Growens S.p.a. · MIL:GROW
Growens — MailUp Group — Investor Presentation (January 2020)
46 slides from Growens's investor presentation, January 2020
Slide 1: MailUp Group Overview and Latest Results
MAILUP GROUP OVERVIEW AND LATEST RESULTS January 2020
Slide 2: Agenda
AGENDA 01 ABOUT US 02 RESULTS OVERVIEW 03 DATATRICS ACQUISITION 04 INDUSTRY AND STRATEGY 05 INVESTOR INFORMATION 2
Slide 3: MailUp Group at a Glance
MAILUP GROUP AT A GLANCE INNOVATION GROWTH GLOBAL EXPANSION • Fast-growing industry: cloud Revenues • International revenues from 10% software/marketing technology ✔ +26% FY 2017 to 44% since IPO • Focus: data-driven omni-channel ✔ +47% FY 2018 • Serving 22,000+ B2B clients in 115+ predictive market
Slide 4: From Startup to International Scaleup
FROM STARTUP TO INTERNATIONAL SCALEUP • Organic and M&A growth • From Cremona (Italy) to Europe, Americas, Asia • One of the leading European players in cloud software ACQUIRED DATATRICS REVENUES €5M GOVERNMENT GRANT 70 60 ABB: RAISED €6M, ACQUIRED MAILCULT 50 ACQUISITIONS: AGILE TELECOM, GLOBASE, A
Slide 5: A Tech Group Built on Strong Synergies
A TECH GROUP BUILT ON STRONG SYNERGIES GROUP HOLDING / PARENT ~45 employees Strategy, M&A, Finance/Accounting, IR, IT, HR, Legal BUSINESS UNITS ~195 employees Freemium Tool Cross Selling SMS Services MARKETS global Email Editor AI Predictive Marketing 5
Slide 6: Needs We Serve / 1
NEEDS WE SERVE / 1 Most marketing departments within companies (and SW developers serving them) have these needs SW Create Developers Send templates for receipts, newsletters, Transactional Messages welcome series, … (notices, order receipts, password reminders, …) Marketing Departments Engage Send
Slide 7: Needs We Serve / 2
NEEDS WE SERVE / 2 Why choose MailUp Group? SW Developers • Easier • Multi-channel • Faster • Personalized • Consistent • Delivered! • Cost effective Marketing Departments CREATION TRANSACTIONA L JOURNEYS BROADCASTS • Data-driven • Multi-channel • Omni-channel • Scalable • AI-enhanced • Curated or a
Slide 8: P&L: Revenues and EBITDA
P&L / 1 REVENUES EBITDA Y OY +53% 70 ORGANIC YOY +47% 60.5 ORGANIC YOY Y OY 60 +31% +28% ORGANIC YOY ORGANIC YOY 50 +21% +26% 40.2 40 27.3 30 3.8 21.6 4 3.3 2.9 3 2.4 20 9.5 2 10 7.2 9.1 0.8 0.7 1 0.5 0 0 FY 2013* FY 2014* FY 2015* FY 2016 FY 2017 FY 2018 FY 2019** FY 2013* FY 2014* FY 2015* FY 2016
Slide 9: Balance Sheet
BALANCE SHEET SHAREHOLDERS’ EQUITY NET CASH POSITION 18 ABB 15.9 16.4 15 14.0 12 8 7.3 6.4 9 7.0 6 6.2 IPO 6 4 3.3 1.3 3.3 3 2 1.0 1.0 0.6 0 0.1 0 FY 2013* FY 2014* FY 2015* FY 2016 FY 2017 FY 2018 1H 2019 FY 2013* FY 2014* FY 2015* FY 2016 FY 2017 FY 2018 9M 2019** *In 2016 Group transitioned to IF
Slide 10: FY 2019/2018 Analysis by Business Unit
FY 2019/2018 ANALYSIS BY BUSINESS UNIT Revenues EBITDA FY 2019* FY 2018 FY 2017 FY 2018 FY 2017 MailUp 15.8 13.1 11.3 2.4 2.8 Agile Telecom 38.2 26.3 14.8 2.5 1.4 BEE 2.9 1.2 0.6 0.4 (0.0) Acumbamail 1.3 0.9 0.7 0.2 0.3 Datatrics 2.3 Other** 2,1 2.5 (1.7) (1.6) Consol. Adjs. (3.4) (2.6) (0.0) (0.0)
Slide 11: H1 2019 Analysis by Business Unit
H1 2019 ANALYSIS BY BUSINESS UNIT Data in EUR/000. *Starting from April 1, 2019 Globase is no longer represented as a separate business unit, because it acts as a mere commercial branch for the sale of MailUp and Datatrics. Hence therelevant H1 2018 data have been aggregated to MailUp’s business uni
Slide 12: 9M2019 Analysis by Product Line
9M2019 ANALYSIS BY PRODUCT LINE Item (EUR) 30/09/2019 % 30/09/2018 % Change Ch% Revenues from Email 9,725,378 22.3% 8,285,277 30.5% 1,440,101 17.4% Revenues from SMS 30,647,938 70.3% 17,904,194 65.9% 12,743,744 71.2% Revenues from Predictive Marketing 1,509,173 3.5% n.a. n.a. 1,509,173 n.m. Revenues
Slide 13: Datatrics Acquisition
DATATRICS ACQUISITION COMPANY PRODUCT • Fast-growing startup with 20+ employees. € 1M revenues in • Predictive data-driven omni-channel orchestration for 2018 customer engagement and journey management • +200% revenue growth in FY2018 • Extends the traditional marketing automation with artificial •
Slide 14: Customer Data Platform + Prediction & Decision
CUSTOMER DATA PLATFORM + PREDICTION & DECISION 16
Slide 15: Datatrics + MailUp Group + M&A
DATATRICS + MAILUP GROUP + M&A + Messaging apps + Push notifications + TV addressable ads Datatrics Areas of Expertise MailUp Group (excl. Datatrics) Areas of Expertise 17
Slide 16: Datatrics / Product, Business, Technology
DATATRICS / PRODUCT, BUSINESS, TECHNOLOGY 18
Slide 17: Datatrics / Create 360° Customer Profile
DATATRICS / CREATE 360° CUSTOMER PROFILE 19
Slide 18: Datatrics / Future Behaviour
DATATRICS / FUTURE BEHAVIOUR 20
Slide 19: Datatrics / Output
Website Embedded content E21 RetailTrics E21 RetaitTrics Comparison Acer Chromebook 14 Acer Chromebook 14 . CB3-431-C5K7 CB3-431-C5K7 Decision This notebook was sold 5 times today Don’t miss this offer. Only 3 left! | \ Loyal customer Single minded customer Persuade with social proof Persuade with s
Slide 20: The Competitive Landscape / Martech5000
THE COMPETITIVE LANDSCAPE / Martech5000 (actually 7,040) 22
Slide 21: Industry Structure and Group Positioning
INDUSTRY STRUCTURE AND GROUP POSITIONING MESSAGE EMAIL SMS SOCIAL CHAT PUSH VOICE DISPLAY … DELIVERY for Developers/IT PLATFORM SMS EMAIL MARKETING PROGRAMMATIC CRM AI ECOMMERCE ANALYTICS S MARKETING MARKETING AUTOMATION ADVERTISING for Marketers CONTENT EMAIL COLLABORAT LANDING GRAPHIC VIDEO HTML C
Slide 22: Business Model and Investment Case / 1
BUSINESS MODEL AND INVESTMENT CASE / 1 EXPLOITING A GROWING MARKET • Hundreds of new solutions / startups • The Marketing Technology sector (i.e. a cloud-based launched ecosystem of marketing softwares) expanded by 40% this • Wider use of data / AI year*. • Market consolidation trend, with bigger •
Slide 23: Business Model and Investment Case / 2
BUSINESS MODEL AND INVESTMENT CASE / 2 …LEVERAGING ACQUIRED LEADERSHIP AND A STRONG CASH POSITION… • Email and mobile messaging are the core activities, complemented innovative marketing technology • Services delivered to 22.000+ clients in 115+ solutions and professional consulting services countri
Slide 24: Business Model and Investment Case / 3
BUSINESS MODEL AND INVESTMENT CASE / 3 …VIA ORGANIC AND M&A DEVELOPMENT • Capitalising on R&D efforts to ride the evolution • Expanding the set of integrated solutions with third-party • Boosting ARPU to secure business against competition by commoditization effect companies such as CRM, CMS, e-comm
Slide 25: Governance - BoD
GOVERNANCE - BoD Matteo Matteo Matteo Monfredini Monfredini Monfredini • Freelance software developer during his studies at the Politecnico Luca Azzali Matteo Monfredini Luca Azzali President President President & & & CFO CFO CFO Matteo Monfredini ü ü Programming Programming ü System Programming Uni
Slide 26: Stock Information
STOCK INFORMATION SHAREHOLDERS • The share capital of the parent company includes the Group’s Founders and Management Team Group: Gorni Nazzareno* • Matteo Monfredini, Chairman 10.8% • Nazzareno Gorni, CEO • Luca Azzali, Director BU MailUp Market • Matteo Bettoni, Director BU Agile Telecom 34.7% Azz
Slide 27: Stock Information
STOCK INFORMATION • MailUp shares are admitted to trading on AIM Italia (Multilateral Trading Facility managed by the Italian Stock Exchange) since July 25th, 2014 • Total 14,971,046 outstanding ordinary shares (16,237,937 fully diluted) PRICES AND VOLUMES 5 YRS IPO Price €1.92 (29 Jul 2014) Current
Slide 28: ESG (Environment, Sustainability, Governance)
ESG (Environment, Sustainability, Governance) CARING for employees, environment, people, community, investors ❤ COMMUNITY CO-WORKING SPACE ❤ DIVERSITY FOUNDED IN 2014 W/ POLITECNICO DI ❤ GOVERNANCE 44% WOMEN MILANO, CREMONA CITY HALL AND OTHERS INDEPENDENTS: 1/5 LOW TURNOVER TO FOSTER EDUCATION AND
Slide 29: List of Parties
LIST OF PARTIES NOMAD AUDIT & ACCOUNTING SPECIALIST BROKER / COVERAGE LEGAL ADVISOR 31
Slide 30: Contacts
SUBSCRIBE! CONTACTS INVESTOR MONTHLY NEWSLETTER Address Viale Francesco Restelli, 1 20124 Milan, ITALY Phone +39 02 71040485 Email investor.relations@mailupgroup.com 32
Slide 31: Annexes
ANNEXES 33
Slide 32: Products and Markets
DEVs MARKETING PRODUCTS AND MARKETS Professional Services 34
Slide 33: MailUp
MAILUP Established as an email service provider vendor, the company now delivers customers with its multichannel digital cloud platform • Market leader in the Email and SMS marketing & automation in Italy and among the top ten players in Europe • 21 bn+ messages sent per year • 11,000+ clients in 20
Slide 34: Agile Telecom
AGILE TELECOM Based in Italy, as an outright wholesale SMS factory, the subsidiary is a telecom provider (OLO - Other Licensed Operator) that offers SMS delivery for both promotional and transactional messages (One- Time Password/ Notifications/ Alerts and so on). • Leader in the SMS industry in Ita
Slide 35: Agile Telecom: The A2P Messaging Gateway
AGILE TELECOM: THE A2P MESSAGING GATEWAY COMPANIES 300 M SOFTWARE APPLICATIONS 10 K SMS 1K GATEWAYS MOBILE 1.2K CARRIERS 4.7 END USERS B 37
Slide 36: BEE – Best Email Editor
BEE – BEST EMAIL EDITOR Organised according to the dual company model, with the business team in Silicon Valley and the technological team in Italy. • BEE is becoming the world leading standard for email creation • Chosen by 4,800+ developers/SAAS applications • 7,300+ email designers in 100+ countr
Slide 37: Datatrics
DATATRICS Founded in 2012 with the mission of aggregating marketing and technology to allow marketers to exploit the power of data and artificial intelligence • Its proprietary predictive marketing platform can be used on a plug-and-play basis to create ever more relevant and omni-channel customer e
Slide 38: Acumbamail
ACUMBAMAIL Spanish based email marketing provider, it also offers SMS packages and transactional services with a freemium business model suitable for micro-small businesses. • 400mn+ emails sent per year • 55,000 users (3,000+ paying customers) • 0.9 mn Eur revenues in 2018, up 26+% Yoy • 0.2 mn Eur
Slide 39: Consolidated Balance Sheet as of 30 September 2019
FINANCIALS / CONSOLIDATED BALANCE SHEET AS OF 30 SEPTEMBER 2019 The variation is positively influenced by the operating cash flow, but it is counterbalanced by: - the bigger debt figure from IFRS 16 first-time adoption (EUR 4.9M) - cash outs for the last earn-out tranche on Agile Telecom (EUR 600k p
Slide 40: Consolidated Income Statement as of 31 December 2018
FINANCIALS / CONSOLIDATED INCOME STATEMENT AS OF 31 DECEMBER 2018 Item 31/12/18 % 31/12/17 % Change Ch% Revenue from Email 10,121,703 25.2% 9,431,330 34.5% 690,373 7.3% Revenue from SMS 27,185,472 67.6% 15,933,655 58.3% 11,251,817 70.6% Revenue from P. Services 547,645 1.4% 588,868 2.2% (41,223) (7.
Slide 41: Consolidated Balance Sheet as of 31 December 2018
FINANCIALS / CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2018 Item 31/12/18 31/12/17 Change Ch% Intangible fixed assets 20,711,888 13,800,503 6,911,386 50.1% Tangible fixed assets 1,095,331 1,011,029 84,302 8.3% Financial fixed assets 220,315 237,538 (17,223) (7.3%) Fixed Assets 22,027,534 15,049,0
Slide 42: Consolidated Cash Flow Statement as of 31 December 2018
FINANCIALS / CONSOLIDATED CASH FLOW STATEMENT AS OF 31 DECEMBER 2018 Item 31/12/18 30/12/17 A Operating cash flow 2,479,679 2,252,863 Profit (Loss) for the period 1,255,267 611,809 Current income taxes 766,513 585,331 Tangible fixed assets (355,387) (608,279) Deferred /(Pre-paid) taxes (103,879) 5,1
Slide 43: Consolidated Income Statement as of 30 June 2019
FINANCIALS / CONSOLIDATED INCOME STATEMENT AS OF 30 JUNE 2019 Item 30/06/2019 % 30/06/2018 % Change Ch% Revenue from Email 6,335,383 21.6% 5,492,803 30.5% 842,579 15.3% Revenue from SMS 20,837,289 71.1% 11,951,648 66.3% 8,885,642 74.3% Revenue from Predictive Marketing 853,004 2.9% n.a. n.a 853,004
Slide 44: Consolidated Balance Sheet as of 30 June 2019
FINANCIALS / CONSOLIDATED BALANCE SHEET AS OF 30 JUNE 2019 Item 30/06/2019 31/12/2018 Change Ch% Intangible fixed assets 3,988,323 4,001,201 (12,878) (0.3%) Goodwill 16,710,687 16,710,687 0 0.0% Tangible fixed assets 1,086,367 1,095,331 (8,964) (0.8%) Rights of Use (IFRS16) 2,430,756 n.a. 2,430,756
Slide 45: Consolidated Cash Flow Statement
FINANCIALS / CONSOLIDATED CASH FLOW STATEMENT AS OF 31 DECEMBER 2018 Item 30/06/2019 30/06/2018 Item 30/06/2019 30/06/2018 Profit (Loss) for the period 410,922 513,113 A Operating cash flow 1,643,935 2,657,061 Current income taxes 360,760 377,285 Deferred /(Pre-paid) taxes 14,475 128,743 Tangible fi
Slide 46: Disclaimer
Disclaimer This presentation (the “Document”) has been prepared by MaiUp S.p.A. (“MailUp” or the “Company”) solely for information purposes on the Company and the Group (“MailUp Group”). In accessing the Document, you agree to be bound by the following restrictions, terms and conditions. The Documen