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January 2013 M&A & Investment Summary

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January 2013 M&A & Investment Summary Expertise. Commitment. Results. TABLE OF CONTENTS Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 9 Additional Monthly M&A and Investment Activity Data 39 About Petsky Prunier 52 M&A & INVESTMENT SUMMARY JANUARY 2013 2 M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTS Transaction Distribution • A to ta l of 412 dldeals were announced in January 2013, of which 222 reported $8.5 billion in value • Digital Media/Commerce was the most active segment with 70 transactions, of which 48 reported $435 million in value • Information & Business Services was the highest value segment with 64 transactions, of which 22 reported $3.4 billion in value • Strategic buyers announced 182 deals (44% of total volume), of which 35 reported $2.2 billion in value • VC/Growth Capital investors announced 201 deals, of which 169 reported $4.0 billion in value • Buyout investors announced 26 deals, of which 10 reported $3.7 billion in value JANUARY 2013 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 70 17% 435.2 5% 28 102.3 1 - 41 332.9 Marketing Technology 67 16% 119971,199.7 14% 25 39. 1 4 807.9 38 352.7 Information & Business Services 64 16% 3,448.6 41% 35 431.5 8 2,640.0 21 377.0 Software 64 16% 955.1 11% 21 336.1 5 115.1 38 504.0 Traditional Media 49 12% 1,248.3 15% 27 502.1 2 42.2 17 882.3 Technology 31 8% 435.1 5% 7 156.0 2 - 22 279.1 Digital Advertising 24 6% 215.9 3% 8 10.0 2 45.0 14 160.9 Agency/Consulting 16 4% 040.4 0% 14 040.4 1 - 1 - Communications 16 4% 549.0 6% 8 530.0 0 - 8 19.0 Marketing Services 11 3% 6.5 0% 9 6.5 1 - 1 - Total 412 100% 8,493.8 100% 182 2,114.1 26 3,650.1 201 2,907.8 M&A & INVESTMENT SUMMARY JANUARY 2013 3 M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTS Transaction Distribution • On a month-over-month basi s, reported transacti on volume increase d 63 percent • Versus a year ago, reported deal volume and value increased 21 percent and 81 percent, from January 2012 • The largest transaction was CVC Capital Partners’ $1.5 billion buyout of Italy-based Cerved Group, a credit data and business intelligence company. The next-largest transactions included: › TPG Capital’ s buyout of Eze Castle Integration, which provides technology consulting solutions to investment management firms, which was valued between $900 million and $1 billion › Tiger Global Management’s $800 million acquisition of a 55 percent stake in SurveyMonkey, at an enterprise value of $1.4 billion, which provides an online survey tool that enables its users to create professional online surveys M&A and Investment Volume For All Segments - Last 13 Months ($BN) All transactions; Value based on reported values only 25.0 $22.4 Deals valued over $1BN $19.1 20.0 $15.3 $15.9 15.0 7 $11.7 $12.8 $9. 6 5 $9. 8 $9. 8 2 5 $9.5 $8.5 10.0 3 3 $7.1 $4.7 2 2 3 2 1 5.0 2 340 332 377 381 377 376 402 401 342 305390 252 411 - Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Deals valued over $1BN M&A & INVESTMENT SUMMARY JANUARY 2013 4 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED ($ in Millions) Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Magaseek eCommerce NTT Docomo, Inc. $12.0 $105.6 $2.4 0.1x 5.0x Marketing Technology SurveyMonkey, Inc . Market Researc h Software Tiger Global Management, LLC 1,350.0 113.0 61.0 11.9x 22.1x ANGOSS Software Corporation Analytics & Reporting Peterson Partners LP 7.9 6.7 (0.6) 1.2x NM Communications Telanetix Communic ations Software The Flexitallic Group 55.0 31.2 3.9 1.8x 14.1x Software Epocrates, Inc. Healthcare Software athenahealth, Inc. 213.1 110.1 (2.5) 1.9x NM BioClinic a, Inc . Healthc are Software JLL Partners 104.5 75.2 10.5 1.4x 10.0x Information & Business Services Cerved Group Spa Credit/Risk Management Information CVC Capital Partners Ltd. 1,490.0 385.0 - 3.9x NA Practical Law Company Legal Information Thomson Reuters 405.0 54.3 - 7.5x NA Globant IT Consulting/Systems Integration WPP Group 350.0 56.9 - 6.2x NA Work Service Group Staffing PineBridge Investments LLC 173.0 228.3 12.6 0.8x 13.7x M&A & INVESTMENT SUMMARY JANUARY 2013 5 SECURITIES IN REGISTRATION ($ in Millions) Aggregate LTM Date Company Name Segment Offering Value Rev EBITDA Jan-13 Channel Nine Entertainment Limited Traditional Media $2.2 NA NA Jan-13 Xoom Corporation Technology 50.0 73.4 (3.3) Jun-12 goldenTech SA Software 5.2 NA NA Jun-12 Shanghai Amarsoft Information Technology Co. Ltd Software NA NA NA Apr-12 BlackStratus, Inc. Software 20.0 9.2 (0.6) Apr-12 NSFOCUS Information Technology Co., Ltd. Communications NA NA NA Apr-12 Shenzhen Tinno Mobile Technology Corp. Communications 451.0 NA NA Mar-12 Exponential Interactive, Inc. Digital Advertising 75.0 169.1 22.0 Mar-12 Professional Diversity Network LLC Digital Media/Commerce 17.5 5.7 2.9 Mar-12 Reval Holdings, Inc. Software 75.0 47.0 (12.1) M&A & INVESTMENT SUMMARY JANUARY 2013 6 LTM IPO PERFORMANCE Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jan 31, 2013 1st Trading Day Nov-12 3666 Tecnos Japan Incorporated Japan $16.77-$18.72 $18.72 27.66, up 48% $36.74 32.8% Nov-12 YY YY, Inc. China 10.50-12.50 10.50 11.31, up 8% 13.83 22.3% Oct-12 RKUS Ruckus Wireless, Inc. United States 13.00-15.00 15.00 12.25, down 18% 23.56 92.3% Oct-12 FLTX Fleetmatics Group Limited United States 15.00-17.00 27.00 22.30, up 31% 25.07 12.4% Oct-12 RLGY Realogy Holdings Corp. United States 23.00-27.00 27.00 34.20, up 27% 44.77 30.9% Oct-12 SSTK Shutterstock, Inc. United States 13.00-15.00 17.00 21.66, up 27% 25.23 16.5% Oct-12 WDAY Workday, Inc. United States 24.00-26.00 28.00 48.69, 74% 53.42 9.1% Sep-12 TRLA Trulia, Inc. United States 14.00-16.00 17.00 24.00, up 41.8% 26.29 9.5% Aug-12 ELOQ Eloqua, Inc. United States 10.00-11.50 11.50 12.89, up 12% 23.49 82.2% Aug-12 PFMT Performant Financial Corporation United States 12.00-14.00 9.00 10.60, down 18% 12.70 19.8% Jul-12 EOPN E2open, Inc. United States 15.00-17.00 15.00 13.50, down 10% 17.85 32.2% Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 40.37 21.7% Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 55.36 4.2% Jun-12 NOW ServiceNow United States 15.00-17.00 18.00 24.77, up 38% 27.72 11.9% Jun-12 DB:VWA Vange Software Group AG Switzerland 33.05-39.41 33.05 32.69, down 1% 13.03 (60.1%) May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 12.22 (36.0%) May-12 FB Facebook United States 36.00-38.00 38.00 38.23, flat 30.98 (19.0%) May-12 WAGE W ageWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 19.96 58.4% Apr-12 A149940 Modacom Co., Ltd. South Korea 6.24-7.58 6.24 6.76, up 8% 6.29 (7.0%) Apr-12 300353 Kyland Technology Co., Ltd. China No Range 3.29 3.49, up 6% 4.56 30.8% Apr-12 AQ Acquity Group Hong Kong 6.00-8.00 6.00 5.77, down 4% 6.92 19.9% Apr-12 GWAY Greenway Medical Technologies United States 11.00-13.00 10.00 13.29, up 33% 14.90 12.1% Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 18.85 (11.5%) Apr-12 PFPT Proofpoint, Inc. United States 10.00-12.00 13.00 14.10, up 8% 13.15 (6.7%) Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 32.96 (7.1%) Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 6.07 (68.1%) Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 31.79 30.7% Mar-12 ENVI Envivio, Inc. United States 10.00-12.00 9.00 8.49, down 5.7% 1.65 (80.6%) Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 21.99 (12.4%) Mar-12 MM Millennial Media, Inc.
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