Brands Initiative: Brief History • January 2015 – CommerceHub acquired Mercent for ~$20M. • Mercent was providing a software solution for brands that would allow them to create one central product catalogue that would be linked to various websites, marketplaces, etc. • Mercent had revenue of ~$10M at the time of the acquisition. • Hence, CHUB acquired Mercent for ~2x revenue which is very low => well done! Caro-Kann Capital LLC 48