Table of Contents - NOAH Conference · Table of Contents Service Provider 500Tech 11 Adtelligence 12 Aklamio 13 BDO Legal 14 Besedo 15 Business Buddies 16 CareerTeam 17 Chris Philipps

Table of Contents

Program 5

Service Provider 9

Trading Comparables 48

2

3

Table of Contents

Service Provider

500Tech 11

Adtelligence 12

Aklamio 13

BDO Legal 14

Besedo 15

Business Buddies 16

CareerTeam 17

Chris Philipps 18

Clipperton 19

ctrl QS 20

Deloitte Legal 21

Dr. Graf von Westarp

Executive Search

22

Drake Star Partners 23

Dwight Cribb 24

Early Metrics 25

Easy Payment Gateway 26

enable2grow 27

Flick Gock Schaumburg 28

FSL Software Technologies 29

German Accelerator 30

Gestluz 31

Goodwin 32

headfinders 33

Indigo Headhunters 34

Leverate Media 35

Match-Maker Ventures 36

NOAH Advisors 37

Norton Rose Fulbright 38

Oppsense 39

PIABO PR 40

PortusPark 41

Sasteria Financiera 42

Scalebridge 43

SolbegSoft 44

TechGDPR 45

Thinslices 46

tridion digital solutions 47

TripleLift 48

5

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Program

6

Trav

el &

Tou

rism

Tran

spor

tatio

n &

Mob

ility

Heal

thca

re, S

cien

ce

& Ed

ucat

ion

Mar

ketin

g Te

chO

nlin

e Fa

shio

n

CP

CP

KFC

FCK

FCFC

FCFC

FCFC

FCFC

FCFC

CP

CP

CP

PP

FCC

PC

PA

CP

CP

CP

KFC

CP

K

Lunch served between 11:30 - 15:00

NOAH

St

artu

ps

CP

Cons

umer

Goo

ds,

Reta

il &

Ecom

mer

ce

Nir ErezNicolas BrussonMarkus VilligSebastian WohlrappPaulin DementhonAmos HaggiagDr. Jens WohltorfMarko GučekJochen EngertFinn Age HänselSohaila OuffataChantal AmbordFlorian Reuter

Saskia SteinackerSimone MenneJulie TeiglandStanislas Niox-Chateau Alberto E. PorcianiMartin VarsavskyMarkus WittePhilipp Roesch-SchlandererWalter Masalin

Jens BegemannSascha KonietzkeRob MoffatSuranga Chandratillake

Jörn Nikolay Dr. Florian Tappeiner

Hakan Koç

Alexander FrolovShmuel ChafetsFabian SiegelDirk GraberPhilipp ManAnna PolishchukYuriy MukhinToon Bouten

Matthias RiedlMayer ReichMichael Altendorf

Joanna PrzetakiewiczDaniel SchustermannStefan DziarskiJulia Boesch

Founder & CEOCo-Founder & CEOFounder & CEOVP Digital Business PlatformCEOCo-Founder & CEOCo-Founder & CEOCo-Founder & CEOFounder & MDCEODirector of PlatformGeneral Manager, BlaBlaPro CEO

Global Head of Digital Excellence Supervisory Board Member of BMW, DPDHLManaging Partner EY GSACEOFounder & CEOFounderCEOCEOPartner

CEOCEOPartnerPartner

Managing DirectorCo-CEO & Managing Director

Founder & Managing Director

General PartnerGeneral PartnerFounder & CEOFounder & Managing DirectorCEOCo-FounderCo-FounderCEO

Co-FounderFounder & CEOCo-Founder & CEO

Founder & Creative DirectorCEOPartnerFounder & Managing Director

Eric La BonnardièreOliver DlouhýDr. Patrick AndraeHarley MillerJohannes ReckRobbie Antonio

Dr. Mathias Döpfner

Dara KhosrowshahiChristoph Keese

Matthias Schmidt-Pfitzner

CEOCEOCo-Founder & CEOVice PresidentCo-Founder & CEOCEO

9:15 - 9:259:25 - 9:359:35 - 9:45

9:45 - 9:559:55 - 10:05

10:05 - 10:15

10:15 - 10:40

14:20 - 14:30

10:40 - 10:5010:50 - 11:0011:00 - 11:1011:10 - 11:2011:20 - 11:3011:30 - 11:4011:40 - 11:5011:50 - 12:0012:00 - 12:1012:10 - 12:2012:20 - 12:3012:30 - 12:4012:40 - 12:55

12:55 - 13:10

13:10 - 13:2013:20 - 13:3013:30 - 13:4013:40 - 13:5013:50 - 14:00

16:35 - 16:50

16:50 - 17:00

14:30 - 14:45

14:45 - 14:5514:55 - 15:0515:05 - 15:1515:15 - 15:25

15:25 - 15:35

16:05 - 16:1516:15 - 16:2516:25 - 16:35

15:35 - 15:4515:45 - 15:55

15:55 - 16:05

Marco RodzynekGerhard CrommeMartin Ott

Breakfast

Founder & CEOChairmanVP, MD Central Europe

9:00 - 9:15

8:00 - 10:00

Dr. Bernd MontagMark Krymalowski

CEO

CEOCEO

Digital Partner

CEOHead of EMEA Digital Practice

POSITIONCOMPANY SESSION TITLE TIME SPEAKER

K P ACP FCKeynote Panel AnnouncementCompany Presentation

Fireside Chat

17:00 - 17:10

MoovitBlaBlaCarTaxifyPorscheDrivyOptibusBlacklaneGoOptiFlixBus MovingaBMW iVenturesBlaBlaCarVolocopter

Bayer-EYDoctolibTop DoctorsPreludeBabbeleGymNGP Capital

WoogaContentfulBalderton CapitalBalderton Capital

General AtlanticNUCOM GROUP

AUTO1 GroupTarget Global AnnouncementTarget GlobalTarget GlobalMarley SpoonMister SpexChronextLalafoLalafotado°

DCMNRankAboveAdtelligence

La ManiaBestSecretPermiraOUTFITTERY

EvaneosKiwi.comHomeToGoInsight Venture PartnersGetYourGuideRevolution Precrafted

Between Tradition and Digitisation: What Old and New Economy can Learn from One Another?NOAH AdvisorsAUTO1 GroupFacebook

Axel Springer

Uberhy

Corporate Digital Innovation – from Shame to Fame Digital McKinsey

Siemens HealthineersEgon Zehnder

COMPANY

MR

MR

MR

MR

MR

MR

MR

MR

MR

Deutsche Telekom

Rocket Internet

Edge Technologies

Generation IM

14:00 - 14:10

17:20 - 17:35

17:10 - 17:20

17:35 - 18:05

Claudia Nemat

Oliver Samwer

Coen van Oostrom

Al Gore

CTO

Founder & CEO

Founder & CEO

Chairman

Interview / Panel with participation of Marco Rodzynek Founder & CEO, NOAH Advisors

K

Party @ Tempodrom with DJ Ken Abel22:00

Closing Note NOAH Advisors

18:05 - 18:10Marco Rodzynek Founder & CEO

Alice WeightmanTillan Barros

Founder & CEOFounder & CEO

14:10 - 14:1514:15 - 14:20

NOAH London 2017 Startups Winners The Work Crowd Misterporter

MR

MR

MR

MR

COLOSSEUM - Day 1 6 June 2018

®

®

Digi

tal &

TM

TFi

ntec

hLe

ndin

g Pl

atfo

rms

Indu

s-tri

als

&

IoT

Paym

ents

B2B

& So

ftwar

e

CP

CP

CP

FCFC

KFC

FCFC

CP

CP

CP

CP

CP

CP

CP

CP

CP

PFC

FCFC

K

Rest

aura

nts

&

Food

Del

iver

y

FC

Lunch served between 11:30 - 15:00

Tamaz GeorgadzeMauro GiacobbeRonald SlabkeGiovanni GiulianiMalte DummelJulian TeickeYaron VallerNazim CetimErik PodzuweitBenoît LegrandMax von BismarckValentin StalfPeter BakeneckerDr. Julian HospArdian GjeloshiGreg Skibiski

Jens WoloszczakAlexander ArtopéRaffael Johnen

Philipp PausderRainer Maerkle

Paul WalshDavid AvgiMichael KentShirin DehghanMarc-Alexander ChristMax Laemmle

Ron HirsonDvir Ben-Aroya Chris FarinacciYoram WijngaardeOliver SteilStefan DziarskiPeter MühlmannFatih UysalKumardev ChatterjeeHolger TaubmannNicolas Witte

CEOCEOCEOChief Strategy, Innovation & Business Development OfficerCFOCEOGeneral PartnerCEOCo-Founder & Co-CEOChief Innovation OfficerCBO & Managing DirectorFounder & CEODivision President Germany & SwitzerlandFounder & CEOCo-Founder & ChairmanFounder & CEO

Co-Founder & CEOCo-Founder & CEOCo-Founder & CEO

Founder & Managing DirectorPartner

SVP Platform Strategy and InnovationCEOCo-Founder & CEOPartnerCo-FounderFounder & CEO

Chief Product OfficerCo-Founder & CEOHead of BusinessFounder & CEOCEOPartnerFounder & CEOCEOFounder & CEOCEOCEO

Christoph BrandJared GrusdAsaf PeledOscar HöglundEfe CakarelRahul SoodJohn SuhDipan PatelNicolas BeraudoPayal KadakiaAdam Valkin

David Thevenon

Head of Classifieds & MarketplacesCEOFounder & CEOCo-Founder & CEOFounder & CEOCo-Founder & CEOCEOPartnerManaging DirectorFounder & Executive ChairmanGeneral Partner

9:35 - 9:459:45 - 9:55

9:55 - 10:0510:05 - 10:1510:15 - 10:2510:25 - 10:3510:35 - 10:45

10:45 - 10:5510:55 - 11:05

11:05 - 11:15

12:30 - 12:4012:40 - 12:5012:50 - 13:0013:00 - 13:1013:10 - 13:2013:20 - 13:30

13:30 - 13:40

13:40 - 13:5013:50 - 14:0014:00 - 14:1014:10 - 14:2014:20 - 14:3014:30 - 14:40

14:40 - 14:5014:50 - 15:0015:00 - 15:10

15:55 - 16:05

11:35 - 11:5011:50 - 12:0012:00 - 12:10

12:10 - 12:2012:20 - 12:30

16.05 - 16:1516:15 - 16:2516:25 - 16:3516:35 - 16:4516:45 - 16:55

16:55 - 17:0517:05 - 17:1517:15 - 17:2517:25 - 17:3517:35 - 17:45

Marco Rodzynek

Breakfast

Founder & CEO9:30 - 9:35

8:00 - 10:00

Partner

POSITIONCOMPANY SESSION TITLE TIME SPEAKER

K PCP FCKeynote PanelCompany Presentation Fireside Chat

RaisinFacile.itHypoport Zurich Insurance GroupxbAVwefox GroupTarget GlobalAllianz XScalable CapitalING GroupDeposit SolutionsN26MastercardTenXCrowdhouseThasos Group

Spotcapsmavaauxmoney

ThermondoHoltzbrinck Ventures

VISASafechargeAzimoFrog CapitalSumUpFraugster

DocuSignHopAsanaDealroom.coTeamViewerPermiraTrustpilotKariyer.netUnmanned LifeScytlControl€xpert

TamediaHuffPostMinute MediaEpidemic SoundMUBIUnikrnLegalZoomPermiraApp AnnieClassPassGeneral Catalyst

Day 1 SummaryNOAH Advisors

Softbank

COMPANY

MR

MR

MR

MR

MR

MR

MR

MR

MR

MR

Entrepreneur First

Federal Ministry for Economic Affairs and EnergyLakestar

TelefónicaWayraAlpha

Closing Note NOAH Advisors

15:20 - 15:30

15:30 - 15:55

15:10 - 15:20

17:45 - 17:50

Alice Bentinck

Peter Altmaier

Klaus Hommels

Gonzalo Martín-VillaChristian LindenerPablo Rodríguez

Marco Rodzynek

Co-Founder & CPO

Federal Minister for Economic Affairs and Energy

Founder & CEO

Chief Innovation OfficerCEO GermanyCEO

Founder & CEO

Interview / Panel with participation of Marco Rodzynek Founder & CEO, NOAH Advisors

Dominik RichterHarley MillerNiklas ÖstbergStefan Nicola

CEOVice PresidentCEOGerman Telecoms, Tech and Media Reporter

11:15 - 11:25

11:25 - 11:35

HelloFreshInsight Venture PartnersDelivery HeroBloomberg

MR

COLOSSEUM - Day 2 7 June 2018

®

®

The event is a unique platform for senior executives from old champions and new challengers to discuss disruption in 10+ industrial verticals.

Over 100 CEOs to tell the story of their Company!

Marketing Tech

Payments

Restaurants & Food Delivery

Lending Platforms

B2B & Software

Consumer Goods, Retail & Ecommerce

Digital & TMT

Fintech

Healthcare, Science & Education

Industrials & IoT

Transportation & Mobility

Travel & Tourism

Online Fashion

Service

Providers

10

KEY CORPORATE FACTS / KPIS

Headquarters Tel Aviv, Israel

Other Offices in EU -

Website www.500tech.com Founded 2013

Employees 11-25 Employees in Europe 20

Active Markets Israel

Ownership -

Revenues -

SALES CONTACTS

Chen Kamin

Business development and Client Success Director at

500Tech - React, React Native and Blockchain experts

[email protected]

Business development and Client Success Director at 500Tech - React,

React Native and Blockchain experts

500Tech

Product Name

Front-end development and

consulting

Description

When it comes to Front-end we can either build it for you or teach you to build it. We

do: Development Consulting Training Meetups Conferences

Active Markets Israel

Product Categories Digital Services

Target Clients Industries

Retail, E-Commerce Technology, Marketplaces, Education Technology, Travel &

Transportation, Financial Services, Gaming, Health, Financial

Services, Other

-PricingVideo Link -

Product Website -

COMPANY DESCRIPTION

When it comes to Front-end we can either build it for you or teach you to build it. We do: Development Consulting

Training Meetups Conferences

NOAH18 BERLIN SERVICE PROVIDER BOOK

BUSINESS SERVICES OFFERED

11


Headquarters Mannheim, Deutschland

-Other Offices in EU

Website www.adtelligence.com Founded 2009


Active Markets Germany

Ownership -

Revenues -

SALES CONTACTS

Michael Altendorf

CEO and Co-Founder

[email protected]

Michael is CEO & Co-Founder of ADTELLIGENCE and founding member

of several programs, clubs and events on tech-topics around the world.

Adtelligence

Product Name

AI driven Sales

Platform

Description

The software enables optimized websites to react in real time to search criteria and

individual needs of users. Displayed content is always personalized.


Product Categories Financial Technology, Analytics, Digital Services

Target Clients IndustriesFinancial Technology, Financial Services, Analytics, Digital Services,

Financial Services


Product Website -

COMPANY DESCRIPTION

The software enables optimized websites to react in real time to search criteria and individual needs of users. Displayed

content is always personalized.


NOAH18 BERLIN SERVICE PROVIDER BOOK 12


Headquarters Berlin, Germany

Other Offices in EU

Website

Employees

Active Markets

London|UK

www.aklamio.com Founded 2011

51-100 Employees in Europe 60

Austria, Belgium, Czech Republic, Denmark,

Estonia, Finland, France, Germany, Greece,

Ireland, Israel, Italy, Latvia, Lithuania, Netherlands,

Norway, Poland, Portugal, Russia, Spain, Sweden,

Switzerland, Turkey,

United Kingdom

Ownership -

Revenues -

SALES CONTACTS

Robert Wetzker

CEO

[email protected]

Founder and CEO Aklamio

Aklamio

Product Name

Customer Referral

Portals

Description

Add a customer referral solution to your website, POS, or call center and turn your own

customers into your most effective growth channel.

Active Markets

Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany,

Greece, Ireland, Israel, Italy, Latvia, Lithuania, Netherlands, Norway, Poland,

Portugal, Russia, Spain, Sweden, Switzerland, Turkey,

United Kingdom

Product Categories Marketing, Analytics, Digital Services


Retail, E-Commerce Technology, Communications, Education Technology, Travel &

Transportation, Financial Technology, Financial Services,

Gaming, Digital Services, Financial Services


Product Website www.aklamio.com/for-companies

COMPANY DESCRIPTION

Add a customer referral solution to your website, POS, or call center and turn your own customers into your most

effective growth channel.




Headquarters Hamburg, Germany

Other Offices in EU Multiple offices in all European countries|

Website

Employees

Active Markets

www.bdo.de

Over 1,000 Employees in Europe 74000






United Kingdom

Ownership partnership, main sharevalue family-owned

Revenues215 Mio € in Germany, about 7,6 billionUSD

globally

SALES CONTACTS

Daniel Dr. Wied

Partner

[email protected]

Partner of BDO Legal since 2018, Dr. jur., specialisation in corporate law and

M&A as well as Private Euqity and Venture Capital

BDOWirtschaftsprüfungsgesellschaft / BDO Legal

Product Name

Audit, tax and legal services

Description

Audits, tax advice, IT advice and legal advice of all kind and in all major industry

areas (including public sector)

Active MarketsAustria, Belgium, France, Germany, Italy, Spain, Switzerland, United

Kingdom

Product Categories Offline Services, Financial Services

Target Clients Industries Investor

Pricing Unit: EUR/hour

Min: 250 - Max: 400

Video Link -

Product Website -

COMPANY DESCRIPTION

Audits, tax advice, IT advice and legal advice of all kind and in all major industry areas (including public sector)




Headquarters Stockholm, Sweden

Other Offices in EU

Website

Employees

Active Markets

Msida|Malta

www.besedo.com Founded 2002

100-1,000 Employees in Europe 350

Austria, Belgium, Denmark, France, Germany, Italy,

Netherlands, Norway, Spain, Sweden,

United Kingdom

Ownership -

Revenues -

SALES CONTACTS

Patrik Frisk

CEO

[email protected]

Patrik is passionate about AI, the digital world and data. As the CEO of Besedo

he works to help build trust and user safety online.

Besedo

Product Name

Implio

Description

Featuring a moderation UI optimized for efficiency, insights and automation modules powered by

high level filter technology and AI (incl. image vision).

Active MarketsAustria, Belgium, Denmark, France, Norway, Spain, Sweden, United

Kingdom

Product Categories Marketplaces, Digital Services

Target Clients Industries Retail, Marketplaces, Communications, Gaming

-Pricing

Product Website www.besedo.com/product/all-in-one-tool/

COMPANY DESCRIPTION

Featuring a moderation UI optimized for efficiency, insights and automation modules powered by high level filter

technology and AI (incl. image vision).






Website www.businessbuddies.berlin/en/ Founded 2014


Active Markets Austria, Germany, Switzerland

Ownership -

Revenues -

SALES CONTACTS

Marc Mogalle

MD

[email protected]

Marc is a seasoned investor & entrepreneur with 18+ years of experience

in Venture Capital: www.linkedin.com/in/marcmogalle

Business Buddies

Product Name

Company building

Description

We support founders in building a solid company: Team, company set-up, strategy,

financing etc.


Product Categories Analytics

Target Clients IndustriesMarketplaces, Education Technology, Travel & Transportation, Financial

Technology, Investor


Product Website www.businessbuddies.berlin/en/companybuilding/

Product Name

Fundraising

Description

We support founders in raising the necessary funds, starting as low as 1 million Euro and

going up to 10+ million (pre-series to Series B).


Product Categories Financial Services

Target Clients IndustriesMarketplaces, Media, Communications, Education Technology, Travel &

Transportation, Financial Technology, Analytics, Investor


Product Website www.businessbuddies.berlin/en/financing/

COMPANY DESCRIPTION

We support founders in building a solid company: Team, company set-up, strategy, financing etc.





Other Offices in EU Berlin|Germany

Website www.careerteam.de Founded 2011

Employees 100-1,000 Employees in Europe 140

Active MarketsFrance, Germany, Netherlands, Switzerland,

United Kingdom

Ownership -

Revenues -

SALES CONTACTS

Ole Mensching

CEO

[email protected]

Ole Mensching is the founder of CareerTeam, a doctorate from the University

of Cologne and the University of California, Berkeley.

CareerTeam

Product Name

Datadriven Headhunting

Description

CareerTeam is one of Europe’s leading executive search agency for the digital space. We

find unique Executives or builds digital teams

Active Markets France, Germany, Netherlands, Switzerland, United Kingdom

Product CategoriesMarketplaces, Media, Communications, Financial Technology, Marketing,

Analytics, Digital Services


Retail, E-Commerce Technology, Marketplaces, Media, Communications, Travel &

Transportation, Financial Technology, Gaming, Health, Marketing, Analytics,

Digital Services, Hardware, Association, Investor


Product Website -

COMPANY DESCRIPTION

CareerTeam is one of Europe’s leading executive search agency for the digital space. We find unique Executives or

builds digital teams





Other Offices in EU

Websitewww.linkedin.com/in/chris-philipps-a523758/

working worldwide|

Founded 2012

Employees

Active Markets


Finland, Germany, Israel, Italy, Lithuania,

Poland, Spain, Switzerland, United Kingdom

Ownership -

Revenues -

Number of Tech DD's > 60

Biggest transaction volume under DD > EUR 400M

Number of countries 14

SALES CONTACTS

Chris Philipps

Owner

[email protected]

Being in the Tech and startup industry for 18 years, Chris Philipps has held

various positions as Interim CTO and Senior Tech Advisor.

Chris Philipps Tech DD

Product Name

Tech Due Diligence

Description

Product and technology reviews for funding and M&A contexts. Tech and Product strategy,

leadership, teams, architecture, infrastructure, data, etc.

Active Markets




United Kingdom


Analytics, Digital Services, Financial Services

Target Clients Industries Investor


Product Website -

COMPANY DESCRIPTION

Product and technology reviews for funding and M&A contexts. Tech and Product strategy, leadership, teams,

architecture, infrastructure, data, etc.




Headquarters Paris, France

Other Offices in EU

Website

Employees

Active Markets

Berlin|Germany

www.clipperton.net Founded 2003



Estonia, Finland, France, Germany, Greece, Ireland,

Israel, Italy, Latvia, Lithuania, Netherlands, Norway,

Poland, Portugal, Spain, Sweden, Switzerland, United

Kingdom

Ownership -

Revenues -

SALES CONTACTS

Stephane Valorge

Managing Partner

[email protected]

Before co-founding Clipperton in 2003, Stéphane worked for eight years in

consulting and investment banking.

Clipperton

Product Name

Corporate Finance Advisory (M&A and

fundraisings)

Description

Clipperton provides advisory services to high-tech companies on M&A

transactions, debt financings and equity offerings.

Active Markets



Portugal, Spain, Sweden, Switzerland, United Kingdom



Retail, E-Commerce Technology, Marketplaces, Media, Communications, Education

Technology, Travel & Transportation, Financial Technology, Financial Services,

Gaming, Gambling and Betting, Health, Marketing, Analytics, Digital Services,

Financial Services, Hardware, Investor, Other


Product Website

COMPANY DESCRIPTION

Clipperton provides advisory services to high-tech companies on M&A transactions, debt financings and equity offerings.





Other Offices in EU

Website

Employees

Active Markets

-

www.ctrl-qs.com Founded 2009







United Kingdom

Ownership by founder

Revenues -

ctrl QS

Product Name

steering international digital

activities

Description

Rollout Management for international digital projects, Country Management &

Support, Consulting, Content Mgmt, Localisation Services, Change Management

Active Markets




United Kingdom




Technology, Travel & Transportation, Financial Technology,

Financial Services, Gaming, Gambling and Betting, Health, Marketing, Digital

Services, Offline Services, Financial Services, Hardware,

Association, Other


Product Website -

SALES CONTACTS

Mirja Silverman

Founder & CEO

[email protected]

Founder and Managing Director of ctrl QS, background in international Digital

Strategy, former eBay and Beiersdorf, ESCP-EAP

COMPANY DESCRIPTION

Rollout Management for international digital projects, Country Management & Support, Consulting, Content Mgmt,

Localisation Services, Change Management




Headquarters Düsseldorf, Germany

Other Offices in EU Frankfurt|Germany

Website

Employees

Active Markets

www.deloittelegal.de Founded 1997




Ireland, Italy, Latvia, Lithuania, Netherlands,


Switzerland, Turkey

Ownership -

Revenues -

SALES CONTACTS

Dr. Julia Petersen

Partner

[email protected]

Julia Petersen is a Corporate/M&A partner with a strong track record in

transactions (including real estate).

Felix Felleisen

Partner

[email protected]

Felix is a Corporate/M&A partner with a strong track record in

transactions involving software players.

Deloitte Legal

Product Name

Legal Services

Description

Deloitte Legal advises on all issues related to Corporate/M&A, Commercial, Employment

and Pensions, Tax Controversy and Business Integrity.

Active Markets


Greece, Ireland, Italy, Latvia, Lithuania, Netherlands, Norway, Poland, Portugal,

Russia, Spain, Sweden, Switzerland, Turkey

Product Categories Analytics, Digital Services, Financial Services

Target Clients Industries Other

-Pricing

Product Website http://www.deloittelegal.de

COMPANY DESCRIPTION

Deloitte Legal advises on all issues related to Corporate/M&A, Commercial, Employment and Pensions, Tax Controversy and

Business Integrity.




Headquarters München, Germany


Website www.de.linkedin.com/in/westarp/de Founded 2013



Ownership -

Revenues -

SALES CONTACTS

Falk Graf von Westarp

Founder/Owner

[email protected]

Founder and owner of a specialized executive search company for Digital

Business and High Tech.

Dr. Graf von Westarp ExecutiveSearch for Digital Business andHigh Tech

Product Name

Executive Search for Digital

Business and High Tech

Description

We are an executive search firm specialized on C-Level positions in (young) digital

and/or technology driven companies in DE, AT and CH. In the recent year


Product Categories Offline Services




Gaming, Gambling and Betting, Health, Marketing, Analytics, Digital Services,

Financial Services, Hardware


Product Website www.de.linkedin.com/in/westarp/de

COMPANY DESCRIPTION

We are an executive search firm specialized on C-Level positions in (young) digital and/or technology driven companies

in DE, AT and CH. In the recent year




Headquarters New York, United States

Other Offices in EU Munich|Germany

Website

Employees

Active Markets

www.drakestar.com Founded 2004







United Kingdom

Ownership -

Revenues -

SALES CONTACTS

Ralf Philipp Hofmann

Managing Partner & Member of the Executive Commitee

[email protected]

Ralf Philipp Hofmann is Managing Partner & Co-Founder, Member of the Group’s

Executive Committee and CEO of Drake Star Germany.

Julian Ostertag

Managing Partner

[email protected]

Julian Ostertag is Managing Partner & Co-Founder of Drake Star Partners.

Drake Star Partners


Product Name

M&A Advisory, Corporate

Finance, Co-Investment

Description

Drake Star Partners focuses on M&A and corporate finance for its clients

worldwide. The firm completed over 300 transactions since 2004.

Active Markets

Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Ireland,

Israel, Italy, Netherlands, Spain, Sweden, Switzerland, United

Kingdom





Gaming, Health, Marketing, Analytics, Digital Services,

Offline Services, Financial Services, Hardware

-Pricing Video Link -

Product Website

http://www.drakestar.com/our-services/merger-

and-acquisition-advisory-services

COMPANY DESCRIPTION

Drake Star Partners focuses on M&A and corporate finance for its clients worldwide. The firm completed over 300

transactions since 2004.




Other Offices in EU

Website

Employees

Active Markets

Berlin|Germany

www.cribb.de Founded 1998


Austria, Germany, Switzerland

Ownership privately owned

Revenues -

SALES CONTACTS

Nicole Mai

Director of Executive Search

[email protected]

Director of Executive Search. Prior at ZEIT/Handelsblatt and founder of a media

startup.

Dwight Cribb Personalberatung

Product Name

Executive Search

Description

Search and selection of senior executives.





Transportation, Financial Services, Gaming, Marketing, Analytics, Digital Services,

Financial Services, Association, Investor


Product Website -

COMPANY DESCRIPTION

Search and selection of senior executives.




Headquarters Paris, France

Other Offices in EU London|United Kindgom

Website www.earlymetrics.com Founded 2015


Active Markets

Belgium, France, Germany, Israel,

Netherlands, Sweden, Switzerland, United

Kingdom

Ownership -

Revenues -

SALES CONTACTS

Gene Gerrienne

Head Business Development DACH

[email protected]

Giving Corporates from the DACH region access to the future with the most

qualified startups through Sourcing & Rating on Demand

Simon Jacobs

Business Developer DACH

[email protected]

Early Metrics

Product Name

Rating on Demand &

Sourcing

Description

Assess the growth potential and reliability of a targeted start-up and manage the inherent

risk and detect start-ups in line with your innovation strategy.

Active MarketsAustria, Belgium, France, Germany, Israel, Netherlands, Sweden, United

Kingdom

Product Categories Analytics, Offline Services, Financial Services



Transportation, Financial Services, Health, Financial Services,

Investor


Product Website -

COMPANY DESCRIPTION

Assess the growth potential and reliability of a targeted start-up and manage the inherent risk and detect start-ups in line

with your innovation strategy.




Headquarters Sevilla, Spain

Other Offices in EU Gibraltar|UK

Website www.easypaymentsgateway.com Founded 2015


Active Markets


Finland, France, Germany, Greece, Ireland, Israel,

Italy, Netherlands, Norway, Poland, Portugal, Russia,

Spain, Sweden, Switzerland,

Turkey, United Kingdom

Ownership -

Revenues -

SALES CONTACTS

Marcos Toran

Head of Business Development

[email protected]

Head of business development a EPG deciding what global strategies should be

carried out. Prior to this head of ecomm at Santander Ban

Easy Payment Gateway

Product Name

Easy Payment Gateway

Checkout

Description

With Easy Payment Gateway create complex payment architectures to reduce costs,

eliminate fraud and increases conversions all through one simple API.

Active Markets


Greece, Ireland, Israel, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain,

Sweden, Switzerland, Turkey, United Kingdom

Product Categories Financial Technology, Financial Services


Retail, E-Commerce Technology, Marketplaces, Media, Education

Technology, Travel & Transportation, Financial Services, Gaming, Gambling

and Betting, Health, Digital Services, Financial Services

-PricingVideo Link www.vimeo.com/245364098

Product Website -

COMPANY DESCRIPTION

With Easy Payment Gateway create complex payment architectures to reduce costs, eliminate fraud and increases

conversions all through one simple API.




Headquarters Munich, Germany


Website www.enable2grow.com Founded 2013


Active MarketsAustria, France, Germany, Italy, Switzerland,

United Kingdom

Ownership Private

Revenues -

SALES CONTACTS

Katharina Le Thierry

Senior Advisor

[email protected]

Track record in the consumer goods industry (FMCG, luxury, sporting & lifestyle),

consulting, advisor and non executive board member

enable2grow

Product Name

Digital Wheel

Description

Tool helping to analyze the digital status quo of a company.


Product Categories Digital Services, Offline Services

Target Clients IndustriesRetail, Media, Communications, Education Technology, Travel &

Transportation, Health, Investor


Product Website -

COMPANY DESCRIPTION

Tool helping to analyze the digital status quo of a company.




Headquarters Bonn, Germany


Website www.fgs.de Founded 1972

Employees 100-1,000 Employees in Europe 550


Ownership -

Revenues -

SALES CONTACTS

Alexander Goertz

Associated Partner

[email protected]

Investors and startups seek my adivce to guide them trough complex VC

financings, M&A transactions and the establishment of VC funds.

Flick Gocke Schaumburg

Product Name

Deal counsel

Description

We provide legal assistance to VC investors and startups as deal counsel in all stages from the first

financing round to the exit transaction.



Target Clients Industries Investor, Other


Product Website -

Product Name

Fund formation & fund

restructuring

Description

We advise initiators, managers and investors in structuring and restructuring VC and PE

funds, including all corporate, tax and reguzlatory aspects.



Target Clients Industries Investor, Other


Product Website -

COMPANY DESCRIPTION

We provide legal assistance to VC investors and startups as deal counsel in all stages from the first financing round

to the exit transaction.




Headquarters NOIDA, INDIA


Website www.fsltechnologies.com Founded 2000


Active Markets United Kingdom

Ownership -

Revenues -

SALES CONTACTS

Rakesh Jain

Chairman

[email protected]

Mentor for the group , first generation entrepreneur over 35 years of

experience .

FSL SOFTWARE TECHNOLOGIES

Product Name

LEX MANTRA

Description

Litigation Management tool for corporate houses having multi locations , provides bird eye view

of legal matters , alerts , planning next dates & much more



Target Clients IndustriesE-Commerce Technology, Communications, Travel & Transportation,

Financial Services, Health, Financial Services


Product Website www.lexmantra.co.in

Product Name

Compliance Mantra

Description

Cloud based, right based, responsibility based corporate compliance management &

comprehensive reporting across acts , agencies , departments etc

.



Target Clients IndustriesTravel & Transportation, Financial Technology, Financial Services,

Financial Services


Product Website www.compliancemantra.com

COMPANY DESCRIPTION

Litigation Management tool for corporate houses having multi locations , provides bird eye view of legal matters , alerts ,

planning next dates & much more




Headquarters Munich, Germany


Website www.germanaccelerator.com Founded 2012



Ownership -

Revenues -

SALES CONTACTS

Konstantin Krauss

Company Scout

[email protected]

Studied Computer Science at LMU 2009-2017: CTO Property Base since

2017: Company Scout German Accelerato

German Accelerator

Product Name

Acceleration of German companies to the

U.S. and Southeast-Asia

Description

hands-on, individual mentoring, free office space, tactical support for setting

up your operations, immediate access to a top-notch network


Product Categories Marketplaces, Marketing, Offline Services, Financial Services


Retail, Marketplaces, Media, Education Technology, Financial Services, Health,

Analytics, Digital Services, Offline Services, Financial Services,

Hardware,Other

-PricingVideo Link https://youtu.be/8DOawcJbLS0

Product Website

COMPANY DESCRIPTION

hands-on, individual mentoring, free office space, tactical support for setting up your operations, immediate

access to a top-notch network




Headquarters Matosinhos, Portugal


Website www.gestluz.pt Founded 1994


Active Markets Portugal

Ownership -

Revenues -

SALES CONTACTS

Marta Luz

Partner

[email protected]

Degree in Economics, MBA and MSc Management; Marketing

Management | Business Developer | Project Manager | Partnerships |

Fundraising.

Gestluz

Product Name

Advisory

Description

Entrepreneurship Training; European Funds applications; Quality Management Systems; I&DI;

HR; Business Process Management; Internationalisation Strategies


Product Categories Marketing, Financial Services

Target Clients Industries Association


Product Website -

COMPANY DESCRIPTION

Entrepreneurship Training; European Funds applications; Quality Management Systems; I&DI; HR; Business

Process Management; Internationalisation Strategies




Headquarters Boston, USA


Website www.goodwinlaw.com Founded 1912

Employees Over 1000 Employees in Europe -

Active Markets France, Germany, United Kingdom

Ownership -

Revenues 1B+

Number of emerging company clients 1200+

Number of venture capital clients

Number of VC andPE deals closed inthe last 2 yrs

1500+

SALES CONTACTS

Markus Bauman

Partner

[email protected]

Markus Bauman is a partner in Goodwin’s Technology and Life Sciences

Group.

Amanda Zamurs

Marketing Specialist

[email protected]

Goodwin

Product Name

Sophisticated Technology Company Legal

Representation

Description

Company formation, Venture financings, M+A transactions, Intellectual

property counseling and transactions, Fund formations, IPOs and capital

market




Target Clients IndustriesRetail, E-Commerce Technology, Marketplaces, Media, Communications, Education

Technology, Travel & Transportation and more


Product Website

COMPANY DESCRIPTION

Company formation, Venture financings, M+A transactions, Intellectual property counseling and transactions,

Fund formations, IPOs and capital market

KEY CORPORATE FACTS / KPISKEY CORPORATE FACTS / KPIS





Other Offices in EU

Website

Employees

Active Markets

Berlin|Germany

www.headfinders.com Founded 2008


Austria, Czech Republic, Estonia, Germany, Latvia,

Lithuania, Netherlands, Switzerland

Ownership -

Revenues -

SALES CONTACTS

Dr. Frank Knoche

CEO

[email protected]

Frank can draw on over 20 years of experience at large corporations and nimble

new businesses. Frank will support your success.

headfinders.com

Product Name

Executive Search /

Headhunting

Description

Executive Search for Startups We strongly believe that we have a good instinct for

young leaders who can elevate a startup to the next level.

Active MarketsAustria, Czech Republic, Estonia, Germany, Latvia, Lithuania, Netherlands,

Switzerland



Marketplaces, Media, Communications, Travel & Transportation, Financial

Technology, Financial Services, Gaming, Health, Marketing, Digital Services,

Offline Services, Financial Services, Hardware, Investor


Product Website https://ceosearch.de

COMPANY DESCRIPTION

Executive Search for Startups We strongly believe that we have a good instinct for young leaders who can elevate a startup

to the next level.




Headquarters Frankfurt am Main, Germany


Website www.indigo-headhunters.com/uk/homeFounded 2007

Employees

Active Markets


Austria, Belgium, Denmark, France, Germany,

Ireland, Netherlands, Switzerland, United

Kingdom

Ownership -

Revenues -

SALES CONTACTS

Britta Bene

Consultant / Head of Alternative Investments

[email protected]

Built Alternative Investment business at Indigo Headhunters. Prior, Director at

BlackRock and Associate at Bridgewater Associates.

Indigo Headhunters

Product Name

Executive Search /

Headhunting

Description

Executive Search, Headhunting, Market Mapping, Industry Expertise, Coaching,

Compensation Analysis, Competitor Analysis, Networking, Benchmarking,

Advisory

Active MarketsAustria, Belgium, Denmark, France, Germany, Ireland, Netherlands,

Switzerland, United Kingdom

Product Categories Marketplaces, Offline Services, Financial Services




Gaming, Gambling and Betting, Health, Marketing, Analytics, Digital Services, Offline

Services, Financial Services, Hardware,

Association, Investor, Other


Product Website -

COMPANY DESCRIPTION

Executive Search, Headhunting, Market Mapping, Industry Expertise, Coaching, Compensation Analysis, Competitor

Analysis, Networking, Benchmarking, Advisory





Other Offices in EU

Website

Employees

Active Markets

-

www.leverate.de/en/ Founded 2013


Austria, France, Germany, Italy, Netherlands, Spain,

Sweden, Switzerland, United Kingdom

Ownership -

Revenues -

SALES CONTACTS

Christian Hubel

Managing Director

[email protected]

Responsible for the digital business of Leverate Media Group in Europe.

Leverate Media

Product Name

ROI Driven Digital

Marketing

Description

We are experts in optimizing digital campaigns in all available digital channels like Search,

Social, Display, Content, Native for specific ROI goals.

Active Markets




United Kingdom

Product Categories Marketplaces, Media, Marketing, Analytics, Digital Services


Retail, E-Commerce Technology, Marketplaces, Travel & Transportation,

Financial Technology, Financial Services, Gaming, Health, Digital Services,

Offline Services, Financial Services, Hardware


Product Website www.leverate.de/en/advertising/

COMPANY DESCRIPTION

We are experts in optimizing digital campaigns in all available digital channels like Search, Social, Display, Content, Native for

specific ROI goals.




Headquarters Vienna, Austria

Other Offices in EU Düsseldorf|Germany

Website www.match-maker.ventures Founded 2015


Active Markets

Austria, Czech Republic, Denmark, Estonia,

France, Germany, Greece, Israel, Italy,

Netherlands, Norway, Poland, Portugal, Russia,

Spain, Sweden, Switzerland, Turkey,

United Kingdom

Ownership -

Revenues -

SALES CONTACTS

Karin Carpentier

Associate Partner

[email protected]

Multilingual and entrepreneurial leader with long-standing international

experience in managing front-line organisations and alliances.

Match-Maker Ventures

Product Name

Sales Acceleration for startups

Description

We connect startups with their future customers.

Active Markets Austria, Estonia, France, Germany, Greece, Israel, Portugal, Switzerland

Product CategoriesMedia, Communications, Financial Technology, Marketing, Analytics,

DigitalServices


Retail, E-Commerce Technology, Media, Communications, Education

Technology, Travel & Transportation, Financial Services, Marketing,



Product Website

Product Name

Corporate Innovation Services (CIS)

Description

We enable a shortcut to start-up innovation for corporates.

Active Markets




United Kingdom

Product CategoriesMedia, Communications, Marketing, Analytics, Digital Services, Financial

Services

Target Clients Industries Media, Financial Services, Digital Services, Financial Services, Other


Product Website

COMPANY DESCRIPTION

We connect startups with their future customers.




Headquarters -

Other Offices in EU

Website www.noah-advisors.com Founded 2009


Active Markets Pan-European

CONTACTS

Marco Rodzynek

Founder & Managing Director

[email protected]

Founder & CEO of NOAH Advisors

Jan Brandes

Managing Director

[email protected]

MD at NOAH Advisors

NOAH Advisors

Product Name

M&A Advisory

Description

NOAH Advisors is the leading European corporate finance boutique focused on the Internet

sector. The team advises on M&A transactions and major capital raises.

Active Markets Pan-European


Target Clients Industries Internet & Technology



Unique Industry

Know-How

• Focus on Leading European Internet companies • Covering over 400 companies across 25 online verticals, a broad range of over 500

investors as well as 100+ online-focused corporates • Deep understanding of industry dynamics • Ability to add value beyond banking advice

• Facilitates overall process and minimizes management distraction

Strong Investment

Banking

Competence

• Over 40 years of combined relevant M&A experience• Routine execution of M&A and financing transactions with sizes of several billion

euros• 30 successfully completed NOAH Advisors transactions underline successful transfer of M&A

competencies to the Internet sector

Unmatched

Network and

Relationships

• NOAH Advisors is globally well connected and has direct access to virtually all key players in the industry

• Knowledge of and strong relationships with potential buyers’ key decision makers• Proactively finds and unlocks attractive investment opportunities for leading

investors• Annual NOAH Conference in its 8th year

Full Commitment -

We Are

Entrepreneurs!

• Entrepreneurial mind-set, focused on growing the business and establishing a reputation for excellence

• Ability to deliver top results in short time frames• Highly success-based compensation structures align interests of clients and NOAH Advisors,

and demonstrate conviction to deliver top results• Creative deal solutions

Ownership -

Revenues -

-


Headquarters London, UK

Other Offices in EU

Website www.nortonrosefulbright.com

Employees Over 1,000

Frankfurt|Germany

Founded 1794

Employees in Europe 2087

Active MarketsBelgium, France, Germany, Greece, Italy, Netherlands, Poland,

Russia, Turkey, United Kingdom

Ownership -

Revenues -

SALES CONTACTS

Nils Rahlf

Partner

[email protected]

Corporate lawyer advising strategic and financial investors on high-profile cross-

border M&A, PE and VC transactions and corporate law.

Norton Rose Fulbright

Product Name

Legal advice

Description

Global law firm providing the world's preeminent corporations and financial

institutions with a full business law service.

Belgium, France, Germany, Greece, Italy, Netherlands, Poland,

Russia, Turkey, United Kingdom

Offline Services

Retail, E-Commerce Technology, Marketplaces, Media,

Communications, Education Technology, Travel & Transportation,

Financial Technology, Financial Services, Gaming, Health, Marketing,

Analytics, Digital Services, Offline Services, Financial Services,

Hardware, Association, Investor,

Other

-PricingVideo Link

Product Website www.nortonrosefulbright.co

COMPANY DESCRIPTION

Global law firm providing the world's preeminent corporations and financial institutions with a full business law service.


BUSINESS SERVICES OFFEREDKEY CORPORATE FACTS / KPIS

Active Markets

Product Categories



Headquarters Toronto, Canada

Other Offices in EU

Website www.oppsense.com

Istanbul|Turkey

Founded 2018


Active Markets Israel, Portugal, Turkey

Ownership -

Revenues -

SALES CONTACTS

Cagdas Onen

Managing Director

[email protected]

10+ years of experience as Marketing Director in fast growing fintech and

technology companies. SXSW Accelerator Advisory Board Member

Oppsense

Product Name

INTERNATIONALBUSINESS

CATALYST

Description

International Business Development B2B Trade Delegations Startup Innovation

Champion for Corporates Executive Masterclass Programs in North America

Active Markets Israel, Turkey

Product Categories Marketing, Offline Services

Target Clients IndustriesRetail, E-Commerce Technology, Media, Education Technology, Financial

Services, Gaming, Financial Services, Association


Product Website www.oppsense.com

Product Name

INTERNATIONAL STARTUP

CATALYST

Description

International Expansion Country-Launcher as a Service (CLaaS) Innovation Champion

for Startups International Bootcamp Programs in North America-Israel

Active Markets Israel, Portugal, Turkey

Product Categories Marketing, Offline Services

Target Clients IndustriesE-Commerce Technology, Marketplaces, Education Technology, Financial Services,

Gaming, Health, Analytics, Financial Services


Product Website www.oppsense.com

COMPANY DESCRIPTION

International Business Development B2B Trade Delegations Startup Innovation Champion for Corporates Executive

Masterclass Programs in North America





Other Offices in EU

Website

Employees

Active Markets

-

www.piabo.net Founded 2006


Austria, France, Germany, Israel, Netherlands, Spain,

Sweden, Switzerland, United Kingdom

Ownership -

Revenues -

SALES CONTACTS

Tilo Bonow

Founder & CEO

[email protected]

Tilo Bonow is a Platinum-level thought leader and value-adding investor who

drives market ownership for entrepreneurs in global arenas.

PIABO PR

Product Name

Public Relations, Social Media,

Content Marketing

Description

PIABO's goal is to help entrepreneurs actively achieve their growth goals

through excellent international communication.

Active MarketsAustria, France, Germany, Israel, Netherlands, Spain, Sweden,

Switzerland, United Kingdom

Product Categories Media, Communications, Marketing


E-Commerce Technology, Marketplaces, Media, Communications, Travel &

Transportation, Financial Technology, Financial Services, Health, Marketing,

Analytics, Digital Services, Financial Services, Hardware,

Investor


Product Website www.piabo.net/leistungen/

COMPANY DESCRIPTION

PIABO's goal is to help entrepreneurs actively achieve their growth goals through excellent international communication.




Headquarters Porto, Portugal


Website

Employees

Active Markets

www.portuspark.org Founded 1991


Portugal

Ownership

Universities, City Halls, Government

Oganizations, Emblematic Companies,

Business Associations

Revenues -

SALES CONTACTS

Paula Costa

Responsible for the Management of Marketing

[email protected]

Works at APCTP/PortusPark - Association of the Science and Technology

Park of Porto Responsible for the Management of Marketing

PortusPark - Science Parks & Incubators Network

Product Name

Services

Description

Qualified Human Resources High Quality Infrastructures Incubation and Acceleration Support

Programs Link to the Scientific and Technologic System


Product Categories Marketplaces, Communications, Marketing


-PricingVideo Link www.youtube.com/watch?v=PXIrepCRTS4

Product Website -

COMPANY DESCRIPTION

Qualified Human Resources High Quality Infrastructures Incubation and Acceleration Support Programs Link to the

Scientific and Technologic System




Headquarters MADRID, SPAIN


Website www.sastreriafinanciera.com/en/ Founded 2014


Active Markets Poland, Spain, United Kingdom

Ownership -

Revenues -

SALES CONTACTS

RICARDO OLABARRI

COFOUNDER

[email protected]

Graduated Law, MBA and FRM. Employed by Cuatrecasas, BBVA and Globalvia.

Involved Impact NGOs and Impact Investing

SASTRERIA FINANCIERA

Product Name

CORPORATE FINANCE

Description

Transaction financial services relating the origination, structuring, negotiation, closing,

management and exit of investments

Active Markets Spain


Target Clients IndustriesMarketplaces, Education Technology, Travel & Transportation, Marketing,

Digital Services, Investor


Product Website -

COMPANY DESCRIPTION

Transaction financial services relating the origination, structuring, negotiation, closing, management and exit of

investments






Website www.scalebridge.io Founded 2016


Active Markets Germany, Netherlands

Ownership -

Revenues -

SALES CONTACTS

Abhishek Gupta

Partner

[email protected]

Product Manager @ N26 and McMakler Corporate Finance Stints at BNP

Paribas, Allianz Global Investors, Berenberg WHU Graduate

Scalebridge

Product Name

Technical Recruiting

Description

Working together in defining and understanding the roles, sourcing best talent globally and

providing with interview ready pre-vetted tech candidates

Active Markets France, Germany, Netherlands

Product Categories Digital Services, Offline Services


Retail, E-Commerce Technology, Marketplaces, Media, Education


Gaming, Gambling and Betting, Health, Marketing, Analytics,

Digital Services, Financial Services


Product Website www.scalebridge.io

COMPANY DESCRIPTION

Working together in defining and understanding the roles, sourcing best talent globally and providing with interview ready

pre-vetted tech candidates




Headquarters Minsk, Belarus

Other Offices in EU

Website

Employees

Active Markets

-

www.solbeg.com Founded 2008


Germany, Israel, Lithuania, Russia, United

Kingdom

Ownership Private Company

Revenues -

SALES CONTACTS

Yegor Kudrytski

Business Development Manager

[email protected]

Currently Business Development in SolbegSoft. 7 years experience as Head of

Business Development in Cargo Aviation.

Sergey Siroezhkin

Chief Business Development Officer

[email protected]

Executive level professional with 15 years of experience in

software\hardware R&D and production.

SolbegSoft

Product Name

Software Development

Description

- Custom Applications Development - Enterprise Solutions - Re-engineering and Cloud

Migration - Testing and QA - Software Maintenance and Support

Active Markets Germany, Israel, Lithuania, Russia, United Kingdom



Retail, E-Commerce Technology, Marketplaces, Communications, Financial

Technology, Financial Services, Health, Marketing, Digital

Services, Financial Services


Product Website www.solbeg.com

COMPANY DESCRIPTION

- Custom Applications Development - Enterprise Solutions - Re-engineering and Cloud Migration - Testing and QA - Software

Maintenance and Support






Website www.techgdpr.com Founded 2017



Ownership -

Revenues -

SALES CONTACTS

Silvan Jongerius

Founder

[email protected]

I have over 14 years of experience as an entrepreneur and in private

technology/media education in senior leadership/tech positions.

TechGDPR

Product Name

Initial GDPR compliance

audit

Description

A careful analysis of who your data subjects are, which data you store on them, where

you store this, and what your business processes are workflow are.





Product Website -

COMPANY DESCRIPTION

A careful analysis of who your data subjects are, which data you store on them, where you store this, and what your

business processes are workflow are.




Headquarters Iasi,Romania


Website

Employees

Active Markets

www.thinslices.com Founded 2010


Austria, Belgium, France, Germany,

Netherlands, Switzerland, United Kingdom

Ownership -

Revenues -

SALES CONTACTS

Ilie Ghiciuc

CEO

[email protected]

As a manager Ilie has delivered over 100 IT projects for companies in the finance,

insurance, healthcare and publishing industries.

Thinslices

Product Name

Software Development

Services

Description

Design and build web apps, mobile apps, cloud solutions, back-end systems, complex

technology platforms, PoC implementations, MVPs and SaaS solutions.

Active MarketsAustria, Belgium, France, Germany, Netherlands, Switzerland, United

Kingdom



Retail, Marketplaces, Media, Communications, Education Technology, Travel &

Transportation, Financial Technology, Financial Services, Health, Analytics, Digital

Services, Offline Services, Financial Services


Product Website www.thinslices.com/services

Product Name

Design & Prototyping

Sprints

Description

A process for rapidly delivering high-quality design prototypes together with all the necessary

artefacts required to start user testing and development.

Active MarketsAustria, Belgium, France, Germany, Netherlands, Switzerland, United

Kingdom



Retail, Marketplaces, Media, Communications, Education Technology, Travel &

Transportation, Financial Technology, Financial Services, Health, Marketing, Analytics,

Digital Services, Offline Services, Financial Services

Pricing - Video Link -

Product Website https://www.thinslices.com/design-prototypingCOMPANY DESCRIPTION

Design and build web apps, mobile apps, cloud solutions, back-end systems, complex technology platforms, PoC

implementations, MVPs and SaaS solutions.



http://www.thinslices.com/design-prototyping




Website www.hrlab.de Founded 2016


Active Markets Germany, Switzerland

Ownership -

Revenues -

SALES CONTACTS

Kay Ackermann

Head of Business Development

[email protected]

Kay Ackermann is co-founder, Head of Business Development and expert for

digital HR processes with passion for innovative technology.

tridion digital solutions

Product Name

HRlab

Description

HRlab is the modern Human Capital Management platform that combines all HR processes and

data in one solution including smart interfaces and analyses.

Active Markets Germany, Switzerland

Product Categories Analytics, Digital Services



Product Website www.hrlab.de

COMPANY DESCRIPTION

HRlab is the modern Human Capital Management platform that combines all HR processes and data in one solution

including smart interfaces and analyses.




Headquarters New York, United States

Other Offices in EU

Website

Employees

Active Markets

London|UK

www.triplelift.com Founded 2012


France, Germany, United Kingdom

Ownership -

Revenues > $100M

SALES CONTACTS

Eric Berry

CEO

[email protected]

CEO and co-founder of TripleLift, one of fastest growing private

companies in America.

TripleLift

Product Name

Programmatic Native Advertising

Description

We provide a native advertising platform for publishers to monetize and for

brands to buy through their DSPs.


Product Categories Marketplaces, Media, Marketing

Target Clients Industries Media, Marketing


Product Website

COMPANY DESCRIPTION

We provide a native advertising platform for publishers to monetize and for brands to buy through their DSPs.



Trading

Comparables

49

Trading Comparables

1Source: CapitalIQ (as of 29 May 2018).

29-May-18 Enterprise CAGR CAGR Margin

Company Value (€m) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019

Share Price

(% of year high)

EV / Revenue EV / EBITDA P/E

Advertising / Marketing

Ad Networks

Criteo (Europe) 1,002 44% 1.2x 1.1x 1.0x 11% 3.9x 3.8x 3.3x 10% 30% 9.9x 10.3x 8.6x

Taptica (Middle East) 236 58% 1.0x 0.6x 0.6x 31% 6.2x 5.3x 4.7x 14% 12% 7.8x 7.1x 6.3x

Matomy (Middle East) 48 41% 0.2x n/a n/a (100%) 1.8x n/a n/a (100%) n/a n/a n/a n/a

Mean 0.8x 0.9x 0.8x (19%) 4.0x 4.6x 4.0x (25%) 21% 8.8x 8.7x 7.4x

Intermediaries

Trade Desk (US) 2,896 94% 10.9x 7.7x 6.1x 34% 36.7x 24.9x 19.4x 37% 31% 52.9x 38.8x 30.5x

QuinStreet (US) 488 89% 1.7x 1.3x 1.2x 20% 27.5x 15.4x 11.5x 55% 8% 63.1x 20.4x 16.9x

FreakOut (AsiaPac) 281 53% 2.8x 2.5x 1.6x 32% 53.1x 50.3x 22.7x 53% 5% n/a n/a n/a

RhythmOne (US) 159 48% 0.6x 0.3x 0.3x 44% 12.8x 3.1x 2.1x 144% 11% n/a n/a n/a

SeaChange (US) 48 72% 0.7x 0.7x 0.6x 6% 10.0x 6.9x 5.4x 36% 10% 33.1x 18.5x 13.3x

Weborama (Europe) 47 90% n/a 1.2x 1.0x n/a 7.9x 6.2x 4.8x 29% 20% 57.0x 18.3x 17.5x

Cxense (Europe) 35 48% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Marin Software (US) 13 38% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Netccentric (AsiaPac) (1) 24% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

The Rubicon Project (US) (2) 41% n/m n/m n/m (9%) 0.6x 0.1x 0.2x 72% (23%) n/m n/m n/m

Mean 3.3x 2.3x 1.8x 21% 21.2x 15.3x 9.4x 61% 9% 51.6x 24.0x 19.6x

Data and Loyalty

HubSpot (US) 3,760 96% 11.7x 8.8x 7.1x 28% n/m 95.5x 65.6x 74% 9% n/m n/m 99.7x

Acxiom (US) 1,992 87% 2.6x 2.4x 2.3x 6% 13.4x 12.4x 11.9x 6% 20% 36.3x 28.4x 24.2x

Quotient Technology (US) 888 75% 3.2x 2.7x 2.3x 19% 21.9x 14.8x 10.9x 42% 18% 56.8x 36.3x 20.6x

Aimia (Canada) 243 52% 0.2x 0.2x 0.2x (14%) 1.5x 1.6x 1.6x (4%) 15% 2.9x 2.8x 3.2x

1000mercis (Europe) 81 59% 1.4x 1.2x 1.1x 14% 6.5x 7.3x 6.3x 2% 17% n/a n/a n/a

Marchex (US) 26 72% 0.3x 0.3x 0.3x (1%) 42.4x 24.7x 16.5x 60% 1% n/m n/m n/m

Somoto (Middle East) 22 51% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Mean 3.2x 2.6x 2.2x 9% 17.1x 26.1x 18.8x 30% 13% 32.0x 22.5x 36.9x

Market Research

Nielsen (Europe) 16,426 68% 2.9x 2.8x 2.7x 4% 9.3x 9.2x 8.5x 5% 30% 11.2x 11.8x 10.5x

Gartner (US) 12,760 92% 4.5x 3.7x 3.3x 16% 21.1x 19.9x 17.6x 10% 19% 38.3x 34.3x 28.6x

Ipsos (Europe) 1,681 82% 0.9x 1.0x 0.9x 1% 8.2x 8.3x 7.8x 3% 12% 10.2x 9.7x 9.0x

comScore (US) 1,198 79% 2.3x 3.3x 3.3x (16%) 8.7x n/m 40.7x (54%) (1%) 12.5x n/a n/a

National Research Corporation (US) 698 81% 6.8x n/a n/a (100%) 20.8x n/a n/a (100%) n/a 38.1x n/a n/a

Forrester Research (US) 537 88% 1.9x 1.8x 1.7x 6% 16.2x 13.9x 12.0x 16% 13% 33.4x n/a n/a

YouGov (Europe) 505 97% 3.9x 3.6x 3.3x 10% 24.6x 20.8x 17.7x 18% 17% 35.5x 30.7x n/a

Intage (AsiaPac) 308 76% 0.8x 0.7x 0.7x 5% 6.9x 6.9x 6.6x 3% 11% n/a n/a n/a

Mean 3.0x 2.4x 2.3x (9%) 14.5x 13.2x 15.8x (12%) 14% 25.6x 21.7x 16.0x

Agencies

WPP (Europe) 23,384 70% 1.3x 1.3x 1.3x 1% 7.9x 8.2x 8.0x (1%) 16% 10.1x 10.5x 10.1x

Omnicom (US) 16,542 82% 1.2x 1.2x 1.2x 3% 8.2x 7.9x 7.5x 5% 15% 13.3x 12.4x 12.0x

Publicis Group (Europe) 14,114 86% 1.5x 1.5x 1.4x 0% 8.4x 8.4x 8.0x 2% 18% 12.9x 12.6x 11.8x

Dentsu (AsiaPac) 13,996 90% 1.9x 1.8x 1.6x 7% 9.9x 10.2x 8.8x 6% 17% n/a n/a n/a

Interpublic Group of Companies (US) 9,087 87% 1.3x 1.2x 1.2x 7% 9.3x 8.5x 8.3x 6% 14% 15.7x 13.0x 12.4x

JCDecaux (Europe) 6,137 72% 1.8x 1.7x 1.7x 3% 10.3x 10.1x 9.4x 4% 17% 24.9x 24.8x 21.2x

MDC Partners (US) 1,178 34% 0.9x 0.9x 0.8x 3% 6.7x 6.6x 6.1x 5% 14% 8.4x 13.7x 6.0x

Asatsu-DK (AsiaPac) - 92% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/a n/a n/a

Mean 1.4x 1.4x 1.3x (10%) 8.6x 8.6x 8.0x (9%) 16% 14.2x 14.5x 12.2x

Classifieds

Diversified

Next Co (US) 97,044 99% 6.5x 6.2x 5.9x 4% 12.2x 12.3x 11.2x 4% 51% 24.3x 21.0x 19.2x

Naspers (Africa) 92,978 75% 15.6x 14.8x 12.9x 10% n/m n/m 90.4x 90% 10% 41.5x 29.7x 21.0x

Recruit Holdings (AsiaPac) 37,837 97% 2.3x 2.1x 1.9x 9% 18.2x 17.1x 14.5x 12% 12% n/a n/a n/a

MercadoLibre (LatAm) 11,326 71% 9.6x 8.3x 5.3x 35% 69.5x n/m 59.2x 8% 5% n/m n/m n/m

58.com (AsiaPac) 9,685 88% 7.3x 5.8x 4.8x 24% 37.1x 26.1x 17.9x 44% 22% 49.2x 30.6x 21.5x

Schibsted (Europe) 5,808 87% 3.3x 3.0x 2.8x 7% 21.6x 16.9x 13.8x 25% 18% 53.3x 34.6x 23.9x

Scout24 (Europe) 5,190 94% 10.8x 9.9x 9.0x 9% 20.9x 18.1x 16.2x 14% 55% 31.2x 27.0x 23.7x

Info Edge India (AsiaPac) 1,756 85% 15.7x 13.4x 11.5x 17% 46.4x 37.3x 31.0x 22% 36% 61.3x 47.8x 40.1x

Trade Me (AsiaPac) 1,197 86% 8.2x 7.7x 7.2x 7% 12.5x 11.9x 11.3x 5% 65% 20.1x 19.2x 18.1x

Just Dial (AsiaPac) 522 93% 5.4x 4.9x 4.4x 10% 27.3x 22.6x 20.0x 17% 21% 30.6x 26.1x 22.8x

Mean 8.5x 7.6x 6.6x 13% 29.5x 20.3x 28.6x 24% 30% 38.9x 29.5x 23.8x

Real Estate

Zillow (US) 8,790 92% 9.5x 6.8x 4.9x 40% 43.1x 36.7x 26.9x 27% 19% n/m 76.8x 50.2x

REA Group (AsiaPac) 7,894 99% 16.5x 14.0x 12.4x 15% 28.9x 24.0x 20.9x 18% 58% 46.8x 38.3x 32.6x

Rightmove (Europe) 5,136 100% 18.4x 16.8x 15.5x 9% 24.4x 22.1x 20.5x 9% 76% 30.8x 27.7x 25.7x

ZPG (Europe) 2,794 97% 10.2x 7.7x 7.1x 20% 23.7x 19.6x 17.8x 16% 39% 32.0x 29.0x 24.7x

Fang Holdings (AsiaPac) 2,341 93% 5.9x 5.8x 5.0x 9% 50.7x 16.0x 11.6x 109% 36% n/m 20.5x 14.9x

Redfin (US) 1,413 66% 4.5x 3.4x 2.7x 29% n/m n/m 60.6x 972% 0% n/m n/m n/m

Mitula (Europe) 90 66% 4.0x 3.4x 3.0x 15% 11.2x 10.0x 9.1x 11% 34% 19.5x 17.5x 15.9x

Leju (AsiaPac) 42 49% 0.1x 0.1x 0.1x 24% n/m n/m n/a (100%) (6%) n/m 18.8x 58.7x

Mean 8.6x 7.2x 6.3x 20% 30.3x 21.4x 23.9x 133% 32% 32.3x 32.7x 31.8x

View Our Internet Trading Comps

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Trading Comparables




Share Price

(% of year high)


Classifieds (Cont'd)

Automotive

Autohome (AsiaPac) 9,327 95% 11.4x 9.5x 7.9x 20% 33.0x 22.7x 18.6x 33% 42% 40.6x 28.8x 23.8x

Bitauto (AsiaPac) 4,700 41% 4.1x 3.1x 2.5x 29% 26.8x 41.1x 14.6x 36% 8% 13.0x 12.7x 7.6x

Auto Trader (Europe) 4,353 82% 11.8x 11.0x 10.6x 5% 16.8x 15.7x 14.7x 7% 70% 20.7x 19.1x 17.7x

Cargurus (US) 2,879 79% 10.6x 7.9x 6.7x 26% n/m n/m 74.5x 46% 8% n/m n/m n/m

Carsales.com (AsiaPac) 2,385 92% 9.4x 7.8x 7.0x 16% 19.1x 16.3x 14.6x 14% 48% 27.8x 24.9x 22.3x

BCA Marketplace (Europe) 2,174 84% 0.8x 0.8x 0.7x 9% 12.9x 11.8x 10.8x 9% 6% 18.7x 16.7x 15.0x

Carvana (US) 1,183 86% 1.6x 0.8x 0.4x 94% n/m n/m n/m (77%) (8%) n/m n/m n/m

TrueCar (US) 688 44% 2.5x 2.2x 1.9x 14% 28.5x 21.2x 14.7x 39% 10% n/m 63.8x 33.9x

Mean 6.5x 5.4x 4.7x 27% 22.9x 21.4x 23.2x (10%) 23% 24.2x 27.7x 20.0x

Recruitment

Axel Springer (Europe) 8,638 84% 2.5x 2.7x 2.6x (2%) 13.3x 11.6x 10.6x 12% 23% 22.8x 21.1x 19.1x

Seek (AsiaPac) 5,415 97% 7.2x 6.1x 5.5x 14% 20.6x 18.2x 16.2x 13% 34% 36.0x 31.7x 27.8x

51job (AsiaPac) 5,044 97% 2.0x 1.5x 1.3x 28% 5.8x 4.4x 3.4x 31% 35% 7.4x 5.3x 4.1x

Dice Holdings (US) 119 74% 0.7x 0.8x 0.8x (9%) 3.5x 3.8x 4.5x (12%) 21% 17.4x 9.8x 15.1x

Mean 3.1x 2.8x 2.5x 8% 10.8x 9.5x 8.7x 11% 28% 20.9x 17.0x 16.5x

Content Providers

IAC (US) 11,772 91% 4.2x 3.3x 2.9x 20% 23.5x 14.1x 11.6x 42% 23% 59.0x 22.7x 17.8x

TechTarget (US) 621 100% 6.6x 5.8x 5.1x 14% 33.2x 23.7x 18.5x 34% 24% 65.9x 35.2x 26.2x

XO Group (US) 606 100% 4.4x 4.2x 3.8x 7% 25.1x 19.0x 16.8x 22% 22% 92.9x 51.0x 43.0x

Mean 5.1x 4.4x 4.0x 14% 27.3x 19.0x 15.6x 33% 23% 72.6x 36.3x 29.0x

Digital Entertainment

Netflix (US) 134,995 99% 13.3x 9.7x 7.8x 31% n/m 74.5x 48.3x 73% 13% n/m n/m 72.0x

Spotify (Europe) 23,540 90% n/a 5.3x 4.1x n/a n/a n/m n/m n/a (4%) n/a n/m n/m

Freenet (Europe) 4,222 73% 1.2x 1.3x 1.3x (5%) 8.8x 9.6x 9.3x (3%) 14% 10.4x 12.8x 11.8x

Bilibil i (AsiaPac) 4,009 97% n/a 1.1x 0.7x n/a n/a 8.5x 2.9x n/a 12% n/a 84.1x 4.5x

Roku (US) 3,255 66% 7.4x 5.4x 4.1x 35% n/m n/m 93.6x n/a (0%) n/a n/m n/m

Pandora (US) 1,754 70% 1.4x 1.3x 1.2x 8% n/m n/m n/m (67%) (6%) n/m n/m n/m

Pandora Media (US) 1,754 70% 1.4x 1.3x 1.2x 8% n/m n/m n/m (67%) (6%) n/m n/m n/m

Xunlei (AsiaPac) 382 44% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Brave Bison (Europe) 5 33% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Mean 5.0x 3.6x 2.9x 15% 8.8x 30.9x 38.6x (16%) 3% 10.4x 48.5x 29.5x

E-Commerce

Diversified

Amazon (US) 694,245 98% 4.5x 3.4x 2.8x 28% 41.9x 26.9x 20.4x 43% 13% n/m n/m 80.5x

Alibaba (AsiaPac) 438,392 96% 15.0x 8.9x 6.3x 54% 33.0x 25.1x 17.9x 36% 36% 40.9x 32.3x 23.3x

Rakuten (AsiaPac) 11,298 52% 1.5x 1.3x 1.2x 14% 7.2x 8.0x 7.1x 0% 17% n/a n/a n/a

Investment AB Kinnevik (Europe) 8,207 93% 83.9x 79.7x 79.7x 3% n/m n/m n/m 12% (21%) 37.7x 47.9x 39.0x

Liberty Ventures (US) 6,049 77% n/a 7.4x 7.3x n/a n/a 26.1x 24.9x n/a 28% n/a n/m n/m

B2W (LatAm) 2,976 73% 1.7x 1.7x 1.6x 4% 19.1x 14.9x 11.2x 30% 12% n/m n/m n/m

Vostok New Ventures (AsiaPac) 658 97% 3.1x 2.5x 2.1x 23% 5.4x 4.2x 3.3x 28% 61% 6.5x 6.0x 4.9x

Rocket Internet (Europe) 588 87% 8.6x 9.1x 8.3x 2% n/m n/m n/m 21% (125%) n/m n/m n/m

Netshoes (LatAm) 140 11% 0.3x 0.3x 0.3x 2% n/m n/m 22.0x n/a (0%) n/m n/m n/m

Mean 14.8x 12.7x 12.2x 16% 21.3x 17.5x 15.3x 24% 2% 28.4x 28.7x 36.9x

Personalized

Cimpress (Europe) 4,501 80% 2.2x 1.9x 1.7x 13% 17.9x 14.8x 11.5x 24% 13% 62.3x n/a n/a

Stamps.com (US) 3,780 99% 9.5x 8.0x 6.9x 18% 19.2x 17.2x 14.3x 16% 46% 26.0x 23.7x 21.0x

Shutterfly (US) 2,788 95% 2.8x 1.6x 1.4x 40% 14.5x 8.2x 7.5x 39% 19% n/m 29.9x 26.8x

CEWE Stiftung (Europe) 640 93% 1.1x 1.0x 0.9x 6% 7.0x 6.7x 6.4x 5% 15% 18.3x 16.8x 15.6x

Eve Sleep (Europe) 105 59% 3.3x 1.6x 0.9x 94% n/m n/m n/m n/a (25%) n/m n/m n/m

Oponeo.pl (Europe) 122 77% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Cafepress Inc. (US) 1 52% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Mean 3.8x 2.8x 2.4x 34% 14.6x 11.7x 9.9x 21% 14% 35.5x 23.5x 21.1x

Online Food & Restaurants

Delivery Hero (Europe) 6,615 96% 12.0x 8.6x 6.3x 39% n/m n/m n/m n/a (8%) n/m n/m n/m

Just Eat (Europe) 6,233 92% 10.3x 7.6x 6.3x 28% 33.5x 29.6x 21.9x 24% 26% 50.5x 46.1x 33.9x

Takeaway.com (Europe) 1,972 87% 11.9x 8.5x 6.6x 34% n/m n/m 69.1x n/a (4%) n/m n/m 95.6x

Hellofresh (Europe) 1,521 78% 1.7x 1.2x 1.0x 31% n/m n/m 35.1x n/a (4%) n/m n/m n/m

Blue Apron (US) 479 27% 0.6x 0.7x 0.6x 2% n/m n/m n/m (83%) (7%) n/m n/m n/m

Mean 7.3x 5.3x 4.2x 27% 33.5x 29.6x 42.0x (30%) 1% 50.5x 46.1x 64.7x

Marketplaces

eBay (US) 36,138 80% 4.4x 3.8x 3.5x 12% 12.1x 11.4x 10.6x 7% 34% 17.2x 16.2x 14.8x

GrubHub (US) 7,776 90% 13.2x 9.4x 7.5x 33% 49.6x 34.9x 26.8x 36% 27% 91.2x 57.3x 44.3x

Kakaku (AsiaPac) 3,764 100% n/a 9.3x 8.4x n/a n/a 18.2x 16.5x n/a 51% n/a n/a n/a

Etsy (US) 2,861 96% 7.6x 6.1x 5.1x 21% 44.5x 26.8x 21.3x 45% 23% 52.0x 45.3x 34.9x

Shutterstock (US) 1,141 87% 2.4x 2.1x 1.9x 13% 14.5x 12.6x 10.5x 18% 17% 38.8x 33.1x 24.7x

Care.com (US) 494 97% 3.3x 3.0x 2.6x 12% 26.1x 18.0x 15.0x 32% 16% 31.7x 23.3x 20.2x

Liquidity Services (US) 69 70% 0.3x 0.4x n/a (100%) n/m n/m n/a (100%) (7%) n/m n/m n/a

MyHammer (Europe) 45 93% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Mean 5.2x 4.8x 4.8x (2%) 29.4x 20.3x 16.8x 6% 23% 46.2x 35.0x 27.8x



Trading Comparables




Share Price

(% of year high)


E-Commerce (Cont'd)

Verticals / Players

JD.com (AsiaPac) 43,515 72% 0.1x 0.1x 0.1x 28% 8.4x 5.9x 3.0x 67% 2% 10.2x 8.0x 4.6x

Ocado (Europe) 6,976 87% 4.2x 3.8x 3.3x 12% 66.7x 67.8x 55.7x 9% 6% n/m n/m n/m

Wayfair (US) 6,873 91% 1.7x 1.2x 1.0x 34% n/m n/m n/m (12%) (2%) n/m n/m n/m

Monotaro (AsiaPac) 4,192 96% 6.0x 4.9x 4.0x 22% 40.8x 33.3x 27.8x 21% 15% n/a n/a n/a

CTS Eventim (Europe) 3,356 93% 3.4x 3.0x 2.9x 9% 15.7x 14.1x 12.8x 11% 21% 33.1x 31.9x 27.4x

Proto Labs (US) 2,733 94% 9.2x 7.1x 6.2x 21% 32.4x 25.7x 22.5x 20% 27% 57.3x 40.9x 35.5x

Abcam (Europe) 2,709 91% 10.5x 9.6x 8.7x 10% 31.5x 24.1x 21.8x 20% 40% 41.7x 35.5x 32.1x

Zooplus (Europe) 1,217 90% 1.1x 0.9x 0.7x 22% n/m n/m 58.8x 47% 0% n/m n/m n/m

AO World (Europe) 799 91% 0.9x 0.8x 0.7x 13% n/m n/m 32.3x n/a 1% n/a n/m 57.5x

Overstock.com (US) 710 37% 0.5x 0.4x 0.4x 7% n/m n/m n/m n/a (7%) n/m n/m n/m

1-800-Flowers.com (US) 665 97% 0.7x 0.7x 0.6x 2% 9.3x 8.7x 8.3x 6% 8% 30.6x 22.7x 20.7x

PetMed Express (US) 594 65% 2.6x 2.4x 2.2x 8% 14.2x 12.0x n/a (100%) 20% 24.0x 17.1x 14.8x

Zur Rose Group (Europe) 588 79% 0.7x 0.6x 0.5x 20% n/m n/m 40.7x n/a (1%) n/m n/m n/m

Cogobuy (AsiaPac) 503 46% 0.4x 0.2x 0.2x 47% 5.9x 4.1x 3.2x 36% 5% 10.0x 6.1x 4.7x

Shop Apotheke Europe (Europe) 489 66% 1.7x 0.9x 0.7x 55% n/m n/m 68.1x n/a 0% n/m n/m n/m

LDLC.com (Europe) 132 52% 0.3x 0.2x 0.2x 13% 9.1x 7.7x 6.2x 21% 3% 17.6x 14.9x 10.7x

Delticom (Europe) 121 49% 0.2x 0.2x 0.2x 8% 9.4x 7.8x 6.7x 18% 2% 32.0x 21.3x 14.8x

U.S. Auto Parts Network (US) 51 50% 0.2x 0.2x 0.2x 2% 4.3x 4.3x 3.5x 10% 4% n/a n/m 19.6x

Mean 2.5x 2.1x 1.8x 19% 20.6x 18.0x 24.8x 13% 8% 28.5x 22.1x 22.0x

Fashion and Flash Sales

Zalando (Europe) 10,025 89% 2.2x 1.8x 1.5x 22% 37.2x 30.0x 23.2x 27% 6% 85.1x 75.0x 56.5x

Start Today (AsiaPac) 9,256 97% 12.5x 9.5x 7.1x 33% 36.1x 29.8x 24.1x 23% 32% n/a n/a n/a

ASOS (Europe) 6,265 85% 2.8x 2.2x 1.7x 29% 41.3x 31.1x 23.9x 31% 7% 80.4x 63.8x 51.0x

Vipshop (AsiaPac) 6,119 61% 0.1x 0.1x 0.1x 25% 2.1x 1.8x 1.3x 29% 4% 2.7x 2.3x 1.7x

Yoox Net-A-Porter (Europe) 5,107 100% 2.4x 2.1x 1.8x 17% 30.0x 24.9x 18.5x 27% 9% 90.4x 73.2x 48.0x

Boohoo.com (Europe) 2,563 75% 5.3x 2.9x 2.2x 55% 52.2x 31.8x 24.5x 46% 9% 80.2x 55.6x 46.6x

Stitch Fix (US) 1,450 66% n/a 1.3x 1.0x n/a n/a 36.9x 33.2x n/a 3% n/a n/m 99.0x

MySale Group (AsiaPac) 150 73% 0.5x 0.4x n/a (100%) 12.8x 9.9x n/a (100%) 4% 35.8x 29.7x n/a

LightInTheBox (AsiaPac) 60 58% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Windeln.de (Europe) 31 43% 0.1x 0.2x 0.1x 2% n/m n/m n/m (75%) (9%) n/m n/m n/m

Jumei (AsiaPac) 6 57% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Mean 3.3x 2.3x 1.9x 10% 30.3x 24.5x 21.2x 1% 7% 62.4x 49.9x 50.5x

Finance and Price Comparison

Moneysupermarket (Europe) 1,893 85% 4.9x 4.8x 4.5x 4% 12.8x 13.0x 12.3x 2% 37% 18.7x 18.8x 17.3x

Hypoport (Europe) 902 91% 4.6x 3.8x 3.4x 17% 28.6x 23.6x 20.1x 19% 16% 47.0x 37.2x 32.2x

Jianpu Tech (AsiaPac) 644 61% 0.5x 0.4x 0.2x 75% n/m n/m 2.8x n/a (6%) n/m n/m 4.1x

Gruppo MutuiOnline (Europe) 463 73% 3.0x 2.6x 2.3x 13% 10.2x 8.9x 8.1x 12% 29% 18.9x 17.6x 15.7x

iSelect (AsiaPac) 67 28% 0.5x 0.5x 0.5x 7% 4.2x 4.4x 3.6x 7% 12% 9.8x 9.8x 7.6x

Comperia (Europe) 4 100% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

HubStyle (Grupa Nokaut) (Europe) 2 23% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

LendingClub (US) - 51% n/m n/m n/m 19% n/m n/m n/m 74% 12% n/m 35.8x 18.4x

Ferratum (Europe) - 72% n/m n/m n/m 30% n/m n/m n/m 36% 16% 24.2x 16.3x 12.3x

On Deck Capital (US) - 93% n/m n/m n/m 11% n/m n/m n/m 191% 7% n/m 18.7x 13.6x

Mean 2.7x 2.4x 2.2x 22% 13.9x 12.4x 9.4x 49% 15% 23.7x 22.0x 15.2x

Other

LendingTree (US) 2,706 64% 5.1x 4.0x 3.2x 27% 27.7x 21.0x 15.8x 32% 19% 60.0x 39.9x 27.0x

Yelp (US) 2,379 88% 3.3x 2.9x 2.5x 15% 17.5x 14.9x 11.5x 23% 19% 40.4x 30.4x 23.6x

Groupon (US) 1,879 79% 0.8x 0.8x 0.8x (2%) 9.1x 7.6x 7.1x 14% 11% 35.9x 19.2x 16.8x

Gocompare.com (Europe) 637 90% 3.7x 3.2x 3.1x 10% 14.9x 11.8x 10.7x 18% 27% 19.0x 14.7x 13.2x

eHealth (US) 294 69% 2.0x 1.5x 1.3x 22% n/m 13.8x 9.5x n/a 11% n/m 24.3x 14.4x

Gurunavi (AsiaPac) 279 45% 1.0x 1.0x 1.0x (1%) 4.4x 5.0x 5.5x (11%) 20% n/a n/a n/a

Mean 2.6x 2.2x 2.0x 12% 14.7x 12.3x 10.0x 15% 18% 38.8x 25.7x 19.0x

Education

New Oriental Education (AsiaPac) 11,310 91% 6.4x 4.7x 3.5x 35% 38.7x 31.1x 20.9x 36% 15% 48.8x 37.9x 27.3x

Pearson (Europe) 8,919 97% 1.7x 1.9x 1.9x (5%) 11.0x 11.3x 10.5x 2% 17% 16.7x 18.1x 16.1x

2U (US) 4,402 94% 17.8x 12.4x 9.4x 38% n/m n/m n/m 62% 4% n/m n/m n/m

Chegg (US) 2,485 100% 11.4x 9.4x 7.8x 21% 63.7x 36.8x 27.4x 53% 26% n/m 63.0x 47.2x

Pluralsight (US) 1,638 99% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Instructure (US) 1,128 90% 8.3x 6.3x 5.0x 29% n/m n/m n/m (36%) (10%) n/m n/m n/m

Capella Education (US) 806 95% 2.1x 2.1x 2.0x 2% 10.8x 10.6x 9.9x 5% 20% 25.7x 20.9x 19.4x

Cambium Learning Group (US) 455 73% n/a 3.3x 3.1x n/a n/a 11.1x 9.9x n/a 30% n/a 25.0x 20.5x

American Public Education (US) 444 93% 1.7x 1.7x 1.6x 2% 10.1x 9.5x 8.8x 7% 18% 38.7x 25.8x 23.1x

K12 (US) 374 81% 0.5x 0.5x n/a (100%) 3.8x 3.7x n/a (100%) 13% 29.0x 51.1x n/a

Boxlight (US) 57 38% 2.4x 1.9x n/a (100%) n/a n/a n/a n/a - n/a n/a n/a

Mean 5.8x 4.4x 4.3x (9%) 23.0x 16.3x 14.6x 4% 13% 31.8x 34.5x 25.6x



Trading Comparables




Share Price

(% of year high)


Fitness & Wearbles

Under Armour (US) 8,097 88% 1.9x 1.8x 1.7x 6% 29.1x 27.6x 21.9x 15% 7% 99.3x n/m 62.9x

GoPro (US) 653 47% 0.6x 0.7x 0.7x (2%) n/m n/m 14.6x n/a (0%) n/m n/m n/m

Fitbit (US) 558 74% 0.4x 0.4x 0.4x (4%) n/m n/m n/m (4%) (4%) n/m n/m n/m

Huami Corporation (AsiaPac) 426 88% 0.2x 0.2x 0.1x 49% 3.2x 3.8x 1.2x 62% 4% 3.8x 2.1x 1.5x

Mean 0.8x 0.8x 0.7x 12% 16.1x 15.7x 12.5x 25% 1% 51.6x 2.1x 32.2x

Gambling

Paddy Power Betfair (Europe) 8,567 100% 4.4x 4.0x 3.8x 8% 16.4x 15.5x 14.7x 6% 26% 23.8x 22.5x 21.3x

Amaya (Canada) 6,748 93% 7.8x 6.1x 4.9x 25% 16.7x 14.6x 11.7x 19% 42% 14.9x 13.1x 11.5x

GVC Holdings (Europe) 6,677 98% 6.0x 1.6x 1.5x 99% 21.5x 7.3x 6.7x 79% 22% 30.6x 12.4x 11.1x

Playtech (Europe) 2,757 77% 2.9x 2.8x 2.3x 13% 7.5x 7.1x 5.5x 16% 40% 10.0x 9.8x 8.1x

Net Entertainment (Europe) 1,121 63% 7.1x 6.4x 5.8x 11% 15.5x 13.6x 12.4x 12% 47% 22.5x 19.4x 18.6x

888 Holdings (Europe) 1,092 92% 1.7x 1.7x 1.6x 5% 9.8x 8.8x 8.2x 10% 19% 16.4x 15.3x 13.4x

Bet-at-home.com (Europe) 419 50% 3.5x 3.4x 3.3x 3% 11.6x 11.7x 10.9x 3% 29% 16.2x 16.5x 15.2x

Sportech (Europe) 158 77% 1.7x 1.9x 1.8x (5%) 11.1x 14.5x 13.7x (10%) 13% 26.2x n/a n/a

ZEAL Network (Europe) 101 93% 0.7x 0.6x 0.6x 9% 4.3x 2.9x 2.3x 37% 22% 14.1x 9.8x 7.6x

Mean 4.0x 3.2x 2.8x 19% 12.7x 10.7x 9.6x 19% 29% 19.4x 14.9x 13.4x

Gaming

MMO

NetEase (AsiaPac) 21,647 61% 3.0x 2.3x 1.8x 30% 12.3x 15.8x 12.0x 1% 15% 14.6x 18.5x 15.0x

Nexon (AsiaPac) 9,597 89% 5.3x 4.5x 4.1x 13% 12.1x 9.6x 8.8x 17% 46% n/a n/a n/a

Sea Limited (US) 8,877 89% 2.3x 2.2x 2.1x 5% 12.4x 11.3x 10.8x 7% 19% 21.0x 17.7x 16.3x

NCsoft (AsiaPac) 4,745 71% 3.3x 3.4x 2.6x 13% 9.4x 8.4x 6.5x 21% 40% 15.5x 15.6x 11.2x

HUYA (AsiaPac) 3,989 96% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

NetDragon (AsiaPac) 1,028 59% 2.4x 2.0x 1.6x 22% 29.0x 18.1x 15.4x 37% 11% n/m 80.0x 33.3x

WeMade (AsiaPac) 489 81% 5.7x 3.8x 3.1x 37% 70.5x 15.3x 11.6x 147% 25% 66.1x 26.3x 19.4x

Rovio (Europe) 334 43% 1.1x 1.2x 1.1x (1%) 5.0x 7.7x 6.9x (15%) 16% 13.3x 20.7x 13.7x

Changyou (AsiaPac) (108) 40% n/m n/m n/m (7%) n/m n/m n/m (18%) 23% 6.0x 18.1x 8.6x

Mean 3.3x 2.7x 2.3x 14% 21.5x 12.3x 10.3x 25% 24% 22.8x 28.1x 16.8x

Mobile and Casual

Colopl (Europe) 17,680 98% 8.3x 7.8x 7.2x 8% 22.8x 22.2x 20.6x 5% 35% 33.3x 32.1x 29.4x

CyberAgent (AsiaPac) 5,692 92% 1.9x 1.6x 1.3x 18% 17.8x 15.6x 13.0x 17% 10% n/a n/a n/a

Youzu (AsiaPac) 2,629 63% 5.6x 4.4x 3.4x 28% 20.7x 19.8x 13.5x 24% 22% 23.8x 16.9x 13.3x

Zynga (US) 2,554 96% 3.5x 3.3x 2.9x 9% 22.9x 17.6x 13.9x 28% 19% 41.4x 28.6x 22.1x

GREE (Europe) 2,084 70% 0.8x 0.7x 0.7x 4% 9.4x 8.6x 8.1x 8% 8% 12.6x 12.1x 11.4x

DeNA (AsiaPac) 1,819 73% 1.6x 1.6x 1.5x 4% 6.8x 8.6x 6.2x 5% 18% n/a n/a n/a

GungHo Online (AsiaPac) 1,199 71% 1.6x 1.8x 1.9x (7%) 3.9x 5.9x 6.2x (21%) 30% n/a n/a n/a

NHN Entertainment (AsiaPac) 800 78% 1.1x 1.0x 0.9x 9% 13.6x 9.3x 8.0x 30% 11% 29.2x 11.9x 15.5x

Glu Mobile (US) 619 95% 2.3x 1.9x 1.7x 14% n/m 20.8x 14.6x n/a 9% n/m 23.2x 15.9x

Gumi (AsiaPac) 171 56% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

IGNIS (AsiaPac) 162 44% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Focus Home Interactive (Europe) 144 65% 1.7x 1.3x 1.2x 19% 14.3x 9.7x 8.9x 27% 14% 24.3x 14.0x 13.8x

Ourgame (AsiaPac) 90 39% 1.4x 1.0x 1.0x 18% n/a n/a n/a n/a - n/m 11.8x 7.0x

Boyaa Interactive (AsiaPac) (38) 73% n/m n/m n/m 3% n/a n/a n/a n/a - 6.5x 7.1x 5.9x

Mean 2.7x 2.4x 2.2x 11% 14.7x 13.8x 11.3x 14% 15% 24.4x 17.5x 14.9x

Console & PC

Activision Blizzard (US) 45,760 89% 7.5x 7.0x 6.5x 7% 20.4x 18.7x 16.2x 12% 38% 30.9x 26.8x 23.0x

Electronic Arts (US) 31,100 98% 7.1x 6.6x 6.0x 9% 21.2x 18.5x 15.3x 18% 36% 32.5x 27.4x 23.1x

Take-Two Interactive (US) 9,741 86% 5.6x 4.4x 4.2x 16% 21.3x 17.0x 12.4x 31% 26% 32.7x 26.3x 19.1x

Ubisoft Entertainment (Europe) 9,671 98% 5.3x 4.6x 4.2x 13% 14.5x 10.9x 10.1x 20% 42% 51.8x 31.0x 31.3x

Bandai Namco (AsiaPac) 6,286 99% 1.2x 1.1x 1.1x 4% 9.1x 8.4x 8.0x 7% 13% n/a n/a n/a

Konami (AsiaPac) 4,626 78% 2.3x 2.3x 2.3x 2% 9.6x 9.0x 7.9x 10% 25% n/a n/a n/a

Square Enix (AsiaPac) 3,903 91% 1.8x 1.8x 1.7x 4% 11.6x 10.0x 8.5x 16% 19% n/a n/a n/a

CD Projekt (Europe) 3,047 97% 29.1x 26.1x 8.1x 90% 54.1x 66.7x 13.1x 103% 39% 72.4x 80.8x 21.0x

Sega Sammy (AsiaPac) 2,736 96% 1.0x 1.0x 0.9x 2% 7.8x 7.8x 6.4x 10% 13% n/a n/a n/a

Paradox Interactive (Europe) 2,099 99% 27.0x 18.5x 14.6x 36% 45.4x 29.9x 22.4x 42% 62% 87.0x 51.9x 40.4x

Capcom (AsiaPac) 1,977 96% 2.8x 2.4x 2.5x 6% 10.6x 10.4x 9.3x 6% 23% n/a n/a n/a

Marvelous (AsiaPac) 280 75% 1.4x 1.3x 1.2x 7% n/a n/a n/a n/a - n/a n/a n/a

Mean 7.7x 6.4x 4.4x 16% 20.5x 18.8x 11.8x 25% 28% 51.2x 40.7x 26.3x



Trading Comparables




Share Price

(% of year high)


Hardware & Semiconductors

Apple (US) 828,677 99% 4.0x 3.6x 3.5x 7% 13.0x 11.8x 11.4x 7% 31% 18.4x 15.2x 15.1x

Samsung (AsiaPac) 243,011 89% 1.3x 1.2x 1.1x 5% 3.9x 3.3x 3.2x 10% 36% 9.0x 7.5x 7.6x

IBM (US) 141,408 83% 2.1x 2.0x 2.0x 1% 8.5x 8.8x 8.3x 1% 23% 10.0x 10.2x 10.2x

Sony (AsiaPac) 46,359 90% 0.7x 0.7x 0.7x 1% 5.4x 5.4x 5.0x 4% 12% n/a n/a n/a

Hitachi (AsiaPac) 40,941 86% 0.6x 0.5x 0.5x 2% 4.6x 4.8x 4.5x 1% 11% n/a n/a n/a

Philips (Europe) 35,618 96% 2.0x 2.0x 1.9x 3% 12.5x 11.7x 10.8x 8% 17% 23.9x 21.0x 18.7x

HP (US) 26,275 79% 0.9x 1.0x 1.0x (3%) 5.4x 5.7x 5.6x (2%) 18% 12.1x 10.3x 10.2x

Hewlett Packard Enterprise (US) 26,275 79% 0.9x 1.0x 1.0x (3%) 5.4x 5.7x 5.6x (2%) 18% 12.1x 10.3x 10.2x

Nokia (Europe) 24,024 86% 1.0x 1.1x 1.1x (1%) 8.0x 8.3x 7.2x 5% 13% 16.1x 21.6x 16.2x

Motorola (US) 19,733 98% 3.6x 3.1x 3.0x 9% 13.0x 11.4x 10.5x 11% 27% 19.5x 15.2x 14.1x

Toshiba (AsiaPac) 19,261 88% 0.5x 0.8x 0.6x (10%) 1.8x 10.8x 13.1x (63%) 7% n/a n/a n/a

Sharp (AsiaPac) 13,425 69% 0.7x 0.7x 0.6x 4% 9.2x 8.9x 8.7x 3% 8% n/a n/a n/a

Fujitsu (AsiaPac) 11,487 73% 0.3x 0.4x 0.4x (4%) 4.5x 3.8x 4.2x 4% 10% n/a n/a n/a

Unisplendour (AsiaPac) 9,900 83% 1.9x 1.7x 1.4x 16% n/a n/a n/a n/a - 71.6x 60.2x 52.1x

Lenovo (AsiaPac) 8,178 79% 1.7x 1.6x 1.5x 5% 68.8x 53.5x 46.1x 22% 3% n/m n/m 79.6x

LG (US) 6,286 65% 1.7x 1.9x 1.7x (0%) 11.5x 13.2x 11.1x 2% 14% 12.6x 22.3x 19.5x

Quanta Computer (AsiaPac) 5,550 67% 0.2x 0.2x 0.2x 3% 7.6x 7.4x 6.4x 9% 3% 13.4x 12.5x 10.7x

Pegatron Corporation (AsiaPac) 4,865 66% 0.1x 0.1x 0.1x 7% 4.6x 4.6x 3.8x 11% 3% 10.3x 10.6x 8.5x

ASUSTeK Computer (AsiaPac) 3,796 94% 0.3x 0.3x 0.3x 1% 9.2x 7.3x 7.0x 15% 5% 13.8x 13.1x 12.1x

Foxconn (AsiaPac) 1,643 74% 0.4x 0.4x 0.4x 1% 4.5x 4.3x 4.0x 6% 9% 10.3x 10.8x 10.0x

Acer (AsiaPac) 1,444 73% 0.2x 0.2x 0.2x 3% 10.4x 8.9x 7.9x 15% 2% 27.0x 18.9x 17.4x

nLIGHT (US) 1,127 96% n/a 6.9x 5.5x n/a n/a 44.7x 31.4x n/a 15% n/a 85.4x 56.1x

One Stop Systems (US) 41 70% 1.7x 1.3x 0.9x 34% 29.6x 29.6x 11.6x 60% 4% n/m 56.6x 18.2x

Mean 1.2x 1.4x 1.3x 4% 11.5x 12.4x 10.3x 6% 13% 18.7x 23.6x 21.5x

Computer Peripherals & Storage

Hon Hai Precision Industry (AsiaPac) 42,462 72% 0.3x 0.3x 0.3x 2% 7.0x 7.2x 6.2x 6% 4% 11.3x 11.8x 10.0x

Western Digital (US) 27,769 81% 1.6x 1.5x 1.5x 3% 4.5x 4.5x 5.1x (6%) 34% 6.7x 5.8x 6.1x

Seagate (Europe) 15,865 91% 1.7x 1.6x 1.7x 2% 8.4x 7.4x 7.8x 4% 22% 13.9x 9.7x 10.6x

NetApp (US) 12,528 92% 2.5x 2.4x 2.3x 6% 11.1x 10.2x 8.8x 12% 23% 20.3x 17.1x 15.4x

Zebra Technologies (US) 8,912 98% 2.8x 2.6x 2.5x 6% 15.2x 12.8x 12.3x 11% 20% 22.4x 15.3x 14.7x

Logitech (Europe) 5,224 97% 2.5x 2.2x 2.0x 11% 20.8x 17.0x 15.9x 14% 13% 27.6x 23.2x 20.5x

Shenzen Huiding (AsiaPac) 3,796 94% 0.3x 0.3x 0.3x 1% 9.2x 7.3x 7.0x 15% 5% 13.8x 13.1x 12.1x

Pure Storage (US) 3,487 84% 4.0x 3.0x 2.4x 30% n/m 33.7x 20.9x 198% 9% n/m n/m 44.4x

Lite-On (AsiaPac) 1,895 74% 0.3x 0.3x 0.3x (1%) 4.3x 4.3x 3.9x 4% 7% 32.6x 11.4x 10.2x

PCI-Suntek (AsiaPac) 1,636 65% 2.8x 1.9x 1.4x 43% n/a n/a n/a n/a - 61.6x 33.1x 18.5x

Chicony (AsiaPac) 1,462 88% 0.6x 0.6x 0.6x 8% 6.7x 7.1x 5.9x 7% 9% 12.8x 13.2x 10.3x

Synaptics (US) 1,413 66% 0.9x 1.0x 0.9x 2% 7.3x 7.4x 7.3x (0%) 13% 9.3x 9.2x 7.9x

Phison Electronics (AsiaPac) 1,092 62% 0.9x 0.9x 0.8x 4% 5.3x 6.3x 7.0x (13%) 14% 9.4x 12.1x 11.8x

Mean 1.6x 1.4x 1.3x 9% 9.1x 10.4x 9.0x 21% 13% 20.1x 14.6x 14.8x

Semiconductors

Intel (US) 233,863 99% 4.4x 4.0x 3.9x 6% 10.5x 9.4x 8.7x 10% 42% 16.4x 14.0x 13.4x

Taiwan Semiconductor (AsiaPac) 153,204 85% 5.5x 5.1x 4.6x 9% 8.3x 7.7x 6.9x 9% 67% 17.1x 16.1x 14.2x

NVIDIA (US) 126,012 95% 15.3x 11.2x 10.0x 24% 44.7x 28.0x 25.7x 32% 40% 53.1x 31.1x 28.9x

Broadcom (US) 100,563 99% 6.2x 5.6x 5.3x 8% 8.6x 8.9x 8.6x 0% 63% 12.9x 11.7x 10.9x

Texas Instruments (US) 94,262 92% 7.3x 6.8x 6.5x 5% 15.7x 14.4x 13.8x 6% 47% 23.6x 19.4x 17.6x

ASML (Europe) 72,439 97% 8.4x 6.9x 6.4x 14% 26.6x 22.0x 19.1x 18% 32% 37.3x 29.5x 24.5x

Micron (US) 64,723 99% 3.3x 2.4x 2.4x 18% 5.9x 3.7x 3.6x 29% 65% 9.1x 4.9x 5.1x

Qualcomm (US) 60,460 84% 3.0x 3.2x 3.0x (0%) 8.5x 10.6x 7.3x 8% 30% 14.5x 18.5x 15.0x

SK hynix (AsiaPac) 50,029 97% 2.1x 1.6x 1.5x 17% 3.3x 2.3x 2.4x 18% 67% 6.2x 4.5x 4.9x

Applied Materials (US) 45,346 83% 3.4x 2.9x 2.8x 10% 10.9x 9.1x 9.0x 10% 32% 13.6x 10.9x 10.9x

Analog Devices (US) 35,930 96% 7.3x 6.9x 6.6x 5% 14.3x 15.0x 13.6x 3% 46% 18.9x 16.7x 16.0x

Infineon (Europe) 26,030 93% 3.6x 3.4x 3.2x 7% 13.7x 11.7x 11.0x 12% 29% 27.0x 22.8x 20.7x

Microchip Technology (US) 20,127 94% 6.0x 5.6x 5.3x 6% 13.5x 11.5x 11.4x 9% 48% 17.6x 15.1x 14.2x

STMicroelectronics (Europe) 17,804 94% 2.2x 1.9x 1.7x 12% 10.7x 8.0x 7.2x 22% 23% 22.0x 15.1x 13.5x

Renesas Electronics (AsiaPac) 15,099 70% 2.5x 2.4x 2.2x 5% 10.7x 9.4x 8.5x 12% 25% n/a n/a n/a

Skyworks Solutions (US) 14,042 85% 4.3x 4.2x 3.9x 5% 9.7x 9.5x 8.7x 6% 44% 14.4x 13.8x 12.4x

Xilinx (US) 13,489 87% 6.3x 5.7x 5.4x 8% 20.0x 17.2x 16.7x 9% 33% 26.6x 22.8x 21.4x

Maxim Integrated Products (US) 13,182 79% 6.4x 6.0x 5.7x 6% 15.5x 14.6x 13.9x 6% 41% 23.7x 20.6x 19.2x

AMD (US) 11,505 85% 2.5x 2.0x 1.9x 16% 33.2x 17.1x 16.0x 44% 12% 87.6x 25.0x 19.0x

MediaTek (AsiaPac) 11,336 84% 1.6x 1.6x 1.4x 8% 21.5x 14.2x 9.9x 47% 11% 23.1x 19.5x 15.0x

Sanan Optoelectronics (AsiaPac) 11,197 70% 9.5x 7.3x 5.7x 29% 17.4x 13.7x 11.2x 24% 53% 28.8x 19.9x 16.8x

ON Semiconductor (US) 11,096 94% 2.4x 2.2x 2.2x 5% 10.3x 9.3x 8.6x 9% 24% 17.9x 14.2x 12.7x

ASE Group (AsiaPac) 10,636 92% 1.3x 1.0x 0.9x 21% 6.9x 4.8x 4.2x 28% 20% 14.7x 13.9x 11.0x

Microsemi (US) 8,454 100% 5.3x 4.8x 4.6x 8% 15.2x 14.2x 12.9x 9% 34% 17.3x 17.7x 13.9x

Marvell Technology Group (AsiaPac) 7,834 87% 3.8x 3.6x 3.5x 4% 12.9x 11.8x 11.1x 8% 31% 17.8x 15.8x 14.7x

SMIC (AsiaPac) 7,775 69% 22.7x 20.6x 18.6x 10% 68.8x 64.2x 55.0x 12% 32% n/m n/m n/m

ROHM (AsiaPac) 6,149 77% 2.0x 1.9x 1.7x 7% 8.3x 6.9x 6.0x 18% 27% n/a n/a n/a

United Microelectronics (AsiaPac) 6,084 98% 1.4x 1.4x 1.3x 4% 3.6x 3.6x 3.5x 2% 38% 21.3x 20.0x 17.5x

Mean 5.0x 4.5x 4.1x 10% 15.4x 13.1x 11.7x 15% 36% 22.5x 16.9x 14.9x



Trading Comparables




Share Price

(% of year high)


Healthcare & Science

Quintiles (US) 25,965 90% 3.7x 3.0x 2.8x 15% 14.8x 13.7x 12.7x 8% 21% 19.7x 17.9x 16.1x

Cerner (US) 16,667 81% 3.7x 3.6x 3.3x 6% 11.5x 11.8x 10.8x 3% 30% 24.1x 23.4x 20.8x

ResMed (US) 12,581 96% 6.7x 6.0x 5.5x 10% 24.0x 20.3x 18.9x 13% 29% 34.8x 28.6x 26.3x

M3 (AsiaPac) 11,885 94% 16.8x 13.8x 11.8x 19% 49.3x 43.7x 37.1x 15% 32% n/a n/a n/a

Athenahealth (US) 5,433 96% 5.2x 4.6x 4.2x 11% 23.8x 16.8x 14.7x 27% 28% 75.7x 34.5x 29.5x

Allscripts (US) 3,762 79% 2.4x 2.0x 1.9x 12% 11.9x 10.0x 9.3x 13% 20% 20.0x 16.1x 14.1x

Cotiviti (US) 3,204 73% 5.4x 4.9x 4.5x 10% 13.9x 12.1x 11.2x 11% 40% 21.4x 17.3x 15.5x

Teladoc (US) 2,819 99% 14.0x 9.1x 7.2x 40% n/m n/m 90.6x n/a 2% n/m n/m n/m

Evolent Health (US) 1,286 73% 3.4x 2.6x 2.2x 25% n/m 69.7x 35.3x n/a 4% n/m n/m n/m

HealthStream (US) 632 91% 3.0x 3.2x 3.1x (2%) 19.5x 18.6x 17.0x 7% 17% n/m 95.0x 78.2x

CPSI (US) 508 92% 2.2x 2.0x 2.0x 6% 12.2x 11.2x 11.5x 3% 18% 20.7x 14.1x 14.3x

Mean 6.1x 5.0x 4.4x 14% 20.1x 22.8x 24.5x 11% 22% 30.9x 30.9x 26.9x

Internet of Things (IoT)

Forescout Technologies (US) 866 79% 4.6x 3.6x 3.0x 23% n/m n/m n/m (62%) (11%) n/m n/m n/m

Impinj (US) 321 31% 2.9x 3.3x 2.8x 1% n/m n/m n/m 112% (22%) n/m n/m n/m

ShotSpotter (US) 249 86% 12.4x 8.6x 6.5x 39% n/m n/m 33.1x 163% 9% n/m n/m 99.1x

Internet of Things (Canada) 9 47% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Mean 6.6x 5.2x 4.1x 18% - - 33.1x 39% 5% - - 99.1x

Online Brokerage

Charles Schwab (US) 46,092 92% n/m n/m n/m 15% n/m n/m n/m 21% 49% 33.9x 22.5x 19.0x

TD Ameritrade (US) 23,927 93% n/m n/m n/m 22% n/m n/m n/m 30% 43% 33.3x 17.6x 14.7x

E*TRADE (US) 17,105 94% n/m n/m n/m 14% n/m n/m n/m 17% 52% 25.4x 17.5x 16.1x

IG Group (Europe) 3,430 95% n/m n/m n/m 2% n/m n/m n/m 1% 49% 16.7x n/a n/a

Plus500 (Middle East) 1,921 95% n/m n/m n/m 17% n/m n/m n/m 17% 56% 10.2x 7.4x 7.2x

Alfa Financial Software (Europe) 1,051 58% 10.4x 9.8x 8.7x 9% 22.5x 20.8x 18.7x 10% 47% 30.2x 28.0x 25.3x

SwissQuote (Europe) n/m 97% n/m n/m n/m 10% n/a n/a n/a n/a - n/a 20.3x 17.6x

Interactive Brokers (US) n/m 92% n/m n/m n/m 18% n/m n/m n/m 43% 94% 48.0x 31.7x 27.9x

Mean 10.4x 9.8x 8.7x 13% 22.5x 20.8x 18.7x 20% 49% 28.2x 20.7x 18.2x

Online Travel

OTAs

Priceline Group (US) 88,398 93% 8.1x 7.0x 6.2x 15% 21.6x 17.9x 15.9x 17% 39% 26.9x 23.2x 20.5x

Ctrip.com (AsiaPac) 21,501 75% 5.9x 5.0x 4.0x 21% 29.8x 25.6x 17.7x 30% 20% 42.1x 31.7x 22.8x

Expedia (US) 16,495 73% 1.9x 1.7x 1.5x 12% 10.9x 10.3x 8.9x 11% 16% 24.1x 22.1x 18.7x

TripAdvisor (US) 5,377 98% 4.0x 3.8x 3.5x 7% 19.4x 17.4x 15.8x 11% 22% 43.6x 36.3x 31.9x

MakeMyTrip (AsiaPac) 2,693 92% 6.1x 4.8x 4.1x 22% n/m n/m n/m (29%) (21%) n/m n/m n/m

Trivago (Europe) 1,266 19% 1.4x 1.4x 1.2x 7% n/m n/m n/m n/a (4%) n/m n/m n/m

Despegar.com (LatAm) 1,045 62% 2.3x 1.9x 1.6x 22% 14.6x 11.4x 9.4x 24% 17% 39.3x 26.4x 20.3x

Webjet (AsiaPac) 978 94% 5.8x 4.9x 4.0x 20% 19.5x 15.3x 11.5x 30% 32% 35.1x 24.2x 17.4x

eDreams ODIGEO (Europe) 828 75% 1.6x 1.6x 1.5x 5% 7.1x 6.9x 6.4x 5% 22% 12.3x 10.2x 8.6x

On The Beach (Europe) 668 74% 6.6x 5.6x 4.8x 18% 18.4x 14.9x 12.2x 23% 37% 26.0x 21.4x 17.6x

Hostelworld (Europe) 376 85% 3.8x 3.7x 3.4x 6% 12.8x 13.5x 11.4x 6% 27% 17.1x 18.4x 15.4x

Tuniu (AsiaPac) 328 67% 0.2x 0.1x 0.1x 21% n/m n/m 29.2x n/a (8%) n/m 59.2x 8.8x

HolidayCheck (Europe) 157 93% 1.3x 1.2x 1.1x 10% 82.2x 21.9x 14.3x 140% 6% n/m n/m 69.5x

Travelzoo (US) 155 97% 1.7x 1.6x 1.5x 9% 28.4x 18.8x 14.1x 42% 8% n/m 38.6x 29.4x

Lastminute.com (Europe) 113 82% 0.5x 0.5x 0.5x 4% 7.4x 5.9x 5.8x 13% 8% n/a n/a n/a

Asiatravel (AsiaPac) 9 41% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Mean 3.4x 3.0x 2.6x 13% 22.7x 15.0x 13.3x 25% 15% 29.6x 28.3x 23.4x

GDS

Amadeus IT (Europe) 31,695 99% 6.5x 6.3x 5.9x 5% 17.0x 15.8x 14.6x 8% 40% 28.6x 27.1x 25.4x

Sabre Corp (US) 8,438 97% 2.7x 2.6x 2.4x 6% 9.1x 8.9x 8.4x 4% 29% 17.5x 16.4x 14.9x

Travelport (Europe) 3,709 96% 1.8x 1.7x 1.6x 5% 7.3x 7.2x 6.8x 4% 23% 13.1x 12.1x 10.9x

Mean 3.7x 3.5x 3.3x 9% 11.1x 10.6x 9.9x 34% 15% 19.7x 18.6x 17.1x

Payments

PayPal (US) 74,733 94% 6.7x 5.6x 4.9x 17% 25.6x 21.5x 18.2x 19% 26% 42.0x 33.9x 28.4x

First Data (US) 33,773 96% 3.2x 4.5x 4.3x (13%) 12.8x 11.7x 11.0x 8% 38% 12.5x 12.8x 11.5x

Worldpay (US) 27,327 91% 14.9x 8.1x 7.4x 42% 31.1x 17.1x 14.8x 45% 48% 36.2x 19.6x 16.3x

Square (US) 19,242 97% 23.0x 15.5x 11.8x 40% n/m 88.1x 51.7x 78% 18% n/m n/m 61.1x

Wirecard (Europe) 14,969 97% 10.1x 7.6x 6.2x 27% 36.4x 27.5x 21.4x 30% 28% 63.5x 45.9x 34.3x

Shopify (Canada) 11,741 93% 20.5x 13.3x 9.7x 45% n/m n/m n/m 121% 4% n/m n/m n/m

Ingenico (Europe) 5,716 72% 2.3x 2.1x 2.0x 8% 11.3x 10.7x 9.7x 8% 20% 14.4x 13.4x 11.9x

Q2 Holdings (US) 2,016 98% 12.0x 9.8x 7.9x 23% n/m n/m 66.7x 89% 10% n/m n/m n/m

Qiwi (Europe) 609 63% 0.1x 0.0x 0.0x 19% 0.1x 0.1x 0.1x 28% 33% 0.3x 0.2x 0.2x

Boku (US) 232 91% 8.4x 6.3x 5.0x 29% n/m 44.0x 17.2x n/a 14% n/m n/m 27.5x

Intershop Communications (Europe) 55 78% 1.5x 1.5x 1.3x 8% 18.0x 21.7x 14.4x 12% 7% n/m n/m 54.8x

Seamless Distribution (Europe) 4 7% 0.2x 0.3x 0.3x (6%) n/m n/m 2.5x n/a (10%) n/a n/m 9.2x

Mean 8.6x 6.2x 5.1x 20% 19.3x 26.9x 20.7x 44% 20% 28.1x 21.0x 25.5x

Search / Portals

Alphabet (US) 555,252 89% 5.8x 4.7x 4.0x 21% 14.6x 12.8x 10.8x 16% 37% 32.3x 23.6x 21.5x

Tencent (AsiaPac) 423,612 84% 16.0x 11.3x 8.4x 38% 41.1x 30.4x 23.9x 31% 37% 57.6x 44.3x 33.6x

Baidu (AsiaPac) 66,750 85% 5.9x 4.8x 4.0x 22% 22.7x 16.7x 13.9x 28% 29% 25.9x 23.1x 19.2x

Naver (AsiaPac) 13,497 69% 3.6x 3.1x 2.7x 16% 12.1x 11.8x 9.9x 10% 26% 23.6x 22.8x 18.9x

Yahoo! Japan (AsiaPac) 13,282 72% 1.9x 1.8x 1.6x 7% 5.9x 6.9x 6.7x (6%) 25% n/a n/a n/a

Yandex (Europe) 8,502 73% 0.1x 0.1x 0.1x 28% 0.4x 0.3x 0.2x 36% 31% 0.7x 0.5x 0.3x

Sogou (AsiaPac) 2,283 65% 2.9x 2.0x 1.5x 37% 17.2x 14.6x 9.3x 36% 14% 36.2x 25.5x 16.6x

Wirtualna Polska (Europe) 418 94% 3.9x 3.4x 3.1x 11% 12.9x 11.2x 10.3x 12% 30% 39.4x 25.4x 18.3x

Sohu.com (AsiaPac) 415 52% 0.3x 0.2x 0.2x 15% 4.1x 5.2x 2.1x 39% 4% n/m n/m n/m

Phoenix New Media (AsiaPac) 271 69% 1.3x 1.3x 1.1x 9% 30.1x 30.0x 17.5x 31% 4% 45.3x 53.2x 24.1x

Mean 4.2x 3.3x 2.7x 21% 16.1x 14.0x 10.5x 23% 24% 32.6x 27.3x 19.1x



Trading Comparables




Share Price

(% of year high)


Social Networking

Facebook (US) 427,291 95% 12.3x 8.7x 6.9x 33% 18.7x 14.2x 11.4x 28% 62% 30.8x 24.2x 20.3x

Twitter (US) 19,739 93% 9.5x 7.8x 7.0x 17% 28.8x 20.4x 17.4x 29% 38% 88.2x 45.1x 39.1x

Weibo (AsiaPac) 18,808 72% 19.1x 12.0x 8.7x 48% 48.8x 30.1x 19.7x 57% 40% 59.4x 35.7x 24.6x

Match Group (US) 10,652 84% 9.4x 7.3x 6.4x 21% 26.4x 19.2x 16.4x 27% 38% 49.5x 28.0x 22.7x

Snap (US) 9,926 49% 14.5x 9.7x 6.7x 47% n/m n/m n/m (21%) (60%) n/m n/m n/m

Momo (AsiaPac) 7,131 96% 6.3x 4.1x 3.5x 33% 22.7x 14.4x 12.3x 36% 28% 26.1x 17.3x 15.0x

LINE (AsiaPac) 6,704 72% 4.9x 4.2x 3.6x 16% 23.9x 36.5x 20.1x 9% 11% n/a n/a n/a

Daum Kakao (AsiaPac) 5,365 64% 3.4x 2.8x 2.5x 17% 22.2x 24.7x 17.5x 13% 11% 61.1x 61.2x 41.5x

Mail.ru (Europe) 4,989 73% 0.1x 0.1x 0.1x 25% 0.3x 0.3x 0.2x 25% 31% 0.4x 0.4x 0.3x

YY (AsiaPac) 4,855 75% 3.2x 2.3x 1.9x 28% 12.3x 9.6x 7.8x 26% 24% 17.4x 13.2x 10.9x

SINA (AsiaPac) 4,283 72% 3.2x 2.2x 1.7x 38% 9.3x 7.3x 4.9x 39% 29% 31.0x 25.4x 16.8x

Meitu (AsiaPac) 3,346 61% 6.8x 3.8x 2.5x 66% n/m 40.5x 19.5x n/a 9% n/m 54.0x 27.6x

XING (Europe) 1,415 87% 7.7x 6.1x 5.3x 20% 24.7x 18.8x 16.4x 23% 33% 55.0x 43.4x 34.2x

Mixi (AsiaPac) 977 49% 0.6x 0.7x 0.7x (11%) 1.6x 1.7x 2.1x (13%) 40% n/a n/a n/a

Renren (AsiaPac) 588 47% 3.4x 1.3x n/a (100%) n/m n/m n/a (100%) (8%) n/m n/m n/a

MeetMe (US) 230 61% 2.2x 1.7x 1.7x 14% 8.7x 11.9x 9.6x (5%) 15% 8.7x 13.6x 9.9x

Mean 6.6x 4.7x 3.9x 20% 19.1x 17.8x 12.5x 11% 21% 38.9x 30.1x 21.9x

Software

Cloud Infrastructure, Hosting & VoIP

VeriSign (US) 13,780 100% 13.7x 13.1x 12.6x 4% 19.8x 18.4x 17.8x 6% 71% 32.2x 28.5x 26.5x

United Internet (Europe) 12,537 89% 3.0x 2.5x 2.3x 14% 12.1x 10.4x 9.4x 13% 24% 22.8x 24.3x 19.4x

GoDaddy (US) 11,369 99% 5.9x 5.0x 4.5x 15% 22.6x 17.7x 16.3x 18% 28% 28.7x 21.6x 16.9x

Akamai Technologies (US) 11,074 97% 5.1x 4.7x 4.3x 9% 13.9x 12.1x 10.9x 13% 39% 29.3x 23.1x 20.5x

Nutanix (US) 6,951 87% 8.2x 6.6x 5.5x 23% n/m n/m 61.1x n/a (7%) n/m n/m n/m

RingCentral (US) 4,927 92% 11.4x 8.9x 7.2x 26% n/m 74.4x 57.4x 75% 12% n/m n/m 83.8x

New Relic (US) 4,577 100% 16.2x 12.2x 9.7x 29% n/m n/m 81.2x 297% 11% n/m n/m n/m

Twilio (US) 4,207 95% 12.5x 9.0x 7.3x 31% n/m n/m n/m n/a 2% n/m n/m n/m

j2 Global (US) 4,200 94% 4.3x 3.9x 3.7x 9% 10.4x 9.8x 8.7x 9% 40% 15.0x 13.9x 12.3x

Endurance International (US) 2,665 95% 2.6x 2.7x 2.6x (0%) 9.0x 9.8x 9.6x (3%) 27% 9.2x 10.8x 11.4x

FireEye (US) 2,593 85% 4.0x 3.6x 3.4x 9% 34.2x 28.5x 25.4x 16% 13% n/m n/m 88.1x

Vonage (US) 2,510 95% 2.9x 2.8x 2.7x 4% 16.1x 14.9x 14.0x 7% 19% 37.2x 26.4x 26.6x

Qualys (US) 2,303 90% 11.6x 9.6x 8.2x 19% 31.5x 26.3x 22.2x 19% 36% 71.5x 48.9x 40.7x

Presidio (US) 1,822 68% 0.7x 0.7x 0.7x 3% 8.8x 9.5x 8.6x 1% 8% 10.3x 9.4x 8.1x

Econocom Group (Europe) 1,617 66% 0.6x 0.5x 0.5x 4% 9.4x 8.6x 7.7x 10% 6% 12.7x 12.5x 10.8x

Switch (US) 1,424 51% 4.4x 3.8x 3.2x 16% 8.5x 7.6x 6.4x 16% 51% n/m 37.9x 13.2x

8x8 (US) 1,308 78% 5.4x 4.5x 3.8x 19% 71.7x n/m n/m (57%) (1%) n/m n/m n/m

Carbonite (US) 1,052 100% 4.9x 4.0x 3.5x 18% 25.7x 15.0x 13.0x 41% 26% 48.1x 22.3x 18.1x

Acacia Communications (US) 897 67% 2.7x 3.6x 3.0x (6%) 13.4x 45.2x 19.6x (17%) 8% 18.8x n/m 39.3x

SendGrid (US) 881 82% 9.3x 7.2x 5.8x 27% 94.7x 64.7x 49.3x 39% 11% n/m n/m n/m

SecureWorks (US) 636 79% 1.6x 1.4x 1.3x 10% n/m n/m 51.7x n/a (1%) n/m n/m n/m

Tucows Inc. (Canada) 621 87% 2.2x 1.9x 1.8x 10% 18.4x 14.1x 11.4x 27% 13% n/a n/a n/a

Bandwith (US) 498 94% 3.5x 3.0x 2.6x 16% 27.3x n/m n/m n/a 2% 74.6x n/m n/m

Sonus Networks (US) 488 64% 1.7x 1.0x 1.0x 33% 16.6x 7.6x 5.5x 73% 13% 24.5x 15.0x 10.2x

Aquantia (US) 296 65% 3.3x 2.7x 2.2x 23% n/m 43.5x 16.0x 186% 6% n/m n/m 29.2x

Tintri (US) 44 6% 0.4x 0.5x 0.4x (3%) n/m n/m n/m (50%) (36%) n/m n/m n/m

Mean 5.5x 4.6x 4.0x 14% 24.4x 23.0x 23.8x 33% 16% 31.1x 22.6x 27.9x

Applications

Microsoft (US) 613,967 99% 7.0x 6.2x 5.7x 11% 17.8x 14.8x 13.2x 16% 42% 28.2x 24.4x 22.8x

Oracle (US) 155,509 86% 4.6x 4.4x 4.3x 4% 10.0x 9.5x 9.1x 5% 47% 15.4x 13.7x 13.2x

SAP (Europe) 113,414 95% 4.8x 4.7x 4.3x 5% 13.8x 13.5x 12.7x 4% 34% 22.5x 22.0x 20.0x

Adobe (US) 99,538 98% 15.9x 13.0x 11.0x 20% 37.8x 28.5x 23.6x 27% 46% 56.5x 37.0x 32.8x

Intuit (US) 42,396 99% 9.0x 7.9x 7.2x 12% 24.6x 21.9x 19.7x 12% 36% 42.6x 34.1x 28.6x

VMware (US) 41,425 83% 6.1x 5.5x 5.1x 9% 16.4x 15.2x 14.0x 8% 36% 26.1x 22.4x 20.5x

Autodesk (US) 24,835 92% 14.0x 11.5x 9.0x 25% n/m 78.8x 29.6x n/a 15% n/m n/m 40.8x

Constellation Software (Canada) 13,973 96% 8.6x 6.8x 6.0x 19% 32.9x 27.0x 23.1x 19% 25% 46.1x 35.0x 31.0x

Symantec (US) 13,786 61% 3.2x 3.3x 3.2x 1% 7.0x 7.6x 6.9x 1% 44% 13.5x 12.2x 11.0x

Citrix (US) 13,014 98% 5.3x 5.2x 5.0x 3% 14.8x 15.2x 15.6x (3%) 34% 19.5x 19.5x 18.7x

Check Point Software Technologies (Middle East)11,974 81% 7.4x 7.3x 7.0x 3% 13.3x 13.5x 13.0x 1% 54% 17.5x 17.2x 16.6x

Sage Group (Europe) 9,000 80% 4.6x 4.2x 4.0x 7% 15.4x 14.5x 13.3x 8% 29% 21.6x 20.3x 18.6x

Tableau (US) 6,167 98% 8.2x 7.3x 6.4x 13% n/m n/m 89.8x 18% 2% n/m n/m n/m

Trend Micro (AsiaPac) 5,541 91% 4.7x 4.3x 4.0x 8% 13.8x 13.3x 12.4x 5% 32% n/a n/a n/a

Ceridian HCM Holding (US) 5,164 88% n/a 8.1x 7.6x n/a n/a 39.9x 33.6x n/a 20% n/a n/m 66.1x

LogMeIn (US) 4,569 80% 5.2x 4.3x 4.0x 14% 14.3x 11.8x 10.6x 16% 37% 26.0x 20.2x 17.9x

Nemetschek (Europe) 3,886 92% 9.8x 8.6x 7.5x 14% 37.0x 32.7x 28.1x 15% 26% 61.6x 53.0x 46.0x

Teradata (US) 3,701 90% 2.0x 2.0x 1.9x 2% 11.5x 11.5x 10.3x 6% 17% 28.7x 27.3x 22.4x

MongoDB (US) 1,764 98% 13.4x 9.5x 7.1x 38% n/m n/m n/m (16%) (32%) n/m n/m n/m

Appian (US) 1,615 73% 11.1x 9.1x 7.8x 20% n/m n/m n/m 11% (18%) n/m n/m n/m

Carbon Black (US) 1,571 89% n/a 9.0x 7.3x n/a n/a n/m n/m n/a (27%) n/a n/m n/m

MicroStrategy (US) 679 66% 1.6x 1.5x 1.5x 2% 7.6x 16.8x 13.8x (26%) 9% 26.8x 46.4x 37.5x

Rosetta Stone (US) 290 98% 1.8x 1.9x 1.7x 2% 30.3x n/m 35.3x (7%) (4%) n/m n/a n/a

Gridsum (AsiaPac) 168 45% 0.3x 0.2x 0.1x 48% n/m 1.5x 0.5x n/a 13% n/m 1.9x 0.6x

Perion (Middle East) 91 61% 0.4x 0.4x n/a (100%) 4.1x 3.7x n/a (100%) 10% 5.0x 5.0x n/a

MuleSoft (US) - 100% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/m n/a n/a

NIC (Africa) - 85% n/m n/m n/m 3% n/a n/a n/a n/a - 6.1x 4.8x 5.6x

Mean 6.5x 5.9x 5.4x 3% 17.9x 19.6x 20.4x (4%) 20% 27.3x 23.1x 24.8x



Trading Comparables




Share Price

(% of year high)


Software (Cont'd)

Software as a Service (SaaS)

Salesforce.com (US) 79,602 97% 8.8x 7.2x 6.0x 21% 40.9x 31.2x 25.0x 28% 23% 96.1x 56.7x 44.5x

Workday (US) 22,744 93% 12.3x 9.8x 7.9x 24% 75.6x 52.5x 38.6x 40% 19% n/m 96.4x 67.4x

Xero (US) 10,066 74% 1.1x 1.2x 1.2x (2%) 6.8x 6.3x 6.3x 4% 18% 8.0x 7.5x 7.3x

Dropbox (US) 9,735 86% n/a 8.3x 7.1x n/a n/a 39.0x 33.0x n/a 21% n/a n/m 69.7x

Veeva Systems (US) 8,598 95% 14.6x 12.0x 10.2x 20% 43.7x 35.9x 30.4x 20% 33% 77.2x 50.8x 42.8x

Ultimate Software Group (US) 6,839 98% 8.5x 7.1x 6.0x 18% 36.8x 28.6x 23.6x 25% 25% 72.5x 46.5x 38.1x

DocuSign (US) 6,764 99% n/a 12.5x 10.3x n/a n/a n/m n/m n/a 3% n/a n/m n/m

Paycom (US) 5,291 88% 14.1x 11.2x 9.1x 25% 46.0x 27.4x 22.4x 43% 41% 83.1x 41.7x 33.8x

Pivotal Software (US) 5,053 92% n/a 9.4x 7.5x n/a n/a n/m n/m n/a (14%) n/a n/m n/m

Zendesk (US) 4,837 98% 13.1x 9.8x 7.6x 31% n/m n/m 83.7x 120% 7% n/m n/m n/m

Okta (US) 4,747 100% 21.1x 15.8x 12.0x 33% n/m n/m n/m (33%) (17%) n/m n/m n/m

RealPage (US) 4,611 96% 7.9x 6.2x 5.5x 20% 32.8x 23.5x 19.8x 29% 26% 62.9x 37.5x 30.3x

Blackbaud (US) 4,397 85% 6.4x 5.8x 5.3x 10% 26.1x 23.1x 20.7x 12% 25% 44.9x 34.0x 29.5x

Medidata Solutions (US) 3,746 88% 7.9x 6.8x 5.8x 17% 32.9x 26.5x 21.3x 24% 26% 58.5x 43.1x 34.4x

Wix.com (Middle East) 3,225 95% 8.8x 6.2x 5.0x 33% 55.4x 34.3x 22.1x 58% 18% n/m n/m 53.0x

Box (US) 3,194 95% 7.3x 6.1x 5.0x 21% n/m n/m 80.5x n/a 2% n/m n/m n/m

Ellie Mae (US) 2,980 93% 8.3x 6.9x 5.9x 19% 28.8x 26.3x 20.5x 19% 26% 67.0x 56.1x 39.4x

Zscaler (US) 2,719 74% 20.6x 15.4x 11.6x 33% n/a n/m n/m n/a (10%) n/a n/m n/m

Paylocity (US) 2,612 99% 9.1x 7.3x 6.0x 23% 45.6x 33.6x 25.4x 34% 22% 75.6x 42.3x 45.8x

Cornerstone Ondemand (US) 2,368 98% 5.7x 5.4x 4.9x 8% 41.9x 29.8x 21.0x 41% 18% n/m 63.8x 39.4x

Coupa (US) 2,316 94% 14.7x 11.6x 9.3x 26% n/m n/m n/m n/a (2%) n/m n/m n/m

SmartSheet (US) 2,038 96% n/a 15.2x 10.8x n/a n/a n/m n/m n/a (32%) n/a n/m n/m

Altair Engineering (US) 1,885 94% 6.6x 5.8x 5.2x 13% 97.8x 64.6x 40.6x 55% 9% n/m n/m 58.6x

Zuora (US) 1,853 93% n/a 10.0x 7.9x n/a n/a n/m n/m n/a (24%) n/a n/m n/m

SailPoint (US) 1,838 93% 12.2x 9.3x 7.6x 27% 99.9x n/m 80.4x 12% 8% n/m n/m n/m

Blucora (US) 1,779 100% 4.1x 3.7x 3.5x 9% 20.6x 17.8x 15.6x 15% 21% 28.7x 20.0x 17.4x

BlackLine (US) 1,769 89% 11.7x 9.1x 7.3x 27% n/m n/m n/m 246% 5% n/m n/m n/m

Cloudera (US) 1,713 68% 5.5x 4.5x 3.8x 20% n/m n/m n/m (21%) (19%) n/m n/m n/m

Five9 (US) 1,661 97% 9.7x 8.1x 6.9x 19% n/m 66.1x 48.4x 57% 12% n/m n/m 73.1x

Alteryx (US) 1,560 83% 14.1x 9.7x 7.4x 38% n/m n/m n/m (32%) (6%) n/m n/m n/m

Talend (Europe) 1,410 97% 11.0x 8.0x 6.3x 32% n/m n/m n/m (91%) (5%) n/m n/m n/m

Yext (US) 1,121 95% 7.6x 5.8x 4.4x 32% n/m n/m n/m (7%) (17%) n/m n/m n/m

Apptio (US) 1,089 96% 6.8x 5.5x 4.7x 20% n/m n/m 75.9x n/a 3% n/m n/m n/m

Everbridge (US) 1,072 99% 11.9x 8.9x 7.1x 30% n/m n/m n/m n/a (2%) n/m n/m n/m

Benefitfocus (US) 988 91% 4.5x 4.5x 4.0x 6% 60.3x n/m 55.0x 5% 3% n/m n/m n/m

SPS Commerce (US) 975 100% 5.1x 4.6x 4.2x 10% 35.3x 25.5x 21.3x 29% 18% 81.0x 51.6x 43.5x

LivePerson (US) 967 100% 5.1x 4.6x 4.1x 11% 61.4x 49.4x 38.0x 27% 9% n/m n/m n/m

Synchronoss (US) 358 35% 0.9x 1.0x 1.0x (7%) 3.6x 5.1x 6.7x (27%) 19% 8.2x 46.5x n/m

Cardlytics (US) 340 93% 3.0x 2.5x 1.6x 37% n/m n/m 45.7x n/a (10%) n/m n/m n/m

ChannelAdvisor (US) 292 96% 2.7x 2.6x 2.4x 7% 72.2x 41.9x 31.6x 51% 6% n/m n/m n/m

Veritone (US) 246 28% 18.5x 13.4x 7.2x 60% n/m n/m n/m 13% (190%) n/m n/m n/m

EQS Group (Europe) 122 95% 3.8x 3.3x 2.9x 16% 36.0x 75.9x 35.5x 1% 4% n/m n/m n/m

Callidus (US) - 88% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/m n/a n/a

Mean 9.1x 7.7x 6.2x 18% 45.5x 34.7x 35.3x 22% 3% 58.7x 46.3x 42.7x



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Table of Contents - NOAH Conference · Table of Contents Service Provider 500Tech 11 Adtelligence 12 Aklamio 13 BDO Legal 14 Besedo 15 Business Buddies 16 CareerTeam 17 Chris Philipps