Business and Tech-Enabled Services Sector Report

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BUSINESS AND TECH-ENABLED SERVICES SECTOR REPORT

January 2018

1 BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD $132.4 Billion 3,354 M&A Volume YTD M&A Transactions YTD Quarterly M&A Volume ($Bn) and Deal Count Select M&A Transactions 60 Announced Date Acquirer Target EV ($MM) $48.5 50 $45.1 $45.5 $37.1 12/22/2017 $219 40 $31.1 $27.4 $26.9 30 $24.6 12/22/2017 NA $19.1 $19.2 $21.7

20 $14.9 Volume ($Bn) Volume 10 12/18/2017 $476 0 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 12/11/2017 NA

1200 12/6/2017 NA 966 944 964 995 986 (Investment) 1000 901 929 917 875 894 797 788 800 12/6/2017 NA 600 12/6/2017 NA

Deal Count Deal 400 200 12/6/2017 NA 0 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 12/5/2017 NA

(1) Last 12 Months Business & Tech-Enabled Services Performance vs. S&P 500 12/1/2017 NA 125.0% 12/1/2017 NA 120.0% 115.0% 11/30/2017 NA (Investment) 110.0%

105.0% 11/30/2017 $280

100.0% 11/30/2017 $2,000 95.0% 90.0% 11/30/2017 NA Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18

Business & Tech-Enabled Services S&P 500 11/27/2017 $456

Notes: 2 Source: Capital IQ and PitchBook. Market Data as of 1/12/18. 1) Business & Tech-Enabled Services is comprised of all of the companies listed under Public Company Valuations. GCA OVERVIEW Business & Tech-Enabled Services Team

New York Tokyo Milan Frankfurt London th 640 Fifth Avenue, 10 Fl. 11-1 Marunouchi 1-chome Piazza San Fedele 4 Thurn-und-Taxis-Platz 6 1 Southampton St. New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 20121 Milano 60313 Frankfurt London WC2R0LR United States Japan Italy Germany United Kingdom Phone: (212) 999-7090 Phone: +81 (3) 6212-7100 Phone: +39 02 76 01 73 40 Phone: +49 69 204 34 6410 Phone:+44 20 7484 4040

Derek Bell Stephen Georgiadis* Akikazu Ida* Sascha Pfeiffer* Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7089 Phone: +44 207 484 4040 Phone: +81 (3) 6212-7241 Phone: +49 69 204 346 415 Mobile: (914) 953-0689 Mobile: +44 7770 827335 Mobile: +81 (80) 9027-3023 Mobile: +49 177 741 5643 [email protected] [email protected] [email protected] [email protected]

Adrian Reed* Tobias Schultheiss* Alessandro Soprano* Raiko Stelten* Managing Director Managing Director Managing Director Director

Phone: +44 845 505 4343 Phone: +49 69 204 346 416 Phone: +39 02 7601 7340 Phone: +49 69 204 346 418 Mobile: +44 7887 626800 Mobile: +49 160 534 6278 Mobile: +39 348 231 6056 Mobile: +49 171 335 0879 [email protected] [email protected] [email protected] [email protected]

Notes: *Stephen Georgiadis, Adrian Reed, and Alessandro Soprano are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Akikazu Ida is a Managing Director at GCA Corporation. 3 *Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. *Raiko Stelten is a Director at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months Last 3 Years

155% 180%

145%

160% 135%

125% 140%

115%

120% 105%

95% 100%

85%

75% 80% Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18

Key Sector 3 Months 1 Year 3 Years Advertising & Marketing Services 6.3% 2.6% 13.2% Events & Exhibitions 3.4% 27.1% 58.4% Information Services 7.1% 28.7% 57.1% Consulting & Training 7.0% 5.0% 25.1% HR Services 6.4% 18.1% 55.4% Staffing & Recruiting 5.5% 46.1% 78.0% IT & BPO Services 11.4% 23.1% 31.8% Customer Care / CRM Services 1.4% 23.8% 78.0% S&P 500 9.2% 22.7% 37.4% Notes: Source: Capital IQ. Market Data as of 1/12/18. Advertising & Marketing Services: ADS, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, III, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 4 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS. Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. TRADING COMPARABLES Valuation Metrics

EV / 2017E EBITDA EV / 2017E Revenue

16.0x 6.0x 14.9x 14.6x

14.0x 5.0x 4.8x 11.6x 12.0x 11.2x 10.6x 10.6x 10.2x 4.0x 10.0x 9.3x 3.5x 3.3x

8.0x 3.0x

2.2x 6.0x 2.0x 1.7x

4.0x 1.1x 0.8x 1.0x 0.6x 2.0x

0.0x 0.0x Information HR Services IT & BPO Events & Consulting & Customer Staffing & Advertising & Information Events & HR Services IT & BPO Advertising & Consulting & Customer Staffing & Services Services Exhibitions Training Care / CRM Recruiting Marketing Services Exhibitions Services Marketing Training Care / CRM Recruiting Services Services Services Services

Notes: Source: Capital IQ. Market Data as of 1/12/18. Figures reflect median values, except for HR services, which reflects mean values. Advertising & Marketing Services: ADS, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, III, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 5 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS. Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. TRADING COMPARABLES Operational Metrics

2017E EBITDA Margin 2018E / 2017E Rev. Growth

35.0% 8.0% 7.3% 30.9% 7.0% 6.7% 30.0% 6.5% 26.9% 6.2% 6.0% 5.6% 5.6% 25.0% 5.1% 21.6% 4.8% 5.0% 20.0% 16.8% 16.0% 4.0% 15.0% 12.1% 10.9% 3.0% 10.0% 2.0% 6.3%

5.0% 1.0%

0.0% 0.0% Information Events & HR Services IT & BPO Advertising & Consulting & Customer Staffing & HR Services IT & BPO Customer Information Events & Advertising & Staffing & Consulting & Services Exhibitions Services Marketing Training Care / CRM Recruiting Services Care / CRM Services Exhibitions Marketing Recruiting Training Services Services Services Services

Notes: Source: Capital IQ. Market Data as of 1/12/18. Figures reflect median values, except for HR services, which reflects mean values. Advertising & Marketing Services: ADS, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, III, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 6 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS. Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics

$MM, Except Per Share Data Stock LTM Trading Statistics Operating Metrics Price Price Range Equity Cash & Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth Gross Margin EBITDA Margin 1/12/18 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E CY 17E CY 18E

Advertising & Marketing Services

WPP plc $18.54 $16.95 $26.39 $23,187 $3,709 $9,774 $29,820 1.7x 1.4x 1.4x 9.5x 8.6x 8.3x 11.4x 10.8x 16.1% 3.7% NA NA 16.7% 16.8% Omnicom Group Inc. 75.92 65.32 87.43 17,502 1,851 4,995 21,355 1.4x 1.4x 1.4x 9.3x 9.1x 8.8x 14.9x 14.2x (0.7%) 3.1% NA NA 15.3% 15.4% Publicis Groupe S.A. 69.08 63.25 83.86 15,613 1,313 3,700 18,014 1.8x 1.5x 1.5x 10.0x 8.9x 8.3x 12.7x 11.7x 13.6% 2.4% 36.8% 37.5% 17.4% 18.1% Alliance Data Systems Corporation 276.37 209.00 278.33 15,269 3,326 23,483 35,426 5.0x 4.6x 4.1x 24.2x 17.7x 15.4x 15.3x 12.4x 8.7% 10.8% 42.4% 42.5% 25.9% 26.8% Dentsu Inc. 44.51 39.79 58.90 12,547 1,505 4,229 15,732 2.2x 1.9x 1.8x 10.5x 10.1x 9.2x 17.1x 15.5x 14.0% 7.5% NA NA 19.1% 19.5% The Interpublic Group of Companies, Inc. 21.74 18.30 25.71 8,448 705 2,099 10,107 1.3x 1.3x 1.2x 9.2x 8.8x 8.4x 15.5x 14.1x (0.1%) 3.2% 35.5% 36.2% 14.6% 14.9% Hakuhodo DY Holdings Inc 14.06 11.53 14.71 5,244 1,158 84 4,361 0.4x 0.4x 0.4x 9.6x 8.7x 8.0x 21.2x 19.3x 9.6% 4.9% 19.7% 20.2% 4.3% 4.5% LendingTree, Inc. 364.00 102.40 370.74 4,357 345 235 4,247 11.0x 7.0x 5.4x NM 37.6x 28.3x NM NM 58.4% 29.1% 97.2% 97.2% 18.5% 19.1% Yelp Inc. 45.39 26.93 48.40 3,762 558 - 3,204 4.5x 3.8x 3.4x NM 20.4x 16.2x 44.6x 34.8x 18.3% 12.8% 92.0% 92.5% 18.6% 20.7% j2 Global, Inc. 77.03 71.09 91.48 3,729 403 999 4,326 4.9x 3.9x 3.7x 11.7x 9.3x 8.5x 13.5x 12.8x 28.4% 5.4% 84.6% 84.9% 41.6% 43.0% HubSpot, Inc. 92.65 49.40 93.53 3,462 492 294 3,264 12.0x 8.8x 6.9x NM NM NM NM NM 36.9% 27.5% 80.7% 81.5% 5.9% 7.5% Meredith Corporation 67.20 50.63 72.25 3,002 28 706 3,680 2.2x 2.2x 2.1x 10.3x 11.4x 10.3x 19.1x 17.3x (1.3%) 3.9% NA NA 19.3% 20.5% Moneysupermarket.com Group PLC 4.85 4.00 5.05 2,601 23 - 2,578 6.6x 5.7x 5.2x 19.0x 14.8x 13.6x 21.7x 19.4x 16.2% 8.3% 73.5% 73.5% 38.3% 38.7% Cheil Worldwide Inc. 18.68 15.34 20.89 2,020 378 16 1,666 0.6x 0.5x 0.5x 10.7x 8.6x 7.8x 16.6x 16.1x 17.2% 5.0% 30.4% 31.3% 6.1% 6.4% Ipsos SA 39.23 30.66 43.31 1,635 140 708 2,222 1.2x 1.0x 1.0x 10.6x 9.0x 8.4x 12.4x 11.4x 14.3% 3.5% 65.7% 65.6% 11.5% 11.9% MDC Partners Inc. 9.40 6.13 12.26 549 19 931 1,566 1.1x 1.0x 1.0x 10.5x 7.7x 6.9x 21.9x 16.0x 9.7% 5.7% NA NA 13.4% 14.1% YouGov plc 4.62 2.95 4.93 486 31 0 456 3.7x 3.0x 2.8x 36.8x 19.8x 17.3x 29.7x 26.3x 23.9% 8.6% 78.0% 78.0% 15.1% 15.9% QuinStreet, Inc. 9.34 2.96 10.97 427 50 - 377 1.3x 1.2x 1.1x NM 18.4x 13.7x NM NM 8.0% 10.0% 10.0% 14.1% 6.3% 7.8%

Mean 3.5x 2.8x 2.5x 13.7x 13.5x 11.6x 19.2x 16.8x 16.2% 8.6% 57.4% 58.1% 17.1% 17.9% Median 2.0x 1.7x 1.6x 10.5x 9.3x 8.8x 16.6x 15.5x 14.2% 5.6% 65.7% 65.6% 16.0% 16.3%

Events & Exhibitions

UBM plc $10.12 $8.75 $10.64 $3,981 $152 $870 $4,748 4.5x 3.5x 3.5x 16.3x 11.7x 11.5x 15.0x 14.9x 26.1% 0.7% 30.7% 31.1% 30.3% 30.6% Ascential plc 5.25 3.83 5.48 2,102 97 372 2,376 6.4x 4.7x 4.0x 22.4x 14.8x 13.3x 22.1x 20.1x 37.4% 16.0% NA NA 31.6% 30.3% Emerald Expositions Events, Inc. 20.20 18.67 24.56 1,459 14 556 2,001 6.2x 5.8x 5.4x 13.6x 13.1x 12.2x 19.2x 18.2x 7.0% 6.3% 73.6% 72.4% 44.2% 44.4% Viad Corp 56.00 42.05 61.85 1,143 53 185 1,289 1.1x 1.0x 1.0x 10.8x 8.9x 8.4x 21.5x 19.4x 7.7% 3.3% NA NA 11.1% 11.5% GL Events 31.60 21.03 35.85 734 239 712 1,258 1.3x 1.1x 1.0x 9.2x 7.7x 7.3x 15.7x 14.1x 13.2% 5.5% NA NA 14.4% 14.3% ITE Group plc 2.39 2.03 2.70 636 31 98 733 4.3x 3.5x 3.3x 19.7x 14.9x 13.8x 21.7x 20.2x 23.2% 5.7% 40.5% 38.2% 23.6% 24.1% Tarsus Group plc 4.50 3.56 4.60 507 35 144 622 7.4x 3.8x 4.8x 26.9x 10.8x 14.4x 12.5x 19.1x 96.0% (21.0%) NA NA 34.9% 32.9% MCH Group AG 68.20 63.05 85.67 410 72 273 612 1.4x 1.2x 1.0x 7.2x 7.4x 6.9x 24.1x 22.9x 23.1% 17.4% NA NA 15.9% 14.4%

Mean 4.1x 3.1x 3.0x 15.8x 11.1x 11.0x 19.0x 18.6x 29.2% 4.2% 48.3% 47.2% 25.8% 25.3% Median 4.4x 3.5x 3.4x 15.0x 11.2x 11.9x 20.3x 19.2x 23.2% 5.6% 40.5% 38.2% 26.9% 27.2%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 7 Negative margins considered NM. Market Data as of 1/12/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Information Services

RELX PLC $22.70 $19.12 $24.42 $45,367 $208 $6,748 $51,951 6.1x 5.2x 4.9x 20.4x 14.9x 14.0x 20.8x 19.2x 18.3% 5.1% 64.5% 52.8% 34.6% 35.0% S&P Global Inc. 177.64 111.94 178.50 45,298 2,312 3,568 47,769 8.4x 8.0x 7.6x 19.3x 16.6x 15.5x 26.7x 24.6x 5.5% 5.9% 71.7% 72.5% 48.1% 48.6% Thomson Reuters Corporation 43.41 43.20 50.19 30,811 979 7,359 37,685 3.4x 3.3x 3.2x 15.8x 11.1x 10.6x 17.6x 16.6x 1.6% 2.5% NA NA 30.0% 30.5% Moody's Corporation 157.25 96.70 157.56 30,050 1,071 5,721 34,913 9.7x 8.5x 7.7x 21.3x 17.7x 16.1x 26.4x 23.6x 13.9% 9.9% 70.8% 70.8% 48.0% 48.2% Experian plc 22.94 19.54 23.38 20,829 122 3,587 24,304 NA 5.7x 5.1x NA 15.9x 15.0x 25.6x 21.9x NA 11.1% 55.0% 57.0% 35.5% 34.0% IHS Markit Ltd. 47.85 36.73 48.53 18,941 134 4,193 23,020 8.4x 6.5x 6.0x 30.1x 16.6x 15.2x 23.3x 21.7x 30.5% 6.7% 62.0% 62.7% 38.8% 39.8% Verisk Analytics, Inc. 97.50 75.60 98.60 16,057 146 2,882 18,793 9.4x 8.8x 8.2x 20.1x 18.1x 16.7x 30.7x 27.4x 6.8% 7.7% 63.5% 63.6% 48.9% 49.1% Equifax Inc. 122.85 89.59 147.02 14,752 315 2,707 17,208 5.5x 5.1x 5.0x 15.3x 14.1x 14.1x 20.7x 20.6x 6.5% 3.0% 64.6% 64.6% 36.3% 35.4% Wolters Kluwer N.V. 51.94 41.62 54.69 14,596 1,151 3,741 17,192 3.8x 3.2x 3.2x 14.5x 11.8x 11.6x 19.2x 17.8x 17.6% 1.4% 68.9% 68.9% 27.2% 27.5% Nielsen Holdings plc 37.46 34.22 45.73 13,342 662 8,447 21,328 3.4x 3.2x 3.1x 13.2x 10.5x 10.3x 14.0x 14.3x 4.0% 3.2% 58.1% 57.5% 30.9% 30.5% MSCI Inc. 135.89 80.38 136.93 12,239 799 2,077 13,518 11.7x 10.6x 9.6x 23.7x 20.5x 18.0x 35.5x 29.0x 10.6% 10.6% 78.3% 78.6% 51.9% 53.4% Gartner, Inc. 130.13 95.40 130.55 11,796 630 3,350 14,516 NM 4.3x 3.6x NM 20.8x 17.4x 37.7x 32.4x NM 19.8% 60.6% 62.5% 20.8% 20.8% TransUnion 57.05 31.38 57.38 10,405 268 2,387 12,623 7.4x 6.6x 6.0x 22.3x 17.0x 15.1x 30.6x 26.7x 12.4% 9.0% 67.1% 67.9% 38.9% 39.9% News Corporation 17.15 11.88 17.22 9,997 1,877 386 8,789 1.1x 1.1x 1.1x 13.1x 9.4x 9.1x 38.8x 32.3x 0.6% 0.3% NA NA 11.4% 11.7% Informa plc 10.21 6.57 10.58 8,411 56 2,091 10,447 6.3x 4.5x 4.3x 20.0x 13.3x 12.5x 16.4x 15.2x 41.2% 3.9% NA NA 33.5% 34.4% FactSet Research Systems Inc. 197.75 155.09 207.25 7,717 254 575 8,038 7.0x 6.3x 5.9x 20.0x NA 17.1x 26.2x 23.2x 10.6% 8.4% 55.2% 53.3% NA 34.2% Fair Isaac Corporation 159.56 119.54 162.94 4,785 106 605 5,284 5.9x 5.6x 5.2x 25.5x 23.1x 19.8x 32.2x 28.1x 5.2% 6.5% 69.7% 69.4% 24.1% 26.4% The Dun & Bradstreet Corporation 119.96 100.46 125.57 4,434 431 1,682 5,701 3.3x 3.2x 3.2x 12.7x 11.3x 10.9x 16.7x 16.3x 3.3% 2.8% 67.8% 67.7% 28.6% 29.0% Morningstar, Inc. 97.32 68.43 99.11 4,139 324 205 4,020 5.0x NA NA 17.4x NA NA NA NA NA NA NA NA NA NA CoreLogic, Inc. 46.81 34.59 49.30 3,856 149 1,798 5,504 2.8x 3.0x 2.9x 13.1x 11.6x 11.2x 20.1x 18.5x (5.4%) 1.4% 47.5% 50.3% 25.6% 26.1% Acxiom Corporation 28.13 21.80 30.40 2,230 170 230 2,291 2.6x 2.5x 2.3x 25.2x 13.3x 10.6x 37.7x 28.5x 2.3% 10.7% 45.1% 48.1% 19.1% 21.7% Euromoney Institutional Investor PLC 16.40 13.62 17.93 1,759 6 227 1,992 4.0x 3.4x 3.3x 13.9x 12.8x 12.1x 15.7x 14.8x 15.5% 3.4% NA NA 26.8% 27.3% comScore, Inc. 29.10 20.81 33.91 1,667 147 33 1,553 NA 2.5x 2.3x NA 9.8x 8.0x 14.8x 11.8x NA 12.4% NA NA 26.0% 28.4% National Research Corporation 55.94 38.76 58.16 1,370 36 2 1,336 12.2x 11.3x 10.5x 37.7x 34.4x 31.2x NA NA 8.2% 8.0% 58.1% 58.5% 32.8% 33.5% Forrester Research, Inc. 43.45 34.95 47.75 781 134 - 647 2.0x 1.9x 1.9x 16.0x 16.9x 14.7x 35.9x 29.6x 1.8% 5.2% 59.4% 60.5% 11.5% 12.6%

Mean 5.9x 5.2x 4.8x 19.6x 15.7x 14.4x 25.4x 22.3x 10.0% 6.6% 62.5% 62.5% 31.7% 32.4% Median 5.7x 4.8x 4.6x 19.7x 14.9x 14.4x 25.6x 21.9x 6.8% 6.2% 63.5% 62.7% 30.9% 32.0%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 8 Negative margins considered NM. Market Data as of 1/12/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Exponent, Inc. $71.80 $55.75 $77.15 $1,853 $166 $0 $1,688 5.6x 5.1x 4.8x 24.8x 19.8x 18.3x 34.4x 33.9x 10.4% 5.5% 35.9% 36.5% 25.9% 26.4% FTI Consulting, Inc. 43.65 31.65 45.27 1,616 158 461 1,919 1.1x 1.1x 1.0x 9.8x 9.7x 8.8x 21.2x 19.4x (1.1%) 3.0% 32.2% 33.0% 11.0% 11.8% ICF International, Inc. 54.30 40.20 56.55 1,012 6 230 1,236 1.0x 1.0x 1.0x 11.0x 10.7x 9.8x 18.1x 17.0x 2.5% 4.1% 37.8% 37.9% 9.5% 9.9% Navigant Consulting, Inc. 19.76 14.62 25.55 907 9 177 1,075 1.1x 1.1x 1.1x 7.6x 8.0x 7.6x 16.5x 15.4x 4.1% 3.5% 31.0% 31.9% 13.8% 14.0% Huron Consulting Group Inc. 41.75 29.53 47.65 887 9 375 1,254 1.7x 1.7x 1.7x 9.8x 12.1x 11.4x 18.8x 17.0x 1.3% 3.0% 34.3% 34.4% 14.1% 14.5% CBIZ, Inc. 16.25 12.70 17.25 879 1 208 1,086 1.4x 1.3x 1.2x 12.4x 10.5x 10.0x 19.3x 18.1x 6.5% 4.5% NA NA 12.1% 12.2% Resources Connection, Inc. 16.60 12.05 17.58 521 56 48 513 0.9x 0.9x 0.8x 10.0x 13.7x 10.9x 25.6x 16.3x (0.6%) 14.7% 37.8% NA 6.4% 7.0% The Hackett Group, Inc. 15.87 13.24 20.69 455 16 22 461 1.8x 1.6x 1.6x 11.7x 9.7x 8.8x 16.1x 14.5x 7.5% 4.8% 34.0% 35.3% 17.0% 17.8% GP Strategies Corporation 26.45 22.30 31.25 444 18 59 484 1.0x 1.0x 0.9x 12.7x 14.2x 10.0x 25.4x 18.5x 3.9% 6.2% 16.1% 17.1% 6.7% 8.9% Franklin Covey Co. 30.45 15.20 31.10 422 8 49 463 2.4x 2.5x 2.1x 31.7x NM 30.5x NM NM (2.9%) 14.9% 65.9% 68.8% 4.1% 7.0% CRA International, Inc. 48.12 31.77 49.31 390 21 - 370 1.1x 1.0x 1.0x 13.8x NA NA 30.3x 25.9x 11.7% 4.9% 30.5% 29.9% NA NA Information Services Group, Inc. 4.16 2.95 4.63 181 22 116 274 1.3x 1.0x 0.9x 23.4x 8.2x 7.6x 12.5x 11.6x 25.8% 6.2% 41.3% 41.0% 12.2% 12.4%

Mean 1.7x 1.6x 1.5x 14.9x 11.7x 12.2x 21.6x 18.9x 5.7% 6.3% 36.1% 36.6% 12.1% 12.9% Median 1.2x 1.1x 1.1x 12.0x 10.6x 10.0x 19.3x 17.0x 4.0% 4.8% 34.3% 34.9% 12.1% 12.2%

HR Services

Automatic Data Processing, Inc. $118.47 $94.11 $121.77 $52,540 $2,477 $2,132 $52,195 4.3x 4.1x 3.8x 19.1x 20.0x 18.0x 31.4x 29.0x 5.7% 7.0% 45.0% 43.6% 20.4% 21.3% Paychex, Inc. 67.66 54.20 70.39 24,302 339 133 24,097 7.9x 7.4x 7.0x 18.4x 17.1x 15.9x 29.4x 25.6x 5.6% 7.0% 70.8% 70.7% 43.6% 43.7% TriNet Group, Inc. 42.07 24.09 45.25 2,923 264 432 3,091 1.0x 3.8x 3.8x 20.2x 11.1x 11.1x 21.1x 21.2x (73.7%) 0.4% 74.1% 73.6% 34.6% 34.6% Insperity, Inc. 59.05 34.60 61.48 2,462 288 104 2,278 0.8x 0.7x 0.6x 19.0x 13.1x 11.5x 25.0x 21.6x 11.7% 10.7% 17.1% 17.1% 5.3% 5.5% Barrett Business Services, Inc. 65.55 44.52 69.32 479 36 4 447 0.5x 0.5x 0.4x 13.9x 11.4x 10.0x 21.4x 18.2x 9.9% 11.5% 17.0% 16.4% 4.2% 4.3%

Mean 2.9x 3.3x 3.1x 18.1x 14.6x 13.3x 25.6x 23.1x (8.2%) 7.3% 44.8% 44.3% 21.6% 21.9% Median 1.0x 3.8x 3.8x 19.0x 13.1x 11.5x 25.0x 21.6x 5.7% 7.0% 45.0% 43.6% 20.4% 21.3%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 9 Negative margins considered NM. Market Data as of 1/12/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Staffing & Recruiting

Recruit Holdings Co.,Ltd. $24.75 $14.25 $25.87 $41,368 $3,121 $1,772 $40,063 2.7x 2.2x 1.9x 20.6x 16.9x 15.5x 32.8x 28.8x 24.0% 12.2% 48.0% 46.1% 12.7% 12.4% Adecco Group AG 81.82 70.11 82.27 13,933 1,139 2,406 15,210 0.6x 0.5x 0.5x 12.2x 10.0x 9.6x 14.2x 13.2x 18.4% 4.4% 18.6% 18.6% 5.4% 5.4% Randstad Holding NV 68.13 58.46 70.99 12,486 326 1,968 14,128 0.6x 0.5x 0.5x 14.1x 10.2x 9.5x 13.8x 12.7x 27.7% 4.7% 20.3% 20.2% 5.0% 5.1% ManpowerGroup Inc. 129.75 91.13 131.99 8,598 667 923 8,945 0.5x 0.4x 0.4x 10.8x 10.2x 9.3x 18.4x 16.7x 6.6% 6.7% 16.6% 16.7% 4.2% 4.3% Robert Half International Inc. 56.36 42.92 57.67 6,941 348 1 6,594 1.3x 1.3x 1.2x 10.7x 11.4x 10.8x 21.9x 17.7x (0.3%) 4.7% 41.0% 41.2% 11.1% 11.2% Persol Holdings Co., Ltd. 24.58 16.52 26.35 5,747 722 202 5,362 1.1x 0.9x 0.7x 15.0x 13.7x 10.8x 34.3x 25.3x 19.4% 34.6% 23.7% 24.0% 6.7% 6.3% Hays plc 2.74 2.00 2.74 3,971 145 1 3,826 0.7x 0.5x 0.5x 10.1x 11.5x 10.4x 19.4x 17.4x 22.0% 8.5% 18.9% 18.8% 4.7% 4.8% On Assignment, Inc. 66.59 43.25 68.29 3,464 28 610 4,046 1.7x 1.5x 1.5x 16.0x 13.1x 12.1x 20.9x 19.3x 7.0% 6.9% 32.4% 32.4% 11.8% 12.0% Korn/Ferry International 42.16 27.47 44.08 2,383 283 246 2,349 1.5x 1.4x 1.3x 11.9x 9.5x 8.7x 17.4x 15.4x 6.8% 5.5% 29.8% 30.6% 14.9% 15.3% PageGroup plc 7.45 5.57 7.46 2,303 116 - 2,188 1.5x 1.2x 1.1x 16.3x 12.0x 10.9x 20.5x 18.3x 24.3% 8.4% 52.7% 52.7% 9.9% 10.1% Kelly Services, Inc. 28.55 20.27 30.93 1,097 22 24 1,099 0.2x 0.2x 0.2x 12.5x 10.2x 8.9x 14.0x 13.9x 1.7% 3.0% 17.5% 17.6% 2.0% 2.2% TrueBlue, Inc. 27.40 19.30 29.50 1,007 35 135 1,107 0.4x 0.4x 0.4x 7.6x 9.1x 8.4x 16.1x 14.6x (8.9%) 2.2% 25.3% 25.1% 4.9% 5.1% Kforce Inc. 26.65 16.75 27.30 673 1 129 801 0.6x 0.6x 0.6x 11.1x 9.9x 8.9x 17.5x 14.2x 2.7% 4.0% 30.1% 30.1% 6.0% 6.4% Heidrick & Struggles International, Inc. 25.85 17.90 27.10 486 106 - 380 0.7x 0.6x 0.6x 7.1x 7.4x 6.6x 23.6x 21.6x 4.4% 3.4% 31.3% 31.3% 8.4% 9.1%

Mean 1.0x 0.9x 0.8x 12.6x 11.1x 10.0x 20.3x 17.8x 11.1% 7.8% 29.0% 29.0% 7.7% 7.8% Median 0.7x 0.6x 0.6x 12.1x 10.2x 9.5x 18.9x 17.0x 6.9% 5.1% 27.5% 27.6% 6.3% 6.3%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 10 Negative margins considered NM. Market Data as of 1/12/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

IT & BPO Services

International Business Machines Corporation $163.14 $139.13 $182.79 $151,034 $11,515 $45,642 $185,291 2.3x 2.4x 2.4x 10.0x 9.7x 9.4x 11.8x 11.8x (1.6%) 0.1% 47.5% 48.0% 24.3% 25.2% Accenture plc 160.11 112.31 160.64 98,735 3,682 25 95,869 2.9x 2.7x 2.5x 17.8x 15.8x 14.2x 26.7x 23.8x 6.6% 9.4% 31.6% 31.7% 17.1% 17.3% Tata Consultancy Services Limited 43.67 33.87 44.39 83,598 5,175 12 78,436 4.6x 4.1x 3.9x 16.6x 15.6x 14.8x 21.2x 19.5x 10.0% 7.1% 44.4% 43.2% 26.5% 26.2% Cognizant Technology Solutions Corporation 74.56 51.52 76.51 43,964 4,713 823 40,074 3.0x 2.7x 2.5x 15.0x 13.1x 11.4x 20.1x 17.1x 9.8% 9.4% 38.2% 39.1% 20.6% 21.7% Infosys Limited 16.96 13.53 17.08 36,864 3,615 - 33,249 3.3x 3.1x 2.9x 12.0x 11.4x 11.0x 17.0x 16.0x 8.0% 5.4% 37.6% 37.0% 26.8% 26.5% DXC Technology Company 101.29 67.76 102.71 28,895 2,671 8,525 35,116 NA 1.7x 1.5x NA 9.0x 7.2x 15.2x 12.1x NM 19.2% 27.9% 25.5% 19.4% 20.4% Wipro Limited 5.01 3.50 5.14 24,278 5,885 2,226 20,656 2.6x 2.4x 2.4x 12.9x 11.3x 11.3x 17.8x 17.0x 6.3% 1.7% 29.3% 29.2% 21.4% 20.9% Capgemini SE 129.25 90.00 130.35 21,059 1,505 3,966 23,532 1.8x 1.5x 1.5x 14.1x 11.2x 10.5x 18.2x 16.8x 15.8% 4.3% 32.1% 33.9% 13.7% 14.0% HCL Technologies Limited 14.56 12.25 14.85 20,275 1,119 120 19,276 2.8x 2.4x 2.3x 12.8x 11.0x 10.5x 14.7x 14.4x 16.7% 6.5% 33.6% 33.8% 22.2% 21.9% NTT Data Corporation 12.31 9.03 12.80 17,265 1,758 5,100 20,895 1.5x 1.1x 1.1x 9.4x 8.0x 7.4x 32.5x 25.5x 29.6% 0.6% 25.3% 24.6% 14.2% 15.2% Atos SE 154.35 119.03 164.56 16,162 2,300 1,910 16,384 1.3x 1.1x 1.0x 10.2x 8.0x 7.7x 15.6x 14.2x 23.8% 4.1% 55.7% 54.6% 13.3% 13.4% CGI Group Inc. 53.45 48.65 55.92 15,161 133 1,551 16,579 2.1x 1.9x 1.8x 12.3x 10.5x 9.9x 18.0x 16.3x 9.8% 4.2% NA NA 18.1% 18.5% Nomura Research Institute, Ltd. 47.93 31.47 49.01 11,429 1,152 524 10,906 3.1x 2.7x 2.6x 14.8x 13.3x 12.3x 28.4x 26.2x 12.5% 5.2% 33.3% 34.6% 20.5% 21.1% Tech Mahindra Limited 8.66 5.61 8.74 8,484 1,373 220 7,431 1.8x 1.6x 1.5x 11.6x 11.5x 10.1x 16.3x 15.1x 12.6% 6.7% 31.5% 28.9% 13.6% 14.5% Genpact Limited 33.12 23.34 33.75 6,394 443 1,220 7,174 2.8x 2.6x 2.5x 17.1x 15.8x 14.3x 20.7x 18.7x 6.0% 6.8% 38.8% 39.1% 16.7% 17.2% EPAM Systems, Inc. 110.87 63.32 111.95 5,855 513 25 5,367 4.6x 3.7x 3.0x 31.6x 20.8x 16.8x 32.3x 26.6x 24.8% 21.7% 36.9% 37.3% 17.8% 18.1% Capita plc 5.76 5.30 9.87 3,832 1,541 4,410 6,795 1.1x 1.2x 1.2x 9.0x 9.0x 8.9x 8.9x 8.6x (3.8%) (0.3%) 25.9% 25.9% 13.0% 13.2% Conduent Incorporated 16.91 13.75 18.15 3,557 468 2,062 5,151 0.8x 0.9x 0.9x 11.6x 7.7x 7.1x 21.6x 17.3x (6.2%) (2.4%) 17.1% 17.6% 11.1% 12.4% MphasiS Limited 11.45 8.13 12.17 2,212 389 60 1,883 2.1x 1.9x 1.7x 13.2x 12.4x 11.0x 18.9x 15.8x 9.8% 10.5% 27.7% 27.0% 15.4% 15.7% ExlService Holdings, Inc. 62.04 44.25 63.35 2,106 249 45 1,902 2.8x 2.5x 2.3x 19.2x 14.6x 12.8x 23.7x 21.7x 10.5% 9.6% 34.4% 34.7% 17.2% 17.8% WNS (Holdings) Limited 41.10 26.86 42.36 2,070 183 103 1,990 3.4x 2.9x 2.6x 21.4x 15.7x 12.1x 44.2x 28.0x 17.3% 11.8% 34.8% 33.7% 18.4% 21.5% Syntel, Inc. 23.50 15.82 26.33 1,947 109 388 2,226 2.3x 2.5x 2.5x 8.3x 9.8x 9.6x 12.5x 13.0x (7.1%) (0.7%) 36.6% 36.8% 25.3% 25.9% Luxoft Holding, Inc. 57.15 40.15 67.85 1,919 56 2 1,864 2.5x 2.1x 1.8x 19.4x 13.8x 10.8x 20.4x 16.9x 17.8% 18.5% 40.3% 37.8% 15.3% 16.5% Presidio, Inc. 18.70 12.75 19.74 1,715 25 923 2,613 0.9x 0.9x 0.9x 13.4x 10.9x 10.4x 14.8x 13.7x 2.6% 6.1% 20.8% 21.1% 8.4% 8.3% Hexaware Technologies Limited 5.64 2.95 5.76 1,675 68 - 1,607 3.1x 2.6x 2.3x 19.2x 15.3x 13.8x 21.3x 20.0x 18.6% 10.9% 34.9% 34.8% 17.0% 16.9% Globant S.A. 47.28 32.11 47.74 1,660 45 11 1,625 5.0x 4.0x 3.3x 26.6x 24.9x 19.5x 36.3x 30.3x 26.1% 20.6% 38.4% 39.0% 16.0% 17.0% Mindtree Limited 9.94 6.84 10.12 1,629 121 38 1,546 2.0x 1.9x 1.7x 14.1x 15.1x 12.5x 23.3x 20.7x 7.8% 11.9% 33.9% 33.0% 12.3% 13.3% Virtusa Corporation 45.77 24.84 48.71 1,344 239 105 1,302 1.6x 1.4x 1.2x 24.4x 19.2x 13.6x 30.9x 23.2x 19.5% 14.2% 27.9% 28.8% 7.1% 8.7% Persistent Systems Limited 12.32 8.78 12.46 985 113 0 873 2.1x 1.8x 1.6x 14.7x 11.8x 9.9x 19.4x 16.2x 13.4% 14.9% 36.1% 34.7% 15.7% 16.3% Perficient, Inc. 19.62 16.20 20.22 685 2 65 747 1.6x 1.5x 1.5x 14.9x 10.7x 9.4x 16.2x 14.1x 3.4% 6.2% 33.3% 33.2% 14.4% 15.5%

Mean 2.5x 2.2x 2.0x 15.4x 12.9x 11.3x 21.3x 18.4x 11.1% 8.1% 34.0% 33.7% 17.1% 17.7% Median 2.3x 2.2x 2.1x 14.1x 11.6x 10.9x 19.7x 16.9x 10.0% 6.7% 33.9% 33.9% 16.8% 17.1%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 11 Negative margins considered NM. Market Data as of 1/12/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Customer Care / CRM Services

Teleperformance SE $153.14 $116.88 $156.78 $8,845 $375 $2,064 $10,546 2.7x 2.1x 2.0x 19.3x 12.1x 11.2x 21.5x 19.2x 31.7% 6.5% NA NA 17.1% 17.5% SYNNEX Corporation 137.97 101.48 141.94 5,514 556 1,942 6,899 0.5x 0.4x 0.4x 13.4x 10.4x 8.9x 15.8x 13.5x 17.9% 17.3% 9.2% 9.1% 4.0% 4.0% Convergys Corporation 22.90 20.15 26.66 2,116 181 280 2,216 0.8x 0.8x 0.8x 6.1x 6.2x 6.4x 12.4x 12.4x (4.0%) (2.9%) 37.7% 37.1% 12.7% 12.7% TTEC Holdings, Inc. 40.30 28.20 43.75 1,848 79 255 2,031 1.6x 1.4x 1.3x 12.9x 10.6x 9.6x 23.2x 19.9x 12.3% 6.5% 25.1% 25.7% 13.4% 13.8% Sykes Enterprises, Incorporated 31.89 25.77 34.49 1,357 328 267 1,296 0.9x 0.8x 0.8x 7.9x 7.5x 6.9x 16.5x 15.8x 8.0% 4.2% 34.6% 35.0% 10.9% 11.4% transcosmos inc. 26.08 20.54 26.64 1,082 264 126 977 0.5x 0.4x 0.4x 9.8x 11.1x 9.5x 18.9x 18.3x 13.4% 8.9% 17.9% 17.6% 3.8% 4.1% BELLSYSTEM24 Holdings, Inc. 14.08 8.17 14.36 1,036 49 697 1,696 1.8x 1.7x 1.6x 18.2x 16.8x 14.9x 22.3x 18.5x 8.2% 5.5% 18.1% 18.8% 9.9% 10.6% Relia, Inc. 12.18 9.17 12.56 840 129 24 735 0.9x 0.8x 0.7x 14.5x 11.0x 8.9x 28.4x 23.7x 21.8% 7.7% 14.2% 14.9% 7.0% 8.0% Atento S.A. 10.15 7.70 12.90 750 163 511 1,110 0.6x 0.6x 0.6x 6.0x 5.0x 4.9x 13.7x 10.1x 9.1% 3.0% NA NA 11.7% 11.5%

Mean 1.1x 1.0x 0.9x 12.0x 10.1x 9.0x 19.2x 16.8x 13.2% 6.3% 22.4% 22.6% 10.0% 10.4% Median 0.9x 0.8x 0.8x 12.9x 10.6x 8.9x 18.9x 18.3x 12.3% 6.5% 18.1% 18.8% 10.9% 11.4%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 12 Negative margins considered NM. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2017 & 2016)

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides eCommerce analytics, with proprietary 12/22/2017 $219 NA NA NA NA technology, for consumer product companies

12/18/2017 $476 5.8x NA 1.0x NA Largest direct mail production provider in North America

Provides market and cost intelligence solutions to 11/30/2017 $280 NA NA NA NA energy companies

Provides marketing tools to retailer and brand clients for 11/27/2017 $456 NM 19.6x 2.2x 2.2x understanding consumer voice

11/22/2017 NA NA NA NA NA Provider of data and analytics for capital markets

Provides under-banked consumer risk management and identity 11/14/2017 NA NA NA 2.4x NA verification services to alternative financial services industry

Global leader in consumer and business-to-business 10/12/2017 NA NA NA NA NA digital research data for business decisions

Leader in sales intelligence and acceleration for 10/5/2017 $70 NM NA 2.7x NA businesses selling to the public sector

Japan-based advertising agency and provider of 10/2/2017 $1,188 16.5x 16.6x 0.4x 0.4x animation programs

Provides predictive analytics and marketing automation 9/26/2017 $558 NA NA NA NA technology for the automotive industry

Provides digital video brand advertising solutions in the 9/5/2017 $113 11.2x NA 0.7x NA U.S. and internationally

Provides research, technology, and data-enabled 8/29/2017 $1,300 6.3x 6.4x 1.6x 1.6x services to healthcare sector worldwide

Provides research and advice to academic, business, and 8/29/2017 $1,550 NA NA NA NA student leaders at Universities

Provides a data management platforms for display 8/28/2017 $105 NM NM 0.7x 1.0x advertising and in-store ad campaign solutions

Provides merchant risk intelligence for acquirers, 7/27/2017 $112 NA NA NA NA commercial banks, and payment systems

13 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2017 & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides health information through websites, mobile 7/24/2017 $2,617 14.4x 10.8x 3.7x 3.6x platforms, and publications

Predictive marketing company that uses AI to anticipate 7/18/2017 $147 NM NM 0.4x 0.3x people's need for products and services

7/5/2017 NA NA NA NA NA Provides assisted living referral services

Operates as a publisher, aggregator, and distributor of 7/3/2017 $1,435 14.2x 11.1x 3.0x 2.8x personal finance content on the Internet

Marketing solutions and search platform provider and 6/30/2017 NA NA NA NA NA publisher of the Real Yellow Pages and YP.com

Owns and operates a Website that enables customers to 6/20/2017 NA NA NA NA NA shop for energy rates

Provides identity theft detection, protection, and 6/16/2017 $63 NM NA 5.6x NA resolution services

6/5/2017 NA NA NA NA NA Provides B2B data and data-driven marketing services

Provides location-driven insights and mobile advertising 6/5/2017 $200 NA NA NA NA intelligence

5/15/2017 $3,293 22.0x NA 11.6x NA Provides business intelligence and company information

Provides advertising, digital, and communications 5/11/2017 $4,309 11.4x 10.0x 1.7x 1.6x services

Provides hospitality, merchandise, ticket sales, 5/3/2017 $700 NA NA NA NA (Investment) sponsorship, and experiential services Provides subscription-based advertising, brand, and 4/17/2017 NA NA NA NA NA pricing intelligence solutions

Operates as a savings destination with digital offers for 4/10/2017 $464 15.1x 8.2x 1.6x 1.5x online and in-store purchases

Provides analytics and services to engage with shoppers 4/4/2017 NA NA NA NA NA and patients and optimize results

14 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2017 & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Includes the Experian Marketing Suite, CheetahMail, and 4/3/2017 $400 NA NA NA NA Email/Cross-Channel Marketing Business Mail Publisher Provides agricultural market intelligence to farmers, 4/3/2017 $900 17.0x NA 4.2x NA agribusinesses, and commodity traders

3/20/2017 $205 NA NA 7.3x NA Provides portfolio performance measurement

Cision provides public relations software (reverse 3/20/2017 NA NA NA NA NA merger)

Provides information and data for the global forest 3/3/2017 $125 16.2x NA 4.2x NA products industry

Provides software, workflow tools, and technologies to 2/28/2017 NA NA NA NA NA the automotive repair industry

2/20/2017 $104 17.0x 14.0x 1.9x 1.7x German full-service digital agency

2/16/2017 $215 NA NA NA NA Leading global provider of digital flight information

Provides technology media, data, and marketing 1/19/2017 NA NA NA NA NA services to customers worldwide

Performance marketing network serving online 1/10/2017 $45 NA NA 3.2x NA merchants

Monitors and analyzes business information for 1/10/2017 $150 NA NA 2.5x NA companies worldwide

Provides data-driven, omni-channel marketing services 1/6/2017 $200 NA NA 2.8x 2.4x for clients in the financial services sector

Provides best practice and talent management insights 1/5/2017 $3,300 18.5x 13.3x 3.5x 3.4x in the U.S., Europe, and internationally

Provides marketers with a comprehensive view into 1/5/2017 NA NA NA NA NA consumer behavior patterns

UK-based producer and provider of technical 1/4/2017 $418 NA NA NA NA information for the automotive aftermarket

15 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2017 & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides integrated marketing solutions including 1/3/2017 NA NA NA NA NA digital, social, and direct mail

Operator of entertainment data and technology 12/20/2016 $560 NA NA NA NA company.

12/14/2016 $2,886 6.9x 5.0x 2.5x 2.3x Provider of real-time information and analysis services

12/8/2016 $2,015 11.6x 8.3x 1.3x 1.3x Provider of market research and related services

Provider of business and financial information on public 11/21/2016 $144 NA NA NA NA and private companies globally

11/17/2016 $140 (1) NA NA NA NA Provider of an online marketplace for people-based data

11/17/2016 NA NA NA NA NA Provider of technology-enabled marketing services

11/17/2016 NA NA NA NA NA Provider of social shopper marketing services

Provider of marketing insights and communications 11/17/2016 $90 6.5x 5.9x 0.7x 0.8x services

11/16/2016 $130 NA NA NA NA Provider of credit card comparison services

Provider of geographic information products and 11/14/2016 NA NA NA NA NA services

10/25/2016 NA NA NA NA NA Provider of marketing research services

Provider of data, research and analysis on private and 10/14/2016 $225 NA NA 7.2x NA public companies

10/13/2016 NA NA NA NA NA Provider of digital media and online advertising services

10/4/2016 $250 NA NA NA NA Provider of e-commerce media services

Notes: 16 Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. 1) Combined Enterprise Value (EV) for both Arbor Technologies, Inc. and Circulate, Inc. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2017 & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

9/26/2016 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

Publisher of trade magazines and industry-specific web 9/15/2016 $1,558 11.0x NA 4.2x NA sites

9/6/2016 NA NA NA NA NA Provider of governance, risk, and compliance solutions

Provider of strategic advisory services for healthcare 8/9/2016 $2,393 22.8x 16.0x 6.9x 6.2x organizations

8/8/2016 $1,500 21.1x NA 3.2x NA Provider of performance marketing services

Provider of intellectual property and scientific 7/11/2016 $3,550 11.0x NA 3.5x NA information services Intellectual Property & Science Business

6/27/2016 $158 NM 8.9x 0.4x 0.5x Provider of online advertising services

Provider of data and research related to digital 6/10/2016 $260 19.3x NA 5.7x NA marketing, media, and commerce

Provider of sales and marketing services for the 6/9/2016 NA NA NA NA NA insurance sector

Provider of information, news and data for the travel 6/7/2016 NA NA NA NA NA and hospitality industries

5/23/2016 $175 NA NA NA NA Provider of market research services

5/23/2016 $1,447 NA NA NA NA Publisher of market reports

5/5/2016 $107 7.3x NA 1.5x NA Provider of online review and comparison services

Provider of information and technology services to the 5/3/2016 $13,267 17.9x 14.0x 4.3x 4.2x global healthcare industry

Provider of risk assessment and decision analytics 4/25/2016 $820 NA NA NA NA services to the global healthcare industry

17 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2017 & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

4/18/2016 $360 10.3x NA NA NA Provider of identity fraud services

4/15/2016 $1,100 NA NA 3.1x NA Provider of marketing information services

4/4/2016 NA NA NA NA NA Provider of web integration services in Japan

3/21/2016 $7,303 19.1x 13.8x 6.6x 6.1x Provider of financial information services

3/7/2016 $207 NA NA 1.7x NA Provider of customer acquisition services

2/18/2016 $3,579 35.0x NA 5.9x NA Operator of a healthcare analytics company

2/11/2016 $418 NM NA 2.0x NA Provider of online advertising services

1/28/2016 NA NA NA NA NA Operator of a digital marketing agency

1/11/2016 $650 NA 17.0x NA NA Provider of petroleum pricing services

Mean 14.6x 11.6x 3.5x 2.3x Median 14.4x 11.0x 2.7x 1.9x

18 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2017 & 2016)

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

Provider of litigation support services including electronic 12/22/2017 NA NA NA NA NA discovery, data management and managed review services

12/11/2017 NA NA NA NA NA Bankruptcy claims and noticing agency in the U.S.

Provides claim management, loss adjusting, and risk solutions 12/6/2017 NA NA NA NA NA to insurers, brokers, and risk managers

Reverse merger with SPAC to become a Nasdaq-listed 12/1/2017 NA NA NA NA NA public company

Provides software development, engineering, and 11/30/2017 $2,000 10.4x NA 2.9x NA product design services Provides advisory services in valuation, M&A, compliance and 11/1/2017 $1,750 NA NA NA NA regulatory consulting, disputes and investigations, real estate, restructuring, and tax Global IT consulting and next-generation software 10/30/2017 $250 NA NA NA NA (65% Stake) services company with focus on telecom sector Provider of clearance and protection solutions for 10/23/2017 $140 NA NA 2.4x NA trademark and intellectual property professionals

Provides underwriting, claims administration, and 10/18/2017 $2,497 NA NA NA NA marketing services worldwide

Czech Republic-based provider of translation, 10/18/2017 $320 11.8x NA 2.0x NA localization, and testing services

Provides IT managed services, infrastructure solutions, 10/3/2017 $998 NA NA NA NA consulting, and products to SMBs and Fortune 1000 companies

Enterprise IT company providing advisory services, 9/28/2017 NA NA NA NA NA security, hosting and technology solutions Provides managed cloud, agile software development, DevOps, 9/18/2017 $180 NA NA NA NA systems engineering, and IT services to the U.S. federal government

Provides proxy advisory and corporate governance solutions to 9/7/2017 $720 NA NA NA NA financial market participants

8/29/2017 $3,100 15.5x NA NA NA Provides IP and legal support services worldwide

19 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2017 & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides PEO services to small and medium-sized 8/21/2017 NA NA NA NA NA businesses

Provides data, applications, analytics, and consulting 8/7/2017 $530 NA NA 2.6x NA services to life sciences companies

Provides engineering, IT and staffing solutions 7/31/2017 $154 NM NA 0.2x NA worldwide

Provides integrated workforce management solutions to 7/17/2017 NA NA NA NA NA manage their temporary staffing and outside service

Operates as a PEO that provides workforce solutions for 7/12/2017 NA NA NA NA NA businesses in the U.S.

Canada-based provider of IT services and data center 7/10/2017 $199 6.9x NA 0.3x NA solutions in North America and the U.K.

Independent integrator of Microsoft Dynamics 365 for 7/5/2017 $152 NA NA NA NA mid-market and enterprise customers

Provides IT solutions to defense, intelligence, 7/3/2017 $293 10.4x 9.6x 0.9x 0.8x healthcare, and government agencies worldwide

Provides HR SaaS solutions that connect job seekers and 6/19/2017 $627 NA NA 0.9x NA employers in the U.S. and internationally

6/19/2017 $886 NA NA NA NA UK-based IT training and learning solutions company

Provides engineering and design services and PLM 6/15/2017 $787 10.9x NA 1.8x NA products and services

Provides IT and infrastructure solutions for businesses in 6/13/2017 $1,675 NA NA NA NA North America

Technology distributor of security, collaboration, 6/6/2017 $830 15.8x NA 0.2x NA networking, and data center products

Provides travel visa and passport services to 6/1/2017 NA NA NA NA NA corporations, travel companies and individuals

5/25/2017 NA NA NA NA NA Provides enterprise managed solutions

20 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2017 & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

5/22/2017 $330 NA NA NA NA Provider of specialized BPO services

5/18/2017 $93 NA NA 0.3x NA Provides IT and related staffing services

Provides subscription-based enterprise support services 5/16/2017 $837 NM NM 5.2x 3.8x for Oracle, SAP, and other software products

Provides technology solutions that streamline the claims 5/15/2017 NA NA NA NA NA management process

Provides outsourced services to the pharmaceutical, 5/10/2017 $4,600 15.4x NA 2.1x NA biotechnology, and healthcare industries

Provides communication and network infrastructure 5/9/2017 $4,955 7.6x 7.6x 2.2x 2.1x services

Provides technology-based educational, curriculum, and 4/14/2017 $2,000+ NA NA NA NA assessment solutions

4/7/2017 NA NA NA NA NA Develops contingent workforce management solutions

Provides infrastructure design, engineering, and project 4/3/2017 $2,702 11.6x 10.7x 1.0x 1.0x management consultancy services

4/3/2017 $288 NA NA 0.7x NA Provides IT and BPO services

Provides technology consulting to healthcare service 3/6/2017 $110 NA NA 0.9x NA providers

2/16/2017 $135 NA NA NA NA Provides strategy and growth consulting services

Benefits administration platform which provides cloud- 2/10/2017 $4,800 12.1x NA 2.1x NA Benefits Administration & HR Platform based HR management services

1/27/2017 $690 NA NA 0.7x NA Provides communications, engineering, and IT solutions Government IT Services Business Provides full-lifecycle software development services to 1/11/2017 $1,500 NA NA NA NA (48% stake) customers worldwide

21 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2017 & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

12/19/2016 NA NA NA NA NA Provider of recruitment services

Provides managed hosting and cloud computing 12/14/2016 NA NA NA NA NA services, with strong AWS focus

12/12/2016 $435 11.2x 7.7x 0.8x 0.8x Provider of language translation and testing services

Provider of information security and compliance 12/6/2017 NA NA NA NA NA management services to enterprise clients

Provider of data-driven benchmarking, outsourcing 12/1/2016 NA NA NA NA NA consulting and network advisory services

Provider of debt collection and business process 11/16/2016 NA NA NA NA NA outsourcing services

11/14/2016 $4,413 16.5x NA 7.1x NA Provider of credit information services

11/6/2016 $2,500 NA NA NA NA Provider of business and financial advisory services

10/31/2016 $6,030 15.0x 11.6x 1.4x 1.2x Provider of healthcare administrative services

Provider of information management and data recovery 10/21/2016 $410 NA NA NA NA services

10/20/2016 $500 NA NA 2.6x NA Provider of enterprise-grade cloud services

10/17/2016 NA NA NA NA NA Provider of information technology services

10/11/2016 NA NA NA NA NA Provider of risk management services

10/6/2016 NA NA NA NA NA Provider of business process outsourcing services

10/5/2016 NA NA NA NA NA Provider of outsourcing and consulting services

22 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2017 & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

10/5/2016 NA NA NA NA NA Provider of consulting and advisory services

9/26/2016 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

9/22/2016 $166 NA NA 1.8x NA Provider of global strategy consulting services

9/20/2016 NA NA NA NA NA Provider of professional staffing services

8/22/2016 $1,522 10.4x NA 3.9x NA Provider of language translation services

8/10/2016 NA NA NA NA NA Provider of business process outsourcing services

7/27/2016 $1,023 11.7x 8.9x 1.9x 1.9x Provider of technology-based legal services

7/11/2016 $420 NA NA NA NA Provider of business process outsourcing services

7/6/2016 $132 NA NA 0.8x NA Provider of business process outsourcing services

6/1/2016 NA NA NA NA NA Provider of business process outsourcing services

5/24/2016 $8,642 5.1x NA 0.5x NA Provider of IT consulting services

4/4/2016 $275 NA NA NA NA Operator of a social network for executives

Provider of global IT and business process outsourcing 4/3/2016 $1,040 7.7x 7.2x 1.1x 1.1x services

Provider of cloud-enabled consulting and 3/30/2016 NA NA NA NA NA implementation services

Provider of information technology and business 3/28/2016 $3,055 NA NA NA NA services

23 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2017 & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

2/11/2016 NA NA NA NA NA Provider of healthcare staffing services

2/8/2016 $741 9.1x 6.1x 0.8x 0.8\ Provider of information-technology services

2/1/2016 NA NA NA NA NA Provider of court reporting services

1/4/2016 NA NA NA NA NA Provider of legal and technology consulting services

Mean 11.3x 8.7x 1.8x 1.7x Median 11.1x 8.9x 1.4x 1.2x

24 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017)

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

12/29/2017 Baifendian Information Technology Co., Ltd. InsightWorks NA China-based provider of online survey and consumer insight products and services

Germany-based global provider of media measurement and analysis services that 12/26/2017 Cision Ltd. PRIME Research International AG & Co. KG NA help PR professionals craft meaningful campaigns

Provides eCommerce analytics, with proprietary technology enabling consumer 12/22/2017 Ascential plc Clavis Insight $219 product companies to track and optimize performance

UK-based publisher of research, data, and analysis on international business law 12/22/2017 Levine Leichtman Capital Partners Law Business Research Ltd NA and legal markets

Provider of litigation support services including electronic discovery, data 12/22/2017 JLL Partners Xact Data Discovery NA management and managed review services

12/20/2017 GP Strategies Corporation Hula Partners, LLC NA Provides SAP SuccessFactors HCM implementation services

12/20/2017 Advanced Technology Services, Inc. Innovative Technology Solutions LLC NA Provides IT consulting and managed services

12/19/2017 Dentsu, Inc. David Wood And Associates Inc. (DWA) NA Provides B2B digital marketing services

Provides digital marketing services including search marketing, CRO, data science 12/19/2017 HS2 Solutions, Inc. LunaMetrics, LLC NA solutions, advertising strategy, and Google analytics

Hong Kong-based provider of bespoke digital design and software engineering 12/18/2017 WPP plc ARBA NA services

12/18/2017 ModusLink Global Solutions, Inc. IWCO Direct Holdings Inc. $476 Largest direct mail production provider in North America

12/18/2017 ConvergeOne, Inc. Alexander Open Systems, Inc. (AOS) NA Leading IT consulting group in the Midwest

12/14/2017 Accenture plc Rothco Limited NA Ireland-based full-service creative agency

12/14/2017 ICF International The Future Customer Ltd. NA UK-based loyalty strategy and marketing company

12/13/2017 ABRY Partners Nexus Technologies, Inc. NA Dba NexusTek, provides IT consulting services to businesses in Colorado

25 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides consulting services on health, welfare and retirement plans, and 12/12/2017 OneDigital Health and Benefits, Inc. Ruggieri Consulting, LLC NA advanced administrative capabilities

12/11/2017 Engine Shop The Gamer Agency (TGA) NA Esports strategy, event production, and development company

Provides notification, distribution, organization and management of product alerts 12/11/2017 Inmar, Inc. RASMAS (from Noblis, Inc.) NA and recalls throughout the healthcare industry

12/11/2017 YouGov plc Galaxy Research Pty Ltd NA Australia-based market research and opinion polling agency

Germany-based consulting firm for HR management, transformation and 12/11/2017 Mercer LLC Promerit Aktiengesellschaft NA digitization in German-speaking countries

12/11/2017 The Carlyle Group Prime Clerk LLC NA Bankruptcy claims and noticing agency in the U.S.

Provides IT services, cloud solutions, IT risk management and security, and 12/11/2017 Renovus Capital Partners Lockstep Technology Group NA strategic IT consulting to education and government institutions

Provides IT consulting and staffing services to a range of healthcare clients, 12/8/2017 ALKU, LLC Holland Square Group, LLC NA including payers and healthcare services providers

12/11/2017 Output Services Group, Inc. Diamond Marketing Solutions Group, Inc. NA Full-service provider of data-driven customer communications

UK-based marketing agency that runs campaigns across digital media formats using 12/7/2017 The Stagwell Group Forward 3D Group Limited NA technology based on linguistics and data science

Provides Middle East business intelligence including news, insight & analysis, data 12/8/2017 GlobalData Plc MEED Media FZ LLC $18 on tenders and contracts awarded, plus projects and events

12/8/2017 Qualfon, S.C. Dialog Direct, Inc. NA BPO company that provides lead generation, sales, and customer support services

HookLogic Travel Business of Criteo S.A. provides hotel advertising technology 12/7/2017 Koddi Inc. HookLogic Travel Business (from Criteo S.A.) NA solutions

Full-service digital marketing agency focused on digital advertising and social 12/6/2017 Dentsu Inc. Swirl, Inc. NA media marketing services

H.I.G. Growth Partners, LLC Technology company specialized in developing SaaS-based solutions for global 12/6/2017 Carlton Group Limited NA (Investment) engagement, sales incentive, loyalty and reward management

26 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Long Point Capital 12/6/2017 Woolpert, Inc. NA Design, geospatial, and infrastructure management company (Investment)

Provides private cloud, connectivity and managed IT services for mid-market 12/6/2017 ABRY Partners, LLC Breakthrough Technology Group, LLC NA enterprise clients

Switzerland’s leading independent IT consulting firm with key services including 12/6/2017 DPE Deutsche Private Equity GmbH AWK Group AG NA consulting, engineering and project management

Provides claim management, loss adjusting, and risk solutions to insurers, brokers, 12/6/2017 Sedgwick Claims Management Services, Inc. Cunningham Lindsey Group Limited NA and risk managers in the U.S. and internationally

Shamrock Capital Advisors, LLC Digital Out-Of-Home media company with assets located in iconic and high-impact 12/5/2017 Branded Cities Network LLC NA (Investment) destinations in the U.S. and Canada

Operates a blogger platform that helps users build a community from their 12/5/2017 Zeta Interactive Corp. Disqus, Inc. NA website's audience

12/5/2017 Sprout Social, Inc. Simply Measured, Inc. NA Develops social analytics solutions for brand marketers and social teams

Programmatic mobile video advertising platform that enables viewers and 12/5/2017 PSP Capital Partners, LLC; Growth Catalyst Partners Beachfront Media LLC NA advertisers to connect while engaging with online video

Provides short-term power demand and price forecasts to the electric, gas, solar 12/5/2017 Drillinginfo, Inc. Pattern Recognition Technologies Inc. (PRT) NA and wind markets based on machine learning technologies

Italy-based provider of organic certification services according to Italian national 12/5/2017 Global ID Group Bioagricert Srl NA and international standards

12/5/2017 Oasis Outsourcing Holdings Inc. Staff One, Inc. NA PEO that provides HR management services to SMBs

Provides outsourced sales training and enablement services to companies in North 12/5/2017 Stone-Goff Partners DSG Global Inc. NA America and Europe

One Equity Partners Central and South America-based provider of an integrated portfolio of BPO and 12/5/2017 OneLink NA (Investment) CRM services to North and Latin American clients

12/1/2017 InterVision Systems, LLC Independent Technology Group LLC NA Integrator of networking, storage and security solutions

12/1/2017 ConvergeOne, Inc. Forum Merger Corporation NA Reverse merger with SPAC to become a Nasdaq-listed public company

27 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

12/1/2017 Vital Source Technologies, Inc. Intrepid Learning, Inc. NA Develops an online corporate learning solution

LLR Partners Provides performance marketing services to support new customer acquisition for 11/30/2017 eLocal.com NA (Investment) local businesses

Real-time data intelligence and advertising technology company that works with 11/30/2017 Innovid, Inc. Taykey, Inc. NA over 200 brands

Organizes and hosts invitation-only senior executive level trade events for the 11/30/2017 Emerald Expositions Events, Inc. Connecting Point Marketing Group, Inc. NA retail, restaurant, healthcare, and hotel industries

11/30/2017 Verisk Analytics, Inc. Power Advocate, Inc. $280 Provides market and cost intelligence solutions to energy companies

11/30/2017 Altran US Aricent Inc. $2,000 Provides software development, engineering, and product design services

IT services company that specializes in implementing, optimizing and maintaining 11/30/2017 BV Investment Partners Apps Associates LLC NA complex ERP, BI, and cloud applications

Provices litigation support services through its eDiscovery solution, insight 11/30/2017 Ernst & Young LLP E-STET LLC NA accelerator and managed review services

Provides marketing tools to retailer and brand clients for understanding consumer 11/27/2017 Marlin Equity Partners, LLC Bazaarvoice, Inc. $456 voice

Provides IR and strategic advisory services to energy technology and life sciences 11/27/2017 Solebury Communications Group LLC The Trout Group LLC NA sectors

Great Hill Partners, LLC 11/27/2017 Reliam, Inc. NA Managed service provider for public cloud platforms (Investment)

11/22/2017 ION Trading Ireland Limited Dealogic (Holdings) Limited NA Provider of data and analytics for capital markets

Livingbridge Provides cloud-based software, infrastructure and IT support services to the SMB 11/21/2017 Giacom World Networks Limited NA (Investment) market via the IT consultants community

Provides call center and BPO services to corporations in Austria, France, Germany, 11/21/2017 Ardian CCC Holding GmbH NA Poland, Romania, Switzerland, Slovakia, and Turkey

Offers database products, training programs, and consulting services for handling 11/20/2017 UL LLC ChemADVISOR, Inc. NA hazardous materials

28 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Management consulting firm focused on financial operations, risk/compliance and 11/20/2017 Addison Group, LLC Bridgepoint Consulting, LLC NA technology services

Dba BenefitMall, provides payroll, HR, employee benefits, and employer services 11/20/2017 The Carlyle Group L.P. Centerstone Insurance and Financial Services, Inc. NA for SMBs in the U.S.

IT consulting company focused on IT management and custom software 11/17/2017 Focus Technology Solutions, Inc. NSK & Associates, Inc. NA development services

11/16/2017 Ziff Davis, LLC Mashable, Inc. $50 Operates an online news community

Provides managed services, hosting options, security services, and IT consulting 11/16/2017 Magna5 LLC Netserve365, LLC NA services

11/15/2017 Inova Payroll, Inc. Payroll Strategies, LLC NA Provides payroll and HR services

Provides under-banked consumer risk management and identity verification 11/14/2017 TransUnion FactorTrust, Inc. NA services to alternative financial services industry

Provides integrated HR services including payroll, employee benefits, HR 11/14/2017 The Hilb Group, LLC HR Knowledge, Inc. NA management and benefits brokerage & administration

Offers financial and management consulting services to federal government 11/14/2017 H.I.G. Capital, LLC Whitney, Bradley and Brown, Inc. NA clients in the U.S.

Communications agency that specializes in working with nonprofits and federal 11/13/2017 Publicis Healthcare Communications Group, Inc. Plowshare Group, Inc. NA agencies on social issue and cause marketing campaigns

11/13/2017 Cardiff International, Inc. 495 Communications, LLC NA Provides cross-platforms advertising and content marketing services

Provides managed IT operations, application hosting, and managed cloud services 11/13/2017 NTT Communications Corporation Secure-24, Inc. NA to enterprises in the U.S. and internationally

11/12/2017 Olympus Partners LP Vaco, LLC NA Provides executive search, consulting, placement and strategic staffing services

Canada-based provider of customized IT solutions, including devices, equipment, 11/10/2017 Converge Technology Partners Inc. Northern Micro Inc. NA professional service, and support

Social advertising agency that focuses on customer acquisition and lead generation 11/9/2017 Elite SEM Inc. OrionCKB, LLC NA from paid social channels

29 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Outsourcing services firm based in India and the Philippines with a focus on digital 11/9/2017 TeleTech Holdings, Inc. Motif, Inc. NA trust and fraud prevention services

Operates a design studio that ideates, builds, and deploys consumer solutions 11/9/2017 The Freeman Companies Helios Interactive Technologies, Inc. NA using technologies such as augmented and virtual reality

11/8/2017 Infogroup, Inc. Anne Lewis Strategies NA Provides digital strategy, planning and online lead generation services

Proservice Hawaii Business Development 11/8/2017 FFL Partners, LLC NA Provides HR administration services in Hawaii Corporation

11/7/2017 Beringer Capital BrandShop LLC NA Provides digital commerce solutions for Fortune 1000 companies

Provides deep data mining, machine learning, and natural language processing 11/7/2017 Shore Group Associates LLC LabSpot of ResearchConnection, Inc. NA technology and services

11/1/2017 SDI Media Group, Inc. Picture Production Company Limited NA UK-based producer of marketing collateral and content for the global film industry

Primus Capital Provides website design and digital marketing technologies for car dealers and 11/1/2017 Dave Edwards Toyota NA (Investment) OEMs

Provides advisory services in valuation, M&A, compliance and regulatory 11/1/2017 Permira Advisers Ltd. Duff & Phelps Corporation $1,750 consulting, disputes and investigations, real estate, restructuring, and tax

Professional services firm specializing in accounting and finance, enterprise 11/1/2017 Resources Connection, Inc. Accretive Solutions, Inc. $38 governance, business technology and transformation services

Specializes in performance optimization solutions for the financial services 11/1/2017 West Monroe Partners, LLC CAST Management Consultants, Inc. NA industry

Platinum HubSpot partner specializing in content marketing, demand generation, 10/31/2017 Gorilla, Inc. SPROUT Content, LLC NA and marketing automation

TELUS International, Inc. Global IT consulting and next-generation software services company with focus on 10/30/2017 Xavient Information Systems Inc. $250 (65% Stake) telecom sector

UK-based provider of outsourced digital strategy, technology development, and 10/26/2017 Cognizant Technology Solutions Corporation Zone Ltd NA content creation for online and offline firms

Provides HR administration services including payroll administration, workers 10/25/2017 CoAdvantage, Inc. Total HR Management NA comp, and benefits

30 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Ridgemont Equity Partners Offers customer experience, brand research, employee engagement, and 10/24/2017 Service Management Group, Inc. NA (Investment) reporting and analytics services

Switzerland-based provider of digital experience and marketing solutions, and a 10/24/2017 Cognizant Technology Solutions Corporation Netcentric AG NA leading independent Adobe partner in Europe

Provider of clearance and protection solutions for trademark and intellectual 10/23/2017 Audax Group, Inc. Corsearch, Inc. $140 property professionals

Provides a tech-enabled managed service that tailors cyber security solutions to 10/20/2017 Booz Allen Hamilton Holding Corporation Morphick Inc NA their clients and enables them to stay ahead of attackers

Designs, executes, and optimizes digital marketing campaigns for consumer- 10/19/2017 Sandbox Group LLC ymarketing, LLC NA focused businesses across multiple disciplines

10/18/2017 Assurant, Inc. The Warranty Group, Inc. $2,497 Provides underwriting, claims administration, and marketing services worldwide

10/18/2017 RWS Holdings plc Moravia IT s.r.o. $320 Czech Republic-based provider of translation, localization, and testing services

Marketing technology agency that helps clients to envision and execute their 10/17/2017 HERO Digital LLC Beyond Vigilant, LLC NA future customer experiences

10/17/2017 Accenture plc Altima SA NA France-based full-service digital commerce agency

Moody's Corporation Provides an online database of commercial lease comps with complete deal 10/17/2017 CompStak , Inc. NA (Investment) information

CIP Capital 10/17/2017 Wilson Human Capital Group, Inc. NA Provides recruitment process outsourcing and outsourced talent solutions (Investment)

Global leader in consumer and business-to-business digital research data for 10/12/2017 Research Now SSI Survey Sampling International, LLC NA better insights and business decisions

UK-based provider of multi-channel marketing services, including creative, 10/12/2017 Equistone Partners Europe Inspired Thinking Group Limited NA content, print and digital campaigns

KeyPoint Government Solutions, Inc.; Vencore Provides cybersecurity, cloud computing, data, and application technology services 10/11/2017 DXC Technology, U.S. Public Sector Business NA Holding Corp. for U.S. public sector clients

10/11/2017 Lexitas NextGen Reporting, LLC NA Provides court reporting and trial services for clients engaged in litigation

31 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

10/11/2017 Converge Technology Partners Inc. Corus Group, LLC NA Dba Corus360, provides information technology consulting solutions

10/10/2017 Pelmorex Media, Inc. Addictive Mobility Inc. NA Offers a mobile advertising platform in Canada

Provides big data, predictive analytic, and information solutions to B2C and B2B 10/10/2017 TransUnion eBureau, LLC NA companies

Provides payroll administration, workers' compensation, employee benefits, and 10/10/2017 CoAdvantage, Inc. Progressive Employer Management Company, Inc. NA HR solutions to SMBs

10/10/2017 DXC Technology Company Logicalis Smc B.V. $42 Provides IT consulting services focused on the ServiceNow platform

Leader in sales intelligence and acceleration for businesses selling to the public 10/5/2017 Roper Technologies Onvia, Inc. $70 sector

10/5/2017 Avtex Solutions, LLC The Interactive Engineering Consortium, LLC NA Provides contact center solutions and consulting services

10/4/2017 Digital Media Solutions, LLC. Mocade Media LLC NA Provides an email optimization platform

Australia-based boutique digital and innovation agency serving start-ups and 10/4/2017 IBM Interactive Experience Vivant Digital Pty Ltd NA corporates, primarily in the financial services and distribution industries

10/4/2017 Designit A/S Cooper Software, Inc. $9 Provides design and strategy consulting services for the digital world

Provides sustainability policy, strategy, and stakeholder engagement consulting 10/4/2017 The Cadmus Group, Inc. Meister Consultants Group, Inc. NA services

Provides a compliance content library of 2,000+ micro-learning & communication 10/4/2017 STEELE Compliance Solutions, Inc. Compliance Wave LLC NA tools in 30+ languages

Canada-based designer and integrator of AV systems technology for meeting and 10/4/2017 AVI-SPL, Inc. Sharp's Audio Visual Ltd. NA collaborative spaces and digital signage solutions

Invitation-only membership group for General Counsels to exchange ideas and 10/3/2017 ALM Media Properties, LLC Global Leaders in Law Limited NA participate in an advanced leadership skills development

Provides IT managed services, infrastructure solutions, consulting, and products to 10/3/2017 Office Depot, Inc. THL Portfolio Holdings Corp. $998 SMBs and Fortune 1000 companies

32 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description UK-based provider of creative design and technical event production equipment 10/3/2017 PSAV, Inc. Hawthorn NA for the event industry in the UK

Provides loyalty services, dining rewards programs and financing to the restaurant 10/2/2017 TowerBrook Capital Partners L.P. Rewards Network Inc. NA industry

10/2/2017 Bain Capital Private Equity, LP Asatsu-DK Inc. $1,188 Japan-based advertising agency and provider of animation programs

10/2/2017 ITA Group, Inc. Chadwick Martin Bailey, Inc. NA Provides market research and consulting services in the U.S. and internationally

Australia-based provider of e-discovery and e-trial solutions to the Australian 10/2/2017 DTI NuLegal Pty Ltd NA market

Germany-based provider of strategic consulting and communication services in the 9/28/2017 The Cadmus Group, Inc. IFOK GmbH NA climate, energy, food, and farming sectors

Enterprise IT company providing advisory services, security, hosting and 9/28/2017 Sirius Computer Solutions, Inc. Forsythe Technology, Inc. NA technology solutions

Provides hosted cross-channel marketing intelligence software for marketers and 9/27/2017 Nielsen Holdings plc Visual IQ, Inc. NA advertising agencies

Enlightenment Capital Provides managed IT, supply chain risk management and professional services for 9/27/2017 CyberCore Technologies LLC NA (Investment) government and commercial clients

Provides predictive analytics and marketing automation technology for the 9/26/2017 IHS Markit Ltd. automotiveMastermind, Inc. $558 automotive industry

Provides cloud-based chemical and safety data sheet management tools (fka 9/25/2017 CVC Growth Fund VelocityEHS NA MSDSonline)

9/25/2017 Eliassen Group, LLC. Principle Solutions Group, LLC NA Provides IT staffing services

Provides businesses with interactive content marketing solutions that focus on 9/21/2017 Scribble Technologies Inc. i-on interactive, inc. NA improving customer engagement

Wunderman Limited Marketing software integration and solutions company specializing in optimizing 9/20/2017 Pierry, Inc. NA (WPP plc) campaigns on the Salesforce Marketing Cloud

Provides custom research-based services and multi-sponsored studies using qual, 9/20/2017 MetrixLab US, Inc. Acturus Inc. $13 quant and advanced analytical techniques

33 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

9/19/2017 Bertram Capital Management LLC Spectrio, LLC NA Operates as an audio/video marketing company in the U.S.

NewSpring Capital Provides comprehensive IT network infrastructure services that deliver a 9/19/2017 TenFour LLC NA (Investment) technological competitive edge while reducing operating costs

Provides data center integration, cloud, and IT consulting services to enterprises 9/18/2017 ePlus Technology, inc. Integrated Data Storage, LLC NA worldwide

Court Square Capital Partners L.P. 9/18/2017 System1 NA Developer of a pre-targeting platform for identifying consumer intent (Investment)

9/18/2017 Finn Partners, Inc. ABI, Inc. NA Provides marketing and PR services to industrial and trade sectors

9/18/2017 Havas SA The 88 NA Provides digital advertising services

Provides managed cloud, agile software development, DevOps, systems 9/18/2017 ManTech International Corporation InfoZen, Inc. $180 engineering, and IT services to the U.S. federal government

Healthcare communications agency with unique expertise in changing patient and 9/14/2017 UDG Healthcare plc MicroMass Communications, Inc. $76 provider behavior

9/11/2017 Ansira, Inc. Local Biz Now, LLC NA Provides a local digital marketing platform

ClearPoint Investment Partners Prepares and processes unstructured data into actionable information and insights 9/11/2017 Shore Group Associates LLC NA (Investment) across industries

9/11/2017 Rackspace Hosting, Inc. Datapipe, Inc. NA Architects, deploys and manages multi-platform hybrid IT and cloud solutions

NewSpring Capital Managed infrastructure services provider focusing on private and hybrid cloud 9/10/2017 Atlantic Metro Communications, Inc. NA (Investment) hosting services

Provides SEO, PPC and paid media, social media, analytics, content, and creative 9/8/2017 Clear Link Technologies, LLC Portent, Inc. NA services

Partners with utility and energy companies to help customers compare and 9/7/2017 Red Ventures, LLC Allconnect, Inc. NA purchase home services

9/7/2017 HERO Digital LLC Delphic, a Hero Digital Company, LLC NA Provides digital marketing and web design services

34 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides proxy advisory and corporate governance solutions to financial market 9/7/2017 Genstar Capital, LLC Institutional Shareholder Services Inc. $720 participants

Delivers customer and digital experience innovation consulting using design 9/7/2017 Genpact Limited TandemSeven, Inc. NA thinking at its core

9/7/2017 U.S. Legal Support, Inc. Wheeler & Hallford Inc NA Court reporting agency serving the SF Bay Area legal community

Provides substitute teacher staffing services for K-12 public, private and charter 9/6/2017 Kelly Services, Inc. Teachers On Call, Inc. $41 schools, and early child care centers

Consulting firm focused on broadband and mobile operators, media companies 9/6/2017 Accenture plc Interactive Broadband Consulting Group, LLC NA and technology providers

Design and innovation firm focused on designing products and experiences for the 9/6/2017 Accenture plc MATTER INC. NA connected world

9/6/2017 Counsel on Call Services, Inc. DSicovery, LLC NA Provides e-discovery, digital forensics and data management services

9/5/2017 RhythmOne plc YuMe, Inc. $113 Provides digital video brand advertising solutions in the U.S. and internationally

Provides cloud application and infrastructure consulting solutions for mid-market 9/5/2017 Hewlett Packard Enterprise Company Cloud Technology Partners, Inc. NA and enterprise customers in the U.S.

UK-based provider of learning solutions for ERP implementations for large 9/5/2017 GP Strategies Corporation CLS Performance Solutions Limited NA multinational clients

9/5/2017 GP Strategies Training Limited YouTrain Ltd NA UK-based provider of IT training services to commercial clients

Canada-based provider of claims management, risk management, and related 8/31/2017 Warburg Pincus LLC SCM Insurance Services Inc. NA services

Advertising technology company that delivers localization and personalization at 8/31/2017 GTCR, LLC Simplifi Holdings, Inc. NA scale through the use of unstructured data

Provides best practices research and insight, technology, consulting and 8/29/2017 OptumInsight, Inc. The Advisory Board Company $1,300 management, and data-enabled services to healthcare sector worldwide

Provides research and practical advice to academic, business, and student affairs 8/29/2017 Vista Equity Partners LLC Education Advisory Board $1,550 leaders at Universities

35 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

8/29/2017 Meltwater News US Inc. Algo LLC NA Norway-based real-time data analytics platform

8/29/2017 Leonard Green & Partners, L.P. CPA Global Limited $3,100 Provides IP and legal support services worldwide

Provides a data management platform that drives display advertising and in-store 8/28/2017 Harland Clarke Holdings Corp. MaxPoint Interactive, Inc. $105 campaign solutions for advertising clients

Offers nationwide driving and vehicle records, as well as driver pre-screening 8/28/2017 TransUnion Datalink Services, Inc NA services

Provides sales and marketing intelligence on a database of various technology and 8/27/2017 DiscoverOrg, LLC Rain King Software, Inc. NA marketing buyers in North America and Europe

Provides bankruptcy data, risk insight, prediction and management solutions for 8/24/2017 Verisk Analytics, Inc. LCI, INC. $151 banks and creditors

8/24/2017 Accenture plc Verax, Inc. NA Canada-based technology and systems integration consulting firm

Provides marketing measurement software and other data and analytics services 8/23/2017 Providence Equity Partners LLC DoubleVerify, Inc. NA for marketers

8/23/2017 Havas SA Blink Ltd NA Israel-based social media marketing agency

8/23/2017 WPP plc Design Bridge Limited NA London-based brand strategy and design agency

Provides IT consulting serves with expertise in custom software solution, agile 8/23/2017 CGI Group Inc. Summa Technologies, Inc. NA transformation, and Salesforce consulting

Provides software development and digital transformation consulting services to 8/23/2017 Apax Partners LLP ThoughtWorks, Inc. NA the commercial, social and government sectors

8/21/2017 Paychex, Inc. HR OutSourcing, LLC NA Provides PEO services to small and medium-sized businesses

Clarion Capital Partners, LLC Provides anti-money laundering, fraud prevention, and financial crimes 8/18/2017 AML RightSource LLC NA (Investment) compliance services

Rothschild Merchant Banking London-based provider of collaborative software and services for use throughout 8/17/2017 Opus 2 International Ltd NA (Investment) the litigation and arbitration lifecycles

36 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Strategic Products and Services, LLC (nka:SPS, a 8/17/2017 ConvergeOne, Inc. NA Provides multivendor communication and networking managed services ConvergeOne Company)

Provides IT training solutions for corporate and government organizations in 8/17/2017 Global Knowledge Training LLC ctc TrainCanada Inc. NA Canada

8/16/2017 Deloitte Digital Acne AB NA Stockholm-based advertising and design company

Warburg Pincus LLC Provides managed security solutions to help guard the IP and infrastructure of mid- 8/16/2017 eSentire Inc. NA (Investment) sized enterprises

Bregal Sagemount London-based provider of financial technology managed services and hedge fund 8/16/2017 Options Technology Ltd. NA (Investment) technology and IT infrastructure solutions

Voxpro Limited (nka:Voxpro powered by TELUS 8/16/2017 TELUS International, Inc. NA Ireland-based provider of contact center services to clients in Europe International)

8/16/2017 The Results Companies, LLC USA800, Inc. NA Operates an inbound call center in the U.S.

8/15/2017 KPA, LLC Automotive Compliance Consultants, Inc. NA Provides compliance consulting services to dealerships

Provides social media insights and analytics services to the media and 8/14/2017 MarketCast LLC Fizziology LLC NA entertainment industry

8/14/2017 Great Hill Partners, LLC Zoom Information, Inc. NA Provides B2B data to support marketing campaigns and improve sales prospecting

8/10/2017 AppCard Inc. ProLogic Consumer Marketing Services Inc. NA Provides independent grocers with loyalty marketing solutions

Provides IT system architecture, infrastructure and operations, DevOps and UX 8/9/2017 Cloudreach Europe Limited Emerging Technology Advisors Inc. NA design services

Creates integrated immersive campaigns combining brand positioning, customer 8/9/2017 Accenture plc Wire Stone, LLC NA research and data analysis, and promotion execution

Managed services provider for Oracle enterprise databases, applications, business 8/9/2017 EQT Partners AB; EQT Mid Market US Data Intensity, LLC NA intelligence solutions, and analytics

8/8/2017 Advantage Solutions Inc. Brand Connections, LLC NA Provides consumer promotions, retail marketing, and shopper marketing services

37 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Social intelligence platform used by marketing teams to reach online influencers 8/7/2017 Deloitte & Touche LLP Blab, Inc. NA or spend online marketing and advertising resources

London-based provider of strategy consulting services that enable organizations to 8/7/2017 Teneo Holdings LLC Credo Business Consulting LLP NA make and implement strategic decisions

Provides data, applications, analytics, and consulting services to life sciences 8/7/2017 Pharmaceutical Research Associates, Inc. Symphony Health Solutions $530 companies

Brazil-based provider of software-development methodologies to develop cloud- 8/3/2017 Accenture plc Concrete Solutions Ltda. NA based mobile solutions and web applications

Primus Capital Healthcare technology enabled services company that partners with healthcare 8/3/2017 EnableComp LLC NA (Investment) providers to assist workers' compensation payers

Israel-based startup that has developed a machine learning-enabled platform to 8/3/2017 Nielsen Holdings plc vBrand Ltd. NA measure brand exposure and impact in sports programming

UK-based marketing and sales consultant helping enterprises with customer 8/3/2017 Accenture plc Brand Learning Group Limited NA strategies, new operating models, amd process development

8/3/2017 Infosys Limited Brilliant Basics Ltd. $10 UK-based product design and customer experience company

Provides information governance and data migration solutions to Fortune 1000 8/3/2017 Bridge Growth Partners, LLC BackOffice Associates, LLC NA companies

Provides technology consultingand integration management to enhance 8/3/2017 Accenture plc Search Technologies Corp. NA enterprise search and big data analytics

United Internet's online performance marketing business serving 3,500 advertisers 8/2/2017 Axel Springer affilinet GmbH NA in seven European countries

8/2/2017 CoreLogic, Inc. Clareity Security LLC NA Provides technology and consulting services to real estate professionals

Netherlands-based provider of cloud communications solutions including contact 8/2/2017 Evolve IP, LLC. Mtel N.V. NA center, IP phone systems, and business collaboration tools

Provides a mobile-first claims inspection system that improves claims processing 8/2/2017 Genpact Limited OnSource, LLC NA efficiency for insurance companies

Provides premium outsourced broadcast services and rental equipment focused 8/2/2017 NEP Supershooters, L.P. Bexel Corporation $35 on US sports, entertainment and live event production markets

38 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides location-level measurement solutions, customer experience and 8/1/2017 Main Street Capital Corporation Market Force Information, Inc. NA employee engagement surveys, and contact center services

8/1/2017 PricewaterhouseCoopers LLP Optimisa Holdings Limited NA UK-based provider of marketing consulting and research related services

7/31/2017 Hospitality Staffing Solutions, LLC D.E.Z STAFFING LLC NA Provides hospitality and industrial staffing services in the Denver market

UK-based provider of software and services to assist enterprises worldwide 7/31/2017 Sumeru Equity Partners, Inc. Market Data Services Limited NA manage their market data and communications costs AE Industrial Partners, LLC; Ae Industrial Partners Fund I- 7/31/2017 B, Lp; Ae Industrial Partners Fund I-A, Lp; AE Industrial CDI Corp. $154 Provides engineering, IT and staffing solutions worldwide Partners Fund I, LP

7/27/2017 Dentsu Aegis Network Ltd. Sokrati Technologies Pvt Ltd (nka:Merkle Sokrati) NA India-based data-driven performance marketing and analytics agency

7/27/2017 Brite Media Group LLC Clean Zone Marketing, LLC NA Provides transit and outdoor advertising services

Provider of merchant risk intelligence solutions for acquirers, commercial banks, 7/27/2017 Verisk Analytics, Inc. G2 Web Services, LLC $112 and other payment system providers

Baird Capital London-based global product strategy consultancy for the biopharmaceutical 7/27/2017 Prescient Healthcare Group Limited NA (Investment) industry

Italy-based engineering firm that designs, implements, and manages information 7/27/2017 OEP Capital Advisors, L.P. Lutech S.p.A. NA and communication technology solutions

7/26/2017 Prodigious Uk Limited Translate Plus Limited NA London-based provider of language services for global brands

73% Stake in Sagent Advisors, LLC and 100% Stake Investment banking firms that provides strategic advisory and capital raising 7/26/2017 Daiwa Securities Group Inc. NA in Signal Hill Holdings LLC services

Belgium-based provider of social media analytics tools, statistics, and metrics for 7/25/2017 Synthesio SAS Social Karma SPRL NA social networks

Provides health information to consumers, physicians, healthcare professionals, 7/24/2017 MH SUB I, LLC WebMD Health Corp. $2,617 and health plans through its websites and mobile platforms

Netherlands-based provider of environmental, social, and governance research 7/24/2017 Morningstar, Inc. Sustainalytics B.V. NA and ratings

39 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides digital marketing solutions for companies in the franchise and home 7/23/2017 Scorpion Inc. Driven Local NA services markets

WestView Capital Partners 7/19/2017 Abacus Group, LLC NA Provides managed IT solutions and infrastructure for the financial services sector (Investment)

7/18/2017 Education Solutions Services, LLC Source4Solutions, LLC NA Provides substitute staffing services for school districts

7/18/2017 ConvergeOne, Inc. Annese & Associates, Inc. NA Designs, installs, and maintains integrated communications systems in the U.S.

Canadian creative production company that specializes in high-profile and large 7/18/2017 Freeman Decorating Co. B.a.A.M. PRODUCTIONS NA scale sports, cultural, and entertainment projects

Predictive marketing company that uses AI to empower agencies and marketers to 7/18/2017 Sizmek Inc. Rocket Fuel Inc. $147 anticipate people's need for products and services

Operates a marketing platform that employs artificial intelligence to personalize 7/18/2017 Zeta Interactive Corp. boomtrain, Inc. NA messages across digital platforms

Data strategy consultancy that helps organizations maximize the quality and value 7/18/2017 Infogix, Inc. Data Clairvoyance Group, Inc. NA of their data

Provides integrated workforce management solutions to help companies manage 7/17/2017 The Carlyle Group L.P.; Carlyle Partners VI, L.P. ZeroChaos, LLC NA their temporary staffing and outside service providers

Nielsen Holdings plc, Certain Mobile Research Including television pilot testing services and the promotional testing and 7/14/2017 The Stagwell Group; Stagwell Media LLC NA Assets consumer tracking of those pilots New Atlantic Ventures; NewSpring Capital; Osage Partners with leading business schools to deliver online leadership development 7/14/2017 Partners LLC; Kaplan Ventures; NewSpring Ventures, ExecOnline, Inc. NA programs that generate measurable organizational impact L.P. (Investment) Kelso & Company 7/12/2017 Oasis Outsourcing Holdings Inc. NA Operates as a PEO that provides workforce solutions for businesses in the U.S. (Minority stake)

Offers data-driven digital optimization services to help brands personalize and 7/12/2017 Accenture plc Clearhead Group LLC NA improve digital products

Develops and offers online micro-learning content and tools for leaders and 7/12/2017 Franklin Covey Co. Jhana Education Inc. NA managers

Dalton provides certified financial planning education and exam preparation 7/12/2017 Leeds Equity Partners, LLC Dalton Education LLC NA solutions

40 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Money Education publishes digital textbooks and reference workbooks for tax and 7/12/2017 Leeds Equity Partners, LLC Money Education NA financial planning

Provides clinical and operational consulting assistance to hospitals and healthcare 7/10/2017 Press Ganey Holdings, Inc. Soyring Consulting, Inc. NA facilities

Canada-based provider of IT services and data center solutions in North America 7/10/2017 Cincinnati Bell Inc. OnX Enterprise Solutions Ltd. $199 and the U.K.

7/10/2017 BARBRI, INC. iLawVentures, LLC NA Provides online legal education courses

7/10/2017 CPA Global Limited Markpro GLOBAL.LTD NA Seoul-based provider of patent renewals, trademark renewals and IP software

Provides consulting and technology services for master data management, data 7/7/2017 Mastech Digital, Inc. InfoTrellis Inc. $55 integration, and big data

Provides restructuring advisory, turnaround management, value enhancement, 7/6/2017 FTI Consulting, Inc. CDG Group, LLC NA and transaction advisory services

7/6/2017 Oasis Outsourcing Holdings Inc. DHR Operations, LLC NA Provides HR services to clients in the Western region of the U.S.

Technology Crossover Ventures Provides risk data management and regulatory reporting technology for the 6/30/2017 Axiom Software Laboratories, Inc. NA (Investment) financial services industry

7/5/2017 General Atlantic LLC; Silver Lake A Place for Mom, Inc. NA Provides assisted living referral services

One of the largest independent integrators of Microsoft Dynamics 365 for mid- 7/5/2017 UXC Eclipse (USA) Inc. Tribridge, Inc. $152 market and enterprise customers

Operates as a publisher, aggregator, and distributor of personal finance content on 7/3/2017 Red Ventures Holdco, LP Bankrate, Inc. $1,435 the internet

Provides big data analytics using technology and human input from insight 7/3/2017 Merkle Inc. Aquila Insight Ltd. NA professionals, to help clients connect with individual customers

Provides IT and professional services and solutions to defense, intelligence, 7/3/2017 H.I.G. Capital, LLC; HIG Middle Market LBO Fund II NCI, Inc. $293 healthcare, and civilian government agencies worldwide

Marketing solutions and search platform provider and publisher of the Real Yellow 6/30/2017 Dex Media, Inc. YP Holdings LLC NA Pages and YP.com; combined company to be called DexYP

41 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

6/29/2017 Marquis Software Solutions, Inc. DocuMatix, LLC NA Develops a communication software platform to conduct marketing operations

Provides real-time shopper insights, including household purchase data for brick- 6/29/2017 Market Track, LLC InfoScout, Inc. NA and-mortar and online retailers

Alaris Royalty Corp. Provides IT staffing, consulting, and outsourcing services and specializes in digital 6/28/2017 Accscient LLC NA (Investment) infrastructure management, ERP, BI, and Database management

6/28/2017 Accenture plc Intrepid Pursuits, LLC NA Develops mobile experiences for connected devices

Silver Point Capital L.P.; Searchlight Capital Provides patient and physician engagement solutions, including advertising, in 6/27/2017 PatientPoint, LLC NA Partners (Investment) doctors' offices and hospitals

FTV Capital 6/27/2017 Sitehands, Inc. NA Provides start-to-finish enterprise IT field services (Investment)

RadiumOne, Inc., Certain Assets and Related Data-driven marketing platform that enables brands and agencies to access 6/27/2017 RhythmOne plc $26 Liabilities performance- and engagement-based audiences and marketplaces

Designs, develops, customizes, and implements Microsoft enterprise software 6/23/2017 Perficient, Inc. Clarity Consulting, Inc. $9 applications for businesses

Canada-based provider of media monitoring and analytics, research and insights 6/22/2017 Meltwater News Canada Inc. Infomart $30 reports, executive summaries, and corporate data

Provides turnkey emergency monitoring for building owners with hardware, 6/22/2017 RockBridge Growth Equity, LLC Kings III of America, Inc. NA installation, monitoring, and maintenance for on-site emergency phones

Sverica Capital Management, LLC; Sverica Capital SaaS company that offers fundraising intelligence to healthcare, education, and 6/21/2017 iWave Information Systems Inc. NA Partners IV LP non-profit organizations

Owns and operates a website that enables customers to shop for energy rates 6/20/2017 Red Ventures, LLC Choose Energy, Inc. NA based on price, provider, energy type, and other factors

6/20/2017 LendingTree, LLC Camino del Avion Delaware, LLC $40 Offers consumers personalized comparisons of banking and credit-based products

HarbourVest Partners, LLC; Resurgens Technology Provides performance analytics and reporting solutions to institutional 6/20/2017 Investment Metrics, LLC NA Partners (Investment) consultants, plan sponsors, asset managers, and private wealth advisors

Union Grove Venture Partners Helps advertisers and broadcasters understand TV viewership habits of the 6/19/2017 Free Stream Media Corp. NA (Investment) modern consumer through its TV Audience Platform

42 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Germany-based provider of a contextual mobile notifications and marketing 6/19/2017 Verve Wireless, Inc. matchinguu UG NA platform for generating sales lead

Apollo Global Management, LLC; Ontario Teachers' Provides HR SaaS solutions that connect job seekers and employers in the U.S. and 6/19/2017 CareerBuilder, LLC $627 Pension Plan Board internationally

Renovus Capital Partners Provides program management, mission, and acquisition support and IT services to 6/19/2017 The Panum Group, LLC NA (Investment) Federal Government agencies

CVC Capital Partners Limited; CVC European Equity 6/19/2017 QA Limited $886 UK-based provider of IT training and learning solutions Partners VI LP

Provides identity theft detection, protection, and resolution services primarily to 6/16/2017 Equifax Consumer Services, Inc. ID Watchdog, Inc. $63 individuals and families on a subscription basis

6/15/2017 Dentsu Aegis Network Ltd. The Customer Framework Limited NA UK-based provider of digital transformation consulting services

Provides consumer-facing financial information relating to depository deals and 6/15/2017 LendingTree, LLC Deposits Online, LLC. $33 analysis online

6/15/2017 Access Intelligence, LLC AdExchanger NA Provider of news, analysis, and events to the data-driven marketing space

Provides engineering and design services and PLM products and services primarily 6/15/2017 Warburg Pincus LLC Tata Technologies Limited $787 to manufacturers and their suppliers

H.I.G. Capital, LLC Provides IT solutions to medium- and large-sized enterprise clients, with expertise 6/15/2017 Trace3, Inc. NA (Investment) in cloud, security, data intelligence, and dev ops

Nielsen Holdings plc, Certain Mobile Research UK-based Mobile Insights Survey and the Total Communication Survey, which will 6/14/2017 The Stagwell Group; Stagwell Media LLC NA Assets join Harris Insights and Analytics

6/13/2017 Cision, Inc. (nka:Cision Ltd.) L'Argus de la Presse SA $12 France-based provider of media monitoring solutions

6/13/2017 Peak 10 Holding Corporation ViaWest, Inc. $1,675 Provides IT and infrastructure solutions for businesses in North America

Develops and markets courseware and services that enable employers to improve 6/13/2017 Health & Safety Institute, Inc. Comprehensive Loss Management, Inc. NA employee health and well being

Provides tech-enabled BPO services for insurers, employers, health plans, and 6/13/2017 Cognizant Technology Solutions Corporation TMG Health, Inc. NA providers in the Medicare, Medicaid, and reitree health plan markets

43 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides a suite of tools and services to help professionals analyze, visualize, and 6/8/2017 LexisNexis Legal & Professional Inc. Ravel Law, Inc. NA understand the law and prepare for litigation

6/8/2017 CBIZ, Inc. CMF Associates, LLC NA Provides financial and operational consulting and executive search services

6/8/2017 Worley Catastrophe Response, L.L.C. Apex Claims Service of New England, LLC NA Provides residential and commercial property claims adjusting services

UK-based consultancy offering remuneration support, executive search, interim 6/7/2017 Arthur J. Gallagher & Co. Total Reward Group Limited NA placement, and corporate training services

Provides IT strategy, modernization, and digital transformation services for the 6/7/2017 Accenture Federal Services LLC Phase One Consulting Group, Inc. NA federal market with a specialization in Salesforce solutions

6/7/2017 InterVision Systems, LLC Netelligent Corporation NA Provides managed IT and professional services

Provides a SaaS-based valuation vendor management platform to clients in the 6/6/2017 CoreLogic, Inc. Mercury Network, LLC NA mortgage lending industry in the U.S.

Technology distributor of security, collaboration, networking, and data center 6/6/2017 SYNNEX Corporation Westcon Group, Inc. $830 products

Provides B2B data and data-driven marketing services for the trucking, 6/5/2017 Aurora Capital Partners Randall-Reilly, LLC NA construction, and agriculture industries

6/5/2017 Snap Inc. Placed, Inc. $200 Provides location-driven insights and mobile advertising intelligence

6/5/2017 Advantage Smollan Limited Intermarketing Agency NA UK-based full service creative agency

6/5/2017 SellUP, Inc. Alchemy Worx Limited NA UK-based email marketing agency

Provides data-driven marketing services, including analytics, database marketing, 6/5/2017 Periscope, Inc. Anthem Marketing, LLC NA journey mapping, and loyalty services

6/5/2017 Wunderman Limited The Cocktail Experience, S.L. NA Spain-based provider of digital brand transformation consultancy services

Netherlands-based provider of intelligent data management software and services 6/5/2017 Solera Holdings Inc. Colimbra Holding B.V. NA for the automotive insurance industry

44 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Excellere Partners Provides medical claims management solutions for auto insurance carriers, 6/5/2017 Consolidated Services Group, Inc. NA (Investment) workers' compensation administrators, and group health insurers

Emergency Communications Network, LLC Provides web-based and mobile enterprise communications services to 6/5/2017 SWN Communications Inc. NA (nka:ONSOLVE, LLC) businesses, government agencies, colleges, and non-profit organizations

Provides medical claims management solutions for auto insurance carriers, 6/5/2017 Excellere Partners Consolidated Services Group, Inc. NA workers' compensation administrators and group health insurers

6/2/2017 Accenture plc SolutionsIQ, Inc. NA Provides Agile consulting and transformation solutions

New Zealand-based provider of researcher-facing peer-review data and 6/1/2017 Clarivate Analytics Publons Limited NA recognition platform

Provides travel visa and passport services to corporations, travel management 6/1/2017 Kohlberg & Company, L.L.C. CIBT, Inc. NA companies, and individuals

6/1/2017 Fractal Analytics Inc. 4i, Inc. NA Provides growth strategy and foresight analytics consulting

6/1/2017 Accenture plc LabAnswer Government LLC NA Provides laboratory informatics technology consulting services

6/1/2017 Globant S.A. PointSource, LLC $28 Tech agency specializing in the retail, supply chain, and insurance services sectors

NYSE Governance Services, Inc. (nka:True Office Provides analytics-rich, interactive e-learning software and services, specializing in 6/1/2017 Marlin Equity Partners, LLC NA Learning) GRC

Provides outsourced invoices for middle market companies in sectors including 6/1/2017 Aquiline Capital Partners LLC Output Services Group, Inc. NA telecom, financial services, and media

5/31/2017 Softvision Paradigms International Group, LLC Momentus Software Inc. NA Provides an R&D lab, solutions consultancy, and technology delivery services

Provides customer experience and contact center solutions, specializing in 5/30/2017 Avtex Solutions, LLC Integrated Access Solutions, Inc. NA Genesys and Microsoft platforms

Sageview Capital; Silver Lake Provides B2B marketing solutions, including a cloud based ad targeting and web 5/25/2017 DEMANDBASE, INC. NA (Investment) personalization platform

Provides enterprise managed solutions for the healthcare, financial services, 5/25/2017 Rackspace Hosting, Inc. TriCore Solutions, LLC NA manufacturing, life science, and retail industries

45 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

5/24/2017 Teneo Holdings LLC cabinet DN Sprl NA Public affairs and communications firm

5/24/2017 Havas SA Sorento Healthcare Communications Pvt Ltd NA Healthcare communications agency

Technology agency that focuses on emerging technologies that will transform 5/23/2017 Softvision Paradigms International Group, LLC Momentus Software Inc. NA industries (R&D lab, solutions consultancy, and tech delivery)

5/22/2017 Verisk Analytics, Inc. MAKE Consulting A/S NA Research and advisory business specializing in wind power

Provider of corporate training in project management, business process 5/22/2017 International Institute for Learning, Inc. Orbital Training & Consulting Limited NA improvement, and six sigma

Provides data forensics, discovery management, and investigative services for 5/22/2017 Advanced Discovery LLC Altep, Inc. NA litigations, corporations, and government entities in the U.S.

Provider of specialized BPO services related to the creation, enrichment, and 5/22/2017 Partners Group Holding AG SPi Global Holdings, Inc. $330 transformation of content to research and education publishers

5/18/2017 HTC Global Ventures, LLC Ciber, Inc., Substantially All Assets $93 Provides IT and related staffing services

5/18/2017 Franklin Covey Co. Robert Gregory Partners, LLC $8 Provides executive coaching services

5/17/2017 Lighthouse eDiscovery, Inc. Liffey Thames Group, LLC NA Provides e-discovery services to corporations and law firms

Provides IT support and telecom services to banks, hospitals, and businesses in the 5/16/2017 Onepath Systems, LLC Internet & Telephone, LLC NA U.S.

5/16/2017 NGDATA Eccella Corporation NA Provides data management and analytics consulting services

Provides subscription-based enterprise support services for Oracle, SAP, and other 5/16/2017 GP Investments Rimini Street $837 software products (reverse merger)

Vista Equity Partners LLC; Vista Equity Endeavor 5/16/2017 Zapproved Inc. NA Provides e-discovery SaaS solutions for corporate legal teams Fund I, L.P. (Investment)

Digital agency that provides end-to-end strategy, design, and implementation 5/15/2017 Beringer Capital ICiDigital, Inc. NA solutions with expertise in Adobe Marketing Cloud

46 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides business intelligence and company information, with a database of over 5/15/2017 Moody's Analytics, Inc. Bureau van Dijk Electronic Publishing BV $3,293 220 million private companies

Provides platform development, systems architecture, and retail experiences 5/15/2017 Accenture plc Media Hive NA creation for the e-commerce industry

Provides technology solutions that streamline the claims management process by 5/15/2017 General Atlantic LLC ControlExpert GmbH NA using software, data analytics, and human expertise

Oakley Capital Investments Limited; Oakley Capital Provides IP and technology services, including reverse engineering to prove patent 5/15/2017 TechInsights Inc. NA III infringement

5/11/2017 Vivendi SA (to acquire 60% stake) Havas SA $4,309 Provides advertising, digital, and communications services

The Halo Group, Inc. (nka:The Halo Group, A Didit 5/10/2017 Did-it.com, LLC NA Marketing communications and branding agency Company)

Online media agency focused on premium brands running campaigns on local 5/10/2017 AdSupply, Inc. LION New Media LLC NA media websites

INC Research Holdings, Inc. (nka:Syneos Health, Provides outsourced services to the pharmaceutical, biotechnology, medical 5/10/2017 Double Eagle Parent, Inc. $4,600 Inc.) device and diagnostics, and healthcare industries

Provider of benchmarking and implementation consulting services for BPO, ITO, 5/9/2017 The Hackett Group, Inc. Aecus Limited $8 and robotic process automation

Offers tech-enabled, data-driven client acquisition services to professional 5/9/2017 ICV Partners, LLC LeadingResponse, LLC NA services end markets

Consulting firm that helps brands develop marketing strategies for Amazon and 5/9/2017 Possible Worldwide, LLC Marketplace Ignition, LLC NA other online marketplaces

Develops software to help businesses generate display ads based on their existing 5/9/2017 WordStream, Inc. Algorithmic Ads Inc. NA website imagery

5/9/2017 Apollo Global Management, LLC West Corporation $4,955 Provides communication and network infrastructure services

Management and technology consulting firm focused on implementing Oracle ERP 5/9/2017 The Hackett Group, Inc. Jibe Consulting, Inc. $20 and HCM solutions

Designs, sources, and delivers branded merchandise to businesses for sales and 5/8/2017 Elysian Capital LLP; Elysian Capital II LP Brand Addition Limited $78 marketing activities

47 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides call center services to pharmaceutical manufacturers, biotech, medical 5/8/2017 Envoy Health Management LLC. WRB Communications, Inc. $30 device organizations, and other health care industries

5/7/2017 Accenture plc The Monkeys Pty Limited NA Creative advertising agency

Provides business analytics, workflow design and business process automation, 5/5/2017 MetaSource, LLC DataImage Inc. NA and electronic document management solutions

5/4/2017 Teneo Holdings LLC Ryan Communication Limited NA Strategic communications firm

NORD Holding 5/4/2017 PPS. Imaging GmbH NA Provides professional print solutions Unternehmensbeteiligungsgesellschaft mbH

New Mountain Capital, LLC Provides hospitality, merchandise, ticket sales, sponsorship, and experiential 5/3/2017 Legends Hospitality LLC $700 (Investment) services to the sports and entertainment industries

Provides mobile advertising technology, media, and services to brand advertisers, 5/2/2017 Quotient Technology Inc. Crisp Media, Inc. $57 agencies, and publishers

5/2/2017 Deloitte Digital Web Decisions, LLC NA Provides database-driven marketing solutions

5/1/2017 Dentsu Aegis Network Ltd. Accordant Pty Ltd NA Data-driven customer experience agency

Designs, produces, and manages integrated marketing programs for events, 5/1/2017 MCH Group AG Creative Management Services LLC NA exhibits, and permanent environments

5/1/2017 KPMG LLP (Canada) Tomont Solutions Inc. NA Technology consulting firm focused on implementing Oracle software products

5/1/2017 Addison Group, LLC AIM Consulting Group, LLC NA Provides IT consulting and staffing services

4/27/2017 CoStar Group, Inc. LandWatch LLC NA Operates an online site that helps find rural properties and land for sale

Innovation studio focused on product invention, design, and engineering for its 4/27/2017 WPP Digital DeepLocal Inc. NA clients' marketing campaigns

Full-service marketing communications firm focused on healthcare and consumer 4/27/2017 The Stagwell Group; Stagwell Media LLC Scout Marketing, Inc. NA marketing

48 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Oaktree Capital Management (UK) LLP; 4/26/2017 IT Kontrakt Sp. z o.o. $40 Poland-based provider of recruitment and outsourcing of IT professionals Cornerstone Partners Sp. z o.o

4/25/2017 Service Express, Inc. Delta Computer Group, Inc. NA Third-party maintenance services provider for IT infrastructure

4/24/2017 HCL Technologies Limited Urban Fulfillment Services, LLC $30 Provides mortgage business process outsourcing and fulfillment services

Belgium-based communications agency focused on brand strategy, creative and 4/20/2017 Accenture plc Kunstmaan NV NA marketing services, content creation, and digital development

Provides local search marketing solutions that help brands convert online searches 4/20/2017 ReachLocal, Inc. SweetiQ Analytics Corp. NA into in-store shoppers

Provides online compliance training courses for employees of educational 4/20/2017 EverFi, Inc. Workplace Answers, LLC NA institutions, commercial organizations, and government organizations

4/19/2017 H.I.G. Europe CONET Technologies AG NA Provides SAP-focused IT systems and consulting services

4/17/2017 Vista Equity Partners LLC Market Track, LLC NA Provides subscription-based advertising, brand, and pricing intelligence solutions

The Blackstone Group L.P.; Canada Pension Plan 4/14/2017 Ascend Learning, LLC $2,000+ Provides technology-based educational, curriculum, and assessment solutions Investment Board

Canada-based provider of cloud-based retail price and product intelligence 4/12/2017 Market Track, LLC 360pi Corporation NA solutions for retailers and brand manufacturers

North Bridge Growth Equity Market research technology company that provides an audience platform to access 4/11/2017 Lucid Holdings, LLC NA (Investment) consumers for data-driven decision making

Operates as a savings destination for consumers with digital offers for online and 4/10/2017 Harland Clarke Holdings Corp. RetailMeNot, Inc. $464 in-store purchases at retailers, restaurants, and brands

Spain-based provider of digital intelligence and digital transformation consulting 4/5/2017 Merkle Inc. Divisadero Digital Intelligence, S.L. NA services

4/5/2017 Teneo Holdings LLC Fitzroy Communications, LLC NA Provides PR and investor communications and consulting services

4/5/2017 Ontellus National Legal Services, LLC NA Provides outsourced legal, document retrieval, and document preparation services

49 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides analytics and technology-enabled services to engage with shoppers and 4/4/2017 OMERS Private Equity Inmar, Inc. NA patients and optimize results

Canada-based provider of Wi-Fi digital marketing tools and services to retain and 4/4/2017 Yelp Inc. Turnstyle Solutions, Inc. $20 reward customers

Nationally connected sales and marketing company offering headquarter and 4/4/2017 Impact Group Signature Specialty Sales & Marketing, Inc. NA retail coverage to mass and natural channels across the Midwest

4/4/2017 Metrostudy, Inc. Templeton Demographics, LLC NA Provides enrollment projection services for school districts

4/4/2017 Renovo Capital, LLC Global HR Research, LLC $30 Provides employee background screening and onboarding solutions in the U.S.

4/4/2017 GP Strategies Corporation Emantras Inc. NA Provides digital and mobile education solutions

HgCapital; TA Associates Management, L.P. Provides Web-based enterprise legal management solutions for corporate legal 4/4/2017 Mitratech Holdings, Inc. NA (Strategic Investment) departments

4/4/2017 TeleTech Healthcare Solutions, Inc. Connextions, Inc. $80 Develops and provides health care consumer engagement solutions

Experian plc, Email/Cross-Channel Marketing Includes the Experian Marketing Suite, CheetahMail, and Mail Publisher, as well as 4/3/2017 Vector Capital $400 Business Experian's full portfolio of professional and strategic services

Provides performance marketing solutions that help brands grow digital market 4/3/2017 iProspect, Inc. Leapfrog Online, Inc. NA share, acquire new customers, and deliver sales

4/3/2017 Beringer Capital Blue Acorn, LLC NA Provices data-driven ecommerce design, development, and optimization services

Provides agricultural information and market intelligence, helping farmers, 4/3/2017 TBG AG Telvent DTN, LLC $900 agribusinesses, and commodity traders to manage their businesses

Provides infrastructure design, engineering, and project management consultancy 4/3/2017 SNC-Lavalin Group Inc. WS Atkins plc $2,702 services

UK-based provider of system integration and consulting for deployment of robotic 4/3/2017 Accenture plc Genfour Ltd NA process automation and artificial intelligence technologies

4/3/2017 Capital Square Partners Aegis Limited $288 Provides IT and BPO services

50 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description UK-based provider of outsourced regulatory and complaint services across the 4/3/2017 Davies Group Limited CYNERGIE UK Ltd NA financial services, utilities, and ombudsman services sectors

Provides healthcare linen and medical laundry services for hospitals, clinics, and 4/3/2017 KKR Credit Advisors (US) LLC Angelica Corporation $125 long-term care facilities in the U.S.

3/31/2017 The Wicks Group of Companies, L.L.C. EZShield, Inc. NA Provides identity theft protection and restoration services in the U.S. and Canada

Provides information security, managed services, and network infrastructure 3/30/2017 Crowe Horwath LLP SDGblue, LLC NA solutions

TZP Growth Partners Provides strategic advisory, project and risk management services, and consulting 3/29/2017 Advocate Solutions NA (Strategic Investment) services to state and local governments

Endeavour Capital, Inc. Provides independent expert testimony, litigation and regulatory support, and 3/29/2017 Berkeley Research Group, LLC NA (Investment) strategic advice

Heritage Group, LLC 3/28/2017 Reputation.com, Inc. NA Provides online reputation management solutions for businesses and individuals (Investment)

Bulletin Intelligence, LLC, Bulletin News Network, Publishes and provides open-source intelligence information to senior corporate 3/28/2017 Cision, Inc. (nka:Cision Ltd.) $74 LLC and Bulletin News Investment, LLC and government executives

Provides technology integration services, including network design, directory 3/27/2017 Orion Systems Integrators, LLC Structured Network Solutions, Inc. NA authentication, IT security policy, design strategies, and storage

3/27/2017 Deloitte Digital Day1 Solutions LLC NA Provides cloud consulting, implementation, and managed services and solutions

3/27/2017 Cache Inc. Software Link, Inc. NA Provides Sage software solutions

3/27/2017 Stratacache, Inc. LIFT Network NA Provides marketing and promotion tools for retail businesses

3/23/2017 Rhone Capital, L.L.C. Garda World Security Corporation NA Provides security and cash services

New Enterprise Associates Develops machine learning automation software for enterprises to help users gain 2/24/2017 DataRobot, Inc. NA (Investment) insights from data scientists

3/23/2017 Accenture plc First Annapolis Consulting, Inc. NA Provides strategic and tactical advisory services focusing on the payments industry

51 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Develops custom software and technology solutions for enterprise clients in the 3/23/2017 Orion Systems Integrators, LLC Vernalis Group, Inc. NA financial services and professional sports industries

FTV Capital; Zodius Advisors India Private Limited India-based provider of syndicated and custom research focused on high-growth 3/22/2017 MarketsandMarkets Research Private Ltd. NA (Investment) and niche markets

Provides security guard services; combined company rebranded as PalAmerican 3/22/2017 Paladin Security Group Ltd. Criterion Security (nka:PalAmerican Security) NA Security

UK-based provider of implementation and deployment services for ServiceNow 3/21/2017 Accenture plc Focus Group Europe Ltd NA software

Provides HR software, online payroll services, and human capital management 3/21/2017 Summit Partners LLP Ascentis Corporation NA solutions

Provides DevOps automation and continuous delivery solutions within the 3/21/2017 Hosting.com, Inc. Stelligent Systems, llc NA Amazon Web Services (AWS) public cloud

Provides portfolio performance measurement, including attribution, multi-asset 3/20/2017 FactSet Research Systems Inc. BI-SAM Technologies S.A. $205 risk, GIPS composites management, and reporting

Provides public relations software that enables professionals to plan, execute, and 3/20/2017 Cision, Inc. (nka:Cision Ltd.) Capitol Acquisition Corp. III NA measure influencer-oriented campaigns on one platform

3/16/2017 Onlineprinters GmbH A.G.A Print Ltd. NA Also known as solopress.com, provides online printing services

Boathouse Capital; Spring Capital Partners Provides contract staffing services in the banking/finance, medical, IT, and legal 3/16/2017 Employee Relations Associates, Inc. NA (Investment) industries on a national basis

Provides physical, chemical, spectroscopic, and microbiological analytical services 3/15/2017 Inflexion Private Equity Partners LLP Cawood Scientific Ltd. NA in the U.K. and Europe

3/14/2017 Genpact Limited RAGE Frameworks, Inc. NA Provides knowledge-based automation technology and services for enterprises

3/14/2017 Employee Relations Associates, Inc TalentBridge Holdings, LLC NA Provides permanent and temporary staffing services

3/14/2017 Halo Group, LLC Geneva Technical Services, LLC NA Provides IT consulting and staffing services

North Bridge Growth Equity Designs and develops an integrated system of background screening products for 3/13/2017 One Source Technology, LLC NA (Investment) corporations and government entities

52 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provider of custom learning and development solutions for a wide range of 3/8/2017 Business & Legal Resources, Inc. Navis Learning Corporation NA companies across multiple industries

3/7/2017 Oak Lane Partners, LLC Maintech, Incorporated $18 Provides infrastructure support services for corporate IT enterprises

3/7/2017 Deposition Solutions, LLC Castle Copy Service, Inc. NA Provides records retrieval services

Provides brands with digital performance benchmarking and advice on key 3/6/2017 Gartner, Inc. L2, Inc. $150 industry trends via an annual subscription service

Provides technology consulting to healthcare providers with a focus on 3/6/2017 Tech Mahindra (Americas), Inc. The CJS Solutions Group LLC $110 implementation of EHR and EMR software, training, and support services

Norwest Equity Partners Provides professionally managed technology integration services for complex, 3/6/2017 Bailiwick, Inc. NA (Investment) large-scale IT initiatives

General Atlantic LLC 3/3/2017 General Information Services, Inc. NA Provides background screening services (Investment)

3/3/2017 Questel S.A. ITIP Proficiency, LLC NA Provides cost management solutions and services to the IP community

3/3/2017 Euromoney Institutional Investor PLC RISI, Inc. $125 Provides information and data for the global forest products industry

Japan-based provider of end-to-end mobile applications and embedded software 3/1/2017 Cognizant Technology Solutions Corporation Brilliantservice Co.,Ltd. NA development services

3/2/2017 Cheil Worldwide Inc. Pricing Solutions Ltd. NA Canadian B2B pricing strategy consulting service provider

Consulting firm that provides utility asset management, risk management, grid and 3/1/2017 Accenture plc Davies Consulting LLC NA pipeline network modernization, and emergency management

2/28/2017 Advent International Corporation CCC Information Services Inc. NA Provides advanced software, workflow tools, and enabling technologies

2/28/2017 Verisk Analytics, Inc. Emergent Network Intelligence Ltd. NA UK-based provider of insurance claims efficiency and fraud detection software

Generation Growth Capital, Inc.; Generation 2/27/2017 Bestmark, Inc. NA Provides mystery shopping and customer experience measurement services Growth Capital Fund III, Limited Partnership

53 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides real-time data for monitoring and analyzing commercial driver and motor 2/23/2017 SambaSafety, Inc. Vigillo, LLC NA carrier safety performance

Data analytics company that measures the impact and effectiveness of marketing 2/22/2017 HootSuite Media Inc. LiftMetrix, Inc. NA campaigns on social media

Shamrock Capital Advisors, LLC Mobile media, advertising, and technology company which acquires, manages, and 2/22/2017 Maple Media, LLC NA (Investment) operates mobile applications

German full-service digital agency that specializes in developing and 2/20/2017 Accenture Holding GmbH & Co. KG SinnerSchrader Aktiengesellschaft $104 implementing digital products, services, and marketing solutions

UK-based provider of cloud computing solutions and consulting services in North 2/16/2017 The Blackstone Group L.P. Cloudreach Europe Limited NA America and Europe

2/16/2017 Cap Gemini S.A. (nka:Capgemini SE) Idean Enterprises Oy NA Provides digital strategy and user experience design services globally

Provides strategy and growth consulting services to organizations in business, 2/16/2017 Huron Consulting Group Inc. Innosight LLC $135 education, and healthcare sectors

Operates a cloud-based data governance collaborative platform to solve data 2/16/2017 Infogix, Inc. Data3Sixty, Inc. NA problems for financial services and other industries

Global provider of digital flight information, aggregating and processing mission- 2/16/2017 Vitruvian Partners LLP OAG Aviation Holdings Limited $215 ciritcal data from thousands of sources for customers worldwide

Engages in the design and development of software applications, games, and the 2/15/2017 Ascendum Solutions LLC Sourcebits, Inc. NA Web

H.I.G. Growth Partners, LLC Provides predictive digital advertising technology and solutions for brands and 2/15/2017 AdTheorent, Inc. NA (Investment) agencies

SCDM Germany GmbH, Structured Finance Data 2/15/2017 Moody's Corporation NA Provides analytical tools for participants in securitization markets and Analytics Business

Provides real estate document recording services, including mortgage 2/14/2017 MetaSource, LLC Orion Financial Group, Inc. NA assignments, lien releases, and document retrieval services

Provides specialty reimbursement solutions for hospitals and health systems in 2/14/2017 Riverside Partners LLC Medical Reimbursements of America, Inc. NA the U.S.

2/14/2017 RWS Holdings plc LUZ, Inc. $83 Provides language translation services for life sciences

54 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

2/13/2017 WILsquare Capital LLC DCM Services, LLC NA Provides data and contact management solutions for the estate recovery market

Aon plc, Benefits Administration and HR Business Comprises a benefits administration platform which provides cloud-based HR 2/10/2017 The Blackstone Group L.P. $4,800 Process Outsourcing Platform management services

VeriSign, Inc., iDefense Security Intelligence Provides cyber intelligence related to vulnerabilities, malicious code, and global 2/9/2017 Accenture plc NA Services Business threats to organizations worldwide

Operates online community to help homeowners and home improvement 2/9/2017 HomeAdvisor, Inc. (nka:ANGI Homeservices Inc.) HomeStars, Inc. $14 companies find renovators, repairmen, and retailers in Canada

Endgame, Inc., U.S. Federal Government Services 2/8/2017 Accenture plc NA Endpoint detection and response (EDR) cybersecurity software company Business

Social data and marketing platform that provides tools for real-time social streams, 2/8/2017 Condé Nast CitizenNet, Inc. NA embedding, searching, and ranking

Ad competitive intelligence specialist that provides brands, agencies, ad tech 2/8/2017 Market Track, LLC Brandtale Inc. NA providers, and publishers with insights to help drive content innovation

Brook Venture Partners; Eagle Private Capital, LLC; Provides consumer and business databases in real estate, insurance, credit 2/7/2017 Cole Information Services, Inc. NA Resolute Capital Partners collections, small business, law enforcement, and home services

Provides strategic advisory services focused on growth to the media, advertising, 2/7/2017 Ascential plc Media Link, LLC $207 entertainment, and technology industries

2/7/2017 Webster Capital PharmaLogics Recruiting, LLC NA Recruitment firm for life sciences companies worldwide

Mountaingate Capital 2/6/2017 Elite SEM NA Performance-driven digital marketing agency (Investment)

2/6/2017 Thomson Reuters Corporation Clarient Global LLC NA Operates a platform to provide KYC and legal entity reference data services

London-based supplier of legal entity data, hierarchies, and identifiers on financial 2/6/2017 Thomson Reuters Corporation Avox Limited NA entities globally

Provides IT services and solutions for the Department of Defense and other civilian 2/6/2017 Salient CRGT, Inc. Information Innovators Inc. NA agencies of the federal government

2/2/2017 GTB Agency, LLC Zubi Advertising Services, Inc. NA Full-service advertising agency that focuses on the Hispanic market in the U.S.

55 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

2/2/2017 GP Strategies Corporation McKinney Rogers International Limited NA Provides corporate strategy and consulting services

Pamlico Capital Provides market intelligence, professional events, and media to global restaurant, 2/2/2017 Winsight, LLC NA (Investment) noncommercial foodservice, and convenience retail industries

1/31/2017 Centerfield Media Holdings, LLC Qology Direct, LLC NA Provides performance-based marketing services, fka Saveology.com

Provides life sciences strategy consulting services for the pharmaceutical and 1/31/2017 CRA International, Inc. C1 Consulting LLC NA biotech industries

Provides investment, wealth, and data management solutions and services for 1/31/2017 Accenture plc InvestTech Systems Consulting, LLC NA global investment managers

1/30/2017 The Wicks Group of Companies, L.L.C. Gladson Interactive, Inc. NA Provides syndicated CPG product images and information

Provides compliance and regulatory services to the asset management and 1/30/2017 CIP Capital Compliance Solutions Strategies NA securities industries

Provider of claims outsourcing and loss adjusting services to insurance companies, 1/30/2017 HGGC, LLC Davies Group Limited $112 brokers, managing general agents, and self-insured entities

Offers real-time market data desktops, customizable web-based portals, and a 1/27/2017 FactSet Research Systems Inc. FactSet Digital Solutions, LLC NA broad range of mobile solutions for wealth management industry

1/27/2017 Symphony Technology Group Fishbowl Inc. NA Provides a SaaS-based marketing analytics platform for the restaurant industry

Provides communications, engineering, and IT solutions for Intelligence, defense, 1/27/2017 Veritas Capital Fund Management, LLC Peraton Corporation $690 and federal civilian customers

Operates branded websites for airline and financial services partners that allow 1/27/2017 Ebates, Inc. Cartera Commerce Inc. NA users to earn rewards by shopping on online stores

MuniServices And Broussard Partners & Associates, Provides services related to revenue enhancement, technology, and consulting for 1/26/2017 Millstein & Co. LLC $92 Inc. And PRA Government Services And RamWare municipal and other government clients in the U.S.

Develops web-based applications for market researchers to analyze and present 1/26/2017 Reimagine Holdings Group MarketSight LLC NA data

German-based provider of consulting and implementation services focused on 1/25/2017 Accenture plc solid-serVision.com GmbH NA ServiceNow

56 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides surveys and market research on 500+ apartment markets and submarkets, 1/24/2017 MPF Research Inc. Axiometrics Inc. $79 along with 680 colleges and universities nationwide

Netherlands-based provider of identity management solutions for safe 1/24/2017 Solera Holdings Inc. Digidentity B.V. NA communication between individuals, organizations, and the government

Nielsen Holdings plc, Certain Custom Research Public opinion research firm that focuses on brand management, corporate 1/23/2017 The Stagwell Group; Stagwell Media LLC NA Assets reputation, CPG, public opinion, and consumer experience

Develops a mobile and cross-channel programmatic advertising platform that 1/23/2017 Viant Technology Inc. Adelphic, Inc. NA connects brands with audiences

Provides an innovative approach to modeling casualty catastrophic risk for 1/23/2017 AIR Worldwide Corporation Arium Limited NA organizations and their supply chain

AC Nielsen Company Of Canada, Ad Intelligence Provides actionable data to assist clients with campaign optimization, competitive 1/20/2017 Market Track, LLC NA Service intelligence, and cross-media strategy in Canada

Nielsen Holdings plc, U.S. Market Information and Includes U.S.-based BookScan, PubTrack Digital, PubTrack Higher Education, 1/20/2017 The NPD Group, Inc. NA Research Services for Book Industry Unit PubTrack Christian, PubEasy, and PubNet

Sageview Capital LP Leading provider of alternative dispute resolution (ADR) services through its panel 1/20/2017 National Arbitration And Mediation Inc. NA (Investment) of arbitrators and mediators

1/19/2017 Accenture plc Seabury Consulting LLC NA Provides corporate advisory and consulting services to the aviation industry

IDG Capital Partners; China Oceanwide Holdings 1/19/2017 International Data Group, Inc. NA Provides technology media, data, and marketing services to customers worldwide Group Co.,Ltd

IT services company and leading provider of new and pre-owned network 1/18/2017 SMS Systems Maintenance Services, Inc. Curvature LLC NA hardware and IT infrastructure services

Provides digital and mobile advertising solutions that leverage payment networks 1/18/2017 Augeo Affinity Marketing Inc. Legacy Interactive, Inc. NA to connect brands with consumers

BV Investment Partners 1/18/2017 C-4 Analytics, LLC NA Provides tech-enabled digital marketing services (Investment)

Provides IT consulting services including accounting and ERP solutions and CRM 1/17/2017 Proviso Capital LLC Cache Inc. NA and HR software

Provides leadership development solutions, including tools, research, coaching, 1/17/2017 Automatic Data Processing, Inc. The Marcus Buckingham Company, Inc NA and training programs

57 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Bain Capital Private Equity, LP; Yonghui 1/17/2017 Daymon Worldwide, Inc. $413 Provides branding, merchandising, and marketing services for retailers Superstores Co., Ltd.

Carrick Capital Partners, LLC Operates as a Web design, development, and operations company with a focus on 1/13/2017 Perfect Sense Digital, LLC NA (Investment) delivering digital experiences for its clients' customers

Evidence-based guideline company that provides healthcare data and guidelines 1/12/2017 MCG Health, LLC Work-Loss Data Institute LLC NA to the workers’ compensation industry

Canada Pension Plan Investment Board 1/11/2017 GlobalLogic Inc. $1,500 Provides full-lifecycle software development services to customers worldwide (48% Stake)

1/10/2017 Digital Window Ltd. ShareASale.com, Inc. $45 Performance marketing network serving online merchants

Monitors and analyzes business information for companies worldwide, fka 1/10/2017 The Dun & Bradstreet Corporation Avention, Inc. $150 OneSource Information Services

1/9/2017 Accenture plc Altitude Inc. NA Offers product design, consulting, and innovation services

Provides a Web-based digital signage platform for managing distribution of 1/9/2017 Stratacache, Inc. Real Digital Media, LLC NA targeted messages and branded experiences across networked displays

UK-based provider of consultancy services to clients in pharmaceutical, biotech, 1/9/2017 Huron Consulting Group Inc. Pope Woodhead & Associates Ltd NA and medtech sectors

Data-driven, omni-channel marketing services company that develops and delivers 1/6/2017 Deluxe Corporation First Manhattan Consulting Group LLC $200 direct marketing campaigns

Provides best practice and talent management insights in the U.S., Europe, and 1/5/2017 Gartner, Inc. CEB Inc. $3,300 internationally

Provides sales, marketing, analytical, and retail support services to manufacturers 1/5/2017 Impact Group Harlow-HRK Sales & Marketing, Inc. NA in the grocery industry

The Carlyle Group L.P.; Carlyle US Equity Provides marketers with a comprehensive view into consumer behavior patterns 1/5/2017 Claritas, LLC NA Opportunity Fund II, L.P; The Indian Hill Group through proprietary segmentation analysis

1/4/2017 Perficient, Inc. R.A.S. Associates, Inc. $13 Operates as a strategy and management consulting company

UK-based producer and provider of automotive technical information for the 1/4/2017 Solera Holdings Inc. Autodata Publishing Group Limited $418 automotive aftermarket worldwide

58 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides subscription-based, proprietary U.S. national site selection data and 1/4/2017 Financial Times Group Ltd. GIS Planning, Inc. NA intelligence for economic developers

Provides big data infrastructure, secure cloud engineering, and analytic solutions 1/3/2017 Macaulay-Brown, Inc. Enlighten IT Consulting Inc. NA for federal, state, and local clients

Provides integrated marketing solutions including digital, social, and direct mail 1/3/2017 Platinum Equity, LLC Cox Target Media, Inc. (nka:SKUlocal) NA for agencies, retailers, brands, and shopper marketers

59 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18. GCA OVERVIEW Deep Business & Tech-Enabled Services Sector Expertise

Acquired by Acquired by Investment in Refinancing of Acquired by Syndicated Loan Facility Acquired by Acquired by Acquired by Management and Acquired by A portfolio company of

We Advised the Seller We Advised the Buyer Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

and the managers / A portfolio company of shareholders A portfolio company of Sold Received Minority Convertible Note Acquired Acquired by Sold a majority stake in Acquired by Investment from Offering Acquired by Acquired by to to

We Advised the Seller We Advised the Sellers We Advised AXIO We Advised the Seller We Advised the Buyer Financial Advisor We Advised the Seller We Advised the Sellers Financial Advisor

IT Services Business Equity Investment Acquired by Acquired Acquired Preferred Stock Acquired Acquired by Acquired by Acquired by

Consortium Led by

Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Buyer Financial Advisor We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Buyer

Hotel, Rental & Acquired Event Production Division Acquired by Acquired by Acquired by Acquired by Acquired Acquired Acquired by Acquired by

We Advised the Buyer We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer

Notes: 60 The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.