ADJ - Looking for a new leg up, page-8

They have $3B of ad spend flowing through Symphony product, estimated to grow this to $7B in next 2-3 years after GroupM announcement. The key is to get some of this ad spend through Symphony into its Forward Automatic Guaranteed marketplace (the integration is complete as far as I know with some improvements being worked on). This is a new market estimated at $8B atm but growing strongly.

They make between 5%-15% for every dollar in this segment (Trading segment). So if they even got 5% of the $7B and we take the low commission rate of 5%, that still equals $17,500,000 per year in revenue + increasing license fees for Symphony product (these are fixed fees based on regions etc), say approx $10,000,000 = $27,500,000 per annum on very conservative figures

Need traction in the flow of dollars into Trading Segment, once a sniff of this occurs then market should react strongly.

$4.5M +$2.5M in R and D refund buys us a few quarters.