Weekly Internet / Digital Media / Saas Sector Summary

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Weekly Internet / Digital Media / SaaS Sector Summary Week of June 6th, 2016 Industry Stock Market Valuation Internet / Digital Media / SaaS Last 12 Months Last 3 Months

135% 125%

30.0% 22.1% 125% 24.4% 120% 20.4%

115% 115% 15.5% 11.6% 9.7% 11.2% 105% 110% 10.2% 1.3% (1.1%) 6.9% 5.5% 95% (3.5%) 105% 3.2%

85% 100% (17.3%)

75% 95% (6.8%) (34.0%) 65% 90%

55% 85% 6/8/2015 7/30/2015 9/20/2015 11/11/2015 1/2/2016 2/23/2016 4/15/2016 6/6/2016 3/7/2016 3/20/2016 4/2/2016 4/15/2016 4/28/2016 5/11/2016 5/24/2016 6/6/2016

(1) (2) (3) (4) Search / Online Advertising Internet Commerce Internet Content Publishers

(5) (6) (7) (8) NASDAQ Diversified Marketing Media Conglomerates Gaming SaaS

Notes: (1) Search/Online Advertising Composite includes: BCOR, BLNX, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, SZMK, TRMR, TUBE, YHOO, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, NILE, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, EVDY, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TGNA, TST, TTGT, WBMD, WEB, XOXO, ZG. (4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TPUB, TRI, UBM-GB. (5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB. (6) Media Conglomerates Composite includes: 6758-JP, CBS, CMCSA, DIS, DISCA, FOXA, LGF, SNI, TRCO, TWX, VIA.B. 2 (7) Gaming Composite includes: A035420-KR, A036570-KR, 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GAME, GLUU, NTES, UBI-FR, ZNGA. (8) SaaS Composite includes: APIC, APPF, BCOV, BOX, BV, CRM, CSOD, CVT, ECOM, HUBS, JIVE, LPSN, MB, MRIN, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN. Industry Stock Market Valuation Internet / Digital Media / SaaS: Financial Metrics

EV / 2016E Revenue EV / 2016E EBITDA 50.0x 5.0x 4.5x 4.3x 41.9x 40.0x 4.0x 3.1x 3.0x 30.0x 3.0x 2.7x 2.6x 2.6x

2.0x 18.2x 17.8x 2.0x 20.0x 16.1x 1.5x 12.8x 11.4x 11.0x 10.5x 1.0x 10.0x 7.9x

0.0x 0.0x

Notes: (1) Search/Online Advertising Composite includes: BCOR, BLNX, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, SZMK, TRMR, TUBE, YHOO, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, NILE, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, EVDY, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TGNA, TST, TTGT, WBMD, WEB, XOXO, ZG. (4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TPUB, TRI, UBM-GB. (5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB. (6) Media Conglomerates Composite includes: 6758-JP, CBS, CMCSA, DIS, DISCA, FOXA, LGF, SNI, TRCO, TWX, VIA.B. 3 (7) Gaming Composite includes: A035420-KR, A036570-KR, 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GAME, GLUU, NTES, UBI-FR, ZNGA. (8) SaaS Composite includes: APIC, APPF, BCOV, BOX, BV, CRM, CSOD, CVT, ECOM, HUBS, JIVE, LPSN, MB, MRIN, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 6/6/16 Low High Value Debt Value LTM CY 16E CY 17E LTM CY 16E CY 17E LTM CY 16E CY 17E Growth PEG 17E/16E Y/Y MRQ

Search / Online Advertising

Alphabet Inc. $730.06 $538.85 $810.35 $501,230 ($66,071) $435,159 5.6x 5.0x 4.4x 17.1x 12.4x 10.7x 29.7x 21.8x 18.5x 16.6% 1.1 14.1% 17.4% Microsoft Corporation 52.13 39.72 56.85 409,766 (58,571) 351,195 4.0 3.8 3.6 12.0 10.3 9.5 40.2 19.5 17.2 10.8% 1.6 4.5% (5.5%) Yahoo! Inc. 37.07 26.15 42.89 35,214 (4,727) 30,523 6.3 8.7 8.6 NM 40.3 35.7 NM 73.8 63.7 1.5% 42.3 1.3% (11.3%) Yandex N.V. 21.46 9.94 21.83 6,968 (555) 6,413 6.6 5.8 4.9 22.4 16.7 12.4 52.7 32.4 25.6 21.9% 1.2 16.7% 33.5% Criteo SA (1) 45.20 24.23 57.30 2,850 (377) 2,480 5.3 3.5 2.8 19.2 12.2 9.1 46.6 26.0 19.6 26.4% 0.7 25.0% 36.4% The Rubicon Project, Inc. (1) 14.72 11.72 20.37 713 (158) 555 2.0 1.9 1.6 19.6 8.6 6.3 89.1 16.4 14.2 20.2% 0.7 21.1% 86.2% TubeMogul, Inc. (1) 12.77 9.11 17.77 457 (74) 382 2.0 1.7 1.4 NM 52.5 20.3 NM NM 37.1 NM NM 20.5% 38.8% Blucora, Inc. 8.92 4.69 16.66 369 429 813 4.0 1.8 1.6 22.9 8.7 7.6 NM 8.8 6.6 18.5% 0.4 6.9% 104.5% QuinStreet, Inc. 3.68 2.65 6.82 167 (40) 127 0.4 0.4 0.4 NM 12.7 5.7 NM NM NM 37.5% NM 7.8% 7.8% Marchex, Inc. 3.45 3.08 5.19 149 (107) 42 0.3 0.3 0.3 NM 29.4 6.2 NM NM NM 15.0% NM 4.5% 0.2% YuMe, Inc. 3.81 2.35 5.76 132 (62) 70 0.4 0.4 0.4 NM 7.7 6.7 NM NM NM NA NA 6.2% (2.3%) Blinkx plc 0.30 0.21 0.48 120 (47) 73 0.4 0.3 0.3 NM 15.9 7.5 NM 7.5 16.6 NM NM 2.1% (30.9%) Rocket Fuel Inc. 2.38 2.30 9.05 104 13 117 0.3 0.3 0.2 NM 10.9 9.9 NM NM NM 3.3% NM 3.1% 0.4% Tremor Video, Inc. 1.84 1.29 3.28 97 (56) 41 0.2 0.2 0.2 NM 15.8 3.2 NM NM NM NA NA 20.5% (9.2%) Marin Software Incorporated 2.50 1.88 7.62 95 (34) 61 0.6 0.6 0.6 NM 41.6 12.1 NM NM NM NA NA 1.3% 2.9% Sizmek Inc. 2.55 2.28 7.91 74 (40) 34 0.2 0.2 0.2 6.7 2.1 1.6 NM NM 42.5 NA NA 7.8% 10.2% MaxPoint Interactive, Inc. 10.64 4.64 40.56 70 (8) 62 0.4 0.7 0.6 NM NM NM NM NM NM 20.0% NM 6.0% 2.6% ReachLocal, Inc. 1.82 0.55 3.35 55 18 72 0.2 0.2 0.2 NM 4.5 3.1 NM NM NM NA NA 5.2% (20.9%)

Mean 2.2x 2.0x 1.8x 17.1x 17.8x 9.9x 51.7x 25.8x 26.2x 17.4% 6.8 9.7% 14.5% Median 0.5 0.6 0.6 19.2 12.4 7.6 46.6 20.6 19.0 18.5% 1.1 6.5% 2.7%

Internet Content

Zillow Group, Inc. $30.78 $16.46 $35.47 $5,500 ($284) $5,216 7.4x 6.3x 5.2x NM 43.0x 25.1x NM NM 63.6x 42.3% 1.5 21.3% 46.1% TEGNA Inc. 22.84 21.11 38.48 4,970 4,118 9,388 3.0 2.7 2.7 8.3 7.4 8.0 13.6 10.0 11.8 6.0% 2.0 1.2% 6.9% IAC/InterActiveCorp 55.24 38.82 84.66 4,375 293 4,758 1.5 1.5 1.4 12.4 8.9 7.2 48.8 17.4 12.9 14.3% 0.9 6.7% 6.0% GoDaddy Inc. 32.98 21.04 35.35 2,679 603 3,519 2.1 1.9 1.7 22.8 8.6 7.2 NM 20.6 16.3 23.0% 0.7 13.2% 15.3% WebMD Health Corp. 64.15 37.57 67.55 2,373 98 2,471 3.8 3.5 3.2 16.1 10.8 9.5 40.9 34.2 29.4 12.5% 2.4 9.5% 10.6% comScore, Inc. 33.37 26.21 65.00 1,891 (114) 1,777 4.8 3.4 2.9 47.8 14.3 10.9 NM 21.3 16.2 25.8% 0.6 19.1% 8.4% Shutterfly, Inc. 48.90 35.22 49.16 1,685 210 1,895 1.8 1.6 1.5 15.7 8.8 7.7 NM 74.9 51.2 20.0% 2.6 8.8% 13.6% Web.com Group, Inc. 17.41 15.71 26.04 826 710 1,536 2.8 2.0 1.8 14.2 8.9 7.1 10.2 6.7 5.6 9.8% 0.6 10.6% 9.2% Bankrate, Inc. 8.86 6.59 15.80 801 89 890 2.4 2.2 2.0 9.2 9.1 7.7 61.3 17.8 14.4 17.7% 0.8 8.5% 4.8% Renren Inc. 2.14 1.78 4.45 728 169 896 21.8 14.6 10.3 NM NM NM NM NM NM 20.0% NM 41.9% NA XO Group Inc. 17.14 13.55 18.18 437 (92) 345 2.4 2.2 2.0 16.1 10.2 8.1 63.4 40.8 25.7 20.0% 1.3 11.4% 9.4% DHI Group, Inc. 7.20 6.05 10.48 373 67 440 1.7 1.8 1.8 7.4 6.7 6.3 NM 17.8 14.0 NA NA 2.7% (8.6%) Care.com, Inc. 9.18 4.89 9.27 299 (52) 247 1.7 1.5 1.4 NM 23.3 14.7 NM 63.9 31.7 20.0% 1.6 13.5% 22.5% TechTarget, Inc. 8.50 5.98 10.94 275 (29) 245 2.2 2.0 1.9 14.0 8.4 6.8 42.1 18.3 13.3 24.5% 0.5 8.5% 5.8% eHealth, Inc. 13.97 8.14 16.81 254 (67) 188 0.9 0.9 0.9 7.1 11.6 7.6 16.5 22.3 18.9 10.0% 1.9 6.9% 20.5% Monster Worldwide, Inc. 2.73 2.43 8.23 243 53 296 0.5 0.5 0.5 3.2 3.5 3.2 53.6 10.8 8.6 NA NA 2.4% (8.7%) Everyday Health, Inc. 7.18 3.71 14.24 238 83 321 1.3 1.2 1.1 14.2 7.1 5.2 NM 18.7 8.8 26.6% 0.3 12.9% 34.0% RealNetworks Inc. 4.26 3.04 7.03 157 (87) 70 0.6 0.6 0.5 NM NM NM NM NM NM NA NA 18.8% (7.7%) Demand Media, Inc. 5.31 3.94 6.85 108 (31) 78 0.6 0.7 0.6 NM NM NM NM NM NM NA NA 7.1% (18.8%) TheStreet, Inc. (2) 1.21 0.82 2.05 43 25 68 1.0 1.0 1.0 88.5 26.9 18.4 NM NA NM NA NA 3.6% (4.9%)

Mean 3.2x 2.6x 2.2x 19.8x 12.8x 9.5x 38.9x 26.4x 21.4x 19.5% 1.3 11.4% 8.7% Median 1.9 1.9 1.7 14.2 8.9 7.7 42.1 18.7 15.3 20.0% 1.1 9.1% 8.4%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 4 (1) Revenue multiples reflective of Net Revenue. (2) Includes convertible preferred stock with total liquidation preference of $55.0MM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

$MM, Except Per Share Data

Internet Commerce

Amazon.com, Inc. $726.73 $419.14 $731.50 $342,892 $1,753 $344,645 3.0x 2.6x 2.1x 37.9x 22.5x 17.1x NM NM 73.8x 58.3% 1.3 20.8% 28.2% Alibaba Group Holding Limited 78.06 57.20 91.60 194,781 (7,448) 188,074 12.2 13.0 10.1 34.1 25.3 20.4 37.9 32.0 25.7 24.5% 1.0 28.7% 38.8% The Priceline Group Inc. 1,349.10 954.02 1,476.52 66,968 3,041 70,009 7.3 6.6 5.7 19.2 16.7 14.3 26.6 20.2 17.2 16.5% 1.0 14.9% 16.7% Netflix, Inc. 100.74 79.95 133.27 43,147 300 43,447 6.1 5.0 4.0 NM 82.2 39.0 NM NM 91.1 50.1% 1.8 25.5% 24.4% eBay Inc. 23.99 21.52 66.73 27,562 1,023 28,585 3.3 3.2 3.1 9.6 8.2 7.9 14.6 12.9 11.7 7.4% 1.6 4.3% 3.7% Expedia Inc. 109.76 88.40 140.51 16,330 1,144 18,209 2.5 2.0 1.8 22.8 11.1 8.9 41.9 21.5 16.4 22.1% 0.7 14.6% 38.6% QVC Group 26.50 22.51 31.62 12,747 6,175 19,014 2.0 1.8 1.7 10.8 9.3 8.5 22.1 14.9 13.5 20.0% 0.7 5.6% 22.1% Copart, Inc. 49.02 32.26 49.90 5,362 563 5,925 4.9 4.5 4.3 13.8 12.6 12.0 25.2 21.8 19.8 15.0% 1.3 4.6% 16.9% Cimpress N.V. 100.27 63.15 101.60 3,155 769 3,990 2.4 2.0 1.8 17.0 13.1 11.0 NM 22.1 19.2 18.3% 1.0 13.0% 28.5% GrubHub Inc. 28.67 17.77 39.85 2,429 (196) 2,233 5.8 4.7 3.9 25.0 17.3 13.6 65.1 36.5 28.9 27.0% 1.1 20.3% 27.2% Stamps.com Inc. 92.58 65.36 123.75 1,615 52 1,668 6.6 5.2 4.5 20.7 13.4 11.1 NM 14.7 14.6 20.5% 0.7 13.6% 85.8% Shutterstock, Inc. 43.46 25.44 64.13 1,521 (276) 1,245 2.8 2.5 2.1 20.8 12.6 10.4 70.1 30.8 26.0 17.0% 1.5 15.8% 19.6% Etsy, Inc. 9.64 6.04 23.44 1,090 (257) 833 2.8 2.4 2.0 38.4 20.6 15.6 NM NM NM 10.0% NM 21.5% 39.8% Quotient Technology Inc. 11.90 5.00 13.45 987 (126) 861 3.5 3.3 2.9 NM 35.1 20.9 NM NM 63.7 25.0% 2.5 13.9% 18.9% 1-800-Flowers.com Inc. 8.43 6.11 10.95 552 59 611 0.5 0.5 0.5 7.2 6.7 5.7 15.4 17.6 14.0 19.0% 0.7 5.1% 0.8% Angie's List, Inc. 8.81 3.73 11.25 517 (1) 515 1.5 1.5 1.4 31.3 16.2 12.0 NM NM 37.8 8.0% 4.7 6.1% 0.4% Overstock.com Inc. 17.68 10.03 24.00 448 (100) 347 0.2 0.2 0.2 43.2 12.1 11.7 33.5 NM NM NA NA 5.0% 3.8% Blue Nile Inc. 26.30 22.33 39.00 305 (29) 276 0.6 0.6 0.6 16.4 12.4 11.6 29.5 29.3 26.0 20.0% 1.3 3.3% (3.2%) Travelzoo Inc. 8.15 6.63 12.78 115 (30) 85 0.6 0.6 0.6 8.9 12.4 9.5 31.3 28.4 27.0 5.0% 5.4 2.6% (11.1%) CafePress Inc. 3.39 3.01 5.36 57 (38) 18 0.2 0.2 0.2 7.2 4.6 2.6 NM NM NM NA NA 4.5% (23.3%)

Mean 3.4x 3.1x 2.7x 21.4x 18.2x 13.2x 34.4x 23.3x 31.0x 21.3% 1.7 12.2% 18.8% Median 2.8 2.4 2.0 19.9 12.9 11.6 30.4 21.8 25.7 19.5% 1.3 13.3% 19.2%

Media Conglomerates / Selected Entertainment

The Walt Disney Company $98.78 $86.25 $122.08 $160,265 $16,107 $180,258 3.3x 3.2x 3.0x 10.8x 10.4x 9.9x 18.2x 17.0x 15.6x 11.2% 1.4 5.1% 4.1% Comcast Corporation 63.40 50.01 64.99 153,884 50,006 206,996 2.7 2.6 2.5 8.2 7.8 7.5 19.2 17.9 16.2 11.9% 1.4 3.6% 5.2% Time Warner Inc. 76.01 55.53 91.34 59,774 22,133 81,937 2.9 2.8 2.6 10.2 9.9 9.3 15.4 14.1 12.6 12.9% 1.0 5.8% 2.5% Twenty-First Century Fox, Inc. 29.44 22.66 34.70 55,767 14,752 72,109 2.7 2.5 2.4 11.4 10.1 9.5 20.0 15.4 13.0 15.1% 0.9 4.9% 5.7% Sony Corporation 28.76 20.50 36.40 36,279 (1,940) 40,571 0.5 0.6 0.5 6.5 7.8 5.2 26.3 61.7 21.1 10.0% 2.1 3.8% (5.9%) CBS Corporation 54.03 38.51 60.97 24,478 7,838 32,316 2.3 2.2 2.2 10.0 9.4 9.2 17.4 13.3 12.2 18.0% 0.7 1.4% 10.0% Viacom, Inc. 45.43 30.11 68.47 17,992 12,049 30,320 2.3 2.3 2.2 8.0 8.0 7.5 8.2 9.0 8.3 4.9% 1.7 2.1% (2.5%) Discovery Communications, Inc. 28.88 23.74 34.94 16,408 7,504 24,160 3.8 3.6 3.5 9.9 9.8 9.3 17.8 14.2 12.5 11.4% 1.1 5.3% 1.6% Scripps Networks Interactive, Inc. 65.57 47.62 68.75 8,455 3,483 12,210 3.8 3.6 3.4 8.5 8.8 8.4 11.0 12.6 12.0 11.5% 1.0 4.5% 24.1% Tribune Media Company 39.59 26.10 55.98 3,642 3,100 6,748 3.3 3.0 3.0 18.3 10.5 12.1 18.9 18.9 22.5 3.0% 7.5 (0.2%) 10.1% Lions Gate Entertainment Corp. 22.97 16.21 41.41 3,382 1,519 4,991 2.1 1.9 1.8 NM 22.5 13.7 69.9 86.1 22.1 41.8% 0.5 7.3% 22.5%

Mean 2.7x 2.6x 2.5x 10.2x 10.5x 9.2x 22.0x 25.5x 15.3x 13.8% 1.8 4.0% 7.0% Median 2.7 2.6 2.5 10.0 9.8 9.3 18.2 15.4 13.0 11.5% 1.1 4.5% 5.2%

Publishers

Thomson Reuters Corporation $42.28 $36.77 $43.52 $31,811 $8,233 $40,534 3.3x 3.6x 3.5x 16.2x 12.7x 12.0x 27.6x 20.5x 18.2x 8.4% 2.2 2.9% (1.0%) Pearson plc 12.33 9.32 19.10 10,010 1,105 11,121 1.7 1.8 1.7 11.0 10.2 9.3 NM 15.8 13.8 NM NM 0.6% NA News Corporation 12.16 10.21 15.92 7,056 (1,603) 5,652 0.7 0.7 0.7 9.2 6.3 6.1 NM 26.4 23.8 7.7% 3.1 (1.8%) (7.3%) UBM plc 8.64 6.68 8.85 3,823 723 4,590 4.1 4.0 3.7 16.0 13.9 12.7 32.8 16.7 14.5 5.9% 2.4 7.5% NA Lagardere SCA 23.77 23.44 32.83 3,046 1,762 4,967 0.6 0.6 0.6 7.9 6.9 6.7 36.7 11.5 10.5 7.2% 1.5 1.0% 0.7% Graham Holdings Company 507.32 425.14 1,119.54 2,850 (515) 2,362 0.9 0.9 0.9 7.0 8.2 8.1 NM 20.7 20.5 NA NA (1.0%) (7.1%) The New York Times Company 12.15 11.48 14.53 1,955 (190) 1,762 1.1 1.1 1.1 7.4 7.2 6.9 28.8 21.0 19.1 NA NA 0.1% (1.2%) Gannett Co., Inc. 15.33 10.75 17.91 1,786 (191) 1,596 0.6 0.5 0.5 4.1 3.9 3.8 12.6 10.2 9.5 NA NA 0.0% (8.1%) Time Inc. 16.97 12.23 24.26 1,727 858 2,585 0.8 0.8 0.8 6.8 5.7 5.3 NM 11.8 9.9 8.5% 1.2 (0.1%) (1.0%) The E. W. Scripps Company 17.09 14.52 25.02 1,436 302 1,738 2.2 1.7 1.9 31.3 6.9 12.9 NM 14.4 50.8 3.0% 16.9 (7.5%) 70.3% Tribune Publishing Company 13.01 5.45 16.75 412 290 702 0.4 0.4 0.4 5.8 5.1 5.5 NM 13.8 15.9 NA NA (3.0%) (0.0%)

Mean 1.5x 1.5x 1.4x 11.1x 7.9x 8.1x 27.7x 16.6x 18.8x 6.8% 4.5 (0.1%) 5.0% Median 0.9 0.9 NM 7.9 6.9 6.9 28.8 15.8 15.9 7.5% 2.3 0.0% (1.0%)

5 Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

$MM, Except Per Share Data

Diversified Marketing

WPP plc $22.98 $18.42 $24.45 $29,248 $4,646 $34,441 1.9x 1.8x 1.7x 11.1x 10.9x 10.2x 18.0x 15.1x 13.9x 8.7% 1.6 4.7% 5.5% Nielsen Holdings plc 54.30 42.76 54.59 19,592 7,242 27,030 4.4 4.2 4.0 17.7 13.7 12.8 33.0 18.8 17.1 10.9% 1.6 5.3% 2.0% Experian plc 18.91 14.71 19.06 17,900 2,918 20,832 4.6 4.6 4.2 13.5 12.9 12.2 23.8 21.3 18.7 11.0% 1.7 9.6% NA Equifax Inc. 125.82 90.94 126.51 14,974 2,972 17,992 6.6 5.8 5.3 19.5 16.5 14.7 34.3 24.2 21.6 12.0% 1.8 9.4% 11.7% Alliance Data Systems Corporation 226.45 176.63 307.78 13,347 16,961 30,500 4.7 4.3 3.9 20.0 14.9 13.5 25.5 13.5 12.0 14.0% 0.9 11.7% 4.7% The Interpublic Group of Companies, Inc. 23.72 18.16 24.27 9,545 1,063 10,887 1.4 1.4 1.3 10.5 9.6 9.1 21.5 17.9 15.8 13.2% 1.2 4.5% 3.9% Havas SA 8.42 7.35 9.37 3,515 (100) 3,432 1.4 1.3 1.3 8.7 7.9 7.5 18.1 15.5 14.5 9.3% 1.6 3.7% 15.6% Acxiom Corporation 21.94 16.67 23.57 1,701 1 1,702 2.0 1.9 1.8 21.4 11.8 10.3 NM 38.5 33.7 15.3% 2.2 6.5% 9.2% MDC Partners Inc. 17.95 15.94 23.90 927 875 1,954 1.5 1.4 1.3 11.6 8.5 7.7 NM 29.5 14.0 46.3% 0.3 7.7% 2.3% Harte-Hanks Inc. 0.85 0.85 6.57 52 67 119 0.2 0.2 0.2 4.4 3.3 2.7 NM 6.1 5.3 NM NM 0.2% (8.6%)

Mean 2.9x 2.7x 2.5x 13.8x 11.0x 10.1x 24.9x 20.0x 16.7x 15.6% 1.4 6.3% 5.1% Median 2.0 1.9 1.8 12.6 11.3 10.3 23.8 18.4 15.2 12.0% 1.6 5.9% 4.7%

Gaming

Tencent Holdings Limited $22.38 $15.96 $22.40 $206,800 ($2,802) $204,339 11.9x 9.6x 7.7x 28.3x 22.3x 18.3x 44.6x 32.2x 25.0x 28.3% 0.9 24.8% 42.8% Activision Blizzard, Inc. 37.76 24.04 39.99 27,875 2,969 30,844 6.4 4.9 4.4 19.4 14.0 12.1 33.9 20.5 17.6 17.0% 1.0 10.0% 13.8% Electronic Arts Inc. 76.49 53.01 77.38 23,070 (2,682) 20,388 4.6 4.3 4.0 19.0 13.4 11.7 21.9 23.1 20.6 12.7% 1.6 7.0% 10.4% NetEase, Inc. 174.52 102.80 186.45 22,945 (3,772) 19,193 4.7 3.6 3.0 13.9 11.2 9.8 19.1 15.6 14.3 19.2% 0.7 21.1% 116.3% Naver Corporation 606.81 393.10 617.97 17,681 (1,287) 16,539 5.6 4.8 4.3 19.8 15.4 12.5 36.9 29.3 23.5 23.4% 1.0 13.6% 26.6% Gamesa Corporación Tecnológica S.A. 20.39 12.40 20.87 5,631 (276) 5,355 1.3 1.1 1.1 11.4 8.2 7.7 26.4 18.9 17.8 24.7% 0.7 5.3% 29.8% NCsoft Corporation 198.70 152.35 237.75 4,220 (627) 3,598 4.7 4.2 3.5 13.8 11.6 9.1 25.8 18.8 14.3 27.3% 0.5 18.0% 28.0% Ubisoft Entertainment SA 37.44 16.86 38.50 4,124 50 4,174 2.6 2.1 2.1 5.9 5.4 4.5 40.2 29.4 20.7 25.2% 0.8 0.5% 21.1% DeNA Co., Ltd. 21.17 14.28 23.83 3,070 (558) 2,578 1.9 1.8 1.7 9.5 6.9 5.8 28.9 19.8 14.1 10.0% 1.4 7.8% (3.2%) GungHo Online Entertainment, Inc. 2.87 2.20 4.75 2,755 (799) 1,971 1.5 1.7 2.0 3.3 3.7 4.5 8.2 9.2 11.4 NA NA (15.8%) (29.0%) Zynga, Inc. 2.64 1.78 3.07 2,307 (857) 1,449 1.9 1.9 1.7 NM 29.0 15.7 NM NM 42.1 21.0% 2.0 9.7% 1.9% Gree, Inc. 5.90 4.27 7.21 1,381 (721) 660 0.9 1.1 1.1 3.6 4.6 4.5 NM 16.7 20.4 NA NA (4.0%) (23.6%) Changyou.com Limited 19.43 15.21 34.61 987 (653) 364 0.5 0.7 0.6 1.7 2.5 2.6 5.2 8.2 7.7 4.0% 1.9 10.2% (37.8%) Glu Mobile, Inc. 2.34 1.98 6.75 310 (159) 150 0.6 0.7 0.6 NM NM NM NM NM NM 15.0% NM 12.3% (21.5%)

Mean 3.5x 3.0x 2.7x 12.5x 11.4x 9.1x 26.5x 20.1x 19.2x 19.0% 1.2 8.6% 12.6% Median 2.3 2.0 2.0 12.6 11.2 9.1 26.4 19.3 17.8 20.1% 1.0 9.8% 12.1%

Social Media & New Platform

Facebook, Inc. $118.79 $72.00 $135.60 $339,776 ($20,621) $319,155 16.1x 12.2x 9.2x 33.8x 19.9x 15.3x 72.7x 33.2x 25.8x 32.4% 0.8 32.5% 51.9% LinkedIn Corporation 135.70 98.25 258.39 18,123 (2,021) 16,129 5.0 4.3 3.6 60.6 16.0 12.9 NM 39.2 31.6 28.3% 1.1 19.7% 35.0% Twitter, Inc. 15.27 39.40 38.82 10,637 719 11,356 4.8 4.2 3.4 NM 15.5 12.3 NM 29.5 22.7 32.5% 0.7 20.7% 36.4% Pandora Media, Inc. 12.17 7.10 22.60 2,784 (110) 2,674 2.2 1.9 1.6 NM NM 65.4 NM NM NM 42.3% NM 18.3% 28.8% Yelp Inc. 27.18 14.53 48.04 2,078 (375) 1,703 2.9 2.4 2.0 NM 17.2 12.0 NM 41.8 29.7 33.5% 0.9 24.8% 33.8% Groupon, Inc. 3.58 2.15 6.13 2,069 (636) 1,434 0.5 0.5 0.5 46.7 12.0 7.6 NM NM 62.6 21.5% 2.9 4.1% (2.5%)

Mean 5.2x 4.3x 3.4x 47.0x 16.1x 20.9x NM 35.9x 34.5x 31.8% 1.3 20.0% 30.6% Median 3.8 3.3 2.7 46.7 16.0 12.6 NM 36.2 29.7 32.4% 0.9 20.2% 34.4%

6 Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

$MM, Except Per Share Data

SaaS salesforce.com, inc. $82.83 $52.60 $84.48 $56,117 $34 $56,152 7.9x 6.8x 5.7x NM 34.5x 28.7x NM 84.7x 62.6x 29.0% 2.2 20.3% 26.8% Workday, Inc. 81.84 47.32 85.67 16,122 (1,566) 14,556 11.6 9.4 7.2 NM NM 66.1 NM NM NM 37.0% NM 30.8% 37.6% ServiceNow, Inc. 75.06 46.00 91.28 12,223 (418) 11,805 10.7 8.6 6.6 NM 47.4 30.5 NM NM 74.2 48.2% 1.5 30.2% 44.3% NetSuite Inc. 84.10 51.75 102.46 6,765 (100) 6,665 8.4 6.9 5.4 NM 77.6 59.7 NM NM NM 22.3% NM 27.0% 31.4% The Ultimate Software Group, Inc. 208.15 148.26 216.27 6,011 (86) 5,925 9.0 7.6 6.2 92.0 30.6 24.6 NM 63.1 51.1 26.0% 2.0 21.9% 29.2% Shopify Inc. 30.00 18.48 42.13 2,434 (189) 2,244 9.3 6.5 4.7 NM NM NM NM NM NM 25.0% NM 39.0% 94.7% Zendesk, Inc. 26.37 11.06 28.20 2,419 (256) 2,164 9.2 7.1 5.4 NM NM NM NM NM NM 22.5% NM 32.8% 62.1% Cornerstone OnDemand, Inc. 42.50 22.25 42.61 2,341 (42) 2,299 6.3 5.3 4.3 NM 62.5 38.0 NM NM NM 20.0% NM 23.8% 34.3% RealPage, Inc. 22.79 16.06 23.98 1,824 67 1,891 3.9 3.3 2.9 31.3 16.0 13.3 NM 31.5 25.8 20.0% 1.3 14.9% 16.2% HubSpot, Inc. 51.84 27.00 60.11 1,811 (107) 1,705 8.4 6.6 5.1 NM NM NM NM NM NM 39.7% NM 29.8% 54.5% Cvent, Inc. 35.76 17.85 37.25 1,509 (177) 1,332 6.7 5.8 4.8 NM 45.8 34.1 NM NM NM 30.0% NM 20.9% 27.3% Box, Inc. 11.72 8.82 20.60 1,485 (127) 1,357 4.1 3.4 2.7 NM NM NM NM NM NM 73.9% NM 25.8% 37.4% RingCentral, Inc. 20.21 13.88 25.67 1,461 (103) 1,358 4.3 3.7 3.1 NM 70.1 39.3 NM NM NM 23.3% NM 22.3% 32.5% MINDBODY, Inc. 13.76 9.14 18.39 546 (76) 471 4.2 3.4 2.7 NM NM NM NM NM NM NA NA 28.7% 43.8% AppFolio, Inc. 15.01 11.07 19.94 504 (21) 483 5.9 4.7 3.6 NM NM NM NM NM NM 30.0% NM 30.5% 46.5% LivePerson Inc. 7.13 3.74 10.66 409 (45) 365 1.6 1.6 1.5 22.3 16.4 13.0 NM 94.3 36.9 20.0% 1.8 8.2% (7.2%) Apigee Corporation 11.52 5.14 14.54 345 (68) 277 3.2 2.6 2.0 NM NM NM NM NM NM NA NA 29.8% 35.8% ChannelAdvisor Corporation 13.52 8.71 14.73 344 (60) 285 2.7 2.5 2.2 NM NM 51.0 NM NM NM NA NA 14.7% 16.6% Bazaarvoice, Inc. 3.92 2.82 6.56 322 (53) 269 1.3 1.3 1.3 NM 64.3 23.8 NM NM NM NA NA 6.8% 5.0% Xactly Corporation 10.50 4.68 10.67 313 (31) 282 3.5 3.0 2.4 NM NM NM NM NM NM 25.0% NM 23.8% 30.5% Jive Software, Inc. 3.98 2.84 5.99 305 (110) 195 1.0 1.0 1.0 NM 14.8 12.9 NM NM 52.7 NA NA (5.1%) 7.5% Brightcove Inc. 6.95 4.70 7.49 228 (28) 199 1.4 1.4 1.2 95.4 22.6 17.1 NM NM 59.9 15.0% 4.0 9.9% 10.4% Marin Software Incorporated 2.50 1.88 7.62 95 (34) 61 0.6 0.6 0.6 NM 41.6 12.1 NM NM NM NA NA 1.3% 2.9%

Mean 5.4x 4.5x 3.6x 60.3x 41.9x 31.0x NM 68.4x 51.9x 29.8% 2.1 21.2% 31.3% Median 4.3 3.7 3.1 61.7 41.6 28.7 NM 73.9 52.7 25.0% 1.9 23.8% 31.4%

7 Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months

($MM) Announced EV / LTM EV / LTM EV / NTM EV / NTM Acquirer Target Enterprise Value Date Sales EBITDA Sales EBITDA

6/2/2016 $163 NA NA NA NA

(1) 6/2/2016 $2,614 4.1x NM 3.5x 30.5x

(1) 6/1/2016 $2,905 11.4x NM 9.1x NM

(1) 5/31/2016 $1,684 7.4x NM 5.8x NM

(1)(2) 5/30/2016 $347 3.2x 36.9x 3.1x 14.6x

(1) 5/18/2016 $915 3.9x NM 3.4x 42.4x

(3) 5/13/2016 $117 0.8x 17.0x NA NA

5/5/2016 $250 NA NA NA NA

(1) 5/5/2016 $71 0.5x 4.7x 0.6x 4.7x

5/3/2016 $115 NA NA NA NA

5/2/2016 $61 NA NA NA NA

(1) 5/2/2016 $566 3.8x NM 3.6x NM

(1) 4/29/2016 $789 1.6x 6.8x 1.5x 5.2x

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) NTM multiples based on Capital IQ consensus estimates. 8 (2) Reflects the acquisition of remaining 95.1% stake. (3) LTM multiple based on period ending 12/31/15. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)

($MM) Announced EV / LTM EV / LTM EV / NTM EV / NTM Acquirer Target Enterprise Value Date Sales EBITDA Sales EBITDA

(1) 4/28/2016 $631 6.8x NM 5.8x NM

(1) 4/28/2016 $4,069 4.4x 39.5x 4.4x 37.2x

(2) 4/22/2016 $90 0.5x NA NA NA Marketing Applications Business

4/19/2016 $360 NA NA NA NA

(1)(2) 4/18/2016 $1,473 7.8x NM 6.1x NM

4/5/2016 $168 NA NA NA NA

4/4/2016 $275 NA NA NA NA

3/25/2016 $100 NA NA NA NA

3/22/2016 $540 NA NA NA NA

3/21/2016 $56 NA NA NA NA

3/21/2016 $200 NA NA NA NA

(2) 3/17/2016 $72 2.7x NM NA NA

(2) 3/7/2016 $207 1.7x NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. 9 (1) NTM multiples based on Capital IQ consensus estimates (2) LTM multiple based on period ending 12/31/15. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)

($MM) Announced EV / LTM EV / LTM EV / NTM EV / NTM Acquirer Target Enterprise Value Date Sales EBITDA Sales EBITDA

3/3/2016 $100 NA NA NA NA

3/1/2016 $260 NA NA NA NA

2/25/2016 $250 NA NA NA NA

(1) 2/24/2016 $400 10.7x NA NA NA

(2) 2/23/2016 $68 1.2x 11.3x NA NA

2/18/2016 $500 NA NA NA NA

(3) (4) 2/14/2016 $389 4.1x 22.1x 3.1x 15.7x

2/12/2016 $85 NA NA NA NA

2/12/2016 $108 NA NA NA NA

2/4/2016 $100 NA NA NA NA

(1) 2/4/2016 $342 1.6x NA NA NA

(1) 2/3/2016 $1,400 11.7x NA NA NA

2/3/2016 $96 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM multiple based on period ending 12/31/15. (2) LTM multiples based on acquirer press release 2/23/16. 10 (3) LTM multiples based on acquirer press release 2/15/16. (4) NTM multiples based on Capital IQ consensus estimates. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)

($MM) Announced EV / LTM EV / LTM EV / NTM EV / NTM Acquirer Target Enterprise Value Date Sales EBITDA Sales EBITDA

(1) 2/1/2016 $379 6.6x NM 4.2x NA

1/20/2016 $130 NA NA NA NA

(2) 1/20/2016 $200 5.0x NA NA NA

(3) 1/11/2016 $155 4.8x NA NA NA

1/11/2016 $135 NA NA NA NA

1/11/2016 $62 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Reflects a $360MM placement for 95% ownership. 11 (2) LTM multiple based on acquirer press release 1/20/16. (3) Reflects a $93MM private placement for 60% ownership. LTM multiple based on 2014 figure. IPO Pipeline Internet / Digital Media / SaaS: IPOs in Public Registration

Offering Amounts $10MM or Greater Primary Initial Initial Offering LTM Issuer Industry Filing Date Amount ($MM) Description Revenue EBIT % EBITDA

Blue Coat, Inc. operates as a holding company, which through its subsidiary, develops Web Internet Software and Services 06/02/16 $100 $274 (1) 24.6% $163 security solutions for global enterprises and governments.

Twilio Inc. provides cloud communications platform that enables developers to build, scale, Application Software 05/26/16 100 and operate communications within software 193 (16.5%) (31) applications through the cloud as a pay-as-you-go service.

Nutanix, Inc., together with its subsidiaries, provides enterprise cloud platform solutions that Internet Software and Services 12/22/15 200 283 (45.7%) (111) converge traditional silos of server, virtualization, and storage into one integrated solution.

Notes: 12 Source: Dealogic, Capital IQ and SEC.gov. (1) Reflective of net revenue. Venture Capital Industry TMT: Transactions Since 2001

$12 1,000

$10 800

600

$6 $Bn

400 NumberofInvestments $4

200 $2

$0 0 Q1 2001 Q1 2002 Q1 2003 Q1 2004 Q1 2005 Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Quarter - Year

(1) Number of Deals Investment Amount

Notes: 13 (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications. Private Financing Activity Internet / Digital Media / Software: Monthly Since January 2007

120 $10,000

(6) $9,000

100 30 1,250 $8,000

(4) (5) 25 $7,000 80 1,000

$6,000 20

60 750$5,000

(7) $MM

15 $4,000 $MM

Number of FinancingsofNumber 40 (2) 500 $3,000 10 (1)

Number Number of Financings (3) $2,000 20 250 5 $1,000

0 $0

Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16

May Feb Feb Mar Mar Apr Apr May Feb Mar Apr Mar Apr May Apr May Feb May Feb Mar

Jan Sep Jan Jun Nov Jul Nov Jul Aug Dec Aug Sep Jun Jul Aug Nov Dec Jul Aug Sep Dec Jan Jun Aug Sep Dec Jan Jun Sep Nov Jan Jun Jul

Apr

Oct Oct Oct

0 Oct 0

- - - - -

------

- - - 09 10 - 07 08 ------11

------

- 07 08 10 11 - 07 08 - 09 - 09 - 10

07 08 08 07 09 09 10 10 11 11

09 10 07 08 11

08 09 07 10 11

07 08 09 10 10 11 11 07 07 07 08 08 08 09 09 09 10 10

07 11 08 09 10

Notes: Amount Raised ($MM) Number of Financings Source: DowJones VentureWire. Only financings > $10MM included. (1) Chart excludes Groupon’s $377MM raise on 12/29/10. (2) Chart excludes Facebook’s $1.5Bn raise on 1/21/11. (3) Chart excludes Supercell’s $1.6Bn raise on 10/15/13. (4) Chart excludes Lyft’s $332MM raise on 4/2/14. (5) Chart excludes Good Technology’s $583MM raise on 4/10/2014. 14 (6) Chart excludes Uber’s $1.5Bn raise on 6/6/2014. (7) Chart excludes Koudai Shopping’s $567MM raise on 10/23/2014, Magic Leap’s $550MM raise on 10/14/2014, and CarTradeExchange.com’s $1.9Bn raise on 10/13/2014. Recent Private Financings Internet / Digital Media / Software

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised Baseline Ventures, Cooley, Correlation Ventures, Filter14, Sun Basket PivotNorth Capital, Robertson PivotNorth Capital, Relevance Capital, Rembrandt Venture San Francisco, CA 19-May-2016 Series A $12 Operator of an e-commerce platform which provides healthy cooking service. $13 Stephens, Vulcan Capital Partners, Robertson Stephens, Roth Capital Partners, Stanford www.sunbasket.com Management Company, The Lucas Venture Group, Tyler Florence

ThoughtSpot General Catalyst Partners, Geodesic General Catalyst Partners, Geodesic Capital, Khosla Ventures, Palo Alto, CA 19-May-2016 Series C $50 Provider of a platform to access and analyze enterprise data. $91 Capital Lightspeed Venture Partners www.thoughtspot.com

DriveScale Ameet Patel, Ingrasys, Nautilus Venture Partners, Pelion Venture Provider of services to bring hyperscale computing capabilities to mainstream Sunnyvale, CA 19-May-2016 Series A $15 Pelion Venture Partners $16 Partners enterprises. www.drivescale.com

Keep Beijing, China 19-May-2016 Series C $32 GGV Capital, Morningside Group Bertelsmann Asia Investments, GGV Capital, Morningside Group Operator of a mobile fitness community. $47 www.gotokeep.com

Mocho Trading Chicago, IL 19-May-2016 Series A $14 Not disclosed Not disclosed Operator of a arbitrage trading firm. $14 www.mochotrading.com

Shift Technology Paris, France 19-May-2016 Series A $10 Accel Partners Accel Partners, Elaia Partners, Iris Capital Management Developer of a data security platform for insurers. $12 www.shift-technology.com

Showpad San Francisco, CA 19-May-2016 Series C $50 Insight Venture Partners Dawn Capital, Hummingbird Ventures, Insight Venture Partners Provider of a content engagement and analysis platform for the sales sector. $61 www.showpad.com

Tally Accelerate-IT Ventures Management, Cowboy Ventures, David San Francisco, CA 19-May-2016 Series A $15 Shasta Ventures Provider of a multiple card management application. $17 Michaels, Shasta Ventures, Silicon Valley Bank www.meettally.com

Tink Creades, Skandinaviska Enskilda ABN AMRO Bank, Creades, Skandinaviska Enskilda Banken, Stockholm, Sweden 19-May-2016 Series B $10 Developer of a personal finance management application. $15 Banken Sunstone Capital www.tink.se

Afero Assembly Partners, Fenox Venture Capital, Presidio Ventures, Samsung Strategy and Innovation Los Altos, CA 18-May-2016 Series A $20 Robert Dobkin, Samsung Strategy and Innovation Center, Sanshin Developer of an IoT platform for cloud-connected devices. $22 Center www.afero.io Electronics, Softbank

Bloomfire Austin, TX 18-May-2016 Series B $13 Austin Ventures Austin Ventures Developer of a cloud-collaboration software. $33 www.bloomfire.com

RedPoint Global Wellesley Hills, MA 18-May-2016 Series C $12 Grotech Ventures, WP Global Partners Grotech Ventures, WP Global Partners Provider of data management and messaging platform. $24 www.redpoint.net

BigPanda Battery Ventures, Mayfield, Pelion Venture Partners, Sequoia Palo Alto, CA 17-May-2016 Series B $21 Battery Ventures Provider of a data science management platform for automating IT events. $30 Capital www.bigpanda.io

Avanan New York, NY 17-May-2016 Series B $15 TPG Growth Magma Venture Partners, StageOne Ventures, TPG Growth Provider of a cloud-based security platform. $16 www.avanan.com

Notes: 15 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Embroker 500 Startups, Bee Partners, Canaan Partners, FinTech Collective, San Francisco, CA 17-May-2016 Series A $12 Canaan Partners Provider of a cloud-based platform in the field of insurance. $14 Nyca Partners, Vertical Venture Partners, XL Innovate www.embroker.com

Q4 HarbourVest Partners, Information Accomplice VC, Emerillon Capital, HarbourVest Partners, Provider of a Software as a Service (SaaS) platform that provides communication Toronto, Canada 17-May-2016 Series B $22 Venture Partners, OpenText Enterprise Information Venture Partners, Kensington Capital Partners, $29 and intelligence services for public companies. www.q4inc.com Apps Fund OpenText Enterprise Apps Fund, Plaza Ventures

Rescale San Francisco, CA 17-May-2016 Series A $12 Not disclosed Not disclosed Developer of simulation workflow software. $21 www.rescale.com

Kollective Technology Bend, OR 16-May-2016 Series C $12 Not disclosed Not disclosed Developer of end-to-end enterprise video platform. NA www.kontiki.com

StayZilla Chennai, India 16-May-2016 Series C $14 Not disclosed Matrix Partners India, Nexus Venture Partners Provider of online hotel booking services. $40 www.stayzilla.com

AtScale AME Cloud Ventures, Comcast Ventures, Storm Ventures, UMC San Mateo, CA 16-May-2016 Series B $11 Comcast Ventures Provider of a self-service business intelligence platform. $20 Capital, XSeed Capital www.atscale.com

CircleCI Baseline Ventures, Draper Fisher Jurvetson, Harrison Metal Capital, San Francisco, CA 16-May-2016 Series B $18 Scale Venture Partners Provider of a continuous integration platform for Web application developers. $25 Scale Venture Partners www.circleci.com

CloudHealth Technologies .406 Ventures, Sapphire Ventures, Scale Venture Partners, Sigma Boston, MA 16-May-2016 Series C $20 Sapphire Ventures Provider of cloud-management software for businesses. $40 Prime Ventures www.cloudhealthtech.com

Didi Chuxing Beijing, China 13-May-2016 Private Equity $2,000 Apple Apple Provider of a mobile taxi-booking application. $2,000 www.xiaojukeji.com/en/index.html

Capital Float Creation Investments Capital Aspada Investments, Creation Investments Capital Management, Bangalore, India 12-May-2016 Series B $25 Provider of an online financing platform. $42 Management SAIF Partners, Sequoia Capital www.capitalfloat.com

ChatGame Nanjing, China 12-May-2016 Venture Round $14 Not disclosed Li Shaowen, Lin Zhen, Sandra Wen, Su Liang Provider of a social communication application. $14 www.chatgame.me

Tandem (UK) London, United Kingdom 12-May-2016 Series B $25 Omidyar Network e.ventures, Nigel Morris, Omidyar Network, Route 66 Ventures Provider of digital retail banking services in the U. $41 www.tandem.co.uk

Wickr Chicago, IL 12-May-2016 Venture Round $30 Not disclosed Not disclosed Provider of data security technologies. $68 www.wickr.com

GuiaBolso São Paulo, Brazil 11-May-2016 Series C $17 Ribbit Capital IFC, Kaszek Ventures, QED Investors, Ribbit Capital Operator of an online financial control and advisory platform. $26 www.guiabolso.com.br

Notes: 16 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

OrderBird Berlin, Germany 11-May-2016 Series C $23 Digital+ Partners, Metro ConCardis, Digital+ Partners, Metro Provider of Point of Sale (POS) systems for the catering industry. $37 www.orderbird.com

Brainly New York, NY 11-May-2016 Series B $15 Naspers Naspers Provider of an electronic learning platform. $25 www.brainly.com

Cyber adAPT Alvin Fund, Black River Diversified Services & Investments, Half Moon Bay, CA 11-May-2016 Series A $15 Not disclosed Provider of a real-time network-based threat detection platform. $15 Fundamental Capital, Granite Point Capital, Griffin Partners www.cyberadapt.com

Weaveworks London, United Kingdom 11-May-2016 Series B $15 GV Accel Partners, GV Developer of a virtual network that connects docker containers. $20 www.weave.works

Dyn Manchester, NH 10-May-2016 Series B $50 Pamplona Capital Management Pamplona Capital Management Provider of Internet performance management (IPM) services. $100 www.dyn.com

Etouches Provider of web-based event management software platform for corporation, Norwalk, CT 10-May-2016 Series C1 $20 Not disclosed Not disclosed $59 educational institution, meetings and events companies. www.etouches.com

FreshGrade Kelowna, Canada 10-May-2016 Series A $12 Relay Ventures Accel Partners, Emerson Collective, Reach Capital, Relay Ventures Provider of an assessment and communications platform for the education sector. $16 www.freshgrade.com

Kingsoft Cloud China Asset Management, China Merchants Securities, IDG Capital Beijing, China 10-May-2016 Series C $110 China Merchants Securities Provider of cloud computing services. $198 Partners, Kingsoft Corporation www.ksyun.com

Outbrain New York, NY 10-May-2016 Venture Round $45 Not disclosed Not disclosed Provider of content rating and recommendations for blogs, magazines and news. $195 www.outbrain.com

Bigcommerce American Express Ventures, General Catalyst Partners, GGV Capital, Austin, TX 10-May-2016 Series E $30 GGV Capital Revolution Growth, SoftBank Capital, Split Rock Partners, Stephan Provider of software services to online retailers and merchants. $155 www.bigcommerce.com Schambach, Telstra Ventures, Tenaya Capital

Ozlo Palo Alto, CA 10-May-2016 Venture Round $14 Greylock Partners AME Cloud Ventures, Greylock Partners, Jerry Yang Developer of artificial intelligence technology platform. $14 www.ozlo.com

Security First Rancho Santa Margarita, CA 10-May-2016 Debt Financing $15 Not disclosed Not disclosed Developer of security software. $62 www.securityfirstcorp.com

Simplee 83North, American Express Ventures, Heritage Group, Social Provider of a web and smartphone application for managing and paying medical Palo Alto, CA 10-May-2016 Series C $20 Social Capital $40 Capital bills. www2.simplee.com

Soracom Tokyo, Japan 10-May-2016 Series B $22 Not disclosed Infinity Venture Partners, World Innovation Lab Provider of a communication platform for developers of connected devices. $28 www.soracom.jp

Notes: 17 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Vera Amplify Partners, Battery Ventures, Capital One Growth Ventures, Palo Alto, CA 10-May-2016 Series B $19 Sutter Hill Ventures Provider of secure sharing of digital information. $33 Clear Venture Partners, Sutter Hill Ventures www.vera.com

Speakaboos Advancit Capital, Betty Cohen, David Pottruck, Deborah Quazzo, New York, NY 9-May-2016 Series B1 $13 Wellington Management Gerald Hughes, Helena Wong, Kyowon Group, Rick Segal, Wellington Provider of a subscription-based service for children's interactive storybooks. $25 www.speakaboos.com Management

Tradesy Kleiner Perkins Caufield & Byers, Rincon Venture Partners, Wildcat Santa Monica, CA 9-May-2016 Series C $30 Wildcat Capital Management Operator of an online peer-to-peer marketplace for fashion. $82 Capital Management www.tradesy.com

CoreOS Accel Partners, FUEL Capital, GV, Intel Capital, Kleiner Perkins San Francisco, CA 9-May-2016 Series B $28 GV Provider of an open source operating system. $53 Caufield & Byers, Y Combinator www.coreos.com

Pivotal Software Palo Alto, CA 9-May-2016 Series C $653 Ford, Microsoft EMC, Ford, GE Ventures, Microsoft, VMware Provider of a next-generation enterprise platform-as-a-service (PaaS). $758 www.pivotal.io

Rancher (Container Management) Grand River Capital Management, Mayfield, Nexus Venture Developer of an open-source container management software for enterprises Cupertino, CA 9-May-2016 Series B $20 Grand River Capital Management $30 Partners leveraging containers. www.rancher.com

Relayware Jersey City, NJ 9-May-2016 Venture Round $11 Amadeus Capital Partners Albion Ventures, Amadeus Capital Partners Provider of partnering automation and relationship management services. NA www.relayware.com

Drivy Cathay Capital Private Equity, Nokia Bpifrance, Cathay Capital Private Equity, Index Ventures, Nokia Paris, France 28-Apr-2016 Series C $34 Provider of peer-to-peer, car-rental platform. $54 Growth Partners Growth Partners, Via-ID www.drivy.com

Evident.io Dublin, CA 28-Apr-2016 Series B $16 Venrock Venrock Provider of cloud-based security services. $27 www.evident.io

Seclore Helion Venture Partners, India Alternatives Investment Advisors, Developer of enterprise software products focusing on information rights Santa Clara, CA 27-Apr-2016 Series B $12 Not disclosed $19 Sistema, VenturEast management. www.seclore.com

TaskEasy Access Venture Partners, Delta Electronics, Grotech Ventures, Provider of an online platform that allows contractors and property owners to buy Walnut, CA 26-Apr-2016 Series B $12 Delta Electronics $26 Kickstart Seed Fund, Moderne Ventures, MTD Products or sell contractor services. www.taskeasy.com

Trov Developer of applications that help people collect and benefit from information Danville, CA 26-Apr-2016 Series C $26 Oak HC/FT Anthemis Group, Guidewire Software, Oak HC/FT, Suncorp Group $39 about their assets. www.trov.com

Ant Financial China Construction Bank, China Development Bank, China China Construction Bank, China Hangzhou, China 26-Apr-2016 Series B $4,500 Investment Corporation, China Life Insurance, China Post Group, Provider of online payment service. $6,400 Investment Corporation www.antgroup.com New China Life Insurance Company, Primavera Capital Group

Lendix CNP Assurances, Decaux Brothers Investments, Inter Mutuelles Paris, France 26-Apr-2016 Series B $14 Not disclosed Entreprises, Partech Ventures, Sycomore Asset Management, Provider of an online crowd-lending platform. $26 www.lendix.com Weber Investissements, Zencap

Notes: 18 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Mark43 General Catalyst Partners, Govtech Fund, Jeffrey Bezos, Lowercase Creator of information-management software for the law-enforcement and military New York, NY 26-Apr-2016 Series B $27 General Catalyst Partners, Spark Capital Capital, Sound Ventures, Spark Capital, SV Angel, The Goldman $40 sectors. www.mark43.com Sachs Group

Remitly Bezos Expeditions, DN Capital, Draper Fisher Jurvetson, Stripes Seattle, WA 26-Apr-2016 Series C $39 Stripes Group Provider of online remittance services. $61 Group, Trilogy Equity Partners, Vulcan Capital www.remitly.com

TranServ IDFC Asset Management Company, Faering Capital, IDFC Asset Management Company, Micromax Mumbai, India 26-Apr-2016 Series C $15 Provider of digital payment services for banks and retailers. $15 Micromax Informatics Informatics, Nirvana Venture Advisors www.transerv.co.in

VidSys Atlanta Equity, Flybridge Capital Partners, Harmony Partners, JVax Vienna, VA 26-Apr-2016 Private Equity $11 Harmony Partners, NewSpring Capital Provider of converged security and information management (CSIM) software. $47 Investment Group, NewSpring Capital www.vidsys.com bitFlyer SBI Investment, Venture Labo Tokyo, Japan 25-Apr-2016 Series C $27 SBI Investment, Venture Labo Investment Operator of a bitcoin exchange marketplace. $34 Investment www.bitflyer.jp

Dispersive Technologies Developer and provider of cloud based virtualized dispersive networking Alpharetta, GA 25-Apr-2016 Angel $38 Not disclosed Not disclosed $42 technologies. www.dispersivetechnologies.com

Helium Systems San Francisco, CA 25-Apr-2016 Series B $20 GV FirstMark Capital, GV, Khosla Ventures, Munich Re/HSB Ventures Provider of Internet of Things (IoT) technology. $39 www.helium.com

Kamcord Plug and Play, Tencent Industry Win-Win Fund, Time Warner San Francisco, CA 25-Apr-2016 Series C $10 Time Warner Investments Provider of tools for recording and sharing of games. $38 Investments, TransLink Capital, Wargaming, XG Ventures www.kamcord.com

Unlockd Greg Roebuck, Lachlan Murdoch, Peter Gammell, Radek Sali, Sam South Melbourne, Australia 25-Apr-2016 Series A $11 Not disclosed Provider of a mobile-based media and telecommunications platform. $16 Mostyn www.unlockd.com

Security First Rancho Santa Margarita, CA 22-Apr-2016 Venture Round $38 Not disclosed Topspin Venture Developer of security software. $47 www.securityfirstcorp.com

Deem Developer of a web based tool that manages the everyday details of business and San Francisco, CA 21-Apr-2016 Venture Round $34 PointGuard Ventures PointGuard Ventures $536 personal life. www.deem.com

Medium.com San Francisco, CA 21-Apr-2016 Series C $50 Spark Capital Andreessen Horowitz, GV, Spark Capital Creator of an online blog-hosting platform. $134 www.medium.com

The RealReal Broadway Angels, Canaan Partners, DBL Partners, e.ventures, San Francisco, CA 21-Apr-2016 Series E $40 Greenspring Associates Greenspring Associates, Greycroft Partners, Industry Ventures, Operator of designer resale store. $123 www.therealreal.com InterWest Partners, NextEquity Partners

Acorns Irvine, CA 21-Apr-2016 Series D $30 Paypal Paypal, Rakuten Developer of an investing platform. $62 www.acorns.com

Notes: 19 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Anomali Redwood City, CA 21-Apr-2016 Series C $30 IVP General Catalyst Partners, GV, IVP, Paladin Capital Group Provider of a SaaS-based cyber security intelligence platform. $57 www.anomali.com

Forter San Francisco, CA 21-Apr-2016 Series C $32 Scale Venture Partners New Enterprise Associates, Scale Venture Partners, Sequoia Capital Provider of an online fraud prevention platform. $50 www.forter.com

Beijing-Tak Network Technology Co Beijing, China 20-Apr-2016 Series C $31 Not disclosed Echo Capital Group, Genesis Capital, Yuansheng Capital Online retailer of floral products. $41 www.roseonly.com.cn

Bugcrowd Blackbird Ventures, Costanoa Venture Capital, Industry Ventures, San Francisco, CA 20-Apr-2016 Series B $15 Blackbird Ventures Paladin Capital Group, Rally Ventures, Salesforce Ventures, Provider of crowdsourced security testing. $24 www.bugcrowd.com Startmate

Cabify Madrid, Spain 20-Apr-2016 Series C $120 Rakuten Rakuten, Western Technology Investment Developer of a mobile application for car hires. $150 www.cabify.es

PicsArt San Francisco, CA 20-Apr-2016 Series B $20 Not disclosed DCM Ventures, Siguler Guff & Company Provider of a mobile photo-editing application. $45 www.picsart.com

Apester Blumberg Capital, Mangrove Capital Blumberg Capital, Gigi Kaplan, Giora Kaplan, Mangrove Capital New York, NY 19-Apr-2016 Series A $17 Provider of content platform that allows sharing content items. $18 Partners Partners, Morris Kahn, Tal Kerret, Tal Simantov, Wellborn Ventures www.apester.com

Huochebang DCM Ventures, Eastern Bell Venture Capital, Genesis Capital, Chengdu, China 19-Apr-2016 Series A $100 Yuansheng Capital Hillhouse Capital Management, Tencent Holdings, Yuansheng Provider of an online truck logistics platform. $100 www.56qq.com Capital

Diamanti Charles River Ventures, Draper Fisher Jurvetson, GSR Ventures, The San Jose, CA 19-Apr-2016 Series A $13 Not disclosed Provider of networking and storage appliance for Linux containers. $13 Goldman Sachs Group www.diamanti.com

FusionOps Mountain View, CA 19-Apr-2016 Series C $25 Georgian Partners Georgian Partners, New Enterprise Associates, Prabhu Goel Developer of supply chain analytics software for businesses. $44 www.fusionops.com

TapInfluence Access Venture Partners, Grotech Ventures, MergeLane, Noro- Boulder, CO 19-Apr-2016 Series B1 $14 Noro-Moseley Partners Provider of a marketing automation platform. $23 Moseley Partners, Robin Ferracone www.tapinfluence.com

TrapX Security BRM Capital, Intel Capital, Liberty Venture Partners, Opus Capital, San Mateo, CA 19-Apr-2016 Series B $14 Intel Capital, Liberty Venture Partners Provider of a cloud-based and on -remises cyber security platform. $19 Strategic Cyber Ventures www.trapx.com

4M Industrial Oxidation Knoxville, TN 18-Apr-2016 Angel $10 Not disclosed Not disclosed Developer of plasma oxidation technology. $10 4mio.com

BaubleBar Accel Partners, Aspect Venture Partners, Burch Creative Capital, New York, NY 18-Apr-2016 Series C $21 Accel Partners Provider of an e-commerce jewelry platform. $39 DSW, Greycroft Partners, Hubert Burda Media, Simon Venture Group www.baublebar.com

Notes: 20 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

HomeLight Bullpen Capital, Dovi Frances, Innovation Endeavors, Krillion Provider of real estate technology that matches home-buyers and sellers with real San Francisco, CA 18-Apr-2016 Series A $11 Zeev Ventures Ventures, Montage Ventures, Oren Dobronsky, Yariv Davidovich, $16 estate agents. www.homelight.com Zeev Ventures

HomeToGo Berlin, Germany 15-Apr-2016 Series B $20 Insight Venture Partners Acton Capital Partners, DN Capital, Insight Venture Partners Provider of a metasearch engine for vacation rentals. $29 www.hometogo.de

Threat Stack Boston, MA 15-Apr-2016 Venture Round $15 Not disclosed Not disclosed Developer of digital security services. $27 www.threatstack.com

Wolt Helsinki, Finland 15-Apr-2016 Series B $11 EQT Ventures EQT Ventures, Ilkka Paananen, Niklas Zennström, Risto Siilasmaa Provider of an online food ordering platform. $14 www.woltapp.com

Onfido Provider of an online platform that uses technology to automate the background London, United Kingdom 14-Apr-2016 Series B $25 IDInvest Partners CrunchFund, IDInvest Partners, Wellington Partners $30 checking process. www.onfido.com

Eversight Palo Alto, CA 14-Apr-2016 Venture Round $14 Not disclosed Not disclosed Provider of machine learning and data science technologies. $24 www.eversightlabs.com

RigUp BoxGroup, Founders Fund, Frees Fund, GE Ventures, Great Oaks Austin, TX 14-Apr-2016 Series A $15 Not disclosed Developer of a software platform for oil rig logistics. $18 Venture Capital, Moore Capital www.rigup.com

Nauto Palo Alto, CA 13-Apr-2016 Series A $12 Playground Global Draper Nexus, Index Ventures, Playground Global Provider of an online traffic monitoring device. $15 www.nauto.com

Poshmark AngelList, GGV Capital, Inventus Capital Partners, Mayfield, Menlo Redwood City, CA 13-Apr-2016 Series C1 $25 GGV Capital Ventures, Shea Ventures, SoftTech VC, Union Grove Venture Operator of an online marketplace for fashion. $72 www.poshmark.com Partners

CloudEndure Infosys Technologies, Magma Venture New York, NY 13-Apr-2016 Series B $13 Infosys Technologies, Magma Venture Partners Developer and provider of a business continuity application. $18 Partners www.cloudendure.com

NEXThink Auriga Partners, Galeo-Ventures, Highland Capital Partners Europe, Developer of a software tool to measure and manage information security Prilly, Switzerland 13-Apr-2016 Series E $40 Highland Capital Partners Europe $69 WayPoint Capital Partners programs. www.nexthink.com

NodeSource San Francisco, CA 13-Apr-2016 Series A $10 RRE Ventures Crosslink Capital, Resolute Ventures, RRE Ventures Provider of enterprise grade software products. $13 www.nodesource.com

Blis Media London, United Kingdom 12-Apr-2016 Series B $25 Not disclosed Beringea, Endeit Capital, Unilever Ventures Provider of an online platform for Internet advertising. $27 www.blis.com

CropX Finistere Ventures, GREENSOIL Finistere Ventures, Flextronics Lab IX, GREENSOIL Investments, Tel Aviv, Israel 12-Apr-2016 Series A $10 Developer of an irrigation software. $11 Investments, Innovation Endeavors Innovation Endeavors, OurCrowd, Robert Bosch Venture Capital www.cropx.com

Notes: 21 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Datera Andreas Bechtolsheim, Khosla Ventures, Pradeep Sindhu, Mountain View, CA 12-Apr-2016 Venture Round $40 Not disclosed Provider of data storage software systems. $48 Samsung Venture Investment www.datera.io

Huoli Tianhui Caissa Shijia Asset Management Partnership, Dapeng Air Service, Beijing, China 12-Apr-2016 Series C $933 Not disclosed Developer of mobile application for flight and train ticketing. $953 HNA-Caissa Travel Group, Matrix Partners China www.huoli.com

The First Chedai Beijing, China 12-Apr-2016 Venture Round $33 China Growth Capital China Growth Capital, Matrix Partners China Provider of an online loan-financing platform. $33 www.chedai.com

LendStreet Oakland, CA 11-Apr-2016 Venture Round $28 Not disclosed Not disclosed Provider of an online lending platform for debt restructuring and refinancing. $28 www.lendstreet.com

Marxent Detroit Venture Partners, Stage 1 Kettering, OH 11-Apr-2016 Series B $10 Detroit Venture Partners, Stage 1 Ventures Developer of virtual reality mobile applications. NA Ventures www.marxentlabs.com

PerimeterX San Mateo, CA 11-Apr-2016 Series A $12 Not disclosed Andy Bechtolsheim, Data Collective, Vertex Ventures Provider of cloud and web security. $15 www.perimeterx.com

RideLabs San Francisco, CA 8-Apr-2016 Series A $12 Not disclosed Khosla Ventures Provider of transportation services and a transportation mobile application. $12 www.instantcab.com

Electric Imp Los Altos, CA 7-Apr-2016 Series C $21 Rampart Capital Rampart Capital, Redpoint Ventures Provider of technology to connect devices to the Internet, wirelessly. $44 www.electricimp.com

Twiggle Tel Aviv, Israel 7-Apr-2016 Series A $13 Naspers Naspers, Ronald Cohen, State Of Mind Ventures, Yahoo Japan Provider of an online search engine. $15 www.twiggle.com

Globality (IT) Menlo Park, CA 7-Apr-2016 Series B $27 Not disclosed Al Gore, John Joyce, Ken Goldman, Michael Marks, Ron Johnson Provider of global technological services. $37 www.globality.com

Intercom Bessemer Venture Partners, ICONIQ Capital, Index Ventures, The Provider of a customer relationship management and messaging tool for web San Francisco, CA 7-Apr-2016 Series D $50 Index Ventures $116 Social+Capital Partnership businesses. www.intercom.io

Luxe San Francisco, CA 7-Apr-2016 Series B $50 The Hertz Redpoint Ventures, The Hertz, Venrock Provider of mobile application for valet parking. $76 www.luxevalet.com x.ai CrunchFund, DCM Ventures, FirstMark Capital, IA Ventures, Lerer New York, NY 7-Apr-2016 Series B $23 Two Sigma Investments Hippeau Ventures, Pritzker Group Venture Capital, SoftBank Provider of an artificial intelligence powered personal assistant application. $34 www.x.ai Capital, Two Sigma Investments, Work-Bench

IronPlanet Pleasanton, CA 6-Apr-2016 Venture Round $14 Not disclosed Not disclosed Provider of an online marketplace for used heavy equipment. $153 www.ironplanet.com

Notes: 22 Source: PitchBook. Only financings > $10MM included. GCA Savvian Advisors Overview Selected Recent Digital Media and Software Transactions

Preferred Stock Equity Investment Acquisition of Acquired by Acquired by Acquired by Acquired by Preferred Stock Preferred Stock

Undisclosed

Financial Advisor Financial Advisor We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor February 2016 February 2016 December 2015 August 2015 July 2015 July 2015 June 2015 June 2015 May 2015

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by

Consortium Led by A subsidiary of

We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller April 2015 April 2015 March 2015 February 2015 December 2014 October 2014 October 2014 September 2014 September 2014

Sale of Acquired by Acquired by Preferred Stock Acquisition of Acquisition of Acquisition of Acquisition of Acquisition of

to Japan We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller August 2014 August 2014 August 2014 May 2014 April 2014 April 2014 March 2014 March 2014 November 2013

Sale of Entertainment Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Preferred Stock Acquired by Store Assets to Reality Media Holdings Fairness Opinion for We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Buddy Media September 2013 August 2013 August 2013 July 2013 July 2013 January 2013 September 2012 August 2012 August 2012

Sale of Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Acquired by Acquired by

We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller August 2012 June 2012 June 2012 May 2012 May 2012 April 2012 March 2012 February 2012 January 2012

23 GCA Savvian Digital Media / Software Team

San Francisco New York Tokyo London

th 150 California St., Ste. 2300 640 Fifth Avenue, 10 Fl. 11-1 Marunouchi 1-chome 48 Dover Street San Francisco, CA 94111 New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 London W1S 4FF United States United States Japan United Kingdom Phone: (415) 318-3600 Phone: (212) 999-7090 Phone: +81 (3) 6212-7100 Phone: +44 (0) 207 038-3200

Paul DiNardo Steve Fletcher Rich Jasen Seihun Kong John Lambros Joshua Wepman Advisory Director Managing Director Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3653 Phone: (415) 318-3682 Phone: (212) 999-7083 Phone: (212) 999-7092 Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 308-4760 Mobile: (415) 823-7300 Mobile: (917) 744-9011 Mobile: (917) 306-4168 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Ashley Ma Giuseppe Diprima Tomohiko Kubota Saif Malik Director Vice President Vice President Vice President

Phone: (212) 999-7076 Phone: (212) 999-7088 Phone: +81 (3) 6212-7129 Phone: +44 (0) 207 038-3216 Mobile: (917) 575-0103 Mobile: (347) 622-1887 [email protected] Mobile: +44 (0) 778 606-8553 [email protected] [email protected] [email protected]