DEAL NOTES Media, Technology and Service Industries

M&A and Investments Review for the Marketing, DEAL NOTES Media, Technology and Service Industries

1H12 Marketing, Media, Technology and Service Industries Announced 1,481 Transactions Totaling $78.3 Billion; Social and Mobile Subsegments Accounted for 22 Percent of Activity and 10 Percent of Value

Digital Media/Commerce was the Most Active Segment in 1H12 with 515 Transactions; Software & Information was the Highest Value Segment with $31.8 Billion in Deal Value

During the first half of 2012, Petsky Prunier tracked 1,481 transactions for a total of $78.3 billion across seven MARKETING, MEDIA, TECHNOLOGYChart Title AND SERVICE INDUSTRIES 1H12 M&A AND INVESTMENT ACTIVITY broad segments: Digital Advertising, Agency/Consulting, ($ in Millions) Marketing Technology, Digital Media/Commerce, Software & Information, Out-of-Home & Specialty Media and Marketing Services. The Social and Mobile subsegments Agency/ Consulting within the broader Agency/Consulting, Digital Advertising, $6,861 Digital Media/Commerce and Marketing Technology Out-of-Home & Specialty Media Software & segments together accounted for 22 percent of total activity $7,770 Information and 10 percent of value. Digital Media/Commerce was the $31,873 most active segment overall, with continued technology and market shifts driving ongoing demand for eCommerce Digital Media/ and Social Media/Apps. In addition, growing adoption of Commerce $13,556 cloud-based software resulted in Software & Information being the highest transaction value segment in the first half Digital Marketing Advertising Marketing Services of the year. $3,341 Technology $1,477 (Continued on page 2) $13,405

IN THIS ISSUE MARKETING, MEDIA, TECHNOLOGY AND SERVICE INDUSTRIES! Overview of M&A and Investment Activity 1 MARKETING, MEDIA, TECHNOLOGY AND SERVICESERVICE INDUSTRIESINDUSTRIES! 1Q11-2Q12M&A1H12 AND M&A INVESTMENT M&A AND AND INVESTMENT INVESTMENT ACTIVITY: ACTIVITY1Q11 ACTIVITY - 2Q12! ! ($ in Millions)! Big Data’s Big Opportunities and Challenges 3 ($($ inin Billions)Billions)! Hyper-Local Marketing Evolves Beyond Daily Deals 4 Mobile Growth Drives Increasing Need for Data Security 5

DOLLAR Segment Analysis: VALUE Digital Advertising 6 Agency/Consulting 7 $47.9 $42.0 $42.1 Marketing Technology 8 $36.2 Digital Media/Commerce 9 $30.6 Software & Information 10 $25.9 Marketing Services 11 Out-of-Home & Specialty Media 12 DEAL VOLUME Recent Transactions 18 686 787 825 796 709 772 About Petsky Prunier 18 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Securities offered through Petsky Prunier Securities, LLC Overview of 1H12 M&A and Investment Activity (continued from page 1)

M&A Activity Content management and social engagement were driving Acquisitions accounted for 44 percent of total transactions in forces behind M&A activity in the Marketing Technology 1H12. Digital Media/Commerce remained the most active segment. The subsegments Content Management and M&A segment in 1H12 with 184 acquisitions and $9.1 Social Technology each accounted for 15 percent of the billion in deal value. M&A activity in the Digital Media/ 136 total transactions and five percent and 23 percent of Commerce subsegment was dominated by eCommerce, the total value, respectively. Acquisitions in the segment Social Media/Apps and Niche Content, which accounted included: for 53 percent of the aggregate volume in the segment. Digital Media/Commerce transactions included: • Microsoft’s $1.2 billion acquisition of Yammer, an enterprise social network offering employee collaboration • Facebook’s reported $1 billion acquisition of mobile social solutions network and photo-sharing app Instagram • Salesforce.com’s acquisition of Buddy Media for a reported • WellPoint’s $800 million acquisition of 1-800 Contacts, total consideration of $745 million one of the largest direct marketers of contact lenses • Oracle’s $300 million acquisition of Vitrue, which • International Game Technology’s $250 million acquisition operates a social relationship management platform, of Double Down Interactive, which offers online social followed by its acquisition of social media monitoring casino gaming platform Collective Intellect • iEnergizer’s $150 million acquisition of Aptara, which The second most active M&A segment in 1H12 was provides digital publishing and content management Agency/Consulting with 144 transactions valued at $6.2 technology solutions that allow publishers to manage a billion. Consolidation among digital marketing services diverse portfolio of content and digital channels firms continued, as providers sought to bolster their multichannel/multidevice digital capabilities. M&A Software & Information was the highest-value M&A activity among the Digital Agency subsegment increased segment in the first half of 2012 with 83 deals worth 41 percent from 2H11, accounting for 38 percent of approximately $29.5 billion, including 10 valued at deal activity and 27 percent of deal value in the segment. more than $1 billion. ERP Software was the most active Notable deals included: subsegment in 1H12, accounting for 23 percent of M&A activity in the segment. Significant deals included: • WPP’s reported $550 million acquisition of AKQA, the largest independent digital agency, at 2.0x revenue and • Toshiba’s $850 million acquisition of IBM’s Retail Store 12.9x EBITDA Solutions Business, at 0.7x revenue • Aegis Group’s $125 million acquisition of Roundarch, a • Amazon.com’s $775 million acquisition of Kiva Systems, digital agency founded in 2000 by WPP Group, Deloitte which provides automation software for distribution Consulting and BroadVision, at 1.8x revenue and 10.9x centers that helps companies simplify operations and EBIT reduce costs while increasing strategic flexibility, at 7.8x revenue (Continued on page 13)

1H12 Most Active Strategic Buyers by Number of Transactions

Number of Buyer Transactions Representative Targets WPP Group 15 AKQA, Converge Technologies, DTDigital, EffectiveUI, Frey G2, Grape, OOO Jvision Publicis Groupe 8 BBR Group, i&e, Indigo Consulting, King Harvest, Longtuo, Mediagong, Pixelpark Facebook 6 Face.com, GazeHawk, Glancee, Instagram, Karma, Lightbox Groupon 6 Adku, DITTO.ME, FeeFighters, HyperPublic, Kima Labs, Mertado, UpTake Networks Interpublic Group of Companies 5 FRUKT Communications, FUSE, Lakestar Media, Nicole Weber Communications Omnicom Group 5 Adam & Eve Group, Fleishman-Hillard Vanguard, Medical Collective Intelligence Chime Communications 4 iLUKA, McKenzie Clark, Rough Hill, StratAgile, Succinct Communications Havas 4 Creative Lynx, Ignition, Victors & Spoils, Snapworx Mobile IHS 4 Displaybank, GlobalSpec, IMS Research, XeDAR Twitter 4 Hotspots.io, Posterous, RestEngine, Summify Google 3 Meebo.com, Quickoffice, Retailigence, TxVia IBM 3 TeaLeaf Technology, Varicent Software, Worklight MDC Partners 3 dotbox, R.J. Palmer, TargetCast Salesforce.com 3 Brighter Option, Buddy Media, Stypi

2 Big Data’s Big Opportunities and Challenges: Turning an ever-increasing amount of information into actionable insight

Companies today are hungrier than ever for customer In addition, machines that are becoming more computerized insight that can help them streamline operations, increase are generating enormous amounts of data that wasn’t available customer lifetime value and grow revenue. “Our customers before. Smart devices are also adding to the mix. “Cell phones are chomping at the bit to receive as much data as possible with GPS now have information on where you are, when you as quickly as possible to get their questions answered,” says call and whether you’re making a phone call, text message or Dean Stoecker, chairman and CEO of Alteryx, an analytics accessing the Internet,” says Sandy Steier, CEO of 1010data, solutions provider for enterprises. “Whether it’s call center a cloud-based data warehouse/business intelligence platform management, store operations, replenishment programs or provider. “Even devices like gas and electric smart meters are supply chain, senior executives are trying to figure out how now recording data every 15 seconds and sending it back to to get a higher return, and, for that, they need a wider variety a utility.” of content.” The fastest growing contributor to big data today, however, is unstructured data, such as social media and search engines. “Companies are producing 15 petabytes of new “Unstructured data creates enormous amounts of data in real- information daily. That’s more than the content of time on an ongoing basis.” says Vina. “The ability to combine an average library every single day. But you don’t these types of online data with structured information opens need to store it. You just need to read it, process it a new universe of possibilities.” and store what’s relevant.” The challenge, Stoecker adds, is for companies to make sure Dean Stoecker, chairman and CEO, Alteryx they are always able to consume data from new sources and make sense of it, which requires having the right set of tools. The good news is, there is no shortage of information Dashboards, Stoecker says, with their rear-view approach, available. The challenge is for organizations to manage the are not much help with understanding big data. “I want massive amounts of data they are increasingly collecting, to know what’s happening next. I need tools that give my which solutions providers say is doubling every two to contemporary questions contemporary answers, because in three years. “Companies are producing 15 petabytes of new six months, I’m going to have a whole new set of questions.” information daily,” says Stoecker. “That’s more than the content of an average library every single day. But you don’t Developing a platform for big data analysis need to store it. You just need to read it, process it and store One benefit of today’s big data is it can now be worked with what’s relevant.” in its raw, unfiltered state and can be published in different formats. “Just collect it, and let us worry about how to store Adding to that challenge is the fact that the solutions it and sift through it to find you what you need,” says Steier. have historically been centered in IT, where there is little knowledge of business problem-solving. Today, Stoecker says, analysts are no longer sequestered in IT, but rather, sit within “Vendors have been advocating bigger warehouses the lines of business, which requires a different set of tools. at lower costs for awhile, but you can’t consolidate the whole world. The real issue is about offering Where the growth is coming from capabilities to make that data actionable and being There are two types of data – structured and unstructured. able to use it.” Structured data is being produced by the companies Angel Vina, CEO, Denodo Technologies themselves. As businesses acquire other organizations, expand globally and centralize operations, “data warehouses are getting larger,” says Angel Vina, CEO of Denodo Vina agrees. “Vendors have been advocating bigger warehouses Technologies, a data virtualization company that offers at lower costs for awhile, but you can’t consolidate the whole unified data services capability and data integration across world,” he says. “The real issue is about offering capabilities to structured and unstructured information. make that data actionable and being able to use it.” Moreover, Vina says, many companies now have “multiple islands” for For some particular use cases, Vina says, “all this data is data management or data governance without a cohesive available, easy to combine and ready to use, but that’s rare. strategy. “Everyone has to be on the same page. You can’t have In many cases, there are incompatibility issues. We provide different units using different systems and strategies. You need a middle layer that turns fragmented pieces into a single, something that provides you with a holistic infrastructure for unified view.” data quality, security, etc. across all departments.” (Continued on page 15)

3 Hyper-Local Marketing Evolves Beyond Daily Deals: Digital promotions now drive expanded set of integrated online/offline marketing programs

From the Yellow Pages to daily deals and foursquare, local “Our goal is to capture ad spend transitioning from print marketing continues to evolve to keep pace with changing to digital and, subsequently, moving into local digital,” says consumer media preferences. But with consumer time and Heath Clarke, chairman and CEO of Local Corporation, attention at a premium, marketers are increasingly turning to which drives consumer traffic from more than 1,200 websites, a multichannel portfolio – driven by digital promotions – to in addition to its flagship Local.com search engine and create hyper-local marketing programs that reach consumers Spreebird Deals site. The company is currently beta testing a at the right time, in the right place and on the right screen. Spreebird Rewards loyalty card program to reward frequent customers and help participating merchants build a database of power users. Consumers swipe the card at the point of sale “We are employing a ‘TraDigital’ approach to create and will, initially, receive rewards, or “Spreebucks,” they can a multimedia platform of traditional and digital use for future purchases. offers that reach consumers who can access deals any way they want, wherever they are.” Local Corporation has aggressively used acquisitions to expand its portfolio of digital marketing products and now Dean DeBiase, chairman and CEO, targets local brick-and-mortar businesses with a turnkey set Entertainment of digital advertising services, including website and content development, search engine optimization (SEO), audience “We are employing a ‘TraDigital’ approach to create a targeting and analytics, display advertising and social media multimedia platform of traditional and digital offers that management, with pricing that starts below $200 per month. reach consumers who can access deals any way they want, wherever they are,” says Dean DeBiase, chairman and CEO at Entertainment, which has introduced a diverse “Tablet users convert more efficiently into buyers suite of digital coupon and savings products, including than smartphone users, who may do a price check Entertainment.com™ Savings Membership, Entertainment® or review the product. But even if smartphones don’t Mobile and Entertainment.com Deals™, to supplement its yet monetize at the same rate, it’s still a valuable ubiquitous Entertainment Membership Book. channel. It’s a unique opportunity to track how the consumer bought.” “This degree of flexibility – in how consumers redeem offers, Heath Clarke, chairman and CEO, not how we tell them to – is critical,” DeBiase explains. In Local Corporation April 2012, his company rolled out an Entertainment.com digital card, available at Walgreens pharmacies nationwide, allowing consumers to redeem offers in-store or online. The “We’ve launched six new mobile products in the past three program followed the launch of the Entertainment.com quarters,” Clarke says, adding that 80 percent of the company’s Saving Membership, a digital alternative to the print book, Spreebird Deals users view offers via their mobile devices, and mobile coupon redemption on its Entertainment including both smartphones and tablets. “We distinguish Mobile app, allowing consumers to search for local offers between smartphone and tablet users, because we’re seeing through their smartphones’ GPS or by manually entering a difference in how they convert,” Clarke explains. “Tablet a location, and then redeem them by showing their screen users convert more efficiently into buyers than smartphone to the participating merchant. Consumer pricing for each users, who may do a price check or review the product. But of Entertainment’s memberships is $30 for an annual even if smartphones don’t yet monetize at the same rate, it’s subscription. still a valuable channel. It’s a unique opportunity to track how the consumer bought.” Digital Ads Drive Revenue Increases New research confirms that digital technologies are now Card-Connected Offers Add to the Mix driving local advertising growth. According to local media While mobile is a high-growth area for hyper-local marketers, research firm BIA/Kelsey, local online/interactive/digital card-connected promotions are an integral part of the hyper- advertising revenue will climb to $38.5 billion in 2016, local marketing mix and are the focus of edo Interactive’s representing a CAGR of 12.7% over 2011. The growth of Prewards performance marketing platform, which brings the digital segment is expected to offset slower growth in total financial institutions and advertisers together to provide local media advertising revenue. incentives through the consumer’s credit card at the point- of-sale. (Continued on page 16)

4 Mobile Growth Drives Increasing Need for Data Security: New solutions protect data, as lines blur between personal and business devices

Growth in smartphone and tablet use among U.S. consumers MDM Meets BYOD continues unabated, causing the lines to blur between Transparency is critical, as more American knowledge personal and business use of mobile devices. Research firm workers trade in their company-owned BlackBerrys to buy eMarketer predicts that, by the end of 2012, 115.8 million their preferred smartphones and data plans to match, a trend people in the U.S. will have smartphones and 54.8 million called BYOD, or Bring Your Own Device. According to a will have tablets. At the same time, 29 percent of business survey by technology giant Cisco Systems, 95 percent of executives say they use their mobile devices after work hours; organizations now allow employee-owned devices in some 27 percent say they use them on weekends, according to a way, shape or form in the office; and 36 percent of enterprises survey by Doremus and the Financial Times. provide full support for employee-owned devices.

“With BYOD, suddenly all of your windows have become “In the past, if you had a BlackBerry for business, doors – and it’s not one front door anymore, there are the notion of data loss and leakage due to personal hundreds of front doors,” explains Amit Pandey, president apps didn’t exist. But along comes the iPhone, and it and CEO of Zenprise, whose MDM software includes changes how people use mobile devices.” Zenprise Mobile Manager and Zencloud, a cloud-based solution that can get customers up and running on the John Herrema, senior vice president of corporate strategy, system in minutes. “How do you control data when there Good Technology are so many ways that people can enter the house?”

As a result, mobile device management, or MDM, has Zenprise Mobile Manager utilizes an on-site server through become a must-have data security tool for companies in a which customers set their data protection policies and wide range of vertical industries struggling to manage the register all mobile phones on the system. Mobile users must increasing numbers of employee-owned mobile devices. “In enter a four-digit passcode to be authenticated and access the past, if you had a BlackBerry for business, the notion their business apps. The system is integrated with Microsoft’s of data loss and leakage due to personal apps didn’t exist,” SharePoint, an enterprise-level document sharing and explains John Herrema, senior vice president of corporate collaboration tool, allowing users to securely share business strategy at Good Technology. “But along comes the iPhone, documents. Company data and personal apps are separated and it changes how people use mobile devices. It’s all about by an invisible firewall, meaning personal email or apps are the personal use of apps, and the most popular apps all share not monitored or encrypted. Zenprise pricing is also based and replicate data.” on the number of devices registered on the system.

Good Technology offers a set of secure mobile apps that “Our vision is not to get in the way of the consumer provide employees with a web browser, email messaging, experience,” says Pandey. “But IT and compliance officers calendaring and an online address book. The company are nervous about what employees are doing with their has also developed an app toolkit called Good Dynamics, devices. Our goal is to make both sides happy and put which allows third-party developers, such as Quickoffice and everything securely on the same device. Employers will find Box.net, to build additional business productivity apps that that employees will be happier with the freedom of choice.” are compliant with Good Technology’s data controls and security. “In many ways, companies have a good sense about Good Technology’s approach provides companies with a what security level applies to what documents. network of controlled apps, allowing employees to continue We’re just extending those policies to the phone, to download and use personal apps without co-mingling which is now the equivalent of the laptop in terms business and personal data. Pricing is based on a one-time of information stored.” licensing fee of $159 per device. The system includes “jailbreak Amit Pandey, president and CEO, Zenprise detection,” which alerts customers if there is a data breach. “Passwords, encryption, device wiping – those are table stakes, you have to have them,” Herrema explains. “The real “MDM can be intrusive and restrictive, especially if you risk of mobile devices is what the user is doing intentionally. want the employee to pay for the device and the data plan,” A document doesn’t go into Dropbox accidentally; the user adds Good Technology’s Herrema. “Our approach manages has to set up the account and move the data. It may be well- intentioned, but it’s not accidental.” (Continued on page 17)

5 DIGITAL ADVERTISING FIRST Half DEAL NOTES 2012

M&A AND INVESTMENT ACTIVITY The Digital Advertising segment remained active across all channels in 2Q12, with 55 announced deals worth approximately $1.2 billion. Digital Video had the greatest number of transactions in 2Q12 with a 15 percent increase in activity compared to 1Q12. Buyers and investors also favored businesses that expanded their offerings across multiple web-connected devices, including PCs and mobile and tablet devices. Notable transactions included:

• Norwest Venture Partners’ $39 million investment in India-based Komli Media, an ad network platform operator with solutions across display, mobile, video, social, search and data. With its recent acquisition of Southeast Asia-based Admax

Network, Komli now claims to be the largestMost independentActive Agency/Consulting digital media Subsegments company in Asia Pacific • Google Ventures’ $35 million investment1Q12 in Machinima, which2Q12 operates a video 1H12entertainment vs 2H11 network that LTMdistributes its content across YouTube, social networks, mobile and tablet devices and eCommerce(% websitesChange) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value • TheSubsegment Discovery Channel’s Transactions$30 million ($investment Millions) Transactions in Revision3,($ Millions)an InternetTransactions television ($network Millions) spanningTransactions web, ($mobile Millions) and tabletDigital Agency devices 34 853 27 899 36% 112% 192 5,375 General Agency 9 129 8 184 13% 6% 61 1,216 Experiential Marketing 8 334 6 117 8% 146% 32 893 TheSocial two Agency largest deals in the segment2 were: 13 6 48 (33%) (82%) 29 583 Design Agency 0 0 5 65 (44%) (81%) 20 674 Healthcare Agency 4 63 4 63 14% (5%) 35 1,795 Public Relations 11 241 4 39 (21%) (60%) 51 1,397 • TowersPromotion Watson’sAgency $435 million2 acquisition 25of Extend Health,3 which40 operates150% the largest private87% online13 Medicare exchange153 inOther the Consulting U.S., at 6.8x revenue and8 28.6x EBITDA.1,735 Best 2known for its100 workplace(71%) benefits and351% talent management75 consulting5,157 Specialty Agency 3 31 2 503 (17%) (41%) 19 1,534 services,Marketing Consulting Towers Watson is using2 the acquisition922 to enter1 the emerging1 healthcare(85%) digital 84% advertising 32 vertical via1,603 affiliate marketingMedia Planning/Buying – an increasingly popular2 solution30 for online0 insurance sales0 0% (54%) 13 667 Subtotal 85 4,376 68 2,057 (17%) 36% 572 21,048 • NorwestOther Equity Partners’ $5011 million investment428 in GoHealth.com,0 0 which(21%) operates a consumer-facing23% 38 portal that1,310 allows usersTotal to comparison shop for 96health coverage4,804 68 2,057 (17%) 35% 610 22,357 Other subsegments include Branded Communications, B-to-B Agency, DM Agency, Ethnic/Multicultural Agency and DR Media Buying

MostSoftware Active & Information Marketing Transactions Services by Subsegments Type of Buyer BUYERS Strategic buyers accounted 1Q12for1Q12 more than one-third 2Q12of2Q12 the transactions in1H12 the1H12 vs segment.vs 2H11 2H11 While strategics’LTMLTM percentage (%(% Change) Change) of total deals announced declinedNumberNumber 12 of percent of DealDeal Valuefrom Value theNumber previousNumber of of quarter,DealDeal Value Value their acquisitionsNumberNumber of of wereDealDeal Valuespread Value evenlyNumberNumber across of of theDeal DigitalValue AdvertisingSubsegment subsegments. VentureTransactionsTransactions and growth($ Millions)($ Millions) capitalTransactionsTransactions investment($ ($Millions)activity Millions) remainedTransactionsTransactions high,($($ Millions)with Millions) 35 transactionsTransactionsTransactions announced($($ Millions)Millions) StrategicPrinter 11 37 13,979149 7 23 4,006107 38%(25%) (4%)(67%) 56301 66,1832847 worthPrivateLogistics $443 Equity -million, Buyout focused most2 aggressively9 7,66233 on the Digital4 14 Video, Mobile3,870250 Marketing(14%)35% and(56%) Ad(45%) Networks 17subsegments58 27,0381480 during thePrivateRetail quarter. Services Equity - VC/Growth Capital 1 71 20923 3 105 1,433354 33%36% 476%(56%) 13436 6,1864650 TotalLoyalty/Retention 1 117 22,56415 3 142 9,30937 (50%)15% (75%)(61%) 28795 99,4061206 Data Processing/Enhancement 0 0 2 6 100% (65%) 10 128 Database/Analytics 1 6 1 25 (75%) (74%) 28 1253 Fulfillment 1 150Digital Advertising1 Transactions by15 Type of Buyer(33%) 224% 8 270 List Broker/Manager 0 1Q12 0 1 2Q12 5 NM 1H12 vs 2H11NM 2 LTM 16 Call Center 3 65 0 0 (25%) (90%) 17 1237 (% Change) Collections 2 40 0 0 NM NM 5 95 Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value SubsegmentTotal Transactions23 ($678 Millions) Transactions22 ($ 800Millions) (15%)Transactions (28%)($ Millions) Transactions209 ($14,059 Millions) Strategic 29 1,859 20 779 (33%) (58%) 262 8,307 Private Equity - Buyout 0 Most Active 0Out-of-Home 0& Specialty Media0 Subsegments(100%) (100%) 7 363 Private Equity - VC/Growth Capital 32 1Q12 260 35 2Q12 443 (03%)1H12 vs 2H11(76%) 282 LTM 4,331 Total 61 2,118 55 1,222 (19%)(% Change) (64%) 551 13,001 Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Entertainment Media 0 0 5 3,064 67% 33% 10 6,031 B-to-B Media 3 17 4 105 (30%) (63%) 26 523 Digital Place-Based Media 4 58 3 38 (53%) (68%) 41 826 Traditional Outdoor 2 3,603 2 130 (50%) 1,052% 19 4,200 Yellow Pages 1 4 1 750 100% 9,820% 3 762 Other 0 0 0 0 NM NM 4 831 Subtotal 10 3,682 15 4,087 (41%) 388% 99 12,342 Total 10 3,682 15 4,087 (32%) 138% 103 13,174 Other subsegments include Shopper/Trader/Coupons

6 AGENCY/CONSULTING FIRST Half DEAL NOTES 2012

M&A AND INVESTMENT ACTIVITY Among agencies and consulting firms, Petsky Prunier tracked 68 transactions worth approximately $2.1 billion in 2Q12, down nearly 30 percent and 57 percent, respectively, from the previous quarter. Again, mobile, social and video advertising capabilities were at the core of about half of the transactions. Two of the largest previously independent digital agencies were acquired in the first half of the year, including WPP’s reported $550 million acquisition of AKQA and Aegis’ $125 million acquisition of Roundarch. Additional Digital Agency transactions included:

• DDB Worldwide Communications Group’s $79 million acquisition of Adam & Eve Group, a communications agency with expertise in digital and design services and event planning • Project:Worldwide’s acquisition of Affinitive, a word-of-mouth and social media marketing company that couples its services with social media engagement platforms

Most Active Agency/Consulting Subsegments 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Digital Agency 34 853 27 899 36% 112% 192 5,375 General Agency 9 Digital129 Media/Commerce8 Transactions184 by Type of Buyer13% 6% 61 1,216 Experiential Marketing 8 334 6 117 8% 146% 32 893 1Q12 2Q12 1H12 vs 2H11 LTM Social Agency 2 13 6 48 (33%) (82%) 29 583 Design Agency 0 0 5 65 (44%) (% Change)(81%) 20 674 Healthcare Agency Number4 of Deal63 Value Number4 of Deal63 Value 14%Number of Deal(5%) Value Number35 of Deal1,795 Value SubsegmentPublic Relations Transactions11 ($241 Millions) Transactions4 ($ Millions)39 (21%)Transactions ($(60%) Millions) Transactions51 ($1,397 Millions) StrategicPromotion Agency 2 88 3,56625 3 89 5,10840 150%(15%) 87%(74%) 13780 41,128153 PrivateOther ConsultingEquity - Buyout 8 3 1,73583 2 4 100364 (71%) 0% 351%(85%) 75 30 5,1573,947 PrivateSpecialty Equity Agency - VC/Growth Capital 3 155 1,79931 2 176 5032,636 (17%)(05%) (41%)(79%) 191,194 23,9581,534 Marketing Consulting 2 922 1 1 (85%) 84% 32 1,603 TotalMedia Planning/Buying 2 246 5,44830 0 269 8,1090 0%(09%) (54%)(77%) 132,004 69,032667 Subtotal 85 4,376 68 2,057 (17%) 36% 572 21,048 Other 11 Marketing428 Technology0 Transactions by0 Type of Buyer(21%) 23% 38 1,310 Total 96 1Q124,804 68 2Q12 2,057 (17%) 1H12 vs 2H1135% 610 LTM 22,357 Other subsegments include Branded Communications, B-to-B Agency, DM Agency, Ethnic/Multicultural Agency and DR Media(% Change) Buying Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Most Active Digital Advertising Subsegments Strategic 52 1,691 80 9,035 (25%) (63%) 563 38,868 1Q12 2Q12 1H12 vs 2H11 LTM BPrivateUYERS Equity Large - Buyout agency holding companies4 announced68 approximately0 a third0 of all(75%) transactions(98%) in the segment.27 There 4,067were no privatePrivate Equity equity - VC/Growth deals, Capitaldown from eight100 in 1Q12.1,006 121 1,605 7%(% Change) (65%) 781 9,005 Total Number156 of Deal 2,765Value Number201 of Deal10,640 Value Number(10%) of Deal(67%) Value Number1,371 of Deal51,941 Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Digital Video 13 1,244 15 164 8% 74% 106 3,653 Mobile Marketing 19 472Agency/Consulting11 Transactions by114 Type of Buyer(21%) 6% 141 2,313 Ad Networks/Exchanges 10 188 11 221 (16%) (47%) 111 2,291 1Q12 2Q12 1H12 vs 2H11 LTM Online Lead Generation 10 97 7 105 (37%) (52%) 101 2,358 (% Change) Affiliate/CPA Network 4 59 5 530 50% 861% 23 828 Search Marketing Number1 of Deal15 Value Number4 of Deal80 Value (58%)Number of Deal(83%) Value Number34 of Deal895 Value SubsegmentGame Advertising Transactions1 ($ Millions)15 Transactions1 ($ Millions)5 (33%)Transactions ($ (1%)Millions) Transactions10 ($132 Millions) StrategicEmail Services 3 80 3,88728 1 56 1,4973 (43%)(14%) (50%)(56%) 25504 53216,095 PrivateTotal Equity - Buyout 61 8 2,118833 55 0 1,222 0 (19%)(50%) (77%)2% 551 42 13,0014,826 Private Equity - VC/Growth Capital 8 83 12 560 (17%) (46%) 64 1,437 Total 96 Most4,804 Active Marketing68 Services2,057 Subsegments(17%) (60%) 610 22,357 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Printer 11 149 7 107 38% (4%) 56 2847 Logistics 2 33 4 250 (14%) (56%) 17 1480 Retail Services 1 20 3 354 33% 476% 13 4650 Loyalty/Retention 1 15 3 37 (50%) (75%) 28 1206 Data Processing/Enhancement 0 0 2 6 100% (65%) 10 128 Database/Analytics 1 6 1 25 (75%) (74%) 28 1253 Fulfillment 1 150 1 15 (33%) 224% 8 270 List Broker/Manager 0 0 1 5 NM NM 2 16 Call Center 3 65 0 0 (25%) (90%) 17 1237 Collections 2 40 0 0 NM NM 5 95 Total 23 678 22 800 (15%) (28%) 209 14,059

7 MARKETING TECHNOLOGY FIRST Half DEAL NOTES 2012

M&A AND INVESTMENT ACTIVITY Technology companies’ pursuit of “social stacks” to integrate mobile and social channels with existing CRM and SFA offerings was a major driver of acquisition activity during the quarter. In 2Q12, there were 201 transactions (80 acquisitions and 121 investments) in the segment valued at approximately $10.6 billion. Compared to 1Q12, transaction activity increased 29 percent while value nearly quadrupled, with the most activity occurring among Content Management and Social Technology companies. There were 10 acquisitions in the Social Technology subsegment worth $2.3 billion. Transactions included the acquisitions of the two largest independent social media marketing platforms: Most Active Digital Media/Commerce Subsegments • Salesforce.com’s acquisition of Buddy1Q12 Media for reported total2Q12 consideration of $7451H12 millionvs 2H11 LTM (% Change) • Oracle’s $300 million acquisitionNumber of of Vitrue,Deal Value whichNumber operates of a Deal social Value relationshipNumber of managementDeal Value platform,Number of followed Deal Value by its acquisitionSubsegment of social mediaTransactions monitoring ($platform Millions) CollectiveTransactions Intellect($ Millions) Transactions ($ Millions) Transactions ($ Millions) eCommerce 56 1,371 77 3,441 (1%) (9%) 437 21,311 Social Media/Apps 61 709 54 1,597 (17%) (6%) 435 17,678 TheMobile explosion Content/Apps of unstructured35 data continued335 to drive33 demand for715 web analytics5% tools143% capable of212 building a 2,446semantic Gaming 30 984 27 517 (2%) (25%) 254 9,397 understandingNiche Content of online conversations,22 intent531 and action.22 As a result,631 Analytics(4%) & Reporting67% was the216 third-most4,765 active Classifieds/Auctions/P-to-P 15 478 18 390 6% 76% 106 3,220 subsegmentDigital Promotion/Coupon within Marketing Technology11 in108 2Q12, with12 seven acquisitions167 and(49%) 19 investments,(80%) worth174 approximately5,625 $255 millionVertical Searchand $112 million, respectively.7 Notable264 transactions12 included:239 138% 367% 49 1,070 Comparison Shopping 2 32 5 275 (53%) (54%) 42 1,699 Local Search 5 619 6 119 (27%) 371% 43 1,165 • IBM’sWeb Search/Portals acquisition of Varicent Software,1 a sales2 analytics3 software provider19 (43%) (85%) 24 591 Other 1 15 0 0 (50%) 178% 12 66 • VMWare’sSubtotal acquisition of Cetas246 Software, which5,448 provides269 big data analytics8,109 solutions(9%) for online(2%) businesses2,004 to gain insights69,032 and visibilityTotal into their customer/audience246 behavior5,448 269 8,109 (9%) (2%) 2,004 69,032 Other includes Domain Portfolio/Marketplace and Virtual Goods

Most Active Marketing Technology Subsegments 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Content Management 15 315 42 725 24% 46% 169 4,161 Social Technology 29 288 37 2,506 (8%) 62% 206 5,670 Analytics & Reporting 15 121 26 367 5% (52%) 124 2,622 Mobile Technology 20 629 18 477 (16%) (23%) 177 4,845 BI tools 8 135 9 172 (19%) (82%) 45 2,227 Online Targeting/Optimization 12 146 9 90 40% (53%) 94 1,759 Commerce Management 11 172 8 4,514 (49%) 473% 115 11,749 Email/Messaging Software 6 202 7 424 63% 145% 44 1,394 SFA/Lead Management 3 49 7 86 100% 65% 30 400 Ad Serving 5 87 6 134 57% (6%) 45 771 MRM/Workflow Management 2 24 6 141 (11%) (15%) 31 1,596 Search & Discovery 2 11 4 52 (45%) (74%) 28 529 Subtotal 128 2,179 179 9,686 (3%) 33% 1,108 37,722 Other 28 586 22 954 (40%) (79%) 263 14,218 Total 156 2,765 201 10,640 (10%) (18%) 1,371 51,941 Other subsegments include Creative Production Platform, Content Delivery Network, CRM, Data Quality, Internet Service Providers, Marketing Asset Management, Media Management Systems, Product/Price Software, Segmentation/Data Mining, SEM/SEO Tools, Teleservices/eServices, Website Creation/Hosting and Web to Print

MostDigital Active Media/Commerce Software & Transactions Information by Subsegments Type of Buyer 1Q12 2Q12 1H12 vs 2H11 LTM BUYERS Mega CRM and BI tools providers1Q12 Oracle, Microsoft2Q12 and Salesforce.com1H12 accounted vs 2H11 for nearly one-quarterLTM of the (%(% Change) Change) segment’s M&A deal value inNumber 2Q12. of ComparedDeal Value to theNumber previous of quarter,Deal Value buyersNumber focused of onDeal acquisitions Value Number of scale of toDeal add Value value Subsegment Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value to Subsegmenttheir current technology Transactionsplatforms,Transactions rather($ Millions)($ Millions)than acquiringTransactionsTransactions a number($ ($Millions) Millions) of smaller,TransactionsTransactions less-established($($ Millions) Millions) companies.TransactionsTransactions The ($($number Millions)Millions) of investmentsStrategicInfrastructure Softwarein 2Q12 increased29 slightly,88 with1,5503,566 the largest35 increase89 in1,842 activity5,108 seen36% (15%)among Content179%(74%) Management,147780 Analytics41,1286,812 & PrivateERP Software Equity - Buyout 25 3 4,47283 28 4 1,518364 47% 0% (65%)(85%) 12630 30,0313,947 ReportingPrivateHC-Providers Equity and -Software VC/Growth Social Capital Technology,12 155which increased2,9541,799 200 percent,17 176 111 percent2,636611 and26% 42(05%) percent, 333%respectively.(79%) 1,19478 23,9585,834 Software NEC 7 5,077 16 372 NM NM 26 5,551 Total 246 5,448 269 8,109 (09%) (77%) 2,004 69,032 Financial Software 9 2,434 11 340 25% 2% 64 8,329 HC-BioPharma Software 2 47 7 481 50% 258% 21 939 Market Research 11 Marketing169 Technology5 Transactions by81 Type of Buyer(56%) (85%) 108 3,295 HR Software 9 2,267 5 259 75% (40%) 41 7,307 1Q12 2Q12 1H12 vs 2H11 LTM Credit/Risk Software 2 75 4 85 (14%) (84%) 21 1,471 Engineering Software 2 39 3 1,413 (17%) (% Change)173% 12 2,025 Marketing Data Number1 of Deal13 Value Number3 of Deal259 Value (67%)Number of Deal(75%) Value Number26 of Deal2,826 Value SubsegmentGeo-Demo Software Transactions2 ($ 106Millions) Transactions2 ($ Millions)33 Transactions33% ($(73%) Millions) Transactions9 ($ Millions)664 StrategicSubtotal 111 52 19,2031,691 136 80 7,2959,035 24%(25%) (14%)(63%) 679563 38,86875,082 PrivateOther Equity - Buyout 6 4 3,36168 6 0 2,0140 (54%)(75%) (98%)44% 11627 24,3244,067 Private Equity - VC/Growth Capital 100 1,006 121 1,605 7% (65%) 781 9,005 Total 117 22,564 142 9,309 15% (8%) 795 99,406 TotalOther subsegments includes Credit/Risk Management,156 Engineering/Scientific/Tech,2,765 201 Financial, Geo-demographic,10,640 HC-Payors(10%) Software,(67%) Healthcare-BioPharma,1,371 Healthcare-Payors,51,941 Healthcare-Providers, HR, IT, Legal, Legal Software and Product/Price Agency/Consulting Transactions by Type of Buyer 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Strategic 80 3,887 56 1,497 (14%) (56%) 504 16,095 Private Equity - Buyout 8 833 0 0 (50%) (77%) 42 4,826 Private Equity - VC/Growth Capital 8 83 12 560 (17%) (46%) 64 1,437 Total 96 4,804 68 2,057 (17%) (60%) 610 22,357

8 DIGITAL MEDIA/COMMERCE FIRST Half DEAL NOTES 2012

M&A AND INVESTMENT ACTIVITY In 2Q12, M&A and investment value in the Digital Media/Commerce segment totaled $8.1 billion, up 49 percent from 1Q12. Activity increased nine percent from the previous quarter. eCommerce companies continued to spark the most interest in buyers and investors in 2Q12, with 25 acquisitions and 52 investments announced for $2 billion and $1.4 billion in value, respectively. Notable transactions included:

• Microsoft’s $300 million investment in Barnes & Noble’s eReader NOOK division, which recently introduced a social media layer via its NOOK Friends app, at a reported $1.7 billion valuation • Kohlberg Kravis Roberts’ $150 million investment in Fotolio, a social marketplace for digital stock images, at a reported $300 million valuation

Social Media/Apps and Gaming together accounted for 30 percent and 26 percent of the aggregate volume and value in the segment, including Facebook’s reported $1 billion acquisition of Instagram. Additional transactions during the quarter included:

• Japan-based Gree’s $210 million acquisition of San Francisco-based mobile games developer Funzio, as the company expands its reach outside its core Asia-Pacific market • LinkedIn’s $119 million acquisition of SlideShare, which operates a professional content sharing platform for business documents, videos and presentations • Kleiner Perkins Caufield & Byers’ $25 million investment in Airtime Media, a company offering a live video site that allows users to post and comment on videos

Most Active Digital Media/Commerce Subsegments 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) eCommerce 56 1,371 77 3,441 (1%) (9%) 437 21,311 Social Media/Apps 61 709 54 1,597 (17%) (6%) 435 17,678 Mobile Content/Apps 35 335 33 715 5% 143% 212 2,446 Gaming 30 984 27 517 (2%) (25%) 254 9,397 Niche Content 22 531 22 631 (4%) 67% 216 4,765 Classifieds/Auctions/P-to-P 15 478 18 390 6% 76% 106 3,220 Digital Promotion/Coupon 11 108 12 167 (49%) (80%) 174 5,625 Vertical Search 7 264 12 239 138% 367% 49 1,070 Comparison Shopping 2 32 5 275 (53%) (54%) 42 1,699 Local Search 5 619 6 119 (27%) 371% 43 1,165 Web Search/Portals 1 2 3 19 (43%) (85%) 24 591 Subtotal 245 5,433 269 8,109 (9%) (2%) 1,992 68,966 Other 1 15 0 0 (50%) 178% 12 66 Total 246 5,448 269 8,109 (9%) (2%) 2,004 69,032 Other subsegments includes Domain Portfolio/Marketplace and Virtual Goods

BUYERS While the number of strategic transactions remained effectively flat for 2Q12 as compared to the previous quarter (89 versus 88 in 1Q12), strategic transactions increased in value to more than $5 billion, up from an estimated $3.6 billion, primarily due to the Instagram and Nook transactions. Venture and growth capital investors remained active in 2Q12, accounting for 65 percent of total announced transactions in the most recent quarter. Andreessen Horowitz and First Round Capital were the most active investors during the quarter, each leading five investments, and Facebook was the most active strategic buyer, with four announced acquisitions. Private equity firms accounted for only one percent of deal activity.

Digital Media/Commerce Transactions by Type of Buyer 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Strategic 88 3,566 89 5,108 (15%) (74%) 780 41,128 Private Equity - Buyout 3 83 4 364 0% (85%) 30 3,947 Private Equity - VC/Growth Capital 155 1,799 176 2,636 (5%) (79%) 1,194 23,958 Total 246 5,448 269 8,109 (9%) (77%) 2,004 69,032

9 Most Active Digital Media/Commerce Subsegments 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions FIRST($ Millions) HalfTransactions DEAL NOTES($ Millions) 2012 eCommerceSOFTWARE & IN56 FORMATION1,371 77 3,441 (1%) (9%) 437 21,311 Social Media/Apps 61 709 54 1,597 (17%) (6%) 435 17,678 Mobile Content/Apps 35 335 33 715 5% 143% 212 2,446 M&AGaming AND INVESTMENT ACTIVIT30 Y 984 27 517 (2%) (25%) 254 9,397 Niche Content 22 A total531 of 142 Software22 & Information631 transactions(4%) worth67% approximately216 $9.34,765 billion, includingClassifieds/Auctions/P-to-P 37 acquisitions and 10515 investments,478 were announced18 in 2Q12.390 The shift6% in technology76% deployment106 from traditional3,220 Digital Promotion/Coupon 11 108 12 167 (49%) (80%) 174 5,625 licensingVertical Search models to cloud offerings,7 including264 SaaS, 12IaaS and PaaS,239 was a138% driver of acquisitions367% and49 investments1,070 across Comparison Shopping 2 32 5 275 (53%) (54%) 42 1,699 Infrastructure,Local Search ERP and Healthcare5 Software619 subsegments.6 Market Research119 remained(27%) the most371% active Information43 segment,1,165 withWeb five Search/Portals transactions. Notable 1transactions included:2 3 19 (43%) (85%) 24 591 Other 1 15 0 0 (50%) 178% 12 66 Subtotal 246 5,448 269 8,109 (9%) (2%) 2,004 69,032 • MICROSTotal Systems’ $186 million246 acquisition5,448 of Torex269 Retail Holdings,8,109 a provider(9%) of SaaS-based(2%) education2,004 tools,69,032 at 4.1x revenueOther includes and Domain 13.9x Portfolio/Marketplace EBITDA and Virtual Goods • Toshiba’s $850 million acquisition of IBM’s Retail Store Solutions business, which offers point-of-sale technology and software Most Active Marketing Technology Subsegments to collect and analyze data around customers’1Q12 purchasing trends2Q12 1H12 vs 2H11 LTM • India-based Piramal Healthcare’s $635 million acquisition of Decision Resources Group,(% Change) a provider of web-enabled research and predictive analytics via Numberits proprietary of Deal databases Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Content Management 15 315 42 725 24% 46% 169 4,161 Social Technology 29 288 37 2,506 (8%) 62% 206 5,670 ThereAnalytics were & Reporting 27 deals announced15 worth approximately121 26 $3 billion among367 Healthcare5% Software(52%) and Healthcare124 Information2,622 companiesMobile Technology in 2Q12. In addition20 to Veritas Capital’s629 $1.318 billion buyout477 of Thomson(16%) Reuters(23%) Healthcare 177and Genstar 4,845Capital’s BI tools 8 135 9 172 (19%) (82%) 45 2,227 $400Online million Targeting/Optimization acquisition of eResearch12 Technology,146 healthcare-related9 transactions90 40% during the (53%)most recent quarter94 included:1,759 Commerce Management 11 172 8 4,514 (49%) 473% 115 11,749 Email/Messaging Software 6 202 7 424 63% 145% 44 1,394 • LightyearSFA/Lead Management Capital’s $335 million3 acquisition49 of Fidelity National7 Information86 Services’100% Healthcare65% Benefits30 Solutions Business,400 Ad Serving 5 87 6 134 57% (6%) 45 771 whichMRM/Workflow provides Management benefits administration,2 account24 processing6 and payment141 fulfillment(11%) to healthcare(15%) providers,31 at 2.8x1,596 revenue • SilverSearch &Lake Discovery Partners’ $120 million2 acquisition11 of MEDSEEK,4 a provider52 of online(45%) strategic patient(74%) engagement28 and analytics529 Subtotal 128 2,179 179 9,686 (3%) 33% 1,108 37,722 solutionsOther for healthcare organizations28 586 22 954 (40%) (79%) 263 14,218 • CapitaTotal Group’s $31 million156 acquisition2,765 of Clinical201 Solutions 10,640 Holdings, which(10%) provides(18%) decision1,371 support and51,941 clinical knowledgeOther subsegments software include Creativesolutions Production to healthcare Platform, Content staff Delivery Network, CRM, Data Quality, Internet Service Providers, Marketing Asset Management, Media Management Systems, Product/Price Software, Segmentation/Data Mining, SEM/SEO Tools, Teleservices/eServices, Website Creation/Hosting and Web to Print

Most Active Software & Information Subsegments 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Infrastructure Software 29 1,550 35 1,842 36% 179% 147 6,812 ERP Software 25 4,472 28 1,518 47% (65%) 126 30,031 HC-Providers Software 12 2,954 17 611 26% 333% 78 5,834 Software NEC 7 5,077 16 372 NM NM 26 5,551 Financial Software 9 2,434 11 340 25% 2% 64 8,329 HC-BioPharma Software 2 47 7 481 50% 258% 21 939 Market Research 11 169 5 81 (56%) (85%) 108 3,295 HR Software 9 2,267 5 259 75% (40%) 41 7,307 Credit/Risk Software 2 75 4 85 (14%) (84%) 21 1,471 Engineering Software 2 39 3 1,413 (17%) 173% 12 2,025 Marketing Data 1 13 3 259 (67%) (75%) 26 2,826 Geo-Demo Software 2 106 2 33 33% (73%) 9 664 Subtotal 111 19,203 136 7,295 24% (14%) 679 75,082 Other 6 3,361 6 2,014 (54%) 44% 116 24,324 Total 117 22,564 142 9,309 15% (8%) 795 99,406 Other subsegments includes Credit/Risk Management, Engineering/Scientific/Tech, Financial, Geo-demographic, HC-Payors Software, Healthcare-BioPharma, Healthcare-Payors, Healthcare-Providers, HR, IT, Legal, Legal Software and Product/Price

BUYERS Investors continued to make up the majority of activity in 2Q12, accounting for 74 percent of activity and 15 percent of value in the segment. Private equity buyers announced 14 acquisitions totaling $3.9 billion.

Software & Information Transactions by Type of Buyer 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Strategic 37 13,979 23 4,006 (25%) (67%) 301 66,183 Private Equity - Buyout 9 7,662 14 3,870 35% (45%) 58 27,038 Private Equity - VC/Growth Capital 71 923 105 1,433 36% (56%) 436 6,186 Total 117 22,564 142 9,309 15% (61%) 795 99,406

Digital Advertising Transactions by Type of Buyer 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Strategic 29 1,859 20 779 (33%) (58%) 262 8,307 Private Equity - Buyout 0 0 0 0 (100%) (100%) 7 363 Private Equity - VC/Growth Capital 32 260 35 443 (03%) (76%) 282 4,331 Total 61 2,118 55 1,222 (19%) (64%) 551 13,001

10 MARKETING SERVICES FIRST Half DEAL NOTES 2012

M&A AND INVESTOR ACTIVITY A total of 22 transactions were announced in the Marketing Services segment in 2Q12 for approximately $800 million. Compared to the previous quarter, volume was flat while value increased 18 percent. While there was a 36 percent decrease in the number of deals in the Printer subsegment, it was still the most active subsegment with seven acquisitions in 2Q12. The other active Marketing Services subsegments during the quarter were Logistics, with four transactions worth approximately $250 million, and Retail Services, which accounted for three transactions valued at $354 million. Transactions in the subsegment included:

• TorQuest Partners’ $103 million acquisition of Array Marketing Group, a customer merchandising solutions provider for brands and retailers • Acosta Sales & Marketing’s acquisition of Mosaic Sales & Marketing, a field marketing, merchandising and sales company, to provide greater depth and breadth to Acosta’s marketing and sales services • ComVest Group’s $12 million buyout of Carta Commerce, a provider of card-linked marketing solutions that increase revenue and customer loyalty for merchants, banks, card issuers and loyalty programs

Most Active Marketing Services Subsegments 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Printer 11 149 7 107 38% (4%) 56 2847 Logistics 2 33 4 250 (14%) (56%) 17 1480 Loyalty/Retention 1 15 3 37 (50%) (75%) 28 1206 Retail Services 1 20 3 354 33% 476% 13 4650 Data Processing/Enhancement 0 0 2 6 100% (65%) 10 128 Database/Analytics 1 6 1 25 (75%) (74%) 28 1253 Fulfillment 1 150 1 15 (33%) 224% 8 270 List Broker/Manager 0 0 1 5 NM NM 2 16 Subtotal 17 373 22 800 (9%) (14%) 162 11,849 Other 6 305 0 0 (40%) (56%) 47 2210 Total 23 678 22 800 (15%) (28%) 209 14,059 Other subsegments includes Ad Specialty/Premiums, Call Center, Channel Services, Collections, Lettershop, Offline Lead Generation, Performance/Contract Sales and Printer- Transactional

BUYERS Similar to the prior quarter, strategic buyers accounted for the majority of transaction activity in 2Q12, with 13 transactions valued at approximately $427 million. Two buyout transactions and seven investments were announced.

Marketing Services Transactions by Type of Buyer 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Strategic 19 415 13 427 (11%) (69%) 148 7,068 Private Equity - Buyout 2 245 2 278 (60%) (87%) 30 6,441 Private Equity - VC/Growth Capital 2 18 7 95 29% (72%) 31 550 Total 23 678 22 800 (15%) (79%) 209 14,059

Out-of-Home & Specialty Media Transactions by Type of Buyer 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Strategic 6 3,466 10 3,626 (43%) (29%) 69 10,234 Private Equity - Buyout 2 208 2 131 100% (80%) 12 2,220 Private Equity - VC/Growth Capital 2 8 3 331 (29%) (50%) 22 720 Total 10 3,682 15 4,087 (32%) (37%) 103 13,174

11 Most Active Agency/Consulting Subsegments 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Digital Agency 34 853 27 899 36% 112% 192 5,375 General Agency 9 129 8 184 13% 6% 61 1,216 Experiential Marketing 8 334 6 117 8% 146% 32 893 Social Agency 2 13 6 48 (33%) (82%) 29 583 Design Agency 0 0 5 65 (44%) (81%) 20 674 Healthcare Agency 4 63 4 63 14% (5%) 35 1,795 Public Relations 11 241 4 39 (21%) (60%) 51 1,397 Promotion Agency 2 25 3 40 150% 87% 13 153 Other Consulting 8 1,735 2 100 (71%) 351% 75 5,157 Specialty Agency 3 31 2 503 (17%) (41%) 19 1,534 Marketing Consulting 2 922 1 1 (85%) 84% 32 1,603 Media Planning/Buying 2 30 0 0 0% (54%) 13 667 Subtotal 85 4,376 68 2,057 (17%) 36% 572 21,048 Other 11 428 0 0 (21%) 23% 38 1,310 Total 96 4,804 68 2,057 (17%) 35% 610 22,357 Other subsegments include Branded Communications, B-to-B Agency, DM Agency, Ethnic/Multicultural Agency and DR Media Buying

Most Active Digital Advertising Subsegments 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Digital Video 13 1,244 15 164 8% 74% 106 3,653 Mobile Marketing 19 472 11 114 (21%) FIRST6% Half DE141 AL NOTES2,313 2012 Ad Networks/Exchanges 10 188 11 221 (16%) (47%) 111 2,291 OnlineOu Leadt Generation-of-Home10 & Specialt97 y7 Media105 (37%) (52%) 101 2,358 Affiliate/CPA Network 4 59 5 530 50% 861% 23 828 Search Marketing 1 15 4 80 (58%) (83%) 34 895 M&AGame AND Advertising INVESTOR ACTIVIT1Y Petsky Prunier15 tracked1 15 transactions5 among(33%) Out-of-Home(1%) & Specialty10 Media companies132 in Email2Q12 Services (12 acquisitions and three3 investments),28 totaling1 approximately3 $4.1(43%) billion in deal(50%) value. In25 comparison532 to the priorTotal quarter, the number of 61transactions 2,118in the segment55 increased1,222 by 50% (19%)and total deal value2% increased551 by 1113,001 percent. Entertainment Media was the most active Mostsubsegment Active Marketing in 2Q12, Services with Subsegmentsfive transactions worth approximately $3.1 billion, up from none in 1Q12. Transactions included:1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value • DalianSubsegment Wanda Group’s $2.6Transactions billion acquisition($ Millions) of AMCTransactions Entertainment,($ Millions) at 1.0xTransactions revenue and($ Millions) 9.8x EBITDATransactions ($ Millions) Printer 11 149 7 107 38% (4%) 56 2847 • CerberusLogistics Capital Management’s2 $740 million33 acquisition4 of AT&T’s250 Yellow (14%)Pages businesses,(56%) AT&T Advertising17 Solutions1480 Retail Services 1 20 3 354 33% 476% 13 4650 andLoyalty/Retention AT&T Interactive 1 15 3 37 (50%) (75%) 28 1206 • ProvidenceData Processing/Enhancement Equity Partners’ 0 $200 million0 growth equity2 investment6 in100% entertainment(65%) media production10 company128 Database/Analytics 1 6 1 25 (75%) (74%) 28 1253 TheFulfillment Chernin Group 1 150 1 15 (33%) 224% 8 270 List Broker/Manager 0 0 1 5 NM NM 2 16 • MTBCall Center Holdings’ $42 million acquisition3 of Eastern65 Holdings,0 which publishes0 (25%) consumer magazines(90%) and trade17 journals,1237 as well asCollections organizing exhibitions and marketing2 events40 0 0 NM NM 5 95 Total 23 678 22 800 (15%) (28%) 209 14,059

Most Active Out-of-Home & Specialty Media Subsegments 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value Subsegment Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Transactions ($ Millions) Entertainment Media 0 0 5 3,064 67% 33% 10 6,031 B-to-B Media 3 17 4 105 (30%) (63%) 26 523 Digital Place-Based Media 4 58 3 38 (53%) (68%) 41 826 Traditional Outdoor 2 3,603 2 130 (50%) 1,052% 19 4,200 Yellow Pages 1 4 1 750 100% 9,820% 3 762 Other 0 0 0 0 NM NM 4 831 Subtotal 10 3,682 15 4,087 (41%) 388% 99 12,342 Total 10 3,682 15 4,087 (32%) 138% 103 13,174 Marketing Services Transactions by Type of Buyer Other subsegments include Shopper/Trader/Coupons 1Q12 2Q12 1H12 vs 2H11 LTM (% Change) Number of Deal Value Number of Deal Value Number of Deal Value Number of Deal Value BSubsegmentUYERS Strategic buyers announcedTransactions 10 transactions($ Millions) worthTransactions approximately($ Millions) $3.6Transactions billion, accounting($ Millions) forTransactions 67 percent ($of Millions) activity Strategic 19 415 13 427 (11%) (69%) 148 7,068 andPrivate 89 Equity percent - Buyout of value in 2Q12. Transaction2 245activity among2 both venture278 and growth(60%) capital(87%) and private equity30 firms6,441 was flat comparedPrivate Equity to - VC/Growth the previous Capital quarter. 2 18 7 95 29% (72%) 31 550 Total 23 678 22 800 (15%) (79%) 209 14,059

12 Overview of 1H12 M&A and Investment Activity (continued from page 2)

Digital Advertising activity was led by the Mobile Marketing • JPMorgan Chase’s $100 million investment in Conduit, subsegment, which accounted for a quarter of deal volume which provides website owners and bloggers with a and one-fifth of deal value in the segment, reflecting the platform for building online communities, at a reported growing prevalence of tablet applications and improved $1.3 billion valuation social media access through mobile devices. Transactions in • Meritech Capital Partners’ $70 million investment in the segment included: Evernote, which provides an application that allows individuals to save their ideas, projects and experiences, at • Singapore Telecommunications’ $321 million acquisition a reported $1 billion valuation of Amobee Media Systems, a provider of mobile • August Capital Management’s $45 million investment in advertising solutions, at 10.7x revenue digital publishing platform provider PubMatic • PlayPhone’s $52 million acquisition of SocialHour, a mobile marketing firm specializing in social marketing Buyer & Investor Activity and lead generation Strategic buyers accounted for 41 percent of all control deals and 68 percent of transaction value in 1H12, with 602 Investment Activity transactions worth approximately $53.3 billion. More than Investments totaling $11.2 billion accounted for 56 50 percent of those transactions occurred within the Digital percent of overall volume and 14 percent of deal value Media/Commerce and Agency/Consulting segments, while in 1H12. Digital Media/Commerce was the most active another 22 percent were announced within the Marketing and highest value segment for investment, with 331 deals Technology segment. The most active strategic buyers in announced worth $4.4 billion. eCommerce, Social Media/ 1H12 were WPP Group, Publicis Groupe, Facebook and Apps and Mobile Content/Apps were the three most active Groupon with 15, eight, six and six announced transactions. subsegments in the first six months of the year, accounting for 68 percent of investments in the segment. Digital Buyout firms announced 50 acquisitions totaling $13.7 Media/Commerce investments included: billion in 1H12. The Software & Information segment accounted for 84 percent of total buyout value with 23 • General Atlantic’s $304 million investment in Axel Springer transactions reaching $11.5 billion in value. The Agency/ Digital Classifieds, at a reported $1 billion valuation Consulting segment was the second most active segment. • Microsoft’s $300 million investment in B&N tablet Sizeable buyout transactions announced in 1H12 included: NOOK, at a reported $1.7 billion valuation • Rakuten’s $100 million investment in social network • Veritas Capital’s $1.3 billion buyout of Thomson Reuters Pinterest, at a reported $1.5 billion valuation Healthcare • Apax Partners’ $1 billion acquisition of Paradigm, a software There were 221 announced investments worth company focused on the oil and natural gas industry approximately $2.6 billion in the Marketing Technology • Genstar Capital’s $400 million buyout of eResearch segment in the first half of the year. Social Technology was Technology, a provider of health outcomes research again the most active subsegment, with 46 investments services to biopharmaceutical sponsors and contract worth approximately $340 million. Large Marketing research organizations, at 2.2x revenue and 9.8x EBITDA Technology deals included: (Continued on page 14)

1H12 Most Active Investors by Number of Transactions

Number of Buyer Transactions Representative Targets Accel Partners 14 Avito.ru, Baby.com.br, BeachMint, CardSpring, Dragonplay, Endorse, Qualtrics, Vigilent Andreessen Horowitz 13 Belly, GitHub, Mixpanel, Priceonomics, Skout, Shoptiques, Clover, NationBuilder Google Ventures 12 Adimab, AppStack, AVOS Systems, ClearStory Software, Machinima, Nimble, Yesware Intel Capital 9 AtHoc, Adaptivity, BrightEdge, Fashion.me, KupiVip.ru, ScienceLogic, Speaktoit New Enterprise Associates 9 10gen, Blue Jeans Network, BuzzFeed, Compass Labs, Lithium Technologies, SugarCRM Norwest Venture Partners 9 Adaptive Planning, Elemental Technologies, Gemvara, Komli Media, Manta Media, ModCloth 500 Startups 7 955 Dreams, Curebit, FlightFox, Mile High Organics, NetPlenish, Senzari, Switchcam August Capital Management 7 Adara Media, Aisle50, Ditto Technologies, Flingo, PubMatic, Tegile Systems, Threatmetrix Foundry Group 7 Attachments.me, BigDoor Media, DataHero, Fitbit, Mocavo, SEOmoz, Singly Kleiner Perkins Caufield & Byers 7 Airtime Media, AppDynamics, Drawbridge, Karma Science, Shape Security, SoundCloud Battery Ventures 6 Avalara, Neolane, RelayFoods.com, SingleHop, Sprinklr, Sumall Crosslink Capital 6 Scripted, 500friends, Affine, Coupa Software, GraphDive, RichRelevance NEA 5 BOKU, Curalate, If This Then That, Viddy, WibiData.com Sequoia Capital 5 Birst, FutureAdvisor, Kaminario, Songkick.com, The Backplane

13 Overview of 1H12 M&A and Investment Activity (continued from page 13)

Within the venture and growth categories, investment MARKETING, MEDIA, TECHNOLOGY AND SERVICE INDUSTRIES MARKETING, MEDIA, TECHNOLOGY AND SERVICE INDUSTRIES volume increased by five percent, while value decreased 2Q12 M&A AND INVESTMENT ACTIVITY 2Q12 M&A AND ($INVESTMENT in Millions) ACTIVITY by 16 percent compared to 2H11. Accel Partners, ($ in Millions) Andreessen Horowitz and Google Ventures were the most active investors, announcing 14, 13 and 12 investments, Digital Media/ respectively, during 1H12. Commerce 22% $8,109 Out-of-Home & Digital Specialty Media Advertising IPO Activity $4,087 $1,222 There were 20 IPOs in the Marketing, Media, Technology and Service industries in 1H12. Bazaarvoice, Brightcove, CafePress, Demandware, ExactTarget, Facebook, Infoblox, Agency/ Consulting Millennial Media, Proofpoint, ServiceNow, Splunk, Vocera $2,057 Communications and Yelp each priced at the high-end or Marketing Technology above their initial filing ranges. FX Alliance and Vipshop $10,640 priced below their initial filing ranges. Stock prices for only nine of these companies – Acquity Group, Bazaarvoice, Software & Information Brightcove, Demandware, FX Alliance, ServiceNow, Marketing $9,309 Services Splunk, Vipshop and Vocera Communications – remained $800 above their respective first trading day closing prices at the end of 1H12. BlackStratus, LegalZoom.com and Palo Alto Networks filed to go public in the second quarter of 2012 but have yet to price, while Kayak.com, Lashou.com and Loyalty Alliance Enterprise withdrew their IPO plans.

2Q12 M&A and Investment Summary In 2Q12, Petsky Prunier tracked 772 M&A and investment transactions worth approximately $36.2 billion. Compared to 1Q12, activity increased nine percent, while value fell 14 percent. Digital Media/Commerce was the most active segment, accounting for 35 percent of all deals announced. Worth approximately $10.6 billion, Marketing Technology was the highest value segment. Strategic buyers accounted for 38 percent of all transactions, while venture and growth capital investments represented 59 percent and buyout firms just three percent. The largest acquisition of the quarter was SAP’s $4.3 billion acquisition of Ariba. The largest investment was a $322 million growth capital infusion in Brazil-based Netshoes, an online retailer of sports shoes, jerseys and accessories, from Temasek Holdings.

14 Big Data’s Big Opportunities and Challenges: Turning an ever-increasing amount of information into actionable insight (continued from page 3)

The benefit of the cloud Stoecker predicts that data growth will outpace people’s Placing data in the cloud provides significant cost savings ability to know what to do with it. Therefore, the challenge on infrastructure, maintenance and headcount, while also for vendors is to focus not on the data itself, but on the offering analytical benefits. It allows solutions providers to opportunities of knowing what to do with it. He advises that publish the same data to different users in different ways, companies need to remember to focus on being proactive, ways that are relevant to each of them, Stoecker says. “As new not reactive. As data analysis continues its transition away features are released, we can put them in the cloud without from IT and into the lines of business, companies will see shipping anything out. We can build new apps without “magnitude improvements” in performance over the IT engaging IT at all. The speed of the analytics is more than model. “If it took 100 days before to get a query or analysis just the kind of analytics being produced.” done, it takes 10 days now,” he says. “But, it has to be done at the lines of business with tools that emulate what has The cloud is also providing new opportunities for utilizing traditionally been in BI stacks.” data. For instance, after Dollar General, which has 10,000 stores, began working with 1010data, the company realized that having its data in the cloud meant it could be made “If people could start to do things with the data they available to manufacturers, providing CPGs with further collect they would collect more, and if the big data insight to help with marketing and promotion. industry is successful, that will cause even more data to be collected. I think data will become even Dollar General and 1010data created a cloud-based vendor more valuable and people will collect even more of portal program that allows CPGs to look at, not just their it, and it will snowball.” own products, but everybody’s products, enabling the Sandy Steier, CEO, 1010data manufacturers to do an ‘affinity analysis’ and determine, for example, the likelihood that someone who buys a two-liter bottle of Coke will also buy chips. “That level of access to Adds Vina, “It’s cheaper and cheaper to store data today. The data is unprecedented,” Steier says. challenge will be in finding efficient ways to manage, govern, use, publish and expose that data inside corporations.” Big data’s big future The challenge, Stoecker says, is to make sure you’re always able to consume data from new sources. You have to have the tools that allow that and then be able to make sense out of it. Overall, “I think it’s important to understand that big data can be translated into big opportunities. We want people to be excited about big data, not afraid of it.”

The growth we’ve seen as a result of an increasing number of sources, including the Internet, smart machines and social networks, “will undoubtedly continue,” says Steier, “although I believe we are close to the limit. If people could start to do things with the data they collect they would collect more, and, if the big data industry is successful, that will cause even more data to be collected. I think data will become even more valuable and people will collect even more of it, and it will snowball.”

In addition, Steier feels that any large company’s data is likely useful outside its own industry. “With the right ingenuity, someone could look at data from almost any industry and find some value in it.”

15 Hyper-Local Marketing Evolves Beyond Daily Deals: Digital promotions now drive expanded set of integrated online/offline marketing programs (continued from page 4)

“Hyper-local marketing is about joining the online and Also on the horizon are digital distribution partnerships that offline worlds to follow consumers from stimulus to actual combine massive online audiences with the tens of thousands spend,” says Mark Marinacci, edo Interactive’s chief revenue of local promotions available through companies including officer. For the past year, edo has been live with more than Local Corporation and Entertainment. “We have more than 100 participating banks, including Ally Bank and Fifth Third $10 million worth of coupons sitting there every day,” says Bank, delivering relevant, digital offers accessed via customers’ DeBiase of Entertainment, whose company has agreements credit cards that are instantly redeemable at the merchant’s to provide local advertising offers to Google and eBay, and cash register. The banks provide edo with an anonymous set expects to announce more over the next 18 months. “These of credit or debit card customer records, which edo analyzes companies want to leverage our content and technology to and segments to deliver targeted offers to credit card holders accelerate the sales on their sites.” based on customer spending patterns. Marinacci points out that the bank data use is compliant with all regulations and And don’t count daily deals out yet. Each of these executives there is no personally identifiable information (PII) involved. agrees that daily deals have a role to play, albeit a more limited one that needs to be integrated into the hyper-local “We’ve created a new audience channel that has more data for marketing landscape. “Daily deals only work for certain targeting, more scale and more measurability for marketers,” verticals,” says Local Corporation’s CEO Clarke. “It should says Marinacci. “There’s no need for a merchant to upgrade be one of a group of products that marketers use to solve the their POS systems; no software, hardware or staff training online/offline gap.” involved. In addition, consumers don’t need to download an app, they just swipe their credit cards.” “Merchants need a way to engage consumers on multiple levels,” agrees DeBiase. “We have daily deals in most of our profitable markets, but they are a selective tool for merchants “We used to target based on search, then based on to use for acquisition marketing.” friends, then based on foursquare check-in. But now, the transaction data is differentiating targeting for us, and transactions plus location will be the next big thing.” Mark Marinacci, chief revenue officer, edo Interactive

Mobile, Digital Distribution Partnerships Shape Future edo is launching Prewards programs for two of the top five credit issuers, and is in discussions with many more, according to Marinacci. Some of those discussions will incorporate mobile offers, as banks think more creatively about how to take care of their customers. “The deal market today is primarily email and is moving increasingly to mobile,” he says. “We used to target based on search, then based on friends, then based on foursquare check-in. But now, the transaction data is what’s differentiating targeting, and transactions plus location will be the next big thing.” For example, a rule can be set within the Prewards platform that, if a consumer makes a purchase at a Macy’s near a PF Chang’s, the system will offer an incentive to stay for lunch via the consumer’s mobile device.

16 Mobile Growth Drives Increasing Need for Data Security: New solutions protect data, as lines blur between personal and business devices (continued from page 5) business data completely separately and allows people to use “This is not a trial solution. Many companies are the mobile device freely in their personal life. We’ve found tempted to put something in place quickly. But in a a way to deliver what the business needs and still have total large company, it’s best to be proactive, not reactive. security and control over data.” The challenge is to sit down and think through all your requirements, as well as the long-term threats Herrema also believes companies can find hidden savings to your data security.” when the funds associated with all the returned BlackBerrys are put to better use. “Smart companies take the savings and Amit Pandey, president and CEO, Zenprise attach more of their employees to the BYOD security system. There are huge productivity benefits at the lower levels when Pandey suggests that companies considering MDM carefully you broaden the number of employees connected.” evaluate their use cases to determine how much data security Policy, Strategy, Keys to Successful Mobile is needed and how intrusive or transparent it should be to Data Management the end user. “This is not a trial solution. Many companies are tempted to put something in place quickly. But in a large MDM is being utilized by many companies, particularly company, it’s best to be proactive, not reactive. The challenge those in highly regulated fields, such as financial services, is to sit down and think through all your requirements, as healthcare and government. Professional services firms that well as the long-term threats to your data security.” cater to these markets also have a strong need to monitor and secure data related to their clients’ businesses.

“We have customers in government, aerospace, energy, healthcare and retail, as well as other industries,” says Zenprise’s Pandey. “In many ways, companies have a good sense about what security level applies to what documents. We’re just extending those policies to the phone, which is now the equivalent of the laptop in terms of information stored. The data wipe and lock-in capability we have is essential. We need to make sure mobile phones have the capability to lock down data.”

“We prefer to think of what we do as mobile data management, not mobile device management. You don’t have to manage the device if you can control the data.” John Herrema, senior vice president of corporate strategy, Good Technology

Ultimately, MDM is about managing data and establishing a corporate culture and policies that make data security a priority throughout the organization. “We prefer to think of what we do as mobile data management, not mobile device management,” explains Good Technology’s Herrema. “You don’t have to manage the device if you can control the data.”

Zenprise has a similar approach to MDM. “We’re not managing only at the device level, we are managing at the corporate policy level,” agrees Pandey. “We’re managing data at the source, so the smartphone or tablet is just the access point.”

17 RECENT TRANSACTIONS

a leading digital direct marketing a leader in global healthcare company utilizing a proprietary primary market research and a leader in technology and global in-app database to provide customer influence network mapping acquisition solutions for major brands advertising for Facebook, a provider of a cloud-based Apple (iOS), and Android developers integration platform for the digital marketing industry a leader in multichannel retail, has been sold to has received an equity investment from eCommerce and loyalty marketing services has received a $66M investment has received $15M financing from led by has been sold to

a portfolio company of with debt financing from

has sold a leading data management and

audience optimization platform has sold (DMP) company a leading provider of taxi-based the top independent outdoor media direct-to-consumer marketer of dental savings plans has been sold to and has been sold to

has been sold to a leading marketing services a leading provider of services for domain and BPO company a global digital marketing agency name registration, acquisition, to brokerage and sales a unit of to (NYSE: PAY)

has sold has sold has sold a leading advertising technology company has acquired

a leading urban and has been sold to multicultural agency a leading provider of integrated data, technology and analytics solutions to a premier provider of affinity programs for universities and colleges

a pioneer in measuring the to a subsidiary of impact of promotion on t o physician prescribing behavior (Xetra: DPW.DE)

(NYSE: IPG)

(TSX: PTO) has merged with a rapidly growing provider of online and a portfolio company of offline performance-based customer

a leading shopper marketing acquisition solutions to a number of the execution company Vestar Capital Partners largest suppliers of home services in the U.S. has sold the leader in attribution management and has been sold to and online advertising analytics

has received a majority investment from has been sold to t o

a portfolio company of

Parthenon Capital Partners (Nasdaq:GSIC)

About Petsky Prunier LLC

Petsky Prunier is one of the leading investment banks in the internet, marketing, media, technology, information, healthcare and service industries. Our firm’s mergers and acquisitions and private placements advisory services reflect a unique blend of product specialization and industry expertise. Together with strategic consulting firm Winterberry Group, a Petsky Prunier company, the organization represents one of the largest industry-specific advisors providing strategic and transactional services. Securities transactions are processed through Petsky Prunier Securities LLC.

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