Marketing, Media, Technology, and Service Industries M&A & April 2012 Investment Summary
Expertise. Commitment. Results. TABLE OF CONTENTS
Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 7 Additional Monthly M&A and Investment Activity Data 24 About Petsky Prunier 34
M&A & INVESTMENT SUMMARY APRIL 2012 2 MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES Transaction Distribution • A total of 275 deals worth approximately $11.2 billion were announced in April 2012 • Digital Media/Commerce was the most active segment with 92 transactions • Software & Information was the highest value segment worth approximately $5.3 billion • Strategic buyers announced 104 deals for approximately $6.9 billion (38% of total volume) • VC/Growth Capital investors announced 164 deals for approximately $2.5 billion • Buyout investors announced seven deals for approximately $1.8 billion APRIL 2012 BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 92 33% 2,660.2 24% 26 1,713.3 2 50.0 64 896.9 Marketing Technology 75 27% 1,523.1 14% 37 1,112.2 0 0.0 38 410.9 Software & Information 57 21% 5,251.7 47% 9 2,922.1 5 1,777.0 43 552.6 Agency/Consulting 22 8% 368.3 3% 16 263.5 0 0.0 6 104.8 Digital Advertising 15 5% 153.5 1% 6 46.7 0 0.0 9 106.8 Marketing Services 10 4% 141.3 1% 8 87.0 0 0.0 2 54.3 Out-of-Home & Specialty Media 4 1% 1,093.0 10% 2 765.0 0 0.0 2 328.0 Total 275 100% 11,191.1 100% 104 6,909.8 7 1,827.0 164 2,454.3 Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months 30.0 $26.4 27.0 24.0 $22.8 $19.5 21.0 $10.3 HPQ/ 18.0 $8.5 $14.9 AU 15.0 Skype/ $13.2 MSFT $11.1 $10.7 $11.5 $11.2 12.0 $9.9 9.0 $7.2 $6.5 6.0 $3.5 257 Value ($ in billions) in ($ Value 3.0 248 274 257 262 267 281 292 251 230 192 224 257 275 - Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12
M&A & INVESTMENT SUMMARY APRIL 2012 3 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING ($ in Millions)
Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency/Consulting Hyro Digital Agenc y KIT Digital, Inc . 14.5 22.9 (1.7) 0.6x NM Digital Media/Commerce AT&T Advertising Solutions and AT&T Interac tive Local Search Cerberus Capital Management, LP 1,415.1 3,300.0 (2,270.0) 0.4x NM Dre a ms , Inc . e Co mme rc e Fanatics, Inc. 183.0 141.7 5.5 1.3x 33.3 BlueKiwi Digital Promotion/Coupon Atos Origin S.A. 26.3 6.6 - 4.0x NA Nordic Betting Ga ming Unibet Group Plc 17.7 13.8 - 1.3x NA Marketing Technology Demandforce, Inc. CRM Intuit, Inc. 423.5 60.0 - 7.1x NA Synchronica Email/Messaging Software Myriad Group AG 38.0 18.0 - 2.1x NA Software & Information IBM's Retail Store Solutions Business ERP Software Toshiba Corp. 850.0 1,150.0 - 0.7x NA eResearchTechnology, Inc. HC-BioPharma Software Genstar Capital, LP 400.0 184.9 40.8 2.2x 9.8x MSDSonline ERP Software Internet Capital Group, Inc. 48.0 13.0 - 3.7x NA MU Dy na mic s Infrastruc ture Software Spirent Communic ations plc 40.0 9.5 - 4.2x NA Ideas International IT Gartner, Inc . 21.2 9.1 2.3 2.3x 9.2x
IPOs After Final Pricing* Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency/Consulting Acquity Group, Inc. Digital Agenc y IPO $254.0 $106.7 $19.4 2.4x 13.1x Digital Media/Commerce Yelp!, Inc Local Search IPO 879.5 83.3 (13.0) 10.6x NM Vipshop e Co mme rc e IPO 604.4 227.1 (105.1) 2.7x NM Cafepress.com e Co mme rc e IPO 289.4 175.5 16.4 1.6x 17.6x Marketing Technology Splunk, Inc. Marketing Technology IPO 1,543.4 121.0 (6.2) 12.8x NM Software & Information Infoblox Software & Information IPO 654.0 151.9 (0.3) 4.3x NM Proofpoint, Inc. Software & Information IPO 375.8 81.8 (11.8) 4.6x NM
* IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing
M&A & INVESTMENT SUMMARY APRIL 2012 4 SECURITIES IN REGISTRATION ($ in Millions)
Aggregate LTM Date Company Name Segment Offering Value Rev Adj. EBITDA
Apr-12 BlackStratus Software & Information $20.0 $9.2 NM
Apr-12 Palo Alto Networks, Inc. Software & Information 175.00 185.20 4.70
Apr-12 Service Now, Inc. Software & Information 150.00 128.10 4.20
Mar-12 Exponential Interactive, Inc. Digital Advertising 75.00 169.10 22.00
Mar-12 Gogo Technologies Software & Information 100.00 160.20 NM
Mar-12 Reval Holdings Software & Information 75.00 45.00 NM
Mar-12 Eloqua Corporation Marketing Technology 100.0 71.3 NM
Feb-12 AdChina Digital Advertising 100.00 50.00 NM
Feb-12 E2open Software & Information 86.30 60.80 6.00
Feb-12 Facebook Digital Media/Commerce 5,000.00 3,700.00 1,976.00
Feb-12 Cantor Entertainment Technology, Inc. Digital Media/Commerce 100.00 4.40 NM
M&A & INVESTMENT SUMMARY APRIL 2012 5 LTM IPO PERFORMANCE ($ in Millions)
Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Apr 30, 2012 1st Trading Day Apr-12 AQ Acquity Group United States $6.00-$8.00 $6.00 $5.77, down 4% 5.77 -69.7% Apr-12 ENVI Envivio, Inc. United States 10.00-12.00 9.00 8.49, down 6% 9.25 -51.4% Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 20.40 1.8% Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 33.95 78.4% Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 7.90 -58.5% Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 27.25 12.0% Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 27.01 7.6% Mar-12 MM Millennial Media, Inc. United States 11.00-13.00 13.00 25.00, up 92% 18.97 -24.1% Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 5.40 -1.8% Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 22.15 -1.1% Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 22.86 -7.0% Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 13.85 5.8% Feb-12 BV BazaarVoice, Inc. United States 8.00-12.00 12.00 16.51, up 31% 19.81 20.0% Feb-12 BCOV Brightcove, Inc. United States 10.00-12.00 11.00 15.15, up 36% 18.75 23.8% Feb-12 FX FX Alliance Inc. United States 13.50-15.50 12.00 14.74, up 15% 17.35 17.7%
Dec-11 JIVE Jive Softw are United States 8.00-10.00 12.00 15.05, up 25% 23.81 58.2%
Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 19.10 17.2%
Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 8.34 -12.3%
Nov-11 ANGI Angie's List, Inc. United States 11.00-13.00 13.00 16.26, up 25% 13.95 -14.2%
Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 10.71 -59.0%
Jul-11 Z Zillow, Inc. United States 12.00-14.00 20.00 35.77, up 79% 34.87 -2.5%
Jun-11 RATE Bankrate, Inc. United States 14.00-16.00 15.00 16.44, up 9.6% 23.42 42.5%
Jun-11 AWAY HomeAw ay United States 25.00 - 27.00 27.00 40.21, up 49% 26.05 -35.2%
Jun-11 P Pandora United States 10.00 - 12.00 17.42 17.42, down 13% 8.60 -50.6%
Jun-11 TAOM Taomee Holdings Ltd. China 9.00 - 11.00 9.00 8.23, down 8% 5.56 -32.4% May-11 LNKD LinkedIn Corp. United States 42.00 - 45.00 45.00 94.25, up 109% 108.45 15.1% May-11 FENG Phoenix New Media United States 12.00 - 14.00 14.00 18.01, up 29% 6.30 -65.0% May-11 RENN RenRen Inc. United States 12.00 - 14.00 25.00 38.84, up 55% 6.10 -84.3% May-11 DATE Jiayuan.com International China 10.00 - 12.00 11.00 10.52, down 4% 5.44 -48.3% May-11 NQ NetQin Mobile India 9.50 - 11.50 11.50 9.32, down 19% 11.63 24.8% May-11 ACTV The Active Network United States 16.00 - 18.00 15.00 15.9, up 6% 16.80 5.7% May-11 YNDX Yandex China 9.50 - 11.50 11.50 9.30, down 19% 23.72 155.1%
M&A & INVESTMENT SUMMARY APRIL 2012 6 DIGITAL ADVERTISING Transactions by Segment and Buyer Type
• Online Lead Generation was the most active and highest value segment with five announced transactions worth approximately $81 million • Select acquisitions › USADATA’s acquisition of Emailtastic.com, an email marketing services provider › Iconosys’ acquisition of Monster Offers, which operates a platform that collects and publishers daily deals › Adways’ acquisition of Search Mazimizer, a Thailand-based search marketing company • Select investments › The $10 million investment in Bizo, which operates an online ad network, led by Crosslink Capital, › The $8 million investment in iROKO Partners, an online media distribution company offering a videos and music streaming platform, from Tiger Global Management
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Online Lead Generation 5 33% 80.9 53% 2 15.7 0 0.0 3 65.2 Mobile Marketing 3 20% 18.6 12% 1 10.0 0 0.0 2 8.6 Ad Networks/Exchanges 2 13% 25.0 16% 1 15.0 0 0.0 1 10.0 Digital Video 2 13% 18.0 12% 0 0.0 0 0.0 2 18.0 Email Services 1 7% 3.0 2% 1 3.0 0 0.0 0 0.0 Game Advertising 1 7% 5.0 3% 0 0.0 0 0.0 1 5.0 Search Marketing 1 7% 3.0 2% 1 3.0 0 0.0 0 0.0 Total 15 100% 153.5 100% 6 46.7 0 0.0 9 106.8
M&A & INVESTMENT SUMMARY APRIL 2012 7 DIGITAL ADVERTISING PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $596.97 -11% $194,627.2 $154,718.2 $47,616.0 $7,707.0 $39,975.0 $14,796.0 37.0% 28.5% 3.9x 10.5x Microsoft Corporation United States 30.98 -6% 260,258.8 215,254.8 58,155.0 13,151.0 73,031.0 30,705.0 42.0% 6.4% 2.9x 7.0x
Bankrate, Inc. United States $20.07 -23% $2,006.7 $2,135.8 $64.5 193.7 $450.1 $133.3 29.6% 57.8% 4.7x 16.0x Constant Contact, Inc. United States 22.97 -29% 698.5 555.6 143.0 - 224.3 24.4 10.9% 21.4% 2.5x 22.8x eHealth, Inc. United States 17.00 -5% 332.0 215.8 116.2 - 151.2 17.5 11.6% -6.7% 1.4x 12.3x Hi-Media S.A. Franc e 2.74 -55% 124.0 164.5 23.3 62.1 298.7 26.2 8.8% 3.6% 0.6x 6.3x IAC/InterAc tiveCorp. United States 49.50 -6% 4,044.1 3,472.6 775.6 95.8 2,239.8 314.1 14.0% 30.3% 1.6x 11.1x InfoSpac e, Inc . United States 11.06 -20% 441.3 147.8 293.6 - 228.8 29.3 12.8% 6.8% 0.6x 5.0x Motric ity, Inc . United States 0.89 -92% 41.1 49.2 13.2 21.4 121.7 (9.4) NM -8.8% 0.4x NM OPT, Inc . Japan 1,191.71 -23% 175.3 17.4 173.8 8.9 790.9 19.5 2.5% 10.2% 0.0x 0.9x Pac ific Online Ltd. China 0.43 -29% 470.4 401.8 68.6 - 101.5 46.1 45.4% 25.9% 4.0x 8.7x QuinStreet, Inc. United States 8.20 -56% 370.3 363.0 115.4 108.2 378.9 63.5 16.8% -4.7% 1.0x 5.7x Responsys, Inc. United States 12.57 -31% 605.3 512.6 94.8 2.0 134.9 21.1 15.7% 43.4% 3.8x 24.3x Septeni Holdings Co Ltd Japan 978.91 -4% 123.2 89.6 59.2 15.0 461.5 15.9 3.5% 6.0% 0.2x 5.6x The Active Network, Inc. * United States 15.29 -35% 889.4 807.8 108.7 10.0 359.1 7.7 2.2% 24.2% 2.2x 104.5x TradeDoubler AB Sweden 2.86 -59% 122.2 79.5 42.4 - 380.6 21.0 5.5% -8.0% 0.2x 3.8x Tree.Com, Inc. United States 8.51 -5% 96.1 37.2 59.0 - 53.9 (16.7) NM -70.2% 0.7x NM Tudou Holdings Limited * China 36.01 -20% 1,039.4 914.3 138.3 13.2 81.2 (55.1) NM 78.9% 11.3x NM ValueClic k, Inc . United States 16.69 -24% 1,345.0 1,342.4 116.7 167.5 596.5 166.6 27.9% 32.1% 2.3x 8.1x Velti Plc Ireland 11.39 -43% 715.1 649.1 75.8 9.7 189.2 24.2 12.8% 62.7% 3.4x 26.8x Y andex N.V. * Netherlands 23.35 -44% 7,601.5 7,252.3 349.3 - 748.7 322.4 43.1% 56.8% 9.7x 22.5x Yahoo! Inc. United States 15.15 -20% 18,388.3 16,352.4 2,209.9 132.6 4,991.1 1,319.2 26.4% -16.0% 3.3x 12.4x
Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.7x) Low 0.0x 0.9x and EBITDA multiples that are 1.0 standard deviations above the mean (41.2x). Mean 2.7x 17.5x Median 1.9x 11.1x Note: Revenue and EBITDA multiples for Google and Mic rosoft exc luded from Summary Multiples. Weighted Avg 4.4x 16.3x Adj. W Avg* 2.9x 14.7x High 11.3x 104.5x
M&A & INVESTMENT SUMMARY APRIL 2012 8 AGENCY/CONSULTING Transactions by Segment and Buyer Type
• Digital Agency was the most active and highest value segment with 11 deals announced worth approximately $139 million • Select acquisitions › Havas’ acquisition of Victors & Spoils, a creative ad agency built on crowdsourcing principles › Paul Werth Assocation’s acquisition of Generations Sync, a boutique firm specializing in health care public relations and direct marketing › Maritz Travel’s acquisition of Experient, a provider of meeting and event services to associations, tradeshows, corporations, and the U.S. government
AGENCY/CONSULTING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 11 50% 138.5 38% 10 136.5 0 0.0 1 2.0 Experiential Marketing 3 14% 92.0 25% 3 92.0 0 0.0 0 0.0 General Agency 3 14% 112.5 31% 1 15.0 0 0.0 2 97.5 Social Agency 2 9% 7.0 2% 1 5.0 0 0.0 1 2.0 Healthcare Agency 1 5% 15.0 4% 1 15.0 0 0.0 0 0.0 Promotion Agency 1 5% 0.3 0% 0 0.0 0 0.0 1 0.3 Specialty Agency 1 5% 3.0 1% 0 0.0 0 0.0 1 3.0 Total 22 100% 368 100% 16 264 0 0 6 105
*Other Consulting includes Healthcare, Financial and Legal Consulting
M&A & INVESTMENT SUMMARY APRIL 2012 9 AGENCY/CONSULTING PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Aegis Group plc United Kingdom $2.78 -11% $3,185.3 $3,371.9 $974.6 $1,174.4 $1,766.7 $337.1 19.1% -22.2% 1.9x 10.0x Ac quity Group Limited * Hong Kong $5.75 -8% 270.4 264.3 6.9 - 106.7 19.4 18.1% 47.0% 2.5x 13.7x Cello Group Plc United Kingdom 0.61 -27% 48.4 61.8 6.5 18.5 207.9 13.4 6.4% 6.9% 0.3x 4.6x Charm Communications Inc. China 9.87 -22% 384.3 252.1 139.4 - 280.1 49.0 17.5% 45.6% 0.9x 5.1x Chime Communic ations plc United Kingdom 3.12 -36% 250.0 246.2 17.6 12.4 507.3 46.7 9.2% 8.7% 0.5x 5.3x Dentsu Inc. Japan 30.81 -8% 7,675.6 7,921.5 1,491.0 768.8 23,942.6 797.8 3.3% 1.6% 0.3x 9.9x Havas Franc e 5.57 -5% 2,401.0 2,429.8 1,038.0 1,061.4 2,137.1 301.7 14.1% 5.6% 1.1x 8.1x Huntsworth plc United Kingdom 0.70 -43% 172.4 287.3 8.7 119.3 274.4 40.2 14.7% 1.5% 1.0x 7.1x The Interpublic Group of Companies, Inc. United States 11.50 -11% 5,095.0 5,611.3 1,586.9 1,623.8 7,046.6 847.3 12.0% 6.0% 0.8x 6.6x M&C Saatc hi plc United Kingdom 2.39 -8% 150.7 131.1 29.2 6.3 238.4 27.3 11.5% 22.4% 0.6x 4.8x MDC Partners Inc . * Canada 9.92 -48% 298.4 821.3 8.1 385.2 964.2 38.8 4.0% 23.7% 0.9x 21.2x Next Fifteen Communications Group plc United Kingdom 1.54 -2% 89.2 102.2 13.3 20.3 142.8 18.2 12.7% 14.7% 0.7x 5.6x Omnicom Group Inc. United States 51.20 -2% 13,958.4 16,344.3 1,508.5 3,192.9 14,028.5 2,097.5 15.0% 9.8% 1.2x 7.8x Photon Group Limited Australia 0.05 -30% 77.0 47.2 32.4 1.6 512.3 34.8 6.8% -0.2% 0.1x 1.4x Public is Groupe SA Franc e 50.06 -12% 8,594.8 8,801.9 2,824.3 2,986.7 7,555.7 1,343.3 17.8% 7.3% 1.2x 6.6x Sapient Corp. United States 9.77 -40% 1,371.6 1,168.3 220.2 12.6 1,040.4 127.7 12.3% 12.9% 1.1x 9.2x WPP plc Ireland 13.33 -7% 16,529.0 20,883.7 3,739.3 7,575.8 15,599.3 2,432.4 15.6% 7.4% 1.3x 8.6x
Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.1x) Low 0.1x 1.4x and EBITDA multiples that are 1.0 standard deviations above the mean (12.3x). Mean 1.0x 8.0x Median 0.9x 7.1x Weighted Avg 1.1x 8.2x Adj. W Avg* 1.1x 8.1x High 2.5x 21.2x
M&A & INVESTMENT SUMMARY APRIL 2012 10 DIGITAL MEDIA/COMMERCE Transactions by Segment and Buyer Type
• Social Media/Apps was the most active segment with 20 transactions, while Gaming was the highest value segment worth approximately $337 million • Select acquisitions › Facebook’s $1 billion acquisition of Instragram, which offers a photo-sharing application for smartphones › Cerberus Capital Management’s $750 million acquisition of AT&T’s Yellow Pages businesses, AT&T Advertising Solutions and AT&T Interactive › Fanatics’ $183 million acquisition of Dreams, a merchant of sports apparel and gear that operates FansEdge.com and multiple other branded sports merchandise eCommerce sites • Select investments › The $300 million investment in the NOOK division of Barnes & Noble, from Microsoft › The $64 million investment in Just-Eat.co.uk, which operates an ordering platform for take-out food, led by Vitruvian Partners › The $40 million investment in Tango, a mobile video app, from Qualcomm Ventures, Access Industries, and TransLink Capital, at a reported $300 million valuation
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 24 26% 841.7 25% 7 340.0 1 10.0 16 491.7 Mobile Content/Apps 16 17% 203.3 6% 1 10.0 0 0.0 15 193.3 Social Media/Apps 16 17% 1,123.1 33% 4 1,022.0 0 0.0 12 101.1 Gaming 10 11% 113.5 3% 4 73.7 0 0.0 6 39.8 Niche Content 9 10% 64.5 2% 4 20.0 1 40.0 4 4.5 Classifieds/Auctions/P-to-P 6 6% 213.1 6% 3 206.3 0 0.0 3 6.8 Digital Promotion/Coupon 5 5% 48.3 1% 3 41.3 0 0.0 2 7.0 Local Search 2 2% 760.0 22% 1 750.0 0 0.0 1 10.0 Vertical Search 2 2% 7.8 0% 0 0.0 0 0.0 2 7.8 Total 93 100% 3,410 100% 27 2,463 2 50 64 897 *Other includes Comparison Shopping and Web Search/Portals
M&A & INVESTMENT SUMMARY APRIL 2012 11 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A ma z o n. c o m Inc . United States $231.90 -6% $104,477.0 $98,762.0 $5,715.0 $0.0 $51,405.0 $1,815.0 3.5% 39.2% 1.9x 54.4x eBay Inc . United States 41.02 -2% 52,966.2 49,180.2 5,871.0 2,085.0 12,382.7 3,489.0 28.2% 30.3% 4.0x 14.1x priceline.com Incorporated United States 760.82 -2% 37,882.7 35,927.1 2,657.7 575.0 4,355.6 1,452.7 33.4% 41.2% 8.2x 24.7x
1-800-Flowers.com Inc. United States $2.98 -13% $193.9 $201.2 $24.9 $33.1 $737.0 $37.4 5.1% 11.9% 0.3x 5.4x AirMedia Group Inc . China 2.85 -40% 178.5 63.7 112.7 - 270.6 9.4 3.5% 17.4% 0.2x 6.8x Alibaba.c om Limited China 1.72 -4% 8,581.0 6,951.0 1,849.2 204.2 1,027.5 307.7 29.9% 10.3% 6.8x 22.6x Ancestry.com Inc. United States 26.70 -41% 1,137.4 1,089.3 48.0 - 417.2 140.9 33.8% 27.4% 2.6x 7.7x Angie's List, Inc . United States 13.95 -30% 795.9 726.2 84.6 14.8 103.5 (46.7) NM 0.0% 7.0x NM AOL, Inc. United States 25.04 -9% 2,340.0 2,043.3 407.5 110.8 2,202.1 354.7 16.1% -8.9% 0.9x 5.8x Betfair Group PLC United Kingdom 12.82 -12% 1,273.8 1,046.2 231.0 - 598.9 89.3 14.9% -3.8% 1.7x 11.7x BIDZ.c om, Inc . United States 0.63 -65% 11.6 10.2 1.4 - 86.4 (5.5) NM -17.6% 0.1x NM Blinkx plc United Kingdom 0.87 -67% 315.5 260.5 52.9 - 83.3 11.2 13.5% 73.8% 3.1x 23.2x Blue Nile Inc . United States 30.28 -42% 420.6 332.0 89.4 0.7 348.0 18.4 5.3% 4.5% 1.0x 18.0x Bluefly Inc . United States 1.67 -44% 47.7 43.3 4.4 - 96.3 (10.5) NM 8.7% 0.4x NM CyberAgent Inc. Japan 3,080.20 -20% 2,009.8 1,754.4 295.2 16.6 1,556.1 252.4 16.2% 16.1% 1.1x 6.9x Demand Media, Inc. United States 8.31 -51% 664.8 578.8 86.0 - 324.9 59.0 18.2% 28.4% 1.8x 9.8x Dena Co. Lt d. Japan 31.37 -42% 4,606.0 4,018.7 650.6 - 1,760.4 845.7 48.0% 35.7% 2.3x 4.8x Dic e Holdings, Inc . United States 10.78 -38% 693.8 639.1 68.7 14.0 185.2 74.8 40.4% 30.2% 3.5x 8.5x E-Commerce China Dangdang Inc. China 7.99 -66% 657.5 460.5 220.8 23.8 574.1 (41.2) NM 58.6% 0.8x NM Ediets.com Inc. United States 0.42 -84% 6.0 6.4 0.6 1.0 22.1 (4.0) NM -5.5% 0.3x NM Expedia Inc. United States 42.65 -35% 5,420.2 4,778.5 1,997.7 1,249.3 3,537.7 669.0 18.9% 16.2% 1.4x 7.1x G5 Entertainment AB Sweden 5.87 -18% 47.0 44.4 2.6 - 6.7 2.5 38.0% 101.3% 6.6x 17.5x Ga me Lo f t S A Franc e 6.22 -12% 479.5 429.2 49.4 - 213.5 28.5 13.3% 8.8% 2.0x 15.1x Glu Mobile, Inc . United States 4.55 -25% 293.5 261.3 28.9 - 71.3 (15.1) NM 12.3% 3.7x NM Gree, Inc. Japan 26.95 -24% 6,276.7 5,881.8 411.2 - 1,422.2 754.0 53.0% 133.2% 4.1x 7.8x Groupon, Inc. United States 10.71 -66% 6,940.2 5,815.9 1,122.9 - 1,610.4 (205.9) NM 414.6% 3.6x NM Hollywood Media Corp. United States 1.10 -37% 25.5 21.8 3.7 0.0 3.8 (5.8) NM NA 5.8x NM Ho me A w a y , Inc . United States 26.05 -43% 2,138.9 1,916.2 222.7 - 242.4 43.9 18.1% 31.9% 7.9x 43.7x HSN, Inc . United States 38.71 -3% 2,266.4 2,123.7 309.2 239.2 3,213.9 266.5 8.3% 5.8% 0.7x 8.0x International Game Technology United States 15.58 -19% 4,635.1 6,020.4 271.1 1,656.4 2,015.6 741.1 36.8% 8.2% 3.0x 8.1x Jiayuan.com International Ltd. China 5.44 -66% 172.2 79.3 92.9 - 52.5 7.9 15.0% 97.7% 1.5x 10.1x Kongzhong Corp. China 5.81 -29% 250.5 97.2 154.6 1.3 156.2 20.8 13.3% 6.7% 0.6x 4.7x LeGuide.com S.A. Franc e 24.81 -25% 87.1 49.3 46.4 5.0 41.0 14.5 35.2% 13.0% 1.2x 3.4x LinkedIn Corporation * United States 108.45 -12% 11,203.0 10,625.5 620.8 - 616.7 74.1 12.0% 111.0% 17.2x 143.3x Liquidity Servic es, Inc . United States 53.33 -18% 1,634.4 1,606.1 104.8 41.0 394.3 75.6 19.2% 31.7% 4.1x 21.2x MakeMyTrip Limited India 19.41 -43% 715.3 641.0 74.6 0.3 181.0 6.8 3.7% 58.1% 3.5x 94.6x Mixi, Inc . Japan 2,597.74 -47% 402.9 281.3 126.2 - 181.4 34.6 19.1% -14.8% 1.6x 8.1x Monster Worldwide, Inc . United States 8.63 -50% 1,046.5 1,007.4 252.6 213.5 1,024.8 145.3 14.2% 6.7% 1.0x 6.9x Move, Inc . United States 8.70 -15% 340.9 301.8 91.4 - 190.4 15.9 8.4% -3.8% 1.6x 19.0x Nexon Co. Ltd. Japan 19.10 -4% 8,259.2 6,912.5 1,722.0 280.3 1,138.7 621.6 NM 25.6% 6.1x NM NCSoft South Korea 259.25 -24% 5,140.6 4,691.5 459.0 10.7 524.6 138.9 26.5% -6.3% 8.9x 33.8x Netflix, Inc . United States 80.14 -74% 4,449.0 4,044.5 804.5 400.0 3,355.8 326.1 9.7% 40.6% 1.2x 12.4x OpenTable, Inc. United States 44.72 -54% 1,009.0 959.1 57.7 - 145.2 42.5 29.3% 30.3% 6.6x 22.6x Orbitz Worldwide, Inc . United States 3.65 -19% 379.5 716.2 187.7 440.0 771.7 114.1 14.8% 2.2% 0.9x 6.3x Overstock.com Inc. United States 6.03 -62% 141.2 86.2 72.1 17.0 1,051.2 1.4 0.1% -3.7% 0.1x 61.1x Pac ific Online Ltd. China 0.45 -26% 484.6 416.0 68.6 - 101.5 46.1 45.4% 25.9% 4.1x 9.0x Pandora Media, Inc. United States 8.60 -67% 1,430.8 1,340.3 90.6 - 274.3 (6.5) NM 99.1% 4.9x NM Perform Group plc . United Kingdom 4.95 -7% 1,115.8 1,013.5 118.1 19.7 160.6 28.2 17.6% 53.0% 6.3x 35.9x PC Connection, Inc. United States 8.02 -38% 211.7 214.3 49.8 1.7 2,140.1 57.0 2.7% 5.5% 0.1x 3.8x
M&A & INVESTMENT SUMMARY APRIL 2012 12 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA PC Home Online Inc. Taiwan 6.25 -24% 432.8 346.4 101.8 3.4 477.0 18.4 3.9% 20.7% 0.7x 18.8x PC Mall Inc . United States 6.25 -37% 75.2 167.5 9.5 101.9 1,455.2 19.1 1.3% 6.4% 0.1x 8.8x Phoenix New Media Limited China 6.15 -59% 479.3 291.9 187.4 - 150.8 15.5 10.3% 79.8% 1.9x 18.8x Qihoo 360 Technology Co. Ltd China 23.01 -23% 2,746.3 2,403.0 344.0 - 167.9 22.4 13.3% 191.1% 14.3x 107.4x Quepasa Corporation United States 3.80 -64% 137.7 141.3 8.3 11.7 20.4 (7.6) NM 155.9% 6.9x NM Rakuten, Inc. Japan 1,104.09 -7% 14,504.5 16,860.0 2,152.2 4,507.7 4,937.6 1,067.1 21.6% 9.8% 3.4x 15.8x ReachLocal, Inc. United States 9.18 -64% 261.6 170.7 90.8 - 395.2 4.5 1.1% 26.6% 0.4x 37.9x RealNetworks Inc. United States 8.58 -43% 296.2 129.2 185.1 - 315.3 (34.8) NM -12.5% 0.4x NM Rediff.com India Ltd. India 5.84 -60% 158.9 121.9 - - 20.9 (7.8) NM -0.8% 5.8x NM Renren Inc. China 6.70 -62% 2,638.1 1,597.7 1,040.7 - 118.0 (19.2) NM 54.1% 13.5x NM Sc ripps Networks Interac tive, Inc . United States 54.21 -2% 8,252.7 9,403.2 760.1 1,383.9 2,126.6 995.8 46.8% 0.5% 4.4x 9.4x Shutterfly, Inc. United States 27.57 -57% 982.5 838.6 143.9 - 507.3 44.8 8.8% 58.9% 1.7x 18.7x Sify Tec hnologies Limited India 2.80 -57% 236.9 275.2 - - 152.1 10.2 6.7% 12.4% 1.8x 26.9x Sky-mobi Limited China 3.29 -80% 105.9 17.7 88.2 - 108.5 9.0 8.3% 6.1% 0.2x 2.0x Spark Networks, Inc . United States 4.46 -7% 91.9 76.8 15.1 - 48.5 1.7 3.5% 18.7% 1.6x 45.4x S t a mps . c o m Inc . United States 27.61 -18% 451.0 383.7 67.3 - 107.1 19.9 18.6% 22.5% 3.6x 19.2x Taomee Holdings Ltd. China 5.48 -69% 199.6 78.9 120.7 - 45.4 16.7 36.7% 26.2% 1.7x 4.7x TechTarget, Inc. United States 7.00 -19% 275.3 218.8 56.5 - 105.5 17.9 17.0% 11.0% 2.1x 12.2x The Active Network, Inc. United States 15.29 -35% 889.4 807.8 108.7 10.0 359.1 7.7 2.2% 24.2% 2.2x 104.5x TheStreet, Inc. United States 1.80 -50% 58.4 23.2 65.8 - 56.5 (3.7) NM -2.3% 0.4x NM TripAdvisor Inc . United States 40.20 -10% 5,395.1 5,601.1 208.6 414.6 671.6 301.1 44.8% 29.1% 8.3x 18.6x United Online, Inc. United States 4.27 -34% 385.0 507.9 136.1 261.1 898.5 142.0 15.8% -1.3% 0.6x 3.6x ValueVision Media Inc . United States 1.54 -82% 74.8 66.8 33.0 25.0 558.4 (4.0) NM -0.7% 0.1x NM Vringo, Inc. * United States 3.62 -20% 50.2 49.0 1.2 - 0.7 (6.3) NM 240.3% 68.2x NM WebMD Health Corp. United States 21.83 -58% 1,216.5 874.4 1,142.1 800.0 534.1 96.4 18.0% -4.3% 1.6x 9.1x WebMediaBrands Inc United States 0.83 -55% 34.7 39.0 3.4 7.6 13.9 (1.6) NM 48.7% 2.8x NM Yahoo! Inc. United States 15.15 -20% 18,388.3 16,352.4 2,209.9 132.6 4,991.1 1,319.2 26.4% -16.0% 3.3x 12.4x Y andex N.V. Netherlands 23.35 -44% 7,601.5 7,252.3 349.3 - 748.7 322.4 43.1% 56.8% 9.7x 22.5x Yelp, Inc . United States 21.30 -33% 1,302.3 1,171.6 21.7 - 94.2 (13.5) NM 0.0% 12.4x NM Youku Inc. * China 24.02 -61% 2,754.4 2,170.9 586.2 2.6 142.4 3.8 2.7% 131.9% 15.2x 571.8x Zillow, Inc . * United States 40.09 -33% 1,153.7 1,070.6 76.9 - 77.6 8.9 11.5% 113.3% 13.8x 119.9x Zynga, Inc. United States 8.33 -48% 6,136.3 5,073.6 1,062.7 - 1,218.2 (422.6) NM 64.7% 4.2x NM
Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (21.1x) Low 0.1x 2.0x and EBITDA multiples that are 1.0 standard deviations above the mean (112.3x). Mean 4.5x 33.7x Median 2.2x 12.4x Note: Revenue and EBITDA multiples for Amazon.com, eBay and priceline.com excluded from Summary Multiples. Weighted Avg 5.9x 34.6x Adj. W Avg* 5.9x 18.0x High 68.2x 571.8x
M&A & INVESTMENT SUMMARY APRIL 2012 13 MARKETING TECHNOLOGY Transactions by Segment and Buyer Type
• Social Technology was the most active segments with 12 transactions. The highest value segment was Mobile Technology worth approximately $224 million • Select acquisitions › Intuit’s acquisition of Internet marketing SaaS provider Demandforce, for $424 million, and AisleBuyer, a mobile payments startup, for an undisclosed amount › Myriad Group’s $38 million acquisition of Synchronica, a U.K.-based mobile messaging solutions provider for mobile operators, device manufacturers, and enterprises • Select investments › The $100 million investment in Conduit, an Israel-based provider of engagement solutions for web and mobile publishers, from J.P. Morgan Asset Management, at a reported $1.3 billion valuation › The $33 million investment in SugarCRM, a developer of open source customer relationship management software, led by New Enterprise Associates
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Social Technology 12 16% 114.0 7% 5 75.0 0 0.0 7 39.0 Analytics & Reporting 10 13% 128.5 8% 4 80.0 0 0.0 6 48.5 Content Management 10 13% 209.6 14% 2 39.0 0 0.0 8 170.6 Mobile Technology 9 12% 223.7 15% 6 190.0 0 0.0 3 33.7 Online Targeting/Optimization 5 7% 43.7 3% 1 13.2 0 0.0 4 30.5 SFA/Lead Management 5 7% 42.8 3% 4 42.0 0 0.0 1 0.8 Email/Messaging Software 4 5% 85.0 6% 3 83.0 0 0.0 1 2.0 Teleservices/eServices 3 4% 42.0 3% 2 30.0 0 0.0 1 12.0 Ad Serving 2 3% 27.0 2% 1 20.0 0 0.0 1 7.0 BI tools 2 3% 11.5 1% 1 7.0 0 0.0 1 4.5 CRM 2 3% 456.5 30% 1 423.5 0 0.0 1 33.0 Marketing Asset Management 2 3% 20.0 1% 2 20.0 0 0.0 0 0.0 Total 75 100% 1,523 100% 37 1,112 0 0 38 411
*Other includes Commerce Management, Data Quality, Internet Serive Provicers, Media Management System, MRM/Workflow Management and Product/Price Software
M&A & INVESTMENT SUMMARY APRIL 2012 14 MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States $32.61 -9% $16,178.7 $14,924.8 $2,766.1 $1,512.2 $4,233.8 $1,455.1 34.4% 6.7% 3.5x 10.3x salesforc e.c om, inc United States 152.59 -7% 20,904.8 20,684.1 777.9 557.1 2,266.5 106.4 4.7% 36.8% 9.1x 194.4x
Akamai Tec hnologies, Inc . United States $32.56 -17% $5,799.9 $5,395.4 $404.5 - $1,202.0 $499.0 41.5% 13.5% 4.5x 10.8x Bazaarvoice, Inc. United States 18.93 -10% 1,076.3 1,087.6 12.3 - 94.0 (19.2) NM 0.0% 11.6x NM Bitauto Holdings Limited China 4.46 -58% 185.7 89.6 96.1 - 106.3 13.5 12.7% 46.2% 0.8x 6.6x Blackbaud Inc. United States 28.96 -15% 1,307.7 1,261.7 46.0 - 378.9 67.7 17.9% 12.1% 3.3x 18.6x Brightcove, Inc. United States 19.31 -24% 509.3 500.2 17.2 7.0 63.6 (14.0) NM 45.4% 7.9x NM ChinaCache International China 5.52 -66% 126.6 65.1 62.3 0.8 98.1 13.2 13.5% 56.5% 0.7x 4.9x Convio, Inc. United States 16.07 -5% 308.4 256.5 51.9 - 80.4 7.7 9.6% 15.2% 3.2x 33.1x Demandware, Inc. * United States 27.48 -14% 770.3 847.0 15.0 4.0 56.5 2.1 3.8% 54.1% 15.0x 398.0x Digital Generation, Inc . United States 9.43 -74% 258.1 1,268.1 83.0 1,093.0 324.3 122.7 37.8% 34.4% 3.9x 10.3x Digital River Inc . United States 16.39 -52% 604.9 257.7 701.0 353.8 402.4 57.7 14.3% 10.9% 0.6x 4.5x Informatica Corporation United States 45.95 -26% 4,968.9 4,402.9 566.0 - 811.8 188.6 23.2% 18.9% 5.4x 23.3x InnerWorkings Inc. United States 10.49 -14% 514.4 569.3 16.6 71.4 677.2 30.6 4.5% 31.5% 0.8x 18.6x Interactive Intelligence United States 26.92 -34% 514.9 450.2 64.7 - 214.6 25.0 11.7% 19.9% 2.1x 18.0x JDA Software Group Inc . United States 27.50 -21% 1,170.2 1,157.9 285.5 273.2 671.8 164.6 24.5% 8.8% 1.7x 7.0x Jive Software, Inc. United States 22.98 -18% 1,434.5 1,267.0 180.6 13.1 77.3 (38.0) NM 67.0% 16.4x NM Keynote Systems Inc. United States 15.00 -42% 262.5 218.9 43.6 - 117.8 21.3 18.1% 32.7% 1.9x 10.3x Merc adolibre, Inc . Argentina 92.86 -11% 4,099.5 3,961.5 142.3 0.3 298.9 107.0 35.8% 37.9% 13.3x 37.0x NetQin Mobile Inc . China 11.75 -7% 510.8 382.8 128.1 - 40.7 6.1 15.1% 129.8% 9.4x 62.4x Open Text Corp. Canada 50.61 -30% 2,942.0 3,037.5 508.9 604.4 1,187.3 325.0 27.4% 20.2% 2.6x 9.3x PROS Holdings, Inc . United States 19.42 -6% 530.9 462.4 68.5 - 96.6 10.2 10.6% 36.0% 4.8x 45.3x Rovi Corporation United States 26.86 -56% 2,881.5 3,449.3 906.8 1,474.6 713.1 239.3 33.6% 26.2% 4.8x 14.4x Splunk, Inc. * United States 32.07 -14% 2,967.4 2,938.1 31.6 2.3 121.0 (6.2) NM 82.6% 24.3x NM
Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.8x) Low 0.6x 4.5x and EBITDA multiples that are 1.0 standard deviations above the mean (131.2x). Mean 6.3x 40.7x Median 4.2x 16.2x Weighted Avg 8.0x 24.7x Note: Revenue and EBITDA multiples forAdobe Systems and Salesforce.com excluded from Summary Multiples. Adj. W Avg* 6.5x 19.5x High 24.3x 398.0x
M&A & INVESTMENT SUMMARY APRIL 2012 15 SOFTWARE & INFORMATION Transactions by Segment and Buyer Type
• Infrastructure Software was the most active and highest value segment within Software & Information with 14 transactions worth approximately $1.5 billion • Select acquisitions › Veritas Capital’s $1.3 billion acquisition of Thomson Reuters Healthcare, which offers data, analytics, and performance benchmarking services › Genstar Capital’s $400 million acquisition of eResearch Technology, a provider of health outcomes research software solutions to biopharmaceutical sponsors and contract research organizations › Dassault Systemes’ $360 million acquisition of Gemcom Software International, a provider of software for the mining industry • Select investments › The $50 million investment in Violin Memory, which sells flash-based memory arrays and storage systems, led by SAP Ventures › The $32 million investment in Catalyst Repository Systems, a provider of cloud-based eDiscovery document repositories, from FTV Capital
SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Infrastructure Software 14 25% 1,548.4 29% 2 1,340.0 1 60.0 11 148.4 ERP Software 13 23% 1,170.9 22% 2 1,035.9 2 67.0 9 68.0 Software NEC 11 19% 299.7 6% 1 130.0 0 0.0 10 169.7 HC-BioPharma Software 6 11% 429.8 8% 0 0.0 1 400.0 5 29.8 HC-Providers Software 3 5% 9.5 0% 0 0.0 0 0.0 3 9.5 Market Research 2 4% 7.1 0% 0 0.0 0 0.0 2 7.1 Engineering Software 1 2% 360.0 7% 1 360.0 0 0.0 0 0.0 Financial Software 1 2% 30.0 1% 1 30.0 0 0.0 0 0.0 Geo-Demo Software 1 2% 5.0 0% 1 5.0 0 0.0 0 0.0 Geo-demographic 1 2% 70.0 1% 0 0.0 0 0.0 1 70.0 Total 57 100% 5,252 100% 9 2,922 5 1,777 43 553 *Other includes IT, Healthcare-Providers, HR Software and Legal Software
M&A & INVESTMENT SUMMARY APRIL 2012 16 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $8.23 -3% $457.8 $335.2 $122.6 - $149.2 $16.4 11.0% 23.5% 2.2x 20.5x Actuate Corporation United States 7.10 -3% 347.4 280.0 67.4 - 137.7 30.9 22.5% 2.4% 2.0x 9.0x Acxiom Corporation United States 13.73 -8% 1,073.5 1,213.5 145.9 285.5 1,176.8 237.2 20.2% 5.6% 1.0x 5.1x Adobe Systems Inc. United States 33.55 -7% 16,645.0 15,391.1 2,766.1 1,512.2 4,233.8 1,455.1 34.4% 6.7% 3.6x 10.6x Advent Software, Inc. United States 26.98 -9% 1,377.3 1,285.0 141.1 48.8 337.8 65.4 19.4% 15.6% 3.8x 19.6x Advisory Board Co. United States 91.16 -7% 1,519.8 1,465.5 54.3 - 370.3 54.0 14.6% 27.6% 4.0x 27.1x Akamai Tec hnologies, Inc . United States 32.59 -17% 5,805.3 5,400.7 404.5 - 1,202.0 499.0 41.5% 13.5% 4.5x 10.8x Allianc e Data Systems Corporation United States 128.49 -2% 6,704.9 12,932.3 399.0 6,626.4 3,324.5 980.1 29.5% 15.9% 3.9x 13.2x Alloc ate Software plc . United Kingdom 1.32 -5% 83.9 83.8 6.3 6.3 47.6 5.0 10.6% 4.7% 1.8x 16.7x Allsc ripts Healthc are Solutions, Inc . United States 11.10 -49% 2,112.3 2,280.2 175.7 343.6 1,473.5 242.4 16.5% 37.1% 1.5x 9.4x Arbitron Inc . United States 38.05 -15% 1,019.9 983.7 36.2 - 427.8 118.4 27.7% 6.9% 2.3x 8.3x athenahealth, Inc. United States 72.45 -7% 2,597.0 2,480.9 116.0 - 350.7 52.8 15.1% 34.4% 7.1x 46.9x Automatic Data Processing, Inc. United States 55.62 -3% 27,285.8 25,966.6 1,693.1 17.3 10,535.7 2,233.7 21.2% 10.2% 2.5x 11.6x Aveva Group plc United Kingdom 27.04 -7% 1,831.8 1,576.2 246.2 - 282.5 82.5 29.2% 15.1% 5.6x 19.1x AVG Technologies N.V. Netherlands 13.85 -11% 753.2 1,109.9 60.7 225.4 272.4 83.5 30.7% 25.4% 4.1x 13.3x Blackbaud Inc. United States 30.98 -9% 1,358.8 1,306.3 52.5 - 378.9 67.7 17.9% 12.1% 3.4x 19.3x Booz Allen Hamilton Inc . United States 17.10 -15% 2,262.0 2,829.6 405.0 972.7 5,811.6 450.4 7.7% 6.6% 0.5x 6.3x Brainjuic er Group Plc United Kingdom 4.94 -1% 61.8 55.8 5.7 - 32.2 4.6 14.2% 26.6% 1.7x 12.2x Broadridge Financ ial Solutions Inc . United States 23.21 -7% 2,878.9 3,232.9 240.3 594.3 2,259.4 380.8 16.9% 7.3% 1.4x 8.5x Cegedim SA Franc e 32.58 -45% 454.7 1,067.3 95.0 695.8 1,184.1 195.8 16.5% -1.6% 0.9x 5.5x Cello Group Plc United Kingdom 0.62 -26% 48.9 62.5 6.5 18.5 207.9 13.4 6.4% 6.9% 0.3x 4.7x Cerner Corporation United States 81.11 -4% 13,825.8 13,084.7 893.8 152.6 2,306.8 629.3 27.3% 23.5% 5.7x 20.8x Cision AB Sweden 5.83 -36% 86.5 143.6 9.9 67.8 145.7 24.7 17.0% -9.4% 1.0x 5.8x comScore, Inc. United States 19.92 -31% 703.9 678.8 38.1 13.0 241.7 14.8 6.1% 26.0% 2.8x 46.0x Concur Technologies, Inc. * United States 56.56 -14% 3,083.6 2,857.9 469.2 242.4 393.4 53.4 13.6% 24.0% 7.3x 53.6x Constant Contact, Inc. United States 24.17 -25% 734.7 591.8 143.0 - 224.3 24.4 10.9% 21.4% 2.6x 24.3x Convio, Inc. United States 16.00 -5% 303.0 251.2 51.9 - 80.4 7.7 9.6% 15.2% 3.1x 32.4x CoreLogic, Inc. United States 16.70 -13% 1,783.7 2,365.3 277.3 856.7 1,380.4 206.1 14.9% 15.2% 1.7x 11.5x Cornerstone OnDemand, Inc. * United States 20.78 -12% 1,032.9 950.8 85.4 3.3 73.0 (17.5) NM 67.0% 13.0x NM Corporate Executive Board Co. United States 41.37 -10% 1,384.4 1,247.2 137.2 - 499.5 121.2 24.3% 10.1% 2.5x 10.3x CoStar Group Inc . United States 72.89 -1% 1,881.0 1,329.6 551.4 - 260.7 52.5 20.1% 13.0% 5.1x 25.3x CRA International Inc. United States 20.45 -31% 213.0 162.0 51.1 - 295.8 31.1 10.5% 0.0% 0.5x NM Craneware plc United Kingdom 5.99 -40% 161.7 137.0 23.6 - 40.3 9.6 23.8% 27.2% 3.4x 14.3x Digital Generation, Inc . United States 9.28 -75% 254.0 654.0 83.0 483.0 324.3 122.7 37.8% 34.4% 2.0x 5.3x Digital River Inc . United States 18.81 -45% 694.3 327.5 720.5 353.8 402.4 57.7 14.3% 10.9% 0.8x 5.7x Dun & Bradstreet Corp. United States 77.78 -10% 3,721.9 4,606.2 84.4 965.0 1,758.5 529.2 30.1% 4.9% 2.6x 8.7x Ebiquity plc United Kingdom 1.36 -10% 80.2 95.6 4.5 19.4 76.9 10.6 13.7% 46.8% 1.2x 9.1x Ebix Inc. United States 20.45 -24% 745.3 767.1 25.2 47.1 169.0 73.5 43.5% 27.8% 4.5x 10.4x Envestnet, Inc. United States 12.51 -17% 400.2 335.5 64.9 0.2 123.2 17.1 13.9% 25.6% 2.7x 19.6x EPIQ Systems, Inc . United States 11.36 -26% 409.3 662.7 6.7 260.1 289.9 69.4 23.9% 30.2% 2.3x 9.6x Epocrates, Inc. United States 8.14 -64% 200.0 114.8 81.6 - 111.7 2.5 2.3% 2.6% 1.0x 45.3x Equifax Inc. United States 45.82 -3% 5,516.0 6,387.7 132.7 982.3 2,009.9 654.4 32.6% 6.4% 3.2x 9.8x Experian plc Ireland 15.79 -3% 15,865.1 17,909.2 484.0 2,300.0 4,527.0 1,443.0 31.9% 13.0% 4.0x 12.4x FactSet Research Systems Inc. United States 104.86 -7% 4,710.0 4,509.8 200.2 - 771.4 289.5 37.5% 13.5% 5.8x 15.6x Fair Isaac Corp. United States 42.90 -5% 1,470.8 1,791.7 191.1 512.0 640.8 190.3 29.7% 3.5% 2.8x 9.4x Fidelity National Information Servic es, Inc . United States 33.67 -1% 9,946.4 14,460.9 481.7 4,844.1 5,809.2 1,679.7 28.9% 7.2% 2.5x 8.6x Fidessa group plc United Kingdom 25.16 -27% 923.9 808.9 110.3 - 433.1 87.6 20.2% 6.1% 1.9x 9.2x Financial Engines, Inc. United States 22.84 -21% 1,050.8 905.8 145.0 - 144.1 25.2 17.5% 28.9% 6.3x 35.9x Forrester Researc h Inc . United States 35.45 -11% 803.6 585.5 218.0 - 288.1 48.1 16.7% 12.0% 2.0x 12.2x
M&A & INVESTMENT SUMMARY APRIL 2012 17 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA FTI Consulting, Inc. United States 36.34 -19% 1,461.7 1,994.2 264.4 797.0 1,566.8 262.5 16.8% 11.8% 1.3x 7.6x FX Allianc e Inc United States 17.35 -7% 491.3 465.7 134.8 - 120.9 44.9 37.1% 17.7% 3.9x 10.4x Gartner Inc . United States 43.80 -3% 4,089.6 4,156.7 142.7 209.9 1,508.2 243.9 16.2% 14.1% 2.8x 17.0x GfK SE Ge rma ny 53.10 -1% 1,938.3 2,392.1 146.7 540.6 1,784.9 266.7 14.9% 6.2% 1.3x 9.0x GlobeOp Financ ial Servic es S.A United Kingdom 7.87 -3% 847.6 736.2 106.9 - 221.3 61.9 28.0% 16.9% 3.3x 11.9x Green Dot Corporation United States 26.39 -37% 939.1 794.7 187.4 42.9 507.1 97.6 19.3% 24.4% 1.6x 8.1x Harris Interac tive Inc . United States 1.30 -4% 72.5 67.2 14.1 8.7 159.8 3.0 1.9% -2.4% 0.4x 22.1x Harte- Hanks Inc . United States 8.40 -18% 534.3 627.0 86.8 179.4 845.6 93.9 11.1% -1.7% 0.7x 6.7x IHS Inc . United States 101.07 -1% 6,644.0 7,219.6 296.6 872.3 1,375.2 276.1 20.1% 23.9% 5.2x 26.1x Infoblox Inc . United States 20.40 -13% 897.6 847.6 50.0 - 151.9 (0.3) NM 0.0% 5.6x NM Inf o rma plc Switzerland 6.73 -10% 4,045.5 5,315.4 38.9 1,259.2 1,985.1 535.1 27.0% 4.0% 2.7x 9.9x Informatica Corporation United States 46.02 -26% 4,976.5 4,410.5 566.0 - 811.8 188.6 23.2% 18.9% 5.4x 23.4x Information Services Group, Inc. United States 1.37 -43% 49.6 95.1 24.5 70.1 184.4 12.1 6.6% 39.7% 0.5x 7.9x InnerWorkings Inc. United States 11.51 -6% 564.4 610.1 14.3 60.0 677.2 30.6 4.5% 31.5% 0.9x 19.9x Interactive Intelligence Group Inc. United States 29.66 -28% 567.3 502.6 64.7 - 214.6 25.0 11.7% 19.9% 2.3x 20.1x International Datacasting Corporation Canada 0.25 -44% 15.3 8.0 7.2 0.0 29.3 (1.4) NM -14.5% 0.3x NM Ipsos SA Franc e 32.44 -30% 1,469.3 2,261.1 217.0 978.3 1,770.6 237.5 13.4% 19.5% 1.3x 9.5x Isoftstone Holdings Limited China 7.98 -62% 445.0 360.5 101.2 15.1 283.4 32.8 11.6% 43.9% 1.3x 11.0x JDA Software Group Inc . United States 28.88 -18% 1,228.9 1,216.6 285.5 273.2 671.8 164.6 24.5% 8.8% 1.8x 7.4x Kenexa Corp. United States 32.67 -4% 891.7 808.0 83.0 29.0 300.8 26.6 8.8% 38.8% 2.7x 30.4x Keynote Systems Inc. United States 18.40 -29% 319.7 279.7 43.6 - 117.8 21.3 18.1% 32.7% 2.4x 13.1x LECG Corporation United States 0.01 -88% 0.7 52.8 7.0 33.1 297.0 (7.8) NM 11.3% 0.2x NM Lender Processing Services, Inc. United States 26.55 -10% 2,274.6 3,346.4 77.4 1,149.2 2,059.0 369.5 17.9% -15.1% 1.6x 9.1x Mac donald Dettwiler & Assoc iates Ltd. Canada 45.36 -22% 1,443.4 1,265.7 276.9 104.0 728.1 193.0 26.5% -2.1% 1.7x 6.6x MedAssets, Inc. United States 12.61 -23% 729.0 1,585.7 62.9 919.7 597.6 182.0 30.5% 39.5% 2.7x 8.7x Mediware Information Systems Inc. United States 14.82 -4% 121.4 85.6 35.8 - 60.8 12.2 20.0% 17.4% 1.4x 7.0x Merge Healthcare Incorporated United States 4.29 -41% 395.6 607.5 38.6 249.9 232.4 54.2 23.3% 65.6% 2.6x 11.2x Misys plc United Kingdom 5.66 -19% 1,891.7 2,133.8 98.0 332.5 638.6 125.8 19.7% 17.9% 3.3x 17.0x Moody's Corp. United States 40.95 -5% 9,201.5 9,679.7 828.0 1,236.8 2,350.4 996.6 42.4% 10.2% 4.1x 9.7x Morningstar Inc. United States 57.72 -10% 2,890.5 2,446.9 443.6 - 640.4 183.1 28.6% 10.6% 3.8x 13.4x MSCI Inc . United States 36.59 -6% 4,444.3 5,130.8 392.7 1,079.3 906.7 409.2 45.1% 0.0% 5.7x 12.5x National Research Corp. United States 48.34 -3% 327.5 334.3 7.9 2.1 78.4 24.5 31.2% 19.1% 4.3x 13.7x Navigant Consulting Inc. United States 13.92 -5% 721.7 909.0 0.1 187.4 712.5 105.3 14.8% 15.0% 1.3x 8.6x Nielsen Holdings N.V. Netherlands 29.22 -11% 10,528.3 17,123.3 295.0 6,882.0 5,570.0 1,361.0 24.4% 6.5% 3.1x 12.6x Onvia Inc. United States 3.89 -22% 33.1 21.6 11.5 - 22.5 1.3 6.0% -13.9% 1.0x 16.0x Open Text Corp. Canada 55.99 -23% 3,254.8 3,452.5 508.9 604.4 1,187.3 325.0 27.4% 20.2% 2.9x 10.6x Parametric Technology Corporation United States 21.58 -25% 2,558.0 2,493.9 224.1 160.0 1,250.6 214.9 17.2% 19.5% 2.0x 11.6x Paychex, Inc. United States 30.98 -6% 11,231.6 10,728.3 503.3 - 2,201.0 938.1 42.6% 7.0% 4.9x 11.4x Proofpoint, Inc. United States 13.10 -23% 388.5 380.8 12.7 5.0 81.8 (11.8) NM 26.3% 4.7x NM PROS Holdings, Inc . United States 19.69 -5% 538.2 469.8 68.5 - 96.6 10.2 10.6% 36.0% 4.9x 46.0x Qlik Tec hnologies, Inc . * United States 28.81 -19% 2,448.8 2,243.1 205.7 0.1 336.8 20.7 6.1% 37.0% 6.7x 108.3x Quality Systems Inc . United States 37.40 -26% 2,206.1 2,075.9 130.1 - 417.9 130.3 31.2% 24.8% 5.0x 15.9x RealPage, Inc. United States 18.15 -41% 1,332.8 1,331.9 51.3 50.4 274.8 33.7 12.2% 34.4% 4.8x 39.6x Reed Elsevier NV Netherlands 11.79 -8% 8,674.1 8,680.7 3.9 10.4 - - NM 0.0% NM NM Reis, Inc . United States 8.69 -21% 92.9 76.4 22.2 5.7 27.9 5.3 18.9% 12.3% 2.7x 14.5x Sage Group plc United Kingdom 4.64 -8% 5,965.5 5,983.8 285.8 303.5 2,086.0 615.3 29.5% 4.4% 2.9x 9.7x salesforc e.c om, inc * United States 155.73 -5% 21,335.0 21,114.3 777.9 557.1 2,266.5 106.4 4.7% 36.8% 9.3x 198.4x Solera Holdings Inc . United States 44.94 -28% 3,148.2 3,895.4 353.5 1,004.4 751.5 321.5 42.8% 16.6% 5.2x 12.1x S P S Co mme rc e , Inc . * United States 27.82 -1% 339.0 306.0 33.1 - 61.9 4.4 7.1% 31.6% 4.9x 69.6x
M&A & INVESTMENT SUMMARY APRIL 2012 18 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA SS&C Tec hnologies Holdings, Inc . United States 23.77 -3% 1,853.7 1,913.4 40.3 100.0 370.8 135.8 36.6% 12.7% 5.2x 14.1x Streamline Health Solutions, Inc . United States 1.79 -18% 18.6 23.5 2.2 7.1 17.1 1.2 6.9% -2.8% 1.4x 19.9x Temenos Group AG Switzerland 18.73 -44% 1,289.8 1,424.6 68.1 203.6 470.7 30.2 6.4% 3.0% 3.0x 47.2x The Dolan Company United States 8.01 -33% 241.7 430.1 0.8 176.4 285.6 52.3 18.3% -6.9% 1.5x 8.2x The Hackett Group, Inc. United States 5.71 -13% 235.6 202.6 32.9 - 200.4 20.1 10.0% 10.8% 1.0x 10.1x The Mc Graw-Hill Companies, Inc . United States 49.17 -2% 13,752.8 14,098.8 932.0 1,198.0 6,316.0 1,707.0 27.0% 2.8% 2.2x 8.3x Thomson Reuters Corporation United States 29.85 -22% 24,740.8 32,505.9 531.0 7,506.0 13,831.0 3,358.0 24.3% 4.3% 2.4x 9.7x TIBCO Software Inc . United States 32.90 -5% 5,357.6 5,140.5 354.6 137.5 960.6 216.6 22.5% 22.5% 5.4x 23.7x The Ultimate Software Group, Inc. * United States 77.16 -1% 2,035.6 1,975.4 65.4 5.3 283.0 28.0 9.9% 19.6% 7.0x 70.6x Verint Systems Inc. United States 30.24 -20% 1,179.1 1,914.2 150.7 597.4 782.6 134.4 17.2% 7.7% 2.4x 14.2x Verisk Analytic s, Inc . United States 48.95 -1% 8,111.3 9,020.5 119.9 1,229.8 1,365.5 600.0 43.9% 16.2% 6.6x 15.0x Vocus Inc. * United States 12.93 -62% 282.1 174.9 25.8 79.3 122.7 0.9 0.7% 21.0% 1.4x 191.8x Wolters Kluwer NV Netherlands 17.25 -21% 5,116.9 8,067.7 383.2 3,253.0 4,357.3 1,083.5 24.9% 1.4% 1.9x 7.4x YouGov PLC United Kingdom 1.12 -10% 108.8 92.2 16.3 - 93.0 8.1 8.7% 18.2% 1.0x 11.4x
Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.3x) Low 0.2x 4.7x and EBITDA multiples that are 1.0 standard deviations above the mean (50.1x). Mean 3.1x 20.9x Median 2.7x 12.1x Weighted Avg 3.9x 26.1x Adj. W Avg* 3.6x 13.4x High 13.0x 198.4x
M&A & INVESTMENT SUMMARY APRIL 2012 19 OOH & SPECIALTY MEDIA Transactions by Segment and Buyer Type
• There was one acquisition and two investments in the Out-of-Home & Specialty Media segment for a combined total of $343 million Select acquisitions • Select acquisitions › Cerberus Capital Management’s $750 million acquisition of AT&T’s Yellow Pages business, AT*T Advertising Solutions and AT&T Interactive • Select investments › The $200 million investment in in The Chernin Group, an entertainment media production company, from Providence Equity Partners › The $128 million investment in Hollywood production studio Legendary Entertainment, from Tomorrow Ventures, Thiel Capital, Morgan Stanley, and existing investors Accel Partners, IDG Capital Partners, and individual investors
OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 2 50% 328.0 30% 0 0.0 0 0.0 2 328.0 Digital Place-Based Media 1 25% 15.0 1% 1 15.0 0 0.0 0 0.0 Yellow Pages 1 25% 750.0 69% 1 750.0 0 0.0 0 0.0 Total 4 100% 1,093 100% 2 765 0 0 2 328
M&A & INVESTMENT SUMMARY APRIL 2012 20 OOH & SPECIALTY MEDIA PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc . China $2.76 -42% $172.8 $58.0 $112.7 $0.0 $270.6 $9.4 3.5% 17.4% 0.2x 6.2x Xinhua Sports & Entertainment Limited China 0.07 -69% 0.5 96.4 13.3 73.4 99.1 (8.4) NM 50.2% 1.0x NM Clear Channel Outdoor Holdings Inc. United States 7.02 -54% 2,505.6 6,715.9 557.4 2,545.9 3,004.9 723.6 24.1% 5.8% 2.2x 9.3x Clear Media Ltd. Hong Kong 0.61 -3% 322.4 207.1 125.3 - 191.3 73.0 38.2% 17.8% 1.1x 2.8x Focus Media Holding Ltd. Hong Kong 23.80 -36% 3,077.1 2,710.5 557.3 171.0 792.6 291.1 36.7% 53.5% 3.4x 9.3x JCDec aux SA Franc e 28.18 -9% 6,251.2 6,420.5 393.5 592.9 3,199.7 726.5 22.7% 4.8% 2.0x 8.8x Lamar Advertising Co. United States 27.09 -21% 2,526.0 4,651.0 33.5 2,158.5 1,144.5 500.8 43.8% 3.7% 4.1x 9.3x National CineMedia, Inc . United States 13.74 -26% 770.4 1,636.2 80.1 864.8 443.7 214.6 48.4% 7.3% 3.7x 7.6x NT N Buzztime Inc . United States 0.24 -55% 17.0 16.1 1.4 0.5 23.9 (0.3) NM -5.7% 0.7x NM Tom Group Ltd. Hong Kong 0.09 -28% 345.9 539.1 123.8 274.5 299.5 (4.3) NM -5.6% 1.8x NM Valassis Communic ations Inc . United States 19.54 -39% 838.4 1,330.0 107.2 598.8 2,207.6 283.4 12.8% -5.3% 0.6x 4.7x
Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x) Low 0.2x 2.8x and EBITDA multiples that are 1.0 standard deviations above the mean (9.7x). Mean 1.9x 7.3x Median 1.8x 8.2x Weighted Avg 2.6x 8.5x Adj. W Avg* 2.6x 8.6x High 4.1x 9.3x
M&A & INVESTMENT SUMMARY APRIL 2012 21 MARKETING SERVICES Transactions by Segment and Buyer Type
• There were 10 acquisitions worth approximately $141 million in the Marketing Services segment • Select acquisitions › The Allied Group’s acquisition of United Printer, a full service commercial printing company › QuintLoyalty’s acquisition of DCI Inventives, an incentive and marketing solutions company that designs, implements, and manages a full range of corporate incentive and promotional marketing programs • Select investments › The $53 million investment in TVS Logistics Services, an India-based provider of third-party logistics services to the automotive industry, from Kohlberg Kravis Roberts & Co.
MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Printer 5 50% 57.0 40% 5 57.0 0 0.0 0 0.0 Logistics 2 20% 63.0 45% 1 10.0 0 0.0 1 53.0 Other* 3 30% 21.3 15% 2 20.0 0 0.0 1 1.3 Total 10 100% 141.3 100% 8 87.0 0 0.0 2 54.3 *Other includes Database/Analytics, Data Processing/Enhancement and Loyalty/Retention
M&A & INVESTMENT SUMMARY APRIL 2012 22 MARKETING SERVICES PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 04/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $13.11 -12% $1,025.0 $1,165.0 $145.9 $285.5 $1,176.8 $237.2 20.2% 5.6% 1.0x 4.9x Aimia Inc . Canada 12.64 -10% 2,174.9 2,658.1 256.6 577.1 2,081.4 252.0 12.1% 2.9% 1.3x 10.5x Allianc e Data Systems * United States 126.41 -3% 6,365.4 12,592.8 399.0 6,626.4 3,324.5 980.1 29.5% 15.9% 3.8x 12.8x AMREP Corp. United States 7.87 -23% 47.2 42.3 26.9 22.0 88.3 6.5 7.4% -12.9% 0.5x 6.5x Cenveo Inc. United States 2.60 -61% 164.9 1,393.5 17.8 1,246.3 1,909.2 205.5 10.8% 11.7% 0.7x 6.8x Consolidated Graphics, United States 37.19 -37% 380.8 571.1 7.0 197.3 1,052.8 122.5 11.6% 1.9% 0.5x 4.7x Convergys Corporation United States 12.90 -9% 1,497.4 1,180.1 444.5 127.2 2,262.0 259.8 11.5% 2.7% 0.5x 4.5x DST Systems Inc. United States 53.95 -9% 2,368.4 3,450.9 313.5 1,380.3 1,790.4 360.1 20.1% -23.9% 1.9x 9.6x Fair Isaac Corp. * United States 41.51 -8% 1,423.1 1,744.0 191.1 512.0 640.8 190.3 29.7% 3.5% 2.7x 9.2x Harte- Hanks Inc . United States 8.17 -20% 514.7 607.4 86.8 179.4 845.6 93.9 11.1% -1.7% 0.7x 6.5x Innotrac Corp. United States 1.35 -30% 17.6 14.8 3.3 0.5 84.7 2.0 2.4% 6.4% 0.2x 7.3x Insignia Systems Inc. United States 1.90 -62% 25.8 2.6 23.2 - 16.3 (7.6) NM -44.0% 0.2x NM Points International Ltd. * Canada 12.57 -3% 190.0 152.3 34.9 - 122.5 4.8 3.9% 21.7% 1.2x 32.1x Quad/Graphics, Inc. United States 12.25 -72% 577.8 2,062.1 25.6 1,509.2 4,324.6 623.9 14.4% 35.7% 0.5x 3.3x R.R. Donnelley & Sons United States 11.25 -47% 2,028.0 5,387.7 415.0 3,755.3 10,552.4 1,281.1 12.1% 3.6% 0.5x 4.2x StarTek, Inc . United States 1.82 -67% 27.6 17.9 9.7 - 219.5 (4.8) NM -17.3% 0.1x NM Sykes Enterprises, United States 15.35 -32% 663.3 452.2 211.1 - 1,169.3 122.0 10.4% 4.2% 0.4x 3.7x TeleperformanceI td Franc e 26.03 -24% 1,441.9 1,410.4 211.6 174.8 2,762.4 339.9 12.3% 3.3% 0.5x 4.1x TeleTec h Holdings Inc . United States 14.60 -35% 809.8 737.4 172.8 85.0 1,191.1 140.8 11.8% 7.9% 0.6x 5.2x Transcontinental Inc. Canada 11.65 -29% 942.2 1,413.5 56.6 522.6 2,016.0 389.8 19.3% -0.3% 0.7x 3.6x Valassis Communications United States 19.54 -39% 838.4 1,330.0 107.2 598.8 2,207.6 283.4 12.8% -5.3% 0.6x 4.7x ViadI Corp United States 17.58 -31% 356.1 267.2 100.4 3.2 921.0 34.9 3.8% 1.2% 0.3x 7.7x Vistaprint N.V. Netherlands 37.70 -31% 1,394.7 1,469.0 52.1 126.5 978.6 116.7 11.9% 26.7% 1.5x 12.6x
Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.1x) Low 0.1x 3.3x and EBITDA multiples that are 1.0 standard deviations above the mean (14.4x). Mean 0.8x 7.6x Median 0.5x 5.2x Weighted Avg 1.0x 6.8x Adj. W Avg* 0.9x 6.5x High 2.7x 32.1x
M&A & INVESTMENT SUMMARY APRIL 2012 23 APRIL SUMMARY TRADING VALUATION INFORMATION
Revenue Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 2.7x 1.9x 4.4x 2.9x Agency/Consulting 1.0x 0.9x 1.1x 1.1x OOH & Spec ialty Media 1.9x 1.8x 2.6x 2.6x Digital Media/Commerce 4.5x 2.2x 5.7x 5.7x Marketing Technology 6.3x 4.2x 8.0x 6.5x Software & Information 3.1x 2.7x 3.9x 3.6x Marketing Services 0.8x 0.5x 1.0x 0.9x
EBITDA Multiples Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Advertising 17.5x 11.1x 16.3x 14.7x Agency/Consulting 8.0x 7.1x 8.2x 8.1x OOH & Spec ialty Media 7.3x 8.2x 8.5x 8.6x Digital Media/Commerce 33.5x 12.4x 33.0x 18.1x Marketing Technology 40.7x 16.2x 24.7x 19.5x Software & Information 20.9x 12.1x 26.1x 13.4x Marketing Services 7.6x 5.2x 6.8x 6.5x
As of close of business on 04/30/12.
*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.
M&A & INVESTMENT SUMMARY APRIL 2012 24 PPLLC INDICES – LTM as of 3/30/12
110 120 130
110 100 110
100 90
90 90
80 80
70 70 70 Index Performance Performance Index (%) Index Performance Performance Index (%) Index Performance Performance Index (%) 60 60 50 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12
S&P 500 Digital Advertising S&P 500 Agency/Consulting S&P 500 Digital Media/Commerce OOH & Specialty Media
110 110 140
105 100
120 100
90 95
100 90 80
85
80 70 80 Index Performance Performance Index (%) Index Performance Performance Index (%) Index Performance Performance Index (%) 75 60 60 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12
S&P 500 Software & Information S&P 500 Marketing Services
S&P 500 Marketing Technology
S&P 500 +2.7% Digital Advertising, -18.4% Agency/Consutling, +2.6% Digital Media/ Commerce, -26.3% Marketing Technology, -6.5% Software & Information, +0.5% Out-of-Home and Specialty Media, -26.3% Marketing Services, -10.6% LTM Index Performance (%) Performance Index LTM
-31.0% -26.0% -21.0% -16.0% -11.0% -6.0% -1.0% 4.0%
M&A & INVESTMENT SUMMARY APRIL 2012 25 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Values Disclosed Instagram, Inc. Facebook $1,000.0 IBM's Retail Store Solutions Business Toshiba Corp. 850.0 AT&T Advertising Solutions and AT&T Interactive Cerberus Capital Management, LP 750.0 Demandforce, Inc. Intuit, Inc. 423.5 Gemcom Software International, Inc. Dassault Systemes 360.0 Torex Retail Holdings Limited Micros Systems, Inc. 185.9 Dreams, Inc. Fanatics, Inc. 183.0 Totaljobs Group StepStone 173.3 LogLogic TIBCO Software, Inc. 130.0 Archives.com Ancestry.com 100.0 MU Dynamics Spirent Communications plc 40.0 Synchronica Myriad Group AG 38.0 Promax Applications Group Wipro Ltd. 36.5 BlueKiwi Atos Origin S.A. 26.3 Datech Caerus AG 25.0 Ideas International Gartner, Inc. 21.2 Top Rural HomeAw ay, Inc. 18.0 Nordic Betting Unibet Group Plc 17.7 RealLead IDX, Inc. 15.0 Crowdverb Direct Impact 15.0 Hyro KIT Digital, Inc. 14.5 New Video Group Cinedigm Digital Cinema 14.0 Peer39, Inc. Digital Generation, Inc. 13.2 SmartForms ReachForce, Inc. 12.0 RivalWatch QL2 Software, Inc. 10.0 Trailback Securitas AB 5.0
Strategic Undisclosed 3W Regie nugg.ad AG - Adcentricity, Inc. Bee Media - Adgregate Markets, Inc. Axle Digital, Inc. - AIDIA Studio Matsumoto & Clapperton Advertising - AisleBuyer, LLC Intuit, Inc. - All Media Agency Sircle Media Solutions - Alsamarketing PUBLIPAGE, Inc. - ArchiTech Software & Web Solutions Infinity Technology Solutions - Arius Software Doxim, Inc. - b5media, Inc. Alloy Digital -
M&A & INVESTMENT SUMMARY APRIL 2012 26 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed BMore Integrated Right Source Marketing - CarnationGroup Possible Worldwide - Cetas Software VMware, Inc. - Computer Software Associates Tyler Technologies - Crowd Factory Marketo.com - Cymfony, Inc. Visible Technologies - DataPros for Healthcare MedPricer - DCI Incentives QuintLoyalty - Dealster Half Off Depot, Inc. - Dialogs Sophos Ltd. - digital.forest and Fortress Collocation Services Digital Fortress, Inc. - DITTO.ME Groupon, Inc. - Dollco Integrated Print Solutions The Lowe-Martin Group - Earth 911 youchange Holdings Corporation - EffectiveUI WPP Group - Emailtastic.com USADATA, Inc. - Experient, Inc. Maritz Travel Company - Fillmybelly.com Just-Eat.co.uk Ltd. - ForkingDeals Recoup - Full Speed Marketing Vuurr - g8wave SUMOTEXT Corporation - Generations Sync Paul Werth Associates - Greners.com Phototro Holdings, Inc. - Hattrick Holdings, Sneaky Games, and Concept Art House Expedite 5, Inc. - HomeInsureance.com, LLC Red Ventures Limited - Hotspots.io Twitter, Inc. - Ignition Havas - Indigo Consulting Leo Burnett Worldwide, Inc. - JS-Media Adways Co., Ltd. - Lead Peep Parsus Solutions, LLC - Limited Liability Company Beautex ITE International Holdings - Magicomm LLC Winbrook - Managed Planet LANDesk Software - Mobilike madvertise - Modiv Media Catalina Marketing Corporation - Monster Offers Iconosys, Inc. -
M&A & INVESTMENT SUMMARY APRIL 2012 27 ALL SEGMENTS Strategic Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Strategic Undisclosed Motorcycle USA Motorsport Aftermarket Group, Inc. - my-Channels Software AG - Netmind's Payment Mobile Platform Telpac Industries, Inc. - NTRglobal ASG Software Solutions - Nu Graphics Kirkwood Holding, Inc. - Octavian Stribei Inneres Auge - Ojai Printing Custom Printing, Inc. - OneDrum Yammer, Inc. - OnQueue Technologies Jemm Group - Perfect Escapes Travesse Lifestyle Ltd. - Phoenix Marketing Services, Inc. Princeton Fulfillment Solutions, Inc. - PickupZone ShopRunner - PopCard Yardi Systems, Inc. - Ravel Inc. W20 Group - Reside Magnet 360, LLC - Rove's Mobile Administrative SolarWinds - Rumble Australia Thru, Inc. - Search Maximizer Adways Co., Ltd. - Seshday.com LeftLane Sports - Snoobi Fonecta Oy - Tek Travels Private MIH Group - The Nile Project Travora Media, Inc. - Top Language Jobs CareerBuilder, Inc. - Trinicom Kana Software, Inc. - TxVia Google, Inc. - United Printer The Allied Group - Valuesoft Cosmi Software - Varicent Software, Inc. International Business Machines Corporation - Victors & Spoils Havas - Wyse Technology Dell, Inc. - Xinet North Plains Systems Corporation - ZipList, Inc. Conde Nast -
M&A & INVESTMENT SUMMARY APRIL 2012 28 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value Buyout Deals Values Disclosed Thomson Reuters Healthcare Veritas Capital $1,250.0 eResearchTechnology, Inc. Genstar Capital, LP 400.0 MSDSonline Internet Capital Group, Inc. 48.0 Atomic Learning, Inc. Boathouse Capital and Renovus Capital Partners 19.0 Buyout Deals Undisclosed Friendgiftr, Inc. Aurora Borealis Investments - Legacy.com, Inc. Great Hill Partners, LLC - Openwave Systems' Mediation and Messaging Product Business Marlin Equity Partners - VC/Growth Capital Values Disclosed NOOK Microsoft Corporation $300.0 The Chernin Group Providence Equity Partners, Inc. 200.0 Legendary Entertainment TomorrowVentures, LLC 128.0 Conduit, Ltd. JP Morgan Chase 100.0 Skybox Imaging, Inc. Canaan Partners 70.0 Just-Eat.co.uk Ltd. Vitruvian Partners LLP 64.0 TVS Logistics Services Limited Kohlberg Kravis Roberts & Company 53.0 Violin Memory, Inc. SAP Ventures 50.0 Manta Media, Inc. Norwest Venture Partners 44.0 Tango QUALCOMM Ventures 40.0 Path Redpoint Ventures 40.0 Meilele Lightspeed Venture Partners 35.0 SpiderCloud Wireless Charles River Ventures 35.0 SugarCRM, Inc. New Enterprise Associates 33.0 Viadeo S.A. Fonds Stratégique d'Investissement 32.0 Catalyst Repository Systems, Inc. FTV Capital 32.0 Viddy, Inc. NEA 30.0 Eucalyptus Systems, Inc. Institutional Venture Partners 30.0 Veracode, Inc. Meritech Capital Partners 30.0 Voxer, LLC Institutional Venture Partners 30.0 Liaison Technologies Merck Capital Ventures, LLC 30.0 Money-On-Mobile.net Calpain 29.7 SingleHop, Inc. Battery Ventures 27.5 BranchOut, Inc. Mayfield Fund 25.0 Skout, Inc. Andreessen Horowitz Fund 22.0 Ncomputing QuestMark Partners 21.8 EndPlay, Inc. VantagePoint 21.5 ParAccel, Inc. Amazon.com, Inc. 20.0 D.CN SAIF Partners 20.0 WeVideo, Inc. Crest Capital Ventures 19.1
M&A & INVESTMENT SUMMARY APRIL 2012 29 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Liazon Corporation Bessemer Venture Partners $18.2 Bonobos, Inc. Nordstrom, Inc. 16.4 BrightTag, Inc. Baird Venture Partners 15.0 Metamarkets Group Khosla Ventures 15.0 ScienceLogic, Inc. Intel Capital 15.0 CloudPassage, Inc. Tenaya Capital 14.0 Dragonplay Accel Partners 14.0 Adimab, LLC Google Ventures 13.8 41st Parameter Georgian Partners 13.0 Bathrooms.com Augmentum Capital LLP 12.0 Moat, Inc. Mayfield Fund 12.0 Five9, Inc. Adams Street Partners, LLC 12.0 Genalyte Redmile Group, LLC 11.8 Symform, Inc. West River Capital 11.0 Sefaira Ltd. Braemar Energy Ventures 10.8 Bekkoame Internet, Inc. FreeBit 10.5 AHAlife Rakuten, Inc. 10.1 MarkaVIP Prime Ventures 10.0 mySupermarket Limited WPP Digital 10.0 AdSafe Media Pelion Venture Partners 10.0 H.BLOOM, Inc. Shasta Ventures 10.0 Film Fresh, Inc. (Unnamed Fund Contibuters) 10.0 FirstBest Systems Flybridge Capital Partners 10.0 Bizo, Inc. Bessemer Venture Partners 10.0 Chartbeat, Inc. Draper Fisher Jurvetson 9.5 Pertino Networks Norwest Venture Partners 8.9 Struq Reed Elsevier Ventures 8.5 iROKO Partners Tiger Global Management, LLC 8.0 DataPop MK Capital Management LLC 7.0 Singly, Inc. Foundry Group 7.0 Connotate Technologies, Inc. Castile Ventures 7.0 OneID, Inc. Khosla Ventures 7.0 Aframe Octopus Ventures, LLC 7.0 Intrinsic-ID B.V. Robert Bosch Venture Capital 6.6 Simulmedia, Inc. Avalon Ventures 6.0 Opanga Networks Pacific Wireless Ventures LLC 6.0 Schoology, Inc. FirstMark Capital 6.0 Citrus Lane, Inc. GGV Capital 5.1 Cloudmeter, Inc. Meakem Becker Venture Capital LLC 5.0 Lifecrowd Lightbank 5.0 eDoorways International Corporation Gibraltar Advisors 5.0
M&A & INVESTMENT SUMMARY APRIL 2012 30 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Crashlytics Flybridge Capital Partners $5.0 GNS Healthcare, Inc. (Unnamed Fund Contibuters) 5.0 BigDoor Media, Inc. Foundry Group 5.0 VisiQuate, Inc. (Unnamed Fund Contibuters) 4.5 TAPTAP Netw orks Nauta Capital 4.5 Cherry Shasta Ventures 4.5 Ark.com Andreessen Horowitz Fund 4.2 MoGreet, Inc. Black Diamond Ventures X 4.1 Locu, Inc. General Catalyst Partners LLC 4.0 SkySQL Corporation Ab Finnish Industry Investment 4.0 REACH Health, Inc. BIP Investment Partners 4.0 Koupon Media TrailBlazer Capital 4.0 Nara (Unnamed Fund Contibuters) 3.6 Nitro PDF Pty. Ltd. Starfish Ventures 3.5 Libra Plus Corporation Best Create 3.3 Unmetric, Inc. Nexus Venture Partners 3.2 Copiun, Inc. Novak Biddle Venture Partners 3.1 Voci Technologies, Inc. Pittsburgh Equity Partners 3.1 Gopogo (Unnamed Fund Contibuters) 3.0 Ditto Technologies, Inc. August Capital Management 3.0 SeaWell Networks, Inc. BDC Venture Capital 3.0 Coupies Ltd. CologneInvest GmbH 3.0 TalkTo, Inc. Matrix Partners 3.0 Amen Index Ventures 2.9 miiCard Limited New Wave Ventures LLP 2.5 Needle, Inc. Rembrandt Venture Partners 2.5 Wittlebee Rincon Venture Partners 2.5 Real Valuable Corporation R.R. Donnelley & Sons Company 2.5 Malauzai Software, Inc. Live Oak Banking Company 2.3 Duetto Research Trinity Ventures 2.1 ClearPath, Inc. ff Venture Capital 2.1 Roomorama, LLC PROfounders Capital 2.1 Net Element, Inc. (Private Investors) 2.0 OnSports Mike Maples 2.0 SendHub Kapor Capital 2.0 Jelastic Almaz Capital Partners 2.0 DoubleDutch Bullpen Capital 2.0 blur Group (Private Investors) 2.0 Attachments.me Foundry Group 2.0 HealthPrize Technologies LLC (Unnamed Fund Contibuters) 2.0 TipTap, Inc. (Unnamed Fund Contibuters) 1.9
M&A & INVESTMENT SUMMARY APRIL 2012 31 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Values Disclosed Molecular Detection, Inc. MentorTech Ventures $1.9 MindMixer Dundee Venture Capital 1.9 VoloMetrix, Inc. Shasta Ventures 1.6 LeukoDx, Inc. (Unnamed Fund Contibuters) 1.6 Playsino IDM Venture Capital 1.5 CircleUp, Inc. Maveron, LLC 1.5 Ourcast Starfish Ventures 1.3 Threadflip, Inc. First Round Capital 1.3 FanDuel, Inc. Pentech Ventures LLP 1.3 alt12 apps, LLC Felicis Ventures 1.3 Brit Media, Inc. Index Ventures 1.3 Conclusive Analytics (Unnamed Fund Contibuters) 1.3 theComplete.me Intel Capital 1.2 Wander NextView Ventures 1.2 NextCloud, LLC Connecticut Innovations, Inc. 1.2 Coull YFM Group 1.2 Lumoback Innovation Endeavors LLC 1.1 United Mobile Apps Private Limited Mumbai Angels 1.0 JungleApps (Angel Investors) 1.0 LastPass (Unnamed Fund Contibuters) 1.0 Leaf (Unnamed Fund Contibuters) 1.0 WalkMe Ltd. Mangrove Capital Partners 1.0 Artify It (Angel Investors) 0.8 ThirdPresence Finnish Industry Investment 0.8 ViralNinjas Real Ventures 0.8 Diffinity Genomics, Inc. SEED Capital 0.7 Innovatient Solutions, LLC Connecticut Innovations, Inc. 0.5 Deskidea.com Cabiedes & Partners 0.5 Weve (Unnamed Fund Contibuters) 0.5 Promoboxx, Inc. (Unnamed Fund Contibuters) 0.3 VC/Growth Capital Undisclosed Answers Corporation TA Associates - Astley Clarke Limited (Unnamed Fund Contibuters) - AVOS Systems, Inc. Google Ventures - Barrows WPP Group - Doner MDC Partners, Inc. - Essess, Inc. Vocap Ventures - GameGenetics GmbH Target Partners - Get Me Listed (Private Investors) - GME Kantar Retail -
M&A & INVESTMENT SUMMARY APRIL 2012 32 ALL SEGMENTS Venture/Growth Capital Transactions ($ in Millions) Reported Transaction Target Buyer/Investor Value VC/Growth Capital Undisclosed Outrigger Media, Inc. Spring Mountain Capital, LP - Pingar (Unnamed Fund Contibuters) - Prixing Spir Communication - Prosodic (Angel Investors) - ReadyPulse Moxie Software, Inc. - Rover.com Madrona Venture Group - Shape Security, Inc. Kleiner Perkins Caufield & Byers - Social Annex (Private Investors) - Socialcam, Inc. (Angel Investors) - SocialKaty LLC Lightbank - Validas LLC Huntsman Gay Global Capital, LLC - Zeel Networks, Inc. Prolog Ventures -
M&A & INVESTMENT SUMMARY APRIL 2012 33 Petsky Prunier: Maximizing Shareholder Value
• Founded in 1999 • Focused solely on the internet, marketing, media, technology, healthcare and services industries • Over 35 focused professionals › Unique combination of investment banking and consulting expertise • New York-based with West Coast office and Chicago presence • Sell-side and private placement close rate is unmatched at our level of deal volume • Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers • Together with strategic consulting firm Winterberry Group, one of the largest industry-specific advisors providing strategic and transactional services • Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer
INVESTMENT BANKING STRATEGIC CONSULTING
• Sell-Side Representation • Marketing • Strategic Development and Competitive Analysis • Capital Raising and Private • Media Placements • M&A Transaction Due Diligence Support • Healthcare and Valuation Analysis • Corporate Divestitures • Services • Acquisition Strategy/Target Identification • M&A Advisory • Software • Publishing and Thought Leadership • Fairness Opinions • Technology • Internet
M&A & INVESTMENT SUMMARY APRIL 2012 34 Petsky Prunier was Ranked #1 by Bloomberg in 2011 for Mid-Market Internet & Advertising Transactions*
Rank Adviser Deal Count 1 Petsky Prunier 19 2 GCA Savvian Group Corp 14 3 Nomura Holdings Inc 13 4 Goldman Sachs & Co 12 4 China Renaissance Partners 12 6 Jordan Edmiston Group 10 6 Sumito mo Mitsui Financial Gro up Inc 10 8 Deutsche Bank AG 9 8 Morgan Stanley 9 8 KPMG Corp Finance 9 11 Bank o f America Merrill Lynch 8 11 Credit Suisse 8 13 JP Morgan 7 13 RBC Capital Markets 7 13 Jefferies Group Inc 7 16 Barclays Capital 5 16 Evercore Partners Inc 5 16 Daiwa Securities Gro up Inc 5 16 Lazard Ltd 5 16 Ro thschild 5 *Based on number of deals announced in 2011 valued at $500 million or less
More than 40 transactions closed in the last two years:
• Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings
• Across a broad universe of industries, including digital advertising and marketing, digital media, technology and software, information services, and healthcare
M&A & INVESTMENT SUMMARY APRIL 2012 35 REPRESENTATIVE RECENT TRANSACTIONS
has sold a leading data management and a leader in global healthc are audienc e optimiz ation platform a leading provider of taxi-based has sold a provider of a cloud-based primary market research and the top independent (DMP) c ompany outdoor media integration platform for the digital influence network mapping direc t-to-consumer marketer of marketing industry a leader in multic hannel retail, dental s avings plans and has been sold to has been sold to ecommerce and loyalty marketing has been sold to has been sold to a leading market services has received a growth equity services leading provider of servic es for and BPO company investment led by domain name regis tration, a global digital marketing agenc y has been sold to a portfolio company of to ac quis ition, brokerage and s ales a unit of to (N YSE: PAY)
has sold has s old its has sold has sold (Nas daq: TREE) has sold has sold Niche Market Media a leading advertising has acquired A leading urban and Buying Business technology company multic ultural agenc y a leading provider of media has been sold to a leading provider of integrated to a premier provider a leading online lead buying, out-of-home and sampling data, technology and analytics generation business services in niche markets of affinity programs for s olutions univers ities and c olleges a pioneer in measuring the an integrated digital and a s ubs idiary of to to to impact of promotion on to promotional marketing agenc y phys ic ian pres c ribing behavior in a management-led buyout (Xetra: DPW.DE) (Nas daqGS: LEDR) (NYSE: IPG) (Nas daq: PSEC)
(TSX: PTO) has merged with a p or t folio com p an y of one of North America’s largest a leading online video (Nas daq: TREE) Vestar Capital Partners mobile marketing and gateway has received a majority advertis ing network has been sold to investment from has acquired h as sold s olution providers has received a growth capital and has been sold to has been sold to investment from
to a portfolio company of a portfolio company of (Nas daq:GSIC) Parthenon Capital Partners KRG Capital Partners
one of Europe’s leading online has sold the a divis ion of has sold advertis ing networks a leading performance-based Experiential Marketing Bus ines s of a digital c ommunic ations agenc y advertis ing network with a proprietary software a provider of multic hannel has partnered with a premier provider of benchmark- platform s erving marketing software services based advisory services to the has been sold to biopharmac eutic al c ompanies pharmaceutical and biotech a leading national in-store has been sold to industry advertising network and shopper has been sold to has acquired marketing company to has been acquired by to form a joint venture to (N as daq: RRD) CentrSource Canada
(N ASDAQ: TREE) one of the largest and fast a provider of accredited continuing has sold the a global marketing s ervic es a leading direct response education programs has acquired certain assets of has sold growing providers of assets of company televis ion media c ompany for c linic ians has been acquired by out-of-home integrated media an operating company of and marketing programs has been sold to has received a major MIVA Media reaching an online direc tory s ervic e investment from consumers in specialty venues providing trusted lead a leading pay-per-c lic k generation and marketing c ontextual online advertis ing has been sold to to in a combination that creates services for home network has acquired certain assets improvement profes s ionals of the world’s leading loyalty across the country to management provider
M&A & INVESTMENT SUMMARY APRIL 2012 36