September 2016 M&A and Investment Summary Table of Contents
1 Overview of Monthly M&A and Investment Activity 3
2 Monthly M&A and Investment Activity by Industry Segment 8
3 Additional Monthly M&A and Investment Activity Data 40
4 About Petsky Prunier 52
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2| M&A and Investment Summary September 2016 M&A and Investment Summary for All Segments
Transaction Distribution . A total of 463 deals were announced in September 2016, of which 296 were worth $20.7 billion in aggregate reported value . Software was the most active segment with 148 deals announced —98 of these transactions reported $8.9 billion in value . Marketing Technology was also active with 100 transactions announced, of which 67 were worth a reported $1.2 billion in value . Strategic buyers announced 171 deals (32 reported $7.2 billion in value) . VC/Growth Capital investors announced 267 transactions (244 reported $5.6 billion in value) . Private Equity investors announced 25 deals during the month (seven reported $7.8 billion in value)
September 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 148 32% $8,878.6 43% 42 $2,369.3 10 $5,407.3 96 $1,102.0 Marketing Technology 100 22% 1,248.5 6% 23 5.6 6 ‐ 71 1,242.9 Digital Media/Commerce 88 19% 3,357.3 16% 25 375.2 1 ‐ 62 2,982.1 Business Services 42 9% 2,580.1 12% 25 1,550.3 5 930.9 12 98.9 Agency & Marketing Services 34 7% 362.2 2% 29 274.2 2 68.0 3 20.0 Digital Advertising 24 5% 1,528.3 7% 11 56.3 1 1,400.0 12 72.0 Information 15 3% 371.3 2% 8 275.0 0 ‐ 796.3 Traditional Media 12 3% 2,330.3 11% 8 2,305.3 0 ‐ 425.0 Total 463 100% 20,656.7 100% 171 7,211.2 25 7,806.2 267 5,639.3
* Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business has been excluded to limit comparative distortions
3| M&A and Investment Summary September 2016 M&A and Investment Summary for All Segments
Transaction Distribution . Reported transaction activity in September remained flat from August 2016 and was up 15 percent from September of 2015 . Strategic activity accounted for 37 percent of reported deal activity during the month and included significant transactions: • Liberty Media’s acquisition of Formula 1 from CVC Capital in deal valued at $4.4 billion • OpenText’s $1.6 billion acquisition of Dell EMC’s Enterprise Content Division • The $1.6 billion Informa acquisition of B‐to‐B information services company Penton Media from MidOcean Partners and Wasserstein & Co. • Hewlett‐Packard’s $1.1 billion acquisition of Samsung’s Printing business • The acquisition of API management platform developer Apigee by Google in a transaction valued at $625 million $120.0 $500.0 $110.0 $100.0 $400.0 $90.0 $80.0 $73.1 $300.0 $70.0 LinkedIn / $60.0 Microsoft $50.0 $44.7 Supercell / $42.6 $200.0 Tencent $40.0 IMS Health NetSuite $33.7 $26.7 $27.4 $29.3 $30.0 $23.7 $24.9 $21.3 $22.1 HP IT / CSC Solera HP Software $100.0 $20.0 Inter. Data $14.4 $13.7 MultiPlan $10.0 403 424 363 407 413 427 433 404 432 491 427 473 463 $‐ $- Sep‐15 Oct‐15 Nov‐15 Dec‐15 Jan‐16 Feb‐16 Mar‐16 Apr‐16 May‐16 Jun‐16 Jul‐16 Aug‐16 Sep‐16
*Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions.
4| M&A and Investment Summary September 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions)
Selected Transactions With Multiples Information
Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services The Grass Roots Group PLC Loyalty/Retention Blackhawk Network, Inc.$ 118.0 $ ‐ $ 14.4 NA 8.2x Newington Communications Limited Public Relations SEC S.p.A. 8.0 4.5 ‐ 1.8x NA Pinnacle Marketing Communications Public Relations Next Fifteen Communications Group plc 5.8 2.9 ‐ 2.0x NA
Business Services Samsung's Printing Business Printing Services Hewlett‐Packard Company 1,050.0 1,701.0 ‐ 0.6x NA SAI Global Ltd. Credit/Risk Consulting Bering Private Equity 930.9 425.3 88.7 2.2x 10.5x Kurt Salmon Management Consulting Accenture plc 166.4 105.3 ‐ 1.6x NA OCTO Technology Société Anonyme IT Consulting/Systems Integration Accenture plc 137.1 48.0 4.8 2.9x 28.7x Logistics & Distribution Services LLC Logistics ArcBest Corporation 25.0 60.0 ‐ 0.4x NA MicroDoc Computersysteme GmbH IT Consulting/Systems Integration Data Respons ASA 11.8 13.6 ‐ 0.9x NA Information Anthelio Healthcare Solutions, Inc. Healthcare Information Atos SE 275.0 200.0 ‐ 1.4xNA NA Software Dell EMC Enterprise Content Division Data Management Software OpenText Corporation 1,600.0 599.0 ‐ 2.7x NA Infoblox, Inc. Security Software Vista Equity Partners 1,254.3 358.0 ‐ 3.5x NA Apigee Corporation Software Development Tools Google, Inc. 516.3 92.0 ‐ 5.6x NA Creehan & Company Corporation Healthcare Software Inovalon, Inc. 130.0 27.0 ‐ 4.8x NA Financial Synergy Pty. Ltd. Financial Software IRESS Market Technology 68.0 20.5 7.0 3.3x 9.7x Emric AB Financial Software Tieto Corporation 35.0 22.0 ‐ 1.6x NA
Traditional Media Penton Media, Inc. B‐to‐B Media Informa PLC 1,559.3 ‐ 142.0 NA 11.0x
5| M&A and Investment Summary September 2016 Securities in Registration ($ in Millions)
Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Sep‐16 BlackLine Inc. United States Software$ 100.0 $ 73.2 $ ‐ Sep‐16 Coupa Software Incorporated United States Software 107.2 109.5 (42.6) Sep‐16 Tintri, Inc. United States Software 100.0 ‐ ‐ Aug‐16 Gridsum Technology Co., Ltd. China Marketing Technology 75.0 NA NA Aug‐16 Meitu Technology Co., Ltd. China Digital Media/Commerce 500.0 NA NA Jul‐16 CBS Radio Inc. United States Traditional Media 100.0 1,220.0 310.0 Jul‐16 FOTV Media Networks, Inc. United States Digital Media/Commerce 30.0 NA NA Apr‐16 Optiv Security Inc. United States Business Services 100.0 NA NA Sep‐15 PointClickCare Corp. United States Software 100.0 112.6 3.8
6| M&A and Investment Summary September 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 Sep 30, 2016 1st Trading Day Sep‐16 NasdaqGS:NTNX Nutanix, Inc. United States $13.00‐$15.00 16.00 $37.00 up 131% 37.00 0.0% Sep‐16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00‐18.00 18.00 30.10 up 67% 29.21 (3.0%) Sep‐16 NasdaqGM:APTI Apptio, Inc. United States 13.00‐15.00 16.00 22.55 up 40% 21.70 (3.8%) Sep‐16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50‐12.50 13.00 15.25 up 17% 16.85 10.5% Sep‐16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00‐13.00 12.00 14.70 up 22% 16.86 14.7% Jul‐16 Nasdaq:TLND Talend SA France 15.00‐17.00 18.00 25.50 up 42% 26.16 2.6% Jul‐16 NYSE:LN LINE Corporation Japan 31.00‐33.00 33.00 41.58 up 27% 48.40 16.4%
Jun‐16 NYSE:TWLO Twilio, Inc. United States 12.00‐14.00 15.00 28.79 up 92% 64.36 123.5% Jun‐16 NasdaqGS:NH NantHealth, Inc. United States 13.00‐15.00 14.00 19.47 up 39% 13.15 (32.5%) May‐16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00‐19.00 19.00 18.14 down 4.6% 33.53 84.8% Apr‐16 NasdaqGS:SCWX SecureWorks Corp. Uni ted States 15.50‐17.50 14.00 13.88 down 1% 12.51 (9.9%) Dec‐15 NasdaqGS:TEAM Atlassian Corporation Plc Aus tralia 18.00‐20.00 21.00 27.78 up 32% 29.97 7.9% Dec‐15 NYSE:YRD Yirendai Ltd. China 9.00‐11.00 10.00 9.10, down 9% 23.68 160.2% Nov‐15 NYSE:INST Instructure, Inc. United States 16.00‐18.00 16.00 18.00 up 12.5% 25.37 40.9% Nov‐15 NasdaqGS:MTCH Match Group, Inc. United States 12.00‐14.00 12.00 14.74, up 23% 17.79 20.7% Nov‐15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00‐13.00 10.00 10.10, up 1.0% 19.13 89.4% Nov‐15 NYSE:SQ Square, Inc. United States 11.00‐13.00 9.00 13.07, up 45% 11.66 (10.8%) Oct‐15 NYSE:PSTG Pure Storage, Inc. United States 16.00‐18.00 17.00 16.01, down 5.8% 13.55 (15.4%) Oct‐15 NYSE:FDC First Data Corpora ti on Uni ted States 18.00‐20.00 16.00 15.75, down 1.5% 13.16 (16.4%)
7| M&A and Investment Summary September 2016 Digital Media/Commerce
. Of the total $3.4 billion in value reported in the Digital Media/Commerce segment, $3 billion in Venture/Growth Capital investments were announced, while more than $375 million in strategic acquisitions were made . eCommerce was the most active subsegment across all segments with 33 transactions announced, of which 24 were reported for $1.2 billion. Select investments from the subsegment include: • The $750 million round of funding raised by Singapore‐based Uber competitor Grab from SoftBank, Tiger Global Management, Coatue Management, and GGV Capital . Select Digital Media/Commerce transactions include: • The $555 million raised by Airbnb at a reported valuation of $30 billion from Google Capital and Technology Crossover Ventures • Online food retailer FreshDirect’s $189 million round of funding from J.P. Morgan Asset Management and W Capital • The $150 million Revolution Growth investment in fantasy sports company DraftKings • Web video‐focused media company Defy Media’s $70 million round of funding from Wellington Management
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 31 35% $1,181.9 35% 7 $171.0 1 ‐ 23 $1,010.9 Gaming 14 16% 233.8 7% 5 169.4 0 ‐ 9 64.4 Mobile Content/Apps 14 16% 984.1 29% 2 ‐ 0 ‐ 12 984.1 Digital Marketplace 11 13% 637.1 19% 4 8.4 0 ‐ 7 628.7 Niche Content 10 11% 115.4 3% 6 26.4 0 ‐ 4 89.0 Social Media/Apps 8 9% 205.0 6% 1 ‐ 0 ‐ 7 205.0 Web Search/Portals 0 0% ‐ 0% 0 ‐ 0 ‐ 0 ‐ * Microsoft’s $26.2 billion acquisition of LinkedIn and Tencent’s $10.2 billion acquisition of Supercell have been excluded to limit comparative distortions Total 88 100% 3,357.3 100% 25 375.2 1 0.0 62 2,982.1
8| M&A and Investment Summary September 2016 Digital Media and Internet Public Company Valuation (1/2)
($ in Millions, except stock price data) US‐Based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alphabet Inc. 804.06 ‐2% $ 543,411.1 $ 472,740.1 $ 81,761.0 $ 26,903.0 32.9% 17.5% 5.8x 17.6x Apple Inc. 113.05 ‐9% 609,163.5 631,486.5 220,288.0 73,962.0 33.6% ‐1.8% 2.9x 8.5x Blucora, Inc. 11.20 ‐26% 465.0 889.5 291.6 $56.4 19.3% NA 3.1x 15.8x Demand Media, Inc. 5.69 ‐12% 115.8 54.9 114.4 (24.7) NM ‐22.3% 0.5x NM Everyday Health, Inc. 7.69 ‐27% 257.1 343.6 248.8 22.4 9.0% 23.6% 1.4x 15.4x Facebook, Inc. 128.27 ‐5% 368,348.4 345,055.4 22,160.0 11,075.0 50.0% 51.4% 15.6x 31.2x Fitbit Inc. 14.84 ‐65% 3,296.8 2,537.1 2,212.7 227.5 10.3% 75.6% 1.1x 11.2x Glu Mobile, Inc. 2.24 ‐50% 297.9 139.9 227.2 (11.0) NM ‐13.7% 0.6x NM GoPro, Inc. 16.68 ‐48% 2,325.9 2,046.7 1,241.2 (199.8) NM ‐26.9% 1.6x NM IAC/InterActiveCorp 62.47 ‐15% 4,971.3 5,474.3 3,251.9 380.9 11.7% 3.0% 1.7x 14.4x LinkedIn Corporation 191.12 ‐26% 25,749.4 23,615.9 3,434.9 395.6 11.5% 34.1% 6.9x 59.7x MeetMe, Inc. 6.20 ‐24% 337.3 305.6 63.9 14.6 22.8% 35.0% 4.8x 21.0x Netflix, Inc. 98.55 ‐26% 42,251.3 42,790.2 7,624.6 313.8 4.1% 24.7% 5.6x NM Pandora Media, Inc. 14.33 ‐35% 3,310.8 3,261.1 1,288.0 (158.8) NM 25.8% 2.5x NM RealNetworks Inc. 4.46 ‐13% 164.1 85.3 118.7 (35.1) NM ‐11.6% 0.7x NM TheStreet, Inc. 1.10 ‐38% 38.8 11.6 66.0 0.3 0.4% 0.1% 0.2x 43.4x Twitter, Inc. 23.05 ‐28% 16,139.84 14,172.41 2,476.19 (4.89) NM 39.2% 5.7x NM WebMD Health Corp. 49.70 ‐26% 1,843.0 1,867.2 670.9 163.3 24.3% 12.2% 2.8x 11.4x XO Group Inc. 19.33 ‐1% 491.9 395.2 147.2 22.0 14.9% 3.9% 2.7x 18.0x Yahoo! Inc. 43.10 ‐4% 41,021.8 3,837.5 4,893.9 767.5 15.7% 0.5% 0.8x 5.0x Zynga, Inc. 2.91 ‐4% 2,566.9 1,698.4 750.0 (20.4) NM ‐0.3% 2.3x NM
Average 2.0x 11.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (36.3x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)
9| M&A and Investment Summary September 2016 Digital Media and Internet Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally‐based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China 182.07 ‐16% $63,105.4 $58,300.9 $10,706.5 $2,624.5 24.5% 25.1% 5.4x 22.2x Changyou.com Limited China 27.25 ‐10% 1,384.4 726.6 609.8 196.7 32.3% ‐24.5% 1.2x 3.7x CyberAgent Inc. Japan 29.54 ‐10% 3,712.1 3,456.0 2,865.9 439.7 15.3% 21.2% 1.2x 7.9x DeNA Co., Ltd. Japan 36.09 ‐8% 5,235.5 4,579.1 1,404.9 345.5 24.6% 0.0% 3.3x 13.3x G5 Entertainment AB (publ) Sweden 5.40 ‐15% 47.6 43.7 47.6 5.1 10.8% 21.1% 0.9x 8.5x Gree, Inc. Japan 5.58 ‐17% 1,308.0 516.5 680.4 155.3 22.8% ‐24.4% 0.8x 3.3x International Game Technology PLC United Kingdom 24.38 ‐2% 4,901.2 12,731.1 5,133.6 1,586.1 30.9% 29.9% 2.5x 8.0x KongZhong Corporation China 6.74 ‐13% 317.5 241.9 178.8 21.6 12.1% ‐18.5% 1.4x 11.2x Mixi, Inc. Japan 35.89 ‐33% 2,938.8 1,903.9 2,006.6 923.3 46.0% 37.1% 0.9x 2.1x NCsoft Corporation South Korea 268.69 0% 5,707.1 5,012.9 792.8 279.4 35.2% 7.2% 6.3x 17.9x Naver Corporation South Korea 802.89 ‐2% 23,393.8 22,040.6 3,169.0 918.8 29.0% 23.1% 7.0x 24.0x NetEase, Inc. China 240.78 ‐5% 31,657.1 27,793.8 4,730.4 1,604.3 33.9% 112.3% 5.9x 17.3x NEXON Co., Ltd. Japan 15.55 ‐24% 6,792.5 4,309.6 1,862.3 578.2 31.0% 4.4% 2.3x 7.5x Pacific Online Ltd. China 0.25 ‐33% 277.4 236.2 162.0 33.2 20.5% 0.1% 1.5x 7.1x Phoenix New Media Limited China 3.90 ‐37% 279.7 165.3 224.8 11.8 5.3% ‐9.9% 0.7x 14.0x Renren Inc. * China 2.06 ‐45% 700.9 727.4 47.5 (85.7) NM ‐25.1% 15.3x NM HolidayCheck Group AG * Germany 2.67 ‐39% 155.9 119.7 122.7 2.3 1.9% 1.6% 1.0x 51.7x Weibo Corporation * China 50.14 ‐4% 10,815.2 10,424.6 539.9 94.0 17.4% 37.2% 19.3x NM WeMade Entertainment Co., Ltd. * South Korea 17.69 ‐61% 293.6 282.0 104.9 9.7 9.2% ‐16.0% 2.7x 29.1x Yandex N.V. Netherlands 21.05 ‐12% 6,755.6 6,135.4 1,065.0 320.7 30.1% 26.1% 5.8x 19.1x YY Inc. China 53.28 ‐19% 2,935.4 2,760.0 1,056.1 244.7 23.2% 50.0% 2.6x 11.3x
Average 1.9x 11.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (26.3x)
10 | M&A and Investment Summary September 2016 eCommerce Public Company Valuation (1/2)
($ in Millions, except stock price data) US‐based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1‐800‐Flowers.com Inc. 9.17 ‐16% $596.2 $685.9 $1,173.0 $77.2 6.6% 4.6% 0.6x 8.9x Alphabet Inc. 804.06 ‐2% 543,411.1 472,740.1 81,761.0 26,903.0 32.9% 17.5% 5.8x 17.6x Amazon.com, Inc. 837.31 0% 396,946.5 398,266.5 120,637.0 10,310.0 8.5% 25.9% 3.3x 38.6x Apple Inc. 113.05 ‐9% 609,163.5 631,486.5 220,288.0 73,962.0 33.6% ‐1.8% 2.9x 8.5x Blucora, Inc. 11.20 ‐26% 465.0 889.5 291.6 56.4 19.3% NA 3.1x 15.8x Blue Nile Inc. 34.42 ‐12% 399.9 363.7 476.7 17.2 3.6% ‐1.4% 0.8x 21.1x CafePress Inc. 3.18 ‐34% 53.1 15.3 97.1 (0.1) NM ‐20.2% 0.2x NM CDW Corporation 45.73 ‐4% 7,468.3 11,089.2 13,700.8 1,029.2 7.5% 10.6% 0.8x 10.8x Chegg, Inc. 7.09 ‐12% 645.4 595.7 269.1 (11.4) NM ‐15.3% 2.2x NM Copart, Inc. 53.56 ‐2% 6,114.5 6,599.1 1,268.4 446.5 35.2% 10.7% 5.2x 14.8x eBay Inc. 32.90 ‐1% 37,144.7 38,112.7 8,788.0 3,072.0 35.0% 1.7% 4.3x 12.4x Etsy, Inc. 14.28 ‐9% 1,624.2 1,358.5 320.8 30.2 9.4% 38.0% 4.2x 45.0x EVINE Live Inc. 2.29 ‐28% 131.8 178.9 697.9 10.7 1.5% 3.0% 0.3x 16.7x Expedia Inc. 116.72 ‐17% 17,495.2 19,421.4 7,736.2 837.9 10.8% 26.7% 2.5x 23.2x FTD Companies, Inc. 20.57 ‐32% 563.0 792.6 1,155.3 99.6 8.6% 13.7% 0.7x 8.0x GrubHub Inc. 42.99 ‐4% 3,663.2 3,393.4 418.0 94.3 22.6% 34.2% 8.1x 36.0x HSN, Inc. 39.80 ‐37% 2,080.0 2,631.3 3,634.1 305.0 8.4% ‐1.3% 0.7x 8.6x IAC/InterActiveCorp 62.47 ‐15% 4,971.3 5,474.3 3,251.9 380.9 11.7% 3.0% 1.7x 14.4x Liberty Ventures 39.87 ‐12% 5,675.4 7,378.4 572.0 (26.0) NM ‐42.9% 12.9x NM Liquidity Services, Inc. 11.24 0% 345.5 215.7 317.2 (5.8) NM ‐27.3% 0.7x NM Match Group, Inc. 17.79 ‐2% 4,478.2 5,524.4 1,122.9 288.9 25.7% 18.1% 4.9x 19.1x Overstock.com Inc. 15.32 ‐15% 388.3 306.9 1,703.7 1.7 0.1% 5.8% 0.2x NM PetMed Express, Inc. 20.28 ‐4% 409.3 365.0 235.5 34.5 14.6% 3.1% 1.5x 10.6x The Priceline Group Inc. 1,471.49 ‐1% 72,731.3 75,618.0 9,806.9 3,713.7 37.9% 11.5% 7.7x 20.4x QVC Group $20.01 ‐30% 9,527.8 15,643.8 10,024.0 1,800.0 18.0% 10.8% 1.6x 8.7x Shutterfly, Inc. 44.64 ‐18% 1,516.8 1,761.1 1,101.2 128.6 11.7% 13.6% 1.6x 13.7x Shutterstock, Inc. 63.70 ‐2% 2,230.5 1,964.6 464.3 61.4 13.2% 23.2% 4.2x 32.0x Spark Networks, Inc. 1.58 ‐62% 41.0 37.9 41.3 (3.3) NM ‐24.9% 0.9x NM Stamps.com Inc. 94.51 ‐24% 1,632.03 1,672.89 287.40 99.84 34.7% 67.0% 5.8x 16.8x U.S. Auto Parts Network, Inc. 3.29 ‐27% 115.0 121.9 297.1 9.1 3.0% 2.0% 0.4x 13.5x Wayfair Inc. 39.37 ‐21% 3,346.3 3,073.1 2,868.0 (99.4) NM 72.7% 1.1x NM
Average 1.9x 12.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (28.3x)
11 | M&A and Investment Summary September 2016 eCommerce Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally‐based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. * China 47.66 ‐32% $ 6,869.0 $ 6,840.4 $ 997.3 $ (126.9) NM 150.1% 6.9x NM Alibaba Group Holding Limited * China 105.79 ‐4% 264,475.0 267,563.8 17,008.0 6,148.0 36.1% 40.1% 15.7x 43.5x Cnova N.V. * Netherlands 5.37 ‐1% 2,369.8 2,697.7 3,478.3 (136.8) NM ‐13.1% 0.8x NM JD.com, Inc. * China 26.09 ‐22% 37,951.9 36,521.6 32,785.3 (117.0) NM 49.0% 1.1x NM Jumei International Holding Limited China 5.85 ‐51% 857.8 409.8 1,131.0 27.9 2.5% 88.9% 0.4x 14.7x LightInTheBox Holding Co., Ltd. * China 2.85 ‐34% 196.5 100.3 290.7 (14.2) NM ‐22.9% 0.3x NM Mercadolibre, Inc. * Argentina 184.97 ‐4% 8,167.8 8,069.8 706.6 180.8 25.6% 15.5% 11.4x 44.6x PChome Online Inc. Taiwan 11.78 ‐2% 1,299.3 1,062.0 758.2 38.6 5.1% 13.1% 1.4x 27.5x Rakuten, Inc. Japan 12.94 ‐25% 18,459.5 20,233.7 7,307.6 1,417.3 19.4% 14.8% 2.8x 14.3x Travelport Worldwide Limited United Kingdom 15.03 ‐1% 1,862.5 4,184.7 2,309.8 401.3 17.4% 7.4% 1.8x 10.4x Vipshop Holdings Limited China 14.67 ‐34% 8,506.3 8,400.4 7,248.6 475.1 6.6% 53.6% 1.2x 17.7x
Average 1.2x 14.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (39.0x)
12 | M&A and Investment Summary September 2016 Digital Advertising
. There was a total of 24 transactions announced in the Digital Advertising segment, of which 16 were worth more than $1.5 billion in reported value . Vertical Search was the most active subsegments with six transactions announced . Select Transactions: • The majority stake taken in of mobile advertising platform AppLovin by China‐based private equity firm Orient Hontai Capital in a transaction valued at $1.4 billion • The $20 million acquisition of supply‐side platform Avocarrot by Germany‐based mobile marketing and media planning company Glispa • Café Media’s acquisition of lifestyle digital publishing and ad monetization network AdThrive • The acquisition of travel and activities metasearch site Hipmunk by business travel and invoice management company Concur Technologies
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Vertical Search 6 25% $14.7 1% 3 ‐ 0 ‐ 3 $14.7 Mobile Marketing 5 21% 1,410.0 92% 1 ‐ 1 1,400.0 3 10.0 Ad Networks/Exchanges 3 13% 20.0 1% 3 20.0 0 ‐ 0 ‐ Digital Video 3 13% 10.3 1% 2 5.7 0 ‐ 14.6 Comparison Shopping 2 8% 17.5 1% 0 ‐ 0 ‐ 2 17.5 Local Search 2 8% 10.0 1% 1 ‐ 0 ‐ 1 10.0 Affiliate/CPA Network 1 4% 30.6 2% 1 30.6 0 ‐ 0 ‐ Other 2 8% 12.0 1% 0 ‐ 0 ‐ 2 15.2 Total 24 100% 1,528.3 100% 11 56.3 1 1,400.0 12 72.0
13 | M&A and Investment Summary September 2016 Digital Advertising Public Company Valuation (1/2)
($ in Millions, except stock price data)
US‐based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $214.53 ‐29% $ 12,556.2 $ 29,821.4 $ 6,762.9 $ 1,551.6 22.9% 14.5% 4.4x 19.2x Alphabet Inc. 804.06 ‐2% 543,404.5 472,733.5 81,761.0 26,903.0 32.9% 17.5% 5.8x 17.6x Angie's List, Inc. $9.91 ‐12% 582.5 582.0 340.2 33.1 9.7% 1.7% 1.7x 17.6x Autobytel Inc. 17.80 ‐29% 192.0 189.2 149.0 12.6 8.4% 35.4% 1.3x 15.1x Bankrate, Inc. 8.48 ‐46% 765.5 938.0 383.8 88.8 23.1% 46.3% 2.4x 10.6x Blucora, Inc. 11.20 ‐26% 465.0 889.5 291.6 56.4 19.3% NA 3.1x 15.8x Care.com, Inc. 9.96 ‐17% 284.9 229.2 151.2 (0.1) NM 21.4% 1.5x NM Demand Media, Inc. 5.69 ‐12% 115.8 54.9 114.4 (24.7) NM ‐22.3% 0.5x NM DHI Group, Inc. 7.89 ‐25% 395.2 463.3 246.2 56.0 22.8% ‐7.1% 1.9x 8.3x Digital Globe Services Inc. 0.61 ‐51% 18.1 17.6 45.6 4.2 9.3% 15.0% 0.4x 4.2x Facebook, Inc. * 128.27 ‐5% 368,348.4 345,055.4 22,160.0 11,075.0 50.0% 51.4% 15.6x 31.2x Groupon, Inc. 5.15 ‐13% 2,959.1 2,407.1 3,118.8 6.6 0.2% 1.1% 0.8x NM IAC/InterActiveCorp 62.47 ‐15% 4,971.3 5,474.3 3,251.9 380.9 11.7% 3.0% 1.7x 14.4x Inuvo, Inc. 1.27 ‐61% 31.3 27.4 74.7 3.0 4.0% 27.2% 0.4x 9.1x MaxPoint Interactive, Inc. 8.92 ‐60% 58.8 59.4 142.4 (21.3) NM 10.4% 0.4x NM Monster Worldwide, Inc. 3.61 ‐53% 321.5 401.5 635.0 75.1 11.8% ‐8.7% 0.6x 5.3x Perion Network Ltd. 1.20 ‐70% 91.6 133.7 274.0 23.3 8.5% 3.4% 0.5x 5.7x QuinStreet, Inc. 3.02 ‐52% 138.2 99.5 297.7 (6.2) NM 5.5% 0.3x NM Quotient Technology Inc. 13.31 ‐7% 1,117.2 960.7 259.2 (16.7) NM 12.7% 3.7x NM RetailMeNot, Inc. 9.89 ‐24% 481.4 302.9 254.5 36.4 14.3% ‐1.2% 1.2x 8.3x RhythmOne plc 0.47 ‐5% 189.9 147.5 166.7 (16.9) NM ‐22.4% 0.9x NM Rocket Fuel Inc. 2.64 ‐53% 117.4 129.6 459.0 (16.3) NM ‐1.5% 0.3x NM The Rubicon Project, Inc. 8.28 ‐59% 405.1 218.2 298.0 41.6 14.0% 81.5% 0.7x 5.2x TiVo Corporation 19.48 ‐18% 2,372.70 3,109.36 508.06 168.95 33.3% ‐3.2% 6.1x 18.4x Travelzoo Inc. 12.83 ‐3% 177.6 149.6 134.6 11.0 8.2% ‐8.1% 1.1x 13.6x LendingTree, Inc. 96.91 ‐26% 1,142.0 982.4 337.1 42.4 12.6% 76.3% 2.9x 23.1x The Trade Desk, Inc. * 29.21 ‐13% 1,116.7 1,227.5 149.0 47.1 31.6% 0.0% 8.2x 26.1x Tremor Video, Inc. 1.71 ‐22% 89.7 39.7 165.1 (13.1) NM 2.3% 0.2x NM TripAdvisor Inc. * 63.18 ‐28% 9,202.7 8,441.7 1,467.0 205.0 14.0% 4.0% 5.8x 41.2x TrueCar, Inc. 9.44 ‐15% 798.7 724.3 264.3 (34.1) NM 12.0% 2.7x NM TubeMogul, Inc. 9.37 ‐35% 339.4 268.7 202.5 (13.4) NM 45.4% 1.3x NM
14 | M&A and Investment Summary September 2016 Digital Advertising Public Company Valuation (2/2)
($ in Millions, except stock price data)
US‐based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Twitter, Inc. 23.05 ‐28% $ 16,139.8 $ 14,172.4 $ 2,476.2 $ (4.9) NM 39.2% 5.7x NM Web.com Group, Inc. 17.27 ‐31% 808.4 1,505.1 607.8 113.6 18.7% 12.5% 2.5x 13.3x Yahoo! Inc. 43.10 ‐4% 41,021.8 3,837.5 4,893.9 767.5 15.7% 0.5% 0.8x 5.0x Yelp Inc. 41.70 ‐1% 3,225.3 2,827.1 629.3 (8.7) NM 35.4% 4.5x NM YuMe, Inc. 3.97 ‐9% 136.0 74.0 172.6 (5.2) NM ‐4.4% 0.4x NM Zillow Group, Inc. 34.45 ‐14% 6,191.1 6,000.9 740.5 7.2 1.0% 54.4% 8.1x NM
Average 1.9x 12.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.6x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)
15 | M&A and Investment Summary September 2016 Marketing Technology
. The Marketing Technology segment announced 100 transactions, of which 67 reported more than $1.2 billion in value . Analytics & Targeting was the most active subsegment with 20 transactions announced, 18 of which reported more than $250 million in value . Select Transactions: • The $88 million round of funding raised by contract lifecycle management company Apttus from ICONIQ Capital, K1 Investment Management, and Kuwait Investment Authority • Customer experience and order management applications provider Vlocity’s $50 million round of funding from Sutter Hill Ventures, Salesforce Ventures, Accenture, and New York Life • The $32 million raised by SaaS‐based marketing analytics company Datorama from Lightspeed Venture Partners • Mobile engagement and loyalty platform SessionM’s $35 million round of funding led by General Atlantic • Programmatic advertising company AppNexus’ $31 million investment from News Corp. and Yahoo Japan
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 20 20% $259.9 21% 2 ‐ 0 ‐ 18 $259.9 CRM 12 12% 299.8 24% 1 ‐ 1 ‐ 10 299.8 Content Management 8 8% 72.1 6% 2 5.6 1 ‐ 566.5 MRM/Workflow Management 8 8% 30.5 2% 2 ‐ 1 ‐ 530.5 Commerce Management 6 6% 88.2 7% 2 ‐ 0 ‐ 488.2 Market Research 6 6% 16.2 1% 3 ‐ 0 ‐ 316.2 Ad Serving 5 5% 83.7 7% 0 ‐ 0 ‐ 583.7 Other 35 35% 398.1 32% 11 ‐ 3 ‐ 21 380.1 Total 100 100% 1,248.5 100% 23 5.6 6 0.0 71 1,242.9
16 | M&A and Investment Summary September 2016 Marketing Technology Public Company Valuation (1/2)
($ in Millions, except stock price data) US‐based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated 108.54 ‐1% $ 53,969.02 $ 51,439.21 $ 5,552.42 $ 1,647.09 29.7% 21.7% 9.3x 31.2x AppFolio, Inc. 19.44 ‐3% 654.1 631.9 90.1 (10.7) NM 48.9% 7.0x NM Bazaarvoice, Inc. 5.91 ‐3% 489.5 439.7 201.0 (9.8) NM 3.6% 2.2x NM Blackbaud Inc. 66.34 ‐8% 3,079.7 3,466.4 684.1 113.5 16.6% 13.9% 5.1x 30.5x Brightcove Inc. 13.05 ‐4% 431.5 402.3 142.2 2.6 1.8% 10.6% 2.8x 156.8x ChannelAdvisor Corporation 12.93 ‐19% 332.3 270.2 107.3 (7.4) NM 17.1% 2.5x NM Covisint Corporation 2.18 ‐18% 88.9 47.1 75.0 (9.8) NM ‐12.2% 0.6x NM Cvent, Inc. 31.71 ‐15% 1,343.2 1,166.6 211.2 8.3 3.9% 27.9% 5.5x 141.3x eBay Inc. 32.90 ‐1% 37,144.7 38,112.7 8,788.0 3,072.0 35.0% 1.7% 4.3x 12.4x Endurance International Group 8.75 ‐43% 1,235.6 3,203.7 909.4 172.2 18.9% 31.4% 3.5x 18.6x Five9, Inc. 15.68 ‐3% 824.0 809.9 145.2 (5.2) NM 26.6% 5.6x NM GoDaddy Inc. 34.53 ‐3% 2,912.7 3,685.5 1,726.4 168.6 9.8% 15.1% 2.1x 21.9x HubSpot, Inc. 57.62 ‐4% 2,036.6 1,920.1 224.8 (40.8) NM 54.3% 8.5x NM Interactive Intelligence Group Inc. 60.14 ‐1% 1,342.6 1,298.1 413.1 (2.1) NM 12.3% 3.1x NM IBM Corporation 158.85 ‐4% 151,835.9 185,899.9 80,261.0 17,973.0 22.4% ‐7.7% 2.3x 10.3x Jive Software, Inc. 4.26 ‐18% 331.0 225.8 201.7 (13.7) NM 6.2% 1.1x NM LivePerson Inc. 8.41 ‐2% 485.9 433.6 232.1 15.5 6.7% 0.8% 1.9x 28.0x Marin Software Incorporated 2.52 ‐39% 96.9 63.8 108.3 (8.4) NM 2.3% 0.6x NM MaxPoint Interactive, Inc. 8.92 ‐60% 58.8 59.4 142.4 (21.3) NM 10.4% 0.4x NM MicroStrategy Inc. 167.44 ‐20% 1,914.0 1,363.9 515.2 129.0 25.0% ‐7.5% 2.6x 10.6x MINDBODY, Inc. 19.66 ‐4% 781.0 708.8 119.9 (24.0) NM 41.4% 5.9x NM NetSuite Inc. 110.69 0% 8,985.5 8,863.8 846.4 (59.1) NM 31.5% 10.5x NM Nuance Communications, Inc. 14.50 ‐34% 4,055.5 5,901.5 1,946.8 316.6 16.3% 0.9% 3.0x 18.6x Oracle Corporation 39.28 ‐6% 161,269.5 147,326.5 37,194.0 14,612.0 39.3% ‐2.3% 4.0x 10.1x PayPal Holdings, Inc. 40.97 ‐2% 49,447.4 44,490.4 10,008.0 2,019.0 20.2% 16.3% 4.4x 22.0x PROS Holdings, Inc. 22.61 ‐11% 687.1 661.0 157.8 (53.4) NM ‐15.1% 4.2x NM PTC Inc. 44.31 ‐5% 5,093.7 5,565.8 1,164.9 166.6 14.3% ‐11.0% 4.8x 33.4x Rightside Group, Ltd. 9.10 ‐29% 175.7 152.6 218.9 1.0 0.4% 7.7% 0.7x 155.6x The Rubicon Project, Inc. 8.28 ‐59% 405.1 218.2 298.0 41.6 14.0% 81.5% 0.7x 5.2x salesforce.com, inc. 71.33 ‐16% 48,326.1 49,666.8 7,474.6 559.6 7.5% 25.1% 6.6x 88.8x Square, Inc. 11.66 ‐27% 3,985.0 3,581.6 1,524.4 (90.8) NM 46.7% 2.3x NM
17 | M&A and Investment Summary September 2016 Marketing Technology Public Company Valuation (2/2)
($ in Millions, except stock price data) US‐based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Synchronoss Technologies, Inc. 41.18 ‐6% $ 1,856.4 $ 2,024.7 $ 608.3 $ 132.7 21.8% 15.6% 3.3x 15.3x Tableau Software, Inc. 55.27 ‐47% 4,111.9 3,277.1 743.8 (84.0) NM 41.0% 4.4x NM Teradata Corporation 31.00 ‐6% 4,042.4 3,715.4 2,469.0 377.0 15.3% ‐6.2% 1.5x 9.9x Verint Systems Inc. 37.63 ‐24% 2,376.0 2,765.4 1,072.2 116.8 10.9% ‐7.5% 2.6x 23.7x Xactly Corporation 14.72 ‐1% 452.6 422.0 87.0 (16.0) NM 29.7% 4.9x NM Zendesk, Inc. 30.71 ‐4% 2,880.8 2,656.6 261.0 (77.8) NM 60.2% 10.2x NM
Adjusted Weighted Average 3.0x 14.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (91.7x)
18 | M&A and Investment Summary September 2016 Agency & Marketing Services
. There were 34 transactions announced in the Agency & Marketing Services segment in September. Public Relations was the most active subsegment with nine transactions . Select transactions: • Blackhawk Network’s acquisition of customer engagement and employee invectives company The Grass Roots Group for $118 million • The majority investment received by R2Integrated, a leading independent digital agency focused on integrating marketing cloud technology with brand strategy and demand generation, from Baird Capital (A Petsky Prunier‐led transaction) • Dentsu Aegis Network’s acquisition of programmatic technology and services firm Accordant • The undisclosed amount of funding raised by digital marketing agency Bully Pulpit Interactive from Svoboda Capital Partners • The acquisition of healthcare‐focused communications consulting firm Pure Communications by Mountaingate Capital‐backed W2O Group (A Petsky Prunier‐led transaction)
AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Public Relations 9 26% $75.8 21% 8 $75.8 0 ‐ 1 ‐ Marketing Consulting 8 24% 78.9 22% 7 58.9 0 ‐ 120.0 Digital Agency 6 18% 68.0 19% 4 ‐ 168.01 ‐ Loyalty/Retention 2 6% 118.0 33% 1 118.0 1 ‐ 0 ‐ Specialty Agency 2 6% ‐ 0% 2 ‐ 0 ‐ 0 ‐ B‐to‐B Agency 1 3% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Design Agency 1 3% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Other 5 15% 22 6% 5 21.5 0 ‐ 0 ‐ Total 34 100% 362.2 100% 29 274.2 2 68.0 3 20.0
19 | M&A and Investment Summary September 2016 Agency Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc * United Kingdom $1.39 ‐7% $ 120.6 $ 126.8 $ 214.2 $ 8.2 3.8% ‐4.4% 0.6x 15.5x Creston plc United Kingdom 1.28 ‐40% 74.2 72.5 155.6 15.0 9.7% 7.9% 0.5x 4.8x Dentsu Inc. Japan 50.46 ‐29% 14,387.1 15,164.5 7,836.6 1,651.6 21.1% NM 1.9x 9.2x Enero Group Limited Australia 0.98 ‐3% 84.0 56.7 159.3 11.4 7.1% 0.6% 0.4x 5.0x Hakuhodo DY Holdings Inc Japan 11.63 ‐17% 4,334.6 3,244.6 11,958.0 501.3 4.2% 7.9% 0.3x 6.5x Havas SA France 8.46 ‐9% 3,549.1 3,663.8 2,488.8 397.6 16.0% 10.3% 1.5x 9.2x Huntsworth plc United Kingdom 0.56 ‐10% 179.7 227.2 228.3 25.2 11.0% 3.5% 1.0x 9.0x M&C Saatchi plc * United Kingdom 4.81 ‐2% 357.2 375.3 254.7 27.3 10.7% 9.9% 1.5x 13.8x MDC Holdings Inc. * United States 25.80 ‐11% 1,265.1 2,026.6 2,042.5 138.4 6.8% 14.4% 1.0x 14.6x Next Fifteen Communications Group plc United Kingdom 4.45 ‐6% 321.7 338.7 197.1 26.5 13.4% 28.8% 1.7x 12.8x Omnicom Group Inc. United States 85.00 ‐3% 20,105.8 24,318.0 15,243.9 2,249.0 14.8% 0.2% 1.6x 10.8x OPT Holding, Inc. Japan 7.37 ‐15% 190.6 164.2 649.8 29.0 4.5% 2.8% 0.3x 5.7x Publicis Groupe SA France 75.67 ‐3% 17,012.5 19,865.3 10,896.8 1,970.1 18.1% 16.3% 1.8x 10.1x The Interpublic Group of Companies, Inc. United States 22.35 ‐10% 8,955.8 10,379.0 7,721.6 1,049.8 13.6% 1.6% 1.3x 9.9x WPP plc * United Kingdom 23.62 ‐3% 29,795.5 35,925.2 17,192.7 2,544.7 14.8% 8.7% 2.1x 14.1x
Adjusted Weighted Average 1.7x 9.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.6x)
20 | M&A and Investment Summary September 2016 Marketing Services Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $26.65 ‐2% $ 2,063.0 $ 2,095.3 $ 868.0 $ 85.5 9.8% 6.5% 2.4x 24.5x Aimia Inc. Canada 6.29 ‐35% 958.5 1,152.1 1,817.5 80.6 4.4% ‐5.7% 0.6x 14.3x Alliance Data Systems Corporation United States 214.53 ‐29% 12,556.2 25,691.4 6,762.9 1,551.6 22.9% 14.5% 3.8x 16.6x CSG Systems International Inc. United States 41.33 ‐11% 1,337.0 1,470.0 760.7 164.5 21.6% 1.8% 1.9x 8.9x DST Systems Inc. United States 117.92 ‐8% 3,846.6 4,506.6 2,877.1 413.5 14.4% 36.7% 1.6x 10.9x Fair Isaac Corporation * United States 124.59 ‐6% 3,844.2 4,327.0 878.3 212.8 24.2% 6.1% 4.9x 20.3x Harte‐Hanks Inc. United States 1.62 ‐63% 99.6 156.5 473.7 17.7 3.7% ‐5.1% 0.3x 8.9x High Co. SA France 6.68 ‐7% 137.6 91.8 168.0 14.0 8.3% 19.2% 0.5x 6.6x Multiplus S.A. Brazil 13.56 ‐7% 2,196.2 1,780.8 710.8 182.9 25.7% 10.7% 2.5x 9.7x Pitney Bowes Inc. United States 18.16 ‐17% 3,370.3 6,010.2 3,487.0 777.4 22.3% ‐5.7% 1.7x 7.7x Points International Ltd. Canada 8.96 ‐21% 136.4 81.6 318.6 8.9 2.8% 22.0% 0.3x 9.2x Viad Corp United States 36.87 ‐3% 747.9 860.2 1,073.7 73.7 6.9% ‐2.8% 0.8x 11.7x
Adjusted Weighted Average 2.7x 13.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.9x)
21 | M&A and Investment Summary September 2016 Traditional Media
. Of the 12 transactions announced in the Traditional Media segment in September, three reported more than $2.3 billion in reported transaction value . Select Transactions: • The acquisition of corporate events and entertainment shows producer Aquarian by trade shows operator Shepard Exposition Services • The 49 percent minority stake taken in Rolling Stone by Singapore‐based social music company BandLab Technologies • Education and student campus life media company OrcaTV’s sale to broadband and cable services provider Apogee • The undisclosed amount of funding raised by business events production company Connecting Point Marketing from Corridor Capital • Broadcasting services provider Gravity Media Group’s undisclosed amount of funding from TowerBrook Capital Partners
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM B‐to‐B Media 3 25% $1,559.3 67% 2 $1,559.3 0 ‐ 1 ‐ Broadcast Television 2 17% ‐ 0% 1 ‐ 0 ‐ 1 ‐ Digital Place‐Based Media 2 17% 25.0 1% 1 ‐ 0 ‐ 125.0 Entertainment Media 2 17% 746.0 32% 1 746.0 0 ‐ 1 ‐ Consumer Magazine Publishing 1 8% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Newspaper Publishing 1 8% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Total 12 100% 2,330.3 100% 8 2,305.3 0 0.0 4 25.0
22 | M&A and Investment Summary September 2016 Traditional Media Public Company Valuation (1/3)
($ in Millions, except stock price data)
Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $54.74 ‐6% $ 24,361.6 $ 32,594.6 $ 14,303.0 $ 3,311.0 23.1% 3.9% 2.3x 9.8x Discovery Communications, Inc. United States 26.92 ‐15% 14,845.6 22,686.6 6,472.0 2,480.0 38.3% 0.6% 3.5x 9.1x Time Warner Inc. * United States 79.61 ‐2% 61,924.0 83,926.0 27,903.0 7,951.0 28.5% ‐1.2% 3.0x 10.6x Twenty‐First Century Fox, Inc. United States 24.22 ‐23% 45,447.1 62,520.1 27,326.0 6,430.0 23.5% ‐5.7% 2.3x 9.7x Viacom, Inc. United States 38.10 ‐29% 15,345.7 27,781.7 13,050.0 3,469.0 26.6% ‐3.1% 2.1x 8.0x The Walt Disney Company United States 92.86 ‐23% 149,235.4 168,402.4 56,002.0 17,151.0 30.6% 9.1% 3.0x 9.8x
Adjusted Weighted Average 2.8x 9.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (10.4x)
($ in Millions, except stock price data)
B‐to‐B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ascential plc * United Kingdom $3.66 ‐4% $ 1,465.6 $ 1,718.2 $ 456.3 $ 104.5 22.9% 0.0% 3.8x 16.4x Euromoney Institutional Investor PLC United Kingdom $14.44 ‐8% 1,825.9 1,818.9 576.0 231.7 40.2% ‐2.1% 3.2x 7.8x Global Sources Ltd. Bermuda 8.48 ‐13% 202.5 119.7 160.0 26.5 16.6% ‐6.3% 0.7x 4.5x Informa plc United Kingdom 9.27 ‐7% 6,011.4 7,388.2 1,650.0 511.7 31.0% 4.6% 4.5x 14.4x TechTarget, Inc. United States 8.06 ‐16% 219.4 226.3 112.6 17.6 15.6% 1.9% 2.0x 12.9x UBM plc United Kingdom 9.30 ‐4% 3,658.3 3,745.2 1,061.0 285.0 26.9% 47.4% 3.5x 13.1x
Adjusted Weighted Average 3.9x 12.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.8x)
($ in Millions, except stock price data)
Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $5.80 ‐4% $ 135.2 $ 203.2 $ 109.9 $ 21.9 20.0% 32.6% 1.8x 9.3x Cumulus Media Inc. United States 0.33 ‐60% 77.3 2,435.2 1,154.0 213.4 18.5% ‐4.9% 2.1x 11.4x Emmis Communications Corp. United States 4.05 ‐20% 49.3 328.6 229.0 38.2 16.7% ‐3.2% 1.4x 8.6x Entercom Communications Corp. United States 12.94 ‐13% 525.4 1,002.2 448.9 106.9 23.8% 18.0% 2.2x 9.4x Pandora Media, Inc. United States 14.33 ‐35% 3,310.8 3,261.1 1,288.0 (158.8) NM 25.8% 2.5x NM Radio One Inc. United States 3.03 ‐15% 145.7 1,109.4 457.1 119.3 26.1% 2.1% 2.4x 9.3x Salem Media Group, Inc. United States 5.88 ‐28% 150.5 424.3 269.0 47.1 17.5% 1.6% 1.6x 9.0x Sirius XM Holdings Inc. * United States 4.17 ‐6% 20,340.8 25,966.8 4,802.4 1,650.9 34.4% 10.3% 5.4x 15.7x Spanish Broadcasting System Inc. United States 3.95 ‐38% 28.7 438.5 143.5 37.8 26.3% 0.5% 3.1x 11.6x Townsquare Media, Inc. United States 9.34 ‐22% 171.8 727.5 474.2 88.7 18.7% 22.5% 1.5x 8.2x
Adjusted Weighted Average 2.4x 9.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.6x)
23 | M&A and Investment Summary September 2016 Traditional Media Public Company Valuation (2/3)
($ in Millions, except stock price data)
Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $51.86 ‐38% $ 3,702.8 $ 6,282.6 $ 2,702.5 $ 881.7 32.6% 12.7% 2.3x 7.1x Sky plc United Kingdom 11.64 ‐21% 19,883.1 28,723.3 15,906.8 2,604.4 16.4% 19.8% 1.8x 11.0x CVC Limited Australia 1.31 ‐4% 156.7 166.5 110.6 26.7 24.1% 24.1% 1.5x 6.2x CBS Corporation United States 54.74 ‐6% 24,361.6 32,594.6 14,303.0 3,311.0 23.1% 3.9% 2.3x 9.8x Charter Communications, Inc. * United States 269.97 ‐4% 73,142.4 145,596.4 13,653.0 4,659.0 34.1% 44.6% 10.7x 31.3x Comcast Corporation United States 66.34 ‐3% 160,000.4 214,324.4 75,973.0 25,476.0 33.5% 6.8% 2.8x 8.4x Discovery Communications, Inc. United States 26.92 ‐15% 14,845.6 22,686.6 6,472.0 2,480.0 38.3% 0.6% 3.5x 9.1x Dish Network Corp. United States 54.78 ‐16% 25,464.8 36,518.4 15,136.5 3,110.6 20.6% 1.5% 2.4x 11.7x Entravision Communications Corporation United States 7.63 ‐20% 683.2 941.0 257.6 68.6 26.6% 4.3% 3.7x 13.7x General Communication Inc. United States 13.75 ‐39% 509.7 1,941.5 964.8 295.0 30.6% 1.8% 2.0x 6.6x Gray Television, Inc. United States 10.36 ‐41% 744.2 2,273.2 690.9 238.9 34.6% 17.8% 3.3x 9.5x Grupo Televisa, S.A.B. Mexico 5.15 ‐3% 15,056.6 19,586.5 5,018.4 1,783.1 35.5% 9.2% 3.9x 11.0x Liberty Global plc United Kingdom 34.18 ‐27% 30,714.0 83,850.9 18,858.7 8,520.9 45.2% 3.6% 4.4x 9.8x Media General, Inc. United States 18.43 0% 2,383.4 4,580.7 1,393.9 384.7 27.6% 40.2% 3.3x 11.9x Nexstar Broadcasting Group, Inc. United States 57.71 ‐7% 1,771.1 3,238.2 992.9 335.5 33.8% 28.7% 3.3x 9.7x Scripps Networks Interactive, Inc. United States 63.49 ‐7% 8,193.4 11,917.9 3,337.5 1,490.0 44.6% 23.4% 3.6x 8.0x Sinclair Broadcast Group, Inc. United States 28.88 ‐20% 2,727.1 6,774.5 2,405.6 709.8 29.5% 11.0% 2.8x 9.5x TEGNA Inc. United States 21.86 ‐24% 4,685.1 9,150.4 3,156.3 1,158.1 36.7% 11.7% 2.9x 7.9x The E. W. Scripps Company * United States 15.90 ‐31% 1,328.2 1,659.2 831.8 65.7 7.9% 39.8% 2.0x 25.2x Time Warner Inc. United States 79.61 ‐2% 61,924.0 83,926.0 27,903.0 7,951.0 28.5% ‐1.2% 3.0x 10.6x
Adjusted Weighted Average 3.0x 9.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.5x)
($ in Millions, except stock price data)
Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cineplex Inc. Canada $38.52 ‐4% $ 2,445.8 $ 2,764.2 $ 1,119.1 $ 183.9 16.4% 14.7% 2.5x 15.0x Eros International Plc * United States 15.32 ‐54% 866.6 1,083.2 295.5 42.0 14.2% 2.3% 3.7x 25.8x Lions Gate Entertainment Corp. United States 19.99 ‐52% 2,951.6 4,435.6 2,492.1 (20.2) NM 5.6% 1.8x NM Live Nation Entertainment, Inc. United States 27.48 ‐7% 5,580.8 6,618.6 7,746.6 583.2 7.5% 11.3% 0.9x 11.3x SFX Entertainment, Inc. United States 0.02 ‐99% 1.5 299.6 402.4 (86.3) NM 17.4% 0.7x NM Twenty‐First Century Fox, Inc. United States 24.22 ‐23% 45,447.1 62,520.1 27,326.0 6,430.0 23.5% ‐5.7% 2.3x 9.7x Liberty Global plc United Kingdom 34.18 ‐27% 30,714.0 83,850.9 18,858.7 8,520.9 45.2% 3.6% 4.4x 9.8x Village Roadshow Limited Australia 3.79 ‐36% 613.0 1,037.3 780.8 110.0 14.1% 7.4% 1.3x 9.4x World Wrestling Entertainment Inc. United States 21.30 ‐1% 1,627.3 1,578.3 702.5 72.4 10.3% 19.7% 2.2x 21.8x
Adjusted Weighted Average 2.9x 10.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.9x)
24 | M&A and Investment Summary September 2016 Traditional Media Public Company Valuation (3/3)
($ in Millions, except stock price data)
Out‐of‐Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $3.37 ‐41% $ 211.0 $ 131.3 $ 50.2 $ (70.3) NM ‐32.7% 2.6x NM APG|SGA SA Switzerland 425.18 ‐3% 1,275.1 1,181.3 320.3 79.3 24.8% ‐1.5% 3.7x 14.9x Clear Channel Outdoor Holdings Inc. United States 5.84 ‐25% 2,102.0 6,967.3 2,771.2 665.4 24.0% ‐3.9% 2.5x 10.5x Clear Media Ltd. Hong Kong 0.95 ‐12% 516.2 448.4 240.6 104.6 43.5% 3.9% 1.9x 4.3x JCDecaux SA France 32.35 ‐28% 6,875.7 7,492.8 3,258.5 550.4 16.9% 12.0% 2.3x 13.6x Lamar Advertising Co. United States 65.31 ‐6% 6,365.0 8,716.0 1,432.7 598.5 41.8% 8.7% 6.1x 14.6x Mood Media Corporation Canada 0.13 ‐55% 23.8 628.0 474.2 80.0 16.9% ‐1.8% 1.3x 7.9x National CineMedia, Inc. United States 14.72 ‐10% 918.2 2,071.1 439.7 193.4 44.0% 4.1% 4.7x 10.7x NTN Buzztime Inc. United States 7.10 ‐58% 13.1 18.0 23.5 (0.8) NM ‐4.8% 0.8x NM Tom Group Ltd. * Hong Kong 0.27 ‐7% 1,038.3 1,374.0 147.0 9.6 6.5% ‐20.0% 9.3x 143.4x
Adjusted Weighted Average 3.8x 13.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (57.9x)
($ in Millions, except stock price data)
Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation * United States $7.35 ‐8% $ 159.3 $ 79.6 $ 269.1 $ 3.7 1.4% ‐0.8% 0.3x 21.3x Daily Mail and General Trust plc United Kingdom 9.69 ‐6% 3,247.7 4,396.2 2,698.7 411.1 15.2% 2.0% 1.6x 10.7x Emmis Communications Corp. United States 4.05 ‐20% 49.3 328.6 229.0 38.2 16.7% ‐3.2% 1.4x 8.6x Gannett Co., Inc. United States 11.64 ‐35% 1,356.5 1,412.4 2,848.7 369.4 13.0% ‐6.0% 0.5x 3.8x Glacier Media, Inc. Canada 0.55 ‐23% 60.3 123.9 157.2 10.7 6.8% ‐14.1% 0.8x 11.6x John Wiley & Sons Inc. United States 51.61 ‐12% 3,003.7 3,472.9 1,708.3 274.7 16.1% ‐5.5% 2.0x 12.6x Meredith Corporation United States 51.99 ‐10% 2,258.6 2,935.9 1,649.6 309.9 18.8% 3.5% 1.8x 9.5x News Corporation United States 13.98 ‐11% 8,177.2 6,952.2 8,292.0 690.0 8.3% 2.4% 0.8x 10.1x Scholastic Corporation United States 39.36 ‐11% 1,358.5 1,083.0 1,764.3 137.7 7.8% 7.8% 0.6x 7.9x The E. W. Scripps Company * United States 15.90 ‐31% 1,328.2 1,659.2 831.8 65.7 7.9% 39.8% 2.0x 25.2x The McClatchy Company United States 16.13 ‐18% 123.1 1,037.2 1,017.2 143.6 14.1% ‐7.7% 1.0x 7.2x The New York Times Company United States 11.95 ‐16% 1,924.2 1,626.3 1,564.2 233.5 14.9% ‐0.8% 1.0x 7.0x Time Inc. United States 14.48 ‐28% 1,449.5 2,316.5 3,078.0 333.0 10.8% ‐2.9% 0.8x 7.0x
Adjusted Weighted Average 1.2x 9.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.9x)
25 | M&A and Investment Summary September 2016 Software
. Within the Software segment, nearly $2.4 billion in reported value involved Strategic buyers, while more than $1.1 billion in Venture/Growth Capital investments transactions were announced . Financial and Security Software were the most active subsegments in September with 29 and 26 transactions announced, respectively . Select Transactions: • The majority stake taken by TPG Capital in Intel’s McAfee Security Software business for a reported $3.1 billion • Vista Equity Partners’ take‐private of network software and security company Infoblox for $1.6 billion • Government agency communications solutions company GovDelivery’s $153 million sale to Vista Equity Partners • The $100 million round of funding raised by tax compliance automation company Avalara from Warburg Pincus, Battery Ventures, Sageview Capital, and Technology Crossover Ventures • Cybersecurity company White Ops’ $20 million round of funding from Paladin Capital and Grotech Ventures
SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial 29 20% $281.8 3% 10 $103.0 2 ‐ 17 $178.8 Security 26 18% 4,625.0 52% 4 ‐ 3 4,354.3 19 270.7 Collaboration 15 10% 277.4 3% 2 ‐ 1 153.0 12 124.4 ERP 13 9% 52.1 1% 5 ‐ 1 ‐ 752.1 Healthcare 12 8% 193.0 2% 4 150.0 0 ‐ 843.0 Data Management 9 6% 1,627.3 18% 5 1,600.0 0 ‐ 427.3 Other 44 24% 890.2 10% 12 516 3 0 29 373.9 Total 148 100% 8,878.6 100% 42 2,369.3 10 5,407.3 96 1,102.0
*Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business has been excluded to limit comparative distortions
26 | M&A and Investment Summary September 2016 Software Public Company Valuation (1/3)
($ in Millions, except stock price data) Financial & Credit/Risk Management Software
Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Apptio, Inc. United States 21.70 ‐12% $ 809.1 $ 920.8 $ 142.7 $ (29.9) NM 20.5% 6.5x NM Ebix Inc. United States 56.85 ‐4% 1,846.6 2,009.3 280.7 104.9 37.4% 17.0% 7.2x 19.2x Epiq Systems, Inc. United States 16.49 ‐1% 628.7 1,007.2 529.8 87.2 16.5% 17.5% 1.9x 11.6x First Data Corporation United States 13.16 ‐27% 11,975.8 33,851.8 7,842.0 2,378.0 30.3% 2.6% 4.3x 14.2x Fidessa group plc United Kingdom 31.29 ‐10% 1,198.8 1,111.6 409.4 69.7 17.0% 8.5% 2.7x 16.0x Guidewire Software, Inc. * United States 59.98 ‐7% 4,382.6 3,754.4 424.4 24.7 5.8% 11.5% 8.8x 152.1x Intuit Inc. United States 110.01 ‐6% 28,375.8 28,295.8 4,694.0 1,458.0 31.1% 12.0% 6.0x 19.4x Management Consulting Group PLC United Kingdom 0.29 ‐11% 144.7 142.2 179.9 (2.1) NM 169.7% 0.8x NM Model N, Inc. United States 11.11 ‐21% 307.4 237.3 103.8 (25.3) NM 17.1% 2.3x NM NetSuite Inc. United States 110.69 0% 8,985.5 8,863.8 846.4 (59.1) NM 31.5% 10.5x NM Performant Financial Corporation United States 2.95 ‐15% 148.0 160.5 155.9 22.9 14.7% ‐2.0% 1.0x 7.0x Q2 Holdings, Inc. United States 28.66 ‐7% 1,140.1 1,044.4 128.2 (21.0) NM 37.0% 8.1x NM RealPage, Inc. United States 25.70 ‐3% 2,062.8 2,140.3 514.4 68.4 13.3% 18.5% 4.2x 31.3x SS&C Technologies Holdings, Inc. United States 32.15 ‐17% 6,466.7 8,972.3 1,279.0 405.9 31.7% 57.5% 7.0x 22.1x Tyler Technologies, Inc. United States 171.23 ‐7% 6,222.6 6,293.6 678.0 138.4 20.4% 26.2% 9.3x 45.5x
Adjusted Weighted Average 6.7x 21.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (63.7x)
($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 17% 2,457.0 3,942.1 1,432.2 133.6 Allscripts Healthcare Solutions, Inc. United States 13.17 ‐ 9.3% 4.3% 2.8x 29.5x athenahealth, Inc. * United States 126.12 ‐26% 4,962.0 5,122.3 1,011.7 85.4 8.4% 21.2% 5.1x 60.0x Cegedim SA France 27.54 ‐32% 384.3 631.1 483.1 50.8 10.5% 14.4% 1.3x 12.4x Cerner Corporation United States 61.75 ‐10% 20,853.5 20,808.2 4,579.4 1,270.7 27.7% 20.1% 4.5x 16.4x Civitas Solutions, Inc. United States 18.26 ‐40% 678.0 1,310.9 1,396.6 135.2 9.7% 4.0% 0.9x 9.7x Computer Programs & Systems Inc. United States 26.06 ‐56% 352.7 504.2 226.9 34.5 15.2% 17.6% 2.2x 14.6x Cotiviti Holdings, Inc. United States 33.53 ‐2% 3,023.4 3,785.2 589.4 215.5 36.6% 0.0% 6.4x 17.6x Craneware plc United Kingdom 16.57 ‐5% 444.9 397.1 49.8 15.2 30.5% 11.2% 8.0x 26.2x HealthEquity, Inc. United States 37.85 0% 2,219.6 2,070.1 154.6 47.7 30.9% 44.4% 13.4x 43.4x McKesson Corporation United States 166.75 ‐18% 37,635.8 42,668.8 193,071.0 4,598.0 2.4% 5.4% 0.2x 9.3x Medidata Solutions, Inc. * United States 55.76 ‐2% 3,200.6 3,138.6 420.8 51.2 12.2% 15.1% 7.5x 61.3x NantHealth, Inc. * United States 13.15 ‐33% 1,594.2 1,611.5 85.8 (123.3) NM 97.8% 18.8x NM Quality Systems Inc. United States 11.32 ‐35% 696.3 757.9 492.5 56.5 11.5% ‐0.4% 1.5x 13.4x Streamline Health Solutions, Inc. United States 1.84 ‐21% 35.4 44.2 27.6 (1.2) NM ‐2.3% 1.6x NM USMD Holdings, Inc. United States 22.64 ‐2% 258.0 300.1 329.4 (10.5) NM 5.1% 0.9x NM Veeva Systems Inc. United* States 41.28 ‐3% 5,621.9 5,142.4 472.3 91.4 19.4% 31.6% 10.9x 56.3x
Adjusted Weighted Average 3.3x 13.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (48.3x) 27 | M&A and Investment Summary September 2016 Software Public Company Valuation (2/3)
($ in Millions, except stock price data) LTM Multiples HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $33.38 ‐6% $ 1,985.4 $ 1,358.1 $ 327.0 $ 95.8 29.3% 13.5% 4.2x 14.2x Benefitfocus, Inc. United States 39.92 ‐11% 1,183.7 1,191.0 212.4 (36.3) NM 33.0% 5.6x NM Castlight Health, Inc. United States 4.16 ‐23% 427.2 301.5 87.2 (71.8) NM 42.5% 3.5x NM Cornerstone OnDemand, Inc. United States 45.95 ‐4% 2,570.1 2,537.2 389.5 (54.1) NM 29.3% 6.5x NM DHI Group, Inc. United States 7.89 ‐25% 395.2 463.3 246.2 56.0 22.8% ‐7.1% 1.9x 8.3x LinkedIn Corporation United States 191.12 ‐26% 25,749.4 23,615.9 3,434.9 395.6 11.5% 34.1% 6.9x 59.7x Monster Worldwide, Inc. United States 3.61 ‐53% 321.5 401.5 635.0 75.1 11.8% ‐8.7% 0.6x 5.3x Paycom Software, Inc. United States 50.13 ‐5% 2,999.1 2,947.5 284.5 67.1 23.6% 53.9% 10.4x 43.9x Paylocity Holding Corporation United States 44.46 ‐10% 2,274.5 2,188.0 230.7 4.9 2.1% 51.1% 9.5x NM The Ultimate Software Group, Inc. * United States 204.39 ‐9% 5,914.6 5,826.3 699.7 66.3 9.5% 26.1% 8.3x 87.8x Workday, Inc. United States 91.69 ‐1% 18,338.0 16,790.9 1,351.8 (208.9) NM 38.7% 12.4x NM
Adjusted Weighted Average 8.7x 54.1x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.7x)
($ in Millions, except stock price data) Security Software LTM Multiples Stock Price Chg % From Equity Ent. LTM LTM Margin LTM Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Company Absolute Software Corporation Canada $5.48 ‐19% $ 213.6 $ 179.2 $ 88.8 $ 13.2 14.9% ‐5.2% 2.0x 13.5x AVG Technologies N.V. Netherlands 25.01 0% 1,268.8 1,390.7 430.6 125.0 29.0% 6.8% 3.2x 11.1x Check Point Software Technologies Ltd. Israel 77.61 ‐14% 13,308.3 11,981.5 1,688.9 860.6 51.0% 8.3% 7.1x 13.9x Cisco Systems, Inc. United States 31.72 ‐1% 159,055.3 121,930.3 49,247.0 14,838.0 30.1% 0.2% 2.5x 8.2x Cheetah Mobile Inc. China 12.46 ‐42% 1,775.0 1,673.1 641.8 44.9 7.0% 63.4% 2.6x 37.2x CyberArk Software, Ltd. Israel 49.57 ‐16% 1,664.0 1,427.4 188.8 38.4 20.3% 41.4% 7.6x 37.2x FireEye, Inc. United States 14.73 ‐55% 2,499.3 2,306.4 693.4 (401.8) NM 30.9% 3.3x NM Fortinet Inc. * United States 36.93 ‐17% 6,377.4 5,392.6 1,152.6 53.8 4.7% 32.5% 4.7x 100.2x Gemalto NV Netherlands 64.16 ‐15% 5,709.6 6,091.4 3,462.3 608.9 17.6% 10.1% 1.8x 10.0x Imperva Inc. United States 53.71 ‐31% 1,751.6 1,496.4 253.7 (53.6) NM 31.9% 5.9x NM Infoblox Inc. United States 26.37 0% 1,466.1 1,208.0 358.3 1.6 0.5% 17.0% 3.4x NM Juniper Networks, Inc. United States 24.06 ‐26% 9,214.1 9,002.6 4,887.4 1,066.6 21.8% 8.2% 1.8x 8.4x Mimecast Limited United Kingdom 19.13 ‐5% 1,042.1 938.7 150.0 3.1 2.1% 22.5% 6.3x NM Mobileye N.V. * Israel 42.57 ‐18% 9,332.6 9,042.2 301.1 105.5 35.0% 74.3% 30.0x 85.7x NQ Mobile Inc. * China 3.82 ‐29% 367.4 393.2 372.6 3.8 1.0% 2.9% 1.1x 102.1x Palo Alto Networks, Inc. United States 159.33 ‐18% 14,475.2 13,697.8 1,378.5 (147.3) NM 48.5% 9.9x NM Proofpoint, Inc. United States 74.85 ‐7% 3,146.3 3,090.3 313.0 (59.8) NM 37.4% 9.9x NM SecureWorks Corp. United States 12.51 NA 1,009.2 895.9 385.7 (42.1) NM 30.6% 2.3x NM Symantec Corporation United States 25.10 ‐1% 15,622.7 12,708.7 3,572.0 933.0 26.1% 14.0% 3.6x 13.6x Trend Micro Inc. Japan 34.66 ‐36% 4,757.7 3,530.3 1,213.0 376.7 31.1% 3.3% 2.9x 9.4x VeriSign, Inc. United States 78.24 ‐17% 8,353.4 8,315.0 1,106.7 715.1 64.6% 7.3% 7.5x 11.6x
Adjusted Weighted Average 3.6x 9.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (68.6x) 28 | M&A and Investment Summary September 2016 Software Public Company Valuation (3/3)
($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $92.61 ‐6% $ 8,077.4 $ 7,233.7 $ 961.5 $ 439.9 45.8% 2.1% 7.5x 16.4x Autodesk, Inc. United States 72.33 ‐1% 16,049.5 15,473.8 2,310.7 (26.6) NM ‐9.0% 6.7x NM AVEVA Group plc United Kingdom 25.99 ‐15% 1,662.1 1,521.5 290.2 68.7 23.7% ‐3.4% 5.2x 22.2x Dassault Systèmes SE France 86.81 ‐3% 22,093.2 20,274.6 3,240.2 841.9 26.0% 12.1% 6.3x 24.1x
Adjusted Weighted Average 6.6x 22.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.9x)
($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $108.54 ‐1% $ 53,969.0 $ 51,439.2 $ 5,552.4 $ 1,647.1 29.7% 21.7% 9.3x 31.2x Atlassian Corporation Plc United Kingdom 29.97 NM 6,484.3 5,741.1 457.1 8.6 1.9% 43.0% 12.6x NM CA, Inc. United States 33.08 ‐5% 13,858.8 13,170.8 4,047.0 1,240.0 30.6% ‐2.9% 3.3x 10.6x CommVault Systems, Inc. * United States 53.13 ‐1% 2,360.2 1,950.0 608.4 16.3 2.7% 2.4% 3.2x 119.8x Covisint Corporation United States 2.18 ‐18% 88.9 47.1 75.0 (9.8) NM ‐12.2% 0.6x NM Endurance International Group Holdings, Inc. United States 8.75 ‐43% 1,235.6 3,203.7 909.4 172.2 18.9% 31.4% 3.5x 18.6x First Data Corporation United States 13.16 ‐27% 11,975.8 33,851.8 7,842.0 2,378.0 30.3% 2.6% 4.3x 14.2x Guidance Software, Inc. United States 5.96 ‐13% 192.5 179.4 107.8 (12.0) NM ‐0.8% 1.7x NM Hortonworks Inc. United States 8.35 ‐63% 493.4 384.8 154.7 (218.0) NM 99.0% 2.5x NM IBM Corporation United States 158.85 ‐4% 151,835.9 185,899.9 80,261.0 17,973.0 22.4% ‐7.7% 2.3x 10.3x IntraLinks Holdings, Inc. United States 10.06 ‐4% 576.6 617.6 284.5 14.4 5.1% 6.1% 2.2x 43.0x NetSuite Inc. United States 110.69 0% 8,985.5 8,863.8 846.4 (59.1) NM 31.5% 10.5x NM Opera Software ASA Norway 6.95 ‐20% 1,023.8 1,209.0 669.3 78.5 11.7% 18.2% 1.8x 15.4x Oracle Corporation United States 39.28 ‐6% 161,269.7 147,326.7 37,194.0 14,612.0 39.3% ‐2.3% 4.0x 10.1x salesforce.com, inc. * United States 71.33 ‐16% 48,326.1 49,666.8 7,474.6 559.6 7.5% 25.1% 6.6x 88.8x Rapid7, Inc. United States 17.65 ‐ 742.4 657.7 133.2 (52.5) NM 45.4% 4.9x NM ServiceNow, Inc. United States 79.15 ‐13% 13,020.2 12,704.4 1,194.0 (91.5) NM 42.9% 10.6x NM Talend SA France 26.16 ‐24% 731.7 735.5 88.7 (23.6) NM 0.0% 8.3x NM Twilio, Inc. * United States 64.36 ‐9% 5,442.9 5,181.5 219.5 (30.5) NM 79.1% 23.6x NM Varonis Systems, Inc. United States 30.10 ‐2% 794.3 685.9 144.2 (15.4) NM 29.4% 4.8x NM
Adjusted Weighted Average 4.7x 13.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (74.3x)
29 | M&A and Investment Summary September 2016 Information
. The Information segment reported 15 transactions worth more than $370 million in value . Healthcare Information was the most active subsegment throughout the month with five deals announced . Select Transactions: • Atos’ acquisition of clinical documentation company Anthelio Healthcare Solutions for a reported $250 million • The $45 million round of funding received by genetic information company provider Color Genomics from General Catalyst, Khosla Ventures, and Emerson Collective • Personal credit reports provider Nav’s $25 million round of funding from Experian, Kleiner Perkins Caufield & Byers, and Peak Ventures • Financial, economic, and alternative data provider Quandl’s $12 million round of funding from Nexus Venture Partners and August Capital • Glassdoor’s acquisition of employee review and human resources search platform Love Mondays
INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial Information 5 33% $46.0 12% 2 ‐ 0 ‐ 3$46.0 Credit/Risk Management Information 3 20% ‐ 0% 2 ‐ 0 ‐ 1 ‐ *Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions Healthcare Information 3 20% 320.0 86% 2 275.0 0 ‐ 145.0 HR Information 2 13% 2.0 1% 1 ‐ 0 ‐ 12.0 Geo‐Demo Information 1 7% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Product/Price Information 1 7% 3.3 1% 0 ‐ 0 ‐ 13.3 Total 15 100% 371.3 100% 8 275.0 0 0.0 7 96.3
30 | M&A and Investment Summary September 2016 Information Public Company Valuation (1/2)
($ in Millions, except stock price data)
Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $67.79 ‐6% $ 8,018.1 $ 8,312.8 $ 2,897.0 $ 611.2 21.1% 7.5% 2.9x 13.6x Computershare Limited Australia 7.91 ‐14% 4,321.6 5,689.5 1,964.4 428.8 21.8% ‐0.3% 2.9x 13.3x CoreLogic, Inc. United States 39.22 ‐10% 3,463.0 5,006.2 1,731.1 360.8 20.8% 18.3% 2.9x 13.9x CoStar Group Inc. * United States 216.53 ‐4% 7,059.5 6,930.9 788.7 170.9 21.7% 23.5% 8.8x 40.6x DST Systems Inc. United States 117.92 ‐8% 3,846.6 4,506.6 2,877.1 413.5 14.4% 36.7% 1.6x 10.9x The Dun & Bradstreet Corporation United States 136.62 ‐3% 4,960.3 6,329.9 1,679.3 393.6 23.4% 5.8% 3.8x 16.1x Envestnet, Inc. * United States 36.45 ‐12% 1,560.5 1,813.2 495.3 43.8 8.8% 28.8% 3.7x 41.4x Equifax Inc. United States 134.58 ‐2% 16,060.1 18,951.4 2,873.3 977.0 34.0% 11.9% 6.6x 19.4x Experian plc Ireland 20.11 ‐3% 18,977.5 21,777.4 4,550.0 1,404.0 30.9% ‐5.4% 4.8x 15.5x FactSet Research Systems Inc. United States 162.10 ‐12% 6,484.0 6,531.4 1,127.1 387.7 34.4% 12.0% 5.8x 16.8x Fair Isaac Corporation United States 124.59 ‐6% 3,844.2 4,327.0 878.3 212.8 24.2% 6.1% 4.9x 20.3x Fidelity National Information Services, Inc. United States 77.03 ‐6% 25,252.4 35,727.4 7,939.2 2,000.2 25.2% 23.3% 4.5x 17.9x Financial Engines, Inc. United States 29.71 ‐26% 1,835.7 1,734.5 355.8 68.5 19.3% 18.8% 4.9x 25.3x Moody's Corporation United States 108.28 ‐2% 20,822.2 22,446.3 3,445.8 1,515.5 44.0% ‐0.9% 6.5x 14.8x Morningstar Inc. United States 79.27 ‐11% 3,413.3 3,242.4 787.2 249.9 31.7% 0.7% 4.1x 13.0x MSCI Inc. United States 83.94 ‐8% 7,943.1 9,119.0 1,111.1 535.0 48.1% 7.2% 8.2x 17.0x Reis, Inc. United States 20.46 ‐23% 231.7 205.2 50.8 14.7 29.0% 11.0% 4.0x 13.9x SEI Investments Co. United States 45.61 ‐17% 7,358.1 6,763.3 1,349.1 381.1 28.2% 3.1% 5.0x 17.7x Thomson Reuters Corporation United States 41.33 ‐6% 30,633.7 39,302.5 12,148.0 2,574.0 21.2% 1.7% 3.2x 15.3x Verisk Analytics, Inc. United States 81.28 ‐5% 13,733.9 15,809.4 2,246.1 1,018.5 45.3% 30.1% 7.0x 15.5x Workiva Inc. United States 18.13 ‐5% 744.4 715.5 163.7 (45.5) NM 28.7% 4.4x NM
Adjusted Weighted Average 4.9x 16.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.9x)
31 | M&A and Investment Summary September 2016 Information Public Company Valuation (2/2)
($ in Millions, except stock price data)
Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $26.65 ‐2% 2,063.0 2,095.3 868.0 85.5 9.8% 6.5% 2.4x 24.5x Alliance Data Systems Corporation United States 214.53 ‐29% 12,556.2 29,821.4 6,762.9 1,551.6 22.9% 14.5% 4.4x 19.2x Brainjuicer Group Plc United Kingdom 6.61 ‐1% 80.9 74.2 35.4 7.3 20.7% 6.2% 2.1x 10.1x Cello Group Plc United Kingdom 1.39 ‐6% 120.6 126.8 214.2 8.2 3.8% ‐4.4% 0.6x 15.5x comScore, Inc. United States 30.66 ‐40% 1,753.0 1,639.1 368.8 37.1 10.1% 12.1% 4.4x 44.1x Ebiquity plc * United Kingdom 1.33 ‐29% 97.4 135.2 95.8 0.7 0.8% 0.0% 1.4x 181.9x GfK SE Germany 34.86 ‐17% 1,272.6 1,694.4 1,685.7 70.0 4.2% 1.0% 1.0x 24.2x Harte‐Hanks Inc. United States 1.62 ‐63% 99.6 156.5 473.7 17.7 3.7% ‐5.1% 0.3x 8.9x InnerWorkings Inc. United States 9.42 ‐7% 506.4 586.3 1,075.3 41.5 3.9% 8.3% 0.5x 14.1x Intage Holdings Inc. Japan 16.72 ‐12% 333.7 261.3 448.0 55.0 12.3% 4.4% 0.6x 4.7x Ipsos SA France 32.68 ‐4% 1,479.1 2,074.8 1,983.4 230.4 11.6% 2.3% 1.0x 9.0x NeuStar, Inc. United States 26.59 ‐12% 1,449.5 2,373.7 1,126.7 409.5 36.3% 12.2% 2.1x 5.8x Nielsen Holdings plc United States 53.57 ‐4% 19,143.0 27,016.0 6,238.0 1,543.0 24.7% 0.3% 4.3x 17.5x Onvia Inc. United States 4.91 ‐6% 35.0 27.2 23.9 1.2 5.0% 3.2% 1.1x 22.6x Pearson plc United Kingdom 9.81 ‐38% 7,995.3 10,116.5 5,765.8 817.6 14.2% ‐3.4% 1.8x 12.4x YouGov plc United Kingdom 2.72 ‐1% 283.8 270.7 115.4 10.4 9.1% 14.8% 2.3x 25.9x
Adjusted Weighted Average 3.5x 17.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.8x)
($ in Millions, except stock price data)
Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Kingdom $0.56 ‐46% $ 80.2 $ 98.5 $ 97.8 $ 11.7 Centaur Media plc United 12.0% 10.8% 1.0x 8.4x CEB Inc. United States 54.47 ‐30% 1,754.2 2,492.5 940.7 203.4 21.6% 2.0% 2.6x 12.3x Forrester Research Inc. United States 38.90 ‐7% 702.5 576.0 321.0 34.4 10.7% 2.2% 1.8x 16.7x Gartner Inc. United States 88.45 ‐14% 7,307.9 7,709.1 2,311.2 385.1 16.7% 11.4% 3.3x 20.0x IHS Markit Ltd. * United Kingdom 37.55 ‐1% 15,788.3 18,931.3 1,129.7 372.1 32.9% 4.9% 16.8x 50.9x Informa plc United Kingdom 9.27 ‐5% 6,011.4 7,388.2 1,650.0 511.7 31.0% 4.6% 4.5x 14.4x National Research Corp. United States 35.20 ‐21% 465.0 442.4 105.6 33.4 31.6% 6.1% 4.2x 13.2x NIC Inc. United States 23.50 ‐1% 1,550.4 1,422.3 305.4 80.8 26.5% 8.4% 4.7x 17.6x Premier, Inc. United States 32.34 ‐13% 1,532.7 1,285.5 1,162.6 365.9 31.5% 15.4% 1.1x 3.5x Press Ganey Holdings, Inc. United States 40.40 ‐4% 2,242.1 2,378.3 344.3 104.9 30.5% 14.7% 6.9x 22.7x Proofpoint, Inc. United States 74.85 ‐7% 3,146.3 3,090.3 313.0 (59.8) NM 37.4% 9.9x NM (1) Reed Elsevierc pl * United Kingdom 19.05 0% 75,705.2 94,079.4 9,510.4 2,309.6 24.3% 4.5% 9.9x 40.7x Tarsus Group plc Ireland 3.60 ‐1% 368.1 444.0 106.2 36.2 34.1% 40.7% 4.2x 12.3x TechTarget, Inc. United States 8.06 ‐16% 219.4 226.3 112.6 17.6 15.6% 1.9% 2.0x 12.9x The Advisory Board Company United States 44.74 ‐18% 1,801.4 2,356.8 804.6 121.3 15.1% 22.5% 2.9x 19.4x UBM plc United Kingdom 9.30 ‐2% 3,658.3 3,745.2 1,061.0 285.0 26.9% 47.4% 3.5x 13.1x Wolters Kluwer N.V. Netherlands 42.82 ‐1% 12,482.1 14,560.4 4,703.2 1,251.6 26.6% 7.0% 3.1x 11.6x
Adjusted Weighted Average 7.7x 14.7x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (30.0x) 32 | M&A and Investment Summary September 2016 Business Services
. The Business Services segment reported 42 transactions in September worth more than $2.5 billion in value . The IT Consulting/Systems Integration subsegment accounted more than 40 percent of segments total activity with 18 transactions . Select Transactions: • Accenture’s acquisition of retail management consulting services provider Kurt Salmon from Management Consulting Group for a reported $166 million • The majority stake taken by Accenture in France‐based IT consultancy OCTO Technology in a transaction valued at $137 million • Marlin Equity Partner’s acquisition of software testing and business assurance services provider QualiTest Group • Medical technology consulting firm Dymedex Consulting’s sale to Navigant Consulting • The acquisition of Workday consulting and deployment services provider DayNine Consulting by Accenture • NTT Data’s acquisition of Switzerland‐based Salesforce consulting firm Nefos
BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 18 43% $107.9 4% 13 $83.9 2 ‐ 3 $24.0 Logistics 6 14% 259.7 10% 2 250.0 1 ‐ 39.7 Corporate Training 4 10% 65.2 3% 1 ‐ 0 ‐ 365.2 Healthcare Consulting 3 7% ‐ 0% 1 ‐ 0 ‐ 2 ‐ HR Consulting 3 7% ‐ 0% 2 ‐ 0 ‐ 1 ‐ Credit/Risk Consulting 2 5% 930.9 36% 1 ‐ 1 930.9 0 ‐ BPO 1 2% ‐ 0% 0 ‐ 1 ‐ 0 ‐ Other 5 12% 1,216.4 47% 5 1,216.4 0 0.0 0 0.0 Total 42 100% 2,580.1 100% 25 1,550.3 5 930.9 12 98.9
33 | M&A and Investment Summary September 2016 Business Services Public Company Valuation (1/3)
($ in Millions, except stock price data)
Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 122.17 ‐2% $ 76,056.0 $ 71,808.8 $ 32,882.7 $ 5,539.5 16.8% 5.9% 2.2x 13.0x CRA International Inc. United States 26.59 ‐15% 217.6 206.1 312.5 24.1 7.7% 2.0% 0.7x 8.6x FTI Consulting, Inc. United States 44.56 ‐3% 1,811.8 2,124.3 1,828.1 210.9 11.5% 4.0% 1.2x 10.1x Information Services Group, Inc. United States 3.99 ‐8% 142.4 186.7 215.6 16.5 7.6% 2.4% 0.9x 11.3x Navigant Consulting Inc. United States 20.22 ‐2% 958.4 1,144.9 883.6 129.7 14.7% 8.1% 1.3x 8.8x ICF International Inc. United States 44.32 ‐2% 840.9 1,147.9 1,158.8 109.0 9.4% 5.0% 1.0x 10.5x Huron Consulting Group Inc. United States 59.76 ‐8% 1,245.9 1,574.2 725.3 159.8 22.0% 32.8% 2.2x 9.8x The Hackett Group, Inc. * United States 16.52 ‐17% 471.8 477.7 250.4 32.4 13.0% 12.1% 1.9x 14.7x
Adjusted Weighted Average 1.4x 9.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.0x) ($ in Millions, except stock price data)
HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 88.20 ‐8% $ 40,075.9 $ 38,869.0 $ 11,667.8 $ 2,536.7 21.7% 6.7% 3.3x 15.3x Barrett Business Services Inc. United States 49.61 ‐6% 359.4 371.2 786.9 34.5 4.4% 12.7% 0.5x 10.8x Capita plc United Kingdom 8.72 ‐48% 5,805.1 8,586.1 6,618.0 1,008.6 15.2% 8.3% 1.3x 8.5x DHI Group, Inc. United States 7.89 ‐25% 395.2 463.3 246.2 56.0 22.8% ‐7.1% 1.9x 8.3x Edenred SA France 23.40 ‐5% 5,417.9 6,775.8 1,100.6 357.6 32.5% ‐2.0% 6.2x 18.9x Insperity, Inc. United States 72.64 ‐12% 1,554.2 1,385.1 2,786.0 112.8 4.1% 12.2% 0.5x 12.3x LinkedIn Corporation * United States 191.12 ‐26% 25,749.4 23,615.9 3,434.9 395.6 11.5% 34.1% 6.9x 59.7x Marsh & McLennan Companies, Inc. United States 67.25 ‐2% 34,851.5 38,715.5 13,165.0 2,954.0 22.4% 2.6% 2.9x 13.1x Monster Worldwide, Inc. United States 3.61 ‐53% 321.5 401.5 635.0 75.1 11.8% ‐8.7% 0.6x 5.3x Paychex, Inc. United States 57.87 ‐6% 20,931.6 20,485.2 3,014.4 1,291.3 42.8% 7.8% 6.8x 15.9x Professional Diversity Network, Inc. United States 8.19 ‐29% 14.9 14.3 31.7 (4.0) NM 4.0% 0.5x NM TriNet Group, Inc. United States 21.63 ‐6% 1,519.5 1,825.2 2,872.5 131.0 4.6% 18.4% 0.6x 13.9x WageWorks, Inc. United States 60.91 ‐7% 2,229.1 1,739.1 341.0 66.4 19.5% 8.4% 5.1x 26.2x
Adjusted Weighted Average 4.4x 14.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.8x)
34 | M&A and Investment Summary September 2016 Business Services Public Company Valuation (2/3)
($ in Millions, except stock price data)
IT Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 122.17 ‐2% $ 76,056.0 $ 71,808.8 $ 32,882.7 $ 5,539.5 16.8% 5.9% 2.2x 13.0x Amdocs Limited United States 57.85 ‐6% 8,663.9 7,539.0 3,704.3 723.7 19.5% 2.4% 2.0x 10.4x Ausy SA France 61.50 0% 320.5 430.2 483.9 42.0 8.7% 16.7% 0.9x 10.2x Bechtle AG Germany 115.78 ‐2% 2,431.3 2,325.5 3,277.3 178.7 5.5% 9.4% 0.7x 13.0x Booz Allen Hamilton Holding Corporation United States 31.61 ‐1% 4,695.7 6,124.1 5,476.9 508.7 9.3% 3.3% 1.1x 12.0x Broadridge Financial Solutions, Inc. United States 67.79 ‐6% 8,018.1 8,312.8 2,897.0 611.2 21.1% 7.5% 2.9x 13.6x Business & Decision SA * France 5.28 ‐31% 41.6 73.4 254.3 4.3 1.7% 4.2% 0.3x 17.2x Cap Gemini S.A. France 97.99 ‐2% 16,592.4 19,304.7 13,953.0 1,715.8 12.3% 13.4% 1.4x 11.3x CGI Group Inc. Canada 47.61 ‐5% 14,362.5 15,637.2 8,232.9 1,404.9 17.1% 4.9% 1.9x 11.1x Cognizant Technology Solutions Corporation United States 47.71 ‐32% 28,957.1 25,384.7 12,991.4 2,592.1 20.0% 14.8% 2.0x 9.8x Computer Sciences Corporation United States 52.21 ‐27% 7,331.7 9,835.7 7,232.0 931.0 12.9% 8.2% 1.4x 10.6x CSG Systems International Inc. United States 41.33 ‐11% 1,337.0 1,470.0 760.7 164.5 21.6% 1.8% 1.9x 8.9x Digi International Inc. United States 11.40 ‐16% 296.0 171.8 215.7 19.3 9.0% 7.2% 0.8x 8.9x Globant S.A. * Luxembourg 42.12 ‐6% 1,451.9 1,395.7 291.9 48.9 16.7% 31.4% 4.8x 28.6x International Business Machines Corporation United States 158.85 ‐4% 151,835.9 185,899.9 80,261.0 17,973.0 22.4% ‐7.7% 2.3x 10.3x Infosys Limited India 15.55 ‐19% 35,548.0 30,801.7 9,746.0 2,696.0 27.7% 10.3% 3.2x 11.4x ITS Group France 7.01 ‐17% 53.6 64.1 212.2 8.3 3.9% 0.9% 0.3x 7.7x NCI, Inc. United States 11.57 ‐33% 156.2 163.2 331.9 29.4 8.8% 4.7% 0.5x 5.6x NTT Data Corporation Japan 49.67 ‐20% 13,931.5 14,724.5 16,052.8 2,447.8 15.2% 7.4% 0.9x 6.0x Perficient Inc. United States 20.15 ‐11% 727.5 754.0 484.7 59.4 12.3% 8.8% 1.6x 12.7x Reply S.p.A. Italy 131.51 ‐14% 1,229.9 1,204.6 846.5 109.8 13.0% 11.4% 1.4x 11.0x SQLi France 40.13 ‐8% 148.3 151.6 205.9 14.9 7.2% 7.3% 0.7x 10.2x Tata Consultancy Services Limited * India 36.49 ‐12% 71,901.5 67,894.1 16,623.5 4,622.6 27.8% 14.4% 4.1x 14.7x Wipro Ltd. India 7.17 ‐22% 17,610.0 14,741.0 7,788.2 1,608.3 20.6% 9.5% 1.9x 9.2x
Adjusted Weighted Average 2.2x 11.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.0x)
35 | M&A and Investment Summary September 2016 Business Services Public Company Valuation (3/3)
($ in Millions, except stock price data)
Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $7.93 ‐3% $ 64.1 $ 59.3 $ 42.8 $ (2.4) NM ‐9.0% 1.4x NM Cenveo Inc. United States 7.05 ‐57% 60.3 1,100.0 1,735.5 144.3 8.3% 0.2% 0.6x 7.6x Communisis plc United Kingdom 0.48 ‐35% 100.2 133.9 471.4 33.1 7.0% 1.8% 0.3x 4.0x Contax Participações S.A. Brazil 3.25 ‐86% 11.0 456.3 921.7 1.4 0.2% ‐2.7% 0.5x NM Convergys Corporation United States 30.42 ‐2% 2,917.5 2,972.9 2,907.8 386.7 13.3% ‐2.1% 1.0x 7.7x Elanders AB (publ) Sweden 12.31 ‐11% 326.5 418.1 500.5 49.1 9.8% 5.0% 0.8x 8.5x Eniro AB Sweden 0.04 ‐75% 21.7 216.8 256.3 56.5 22.1% ‐20.5% 0.8x 3.8x Exlservice Holdings, Inc. * United States 49.84 ‐9% 1,669.6 1,514.6 666.9 104.4 15.7% 19.8% 2.3x 14.5x Firstsource Solutions Limited India 0.61 ‐25% 410.8 530.2 499.3 62.4 12.5% 12.0% 1.1x 8.5x Genpact Limited * Bermuda 23.95 ‐16% 4,964.7 5,379.2 2,504.6 400.7 16.0% 5.0% 2.1x 13.4x InnerWorkings Inc. * United States 9.42 ‐7% 506.4 586.3 1,075.3 41.5 3.9% 8.3% 0.5x 14.1x Luxoft Holding, Inc. * SwitzerlandSwitzerland 52.85 ‐34% 1,755.0 1,623.9 680.7 101.7 14.9% 22.4% 2.4x 16.0x MAXIMUS, Inc. * United States 56.56 ‐19% 3,670.3 3,834.3 2,359.0 315.6 13.4% 20.6% 1.6x 12.2x Quad/Graphics, Inc. United States 26.72 ‐9% 1,337.0 2,531.1 4,604.5 492.0 10.7% ‐4.2% 0.5x 5.1x Quintiles Transnational Holdings Inc. * United States 81.06 0% 9,649.5 11,350.5 4,497.2 826.8 18.4% 6.3% 2.5x 13.7x R.R. Donnelley & Sons Company United States 47.16 94% 3,293.3 6,635.8 11,143.7 1,022.6 9.2% ‐3.3% 0.6x 6.5x Serco Group plc * United Kingdom 1.70 ‐4% 1,851.7 2,039.9 4,064.8 162.9 4.0% ‐3.9% 0.5x 12.5x St Ives plc United Kingdom 1.73 ‐46% 246.1 359.7 503.5 65.9 13.1% 5.2% 0.7x 5.5x StarTek, Inc. * United States 6.22 ‐3% 97.9 130.2 306.8 9.1 3.0% 21.4% 0.4x 14.3x Sykes Enterprises, Incorporated United States 28.13 ‐15% 1,189.6 1,188.4 1,340.4 152.1 11.3% 2.0% 0.9x 7.8x Teleperformance SE * France 106.70 ‐3% 6,041.3 6,405.4 3,808.1 518.3 13.6% 8.1% 1.7x 12.4x TeleTech Holdings Inc. * United States 28.99 ‐6% 1,369.6 1,456.7 1,268.5 151.6 11.9% ‐0.9% 1.1x 9.6x Trans Cosmos, Inc. Japan 26.27 ‐22% 1,080.5 970.6 2,238.8 118.1 5.3% 12.7% 0.4x 8.2x Transcontinental Inc. Canada 13.42 ‐19% 1,038.8 1,277.3 1,537.7 293.4 19.1% ‐0.3% 0.8x 4.4x Cimpress N.V. * Netherlands 101.18 ‐3% 3,200.2 4,011.2 1,788.0 230.9 12.9% 19.7% 2.2x 17.4x West Corporation * United States 22.08 ‐17% 1,826.9 4,932.3 2,296.1 661.4 28.8% 1.2% 2.1x 7.5x Xchanging plc United Kingdom 2.59 ‐12% 649.7 727.5 649.2 86.0 13.2% ‐23.2% 1.1x 8.5x
Adjusted Weighted Average 1.3x 7.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (10.6x)
36 | M&A and Investment Summary September 2016 PPLLC Indices Valuation Summary
Current Summary Trading Valuation Information
Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US‐based Digital Media and Internet 3.3x 2.5x 6.7x 2.0x Internationally‐based Digital Media and Internet 4.2x 2.5x 6.1x 1.9x US‐based eCommerce 2.9x 1.7x 4.1x 1.9x Internationally‐based eCommerce 4.0x 1.4x 12.6x 1.2x US‐based Digital Advertising 2.7x 1.5x 9.0x 1.9x Internationally‐based Digital Advertising 3.9x 1.8x 10.0x 1.5x US‐based Marketing Technology 3.9x 3.3x 4.4x 3.0x Internationally‐based Marketing Technology 5.2x 4.8x 5.5x 5.5x Agency 1.2x 1.3x 1.7x 1.7x Marketing Services 1.8x 1.6x 3.0x 2.7x Traditional Media 2.6x 2.2x 3.9x 2.9x Software 5.3x 4.5x 4.8x 4.7x Information 4.1x 3.7x 6.3x 5.8x Business Services 1.3x 0.9x 2.6x 2.1x
As of close of business on 09/30/16
*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean
37 | M&A and Investment Summary September 2016 PPLLC Indices Valuation Summary
Current Summary Trading Valuation Information
EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US‐based Digital Media and Internet 21.0x 15.8x 16.9x 11.7x Internationally‐based Digital Media and Internet 14.7x 11.3x 17.4x 11.7x US‐based eCommerce 18.1x 15.3x 19.1x 12.6x Internationally‐based eCommerce 24.7x 17.7x 35.2x 14.1x US‐based Digital Advertising 14.9x 14.0x 21.6x 12.1x Internationally‐based Digital Advertising 12.6x 10.4x 12.1x 10.3x US‐based Marketing Technology 41.5x 21.9x 20.7x 14.1x Internationally‐based Marketing Technology 30.2x 19.1x 18.3x 18.8x Agency 10.1x 9.9x 11.2x 9.8x Marketing Services 12.4x 10.3x 14.8x 13.2x Traditional Media 13.1x 9.7x 12.8x 10.9x Software 33.2x 16.4x 19.3x 15.4x Information 22.6x 16.7x 23.8x 22.7x Business Services 10.7x 9.4x 14.8x 11.9x
As of close of business on 09/30/16
*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean
38 | M&A and Investment Summary September 2016 PPLLC Indices LTM Share Pricing Trends
Digital Advertising LTM Index Performance Digital Media/Commerce and Traditional Media LTM Index Performance • S&P 500 – 3.1 % 140% • S&P 500 – 3.1 % (%)
• Digital Advertising – 17.6 % 125% • Digital Media/Commerce – 14.9 %
110% • Traditional Media – (11.0 %) Performance
95% Index
80% Jul‐15 Sep‐15 Nov‐15 Jan‐16 Mar‐16 May‐16
Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Marketing Technology Agency & Marketing Services LTM Index Performance LTM Index Performance 150% 150% • S&P 500 – 3.1 % 140% • S&P 500 – 3.1% 140% (%) 130% 130% (%)
• • Marketing Technology – 6.1% Agency –(0.1 %) 120% 120% • Marketing Services – 0.4% 110% 110% Performance
Performance 100% 100% 90% Index Index 90% 80% 80% Jul‐15 Sep‐15 Nov‐15 Jan‐16 Mar‐16 May‐16 Jul‐15 Sep‐15 Nov‐15 Jan‐16 Mar‐16 May‐16 Marketing Technology S&P 500 Index (^SPX) Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance 150% Information & Business Services LTM Index Performance 150% 140% • S&P 500 – 3.1 % 140% • S&P 500 – 3.1 % (%) 130% • Software – 0.9 %
(%) 130% • Information – 7.0 % 120% 120% 110% • Business Services – 1.4 %
Performance 110% 100% Performance
100%
Index 90% 90%
80% Index Jul‐15 Sep‐15 Nov‐15 Jan‐16 Mar‐16 May‐16 80% Jul‐15 Sep‐15 Nov‐15 Jan‐16 Mar‐16 May‐16 Software S&P 500 Index (^SPX) Note: LTM as of 9/30/2016 Information Business Services S&P 500 Index (^SPX) 39 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed Dell EMC Enterprise Content Division Software OpenText Corpora ti on$ 1,600.0 Penton Media, Inc. Traditional Media Informa PLC 1,559.3 Samsung's Printing Business Business Services Hewlett‐Packard Compa ny 1,050.0 Formula One World Cha mpi ons hi p Limited Traditional Media Liberty Media Corpora ti on 746.0 Apigee Corporation Software Google, Inc. 516.3 Anthelio Healthcare Solutions, Inc. Information Atos SE 275.0 APC Logistics Business Services C.H. Robinson Worldwide 225.0 PARSHIP ELITE Group Digital Media/Commerce ProSiebenStat.1 Group 171.0 Kurt Salmon Business Services Accenture plc 166.4 Moqikaka.com Digital Media/Commerce Fuchun Communications Co. Ltd. 157.2 Creehan & Compa ny Corporation Software Inovalon, Inc. 130.0 The Grass Roots Group PLC Agency & Marketing Services Blackhawk Network, Inc. 118.0 OCTO Technology Société Anonyme Business Services Accenture plc 72.1 Financial Synergy Pty. Ltd. Software IRESS Market Technology 68.0 N Search Marketing Agency & Marketing Services Nasmedia Corpora ti on 54.6 Emric AB Software Tieto Corpora ti on 35.0 Income Access Group Digital Advertising Paysafe Group Plc 30.6 Ca rAdvi ce.com.a u Pty. Ltd. Digital Media/Commerce Nine Entertainment Co. 26.4 Logistics & Distribution Services LLC Business Services ArcBest Corpora ti on 25.0 Avocarrot Ltd. Digital Advertising Glispa GmbH 20.0 Essette, Inc. Software HMS Holdings 20.0 MicroDoc Computersysteme GmbH Business Services Data Respons ASA 11.8 Trip4Real Experiences, S.L. Digital Media/Commerce Airbnb, Inc. 8.4 Newington Communications Limited Agency & Marketing Services SEC S.p.A. 8.0 Frogmind Oy Digital Media/Commerce Supercell Oy 7.8 Pinnacle Marketing Communications Agency & Marketing Services Next Fifteen Communications Group plc 5.8 Optomaton UG Digital Advertising Ve Interactive Ltd. 5.7 Besedo Ltd. Marketing Technology ioSquare 5.6 Inzen Studio Pte. Ltd. Digital Media/Commerce iCandy Interactive Limited 4.4 Oystercatchers Agency & Marketing Services Centaur Media plc 4.3
40 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed 4Ps Marketing Limited Agency & Marketing Services NetBooster Group $ ‐ Accordant Media, LLC Agency & Marketing Services Dentsu Aegis Network, Inc. ‐ Adaptive Marketing Works Agency & Marketing Services The Ramey Agency ‐ ARC Research Compa ny Agency & Marketing Services Sard Verbinnen & Co ‐ BFG Communications Agency & Marketing Services Eastport Holdings, LLC ‐ Bluewater Media LLC Agency & Marketing Services DNA Response, Inc. ‐ C2C Outdoor Agency & Marketing Services Dentsu Aegis Network, Inc. ‐ Compa ct Media Agency & Marketing Services Ole Media Management L.P. ‐ Cos i n Consulting Agency & Marketing Services Dentsu Aegis Network, Inc. ` DonorPoint Marketing Agency & Marketing Services Katalyst Partners, Inc. ‐ Eastwick Communications, Inc. Agency & Marketing Services Hotwire PR ‐ Eduventures, Inc. Agency & Marketing Services National Research Center for College & University ‐ Flipside Group Agency & Marketing Services Interpublic Group of Compa ni es , Inc. ‐ Grass Roots Marketi ng Agency & Marketing Services Gold Group Enterprises LLC ‐ KENEO SAS Agency & Marketing Services Dentsu Aegis Network, Inc. ‐ Kid Neon Images Agency & Marketing Services Deloitte Digital ‐ Meld Strategic & Communications LLC Agency & Marketing Services Echos Brand Communications ‐ Muirfield Partners Agency & Marketing Services Prosek Partners ‐ PacRim Marketing Group, Inc. Agency & Marketing Services Vector, Inc. ‐ Perfect Relations Pvt. Ltd. Agency & Marketing Services Dentsu Aegis Network, Inc. ‐ Pure Communications, Inc. Agency & Marketing Services W20 Group ‐ RD&F Advertising Agency & Marketing Services Ivie & Associates ‐ Summit Media Limited Agency & Marketing Services TCC Global ‐ The Incite Agency Agency & Marketing Services Bully Pulpit Interactive ‐ Attenda Limited Business Services Ensono ‐ BaldPeak Consulting Business Services Simplus ‐ Benefits Advisory Group Business Services Marsh & McLennan Agency LLC ‐ BioQuest, Inc. Business Services Diversified Search, Inc. ‐ Cyrus Innovation LLC Business Services Def Method, Inc. ‐ DayNine Consulting Business Services Accenture plc ‐ Dymedex Consulting LLC Business Services Navigant Consulting, Inc. ‐ EQD Business Services Consilio.com ‐ Forest Technologies Business Services ECS Europe Limited ‐ Ignia Pty. Ltd. Business Services Insight Enterprises, Inc. ‐ Maverick Solutions, Inc. Business Services GP Strategies Corpora ti on ‐ NAX Consulting Business Services Experium Consulting ‐ Nefos AG Business Services NTT DATA, Inc. ‐ New Energy Group S.r.l. Business Services Accenture plc ‐ Opportune IT Healthcare Solutions, Inc. Business Services Streamline Health Solutions, Inc. ‐ Promontory Financial Group Business Services International Business Machines Corpora ti on ‐ TransCentra, Inc. Business Services SourceHOV, LLC ‐ VARCentric Business Services Richardson Communications and Consulting, Inc. ‐ 41 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Verified Person, Inc. Business Services Sterling Talent Solutions $ ‐ AdThrive Digital Advertising CMI Marketing, Inc. ‐ BookedOut, Inc. Digital Advertising Shiftgig, Inc. ‐ Brainient Ltd. Digital Advertising Teads, Inc. ‐ BuzzCity Pte Ltd. Digital Advertising Mobads.com ‐ Hipmunk, Inc. Digital Advertising Concur Technologies, Inc. ‐ Lokku Limited Digital Advertising The Mitula Group Limited ‐ Skylight Digital Advertising Common Living, Inc. ‐ Sparc Media Digital Advertising Pureprofile Limited ‐ BazarChic SA Digital Media/Commerce Galeries Lafayette ‐ Chariot Digital Media/Commerce Ford Motor Compa ny ‐ Designers & Friends ApS Digital Media/Commerce Vente‐Privee.com ‐ Fablic, Inc. Digital Media/Commerce Rakuten, Inc. ‐ FanLogic LLC Digital Media/Commerce HeadsUp Entertainment International, Inc. ‐ Fest300 Digital Media/Commerce Everfest, Inc. ‐ HomeCues Digital Media/Commerce SBricks Ca s tl e Ca re Pvt. Ltd. ‐ How He Asked LLC Digital Media/Commerce XO Group, Inc. ‐ Idolator Digital Media/Commerce Hive Media Group LLC ‐ Ketchapp SARL Digital Media/Commerce UbiSoft Entertainment ‐ MobyTick GmbH Digital Media/Commerce CineApp ‐ New Home Guide Digital Media/Commerce NewPoint Media Group, LLC ‐ Patheos, Inc. Digital Media/Commerce Beliefnet, Inc. ‐ Pianta Digital Media/Commerce Go‐Jek ‐ Sparse Labs Pvt. Ltd. Digital Media/Commerce Zomato Media ‐ Stayglad Digital Media/Commerce Quikr India Private Limited ‐ Stepni Digital Media/Commerce Quikr India Private Limited ‐ True Contact Digital Media/Commerce Appsbuyout ‐ WAYN Digital Media/Commerce Lastminute.com ‐ Altares D&B Information NAXICAP Partners ‐ CCIS Informa ti on CRIF Lending Solutions ‐ Graydon Holding N.V. Information Atradius N.V. ‐ Love Mondays Ltda. Information Glassdoor.com, Inc. ‐ openaccessjournals.com Information Pulsus Group, Inc. ‐ Red Vision Systems, Inc. Information First American Financial Corporation ‐ Urban Engines, Inc. Information Google, Inc. ‐ api.ai Marketing Technology Google, Inc. ‐ Baynote, Inc. Marketing Technology Kibo Software, Inc. ‐ Bizrate Insights Marketing Technology Time Inc. ‐ Blackbird Technologies, Inc. Marketing Technology Etsy, Inc. ‐ BlazeMeter, Ltd. Marketing Technology CA Technologies ‐ Connectivity, Inc. Marketing Technology SweetIQ Analytics Corpora ti on ‐ Cranbox Limited Marketing Technology Evatic AS ‐ 42 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Crossense Marketing Technology Toluna PLC $ ‐ HealCode LLC Marketing Technology MINDBODY, Inc. ‐ HeyWire Marketing Technology Salesforce.com ‐ ICC/Deci s i on Services, Inc. Marketing Technology StellaService, Inc. ‐ Linkpulse Marketing Technology plista GmbH ‐ ManageWP LLC Marketing Technology GoDaddy ‐ Mobilocity LLC Marketing Technology AOTMP ‐ MotiveQues t LLC Marketing Technology Lieberman Research Worldwide ‐ Peerius Marketing Technology EPiServer AB ‐ Predixion Software, Inc. Marketing Technology Greenwave Systems ‐ Regatta Travel Solutions Marketing Technology Seekda GmbH ‐ Rezserve Technologies Ltd. Marketing Technology DigitalTown, Inc. ‐ Tucanna Software & Development LLC Marketing Technology Aleyant Systems LLC ‐ Vidcheck Ltd. Marketing Technology Telestream, Inc. ‐ Wiser Marketing Technology Quad Analytix ‐ Amplement Software Cirpak ‐ BigCenter Software Accruent LLC ‐ Concord Systems, Inc. Software Akamai Technologies, Inc. ‐ CONNX Solutions, Inc. Software Software AG ‐ CyberFl ow Analytics, Inc. Software Webroot, Inc. ‐ EFT Energy, Inc. Software Koch Industries, Inc. ‐ eMaint Enterprises LLC Software Fluke Corpora ti on ‐ Fusion Technology LLC Software CALIBRE Systems, Inc. ‐ Gillware Online Backup Software StorageCraft Technology Corporation ‐ Inspirus LLC Software Sodexo Worldwide ‐ intelligentpos Software iZettle AB ‐ Intelligize, Inc. Software LexisNexis Legal & Professional ‐ ISI Telemanagement Solutions LLC Software Valent Ca pi ta l Partners ‐ Kapia Solutions Software RGI Group ‐ Kurento WebRTC Software Twilio, Inc. ‐ LaunchKey, Inc. Software iovation, Inc. ‐ Logfire, Inc. Software Oracle Corpora ti on ‐ Mobile Heartbeat LLC Software HCA Holdings, Inc. ‐ Palerra, Inc. Software Oracle Corpora ti on ‐ PLAT.ONE, Inc. Software SAP AG ‐ Prelert, Inc. Software Elasticsearch BV ‐ PriceMetrix, Inc. Software McKinsey & Compa ny ‐ Recipero Limited Software Callcredit Information Group Ltd. ‐ REDI Holdings Software Thomson Reuters ‐ RSA Security, Inc. Software Dell, Inc. ‐ Runkit Software Stripe ‐ Selera Labs Software PricewaterhouseCoopers LLP ‐ 43 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Sologlobe Logistique, Inc. Software Generix ERP GCE Business $ ‐ Spillman Technologies, Inc. Software Motorola Solutions, Inc. ‐ Sylpheo SARL Software Renault‐Nissan B.V. ‐ Tuplejump Software Private Limited Software Apple Inc. ‐ Verisae, Inc. Software Accruent LLC ‐ Video Medicine Software Salus Telehealth ‐ Wagon Analytics, Inc. Software Box, Inc. ‐ Workterra LLC Software CareerBuilder, Inc. ‐ XRef Softwa re Microsystems ‐ Aquarian LLC Traditional Media Shepard Expositions Services, Inc. ‐ Community Network Traditional Media Medical Channel ‐ OrcaTV LLC Traditional Media Apogee, Inc. ‐ The Columbia Daily Tribune Traditional Media GateHous e Media, Inc. ‐ The Pharmacist Traditional Media Cogora ‐ Universal Comedy Network, Inc. Traditional Media United Stations Radio Networks, Inc. ‐
44 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed McAfee, Inc. Software TPG Ca pi ta l$ 3,100.0 AppLovin Corporation Digital Advertising Orient Hontai Ca pi ta l 1,400.0 Infoblox, Inc. Software Vista Equity Partners 1,254.3 SAI Global Ltd. Business Services Bering Private Equity 930.9 P&I Personal & Informatik AG Software Permira Advisers 900.0 GovDelivery Software Vista Equity Partners 153.0
Buyout Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Undisclosed Affinitiv, Inc. Agency & Marketing Services Compass Investment Partners Fund, LLP $ ‐ R2Integrated, Inc. Agency & Marketing Services Baird Ca pi ta l ‐ Integreon, Inc. Business Services NewQuest Ca pi ta l Partners ‐ Nolan Transportation Group, Inc. Business Services Ridgemont Equity Partners ‐ QualiTest Group Business Services Marlin Equity Partners ‐ System One Holdings, LLC Business Services Thomas H. Lee Partners ‐ Motoblouz Digital Media/Commerce Equistone Partners ‐ Daxko, Inc. Marketing Technology GI Partners ‐ Finalsite Marketing Technology Bridge Growth Partners LLC ‐ Group IMD Marketing Technology Inflexion Private Equity LLP ‐ Intermedia.net, Inc. Marketing Technology Madison Dearborn Partners, Inc. ‐ Smart Communications Marketing Technology Accel‐KKR, LLC ‐ vRealize Business Enterprise Marketing Technology Skyview Ca pi ta l , LLC ‐ DaySmart Software LLC Software SFW Ca pi ta l Partners ‐ Marquis Software Solutions Software Falfurrias Ca pi ta l Partners ‐ Right Networks LLC Software BV Investment Partners ‐ T2 Systems, Inc. Software Thoma Bravo, Inc. ‐ Trust Diligence Software Vista Equity Partners ‐ Untangle, Inc. Software Providence Equity Partners, Inc. ‐
45 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Grab Digital Media/Commerce Tiger Global Management, LLC$ 750.0 Airbnb, Inc. Digital Media/Commerce Google Ca pi ta l 555.0 OVH.com Marketing Technology Kohlberg Kravis Roberts & Compa ny L.P. 279.0 Cogobuy Group Digital Media/Commerce Red Horse Ca pi ta l 260.0 Guazi.com Digital Media/Commerce Undisclosed 250.0 Fresh Direct Holdings, LLC Digital Media/Commerce J.P. Morgan Asset Management 189.0 DraftKings, Inc. Digital Media/Commerce Revolution Growth 150.0 Didi Chuxing Digital Media/Commerce Foxconn 120.0 Avalara, Inc. Software Warburg Pincus LLC 100.0 Apttus, Inc. Marketing Technology Iconiq Ca pi ta l 88.0 Defy Media LLC Digital Media/Commerce Wellington Management Compa ny 70.0 C3 IoT Software Sutter Hill Ventures 70.0 Flexport, Inc. Marketing Technology First Round Ca pi ta l 65.0 Higher LogicTM Marketing Technology JMI Equity 55.0 Linio Digital Media/Commerce LIV Ca pi ta l 55.0 Druva, Inc. Software Sequoia Ca pi ta l 51.0 Vroom, Inc. Digital Media/Commerce General Ca ta l ys t Partners LLC 50.0 Vlocity, Inc. Marketing Technology Salesforce Ventures 50.0 BYJU Business Services Sequoia Ca pi ta l 50.0 Col or Genomics, Inc. Information Khosla Ventures 45.0 Zeta Interactive Marketing Technology FS Investments 45.0 Home Chef Di gi ta l Media/Commerce L Catterton 40.0 Skyhigh Networks, Inc. Software Sequoia Ca pi ta l 40.0 Cyence, Inc. Software New Enterprise Associates 40.0 BitSight Technologies Software Comcast Ventures 40.0 Digital Map Products, Inc. Software Silversmith Ca pi ta l Partners 36.3 Lucid Software, Inc. Software Spectrum Equity Investors, LP 36.0 Tealium Marketing Technology Battery Ventures 35.0 Applause App Quality, Inc Software Accenture plc 35.0 SessionM, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 35.0 Claroty Software Bessemer Venture Partners 32.0 Datorama, Inc. Marketing Technology Lightspeed Venture Partners 32.0 PillPack, Inc. Digital Media/Commerce Accel Partners 31.1 AppNexus, Inc. Marketing Technology Idinvest Partners 31.0 Pepperfry.com Digital Media/Commerce Norwest Venture Partners 31.0 Updater, Inc. Marketing Technology FIL Limited 30.0 Certona Corporation Marketing Technology Primus Ca pi ta l Funds 30.0 Ca to Networks Software Greylock Partners 30.0 Bosszhipin Digital Media/Commerce Capital Today 28.0 FinanceFox Digital Media/Commerce Salesforce Ventures 28.0 4C Insights, Inc. Marketing Technology Kayne Partners 26.0 Medical Channel Traditional Media Undisclosed 25.0 46 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed NAV Valuation & Advisory LLC Information Kleiner Perkins Caufield & Byers$ 25.0 oTMS, Inc. Software Matrix Partners 25.0 CTERA Networks LTD. Software Bessemer Venture Partners 25.0 ProsperWorks, Inc. Marketing Technology Storm Ventures LLC 24.0 HashiCorp Software GGV Ca pi ta l 24.0 Viva Republica Digital Media/Commerce QUALCOMM Ventures 23.7 Zenly S.A.S. Digital Media/Commerce Insight Venture Partners 22.5 Home24 GmbH Digital Media/Commerce Rocket Internet GmbH 22.5 Alkemics SAS Marketing Technology Index Ventures 22.5 Team17 Software Limited Digital Media/Commerce Lloyd's Development Ca pi ta l 21.8 NS1 Software Deutsche Telekom AG 20.0 FinalCAD Marketing Technology Serena Ca pi ta l 20.0 BrightLine Partners LLC Agency & Marketing Services Fundamental Global 20.0 Gametime United, Inc. Digital Media/Commerce Accel Partners 20.0 White Ops, Inc. Software Paladin Ca pi ta l 20.0 Dia & Co. Digital Media/Commerce Sequoia Ca pi ta l 20.0 Optimove Marketing Technology Israel Growth Partners 20.0 GitLab B.V. Software Khosla Ventures 20.0 Nuxeo SAS Marketing Technology Goldman Sachs Private Ca pi ta l Investing 20.0 Signifyd, Inc. Software Menlo Ventures 19.0 Uno Home Loans Digital Advertising Westpac 16.5 GoSpotCheck, Inc. Software Insight Venture Partners 16.5 Contra s t Security Software General Ca ta l ys t Partners LLC 16.0 InfluxData, Inc. Software Battery Ventures 16.0 Shape Security, Inc. Software Hewlett‐Packard Enterpris e Compa ny 15.0 Operator, Inc. Marketing Technology GGV Ca pi ta l 15.0 InContext Solutions Marketing Technology Undisclosed 15.0 dcBLOX, Inc. Business Services Atalaya Ca pi ta l Management LP 15.0 Swiggy Digital Media/Commerce Bessemer Venture Partners 15.0 KeyMe, Inc. Digital Media/Commerce Battery Ventures 15.0 Ogury Limited Marketing Technology Idinvest Partners 15.0 Tipalti Software SG VC 14.0 Juvo Mobile, Inc. Marketing Technology Freestyle Ca pi ta l 14.0 Infinity Tracking Ltd. Marketing Technology Smedvig Ca pi ta l Limited 13.0 HaloDoc Software Clermont Group 13.0 Inbenta Technologies, Inc. Marketing Technology Level Equity 12.0 You.i TV Software Time Warner Investments 12.0 Quandl, Inc. Information Nexus Venture Partners 12.0 SmartAsset Digital Advertising IA Ca pi ta l Group 12.0 WSC Sports Technologies Marketing Technology Intel Ca pi ta l 12.0 AnyPerk, Inc. Software Nissay Ca pi ta l 11.5 MemberSuite, Inc. Software Accomplice, LLC 11.0 47 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Beeswax Marketing Technology Foundry Group$ 11.0 ViSenze Marketing Technology Rakuten Ventures 10.5 project44 Software Emergence Ca pi ta l 10.5 Bitmovin, Inc. Marketing Technology Atomico Ventures 10.3 Knotch, Inc. Marketing Technology (Private Investors) 10.0 Beckon, Inc. Marketing Technology Canaan Partners 10.0 Kustomer, Inc. Marketing Technology Canaan Partners 10.0 Gfycat, inc. Digital Media/Commerce Alsop Louie Partners 10.0 Kahoot! AS Digital Media/Commerce Microsoft Ventures 10.0 Sonder Corporation Digital Media/Commerce Spark Ca pi ta l 10.0 StartOfService Digital Advertising Point Nine Ca pi ta l 10.0 EVINE Live, Inc. Digital Media/Commerce (Private Investors) 10.0 Unified Enterprises Corp. Ma rketi ng Technology Wellington Financial LP 10.0 Stella Networks LLC Software CRV 10.0 Frame.io, Inc. Software Accel Partners 10.0 ZCOOL Digital Media/Commerce Hearst Ventures 10.0 RackWare, Inc. Software Signal Peak Ventures 10.0 Cheddar, Inc. Digital Media/Commerce Comcast Ventures 10.0 MP Objects BV Software Updata Partners 10.0 Podium Data, Inc. Software Malibu Ventures 9.5 Packet Host, Inc. Software SoftBank Ca pi ta l 9.4 OpenSesame, Inc. Digital Media/Commerce Altos Ventures 9.0 Aqua Security Software Ltd. Software Microsoft Ventures 9.0 Whispir.com, Inc. Marketing Technology Telstra Ventures Group 9.0 Ellevest Information Aspect Ventures 9.0 Kyriba Corporation Software Bpifrance SA 8.8 Caringo Software Advantage Ca pi ta l Partners 8.8 Guild Education, Inc. Business Services Harrison Metal Ca pi ta l 8.5 Point Digital Finance, Inc. Software Andreessen Horowitz 8.4 GameCo, Inc. Digital Media/Commerce Javelin Venture Partners 8.3 Depop Limited Digital Media/Commerce Balderton Ca pi ta l 8.3 Promoboxx, Inc. Marketing Technology Ascent Venture Partners 8.2 Impartner, Inc. Marketing Technology ORIX Growth Ca pi ta l 8.0 Anodot, Inc. Marketing Technology Aleph Venture Ca pi ta l 8.0 Aircall.io, Inc. Marketing Technology Baird Ca pi ta l Partners 8.0 Totango, LLC Marketing Technology Pitango Venture Ca pi ta l 8.0 Business Talent Group Digital Advertising NextEquity 8.0 Zilingo Pte Ltd. Digital Media/Commerce Sequoia Ca pi ta l 8.0 UXP Systems, Inc. Marketing Technology (Private Investors) 8.0 Expel, Inc. Software New Enterprise Associates 7.5 H4D Software Innovation Ca pi ta l 7.5 Simplus Business Services Salesforce Ventures 7.3 48 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Folloze, Inc. Marketing Technology New Enterprise Associates$ 7.3 CodeFresh Software Carmel Ventures 7.0 Troops, Inc. Marketing Technology First Round Ca pi ta l 7.0 Unravel Data Software Menlo Ventures 7.0 JRSK, Inc. Digital Media/Commerce Accel Partners 7.0 Shippo Business Services Union Square Ventures 7.0 Proov, Inc. Software Mangrove Ca pi ta l Partners 7.0 FoodCheri SAS Digital Media/Commerce 360 Ca pi ta l Partners 6.7 TVTY Marketing Technology Serena Ca pi ta l 6.7 OpenClassrooms Business Services Alven Ca pi ta l Partners 6.7 Portfolium, Inc. Digital Media/Commerce SFJ Ventures 6.6 Mobilize Networks, Inc. Software FLOODGATE Fund LP 6.5 Ca ta l yze, Inc. Marketing Technology Lewis & Cl a rk Venture Ca pi ta l 6.5 Arbor Technologies, Inc. Digital Media/Commerce Canaan Partners 6.5 Dizzion, Inc. Software Grotech Ventures 6.4 Estify, Inc. Marketing Technology ff Venture Ca pi ta l 6.3 Zenedge LLC Software Pilot Growth Equity Partners 6.2 Event Farm Marketing Technology .406 Ventures, LLC 6.1 Simppler, Inc. Software Salesforce Ventures 6.0 Spareroom.co.uk Digital Media/Commerce Undisclosed 6.0 Inverse, Inc. Digital Media/Commerce Bertelsmann Digital Media Investments 6.0 Kinetica Software GreatPoint Ventures 6.0 CloudCherry Marketing Technology Cisco Investments 6.0 Gadgetwood eServices Pvt. Ltd. Digital Media/Commerce Carpe Diem Growth Ca pi ta l 6.0 TrueFacet, Inc. Digital Media/Commerce Maveron, LLC 6.0 Progressly, Inc. Marketing Technology Undisclosed 6.0 Ambra Health Software Canaan Partners 6.0 PubNub, Inc. Software Cisco Investments 6.0 Fusebill Software ScaleUp Ventures 6.0 Klaxoon SAS Marketing Technology Arkea Ca pi ta l 5.6 Jobbio Digital Advertising Balderton Ca pi ta l 5.6 HealthNotes Software MedAdvisor Limited 5.5 SecBi Ltd. Software Orange Ca pi ta l 5.0 Mautic, Inc. Software Underscore VC 5.0 Site 1001, Inc. Software Flyover Ca pi ta l 5.0 Mautic, Inc. Software G20 Ventures 5.0 ACV Auctions LLC Digital Media/Commerce Tribeca Venture Partners 5.0 Sourcery Technologies, Inc. Marketing Technology Marker Financial Advisors LLC 5.0 Intensity Analytics Corporation Software Undisclosed 5.0 iStaging Corporation Digital Media/Commerce WI Harper Group 5.0 Intensity Analytics Corporation Software Undisclosed 5.0 IATAI Enterprises Software Caseif 5.0 49 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Steel Wool Studios, Inc. Digital Media/Commerce HTC Corpora ti on$ 5.0 Octiv, Inc. Marketing Technology Greycroft Partners LLC 4.8 Dooer AB Software Undisclosed 4.6 Curve 1 Limited Software Connect Ventures 4.6 ADman Interactive S.L. Digital Advertising Agile Content, S.A. 4.6 Chefs Plate, Inc. Digital Media/Commerce Acton Ca pi ta l Partners 4.5 Vestwell, Inc. Software Commerce Ventures 4.5 Fauna, Inc. Software CRV 4.5 SYNQY Corporation Marketing Technology Undisclosed 4.5 Big Cl oud Analytics, Inc. Marketing Technology Edison Partners 4.5 Critical Force Ltd. Digital Media/Commerce NHN Corpora ti on 4.5 Payzer LLC Software Route 66 Ventures 4.3 Agent Video Intelligence, Inc. Marketing Technology Motorola Solutions, Inc. 4.3 VizEat Ltd. Digital Media/Commerce Eurovestech Plc 4.3 Yello, Inc. Software Argentum 4.2 CodeSpark Digital Media/Commerce Kapor Ca pi ta l 4.1 LiquidSky Software, Inc. Digital Media/Commerce Samsung Electronics 4.0 Cashtree Digital Advertising Korea Investment Partners 4.0 Aceable, Inc. Digital Media/Commerce Silverton Partners 4.0 Imbellus, Inc. Software Upfront Ventures 4.0 Privitar Ltd. Software IQ Ca pi ta l Partners LLP 4.0 Aki Technologies, Inc. Digital Advertising Blue Marlin Partners 3.8 callstats.io Marketing Technology True Ventures 3.5 Polyarc, Inc. Digital Media/Commerce Vulcan Ca pi ta l 3.5 Cronus Cyber Technologies Software Janvest Ca pi ta l Partners 3.5 Renoviso, Inc. Digital Media/Commerce Bessemer Venture Partners 3.5 FreightHub GmbH Information Global Founders Ca pi ta l 3.3 Camarilla B.V. Digital Media/Commerce Amerborgh 3.3 Paddle.com Market Limited Marketing Technology BGF 3.2 Lightneer Digital Media/Commerce GSV Acceleration 3.2 CheBuoni.it Srl Digital Advertising LocalWeb 3.2 Pixoneye Marketing Technology Telefonica 3.1 Benzinga Digital Media/Commerce WorldQuant 3.0 ShiftWizard Software Resolute Ventures 3.0 CORNAMI, Inc. Software Impact Venture Partners 3.0 Luminance AI Software Invoke Ca pi ta l 3.0 Klara, Inc. Software Lerer Hippeau Ventures 3.0 LiveStories, Inc. Software True Ventures 3.0 Beyond Verbal Communications Ltd. Marketing Technology Winnovation 3.0 Corda ta Healthcare Innovations LLC Software First Health Ca pi ta l Partners 3.0 MyLife Digital Ltd. Marketing Technology Business Growth Fund plc 2.7 Rednote LLC Digital Media/Commerce Northwood Ventures 2.6 50 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed ContactEngine Limited Marketing Technology Amadeus Ca pi ta l Partners Limited$ 2.6 Karamba Security Software Fontinalis Partners, LLC 2.5 Zero Financial, Inc. Software New Enterprise Associates 2.5 Allset Technologies, Inc. Digital Media/Commerce Andreessen Horowitz 2.4 Moonlighting LLC Digital Media/Commerce Gannett Co., Inc. 2.3 Doxly, Inc. Software Hyde Park Venture Partners 2.3 Sync Digital Advertising Idinvest Partners 2.2 Red Points Marketing Technology Mangrove Ca pi ta l Partners 2.2 SpeachMe Software Alven Ca pi ta l Partners 2.2 Insider Marketing Technology Wamda Ca pi ta l 2.2 GenieBelt ApS Software (Private Investors) 2.2 ThisWay Global Software Imperial Innovations 2.1 Guazi.com Digital Media/Commerce Matrix Partners 2.0 Prowler.io Software Passion Ca pi ta l 2.0 TenantCloud LLC Software User Friendly Media, LLC 2.0 AdStage, Inc. Marketing Technology Verizon Ventures 2.0 LumaTax, Inc. Software Greycroft Partners LLC 2.0 Clubhouse Software, Inc. Software Lerer Hippeau Ventures 2.0 Salido, Inc. Digital Media/Commerce (Private Investors) 2.0 Cohealo Software Romulus Ca pi ta l 2.0 Glints Intern Pte. Ltd. Information Wavemaker Partners 2.0 Dozr Digital Media/Commerce Fair Ventures 1.9 makepositive Business Services Boost&Co. 1.7 ParkMyCloud, Inc. Marketing Technology Cofounders Ca pi ta l 1.7 Nextail Labs SLU Software Nauta Ca pi ta l 1.6 GoPigeon Business Services Nexus Venture Partners 1.5 Crobox B.V. Marketing Technology Ventech 1.3 Milkman Srl Business Services 360 Ca pi ta l Partners 1.2 Qrvey, Inc. Marketing Technology The Center for Innovation Technology 1.2 Captio Software Kibo Ventures 1.1 TradeMachines Digital Advertising (Private Investors) 1.1 Connected2Fiber Marketing Technology Nauta Ca pi ta l 1.1 APPrise Mobile Software TMT Investments PLC 1.0 MatraMatri.com Digital Advertising Undisclosed 1.0
51 | M&A and Investment Summary September 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Undisclosed Bully Pulpit Interactive Agency & Marketing Services Svoboda Ca pi ta l Partners LLC $ ‐ Finn Partners, Inc. Agency & Marketing Services The Stagwell Group LLC ‐ Collaborative Solutions LLC Business Services WestView Ca pi ta l Partners ‐ Island Medical Management, Inc. Business Services New Mountain Ca pi ta l , LLC ‐ The Greeley Compa ny Bus i nes s Services Keystone Ca pi ta l , Inc. ‐ DailyRounds, Inc. Digital Media/Commerce Accel Partners ‐ Sa vvyMoney, Inc. Information TransUnion, LLC ‐ Meetrics GmbH Marketing Technology yabeo Ca pi ta l ‐ MicroD, Inc. Marketing Technology Armory Ca pi ta l ‐ Raidboxes GmbH Marketing Technology High‐Tech Gründerfonds ‐ Reimagine Holdings Group Marketing Technology BV Investment Partners ‐ Zoomdata, Inc. Marketing Technology In‐Q‐Tel ‐ Capshare LLC Software Standish Management ‐ Idnow Software Seventure Partners ‐ MoneyFarm Software Allianz ‐ PlumSlice Labs, Inc. Software Kinetic Ventures ‐ Radixx International, Inc. Software TA Associates ‐ Resilinc Corporation Software Salesforce Ventures ‐ SecurityMatters B.V. Software Emerald Technology Ventures ‐ Zettabox Holdings Limited Software Undisclosed ‐ Connecting Point Ma rketing Group, Inc. Traditional Media Corridor Ca pi ta l , LLC ‐ Gravity Media Group Limited Traditional Media TowerBrook Ca pi ta l Partners L.P. ‐ Rollingstone.com Traditional Media BandLab Singapore Pte. Ltd. ‐
52 | M&A and Investment Summary September 2016 Petsky Prunier: Maximizing Shareholder Value
. Top‐ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information, business services, and healthcare services industries . Extensive sell‐side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume . Founded in 1999 . More than 50 focused professionals; growth of 40% since 2011 . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa . Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders . Strategic consulting firm Winterberry Group – one of the largest industry‐specific advisors providing strategic and transactional services . Global reach enhanced through our partnerships with investment bank The Mountain Capital Group in China, as well as Allegro Advisors and o3 Capital in India . Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity
. M&A Advisory and Sell‐Side Representation . Advertising & Marketing . Business Current Situation Assessment and Profit . Privately‐Owned Companies . eCommerce Improvement Planning . Entrepreneur‐Led Businesses . Digital Media . Opportunity Mapping: Strategic Planning & Development . Private Equity Portfolio Companies . Technology . Competitive Landscape Analysis . VC‐Backed Companies . Information . M&A Transaction Due Diligence Support . Corporate Divestitures . Business Services . Buy‐Side Targeting Criteria & Integration Strategy . Selected Buy‐Side Engagements . Healthcare Services . Custom Market Research . Capital Raising and Private Placements . Publishing, Speaking, and Thought Leadership
53 | M&A and Investment Summary September 2016 Ranked #1 by Bloomberg For Mid‐Market Internet & Advertising Transactions
Bloomberg M&A League Tables, 2011-2015 TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS 2015 2011-2015 (5-Year) Rank Advisor Deal Count Rank Advisor Deal Count
1 Petsky Prunier 18 1 Petsky Prunier 84
2 Goldman Sachs 17 2 Goldman Sachs 68 2 PwC 17 3 Jordan Edmiston Group 59 4 Jordan Edmiston Group 15 3 Morgan Stanley 59 4 KPMG Corporate Finance 15 5 PwC 52 4 Morgan Stanley 15 6 China Renaissance Partners 47 7 China Renaissance Partners 11 6 Nomura 47 7 Ernst & Young 11 8 GCA Savvian Group 44 9 Avendus Capital 9 9 KPMG Corporate Finance 43 9 Rothschild 9 10 Ernst & Young 38 11 Citi 8 10 JP Morgan 38 11 Credit Suisse 8 12 Jefferies 37 11 Jefferies 8 13 AGC Partners 35 11 William Blair & Company 8 14 Credit Suisse 34 11 Mooreland Partners 8 15 Daiwa Securities 33 Based on number of deals announced in 2011‐2015 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.
. With more than 60 transactions closed in the last 24 months, and more than 100 transactions closed since 2011 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, eCommerce, and media industries
54 | M&A and Investment Summary September 2016 Representative Recent Transactions*
a portfolio company of a portfolio company of has acquired a portfolio company of (NASDAQ: CTSH) has been sold to has been sold to has received a majority has acquired has been sold to investment from has been sold to has been sold to from a division of a portfolio company of
(NASDAQ: ACXM) (NYSE: OMC)
$225,000,000* $207,000,000* $160,000,000*
a portfolio company of has received a majority and a portfolio company of a portfolio company of investment from has been sold to has received a majority has been sold to has received a significant investment from growth investment from comprising Media Properties Holdings has been sold to has been sold to has been sold to in partnership with (NYSE: IDI) (NASDAQ: SYKE) (NYSE: DLX)
*Approximate Value *Approximate Value *Approximate Value
has sold a portfolio company of has been sold to has been sold to has been sold to has received a significant has been sold to investment from has been sold to to Aperion Management has been sold to a portfolio company of and
(NYSE: ACN)
$120,000,000 $160,000,000* $65,000,000
has been sold to has been sold to a portfolio company of has been sold to has been sold to has been sold to has been sold to has been sold to has sold MediMedia Pharma Solutions a division of to
(NYSE: OMC) (NYSE: EVDY) (NASDAQ: EXLS) (NYSE: RUK) (NYSE: EVDY)
*Approximate Value
*For a more comprehensive list, please click here. 55 | M&A and Investment Summary September 2016