MASTER CLASS PROGRAMMATIC TRADING IAB Interact Paris 2014 May 19,2014 Paris: Microsoft France 41 Quai du Président Roosevelt, 92130 Issy-les-Moulineaux Where Technology creates Value: An Investment Perspective on Programmatic Buying. http://masterclass.stickyads.tv/ Simon is a Partner of GP Bullhound, the technology investment bank with offices in London, Stockholm, Berlin and Silicon Valley. Simon has spent nearly 20 years advising clients on a wide range of M&A and capital markets transactions ranging from £10 million to £5 billion and has extensive experience advising entrepreneurs and corporates on transactional strategies for building businesses and realising value. With 17 years experience focussing on the media, technology & internet sectors, he specialises in transactions for clients experiencing rapid growth and industry transformation, completing deals in digital media, e-commerce, ad-tech, mobile, data analytics, marketing services, broadcasting, television production, professional and business information, consumer publishing, music, media services and media technology. Prior to joining GP Bullhound, Simon was a Managing Director at Ingenious Corporate Finance, the M&A advisory business of the Ingenious Media Group, and a Director at UBS, where he advised on large-cap international media & internet transactions. He qualified as a Chartered Accountant with Deloitte & Touche and is a graduate of Durham University.

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Where technology creates value: an
investment perspective on
programmatic buying
May 2014
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INDEPENDENT TECHNOLOGY
RESEARCH

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Sources: GP Bullhound, IDC (2013), eMarketer (2013)
THE ‘BIG BANG’ OF ONLINE ADVERTISING
KEY METRICS
$140+ Billion
Global online advertising market by 2017
$3.3+ Billion
Estimated Western European spend on RTB by
2017
$80+ Billion
Global display advertising market by 2017
$21+ Billion
Estimated global spend on RTB by 2017
50%+ CAGR
Growth of the global market between 2012 and
2017
$1.5+ Billion
Invested to date in RTB technologies

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THE REAL-TIME DATA EXPLOSION
1.2bn
MAUs
37,000
Comments and
likes per
second
230m+
MAUs
1bn
Tweets created
every two days
540m
MAUs
1.5bn
Image uploads
per week
c. 90% of the world’s data generated in the last 2 years
26m
MAUs
350m
Average daily
photo uploads
150m
MAUs
55m
Photos
uploaded per
day
Today advertisers have access to millions of users across multiple
properties and devices where a LOT happens in a SHORT space of time

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Over $1.5bn of Capital Raised to Date
MORE THAN $1.5BN CAPITAL RAISED TO DATE
$8
$104
$60 $47
$141
$87
$145
$75
$163
$576
$248
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
YTD
Other Exchange SSP DSP

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EVOLUTION OF THE RTB LANDSCAPE
Sell-Side
Platforms
(SSPs)
Ad
Exchanges
Ad
Networks
Demand-
Side
Platforms
(DSPs)
Trading
Desks
ADVERTISERS
PUBLISHERS
FLOWOF
MONEY

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RTB - $21BN GLOBAL MARKET BY 2017
Source: GP Bullhound, IDC
Global RTB Display Ad Spend
$80bn
$34bn
2012 2017
$10bn
$2.7bn
Global Share of RTB Display Ad Spend taken by intermediaries
Global Online Display Ad Spend
$21bn
$1.8bn

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MARKET PENETRATION – US LEADING THE WAY
Source: IDC, eMarketer, Magna Global
DISPLAY PENETRATION
POTENTIAL?
52%?
Magna Global
41%?
IDC
29%?
eMarketer
1%
3%
7%
11%
13%
17%
22%
27%
2%
5%
12%
15%
17%
22%
27%
1%
6%
8%
14%
17%
20%
25%
30%
4%
9%
14%
19%
23%
28%
34%
41%
2010 2011 2012 2013 2014 2015 2016 2017
France Germany UK US
GLOBAL RTB MARKET

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0,7
3,3
4,0
2013 2017 (IDC) 2017 (GPB Upside)
UK Germany France Rest of Western Europe
EUROPE TO BENEFIT THE MOST
EUROPEAN RTB – IDC VS UPSIDE CASE ($bn)
Source: IDC
45%
CAGR

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KEY DRIVERS OF GROWTH - MOBILE
MOBILE RTB AD SPEND ($m)
Source: IDC (2013), Facebook company filings, Comscore (2013),
Verve Mobile (2013)
50%+
G5 smartphone
penetration
2.3x
CTR from
location-based
campaigns
62
549
2014 2017
Germany France UK
107%
CAGR

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KEY DRIVERS OF GROWTH - VIDEO
Source: IDC (2013), Digital TV Research (2013)
VIDEO RTB AD SPEND ($m)
$3.6bn
2017 global online
video advertising
$219bn
2018 global TV
ad spend
759m
2018 global TVs
connected to the
internet
30
152
2014 2017
Germany France UK
71%
CAGR

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DATA IS KING BUT NOT ALL DATA IS EQUAL
Source: Casale Media Index (2013)
100
78
51
Cookie & 3rd Party Data Cookie & No 3rd Party Data No Cookie
Cookie and Third Party Data Driving the Winning Bid Price

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WHERE TO INVEST NOW?
Sell-Side
Platforms
(SSPs)
Ad
Exchanges
Ad
Networks
Demand-
Side
Platforms
(DSPs)
Trading
Desks
ADVERTISERS
PUBLISHERS
FLOWOF
MONEY

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INTERNATIONALISATION
CUSTOMERS /
VERTICALS
GROWTH / SCALE
M&A: POISED FOR A NEW WAVE OF CONSOLIDATION
Internet Giants
CRM Software
Providers
Global Agencies
& Ad Networks
Existing RTB
Players
ADDITIONAL
CAPABILITIES

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