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July 2012 Investment Summary

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July 2012 Investment Summary Marketing, Media, Technology, and Service Industries M&A & July 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 35 M&A & INVESTMENT SUMMARY JULY 2012 2 MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES Transaction Distribution • A to ta l of 255 deal s worth approximat el y $16 billion were announced in Jul y 2012 • Digital Media/Commerce was the most active segment with 83 transactions • Software & Information was the highest value segment worth approximately $7.2 billion • Strategic buyers announced 92 deals for approximately $11.4 billion (36% of total volume) • VC/Growth Capital investors announced 152 deals for approximately $1.6 billion • Buyout investors announced 11 deals for approximately $2.9 billion JULY 2012 BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 83 33% 1,527.5 10% 26 774.6 0 0.0 57 752.9 Marketing Technology 77 30% 973.6 6% 25 603.0 1 8.0 51 362.6 Software & Information 42 16% 7,216.0 45% 10 4,219.9 5 2,733.1 27 263.0 Agency/Consulting 18 7% 5,134.1 32% 17 5,117.1 0 0.0 1 17.0 Digital Advertising 15 6% 262.1 2% 3 45.0 1 98.0 11 119.1 Marketing Services 11 4% 171.1 1% 4 80.0 3 65.0 4 26.1 Out-of-Home & Specialty Media 9 4% 727.4 5% 7 702.4 1 10.0 1 15.0 Total 255 100% 16,011.8 100% 92 11,542.0 11 2,914.1 152 1,555.6 Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months 27.0 $25.1 $23.3 24.0 21.0 $10.3 18.0 HPQ/ $16.0 AU $14.6 15.0 $13.4 $11.5 12.0 $11.2 $11.0 $10.8 $10.4 $8.8 $9.9 9.0 e ($ in in billions) ($ e uu 606.0 $4. 5 Val 3.0 231 266 275 284 294 259 243 222 226 260 280 231 255 - Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 M&A & INVESTMENT SUMMARY JULY 2012 3 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Le Jardin de Catherine eCommerce Mr. Bricolage SA $18.9 $31.6 - 0.6x NA Marketing Technology Zencoder Content Management Brightcove, Inc. 30.0 2.0 1.2 15.0x 25.0 Oversi Networks Ltd. Content Delivery Network Allot Communications Ltd 16.0 8.0 - 2.0x NA Press Index Social Technology Kantar Media 13.8 20.0 0.7 0.7x 19.7 Agency/Consulting Aegis Group plc Media Planning/Buying Dentsu, Inc. 4,761.1 1,766.7 323.5 2.7x 14.7 Catch Stone Advertising Digital Agency Aegis Group plc 86.0 21.5 - 4.0x NA MMPI Canada Experiential Marketing Informa PLC 53.0 24.5 - 2.2x NA Software & Information Quest Software ERP Software Dell, Inc. 2,237.1 881.5 160.3 2.5x 14.0 MModal IP LLC Healthcare Software One Equity Partners, LLC 1,057.0 450.0 114.5 2.3x 9.2 GeoEye Geo-Demo Information DigitalGlobe, Inc. 453.0 359.1 174.6 1.3x 2.6 Breaking Point Systems Unclassified Software Ixia 160.0 46.9 40.8 3.4x 3.9 20-20 Technologies, Inc. Engineering Software Vector Capital Corporation 71.2 69.9 7.6 1.0x 9.4 Out-of-Home & Specialty Media CinemaxX Entertainment Media Vue Entertainment Ltd. 257.4 251.7 37 . 7 10x1.0x 68 6.8 Classic Media, Inc. Entertainment Media DreamWorks LLC 155.0 82.2 - 1.9x NA Eye Corp Pty Ltd.(1 ) Traditional Outdoor Outdoor Media Operations 120.0 - 16.0 NA 7.5 IPOs After Final Pricing* Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Kayak Software Corporation eCommerce IPO $971.2 $245.2 $41.9 4.0x 23.2x Software & Information Palo Alto Networks Infrastructure Software IPO 2,376.6 219.7 8.0 10.8x 297.1x E2open, Inc. ERP Software IPO 364.4 63.9 1.1 5.7x 331.3x (1) Eye Corp EBITDA multiple per FNArena * IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing M&A & INVESTMENT SUMMARY JULY 2012 4 SECURITIES IN REGISTRATION ($ in Millions) Aggregate LTM Date Company Name Segment O ffering Value Rev EBITDA Jul-12 Performant Financial Corporation Marketing Services $161.6 $173.8 $58.8 Apr-12 BlackStratus, Inc. Software & Information 20.00 9.20 NM Mar-12 Exponential Interactive, Inc. Digital Advertising 75.00 169.10 22.0 Mar-12 Gogo Technologies Software & Information 100.00 160.20 NM Mar-12 LegalZoom.com, Inc. Digital Media/Commerce 96.00 173.60 12.3 Mar-12 Professional Diversity Network Digital Media/Commerce 17.50 5.73 2.9 Mar-12 Reval Holdings Software & Information 75.00 47.00 NM Mar-12 Shutterstock, Inc. Digital Media/Commerce 115.00 132.40 24.0 M&A & INVESTMENT SUMMARY JULY 2012 5 LTM IPO PERFORMANCE ($ 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 Jul 31, 2012 1st Trading Day Jul-12 EOPN E2open, Inc. United States $15.00-$17.00 $15.00 $13.50, down 10% $12.60 (6.7%) Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 33.56 1.1% Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 57.14 7.5% Jun-12 NOW ServiceNow United States 15.00-17.00 18.00 24.77, up 38% 27.00 9.0% May-12 FB Facebook United States 36.00-38.00 38.00 38.23, flat 21.71 (43.2%) May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 18.05 (5.5%) May-12 WAGE WagWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 14.19 12.6% Apr-12 AQ Acquity Group Hong Kong 6.00-8.00 6.00 5.77, down 4% 9.90 71.6% Apr-12 PFPT Proofpoint, Inc. United States 10.00-12.00 13.00 14.10, up 8% 13.82 (2.0%) Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 21.01 (1.4%) Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 29.40 (17.1%) Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 7.97 (58.1%) Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 24.57 1.0% Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 22.80 (9.2%) Mar-12 MM Millennial Media, Inc. United States 11.00-13.00 13.00 25.00, up 92% 9.93 (60.3%) Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 5.56 1.1% Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 26.84 19.8% Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 19.96 (18.8%) Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 10.03 (23.4%) Feb-12 BV BazaarVoice, Inc. United States 8.00-12.00 12.00 16.51, up 31% 15.50 (6.1%) Fb12Feb-12 BCOV BiBrig htcove, Inc. UitdUnited SttStates 10. 00-12 .00 11. 00 15. 15, up 36% 14. 81 (2. 2%) Feb-12 FX FX Alliance Inc. United States 13.50-15.50 12.00 14.74, up 15% 22.10 49.9% Dec-11 JIVE Jive Software United States 8.00-10.00 12.00 15.05, up 25% 20.03 33.1% Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 20.76 27.3% Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 2.95 (68.9%) Nov- 11 ANGI Angie's List, Inc. United States 11. 00-13 .00 13. 00 16. 26, up 25% 13. 00 (20. 0%) Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 6.66 (74.5%) M&A & INVESTMENT SUMMARY JULY 2012 6 DIGITAL ADVERTISING Transactions by Segment and Buyer Type • Mobile Marketing was the most active segment with seven announced transactions worth approximately $77 million, while Digital Video was the highest value worth approximately $128 million • Select acquisitions › Madison Dearbon Partners’ $98 million acquisition of QuickPlay Media, a Canada-based cloud video services company › Deutsche Post’s acquisition of Germany-based IntelliAd Media, a digital marketing agency specializing in optimizing search ad purchases • Select investments › The $28 million investment in JumpTap, a mobile ad network operator that reaches approximately 263 million people worldwide, led by Keating Capital › The $27 million investment in SAY Media, an online video platform and ad network company, led by New Enterprise Associates, Shea Ventures and Correlation Ventures › The $20 million investment in I-Media, a company claiming to be China’s largest mobile ad network operator, led by Kleiner Perkins Caufield & Byers DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est.
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