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MOBILE DATA INSIGHTS

ECOSYSTEM

June 2017
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Data collected via mobile devices has immense value

Digital information is unlike any previous resource; it is extracted, refined, valued,

bought and sold in different ways
The Economist May 6th 2017
Briefing: The Data Economy, Fuel of the Future

Data has become the most important strategic asset of pure players like Google and
Facebook. And among the biggest companies in the world, by market capitalization, a
majority see their valuation estimated as a function of their user base and the data they
collect.
TechCrunch October 13, 2015
Whats The Value of Your Data?

Understanding consumer preferences via collection of data is a priority for many of the
leading companies to compete with the extraordinary insights possessed by Facebook and
Google. The prize is precisely reaching targeted consumers with marketing & advertising
messages that result in a clear return on marketing investment.
Architect Partners October 3, 2016
M&A Alert: Salesforce acquisition of Krux
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Billions of data items are collected daily & used for two primary purposes

COLLECTION METHODS
Device Operating System
HOW Mobile Website
SDK Embedded in Mobile Apps
DATA COLLECTION Network Traffic
METHODS App API Calls
App Store

DATA GATHERED & DERIVED

from mobile devices, apps and websites includes: ads placed, amount data used, ad conversion measures,
WHAT app monetization, app or site performance measures, apps installed on device, carrier, country, cohort
DATA GATHERED & analysis, crashes, demographics of user, device type, frequency of use, funnel analysis, in-app monetization,
in-app or site use patterns, location, name/login, network speed, operating system type and version,
DERIVED
publisher, purchase attribution, reach, relative rankings of apps, search term analysis, time of day, usage
duration, user preferences,

VALUE: IMPROVE MOBILE APP USER EXPERIENCE

Used by developers, quality assurance and product management professionals within publishers
and wireless carriers to understand app technical and business performance, assess changes and
WHY ensure optimal end-user experience.

VALUE
PROPOSITION VALUE: IMPROVE MARKETING & ADVERTISING EFFECTIVENESS & MONETIZATION
Used by marketers to better understand end-user to allow better targeting, assess effectiveness
and drive revenue
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
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Ecosystem Participants
Public Private
Adobe IBM Optimizely (a/b testing) Import.io (data extraction)
Apple Juniper Networks Swrve (engagement) Lookback (user experience)
AOL/Yahoo Microsoft Localytics (engagement) Appsee (user experience)
Cisco Nokia ClickTale (website analytics) Tutela (network performance)
Compuware New Relic Amplitude (behavior analytics) Taplytics (a/b testing)
IMPROVE MOBILE APP Ericsson Red Hat Chartbeat (engagement) Indicative (data visualization)
USER EXPERIENCE Facebook SAP Pendo (engagement) Megacool (Engagement)
Used By Developers, QA & Product Google Splunk
Management Huawei VMware

Public companies are alphabetical and private companies listed by total financing raised

Competitive
Intelligence continued Data Informed Marketing & Ads
Apple Nielsen Adobe Rubicon Chartboost RadiumOne
Facebook True Position Alteryx Salesforce DataXu ShopAdvisor
AOL/Yahoo SAP Drawbridge Smaato
Google TransUnion
Amazon Singtel Gimbal Sprinklr
IMPROVE MARKETING & App Annie Blis Criteo SITO Mobile InMobi Swirl
ADVERTISING SimilarWeb Euclid Analytics Facebook Snap Kahuna Tealium
Factual Google Telstra Kochava Tune
EFFECTIVENESS & Data
Ensighten IBM Twitter Medialets xAd
Aggregation
MONETIZATION Foursquare MaxPoint Walmart MetaMarkets Uber Media
Acxiom Opera MixPanel Unity Ads
Used By Marketers Alliance Data Lotame
Oracle 4info mParticle Upsight
CartoDB Near Adbrain
PCH NinthDecimal Urban Airship
Catalina Neustar Quotient AdTheorent Performance Horizon Zeta
comScore RetailMeNot Appboy PlaceIQ Zettics
Rocket Fuel AppLovin Quantcast
Experian
Rakuten Apsalar Qualia Media
Public companies listed first, then private. Both in alphabetical order
MOBILE DATA ANALYTICS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Mapping Acquirers to How Data is Monetized

Sell Data & Insights Improve Mobile Marketing Improve Mobile Ads

Improve Mobile App Experience

 MOBILE DATA INSIGHTS
Appendix: Past Strategic Moves
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Many Leaders Have Been Built Partially via M&A

TubeMogul 11/2016 | $540 mm AppScotch 03/2016 | undisclosed

Video advertising dashboard that allows advertisers to plan,
programmatically buy, measure, and optimize their online,
mobile and television video advertising
Neolane 07/2013 | $600 mm
Cross channel marketing platform with data management and
targeting capabilities
Nitobi 10/2011 | undisclosed
Open-source mobile application development platform known
as PhoneGap
Demdex 01/2011 | $58 mm
Captures, manages and analyzes behavior data of consumers
as they interact with websites and online advertising
Omniture 09/2009 | $1.8 b
Measures website performance and effectiveness of online
marketing and advertising
Yahoo! 07/2016 | $4.6 b
Major content publisher across online and mobile. Yahoo
pursued multiple acquisitions to support data insights.
Milennial Media 09/2015 | $238 mm
Data and technology assets enable advertisers to connect with
target audiences at scale, while driving monetization for
publisher and developer partners.
Vidible 12/2014 | Undisclosed
Enables the world's top marketers and media brands to reach
consumers across desktop, mobile and TV through premium
experiences and performance-driven campaigns
Convertro 05/2014 | $101 mm
Provides a marketing optimization platform that tracks and
calculates the ROI of marketing touchpoints across all media.
Develops Try-before-install, an application marketing/
advertisement platform enabling users to drive application
engagement across various mobile devices
Mobidia 05/2015 | undisclosed
Tracks downloads, retention rate, daily/monthly users, and
actual app usage data, such as when, where, for how long, how
much data consumed, for each time apps are used
Distimo 05/2014 | undisclosed
Provides insight into mobile app store performance for app
developers, carriers and device manufacturers. Productized as
free app analytics, API and conversion tracking
Fabric 01/2017 | undisclosed
Twitters suite of developer products, including the crash
reporting service Crashlytics.
Pulse.io 05/2015 | undisclosed
Helps mobile developers monitor the performance of mobile
apps.
Adometry 05/2014 | undisclosed
Provides a marketing intelligence platform for measurement,
attribution modeling, campaign performance and ROI
AdMob 11/2009 | $750 mm
Provides analysis, monetization and promotion solutions for
app developers. Mobile analytics also offer insights into mobile
app usage and performance
CoreMetrics 08/2010 | $150 mm
Allows businesses to understand how consumers interact with
their websites to measure and improve the effectiveness of
online marketing programs

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Many Leaders Have Been Built Partially via M&A (continued)

MarketShare Partners 11/2015 | $450 mm Moat 04/2017 | Undisclosed

MarketShare DecisionCloud platform provides a combination of Tracks ad impressions and content views across mobile apps,
technology, data, modeling and business intelligence solutions social networks, connected TVs and other sources
that improve ad decision-making.
Crosswise 04/2016 | $50 mm
Aggregate Knowledge 10/2013 | $119 mm Identifies which PCs. Phones and other connected devices are
Its media intelligence platform (MIP) combines both media and being used by individual consumers
audience data, enabling marketers to most effectively allocate Maxymiser 08/2015 | Undisclosed
media dollars
Offers cloud-based testing, personalization and cross-channel
optimization solutions for brands to boost engagement and
revenue.
Datalogix 12/2014 | $1.2B
AdColony 06/2014 | $350 mm Tracks and aggregates data from consumer online and offline
Operates a mobile video ad network with targeting and purchases
optimization tools
BlueKai 02/2014 | $350 - $400 mm
Skyfire Labs 02/2013 | $155 mm
Offers data management platform, mobile DMP, audience data
Uses cloud computing to radically improve the mobile Internet marketplace, and audience analytics suite
experience for both operators and their consumers

Twin Prime 12/2016 | Undisclosed

Little Eye Software 01/2014 | $15 mm Creates an SDK that speeds up data transfer over mobile
wireless networks of their users through software that
Builds mobile application analysis tools for app developers developers can include in their applications
Onavo 10/2013 | $150 mm Krux 10/2016 | $700 mm
Develops consumer-focused data management applications Data management platform (DMP) to manage and effectively
that put smartphone and tablet users in control of their mobile use data from internal and external sources.
data usage
Parse 4/2013 | $85 mm ExactTarget 06/2013 | $2.5B
Offers cloud-based software developer kits that enable users Provides a comprehensive marketing suite that includes email,
to create apps for desktop, mobile, and embedded devices. web, mobile and social channels
Buddy Media 06/2012 | $745 mm
Offers a social media marketing platform which enables brands
and marketing agencies to connect and engage with their
customers and measure their social marketing campaigns on
Facebook, Google, LinkedIn, Twitter and YouTube.
Heroku 12/2010 | $250 mm
Heroku is a multi-language cloud application platform that
enables developers to deploy, scale, and manage their
applications.
KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization

8
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
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Appendix: Many Leaders Have Been Built Partially via M&A (continued)

ZipDial Mobile Solutions 01/2015 | $30 mm BrightRoll 11/2014 | $640 mm

Provides marketing, user engagement, and analytics solutions. Provides a programmatic video advertising platform for
Offers an intelligence platform that tracks performance data reaching audiences across web, mobile and connected TV.
and helps increase app downloads and user engagement
MessageMe 10/2014 | $30 mm
TapCommerce 06/2014 | $100 mm Provides a mobile messenger application enabling users to
Provides mobile app retargeting and re-engagement solutions personalize their messages and connect with others and
for mobile devices. Offers real-time measurement for increases engagement.
campaign performance
Flurry 07/2014 | $200-$300 mm
Mopub 09/2013 | $350 mm Flurrys mobile analytics solution enables businesses to
Provides hosted ad serving solution for mobile publishers, and understand how consumers interact with their mobile
offers advertising performance data analytics applications.
Crashlytics 01/2013 | $100 mm SPARQ 01/2014 | Undisclosed
Provides powerful, yet light weight crash reporting for iOS and Optimizes the user's experience across mobile devices &
Android. mobile apps resulting in reduced friction, lower abandonment,
and delighted customers.
Locomatix 08/2013 | undisclosed Admovate 07/2013 | Undisclosed
Offers mobile SDKs for developing, deploying, and managing
always-on mobile data-driven services Enables advertisers to create and deliver personalized, hyper-
local targeted offers to customers via mobile channels.
Boilerplate 08/2012 | undisclosed Interclick 11/2011 | $270 mm
Provides mobile A/B testing tools Provides data-driven advertising solutions by combining
scalable media execution capabilities with analytics.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization

9
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Appendix: Top Premium Value Acquisitions

Premium Value is defined as greater than 5 times invested equity capital or 5 times the estimated last 12 months revenue (LTM)

Target | Acquirer x LTM Revenue LTM revenue multiple of

Skyfire Labs | Opera Software 38 the target at the time of
BuddyMedia | Salesforce 29.8 acquisition
Circular & Arbor | Liveramp 12.7
AdMob | Google 12.5
Neolane | Adobe 10.2
Datalogix | Oracle 9.6
Dynatrace | Compuware Corporation 8.9
MarketShare Partners | Neustar 7.9
AdColony | Opera Software 6.6
ExactTarget | Salesforce 6.6
BrightRoll Inc. | Yahoo! 6.5
Tapad | Telenor 6.3
Bluekai | Oracle 5.5
Adobe | Omniture 5.1
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Target | Acquirer x Invested Capital Invested capital multiple

Heroku | Salesforce 19.2 of the target at the time
MoPub | Twitter 18.9 of acquisition
Crashlytics | Twitter 16.7
Krux | Salesforce 14.0
Datalogix | Oracle 13.8
Parse | Facebook 12.9
Moat | Oracle 12.6
Onavo | Facebook 11.5
Convertro | AOL 10.1
Crosswise | Oracle 10
Placed | Snap 9.3
FeedHenry Ltd. | Red Hat 9.1
Tap Commerce | Twitter 8.5
Aster Data System | Teradata 5
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Source: Architect Partners LLC, Capital IQ, company filings and public information
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions
EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
Snap Placed 6/5/17 $125 - 9.3x Measures millions ofconsumer locations every day from those that opt-in on their phone
to share their whereabouts. Its technology then crunches that data to provide
information on marketing and advertising attribution. Founded in 2011, based in Seattle,
WA.

VMware Apteligent 5/15/17 - - - Oers a suite of real-time data collection and reporting tools that enable enterprises to
accelerate their mobile business by providing critical data and insights across multiple
dimensions of the application lifecycle for enterprises of various sizes. Founded in 2010,
based in San Francisco, CA.

Quotient Technology Crisp Media 5/2/17 $33-$58 - 2.1x-3.6x Crisp Media provides a range of hyperlocal advertising solutions for mobile use cases in
the CPG and retail market segments through its self-service ad management platform
and its data management platform. Its platform links data and analytics, and oers time-
specific targeting of shoppers with personalized marketing and advertising messages
Founded in 2003, based in New York, NY.

Harland Clarke RetailMeNot 4/10/17 $630 2.2x - Operates as a savings destination for online and in-store purchases. The companys
marketplace connects consumers with retailers, restaurants, and brands. It oers digital
discounts made available online or through mobile applications that are used by
consumers to make online or in-store purchases directly from merchants. Founded in
2009, based in Austin, TX.

Oracle Moat 4/18/17 $850 - 12.6x Moat Analytics tracks ad impressions and content views across mobile apps, social
networks, connected TVs and other sources. It then synthesizes that data into a single
dashboard oering customers actionable insights to measure eectiveness and help tune
their marketing eorts. Founded in 2007, based in New York, NY.

Gannett SweetIQ 4/20/17 - - - Oers SweetIQ, a technology platform that provides local marketing analytics,
Analytics intelligence, recommendations, and automation to brands across North America. The
platform oers local analytics, marketing automation, and online to oine conversion
solutions. It helps drive brand engagement, capture online opportunities, and implement
local marketing campaigns. Founded in 2010, based in Montreal, Canada.

Amobee Turn 2/22/17 $310 - 1.7x Turn started as a demand-side platform to help advertisers and agencies manage the
process of buying digital advertising. In 2011, Turn introduced its complementary data
management platform, which aggregates first and third party consumer data and applies
data analytics solutions to allow advertisers to better understand and target existing
customers and attract new customers. Founded in 2004, based in Redwood City, CA.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions (continued)

EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
Google Fabric & 1/18/17 - - - Twitters suite of developer products, including its developer suite Fabric which includes
Crashalytics the crash reporting service Crashlytics. Twitter acquired Crashlytics back in 2013. Fabric
is the collection of products that Twitter rolled out 18 months ago to try and encourage
mobile app developers to integrate more closely with Twitters core app.

The Mobile Majority Gimbal 12/5/16 - - - Gathers and analyzes location signals derived from over 125mm U.S.-based mobile
phones as these consumers navigate their daily lives. Gimbals platform captures
instances where the phone is in proximity to over 2M locations in the U.S., using both
geofences and Bluetooth beacons. These location-derived consumer insights are used by
consumer brands, retailers, advertisers, and app publishers to inform and tailor their
marketing interactions with consumers. Founded in 2014, based in San Diego, CA.

Liveramp Arbor & 11/17/16 $170 12.7x 6.4x Arbor is a marketplace for people-based data. Circulate helps app developers monetize
Circulate their first-party data in a privacy-friendly way. The combination has 250 publisher
partnerships.

xAd Weatherbug 11/14/16 - - - Provides weather information services to consumers in the United States through its
website, desktop and mobile applications. It derives its neighborhood-level accuracy of
weather data through managing and operating a proprietary network of over 8,000
Tracking Stations and more than 1,000 cameras that are placed at public safety facilities
and television stations throughout the U.S. Founded in 1982, based in Germantown, MD.

Adobe TubeMogul 11/10/16 $540 2.5x - TubeMogul oers software to help large companies manage their brand building-focused
video advertising eorts. Known as a Demand Side Platform, serving the buyers of
advertising, TubeMoguls cloud-based software allows advertisers to plan,
programmatically buy, measure, and optimize their online, mobile and television video
advertising from a single dashboard. Founded in 2007, based in Emeryville, CA.

Salesforce Krux 10/3/16 $700 - 14.0x Oers a cloud-based data management platform for marketers, media companies,
publishers, and ad agencies worldwide. Its data management platform, the Intelligent
Marketing Hub, unifies consumer data from multiple screens and sources, analyzes the
data to identify and understand individual preferences and expectations, and activates
the data across every channel in real-time to create audience segments. Founded in
2010, based in San Francisco, CA.

Verizon Yahoo (core 7/25/16 $4,650 2.5x - Includes Yahoos core internet business and some real estate (email, news and digital
assets) media), but excludes stakes in Alibaba and Yahoo Japan. The companys main products
are Yahoo Search, Yahoo Mail and Yahoo Messenger. It also provides digital content
products, including Yahoo News. Founded in 1994, based in Sunnyvale, CA.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions (continued)

EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
Mobvista GameAnalytics 7/1/16 - - - Operates an online platform that provides analytics tools for game developers. Its
interface allows users to create custom visualizations, metrics, and dashboards. Founded
in 2011, based in Copenhagen, Denmark.

Verve Roximity 6/21/16 - - - Provides a location-based analytics and advertising platform that enables retailers,
brands, and venues to interact with nearby consumers. The companys platform provides
tools to create, manage, and optimize mobile-marketing campaigns through its beacon
network. Founded in 2012, based in Denver, CO.

Spearhead Smaato 6/8/16 $148 - 3.4x Operates a real-time advertising platform for mobile publishers, application developers,
Integrated Marketing and advertisers worldwide. The companys SPX platform is an enterprise-grade, infinite
scale-hosted publisher advertising server with integrated mobile monetization,
facilitating clients with enhanced eCPMs and monetization. Founded in 2005, based in
San Francisco, CA.

Noosphere Fiksu 6/2/16 - - - Oers a mobile audience platform that combines a proprietary dataset with
segmentation tools to create, refresh, and reach audiences for user acquisition, brand
awareness, or re-engagement campaigns. Its mobile audience platform lets marketers to
build and connect with target audiences on mobile through a combination of mobile-first
data, audience building, and media reach. Founded in 2008, based in Boston, MA.

ShopAdvisor Retailigence 4/18/16 - - - Provides provides a turnkey application programming interface to integrate data into
programmatic advertising creative for delivering location-based user experiences
through mobile and other digital advertising mediums; and a mobile application that
shows local store-level availability. Retailigence Corporation has a strategic partnership
with Gimbal, Inc. The company was founded in 2009 and is based in Redwood City, CA.

Oracle Crosswise 4/14/16 $50 - 10.0x Identifies which PCs, phones, tablets, digital TVs and other connected devices are being
used by individual consumers. When leveraged for cross-device targeted advertising,
content personalization and analytics, this data represents a huge source of untapped
business potential. Founded in 2013, based in Tel Aviv, Israel.

Ebates Shopular 3/24/16 - - - Develops a mobile application that notifies users of personalized sales and coupons
when they are near a store or mall. Received $14M in funding prior to its acquisition.
Founded in 2012, based in Redwood City, CA.

App Annie AppScotch 3/14/16 - - - Develops Try-before-install, an application marketing/advertisement platform. It enables
users to drive application engagement across various mobile devices. Founded in 2013,
based in San Francisco, CA.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions (continued)

EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
RNTS Media Inneractive 3/3/16 $72 1.7x 2.1x Operates as a mobile ad exchange company in Israel and internationally. The company
focuses on powering display, native, and video ads. Its technology platform simplifies
and automates the process of buying and selling mobile ads. Founded in 2007, based in
Israel.

ClickTale FlightRecorder 2/16/16 - - - Develops an analytics software application which helps track what users of its customers'
iOS and Android applications are doing. FlightRecorder also provides crash reports, API
error logs, and analytics. Founded in 2014, based in San Francisco, CA.

Time Viant 2/11/16 - - - The Viant Identity Management Platform helps brand advertisers target specific
consumers, the Media Execution Platform delivers display and video ads to these
consumers on computers, tablets and mobile devices and the Data Analysis Platform
evaluates how eectively the ads were in driving purchases, both on-line and o-line.
Viant also acquired the social network Myspace. Founded in 1999, based in Irvine, CA.

SAP Roambi 2/7/16 - - - Develops mobile business applications that enable users to access big datasets in
accessible mobile formats. It oers Roambi Analytics, a solution for users to create,
publish, and share engaging experiences for their data and Roambi Analytics 8 Featuring
Blink, an application for iOS that lets users to visualize, explore, and share various
datasets instantly on their iPhone, iPad, or iPod Touch. Founded in 2008, based in Solana
Beach, CA.

Telenor Tapad 2/1/16 $360 6.3x 10.6x Oers Device Graph, a marketing and analytics platform that facilitates a unified
connection with various networked devices, including phones, tablets, desktop
computers, and connected TVs; and Audience Amplify that takes the audience segment
IDs and fills in the associated devices. Founded in 2010, based in New York, NY.

Acuity Brands, Inc. GeoMetri, LLC 1/5/16 - - - Provides software and services for mapping, navigation and analytics. It oers Geometrid
Enterprise, a map analytic tool that identifies, measures and visualizes pedestrian foot
trac; GeoMetri Navigator, a solution that adds maps, indoor positioning, navigation and
analytics to mobile strategy; and GeoMetri Point, a solution that identifies and improves
the metrics that drive brick-and-mortar business. Founded in 2015, based in Braunfels,
TX.

Similar Web Quettra 12/10/15 $10 - 3.3x Quettra is a mobile intelligence company focusing on personalizing mobile experiences
and monetization by understanding users interactions with their phone from a very deep
operating system level view. Founded in 2013, based in Milpitas, CA.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions (continued)

EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
Neustar MarketShare 11/5/15 $450 7.9x 4.7x Oers MarketShare DecisionCloud platform that provides a combination of technology,
data, modeling and business intelligence solutions that improve decision-making around
eective marketing and ad dollar spend. Founded in 2005, based in Los Angeles, CA.

Tune Artisan Mobile 10/30/15 - - - Operates a mobile experience management (MEM) platform for mobile applications
analytics, A/B testing, and personalization needs. It oers Artisan MEM Platform, an
enterprise-grade solution that allows businesses to analyze, manage, and enhance their
existing mobile applications. Its software makes it easy for marketers to drive mobile
engagement, and dramatically improve their return on mobile. It has introduced the
concept of mobile experience management, a complete platform with everything users
need to create compelling and eective mobile experiences. Founded in 2010, based in
Philadelphia, PA.

AOL Millennial 9/3/15 $238 0.8x - Provides mobile advertising solutions to advertisers and developers in the United States
Media and internationally. It oers advertisers the opportunity to reach and engage with their
targeted audiences across mobile devices and screens; solutions that enables advertisers
to gain insights into the performance of their advertising campaigns and to manage their
campaigns; and cross-screen device map that allows to associate a single user with
multiple online and mobile devices. Founded in 2006, based in Baltimore, MD.

Oracle Maxymiser 8/20/15 - - - Provides cloud-based software that enables marketers to test, target, and personalize
what a customer sees on a Web page or mobile app. The company oers Maxymiser,
which enables users to test on various sites, including desktop, mobile, tablet, and Apps
to determine the optimal experience for users with dierent objectives and needs.
Founded in 2006, based in New York, NY.

Google Pulse.io 5/28/15 - - - Oers a solution that helps mobile developers in monitoring the performance of
applications they build. The company oers Pulse.io, a monitoring solution providing a
drop-in SDK that automatically instruments the key parts of an application to check for
excessive wait time and network access, as well as enables customizing action names.
Founded in 2011, based in San Mateo, CA.

App Annie Mobidia 5/1/15 - - - Provides a set of mobile app and network usage data solutions to track and benchmark
competitors, plan global launch strategies, identify mobile app trends, identify trends for
cellular and Wi-Fi, optimize data plans and service oers, develop and optimize over-
the-top plans, and target and optimize advertising for businesses. Founded in 2004,
based in Richmond, BC.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions (continued)

EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
Microsoft Datazen 4/1/15 - - - Provides mobile business intelligence and data analytics solutions. It develops tools,
builds UI, and oers data visualization technology. In addition, it oers a Windows 8
application that enables users to create and publish dashboard based on Excel, cloud,
and enterprise data sources; and Publisher application that enables users to create and
publish dashboard layouts for master, tablet, and phone views. Founded in 2002, based
in Toronto, Canada.

Apple Semetric 1/21/15 - - - Develops and operates an online software platform that provides music analytics,
business intelligence, and data driven products for record labels and music marketers. It
oers enterprise analytics platforms to find digital consumers and to integrate sales and
marketing data; entertainment informative charts; reporting, custom analysis, and
research solutions; and APIs and access to data solutions that allow users to access raw
and processed trend data, KPIs, benchmarks, and charts. Founded in 2007, based in
London, United Kingdom.

Twitter ZipDial 1/14/15 $30 - - Designs and develops mobile marketing solutions. The company oers ZipDial platform
for content providers with users in lead generation, market research, polling, games,
social networking, advertising, online and oine payments, and other activities. Its
platform provides solutions, such as coupon redemption tracking, social media
integration, and mobile number verification, as well as increase in app downloads and
follower groups over mobile. Founded in 2010, based in Bengaluru, India.

Fractal Analytics Mobius 1/12/15 - - - Provides a solution that empowers retailers and e-commerce companies to deliver
Innovations personalized content, promotions, and recommendations to customers on mobile
devices. Its solution also allows users to create personalized product recommendations
by combining customers interaction history, situational contexts, and inferred interests
from social profiles. Founded in 2010, based in Singapore.

Oracle Datalogix 12/22/14 $1,200 9.6x 13.8x Develops and delivers purchase-based audiences models targeting to drive online and
oine sales. It oers syndicated and custom based audience segmentation; modeling
and append solutions for acquisition and retention needs; and online segments to the
mobile advertising arena. Founded in 2002, based in Westminster, CO.

AOL Vidible 12/1/14 - - - Enables the world's top marketers and media brands to reach consumers across desktop,
mobile and TV through premium experiences and performance-driven campaigns.
Founded in 2012, based in San Francisco, CA.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions (continued)

EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
Groupon Swarm Mobile 11/17/14 $11 - 2.5x Provides business intelligence tools; analytics, such as shopper foot trac, dwell time,
visit frequency, and more; and point of sale insights, including real-time sales insights,
conversion rates, average tickets, and more. Its tools provide insights to identify, sort, and
segment customers; aggregate customer email addresses and contact information; and
automatically send targeted emails, as well as create and deliver personalized in-store
experiences. Founded in 2012, based in San Francisco, CA.

SocialRadar Gridskippr 11/12/14 - - - Provides an application consumer audience segmentation based on actual place visits,
nation-wide, updated daily. Founded in 2013, based in Washington, DC.

Yahoo! Inc. BrightRoll Inc. 11/11/14 $640 6.4x 16.0x Develops and provides software that automates and improves digital advertising
globally. ts products include The BrightRoll DSP, a demand side platform that makes
programmatic buying possible for advertisers, agencies, ad networks, and ATDS; and The
BrightRoll Exchange that connects buyers and sellers to a digital advertising marketplace
to buy or sell video, display, and native inventory. The companys solutions enable
advertisers, publishers, and partners to grow their business and connect with consumers
on Web, mobile, and television. Founded in 2006, based in San Francisco, CA.

Yahoo! Inc. MessageMe 10/3/14 $30 - 2.5x Provides a mobile messenger application enabling users to personalize their messages
and connect with others and increases engagement. Founded in 2012, based in San
Francisco, CA.

Red Hat, Inc. FeedHenry Ltd. 9/18/14 $82 - 9.1x Develops and provides a cloud-based mobile application platform for enterprise mobile
application development and collaboration. Its platform oers application development
tools, such as open toolkits; a multi-platform build farm that provides builds for native
and hybrid applications for iOS, Android, Windows Phone, and Blackberry devices.
Founded in 2008, based in Waterford, Ireland.

Tapjoy 5Rocks 8/5/14 - - - Provides business intelligence (BI) tools for mobile gaming developers. The company
oers Flexible Cohort Analysis tool that defines and compares user cohorts, and Detailed
User segments, which segments users by detailed information, such as device
information, payments, and session counts. Founded in 2010, based in Seoul, Korea.

Tune MobileDevHQ 8/4/14 - - - MobileDevHQ is an enterprise organic app marketing platform that oers mobile
marketers with app store optimization (ASO) solutions. The platform enables app
marketers to analyze and optimize the app store presence of an app, track an apps
relevant search ranking queries in an app store, discover top chart rankings, analyze
keywords, and receive daily email updates. It helps them increase organic downloads in
iStore and Google Play. Founded in 2009, based in Seattle, WA.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions (continued)

EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
Yahoo! Inc. Flurry, Inc. 7/1/14 $200- - 2.7x-4.1x Provides a mobile application analytics and data-powered advertising platform that
$300 provides various services to build, measure, advertise, and monetize various applications.
The companys platform provides various products that enable users to measure
consumer behavior, advertise to the right audience, and monetize their audience.
Founded in 2005, based in San Francisco, CA.

Facebook Little Eye 7/1/14 $15 - - Builds mobile application analysis tools for application developers and testers. The
Software company oers Little Eye, a performance analysis and monitoring tool that helps users to
identify and fix performance problems in Android applications; visualize the application's
behavior and gain insights into the application's power, memory, and network data
consumption. Founded in 2012, based in Bangalore, India.

Twitter TapCommerce 6/30/14 $100 - 8.5x Provides mobile application retargeting and re-engagement solutions for smartphones
and tablets. The companys platform helps users to identify audience for marketing
promotions, and develop real-time segments based on user activity; processes targeted
advertising impression; and provides creative development, integration, and
measurement solutions. Founded in 2012, based in New York, NY.

Optimizely Synference 6/26/14 - - - Develops application programming interface (API) tools and dashboards for data driven
decision making. Synference makes it easy for businesses to use sophisticated predictive
analytics techniques to predict the behavior of individual customers, and to predict the
impact of business decisions on a per customer basis. Founded in 2012, based in Dublin,
Ireland.

Opera Software AdColony 6/24/14 $75-$350 1.4x- - A mobile video advertising company, features proprietary Instant-Play technology that
6.6x delivers full-screen HD video ads instantly across an extensive network of iOS and
Android applications. The video ads are shown in-app as part of the native experience,
and are available pre, mid or post video roll. Founded in 2011, based in Los Angeles, CA.

App Annie Distimo 5/28/14 - - - Provides insight into mobile app store performance for app developers, carriers and
device manufacturers. Productized as free app analytics, API and conversion tracking.
Founded in 2009, based in Utrecht.

AOL Convertro 5/6/14 $101 - 10.1x Provides a marketing optimization platform that tracks and calculates the ROI of
marketing touchpoints across all media. Founded in 2005, based in Santa Monica, CA.

Google Adometry 5/6/14 - - - Oers a SaaS-based marketing attribution and optimization platform to improve return
on advertising expenditure. Its marketing intelligence platform for measurement,
attribution modeling, campaign performance and ROI. Founded in 2005, based in Austin,
TX.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions (continued)

EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
Nomi Media Armor 3/27/14 - - - Provides mobile display solutions for brands and retailers to acquire new customers. The
companys mobile display solutions oer view-through, quantitative test-and-control,
and ID-level decision based upon a brands own data set. Founded in 2010, based in
Boston, MA.

Oracle BlueKai 2/24/14 $350- 5.5x- - Oers its customers a system for managing and activating all their 1st, 2nd and 3rd party
$400 6.3x data in all marketing and customer engagements. BlueKai provides marketers and
publisher an end-to-end SaaS solution to maximize their cross-channel marketing eorts
and create a proprietary solution for unlocking reach, scale and eciency using data.
Founded in 2007, based in Bellevue, WA.

TruePosition Skyhook 2/19/14 $58 - - A mobile location services company that specializes in location positioning, context and
Wireless intelligence. It delivers Behavioral Data through their open platform, emphasizing data
privatization and security for their adtech and app clients. Founded in 2003, based in
Boston, MA.

Yahoo! SPARQ 1/24/14 - - - Optimizes the user's experience across mobile devices & mobile apps resulting in
reduced friction, lower abandonment, and delighted customers. Founded in 2010, based
in Seattle, WA.

Apigee InsightsOne 1/8/14 - - - Oers cloud-based predictive analytic services. The company provides precision
targeting and marketing insights as subscription-based services to mid to large business-
to-consumer (B2C) companies. InsightsOne extracts signals from social, mobile,
unstructured and structured data to optimize oers delivered by email, mobile, in-app,
social and web communications. Founded in 2010, based in Santa Clara, CA.

SmartBear Software Lucierna, S.L. 12/1/13 - - - Oers an enterprise application performance management solution that allows users to
Inc. identify the where, when, and why of application performance problems; and
provides detailed information about each transaction, including business context,
performance, availability, and SLA compliance. Founded in 2009, based in Barcelona,
Spain.

Neustar Aggregate 10/1/13 $119 - 1.9x Provides a media intelligence platform (MIP) that combines both media and audience
Knowledge data, enabling marketers to most eectively allocate media dollars. Founded in 2006,
based in San Mateo, CA.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions (continued)

EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
Facebook Onavo 10/1/13 $150 - 11.5x Develops mobile utility applications. It oers Onavo Extend, which enables to save
mobile data by loading images on scrolling down; and Onavo Count, which provides
mobile data usage reports for iPhone, iPad, and Android devices. Founded in 2010, based
in Palo Alto, CA.

AppDynamics, Inc. Nodetime 9/19/13 - - - Provides application performance monitoring and analytics tools for Node.js applications.
The companys application performance monitoring and analytics solution is used for
performance profiling, optimization, and troubleshooting of Node.js application
performance problems. It serves developers and administrators. Founded in 2006, based
in Munich, Germany.

Splunk BugSense 9/16/13 - - - Provides solutions for Windows phone developers and app publishers. Analyzing billion
of metrics each month across various platforms, BugSense provides thousands of
developers globally - including Fortune 500 companies - with app performance reports
that help developers identify issues and create better mobile app experiences.. Founded
in 2011, based in San Francisco, CA.

Twitter Mopub 9/9/13 $350 - 18.9x Delivers MoPub, a hosted advertisement serving and monetization solution for mobile
publishers and developers worldwide. Its MoPub platform comprises campaign
management, formatting, budgeting, targeting, and reporting features; and an
advertisement network mediation feature that allows users to allocate inventory to the
right advertising network. Founded in 2010, based in San Francisco, CA.

Twitter Locomatix 8/1/13 - - - Develops and operates a single unified platform for real-time stream and analytic data
processing, which sorts and analyzes through millions of location-based data feeds,
including user locations, location based social media, and location-based oers. Founded
in 2010, based in San Francisco, CA.

Yahoo! Admovate 7/1/13 - - - Enables advertisers to create and deliver personalized, hyper-local targeted oers to
customers via mobile channels. Founded in 2012, based in Mountain View, CA.

Adobe Neolane 6/27/13 $600 10.2x 14.3x Develops marketing automation and cross-channel campaign management software and
services for business-to-business and business-to-consumer marketers. Founded in 2001,
based in France.

AdRoll Bitdeli 6/1/13 - - - Bitdeli oers a platform for custom analytics, allowing businesses to build their own
dashboards and visualizations with specific data. Founded in 2011, based in Palo Alto, CA.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions (continued)

EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
Salesforce ExactTarget 6/1/13 $2,500 6.6x - Oers multichannel platform incorporates email, web and social campaign management
and marketing automation to help companies grow their sales, marketing reach and
customer relations by enabling one-on-one engagement with potential and existing
customers. Founded in 2000, based in Indianapolis, IN.

Facebook Parse 4/1/13 $85 - 12.1x Oers a cloud platform simplifies the process of web and mobile app development by
taking care of server-side technical aspects, allowing developers to focus on other areas
such as user experience and design. Founded in 2011, based in San Francisco, CA.

Rovi Corporation IntegralReach 4/3/13 - - - IntegralReach has developed a predictive analytics platform that integrates massive data
from set-tops, smart TVs, tablets, stream servers basically anywhere that video is
consumed enabling media companies and other inventory owners to optimize the
value of the audiences that they deliver across their properties. The cloud-based
platform has been designed from the ground up to deliver timely intelligence and
actionable insights that are only possible with data from millions of homes and scaled
computing resources. Founded in 2012, based in Cambridge, MA.

Telerik AD Eqatec A/S 3/7/13 - - - Provides tools for developers to monitor and measure application usage. Its products
include EQATEC Analytics, a business intelligence solution that is used to analyze the
usage of software applications by collecting the information of application usage,
features usage, exception tracking, hardware information, OS information, custom logs,
and more. Founded in 2003, based in Hellerup, Denmark.

Opera Software Skyfire Labs 2/14/13 $76-$155 19x-38x 1.9x-3.8x Its flagship product, named Rocket Optimizer, enables mobile carriers to optimize video
or other multimedia content on crowded cellular networks, including 3G and 4G LTE. On
average, Rocket Optimizer provides mobile networks a 60% boost in capacity by
optimizing video streams based on available bandwidth. Founded in 2006, based in
Mountain View, CA.

Twitter Crashlytics 1/28/13 $100 - - Provides powerful, yet light weight crash reporting for iOS and Android. Crashlytics
recently released Beta by Crashlytics which brings the Crashlytics expertise to beta
distribution. It is a streamlined solution for app distribution that gives users a single
cross-platform tool-set, and a delightful, eortless onboarding for testers. Founded in
2011, based in Cambridge, MA.

Guavus Neuralitic 1/23/13 - - - Helps mobile network operators understand their users mobile data usage. With this
Systems analysis and intelligence from all mobile data subscribers on a wireless network, the
company provides a 360-degree view of subscribers and roamers mobile usage.
Operators can uncover new trends and habits to be used for future development.
Founded in 2007, based in Montreal, Quebec.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions (continued)

EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
Applause Apphance 8/15/12 - - - Provides a web platform for developers to view crashes, bugs and user feedback.
Apphance supports in-the-wild testing, where getting testing environments are as close
to real-world scenarios as possible. By adding Apphance code to their mobile
applications, developers can track diagnostics and reports through a web interface while
the application is being tested. The software tracks bugs and crashes, and oers over-
the-air update services. Founded in 2008, based in Poland.

Salesforce BuddyMedia 6/12/12 $745 29.8x - Oers a social media marketing platform which enables brands and marketing agencies
to connect and engage with their customers and measure their social marketing
campaigns on Facebook, Google, LinkedIn, Twitter and YouTube. Founded in 2003,
based in San Francisco, CA.

Twitter Boilerplate 4/13/12 - - - Builds tools for mobile application developers. Boilerplates line of tools helps developers
overcome some common problems with mobile app development including A/B testing
for mobile apps as well as a framework that enables developers to iterate much faster.
Founded in 2009, based in San Francisco, CA.

HitFox Group Ad2games 2/8/12 - - - Leveraging advanced behavioral targeting technologies and data mining, ad2games
provides quality users for more than 150 game publishers such as Bigpoint, Gameforge,
EA, Kabam, Goodgame Studios and Nexon. Founded in 2007, based in Berlin, Germany.

Yahoo! Inc. interclick, inc. 11/1/11 $263 2.0x - Provides solutions for data-driven advertising in the United States. The companys Open
Segment Manager platform organizes and valuates various data points to construct
responsive digital audiences for digital marketers. Founded in 2006, based in New York,
NY.

Hootsuite Geotoko 10/10/11 - - - Provides a location-based marketing and analytics software platform for businesses and
brands to run real-time location-based marketing campaigns. Businesses can create
engaging mobile promotions (check-in deals, flash-mob deals, instant win games, loyalty
programs etc) across multiple venues on existing location-based apps (Foursquare,
Gowalla, Facebook Places) or integrate with their own mobile apps using the Geotoko
API. Founded in Vancouver, BC.

Adobe Nitobi 10/3/11 - - - Develops PhoneGap, an open source HTML5 mobile application development platform,
which allows developers to create cross-platform native mobile applications using HTML
and JavaScript.PhoneGaps open source platform has been downloaded more than
600,000 times and has been used to create thousands of mobile applications available
on Android, iOS, BlackBerry and other operating systems including Windows Phone,
webOS, Symbian. Founded in 1998, based in Vancouver, BC.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization
MOBILE DATA INSIGHTS ARCHITECTPARTNERS
D R I V I N G P R E M I U M VA L U E M & A

Appendix: Acquisitions (continued)

EV/
ANNOUNCED EV EV/ INVESTED
ACQUIRER TARGET DATE (MM) LTM REV CAP TARGET DESCRIPTION
Compuware Dynatrace LLC 7/6/11 $231 8.9x 10.6x Provides application performance monitoring tools for business clients in the United
Corporation States and internationally. It oers Dynatrace application monitoring, Dynatrace user
experience management, and Dynatrace synthetic monitoring solutions; and Data Center
RUM, a network and application monitoring solutions. Founded in 2005, based in
Waltham, MA.

Teradata Aster Data 3/3/11 $263 - 4.9x Aster Data is a proven leader in big data management and big data analysis for data-
Systems driven applications. Aster Data's solution eectively uses Aster's patent-pending SQL-
MapReduce with parallelized data processing and applications to address the big data
challenge. Founded in 2005, based in San Carlos, CA.

Voltari Adenyo 1/31/11 $100 - 3.4x Provides marketing and analytics services for mobile operators, brands and agencies. It
provides a mobile marketing and media full-solution that delivers a complete set of turn-
key solutions for advertisers mobile marketing campaigns. Founded in 2005, based in
Toronto, ON.

Adobe Demdex 1/18/11 $58 - 6.8x Provides Audience Management solutions for powering dynamic, multi-channel data
strategies online.Its solutions include SegmentID, an audience data capture and
segmentation solution and AdPACT, a privacy management platform that is a pact
between online advertisers and consumers to give users the privacy, anonymity, control,
and transparency. Founded in 2008, based in New York, NY.

Salesforce Heroku 12/8/10 $250 - 19.2x Heroku is a multi-language cloud application platform that enables developers to deploy,
scale, and manage their applications. Founded in 2007, based in San Francisco, CA.

IBM CoreMetrics 6/15/10 $150 - 1.1x Allows businesses to understand how consumers interact with their websites to measure
and improve the eectiveness of online marketing programs. Founded in 1999, based in
San Mateo, CA.

Google AdMob 11/9/09 $750 12.5X 16.0x Provides analysis, monetization and promotion solutions for app developers. Mobile
analytics also oer insights into mobile app usage and performance. Founded in 2006,
based in Mountain View, CA.

Adobe Omniture 9/15/09 $1,800 5.1x - Provides a series of products and services that help marketing and executives within
advertising agencies evaluate and analyze the eectiveness of websites and on-line
marketing and advertising campaigns. Products include software which analyze online
visitor acquisitions eectiveness, ad and marketing conversion, and website
eectiveness. Founded in 1996, based in Orem, UT.

KEY
Value: Improve Mobile App User Experience
Value: Improve Marketing & Advertising Effectiveness &
Monetization