INDUSTRY UPDATE ADTECH AND MARKETING SERVICES Q1 2022 - GCG ADTECH AND MARKETING SERVICES UPDATE | Q1 2022
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
GCG AdTech and Marketing Services Update | Q1 2022 Industry Update AdTech and Marketing Services Q1 2022 GCG AdTech and Marketing Services Update | Q1 2022 Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.
GCG AdTech and Marketing Services Update | Q1 2022
Global Advertising Market
Global Ad Spending Total Media Ad Spending Worldwide, 2020 - 2025
• Led by an unprecedented expansion in digital advertising, $1,091
total global ad spending saw record growth in 2021, with $1,021
$947
significant growth expected in display & search ad spending $866
$781
• As per the three prominent global ad agencies Magna,
Zenith and GroupM, the market growth witnessed in 2021 is $651
expected to continue in 2022, with each of the three firms 20%
predicting late single digit ad spending growth
11%
• The incorporation of augmented reality, and the increase in 9%
8% 7%
use of artificial intelligence as a tool for advertisement and
high adoption of programmatic advertisement will lead to (1%)
sizable demand in the market, driving market growth in the
next few years
2020 2021 2022 2023 2024 2025
Global Ad Spending ($bn) % Change
North American Advertising Industry Size ($bn) Digital Ad Spending Worldwide, 2020 - 2025
$318 $785
%
: 3.6
$717
GR $648
02 8 CA
0-2
$571
202 $492 70%
72%
69%
$381 66%
63%
$240
59%
2020 2021 2022 2023 2024 2025 2026 2027 2028 2020 2021 2022 2023 2024 2025
Digital A d Spending ($bn) % of Total Ad Spending
GCG AdTech and Marketing Services Update | Q1 2022 Source: eMarketer, Businesswire, Forbes
Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.
GCG AdTech and Marketing Services Update | Q1 2022
Marketing Tech and Programmatic ads
Digital Marketing Tech Global Digital Marketing Software Industry Size ($bn)
• The global digital marketing software industry size was
$264
valued at $56.5 billion in 2021 and is expected to be valued
at $264.1 billion in 2030 growing at a CAGR of 19.1%
%
• Artificial intelligence and machine learning is likely to drive 1 9.1
G R:
growth for marketing solutions in 2022, with widespread use 0 CA
of chatbots and natural language processing solutions 2 03
2 1-
20
• The proliferation of big data analytics in digital marketing
and the increasing ease of purchasing by removing location
constraints are expected to create opportunities for market $57
growth
• Social CRM solution is expected to garner high significance
in the coming years, as organizations try to engage with
customers on social media to publicize brands and products 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Programmatic Ads Programmatic Advertisement Spending ($bn)
• Programmatic ad spend is indicated to reach $100.0 billion
in 2022, up from $80.0 billion in 2021 : 26.0
%
A GR
• In 2021, programmatic ads are estimated to be 72.0% of all -2 022 C $100
2020
digital display ad spend $80
• Marketers are now putting more than 50.0% of their media $63
budget into programmatic advertising
• Connected TV programmatic ad spend is projected to reach
$8.9 billion in 2022, a nearly $2 billion increase over 2021
• US advertisers spent 41.2% more on programmatic display
ads in 2021, the biggest annual increase since 2016.
Annual growth is expected to be 16.3% in 2022 2020 2021 2022
GCG AdTech and Marketing Services Update | Q1 2022 Source: Grand View Research, ROI Revolution, Forbes,
Mordor Intelligence, eMarketer
Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.GCG AdTech and Marketing Services Update | Q1 2022
M&A Trends
Volume Analysis AdTech and Marketing Services Deal Activity
% % %
CY CY CY CY 259
Period change change change
2019 2020 2021 2022 228
19-20 20-21 21-22 222 220
195 195 200 202
185 189 184
Q1 195 200 228 202 3% 14% (11%) 175
140
Q2 195 140 222 NA (28%) 59% NA
$353
$310
$211
Q3 185 184 220 NA (1%) 20% NA
$145
$14 $120
$100 $100 $98 $89 $100 $110 $68
Q4 189 175 259 NA (7%) 48% NA
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022
Annual 764 699 929 202 (9%) 33% NA
Number of Deals Average Deal Value ($mm)
Target Sector Analysis by Deal Volume M&A Activity by Buyer Type
1 2
0 .0
%
5% 7% 10% 5% 10% 8% 6% 7% 10% 5% 6% 8% 7% 1 0 .0
%
103
73 69 64
42
8 0
. %
38 49 53
43 55 58 48 6 0
. %
32
95% 93% 90% 95% 91% 92% 94% 93% 90% 95% 94% 92% 93% 4 0
. %
157 146 142 158 155 153 156 156 149
134 126 127
108 2 0
. %
0 .0
%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022
Marketing Services AdTech Strategic Buyer Financial Buyer
GCG AdTech and Marketing Services Update | Q1 2022 Source: S&P Capital IQ
Note: All values based on publicly available data as of 03/31/2022
Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.GCG AdTech and Marketing Services Update | Q1 2022
Valuation Overview
Public Comps and M&A Summary Valuation Metrics
11.7x
8.9x
EV/Revenue
7.1x
5.4x
2.2x 2.1x 1.8x 1.5x 3.9x 3.3x 2.7x
1.3x 0.9x 0.8x 0.7x
0.5x
70.8x
EV/EBITDA
44.7x 42.8x
37.3x
28.6x
15.6x 14.8x
9.9x
8.3x 10.5x 11.5x 8.3x 9.3x
6.4x 5.3x 6.9x
LTM LTM CY’21 CY’22 CY’23 CY’21 CY’22 CY’23
M&A Public Company Trading Multiples
Marketing Services AdTech Median
GCG AdTech and Marketing Services Update | Q1 2022 Source: S&P Capital IQ
Note: All values based on publicly available data as of 03/31/2022
Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.GCG AdTech and Marketing Services Update | Q1 2022
Public Comparable Companies
LTM Results LTM Margins 1Yr FWD Margins Enterprise TEV / LTM: TEV / 1Yr FWD:
AdTech Revenue EBITDA Gross EBITDA Gross EBITDA Country Value Revenue EBITDA Revenue EBITDA
The Trade Desk, Inc. $ 1,196 $ 218 81.5% 18.2% NA 37.5% United States $ 32,900.5 27.50x NM 20.8x 55.3x
HubSpot, Inc. $ 1,301 $ 10 80.1% 0.8% NA 12.6% United States $ 22,107.6 17.00x NM 12.8x 102.0x
DoubleVerify Holdings, Inc. $ 333 $ 56 83.7% 16.9% NA 30.0% United States $ 3,876.9 11.65x 68.78x 8.9x 29.8x
Magnite, Inc. $ 468 $ 127 56.9% 27.1% NA 33.4% United States $ 2,326.2 4.97x 18.33x 4.4x 13.1x
Integral Ad Science Holding Corp. $ 324 $ 30 83.1% 9.3% NA 31.2% United States $ 2,302.9 7.12x 76.76x 5.5x 17.6x
LiveRamp Holdings, Inc. $ 506 $ (52) 71.2% (10.2%) NA 10.0% United States $ 2,052.2 4.05x NM 3.4x 34.0x
LivePerson, Inc. $ 470 $ (34) 66.6% (7.3%) NA (2.2%) United States $ 1,837.2 3.91x NM 3.3x NM
Criteo S.A. $ 2,254 $ 300 34.7% 13.3% NA 32.3% France $ 1,248.4 0.55x 4.16x 1.2x 3.8x
PubMatic, Inc. $ 227 $ 77 74.3% 33.9% NA 36.8% United States $ 1,217.9 5.37x 15.82x 4.3x 11.6x
Tremor International Ltd $ 342 $ 108 79.0% 31.7% NA 43.5% Israel $ 850.3 2.56x 8.08x 2.2x 5.0x
Innovid Corp. $ 90 $ 3 80.3% 3.3% NA 1.0% United States $ 646.2 7.16x NM 5.7x NM
25th Percentile 66.6% 0.76% NM 10.0% 25th Percentile 3.9x 7.1x 3.3x 8.3x
Mean 72.0% 12.5% NM 24.2% Mean 8.3x 32.0x 6.6x 30.3x
Median 79.0% 13.3% NM 31.2% Median 5.4x 17.1x 4.4x 17.6x
75th Percentile 81.5% 27.1% NM 36.8% 75th Percentile 11.7x 70.8x 8.9x 44.7x
Public Comps (TEV/EBITDA)
AdTech companies have had an average TEV/EBITDA multiple of 36.0x over the last 5 years
59.9x 67.4x 59.7x 64.6x
42.7x 47.5x 47.9x
27.6x 35.8x 32.4x 30.9x 32.4x 32.0x
19.3x 25.8x 22.2x 27.1x 26.9x 21.9x 22.8x
9.2x
2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1
Public Comps (TEV/Revenue)
AdTech companies have had an average TEV/Revenue multiple of 7.8x over the last 5 years
15.8x 14.9x 15.9x
10.8x 12.2x 12.1x
6.1x 5.9x 7.0x 6.2x 7.0x 8.5x 8.3x
3.2x 3.7x 4.6x 4.0x 4.2x 4.7x 4.4x 4.7x
2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1
GCG AdTech and Marketing Services Update | Q1 2022 Source: S&P Capital IQ
Note: All values based on publicly available data as of 03/31/2022
Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.GCG AdTech and Marketing Services Update | Q1 2022
Public Comparable Companies
LTM Results LTM Margins 1Yr FWD Margins Enterprise TEV / LTM: TEV / 1Yr FWD:
Marketing Services Revenue EBITDA Gross EBITDA Gross EBITDA Country Value Revenue EBITDA Revenue EBITDA
Zeta Global Holdings Corp. $ 458 $ (199) 61.9% (43.3%) NA 15.1% United States $ 2,622.6 5.7x NM 4.8x 32.0x
TechTarget, Inc. $ 263 $ 55 74.1% 21.0% NA 39.3% United States $ 2,512.1 9.5x 41.8x 8.0x 20.4x
S4 Capital plc $ 664 $ 91 84.9% 13.7% NA 17.5% United Kingdom $ 2,090.8 3.1x 20.1x 1.8x 10.4x
Taboola.com Ltd. $ 1,378 $ 46 32.0% 3.4% NA 12.2% United States $ 1,271.3 0.9x 20.0x 0.8x 6.2x
MediaAlpha, Inc. $ 645 $ 6 15.7% 0.9% NA 7.4% United States $ 767.2 1.2x 117.2x 1.1x 15.5x
Perion Network Ltd. $ 478 $ 49 34.5% 10.2% NA 14.6% Israel $ 687.9 1.4x 12.9x 1.1x 7.6x
Quotient Technology Inc. $ 521 $ 9 38.0% 1.8% NA 11.0% United States $ 588.8 1.1x 37.3x 1.8x 16.1x
QuinStreet, Inc. $ 589 $ 24 11.3% 4.1% NA 7.3% United States $ 529.5 0.9x 17.3x 0.8x 11.3x
comScore, Inc. $ 367 $ 2 45.5% 0.5% NA 9.8% United States $ 493.8 1.3x 39.5x 1.3x 12.8x
Outbrain Inc. $ 1,016 $ 46 23.7% 4.5% NA 8.3% United States $ 397.7 0.4x 8.7x 0.3x 4.0x
Digital Media Solutions, Inc. $ 428 $ 32 18.7% 7.6% NA 12.0% United States $ 302.2 0.7x 9.3x 0.6x 5.4x
dotdigital Group Plc $ 82 $ 21 82.2% 25.0% NA 32.2% United Kingdom $ 275.5 3.4x 12.8x 3.2x 10.0x
Fluent, Inc. $ 329 $ 15 26.0% 4.6% NA 6.6% United States $ 184.2 0.6x 10.4x 0.5x 7.6x
AcuityAds Holdings Inc. $ 96 $ 8 52.1% 8.2% NA 14.9% Canada $ 119.1 1.2x 11.4x 1.0x 6.8x
XLMedia PLC $ 66 $ 5 100.0% 6.8% NA 29.6% Cyprus $ 118.6 1.8x 20.3x 1.7x 5.6x
Ebiquity plc $ 85 $ 7 48.2% 7.8% NA 11.4% United Kingdom $ 108.1 1.3x 11.9x 1.2x 10.3x
25th Percentile 24.2% 3.7% NM 8.7% 25th Percentile 0.9x 11.4x 0.8x 6.4x
Mean 46.8% 6.2% NM 15.6% Mean 2.2x 26.1x 1.9x 11.4x
Median 41.7% 6.5% NM 12.1% Median 1.3x 17.3x 1.2x 10.1x
75th Percentile 71.1% 11.1% NM 16.9% 75th Percentile 2.8x 37.3x 1.8x 14.8x
Public Comps (TEV/EBITDA)
Marketing Services companies have had an average TEV/EBITDA multiple of 26.6x over the last 5 years
39.3x 43.7x
25.5x 25.4x 24.2x 30.9x 25.5x 25.9x 29.8x 29.7x 31.3x 30.4x 27.8x 28.6x 26.1x
17.6x 17.1x 22.2x 15.1x 21.8x 21.6x
2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1
Public Comps (TEV/Revenue)
Marketing Services companies have had an average TEV/Revenue multiple of 2.7x over the last 5 years
2.4x 2.6x 2.7x 2.9x 2.6x 2.6x 2.6x 1.9x 2.3x 2.5x 2.1x 2.7x 1.7x 2.3x 3.0x 4.0x 4.0x 4.4x 3.4x 3.0x 2.2x
2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1
GCG AdTech and Marketing Services Update | Q1 2022 Source: S&P Capital IQ
Note: All values based on publicly available data as of 03/31/2022
Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.GCG AdTech and Marketing Services Update | Q1 2022
Selected M&A Transactions – AdTech
Implied EV/ EV/
Date Target Buyer Description
EV ($M) Revenue EBITDA
Tuatara Capital Acquisition Designs and develops marketing, communication, and CRM
Nov-21 SpringBig, Inc. 287.2 18.9x -
Corporation software for cannabis dispensaries and cannabis brands
iClick Interactive Asia Group Provides an audience identification solution allowing marketers
Oct-21 Infinity Equity Management Co. Ltd. 689.5 2.2x -
Limited to search and customize their targeted audience
Develops marketing software to carry loyalty programs for
Oct-21 FiveStars Loyalty, Inc. SumUp Payments Limited 317.0 0.01x -
businesses
Delivers a mobile monetization platform that helps drive more
Oct-21 MoPub, Inc. AppLovin Corporation 1050.0 5.6x -
revenue from advertising and mobile transactions
Provides a tracking platform for advertisers seeking ROI
Oct-21 AdRizer, LLC. LoMo 71.8 2.2x -
optimization and digital analytics
Squid Digital Media Channel Provides an online platform to design, create, monitor, and
Oct-21 Locaweb Serviços de Internet S.A. 32.4 1.8x -
Ltda. publish the advertising campaigns for e-businesses
iClick Interactive Asia Group Oasis Management; PAG Pegasus Provides an audience identification solution allowing marketers
Sep-21 632.2 2.2 -
Limited Fund to search and customize their targeted audience
Operates an online marketing platform for small businesses
Sep-21 The Rocket Science Group Intuit Inc. 11719.3 14.6x -
around the world
Offers SharpSpring, a marketing automation Software as a
Jun-21 SharpSpring, Inc. Constant Contact, Inc. 221.0 7.3x -
Service platform
Develops a mobile application advertising platform that enables
Jun-21 Jampp (Ireland) Limited Affle International Pte. Ltd. 41.3 1.4x -
application marketers to acquire and monitor users
Develops an emotion-sensing artificial intelligence software
May-21 Affectiva, Inc. Smart Eye AB (publ) 74.8 15.0x -
solution for use in the commercial market
Offers site search, review, recommendation, ad optimization
Mar-21 ZETA INC Scigineer Inc. 10.3 1.4x -
engines and predictive and personalized solutions
Offers integrated service retention and service drive sales tools
Mar-21 Dealer-FX Group, Inc. Snap-on Incorporated 200 5.4x -
to dealers and OEMs
Provides cloud-based identity management platforms, managed
Feb-21 Synacor, Inc. Centre Lane Partners 91.4 1.1x 39.7x
web and mobile portals, and advertising solutions
Provides an online video advertising platform for publishers and
Feb-21 SpotX, Inc. Magnite, Inc. 1141.2 6.7x 32.6x
advertisers
Provides solutions which automates digital customer
Dec-20 IMImobile PLC Cisco Systems Holdings UK Limited 719.5 3.3x 25.6x
communications, interactions to enhance customer experience
Develops an application that offers online ad measurement and
Sep-20 Codewise Sp. z o.o. CentralNic Group Plc 36.0 0.6x -
management solutions for digital marketers
GCG AdTech and Marketing Services Update | Q1 2022 Source: S&P Capital IQ
Note: All values based on publicly available data as of 03/31/2022
Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.GCG AdTech and Marketing Services Update | Q1 2022
Selected M&A Transactions – AdTech (Cont’d)
Implied EV/ EV/
Date Target Buyer Description
EV ($M) Revenue EBITDA
Platform allows users to profile and predict customer behavior
Jul-20 Retention Science Inc. Endurance International Group 35.0 4.4x -
and send the right message at the right time
Provides search and search-related services in the People’s
Jul-20 Sogou Inc. Tencent Holdings Limited 2405.7 2.1x 30.4x
Republic of China
Operates as a mobile content discovery and advertising platform
Feb-20 Mobile Posse, Inc. Digital Turbine Media, Inc. 66.0 1.1x 5.2x
company for mobile operators and OEMs
Jan-20 Unruly Group Limited Tremor International Ltd Operates an online platform for social video advertising 19.1 0.3x -
Offers publishers with real-time analytics, data, and decisioning
Dec-19 Telaria, Inc. The Rubicon Project, Inc. 375.6 5.5x -
tools to control their video advertising business
Develops location-based platform that enables small and
Dec-19 Nowfloats Technologies Pvt Ltd. Reliance Strategic Business Ventures 23.6 5.1x -
medium-sized businesses to go online and get discovered
Offers data science solutions, such as third party user database,
Nov-19 Weborama SA Start-up Avenue 25.1 0.6x -
insights and ad hoc taxonomies, and data services
Provides solutions based on semantic technology, creativity, and
Nov-19 ADmantX SpA Integral AD Science UK Ltd. 19.4 8.8x -
social collaboration features to improve online advertising
The platform Honey is an online service that automatically finds
Nov-19 Honey Science Corporation PayPal Holdings, Inc. 4000.0 40.0x -
coupon codes for the site the users’ shopping at
Designs and develops marketing analytics software solutions for
Oct-19 dataxu, inc. Roku, Inc. 149.3 1.0x -
brand marketers and agencies worldwide
Develops solutions that connect business with audience,
Oct-19 TWW do Brasil SA Sinch AB (publ) 44.0 1.3x 10.3x
enhance relations with clients, partners, and employees
Provides mobile marketing messaging platform that enables
Sep-19 myElefant SAS Sinch AB (publ) 23.5 2.0x 26.9x
brands to design, send, and track content campaigns
The platform enables customers to take control over their own
Aug-19 Cxense ASA Piano Software B.V. 38.2 2.0x -
data, build marketable audience segments
Jul-19 3Cinteractive Corp. IMImobile PLC Offers could-based mobile marketing solutions 53.1 1.6x 17.7x
Operates as an online advertising technology company that
Jan-19 RhythmOne plc Taptica International Ltd 162.3 0.5x 10.7x
connects brands and audiences through digital advertising
Develops a public relations (PR) and media monitoring software
Jan-19 Trendkite, Inc. Cision Ltd. 224.4 8.8x -
for agencies and corporate brands
GCG AdTech and Marketing Services Update | Q1 2022 Source: S&P Capital IQ
Note: All values based on publicly available data as of 03/31/2022
Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.GCG AdTech and Marketing Services Update | Q1 2022
Selected M&A Transactions – Marketing Services
Implied EV/ EV/
Date Target Buyer Description
EV ($M) Revenue EBITDA
Operator of an influencer marketing agency intended to connect
Mar-22 Audiencly GmbH Flexion Mobile Plc 22.4 2.7x 14.6x
companies with influencers and content creators
Operates as a digital agency that partners with product and
Mar-22 Market Rocket Limited S-Ventures Plc 2.2 3.4x -
brand owners globally to provide digital business opportunities
It provides services such as content marketing, data and
Mar-22 Helix House LLC Business Warrior Corporation 4.8 4.9x -
analytics, design and development, social media and consulting
Provider of podcast advertising services intended to connect
Feb-22 Podcast Ad Reps LLC AdvertiseCast, LLC 11.9 1.5x -
independent podcasts with national brands
Provides digital marketing support services to small and
Feb-22 SoldOut, Inc. Hakuhodo DY Holdings Inc 145.8 0.8x 28.3x
medium-sized venture companies in Japan
International Fund Management Operates as a marketing research company in Japan and
Feb-22 INTAGE HOLDINGS Inc. 553.2 1.2x 10.3x
Limited; Nippon Active Value Fund plc internationally
All Assets of GAP Promotions, Assets of GAP Promotions, LLC comprises promotion agency
Jan-22 Stran & Company, Inc. 3.2 0.4x -
LLC business
It engages in the marketing management business. It was
Jan-22 Emprendimientos Aereos S.R.L. Digital360 S.p.A. 0.9 0.7x 9.1x
founded in 2000 and is based in Buenos Aires, Argentina.
Provider of advertising and marketing services in Europe, the
Jan-22 M&C Saatchi plc AdvancedAdvT Limited 343.6 0.6x 6.1x
Middle East, Africa, Asia, Australia, and the Americas
Assets of Mobile Media, Inc and Assets of Mobile Media, Inc and MMI Agriculture comprises of
Jan-22 GrowGeneration Corp. 9.4 0.7x -
MMI Agriculture outdoor advertising agency
Provides market and social research services in Switzerland and
Dec-21 LINK Marketing Services AG YouGov plc 28.5 1.1x -
internationally
Dec-21 Vuchi Media Private Limited Brightcom Group Limited Offers digital marketing services 77.1 6.0x -
Provides digital content services for marketing, communications,
Dec-21 Sector 5 Digital, LLC The Glimpse Group, Inc. 26.4 8.8x -
sales, and others
Mosaico Tecnologia ao Engages in placement of publicity and ads through its own and
Oct-21 Banco Pan S.A. 222.7 5.5x 94.1x
Consumidor 3rd party websites
Provides data marketing, data consulting and digital activation
Sep-21 Artefact SA Ardian 327.1 3.3x 22.8x
solutions internationally
Operates as a digital agency and offers its services in the area
Aug-21 Emakina Group SA EPAM Systems, Inc. 150.5 1.2x 16.1x
of retail marketing
Offers services, such as advertising impact studies, behavioral
Jun-21 GapFish GmbH Cint Group AB (publ) 34.8 3.5x 21.8x
sampling, mobile research, etc.
Engages in the production of various advertising video content in
May-21 AOI TYO Holdings Inc. Studio Cruise Co., Ltd. 212.2 0.4x 31.2x
Japan and internationally
GCG AdTech and Marketing Services Update | Q1 2022 Source: S&P Capital IQ
Note: All values based on publicly available data as of 03/31/2022
Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.GCG AdTech and Marketing Services Update | Q1 2022
Selected M&A Transactions – Marketing Services (Cont’d)
Implied EV/ EV/
Date Target Buyer Description
EV ($M) Revenue EBITDA
Engages in commerce marketing activation connecting retailers
Apr-21 Shopper Media Group Ltd Next Fifteen Communications 21.9 1.8x -
and brands with shoppers
Operates website that provides information about purchases
Mar-21 WebCrew Inc. FW Co., Ltd 44.0 1.0x -
and use of products and services provided by supplier
Helps users to publish job opportunities, personal stories, and
Dec-20 Taylor Media Corp. Clear Link Technologies, LLC 102.5 2.1x -
freebies and promote the same
Provides marketing, content, and communications services
Nov-20 WPP AUNZ Limited Cavendish Square Holding B.V. 604.8 1.0x 6.4x
primarily in Australia, New Zealand, and Asia
Provides marketing services to the video games and
Nov-20 g-Net Media, Inc. Keywords Studios plc 32.0 2.0x 14.5x
entertainment industries
Provides digital products, services and solutions to challenges in
Oct-20 Creuna A/S Knowit Experience AS 38.9 0.9x 15.9x
sales, marketing, branding, and communication
Offers lead generation for iGaming through paid media (PPC)
Oct-20 Atemi Group Better Collective A/S 51.6 1.4x -
and social media advertising
Provides elevator poster advertising services. It serves
Jul-20 City-Media(Shanghai) Country Garden Life Services Group 202.7 3.8x 16.0x
commercial buildings and communities in China
Offers market research, consulting, and communications
Jul-20 Cello Health plc Value Demonstration UK 223.4 1.1x 13.3x
services to the pharmaceutical and healthcare clients
Jun-20 Shanghai Pro Trend Advertising Shandong Judi Enterprise Provides digital media integrated marketing services. 25.1 9.1x -
Provides advertising and promotion programs to consumer
Mar-20 Neptune Retail Solutions Charlesbank Capital Partners, LLC 235.0 0.3x -
brands in North America
Provides bus shelter advertising solutions and serves
Mar-20 Clear Media Limited City Lead Developments Limited 791.1 5.2x 11.4x
educational institution, IT digital product, and transport sectors
Plans market surveys, advertising, public relations, media
Feb-20 Growww Media Co., Ltd. Hakuhodo Zeta Inc. 107.2 0.8x 6.9x
buying, domestic and international exhibitions
Jan-20 Anagrams Co., Ltd. Feedforce Inc Offers marketing and advertising consultation services 22.8 3.0x -
Sanoma Media Netherlands Offers print, digital, television, events advertising services and
Dec-19 DPG Media Group nv 510.4 1.3x -
B.V. also publish magazines
Offers digital displays and services that are primarily placed in
Nov-19 AdCityMedia AB (publ) Ocean Bidco Limited 37.2 1.8x 6.6x
stores, restaurants, and cafés
Oct-19 QMS Media Pty Limited Quadrant Private Equity Pty Limited Provides out-of-home advertising and media services 506.7 4.1x 9.4x
Shanghai DLG Exhibition & Engages in planning and organizing exhibitions, communication
Oct-19 Dlg Exhibitions & Events 389.5 2.5x -
Events Group and conference forums
GCG AdTech and Marketing Services Update | Q1 2022 Source: S&P Capital IQ
Note: All values based on publicly available data as of 03/31/2022
Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.GCG AdTech and Marketing Services Update | Q1 2022
Selected M&A Transactions – Marketing Services (Cont’d)
Implied EV/ EV/
Date Target Buyer Description
EV ($M) Revenue EBITDA
Offers creative, strategy and planning, performance media, and
Oct-19 Firewood Marketing, Inc. MediaMonks B.V. 150.0 2.6x 14.6x
technology services
Offers travel-based marketing and promotion solutions for
Sep-19 Ignite Travel Group Limited Flight Centre Travel Group Limited 42.1 0.3x -
corporate clients retail customers, and tourism partners
Designs, produce, install, broadcast and operate digital signage
Sep-19 Visual Art Sweden AB Ocean Outdoor Limited 69.3 2.5x 14.3x
systems
Offers creative production, studio creative, photography, and
Jul-19 Wellcom Group Limited Innocean Worldwide Inc. 181.5 1.6x 14.4x
retouching services
Services include experience strategy and service design,
Jul-19 Mad*Pow Media Solutions LLC Tech Mahindra (Americas), Inc. 25.7 1.7x -
interaction design and visual design
Engages in the online publication of targeted business news and
Jul-19 SmartBrief, Inc. Future plc 66.1 1.9x -
information for senior executives
Offers consulting services on brand development and marketing
Jul-19 The Kantar Group Limited Bain Capital Private Equity, LP 4000.0 1.2x 8.2x
insight to brands solving their marketing questions
Operates as a publishing company primarily in Europe and the
Jun-19 Axel Springer SE KKR & Co. Inc 9631.8 2.7x 13.7x
United States
Provides digital marketing services that use inventory, data and
May-19 Slutzky & Winsham Ltd. Bright Mountain Media, Inc. 23.5 1.9x -
technology to manage the profitable audiences for clients
Publicis Groupe; MMS USA Provides marketing solutions that integrate data, creativity, and
Apr-19 Epsilon Data Management, LLC 4400.0 2.3x -
Investments technologies for advertisers
Provides end-to-end customer acquisition solutions using
Mar-19 MG LLC Willis Towers Watson 1334.5 5.1x -
various platforms and marketing techniques
Provides outdoor and out-of-home advertising services on
Mar-19 Interbest B.V./Ngage Media Ocean Outdoor Limited 57.6 2.0x 6.9x
advertising masts
Provides consulting services on digital marketing; planning and
Feb-19 Netyear Group Corporation NTT DATA Corporation 44.1 0.8x -
production of digital content
GCG AdTech and Marketing Services Update | Q1 2022 Source: S&P Capital IQ
Note: All values based on publicly available data as of 03/31/2022
Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.GCG AdTech and Marketing Services Update | Q1 2022
AdTech and Marketing Services Expertise
GCG’s AdTech and Marketing Services team has vast industry background and
expertise formed by working with clients across numerous sub-verticals including
AdTech, Marketing Services, MarTech, Communications, Software, and Digital
Media. With experience serving private and public company sales, acquisition
advisory, public and private equity financings, and fairness opinions, GCG has a
deep understanding of the trends and dynamics affecting this increasingly global
industry.
More about Greenwich Capital Group Jeff Cruz
Greenwich Capital Group (“GCG”) is a middle market focused advisory firm offering Managing Director
a range of investment banking and consulting services to private companies, public
Technology Leader
companies and private equity investors. For additional perspective or to discuss
M&A related opportunities in the digital media & advertising sector, please reach jcruz@greenwichgp.com
out to GCG’s Technology practice leader, Jeff Cruz. For more information, please M: (415) 699-9020
visit www.greenwichgp.com.
Data Sources: We have based our findings on data provided by industry recognized sources. Data and information for this publication was collated from the S&P Capital IQ
database. For more information on this or anything else related to our research, please email info@greenwichgp.com.
Disclaimer: This publication contains general information only and Greenwich Capital Group, LLC is not, by means of this publication, rendering professional advice or services.
Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. Greenwich Capital Group,
LLC shall not be responsible for any loss whatsoever sustained by any person who relies on this publication.
GCG AdTech and Marketing Services Update | Q1 2022
Copyright © 2022 Greenwich Capital Group LLC, All rights reserved.You can also read
