AGENCY & MARKETING SOLUTIONS SEMI-ANNUAL REPORT
Summer 2024
Index
Macroeconomic Outlook
03
Industry Overview
07
Subsector Breakdown
13
Financing
15
M&A Activity
19
Looking Ahead
24
Case Studies
25
Behind this Report
29
About FE International
30
2
Macroeconomic Overview
The global economy is expected to settle into a pattern of "steady" growth. Despite recent challenges such as high interest rates, inflation, and geopolitical tensions, the 3.2% growth rate for 2024 and 2025 indicates resilience as we settle into a new normal after the pandemic. The economic pick-up is not uniform. Developed economies will likely see a slight acceleration from 1.7% growth in 2024 to 1.8% in 2025, while emerging markets and developing economies' growth rates are anticipated to remain stable. There's a sense of optimism emerging among business leaders. In the US, CEO confidence has risen for two quarters in a row, with recession fears fading significantly. European CEOs and China-based CEOs of US and European companies are also slightly more optimistic, with a more positive outlook on the short-term economic situation. However, cautious optimism in encouraged – market projections could shift notably depending on the outcome of the upcoming US presidential elections. Global Economy Settles Into Cautious Growth Pattern
Real GDP Growth (% YoY)
Forecast
4.2%
3.6% 2.3% 4.7%
3.2% 1.8% 4.2%
3.2%
1.7%
2018 2019 2020 2021
2022 2023 2024E 2025F
World
Advanced economies
Emerging market and developing economies
The Conference Board Measure of CEO Confidence
58
56
54
54
46
42
Q4 2023
Q2 2024
H2 2023
H1 2024
H2 2023
H1 2024
United States
Europe
China
Source: IMF World Economic Outlook, July 2024. The Conference Board. Note: Measure of CEO Confidence is a barometer of the health of the US economy from the perspective of US chief executives.
4
To combat inflation, central banks raised interest rates to levels considered restrictive to economic growth. However, with global inflation rates falling and projected to reach 4.4% by 2025, the IMF suggests these interest rates are nearing their peak. This normalization in interest rates and inflation eases the financial burden on businesses and consumers, potentially spurring an uptick in consumer activity and further investments from businesses. Leading economists are forecasting that advanced economies will achieve their inflation targets sooner than emerging markets. This recovery could be due to a combination of factors, such as stronger economic fundamentals and more robust policy responses. In recent months, the Swiss National Bank (SNB) and European Central Bank (ECB) lowered their interest rates. This is a positive sign for further cuts, with other markets following the impact of these rates closely. Inflation & Interest Rates Stabilizing
CPI Inflation Rate (%)
Forecast
8.2%
4.4% 6.0%
3.6% 2.0% 5.0%
5.9%
2.1%
2.7%
2018 2019 2020 2021
2022 2023 2024E 2025F
World
Advanced economies
Emerging market and developing economies
Interest Rate (%)
5.4% 4.3% 5.3%
Recent rate cuts by SNB & ECB
0.1% 1.3%
Jan-20 Nov-20
Oct-21
Aug-22
Jul-23
Jun-24
US (Fed)
Euro Area (ECB)
United Kingdom (BoE)
Japan (Bank of Japan)
Switzerland (SNB policy rate)
Source: IMF World Economic Outlook, July 2024, Interest rates as per central bank data of respective regions. Note: ECB = European Central Bank, SNB = Swiss National Bank.
5
Venture Capital & Private Equity Investment Outlook
VC Dry Powder ($B) by Vintage
PE Dry Powder ($B) by Vintage
$0 B $100 B $200 B $300 B $400 B $500 B $600 B $700 B $800 B 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
$0 B $200 B $400 B $600 B $800 B $1,000 B $1,200 B $1,400 B $1,600 B $1,800 B
2023 2022 2021 2020 2019 2018 2017 2016
2023 2022 2021 2020 2019 2018 2017 2016
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Dry powder for VC and PE has reached record levels, exceeding $700 billion for VCs and $1.5 trillion for PEs. This abundance of available capital is particularly appealing for marketing companies, offering the potential for substantial investment. Additionally, marketing-focused VCs are on the rise, with several significant fundraising rounds targeting various segments. However, converting this dry powder into actual investments may rely on the resurgence of strong exit opportunities for VCs through IPOs or M&A activity. Overall, the current environment presents a potential advantage for VCs to invest in promising ecommerce at potentially lower valuations.
Source: Pitchbook as of March 2024.
6
Industry Overview
The State of Agency & Marketing Solutions Digital marketing generates 50% more interactions with customers than traditional marketing, establishing it as the new universal standard. Plus, personalization, artificial intelligence, and sustainability all drive new market growth in the sector as providers shift from traditional offerings to strategic solutions focused on digital experiences. Despite this resilience, marketing leaders face ongoing challenges. Digital marketing is reshaping buyer media consumption patterns, which comes in part due to the continued transition away from traditional media models but is further exacerbated by AI and increased data regulation. Tech giants are switching out search engines for AI chatbots, thus upending decades long advertising practices and partnerships with providers. Similarly, advertising firms and their clients will continue to see shifts with the increased accessibility of generative AI, or GenAI. This all comes as global data regulations intensify and alter the way firms can collect and maintain market data. Overall, there is continued interest and growing opportunity for investment within the market. Notably, strategic buyers are acquiring companies at a higher rate than financial buyers as tech giants learn that the unique tools provided by smaller enterprises offer better ROI in operations than in financials. This trend should help improve economic conditions and keep the momentum for deals going in 2024.
Source: Digital Third Coast.
8
Digital Marketing Expected to Triple
Global Digital Marketing Revenues
(In Billions of USD)
CAGR 13.1%
1,100
Fueled by growing social media usage and the rising penetration of internet services, the digital marketing industry reached $363.1 billion in 2023 . It is expected to grow at 13.1% CAGR from 2024 to 2032 to reach a value of $1.1 trillion by 2032 . North America remains a prominent market region and is projected to sustain its leadership in the forecast period — the number of digital agencies in the US has grown 54% from 2018 to 2023 while also increasing in average size. The region is known for its technological advancements in both commercial products and creative solutions, which foster significant opportunities within the industry. Key trends for the coming years are emerging clearly. Most importantly, marketers will seek better visibility into spend performance with a universal increased emphasis on ROI measurement and marketing attribution. Advertising firms will likely lead experimentation with GenAI, bringing new efficiencies and solutions while solidifying agencies as a cost- effective, flexible solution.
363
2023
2032F
Source: Promethean Research.
9
EU Regulations
The EU embraces its reputation as the world's greatest tech regulator, establishing new privacy standards for regulatory bodies around the globe. • GDPR (General Data Protection Regulation): This privacy law requires organizations to obtain explicit consent from individuals before collecting, storing, or using their data. It also allows individuals to request the deletion of personal data. The regulation is designed to give individuals more control over their personal data. It went into effect in May 2018 and applies to any organization that processes the personal data of EU citizens, regardless of where the organization is based. • Digital Services Act (DSA): This regulation aims to prevent both illegal or harmful activities online and the spread of disinformation. The law promotes user safety, protects fundamental rights, and creates a fair online environment by compelling social platforms to invest more in stomping out misinformation and hate speech on their platforms while banning targeting ads that are based on an individual’s ethnicity, religion, or sexual orientation. The DSA came into effect in select jurisdictions in 2023 and was universally enacted beginning February 2024.
Source: Forbes, Basis Technologies; European Commission.
10
US Regulations The US lags global regulation standards, with most laws being decentralized and at the state level. CCPA (California Consumer Privacy Act): A similar privacy law to the EU GDPR — it requires organizations to obtain explicit consent from individuals before collecting data and allows individuals to request deletion of data. The regulation applies to any organization that collects the personal data of California residents and has annual revenues of $25 million or more. The CCPA went into effect in January 2020. State-Level Data Privacy Acts: Five new laws took effect in 2023, with regulations coming to Virginia, Colorado, Connecticut, Utah, and California. Additionally, new rules were enacted in Texas, Oregon and Montana in 2024 with several other states to follow suit in 2025 and beyond. Notably, in May of this year, Vermont passed a provision that would allow individuals to sue companies that violate their privacy rights — one of the strongest data privacy measures in the country. American Privacy Rights Act of 2024 (APRA): A bipartisan group of federal lawmakers released a draft piece of legislation in April 2024 that would establish a comprehensive federal consumer privacy framework — the first of its kind. Congress has discussed such legislation for many years which has bicameral support, including several key members of the House and Senate.
Source: Forbes, Basis Technologies.
11
Google's Crackdown on Cookies Google finally began its long-expected exercise of phasing out third-party cookies in 2024 with plans in place to eliminate them completely for Chrome users by Q3. Cookies are text files stored on a user's device by websites. Third-parties often use cookies to track users' site visits and activities both on their site and across the web, for the purpose of delivering targeted ads and other personalized content. As concerns about digital privacy have grown in recent years, cookies have become a controversial mechanism that are now being phased out in favor of new, privacy-centric systems. The tech giant leads search advertising and this fundamental shift is expected to send ripples across industries as organizations align advertising channels with changing regulations. Still, advertisers haven’t adopted new channels — estimates show cookies were used for 78% or more of programmatic ad buys across industries as late as Q3 2023, with many advertisers are increasing their cookie ad spend. In preparation for upcoming changes, Google began rolling out the first step of its new tracking solution, dubbed “Privacy Sandbox,” in July of last year — to mixed reviews. Other post-cookie solutions are only just hitting the market, leaving advertisers without much room to adapt. There is speculation that this might cause Google to delay the process yet again. Either way, we expect this shift to inspire heavy investment in AdTech and data security systems as well as to shift ad spend
and personalization tactics. Source: Forbes, eMarketer. 33Across
12
Subsector Breakdown
Marketing Solutions Subsector Breakdown
Sectors
Overview
Key Trends
Marketing Tech (MarTech) refers to tools, platforms, and software applications that enable businesses to automate, streamline, and enhance their marketing efforts. It is the second-highest priority software investment, behind only IT security. The global MarTech market size reached $413.6 billion in 2023 . It is expected to reach $2.13 trillion by 2032 , exhibiting a CAGR of 19.38% during 2024- 2032 .
• Increased
incorporation
of
AI
into daily workflows • Streamlined, data-driven marketing strategies • Rise of hyper-personalized marketing content • Shift towards privacy-centric marketing policies
Marketing Tech
• Increased data, automation, and artificial intelligence investment in • Shift to Connected TV (CTV) is rapidly gaining popularity as more consumers shift to streaming services • Privacy regulations like GDPR and CCPA are driving the industry towards greater transparency and data protection
Advertising
Technology
(AdTech)
encompasses and software utilized to manage, deliver, and evaluate the effectiveness of online advertisements. The global AdTech market size was estimated at $845.33 billion in 2023 and is expected to expand at a CAGR of 22.4% from 2024 to 2030 . the technology
Advertising Tech
Source: MarTech
14
Financing
Global Agency & Marketing Financing
Agencies & Marketing Financing by Year (In Billions of USD)
Total Deal Size in ($B) # of Deals
2,118
1,902
1,599
1,325
Following the global trend across all industries, funding for agencies and marketing solutions surged in 2021. Although the pace slowed significantly in 2023, recent indicators suggest enduring potential in the sector.
Annualized
967
529
Key trends:
2.7 4.9
11.9
27.7
17.8
8.2
• Financing Decline: Financing volume for agencies and marketing dropped significantly in 2022, which persisted throughout 2023, exceeding a 35% decline each year. This trend has continued in 2024. However, rising demand in the sector can result in a potential shift in trajectory. • Shifting Investment Strategies: In 2024, the share of early-stage VC rounds increased compared to 2023. However, later-stage VC rounds continue to dominate the financing landscape. • Need for Digital Transformation: The rapidly evolving digital landscape necessitates a digital transformation for agencies to remain competitive and meet the changing demands of consumers. As a result, there is an increased need for funding, which is expected to drive financing volumes this year.
2020
2021
2022
2023
YTD 2024
Financing Volume by Quarter (In Billions of USD)
Total Deal Size in ($B) # of Deals
592
535
507 526 524
488
486
437
419
363 370
332 305 305
331 350
281
245
3.1 2.5 3.3 2.3 5.3 7.6 6.6 8.0 6.8 5.3 2.8 2.5 2.1 2.5 1.6 1.9 1.5 1.2
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 2021 2022 2023 2024
Source: Pitchbook as of June 2024. Data consists of transactions where deal value was disclosed.
16
Distribution of Global Financing Rounds by Volume
5% 1%
3%
3%1%
8%
13%
11%
12%
YTD 2024
2022
2023
14%
20%
13%
62%
64%
68%
$0 - $5M $5 - $10M $10 - $25M $25 - $100M $100 - $250M $250M+
• 20% of Marketing financing deals have been in a range of $5-$10 million in 2024 (year-to-date), the highest proportion in the last two years. This shows growing interest in lasting operations made to scale. • Middle and lower middle market transactions will continue to drive completions in the space.
Source: Pitchbook as of June 2024. Data consists of transactions where deal value was disclosed.
17
Largest Financing Deals in 2024
Deal Size ($M)
Deal Size ($M)
Company
Date
Funding Type
Company
Date
Funding Type
Yi'an Enterprise
01-Feb-24
280.9
Early Stage VC
04-Apr-24
30.0
Later Stage VC
25-Jun-24
200.0
PE Growth/Expansion
03-Jun-24
27.1
Later Stage VC
21-Feb-24
150.0
Later Stage VC
06-Feb-24
27.0
Later Stage VC
05-Feb-24
100.0
PIPE
30-May-24
25.7
PIPE
15-May-24
88.2
Later Stage VC
07-Mar-24
23.0
Later Stage VC
15-Apr-24
40.5
Later Stage VC
23-Apr-24
22.9
Later Stage VC
26-Apr-24
40.0
PIPE
14-Mar-24
22.8
Later Stage VC
18-Jan-24
35.0
Early Stage VC
30-Jan-24
22.6
Later Stage VC
14-Mar-24
34.0
Later Stage VC
29-Feb-24
22.5
Later Stage VC
12-Jan-24
34.0
Seed Round
03-Jun-24
22.0
Later Stage VC
10-May-24
30.0
Early Stage VC
06-Feb-24
22.0
Early Stage VC
Source: Pitchbook as of 15 June 2024.
18
M&A Activity
Agency & Marketing M&A Activity
Agencies & Marketing M&A by Year (In Billions of USD)
Total Deal Size in ($B) # of Deals
710
603
Annualized
Low marketing spending and a decline in M&A activity were notable in 2023 as global M&A volume fell to the lowest level since 2004. However, despite shifting market demands and consumer preferences, the industry shows resilience, and these lows could indicate pent-up demand for deals in 2024. Key trends: • Surge in Total Deal Value: Total deal value experienced a surge in 2024 following significant declines in 2022 and 2023. This increase was driven by a sharp rise in large transactions during Q2 2024. As the marketing industry grows more complex, mergers and acquisitions have become strategic imperatives for marketing firms navigating this intricate landscape. • Increased Martech Activity: Despite a decline in new product launches and feature updates in 2023, the use of AI has led to an upswing in 2024, resulting in significant MarTech M&A transactions. • Non-Traditional Buyers: Companies like publishers, sports leagues, and digital media businesses are entering the M&A market seeking complementary agency services.
39.5
427
421
414
213
9.3
54.4
37.0
6.4
20.3
2020
2021
2022
2023
YTD 2024
M&A Volume by Quarter (In Billions of USD)
Total Deal Size in ($B) # of Deals
197
168 164 173
154
148
130
124
120
120
165
98 97 102 108 105
99
81
2.1 2.0 2.3 2.9 9.4 9.7 6.3 28.7 6.5 8.9 1.7 20.0 3.2 1.0 0.5 1.6 3.9 16.4
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 2021 2022 2023 2024
Source: Pitchbook as of June 2024. Data consists of transactions where deal value was disclosed.
20
Distribution of Global M&A Deals by Volume
1%
1% 5%
4%
11%
12%
7%
24%
YTD 2024
2022
2023
18%
64%
69%
82%
$0 - $100M $100 - $500M $500 - $1000M $1000M+
• 11% of Marketing M&A deals have exceeded $1 billion so far in 2024 (year-to-date), the highest proportion in the last two years. • Similar to past years, deals with an Enterprise Value of less than $100M comprise the majority of deal volume in 2024, indicating increased consolidation. • Experts anticipate a resurgence of M&A activity in the coming year, primarily driven by improvements in overall economic conditions. This could spur increased movement in the lower markets.
Source: Pitchbook as of June 2024. Data consists of transactions where deal value was disclosed.
21
Largest M&A Deals in 2024
Deal Size ($M)
EV/LTM Revenue
Deal Size ($M)
EV/LTM Revenue
Target
Buyer
Date
Target
Buyer
Date
30-May-24
12,906
6.67x
12-Jun-24
82
NA
Deal Ongoing
25-Jun-24
2,919
NA
20-Mar-24
54
NA
05-Jan-24
1,267
NA
29-Apr-24
54
3.05x
30-Jan-24
890
NA
08-Apr-24
46
NA
03-Jan-24
800
NA
06-Jun-24
41
NA
21-Jun-24
324
1.47x
28-Mar-24
39
NA
22-Jan-24
240
NA
29-Apr-24
11
NA
10-Mar-24
202
NA
04-Apr-24
10
NA
17-Jan-24
200
NA
15-Apr-24
7
NA
Source: Pitchbook as of June 2024.
22
Lower Middle Market M&A Deals in 2024
Deal Size ($M)
Deal Size ($M)
Target
Buyer
Date
Target
Buyer
Date
12-Jun-24
82
28-Mar-24
39
20-Mar-24
54
29-Apr-24
11
20-Mar-24
54
04-Apr-24
10
29-Apr-24
54
15-Apr-24
7
Zhenjiang Cultural Radio And Television Industry Group
Fifty Strings Culture
08-Apr-24
46
04-Jan-24
3
Adwan
Source: Pitchbook as of June 2024.
23
Looking Ahead In conclusion, the evolving landscape of digital marketing presents both opportunities and challenges for industry leaders. Marketing leaders must find new ways of understanding their customers to adapt to changing media consumption patterns and stricter data regulations. Key Takeaways: Increased Use of AI and Machine Learning: AI-driven technologies will become even more integral to marketing strategies. Predictive analytics, customer segmentation analysis, and personalized content delivery will all benefit, enhancing overall customer engagement and marketing ROI. Privacy-Centric Marketing: Cookies are on the way out. As global data regulations become stricter, marketers will need to prioritize privacy and data security. They will need to establish transparent data practices and consent-based marketing strategies. New Advertising Platforms: The shift from traditional search engines to AI-powered chatbots will undermine established search advertising standards and open new avenues for marketing. Influencer Marketing Evolution: Influencer marketing will continue to evolve, with a greater emphasis on micro-influencers who have more authentic relationships with target customers. By staying ahead of these trends and embracing innovative strategies, industry leaders can navigate the challenges and capitalize on the opportunities that lie ahead.
24
Case Studies
NextNet Media Becomes Leading Link Campaign Builder FE International received four strong buyer offers for LinkBuilder.io — resulting in a roll-up strategy to establish NextNet Media as the new industry champion
LinkBuilder.io provides an extensive array of digital resources, including tailored link-building campaigns, webinars, and blog posts, mainly serving the B2B sector. The Company services over 80 recurring clients to amplify their online visibility and thrive in the competitive digital landscape. It has a highly authoritative name in its space, with mentions from well-known SEO thought leaders such as HubSpot, Neil Patel, Search Engine Land, and more. Company Overview:
Sold to
Backed by
• 85% revenue CAGR over 2017 – 2022 • 46% adjusted EBITDA margins over the L12M Key Value Drivers:
• 65 Targeted buyers • 4 Bids Buyer Interest:
Process Results:
Digital Services SEO / Link Building
• Ability to leverage SEO industry relationships to
identify the highest valuation outcome for the company. Clearview Capital backed the buyer with over $2 billion AUM
26
Finding the Right Buyer in a Niche Market FE International locates a new home for Built-Right Digital
Built-Right Digital is a distinguished digital marketing agency specializing in the home improvement sector. Since its inception in 2019, Built-Right Digital has been dedicated to serving home service businesses, including electricians, plumbers, HVAC technicians, exterior remodelers, and kitchen/bath remodelers. The agency provides a comprehensive suite of services, such as website design and maintenance, content creation, Google Ads and Facebook Ads management, and CRM system integration, all tailored to enhance the online presence and performance of its clients. Company Overview:
Sold to
Private Buyer
Key Value Drivers:
• 114 Parties Contacted and 3 offers received Buyer Interest:
Process Results:
Digital Marketing Agency
• Consistent revenue growth over the L2Y with year- on-year revenue growth rate of c.35% over the LTM • Strong strategic interest from other agencies looking to grow their client base • High LTV of c.$57,593 over the LTM and sticky customer base of c.193 paid clients as of November 2022 • Low MRR and Customer churn of c.1% over the LTM
• Despite concerns regarding the niche market, team structure, and service-based business model, FE International successfully generated significant interest, securing three competitive offers that culminated in the successful sale of the business
27
Tailored Search Creates Strategic Sale FE International finds UpViral a strategic home in IT
UpViral is a referral marketing platform that helps businesses generate leads via all-in-one software that combines unique referral invitation links with customizable incentives including contests, sweepstakes, giveaways, and more. UpViral is used by notable customers such as HubSpot and DigitalMarketer. It joins Universal Technologies, an IT services provider. Company Overview:
Sold to
• Strong reputation and customer satisfaction noting an average of 4.9/5 rating on Capterra • Expansive feature set to cater to needs of SMBs campaigns as well as offering e-learning programs • Strong gross margins at 94% • Growing ARPU and high LTV over the course of the marketing efforts • Robust and experienced team that would be staying on with the business post sale Key Value Drivers:
Buyer Interest:
• Found the right buyer that’s experienced within the marketing technology space to offer a new home for the business and its employees Process Results:
Referral Marketing Software
• 400+ parties contacted
28
Behind this Report
Rohit Kumbhar Senior Associate Rohit Kumbhar is a Senior Associate on the Investment Banking team at FE International. He has extensive experience in investment banking across multiple sectors. Previously, he worked as an Associate at Bank of America serving FTSE 100/250 clients for corporate broking advisory, investor engagement and M&A. linkedin" Icon -
Ismael Wrixen Executive Chairman
linkedin" Icon -
Ismael Wrixen is Executive Chairman of FE International. Before FE, Wrixen was in large-cap M&A investment banking, where he executed several high-profile public deals, namely in the technology sector. He is a member of the Forbes Finance Council and a NACVA 2018 40 Under 40 Award winner.
Thomas Smale Chief Executive Officer
linkedin" Icon -
Thomas Smale dedicates his career to helping founders get acquired on their terms. He built FE into the leading advisor for lower middle market technology businesses. Thomas offers invaluable technical, diligence, and negotiation advice to early-stage and seasoned business owners alike.
Kriti Vishwakarma Analyst
linkedin" Icon -
Kriti Vishwakarma performs financial analysis, research, and valuation of companies. Previously, she contributed to deal evaluation, execution, and portfolio management for a sovereign wealth fund with AUM exceeding $50 billion.
Randal Stephenson Head of Investment Banking
linkedin" Icon -
Randal Stephenson has over 25 years of experience in both M&A advisory and debt and equity capital raising. Before FE, he held senior investment banking positions at Merrill Lynch, Jefferies, CIT Group, and Duff & Phelps. He has closed over 300 transactions valued at $44 billion across 22 countries.
29
About FE International Founded in 2010, FE International is an award-winning strategic advisor for technology businesses.
Sector Expertise
1,500 + Transactions completed on behalf of clients 1
Consumer Product Ecommerce Over 100 Successfully Closed Deals
Artificial Intelligence Over 15 Successfully Closed Deals
Agency & Marketing Solutions Over 50 Successfully Closed Deals
$48M Average Transaction Value
Percentage Completed Transactions 2 94.1% 70% +
Percentage of Sell-Side Transactions
Education Technology and Online Training Over 50 Successfully Closed Deals
Cybersecurity & FinTech Over 40 Successfully Closed Deals
Marketplace Apps Over 50 Successfully Closed Deals
Source: Company data. 1. Includes approximately 300 transactions completed by FE professionals while at other firms. 2. Sell-Side transactions, measured from the date of launch of buyer outreach and marketing.
30
London, UK
Warsaw, Poland
New York, USA
San Francisco, USA
Miami, USA
Mumbai, India
Awards:
Featured in:
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