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STRICTLY PRIVATE AND CONFIDENTIAL
QUARTERLY TECH REPORT – Q2 2016 11
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QUARTERLY TECH REPORT – Q2 2016 22
…DEEP DOMAIN EXPERTISE IN THREE INTER -RELATED SECTORS… …AND AN EXCEPTIONAL CROSS-BORDER TRACK RECORD
WE HAVE MARKET LEADING DIFFERENTIATED CAPABILITY… …WITH GLOBAL INTERCONNECTED REACH…
EXPERTS
3,000+
LONDON NEW YORK SINGAPORE
SENIOR LEVEL
40 250+
25 YEARS
ENTREPRENEURIAL OWNER-MANAGED
MARKETING
HEALTHCARETECHNOLOGY
3
STRICTLY PRIVATE AND CONFIDENTIAL
4QUARTERLY TECH REPORT – Q2 2016: DIGITAL SERVICES
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DIGITAL
SERVICES
QUARTERLY TECH REPORT – Q2 2016: DIGITAL SERVICES
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LAST
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Q2 2016 PERFORMANCE
QUARTERLY TECH REPORT – Q2 2016: DIGITAL SERVICES
7
6.9%7.2%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
IT / CONSULTING SERVICES MARKETING COMMUNICATIONS
16.5%
14.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
IT / CONSULTING SERVICES MARKETING COMMUNICATIONS
1.7 x
1.3 x
0.0 x
0.2 x
0.4 x
0.6 x
0.8 x
1.0 x
1.2 x
1.4 x
1.6 x
1.8 x
2.0 x
IT / CONSULTING SERVICES MARKETING COMMUNICATIONS
9.7 x
8.6 x
0.0 x
2.0 x
4.0 x
6.0 x
8.0 x
10.0 x
12.0 x
IT / CONSULTING SERVICES MARKETING COMMUNICATIONS
REVENUE GROWTH (2016-17E) EV / REVENUE 2016E
EBITDA MARGIN 2016E EV / EBITDA 2016E
QUARTERLY TECH REPORT – Q2 2016: DIGITAL SERVICES
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DATE BUYER TARGET EV ($M) EV/REVENUE EV/EBITDA COMPANY DESCRIPTIONTARGET
LOCATION
QUARTERLY TECH REPORT – Q2 2016: DIGITAL SERVICES
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DATE BUYER TARGET EV ($M) EV/REVENUE EV/EBITDA COMPANY DESCRIPTIONTARGET
LOCATION
RSA MARKETING
QUARTERLY TECH REPORT – Q2 2016: DIGITAL SERVICES
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DATE BUYER TARGET EV ($M) EV/REVENUE EV/EBITDA COMPANY DESCRIPTIONTARGET
LOCATION
QUARTERLY TECH REPORT – Q2 2016: DIGITAL SERVICES
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DATE BUYER TARGET EV ($M) EV/REVENUE EV/EBITDA COMPANY DESCRIPTIONTARGET
LOCATION
QUARTERLY TECH REPORT – Q2 2016: DIGITAL SERVICES
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DATE BUYER TARGET EV ($M) EV/REVENUE EV/EBITDA COMPANY DESCRIPTIONTARGET
LOCATION
appenture
QUARTERLY TECH REPORT – Q2 2016: DIGITAL SERVICES
13
OPERATING METRICS VALUATION METRICS
PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA
COMPANY (30-JUN-16) WEEK HIGH CAP CASH DEBT VALUE CY2016 CY16-17 HISTORICAL CY2016 CY2017 CY2016 CY2017 CY2016 CY2017
IT / CONSULTING SERVICES
EBITDA MARGIN
QUARTERLY TECH REPORT – Q2 2016: DIGITAL SERVICES
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OPERATING METRICS VALUATION METRICS
PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA
COMPANY (30-JUN-16) WEEK HIGH CAP CASH DEBT VALUE CY2016 CY16-17 HISTORICAL CY2016 CY2017 CY2016 CY2017 CY2016 CY2017
MARKETING COMMUNICATIONS
EBITDA MARGIN
QUARTERLY TECH REPORT – Q2 2016: DIGITAL SERVICES
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PARTNER – LONDON PARTNER – NEW YORKPARTNER – LONDON PARTNER – NEW YORK PARTNER – APAC
QUARTERLY TECH REPORT – Q2 2016: DIGITAL SERVICES
QUARTERLY TECH REPORT – Q2 2016 16
STRICTLY PRIVATE AND CONFIDENTIAL
17QUARTERLY TECH REPORT – Q2 2016: SAAS
18LA
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Q2 2016 PERFORMANCE
QUARTERLY TECH REPORT – Q2 2016: SAAS
19LA
ST
12 M
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THS
Q2 2
016
LARGE CAP MID CAP
QUARTERLY TECH REPORT – Q2 2016: SAAS
20LA
ST
12 M
ON
THS
Q2 2
016
SMALL CAP
QUARTERLY TECH REPORT – Q2 2016: SAAS
21
REVENUE GROWTH (2016-17E) EV / REVENUE 2016E
EBITDA MARGIN 2016E EV / EBITDA 2016E
QUARTERLY TECH REPORT – Q2 2016: SAAS
22
LTM Q2 2016
% CHANGE
LTM Q2 2016
% CHANGE
QUARTERLY TECH REPORT – Q2 2016: SAAS
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OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN EBITDA MARGIN REVENUE EBITDA
COMPANY (30-JUN-16) WEEK HIGH CAP CASH DEBT VALUE ($M) CY2016 HISTORICAL CY16-17 HISTORICAL CY2016 CY2017 CY2016 CY2017 CY2016 CY2017
LARGE CAP
MID CAP
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QUARTERLY TECH REPORT – Q2 2016: SAAS
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OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN EBITDA MARGIN REVENUE EBITDA
COMPANY (30-JUN-16) WEEK HIGH CAP CASH DEBT VALUE ($M) CY2016 HISTORICAL CY16-17 HISTORICAL CY2016 CY2017 CY2016 CY2017 CY2016 CY2017
SMALL CAP
QUARTERLY TECH REPORT – Q2 2016: SAAS
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DIRECTOR – LONDON PARTNER – NEW YORKPARTNER – LONDON PARTNER – NEW YORK PARTNER – APAC
QUARTERLY TECH REPORT – Q2 2016: SAAS
QUARTERLY TECH REPORT – Q2 2016 2626
STRICTLY PRIVATE AND CONFIDENTIAL
27QUARTERLY TECH REPORT – Q2 2016: HEALTHTECH
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Q2 2016 PERFORMANCE
QUARTERLY TECH REPORT – Q2 2016: HEALTHTECH
29LA
ST
12 M
ON
THS
Q2 2
016
HEALTHCARE IT - EUROPE HEALTHCARE IT - US BIOPHARMA IT
QUARTERLY TECH REPORT – Q2 2016: HEALTHTECH
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COMPANYIPO
DATEDESCRIPTION
RAISED ($M)
INDICATIVE PRICE RANGE ($)
IPO LISTING PRICE ($)
INCREASE VS. RANGE
DAY 1 INCREASE
CURRENT INCREASE(1)
CURRENT EV ($M)
EV / REVENUE 2016E
EV / EBITDA 2016E
QUARTERLY TECH REPORT – Q2 2016: HEALTHTECH
31
REVENUE GROWTH (2016-17E) EV / REVENUE 2016E
EBITDA MARGIN 2016E EV / EBITDA 2016E
QUARTERLY TECH REPORT – Q2 2016: HEALTHTECH
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LTM Q2 2016
% CHANGE
LTM Q2 2016
% CHANGE
QUARTERLY TECH REPORT – Q2 2016: HEALTHTECH
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NU
MB
ER
OF D
EA
LS
TOTA
L D
ISC
LOSED
DEA
L V
ALU
E (
$M
)
QUARTERLY TECH REPORT – Q2 2016: HEALTHTECH
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DATE BUYER TARGET EV ($M)EV/ (1)
REVENUEEV/EBITDA COMPANY DESCRIPTION
TARGETLOCATION
QUARTERLY TECH REPORT – Q2 2016: HEALTHTECH
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DATE COMPANYTYPE OF ROUND
FUNDSRAISED ($M)
INVESTOR PARTICIPATION COMPANY DESCRIPTIONCOMPANYLOCATION
QUARTERLY TECH REPORT – Q2 2016: HEALTHTECH
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OPERATING METRICS VALUATION METRICS
PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA
COMPANY (30-JUN-16) WEEK HIGH CAP CASH DEBT VALUE CY2016 CY16-17 HISTORICAL CY2016 CY2017 CY2016 CY2017 CY2016 CY2017
GENERALISTS WITH SIGNIFICANT HEALTHTECH EXPOSURE
HEALTHCARE IT - EUROPE
HEALTHCARE IT - US
BIOPHARMA IT
EBITDA MARGIN
QUARTERLY TECH REPORT – Q2 2016: HEALTHTECH
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MANAGER - LONDON PARTNER – NEW YORKPARTNER – LONDON PARTNER – NEW YORK PARTNER – APAC
QUARTERLY TECH REPORT – Q2 2016: HEALTHTECH
QUARTERLY TECH REPORT – Q2 2016 3838
STRICTLY PRIVATE AND CONFIDENTIAL
39QUARTERLY TECH REPORT – Q2 2016: CYBERSECURITY
40
Q2 2016 PERFORMANCE
LAST
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QUARTERLY TECH REPORT – Q2 2016: CYBERSECURITY
41LA
ST
12 M
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THS
Q2 2
016
BROADLINE ENDPOINT NETWORK DATA
MONITORING
& ANALYSIS
QUARTERLY TECH REPORT – Q2 2016: CYBERSECURITY
42
COMPANYIPO
DATEDESCRIPTION
RAISED ($M)
INDICATIVE PRICE RANGE ($)
IPO LISTING PRICE ($)
INCREASE VS. RANGE
DAY 1 INCREASE
CURRENT INCREASE(1)
CURRENT EV ($M)
EV / REVENUE 2016E
EV / EBITDA 2016E
QUARTERLY TECH REPORT – Q2 2016: CYBERSECURITY
43
REVENUE GROWTH (2016-17E) EV / REVENUE 2016E
EBITDA MARGIN 2016E EV / EBITDA 2016E
QUARTERLY TECH REPORT – Q2 2016: CYBERSECURITY
44
LTM Q2 2016
% CHANGE
LTM Q2 2016
% CHANGE
QUARTERLY TECH REPORT – Q2 2016: CYBERSECURITY
45
TOTA
L D
ISC
LOSED
DEA
L V
ALU
E (
$M
)
NU
MB
ER
OF D
EA
LSQUARTERLY TECH REPORT – Q2 2016: CYBERSECURITY
46
DATE BUYER TARGET EV ($M)EV /
REVENUEEV /
EBITDACOMPANY DESCRIPTION
TARGETLOCATION
-
QUARTERLY TECH REPORT – Q2 2016: CYBERSECURITY
47
DATE COMPANYTYPE OF ROUND
FUNDSRAISED ($M)
INVESTOR PARTICIPATION COMPANY DESCRIPTIONCOMPANYLOCATION
QUARTERLY TECH REPORT – Q2 2016: CYBERSECURITY
48
PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN EBITDA MARGIN
COMPANY (30-JUN-16) WEEK HIGH CAP CASH DEBT VALUE CY2016 CY16-17 HISTORICAL CY2016 CY2017 CY2016 CY2017 CY2016 CY2017
BROADLINE
ENDPOINT
NETWORK
DATA
MONITORING & ANALYSIS
OPERATING METRICS VALUATION METRICS
REVENUE EBITDA
QUARTERLY TECH REPORT – Q2 2016: CYBERSECURITY
49
DIRECTOR – LONDON PARTNER – NEW YORKPARTNER – LONDON PARTNER – NEW YORK PARTNER – APAC
QUARTERLY TECH REPORT – Q2 2016: CYBERSECURITY
QUARTERLY TECH REPORT – Q2 2016 5050
STRICTLY PRIVATE AND CONFIDENTIAL
51QUARTERLY TECH REPORT – Q2 2016: ADTECH & MARTECH
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LAST
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FOR
MA
NC
E
Q2 2016 PERFORMANCE
QUARTERLY TECH REPORT – Q2 2016: ADTECH & MARTECH
53
ADTECH DIVERSIFIED INTERNETMARTECH DATA
LAST
12 M
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Q2 2
016
QUARTERLY TECH REPORT – Q2 2016: ADTECH & MARTECH
54
COMPANY IPO DATE DESCRIPTIONRAISED
($M)INDICATIVE PRICE
RANGE ($)IPO LISTING PRICE ($)
DAY 1 INCREASE
CURRENT INCREASE
CURRENT EV ($M)
EV / NET REVENUE 2016E
EV / EBITDA 2016E
QUARTERLY TECH REPORT – Q2 2016: ADTECH & MARTECH
55
REVENUE GROWTH (2016-17E) EV / NET REVENUE 2016E
QUARTERLY TECH REPORT – Q2 2016: ADTECH & MARTECH
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% CHANGE LTM Q2 2016
% CHANGE LTM Q2 2016
QUARTERLY TECH REPORT – Q2 2016: ADTECH & MARTECH
57
TOTA
L D
ISC
LOSED
DEA
L V
ALU
E (
$B
N)
NU
MB
ER
OF D
EA
LS
QUARTERLY TECH REPORT – Q2 2016: ADTECH & MARTECH
58
DATE BUYER TARGET EV ($M) EV/REVENUE COMPANY DESCRIPTIONTARGET
LOCATION
QUARTERLY TECH REPORT – Q2 2016: ADTECH & MARTECH
59
DATE COMPANYTYPE OF ROUND
FUNDSRAISED ($M)
INVESTOR PARTICIPATON COMPANY DESCRIPTIONCOMPANYLOCATION
QUARTERLY TECH REPORT – Q2 2016: ADTECH & MARTECH
60
COMPANY OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REVENUE GROWTH EBITDA MARGIN NET REVENUE EBITDA
(30-JUN-16) WEEK HIGH CAP CASH DEBT VALUE ($M) CY2016 ($M) CY15-16 CY16-17 CY2016 CY2017 CY2016 CY2017 CY2016 CY2017
ADTECH
MARTECH
DATA
DIVERSIFIED INTERNET
QUARTERLY TECH REPORT – Q2 2016: ADTECH & MARTECH
61
DIRECTOR – LONDON PARTNER – NEW YORKPARTNER – LONDON PARTNER – NEW YORK PARTNER – APAC
QUARTERLY TECH REPORT – Q2 2016: ADTECH & MARTECH