solutions for the health plan
164
Ondemand health care concierge
163
Electronic Health Record system
155
Health management services
141
SaaS to manage health business
138
Digital health program
127
Online pharmacy
118
Health IT software and services
103
App providing chat with a physician
87
Professional network for physicians
82
Clinical communication solutions
81
Medical booking platform for visits
59
Health engagement company
57
Health monitoring device via App
56
Platform for respiratory health
48
Data science platform for scientists
40
Healthcare software company
32
Company
Country
Description
Funding ($m)
Europe Market Size: eHealth ($2.2bn)
Multisensory virtual reality
platform for motor rehabilitation
109
Online and mobile medical booking
platform
96
Professional network for scientists
and researchers
88
Healthcare application providing
video consultations with doctors
85
Groupe Santiane
Operator of a price comparison site
for healthcare insurance
60
Provider of a digital platform for
private health insurance
48
Online healthcare platform to find
local physicians
46
Patient Relationship management
platform
32
Blood glucose meter and web
software to manage diabetes
29
Online platform providing
information on and access to drugs
22
Medical Travel Platform
12
Bright light headphones that fights
seasonal affective disorder
10
Developer of a film sensor that
tracks sleeping conditions
9
Patientcontrolled medical records
system
7
Online platform where patients and
doctors can connect
6
Company
Description
Funding ($m)
USA Market Size: Fitness & Wearables ($1.2bn)
Wearables to interact with digital devices
1,900
Social & live streaming cycling
445
HD wearable and personal cameras
288
Gym membership platform
154
Platform for sports video analysis
105
Developer for 3D motion control devices
94
Digital health services
75
Augmented reality platform & wearables
73
Wearable tech focusing on healthcare
66
Software developer for smart glasses
63
Sports tracking app
41
Wearable technology producer
29
Blood pressure management system
22
Sports wearable devices producer
20
Company
Country
Description
Funding ($m)
Europe Market Size: Fitness & Wearables ($1bn)
Provider of realtime sports data
and content
98
Smartphone app that allows users
to monitor their training sessions
89
Sport media company
59
Wearable visual system for blind
and visually impaired persons
45
Global football community
20
Smartphone app that focuses on
what users eat
17
Sport wearable camera
12
Medicalgrade wearable physiology
monitoring device
10
Wearable technology for women
8
Mobile marketplace for gym
services
6
Wearable solutions for interaction
with multiple screens
4
Health and sports performance
optimizer
4
Wearable fitness device for water
sports
1
Fitness, Wearables & Sports
Source: Crunchbase, Statista.
* The company went public after July 2014
*
*
*
Company
Description
Funding ($m)
USA Market Size: eLearning ($27.1bn)
Webbased Git repository hosting
service
350
Online university courses platform
210
Online learning and teaching
marketplace
173
Elearning solutions company
175
Education technology company
providing lecture capture service
165
Online training platform for
developers and IT professionals
163
Online courses for professionals
160
Adaptive learning technology
provider
157
online curriculum for kindergarten
and elementary school
150
Online computer programming
courses
120
Online language learning platform
108
Online community for crafters
featuring online classes
106
Provider of liberal arts and sciences
education
95
Social learning network enabling
teachers and students to connect
88
Platform that enables educators
and employers to share credentials
59
Allows schools to manage all their
apps through its platform
43
Platform that teaches employable
digital skills
43
Assessment and learning analytics
company
40
Personalized and adaptive language
learning platform
31
Online technology school for tech
job
12
NOAH Disruptor List (Cont'd)
45
Education
Company
Country
Description
Funding ($m)
Europe Market Size: eLearning ($8.1bn)
Cloudbased educational software
for the preuniversity market
68
Online learning platform for foreign
languages
33
Social network that enables its
users to form study groups
39
Free gamebased platform for
learning
27
Online mathematics platform
23
elearning tool for academic and
career development courses
20
Online language learning platform
15
Online tools for teaching science
14
Online language learning platform
12
Brain training app
10
Interactive sheet music app
10
Online university courses
7
Online programs for developing
vocational tech skills
6
Online learning platform
6
Company
Description
Funding ($m)
USA Market Size: Home Automation ($3.8bn)
Home remodeling, architecture and
interior design platform
614
Wireless multiroom music player
455
Home monitoring via mobile app
209
Platform for housing IoT
124
Wireless systems that facilitate
communication between devices
119
Smart WiFi system for use in
households
90
Free app that allows users to
control TVs and DVRs as well as
discover content
87
Smart energy efficiency solutions
for buildings
80
Cloud management system for
interoperability and IoT networks
75
Smart home appliances and access
systems
73
Voice recognition for automobile,
home and mobile
60
Home security solutions
57
Open source platform for managing
IoT "timeseries" data
25
Remote heat controller
10
Home Automation & IoT
Company
Country
Description
Funding ($m)
Europe  Market Size: Home Automation ($1.1bn)
Network for communication of
connected objects
277
Provider of M2M (Machine to
Machine) network software
100
Provider of cloudbased M2M
connectivity platform
84
Provider of techenable heating
system
66
Locationaware smart thermostat
56
WiFi and cloudbased internet
connectivity services to devices
44
Personal weather station with air
quality sensors
39
POS systems for the hospitality
industry
37
Smart solutions for home
surveillance
26
Energy marketplace and
management of energy assets
25
Smart controls for all house
appliances and heating
16
Smart lock systems
9
Intelligent heat controller
6
Enables the connection of non
smart appliances to the network
3
Home automation via smartphone
3
Source: Crunchbase, Statista, Docebo.
* The company went public after July 2014
NOAH Disruptor List (Cont'd)
46
Travel & Tourism
Company
Description
Funding ($m)
USA Market Size: eTravel ($192bn)
Marketplace for people to list and
book accommodation
4,400
Cloudbased platform for the
business travel industry
539
Vacation property management
and marketing services
144
Mobile hotel booking application
118
Mobile App to predict and analyze
airfare
84
Personalized travel
recommendations
39
Online travel expense management
service
27
Travel website and browser addon
for tracking and booking flight
tickets
25
Travel community for free housing
lodging
24
A onestop shop to find and book
activities
17
Community that invites people to
dine in homes and connect with
hosts
8
Marketplace for hotel reservations
7
Booking of airport lounges
4
Company
Description
Funding ($m)
USA
Mobile app connecting passengers
with drivers for hire
22,200
Transportation network company
4,110
Urban logistics and delivery
platform
278
Realtime traffic data and traffic
speed
143
Peertopeer car sharing
marketplace that enables car
owners to rent out their cars
103
PeertoPeer car sharing
marketplace
172
Service that sends valets to park
the car wherever it is the position
76
Car rental platform that tackles
queues and paperwork
60
Solution to manage vehicle parking
through new sensing technologies
54
Mobile app that allows users to hail
a cab, track a ride, and make
payments
39
Company
Country
Description
Funding ($m)
Europe
Mobile app for booking taxis and
limos
613
Online cab service that enables
users to book vehicles and
chauffeurs
407
Carsharing website that connects
drivers with empty seats and
paying passengers
335
Mobile app that enables users to
track information on public
transport
132
Ondemand taxi hailing services for
licensed professional drivers
83
Urban transport app
50
PeertoPeer car rental platform in
France
43
Peertopeer car renting platform
for travelers at airports and train
stations
22
Online rental platform for
motorhomes and campervans
19
Peertopeer car rental
18
Smartphone app enabling users to
arrange carpools with the
community
14
App connecting users to taxi drivers
13
Cab services with flexible booking
options via a mobile app and the
web
11
Mobility Market Size: Ridehailing ($40bn)
Company
Country
Description
Funding ($m)
Europe Market Size: eTravel ($193bn)
Booking platform for tours and
activities
181
GetYourGuide
Booking platform for tours and
activities
170
Europefocused travel search
website
146
Globally expanding startup
specialized in selling cruises
73
Ticketing platform for rail travel
69
Online hotel search platform
54
One Two Trip
Travel booking website
48
Price comparison and online
booking portal for hotel
39
Online travel platform
39
Online hotel booking service
33
Hotel data and analytics company
30
Metasearch engine for vacation
rentals
30
Web platform helping travelers
design, estimate the cost, and book
28
Online travel booking platform
23
Online marketplace for multiday
tours
17
Zizooboats
Global boat rental platform
3
Members only luxury travel club
N/A
European bus operator
N/A
obilet.com
Online platform for bus tickets
N/A
Source: Crunchbase, Statista, Pwc (2016), Reuters.
* The company went public after July 2014
*
Source: Crunchbase.
* The company went public after July 2014
NOAH Disruptor List (Cont'd)
47
Advertising, Marketing & Sales
Company
Description
Funding ($m)
USA Market Size: Digital Advertising ($80bn)
Trading solutions for advertising
346
SaaS quotetocash software
329
Customer lifecycle marketing
310
Digital advertising technology
262
Customer experience management
255
SaaS sales lead management
251
Email marketing
250
Platform for managing social media
247
Platform to connect with customers
229
Business intelligence solutions
157
Ecommerce platform for brand
155
Social media experience platform
138
Connects brands with audiences
121
Offers locationbased ad solutions
117
Customer communication platform
116
Clients data collecting and analysis
109
Platform for advertising tools
105
Inbound marketing software
101
Digital media trading and services
100
Cloud marketing platform
97
Mobile Marketing Automation platform
95
mobile marketing platform
93
Digital experience management
91
Platform to create ad campaigns
90
Customer communication platform
80
Platform to manage social media
75
Programmatic ad technology company
71
Mobile marketing solutions
68
search engine for display ads
68
Programmatic media activation
66
Adtech focused on audience measurement
65
Marketing software for advertising strategy
63
Mobile marketing automation platform
61
Analytics and marketing platform
60
Ad analytics and targeting company
53
eCommerce acceleration platform
52
Big data platform for advertisers
50
PR analytics for enterprises
48
Development platform for apps
46
Marketing and website optimization
46
Scalable virtual reality (VR) shopping
43
Mobile customer service platform
39
Webbased CRM for SMEs
38
Customer service via social channels
38
Enterprise Platform for Mobile Marketing
36
Advertising automation software
33
Social media monitoring analysis services
31
Monitoring and analytics for social media
31
Cloud based product intelligence platform
29
Checkout technology for ecommerce
29
Sales analytics and forecasting platform
26
Platform offering mobile analytics
23
Ecommerce platform for businesses
17
Company
Country
Description
Funding ($m)
Europe Market Size: Digital Advertising ($42bn)
Online fashion retailer platform for
luxury brands
233
Content discovery platform
operating on top publisher sites
194
Cloudbased client engagement
solutions for businesses
110
Mobile advertising platform for
telecom carriers
108
Software discovery, distribution,
delivery and monetization
105
Imagerecognition that helps
brands interact with customers
99
QuotetoCash software to help
businesses with their sales life cycle
96
Managing and sharing marketing
contact to sales representatives
86
Big data analytics for marketing
and advertising
75
Offers web personalization, digital
segmentation tools to marketers
75
Online restaurant booking
infrastructure and marketing
63
Distributed advertising and
ecommerce platform
60
Provider of cloud marketing
software for B2C companies
55
Digital customer experience &
website analytics
55
Mobile marketing company
53
Publisher of global enterprise
reputation management (ERM)
35
SaaS that allows advertisers to
manage social media campaigns
35
Provides marketing & analytics
solutions
34
Specialist in realtime personalized
advertising on the web
34
Webbased sales CRM & pipeline
management
81
Enterprise SEO and content
marketing platform
32
Provider of mobile analytics
software for marketers
29
SaaS based digital partner
marketing solution
29
Media platform to support multi
screen brand advertising
28
Locationbased mobile AdTech
platform
27
Provider of enterprise customer
data analytics software
24
Provider of an AI media analytics
platform
24
PoS marketing platform delivering
targeted offers at checkout
23
Marketing tool for publishers
23
Cloudbased branding automation
and digital asset management
22
Mobile advertising platform for
offline retailers
18
Online marketplace connecting
brands to salespeople
17
Ad platform that helps brands
reach their multiscreen consumers
17
Cloud platform offering unified
solution for SMEs
15
Adtech company developing a
performancebased ad exchange
6
Online video advertising and
content syndication
5
Ecommerce optimization and
customer intelligence
Ad platform focusing on publishers
*
*
*
Source: Crunchbase, Statista.
* The company went public after July 2014
Note: 1. eService does not include fitness
NOAH Disruptor List (Cont'd)
48
Consumer, Retail & Marketplace
Company
Country
Description
Funding ($m)
Europe Market Size: eCommerce ($281bn) & eService ($28bn)
Online food ordering network
2,600
Online marketplace for used cars
1,100
Fashion from independent boutiques
722
Online fashion retailer
615
Online fashion retailer
565
Online food ordering network
475
Hello Fresh
Meal planning and groceries shopping
364
Online Russian shopping website
271
Retailer of furniture and homewares
237
Online fashion retailer
212
Domestic cleaning booking platform
173
Marketplace for second hand fashion
169
Operator of a private sales website
141
Online retailer of lighting products
130
Members only online fashion club
120
Online food ordering network
118
Fiverr.com
Marketplace for professional services
111
Picnic
Online discount supermarket
109
Operator of an online real estate agency
101
Online retailer of shoes and accessories
101
Catalogue and auction house
95
Online retail and flash sales platform
92
Online food delivery portal
89
Market of DIY and gardening products
88
Online job marketplace for SMEs
86
Online platform for moving and logistic
75
Website for house furnishings
73
Online household services
73
Online retailer for shoes
72
Online eyewear retailer
70
Not On The High Street
Curated fashion for small businesses
69
Online fashion and lifestyle retail store
67
Online fashion retailer
66
Platform for online classified sites
65
Job Today
Hiring app
65
Marketplace for crafting communities
61
Fashion eCommerce aggregator
61
Booking of student accommodation
60
P2P marketplace for secondhand fashion
60
Online curated shopping service
59
Online real estate portal
56
Mobile app based job marketplace
54
Online luxury watch retailer
52
Groupalia
Ecommerce platform
51
Online seller of prescription eyewear
50
Online used car broker and auctioneer
48
Provider of an online real estate platform
48
Food delivery services
48
Online portal for selling vehicles
45
Retailer of apparel for plus size women
45
Meal kit delivery service
37
Leading home exchange website
37
Social gifting service
33
Fashion ecommerce platform
33
Retailer of glasses and contact lenses
33
Fashion ecommerce platform
30
Retailer of sports merchandise
29
Booking of student accommodation
29
Retailer of food recipes and groceries
28
Online flower marketplace
27
Online cleaning service booking platform
27
Hire wear ecommerce website
26
Online marketplace for artworks
24
Online marketplace of luxury watches
23
Online personnel placement platform
22
Fooddelivery app
16
Home & furniture ecommerce platform
14
Ecommerce of customized apparel
13
Online retailer of cooking equipment
12
Online classifieds and shopping platform
N/A
*
*
*
*
*
Company
Description
Funding ($m)
USA Market Size: eCommerce ($322bn) & eService ($28bn)
Mobile commerce platform
1,080
Sameday grocery delivery company
875
Real estate platform
808
Food delivery service
722
Cloudbased online survey tool
694
Ecommerce of beauty products
475
Retailer of home products and furniture
351
Online marketplace for used cars
332
Online homeselling service
320
The Honest Company
Ecommerce of nontoxic household products
303
Ecommerce of automobiles
300
Online marketplace for professional services
273
Online subscription fashion retailer
249
Ecommerce of sleeping products
240
Online marketplace for secondhand goods
222
Designer and seller of eyeglasses
215
Online and offline postit note
205
Jobs and recruiting marketplace
205
Selfservice ticketing platform
198
Grocery delivery service company
194
Rent The Runway
Online rental of designer apparel
174
Real estate search and brokerage services
168
Foursquare
Local searchanddiscovery service mobile app
166
Ticket search engine
160
Online booking of pet sitters and dog walkers
156
Search engine for GIFs
151
PeertoPeer gift card marketplace
147
Online real estate marketplace
142
Search engine for Apps
134
Online shop of men's clothing and accessories
128
Cloudbased commerce platform for SMEs
122
Online food deliver service
120
Career marketplace
114
Online employment marketplace
113
Platform for professional legal advice
111
Booking platform of household services
111
Apartment rental marketplace
109
Subscription delivery of beauty products
103
Artsy
Online platform for art collections
101
Home improvement services platform
99
Subscription delivery of beauty products
87
Online marketplace for estate sale
85
Recruiting platform
73
Offers delivery of boxes of allnatural foods
59
Online app provides healthy organic meals
57
Provider of food recipes and ingredients
56
Wine community and label recognition app
56
Recruiting platform
55
Recruiting platform
55
Dollar store for a wide range of products
48
Online retailer of custom made men's suits
47
Pet boarding marketplace
47
Online curated shopping service
47
Mobile marketplace for auto reparations
43
Booking app for premium dining experiences
40
Automation to connect Apps and product
39
Online marketplace of local freelance labor
38
Online fashion jewelry shop
36
Ecommerce software company
35
Drizly
Online marketplace for alcoholic beverages
35
Career website for college students
34
Ecommerce website
33
Mobile shopping platform
32
Real time apartment rental platform
31
Online shop of lingerie and female appeal
12
Ecommerce for health and wellness food
5
*
*
*
*
*
*
*
Source: Crunchbase.
* The company went public after July 2014
NOAH Disruptor List (Cont'd)
49
Insurance & Finance
Company
Country
Description
Funding ($m)
Europe Transaction Value: Fintech ($640bn)
Ecommerce payment solutions
600
PeertoPeer money transfer service
396
Lending marketplace to SMB
373
Lending using online data
282
Online banking services
268
Online, mobile and PoS payment
266
Online peertopeer loan marketplace
198
Mobile payments company
292
Loan facilities for students
217
Fintech company offering online banking
213
Online international money transfer
188
Online loans secured with luxury assets
184
Peertopeer invoice finance platform
157
Home banking on mobile
150
Online payday lender
145
Appbased mobile digital banking services
145
Blockchainbased social payment app
136
PeertoPeer lending platform
128
Financial solution to SMB
119
Zopa
PeertoPeer money lending service
112
Regulatory financial software
111
Online business loans to companies
98
Online investment management firm
90
Global mobile foreign money transfer app
86
Mobiledelivered health insurance
82
Social trading and investment marketplace
73
Digital bank
70
Webbased bitcoin platform
70
Interest rate comparison site
64
Cloudbased platform for payments
59
Online PeertoPeer lending platform
59
Shortterm finance to SMEs
59
Operator of an online lending platform
58
Consumer loans comparison platform
53
Lending platform for postgraduates
53
Digital investment management service
50
Provider of consumer fintech solutions
48
Worldwide money transfer
47
Platform for banktobank payments
47
Mobile pointofsales company (mPOS)
44
Offers products around fixed deposits
44
International student payment solution
43
Platform for digital subscription payments
42
BankingasaPlatform service
42
SaaS for managing contractors' payments
40
Payment platform
40
Machine learning for insurance fraud
40
PeertoPeer lending platform
38
Risk management for financial institutions
37
Platform for algorithmic trading strategy
34
Online insurance brokerage
34
Product insurance for ecommerce
33
Property crowd funding platform
32
Bitcoin mining equipment
32
Peertopeer foreign currency swap
32
Mobile app for personal finance
31
Quicktoaccess personal finance
30
Independent investment advisory services
30
Mobile payments with loyalty and rewards
30
Marketplace for business loans in SME
27
International payment
27
Lowcost stock trading platform
23
Online alternative investment platform
20
Automation for financial agreement process
18
Mobile insurance broker
18
Mobile personal finance app for savings
17
Android NFC reader for cashless payments
17
Insurance roboadvisor
15
Etrading financial technology
15
Secure inapp payments
14
Prepaid debit card and mobile banking
11
App and card reader to create PoS
11
Cybersecurity for credit card fraud
8
Fraud prevention platform
6
Platform for retail investors
5
Antifraud company for payment
5
Provider of eWallet solution
3
Company
Description
Funding ($m)
USA Transaction Value: Fintech ($769bn)
Lending and wealth management services
1,880
Online credit platform
654
Installment loans at the point of sale
620
Credit card processing platform
591
Web and mobile payment services
440
Online credit and financial management
420
Peertopeer lending company
392
Marketplace for lending
355
Cloudbased mobile payment and marketing
307
Smart automated investing service
275
Crossborder payment platform
270
Personal finance and payment automation
259
Financial lending and data company
239
Bitcoin wallet and exchange service company
225
Online investment advisory platform
215
Online car insurance provider
206
Investment management platform
206
Automated investment service firm
205
Platform for business lenders and borrowers
190
Financial lending platform to SMEs
182
Online PeertoPeer insurance
180
Lowcost stock brokerage
176
Online marketplace for real estate lending
166
Online loans backed by car ownership
155
SaaS treasury and payment solutions
153
Marketplace for alternative investments
133
Financial management and accounting
131
Online and mobile payment solutions
126
Onlineonly direct lender of loans
112
Short term invoice financing to SME
108
Distributed ledger technology solutions
107
Online investment platform
102
Mobile payment platform
100
International payments
94
Global mobile payments network
87
Online marketplace investing in rental homes
75
Online payment service provider
74
Personal finance website
69
Peertopeer digital currency
63
Credit scoring and credit risk
62
Online lending marketplace
51
SaaS suite of enterprise software for SMEs
50
Online asset management fund
49
Fundraising platform
48
Bitcoin wallet
40
Online marketplace for real estate investing
36
Financial search engine for equity investors
35
Online investing platform
20
*
*
*
*
Source: Crunchbase, Gartner.
* The company went public after July 2014
NOAH Disruptor List (Cont'd)
50
Cloud, SaaS, & Enterprise Software Market Size: Cloud Services ($204bn)
Company
Description
Funding ($m)
USA (Cont.)
B2B application delivery platform
259
SaaS for property management
255
Storing, managing and analyzing data
248
Software and hosted service for big data
247
Commerce platform for selling cloud services
246
Cloudbased open platform for applications
243
SaaS for subscription billing and payments
243
SaaS product design platform
235
Provider of identity protection for enterprises
229
B2B cloud computing services company
220
Financial and accounting management
220
SaaSbased software analytics platform
215
Provider of analytics and decision science
211
Copy data visualization
208
Customs brokerage and freight forwarder
204
Cloudbased enterprise resource planning
194
Developer of distributed database technology
190
Analysis using data from social media
183
Web performance and security company
182
Cybersecurity products and services
177
HR, payroll and benefits management
176
Database platform for business
173
Platform for business spend management
169
Mobile Device Management solutions (MDM)
164
Object storage platform to build cloud storage
159
Domain name registration service
155
Search engine for big data apps
151
Cloudbased customer support software
149
Cyber security for business
148
Monitoring for dynamic cloud infrastructures
148
Cloudbased waste and recycling solutions
145
SaaSbased Technology Business
136
IaaS company for software developers
123
Operating system for datacenters
122
Cloudbased security company
122
Data virtualization software
120
Security and information platform
118
Provider of locationrelated information
116
Cloud access security broker
107
Cloudbased automation platform
105
Big data search and analytics software
104
Data integration, quality and management
102
Business intelligence for monetarization
101
Backup, recovery and business continuity
100
Business analytics software
94
Content management and collaboration
89
Anti fraud technology for ecommerce
89
Online customer support service company
86
Mobile App development platform
85
Provider of an open source graph database
80
Cloudbased integrated suite of small business
80
Realtime employee engagement platform
80
Database platform for realtime analytics
78
Analytics platform for the mobile and web
77
Provider of SaaS presentation software
73
Cloud monitoring with realtime analytics
66
Security for digital personas and transactions
62
PaaS for enterprise application development
62
Music artistticketing and content discovery
61
Cloudbased recruiting optimization platform
60
Cloudbased data analytics and integration
60
Provider of payroll software and services
57
Payroll, benefits and compliance software
53
Password and digital wallet management app
53
Cloud identity and access management
53
Cloudbased HR management software
47
Monitoring and analyzing cloud expenses
40
Development of enterprise software
38
Research to test usability and user experience
36
SaaSbased solutions for creating websites
36
Cloudbased multichannel retail management
36
Cloudbased recruitment software for SMEs
34
Company
Country
Description
Funding ($m)
Europe
Web hosting, cloud computing, and servers
279
Enterprise cyber threat defense software
180
Developer of cloudbased contract center
141
Electronic voting and electoral modernization
126
Software asset management and cloud spend
120
Provider of website usage and traffic analysis
112
Security and digital identification technologies
110
Six Degree Group
Provider of managed data services
106
Online procurement marketplace
101
Security software development company
100
Provider of database software
98
Softwaredriven storage for unstructured data
92
Cloudbased email management software
90
SaaS solution for sensitivedata management
81
User experience management tools
75
Data analytics for security and optimization
74
Enterprise Content Management (ECM)
69
Provider of SaaSbased office application suite
68
Cloud platform for application developers
67
Provider of SaaSbased social media tools
65
Provider of web governance software
55
Provider of cloudbased HR software
53
Java development platform on a PaaS
51
Cloudbased document management software
45
Provider of music hardware and software
44
Online B2B intelligence tools through platform
42
SaaS for retailers to replace the PoS
42
Software licensor and IT service provider
40
Cloudbased applications for small business
38
Online business management platform
36
Recruitment CRM and marketing software
35
Web analytics and data intelligence platform
35
Webbased business process management
34
Developer of big data software for telecom
34
Delivery and logistic management software
31
Workplace and office management
30
Robotic process automation software
30
Provider of mobile analytics software
29
Audio technology for entertainment industry
28
Process mining and big data analysis SaaS
28
Provider of DIY website building software
28
Online HR management
25
Solution for global supply chain risks
24
Open source data analytics software
21
Ocean freight price comparison platform
21
Client feedback platform via PoS terminal
19
SaaS HR and project analytics
19
Platform for connecting different cloud apps
16
Antimalware software products
15
Online job matching platform
14
USA
Developer of enterprise business software
2,500
Software for visualizing and analyzing data
2,030
Cloud platform to drive software innovation
1,700
Security and systems management solution
1,202
Platform for data management and analytics
1,040
Cloud file storage
690
SaaSbased business intelligence platform
672
SaaS for HR management and automation
584
Online file sharing and content management
559
Cloudbased electronic signature platform
512
Online research and insights platform
400
SaaS log management and analytics service
355
Cloudbased software provider for sales taxes
320
Cloudbased database solutions
311
Planning and performance management
300
Data access for recovery and development
292
Managed hosting platform for WordPress
291
Cyber security provider
282
Cybersecurity technology firm
281
SaaSbased solutions for creating websites
279
Data center and cloud security company
268
*
*
*
*
*
*
*
*
*
*
*
*
*
NOAH Partners
NOAH Top List: Europe SaaS Players
Company
Location
Business Overview
Founded
Key Investors
Funding
Develops and delivers cloud
contact center solutions
2000
130.8m
Platform and management
software provider for doctors
in Europe
2013
78.4m
SaaS solution for sensitive
data management
2000
73.7m
Increases the productivity of
sales while providing
marketing with relevant data
on sales interactions
2011
72.8m
Process mining and big data
analysis SaaS
2011
71.9m
Social media monitoring
system summarizing content
on the web
2007
60.2m
Online restaurant booking
infrastructure and marketing
service
2005
58.3m
Provider of SaaSbased office
application suite
2005
55.2m
Provider of cloud marketing
software for B2C companies
2000
51.2m
Provider of web governance
software
2003
51.0m
Online healthcare platform
enabling patients to find local
physicians online
2011
45.9m
Provider of cloudbased HR
software
2007
44.0m
SaaS enabling retailers to
digitize their point of sale
2013
38.4m
Content management system
that enables crossplatform,
multidevice publishing
2011
36.4m
Developer of cloudbased
applications for small
business
2009
35.2m
52
Source: Company websites, CrunchBase, NOAH Advisors.
NOAH Top List: Europe SaaS Players (Cont'd)
53
Source: Company websites, CrunchBase, NOAH Advisors.
Company
Location
Business Overview
Founded
Key Investors
Funding
Webbased sales CRM &
pipeline management
2010
81.0m
Process mining and big data
analysis SaaS
2011
65.8m
Webbased business process
management
2009
46.5m
Largest source of free private
company information in the
UK and Ireland
2011
36.5m
SaaS platform that allows
advertisers to launch and
measure social media
campaigns
2010
33.0m
Provider of SaaS solutions for
digital partner marketing
2010
25.3m
Online platform that offers
costeffective package
delivery services
2011
21.7m
SaaS and cloudbased supply
chain risk management
solution
2013
21.7m
Seamless integration of a
Marketplace with an existing
or embryonic website
2011
20.9m
Cloudbased branding
automation and digital asset
management
2013
19.8m
Enables airlines to leverage
their online, offline and
offsite customer data
2011
17.6m
Online service to drive direct
hotel bookings for the hotel
industry
2013
17.1m
SaaS platform for HR and
project analytics
2011
17.0m
Emailing platform that
improves the deliverability of
emails
2010
16.2m
Powers marketers to
understand and engage with
their customers
2012
15.3m
The NOAH Conferences
The NOAH Ecosystem
55
The NOAH Ecosystem *
* Includes only a small sample of companies regularly
attending NOAH Conferences.
cThree Conferences, One Mission: Empower the European Digital Ecosystem
Real Winners on Stage
$50bn+ Exits have Presented on the NOAH Stage
Jun16
(2016)
US
Mega Fund Raise
62,500
Jun16
(2009)
US
26,200
Nov13
(2009)
Sweden
Multiple Mega Fund Raises
13,000
Sep15
(2009)
UK
8,931
May11
(2009)
Luxembourg
8,000
Nov15
(2011)
Ireland
5,900
May17
(2016)
The Netherlands
3,270
May17
(2017)
Germany
Mega Fund Raise
2,800
Jan14
(2011)
UK
2,800
Oct15
(2013)
Russia
2,729
Nov13
(2013)
Germany
2,500
Aug15
(2013)
Sweden
Multiple Mega Fund Raises
2,250
Sep17
(2016)
UK
Mega Fund Raise
2,000
Sep15
(2011)
The Netherlands
Mega Multiple Fund Raises
2,000+
Nov12
(2010)
USA
1,800
Mar15
(2009)
UK
1,550
Jan14
(2010)
France
1,500
Jul16
(2009)
The Netherlands
1,300
Sept14
(2009)
UK
1,200
Jun13
(2011)
USA
1,100
Feb14
(2012)
Czech Republic
1,000
May14
(2016)
Czech Republic
870
Jan11
(2011)
France
846
Dec14
(2009)
France
800
Feb14
(2009)
UK
800
Mar17
(2005)
UAE
650
Feb15
(2015)
Germany
706
Jan15
(2011)
UK
680
May08
(2016)
Germany
644
Mar14
(2016)
Ireland
620
Oct15
(2017)
UK
617
Apr11
(2011)
Germany
600
May15
(2013)
Turkey
589
M&A
(minority)
(52%)
56
(60%)
Exponent. Electra
(controlling)
Real Winners on Stage (Cont'd)
$50bn+ Exits have Presented on the NOAH Stage
57
Jul15
(2017)
US
IPO
99,985
Jun18
(2011)
Netherlands
IPO
14,061
Sep14
(2013)
Germany
IPO
11,507
Oct10
(2009)
UK
IPO
7,421
Jun17
(2016)
Germany
IPO
6,612
May14
(2017)
US
IPO
5,038
Oct14
(2013)
Germany
IPO
4,261
Oct15
(2015)
UK
IPO
3,947
Nov13
(2012)
Israel
IPO
3,782
Dec16
(2012)
Germany
IPO
2,728
Nov17
(2015)
Germany
IPO
2,037
Sept16
(2017)
The Netherlands
IPO
2,030
Oct13
(2011)
France
IPO
2,011
Apr14
(2017)
UK
IPO
1,265
Jun18
(2016)
Germany
IPO
844
IPO
Current Market Cap ($m)
May16
(2014)
Israel
575
Apr16
(2013)
Spain
570
Feb17
(2012)
UK
550
Sep15
(2015)
USA
440
Jul14
(2013)
Switzerland
Multiple Mega Fund Raises
400+
Feb13
(2009)
Spain
345
Jan11
(2010)
UK
312
Sep16
(2016)
Germany
(51%)
300
Jul12
(2012)
Czech Republic
250
Apr16
(2014)
UK
241
Aug15
(2014)
Austria
240
May14
(2012)
Israel
228
Mar15
(2013)
Germany
219
May14
(2010)
Turkey
200
Apr17
(2017)
US
200
Aug17
(2017)
Israel
200
Oct14
(2012)
Germany
190
Sep15
(2012)
UK
176
Nov17
Cards Games Studio (2013)
Turkey
Zynga
100
M&A (Cont'd)
(undisclosed %)
59
Key Facts
Dates:
3031 October 2018
Location:
Old Billingsgate, 16 Lower Thames Street
London EC3R 6DX
# of Speakers:
120+
# of Stages:
3
# of Exhibitors:
15
Caterer:
Noura
Old Billingsgate
References
Program >>
Videos >>
NOAH London 2018 Review
Key Links
Speaker Book >>
Investor Book >>
Service Provider Book >>
Startup Book >>
60
NOAH London 2018 Highlights
Speaker Highlights
37%
25%
14%
13%
4% 7%
Internet Entrepreneurs and
Executives
Investors
Service Providers
Corporate Excutives
Press
Other
25%
24%
12%
5%
4%
3%
27%
UK
Germany
USA
Spain
Switzerland
Poland
Other
Attendees by Country
Attendees by Type
61
Venue & Networking Impressions
62
Main Stage Impressions
NOAH Partners
Event Partners
Strategic Partners
Premium Partners
Knowledge Sponsor
Media Partners
63
64
The Terrace
Key Links
Seating for up to 3,000 guests in the main and
1,000 sqm indoor space
Key Facts
The Tempodrom is one of Berlin's premier and most historic
event venues, located between Mitte and Kreuzberg
5,500 sqm outdoor space will be covered in lounge
areas, exhibition stands and catering booths.
Dates:
67 June 2018
Location:
Tempodrom, Mckernstrae 10, 10963 Berlin
Audience:
2,641
# of Speakers:
120+
# of Stages:
3
# of Exhibitors:
32
Caterer:
Kfer Service
The Tempodrom
Ground Floor
Video Library >>
Full Program >>
NOAH18 Berlin Impressions >>
Live Blog >>
NOAH Berlin 2018 Review
65
NOAH Berlin 2018 Highlights
42%
21%
17%
16%
4% 1%
Internet Entrepreneurs
and Executives
Investors
Service Providers
Corporate Executives
Press
Other
67%
9%
5%
2%
18%
Germany
Great Britain
Switzerland
US
Other
Attendees by Country
Attendees by Type
Speaker Highlights
2,641 Attendees
120+ Speakers
62 Partners
12 Workshops
66
Venue & Networking Impressions
See more pictures
67
Colosseum Impressions
See more pictures
68
NOAH Partners
Event Partners
Media Partners
Strategic Partners
Premium Partners
Knowledge Partner
69
Key Links
Key Facts
Dates:
1314 March 2018
Location:
Haoman 17, Shalma Road 38, Tel AvivYafo, Israel
Audience:
800
# of Speakers:
80
# of Stages:
1
# of Exhibitors:
5
Haoman 17
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NOAH Partners
Industry Partners
Founding Partners
Event Partners
Media Partners
Target Global Portfolio
NOAH Advisors Overview
NOAH Advisors Overview
100% focused on Internet companies in 25 verticals
 Covering 250 leading European Internet companies,
200 Investors and 50 Corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
 Facilitates overall process and minimizes
management distraction
The NOAH team has 20+ years of media investment
banking 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
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
 Database of over 2k companies and 30k individuals
 Proactively finds and unlocks attractive investment
opportunities for leading investors
Annual NOAH Conference in its 7th year
The NOAH team are entrepreneurs and focused on
growing the business and establishing a reputation for
excellence
Ability to deliver top results in short time frames
Highly successbased compensation structures align
interests of clients and NOAH Advisors, and
demonstrate conviction to deliver top results
Creative deal solutions
Strong Investment Banking Competence
Unique Industry KnowHow
Full Commitment  We Are Entrepreneurs!
Unmatched Network and Relationships
Marco Rodzynek
Founding Managing Director
Jan Brandes
Managing Director
Nikhil Parmar
Director
The NOAH Advisors Core Banking Team
May 2014
Exclusive Financial Advisor to
Yad2 and its Shareholders
sold 100% of
for $228m to a joint venture between
December 2014
October 2014
Exclusive Financial Advisor to Trovit
and its Shareholders
Sale of 100% of
for 80m to
Exclusive Financial Advisor to Fotolia and
the Selling Shareholders
Sale of 100% of
for 800m to
Selected Completed NOAH Transactions
Olek Skwarczek
Associate
October 2016
Investment in
by
84% Ownership
Exclusive Financial Advisor to
KuferPortal and its Shareholders
75
December 2016
Investment in
Financial Advisor to Silver Lake
by
August 2017
Acquisition of a Majority Stake in
Financial Advisor to EMK Capital
by
at a valuation of $200m
Lukas Schlund
Analyst
July 2018
Sale of 100% in
Exclusive Financial Advisor to
PromoFarma and its shareholders
to
September 2018
Sale of 100% in
Financial Advisor to 10bis and its
shareholders
for 135m to
10Bis
NOAH Advisors Overview (Cont'd)
Jan Brandes
Managing Director
With NOAH Advisors since Aug10
jan.brandes@noahadvisors.com
Mobile: +49 174 2010 984
Nikhil Parmar
Director
With NOAH Advisors
since Jul12
BSc in Economics and MSc in Economics
(with specialisation in Finance) from the
London School of Economics
Completed M&A deals include:
Marco Rodzynek
Founding Managing Director
Apr09
marco.rodzynek@noahadvisors.com
Mobile: +41 799 58 1512
Lehman Brothers, 1998  April 2009
(acquired by Nomura end 2008)
 Head of Internet, Media Investment Banking
40+ completed M&A deals ($95bn+), including:
Lehman Brothers, 2005 May 2010
(Nomura from end 2008)
 Media/TMT Investment Banking
20+ completed M&A deals, including:
Paula Garca
VP NOAH
With NOAH Advisors
since Jan16
Sales & Marketing, QP Magazine @ The
Telegraph, London
Client Service, Global Forest Partners,
NH, USA
Gema Alba
New Media Designer
With NOAH Advisors
since Jun15
12+ years experience in visual
and user interface design, and UI
development
Olek Skwarczek
Associate
With NOAH Advisors since
Sep15
M&A / corporate finance at IPOPEMA
Securities, EY and KPMG
Completed M&A deals include:
Justus Lumpe
Managing Director
With NOAH Advisors
since Dec15
Lehman Brothers / Nomura, Industrials, 20052012
Selected transactions include:
The NOAH Advisors Team
Marco Bombach
Creative Director
With NOAH Advisors since
Jun10
Digital content creation, creative concept development, covering
the full audiovisual production chain, content distribution and
optimization for all media channels
Marina Khrolovich
Assistant
With NOAH Advisors since
Jan12
Manager in International Business
Department of SOE "Belaeronavigation"
Economics and Industrial Management,
Belarusian State University of Informatics
and Radioelectronics
Daniel Wasowicz
Head of Data Team
With NOAH Advisors
since Feb16
Assistant Director of Sales in HERMES
POLAND
Business Owner's assistant in Ledkos
76
Maria del Mar Prez
CTO
With NOAH Advisors
since Feb17
9+ years experience in software development
BSc in Computer Engineering
Chairman of the Supervisory Board of Siemens AG
Former Chairman of the Executive Board and later Chairman of the Supervisory
board of ThyssenKrupp AG
Board memberships include: Compagnie de SaintGobain, Allianz SE,
Deutsche Lufthansa AG, E.ON AG, BNP Paribas S.A., Suez S.A., Volkswagen
AG, ABB Ltd., Thales S.A. and Axel Springer AG
Dr. Gerhard Cromme
Chairman
With NOAH Advisors
since Jun17
Lukas Schlund
Analyst
With NOAH Advisors
since Feb18
Investment banking and Venture Capital experience
from SevenVentures, aws Founders Fund, GP
Bullhound and BNP Paribas
Graduated in Management from EBS Business
School and KEDGE Business School
Hadar Shalev
Key Account Manager
With NOAH Advisors
since Oct18
2 years as Project manager at a film and
television production company
BA in business management and economics
from Interdisciplinary center Herzeliya
Gabriela Clauss
Customer Relations &
Sales
With NOAH Advisors
since Feb16
Sales & Relationshipmanager Trusted
Family, NY
Sales & Relationshipmanager Family Office
Exchange, London
Selected NOAH Advisors Deals
Exclusive Financial Advisor to
Facile.it and its Shareholders
to
Sale of controlling stake in
Exclusive Financial Advisor to
Trovit and its Shareholders
for 80m to
Sale of 100% of
Advisor to the Selling Shareholders
sale to
Exclusive Financial Advisor to
Yad2 and its Shareholders
for $228m to JV between
sold 100% of
Exclusive Financial Advisor to
Softonic and its shareholders
for a 30% stake alongside
Softonic's Founders and Angel
Investors at 275m valuation
Growth equity investment from
April 2012
Financial Advisor to Toprural
and its Shareholders
Sale of 100% in
to
November 2011
Exclusive Financial Advisor to
Fotolia and its Shareholders
$150 million growth equity
investment from
for a 50% stake alongside Fotolia's
Founders and TA Associates
Additional $150 million senior debt
financing
September 2014
October 2014
December 2014
Exclusive Financial Advisor to
Fotolia and the Selling
Shareholders
for $800m to
Sale of 100% of
August 2014
May 2014
February 2013
May 2012
Exclusive Financial Advisor to
grupfoni and its Shareholders
Sale of a majority stake in
to
Quants Financial Services AG
September 2015
Exclusive Financial Advisor to
Drushim and its Shareholders
to
Sale of 70% stake in
July 2015
Advisor to BIScience
from
Primary funding for
November 2015
Exclusive Financial Advisor to
Pipedrive
$5m fundraising and NOAH as
the Lead Investor
August 2015
Exclusive Financial Advisor to
Aloha
$14m fundraising and NOAH as
the Lead Investor
May 2016
September 2016
Acquisition of a Majority Stake in
by
from
at a valuation of 300m
Exclusive Financial Advisor to
10Bis and its Shareholders
Financial Advisor to Oakley
Capital
Investment in
10Bis
by
October 2016
Investment in
by
84% Ownership
Exclusive Financial Advisor to
KuferPortal and its
Shareholders
December 2016
Investment in
Financial Advisor to Silver Lake
by
August 2017
Acquisition of a Majority Stake in
Financial Advisor to EMK Capital
by
at a valuation of $200m
77
July 2018
Sale of 100% in
Exclusive Financial Advisor to
PromoFarma and its
shareholders
to
September 2018
Sale of 100% in
Financial Advisor to 10bis and
its shareholders
for 135m to
10Bis
NOAH ADVISORS Ltd.
www.noahconference.com
www.noahadvisors.com
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