1、Important disclosures appear at the back of this report GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA Digital Services Market Perspectives H1 2019 2 Executive summary: Digital Services perspectives GP Bullhound is a leading tech

2、nology advisory and investment firm, providing transaction advice and capital to category leaders We publish this quarterly Digital Services market report to provide insights into public and private market valuations across the transaction spectrum and qualitative insights into broader market trends

3、 We also feature many of the leading Digital Services companies teams that work on-site, embedded with the brand to help drive faster speed, better brand alignment and lower cost. Technology is an enabler to these new business models. Whilst intense focus continues on harnessing the power of data, t

4、here has also been a renewed emphasis on the power of creativity. The consultants have firmly parked their tanks on the front lawn of marketing agencies and have been adding creative capabilities to their range of digital services. Accenture Interactive, in particular, has been very active in this s

5、pace having embarked on a creative acquisition spree starting with their 2016 acquisition of London-based creative agency Karmarama and this year culminating in their largest acquisition to date, Droga5 in New York. The demand from brands to create an integrated customer experience will see other co

6、nsultancies look to enhance their customer-centric digital practices with the creative elements that closely define a customer experience. Current trends in Digital Services (contd.) Continued push of consultants into creative Traditional agency models are under attack 1 2 EV: N/A EV/ Rev: N/A Deal

7、Date: Apr-19 EV: $75m EV/Rev: N/A Deal Date: Apr-18 EV: N/A EV/ Rev: N/A Deal Date: Dec-18 EV: N/A EV/ Rev: N/A Deal Date: Mar-19 EV: N/A EV/ Rev: N/A Deal Date: Apr-19 EV: $150m EV/Rev: 3.7x Deal Date: Dec-18 EV: N/A EV/ Rev: N/A Deal Date: Jan-19 EV: N/A EV/ Rev: N/A Deal Date: Jan-19 Source(s): C

8、apital IQ, Pitchbook, The Drum Note: : GP Bullhound deal 6 Healthcare is a massive and high growth global market - global healthcare spending is projected to grow 5.4% from 2018-2022 versus just 2.9% 2013- 2017. Momentum is further compounded with global demographic trends (age rise, obesity) drivin

9、g growth alongside 2018 also being a record year for FDA drug approvals. Healthcare data (e.g. for treatments, pricing, development, marketing) is growing rapidly and expected to reach $9.5bn in 2023. The dynamics of the healthcare market are changing, with providers and payors taking on an increasi

10、ngly important role in healthcare decisions. This is exemplified by disruptive mergers such as CVS (pharmacy) and Aetna (insurance). Digital advertising spend on Amazon is expected to grow by 53% in 2019 and is looking to break up the advertising duopoly currently held by Facebook and Google. Amazon

11、s offering has been particularly relevant for eCommerce with conversion rates of Amazon Advertising reaching c.3x Google during Q3 2018. Global agencies, such as Dentsu and WPP, have opened network wide Amazon Advertising consultancies in recent months. M however, they have not been independently ve

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