April 2015 M&A and Investment Summary 245245 232232 184184
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BlueBlue 0 0 7979 133133 122122 141141 181181 178178 186186 213213 211211 216216 233233 234234 235235 245245 OrangeOrange 241241 184184 0 0 April 2015 M&A and Investment Summary 245245 232232 184184 GreyGrey 138138 138138 138138 203203 203203 203203 221221 221221 Expertise. Commitment. Results. 221221 Table of Contents Blue 0 79 133 122 141 181 178 186 213 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 Grey 138 138 138 203 203 203 221 221 221 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 April 2015 M&A and Investment Summary for All Segments Blue 0 79 133 122 Transaction Distribution 141 181 . A total of 492 deals were announced in April 2015, of which 295 were worth $25.9 billion in aggregate reported value 178 186 213 . Digital Media was the most active segment with 142 deals announced, of which 98 were reported at $3.0 billion in aggregate value 211 216 233 . Software was the highest reported value segment with 114 transactions announced of which 71 were reported for $9.9 billion 234 235 . Strategic buyers announced 216, deals of which 44 were worth $14 billion in aggregate value 245 Orange . VC/Growth Capital investors announced 259 transactions, of which 245 were reported for $5.3 billion 241 184 . Buyout investors announced 17 deals during the month, six of which were worth $6.5 billion in reported aggregate value 0 245 232 184 Grey April 2014 138 138 BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 # % $MM % # $MM # $MM # $MM 203 203 Digital Media/Commerce 142 29% $2,964.2 11% 45 $623.1 0 - 97 $2,341.1 221 Software 114 23% 9,931.3 38% 47 2,908.2 8 5,976.1 59 1,047.0 221 221 Marketing Technology 92 19% 2,854.1 11% 41 2,027.9 2 - 49 826.2 Digital Advertising 43 9% 1,559.2 6% 17 830.9 0 - 26 728.3 Business Services 34 7% 6,694.4 26% 19 6,547.1 2 - 13 147.3 Agency & Marketing Services 31 6% 56.5 0% 29 29.5 1 - 1 27.0 Information 23 5% 217.0 1% 8 - 1 41.0 14 176.0 Traditional Media 13 3% 1,598.6 6% 10 1,066.0 3 532.6 0 - Total 492 100% 25,875.2 100% 216 14,032.6 17 6,549.7 259 5,292.9 3 | M&A and Investment Summary April 2015 M&A and Investment Summary for All Segments Blue 0 79 133 122 Transaction Distribution 141 181 178 . Aggregate reported transaction value in April increased 38 percent from March 2015 and 108 percent from April 2014 186 213 . Strategic activity accounted for 54 percent of reported deal value during the month and included: 211 216 233 • Capgemini’s $4.4 billion acquisition of IT outsourcing solutions provider iGate Corporation 234 235 245 • Raytheon’s majority purchase of network security company Websense from Vista Equity Partners for $1.8 billion Orange • The $1.5 billion acquisition of online learning company Lynda.com by LinkedIn 241 184 0 • Mastercard’s $600 million purchase of price gauging, marketing, and merchandising analytics company Applied Predictive 245 232 Technologies 184 • Retail and commerce-focused digital ad platform TellApart’s $533 million acquisition by Twitter Grey 138 138 138 $90.0 $500.0 203 $80.0 203 203 $400.0 $70.0 $65.1 221 $60.0 221 $300.0 221 $50.0 $40.0 AT&T/ $37.5 DirecTV $31.3 $200.0 $30.0 $22.4 $22.8 $23.5 $25.9 $18.8 $20.0 $15.0 $100.0 $12.4 $14.5 $23.5 $11.2 $10.0 427 395 371 441 314 428 428 491 380 385 425 456 492 $- $- Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 4 | M&A and Investment Summary April 2015 Selected Transactions with Valuation Information Disclosed ($ in Millions) Blue 0 79 133 Selected Transactions With Multiples Information 122 141 Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA 181 Digital Advertising 178 Chango, Inc. Online Lead Generation The Rubicon Project 116.0 48.5 - 2.4x NA 186 213 Digital Media/Commerce Nakedwines.com, Inc. eCommerce Majestic Wine Plc 103.0 109.4 - 0.9x NA 211 216 233 Business Services iGate Corporation IT Consulting/Systems Integration Capgemini 4,431.1 1,268.2 254.2 3.5x 17.4x 234 Lynda.com, Inc. Training LinkedIn Corporation 1,500.0 150.0 - 10.0x NA 235 Scholastic Corporation's Educational Technology Business Training Houghton Mifflin Harcourt 575.0 248.7 67.6 2.3x 8.5x 245 Marketing Technology Orange Bronto Software, Inc. Email Services Netsuite, Inc. 200.0 40.0 3.0 5.0x 66.7x Orad Hi Tec Systems Ltd. Marketing Asset Management Avid Technology, Inc. 68.3 40.5 5.0 1.7x 13.7x 241 184 Smart AdServer Ad Serving Cathay Capital Private Equity 39.8 17.0 - 2.3x NA 0 MediaLets, Inc. Analytics & Reporting WPP Group 22.0 7.0 - 3.1x NA Escrow.com, Inc. Commerce Management Freelancer.com 7.5 5.0 1.2 1.5x 6.3x 245 232 Software 184 Informatica Corporation Data Management Permira Advisers 5,300.0 1,500.0 299.0 3.5x 17.7x TrustWave Holdings, Inc. Security SingTel 810.0 216.0 - 3.8x NA Grey Procera Networks, Inc. Infrastructure Francisco Partners 238.1 75.4 - 3.2x NA WatchDox, Inc. Security BlackBerry Ltd. 90.0 12.0 - 7.5x NA 138 138 Procserve Holdings Limited Financial BasWare Corporation 28.0 11.6 - 2.4x NA 138 Loqate, Inc. Geo-Demo GB Group PLC 13.4 5.4 - 2.5x NA IBEXI Solutions Pvt. Ltd. Financial Sapiens International Corporation N.V. 6.0 3.6 1.7x NA 203 203 203 221 221 221 5 | M&A and Investment Summary April 2015 Securities in Registration ($ in Millions) Blue 0 79 133 Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA 122 141 181 Apr-15 Shopify United States Digital Media/Commerce 100.0 123.6 NA 178 Apr-15 Baozun E-Commerce China Marketing Technology 200.0 255.4 NA 186 213 Apr-15 Yirendai.com China Digital Media/Commerce 300.0 NA NA 211 Apr-15 Press Ganey Associates United States Information 100.0 61.3 NA 216 233 Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA 234 Mar-15 Truvon 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 Grey 138 138 138 203 203 203 221 221 221 6 | M&A and Investment Summary April 2015 LTM IPO Performance (1/2) Blue 0 79 133 Initial Offering Final Price Stock Price at Close Stock Price on % Change from 122 141 Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Apr 30, 2015 1st Trading Day 181 Apr-15 NasdaqGS:APIC Apigee Corporation United States $16.00-$18.00 $17.00 10.60, down 8% $14.47 36.5% 178 Apr-15 NasdaqGS:ETSY Etsy, Inc. United States $14.00-$16.00 $16.00 30.00, up 86% $22.24 (25.9%) 186 213 Apr-15 NasdaqGM:WOWO Wowo Limited China $9.00-$11.00 $10.00 10.29, up 3% $8.95 (13.0%) 211 Apr-15 NYSE:GDDY GoDaddy Inc. United States $17.00-$19.00 $20.00 26.15, up 31% $25.07 (4.1%) 216 233 Mar-15 NYSE:MXPT MaxPoint Interactive, Inc. United States $10.50-$12.50 $11.50 10.60, down 8% $7.37 (30.5%) 234 Jan-15 NYSE:BOX Box, Inc. United States $11.00-$13.00 $14.00 23.23, up 65% $17.11 (26.3%) 235 245 Dec-14 NYSE:NEWR New Relic, Inc. United States 20.00-22.00 23.00 31.10, up 35% 32.49 4.5% Orange Dec-14 NYSE:ONDK On Deck Capital, Inc. United States 16.00-18.00 20.00 27.98, up 40% 19.25 (31.2%) 241 Dec-14 NasdaqGS:MOMO Momo Inc.