The latest issue of our 2Q 2016 Mobile Market Update, highlighting trends in M&A, financing, and capital markets for private and public companies in Mobile, is now available.

1. Member FINRA
Mobile Market Update
2Q 2016

2. Mobile Market Update
• Capital Markets – Mobile Software and Solutions companies performed in-line with the NASDAQ, and
outperformed the S&P in 2Q 2016. Handsets, Wireless and Diversified Infrastructure, IoT / M2M and
Mobile Marketing and Advertising companies continued to trail the broader market indices
• Trading Multiples – Mobile Software & Solutions Companies (1.9x LTM revenue median), along with
Handsets companies (0.5x LTM revenue median) rose in 2Q 2016, whereas Wireless & Diversified
Infrastructure (1.7x LTM revenue median) and Mobile Marketing & Advertising companies (2.0x LTM
revenue multiple) declined, while IoT / M2M companies (1.1x LTM revenue) held steady
Page | 2
• M&A Activity – M&A activity slowed in 2Q 2016
with 81 deals, which amounts to the lowest volume
since 2Q 2014. M&A aggregate transaction value
increased sharply over the prior quarter and reached
$10.4 billion. Notable transactions include Tencent’s
$8.6 billion acquisition of an 84% stake in Supercell
and Verizon’s $900 million acquisition of Telogis
• Investment Activity – Investment volume rose
steadily and aggregate values rose sharply, with 249
investments and $14.6 billion in value for 2Q 2016.
Notable recent investments include Chinese
ridesharing company Didi Kuaidi’s $4.5 billion raise,
and Uber Technologies’ $3.5 billion raise

3. Mobile Capital Markets Performance
Page | 3
Since 2013, Mobile Software and Solutions companies (+59.8%) have outperformed broader market
indices (S&P 500 and NASDAQ) while Handsets (+8.1%), Wireless & Diversified Infrastructure (+13.2%),
IoT / M2M (-10.6%), and Mobile Marketing & Advertising (-28.5%) companies have underperformed on
the whole
_______
Source: Capital IQ as of 6/30/16; refer to public comparables for constituents
(40.0%)
(20.0%)
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
NASDAQ: +55.6%
S&P 500: +43.5%
Mobile Software
& Solutions: +59.8%
Mobile Marketing
& Advertising: (28.5%)
Wireless & Diversified
Infrastructure: +13.2%
IoT / M2M: (10.6%)
Handsets: +8.1%

4. Mobile Comparable Public Companies
Page | 4
Median:
1.9x
Mobile Software & Solutions
_______
Source: Capital IQ as of 6/30/16; companies arranged by descending enterprise value
2.1x
0.9x
2.7x
1.9x
2.2x
1.5x 1.5x
8.8x
1.8x
0.9x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
LTM Revenue Multiple
2.9x
1.9x
0.7x
1.1x
0.7x
0.8x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
LTM Revenue Multiple
Median:
1.1x
IoT / M2M

5. LTM Revenue Multiple
Mobile Comparable Public Companies (Cont.)
Page | 5
Median:
1.7x
Wireless & Diversified Infrastructure
_______
Source: Capital IQ as of 6/30/16; companies arranged by descending enterprise value
Mobile Marketing & Advertising
2.2x
3.3x
0.7x
2.6x
1.4x
0.5x
1.7x
1.6x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
2.0x
0.2x
2.2x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
LTM Revenue Multiple
Median:
2.0x

6. Mobile Comparable Public Companies (Cont.)
Handsets
_______
Source: Capital IQ as of 6/30/16; companies arranged by descending enterprise value
2.9x
0.6x
0.3x
0.2x
1.3x
0.5x
0.4x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
LTM Revenue Multiple
Median:
0.5x
Page | 6

7. Mobile Comparable Public Companies
Page | 7
_______
Source: Capital IQ
Trading Metrics
($ in millions, except per share data) Stock
Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA
Company Ticker 06/30/16 Low High Cap. Value LTM CY 2016E CY 2017E LTM CY 2016E CY 2017E
Mobile Software & Solutions
Amdocs Nasdaq:DOX $57.72 $50.06 $61.46 $8,814 $7,664 2.1x 2.0x 2.0x 11.2x 10.4x 10.2x
Convergys NYSE:CVG 25.00 20.57 28.54 2,418 2,504 0.9x 0.9x 0.8x 6.5x 6.5x 6.2x
Synchronoss Nasdaq:SNCR 31.86 20.33 49.53 1,397 1,568 2.7x 2.3x 2.0x 10.8x 6.8x 5.7x
CSG Nasdaq:CSGS 40.31 29.18 46.54 1,236 1,407 1.9x 1.9x 1.8x 9.0x 7.7x 7.5x
Xura Nasdaq:MESG 24.43 17.28 26.63 613 643 2.2x 1.9x 1.7x NM 8.1x 6.4x
Comtech Communications Nasdaq:CMTL 12.84 11.24 30.93 208 490 1.5x 0.8x NM 13.1x 8.0x NA
Spok Holdings (fka USA Mobility) Nasdaq:SPOK 19.17 15.26 19.31 395 283 1.5x NM NM 6.9x NA NA
Myriad SWX:MYRN 2.41 2.16 5.69 270 239 8.8x NM NM NM NA NA
CLX Communications OM:CLX 7.14 6.67 11.47 231 234 1.8x 1.7x 1.5x 26.9x 18.4x 15.2x
RedKnee TSX:RKN 1.43 1.02 4.03 157 175 0.9x 1.0x 0.8x 25.5x 10.3x 4.7x
High 8.8x 2.3x 2.0x 26.9x 18.4x 15.2x
Mean 2.4x 1.6x 1.5x 13.7x 9.5x 8.0x
Median 1.9x 1.8x 1.7x 11.0x 8.0x 6.4x
Low 0.9x 0.8x 0.8x 6.5x 6.5x 4.7x
IoT / M2M
Trimble Navigation Nasdaq:TRMB $24.36 $15.90 $27.79 $6,142 $6,643 2.9x 2.8x 2.6x 18.0x 14.5x 12.6x
CalAmp Nasdaq:CAMP 14.81 13.01 21.35 550 574 1.9x 1.6x 1.4x 13.9x 10.2x 8.4x
Sierra Wireless TSX:SW 16.86 10.45 26.96 536 449 0.7x 0.7x 0.6x 15.4x 11.1x 7.9x
Telit AIM:TCM 3.23 2.23 4.75 380 379 1.1x 1.0x 0.9x 13.7x 7.0x 5.8x
Digi Nasdaq:DGII 10.73 7.70 13.53 283 167 0.8x 0.8x NM 9.4x 8.4x NA
Novatel Nasdaq:MIFI 1.52 0.84 3.19 81 163 0.7x 0.7x 0.6x NM 18.1x 9.6x
High 2.9x 2.8x 2.6x 18.0x 18.1x 12.6x
Mean 1.4x 1.3x 1.2x 14.1x 11.6x 8.9x
Median 1.0x 0.9x 0.9x 13.9x 10.7x 8.4x
Low 0.7x 0.7x 0.6x 9.4x 7.0x 5.8x

8. Mobile Comparable Public Companies (Cont.)
Page | 8
_______
Source: Capital IQ
Trading Metrics
($ in millions, except per share data) Stock
Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA
Company Ticker 06/30/16 Low High Cap. Value LTM CY 2016E CY 2017E LTM CY 2016E CY 2017E
Wireless & Diversified Infrastructure
Cisco Nasdaq:CSCO $28.69 $22.46 $29.49 $144,531 $109,614 2.2x 2.2x 2.1x 7.6x 7.3x 7.0x
QUALCOMM Nasdaq:QCOM 53.57 42.24 66.05 79,047 74,579 3.3x 3.2x 3.2x 9.0x 8.3x 7.9x
Nokia HLSE:NOKIA 5.67 4.98 7.89 32,385 24,607 1.4x 0.9x 0.9x 9.9x 7.8x 6.5x
Ericsson OM:ERIC B 7.59 7.03 11.37 24,920 20,533 0.7x 0.7x 0.7x 4.6x 5.6x 5.0x
Motorola Solutions NYSE:MSI 65.97 56.40 76.83 11,609 14,659 2.6x 2.4x 2.4x 11.7x 9.4x 8.8x
Juniper Networks NYSE:JNPR 22.49 21.18 32.39 8,645 8,532 1.7x 1.8x 1.7x 7.8x 6.5x 6.2x
ZTE Corp SZSE:000063 2.16 1.97 3.38 9,000 8,531 0.5x 0.5x 0.5x 29.6x 7.6x 7.0x
Aerohive NYSE:HIVE 6.62 4.08 8.10 337 271 1.6x 1.4x 1.2x NM NA 28.4x
High 12.3x 12.0x 11.5x 29.6x 20.7x 28.4x
Mean 2.9x 2.8x 2.7x 12.8x 9.1x 10.7x
Median 1.7x 1.8x 1.7x 9.5x 7.7x 7.0x
Low 0.5x 0.5x 0.5x 4.6x 5.6x 5.0x
Mobile Marketing and Advertising
1000mercis ENXTPA:ALMIL 41.65 38.87 49.31 129 116 2.0x 1.7x 2.0x 8.8x 7.9x 7.1x
Sito Nasdaq:SITO 3.62 1.55 6.15 63 69 2.2x 2.1x 3.8x NM 30.9x 8.7x
Marchex Nasdaq:MCHX 3.18 3.05 5.14 131 24 0.2x 0.2x 0.2x NM 17.1x 3.6x
High 2.2x 2.1x 3.8x 8.8x 30.9x 8.7x
Mean 1.4x 1.3x 2.0x 8.8x 18.6x 6.5x
Median 2.0x 1.7x 2.0x 8.8x 17.1x 7.1x
Low 0.2x 0.2x 0.2x 8.8x 7.9x 3.6x
Handsets & Hardware
Apple Nasdaq:AAPL $118.30 $92.00 $134.54 $659,686 $682,166 2.9x 2.9x 2.7x 8.3x 8.2x 8.1x
Samsung KOSE:A005930 1,235.96 895.96 1,257.64 155,111 106,592 0.6x 0.6x 0.6x 2.5x 2.4x 2.4x
LG Electronics KOSE:A066570 46.75 34.09 57.33 7,615 14,073 0.3x 0.3x 0.3x 4.9x 4.4x 4.2x
Lenovo SEHK:992 0.60 0.58 1.42 6,687 8,149 0.2x 0.2x 0.2x 6.8x 5.4x 4.4x
BlackBerry TSX:BB 6.68 6.16 10.11 3,493 2,513 1.3x 1.5x 1.7x 8.4x 10.4x 6.3x
HTC TSEC:2498 3.21 1.25 4.23 2,656 1,346 0.5x 0.5x 0.4x NM NA NA
Coolpad SEHK:2369 0.19 0.14 0.35 812 675 0.4x 0.2x 0.2x NM 10.4x 8.9x
High 2.9x 2.9x 2.7x 8.4x 10.4x 8.9x
Mean 0.9x 0.9x 0.9x 6.2x 6.9x 5.7x
Median 0.5x 0.5x 0.4x 6.8x 6.8x 5.4x
Low 0.2x 0.2x 0.2x 2.5x 2.4x 2.4x

9. Mobile Comparable Public Companies (Cont.)
Page | 9
_______
Source: Capital IQ
Operating Metrics
($ in millions, except per share data)
LTM Revenue Growth LTM Revenue EBITDA
Company Ticker As Of '15A-'16E '16E-'17E GM LTM CY 2016E CY 2017E LTM CY 2016E CY 2017E
Mobile Software & Solutions
Amdocs Nasdaq:DOX Mar 2016 3% 4% 35% $3,682 $3,758 $3,908 $685 $734 $749
Convergys NYSE:CVG Mar 2016 (1%) 3% 37% 2,932 2,934 3,027 384 386 404
Synchronoss Nasdaq:SNCR Mar 2016 16% 18% 57% 589 673 792 144 229 275
CSG Nasdaq:CSGS Mar 2016 (0%) 4% 51% 753 750 780 157 182 188
Xura Nasdaq:MESG Apr 2016 26% 12% 34% 293 342 383 NM 80 101
Comtech Communications Nasdaq:CMTL Apr 2016 117% NA 42% 336 614 NA 37 61 NA
Spok Holdings (fka USA Mobility) Nasdaq:SPOK Mar 2016 NA NA 66% 187 NA NA 41 NA NA
Myriad SWX:MYRN Dec 2015 NA NA 52% 27 NA NA (15) NA NA
CLX Communications OM:CLX Mar 2016 NA 16% 15% 127 134 156 9 13 15
RedKnee TSX:RKN Mar 2016 (13%) 17% 57% 196 183 213 7 17 37
IoT / M2M
Trimble Navigation Nasdaq:TRMB Apr 2016 4% 6% 56% $2,291 $2,393 $2,543 $369 $457 $528
CalAmp Nasdaq:CAMP May 2016 25% 16% 39% 306 350 407 41 56 68
Sierra Wireless TSX:SW Mar 2016 6% 11% 32% 600 645 715 29 40 57
Telit AIM:TCM Dec 2015 15% 15% 40% 333 382 438 28 54 65
Digi Nasdaq:DGII Mar 2016 (1%) NA 47% 216 211 NA 18 20 NA
Novatel Nasdaq:MIFI Mar 2016 13% 5% 31% 234 251 263 (5) 9 17

10. Mobile Comparable Public Companies (Cont.)
Page | 10
_______
Source: Capital IQ
Operating Metrics
($ in millions, except per share data)
LTM Revenue Growth LTM Revenue EBITDA
Company Ticker As Of '15A-'16E '16E-'17E GM LTM CY 2016E CY 2017E LTM CY 2016E CY 2017E
Wireless & Diversified Infrastructure
Cisco Nasdaq:CSCO Apr 2016 (0%) 4% 62% $49,452 $49,408 $51,194 $14,426 $15,089 $15,592
QUALCOMM Nasdaq:QCOM Mar 2016 (4%) 2% 60% 22,614 22,953 23,515 8,272 9,011 9,469
Nokia HLSE:NOKIA Mar 2016 102% 2% 42% 17,155 27,450 27,899 2,480 3,159 3,796
Ericsson OM:ERIC B Mar 2016 (5%) 1% 35% 30,313 27,765 27,986 4,427 3,668 4,106
Motorola Solutions NYSE:MSI Apr 2016 5% 3% 48% 5,665 5,991 6,155 1,253 1,561 1,661
Juniper Networks NYSE:JNPR Mar 2016 0% 4% 64% 4,888 4,859 5,073 1,093 1,306 1,379
ZTE Corp SZSE:000063 Mar 2016 12% 6% 30% 15,656 16,299 17,295 288 1,126 1,212
Aerohive NYSE:HIVE Mar 2016 26% 17% 67% 166 191 223 (38) NA 10
Mobile Marketing and Advertising
1000mercis ENXTPA:ALMIL Dec 2015 18% 14% 24% 59 68 77 13 15 16
Sito Nasdaq:SITO Mar 2016 81% 47% 52% 32 32 48 NM 2 8
Marchex Nasdaq:MCHX Mar 2016 (1%) 4% 43% 143 142 148 (1) 1 7
Handsets & Hardware
Apple Nasdaq:AAPL Mar 2016 (10%) 8% 40% $227,535 $212,350 $228,745 $78,498 $68,858 $73,453
Samsung KOSE:A005930 Mar 2016 5% 2% 39% 178,867 179,094 182,699 42,256 43,689 45,273
LG Electronics KOSE:A066570 Mar 2016 4% 4% 23% 49,157 49,708 51,486 2,893 3,220 3,367
Lenovo SEHK:992 Mar 2016 (10%) 4% 15% 44,912 42,211 43,968 1,203 1,510 1,835
BlackBerry TSX:BB May 2016 (30%) (8%) 43% 1,902 1,643 1,511 301 242 396
HTC TSEC:2498 Mar 2016 (23%) 11% 16% 2,955 2,843 3,159 (457) NA NA
Coolpad SEHK:2369 Dec 2015 47% 2% 11% 1,893 2,788 2,830 (34) 65 75

11. 46
53
65
70
98 100
93
99
120
93
109
81
$7.6
$2.2
$22.9
$2.4 $2.7
$1.9 $1.6
$2.5 $2.4
$1.0
$3.0
$10.4
0
20
40
60
80
100
120
140
$0
$5
$10
$15
$20
$25
3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016
# Deals$ in billions Deal Volume Deal Value ($B)
2Q 2016 Mobile M&A Volume Slows, Value Booms
Page | 11
_______
Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction values
Top 3 acquisitions with disclosed transaction values
Average LTM revenue multiple excludes 50x+ revenue multiples
Average LTM Revenue Multiple
2013 2014 2015 1H 2016
2.6x 1.7x 2.2x 4.9x
Top 3 Acquisitions by Quarter ($M) – Target / Acquirer
3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Nokia (assets) /
Microsoft
($5,010)
Supercell /
Softbank Corp.
($1,530)
WhatsApp /
Facebook
($19,000)
AutoNavi /
Alibaba
($1,580)
TOA Tech. /
Oracle
($550)
BrightRoll /
Yahoo!
($640)
MyFitnessPal /
UnderArmour
($475)
China Mobile
Games/
Pegasus Inv.
($689)
FL Mobile /
Jinxing Inv.
($626)
Yidao Yongche /
LeTV
($700)
Xamarin /
Microsoft
($400)
Supercell /
Tencent
($8,568)
91 Wireless /
Baidu
($1,850)
Fiberlink /
IBM
($300)
AirWatch /
VMware
($1,540)
Check /
Intuit
($360)
LiveRail /
Facebook
($382)
Telerik /
Progress
($263)
Paydiant /
PayPal
($280)
TellApart /
Twitter
($533)
Good Tech. /
Blackberry
($425)
Undertone /
Perion
($130)
Tapad / Telenor
($360)
Telogis / Verizon
($900)
MoPub /
Twitter
($350)
MapMyFitness/
UnderArmour
($150)
Viber Media /
Rakuten
($900)
Enterproid /
Google
($130)
Flurry /
Yahoo!
($270)
Acompli /
Microsoft
($200)
Red Bend /
Harman Int’l
($170)
Domob /
BlueFocus
($289)
AtHoc /
Blackberry
($250)
Novero /
Laird
($71)
SwiftKey /
Microsoft
($250)
Withings / Nokia
($191)

12. Transaction Overview:
• $250 million acquisition of Nexmo by Vonage
- $194 million cash, $36 million stock, $20 million potential earn-out
• Financial metrics:
- 2015 revenue estimated at $70 million, implying an approximate 3.6x
2015 revenue multiple
- Nexmo had raised $37 million in funding prior to the acquisition, with a
post-money valuation of $303 million at the time of its most recent
financing
Target Description:
• Provides API and SDK PaaS to enable voice, text, chat application and phone
verification services for enterprises and developers globally
• Nexmo enables applications and enterprises to communicate with their
customers reliably and with ease, no matter where in the world they are
located
Transaction Commentary:
• "By combining Vonage's rapidly growing Unified Communications as a Service
business, with Nexmo, the second largest player in Cloud PaaS, we are creating
the future of Cloud Communications. These companies represent a set of
strategic, technology and human resources assets that deliver the broadest
services offering in our industry.“ – Alan Masarek, CEO of Vonage
• Our API technology, global network of interconnected carriers, and messaging
expertise, combined with Vonage's powerful brand, industrial-strength
infrastructure and second-to-none voice capabilities, will enable us to provide
an unmatched value proposition to businesses.“ – Tony Jamous, CEO of Nexmo
On May 5, 2016
Mobile M&A Case Study
Page | 12
_______
Source: 451 Group, PitchBook, acquirer press release
ACQUIRED

13. Top Acquirers in Mobile
Page | 13
Buyer # Acquisitions Total Value ($M) Targets
23 936
AdMovate, Alike, Anchor, Astrid, Aviate, Bignoggins, Blink, BrightRoll, Cooliris, Flurry, GhostBird Software, Go Poll Go, Hitpost,
Incredible Labs, Jybe, Loki Studios, Luminate, MessageMe, Quik.io, Qwiki, Summly, Wander, Zofari
21 1,096
Agawi, Bitspin, Bump Technologies, Enterproid (Divide), Firebase, Flexycore, Fly Labs, Green Throttle Games, Input Factory,
Jetpac, Jibe Mobile, mDialog, Pie.co, Pixate, Quest Visual, RelativeWave, Timeful, Tinker Square, wavii, Waze, WIMM Labs
15 6,058
6Wunderkinder, Acompli, Capptain, Datazen Software, DoubleLabs, FieldOne Systems, HockeyApp, id8, Mobile Data Labs
(MileIQ), Nokia (assets), Sunrise, SwiftKey, Wunderlist, Xamarin, Zikera (assets)
12 30
AlgoTrim, Catch.com, Coherent Navigation, Embark, Flyby Media, Mapsense, Metaio, Perceptio, Prss, SnappyLabs, Swell,
TestFlight
Top Acquirers by Volume – 10+ Acquisitions, 2013 – Present
Top Acquirers by Total Transaction Value – $1.5B+, 2013 – Present
_______
Source: 451 Group; includes transactions with disclosed, estimated, undisclosed values
Buyer
Total Value
($M)
Targets
19,100 Branch Media, Luma, Osmeta, Parse, WhatsApp
8,568 Miniclip, Supercell
6,058
6Wunderkinder, Acompli, Capptain, Datazen Software, DoubleLabs, FieldOne Systems, HockeyApp, id8, Mobile Data Labs (MileIQ), Nokia (assets),
Sunrise, SwiftKey, Wunderlist, Xamarin, Zikera (assets)
1,850 91 Wireless Websoft
1,580 AutoNavi Holdings
1,540 AirWatch
1,530 Supercell

14. Mobile Investment Volume & Aggregate Value Increase for the
Second Consecutive Quarter
Page | 14
_______
Source: PitchBook; includes announced transactions with disclosed, estimated, undisclosed transaction values
Top 3 investments with disclosed investment values
163
203
192
222
211
253
211 213
189
168
98
229
249
$0.6 $0.9 $1.1
$1.9
$2.4 $2.1 $2.1 $2.1
$2.7
$7.2
$3.8
$4.5
$14.6
$0
$2
$4
$6
$8
$10
$12
$14
$16
0
50
100
150
200
250
300
2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016
$ in billions
Thousands
# Investments Investment Volume Investment Value ($B)
Top 3 Investments by Quarter ($M)
3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Uber
($258)
Idea Cellular
($490)
Tango
($283)
Uber
($1,188)
Delivery Hero
($350)
Koudai
($350)
Ele.me
($350)
Context Logic
($514)
Didi Kuaidi
($3,000)
Uber
($2,100)
Uber
($2,000)
Didi Kuaidi
($4,500)
Delivery Hero
($80)
Flipboard
($101)
Wuxi
($200)
Garena
($118)
Lookout
($150)
Instacart
($220)
Hungama
Digital
($100)
Iwjw
($120)
Uber
($1,000)
WePiao
($235)
Dada
($300)
Uber
($3,500)
Rdio
($75)
Telogis
($93)
Snapdeal
($134)
Mozido
($103)
Pluralsight
($135)
Guahao
($107)
Shenzhen
Wangzhi Tech
($100)
WePiao
($105)
Ele.me
($630)
Yixia
($200)
Garena
($170)
Eleme
($1,250)

15. Transaction Overview:
• $61 million PE Growth / Expansion investment in Flipp by General
Atlantic, valuing the Company at $400 million post-money
• As of this latest financing, Flipp as raised $78.5 million in funding to
date
• General Atlantic will join Insight Venture Partners as a primary investor
in Flipp, and will have a seat on the board
Target Description:
• Provider of mobile application-based consumer marketplace. The
company offers an online platform that aggregates digital circulars from
retailers and stores, enabling users to plan weekly shopping and seek
out appropriate local deals
Transaction Commentary:
• The funds raised will be used to grow the company’s footprint,
partnerships and further development of its platform
• “Flipp is helping retailers transform their marketing strategy. It’s exciting
to see how our technology is enabling retailers to achieve incremental
store trips, increased consumer engagement, and a higher ROI with
reduced costs,” said Wehuns Tan, CEO and co-founder of Flipp.
“General Atlantic’s expertise in global expansion and significant capital
base will enable us to grow our footprint, extend our partnerships, and
further accelerate how we deliver innovation into the hands of
consumers around the world.”
On April 14, 2016
Mobile Investment Case Study
_______
Source: PitchBook, Forbes, Betakit
Page | 15
INVESTED IN

16. Top Notable Investors In Mobile
Investor Investments Targets
100
90 Seconds, AgilOne, Backwater Technologies, Beijing Century Technology, Beijing Datacom Century IT, Days Billion Technology, Beijing Perfect Creative, Blue
Danube Labs, Carousell, Chukong Technologies, Citrus Payment Solutions, Clari, CooTek, CREO Tech, Cryptopy Technologies, Dada, Dayima.com, Drawbridge,
Druva Software, Ele.me, Feidee, Girnar Software, Inkling Systems, Instacart, July Systems, Kahuna, Keen IO, Luminate Wireless, MangoMan Consumer
Electronics, Mishi, Mobvoi, Moovit, Myfriday.cn, Near, Nubank, Octro, On Haiaihaisi IT, PicsArt, Plain Vanilla Games, Relcy, Shanghai Bai Sheng IT, Shopular,
Skillz, Skyhigh Networks, Strava, Thanx, TinyOwl Technology, Trippy, Ver se' Innovation, WeLab, WhisperText, WizRocket Technologies, Wuxi Maimaibao,
Yixia, Yunmanman, Zhongshan Communication, Zilingo, Zomato, Zoomcar
71
Azumio, Blablacar, CartoDB, Centrify, Clinkle, Cornershop, CrownIT, Dasher, Dronebase, Emergent VR, Ensygnia, Fever Labs, Flaregames, ForgeRock,
Gametime United, Hammer & Chisel, Hotel Tonight, Industrial Toys, InfinyPool, Instabug, InvisionApp, Invoice2go, JobToday, Juspay, Lola, Lookout, MobStac,
Mubble, Naritiv, Neumob, Nextbit Systems, Nudge Rewards, OpenX Software, Rep.ai, Skydio, Space Ape, SwiftKey, UrbanClap Technologies, URX, UserTesting,
Vinted, Wallapop, WizRocket Technologies, Zenoti
65
8sec, Ad Hoc Labs, Andy OS, Anyadir Education, BetterDoctor, Boon+Gabble, BuildersCloud, Carousell, Cleanly, Eko Communications, First Opinion, Foverever
Snap, Gosmith, GoSpotCheck, Greengar, Guidekick, Hinge, Innoz, Iterable, Keen IO, Merchbar, Mojio, My Child, Neuron Fuel, Okpanda, OLSET, Online
Permissions Technologies, Ordrx, Parenthooods, PayDragon, PayrollHero.com, PinMyPet, Pogoseat, PowerCore, PriceBaba, Roomkey, Rover Labs, Shoppr,
SkyGiraffe, SnowShoeFood, Sonar, Sunrise Atelier, Supahands, Tamatem, Telepathic, TotSpot, Traodoidi, Vangoart, Videogram, Virool, WillCall, WishPlz,
Woomoo, YaSabe, Zeemi.tv, ZipZap
59
Almalence, Apperian, Audyssey, Beijing Unispreadtrum, Bluebank, BlueStack, CaféX, Clinkle, Delta ID, EyeSmart, Fortumo, FreedomPop, Genband, Gengo,
Guangdong Appscomm, Hangtime, Helpshift, Hungama Digital Media, Incoming Media, INRIX, InVisage, ip.access, iZettle, Joyent, July Systems, LeWa
Technology, LISNR, Microprogram, Navita Tecnologia, NetSpeed Systems, Nexmo, Occipital, Olive Telecom, Qnovo, Rancard, Reebonz, Reflektion,
Screenovate, Shanghai Ailiao IT, SkyCross, Snapdeal, Swrve, Thunder Software, Urban Airship, Venafi, Zinitix, Zumigo, Zya
56
AllMobilize, AppVirality, askem TLV, Bar Pass, Beijing Technology, BuildersCloud, Chai Energy, Chance, CreatingEV, Culligence Software, DabKick, DailyRounds,
Deck App Technologies, Diting Technology, EvoMob, Hermetic, i7 Networks, Idotools, Igloo, iReff, Kanisi, KO-SU, Lanmei, Linglong Salon, LionHeart
Innovations, Liquid Commerce, MediSafe Project, MISingularity, MobileReady, My Manisku, Ping ++, Powzy, Prism Bill Pay, Productive Mobile, Raven Tech,
Run Mobile, Sensorberg, Sensoro, Shanghai Wemart eCommerce, SkyGiraffe, SmartNotify, Solvebot, StoneMountain, UBQT, UnlockYourBrain, UXCam, WAG
Mobile, Wozhi Tech, XYSec Labs, Zoomcar, Zula
56
AdYapper, Amino, Augur Technologies, Avuba, Brandfolder, Brewbot, Change Collective, Clandestine Development, Colatris, Crowdly, DaoPay, Dash Labs,
Digital Manufacturing, Fancred, FeedPack, Final, Findit, flck.me, Gooten, HYP3R, Keen IO, Lassy Project, Leanplum, Moni Technologies, Nexercise, Numerous,
Ordrx, Owlet Baby Care, Package Zen, Pathful, Patient IO, Peerby, Perfect Glass App, Placester, Prism Bill Pay, ProductGram, ROCKI, ShortCut, SnowShoeFood,
Spitfire Athlete, Sportsy, Stand in, Sundar, Synch, Testlio, Touchbase, Trusted, TYFFON, WiCastr, Yosko
53
99Taxis, AppsDaily, August Home, Beijing Unisound, BlueStack, Chukong Technologies, Clearcare, Cubic Telecom, Curbside, Cyanogen, Deck App Technologies,
Emprego Ligado, Even, Ineda Systems, Kaleo Software, Infinypool Payment, Leanworks, Lookout, MangoPlate, Mantis Vision, MediSafe Project, Naldo, Navdy,
OpenSignal, Peak, Playdek, Sense360, Seworks, Shanghai CooTek, Siklu, Simplest Software, Strider, Tapingo, Verve Mobile, Voluntis, Workspot, Zoom Video
Communications
Top Notable Investors by Volume, 2013 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Page | 16

17. Top Seed Investors in Mobile
Top Investors by Volume, 2013 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Investor Investments Targets
62
8sec, Ad Hoc Labs, Andy OS, Anyadir Education, BetterDoctor, Boon + Gable, BuildersCloud, Carousell, Cleanly, Eko, First Opinion, Foverever Snap,
Gosmith, GoSpotCheck, Greengar Studios, Guidekick, Hinge, Innoz Technologies, Iterable, Keen Labs, Merchbar, Mojio, Neuron Fuel, Okpanda, OLSET,
Online Permissions Technologies, Ordrx, Parenthooods, PayDragon, PayrollHero.com, PinMyPet, Pogoseat, PowerCore, PriceBaba, Roomkey Technologies,
Rover Labs, Shoppr, SkyGiraffe, SnowShoeFood, Sonar, Sunrise Atelier, Supahands, Tamatem, Telepathic, TotSpot, Traodoidi, Vangoart, Videogram,
WillCall, WishPlz, Woomoo, YaSabe, Zeemi.tv, ZipZap
54
AdYapper, Amino, Augur Technologies, Avuba, Brandfolder, Brewbot, Change Collective, Clandestine Development, Colatris, Crowdly, DaoPay, Dash Labs,
Digital Manufacturing, Fancred, FeedPack, Final, Findit, flck.me, HYP3R, Lassy Project, Leanplum, Moni Technologies, Nexercise, Numerous, Ordrx, Owlet
Baby Care, Package Zen, Pathful, Patient IO, Peerby, Perfect Glass App, Placester, Prism Bill Pay, ProductGram, ROCKI, ShortCut, SnowShoeFood, Spitfire
Athlete, Sportsy, Stand in, Sundar, Synch, Testlio, Touchbase, Trusted, TYFFON, WiCastr, Yosko
Kima
Ventures
38
7-hugs Labs, Agentdesks, Andy OS, BetterDoctor, Caktus, Curve, Dispatch, Final, Flaviar, Geenapp, Gosmith, Heyku, Instaply, Jackpocket, Keecker, Labrdr,
Leanplum, Mango, Mobi Rider, MyCrowd, Navdy, Navendis, Nonyelu, Pixalate, Podo, Pogoseat, SimpliField, SixDoors, Smore, Toze Labs, Travelnuts,
Trusting Social, Tulip Retail, Useful Systems, Webaoo, Whally, Whatt
Y Combinator 32
Apptimize, Authbox, BloomThat, Emailio, Estimote, Final, Fixed, Flaviar, HD Trade Services, HoverChat, Hum, Lob, LocalOn, Mixerbox, Nightingale App,
Notice Software, One Signal, Parenthoods, PayDragon, Povio, Reebee, Sonalight, Strikingly, Syrp, Two Tap, Tyrant, Whirlscape, ZowPow
24
Cargomatic, Confide, Coopkanics, DroneBase, Layer, Lugg, PayDragon, Projector, Pushbullet, Shopservices, Sonalight, Spot, Strikingly, Sunrise Atelier,
Swipe Labs, Teleport, Two Tap, Veri, Vertical Mass, WillCall, Wit Dot Media, WUT
20
Cord, Dash Labs, Dwellers, Fixed, Freebird, Friendsy, Heal, Life Before Us, Nexar, Parenthoods, Resy Network, Strut, Swipe Labs, Trusted, Wag Labs,
WillCall, WUT, Yett, Yoi, Yup
17
Basket, BioBeats, Change Collective, DSSV, Hinge, MaestroIQ, mParticle, Navdy, Neumob, Owlet Baby Care, Reactor Labs, Sneeky, StockUp, Strut, Testfire,
WUT
19
appLoud, Cargomatic, DoLightful, Fixed, Flyp, Ghostruck, Gosmith, Honk Technologies, HYP3R, Iggbo, Kash, Merchbar, Pogoseat, Saucey, Shyp, The League,
TotSpot, Wag Labs, WillCall
16 Beaming, DabKick, Dasher, KaChing!, Mbaas Development, Muzley, Neumob, Number25, OLSET, Podo, ProxToMe, Riffsy, Tinyview, Waldo, Yonomi
DreamIt
Ventures
16
Bar & Club Stats, Charlie Contacts, emocha Mobile Health, GamePress, Grassroots Unwired, Knowledge Diffusion, Medlio, Meerkat, Miner, Notorious,
Parkloco, Psico Smart Apps, Redberry Mobile, SnipSnap App, Stat
Page | 17

18. Top Series A Investors in Mobile
Top Investors by Volume, 2013 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Investor Investments Targets
27
90 Seconds, Backwater Technologies, Beijing Perfect Creative Technology, Carousell, Clari, Cryptopy Technologies, Girnar Software, Instacart, Kahuna, Keen
Labs, Luminate Wireless, NuBank, Octro, On Haiaihaisi IT, PicsArt, Plain Vanilla Games, Relcy, Shopular, Thanx, TinyOwl Technology, Trippy, WeLab,
WizRocket Technologies, Zilingo, Zoomcar India
26
Azumio, Cornershop, CrownIT, Ensygnia, Fever Labs, Gametime United, Hammer & Chisel, Industrial Toys, Invoice2go, JobToday, Juspay, Lola, Mubble,
MySmartPrice, Naritiv, Neumob, Nextbit Systems, Shuddle, Skydio, Sprig, UrbanClap, URX, Vinted, Wallapop, WizRocket, Zenoti
21
App.io, Bloodhound, Carousell, Catch That Bus, Clip, Eaze Solutions, Kudo, Mediaspike, Mojio, Next Door Learning Solutions, Shots Mobile, Silverpush,
SkyGiraffe, SpotHero, Sprig, Tableapp, Trocafone, VERSUS IQ, Videogram, Virool
18
BetterDoctor, Bitglass, Branch Metrics, Cape Productions, DataVisor, GQQii, GrowingIO, Luminate Wireless, mNectar, Movius Interactive, Niantic, Pager,
Sentry, SocialRadar, Spare5, Tuya, Tynker
15 Azimo, Blinkist, Fortumo, Giddy (Boxed), Kaleo Software, Motivation Science, Plain Vanilla Games, Playdek, Playdots, Scopely, When I Work, Wochit
15
Atzuche, Bee Cave Games, Bugsnag, Confer Technologies, Edaixi, GrowingIO, Hoodinn Interactive, Klook Travel Technology, Machinity, Reebonz, Shenzhen
Wangzhi Technology, Tasteful, The Flatiron School, Wuhu Cube Network Information Service
14 Adcade, Amino, Betable, ChatID, Estimote, Even, Giddy (Boxed), Hightower, Informed Data Systems, Jello Labs, RigUp, Studio SBV, The Flatiron School, Veri
13 Amino, Hey, Jello Labs, KeepTruckin, LotusFlare, MediaSpike, MobileDay, N3twork, Nextbit Systems, Niantic, Product Hunt, Spruce, URX
13 Amino, BloomThat, Cargomatic, Coopkanics, FiftyThree, Instacart, Jello Labs, Product Hunt, Reserve Media, Studio SBV, TIKL, URX, Zesty
13 99Taxis, Emprego Ligado, Even, MangoPlate, MediSafe Project, Naldo, Navdy, OpenSignal, Peak, Playdek, Simplest Software, Workspot, Zoom
Page | 18

19. Top Series B Investors in Mobile
Top Investors by Volume, 2013 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Investor Investments Targets
29
Beijing Perfect Creative Technology, Blue Danube Labs, Citrus Payment Solutions, Clari, Cryptopy Technologies, Dayima, Drawbridge, Faaso’s Food Services,
Feidee, Girnar Software, Instacart, Kahuna, Mishi, Mobvoi, Moovit, Myfriday.cn, Near, NuBank, On Haiaihaisi IT, Shanhai Bai Sheng IT, Skillz, Skyhigh
Networks, TinyOwl Technology, True Software, Ver se’ Innovation, WhisperText, Wuxi Maimaibao IT, Yunmanman, Zoomcar India
13
CartoDB, Fever Labs, Flaregames, ForgeRock, Hammer & Chisel, MobStac, MySmartPrice Web Technology, Origami Logic, Roofoods, Sprig, SwiftKey,
UrbanClap Technologies, Vinted
12 Apperian, CafeX, Gengo, LISNR, NetSpeed Systems, Nexmo, Occipital, Qnovo, Reflektion, Swrve New Media, Zumigo
12 99Taxis, AppsDaily, August Home, Beijing Unisound IT, ClearCare, Curbside, Ineda Systems, Kaleo Software, Leanworks, Workspot
11
Adelphic, Aquto, Atzuche, Confer Technologies, Edaixi, Eleme, Fastback Networks, PinGuo Technology, Quri, Shenzhen Wangzhi Technology, The Flatiron
School
Page | 19

20. Top Series C Investors in Mobile
Top Investors by Volume, 2013 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Investor Investments Targets
18
AgilOne, Beijing Century Technology, Beijing Days Billion Technology, CooTek IT, Citrus Payment Solutions, Dayima.com, Drawbridge, Druva Software,
Eleme, Inkling Systems, Instacart, Moovit, NuBank, Skyhigh Networks, True Software, Ver se’ Innovation, WhisperText, Yunmanman
11 Boxed, ContextLogic, DraftKings, lwjw, Keep, Music.ly, Poshmark, Quixey, WePiao
9 BlaBlaCar, ForgeRock, Invoice2go, Origami Logic, Roofoods, Space Ape, UserTesting, Vinted, Wallapop
9 Apperian, Drawbridge, Flipboard, Instacart, Remind, Tantan, True Software, Victorious, Yixia
8 Apperian, Gengo, Hungama, ip.access, iZettle, Nexmo, Snapdeal, Zya
7 Cootek IT, Cyanogen, ip.access, Siklu, Tapingo, Verve Mobile, Zoom
7 AgilOne, Capriza, Druva Software, FutureSimple, Inkling Systems, ItsOn, Smartling
7 BlaBlaCar, Cyanogen, DoubleDutch, Flipboard, FutureSimple, iZettle, Roofoods
7 Affirmed Networks, Edaijia, Eleme, Fastback Networks, Huoli Tianhui, Quri, Shenzhen Wangzhi Technology
6 PlaceIQ, Quixey, Smartling, Wayin, Zerto
Page | 20

21. Top Series D+ Investors in Mobile
Top Investors by Volume, 2013 – Present
_______
Source: PitchBook; number of investments may include follow-on investments in same target
Investor Investments Targets
10 Chukong Technologies, Dada, Druva Software, Eleme, Straya, Yixia, Zomato Media
9 Centrify, Hotel Tonight, InVisionApp, Lookout, OpenX, Roofoods
8 Centrify, DoubleDutch, iZettle, Lookout, OpenX, Roofoods
7 INRIX, InVisage Technologies, iZettle, Joyent, Urban Airship
7 AltoBeam, Electric Cloud, Hotel Tonight, PlaceIQ, Smartling, Zerto
6 Chukong Technologies, DraftKings, Hotel Tonight, InVisage Technologies, lwjw
6 90min, Avalara, Fastly, Hotel Tonight, Zerto
5 DataXu, DraftKings, Integral Ad Science
5 One Kings Lane, ServiceMax, Uber Technologies
5 DoubleDutch, Smule, Thinking Phone Networks
Page | 21

22. HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
Recent Awards and Nominations
HAS BEEN ACQUIRED BY
A DIVISION OF
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
A PORTFOLIO COMPANY OF
Financial Advisor to
the Seller
2013 TMT DEAL OF
THE YEAR <$100M
CONSUMER
SERVICES
DEAL OF THE YEAR
CROSS BORDER
DEAL OF THE YEAR
2014 TMT DEAL OF
THE YEAR <$100M
CORPORATE /
STRATEGIC ACQUISITION
OF THE YEAR
2014 ONLINE AND
MOBILE TECH DEAL
OF THE YEAR
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
2012 TMT DEAL OF
THE YEAR <$100M
7th ANNUAL
INTERNATIONAL M&A
AWARDS
2015 WINNER
HAS ACQUIRED
Financial Advisor to
the Buyer
Page | 22
Headwaters Technology, Media & Telecom (TMT) team has
won awards for
Online and Mobile Tech Deal of the Year
& Consumer Services Deal of the Year
and back-to-back M&A Advisor TMT Deal of the Year
awards

23. Deep Industry Focus Leads to Successful Transactions
_______
Certain transactions completed by Headwaters MB bankers at prior firms
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
Financial Advisor to
the Seller
CERTAIN ASSETS
ACQUIRED BY
Financial Advisor to
the Seller
HAS ACQUIRED
Financial Advisor to
the Buyer
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS BEEN ACQUIRED
BY
Financial Advisor to
the Seller
HAS DIVESTED MOST OF
ITS ASSETS TO
Financial Advisor to
the Seller
HAS BEEN ACQUIRED BY
Financial Advisor to
the Seller
STRATEGIC
PARTNERSHIP
WITH
Sole Advisor
HAS BEEN ACQUIRED
BY
A PORTFOLIO COMPANY
OF
Financial Advisor to
the Seller
Page | 23

24. Contact
www.headwatersmb.com
Gary Moon
Managing Director
Head of Technology, Media & Telecom
Investment Banking
Office: (415) 766-3862
Cell: (650) 515-8734
gmoon@headwatersmb.com
135 Main St
Suite 800
San Francisco, CA 94105
Ryan McCarthy
Director
Technology, Media & Telecom
Investment Banking
Office: (415) 766-3864
Cell: (203) 984-9057
rmccarthy@headwatersmb.com
135 Main St
Suite 800
San Francisco, CA 94105
Page | 24

25. Disclaimer
Disclosure: This newsletter is a periodic compilation of certain economic and corporate information, as well as completed and
announced merger and acquisition activity. Information contained in this newsletter should not be construed as a
recommendation to sell or buy any security. Any reference to or omission of any reference to any company in this newsletter
should not be construed as a recommendation to buy, sell or take any other action with respect to any security of any such
company. We are not soliciting any action with respect to any security or company based on this newsletter. The newsletter is
published solely for the general information of clients and friends of Headwaters MB, LLC. It does not take into account the
particular investment objectives, financial situation, or needs of individual recipients. Certain transactions, including those
involving early stage companies, give rise to substantial risk and are not suitable for all investors.
This newsletter is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and
it should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks, and other
factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this
newsletter. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is
available upon request. The companies mentioned in this newsletter may be clients of Headwaters MB, LLC. The decisions to
include any company in this newsletter is unrelated in all respects to any service that Headwaters MB, LLC may provide to such
company. This newsletter may not be copied or reproduced in any form, or redistributed without the prior written consent of
Headwaters MB, LLC. The information contained herein should not be construed as legal advice.
Page | 25