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December 2016 M&A and Investment Summary Table of Contents

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December 2016 M&A and Investment Summary Table of Contents December 2016 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 8 3 Additional Monthly M&A and Investment Activity Data 40 4 About Petsky Prunier 52 Securities offered through Petsky Prunier Securities, LLC, member of FINRA. This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA. 2 | M&A and Investment Summary December 2016 M&A and Investment Summary for All Segments Transaction Distribution . A total of 415 deals were announced in December 2016, of which 260 were worth $25.2 billion in aggregate reported value . Software was the most active segment with 124 deals announced — 83 of these transactions reported $8.6 billion in value . Digital Media/Commerce was also active with 100 transactions announced, of which 71 were worth a reported $5.7 billion in value . Strategic buyers announced 171 deals (44 reported $12.7 billion in value) . VC/Growth Capital investors announced 222 transactions (207 reported $6.0 billion in value) . Private Equity investors announced 22 deals during the month (nine reported $6.5 billion in value) December 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 128 31% $8,582.2 34% 49 $5,681.6 5 $1,850.0 74 $1,050.6 Digital Media/Commerce 100 24% 5,699.2 23% 31 1,867.7 3 213.5 66 3,618.0 Marketing Technology 75 18% 6,924.6 27% 16 3,037.0 3 3,378.6 56 509.1 Business Services 39 9% 1,282.1 5% 26 157.5 4 877.3 9 247.3 Agency & Marketing Services 25 6% 334.5 1% 25 334.5 0 - 0 - Digital* AT&T’s Advertising $108 billion acquisition of Time18 Warner has been4% excluded to limit 364.3comparative distortions1% 7 14.5 1 189.7 10 160.1 Traditional Media 18 4% 1,898.9 8% 14 1,508.7 2 12.2 2 378.0 Information 12 3% 114.3 0% 3 52.7 4 - 5 61.6 Total 415 100% 25,200.0 100% 171 12,654.1 22 6,521.2 222 6,024.7 3 | M&A and Investment Summary December 2016 M&A and Investment Summary for All Segments Transaction Distribution . Reported transaction value in December remained flat from November 2016 and was up more than 75 percent from December 2015 . Strategic activity accounted for 41 percent of reported deal activity during the month and included significant transactions: • Roper Technologies’ acquisition government contractor software developer Deltek in a transaction valued at $2.8 billion • The acquisition of small business cloud hosting company Host Europe Group by GoDaddy from Cinven for a reported $1.8 billion, including debt • The $821 million acquisition of content management and collaboration solutions company Intralinks by Synchronoss Technologies • Netmarble Games’ acquisition of mobile gaming studio Kabam in a transaction valued between $700 million and $800 million • The purchase of music and video data company Gracenote by Nielsen for a reported $560 million from Tribune Media $120.0 $500.0 $110.0 $100.0 $400.0 $90.0 $80.0 $73.1 $300.0 $70.0 LinkedIn / $60.0 Microsoft $50.0 $44.7 Supercell / $42.6 $200.0 Tencent $40.0 IMS Health NetSuite $33.7 $20.6 $25.2 $30.0 $24.9 $22.1 HP IT / CSC $25.4 $21.3 HP Software $21.3 $100.0 $20.0 $14.4 $13.7 MultiPlan TeamHealth $10.0 407 413 427 433 404 432 491 427 473 463 450 419 415 $- $- Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 *Note, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, and Blackstone’s $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions. 4 | M&A and Investment Summary December 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services National Pen Company Ad Specialty/Premiums Cimpress N.V. $ 218.0 $ 275.0 $ - 0.8x NA Perk.com, Inc. Loyalty/Retention RhythmOne 42.0 70.5 4.7 0.6x 9.0x Kameleon Worldwide Limited Digital Agency Be Heard Group plc 12.6 3.6 0.8 3.5x 16.2x Crave & Lamb Digital Agency Ve Interactive Ltd. 3.8 10.3 - 0.4x NA Business Services TriNet Group, Inc. BPO Atairos Group, Inc. 2,028.0 2,974.9 144.0 0.7x 14.1x Lionbridge Technologies, Inc. IT Consulting/Systems Integration H.I.G. Capital LLC 435.3 556.7 39.0 0.8x 11.2x YDC Corporation IT Consulting/Systems Integration Future PLC 23.7 43.5 - 0.5x NA Bigdatapump Oy IT Consulting/Systems Integration Affecto Plc 6.7 3.4 - 2.0x NA Digital Advertising AtHome Group and Casa.it Vertical Search Oakley Capital Investments, Ltd. 189.7 34.4 6.3 5.5x 30.1x Car.com, Inc., Automotive Specialty Finance Leads Business Assets Online Lead Generation Internet Brands, Inc. 3.2 6.4 0.5 0.5xNA 6.4x Digital Media/Commerce Mail.Ru Web Search/Portals MegaFon 3,966.5 604.2 205.0 6.6x 19.4x Marketing Technology NeuStar, Inc. Marketing Data Golden Gate Capital 2,870.6 1,165.1 420.1 2.5x 6.8x Host Europe Holdings Ltd. Website Creation/Hosting GoDaddy 1,808.1 - 139.0 NA 13.0x Strato AG Website Creation/Hosting United Internet AG 623.9 137.9 - 4.5x NA Radiate Media, Inc. Content Management Global Traffic Network, Inc. 15.0 44.7 1.2 0.3x 12.6x Software Deltek, Inc. HR Software Roper Technologies, Inc. 2,800.0 535.0 200.0 5.2x 14.0x Optiv Security, Inc. Security Software Kohlberg Kravis Roberts & Company L.P. 1,850.0 - 154.0 NA 12.0x Intralinks Holdings Collaboration Software Synchronoss Technologies, Inc. 854.5 290.4 20.0 2.9x 42.7x 3M's Document Reader & Secure Materials Businesses Assets Security Software Gemalto NV 850.0 215.0 - 4.0x NA 6PM plc Healthcare Software Idox, Plc. 37.7 16.4 4.3 2.3x 8.9x Conveyancing Alliance Limited Legal Software ULS Technology plc 16.6 6.5 - 2.6x NA Traditional Media oOh!media Group Limited Traditional Outdoor APN Outdoor Pty. Limited 633.1 225.3 48.6 2.8x 13.0x Allworld Exhibitions Alliance Ltd. B-to-B Media UBM plc 485.0 97.2 37.6 5.0x 12.9x Daypoets Co., Ltd. Consumer Magazine Publishing Polaris Capitol Limited 12.2 3.4 - 3.6x NA 5 | M&A and Investment Summary December 2016 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Dec-16 AppDynamics, Inc. United States Software $ 100.0 $ 206.2 NA Dec-16 AppNexus, Inc United States Marketing Technology NA NA NA Nov-16 Snap, Inc. United States Digital Media/Commerce 4,000.0 NA NA Nov-16 Optiv Security Inc. United States Business Services 100.0 NA NA Nov-16 Presidio Holdings, Inc. United States Business Services NA 2,700.0 NA Oct-16 Carbon Black, Inc. United States Software NA NA NA Sep-16 Tintri, Inc. United States Software 100.0 NA NA Aug-16 Gridsum Technology Co., Ltd. China Marketing Technology 75.0 NA NA Aug-16 Meitu Technology Co., Ltd. China Digital Media/Commerce 500.0 NA NA Jul-16 CBS Radio Inc. United States Traditional Media 100.0 1,220.0 310.0 6 | M&A and Investment Summary December 2016 LTM IPO Performance Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Dec 30, 2016 1st Trading Day Dec-16 NasdaqGS:TRVG trivago N.V. Germany $13.00-$15.00 11.00 $11.85 up 7.7% 11.75 (0.8%) Oct-16 NasdaqGS:BL BlackLine, Inc. United States 15.00-17.00 17.00 23.70 up 39% 27.63 16.6% Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 25.01 (23.7%) Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 26.56 (28.2%) Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 27.67 (8.1%) Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 18.53 (17.8%) Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 10.19 (33.2%) Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 18.45 25.5% Jul-16 Nasdaq:TLND Talend SA France 15.00-17.00 18.00 25.50 up 42% 22.20 (12.9%) Jul-16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 34.01 (18.2%) Jun-16 NYSE:TWLO Twilio Inc.
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