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May 2011 Summary

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May 2011 Summary Marketing, Media, Technology, and Services M&A & Investment May 2011 Summary Expertise. Commitment. Results. TABLE OF CONTENTS Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 6 Additional Monthly M&A and Investment Activity Data 24 About Petsky Prunier 32 M&A & INVESTMENT SUMMARY MAY 2011 2 MARKETING, MEDIA, TECHNOLOGY, AND SERVICES INDUSTRIES Transaction Distribution • A to ta l of 253 deal s worth approximat el y $18.7 billion were announced in May 2011 • Digital Media/Commerce was the most active segment with 117 transactions • Digital Media/Commerce was also the highest value segment worth approximately $12.1 billion • Strategic buyers announced 112 deals for approximately $15.5 billion (44% of total volume) • VC/Growth Capital investors announced 135 deals for approximately $1.9 billion • Buyout investors announced 6 deals for approximately $1.3 billion MAY 2011 BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 117 46% 12,082.6 65% 49 10,789.2 0 0.0 68 1,293.4 Marketing Technology 64 25% 1,100.1 6% 24 594.0 2 115.0 38 391.2 Software & Information 33 13% 4,162.3 22% 12 3,019.2 2 975.0 19 168.2 Digital Advertising 19 8% 238.5 1% 9 158.3 0 0.0 10 80.2 Agency/Consulting 15 6% 978.5 5% 13 808.2 2 170.3 0 000.0 Marketing Services 5 2% 145.0 1% 5 145.0 0 0.0 0 0.0 Total 253 100% 18,707.0 100% 112 15,513.7 6 1,260.3 135 1,933.0 $18.7 20 Marketing, Media, Technology, and Services Industries M&A and 18 $16.1 s) Investment Volume - Last 13 Months nn 16 $8.5 14 Skype/ $10.9 MSFT 12 $9.7 10 $8.5 $8.1 $7.6 8 $5.8 $6.1 6 $3.9 4 $2.4 $2.9 $2.9 Value ($ in billio in ($ Value 2 97 49 76 65 64 89 149 182 199 212 248 238 253 0 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 M&A & INVESTMENT SUMMARY MAY 2011 3 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency/Consulting Rosetta(1 ) Digital Agency Publicis Groupe S.A. $575.0 $250.0 $46.0 2.3x 12.5x Nine Germany-based digital agencies Digital Agency EQT Partners 138.8 127.4 - 1.1x NA BzzAgent, Inc.(2 ) Social Agency dunnhumby 60.0 20.0 - 3.0x NA CMG Worldwide Limited Digital Agenc y Next Fifteen Communic ations Group plc 3.9 4.0 - 1.0x NA Digital Media/Commerce Skype Limited Social Media/Apps Microsoft Corporation 8,500.0 860.0 264.0 9.9x 32.2x Gilt Groupe, Inc .(3 ) eCommerce SoftBank Capital 1,000.0 500.0 - 2.0x NA eLong, Inc. eCommerce Tencent and Expedia 523.3 74.1 7.2 7.1x 72.7x Meetic eCommerce Match.com, LP 357.0 290.4 59.0 1.2x 6.0x Entrac tion Holding Gaming International Game Tec hnology 115.0 50.7 5.1 2.3x 22.8x Chartwell Technology Gaming Amaya Gaming Group 23.5 10.6 (3.8) 2.2x NM Marketing Technology Equitrac Web to Print Nuance Communications, Inc. 157.0 59.0 - 2.7x NA Voc alc om Teleservic es/eServic es Apax Partners, Inc . 100.0 57.0 - 1.8x NA 5to1.com, LLC Media Management System Yahoo!, Inc. 28.0 1.0 (6.8) 28.3x NM Pac ketExc hange Content Delivery Network Global Telec om & Tec hnology 20.0 20.0 - 1.0x NA Dire c t EDI Co mme rc e Ma na ge me nt S P S Co mme rc e 10. 9 4. 0 - 2.7x NA Atalasoft Content Management Kofax, Inc. 9.7 3.6 1.0 2.7x 9.7x Re s po ndQ Co mme rc e Ma na ge me nt iT ra c kr S y s t e ms , Inc . 0. 9 0. 3 - 2.8x NA Software & Information Ipreo LLC Financial Kohlberg Kravis Roberts & Company 425.0 130.0 35.0 3.3x 12.1x Computec Credit/Risk Management Experian plc 416.1 88.0 24.3 4.7x 17.1x Clearwell Systems, Inc . Legal Software Symantec Corporation 390.0 56.0 - 7.0x NA Iron Mountain, Digital Division Assets Legal Software Autonomy Inc. 380.0 130.0 - 2.9x NA Kendle International, Inc . Healthc are-BioPharma INC Researc h 340.8 434.6 24.4 0.8x 14.0x Black Diamond Performance Reporting Financial Software Advent Software, Inc. 73.0 12.0 - 6.1x NA Echo Research, Inc. Market Research Ebiquity 6.2 8.0 - 0.8x NA IPOs After Final Pricing* Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA LinkedIn Corporation Social Media/Apps IPO $8,800.0 $292.4 $52.2 30.1x 168.7x Renren, Inc. Social Media/Apps IPO 5,351.0 76.5 13.9 69.9x 383.8x Phoenix New Media Ltd Web Search/Portals IPO 1,073.4 80.5 13.7 13.3x 78.5x Jiayuan.com International Ltd. eCommerce IPO 324.8 25.4 4.2 12.8x 76.8x NetQin Mobile Inc . Mobile Tec hnology IPO 503.4 22.9 (9.2) 22.0x NM (1) Revenue per mmm-online and EBITDA per The New York Times , 05/17/11 (2) Revenue per TechCrunch , 05/23/2011 (3) Revenue and Enterprise Value per The Wall Street Journal, 05/10/2011 *IPO Multiples based on most recent financials and pro forma balance sheets according to S-1 filings M&A & INVESTMENT SUMMARY MAY 2011 4 IPO PIPELINE ($ in Millions) Securities in Registration (as of 5/31/11) Aggregate LTM Company Name Segment Offering Value Rev Adj. EBITDA Bankrate Online Lead Generation $500.0 $300.9 $93.0 HomeAway Classifieds/Auctions/P-to-P 230.0 167.9 43.2 Taomee Holdings* Digital Media/Commerce 100.0 35.9 19.3 Newgistics Fulfillment 86.3 174.6 18.2 Reply.com Online Lead Generation 60.0 38.3 8.1 Zillow Online Lead Generation 51.8 30.5 0.1 Kayak.com Vertical Search 50.0 112.7 16.2 * Filed May 2011 IPO Performance Initial Offering Final Price Stock Price at Close Stock Price on Date Ticker Company Name Country Price Range Per Share on 1st Trading Day May 31, 2011 May-11 LNKD LinkedIn Corp. United States $12.00 - $14.00 $11.00 14.75, up 34% $81.58 May-11 FENG Phoenix New Media United States 12.00 - 14.00 14.00 18.01, up 29% 11.51 May-11 RENN RenRen Inc. United States 22.00 - 24.00 25.00 38.84, up 55% 12.85 May-11 ACTV The Active Network United States 16.00 - 18.00 15.00 15.9, up 6% 18.35 May-11 DATE Jiayuan.com International United States 10.00 - 12.00 11.00 10.52, down 4% 13.94 May-11 NQ NetQin Mobile India 32.00 - 35.00 45.00 94.25, up 109% 6.06 May-11 YNDX Yandex China 9.50 - 11.50 11.50 9.30, down 19% 33.45 Apr-11 MKTG Responsys United Kingdom 8.50 - 10.00 12.00 15.40, up 28% 17.19 Mar-11 QIHU Qihoo 360 Technology United States 10.50 - 12.50 14.50 34.00, up 134% 26.10 Mar-11 SREV ServiceSource International China 7.50 - 9.00 10.00 12.18, up 22% 19.45 Mar-11 CSOD Cornerstone OnDemand China 9.00 - 11.00 13.00 19.07, up 47% 19.31 Feb-11 EPOC Epocrates, Inc. China 13.00 - 15.00 16.00 21.96, up 37% 21.05 Jan-11 VELT Velti Plc China 9.00 - 11.00 12.00 15.58, up 30% 15.46 Jan-11 NLSN Nielsen Holdings B.V. Netherlands 20.00 - 22.00 23.00 25.00, up 9% 31.49 Jan-11 DMD Demand Media, Inc. United States 14.00 - 16.00 17.00 22.65, up 33% 15.21 Dec-10 ISS Isoftstone Holdings Ltd. China 11.00 - 13.00 13.00 16.62, up 28% 15.92 Dec-10 MOBI Sky-mobi Ltd. China 8.00 - 10.00 8.00 6.00, down 25% 8.95 Dec-10 DANG E-Commerce China Dangdang China 13.00 - 15.00 16.00 29.91, up 87% 19.59 Dec-10 YOKU Youku.com China 9.00 - 11.00 12.80 33.44, up 161% 42.27 Nov-10 BAH Booz Allen Hamilton United States 17.00 - 19.00 17.00 19.50, up 15% 17.99 Oct-10 BET Betfair Group United Kingdom 19.72 - 20.50 20.49 24.29, up 19% 13.79 Sep-10 CCIH ChinaCache International Holdings China 10.00 - 12.00 13.90 27.15, up 95% 12.06 Aug-10 MMYT MakeMyTrip Ltd. India 12.00 - 14.00 14.00 26.45, up 89% 23.14 Aug-10 MDMD MediaMind Technologies United States 14.00 - 16.00 11.50 11.00, down 4% 17.48 Jul-10 GDOT Green Dot Corp. United States 32. 00 - 35. 00 36. 00 44.99 , up 25% 38.
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