January 2019 M&A and Investment Summary Table of Contents
1 Overview of Monthly M&A and Investment Activity 3
2 Monthly M&A and Investment Activity by Industry Segment 9
3 Additional Monthly M&A and Investment Activity Data 41
4 About Petsky Prunier 58
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2 | M&A and Investment Summary January 2019 M&A and Investment Summary for All Segments
Transaction Distribution ▪ A total of 745 deals were announced in January 2019 of which 293 were worth $24.8 billion in aggregate reported value ▪ Software accounted for 37 percent of transactions with 279 deals announced— 148 of which reported $11.4 billion in value ▪ Software was also the most valuable segment, followed by Digital Media/Commerce, with 105 transactions announced – 56 of which valued at $5.5 billion ▪ Strategic buyers announced 404 deals (36 reported $9.5 billion in value) ▪ VC/Growth Capital investors announced 323 transactions (253 reported $13.5 billion in value) ▪ Private Equity buyers announced 18 deals during the month (four reported $1.7 billion in value)
January 2019 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 279 37% $11,354.6 46% 102 $2,637.9 5 $1,104.5 172 $7,612.2 Business Services 130 17% $3,501.2 14% 100 $2,980.2 6 - 24 $521.0 Marketing Technology 107 14% $1,909.6 8% 60 $652.1 2 $600.0 45 $657.5 Digital Media/Commerce 105 14% $5,540.2 22% 40 $2,423.3 2 - 63 $3,116.9 Agency & Marketing Services 61 8% $26.1 0% 58 $22.6 1 - 2 $3.5 Traditional Media 32 4% $864.3 3% 28 $785.5 0 - 4 $78.8 Digital Advertising 18 2% $223.0 1% 10 $33.0 1 $27.5 7 $162.5 Information 13 2% $1,383.0 6% 6 - 1 - 6 $1,383.0 Total 745 100% 24,802.0 100% 404 9,534.6 18 1,732.0 323 13,535.4
*Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total for January does not include Fiserv’s pending $22 billion acquisition of First Data Corporation
3 | M&A and Investment Summary January 2019 M&A and Investment Summary for All Segments
Transaction Distribution ▪ M&A total deal activity was up more than 20 percent compared with January of last year ▪ Significant transactions reported during the month included: • The $2.0 billion acquisition of Switzerland-based global software developing company Luxoft by DXC Technologies • Koch Equity Development and Golden Gate Capital’s $1.5 billion investment in enterprise cloud software provider Infor • The majority investment Vista Equity Partners made in business application platform Quick Base for a reported $1 billion • Bridgestone’s acquisition of the fleet management unit of TomTom for $1 billion • The $500 million acquisition of Switzerland-based sales analytics software BOARD International by Nordic Capital
$120.0 554 $110.0 $100.0 $90.0 $80.0 $71.4 $70.0 $62.6 $57.9 $60.0 CA Red Hat $50.0 Flipkart $46.3 Technologies / Walmart / Broadcom $42.7 / IBM $42.4 $44.7 Github $40.0 $36.8 $35.5 $37.2 $35.7 BMC Software Sedgwick Qualtrics CSRA / Gen. $28.6 First Data/ /KKR Tribune $30.0 Dynamics Fiserv MuleSoft $20.0 $10.0 583 654 659 668 685 713 726 671 869 669 546 745 $- 615 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include General Dynamics’ $9.6 billion acquisition of CSRA, Salesforce’s $6.5 billion acquisition of MuleSoft, Walmart’s $16 billion majority investment in Flipkart, KKR’s $8.6 billion acquisition of BMC Software, Microsoft’s $7.5 billion TEV acquisition of GitHub, Broadcom’s $18.4 billion acquisition of CA Technologies, Carlyle Group’s $6.7 billion acquisition of Sedgwick Management Services, IBM’s pending $34 billion acquisition of Red Hat, SAP’s $8 billion acquisition of Qualtrics, Nexstar’s pending $6.4 billion acquisition of Tribune Media, and Fiserv’s pending $22 billion acquisition of First Data Corporation.
4 | M&A and Investment Summary January 2019 Selected Transactions with Valuation Information Disclosed ($ in Millions)
Selected Transactions With Multiples Information
Target Subsegment Buyer/Investor Ent. Value TTM Rev TTM EBITDA EV/REV EV/EBITDA
Business Services Luxoft Holding, Inc. IT Consulting/Systems Integration DXC Technology Company $2,000.0 $910.8 $100.5 2.2x 19.9x OSMO Corporate Training BYJU 120.0 30.0 - 4.0x NA Black Box Corporation IT Consulting/Systems Integration AGC Networks, Inc. 17.2 770.0 (9.5) 0.0x NM
Digital Media/Commerce Avito.ru Classifieds/Auctions/P-to-P Naspers Ltd. 4,000.0 286.5 127.6 14.0x 31.3x MilAnuncios.com Classifieds/Auctions/P-to-P Schibsted ASA 1,139.0 182.8 52.6 6.2x 21.7x
Marketing Technology BOARD International BI Tools Nordic Capital Limited 500.0 70.0 - 7.1x NA TrendKite, Inc. Media Management System Cision Ltd. 225.0 25.4 - 8.9x NA SLI Systems, Inc. Search Marketing ESW Capital LLC 27.5 22.9 3.0 1.2x 9.2x
Software YourCause LLC HR Software Blackbaud, Inc. 157.0 12.0 - 13.1x NA Sage Payroll Solutions HR Software iSolved HCM 100.0 49.6 - 2.0x NA Axxerion B.V. Financial Software MCS Solutions 90.0 14.6 - 6.2x NA Gridsmart Geo-Demo Software Cubic Corporation 87.0 25.0 - 3.5x NA
5 | M&A and Investment Summary January 2019 Securities in Registration ($ in Millions)
Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Dec-18 Futu Holdings LTD China Software 300.0 NA NA Oct-18 Caliburn International Corp United States Business Services 100.0 NA NA Sep-18 Valtech SE United Kingdom Agency & Marketing Services 100.0 298.0 21.0 Jul-18 Pintec Technology Holdings Limited China Software 70.0 784.5 10.3 May-18 Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1 Apr-18 HeadHunter Group PLC Russia Software 250.0 75.7 31.6
6 | M&A and Investment Summary January 2019 LTM IPO Performance
Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Jan 31, 2019 1st Trading Day Dec-18 QFIN Software 360 Finance, Inc. China $16.50-$18.50 16.50 $16.49, down 0.1% 12.70 (23.0%) Dec-18 TME Digital Media/Commerce Tencent Music Entertainment Group China 13.00-15.00 13.00 $14.19, up 9.2% 14.95 5.4% Dec-18 MOGU Digital Media/Commerce MOGU Inc. China 14.00-16.00 12.00 $14.00, up 16.7% 16.48 17.7%
Nov-18 WEI Software Weidai Ltd. China 9.00-$11.00 10.50 $10.25, down 2.4% 9.75 (4.9%)
Oct-18 STNE Software StoneCo Ltd. Brazil 21.00-23.00 24.00 $31.35, up 30.6% 22.12 (29.4%) Oct-18 SWI Software SolarWinds Corporation United States 15.00-16.00 15.00 15.03, up 0.0% 17.55 16.8%
Oct-18 PLAN Software Anaplan, Inc. United States 13.00-15.00 17.00 24.30, up 42.9% 31.39 29.2%
Oct-18 ESTC Marketing Technology Elastic N.V. United States 33.00-35.00 36.00 70.00, up 94.4% 85.00 21.4%
Oct-18 UPWK Digital Media/Commerce Upwork Inc. United States 12.00-14.00 15.00 21.18, up 41.2% 19.31 (8.8%)
Sep-18 CTK Digital Media/Commerce CooTek (Cayman) Inc. China 12.00-14.00 12.00 9.44, down 21.3% 11.67 23.6%
Sep-18 EB Marketing Technology Eventbrite, Inc. United States 19.00-21.00 23.00 36.5, up 58.7% 30.01 (17.8%)
Sep-18 FTCH Digital Media/Commerce Farfetch Limited United Kingdom 17.00-19.00 20.00 28.45, up 42.3% 20.15 (29.2%)
Sep-18 NYSE: LAIX Digital Media/Commerce LAIX Inc. China 11.50-13.50 12.50 12.65, up 1.2% 12.50 (1.2%)
Sep-18 Qtt Digital Media/Commerce Qutoutiao Inc. China 7.00-9.00 7.00 15.97, up 128.1% 10.92 (31.6%)
Sep-18 SVMK Marketing Technology SVMK Inc. United States 9.00-11.00 12.00 17.24, up 43.7% 13.01 (24.5%)
Jul-18 JG Software Aurora Mobile Limited China 8.50-10.50 8.50 $8.80, up 3.5% 7.80 (11.4%)
Jul-18 CANG Digital Media/Commerce Cango Inc. China 10.00-12.00 11.00 12.52, up 13.8% 7.10 (43.3%)
Jul-18 DAVA Business Services Endava plc United Kingdom 17.00-19.00 20.00 25.2, up 26.0% 23.50 (6.7%)
Jul-18 OPRA Digital Media/Commerce Opera Limited Norway 10.00-12.00 12.00 13.11, up 9.3% 8.22 (37.3%)
Jul-18 PDD Digital Media/Commerce Pinduoduo Inc. China 16.00-19.00 19.00 26.70, up 40.5% 29.21 9.4%
Jul-18 TENB Software Tenable Holdings, Inc. United States 20.00-22.00 23.00 30.25, up 31.5% 27.68 (8.5%)
Jun-18 NYSE:AVLR Software Avalara, Inc. United States 21.00-23.00 24.00 44.94, up 87.3% 39.87 (11.3%)
Jun-18 NasdaqGM:DOMO Software Domo, Inc. United States 19.00-22.00 21.00 27.30, up 30.0% 27.00 (1.1%)
Jun-18 NasdaqGM:EVER Digital Advertising EverQuote, Inc. United States 15.00-17.00 18.00 18.02, up 0.1% 5.60 (68.9%)
Jun-18 NasdaqGS:IIIV Software i3 Verticals, Inc. United States 11.00-13.00 13.00 18.35, up 41.2% 24.73 34.8%
Jun-18 NasdaqGS:UXIN Digital Media/Commerce Uxin Limited China 10.50-12.50 9.00 9.67, up 7.4% 3.41 (64.7%)
May-18 NasdaqGS:GSKY Software GreenSky, Inc. United States 21.00-23.00 23.00 25.36, up 10.3% 11.00 (56.6%)
May-18 NasdaqGM:EVOP Software EVO Payments, Inc. United States 14.00-16.00 16.00 19.02, up 18.9% 25.15 32.2%
May-18 NYSE:HUYA Digital Media/Commerce HUYA Inc. China 10.00-12.00 12.00 16.06, up 33.8% 20.98 30.6%
May-18 NasdaqGS:PS Software Pluralsight, Inc. United States 12.00-14.00 15.00 20.00, up 33.3% 29.98 49.9% May-18 NasdaqGS:CBLK Software Carbon Black, Inc. United States 15.00-17.00 19.00 23.94, up 26.0% 15.49 (35.3%)
Apr-18 NYSE:CDAY Software Ceridian HCM Holding Inc. United States 19.00-21.00 22.00 28.90, up 31.4% 41.21 42.6%
7 | M&A and Investment Summary January 2019 LTM IPO Performance
Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Jan 31, 2019 1st Trading Day
Apr-18 NasdaqGS:DOCU Software DocuSign, Inc. United States 26.00-28.00 29.00 39.73, up 37.0% 49.45 24.5%
Apr-18 NYSE:PVTL Software Pivotal Software, Inc. United States 14.00-16.00 15.00 15.73, up 4.9% 18.49 17.5%
Apr-18 NYSE:SMAR Software Smartsheet Inc. United States 12.00-14.00 15.00 19.55, up 30.3% 31.38 60.5%
Apr-18 NYSE:ZUO Marketing Technology Zuora, Inc. United States 11.00-13.00 14.00 20.00, up 42.8% 21.64 8.2%
Mar-18 NasdaqGS:BILI Digital Media/Commerce Bilibili Inc. China 10.50-12.50 11.50 11.24, down 2.2% 18.41 63.8%
Mar-18 NasdaqGS:DBX Software Dropbox, Inc. United States 18.00-20.00 21.00 28.48, up 35.6% 24.71 (13.2%)
Mar-18 NasdaqGS:IQ Digital Media/Commerce iQIYI, Inc. China 17.00-19.00 18.00 15.55, down 13.6% 20.12 29.4%
Mar-18 NasdaqGS:ZS Software Zscaler, Inc. United States 13.00-15.00 16.00 33.00, up 106.3% 48.37 46.6%
Feb-18 NasdaqGM:CDLX Software Cardlytics, Inc. United States 13.00-15.00 13.00 13.37, up 2.8% 17.49 30.8%
8 | M&A and Investment Summary January 2019 Digital Media/Commerce
▪ Of the 105 transactions recorded in the Digital Media/Commerce segment in January, 56 announced $5.5 billion in reported value ▪ E-commerce was the most active subsegment across all subsegments with 48 transactions announced, of which 31 were reported for $2.9 billion, including: • L’Occitane International’s $900 million acquisition of skincare brand Elemis • The $400 million round of funding online home trade-in platform Knock raised from Foundry Group, RRE Ventures, Corazon Capital, WTI, and FJ Labs • The acquisition of Singapore-based fitness class booking platform Guavapass by Classpass ▪ Select Digital Media/Commerce transactions include: • Naspers’ acquisition of Russia-based classifieds company Avito, valuing the company at $4 billion • Google’s $60 million acquisition of question-and-answer mobile app Superpod • The acquisitions of gaming companies Agog Labs and 3 Lateral by Epic Games
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM e-commerce 48 46% $2,880.2 52% 13 $1,109.4 2 - 33 $1,770.8 Digital Marketplace 21 20% 1,885.5 34% 6 1,313.9 0 - 15 571.6 Mobile Content/Apps 15 14% 376.7 7% 4 - 0 - 11 376.7 Niche Content 13 12% 7.8 0% 11 - 0 - 2 7.8 Gaming 8 8% 390.0 7% 6 - 0 - 2 390.0 Total 105 100% 5,540.2 100% 40 2,423.3 2 0.0 63 3,116.9
9 | M&A and Investment Summary January 2019 Digital Media Public Company Valuation (1/2)
($ in Millions, except stock price data) US-Based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alphabet Inc. $1,125.89 -13% $ 779,689.9 $ 677,259.9 $ 129,866.0 $ 39,334.0 30.3% 24.2% 5.2x 17.2x Apple Inc. 166.44 -29% 784,811.2 813,114.2 261,612.0 79,523.0 30.4% 9.4% 3.1x 10.2x Facebook, Inc. 166.69 -24% 475,731.6 435,117.6 55,838.0 29,228.0 52.3% 37.4% 7.8x 14.9x Fitbit, Inc. 6.17 -21% 1,533.4 910.1 1,511.5 (127.9) NM -6.6% 0.6x NM Glu Mobile Inc. 9.74 -1% 1,395.2 1,310.9 351.1 (27.8) NM 38.8% 3.7x NM GoPro, Inc. 4.93 -35% 693.1 681.5 1,105.8 (115.4) NM -20.2% 0.6x NM IAC/InterActiveCorp 211.28 -5% 17,644.8 18,560.7 4,109.4 714.0 17.4% 29.7% 4.5x 26.0x j2 Global, Inc. 75.16 -18% 3,704.5 4,411.6 1,177.6 426.8 36.2% 11.8% 3.7x 10.3x Leaf Group Ltd. 7.68 -36% 180.5 147.7 149.3 (13.6) NM 21.1% 1.0x NM The Meet Group, Inc. 5.78 -4% 427.4 445.9 166.3 22.3 13.4% 47.3% 2.7x 20.0x Netflix, Inc. 339.50 -20% 148,225.2 154,790.8 15,794.3 1,688.4 10.7% 35.1% 9.8x 91.7x Pandora Media, Inc. 8.38 -17% 2,274.3 2,655.2 1,517.0 (252.5) NM 3.6% 1.8x NM RealNetworks, Inc. 2.64 -32% 99.4 60.3 71.8 (18.1) NM 37.3% 0.8x NM Remark Holdings, Inc. 2.00 -81% 78.1 105.0 75.4 (30.4) NM 12.6% 1.4x NM Roku, Inc. 44.95 -42% 4,906.9 4,727.2 655.0 (2.7) NM 38.8% 7.2x NM Snap Inc. 6.68 -69% 8,650.1 7,235.7 1,076.3 (1,273.8) NM 52.7% 6.7x NM TheStreet, Inc. 2.13 -15% 106.9 66.1 60.8 1.5 2.4% 7.3% 1.1x 44.4x Twitter, Inc. 33.56 -30% 25,463.65 22,214.94 2,865.08 674.01 23.5% 18.0% 7.8x 33.0x Upwork Inc. 19.31 -18% 2,052.6 2,241.0 240.8 (9.4) NM 0.0% 9.3x NM Zynga Inc. 4.48 -2% 4,147.0 3,726.7 891.8 69.2 7.8% 8.9% 4.2x 53.9x
Average 4.1x 29.4x
*Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)
10 | M&A and Investment Summary January 2019 Digital Media Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China $172.63 -39% $ 60,172.0 $ 54,044.8 $ 14,418.2 $ 4,949.1 34.3% 22.8% 3.7x 10.9x Bilibili Inc. * China 18.41 -19% 5,126.9 4,639.9 539.7 (23.9) NM 89.9% 8.6x NM CyberAgent, Inc. Japan 32.16 -49% 4,049.5 3,820.6 3,941.6 329.2 8.4% 13.0% 1.0x 11.6x DeNA Co., Ltd. Japan 17.64 -20% 2,563.9 1,658.8 1,183.3 332.8 28.1% -4.5% 1.4x 5.0x G5 Entertainment AB (publ) Sweden 14.14 -79% 127.0 116.2 164.9 16.9 10.2% 52.2% 0.7x 6.9x Gree, Inc. Japan 4.53 -35% 1,067.7 290.9 656.2 84.2 12.8% 3.3% 0.4x 3.5x HolidayCheck Group AG Germany 3.36 -26% 191.1 157.5 163.1 7.4 4.5% 17.7% 1.0x 21.4x HUYA Inc. * China 20.98 -59% 4,275.7 3,420.6 567.7 3.7 0.7% 118.7% 6.0x NM International Game Technology PLC United Kingdom 16.36 -47% 3,340.7 10,910.7 4,910.8 1,496.9 30.5% -0.1% 2.2x 7.3x iQIYI, Inc. China 20.12 -56% 14,560.2 13,375.4 3,316.3 1,111.2 33.5% 44.9% 4.0x 12.0x mixi, Inc. Japan 25.29 -44% 1,978.7 619.7 1,470.5 573.7 39.0% -21.9% 0.4x 1.1x Meitu, Inc. * China 0.34 -76% 1,428.1 863.2 664.7 (59.0) NM 38.7% 1.3x NM Ncsoft Corporation South Korea 421.08 -9% 8,948.1 7,780.4 1,665.5 587.9 35.3% 22.4% 4.7x 13.2x NAVER Corporation South Korea 122.23 -27% 17,868.5 18,498.9 4,807.4 1,111.6 23.1% 18.6% 3.8x 16.6x NetEase, Inc. China 251.93 -23% 33,085.6 29,311.0 9,014.5 1,274.8 14.1% 20.0% 3.3x 23.0x NEXON Co., Ltd. Japan 15.27 -17% 13,655.1 9,549.3 2,293.8 1,099.2 47.9% 15.4% 4.2x 8.7x Opera Limited Norway 8.22 -47% 904.7 692.1 162.8 43.6 26.8% 0.0% 4.3x 15.9x Pacific Online Limited China 0.16 -9% 178.8 127.9 147.6 19.3 13.1% 3.0% 0.9x 6.6x Phoenix New Media Limited * China 3.97 -41% 288.6 165.8 209.3 (8.7) NM -5.8% 0.8x NM Renren Inc. * China 1.70 -84% 117.3 225.2 436.7 (111.4) NM 435.9% 0.5x NM Sea Limited * Singapore 14.01 -18% 4,693.8 4,604.0 668.3 (809.1) NM 76.8% 6.9x NM Sogou Inc. China 6.40 -59% 2,475.8 1,399.3 1,124.2 94.3 8.4% 23.8% 1.2x 14.8x Spotify Technology S.A. * Luxembourg 135.45 -32% 24,536.0 22,588.7 5,708.1 (227.7) NM 0.0% 4.0x NM Tencent Music Entertainment Group * China 14.95 -8% 24,450.0 22,778.0 2,500.3 530.8 21.2% 99.4% 9.1x 42.9x Weibo Corporation China 60.66 -57% 13,509.3 12,795.8 1,614.1 598.4 37.1% 63.8% 7.9x 21.4x Wemade Entertainment Co.,Ltd. * South Korea 34.20 -38% 567.8 473.9 111.5 12.5 11.2% 20.5% 4.2x 38.0x Yandex N.V. Netherlands 33.58 -25% 10,893.3 10,228.1 1,781.9 434.3 24.4% 32.1% 5.7x 23.6x YY Inc. China 69.43 -51% 4,407.3 2,711.1 2,147.2 430.6 20.1% 41.1% 1.3x 6.3x
Average 3.0x 14.2x
11 | M&A and Investment Summary January 2019 E-commerce Public Company Valuation (1/2)
($ in Millions, except stock price data) US-based e-commerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-FLOWERS.COM, Inc. $15.95 -4% $ 1,023.6 $ 864.4 $ 1,209.3 $ 80.7 6.7% 4.5% 0.7x 10.7x Alphabet Inc. 1,125.89 -13% 779,689.9 677,259.9 129,866.0 39,334.0 30.3% 24.2% 5.2x 17.2x Amazon.com, Inc. 1,718.73 -16% 843,896.4 826,141.4 232,887.0 27,762.0 11.9% 30.9% 3.5x 29.8x Apple Inc. 166.44 -29% 784,811.2 813,114.2 261,612.0 79,523.0 30.4% 9.4% 3.1x 10.2x Blucora, Inc. 29.51 -29% 1,415.6 1,609.8 557.0 105.4 18.9% 11.7% 2.9x 15.3x Blue Apron Holdings, Inc. 1.40 -67% 271.2 329.9 667.6 (77.7) NM -24.2% 0.5x NM Booking Holdings Inc. 1,832.81 -18% 84,913.3 86,491.5 14,117.5 5,627.5 39.9% 15.5% 6.1x 15.4x CarGurus, Inc. 42.77 -25% 4,708.0 4,560.4 418.7 13.9 3.3% 45.9% 10.9x NM Carvana Co. 37.15 -49% 1,481.5 2,059.8 1,635.7 (172.1) NM 133.5% 1.3x NM CDW Corporation 83.27 -14% 12,489.2 15,861.1 16,276.4 1,229.3 7.6% 11.7% 1.0x 12.9x Chegg, Inc. 35.22 -1% 4,046.7 3,866.9 298.9 13.2 4.4% 22.2% 12.9x NM Copart, Inc. 50.63 -25% 11,848.2 11,927.5 1,847.9 724.6 39.2% 21.5% 6.5x 16.5x GrubHub Inc. 80.40 -46% 7,292.4 7,277.5 924.6 187.4 20.3% 50.2% 7.9x 38.8x eBay Inc. 33.65 -27% 30,785.7 35,111.7 10,746.0 3,004.0 28.0% 8.3% 3.3x 11.7x Etsy, Inc. 54.65 -6% 6,583.1 6,278.9 539.9 85.9 15.9% 30.1% 11.6x 73.1x EVINE Live Inc. 0.55 -68% 37.3 82.9 631.7 6.9 1.1% -2.2% 0.1x 12.0x Expedia Group, Inc. 119.25 -15% 17,765.2 19,674.2 10,982.8 1,282.8 11.7% 11.7% 1.8x 15.3x FTD Companies, Inc. 2.57 -63% 72.5 305.3 1,044.8 26.5 2.5% -3.8% 0.3x 11.5x GrubHub Inc. 80.40 -46% 7,292.4 7,277.5 924.6 187.4 20.3% 50.2% 7.9x 38.8x IAC/InterActiveCorp 211.28 -5% 17,644.8 18,560.7 4,109.4 714.0 17.4% 29.7% 4.5x 26.0x Liberty TripAdvisor Holdings, Inc. 16.66 -19% 1,251.8 4,433.8 1,590.0 273.0 17.2% 0.2% 2.8x 16.2x Liquidity Services, Inc. 8.37 -9% 277.8 199.4 224.5 (15.8) NM -16.9% 0.9x NM Match Group, Inc. 53.49 -12% 14,874.8 15,737.8 1,651.4 564.2 34.2% 32.5% 9.5x 27.9x Overstock.com, Inc. 17.35 -75% 557.7 467.0 1,825.3 (171.1) NM 0.6% 0.3x NM PetMed Express, Inc. 23.68 -51% 485.0 391.9 286.2 54.6 19.1% 6.2% 1.4x 7.2x Qurate Retail, Inc. $21.75 -13% 9,787.8 16,733.8 13,038.0 1,844.0 14.1% 27.5% 1.3x 9.1x Shutterfly, Inc. 45.96 -54% 1,544.5 2,556.7 1,605.6 174.6 10.9% 38.7% 1.6x 14.6x Shutterstock, Inc. 40.01 -28% 1,401.8 1,195.4 613.0 47.7 7.8% 14.5% 2.0x 25.1x Spark Networks SE 9.10 -40% 118.2 122.8 112.6 (3.1) NM 20.7% 1.1x NM Stamps.com Inc. 186.08 -35% 3,368.43 3,371.19 549.17 218.52 39.8% 24.2% 6.1x 15.4x Stitch Fix, Inc. 22.45 -57% 2,234.6 1,976.3 1,297.2 55.8 4.3% 25.1% 1.5x 35.4x U.S. Auto Parts Network, Inc. 1.09 -57% 38.1 39.1 293.3 8.2 2.8% -4.1% 0.1x 4.8x Wayfair Inc. 109.46 -28% 9,889.0 9,901.0 6,204.2 (334.1) NM 45.4% 1.6x NM
Average 3.6x 16.0x
12 | M&A and Investment Summary January 2019 E-commerce Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based e-commerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. China $63.40 -29% $ 9,392.0 $ 8,901.5 $ 1,789.7 $ 400.5 22.4% 30.8% 5.0x 22.2x Alibaba Group Holding Limited * Hong Kong 168.49 -20% 436,756.4 441,916.7 50,202.5 12,558.3 25.0% 52.2% 8.8x 35.2x Cango Inc. China 7.10 -49% 1,072.8 624.1 157.5 38.8 24.6% 11.5% 4.0x 16.1x Cnova N.V. * France 4.24 -16% 1,463.1 1,770.6 2,619.8 11.2 0.4% 21.8% 0.7x NM Despegar.com, Corp. Argentina 15.02 -59% 1,038.8 712.7 542.1 70.8 13.1% 10.4% 1.3x 10.1x Farfetch Limited * United Kingdom 20.15 -38% 5,901.1 4,857.6 526.2 (170.6) NM 0.0% 9.2x NM JD.com, Inc. * China 24.85 -49% 35,952.6 35,438.8 63,671.4 140.2 0.2% 31.9% 0.6x NM Jumei International Holding Limited * China 2.51 -26% 376.7 (33.0) 769.8 (10.7) NM -14.4% NM 3.1x LightInTheBox Holding Co., Ltd. * China 0.77 -70% 51.3 13.8 261.6 (38.8) NM -19.1% 0.1x NM MercadoLibre, Inc. * Argentina 364.00 -13% 16,453.8 16,054.6 1,551.3 (2.7) NM 39.2% 10.3x NM MOGU Inc. * China 16.48 -36% 1,761.6 2,849.5 143.0 (55.3) NM 0.0% 19.9x NM Netshoes (Cayman) Limited * Brazil 2.70 -71% 83.9 147.8 466.7 (46.2) NM 1.6% 0.3x NM PChome Online Inc. * Taiwan 4.40 -29% 515.0 344.5 1,068.6 (66.7) NM 17.6% 0.3x NM Pinduoduo Inc. * China 29.21 -4% 32,358.4 29,087.0 1,258.6 (1,189.1) NM 0.0% 23.1x NM Rakuten, Inc. Japan 7.52 -17% 10,165.8 12,996.3 9,325.7 1,658.6 17.8% 17.7% 1.4x 7.8x Secoo Holding Limited China 8.91 -42% 447.7 455.0 728.9 25.5 3.5% 56.1% 0.6x 17.8x Travelport Worldwide Limited United Kingdom 15.66 -23% 1,980.6 4,049.6 2,536.0 415.4 16.4% 4.8% 1.6x 9.7x trivago N.V. * Germany 5.75 -35% 2,017.4 1,849.2 1,080.0 (50.6) NM -9.1% 1.7x NM Uxin Limited * China 3.41 -67% 997.1 1,166.2 414.8 (395.4) NM 78.2% 2.8x NM Vipshop Holdings Limited China 7.69 -60% 5,098.2 5,004.5 12,020.9 494.0 4.1% 21.9% 0.4x 10.1x X Financial China 5.66 -72% 854.9 642.2 496.0 226.9 45.8% 0.0% 1.3x 2.8x
Average 4.1x 12.5x
13 | M&A and Investment Summary January 2019 Marketing Technology
▪ The Marketing Technology segment announced 107 transactions in January, of which 44 reported more than $1.9 billion in value ▪ Transaction activity in the Teleservices/eServices segment was up nearly three times from the 12 month average ▪ Select transactions: • Dropbox’s $230 million acquisition of digital workflow and eSignatures platform HelloSign • The $225 million acquisition of digital PR platform TrendKite and $125 million acquisition of social media insights platform Falcon.io by Cision • Customer interaction management software platform Aspect Software’s acquisition by Vector Capital for $100 million • Campaign Monitor’s acquisition of automated email marketing platforms Sailthru and Liveclicker • Adobe’s acquisition of France-based 3D texture creation platform Allegorithmic
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 18 17% $183.1 10% 7 $8.1 0 - 11 175.0 MRM/Workflow Management 13 12% 343.1 18% 6 231.7 0 - 7 111.4 Teleservices/eServices 10 9% 221.3 12% 7 60.0 1 100.0 2 61.3 Commerce Management 9 8% 52.6 3% 4 - 0 - 5 52.6 Email/Messaging Software 8 7% 23.8 1% 5 2.3 0 - 3 $21.5 Content Management 7 7% 3.6 0% 5 - 0 - 2 3.6 SFA/Lead Management 6 6% 3.6 0% 3 - 0 - 3 3.6 Other 36 34% 1,078.5 56% 23 350.0 1 500.0 12 119.5 Total 107 100% 1,909.6 100% 60 652.1 2 600.0 45 657.5
14 | M&A and Investment Summary January 2019 Marketing Technology Public Company Valuation (1/2)
($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Inc. $247.82 -11% $ 120,868.24 $ 121,773.82 $ 9,030.01 $ 3,186.86 35.3% 23.7% 13.5x 38.2x Alteryx, Inc. 71.15 -4% 4,367.4 4,210.3 182.4 (12.4) NM 54.6% 23.1x NM AppFolio, Inc. 63.31 -31% 2,168.4 2,122.8 177.6 24.3 13.7% 32.6% 12.0x 87.4x Blackbaud, Inc. 71.60 -41% 3,388.3 3,788.2 844.6 137.0 16.2% 9.8% 4.5x 27.7x Brightcove Inc. 8.02 -25% 292.6 265.9 164.1 (7.0) NM 6.2% 1.6x NM Cardlytics, Inc. 17.49 -38% 374.5 373.5 142.1 (29.1) NM 11.5% 2.6x NM ChannelAdvisor Corporation 10.75 -31% 293.6 246.1 130.5 (2.2) NM 8.6% 1.9x NM Cision Ltd. 12.40 -32% 1,839.6 2,975.0 713.0 223.1 31.3% 16.7% 4.2x 13.3x Eventbrite, Inc. 30.01 -25% 2,340.4 1,933.5 278.4 (12.6) NM 0.0% 6.9x NM eBay Inc. 33.65 -27% 30,785.7 35,111.7 10,746.0 3,004.0 28.0% 8.3% 3.3x 11.7x Elastic N.V. 85.00 -3% 6,032.8 5,711.3 211.5 (70.3) NM 0.0% 27.0x NM Endurance International Group 8.10 -26% 1,165.2 2,909.2 1,157.1 319.9 27.6% -1.5% 2.5x 9.1x Five9,Holdings, Inc. Inc. 51.13 -2% 3,005.0 2,932.2 240.7 10.8 4.5% 27.4% 12.2x 270.8x GoDaddy Inc. 68.63 -19% 11,476.5 13,217.5 2,566.5 384.2 15.0% 21.3% 5.1x 34.4x HubSpot, Inc. 158.31 -2% 6,210.9 5,963.1 475.5 (37.2) NM 37.6% 12.5x NM IBM Corporation 134.42 -17% 122,160.1 156,109.1 79,591.0 17,696.0 22.2% 0.6% 2.0x 8.8x LivePerson, Inc. 23.47 -14% 1,488.4 1,422.0 241.5 4.6 1.9% 11.0% 5.9x NM Marin Software Incorporated 6.06 -50% 35.1 23.8 60.5 (25.1) NM -24.6% 0.4x NM MicroStrategy Incorporated 126.89 -16% 1,343.4 767.3 497.6 7.7 1.5% -1.4% 1.5x 99.9x MINDBODY, Inc. 36.46 -20% 1,750.7 1,675.0 228.9 (19.0) NM 33.8% 7.3x NM Nuance Communications, Inc. 15.87 -13% 4,561.5 6,295.3 2,051.7 362.9 17.7% 5.8% 3.1x 17.3x Oracle Corporation 50.23 -6% 180,271.4 189,656.4 39,893.0 15,899.0 39.9% 2.8% 4.8x 11.9x PayPal Holdings, Inc. 88.76 -6% 104,204.2 97,093.2 15,451.0 2,995.0 19.4% 18.0% 6.3x 32.4x PROS Holdings, Inc. 34.60 -16% 1,285.4 1,225.6 190.8 (39.8) NM 17.5% 6.4x NM PTC Inc. 84.79 -21% 10,061.0 10,506.8 1,269.9 165.1 13.0% 7.2% 8.3x 63.6x salesforce.com, inc. 151.97 -6% 116,257.1 117,198.1 12,484.0 1,175.7 9.4% 25.2% 9.4x 99.7x SendGrid, Inc. 54.08 -2% 2,577.4 2,413.4 137.2 6.6 4.8% 32.9% 17.6x NM SharpSpring, Inc. 14.26 -4% 122.5 119.6 17.3 (7.7) NM 37.8% 6.9x NM SVMK Inc. 13.01 -35% 1,627.3 1,779.3 243.4 (86.1) NM 0.0% 7.3x NM Square, Inc. 71.35 -29% 29,503.1 29,356.3 2,981.7 (0.5) NM 45.4% 9.8x NM Tableau Software, Inc. 127.84 -3% 10,683.3 9,726.6 1,068.4 (91.7) NM 21.6% 9.1x NM Teradata Corporation 44.38 0% 5,245.7 4,974.7 2,202.0 154.0 7.0% 2.1% 2.3x 32.3x Verint Systems Inc. 48.37 -8% 3,157.2 3,545.1 1,218.2 164.6 13.5% 9.5% 2.9x 21.5x Veritone, Inc. 5.33 -78% 103.0 38.3 19.6 (54.3) NM 46.1% 2.0x NM Webis Holdings plc 0.03 -72% 12.4 (0.3) 54.5 0.2 0.3% -5.2% NM NM Zendesk, Inc. 67.53 -7% 7,228.5 7,229.8 548.7 (106.4) NM 38.3% 13.2x NM
Adjusted Weighted Average 7.0x 27.9x 15 | M&A and Investment Summary January 2019 Marketing Technology Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. China $35.80 -47% $ 2,043.42 $ 2,025.97 $ 692.46 $ 52.89 7.6% 23.4% 2.9x 38.3x Bitauto Holdings Limited China 19.42 -40% 1,387.0 5,340.9 1,477.7 30.9 2.1% 29.6% 3.6x 172.8x ChinaCache International Holdings Ltd. China 1.18 -32% 31.44 81.83 130.12 (31.96) NM -7.8% 0.6x NM MercadoLibre, Inc. Argentina 364.00 -13% 16,453.8 16,054.6 1,551.3 (2.7) NM 39.2% 10.3x NM Open Text Corporation Canada 35.64 -11% 9,549.8 11,573.6 2,842.5 846.7 29.8% 8.0% 4.1x 13.7x SharpSpring, Inc. United States 14.26 -4% 122.5 119.6 17.3 (7.7) NM 37.8% 6.9x NM Shopify Inc. Canada 168.47 -5% 18,600.6 17,022.4 952.2 (66.4) NM 63.9% 17.9x NM The Sage Group plc United Kingdom 8.22 -17% 8,928.8 9,781.4 2,408.2 639.2 26.5% 7.6% 4.1x 15.3x United Internet AG Germany 39.39 -41% 7,890.3 10,384.3 5,825.4 962.9 16.5% 25.7% 1.8x 10.8x Weborama SA France 8.02 -53% 32.7 36.2 43.8 2.5 5.7% 13.3% 0.8x 14.4x Wix.com Ltd. Israel 109.35 -10% 5,287.0 4,905.4 558.1 (25.7) NM 42.6% 8.8x NM
Adjusted Weighted Average 4.0x 18.5x
16 | M&A and Investment Summary January 2019 Digital Advertising
▪ A total of 18 transactions were announced in the Digital Advertising segment, of which eight were valued at $223 million ▪ The Local Search segment accounted for nearly forty percent of segment value ▪ Select transactions: • The $30 million round of funding video delivery and measurement platform Innovid raised from Goldman Sachs • The acquisition of AR mapping and visual search solutions company Blippar by Candy Ventures • Digital Air Strike’s acquisition of lead generation company Target Media Partners • The sale of mobile engagement and push notification platform Accengage to Urban Airship
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Local Search 3 17% $82.0 37% 2 - 0 - 1 $82.0 Mobile Marketing 3 17% 12.0 5% 2 - 0 - 1 12.0 Online Lead Generation 3 17% 33.5 15% 2 - 0 - 1 33.5 Vertical Search 3 17% 15.0 7% 2 - 0 - 1 15.0 Digital Video 2 11% 33.0 15% 1 33.0 0 - 1 - Ad Networks/Exchanges 1 6% 12.0 5% 0 - 0 - 1 12.0 Other* 3 17% 35.5 16% 1 0.0 1 27.5 1 8.0 Total 18 100% 223.0 100% 10 33.0 1 27.5 7 162.5
17 | M&A and Investment Summary January 2019 Digital Advertising Public Company Valuation (1/2)
($ in Millions, except stock price data)
US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $177.59 -31% $ 9,674.0 $ 30,700.7 $ 7,841.5 $ 1,785.8 22.8% 5.4% 3.9x 17.2x Alphabet Inc. 1,125.89 -13% 779,689.9 677,259.9 129,866.0 39,334.0 30.3% 24.2% 5.2x 17.2x ANGI Homeservices Inc. * 17.00 -29% 8,520.0 8,499.9 1,076.5 72.1 6.7% 69.0% 7.9x 117.8x AutoWeb, Inc. 3.38 -59% 43.8 28.7 126.7 (10.2) NM -15.1% 0.2x NM Care.com, Inc. 23.77 -1% 755.8 688.5 186.7 13.2 7.1% 7.7% 3.7x 52.2x DHI Group, Inc. 1.96 -40% 103.7 115.6 174.5 23.6 13.6% -17.7% 0.7x 4.9x EverQuote, Inc. 5.60 -75% 140.1 101.4 155.9 (6.6) NM 0.0% 0.7x NM Facebook, Inc. 166.69 -24% 475,731.6 435,117.6 55,838.0 29,228.0 52.3% 37.4% 7.8x 14.9x Fluent, Inc. 4.72 -4% 355.4 397.7 244.6 20.3 8.3% 16.8% 1.6x 19.6x Groupon, Inc. 3.77 -32% 2,151.8 1,812.3 2,710.0 141.2 5.2% -5.8% 0.7x 12.8x Inuvo, Inc. 1.20 -23% 38.9 39.9 80.1 (1.9) NM 6.1% 0.5x NM LendingTree, Inc. 296.34 -24% 3,801.4 3,784.5 723.1 91.8 12.7% 29.7% 5.2x 41.2x QuinStreet, Inc. 19.04 -1% 938.5 868.0 429.8 24.5 5.7% 37.0% 2.0x 35.4x Quotient Technology Inc. 10.00 -37% 951.9 776.5 373.0 18.9 5.1% 22.5% 2.1x 41.0x Redfin Corporation 17.89 -31% 1,601.6 1,270.5 458.5 (25.8) NM 34.4% 2.8x NM RhythmOne plc 2.23 -38% 175.6 163.0 316.0 15.2 4.8% 60.6% 0.5x 10.7x Snap Inc. 6.68 -69% 8,650.1 7,235.7 1,076.3 (1,273.8) NM 52.7% 6.7x NM Telaria, Inc. 3.19 -38% 135.6 65.1 50.5 (12.3) NM 29.0% 1.3x NM The Rubicon Project, Inc. 4.46 -9% 225.3 128.5 114.7 (53.2) NM -41.7% 1.1x NM The Trade Desk, Inc. * 142.68 -12% 6,169.8 6,003.4 419.5 95.5 22.8% 50.9% 14.3x 62.8x TiVo Corporation 11.13 -30% 1,378.73 2,056.95 741.64 170.76 23.0% -14.2% 2.8x 12.0x Travelzoo 12.30 -42% 149.0 133.1 111.3 8.1 7.3% 4.6% 1.2x 16.5x TripAdvisor, Inc. 57.38 -17% 7,899.3 7,236.3 1,590.0 216.0 13.6% 2.5% 4.6x 33.5x TrueCar, Inc. 9.38 -36% 975.6 780.8 345.6 (19.6) NM 10.0% 2.3x NM Twitter, Inc. 33.56 -30% 25,463.7 22,214.9 2,865.1 674.0 23.5% 18.0% 7.8x 33.0x Yelp Inc. 36.42 -31% 3,025.9 2,188.4 914.4 42.8 4.7% 10.7% 2.4x 51.1x Yext, Inc. 15.59 NA 1,572.5 1,465.4 213.0 (75.1) NM 34.9% 6.9x NM Zillow Group, Inc. * 34.81 -47% 7,113.9 6,185.9 1,250.5 64.0 5.1% 22.4% 4.9x 96.6x
Average 3.1x 22.0x
18 | M&A and Investment Summary January 2019 Digital Advertising Public Company Valuation (2/2)
($ in Millions, except stock price data)
Internationally-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cliq Digital AG Germany $2.44 -76% $ 15.1 $ 24.9 $ 77.2 $ 5.3 6.9% -4.1% 0.3x 4.7x Criteo S.A. France 24.90 -32% 1,677.3 1,243.3 2,304.2 250.4 10.9% 5.2% 0.5x 5.0x iClick Interactive Asia Group Limited Hong Kong 5.81 -33% 312.5 303.3 160.3 (21.4) NM 44.5% 1.9x NM MakeMyTrip Limited India 26.62 -36% 2,714.8 2,414.8 523.6 (143.4) NM -17.9% 4.6x NM Matomy Media Group Ltd. Israel 0.12 -87% 11.7 37.6 153.0 7.0 4.6% -43.1% 0.2x 5.4x Metaps Inc. Japan 13.64 -59% 184.5 153.7 152.9 13.3 8.7% 3.4% 1.0x 11.6x Pacific Online Limited China 0.16 -9% 178.8 127.9 147.6 19.3 13.1% 3.0% 0.9x 6.6x Perion Network Ltd. Israel 3.31 -18% 85.6 84.4 258.2 20.7 8.0% -8.2% 0.3x 4.1x Rightmove plc * United Kingdom 6.20 -12% 5,514.5 5,495.5 336.3 251.4 74.7% 10.0% 16.3x 21.9x Septeni Holdings Co., Ltd. Japan 1.79 -58% 226.4 91.9 139.6 8.7 6.2% 1.2% 0.7x 10.5x Taptica International Ltd Israel 2.64 -55% 181.0 139.0 289.3 38.2 13.2% 107.0% 0.5x 3.6x Tencent Holdings Limited * China 44.09 -27% 416,927.80 425,308.91 42,829.27 16,048.42 37.5% 36.7% 9.9x 26.5x TradeDoubler AB (publ) Sweden 0.43 -30% 19.22 26.64 130.28 1.65 1.3% -5.4% 0.2x 16.2x XLMedia PLC Jersey 1.12 -57% 244.8 203.6 128.8 39.4 30.6% 7.0% 1.6x 5.2x Yandex N.V. * Netherlands 33.58 -25% 10,893.3 10,228.1 1,781.9 434.3 24.4% 32.1% 5.7x 23.6x
Average 2.5x 11.6x
19 | M&A and Investment Summary January 2019 Agency & Marketing Services
▪ With 61 transactions, activity in the Agency & Marketing Services segment in January was up forty percent ▪ Digital Agency was the most active subsegment and accounted for nearly 40 percent of segment activity with 24 deals announced ▪ Select transactions: • Altamont Capital’s acquisition of Publicis Healthcare Solutions, a leader in customized, live channel healthcare sales, services and clinical solutions for pharmaceutical, biotechnology, medical device, and diagnostics companies (a Petsky Prunier-led transaction) • Field Agent’s acquisition of retail brand insights and media company SMACK • The sale of retail display marketing agency Popcorn Global to Williams Lea Tag • The acquisition of digital marketing company Inside Ideas Group by You & Mr Jones • SourceLink’s acquisition of search engine optimization and marketing agency Path Interactive
AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 24 39% - 0% 24 - 0 - 0 - Specialty Agency 9 15% 22.6 87% 9 22.6 0 - 0 - Public Relations 5 8% - 0% 5 - 0 - 0 - Loyalty/Retention 4 7% - 0% 3 - 0 - 1 - Design Agency 3 5% 3.5 13% 2 - 0 - 1 3.5 Promotion Agency 3 5% - 0% 3 - 0 - 0 - Branded Communications 2 3% - 0% 2 - 0 - 0 - B-to-B Agency 2 3% - 0% 2 - 0 - 0 - Other 9 15% 0.0 0% 8 0.0 1 0.0 0 0.0 Total 61 100% 26.1 100% 58 22.6 1 0.0 2 3.5
20 | M&A and Investment Summary January 2019 Agency Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Health plc United Kingdom $1.35 -27% $ 141.0 $ 148.1 $ 223.2 $ 16.5 7.4% 3.7% 0.7x 9.0x Dentsu Inc. Japan 47.41 -9% 13,363.9 11,596.9 8,784.1 1,562.8 17.8% NM 1.3x 7.4x Enero Group Limited Australia 0.86 -8% 72.5 49.4 148.1 10.9 7.4% 10.7% 0.3x 4.5x Hakuhodo DY Holdings Inc Japan 15.34 -18% 5,723.7 5,510.6 12,225.9 665.1 5.4% 7.3% 0.5x 8.3x Huntsworth plc * United Kingdom 1.43 -24% 494.7 546.7 270.4 38.0 14.0% 9.1% 2.0x 14.4x M&C Saatchi plc United Kingdom 3.74 -34% 332.9 336.0 456.3 30.1 6.6% 40.5% 0.7x 11.2x MDC Partners Inc. United States 2.97 -70% 170.8 1,347.3 1,485.3 172.6 11.6% -1.1% 0.9x 7.8x Next Fifteen Communications Group plc United Kingdom 6.19 -23% 517.1 548.6 283.6 47.2 16.7% 8.7% 1.9x 11.6x Omnicom Group Inc. United States 77.88 -7% 17,453.3 21,092.0 15,380.0 2,352.0 15.3% 0.3% 1.4x 9.0x OPT Holding, Inc. * Japan 14.59 -55% 334.1 290.8 761.3 23.8 3.1% 11.2% 0.4x 12.2x Publicis Groupe S.A. France 61.05 -16% 14,081.2 17,619.5 10,843.5 1,996.3 18.4% -8.0% 1.6x 8.8x The Interpublic Group of Companies, Inc. United States 22.75 -13% 8,744.0 10,419.9 8,157.9 1,190.7 14.6% 7.2% 1.3x 8.8x UDG Healthcare plc Ireland 7.62 -39% 1,895.3 1,957.0 1,315.2 171.3 13.0% 7.8% 1.5x 11.4x WPP plc United Kingdom 11.43 -41% 14,419.8 21,050.6 19,934.7 3,035.7 15.2% -2.5% 1.1x 6.9x
Adjusted Weighted Average 1.3x 8.3x
21 | M&A and Investment Summary January 2019 Marketing Services Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Affinion Group Holdings, Inc. United States $9.00 -38% $ 82.4 $ 1,515.0 $ 949.4 $ 220.3 23.2% 21.5% 1.6x 6.9x Aimia Inc. Canada 2.77 -21% 421.7 376.5 1,287.5 150.7 11.7% 30.6% 0.3x 2.5x Alliance Data Systems Corporation United States 177.59 -31% 9,674.0 26,570.7 7,841.5 1,785.8 22.8% 5.4% 3.4x 14.9x Fluent, Inc. * United States 4.72 -4% 355.4 397.7 244.6 20.3 8.3% 16.8% 1.6x 19.6x CSG Systems International, Inc. United States 36.19 -26% 1,206.2 1,367.5 833.0 154.8 18.6% 6.9% 1.6x 8.8x Deluxe Corporation United States 46.97 -39% 2,094.9 2,947.1 1,998.0 491.8 24.6% 1.7% 1.5x 6.0x Fair Isaac Corporation * United States 225.20 -7% 6,546.8 7,299.1 1,062.4 246.9 23.2% 12.4% 6.9x 29.6x Harte Hanks, Inc. United States 3.15 -74% 19.7 19.0 314.3 (8.8) NM -20.3% 0.1x NM High Co. SA France 6.30 -9% 130.4 74.3 190.0 18.6 9.8% 8.0% 0.4x 4.0x Multiplus S.A. Brazil 7.13 -28% 1,155.2 781.7 535.2 94.4 17.6% 88.8% 1.5x 8.3x Pitney Bowes Inc. United States 7.21 -47% 1,352.7 3,807.6 3,918.3 652.8 16.7% 26.6% 1.0x 5.8x Points International Ltd. Canada 10.78 -42% 152.9 98.2 368.1 12.5 3.4% 7.5% 0.3x 7.8x Viad Corp United States 52.70 -16% 1,071.9 1,237.5 1,276.6 124.4 9.7% -0.7% 1.0x 9.9x
Adjusted Weighted Average 2.4x 11.5x
22 | M&A and Investment Summary January 2019 Traditional Media
▪ Of the 32 transactions recorded in the Traditional Media segment in January, four announced $864 million in reported value ▪ Entertainment Media continues to drive overall segment activity, accounting for half of segment deals announced ▪ Select transactions from the segment included: • Brazil-based magazine publisher Abril’s sale to Legion Holdings for $416 million • The $340 million acquisition of free internet TV service Pluto TV by Viacom • CareSet System’s acquisition of healthcare data-focused resource DocGraph • The acquisition of rock and pop culture photographic archive Retna USA Photo Agency by Globe Photos • Endeavor Business Media’s purchase of trade show and conference company Forester Media
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 16 50% $78.8 9% 14 - 0 - 2 $78.8 B-to-B Media 6 19% - 0% 6 - 0 - 0 - Consumer Magazine Publishing 3 9% 415.5 48% 3 415.5 0 - 0 - Digital Place-Based Media 3 9% - 0% 1 - 0 - 2 - Consumer Book Publishing 2 6% - 0% 2 - 0 - 0 - Broadcast Television 1 3% 340.0 39% 1 340.0 0 - 0 - Other 1 3% 30.0 3% 1 30.0 0 0.0 0 0.0 Total 32 100% 864.3 100% 28 785.5 0 0.0 4 78.8
23 | M&A and Investment Summary January 2019 Traditional Media Public Company Valuation (1/3)
($ in Millions, except stock price data)
Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $49.46 -17% $ 18,507.3 $ 28,178.3 $ 14,411.0 $ 3,138.0 21.8% 8.4% 2.0x 9.0x Discovery, Inc. United States 28.38 -19% 19,588.7 38,616.7 9,608.0 3,216.6 33.5% 43.8% 4.0x 12.0x Twenty-First Century Fox, Inc. * United States 49.31 -2% 91,294.8 105,239.8 30,575.0 6,995.0 22.9% 5.4% 3.4x 15.0x Viacom Inc. United States 29.42 -15% 12,093.4 20,922.4 12,943.0 3,008.0 23.2% -2.4% 1.6x 7.0x The Walt Disney Company United States 111.52 -7% 166,240.5 188,146.5 59,434.0 17,848.0 30.0% 7.8% 3.2x 10.5x
Adjusted Weighted Average 3.2x 10.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.8x)
($ in Millions, except stock price data)
B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ascential plc United Kingdom $4.99 -19% $ 1,998.9 $ 2,373.5 $ 527.3 $ 138.9 26.4% 38.5% 4.5x 17.1x Centaur Media Plc United Kingdom $0.63 -14% 90.7 88.3 92.8 6.9 7.4% 16.2% 1.0x 12.9x Emerald Expositions Events, Inc. United States $14.20 -38% 1,039.5 1,556.9 355.2 162.1 45.6% 4.3% 4.4x 9.6x Euromoney Institutional Investor PLC United Kingdom $16.29 -15% 1,749.9 1,647.1 509.1 255.7 50.2% 0.9% 3.2x 6.4x Informa plc * United Kingdom 8.89 -22% 11,119.5 14,745.6 2,374.3 749.2 31.6% 11.6% 6.2x 19.7x MCH Group AG Switzerland 19.47 -70% 116.9 278.8 540.6 58.0 10.7% 34.4% 0.5x 4.8x ITE Group plc * United Kingdom 0.85 -64% 628.3 768.3 229.2 40.9 17.9% 15.1% 3.4x 18.8x Tarsus Group plc Ireland 3.32 -24% 406.2 537.5 149.8 50.2 33.5% 39.8% 3.6x 10.7x TechTarget, Inc. United States 14.50 -58% 406.0 398.4 119.8 22.3 18.6% 14.2% 3.3x 17.9x
Adjusted Weighted Average 5.3x 11.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.6x)
($ in Millions, except stock price data)
Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group, Inc. United States $4.52 -65% $ 124.2 $ 358.1 $ 240.4 $ 40.6 16.9% 5.8% 1.5x 8.8x Emmis Communications Corporation United States 3.94 -33% 51.3 157.3 120.5 12.4 10.3% -25.5% 1.3x 12.7x Entercom Communications Corp. United States 7.33 -34% 1,044.7 2,770.0 1,297.8 226.9 17.5% 175.6% 2.1x 12.2x Pandora Media, Inc. United States 8.38 -17% 2,274.3 2,655.2 1,517.0 (252.5) NM 3.6% 1.8x NM Salem Media Group, Inc. United States 2.81 -55% 73.6 324.0 262.8 41.3 15.7% -1.7% 1.2x 7.8x Sirius XM Holdings Inc. * United States 5.83 -24% 25,335.9 32,169.4 5,770.7 2,100.0 36.4% 6.4% 5.6x 15.3x Townsquare Media, Inc. United States 6.13 -37% 116.1 624.2 514.9 100.5 19.5% 19.0% 1.2x 6.2x Urban One, Inc. United States 2.05 -15% 92.4 998.4 434.6 126.9 29.2% -2.2% 2.3x 7.9x
Adjusted Weighted Average 1.8x 11.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.4x)
24 | M&A and Investment Summary January 2019 Traditional Media Public Company Valuation (2/3)
($ in Millions, except stock price data)
Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Altice Europe N.V. Netherlands $2.04 -80% $ 2,513.4 $ 44,065.1 $ 26,480.8 $ 10,008.9 37.8% 30.8% 1.7x 4.4x AMC Networks Inc. United States $62.94 -9% 3,558.0 6,406.4 2,926.0 916.4 31.3% 4.2% 2.2x 7.0x CVC Limited Australia 1.89 -10% 226.2 199.5 48.1 25.7 53.5% 38.3% 4.1x 7.7x CBS Corporation United States 49.46 -17% 18,507.3 28,178.3 14,411.0 3,138.0 21.8% 8.4% 2.0x 9.0x Charter Communications, Inc. United States 331.05 -17% 75,783.2 156,046.2 43,634.0 15,966.0 36.6% 4.9% 3.6x 9.8x Comcast Corporation United States 36.57 -13% 165,514.4 275,648.4 94,507.0 30,024.0 31.8% 11.1% 2.9x 9.2x Discovery, Inc. * United States 28.38 -19% 19,588.7 38,616.7 9,608.0 3,216.6 33.5% 43.8% 4.0x 12.0x DISH Network Corporation United States 30.67 -36% 14,343.7 28,074.1 13,798.4 2,811.0 20.4% -5.9% 2.0x 10.0x Entravision Communications Corporation United States 3.94 -45% 350.1 409.5 289.2 50.2 17.4% -45.7% 1.4x 8.2x Gray Television, Inc. United States 16.71 -17% 1,649.8 2,899.1 989.5 372.6 37.7% 11.6% 2.9x 7.8x Grupo Televisa, S.A.B. Mexico 2.51 -41% 7,308.6 12,565.2 5,415.0 2,016.5 37.2% 6.7% 2.3x 6.2x Liberty Global plc United Kingdom 24.40 -39% 17,916.3 47,174.2 15,772.9 7,137.7 45.3% 46.2% 3.0x 6.6x Nexstar Media Group, Inc. United States 83.47 -7% 3,856.3 7,909.8 2,622.3 960.8 36.6% 25.6% 3.0x 8.2x Stolt-Nielsen Limited United Kingdom 12.07 -30% 733.5 3,223.2 2,125.5 447.1 21.0% 6.4% 1.5x 7.2x Sinclair Broadcast Group, Inc. United States 30.81 -18% 2,940.9 5,782.2 2,972.2 813.5 27.4% 9.2% 1.9x 7.1x TEGNA Inc. United States 11.74 -18% 2,527.6 5,493.5 2,055.5 680.5 33.1% 4.9% 2.7x 8.1x The E.W. Scripps Company * United States 18.78 -1% 1,515.0 2,074.5 1,089.9 140.9 12.9% 33.9% 1.9x 14.7x
Adjusted Weighted Average 3.0x 9.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (10.8x)
($ in Millions, except stock price data)
Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cineplex Inc. Canada $21.63 -25% $ 1,370.1 $ 1,817.2 $ 1,247.8 $ 195.0 15.6% 6.5% 1.5x 9.3x Eros International Plc United States 9.53 -36% 778.9 1,123.9 260.8 56.7 21.7% 11.4% 4.3x 19.8x Lions Gate Entertainment Corp. United States 18.37 -47% 3,835.8 6,241.7 4,016.6 475.6 11.8% 1.6% 1.6x 13.1x Live Nation Entertainment, Inc. United States 53.51 -8% 11,212.8 12,668.3 11,156.6 697.4 6.3% 21.7% 1.1x 18.2x Twenty-First Century Fox, Inc. United States 49.31 -2% 91,294.8 105,239.8 30,575.0 6,995.0 22.9% 5.4% 3.4x 15.0x Liberty Global plc United Kingdom 24.40 -39% 17,916.3 47,174.2 15,772.9 7,137.7 45.3% 46.2% 3.0x 6.6x Village Roadshow Limited Australia 2.22 -16% 431.6 761.0 711.2 40.3 5.7% -5.0% 1.1x 18.9x World Wrestling Entertainment, Inc. * United States 82.34 -16% 6,424.6 6,322.8 869.3 120.6 13.9% 10.9% 7.3x 52.4x
Adjusted Weighted Average 3.3x 14.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (35.3x)
25 | M&A and Investment Summary January 2019 Traditional Media Public Company Valuation (3/3)
($ in Millions, except stock price data)
Out-of-Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA APG|SGA SA Switzerland $336.57 -28% $ 1,007.9 $ 987.2 $ 303.4 $ 70.8 23.3% -3.6% 3.3x 13.9x Clear Channel Outdoor Holdings, Inc. United States 5.57 -13% 2,015.1 7,252.1 2,705.1 587.1 21.7% 4.7% 2.7x 12.4x Clear Media Limited Hong Kong 0.95 0% 517.1 446.3 272.1 112.7 41.4% 11.1% 1.6x 4.0x JCDecaux SA France 29.64 -25% 6,308.7 6,948.9 3,543.1 576.1 16.3% 0.9% 2.0x 12.1x Lamar Advertising Company (REIT) United States 74.45 -8% 7,408.2 9,943.5 1,597.8 680.3 42.6% 4.5% 6.2x 14.6x National CineMedia, Inc. United States 6.91 -37% 531.6 1,674.4 444.7 195.4 43.9% 3.9% 3.8x 8.6x NTN Buzztime, Inc. United States 2.85 -66% 8.2 9.4 22.7 2.0 8.7% 3.4% 0.4x 4.7x Outfront Media Inc. United States 20.75 -7% 2,893.7 5,212.8 1,555.1 398.6 25.6% 2.5% 3.4x 13.1x Stingray Group Inc. Canada 4.90 -42% 373.2 415.2 104.6 28.8 27.6% 19.3% 4.0x 14.4x TOM Group Limited * Hong Kong 0.24 -21% 957.8 1,319.3 121.8 14.4 11.8% -2.5% 10.8x 91.5x
Adjusted Weighted Average 3.9x 13.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (35.8x)
($ in Millions, except stock price data)
Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A.H. Belo Corporation United States $4.04 -30% $ 87.4 $ 29.0 $ 213.8 $ 7.5 3.5% -14.7% 0.1x 3.9x Daily Mail and General Trust plc United Kingdom 7.96 -22% 2,820.9 2,513.1 1,860.8 198.7 10.7% -8.8% 1.4x 12.6x Emmis Communications Corporation United States 3.94 -33% 51.3 157.3 120.5 12.4 10.3% -25.5% 1.3x 12.7x Gannett Co., Inc. United States 11.09 -8% 1,254.4 1,483.8 3,019.7 301.3 10.0% -4.4% 0.5x 4.9x Glacier Media Inc. Canada 0.45 -35% 49.4 94.0 145.8 6.5 4.5% -1.5% 0.6x 14.5x John Wiley & Sons, Inc. United States 51.78 -28% 2,969.8 3,388.2 1,792.5 317.9 17.7% 2.3% 1.9x 10.7x Meredith Corporation United States 54.27 -13% 2,473.1 5,793.4 2,611.3 490.6 18.8% 53.0% 2.2x 11.8x News Corporation United States 12.83 -24% 7,526.4 8,645.4 9,490.0 1,017.0 10.7% 2.4% 0.9x 8.5x Pearson plc United Kingdom 11.88 -10% 9,226.1 10,350.8 5,714.8 749.5 13.1% -8.5% 1.8x 13.8x Scholastic Corporation United States 41.69 -13% 1,468.8 1,124.2 1,664.0 114.2 6.9% 2.5% 0.7x 9.8x The E.W. Scripps Company * United States 18.78 -1% 1,515.0 2,074.5 1,089.9 140.9 12.9% 33.9% 1.9x 14.7x The McClatchy Company United States 5.85 -45% 45.7 786.0 838.9 89.2 10.6% -8.9% 0.9x 8.8x The New York Times Company * United States 25.71 -10% 4,240.9 3,939.3 1,709.3 248.7 14.6% 6.8% 2.3x 15.8x
Adjusted Weighted Average 1.6x 11.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.7x)
26 | M&A and Investment Summary January 2019 Software
▪ Within the Software segment, Venture/Growth Capital transactions accounted for nearly two-thirds of monthly activity in January with 172 deals announced, 124 of which worth $7.6 billion in value ▪ ERP Software was the segment with the highest value, with 21 deals announced, 12 of which reporting $2.8 billion ▪ Select transactions: • The $700 round of funding construction industry software company Katerra raised from Softbank • Insight Venture Partners and Canada Pension Plan Investment Board’s $500 million investment in Switzerland-based data management solution Veeam Software • Marlin Equity Partner’s $275 million sale of cybersecurity software company AppRiver to Zix • The $261 million round investment cloud data management company Rubrik received from Bain Capital, Lightspeed Venture Partners, Greylock Partners, Khosla Ventures, and IVP
SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial 58 21% $1,509.9 13% 16 $219.5 0 - 42 $1,290.4 HR 31 11% 558.0 5% 13 275.0 0 - 18 283.0 ERP 21 8% 2,875.6 25% 6 1,028.4 2 44.5 13 1,802.7 Collaboration 40 14% 148.1 1% 15 18.5 1 - 24 129.6 Engineering 11 4% 717.3 6% 6 - 0 - 5 717.3 Security 21 8% 652.9 6% 8 261.5 0 - 13 391.4 Healthcare 25 9% 685.7 6% 10 445.0 0 - 15 240.7 Other 72 26% 4,207.1 37% 28 390 2 1,060 42 2,757.1 Total 279 100% 11,354.6 100% 102 2,637.9 5 1,104.5 172 7,612.2
27 | M&A and Investment Summary January 2019 Software Public Company Valuation (1/3)
($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alfa Financial Software Holdings PLC United Kingdom $1.83 -72% $ 550.2 $ 502.5 $ 99.7 $ 34.3 34.4% -15.8% 5.0x 14.6x Anaplan, Inc. United States 31.39 -1% 3,922.6 3,552.4 217.7 (92.4) NM 0.0% 16.3x NM Avalara, Inc. United States 39.87 -33% 2,651.6 2,513.3 252.6 (49.4) NM 0.0% 9.9x NM BlackLine, Inc. United States 47.58 -18% 2,600.0 2,474.9 216.9 (10.4) NM 34.8% 11.4x NM Coupa Software Incorporated United States 86.96 0% 5,169.3 4,934.6 239.2 (34.5) NM 39.9% 20.6x NM Donnelley Financial Solutions, Inc. United States 14.64 -32% 499.2 840.2 987.5 132.0 13.4% -1.4% 0.9x 6.4x Ebix, Inc. United States 57.12 -36% 1,786.2 2,328.5 466.2 154.5 33.2% 37.4% 5.0x 15.1x First Data Corporation United States 24.65 -7% 23,092.6 43,132.6 8,617.0 3,017.0 35.0% 7.8% 5.0x 14.3x GreenSky, Inc. United States 11.00 -59% 631.6 683.1 394.8 175.7 44.5% 28.3% 1.7x 3.9x Guidewire Software, Inc. * United States 86.68 -20% 7,023.9 6,241.0 732.6 69.7 9.5% 38.7% 8.5x 89.6x i3 Verticals, Inc. United States 24.73 -9% 226.5 335.6 323.5 27.6 8.5% 23.2% 1.0x 12.1x Intuit Inc. United States 215.82 -7% 56,012.9 55,105.9 6,070.0 1,749.0 28.8% 14.3% 9.1x 31.5x Model N, Inc. United States 14.51 -29% 457.5 454.5 154.6 (12.5) NM 17.9% 2.9x NM Performant Financial Corporation United States 2.15 -37% 113.9 148.7 149.2 13.0 8.7% 12.6% 1.0x 11.5x Q2 Holdings, Inc. United States 59.43 -11% 2,577.8 2,459.9 225.6 (12.0) NM 22.3% 10.9x NM RealPage, Inc. United States 55.77 -16% 5,047.6 5,365.2 830.2 141.4 17.0% 31.3% 6.5x 37.9x SS&C Technologies Holdings, Inc. United States 51.49 -16% 12,914.0 18,867.9 2,748.5 883.0 32.1% 67.8% 6.9x 21.4x StoneCo Ltd. * Brazil 22.12 -32% 6,253.8 6,708.7 149.2 (26.9) NM 0.0% 45.0x NM Tyler Technologies, Inc. United States 189.19 -25% 7,345.0 7,073.2 910.8 194.1 21.3% 11.5% 7.8x 36.4x Zuora, Inc. United States 21.64 -43% 2,348.0 2,188.4 221.0 (62.4) NM 0.0% 9.9x NM
Adjusted Weighted Average 7.7x 26.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (30.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (48.7x) ($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States $11.79 -21% $ 2,059.9 $ 4,273.4 $ 2,079.1 $ 90.5 4.4% 21.3% 2.1x 47.2x athenahealth, Inc. United States 134.74 -18% 5,548.3 5,503.0 1,311.4 264.8 20.2% 11.2% 4.2x 20.8x Cegedim SA France 28.52 -42% 397.2 581.5 537.9 61.9 11.5% 5.3% 1.1x 9.4x Cerner Corporation United States 54.91 -19% 18,092.2 17,719.8 5,213.0 1,256.5 24.1% 3.0% 3.4x 14.1x Civitas Solutions, Inc. United States 17.73 0% 643.7 1,339.2 1,602.2 163.9 10.2% 8.7% 0.8x 8.2x Computer Programs and Systems, Inc. United States 26.24 -24% 357.0 489.3 286.1 34.5 12.1% 8.6% 1.7x 14.2x Craneware plc United Kingdom 37.12 -22% 991.0 938.3 67.1 19.5 29.1% 16.0% 14.0x 48.1x HealthEquity, Inc. United States 62.34 -39% 3,889.3 3,559.1 271.9 87.8 32.3% 25.9% 13.1x 40.5x McKesson Corporation United States 128.25 -22% 25,057.0 34,665.0 213,518.0 4,099.0 1.9% 3.9% 0.2x 8.5x Medidata Solutions, Inc. United States 70.96 -20% 4,202.6 4,098.4 611.4 89.4 14.6% 16.0% 6.7x 45.9x NantHealth, Inc. United States 0.53 -86% 58.0 234.4 88.9 (49.0) NM 8.1% 2.6x NM NextGen Healthcare, Inc. United States 17.68 -25% 1,143.8 1,141.9 530.2 38.9 7.3% 0.5% 2.2x 29.4x Streamline Health Solutions, Inc. * United States 1.24 -37% 23.9 35.6 23.0 0.5 2.2% -6.6% 1.5x 71.4x Veeva Systems Inc. * United States 109.06 -1% 15,846.6 14,794.7 810.9 205.4 25.3% 23.9% 18.2x 72.0x
Adjusted Weighted Average 3.0x 18.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (56.0x) 28 | M&A and Investment Summary January 2019 Software Public Company Valuation (2/3)
($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job, Inc. China $69.64 -39% $ 4,302.4 $ 3,387.5 $ 508.7 $ 161.1 31.7% 30.7% 6.7x 21.0x Benefitfocus, Inc. United States 55.95 0% 1,788.2 1,867.2 271.7 3.0 1.1% 17.3% 6.9x NM Castlight Health, Inc. United States 2.97 -50% 415.0 352.2 150.9 (34.0) NM 21.0% 2.3x NM Ceridian HCM Holding Inc. United States 41.21 -8% 5,648.2 6,132.0 808.4 111.0 13.7% 19.3% 7.6x 55.2x Cornerstone OnDemand, Inc. United States 57.34 -3% 3,360.8 3,257.8 531.6 0.6 0.1% 15.8% 6.1x NM DHI Group, Inc. United States 1.96 -40% 103.7 115.6 174.5 23.6 13.6% -17.7% 0.7x 4.9x Domo, Inc. United States 27.00 -6% 711.1 603.2 133.1 (151.6) NM 0.0% 4.5x NM Paycom Software, Inc. United States 148.24 -10% 8,688.9 8,638.6 530.0 135.0 25.5% 30.3% 16.3x 64.0x Paylocity Holding Corporation * United States 71.03 -20% 3,750.3 3,665.4 396.5 36.0 9.1% 25.3% 9.2x 101.7x Pluralsight, Inc. United States 29.98 -22% 1,868.1 1,785.9 212.2 (85.0) NM 38.0% 8.4x NM The Ultimate Software Group, Inc. United States 273.07 -18% 8,538.7 8,414.2 1,087.2 116.3 10.7% 20.8% 7.7x 72.4x Workday, Inc. United States 181.53 -2% 39,936.6 39,545.3 2,616.0 (223.9) NM 30.8% 15.1x NM
Adjusted Weighted Average 12.3x 57.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (88.5x)
($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $6.27 -5% $ 254.7 $ 220.7 $ 94.9 $ 8.3 8.8% 3.5% 2.3x 26.5x Check Point Software Technologies Ltd. Israel 111.92 -7% 17,483.4 15,731.7 1,916.5 931.8 48.6% 3.3% 8.2x 16.9x Cisco Systems, Inc. United States 47.29 -4% 212,614.0 195,666.0 50,266.0 15,090.0 30.0% 5.2% 3.9x 13.0x Cheetah Mobile Inc. China 6.77 -57% 949.2 547.4 726.2 112.7 15.5% 2.6% 0.8x 4.9x CyberArk Software Ltd. * Israel 87.76 -1% 3,164.7 2,778.3 314.5 41.5 13.2% 28.0% 8.8x 66.9x FireEye, Inc. United States 17.68 -14% 3,422.9 3,285.5 790.7 (127.7) NM 4.2% 4.2x NM Fortinet, Inc. United States 76.57 -19% 13,045.2 11,411.0 1,710.8 245.2 14.3% 18.7% 6.7x 46.5x Gemalto N.V. Netherlands 58.03 -1% 5,264.2 5,992.4 3,460.0 421.7 12.2% -1.9% 1.7x 14.2x Juniper Networks, Inc. United States 25.94 -16% 8,953.3 7,533.2 4,647.5 794.5 17.1% -7.6% 1.6x 9.5x Mimecast Limited * United Kingdom 37.57 -20% 2,256.6 2,289.5 301.2 19.5 6.5% 35.7% 7.6x 117.2x Palo Alto Networks, Inc. United States 214.82 -10% 20,382.3 18,802.9 2,427.3 23.7 1.0% 30.1% 7.7x NM Proofpoint, Inc. United States 101.87 -22% 5,618.0 5,386.3 717.0 (28.2) NM 39.1% 7.5x NM SecureWorks Corp. United States 22.92 NA 1,872.6 1,757.9 508.9 (30.0) NM 9.2% 3.5x NM Symantec Corporation United States 21.02 -28% 13,429.4 15,895.4 4,752.0 995.0 20.9% 0.3% 3.3x 16.0x Tenable Holdings, Inc. United States 27.68 -30% 2,576.0 2,312.0 246.3 (59.3) NM 0.0% 9.4x NM Trend Micro Incorporated Japan 53.10 -23% 7,409.2 5,951.9 1,401.1 455.3 32.5% 7.8% 4.2x 13.1x VeriSign, Inc. United States 169.27 -4% 20,462.8 21,068.2 1,203.0 798.5 66.4% 4.1% 17.5x 26.4x Zscaler, Inc. * United States 48.37 -1% 5,913.2 5,599.2 213.6 (16.6) NM 53.9% 26.2x NM
Adjusted Weighted Average 5.3x 15.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (63.2x)
29 | M&A and Investment Summary January 2019 Software Public Company Valuation (3/3)
($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA ANSYS, Inc. United States $164.35 -14% $ 13,733.1 $ 13,003.7 $ 1,180.5 $ 454.5 38.5% 11.0% 11.0x 28.6x Dassault Systèmes SE France 125.49 -22% 32,003.7 30,070.2 3,885.0 1,072.7 27.6% 4.7% 7.7x 28.0x PTC Inc. * United States 84.79 -21% 10,061.0 10,506.8 1,269.9 165.1 13.0% 7.2% 8.3x 63.6x Synopsys, Inc. United States 93.35 -10% 13,957.2 13,709.3 3,121.1 526.0 16.9% 14.5% 4.4x 26.1x Trimble Inc. United States 37.66 -15% 9,458.2 11,265.7 3,030.4 523.0 17.3% 19.7% 3.7x 21.5x
Adjusted Weighted Average 7.3x 26.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (50.6x)
($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Inc. United States $247.82 -11% $ 120,868.2 $ 121,773.8 $ 9,030.0 $ 3,186.9 35.3% 23.7% 13.5x 38.2x Atlassian Corporation Plc United Kingdom 98.40 -2% 23,433.6 22,625.7 1,030.2 29.1 2.8% 38.8% 22.0x NM Bandwidth Inc. United States 46.10 -20% 895.3 831.8 194.2 16.1 8.3% 22.0% 4.3x 51.7x Cloudera, Inc. United States 13.50 -40% 3,556.5 3,166.8 434.7 (140.5) NM 29.1% 7.3x NM Commvault Systems, Inc. United States 66.07 -9% 3,032.4 2,574.4 714.4 45.0 6.3% 4.9% 3.6x 57.3x DocuSign, Inc. United States 49.45 -28% 8,171.6 7,510.1 650.1 (335.8) NM 0.0% 11.6x NM Dropbox, Inc. United States 24.71 -43% 10,045.2 9,172.3 1,321.3 (354.8) NM 27.1% 6.9x NM Endurance International Group Holdings, Inc. United States 8.10 -26% 1,165.2 2,909.2 1,157.1 319.9 27.6% -1.5% 2.5x 9.1x First Data Corporation United States 24.65 -7% 23,092.6 43,132.6 8,617.0 3,017.0 35.0% 7.8% 5.0x 14.3x IBM Corporation United States 134.42 -17% 122,160.1 156,109.1 79,591.0 17,696.0 22.2% 0.6% 2.0x 8.8x Nutanix, Inc. United States 51.23 -21% 9,177.2 8,649.0 1,193.2 (271.3) NM 27.9% 7.2x NM Okta, Inc. * United States 82.43 0% 9,103.5 8,825.1 364.3 (115.1) NM 59.6% 24.2x NM Rapid7, Inc. United States 40.18 -1% 1,900.0 1,800.3 233.1 (44.8) NM 23.8% 7.7x NM Pivotal Software, Inc. United States 18.49 -41% 4,852.3 4,188.3 621.5 (129.2) NM 0.0% 6.7x NM salesforce.com, inc. * United States 151.97 -6% 116,257.1 117,198.1 12,484.0 1,175.7 9.4% 25.2% 9.4x 99.7x ServiceNow, Inc. United States 220.02 -4% 39,450.8 38,614.5 2,608.8 108.2 4.1% 35.0% 14.8x NM Smartsheet Inc. United States 31.38 -8% 3,254.8 3,049.4 158.5 (44.2) NM 61.8% 19.2x NM Synchronoss Technologies, Inc. United States 7.17 -41% 305.8 503.8 350.0 (55.3) NM -13.2% 1.4x NM Talend S.A. France 37.20 -49% 1,118.8 1,030.0 190.2 (35.5) NM 38.3% 5.4x NM Twilio Inc. United States 111.32 -2% 11,004.8 10,688.2 561.0 (75.8) NM 53.4% 19.1x NM Varonis Systems, Inc. United States 59.08 -29% 1,740.8 1,582.7 257.7 (22.2) NM 31.0% 6.1x NM
Adjusted Weighted Average 9.5x 23.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (23.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (73.0x)
30 | M&A and Investment Summary January 2019 Information
▪ The Information Segment had 13 transactions, three of which reported $1.3 billion in value ▪ The Healthcare Information subsegment accounted for more than seventy percent of segment value throughout the month ▪ Select transactions from the segment included: • The $1 billion round of funding life sciences and health research data company Verily Life Sciences received from Silver Lake, Ontario Teachers’ Pension Plan, and private investors • The $33 million investment Pro.com, an online marketplace for homeowners to price projects, received from WestRiver Group, Goldman Sachs, Redfin, DFJ, Madrona Venture Group, Maveron, and Two Sigma Ventures • Seeking Alpha’s purchase of investment research and information company CressCap Investment Research • Plaid’s acquisition of wealth and brokerage data platform Quovo
INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial Information 6 46% $317.0 23% 2 - 1 - 3 $317.0 Product/Price Information 4 31% 66.0 5% 2 - 0 - 2 66.0 Healthcare Information 2 15% 1,000.0 72% 1 - 0 - 1 1,000.0 HR Information 1 8% - 0% 1 - 0 - 0 - Other* 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 13 100% 1,383.0 100% 6 0.0 1 0.0 6 1,383.0
31 | M&A and Investment Summary January 2019 Information Public Company Valuation (1/2)
($ in Millions, except stock price data)
Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $100.83 -27% $ 11,772.0 $ 12,710.9 $ 4,377.9 $ 836.5 19.1% 4.9% 2.9x 15.2x Computershare Limited Australia 12.94 -14% 7,026.7 8,007.0 2,297.6 575.8 25.1% 8.9% 3.5x 13.9x CoreLogic, Inc. United States 36.30 -35% 2,924.4 4,590.8 1,839.2 416.2 22.6% -1.7% 2.5x 11.0x CoStar Group, Inc. * United States 390.74 -13% 14,230.7 13,158.9 1,130.3 305.0 27.0% 21.6% 11.6x 43.1x The Dun & Bradstreet Corporation United States 144.74 0% 5,374.4 6,492.4 1,792.1 505.1 28.2% 3.4% 3.6x 12.9x Envestnet, Inc. * United States 54.25 -16% 2,480.4 2,782.8 785.1 85.5 10.9% 19.6% 3.5x 32.5x Equifax Inc. United States 107.02 -23% 12,903.9 15,340.0 3,415.2 850.7 24.9% 2.7% 4.5x 18.0x Experian plc Ireland 25.12 -4% 22,634.7 26,099.2 4,819.0 1,469.0 30.5% 8.1% 5.4x 17.8x FactSet Research Systems Inc. United States 218.63 -8% 8,315.7 8,692.7 1,372.6 457.2 33.3% 8.7% 6.3x 19.0x Fair Isaac Corporation * United States 225.20 -7% 6,546.8 7,299.1 1,062.4 246.9 23.2% 12.4% 6.9x 29.6x Fidelity National Information Services, Inc. United States 104.53 -6% 34,232.3 42,723.3 8,877.0 2,616.0 29.5% -0.8% 4.8x 16.3x IHS Markit Ltd. United Kingdom 51.92 -7% 20,630.9 26,195.9 4,009.2 1,324.6 33.0% 11.4% 6.5x 19.8x Moody's Corporation United States 158.51 -16% 30,371.9 34,400.9 4,548.1 2,151.1 47.3% 14.3% 7.6x 16.0x Morningstar, Inc. United States 124.15 -14% 5,296.2 5,019.5 1,000.3 280.2 28.0% 13.6% 5.0x 17.9x MSCI Inc. * United States 170.27 -8% 14,989.4 16,165.6 1,434.0 772.4 53.9% 12.5% 11.3x 20.9x S&P Global Inc. United States 191.65 -12% 48,085.0 51,126.0 6,309.0 3,147.0 49.9% 7.4% 8.1x 16.2x SEI Investments Co. United States 47.54 -39% 7,303.8 6,549.2 1,624.2 474.4 29.2% 6.4% 4.0x 13.8x SS&C Technologies Holdings, Inc. United States 51.49 -16% 12,914.0 18,867.9 2,748.5 883.0 32.1% 67.8% 6.9x 21.4x Thomson Reuters Corporation Canada 52.27 -4% 26,211.1 33,433.4 11,432.0 2,391.0 20.9% 69.5% 2.9x 14.0x TransUnion United States 60.82 -23% 11,269.9 15,237.1 2,210.2 783.4 35.4% 18.6% 6.9x 19.5x Verisk Analytics, Inc. United States 117.41 -7% 19,328.1 21,763.7 2,351.5 1,056.5 44.9% 13.0% 9.3x 20.6x Workiva Inc. United States 41.90 0% 1,837.3 1,759.0 234.4 (41.5) NM 17.4% 7.5x NM
Adjusted Weighted Average 6.0x 17.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.9x)
32 | M&A and Investment Summary January 2019 Information Public Company Valuation (2/2)
($ in Millions, except stock price data)
Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation United States 177.59 -29% 9,674.0 30,700.7 7,841.5 1,785.8 22.8% 5.4% 3.9x 17.2x comScore, Inc. United States 19.69 -27% 1,159.9 1,305.9 413.1 (124.9) NM 1.4% 3.2x NM Ebiquity plc United Kingdom 0.81 -40% 61.1 96.6 116.4 12.9 11.1% 2.6% 0.8x 7.5x InnerWorkings, Inc. United States 4.59 -56% 237.2 404.0 1,132.7 21.8 1.9% 2.3% 0.4x 18.5x INTAGE HOLDINGS Inc. Japan 7.92 -37% 326.0 266.6 446.2 46.8 10.5% 2.3% 0.6x 5.7x Ipsos SA France 23.23 -39% 1,011.7 1,564.2 2,021.5 232.2 11.5% -2.8% 0.8x 6.7x LiveRamp Holdings, Inc. * United States 43.44 -16% 2,961.4 3,100.6 943.9 90.0 9.5% 72.0% 3.3x 34.5x Nielsen Holdings plc United States 25.68 -32% 9,116.0 17,474.0 6,618.0 1,610.0 24.3% 2.3% 2.6x 10.9x SVMK Inc. * United States 13.01 -35% 1,627.3 1,779.3 243.4 (86.1) NM 0.0% 7.3x NM System1 Group PLC United Kingdom 2.96 -34% 37.2 32.6 34.3 2.6 7.7% -11.6% 1.0x 12.4x YouGov plc * United Kingdom 5.81 -13% 613.8 573.6 152.8 22.2 14.5% 8.9% 3.8x 25.9x
Adjusted Weighted Average 3.1x 13.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.1x)
($ in Millions, except stock price data)
Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Forrester Research, Inc. United States 44.91 -10% 820.2 675.8 349.4 31.3 9.0% 5.6% 1.9x 21.6x Gartner, Inc. United States 135.89 -16% 12,351.5 14,311.2 3,901.1 570.4 14.6% 30.0% 3.7x 25.1x HealthStream, Inc. United States 25.16 -21% 813.3 639.0 259.8 31.0 11.9% 19.0% 2.5x 20.6x IQVIA Holdings Inc. United States 129.01 -5% 25,549.9 35,540.9 8,603.0 1,817.0 21.1% -5.8% 4.1x 19.6x Informa plc United Kingdom 8.89 -22% 11,119.5 14,745.6 2,374.3 749.2 31.6% 11.6% 6.2x 19.7x National Research Corporation * United States 39.98 -7% 990.0 1,021.7 118.9 39.7 33.4% 2.5% 8.6x 25.7x NIC Inc. United States 16.40 -6% 1,091.7 900.0 344.9 84.2 24.4% 2.5% 2.6x 10.7x National Research Corporation * United States 39.98 -7% 990.0 1,021.7 118.9 39.7 33.4% 2.5% 8.6x 25.7x Premier, Inc. United States 39.79 -16% 2,683.4 2,648.2 1,672.2 721.8 43.2% 9.2% 1.6x 3.7x Proofpoint, Inc. United States 101.87 -22% 5,618.0 5,386.3 717.0 (28.2) NM 39.1% 7.5x NM Reed Elsevier plc(1) United Kingdom 22.16 -3% 43,552.6 51,819.2 9,637.7 2,930.6 30.4% -0.5% 5.4x 17.7x Wolters Kluwer N.V. Netherlands 62.31 -3% 16,893.2 19,151.0 4,984.2 1,402.4 28.1% -3.2% 3.8x 13.7x
Adjusted Weighted Average 4.8x 18.2x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.4x)
33 | M&A and Investment Summary January 2019 Business & IT Services
▪ January was an active month for the Business & IT Services segment with 130 transactions announced, 24 of which were valued at nearly $3.5 billion ▪ IT Consulting transactions accounted for 45 percent of all transactions throughout the month with 58 deals announced; subsegment activity was up 37 percent ▪ Strategic buyers announced 100 deals throughout the month, seven of which were valued at a reported $3.0 billion ▪ Select transaction from the segment include: • Madison Dearborn Partners and CoVant Management’s $750 sale of cybersecurity and command product developer LGS Innovations to CACI International • BDO USA’s acquisition of customs and international trade regulation consulting company Global Trade Strategies • The acquisition of Switzerland-based management consulting and technology services provider Orbium by Accenture • Dentsu’s acquisition of Filter, a staffing agency for creative talent
BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting 58 45% $2,802.5 80% 53 $2,777.5 2 - 3 $25.0 Corporate Training 28 22% 281.6 8% 16 120.0 1 - 11 161.6 Staffing 14 11% - 0% 13 - 0 - 1 - HR Consulting 6 5% - 0% 5 - 1 - 0 - BPO 4 3% 47.9 1% 2 22.9 0 - 2 25.0 Engineering Consulting 4 3% - 0% 3 - 0 - 1 - Logistics 4 3% 340.8 10% 1 59.8 0 - 3 281.0 Other 12 9% 28.4 1% 7 0.0 2 0.0 3 28.4 Total 130 100% 3,501.2 100% 100 2,980.2 6 0.0 24 521.0
34 | M&A and Investment Summary January 2019 Business & IT Services Public Company Valuation (1/3)
($ in Millions, except stock price data)
Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 153.55 -13% $ 97,880.2 $ 93,914.7 $ 40,294.7 $ 6,569.6 16.3% 11.3% 2.3x 14.3x CRA International, Inc. United States 41.74 -29% 338.1 331.6 405.9 30.6 7.5% 15.1% 0.8x 10.8x FTI Consulting, Inc. United States 68.32 -17% 2,533.1 2,587.4 1,990.6 262.0 13.2% 11.7% 1.3x 9.9x Information Services Group, Inc. United States 4.13 -24% 186.6 272.5 274.5 24.4 8.9% 6.7% 1.0x 11.2x Navigant Consulting, Inc. United States 25.92 -1% 1,103.9 830.2 957.4 123.1 12.9% 33.0% 0.9x 6.7x ICF International, Inc. United States 65.92 -20% 1,242.4 1,469.1 1,281.2 111.4 8.7% 7.0% 1.1x 13.2x Huron Consulting Group Inc. * United States 48.35 -15% 1,045.5 1,352.3 775.6 92.7 12.0% 7.0% 1.7x 14.6x The Hackett Group, Inc. United States 17.99 -21% 531.0 529.4 269.8 42.1 15.6% 3.1% 2.0x 12.6x
Adjusted Weighted Average 1.3x 10.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.9x) ($ in Millions, except stock price data)
HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 139.84 -9% $ 60,918.5 $ 61,337.8 $ 13,839.4 $ 3,231.5 23.4% 8.2% 4.4x 19.0x Barrett Business Services, Inc. United States 62.65 -37% 462.4 431.3 947.6 38.6 4.1% 5.7% 0.5x 11.2x Capita plc United Kingdom 1.53 -43% 2,526.6 3,734.0 5,436.2 535.5 9.8% -5.1% 0.7x 7.0x DHI Group, Inc. United States 1.96 -40% 103.7 115.6 174.5 23.6 13.6% -17.7% 0.7x 4.9x Edenred SA * France 40.60 -5% 9,630.2 11,148.0 1,512.1 536.7 35.5% 8.5% 7.4x 20.8x Insperity, Inc. * United States 106.68 -12% 4,460.3 4,198.8 3,688.3 196.5 5.3% 15.2% 1.1x 21.4x Marsh & McLennan Companies, Inc. United States 88.19 -2% 44,447.8 49,205.8 14,950.0 3,470.0 23.2% 6.6% 3.3x 14.2x Paychex, Inc. United States 70.80 -7% 25,423.7 24,722.0 3,506.7 1,439.6 41.1% 9.9% 7.0x 17.2x TriNet Group, Inc. United States 45.66 -24% 3,216.5 3,359.5 3,434.0 285.0 8.3% 6.1% 1.0x 11.8x WageWorks, Inc. United States 31.55 -49% 1,250.5 603.0 461.7 91.7 19.9% 33.1% 1.3x 6.6x
Adjusted Weighted Average 4.5x 16.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.5x)
35 | M&A and Investment Summary January 2019 Business & IT Services Public Company Valuation (2/3)
($ in Millions, except stock price data)
IT Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 153.55 -13% $ 97,880.2 $ 93,914.7 $ 40,294.7 $ 6,569.6 16.3% 11.3% 2.3x 14.3x Amdocs Limited United States 55.88 -22% 7,799.5 7,323.4 3,974.8 724.6 18.2% 2.8% 1.8x 10.1x Bechtle AG Germany 79.44 -24% 3,336.4 3,575.0 4,694.8 243.8 5.2% 17.7% 0.8x 14.7x Booz Allen Hamilton Holding Corporation United States 49.13 -7% 6,993.3 8,434.7 6,559.3 666.3 10.2% 6.7% 1.3x 12.7x Business & Decision SA * France 8.41 -11% 66.3 105.3 249.3 2.7 NA -3.7% 0.4x 39.5x Capgemini SE France 110.52 -20% 17,941.2 20,708.7 15,142.9 1,883.1 12.4% 3.3% 1.4x 11.0x Cerner Corporation United States 54.91 -19% 18,092.2 17,719.8 5,213.0 1,256.5 24.1% 3.0% 3.4x 14.1x CGI Inc. Canada 66.08 -1% 18,162.5 19,558.8 8,540.5 1,439.0 16.8% 6.1% 2.3x 13.6x Cognizant Technology Solutions Corporation United States 69.68 -18% 40,346.7 36,307.7 15,824.0 3,305.0 20.9% 9.6% 2.3x 11.0x Digi International Inc. United States 11.86 -19% 327.8 251.4 245.7 27.7 11.3% 35.3% 1.0x 9.1x DXC Technology Company United States 64.12 -41% 17,960.9 22,544.9 24,162.0 5,453.0 22.6% 66.7% 0.9x 4.1x Endava plc * United Kingdom 23.50 -25% 1,246.3 1,191.9 308.5 44.3 14.3% 0.0% 3.9x 26.9x EPAM Systems, Inc. * United States 141.48 -2% 7,641.2 6,981.2 1,737.3 261.8 15.1% 27.3% 4.0x 26.7x Globant S.A. * Luxembourg 67.60 -3% 2,446.0 2,366.1 497.6 81.1 16.3% 29.2% 4.8x 29.2x Hexaware Technologies Limited India 4.83 -38% 1,437.4 1,322.5 667.8 104.4 15.6% 17.9% 2.0x 12.7x International Business Machines Corporation United States 134.42 -17% 122,160.1 156,109.1 79,591.0 17,696.0 22.2% 0.6% 2.0x 8.8x Infosys Limited India 10.56 -1% 45,930.5 42,246.3 11,545.0 3,014.0 26.1% 7.9% 3.7x 14.0x ITS Group France 5.50 -38% 42.8 58.6 208.7 9.3 4.4% -2.2% 0.3x 6.3x Larsen & Toubro Limited India 18.51 -9% 25,955.6 40,209.9 19,883.2 2,477.9 12.5% 18.3% 2.0x 16.2x Navigant Consulting, Inc. United States 25.92 -1% 1,103.9 830.2 957.4 123.1 12.9% 33.0% 0.9x 6.7x NTT DATA Corporation Japan 11.91 -19% 16,699.3 20,524.5 18,671.2 2,780.9 14.9% 7.4% 1.1x 7.4x Perficient, Inc. United States 25.51 -18% 846.5 920.6 487.8 56.9 11.7% 4.3% 1.9x 16.2x Presidio, Inc. United States 15.93 -13% 1,311.4 2,312.0 2,876.7 208.3 7.2% 2.3% 0.8x 11.1x Reply S.p.A. Italy 55.44 -21% 2,073.9 2,016.3 1,119.7 141.9 12.7% 12.2% 1.8x 14.2x SQLI SA France 22.08 -50% 96.4 125.0 262.9 19.3 7.3% 13.9% 0.5x 6.5x Synthomer plc United Kingdom 4.71 -38% 1,600.4 1,886.6 2,036.9 230.9 11.3% 12.7% 0.9x 8.2x Tata Consultancy Services Limited * India 28.39 -11% 106,513.7 100,201.2 20,190.8 5,474.1 27.1% 16.5% 5.0x 18.3x Wipro Limited India 5.20 0% 23,441.8 19,920.6 8,239.5 1,500.5 18.2% 4.8% 2.4x 13.3x
Adjusted Weighted Average 2.2x 12.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.0x)
36 | M&A and Investment Summary January 2019 Business & IT Services Public Company Valuation (3/3)
($ in Millions, except stock price data)
Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $6.22 -37% $ 50.6 $ 38.5 $ 40.5 $ 1.6 4.0% 6.9% 1.0x 23.7x Cimpress N.V. Netherlands 83.17 -52% 2,565.3 3,771.9 2,681.8 270.1 10.1% 9.9% 1.4x 14.0x Clairvest Group Inc. Canada 38.22 -3% 581.6 292.1 204.3 141.4 69.2% 81.6% 1.4x 2.1x CSG Systems International, Inc. United States 36.19 -26% 1,206.2 1,367.5 833.0 154.8 18.6% 6.9% 1.6x 8.8x Donnelley Financial Solutions, Inc. United States 14.64 -32% 499.2 840.2 987.5 132.0 13.4% -1.4% 0.9x 6.4x Elanders AB (publ) Sweden 10.26 -5% 362.7 644.2 1,208.8 81.6 6.7% 15.0% 0.5x 7.9x Eniro AB (publ) Sweden 0.20 -72% 13.5 118.2 157.8 17.3 11.0% -19.6% 0.7x 6.8x ExlService Holdings, Inc. United States 57.50 -14% 1,969.8 2,028.6 846.1 117.2 13.9% 14.1% 2.4x 17.3x Firstsource Solutions Limited India 0.69 -41% 476.6 533.1 504.3 65.9 13.1% 3.7% 1.1x 8.1x Genpact Limited Bermuda 29.83 -12% 5,670.3 6,612.8 2,899.9 407.7 14.1% 8.0% 2.3x 16.2x InnerWorkings, Inc. United States 4.59 -56% 237.2 404.0 1,132.7 21.8 1.9% 2.3% 0.4x 18.5x j2 Global, Inc. United States 75.16 -18% 3,704.5 4,411.6 1,177.6 426.8 36.2% 11.8% 3.7x 10.3x Liq Participações S.A. Brazil 0.27 -81% 3.0 11.4 361.5 (1.1) NM -21.3% 0.0x NM Luxoft Holding, Inc. Switzerland 58.03 0% 1,967.3 1,878.5 910.7 98.2 10.8% 7.4% 2.1x 19.1x LSC Communications, Inc. United States 7.93 -57% 264.2 1,190.2 3,886.0 291.0 7.5% 10.3% 0.3x 4.1x MAXIMUS, Inc. United States 70.13 -3% 4,474.2 4,107.2 2,392.2 350.8 14.7% -2.4% 1.7x 11.7x Quad/Graphics, Inc. United States 13.51 -57% 694.9 1,772.4 4,176.3 421.0 10.1% 0.3% 0.4x 4.2x IQVIA Holdings Inc. United States 129.01 -5% 25,549.9 35,540.9 8,603.0 1,817.0 21.1% -5.8% 4.1x 19.6x R.R. Donnelley & Sons Company United States 5.10 -47% 359.0 2,303.7 6,962.6 428.8 6.2% 1.3% 0.3x 5.4x Serco Group plc United Kingdom 1.45 -5% 1,582.4 1,912.3 3,711.1 83.9 2.3% -7.0% 0.5x 22.8x Steel Connect, Inc. United States 1.66 -34% 98.9 500.2 757.9 44.2 5.8% 81.4% 0.7x 11.3x SYNNEX Corporation United States 96.76 -25% 4,956.7 7,963.5 20,053.8 821.0 4.1% 17.6% 0.4x 9.7x Sykes Enterprises, Incorporated United States 27.57 -13% 1,176.0 1,100.7 1,629.7 155.3 9.5% 4.7% 0.7x 7.1x Teleperformance SE France 172.16 -13% 9,944.2 11,413.9 4,864.1 737.4 15.2% 3.2% 2.3x 15.5x TTEC Holdings, Inc. United States 33.43 -16% 1,544.2 1,731.1 1,516.7 174.9 11.5% 8.7% 1.1x 9.9x transcosmos inc. Japan 20.80 -27% 862.7 707.5 2,556.1 79.4 3.1% 8.0% 0.3x 8.9x Transcontinental Inc. Canada 15.92 -37% 1,387.2 2,467.8 2,001.5 429.9 21.5% 30.7% 1.2x 5.7x
Adjusted Weighted Average 1.2x 11.9x
37 | M&A and Investment Summary January 2019 PPLLC Indices Valuation Summary
Current Summary Trading Valuation Information
Revenue Multiples (TTM) Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 4.2x 3.7x 5.3x 4.1x Internationally-based Digital Media and Internet 3.3x 3.5x 4.6x 3.0x US-based eCommerce 3.7x 2.0x 4.1x 3.6x Internationally-based eCommerce 4.7x 1.5x 8.8x 4.1x US-based Digital Advertising 3.6x 2.6x 6.2x 3.1x Internationally-based Digital Advertising 3.0x 0.9x 9.8x 2.5x US-based Marketing Technology 7.4x 6.3x 7.2x 7.0x Internationally-based Marketing Technology 6.9x 4.1x 9.2x 6.1x Agency 1.1x 1.2x 1.3x 1.3x Marketing Services 1.6x 1.5x 3.6x 2.4x Traditional Media 2.9x 2.3x 3.6x 3.2x Software 7.4x 6.6x 7.8x 7.5x Information 4.6x 3.8x 6.9x 5.1x Business Services 1.3x 0.9x 2.7x 2.2x
As of close of business on 01/31/19 *Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean
38 | M&A and Investment Summary January 2019 PPLLC Indices Valuation Summary
Current Summary Trading Valuation Information
EBITDA Multiples (TTM) Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 32.2x 23.0x 19.3x 29.4x Internationally-based Digital Media and Internet 14.8x 12.0x 15.1x 14.2x US-based e-commerce 20.4x 15.4x 19.2x 16.0x Internationally-based e-commerce 13.5x 10.1x 27.9x 12.5x US-based Digital Advertising 36.3x 33.0x 18.1x 22.0x Internationally-based Digital Advertising 11.1x 6.6x 5.9x 11.6x US-based Marketing Technology 49.9x 32.3x 32.3x 27.9x Internationally-based Marketing Technology 44.2x 14.8x 9.5x 15.2x Agency 9.4x 8.9x 8.4x 8.3x Marketing Services 10.3x 8.1x 16.4x 11.5x Traditional Media 14.1x 9.9x 13.0x 12.1x Software 32.9x 26.4x 24.7x 18.3x Information 19.0x 17.8x 24.7x 17.0x Business Services 11.3x 10.9x 13.8x 12.3x
As of close of business on 01/31/19 *Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean
39 | M&A and Investment Summary January 2019 PPLLC Indices LTM Share Pricing Trends
Digital Media/Commerce and Traditional Media Digital Advertising LTM Index Performance LTM Index Performance 150% 150% • S&P 500 – (4.2) % 140% • S&P 500 – (4.2)% 140%
130% 130% • Digital Advertising – (5.5)% • Digital Media/Commerce – (2.6)% 120% 120% • 110% Traditional Media – (2.7)% 110% 100%
100% Index Performance (%) Performance Index
90% (%) Performance Index 90% 80% 80% Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Marketing Technology Agency & Marketing Services LTM Index Performance 150% LTM Index Performance 150% 140% • S&P 500 – (4.2) % • S&P 500 – (4.2)% 140% 130% 130% • Agency – (12.4) % 120% • Marketing Technology – (0.1)% 120% 110% • Marketing Services – (9.0)% 110% 100%
90% 100% Index Performance (%) Performance Index
80% (%) Performance Index 90% Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 80% Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Marketing Technology S&P 500 Index (^SPX) Agency Marketing Services S&P 500 Index (^SPX) LTM Index Performance Software Information & Business Services LTM Index Performance 150% 150% • S&P 500 – (4.2)% 140% 140% • S&P 500 – (4.2)% • Software – 5.8% 130% 130% • Information – (2.3) % 120% 120% • Business Services – (2.3)% 110% 110% 100% 100%
Index Performance (%) Performance Index 90%
90% Index Performance (%) Performance Index 80% 80% Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18
Software S&P 500 Index (^SPX) Information Business Services S&P 500 Index (^SPX) Note: LTM as of 1/31/2019 40 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Strategic Transactions Strategic Values Disclosed Target Target Segment Buyer/Investor Reported TV
Luxoft Holding, Inc. Business Services DXC Technology Company $ 2,000.0 Avito.ru Digital Media/Commerce Naspers Ltd. 1,200.0 TomTom Telematics Software Bridgestone Europe NV/SA 1,000.0 Elemis Ltd. Digital Media/Commerce L'Occitane International S.A. 900.0 LGS Innovations LLC Software CACI International, Inc. 750.0 VaaS International Holdings, Inc. Software Motorola Solutions, Inc. 445.0 Abril Educacao SA Traditional Media Legion Holdings LLC 415.5 Pluto TV Traditional Media Viacom, Inc. 340.0 AppRiver LLC Software Zix Corporation 275.0 Hello Sign, Inc. Marketing Technology Dropbox, Inc. 230.0 TrendKite, Inc. Marketing Technology Cision Ltd. 225.0 CloudEndure Software Amazon.com, Inc. 200.0 Aroundhome Digital Media/Commerce NuCom Group SE 161.0 YourCause LLC Software Blackbaud, Inc. 157.0 Falcon.io ApS Marketing Technology Cision Ltd. 125.9 OSMO Business Services BYJU 120.0 MilAnuncios.com Digital Media/Commerce Schibsted ASA 113.9 Data Artisans GmbH Software Alibaba Group Holding Ltd. 103.0 Sage Payroll Solutions Software iSolved HCM 100.0 United Media Agency Traditional Media Mail.Ru 97.0 Axxerion B.V. Software MCS Solutions 90.0 BoardEx Marketing Technology Euromoney Institutional Investor plc 87.3 The Deal LLC Marketing Technology Euromoney Institutional Investor plc 87.3 Gridsmart Software Cubic Corporation 87.0 Coins.ph Software Go-Jek 72.0 Weizmann Forex Limited Software EbixCash World Money Limited 63.3 Dynasty Marketplace, Inc. Marketing Technology AppFolio, Inc. 60.0 Superpod Digital Media/Commerce Google 60.0 TRANSPOREON Group Business Services HG Capital 59.8 First Billing Services LLC Software Paya, Inc. 57.5 Fossil Group's Smartwatch Technology Business Digital Media/Commerce Google 40.0 Yospace Technologies Ltd. Digital Advertising RTL Group 33.0 Schurz Communications Inc. Traditional Media New Media Investment Group, Inc. 30.0 Flyt Limited Software Just-Eat plc 28.4 InterGlobe Technologies Pvt. Ltd. Business Services AION Capital Partners 22.9 ScaleLab LLC Agency & Marketing Services Yeah1 Group 20.0 Providigm LLC Software HealthStream, Inc. 18.5 Sandz Solutions Pte. Ltd. Software Kronologi Asia Berhad 18.1 Black Box Corporation Business Services AGC Networks, Inc. 17.2 Aplus.com Digital Media/Commerce Chicken Soup for the Soul 15.0 Smart Retail Software Smith Micro Software, Inc. 9.3 Infibeam Incorporation Limited Digital Media/Commerce Tradohub 8.4 41 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Strategic Transactions Strategic Values Disclosed Target Target Segment Buyer/Investor Reported TV
Planning-Inc Limited Marketing Technology Next Fifteen Communications Group plc $ 8.1 Dynamic Business IT Solutions Pty Limited Business Services Rhipe Ltd. 8.0 Scannell Solutions Ltd. Software Ideagen Plc 4.5 VisualWebcaster Platform, Onstream Media Corp. Marketing Technology Issuer Direct Corporation 2.8 NerdEMR and Butterfly Medical Software WELL Health Technologies Corp. 2.6 Deeplake Digital Limited Marketing Technology Castleton Technology plc 2.3 OMG Mobile OOD Business Services Speedy JSC 2.3 Lutum + Tappert DV Consulting GmbH Software Infas Holding AG 1.8 Imaginatik plc Marketing Technology Planbox, Inc. 1.7 Thoughtful Thailand Agency & Marketing Services Yeah1 Group 1.6 Cavena Image Products AB Agency & Marketing Services Edgeware AB 1.0
42 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
BrandWorks Agency & Marketing Services The Big Group Limited $ - Caspari McCormick, Inc. Agency & Marketing Services Aloysius Butler & Clark Associates, Inc. - Catalyst Advertising Agency & Marketing Services Proclaim Interactive - CatchOn Agency & Marketing Services Finn Partners, Inc. - Citus Data Agency & Marketing Services Microsoft Corporation - CM Promotions, Inc. Agency & Marketing Services Geiger, Inc. - Codeword Agency & Marketing Services WE Commnications - CohereOne Agency & Marketing Services Midland Paper, Packaging & Supplies - Doyen Communications Agency & Marketing Services ReelTime Media - Epic Rights Agency & Marketing Services Bravado International Group - Eris Group LLC Agency & Marketing Services GrayRobinson, P.A. - Estonian Idea Agency & Marketing Services Havas Group - EXIT Marketing & Brand Development Agency & Marketing Services Thoma Thoma - FCB Bangkok Agency & Marketing Services YDM Thailand Ltd. - FleishmanHillard's Middle East Business Agency & Marketing Services Porter Novelli - FloorForce Agency & Marketing Services AdHawk, Inc. - Gagnon Levesque, Inc. Agency & Marketing Services Talbot Marketing - Get1free, Inc. Agency & Marketing Services Valassis Communications, Inc. - Gravity Thinking Ltd. Agency & Marketing Services Vivaldi - Haines Direct Agency & Marketing Services Allegiance Fundraising Group - Hinge Consulting LLC Agency & Marketing Services Vora Ventures - Idium AS Agency & Marketing Services 1881 Group AS - Inside Ideas Group Ltd. Agency & Marketing Services You & Mr. Jones, Inc. - JB Chicago Agency & Marketing Services C.A. Fortune - Jo Hutchison International Agency & Marketing Services Fane Productions Limited - Killer Infographics, Inc. Agency & Marketing Services Lieberman Research Worldwide - Kronos SAS Agency & Marketing Services Narvar Inc. - LiberoNet Agency & Marketing Services Ixis IT Ltd. - Loyalty Advantage Pte. Ltd. Agency & Marketing Services Ascenda Loyalty Pte. Ltd. - MJM Media Agency & Marketing Services OKD Marketing Group - NC Creative Group Limited Agency & Marketing Services Cogent Elliott Ltd. - OpenQM Agency & Marketing Services Zumasys, Inc. - Orangelite Agency & Marketing Services Lightswitch.net - Parallel Path Agency & Marketing Services (Private Investors) - Path Interactive, Inc. Agency & Marketing Services SourceLink Business Services, Inc. - PMX Agency Agency & Marketing Services Forward3D - Popcorn Global Agency & Marketing Services Williams Lea Tag - Print Digital Plus, Inc. Agency & Marketing Services Did-it.com - Publicis Healthcare Solutions Agency & Marketing Services Altamont Capital Partners - Richard Attias & Associates Agency & Marketing Services (Private Investors) - SMACK Agency & Marketing Services Field Agent, LLC - SpeakerBox Agency & Marketing Services REQ - 43 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Spice Lab Pte. Ltd. Agency & Marketing Services FreakOut Holdings, Inc. $ - Sponsorship Science Agency & Marketing Services Media Management, Inc. - Synergy Events Agency & Marketing Services LG&P In-store Agency - The Unravel Corporation Agency & Marketing Services RSM Marketing - ThreeSixtyEight Agency & Marketing Services Mindworx Marketing LLC - United Digital Group Agency & Marketing Services PIA Performance Interactive Alliance für digitales Marketing GmbH - Wandern Media Agency & Marketing Services Ground Level Up Productions Ltd. - WearAway Agency & Marketing Services Grin, Inc. - Weintraub Advertising Agency & Marketing Services integrity - Westwicke Partners, LLC Agency & Marketing Services ICR LLC - Wrapp Agency & Marketing Services Meniga Ltd. - Your Event Solutions Limited Agency & Marketing Services Travel Leaders Group, LLC - ZCOMM Agency & Marketing Services rbb Commnications LLC - 10X People LLC Business Services Somos, Inc. - 3sage Consulting LLC Business Services ThreeBridge Solutions - Absyz, Inc. Business Services Youngsoft, Inc. - AC4S Business Services Hui Huliau - Algorfin S.p.A. Business Services Objectway S.p.A. - All Crescent Sdn Bhd Business Services Anvia Holdings Corporation - Avanxo Business Services Globant S.A. - Benz Communications LLC Business Services The Segal Group, Inc. - BFK HR Consulting Business Services Kilpatrick Group SA - Big Red Dog Business Services Wantman Group, Inc. - BioStore Ltd. Business Services IRIS Software Group Ltd - Capax Global, LLC Business Services Hitachi Solutions America, Ltd. - Carbon60 Networks, Inc. Business Services M/C Partners - Carolina Networks, Inc. Business Services Dynamic Quest, Inc. - Cervello, Inc. Business Services A.T. Kearney, Inc. - Chouinard & Myhre, Inc. Business Services Solutions-II, Inc. - ClearObject, Inc. Business Services Egis Capital Partners - Componence Services BV Business Services Valamis Group Oy - Computer 911, Inc. Business Services 2W Technologies, Inc. - DHA Group, Inc. Business Services ASGN Incorporated - Dougherty & Associates, Inc. Business Services Concept Plus LLC - Drive 360 Logistics LLC Business Services TransForce, Inc. (Private Company) - E.A. Hughes & Company Business Services Solomon Page Group - Education Umbrella Ltd. Business Services Bertram Group - Elearis Business Services Curator Solutions, Inc. - EMS Safety Services, Inc. Business Services Health & Safety Institute - Emulate3d, Inc. Business Services Rockwell Automation - Entire Recruitment Pty. Ltd. Business Services Synergie SE - eTera Consulting LLC Business Services HaystackID LLC - 44 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Everpace Business Services JOLT Advantage Group $ - Evo Solutions Business Services Compri Consulting, Inc. - Filter, LLC Business Services Dentsu, Inc. - Find My Flock Business Services Technical Integrity, LLC - Fixx iT Detachering B.V. Business Services Entelect Software (Pty) Ltd. - Forza Technology Solutiolns Business Services Winxnet Inc. - Freudenberg IT GmbH & Co. KG Business Services Syntax Systems Limited - Fulcrum IT Services, LLC Business Services Huntington Ingalls Industries, Inc. - Global Trade Strategies, Inc. Business Services BDO USA, LLP - Gossamer Threads, Inc. Business Services M/C Partners - GreyCampus, Inc. Business Services Talentedge - Healthline Solutions, Inc. Business Services Medsphere Systems Corporation - illuminea.com Business Services LeverageIT - IN2IP B.V. Business Services ODMedia B.V. - Information Strategy Design Business Services Medicus Solutions - Innovative Architects LLC Business Services Improving Holdings, LLC - Intramode Business Services Kraemer Design Group - ISA Training Ltd. Business Services Educ8 Group - ISDesign.com Business Services Medicus IT, LLC - Itneer.com Business Services Surana Associates, Inc. - J.C. Griffin LLC Business Services Dixon Hughes Goodman LLP - Jobmax Uitzendburo B.V. Business Services Flexfactory B.V. - Kathleen Metcalf Team Coaching & Training Business Services Black29 Group, Inc. - MCCi LLC Business Services Century Park Capital Partners - Moov2 Ltd. Business Services Etch Ltd. - netConsult Limited Business Services TIG Ltd. - Network Alliance, Inc. Business Services Ntiva, Inc. - Nexign Business Services Intellectual Computer Systems - NextGen Global Resources LLC Business Services Kelly Services, Inc. - NextTier Education, Inc. Business Services Follett Corporation - Officine 8K S.r.l. Business Services Servtech Global Holdings Limited - OGSystems Business Services Parsons Corporation - OmniVere LLC Business Services Driven-inc.com - On Time Staffing Business Services Eclipse Advantage, Inc. - Orbium Holding AG Business Services Accenture plc - P2V Systems Business Services ActionPoint Technology Group - Plaut IT Australia Business Services Ernst & Young LLP - Pocket Watch LLC Business Services SR2 Solutions LLC - PreCheck, Inc. Business Services Cisive - Princeton Information Ltd. Business Services Digital Intelligence Systems LLC - ProjectEd Business Services Entangled Group - PV Waggle LLC Business Services Houghton Mifflin Harcourt - 45 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Real Time Cases, Inc. Business Services Curator Solutions, Inc. $ - Ruletronics Business Services Larsen & Toubro Infotech Limited - Sandpoint Consulting Business Services Valuize Consulting - Scalar Decisions, Inc. Business Services CDW Corporation - SLAIT Consulting LLC Business Services ePlus, Inc. - Software Information Systems LLC Business Services Converge Technology Solutions Corp. - SonoWorld Business Services 123sonography GmbH - Sqware Peg Business Services Simplus, Inc. - SWL Training Business Services Notus Heavy Lift Solutions Ltd. - Synchrony Global Business Services Rizing LLC - Tech-IT PSF S.A. Business Services Computer Task Group, Inc. - TERP Associates Business Services MentorcliQ LLC - Terramap Pty. Ltd. Business Services Intrax Consulting Engineers Pty. Ltd. - The Alpha Group Agency, Inc. Business Services OneDigital Health and Benefits - The Comedy Zone Worldwide Business Services EastCoast Entertainment - The Weinberg Group, Inc. Business Services ProPharma Group - Thinking Hut IT Solutions Pvt. Ltd. Business Services iLink Systems, Inc. - Veritas Prep LLC Business Services Varsity Tutors LLC - Visual Compliance (eCustoms) Business Services The Descartes Systems Group, Inc. - Vuursteen B.V. Business Services RoomRaccoon B.V. - Yerra Solutions AG Business Services Elevate Services, Inc. - Aasaanjobs Pvt. Ltd. Digital Advertising OLX Group - Accengage S.A. Digital Advertising Urban Airship, Inc. - Blippar Digital Advertising Candy Ventures - CityGrid Media Digital Advertising eLocal USA LLC - Pocket Concierge, Inc. Digital Advertising American Express Company - Pouch Digital Advertising Global Savings Group GmbH - Spacio, Inc. Digital Advertising HomeSpotter LLC - Target Media Partners Digital Advertising Digital Air Strike - Websheep GmbH Digital Advertising localsearch.ch - 3Lateral Digital Media/Commerce Epic Games, Inc. - AcquireWeb, Inc. Digital Media/Commerce Claritas, LLC - Agog Labs Digital Media/Commerce Epic Games, Inc. - Almosafer Digital Media/Commerce Al Tayyar - Audiokinetic, Inc. Digital Media/Commerce Sony Corporation - Blitz Esports Digital Media/Commerce Team Solomid - BLVCK Digital Media/Commerce National Black Business Directory - BookGig Digital Media/Commerce The Bookseller - Bump Club and Beyond Digital Media/Commerce Brand Connections, LLC - Byrdie.com & MyDomaine Digital Media/Commerce Dotdash.com - Dering Hall, LLC Digital Media/Commerce Chairish, Inc. - Divvit Digital Media/Commerce Ve Global UK Limited - 46 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Doublejump.tokyo, Inc. Digital Media/Commerce Gumi Co., Ltd. $ - Easy Pre-Orders Ltd. Digital Media/Commerce Bookatable Ltd. - FIREapps Digital Media/Commerce Kyriba Corporation - Gaest.com AS Digital Media/Commerce Airbnb, Inc. - GarageHop Digital Media/Commerce WhereiPark - GOAT Labs, Inc. Digital Media/Commerce Seamount Consulting - GuavaPass Digital Media/Commerce ClassPass, Inc. - Jane Iredale Digital Media/Commerce San Francisco Equity Partners - Kelaa Digital Media/Commerce Prenetics Limited - Listingly.com Digital Media/Commerce Way Past Shelter LLC - LiveTonight Digital Media/Commerce Concert En Appart - Maya (Plackal Tech) Digital Media/Commerce SHEROES - MyAnimeList Digital Media/Commerce Media Do Co., Ltd. - Sports Internet Digital Media/Commerce AXIOS Media Inc. - Studydrive GmbH Digital Media/Commerce StepStone - Supertreat GmbH Digital Media/Commerce Playtika Ltd. - The Coral Project Digital Media/Commerce Vox Media, Inc. - The Sims Resource Digital Media/Commerce Enthusiast Gaming, Inc. - TickTock Games Digital Media/Commerce Rebellion Developments Ltd. - WoodPellets.com, LLC Digital Media/Commerce Lignetics, Inc. - Cresscap Investment Research Information Seeking Alpha Ltd - Data Services Business, HIMSS Analytics Information Definitive Healthcare, LLC - Granta Design Limited Information ANSYS, Inc. - Quovo, Inc. Information Plaid, Inc. - RE:Tech Information CREtech - Rental History Reports Information MRI Software LLC - Abe AI, Inc. Marketing Technology Yodlee, Inc. - Allegorithmic SAS Marketing Technology Adobe Systems, Inc. - Askuity, Inc. Marketing Technology The Home Depot, Inc. - Automated Advisor LLC Marketing Technology Steep Digital Marketing - Brickwork Marketing Technology b8ta, Inc. - BrightGauge Software, Inc. Marketing Technology Continuum Managed Services LLC - Callware Marketing Technology Sabio Limited - Causeway Solutions Marketing Technology Majority Strategies - Checkdomain GmbH Marketing Technology dogado GmbH - Connect First, Inc. Marketing Technology RingCentral, Inc. - CrunchBot Marketing Technology Qlik Technologies, Inc. - Dayre.me Marketing Technology Create Collective Pte. Ltd. - Deem, Inc. Marketing Technology Enterprise Holdings, Inc. - Edgenet, Inc. Marketing Technology Gladson, LLC - FamousEnuf Technolgies Pvt. Ltd. Marketing Technology Xoxoday - Fitmanager.com Marketing Technology Eversports GmbH - 47 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
FLUVIP SAS Marketing Technology IZEA, Inc. $ - Gengo, Inc. Marketing Technology Lionbridge Technologies, Inc. - Housefax.com LLC Marketing Technology National HouseCheck Corporation - ImageVision Labs, Inc. Marketing Technology Two Hat Security Ltd. - ItemMaster, Inc. Marketing Technology Gladson, LLC - Layers WP Marketing Technology Elementor Ltd. - Leiki Oy Marketing Technology DoubleVerify, Inc. - Lifeyo Marketing Technology SpotOn Transact LLC - ListenLoop Marketing Technology Integrate, Inc. - Liveclicker, Inc. Marketing Technology Campaign Monitor Pty Ltd. - MTC Performance Marketing Technology 360insights - Opentree Ltd. Marketing Technology GRAITEC Innovation SAS - Peerio Technologies, Inc. Marketing Technology WorkJam, Inc. - Proceed Labs Marketing Technology Up Group - PupKeep LLC Marketing Technology DaySmart Software LLC - Reach Analytics, LLC Marketing Technology Data Decisions Group - Reimagine Holdings Group Marketing Technology Dynata - roundCorner, Inc. Marketing Technology Salesforce.org - Sailthru, Inc. Marketing Technology Campaign Monitor Pty Ltd. - SalesWolf Marketing Technology The Sales Developers, Inc. - Securus Contact Systems Marketing Technology PennSpring Capital - Silverbear Marketing Technology ClearCourse Partnership LLP - SoAmpli Ltd. Marketing Technology Force24 Ltd. - Streetbees.com Limited Marketing Technology BeMyEye Holdings Ltd. - TermSet Marketing Technology CoreView - The Studio by Ctrl Shift Pte. Ltd. Marketing Technology AdGeek Marketing Consulting Co., Ltd. - ThoughtTrace ECM Business Segment Marketing Technology Konica Minolta, Inc. UniteU Technologies, Inc. Marketing Technology VTEX UserMuse LLC Marketing Technology UserTesting, Inc. Vincent Consulting Marketing Technology The Student Room WannaSpeak Marketing Technology IOVOX Ltd. Wavebid, Inc. Marketing Technology Proxibid, Inc. Waypoint Media LLC Marketing Technology FanAI, Inc. Zuvoo Limited Marketing Technology Smartassistant - Alcomy Technologies Software EZAdvance Consumer Lending - Altex Business Solutions, Inc. Software DAS Health - Ambo LLC Software MyCrypto, Inc. - APD Communications Limited Software Northgate Public Services Limited - Aprima Medical Software, Inc. Software e-MDs, Inc. - Avid Secure, Inc. Software Sophos Ltd. - Avitru.com Software Deltek, Inc. - Blockspring.com Software Coinbase, Inc. - 48 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Browserid OU Software Veriff OU $ - CalmCircle LLC Software Higher Ed Growth LLC - CareerVision Ltd. Software Servelec Group plc - CareSync, Inc. Software Vatica Health, Inc. - CenPOS LLC Software Elavon Inc. - Chiron Health, Inc. Software Medici Technologies LLC - Clear Direct Debit Software ClearCourse Partnership LLP - Clearview Continuity Software Assurance Software, Inc. - Cloud Comrade Pte. Ltd. Software ST Telemedia - Cloud Practice, Inc. Software Premier Health Group, Inc. - Compli.com Software KPA LLC - CrewSense.com Software Vector-Solutions.com, Inc. - Dent Buddy Software MobiTech International, Inc. - Dinghy UK Limited Software Kingsbridge Contractor Insurance - Eeme LLC Software Tendril Networks, Inc. - EmeraldCube Solutions LLC Software Syntax Systems Limited - Envenio.com Software JUUL Labs, Inc. - Etalon AG Software Hexagon AB - Evo W12 Inovações Tecnologicas Ltda Software ABC Financial Services, Inc. - Explorer.ai Software Standard Cognition Corporation - Exxeno LLC Software Hussmann Corporation - Flairbase, Inc. Software Datamine - ForceNock Security Ltd. Software Check Point Software Technologies Ltd. - Frontline PCB Solutions Limited Software Orbotech Ltd. - GES International AB Software Sustainalytics B.V. - GPSlogix Software Collabetive Services LLC - Greenlots Software Royal Dutch Shell plc - Griddable, Inc. Software Salesforce.com - HUB International Limited Software TRG Group Benefits and Pensions, Inc. - Influence Health, Inc. Software Healthgrades Operating Company, Inc. - Isoneo, Inc. Software Star Navigation Systems Group Ltd. - Janrain, Inc. Software Akamai Technologies, Inc. - Lanner Group Limited Software Royal HaskoningDHV - LEO Enterprises Software Dsco.io - Lucity, Inc. Software CentralSquare Technologies - Magique Galileo Softwre Ltd. Software Sword GRC - Mariana Systems LLC Software Black Mountain Systems - MineralSoft, Inc. Software Drillinginfo, Inc. - Paid Labs, Inc. Software Auction Mobility LLC - PaperHost.com, Inc. Software MediStreams, Inc. - Petrotechnics Ltd. Software Sphera Solutions, Inc. - Popmotion Software Framer.com - 49 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Precognitive, Inc. Software ShopRunner $ - PRINS Software PSI Software AG - Recy Systems AG Software AMCS Group - riskCanvas LLC Software Genpact Limited - Rogue Wave Software, Inc. Software Perforce Software, Inc. - Satori Software, Inc. Software BCC Software, LLC - SensioLabs SAS Software Smile SA - ShieldSquare Software Radware Ltd. - Simply Migrate Ltd. Software Mimecast Ltd. - Slope Software Smartsheet.com - Spamina Software Hornetsecurity GmbH - SQLstream, Inc. Software Guavus, Inc. - SRXP Software Exact.com (Netherlands) - T-21 Technologies LLC Software VITEC - Telmediq Software PerfectServe, Inc. - Travis CI GmbH Software Idera, Inc. - True Process, Inc. Software Baxter International, Inc. - TSO Logic, Inc. Software Amazon.com, Inc. - Tyson Steele Associates Software HealthEdge Investment Partners - Unbotify Software adjust GmbH - veEDIS Emergency Department Information System Software Software Document Storage Systems, Inc. - Vemity Software FreightRover - Verify-U AG Software Zuper GmbH - Virtual Forge GmbH Software Onapsis, Inc. - Vivox, Inc. Software Unity Technologies, Inc. - WePow, Inc. Software OutMatch, Inc. - WeSave Software Amundi Asset Management - Who Are You Limited Software IntelliCentrics, Inc. - Wiggly-Amps Limited Software Boots UK Limited - Wyres S.A.S. Software Kerlink SA - Z Option, Inc. Software Magnitude Software - ZiipRoom, Inc. Software Bose Corporation - Zugata, Inc. Software Culture Amp Pty Ltd. - Castle Connolly Medical Ltd. Traditional Media j2 Global, Inc. - CyberGamer Traditional Media LPL - DocGraph Traditional Media CareSet Systems, Inc. - Film Sprout Traditional Media Picture Motion, Inc. - Forester Media, Inc. Traditional Media Endeavor Business Media LLC - Happy Market Research Traditional Media PureSpectrum, Inc. - KCA Artists Traditional Media Cumberland Music Collective - KIDO'Z Ltd. Traditional Media Shoal Games Ltd. - Marketer Moves Traditional Media Adweek - 50 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
New Form Digital Traditional Media Whistle Sports, Inc. $ - Off the Fence B.V. Traditional Media ZDF Enterprises GmbH - One Production Traditional Media Live Nation Entertainment, Inc. - Palomar S.p.A. Traditional Media Mediawan S.A. - Play Sports Group Limited Traditional Media Discovery Communications LLC - Retna USA Photo Agency Traditional Media Globe Photos, Inc. - Sheldon Press Traditional Media Hachette UK Limited - The Conference Agency Traditional Media Select Event Solutions Ltd. - The Hotel Yearbook Traditional Media WIWIH AG - The Millions Traditional Media Publishers Weekly - Upper Street Events Ltd. Traditional Media Immediate Media Company Limited - Wavy Music Traditional Media Ubiquity6, Inc. - West Academic Publishing Traditional Media Leichtman Capital Partners - Xarisma, Inc. Traditional Media Sign-Zone, Inc. - Zkhiphani Traditional Media M&N Brands -
51 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Buyout Transactions
Buyout Deals Values Disclosed Target Target Segment Buyer/Investor Reported TV
Teraco Data Environments (Pty) Ltd. Software Berkshire Partners, LLC $ 800.0 BOARD International Marketing Technology Nordic Capital Limited 500.0 EarthLink, Inc. Technology & Communications Trive Capital 330.0 Miya Luxemburg Holdings S.a.r.l Software Bridgepoint Development Capital 260.0 Barcodes, Inc Technology & Communications Odyssey Investment Partners, LLC 224.6 Aspect Software, Inc. Marketing Technology Vector Capital Corporation 100.0
Buyout Deals Undisclosed Target Target Segment Buyer/Investor Reported TV
Brillio Business Services Bain Capital, LLC $ - Health Plus Management LLC Business Services Investcorp - Keystone Partners Business Services Silver Oak Service Partners, LLC - ProVest LLC Business Services Nonantum Capital Partners - Tempus Nova, Inc. Business Services Renovus Capital Partners - Turning Technologies LLC Business Services Centre Lane Partners, LLC - Akazoo Ltd. Digital Media/Commerce Modern Media Acquisition Corp. - For Bare Feet, Inc. Digital Media/Commerce Taglich Private Equity - ATTOM Data Solutions Information Lovell Minnick Partners LLC - Accumen, Inc. Software Arsenal Capital Partners, Inc. - ORSOFT GmbH Software Alpina Partners -
52 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Infor Global Solutions, Inc. Software Golden Gate Capital $ 1,500.0 QuickBase Software Vista Equity Partners 1,000.0 Verily Life Sciences LLC Information Silver Lake Partners 1,000.0 Katerra, Inc. Software SoftBank Corporation 700.0 Veeam Software AG Software Insight Venture Partners 500.0 Knock.co Digital Media/Commerce Foundry Group 400.0 Grab Digital Media/Commerce Tokyo Century 350.0 N26 GmbH Information Insight Venture Partners 300.0 Go-Jek Digital Media/Commerce Google Ventures 290.0 Yimidida Business Services Boyu Capital 266.0 Rubrik, Inc. Software Bain Capital, LLC 261.0 DivvyPay, Inc. Software Waterfall Asset Management 250.0 Niantic, Inc. Digital Media/Commerce Institutional Venture Partners 245.0 GrabTaxi Pte. Ltd. Digital Media/Commerce Central Group 200.0 Fractal Analytics, Inc. Digital Media/Commerce Apax Partners L.P. 200.0 Onit, Inc. Software K1 Investment Management, LLC 200.0 Bakkt LLC Software Boston Consulting Group, Inc. 182.6 Jam City, Inc. Digital Media/Commerce JP Morgan Chase & Co. 145.0 Confluent, Inc. Software Sequoia Capital 125.0 UpLift, Inc Software Madrone Capital Partners 123.0 Vena Solutions Ltd. Software JMI Equity 115.0 ClearMotion, Inc. Software Franklin Templeton Investments Corporation 115.0 CarDekho.com Digital Media/Commerce Sequoia Capital India 110.0 Acorns Grow, Inc. Digital Media/Commerce Comcast Ventures 105.0 Vistex, Inc. Software Accel-KKR, LLC 105.0 Stripe, Inc. Software Tiger Global Management, LLC 100.0 Collibra, Inc. Software Index Ventures 100.0 Andela, Inc. Software Generation Investment Management LLP 100.0 Globility Communications Digital Media/Commerce SoftBank Corporation 100.0 MoMo.vn Software Warburg Pincus LLC 100.0 Postmates, Inc. Digital Media/Commerce Tiger Global Management, LLC 100.0 OneLogin, Inc. Software Greenspring Associates 100.0 Next Trucking, Inc. Software Sequoia Capital 97.0 Equidate, Inc. Digital Media/Commerce Munich RE Group 85.0 Disco Software Georgian Partners 83.0 Wynd Digital Advertising Caisse d'Epargne 82.0 FabFitFun, Inc. Digital Media/Commerce New Enterprise Associates 80.0 Keyfactor, Inc. Software Insight Venture Partners 77.0 Sophia Genetics SA Software Generation Investment Management LLP 77.0 Better Mortgage Software American Express Ventures 70.0 Sandbox VR, Inc. Traditional Media Andreessen Horowitz 68.0 Flash (goflash.com) Digital Media/Commerce Tiger Global Management, LLC 62.5 53 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Billd LLC Software LL Funds $ 60.0 RigUp, Inc. Digital Media/Commerce Bedrock Capital 60.0 ContentSquare Marketing Technology Canaan Partners 60.0 TaxJar Software Insight Venture Partners 60.0 Nutmeg Saving and Investment Limited Software Goldman Sachs Merchant Banking 59.2 The Pill Club Digital Media/Commerce VMG Partners 51.0 Gladly Software, Inc. Marketing Technology New Enterprise Associates 50.0 The Predictive Index LLC Software General Catalyst Partners LLC 50.0 Bukalapak Digital Media/Commerce Mirae Asset Venture Investment Co. Ltd. 50.0 Alation, Inc. Software Sapphire Ventures, LLC 50.0 Outdoorsy, Inc. Digital Media/Commerce Greenspring Associates 50.0 TalentSoft Software Francisco Partners 50.0 Rex Real Estate Exchange, Inc. Digital Media/Commerce Undisclosed 45.0 TrackTik Software, Inc. Software Georgian Partners 45.0 Boutiqaat Beauty & Accessories Products Digital Media/Commerce Boubyan Petrochemical Company 45.0 Intelity Solutions LLC Marketing Technology LLR Partners, Inc. 44.0 SOCAR Digital Media/Commerce Alto Ventures 44.0 Clearcover Software Cox Enterprises, Inc. 43.0 AnyVision Group Software Lightspeed Venture Partners 43.0 Fiix Digital Media/Commerce BuildGroup Management LLC 40.0 Dosh LLC Software Goodwater Capital 40.0 Personio GmbH Software Index Ventures 40.0 CrowdANALYTIX, Inc. Marketing Technology Macnica Ventures 40.0 EMERITUS Institute of Management Pte. Ltd. Business Services Sequoia Capital India 40.0 RainFocus Marketing Technology JMI Equity 40.0 EarlySense Ltd. Software Hill-Rom Holdings 39.0 Wheels Labs, Inc. Digital Media/Commerce Tenaya Capital 37.0 Memebox Corporation Digital Media/Commerce Goodwater Capital 35.0 Jyve Corporation Digital Media/Commerce New Enterprise Associates 35.0 Kustomer, Inc. Marketing Technology Battery Ventures 35.0 Poppulo Software Susquehanna Growth Equity, LLC 35.0 Limelight Health, Inc. Digital Advertising AXA Venture Partners 33.5 GeoPhy B.V. Information Index Ventures 33.0 Pro.com LLC Information Goldman Sachs Merchant Banking 33.0 Scout RFP, Inc. Marketing Technology Scale Venture Partners 33.0 Singapore Life Pte. Ltd. Software Aflac Ventures 33.0 Featurespace Limited Software Insight Venture Partners 32.3 Mindstrong Health, Inc. Software General Catalyst Partners LLC 31.0 Epic! Creations, Inc. Business Services Evolution Media Capital 30.0 Mimiro Software Index Ventures 30.0 Pliops Ltd. Software Intel Capital 30.0 Fernish Digital Media/Commerce Techstars Ventures 30.0 54 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Finxact LLC Software Live Oak Venture Partners $ 30.0 HyperScience, Inc. Software Stripes Group 30.0 ScaleFactor, Inc. Software Bessemer Venture Partners 30.0 CareerArc Group LLC Software Peak Equity Partners 30.0 Badi Digital Media/Commerce Goodwater Capital 30.0 Decisiv, Inc. Marketing Technology Kayne Partners (Growth Private Equity) 30.0 Lambda School Business Services Y Combinator 30.0 Innovid, Inc. Digital Advertising Goldman Sachs Private Capital Investing 30.0 Emotibot Technologies Limited Software China Development Financial Holding 30.0 Credit Culture Pte. Ltd. Software RCE Capital Berhad 29.5 Guardsquare nv Software Battery Ventures 29.0 Optimind.com Business Services Ardian SA 28.4 Mylo LLC Software Guggenheim Partners 28.0 Augury Inc. Software Insight Venture Partners 25.0 Billie, Inc. Digital Media/Commerce Goldman Sachs Private Capital Investing 25.0 Electric AI, Inc. Business Services Bessemer Venture Partners 25.0 Bringg Delivery Technologies Ltd. Software Salesforce Ventures 25.0 Quinyx AB Software Alfven & Didrikson 25.0 Managed by Q, Inc. Business Services RRE Ventures LLC 25.0 Tidelift, Inc. Software General Catalyst Partners LLC 25.0 Alert Media, Inc. Marketing Technology JMI Equity 25.0 Ironclad, Inc. Marketing Technology Sequoia Capital 23.0 Verbit Software Ltd. Marketing Technology Viola Ventures 23.0 Gousto Digital Media/Commerce Unilever Ventures 23.0 Fortanix, Inc. Software Intel Capital 23.0 Aduro, Inc. Digital Media/Commerce Arby Partners 22.0 Piano Software, Inc. Marketing Technology Updata Partners 22.0 Urgent.ly, Inc. Digital Media/Commerce InMotion Ventures 21.0 Hailo Technologies Ltd. Software Glory Ventures 21.0 Scripbox Advisors Private Limited Software Accel Partners 21.0 Aporeto, Inc. Software Wing Ventures 20.0 Knotch, Inc. Marketing Technology New Enterprise Associates 20.0 Symbiont.io, Inc. Software Galaxy Digital Ventures 20.0 Contabilzei Software Point72 Ventures 20.0 BenchPrep Business Services Jump Capital 20.0 WithMe Health, Inc. Software Oak HC/FT Partners LLC 20.0 Sonrai Security, Inc. Software Polaris Partners 18.5 Measurabl, Inc. Marketing Technology Salesforce Ventures 18.0 OLO Digital Media/Commerce Tiger Global Management, LLC 18.0 Zafin Software Accenture Ventures 17.2 Kite.com Software (Private Investors) 17.0 Anchorage Hold LLC Software Andreessen Horowitz 17.0 55 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Citizen Software Andreessen Horowitz $ 17.0 Accedo Broadband Digital Media/Commerce SEB Venture Capital 17.0 Bold Commerce Marketing Technology Whitecap Venture Partners 16.6 Humanforce Software Accel-KKR, LLC 16.3 Mosyle Corporation Software Elephant Venture Capital 16.0 Lively Hearing Corporation Software Declaration Capital 16.0 Chronicled, Inc. Marketing Technology Streamlined Ventures 16.0 Medigate Software Blumberg Capital 15.0 dv01, Inc. Software Pivot Investment Partners 15.0 Timescale, Inc. Software New Enterprise Associates 15.0 Cinnamon AI Marketing Technology (Private Investors) 15.0 BRD Software SBI Holdings 15.0 Tangem Marketing Technology SBI Crypto Investment Ltd. 15.0 Beeswax Marketing Technology RRE Ventures LLC 15.0 OnePark SAS Digital Media/Commerce AccorHotels 15.0 Spell, Inc. Software Eclipse Ventures LLC 15.0 Truss Holdings, Inc. Digital Advertising General Catalyst Partners LLC 15.0 GAN Integrity, Inc. Software Aquiline Capital Partners LLC 15.0 Alto Experience, Inc. Digital Media/Commerce Road Ventures 14.5 Zwipe AS Software Undisclosed 14.0 Orchestra Software, Inc. Software Radian Capital 14.0 Foretellix Ltd. Software 83North 14.0 GeoSpock Ltd. Marketing Technology Cambridge Innovation Captial 12.7 Headset, Inc. Software AFI Capital Partners 12.1 Kuali, Inc. Business Services Owl Ventures 12.0 district m, Inc. Digital Advertising Investissement Qubec 12.0 PetDesk Marketing Technology PeakSpan Capital, LLC 12.0 Bowery Valuation, Inc. Marketing Technology Corigin Ventures 12.0 Madup, Inc. Digital Advertising Praxis Capital Partners 12.0 Grabango Co. Marketing Technology Propel Venture Partners 12.0 AccessPay Ltd. Software True Ventures 11.6 Stateless, Inc. Software Drive Capital, LLC. 11.3 StreamElements Marketing Technology Pitango Venture Capital 11.3 Zingle, Inc. Marketing Technology PeakSpan Capital, LLC 11.0 Innovaccer, Inc. Software M12 11.0 ReKTGlobal, Inc. Traditional Media (Private Investors) 10.8 NumberAI, Inc. Marketing Technology Costanoa Ventures Capital 10.5 Salt Security, Inc. Software S Capital 10.0 Vangst.com Software Casa Verde Capital 10.0 FoodMaven Corporation Digital Media/Commerce Tao Venture Capital Partners 10.0 7shifts - Restaurant Scheduling Software Software Relay Ventures 10.0 Bond-Pro LLC Software Volition Capital LLC 10.0 56 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Synapse Technology Corporation Software Village Global $ 6.0 Babyscripts Software NueCura Partners 6.0 Vinebox, Inc. Digital Media/Commerce Harbinger Ventures 5.9 SimplyCook Ltd. Digital Media/Commerce Octopus Investments Limited 5.8 Mooncard Software Raise Ventures 5.7 MEDS Apotek AB Digital Media/Commerce Inbox Capital 5.7 Zeelo Ltd. Software ETF Venture Funds 5.6 HubbleHQ Digital Media/Commerce JLL Spark 5.2 Miro Health Software Baseline Ventures 5.2 RECVUE Software Cota Capital 5.0 Theta Lake, Inc. Software Firebolt Ventures 5.0 Pensa Systems, Inc. Software ATX Seed Ventures 5.0 Authenteq Software Draper Associates 5.0 LoanSnap Holdings, Inc. Software Thomvest Ventures 4.7 Ontic Technologies, Inc. Software Silverton Partners 4.7 bsurance GmbH Software UNIQA Ventures 4.6 Houwzer, Inc. Digital Media/Commerce Admiral Capital 4.5 itilite Technologies Private Limited Marketing Technology Matrix Partners India 4.2 ETFLogic Software ETFS Capital 4.0 ThingTech, Inc. Software BIP Capital 4.0 Chowbus Digital Media/Commerce Greycroft Partners LLC 4.0 alwaysAI Software BlueRun Ventures 4.0 LendingFront, Inc. Software Information Venture Partners 4.0 Draper & Dash Ltd. Software Guinness Asset Management 3.9 Essentia Analytics Ltd. Software Calculus Capital Limited 3.7 Hone Group, Inc. Business Services Cowboy Ventures. 3.6 Cognism Ltd. Marketing Technology South Central Ventures 3.6 Smartology Ltd. Marketing Technology Committed Capital Limited 3.6 FlipSpaces Agency & Marketing Services Carpediem Capital 3.5 Flexciton Ltd. Software Backed VC 3.4 Polarsteps Digital Media/Commerce INKEF Capital 3.4 Yourpay Aps Software Nordica Capital Partners 3.4 Crossbeam, Inc. Marketing Technology First Round Capital 3.3 RealBlocks Software Cross Culture Ventures 3.1 PartySlate Marketing Technology Hyde Park Venture Partners 3.0 ePallet, Inc. Digital Media/Commerce Undisclosed 3.0 Reggora, Inc. Marketing Technology Spark Capital 3.0 Super Heroic, Inc. Digital Media/Commerce Foot Locker, Inc. 3.0 QueQ Digital Media/Commerce True Incube 2.7 OvuSense Software Foresight Group LLP 2.6 Packback, Inc. Business Services Hyde Park Angels 2.5 Cargo Chief, Inc. Software BootstrapLabs 2.5 57 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Goin.app Digital Media/Commerce Anthemis Group $ 2.5 Customs4trade Software 42CAP 2.5 Airworks Solutions LLC Software Rough Draft Ventures 2.3 ReliefClub, Inc. Software OCA Ventures 2.3 Trelar Logistics, Inc. Software Fundamental Capital 2.1 AdvicePay, Inc. Software (Private Investors) 2.0 AnChain.ai, Inc. Software Amino Capital 2.0 Growth Intelligence Marketing Technology MMC Ventures, LLC 2.0 Syncurity, Inc. Software Kluz Ventures 2.0 Eyeware Tech SA Software High-Tech Gründerfonds 1.9 Tippy Digital Media/Commerce (Private Investors) 1.7 TaxScouts Ltd. Software Speedinvest 1.6 Linear B, Inc. Software (Private Investors) 1.6 TypingDNA S.R.L. Software Gapminder Venture Partners 1.5 CheckpointID LLC Software RET Ventures 1.5 Grexter Housing Solutions Private Limited Digital Media/Commerce Venture Catalysts 1.5 StructionSite, Inc. Software Social Starts, LLC 1.5 Leverage Edu Digital Media/Commerce DSG Consumer Partners 1.4 Chronomics Limited Software Anthemis Exponential Ventures 1.4 Zestful, Inc. Software Bessemer Venture Partners 1.1 ZAN Compute, Inc. Software Impala Ventures 1.0 HeyTutor Business Services ScOp Venture Capital 1.0 ZynBit, Inc. Marketing Technology River SaaS Capital 1.0
58 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Venture/Growth Capital Transactions Undisclosed Target Target Segment Buyer/Investor Reported TV
Switchfly, Inc. Agency & Marketing Services Golub Capital $ - Davies Group Limited Business Services Alberta Investment Management Corporation - Iconiq Lab Holding GmbH Business Services High-Tech Gründerfonds - List S.p.A. Business Services TA Associates - Rimkus Consulting Group, Inc. Business Services Century Equity Partners - Samuel Knight International Ltd. Business Services Gresham House - System High Corporation Business Services Enlightenment Capital - TVC Enterprises, Inc. Business Services Gauge Capital, LLC - Beachbody, LLC Digital Media/Commerce The Raine Group, LLC - Delegate Digital Media/Commerce Zopim Technologies Pte Ltd. - Freightera Logistics, Inc. Digital Media/Commerce Decathlon Capital Partners - PowerDot, Inc. Digital Media/Commerce Next Ventures - Recharge Labs, Inc. Digital Media/Commerce Fifth Wall Ventures - TRX Training LLC Digital Media/Commerce Equity38 - CrossEngage GmbH Marketing Technology Earlybird Venture Capital GmgH & Co. KG - Fadel Partners, Inc. Marketing Technology Middle East Venture Partners - iKala Marketing Technology Pacific Venture Partners - Issuance, Inc. Marketing Technology (Private Investors) - Tekion Corporation Marketing Technology Alliance Venture - ZigZag Global Ltd. Marketing Technology Plug & Play Tech Ventures - AbleTo, Inc. Software (Private Investors) - Airdoc LLC Software Ping An Ventures - Allvision Software Lavrock Ventures - AutoGrid Systems, Inc. Software Shell Ventures - Baicells Technologies, Inc. Software QUALCOMM - Bridge Financial Technology, Inc. Software Fintop Capital - C2S2 GmbH Software High Tech Grunderfonds - Cedar Gate Technologies, Inc. Software Ascension Ventures Limited - Clarity Software Solutions, Inc. Software Morgan Stanley Private Equity - Clear (clearme.com) Software Revolution Growth - Clinithink Ltd. Software IT Capital Partners - Dorae, Inc. Software (Private Investors) - dotscene Software High Tech Grunderfonds - Educational Measures LLC Software Harbert Management Corporation - FreightPOP, Inc. Software The Cove Funds - Jvion, Inc. Software JMI Equity - LendUp Software LL Funds - MarketFactory, Inc. Software Accel-KKR, LLC - Netrounds AB Software Swisscom Ventures - Payer Compass LLC Software Spectrum Equity Investors, LP - powercloud GmbH Software General Atlantic, LLC - Receivable Solutions Specialist, Inc. Software Kriya Capital -
59 | M&A and Investment Summary January 2019 All Segments ($ in Millions)
Venture/Growth Capital Transactions
VC/Growth Capital Undisclosed Target Target Segment Buyer/Investor Reported TV
RFP360, Inc. Software Five Elms Capital $ - Sensorberg GmbH Software SIGNA Innovations - SkenarioLabs Ltd. Software innogy SE - Tenta Browser Software ConsenSys Ventures - VivoAquatics LLC Software Level Equity - Health Media Network Traditional Media RF Investment Partners -
60 | M&A and Investment Summary January 2019 Petsky Prunier: Maximizing Shareholder Value
▪ Top-ranked, global investment bank dedicated to digital advertising and marketing, e-commerce, digital media, technology, information, business services, and healthcare services industries ▪ Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume ▪ Founded in 1999 ▪ More than 50 focused professionals; growth of 40% since 2011 ▪ New York, Las Vegas, Chicago, Charlotte ▪ Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders ▪ Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services ▪ Global reach enhanced through our partnerships in China and India ▪ Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity
▪ M&A Advisory and Sell-Side Representation ▪ Advertising & Marketing ▪ Business Current Situation Assessment and ▪ Privately-Owned Companies ▪ E-commerce Profit Improvement Planning ▪ Entrepreneur-Led Businesses ▪ Digital Media ▪ Opportunity Mapping: Strategic Planning & Development ▪ Private Equity Portfolio Companies ▪ Technology ▪ Competitive Landscape Analysis ▪ VC-Backed Companies ▪ Information ▪ M&A Transaction Due Diligence Support ▪ Buy-Side Targeting Criteria & Integration Strategy ▪ Corporate Divestitures ▪ Business Services ▪ Custom Market Research ▪ Selected Buy-Side Engagements ▪ Healthcare Services ▪ Publishing, Speaking, and Thought Leadership ▪ Capital Raising and Private Placements
61 | M&A and Investment Summary January 2019 Ranked #1 by PitchBook For Media & Information Services Sectors
PitchBook M&A League Tables TOP ADVISORS SERVING THE MEDIA & INFORMATION SERVICES SECTORS
2018
Rank Advisor Deal Count
1 Petsky Prunier 23 2 Jordan Edmiston 12 2 Houlihan Lokey 12 4 GP Bullhound 9 4 Morgan Stanley 9 6 Moelis & Company 8 7 RBC 7 7 JP Morgan 7 9 Oaklins DeSilva & Phillips 6 9 Evercore 6
▪ With more than 80 transactions closed in the last 36 months, and more than 175 transactions closed since 2011 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, e-commerce, and media industries
62 | M&A and Investment Summary January 2019 Representative Recent Transactions
$150,000,000
has acquired (Euronext Paris FR0000130577, CAC 40) has been sold to has been sold to has been sold to has acquired has sold
a member of and subsequently merged with to (NYSE:QUAD) (LSE: SFOR) (TSE: 4324)
a portfolio company of a portfolio company of has been sold to has been sold to has been sold to
has received a significant investment from a portfolio company of has been sold to a portfolio company of has been sold to a portfolio company of
has been sold to a portfolio company of a portfolio company of a portfolio company of
has been sold to has sold a majority stake to
has been sold to has been sold to an indirect subsidiary of has been sold to has been sold to
(LON:HNT) (NYSE: MRK)
63 | M&A and Investment Summary January 2019