Internet advertising is at an inflection point in its history as the industry continues to grow and mature. In preparation for our first annual Internet Advertising trends report, we spoke to over 150 Internet Advertising companies. Our findings include: Overall Internet Advertising growth remains strong as Internet Advertising takes share from traditional advertising Mobile is changing the landscape – yet is still, in many cases, separate from other web IA approaches and solutions. Social media's importance for Internet Advertising is established – how to effectively deal with it is still a question mark for most advertisers Search is becoming more local and mobile Current view of the Internet Advertising landscape is overly complicated - it's not that hard Unless you offer neutral data and tools, you are not going to be able serve both publishers and advertisers effectively We are still early in the maturation of the sector Customer sophistication is still early – even the most successful advertisers "get it less wrong!” to a degree Search and DR remain the foundations for successful internet advertising campaigns – but no longer stand alone Big data, social and mobile driving richer data sets enabling advanced analytics Attribution & Transparency will be hot in 2013 as customers drive for better ROI Publishers - Tool Up, Adapt or DIE RTB is hot now - but winners must evolve quickly as publishers and advertisers become more sophisticated Brand dollars still sitting on the sideline (mostly) but change is coming M&A remains steady but multiples likely pressured in 2013 due to scale and overfunding

1. Internet Advertising Trends - 2013
Mark R. Langner"
Managing Director – Industry Analysis
January 2013

2. Contents
1. Summary
2. Internet Industry Statistics – Internet Growth Shifting To Emerging Markets and Asia; Mobile Data Consumption
Driving Importance of Mobile Strategies; Mobile is Growing at Expense of Desktop Usage in U.S. and Europe;
Mobile’s Importance Grows as Users Sift from Desktop to Mobile; Social Media’s Importance for Internet
Advertising is Established…; As Social Media Has Become Nearly 20% of Time Spent On-Line; Search is
Changing – Becoming More Local and Mobile.
3. Internet Advertising Market Figures – Internet Advertising Has Grown Rapidly…; And is Projected to Continue
Growing Rapidly; Digital’s Share of Worldwide Ad Spend Will Rise; Mobile Advertising Market Needs to Catch Up
to Usage; Which Means Expect Mobile’s Share of Spend to Grow Fast.
4. Key Internet Advertising Industry Trends – Making Sense of the IA Landscape; Headwaters’ View of IA
Landscape; The Basics (Search and Direct Response) – Still Lots of Opportunity; Search – Many Advertisers Still
Struggle With The Basics; Direct Response Continues to Be Important – But Harder; Long-Term – Search and DR
are Foundations for Success; Publishers – Tool Up, Adapt, or Die; More Analytics = Better Performance?;
Importance of Attribution and Transparency; RTB is Growing Rapidly – Is this Good or Bad?; RTB – Our View and
Outlook for the Future; What About the Long Tail?; Mobile – Convergence and Divergence; Will Brands Ever Go
Digital?; Why Brand Dollars Will Eventually Move to Digital.
5. Internet Advertising and the M&A Trends for 2013 – Internet Advertising M&A Volume Remains Steady; VC
Investment in IA Declining Rapidly; The IA Landscape, Investment and Consolidation; Where Do We Expect
Continued Investment?; Where Will Consolidation Come First?
Page 2

3. Section 1
SUMMARY"

4. Summary
Headwaters spoke to over 150 Internet Advertising companies in preparation of this report. A summary of the
trends we are seeing is as follows:
1. Overall Internet Advertising growth remains strong as Internet Advertising takes share from traditional advertising
2. Mobile is changing the landscape – yet is still, in many cases, separate from other web IA approaches and
solutions.
3. Social media's importance for Internet Advertising is established – how to effectively deal with it is still a question
mark for most advertisers
4. Search is becoming more local and mobile
5. Current view of the Internet Advertising landscape is overly complicated - it's not that hard!
6. Unless you offer neutral data and tools, you are not going to be able serve both publishers and advertisers
effectively!
7. We are still early in the maturation of the sector
8. Customer sophistication is still early – even he most successful advertisers "get it less wrong!” to a degree
9. Search and DR remain the foundations for successful internet advertising campaigns – but no longer stand alone
10. Big data, social and mobile driving richer data sets enabling advanced analytics
11. Attribution & Transparency will be hot in 2013 as customers drive for better ROI
12. Publishers - Tool Up, Adapt or DIE
13. RTB is hot now - but winners must evolve quickly as publishers and advertisers become more sophisticated
14. Brand dollars still sitting on the sideline (mostly) but change is coming
15. M&A remains steady but multiples likely pressured in 2013 due to scale and overfunding
Page 4

5. Section 2
INTERNET INDUSTRY STATISTICS"
"

6. Internet Growth Shifting To Emerging Markets And Asia
• 2.26 B Internet Users
• Europe & U.S. Approaching Saturation
• 72% Growth During Last 5 Years
• Continued Strong Growth in Asia & Emerging Markets
&$#!!$!!!$!!!"
Asia
139mm
Internet
Users
-­‐2011
215%
Growth
2007-­‐2011
13%
Internet
Penetra9on
&$!!!$!!!$!!!"
Africa
Rapid
Growth/
Mid-­‐East
Low
%$#!!$!!!$!!!" 1.0B
Internet
Users
-­‐
2011
Penetra9on
99%
Growth
2007-­‐2011
27%
Internet
Penetra9on
%$!!!$!!!$!!!"
Asia
La9n
America
501mm
Internet
Users
-­‐
2011
Europe
25%
Growth
2007-­‐2011
#!!$!!!$!!!" 68%
Internet
Penetra9on
Slower
Oceania
Growth/
273mm
Internet
Users
-­‐
2011
Approaching
U.S.
&
Canada
15%
Growth
2007-­‐2011
Satura9on
79%
Internet
Penetra9on
!"
&!!'" &!!(" &!!)" &!%!" &!%%" Source:
ITU,
United
Na3ons,
US
Census
Bureau,
GfK,
and
www.internetworldstats.com
Page 6

7. Mobile Data Consumption Driving Importance Of Mobile Strategies
Mobile Internet Usage Exploding; e.g., AT&T Mobile Data Usage Up 8,000% in Four Years
15B
PB/Month
10B
5B
2007
2008
2009
2010
Source:
AT&T
Page 7

8. Mobile Is Growing At Expense Of Desktop Usage In U.S. And Europe
In Established Markets Mobile/Internet Shift is Net Sum Game; U.S. User Growth at 3% CAGR; Mobile Share of
Overall Internet Traffic Growing at 88% CAGR
10%! 3%
CAGR
'!!"!#
North
America
Internet
Users
(in
millions)
&$!"!#
Mobile
Share
of
North
American
8%!
&!!"!#
Internet
Traffic
6%!
%$!"!#
4%!
%!!"!#
2%!
$!"!#
0%! !"!#
2008! 2009! 2010! 2011!
Mobile Users Source:
ITU,
United
Na3ons,
US
Census
Bureau,
GfK,
www.internetworldstats.com;
StatsCounter
Global
Stats
Page 8

9. Mobile’s Importance Grows As Users Shift From Desktop To Mobile
Internet Use Shifting from Desktop to Mobile; Mobile Now 10.3% of Worldwide Internet Traffic
12.0%!
10.0%! '!"($%
Mobile
Share
of
Worldwide
8.0%!
,"!$%
Internet
Traffic
6.0%! #"+$%
4.0%!
*"'$%
2.0%! )"#$%
'"($%
!"#$% !"&$%
0.0%!
08
!
10
!
10
!
11
!
11
!
12
!
09
!
09
!
c-
n-
c-
n-
c-
n-
n-
c-
De
De
De
Ju
Ju
Ju
De
Ju
Source:
StatsCounter
Global
Stats
Page 9

10. Social Media’s Importance For Internet Advertising Is Established…
Unsurprisingly, Adoption of Social Media is Huge; Facebook Dominates
Facebook
User
Growth
Other
Social
Networking
900
Monthly
Ac9ve
Users*
845mm
TwiYer
465mm
LinkedIn
161mm**
Monthly
Ac9ve
Users
(in
millions)
Instagram
40mm
608mm
Pinterest
14mm***
600
*
As
of
5/31/12
**
As
of
3/30/12
***
Includes
only
“Facebook
Connected
Users”
360mm
300
Facebook
145mm
Reaches
83%
of
American
58mm
Internet
12mm
Users
1mm
6mm
0
Source:
Facebook,
TwiLer,
LinkedIn,
12/04
12/05
12/06
12/07
12/08
12/09
12/10
12/11
TechCrunch,
AppData,
comScore
Page 10

11. … As Social Media Has Become Nearly 20% Of Time Spent On-line
Social’s Share of On-Line Time Continues to Grow; Now Estimated as high as 25% of Time Spent On-Line
19%
in
October
2011
6%
in
2007
Page 11

12. Search Is Changing – Becoming More Local And Mobile
Local Search is Growing; Mobile is Key Driver and Poised to Overtake Desktop for Local Searches
Source
comScore,
BIA
Kelsey
Page 12

13. Section 3
INTERNET ADVERTISING MARKET
FIGURES

14. Internet Advertising Has Grown Rapidly…
Internet Advertising Market Growth Has Been Robust; 20.3% CAGR
Source:
IAB
Page 14

15. … And Is Projected To Continue Growing Rapidly
Spending on Internet Advertising is Expected to Nearly Double in Next Three Years
Source:
Through
2011
(IAB
/
PwC),
2012
data
thereaZer
(eMarketer,
September
2012)
Figures
include
adver3sing
formats
on
desktop,
laptop,
mobile
phones
and
tablet
plaorms
Page 15

16. Digital’s Share Of Worldwide Ad Spend Will Rise
Growing from 20% to 25% Over Next Four Years
Source:
eMarketer
Page 16

17. Mobile Advertising Market Needs To Catch Up To Usage…
There is Material Upside Opportunity for Mobile Ad Spend vs. Current Levels of Mobile Usage
Source:
KPCB,
eMarketer
(1) IAB
(2011)
(2) Assuming
Internet
and
mobile
ad
spending
share
equivalent
to
respec3ve
3me
spent
share
Page 17

18. …Which Means Expect Mobile’s Share Of Spend To Grow Fast
Mobile Advertising is Expected to Grow at Much Faster Rate than Other Formats
Source:
Comscore,
BIA
Kelsey
Page 18

19. Section 4
KEY INTERNET ADVERTISING
INDUSTRY TRENDS

20. Making Sense Of The IA Landscape
This
is
NOT
a
Sustainable
View
of
the
Market!
Page 20

21. Making Sense Of The IA Landscape (Cont.)
“Any
fool
can
make
something
complex.
It
is
hard
to
keep
things
simple.”
–
Sir
Richard
Branson
Or
if
you
prefer
old-­‐school:
“Any
intelligent
fool
can
make
things
bigger
and
more
complex…
It
takes
a
touch
of
genius
–
and
a
lot
of
courage
to
move
in
the
opposite
direc3on.”
–
Albert
Einstein
Current View of the Landscape is Overly Complex
• Talk to enough of these companies (100+ in our research) and what they do starts to bleed together
Complex Industry View Requires Unnecessary Differentiation
• Venture capital has overfunded the sector, requiring companies to slice the pie ever thinner to differentiate
• Given that this is an industry of “Marketers,” tendency to creatively create distinctions where none are required
• When you speak to customers at the industry trade shows, they are confused by the attempted differentiations
Ultimately Many of these “Companies” are Actually Products or Point Solutions
• Not enough market demand in many of these sectors to support 8-10 companies
• Expect continued consolidation as leaders assemble more complete solutions
Page 21

22. Headwaters’ View Of IA Landscape
A
More
Simplified
View
of
the
IA
Landscape:
Sellside
–
Content
Publishers
Buyside
-­‐
Adver9sers
Analytics, Exchanges Exchanges Analytics,
Management and and Management
and Decision Transaction Transaction and Decision
Tools Management Management Tools
Neutral Data and Tools
Market is Coalescing Around 5 Key Functions
• First is a split between buy-side and sell-side, with companies serving the unique needs of publishers and advertisers
• Second is split between enabling technologies (analytics, management and decision tools) & efficiency technologies (exchanges and
transaction management) focused on the needs of either advertisers or publishers (but not both!)
• Last is a set of neutral data sources and data management tools that can serve both sides of the market
Page 22

23. The Basics (Search And Direct Response) – Still Lots Of Opportunity
“The
reality
is
that
we
are
s3ll
at
the
top
of
the
third
inning
when
it
comes
to
the
development
of
AdTech
companies”
–
John
Batdorf,
Managing
Director
and
Head
of
Internet
Adver3sing
Banking,
Headwaters
MB
“At
this
point,
the
smartest
and
most
successful
adver3sers
are
crea3ng
tremendous
value
for
themselves
by
preLy
much
gehng
it
‘less
wrong’
than
their
compe3tors”
–
AdTech
Industry
Guru
We
are
at
the
Hihng
the
Side
of
a
Barn
Stage
Page 23

24. Search - Many Advertisers Still Struggle With The Basics
Partially Because the Concept of “Basic” has Become More
Sophisticated
• It is no longer okay to just be in the digital arena
• Competition for digital real estate has squeezed out the “easy” gains
• Simple approaches that may have worked two years ago are no longer
sufficient
Successful Search Strategies Must Encompass Both Organic
and Paid Search Strategies
• This highlights the growing importance of SEM/SEO tools and effective
strategies for deploying search dollars
• According to one CEO, roughly 50% of their search customers have
significant room for improvement over their current strategies
• Organic search is still critical – especially as the costs for paid search
have risen
• Quality of data – and ability to combine public and private data – will
be important going forward
Page 24

25. Direct Response Continues To Be Important – But Harder
DR has Become More Complex
• Tools to understand attribution that drive ROI are key
• More sophisticated advertisers are working to integrate DR with on-line
branding efforts
Social, Mobile and Video Pose Challenges to Managing DR
Campaigns
• Still on the learning curve - applying traditional web metrics to these
different formats has proven ineffective
• Growing complexity of user behavior in the digital environment has
brought similar complexity to what constitutes an effective campaign
More Complexity = More Tools = More Need for Resource for
Advertisers
• Challenge for SMB to keep pace
Page 25

26. Long-term – Search And DR Are Foundations For Success
In Future, Search and DR Will Be Cornerstones of More Complex Multi-Channel Strategies
Various “Silos” Of Internet Advertising Solutions Need to Breakdown Eventually
• In future the sophisticated will evaluate ROI across various digital opportunities
• Data from successful search and DR campaigns will inform other complementary efforts, e.g., mobile, local, social, digital branding, etc.
This is not a 2013 Market – Though May Influence Some 2013 Acquisition Activity As Companies Position
Themselves for this Market in 2014-2015
Established Search and DR Players With Their Vast Data Experience and History Will Be Central to Breaking Down
the Silos
• Data ownership or ability to enable customers to harness proprietary data will be a differentiator
Page 26

27. Publishers - Tool Up, Adapt Or Die
Publishers Continue to Lag in Adtech “Arms Race”
Publishers Continue to Get Short End of Stick in Market
• Few have power of large advertisers
• Adtech business models such as “neutral exchanges” or RTB players that sit
between advertisers and publishers have been been able to exploit publishers
Publisher Control Over Inventory Limited at Best
• Symptomatic of market where value of content is generally unknown
• Makes getting proper value for content difficult
• Purchasing tools in this environment difficult but necessary
Publisher Business Models Need to Change In Order to Best Take
Advantage of the Potential
• Print-oriented business and sales model ineffective in digital marketplace
• Potential of digital formats not fully exploited in content creation
• Using adtech tools to understand value and ROI of content in discrete units
(e.g., pages, stories, clips) will become a critical survival skill
• Understanding and delivering highest value audiences to advertisers within the
framework of an editorial “voice” will be hallmark of top publishers
• Glut of content will begin to become rationalized, discrete and fluid – true high
value content will be quantified and increase in value as a rare commodity
• Low value content will go wanting for revenues
Page 27

28. More Analytics = Better Performance?
Big Data, Social Media, Mobile Use – All Are Driving Bigger and Richer Data Sets
Tools and Capabilities Built Upon These Data Sets Are Getting More Sophisticated
• Quality of data is becoming paramount
• Data management is becoming paramount – not just plumbing
• Cross channel and cross format analysis raises the bar further
The Implication of More Advanced Analytics is the Attendant Complexity They Bring
• How this plays out is still undetermined
• This could create limits to growth - do tools built on these analytics need to become more programmatic to be more “accessible”?
• Do advertisers need to change the way (and personnel) they use to maximize digital marketing and advertising opportunity?
Page 28

29. Importance Of Attribution And Transparency
Attribution and Inventory Transparency Will
Be Very Hot Topics for 2013
Attribution and Viewability are Big Issues for
Advertisers
• As much as 3/4ths of inventory may not be viewable
• Even in search “last click” is quickly becoming seen as
inadequate for properly determining advertising
effectiveness
• Attribution issues become even more complex as brand is
integrated with search and DR
Lack of Transparency in the Digital Exchange/RTB
Environment is an Issue
• Inability of publishers and advertisers to discern between
content means artificially low prices for quality content and
artificially high prices for content of little or no value
• Pressure on exchanges to provide more transparency will
pressure the arbitrage opportunity between ad buyers and
sellers
Image
Source:
GanneL
Page 29

30. RTB Is Growing Rapidly – Is This Good Or Bad?
Advertisers, Publishers and IA Companies Will Not be Able to Ignore Impact of RTB.
• RTB Continues to Grow in Importance to the Overall Display Market – Projected to be Nearly 1/3rd of Display Advertising by 2016
Note:
includes
all
display
formats
served
to
all
devices
Source:
eMarketer,
Nov
2012
Page 30

31. RTB: Our View And Outlook For Future
Easy Answer: Good for Advertisers, Bad for Publishers
Real Answer – WAY More Complex
RTB is Riding High
• Fast Growth
• Solid Margins
• More Inventory Moving into RTB Markets
RTB Risks
• Increased Competition Driving Potential Margin Compression
• Emergence of Private Exchanges to Siphon Off Easy to Mark-Up Quality Content
• Increased Scrutiny of RTB Inventory by Advertisers
Expect the RTB Market Begin to Change in Next 18-24 Months
RTB is on a Roll – How Long Until All The Easy Money is Made?
• A Tougher Market Will Separate Winners and Also-Rans
We Think Winners Will Need Good Analytics AND Scale
• Presages Potential Market Consolidation
• Scale = Information… Information = Competitive Advantage in a Fast Moving Market
Days of RTB Players Serving Both Publishers and Buyers Are Limited
• Inherent Conflict of Interest is Not Sustainable – Advocates of Both Sides of the Transaction Will Emerge to Balance Market
Page 31

32. What About The Long Tail?
Much of Power Offered by Internet Advertising Solutions is Utilized Primarily by Large Companies with Resources
• Scalable solutions that provide “actionable” solutions for small business – even mid-sized business are few at this point
• In some cases, e.g., Paid search, things have gotten even more difficult as the “easy solutions” for small business have become more
complex with competition for digital real estate
Many Players Have Either Pivoted Away from the Long Tail or Have “Future Plans” for a More Self-Serve, Scalable
Solution
• Companies that we have spoken to have realized large companies are where the customers currently can be found
• This implies that the long tail is looking more 2014 than 2013
Local May Be the Exception - Ideally Suited to Many Small Business
Challenge Will Be Scalable Way to Sell Into This Group
• SMB solutions require low-touch on-line sales, easy install and “mass customization” to be effective
Page 32

33. Mobile - Convergence And Divergence
Will 2013 Be The Year for a Mobile Advertising
“Breakout”? – Probably Not
No Doubt that Mobile Is Becoming a Bigger Part of Overall
Digital Advertising Market
• Eyeballs continue to move to mobile formats – both web and app –
dollars should follow
• Still there are significant challenges in finding effective mobile formats due
to screen limitations and different user behavior than web
• Role and function of mobile advertising in coordinated campaigns
Mobile Continues to Be a Unique Technology Requiring Unique
Skillsets
• Traditional mobile/carrier expertise continues to be a valuable commodity
– particularly as the smartphone/web universe converges with the
cellphone/SMS universe
The Concept of “Mobile” Continues to Evolve - Diverge
• Separation and segmentation between smartphone and tablet – some
solutions work for one but not other
• Voice and text are becoming adjuncts
• Role of local and location-based services important
Page 33

34. Will Brands Ever Go Digital?
Conventional Wisdom is that Brand Dollars are Sitting on the
Digital Side-Line – When Will They Get in the Game?
In the U.S. only an estimated $5-7 Billion Dollars are Spent on Digital Brand
Advertising v. $100 Billion off-line
Brand is Less Than ¼ of the Overall Digital Advertising Spend
• Dollars are not yet following eyeballs
• Brand dollars are looking for somewhere to go
• Just look ad rates and TV viewership - crashing but cpms exploding
2013 Will Still Be Early in Moving Brand Dollars to Digital – But There is
Promise
• Mobile and video are more “brand friendly”
• Brand advertisers are beginning to be more creative with digital to make it work for brand
– it’s a more complex opportunity – shedding the TV/print media mindset will take time.
There are Still Challenges Though
• Attribution and ROI models for brand are nascent
• Scalability, reach and quality of digital inventory are all legitimate concerns
Page 34

35. Why Brand Dollars Will Eventually Move To Digital
Television Viewership Is Down But CPMs Continue To Climb
• This represents the opportunity for brand dollars to follow eye-balls on-line
• It also represents the challenge that digital advertising companies face in attracting brand dollars
• Conversations with advertisers and internet advertising companies point to us reaching a tipping point in the 2013-2014 time frame
(1)
Page 35

36. Section 5
INTERNET ADVERTISING M&A TRENDS
FOR 2013"

37. Internet Advertising M&A Volume Remains Steady
Source:
451
Group
*
4Q
2012:
through
12/6/2012
Number
of
deals
includes
deals
with
undisclosed
transac3on
values
Page 37

38. VC Investment in IA Firms Declining Rapidly
Source:
Capital
IQ,
PitchBook
*
4Q
2012:
through
12/6/2012
Number
of
deals
includes
deals
with
undisclosed
transac3on
values
Page 38

39. The IA Landscape, Investment And Consolidation
Sellside
–
Content
Publishers
Buyside
-­‐
Adver9sers
Analytics, Exchanges Exchanges Analytics,
Management and and Management
and Decision Transaction Transaction and Decision
Tools Management Management Tools
Neutral Data and Tools
Looking Toward 2013
Overall – Sector Has Been Well/Overfunded with Many at On the Buyer Side – Some Issues with Size of Potential
Lofty/Unsustainable Valuations
Acquisitions
• Too many “me too” plays
• Traditional players looking for accretive acquisitions require scale that is
not available in most cases
• Significant valuation gap in market overhangs M&A activity
• Buyers see most technologies in IA currently as too small or “nice to
• Lots of powder means many players will wait to exit
have” with little motivation to act due out of competitive pressure
• Sellers (and their investors) see themselves as “must have” and too
often seek to “swing for fences”
Expect Investors to Be More Conservative in 2013
Page 39

40. Where Do We Expect Continued Investment?
Sellside
–
Content
Publishers
Buyside
-­‐
Adver9sers
Analytics, Exchanges Exchanges Analytics,
Management and and Management
and Decision Transaction Transaction and Decision
Tools Management Management Tools
Neutral Data and Tools
More
Investment
Expect Publisher Side to Be More Active in Investments
While The Overall Trend Has Been Over Investment – Publisher-Side Still Lags
• Opportunities to develop and grow players in response to more developed buy-side
• Opportunities in both tools/analytics and transaction management portions of market
Expect More New Investments and Earlier Stage Investments
Page 40

41. Where Will Consolidation Come First?
Sellside
–
Content
Publishers
Buyside
-­‐
Adver9sers
Analytics, Exchanges Exchanges Analytics,
Early
Consolida>on
and
Management and Management
and Decision Transaction Transaction and Decision
Tools Management Management Tools
Neutral Data and Tools
Where We See/Believe There is a Need for Consolidation
Buy-Side Exchanges, RTB, Transaction Management Plays
• More established than sell-side, e.g., private exchanges
• Ultimately scale game – 2-3 big winners + niche verticals
Neutral Data Plays
• Scale and breadth of data key
• Some room for niche verticals around highly specialized data – e.g., HIPPA compliant medical, etc.
Page 41

42. Mark R. Langner"
Managing Director – Industry Analysis"
"
"
"
Office: (415) 464-6322"
Cell: (415) 994-0557"
mlangner@headwatersmb.com"

43. Experience
Our bankers have deep personal experience completing transactions for companies in the technology, media
and telecom space, including:
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newsleLer.
Opinions
expressed
are
our
present
opinions
only
and
are
subject
to
change
without
no3ce.
Addi3onal
informa3on
is
available
upon
request.
The
companies
men3oned
in
this
newsleLer
may
be
clients
of
Headwaters
MB,
LLC.
The
decisions
to
include
any
company
in
this
newsleLer
is
unrelated
in
all
respects
to
any
service
that
Headwaters
MB,
LLC
may
provide
to
such
company.
This
newsleLer
may
not
be
copied
or
reproduced
in
any
form,
or
redistributed
without
the
prior
wriLen
consent
of
Headwaters
MB,
LLC.
The
informa3on
contained
herein
should
not
be
construed
as
legal
advice.
*Some
transac3ons
completed
by
Headwaters
team
members
on
prior
plaorms
Page 43

44. About Headwaters MB
Headwaters MB is an independently owned, growth investment bank and advisory firm. Headwaters MB has transacted
over $7 billion of middle market deals and has over $225 billion of deal experience from its 65 full-time senior
professionals. Headwaters has a national office footprint in the United States, headquartered in Denver, with additional
offices in Boston, Chicago, New York, San Francisco & Washington D.C.
Headwaters MB has a significant international track record, providing our clients with a global reach. Our team has
generated significant revenue from cross-border transactions, has local advisory partners covering 27 countries and the
firm has won “Cross Border Deal of the Year” awards twice.
The firm has an established reputation as quality service provider and trusted long-term advisor to clients with a history
of process and transaction excellence.
The Headwaters TMT Team
Gary Moon
John Batdorf
Sun Jen Yung
Head of TMT Banking
Managing Director
Managing Director
415-766-3862 (office)
(415) 926-7454 (office)
203-992-1667 (office)
650-515-8734 (mobile)
(415) 847-8805 (mobile)
917-297-8716 (mobile)
gmoon@headwatersmb.com
jbatdorf@headwatersmb.com
sunjyung@headwatersb.com
Mark R. Langner
Managing Director
415-464-6322 (office)
415-994-0557 (mobile)
mlangner@headwatersmb.com
Page 44