Siemer & associates e commerce report spring 2013

Embedded Specialized Accomplished
Spring 2013
eCommerce Report

2
Spring 2013
Siemer eCommerce Report
Table of Contents
Section I Summary Observations
Section II Industry Snapshot
Section III Industry Sector Analysis
Section IV mCommerce
Section V Public Comparables and M&A Transactions

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Spring 2013
Summary Observations
In order to attract consumers to shop at their store/platform, both offline and online retailers are focusing on:
— Maximizing the mobile shopping experience, which is leading them to seek mobile application and technology acquisitions
— Moving towards ―omni-channel‖ retailing, concentrating on offering comprehensive services through all available shopping
mediums
— Increasing leverage of in-store assets. Retailers with primarily brick-and-mortar operations are offering ship-to-store, ship-
from-store and in-store pick-up on eCommerce transactions
Global eCommerce still exhibits strong, long-run growth potential with worldwide eCommerce penetration rates
projected to increase substantially in the coming years
— Unique subsectors have begun to develop within the eCommerce industry, allowing for more streamlined analysis of different
eCommerce models
Both strategic and financial buyers remain acquisitive but will retain a narrow focus on specific subsectors
— The eCommerce sector will see moderate growth in M&A activity over the next 12-18 months as large retailers progressively
adopt online platforms and many competing startups consolidate to expand their product offering

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Spring 2013
Mogreet Case Study
Mogreet Acquired by
payvia in May 2013
Mogreet is a leading mobile marketing company, providing mobile video
and rich media messaging capabilities.
S&A was retained by Mogreet as its exclusive financial advisor to
evaluate strategic alternatives for the Company. S&A conducted a highly
targeted solicitation process and approached a select group of potential
acquirers deemed to be a strong strategic fit.
S&A introduced Mogreet to payvia. payvia has the largest direct carrier
connected messaging and mobile payments platform in the U.S.,
covering 120mm unique mobile users and processing billions of mobile
messages every year.
payvia’s mobile payments and authentication platform works with
merchants and developers to integrate a customized smart checkout
experience.
Mogreet’s mobile video marketing platform, which delivers high quality
video to virtually any mobile phone, will provide payvia’s clients with
tools to drive customer acquisition and revenue generation.
The combined entity will be the only fully integrated end-to-end product
solution for mobile engagement and payments to enterprises of all
sizes.
Leveraging its strong relationships and expertise in the mobile space,
S&A generated a "home run" outcome for Mogreet and found the perfect
partner for the business to scale its technology.
has been acquired by

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Spring 2013
Source: Wall Street Research
Overview
Global eCommerce spending in 2012 reached $820.5bn as retailers made shopping online easier and as marketers
efficiently managed their platforms with real-time user behavior and data analytics
Global eCommerce penetration increased from 4.0% in 2008 to 6.5% in 2012 and is anticipated to reach 9.3% by
2016, driven by high-growth emerging markets and the decline of specialty retail stores in developed markets
With only a 6.5% penetration rate in 2012, global eCommerce retail sales will continue to grow four times faster than
traditional retail
― While traditional retail categories such as food, drugs, club stores and apparel will remain largely undisrupted by the impact of
online distribution, media and electronic sectors will increasingly shift that direction
― The introduction of the grocery delivery service Amazon Fresh by Amazon, however, poses a threat to traditional retail
categories if challenges such as produce spoilage can be addressed on a large scale
― The ability to offer low prices, broad selection, increased convenience and innovations in logistics and fulfillment will likely lead
to higher sales growth but also, potentially, lower margins
Mobile eCommerce comprises only 12.0% of eCommerce revenue, but it is is growing faster than expected, as
consumers are becoming more comfortable transacting on mobile platforms and are increasingly ―showrooming,‖ or
trying products at the store prior to buying them online
― Tablets account for 70.0% of mobile eCommerce and are expected to be a key driver of growth
The marketplace for M&A activity will continue to grow as the industry matures
― Financial buyers are aggressively looking for deals while strategic buyers are being extremely selective as they seek out
product and brand compatibility/extensions and technological scalability to complement their existing platforms

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Spring 2013
eCommerce Revenue and Market Growth
eCommerce has been one of the fastest growing industries globally with an 18.7% CAGR from 2008 to 2012 due to
increased mobile usage, broadband Internet access and improvements in online payment security
Amazon and eBay are the two main players in the industry, even though they only comprise 14.5% of the US market
share
With low barriers to entry, many players are investing heavily in advertising and offering additional services such as
free shipping and social commerce to distinguish themselves and drive margin growth
― Nordstrom plans to invest $1.0bn (one third of its capital expenditures) into online efforts over the next five years, including
leveraging its acquisition of HauteLook
In order to remain successful in the future, eCommerce companies will need to focus on controlling their inventory,
quickly adopting new technologies, providing superior after-sales service and building a loyal customer base to
ensure repeat business
Global eCommerce Revenue US eCommerce Market Share
2.4%
12.1%
85.5%
eBay Amazon Other
$572.5
$680.6
$820.5
$963.0
18.9% 18.9%
20.6%
17.4%
0.0%
10.0%
20.0%
30.0%
$0.0
$200.0
$400.0
$600.0
$800.0
$1,000.0
2010A 2011A 2012A 2013E
GrowthRate
Sales(inbillionsof$USD)
Revenue Growth

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Spring 2013
Global eCommerce Penetration Rates in 2012
eCommerce still has a long runway for growth and is anticipated to reach 9.3% global penetration by 2016 driven
by high-growth emerging markets and the decline of specialty retail stores in developed markets
U.S.
Population: 311.7mm
Penetration (2012): 10.1%
Brazil
Population: 196.7mm
Russia
Population: 142.8mm
China
Population: 1,345.9mm
France
Population: 64.4mm
Japan
Population: 127.8mm
Italy
Population: 60.8mm
Germany
Population: 81.7mm
U.K.
Population: 62.7mm
Australia
Population: 22.7mm

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Spring 2013
Consumer Preferences
Source: IBIS World, comScore
Technology and audio/video electronic products as a percentage of eCommerce revenue increased from 19.8% in
2007 to 24.5% in 2012
Research indicates that 59.0% of consumers would abandon online purchases without free or reduced shipping,
making this feature a ―must-have‖ for online retailers
―Showrooming,‖ in which consumers try out products at brick-and-mortar stores but purchase those products online,
is a growing trend in the industry
— Traditional retailers have begun utilizing price-matching offers to combat ―showrooming‖
Consumers are increasingly selecting cheaper online options over pricey department store or other retail outlet
purchases
Global eCommerce Users by Region US eCommerce Product Segmentation
793
904
1,016
1,124
1,229
1,321
-
200.0
400.0
600.0
800.0
1,000.0
1,200.0
1,400.0
2011A 2012A 2013E 2014E 2015E 2016E
Users(inmillions)
Asia-Pacific Europe North America Latin America Middle East & Africa
24.5%
14.8%
13.8%7.2%
6.5%
5.5%
4.5%
23.2%
Computers and TVs Clothing and jewelry
Sporting goods and entertainment Furniture and home applicances
Medication and cosmetics Office equipment and supplies
Food, beverage and pet food Other

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Spring 2013
Changing Corporate Landscape
Source: IBIS World, comScore
Traditional retailers are slowing square footage growth or closing stores, investing in eCommerce and IT initiatives,
and lowering prices to better compete online
Retailers are altering their customer acquisition strategies to target those amenable to conducting business online,
and they are moving existing customers to online-only platforms wherever possible
Many online retailers are using a diverse array of software to enhance their eCommerce business strategy
― eBay’s GSI Commerce provides an eCommerce platform that integrates with inventory management systems
Same-day delivery (SDD) is expected to have a widespread roll-out in the near term, as large eCommerce sites and
startups improve inventory management, infrastructure and delivery techniques
Walmart developed a new computing platform called Mupd8 in an effort to harness its buying power to secure its spot
as a global eCommerce leader
― Mupd8 collects video, images, location information and status updates from social media streams to determine which trending
products retailers should carry in stores or feature in online marketing
Best Buy and Target are combating ―showrooming‖ with a new price-matching policy year-round where they will
match both brick-and-mortar stores and major online retailers
Macy’s is installing online kiosks in-store to help customers scan and compare prices, and it’s transforming nearly 300
of its stores into distribution centers, to help speed up its shipping solution, as it expects to generate $2.0bn in
eCommerce sales

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Spring 2013
Fulfillment Infrastructure is Critical
Amazon continues to build out its global infrastructure, ensuring it will be able to serve its global customers
quickly
18
23
33
40
47
16
22
36
48
49
34
45
69
88
96
0
20
40
60
80
100
120
2009A 2010A 2011A 2012A 2013E
NumberofAmazonFulfillmentCentersGlobally
US Rest of the World

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Spring 2013
Mobile eCommerce (mCommerce) Has the Largest Growth Potential
Source: Forrester Research
mCommerce sales are expected to account for a larger share of total global eCommerce sales, from 27.6% in
2012 to 56.2% in 2016
160.5
212.2
448.0
20.4%
27.6%
56.2%
-20.0%
0.0%
20.0%
40.0%
60.0%
0.0
200.0
400.0
600.0
2011A 2012A 2016E
%ofeCommerceSales
Users(inmillions)
mCommerce Users mCommerce as a % of eCommerce Sales

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Spring 2013
eCommerce Private Placement Activity Has Grown Dramatically
Source: Capital IQ, VentureDeal, Allegro
There was $739.0mm in US eCommerce funding in 2012, a 73.0% increase from the $427.0mm raised in 2011
— Square raised $200.0mm in a Series D round in September 2012 from VC and corporate investors including CrunchFund, Citi
Ventures and Rizvi Traverse Management. Just prior to the announcement, Square announced a strategic alliance with
Starbucks, which also participated in the financing round
Some notable transactions this year include:
— LivingSocial raised $110.0mm in convertible debt with warrants from Amazon and Revolution Ventures in February 2013
— 360Buy, an online retailer in China’s B2C market, raised $700.0mm in a Series F round from corporate investors in February
2013
Investments Across Categories Global eCommerce VC Funding
$185.0
$266.0
$195.0
$430.0
$630.0
$0.0
$100.0
$200.0
$300.0
$400.0
$500.0
$600.0
$700.0
2008 2009 2010 2011 2012
Spending(inmillionsof$USD)
128.0
72.0
312.0
72.0
23.0
74.0
8.3
39.0
20.0
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Spending(inmillionsof$USD)

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Spring 2013
Looking Ahead Into eCommerce
Global eCommerce Revenue Global eCommerce Revenue by Region
Global eCommerce, which accounted for $820.5bn in 2012, an increase of 20.6% over 2011’s total of $680.6bn, is
expected to grow at a 14.7% CAGR through 2016
B2B eCommerce will grow at a faster rate than B2C eCommerce as large online retailers like Alibaba.com continue to
improve existing platforms to provide a better experience
The adoption of mCommerce will boost industry revenue and promote significant long-run growth as the number of
smartphone buyers is expected to increase 60.0% over the next three years
Asia-Pacific companies will eventually overshadow dominant entities in North America and Europe as developing
countries experience increased Internet penetration, a burgeoning middle class that relies on online shopping,
government-driven campaigns to promote consumerism and improved infrastructure
34.7% 32.9% 31.8% 30.4% 29.2% 28.3%
18.9%
17.7% 17.1% 16.0% 15.3% 14.5%
41.9% 44.3% 46.8% 48.6% 50.5% 52.1%
2.3% 2.4% 2.3% 2.5% 2.5% 2.5%
2.1% 2.7% 1.9% 2.5% 2.6% 2.6%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
2011A 2012A 2013E 2014E 2015E 2016E
%ofGlobaleCommerceRevenue
North America Europe Asia-Pacific Latin America Others
$820.5
$963.0
$1,116.1
$1,283.5
$1,454.2
0.0%
10.0%
20.0%
30.0%
-$100.0
$300.0
$700.0
$1,100.0
$1,500.0
2012A 2013E 2014E 2015E 2016E
SalesAnnualGrowthRate
Sales(inbillionsof$USD)
Revenue Growth

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Spring 2013
Daily Deals
Source: Wall Street Research, Yipit Data
Once darlings of the eCommerce space, daily deal companies have struggled to retain their retail customers and end
consumers
— Groupon’s market cap has plummeted since its November 2011 IPO, dropping 65.3% from $12.7bn to $4.4bn as of June
2013
— In February 2013, controversy surrounded LivingSocial as its $110.0mm in new financing was revealed to be convertible debt,
potentially wiping out the value of founder and employee shares, all in the aftermath of their 400 layoffs in late 2012
The sector is also facing rising disenchantment, as merchants complain that Groupon and other major players do little
for customer retention
Groupon and LivingSocial remain the largest players in the space, as the rest of the pack has had difficulty in
matching their customer acquisition spending
US Daily Deal Site Revenue US Daily Deal Site Market Share
53.0%
22.0%
3.0%
2.0%
20.0%
Groupon LivingSocial Travelzoo AmazonLocal Other
$1.8
$3.6
$4.4 $4.8 $5.2 $5.5
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
2011 2012 2013 2014 2015 2016
Revenues(inbillionsof$USD)

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Spring 2013
Subscription / Discovery
Source: CB Insights
The subscription eCommerce (―SubCom‖) industry pulled in $195.0mm of funding in 2012, an 81.3% increase over
the $107.7mm it raised in 2011
— SubCom peaked at 11 deals in Q2 2012 and consisted almost exclusively of early stage funding (Seed, Seed VC and Series
A deals), which is consistent with the nascency of the industry
— In 2012, there were 7 startup consolidation exits as weaker players, such as JolieBox and Foodzie, became acquisition
targets
The SubCom model began with major players such as Netflix, who provided consumers with the ability to choose
various rental items online and have them shipped straight to their doors for a monthly fee
— Newer players, such as Dollar Shave Club, have altered the traditional model by offering automatic shipments of disposable
products for a monthly fee
SubCom Stage Funding SubCom M&A Activity
35.0%
20.0% 20.0% 20.0%
5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Seed Series A Series B Series C Series D+
%ofDealsbyRound
1
2 2 2
1 1
3
0
1
2
3
4
Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
NumberofDeals

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Spring 2013
Social eCommerce
Global social eCommerce sales are expected to grow from $10.0bn in 2012 to $30.0bn in 2015, as users increasingly
get more comfortable with purchasing products based on their friends’ recommendations
Facebook has become the preferred platform for brands and retailers to promote their products by getting users to
―Like‖ the brand page and share it with their friends
— Businesses are increasingly utilizing Facebook to increase social engagement with customers and keep loyal customers
updated with the latest sales and products
Another prominent trend in social eCommerce is retailers including social sharing and functionality on their own
websites
Global Social eCommerce Revenue Facebook’s Market Share in Social Commerce
Source: Trefis
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2011A 2012A 2013E 2014E 2015E 2016E 2017E 2018E 2019E
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
2011A 2012A 2013E 2014E 2015E 2016E 2017E 2018E 2019E
%ofSocialCommerceMarket
Revenue(inbillionsof$USD)

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Spring 2013
Vertically Integrated Niche Brands
By making unique products that can’t be found elsewhere, these pure play e-tailors can still thrive – even when
surrounded by large incumbents such as Amazon
Because vertically-integrated commerce is only profitable on a large scale, funding requirements for niche brands are
high and may be risky for investors
The sector faces a potential problem with customers not being able to try products prior to purchasing, but the
introduction of ―showrooming‖ is proving to be an effective solution
Niche eCommerce businesses will likely focus on solving their online-only problems in the coming years
This sector is estimated to have produced over $1.0bn in revenue in 2012
Niche eCommerce Complaints Sector Strengths and Drivers
Source: Ericsson ConsumerLab, Tech-tips
73.0%
39.0%
34.0%
12.0% 11.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Can't see,
touch or try
things
Have to wait
to receive
purchases
Worry about
payment
security
Lack of
customer
service
Too much
choice
%Agreeing
72.0%
66.0%
58.0%
52.0%
31.0%
25.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Avoid
crowds
More
convenient
Avoid lines Easier to
compare
prices
Better
variety
Gas prices
%Agreeing

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Spring 2013
Vertically Integrated Niche Brands
Major player NastyGal has experienced rapid growth, from $28.0mm in 2011 to more than $120.0mm last year
Key player Fab.com is currently over 12.0mm users strong
– Last year, the company saw $150.0mm in revenue and revealed in February that sales were up by nearly
300.0% in January 2013 over January 2012
Digital marketers are focusing heavily on spreading exposure to online-only brands to combat concerns over their
ability to reach a large enough audience
Digital Marketers’ Top Priorities Key Player UV Growth
Source: AngelList, MarketingCharts.com, Compete
245
375
439
617
0
100
200
300
400
500
600
700
Dec-12 Jan-13 Feb-13 Mar-13
Nastygal.com Monthly Unique Visitors
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Content marketing
Conversion rate optimization
Social media engagement
Targeting and personalization
Content optimization
Mobile optimization
Brand building
Joining up online and offline data
Marketing automation
Video marketing
Social media analytics
2012
2013
19%
9%
21%
11%
15%
11%
24%
24%
32%
26%
29%
30%
39%
31%
37%
N/A
39%
38%
34%
39%
29%
39%
UniqueVisitors(inthousands)

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Spring 2013
Consumer Service / Sharing
Forbes estimates that consumers will spend $3.5bn on the sharing economy this year and refers to the trend as a
―disruptive economic force‖
Major player Airbnb is now in more than 8,000 cities and growing at a staggering 45.0% monthly growth rate
This sector’s development is affecting other industries as well, because as consumers begin consuming 10.0% less
and peer sharing 10.0% more, the effect on margins of traditional corporations will be disproportionately greater
Some consumers still find themselves hesitant to embrace the sharing economy, due to a variety of safety concerns
Traditional service firms have begun to realize the importance of the sharing economy, as seen in Avis’ $500.0mm
purchase of Zipcar, to better compete against Hertz and Enterprise and the rise of car sharing in populated cities
Altimeter analyzed 200 global Sharing Economy startups and found that 37.0% had been funded by VCs
– Those 74 companies raised an average of $28.0mm each, representing a total of over $2.0bn in just a few short years
Consumer Barriers to Sharing Airbnb Growth
Source: CampbellMithun
30.0%
23.0%14.0%
12.0%
12.0%
9.0%
What I lend will get lost or stolen I might not trust others in the network
My privacy might be compromised Not worth the effort
The goods/services will be poor quality Other
0.365 105 526 1,261
15,768
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2008 2009 2010 2011 2012
Bookingrates(inthousands)

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Spring 2013
Rent Versus Own
This sector has become especially popular in the fashion and accessory category, thanks to key players Rent the
Runway and Bag Borrow or Steal
— Rent the Runway has over 3.0mm members and 170 designer brands, and it recently introduced the first-ever online social
shopping platform – Our Runway – which allows women to shop based on user-generated photos of real women with similar
body types
— Bag Borrow or Steal has also adopted aspects of the SubCom model by offering jewelry subscriptions ranging from $25 to
$795 per month
Future Rental Growth Rental Model Variations
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
2008A 2010A 2012A 2014E 2016E
Brick and Mortar Netflix
Kiosks Transactional Digital Rentals
VOD
Rentalrevenues(inbillionsof$USD)

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Spring 2013
Flash Sales / Private Sales
Major flash sales players, such as Beyond the Rack, Gilt Groupe and Hautelook, offer a small amount of discounted
products and services to members for a short period time, disrupting the traditional consumer-driven shopping model
Wayfair, which operates a variety of home goods eCommerce sites and does more than $600.0mm in gross revenue,
raised $36.0mm in 2012, bringing its total funding to more than $200.0mm
Nordstrom’s $180.0mm purchase of HauteLook in 2011 represents the first time that a traditional retailer has acquired
a company specializing in online private sales
Recent funding rounds (and implied valuations) show that many VCs seem undeterred by Groupon’s November 2012
IPO, which has shed more than 76% in market cap year-to-date
— VCs view the daily deals business model, which primarily serves as a traffic driver for third party businesses, in a different
light from that of eCommerce companies that have consumer-facing sales operations
Unique Visitors for Flash Sale Sites Customer Lifetime Value Growth
Source: comScore
2237 2185
1137 1118 1098
903
785
638 545
0
500
1000
1500
2000
2500 Q2 2012
Uniquevisitors(inthousands)
94.0%
143.0% 150.0%
385.0%
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
300.0%
350.0%
400.0%
450.0%
Traditional online
retail
Daily deals Group buying Flash sales

25
Spring 2013
Customization (Design-It-Yourself)
Mass customization ventures are attractive to VCs not just because they’re seeing tremendous growth, but also due
to the realization that scalable build-to-order supply chain models are also very cost-effective
Zazzle, a mass customization vendor, reports that it has 20.0mm unique visitors per month, 31.0bn unique products
available and has grown 1,600.0% in traffic and 900.0% in sales in the past four years
Utilization of customers’ personal information is controversial, but a new report from eCommerce optimization
company, Monetate, says that 75.0% of consumers want retailers to use personal information to customize shopping
experiences
Co-creation companies typically become cash-flow positive quickly because they are often just providing the
marketplace that facilitates the sale
Customization eCommerce Growth eCommerce Personalization Mapping
Source: Harvard Business School Research, Internet Retailer
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
2010 2011 2012
US Online Retailers Using Customization Techniques
Curation Source
PersonalizationofSKUsshown
Machine Human
GenericUnique
Decent customer experience, low cost Good customer experience, high cost
Not personal, low cost
Customers following tastemakers,
medium cost
32.6%
50.0%
64.0%

26
Spring 2013
Marketplace / Re-Commerce
Companies like Poshmark, Twice and Threadflip, as well as local players Tradesy and Shop.hers, are offering new
twists on the yard sale with a more intimate experience than online mega-malls like eBay provide
Major player Twice monetizes by buying clothing at 1/3 of its anticipated selling price and taking a cut of that margin
after all ancillary costs, such as shipping, are paid off
— This model has resulted in a $1.0mm revenue run-rate and strong investor demand for this round
This sector is believed to have significant opportunities for growth, as eBay’s success has made consumers more
comfortable buying used items online
Traffic Sources Poshmark Unique Vistitors
Source: TechCrunch, Compete
0
20
40
60
80
100
120
Uniquevisitors(inthousands)
32%
20%
27%
7%
14%
0.5%
54%
5% 3%
33%
5%
0%
50%
14%
10%
25%
1%
0%
0%
10%
20%
30%
40%
50%
60%
Direct Referrals Search Social Mail Display Ads
Threadup.com
Threadflip.com
Poshmark.com

27
Spring 2013
Online Retail Trends to Follow
Source: PricewaterhouseCoopers, BerkshireDigital
Big data will provide context-rich information needed to create more relevant and personalized shopping experiences,
ultimately resulting in higher conversion rates and increased customer loyalty
The convergence of social media, geo-location and mobile technologies will allow retailers to leverage customers’
geographic proximities, shopping history and activity on social networks to target them with contextually relevant
offers while on the move
2013 will see a greater shift in focus towards mobile, as mobile penetration increases rapidly and more mobile
devices continue to be shipped globally than PCs
In 2013, more online retailers will focus on improving their end-to-end order management process to increase
customer satisfaction with delivery and after-sales care
Content marketers are altering their approaches to focus on quality rather than quantity of advertisements, spending
more time and effort integrating content into their overall marketing plan
Worldwide online retail growth will likely be led by the Asia-Pacific region, which is projected to overtake North
America in terms of B2C eCommerce sales in 2013

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Spring 2013
Capabilities by Retailer (as of 2012)
BOPUS* ✔ ✔ ✔ ✘ ✔ ✔ ✘ ✘
Ship to Store ✔ ✔ ✔ ✘ ✘ ✔ ✘ ✘
Ship from Store ✔ ✔ ✘ ✘ ✘ ✘ ✘ ✘
QR Codes ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
Mobile Site ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
Mobile App ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
Testing mobile checkout ✔ ✘ ✘ ✘ ✘ ✘ ✘ ✘
Free shipping** available ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✘
Wifi available in stores ✔ ✔ ✔ ✔ ✘ ✔ ✘ ✘
Testing same-day delivery ✔ ✘ ✘ ✔ ✘ ✘ ✘ ✘
Free returns of online
purchases in store ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
*BOPUS: Buy online, pick up in store; includes reserve online, pick up in store
**with minimum purchase, customer loyalty program, through ShopRunner or promotional free shipping

30
Spring 2013
Overview
Source: eMarketer, TechCrunch, Statista
The global mCommerce market in 2012 reached $171.5bn and is expected to increase 360.0% to $617.0bn by 2016
as market confidence and growing trust in the ease and security of mobile transactions support rapid growth
Over the next three years, the US smartphone shopper population will expand by 55.0% to comprise 155.0mm
people in 2016, or nearly half of the US population
The number of smartphone buyers will increase by 60.0% over the next three years as retailers continue to invest in
mobile storefronts and gain experience in converting mobile shoppers to buyers
Tablets are expected to play a pivotal role in the growth of mCommerce, comprising 62.0% of the segment’s total
sales this year and a projected 70.0% of mCommerce sales in 2016
Smartphone buyers are expected to spend an average of $262 on purchases made with their phones this year, a
figure that is expected to rise 12.0% over the next three years to reach $295
NFC has fallen behind other mobile payment technologies, such as QR codes and Square, but it’s expected to slowly
catch up given its high degree of security and differentiated ability to provide two-way transaction messaging
Mobile payment platforms are beginning to catch on
― To attract more customers, Square recently launched ―Square: Business in a Box,‖ a complete point-of-sale system in a single
box of equipment
― While many mobile payment providers, like iZettle and Payleven, are expanding internationally to provide credit card
solutions, mPowa is working with the new ―chip-and-pin‖ solution, which is expected to be the global standard by 2015
― Visa Europe reached an agreement to license all of Monitise’s technology because it expects that half of all payments made
in Europe will be done through mobile devices by 2020
― payvia’s May 2013 acquisition of Mogreet will provide Payvia’s clients with tools to drive customer acquisition and revenue
generation, and to help brands reach consumers

31
Spring 2013
mCommerce Revenue and Market Growth
The global mCommerce market in 2012 reached $10.9bn, an increase of 40.9% over 2011
mCommerce is currently estimated to account for 3.0% of total worldwide eCommerce and <1.0% of total retail
sales
As users spend more time on connected devices, global mCommerce spending is projected to grow at a 43.0%
CAGR between 2011 and 2014
Increasingly robust growth is expected as a result of mobile-optimized eCommerce websites and apps, mobile ―one-
click‖ payment systems, faster fulfillment and price transparency at the point-of-sale
Global Mobile Commerce Revenue Global Mobile Commerce Users
362
565
855
1,235
1,691
2,144
0
400
800
1,200
1,600
2,000
2,400
2011A 2012A 2013E 2014E 2015E 2016E
Users(inmillions)
Source: Cisco Systems, Informa Telecoms & Media
$7,716.0
$10,873.0
$15,482.0
$22,573.0
$0
$5,000
$10,000
$15,000
$20,000
$25,000
2011A 2012A 2013E 2014E
Revenue(inmillionsof$USD)
Mobile Prepaid Top-Up Remote Payments Mobile Money Transfers
Local Payments Mobile Banking

32
Spring 2013
mCommerce Trends
U.S. mobile payments users are expected to grow rapidly in the coming years and reach 48.1mm by 2016,
representing a 77.9% CAGR over 2011
As users become more comfortable with payment security, the average transaction size is projected to grow,
thereby driving growth in the broader US market by an expected 225.6% CAGR to $62.2bn in 2016 from $170.0mm
in 2011
US Mobile Payment Users US Mobile Payment Transactions
Source: eMarketer
2.7
7.9
13.3
21.3
34.0
48.1
3%
7%
10%
14%
20%
26%
1%
3%
6%
9%
14%
20%
0%
5%
10%
15%
20%
25%
30%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
2011A 2012A 2013E 2014E 2015E 2016E
Users(inmillions)
Mobile Payment Users % of Smartphone Users
% of Feature Phone Users
$0.2 $0.6 $2.1
$7.5
$24.6
$62.2
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
2011A 2012A 2013E 2014E 2015E 2016E
TransactionValue(inbillionsof$USD)
Mobile Payment Transaction Value

33
Spring 2013
mCommerce Trends
Internet & Mobile VC Investments in 2012 Mobile eCommerce Growth
Source: Allegro, IBM Online Retail Index
The advertising ecosystem is shifting from TV to online and mobile, with mobile ad spending projected to grow the
fastest at 38.0% per year over the next 5 years
mCommerce sales rose 31.0% in the first quarter of 2013 as tablet-fueled, ―couch commerce‖ is rapidly becoming the
most popular form of online shopping with the so-called ―multi-channel shopper‖
This gives eCommerce businesses multiple new channels to monetize while having an edge in revenue generation
over their physical store counterparts
Of the eCommerce retailers who do not have a mobile program today, over 66.0% expect to have an mCommerce
program in place within the next 18 months
$224.0
$49.0
$85.0
$0.0
$377.0
$15.0
$0.0
$50.0
$100.0
$150.0
$200.0
$250.0
$300.0
$350.0
$400.0
Internet Mobile
Series A
Series B
Further Rounds
3.7%
20.0%
31.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
In-store All eCommerce Mobile eCommerce
Q1 2013
Investments(inmillionsof$USD)

34
Spring 2013
Global Online Retailers’ mCommerce Strategies
Source: SLI Systems
Shifting consumer habits are leading retailers to build mobile platforms to further engage with customers at the
point-of-sale
Survey of Online Retailers
8.5%
17.5%
18.4%
19.7%
34.6%
40.3%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%
No plans in the next nine months
Already have an mCommerce app
Plan to improve the site search on mCommerce site or app
Plan to build an mCommerce app
Already have an mCommerce site
Plan to build an mCommerce site

35
Spring 2013
B2B Marketers Are Focusing on Website Development
Source: eMarketer
B2B organizations plan to greatly increase digital, social and mobile marketing spending in 2013 in the hopes of
capturing new customers and creating customer loyalty
70.1%
61.9%
56.0% 55.8%
52.5%
35.5%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Website Development Email Marketing Social Media Online Video Search Mobile
%ofExpectedFocus

36
Spring 2013
B2B Mobile Investment Is Expected to Increase
Mobile devices will emerge as a key strategic channel for B2B eCommerce companies to market to, sell to and
service customers
88.0%
72.0%
36.0%
28.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
Prioritization of Mobile Services Resource Allocation to Mobile Services Revenue From Mobile Profit From Mobile
ProbabilityofIncrease
Source: eMarketer

37
Spring 2013
mCommerce Consumers Are Spending More
$13.6
$24.8
$38.8
$53.4
$71.2
$92.4
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
$100.0
2011A 2012A 2013E 2014E 2015E 2016E
USRetailmCommerceSales(inbillionsof$USD)
Source: eMarketer
Consumers are increasing their mobile spending as more retailers make merchandise available through
eCommerce

38
Spring 2013
Growing NFC Market
Global Mobile NFC Users Global Mobile NFC Transaction Value
Although NFC technology has had little market exposure, companies are beginning to unlock NFC capabilities after
realizing the technology’s potential as seen through Google Wallet and comparative systems
NFC popularity has increased dramatically as major cell phone developers begin highlighting the ability of NFC
technology and as brick-and-mortar stores begin accommodating NFC payments
As NFC security issues are addressed, users are starting to leverage this technology for larger transactions, which
is expanding the size of the market to an estimated $191.0bn by 2017
With Apple’s plan to adopt NFC technology for the iPhone, global NFC users are projected to reach 107.1mm by
2016, representing a 4-year CAGR of 40.5%
27.5
45.7
73.5
107.1
0.0
20.0
40.0
60.0
80.0
100.0
120.0
2013E 2014E 2015E 2016E
Users(inmillions)
Mobile NFC Users Worldwide
Source: Yankee Group, ABI Research
$4.0
$191.0
$0.0
$50.0
$100.0
$150.0
$200.0
$250.0
2012A 2017E
TransactionValue(inbillionsof$USD)
Mobile NFC Transaction Value Worldwide

39
Spring 2013
Looking Ahead Into the mCommerce / Payment Market
Source: Wall Street Research, Department of Commerce
US eCommerce Accelerating On Mobile Impact International mCommerce Also Accelerating
Among the five types of eCommerce – mobile at POS, mobile as POS, P2P money transfer, mobile banking and
general mCommerce – mobile banking will have the greatest immediate impact as it offers high utility for consumers
and already enjoys the greatest familiarity
Mobile at POS is still in its early stages with limited interoperability across handset models, networks, payment
cards and geographies, along with limited penetration of contactless payment terminals at retail sites
Mobile as POS provides a compelling solution for the untapped SME market as it enables card transactions for
small and mobile merchants and is agnostic with regards to existing card networks
— Carrier billing-based models provide SME’s with the ability to transact with customers that may not have access to credit
cards but have cell phone subscriptions
$136.0
$180.0
$203.0
$228.0
$255.0
$283.0
$6.0
$14.0
$25.0 $37.0
$51.0
$67.0
4.4%
4.7%
5.3%
5.9%
6.6%
7.3%
0.0%
2.0%
4.0%
6.0%
8.0%
$0.0
$100.0
$200.0
$300.0
$400.0
2010A 2011A 2012A 2013E 2014E 2015E
%ofUSRetail
USeCommerce(inbillionsof$USD)
Mobile U.S. Desktop eCommerce U.S. eCommerce As a % of Total Retail
$213.0
$261.0
$300.0
$336.0
$360.0
$394.0
$4.0
$11.0
$19.0
$37.0
$50.0
$0.0
$100.0
$200.0
$300.0
$400.0
$500.0
2010A 2011A 2012A 2013E 2014E 2015E
InternationaleCommerce(inbillionsof$USD)
International Mobile International Desktop CommerceUS eCommerce As a % of Total RetailUS Desktop eCommerce

PUBLIC AND TRANSACTION COMPARABLES

41
Spring 2013
Select eCommerce Public Comparables
Source: CapitalIQ and Siemer Proprietary Research
(figures in millions of $USD, except per share) Share Price as of Market Enterprise EV / LTM EV / CY 2013E LTM Annual
Company Name 6/6/2013 Cap (mm) Value (EV) Revenue EBITDA Revenue EBITDA Revenue Growth
Amazon.com Inc. $267.17 $121,627.3 $116,772.3 1.8x NM 1.3x 17.8x 24.5%
Angie's List, Inc. 23.09 1,341.6 1,293.6 7.3x NM 3.8x 41.9x 70.9%
eBay Inc. 51.36 66,654.5 61,768.5 4.2x 14.3x 3.2x 9.7x 17.4%
Groupon, Inc. 6.81 4,505.2 3,337.2 1.4x 24.2x 1.2x 9.4x 26.8%
Mercadolibre, Inc. 113.91 5,029.5 4,835.9 12.3x 33.8x 8.3x 22.7x 22.2%
Overstock.com Inc. 26.71 631.7 549.8 0.5x 17.0x 0.4x 11.0x 9.3%
Rakuten, Inc. 11.90 15,655.2 15,870.7 3.4x 14.6x NA NA 16.9%
Start Today Co., Ltd. 14.92 1,639.0 1,520.5 4.3x 16.6x NA NA 10.2%
Trade ME Group Ltd. 3.78 1,497.7 1,601.4 13.0x 17.8x NA NA 17.5%
Vipshop Holdings Limited 28.61 1,580.8 1,208.1 1.3x NM 0.5x 10.4x 201.0%
Vitacost.com, Inc. 8.07 271.2 241.2 0.7x NM 0.5x NM 23.0%
Mean $18,999.9 4.6x 19.8x 2.4x 17.5x 40.0%
Median $1,601.4 3.4x 17.0x 1.2x 11.0x 22.2%

42
Spring 2013
Select Online Travel Public Comparables
(figures in millions of $USD, except per share) Share Price Market Enterprise LTM Annual
Company Name as of 6/6/2013 Cap (mm) Value (EV) Revenue EBITDA Revenue EBITDA Revenue Growth
Ctrip.com International Ltd. $32.91 $4,270.7 $3,682.8 5.2x NM 4.0x 16.5x 21.0%
Expedia Inc. 54.96 7,513.9 7,053.8 1.7x 11.1x 1.4x 7.7x 19.5%
HomeAway, Inc. 29.46 2,502.2 2,187.9 7.4x NM 6.1x 20.9x 22.0%
hotel.de AG 38.64 146.1 133.0 2.2x NM NM NM 11.0%
MakeMyTrip Limited 12.86 477.9 396.2 1.7x NM 3.9x NM 16.4%
OrbitzWorldwide, Inc. 7.50 806.7 1,021.1 1.3x 9.6x 1.2x 7.0x 2.6%
priceline.com Incorporated 795.50 41,568.3 37,503.4 6.8x 18.9x 5.5x 14.7x 20.6%
Travelzoo Inc. 27.58 423.7 358.2 2.3x 12.1x 2.2x 11.2x 2.2%
Wotif.com Holdings Limited 4.98 1,054.2 910.6 6.9x 12.4x NM NM 2.2%
Mean $5,916.3 3.9x 12.8x 3.5x 13.0x 13.0%
Median $1,021.1 2.3x 12.1x 3.9x 12.9x 16.4%
EV / LTM EV / NTM

43
Spring 2013
Select Precedent eCommerce Financings
Amount
Date Company Description Investors Raised ($mm) Round
05/15/13 PFSweb
Develops and deploys interactive marketing services, global
fulfillment and logistics and high-touch customer care
Trans Cosmos $14.7 NA
05/14/13 Privalia Venta Directa
An online fashion company offering flash sales of products
from leading brands exclusively to consumers
General Atlantic; Highland Capital Partners;
Insight Venture Partners; Index Ventures;
Sofina Société Anonyme; Nauta Capital;
Caixa Capital
32.1 NA
05/13/13
Namshi International
Services
Operates Namshi.com, an online shopping website for
fashion and footwear products
Summit Partners 13.0 C
05/09/13 The Hut Group An online retailer selling fast moving consumer goods Blue Coast Private Equity 15.5 NA
05/07/13 Bayru
An eCommerce shopping service, primarily selling goods
from the USA to Russian customers
NA 1.0 NA
05/06/13 Basico.com The first online-only premium basic apparel brand in Brazil Initial Capital 0.5 NA
05/06/13 Nuvem Shop Enables small and medium enterprises to start online stores Trindade Investimentos 1.0 NA
05/02/13 BEBEO An online store for selling clothes for kids, children and babies CM-CIC Capital Privé 2.2 B
05/02/13 MicksGarage
An online retailer for car parts and accessories (based in
Ireland)
Dublin Business Innovation Centre; NCB
Ventures; Enterprise Equity; Western
Investment Fund
3.0 NA
05/02/13 Ventas Privadas
Operates an eCommerce platform using online flash sales,
providing solutions to brands with no or little online presence
Vivid Growth Group 6.0 NA
05/01/13 Voylla Retail A worldwide e-retail platform for jewelry and accessories Snow Leopard Technology Ventures 0.5 NA
04/30/13
Mobly Comércio
Varejista
Operating an online retailer for furniture, home furnishings and
home accessories (based in Brazil)
Cisneros Group of Companies 20.0 NA
04/28/13 Mallzee.com
Allows users to create their own personal online shopping
mall that only features clothes that suit them
NA 1.6 NA
04/26/13 Nettwerk Music Group
Engages in music distribution through releasing and selling
albums, as well as connecting music fans with music makers
Beedie Capital Partners; HBC Investments 10.3 NA

44
Spring 2013
Amount
04/25/13
BuildDirect.com
Technologies
Operates as an online wholesaler of building materials and
supplies
NA $3.8 NA
04/25/13 Bigshoebazaar India Operates a wholesale cash and carry online shoe store
QUALCOMM Ventures; Nexus Venture
Partners; Catamaran Investment; Fidelity
Growth Partners India
12.0 NA
04/24/13 Dapu.com Operates an online shopping portal for home textile items CDH Investments 4.9 NA
04/24/13 Chirpify Commerce platform allowing consumers, brands and
merchants to buy, sell, donate and transact on Twitter
NA 6.0 NA
04/22/13 Gengo Provides a platform for human translation services for Iris Capital; Intel Capital; Singapore 12.0 NA
04/22/13 Fab Operates online pop-up shops that sell a variety of home,
outdoor, food, apparel and jewelry products
NA 100.0 NA
04/19/13 Poppin Online retailer offering a distinctive collection of chic yet
affordable workstyle products
Shasta Ventures; First Round Capital;
Trilogy Growth
15.0 B
04/17/13 Augment Develops an augmented reality application with a visualization
tool to show products to visitors before committing
NA 0.3 NA
04/16/13 Nosto Solutions Oy Develops an eCommerce marketing software, which enables
personalized product recommendations in real time
Open Ocean Capital; SanomaVentures 2.9 NA
04/15/13 Mallzee.com Allows users to create their own personal online shopping
mall that only features clothes that suit them
Scottish Enterprise 0.2 NA
04/15/13 20jeans.com An online retailer of apparel and accessories for men Baroda Ventures; Siemer Ventures; PLUS
Capital
1.0 NA
04/15/13 Shanghai Goushang
Network Technology
Owns and operates a consumer to business eCommerce
apparels website
CBC Capital 10.0 A
04/12/13 Biozone
Pharmaceuticals
Engages in developing and manufacturing OTC drug and
cosmetic products on behalf of third parties
NA 1.0 NA

45
Spring 2013
Amount
04/12/13 Createthe Group Provides digital campaigns, communications platforms and
commerce solutions for fashion and retail brands worldwide
NA $3.0 NA
04/11/13 BuyReply Operates an e-commerce platform that enables merchants
and consumers to buy and sell from online and offline
medium, such as TV, print, catalogs, newspapers and
magazines
Valar Ventures; Square Peg Ventures 1.0 NA
04/11/13 Crumbs Bake Shop Offers baked goods for delivery to homes and businesses
through its eCommerce division at crumbs.com
Aston Hill Asset Management; IA
Clarington Investments; Redwood Asset
Management; Front Street Investment
Management; Personal Capital
Management; Ark Mutual Funds; York
Plains Investment
10.0 NA
04/10/13 Nest Childcare
Services
Engages in the online retail of pregnancy, infant-care and
mother-care products in India
Accel Management; Tiger Global
Management; Helion Venture Partners
11.9 NA
04/10/13 TV18 Home Shopping
Network
Operates as an online and on-air retail marketing and
distribution company for a wide variety of products
Network 18 Media & Investments; Orchard
Capital Partners
30.0 NA
04/09/13 Vacation Storebuilder A SaaS eCommerce platform for property managers to
create, deploy and manage various branded vacation rental
websites
NA 0.8 NA
04/08/13 Achatdesign An online furniture distribution company (Based in France) Alliansys-Nord Creation; Alliance
Entreprendre; Turenne Capital Partenaires;
Nord Capital Partenaires
3.9 NA
04/05/13 BEBB India An eCommerce B2B portal, offering information and tools for
small and medium enterprises
Accel Management 5.8 B
04/04/13 Babyshop Online retailer of fashion products for kids and babies Verdane Capital 1.8 NA
04/04/13 Well.ca Operates as an online health, beauty and baby products store iNovia Capital 4.9 NA

46
Spring 2013
Amount
04/03/13 Real Real Operates as an online luxury resale store Canaan Partners; InterWest Partners;
e.ventures; Greycroft Partners; Novel TMT
Ventures; Panarea Capital
$14.0 B
04/03/13 Acumen Brands Operates online stores that sell outdoor apparel, work wear,
nursing scrubs and baby gear products
General Atlantic 83.2 NA
04/02/13 CareXtend An online marketplace for health and wellness products NA 1.2 NA
04/02/13 BusyLife Software Provides merchants mobile eCommerce solutions Point B Capital 1.2 NA
04/02/13 DailyLook Sells fashion and trendy clothing online GRP Partners; RRE Ventures; Novel TMT
Ventures; SV Angel
2.5 NA
04/02/13 Saatchi Online A social market platform to discover, share, exhibit, promote,
discuss and sell art online
NA 10.5 NA
04/01/13 TrendSutra Platform
Services
An Internet retail platform that offers a range of lifestyle
products
Norwest Venture Partners 8.0 B
03/29/13 Zhuhai Zhengcai
Software Technology
Develops eCommerce software for government's and
enterprises (Based in China)
Shenzhen Fortune Venture Capital
Management
1.8 NA
03/29/13 American Business
Forms
Offers various office supplies, eCommerce solutions and
marketing solutions
NA 4.0 NA
03/28/13 HealthWarehouse.com Operates as a virtual retail pharmacy and healthcare
eCommerce company that sells prescription and OTC drugs
NA 0.5 NA
03/27/13 Virtual Piggy Provides a secure service that allows children to make
purchases online in a manner that is monitored by their
parents
NA 0.6 NA
03/25/13 Warp 9 Provides eCommerce software platforms and services for the
catalog and retail industries in the United States
Wings Fund 0.1 NA

47
Spring 2013
Amount
03/22/13 Libermundi Owns and operates eCommerce websites that distribute
technical products for the house, garden and swimming pool
Entrepreneur Venture Gestion; Savoie
Angels; VIADUC 8
$0.4 C
03/21/13 LUXA A daily-deals site focusing on a higher-income demographic
by listing only premium items
JAFCO 80.4 B
03/20/13 Digital Shelf Space Builds and manages custom eCommerce sites dedicated to
fitness and sports instruction projects
Spara Acquisition One 1.5 NA
03/20/13 PeerActive An eCommerce real-time shopping community NA 1.5 NA
03/20/13 Indochino Apparel Sells men's wear, wedding wear and personalized digital gift
cards online
Highland Capital Partners; Madrona
Venture Group; Acton Capital Partners
13.2 B
03/20/13 Prime HealthChakra An e-health store that offers health care products online Sequoia Capital; Intel Capital 14.0 B
03/19/13 Videdressing Online social marketplace to buy and sell previously owned
clothing and fashion accessories
Earlybird Venture Capital; DN Capital;
Generis Capital Partners; Piton Capital
5.3 A
03/15/13 Landau Brothers Operates Chalkfly.com for buying office and school supplies
online
Detroit Venture Partners; Ludlow Ventures;
Start Garden; Bizdom; Griffon Ventures
0.8 A
03/15/13 Merchantry Provides cloud-based technology infrastructure and merchant
networks that enable media, retail and brand manufacturing
clients to launch and expand their online marketplaces
e.ventures; Greycroft Partners; Kite
Ventures
7.0 B
03/15/13 Clues Network Owns and operates a horizontal eCommerce site, India's first
and largest managed marketplace
Nexus Venture Partners; Helion Venture
Partners
10.0 C
03/12/13 ARI Network Services Engages in creating, marketing and supporting technology-
enabled solutions that help consumers, dealers, distributors
and manufacturers to service and sell goods
NA 4.5 NA
03/11/13 Organamania An online merchant that sells organic products NA 0.5 NA
03/07/13 Bayru An eCommerce shopping service, primarily selling goods
from the USA to Russian customers
NA 5.0 NA

48
Spring 2013
Amount
03/06/13 Servio Content marketing services delivering web-optimized content
and data solutions for eCommerce, publishing and big data
NA $4.3 B
03/06/13 Jumia An online retailer in Nigeria, offering clothes, shoes, watches
and accessories for men and women
Summit Partners 26.0 A
03/05/13 Wine in Black Distributes wine online (Based in Germany) e.ventures; Passion Capital Investments;
Bright Capital; Project A Ventures
6.5 B
03/05/13 hybris Operates as a vendor of multi-channel communication and
commerce software solutions
Greylock Partners; MeriTech Capital
Partners; HGGC
30.0 NA
03/01/13 Quivers Provides an online catalog solution that enables brand
manufacturers to partner with their retailers for selling online
NA 0.1 NA
03/01/13 1855 Operates as an online distributor of wines to individuals
around the world
Aphrodite 10.4 NA
02/28/13 Cunable Operates as a direct-to-consumer e-book retailer Start Garden 0.2 NA
02/28/13 SARL Mon bento Offers Japanese lunchboxes and accessories online Newfund Management 0.7 NA
02/27/13 Cocinar Sin Pensar Offers YoComoBien, a food subscription service that provides
recipes and necessary fresh ingredients to customers' doors
Caixa Capital; Instituto Valenciano de
Finanzas; Business Booster
0.3 NA
02/27/13 Box Ventures Allows purchasing of consumable lifestyle products online Vandaele Capital 0.5 NA
02/26/13 Pixafy Develops eCommerce solutions such as content
management, startup incubation and expert consulting
NA 0.5 NA
02/19/13 The Ivory Company An online home-décor company focused on curating an
assortment of home merchandise in white and ivory
NA 0.5 NA
02/19/13 Blue Apron Offers once-a-week subscription services delivering meal
ingredients to users
Bessemer Venture Partners; First Round
Capital; BoxGroup; Graph Ventures
3.0 A
02/19/13 Baby.com.br Operates an eCommerce website selling baby products NA 16.6 NA
02/18/13 Vellvette Lifestyle An online retail portal for cosmetic products for women India Quotient 0.5 A

49
Spring 2013
Amount
02/18/13 Inverted Edge Owns and operates a fashion retail website offering ready-to-
wear collections
Singapore National Research Foundation;
Accel-X; Incuvest
$1.6 A
02/18/13 Artspace.com Markets An online marketplace for users to purchase artistic works Canaan Partners 8.5 B
02/15/13 500friends Offers a loyalty marketing platform that enables eCommerce
retailers to track and reward behaviors that matter to their
brand
Fung Capital Asia Investment; CrossLink
Capital; Intel Capital
7.1 B
02/13/13 eNova Santé An online marketplace for pharmacies to sell their products NA 0.8 NA
02/11/13 BimBasket A monthly online subscription in Russia for children’s products NA 0.5 NA
02/08/13 Mavshack Provides Internet services for video-on-demand NA 0.5 NA
02/07/13 Ph-Creative Provides eCommerce web development services, such as
web design and microsites services
Enterprise Ventures; The North West Fund 0.8 NA
02/07/13 Greenweez Offers energy, water, cleaning, home, outdoor,
transportation, grocery, office, kitchen, well-being, cosmetics
and health related products online
A Plus Finance; Promelys Participations 4.0 NA
02/07/13 Valyoo Technologies Owns and operates online optical, watch and bag stores IDG Ventures India; Unilazer Ventures 10.0 B
02/06/13 Trends Brands for
Friends
An online retailer of fashion apparel (Based in Russia) Ventech; ruNet Holdings; Kite Ventures 4.0
02/01/13 HealthWarehouse.com Operates as a virtual retail pharmacy and healthcare
eCommerce company that sells prescription and OTC drugs
NA 3.5 NA
02/01/13 B. Lane An online retailer of plus size fashion apparel for women NA 18.2 NA
01/31/13 Robemall Apparels Operates zovi.com that sells apparel online in India SAIF Partners; Tiger Global Management 10.0 C
01/29/13 ConnectQuest An application that provides social networking, eCommerce
and personal and business collaboration services
NA 0.5 NA
01/25/13 nextel Business
Intelligence Solutions
Provides cloud-based business intelligence (BI) solutions for
mail-order and online retailers
Seedcamp 0.1 NA

50
Spring 2013
Amount
01/23/13 Local Orbit Provides customized websites with eCommerce, marketing
and management tools for small businesses and
organizations building local food supply chains
NA $0.1 NA
01/21/13 Bellabox Handpicks and delivers sample beauty products based on the
client's personal profile (based in Singapore)
Apex Capital Partners; Monash Private
Capital; Square Peg Ventures
1.4 A
01/18/13 iBOVIN An online platform to sell meat products Starquest Capital 0.5 A
01/18/13 My Flash Trash Operates an online jewelry boutique (based in the UK) NA 4.9 NA
01/16/13 Fanplayr A multi-channel coupon platform for eCommerce sites to
reach, influence and monetize social consumers in traditional
and social media channels
Denali Capital Managers 2.0 NA
01/16/13 UpCity A search engine optimization software and education platform
that delivers reporting and insights for small business owners
Harris Preston & Partners; Daylight
Partners; FireStarter Fund; I2A Fund
2.0 B
01/15/13 Ooberstock Offers online beverage wholesale services NA 1.0 B
01/15/13 TinyPass Operates an enterprise-level eCommerce paywall software
platform that helps sites to charge for access to content
NA 1.3 NA
01/14/13 The Hut Group A multi-website online retailer, marketing and selling fast
moving consumer goods
Artemis Fund Managers; River Island
Clothing
14.5 NA
01/13/13 Zibaba An eCommerce platform, enabling small and medium-sized
businesses to sell, share and advertise products through
Facebook
NA 3.5 NA
01/11/13 Adore Me.com Operates a lingerie website that offers intimates and hosiery
for women at affordable quality
NA 8.5 NA
01/11/13 Mister Spex Operates as an online retailer of glasses, sunglasses and
contact lenses
Scottish Equity Partners; DN Capital;
Xange Private Equity
20.8 C
01/10/13 Mavshack Provides Internet services for video-on-demand NA 0.2 NA

51
Spring 2013
Amount
01/10/13 Zalora Operates an online fashion and lifestyle retail marketplace for
men and women (based in Thailand)
Tengelmann Ventures $26.4 NA
01/09/13 Soldsie A payment system enabling merchants to monetize their
Facebook page by allowing customers to purchase through
comments
e.ventures; 500 Startups 1.0 NA
01/09/13 Dapu.com Operates an online shopping portal for home textile items NA 3.0 NA
01/07/13 Namshi International
Services
Operates Namshi.com, an online shopping website for
fashion and footwear products
Summit Partners 1.0 NA
01/07/13 Greenling Online grocery store providing the home delivery of organic
and local produce
NA 3.5 B
01/04/13 LM2 Group Retails alarm and security equipment online (based in France) NA 0.3 NA
01/04/13 Chrono Watch
Company
Operates as an importer and dealer of luxury lifestyle
timepieces for men and women in India, through its
eCommerce website
NA 1.8 A
01/04/13 Rock Paper Photo Sells music, sports, fashion and performing arts-related
photographs online
NA 3.1 NA
01/03/13 Clear Demand Delivers a price strategy optimization solution for brick and
mortar retail and eCommerce markets
NA 0.8 NA
01/01/13 Wantable Operates a website that provides women's make-up and
fashion eCommerce services
NA 0.8 NA

52
Spring 2013
Select Precedent eCommerce Transactions
(figures in millions of $USD) EV / LTM
Date Announced Target Acquirer Implied EV Revenue EBITDA
05/23/2013 BlueFly Clearlake Capital Group $7.6 0.1x NA
05/10/2013 Angeliebe Kenkou Corporation 3.0 NA NA
05/03/2013 Schmid Profi SmartGuy Group 1.4 0.1x NA
04/29/2013 Juzz1 Holdings Polaris Network 4.3 NA NA
04/17/2013 Heppo Footway Group 6.5 0.4x NA
03/04/2013 Torpedo7 The Warehouse Group 41.5 NA NA
03/01/2013 CBS Bizhub, Panpages KV Asia Capital 38.9 NA NA
01/31/2013 College Book Rental CBR Funding 3.0 NA NA
01/18/2013 Santessima E.Leclerc 0.4 NA NA
01/07/2013 Lemonline Oy Soprano Oyj 0.1 NA NA
12/27/2012 Silver.com JM Bullion 0.9 NA NA
12/05/2012 Redcats USA Charlesbank Capital, Webster Capital 525.0 NA NA
11/08/2012 Kayak Software priceline.com 701.6 2.3x 30.6x
11/07/2012 50 Below Sales & Marketing ARI Network Services 5.0 NA NA
10/31/2012 DSNR M.A.O.M. 25.7 NA NA
10/26/2012 Virgindiamond KAJIN 0.3 0.2x NA
10/25/2012 Versandapotheke DocMorris Zur Rose 32.7 0.1x NA
10/03/2012 Monnier Frères Groupe Louis Delhaize NA NA NA
09/25/2012 Beijing Redbaby Information Tech Suning Appliance 66.0 NA NA
08/31/2012 Trader's Library John Wiley & Sons 1.5 NA NA
08/24/2012 WineOnline Marketing Vida Ventures 4.8 NA NA
08/09/2012 Ediets.com As Seen On TV 12.4 0.6x NM
07/16/2012 Fosa Marketing 1 Utopia Berhad 1.0 NA NA
07/09/2012 Flying Brands Jersey Choice Marketing 4.5 0.7x NA

53
Spring 2013
06/18/2012 e-tabinet.com NCXX $10.7 15.4x NA
06/15/2012 IPEXCO Parta Dialogue NA NA NA
06/08/2012 Wuaki.TV Rakuten 18.7 NA NA
06/05/2012 Australian Natural Brands Heritage Brands 2.0 NA NA
06/04/2012 1-800 Contacts WellPoint 900.0 2.3x NA
06/04/2012 Grupa Onet Ringier Axel Springer Media 404.5 NA NA
06/02/2012 ratioform Verpackungen Takkt 254.5 2.5x 9.3x
05/31/2012 MarketNet Bridgeline Digital 1.3 0.5x NA
05/24/2012 DirectStar TV Red Ventures 105.6 NA NA
05/24/2012 PowerReviews Bazaarvoice 127.8 10.7x NM
05/21/2012 Le Bouquet Nantais Bloom Trade 0.5 0.2x NA
05/16/2012 Amadesa LivePerson 10.3 NA NA
05/08/2012 homeLOFT, Leather Groups.com Luxeyard 0.1 NA NA
05/01/2012 LovingEco JP Selects 1.0 NA NA
05/01/2012 EasyLink Services OpenText 309.5 1.7x 7.3x
04/30/2012 FlavoredCondoms.org Tastees Condoms NA NA NA
04/18/2012 Gilt Groupe Firsthand Capital Management NA NA NA
04/17/2012 Angeliebe Kenkou 3.7 0.1x NA
04/13/2012 Greners.com Growlife 0.5 NA NA
04/09/2012 Gilt Groupe Firsthand Capital Management NA NA NA
04/09/2012 UL EduNeering Underwriters Laboratories 14.5 NA NA
03/12/2012 fotokasten Elanders 12.5 0.6x NA
03/01/2012 CustomCall Data Systems Enghouse Systems 7.3 NA NA

54
Spring 2013
02/28/2012 Shouke The Net-A-Porter Group $10.5 NA NA
02/27/2012 bol.com Koninklijke Ahold 453.1 1.0x NA
02/22/2012 eOpulence Luxeyard 0.1 NA NA
02/17/2012 Monexa Solutions PenderFund Capital, Ansera Capital 4.4 NA NA
02/09/2012 eTree Marketing Private Flipkart Online Services 25.0 NA NA
02/06/2012 Adku Groupon 10.0 NA NA
01/13/2012 Buckaroo Intrum Justitia 52.4 8.0x NA
01/02/2012 Gutscheine.de Mediengruppe 3.9 0.1x NA
12/31/2011 Jump On It LivingSocial 62.3 NA NA
12/15/2011 CryptoLogic Amaya Gaming Group 16.8 0.6x 5.3x
12/07/2011 Wiggle Bridgepoint Capital Group 313.7 2.3x 19.0x
12/01/2011 Traveldoo Egencia UK 33.7 NA NA
11/28/2011 Systems@Work Pte Trustpay 77.8 NA NA
11/23/2011 EQSN iomart 3.8 NA NA
11/09/2011 RTP The Active Network 21.5 NA NA
11/08/2011 Kobo Rakuten 315.0 NA NA
10/27/2011 RueDuCommerce Alta Penthievr 106.8 0.3x 9.2x
10/01/2011 L&S Retail Ventures CafePress 15.3 NA NA
10/18/2011 SiteScanner Europe IP Label 6.2 NA NA
10/17/2011 Just Eyewear Coastal Contacts 0.6 NA NA
10/10/2011 MBL Guernsey Sainsbury's Supermarkets 1.6 NA NA
10/07/2011 Keynote DeviceAnywhere Keynote Systems 89.8 4.5x NM
10/01/2011 Fashion Walker Fashion-Co-Lab 14.3 0.1x NA

55
Spring 2013
09/30/2011 Bugeyeparts.com Citadel EFT NA NA NA
09/21/2011 Play Limited Rakuten 38.7 NA NA
09/21/2011 e-tabinet.com Fisco Capital 8.4 10.2x NA
09/19/2011 Pipfrog Soprano Oyj 0.4 NA NA
09/15/2011 Cardpool Blackhawk Network 42.3 NA NA
09/15/2011 One eCommerce Corporation Islet Sciences 0.3 NA NA
09/08/2011 Appchee Applications eBay 20.0 NA NA
09/07/2011 JigoCity FriendFinder Networks NA NA NA
09/06/2011 WineDirect WineDirect 13.5 0.7x NA
08/24/2011 Raet CVC Capital Partners 575.9 3.0x NA
08/23/2011 Nexify ePals Corporation 2.7 NA NA
08/23/2011 d&shop GS Home Shopping NM NM NM
08/23/2011 S&G Properties GNC Holdings 21.0 0.5x NA
08/08/2011 Plimus Great Hill Partners 115.0 NA NA
08/05/2011 Garden King Bradley Planters Garden Centre 2.6 NA NA
08/05/2011 Wishlist Holdings Qantas Frequent Flyer 11.5 0.4x NA
07/19/2011 Zeus Technology Riverbed Technology 140.0 NA NA
07/14/2011 Women's Apparel Group Distinctive Apparel 11.3 NA NA
07/05/2011 HOH Home Of Hardward getgoods.de 4.3 NA NA
07/05/2011 eBoutic.ch Maus Freres 25.4 0.6x NA
06/30/2011 EchoSign Adobe Systems 80.0 NA NA
06/09/2011 DigiMark Mobivity Holdings 1.5 NA NA
05/31/2011 Koovs Marketing Consulting BenefitsPLUS Media Pvt. NA NA NA

56
Spring 2013
05/27/2011 AsSeenOnTV.com As Seen On TV $2.3 NA NA
05/27/2011 CROWN JEWEL Start Today 12.4 1.5x NA
05/17/2011 Direct EDI SPS Commerce 9.8 2.2x 11.5x
05/13/2011 SGV Medical Supplies Liberator Medical Holdings 0.5 NA NA
05/13/2011 Ciashop IdeiasNet 6.1 NA NA
05/12/2011 NetShops Hyperion 1.3 NA NA
05/10/2011 FineStationery 1-800-Flowers.com 3.3 0.3x NA
04/28/2011 Tretti CDON Group 47.8 0.6x 11.8x
04/05/2011 BoaCompra Universo Online 2.8 NA NA
03/30/2011 redcoon Media-Saturn 197.0 0.4x NA
03/30/2011 CJ-LINX Mountain Peace Promotion NA NA NA
03/27/2011 GSI Commerce eBay 2,421.4 1.7x 20.5x
03/23/2011 drugstore.com Walgreen 402.8 0.8x 51.4x
03/22/2011 Partsearch Technologies Best Buy 6.4 NA NA
03/21/2011 Tiny Prints Shutterfly 357.2 4.1x NM
03/17/2011 Active Nutrition Bringwell 3.1 0.8x NA
03/09/2011 Lamfis Proguard Acquisition 0.3 0.1x NA
03/04/2011 Antidot Sudinnova, CIC Vizille Capital NA NA NA
03/03/2011 Adsparq Mobivity 7.4 NA NA
03/03/2011 eReinsure.com Lots Intermediate 37.0 NA NA
02/25/2011 China Healthcare Golden Meditech Holdings 17.9 NA NA
02/16/2011 HauteLook Nordstrom 191.7 1.9x NA
02/15/2011 Kiddicare.com Wm. Morrison Supermarkets 113.8 1.9x NA

57
Spring 2013
02/14/2011 Hocks.com HealthWarehouse.com $0.9 0.2x NA
02/14/2011 Candid Global Resources HK Aspire International 3.6 NA NA
02/10/2011 Clout Shoppe Singapore Post 0.2 NA NA
02/09/2011 Alog Data Centers do Brasil Equinix, Riverwood Capital 133.0 NA NA
02/09/2011 PlaySpan CyberSource 202.0 NA NA
02/04/2011 BetterBraces.com DJO Opco 2.1 NA NA
02/02/2011 Bajaao.com JMD Telefilms Industries 1.1 NA NA
01/31/2011 RUM21 CDON Group 1.9 1.1x NA
01/27/2011 Web Merchants Liberator 2.8 NA NA
01/20/2011 LOVEFiLM Amazon.com NA NA NA
01/14/2011 webloyalty.com Affinion 296.3 1.4x 6.4x
01/11/2011 NetOnNet Waldir AB 70.5 0.2x 25.8x
01/05/2011 Fanatics GSI Commerce 276.9 2.0x 14.5x
Mean $100.9 2.0x 16.7x
Median $11.3 0.7x 11.7x

Contact Information
Siemer & Associates, LLC ● Member FINRA/SIPC
1333 2nd Street, Suite 600
Santa Monica, CA 90401
Phone: (310) 861-2100
Fax: (310) 861-2125
www.siemer.com

Siemer & associates e commerce report spring 2013

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