Guide to Dreamforce 2016 – Digital Retail Marketing

1. CONFIDENTIAL
ComCap, LLC
CONFIDENTIAL
STRICTLY PRIVATE & CONFIDENTIAL
Dreamforce 2016:
Digital Retail Marketing Industry Overview
October 2016
Complete presentation at https://goo.gl/M1Md8l
Mr. Aron Bohlig is Registered Representative of and Securities Products are offered through BA Securities, LLC. Neither party warranties the accuracy of the information herein and is subject to correction or amendment and should not be construed as
investment advice and may not be reproduced or distributed to any person. This presentation is for informational purposes only and does not constitute an offer, invitation or recommendation to buy, sell, subscribe for or issue any securities or a solicitation
of any such offer or invitation and shall not form the basis of any contract. Securities Products and Investment Banking Services are offered through BA Securities, LLC. Four Tower Bridge, 200 Barr Harbor Drive, Suite 400, W. Conshohocken, PA 19428.
484-412-8788 Member FINRA SIPC. Commera Capital LLC and BA Securities, LLC are separate and unaffiliated entities.
STRICTLY PRIVATE & CONFIDENTIAL

2. CONFIDENTIAL
ComCap, LLC 2
Welcome to the 2016 Dreamforce conference!
 Dreamforce brings together senior executives, industry thought leaders & pioneers, and thousands of peers for four-
days of fun, inspiration, and networking
 Whether you are company of five or a Fortune 500 company, Dreamforce has over 2,000 sessions with tailored
content for your specific industry, professional role, and company size
 ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key
subsectors including B2C eCommerce, B2B SaaS, B2B services for retail (IT and marketing services, fulfillment and
logistics and call center), payments, mobile commerce and marketplaces.
 Headquartered in San Francisco, our firm works with mid-cap public companies on buyside initiatives and public
and private growth companies on financing and strategic M&A.
 In addition to being the only boutique focused on disruptive commerce models, we differentiate by bringing bulge
bracket techniques to emerging models, a strong and uncommon buyside/strategy practice, deep understanding of
industry drivers and synergy analyses, deep relationships across the sector and worldwide coverage with closed
transactions in the United States, Japan, China, the ASEAN region, Western and Eastern Europe and Latin
America.
 In this deck, we have provided a brief overview of our firm, as well as our latest thoughts on the digital retail
marketing industry
 If you'd like to connect with us over the phone and/or meet in San Francisco to discuss your strategic initiatives,
please contact either Aron or Fermin:
Aron Bohlig
Managing Partner
M: 415-235-8270
E: aron@comcapllc.com
Fermin Caro
Vice President
M: 650-743-7825
E: fermin@comcapllc.com

3. CONFIDENTIAL
ComCap, LLC 3
Index
Digital retail marketing overview1
ComCap overview materials3
Appendix
Select corporate profiles2
4

4. CONFIDENTIAL
Digital retail marketing overview
4
1

5. CONFIDENTIAL
ComCap, LLC 5
Worldwide Marketing Software Forecast (2014-18)
Source: IDC research
WW marketing software spend expected to grow at
13% CAGR
CRM Application Market Forecast
2014 2015 2016 2017 2018
Interactions systems Data and Analytics Systems
Content Production and Mgmt Management and Admin
$20.2B
$32.4B
2013 2014 2015 2016 2017 2018
Marketing Automation Sales Automation
Customer Service Contact Center
$31.7B
$130B 5-year spend • IDC breaks that market down into four broad categories:
– Interaction Systems: the majority of customer-
facing marketing software advertising, digital
commerce, marketing automation, web experience
management, mobile apps, social media tools
– Content Production and Management: internal
authoring and publishing tools, CMS platforms, DAM
platforms
– Data and Analytics: storing data and producing
insights from it, such as business intelligence,
predictive analytics, financial analysis, and broader
marketing analytics
– Management and Administration: internal
communications tools, workflows, budgeting,
expense tracking, MRM, project management,
collaboration tools
• IDC predicts a rise of “marketing-as-a-service” (MaaS)
offerings, through which agencies and other marketing
service providers run the software on behalf of their
clients, as part of a larger bundle of services
• IDC predicts 90% of the growth in the marketing IT
industry will come from cloud-based solutions. Cloud
platforms, creative services and IT services are emerging
as a combined catalyst enabling MaaS, which IDC is
seeing growing rapidly from a client planning and
spending perspective
$22.7B
Key highlights

6. CONFIDENTIAL
ComCap, LLC
CMO Driving New IT decisions Email Marketing Vendors 2016
Source: Technavio research Source: Forrester Wave August 2016
Digital Experience Platforms, Q4’15
Source: The Forrester Wave™: Digital Experience
Platforms, Q4 2015 dated October 22, 2015
Digital Marketing Market Size ($bn)
Source: Technavio research
3.2%
3.8%
2.5%
3.8%
2.0%
2.5%
3.0%
3.5%
4.0%
2013 2017
CIO IT Spend CMO IT spend
6
Strong
Performers
Strong
Weak
Current
Offering
Weak Strategy Strong
Challengers Contenders Leaders
Strong
Weak
Current
Offering
Weak Strategy Strong
Challengers Contenders Leaders
Market Presence
Epsilon
Salesforce
Oracle
Experian Marketing Services
IBM
Acxiom
SmartFocus
Adobe
Yes Lifecycle Marketing
Selligent
Strong
Performers
Adobe
Oracle
Salesforce
SAP hybrisSitecore
IBM
Acquia
EPIServer
SDL
Demandware
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
2010 2012 2015 2016
eCommerce Sales CRM Automation Email
WCM Social CRM Analytics
$14.2B
$33.3B
$20.2B
Marketing software companies are positioned well in a large
and growing market
Marketing
software
companies
CIO vs. CMO Spending (% Revenue)
Market Presence

7. CONFIDENTIAL
ComCap, LLC
ABILITYTOEXECUTE
NICHE PLAYERS VISIONARIES
LEADERSCHALLENGERS
As of Mar 2016
Marketing software companies sit at the intersection of
exciting markets populated by well financed players
Commentary
• Marketing software companies sits at the intersection of various large and growing markets
• Selected potential partners occupy two or three of these segments, potentially “doubling or tripling” the synergies and benefits of a partnership
• The thesis is these could be value added strategic investors, or where an investment from a sponsor such as Vista could add commercial value to
their other assets
Digital Commerce
Source: Garter Research
One category
Two categories
Three categories
COMPLETENESS OF VISION
Volusion
Intershop
Episerver
ShopifyAvantgate
MyWebGrocer
cleverbridge
Bigcommerce
MarketLive
Unilog
Aptos
Cloudcraze
Elastic Path
Apttus
Demandware (Salesforce)
SAP Hybris
Oracle
IBM
Digital River
Magento Commerce
NetSuite (Oracle)
COMPLETENESS OF VISION
ABILITYTOEXECUTE
NICHE PLAYERS VISIONARIES
LEADERSCHALLENGERS
As of Jan 2016
Digital Marketing Hubs
AdobeOracle
Salesforce
Marketo
Epsilon (Conversant)
IBM
Experian Marketing Services
RedPoint
Nielsen (eXelate)
Kitewheel
Sizmek
Marin Software
Zeta Interactive
IgnitionOne
Neustar
Sitecore
DataXu Rocket Fuel
Turn
Krux
MediaMath
Teradata
COMPLETENESS OF VISION
Web Content Management
ABILITYTOEXECUTE
NICHE PLAYERS VISIONARIES
LEADERSCHALLENGERS
As of Sep 2016
SDL
Kentico Software
Open Text
Adobe
Sitecore
Oracle
IBM
Acquia
Episerver
CrownPeak
Automattic
Progress
Squiz
eZ Systems
GX Software
CoreMedia
Hippo
e-Spirit

8. CONFIDENTIAL
ComCap, LLC
Software and
Service Leaders
Payments
& Fintech
Email Service
Providers / Other
Marketing
Global Logistics
Leaders
Agencies and
Systems
Integrators
Retailers and
Corporate VCs
eCommerce
Leaders
8
ComCap’s strategic partner landscape

9. CONFIDENTIAL
ComCap, LLC 9
ComCap’s eCommerce / digital retail investors landscape
US
Stage
agnostic
Buyout /
Alternate
Early
stage
Late
stage
Strategic
International

10. CONFIDENTIAL
ComCap, LLC
Feed management
10
eCommerce SaaS and Services market map
Social
eCom Platform
Onsite Search
Reviews
PIM
Logistics Software
OMS
International
Fulfillment
Mobile Payments
Payment Gateways Call Center
Logistics/FulfillmentPayments BPO
Cross Channel Campaigns
Loyalty / Rebates
Search Sites & SEM Vendors
Affiliate Networks
Marketing and Analytics
Retargeting Comp Shopping
Email Suites
Consumer Traffic
Analytics
Content Management
Data and Data Quality
Marketplaces
Email Service Providers
Agencies
Personalization
Infrastructure

11. CONFIDENTIAL
ComCap, LLC
Tech Companies
Cross Channel
Campaigns
MajorPlayersAmountRaised
Seed
Email Service
Providers
Agencies Personalization Content
Management
Others
>$150m
$100m
$50m
$10m
Affiliate
Network
Additional digital retail marketing participants
11

12. CONFIDENTIAL
Select corporate profiles
12
2

13. CONFIDENTIAL
ComCap, LLC
Select digital retail marketing companies
Company Profile Capabilities
Blueshift Labs
Enables B2C marketers to automate Segment-of -One
marketing on every channel
Founded: 2013 www.getblueshift.com
Employees: 10-50 Revenue: N/A
HQ: San Francisco, CA Funds Raised: $10.6m
Latest Financing Round: $8.0m
Latest Financing Valuation: $31.1m
Services offered:
 Provides a platform enabling digital marketers to create personalized, triggered
messaging based on user actions and user attributes
 Solutions include Blueshift for email marketing, Blueshift for mobile marketing, and
BlueShift for website personalization
Customers List: The Muse, Snapdeal.com, Freecharge, Shopclues.com, Redmart, Urban
Ladder, OYO, Ideel, Jabong.com, Card.com, Voucher Cloud, NatureBox
Key facts:
 The funds will be used to accelerate sales and marketing and to continue building out its
proprietary ‘Interaction Graph’ platform.
 It claims to be driving a 3-10X increase in engagement rates
 It offer solutions for industries such as retail & e-commerce, digital media & publishers,
subscription services, and digital travel
Emarsys
Emarsys is a developer of B2C marketing cloud technologies
to over 1,500 companies
Founded: 2000 www.emarsys.com
Employees: 600 Revenue: N/A
HQ: Vienna, Austria Funds Raised: $33.0m
Latest Financing Round: $33.0m
Latest Financing Valuation: N/A
Services offered:
 The company offers a cloud-based software for predictive marketing, personalization,
analytics, email, social and mobile marketing
 Its platform: true personalization, data collection & unified profile, data to information,
marketing automation, cross channel execution, reporting & insights
Customers List: eBay, Toys ’R’ Us, Deloitte, Cannon, Aman Resorts, Rakuten, The Conran
Shop, Super Break, Volvo, UniCredit, Surfdome, SquareMeal, GerryWeber, Zurich
Key facts:
 In 2015, the company raised funds to support its international growth, including in
Singapore, Malaysia and Indonesia; investment in product innovation; and expansion of
its sales and marketing teams
 Serves more than 1,300 clients within 140 countries across 16 global offices
 The company has been expanding rapidly across Southeast Asia, where it now serves
more than 100 client companies
Source: Company data, press releases, Capital IQ, Crunchbase and Pitchbook 13

14. CONFIDENTIAL
ComCap, LLC
Select digital retail marketing companies (cont’d)
Company Profile Capabilities
Impact Radius
Impact Radius provides marketing technology services to
performance focused brands, agencies and media companies.
Founded: 2008 www.impactradius.com
Employees: 270+ Revenue: N/A
HQ: Santa Barbara, CA Funds Raised: $48.8m
Latest Financing Round: $30.0m
Latest Financing Valuation: N/A
Services offered:
 Impact Radius’ digital marketing platform enables significant improvement in the return
on global advertising spend for brands and agencies
 The company delivers marketing technology products including tag management, media
tracking, conversion attribution, mobile analytics and partner management
 Provides a fully-integrated suite of products for media attribution, performance marketing,
tag management and mobile analytics
Customers List: Cabela’s, Caxton FX, Tapjoy, C&A Marketing, Citrix, Slickdeals
Key facts:
 The company has raised funds that will assist in expansion and development of new
products
 Currently Impact Radius has domestic offices in Santa Barbara, New York, San
Francisco, Columbus, and international offices in London and Cape Town, South Africa
 Impact Radius will also use the latest funding to expand globally
Magnetic
Magnetic is a provider of search-retargeting software and
services
Founded: 2008 www.magnetic.com
Employees: 280+ Revenue: $100.0m
HQ: New York, NY Funds Raised: $40.3m
Latest Financing Round: $25.0m
Latest Financing Valuation: N/A
Services offered:
 QuickStart platform makes onboarding simple by replacing the need for multiple data
feeds and custom engineering by combining search engine technology and turnkey
Javascript code
 Solutions include Ad Solutions, email solutions and site solutions
Customers List: BootBarn, DaySpring, Discovery Channel, FedEx, American Express,
FTD, Fairmont Hotels & Resorts, HBO, Jaguar, Helzberg Diamonds, BMW , Lufthansa
Key facts:
 Has offices in Los Angeles, Chicago, Ann Arbor, Boston, Atlanta and San Francisco
 Magnetic also has offices in Europe and Canada
 Serves clients across categories such as auto, travel, retail, finance, consumer package
goods
 Solutions are powered by its unique data including purchase intent data from more than
450,000 partner sites, shopping profiles of over 250 million individuals, and behavioural
insights across a billion active device
 In 2015, Magnetic and MyBuys merged
Source: Company data, press releases, Capital IQ, Crunchbase and Pitchbook 14

15. CONFIDENTIAL
ComCap, LLC
Select digital retail marketing companies (cont’d)
Company Profile Capabilities
Phunware
Provides multiscreen as a service customer engagement
platform agency
Founded: 2009 www.phunware.com
Employees: 200 Revenue: $22.1m (2013
HQ: Austin, TX Funds Raised: $79.9m
Latest Financing Round: $19.3m
Latest Financing Valuation: N/A
Services offered:
 Offers solutions in the areas of mobile marketing automation, mapping, navigation and
wayfinding, indoor blue dot navigation, mobile advertising, content management engine,
analytics and business intelligence, and alerts and notifications
 Offerings include brandME, PocketShare Mobile Analytics, and Phalmeware Social Chat
 Services: allow to build a custom application from the ground up
Customer List: WWE, Houston Airports, AT&T Stadium, SBS, Revolt, Astrology Zone
Key facts:
 The platform enable brands to engage, manage and monetize their anytime anywhere
users
 The company raised funds to invest the capital in sales and marketing as well as
research and development
 Has completed over one trillion transactions per year, has over 650 million monthly
unique devices, launched hundreds of branded applications and ten millions of
applications have been downloaded
 Serves over 3,600 customers
SteelHouse
A data-driven marketing technology company that provides
advertising solutions for brands, agencies and eCommerce
marketers
Founded: 2009 www.steelhouse.com
Employees: 160+ Revenue: N/A
HQ: Culver City, CA Funds Raised: $65.2m
Latest Financing Round: $49.0m
Latest Financing Valuation: $188.3m
Services offered:
 A remarketing platform for advertisers to target and reach their visitors and customer
 Also delivers and displays advertising data given by its customers, including logos,
graphic files, links and other advertising materials through its advertisement delivery
system
 SteelHouse CANVAS, a platform for acquisition and retention, which consistently keeps
the same message in front of an audience through display, onsite, and social
 Products include SteelHouse Advertising Suite and SteelHouse Creative Suite
Customers List: N/A
Key facts:
 The company reported 158% YoY growth during 2015, and had 174% YoY growth in
November
 Till December 2015, the company managed about 40,000 campaigns for over 2,000
clients, including several top 100 brands
 It has reached over 2.4bn devices, served more than 52 billion impressions and created
over 200K ads
Source: Company data, press releases, Capital IQ, Crunchbase and Pitchbook 15

16. CONFIDENTIAL
ComCap overview
16
3

17. CONFIDENTIAL
ComCap, LLC 17
Why ComCap?
 Who is ComCap?
− eCommerce-focused boutique, 100% focused on the eCommerce value chain
− Proven team with background at Credit Suisse, UBS, J.P. Morgan, with 50+ years of experience
− Senior execution, no bait-and-switch, but with a strong bench team for support
− We are small, so we must be selective, working only on the best probability engagements, but
working ferociously to achieve a great outcome
− We do deals where we add unique value – not untargeted auctions to test the market
 How do we differentiate?
− Vertical focus enables deep understanding of your value proposition
− Unique synergies identification and advocacy process – based on bottoms up revenue and profit
analysis of the value of entering new geographies, new verticals for strategic investors / buyers
− Huge network among strategics in the US, Europe and Asia
− 50% of our transactions are cross border (active in the US, Asia, Europe and LatAm)
− New market entry experience on buyside
 Win-win proposal and differentiated proposition for our clients
− While we may charge premium pricing, we offer greater levels of service than other firms, and
our client references will attest to this

18. CONFIDENTIAL
ComCap, LLC
ComCap – A leading boutique at the intersection of Capital
and Commerce
Value
Proposition
Unique, Focused, Global, Strategy and Investment Banking Boutique
Recent transactions completed or underway in the United States, Japan, China, Singapore, Argentina, UK, Sweden, Belgium,
France, Germany
$2bn revenue Japanese eCommerce BPO co.
#3 Russian Internet company
#1 UK Internet company
Multiple private B2B eCommerce systems integrators
Selected
ComCap
Clients
#1 Asian eCommerce B2B company
$200mm rev US public company
Multiple US and EU private equity funds
Many eCommerce SaaS companies
Google
eBay
Previous
Clients
Dice.com
Internet Brands
Yahoo
Digital River
Selected Team
Members
Sakshi Goel
Associate
Back office
Team
Shiv Ng
PPG
Sabhi Muhammed
Analyst
Cindy Lang
Administration and Ops
Experience
Education
Location
Aron Bohlig
Managing Partner
21 years
Credit Suisse
Become, Nortel
Wharton MBA
San Francisco
Mr. Bohlig is a registered representatives of and Securities and Investment Banking Services are offered through BA Securities, LLC Member FINRA SIPC.
ComCap and BA Securities, LLC are separate and unaffiliated entities
Fermin Caro
Vice President
12 years
Credit Suisse
Yale MBA
San Francisco
Uren Dhanani
Associate
5 years
UBS, DaVita
McCombs School
of Business
San Francisco
18
David Yom
Associate
9 years
J.P. Morgan,
Deutsche Bank
Scheller College
of Business MBA
San Francisco
Alex Martin
Associate
9 years
Credit Suisse
Richard Ivey School
of Business
San Francisco

19. CONFIDENTIAL
ComCap, LLC 19
ComCap helps DynamicAction raise $15m Strategic Round
• DynamicAction (DnA) is a San Francisco based SaaS predictive
analytics platform for retailers
• DnA’s solution leverages >600 algorithms to provide large retailers with
big data insights, derived from $12bn in annual GMV (2nd only to
Amazon), and proscribe prioritized actions related to critical issues that
are largely not visible today - across primarily merchandising, site
operations and customer interactions
• Marquee retailers in the US, UK and Europe such as Victoria’s Secret,
Abercrombie, American Eagle Outfitters, Brooks Brothers, Eddie Bauer,
Cole Haan, Otto Group, Tesco, and El Corte Ingles achieved >20% Y/Y
growth in profit during the 4Q (the most important season for retailers)
• At the time of the transaction, DnA surpassed its 2016E target revenue
and had visibility into >70% of its 2017E target standalone revenue
(112% including its weighted pipeline)
• The round valued DnA at 7.3x 2017E target standalone revenue and
5.3x 2017E revenue (including synergies)
ComCap process differentiation
ComCap successfully executed a capital raise and partnership with committed resources to accelerate
growth and realize material revenue synergies
• Extensive pre-transaction engagement to optimize company’s
positioning emphasizing first mover advantage and
differentiation
• Process designed to engage with key strategics and targeted
private equity players on a global basis
• Created detailed analysis of historical financials to support key
value drivers, customized for each strategic investor, and
detailed synergy models to gain commercial buy-in
• Aggressively engaged with commercial and strategic investment
teams to foster commitment to and consideration for synergies
in the valuation rationale
• Accenture’s retail practice corroborated the commercial opportunity
and, along with the strategic investment, committed to accelerating
DnA’s penetration of the largest retailers worldwide.
• Synergies to DnA are expected to contribute 33% in incremental
annualized revenues vs. DnA’s 2017E standalone revenues
$5
$9
$23
$0
$3
$9
$5
$12
$33
$0
$10
$20
$30
$40
2016E 2017E 2018E
DnA Standalone DnA Synergies
5.3x
Multiple
DnA revenue ramp including synergies ($m)
implies a ‘17 multiple in-line with vertical SaaS leaders

20. CONFIDENTIAL
Appendix
20
4

21. CONFIDENTIAL
ComCap, LLC 21
Public marketing suite valuations
Source: CapitalIQ as of 9/28/2016ComCap LLC
(US$ million, except per share amounts)
Trading Performance FD Capitalization Operating Statistics
Stock Equity Enterprise Value / Y/Y Rev. Growth
Price Market Enterprise Revenue EBITDA CY16 / CY17 / EBITDA Margin %
Company (FYE) 9/28/2016 High Value Value CY16 CY17 CY16 CY17 CY15 CY16 CY16 CY17
Marketing Suites
Microsoft Corporation (US) $58.03 99% $452,200 $393,145 4.3x 4.1x 11.3x 10.3x 4.6% 4.9% 37.9% 39.3%
International Business Machines Corporation (US) $158.29 96% $151,301 $185,365 2.3x 2.3x 9.8x 9.1x (0.2%) (0.5%) 23.7% 25.8%
Oracle Corporation (US) $39.44 94% $161,927 $147,984 4.0x 3.9x 8.9x 8.5x (0.2%) 2.1% 44.5% 45.8%
SAP SE (DE) $91.23 99% $109,312 $113,926 4.6x 4.4x 13.5x 12.6x 8.7% 6.3% 34.4% 34.5%
salesforce.com, inc. (US) $71.62 85% $48,523 $49,863 6.0x 4.9x 32.2x 25.8x 24.7% 21.2% 18.6% 19.2%
Adobe Systems Incorporated (US) $109.49 100% $54,441 $51,912 8.9x 7.3x 23.2x 18.6x 21.6% 21.7% 38.3% 39.2%
HubSpot, Inc. (US) $56.92 95% $2,012 $1,895 7.2x 5.5x NM NM 45.4% 30.6% (3.0%) (0.1%)
Mean 95% $139,959 $134,870 5.3x 4.6x 16.5x 14.2x 14.9% 12.3% 27.8% 29.1%
Median 96% $109,312 $113,926 4.6x 4.4x 12.4x 11.5x 8.7% 6.3% 34.4% 34.5%
%52W

22. CONFIDENTIAL
ComCap, LLC 22
Digital Marketing private placement analysis
Source: CapitalIQ and PitchBook.
*Note: Select transactions over $10 million where the investors were identified
Nearly $1.0bn has been raised over 38* transactions since November 2013
Closed Deal LTM
Date Investor Company Value ($m) EV /
Revenue
11-Nov-14 Formation8 Partners Yello Mobile 72 17.3x
30-Sep-14
Goldman Sachs Group, Merchant
Banking Division; Bain Capital
Ventures; Arthur Ventures; Signal
Peak Ventures; Allure Ventures Infusionsoft 55 5.6x
30-Nov-15
Staley Capital Management; Mercato
Partners; SVB Silicon Valley Bank,
Investment Arm Steel House 49 n/a
2-Sep-15
Warburg Pincus LLC; Norwest
Venture Partners; Sequoia Capital
India Capillary Technologies 45 n/a
31-Mar-14
Norwest Venture Partners;
Technology Crossover Ventures;
Trinity Ventures; U.S. Venture
Partners; Voyager Capital Act-On Software 42 8.7x
14-May-15
Sequoia Capital; Lightspeed Venture
Partners; GGV Capital; First Round
Capital; Lerer Hippeau Ventures Percolate Industries 40 n/a
8-Sep-16
CRV; General Atlantic LLC; Highland
Capital Partners; Kleiner Perkins
Caufield & Byers; Causeway
Management; Salesforce Ventures session M 35 n/a
12-Jun-14 DPE Deutsche Private Equity Webtrekk 34 n/a
14-Mar-14
World Wrestling Entertainment;
Samsung Venture Investment
Corporation; Firsthand Capital
Management; Maxima Capital
Management; Firsthand Technology
Value Fund; Cisco Investments;
Central Texas Angel Network; Fraser
McCombs Capital; Wild Basin
Investments Phunware 31 5.6x
31-Jan-15 Helion Venture Partners Axtria 30 5.9x
10-Sep-14
Apex Venture Partners; River Cities
Capital Funds; SSM Partners; Origin
Ventures; NewSpring Capital; Spring
Mill Venture Partners; Chicagoland
Entrepreneurial Center, Investment
Arm; Chicago Ventures DialogTech 30 n/a
12-May-14
Vertex Venture Holdings; Pacific
Venture Partners; Matrix Partners
China; Dream Capital Group AdSame Networks Technology 30 n/a
8-Jun-16 Silversmith Capital Partners Impact Radius 30 n/a
21-Mar-16
Accel Partners; Upfront Ventures;
Rincon Venture Partners; Morgan
Stanley Alternative Investment
Partners, Private Equity; Salesforce
Ventures Invoca 30 n/a
23-Sep-14
L-EA Private Equity; Pinova Capital; S-
Kap Unternehmensbeteiligungs BrandMaker 30 n/a
7-Feb-14
InterWest Partners; Mohr Davidow
Ventures; Correlation Ventures Splice Machine 27 n/a
26-Aug-15
SSM Partners; Teakwood Capital;
Arrowroot Capital Zift Solutions 26 n/a
15-Sep-15
Accel Partners; Lightspeed Venture
Partners; Icon Ventures; DAG
Ventures; Next World Capital Origami Logic 25 n/a
20-Dec-13
Accel Partners; Upfront Ventures;
Rincon Venture Partners Invoca 22 4.8x
Closed Deal LTM
Date Investor Company Value ($m) EV /
Revenue
26-Jun-14
ABS Capital Partners; SoftBank
Capital IgnitionOne 21 n/a
25-Nov-15
FirstMark Capital; Felicis Ventures;
Georgian Partners Bluecore 21 295.7x
8-Oct-14
August Capital; QuestMark Partners;
True Ventures; Foundry Group;
Franklin Park Associates, Investment
Arm; Verizon Ventures Urban Airship 21 n/a
21-Nov-14
Bessemer Venture Partners; Bain
Capital Ventures; Foundry Group SendGrid 21 6.4x
22-Jan-15
Guangzhou Daily New Media;
Precious Memory China Audience Network 20 n/a
12-Dec-13
Benchmark; RRE Ventures; Gotham
Ventures; Scale Venture Partners;
AOL Ventures Sailthru 20 19.2x
29-Jun-16 SingTel Mobile Marketing Amobee 20 n/a
12-Oct-15
Spearhead Integrated Marketing
Communication Group Allyes Information Technology 18 n/a
11-Sep-15
HLM Venture Partners; Pioneer
Venture Partners; Providence
Ventures Binary Fountain 16 n/a
29-Jan-14
Accel Partners; Lightspeed Venture
Partners; Icon Ventures Origami Logic 15 n/a
17-Jul-14
Norwest Venture Partners; Sequoia
Capital India Capillary Technologies 14 n/a
19-Dec-13
Noro-Moseley Partners; The Ellis
Company; BLH Venture Partners;
Hallett Capital; Tech Square
Ventures; Alerion Ventures Salesfusion 14 n/a
19-Nov-14
Shoreline Venture Management;
Trilogy Equity Partners; BlueFocus
Communication Group; Operative
Capital Blab 12 n/a
20-Oct-15 Providence Equity Partners SnapApp 12 n/a
24-Jul-15
Rembrandt Venture Partners;
salesforce.com; Southern Cross
Venture Partners; Blackbird Ventures;
Stage One Capital; Garnett Ventures AutopilotHQ 12 n/a
5-May-15
CRV; Highland Capital Partners;
Kleiner Perkins Caufield & Byers;
DoCoMo Capital; Commerce
Ventures; Causeway Management session M 12 3.9x
7-Nov-13 Drive Capital OnRamp Technologies 12 n/a
13-Feb-15
Access Venture Partners; High
Country Venture; Iron Gate Capital;
The Cue Ball Group; Lead Edge
Capital; Salesforce Ventures Daily Inches 11 n/a
18-Nov-15
Storm Ventures; Nexus Venture
Partners; Luma Capital Partners BlueShift Labs 10 n/a