c

IN DE P E ND E NT T EC H NO L O G Y R E S E AR C H

Sector Update
GP BULLHOUND TECHNOLOGY PREDICTIONS 2011
January 2011

Technology / Media / Telecoms

2011 PREDICTIONS:
Investors Ready to Open Pockets to Innovative
GOOGLE’S ANDROID Technologies In 2011
DISTANCING APPLE’S IOS

MOBILE PAYMENTS SET TO For the fourth year running, GP Bullhound is publishing its Technology
SURGE IN 2011 – GET READY Predictions for the upcoming year.
FOR THE RACE

As the global economy emerges from the financial crisis, we anticipate

SOCIAL SHOPPING, DATING
AND GAMBLING WILL THRIVE businesses and investors alike will capitalize their resources to invest in the
ON MOBILE next wave of innovation in 2011.

AUGMENTED REALITY(1) Accordingly, many of our predictions seek to streamline the way we approach
APPLICATIONS TAKE-OFF,
DRIVEN BY A LOCATION BASED
everyday tasks. In 2011, we anticipate consumers will take another step
SERVICES FOOTPRINT towards wireless by adopting shopping, dating, gambling, payments and even
household management on mobile. The rise in augmented reality adoption will
MOBILE AND SMART GRID complement this, as we continue to merge the information on the web with our
APPLICATIONS OPEN THE
DIGITAL HOME
mobile lifestyles. Moreover, as mobile applications continue to proliferate we
expect developer-friendly open platform benefits will extend Google’s Android

PRIVACY BECOMES A TOP

lead over Apple’s iOS. In the wake of the explosion of mobile applications, we
PRIORITY FOR SOCIAL expect vendors to step up to provide real-time analysis and predictions of
NETWORK USERS
consumer behaviours. Additionally, we expect increasing mobility and pace of
life will drive users to abridge communication messaging, favouring short
THIN FILM MAKES A COMEBACK
AND VCS START TO EXIT TO messaging formats over blogs and long format emails.
STRATEGICS IN DROVES
In another move towards increased mobility, we anticipate games will move
SHORT MESSAGING FORMAT into the cloud, reducing development and porting costs for developers and
WILL GAIN WIDER SUPPORT enabling gamers to access games and content real-time.
AND MOMENTUM

As capital markets and investor appetite continues to grow, we also anticipate

GAMING MOVES INTO THE
CLOUD a comeback for solar thin films. Supported by increasing c-Si pricing and
meaningful commercialization, we believe 2011 yields a turn of fortunes for the
A NEW GENERATION OF sector.
BUSINESS INTELLIGENCE AND
DATA ANALYTICS CONSUMER
APPS WILL EMERGE
All in all, as markets renew back to 2007 levels, we anticipate 2011 will yield a
strong year of technological development.

Christian Lagerling
christian.lagerling@gpbullhound.com --------------------------------------------------
San Francisco: +1 415 986 0196

Per Roman *Note that GP Bullhound acts or has acted as an advisor to some of the companies mentioned in this
per.roman@gpbullhound.com
report. Please refer to disclaimer at the back for full disclosure
London: +44 (0) 207 101 7568

Julien Oussadon
Justine Chan
Florent Roulet

Important disclosures appear at the back of this report.

GP Bullhound LLP is authorised and regulated by the Financial Services Authority in the United Kingdom
 TMT PREDICTIONS 2011

A RECAP OF GP BULLHOUND 2010 PREDICTIONS

2010 Predictions: Looking back at our “GP Bullhound Technology Predictions 2010” we are
pleased to note that several of our projections gained strong momentum
during the year, while a few showed early signs but still with some ways to
“The year of Behavioral
re-targeting”

go.
Our first prediction that behavioural re-targeting will increasingly be
“Augmented reality is adopted by online retailers was confirmed with the market, reaching critical
becoming a reality...”
– mass in 2010 especially in the US. Several leading innovators received
more venture funding during the year (e.g. Criteo, MyThings, Cognitive
“Cloud computing drives Match) while others were acquired by established Internet giants (e.g.

green IT initiatives”
Dapper / Yahoo! or FetchBack / GSI Commerce).
Perhaps most obvious, the number of mobile applications exploded
“Mobile applications
become a mainstay” during the year with Android gaining a significant market share and Apple’s

“Virtual currencies &

iPhone repeating its past successes with its 4
th
version. With the
confirmation of smartphones growing penetration in the consumer market,
micro-transactions augmented reality applications started to gain momentum. We noticed
expand beyond games”

“The return of the tablet
particular opportunity for augmented reality in gaming applications due to
the high user interaction.
The tablet market did stage a comeback with the success of Apple’s iPad
PC”
– leading the way. However, we will wait to see in 2011 if Apple and its
“ebook applications will numerous followers using Google’s Android platform are able to capitalise
explode across a on this successful early adoption to reach the broader market. Ebook
multitude of devices and
applications will rely on tablets to explode in 2011. Even if several
channels”
– channels and devices have adopted ebooks, tablets could prove to offer the
“Affordable electric and best user experience and provide significant opportunities for an upcoming
hybrid vehicles reach the mass adoption of ebook applications.
broad demographics”


“Consolidation within the
solar photovoltaics
supply chain”

combatants. However, winners are not quite defined yet.
“Industry shakeout in
online music distribution
as the winners are
defined”
– certain goods online rather than at their local stores. As micro-payments
In the online music, the battle has begun between the different business
models (download / streaming, advertising / subscription / purchase, etc.),
with Apple, Google/YouTube, Spotify, Deezer and Rdio as the main
Micro-transactions and virtual currencies moved in 2010 beyond the
original gaming sphere with customers increasingly conceiving to buy
exploded, we anticipate the same to happen on mobile in 2011.
Several players in the electric and hybrid vehicles space have
demonstrated that innovation and quality could be combined to produce
affordable and reliable cars. Tesla Motors in the US (listed since June
2010), Micro-Vett and Ashwoods Automotive in Europe are expected to
continue expanding their production in 2011. Mass adoption is still to come
however.
Consolidation within the solar PV value chain has been one of the key
Cleantech themes of the year. Strategic and Asian players are driving this
consolidation (e.g. LDK / Solar Power). Large PV manufacturers are also
acquiring successful developers and their pipelines (e.g. First Solar /
NextLight and Edison Mission, Sharp / Recurrent Energy).

GP Bullhound LLP January 2011

 TMT PREDICTIONS 2011

GOOGLE’S ANDROID DISTANCING APPLE’S iOS

Start-ups to lookout for:
London, UK
We expect that Android will increase its lead over Apple’s operating
systems (iOS) in 2011 due to its open platform benefits and increasing
mindshare amongst end users as well as developers. For the first time in
November, 2010, Android surpassed the iPhone in the US in a total
installed base of 61.5m smartphone subscribers. Android has already been
for months the leading operating system among recent acquirers.
Exhibit 1 – Top Smartphone Platforms in the US
100% 4.6% 3.9% 3.0%
US smartphone subs. aged 13+

10.8% 9.0%
Mountain View, US 25.0%
80% 33.0%
3-month average -

33.5%
37.6%
60% 30.0%
27.0%
Mountain View, US 40% 25.0%
24.2%

20% 45.0%
33.0%
26.0%
19.6%
0%
London, UK August 10 November 10 End of 2011 End of 2014
Google / Android Apple RIM / Blackberry Microsoft Palm

Source: ComScore for 2010 data, GP Bullhound estimates for projections

Toulouse, France
After having competed on mobile devices only, rival operating systems
have now added the tablets market as a new battleground with specifically
designed versions (e.g. Android Honeycomb).
Exhibit 2 – Tablets and Mobile Handsets using Android and iOS

vs.
Source: Google, Samsung, Motorola, Apple

Google’s long time strategy to open up its technology to a variety of

manufacturers and application developers will be paying off as multiple
devices will hit the market (especially from Asian players such as Samsung,
LG or Acer keen to create fierce competition to US-based Apple) with a
plethora of quality apps being made available. In the meantime, Symbian
(Nokia-led rival open-source OS) has seen its market share consistently
shrinking mainly due to smartphones manufacturers preferring Android for
their best brand and user interface. Another competitive advantage for
Android lies in its wide range of potential mobile operators when Apple has
signed exclusivity agreements in several countries.
Even in terms of apps store, Google has opted for an open approach by
allowing other web merchants to enter the game. As an example, Amazon
has recently announced it will launch its own apps store for Android.

GP Bullhound LLP January 2011

 TMT PREDICTIONS 2011

MOBILE PAYMENTS SET TO SURGE IN 2011 – GET

READY FOR THE RACE
The mobile landscape continues to grow strongly including a continued
Start-ups to lookout for:
slew of new payments providers emerging along with established players
increasingly diversifying their offerings. There are however a number of
more established players such as allopass, ZONG, Boku, Neomobile,
Obopay who are actively looking to partner with tier 1 merchants to
Paris, France
increase their reputational profile as trusted payment specialists.
The mobile payments market can be mapped out in various subsectors
incorporating pure play startups such as Square, Mi-Pay, Luup, Tyfone and

San Francisco, US
Bling Nation which have recently entered the market, to more established
players such as Allopass.
Exhibit 3 – Mobile Finance Taxonomy

Rome, Italy

Remote Mobile P2P Mobile

Payments Payments

Munich, Germany

Mobile
Finance
Palo Alto, US
Providers

Handset Contact
Mobile Banking Mobile
Payments

/ Zetawire

Source: GP Bullhound

There are a number of technology trends which have surfaced and resulted
in a more favorable environment for the development of mobile payments
services. Firstly, the rise of smartphones has resulted in users having
access to Internet on the go and through high quality usable interfaces thus
reducing friction in the buying process. As a result, iPhones and other
smartphones have enabled mass consumption of diverse mobile content
and services, such as music, games, banking and shopping.
The mobile payments landscape is currently taking shape, resulting in a
fragmented position today where there around 5-10 key players. M&A
naturally follows, with recent market rumors that Google and Apple have
been bidding at five times revenue for US mobile payments specialist Boku.
We expect consolidation to accelerate and come from various angles
including handset manufacturers, social networks, Internet players,
payment processors, banks and telco carriers.
4

GP Bullhound LLP January 2011

 TMT PREDICTIONS 2011

SOCIAL SHOPPING, DATING AND GAMBLING

APPLICATIONS WILL THRIVE ON MOBILE
Start-ups to lookout for:
Palo Alto, US
Los Angeles, US
Zappli, San Francisco, US
Three Internet services that revolutionise everyday life of millions of users
in the last few years are expected to massively hit the mobile space in
2011: Social Shopping, Dating and Gambling. They all share inherent
potential around location-based functionalities – tailored for the mobile.
More than just providing a mobile version of their online equivalents,
successful companies will create a different experience entirely dedicated
to mobile users. Winning suppliers will provide seamless interaction
between the three main mobile platforms (Blackberry, Android, iPhone).
Exhibit 4 – Three Key Options on Mobile in 2011
Dating Gambling Social Shopping

Richmond, UK
+ +
Source: GP Bullhound
London, UK
As social shopping will continue to grow on the Internet in 2011, the
move to mobile will be based on the same success factors: bringing
together shopping communities and sharing recommendations.
Stockholm, Sweden
Following the explosion of social networks usage on smartphones in 2010,
retailers can initially only integrate popular sites to their platforms to make
sure shopping recommendations can easily be shares among friends’
Petah Tikva, Israel networks via feeds page. In a more advanced move to mobile, several
mobile apps are based on in-store barcode scanning.
Group shopping will also find its mobile equivalent. Groupon acquired
New York, US mobile development firm Mob.ly in May 2010 and has since successfully
developed applications for iPhone and Android. We can easily imagine
group shopping websites suggesting local deals thanks to location-based
Melbourne, Australia features in smartphones.
Online gambling is expected to experience significant geographic
expansion as it potentially becomes legal in several key US states in 2011
London, UK
(e.g. New Jersey and California) while several additional European markets
will be deregulated (following France and Italy). The move to mobile will
London, UK allow punters to place bets or play ‘in casinos’ anytime and anywhere, thus
significantly increasing user options. As an example, UK bookmakers, after
having successfully transitioned to online gambling, have recently launched
mobile applications to allow real-time betting via smartphones.
After several years of uncertain results, mobile dating will finally become a
reality. Location-based mobile data applications are flourishing at a fast
pace, indicating in real-time who is single around you (e.g. in an airport or
even simply in the street). Thanks to 24/7 access and 3G-enabled video
chat, mobile smartphones will offer a very strong medium for dating
communities.
5

GP Bullhound LLP January 2011

 TMT PREDICTIONS 2011

AUGMENTED REALITY APPLICATIONS TAKE OFF,

DRIVEN BY A LOCATION BASED SERVICES FOOTPRINT
Since 2008, LBS applications have grown exponentially to the current level
Start-ups to lookout for:
of approximately 6,000 applications. Leveraging the groundwork laid by
LBS applications and enabled devices, mobile augmented reality
applications garnered significant buzz and from bloggers, media and early
adopters in 2010. We hereby repeat our 2010 prediction with the added
San Francisco, CA, USA momentum of these LBS. With the anticipated relase of the next-generation
iPad and other tablets and growing smartphone adoption, we expect LBS
devices to reach critical mass in 2011, driving widespread popularity of
augmented reality (AR) applications.
Exhibit 5 – LBS Subscriber Forecast
Denver, CO, USA
350,000
300,000
250,000
200,000
150,000
Amsterdam, Netherlands
100,000
50,000
0
2007 2008 2009 2010 2011 2012 2013
Boston, MA, USA
Americas Europe Asia

Source: Gartner, GP Bullhound

Gartner Research expects that over one-third of the mobile workforce will
use AR applications by 2014, as today’s consumers exhibit increasing
London, UK
reliance on mobile access to information for everyday life.
Exhibit 6 – Yell Employs AR Application for Listings

Boston, MA, USA

Source: Yell.com

According to a recent quote by metaio, “Everyone will be on the AR

bandwagon in 2011. Even industrial companies and the military will use
mobile AR applications, especially for improving workflows and security.”

GP Bullhound LLP January 2011

 TMT PREDICTIONS 2011

MOBILE AND SMART GRID APPLICATIONS OPEN THE

DIGITAL HOME
Start-ups to lookout for:
Cambridge, United
Kingdom
Today’s smart phones and tablets have captivated consumers for their
personal communication and entertainment capabilities, and now, suppliers
of home control systems are leveraging these next-generation devices to
help consumers control and manage the equipment in their homes.
After years of sluggish developments, leveraging the new mobile devices
and platforms, homeowners are finally being given the proper tools to
access and control their light, heating, air conditioning and more via the
Internet, irrespective of their physical location.
Exhibit 7 – Intel Home Dashboard

Laguna Beach, CA, USA

Germantown, MD, USA

Source: Intel

Furthermore, as AMI deployment continues to fuel smart grid growth,

companies including Cisco, GE, Intel, and Microsoft are creating consumer
energy management solutions that integrate with the smart grid
infrastructure. Many of these suppliers have enabled their solutions for use
on everyday consumer devices. As shown below, the GE Nucleus software
is enabled for access from any browser-enabled phone or PC.
Exhibit 8 – GE Nucleus Software

Source: GE

GP Bullhound LLP January 2011

 TMT PREDICTIONS 2011

PRIVACY BECOMES A PRIORITY FOR SOCIAL

NETWORK USERS
Social networks have undoubtedly become an integral part of the Internet
Start-ups to lookout for:
experience, overtaking search engines as the primary site through which
people access the Internet in 2010. As shown below, our actual networks
Bellevue, WA, USA are significantly more complex than those currently reflected on Facebook.
Exhibit 9 – Facebook Social Graph

Morristown, NJ, USA

Ottawa, Canada

Evanston, IL, USA

Source: Forrester

As our digital relationships continue to grow in depth and reach, privacy

amongst our relationship pools will play an increasingly important role in the
social web.
In today’s competitive job market, a growing number of employers and
recruiters are employing searches on social networks and search engines
to research potential candidates. According to the AOL Technology Blog,
Switched.com, “78 percent of recruiters and HR professionals use search
engines to research applicants. 63 percent use social networking sites and
59 percent turn to photo and video sharing sites like YouTube or Flickr.”
Further, many corporations have established dedicated groups to monitor
employees’ Facebook presence.
Accordingly, social network “cleaning” services have recently gained
momentum. As social networks quickly become the primary channel for
personal communication, it is increasingly important for users to have full
clarity surrounding the access given and content present on their social
profiles.
Eventually, we anticipate the need for privacy will drive users to separate
their social networks into core life functions, such as friends, family,
colleagues, etc., thereby rerestricting messages and status updates to each
applicable groups.

GP Bullhound LLP January 2011

 TMT PREDICTIONS 2011

THIN FILM MAKES A COMEBACK AND VCS START TO

EXIT TO STRATEGICS IN DROVES...
Having been around since the mid-eighties, thin film PV technologies only
Start-ups to lookout for: had their first significant breakthrough about a decade ago as the industry
was looking for next-gen technologies to replace the maturing c-Si. Large
amounts of venture capital investment went into the promising new
technologies such as CIGS, CdTe and a-Si. In the last few years, thin film
companies have largely disappointed the market by not being able to
Loveland, US improve conversion efficiency and to scale down its cost structure as
quickly as originally anticipated.
However, we have recently observed several critical trends suggesting that
thin film might be staging a late comeback. Firstly, silicon prices which have
Bitterfeld-Wolfen, Germany
been steadily falling are on their way up again, driven by increasing supply
constraints. Polysilicon, the raw material in c-Si cells, still represents a
meaningful portion of the total manufacturing cost.
We are also detecting increased interest recently in thin film by industrial
Santa Clara, US
companies who understand the potential and have much to offer in terms of
manufacturing expertise and deep pockets. Companies such as GE, Saint-
Gobain, Hyundai, TSMC and Walsin have all recently announced strategic
alliances, investments and/or acquisitions into the thin film sector.
San Jose, US
Many of the inherent thin film advantages remain intact and have proven
their value as the market has matured. CIGS and a-Si are lighter, flexible
and more aesthetic than c-Si and as such are appealing solutions for the
Frankfurt, Germany
BIPV segment.
Exhibit 10 – Historic and Projected Polysilicon Prices

100

80 94
US$ per kg

60 70 70
59 60
40

20

0
2006A 2007A 2008A 2009A 2010E

Source: GP Bullhound

With more than 150 individual thin film companies in thin film, we predict
massive consolidation driven by the entry of industrial players with their
capital and manufacturing might.
We believe VCs will need to realign their expectations as returns are likely
to disappoint. Unlike the chip sector which provided VC style returns
supported by Moore’s Law, the solar sector has natural efficiency ceilings
and cost floors and as such improvements are in steps rather than bounds.
Hence, risk capital is more suited from strategic players that can take a
longer view on returns. VCs will use renewed momentum to get out of these
investments as they will not be able to continue to support the capital
intensive nature of this industry.

GP Bullhound LLP January 2011

 TMT PREDICTIONS 2011

GAMING MOVES INTO THE CLOUD

Following the massive and sudden upsurge of casual and social gaming
Start-ups to lookout for:
over the last two years, the interactive entertainment industry continues to
move into the cloud. Whether it is called cloud gaming, server-based
gaming, game-on-demand, or game-as-a-service, we expect this new
delivery method to gain significant traction in 2011. Companies like Onlive,
Palo Alto, US
Steam or Gaikai have successfully launched their service and pose a
serious threat to the long-lasting console vendors’ oligopoly. Pressured by
gaming publishers and developers (keen to reduce development and

Bellevue, US
porting costs), platform vendors like Nintendo, Microsoft and Sony face
unprecedent challenges and will likely have to reinvent their business
models.
Exhibit 11 – Cloud Gaming vs. Traditional Gaming Ecosystem
Aliso Viejo, US
Console Gaming Environment Cloud Gaming Environment

Platform Gaming Gaming

Distribution Providers Distribution
Vendors Content Content
1st Party Publishers Retail Distribution
San Francisco, US
3rd Party
Subscription-
Wii / DS Publishers based

etc.
Per-game
Xbox 360
download
PS3 / PSP 3rd Party Publishers Digital Distribution

Time-based
Independent
iPhone / iPad
self-published
Los Angeles, US developers All Digital
etc.

Source: GP Bullhound

Using powerful compression technology, cloud gaming enables gamers to

Paris, France
stream content in real-time from centralised servers while providing access
to extended libraries of premium gaming content across a variety of genres
on both a PC or a Mac through either a Web-browser or a micro-TV
adapter. As opposed to the platform-led gaming environment, cloud gaming
companies provide a pervasive single entry-point to interactive
entertainment combined with both flexible and attractive pricing models.
Certain independent developers like Valve Software launched Steam (c. 25
million subscribers) a cloud platform which distributes digitally both
proprietary and third-party content.
Non-traditional gaming players such as carriers see in cloud gaming the
potential to drive additional revenues while reducing subscribers churn.
SFR recently launched a commercial IPTV games-on-demand service
using their existing set-top box for playing games. In November 2010,
Portugal Telecom launched Meo Jogos, a gaming-on-demand service
powered by Playcast Media, as part of their triple-play offering. The service
is only available on PCs running Microsoft Windows.
Although there is still some sceptism about whether these systems can
deliver a high-quality gaming experience in massive demand situations, we
expect console gaming as we know it to disapeear either with this current
console cycle or the next. We believe the focus will continue to shift away
from the actual hardware to the network.

10

GP Bullhound LLP January 2011

 TMT PREDICTIONS 2011

SHORT MESSAGING FORMAT WILL GAIN WIDER

SUPPORT AND MOMENTUM
If Facebook confirmed its immense potential in 2010, 2011 might well be
Start-ups to lookout for:
the year of Twitter in the context of an increased use of short messaging
format on the Internet, at the expense of blogs and long format emails.
Exhibit 12 –Twitter’s Follow-Buttons and Tweet-Buttons Flourish on the Web
San Francisco, US

New York, US Source: GP Bullhound, Twitter

Driven by a data, information and communication overflow, Internet and

mobile users will increasingly rely on short messaging format to easily
New York, US share their thoughts, locations, articles, videos and invites… Twitter and
live news feeds in other social networks such as Facebook or LinkedIn are
today the most popular platforms. Like in the past you used to call a friend,
San Francisco, US
in 2011 you will use your smartphone to tweet and start a discussion with
the same friends but also with a list of followers you often merely know.

London, UK This trend will have a negative impact on the number of blogs and personal
websites as well as on the press and public relations sectors. To share
personal opinion or important news to a large audience, Twitter and
San Francisco, US equivalent platforms such as Yammer or Tumblr will increasingly be a
viable alternative (e.g. details of Prince William’s wedding have been made
public on Twitter instead of a traditional press release via traditional media).
New York, US Blog articles, longer to write, will predominantly be expert views based on a
detailed analysis. For less formal and straight-to-the-point ideas, shorter
messages will be preferred.
Exhibit 13 – Twitter can also easily be integrated within Blogs via Widgets

Source: GP Bullhound, Bloggerbuster.com

In professional environments, technology and policy will enforce people’s

choice of shorter format messaging in internal communications. As e-mail
tends to take too long to respond to and can suffer inbox overflow,
companies will be encouraged to implement policies favouring getting faster
at responding such as short messaging.
A new approach to handle emails detailed on http://two.sentenc.es/
suggests treating email responses just like SMS by using a limited number
of letters and sentences per email. This way, emails become faster to write
and more likely to be read with the recipient feeling less intimidated than in
front of a long and well-structured email.

11

GP Bullhound LLP January 2011

 TMT PREDICTIONS 2011

A NEW GENERATION OF BUSINESS INTELLIGENCE AND

DATA ANALYTICS CONSUMER APPS WILL EMERGE
The proliferation of mobile and converged consumer applications generates
Start-ups to lookout for:
terabytes of new data a day. Overwhelmed by the amount of information
available to them, business managers acknowledge the urgent need for
Redwood City, US next-generation data analytics applications. Such solutions should provide
C-level executives with real-time support and analysis which will in turn help
them predict consumer behaviours more accurately.
Large volumes of data generated by technology users create a fundamental
Chicago, US need for advanced business intelligence and analytics. While increasing
data volumes account for a significant part of the focus, the complexity of
data relationships and the rate at which it is being updated have also driven
demand for real-time processing analytics.
Fort Washington, US
Over the last 12 months, a number of social BI vendors such as Crowdcast,
Sprout Social, ListenLogic and Trampoline Systems have gained significant
traction in the market. We expect, further VC-backed companies to emerge
in the sector during the course of 2011.
London, UK
Sprout Social provides a social relationship management platform that
allows businesses to connect to customers and monitor key performance
indicators. Sprout Social integrates seamlessly with social networks such
as Facebook, LinkedIn, Twitter and provides lead generation, BI, promotion
distribution services, brand monitoring analytics.

Berlin, Germany Crowdcast is a social business intelligence vendor that provides an on-
demand / SaaS platform which enables decision-makers to forecast
industry trends, sales and regulatory factors. The company has announced
partnerships with SAP BOBJ, Brightidea and Peer Insight.
ListenLogic is a social market research and analytics company that
leverages online consumers’ opinion to help businesses identify new
opportunities, better understand consumer behaviours, develop marketing
strategies, provide crisis managament support, etc.

Exhibit 14 – Next-Gen Business Intelligence Solution Structure

Data Layer
Profile / Identity Social Network Location-Based Behaviour
Information Information Information Information

Analytics Layer
Data Processing
Real-Time Monitoring Predictive Analysis Capabilities SaaS
(Speed & Volume)

Benefits
Discover and Map New
Increase Reach Lower Acquisition Costs
Market Segments
Increase Conversion Increase Loyalty /
Quantify Results
Rates Repeatability

Source: GP Bullhound

12

GP Bullhound LLP January 2011

TMT PREDICTIONS 2011

THE GP BULLHOUND TEAM

GP Bullhound is a research-centric investment bank headquartered in
London, with offices in San Francisco.

Martin Smith Per Roman Hugh Campbell

Non-exec Chairman Founder / Partner Founder / Partner
CSFB/DLJ, AutoDesk, Citibank,
New Star Lehman Brothers Goldman Sachs

Manish Madhvani Christian Lagerling Alec Dafferner

Founder / Partner Founder / Partner Partner / Head of US
Barclays PE Barclays Capital, UBS,
BZW Volpe Brown W.

André Shortell Guillaume Bonneton Lord Clive Hollick

Partner Partner Partner
Citibank Jefferies International, KKR, Prosieben
Deutsche Bank Nielsen, Diageo

Graeme Bayley Antony Northrop Mats Johansson

Partner / CFO & COO Senior Advisor Senior Advisor
HSBC Lazard, Futuremedia plc,
Touchstone Thursley Group

Frank Schmitt Claudio Alvarez Julien Oussadon

Director Vice President Vice President
UBS, Edison Investment Arma Partners,
Arma Partners Execution Ltd Société Générale

Carl Bergholtz Sasha Afanasieva Amanjit Dhami

Vice President Associate Associate
Jefferies Merrill Lynch UBS
International

Remy Valette Justine Chan Florent Roulet

Associate Associate Analyst
Société Générale Harris Williams BofA Merrill Lynch,
Bryan Garnier

Malcolm Ferguson Cecilia Roman Rakhdeep Dhaliwal

Analyst Director of Marketing Financial Controller
BofA Merrill Lynch Arthur Andersen, Sevacare
Morgan Stanley

Lina Einarsson Sofie Emtesjo Sofia Sturesson

Events Manager Assistant Assistant
Indigofera Lansdowne Ofcom
Kempinski Partners, Accenture

Helene Jonsson Eve Lim Nataly Bean

Assistant Assistant Receptionist
Kaplan Financial NEA Super Yacht Cup

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contained in this document is accurate and current, no representation or warranty, express or implied, is made by GP Bullhound LLP as to its
accuracy, completeness and currency. This report contains forward-looking statements, which involve risks and uncertainties. Actual results
may differ significantly from the results described in the forward-looking statements. In particular, but without limiting the preceding
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invested.
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OC352636

Registered office: GP Bullhound LLP, 52 Jermyn Street, London, SW1Y 6LX

http://www.gpbullhound.com, info@gpbullhound.com, +44 20 7101 7560

GP Bullhound LLP is or has been engaged as an advisor in the past twelve months to the following companies mentioned in this report:
Calyxo, Mobcast and Neomobile.

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GP Bullhound LLP January 2011