Growens S.p.a. · MIL:GROW
Growens — MailUp Group — Investor Presentation (May 2017)
41 slides from Growens's investor presentation, May 2017
Slide 1: A Marketing Technology Story
MAILUP PRESENTS "A MARKETING TECHNOLOGY STORY” ABOUT SAAS, BIG DATA, MACHINE LEARNING, CHATBOTS AND MORE May 2017 mailupgroup.com 1
Slide 2: Introduction
INTRODUCTION 2 May 2017 mailupgroup.com
Slide 3: MailUp Group @ a Glance
MAILUP GROUP @ A GLANCE Leading industrial group active in the field of marketing technologies, with a focus on data driven omnichannel marketing automation OVER €21MN 141 Group Revenues (+129% 2016 vs 2015) Employees Mainly recurring revenues from SaaS 3 CONTINENTS 14+ BILLION Argentina, Denmark, I
Slide 4: Wide, Complex, Segmented Reference Industry
WIDE, COMPLEX, SEGMENTED REFERENCE INDUSTRY • Marketing Technology industry: wide, complex and segmented • MailUp Group addresses a continuum of segments within the marketing technology industry • MailUp Group is one of the very few B2B players that targets both marketers (end users) and developers
Slide 5: Innovation-Led Market in Fast and Continuous Evolution
INNOVATION-LED MARKET IN FAST AND CONTINUOUS EVOLUTION A YOUNG AND FAST-PACED INDUSTRY IN CONTINUOUS EVOLUTION 5 May 2017 mailupgroup.com
Slide 6: MailUp Group Milestones: Move or Die
MAILUP GROUP MILESTONES: MOVE OR DIE Established in 2002 as a mere e-mail service provider (ESP), over the last 15 year MailUp has kept growing through both organic growth and strategic M&A in order to fit market evolution and demand and becoming a fully integrated marketing technology group 2017 Ma
Slide 7: MailUp Group Nowadays – Multiple Entities
MAILUP GROUP NOWADAYS – MULTIPLE ENTITIES… May 2017 mailupgroup.com 7
Slide 8: A Widespread Geographic Footprint
A WIDESPREAD GEOGRAPHIC FOOTPRINT • Through recently established JVs, MailUp has operations in Asia as well. • Ca. 30% of Revenues from abroad • Operations in three continents – Europe – America – Asia 8 May 2017 mailupgroup.com
Slide 9: The Whole Is Greater Than the Sum of Its Parts
…WHERE “THE WHOLE IS GREATER THAN THE SUM OF ITS PARTS” (ARISTOTLE) FREEMIUM PLAYER MESSAGING FACTORY (ACUMBAMAIL) (AGILE T.) INTEGRATED MARKETING PLATFORM (MAILUP 9) PROFESSIONAL SERVICES (GLOBASE) EDITOR SPECIALIST (BEE) HEAD, STRATEGY, SHARED SERVICES (MAILUP SpA) 9 May 2017 mailupgroup.com
Slide 10: The Map of Intragroup Synergies
THE “HOLY” MAP OF INTRAGROUP SYNERGIES MESSAGING SERVICES FREEMIUM TOOL EMAIL EDITOR MESSAGING SERVICES PROFESSIONAL SERVICES EMAIL EDITOR EMAIL EDITOR 10 May 2017 mailupgroup.com
Slide 11: MailUp SpA
MAILUP SPA 11 May 2017 mailupgroup.com
Slide 12: Broad-Shouldered Competitive Positioning
BROAD-SHOULDERED COMPETITIVE POSITIONING LARGER PLAYERS LEADER • Prefer to offer bundled-only services; in Italy in the email and sms marketing / • Provide customers' with expensive solutions that only large corporations can actually afford; marketing automation segment • Have limited flexibility /
Slide 13: Market Landscape
MARKET LANDSCAPE Large and diversified players vs small but focused ones SMALL BUSINESS MEDIUM BUSINESS LARGE BUSINESS <$30 / month $30/250 / month $250-500 / month $500-700 / month $700-15K / month >$15K / month ORACLE MARKETING CLOUD ADOBE CAMPAIGN SALESFORCE MARKETING CLOUD IBM MARKETING CLOUD EM
Slide 14: Key Competitive Advantages
KEY COMPETITIVE ADVANTAGES High versatility / flexibility Multi Channel Plug & Play Best in class Email Editor No material debt “Get what you want” approach Optimal price / mix positioning 14 May 2017 mailupgroup.com
Slide 15: MailUp 9 @ Work
MAILUP 9 @ WORK NEWLY REDESIGNED INTERFACE TEAM COLLABORATION DYNAMIC, PERSONALIZED AUTOMATED WORKFLOWS DASHBOARD INCLUDE BOTH EMAIL & SMS 15 May 2017 mailupgroup.com
Slide 16: Market Landscape: M&A Activity
MARKET LANDSCAPE $15B+ in M&A Activity Since 2010, Recent Marketo acquisition at 7.5x Revenues Announcement Transaction Value Bidder Target EV / LTM Sales Target Description Date (USD, mn) NetSuite provides integrated cloud business software suite, including business July 2016 Oracle Netsuite 9,300
Slide 17: Other Group Companies
OTHER GROUP COMPANIES 17 May 2017 mailupgroup.com
Slide 18: Agile Telecom – The Messaging Factory
AGILE TELECOM – THE MESSAGING FACTORY Italy-based A2P and Wholesale messaging services provider It offers both high-quality and standard services Market Environment Products • Highly segmented reference market, where small-sized • Inbound - Outbound SMS management players compete among each other an
Slide 19: Acumbamail – The Freemium Player
ACUMBAMAIL – THE FREEMIUM PLAYER Spain-based freemium email marketing platform It represents MailUp's way to access the Spanish-speaking universe Born as a pure email marketing services provider, it now offers also mobile messaging Market Environment Products • Highly segmented reference market • Em
Slide 20: Globase – The Professional Services Competence Centre
GLOBASE – THE PROFESSIONAL SERVICES COMPETENCE CENTRE Denmark-based expert in technology, implementation, and execution of effective dialogue marketing Group's arm in Nordic countries Market Environment Products • Highly sophisticated and quality-oriented market • Proprietary digital marketing softw
Slide 21: BEE – The Email Editor Specialist
BEE – THE EMAIL EDITOR SPECIALIST SaaS email editing tool Designed in Silicon Valley, developed in Italy Market Environment Products • Cloud market i.e. global by definition • BEE Free, basic version for non-paying end users • Two sides: professional end users (email designers, digital • BEE Pro, to
Slide 22: Group Growth Strategy
GROUP GROWTH STRATEGY 22 May 2017 mailupgroup.com
Slide 23: Completion of Cross Fertilisation Effort
COMPLETION OF CROSS FERTILISATION EFFORT BY PRODUCT BY GEOGRAPHY BY LEGAL ENTITY THE UNBUNDLED APPROACH REMAINS THE RULE 23 May 2017 mailupgroup.com
Slide 24: New Geographic Areas
NEW GEOGRAPHIC AREAS WHITE LABELLING JOINT VENTURES e.g. Denmark e.g. Indonesia, Japan 24 May 2017 mailupgroup.com
Slide 25: New Modules to Drive Higher ARPUs
NEW MODULES TO DRIVE HIGHER ARPUS SHORT TERM MEDIUM TERM Single Customer View New platforms (instant messaging) Customer Journey Management Big data & machine learning 25 May 2017 mailupgroup.com
Slide 26: Big Data Monetisation
BIG DATA MONETISATION Which of these data-related functions does your organization • Business is now based on Data and how to practice? leverage it is the number one question for marketers (*) None of the above; 8% • Possible Big Data utilization in the e- marketing cycle Lookalike modelling; 17% •
Slide 27: Specific BUs Growth Strategies
SPECIFIC BUs GROWTH STRATEGIES NEW VALUE-ENHANCING FUNCTIONS AND UPGRADES I.E. MAILUP 9 Agile Telecom • Financial restructuring finalization • Maintain price-leading positioning • Reference market extension to attract medium- • Increase market share sized companies • Adding new tools and marketing s
Slide 28: To Be Obtained Through:
TO BE OBTAINED THROUGH: 28 May 2017 mailupgroup.com
Slide 29: Efficient Internal Development & Well-Educated External Growth
EFFICIENT INTERNAL DEVELOPMENT & WELL-EDUCATED EXTERNAL GROWTH Product design activity Keep on exploiting Made in California MailUp’s capabilities R&D quality mentioned in the Targets: Small Marketing relevant press (e.g. Hacker Technology companies News, Product Hunt backed by active in segments in
Slide 30: Group Financials
GROUP FINANCIALS 30 May 2017 mailupgroup.com
Slide 31: Well Designed Capital and Shareholders' Structure
WELL DESIGNED CAPITAL AND SHAREHOLDERS’ STRUCTURE A fully committed and well mixed management team, working together since 2002 LA NG MB € 26+ mn 11.33 € 2.00 LUCA AZZALI NAZZARENO GORNI MATTEO BETTONI TOTAL ENTERPRISE TOTAL # OF SHS MARKET PRICE FOUNDER / MANAGER FOUNDER / MANAGER FOUNDER / MANAGER
Slide 32: Each Company Adds Value to the Group
EACH COMPANY ADDS VALUE TO THE GROUP Stable revenues 10% mom High cash generation growth rate Very high clients' arpu Financial restructuring ongoing Strong ebitda margin and cash conversion, Solid cash positioning Stable ebitda margin in the 30% region High cash conversion 32 May 2017 mailupgroup.c
Slide 33: High Revenues Visibility
HIGH REVENUES VISIBILITY Last Twelve Months (LTM) graphs on various legal entities revenues evolution. Total 2016: Total 2016: 9,562,441 9,581,545 Total 2015: 8,442,184 Total 2015: 7,941,647 2015 2016 2015 2016 33 May 2017 mailupgroup.com
Slide 34: High Revenues Visibility
HIGH REVENUES VISIBILITY Last Twelve Months (LTM) graphs on various legal entities revenues evolution. Total 2016: Total 2016: 166,167 415,888 Total 2015: Total 2015: 7,654 266,289 2015 2016 2015 2016 34 May 2017 mailupgroup.com
Slide 35: Solid Cash Generation Capability & Strong Financial Flexibility
SOLID CASH GENERATION CAPABILITY & STRONG FINANCIAL FLEXIBILITY FAVOURABLE WORKING NO MATERIAL CAPEX NO BAD WELL BALANCED especially for Agile & Acumba CAPITAL DYNAMICS DEBT FINANCIAL STRUCTURE <0% / SALES 10% / SALES 0% / SALES 0% NET DEBT / EQUITY 35 May 2017 mailupgroup.com
Slide 36: The IAS Transition
THE IAS TRANSITION (€mn, FY2015) IT GAAP IAS Adj. IAS/IFRS INCOME STATEMENT Revenues 9.37 (0.06) 9.31 Other incomes 0.15 0.00 0.15 Value of Production 9.51 (0.06) 9.46 EBITDA 1.08 (0.41) 0.67 D&A (1.06) 0.25 (0.82) EBIT 0.02 (0.16) (0.14) Net Profit (0.01) (0.10) (0.11) BALANCE SHEET NFA 12.18 2.85
Slide 37: Our Latest Financial Results
OUR LATEST FINANCIAL RESULTS 31/12/2016 % VoP 31/12/2015 % VoP Δ Δ% Revenues from Email 8,505,404 39.30% 6,911,710 73.08% 1,593,699 23% Revenues from SMS 11,305,163 52.24% 2,198,108 23.24% 9,107,055 414% Revenues from BEE 150,160 0.69% 6,899 0.07% 143,261 2077% Revenues from Professional Services 1,
Slide 38: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS 38 May 2017 mailupgroup.com
Slide 39: Reasons to Invest in MailUp Group
REASONS TO INVEST IN MAILUP GROUP Strong market positioning Brilliant financial position Solid R&D background M&A experience High cash generation Exploitable synergies ahead 39 May 2017 mailupgroup.com
Slide 40: Appendix
APPENDIX 40 May 2017 mailupgroup.com
Slide 41: MailUp Group's Clients Across Industries
MAILUP GROUP’S CLIENTS ACROSS INDUSTRIES 16.000+ CLIENTS INCLUDING: 41 May 2017 mailupgroup.com