Pureprofile Limited (PPL) is a global data, insights and programmatic media company which offers a strong investment proposition. Its technology provides a relatively unique convergence of online consumer profiling with big data analytics and programmatic advertising which is crucial to the effectiveness of the online advertising industry. PPL was an early mover in online market research and more recently benefitted from a number of significant alliances, including News Ltd Australia and AA Smartfuel NZ. PPL’s acquisition of Sparc Media expanded its programmatic media driving revenue and earnings growth. IIR forecast PPL to more than double revenue to $46.3m in the 3 years to FY18 as it benefits from these growth opportunities and is guided by an experienced management team. IIR initiates coverage on PPL with a Recommended rating and a valuation of $0.85 per share. IIR consider PPL as offering a solid investment case consisting of core profitability + core growth + disruptive growth. Core profitability comes from the already profitable online market research business. The risks of investing in such structural change may present volatility. See report attached.