Kevin Tan

when they're trying to do this offline matching, but doesn't work once you leave the U.S.

borders.

Kevin, how do you make money?

What's the business model here?

We help partners who have data basically turn that into something that can be activated online so they will pay us a fee there.

Some of it is a SaaS fee.

Other parts of the fee that we get are selling a lot of this data either for some of those partners or data that we're pulling together and selling under our own brand and selling that on either a flat fee or a cost per thousand or a data as a service fee.

There's a lot of different ways to sell data.

It depends on really the channels.

If you're selling within advertising, the advertising world typically gets sold just like advertising inventory gets sold, either on a cost per thousand or on a kind of performance type of basis.

If you're selling within marketing, again, it could be on a flat fee, on an analytics type of fee where it's a monthly recurring service fee or data as a service.

We sell a lot of data.

We also distribute data around different channels for people.

And that's, again, like a SaaS type fee.

I'd say probably the leader for us is where we started from seven years ago globally.

That was building out an audience data marketplace.

So it's a CPM charging model?

That has been CPM.

It's been percentage of media spend, and it's also increasingly monthly service fees to some of the brands.

But for us, we consider ourselves more of a technology or platform company.