NOAH ADVISORS INTRODUCTION TO - NOVEMBER 2018 - AWS
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®
INTRODUCTION TO
NOAH ADVISORS
NOVEMBER 2018
®
TABLE OF CONTENTS
INTRODUCTION TO
Corporate Finance Practice 3
NOAH ADVISORS
NOAH Conference 14
Select Completed Transactions 26
2
®
INTRODUCTION TO
CORPORATE FINANCE PRACTICE
NOAH ADVISORS
3
EUROPE’S LEADING INTERNET Selected Completed NOAH Transactions
CORPORATE FINANCE BOUTIQUE
September 2018 July 2018
Sale of 100% in Sale of 100% in
®
10Bis
Unique Industry Know-How Strong Investment Banking Competence to
for €135m to
Focus on Leading European Internet companies Over 40 years of combined relevant M&A
experience
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors Routine execution of M&A and financing
as well as 100+ online-focused corporates transactions with sizes of several billion euros Financial Advisor to 10bis Exclusive Financial Advisor to
and its shareholders PromoFarma and its shareholders
Deep understanding of industry dynamics 30 successfully completed NOAH Advisors
August 2017 December 2016
transactions underline successful transfer of
Ability to add value beyond banking advice Acquisition of a Majority Stake in Investment in
M&A competencies to the Internet sector
Facilitates overall process and minimizes
management distraction
by
by
Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs!
at a valuation of $200m
NOAH Advisors is globally well connected Entrepreneurial mind-set, focused on growing the
and has direct access to virtually all key business and establishing a reputation for excellence
Financial Advisor to EMK Capital Financial Advisor to Silver Lake
players in the industry
Ability to deliver top results in short time frames
Knowledge of and strong relationships with October 2016 December 2014
potential buyers’ key decision makers Investment in
Highly success-based compensation structures
Sale of 100% of
Proactively finds and unlocks attractive align interests of clients and NOAH Advisors, and
investment opportunities for leading investors demonstrate conviction to deliver top results
by
Annual NOAH Conference in its 8th year
Creative deal solutions for $800m to
84% Ownership
The NOAH Advisors Core Banking Team
Exclusive Financial Advisor to KäuferPortal Exclusive Financial Advisor to
and its Shareholders Fotolia and the Selling Shareholders
Marco Rodzynek Jan Brandes
October 2014 May 2014
Managing Director & Founder Managing Director
Sale of 100% of
sold 100% of
for €80m to
Nikhil Parmar Olek Skwarczek Lukas Schlund for $228m to a joint venture between
Director Associate Analyst
Exclusive Financial Advisor to Exclusive Financial Advisor to Yad2
Trovit and its Shareholders and its Shareholders
4
THE NOAH ECOSYSTEM
MEDIA LARGE CAP INTERNET OTHER VENTURE CAPITAL
EARLY STAGE
e ventures
CORPORATES
GROWTH CAPITAL
INVESTORS
INTERNET
®
Connecting Leaders to Support
the European Digital Ecosystem
SERVICE PROVIDERS
RECRUITING ADVERTISING LEGAL
BUYOUT
LATE STAGE
ACCOUNTING PR AGENCIES CONSULTING
5
EUROPE’S LARGEST INTERNET COMPANIES
A significant number of companies valued above €100 million ®
ADVERTISING CLASSIFIEDS ECOMMERCE
SERVICES GAMING
LEAD GENERATION & MARKETPLACES TRAVEL APPS
6
UNIQUE ACCESS TO A WIDE RANGE OF INTERNET INVESTORS
Long lasting relationships with strategic and financial investors
®
INTERNET Coverage of 75,000 industry leaders TRADITIONAL
LARGE CAP through conferences and M&A TMT & RETAIL
VC AND
PRIVATE EQUITY
GROWTH FUNDS
ANGELS /
HEDGE FUNDS
FAMILY OFFICES
7
NOAH HAS ACQUIRED UNIQUE UNDERSTANDING OF THE EUROPEAN ONLINE ECOSYSTEM
®
SECTOR KPIs
EBITDA CAGR 2017E-2019E
45%
38% 37%
24% 26%
23%
20%
18%
15% 14% 13%
10% 9%
6% 8% 6% 6%
E-commerce Search & Portals Social Classifieds Marketplaces Lead Generation Travel Gaming Advertising
Europe United States
EBITDA MARGIN 2018E
47%
44% 42%
34% 32%
28% 30%
28% 26%
25% 25% 23%
20%
15% 16%
11%
9%
4%
Marketplaces Gaming Travel Lead Generation Social Search & Portals Advertising Classifieds E-commerce
Europe United States
CASH CONVERSION: FCF / EBITDA 2018E
82%
70%
66% 62% 63% 64%
60%
54% 52%
46% 48% 46% 45%
41%
33%
29%
20% 19%
Gaming Lead Generation Marketplaces Advertising Travel Social Classifieds Search & Portals E-commerce
Europe United States
Note: Calculation based on sector aggregates.
8
UNDERSTANDING COMPANY VALUATIONS
®
GROWTH DRIVEN VALUATION SECTOR VALUATIONS
EUROPE EV / EBITDA 2018E
EV / EBITDA 2017E
50x September 2018
45x
55.7x
40x E-commerce
42.1x
35x
30x
30.1x
25x Social
15.0x
20x
15x
21.1x
10x Marketplaces
13.5x
5x
17.6x
5% 10% 15% 20% 25% 30% Lead
Generation 14.2x
EBITDA CAGR 2017E-2019E
Note: Size of bubble represents Enterprise Value.
16.2x
HISTORICAL VALUATION BY REGION Travel
13.9x
EV / 1 YEAR FORWARD EBITDA
35x
13.5x
Search &
Portals 14.0x
30x
25x
8.3x
Advertising
11.8x
20x
15x 8.2x
Classifieds
12.5x
10x
3.6x
5x
Gaming
Europe United States Rest of World 18.3x
0
11
12
13
14
15
16
7
8
0
1
2
3
4
5
6
7
1
1
1
l-1
l-1
l-1
l-1
l-1
l-1
l-1
l-1
n-
n-
n-
n-
n-
n-
n-
n-
n-
Europe United States
Ju
Ju
Ju
Ju
Ju
Ju
Ju
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Ja
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Note: NTM EBITDA derived by time-weighted estimates. Forward multiples are median values for region. Note: Calculation based on sector aggregates.
9
SELECT COMPLETED TRANSACTIONS
®
September 2018 July 2018 August 2017 December 2016
Sale of 100% in Sale of 100% in Acquisition of a Majority Stake in
Investment in
10Bis
to by
by
for €135m to
at a valuation of $200m
Financial Advisor to 10bis Exclusive Financial Advisor to
Financial Advisor to EMK Capital Financial Advisor to Silver Lake
and its shareholders PromoFarma and its shareholders
October 2016 September 2016 May 2016 November 2015
Acquisition of a Majority Stake in Investment in
Investment in
10Bis $5m fundraising and
by NOAH as the Lead Investor
by
from by
84% Ownership at a valuation of €300m
Exclusive Financial Advisor to Exclusive Financial Advisor to
Financial Advisor to Oakley Capital Exclusive Financial Advisor to Pipedrive
KäuferPortal and its Shareholders 10Bis and its Shareholders
September 2015 August 2015 July 2015 December 2014
Sale of a 70% stake in Primary funding for Sale of 100% of
Drushim $30m fundraising and NOAH
as Co-Investor
from
for $800m to
to
Exclusive Financial Advisor to Exclusive Financial Advisor to
Exclusive Financial Advisor to Aloha Advisor to BIScience
Drushim and its Shareholders Fotolia and the Selling Shareholders
10SELECT COMPLETED TRANSACTIONS (Cont’d)
®
October 2014 September 2014 September 2014 August 2014
Sale of 100% of Sale of controlling stake in
sale to
for €80m to to
Exclusive Financial Advisor to Exclusive Financial Advisor to
Analysed Strategic Alternatives for mytaxi Advisor to the Selling Shareholders
Trovit and its Shareholders Facile.it and its Shareholders
May 2014 February 2013 May 2012 April 2012
Sale of 100% in
sold 100% of Growth equity investment from
$150 million growth equity investment from
to
for $228m to a joint for a 30% stake alongside for a 50% stake alongside Fotolia’s Founders
Softonic’s Founders and Angel Investors and TA Associates Additional $150 million
at a valuation of €275m senior debt financing
Exclusive Financial Advisor to Yad2 Exclusive Financial Advisor to Financial Advisor to Fotolia and Financial Advisor to Toprural
and its Shareholders Softonic and its shareholders its Shareholders and its Shareholders
December 2011 November 2011 August 2011 July 2011
Sale of a majority stake in Sale of a majority stake in
Fund raising for Fund raising for
to
to
from various investors including from various investors
Angel Investors Quants Financial Services AG
at a valuation of €40m
Exclusive Financial Advisor to
Advisor to Work4 Labs Advisor to RankAbove Exclusive Advisor to EnGrande
grupfoni and its Shareholders
11The NOAH Advisors Team ®
Marco Rodzynek Jan Brandes Justus Lumpe Dr. Gerhard
Managing Director & Founder Managing Director Managing Director Cromme
Apr-09 With NOAH Advisors since Aug-10 With NOAH Advisors since Dec-15 Chairman
marco.rodzynek@noah-advisors.com jan.brandes@noah-advisors.com justus.lumpe@noah-advisors.com With NOAH Advisors
Mobile: +41 799 58 1512 Mobile: +49 174 2010 984 Mobile: +44 77 0811 6401 since Jun-17
Previous Experience Previous Experience Previous Experience Previous Experience
Lehman Brothers, 1998 - April 2009 (acquired by Nomura Lehman Brothers, 2005 – May 2010 (Nomura from end Lehman Brothers / Nomura, Industrials, 2005-2012 Chairman of the Supervisory Board of
end 2008) 2008) - Media/TMT Investment Banking Royal Bank of Canada, Industrials, 2013-2015 Siemens AG
- Head of Internet, Media Investment Banking 20+ completed M&A deals, including: Selected transactions include: Former Chairman of the Executive Board and
40+ completed M&A deals ($95bn+), including: later Chairman of the Supervisory board of
ThyssenKrupp AG
Board memberships include: Compagnie de
Saint-Gobain, Allianz SE, Deutsche Lufthansa
AG, E.ON AG, BNP Paribas S.A., Suez S.A.,
Volkswagen AG, ABB Ltd., Thales S.A. and
Axel Springer AG
Nikhil Parmar Aleksander Skwarczek Lukas Schlund
Director Associate Analyst
With NOAH Advisors since Jul-12 With NOAH Advisors since Sep-15 With NOAH Advisors since Feb-18
Previous Experience Previous Experience Previous Experience
BSc in Economics and MSc in Economics (with specialisation in M&A / corporate finance at IPOPEMA Securities, EY and KPMG Investment banking and Venture Capital experience from Seven-
Finance) from the London School of Economics Completed M&A deals include: Ventures, aws Founders Fund, GP Bullhound and BNP Paribas
Completed M&A deals include: Graduated in Management from EBS Business School and
KEDGE Business School
Marco Bombach Maria del Mar Pérez Gema Alba Gabriela Clauss
Creative Director CTO New Media Designer Customer Relations & Sales
With NOAH Advisors since Jun-10 With NOAH Advisors since Feb-17 With NOAH Advisors since Jun-15 With NOAH Advisors since Feb-16
Previous Experience Previous Experience Previous Experience Previous Experience
Digital content creation, creative concept 9+ years experience in software 12+ years experience in visual and Sales & Relationshipmanager Trusted
development, covering the full audio-visual development user interface design, and UI Family, NY
production chain, content distribution and BSc in Computer Engineering development Sales & Relationshipmanager Family
optimization Office Exchange, London
14+ years in the new media industry
Paula García Marina Krolovich Hadar Shalev Daniel Wasowicz
VP NOAH Data Manager Key Account Manager Head of Data Team
With NOAH Advisors since Jan-16 With NOAH Advisors since Jan-12 With NOAH Advisors since Oct-18 With NOAH Advisors since Feb-16
Previous Experience Previous Experience Previous Experience Previous Experience
Sales & Marketing, QP Magazine @ The Manager in International Business 2 years as Project manager at a film and Assistant Director of Sales in HERMES
Telegraph, London Department of SOE “Belaeronavigation” television production company POLAND
Client Service, Global Forest Partners, (Civil Aviation Industry) BA in business management and
Business Owner’s assistant in Ledkos
NH, USA economics from Interdisciplinary center
Herzeliya
12SELECTED INVESTOR REFERENCES
The best trust us and work with us ®
Index Ventures is one of Europe’s leading Internet VC European serial entrepreneur. Founded Amen and European Founders have helped shape some of the
group Fotolia, Europe’s leading stock photography company most successful internet companies in the region and
Joined Yahoo! from Kelkoo, when Yahoo! acquired the First client of NOAH Advisors beyond
company in March 2004 Deals: Amen, Fotolia Select past investments include: Facebook, LinkedIn,
CEO of Yahoo! Europe from 2004 to 2007 Delivery Hero, HomeAway, Trivago
Dom Vidal Oleg Tscheltzoff Oliver Samwer
Partner Deals: Kelkoo, Adconion, Be2, Criteo CEO Co-founder
Index Ventures Fotolia European Founders
Accel is a leading globally active VC Founder of Xing. One of Germany’s most successful Formerly with Providence Equity Partners, Morgan
Before joining Accel, was at Perry Capital, a $10bn start-ups Stanley and Lehman Brothers. Co-founder of
hedge fund Cinco Capital is building a portfolio of holdings in Continuum Group
Spent a decade in Silicon Valley and was founder of private & public companies Deals: Casema, Canal Digitaal, Com Hem, Digiturk,
E-motion Deals: Xing, Boettcher Hinrichs AG Versatel, Bibit, Perfrom Group, Acision, Warner Music
Harry Nelis Lars Hinrichs Jörg Mohaupt
Partner Deals: Gameforge, Check24, Kayak, Netvibes, CEO Head of TMT
Accel Spreadshirt & more Cinco Capital Access Industries
Klaus is Europe’s most successful and respected angel Head of KKR’s European Media Industry team A bulge-bracket private equity and growth capital
investor Led investments in Fotolia Holdings and in BMG investor
Joined AOL in 1995 Rights Management with a significant role in a number Focuses on firm’s European technology, media and
Deals: AOL, Freenet, Skype, King.com, Stardoll, XING, of other transactions communications investments, and activities in
Spotify, Xing emerging Europe
Klaus Hommels Philipp Freise Jo Schull
CEO Partner Managing Director Deals: Ziggo, FiberNet, Centrum, Nectar (Loyalty
Lakestar KKR Warburg Pincus Management)
TA Associates is a leading European growth capital More than 14 years of experience in the private equity Summit is one of the world’s leading providers of
investor industry growth capital
Deals: M&M, eCircle, Micromax, AVG, Fotolia, Has invested in more than 80 companies, built several Deals: AVAST Software, Ogone, SafeBoot, Web
eDreams, GlobeOp, OpenLink, Radialpoint, Datek category leading businesses in consumer internet Reservations International, vente-privee.com among
Online Holdings, Idea Cellular and The Island EC Deals: Brands4Friends, Parship, Experteer, GameDue- others
Jonathan Meeks Martin Weber Scott Collins
Partner Managing Partner ll, Adscale, Zalando & more Managing Director
TA Associates Holtzbrinck Ventures Summit Partners
HF is the globally leading private equity investor in the Founder of Softonic.com, one of the most visited sites Head of the European Technology and the Media
Internet sector in Spain with 70m monthly unique visitors Investment Banking Group at Goldman Sachs
Deals: Doubleclick, Getty Images, Web Reservations, European leader in software downloading Deals: Numerous (incl. Facebook fundraising)
IRIS, SSP Second client of NOAH Advisors
Patrick Healy Tomás Diago Sold a®
INTRODUCTION TO
NOAH CONFERENCE
NOAH ADVISORS
14Three Conferences, One Mission: Empower the European Digital Ecosystem
Connecting Israel’s Startups with Connecting European Champions Connecting Capital and
Large Corporates and Investors and Challengers Entrepreneurs
10-11 April 2019 13-14 June 2019 30-31 October 2019
Hangar 11, Tel Aviv STATION Berlin Old Billingsgate, London
Mission To promote Israel - European Mission To bring together future-shaping Mission To provide a physical marketplace
relationships and enable funding executives and investors active across that facilitates funding of digital
segments driven by digital revolution European companies at all stages
~1,200 selected attendees – 300 European ~5,000 attendees – executives, investors, digital 1,500+ attendees – the “who is who” of
corporates and 900 Israeli start-ups and service providers European Internet
leading executives Unique mix of CEOs from European traditional 100+ of Europe’s leading digital businesses
Presentations by 60+ selected Israeli large caps and top-funded startups on stage and 80+ handpicked top start-ups on stage
investors and top start-ups Focus on emerging start-ups - 80+ handpicked New program focus: Investors and entrepreneurs
Company visits and events hosted by young companies on the Startup Stage tell their common success stories
start-ups on day 2 Partner dinners and satellite events throughout Pre-event matchmaking – tell us who you
Casual networking events the city want to meet
Conference app with top search and meeting Workshops and exhibitions by leading digital Totally revamped conference app and
functionalities service providers networking / matchmaking technology
Invitation only Totally revamped conference app and Topical meeting areas to make new relevant
Pre-event matchmaking – tell us who you networking / matchmaking technology contacts
want to meet Pre-event matchmaking – tell us who you
want to meet
15Eric Schmidt Robert Gentz
Executive Chairman CEO
Dara Khosrowshahi
Dr. Mathias Döpfner ® CEO
CEO Jose Neves
Dr. Dieter Zetsche
CEO
Chairman of the Board
of Management HIGH PROFILE
Henry Blodget
SPEAKERS CEO, Editor-In-Chief
Dr. Bernd Montag
CEO Riccardo Zacconi
Ralph Hamers Founder & CEO
CEO Tel Aviv 2018 KPIs
70+ Speakers Niklas Östberg
17 Partners Co-Founder & CEO
200+ International Guests
Oliver Samwer
Herbert Hainer Dr. Richard Lutz Founder & CEO
CEO CEO
Berlin 2018 KPIs
120+ Speakers Hakan Koç
CEO
62 Partners
Rolf Schrömgens
Glenn Fogel 12 Workshops
Thomas Ebeling Co-Founder & CEO
CEO
CEO
London 2018 KPIs
Arianna Huffington
120+ Speakers Co-Founder and
Editor-in-Chief
Sir Martin Sorrell 34 Partners
CEO 5 Workshops
Julie Linn Teigland
MP EY Germany,
Dr. Klaus Hommels
Founder & CEO
Internet
Corporate Switzerland, Austria
Karel Dörner Rainer Maerkle
Senior Partner General Partner
Karim Jalbout Philipp Freise
Head of the European Partner
Digital Practice
Pieter van der Does Al Gore
CEO Chairman
Alex Kayyal
Head of Salesforce Sonali De Rycker
Ventures Europe Partner
John Collison Niklas Zennström
Service Provider President CEO
Investor
Mikkel Svane
CEO Mike Lynch
Founder & CEO
16721 Attendees
70+ Speakers
68% Israel
10% Germany
5% UK
5% USA
2% Switzerland
9% Other
Company Size (# employees)
Senior Decision Makers 11% Over 10,000
11% 1001-10,000
36% C-Level
3% 501-1,000
20% Senior Executive
7% 251-500
15% Investment
Partner 11% 101-250
4% Owner, Founder 6% 51-100
2% Board Member 29% 11-50
24% Other 76% senior decision makers 21% 1-10
17Senior Decision Makers
7,840 Unique Attendees to Date 47% C-Level
18% Owner, Founder
200+ Unique Speakers
10% Investment
Partner
67% Germany 24% Other
9% UK
~75% senior decision makers
5% Switzerland
2% US
18% Other Company Size (# employees)
13% Over 10,000
42% Internet Entrepreneurs 15% 1001-10,000
and Executives
5% 501-1,000
21% Investors
7% 251-500
17% Service Providers
11% 101-250
16% Corporate Executives
7% 51-100
4% Press
27% 11-50
1% Other
16% 1-10
187,200+ Unique Attendees
Senior Decision Makers to Date
350+ Unique Speakers
46% C-Level 500+ Company Financings and M&A
20% Owner, Founder Transactions Originated @NOAH
9% Investment Partner
25% UK
25% Other
24% Germany
~75% senior decision makers 12% US
5% Spain
Company Size (# employees) Launched in 2009, the NOAH Conference has 4% Switzerland
grown into the preeminent European event where 3% Poland
over 4,000 senior executives and investors meet
6% Over 10,000 27% Other
to
9% 1001-10,000 • Gain insights into the latest proven concepts
7% 501-1,000 • Network and establish new business 38% Internet Entrepreneurs
relationships and Executives
9% 251-500
• Find customers and top B2B service 25% Investors
15% 101-250
providers 14% Service Providers
5% 51-100
• Enjoy other events organized around the 13% Corporate Executives
35% 11-50 main conference (Speaker Dinner, NOAH 4% Press
Party, satellite events)
14% 1-10 7% Other
19THIS IS NOAH CONFERENCE
NOAH CONNECTS LEADERS AT ONE PLACE USING
“ It´s a very good conference,
one can do business!
“
Oliver Samwer
BEST-IN-CLASS CONFERENCES AND TECHNOLOGY
CEO, Rocket Internet
TO EMPOWER THE EUROPEAN DIGITAL ECOSYSTEM
SPEAKERS AT NOAH HEARING THE STORY OF EUROPEAN DIGITAL LEADERS TO LEARN
STARTUP STAGE FOR YOUNG
MAIN STAGE: $100M MINIMUM
VALUATION VALUATION
OF $100M+ OUR AUDIENCE IS OUR STAGE
EUROPEAN COMPANIES
120+ speakers at NOAH18 London main stage By invitation only
100 Firms on NOAH17 London Main Stage
640 companies presented since 2009 (37 digital 12,000+ unique attendees to date at NOAH
[ ] Companies presented on Main Stage
unicorns) Conferences
Of which [ ] Unicorns 90 x 6-min pitches at NOAH Berlin
Speakers are CEOs and founders 23,000 viewers watch the recordings or live
Of the top 100 Internet Exits in last 5 years in Eu- CEOs and founders from emerging companies less streams
Including: Adyen, BlaBlaCar, Check24, Criteo, than 4 years old
rope by size, [%] passed through our stage
Deliveroo, Delivey Hero, Farfetch, Gett, HelloFresh, Videos and presentations of all past conferences
Live audience of 100 (Berlin) to 200 (London), video
King.com, MoneySuperMarket, Scout24, Spotify, Corporate champions attending regularly NOAH:
live stream and inclusion in NOAH media library
Stripe, TransferWise, Trivago, UBER, WeWork, Credit Suisse, Daimler, Deutsche Bank, Digital
Wix, Yandex, etc. 3 winners (online voting) present on main stage at McKinsey, eBay, Facebook, Google, ING, Naspers,
next NOAH Porsche, Priceline, ProSiebenSat.1, TUI, etc.
Unique track record of funding origination
NOAH18 LONDON
ATTENDEES BY COUNTRY
25% UK
24% Germany
12% US
NOAH18 LONDON SPEAKER BOOK WNNERS TO DATE 5% Spain
4% Switzerland
STARTUP STAGE 3% Poland
NOAH18 Berlin: #1 KIDSORTED, #2 Zana Technologies 27% Other
#1 Fintech Competition - FinCompare
NOAH17 London: #1 The Work Crowd, #2 Misterporter, ATTENDEES BY SENIORITY
#3 Everdine
NOAH17 Berlin: #1 Lalafo, #2 Bitbond, #3 TravelPerk
CLICK NOAH16 London: #1 Beezer, #2 CodeMonkey, #3 EyefitU 46% C-Level
TO VIEW NOAH16 Berlin: #1 Fraugster, #2 123Sonography, 20% Owner, Founder
#3 adMingle, #4 Scalable Capital, #5 Webdata Solutions 9% Investment Partner
SEVENVENTURES PITCH DAY 25% Other
N15LON SnapCam N15BER Withings
N14LON Cashboard N13LON GetYourGuide ~75% senior decision makers
20NOAH CONNECTS CAPITAL AND ENTREPRENEURS TO INVEST,
RAISE MONEY AND BUILD LONG TERM INVESTOR RELATIOSHIPS
INVESTORS AT NOAH VC PANEL INVESTOR BOOK
NOAH hosts the top VC, Growth Capital and A classic session at NOAH since 2009 100 - 150 detailled investor profiles with
Buyout investors interested in Internet contact details and the NOAH Investor Book
London 2018: Lakestar, Accel, TPG, DST Global,
We hosted on main stage 52% of the top 100 Permira and Holtzbrinck Ventures We do the NOAH Investor Book since 2013
digital M&A Exits in Europe since the launch of
NOAH Conference in Nov 2009
25+ Investors present their portfolio Stars on NOAH18 LONDON INVESTOR BOOK
NOAH18 London Main Stage
500 unique investor funds attended NOAH to
date
CLICK
TO VIEW
TOP INVESTORS COME TO NOAH REGULARLY! - Total Attendees over the Last 8 Years
1. Lakestar 105 14. Eight Roads 40 27. Maryland 28 40. Coparion 22
2. Holtzbrinck Ventures 85 15. Permira 39 28. Oakley Capital 28 41. SpeedInvest 22
3. Index Ventures 77 16. Acton Capital 38 29. Earlybird Venture Capital 27 42. Catalonia Trade & 21
4. Hellman & Friedman 75 17. Summit Partners 36 30. Project A Ventures 27 Investment
5. KKR 69 18. Partech Ventures 35 31. NGP Capital 26 43. Frog Capital 21
6. SevenVentures 69 19. Rocket Internet 35 32. Piton Capital 26 44. Northzone 21
7. Target Global 67 20. e.ventures 33 33. Spectrum Equity Investors 25 45. Rheingau Founders 21
8. Vitruvian Partners 58 21. MCI Capital 33 34. 10x.Group 24 46. DN Capital 20
9. General Atlantic 55 22. Atlantic Labs 31 35. FinLeap 24 47. Scottish Equity Partners 20
10. Accel Partners 53 23. btov Partners 30 36. HPE Growth Capital 24 48. TPG Capital 20
11. BCG Digital Ventures 44 24. Macquarie Capital 30 37. iLab Ventures 24 49. LetterOne Technology 19
12. TA Associates 42 25. Insight Venture Partners 29 38. HgCapital 23 50. RTP Global 19
13. EQT Partners 41 26. Technology Crossover Ventures 29 39. Atomico 22
21SERVICE PROVIDERS AT NOAH TO FIND NEW CUSTOMERS
OR THE MOST PROVEN SOLUTIONS AND TOOLS
PARTNERS SATELLITE EVENTS NOAH BIBLE
135 partners in 2017/2018 40 satellite events in 2017/2018 450 trading comparables across 40 sectors
75 exhibition stands Speakers Dinner 300+ most significant transactions
38 workshops Traffic analysis of key B2C sectors
NOAH Disruptor List: hottest companies by funds
raised
Published since May 2015
Click here to sign up
CLICK
TO VIEW
NETWORKING AT NOAH DO BUSINESS AND DON’T WASTE TIME
AT CONFERENCES (WE ARE CURATING YOUR CONFERENCE VISIT)
MATCHMAKING MEETING ROOMS AT NOAH BERLIN
An introduction platform for the most relevant inves- Meeting spaces on site
tors and companies ahead of NOAH London and Berlin: 12 meeting locations – easy to find, live and on
Over 9,000 messages and 7,000 meetings set up
Over 1,200 investor meetings requests about to at NOAH Berlin the floorplan
get sent to 630 investors Meeting rooms bookable on demand
The app used by 75% of the conference attendees
2,300 company meetings requests about to get
NOAH Connect App Guide
sent to 1,000 leading digital companies at all stages
630+ INVESTMENT FUNDS
1,000+ INTERNET COMPANIES
22NOAH CONFERENCE 2016-2018 HIGHLIGHTS TO WATCH
DARA KHOSROWSHAHI CHRISTOPH KEESE AL GORE
CEO CEO Chairman
Peter Altmaier, Federal Minister for
Travis Kalanick, Uber Payal Kadakia, ClassPass Economic Affairs and Energy AUTO1 Group, Target Global, Niklas Östberg, Delivery Hero
Dr. Dieter Zetsche, Daimler Adam Valkin, General Catalyst Klaus Hommels, Lakestar Allianz X, Deutsche Bank Stefan Nicola, Bloomberg
Marco Rodzynek, NOAH Advisors
Are you Ready for Take Off? Investor Panel
Whitney Wolfe, Bumble Sebastiaan Vaessen Dharmash Mistry, Lakestar
Remo Gerber, Lilium EMK Capital, Insight Venture
Andrey Andreev, Badoo Naspers Peter Smith, Blockchain
Florian Reuter, Volocopter Partners, Target Global, iAngels
23NOAH IS A UNICORN BREEDING GROUND
Challengers with a combined valuation of > $150bn and Champions with a combined
market cap of > $3tn presented at NOAH since 2009
Speaking # of Times First Speaking First
Segment Founded Raised Current Status # of Times Segment Founded Raised Current Status
Company at NOAH Time ($m) Company at NOAH Time ($m)
Challengers Challengers
Adyen 11 2010 Payments 2006 266 $18.83bn market cap Uber 2 2016 Taxi Apps 2009 11,562 Reached unicorn status
AUTO1 Group 6 2015 Classifieds - Cars 2012 880 Reached unicorn status Waze 3 2011 Navigation & Parking 2007 67 Sold to Google for $1.1
AutoTrader 4 2010 Classifieds - Cars 1977 - $4.74bn market cap WeWork 4 2015 Workspaces 2010 9,854 Valued at $20bn
Avast 1 2012 Cybersecurity & Anti-Virus 1988 100 Reached unicorn status Wix.com 5 2012 Horizontal SaaS 2006 59 $4.45bn market cap
AVG 2 2009 Cybersecurity & Anti-Virus 1991 252 Sold to Avast for $1.3bn after IPO Wooga 8 2011 Gaming 2009 32 Successful private company
Babylon Health 2 2013 Health & MedTech 2013 85 Successful private company XING 9 2009 Content & Media 2003 7 $1.57bn market cap
BlaBlaCar 8 2013 Rider Sharing & Car Pooling 2006 335 Reached unicorn status Yad2 6 2012 Classifieds - Horizontal 2005 - Sold to Axel Springer for $228m
Careem 1 2017 Rider Sharing & Car Pooling 2012 571 Valued at $1.2bn Yandex 7 2012 Content & Media 2000 - $11.78bn market cap
CHECK24 2 2015 Lead Generation Services 1999 - Reached unicorn status Zooplus 1 2011 Vertical E-Commerce 1999 - $1.05bn market cap
Cloudflare 2 2016 Cybersecurity & Anti-Virus 2009 182 Valued at $3.2bn Zalando 7 2011 Fashion E-Commerce 2008 468 $12.10bn market cap
CTS Eventim 7 2012 Marketplaces 1999 - $4.53bn market cap Zendesk 4 2012 Horizontal SaaS 2007 86 $5.70bn market cap
Criteo 8 2009 Display & Retargeting 2005 63 $2.13bn market cap
Deliveroo 1 2015 Meal Delivery 2013 860 Reached unicorn status Total Capital Raised: $34bn Total Valuation: > $150bn
Delivery Hero 10 2010 Meal Delivery 2011 2,581 $10.34bn market cap
Farfetch 2 2011 Fashion E-Commerce 2007 702 Reached unicorn status
Champions
Fotolia 10 2009 Marketplaces 2005 225 Sold to Adobe for $800m
Gett 8 2012 Taxi Apps 2010 613 Reached unicorn status Adidas 1 2016 Consumer Goods 1949 - $44.88bn market cap
GetYourGuide 8 2013 Travel 2008 96 Successful private company AXA 3 2015 Insurance & Finance 1982 - $60.20bn market cap
HelloFresh 4 2013 Meal delivery 2012 365 $2.73bn market cap Axel Springer 11 2010 Digital & Media 1946 - $8.11bn market cap
Immobiliare 3 2014 Travel 2005 - Successful private company Bayer 4 2015 Healthcare 1863 - $103.97n market cap
Ironsource 2 2012 Developer Tools 2009 105 Reached unicorn status Bertelsmann 9 2010 Digital & Media 1835 - Private company
iZettle 2 2013 Payments 2010 269 Successful private company BMW 3 2015 Automotive 1916 - $63.12bn market cap
Just Eat 2 2014 Meal Delivery 2001 72 $7.04bn market cap Daimler 3 2015 Automotive 1998 - $74.06bn market cap
Klarna 4 2012 Payments 2005 637 Valued at $2.5bn Deutsche Bahn 2 2015 Travel & Transportation 1994 - Government controlled company
King.com 7 2010 Gaming 2003 84 Sold to EA for $5.9bn after IPO Deutsche Börse 7 2012 Finance & Banking 1992 - $24.40n market cap
Kreditech 8 2010 Personal Loans 2012 497 Successful private company eBay 11 2010 Digital & Media 1995 - $33.10bn market cap
Markafoni 2 2012 Fashion E-Commerce 2008 8 Sold to Naspers for $200m Facebook 13 2009 Digital & Media 2004 2.336 $498.28bn market cap
Momondo Group 5 2011 Travel 1996 152 Sold to Priceline Group for $550m Google 11 2010 Digital & Media 1998 - $850.26bn market cap
MoneySuperMarket 3 2011 Lead Generation Services 1993 - $2.21bn market cap Huffington Post 4 2012 Digital & Media 2005 - Acquired by AOL
Photobox 3 2013 Marketplaces 2000 305 Sold to Exponent & Electra Hypoport 4 2014 Financial Services 2001 - $1.23bn market cap
for $615m IAC 1 2015 Digital & Media 1995 - $12.32bn market cap
Privalia 5 2011 Fashion E-Commerce 2006 219 Sold to Vente-Privee for $560 innogy 6 2014 Industrials 2015 - $24.76bn market cap
Revolution Precrafted 1 2018 PropTech 2015 - Reached unicorn status Klöckner & Co 3 2016 Industrials 1906 - $1.10bn market cap
Scout24 9 2011 Marketplaces 1998 - $5.67bn market cap Lufthansa 5 2015 Travel & Transportation 1953 - $13.31bn market cap
SeLoger 7 2010 Classifieds - Real Estate 1992 - Sold to Axel Springer for $847 METRO Group 6 2011 Consumer Goods 1996 - $7.66bn market cap
Showroomprive 8 2010 Fashion E-Commerce 2006 44 Sold to SRP Groupe after IPO Naspers 10 2010 Digital & Media 1915 - $106.81bn market cap
Sigfox 2 2016 Internet of Things 2010 327 Valued at $708m Porsche 6 2015 Automotive 1931 - $20.93bn market cap
SimilarWeb 6 2014 Analytics & Intelligence 2007 112 Successful private company Priceline Group 8 2011 Travel & Transportation 1997 - $97.86bn market cap
Skrill 6 2009 Payments 2001 800 Sold to Optimal Payments ProSiebenSat.1 Media 10 2010 Digital & Media 2000 - $6.20bn market cap
for $1.98bn RTL 10 2009 Digital & Media 1931 - $11.48bn market cap
Skyscanner 3 2012 Travel 2003 197 Sold to Ctrip for $1.7bn Schibsted 7 2011 Digital & Media 1839 - $7.97bn market cap
Spotify 5 2009 Music 2006 2,563 $32.87bn market cap Siemens 7 2013 Industrials 1847 - $117.92bn market cap
Stripe 3 2015 Payments 2010 440 Valued at $9.2bn Tencent 1 2014 Digital & Media 1898 - $427.73bn market cap
Taboola 2 2014 Content Advertising 2007 160 Reached unicorn status ThyssenKrupp 1 2017 Industrials 1999 - $16.63bn market cap
tado° 7 2013 Internet of Things 2011 56 Successful private company TUI 1 2017 Travel & Transportation 1923 - $12.58bn market cap
TeamViewer 5 2015 Communication & Collaboration 2005 - Sold to Permira for $1bn Vivendi 3 2012 Digital & Media 1853 - $32.89bn market cap
TomTom 2 2015 Navigation & Parking 1991 - $2.02bn market cap VISA 2 2017 Insurance & Finance 1958 - $304.26n market cap
Trainline 3 2011 Travel 1997 - Sold to KKR for $681 WPP 5 2012 Advertising 1971 - $19.72bn market cap
Transferwise 4 2011 Banking Fintech 2010 116 Reached unicorn status
trivago 5 2011 Travel 2005 54 $1.46bn market cap Total Market Cap: $3tn
Unicorns Source: Unicorn definition actual reported data where available and NOAH estimates. 24THE TOP 100 DIGITAL EUROPEAN M&A DEALS BY SIZE IN THE LAST 8 YEARS
We hosted on main stage 52% of the top 100 digital M&A Exits (€51bn combined EV)
in Europe since the launch of NOAH Conference in Nov 2009
Date Acquiror Target Target Country Adjusted EV (€m) Date Acquiror Target Target Country Adjusted EV (€m)
Jun 16 Tencent Supercell (84%) Finland 9,687 Oct 14 Publicis Matomy (24.9%) Israel 383
Aug 15 Paddy Power Betfair Group (merger) UK 6,824 Jan 14 Google DeepMind United Kingdom 365
May 11 Microsoft Skype Luxemburg 5,899 Jan 13 Ingenico Ogone Belgium 360
Nov 15 Activision Blizzard King.com UK 4,539 Dec 17 Apple Shazam UK 353
Oct 17 Hellman & Friedman Nets Group Denmark 4,290 Feb 12 Ahold Bol.com Netherlands 350
Mar 15 YOOX Net-a-Porter (merger) UK 3,120 Jul 18 Orange Basefarm Norway 350
Oct 16 Cinven, Permira, Mid Europa Allegro Poland 3,033 Aug 14 Delivery Hero Pizza.de Germany 300
May 17 Moody’s Bureau van Dijk Netherlands 3,000 Aug 15 Ströer InteractiveMedia Germany 300
May 18 Silver Lake; GIC Special Investments ZPG UK 2,850 Jul 10 Permira eDreams Spain 300
Jul 18 EQT Partners SUSE Germany 2,272 Sep 16 ProSiebenSat.1 Parship (51%) Germany 300
Oct 15 Naspers Avito (50.6%) Russia 2,152 Mar 17 Altice Teads.tv France 300
Jan 14 Apax Partners Trader Media Group UK 2,126 Jul 18 Scout24 Finanzcheck.de Germany 285
Nov 13 Hellman & Friedman Scout24 Germany 2,000 Apr 16 Rakuten Cabify Spain 283
Sep 14 Microsoft Mojang Sweden 1,932 Feb 13 Partners Group Softonic (30%) Spain 275
May 18 PayPal iZettle Sweden 1,864 Jul 18 EQT Partners Banking Circle Denmark 272
Dec 16 Go Daddy Host Europe Group Germany 1,690 Jul 18 Ultimate Software PeopleDoc France 272
Dec 16 Ctrip Skyscanner UK 1,622 Sep 18 Munich Re Relayr Germany 272
Sep 14 mail.ru Vkontakte (remaining 48%) Russia 1,598 Jun 15 Vivendi DailyMotion (80%) France 271
Jul 17 Ingenico Bambora Sweden 1,500 Mar 16 Shandong Hongda Mining Co. Jagex UK 270
Jul 16 AVAST Software AVG Technologies Netherlands 1,170 Jun 15 7Commerce Verivox (80%) Germany 262
Mar 15 Optimal Payments Skrill UK 1,100 Jul 14 KKR Scout24 Schweiz & Omnimedia (49%) Switzerland 262
Jan 17 Zhejiang Jinke Entertainment Outfit7 Slovenia 1,000 Apr 15 Zoopla uSwitch UK 260
May 14 Permira Teamviewer Germany 870 May 17 MTG InnoGames (30%) Germany 260
Jun 13 Google Waze Israel 863 Dec 14 eSure Gocompare (50%) UK 241
Sep 14 Access Industries Perform Group UK 858 Jan 11 Amazon LoveFilm UK 236
Jul 14 Ingenico GlobalCollect Netherlands 820 Feb 17 Take-Two Social Point Spain 234
Dec 12 Expedia trivago (61.6%) Germany 774 Feb 15 Tamedia Ricardo Switzerland 228
Feb 14 CVC Capital Partners Avast Software Czech Republic 738 May 12 NTT DOCOMO Buongiorno Italy 223
Jul 15 Deutsche Boerse 360T Germany 725 Aug 12 AXA Private Equity Bestsecret.com Germany 223
Jun 18 Alibaba Trendyol Turkey 661 Aug 15 Adidas Runtastic Austria 220
Feb 14 Rakuten Viber Cyprus 658 May 15 Recruit Holdings Wahanda (70%) UK 218
Dec 14 Adobe Fotolia Europe 645 Mar 15 Recruit Holdings Quandoo (92.9%) Germany 213
Sep 10 Axel Springer Verlag SeLoger (87.6%) France 634 Jun 12 Naspers Netretail (79%) Netherlands 213
Aug 18 Siemens Mendix Netherlands 628 Apr 16 AccorHotels OneFineStay UK 212
Feb 15 Rocket Internet HelloFresh (51.7%) Germany 623 Dec 14 Host Europe Intergenia Germany 210
Jan 15 KKR thetrainline.com UK 595 Dec 16 General Atlantic Hemnet (majority stake) Sweden 208
May 15 Delivery Hero Yemek Sepeti (88.6%) Turkey 594 May 11 LBO France Promovacances France 200
Feb 17 Priceline Group Momondo Group UK 586 Jun 10 Rakuten PriceMinister France 200
Oct 15 Exponent. Electra PhotoBox UK 546 Jul 18 Stamps.com MetaPack UK 197
Jul 13 Cinven Host Europe UK 508 Jun 14 Bestseller M&M Direct UK 177
Apr 16 Vente-Privée Privalia Spain 500 Mar 11 Privalia Dress for Less Germany 175
Feb 15 Rocket Internet Delivery Hero (30%) Germany 496 Jan 17 EMK Luminati Israel 170
Mar 16 HgCapital Raet Netherlands 470 Apr 16 Nokia Withings France 170
Jul 13 TPG TSL Education UK 464 May 14 Axel Springer Digital Yad2 Israel 167
Aug 18 Hewlett Packard Apogee Corporation UK 456 Sep 14 Neiman Marcus Mytheresa.com Germany 150
May 18 Oracle Grapeshot UK 454 May 16 eBay Ticketbis Spain 148
Mar 14 BC Partners CarTrawler Ireland 450 Jul 18 Takeaway 10bis Israel 135
Feb 11 Odigeo (AXA and Permira) Opodo UK 450 Jun 17 Hoffman Contorion Germany 130
Feb 15 Immowelt Immonet (merger) Germany 420
Apr 11 TA & Summit Bigpoint Germany 408 • Deal Value Top 100: EUR 90bn
Sep 10 Schibsted LeBoncoin (remaining 50%) France 400 • Deal Value on NOAH Stage: EUR 51bn (56%)
Jan 14 Zynga NaturalMotion UK 388 • 52% of Top 100 Deals presented at NOAH
Note: Digital Companies trade sale exits (only one most recent deal counted per company). Green font denotes speaker at NOAH. 25®
INTRODUCTION TO
SELECT COMPLETED TRANSACTIONS
NOAH
CASE ADVISORS
STUDIES
26Israeli Online Food Marketplace 10bis Acquired By Takeaway.com
NOAH Advisors acted as financial advisor to 10bis and its shareholders
September 2018 Transaction Summary
On 26th September 2018, 10bis (www.10bis.co.il) – Israel’s leading online food ordering marketplace –
Sale of 100% in announced that Takeaway.com completed a 100% acquisition of the company from TA Associates and
founder Tamir Carmel for €135 million in cash
10Bis Takeaway.com believes the deal will strengthen its tech leadership in food delivery, as they continue with
their “One Company, One Brand and One IT Platform” strategy
Overview of 10Bis
for €135m to 10bis operates a leading Israeli online food marketplace that allows businesses to provide employee meal
benefits programs
The platform is integrated into clients’ human resources and accounting systems - with employee
allowances made available through a dedicated 10bis account
Employees can make purchases via the mobile app, website, or by using a specific 10bis card in
Financial Advisor to 10bis and its shareholders person at participating restaurants
Clients include leading Israeli corporates as well as large multinational corporations
Individuals can also use the platform to order personal meals from the comfort of their home, with
B2C representing a rapidly growing segment for the company
®
In 2017, 10bis processed 15.2 million orders worth more than €140 million in gross merchandise value,
generating revenue of €13.2 million
Deal Teams The company has one of the world’s highest margins of a food-delivery marketplace with an adjusted
EBITDA margin of 43%
Tamir Carmel, Tomer Fefer, Founded in 2000, 10bis is headquartered in Tel Aviv and currently has 150 FTEs
Nurit Shaked, Ronen Stein
NOAH Advisors’ Role
Naveen Wadhera, Morgan Seigler,
Stefan Dandl NOAH Advisors acted as financial advisor to 10bis and its shareholders
This marks NOAH Advisors’ second transaction with 10bis - having already been the exclusive
financial advisor for the company ahead of the investment by TA Associates in May 2016
Marco Rodzynek, Jan Brandes, Tamir Carmel (Founder, 10bis) participated in a fireside chat at NOAH Berlin 2017 together with Jitse
Nikhil Parmar, Aleksander Skwarczek
®
Groen (CEO, Takeaway.com)
27PromoFarma Acquired by Zur Rose Group
NOAH Advisors acted as exclusive financial advisor to PromoFarma and its shareholders
July 2018 Transaction Summary
PromoFarma (www.promofarma.com) – the leading managed e-commerce marketplace for consumer
Sale of 100% in health, beauty and personal care products commonly sold in pharmacies in Spain
The deal is expected to close in mid-September 2018, financial details of the transaction were not disclosed
With the acquisition Zur Rose Group (www.zurrosegroup.com) is pursuing the internationalization of its
business and builds up tech capabilities in Barcelona
Operating under the Zur Rose and DocMorris brands, the Swiss-based Zur Rose Group is Europe’s
to leading online pharmacy and one of Switzerland’s foremost wholesale suppliers to medical doctors. Zur
Rose Group AG’s shares are traded on SIX Swiss Exchange
PromoFarma brings the leading market position in Spain and a springboard for international expansion, both
cross-border and country-by-country, with a capital-efficient business model
Overview of PromoFarma
Exclusive Financial Advisor to PromoFarma and its shareholders
PromoFarma has built and operates a managed e-commerce marketplace that connects consumers to
health, beauty and personal care vendors, most of them pharmacies
The business has more than 50,000 consumer health products listed on its platform and sells
products from more than 3,500 brands which are sourced and shipped by more than 500 partners,
®
mainly pharmacies, but also pharmaceutical companies and health stores
During 2018, PromoFarma has started its international expansion and already serves 20 countries
Deal Teams across Europe with its cross-border e-commerce business
The overall market for this largely unregulated goods segment is worth some €8 billion in Spain and
David Masó, Adrià Carulla, €100 billion at European level
Celia Hernández, Pablo Ros
In 2017, PromoFarma generated turnover (GMV) of nearly €19 million, a 50% increase from 2016
Founded in 2012 with headquarters in Barcelona; currently has around 60 employees led by David Masó
Olaf Heinrich, Oliver Henschel, Michael and Adrià Carulla (co-founders)
Veigel, Markus O’Sullivan, Joerg
Gelder, Michael Neff, Marcel Ziwica
NOAH Advisors’ Role
Marco Rodzynek, Jan Brandes, NOAH Advisors acted as exclusive financial advisor to PromoFarma and its shareholders
Nikhil Parmar, Aleksander Skwarczek
®
David Masó presented PromoFarma on the NOAH London 2017 startup stage
28EMK Capital Acquires a Majority Stake in Luminati
NOAH Advisors provided financial advice to EMK Capital
August 2017 Transaction Summary
On 11 August 2017 EMK Capital agreed to acquire a majority stake in Luminati at an enterprise value of
Acquisition of a Majority Stake in $200m
Luminati‘s enterprise proxy solutions were separated from Hola Networks in 2014, which will now conti-
nue to operate as a standalone company
The founders will retain a significant stake in the company and Ofer Vilenski (Co-Founder) will continue to
serve as CEO of Luminati
by
Horizons Ventures, DFJ Tamir Fishman, Trilogy Partners, DFJ, Magma Ventures, Iris Ventures, and others
are selling their interests in Luminati as part of this transaction
Overview of Luminati
at a valuation of $200m
Financial Advisor to EMK Capital Luminati is the world’s leading enterprise IP proxy network which allows businesses to see the internet
from the consumers’ point of view
Today’s websites are dynamic - showing different content, advertisements and prices based on
viewers’ identifying information
® Luminati brings back transparency, enabling its enterprise customers to analyse websites through its
proprietary network of over 30 million IP addresses
The company serves corporate clients (including Fortune 500) across many different sectors for ad veri-
Deal Teams
fication, brand protection, price comparison, fraud prevention, data collection, cyber security, application
performance measurement and more
The company was founded by Ofer Vilenski and Derry Shribman who together earlier founded Jungo
Mark Joseph, Simon Dexter,
(acquired by NDS in 2006)
Daniel Rix-Standing
NOAH Advisors’ Role
Marco Rodzynek, Jan Brandes, NOAH Advisors provided financial advice to EMK Capital, working with the team to review the opportunity
® Nikhil Parmar, Guglielmo Tognon based on in-depth knowledge of the B2B internet space and specialized intelligence on growth avenues
for the years ahead
29Silver Lake Makes a Strategic Investment in FlixBus
NOAH Advisors acted as financial advisor to Silver Lake
December 2016 Transaction Summary
On 16 December 2016 Silver Lake announced that it has made a strategic investment in FlixBus, one of
Investment in Europe’s leading innovators in travel technology
Existing investors General Atlantic, Holtzbrinck Ventures and Daimler also participated in the new round
The company has completed a number of acquisitions in recent years, and is well positioned to continue
expansion through M&A with the support of Silver Lake
by
Overview of FlixBus
FlixBus is the intercity bus travel company connecting large and medium-sized cities through its
European-wide service network
Works with more than 250 independent bus partners to offer a comprehensive network in Germany,
Financial Advisor to Silver Lake France, Italy, Austria, and the Netherlands, as well as cross-border services to countries including
Scandinavia, Spain, and the UK
Roughly 60m travelers since inception
Currently connects nearly 1,000 destination cities in 20 countries – with around 100k trips daily, often
®
departing every 30 minutes
International team of nearly 1,000 employees throughout Munich, Berlin, Paris, Milan and Zagreb as well
NOAH Deal Team as thousands of bus drivers based all over Europe
Founded in 2011 and officially launched in 2013 by Jochen Engert, André Schwämmlein and Daniel
Krauss
Marco Rodzynek
Jan Brandes
NOAH Advisors’ Role
Nikhil Parmar
®
Aleksander Skwarczek NOAH Advisors acted as financial advisor to Silver Lake
Guglielmo Tognon Jochen Engert (Founder & MD) recently presented the company on the main stage at NOAH Berlin 2016
Aicha Fakhir CEOs from over 70% of Europe’s largest internet exits have presented on the NOAH stage at some
point
30ProSiebenSat.1 and General Atlantic Invest in KäuferPortal
NOAH Advisors acted as exclusive financial advisor to KäuferPortal and its shareholders
October 2016 Transaction Summary
On 12 October 2016 KäuferPortal announced an investment from ProSiebenSat.1 Media SE and General
Investment in Atlantic
Each party acquires a 42 percent stake, buying out all non-management shareholders
All other shares will remain with the company’s founders Robin Behlau and Mario Kohle
Both of the founders will remain at KäuferPortal in their current functions; Robin Behlau as CEO, Mario
by Kohle as chairman of the advisory board
Overview of KäuferPortal
KäuferPortal is the market leading online portal in Germany that connects customers with a vendor
84% Ownership network for consulting-intensive products and services for home improvement and financial services
Matches sellers advertising mostly regionally but offline with buyers researching online
Exclusive Financial Advisor to KäuferPortal and its Shareholders
KäuferPortal helps consumers obtain and compare offers from regional companies before making a
major purchase
Received more than 1.2 million customer requests in the last 12 months
®
Strong financial performance and ongoing profitability
The top 10 product categories account for majority of revenues and are all profitable
Deal Teams Founded in 2008 and headquartered in Berlin, Germany
Robin Behlau, Mario Kohle, Mathias
Klement, Jochen Ziervogel, Robert
Schleusener NOAH Advisors’ Role
Claas van Delden, Florian Tappeiner,
NOAH Advisors acted as an exclusive financial advisor to KäuferPortal and its shareholders
Sebastian Gschwender, Daniel Frechen
NOAH Advisors worked closely with Käuferportal for around a year, exploring a number of strategic
Jörn Nikolay, Christian Figge, options to position the company for the next phase in its growth story
Christian Osterland Chairman Mario Kohle presented at NOAH Conference London main stage in November 2015
Marco Rodzynek, Jan Brandes, CEOs of over 70% of Europe’s largest Internet exits in the last years have presented on the NOAH
Justus Lumpe, Nikhil Parmar, stage at some point
®
Aleksander Skwarczek
31Oakley Capital Sells Majority Stake in Parship Elite Group to ProSiebenSat.1
NOAH Advisors acted as financial advisor to Oakley Capital
September 2016 Transaction Summary
Acquisition of a Majority Stake in On 5 September 2016 Oakley Capital announced the sale of a majority stake in Parship Elite Group to
ProSiebenSat.1 Media SE
The transaction values Parship Elite Group at €300m
by
ProSiebenSat.1 will acquire 50% plus 1 share for an investment of €100m and will replace loans worth
€100m with preferred capital
Oakley Capital and the existing management will keep just under 50% of the shares in the group
from
Overview of Parship Elite Group
at a valuation of €300m
Launched in 2001 PARSHIP is the category inventor of online matchmaking in Europe
Financial Advisor to Oakley Capital
Since its launch in 2004, ElitePartner has been the #1 matchmaking service for academics and
sophisticated singles
After years of competition, PARSHIP and ElitePartner were merged as PARSHIP ELITE Group in 2015,
® forming the leading matchmaking group in Europe with significant growth potential
With a market leading position in the online dating market in DACH PARSHIP ELITE Group is the largest
Deal Teams online matchmaking player in Europe and number four in online dating worldwide
Tim Schiffers, Henning Rönneberg, PARSHIP’s and ElitePartner’s well-known brands and strong customer focus have attracted 15m+
registered members to date, fueling the database with >1m new registered members every year
Marc Schachtel
Rebecca Gibson, Tom Twiney,
Simon Dexter NOAH Advisors’ Role
Daniel Havercroft, Marc Jones NOAH Advisors acted as financial advisor to Oakley Capital
This marks NOAH Advisor’s 2nd transaction involving Oakley Capital, following Oakley’s purchase of
Marco Rodzynek, Jan Brandes,
Justus Lumpe, Aleksander Skwarczek, Facile.it in September 2014 where NOAH advised the seller
®
Guglielmo Tognon
32TA Associates Invests in Israeli Online Food Marketplace 10Bis
NOAH Advisors acted as exclusive financial advisor to 10Bis and its shareholders
May 2016 Transaction Summary
Investment in On 23rd of May 2016, 10Bis (www.10bis.co.il) – #1 online platform in the Israeli restaurant and food
ordering market – announced an investment by TA Associates
10Bis Financial details of the transaction were not disclosed
TA Associates will help 10Bis to execute its multi-layered growth strategy, with the Israeli B2C market
opportunity as its main focus in the short-term
Overview of 10Bis
by
In the B2B market in Israel, 10bis operates a leading online food marketplace that allows businesses to
provide employee meal benefits programs
The 10bis platform is integrated into a company’s human resources and accounting systems, with
employees’ allowances made available through a dedicated 10bis account
Exclusive Financial Advisor to 10Bis and its shareholders 10bis clients include leading Israeli corporates as well as large multinational corporations
Employees can make restaurant purchases via the 10bis mobile app or website, or by using a 10bis
card in person at participating restaurants. Individuals can also use the 10bis platform to order
personal meals from the comfort of their home
® In 2015, 10bis entered the B2C market with the launch of its direct-to-consumer offering
The rapidly growing platform provides quick and easy access to thousands of restaurant menus,
reviews and ratings, while offering discounts, special promotions and other benefits
Deal Teams
10bis processes more than one million orders per month across a network of more than 3,500
restaurants in 20 cities in Israel
Tamir Carmel, Tomer Fefer,
Nurit Shaked Founded in 2000, 10bis is headquartered in Tel Aviv
Naveen Wadhera, Morgan Seigler,
Stefan Dandl, Max Cancre
NOAH Advisors’ Role
NOAH Advisors acted as exclusive financial advisor to 10Bis and its shareholders
Rami Sofer, Veran Vistanetzky
This marks NOAH Advisors’ 4th transaction in Israel in the last 24 months: Sell-side advisor to Drushim
and its shareholders in its 70% stake sell to Yad2 in September 2015, advisor to BiScience in its minority
Marco Rodzynek, Jan Brandes, deal with WPP in July 2015, and advisor to Yad2 and its shareholder Walla! in its 100% sale to Axel
Springer in May 2014
® Nikhil Parmar, Aleksander Skwarczek
33Majority Stake in Israeli Jobs Portal Drushim Sold to Yad2
NOAH Advisors acted as exclusive financial advisor to Drushim and its shareholders
September 2015 Transaction Summary
On 3rd of September 2015, Drushim (www.drushim.co.il) - one of the leading job classifieds sites in Israel
Sale of a 70% stake in - announced the acquisition of a 70% stake by Yad2, a subsidiary of Axel Springer Digital Classifieds
(“ASDC”)
Drushim The acquisition of Drushim accelerates Yad2’s strategy of building the largest jobs classifieds offering in
Israel, the only segment in which it is not already market leader
ASDC has a portfolio of leading online classifieds brands across Europe, including SeLoger, StepStone
and Immonet
Terms of the transaction were not disclosed
to
Overview of Drushim
Launched in 2006, Drushim is a leader in Israeli online job classifieds with ~1.5m monthly visits
Exclusive Financial Advisor to Drushim and its Shareholders (Similarweb, June 2015)
Drushim is a key source of job candidates for many large companies in Israel, with over 10,000 active job
listings
Drushim’s market leading technology allows for efficient job matching while offering outstanding
® usability, features and a high-level of customer service
Hundreds of blue chip and SME clients; household names such as Coca Cola, Intel, SanDisk, GAP
and Orange among others
Deal Teams
The Tel Aviv based company has 37 employees and is led by its founding co-CEOs Dror Epstein and Yair
Cohen
Dror Epstein, Yair Cohen
Andrea Sixt, Philipp Raidt, NOAH Advisors’ Role
Ansgar Schönborn, Jan Philipp Gräfe
NOAH Advisors acted as exclusive financial advisor to Drushim and its shareholders
Yavin Gill-More, Ariel Kessel A steadfast execution was facilitated based on previous deal experience in the region and in-depth
knowledge of the company, the industry, and intelligence around the best potential acquirers
NOAH Advisors had acted as exclusive financial advisor to Yad2 and its shareholder Walla! in its 100%
Marco Rodzynek, Jan Brandes,
sale to Axel Springer in May 2014 for $228m
® Nikhil Parmar, Marija Sevcenko
34Adobe Pays $800m For Fotolia, #1 EU Stock Photo Marketplace
NOAH Advisors acted as the exclusive financial advisor to Fotolia and its selling shareholders
December 2014 Transaction Summary
Announcement of the sale of 100% of On 11th of December 2014, leading stock photography website Fotolia (www.fotolia.com) announced the
100% acquisition by Adobe Systems Inc. (NASDAQ:ADBE) for a cash consideration of $800 million
The transaction will enable Adobe to further integrate a key resource for users of its flagship
‘Creative Cloud’ subscription software for professionals which includes Photoshop, Illustrator, InDesign,
Dreamweaver and much more
to
Overview of Fotolia
for $800m Launched in 2005, Fotolia is Europe’s leading stock photography website, providing its members with
access to an ever-expanding library of creative content including images, vectors, illustrations and video
clips
Exclusive Financial Advisor to Fotolia and the Selling Shareholders Fotolia has over 500,000 photographers contributing images to the platform and 7 million users with
a truly global presence through availability in 15 different languages
Buyers can access a bank of over 34 million royalty-free files which can be used for any design
project or document, without time limits
® The company is run by a highly experienced management team led by its founding CEO Oleg Tscheltzoff
Deal Teams
NOAH Advisors’ Role
Oleg Tscheltzoff
NOAH Advisors acted as the exclusive financial advisor to Fotolia and its selling shareholders
Philipp Freise, Lucian Schonefelder, Fotolia has been a close relationship of NOAH Advisors for over 5 years and has presented at the NOAH
Renald Kappel Conference since the first event in 2009 in London
Previously, NOAH Advisors acted as Fotolia’s exclusive financial advisor in the $300m growth capital deal
with KKR in May 2012. The deal represented KKR’s first growth equity deal. KKR is investing from USD
John Meeks 30 million upwards to help entrepreneurs to scale their businesses globally
In April 2009, NOAH Advisors was the exclusive financial advisor to Fotolia in the sale of a majority stake
Marco Rodzynek, Jan Brandes, to TA Associates. This was the first transaction of NOAH Advisors
® Nikhil Parmar, Marija Sevcenko
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