It has been tough to be a publicly traded Marketing Technology company of late. The share prices of companies such as Rocket Fuel, Criteo, The Rubicon Project, and Tremor Video have been punished over the past several months, with such stocks down as much as 50% or more from their peaks. This pricing pressure caused recently IPO’d TubeMogul to revise its pricing range downward by 38% (at the mid-point of the range), from $11-$13 to $7-$8, before pricing at $7 (it is currently trading at ~$10). Interestingly, while stock prices in the sector are down, the growth outlook for many companies within it continues to be quite robust, with consensus forward revenue estimates largely unchanged from peak to trough. Along with the decline in stock prices, we have similarly witnessed a significant compression in valuation multiples, with many of the Marketing Technology leaders trading at forward revenue multiples at or below those of the advertising agencies, such as Publicis and WPP, which grow at much lower rates. The table below illustrates these trends.