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About Results International

Deep domain expertise in three inter-related sectors… … and broad industry networks

A market-leading corporate finance advisory firm…

• 40 person team; 250+ completed transactions

• Broad global network

• Creative solutions

• Senior level focus on every transaction

• Founded in 1991

• Entrepreneurial and owner-managed

…with global reach

70%

75%

80%

85%

90%

95%

100%

105%

110%

115%

120%

Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15

NASDAQ Comp Diversified Internet MarTech Data AdTech

Results International Global AdTech & MarTech Indices

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10.5%

2.7%

13.1%

5.1%

(23.8%)

Last

12 m

on

ths

sha

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Q2 2015 Performance

MarTech 11.6%

AdTech 3.9%

Diversified Internet 3.1%

Nasdaq Comp 1.8%

Data 0.4%

Jul 14 Aug 14 May 15 Apr 15 Mar 14 Feb 14 Jan 14 Nov 14 Oct 14 Sep 14 Dec 14 Jun 15

Note: Based on share prices as at 30th June 2015

Note: Indices weighted by market capitalisation

Sources: Capital IQ and Results analysis

(0.3%)

(57.5%)

41.2%

(13.6%)

(60.5%)

(42.7%)

(55.7%)

(29.7%)

(67.5%)

(17.4%)

(74.1%) (73.6%)

16.5%

(38.3%)

104.1%

(8.1%)

(25.3%) (34.9%)

(10.4%)

2.5%

98.3%

(3.5%)

0.0%

99.7%

(18.9%)

3.8%

17.3%

(8.0%)

33.7%

20.3% 27.5%

(7.6%)

11.8%

(100%)

(80%)

(60%)

(40%)

(20%)

-

20%

40%

60%

80%

100%

120%

(0.3%) (7.7%)

19.5%

(10.2%)

(55.5%)

8.7%

(43.8%)

(18.9%)

14.9%

4.2%

(19.4%) (11.3%)

(16.8%)

20.2%

3.9% 5.7% 1.6%

(7.9%)

(26.5%)

13.8%

23.5%

7.5% 3.5%

99.7%

(6.4%) (2.7%)

3.4%

(15.1%)

15.9%

4.0% 3.1%

(3.8%) (12.6%)

(80%)

(60%)

(40%)

(20%)

-

20%

40%

60%

80%

100%

120%

AdTech & MarTech: Share Price Performance

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AdTech Diversified Internet

Q2 2

015

Last

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MarTech Data

Note: (1) Adgorithms IPO’d on 11th June 2015 and Shopify IPO’d on 20th May 2015, the share price movement represents the change between each stocks respective IPO date and 30th June 2015

Note: (2) 2015E Net Revenue data is unavailable

Note: (3) These companies have IPO’d within the last 12 months, the share price movement represents the change between each stocks respective IPO dates (see slide 4) and 30th June 2015

Note: Based on share prices as at 30th June 2015

Sources: Capital IQ and Results analysis

EV/2015E

Net Revenue - 0.7x - 1.7x 1.9x

(1)

1.7x 2.1x 1.4x 1.4x 2.8x 1.3x 6.1x 1.6x 2.1x 1.5x 2.1x 11.2x 5.6x 10.1x 11.5x 1.8x 4.9x 4.4x 2.0x 2.0x 3.8x 5.9x 7.5x 13.5x 7.9x 2.5x 2.6x (2)

(3)

18.5x (2)

(1)

(3) (3) (3)

(3) (3) (3)

(3)

AdTech & MarTech: Selected Stocks – Performance Since IPO

4

Company IPO date Description Raised

($) Indicative price

range ($)

IPO listing

price ($)

Day 1

increase

Current

increase(1)

Current

EV ($)

EV / Net

Revenue

2015E

EV / EBITDA

2015E

Jun-15 AI ad optimisation 42 n.a. 2.1 4.2% (0.3%) 83 n.a. n.a.

May-15 eCommerce platform 131 12.0-14.0 17 51.1% 99.7% 2,954 18.5x n.m.

Mar-15 Localised ad targeting 75 10.5-12.5 11.5 (15.1%) (29.7%) 174 1.9x n.m.

Oct-14 Marketing automation 125 22.0-24.0 25.0 20.4% 98.3% 1,687 10.1x n.m.

Sept-14 Multi-channel ad server 75 n.a. 1.7 0.8% (13.6%) 151 n.a. n.a.

Jul-14 Programmatic video DSP

44 7.0-8.0 7.0 64.3% 104.1% 493 6.1x n.m.

Jul-14 Multi-channel ad network

70 n.a. 3.9 4.4% (55.7%) 167 2.6x 14.9x

Apr-14 SSP 102 15.0-17.0 15.0 33.9% (0.3%) 572 2.8x 22.1x

Nov-13 Multi-channel network 33 n.a. 1.0 20.0% (76.1%) 38 1.4x n.m.

Oct-13 DSP focused on retargeting

251 27.0-29.0 31.0 14.2% 53.8% 2,671 7.9x 37.7x

Sep-13 DSP 116 27.0-29.0 29.0 93.4% (71.7%) 338 1.4x n.m.

Aug-13 Video ad network 46 12.0-14.0 9.0 0.0% (39.8%) 136 1.6x n.m.

Nasdaq

LSE

NYSE

AIM

Nasdaq

Nasdaq

NYSE

AIM

NYSE

AIM

NYSE

Note: (1) Current increase from IPO price; Market data as of 30th June 2015

Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 60x EV / EBITDA

Sources: Capital IQ and Results analysis

NYSE

1.8 x

7.9 x

3.2 x

5.9 x

2.5 x

-

1.0 x

2.0 x

3.0 x

4.0 x

5.0 x

6.0 x

7.0 x

8.0 x

9.0 x

AdTech MarTech Data Diversified

Internet

Global AdTech/

MarTech

30.0% 30.3%

3.8%

13.3%

22.4%

-

5%

10%

15%

20%

25%

30%

35%

AdTech MarTech Data Diversified

Internet

Global AdTech/

MarTech

AdTech & MarTech: Valuation Benchmarks

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Revenue growth (2015-16E) EV / Net Revenue 2015E

(1) (1)

Note: (1) Global AdTech / MarTech represents the average of all stocks in AdTech, MarTech, Data & Diversified Internet, with no weighting applied

Note: EV = Enterprise Value; Financials calendarised to December year end

Note: Median values reported

Note: See Selected Publicly Traded Companies (Slide 9) for details of companies included in each category

Source: Capital IQ & analyst reports

54

43

74

52

108

101

113

106

98 101

-

$1bn

$2bn

$3bn

$4bn

$5bn

$6bn

$7bn

$8bn

$9bn

0

20

40

60

80

100

120

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015

Tota

l dis

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sed

de

al v

alu

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$b

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Nu

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f d

ea

ls

Number of deals Total disclosed deal value ($bn)

AdTech & MarTech: Global M&A Activity Q1 2013 – Q2 2015

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Note: (1) Q3 2014 data includes Alliance Data’s acquisition of Conversant ($2.2bn)

Note: (2) Q2 2015 data includes Verizon’s acquisition of AOL ($4.3bn)

Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis

(1) (2)

AdTech & MarTech: Selected Deals in Q2 2015 Date Buyer Target EV ($m) EV / Revenue Company description Target location

Jun 15 - - Media logistics & workflow software

Jun 15 720 - Campaign management and optimisation stack

Jun 15 295 - Mobile ad network

Jun 15 132 - Mobile ad network

Jun 15 - - Targeted TV SSP

May 15 43 1.6x Ad server & search retargeting

May 15 12 1.1x Mobile DSP

May 15 50 - Social media advertising

May 15 4,135 2.3x Online publisher and full ad tech stack

May 15 26 4.2x eCommerce marketing platform

May 15 - - DMP

May 15 - - PPC optimisation

Apr 15 - - Targeted creative dynamic optimisation

Apr 15 533 - Predictive cross-device retargeting

Apr 15 120 - mCommerce platform

Apr 15 200 - eCommerce marketing automation

Apr 15 22 3.1x Mobile ad tracking

Apr 15 10 2.0x Social CRM

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(1)

Note: (1) In certain cases EV/Revenue are publically reported estimates; TTM net revenues have been used where possible (gross revenues minus TAC generated in the last 12 months); EV = transaction

value scaled to 100% shareholding plus net debt (incl. minority interest)

Sources: Press Releases, Capital IQ, Mergermarket, PitchBook, 451 Research and Results analysis

AdTech & MarTech: Selected Fundraisings in Q2 2015

8 Note: (1) round reported to be split between debt and equity

Source: Press Releases, Capital IQ, Mergermarket, PitchBook and Results analysis

Date Company Type of round Funds

raised ($m) Investor participation Company description

Company

headquarters

Jun 15 Series B 20 Advance Vixeid Partners (lead investor), RezVen Partners and existing investors Native SSP

Jun 15 - 54 Harmony Partners (lead investor), Industry Ventures, DFJ Esprit, Trinity Ventures,

Crosslink Capital and Adams Street Partners DSP

Jun 15 Series B 13 Smedvig Capital (lead investor), Panoramic Growth Equity Search retargeting

Jun 15 Series A 12 Softbank Capital and Google Ventures Predictive eCommerce targeting

Jun 15 Series D 33 FTV Capital (lead investor), Battery Ventures, First Round Capital and Shasta

Ventures Targeted in-email advertising

Jun 15 Series B 11 Edison Partners (lead investor), NextView Ventures, Laconia Capital Group,

iNovia Capital and True Ventures Native ad network and exchange

Jun 15 Series D 21 Ares Capital Corporation (lead investor), Vision Private Equity, Verlinvest,

Syngenta Ventures and Unilever Ventures Mobile marketing CRM

Jun 15 Series A 8 Entrepreneur Venture and Bpifrance Mobile DSP

May 15 Series D 74 Vitruvian Partners (lead investor), Seed Capital, Northzone, Index Ventures

and DFJ Esprit eCommerce review community

May 15 Series C 26 Morgan Stanley Expansion Capital (lead investor), First Round Capital, Upfront

Ventures and New Enterprise Associates In-image advertising

May 15 - 25 Edison Partners (lead investor), Charles River Ventures, the Honeywell pension

ORIX Ventures and private investors Search retargeting

May 15 Series B 30 Neuberger Berman Digital media planning & management

May 15 Series B 22 Insight Venture Partners (lead investor) and Madrona Venture Group TV ad measurement

May 15 Series C 40 Lightspeed Venture Partners (lead investor), Lerer Hippeau Ventures, First

Round Capital, GGV Capital and Sequoia Capital Marketing management

May 15 Series B-2 19

Blue Cloud Ventures, Zanadu Capital Partners, Silicon Valley Bank, Knight

Enterprise Fund, G&H Partners, FirstMark Capital, Firsthand Technology Value

Fund and Avalon Ventures

Cross-device DSP

May 15 Series A 22 AVAST Software Marketing analytics

May 15 Series C 100 SoftBank (lead investor) and BlueRun Ventures Real-time social media discovery

Apr 15 Series A 5 Dawn Capital (lead investor), Northzone and Conor Ad viewability

(1)

(1)

AdTech & MarTech: Selected Publicly Traded Companies

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Sources: Capital IQ, market data as of 30 June 2015. Note: Calendarised to December year end. Cap multiple at 20x EV/Revenue and 60x EV/EBITDA. Net debt is inclusive of minority interest and preferred equity. Net

revenues have been used where appropriate. Broker reports have been used for selected company financials: Numis (May-15) for Blinkx, Jefferies (Jun-15) for Criteo, N+1 Singer (Jun-15) for Marimedia, Canaccord Genuity

(Apr-15) for Matomy Media, William Blair (Jun-15) for MaxPoint Interactive, Evercore (Sep-14) for Millennial Media, Cenkos (May-15) for Rightster, BMO Capital Markets (May-15) for Rocket Fuel, Jefferies

(May-15) for Tremor Video, BMO Capital Markets (May-15) for TubeMogul, Deutsche Bank (May-15) for YuMe, RBC Capital Markets (May-15) for Google and Oppenheimer (May-15) for Yahoo!

Valuation Metrics Operating Metrics

Price % of 52 Market Net Enterprise Net Revenue EBITDA Revenue Growth EBITDA Margin

Company (30-Jun-15) Week High Cap Debt Value CY2015 CY2016 CY2015 CY2016 CY14-15 CY15-16 CY2015 CY2016

AdTech

Adgorithms LTD 2.06 92.9% 127 (44) 83 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Blinkx plc 0.42 39.9% 171 (96) 75 0.7 x 0.8 x 6.0 x 19.4 x (14.6%) (11.1%) 12.2% 4.3%

Criteo SA 47.67 92.7% 2,979 (308) 2,671 7.9 x 5.2 x 37.7 x 23.5 x 69.6% 51.0% 20.9% 22.3%

Crossrider Plc 1.45 81.2% 227 (76) 151 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Marimedia Ltd. 0.99 35.6% 69 (25) 44 2.5 x 1.8 x 11.2 x 4.5 x (7.9%) 40.0% 22.3% 40.0%

Marin Software Incorporated 6.74 55.5% 244 (49) 194 1.7 x 1.4 x n.m. n.m. 15.5% 17.0% (10.7%) (1.3%)

Matomy Media Group Ltd. 1.72 43.0% 161 6 167 2.6 x 2.4 x 14.9 x 6.8 x 20.3% 6.0% 17.3% 35.8%

MaxPoint Interactive, Inc. 8.08 71.9% 211 (37) 174 1.9 x 1.4 x n.m. n.m. 49.1% 37.3% (21.3%) (16.6%)

Millennial Media Inc. 1.62 32.4% 227 (32) 195 1.7 x 1.3 x n.m. n.m. 12.5% 23.6% (31.5%) (7.9%)

Opera Software ASA 8.58 63.9% 1,268 17 1,286 2.1 x 1.7 x 10.4 x 7.9 x 28.9% 25.5% 19.9% 20.9%

Rightster Group Plc 0.23 23.6% 51 (13) 38 1.4 x 1.0 x n.m. n.a. 89.7% 40.0% (47.9%) 0.0%

Rocket Fuel Inc. 8.20 26.2% 346 (8) 338 1.4 x 1.2 x n.m. n.m. 71.7% 22.4% (15.5%) (8.9%)

The Rubicon Project, Inc. 14.96 72.7% 693 (120) 572 2.8 x 2.1 x 22.1 x 13.5 x 63.5% 33.4% 12.7% 15.5%

Tremor Video, Inc. 2.91 60.1% 150 (75) 75 1.3 x 0.9 x n.m. n.m. 7.3% 39.0% (28.6%) (12.5%)

TubeMogul, Inc. 14.29 60.0% 529 (36) 493 6.1 x 4.4 x n.m. n.m. n.a. 40.6% (1.2%) (21.1%)

YuMe, Inc. 5.42 83.3% 181 (45) 136 1.6 x 1.4 x n.m. n.m. 20.1% 13.2% (3.6%) (5.2%)

MarTech

Bazaarvoice, Inc. 5.89 62.7% 472 (50) 422 2.1 x 1.9 x n.m. 57.0 x 9.5% 10.8% (3.4%) 3.3%

Brightcove Inc. 6.86 62.8% 223 (21) 202 1.5 x 1.4 x 36.9 x 23.8 x 7.8% 8.7% 4.1% 5.8%

Constant Contact, Inc. 28.76 66.6% 962 (179) 783 2.1 x 1.8 x 10.6 x 8.5 x 13.0% 15.3% 19.7% 21.4%

Demandware, Inc. 71.08 96.8% 2,802 (189) 2,613 11.2 x 8.4 x n.m. n.m. 45.6% 33.3% 4.6% 6.9%

HubSpot, Inc. 49.58 90.3% 1,823 (136) 1,687 10.1 x 7.9 x n.m. n.m. 44.1% 28.5% (14.6%) (11.8%)

Marketo, Inc. 28.06 78.8% 1,274 (97) 1,177 5.6 x 4.2 x n.m. n.m. 39.5% 32.5% (12.3%) (8.6%)

New Relic, Inc. 35.19 91.0% 1,898 (201) 1,698 11.5 x 8.6 x n.m. n.m. 49.3% 34.1% (26.4%) (11.7%)

Shopify Inc. 33.95 80.6% 3,057 (103) 2,954 18.5 x 13.9 x n.m. n.m. 52.2% 33.0% (4.8%) (2.3%)

Data

Acxiom Corporation 17.58 78.8% 1,386 147 1,533 1.8 x 1.8 x 11.3 x 10.1 x (15.3%) (1.4%) 15.6% 17.6%

Alliance Data Systems Corporation 291.94 93.6% 18,157 13,639 31,796 4.9 x 4.3 x 16.6 x 14.6 x 23.4% 12.0% 29.2% 29.7%

Experian plc 18.23 91.7% 17,575 3,281 20,856 4.4 x 4.2 x 12.8 x 12.0 x (1.0%) 4.6% 34.2% 35.0%

Teradata Corporation 37.00 78.7% 5,493 (281) 5,212 2.0 x 1.9 x 7.7 x 7.3 x (2.7%) 2.6% 25.3% 26.0%

Diversified Internet

Amazon.com Inc. 434.09 95.9% 202,321 3,250 205,571 2.0 x 1.7 x 22.7 x 17.6 x 16.0% 18.0% 8.8% 9.6%

eBay Inc. 60.24 95.2% 73,442 (2,016) 71,426 3.8 x 3.5 x 12.3 x 11.2 x 4.7% 10.4% 31.0% 30.9%

Facebook, Inc. 85.77 95.9% 241,900 (12,227) 229,673 13.5 x 10.1 x 22.0 x 16.5 x 36.6% 33.4% 61.4% 61.2%

Google Inc. 540.04 88.7% 370,878 (57,734) 313,144 5.9 x 5.2 x 14.2 x 13.0 x 22.1% 13.3% 41.6% 40.1%

Yahoo! Inc. 39.29 74.7% 37,063 (4,054) 33,009 7.5 x 7.9 x 44.0 x n.m. (0.6%) (5.1%) 17.0% 11.5%

25th percentile 1.7 x 1.4 x 11.2 x 8.5 x 7.4% 10.6% (11.5%) (6.5%)

Median 2.5 x 1.9 x 14.2 x 13.0 x 20.2% 22.4% 8.8% 6.9%

75th percentile 6.0 x 4.8 x 22.1 x 17.6 x 45.2% 33.4% 20.4% 24.2%

10

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