

Recent Developments 

Company 
Dell, the provider of integrated technology solutions, is being taken private by Michael Dell and Silver Lake Management in a deal worth $24.4 billion 

Specific 

News 
Virgin Media, the provider of internet, telephone and television services, has been acquired by Liberty Global for $13.1 billion 

Warner Music Group has acquired Parlophone Records, the music record label, for £490 million 

Ingenico has acquired Ogone, the provider of online payment solutions, from Summit Partners for €360 million 

IXXAT Automation, the provider of hardware, software and support services for data communication, has been acquired by HMS Networks for €32 million 

Koch Media has acquired Volition, the video game developer, from THQ for $22 million 

Global Eagle Entertainment has acquired the remaining stake of Advanced Inflight Alliance, the provider of inflight entertainment solutions 

Canal+ Events, the organiser of sports events in France, has been acquired by management from Canal Plus 

Cisco Systems has acquired Cognitive Security, the network security solutions provider to SMEs 

Dailymotion, the members web video portal, has been acquired by France Télécom 

Eat It Now Group, the online takeaway ordering service provider, has been acquired by hungryhouse.com 

Fiberdyne Labs, the manufacturer of fibre optic network and photonic products, has been acquired by Carbures Europe 

Delivery Hero has acquired the remaining stake in hungryhouse.com, the online food delivery platform 

Hexagon has acquired LISTECH, the provider of land surveying and civil engineering software solutions 

Locomotion, the provider of postproduction services to advertising, film and broadcasting industries, has been acquired by Loveurope Group 

OPUS Solutions, the developer of Microsoft Dynamics AX business software, has been acquired by terna 

Salmon, the provider of ecommerce solutions and systems integration, has been acquired by WPP 

Computas has acquired SC Ascenta IT Services, the provider of IT consulting services for business processes and integration solutions 

Softel Group, the provider of TV and video technologies to broadcasters, network operators and producers, has been acquired by Miranda Technologies 

Elisa has acquired Sulake Corporation, the provider of online entertainment services, virtual worlds and social networking solutions 

The Net Crowd, provider of white labelled support solutions, was acquired by Daisy Group 

Tuscany Design Automation, the designer of structured placement and visualisation solutions for integrated circuit design, was acquired by Dassault Systemes 

Industry 
Facebook and Google were the most active acquirers in the tech sector during 2012, as both firms continue their strategy of buying up smaller startups to help expansion beyond their core businesses, according to PrivCo 

Trends 

Using a smartphone to pay for purchases in lieu of a physical debit or credit card may become a $1 trillion business by 2015, according to Yankee Group 

B2C ecommerce sales grew 21.1% to top $1 trillion for the first time, with sales set to grow by 18.3% to $1.3 trillion this year as AsiaPacific overtakes North America to become the world’s number one market for B2C e commerce sales, according to eMarketer 

The UK has become one of the strongest digital commerce markets worldwide, as B2C ecommerce sales in the UK grew 14.4% to £77 billion in 2012 and are expected to grow 13.4% to £88 billion, and account for nearly onethird of all B2C ecommerce sales in Western Europe, according to eMarketer 

In 2013, online retailers will be focusing on site optimisation to improve user experience, checkout optimisation and supporting alternative payments in an effort to increase web conversion and customer loyalty across all devices, according to eMarketer 

1n 2013, B2B marketers will be focusing on digital investment with spending in email marketing a top priority over social or search marketing, according to BtoB Magazine 

Consumer healthcare is increasingly moving online with more than a third of consumers managing their prescriptions online, according to Empathica 

1 

Source: Various industry news outlets. 

Software and IT Services (Continued)
Market
Cap ($m)
Enterprise
Value ($m)
European Large Cap Software 

SAP 
95,442 
98,955 
34.9% 
12.9% 
4.1x 
3.7x 
11.7x 
10.4x 
17.2x 
15.2x 
Dassault Systemes 
13,430 
11,768 
33.7% 
8.7% 
4.0x 
3.7x 
12.0x 
10.6x 
22.0x 
19.8x 
Sage 
6,289 
6,517 
29.2% 
0.5% 
2.9x 
2.8x 
10.1x 
9.6x 
14.8x 
13.6x 
Software AG 
3,399 
3,332 
27.7% 
1.9% 
2.3x 
2.2x 
8.5x 
7.7x 
14.1x 
12.5x 
Aveva 
2,293 
2,032 
33.4% 
8.0% 
5.4x 
4.8x 
16.0x 
13.9x 
25.6x 
22.3x 
Micro Focus 
1,499 
1,470 
43.4% 
1.1% 
3.4x 
3.3x 
7.9x 
7.8x 
11.3x 
10.6x 
Temenos 
1,417 
1,598 
28.4% 
5.0% 
3.4x 
3.2x 
12.0x 
10.9x 
18.9x 
16.5x 
Mean 
32.9% 
5.5% 
3.7x 
3.4x 
11.2x 
10.1x 
17.7x 
15.8x 

Median 
33.4% 
5.0% 
3.4x 
3.3x 
11.7x 
10.4x 
17.2x 
15.2x 

Financial Software 

Intuit 
18,210 
18,151 
38.2% 
15.6% 
3.7x 
3.4x 
9.8x 
8.9x 
17.5x 
15.7x 
Temenos 
1,417 
1,598 
28.4% 
5.0% 
3.4x 
3.2x 
12.0x 
10.9x 
18.9x 
16.5x 
SimCorp 
1,037 
981 
26.6% 
14.4% 
3.1x 
2.8x 
11.7x 
10.4x 
17.6x 
15.3x 
Fidessa 
913 
834 
21.9% 
(2.3%) 
1.9x 
1.8x 
8.6x 
8.7x 
19.5x 
18.5x 
Innovation 
381 
344 
14.1% 
3.5% 
1.0x 
1.0x 
7.4x 
6.7x 
16.0x 
14.0x 
Microgen 
155 
112 
30.3% 
(3.5%) 
2.2x 
2.1x 
8.7x 
7.9x 
14.1x 
13.6x 
Linedata 
153 
210 
22.4% 
3.7% 
1.1x 
1.0x 
4.7x 
4.6x 
8.8x 
8.1x 
StatPro 
91 
97 
15.8% 
(2.2%) 
1.9x 
1.9x 
12.3x 
12.0x 
20.6x 
19.3x 
Mean 
24.7% 
4.3% 
2.3x 
2.2x 
9.4x 
8.8x 
16.6x 
15.1x 

Median 
24.5% 
3.6% 
2.1x 
2.0x 
9.2x 
8.8x 
17.5x 
15.5x 

Enterprise Applications 

Guidewire Software 
1,775 
1,590 
11.6% 
23.9% 
5.1x 
4.2x 
43.9x 
31.1x 
NM 
NM 
Unit 4 
991 
1,153 
20.4% 
7.7% 
1.7x 
1.6x 
8.4x 
7.5x 
22.1x 
17.1x 
Jive Software 
929 
795 
(18.4%) 
35.2% 
5.2x 
4.0x 
NM 
NM 
NM 
NM 
SDL 
678 
687 
16.4% 
1.2% 
1.5x 
1.5x 
9.4x 
8.2x 
14.5x 
13.3x 
Exact 
492 
425 
23.4% 
3.0% 
1.4x 
1.4x 
6.1x 
6.0x 
11.5x 
10.8x 
IFS 
452 
430 
14.6% 
4.8% 
1.0x 
1.0x 
6.8x 
5.8x 
18.6x 
12.6x 
Kofax 
358 
274 
18.5% 
1.3% 
1.0x 
0.9x 
5.3x 
5.0x 
11.8x 
10.9x 
FSecure 
354 
310 
22.6% 
8.1% 
1.4x 
1.3x 
6.1x 
5.3x 
12.3x 
10.8x 
Cegid 
182 
281 
23.9% 
4.4% 
0.8x 
0.7x 
3.2x 
3.1x 
6.9x 
8.0x 
Mean 
14.8% 
10.0% 
2.1x 
1.9x 
11.2x 
9.0x 
14.0x 
11.9x 

Median 
18.5% 
4.8% 
1.4x 
1.4x 
6.5x 
5.9x 
12.3x 
10.9x 

Healthcare Software 

McKesson 
24,174 
25,927 
2.7% 
2.6% 
0.2x 
0.2x 
7.6x 
6.9x 
13.2x 
12.1x 
Cerner 
15,172 
14,331 
32.1% 
13.6% 
4.8x 
4.2x 
14.8x 
12.7x 
31.5x 
26.8x 
Allscripts Healthcare Solutions 
1,859 
2,227 
21.5% 
3.7% 
1.5x 
1.4x 
6.8x 
6.2x 
13.3x 
11.9x 
CompuGroup 
1,143 
1,476 
24.7% 
8.5% 
2.3x 
2.2x 
9.2x 
8.5x 
13.2x 
11.3x 
Emis 
626 
603 
34.7% 
7.8% 
4.0x 
3.7x 
11.5x 
10.5x 
19.9x 
17.8x 
Advanced Computer Software 
465 
463 
22.8% 
4.3% 
2.5x 
2.3x 
10.9x 
10.4x 
18.1x 
16.8x 
Cegedim 
402 
1,047 
17.2% 
3.4% 
0.8x 
0.8x 
4.9x 
4.6x 
6.9x 
6.0x 
Mean 
22.2% 
6.3% 
2.3x 
2.1x 
9.4x 
8.6x 
16.6x 
14.7x 

Median 
22.8% 
4.3% 
2.3x 
2.2x 
9.2x 
8.5x 
13.3x 
12.1x 
Sources: Capital IQ, 8 February 2013; Brokers’ reports.
4
Software and IT Services
(Continued)
Market
Cap ($m)
Enterprise
Value ($m)
Security Software 

Symantec 
15,569 
14,393 
33.0% 
2.6% 
2.1x 
2.0x 
6.3x 
5.3x 
12.4x 
10.5x 
Check Point 
10,580 
9,077 
58.3% 
5.6% 
6.4x 
6.0x 
10.9x 
10.2x 
15.1x 
13.8x 
Trend Micro 
3,808 
2,608 
31.2% 
(4.5%) 
2.5x 
2.5x 
8.1x 
7.9x 
23.3x 
22.2x 
AVG Technologies 
711 
778 
29.0% 
12.8% 
1.9x 
1.8x 
6.6x 
5.6x 
9.2x 
7.8x 
FSecure 
354 
310 
22.6% 
8.1% 
1.4x 
1.3x 
6.1x 
5.3x 
12.3x 
10.8x 
Mean 
34.8% 
4.9% 
2.9x 
2.7x 
7.6x 
6.9x 
14.5x 
13.0x 

Median 
31.2% 
5.6% 
2.1x 
2.0x 
6.6x 
5.6x 
12.4x 
10.8x 

Large Cap IT Services 

Accenture 
47,236 
42,042 
16.5% 
6.3% 
1.4x 
1.3x 
8.5x 
8.2x 
16.7x 
15.3x 
CGI 
8,436 
11,410 
14.7% 
64.3% 
1.1x 
1.1x 
7.6x 
7.3x 
12.5x 
10.7x 
Capita Group 
8,269 
10,673 
16.4% 
5.5% 
1.9x 
1.7x 
11.4x 
10.6x 
14.4x 
13.3x 
Cap Gemini 
7,340 
7,449 
9.7% 
4.1% 
0.5x 
0.5x 
5.5x 
5.1x 
12.6x 
11.4x 
Computer Sciences 
7,014 
7,460 
13.0% 
(4.1%) 
0.5x 
0.5x 
3.8x 
3.6x 
13.4x 
11.6x 
Atos Origin 
6,403 
6,305 
11.0% 
4.0% 
0.5x 
0.5x 
4.7x 
4.4x 
12.6x 
11.6x 
Mean 
13.6% 
13.3% 
1.0x 
0.9x 
6.9x 
6.5x 
13.7x 
12.3x 

Median 
13.8% 
4.8% 
0.8x 
0.8x 
6.5x 
6.2x 
13.0x 
11.6x 

Mid Cap IT Services 

Splunk 
3,296 
3,022 
2.4% 
34.6% 
11.6x 
8.7x 
NM 
NM 
NM 
NM 
Indra Sistemas 
1,958 
2,873 
10.2% 
4.4% 
0.7x 
0.7x 
7.0x 
6.4x 
9.3x 
8.1x 
Tieto 
1,661 
1,707 
12.9% 
(1.8%) 
0.7x 
0.7x 
5.6x 
5.2x 
13.0x 
11.3x 
Sopra 
917 
1,294 
10.0% 
6.3% 
0.8x 
0.7x 
7.7x 
7.2x 
9.7x 
8.9x 
Groupe Steria 
553 
852 
8.4% 
2.7% 
0.3x 
0.3x 
4.1x 
3.8x 
6.3x 
5.5x 
GFI Informatique 
232 
317 
6.8% 
14.5% 
0.3x 
0.3x 
4.7x 
4.4x 
8.2x 
7.4x 
Mean 
8.5% 
10.1% 
2.4x 
1.9x 
5.8x 
5.4x 
9.3x 
8.2x 

Median 
9.2% 
5.3% 
0.7x 
0.7x 
5.6x 
5.2x 
9.3x 
8.1x 

Offshore IT Services 

Tata 
51,400 
50,236 
28.3% 
20.5% 
3.8x 
3.4x 
13.6x 
12.1x 
18.1x 
15.8x 
Infosys 
29,606 
25,450 
28.6% 
15.6% 
3.1x 
2.8x 
10.9x 
9.8x 
15.9x 
14.2x 
Cognizant 
23,634 
20,770 
20.4% 
17.3% 
2.4x 
2.1x 
11.8x 
10.1x 
19.6x 
16.7x 
Wipro 
18,601 
16,699 
19.8% 
11.3% 
2.0x 
1.8x 
9.9x 
9.3x 
14.3x 
12.8x 
HCL 
8,506 
8,205 
20.7% 
15.5% 
1.7x 
1.5x 
8.0x 
7.4x 
12.4x 
11.2x 
Satyam 
2,606 
2,046 
19.9% 
14.1% 
1.3x 
1.2x 
6.6x 
6.2x 
10.5x 
9.7x 
Mean 
22.9% 
15.7% 
2.4x 
2.1x 
10.1x 
9.2x 
15.1x 
13.4x 

Median 
20.5% 
15.5% 
2.2x 
1.9x 
10.4x 
9.5x 
15.1x 
13.5x 
Sources: Capital IQ, 8 February 2013; Brokers’ reports.
5
Communications
(Continued)
Market
Cap ($m)
Enterprise
Value ($m)
Digital Broadband 

TomTom 
1,121 
1,329 
16.0% 
(3.5%) 
1.0x 
1.0x 
6.2x 
5.9x 
11.2x 
10.1x 
Technicolor 
1,119 
2,494 
15.6% 
(2.9%) 
0.5x 
0.6x 
3.4x 
3.4x 
6.8x 
5.0x 
Pace 
1,081 
1,324 
9.5% 
(4.9%) 
0.6x 
0.6x 
5.9x 
5.7x 
9.0x 
8.2x 
Logitech 
1,074 
752 
3.9% 
(10.6%) 
0.4x 
0.4x 
9.6x 
4.1x 
NM 
12.4x 
Kudelski 
608 
864 
14.6% 
2.1% 
0.9x 
0.9x 
6.1x 
5.8x 
12.2x 
10.8x 
Parrot 
489 
362 
16.9% 
9.7% 
0.9x 
0.8x 
5.2x 
4.8x 
11.5x 
10.2x 
Advanced Digital Broadcast 
82 
64 
10.2% 
1.8% 
0.1x 
0.1x 
1.5x 
1.4x 
8.7x 
7.1x 
Mean 
12.4% 
(1.2%) 
0.6x 
0.6x 
5.4x 
4.4x 
9.9x 
9.1x 

Median 
14.6% 
(2.9%) 
0.6x 
0.6x 
5.9x 
4.8x 
10.1x 
10.1x 

Diversified Communication Equipment 

LM Ericsson Telephone 
38,894 
31,625 
13.0% 
6.6% 
0.9x 
0.8x 
6.6x 
5.7x 
15.2x 
12.7x 
Nokia 
15,303 
10,691 
6.0% 
(0.8%) 
0.3x 
0.3x 
4.5x 
3.4x 
NM 
21.6x 
AlcatelLucent 
3,874 
4,715 
6.2% 
0.2% 
0.2x 
0.2x 
4.0x 
3.0x 
NM 
25.3x 
CIENA 
1,630 
2,380 
7.0% 
8.8% 
1.2x 
1.1x 
16.7x 
12.1x 
43.7x 
21.0x 
ADTRAN 
1,312 
1,129 
12.5% 
0.1% 
1.8x 
1.7x 
14.5x 
11.2x 
27.0x 
20.7x 
Mean 
8.9% 
3.0% 
0.9x 
0.8x 
9.3x 
7.1x 
28.6x 
20.3x 

Median 
7.0% 
0.2% 
0.9x 
0.8x 
6.6x 
5.7x 
27.0x 
21.0x 

Mobile Infrastructure Software 

QUALCOMM 
115,029 
101,805 
38.9% 
21.4% 
4.1x 
3.7x 
10.6x 
9.8x 
15.0x 
13.5x 
VeriSign 
6,962 
6,104 
63.0% 
9.4% 
6.4x 
6.0x 
10.2x 
9.5x 
20.0x 
18.0x 
Amdocs 
5,832 
4,871 
20.7% 
3.9% 
1.4x 
1.4x 
6.9x 
7.0x 
12.3x 
11.3x 
Synchronoss Technologies 
1,118 
1,071 
31.7% 
25.6% 
3.1x 
2.6x 
9.9x 
8.0x 
22.7x 
18.2x 
Sonus Networks 
758 
489 
0.5% 
5.6% 
1.8x 
1.4x 
NM 
NM 
NM 
NA 
Redknee Solutions 
211 
200 
8.1% 
61.4% 
2.1x 
1.1x 
25.8x 
25.8x 
42.4x 
42.4x 
TeleCommunication Systems 
138 
254 
10.4% 
(5.3%) 
0.6x 
0.5x 
5.4x 
5.0x 
8.5x 
8.0x 
Smith Micro Software 
58 
31 
(12.4%) 
34.5% 
0.5x 
NM 
NM 
NM 
NM 
NA 
Mean 
20.1% 
19.5% 
2.5x 
2.4x 
11.5x 
10.8x 
20.2x 
18.6x 

Median 
15.5% 
15.4% 
1.9x 
1.4x 
10.0x 
8.7x 
17.5x 
15.8x 

Mobile Content / Solutions Providers 

Opera Software 
764 
700 
30.0% 
31.0% 
2.5x 
2.0x 
8.3x 
6.2x 
15.6x 
11.5x 
GameLoft 
550 
492 
17.6% 
19.8% 
1.5x 
1.3x 
8.5x 
6.7x 
16.1x 
12.9x 
Dada 
67 
103 
13.1% 
7.7% 
0.9x 
0.9x 
7.2x 
7.2x 
26.2x 
26.2x 
Mean 
20.2% 
19.5% 
1.6x 
1.4x 
8.0x 
6.7x 
19.3x 
16.9x 

Median 
17.6% 
19.8% 
1.5x 
1.3x 
8.3x 
6.7x 
16.1x 
12.9x 
Sources: Capital IQ, 8 February 2013; Brokers’ reports.
7
Internet and Digital Media (Continued)
Market
Cap ($m)
Enterprise
Value ($m)
Global Internet Leaders 

Apple 
446,034 
406,214 
33.2% 
13.3% 
2.2x 
1.9x 
6.5x 
5.9x 
10.3x 
9.1x 

258,908 
218,030 
36.2% 
16.6% 
3.6x 
3.1x 
9.8x 
8.5x 
17.3x 
14.8x 
Microsoft 
230,766 
176,886 
41.0% 
16.6% 
2.1x 
2.0x 
5.1x 
4.6x 
8.9x 
8.3x 
Amazon 
119,070 
112,007 
6.4% 
22.1% 
1.5x 
1.2x 
23.1x 
16.8x 
NM 
NM 
eBay 
73,409 
68,520 
33.2% 
16.3% 
4.2x 
3.7x 
12.6x 
10.9x 
20.5x 
17.6x 

67,998 
60,728 
52.1% 
32.4% 
9.1x 
7.2x 
17.5x 
13.3x 
49.0x 
36.9x 
Baidu 
33,868 
30,758 
49.0% 
39.3% 
6.3x 
4.9x 
12.8x 
10.1x 
18.0x 
14.4x 
Yahoo! 
24,245 
20,231 
36.2% 
3.1% 
4.4x 
4.3x 
12.2x 
11.6x 
18.1x 
16.9x 
Yandex 
8,087 
7,705 
45.5% 
31.7% 
6.3x 
5.0x 
13.8x 
11.2x 
22.7x 
17.9x 
Mean 
37.0% 
21.3% 
4.4x 
3.7x 
12.6x 
10.3x 
20.6x 
17.0x 

Median 
36.2% 
16.6% 
4.2x 
3.7x 
12.6x 
10.9x 
18.0x 
15.8x 

Ecommerce 

Amazon 
119,070 
112,007 
6.4% 
22.1% 
1.5x 
1.2x 
23.1x 
16.8x 
NM 
NM 
eBay 
73,409 
68,520 
33.2% 
16.3% 
4.2x 
3.7x 
12.6x 
10.9x 
20.5x 
17.6x 

67,998 
60,728 
52.1% 
32.4% 
9.1x 
7.2x 
17.5x 
13.3x 
49.0x 
36.9x 
Netflix 
10,133 
9,817 
6.6% 
18.7% 
2.3x 
2.0x 
34.6x 
21.1x 
NM 
NM 
Mail.ru 
7,478 
6,457 
50.4% 
24.1% 
7.7x 
6.3x 
15.2x 
12.4x 
24.5x 
20.1x 
Mercadolibre 
3,697 
3,523 
36.7% 
23.9% 
7.6x 
5.8x 
20.6x 
15.5x 
30.1x 
22.1x 
IAC 
3,686 
3,621 
18.9% 
16.2% 
1.1x 
1.0x 
5.9x 
5.0x 
11.9x 
9.8x 
Groupon 
3,561 
2,365 
9.7% 
16.9% 
0.9x 
0.8x 
9.0x 
7.0x 
23.5x 
18.5x 
Shutterfly 
1,523 
1,278 
18.7% 
24.3% 
1.7x 
1.5x 
9.2x 
7.6x 
24.9x 
20.8x 
OpenTable 
1,204 
1,101 
43.4% 
17.3% 
5.8x 
5.0x 
13.4x 
11.2x 
27.9x 
23.7x 
Vistaprint 
1,159 
1,325 
12.4% 
13.4% 
1.1x 
1.0x 
8.6x 
7.3x 
18.1x 
12.8x 
Ocado 
1,153 
1,153 
5.1% 
13.2% 
0.9x 
0.8x 
18.4x 
12.9x 
NM 
NM 
YOOX 
1,062 
1,053 
9.9% 
27.7% 
1.7x 
1.4x 
16.9x 
12.8x 
45.8x 
32.9x 
Digital River 
495 
99 
16.1% 
2.5% 
0.3x 
0.2x 
1.6x 
1.6x 
19.8x 
17.0x 
Blue Nile 
395 
365 
6.2% 
11.8% 
0.8x 
0.7x 
12.8x 
9.2x 
33.2x 
24.1x 
Overstock 
306 
212 
2.4% 
7.3% 
0.2x 
0.2x 
7.5x 
6.9x 
29.0x 
23.3x 
Mean 
20.5% 
18.0% 
2.9x 
2.4x 
14.2x 
10.7x 
27.6x 
22.7x 

Median 
14.2% 
17.1% 
1.6x 
1.4x 
13.1x 
11.0x 
24.9x 
21.4x 

Online Travel 

Priceline 
34,947 
31,864 
38.3% 
20.0% 
5.1x 
4.3x 
13.2x 
11.1x 
18.6x 
16.0x 
Amadeus 
11,433 
13,535 
38.1% 
6.8% 
3.3x 
3.1x 
8.7x 
8.1x 
14.3x 
13.0x 
Expedia 
8,888 
8,309 
19.3% 
16.9% 
1.8x 
1.6x 
9.2x 
8.0x 
19.2x 
16.1x 
Tripadvisor 
6,693 
6,574 
46.1% 
20.0% 
7.2x 
6.2x 
15.6x 
13.2x 
25.7x 
21.9x 
Ctrip 
2,982 
2,475 
20.0% 
18.6% 
3.1x 
2.6x 
15.5x 
12.2x 
18.5x 
15.1x 
Travelzoo 
336 
274 
19.1% 
6.9% 
1.7x 
1.6x 
9.0x 
7.9x 
18.2x 
15.7x 
Orbitz 
291 
579 
16.5% 
4.5% 
0.7x 
0.7x 
4.3x 
4.3x 
11.4x 
9.2x 
Mean 
28.2% 
13.4% 
3.3x 
2.9x 
10.8x 
9.3x 
18.0x 
15.3x 

Median 
20.0% 
16.9% 
3.1x 
2.6x 
9.2x 
8.1x 
18.5x 
15.7x 

Online Marketing 

HomeAway 
2,011 
1,767 
29.9% 
20.6% 
5.2x 
4.5x 
17.5x 
13.6x 
NM 
NM 
ValueClick 
1,629 
1,684 
32.7% 
12.7% 
2.3x 
2.0x 
6.9x 
6.2x 
12.2x 
10.8x 
LBI 
505 
517 
17.3% 
12.9% 
1.4x 
1.3x 
8.2x 
7.4x 
13.4x 
11.6x 
Constant Contact 
483 
390 
15.3% 
13.8% 
1.4x 
1.2x 
8.9x 
7.4x 
25.0x 
19.3x 
1000mercis 
165 
125 
32.0% 
7.9% 
2.4x 
2.2x 
7.6x 
7.0x 
13.6x 
12.1x 
Marchex 
151 
116 
13.1% 
7.0% 
0.8x 
0.7x 
6.0x 
4.4x 
NM 
NM 
HiMedia 
118 
141 
9.7% 
6.2% 
0.5x 
0.5x 
5.3x 
5.5x 
9.8x 
10.0x 
TradeDoubler 
79 
53 
3.4% 
(7.9%) 
0.2x 
0.1x 
4.7x 
3.6x 

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