As specialist advisers to the marketing communications and technologies industry, we are uniquely positioned to ensure that we are continually on top of key trends in this rapidly evolving landscape.

1. 1
Introduction
11
What’s hot in marcoms today?
Q3 2014

2. What’s hot in marcoms?
2
As specialist advisers to the marketing communications and technologies industry,
we are uniquely positioned to ensure that we are continually on top of key trends in
this rapidly evolving landscape.
One of our key tools is our global deal tracker, which gathers the details of all
completed deals in this sector, subcategorised and cross referenced by our team of
analysts. This, along with the hundreds of conversations we have each month with
both buyers and sellers, enables us to continuously identify emerging M&A trends.
With the ever blurring boundaries between “marcoms” and “martech”, it is maybe
unsurprising to see that the most talked about subsectors sit at their convergence
points, namely :
1. Content marketing
2. Data & analytics,
3. eCommerce
4. Digital marketing; and
5. Mobile marketing
This paper examines each subsector, the key trends and deal activity in 2014 YTD
using both proprietary and third party data, which is referenced on page 55.
Introduction

3. eCommerce
Sector Overview
Market Overview

4. 4
eCommerce Market Overview
Back-end
• Platform providers that offer the
fundamental eCommerce
technology platform
• Product: re-usable software
that can be implemented by a
third party or in-house
developers
Integration
• Systems integrators and front-end
agencies with systems
integration capabilities by own
middleware or partnership
• Service: bespoke eCommerce
platforms to businesses’ specific
enterprise systems
Front-end
• Digital design agencies with
systems integration capabilities
and pure front-end digital
design agencies
• Service: design the customer
facing website – the front-end
of an integrated eCommerce
platform
Full solution providers
Use either third party or proprietary software as
a starting point in delivering a fully functional
online store
Technology Marcoms services
eCommerce value chain

5. 5
eCommerce Market Overview
Other Demandware Hybris Magento
Back-end Integration Front-end
Market landscape: Illustrative

6. 6
eCommerce Market Overview
35%
32%
23%
4%
4% 2%
APAC
North America
Western Europe
Central & Eastern Europe
Latin America
Middle East & Africa
Regional share of Global eCommerce sales 2014
Global eCommerce sales forecast 2012 - 2017
• Largest eCommerce market in the EU
• Very mature: 39m people out of the
UK’s 63.3m strong population already
buy online
• Online retail accounts for 13% of the
UK economy
UK
• Total eCommerce sales in the USA are
expected to grow 15.5% to $304b by
the end of 2014
• Online retail is expected to account
for 6.8% of all retail in 2014 and 9% by
2017
USA
• In 2014 consumers in APAC will spend
more online than those in North
America
• It is estimated that China will account
for six in every ten dollars of the total
APAC spend
APAC
0
200
400
600
800
1000
1200
2012 2013 2014 2015 2016 2017
APAC
North America
Western Europe
Rest of the
World
Key trends & global statistics (10)

7. 7
eCommerce Market Overview
1,058
1,251
1,505
1,771
2,053
2,357
22.3%
18.2% 20.3%
17.7% 15.9% 14.8%
2012 2013 2014 2015 2016 2017
Sales ($bn)
YoY growth
Global eCommerce customers
Global eCommerce B2C sales forecast
• Twice as much spent on mobile
devices in Dec-2013 compared to
Dec-2012
• Increases in services that utilise
multiple channels driving growth
• Such services include click/reserve
and collect which accounted for 25%
of multichannel retail sales
2013
• Expanding online and mobile user
bases in emerging markets
• Increasing mCommerce sales
• Developing payment and shipping
options
• Pushing into new international markets
Driving
growth in
2014
• International B2C eCommerce sales
are expected to reach $1.5tn in 2014
and $2.4tn in 2017
• Growth driven by an increasing
internet ‘usership’ as emerging
markets come online and an
increasing proportion shop digitally
Looking
forward
Key trends & global statistics cont’d. (11)
904
1,016
1,124
1,229
1,321
39.2% 41.3% 42.7% 44.3% 45.4%
2012 2013 2014 2015 2016
Number of global
customers (millions)
Digital buyer
penetration

8. 8
eCommerce Market Overview
Key trends (12)
Trends
• Tablet first design
Default for responsive websites is still desktop – with tablets overtaking PCs in 2016 it is likely that responsive websites
will be designed for tablet first
• Cross-channel purchase journeys
Currently cross-channel purchase journeys are being enabled by location and identification tools/solutions, i.e.
iBeacons, and wearables such as Galaxy gear and the Apple Watch
• Mobile payments won’t take off until 2015
Consumers still need a convincing reason to use mwallets and until then retailers are unlikely to invest in this
technology. A large number of different mwallet technologies have come to market recently – still not known
which of these will make the biggest impact
• Consumers learning value of data and privacy
Consumers are becoming more savvy about their digital presence and the value of their data to advertisers. Needs
to be a clearer value exchange – so consumers are incentivised to provide eTailers with data about themselves
and are aware of where that data is going
• Mobile and tablet purchase points
One in five store checkouts will take place on a mobile/tablet by 2015
• Reduce high return rates
eTailers currently face high return rates. On average return rates are 25% but some eTailers face return rates of >50%.
Solutions such as virtual changing rooms are attempting to combat this

9. eCommerce
Sector Overview
M&A Market

10. 10
eCommerce M&A Market
Q3
Q1-Q3 2014 eCommerce deals (13)
Target Region Deal Volume
Major Buyers Deal Types
Quarterly Split
2
1
UK
Africa APAC
Western Europe
7
North America
4
3
4
Cross Border
PE Backed
6
2
11
5
3
1
3
1
Publicis WPP Dentsu
Q2
Q1
19
Total Deals
1

11. 11
eCommerce M&A Market
Date Buyer Target Target Location Target Description
Sep-14 UK
Multichannel eCommerce integrator
specialising in Hybris
Sep-14 USA
Multichannel eCommerce integrator
specialising Oracle and Demandware
Sep-14 South Africa
eCommerce integrator and application
developer
July-14 USA
Web/enterprise content management and
systems integration agency
Jun-14 Japan
eCommerce website design and build
agency
May-14 USA
IBM Smarter Commerce division of Trifecta
acquired; IBM WebSphere Commerce
solutions consultancy
May-14 UK
Multiservice digital agency with eCommerce
website design and build specialty
Apr-14 France
Sage France SA, eCommerce business
acquired; France-based eCommerce business
solutions provider
Mar-14 USA
Provider of mobile and multichannel
commerce solutions and websites
Jan-14 UK Retail and eCommerce systems integrator
Q1-Q3 2014 selected transactions

12. Contents
01
Content Marketing
4
02
Data & Analytics
15
03
eCommerce
22
04
Digital Marketing
32
05
Mobile Marketing
42
06
References
54
07
About Results
56

13. 13
Mobile Marketing M&A Market
References
1) Results Intelligence
2) Advantage Business Media’s digital road map, AdAge
3) Content Marketing in the UK: 2014 Benchmarks, Budgets and Trends: Content Marketing Institute/DMA UK
4) Nativeadvertising.com
5) Content Marketing in the UK: 2014 Benchmarks, Budgets and Trends: Content Marketing Institute/DMA UK
6) Content Marketing in the UK, Content Marketing in North America: 2014 Benchmarks, Budgets and Trends: Content Marketing Institute/DMA
7) CapIQ, 451, OneSource, Results Intelligence
8) ExactTarget Marketing Cloud 2014 State of Marketing Survey, Deloitte Analytics Trends 2014, IBM, TechRepublic
9) CapIQ, 451, MergerMarket, Results Intelligence
10) eConsultancy (January 2014), eMarketer (January & April 2014), International Business Times (October 2013), eCommerce Week (January 2014),
bpost International (January 2014)
11) eConsultancy (January 2014), IMRG (January 2014), eCommerce Week (January 2014), bpost International (January 2014), Statista (2014)
12) The Drum (February 2014), Talk Business Magazine (December 2013)
13) CapIQ, 451, MergerMarket, Results Intelligence
14) eMarketer (March 2014)
15) IAB Digital Adspend 2013
16) eMarketer (June 2014)
17) IAB/PWC Adspend 2013
18) IAB Digital Adspend 2013
19) CapIQ, 451, MergerMarket, Results Intelligence
20) Cisco VNI Mobile (2014), NPD DisplaySearch (February 2014), IDC Worldwide Quarterly Tablet Tracker (2014)
21) IAB Native Advertising Playbook (2013), BIA/Kelsey
22) eMarketer (July 2014), Gartner (2013)
23) Google & Nielsen (March 2013), Cisco VNI Mobile (2014), relevant press, company websites
24) Gartner (September 2014), relevant press, company websites, Results Intelligence
25) eMarketer (August 2013), Kenshoo (December 2013)
26) CapIQ, Companies House documents, Press, company websites, Results intelligence

14. 14
About Results
Corporate Finance Advisors to the Marketing Services & Marketing Technology sectors
Selected clients and transaction counterparties
An established team of sector experts…
• Results International is a market-leading M&A advisory
firm founded in 1991
• Entrepreneurial and owner-managed
• 40 person global team with over 250 completed
transactions
• Senior level attention on all transactions
• Winner of Cross-Border Deal of the Year 2014 (sale of We
Are Social to Blue Focus)
Software
Marketing
Services
Marketing
Technology
Digital Media
Sector specialism
…with global reach

15. 15
About Results
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Unrivalled expertise in the Marcoms sector

16. 16
About Results
Mark Williams
Director
• Joined Results in 2010, with over
15 years of M&A experience
• Prior to joining Results Jim led
European M&A activity for the
marketing services division of
Omnicom (DAS)
• Clients include We are Social,
Blue Rubicon, Virgo Health,
Crayon and Iris
• Joined Results in 2005 - Previously
Head of M&A at Ernst & Young
• 20+ years experience in corporate
finance, including M&A,
fundraising, IPOs, JVs, MBOs and
MBIs
• Clients include The Group, Figtree,
Monitor Media, Spannerworks, Flip
Media, Transactis, Punktilio,
Flamingo, Brand X, and AIA
• Joined Results in 2012. He started
his career at KPMG working in
Financial Services M&A and
moved to Ingenious Corporate
Finance in 2010
• Clients include Staffcare,
Moonpig, St Ives, and Inflexion
Julia Crawley-Boevey
Director
• Joined Results in 2010 having spent
over four years at BDO where she
worked in both Audit and
Corporate Finance
• Clients include The Group, Blue
Rubicon, Virgo Health, Incite, and
Crayon
• Joined Results in 2012 to lead the
tech and digital media practice
• 15 years M&A experience at
Broadview then Jefferies, advising
tech and digital media companies
on M&A and fundraising
• Advised on transactions with
Oracle, Microsoft, Experian,
Moody’s, IAC, Axel Springer, DMGT,
and BT
• Joined Results in 2014, with over
15 years M&A experience
• Prior to joining Results, Chris led
the Technology M&A practice at
KPMG. He previously spent 11
years advising tech companies
at Arma Partners and JPMorgan
• Recent clients include Zinc
Ahead, Pushbutton and Irdeto
James Kesner
Manager
• Joined Results in 2013 from Kingston
Smith
• ACA qualified, previously worked
as a Finance Director for a London
based brand consultancy
• Clients include ID magazine, Not to
Scale, Writtle, Adam and Eve
Richard Latner
Manager
• Joined Results in 2014 after having
spent 9 years at KPMG across
audit, TS & M&A functions
• Clients include: WRG, Irdeto and
neoworks
Selected Team Members
Jim Houghton
Partner
Keith Hunt
Managing Partner
Julie Langley
Partner
Chris Lewis
Managing Director

17. 17
About Results
Selected Team Members – International
• Long career in marketing sector
(Ogilvy & Mather, The Ball
Partnership)
• Managed the acquisition of SMART
by McCann Worldgroup, CCG by
Publicis Group to establish Digitas
China, CIC by Kantar Media and
The Upper Storey by Isobar
Andrew Kefford
Managing Partner –
Asia Pacific & MENA
Chris Beaumont
Managing Partner –
North Asia
• 16 years of experience
consulting in Asia
• For 10 years Chris was with
McCann-Erickson in Asia; he was
both Vice-Chairman of its
operations in Tokyo and Chief
Strategy Officer for WorldGroup
across Asia
• Has closed over 35
transactions totaling $0.75
billion
• Experience includes advising
Hunt Mobile Advertising on its
transaction with Opera
Mediaworks
• Maurice has previously
worked at the Zanett Group,
Morgan Stanley and IBM
Maurice Watkins
Partner
• 27 years experience in the
advertising sector, including
as COO of JWT's Middle East
Network
• Joined Results International in
2008 and has since been
engaged in a number of buy
and sell mandates
Imad Kublawi
Regional Partner –
MENA
• Spent 24 years at Hindustan
Thompson (part of JWT), the
largest ad agency in India
• Other roles include COO at
RK Swamy/BBDO and as
advisor to companies in India,
Pakistan & Dubai
Sunil Gupta
Area Liaison –
South Asia
USA
Asia
Pierre-Georges Roy
Partner
• Closed $4.0 billion in cross-border
transactions
• Experience includes advising
Hunt Mobile Advertising on its
transaction with Opera
Mediaworks and Telesystem
International Wireless (NASDAQ:
TIWI) on its sale to Vodafone

18. For more information contact:
Jim Houghton
Partner
+44 (0) 20 7514 8234
jhoughton@resultsig.com
Julia Crawley-Boevey
Director
+44 (0) 20 7514 8239
jcrawley-boevey@resultsig.com
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