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February 2016 M&A and Investment Summary Table of Contents

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February 2016 M&A and Investment Summary Table of Contents February 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 42 4 About Petsky Prunier 54 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. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States. 2| M&A and Investment Summary February 2016 M&A and Investment Summary for All Segments Transaction Distribution . A total of 427 deals were announced in February 2016, of which 255 were worth $13.7 billion in aggregate reported value . Software was the most active segment with 131 deals announced —79 of these transactions reported $4.3 billion in value . Digital Media/Commerce was also active with 110 transactions announced, of which 85 were worth a reported $3 billion in value . Strategic buyers announced 185 deals (34 reported $7.9 billion in value) . VC/Growth Capital investors announced 233 transactions (217 reported $4.6 billion in value) . Buyout investors announced nine deals during the month (four reported $1.2 billion in value) February 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 131 31% $4,265.3 31% 53 $1,695.0 6 $970.9 72 $1,599.4 Digital Media/Commerce 110 26% 3,025.8 22% 35 939.0 0 ‐ 75 2,086.8 Marketing Technology 74 17% 613.1 4% 22 3.0 0 ‐ 52 610.1 Agency & Marketing Services 34 8% 130.2 1% 31 124.3 0 ‐ 35.9 Business Services 32 7% 874.8 6% 18 489.0 3 260.0 11 125.8 Digital Advertising 25 6% 811.6 6% 12 702.0 0 ‐ 13 109.6 Traditional Media 11 3% 268.1 2% 9 266.6 0 ‐ 21.5 Information 10 2% 3,743.2 27% 5 3,684.7 0 ‐ 5 58.5 *Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions Total 427 100% 13,732.1 100% 185 7,903.6 9 1,230.9 233 4,597.6 3| M&A and Investment Summary February 2016 M&A and Investment Summary for All Segments Transaction Distribution . Aggregate reported transaction value in February was down eight percent from February of 2015 and down 45 percent from January 2016 . Strategic activity accounted for 57 percent of reported deal value during the month and included significant transactions: • IBM Watson’s $2.6 billion acquisition of healthcare data integration solutions provider Truven Health Analytics • The $800 million purchase of healthcare‐related billing and business management software developer Brightree by ResMed • Oracle’s acquisition of virtualization solutions provider Ravello Systems for $500 million • Wipro’s acquisition of HealthPlan Services, a provider of business process as a services solutions to the healthcare insurance market, for $460 million • The $360 million acquisition of cross‐device retargeting company Tapad by Norway‐based telecommunications company Telenor $120.0 $500.0 $108.4 $110.0 $100.0 Bright $400.0 $90.0 House/ $80.0 Charter $70.0 $300.0 $60.0 $50.0 Time Warner/ $40.4 $200.0 $40.0 Charter Sungard $25.9 $26.7 $27.4 $30.0 $23.1 Veritas $23.7 $24.9 $18.8 $18.3 Solera $100.0 $20.0 $15.0 Inter. Data $14.4 $13.7 $10.0 425 456 492 458 466 448 376 403 424 363 407 418 427 $‐ $- Feb‐15 Mar‐15 Apr‐15 May‐15 Jun‐15 Jul‐15 Aug‐15 Sep‐15 Oct‐15 Nov‐15 Dec‐15 Jan‐16 Feb‐16 *Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks , Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data Systems, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions. 4| M&A and Investment Summary February 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services The App Business Ltd. 1 Digital Agency St. Ives, PLC$ 77.9 $ 17.3 $ 5.7 4.5x 13.7x The Brooklyn Brothers Limited Digital Agency Interpublic Group of Companies, Inc. 43.0 28.5 ‐ 1.5x NA Business Services Citation plc HR Consulting HG Capital 260.0 56.0 ‐ 4.6x NA HealthPlan Services IT Consulting/Systems Integration Wipro Limited 460.0 223.0 ‐ 2.1x NA EarthLink’s IT Services IT Consulting/Systems Integration Synoptek, Inc. 29.0 37.0 ‐ 0.8x NA Digital Advertising Tapad, Inc. Ad Networks/Exchanges Telenor ASA 378.9 57.0 ‐ 6.6x NA Yodle, Inc. Local Search Web.com Group, Inc. 342.0 207.8 ‐ 1.6x NA Information Truven Health Analytics, Inc. Healthcare Information IBM Watson Health 3,556.4 598.9 99.5 5.9x 35.7x Software Brightree LLC Healthcare Software ResMed Corporation 800.0 113.0 43.0 7.1x 18.6x Diligent Corporation Collaboration Software Insight Venture Partners 435.9 94.0 17.7 4.6x 24.6x NWP Services Corporation ERP Software RealPage, Inc. 68.0 58.0 6.0 1.2x 11.3x Rustici Software LLC Cloud Computing Technology Learning Technologies Group plc 36.5 6.6 2.7 5.5x 13.5x Traditional Media RR Media Ltd. Broadcast Television SES Platform Services GmbH 231.6 134.1 16.0 1.7x 14.5x 1 82 percent stake acquisition 5| M&A and Investment Summary February 2016 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jan‐16 Blue Coat Systems, Inc. United States Software 500.0 950.0 NA Dec‐15 Nutanix, Inc. United States Software 200.0 283.1 NA Sep‐15 PointClickCare Corp. United States Software 100.0 112.6 3.8 Jul‐15 Apptio, Inc. United States Software NA 100.0 NA Mar‐15 Veracode, Inc. United States Software 450.0 16.7 NA 6| M&A and Investment Summary February 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 Feb 29, 2016 1st Trading Day Dec‐15 NasdaqGS:TEAM Atlassian Corpora ti on Plc Australia $18.00‐$20.00 21.00 $27.78 up 32% 23.77 (14.4%) Dec‐15 NYSE:YRD Yirendai Ltd. China 9.00‐11.00 10.00 9.10, down 9% 5.95 (34.6%) Nov‐15 NYSE:INST Instructure, Inc. United States 16.00‐18.00 16.00 18.00 up 12.5% 14.30 (20.6%) Nov‐15 NasdaqGS:MTCH Match Group, Inc. United States 12.00‐14.00 12.00 14.74, up 23% 10.89 (26.1%) Nov‐15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00‐13.00 10.00 10.10, up 1.0% 9.36 (7.3%) Nov‐15 NYSE:SQ Square, Inc. United States 11.00‐13.00 9.00 13.07, up 45% 10.44 (20.1%) Oct‐15 NYSE:PSTG Pure Storage, Inc. United States 16.00‐18.00 17.00 16.01, down 5.8% 14.38 (10.2%) Oct‐15 NYSE:FDC First Data Corpora ti on Uni ted States 18.00‐20.00 16.00 15.75, down 1.5% 12.50 (20.6%) Jul‐15 NasdaqGM:RPD Rapid7, Inc. United States 13.00‐15.00 16.00 26.75, up 67% 13.29 (50.3%) Jul‐15 NYSE:TDOC Teladoc, Inc. United States 15.00‐17.00 19.00 28.50, up 50% 13.83 (51.5%) Jun‐15 NasdaqGM:APPF AppFolio, Inc. United States 12.00‐14.00 12.00 14.10, up 17% 11.70 (17.0%) Jun‐15 NYSE:XTLY Xactly Corpora ti on Uni ted States 10.00‐12.00 8.00 8.70, up 9% 5.80 (33.3%) Jun‐15 NYSE:FIT Fitbit Inc. United States 17.00‐19.00 20.00 29.68, up 48% 12.23 (58.8%) Jun‐15 NasdaqGM:MB MINDBODY, Inc. United States 13.00‐15.00 14.00 11.56, down 17.4% 11.78 1.9% Jun‐15 NYSE:TGNA TEGNA Inc. United States 26.00‐28.00 30.00 31.63, up 5% 24.64 (22.1%) Jun‐15 NYSE:EVH Evolent Health, Inc. United States 14.00‐16.00 17.00 18.86, up 11% 10.05 (46.7%) May‐15 NYSE:SHOP Shopify Inc. Canada 14.00‐16.00 17.00 28.31, up 51% 22.38 (20.9%) May‐15 NasdaqGS:BZUN Baozun Inc. China 12.00‐14.00 10.00 10.44, up 4% 5.90 (43.5%) May‐15 NYSE:PGND Press Ganey Holdings, Inc. United States 22.00‐24.00 25.00 27.50, up 10 %26.38(4.1%) Apr‐15 NasdaqGS:APIC Apigee Corpora ti on Uni te d States 16.00‐18.00 17.00 10.60, down 8% 5.85 (44.8%) Apr‐15 NasdaqGS:ETSY Etsy, Inc.
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