SlideShare une entreprise Scribd logo
1  sur  33
Télécharger pour lire hors ligne
Selling Complex Stories in
Simple Words at High Prices
                                October 2012

              Strictly Private and Confidential
Intro
NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique                                                        Selected Completed NOAH Transactions
                                                                                                                                                                May 2012                                            April 2012
           Unique Industry Know-How                                    Core Investment Banking Competence
                                                                                                                                                                                        Sale of a 100%-stake in
 100% focused on Internet companies, covering                 The NOAH team has 25+ years of media                       150 million growth equity investment from
    over 25 sub-verticals in this highly complex                  investment banking experience
    industry                                                      - Routine execution of M&A and financing               for a 50% stake alongside Fotolia’s Founders and
                                                                                                                                                                                                    to
    - 15+ years active coverage of leading European                   transactions with sizes of several billion euros
                                                                                                                          Additional $150 million senior debt financing
        Internet companies and investors                         The team has been working together closely for 7               Total $300 million investment
   Deep understanding of industry dynamics and                   years (including 6 years at Lehman Brothers)           Financial Advisor to Fotolia and its Shareholders   Financial Advisor to Toprural and its Shareholders
    thinking of industry leaders                                 8 successfully completed NOAH Advisors
   Ability to add value beyond banking advice                    transactions underline successful transfer of
    - Facilitates overall process and minimizes                   competencies to the Internet sector                                                      November 2011                                             July 2011
        management distraction                                                                                                    Sale of a majority stake in                         Sale of a majority stake in

     Unmatched Network and Relationships                          Full Commitment - We Are Entrepreneurs!
                                                                                                                                                                                                    to
 NOAH Advisors is globally very well connected                The NOAH team are entrepreneurs and focused                                 to
    and has direct access to virtually all key players in         on growing the business and establishing a                    Quants Financial Services AG
    the industry                                                  reputation for excellence                                       Exclusive Financial Advisor to
    - Knowledge of and strong relationships with                 Full commitment to deliver top quality results in               grupfoni and its Shareholders                            Advisor to EnGrande

        potential buyers’ key decision makers                     short time frames
    - Coverage of over 500 companies and 4,000                   Highly success-based compensation structures
        individuals                                               align interests of clients and NOAH Advisors, and                                            April 2011                                           April 2011

    - Proactively finds and unlocks attractive                    demonstrate conviction to deliver top results                                                                       Sale of a majority stake in
        investment opportunities for leading                                                                                 have acquired a majority stake in
        investors (e.g. Bigpoint)
   Annual NOAH Conference
                                                                                                                                        for $350m from
                                                                                                                                                                                                    to


                                      The NOAH Advisors Core Team                                                                    Exclusive Advisor to                                    Advisor to Yatego
                                                                                                                               Summit Partners and TA Associates
                Marco                                       Yoram                                 Jan
                Rodzynek                                    Wijngaarde                            Brandes
                                                                                                                                                           December 2009                                            April 2009
                Managing Director                           Director                              Director
                                                                                                                                         Partial sale of                                  $80m partial sale of
                and Founder

                                                                                                                                                to
                                                                                                                                                                                                    to
Contact Details                    Contact Details                     Contact Details
marco.rodzynek@noah-advisors.com   yoram.wijngaarde@noah-advisors.com jan.brandes@noah-advisors.com                               Valuing Softonic at €175m
UK Mobile:       +44 77 85 330 330 UK Mobile:        +44 79 17 084 784 German Mobile:    +49 174 2010 984
                                                                                                                                        Advisor to Softonic                                  Advisor to Fotolia
Swiss Mobile:      + 41 79958 1512




                                                                                                  3
Introduction to the NOAH Conference                                                                 Draft NOAH Conference 2012 Program
 The NOAH Conference is an annual Internet event taking place once a year in           Start         -   End     Session                                                      Format
  London, focused on top management from Internet start-ups to global media           Day 1 (6   th
                                                                                                      November)
  companies as well as senior investment professionals                                  8:50          - 8:55      Welcome Note & Introduction                                  Welcome Speech
                                                                                        8:55          - 9:10      The State of European Internet                               Interview
 NOAH’s goal is to create a marketplace for the European Internet eco-system to        9:10          - 9:20      Overview of Conference Work Shops                            Presentation
  discuss key trends, generate business and facilitate investment transactions          9:20          - 9:50      Champion League                                              Company Presentation
 Over the past 3 years numerous high-profile speakers presented at NOAH, including     9:50          - 10:20     Disruption: Music                                            Keynote
                                                                                       10:20          - 10:30     How to Structure Sales Successfully                          Keynote
  over 100 CEOs                                                                        10:30          - 11:00     How to Win Customers                                         Keynote & Panel
 The NOAH Conference was founded in 2009 by Marco Rodzynek and is organised by        11:00          - 11:15     Angel Investing                                              Interview
  the NOAH Advisors team with sponsorship from some of the world’s leading             11:15          - 11:55     Rising Stars                                                 Company Presentation
                                                                                       11:55          - 12:30     Who Will Win the Mobile Industry War                         Keynote & Panel
  financial investors                                                                  12:30          - 13:45     Lunch
                                                                                       13:45          - 14:15     Early Game Changers                                          Company Presentation
                                                                                       14:15          - 14:30     The eBay Turnaround Story                                    Keynote & Interview
         NOAH 2012 on 6-7 November – Book Your Ticket Now!                             14:30          - 15:00     Israel Panel - Part I: Innovation                            Keynote & Panel
                                                                                       15:00          - 15:30     Champion League                                              Founder & CEO
 The conference will again take place at Old Billingsgate in London                   15:30          - 16:05     Internet Investing                                           Panel
 The NOAH Party on will take place at the iconic Battersea Power Station              16:05          - 16:40     Internet in Russia                                           Panel
                                                                                       16:40          - 17:00     Champion League                                              Company Presentation
 For updates, please check: www.noah-conference.com                                   17:00          - 17:10     Keynote: Unlocking the Long Tail of Knowledge                Keynote
                                                                                       17:10          - 17:45     How to Hire and Scale an Organisation                        Keynote & Panel
                                                                                       17:45          - 18:15     Rising Stars                                                 Company Presentation
                                                                                       18:15          - 19:15     Bowl Food and Drinks
                                                                                       21:30          - 1:30      NOAH Party at the Battersea Power Station

                                                                                      Day 2 (7 th November)
                                                                                        9:00 - 9:10               Markafoni Transformation                                     Keynote & Interview
                                                                                        9:10 - 9:40               Champion League                                              Company Presentation
                                                                                        9:40 - 10:00              Disruption: Gaming                                           Keynote & Interview
                                                                                       10:00 - 10:30              Early Game Changers                                          Company Presentation
                                                                                       10:30         10:40        Keynote: Innovation in TV - Media for Revenue/Equity Deals   Keynote
                                                                                       10:40         10:50        Company Presentation: Viewster                               Company Presentation
                                                                                       10:50 - 11:15              Panel Discussion: The Future of Free TV                      Panel
                                                                                       11:15 - 11:55              Rising Stars                                                 Company Presentation
                                                                                       11:55 - 12:30              How to do Online Payment                                     Keynote & Panel
                                                                                       12:30 - 14:00              Lunch
                                                                                       12:30 - 14:00              ProSiebenSat.1: SevenVentures Pitch Day                      Jury Member
                                                                                       14:00 - 14:15              How to Build a Big Business with M&A                         Keynote
                                                                                       14:15 - 14:30              Axel Springer's Internet Strategy                            Presentation
                                                                                       14:30 - 15:05              Leading Women and Their Start-Ups                            Panel
                                                                                       15:05 - 15:20              Israel Panel - Part II: Finding EBITDA in the Holy Land      Panel
                                                                                       15:20 - 15:40              Disruption: Navigation                                       Presentation
                                                                                       15:40 - 16:20              Rising Stars                                                 Company Presentation
                                                                                       16:20 - 16:45              How to Analyse Traffic                                       Keynote
                                                                                       16:45 - 17:25              Early Game Changers                                          Company Presentation
                                                                                       17:25 - 18:55              Networking Drinks & Canapés




                                                                                       4
Reaching to New Limits … We Are Proud to Be Here
   Guys,                It is Really        Finally
  Let’s Go!              Hot Here           Here!




                           5
Where Does the Exit Market Stand
 European exit markets have been relatively quiet from an IPO and Trade Sale perspective

 Modest exit activity levels with relative unspectacular deals, with the exception of Skype

 Lack of large buyout and take privates. Internet debt market in its infancy

 Some recent expensive European Internet IPOs like Ocado led to more investor caution. Perform Group is a
  pleasant exception. They are like the European version of the Linkedin IPO (expensive but well performing)

 Permira and Axa Private Equity consolidated European online flight market with OdigeO, the combination of
  Opodo, Go Voyages and eDreams

 KKR acquired 50% of Fotolia in a leverage recap valuing the company above $500 million

 Significant interest by buyout groups to acquire sizeable Internet companies, among others:

      - Silver Lake, Providence, Apax, Advent, KKR, Permira, GA, TA, Summit, TPG, HF, Bridgepoint

 M&A process are run proprietary with a very targeted buyers group. Long processes are set to fail

 NOAH Advisors estimates that there are over 50 European Internet Companies worth over $500m

 US private company valuations for “hyped” stories are off the chart, but not always deliver in the public
  market, e.g. Demand Media, Facebook, Zynga, Pandora, etc.



                                                         6
How to Not Get Lost in an Exit Process




                          7
Europe Matters!
A significant number of companies are valued at over €200 million




                                           8
Note: selected examples.
European Internet Pioneers & Global Leaders
Some business models were invented or most successfully executed in Europe
   Company     Segment                                   Company    Segment

               Innovative payment platform                         Remote access


               Largest pure-play fashion Retailer                  Open-source database


               Enterprise software                                 FX

               Social networking for people you
                                                                    Vertical ad network (soccer)
                don’t know

               Betting                                             VoIP


               Free to play online gaming                          Legal music service


               Toolbars                                            Global hotel comparison leader


               Freemium anti-virus                                 Private sales


               Payment instalments                                 Personal loans

                                                     9
Europe Is Unique

           Countries & Poupulation                                       Investors

 Russia and Eastern European market larger             Less VC money available and harder to get
  than Western Europe                                    funding
 10 Largest Western European countries:
  - 50m+: Germany (81.5m), France (65.3m),              Serial entrepreneurs and angel investors
    U.K. (62.7m), Italy (61.0m)                          dominate the scene as in the US

  - 20-50m: Spain (46.8m), Ukraine (45.1m),
                                                        Cultural differences, e.g. not anyone wants
    Poland (38.4m), Romania (21.9m),
                                                         to get rich, different work ethics / intensity
  - 10-20m: Netherlands (16.8m), Portugal                levels
    (10.8m)
 10 Largest cities, many local markets:
  - 3m+: London (7.8m), Berlin (3.5m), Madrid
    (3.3m)
  - 1m+: Rome (2.8m), Paris (2.2m), Hamburg
    (1.8m), Warsaw (1.8m), Budapest (1.7m),
    Vienna (1.7m), Bucharest (1.6m)


                                                10
Lets Compare the US and European Internet Success Stories
NOAH Study – Companies Included
The market cap of post-2000 Internet bubble IPOs is ~2.3x larger in the US than in Europe
                   US Market Cap: $70bn                                 European Market Cap: $30bn

               Nov-09                           Nov-11
                                                                     Oct-01              Feb-12              Oct-10



          Feb-12                 Mar-12            Jan-11
                                                                         Dec-10                     Aug-06



                                                                        Nov-10                      Jul-07
      May-12                     Nov-11                Jun-11



                                                                        Jul-10           Apr-11              Mar-06
                  May-11                      May-09


                                                                        Nov-05             Mar-05            Dec-06
         Jun-11                      Feb-10            May-10


                                                                       May-11              Dec-09            May-08

         Feb-12                      Jul-11        Dec-11                     IPO Date        = EBITDA Negative

Note: Market caps as of 12-Oct-12.
                                                                12
Company Size and Valuation Growth
  US company universe valued 2.3x higher than European one
  However, EU companies performed 4.5x better since IPO than the US group
  European Internet IPOs are cheaper than US Internet IPOs


                  Average Market Cap ($bn)                                           Average Share Price Performance since IPO
 Average market cap of across sampled firms                                       Average share price increase since IPO of sampled firms
                 4.4
                                                                                                                              36%




                                                       1.9

                                                                                                 8%




                 US                                 Europe                                       US                         Europe

Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors. We excluded Asos (up 11,175% since IPO)
                                                                             13
VC Funding is Less Developed in Europe
  European public companies have relied less on VC money than US ones
  VC investment per company and in % of current market cap significantly
   lower in Europe compared to the US
  However, there are also fewer winners in Europe (less exits)

             Average VC Funding Raised ($m)                                   VC Funding as % of Market Cap
 Average amount of venture capital raised across sampled           Average of venture capital raised as a percentage of current
  firms                                                              market capitalisation of sampled firms

                367                                                            17.1%




                                                         71
                                                                                                                1.9%


                 US                                 Europe                      US                            Europe

Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors.
         Excluded Tradedoubler and Ocado for Europe.          14
A Look at the Largest VC Backed Companies
Over-promised and under-delivered? They jumped several hurdles in our valuation chain
                                        VC Capital Raised ($bn)                     Share Price Performance since IPO


                                                                       2,240                       (48.6%)




                                                         1,140                  (73.6%)




                                                860                            (75.7%)




                                       510                                                                        (0.5%)




                                      471                                                (63.1%)




Source: Bloomberg, FactSet, 4-traders & NOAH Advisors.
                                                                  15
High Profile Venture Backed Companies
European VC is waking up or rather has been awakened by many US investors

  Company       Last Round       Raised   Selected Investors        Company   Last Round   Raised   Selected Investors

                   Mar-11        $218m                                         Feb-09      $65m


                  June-11        $188m                                          Jan-12     $63m


                   Dec-11        $166m                                         Apr-12      $62m


                   Feb-12        $145m                                         Mar-11      $59m


                   Jul-07        $130m                                         Feb-12      $58m


                   Apr-12        $129m                                          Jun-09     $53m


                   Sep-07        $117m                                          Jun-12     $47m


                   May-11        $114m                                         May-10      $23m


                   Feb-12       ~$100m


Sources: Crunchbase, NOAH Advisors.
                                                               16
So What is a High Valuation or a Great Deal?
Not Every Deal is Created Equal
Valuation is only one side of the medal


                                                                                                            Valuation Drivers
                                             Process objectives:
    Loss of Control / New Investor Rights     - Fast process with limited disruptions / leaks    Significant premium for (path to) control
                                              - Premium valuation                                Governance and exit rights
    Governance rights                        - Minority investment with limited rights (no
     - Board seats / Information rights         liquidation preference, no path to control,      (Perceived) competition in process
     - Veto rights                              customary governance rights, exit rights TBD)    Operational out-performance during the
    Management commitment to stay           Key success factors in creating:                    process
    Path to control for new investor?        - Growth profile and supportive KPIs               Due diligence findings
     - Call option                            - Equity story: simple terms with 3-5 key
                                                points                                           Macro-economic and M&A environment
     - First right of refusal
    Performance-based earn-outs/ratchets     - Access to, understanding of and relationship     Quality of motivation of management
                                                with relevant contacts at key potential          Availability of debt leverage
    Exit rights
                                                investors. Trust matters the most!
     - Liquidation preference
                                             Key success factors for getting investors “to      Funding currency and hedging cost
     - IPO right                              the finish line”:                                  Negotiation skills (shareholders, NOAH
     - Put option                             - Management focus and engagement                   and lawyers)
     - Tag and drag rights                    - Seamless process execution
     - Minimum valuation criteria             - No negative due diligence findings
                                              - Strong performance during deal phase




                                                                    18
Valuation Drivers in the Context of a Company’s
Development Stage: How NOAH sees the World

                                                                     Market
Management    Technology   Users / KPIs        Revenues   EBITDA
                                                                   Leadership




Increasing valuations – However Multiples Get More Reasonable (in Theory)

   Decreasing Execution Risk and Benefit of the Doubt (Less to Hope for)


       (GROWTH * MARGIN) Predictability = Valuation Multiple

                                          19
Current Valuation Levels: Internet Sector Breakdown
New Economy is valued at Old Economy Prices adjusted for growth




Source: UBS, FactSet (12-Sep-12)                      20
Current Valuation Levels: All Over the Place
Amazon enjoys a premium because of predictability


(EURm except share price)          Currency     Share Price   Market Enterprise     EV/Revenues             EV/EBITDA                    EV/EBIT                   P/E
Company                 Country (Share Price)    12-Oct-12       Cap     Value    2011 2012E 2013E       2011 2012E 2013E        2011 2012E 2013E          2011 2012E 2013E


Online large caps


Amazon.com                  US       USD            242.36     90,144    83,820    2.1x    1.6x   1.3x   52.4x   38.1x   24.3x    NM        NM     65.5x    NM      NM      NM

Apple                       US       USD            629.71    485,674   399,787    4.0x    2.9x   2.4x   11.8x    7.9x    6.6x   12.4x      8.4x    7.1x   19.7x   13.4x   11.3x

eBay                        US       USD             47.85     50,734    47,119    4.9x    4.1x   3.5x   14.9x   12.4x   10.8x   17.7x     15.4x   13.3x   19.1x   24.2x   21.2x

Facebook                    US       USD             19.52     34,404    27,923    9.1x    6.9x   5.4x    N/A    12.8x    9.8x    N/A      17.4x   13.0x    N/A     NM     38.0x

Google                      US       USD            744.75    200,390   170,734    7.1x    4.9x   3.9x   12.9x   10.7x    9.0x   14.6x     12.5x   10.6x   25.0x   20.5x   17.3x

Microsoft                   US       USD             29.20    202,550   151,640    N/A     2.4x   2.2x    N/A     5.7x    5.3x    N/A       6.3x    5.8x    N/A    11.8x    9.5x

Yahoo!                      US       USD             15.88     15,478    10,215    2.8x    2.8x   2.7x    8.6x    8.5x    7.5x   15.5x     16.1x   14.0x   17.9x   16.2x   14.3x

Rakuten                 AsiaPac      JPY                  -    10,424    11,901    3.0x    2.6x   2.3x   12.9x   11.0x    9.2x    N/A      14.6x   11.5x    NM     20.8x   17.4x

Tencent                 AsiaPac      HKD            258.60     40,933    38,687   10.4x    6.9x   5.4x   21.9x   16.3x   12.9x   25.5x     18.7x   14.9x   30.7x   24.5x   19.2x

Yahoo! Japan            AsiaPac      JPY                  -    16,639    12,750    N/A     3.8x   3.6x    N/A     6.4x    6.1x    N/A       6.9x    6.4x    N/A    14.9x   14.0x


Overall Mean                                                                       5.4x    3.9x   3.3x   19.3x   13.0x   10.1x   17.2x     12.9x   16.2x   22.5x   18.3x   18.0x

U.S. Mean                                                                          5.0x    3.7x   3.1x   20.1x   13.7x   10.5x   15.1x     12.7x   18.4x   20.4x   17.2x   18.6x

Asia-Pacific Mean                                                                  6.7x    4.4x   3.8x   17.4x   11.2x    9.4x   25.5x     13.4x   10.9x   30.7x   20.0x   16.9x




Sources: NOAH Advisors, 4-Traders (12-Oct-12)                                             21
Current Valuation Levels: Regional Difference




Source: UBS, FactSet (12-Sep-12)   22
Who are the Buyers?
Not only Google
Several groups to think about




      Internet         Coverage of over 10,000 industry leaders: 500 target companies and 300 investors    Traditional
     Large Cap                                                                                            TMT & Retail
                        Angels /
                         Family               VC and                                    Hedge Funds
                         Offices                                     Private
                                              Growth
                                                                     Equity
                                               Funds




                         Maryland
                      Klaus Hommels
                          Armira




                                                            24
Selected US Buyers – A Large Universe




                                25
Financial Investors Present at the NOAH Conference 2011
            Venture Capital (€5-20m)                                                                       Growth Capital (€20-250m)                                                     Private Equity (€250-1,000+m)
 Fund   Attendees Key Contact                                                            Fund           Attendees Key Contact                                                    Fund   Attendees Key Contact
                  Harry Nelis                              (hnelis@accel.com)                                      John Meeks                                (jmeeks@ta.com)                      Stefan Götz                                (sgoetz@hf.com)
           11     Sonali de Rycker                     (sderycker@accel.com)                               7       Ajit Nedungadi                                (ajit@ta.com)             9      Zita Saurel                                   (zita@hf.com)
                  Adam Valkin                             (avalkin@accel.com)                                      Morgan Seigler                           (mseigler@ta.com)                     Blake Kleinman                         (bkleinman@hf.com)
                  Dominique Vidal                  (dom@indexventures.com)                                         Scott Collins             (scollins@summitpartners.com)                        Philipp Freise                              (freip@kkr.com)
           9      Ben Holmes                      (benh@indexventures.com)                                 5       Christian Strain           (cstrain@summitpartners.com)                 4      Lucian Schoenefelder       (lucian.schoenefelder@kkr.com)
                  Jan Hammer                         (jan@indexventures.com)                                       Vincent Lambert         (vlambert@summitpartners.com)                          Vania Schlogel                    (vania.schlogel@kkr.com)
                  Hans-Jürgen Schmitz (hans-juergen.schmitz@mangrove-vc.com)                                      Konrad Stoebe       (konrad.stoebe@warburgpincus.com)                           Dominik Stein                      (dominik.stein@eqt.de )
           3      Eugene Mizin          (eugene.mizin@mangrove-vc.com)                                     5      Steven Klooster (steven.klooster@warburgpincus.com)                      4      Christian Schuette             (christian.schuette@eqt.de)
                  Guillaume Durao (guillaume.durao@mangrove-vc.com)                                               Johannes Korp       (johannes.korp@warburgpincus.com)                           Anil Hansjee                             (anil@hansjee.net)
                  Pawel Chudzinski                (pawel@pointninecap.com)                                        Frank Seehaus                          (fs@actoncapital.de)
                                                                                                                                                                                                  Kai Romberg                   (kai.romberg@hgcapital.com)
           3      Lukasz Gadowski                    (lukasz@teameurope.net)                               3      Jan-Gisbert Schultze                 (jgs@actoncapital.de)
                                                                                                                                                                                           3      Dan Groen                       (dan.groen@hgcapital.com)
                  Kolja Hebenstreit                    (kolja@teameurope.net)                                     Benedikt Sudbrock                     (bs@actoncapital.de)
                                                                                                                                                                                                  Sascha Kaumann           (sascha.kaumann@hgcapital.com)
                  Roberto Bonanzinga          (rbonanzinga@balderton.com)                                         Fabio Giuseppetti             (giuseppetti@palamon.com)
           2                                                                                                                                                                                      Karim Tabet            (karim.tabet@provequity.co.uk)
                  Dharmash Mistry                   (dmistry@balderton.com )                               3      Daniel Mytnik                      (mytnik@palamon.com)
                                                                                                                  Ricardo Caupers                   (caupers@palamon.com)                  3      Bruno Mourgue d'A. (bruno.mourguedAlgue@provequity.co.uk)
                  Marcel Rafart          (marcel.rafart@nautacapital.com)                                                                                                                         Andrew Tisdale      (andrew.tisdale@provequity.co.uk)
           2      Javier Rubio             (javier.rubio@nautacapital.com)                                        Marco Brockhaus          (brockhaus@brockhaus-pe.com)                           Karl Peterson                         (kpeterson@tpg.com)
                  Pär-Jörgen Pärson                       (pjp@northzone.com)                              2      Jan Daniel Neumann        (neumann@brockhaus-pe.com)
           2                                                                                                                                                                               3      Anand Tejani                             (atejani@tpg.com)
                  Hans Otterling                        (hans@northzone.com)                                                                                                                      Jean Baptiste Brian                      (jbbrian@tpg.com)
                  Andrin Bachmann       (andrin.bachmann@pitoncap.com)                                            Chris Caulkin             (ccaulkin@generalatlantic.com)
           2      Greg Lockwood            (greg.lockwood@pitoncap.com)                                    2      David Lisewski           (dlisewski@generalatlantic.com)                        Tripp Lane                           (tripp.lane@apax.com)
                                                                                                                                                                                           2      Frank Ehmer                         (frank.ehmer@apax.de)
                  Alexander Ribbink       (alexander@primeventures.com)
           2      Rogier Taphoorn               (rogier@primeventures.com)                                        Sarah Pinto                (spinto@greathillpartners.com)
                                                                                                           2      Peter Garran             (pgarran@greathillpartners.com)
                  Hubert Deitmers            (hubert.deitmers@endeit.com)                                                                                                                         Andrea Valeri                     (valeri@blackstone.com)
           2      Martijn Hamann             (martijn.hamann@endeit.com)
                                                                                                                                                                                           2      Lance Toler                  (lance.toler@blackstone.com)
                  Alex Gonthier     (gonthier@@wellington-partners.com)                                           Jim Quagliaroli               (jim@spectrumequity.com)
           2                                                                                               2      Jeff Haywood                  (jeff@spectrumequity.com)
                  Christian Thaler-Wolski        (thaler@wellington-partners.com)                                                                                                                 Stefan Franssen        (stefan.franssen@gmtpartners.com)
                                                                                                                                                                                           2      Natalie Tydeman       (natalie.tydeman@gmtpartners.com)
           1      Emanuele Levi (emanuele.levi@360capitalpartners.com)
                                                                                                                  Daniel O’Keefe                        (dokeefe@tcv.com )
           1      Mike Chalfen          (mike.chalfen@adventventures.com)
                                                                                                           2      Woody Marshall                      (wmarshall@tcv.com)
                                                                                                                                                                                                  Hinrich Stahl                     (hs@maryland-gmbh.de)
           1      Mattias Ljungman       (mattias@atomicoinvestments.com)
                                                                                                                                                                                           2      Helge Luetzen                      (hl@maryland-gmbh.de)
                                                                                                                  Stephen Byrne (stephen.byrne@vitruvianpartners.com)
           1      Michael Eisenberg               (michael@benchmark.com)
                                                                                                           2      Jussi Wuoristo (jussi.wuoristo@vitruvianpartners.com)
                                                                                                                                                                                                  Michael Korzinstone        (michael.korzinstone@silverlake.com)
           1      Alon Lifshitz                  (alon@blumbergcapital.com)                                                                                                                2      John Flynn                     (john.flynn@silverlake.com)
           1      Ian Noel                        (iannoel@bonsaigrupo.com)
                                                                                                           1      Fabian Wasmus                    (fabian.wasmus@eqt.de)
                                                                                    Expansion Capital
           1      Nic Brisbourne                           (nic@dfjesprit.com)                                                                                                             1      Jan-Olivier Fillols              (jan-olivier.fillols@3i.com)
                                                                                                           1      Sebastien Briens        (sebastien.briens@hgcapital.com)
           1      Ben Tompkins                       (bt@edenventures.co.uk)           Mercury
           1      Bernard Vogel                   (bv@endeavourvision.com)                                                                                                                 1      Jens Hagen            (jhagen@uk.adventinternational.com)
                                                                                                           1      Harley Miller              (HMiller@insightpartners.com)
           1      Davor Hebel                               (davor@fgpe.com)
           1      Stephen Lowery           (stephen.lowery@frogcapital.com)                                                                                                                1      Jörg Mohaupt                       (jmohaupt@accind.com)
                                                                                                           1      Christoph Haschka (christoph.haschka@macquarie.com)
           1      Torsten Kreindl                      (t.kreindl@grazia.com )
           1      Laurel Bowden                      (lbowden@greylock.com)
                                                                                                                                                                                           1      Michael Black              (michael.black@bridgepoint.eu)
                                                                                                           1      Mark Joseph             (mark.joseph@oakleycapital.com)
           1      Martin Weber               (martin.weber@holtzbrinck.net)
           1      Johan Englund           (johan.englund@industrifonden.se)
                                                                                                           1      Pueo Keffer                       (pkeffer@redpoint.com)                 1      Jason Khaksar                 (jason.khaksar@carlyle.com)
           1      Baris Aksoy                         (baris.aksoy@intel.com)
           1      Tomasz Czechowicz                      (czechowicz@mci.eu)
                                                                                                           1      Richard Yen                            (ryen@saban.com)                  1      Andrew Young                (andrew.young@permira.com)
           1      Thomas Preuss              (preuss@neuhauspartners.com)
           1      Phillippe Collombel     (pcollombel@partechventure.com)
                                                                                                           1      Morgan Callagy                        (callagym@vss.com)
           1      Tony Askew                 (tony.askew@reedelsevier.com )
           1      Olivier Sichel                        (osichel@sofinnova.fr)
           1      Mauro Pretolani             (mauro.pretolani@tlcom.co.uk)
                                                                                                                              26
The Universe of Financial European Internet Investors
Equity investment/check size, geography, minority/majority, growth profile are key ways to differentiate them

                                                           Venture Capital                                                                                                                                                                                    Growth Funds                                                                                                                                                                                                 Buyout Funds




                                                                                                                                                                                                                                                                                                                                                                       Francisco Partners
                                                                                                                                                                            Silverlake Growth




                                                                                                                                                                                                                                                                                                                                       Warburg Pincus
                                                                                                                                                                                                                                                                                                                    General Atlantic
                                                                                                                                                                                                Carlyle Growth
                                                                 Intel Capital
                     Holtzbrinck




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Providence
                                   Wellington




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Blackstone
                                                                                                                                                                                                                                           Investcorp




                                                                                                                                                                                                                                                                                                                                                                                                      HG Capital
                                                                                                                                          Balderton




                                                                                                                                                                                                                                                                                            Spectrum




                                                                                                                                                                                                                                                                                                                                                                                                                                    Silverlake
                                                                                                                                                                                                                                                                                                                                                                                                                   Exponent
                                                                                                                               Bessemer




                                                                                                                                                                                                                                                                                                       Great Hill
                                                                                                                                                                                                                                                              Vitruvian
                                                                                                                                                                R Capital




                                                                                                                                                                                                                           Palamon
                                                                                                             Peacock




                                                                                                                                                      Sequoia




                                                                                                                                                                                                                                                                                                                                                                                                                                                           Permira
                                                                                                                                                                                                                                                                                                                                                              Summit


                                                                                                                                                                                                                                                                                                                                                                                            Veronis




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Advent
                                                                                          Fidelity




                                                                                                                                                                                                                 Battery
                                                                                 Kennet




                                                                                                                                                                                                                                                                                                                                                                                                                                                 Carlyle




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Cinven
                                                                                                                                                                                                                                                                          Insight
                                                        Endeit
                                                Acton




                                                                                                                       Accel
                                                                                                     Index




                                                                                                                                                                                                                                                                                    Cyrte




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Apax
                                                                                                                                                                                                                                                        GMT




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       H&F
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Bain
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     TPG




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 KKR
                                                                                                                                                                                                                                     Oak




                                                                                                                                                                                                                                                                                                                                                                                                                                                                           CVC
                                                                                                                                                                                                                                                                                                                                                        TCV




                                                                                                                                                                                                                                                                                                                                                                                                                              TA
(€ million)




                                                                                                                                                                                                                                                                                                                                                                                                                                                                     3i
EU Office            ✔              ✔ ✔ ✔ ✔ ✔                                              ✔ ✔ ✔                       ✔ ✔                 ✔ ✔                  ✔ ✔ ✔                                                      ✔               ✔ ✔ ✔                                    ✔                               ✔ ✔                                       ✔ ✔ ✔ ✔ ✔ ✔                                                           ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
US Office                                                        ✔                        ✔          ✔ ✔               ✔                                                     ✔ ✔ ✔                                                   ✔ ✔                                  ✔                 ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔                                                                                                                   ✔     ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔                                                                                        ✔ ✔
Internet Deals         1             1           1       1         1              1        1          1       2         1       1          1           1         2             2                  1               2         2        2       2          2      2           1         2       2           2             1                 1              1      1          2                  2          2           2         1       1           2         2        1     3     2        1          3       3          3       2        3       3     1


              800                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            800




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 750
              700                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            700

                                                                          Equity Investment Size




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               600
              600                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            600
                                                                          Control Investments Only




                                                                                                                                                                                                                                                                                                                                                                                                                                                                           500




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           500

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        500




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       500
                                                                          Sweet Spot
              500                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            500




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 400

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        400
              400                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            400




                                                                                                                                                                                                                                                                                                                                                                                                                                    300

                                                                                                                                                                                                                                                                                                                                                                                                                                                 300

                                                                                                                                                                                                                                                                                                                                                                                                                                                           300




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     300




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        300
              300                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            300




                                                                                                                                                                                                                                                                                                                                                                                                                                                                     250
                                                                                                                                                                                                                                                                                                                     200

                                                                                                                                                                                                                                                                                                                                        200

                                                                                                                                                                                                                                                                                                                                                        200



                                                                                                                                                                                                                                                                                                                                                                         200



                                                                                                                                                                                                                                                                                                                                                                                                       200

                                                                                                                                                                                                                                                                                                                                                                                                                    200

                                                                                                                                                                                                                                                                                                                                                                                                                              200
              200                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            200
                                                                                                                                                                                                                                                                                                       150




                                                                                                                                                                                                                                                                                                                                                              150



                                                                                                                                                                                                                                                                                                                                                                                            150
                                                                                                                                                                                                                                     120

                                                                                                                                                                                                                                           100




                                                                                                                                                                                                                                                                                    100

                                                                                                                                                                                                                                                                                            100




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        150
                                                                                                                                                                            80



                                                                                                                                                                                                                 75




              100                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            100
                                                                                                                       70




                                                                                                                                                      70




                                                                                                                                                                                                                           70




                                                                                                                                                                                                                                                        70

                                                                                                                                                                                                                                                              70

                                                                                                                                                                                                                                                                          70




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               120
                                                                                                     60




                                                                                                                                                                                                60
                                                                                                                                          50




                                                                                                                                                                50




                                                                                                                                                                                                                                                                                                                                                                                                                                                 100

                                                                                                                                                                                                                                                                                                                                                                                                                                                           100



                                                                                                                                                                                                                                                                                                                                                                                                                                                                           100

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 100

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        100

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     100

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           100




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 100
                                                                                                                               35
                                                30
                                   25



                                                        25

                                                                 25



                                                                                          25



                                                                                                             25




                                                                                                                                                                                                                                                                                                                                                                                                                                    75




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        75




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       75
                                                                                 20
                     15




                                                                                                                                                                                                                                                                                                                                                                                                                    60
                                                                                                                                                                                                                                                                                                                                                                         50




                                                                                                                                                                                                                                                                                                                                                                                                                              50




                                                                                                                                                                                                                                                                                                                                                                                                                                                                     50
                                                                                                                                                                                                                                                                                                       40




                                                                                                                                                                                                                                                                                                                                                        40




                                                                                                                                                                                                                                                                                                                                                                                                       40
                                                                                                                                                                                                                                                              30




                                                                                                                                                                                                                                                                                            30




                                                                                                                                                                                                                                                                                                                                                                                            30
                 0                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           0
                                                                                                                                                                                                                                           25




                                                                                                                                                                                                                                                                                                                                        25



                                                                                                                                                                                                                                                                                                                                                              25
                                                                                                                                                                            20

                                                                                                                                                                                                20




                                                                                                                                                                                                                                                        20



                                                                                                                                                                                                                                                                          20




                                                                                                                                                                                                                                                                                                                     20
                                                                                                                                                                15




                                                                                                                                                                                                                                     15
                                                                                          10




                                                                                                                               10

                                                                                                                                          10




                                                                                                                                                                                                                 10

                                                                                                                                                                                                                           10




                                                                                                                                                                                                                                                                                    10
                                   5

                                                5

                                                        5



                                                                                 5



                                                                                                     5

                                                                                                             5

                                                                                                                       5




                                                                                                                                                      5
                     2




                                                                 2




Note: Number of previous European Internet deals: 1 - many, 2 - a few, 3 - new to the segment.

                                                                                                                                                                                                                                                                             27
How to Sell?
IDCEE 2012: Exit Strategies for Internet companies in Western Europe and CEE - Marco Rodzynek (Founder @ NOAH Advisors)
IDCEE 2012: Exit Strategies for Internet companies in Western Europe and CEE - Marco Rodzynek (Founder @ NOAH Advisors)
IDCEE 2012: Exit Strategies for Internet companies in Western Europe and CEE - Marco Rodzynek (Founder @ NOAH Advisors)
IDCEE 2012: Exit Strategies for Internet companies in Western Europe and CEE - Marco Rodzynek (Founder @ NOAH Advisors)
IDCEE 2012: Exit Strategies for Internet companies in Western Europe and CEE - Marco Rodzynek (Founder @ NOAH Advisors)

Contenu connexe

En vedette

plains all american pipeline 2002 10-K3
plains all american pipeline  2002 10-K3plains all american pipeline  2002 10-K3
plains all american pipeline 2002 10-K3finance13
 
plains all american pipeline 2005 10-K part 3
plains all american pipeline   2005 10-K part 3plains all american pipeline   2005 10-K part 3
plains all american pipeline 2005 10-K part 3finance13
 
FIFTHTHIRDBANCO10KA
FIFTHTHIRDBANCO10KAFIFTHTHIRDBANCO10KA
FIFTHTHIRDBANCO10KAfinance28
 
Steel Partner Insider Spring 2016
Steel Partner Insider Spring 2016 Steel Partner Insider Spring 2016
Steel Partner Insider Spring 2016 Warren Lichtenstein
 
Photos of Unforgettable Human Moments
Photos of Unforgettable Human MomentsPhotos of Unforgettable Human Moments
Photos of Unforgettable Human MomentsBryagh
 
plains all american pipeline 2002 10-K4
plains all american pipeline  2002 10-K4plains all american pipeline  2002 10-K4
plains all american pipeline 2002 10-K4finance13
 
Published patent and design registration information july 20th, 2012
Published patent and design registration information   july 20th, 2012Published patent and design registration information   july 20th, 2012
Published patent and design registration information july 20th, 2012InvnTree IP Services Pvt. Ltd.
 
2012 Annual Update - NYRR
2012 Annual Update - NYRR2012 Annual Update - NYRR
2012 Annual Update - NYRRRon Hershco
 
Caribou digital winners and losers in the global app economy 2016
Caribou digital winners and losers in the global app economy 2016Caribou digital winners and losers in the global app economy 2016
Caribou digital winners and losers in the global app economy 2016Odin Woo
 
fifth third bancorp About53_IR_proxy_2007
fifth third bancorp  About53_IR_proxy_2007fifth third bancorp  About53_IR_proxy_2007
fifth third bancorp About53_IR_proxy_2007finance28
 

En vedette (14)

plains all american pipeline 2002 10-K3
plains all american pipeline  2002 10-K3plains all american pipeline  2002 10-K3
plains all american pipeline 2002 10-K3
 
plains all american pipeline 2005 10-K part 3
plains all american pipeline   2005 10-K part 3plains all american pipeline   2005 10-K part 3
plains all american pipeline 2005 10-K part 3
 
FIFTHTHIRDBANCO10KA
FIFTHTHIRDBANCO10KAFIFTHTHIRDBANCO10KA
FIFTHTHIRDBANCO10KA
 
credit suisse Presentation slides
credit suisse Presentation slidescredit suisse Presentation slides
credit suisse Presentation slides
 
Steel Partner Insider Spring 2016
Steel Partner Insider Spring 2016 Steel Partner Insider Spring 2016
Steel Partner Insider Spring 2016
 
BANK OF AMERICA 2007 Proxy Statement in
 BANK OF AMERICA 2007 Proxy Statement in  BANK OF AMERICA 2007 Proxy Statement in
BANK OF AMERICA 2007 Proxy Statement in
 
Photos of Unforgettable Human Moments
Photos of Unforgettable Human MomentsPhotos of Unforgettable Human Moments
Photos of Unforgettable Human Moments
 
Jibab wanita-muslimah-al-albani
Jibab wanita-muslimah-al-albaniJibab wanita-muslimah-al-albani
Jibab wanita-muslimah-al-albani
 
Trinity Times May 2011
Trinity Times May 2011Trinity Times May 2011
Trinity Times May 2011
 
plains all american pipeline 2002 10-K4
plains all american pipeline  2002 10-K4plains all american pipeline  2002 10-K4
plains all american pipeline 2002 10-K4
 
Published patent and design registration information july 20th, 2012
Published patent and design registration information   july 20th, 2012Published patent and design registration information   july 20th, 2012
Published patent and design registration information july 20th, 2012
 
2012 Annual Update - NYRR
2012 Annual Update - NYRR2012 Annual Update - NYRR
2012 Annual Update - NYRR
 
Caribou digital winners and losers in the global app economy 2016
Caribou digital winners and losers in the global app economy 2016Caribou digital winners and losers in the global app economy 2016
Caribou digital winners and losers in the global app economy 2016
 
fifth third bancorp About53_IR_proxy_2007
fifth third bancorp  About53_IR_proxy_2007fifth third bancorp  About53_IR_proxy_2007
fifth third bancorp About53_IR_proxy_2007
 

Plus de IDCEE

Eveline Buchatskiy (Director at TechStars Boston) at Digital Media Day 2016
Eveline Buchatskiy (Director at TechStars Boston) at Digital Media Day 2016Eveline Buchatskiy (Director at TechStars Boston) at Digital Media Day 2016
Eveline Buchatskiy (Director at TechStars Boston) at Digital Media Day 2016IDCEE
 
Maria Tanjala (Co-founder of Big Couch) Digital Media Day 2016
Maria Tanjala (Co-founder of Big Couch) Digital Media Day 2016Maria Tanjala (Co-founder of Big Couch) Digital Media Day 2016
Maria Tanjala (Co-founder of Big Couch) Digital Media Day 2016IDCEE
 
Weerada Sucharitkul (Co-founder of FilmDoo) at Digital Media Day 2016
Weerada Sucharitkul (Co-founder of FilmDoo) at Digital Media Day 2016Weerada Sucharitkul (Co-founder of FilmDoo) at Digital Media Day 2016
Weerada Sucharitkul (Co-founder of FilmDoo) at Digital Media Day 2016IDCEE
 
Erica Anderson (Co-Founder of Seed&Spark) at Digital Media Day 2016
Erica Anderson (Co-Founder of Seed&Spark) at Digital Media Day 2016Erica Anderson (Co-Founder of Seed&Spark) at Digital Media Day 2016
Erica Anderson (Co-Founder of Seed&Spark) at Digital Media Day 2016IDCEE
 
Digital Media Day 2016_Viktoriya Tigipko (TA Ventures, Odessa International F...
Digital Media Day 2016_Viktoriya Tigipko (TA Ventures, Odessa International F...Digital Media Day 2016_Viktoriya Tigipko (TA Ventures, Odessa International F...
Digital Media Day 2016_Viktoriya Tigipko (TA Ventures, Odessa International F...IDCEE
 
Digital Media Day: Slava Makshun (Producer and Special Projects Coordinator @...
Digital Media Day: Slava Makshun (Producer and Special Projects Coordinator @...Digital Media Day: Slava Makshun (Producer and Special Projects Coordinator @...
Digital Media Day: Slava Makshun (Producer and Special Projects Coordinator @...IDCEE
 
IDCEE 2014: The Future Of International Payments: Next 5 Years - Michael Kent...
IDCEE 2014: The Future Of International Payments: Next 5 Years - Michael Kent...IDCEE 2014: The Future Of International Payments: Next 5 Years - Michael Kent...
IDCEE 2014: The Future Of International Payments: Next 5 Years - Michael Kent...IDCEE
 
IDCEE 2014: A Personal Path Becomes Shared Experience - Daniele Regolo (Found...
IDCEE 2014: A Personal Path Becomes Shared Experience - Daniele Regolo (Found...IDCEE 2014: A Personal Path Becomes Shared Experience - Daniele Regolo (Found...
IDCEE 2014: A Personal Path Becomes Shared Experience - Daniele Regolo (Found...IDCEE
 
IDCEE 2014: It Industry In Ukraine: Overview & Trends 2014 - Max Ishcheko (Fo...
IDCEE 2014: It Industry In Ukraine: Overview & Trends 2014 - Max Ishcheko (Fo...IDCEE 2014: It Industry In Ukraine: Overview & Trends 2014 - Max Ishcheko (Fo...
IDCEE 2014: It Industry In Ukraine: Overview & Trends 2014 - Max Ishcheko (Fo...IDCEE
 
IDCEE 2013: How to do a successful company around open source - Michael Widen...
IDCEE 2013: How to do a successful company around open source - Michael Widen...IDCEE 2013: How to do a successful company around open source - Michael Widen...
IDCEE 2013: How to do a successful company around open source - Michael Widen...IDCEE
 
IDCEE 2013: Notes from 25 years at Microsoft - Mark Zbikowski (Senior Technic...
IDCEE 2013: Notes from 25 years at Microsoft - Mark Zbikowski (Senior Technic...IDCEE 2013: Notes from 25 years at Microsoft - Mark Zbikowski (Senior Technic...
IDCEE 2013: Notes from 25 years at Microsoft - Mark Zbikowski (Senior Technic...IDCEE
 
IDCEE 2013: Global Innovation Economy: Golden Age of Entrepreneurship - Kamra...
IDCEE 2013: Global Innovation Economy: Golden Age of Entrepreneurship - Kamra...IDCEE 2013: Global Innovation Economy: Golden Age of Entrepreneurship - Kamra...
IDCEE 2013: Global Innovation Economy: Golden Age of Entrepreneurship - Kamra...IDCEE
 
Step-by-step guide for startups
Step-by-step guide for startupsStep-by-step guide for startups
Step-by-step guide for startupsIDCEE
 
IDCEE 2011. How it was
IDCEE 2011. How it wasIDCEE 2011. How it was
IDCEE 2011. How it wasIDCEE
 

Plus de IDCEE (14)

Eveline Buchatskiy (Director at TechStars Boston) at Digital Media Day 2016
Eveline Buchatskiy (Director at TechStars Boston) at Digital Media Day 2016Eveline Buchatskiy (Director at TechStars Boston) at Digital Media Day 2016
Eveline Buchatskiy (Director at TechStars Boston) at Digital Media Day 2016
 
Maria Tanjala (Co-founder of Big Couch) Digital Media Day 2016
Maria Tanjala (Co-founder of Big Couch) Digital Media Day 2016Maria Tanjala (Co-founder of Big Couch) Digital Media Day 2016
Maria Tanjala (Co-founder of Big Couch) Digital Media Day 2016
 
Weerada Sucharitkul (Co-founder of FilmDoo) at Digital Media Day 2016
Weerada Sucharitkul (Co-founder of FilmDoo) at Digital Media Day 2016Weerada Sucharitkul (Co-founder of FilmDoo) at Digital Media Day 2016
Weerada Sucharitkul (Co-founder of FilmDoo) at Digital Media Day 2016
 
Erica Anderson (Co-Founder of Seed&Spark) at Digital Media Day 2016
Erica Anderson (Co-Founder of Seed&Spark) at Digital Media Day 2016Erica Anderson (Co-Founder of Seed&Spark) at Digital Media Day 2016
Erica Anderson (Co-Founder of Seed&Spark) at Digital Media Day 2016
 
Digital Media Day 2016_Viktoriya Tigipko (TA Ventures, Odessa International F...
Digital Media Day 2016_Viktoriya Tigipko (TA Ventures, Odessa International F...Digital Media Day 2016_Viktoriya Tigipko (TA Ventures, Odessa International F...
Digital Media Day 2016_Viktoriya Tigipko (TA Ventures, Odessa International F...
 
Digital Media Day: Slava Makshun (Producer and Special Projects Coordinator @...
Digital Media Day: Slava Makshun (Producer and Special Projects Coordinator @...Digital Media Day: Slava Makshun (Producer and Special Projects Coordinator @...
Digital Media Day: Slava Makshun (Producer and Special Projects Coordinator @...
 
IDCEE 2014: The Future Of International Payments: Next 5 Years - Michael Kent...
IDCEE 2014: The Future Of International Payments: Next 5 Years - Michael Kent...IDCEE 2014: The Future Of International Payments: Next 5 Years - Michael Kent...
IDCEE 2014: The Future Of International Payments: Next 5 Years - Michael Kent...
 
IDCEE 2014: A Personal Path Becomes Shared Experience - Daniele Regolo (Found...
IDCEE 2014: A Personal Path Becomes Shared Experience - Daniele Regolo (Found...IDCEE 2014: A Personal Path Becomes Shared Experience - Daniele Regolo (Found...
IDCEE 2014: A Personal Path Becomes Shared Experience - Daniele Regolo (Found...
 
IDCEE 2014: It Industry In Ukraine: Overview & Trends 2014 - Max Ishcheko (Fo...
IDCEE 2014: It Industry In Ukraine: Overview & Trends 2014 - Max Ishcheko (Fo...IDCEE 2014: It Industry In Ukraine: Overview & Trends 2014 - Max Ishcheko (Fo...
IDCEE 2014: It Industry In Ukraine: Overview & Trends 2014 - Max Ishcheko (Fo...
 
IDCEE 2013: How to do a successful company around open source - Michael Widen...
IDCEE 2013: How to do a successful company around open source - Michael Widen...IDCEE 2013: How to do a successful company around open source - Michael Widen...
IDCEE 2013: How to do a successful company around open source - Michael Widen...
 
IDCEE 2013: Notes from 25 years at Microsoft - Mark Zbikowski (Senior Technic...
IDCEE 2013: Notes from 25 years at Microsoft - Mark Zbikowski (Senior Technic...IDCEE 2013: Notes from 25 years at Microsoft - Mark Zbikowski (Senior Technic...
IDCEE 2013: Notes from 25 years at Microsoft - Mark Zbikowski (Senior Technic...
 
IDCEE 2013: Global Innovation Economy: Golden Age of Entrepreneurship - Kamra...
IDCEE 2013: Global Innovation Economy: Golden Age of Entrepreneurship - Kamra...IDCEE 2013: Global Innovation Economy: Golden Age of Entrepreneurship - Kamra...
IDCEE 2013: Global Innovation Economy: Golden Age of Entrepreneurship - Kamra...
 
Step-by-step guide for startups
Step-by-step guide for startupsStep-by-step guide for startups
Step-by-step guide for startups
 
IDCEE 2011. How it was
IDCEE 2011. How it wasIDCEE 2011. How it was
IDCEE 2011. How it was
 

Dernier

HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHelene Heckrotte
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access
 
Data skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story pointsData skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story pointsyasinnathani
 
To Create Your Own Wig Online To Create Your Own Wig Online
To Create Your Own Wig Online  To Create Your Own Wig OnlineTo Create Your Own Wig Online  To Create Your Own Wig Online
To Create Your Own Wig Online To Create Your Own Wig Onlinelng ths
 
Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Winbusinessin
 
MoneyBridge Pitch Deck - Investor Presentation
MoneyBridge Pitch Deck - Investor PresentationMoneyBridge Pitch Deck - Investor Presentation
MoneyBridge Pitch Deck - Investor Presentationbaron83
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access
 
Cracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptxCracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptxWorkforce Group
 
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...Brian Solis
 
Building Your Personal Brand on LinkedIn - Expert Planet- 2024
 Building Your Personal Brand on LinkedIn - Expert Planet-  2024 Building Your Personal Brand on LinkedIn - Expert Planet-  2024
Building Your Personal Brand on LinkedIn - Expert Planet- 2024Stephan Koning
 
Team B Mind Map for Organizational Chg..
Team B Mind Map for Organizational Chg..Team B Mind Map for Organizational Chg..
Team B Mind Map for Organizational Chg..dlewis191
 
Lecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb toLecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb toumarfarooquejamali32
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access
 
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfTalent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfCharles Cotter, PhD
 
Upgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsUpgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsIntellect Design Arena Ltd
 
Plano de marketing- inglês em formato ppt
Plano de marketing- inglês  em formato pptPlano de marketing- inglês  em formato ppt
Plano de marketing- inglês em formato pptElizangelaSoaresdaCo
 
Tata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerakTata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerakEditores1
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsP&CO
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access
 
NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023Steve Rader
 

Dernier (20)

HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024
 
Data skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story pointsData skills for Agile Teams- Killing story points
Data skills for Agile Teams- Killing story points
 
To Create Your Own Wig Online To Create Your Own Wig Online
To Create Your Own Wig Online  To Create Your Own Wig OnlineTo Create Your Own Wig Online  To Create Your Own Wig Online
To Create Your Own Wig Online To Create Your Own Wig Online
 
Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024Ethical stalking by Mark Williams. UpliftLive 2024
Ethical stalking by Mark Williams. UpliftLive 2024
 
MoneyBridge Pitch Deck - Investor Presentation
MoneyBridge Pitch Deck - Investor PresentationMoneyBridge Pitch Deck - Investor Presentation
MoneyBridge Pitch Deck - Investor Presentation
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024
 
Cracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptxCracking the ‘Business Process Outsourcing’ Code Main.pptx
Cracking the ‘Business Process Outsourcing’ Code Main.pptx
 
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
 
Building Your Personal Brand on LinkedIn - Expert Planet- 2024
 Building Your Personal Brand on LinkedIn - Expert Planet-  2024 Building Your Personal Brand on LinkedIn - Expert Planet-  2024
Building Your Personal Brand on LinkedIn - Expert Planet- 2024
 
Team B Mind Map for Organizational Chg..
Team B Mind Map for Organizational Chg..Team B Mind Map for Organizational Chg..
Team B Mind Map for Organizational Chg..
 
Lecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb toLecture_6.pptx English speaking easyb to
Lecture_6.pptx English speaking easyb to
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024
 
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdfTalent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
Talent Management research intelligence_13 paradigm shifts_20 March 2024.pdf
 
Upgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking ApplicationsUpgrade Your Banking Experience with Advanced Core Banking Applications
Upgrade Your Banking Experience with Advanced Core Banking Applications
 
Plano de marketing- inglês em formato ppt
Plano de marketing- inglês  em formato pptPlano de marketing- inglês  em formato ppt
Plano de marketing- inglês em formato ppt
 
Tata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerakTata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerak
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizations
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024
 
NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023NASA CoCEI Scaling Strategy - November 2023
NASA CoCEI Scaling Strategy - November 2023
 

IDCEE 2012: Exit Strategies for Internet companies in Western Europe and CEE - Marco Rodzynek (Founder @ NOAH Advisors)

  • 1. Selling Complex Stories in Simple Words at High Prices October 2012 Strictly Private and Confidential
  • 3. NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique Selected Completed NOAH Transactions May 2012 April 2012 Unique Industry Know-How Core Investment Banking Competence Sale of a 100%-stake in  100% focused on Internet companies, covering  The NOAH team has 25+ years of media 150 million growth equity investment from over 25 sub-verticals in this highly complex investment banking experience industry - Routine execution of M&A and financing for a 50% stake alongside Fotolia’s Founders and to - 15+ years active coverage of leading European transactions with sizes of several billion euros Additional $150 million senior debt financing Internet companies and investors  The team has been working together closely for 7 Total $300 million investment  Deep understanding of industry dynamics and years (including 6 years at Lehman Brothers) Financial Advisor to Fotolia and its Shareholders Financial Advisor to Toprural and its Shareholders thinking of industry leaders  8 successfully completed NOAH Advisors  Ability to add value beyond banking advice transactions underline successful transfer of - Facilitates overall process and minimizes competencies to the Internet sector November 2011 July 2011 management distraction Sale of a majority stake in Sale of a majority stake in Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs! to  NOAH Advisors is globally very well connected  The NOAH team are entrepreneurs and focused to and has direct access to virtually all key players in on growing the business and establishing a Quants Financial Services AG the industry reputation for excellence Exclusive Financial Advisor to - Knowledge of and strong relationships with  Full commitment to deliver top quality results in grupfoni and its Shareholders Advisor to EnGrande potential buyers’ key decision makers short time frames - Coverage of over 500 companies and 4,000  Highly success-based compensation structures individuals align interests of clients and NOAH Advisors, and April 2011 April 2011 - Proactively finds and unlocks attractive demonstrate conviction to deliver top results Sale of a majority stake in investment opportunities for leading have acquired a majority stake in investors (e.g. Bigpoint)  Annual NOAH Conference for $350m from to The NOAH Advisors Core Team Exclusive Advisor to Advisor to Yatego Summit Partners and TA Associates Marco Yoram Jan Rodzynek Wijngaarde Brandes December 2009 April 2009 Managing Director Director Director Partial sale of $80m partial sale of and Founder to to Contact Details Contact Details Contact Details marco.rodzynek@noah-advisors.com yoram.wijngaarde@noah-advisors.com jan.brandes@noah-advisors.com Valuing Softonic at €175m UK Mobile: +44 77 85 330 330 UK Mobile: +44 79 17 084 784 German Mobile: +49 174 2010 984 Advisor to Softonic Advisor to Fotolia Swiss Mobile: + 41 79958 1512 3
  • 4. Introduction to the NOAH Conference Draft NOAH Conference 2012 Program  The NOAH Conference is an annual Internet event taking place once a year in Start - End Session Format London, focused on top management from Internet start-ups to global media Day 1 (6 th November) companies as well as senior investment professionals 8:50 - 8:55 Welcome Note & Introduction Welcome Speech 8:55 - 9:10 The State of European Internet Interview  NOAH’s goal is to create a marketplace for the European Internet eco-system to 9:10 - 9:20 Overview of Conference Work Shops Presentation discuss key trends, generate business and facilitate investment transactions 9:20 - 9:50 Champion League Company Presentation  Over the past 3 years numerous high-profile speakers presented at NOAH, including 9:50 - 10:20 Disruption: Music Keynote 10:20 - 10:30 How to Structure Sales Successfully Keynote over 100 CEOs 10:30 - 11:00 How to Win Customers Keynote & Panel  The NOAH Conference was founded in 2009 by Marco Rodzynek and is organised by 11:00 - 11:15 Angel Investing Interview the NOAH Advisors team with sponsorship from some of the world’s leading 11:15 - 11:55 Rising Stars Company Presentation 11:55 - 12:30 Who Will Win the Mobile Industry War Keynote & Panel financial investors 12:30 - 13:45 Lunch 13:45 - 14:15 Early Game Changers Company Presentation 14:15 - 14:30 The eBay Turnaround Story Keynote & Interview NOAH 2012 on 6-7 November – Book Your Ticket Now! 14:30 - 15:00 Israel Panel - Part I: Innovation Keynote & Panel 15:00 - 15:30 Champion League Founder & CEO  The conference will again take place at Old Billingsgate in London 15:30 - 16:05 Internet Investing Panel  The NOAH Party on will take place at the iconic Battersea Power Station 16:05 - 16:40 Internet in Russia Panel 16:40 - 17:00 Champion League Company Presentation  For updates, please check: www.noah-conference.com 17:00 - 17:10 Keynote: Unlocking the Long Tail of Knowledge Keynote 17:10 - 17:45 How to Hire and Scale an Organisation Keynote & Panel 17:45 - 18:15 Rising Stars Company Presentation 18:15 - 19:15 Bowl Food and Drinks 21:30 - 1:30 NOAH Party at the Battersea Power Station Day 2 (7 th November) 9:00 - 9:10 Markafoni Transformation Keynote & Interview 9:10 - 9:40 Champion League Company Presentation 9:40 - 10:00 Disruption: Gaming Keynote & Interview 10:00 - 10:30 Early Game Changers Company Presentation 10:30 10:40 Keynote: Innovation in TV - Media for Revenue/Equity Deals Keynote 10:40 10:50 Company Presentation: Viewster Company Presentation 10:50 - 11:15 Panel Discussion: The Future of Free TV Panel 11:15 - 11:55 Rising Stars Company Presentation 11:55 - 12:30 How to do Online Payment Keynote & Panel 12:30 - 14:00 Lunch 12:30 - 14:00 ProSiebenSat.1: SevenVentures Pitch Day Jury Member 14:00 - 14:15 How to Build a Big Business with M&A Keynote 14:15 - 14:30 Axel Springer's Internet Strategy Presentation 14:30 - 15:05 Leading Women and Their Start-Ups Panel 15:05 - 15:20 Israel Panel - Part II: Finding EBITDA in the Holy Land Panel 15:20 - 15:40 Disruption: Navigation Presentation 15:40 - 16:20 Rising Stars Company Presentation 16:20 - 16:45 How to Analyse Traffic Keynote 16:45 - 17:25 Early Game Changers Company Presentation 17:25 - 18:55 Networking Drinks & Canapés 4
  • 5. Reaching to New Limits … We Are Proud to Be Here Guys, It is Really Finally Let’s Go! Hot Here Here! 5
  • 6. Where Does the Exit Market Stand  European exit markets have been relatively quiet from an IPO and Trade Sale perspective  Modest exit activity levels with relative unspectacular deals, with the exception of Skype  Lack of large buyout and take privates. Internet debt market in its infancy  Some recent expensive European Internet IPOs like Ocado led to more investor caution. Perform Group is a pleasant exception. They are like the European version of the Linkedin IPO (expensive but well performing)  Permira and Axa Private Equity consolidated European online flight market with OdigeO, the combination of Opodo, Go Voyages and eDreams  KKR acquired 50% of Fotolia in a leverage recap valuing the company above $500 million  Significant interest by buyout groups to acquire sizeable Internet companies, among others: - Silver Lake, Providence, Apax, Advent, KKR, Permira, GA, TA, Summit, TPG, HF, Bridgepoint  M&A process are run proprietary with a very targeted buyers group. Long processes are set to fail  NOAH Advisors estimates that there are over 50 European Internet Companies worth over $500m  US private company valuations for “hyped” stories are off the chart, but not always deliver in the public market, e.g. Demand Media, Facebook, Zynga, Pandora, etc. 6
  • 7. How to Not Get Lost in an Exit Process 7
  • 8. Europe Matters! A significant number of companies are valued at over €200 million 8 Note: selected examples.
  • 9. European Internet Pioneers & Global Leaders Some business models were invented or most successfully executed in Europe Company Segment Company Segment  Innovative payment platform  Remote access  Largest pure-play fashion Retailer  Open-source database  Enterprise software  FX  Social networking for people you  Vertical ad network (soccer) don’t know  Betting  VoIP  Free to play online gaming  Legal music service  Toolbars  Global hotel comparison leader  Freemium anti-virus  Private sales  Payment instalments  Personal loans 9
  • 10. Europe Is Unique Countries & Poupulation Investors  Russia and Eastern European market larger  Less VC money available and harder to get than Western Europe funding  10 Largest Western European countries: - 50m+: Germany (81.5m), France (65.3m),  Serial entrepreneurs and angel investors U.K. (62.7m), Italy (61.0m) dominate the scene as in the US - 20-50m: Spain (46.8m), Ukraine (45.1m),  Cultural differences, e.g. not anyone wants Poland (38.4m), Romania (21.9m), to get rich, different work ethics / intensity - 10-20m: Netherlands (16.8m), Portugal levels (10.8m)  10 Largest cities, many local markets: - 3m+: London (7.8m), Berlin (3.5m), Madrid (3.3m) - 1m+: Rome (2.8m), Paris (2.2m), Hamburg (1.8m), Warsaw (1.8m), Budapest (1.7m), Vienna (1.7m), Bucharest (1.6m) 10
  • 11. Lets Compare the US and European Internet Success Stories
  • 12. NOAH Study – Companies Included The market cap of post-2000 Internet bubble IPOs is ~2.3x larger in the US than in Europe US Market Cap: $70bn European Market Cap: $30bn Nov-09 Nov-11 Oct-01 Feb-12 Oct-10 Feb-12 Mar-12 Jan-11 Dec-10 Aug-06 Nov-10 Jul-07 May-12 Nov-11 Jun-11 Jul-10 Apr-11 Mar-06 May-11 May-09 Nov-05 Mar-05 Dec-06 Jun-11 Feb-10 May-10 May-11 Dec-09 May-08 Feb-12 Jul-11 Dec-11 IPO Date = EBITDA Negative Note: Market caps as of 12-Oct-12. 12
  • 13. Company Size and Valuation Growth  US company universe valued 2.3x higher than European one  However, EU companies performed 4.5x better since IPO than the US group  European Internet IPOs are cheaper than US Internet IPOs Average Market Cap ($bn) Average Share Price Performance since IPO  Average market cap of across sampled firms  Average share price increase since IPO of sampled firms 4.4 36% 1.9 8% US Europe US Europe Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors. We excluded Asos (up 11,175% since IPO) 13
  • 14. VC Funding is Less Developed in Europe  European public companies have relied less on VC money than US ones  VC investment per company and in % of current market cap significantly lower in Europe compared to the US  However, there are also fewer winners in Europe (less exits) Average VC Funding Raised ($m) VC Funding as % of Market Cap  Average amount of venture capital raised across sampled  Average of venture capital raised as a percentage of current firms market capitalisation of sampled firms 367 17.1% 71 1.9% US Europe US Europe Sources: Bloomberg, FactSet, 4-traders, NOAH Advisors. Excluded Tradedoubler and Ocado for Europe. 14
  • 15. A Look at the Largest VC Backed Companies Over-promised and under-delivered? They jumped several hurdles in our valuation chain VC Capital Raised ($bn) Share Price Performance since IPO 2,240 (48.6%) 1,140 (73.6%) 860 (75.7%) 510 (0.5%) 471 (63.1%) Source: Bloomberg, FactSet, 4-traders & NOAH Advisors. 15
  • 16. High Profile Venture Backed Companies European VC is waking up or rather has been awakened by many US investors Company Last Round Raised Selected Investors Company Last Round Raised Selected Investors Mar-11 $218m Feb-09 $65m June-11 $188m Jan-12 $63m Dec-11 $166m Apr-12 $62m Feb-12 $145m Mar-11 $59m Jul-07 $130m Feb-12 $58m Apr-12 $129m Jun-09 $53m Sep-07 $117m Jun-12 $47m May-11 $114m May-10 $23m Feb-12 ~$100m Sources: Crunchbase, NOAH Advisors. 16
  • 17. So What is a High Valuation or a Great Deal?
  • 18. Not Every Deal is Created Equal Valuation is only one side of the medal Valuation Drivers  Process objectives: Loss of Control / New Investor Rights - Fast process with limited disruptions / leaks  Significant premium for (path to) control - Premium valuation  Governance and exit rights  Governance rights - Minority investment with limited rights (no - Board seats / Information rights liquidation preference, no path to control,  (Perceived) competition in process - Veto rights customary governance rights, exit rights TBD)  Operational out-performance during the  Management commitment to stay  Key success factors in creating: process  Path to control for new investor? - Growth profile and supportive KPIs  Due diligence findings - Call option - Equity story: simple terms with 3-5 key points  Macro-economic and M&A environment - First right of refusal  Performance-based earn-outs/ratchets - Access to, understanding of and relationship  Quality of motivation of management with relevant contacts at key potential  Availability of debt leverage  Exit rights investors. Trust matters the most! - Liquidation preference  Key success factors for getting investors “to  Funding currency and hedging cost - IPO right the finish line”:  Negotiation skills (shareholders, NOAH - Put option - Management focus and engagement and lawyers) - Tag and drag rights - Seamless process execution - Minimum valuation criteria - No negative due diligence findings - Strong performance during deal phase 18
  • 19. Valuation Drivers in the Context of a Company’s Development Stage: How NOAH sees the World Market Management Technology Users / KPIs Revenues EBITDA Leadership Increasing valuations – However Multiples Get More Reasonable (in Theory) Decreasing Execution Risk and Benefit of the Doubt (Less to Hope for) (GROWTH * MARGIN) Predictability = Valuation Multiple 19
  • 20. Current Valuation Levels: Internet Sector Breakdown New Economy is valued at Old Economy Prices adjusted for growth Source: UBS, FactSet (12-Sep-12) 20
  • 21. Current Valuation Levels: All Over the Place Amazon enjoys a premium because of predictability (EURm except share price) Currency Share Price Market Enterprise EV/Revenues EV/EBITDA EV/EBIT P/E Company Country (Share Price) 12-Oct-12 Cap Value 2011 2012E 2013E 2011 2012E 2013E 2011 2012E 2013E 2011 2012E 2013E Online large caps Amazon.com US USD 242.36 90,144 83,820 2.1x 1.6x 1.3x 52.4x 38.1x 24.3x NM NM 65.5x NM NM NM Apple US USD 629.71 485,674 399,787 4.0x 2.9x 2.4x 11.8x 7.9x 6.6x 12.4x 8.4x 7.1x 19.7x 13.4x 11.3x eBay US USD 47.85 50,734 47,119 4.9x 4.1x 3.5x 14.9x 12.4x 10.8x 17.7x 15.4x 13.3x 19.1x 24.2x 21.2x Facebook US USD 19.52 34,404 27,923 9.1x 6.9x 5.4x N/A 12.8x 9.8x N/A 17.4x 13.0x N/A NM 38.0x Google US USD 744.75 200,390 170,734 7.1x 4.9x 3.9x 12.9x 10.7x 9.0x 14.6x 12.5x 10.6x 25.0x 20.5x 17.3x Microsoft US USD 29.20 202,550 151,640 N/A 2.4x 2.2x N/A 5.7x 5.3x N/A 6.3x 5.8x N/A 11.8x 9.5x Yahoo! US USD 15.88 15,478 10,215 2.8x 2.8x 2.7x 8.6x 8.5x 7.5x 15.5x 16.1x 14.0x 17.9x 16.2x 14.3x Rakuten AsiaPac JPY - 10,424 11,901 3.0x 2.6x 2.3x 12.9x 11.0x 9.2x N/A 14.6x 11.5x NM 20.8x 17.4x Tencent AsiaPac HKD 258.60 40,933 38,687 10.4x 6.9x 5.4x 21.9x 16.3x 12.9x 25.5x 18.7x 14.9x 30.7x 24.5x 19.2x Yahoo! Japan AsiaPac JPY - 16,639 12,750 N/A 3.8x 3.6x N/A 6.4x 6.1x N/A 6.9x 6.4x N/A 14.9x 14.0x Overall Mean 5.4x 3.9x 3.3x 19.3x 13.0x 10.1x 17.2x 12.9x 16.2x 22.5x 18.3x 18.0x U.S. Mean 5.0x 3.7x 3.1x 20.1x 13.7x 10.5x 15.1x 12.7x 18.4x 20.4x 17.2x 18.6x Asia-Pacific Mean 6.7x 4.4x 3.8x 17.4x 11.2x 9.4x 25.5x 13.4x 10.9x 30.7x 20.0x 16.9x Sources: NOAH Advisors, 4-Traders (12-Oct-12) 21
  • 22. Current Valuation Levels: Regional Difference Source: UBS, FactSet (12-Sep-12) 22
  • 23. Who are the Buyers?
  • 24. Not only Google Several groups to think about Internet Coverage of over 10,000 industry leaders: 500 target companies and 300 investors Traditional Large Cap TMT & Retail Angels / Family VC and Hedge Funds Offices Private Growth Equity Funds Maryland Klaus Hommels Armira 24
  • 25. Selected US Buyers – A Large Universe 25
  • 26. Financial Investors Present at the NOAH Conference 2011 Venture Capital (€5-20m) Growth Capital (€20-250m) Private Equity (€250-1,000+m) Fund Attendees Key Contact Fund Attendees Key Contact Fund Attendees Key Contact Harry Nelis (hnelis@accel.com) John Meeks (jmeeks@ta.com) Stefan Götz (sgoetz@hf.com) 11 Sonali de Rycker (sderycker@accel.com) 7 Ajit Nedungadi (ajit@ta.com) 9 Zita Saurel (zita@hf.com) Adam Valkin (avalkin@accel.com) Morgan Seigler (mseigler@ta.com) Blake Kleinman (bkleinman@hf.com) Dominique Vidal (dom@indexventures.com) Scott Collins (scollins@summitpartners.com) Philipp Freise (freip@kkr.com) 9 Ben Holmes (benh@indexventures.com) 5 Christian Strain (cstrain@summitpartners.com) 4 Lucian Schoenefelder (lucian.schoenefelder@kkr.com) Jan Hammer (jan@indexventures.com) Vincent Lambert (vlambert@summitpartners.com) Vania Schlogel (vania.schlogel@kkr.com) Hans-Jürgen Schmitz (hans-juergen.schmitz@mangrove-vc.com) Konrad Stoebe (konrad.stoebe@warburgpincus.com) Dominik Stein (dominik.stein@eqt.de ) 3 Eugene Mizin (eugene.mizin@mangrove-vc.com) 5 Steven Klooster (steven.klooster@warburgpincus.com) 4 Christian Schuette (christian.schuette@eqt.de) Guillaume Durao (guillaume.durao@mangrove-vc.com) Johannes Korp (johannes.korp@warburgpincus.com) Anil Hansjee (anil@hansjee.net) Pawel Chudzinski (pawel@pointninecap.com) Frank Seehaus (fs@actoncapital.de) Kai Romberg (kai.romberg@hgcapital.com) 3 Lukasz Gadowski (lukasz@teameurope.net) 3 Jan-Gisbert Schultze (jgs@actoncapital.de) 3 Dan Groen (dan.groen@hgcapital.com) Kolja Hebenstreit (kolja@teameurope.net) Benedikt Sudbrock (bs@actoncapital.de) Sascha Kaumann (sascha.kaumann@hgcapital.com) Roberto Bonanzinga (rbonanzinga@balderton.com) Fabio Giuseppetti (giuseppetti@palamon.com) 2 Karim Tabet (karim.tabet@provequity.co.uk) Dharmash Mistry (dmistry@balderton.com ) 3 Daniel Mytnik (mytnik@palamon.com) Ricardo Caupers (caupers@palamon.com) 3 Bruno Mourgue d'A. (bruno.mourguedAlgue@provequity.co.uk) Marcel Rafart (marcel.rafart@nautacapital.com) Andrew Tisdale (andrew.tisdale@provequity.co.uk) 2 Javier Rubio (javier.rubio@nautacapital.com) Marco Brockhaus (brockhaus@brockhaus-pe.com) Karl Peterson (kpeterson@tpg.com) Pär-Jörgen Pärson (pjp@northzone.com) 2 Jan Daniel Neumann (neumann@brockhaus-pe.com) 2 3 Anand Tejani (atejani@tpg.com) Hans Otterling (hans@northzone.com) Jean Baptiste Brian (jbbrian@tpg.com) Andrin Bachmann (andrin.bachmann@pitoncap.com) Chris Caulkin (ccaulkin@generalatlantic.com) 2 Greg Lockwood (greg.lockwood@pitoncap.com) 2 David Lisewski (dlisewski@generalatlantic.com) Tripp Lane (tripp.lane@apax.com) 2 Frank Ehmer (frank.ehmer@apax.de) Alexander Ribbink (alexander@primeventures.com) 2 Rogier Taphoorn (rogier@primeventures.com) Sarah Pinto (spinto@greathillpartners.com) 2 Peter Garran (pgarran@greathillpartners.com) Hubert Deitmers (hubert.deitmers@endeit.com) Andrea Valeri (valeri@blackstone.com) 2 Martijn Hamann (martijn.hamann@endeit.com) 2 Lance Toler (lance.toler@blackstone.com) Alex Gonthier (gonthier@@wellington-partners.com) Jim Quagliaroli (jim@spectrumequity.com) 2 2 Jeff Haywood (jeff@spectrumequity.com) Christian Thaler-Wolski (thaler@wellington-partners.com) Stefan Franssen (stefan.franssen@gmtpartners.com) 2 Natalie Tydeman (natalie.tydeman@gmtpartners.com) 1 Emanuele Levi (emanuele.levi@360capitalpartners.com) Daniel O’Keefe (dokeefe@tcv.com ) 1 Mike Chalfen (mike.chalfen@adventventures.com) 2 Woody Marshall (wmarshall@tcv.com) Hinrich Stahl (hs@maryland-gmbh.de) 1 Mattias Ljungman (mattias@atomicoinvestments.com) 2 Helge Luetzen (hl@maryland-gmbh.de) Stephen Byrne (stephen.byrne@vitruvianpartners.com) 1 Michael Eisenberg (michael@benchmark.com) 2 Jussi Wuoristo (jussi.wuoristo@vitruvianpartners.com) Michael Korzinstone (michael.korzinstone@silverlake.com) 1 Alon Lifshitz (alon@blumbergcapital.com) 2 John Flynn (john.flynn@silverlake.com) 1 Ian Noel (iannoel@bonsaigrupo.com) 1 Fabian Wasmus (fabian.wasmus@eqt.de) Expansion Capital 1 Nic Brisbourne (nic@dfjesprit.com) 1 Jan-Olivier Fillols (jan-olivier.fillols@3i.com) 1 Sebastien Briens (sebastien.briens@hgcapital.com) 1 Ben Tompkins (bt@edenventures.co.uk) Mercury 1 Bernard Vogel (bv@endeavourvision.com) 1 Jens Hagen (jhagen@uk.adventinternational.com) 1 Harley Miller (HMiller@insightpartners.com) 1 Davor Hebel (davor@fgpe.com) 1 Stephen Lowery (stephen.lowery@frogcapital.com) 1 Jörg Mohaupt (jmohaupt@accind.com) 1 Christoph Haschka (christoph.haschka@macquarie.com) 1 Torsten Kreindl (t.kreindl@grazia.com ) 1 Laurel Bowden (lbowden@greylock.com) 1 Michael Black (michael.black@bridgepoint.eu) 1 Mark Joseph (mark.joseph@oakleycapital.com) 1 Martin Weber (martin.weber@holtzbrinck.net) 1 Johan Englund (johan.englund@industrifonden.se) 1 Pueo Keffer (pkeffer@redpoint.com) 1 Jason Khaksar (jason.khaksar@carlyle.com) 1 Baris Aksoy (baris.aksoy@intel.com) 1 Tomasz Czechowicz (czechowicz@mci.eu) 1 Richard Yen (ryen@saban.com) 1 Andrew Young (andrew.young@permira.com) 1 Thomas Preuss (preuss@neuhauspartners.com) 1 Phillippe Collombel (pcollombel@partechventure.com) 1 Morgan Callagy (callagym@vss.com) 1 Tony Askew (tony.askew@reedelsevier.com ) 1 Olivier Sichel (osichel@sofinnova.fr) 1 Mauro Pretolani (mauro.pretolani@tlcom.co.uk) 26
  • 27. The Universe of Financial European Internet Investors Equity investment/check size, geography, minority/majority, growth profile are key ways to differentiate them Venture Capital Growth Funds Buyout Funds Francisco Partners Silverlake Growth Warburg Pincus General Atlantic Carlyle Growth Intel Capital Holtzbrinck Providence Wellington Blackstone Investcorp HG Capital Balderton Spectrum Silverlake Exponent Bessemer Great Hill Vitruvian R Capital Palamon Peacock Sequoia Permira Summit Veronis Advent Fidelity Battery Kennet Carlyle Cinven Insight Endeit Acton Accel Index Cyrte Apax GMT H&F Bain TPG KKR Oak CVC TCV TA (€ million) 3i EU Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ US Office ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ Internet Deals 1 1 1 1 1 1 1 1 2 1 1 1 1 2 2 1 2 2 2 2 2 2 1 2 2 2 1 1 1 1 2 2 2 2 1 1 2 2 1 3 2 1 3 3 3 2 3 3 1 800 800 750 700 700 Equity Investment Size 600 600 600 Control Investments Only 500 500 500 500 Sweet Spot 500 500 400 400 400 400 300 300 300 300 300 300 300 250 200 200 200 200 200 200 200 200 200 150 150 150 120 100 100 100 150 80 75 100 100 70 70 70 70 70 70 120 60 60 50 50 100 100 100 100 100 100 100 100 35 30 25 25 25 25 25 75 75 75 20 15 60 50 50 50 40 40 40 30 30 30 0 0 25 25 25 20 20 20 20 20 15 15 10 10 10 10 10 10 5 5 5 5 5 5 5 5 2 2 Note: Number of previous European Internet deals: 1 - many, 2 - a few, 3 - new to the segment. 27