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1、DRAKE二T匚PROVENTRACKRECORDINGAMINGFreshPIanetSONGCPContactTheGamingDealTeamVlTEC1.IGHTSTREAMMZyngaCOOEMA8TBR8UDw!eayHASACQUIREDAAA6a*WSUGHTiyMADSALFTO曰GAMELOFTvvendmichael.metzaerMichaelMetzger,Partner+13106964011LosAngelesB每TCODEMASTERSv三i三tf3RoijCREAMbbMNEHZxRTC必的Y皿yelgatoWANINOUSALETORarIgcrSCODEM
2、ASTERS4*MVMBH4lACOUIRFnaimcaJHKifSWGTMEDIASALETOJumpSwchilligoI.HASMERGCDWITH(Gamepot),SometransactionsexecutedbycurrentDrakeStarPartnersmtoyeswhileemployedatotherfirmsSONYMohitPareek,VicePresidentmohit.pareek+131069640061.osAngelesDRAKESTARPARTNERSDrakeStarPartnersisaglobalinvestmentbankingfirmserv
3、ingthetechnology,mediaandcommunicationssectors.AllsecuritiesintheUSA,aretransactedthroughDrakeStarSecuritiesLLC.IntheUSA,DrakeStarSecuritiesLLCisregulatedby.andisamemberof.AllsecuritiesintheUK,aretransactedthroughDrakeStarUKLimited(FRN942020)anappointedrepresentativeofKessionCapitalLtd(FRN582160)whi
4、chisauthorisedandregulatedbytheFinanCiaICOndUCtAuthority.RECORDBREAKINGDEALACTIVITYINGAMINGANDESPORTS!$71BDisclosed value for announcedand/or closed deals844Deals announced and/orclosedYTD Deal Value ($B)YTD Deal Count2021 YTD Highlights First 9 months of 2021 already exceeded twice the dollar amoun
5、t for full year 2020 Unprecedented consolidation across mobile/PC/console driven by major strategics (Embracer, Tencent, EPIC, Stillfront, Take-Two, Zynga, EA, Sony, ByteDance, Facebook, Netmarble1 Unity) as well as PE firms (Carlyle, Bain1 Diversis) Mammoth $9B raised by private companies in 493 de
6、als from VCs and strategics With 2 of the largest raises in gaming, red-hot blockchain/NFT gaming segment attracted $1.8B in private financings 2021 is a year of high-profile IPOs, direct listings and SPACs: Roblox, Krafton1 Unity, AppLovin, Playtika1 Huuuge, Playstudios, Nexters, TinyBuiId, Nazara,
7、 Cherry Group M&A PP - IPOSource: CapIO. Pitchbook & DSP ResearchQ3 Summary Further acceleration of private financings: Record $4B raised in over 117 deals with significant increase in average check size (JamCity1 Voodoo, Tilting Point) NFT / blockchain gaming companies raised over $1B at incredible
8、 valuations: Sorare raised $680M at $4.3B and Dapper Labs raised $250M at $7.6B Continued strong M&A activity: $9B in transaction value through 61 announced and/or closed deals, including SpinX / Netmarble, Pico / ByteDance, Sumo / Tencent, Reworks / Playtika1 Starlark / Zynga5 Playsimple / MTG, Par
9、sec / Unity. Netflix made its first gaming acquisition (Night School). Top IPO and SPAC deals: Krafton completed its IPO raising record $3.7B, Nexters completed its SPAC and Doubledown went public on Nasdaq through IPO. Public gaming companies faced headwinds and Q3 had limited new announced IPO and
10、 SPACs.DRAKE STARGAMINGKEYHEADLINES:Q32021M&A NetmarbleacquiresSpinX1mobilecasinogamesdevelooper,for$2.2B ByteDancetoacquirePicoInteractive,VRheadsetmanufactuereriforanest.$1.5B Tencentpaida43%premiumtoacquireSumoGroupfor$1.27B Playtikaacquired80%ofReworksfor$400M,final20%tobeacquirednextyear(forupt
11、o$200M) ZyngaacquiredStarlark,famousformobilegolfgameGolfRival,for$525Mincashandstock UnityacquiredParsec,acloudstreamingplatform,for$320M Netflixacquiresitsfirstgamestudio,OxenfreecreatorNightSchoolStudioFundraising Sorareraised$680Mata$4.3Bvaluation.EuropeslargesteverSeriesB,inaroundledbySoftbank
12、JamCityraised$350M,usingroughlyhalfthefundstoacquireCanadianstudio,Ludia,for$165M DapperLabsraised$250Mata$7.6BvaluationinaroundledbyCoatueManagement Voodooannouncesa$315Mraise,ata$1.9Bvaluation,fromGroupeBruxellesLambert ProbabIyMonstersraised$200M,whichwilladvancethecompanytowardnew,originalIPs Fo
13、llowingsuccessofrecentgameSplitgate,1047Gamesraised$1OOMata$1.5BvaluationPublicMarkets&SPACNews Kraftonraised$3.8BthroughIPOontheKoreanStockExchange,valuingthecompanyat$38B+ Nextersstartedtradingvia$250MSPAC,ata$1.9Bvaluation MediaandGamesInvestraised$93.9MOfdebttofurtherexecutionofM&Apipeline DoubI
14、eDownInteractiveraised$113.7MthroughIPOonNASDAQ,valuingthecompanyat$892M etmrble Iencent ，Playtikcih ByteDance 用 Zynga R0BLDXunitySTILLFRONT NETFLIX； so rare 栓v 。 IMMUTABLETIENGpOIMT DapperMoHST genvidVbodoo Cifl 10H1 嚼晔a 1KRAFTON niters 的!5*潸3ORAKKSTARGAMINGM&ATRANSACTIONS&VALUATIONS228DEALSANNOUNC
15、ED/CLOSEDAND$32BINDISCLOSEDDEALACTIVITYYTD2021# of DealsDeal Value ($B)by Segment YTDby Segment YTDM&A Deal Valuation / Multiples PCConsole Mobile - Platform HardwareZTooIs EsportsM&A Deal Valuation / Multiples LTMAll Segments# of announced and/or closed Deals / Disclosed Deals279/123Disclosed Deal
16、Value ($B)$36.1Revenue Multiple (Median)Total Value (51 deals with reported ReVenUe)4.4xAt Close (44 deals with reported ReVenUe)化)2.4xEBITDA Multiple (Median)Total Value (34 deals with reported EBITDA)10.9xAt Close (29 deals with reported EBlTDA)7.2xGaming M&A Announced ($B): By Quarterand/or close
17、d deals during January 2021 to September 2021(I)MultipIes calculated including earn-outs, wherever disclosed2) Multiples ca(cuaM using only CtoSI23 for PriV融 transactions (cuding camoul wweve/ (fisdosed)Note: Pie charts basedDRAKE5(13AMINGM&ATRANSACTIONS:Q32021-OP15ANNOUNCEDDEALSMobile$2,190.0$1,752
18、.0$438.04.4x3.5-PlCOlByteDonceHardware$1,500Q-.PC/Console$1,270.0-12.2x*-39.7x#-WOkS3Ptoyd*11Mobile$600.0$400.0$200.020.0x*13.3x#Mobile$525。$525.0-国ZT0MobiIe510.8$360.0$150.84.3x3.0x15.0x10.6xPlatform$320.0-/.QOch.umVdOMObiIe2300.04.3x二Platform$250.0$250.0-JbitStiilfrontMobile$225.0$205.0$20.04.7x4.
19、3*9.8*8.9*QMobile$165.0-2.0x-GGuildedMBLnTools90i0-gPC/Console$63.2$45.5$17,74.7x2.6x-RORTOS金中Mobile$53.9+$53.9*-9.8x4IItwtfvfaCmI三Q，Mobile$49.0$26.5$22.53.1x1.7x-CSource：CapIQ,Pilchbook&DSPResearch3sforecastra11se/aTr*dealaoinddeseamouisforthepedfoeIbesameperiodEBlTDAmuhfslebasedonbFY2G20PmanEBITDA
20、.GAMINGM&ATRANSACTIONSQ3202161ANNOUNCEDAND/ORCLOSEDDEALSAND$9.0BINDISCLOSEDDEALACTIVITYnetmrbleEeM3SE2$2.19B *wPCO_1 Netmarble acquired 100% of Hong Kong-based mobile casino game developer, SpinX Games, for $2.19B The acquisition will diversify Netmarble,s game portfolio, which consists mainly of th
21、e RPG genre, and strengthen the companys competitive market positioningl ByteD.15bOg)SllIIlO1 .DOigitai I .i/bTencent ByteDance will acquire Pico for a full consideration of $1.5B (est.) Pico is the third largest VR headset hardware and software developer in the world BytDance,s acquisition of Pico
22、will diversify their product offering and help them compete with Facebooks Oculus VR Tencent Holdings agreed to acquire Britishbased game developer, Sumo Group for $1.27B, at a 43% premium Sumo Group plans to use Tencents video gaming ecosystem, proven industry expertise and its strategic resources
23、to help grow their business Playtikcireworks! $6。M Playtika acquired 80% of Finish developer, Reworks, for $400M in cash and plans to buy the remaining 20% for up to $200M in 2022, dependent on EBITDA targets Reworks is best known for their home decorating app, Redecor The acquisition helps Playtika
24、 expand into the design space and provides access to a large community of design enthusiastszynga$525旅$5WM Zynga has agreed to acquire Starlark and their mobile golf title, Golf Rival, for $525M in cash and stock Golf Rival is the second largest mobile golf game and had 6 million downloads as of Aug
25、ust 2021 Zynga with leverage the proven capabilities of Starlark and their additional projects that are in early development MTG acquired Indian startup for at least $360M in cash and stock with a $151M performance related earnout The deal marked the largest acquisition in the Indian startup ecosyst
26、em. PIaySimpIe has amassed over 75M installs and maintains nearly 2M daily active usersSource:CapIQ.Pitcbbook&DSPResearchDRAKEGAMINGPRIVATEPLACEMENTSYTD2021493DEALSAND$9.0BINDISCLOSEDPRIVATEPLACEMENTSYTD2021:493DealsYTD2021:$9.0BRaised#ofDealsbySegmentDealValueBySegmentHardwareZTools.EsportsvRZAPBIo
27、ckchainPrivatePlacements($B):ByQuarterGAMINGPRIVATEPLACEMENTS:Q32021TOP15PRIVATEPLACEMENTSCompanySegmentDateDealValue($M)Valuation($M)SelectInvestorsTargetCountryBlockchainSep-21$650$4,300SoftBankGroup,Accel,AntoineGriezmann1Atomico1Benchmark,BessemerVenturePartners,D1CapitalPartners,Eurazeo,Headlin
28、e,IVPMMGTVMobileSep-21$350-NetmarbleGames,FortressInvestmentGroupeMobileJl-21$315$1,966GroupeBruxellesLambert&DapperBlockchainSep-21$250$7,600CoatueManagement,AndreessenHorowitz,BondCapital,GovernmentofSingaporeInvestmentCorporation(GIC),GV,VersionOneVenturesMobileJul-21$235-GeneralAtlantic,Kamerrat
29、RedVenturesPC/ConsoleSep-21$200-LKCMHeadwaterInvestmentseSportsSep-21$150$2,300LegatumGroup,PlayVentures,SequoiaCapital,SIGSusquehanna,Gaingels,RTPGlobalWtTtJoSPC/ConsoleSep-21$150$500BaringPrivateEquityAsiaPC/ConsoleSep-21$120-NetEasegenvidToolsJul-21$113$813AtreidesManagement,ValorEquity,GalaxyInt
30、eractive,HorizonsVentures,LuxCapital,MakersFund告eSportsSep-21$100-SoftBankInvestmentAdvisers,MenorahMivtachimUnderwriters&Management,MoreTechVentures,PayPalVentures,PitangoVentureCapital,StateofMindVenturese0HiGRmESPC/ConsoleSep-21$100$1,500LightspeedVenturePartners,InsightPartners,AnthosCapital,Gal
31、axyInteractive,Lakestar,VgamesPC/ConsoleSep-21$100-SmilegateOiMMUTALCBlockchainSep-21$88-BITKRAFTEsportsVentures,KingRiverCapital,GalaxyInteractive,AirTreeVentures,AlmedaResearch,ApexCapitalPartners,FabricVentures,PandaCapital,ProsusVenturesMobileAug-21$86$860SaehanVentureCapitalSource:CapIQ.Pitchbo
32、ok&OSPResearchORAKKSTARGAMINGNFT/BLOCKCHAINPRIVATEPLACEMENTS$1.8BRAISEDDURINGJAN-SEP2021TopBlockchain/CryptoInvestors202111QR0W11Z_J_L一LenalKGLQBALCOATUE=SOnBankAccdVALARtru公气TotalDeals3224151514108766DealsLed13662873243LocationSSSeSe鲁S6JSource:CaplQ.Pitchbook&DSPResearoiDRAKESTAR10P*RTNFBGAMINGPRIV
33、ATEPLACEMENTS:Q32021117DEALSAND$4.0BINDISCLOSEDPRIVATEPLACEMENTS( * CO m r $680M Raised at J A, 5 3 D $4 3B valuation，、J Investors - SoftBank Group, Accel, Antoine Griezmann, Atomico, Benchmark, Bessemer Venture Partners, Cesar Azpilicueta, D1 Capital Partners, Eurazeo, Futury Capital, Gerard Pique,
34、 Headline, IVP, LionTree1 Rio Ferdinand Europes largest-ever Series B financing will fund Sorare,s continued goal of expanding their sport NFT-focused offering into other sports This deal sold 15.8% of Sorare equity Investors - Fortress Investment Group, Netmarble Games These funds were quickly depl
35、oyed to complete the acquisition of Canada-based studio, Ludia1 for $165M, leaving funds for future acquisitions This fourth round of funding, comprised of debt and equity, was the largest for Jam City since their founding in 2010.Voodoo3784COnommmzynga7754Ir林SONY-4嗣ByteDonCel5,5003MOONTOM俗”酬s4,7483
36、蒯G-3邓俨?归盟VCInvestorDealsSelect2021LeadInvestmentsLocationFocus雨而MAKERlFUN017orecmIEarlyOALAXY15ieiomGRmE5UEarlytoLateB11UUU1Ill=15StarfwrmOIMMUTABLEHSeedtoEarlyRLAY12卜,卜of三CommuwittgGAMINGBSeedtoEarlyal6z11elodie%HSeedtoLateQlUHIN11I/OV三RWOIF尸RTESeedtoLate10CLOCKWOMSeedLvp.10opQaTleeeSeed三l三LJ8Othir
37、dverse电SeedtoEarly7EarlySource:CapIO.Pitcbbook&DSPResearch12GAMINGPUBLICMARKETSMARKETPERFORMANCE&IPOSGamingIPOs/SPACs:Q32021Includes$250MraisedthroughtheSPACand550MofPIPEraisedOnthedateofSPACmergerDRAKKCompanyAnnouncedClosedSegmentExchangeAmountRaised($M)IPOValuation($M)EV/RevatIPOCurrentMGp($M)ListingDayReturnReturnSinceListingApr-21Aug-21MobiIeZPC/Console$3,774.2$21,200.015.4x$19,706.5-8.8%10.6%ntersJan-21Aug-21Mobile$300.0*$1,900.04.9x$1,31
