Boku - Extending the reach of digital content merchants

Boku’s direct carrier billing platform provides an alternative customer acquisition network for digital content merchants and has been adopted by leading names such as Apple, Google, Microsoft and Spotify. This is driving strong transaction growth across the platform, which we forecast will generate a revenue CAGR of 29% from FY16 to FY20 with rapid expansion of EBITDA margins to 38.7% by FY20. The valuation reflects the strong growth potential, particularly in terms of cash generation.