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221221 221221 Expertise. Commitment. Results. 221221 Table of Contents
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178 186 213 1 Overview of Monthly M&A and Investment Activity 3 211 216 233 2 Monthly M&A and Investment Activity by Industry Segment 9 234 235 245
Orange 3 Additional Monthly M&A and Investment Activity Data 39
241 184 0 4 About Petsky Prunier 52 245 232 184
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Securities offered through Petsky Prunier Securities, LLC, member of FINRA.
This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.
2 | M&A and Investment Summary June 2015 M&A and Investment Summary for All Segments
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122 Transaction Distribution 141 181 . A total of 466 deals were announced in June 2015, of which 296 were worth $18.3 billion in aggregate reported value 178 186 213 . Software was the most active reported segment with 126 deals announced — 72 of these transactions reported at $2 billion in 211 216 aggregate value 233
234 . The Marketing Technology was the highest value segment with 88 transactions, of which 66 were reported worth $6 billion 235 245 . Strategic buyers announced 181 deals (38 reported $7.3 billion of value) Orange
241 . VC/Growth Capital investors announced 265 transactions (254 reported $8.6 billion of value) 184 0 . Buyout investors announced 20 deals during the month (four reported $2.4 billion of value) 245 232 184
Grey June 2015
138 138 BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 # % $MM % # $MM # $MM # $MM 203 203 Software 126 27% $1,952.0 11% 48 $794.0 7 - 71 $1,158.0 221 Digital Media/Commerce 95 20% 5,586.0 31% 16 288.5 2 650.1 77 4,647.4 221 221 Marketing Technology 88 19% 6,044.4 33% 25 4,614.2 3 720.0 60 710.2 Business Services 53 11% 2,083.0 11% 24 365.4 6 1,050.0 23 667.6 Digital Advertising 42 9% 1,336.9 7% 18 326.6 0 - 24 1,010.3 Agency & Marketing Services 25 5% 49.9 0% 24 49.9 1 - 0 - Traditional Media 24 5% 931.0 5% 23 871.0 0 - 1 60.0 Information 13 3% 307.8 2% 3 - 1 - 9 307.8 Total 466 100% 18,290.9 100% 181 7,309.5 20 2,420.1 265 8,561.3
3 | M&A and Investment Summary June 2015 M&A and Investment Summary for All Segments
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0 79 133
122 Transaction Distribution 141 181
178 . Aggregate reported transaction value in June was flat from May 2015 and down 43 percent from June 2014 186 213 . Strategic activity accounted for 40 percent of reported deal value during the month and included significant transactions: 211 216 233 • Cox Automotive’s pending $4.3 billion acquisition of automotive retail industry solutions provider Dealertrack Technologies
234 235 245 • The $635 million acquisition of domain registration and cloud security company OpenDNS by Cisco
Orange • Martha Stewart Omnimedia’s $353 million purchase by Sequential Brands 241 184 0 • Bluefocus Communications’ $180 million acquisition of China-based mobile internet advertising services company Domob
245 232 184 • Microsoft’s reported $150 million acquisition of cloud productivity applications developer 6 Wunderkinder
$120.0 $500.0 Grey $108.4 $110.0 138 $100.0 Bright 138 $400.0 138 $90.0 House/ Charter 203 $80.0 203 $300.0 203 $70.0 $60.0 Time 221 Warner/ 221 $50.0 $200.0 221 $37.5 Charter $40.0 $31.3 $30.0 $22.4 $22.8 $23.5 $25.9 $18.8 $18.3 $100.0 $20.0 $14.5 $14.5 $11.2 $15.0 $10.0 371 441 314 428 491 410 380 385 425 456 492 458 467 $- $- Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 *Note, Charter Communications’ $78.8 billion acquisition of Time Warner and $10.4 billion acquisition of Bright House Networks are excluded to limit comparative distortions.
4 | M&A and Investment Summary June 2015
Selected Transactions with Valuation Information Disclosed ($ in Millions)
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0 79 133 Selected Transactions With Multiples Information
122 141 Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA 181 Agency & Marketing Services Hip Digital Media, Inc. Promotion Agency Snipp Interactive, Inc. 8.7 5.8 - 1.5x NA 178 186 213 Business Services PowerSchool Corporate Training Vista Equity Partners 350.0 97.0 - 3.6x NA 211 SystemsUp Limited IT Consulting/Systems Integration iomart Group 19.0 5.9 - 3.2x NA 216 233 nSense ApS Credit/Risk Consulting F-Secure Corporation 16.5 8.5 - 1.9x NA Digital Advertising 234 1 235 Marmar Media Ltd. Mobile Marketing XLMedia PLC 13.6 11.0 2.2 1.2x 6.2x 245 Digital Media/Commerce Orange China Mobile Games and Entertainment Group Limited Gaming Pegasus Investment Holdings 650.1 240.6 51.1 2.7x 12.7x Geeknet, Inc. Niche Content GameStop, Inc. 96.7 137.1 - 0.7x NA 241 184 Marketing Technology 0 DealerTrack Technologies, Inc. CRM Cox Automotive, Inc. 4,267.4 948.4 123.7 4.5x 34.5x 2 245 Acision AB Email/Messaging Software Comverse, Inc. 367.2 191.0 - 1.9x NA 232 Software Innovation Content Management Tieto Oyj 77.8 48.8 - 1.6x NA 184 Track Holdings BV Mobile Technology Crowd Mobile Limited 29.8 20.1 10.6 1.5x 2.8x
Grey Software Indatus ICIM Corp., Select Assets ERP Software RealPage, Inc. 49.0 11.5 2.4 4.3x 20.4x 138 Orga Systems GmbH Financial Software Redknee Solutions, Inc. 43.0 72.9 - 0.6x NA 138 138 IdMlogic Ltd. Security Software CA Technologies 25.0 4.0 - 6.3x NA ProSoft Technology Group, Inc. Enterprise Mobility Kellton Tech Solutions Ltd. 14.0 40.0 - 0.4x NA 203 203 Traditional Media 203 Martha Stewart Living Omnimedia, Inc. Broadcast Television Sequential Brands Group, Inc. 299.9 125.7 8.8 2.4x 34.2x
221 1 52 percent stake acquisition 221 2 221 57 percent stake acquisition
5 | M&A and Investment Summary June 2015 Securities in Registration ($ in Millions)
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0 79 133 Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA 122 141 181 Jun-15 NEP Group, Inc. United States Traditional Media $ 100.0 $ 39.9 NA
178 Jun-15 Rapid7, Inc. United States Software 80.0 93.7 NA 186 213 Jun-15 Teladoc, Inc. United States Software 100.0 50.6 NA
211 Apr-15 Yirendai.com China Digital Media/Commerce 300.0 NA NA 216 233 Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA
234 Mar-15 Truven Health Analytics United States Information 41.2 504.9 72.1 235 245 Oct-14 Sidoti & Co. United States Information & Business Services 35.0 28.9 NA
Orange May-14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA
241 Apr-14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6 184 0 Apr-14 Zoosk, Inc. United States Digital Media/Commerce 100.0 178.2 2.3 245 232 Mar-14 Globoforce Group plc Ireland Software NA NA NA 184
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6 | M&A and Investment Summary June 2015 LTM IPO Performance (1/2)
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0 79 133 Initial Offering Final Price Stock Price at Close Stock Price on % Change from
122 Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jun 30, 2015 1st Trading Day 141 181 Jun-15 NasdaqGM:APPF AppFolio, Inc. United States $12.00-$14.00 $12.00 $14.10, up 17% $14.10 0.0%
178 Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 8.59 (1.3%) 186 213 Jun-15 NYSE:FIT Fitbit Inc. United States 17.00-19.00 20.00 29.68, up 48% 38.23 28.8%
211 Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 13.83 19.6% 216 233 Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 19.50 3.4%
234 May-15 NYSE:SHOP Shopify Inc. Canada 14.00-16.00 17.00 28.31, up 51% 33.95 19.9% 235 245 May-15 NasdaqGS:BZUN Baozun Inc. China 12.00-14.00 10.00 10.44, up 4% 10.77 3.2% May-15 NYSE:PGND Press Ganey Holdings, Inc. United States 22.00-24.00 25.00 27.50, up 10 % 28.67 4.3% Orange Apr-15 NasdaqGS:APIC Apigee Corporation United States 16.00-18.00 17.00 10.60, down 8% 9.93 (6.3%) 241 184 Apr-15 NasdaqGS:ETSY Etsy, Inc. United States 14.00-16.00 16.00 30.00, up 86% 14.05 (53.2%) 0 Apr-15 NasdaqGM:WOWO JM WOWO China 9.00-11.00 10.00 10.29, up 3% 8.01 (22.2%) 245 232 Apr-15 NYSE:GDDY GoDaddy Inc. United States 17.00-19.00 20.00 26.15, up 31% 28.19 7.8% 184 Mar-15 NYSE:MXPT MaxPoint Interactive, Inc. United States 10.50-12.50 11.50 10.60, down 8% 8.08 (23.8%) Grey Jan-15 NYSE:BOX Box, Inc. United States 11.00-13.00 14.00 23.23, up 65% 18.64 (19.8%) 138 138 Dec-14 NYSE:NEWR New Relic, Inc. United States 20.00-22.00 23.00 31.10, up 35% 35.19 13.2% 138 Dec-14 NYSE:ONDK On Deck Capital, Inc. United States 16.00-18.00 20.00 27.98, up 40% 11.58 (58.6%) 203 203 Dec-14 NasdaqGS:MOMO Momo Inc. China 12.50-14.50 13.50 17.02, up 26% 16.10 (5.4%) 203 Dec-14 NasdaqGM:CNXR Connecture, Inc. United States 12.00-14.00 8.00 8.80, up 10% 10.56 20.0% 221 221 Dec-14 NasdaqGS:HDP Hortonworks, Inc. United States 14.00-16.00 16.00 26.38, up 65% 25.32 (4.0%) 221 Dec-14 NYSE:WK Workiva Inc. United States 13.00-15.00 14.00 13.99, up 4% 13.83 (1.1%) Dec-14 NYSE:LC LendingClub Corporation United States 12.00-14.00 15.00 23.34, up 56% 14.75 (36.8%) Nov-14 NasdaqGS:CNV Cnova N.V. Netherlands 12.50-14.00 7.00 7.15, flat 5.53 (22.7%) Nov-14 NasdaqGM:UPLD Upland Software, Inc. United States 12.00-14.00 12.00 9.75, down 19% 9.22 (5.4%) Oct-14 NYSE:HUBS HubSpot, Inc. United States 22.00-24.00 25.00 30.10, up 20% 49.58 64.7% Oct-14 NYSE:W Wayfair Inc. United States 25.00-28.00 29.00 37.72, down 30% 37.64 (0.2%) Oct-14 NasdaqGS:YDLE Yodlee, Inc. United States 11.00-13.00 12.00 13.44, up 12% 14.44 7.4% Sep-14 NYSE:BABA Alibaba Group Holding Limited China 66.00-68.00 68.00 93.89, up 38% 82.27 (12.4%)
7 | M&A and Investment Summary June 2015 LTM IPO Performance (2/2)
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0 79 133 Initial Offering Final Price Stock Price at Close Stock Price on % Change from
122 Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jun 30, 2015 1st Trading Day 141 181 Sep-14 NYSE:CIVI Civitas Solutions, Inc. United States $20.00-$23.00 $17.00 $16.61, down 2% $21.33 28.4%
178 Sep-14 NasdaqGS:CYBR CyberArk Software, Ltd. Israel 13.00-15.00 16.00 29.93, up 87% 62.82 109.9% 186 213 Sep-14 NYSE:TVPT Travelport Worldwide Limited United Kingdom 14.00-16.00 16.00 16.40, up 3% 13.78 (16.0%)
211 Aug-14 NasdaqGS:DSKY iDreamSky Technology Limited China 12.00-14.00 15.00 19.05, up 27% 12.53 (34.2%) 216 233 Aug-14 NYSE:MBLY Mobileye N.V. Israel 21.00-23.00 25.00 37.00, up 48% 53.17 43.7%
234 Jul-14 NasdaqGS:HQY HealthEquity, Inc. United States 10.00-12.00 14.00 17.60, up 26% 32.05 82.1% 235 245 Jul-14 NYSE:TSQ Townsquare Media, Inc. United States 14.00-16.00 11.00 10.25, down 7% 13.58 32.5% Jul-14 NasdaqGS:TUBE TubeMogul, Inc. United States 7.00-8.00 7.00 11.50, up 64% 14.29 24.3% Orange
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8 | M&A and Investment Summary June 2015 Digital Media/Commerce
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122 . Of the total $5.6 billion in value reported in the Digital Media/Commerce segment, $4.6 billion in Venture/Growth Capital investments 141 181 were announced, while an additional $650 million of Buyout transactions were made
178 186 213 . eCommerce was the most active subsegment across all segments with 39 transactions announced, of which 34 were reported for $2.3
211 billion. Select investments from the subsegment include: 216 233 • The $142 million raise by recipe and ingredient delivery service Blue Apron from FMR 234 235 245 . Select Digital Media/Commerce transactions include:
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241 • The Tiger Global Management led $1.5 billion investment in Airbnb at a reported valuation exceeding $25 billion 184 0 • Pegasus Investment’s $689 million take-private of China Mobile Games and Entertainment Group 245 232 184 • The $526 million round of funding raised by Spotify from Goldman Sachs and TeliaSonera at a reported valuation of more than $8.5
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138 138 138 DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 203 # % $MM % # $MM # $MM # $MM 203 eCommerce 39 41% $2,334.0 42% 4 $38.0 1 - 34 $2,296.0 221 221 Mobile Content/Apps 16 17% 243.8 4% 6 150.0 0 - 10 93.8 221 Classifieds/Auctions/P-to-P 11 12% 1,924.2 34% 0 - 0 - 11 1,924.2 Gaming 10 11% 673.8 12% 2 3.8 1 650.1 7 19.9 Niche Content 10 11% 142.4 3% 4 96.7 0 - 6 45.7 Social Media/Apps 7 7% 54.8 1% 0 - 0 - 7 54.8 Web Search/Portals 2 2% 213.0 4% 0 - 0 - 2 213.0 Domain Portfolio/Marketplace 0 0% - 0% 0 - 0 - 0 - Total 95 100% 5,586.0 100% 16 288.5 2 650.1 77 4,647.4
9 | M&A and Investment Summary June 2015 Digital Media/Commerce Public Company Valuation (1/3) Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 1-800-Flowers.com Inc. United States $10.46 -22% $ 682.6 $ 767.6 $ 1,080.6 $ 94.7 8.8% 45.6% 0.7x 8.1x 58.com Inc. * China 64.06 -23% 7,401.0 6,968.5 303.8 (47.0) NM 78.4% 22.9x NM 178 Alibaba Group Holding Limited * China 82.27 -31% 206,697.4 196,788.2 12,292.0 4,465.0 36.3% 45.1% 16.0x 44.1x 186 213 Amazon.com Inc. * United States 434.09 -4% 202,147.5 205,397.5 91,964.0 4,871.0 5.3% 17.7% 2.2x 42.2x Analizy Online S.A. Poland 4.20 -12% 5.0 4.5 1.5 0.4 26.1% 7.1% 3.0x 11.3x 211 Baidu, Inc. China 199.08 -21% 69,922.9 65,170.4 8,433.0 2,726.3 32.3% 47.4% 7.7x 23.9x 216 233 Blucora, Inc. United States 16.15 -15% 660.7 590.3 539.4 84.4 15.7% -13.7% 1.1x 7.0x Blue Nile Inc. United States 30.39 -19% 360.7 321.5 476.2 16.1 3.4% 4.3% 0.7x 20.0x 234 CafePress Inc. * United States 4.50 -17% 79.1 29.0 149.7 (5.2) NM -0.3% 0.2x NM 235 245 Care.com, Inc. * United States 5.92 -54% 189.2 126.4 126.6 (29.3) NM 42.9% 1.0x NM CDW Corporation United States 34.28 -13% 5,848.6 8,897.2 12,177.4 897.2 7.4% 10.6% 0.7x 9.9x Orange Changyou.com Limited China 29.83 -15% 1,550.5 1,520.8 783.2 163.9 20.9% 5.7% 1.9x 9.3x Chegg, Inc. United States 7.84 -11% 674.6 595.7 315.3 17.0 5.4% 17.2% 1.9x 35.1x 241 Cnova N.V. * Netherlands 5.53 -36% 2,440.4 2,368.1 3,880.2 51.8 1.3% 19.3% 0.6x 45.8x 184 0 Copart, Inc. United States 35.48 -8% 4,489.0 4,476.0 1,151.2 416.2 36.2% 1.0% 3.9x 10.8x CyberAgent Inc. Japan 47.51 -19% 2,976.4 2,805.5 1,942.1 314.6 16.2% 32.1% 1.4x 8.9x 245 Demand Media, Inc. United States 6.36 -77% 126.0 78.6 160.6 4.4 2.7% 4.4% 0.5x 17.9x 232 184 DeNA Co., Ltd. Japan 19.67 -11% 2,550.8 2,148.8 1,186.9 296.5 25.0% -21.5% 1.8x 7.2x eBay Inc. United States 60.24 -5% 73,180.9 71,164.9 18,088.0 5,098.0 28.2% 9.2% 3.9x 14.0x E-Commerce China Dangdang Inc. * China 8.99 -45% 726.5 461.5 1,361.2 5.5 0.4% 25.4% 0.3x 83.2x Grey eLong Inc. * China 16.92 -38% 621.5 374.4 169.7 (82.9) NM 1.3% 2.2x NM 138 Etsy, Inc. * United States 14.05 -61% 1,570.6 1,566.2 213.6 0.1 0.1% 53.9% 7.3x NM 138 138 Everyday Health, Inc. United States 12.78 -34% 404.8 469.0 188.0 16.4 8.7% 15.4% 2.5x 28.6x Expedia Inc. United States 109.35 -5% 13,948.9 14,368.0 5,936.5 734.9 12.4% 19.7% 2.4x 19.6x 203 Facebook, Inc. * United States 85.77 -4% 240,848.4 228,621.4 13,507.0 6,288.0 46.6% 51.5% 16.9x 36.4x 203 203 Forgame Holdings Limited * China 2.87 -23% 419.7 251.4 103.8 1.3 1.2% -45.6% 2.4x NM Fitbit Inc. United States 38.23 -10% 7,864.7 7,786.5 973.4 241.6 24.8% 0.0% 8.0x 32.2x 221 G5 Entertainment AB (publ) Sweden 3.90 -11% 34.3 30.4 23.3 1.7 7.2% 82.1% 1.3x 18.0x 221 GameLoft SE France 4.28 -42% 363.9 306.9 275.1 13.9 221 5.1% -2.6% 1.1x 22.0x Geeknet, Inc. * United States 19.94 0% 128.4 91.4 137.1 (8.2) NM -3.0% 0.7x NM Glu Mobile, Inc. * United States 6.21 -18% 747.3 681.6 248.0 16.5 6.7% 97.5% 2.7x 41.2x Google Inc. United States 540.04 -11% 361,855.1 304,121.1 67,839.0 21,898.0 32.3% 17.0% 4.5x 13.9x Gree, Inc. Japan 5.85 -20% 1,364.9 772.0 817.7 247.6 30.3% -27.9% 0.9x 3.1x GrubHub Inc. United States 34.07 -29% 2,859.5 2,561.2 283.5 77.7 27.4% 66.8% 9.0x 33.0x Hollywood Media Corp. * United States 0.70 -50% 15.8 (7.1) 0.4 (4.8) NM -31.1% NM 1.5x HSN, Inc. United States 70.19 -12% 3,683.0 4,281.1 3,652.5 329.0 9.0% 7.1% 1.2x 13.0x IAC/InterActiveCorp United States 79.66 -3% 6,543.3 6,774.4 3,141.8 442.2 14.1% 4.0% 2.2x 15.3x iDreamSky Technology Limited * China 12.53 -52% 544.8 416.6 190.6 3.7 1.9% 196.5% 2.2x NM International Game Technology PLC United Kingdom 17.76 -16% 3,527.1 6,641.9 3,326.1 1,114.5 33.5% 1.6% 2.0x 6.0x iProperty Group Limited * Malaysia 1.85 -36% 346.7 336.8 17.9 0.0 0.2% 14.6% 18.8x NM j2 Global, Inc. United States 67.94 -6% 3,275.2 3,393.2 626.2 256.3 40.9% 15.7% 5.4x 13.2x JD.com, Inc. * China 34.10 -10% 46,631.1 42,379.1 20,805.8 (126.4) NM 64.8% 2.0x NM 10 | M&A and Investment Summary June 2015 Digital Media/Commerce Public Company Valuation (2/3) Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 06/30/15 52WK High 141 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Jiayuan.com International Ltd. * China 7.30 -23% $ 217.15 $ 143.58 $ 104.69 $ 3.49 3.3% 25.9% 1.4x 41.1x JobStreet Corp. Bhd. Malaysia 0.52 -87% 72.7 44.9 5.9 3.6 60.8% NM 7.6x 12.4x 178 Jumei International Holding Limited China 22.84 -42% 3,316.3 2,738.8 728.7 59.8 8.2% 38.3% 3.8x 45.8x 186 213 King Digital Entertainment plc Ireland 14.25 -39% 4,429.3 3,768.0 2,233.3 786.4 35.2% -2.3% 1.7x 4.8x Kongzhong Corp. China 7.34 -21% 345.4 227.3 229.2 38.4 16.7% 29.8% 1.0x 5.9x 211 LifeLock, Inc. United States 16.40 -14% 1,547.7 1,254.3 502.8 32.3 6.4% 27.3% 2.5x 38.8x 216 233 Liberty Interactive Corporation United States 27.75 -9% 13,150.0 17,956.0 10,279.0 1,751.0 17.0% 2.9% 1.7x 10.3x LightInTheBox Holding Co., Ltd. * China 4.60 -46% 220.1 154.4 388.5 (39.1) NM 29.2% 0.4x NM 234 LinkedIn Corporation * United States 206.63 -25% 26,028.0 23,596.4 2,383.3 240.2 10.1% 42.1% 9.9x 98.3x 235 245 Liquidity Services, Inc. United States 9.63 -39% 289.0 202.8 473.5 40.5 8.6% -6.0% 0.4x 5.0x MeetMe, Inc. United States 1.70 -40% 76.3 64.9 46.9 5.1 10.9% 11.6% 1.4x 12.7x Orange Mercadolibre, Inc. Argentina $141.70 -8% 6,256.8 6,176.7 589.3 196.3 33.3% 21.4% 10.5x 31.5x Mixi, Inc. Japan 49.71 -12% 4,136.3 3,710.7 941.1 443.1 47.1% 829.0% 3.9x 8.4x 241 184 NCsoft Corporation South Korea 177.50 -13% 3,542.7 2,862.2 766.0 282.4 36.9% 13.2% 3.7x 10.1x 0 Naver Corporation South Korea 566.93 -25% 16,705.6 15,846.0 2,593.2 817.9 31.5% 21.3% 6.1x 19.4x NetEase, Inc. China 144.87 -6% 18,936.9 15,330.2 2,098.2 824.5 39.3% 38.2% 7.3x 18.6x 245 Netflix, Inc. United States 656.94 -7% 39,825.8 39,268.1 5,807.7 459.3 232 * 7.9% 25.7% 6.8x 85.5x 184 NEXON Co., Ltd. Japan 13.77 -6% 5,904.9 5,251.4 1,478.5 644.2 43.6% 12.0% 3.6x 8.2x Orbitz Worldwide, Inc. United States 11.42 -3% 1,275.9 1,390.3 942.0 116.9 12.4% 10.2% 1.5x 11.9x Grey Overstock.com Inc. United States 22.54 -17% 548.3 426.0 1,554.2 23.6 1.5% 16.6% 0.3x 18.0x Pacific Online Ltd. China 0.44 -34% 493.9 430.2 159.2 47.0 29.5% 16.5% 2.7x 9.2x 138 138 Pandora Media, Inc. * United States 15.54 -49% 3,285.6 2,904.1 957.3 (34.2) NM 30.4% 3.0x NM 138 PChome Online Inc. Taiwan 16.49 -5% 1,431.3 1,294.4 665.2 34.6 5.2% 21.1% 1.9x 37.5x PetMed Express, Inc. United States 17.27 -4% 349.9 298.7 229.4 30.0 13.1% -1.7% 1.3x 9.9x 203 203 Phoenix New Media Limited China 7.92 -30% 561.7 362.1 265.5 38.7 14.6% 9.7% 1.4x 9.4x 203 The Priceline Group Inc. United States 1,151.37 -13% 59,683.6 60,352.2 8,640.9 3,293.5 38.1% 21.1% 7.0x 18.3x Rakuten, Inc. Japan 16.17 -17% 22,820.3 24,485.7 5,159.8 1,211.3 23.5% 13.9% 4.7x 20.2x 221 221 RealNetworks Inc. * United States 5.41 -35% 195.3 60.9 141.1 (62.7) NM -27.7% 0.4x NM 221 Rediff.com India Limited * India 1.80 -43% 49.7 37.1 15.3 (8.6) NM -4.9% 2.4x NM Renren Inc. * China 3.79 -15% 1,284.5 871.1 73.4 (92.4) NM -43.5% 11.9x NM Shanda Games Limited China 6.88 -1% 1,860.0 1,825.2 599.4 231.9 38.7% -14.4% 3.0x 7.9x Shutterfly, Inc. United States 47.81 -13% 1,796.9 1,847.3 944.5 87.3 9.2% 17.5% 2.0x 21.2x Shutterstock, Inc. United States 58.64 -32% 2,103.0 1,857.5 352.7 47.3 13.4% 37.2% 5.3x 39.3x Sky-mobi Limited China 5.21 -51% 145.3 59.8 126.0 4.9 3.9% 0.0% 0.5x 12.3x SNAP Interactive, Inc. * United States 0.17 -54% 6.7 5.3 13.5 (1.4) NM 8.2% 0.4x NM Spark Networks, Inc. United States 3.07 -51% 77.4 63.9 58.5 8.4 14.3% -14.9% 1.1x 7.6x Sportsman's Warehouse Holdings, United States 11.37 -6% 477.6 696.7 672.1 54.1 8.0% 5.2% 1.0x 12.9x Stamps.comInc. Inc. United States 73.57 -2% 1,203.8 1,134.6 158.0 40.5 25.6% 22.5% 7.2x 28.0x Taomee Holdings Ltd. * China 3.22 -42% 113.8 42.1 39.5 (3.3) NM -21.7% 1.1x NM TheStreet, Inc. * United States 1.81 -30% 63.1 29.4 63.6 0.0 0.1% 13.0% 0.5x NM Tomorrow Focus AG Germany 4.76 -23% 277.7 316.1 180.5 18.9 10.5% 16.5% 1.8x 16.7x
11 | M&A and Investment Summary June 2015 Digital Media/Commerce Public Company Valuation (3/3) Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 Twitter, Inc. * United States 36.22 -35% 24,325.15 22,368.70 1,588.45 (335.23) NM 98.3% 14.1x NM U.S. Auto Parts Network, Inc. United States 2.20 -46% 74.69 88.36 291.87 4.48 1.5% 13.4% 0.3x 19.7x 178 United Online, Inc. United States 15.67 -14% 229.99 150.47 211.78 26.85 12.7% NA 0.7x 5.6x 186 213 EVINE Live Inc. United States 2.69 -62% 153.5 196.6 673.4 15.4 2.3% 3.8% 0.3x 12.8x Vipshop Holdings Limited * China 22.25 -28% 12,869.5 12,289.6 4,468.3 236.3 5.3% 114.4% 2.8x 52.0x 211 Wayfair Inc. * United States 37.64 -5% 3,192.17 2,911.88 1,464.62 (131.43) NM 44.3% 2.0x NM 216 233 WebMD Health Corp. United States 44.28 -16% 1,633.5 1,850.4 590.0 120.2 20.4% 10.0% 3.1x 15.4x Weibo Corporation * China 17.14 -34% 3,541.9 3,090.4 363.0 5.9 1.6% 57.8% 8.5x NM 234 WeMade Entertainment Co., Ltd. * South Korea 32.28 -28% 538.3 521.5 143.1 (13.5) NM -23.7% 3.6x NM 235 245 Wowo Limited * China 8.01 -38% 297.9 424.4 32.2 (39.2) NM -8.5% 13.2x NM XO Group Inc. United States 16.35 -12% 432.5 349.8 143.8 18.5 12.9% 5.8% 2.4x 18.9x Orange Yahoo! Inc. United States 39.29 -25% 36,871.4 6,599.5 4,711.4 598.7 12.7% 0.8% 1.4x 11.0x Yandex N.V. Netherlands 15.22 -57% 4,919.6 4,907.5 897.9 326.6 36.4% 23.2% 5.5x 15.0x 241 184 YY Inc. China 69.52 -28% 3,742.9 3,512.6 671.4 194.6 29.0% 91.4% 5.2x 18.1x 0 zulily, Inc. United States 13.04 -69% 1,610.1 1,295.3 1,268.8 29.3 2.3% 57.3% 1.0x 44.3x Zynga, Inc. * United States 2.86 -13% 2,631.0 1,680.6 705.7 (83.4) NM -9.3% 2.4x NM 245 232 Average 3.5x 17.4x 184
Grey *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (40.3x)
138 *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value 138 *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL) 138
203 203 203
221 221 221
12 | M&A and Investment Summary June 2015 Digital Advertising
Blue
0 79 133
122 . There was a total of 42 transactions announced in the Digital Advertising segment worth a total of $1.3 billion in aggregate reported 141 181 value
178 186 213 . The Online Lead Generation was the most active subsegment, announcing seven transactions of which four reported $193 million in
211 aggregate reported value 216 233 . Select Transactions: 234 235 245 • Silver Lake Capital’s $500 million equity investment in online travel booking platform Qunar Orange
241 • Credit Karma’s $175 million round of funding at a reported valuation of $3.5 billion from The Tiger Global Management, Valinor 184 0 Management, and Viking Global
245 232 184 • The majority stake acquisition of mobile advertising services company Madhouse at a valuation $130 million by Bluefocus Communications Grey
138 138 DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 203 # % $MM % # $MM # $MM # $MM 203 Online Lead Generation 7 17% $193.4 14% 3 - 0 - 4 $193.4 221 221 Comparison Shopping 6 14% 640.3 48% 3 - 0 - 3 640.3 221 Mobile Marketing 6 14% 310.6 23% 4 276.6 0 - 2 34.0 Digital Video 5 12% 71.0 5% 0 - 0 - 5 71.0 Vertical Search 5 12% 75.5 6% 2 50.0 0 - 3 25.5 Ad Networks/Exchanges 4 10% 4.4 0% 3 - 0 - 1 4.4 Local Search 4 10% 21.4 2% 1 - 0 - 3 21.4 Other* 5 12% 20.3 2% 2 - 0 - 3 20.3 Total 42 100% 1,336.9 100% 18 326.6 0 0.0 24 1,010.3 *Other includes Digital Promotion/Coupon, Email Services, and Game Advertising
13 | M&A and Investment Summary June 2015 Digital Advertising Public Company Valuation (1/2)
Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Adgorithms LTD Israel $2.06 -6% $ 127.1 $ 125.1 $ 20.2 $ 4.6 22.7% 405.3% 6.2x 27.3x Alliance Data Systems Corporation United States $291.94 -6% $ 18,114.6 $ 31,754.0 $ 5,671.2 $ 1,559.6 27.5% 26.1% 5.6x 20.4x 178 186 Angie's List, Inc. * United States $6.16 -51% 360.5 341.9 325.9 4.1 1.3% 22.5% 1.0x 83.5x 213 Autobytel Inc. United States 15.99 -12% 167.6 165.6 105.6 8.8 8.3% 21.3% 1.6x 18.9x Bankrate, Inc. United States 10.49 -42% 1,089.9 1,233.0 550.2 99.9 18.2% 13.5% 2.2x 12.3x 211 Blinkx plc United States 0.42 -40% 170.8 69.5 215.0 (4.9) 216 NM -13.0% 0.3x NM 233 Blucora, Inc. United States 16.15 -15% 660.7 590.3 539.4 84.4 15.7% -13.7% 1.1x 7.0x Constant Contact, Inc. United States 28.76 -33% 924.9 745.8 343.2 40.6 11.8% 15.9% 2.2x 18.4x 234 Coupons.com Incorporated United States 10.79 -58% 894.0 699.1 225.8 (13.6) 235 NM 23.5% 3.1x NM 245 Criteo SA France 47.67 -7% 2,935.5 2,638.7 917.5 77.9 8.5% 70.3% 2.9x 33.9x Ctrip.com International Ltd. China 72.62 -17% 10,342.1 10,516.8 1,303.3 (33.5) NM 39.1% 8.1x NM Orange Demand Media, Inc. United States 6.36 -77% 126.0 78.6 160.6 4.4 2.7% 4.4% 0.5x 17.9x DHI Group, Inc. United States 8.89 -23% 489.1 566.0 265.7 74.0 241 27.9% 18.8% 2.1x 7.6x 184 Digital Globe Services Inc. United States 0.79 -74% 23.8 24.0 39.6 2.6 6.6% 23.3% 0.6x 9.2x 0 Facebook, Inc. * United States 85.77 -4% 240,848.4 228,621.4 13,507.0 6,288.0 46.6% 51.5% 16.9x 36.4x
245 Google Inc. United States 540.04 -11% 361,855.1 304,121.1 67,839.0 21,898.0 32.3% 17.0% 4.5x 13.9x 232 Groupon, Inc. United States 5.03 -40% 3,403.7 2,466.2 3,213.6 103.6 3.2% 19.0% 0.8x 23.8x 184 HomeAway, Inc. United States 31.12 -16% 2,954.1 2,434.1 460.1 63.2 13.7% 23.5% 5.3x 38.5x IAC/InterActiveCorp United States 79.66 -3% 6,543.3 6,774.4 3,141.8 442.2 14.1% 4.0% 2.2x 15.3x Grey InternetQ PLC United Kingdom 4.11 -29% 164.3 164.9 160.3 15.9 9.9% 26.8% 1.0x 10.3x 138 Just Dial Limited * India 19.94 -33% 1,405.4 1,277.5 94.3 25.1 26.6% 27.9% 13.5x 51.0x 138 138 LeGuide.com S.A. France 35.09 -2% 127.2 92.6 47.2 4.4 9.4% -14.5% 2.0x 20.9x MakeMyTrip Limited India 19.68 -41% 826.3 684.9 299.7 (10.3) NM 17.3% 2.3x NM 203 Marimedia Ltd. Israel 0.99 -64% 65.8 40.4 63.1 9.4 15.0% 45.7% 0.6x 4.3x 203 203 Matomy Media Group Ltd. Israel 1.72 -57% 159.4 165.3 237.4 18.6 7.8% 22.7% 0.7x 8.9x Millennial Media Inc. United States 1.62 -64% 226.9 194.5 286.7 (41.7) NM 1.5% 0.7x NM 221 Monster Worldwide, Inc. United States 6.54 -7% 595.2 750.6 755.6 72.8 9.6% -4.8% 1.0x 10.3x 221 221 Opera Software ASA Norway 8.58 -35% 1,246.5 1,264.1 520.6 93.1 17.9% 60.1% 2.4x 13.6x Pacific Online Ltd. China 0.44 -34% 493.9 430.2 159.2 47.0 29.5% 16.5% 2.7x 9.2x QuinStreet, Inc. United States 6.45 -6% 287.4 237.8 278.8 (3.9) NM -4.1% 0.9x NM ReachLocal, Inc. United States 3.15 -58% 92.4 60.1 449.7 (37.2) NM -13.0% 0.1x NM RetailMeNot, Inc. United States 17.83 -33% 950.8 750.5 263.8 64.6 24.5% 14.4% 2.8x 11.6x Rightmove plc * United Kingdom 51.53 -4% 4,937.4 4,919.8 260.3 191.5 73.6% 19.3% 18.9x 25.7x Rocket Fuel Inc. United States 8.20 -72% 345.9 338.3 438.6 (54.6) NM 58.5% 0.8x NM Rovi Corporation United States 15.95 -40% 1,466.4 2,289.7 533.9 176.0 33.0% -2.4% 4.3x 13.0x Septeni Holdings Co., Ltd. Japan 11.20 -6% 290.2 226.2 475.8 19.7 4.1% 13.5% 0.5x 11.5x The Rubicon Project, Inc. United States 14.96 -27% 636.7 516.4 139.5 (10.1) NM 54.5% 3.7x NM TiVo Inc. United States 10.14 -29% 986.57 654.37 459.15 82.84 18.0% 6.6% 1.4x 7.9x
14 | M&A and Investment Summary June 2015 Digital Advertising Public Company Valuation (2/2) Blue 0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 TradeDoubler AB Sweden 0.85 -42% $ 35.79 $ 21.40 $ 199.33 $ (1.95) NM -10.4% 0.1x NM Travelzoo Inc. United States 11.28 -43% 166.2 111.6 138.4 12.7 9.2% -11.4% 0.8x 8.8x 178 186 LendingTree, Inc. * United States 78.61 -1% 900.3 811.8 178.2 15.3 8.6% 17.9% 4.6x 53.2x 213 Tremor Video, Inc. United States 2.91 -37% 149.5 74.9 165.2 (16.0) NM 16.4% 0.5x NM TripAdvisor Inc. United States 87.14 -20% 12,505.4 12,212.4 1,328.0 373.0 28.1% 33.3% 9.2x 32.7x 211 216 TrueCar, Inc. United States 11.99 -52% 982.5 866.0 221.3 (42.3) NM 44.8% 3.9x NM 233 TubeMogul, Inc. United States 14.29 -40% 482.6 446.8 122.5 (6.1) NM 75.9% 3.6x NM Twitter, Inc. * United States 36.22 -35% 24,325.2 22,368.7 1,588.4 (335.2) NM 98.3% 14.1x NM 234 235 Voltari Corporation United States 5.65 -74% 51.2 79.4 12.0 (13.8) NM 31.8% 6.6x NM 245 Web.com Group, Inc. United States 24.22 -18% 1,249.0 1,724.8 542.7 104.4 19.2% 6.3% 3.2x 16.5x XLMedia PLC Channel Islands 0.87 -28% 174.9 131.2 50.7 15.4 30.3% 47.0% 2.6x 8.5x Orange Yahoo! Inc. United States 39.29 -25% 36,871.4 6,599.5 4,711.4 598.7 12.7% 0.8% 1.4x 11.0x
241 Yelp Inc. * United States 43.03 -50% 3,219.3 2,888.0 419.6 28.4 6.8% 59.4% 6.9x 101.6x 184 Yandex N.V. Netherlands 15.22 -57% 4,919.6 4,907.5 897.9 326.6 36.4% 23.2% 5.5x 15.0x 0 Youku Tudou Inc. * China 24.53 -22% 4,758.6 3,781.9 740.1 67.2 9.1% 37.9% 5.1x 56.3x
245 YuMe, Inc. United States 5.42 -17% 181.4 136.3 180.6 (4.9) NM 11.6% 0.8x NM 232 Zhaopin Ltd. China 15.38 -18% 786.8 571.9 196.4 47.2 24.0% 19.8% 2.9x 12.1x 184 Zillow Group, Inc. United States 86.74 -47% 5,072.1 4,673.6 386.9 (5.1) NM 72.1% 12.1x NM
Grey Average 3.0x 18.3x
138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (44.5x) 138 *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL) 203 203 203
221 221 221
15 | M&A and Investment Summary June 2015 Marketing Technology
Blue
0 79 133
122 . The Marketing Technology segment announced 88 transactions worth a total of $6 billion in aggregate value 141 181 . Analytics & Targeting was the most active subsegment with 21 transactions announced, worth a total of $154 million in aggregate 178 186 213 reported value
211 216 . MRM/Workflow was the highest value segment with five transactions announcing $780 million in aggregate reported value 233
234 . Select acquisitions: 235 245 • Advertising software developer Mediaocean’s acquisition by Vista Equity Partners in a transaction that values the company at a Orange
241 reported $720 million 184 0 • The $200 million majority acquisition of messaging and engagement solutions provider Acision by Comverse 245 232 184 • Salesforce document generation and reporting application Conga’s $70 million investment from Insight Venture Partners
Grey
138 MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 # % $MM % # $MM # $MM # $MM 203 203 Analytics & Targeting 21 24% $154.3 3% 4 $6.0 0 - 17 $148.3
221 Content Management 15 17% 215.8 4% 3 96.8 1 - 11 119.0 221 221 Mobile Technology 11 13% 105.3 2% 6 29.8 0 - 5 75.5 BI Tools 8 9% 51.4 1% 3 4.0 0 - 5 47.4 MRM/Workflow Management 5 6% 780.0 13% 2 - 1 720.0 2 60.0 SFA/Lead. Select Management investments: 5 6% 105.0 2% 1 - 1 - 3 105.0 Commerce Management 4 5% 23.0 0% 1 - 0 - 3 23.0 Other*• Social media analysis19 software developer22% Banjo’s4,609.6 $100 million76% investment5 from SoftBank4,477.6 and0 BlueRun Ventures- 14 108.0 Total 88 100% 6,044.4 100% 25 4,614.2 3 720.0 60 710.2
*Other includes Ad Serving, CRM, Email/Messaging Software, Market Research, Media Management System, SEM/SEO Tools, and Social Technology
16 | M&A and Investment Summary June 2015 Marketing Technology Public Company Valuation (1/2) Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Adobe Systems Incorporated * United States 81.01 -4% 40,314.2 38,805.3 4,350.1 920.6 21.2% 6.0% 8.9x 42.2x AppFolio, Inc. United States 14.10 -5% 455.8 453.3 53.7 (8.0) NM 0.0% 8.4x NM 178 186 Baozun Inc. China 10.77 -27% 523.5 495.2 289.2 (6.4) NM 0.0% 1.7x NM 213 Bazaarvoice, Inc. United States 5.89 -37% 472.1 422.3 191.2 (21.6) NM 13.7% 2.2x NM Bitauto Holdings Limited China 51.05 -48% 3,134.6 2,198.0 452.7 84.6 18.7% 80.7% 4.9x 26.0x 211 Blackbaud Inc. United States 56.95 -5% 2,623.2 2,896.7 583.8 94.8 216 * 16.2% 13.2% 5.0x 30.5x 233 Borderfree, Inc. United States 14.00 -21% 448.9 356.2 123.8 (3.9) NM 11.3% 2.9x NM Brightcove Inc. United States 6.86 -37% 223.1 202.2 126.8 (3.1) NM 9.0% 1.6x NM 234 235 ChannelAdvisor Corporation United States 11.95 -55% 298.6 237.4 88.2 (27.5) NM 21.7% 2.7x NM 245 ChinaCache International Holdings China 12.52 -27% 324.4 235.9 229.7 13.8 6.0% 19.0% 1.0x 17.0x ConstantLtd. Contact, Inc. United States 28.76 -33% 924.9 745.8 343.2 40.6 11.8% 15.9% 2.2x 18.4x Orange Covisint Corporation United States 3.27 -39% 127.6 77.6 88.5 (26.9) NM -8.9% 0.9x NM Cvent, Inc. United States 25.78 -13% 1,071.4 894.9 152.0 2.2 241 1.5% 28.6% 5.9x NM 184 Dealertrack Technologies, Inc. * United States 62.79 -1% 3,444.6 4,246.4 948.4 115.2 12.1% 78.5% 4.5x 36.9x 0 Demandware, Inc. * United States 71.08 -3% 2,660.2 2,471.2 178.3 (20.5) NM 50.2% 13.9x NM
245 eBay Inc. United States 60.24 -5% 73,180.9 71,164.9 18,088.0 5,098.0 28.2% 9.2% 3.9x 14.0x 232 Endurance International Group United States 20.66 -12% 2,735.6 3,766.4 661.4 171.3 25.9% 21.7% 5.7x 22.0x 184 Five9,Holdings, Inc. Inc. United States 5.23 -34% 260.6 236.8 109.1 (27.3) NM 22.2% 2.2x NM GoDaddy Inc. * United States 28.19 -15% 1,830.5 3,050.6 1,443.4 100.1 6.9% 21.5% 2.1x 30.5x Grey HubSpot, Inc. * United States 49.58 -10% 1,640.2 1,504.2 129.9 (48.7) NM 52.7% 11.6x NM 138 Informatica Corporation United States 48.47 -1% 5,075.3 4,576.6 1,055.4 191.0 18.1% 8.0% 4.3x 24.0x 138 Infosystems S.A. Poland 0.19 -80% 0.8 1.0 1.9 1.2 138 60.4% 0.0% 0.5x 0.8x Interactive Intelligence Group Inc. United States 44.47 -21% 958.2 897.7 351.3 0.9 0.3% 8.3% 2.6x NM 203 IBM Corporation United States 162.66 -17% 160,176.8 190,342.8 90,147.0 23,608.0 26.2% -7.3% 2.1x 8.1x 203 Jive Software, Inc. United States 5.25 -39% 392.8 278.8 184.8 (31.8) 203 NM 20.8% 1.5x NM LivePerson Inc. * United States 9.81 -33% 559.7 518.8 221.9 11.1 5.0% 21.2% 2.3x 46.9x 221 Marin Software Incorporated United States 6.74 -42% 243.8 194.4 103.0 (27.1) NM 24.1% 1.9x NM 221 221 Marketo, Inc. United States 28.06 -21% 1,185.3 1,088.0 163.7 (52.1) NM 50.9% 6.6x NM MaxPoint Interactive, Inc. United States 8.08 -28% 209.4 172.4 119.8 (11.7) NM 70.2% 1.4x NM Mercadolibre, Inc. * Argentina 141.70 -8% 6,256.8 6,176.7 589.3 196.3 33.3% 21.4% 10.5x 31.5x MicroStrategy Inc. United States 170.08 -14% 1,926.3 1,534.5 565.8 69.9 12.4% -3.1% 2.7x 22.0x MINDBODY, Inc. United States 13.83 -15% 541.0 707.2 76.6 (23.3) NM 0.0% 9.2x NM NetSuite Inc. * United States 91.75 -19% 7,213.2 7,030.6 598.1 (49.6) NM 34.2% 11.8x NM Nuance Communications, Inc. * United States 17.51 -8% 5,495.1 7,100.0 1,926.9 209.8 10.9% 2.1% 3.7x 33.8x Open Text Corporation Canada 40.53 -34% 4,953.3 5,919.4 1,863.2 538.4 28.9% 26.1% 3.2x 11.0x Opera Software ASA Norway 8.58 -35% 1,246.5 1,264.1 520.6 93.1 17.9% 60.1% 2.4x 13.6x Oracle Corporation United States 40.30 -14% 174,743.9 162,768.9 38,226.0 16,065.0 42.0% -0.1% 4.3x 10.1x Press Ganey Holdings, Inc. United States 28.67 -3% 1,497.0 1,901.0 291.1 93.9 32.2% 0.0% 6.5x 20.3x PROS Holdings, Inc. United States 21.11 -31% 623.2 580.9 188.6 (9.9) NM 24.0% 3.1x NM PTC Inc. United States 41.02 -4% 4,716.8 4,979.6 1,342.9 272.9 20.3% 2.2% 3.7x 18.2x
17 | M&A and Investment Summary June 2015 Marketing Technology Public Company Valuation (2/2) Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 06/30/15 52WK High 141 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Qlik Technologies, Inc. United States 34.96 -8% $ 3,193.00 $ 2,911.95 $ 565.95 $ 3.06 0.5% 16.7% 5.1x NM Rightside Group, Ltd. United States 6.77 -60% 127.0 106.1 197.7 (5.6) NM 7.5% 0.5x NM 178 186 Rovi Corporation United States 15.95 -40% 1,466.43 2,289.75 533.89 176.00 33.0% -2.4% 4.3x 13.0x 213 The Rubicon Project, Inc. United States 14.96 -27% 636.7 516.4 139.5 (10.1) NM 54.5% 3.7x NM Sage Group plc United Kingdom 8.06 -12% 8,686.59 9,488.44 2,004.87 568.85 28.4% 1.9% 4.7x 16.7x 211 216 salesforce.com, inc. * United States 69.63 -11% 45,646.4 46,666.1 5,658.0 241.0 4.3% 28.4% 8.2x 193.6x 233 SAP SE Germany 70.00 -11% 83,669.7 89,993.3 19,722.8 6,488.7 32.9% 8.6% 4.6x 13.9x Shopify Inc. Canada 33.95 -19% 2,566.4 2,594.3 123.6 (14.6) 234 * NM 0.0% 21.0x NM 235 Sizmek Inc. United States 7.10 -30% 209.8 126.6 169.2 17.3 10.2% 2.3% 0.7x 7.3x 245 Sky-mobi Limited China 5.21 -51% 145.3 59.8 126.0 4.9 3.9% 0.0% 0.5x 12.3x Sungy Mobile Limited China 4.78 -66% 149.5 50.1 59.5 (9.5) NM 12.3% 0.8x NM Orange Synchronoss Technologies, Inc. United States 45.73 -15% 1,979.2 2,015.8 491.8 133.1 27.1% 33.2% 4.1x 15.1x 241 Tableau Software, Inc. * United States 115.30 -7% 8,203.5 7,487.8 468.2 10.2 2.2% 75.4% 16.0x NM 184 0 Teradata Corporation United States 37.00 -21% 5,481.8 5,200.8 2,686.0 540.0 20.1% -1.7% 1.9x 9.6x Verint Systems Inc. United States 60.75 -9% 3,727.2 4,084.9 1,140.6 163.6 14.3% 18.8% 3.6x 25.0x 245 Weborama France 8.80 -7% 30.3 29.1 32.3 1.6 5.1% -4.8% 0.9x 17.8x 232 184 Wix.com ltd Israel 23.62 -9% 912.9 828.1 157.5 (55.2) NM 67.9% 5.3x NM Xactly Corporation United States 8.59 -15% 238.0 249.5 63.7 (12.5) NM 0.0% 3.9x NM Grey Zendesk, Inc. United States 22.21 -21% 1,912.1 1,609.3 144.2 (67.1) NM 73.3% 11.2x NM
138 Adjusted Weighted Average 4.4x 14.1x 138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (58.8x) 203 203 203
221 221 221
18 | M&A and Investment Summary June 2015 Agency & Marketing Services
Blue
0 79 133
122 . There were 25 transactions announced in the Agency & Marketing Services segment in June. Digital Agency was the most active 141 181 subsegment with 11 transactions announced
178 186 213 . Select acquisitions:
211 216 • Brand engagement solutions provider Valid’s $41 million purchase of database marketing services firm Marketing Software Company 233
234 • Google’s acquisition of technology and design consultancy Control Group 235 245 • The purchases of integrated marketing agency HY Connect and public relations firm Dodge Communications by Myelin Orange
241 Communications 184 0 • The CHR Group’s purchase of Hispanic advertising agency Orci 245 232 184 AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Grey Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 # % $MM % # $MM # $MM # $MM 138 Digital Agency 11 44% - 0% 11 - 0 - 0 - 203 203 Experiential Marketing 2 8% - 0% 2 - 0 - 0 - 203 General Agency 2 8% - 0% 2 - 0 - 0 - 221 221 Healthcare Agency 2 8% - 0% 1 - 1 - 0 - 221 Database/Analytics 1 4% 41.2 83% 1 41.2 0 - 0 - DM Agency 1 4% - 0% 1 - 0 - 0 - Ethnic/Multicultural Agency 1 4% - 0% 1 - 0 - 0 - Promotion Agency 1 4% 8.7 17% 1 8.7 0 - 0 - Other* 3 12% 0.0 0% 3 0.0 0 0.0 0 0.0 Total 25 100% 49.9 100% 24 49.9 1 0.0 0 0.0 *Other includes Loyalty/Retention, Marketing Consulting, Public Relations, and Specialty Agency
19 | M&A and Investment Summary June 2015 Agency Public Company Valuation Blue
0 79 133 ($ in Millions, except stock price data)
122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Cello Group Plc United Kingdom $1.60 -4% $ 135.8 $ 147.2 $ 264.7 $ 13.0 4.9% 6.4% 0.6x 11.3x Chime Communications plc United Kingdom 4.09 -31% 407.7 495.8 608.4 44.2 7.3% 30.5% 0.8x 11.2x 178 186 Creston plc United Kingdom 2.15 -4% 126.0 113.1 114.2 17.1 14.9% 2.7% 1.0x 6.6x 213 Dentsu Inc. Japan 51.84 -3% 14,909.3 15,522.1 6,072.4 1,439.2 23.7% -68.4% 2.6x 10.8x Enero Group Limited Australia 0.60 -39% 51.4 35.7 166.9 7.0 4.2% -10.0% 0.2x 5.1x 211 216 Globant S.A. * Luxembourg 30.43 -8% 1,028.4 959.6 211.0 29.8 14.1% 26.3% 4.5x 32.2x 233 Havas France 8.33 -11% 3,477.9 3,445.6 2,257.5 359.5 15.9% 5.2% 1.5x 9.6x Huntsworth plc United Kingdom 0.75 -16% 239.6 295.6 258.3 35.4 13.7% -3.9% 1.1x 8.3x 234 235 M&C Saatchi plc United Kingdom 4.63 -25% 332.9 330.4 264.0 23.6 8.9% 4.5% 1.3x 14.0x 245 MDC Partners Inc. United States 19.77 -32% 985.9 2,031.8 1,250.9 148.7 11.9% 16.7% 1.6x 13.7x Next Fifteen Communications Group plc United Kingdom 2.99 -3% 195.4 207.7 158.7 17.9 11.3% 0.0% 1.3x 11.6x Orange Omnicom Group Inc. United States 69.49 -14% 16,977.2 20,669.1 15,284.8 2,245.6 14.7% 4.1% 1.4x 9.2x
241 OPT Holding, Inc. Japan 5.50 -18% 142.2 134.3 531.5 10.6 2.0% -1.7% 0.3x 12.7x 184 Porta Communications Plc * United Kingdom 0.14 -24% 38.2 50.4 36.3 1.7 4.6% -4.8% 1.4x 30.5x 0 Publicis Groupe SA France 73.87 -16% 15,629.5 14,566.8 8,781.7 1,643.8 18.7% 4.3% 1.7x 8.9x
245 The Interpublic Group of Companies, Inc. United States 19.27 -15% 7,957.3 9,249.2 7,575.6 969.2 12.8% 5.0% 1.2x 9.5x 232 WPP plc United Kingdom 22.42 -11% 28,565.3 32,657.3 17,967.6 3,145.5 17.5% 4.6% 1.8x 10.4x 184 Adjusted Weighted Average 1.7x 9.9x Grey
138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.1x) 138 138
203 203 203
221 221 221
20 | M&A and Investment Summary June 2015 Marketing Services Public Company Valuation Blue
0 79 133 ($ in Millions, except stock price data)
122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 06/30/15 52WK High 181 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $17.58 -19% $ 1,374.3 $ 1,520.9 $ 1,020.1 $ 147.9 14.5% -4.0% 1.5x 10.3x 178 Aimia Inc. Canada 10.90 -31% 1,775.1 1,786.1 1,990.2 130.0 6.5% 50.6% 0.9x 13.7x 186 Alliance Data Systems Corporation * United States 291.94 -6% 18,114.6 27,397.1 5,671.2 1,559.6 27.5% 26.1% 4.8x 17.6x 213 CSG Systems International Inc. United States 31.66 -3% 1,036.9 1,152.4 748.9 122.1 16.3% -0.8% 1.5x 9.4x 211 Data Group Ltd. Canada 0.36 -48% 8.5 78.3 245.8 16.0 6.5% -0.2% 0.3x 4.9x 216 DST Systems Inc. United States 125.98 -2% 4,623.2 5,024.0 2,767.8 434.8 15.7% 4.1% 1.8x 11.6x 233 Fair Isaac Corporation * United States 90.78 -6% 2,818.9 3,390.1 815.8 181.9 22.3% 9.7% 4.2x 18.6x 234 Harte-Hanks Inc. United States 5.96 -28% 369.5 414.4 542.1 53.7 9.9% -3.2% 0.8x 7.7x 235 High Co. SA France 5.63 -9% 58.5 23.7 157.1 13.2 245 8.4% -2.5% 0.2x 1.8x Insignia Systems Inc. United States 2.73 -39% 33.3 15.3 26.4 1.7 6.3% -1.2% 0.6x 9.2x Orange Multiplus SA Brazil 12.06 -12% 1,956.4 1,687.2 597.9 127.5 21.3% 11.4% 2.8x 13.2x PDI, Inc. United States 1.43 -68% 23.2 33.1 126.4 (10.9) NM -6.7% 0.3x NM 241 184 Pitney Bowes Inc. United States 20.81 -27% 4,197.0 6,655.7 3,774.7 857.9 22.7% -1.2% 1.8x 7.8x 0 Points International Ltd. Canada 12.42 -41% 194.1 147.3 263.8 10.5 4.0% 17.9% 0.6x 14.0x Viad Corp United States 27.11 -6% 543.7 635.9 1,043.7 69.8 6.7% 9.4% 0.6x 9.1x 245 232 Adjusted Weighted Average 184 2.1x 10.6x
Grey *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.2x)
138 138 138
203 203 203
221 221 221
21 | M&A and Investment Summary June 2015 Traditional Media
Blue
0 79 133
122 . There were 24 transactions announced in the Traditional Media segment in June worth a total of $931 million in aggregate reported 141 181 value; all but one transaction reported this month were acquisitions
178 186 213 . Select Transactions:
211 216 • China-based private equity fund Beijing Longde’s 75 percent majority purchase in the Advertising Business of in AirMedia Group at a 233 valuation of $450 million 234 235 245 • ITV’s $87 million majority purchase of broadcasting company TwoFour Group
Orange
241 • The $65 million purchase of South American publisher Grupo Expansion by Nacer Group 184 0 • Google’s acquisition of out-of-home advertising services company Titan Outdoor 245 232 184
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Grey
138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 # % $MM % # $MM # $MM # $MM
203 B-to-B Media 7 29% $26.0 3% 7 $26.0 0 - 0 - 203 203 Broadcast Television 5 21% 394.7 42% 5 394.7 0 - 0 -
221 Entertainment 3 13% 125.0 13% 2 65.0 0 - 1 60.0 221 221 Newspaper Publishing 3 13% 47.0 5% 3 47.0 0 - 0 - Consumer Book Publishing 2 8% - 0% 2 - 0 - 0 - Consumer Magazine Publishing 1 4% - 0% 1 - 0 - 0 - Other* 3 17% 338.3 73% 3 338.3 0 0.0 0 0.0 Total 24 100% 931.0 100% 23 871.0 0 0.0 1 60.0
*Other includes Digital Place-Based Media, Traditional Outdoor, and Yellow Pages
22 | M&A and Investment Summary June 2015 Traditional Media Public Company Valuation (1/3) Blue
0 79 133 ($ in Millions, except stock price data)
122 Large Cap Diversified Media 141 181 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA
178 CBS Corporation United States $55.50 -15% $ 27,385.8 $ 34,768.8 $ 13,736.0 $ 3,163.0 23.0% -0.6% 2.5x 11.0x 186 Discovery Communications, Inc. United States 33.26 -26% 21,401.1 29,173.1 6,391.0 2,539.0 39.7% 10.4% 4.6x 11.5x 213 Time Warner Inc. United States 87.41 -2% 72,078.5 92,289.5 27,683.0 7,613.0 27.5% 2.3% 3.3x 12.1x Twenty-First Century Fox, Inc. United States 32.55 -17% 66,700.5 78,140.5 31,206.0 6,859.0 22.0% 1.8% 2.5x 11.4x 211 Viacom, Inc. United States 64.64 -28% 25,671.5 38,808.5 13,834.0 4,268.0 216 30.9% 0.9% 2.8x 9.1x 233 The Walt Disney Company * United States 114.14 -1% 193,668.3 208,579.3 50,707.0 14,531.0 28.7% 7.6% 4.1x 14.4x
Adjusted Weighted Average 3.5x 11.3x 234 235 245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.3x)
Orange B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 241 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 184 0 Euromoney Institutional Investor PLC United Kingdom $19.14 -4% $ 2,419.7 $ 2,446.4 $ 606.8 $ 190.1 31.3% -1.1% 4.0x 12.9x Global Sources Ltd. Hong Kong 6.95 -16% 210.1 119.4 179.0 32.4 18.1% -8.0% 0.7x 3.7x 245 Informa plc United Kingdom 8.59 -9% 5,570.7 6,951.0 1,772.0 531.1 30.0% 0.6% 3.9x 13.1x 232 TechTarget, Inc. * United States 8.93 -29% 295.4 274.0 106.9 13.2 12.3% 16.3% 2.6x 20.8x 184 UBM plc United Kingdom 8.41 -21% 3,717.7 4,627.6 1,163.1 276.5 23.8% -6.0% 4.0x 16.7x
Grey Adjusted Weighted Average 3.9x 14.0x
138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.8x) 138 Radio Broadcasting
203 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 203 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 203 Beasley Broadcast Group Inc. * United States $4.63 -38% $ 107.6 $ 191.5 $ 70.0 $ 12.4 17.7% 58.2% 2.7x 15.5x Cumulus Media Inc. United States 2.03 -69% 474.9 2,938.3 1,242.5 266.1 21.4% 12.9% 2.4x 11.0x 221 Emmis Communications Corp. United States 1.00 -67% 43.9 347.9 237.9 38.5 16.2% 16.0% 1.5x 9.0x 221 221 Entercom Communications Corp. United States 11.42 -14% 434.3 867.0 380.0 93.0 24.5% 0.7% 2.3x 9.3x Pandora Media, Inc. United States 15.54 -49% 3,285.6 2,904.1 957.3 (34.2) NM 30.4% 3.0x NM Radio One Inc. United States 3.17 -37% 151.1 1,123.9 436.1 121.9 27.9% -5.3% 2.6x 9.2x Salem Media Group, Inc. United States 6.33 -42% 160.9 435.9 266.0 46.8 17.6% 9.2% 1.6x 9.3x Sirius XM Holdings Inc. * United States 3.73 -8% 20,413.5 25,040.9 4,264.4 1,449.3 34.0% 9.4% 5.9x 17.3x Spanish Broadcasting System Inc. United States 6.75 -3% 49.1 432.6 145.6 38.4 26.3% -1.2% 3.0x 11.3x Townsquare Media, Inc. United States 13.58 -5% 235.9 737.1 375.8 93.9 25.0% 27.7% 2.0x 7.9x
Adjusted Weighted Average 2.8x 9.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.3x)
23 | M&A and Investment Summary June 2015 Traditional Media Public Company Valuation (2/3) Blue
0 79 133 ($ in Millions, except stock price data)
122 Broadcast, Cable, and Satellite Television 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $81.85 -2% $ 5,916.3 $ 8,762.7 $ 2,319.8 $ 763.1 32.9% 33.7% 3.8x 11.5x 178 186 Sky plc United Kingdom 16.31 -6% 27,750.8 38,216.3 12,873.1 2,580.8 20.0% 12.0% 3.0x 14.8x 213 Cablevision Systems Corporation United States 23.94 -10% 6,597.5 15,441.7 6,500.1 1,809.0 27.8% 3.2% 2.4x 8.5x CBS Corporation United States 55.50 -15% 27,385.8 34,768.8 13,736.0 3,163.0 23.0% -0.6% 2.5x 11.0x 211 Charter Communications, Inc. United States 171.25 -14% 19,180.0 40,145.0 9,268.0 3,182.0 34.3% 9.8% 4.3x 12.6x 216 Comcast Corporation United States 60.14 -3% 151,088.2 195,565.2 69,220.0 23,660.0 233 34.2% 3.7% 2.8x 8.3x Crown Media Holdings Inc. United States 4.52 -3% 1,625.7 1,931.3 425.4 326.2 76.7% 11.1% 4.5x 5.9x 234 DIRECTV United States 92.79 -2% 46,793.3 62,289.3 33,548.0 7,949.0 23.7% 4.7% 1.9x 7.8x 235 Discovery Communications, Inc. United States 33.26 -26% 21,401.1 29,173.1 6,391.0 2,539.0 39.7% 10.4% 4.6x 11.5x 245 Dish Network Corp. United States 67.71 -16% 31,339.9 44,610.4 14,773.4 2,942.9 19.9% 4.6% 3.0x 15.2x Entravision Communications Corporation United States 8.23 -5% 722.5 1,017.3 248.9 77.1 31.0% 9.4% 4.1x 13.2x Orange General Communication Inc. United States 17.01 -3% 688.1 2,080.5 925.0 313.6 33.9% 9.9% 2.2x 6.6x Gray Television, Inc. United States 15.68 -6% 1,134.4 2,146.0 550.1 218.2 39.7% 53.1% 3.9x 9.8x 241 184 Grupo Televisa, S.A.B. Mexico 38.82 -3% - - 5,450.3 2,096.9 38.5% 10.5% 0 Liberty Global plc United Kingdom 54.07 -8% 45,577.4 90,140.6 18,231.5 8,155.7 44.7% 11.6% 4.9x 11.1x Media General, Inc. * United States 16.52 -30% 2,154.2 4,525.7 827.8 261.2 31.6% 127.5% 5.5x 17.3x 245 Nexstar Broadcasting Group, Inc. United States 56.00 -7% 1,752.3 3,257.7 700.9 254.3 36.3% 33.8% 4.6x 12.8x 232 184 Scripps Networks Interactive, Inc. United States 65.37 -24% 8,396.0 10,432.8 2,680.0 1,175.8 43.9% 3.9% 3.9x 8.9x Sinclair Broadcast Group, Inc. United States 27.91 -23% 2,663.9 6,492.3 2,068.7 711.8 34.4% 38.5% 3.1x 9.1x The E. W. Scripps Company * United States 22.85 -20% 1,923.6 1,963.3 879.8 89.7 10.2% 7.0% 2.2x 21.9x Grey Time Warner Cable Inc. United States 178.17 -4% 50,378.0 73,172.0 23,007.0 7,927.0 34.5% 3.5% 3.2x 9.2x 138 Time Warner Inc. United States 87.41 -2% 72,078.5 92,289.5 27,683.0 7,613.0 27.5% 2.3% 3.3x 12.1x 138 Ziggo N.V. * Netherlands 43.39 -10% 8,678.0 12,545.2 2,014.2 1,078.7 53.6% 2.7% 6.2x 11.6x 138 Adjusted Weighted Average 3.2x 10.4x 203 203 203 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.2x)
Entertainment Media 221 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. * United States $26.38 -11% $ 2,261.7 $ 2,787.2 $ 703.9 $ 19.5 2.8% -2.2% 4.0x 142.8x Eros International Plc United Kingdom 25.12 -3% 1,395.1 1,631.0 284.2 79.9 28.1% 20.7% 5.7x 20.4x Lions Gate Entertainment Corp. United States 37.05 -3% 5,471.1 6,683.5 2,399.6 255.3 10.6% -8.8% 2.8x 26.2x Live Nation Entertainment, Inc. United States 27.49 -6% 5,541.8 6,327.5 6,860.0 503.4 7.3% 2.7% 0.9x 12.6x SFX Entertainment Inc. United States 4.49 -42% 423.3 680.3 373.3 (83.3) NM 92.8% 1.8x NM Twenty-First Century Fox, Inc. United States 32.55 -17% 66,700.5 78,140.5 31,206.0 6,859.0 22.0% 1.8% 2.5x 11.4x Liberty Media Corporation United States 36.04 -28% 12,265.3 25,823.3 4,520.0 1,284.0 28.4% 7.0% 5.7x 20.1x Village Roadshow Limited Australia 4.88 -22% 781.8 1,106.4 776.6 126.9 16.3% 2.9% 1.4x 8.7x World Wrestling Entertainment Inc. United States 16.50 -8% 1,246.3 1,157.5 593.2 19.1 3.2% 16.4% 2.0x 60.5x
Adjusted Weighted Average 2.9x 14.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (83.3x)
24 | M&A and Investment Summary June 2015 Traditional Media Public Company Valuation (3/3) Blue
0 79 133 ($ in Millions, except stock price data)
122 Out-of-Home Media 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $4.86 -37% $ 291.5 $ 257.7 $ 249.7 $ (22.8) NM -8.1% 1.0x NM 178 186 APG|SGA SA Switzerland 408.49 -6% 1,223.2 1,065.3 315.4 74.8 23.7% 2.2% 3.4x 14.2x 213 Clear Channel Outdoor Holdings Inc. United States 10.13 -13% 3,652.8 8,580.6 2,941.1 712.7 24.2% 0.3% 2.9x 12.0x Clear Media Ltd. Hong Kong 1.17 -10% 635.9 511.0 227.1 92.9 40.9% 6.9% 2.3x 5.5x 211 JCDecaux SA France 41.69 -4% 9,337.2 9,214.0 3,004.5 610.2 20.3% 6.3% 3.1x 15.1x 216 233 Lamar Advertising Co. United States 57.48 -7% 5,536.5 7,457.2 1,304.6 548.1 42.0% 4.0% 5.7x 13.6x Mood Media Corporation United States 0.51 -23% 93.4 704.7 485.3 85.6 17.6% -4.3% 1.5x 8.2x 234 National CineMedia, Inc. United States 15.96 -9% 981.0 2,087.6 400.7 189.2 47.2% -11.1% 5.2x 11.0x 235 NTN Buzztime Inc. United States 0.23 -61% 21.5 19.2 25.4 (3.8) NM 5.4% 0.8x NM 245 Tom Group Ltd. * Hong Kong 0.23 -39% 913.3 1,202.3 194.9 5.8 3.0% -21.6% 6.2x 206.6x
Orange Adjusted Weighted Average 3.9x 13.6x
241 184 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (104.9x) 0 Publishing
245 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 232 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 184 A. H. Belo Corporation United States $5.60 -58% $ 121.8 $ 43.9 $ 273.8 $ 5.6 2.0% -0.2% 0.2x 7.9x Daily Mail and General Trust plc United Kingdom 14.61 -5% 4,991.0 6,408.8 2,728.7 434.3 15.9% 7.9% 2.3x 14.8x Grey Emmis Communications Corp. United States 1.00 -67% 43.9 347.9 237.9 38.5 16.2% 16.0% 1.5x 9.0x Gannett Co., Inc. United States 13.99 -5% 1,862.8 1,789.2 3,100.1 443.0 14.3% 0.0% 0.6x 4.0x 138 Glacier Media, Inc. Canada 0.93 -31% 83.0 183.6 192.4 17.3 138 9.0% -3.3% 1.0x 10.6x 138 John Wiley & Sons Inc. United States 54.37 -17% 3,198.7 3,508.1 1,822.4 337.7 18.5% 2.7% 1.9x 10.4x Martha Stewart Living Omnimedia Inc. * United States 6.24 -12% 358.5 305.5 125.7 8.8 7.0% -19.8% 2.4x 34.9x 203 Meredith Corporation United States 52.15 -9% 2,324.2 3,133.9 1,559.1 305.3 19.6% 6.4% 2.0x 10.3x 203 News Corporation United States 14.59 -21% 8,483.9 6,633.9 8,678.0 652.0 7.5% 2.4% 0.8x 10.2x 203 Scholastic Corporation United States 44.13 -5% 1,446.3 1,517.2 1,880.8 131.5 7.0% 5.7% 0.8x 11.5x
221 The E. W. Scripps Company * United States 22.85 -20% 1,923.6 1,963.3 879.8 89.7 10.2% 7.0% 2.2x 21.9x 221 The McClatchy Company United States 1.08 -81% 94.3 1,050.6 1,127.6 188.2 16.7% -6.2% 0.9x 5.6x 221 The New York Times Company United States 13.65 -13% 2,266.5 2,031.5 1,582.4 222.1 14.0% -0.3% 1.3x 9.1x Time Inc. United States 23.01 -11% 2,520.1 3,436.1 3,177.0 425.0 13.4% -5.3% 1.1x 8.1x
Adjusted Weighted Average 1.4x 10.4x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.8x)
25 | M&A and Investment Summary June 2015 Software
Blue
0 79 133
122 . Within the Software segment, nearly $800 million in reported value involved strategic buyers, while another $1.2 billion in investments 141 181 were announced
178 186 213 . Security software was the most active subsegment with 20 transactions worth a reported $958 million in aggregate reported value
211 216 . Select transaction from the subsegment: 233
234 • Insight Venture Partners’ $84 million investment in application security software developer Checkmarx 235 245 . Select investments: Orange
241 184 • The $80 million investment in spend management financial application developer Coupa Software led by T. Rowe Price with 0 participation from Iconiq Capital, Crosslink Capital, and Battery Ventures 245 232 184 • Performance management software developer Adaptive Insights’ $75 million investment from Norwest Venture Partners, JMI Equity,
Grey and Bessemer Venture Partners
138 138 138 SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 203 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 203 # % $MM % # $MM # $MM # $MM
221 221 Security 20 16% $957.5 49% 5 $660.0 1 - 14 $297.5 221 Financial 16 13% 218.8 11% 9 43.0 1 - 6 175.8 HR 13 10% 63.5 3% 6 6.0 2 - 5 57.5 Healthcare 12 10% 156.9 8% 2 - 0 - 10 156.9 Big data 10 8% 155.5 8% 0 - 0 - 10 155.5 Cloud Computing 7 6% 61.1 3% 2 - 0 - 5 61.1 Other* 48 33% 328.7 17% 24 85 3 0 21 243.7 Total 126 100% 1,952.0 100% 48 794.0 7 0.0 71 1,158.0 *Other includes Application Management, Collaboration, Credit/Risk, Data Management, Engineering, Enterprise Mobility, ERP, Geo-Demo, Infrastructure, Legal, Software Development Tools, and Virtualization
26 | M&A and Investment Summary June 2015 Software Public Company Valuation (1/3) Blue
0 79 133 ($ in Millions, except stock price data)
122 Financial & Credit/Risk Management Software 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Advent Software, Inc. United States $44.21 0% $ 2,329.4 $ 2,506.6 $ 403.3 $ 105.9 26.2% 4.1% 6.2x 23.7x 178 Ebix Inc. United States 32.61 -14% 1,140.8 1,250.0 226.7 82.0 186 36.2% 11.4% 5.5x 15.2x 213 Epiq Systems, Inc. United States 16.88 -15% 629.4 900.9 435.7 56.1 12.9% -3.6% 2.1x 16.1x Fidessa group plc United Kingdom 35.78 -10% 1,359.6 1,238.9 428.6 77.9 18.2% -1.4% 2.9x 15.9x 211 Guidewire Software, Inc. * United States 52.93 -5% 3,734.1 3,184.1 372.8 25.3 6.8% 13.3% 8.5x 125.7x 216 Innovation Group plc United Kingdom 0.49 -11% 598.0 518.5 328.1 39.1 11.9% 7.0% 1.6x 13.2x 233 Intuit Inc. United States 100.77 -8% 27,779.2 26,194.2 4,388.0 1,082.0 24.7% -0.9% 6.0x 24.2x 234 Management Consulting Group PLC United Kingdom 0.24 -44% 115.5 168.3 378.4 18.4 4.9% -5.6% 0.4x 9.1x 235 Model N, Inc. United States 11.91 -6% 312.6 219.5 84.3 (19.0) NM -13.3% 2.6x NM 245 NetSuite Inc. United States 91.75 -19% 7,213.2 7,030.6 598.1 (49.6) NM 34.2% 11.8x NM Performant Financial Corporation United States 3.24 -70% 160.0 192.0 175.3 21.8 12.4% -33.7% 1.1x 8.8x Orange Q2 Holdings, Inc. United States 28.25 -2% 1,050.6 931.3 86.5 (14.0) NM 42.0% 10.8x NM
241 RealPage, Inc. United States 19.07 -17% 1,517.3 1,504.5 414.5 24.6 5.9% 6.7% 3.6x 61.3x 184 Solera Holdings Inc. United States 44.56 -36% 2,990.8 5,304.4 1,111.7 409.8 36.9% 18.5% 4.8x 12.9x 0 SS&C Technologies Holdings, Inc. United States 62.50 -4% 6,320.5 6,827.4 787.8 295.6 37.5% 8.6% 8.7x 23.1x Tyler Technologies, Inc. United States 129.38 -3% 4,356.6 4,161.9 515.4 115.0 22.3% 18.9% 8.1x 36.2x 245 232 184 Adjusted Weighted Average 7.0x 24.8x
Grey *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (61.7x)
138 Healthcare Software 138 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 138 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 13.68 -20% 2,575.8 3,060.1 1,372.1 63.6 4.6% 0.4% 2.2x 48.1x 203 203 athenahealth, Inc. * United States 114.58 -25% 4,417.4 4,622.5 796.0 62.2 7.8% 25.9% 5.8x 74.4x 203 Cegedim SA France 42.17 -3% 588.6 1,175.8 538.7 92.1 17.1% 32.8% 2.2x 12.8x Cerner Corporation United States 69.06 -9% 23,762.0 23,704.0 3,526.6 1,002.3 28.4% 20.0% 6.7x 23.7x 221 Civitas Solutions, Inc. United States 21.33 -5% 788.1 1,441.3 1,315.3 138.6 10.5% 9.3% 1.1x 10.4x 221 Computer Programs & Systems Inc. United States 53.42 -20% 604.5 563.7 198.9 49.1 221 24.7% -2.2% 2.8x 11.5x Craneware plc United Kingdom 10.34 -4% 277.4 240.7 43.0 12.7 29.6% 1.3% 5.6x 18.9x HealthEquity, Inc. * United States 32.05 -6% 1,818.0 1,703.1 97.5 25.8 26.4% 44.1% 17.5x 66.1x McKesson Corporation United States 224.81 -8% 52,228.5 58,201.5 179,045.0 4,096.0 2.3% 30.3% 0.3x 14.2x MedAssets, Inc. United States 22.06 -14% 1,331.7 2,189.1 734.9 214.1 29.1% 8.3% 3.0x 10.2x Medidata Solutions, Inc. * United States 54.32 -8% 3,002.6 2,948.8 350.9 39.5 11.3% 20.9% 8.4x 74.7x Merge Healthcare Incorporated United States 4.80 -23% 464.2 719.2 215.8 36.2 16.8% -1.4% 3.3x 19.9x Quality Systems Inc. United States 16.57 -12% 999.1 868.6 490.2 50.9 10.4% 10.2% 1.8x 17.1x Streamline Health Solutions, Inc. United States 2.80 -51% 52.2 64.9 26.8 (9.3) NM -7.3% 2.4x NM USMD Holdings, Inc. United States 8.48 -61% 87.7 111.8 303.6 (2.0) NM 23.6% 0.4x NM Veeva Systems Inc. United States 28.03 -17% 3,692.8 3,264.2 336.4 81.6 24.2% 43.7% 9.7x 40.0x
Adjusted Weighted Average 3.0x 18.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (56.0x) 27 | M&A and Investment Summary June 2015 Software Public Company Valuation (2/3) Blue
0 79 133 ($ in Millions, except stock price data)
122 HR Software 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $33.24 -14% $ 1,961.3 $ 1,376.8 $ 299.9 $ 93.4 31.1% 11.8% 4.6x 14.7x 178 186 Benefitfocus, Inc. United States 43.85 -8% 1,253.5 1,191.5 149.4 (51.9) NM 33.9% 8.0x NM 213 Castlight Health, Inc. United States 8.14 -51% 763.3 577.5 53.2 (80.1) NM 173.5% 10.9x NM Cornerstone OnDemand, Inc. United States 34.80 -25% 1,877.0 1,884.2 280.1 (47.2) NM 36.7% 6.7x NM 211 DHI Group, Inc. United States 8.89 -23% 489.1 566.0 265.7 74.0 27.9% 18.8% 2.1x 7.6x 216 233 LinkedIn Corporation * United States 206.63 -25% 26,028.0 23,596.4 2,383.3 240.2 10.1% 42.1% 9.9x 98.3x Monster Worldwide, Inc. United States 6.54 -7% 595.2 750.6 755.6 72.8 9.6% -4.8% 1.0x 10.3x 234 Paycom Software, Inc. United States 34.15 -14% 1,993.4 1,984.2 169.2 29.8 17.6% 44.6% 11.7x 66.6x 235 Paylocity Holding Corporation United States 35.85 -6% 1,814.9 1,721.7 141.3 (9.4) NM 40.9% 12.2x NM 245 The Ultimate Software Group, Inc. United States 164.34 -10% 4,696.9 4,584.2 529.7 71.0 13.4% 22.2% 8.7x 64.5x Workday, Inc. United States 76.39 -22% 14,590.5 13,166.9 879.1 (151.8) NM 63.7% 15.0x NM Orange Adjusted Weighted Average 10.8x 48.8x 241 184 0 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (81.6x)
245 Security Software 232 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 184 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $7.21 -15% $ 322.5 $ 256.7 $ 93.7 $ 19.4 20.7% 4.5% 2.7x 13.2x Grey AVG Technologies N.V. Netherlands 27.21 -6% 1,408.4 1,513.8 383.3 118.9 31.0% -3.2% 3.9x 12.7x Check Point Software Technologies Ltd. United States 79.55 -10% 14,387.0 13,108.7 1,526.2 824.7 54.0% 8.0% 8.6x 15.9x 138 138 Cisco Systems, Inc. United States 27.46 -9% 139,658.5 106,253.5 48,675.0 13,504.0 27.7% 3.1% 2.2x 7.9x 138 Cheetah Mobile Inc. * China 28.71 -22% 4,088.0 3,895.9 342.0 33.3 9.7% 128.2% 11.4x 117.1x CyberArk Software, Ltd. Israel 62.82 -18% 1,988.8 1,797.1 118.5 28.5 24.1% 67.4% 15.2x 63.0x 203 FireEye, Inc. United States 48.91 -12% 7,646.1 7,248.5 477.1 (399.6) 203 NM 130.3% 15.2x NM 203 Fortinet Inc. * United States 41.33 -6% 7,008.0 6,204.1 814.3 73.0 9.0% 25.6% 7.6x 85.0x Gemalto NV Netherlands 88.98 -6% 7,789.8 7,246.3 2,983.9 482.5 16.2% 3.2% 2.4x 15.0x 221 Imperva Inc. United States 67.70 -3% 2,071.4 1,828.7 177.3 (55.7) NM 26.0% 10.3x NM 221 Imprivata, Inc. United States 16.36 -4% 394.0 319.7 103.2 (12.4) 221 NM 35.2% 3.1x NM Infoblox Inc. United States 26.21 -6% 1,508.6 1,189.7 284.0 (21.5) NM 14.3% 4.2x NM Juniper Networks, Inc. United States 25.97 -8% 10,253.9 9,993.5 4,524.4 833.4 18.4% -5.3% 2.2x 12.0x Mobileye N.V. * Israel 53.17 -12% 11,519.2 11,095.3 153.6 16.3 10.6% 46.0% 72.2x NM NQ Mobile Inc. China 5.28 -51% 472.0 456.9 341.7 (61.5) NM 40.5% 1.3x NM Palo Alto Networks, Inc. United States 174.70 -6% 14,615.4 14,367.4 822.4 (99.6) NM 54.5% 17.5x NM Proofpoint, Inc. United States 63.67 -6% 2,509.9 2,480.6 210.7 (36.0) NM 40.6% 11.8x NM Qihoo 360 Technology Co. Ltd. China 67.69 -35% 8,728.2 8,845.0 1,509.9 390.4 25.9% 82.7% 5.9x 22.7x Symantec Corporation United States 23.25 -15% 15,826.9 14,031.9 6,508.0 1,840.0 28.3% -2.5% 2.2x 7.6x Trend Micro Inc. Japan 34.26 -7% 4,652.0 3,697.3 979.9 336.7 34.4% 6.8% 3.8x 11.0x VeriSign, Inc. United States 61.72 -10% 7,186.3 7,200.4 1,019.7 632.5 62.0% 4.3% 7.1x 11.4x
Adjusted Weighted Average 4.7x 10.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (40.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (65.5x) 28 | M&A and Investment Summary June 2015 Software Public Company Valuation (3/3) Blue
0 79 133 ($ in Millions, except stock price data) Engineering Software 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $91.24 -1% $ 8,190.8 $ 7,429.6 $ 938.5 $ 431.4 46.0% 6.8% 7.9x 17.2x 178 186 Autodesk, Inc. * United States 50.08 -23% 11,399.7 10,316.2 2,566.2 248.4 9.7% 11.8% 4.0x 41.5x 213 Aveva Group plc United Kingdom 28.43 -18% 1,816.9 1,653.7 310.0 86.2 27.8% -12.1% 5.3x 19.2x Dassault Systemes SA France 72.65 -10% 18,323.2 17,078.0 2,625.0 666.5 25.4% 17.3% 6.5x 25.6x 211 216 Adjusted Weighted Average 6.0x 22.8x 233
234 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (36.9x) 235 245 Infrastructure Software Orange Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 241 Adobe Systems Incorporated United States $81.01 -4% $ 40,314.2 $ 38,805.3 $ 4,350.1 $ 920.6 21.2% 6.0% 8.9x 42.2x 184 0 CA, Inc. United States 29.29 -12% 12,972.8 11,569.8 4,262.0 1,375.0 32.3% -3.4% 2.7x 8.4x CommVault Systems, Inc. United States 42.41 -24% 1,918.2 1,530.6 607.5 51.2 8.4% 3.6% 2.5x 29.9x 245 Covisint Corporation United States 3.27 -39% 127.6 77.6 88.5 (26.9) NM -8.9% 0.9x NM 232 Daegis Inc. United States 0.67 -51% 11.0 18.6 26.4 3.0 184 11.5% -20.9% 0.7x 6.1x Endurance International Group Holdings, Inc. United States 20.66 -12% 2,735.6 3,766.4 661.4 171.3 25.9% 21.7% 5.7x 22.0x Guidance Software, Inc. United States 8.47 -14% 253.8 229.4 108.3 (4.6) NM -0.6% 2.1x NM Grey Hortonworks Inc. * United States 25.32 -15% 1,093.2 927.3 60.3 (187.6) NM 96.6% 15.4x NM 138 IBM Corporation United States 162.66 -17% 160,176.8 190,342.8 90,147.0 23,608.0 26.2% -7.3% 2.1x 8.1x 138 Informatica Corporation United States 48.47 -1% 5,075.3 4,576.6 1,055.4 191.0 18.1% 8.0% 4.3x 24.0x 138 IntraLinks Holdings, Inc. United States 11.91 -7% 683.2 714.9 262.9 12.1 4.6% 10.1% 2.7x 59.0x
203 NetSuite Inc. United States 91.75 -19% 7,213.2 7,030.6 598.1 (49.6) NM 34.2% 11.8x NM 203 Opera Software ASA Norway 8.58 -35% 1,246.5 1,264.1 520.6 93.1 17.9% 60.1% 2.4x 13.6x 203 Oracle Corporation United States 40.30 -14% 174,743.9 162,768.9 38,226.0 16,065.0 42.0% -0.1% 4.3x 10.1x Rally Software Development Corp. United States 19.45 -2% 498.9 431.1 92.5 (28.3) NM 19.1% 4.7x NM 221 221 salesforce.com, inc. * United States 69.63 -11% 45,646.4 46,666.1 5,658.0 241.0 4.3% 28.4% 8.2x 193.6x 221 ServiceNow, Inc. * United States 74.31 -11% 11,411.4 11,117.7 755.4 (121.9) NM 58.1% 14.7x NM Textura Corporation United States 27.83 -11% 714.6 647.3 68.4 (12.9) NM 48.6% 9.5x NM Varonis Systems, Inc. United States 22.09 -43% 548.8 435.8 106.9 (19.6) NM 34.5% 4.1x NM
Adjusted Weighted Average 4.4x 12.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (92.1x)
29 | M&A and Investment Summary June 2015 Information
Blue
0 79 133
122 . The Information segment reported 13 transactions worth $308 million 141 181 . Healthcare Information was the most active subsegment with 11 deals, followed by Financial Information with three transactions 178 186 213 announced
211 216 . Select acquisitions: 233
234 • Insight Venture Partners’ acquisition of Hospitality industry solutions Fourth Hospitality from ECI Partners 235 245 . Select Investments: Orange
241 184 • Financial data and information services company Shanghai Media Group’s $194 million round of equity funding from Alibaba 0
245 • Bedford Funding’s $50 million investment in virtual health systems developer MDLIVE 232 184
Grey INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 # % $MM % # $MM # $MM # $MM 203 203 Healthcare Information 8 62% $113.8 37% 0 - 0 - 8 $113.8 203 Financial Information 3 23% 194.0 63% 2 - 0 - 1 194.0 221 HR Information 1 8% - 0% 1 - 0 - 0 - 221 221 Product/Price Information 1 8% - 0% 0 - 1 - 0 - Credit/Risk Management Information 0 0% - 0% 0 - 0 - 0 - Engineering/Scientific/Tech Information 0 0% - 0% 0 - 0 - 0 - Geo-Demo Information 0 0% - 0% 0 - 0 - 0 - IT Information 0 0% - 0% 0 - 0 - 0 - Total 13 100% 307.8 100% 3 0.0 1 0.0 9 307.8
*Other includes Credit/Risk, Fulfillment, HR Information, IT Information, Legal Consulting, Marketing Data, and Staffing
30 | M&A and Investment Summary June 2015 Information Services Public Company Valuation (1/2) Blue
0 79 133 ($ in Millions, except stock price data)
Financial & Credit/Risk Management Information 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $50.01 -10% $ 5,994.9 $ 6,314.0 $ 2,650.5 $ 530.4 20.0% 4.5% 2.4x 11.9x 178 Computershare Limited Australia 9.01 -13% 5,012.6 6,206.6 1,994.7 471.8 23.7% -0.9% 3.1x 13.2x 186 213 CoreLogic, Inc. United States 39.69 -3% 3,580.5 4,788.0 1,443.7 330.3 22.9% 3.2% 3.3x 14.5x CoStar Group Inc. * United States 201.26 -7% 6,522.8 6,361.1 615.9 140.8 22.9% 35.1% 10.3x 45.2x 211 DST Systems Inc. United States 125.98 -2% 4,623.2 5,024.0 2,767.8 434.8 15.7% 4.1% 1.8x 11.6x 216 Dun & Bradstreet Corp. United States 122.00 -11% 4,396.3 5,753.9 1,676.1 453.2 27.0% 1.2% 3.4x 12.7x 233 Envestnet, Inc. * United States 40.43 -31% 1,426.9 1,363.9 366.7 42.6 11.6% 33.6% 3.7x 32.0x 234 Equifax Inc. United States 97.09 -4% 11,554.3 13,025.0 2,503.7 872.7 34.9% 7.8% 5.2x 14.9x 235 Experian plc Ireland 18.23 -8% 17,575.4 21,048.4 4,810.0 1,549.0 32.2% -0.6% 4.4x 13.6x 245 FactSet Research Systems Inc. United States 162.51 -4% 6,744.2 6,596.3 983.7 358.5 36.4% 9.2% 6.7x 18.4x Fair Isaac Corporation United States 90.78 -6% 2,818.9 3,390.1 815.8 181.9 22.3% 9.7% 4.2x 18.6x Orange Fidelity National Information Services, Inc. United States 61.80 -10% 17,518.1 22,346.4 6,448.3 1,623.8 25.2% 5.6% 3.5x 13.8x Financial Engines, Inc. * United States 42.48 -6% 2,202.6 1,891.6 291.0 65.5 22.5% 15.9% 6.5x 28.9x 241 184 McGraw Hill Financial, Inc. United States 100.45 -8% 27,493.2 28,341.2 5,128.0 2,026.0 39.5% 8.7% 5.5x 14.0x 0 Moody's Corporation United States 107.96 -3% 21,829.5 23,156.7 3,432.7 1,578.9 46.0% 14.1% 6.7x 14.7x Morningstar Inc. United States 79.55 -2% 3,532.0 3,336.3 768.7 228.7 29.8% 8.2% 4.3x 14.6x 245 MSCI Inc. United States 61.55 -4% 6,919.8 7,182.0 1,019.8 419.8 41.2% 9.2% 7.0x 17.1x 232 184 Reis, Inc. United States 22.18 -23% 249.1 227.7 42.5 11.5 27.0% 16.7% 5.4x 19.8x SEI Investments Co. United States 49.03 -3% 8,145.9 7,502.6 1,289.1 390.6 30.3% 11.4% 5.8x 19.2x Thomson Reuters Corporation United States 38.12 -10% 29,887.5 38,178.6 12,521.0 2,748.0 Grey 21.9% -1.1% 3.0x 13.9x Verisk Analytics, Inc. United States 72.76 -7% 12,301.2 13,450.8 1,796.5 827.8 46.1% 10.3% 7.5x 16.2x 138 Workiva Inc. United States 13.83 -16% 555.8 490.3 119.7 (37.0) NM 28.6% 4.1x NM 138 138 Adjusted Weighted Average 4.8x 14.6x
203 203 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.1x) 203 ($ in Millions, except stock price data)
221 Marketing Information 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $17.58 -19% $ 1,374.3 $ 1,520.9 $ 1,020.1 $ 147.9 14.5% -4.0% 1.5x 10.3x Alliance Data Systems Corporation United States 291.94 -6% 18,114.6 31,754.0 5,671.2 1,559.6 27.5% 26.1% 5.6x 20.4x Brainjuicer Group Plc United Kingdom 6.67 -4% 84.8 76.4 38.4 6.9 17.9% 0.8% 2.0x 11.1x Cello Group Plc United Kingdom 1.60 -4% 135.8 147.2 264.7 13.0 4.9% 6.4% 0.6x 11.3x comScore, Inc. * United States 53.26 -9% 2,143.1 2,129.5 339.6 14.2 4.2% 15.1% 6.3x 149.9x Cross Marketing Inc. Japan 3.93 -34% 70.9 82.7 68.0 6.5 9.5% 29.4% 1.2x 12.8x Ebiquity plc United Kingdom 2.05 -6% 149.2 197.7 113.1 18.7 16.5% 6.8% 1.7x 10.6x GfK SE Germany 43.74 -2% 1,596.8 2,029.3 1,590.5 223.1 14.0% -0.1% 1.3x 9.1x Harte-Hanks Inc. United States 5.96 -28% 369.5 414.4 542.1 53.7 9.9% -3.2% 0.8x 7.7x InnerWorkings Inc. United States 6.67 -29% 355.7 452.4 1,000.7 29.7 3.0% 7.9% 0.5x 15.3x
31 | M&A and Investment Summary June 2015 Information Services Public Company Valuation (2/2) Blue
0 79 133 ($ in Millions, except stock price data)
122 Marketing Information (Contd.) 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Intage Holdings Inc. Japan 15.94 -13% $ 318.1 $ 257.8 $ 366.1 $ 42.8 11.7% 3.3% 0.7x 6.0x 178 186 Ipsos SA France 25.83 -17% 1,169.4 1,797.1 2,020.8 234.6 11.6% -1.5% 0.9x 7.7x 213 NeuStar, Inc. United States 29.21 -11% 1,617.4 2,059.9 985.1 380.1 38.6% 7.6% 2.1x 5.4x Nielsen N.V. Netherlands 44.77 -10% 16,477.9 23,566.9 6,257.0 1,528.0 24.4% 6.5% 3.8x 15.4x 211 Onvia Inc. United States 4.28 -22% 31.7 23.5 22.9 (0.5) NM 3.2% 1.0x NM 216 Pearson plc United Kingdom 18.95 -20% 15,352.8 18,118.9 7,596.0 1,080.0 233 14.2% -3.8% 2.4x 16.8x Rentrak Corporation * United States 69.80 -20% 1,064.7 981.3 102.9 1.7 1.6% 36.1% 9.5x NM 234 YouGov plc United Kingdom 1.64 -21% 168.9 163.1 106.6 9.0 8.4% 8.9% 1.5x 18.1x 235 245 Adjusted Weighted Average 3.8x 16.5x
Orange *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (55.3x)
241 Other Information 184 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 0 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA
245 Centaur Media plc United Kingdom $1.20 -8% $ 169.7 $ 192.7 $ 109.7 $ 12.8 11.6% 0.0% 1.8x 15.1x 232 CEB Inc. United States 87.06 -4% 2,913.0 3,211.8 921.1 208.0 22.6% 9.8% 3.5x 15.4x 184 Forrester Research Inc. United States 36.02 -14% 649.4 538.4 314.2 32.4 10.3% 4.9% 1.7x 16.6x Gartner Inc. United States 85.78 -4% 7,122.0 7,505.3 2,045.9 331.9 16.2% 12.2% 3.7x 22.6x Grey IHS Inc. United States 128.63 -11% 8,849.4 10,752.6 2,276.0 549.6 24.1% 6.7% 4.7x 19.6x Informa plc United Kingdom 8.59 -9% 5,570.7 6,951.0 1,772.0 531.1 30.0% 0.6% 3.9x 13.1x 138 138 National Research Corp. United States 33.00 -21% 413.1 383.7 99.1 29.7 29.9% 5.7% 3.9x 12.9x 138 Markit Ltd. United Kingdom 25.57 -7% 4,449.1 4,713.4 1,077.2 415.5 38.6% 9.9% 4.4x 11.3x NIC Inc. United States 18.28 -6% 1,198.1 1,106.0 277.1 70.6 25.5% 9.3% 4.0x 15.7x 203 Premier, Inc. United States 38.46 -3% 1,448.9 1,120.9 975.9 320.6 32.8% 6.6% 1.1x 3.5x 203 203 Proofpoint, Inc. * United States 63.67 -6% 2,509.9 2,480.6 210.7 (36.0) NM 40.6% 11.8x NM Reed Elsevier plc(1) United Kingdom 16.28 -13% 18,123.8 25,063.2 9,944.2 3,154.3 31.7% 6.6% 2.5x 7.9x 221 Solera Holdings Inc. United States 44.56 -36% 2,990.8 5,304.4 1,111.7 409.8 36.9% 18.5% 4.8x 12.9x 221 Tarsus Group plc Ireland 3.34 -9% 337.5 408.1 94.4 29.8 31.5% -20.2% 4.3x 13.7x 221 TechTarget, Inc. United States 8.93 -29% 295.4 274.0 106.9 13.2 12.3% 16.3% 2.6x 20.8x The Advisory Board Company * United States 54.67 -3% 2,319.8 2,813.2 581.6 49.9 8.6% 0.0% 4.8x 56.4x UBM plc United Kingdom 8.41 -21% 3,717.7 4,627.6 1,163.1 276.5 23.8% -6.0% 4.0x 16.7x Wolters Kluwer NV Netherlands 29.68 -16% 8,690.1 10,816.6 4,430.2 1,087.0 24.5% 2.7% 2.4x 10.0x
Adjusted Weighted Average 3.4x 13.3x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.9x)
32 | M&A and Investment Summary June 2015 Business Services
Blue
0 79 133
122 . IT Consulting/Systems Integration were the most active subsegments with 13 deals, of which six were worth $180 million in aggregate 141 181 reported value
178 186 213 . Select Transactions:
211 216 • Silver Lake Partners’ acquisition of entertainment industry payroll services provider Cast & Crew from ZelnickMedia at a reported 233 valuation of $700 million 234 235 245 • Technology Crossover Ventures’ $150 million investment in business process as a service provider OneSource Virtual
Orange
241 • The $130 million equity investment raised by eCommerce logistics solutions provider Ecom Express from Warbug Pincus 184 0 • Online courses operator Udemy’s $65 million invesment led by Stripes Group with participation from Norwest Venture Partners and 245 232 Insight Venture Partners 184
Grey BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 # % $MM % # $MM # $MM # $MM
203 IT Consulting/Systems Integration 13 25% $180.4 9% 9 $34.7 0 - 4 $145.7 203 203 Corporate Training 12 23% 447.0 21% 4 - 1 350.0 7 97.0
221 Logistics 9 17% 240.8 12% 2 - 0 - 7 240.8 221 221 BPO 5 9% 165.0 8% 3 - 0 - 2 165.0 Healthcare Consulting 4 8% 5.0 0% 1 - 2 - 1 5.0 Staffing 4 8% 14.1 1% 1 - 1 - 2 14.1 HR Consulting 2 4% 700.0 34% 0 - 2 700.0 0 - Credit/Risk Consulting 1 2% 16.5 1% 1 16.5 0 - 0 - Other* 3 6% 314.2 15% 3 314.2 0 0.0 0 0.0 Total 53 100% 2,083.0 100% 24 365.4 6 1,050.0 23 667.6
*Other includes Fulfillment, Management Consulting, and Printing Services
33 | M&A and Investment Summary June 2015 Business Services Public Company Valuation (1/3) Blue
0 79 133 ($ in Millions, except stock price data)
122 Consulting 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 27.87 -14% 255.4 239.0 308.2 29.4 9.5% 5.7% 0.8x 8.1x 178 186 FTI Consulting, Inc. United States 41.24 -6% 1,715.5 2,201.2 1,763.0 213.5 12.1% 5.5% 1.2x 10.3x 213 Information Services Group, Inc. United States 4.78 -4% 177.6 213.8 211.9 21.4 10.1% 1.6% 1.0x 10.0x Navigant Consulting Inc. United States 14.87 -18% 717.3 894.0 792.7 122.7 15.5% 9.1% 1.1x 7.3x 211 ICF International Inc. United States 34.86 -20% 680.6 1,050.9 1,078.6 95.6 8.9% 12.3% 1.0x 11.0x 216 233 Huron Consulting Group Inc. * United States 70.09 -11% 1,471.4 1,963.1 788.5 127.5 16.2% 2.8% 2.5x 15.4x The Hackett Group, Inc. * United States 13.43 -5% 398.8 406.3 219.0 25.0 11.4% 9.0% 1.9x 16.2x 234 Towers Watson & Co. United States 125.80 -11% 8,707.0 8,167.2 3,635.7 714.0 19.6% 5.7% 2.2x 11.4x 235 245 Adjusted Weighted Average 2.0x 11.0x
Orange *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.8x)
241 HR Services 184 0 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 245 Automatic Data Processing, Inc. United States 80.23 -11% 37,669.9 35,844.1 12,792.5 2,740.4 21.4% 22.0% 2.8x 13.1x 232 Barrett Business Services Inc. United States 36.32 -43% 259.4 273.3 668.0 (46.3) NM 20.0% 0.4x NM 184 Capita plc United Kingdom 19.47 -3% 12,893.3 15,573.9 6,823.2 1,010.5 14.8% 12.4% 2.3x 15.4x DHI Group, Inc. United States 8.89 -23% 489.1 566.0 265.7 74.0 27.9% 18.8% 2.1x 7.6x Grey Edenred SA France 24.69 -18% 5,646.2 5,980.4 1,159.6 369.2 31.8% 0.8% 5.2x 16.2x Insperity, Inc. United States 50.90 -8% 1,298.2 1,040.7 2,420.3 85.2 3.5% 6.1% 0.4x 12.2x 138 138 LinkedIn Corporation * United States 206.63 -25% 26,028.0 23,596.4 2,383.3 240.2 10.1% 42.1% 9.9x 98.3x 138 Marsh & McLennan Companies, Inc. United States 56.70 -5% 30,527.7 33,403.7 12,902.0 2,755.0 21.4% 4.1% 2.6x 12.1x Monster Worldwide, Inc. United States 6.54 -7% 595.2 750.6 755.6 72.8 9.6% -4.8% 1.0x 10.3x 203 Paychex, Inc. United States 46.88 -9% 17,028.1 16,407.3 2,739.6 1,160.2 42.3% 8.8% 6.0x 14.1x 203 203 Professional Diversity Network LLC United States 2.07 -64% 30.2 26.2 21.1 (6.3) NM 385.0% 1.2x NM Towers Watson & Co. United States 125.80 -11% 8,707.0 8,167.2 3,635.7 714.0 19.6% 5.7% 2.2x 11.4x 221 TriNet Group, Inc. United States 25.35 -33% 1,779.9 2,190.3 2,310.2 165.9 7.2% 28.2% 0.9x 13.2x 221 WageWorks, Inc. United States 40.45 -38% 1,445.5 1,072.9 290.5 44.1 15.2% 28.7% 3.7x 24.3x 221 Adjusted Weighted Average 3.2x 13.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (45.5x)
34 | M&A and Investment Summary June 2015 Business Services Public Company Valuation (2/3) Blue
0 79 133 ($ in Millions, except stock price data)
122 IT Consulting/Systems Integration 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 96.78 -4% $ 60,403.8 $ 56,957.4 $ 30,936.8 $ 4,903.6 15.9% 5.5% 1.8x 11.6x 178 186 Amdocs Limited Channel Islands 54.59 -4% 8,440.6 7,148.1 3,611.6 700.0 19.4% 4.8% 2.0x 10.2x 213 Bechtle AG Germany 75.73 -11% 1,590.4 1,492.4 2,810.6 140.7 5.0% 11.5% 0.5x 10.6x Booz Allen Hamilton Holding Corporation United States 25.24 -19% 3,686.7 5,105.9 5,274.8 521.5 9.9% -3.7% 1.0x 9.8x 211 Broadridge Financial Solutions, Inc. United States 50.01 -10% 5,994.9 6,314.0 2,650.5 530.4 20.0% 4.5% 2.4x 11.9x 216 Business & Decision SA France 7.24 -3% 57.1 89.6 249.1 14.2 233 5.7% 2.4% 0.4x 6.3x Cap Gemini S.A. France 88.41 -7% 15,232.1 14,007.9 12,797.9 1,312.1 10.3% 4.8% 1.1x 10.7x 234 CGI Group, Inc. Canada 39.15 -15% 12,256.3 13,787.3 8,129.1 1,370.2 16.9% -0.8% 1.7x 10.1x 235 Cognizant Technology Solutions Corporation United States 61.09 -7% 37,296.5 35,021.7 10,751.8 2,162.1 20.1% 16.3% 3.3x 16.2x 245 Computer Sciences Corporation United States 65.64 -10% 9,048.5 9,647.5 12,173.0 1,087.0 8.9% -6.3% 0.8x 8.9x CSG Systems International Inc. United States 31.66 -3% 1,036.9 1,152.4 748.9 122.1 16.3% -0.8% 1.5x 9.4x Orange Digi International Inc. * United States 9.55 -11% 238.1 153.2 201.4 6.7 3.3% 4.1% 0.8x 22.9x Globant S.A. Luxembourg 30.43 -8% 1,028.4 959.6 211.0 29.8 241 * 14.1% 26.3% 4.5x 32.2x 184 International Business Machines Corporation United States 162.66 -17% 160,176.8 190,342.8 90,147.0 23,608.0 26.2% -7.3% 2.1x 8.1x 0 Infosys Ltd. India 15.48 -16% - - 8,711.0 2,476.0 28.4% 5.6% ITS Group France 7.06 -27% 54.0 59.8 225.7 12.2 5.4% 61.9% 0.3x 4.9x 245 NCI, Inc. United States 10.33 -21% 134.5 160.8 308.9 23.4 232 7.6% -6.4% 0.5x 6.9x 184 NTT Data Corporation Japan 43.74 -4% 12,270.4 13,980.9 12,599.5 1,924.4 15.3% 12.5% 1.1x 7.3x Perficient Inc. United States 19.24 -11% 681.8 742.9 453.1 60.4 13.3% 22.8% 1.6x 12.3x Grey Tata Consultancy Services Limited India 40.10 -10% - - 15,140.1 3,916.1 25.9% 15.7% Wipro Ltd. India 8.55 -20% 20,984.7 18,294.0 7,510.9 1,673.3 22.3% 8.1% 2.4x 10.9x 138 138 Adjusted Weighted Average 2.1x 10.1x 138
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.5x) 203 203 ($ in Millions, except stock price data) 203 Outsourced Services 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 221 AMREP Corporation * United States $5.10 -27% $ 41.1 $ 44.5 $ 79.4 $ 2.7 3.4% 4.3% 0.6x 16.4x Cenveo Inc. United States 2.12 -45% 143.9 1,382.2 1,934.0 140.7 7.3% 4.6% 0.7x 9.8x Communisis plc United Kingdom 0.73 -33% 151.6 208.4 534.6 35.4 6.6% 27.0% 0.4x 5.9x Cineplex Inc. * Canada 37.68 -7% 2,376.9 2,685.6 982.8 162.3 16.5% 3.4% 2.7x 16.5x Contax Participacoes S.A. Brazil 0.31 -71% 116.1 440.5 1,074.6 116.7 10.9% -4.0% 0.4x 3.8x Convergys Corporation United States 25.49 -4% 2,519.2 2,671.6 2,990.3 373.8 12.5% 38.5% 0.9x 7.1x Elanders AB Sweden 4.86 -25% 129.0 242.8 450.4 36.0 8.0% 58.4% 0.5x 6.7x Eniro AB Sweden 0.14 -98% 58.0 345.1 332.1 59.1 17.8% -17.5% 1.0x 5.8x Exlservice Holdings, Inc. * United States 34.58 -12% 1,151.5 1,067.0 521.0 61.0 11.7% 7.6% 2.0x 17.5x Firstsource Solutions Limited India 0.47 -33% 311.2 403.0 480.4 59.9 12.5% -3.3% 0.8x 6.7x Genpact Limited Bermuda 21.33 -10% 4,667.0 5,021.4 2,338.4 374.4 16.0% 8.4% 2.1x 13.4x InnerWorkings Inc. * United States 6.67 -29% 355.7 452.4 1,000.7 29.7 3.0% 7.9% 0.5x 15.3x
35 | M&A and Investment Summary June 2015 Business Services Public Company Valuation (3/3) Blue
0 79 133 ($ in Millions, except stock price data)
122 Outsourced Services (Contd.) 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 06/30/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Luxoft Holding, Inc. * SwitzerlandSwitzerland 56.55 -6% $ 1,857.7 $ 1,813.5 $ 520.5 $ 93.7 18.0% 30.7% 3.5x 19.3x 178 186 MAXIMUS, Inc. * United States 65.73 -5% 4,331.1 4,217.4 1,804.1 278.0 15.4% 15.3% 2.3x 15.2x 213 Quad/Graphics, Inc. United States 18.51 -23% 917.4 2,357.3 4,867.6 541.2 11.1% 2.1% 0.5x 4.4x Quintiles Transnational Holdings Inc. United States 72.61 -2% 8,876.9 10,404.0 4,190.5 727.8 17.4% 7.8% 2.5x 14.3x 211 R.R. Donnelley & Sons Company United States 17.43 -14% 3,635.9 7,017.2 11,675.7 1,088.1 9.3% 10.0% 0.6x 6.4x 216 Salmat Limited Australia 0.55 -64% 88.2 79.6 388.0 6.4 233 1.6% 3.9% 0.2x 12.5x Serco Group plc United Kingdom 1.86 -68% 2,018.7 3,033.8 6,163.8 (960.3) NM -7.7% 0.5x NM 234 St Ives plc United Kingdom 2.83 -19% 369.7 437.3 507.4 59.0 11.6% 4.5% 0.9x 7.4x 235 StarTek, Inc. United States 5.90 -42% 91.6 104.9 250.5 8.4 3.4% 4.1% 0.4x 12.5x 245 Sykes Enterprises, Incorporated United States 24.25 -7% 1,051.7 911.6 1,326.8 145.5 11.0% 3.1% 0.7x 6.3x Teleperformance S.A. France 70.59 -10% 4,033.3 4,495.6 3,338.4 428.5 12.8% 13.4% 1.3x 10.5x Orange TeleTech Holdings Inc. United States 27.08 -9% 1,311.9 1,384.7 1,265.1 161.0 12.7% 4.8% 1.1x 8.6x Trans Cosmos, Inc. Japan 26.66 -5% 1,096.6 856.5 1,660.0 93.3 241 5.6% 6.8% 0.5x 9.2x 184 Transcontinental Inc. Canada 12.33 -21% 960.7 1,269.1 1,726.2 324.7 18.8% 3.9% 0.7x 3.9x 0 Cimpress N.V. Netherlands 84.16 -8% 2,760.8 3,133.3 1,451.9 216.9 14.9% 19.8% 2.2x 14.4x West Corporation United States 30.10 -16% 2,483.8 5,800.6 2,248.9 649.5 28.9% 12.7% 2.6x 8.9x 245 Xchanging plc United Kingdom 1.89 -37% 467.0 477.5 893.8 92.9 232 10.4% -16.4% 0.5x 5.1x 184 Adjusted Weighted Average 1.4x 10.9x
Grey *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.1x) 138 138 138
203 203 203
221 221 221
36 | M&A and Investment Summary June 2015 PPLLC Indices Valuation Summary Blue 0 79 133
122 Current Summary Trading Valuation Information 141 181 Revenue Multiples 178 Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* 186 213 Digital Media/Commerce 3.8x 2.2x 7.9x 4.3x Digital Advertising 3.7x 2.3x 8.8x 4.4x 211 216 Marketing Technology 233 4.7x 3.7x 4.7x 4.4x Agency 1.4x 1.3x 1.8x 1.7x 234 235 Marketing Services 1.5x 0.9x 3.4x 2.1x 245 Traditional Media 2.7x 2.5x 3.4x 3.3x
Orange Software 5.8x 4.6x 5.0x 4.5x
241 Information 3.9x 3.7x 4.6x 4.3x 184 0 Business Services 1.3x 0.9x 2.6x 2.0x
245 232 EBITDA Multiples 184 Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*
Grey Digital Media/Commerce 21.8x 15.4x 28.3x 20.6x Digital Advertising 22.9x 14.5x 21.5x 22.2x 138 138 Marketing Technology 138 25.9x 18.2x 25.3x 14.1x Agency 12.7x 10.8x 10.2x 9.9x 203 203 Marketing Services 10.6x 9.9x 14.6x 10.6x 203 Traditional Media 17.0x 11.0x 12.4x 11.9x 221 Software 33.8x 17.1x 25.9x 14.3x 221 221 Information 19.1x 14.5x 16.8x 14.9x Business Services 12.3x 10.6x 18.0x 12.6x
As of close of business on 06/30/15
*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean
37 | M&A and Investment Summary June 2015 PPLLC Indices LTM Share Pricing Trends Blue
0 79 133 Digital Media/Commerce and Traditional Media Digital Advertising LTM Index Performance LTM Index Performance 150%
122 140% 140% • S&P 500 – 4.6 % 141 • S&P 500 – 4.6 % 181 130% 125% • Digital Advertising – -8.9 % 178 • Digital Media/Commerce – 120% 186 5.2% 213 110% 110% 211 • Traditional Media – 8.1% 100%
216 95% Index Performance (%) Performance Index 233 (%) Performance Index 90%
234 80% 80% 235 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 245 Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Orange Marketing Technology Agency & Marketing Services LTM Index Performance 150% LTM Index Performance 150% 241 184 140% 140% • S&P 500 – 4.6 % 0 • S&P 500 – 4.6 %
130% 130% 245 • Marketing Technology – 0.8 % • Agency – 2.3% 232 120% 120% 184 • 110% 110% Marketing Services – 4.6% Grey 100% 100%
138 90% Index Performance (%) Performance Index 138 (%) Performance Index 90% 138 80% Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 80% 203 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 203 Marketing Technology S&P 500 Index (^SPX) 203 Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance Information & Business Services 221 150% LTM Index Performance 150% 221 140% • S&P 500 – 4.6 % 221 • S&P 500 – 4.6 % 140% 130% • Software – 4.3 % 130% • 120% Information – 8.9 % 120% 110% • Business Services – 2.1 % 110% 100% 100%
Index Performance (%) Performance Index 90% 90%
80% (%) Performance Index Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 80% Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Software S&P 500 Index (^SPX) Note: LTM as of 6/30/2015 Information Business Services S&P 500 Index (^SPX) 38 | M&A and Investment Summary June 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Values Disclosed 186 213 Dealertrack Technologies, Inc. Marketing Technology Cox Automotive, Inc. $ 4,267.4 OpenDNS Software Cisco Systems, Inc. 635.0 211 AirMedia Group, Inc. Traditional Media Beijing Longde Wenchaung Management 338.3 216 Standard Register Company Business Services Taylor Corporation 306.7 233 Martha Stewart Living Omnimedia, Inc. Traditional Media Sequential Brands Group, Inc. 299.9 Acision BV Marketing Technology Comverse, Inc. 210.2 234 235 Domob Network Technology (Beijing) Co., Ltd. Digital Advertising BlueFocus Communication Group Co., Ltd. 178.0 245 6 Wunderkinder GmbH Digital Media/Commerce Microsoft Corporation 150.0 Geeknet, Inc. Digital Media/Commerce GameStop, Inc. 96.7 Orange Twofour Group Traditional Media ITV plc 87.0 Software Innovation Marketing Technology Tieto Oyj 77.8 241 184 Madhouse Inc. Digital Advertising BlueFocus Communication Group Co., Ltd. 71.2 0 Grupo Expansión Traditional Media Nacer Group 65.0 ComFree/DuProprio Network Digital Advertising Yellow Pages Group 50.0 245 Indatus ICIM Corp., Select Assets Software RealPage, Inc. 49.0 232 184 The Columbus Dispatch Traditional Media New Media Investment Group, Inc. 47.0 Orga Systems GmbH Software Redknee Solutions, Inc. 43.0 Marketing Software Company LLC Agency & Marketing Services Valid USA 41.2 Grey Treatwell Holding BV Digital Media/Commerce Wahanda 38.0 138 Track Holdings BV Marketing Technology Crowd Mobile Limited 29.8 138 Architectural Record Traditional Media BNP Media, Inc. 26.0 138 IdMlogic Ltd. Software CA Technologies 25.0 IBM's Emptoris Rivermine Telecom Expense Management Software Tangoe, Inc. 22.0 203 203 Sparkflow Digital Advertising Undertone 20.0 203 SystemsUp Limited Business Services iomart Group 19.0 SharpSchool Marketing Technology West Corporation 19.0 221 nSense ApS Business Services F-Secure Corporation 16.5 221 221 Maplesoft Group Business Services SOMOS Consulting Group Ltd. 15.7 ProSoft Technology Group, Inc. Software Kellton Tech Solutions Ltd. 14.0 Hip Digital Media, Inc. Agency & Marketing Services Snipp Interactive, Inc. 8.7 Reef Television, Inc. Traditional Media Ten Alps PLC 7.9 Piraeus Consulting LLC Business Services Beyondsoft Corporation 7.5 Marmar Media Ltd. Digital Advertising XLMedia PLC 7.4 InsureLinx Software Patriot National, Inc. 6.0 Maxifier, Inc. Marketing Technology cXense ASA 6.0 Realty Business Intelligence Pvt. Ltd. Marketing Technology Housing.com 4.0 TransGaming, Inc. Digital Media/Commerce NVIDIA Corporation 3.8
39 | M&A and Investment Summary June 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 213 LRA Worldwide Agency & Marketing Services Deloitte Development LLC $ - SET Management LLC Agency & Marketing Services WPP Group -
211 Adyim Agency & Marketing Services Yello Mobile - 216 Tocquigny Agency & Marketing Services Archer Malmo, Inc. - 233 Javelin Group Agency & Marketing Services Accenture plc - Just:: Health Communications Agency & Marketing Services Havas - 234 235 Control Group Agency & Marketing Services Google, Inc. - 245 HY Connect, Inc. Agency & Marketing Services Myelin Communications - Dodge Communications, Inc. Agency & Marketing Services Myelin Communications - Orange Chemistry Media Ltd. Agency & Marketing Services WPP Group - Domani Studios LLC Agency & Marketing Services Publicis Groupe S.A. - 241 Orci Advertising Agency & Marketing Services The CHR Group - 184 0 eCommera Ltd. Agency & Marketing Services Dentsu Aegis Network, Inc. - Brand Cool Marketing, Inc. Agency & Marketing Services Butler/Till - 245 Achievers Corp. Agency & Marketing Services Blackhawk Network, Inc. - 232 184 Crazy Horse Brand Response Ltd Agency & Marketing Services Blue Logic Digital - Booming GmbH Agency & Marketing Services Blackwood Seven A/S - DuFour Advertising Agency & Marketing Services JGSullivan Interactive, Inc. - Grey Flexmedia Co., Ltd. Agency & Marketing Services Dentsu Aegis Network, Inc. - 138 The Townsend Group, Inc. Agency & Marketing Services SmithBucklin Corporation - 138 Match Media Agency & Marketing Services Blue 449 Network - 138 Digital Kitchen Agency & Marketing Services Hakuhodo DY Holdings Incorporated - Graycon Group, Inc. Business Services Ricoh Canada, Inc. - 203 203 MagicInk Interactive LLC Business Services Panasonic Corporation - 203 Stalwart Systems Group, Inc. Business Services North State Telephone Company - ROI Companies Business Services Bolder Healthcare Solutions - 221 WeDeliver, Inc. Business Services Deliv, Inc. - 221 221 Market Motive, Inc. Business Services Simplilearn Solutions Pvt. Ltd. - Popforms Business Services Safari Books Online, LLC - Clintara Business Services Bracket - NSource IT Business Services Hilltop Consultants, Inc. - Catapult International Business Services The Emirates Group - MODA Business Services PFSweb, Inc. - Emergency Certifications, Inc. Business Services Career Step LLC - TMGovU Business Services GovLoop, Inc. - Hubwoo Business Services Perfect Commerce LLC - Global Networkers, Inc. Business Services Bcforward - Carlisle & Gallagher Consulting Group Business Services NTT DATA, Inc. - Welocalize, Inc. Business Services Norwest Venture Partners - Walz Group, Inc. Business Services LenderLive Network, Inc. - Greythorn Pty. Ltd. Business Services ManpowerGroup - Prizeo LLC Digital Advertising Chideo LLC - 40 | M&A and Investment Summary June 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 Venuelabs Digital Advertising Groupon, Inc. $ - 213 Phantom Shoppers LLC Digital Advertising EMG3 -
211 Martini Media Network Digital Advertising Evolve Media, LLC - 216 Real Media Latin America Digital Advertising AppNexus, Inc. - 233 PriceGrabber.com, LLC Digital Advertising Connexity, Inc. - Easyvoyage.com, Inc. Digital Advertising Webedia SAS - 234 235 ZipQuote Digital Advertising Underground Elephant - 245 Universe Digital Advertising Ticketmaster Entertainment, Inc. - Front Gate Ticketing Solutions LLC Digital Advertising Ticketmaster Entertainment, Inc. - Orange GayWeddings.com Digital Advertising WeddingWire, Inc. - Ad Performance AB Digital Advertising Quantcast Corporation - 241 HipCricket, Inc. Digital Advertising Aurea, Inc. - 184 0 11 Main Digital Media/Commerce OpenSky - RocketPlay Digital Media/Commerce American Gaming Systems - 245 Intridea, Inc. Digital Media/Commerce Mobomo LLC - 232 Flavour Digital Media/Commerce Tasting Table - 184 RaceFansTV Limited Digital Media/Commerce Motorsport.com, Inc. - ZenSoon Digital Media/Commerce Wahanda - Grey DeliveRex Digital Media/Commerce Just-Eat plc - 138 Snapguide Digital Media/Commerce Brit + Co. - 138 Zamurai Corporation Digital Media/Commerce LogMeIn - 138 Serious Eats Digital Media/Commerce Fexy Media, Inc. - Totalrace.com.br Digital Media/Commerce Motorsport.com, Inc. - 203 203 Tempo AI, Inc. Digital Media/Commerce Salesforce.com - 203 Electronic Commerce, Inc. Information Frontier Capital, LLC - TopQ Software Ltd. Information eVestment Alliance, LLC - 221 Financial Webworks Information Asset International, Inc. - 221 221 Nativ Limited Marketing Technology Ooyala, Inc. - Wisemetrics SAS Marketing Technology Augure SA - Brightstep AB Marketing Technology Accenture plc - Bluestreak Technology, Inc. Marketing Technology Espial Group, Inc. - Korbitec Pty. Ltd. Marketing Technology LexisNexis Group - HelpIQ.com Marketing Technology ProProfs.com - Agawi, Inc. Marketing Technology Google, Inc. - Conclusive Analytics Marketing Technology Marketing Associates, LLC - Bolzter Marketing Technology Gravity4, Inc. - Velos, Inc. Marketing Technology AOL, Inc. - Fosbury B.V. Marketing Technology Verve Mobile, Inc. - Verivo Software Marketing Technology Appery LLC - Visible World, Inc. Marketing Technology Comcast Corporation - ATLAS Technology Group, Inc. Marketing Technology Advantage Sales & Marketing, LLC - mPortal, Inc. Marketing Technology Broadsoft, Inc. - 41 | M&A and Investment Summary June 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 213 Otterology LLC Marketing Technology Shopventory, Inc. $ - newBrandAnalytics Marketing Technology Sprinklr -
211 Pulse.io, Inc. Marketing Technology Google, Inc. - 216 Attribo Technologies Pvt. Ltd. Software Cloudability, Inc. - 233 BugBuster SA Software AppDynamics - iNovasion Software Tagetik Software srl - 234 235 Community Techknowledge, Inc. Software Social Solutions, Inc. - 245 Kooby LLP Software Inventus Solutions, Inc. - Glip, Inc. Software RingCentral, Inc. - Orange Altaven SAS Software Cegid Group SA - Sunstone Analytics Software CEB, Inc. - 241 QQ Solutions, Inc. Software Vertafore, Inc. - 184 0 Whetlab Software Twitter, Inc. - Medsight Solutions Software ArisGlobal LLC - 245 MedNet Technologies Software Advice Media LLC - 232 184 Keynote Systems, Inc. Software Dynatrace LLC - VAT Applications N.V. Software Avalara, Inc. - 9Slides, Inc. Software Limeade, Inc. - Grey Letsgomo Labs LLP Software Snapdeal.com - 138 Convirture Software Accelerite - 138 Kiiro Software, Inc. Software Versatile Communications, Inc. - 138 Objective Logistics, Inc. Software Bit9, Inc. - CRW Systems, Inc. Software SunGard Public Sector - 203 203 FLEX Discovery Software HaystackID LLC - 203 Vision Software Solutions Software Aptean, Inc. - Productive Scheduling Solutions Software Kronos Incorporated - 221 Engreen, Inc. Software ViaSat, Inc. - 221 221 BlueStripe Software, Inc. Software Microsoft Corporation - NumberCop LLC Software WhitePages.com - Reflexion Networks, Inc. Software Sophos Ltd. - Multipost Ltd. Software ACCEO Solutions, Inc. - Gear Design Solutions, Inc. Software ANSYS, Inc. - Three Rivers Systems, Inc. Software Unit4 N.V. - Asynchrony Labs Software World Wide Technology, Inc. - AlumniFidelity, Inc. Software Overture Technologies - SirenGPS Emergency Management Software as a Service Software HDS International Corporation - Grid-Tools Limited Software CA Technologies - SkyView Partners, Inc. Software HelpSystems, LLC - TigerTMS Ltd. Software Mitel Networks Corporation - Piston Cloud Computing, Inc. Software Cisco Systems, Inc. - Information Mosaic Ltd. Software Markit Group Limited - Cogency Software, Inc. Software Backstop Solutions Group - 42 | M&A and Investment Summary June 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Strategic Transactions 141 Target Target Segment Buyer/Investor Reported TV 181 Strategic Undisclosed 178 186 Eztax, Inc. Software Avalara, Inc. $ - 213 Merrill Corporation, Legal Solutions Software DTI - Maney Publishing Traditional Media Taylor & Francis Group - 211 Print Media LLC Traditional Media Print Media LLC - 216 233 Titan Outdoor LLC Traditional Media Google, Inc. - Patient Safety and Quality Healthcare Traditional Media Business & Legal Resources - 234 Bread & Butter Tradeshow GmbH & Co.KG Traditional Media Zalando SE - 235 Beyond Sports & Entertainment Traditional Media Creative Artists Agency - 245 Goviva Traditional Media Creative Artists Agency - Northside Media Group LLC Traditional Media Zealot Networks, Inc. - Orange Hospitalar Traditional Media UBM plc - 241 Mammoth Screen Limited Traditional Media ITV plc - 184 The Dispatch Printing Company Traditional Media New Media Investment Group, Inc. - 0 Global Gaming Network, Inc. Traditional Media Innovativ Media Group - Texas-New Mexico Newspapers Partnership Traditional Media Gannett Company, Inc. - 245 232 Dwell on Design Traditional Media Informa PLC - 184 Pion Limited Traditional Media SAGE Publications Ltd. - Boomerang TV S.A. Traditional Media Lagardere Active - Grey
138 138 138
203 203 203
221 221 221
43 | M&A and Investment Summary June 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Buyout Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Buyout Deals 178 Values Disclosed 186 MediaOcean, Inc. Marketing Technology Vista Equity Partners $ 720.0 213 Cast & Crew Entertainment Services, LLC Business Services Silver Lake Partners 700.0 China Mobile Games and Entertainment Group Limited Digital Media/Commerce Pegasus Investment Holdings 650.1 211 216 PowerSchool Business Services Vista Equity Partners 350.0 233
234 Target Target Segment Buyer/Investor Reported TV 235 245 Buyout Deals Undisclosed Orange GlynnDevins Agency & Marketing Services Falfurrias Capital Partners $ - Advanced Medical Personnel Services Business Services Clearview Capital, LLC - 241 McKesson Care Management Business Business Services Comvest Partners - 184 0 Paradigm Outcomes Business Services Summit Partners LP - SterlingBackcheck Business Services Goldman Sachs Merchant Banking - 245 Chal-Tec GmbH Digital Media/Commerce Ardian SA - 232 Fourth Ltd. Information Insight Venture Partners - 184 Corporate Visions, Inc. Marketing Technology Sentinel Capital Partners, L.P. - Semantix AB Marketing Technology Segulah Advisor AB - Grey ClusterSeven Ltd. Software Azini Capital Partners LLP - Contractor Management Services LLC Software Riverside Partners LLC - 138 138 CyberGrants, Inc. Software Waud Capital Partners, L.L.C. - 138 Emergency Communications Network LLC Software Veritas Capital - International Business Systems AB Software Marlin Equity Partners - 203 MRI Software LLC Software GI Partners - 203 203 Resolution1 Security, Inc. Software Marlin Equity Partners -
221 221 221
44 | M&A and Investment Summary June 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Airbnb, Inc. Digital Media/Commerce Tiger Global Management, LLC $ 1,500.0 Coupang.com Digital Media/Commerce SoftBank Corporation 1,000.0
211 Spotify Ltd. Digital Media/Commerce Goldman Sachs Merchant Banking 526.0 216 Qunar.com, Inc. Digital Advertising Silver Lake Partners 500.0 233 Tujia.com Digital Media/Commerce Ctrip.com International, Ltd. 250.0 Shanghai Media Group Information Alibaba Group Holding Ltd. 194.0 234 235 Credit Karma, Inc. Digital Advertising Tiger Global Management, LLC 175.0 245 PropertyGuru Group Digital Media/Commerce TPG Capital 175.0 OneSource Virtual Business Services Technology Crossover Ventures 150.0 Orange Blue Apron, Inc. Digital Media/Commerce FMR LLC 135.0 Purch Digital Advertising Canso Investment Counsel 135.0 241 Ecom Express Private Limited Business Services Warburg Pincus LLC 130.0 184 0 Bond Street Marketplace, Inc. Digital Media/Commerce Spark Capital 110.0 Delivery Hero Holding GmbH Digital Media/Commerce Undisclosed 110.0 245 Checkmarx, Inc. Software Insight Venture Partners 84.0 232 184 Postmates, Inc. Business Services Tiger Global Management, LLC 80.0 Coupa Software, Inc. Software T. Rowe Price Group, Inc. 80.0 Sumo Logic Business Services Sequoia Capital 80.0 Grey Adaptive Planning Software Bessemer Venture Partners 75.0 138 Dollar Shave Club, Inc. Digital Media/Commerce Technology Crossover Ventures 75.0 138 Wahanda Digital Media/Commerce Recruit Holdings Co., Ltd. 73.0 138 Conga Marketing Technology Insight Venture Partners 70.0 Udemy, Inc. Business Services Stripes Group 65.0 203 203 Believe Digital Traditional Media Technology Crossover Ventures 60.0 203 Casper Sleep, Inc. Digital Media/Commerce New Enterprise Associates 55.0 MapBox, Inc. Software Draper Fisher Jurvetson 53.0 221 Layer3 TV, Inc. Business Services Evolution Media Growth Capital 51.0 221 221 MDLIVE, Inc. Information Bedford Funding 50.0 Doctor on Demand, Inc. Software Tenaya Capital 50.0 HomeLane.com Digital Media/Commerce Sequoia Capital 50.0 PillPack, Inc. Software Accel Partners 50.0 Namely, Inc. Marketing Technology Sequoia Capital 45.0 Duolingo, Inc. Digital Media/Commerce New Enterprise Associates 45.0 Snowflake Computing, Inc. Software Altimeter Capital Management 45.0 HireVue, Inc. Software Sequoia Capital 45.0 Onefinestay Digital Media/Commerce Intel Capital 40.0 Venafi, Inc. Software QuestMark Partners 39.0 Zap Group Ltd. Digital Media/Commerce Apax Partners, L.P. 38.0 Saama Technologies, Inc. Software Carrick Capital Partners, LLC 35.0 LiveIntent, Inc. Marketing Technology FTV Capital 32.5 Shapeways, Inc. Digital Media/Commerce Andreessen Horowitz 30.0 Guavus, Inc. Software Investor Growth Capital, Inc. 30.0 45 | M&A and Investment Summary June 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Matterport, Inc. Software QUALCOMM Ventures $ 30.0 BelezaNaWeb Digital Media/Commerce Undisclosed 30.0
211 Aledade, Inc. Software ARCH Venture Partners 30.0 216 Moula Money Pty. Ltd. Digital Media/Commerce Liberty Financial 30.0 233 Cyphort, Inc. Software Matrix Partners 30.0 Enigma Technologies, Inc. Marketing Technology New Enterprise Associates 28.2 234 235 Lattice Engines Marketing Technology New Enterprise Associates 28.0 245 Jimdo GmbH Software Spectrum Equity Investors, LP 28.0 LeadPages Marketing Technology Drive Capital, LLC. 27.0 Orange Tamr, Inc. Software Thomson Reuters 25.2 Qwilt, Inc. Digital Advertising Accel Partners 25.0 241 Curbside, Inc. Digital Media/Commerce Index Ventures 25.0 184 0 HackerOne, Inc. Software New Enterprise Associates 25.0 SQL Sentry LLC Software Mainsail Partners 25.0 245 WalkMe Ltd. Marketing Technology Greenspring Associates 25.0 232 184 Menlo Security Software Sutter Hill Ventures 25.0 EliteMedianet GmbH Digital Media/Commerce Oakley Capital Investments, Ltd. 24.7 Joyus, Inc. Digital Advertising Accel Partners 24.0 Grey BitSight Technologies Software Comcast Ventures 23.0 138 Tabbedout Marketing Technology New Enterprise Associates 21.5 138 Distil Networks, Inc. Software Bessemer Venture Partners 21.0 138 Jelli, Inc. Marketing Technology Relay Ventures 21.0 Brandtone Ltd. Digital Advertising Ares Capital Corporation 21.0 203 203 HomeHero, Inc. Digital Media/Commerce Social+Capital 20.0 203 Nativo, Inc. Marketing Technology Advance Vexeid Partners 20.0 Convirza Marketing Technology (Private Investors) 20.0 221 Zopper Digital Advertising Tiger Global Management, LLC 20.0 221 221 The Currency Cloud ltd. Digital Media/Commerce Sapphire Ventures, LLC 18.0 ServiceTitan, Inc. Marketing Technology Bessemer Venture Partners 18.0 Hedvig, Inc. Software True Ventures 18.0 Mic Network, Inc. Digital Media/Commerce Lightspeed Venture Partners 17.0 Swiggy Digital Media/Commerce Accel Partners 16.5 Miura Systems Limited Marketing Technology Draper Fisher Jurvetson 16.0 Songkick.com, Inc. Digital Media/Commerce Sequoia Capital 16.0 Redis Labs, Inc. Software Bain Capital Ventures 15.0 Indix Corporation Marketing Technology Nokia Growth Partners 15.0 Olapic, Inc. Marketing Technology Unilever Ventures 15.0 Envoy.co Marketing Technology Andreessen Horowitz 15.0 Yotpo, LTD. Marketing Technology Marker Financial Advisors LLC 15.0 Managed by Q, Inc. Marketing Technology RRE Ventures LLC 15.0 Cryptzone Software Kayne Partners 15.0 Cure Forward, Inc. Information AppleTree Advisors, Inc. 15.0 46 | M&A and Investment Summary June 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Lavu, Inc. Marketing Technology Aldrich Capital Partners $ 15.0 Talkdesk, Inc. Marketing Technology Draper Fisher Jurvetson 15.0 211 TaskUs, LLC Business Services Navegar 15.0 216 CounterTack, Inc. Software Ten Eleven Ventures 15.0 233 eFileCabinet, Inc. Software Allegis Capital 14.0 Yesware, Inc. Marketing Technology Google Ventures 13.3 234 235 Carena, Inc. Information Cambia Health Solutions, Inc. 13.3 245 Cureatr, Inc. Marketing Technology Deerfield Management Company, L.P. 13.0 FANS Entertainment, Inc. Digital Advertising Optimal Payments Plc. 13.0 Orange Barkly Protects, Inc. Software New Enterprise Associates 12.5 Studitemps GmbH Business Services Iris Capital 12.4 241 184 Kentik, Inc. Marketing Technology First Round Capital 12.1 0 Velocity Mobile Limited Digital Media/Commerce (Private Investors) 12.0 Zimmber.com Digital Media/Commerce (Private Investors) 12.0 245 Personali.com Marketing Technology Norwest Venture Partners 12.0 232 184 AbilTo LLC Information HLM Venture Partners 12.0 Yieldify Ltd. Digital Advertising Google Ventures 11.5 Arcadia Data, Inc. Marketing Technology Intel Capital 11.5 Grey Flytxt B.V. Marketing Technology Sunrise Capital Partners 11.0 138 Fetchr Business Services New Enterprise Associates 11.0 138 Luxury Retreats Digital Advertising iNovia Capital 11.0 138 Soundtrack Your Brand Sweden AB Digital Media/Commerce TeliaSonera AB 10.9 Sikka Software Corporation Software OrbiMed Advisors LLC 10.5 203 203 TripleLift, Inc. Marketing Technology Edison Partners 10.5 203 Sano Intelligence, Inc. Digital Media/Commerce True Ventures 10.3 SkyKick, Inc. Software (Private Investors) 10.0 221 UrbanClap Technologies India Pvt. Ltd. Digital Media/Commerce Accel Partners 10.0 221 221 Mainframe2, Inc. Software Columbus Nova Technology Partners 10.0 Roadrunnr Digital Media/Commerce Sequoia Capital 10.0 Mayvenn, Inc. Digital Media/Commerce Andreessen Horowitz 10.0 Sourcepoint USA, Inc. Marketing Technology Accel Partners 10.0 Tracxn.com Marketing Technology (Private Investors) 10.0 Fuse Universal Business Services Education Growth Partners 10.0 Philo, Inc. Digital Advertising New Enterprise Associates 10.0 enSilo Ltd. Software Lightspeed Venture Partners 10.0 GoGoVan Digital Media/Commerce (Private Investors) 10.0 APX Labs, LLC Software New Enterprise Associates 10.0 Rancher Labs, Inc. Software Mayfield Fund 10.0 The Players' Tribune, Inc. Digital Media/Commerce New Enterprise Associates 9.5 Auth0, Inc. Software Bessemer Venture Partners 9.3 Qinec Ltd. Software Amadeus Capital Partners Limited 9.2
47 | M&A and Investment Summary June 2015 All Segments
Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed NowSecure, Inc. Marketing Technology Baird Capital Partners $ 12.5 Hinge Digital Media/Commerce Shasta Ventures 12.0 Forward Networks, Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobile Digital Advertising Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Silverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capital Management 10.8 CellTrust Corporation Digital Advertising Kayne Partners 10.5 Connect Software Corporation Digital Media/Commerce Kinzon Capital 10.3 Predilytics, Inc. Software QUALCOMM Ventures 10.0 Playdots, Inc. Digital Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digital Media/Commerce Cultivation Capital 10.0 Narrative Science, Inc. Digital Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 ($ in Millions) Cloud Technology Partners, Inc. Technology & Communications Pritzker Group 9.1 Canvas Solutions, Inc. Digital Media/Commerce River Cities Capital Fund 9.0 ad2games Digital Advertising HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers, Inc. Information & Business Services GMO Venture Partners 8.5 Nok Nok Labs, Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digital Media/Commerce NeoPlux 8.0 P97 Networks, Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digital Media/Commerce Alven Capital Partners 8.0 Area 1 Security, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors) 8.0 MetaMind, Inc. Technology & Communications Khosla Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy
Zudy Technology & Communications Miami Stuff LLC 7.5 Kitchit, Inc. Digital Media/Commerce Javelin Venture Partners 7.5 MarketInvoice Digital Media/Commerce Northzone 7.5 DoveConviene SRL Digital Advertising 360 Capital Partners 7.3 Carwow Digital Advertising Balderton Capital 7.2 Oneview Healthcare Software (Private Investors) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digital Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5 Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Lostmy.name Ltd. Digital Media/Commerce Google Ventures $ 9.0 VenueNext, Inc. Marketing Technology Causeway Media Partners 9.0
211 CropX Ltd. Marketing Technology Innovation Endeavors LLC 9.0 216 The Food Assembly Digital Advertising Union Square Ventures 9.0 233 ANSR Consulting India Private Limited Business Services Accel Partners 9.0 FullStory Marketing Technology Kleiner Perkins Caufield & Byers 9.0 234 235 Mirror.co Software Battery Ventures 8.8 245 Portworx, Inc. Software Mayfield Fund 8.5 Jethrodata, Inc. Software Pitango Venture Capital 8.1 Orange Canopy Tax, Inc. Software New Enterprise Associates 8.0 Artesian Solutions Marketing Technology Octopus Investments Limited 8.0 241 VideoBlocks.com Digital Advertising North Atlantic Capital Corporation 8.0 184 0 Informed Data Systems, Inc. Information RRE Ventures LLC 8.0 S4M Group Marketing Technology Entrepreneur Venture 8.0 245 Framebridge, Inc. Digital Media/Commerce New Enterprise Associates 7.7 232 184 Airtable Software CRV 7.6 Sqream Technologies Software Blumberg Capital 7.4 Unikrn, Inc. Digital Media/Commerce Advancit Capital 7.0 Grey AtScale, Inc. Marketing Technology AME Cloud Ventures 7.0 138 Signifyd, Inc. Software Tekton Ventures 7.0 138 Dropoff, Inc. Business Services Greycroft Partners 7.0 138 Sketchfab, SAS Marketing Technology FirstMark Capital 7.0 Descomplica Business Services Amadeus Capital Partners Limited 7.0 203 203 Colabo, Inc. Marketing Technology The Hive 7.0 203 Preact, Inc. Marketing Technology Trinity Ventures 7.0 Vox Mobile Software Edison Partners 6.7 221 Blithe Computer Systems Limited Information 6PM plc 6.5 221 221 Car Lister Digital Media/Commerce (Private Investors) 6.5 Zumper, Inc. Digital Advertising Kleiner Perkins Caufield & Byers 6.4 Blend Systems, Inc. Digital Media/Commerce New Enterprise Associates 6.3 MangoPlate Digital Advertising QUALCOMM Ventures 6.1 Smallable SAS Digital Media/Commerce Alven Capital Partners 6.1 Zinka Logistics Solutions Pvt. Ltd. Business Services Accel Partners 6.0 Komprise, Inc. Software Canaan Partners 6.0 Connectifer, Inc. Software True Ventures 6.0 Springbot, Inc. Marketing Technology TTV Capital 6.0 LawnStarter, Inc. Digital Media/Commerce Binary Capital 6.0 hipages Group Digital Advertising (Private Investors) 6.0 SimplyInsured, Inc. Information Bessemer Venture Partners 5.9 HR Path Business Services Ardian SA 5.7 Juniqe.com Digital Media/Commerce Vorwerk & Co. KG 5.6 Resfeber Labs Private Limited Business Services Sequoia Capital 5.5 48 | M&A and Investment Summary June 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Soomla, Inc. Digital Advertising Undisclosed $ 5.5 Bloom That, Inc. Digital Media/Commerce First Round Capital 5.5
211 PolicyGenius, Inc. Digital Advertising Karlin Ventures, LLC 5.3 216 Celect, Inc. Marketing Technology August Capital Management 5.0 233 TextMaster Marketing Technology Serena Capital 5.0 Heal Business Services Slow Ventures 5.0 234 235 Belong Technologies India Private Limited Software Matrix Partners 5.0 245 Harvest Exchange Corporaton Digital Media/Commerce Highland Capital Management, L.P 5.0 QualMetrix, Inc. Software (Private Investors) 5.0 Orange Maker Media, Inc. Digital Media/Commerce Raine Ventures 5.0 illusive networks Software Team8 5.0 241 Cloapp Digital Media/Commerce (Private Investors) 5.0 184 0 Speexx Business Services Ventech 5.0 SportsLock Digital Media/Commerce Wicklow Capital 5.0 245 Zentera Systems, Inc. Software CDIB Venture Capital 4.9 232 184 Brazen Technologies, Inc. Software Osage Venture Partners 4.7 MentAd.com Ltd Marketing Technology Blumberg Capital 4.7 Blue Medora Software Michigan eLab 4.6 Grey Drippler Ltd. Digital Media/Commerce Titanium Investments 4.5 138 Radiant Entertainment, Inc. Digital Media/Commerce Andreessen Horowitz 4.5 138 Tesora Software General Catalyst Partners LLC 4.5 138 LightCyber, Inc. Software (Private Investors) 4.5 DataScience, Inc. Marketing Technology Greycroft Partners 4.5 203 203 Zypmedia, Inc. Digital Advertising Sinclair Broadcast Group, Inc. 4.4 203 Alert Media, Inc. Marketing Technology Silverton Partners 4.2 Are You A Human? Software Detroit Venture Partners, LLC 4.2 221 Housejoy.in Digital Media/Commerce Matrix Partners 4.0 221 221 Tech in Asia Digital Media/Commerce SB ISAT 4.0 Perspica Networks, Inc. Marketing Technology March Capital Partners 4.0 Ivideon LLC Digital Advertising (Private Investors) 4.0 Applect Learning Systems Pvt. Ltd. Business Services Info Edge (India) Limited 4.0 Parachute Home, Inc. Digital Media/Commerce Upfront Ventures 3.8 Pronoun, Inc. Marketing Technology Avalon Ventures 3.5 Unleashed Software Ltd. Software (Private Investors) 3.5 Rinse, Inc. Digital Media/Commerce Great Oaks Venture Capital 3.5 Whittl, Inc. Digital Advertising Origin Ventures 3.3 Minio, Inc. Software General Catalyst Partners LLC 3.3 Knyttan Limited Digital Media/Commerce Connect Ventures 3.2 Lyra Health, Inc. Information Castlight Health, Inc. 3.1 Holachef Hospitality Pvt. Ltd. Digital Media/Commerce Kalaari Capital 3.1 Inspirock, Inc. Digital Advertising MakeMyTrip Limited 3.0 Andela, Inc. Business Services Spark Capital 3.0 49 | M&A and Investment Summary June 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 DigitalGenius, Inc. Marketing Technology Metamorphic Ventures $ 3.0 Arrowlytics LLC Marketing Technology (Private Investors) 3.0
211 Digital Assess Ltd. Business Services (Private Investors) 3.0 216 Bricoprive.com Digital Media/Commerce Ardian SA 2.8 233 LaunchDarkly Software SoftTech VC, Inc. 2.6 AdHunter Ltd. Digital Advertising Index Ventures 2.5 234 235 Ralali.com Digital Media/Commerce Beenos 2.5 245 1World Online Digital Media/Commerce Altair Capital 2.5 STAND Technologies, Inc. Digital Media/Commerce Fresco Capital 2.3 Orange Verb, Inc. Marketing Technology Austin Ventures 2.3 HomeSuite Company Digital Media/Commerce Bessemer Venture Partners 2.3 241 Sense.ly Software Fenox Venture Capital 2.2 184 0 brightwheel Digital Media/Commerce RRE Ventures LLC 2.2 BankerBay Technologies Pte. Ltd. Software (Private Investors) 2.0 245 Appuri, Inc. Marketing Technology Divergent Ventures, LLC 2.0 232 184 DIDiT Labs Marketing Technology BRaVe Ventures 2.0 Visage, Inc. Marketing Technology Venture51 Capital Fund LLP 2.0 FACEIT LTD. Digital Media/Commerce United Ventures 2.0 Grey BLUERIDGE Analytics, Inc. Software Cultivation Capital 2.0 138 SigOpt, Inc. Software Andreessen Horowitz 2.0 138 Roomi, Inc. Digital Media/Commerce DCM Ventures 2.0 138 Booking Boss Pty. Ltd. Software Acequia Capital 2.0 Moonlighting LLC Digital Media/Commerce The McClatchy Company 1.9 203 203 Local ID Marketing Technology Crosscut Ventures 1.9 203 Playbasis Ltd. Digital Media/Commerce 500 Startups 1.8 Bright Funds, Inc. Digital Media/Commerce Bloomberg Beta 1.8 221 Vettery, Inc. Business Services (Private Investors) 1.7 221 221 Goodservice Labs Pvt. Ltd. Digital Media/Commerce Sequoia Capital 1.6 Bento Now Digital Media/Commerce Slow Ventures 1.5 Replicated, Inc. Software Founder Collective 1.5 FlashStock Technology, Inc. Marketing Technology (Private Investors) 1.5 Zane Benefits, Inc. Software Kickstarter, Inc. 1.5 Control Mobile, Inc. Marketing Technology Vanedge Capital 1.5 Yhat, Inc. Marketing Technology Contour Venture Partners 1.5 Winko Games SL Digital Media/Commerce Initial Capital 1.4 eWings.com GmbH Digital Advertising High-Tech Gründerfonds 1.3 FourKites, Inc. Business Services Hyde Park Venture Partners 1.3 Family Traveller Digital Media/Commerce (Private Investors) 1.2 Piethis.com Pte. Ltd. Digital Media/Commerce GREE Ventures, Inc. 1.2 Jott Messenger Digital Media/Commerce Lerer Hippeau Ventures 1.2 OpenBazaar Digital Media/Commerce Andreessen Horowitz 1.0 Vidooly Media Tech Pvt. Ltd. Marketing Technology Bessemer Venture Partners 1.0 50 | M&A and Investment Summary June 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Undisclosed 186 GoFundMe, Inc. Digital Media/Commerce Accel Partners $ - 213 Ministry of Games Oy Digital Media/Commerce Index Ventures - Supercell Digital Media/Commerce SoftBank Corporation - 211 216 VINO75 Digital Media/Commerce Club Digitale - 233 Dalia Research GmbH Marketing Technology Wellington Management Company - IRIS.TV Marketing Technology Progress Ventures - 234 235 Locent, Inc. Marketing Technology (Private Investors) - 245 Activate Healthcare, LLC Software Spring Mountain Capital, LP - Healthx, Inc. Software Silicon Valley Bank - Orange Qwinix Technologies, Inc. Software AMG - Rx30 Software GTCR, LLC - 241 ShoreGroup, Inc. Software Francisco Partners - 184 0 Spreemo LLC Software Pamplona Capital Management LLP -
245 232 184
Grey
138 138 138
203 203 203
221 221 221
51 | M&A and Investment Summary June 2015 Ranked #1 by Bloomberg for Mid-Market Internet & Advertising Transactions Blue
0 79 133 2014 Internet & Advertising 2011-2014 Internet & Advertising Rank Advisor 122 141 Deal Count Deal Count 181 1 Petsky Prunier 21 65 178 186 213 2 Goldman Sachs 17 50 211 216 233 3 Morgan Stanley 15 43
234 235 4 JP Morgan 14 31 245
Orange 5 Nomura Holdings 12 39
241 184 5 Ernst & Young 12 24 0
245 7 China Renaissance Partners 11 36 232 184 7 PwC 11 34 Grey
138 7 Deloitte 11 18 138 138 7 AGC Partners 11 30 203 203 203 11 GCA Savvian 10 41
221 221 221 Based on number of deals announced in 2011 – 2014 valued at $500 million or less. Internet and Advertising is defined by Bloomberg. . With 30 total transactions closed in 2014, and more than 80 transactions closed since 2011 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, ecommerce, and media industries and has significant momentum . 14 transactions completed in 2015 through April and multiple others under LOI . Two-thirds of transactions since 2011 were with strategic buyers; One-third with financial buyers
52 | M&A and Investment Summary June 2015
Petsky Prunier: Maximizing Shareholder Value
Blue
0 79 133 . Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information, 122 141 181 business services, and healthcare services industries
178 . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume 186 213 . Founded in 1999 211 216 . More than 50 focused professionals; growth of 40% since 2011 233
234 . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa 235 245 . Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders Orange . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services 241 184 0 . Global reach enhanced through our partnerships with investment bank Altium, which operates from nine offices across Europe, as well
245 as Allegro Advisors in three offices in India, and HINA Group in China 232 184 . Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer
Grey
138 138 138
203 203 203
221 221 . M&A Advisory and Sell-Side Representation . Advertising & Marketing . Business Current Situation Assessment and 221 . Privately-Owned Companies . eCommerce Profit Improvement Planning . Entrepreneur-Led Businesses . Digital Media . Opportunity Mapping: Strategic Planning & Development . Private Equity Portfolio Companies . Technology . Competitive Landscape Analysis . VC-Backed Companies . Information . M&A Transaction Due Diligence Support . Corporate Divestitures . Business Services . Buy-Side Targeting Criteria & Integration Strategy . Selected Buy-Side Engagements . Healthcare Services . Custom Market Research . Capital Raising and Private Placements . Publishing, Speaking, and Thought Leadership
53 | M&A and Investment Summary June 2015 Global Reach
Blue
0 79 Description Network 133
122 141 181 . In Europe, our partner Altium provides M&A and corporate
178 finance advisory services to companies, private equity firms, 186 213 and entrepreneurs
211 New York Palo Alto Frankfurt Munich 216 233 Las Vegas Chicago London Paris . Employee-owned and truly independent mid-market Boston Tampa Madrid Tel Aviv 234 235 financial advisory group. Manchester Zurich 245 Milan Orange . A leading advisor for more than 25 years, founded as 241 184 0 the corporate finance arm of private equity investor
245 Apax Partners 232 184
Grey . Altium operates 9 international offices in Europe and
138 has completed transactions across 12 countries in the 138 138 past five years 203 203 203 . In India, Allegro Advisors is a leading provider of investment 221 221 banking services to corporations and public institutions, with 221 offices in Bangalore, Mumbai, Delhi
. In China, The Mountain Capital Group provides investment Bangalore Beijing Delhi Shanghai banking and advisory services. The firm was recently Mumbai founded by a former executive of China International Capital Corporation (CICC) with prior experience at Goldman Sachs and Boston Consulting Group.
54 | M&A and Investment Summary June 2015 Representative Recent Transactions
Blue
0 79 133 $120,000,000 $74,000,000*
122 141 the leading eCommerce media network a portfolio company of in the U.S. the dominant, pure-play eCommerce the leader in strategic launch solutions 181 a leading next-generation digital strategy a fast-growing, direct-to-consumer a leading provider of software-based retailer of envelopes and related products for orphan and rare disease a big data marketing analytics and database and management consulting organization wine eCommerce company social media brand advocacy solutions has been sold to has been sold to pharmaceutical drugs technology and solutions company has received a significant has been sold to 178 Aperion Management has been sold to has been sold to has been sold to investment from has been sold to 186 and to 213
(NYSE EVDY) (NASDAQ: EXLS) (NASDAQ: ICLR) 211 216 233 *Approximate Value
234 235 $280,000,000* 245 a leading supplier of data on healthcare has sold professionals and administrator of one has sold a leading provider of performance-based a provider of outsourced digital campaign a leading provider of end-to-end a leading data-driven patient a global leader in quantitative data of the largest practitioner-level medical the leader in data-driven digital marketing programs to healthcare management for video, mobile, customer acquisition solutions to the Orange identification and engagement platform collection and reporting software systems claims databases in the U.S. advocacy campaigns professionals on behalf of leading display, and email insurance industry that provides its members access to pharmaceutical companies has been sold to has sold a majority stake to to has been sold to healthcare education, patient savings, 241 has been sold to has been sold to and other valuable programs has been sold to 184 a division of has been sold to 0 a portfolio company of (NYSE: OMC) (NYSE: RUK) (NYSE: EVDY) (NYSE: WTM) 245 232 184 *Approximate Enterprise Value
Grey $50,000,000 138 a disruptive, rapidly 138 a leading SaaS provider of social intelligence, a leading targeted direct marketing expanding marketplace for analytics, insights, and engagement a leading provider of marketing solutions insurance clicks, calls, and leads 138 one of the largest digital agencies specializing the leading film and television information, company that connects new movers a leading global SaaS-based the largest independent eCommerce in multi-channel content marketing solutions has been sold to to destinations, resorts, and other data, and related software company with local business tag management, data management, retailer of promotional products for the life sciences industry travel-related businesses has sold a majority stake to has been sold to has merged with an affiliate of and marketing attribution provider has been sold to has been recapitalized to support future has been sold to 203 which is being combined with has been sold to growth with significant debt financing 203 from 203 a division of both portfolio companies of and
(NASDAQ: CTSH) (NYSE: WTM) 221 221 221
a leading UK-based supplier of a premier global provider of SaaS-based healthcare software and IT services a leading SaaS-based, cross channel a technology company delivering highly online brand protection and campaign management platform targeted programmatic marketing a leading provider of transaction-based a portfolio company of domain recovery solutions a leading provider of online customer for B2C marketers a consumer enthusiast media one of the largest independent solutions using unstructured data media cost databases and software a portfolio company of and commerce company in-store media networks in the U.S for television, radio, and digital acquisition services to the advertising cost analysis insurance industry has been sold to has been sold to has received a $16MM Series B has been sold to investment led by has been sold to has been sold to has been sold to has been sold to
(AIM: EMIS) (NYSE: RATE) (Euronext Amsterdam: WKL)
55 | M&A and Investment Summary June 2015