1
Q1 2020
Sector
Update
Marketplaces
Important disclosures appear at the back of this report
GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority
GP Bullhound Inc is a member of FINRA
2
GP Bullhound is leading technology advisory and investment firm, providing transaction advice and capital
to category leaders.
Marketplaces perspectives
EXECUTIVE SUMMARY
Apax Partners
ACQUIRED BY
Baltic Classifieds Group
UNDISCLOSED
ACQUIRED BY
UNDISCLOSED
OLX (Naspers)
AutoTrader SA
Accel, Baring Vostok &
Vostok New Ventures
INVESTMENT BY
Avito.ru
$110m
GP Bullhound, Cathay,
Atomico and others
INVESTMENT
Ontruck
€25m
GP Bullhound, Lakestar,
Korelya and others
INVESTMENT
Glovo
€150m
GP Bullhound’s marketplaces sector comprises the broader internet ecosystem, including online marketplaces, online classifieds, online travel
and e-commerce. This reports aims to provide insights into public and private valuations across the transaction spectrum and qualitative
insights into broader market trends. We also feature interviews with many of the leading companies and CEOs who are currently transforming
the sector.
In Q1 2020, the marketplaces sector experienced a broad impact due to the COVID-19 pandemic, further accelerating the transformation in
evolving segments such as B2B commerce, recruitment, food and restaurant delivery. Going forward, the crisis presents a huge challenge for
the sector and will undoubtedly present opportunities for new entrants and deal making.
Based in our London office, Alessandro Casartelli heads up the marketplaces practice which has completed over 20 transactions. Several of
GP Bullhound’s marquee marketplaces advisory transactions and investments are showcased below:
3
Key sector takeaways
Recent marketplaces transaction trends
Public company analyses
Marketplaces CEO commentary
Key marketplaces metrics
Appendix A: Public comparables by category
1
3
4
5
6
Contents
2
Appendix B: GP Bullhound credentials and team
7
Appendix C: GP Bullhound corporate overview
8
4
Section 1
Key sector takeaways
5
The COVID-19 effect – how the marketplaces sector has fared
Source: Capital IQ as of 31 March 2020
(1) 1 February 2020 - spread of COVID-19 cases in four territories outside of China. Acceleration of cases in Europe (Italy).
GPB marketplaces stocks’ performance since 1 February 2020 (1)
E-commerce
(17.8%)
Although isolation/quarantine will increase online
sales in some sectors (i.e. groceries) and online
players will acquire new consumers, expect a
decrease in consumer spending due to the
economic recession, negatively affecting e-
commerce sales long-term.
Large cap
(7.4%)
Expect resilience against economic sentiment
and less affected than the other segments due
to diversification of the product/service offering
(i.e. Amazon and AWS).
Online
marketplaces
(27.7%)
The entire segment is likely be affected, but net
positive in the long-term. Expect huge volatility
across the segment.
Top
performer
Worst
performer
7.5%
(29.6%)
212.2%
(66.0%)
(5.0%)
(48.0%)
Online travel
(50.3%)
Heavily affected across all constituents, including
travel, hospitality and events.
(26.5%)
(70.7%)
Classifieds
(31.6%)
Predict this segment to be hard-hit, with reduced
consumer demand and less advertiser spending.
However, the inherent profitability of business
models and strong balance sheets should lend
support through the downturn.
(7.1%)
(62.1%)
(70%)
(60%)
(50%)
(40%)
(30%)
(20%)
(10%)
0%
10%
03-feb-20
13-feb-20
23-feb-20
04-mar-20
14-mar-20
24-mar-20
6
Sector impact differs by vertical
Gaming
Ticketing / travel
Consumer staples

Isolation/quarantine periods should provide an immediate increase in sales of equipment
and gaming peripherals. Long periods spent at home should also deliver increased
consumer adoption.
 Severe effect in the short-term due to mass cancellation of travel and experience
activities. This may rebound towards the second half of the year post cocooning. Expect
the net negative effect to continue in the medium-term as the economy slows.
 Positive change in consumer habits, which should boost online penetration. Additionally,
the sector will be more resilient to any economic downturn.
 Expect grocery delivery, such as Ocado or Supermercato24, to be big winners.
Consumer discretionary
 Decrease in discretionary spending will have a devastating impact. Some revenge
spending will not materially counteract the overall contraction.
Jobs
 As government furloughs are withdrawn and the economy slows, some companies will
dissolve whilst others will reduce headcount. Consequently there will be fewer companies
seeking candidates.
Ride sharing
 Negative effect due economic slowdown, which should trigger decreased volume in a
non-profitable industry -- it will have to transform services in a path towards profitability.
 Consolidation expected in the industry.
Cars and property
 Net neutral effect, due to a combined effect of decreased spending offset by consumers
looking for bargain deals on the demand side and sellers looking for asset liquidity on the
supply side.
Digital health (medical &
pharmacy)

Increased adoption due to restricted traditional access to healthcare. The pandemic is
accelerating the transition to remotely delivered healthcare, which utilises the benefits of
digital and data technologies.
Home lifestyle
 Structural change in the industry, which will be positive for home fitness and lifestyle
offerings due to increased consumer appreciation for the convenience and quality
available from these products/services.
7
GP Bullhound’s views on current trends in marketplaces
Future of work – digitalising the recruitment value chain
2
1
A watershed moment for grocery delivery and meal kits
B2B marketplaces ecosystem aiming to outgrow B2C
3
Consolidation and profound transformation in restaurant delivery
4
8
GP Bullhound’s views on current trends in marketplaces
1

The COVID-19 pandemic has initiated a positive acceleration of consumer demand for
grocery delivery and meal-kit players, due in large part to widespread
isolation/quarantine measures.
 Several competitors are leveraging the momentum:
–
Instacart will hire 300k full-service shoppers for the increased demand in North
America over the next three months (Mar-20).
–
Uber Eats accelerated its push into grocery deliveries through partnerships with
local retailers, e.g. Carrefour in France and Galp in Spain (Mar-20).
–
Blue Apron and HelloFresh shares have tracked impressively since Feb-20 (up
by 212% and 45%, since Feb-20), after they reported huge increases in demand
due to the pandemic.

This forced adoption should inevitably create positive consumer awareness centered
around the convenience, health and economic benefits of home cooking.
 As discretionary substitutes such as restaurant and takeaway meals are challenged in a
recessionary environment, these alternatives should benefit from an increase in share of
wallet.
A watershed moment for grocery delivery and meal kits
Source: Capital IQ, Pitchbook, Mergermarket
DEAL DATE: JUL-19
TTV: $38M
EV/ REV: N/A
DEAL DATE: JAN-20
TTV: $11M
EV/ REV: N/A
DEAL DATE: FEB-20
TTV: $5M
EV/ REV: N/A
DEAL DATE: JAN-20
TTV: $15M
EV/ REV: N/A
9
GP Bullhound’s views on current trends in marketplaces
Source: Capital IQ, Pitchbook, Mergermarket
2
 Worldwide B2B marketplaces sales could reach £3.6 trillion in 2024, up from $680 billion
in 2018, outgrowing the B2C sector as a result.
 Amazon business alone is set to top $31 billion in revenue and $52 billion in GMV by
2023. In 2019, gross sales grew by 60%, 1.6x faster than AWS and 2.9x faster than
Amazon’s total sales.
 Alongside growth the ecosystem has experienced maturation over the past five years
through the emergence of vertical players in industries such as food, agriculture and
business supplies.
 93% of B2B businesses prefer to purchase online direct from vendors. With this,
businesses are using online marketplaces and realising the benefits of wide product
selection, price comparability and customer reviews.
 Leading players such as Alibaba are also integrating on-platform payment and CRM
tools to better manage their customer relationships. Other B2B marketplaces offer a
range of digital tools that help both buyers and sellers by managing accounts,
customising orders and monitoring spending.
 Development of these platforms is still in progress as they continue to innovate to offer
increased personalisation and improvements in the buying experience.
B2B marketplaces ecosystem aiming to outgrow B2C
DEAL DATE: JAN-20
TTV: $30M
EV/ REV: N/A
DEAL DATE: JAN-20
TTV: $200M
EV/ REV: N/A
DEAL DATE: AUG-19
TTV: N/A
EV/ REV: N/A
DEAL DATE: JUN-19
TTV: $230M
EV/ REV: N/A
10
GP Bullhound’s views on current trends in marketplaces
Source: Capital IQ, Pitchbook, Mergermarket
3
 Growth in service marketplaces is being led in part by the recruitment segment.
 Online job marketplaces have grown in popularity across both freelance, part-time
and full-time labour supply.
 Platforms are beginning to extend themselves beyond being used to merely facilitate
the demand and supply of labour, and the value chain is digitalising.
 PeoplePerHour, the freelancer recruitment marketplace, has launched a tech
platform ‘Talent Desk’, which helps businesses manage on-demand teams through
easy resource planning, budgeting, invoicing, payroll, etc.
 HR software players (e.g. SmartRecruiters) are extending their software offering by
developing marketplaces that connect their clients with third-party tooling and
software to support their recruitment.
 As the job market slows due to recessionary pressures, companies may see an
opportunity to accelerate technology investments and optimise their HR and
recruitment processes.
Future of work – digitalising the recruitment value chain
DEAL DATE: OCT-19
EV: $32M
EV/ REV: N/A
DEAL DATE: DEC-19
EV: $32M
EV/ REV: N/A
DEAL DATE: DEC-19
TTV: €70M
EV/ REV: N/A
11
GP Bullhound’s views on current trends in marketplaces
4
 Restaurant delivery saw several transformative deals in 2019, e.g. the merger
agreement between Takeaway.com and Just Eat.
 Restaurant delivery has seen immediate tailwinds due to COVID-19, particularly on
the supply side. Deliveroo enjoyed an 80% spike in the number of restaurants
onboarded to its platform in recent weeks.
 Amidst the lockdowns, demand for restaurant delivery in urban areas has also
increased.
 Expect this positive upswing to be temporary, hampered by multiple challenges such
as:
–
Urban restaurants cannot be supported by delivery orders alone; the
overhead for operating a large kitchen is simply too high.
–
As economic austerity spreads, consumers will look to restrict discretionary
spend on restaurant deliveries.
 Several restaurant and hospitality chains have already filed for bankruptcy (e.g.
Vapiano and Carluccio’s), initiating a major shakeout. For example:
–
A combination of highly operationally efficient restaurants and cloud-kitchens
providing cost-efficient delivery options will co-exist with traditional restaurants
focused on providing physical dining experiences.
–
As competition intensifies in the delivery ecosystem, we expect continued
consolidation amongst the key competitors.
Consolidation and profound transformation in restaurant delivery
Source: Capital IQ, Pitchbook, Mergermarket
DEAL DATE: NOV-19
TTV: $400M
EV/ REV: N/A
DEAL DATE: JUL-19
EV: $6.5BN
EV/ REV: 5.9X
DEAL DATE: FEB-20
TTV: $113M
EV/ REV: N/A
DEAL DATE: SEP-19
TTV: $40M
EV/ REV: N/A
12
Section 2
Recent marketplaces transaction trends
13
0%
20%
40%
60%
80%
100%
2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q1US and Canada
Europe
Asia
Other
0%
20%
40%
60%
80%
100%
2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q1US and Canada
Europe
Asia
Other
0
100
200
300
400
$0B
$10B
$20B
$30B
$40B
$50B
2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q1M&A
M&A deals
0
500
1.000
1.500
2.000
$0B
$10B
$20B
$30B
$40B
$50B
2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q1Total capital invested
Deal count
Uptick in M&A deal number, financings relatively stable
M&A deal value decreases while volume increases
Private placement deal value and volume stable in Q4
Asia M&A activity decreases in Q1 2020
Asia private placement volume dominates in Q1 2020
Source: Pitchbook as of 31 March 2019
Note: Data includes all “Marketplaces” M&A, private placement deals and IPOs as defined by Pitchbook regardless of
geography or transaction size
GLOBAL MARKETPLACES TRANSACTION TRENDS
We expect a decrease in fundraising activity due to the consumer-facing nature of the majority of the companies in the space. However, we
expect M&A volume to increase due to consolidation.
14
Announcement date
Target
Buyer
Target description
Value ($m) Implied EV/LTM Rev
Mar-20
Second-hand shopping marketplace
-
-
Mar-20
Membership programmes for fitness classes and
activities (USA and Latin America respectively)
-
-
Feb-20
Online personalised gift retailer
545
1.0x
Feb-20
Vehicle subscription service
20
-
Jan-20
Online marketplace for used and new car exchange
22
-
Jan-20
Indian food delivery subsidiary of Uber
350
-
Jan-20
Chinese online retailer of beauty products
128
-
Jan-20
Mexican online travel agency for flights and travel
accommodation
136
-
Jan-20
DTC provider of shaving and body products
-
-
Strategic M&A deals dominate with few marquee deals
NOTABLE MARKETPLACES M&A DEALS
Source: Capital IQ, Pitchbook, Mergermarket
ROI Global & Jumei International
Q1 2020 saw few deals led by financial investors and notable deals involved strategic acquirers. US strategics were particularly active in M&A on
both the buy-side and sell-side.
15
Food delivery and mobility verticals continue mega rounds
NOTABLE MARKETPLACES PRIVATE PLACEMENTS DEALS
Source: Capital IQ, Pitchbook, Mergermarket
Announcement date
Issuer
Lead investor
Issuer description
Value ($m)
Mar-20
On-demand ride sharing and transportation platform
200
Mar-20
Online used car marketplace enabling users to buy, finance or
rent cars
114
Mar-20
Online platform which provides a variety of services from
payments, food delivery, transportation and logistics
1,200
Mar-20
Online and mobile C2C marketplace app for people to buy and
sell electronics, furniture, and cars
120
Feb-20
Asian ride sharing and transportation provider
856
Feb-20
On-demand food delivery platform
112
Feb-20
Online marketplace to support the trade of sustainable
agricultural products
175
Jan-20
European ride sharing platform
56
Jan-20
Online marketplace for DIY, home improvement, and gardening
products
138
Jan-20
Online platform for emerging fashion designers and retailers
100
Jan-20
Shipping service provider for e-commerce businesses
40
Jan-20
Urban logistics mobile technology providing the instant delivery
of goods in cities
38
Jan-20
Online mattress and sleep products retailer
24
Jan-20
Delivery service for Chinese food and groceries
20
Michael Moritz
Undisclosed
Q1 2020 saw strong momentum in mega rounds with eight transactions completed over $100m. Food delivery and mobility players dominated this
space, but there were also large rounds in the online fashion and home lifestyle segments.
16
Public company analyses
Section 3
17
Amazon continues to dominate the marketplaces universe
Source: Capital IQ as of 31 March 2020
(1) Prosus’ market capitalisation includes stake in Tencent
8,4
8,8
9,6
10,3
10,4
10,6
10,9
13,8
14,8
14,9
23,9
24,3
41,9
42,8
48,2
55,2
59,2
113,0
521,8
970,7
Autohome
Pinterest
Zalando
Rakuten
VIP Shop
Ocado
Takeaway.com
Trip.com
Delivery Hero
Chewy
eBay
Mercado Libre
Pinduoduo
Recruit Holdings
Uber
Booking.com
JD.com
Prosus
Alibaba
Amazon
SELECTED MARKETPLACES PUBLIC COMPANY VALUATIONS
Market cap values in $bn
(1)
18
Share price performance L5Y
Large caps are the best performing in the sector (LTM)
Source: Capital IQ as of 31 March 2020
Notes: GP Bullhound Marketplaces index constituents are aligned with trading comps found in Appendix A.
E-commerce
(21.6%)
Large cap
5.9%
Online marketplaces
(26.7%)
S&P 500
7.4%
Classifieds
(13.2%)
Online travel
(34.7%)
LTM performance
SHARE PRICE PERFORMANCE OF KEY MARKETPLACES INDICES
(50%)
0%
50%
100%
150%
200%
250%
mar-15
ene-16
nov-16
sep-17
jul-18
may-19
mar-20
As the ongoing COVID-19 situation continues, we expect volatility to continue to particularly affect the Online Travel and Online marketplaces segments.
Share price performance
L5Y
L3Y
LTM
L6M
Since 01/02
S&P 500 Technology Sector
104.1%
56.1%
7.4%
(16.61)
(16.66%)
Large cap
186.3%
90.0%
5.9%
(11.3%)
(4.9%)
E-commerce
(11.2%)
(6.2%)
(21.6%)
(8.9%)
(16.6%)
Online marketplaces
44.5%
43.3%
(26.7%)
(10.1%)
(5.8%)
Classifieds
52.3%
30.4%
(13.2%)
(15.5%)
(30.5%)
Online travel
(1.1%)
(36.9%)
(34.7%)
(35.9%)
(31.4%)
19
Indicative trading valuation benchmarks
Source: Capital IQ as of 31 March 2020
(1) Average
LTM gross
margin (1)
EV / CY20E
revenue (1)
CY19-21 rev
growth (1)
Selected companies
Verticals
51%
3.6x
23%
Large cap
58%
3.7x
27%
Online marketplaces
64%
6.3x
12%
Classifieds
79%
1.5x
4%
Online travel
42%
1.1x
12%
E-commerce
20
EV/NTM revenue trends L5Y
Indices trading in line with 5-year averages
Source: Capital IQ as of 31 March 2020
(1) Prosus excluded from Large Cap, revenue multiple not meaningful for comparison (data skewed by Tencent stake)
3.5x
5.3x
1.6x
1.3x
3.6x
GP BULLHOUND MARKETPLACES INDEX VALUATIONS
The recent correction has moved valuations to below 5-year averages for most segments. Valuations in the Large cap index remain the most stable due to their
diversification.
0,0x
1,0x
2,0x
3,0x
4,0x
5,0x
6,0x
7,0x
8,0x
9,0x
10,0x
mar-15
sep-15
mar-16
sep-16
mar-17
sep-17
mar-18
sep-18
mar-19
sep-19
mar-20
EV/NTM revenue average
L5Y
L3Y
LTM
L6M
Since 01/02
Large cap(1)
4.0x
4.0x
4.3x
4.0x
3.9x
E-commerce
1.9x
1.8x
1.7x
1.6x
1.5x
Online marketplaces
5.3x
5.5x
5.2x
4.7x
4.5x
Classifieds
6.6x
6.4x
6.3x
6.4x
6.3x
Online travel
3.0x
2.9x
2.3x
2.2x
2.1x
21
Section 4
Marketplaces CEO commentary
22
CEO profile
G2A.COM is the world's largest digital marketplace for gamers, making buying and selling
video games simpler, safer and more affordable for everyone. Founded in 2010, the company
soon launched what is now the one-stop platform for over 20 million gamers and geeks. It
connects buyers and sellers around the world, enabling them to trade video games, hardware
and gadgets at a discounted rate, all in one place.
“Video games are currently on the rise. Recently in Italy, Internet
traffic increased by 70% due to online gaming. This is a trend that
we can observe worldwide. In our marketplace, we have noticed
an influx of not only buyers, but also sellers. This is evidence that
niche, specialised marketplace platforms are more resilient to
market volatility to general counterparts.
We don’t see the current situation as a challenge, but as an
opportunity for marketplaces. More consumers are becoming
aware that online shopping is faster, cheaper, more convenient
and efficient. Whilst we expect further economic challenges
ahead, the consumer landscape has changed.
Recent events are also challenging companies operationally. Are
they agile enough to be able to handle remote working? Is their
infrastructure suited to customer and employee needs, and can it
mitigate potential issues? Can all business requirements be met? In
these testing times, companies must change and adapt, so that
they not only survive, but also thrive in difficult circumstances.”
Bartosz Skwarczek
CO-FOUNDER & CEO
Amsterdam,
Netherlands
23
CEO profile
Collectiv Food is a food distribution and supply chain company leading the change in food
supply for the next generation of professional kitchens and food businesses. We deliver quality
proteins, such as meat, seafood and plant-based alternatives, directly from producers at
market beating prices. We own our supply chain from producer to restaurant; using proprietary
technology and an innovative distribution model, we ensure that fresher ingredients are
delivered in a safer and more sustainable way.
“Recent global events have heavily impacted our sector with most
restaurants closed. Businesses on the supply side that relied
extensively on the foodservice industry have become obsolete.
Driven by a sense of community we decided to build a DTC
offering, Farmshop, which delivers fresh produce to homes from
our supply network, via partnerships with Deliveroo and Slerp. We
have seen similar initiatives take off in the city, with Leon
transforming their restaurants into basic grocery shops.
Traditional wholesalers and distributors, who are hugely capital
intensive and inventory-based with large fleets of vehicles, have
been really struggling, and it will take them much longer to
recover. For us, our business is smaller, agile and more capital
efficient. We have been able to adapt to position ourselves for a
stronger future. As an extraordinary sign of these times, we have
been approached by large supermarkets, as their existing supply
chains aren’t proving strong enough to avoid shortages and cope
with the transfer of demand from foodservice to retail.”
Jeremy Hibbert-Garibaldi
FOUNDER & CEO
London,
UK
Investors
24
CEO profile
Supermercato24 is the largest e-grocery delivery marketplace in Europe. Users can get
groceries handpicked and delivered same-day from their favorite supermarket at the same
price they would get in-store. The company is active in two countries, Italy and Poland, and
partners with 20+ retailers including the two largest European grocery retailers, LIDL and
Carrefour, and 100+ CPG Brands for product placement and data sharing.
“We have always believed the shift to online grocery purchasing
was inevitable. COVID-19 has accelerated this move from offline
to online.
Following these recent events we are experiencing a 10x spike of
traffic versus the previous year, and now we are focusing on
strengthening our supply chain to serve the resulting explosion in
demand.
Our mission has always been to improve and simplify people’s
lives. We are now fulfilling this by providing a service which is seen
to be critical by our consumers.”
Federico Sargenti
CEO
Milan,
Italy
Investors
25
CEO profile
PeoplePerHour is an online marketplace where freelancers and small businesses can connect.
With a vibrant community of over 50,000 freelancers across 150 countries available to work at
the click of a button, it's like having a virtual, on-demand global workforce at the ready.
“We’ve been digitalising work since 2007, when I started
PeoplePerHour.com. We have noticed the rise of the freelance
economy originally fuelled the adoption of remote, distributed
work. This is now becoming commonplace throughout the entire
workforce as companies seek more efficient and flexible ways of
working. We are witnessing a convergence into one distributed
remote workforce with the nature of the contractual arrangement
between employer and worker becoming less stringent.
We started TalentDesk.io in 2017 to support this shift, enabling
companies to operate remotely across their workforce in an
organised way: staffing remotely executed projects with the
appropriate talent, allocate tasks efficiently, set budgets, track
progress and performance, and raise timesheets and execute
payroll seamlessly. This transformation in the workplace really
excites us, and we believe post-COVID-19 we will see a huge
adoption throughout the economy. No company, small or large,
can afford to ignore this movement and rethinking how they
work.”
Xenios Thrasyvoulou
FOUNDER & CEO
London,
UK
Investors
26
Section 5
Key marketplaces metrics
27
Tracking metric
Calculation
Description
GMV / (Take rate %)
 GMV = Total value of transactions
 Take rate (%) = % * GMV
 GMV (Gross Merchandise Value) is the total value of merchandise sold through a
marketplace
 Take rate is the commission that the company collects on sales
Net revenue / (growth %)
 Net revenue = Total revenue less sales tax,
returns and cancellations

Include growth metrics:
 YoY / MoM
 CAGR
 Organic vs. acquisition
Annual Run Rate Revenue
(ARRR)
 Annual Run Rate Revenue (ARRR)
 Calculation:
 ARRR = revenue in period / # of days in
period x 365

Indicator of financial performance which takes a company’s current revenue in a
certain period and converts to an annual figure to get the full-year equivalent

Implied assumption that present financial environment will not change significantly
and sensitive to seasonal fluctuations in revenue
Gross profit / (margin %)
Contribution margin I
(CM1)
 Net revenue = less COGS,
discounts/promotions
 True calculation of gross profit includes any discounts
Contribution margin II /
(CMII margin %)
 CMII = CMI less logistics & packing, service costs
& payment fees
 Business’ profitability following customer/order servicing
Contribution margin III /
(CMIII margin %)
 CMIII = CMII less sales and marketing costs

Is the business profitable following customer acquisition and marketing efforts
EBITDA (EBITDA margin %)
 EBITDA = CMIII less HR overhead, HQ costs &
other general & administrative costs
 Underlying profitability of the business after all overheads and HQ costs

If currently not profitable, does EBITDA margin progression give an indication of when
the business could reach breakeven
Common marketplaces headline financial KPIs
28
Tracking metric
KPI
Description
Traffic statistics
 Visits (gross & unique)
 Sign-ups
 Organic vs. Paid traffic
 Application (mobile/tablet) vs. Desktop
 Conversion rates by channel
 Track overall visits funnel and conversion of traffic into leads, transactions and
revenue
Order statistics
 Orders / customer
 Product split (%) – e.g. private label vs. 3rd party
 Return rate (%)
 Average order value (AOV)
 Further analyse traffic funnel and understand conversion into revenue
 Order metrics can help analyse and shape product strategy/segmentation
New vs. Repeat stats
 New vs. Repeat consumers / order / revenue
 New marketing spend
 Repeat marketing spend
 Consumers can be analysed by cohort e.g. by first purchase
 Run cohorts to look at customer retention over time to spot trends and ROI on sales
and marketing initiatives
Customer acquisition cost
(CAC)
 CAC = Sales & marketing spend / number of
new consumers
 Cost of acquiring one consumer/user
 All S&M expenses for new consumers. Sometimes excludes personnel management
S&M costs
 CAC strategy can typically vary on a seasonal basis as S&M efforts, e.g. ramp-up or
slowdown
Customer lifetime value
(CLV)
 CLV = Gross margin (%) x retention (%) x AOV
 Value a consumer contributes to a business over their lifetime
 Projected on a cohort basis e.g. 1-year, 2-year, 5-year etc.
CLV:CAC ratio
 CLV:CAC = CLV / CAC
 How much value is a business making from consumers in relation to how much it
cost me to acquire them
 Good benchmark is 3:1. 1:1 or below suggests a business loses money as it scales. If
the ratio is too high (e.g. 5:1 or higher) this business could be under investing
Common marketplaces headline financial KPIs
29
Appendix A: Public comparables
by category
Section 6
30
Public comparables – Large cap
Source: Capital IQ as of 31 March 2020
Note: Prosus includes OLX, PayU, iFood, Delivery Hero, Swiggy, Tencent, Mail.ru and other smaller e-commerce companies
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Large cap
Large cap
Amazon
United States
89%
(3%)
970,680
993,194
3.0x
2.5x
2.2x
19.7x
15.7x
13.0x
41%
42%
41%
15%
16%
17%
18%
21%
Alibaba
China
84%
(6%)
521,936
504,756
5.9x
4.5x
3.7x
19.7x
13.6x
11.3x
46%
45%
46%
30%
33%
33%
28%
29%
Prosus
The Netherlands
82%
(4%)
112,987
107,972
4.7x
3.7x
3.2x
15.7x
12.5x
9.9x
n.a.
39%
38%
30%
29%
32%
n.a.
n.a.
JD.com
China
89%
7%
59,217
55,765
0.6x
0.5x
0.4x
21.1x
14.8x
11.3x
9%
15%
8%
3%
3%
4%
19%
39%
Pinduoduo
China
80%
2%
41,880
36,938
5.7x
3.7x
3.0x
n.m.
33.6x
12.3x
77%
78%
79%
(7%)
11%
25%
52%
n.m.
eBay
United States
72%
(10%)
23,930
29,527
3.1x
2.9x
2.8x
8.3x
7.8x
7.4x
77%
77%
77%
37%
37%
38%
(3%)
1%
Rakuten
Japan
62%
(4%)
10,336
11,142
0.8x
0.7x
0.6x
9.4x
6.1x
5.0x
72%
80%
n.m.
9%
12%
13%
16%
5%
Pinterest
United States
42%
(30%)
8,841
7,348
5.1x
3.8x
3.0x
n.m.
48.9x
21.3x
70%
71%
69%
0%
8%
14%
32%
200%
Mean
75%
(6%)
218,726
218,330
3.6x
2.8x
2.4x
15.7x
19.1x
11.4x
56%
56%
51%
15%
19%
22%
23%
49%
Median
81%
(4%)
50,549
46,352
3.9x
3.3x
2.9x
17.7x
14.2x
11.3x
70%
58%
46%
12%
14%
21%
19%
25%
31
Public comparables – E-commerce
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Source: Capital IQ as of 31 March 2020
E-commerce
Online fashion
VIP Shop
China
87%
22%
10,446
9,539
0.7x
0.6x
0.6x
8.8x
7.3x
6.7x
22%
22%
22%
8%
9%
9%
8%
26%
Zalando
Germany
71%
(20%)
9,563
9,031
1.1x
1.0x
0.8x
23.4x
14.8x
12.1x
43%
42%
43%
5%
6%
7%
16%
16%
boohoo.com
United Kingdom
50%
(40%)
2,763
2,555
1.6x
1.1x
0.9x
14.5x
11.7x
9.1x
54%
54%
54%
11%
10%
10%
34%
29%
Farfetch
United Kingdom
29%
(35%)
2,683
2,650
1.7x
1.4x
1.1x
n.m.
n.m.
21.3x
46%
46%
45%
(6%)
0%
5%
41%
n.m.
Stitch Fix
United States
39%
(45%)
1,301
1,150
0.6x
0.5x
0.4x
n.m.
26.7x
11.3x
44%
45%
45%
0%
2%
4%
15%
30%
ASOS
United Kingdom
29%
(63%)
1,245
1,358
0.4x
0.3x
0.3x
9.2x
4.8x
3.9x
49%
48%
48%
4%
7%
7%
12%
46%
The RealReal
United States
23%
(52%)
607
243
0.6x
0.5x
0.4x
n.m.
n.m.
n.m.
65%
68%
64%
(18%)
(8%)
(1%)
28%
n.m.
Rev olv e
United States
18%
(51%)
599
534
0.8x
0.7x
0.6x
9.6x
7.1x
5.5x
54%
53%
54%
8%
9%
11%
15%
16%
Global Fashion Group
Luxembourg
24%
(43%)
227
54
0.0x
0.0x
0.0x
n.m.
n.m.
1.8x
41%
42%
40%
(3%)
(0%)
1%
13%
n.m.
Vertical E-commerce
Ocado
United Kingdom
78%
(6%)
10,648
10,479
4.2x
3.7x
3.3x
n.m.
n.m.
47.6x
34%
39%
34%
1%
4%
7%
13%
46%
Peloton
United States
72%
(18%)
7,452
6,493
3.5x
2.4x
1.7x
n.m.
n.m.
65.5x
42%
44%
42%
(7%)
(2%)
3%
47%
n.a.
Wayfair
United States
32%
(43%)
5,043
6,426
0.6x
0.5x
0.4x
n.m.
n.m.
n.m.
23%
24%
24%
(5%)
(2%)
(1%)
18%
n.m.
HelloFresh
Germany
98%
45%
5,563
5,480
2.0x
1.7x
1.5x
25.8x
18.1x
12.9x
62%
62%
65%
8%
9%
11%
28%
145%
Stamps
United States
70%
75%
2,219
2,132
3.6x
3.4x
n.a.
14.8x
13.1x
n.a.
72%
73%
73%
25%
26%
n.a.
6%
(0%)
Zooplus
Germany
86%
37%
875
895
0.5x
0.4x
0.4x
n.m.
23.6x
20.5x
29%
29%
25%
1%
2%
2%
13%
72%
1-800-flowers.com
United States
61%
(13%)
851
725
0.5x
n.a.
n.a.
7.2x
n.a.
n.a.
42%
42%
42%
7%
n.a.
n.a.
n.a.
n.a.
AO World
United Kingdom
57%
(17%)
397
499
0.4x
0.3x
n.a.
25.3x
16.6x
n.a.
16%
16%
16%
1%
2%
n.a.
8%
106%
Blue Apron
United States
42%
212%
160
242
0.7x
0.6x
0.5x
n.m.
27.5x
11.1x
39%
40%
39%
0%
2%
5%
(4%)
n.m.
Casper Sleep
United States
27%
n.a.
170
488
1.0x
0.8x
0.6x
n.m.
n.m.
77.5x
49%
51%
49%
(14%)
(6%)
1%
20%
n.m.
Oponeo
Poland
58%
(24%)
67
48
0.2x
0.2x
n.a.
4.5x
4.4x
n.a.
19%
19%
19%
4%
4%
n.a.
7%
4%
SRP Groupe
France
22%
(43%)
37
69
0.1x
0.1x
n.a.
28.8x
7.8x
n.a.
n.a.
n.a.
30%
0%
1%
n.a.
(3%)
n.m.
MySale Group
Australia
14%
(57%)
20
32
0.4x
0.4x
n.a.
n.m.
14.9x
n.a.
n.a.
n.a.
9%
(2%)
2%
n.a.
n.a.
n.a.
E-Commerce - Others


Chewy
United States
91%
41%
14,944
15,025
2.4x
2.0x
1.7x
n.m.
n.m.
67.3x
23%
24%
24%
0%
1%
3%
24%
n.m.
B2W
Brazil
61%
(44%)
4,851
4,897
3.4x
2.9x
2.5x
33.7x
23.8x
17.7x
30%
32%
30%
10%
12%
14%
15%
34%
Cimpress
Ireland
37%
(56%)
1,394
3,006
1.4x
1.2x
1.2x
9.5x
7.3x
7.4x
n.a.
n.a.
50%
15%
16%
16%
(5%)
(6%)
Yelp
United States
44%
(45%)
1,295
1,115
1.1x
1.0x
1.0x
5.8x
4.7x
4.3x
94%
94%
94%
20%
22%
22%
4%
6%
Shutterstock
United States
67%
(26%)
1,142
895
1.3x
1.3x
1.2x
9.2x
8.3x
7.3x
58%
58%
57%
15%
15%
17%
3%
6%
CEWE
Germany
75%
(19%)
632
668
0.9x
0.8x
0.8x
5.5x
4.9x
4.9x
73%
74%
74%
16%
16%
16%
4%
4%
Quotient Technology
United States
54%
(35%)
583
534
1.1x
1.0x
0.9x
9.2x
6.8x
5.6x
43%
47%
40%
12%
15%
16%
13%
32%
Groupon
United States
26%
(66%)
556
178
0.1x
0.2x
0.2x
2.0x
1.2x
1.1x
53%
63%
53%
6%
14%
15%
(33%)
(19%)
Jumia Technologies
Nigeria
6%
(51%)
229
(22)
n.m.
n.m.
n.m.
0.1x
0.1x
0.2x
46%
55%
47%
(100%)
(67%)
(43%)
21%
n.m.
Ov ertstock.com
United States
17%
(39%)
201
170
0.1x
0.1x
0.1x
n.m.
n.m.
n.m.
20%
21%
20%
(3%)
(3%)
(2%)
0%
n.m.
Qliro Group
Sweden
30%
(46%)
59
76
0.2x
0.2x
n.a.
4.9x
3.5x
n.a.
n.a.
n.a.
25%
5%
7%
n.a.
4%
149%
Delticom
Germany
42%
(33%)
41
137
0.2x
0.2x
0.2x
8.6x
6.2x
n.a.
27%
27%
22%
2%
3%
n.a.
5%
n.m.
Mean
48%
(18%)
2,614
2,582
1.1x
1.0x
0.9x
12.4x
11.0x
18.4x
44%
45%
42%
1%
4%
6%
12%
37%
Median
43%
(35%)
863
810
0.7x
0.6x
0.7x
9.2x
7.6x
9.1x
43%
45%
42%
3%
4%
7%
13%
27%
32
Public comparables – Online marketplaces
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Source: Capital IQ as of 31 March 2020
Online marketplaces
Uber
United States
59%
(23%)
48,226
45,745
2.9x
2.2x
1.9x
n.m.
n.m.
26.7x
51%
54%
33%
(12%)
1%
7%
20%
n.m.
Mercado Libre
Argentina
65%
(26%)
24,287
22,944
7.6x
5.6x
4.2x
n.m.
n.m.
45.0x
48%
48%
56%
(3%)
4%
9%
33%
n.m.
Deliv ery Hero
Germany
83%
(5%)
14,764
13,970
5.6x
3.8x
2.6x
n.m.
n.m.
n.m.
30%
31%
39%
(23%)
(4%)
0%
64%
n.m.
Takeaway.com
Netherlands
69%
(20%)
10,878
11,120
5.3x
4.1x
3.5x
45.9x
28.2x
19.4x
73%
66%
73%
12%
15%
18%
144%
n.a.
Lyft
United States
35%
(43%)
8,233
5,859
1.5x
1.1x
0.9x
n.m.
n.m.
21.4x
43%
53%
40%
(16%)
(3%)
4%
21%
n.m.
Etsy
United States
54%
(21%)
4,534
4,590
4.4x
3.7x
3.1x
20.0x
15.7x
12.1x
68%
67%
67%
22%
23%
25%
24%
25%
GrubHub
United States
51%
(25%)
3,741
3,929
2.7x
2.4x
2.1x
35.9x
24.0x
17.4x
48%
43%
40%
8%
10%
12%
13%
(6%)
Kakaku.com
Japan
64%
(30%)
3,798
3,675
6.2x
5.6x
5.3x
12.6x
11.6x
11.1x
n.a.
n.a.
96%
49%
49%
48%
8%
6%
CarGurus
United States
44%
(47%)
2,127
2,025
3.6x
2.7x
2.4x
36.6x
17.0x
12.6x
94%
93%
94%
10%
16%
19%
13%
24%
Moneysupermarket.com United Kingdom
72%
(12%)
2,030
2,043
4.0x
3.8x
3.7x
11.6x
10.7x
10.3x
70%
68%
69%
35%
36%
36%
5%
4%
Gruppo MutuiOnline
Italy
65%
(25%)
629
745
4.0x
3.5x
3.3x
15.9x
12.2x
10.2x
44%
n.a.
46%
25%
29%
32%
(4%)
(6%)
TrueCar
United States
33%
(35%)
259
121
0.4x
0.4x
0.4x
7.1x
n.m.
9.5x
91%
91%
91%
5%
0%
4%
(10%)
(89%)
Redbubble
Australia
28%
(48%)
94
60
0.3x
0.2x
0.2x
9.8x
5.3x
3.2x
15%
n.a.
15%
3%
4%
6%
17%
90%
Mean
56%
(28%)
9,508
8,987
3.7x
3.0x
2.6x
21.7x
15.6x
16.6x
56%
61%
58%
9%
14%
17%
27%
6%
Median
59%
(25%)
3,798
3,929
4.0x
3.5x
2.6x
15.9x
13.9x
12.4x
50%
60%
56%
8%
10%
12%
17%
5%
33
Public comparables – Classifieds
Source: Capital IQ as of 31 March 2020
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Classifieds
Property, cars, general
Autohome
China
60%
(7%)
8,408
6,578
5.2x
4.6x
4.0x
12.5x
10.7x
9.6x
91%
89%
91%
41%
43%
42%
9%
6%
REA Group
Australia
66%
(38%)
6,221
6,369
11.5x
10.2x
8.8x
23.1x
16.7x
14.5x
72%
91%
72%
50%
61%
61%
6%
12%
Zillow
United States
51%
(26%)
7,405
7,496
2.6x
1.3x
1.1x
n.m.
n.m.
49.1x
n.a.
n.a.
n.a.
(2%)
0%
2%
48%
(20%)
Scout24
Germany
82%
(13%)
6,306
7,173
9.7x
8.6x
7.5x
17.5x
15.1x
29.0x
72%
n.a.
72%
55%
57%
26%
11%
16%
Rightmov e
United Kingdom
69%
(30%)
5,279
5,249
13.5x
13.1x
12.3x
17.8x
17.2x
16.3x
77%
76%
77%
76%
76%
76%
5%
4%
Adev inta
Norway
74%
(27%)
6,127
6,322
7.7x
6.8x
6.0x
26.7x
20.7x
18.1x
65%
n.a.
65%
29%
33%
33%
12%
19%
Auto Trader
United Kingdom
72%
(26%)
5,018
5,398
11.3x
10.7x
10.4x
16.7x
15.2x
16.7x
n.a.
n.a.
n.a.
68%
70%
62%
5%
3%
Info Edge
India
65%
(28%)
3,308
3,108
16.9x
14.0x
n.a.
47.0x
38.5x
n.a.
52%
n.a.
52%
36%
36%
n.a.
17%
25%
carsales.com
Australia
60%
(38%)
1,768
2,046
7.3x
6.8x
6.2x
13.2x
12.9x
11.3x
84%
n.a.
84%
55%
52%
55%
10%
7%
Redfin
United States
47%
(37%)
1,436
1,347
1.4x
1.0x
0.7x
n.m.
n.m.
35.3x
19%
18%
18%
(3%)
1%
2%
32%
n.m.
Bitauto
China
64%
(31%)
729
3,126
2.0x
1.8x
n.a.
17.5x
11.7x
n.a.
60%
60%
61%
12%
16%
n.a.
4%
20%
Purplebricks
United Kingdom
28%
(62%)
164
115
0.7x
0.7x
0.6x
18.5x
7.9x
6.0x
58%
n.a.
58%
4%
9%
10%
5%
n.m.
Jobs
Recruit Holdings
Japan
61%
(35%)
42,839
42,562
1.9x
1.7x
1.5x
14.0x
11.5x
9.8x
53%
n.a.
53%
14%
15%
16%
6%
11%
51job
China
63%
(15%)
4,100
2,719
4.8x
4.3x
4.0x
15.1x
12.5x
11.1x
70%
71%
69%
31%
34%
37%
8%
7%
SEEK
Australia
62%
(40%)
3,199
4,235
3.8x
3.3x
2.9x
13.3x
12.2x
10.5x
47%
n.a.
47%
29%
27%
28%
12%
9%
DHI Group
United States
49%
(23%)
109
133
0.9x
0.8x
n.a.
4.3x
3.5x
n.a.
89%
89%
89%
20%
24%
n.a.
4%
4%
Freelancer
Australia
30%
(43%)
83
80
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
84%
n.a.
84%
n.a.
n.a.
n.a.
n.a.
n.a.
JcbNext
Malaysia
74%
(25%)
36
4
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
33%
n.a.
33%
n.a.
n.a.
n.a.
n.a.
n.a.
Mean
60%
(30%)
5,696
5,781
6.3x
5.6x
5.1x
18.4x
14.7x
18.2x
64%
71%
64%
32%
35%
35%
12%
9%
Median
62%
(29%)
3,704
3,681
5.0x
4.4x
4.0x
17.1x
12.7x
14.5x
68%
76%
67%
30%
33%
33%
8%
8%
34
Public comparables – Online travel
Source: Capital IQ as of 31 March 2020
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Online travel
Booking.com
United States
64%
(27%)
55,241
57,021
4.8x
3.8x
3.4x
14.4x
10.1x
9.0x
100%
100%
100%
33%
37%
37%
0%
(2%)
Trip.com
China
50%
(27%)
13,798
15,410
3.8x
2.6x
2.3x
n.m.
11.8x
9.7x
79%
75%
79%
3%
22%
24%
8%
10%
Expedia
United States
39%
(48%)
7,877
11,209
1.3x
0.9x
0.9x
10.6x
5.1x
4.4x
83%
80%
82%
13%
18%
19%
(0%)
2%
MakeMyTrip
India
40%
(48%)
1,231
1,041
1.9x
1.2x
0.9x
n.m.
n.m.
11.4x
n.a.
n.a.
44%
(10%)
1%
8%
9%
n.m.
Triv ago
Germany
27%
(44%)
515
371
0.7x
0.5x
0.5x
77.0x
4.7x
4.1x
99%
99%
99%
1%
10%
12%
(7%)
1%
Despegar.com
Argentina
37%
(62%)
384
101
0.2x
0.1x
0.1x
2.3x
1.4x
0.9x
66%
67%
66%
8%
11%
14%
15%
70%
Webjet
Australia
22%
(71%)
313
334
1.3x
1.2x
1.2x
3.7x
3.1x
2.9x
70%
73%
71%
36%
38%
40%
5%
5%
On The Beach
United Kingdom
44%
(47%)
359
291
1.8x
1.4x
1.5x
7.7x
5.0x
4.7x
n.a.
n.a.
66%
23%
29%
31%
4%
10%
Lastminute.Com
Netherlands
44%
(52%)
246
162
0.8x
0.4x
0.4x
2.1x
2.0x
n.a.
19%
n.a.
79%
36%
22%
n.a.
1%
9%
Edreams Odigeo
Luxembourg
34%
(59%)
224
625
1.0x
1.0x
0.9x
4.5x
4.4x
3.8x
n.a.
n.a.
85%
22%
22%
23%
4%
5%
Holidaycheck
Germany
40%
(47%)
82
62
0.3x
0.4x
0.2x
n.m.
3.4x
n.a.
72%
n.a.
72%
(21%)
10%
n.a.
7%
62%
Hostelworld
Ireland
21%
(67%)
63
48
0.5x
0.5x
0.5x
2.4x
2.0x
1.8x
n.a.
n.a.
100%
23%
25%
27%
4%
3%
Trav elzoo
United States
17%
(61%)
45
39
0.3x
0.3x
n.a.
2.7x
1.9x
n.a.
89%
90%
89%
12%
17%
n.a.
3%
37%
Mean
37%
(51%)
6,183
6,670
1.5x
1.1x
1.1x
12.7x
4.6x
5.3x
75%
83%
79%
14%
20%
24%
4%
18%
Median
39%
(48%)
359
334
1.0x
0.9x
0.9x
4.1x
3.9x
4.3x
79%
80%
79%
13%
22%
23%
4%
7%
35
Section 7
Appendix B: GP Bullhound credentials & team
36
GP Bullhound’s recent activity in the marketplaces space
COMMERCIAL AGREEMENT
INVESTMENT BY
ACQUIRED BY
ACQUIRED BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
ACQUIRED BY
ACQUIRED BY
ACQUIRED BY
INVESTMENT BY
ACQUIRED BY
INVESTMENT BY
INVESTMENT BY
ACQUIRED BY
ACQUIRED BY
INVESTMENT BY
INVESTMENT BY
37
Authors
Alessandro Casartelli
EXECUTIVE DIRECTOR
Alessandro.Casartelli@gpbullhound.com
Dipam Patel
VICE PRESIDENT
Dipam.Patel@gpbullhound.com
Joaquin del Rio
ANALYST
Joaquin.Delrio@gpbullhound.com
38
Section 8
Appendix C: GP Bullhound corporate overview
39
Helping brave, brilliant
leaders build the future
40
A leading technology advisory and investment firm
ABOUT GP BULLHOUND
(1) League table data represents selected transaction advisors. Time period is 2016-Q4 2019. Global M&A transactions
between $10m and $300m
ESSENCE
BALTIC CLASSIFIEDS
GROUP
FALCON.IO
JELLYFISH
SPOTIFY
SLACK
REVOLUT
GLOVO
INNOGAMES
DELIVERY HERO
SIGNAVIO
PRODIGY FINANCE
TECHNOLOGY
PREDICTIONS
TITANS
OF TECH
SUMMIT
MARBELLA
INVESTOR
ALLSTARS
Mergers & Acquisitions
Investments
Capital Transactions
Insights & Events
We are the no. 1 global advisor (1) to leading technology
companies in competitive international sale and acquisition
processes.
The firm has completed 420 successful M&A transactions to date,
worldwide, with a total value of over $18bn.
Through our investment team, we provide investors with access to
category leading technology companies.
Our four closed-end funds have a total value of more than €170m
and our limited partners include institutions, family offices and
entrepreneurs.
We are a leading global advisor to companies and their owners
on capital related transactions including venture capital, growth
capital, acquisition funding, secondary block trades and initial
public offerings.
The firm has completed 120 rounds of financing for technology
companies to date, with a total value of $2bn.
Our events and speaking activities bring together thousands of
leading digital entrepreneurs and technology investors
throughout the year.
Our thought-leading research is read by thousands of decision-
makers globally and is regularly cited in leading newspapers and
publications.
UNITY
FILTER
ECOVADIS
NORTHERN
TECH AWARDS
41
41
Our focus sectors
DIGITAL
MEDIA
DIGITAL
SERVICES
SOFTWARE
MARKETPLACES
FINTECH
Confidential
42
Ian Carroll
DIRECTOR FINANCE
Victoria Palma Ehrichs
PERSONAL
ASSISTANT
Julian Riedlbauer
PARTNER
Elsa Hu
EXECUTIVE
DIRECTOR
Alon Kuperman
EXECUTIVE
DIRECTOR
Ravi Ghedia
DIRECTOR
Joy Sioufi
EXECUTIVE
DIRECTOR
Iman Crisby
EXECUTIVE
DIRECTOR MARKETING
Fraenze Gade
VP EVENTS
Nikolas Westphal
EXECUTIVE
DIRECTOR
Javed Huq
DIRECTOR
Karl Blomsterwall
ASSOCIATE
Joe Tabberer
VICE PRESIDENT
Johan Roslund
VICE PRESIDENT
Marvin Maerz
VICE PRESIDENT
Simon Miremadi
VICE PRESIDENT
Dave Nish
VP TECHNOLOGY
Brandon Overmyer
VICE PRESIDENT
Simon Nicholls
PARTNER
Sven Raeymaekers
PARTNER
Jon Cantwell
PARTNER
Joakim Dal
PARTNER
Alec Dafferner
PARTNER
Per Roman
MANAGING PARTNER
Hugh Campbell
MANAGING PARTNER
Claudio Alvarez
PARTNER
Robert Ahldin
PARTNER
Guillaume Bonneton
PARTNER
Manish Madhvani
MANAGING PARTNER
Alexis Scorer
EXECUTIVE
DIRECTOR
Ben Prade
EXECUTIVE
DIRECTOR
Alessandro Casartelli
EXECUTIVE
DIRECTOR
Jack Chan
DIRECTOR
Adam Birnbaum
DIRECTOR
Oliver Schweitzer
EXECUTIVE
DIRECTOR
Floris Backer van
Ommeren
EXECUTIVE DIRECTOR
Miguel Kindelán
EXECUTIVE
DIRECTOR
Elena Bocharova
ASSOCIATE
Felix Bratell
VICE PRESIDENT
Gioia Cerbelli
ASSOCIATE
Charlotte Carew-
Gibbs
HR MANAGER
Evgeny Yakovlev
ANALYST
Bev Boettcher
OFFICE MANAGER
Susanna Andersson
OFFICE MANAGER
Ashleigh MacDonald
FINANCE MANAGER
Erik Andershed
DATA SCIENTIST
Mathilde Jakobsson
EVENTS & MARKETING
Caoimhe Bradley
OFFICE MANAGER
Geneshe Edelman
OFFICE MANAGER
Jade Williams
PERSONAL
ASSISTANT
Victoria Martin
PERSONAL
ASSISTANT
Michelle Hoo
PERSONAL
ASSISTANT
Maria Lazareva
PERSONAL
ASSISTANT
Joyce Byrne
OFFICE MANAGER
Olivia Hornstein
OFFICE MANAGER
Maria Sosna
OFFICE MANAGER
Maria Martinez
OFFICE MANAGER
Ed Prior
ASSOCIATE
Joaquin del Rio Briones
ANALYST
Kevin Siagam
ASSOCIATE
Jack Curran
ASSOCIATE
Pierce Lewis-Oakes
ASSOCIATE
Jaime Sendagorta
VICE PRESIDENT
Okan Inaltay
ASSOCIATE
Matthew Finegold
ASSOCIATE
Carolin Drewes
ASSOCIATE
Hampus Hellermark
ASSOCIATE
Luis Patiño Tornos
ANALYST
Vincent Wei
ASSOCIATE
Connor Smith
ANALYST
Rachael Shapiro
ASSOCIATE
Joel-Oskar Raisanen
ANALYST
Manon Rodier
ANALYST
Bulat Mardanov
ASSOCIATE
Alexis Majos
ANALYST
Pierre Van Kempen
ANALYST
Reda Ben Larbi
ANALYST
Felix Lutjen
ANALYST
Carl Wessberg
PARTNER
Greg Smith
PARTNER
Dennis Klein
ANALYST
Freddie Dodge
ANALYST
Gaia Cibrario
ANALYST
Candice Mostisser
ANALYST
Sir Martin Smith
CHAIRMAN
Staffan Ingeborn
NON-EXECUTIVE
DIRECTOR
Cecilia Roman
SENIOR ADVISOR
Seth Alpert
SENIOR ADVISOR
Johannes Akermark
DIRECTOR
Eric Crowley
DIRECTOR
Jaime Moreno
DIRECTOR STRATEGY
Joy Abiola
VICE PRESIDENT
Praveena Muthukumar
VP FINANCE
Dipam Patel
VICE PRESIDENT
Adam Page
VICE PRESIDENT
Maria Maciagowska
ANALYST
Matthew Young
ANALYST
Andrea López
DESIGN COORDINATOR
Ana Navarrete
PERSONAL ASSISTANT
43
Global marquee transactions
Baltic Classifieds Group
ACQUIRED BY
GP Bullhound
EcoVadis
GP Bullhound
Innogames
INVESTED IN
INVESTMENT BY
INVESTED IN
INVESTMENT BY
UNDISCLOSED
REALISED
(DIRECT LISTING)
$200M
ACTIVE
€260M VALUATION
Apax Partners
Spotify
CVC Growth Partners
Klarna
Modern Times Group
GP Bullhound
INVESTED IN
Jellyfish
GP Bullhound
Filter
13th Lab
INVESTMENT BY
INVESTED IN
ACQUIRED BY
ACQUIRED BY
Slack
Fimalac Group
Avito
Merkle
Facebook
REALISED
(DIRECT LISTING)
£500M
REALISED
(ACQUIRED BY NASPERS)
UNDISCLOSED
UNDISCLOSED
44
Thought-leading independent technology research –
connecting people in the tech industry
GP BULLHOUND INSIGHTS & EVENTS
Titans of Tech
ALL CHANGE
AT THE TOP
Technology
Software
Digital Services
Fintech
PREDICTIONS
GLOBAL MARKET
PERSPECTIVES
GLOBAL MARKET
PERSPECTIVES
GLOBAL MARKET
PERSPECTIVES
Summit
Northern Tech
Investor
Conference
Market update
MARBELLA
AWARDS
ALLSTARS
RECEPTIONS
WEBINARS
45
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