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Terminology Glossary

Prepared for: Sixth Wall Holdings PE Investment Committee Date: December 2025 Classification: Confidential

Strategic Concepts​

CreatorOS​

Definition: Sixth Wall's vision for an integrated operating system that powers the creator economy. A unified platform connecting creator management, brand partnerships, content distribution, commerce tools, and analytics into a single ecosystem.

Components:

  • Creator CRM (from Mirage)
  • Commerce tools (from Skailed)
  • Brand intelligence (from Zuti)
  • Unified data layer
  • Cross-platform analytics
  • AI-powered insights and automation

Analogy: Like Salesforce for CRM or Shopify for e-commerce, CreatorOS aims to be the definitive platform for creator businesses.

Portfolio OS​

Definition: The operational infrastructure connecting all Sixth Wall portfolio companies through shared technology, data, and processes.

Purpose: Enable portfolio companies to operate independently while benefiting from shared capabilities, data, and network effects.

Key Features:

  • Shared data warehouse
  • API gateway for cross-company integration
  • Single sign-on (SSO) across portfolio
  • Unified executive dashboards
  • Centralized IT infrastructure

Three Pillars Strategy​

Definition: Sixth Wall's acquisition strategy organizing targets into three complementary pillars that together form a complete creator economy infrastructure.

Pillar 1 - Creators: Creator management, content production, distribution

  • Primary Target: Mirage Digital
  • Focus: Creator relationships, content CRM, syndication

Pillar 2 - Technology: SaaS tools, commerce optimization, automation

  • Primary Target: Impressive/Skailed
  • Focus: Recurring revenue technology products

Pillar 3 - Brands & Intelligence: Brand services, analytics, performance marketing

  • Primary Target: Zuti Digital
  • Focus: Brand partnerships, luxury relationships, analytics

Strategic Rationale: Each pillar addresses a different market need while creating synergies with the other pillars.

Company-Specific Terms​

Pro Tap​

Company: Mirage Digital subsidiary Type: Digital Rights Management (DRM) platform Function: Protects intellectual property, manages licensing, tracks content usage Strategic Value: Provides rights protection layer for all portfolio creator content

Rocket Indexer​

Company: Impressive/Skailed Type: SaaS tool Function: Bulk URL submission to Google Search Console for rapid indexing Capabilities: 200 URLs daily, 5,000+ monthly, CMS agnostic Use Case: Accelerates SEO results for e-commerce sites with many product pages

SEOHero​

Company: Zuti Digital Type: Proprietary SEO automation platform Function: Technical SEO management, site health monitoring, optimization automation Target Market: Luxury e-commerce brands Strategic Value: Proprietary technology IP that can be extended to portfolio companies

Company: Impressive/Skailed Type: Shopify app (SaaS) Function: Automated internal linking for e-commerce sites Benefits: Improved site navigation, SEO boost, increased cross-selling Platform Support: Shopify Standard, Plus, Headless, and custom implementations

Programmatic SEO​

Company: Impressive/Skailed Type: SaaS platform (Skailed's flagship product) Function: Automated generation of SEO-optimized landing pages at scale Pricing: $2K-$6K/month based on SKU count Case Study: Zanui - 1,800 pages created, 6,700 monthly traffic from 0 in 8 weeks Strategic Value: Proven recurring revenue SaaS model with strong product-market fit

Technology Terms​

API (Application Programming Interface)​

Definition: Software intermediary allowing applications to communicate and share data.

Sixth Wall Context: Critical for connecting portfolio companies' systems. Example: Skailed integrates with Google Search Console API and Google Analytics 4 API.

Integration Strategy: API gateway will serve as central hub connecting all portfolio APIs.

SaaS (Software as a Service)​

Definition: Cloud-based software delivery model with subscription pricing and recurring revenue.

Sixth Wall Examples:

  • Skailed's programmatic SEO platform ($2K-$6K/month subscriptions)
  • Smart Links (Shopify app with recurring fees)
  • Rocket Indexer and Precision Rank tools

Strategic Importance: SaaS revenue is more valuable than service revenue (higher multiples, 5-10x vs. 1-3x).

SSO (Single Sign-On)​

Definition: Authentication method allowing users to access multiple applications with one set of credentials.

Portfolio Application: Users can log in once and access all Sixth Wall platform tools (Mirage CRM, Skailed tools, Zuti analytics) without separate logins.

Implementation Timeline: Phase 1 (Months 1-6) of integration roadmap.

DRM (Digital Rights Management)​

Definition: Technology controlling access to copyrighted digital content and protecting intellectual property.

Sixth Wall Application: Pro Tap (Mirage subsidiary) provides DRM for creator content across portfolio, managing licensing and preventing unauthorized distribution.

ETL (Extract, Transform, Load)​

Definition: Data integration process moving data from source systems to unified data warehouse.

Sixth Wall Use Case: Extracting creator performance data from Mirage, commerce data from Skailed, brand analytics from Zuti, transforming into unified format, loading into central data warehouse.

CRM (Customer Relationship Management)​

Definition: Software managing relationships and interactions with customers/partners.

Mirage Context: Content CRM (in development, summer 2025 launch) manages 300+ creator relationships, content library, distribution deals.

CreatorOS Vision: CRM becomes core creator module of unified platform.

GA4 (Google Analytics 4)​

Definition: Google's latest analytics platform for tracking website and app user behavior.

Portfolio Integration:

  • Skailed: GA4 API integration for ROI tracking
  • Zuti: GA4 implementation expertise for brand clients
  • CreatorOS: GA4 data feeds unified creator analytics

GTM (Google Tag Manager)​

Definition: Tag management system for deploying tracking codes and analytics tags without code changes.

Zuti Expertise: GTM implementations for luxury brand clients Portfolio Value: GTM capabilities extend to creator analytics and tracking

Market Terms​

Creator Economy​

Definition: Economic ecosystem where independent content creators earn income through digital content, audience relationships, and brand partnerships.

Market Size:

  • Current (2024): $250B total addressable market
  • Projected (2027): $480B (24% CAGR)
  • Active Creators: 50M+ currently, 100M+ by 2027

Sixth Wall Opportunity: Fragmented market lacks integrated infrastructure - CreatorOS addresses this gap.

TAM (Total Addressable Market)​

Definition: Total revenue opportunity available for a product or service.

Creator Economy TAM: $250B (2024) → $480B (2027) OTT/Streaming TAM: $202B (2024) → $435B (2027)

Sixth Wall TAM Calculation:

  • Addressable: Mid-tier to professional creators (1M subset of 50M total)
  • ARPU: $500-$2,000/month per creator
  • TAM: $6B-$24B annually (addressable subset)

FAST (Free Ad-Supported Television)​

Definition: Streaming TV services offering free content supported by advertising.

Mirage Partnerships: ACTVE, Foundation, Giant, Future Today (FAST platforms distributing Mirage content) Revenue Model: Mirage earns CPM-based revenue from ad impressions on FAST platforms

OTT (Over-the-Top)​

Definition: Media content delivered directly over the internet, bypassing traditional distribution (cable, broadcast).

Mirage Strategy: Distributing creator content via OTT platforms (Samsung TV, Roku) launching 2025 Market Growth: OTT/Streaming market growing 23% CAGR to $435B by 2027

Programmatic SEO​

Definition: Automated creation of SEO-optimized pages at scale using templates and data.

Skailed Implementation: Generates thousands of product category pages for e-commerce sites Example: 1,800 landing pages in 2 months for Zanui (600+ ranking on page 1 of Google)

Long-Tail Keywords​

Definition: Specific, low-competition search phrases with lower search volume but higher conversion rates.

Programmatic SEO Application: Each generated landing page targets long-tail keyword combinations (e.g., "blue leather handbags under $200" vs. "handbags")

Private Equity Terms​

LOI (Letter of Intent)​

Definition: Non-binding agreement outlining key terms of proposed acquisition before final purchase agreement.

Typical Contents:

  • Purchase price and structure
  • Key terms and conditions
  • Exclusivity period (30-90 days)
  • Due diligence requirements
  • Timeline to close

Sixth Wall Process: LOI precedes 60-90 day diligence period, followed by definitive purchase agreement.

Due Diligence​

Definition: Comprehensive investigation of acquisition target before completing transaction.

Sixth Wall Framework:

  • Technology: Code review, architecture assessment, IP verification
  • Financial: Quality of earnings, working capital, revenue recognition
  • Legal: Contract review, IP ownership, litigation, compliance
  • Commercial: Customer analysis, competitive position, market validation
  • Operational: Key person dependencies, systems audit, integration assessment

Timeline: 60-90 days (minimum) for comprehensive diligence

Investment Committee (IC)​

Definition: PE firm decision-making body that approves investment decisions, major portfolio actions, and exits.

Sixth Wall Context: This deliverable package is designed for PE investment committee presentation to gain approval for technology-focused acquisition strategy.

Typical IC Review:

  • Investment thesis validation
  • Market opportunity assessment
  • Risk evaluation and mitigation
  • Financial projections and returns
  • Management team assessment

EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)​

Definition: Proxy for operating cash flow and profitability measure.

Portfolio Company Examples:

  • Mirage 2024: $822K EBITDA on $1.67M revenue (49% margin)
  • Mirage 2025E: $1.45M EBITDA on $2.86M revenue (50.5% margin)

Acquisition Valuation: Companies typically valued as multiple of EBITDA (3-8x for technology/media companies)

ARR (Annual Recurring Revenue)​

Definition: Predictable annual revenue from subscriptions and recurring contracts.

Skailed Estimation:

  • Monthly pricing: $2K-$6K per client
  • ARR per client: $24K-$72K
  • 10 clients: $240K-$720K ARR

Importance: SaaS companies valued on ARR multiples (5-10x for high-growth B2B SaaS)

NRR (Net Revenue Retention)​

Definition: Percentage of recurring revenue retained from existing customers, including expansions and churn.

Target: >110% (expansion revenue exceeds churn) Calculation: (Starting ARR + Expansion - Contraction - Churn) / Starting ARR

CreatorOS Goal: >110% NRR through cross-selling portfolio tools and value expansion

LTV:CAC Ratio (Lifetime Value to Customer Acquisition Cost)​

Definition: Ratio of total customer value to cost of acquiring that customer.

Target: >3:1 (each customer generates 3x their acquisition cost) SaaS Benchmarks: Strong SaaS companies achieve 5:1 or higher

Sixth Wall Advantage: Cross-selling across pillars increases LTV without proportional CAC increase

Earn-Out​

Definition: Portion of acquisition price paid after close based on achieving specified milestones.

Structure Examples:

  • 20-30% of purchase price as earn-out
  • Tied to revenue, EBITDA, or integration milestones
  • Vesting period: 12-36 months

Purpose: Risk mitigation, alignment of incentives, talent retention

IRR (Internal Rate of Return)​

Definition: Annualized rate of return on investment accounting for timing of cash flows.

PE Target: Typically 20%+ IRR for successful investments Holding Period: 3-7 years (5 years typical)

Sixth Wall Thesis: Technology transformation increases valuation multiples, improving IRR from portfolio company growth and multiple expansion.

MOIC (Multiple on Invested Capital)​

Definition: Total return expressed as multiple of invested capital.

Calculation: (Current Value + Distributions) / Invested Capital PE Target: 3-5x MOIC or higher

Example: $50M invested → $200M exit = 4.0x MOIC

Integration and Operations Terms​

Data Warehouse​

Definition: Centralized repository storing integrated data from multiple sources for analytics and reporting.

Sixth Wall Implementation:

  • Platform: Snowflake or Google BigQuery
  • Data Sources: Mirage (creator/content data), Skailed (commerce/SEO data), Zuti (brand/analytics data)
  • Timeline: Phase 1 deployment (Months 1-6)
  • Cost: $500K-$800K initial, $100K-$200K annually

API Gateway​

Definition: Management layer sitting between API clients and backend services, providing routing, security, and monitoring.

Portfolio Application:

  • Routes requests between portfolio company systems
  • Handles authentication and authorization
  • Monitors API health and performance
  • Enables versioning and backward compatibility

Timeline: Phase 1 (Months 1-6) Investment: $400K-$600K

Data Lake​

Definition: Storage repository holding vast amounts of raw data in native format until needed.

Difference from Data Warehouse:

  • Data Lake: Raw, unprocessed data (flexibility)
  • Data Warehouse: Structured, processed data (performance)

Sixth Wall Use: Data lake stores raw creator content, video files, unstructured data; data warehouse stores processed analytics and metrics.

ML (Machine Learning)​

Definition: AI systems that learn from data to make predictions or decisions without explicit programming.

Sixth Wall Applications (Phase 3, Months 12-18):

  • Creator-brand matching algorithms
  • Revenue optimization recommendations
  • Fraud detection for creator verification
  • Content performance prediction

Investment: $2-4M in Phase 3

MVP (Minimum Viable Product)​

Definition: Version of product with just enough features to satisfy early adopters and validate product-market fit.

Integration Strategy:

  • Phase 1 MVP: Basic connectivity and shared data
  • Phase 2 MVP: Core integrated workflows
  • Phase 3: Advanced features and automation

Philosophy: Ship quickly, learn from users, iterate based on feedback

Acronyms Quick Reference​

Business & Finance​

  • ARR - Annual Recurring Revenue
  • CAC - Customer Acquisition Cost
  • CAGR - Compound Annual Growth Rate
  • EBITDA - Earnings Before Interest, Taxes, Depreciation, Amortization
  • IC - Investment Committee
  • IRR - Internal Rate of Return
  • LOI - Letter of Intent
  • LTV - Lifetime Value
  • MOIC - Multiple on Invested Capital
  • NRR - Net Revenue Retention
  • TAM - Total Addressable Market

Technology​

  • API - Application Programming Interface
  • CRM - Customer Relationship Management
  • DRM - Digital Rights Management
  • ETL - Extract, Transform, Load
  • GA4 - Google Analytics 4
  • GTM - Google Tag Manager
  • ML - Machine Learning
  • MVP - Minimum Viable Product
  • SaaS - Software as a Service
  • SEO - Search Engine Optimization
  • SSO - Single Sign-On

Media & Creator Economy​

  • CPM - Cost Per Thousand (Impressions)
  • FAST - Free Ad-Supported Television
  • OTT - Over-the-Top (Streaming)
  • ROAS - Return on Ad Spend
  • SKU - Stock Keeping Unit

Usage Notes​

For PE Investment Committee​

Focus on these terms when reviewing deliverables:

  • Three Pillars Strategy - Strategic framework
  • CreatorOS - Vision and end-state
  • TAM - Market opportunity sizing
  • ARR/NRR - SaaS metrics and value
  • IRR/MOIC - Return expectations

For Technical Reviewers​

Key technical terms to understand:

  • API Gateway - Integration architecture
  • Data Warehouse - Analytics foundation
  • ETL - Data integration process
  • SSO - User experience unification
  • ML - Advanced capabilities roadmap

For Operational Reviewers​

Important operational concepts:

  • Portfolio OS - Multi-company infrastructure
  • Integration Roadmap - Phased approach
  • Earn-Out - Incentive alignment
  • Due Diligence - Risk mitigation
  • Cultural Fit - People and change management

Classification: Confidential Date: December 2025 Version: 1.0