Инвестиции в mobile marketing, Алексей Тельнов iTech Capital, Mobile Beach Conference, MBC

Investments Alexey Telnov

Public Internet Companies Poor LTM Performance

2

Investors Get Nervous

3

20% 25%

•  Невыполнения планов по выручке •  Замедление прироста пользователей •  Снижение user engagement

•  Снижение планов по выручке на год •  Замедление прироста пользователей

AdTech is dead?

4

Компания Дата IPO Raised (USD mln) EV/Rev IPO vs 15 23-‐Oct-‐2013 288,1 3,6 vs 2,6 20-‐Sept-‐2013 116,0 9,7 vs 0,8 06-‐Aug-‐2013 46,1 2,0 vs 0,6 28-‐Jun-‐2013 75 2,8 vs 0,3

22-‐Mar-‐2013 105 3,3 vs 1,7

29-‐Mar-‐2012 132,6 2,2 vs 0,6

Markeang Tech and AdTech 2014

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Компания Дата IPO Raised (USD mln) EV/Rev IPO vs 15 17-‐May-‐2013 80 13,6 vs 6,9 02-‐Apr-‐2014 102 6,1 vs 4,6 17-‐Jul-‐2014 44 4,0 vs 3,6 08-‐Oct-‐2014 125 11,1 vs 10,2

Exits in AdTech 2014

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Adverasing as % of all VC exits

Avg. years to Exit

Median Exit Size 82 7 5

90% % of US companies

among all AdTech exits

55% AdTech VC exits number annual growth

Правильный Mobile Adverasing Landscape :)

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Acquired

Data & Analyacs

IPO Unfunded

Data & Analyacs

Mobile Adverasing Landscape

8

Acquired

Data & Analyacs

IPO Unfunded

Правильный VC’s Landscape :)

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Data & Analyacs

$325.1M

$109.9M

$631.3M $61.1M

$41.5M $161.6M

$745.8M

$176.9M

$51.6M

$112.1M $169.2M

VC’s Landscape

10

Data & Analyacs

$325.1M

$109.9M

$631.3M $61.1M

$41.5M $161.6M

$745.8M

$176.9M

$51.6M

$112.1M $169.2M

Mobile Markeang VC Industry Overview

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$ MM

157

201 222

237 217

139

0

50

100

150

200

250

0

500

1 000

1 500

2 000

2 500

2009 2010 2011 2012 2013 2014

Funds Raised Deals Count

Инвестиции в AdTech сектор

$1,7 BN 90 + Invested in Mobile Markeang Funded Companies

Mobile Markeang Acquisiaons Landscape

12

Data & Analyacs

$248M

$120M

$22.5M

$2.4Bn

$415M

$140M

$508M

$63M

$190M

n/a

$800M

3xM&A 2xM&A

Major Acquirers in Mobile Adverasing Space

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$1 150M $450M

$350M $100M

2014

EV/Rev = 2,5

$400M

2011 2009 2014

$50M 2012

EV/Rev = 15,0 EV/Rev = 13,3 N/A

EV/Rev = 4,8

2010

$8M EV/Rev = 5 EV/Rev = 6,6

$350M 2014

$750M

2014

EV/Rev = 3,1

$107,5M

2013

$225M EV/Rev = 3,6

$408M $332,5M

Mobile Markeang M&A’s 2014-‐15 & New Entrants

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$200M $58M

$103M

Telecom

App Developers Media Companies

Offline/M-‐Commerce

EV/Rev = 2,5

•  Flurry’s analybcs are used by 170,000 developers globally

•  Access to 1.4 billion mobile devices with Flurry to get strategic insights

•  20,000 adverbsers as customers

•  MobPartner helps adverbsers acquire new high quality users, and provides publishers with the tools to monebze their global mobile traffic

$321M EV/Rev = 10,7

•  New revenue opportunity: delivering relevant, targeted markebng messages and adverbsements

EV/Rev = 2,7

•  Add significant value to Camden Market to interact with customers on-‐the-‐go

•  Glispa’s growing global strength in mCommerce EV/Rev = 1,3

Adverasing Giants To Enter the Market Soon

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$35Bn $58Bn

$23Bn $15Bn

Ho�est AdTech & Mobile IPO Are Coming

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EV $1,2Bn

EV $1Bn EV $1Bn

Revenue 2014: $130M

Funds raised: $288,2M

EV $2Bn

Funds raised: $75M

Revenue 2014 : $140M

•  The company has taken much venture funding

•  The company hired a new CFO, which is frequently a pre-‐IPO move.

•  It reportedly hired banks to advise it on an IPO valuing the company at $1 bn in February

•  It hired a CFO with IPO experience in late 2011. Funds raised: $63M



•  InMobi is now one of the largest mobile ad businesses that has not gone public.

Funds raised: $220M

•  The company is too big to be acquired, which is why it is the subject of constant IPO

•  It's 2x Rubicon Project (IPO 2014) numbers.

Alexey Telnov +7 (916) 411 4808 [email protected]

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