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October 2012 Investment Summary

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October 2012 Investment Summary Marketing, Media, Technology, and Service Industries M&A & October 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 26 About Petsky Prunier 34 M&A & INVESTMENT SUMMARY OCTOBER 2012 2 MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES Transaction Distribution • A to ta l of 310 dldeals worth approxima tltely $6.9 billion were announced in OtOcto ber 2012 • Digital Media/Commerce was the most active and highest value segment with 114 transactions worth approximately $3.2 billion • Strategic buyers announced 137 deals for approximately $3.5 billion (44% of total volume) • VC/Growth Capital investors announced 167 deals for approximately $1. 8 billion • Buyout investors announced six deals for approximately $1.6 billion OCTOBER 2012 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 114 37% 3,161.9 46% 32 978.9 2 1,590.4 80 592.7 Marketing Technology 81 26% 813.9 12% 31 500.4 0 0.0 50 313.5 Software & Information 59 19% 1,924.0 28% 35 1,610.3 2 0.0 22 313.6 Agency/Consulting 25 8% 376.6 5% 21 326.6 1 40.3 3 9.8 Digggital Advertising 16 5% 119.4 2% 9 82.9 0 0.0 7 36.5 Out-of-Home & Specialty Media 10 3% 544.2 8% 6 25.0 1 0.0 3 519.2 Marketing Services 5 2% 3.2 0% 3 0.0 0 0.0 2 3.2 Total 310 100% 6,943.2 100% 137 3,524.2 6 1,630.7 167 1,788.4 Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months $14.0 $11.9 $11.5 $11.4 $12.0 $9.2 $10.0 $7.9 $7.7 $8.0 $6.4 $6.4 $6.9 Value $6.0 $3.8 ($BN) $4.0 $2.5 $2.3 orted $1.9 $2.0 Rep 297 269 253 206 220 263 289 258 261 256 247 221 310 $‐ Oct‐11 Nov‐11 Dec‐11 Jan‐12 Feb‐12 Mar‐12 Apr‐12 May‐12 Jun‐12 Jul‐12 Aug‐12 Sep‐12 Oct‐12 M&A & INVESTMENT SUMMARY OCTOBER 2012 3 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Ancestry.com Inc. eCommerce Permira Advisers $1,590.4 $460.2 $151.2 3.5x 10.5x Gloops Gaming NEXON Corporation 468.4 305.0 38.5 1.5x 12.2x XING Social Media/Apps Burda Digital 280.7 87.7 27.5 3.2x 10.2x PriceGrabber, LowerMyBills and ClassesUSA.com eCommerce (Management Buyout) 80.0 283.0 20.0 0.3x 4.0x Marketing Technology Heiler Software BI Tools Informatica Corporation 103.9 24.4 0.4 4.3x NM Agency/Consulting Vertis Communications DM Agency Quad/Graphics, Inc. 258.5 1,100.0 60.0 0.2x 4.3x Software & Information Serasa Financial Information Experian plc 5,067.6 870.0 - 5.8x NA Out-of-Home & Specialty Media Variety Magazine B-to-B Media Penske Media Corporation 25.0 30.0 6.0 0.8x 4.2x IPOs After Final Pricing* Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Shutterstock, Inc. eCommerce IPO $543.3 $144.1 $24.1 3.8x 22.5x Marketing Technology Fleetmatics Group Limited Mobile Tec hnology IPO 600.6 108.1 18. 7 56x5.6x 32. 1x Software & Information Workday, Inc. Human Capital Management Software IPO 4,553.3 199.1 (75.8) 22.9x NM * IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing M&A & INVESTMENT SUMMARY OCTOBER 2012 4 SECURITIES IN REGISTRATION ($ in Millions) Aggreg ate LTM Date Company Name Segment Offering Value Rev EBITDA Oct-12 YY, Inc. Digital Media/Commerce $100.0 $82.7 $2.9 Apr-12 BlackStratus, Inc. Software & Information 20.00 9.20 NM Mar-12 Exponential Interactive, Inc. Digital Advertising 75.00 169.10 22.0 Mar-12 Gogo Technologies Software & Information 100.00 160.20 NM Mar-12 LegalZoom.com, Inc. Digital Media/Commerce 96.00 173.60 12.3 Mar-12 Professional Diversity Network Digital Media/Commerce 17.50 5.73 2.9 Mar-12 Reval Holdings Software & Information 75.00 47.00 NM M&A & INVESTMENT SUMMARY OCTOBER 2012 5 LTM IPO PERFORMANCE ($ 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 Oct 31, 2012 1st Trading Day Oct-12 FLTX Fleetmatics Group Limited United States $15.00-$17.00 $17.00 $22.30, up 31% $21.69 (2.7%) Oct-12 SSTK Shutterstock, Inc. United States 13.00-15.00 17.00 21.66, up 27% 23.75 9.6% Oct-12 WDAY Workday, Inc. United States 24.00-26.00 28.00 48.69, up 74% 48.50 (0.4%) Sep-12 TRLA Trulia, Inc. United States 14.00-16.00 17.00 24,00, up 41.8% 22.55 (6.0%) Aug-12 ELOQ Eloqua, Inc. United States 10.00-11.50 11.50 12.89, up 12% 23.33 81.0% Aug-12 PFMT Performant Financial Corporation United States 12.00-14.00 9.00 10.60, down 18% 9.87 (()6.9%) Jul-12 EOPN E2open, Inc. United States 15.00-17.00 15.00 13.50, down 10% 17.50 29.6% Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 33.13 (0.2%) Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 54.98 3.5% Jun-12 NOW ServiceNow United States 15.00-17.00 18.00 24.77, up 38% 30.65 23.7% May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 7.54 (60.5%) May-12 FB Facebook United States 36.00-38.00 38.00 38.23, flat 21.11 (44.8%) May-12 WAGE WagWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 19.39 53.9% Apr-12 AQ Acquity Group Hong Kong 6.00-8.00 6.00 5.77, down 4% 10.02 73.7% Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 16.61 (22.0%) Apr-12 PFPT Proofpoint, Inc. United States 10.00-12.00 13.00 14.10, up 8% 13.21 (6.3%) Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 28.03 (21.0%) Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 6.18 (67.5%) Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 29.69 22.0% Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 23.32 (7.1%) Mar-12 MM Millennial Media, Inc. United States 11.00-13.00 13.00 25.00, up 92% 16.03 (35.9%) Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 10.03 82.4% Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 26.89 20.0% Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 24.10 (2.0%) Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 10.49 (19.9%) Feb-12 BV BazaarVoice, Inc. United States 8.00-12.00 12.00 16.51, up 31% 12.76 (22.7%) Feb-12 BCOV Brightcove, Inc. United States 10.00-12.00 11.00 15.15, up 36% 12.62 (16.7%) Dec-11 JIVE Jive Software United States 8.00-10.00 12.00 15.05, up 25% 11.20 (25.6%) Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 12.18 (25.3%) Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 2.24 (76.4%) Nov- 11 ANGI Angie's List, Inc. United States 11. 00-13 .00 13. 00 16. 26, up 25% 11. 44 (29. 6%) Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 4.12 (84.2%) M&A & INVESTMENT SUMMARY OCTOBER 2012 6 DIGITAL ADVERTISING Transactions by Subsegment and Buyer Type • The were 16 transactions announced in the Digital Advertising segment worth approximately $120 million • Select acquisitions › DealerTrack ‘s $49 million acquisition of ClickMotive, an interactive marketing solutions provider with core competencies in search marketing › TeleNav’s $23 million acquisition of ThinkNear, a hyper-local mobile advertising firm offering services that drives customers to merchants by distributing mobile coupons • Select investments › The $11 million investment in Brandscreen, which operates a demand side platform that connects media buyers and trading desks with real-time advertising exchanges, from Macquarie Capital, Southern Cross Venture Partners and SingTel Innov8 DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Ad Networks/Exchanges 6 38% 19.2 16% 4 0.0 0 0.0 2 19.2 Digital Video 5 31% 14.0 12% 1 0.0 0 0.0 4 14.0 Mobile Marketing 2 13% 25.8 22% 1 22.5 0 0.0 1 3.3 Search Marketing 2 13% 48.9 41% 2 48.9 0 0.0 0 0.0 Affiliate/CPA Network 1 6% 11.5 10% 1 11.5 0 0.0 0 0.0 Total 16 100% 119.4 100% 9 82.9 0 0.0 7 36.5 M&A & INVESTMENT SUMMARY OCTOBER 2012 7 DIGITAL ADVERTISING PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price Chg % From Eqqyuity Ent.
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