October 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
Securities offered through Petsky Prunier Securities, LLC, member of FINRA.
This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA.
2 | M&A and Investment Summary October 2016 M&A and Investment Summary for All Segments
Transaction Distribution . A total of 450 deals were announced in October 2016, of which 269 were worth $20.9 billion in aggregate reported value . Software was the most active segment with 150 deals announced — 105 of these transactions reported $2.2 billion in value . Digital Media/Commerce was also active with 97 transactions announced, of which 73 were worth a reported $5.7 billion in value . Strategic buyers announced 172 deals (40 reported $7.2 billion in value) . VC/Growth Capital investors announced 259 transactions (225 reported $3.4 billion in value) . Private Equity investors announced 19 deals during the month (four reported $10.3 billion in value)
October 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 150 33% $2,211.4 11% 40 $1,022.8 3 - 107 $1,188.6 Digital Media/Commerce 97 22% 5,704.0 27% 27 1,191.3 3 3,253.0 67 1,259.7 Marketing Technology 83 18% 1,378.8 7% 27 798.0 1 - 55 580.8 Business Services 52 12% 7,698.4 37% 35 1,791.5 9 5,737.3 8 169.6 Agency & Marketing Services 20 4% 1,773.4 8% 18 450.3 1 1,300.0 1 23.1 Digital* AT&T’s Advertising $108 billion acquisition of Time20 Warner has been4% excluded to limit 446.0comparative distortions2% 7 295.0 1 - 12 151.0 Information 14 3% 1,419.0 7% 7 1,386.0 1 - 6 33.0 Traditional Media 14 3% 318.7 2% 11 282.3 0 - 3 36.4 Total 450 100% 20,949.7 100% 172 7,217.2 19 10,290.3 259 3,442.2
3 | M&A and Investment Summary October 2016 M&A and Investment Summary for All Segments
Transaction Distribution . Reported transaction activity in October remained flat from September 2016 and was up six percent from October of 2015 . Strategic activity accounted for 38 percent of reported deal activity during the month and included significant transactions: • Atairos Group’s acquisition of college sports marketing company Learfield Communications from Providence Equity Partners for a reported $1.3 billion • The acquisition of marketing data technology company Krux Digital by Salesforce for $762 million • Genstar Capital and Warburg Pincus’ $632 million sale of SaaS-based construction management services company ConstructConnect to Roper Technologies • Wipro’s $500 million acquisition of Salesforce and Workday–focused consultancy Appirio • The Ziff Davis acquisition of digital health marketing and communications company Everyday Health for $465 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 $27.4 $29.3 $30.0 $23.7 $24.9 $21.3 $22.1 HP IT / CSC HP Software $20.9 $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 $- $- Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 *Note, 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, and Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data have been excluded to limit comparative distortions.
4 | M&A and Investment Summary October 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions)
Selected Transactions With Multiples Information
Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA
Business Services TeamHealth, Inc. Staffing The Blackstone Group L.P. 5,704.7 4,137.0 388.5 1.4x 14.7x Pactera Technology International Ltd. IT Consulting/Systems Integration HNA Group 930.0 777.0 - 1.2x NA Appirio, Inc. IT Consulting/Systems Integration Wipro Limited 500.0 196.0 - 2.6x NA ASG Group Limited IT Consulting/Systems Integration Nomura Research Institute Ltd. 262.5 140.6 17.9 1.9x 14.7x Mouchel Limited Engineering Consulting WSP Global, Inc. 91.3 119.0 11.9 0.8x 7.7x
Digital Advertising HookLogic, Inc. Search Marketing Criteo SA 250.0 38.0 - 6.6x NA Art of Click Pte. Ltd. Mobile Marketing Xurpas, Inc. 45.0 11.4 - 3.9xNA NA Digital Media/Commerce NA InnoGames GmbH Gaming Modern Times Group MTG AB 287.1 138.0 27.5 2.1x 10.4x etailz, Inc. eCommerce Trans World Entertainment Corporation 75.1 93.0 - 0.8x NA MyHammer Holding AG Classifieds/Auctions/P-to-P HomeAdvisor, Inc. 28.4 9.9 0.8 2.9x 36.4x
Information Everyday Health, Inc. Healthcare Information Ziff Davis, Inc. 459.3 248.8 22.4 1.8x 20.5x PitchBook Data, Inc. Financial Information Morningstar, Inc. 225.0 31.1 - 7.2x NA The Radiant Group, Inc. Geo-Demo Information DigitalGlobe, Inc. 140.0 100.0 - 1.4xNA NA Software ConstructConnect Engineering Software Roper Technologies, Inc. 632.0 150.0 - 4.2x NA
Traditional Media Adshel Street Furniture Pty Ltd. Traditional Outdoor APN News & Media Ltd. 410.5 126.8 31.2 3.2x 13.2x
5 | M&A and Investment Summary October 2016 Securities in Registration ($ in Millions)
Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Oct-16 Carbon Black, Inc. United States Software $ - $ - $ - 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 October 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 Oct 31, 2016 1st Trading Day
Oct-16 NasdaqGS:BL BlackLine, Inc. United States $15.00-$17.00 17.00 $23.70 up 39% 22.75 (4.0%) Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 25.00 (23.7%)
Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 16.00-18.00 18.00 30.10 up 67% 24.50 (18.6%) Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 25.18 (16.3%)
Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 19.73 (12.5%) Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 14.07 (7.7%)
Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 14.72 0.1% Jul-16 Nasdaq:TLND Talend SA France 15.00-17.00 18.00 25.50 up 42% 21.67 (15.0%)
Jul-16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 40.46 (2.7%) Jun-16 NYSE:TWLO Twilio, Inc. United States 12.00-14.00 15.00 28.79 up 92% 34.12 18.5%
Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 13.13 (32.6%) May-16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 30.87 70.2%
Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 11.79 (15.1%) Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc Australia 18.00-20.00 21.00 27.78 up 32% 26.86 (3.3%)
Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 29.00 218.7% Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 25.45 41.4%
Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 18.06 22.5% Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 20.24 100.4%
7 | M&A and Investment Summary October 2016 Digital Media/Commerce
. Of the total $5.7 billion in value reported in the Digital Media/Commerce segment, $1.3 billion in Venture/Growth Capital investments were announced, while nearly $1.2 billion in strategic acquisitions were made . eCommerce was the most active subsegment across all segments with 33 transactions announced, of which 26 were reported for $1.3 billion. Select acquisitions from the subsegment include: • The $73 million acquisition of household products eCommerce company etailz by Trans World Entertainment Corporation . Select Digital Media/Commerce transactions include: • The 35 percent taken by Modern Times Group in online games publisher Innogames in a transaction valued at $287 million • Discovery Communications’ $100 million investment in Group Nine Media, the holding company consisting of online publishers Thrillist, NowThis, The Dodo, and Seeker • The acquisition of gadget recommendation site The Wirecutter by The New York Times for a reported $30 million • Red Ventures’ acquisition of Soda, a network of top-trafficked media brands (A Petsky Prunier-led transaction)
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 33 34% $1,348.9 24% 7 $933.9 2 - 24 $415.0 Mobile Content/Apps 19 20% 445.8 8% 3 2.4 0 - 16 443.4 Digital Marketplace 17 18% 3,379.3 59% 5 8.5 1 3,253.0 11 117.8 Niche Content 14 14% 299.9 5% 7 103.0 0 - 7 196.9 Gaming 9 9% 152.6 3% 5 143.5 0 - 4 9.1 Social Media/Apps 5 5% 77.5 1% 0 - 0 - 5 77.5 Web Search/Portals 0 0% - 0% 0 - 0 - 0 - * Microsoft’s $26.2 billion acquisition of LinkedIn and Tencent’s $10.2 billion acquisition of Supercell have been excluded to limit comparative distortions Total 97 100% 5,704.0 100% 27 1,191.3 3 3,253.0 67 1,259.7
8 | M&A and Investment Summary October 2016 Digital Media and Internet Public Company Valuation (1/2)
($ 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alphabet Inc. 809.90 -3% $ 549,381.1 $ 470,993.1 $ 85,537.0 $ 28,294.0 33.1% 19.2% 5.5x 16.6x Apple Inc. 113.54 -7% 605,430.8 624,586.8 215,639.0 70,529.0 32.7% -7.7% 2.9x 8.9x Blucora, Inc. 13.30 -1% 554.9 944.7 372.0 $67.6 18.2% NA 2.5x 14.0x Demand Media, Inc. 5.80 -10% 118.1 57.2 114.4 (24.7) NM -22.3% 0.5x NM Everyday Health, Inc. 10.50 -1% 352.2 438.6 248.8 22.4 9.0% 23.6% 1.8x 19.6x Facebook, Inc. 130.99 -3% 376,159.3 352,866.3 24,670.0 12,776.0 51.8% 54.8% 14.3x 27.6x Fitbit Inc. 13.26 -65% 2,945.8 2,186.1 2,307.3 225.0 9.8% 52.1% 0.9x 9.7x Glu Mobile, Inc. 1.98 -51% 263.3 105.3 215.3 (48.5) NM -17.7% 0.5x NM GoPro, Inc. 12.78 -51% 1,782.0 1,502.8 1,081.5 (347.6) NM -40.5% 1.4x NM IAC/InterActiveCorp 64.44 -5% 5,128.1 5,631.1 3,177.4 359.6 11.3% -1.1% 1.8x 15.7x LinkedIn Corporation 189.60 -27% 25,698.2 23,523.8 3,615.0 477.4 13.2% 30.4% 6.5x 49.3x MeetMe, Inc. 4.89 -40% 266.0 234.3 63.9 14.6 22.8% 35.0% 3.7x 16.1x Netflix, Inc. 124.87 -6% 53,588.0 54,618.7 8,176.5 344.6 4.2% 26.9% 6.7x NM Pandora Media, Inc. 11.33 -30% 2,643.7 2,723.4 1,328.4 (199.9) NM 21.2% 2.1x NM RealNetworks Inc. 4.46 -13% 164.1 85.3 118.9 (26.5) NM -9.1% 0.7x NM TheStreet, Inc. 1.05 -40% 37.0 9.9 64.5 (0.6) NM -5.0% 0.2x NM Twitter, Inc. 17.95 -37% 12,568.77 10,558.81 2,522.89 41.67 1.7% 27.0% 4.2x NM WebMD Health Corp. 49.13 -27% 1,821.9 1,846.1 689.7 176.8 25.6% 13.6% 2.7x 10.4x XO Group Inc. 18.40 -8% 468.2 371.6 149.3 24.2 16.2% 6.2% 2.5x 15.4x Yahoo! Inc. 41.55 -8% 39,546.6 4,135.6 4,973.4 827.1 16.6% 0.5% 0.8x 5.0x Zynga, Inc. 2.81 -8% 2,478.7 1,610.2 736.6 (27.5) NM -4.5% 2.2x NM
Average 1.8x 11.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.5x) and EBITDA multiples that are 1.0 standard deviations above the mean (29.0x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)
9 | M&A and Investment Summary October 2016 Digital Media and Internet Public Company Valuation (2/2)
($ 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China 176.86 -19% $61,354.6 $56,324.0 $10,651.2 $2,800.0 26.3% 15.1% 5.3x 20.1x Changyou.com Limited China 26.45 -13% 1,343.8 525.1 556.8 156.2 28.1% -31.7% 0.9x 3.4x CyberAgent Inc. Japan 29.06 -10% 3,652.5 3,191.5 3,067.5 432.3 14.1% 22.1% 1.0x 7.4x DeNA Co., Ltd. Japan 32.15 -16% 4,663.6 4,031.3 1,404.9 345.5 24.6% 0.0% 2.9x 11.7x G5 Entertainment AB (publ) Sweden 6.90 -18% 60.7 57.1 50.6 5.2 10.3% 18.7% 1.1x 11.0x Gree, Inc. Japan 5.54 -16% 1,300.1 537.6 646.5 125.2 19.4% -24.2% 0.8x 4.3x International Game Technology PLC United Kingdom 28.72 -1% 5,773.7 13,603.6 5,133.6 1,586.1 30.9% 29.9% 2.6x 8.6x KongZhong Corporation China 6.68 -14% 314.7 239.1 178.8 21.6 12.1% -18.5% 1.3x 11.1x Mixi, Inc. Japan 36.76 -30% 3,009.9 2,013.0 2,006.6 923.3 46.0% 37.1% 1.0x 2.2x NCsoft Corporation South Korea 230.80 -14% 4,902.4 4,236.2 792.8 279.4 35.2% 7.2% 5.3x 15.2x Naver Corporation South Korea 747.83 -5% 21,789.4 19,720.8 3,480.4 1,065.3 30.6% 0.0% 5.7x 18.5x NetEase, Inc. China 256.99 -6% 33,788.3 29,925.1 4,730.4 1,604.3 33.9% 112.3% 6.3x 18.7x NEXON Co., Ltd. Japan 17.02 -15% 7,437.7 5,046.0 1,862.3 578.2 31.0% 4.4% 2.7x 8.7x Pacific Online Ltd. China 0.25 -30% 271.8 230.6 162.0 33.2 20.5% 0.1% 1.4x 7.0x Phoenix New Media Limited China 3.61 -42% 258.9 144.6 224.8 11.8 5.3% -9.9% 0.6x 12.2x Renren Inc. * China 1.96 -48% 666.8 693.4 47.5 (85.7) NM -25.1% 14.6x NM HolidayCheck Group AG * Germany 2.36 -46% 137.5 102.2 122.7 2.3 1.9% 1.6% 0.8x 44.1x Weibo Corporation * China 46.01 -18% 9,924.4 9,533.7 539.9 94.0 17.4% 37.2% 17.7x NM WeMade Entertainment Co., Ltd. * South Korea 16.97 -56% 281.8 270.7 104.9 9.7 9.2% -16.0% 2.6x 27.9x Yandex N.V. Netherlands 19.69 -18% 6,336.2 5,659.1 1,141.4 336.5 29.5% 27.6% 5.0x 16.8x YY Inc. China 48.07 -27% 2,648.4 2,472.9 1,056.1 244.7 23.2% 50.0% 2.3x 10.1x
Average 1.9x 11.0x
*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 (23.4x)
10 | M&A and Investment Summary October 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-Flowers.com Inc. 9.55 -4% $619.4 $709.1 $1,182.8 $76.4 6.5% 2.8% 0.6x 9.3x Alphabet Inc. 809.90 -3% 549,381.1 470,993.1 85,537.0 28,294.0 33.1% 19.2% 5.5x 16.6x Amazon.com, Inc. 789.82 -7% 375,296.0 375,937.0 127,993.0 10,963.0 8.6% 27.2% 2.9x 34.3x Apple Inc. 113.54 -7% 605,430.8 624,586.8 215,639.0 70,529.0 32.7% -7.7% 2.9x 8.9x Blucora, Inc. 13.30 -1% 554.9 944.7 372.0 67.6 18.2% NA 2.5x 14.0x Blue Nile Inc. 34.93 -10% 405.8 369.6 476.7 17.2 3.6% -1.4% 0.8x 21.5x CafePress Inc. 3.04 -36% 50.7 13.0 97.1 (0.1) NM -20.2% 0.1x NM CDW Corporation 44.91 -5% 7,334.4 10,955.3 13,907.9 1,065.2 7.7% 10.2% 0.8x 10.3x Chegg, Inc. 6.65 -15% 605.3 555.7 269.1 (11.4) NM -15.3% 2.1x NM Copart, Inc. 52.47 -4% 6,001.9 6,486.5 1,268.4 446.5 35.2% 10.7% 5.1x 14.5x eBay Inc. 28.51 -14% 31,872.1 32,858.1 8,906.0 3,026.0 34.0% 3.6% 3.7x 10.9x Etsy, Inc. 12.98 -19% 1,476.4 1,210.6 342.7 38.9 11.3% 36.8% 3.5x 31.1x EVINE Live Inc. 2.15 -32% 136.5 183.6 697.9 10.7 1.5% 3.0% 0.3x 17.1x Expedia Inc. 129.23 -6% 19,388.4 22,353.3 8,379.3 1,016.9 12.1% 32.4% 2.7x 22.0x FTD Companies, Inc. 20.12 -30% 550.7 780.2 1,155.3 99.6 8.6% 13.7% 0.7x 7.8x GrubHub Inc. 38.11 -15% 3,247.4 2,950.8 455.8 107.5 23.6% 36.0% 6.5x 27.4x HSN, Inc. 37.70 -33% 1,970.3 2,521.6 3,634.1 305.0 8.4% -1.3% 0.7x 8.3x IAC/InterActiveCorp 64.44 -5% 5,128.1 5,631.1 3,177.4 359.6 11.3% -1.1% 1.8x 15.7x Liberty Ventures 39.90 -12% 5,690.9 7,393.9 572.0 (26.0) NM -42.9% 12.9x NM Liquidity Services, Inc. 8.85 -23% 272.1 142.2 317.2 (5.8) NM -27.3% 0.4x NM Match Group, Inc. 18.06 -9% 4,546.2 5,592.4 1,170.4 322.3 27.5% 18.0% 4.8x 17.4x Overstock.com Inc. 14.65 -18% 371.3 289.9 1,754.1 1.5 0.1% 6.4% 0.2x NM PetMed Express, Inc. 19.87 -6% 401.0 349.1 239.6 35.1 14.7% 5.3% 1.5x 9.9x The Priceline Group Inc. 1,474.23 -2% 72,866.7 75,753.4 9,806.9 3,713.7 37.9% 11.5% 7.7x 20.4x QVC Group $18.49 -33% 8,848.3 14,964.3 10,024.0 1,800.0 18.0% 10.8% 1.5x 8.3x Shutterfly, Inc. 49.00 -10% 1,659.4 1,841.6 1,121.1 134.6 12.0% 12.7% 1.6x 13.7x Shutterstock, Inc. 58.99 -9% 2,065.6 1,799.7 480.1 64.1 13.3% 19.9% 3.7x 28.1x Spark Networks, Inc. 1.49 -64% 38.7 35.5 41.3 (3.3) NM -24.9% 0.9x NM Stamps.com Inc. 97.55 -21% 1,684.52 1,725.39 328.29 119.06 36.3% 76.6% 5.3x 14.5x U.S. Auto Parts Network, Inc. 3.07 -32% 107.3 114.2 300.0 9.2 3.1% 2.0% 0.4x 12.4x Wayfair Inc. 33.33 -33% 2,832.9 2,559.7 2,868.0 (99.4) NM 72.7% 0.9x NM
Average 1.8x 12.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (24.0x)
11 | M&A and Investment Summary October 2016 eCommerce Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. * China 41.85 -40% $ 6,031.7 $ 6,003.0 $ 997.3 $ (126.9) NM 150.1% 6.0x NM Alibaba Group Holding Limited * China 101.69 -7% 254,225.0 257,313.8 18,768.5 6,546.9 34.9% 45.5% 13.7x 39.3x Cnova N.V. * Netherlands 5.36 -2% 2,365.4 2,515.5 3,107.6 (118.4) NM -22.1% 0.8x NM JD.com, Inc. * China 25.95 -22% 37,748.2 36,317.9 32,785.3 (117.0) NM 49.0% 1.1x NM Jumei International Holding Limited China 5.11 -51% 749.3 301.3 1,131.0 27.9 2.5% 88.9% 0.3x 10.8x LightInTheBox Holding Co., Ltd. * China 2.67 -38% 184.1 87.9 290.7 (14.2) NM -22.9% 0.3x NM Mercadolibre, Inc. * Argentina 168.01 -13% 7,418.9 7,320.9 768.9 190.7 24.8% 21.6% 9.5x 38.4x PChome Online Inc. Taiwan 10.87 -13% 1,198.7 963.2 758.2 38.6 5.1% 13.1% 1.3x 25.0x Rakuten, Inc. Japan 11.53 -28% 16,445.0 18,154.0 7,307.6 1,417.3 19.4% 14.8% 2.5x 12.8x Travelport Worldwide Limited United Kingdom 14.12 -7% 1,749.8 4,071.9 2,340.8 409.2 17.5% 7.3% 1.7x 10.0x Vipshop Holdings Limited China 13.67 -38% 7,926.5 7,820.5 7,248.6 475.1 6.6% 53.6% 1.1x 16.5x
Average 1.1x 12.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (34.5x)
12 | M&A and Investment Summary October 2016 Digital Advertising
. There was a total of 20 transactions announced in the Digital Advertising segment, of which 13 were worth nearly $450 million in reported value . Comparison Shopping was the most active subsegments with five transactions announced . Select Transactions: • Criteo’s purchase of eCommerce media solutions and retail search exchange HookLogic for $250 million • The $45 million acquisition of mobile affiliate marketing company Art of Click by Philippines-based mobile technology company Xurplus • The $26 million round of funding raised by video analytics solutions provider Tout from Melohn Group, Windsor Media, Pittco Capital Partners, HL Capital, and Seavest Capital • The acquisition of online local deals marketplace competitor LivingSocial by Groupon in a transaction expected to be non-material to the company’s earnings
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Comparison Shopping 5 25% $14.0 3% 2 - 0 - 3 $14.0 Local Search 4 20% 32.1 7% 0 - 0 - 4 32.1 Vertical Search 4 20% 78.9 18% 1 - 0 - 3 78.9 Online Lead Generation 3 15% 23.0 5% 1 - 1 - 1 23.0 Mobile Marketing 2 10% 48.0 11% 1 45.0 0 - 1 3.0 Digital Promotion/Coupon 1 5% - 0% 1 - 0 - 0 - Search Marketing 1 5% 250.0 56% 1 250.0 0 - 0 - Total 20 100% 446.0 100% 7 295.0 1 0.0 12 151.0
13 | M&A and Investment Summary October 2016 Digital Advertising Public Company Valuation (1/2)
($ in Millions, except stock price data)
US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $204.47 -32% $ 11,967.4 $ 29,806.2 $ 7,059.3 $ 1,671.4 23.7% 14.3% 4.2x 17.8x Alphabet Inc. 809.90 -3% 549,381.1 470,993.1 85,537.0 28,294.0 33.1% 19.2% 5.5x 16.6x Angie's List, Inc. $7.70 -32% 452.6 452.1 332.9 19.3 5.8% -2.1% 1.4x 23.5x Autobytel Inc. 16.35 -35% 176.3 173.6 152.7 13.1 8.6% 24.3% 1.1x 13.3x Bankrate, Inc. 7.80 -51% 704.1 876.6 412.9 91.5 22.2% 58.0% 2.1x 9.6x Blucora, Inc. 13.30 -1% 554.9 944.7 372.0 67.6 18.2% NA 2.5x 14.0x Care.com, Inc. 9.08 -24% 259.7 204.1 155.8 4.4 2.8% 21.1% 1.3x 46.3x Cogint, Inc. 3.80 -65% 192.5 231.9 143.5 (52.5) NM 0.0% 1.6x NM Demand Media, Inc. 5.80 -10% 118.1 57.2 114.4 (24.7) NM -22.3% 0.5x NM DHI Group, Inc. 5.70 -46% 285.5 353.6 237.1 51.9 21.9% -9.7% 1.5x 6.8x Digital Globe Services Inc. 0.71 -42% 21.1 21.3 47.8 (1.5) NM 18.6% 0.4x NM Facebook, Inc. * 130.99 -3% 376,159.3 352,866.3 24,670.0 12,776.0 51.8% 54.8% 14.3x 27.6x Groupon, Inc. 3.99 -33% 2,288.5 1,829.8 3,125.6 (8.5) NM 1.3% 0.6x NM IAC/InterActiveCorp 64.44 -5% 5,128.1 5,631.1 3,177.4 359.6 11.3% -1.1% 1.8x 15.7x Inuvo, Inc. 1.09 -66% 27.2 23.6 72.9 2.0 2.7% 12.3% 0.3x 11.8x MaxPoint Interactive, Inc. 8.89 -56% 58.6 59.2 142.4 (21.3) NM 10.4% 0.4x NM Perion Network Ltd. 1.04 -74% 79.4 121.5 274.0 23.3 8.5% 3.4% 0.4x 5.2x QuinStreet, Inc. 2.90 -50% 132.7 94.0 297.7 (6.2) NM 5.5% 0.3x NM Quotient Technology Inc. 10.60 -26% 889.8 733.3 269.2 (15.5) NM 18.1% 2.7x NM RetailMeNot, Inc. 9.05 -30% 440.5 262.0 266.7 34.8 13.1% 5.2% 1.0x 7.5x RhythmOne plc 0.44 -14% 177.0 137.3 166.7 (16.9) NM -22.4% 0.8x NM Rocket Fuel Inc. 1.98 -57% 88.0 97.2 456.8 (10.8) NM -4.0% 0.2x NM The Rubicon Project, Inc. 7.66 -62% 374.7 187.8 299.6 46.8 15.6% 52.6% 0.6x 4.0x TiVo Corporation 19.85 -16% 2,417.77 3,154.43 546.29 160.55 29.4% 6.9% 5.8x 19.6x Travelzoo Inc. 10.20 -23% 141.2 115.9 131.3 12.2 9.3% -8.8% 0.9x 9.5x LendingTree, Inc. 79.85 -39% 941.4 764.5 361.9 49.3 13.6% 64.7% 2.1x 15.5x The Trade Desk, Inc. 25.18 -25% 962.6 1,073.4 149.0 47.1 31.6% 0.0% 7.2x 22.8x Tremor Video, Inc. 1.69 -23% 88.6 38.6 164.7 (10.8) NM -4.0% 0.2x NM TripAdvisor Inc. 64.48 -26% 9,392.0 8,631.0 1,467.0 205.0 14.0% 4.0% 5.9x 42.1x TrueCar, Inc. 9.65 -13% 816.5 742.0 267.0 (31.8) NM 6.1% 2.8x NM TubeMogul, Inc. 7.30 -50% 264.4 193.8 202.5 (13.4) NM 45.4% 1.0x NM
14 | M&A and Investment Summary October 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Twitter, Inc. * 17.95 -37% $ 12,568.8 $ 10,558.8 $ 2,522.9 $ 41.7 1.7% 27.0% 4.2x 253.4x Web.com Group, Inc. 16.10 -36% 753.7 1,450.3 661.6 122.1 18.5% 22.6% 2.2x 11.9x Yahoo! Inc. 41.55 -8% 39,546.6 4,135.6 4,973.4 827.1 16.6% 0.5% 0.8x 5.0x Yelp Inc. 32.66 -25% 2,526.1 2,128.0 672.0 5.8 0.9% 32.8% 3.2x NM YuMe, Inc. 3.75 -14% 128.5 66.5 172.6 (5.2) NM -4.4% 0.4x NM Zillow Group, Inc. 33.03 -17% 5,952.4 5,762.2 788.3 5.5 0.7% 38.9% 7.3x NM
Average 1.7x 11.8x
*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 (81.4x) *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 October 2016 Marketing Technology
. The Marketing Technology segment announced 83 transactions, of which 46 reported nearly $1.4 billion in value . Analytics & Targeting was the most active subsegment with 18 transactions announced, nine of which reported more than $180 million in value . Select Transactions: • The $52 million investment raised by metrics monitoring platform Wavefront from Sequoia Capital and Sutter Hill Ventures • Self-service data preparation platform Paxata’s $33.5 million round of funding led by Intel Capital with participation from Microsoft Ventures and Cisco Investments • The Menlo Ventures-led $30 million round of funding raised by visual search solutions developer Clarifai • eBay’s acquisition of image recognition and visual search technologies developer Corrigon for $30 million
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 18 22% $182.1 13% 6 - 0 - 12 $182.1 Email/Messaging Software 7 8% 38.5 3% 3 - 0 - 4 38.5 BI Tools 6 7% 49.8 4% 1 - 0 - 5 49.8 CRM 6 7% 18.5 1% 1 - 0 - 5 18.5 Content Management 5 6% 776.0 56% 2 768.0 0 - 3 8.0 Mobile Technology 5 6% 27.0 2% 2 - 0 - 3 27.0 Commerce Management 4 5% 20.3 1% 1 - 0 - 3 20.3 Other* 32 39% 266.6 19% 11 30.0 1 - 20 208.3 Total 83 100% 1,378.8 100% 27 798.0 1 0.0 55 580.8
16 | M&A and Investment Summary October 2016 Marketing Technology Public Company Valuation (1/2)
($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated 107.51 -3% $ 53,456.88 $ 50,927.07 $ 5,552.42 $ 1,647.09 29.7% 21.7% 9.2x 30.9x AppFolio, Inc. 19.05 -5% 641.0 618.8 90.1 (10.7) NM 48.9% 6.9x NM Bazaarvoice, Inc. 4.90 -20% 405.8 356.0 201.0 (9.8) NM 3.6% 1.8x NM Blackbaud Inc. 61.40 -14% 2,850.4 3,237.0 708.4 116.4 16.4% 15.2% 4.6x 27.8x Brightcove Inc. 11.15 -19% 368.7 339.5 146.8 1.8 1.2% 12.1% 2.3x 188.9x ChannelAdvisor Corporation 11.00 -31% 282.7 220.6 110.9 (5.4) NM 16.7% 2.0x NM Covisint Corporation 2.25 -15% 91.8 50.0 73.8 (10.5) NM -10.1% 0.7x NM Cvent, Inc. 31.22 -16% 1,322.4 1,145.8 219.5 7.7 3.5% 24.6% 5.2x 148.9x eBay Inc. 28.51 -14% 31,872.1 32,858.1 8,906.0 3,026.0 34.0% 3.6% 3.7x 10.9x Endurance International Group 7.35 -49% 1,037.9 3,006.0 1,012.1 168.8 16.7% 40.5% 3.0x 17.8x Five9,Holdings, Inc. Inc. 14.32 -13% 752.6 738.5 153.9 (1.9) NM 27.1% 4.8x NM GoDaddy Inc. 35.79 -3% 3,019.0 3,791.8 1,787.4 211.4 11.8% 15.0% 2.1x 17.9x HubSpot, Inc. 52.45 -13% 1,853.9 1,737.4 247.6 (36.5) NM 52.0% 7.0x NM Interactive Intelligence Group Inc. 60.45 -1% 1,349.6 1,305.1 426.2 0.3 0.1% 13.4% 3.1x NM IBM Corporation 153.69 -7% 146,136.8 178,800.8 80,208.0 17,539.0 21.9% -4.3% 2.2x 10.2x Jive Software, Inc. 3.95 -24% 306.9 201.7 202.6 (6.6) NM 4.8% 1.0x NM LivePerson Inc. 8.50 -3% 491.1 438.8 232.1 15.5 6.7% 0.8% 1.9x 28.3x Marin Software Incorporated 2.30 -45% 88.5 55.3 108.3 (8.4) NM 2.3% 0.5x NM MaxPoint Interactive, Inc. 8.89 -56% 58.6 59.2 142.4 (21.3) NM 10.4% 0.4x NM MicroStrategy Inc. 194.81 -2% 2,226.9 1,648.0 515.6 127.2 24.7% -3.7% 3.2x 13.0x MINDBODY, Inc. 20.70 -2% 836.7 766.1 129.1 (19.9) NM 38.4% 5.9x NM NetSuite Inc. 93.12 -16% 7,586.9 7,414.8 897.5 (48.9) NM 29.5% 8.3x NM Nuance Communications, Inc. 14.02 -36% 3,921.3 5,767.3 1,946.8 316.6 16.3% 0.9% 3.0x 18.2x Oracle Corporation 38.42 -9% 157,738.7 143,795.7 37,194.0 14,612.0 39.3% -2.3% 3.9x 9.8x PayPal Holdings, Inc. 41.66 -6% 50,268.9 45,180.9 10,417.0 2,069.0 19.9% 17.2% 4.3x 21.8x PROS Holdings, Inc. 21.92 -14% 666.1 640.1 155.4 (51.4) NM -13.7% 4.1x NM PTC Inc. 47.44 0% 5,453.5 5,884.1 1,140.5 129.3 11.3% -9.1% 5.2x 45.5x Rightside Group, Ltd. 8.41 -35% 162.4 139.3 218.9 1.0 0.4% 7.7% 0.6x 142.0x The Rubicon Project, Inc. 7.66 -62% 374.7 187.8 299.6 46.8 15.6% 52.6% 0.6x 4.0x salesforce.com, inc. 75.16 -11% 51,040.7 52,381.5 7,474.6 559.6 7.5% 25.1% 7.0x 93.6x Square, Inc. 11.20 -30% 3,827.8 3,424.4 1,631.2 (70.6) NM 42.6% 2.1x NM
17 | M&A and Investment Summary October 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Synchronoss Technologies, Inc. 37.10 -15% 1,672.4 1,840.8 608.3 132.7 21.8% 15.6% 3.0x 13.9x Tableau Software, Inc. 48.03 -54% 3,573.2 2,738.5 743.8 (84.0) NM 41.0% 3.7x NM Teradata Corporation 29.52 -11% 3,849.4 3,522.4 2,469.0 377.0 15.3% -6.2% 1.4x 9.3x Verint Systems Inc. 35.50 -29% 2,241.5 2,631.0 1,072.2 116.8 10.9% -7.5% 2.5x 22.5x Xactly Corporation 13.42 -17% 412.7 382.1 87.0 (16.0) NM 29.7% 4.4x NM Zendesk, Inc. 27.59 -13% 2,588.1 2,364.0 261.0 (77.8) NM 60.2% 9.1x NM
Adjusted Weighted Average 3.8x 13.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.9x)
18 | M&A and Investment Summary October 2016 Agency & Marketing Services
. There were 20 transactions announced in the Agency & Marketing Services segment in October. Digital Agency was the most active subsegment with eight transactions . Select transactions: • The pending acquisition of Triad Retail Media, a global leader in digital retail media advertising, by WPP-owned programmatic audience company Xaxis from Rockbridge Growth Equity (A Petsky Prunier-led transaction) • Accenture’s acquisition of Allen International, a provider of design consulting services for the financial services industry • Strategy and creative services firm Lewis Communications’ acquisition of digital agency Caddis Interactive • Havas’ acquisition of media planning and buying agency Target Media Communications Group • The undisclosed amount of funding raised by healthcare communications and strategy firm The Access Group from Water Street Healthcare Partners
AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 8 40% $44.0 2% 8 $44.0 0 - 0 - Design Agency 3 15% - 0% 3 - 0 - 0 - Public Relations 2 10% - 0% 2 - 0 - 0 - Ad Specialty/Premiums 1 5% 6.3 0% 1 6.3 0 - 0 - B-to-B Agency 1 5% - 0% 1 - 0 - 0 - Healthcare Agency 1 5% 23.1 1% 0 - 0 - 1 23.1 Specialty Agency 1 5% 1,300.0 73% 0 - 1 1,300.0 0 - Other* 3 15% 400 23% 3 400.0 0 - 0 - Total 20 100% 1,773.4 100% 18 450.3 1 1,300.0 1 23.1
19 | M&A and Investment Summary October 2016 Agency Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc * United Kingdom $1.22 -16% $ 105.9 $ 111.7 $ 214.2 $ 8.2 3.8% -4.4% 0.5x 13.7x Creston plc United Kingdom 1.25 -32% 72.4 70.8 155.6 15.0 9.7% 7.9% 0.5x 4.7x Dentsu Inc. Japan 49.84 -28% 14,210.8 14,959.6 7,836.6 1,651.6 21.1% NM 1.9x 9.1x Enero Group Limited Australia 0.88 -13% 75.2 48.2 159.3 11.4 7.1% 0.6% 0.3x 4.2x Hakuhodo DY Holdings Inc Japan 12.01 -12% 4,476.5 3,426.6 11,958.0 501.3 4.2% 7.9% 0.3x 6.8x Havas SA France 8.12 -11% 3,408.7 3,520.5 2,488.8 397.6 16.0% 10.3% 1.4x 8.9x Huntsworth plc United Kingdom 0.51 -16% 162.6 207.2 228.3 25.2 11.0% 3.5% 0.9x 8.2x M&C Saatchi plc United Kingdom 4.05 -14% 300.7 317.6 254.7 27.3 10.7% 9.9% 1.2x 11.6x MDC Holdings Inc. * United States 23.71 -14% 1,162.6 1,924.2 2,169.4 148.2 6.8% 18.2% 0.9x 13.0x Next Fifteen Communications Group plc United Kingdom 4.09 -11% 299.7 315.6 197.1 26.5 13.4% 28.8% 1.6x 11.9x Omnicom Group Inc. United States 79.82 -9% 18,828.0 22,613.0 15,328.4 2,275.2 14.8% 1.0% 1.5x 9.9x OPT Holding, Inc. Japan 6.73 -21% 174.4 152.3 671.4 30.1 4.5% 5.4% 0.2x 5.1x Publicis Groupe SA France 68.50 -11% 15,400.6 18,182.3 10,896.8 1,970.1 18.1% 16.3% 1.7x 9.2x The Interpublic Group of Companies, Inc. United States 22.39 -10% 8,889.1 10,016.3 7,778.3 1,066.7 13.7% 2.0% 1.3x 9.4x WPP plc * United Kingdom 21.71 -8% 27,335.8 33,084.2 17,192.7 2,544.7 14.8% 8.7% 1.9x 13.0x
Adjusted Weighted Average 1.6x 9.2x
*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 (12.3x)
20 | M&A and Investment Summary October 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $23.56 -14% $ 1,823.8 $ 1,856.1 $ 868.0 $ 85.5 9.8% 6.5% 2.1x 21.7x Aimia Inc. Canada 5.41 -39% 824.1 1,013.8 1,817.5 80.6 4.4% -5.7% 0.6x 12.6x Alliance Data Systems Corporation United States 204.47 -32% 11,967.4 25,102.6 7,059.3 1,671.4 23.7% 14.3% 3.6x 15.0x Cogint, Inc. United States 3.80 -65% 192.5 231.9 143.5 (52.5) NM 0.0% 1.6x NM CSG Systems International Inc. United States 38.03 -18% 1,230.3 1,363.2 763.1 169.0 22.1% 1.9% 1.8x 8.1x DST Systems Inc. United States 96.16 -25% 3,144.4 3,413.6 2,892.2 405.5 14.0% 35.7% 1.2x 8.4x Fair Isaac Corporation * United States 120.68 -9% 3,723.5 4,206.4 878.3 212.8 24.2% 6.1% 4.8x 19.8x Harte-Hanks Inc. United States 1.41 -64% 86.7 143.6 462.3 11.0 2.4% -5.1% 0.3x 13.0x High Co. SA France 6.82 -9% 140.5 95.9 168.0 14.0 8.3% 19.2% 0.6x 6.9x Multiplus S.A. Brazil 13.61 -10% 2,204.3 1,780.6 688.6 185.6 27.0% 3.6% 2.6x 9.6x Pitney Bowes Inc. United States 17.84 -18% 3,310.9 5,950.8 3,456.5 758.6 21.9% -4.7% 1.7x 7.8x Points International Ltd. Canada 8.29 -23% 126.2 72.6 320.0 8.8 2.7% 13.9% 0.2x 8.3x Viad Corp United States 41.50 0% 841.8 954.1 1,200.2 118.2 9.8% 13.2% 0.8x 8.1x
Adjusted Weighted Average 2.5x 11.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.6x)
21 | M&A and Investment Summary October 2016 Traditional Media
. Of the 14 transactions announced in the Traditional Media segment in October, six reported nearly $320 million in reported transaction value . Select Transactions: • APN News and Media’s majority stake acquisition of outdoor advertising company Adshel Street Furniture in a transaction valued at $205 million • The $68.5 million acquisition of out-of-home media company Executive Channel Network by outdoor media company oOh!Media • Motorsport.com’s acquisition of Haymarket Media Group’s motorsport publishing and events operations Autosport • Trade publications publisher Sandhill East’s acquisition of B-to-B magazine publisher Focus Business Media • Gannett’s acquisition of golf publications and events company Golfweek
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Consumer Magazine Publishing 4 29% $25.0 8% 4 $25.0 0 - 0 - B-to-B Media 3 21% - 0% 3 - 0 - 0 - Entertainment Media 3 21% 30.0 9% 1 - 0 - 2 30.0 Traditional Outdoor 2 14% 257.3 81% 2 257.3 0 - 0 - Broadcast Television 1 7% 6.4 2% 0 - 0 - 1 6.4 Digital Place-Based Media 1 7% - 0% 1 - 0 - 0 - Total 14 100% 318.7 100% 11 282.3 0 0.0 3 36.4
22 | M&A and Investment Summary October 2016 Traditional Media Public Company Valuation (1/3)
($ 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $56.62 -3% $ 25,197.9 $ 33,430.9 $ 14,442.0 $ 3,388.0 23.5% 5.7% 2.3x 9.9x Discovery Communications, Inc. United States 26.11 -17% 15,657.2 23,498.2 6,471.0 2,435.0 37.6% 0.7% 3.6x 9.7x Time Warner Inc. * United States 88.99 -6% 68,768.8 90,770.8 28,506.0 8,170.0 28.7% -0.2% 3.2x 11.1x Twenty-First Century Fox, Inc. United States 26.27 -16% 48,939.2 66,012.2 27,755.0 6,691.0 24.1% 2.1% 2.4x 9.9x Viacom, Inc. United States 37.56 -30% 15,132.5 27,568.5 13,050.0 3,469.0 26.6% -3.1% 2.1x 7.9x The Walt Disney Company United States 92.69 -23% 148,962.2 168,129.2 56,002.0 17,151.0 30.6% 9.1% 3.0x 9.8x
Adjusted Weighted Average 2.9x 9.7x
*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 (10.7x)
($ 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ascential plc * United Kingdom $3.52 -9% $ 1,411.1 $ 1,648.0 $ 456.3 $ 104.5 22.9% 0.0% 3.6x 15.8x Euromoney Institutional Investor PLC United Kingdom $12.72 -18% 1,609.0 1,602.4 576.0 231.7 40.2% -2.1% 2.8x 6.9x Global Sources Ltd. Bermuda 8.10 -15% 193.5 110.7 160.0 26.5 16.6% -6.3% 0.7x 4.2x Informa plc * United Kingdom 8.21 -14% 6,657.0 7,948.1 1,650.0 511.7 31.0% 4.6% 4.8x 15.5x TechTarget, Inc. United States 8.08 -15% 219.9 226.8 112.6 17.6 15.6% 1.9% 2.0x 12.9x UBM plc United Kingdom 8.77 -7% 3,452.4 3,533.9 1,061.0 285.0 26.9% 47.4% 3.3x 12.4x
Adjusted Weighted Average 4.0x 10.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.1x)
($ in Millions, except stock price data)
Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $5.05 -17% $ 117.7 $ 185.7 $ 111.4 $ 23.5 21.1% 15.9% 1.7x 7.9x Cumulus Media Inc. United States 1.38 -71% 40.4 2,398.3 1,154.0 213.4 18.5% -4.9% 2.1x 11.2x Emmis Communications Corp. United States 3.40 -21% 41.9 317.1 225.3 36.3 16.1% -5.1% 1.4x 8.7x Entercom Communications Corp. United States 13.20 -12% 536.0 1,012.8 448.9 106.9 23.8% 18.0% 2.3x 9.5x Pandora Media, Inc. United States 11.33 -30% 2,643.7 2,723.4 1,328.4 (199.9) NM 21.2% 2.1x NM Radio One Inc. United States 2.50 -30% 120.3 1,083.9 452.0 121.8 26.9% 0.2% 2.4x 8.9x Salem Media Group, Inc. United States 5.45 -33% 139.5 413.3 269.0 47.1 17.5% 1.6% 1.5x 8.8x Sirius XM Holdings Inc. * United States 4.17 -6% 20,119.8 25,649.5 4,910.4 1,709.6 34.8% 10.0% 5.2x 15.0x Spanish Broadcasting System Inc. United States 3.40 -46% 24.7 434.6 143.5 37.8 26.3% 0.5% 3.0x 11.5x Townsquare Media, Inc. United States 8.38 -30% 154.1 709.8 474.2 88.7 18.7% 22.5% 1.5x 8.0x
Adjusted Weighted Average 2.0x 9.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.2x)
23 | M&A and Investment Summary October 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $48.93 -42% $ 3,493.6 $ 6,073.4 $ 2,705.0 $ 871.4 32.2% 7.7% 2.2x 7.0x Sky plc United Kingdom 9.99 -30% 16,966.0 25,256.3 15,906.8 2,604.4 16.4% 19.8% 1.6x 9.7x CVC Limited Australia 1.25 -9% 149.1 158.9 110.6 26.7 24.1% 24.1% 1.4x 6.0x CBS Corporation United States 56.62 -3% 25,197.9 33,430.9 14,442.0 3,388.0 23.5% 5.7% 2.3x 9.9x Charter Communications, Inc. * United States 249.89 -11% 67,702.2 140,156.2 21,240.0 7,238.0 34.1% 121.2% 6.6x 19.4x Comcast Corporation United States 61.82 -10% 147,925.0 209,214.0 78,623.0 25,949.0 33.0% 7.7% 2.7x 8.1x Discovery Communications, Inc. United States 26.11 -17% 15,657.2 23,498.2 6,471.0 2,435.0 37.6% 0.7% 3.6x 9.7x Dish Network Corp. United States 58.56 -9% 27,221.9 38,275.6 15,136.5 3,110.6 20.6% 1.5% 2.5x 12.3x Entravision Communications Corporation * United States 6.70 -30% 599.9 857.8 253.7 62.6 24.7% -0.1% 3.4x 13.7x General Communication Inc. United States 15.84 -28% 586.9 2,018.6 942.9 277.1 29.4% -2.4% 2.1x 7.3x Gray Television, Inc. United States 8.90 -50% 637.7 2,166.7 690.9 238.9 34.6% 17.8% 3.1x 9.1x Grupo Televisa, S.A.B. Mexico 4.93 -9% 14,391.4 19,410.2 4,853.8 1,705.8 35.1% 7.8% 4.0x 11.4x Liberty Global plc United Kingdom 32.60 -31% 29,467.9 82,604.8 19,468.5 8,555.9 43.9% 6.4% 4.2x 9.7x Media General, Inc. United States 16.85 -10% 2,179.1 4,376.4 1,393.9 384.7 27.6% 40.2% 3.1x 11.4x Nexstar Broadcasting Group, Inc. United States 48.80 -21% 1,497.7 2,964.7 992.9 335.5 33.8% 28.7% 3.0x 8.8x Scripps Networks Interactive, Inc. United States 64.36 -6% 8,305.7 12,030.2 3,337.5 1,490.0 44.6% 23.4% 3.6x 8.1x Sinclair Broadcast Group, Inc. United States 25.10 -30% 2,296.0 6,343.4 2,551.0 767.9 30.1% 14.9% 2.5x 8.3x TEGNA Inc. United States 19.62 -32% 4,205.0 8,670.3 3,259.0 1,237.1 38.0% 10.4% 2.7x 7.0x The E. W. Scripps Company * United States 13.26 -40% 1,107.6 1,438.6 875.2 88.3 10.1% 32.3% 1.6x 16.3x Time Warner Inc. United States 88.99 -6% 68,768.8 90,770.8 28,506.0 8,170.0 28.7% -0.2% 3.2x 11.1x
Adjusted Weighted Average 2.9x 9.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.5x)
($ in Millions, except stock price data)
Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cineplex Inc. Canada $38.06 -3% $ 2,416.8 $ 2,728.8 $ 1,119.1 $ 183.9 16.4% 14.7% 2.4x 14.8x Eros International Plc * United States 17.75 -11% 1,004.0 1,220.7 295.5 42.0 14.2% 2.3% 4.1x 29.1x Lions Gate Entertainment Corp. United States 20.36 -51% 3,006.3 4,490.3 2,654.8 (29.8) NM 16.3% 1.7x NM Live Nation Entertainment, Inc. United States 27.67 -2% 5,619.4 6,657.2 7,746.6 583.2 7.5% 11.3% 0.9x 11.4x SFX Entertainment, Inc. United States 0.01 -99% 0.9 299.0 402.4 (86.3) NM 17.4% 0.7x NM Twenty-First Century Fox, Inc. United States 26.27 -16% 48,939.2 66,012.2 27,755.0 6,691.0 24.1% 2.1% 2.4x 9.9x Liberty Global plc United Kingdom 32.60 -31% 29,467.9 82,604.8 19,468.5 8,555.9 43.9% 6.4% 4.2x 9.7x Village Roadshow Limited Australia 3.87 -33% 625.6 1,046.7 780.8 110.0 14.1% 7.4% 1.3x 9.5x World Wrestling Entertainment Inc. United States 17.68 -18% 1,350.8 1,326.1 700.4 73.1 10.4% 10.6% 1.9x 18.1x
Adjusted Weighted Average 2.9x 10.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.4x)
24 | M&A and Investment Summary October 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $3.18 -44% $ 199.1 $ 119.4 $ 50.2 $ (70.3) NM -32.7% 2.4x NM APG|SGA SA Switzerland 417.77 -5% 1,252.9 1,160.9 320.3 79.3 24.8% -1.5% 3.6x 14.6x Clear Channel Outdoor Holdings Inc. United States 5.75 -21% 2,069.6 6,934.9 2,771.2 665.4 24.0% -3.9% 2.5x 10.4x Clear Media Ltd. Hong Kong 0.98 -10% 529.5 461.7 240.6 104.6 43.5% 3.9% 1.9x 4.4x JCDecaux SA France 30.53 -31% 6,488.8 7,090.5 3,258.5 550.4 16.9% 12.0% 2.2x 12.9x Lamar Advertising Co. United States 63.45 -9% 6,183.7 8,534.7 1,469.5 617.5 42.0% 10.2% 5.8x 13.8x Mood Media Corporation Canada 0.11 -58% 20.6 612.4 474.2 80.0 16.9% -1.8% 1.3x 7.7x National CineMedia, Inc. United States 13.87 -15% 865.2 2,018.1 439.7 193.4 44.0% 4.1% 4.6x 10.4x NTN Buzztime Inc. United States 6.64 -56% 12.3 17.1 23.5 (0.8) NM -4.8% 0.7x NM Tom Group Ltd. * Hong Kong 0.25 -16% 953.1 1,288.8 147.0 9.6 6.5% -20.0% 8.8x 134.5x
Adjusted Weighted Average 3.7x 12.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (54.5x)
($ in Millions, except stock price data)
Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation United States $6.35 -20% $ 137.6 $ 57.9 $ 267.0 $ 6.0 2.3% -1.9% 0.2x 9.6x Daily Mail and General Trust plc United Kingdom 9.16 -7% 3,068.2 4,145.2 2,698.7 411.1 15.2% 2.0% 1.5x 10.1x Emmis Communications Corp. United States 3.40 -21% 41.9 317.1 225.3 36.3 16.1% -5.1% 1.4x 8.7x Gannett Co., Inc. United States 7.77 -57% 905.5 961.4 2,919.8 329.6 11.3% -1.5% 0.3x 2.9x Glacier Media, Inc. Canada 0.52 -25% 57.5 119.7 157.2 10.7 6.8% -14.1% 0.8x 11.2x John Wiley & Sons Inc. * United States 51.60 -12% 2,991.5 3,460.7 1,708.3 274.7 16.1% -5.5% 2.0x 12.6x Meredith Corporation United States 45.35 -21% 2,051.4 2,721.5 1,664.8 327.2 19.7% 3.6% 1.6x 8.3x News Corporation United States 12.12 -22% 7,103.9 5,878.9 8,292.0 690.0 8.3% 2.4% 0.7x 8.5x Scholastic Corporation United States 38.25 -14% 1,320.2 1,044.7 1,764.3 137.7 7.8% 7.8% 0.6x 7.6x The E. W. Scripps Company * United States 13.26 -40% 1,107.6 1,438.6 875.2 88.3 10.1% 32.3% 1.6x 16.3x The McClatchy Company United States 14.10 -29% 107.6 1,021.7 1,000.7 128.5 12.8% -7.4% 1.0x 8.0x The New York Times Company United States 10.90 -24% 1,755.1 1,457.2 1,560.4 216.6 13.9% -1.2% 0.9x 6.7x Time Inc. United States 13.00 -26% 1,301.3 2,168.3 3,090.0 361.0 11.7% -1.0% 0.7x 6.0x
Adjusted Weighted Average 1.1x 8.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.2x)
25 | M&A and Investment Summary October 2016 Software
. Within the Software segment, nearly $1.2 billion in reported value involved Venture/Growth Capital investments, while more than $1 billion in strategic transactions were announced
. Security and Healthcare Software were the most active subsegments in October with 28 and 27 transactions announced, respectively . Select Transactions: • The acquisition of patient engagement software developer Emmi Solutions by Wolters Kluwer for a reported $170 million • Providence Equity Partners’ $115 million investment in cloud-based payment acceptance software developer PaySimple • Visual collaboration solutions developer Oblong Technologies’ $65 million round of funding from Greenspring Associates, Industry Ventures, and Foundry Group • The $55 million acquisition of hospital collaboration software developer Extension Healthcare by Vocera Communications • Proofpoint’s acquisition of cloud security platform FireLayers for $55 million
SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Security 28 19% $183.2 8% 10 $55.0 1 - 17 $128.2 Healthcare 27 18% 492.3 22% 7 222.5 1 - 19 269.8 Financial 24 16% 320.7 15% 3 3.9 0 - 21 316.8 HR 11 7% 89.5 4% 2 - 0 - 9 89.5 Collaboration 10 7% 137.0 6% 1 - 0 - 9 137.0 ERP 9 6% 102.8 5% 5 69.8 0 - 4 33.0 Other* 41 23% 804.3 36% 12 672 1 0 28 132.7 *Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business has been excluded to limit comparative distortions Total 150 100% 2,211.4 100% 40 1,022.8 3 0.0 107 1,188.6
26 | M&A and Investment Summary October 2016 Software Public Company Valuation (1/3)
Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Apptio, Inc. United States 19.73 -20% $ 735.6 $ 847.4 $ 151.1 $ (27.6) NM 22.7% 5.6x NM BlackLine, Inc. * United States 22.75 -6% 1,122.3 1,143.6 101.7 (22.4) NM 0.0% 11.2x NM Coupa Software Incorporated * United States 25.00 -28% 1,202.8 1,287.8 109.5 (42.6) NM 0.0% 11.8x NM Ebix Inc. United States 56.00 -5% 1,819.0 1,981.7 280.7 104.9 37.4% 17.0% 7.1x 18.9x First Data Corporation United States 13.99 -22% 12,731.1 34,607.1 7,842.0 2,378.0 30.3% 2.6% 4.4x 14.6x Fidessa group plc United Kingdom 30.03 -10% 1,152.2 1,070.5 409.4 69.7 17.0% 8.5% 2.6x 15.4x Guidewire Software, Inc. * United States 57.45 -11% 4,222.8 3,594.6 424.4 24.7 5.8% 11.5% 8.5x 145.7x Intuit Inc. United States 108.74 -7% 28,048.2 27,968.2 4,694.0 1,458.0 31.1% 12.0% 6.0x 19.2x Management Consulting Group PLC United Kingdom 0.25 -19% 127.0 124.6 179.9 (2.1) NM 169.7% 0.7x NM Model N, Inc. United States 10.30 -26% 285.0 214.8 103.8 (25.3) NM 17.1% 2.1x NM NetSuite Inc. United States 93.12 -16% 7,586.9 7,414.8 897.5 (48.9) NM 29.5% 8.3x NM Performant Financial Corporation United States 3.02 -19% 151.5 164.1 148.6 23.9 16.1% -6.0% 1.1x 6.9x Q2 Holdings, Inc. United States 28.10 -9% 1,117.8 1,022.2 138.5 (21.9) NM 37.6% 7.4x NM RealPage, Inc. United States 27.20 -4% 2,183.2 2,260.7 540.8 80.6 14.9% 19.8% 4.2x 28.1x SS&C Technologies Holdings, Inc. United States 31.93 -14% 6,422.4 8,810.9 1,381.4 476.6 34.5% 53.5% 6.4x 18.5x Tyler Technologies, Inc. United States 160.40 -13% 5,875.0 5,862.0 721.7 147.4 20.4% 29.0% 8.1x 39.8x
Adjusted Weighted Average 6.2x 20.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (63.0x)
($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 12.01 -24% 2,240.6 3,725.7 1,470.1 155.8 10.6% 6.4% 2.5x 23.9x athenahealth, Inc. * United States 103.32 -39% 4,077.0 4,238.0 1,052.3 88.9 8.4% 19.5% 4.0x 47.7x Cegedim SA France 25.43 -33% 354.8 595.5 483.1 50.8 10.5% 14.4% 1.2x 11.7x Cerner Corporation United States 58.58 -13% 19,783.0 19,737.7 4,632.8 1,294.5 27.9% 12.9% 4.3x 15.2x Civitas Solutions, Inc. United States 17.10 -43% 634.9 1,267.9 1,396.6 134.3 9.6% 4.0% 0.9x 9.4x Computer Programs & Systems Inc. United States 26.10 -56% 353.2 504.7 247.0 30.6 12.4% 34.1% 2.0x 16.5x Cotiviti Holdings, Inc. United States 30.87 -13% 2,783.6 3,545.4 589.4 213.2 36.2% 0.0% 6.0x 16.6x Craneware plc United Kingdom 15.05 -10% 405.6 360.8 49.8 15.2 30.5% 11.2% 7.2x 23.8x HealthEquity, Inc. United States 33.23 -14% 1,969.0 1,819.5 154.6 47.7 30.9% 44.4% 11.8x 38.1x McKesson Corporation United States 127.17 -37% 28,751.5 32,909.5 194,267.0 4,330.0 2.2% 3.5% 0.2x 7.6x Medidata Solutions, Inc. * United States 47.99 -16% 2,754.6 2,684.4 437.8 56.2 12.8% 14.3% 6.1x 47.8x NantHealth, Inc. * United States 13.13 -33% 1,591.8 1,609.1 85.8 (123.3) NM 97.8% 18.8x NM Quality Systems Inc. United States 12.89 -26% 800.4 822.2 494.3 56.8 11.5% -1.0% 1.7x 14.5x Streamline Health Solutions, Inc. United States 1.75 -21% 33.7 42.4 27.6 (1.2) NM -2.3% 1.5x NM Veeva Systems Inc. * United States 38.85 -9% 5,291.0 4,811.4 472.3 91.4 19.4% 31.6% 10.2x 52.6x
Adjusted Weighted Average 3.2x 12.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.0x) 27 | M&A and Investment Summary October 2016 Software Public Company Valuation (2/3)
($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $34.00 -4% $ 2,022.3 $ 1,395.0 $ 327.0 $ 95.8 29.3% 13.5% 4.3x 14.6x Benefitfocus, Inc. United States 32.50 -28% 963.7 970.9 225.0 (27.8) NM 31.6% 4.3x NM Castlight Health, Inc. United States 4.35 -12% 446.7 321.0 93.1 (62.9) NM 36.0% 3.4x NM Cornerstone OnDemand, Inc. United States 41.30 -14% 2,310.0 2,277.2 410.0 (44.2) NM 28.0% 5.6x NM DHI Group, Inc. United States 5.70 -46% 285.5 353.6 237.1 51.9 21.9% -9.7% 1.5x 6.8x LinkedIn Corporation United States 189.60 -27% 25,698.2 23,523.8 3,615.0 477.4 13.2% 30.4% 6.5x 49.3x Paycom Software, Inc. United States 51.73 -2% 3,094.8 3,050.4 306.4 62.0 20.2% 50.5% 10.0x 49.2x Paylocity Holding Corporation United States 43.49 -12% 2,232.6 2,154.6 250.6 7.3 2.9% 50.3% 8.6x NM The Ultimate Software Group, Inc. * United States 210.99 -6% 6,105.6 6,017.3 741.4 65.4 8.8% 27.2% 8.1x 92.0x Workday, Inc. United States 86.68 -7% 17,336.0 15,788.9 1,351.8 (208.9) NM 38.7% 11.7x NM
Adjusted Weighted Average 8.2x 46.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (76.3x)
($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $4.75 -28% $ 185.6 $ 152.0 $ 88.8 $ 13.2 14.9% -5.2% 1.7x 11.5x AVG Technologies N.V. Netherlands 25.05 -2% 1,270.8 1,392.7 430.6 125.0 29.0% 6.8% 3.2x 11.1x Check Point Software Technologies Ltd. Israel 84.56 -6% 14,500.1 13,269.8 1,712.7 862.9 50.4% 7.6% 7.7x 15.4x Cisco Systems, Inc. United States 30.68 -4% 154,206.4 117,081.4 49,247.0 14,838.0 30.1% 0.2% 2.4x 7.9x Cheetah Mobile Inc. China 10.70 -47% 1,524.3 1,422.4 641.8 44.9 7.0% 63.4% 2.2x 31.7x CyberArk Software, Ltd. Israel 46.75 -21% 1,569.4 1,332.7 203.7 39.2 19.3% 39.9% 6.5x 34.0x FireEye, Inc. United States 11.62 -52% 1,971.6 1,778.7 714.2 (366.3) NM 22.9% 2.5x NM Fortinet Inc. * United States 32.06 -14% 5,536.4 4,505.9 1,209.1 61.5 5.1% 29.1% 3.7x 73.3x Gemalto NV Netherlands 54.29 -27% 4,831.1 5,203.5 3,462.3 608.9 17.6% 10.1% 1.5x 8.5x Imperva Inc. United States 36.90 -53% 1,203.4 948.2 258.8 (58.5) NM 21.5% 3.7x NM Infoblox Inc. United States 26.50 0% 1,473.3 1,215.2 358.3 1.6 0.5% 17.0% 3.4x NM Juniper Networks, Inc. United States 26.34 -17% 10,087.2 9,898.6 4,924.1 1,071.6 21.8% 6.1% 2.0x 9.2x Mimecast Limited United Kingdom 20.24 -9% 1,102.6 999.2 150.0 3.1 2.1% 22.5% 6.7x NM Mobileye N.V. * Israel 37.18 -27% 8,150.9 7,860.5 301.1 105.5 35.0% 74.3% 26.1x 74.5x NQ Mobile Inc. * China 3.46 -35% 332.8 358.6 372.6 3.8 1.0% 2.9% 1.0x 93.2x Palo Alto Networks, Inc. United States 153.83 -21% 14,030.8 13,253.4 1,378.5 (147.3) NM 48.5% 9.6x NM Proofpoint, Inc. United States 78.38 -3% 3,322.4 3,271.4 343.6 (52.7) NM 39.3% 9.5x NM SecureWorks Corp. United States 11.79 NA 951.1 837.8 385.7 (42.1) NM 30.6% 2.2x NM Symantec Corporation United States 25.03 -3% 15,579.1 12,665.1 3,645.0 923.0 25.3% -41.6% 3.5x 13.7x Trend Micro Inc. Japan 35.19 -33% 4,830.9 3,648.6 1,213.0 376.7 31.1% 3.3% 3.0x 9.7x VeriSign, Inc. United States 84.02 -11% 8,786.3 8,892.2 1,128.5 735.1 65.1% 8.2% 7.9x 12.1x
Adjusted Weighted Average 3.5x 9.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (58.2x) 28 | M&A and Investment Summary October 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $91.35 -8% $ 7,967.5 $ 7,123.8 $ 969.5 $ 447.6 46.2% 2.5% 7.3x 15.9x Autodesk, Inc. United States 72.28 -2% 16,038.4 15,462.7 2,310.7 (26.6) NM -9.0% 6.7x NM AVEVA Group plc United Kingdom 22.47 -24% 1,436.9 1,305.1 290.2 68.7 23.7% -3.4% 4.5x 19.0x Dassault Systèmes SE France 79.07 -11% 20,124.4 18,500.5 3,346.3 917.0 27.4% 9.6% 5.5x 20.2x
Adjusted Weighted Average 6.2x 19.0x
*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 (20.6x)
($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $107.51 -3% $ 53,456.9 $ 50,927.1 $ 5,552.4 $ 1,647.1 29.7% 21.7% 9.2x 30.9x Atlassian Corporation Plc United Kingdom 26.86 NM 5,811.4 5,057.0 492.0 (0.5) NM 39.2% 10.3x NM CA, Inc. United States 30.74 -12% 12,844.3 12,348.3 4,060.0 1,295.0 31.9% -0.9% 3.0x 9.5x Commvault Systems, Inc. * United States 53.50 -5% 2,423.2 1,983.6 627.0 19.7 3.1% 7.4% 3.2x 100.6x Covisint Corporation United States 2.25 -15% 91.8 50.0 73.8 (10.5) NM -10.1% 0.7x NM Endurance International Group Holdings, Inc. United States 7.35 -49% 1,037.9 3,006.0 1,012.1 168.8 16.7% 40.5% 3.0x 17.8x First Data Corporation United States 13.99 -22% 12,731.1 34,607.1 7,842.0 2,378.0 30.3% 2.6% 4.4x 14.6x Guidance Software, Inc. United States 5.16 -21% 166.6 153.6 108.7 (17.0) NM 1.0% 1.4x NM Hortonworks Inc. United States 7.64 -66% 451.4 342.8 169.9 (237.0) NM 73.4% 2.0x NM IBM Corporation United States 153.69 -7% 146,136.8 178,800.8 80,208.0 17,539.0 21.9% -4.3% 2.2x 10.2x IntraLinks Holdings, Inc. United States 9.17 -12% 525.6 566.6 290.4 20.0 6.9% 6.6% 2.0x 28.3x NetSuite Inc. United States 93.12 -16% 7,586.9 7,414.8 897.5 (48.9) NM 29.5% 8.3x NM Nutanix, Inc. United States 24.50 -48% 3,363.2 3,571.3 444.9 (138.6) NM 84.3% 8.0x NM Opera Software ASA Norway 7.06 -16% 1,040.3 1,219.7 669.3 78.5 11.7% 18.2% 1.8x 15.5x Oracle Corporation United States 38.42 -9% 157,738.7 143,795.7 37,194.0 14,612.0 39.3% -2.3% 3.9x 9.8x salesforce.com, inc. * United States 75.16 -11% 51,040.7 52,381.5 7,474.6 559.6 7.5% 25.1% 7.0x 93.6x Rapid7, Inc. United States 14.33 - 602.8 518.0 133.2 (52.5) NM 45.4% 3.9x NM ServiceNow, Inc. United States 87.91 -4% 14,461.2 14,153.6 1,290.5 (83.0) NM 40.6% 11.0x NM Talend SA France 21.67 -37% 606.2 609.9 88.7 (23.6) NM 0.0% 6.9x NM Twilio, Inc. United States 34.12 -52% 2,936.8 2,675.4 246.7 (34.8) NM 72.2% 10.8x NM Varonis Systems, Inc. United States 28.55 -8% 753.4 645.0 153.9 (14.6) NM 31.4% 4.2x NM
Adjusted Weighted Average 4.7x 13.1x
*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 (67.7x)
29 | M&A and Investment Summary October 2016 Information
. The Information segment reported 14 transactions worth more than $1.4 billion in value . Healthcare Information was the most active subsegment throughout the month with five deals announced . Select Transactions: • Morningstar’s acquisition of private capital markets data and research platform Pitchbook in a transaction valued at $225 million • Earth imagery and information company DigitalGlobe’s acquisition of geospatial information company The Radiant Group for $140 million • The acquisition of healthcare information systems company Vidal Group by healthcare professionals information company M3 for a reported $111 million • The $40 million acquisition of financials news and research portal DailyFX by IG Group from Forex Capital Markets • Warburg Pincus’ undisclosed investment in medical terminology solutions company Intelligent Medical Objects
INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare Information 5 36% $578.0 41% 2 $571.0 1 - 2 $7.0 Financial Information 4 29% 275.0 19% 2 265.0 0 - 2 10.0 Credit/Risk Management Information 2 14% 412.0 29% 1 410.0 0 - 1 2.0 Engineering/Scientific/Tech*Intercontinental Exchange’s Information $7.4 billion acquisition1 of Interactive 7%Data has been excluded- to limit comparative0% distortions1 - 0 - 0 - Geo-Demo Information 1 7% 140.0 10% 1 140.0 0 - 0 - Product/Price Information 1 7% 14.0 1% 0 - 0 - 1 14.0 Total 14 100% 1,419.0 100% 7 1,386.0 1 0.0 6 33.0
30 | M&A and Investment Summary October 2016 Information Public Company Valuation (1/2)
($ 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $64.66 -10% $ 7,659.7 $ 7,954.4 $ 2,897.0 $ 611.2 21.1% 7.5% 2.7x 13.0x Computershare Limited Australia 8.03 -13% 4,384.4 5,742.0 1,964.4 428.8 21.8% -0.3% 2.9x 13.4x CoreLogic, Inc. United States 42.56 -2% 3,675.8 5,198.4 1,868.5 390.0 20.9% 26.0% 2.8x 13.3x CoStar Group Inc. * United States 187.12 -17% 6,098.9 5,913.1 812.3 206.5 25.4% 20.4% 7.3x 28.6x DST Systems Inc. United States 96.16 -25% 3,144.4 3,413.6 2,892.2 405.5 14.0% 35.7% 1.2x 8.4x The Dun & Bradstreet Corporation United States 124.85 -12% 4,532.9 5,902.5 1,685.9 424.5 25.2% 5.2% 3.5x 13.9x Envestnet, Inc. * United States 35.35 -15% 1,513.4 1,766.1 495.3 43.8 8.8% 28.8% 3.6x 40.4x Equifax Inc. United States 123.97 -9% 14,846.8 17,619.6 3,010.1 1,035.9 34.4% 14.8% 5.9x 17.0x Experian plc Ireland 19.21 -4% 18,131.5 20,757.3 4,550.0 1,404.0 30.9% -5.4% 4.6x 14.8x FactSet Research Systems Inc. United States 154.72 -16% 6,178.8 6,226.2 1,127.1 397.6 35.3% 12.0% 5.5x 15.7x Fair Isaac Corporation United States 120.68 -9% 3,723.5 4,206.4 878.3 212.8 24.2% 6.1% 4.8x 19.8x Fidelity National Information Services, Inc. United States 73.92 -9% 24,232.9 34,707.9 8,669.2 2,199.2 25.4% 35.2% 4.0x 15.8x Financial Engines, Inc. * United States 27.65 -31% 1,708.4 1,607.2 389.4 63.3 16.3% 27.5% 4.1x 25.4x Moody's Corporation United States 100.52 -9% 19,219.4 20,786.2 3,528.0 1,579.7 44.8% 0.9% 5.9x 13.2x Morningstar Inc. United States 70.63 -21% 3,041.3 2,836.5 788.0 249.6 31.7% 0.6% 3.6x 11.4x MSCI Inc. United States 80.19 -12% 7,547.8 8,648.2 1,130.8 549.4 48.6% 7.4% 7.6x 15.7x Reis, Inc. United States 19.65 -26% 222.6 196.0 50.8 14.7 29.0% 11.0% 3.9x 13.3x SEI Investments Co. United States 44.33 -20% 7,092.8 6,469.6 1,368.1 385.7 28.2% 3.5% 4.7x 16.8x Thomson Reuters Corporation United States 39.45 -8% 29,059.4 37,551.7 12,145.0 2,561.0 21.1% 2.8% 3.1x 14.7x Verisk Analytics, Inc. United States 81.55 -5% 13,779.5 15,855.0 2,273.8 1,033.2 45.4% 30.1% 7.0x 15.3x Workiva Inc. United States 16.55 -13% 679.5 650.6 163.7 (45.5) NM 28.7% 4.0x NM
Adjusted Weighted Average 4.7x 14.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.1x) ($ in Millions, except stock price data)
Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $23.56 -14% 1,823.8 1,856.1 868.0 85.5 9.8% 6.5% 2.1x 21.7x Alliance Data Systems Corporation United States 204.47 -32% 11,967.4 29,806.2 7,059.3 1,671.4 23.7% 14.3% 4.2x 17.8x Brainjuicer Group Plc United Kingdom 6.09 -7% 74.5 68.2 35.4 7.3 20.7% 6.2% 1.9x 9.3x Cello Group Plc United Kingdom 1.22 -16% 105.9 111.7 214.2 8.2 3.8% -4.4% 0.5x 13.7x comScore, Inc. United States 28.79 -38% 1,646.1 1,532.1 368.8 37.1 10.1% 12.1% 4.2x 41.2x Ebiquity plc * United Kingdom 1.17 -36% 85.1 120.5 95.8 0.7 0.8% 0.0% 1.3x 162.2x GfK SE Germany 33.68 -19% 1,229.5 1,640.7 1,685.7 70.0 4.2% 1.0% 1.0x 23.4x Harte-Hanks Inc. United States 1.41 -64% 86.7 143.6 462.3 11.0 2.4% -5.1% 0.3x 13.0x InnerWorkings Inc. United States 8.81 -13% 473.6 553.5 1,075.3 41.5 3.9% 8.3% 0.5x 13.3x
31 | M&A and Investment Summary October 2016 Information Public Company Valuation (2/2)
($ in Millions, except stock price data)
Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Intage Holdings Inc. Japan 17.47 -7% $ 348.7 $ 278.3 $ 448.0 $ 55.0 12.3% 4.4% 0.6x 5.1x Ipsos SA France 31.48 -5% 1,419.7 2,002.1 1,983.4 230.4 11.6% 2.3% 1.0x 8.7x NeuStar, Inc. United States 25.66 -15% 1,398.8 2,323.0 1,126.7 409.5 36.3% 12.2% 2.1x 5.7x Nielsen Holdings plc United States 53.53 -4% 19,128.7 27,001.7 6,238.0 1,543.0 24.7% 0.3% 4.3x 17.5x Onvia Inc. * United States 4.87 -7% 34.7 26.9 23.9 1.2 5.0% 3.2% 1.1x 22.3x Pearson plc United Kingdom 10.15 -30% 8,273.3 10,258.6 5,765.8 817.6 14.2% -3.4% 1.8x 12.5x YouGov plc * United Kingdom 2.80 -2% 292.3 273.4 117.1 11.2 9.6% 15.9% 2.3x 24.3x
Adjusted Weighted Average 3.1x 14.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.3x)
($ in Millions, except stock price data)
Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.52 -47% $ 75.6 $ 92.8 $ 97.8 $ 11.7 12.0% 10.8% 0.9x 7.9x CEB Inc. United States 53.11 -32% 1,710.4 2,448.7 940.7 203.4 21.6% 2.0% 2.6x 12.0x Cogint, Inc. United States 3.64 -66% 184.4 223.8 92.3 (47.4) NM 0.0% 2.4x NM Forrester Research Inc. United States 37.96 -10% 685.6 559.0 321.0 34.4 10.7% 2.2% 1.7x 16.2x Gartner Inc. United States 87.91 -15% 7,263.3 7,664.5 2,311.2 385.1 16.7% 11.4% 3.3x 19.9x IHS Markit Ltd. * United Kingdom 36.60 -3% 15,226.5 18,369.5 1,129.7 372.1 32.9% 4.9% 16.3x 49.4x Informa plc United Kingdom 8.09 -13% 5,243.2 6,531.7 1,650.0 511.7 31.0% 4.6% 4.0x 12.8x National Research Corp. United States 35.25 -21% 451.0 428.4 105.6 33.4 31.6% 6.1% 4.1x 12.8x NIC Inc. United States 22.62 -5% 1,492.4 1,364.3 305.4 80.8 26.5% 8.4% 4.5x 16.9x Premier, Inc. United States 32.08 -13% 1,520.4 1,273.2 1,162.6 365.9 31.5% 15.4% 1.1x 3.5x Proofpoint, Inc. United States 70.52 -13% 2,964.3 2,908.3 313.0 (59.8) NM 37.4% 9.3x NM Reed Elsevier plc(1) * United Kingdom 17.79 -4% 70,852.0 89,226.2 9,510.4 2,309.6 24.3% 4.5% 9.4x 38.6x Tarsus Group plc Ireland 3.26 -5% 333.0 404.0 106.2 36.2 34.1% 40.7% 3.8x 11.2x TechTarget, Inc. United States 8.41 -12% 228.9 235.8 112.6 17.6 15.6% 1.9% 2.1x 13.4x The Advisory Board Company United States 43.47 -21% 1,750.3 2,305.6 804.6 121.3 15.1% 22.5% 2.9x 19.0x UBM plc United Kingdom 9.02 -1% 3,548.8 3,630.1 1,061.0 285.0 26.9% 47.4% 3.4x 12.7x Wolters Kluwer N.V. Netherlands 39.79 -6% 11,597.8 13,630.0 4,703.2 1,251.6 26.6% 7.0% 2.9x 10.9x
Adjusted Weighted Average 7.3x 13.7x
(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 (11.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.3x)
32 | M&A and Investment Summary October 2016 Business Services
. The Business Services segment reported 52 transactions in October worth nearly $7.7 billion in value . The IT Consulting/Systems Integration subsegment accounted for nearly 60 percent of segments total activity with 30 transactions . Select Transactions: • Blackstone’s pending take-private of healthcare professionals staffing company Teamhealth in a transaction valued at $6.1 billion • The undisclosed growth equity investment received by Microsoft Azure services provider 10th Magnitude from Pamlico Capital • Silversmith Capital Partners’ undisclosed investment in electronic medical records consulting company Nordic Consulting • The acquisition of digital transformation consulting services provider Bluetube by Perficient • The undisclosed stake taken in IT solutions provider ProKarma by The Caryle Group from Endeavour Capital • Accenture’s acquisition of federal agency cybersecurity consultancy Defense Point Security
BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 30 58% $1,700.2 22% 25 $1,700.2 3 - 2 - Corporate Training 5 10% 12.2 0% 3 - 0 - 2 12.2 Staffing 5 10% 5,704.7 74% 1 - 3 5,704.7 1 - Engineering Consulting 3 6% 91.3 1% 3 91.3 0 - 0 - Logistics 3 6% 155.0 2% 2 - 0 - 1 155.0 Healthcare Consulting 2 4% 32.6 0% 0 - 2 32.6 0 - BPO 1 2% - 0% 0 - 1 - 0 - Other* 3 6% 2.4 0% 1 0.0 0 0.0 2 2.4 Total 52 100% 7,698.4 100% 35 1,791.5 9 5,737.3 8 169.6
33 | M&A and Investment Summary October 2016 Business Services Public Company Valuation (1/3)
($ in Millions, except stock price data)
Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 116.24 -7% $ 72,104.7 $ 67,857.5 $ 32,882.7 $ 5,539.5 16.8% 5.9% 2.1x 12.2x CRA International Inc. United States 31.14 -2% 254.9 229.7 317.7 24.3 7.7% 2.6% 0.7x 9.4x FTI Consulting, Inc. United States 38.96 -14% 1,583.1 1,828.3 1,810.7 202.1 11.2% 2.8% 1.0x 9.0x Information Services Group, Inc. United States 3.95 -9% 141.0 185.3 215.6 16.5 7.6% 2.4% 0.9x 11.3x Navigant Consulting Inc. United States 23.40 -5% 1,101.3 1,255.4 911.1 138.0 15.2% 10.9% 1.4x 9.1x ICF International Inc. United States 46.40 -7% 880.3 1,187.4 1,176.3 110.0 9.3% 4.3% 1.0x 10.8x Huron Consulting Group Inc. United States 56.05 -14% 1,168.5 1,496.9 733.2 152.6 20.8% 40.1% 2.0x 9.8x The Hackett Group, Inc. * United States 16.12 -19% 460.4 466.3 250.4 32.4 13.0% 12.1% 1.9x 14.4x
Adjusted Weighted Average 1.4x 9.6x
*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 (12.6x) ($ in Millions, except stock price data)
HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 87.06 -9% $ 39,557.9 $ 38,351.0 $ 11,870.7 $ 2,648.8 22.3% 7.1% 3.2x 14.5x Barrett Business Services Inc. United States 44.83 -15% 324.7 336.5 786.9 34.5 4.4% 12.7% 0.4x 9.8x Capita plc United Kingdom 7.16 -56% 4,761.4 7,369.4 6,618.0 1,008.6 15.2% 8.3% 1.1x 7.3x DHI Group, Inc. United States 5.70 -46% 285.5 353.6 237.1 51.9 21.9% -9.7% 1.5x 6.8x Edenred SA France 23.13 -7% 5,357.7 6,681.7 1,100.6 357.6 32.5% -2.0% 6.1x 18.7x Insperity, Inc. United States 75.20 -8% 1,608.9 1,439.9 2,862.3 115.2 4.0% 12.3% 0.5x 12.5x LinkedIn Corporation * United States 189.60 -27% 25,698.2 23,523.8 3,615.0 477.4 13.2% 30.4% 6.5x 49.3x Marsh & McLennan Companies, Inc. United States 63.39 -8% 32,683.5 36,134.5 13,185.0 3,066.0 23.3% 3.0% 2.7x 11.8x Paychex, Inc. United States 55.20 -11% 19,963.2 19,516.8 3,014.4 1,291.3 42.8% 7.8% 6.5x 15.1x Professional Diversity Network, Inc. United States 7.40 -36% 13.4 12.9 31.7 (4.0) NM 4.0% 0.4x NM TriNet Group, Inc. United States 18.77 -18% 1,318.6 1,624.3 2,974.9 144.0 4.8% 17.3% 0.5x 11.3x WageWorks, Inc. United States 58.95 -10% 2,157.3 1,667.4 341.0 66.4 19.5% 8.4% 4.9x 25.1x
Adjusted Weighted Average 4.2x 13.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.6x)
34 | M&A and Investment Summary October 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 116.24 -7% $ 72,104.7 $ 67,857.5 $ 32,882.7 $ 5,539.5 16.8% 5.9% 2.1x 12.2x Amdocs Limited United States 58.45 -5% 8,641.9 7,517.0 3,704.3 698.8 18.9% 2.4% 2.0x 10.8x Ausy SA France 60.00 -2% 313.6 420.6 483.9 42.0 8.7% 16.7% 0.9x 10.0x Bechtle AG Germany 104.94 -10% 2,203.8 2,100.7 3,277.3 178.7 5.5% 9.4% 0.6x 11.8x Booz Allen Hamilton Holding Corporation United States 30.47 -5% 4,526.4 5,954.7 5,549.6 520.2 9.4% 4.3% 1.1x 11.4x Broadridge Financial Solutions, Inc. United States 64.66 -10% 7,659.7 7,954.4 2,897.0 611.2 21.1% 7.5% 2.7x 13.0x Business & Decision SA * France 5.59 -19% 44.1 75.0 254.3 4.3 1.7% 4.2% 0.3x 17.6x Cap Gemini S.A. France 82.73 -17% 13,911.4 16,556.0 13,953.0 1,715.8 12.3% 13.4% 1.2x 9.6x CGI Group Inc. Canada 47.55 -3% 14,351.8 15,600.6 8,232.9 1,404.9 17.1% 4.9% 1.9x 11.1x Cognizant Technology Solutions Corporation United States 51.35 -26% 31,166.4 27,594.0 12,991.4 2,592.1 20.0% 14.8% 2.1x 10.6x Computer Sciences Corporation United States 54.45 -23% 7,646.3 10,150.3 7,358.0 926.0 12.6% -35.8% 1.4x 11.0x CSG Systems International Inc. United States 38.03 -18% 1,230.3 1,363.2 763.1 169.0 22.1% 1.9% 1.8x 8.1x Digi International Inc. United States 9.15 -30% 237.6 103.4 203.0 22.5 11.1% -4.6% 0.5x 4.6x Globant S.A. * Luxembourg 43.50 -8% 1,499.5 1,443.3 291.9 48.9 16.7% 31.4% 4.9x 29.5x International Business Machines Corporation United States 153.69 -7% 146,136.8 178,800.8 80,208.0 17,539.0 21.9% -4.3% 2.2x 10.2x Infosys Limited India 15.02 -22% 34,331.9 29,253.5 9,942.0 2,738.0 27.5% 10.2% 2.9x 10.7x ITS Group France 6.80 -19% 52.0 54.8 212.2 8.1 3.8% 1.7% 0.3x 6.7x NCI, Inc. United States 11.75 -32% 159.0 158.8 329.3 29.2 8.9% 1.8% 0.5x 5.4x NTT Data Corporation Japan 51.55 -16% 14,459.9 15,223.6 16,052.8 2,447.8 15.2% 7.4% 0.9x 6.2x Perficient Inc. United States 18.61 -18% 671.9 698.4 485.5 54.6 11.3% 7.8% 1.4x 12.8x Reply S.p.A. Italy 125.49 -17% 1,173.6 1,149.0 846.5 109.8 13.0% 11.4% 1.4x 10.5x SQLi France 38.96 -10% 144.0 147.2 205.9 14.9 7.2% 7.3% 0.7x 9.9x Tata Consultancy Services Limited * India 35.84 -13% 70,619.7 65,847.6 17,173.6 4,730.2 27.5% 12.7% 3.8x 13.9x Wipro Ltd. India 6.97 -23% 17,123.4 14,332.6 8,084.9 1,620.1 20.0% 10.2% 1.8x 8.8x
Adjusted Weighted Average 2.4x 11.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.9x)
35 | M&A and Investment Summary October 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 10/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $7.39 -9% $ 59.7 $ 54.9 $ 42.8 $ (2.4) NM -9.0% 1.3x NM Cenveo Inc. United States 8.25 -48% 70.6 1,110.2 1,721.7 142.9 8.3% 0.3% 0.6x 7.8x Communisis plc United Kingdom 0.44 -33% 92.7 124.3 471.4 33.1 7.0% 1.8% 0.3x 3.8x Contax Participações S.A. Brazil 3.43 -68% 11.6 465.9 921.7 1.4 0.2% -2.7% 0.5x NM Convergys Corporation United States 29.20 -6% 2,800.5 2,855.9 2,907.8 386.7 13.3% -2.1% 1.0x 7.4x Elanders AB (publ) * Sweden 12.17 -8% 429.7 516.7 500.5 49.1 9.8% 5.0% 1.0x 10.5x Eniro AB * Sweden 0.03 -78% 15.2 205.0 241.2 22.4 9.3% -19.9% 0.8x 9.2x Exlservice Holdings, Inc. * United States 44.03 -20% 1,475.3 1,306.9 674.6 101.5 15.0% 12.8% 1.9x 12.9x Firstsource Solutions Limited India 0.61 -25% 409.9 487.4 518.7 66.1 12.7% 14.4% 0.9x 7.4x Genpact Limited * Bermuda 22.99 -19% 4,765.7 5,180.2 2,535.5 407.0 16.1% 4.9% 2.0x 12.7x InnerWorkings Inc. * United States 8.81 -13% 473.6 553.5 1,075.3 41.5 3.9% 8.3% 0.5x 13.3x Luxoft Holding, Inc. * SwitzerlandSwitzerland 53.00 -34% 1,760.0 1,628.8 680.7 101.7 14.9% 22.4% 2.4x 16.0x MAXIMUS, Inc. * United States 52.06 -25% 3,378.3 3,542.3 2,359.0 315.6 13.4% 20.6% 1.5x 11.2x Quad/Graphics, Inc. United States 23.76 -19% 1,188.9 2,383.0 4,525.4 494.1 10.9% -3.9% 0.5x 4.8x Quintiles IMS Holdings, Inc. * United States 71.74 -12% 17,642.4 19,343.4 4,540.1 848.6 18.7% 6.5% 4.3x 22.8x R.R. Donnelley & Sons Company United States 17.75 -70% 1,239.5 4,582.0 11,088.1 1,025.8 9.3% -2.7% 0.4x 4.5x Serco Group plc * United Kingdom 1.68 -5% 1,822.9 1,999.3 4,064.8 162.9 4.0% -3.9% 0.5x 12.3x St Ives plc United Kingdom 1.63 -47% 233.0 331.6 488.0 46.0 9.4% 6.7% 0.7x 7.2x StarTek, Inc. * United States 6.70 -2% 105.4 137.8 306.8 9.1 3.0% 21.4% 0.4x 15.1x SYNNEX Corp. * United States 102.54 -14% 4,078.9 4,671.0 13,724.6 473.6 3.5% 0.8% 0.3x 9.9x Sykes Enterprises, Incorporated United States 26.74 -18% 1,130.8 1,161.8 1,408.2 160.2 11.4% 8.4% 0.8x 7.3x Teleperformance SE * France 105.51 -5% 5,973.8 6,328.9 3,808.1 518.3 13.6% 8.1% 1.7x 12.2x TeleTech Holdings Inc. * United States 28.10 -9% 1,327.5 1,414.7 1,268.5 151.6 11.9% -0.9% 1.1x 9.3x Trans Cosmos, Inc. Japan 25.30 -21% 1,040.8 964.4 2,299.3 119.4 5.2% 9.5% 0.4x 8.1x Transcontinental Inc. Canada 13.39 -18% 1,035.1 1,268.7 1,537.7 293.4 19.1% -0.3% 0.8x 4.3x Cimpress N.V. * Netherlands 83.25 -20% 2,634.9 3,470.0 1,856.0 212.1 11.4% 20.8% 1.9x 16.4x West Corporation * United States 19.72 -25% 1,631.6 4,737.1 2,293.0 647.7 28.2% 0.8% 2.1x 7.3x Xchanging plc United Kingdom 2.52 -14% 633.5 709.4 649.2 86.0 13.2% -23.2% 1.1x 8.3x
Adjusted Weighted Average 1.3x 8.2x
*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 (10.2x)
36 | M&A and Investment Summary October 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 3.2x 2.3x 6.7x 1.8x Internationally-based Digital Media and Internet 4.2x 2.6x 6.1x 1.9x US-based eCommerce 2.9x 1.7x 4.1x 1.9x Internationally-based eCommerce 3.8x 1.4x 12.0x 1.2x US-based Digital Advertising 2.5x 1.4x 9.0x 1.9x Internationally-based Digital Advertising 3.6x 1.9x 9.7x 1.4x US-based Marketing Technology 3.7x 3.1x 4.4x 2.9x Internationally-based Marketing Technology 4.9x 4.7x 5.1x 5.1x Agency 1.1x 1.2x 1.7x 1.7x Marketing Services 1.8x 1.7x 2.9x 2.7x Traditional Media 2.5x 2.2x 3.8x 2.9x Software 5.3x 4.5x 4.7x 4.6x Information 4.0x 3.6x 6.0x 5.6x Business Services 1.3x 0.9x 2.7x 2.1x
As of close of business on 10/31/16
*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 October 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 19.6x 16.0x 16.9x 11.6x Internationally-based Digital Media and Internet 14.0x 11.3x 16.8x 11.5x US-based eCommerce 18.0x 15.4x 18.9x 12.5x Internationally-based eCommerce 23.2x 17.3x 33.6x 13.4x US-based Digital Advertising 14.8x 14.2x 21.7x 11.7x Internationally-based Digital Advertising 12.0x 10.2x 11.9x 10.1x US-based Marketing Technology 40.0x 21.7x 21.3x 13.7x Internationally-based Marketing Technology 29.1x 17.7x 17.3x 17.7x Agency 9.5x 9.6x 10.7x 9.6x Marketing Services 12.0x 10.4x 14.4x 13.0x Traditional Media 12.9x 9.6x 12.6x 12.5x Software 32.5x 17.0x 19.3x 15.1x Information 21.7x 16.1x 22.8x 21.7x Business Services 10.7x 9.5x 15.1x 11.7x
As of close of business on 10/31/16
*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 October 2016 PPLLC Indices LTM Share Pricing Trends
Digital Advertising LTM Index Performance Digital Media/Commerce and Traditional Media LTM Index Performance 150%
• S&P 500 – 1.1 % 140% • S&P 500 – 1.1 % 140%
130% • Digital Advertising – 8.1 % 125% • Digital Media/Commerce – 13.5% 120%
110% • Traditional Media – (9.5%) 110%
100%
95% Index Performance (%) Performance Index Index Performance (%) Performance 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
Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Marketing Technology Agency & Marketing Services LTM Index Performance LTM Index Performance 150% 150% • S&P 500 – 1.1 % 140% • S&P 500 – 1.1% 140%
130% 130% • • Marketing Technology – 2.5% Agency – (2.6 % ) 120% 120% • Marketing Services – v (15.8%) 110% 110%
100% 100%
90% Index Performance (%) Performance Index Index Performance (%) Performance 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 Information & Business Services LTM Index Performance 150% 150% • S&P 500 – 1.1 % 140% • S&P 500 – 1.1 % 140% 130% • Software – 0.7 % 130% • Information – 0.8% 120% 120% 110% • Business Services – (0.2%) 110% 100% 100%
Index Performance (%) Performance Index 90% 90%
80% (%) Performance 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 10/31/2016 Information Business Services S&P 500 Index (^SPX) 39 | M&A and Investment Summary October 2016 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed Pactera Technology International Ltd. Business Services HNA Group $ 930.0 Krux Digital Marketing Technology Salesforce.com 768.0 ibibo Group Limited Digital Media/Commerce MakeMyTrip Limited 720.0 ConstructConnect Software Roper Technologies, Inc. 632.0 Appirio, Inc. Business Services Wipro Limited 500.0 Everyday Health, Inc. Information Ziff Davis, Inc. 459.3 Kroll Ontrack, Inc. Information LDiscovery, LLC 410.0 ASG Group Limited Business Services Nomura Research Institute Ltd. 262.5 HookLogic, Inc. Digital Advertising Criteo SA 250.0 PitchBook Data, Inc. Information Morningstar, Inc. 225.0 Adshel Street Furniture Pty Ltd. Traditional Media APN News & Media Ltd. 205.2 Emmi Solutions LLC Software Wolters Kluwer NV 170.0 The Radiant Group, Inc. Information DigitalGlobe, Inc. 140.0 Vidal Group Information M3 111.7 InnoGames GmbH Digital Media/Commerce Modern Times Group MTG AB 100.5 Mouchel Limited Business Services WSP Global, Inc. 91.3 Soukai Drug Co., Ltd. Digital Media/Commerce Rakuten, Inc. 84.8 etailz, Inc. Digital Media/Commerce Trans World Entertainment Corporation 75.1 Firelayers, Inc. Software Proofpoint, Inc. 55.0 Babyoye.com Digital Media/Commerce FirstCry.com 54.0 Extension Healthcare Software Vocera Communications, Inc. 52.5 Executive Channel Network Traditional Media oOh!media Group Limited 52.1 Art of Click Pte. Ltd. Digital Advertising Xurpas, Inc. 45.0 Happy Creative Services (India) Private Limited Agency & Marketing Services Dentsu Aegis Network, Inc. 44.0 Card King Digital Media/Commerce Mynet, Inc. 43.0 DailyFX Information IG Group Holdings plc 40.0 Qosmos, Inc. Software Enea AB 39.6 Mtelligence Corporation Software Aspen Technology, Inc. 37.4 The Wirecutter Digital Media/Commerce The New York Times Company 30.0 Corrigon Ltd. Marketing Technology eBay Incorporated 30.0 Texas Monthly Traditional Media VMRay GmbH 25.0 Mobi Corp. Software BSM Technologies, Inc. 25.0 MyHammer Holding AG Digital Media/Commerce HomeAdvisor, Inc. 8.5 Baristride Group Co., Ltd. Business Services SHIFT Communications 7.7 Appterra, Inc. Software The Descartes Systems Group, Inc. 7.4 Clean Fun Promotional Marketing LLC Agency & Marketing Services HALO Branded Solutions, Inc. 6.3 Flypay Limited Software Just-Eat plc 3.9 YPlan, Inc. Digital Media/Commerce Time Out Group Ltd. 2.4
40 | M&A and Investment Summary October 2016 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Allen International Agency & Marketing Services Accenture plc $ - Blue Group Agency & Marketing Services CJ E&M Corporation - Boltmade, Inc. Agency & Marketing Services Shopify Inc. - Caddis Interactive LLC Agency & Marketing Services Lewis Communications, Inc. - Fisher Moy International Limited Agency & Marketing Services Park Group plc - Giga Health Agency & Marketing Services SPAG Consultants Private Limited - House PR Agency & Marketing Services W Communications - Mayday Agency & Marketing Services Kaplow Communications - Pixl Agency & Marketing Services Idea Booth - Signal Noise Agency & Marketing Services The Economist Group Limited - Soinsi Digital Pvt. Ltd. Agency & Marketing Services YAAP Digital Pvt. Ltd. - Target Media & Communications Group Agency & Marketing Services Havas - Triad Digital Media, LLC Agency & Marketing Services Xaxis, LLC - Urban Assoicates, Inc. Agency & Marketing Services Prime Strategies LLC - We Can't Stop Thinking LLC Agency & Marketing Services Red Square Agency, Inc. - Wondersauce LLC Agency & Marketing Services Project: Worldwide - Accunet Solutions, Inc. Business Services Red River Computer Company, Inc. - ACF Solutions Business Services Attain LLC - Aikya Security Solutions, Inc. Business Services The Herjavec Group - Amadeus Consulting Group, Inc. Business Services Exadel, Inc. - B House Business Services TWG.io - Blue Pencil Business Services Dynamic Technology Holdings - Bluetube LLC Business Services Perficient, Inc. - Byng Group Business Services Inviqa Group Limited - Communications Resources, Inc. Business Services InterDev LLC - Defense Point Security LLC Business Services Accenture plc - Donova AB Business Services Binary Tree - Environmental Compliance Services, Inc. Business Services ATC Group Services LLC - Falcon Consulting Group LLC Business Services Avaap, Inc. - Flint Technology Ltd. Business Services Williams Commerce Limited - GlobalServe, Inc. Business Services PC Connection, Inc. - Go Security Solutions Business Services Convergint Technologies LLC - GreyCastle Security LLC Business Services Assured Information Security, Inc. - ITK Engineering AG Business Services Bosch Group - James Brehm & Associates Business Services 151 Advisors - Kamil Ship Supply Company Business Services Ship Supply International - Maestro Managed Print Solutions Business Services IBS Direct - Medic-CE.com LLC Business Services Career Step LLC - Network Infrastructure Technologies, Inc. Business Services Matrix International Financial Services - New England Systems, Inc. Business Services Micro Strategies, Inc. - P2P Mailing Business Services The Delivery Group - Pro-Datech Systems Pte. Ltd. Business Services Cloudaron Pte. Ltd. -
41 | M&A and Investment Summary October 2016 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Redbird Advanced Learning LLC Business Services McGraw-Hill Education, Inc. $ - Starpoint Solutions Business Services Yoh Services LLC - Swank HealthCare, Inc. Business Services Relias Learning - Tegen Limited Business Services Metaphor IT Ltd. - 36 Labs LLC Digital Advertising MUNDO Media - LivingSocial, Inc. Digital Advertising Groupon, Inc. - MerciHenri.com Digital Advertising Meilleurtaux.com - sellmymobile.com Limited Digital Advertising Decision Technologies Limited - staffbay.com Digital Advertising Kelly Group Limited - AllPaws Digital Media/Commerce PetSmart, Inc. - Aramisauto Digital Media/Commerce PSA Group - BeautyNow LLC Digital Media/Commerce Groupon, Inc. - Caarly Pte. Ltd. Digital Media/Commerce Carousell Pte. Ltd. - CollegeFashionista Digital Media/Commerce Clique Media, Inc. - Dragon Soul Digital Media/Commerce GREE International Entertainment, Inc. - Edition Collective, Inc. Digital Media/Commerce Q Fifty One - Giornalettismo srl Digital Media/Commerce Nexilia S.R.L - Lofty.com Digital Media/Commerce Auction Mobility LLC - Oxent SARL Digital Media/Commerce Webedia SAS - Quickflix Limited Digital Media/Commerce Karma Media Group - Red Katana Digital Media/Commerce NGD Studios - Smart Destinations, Inc. Digital Media/Commerce Big Bus Tours Ltd. - Soda Digital Media/Commerce Red Ventures Limited - SoulPancake LLC Digital Media/Commerce Participant Media LLC - Vessel.com Digital Media/Commerce Verizon Communications, Inc. - Wash.io, Inc. Digital Media/Commerce Rinse, Inc. - Wimdu GmbH Digital Media/Commerce 9flats.com - GQ Life Sciences, Inc. Information Aptean, Inc. - Antivia Group Limited Marketing Technology insightsoftware.com International - Capture Media, Inc. Marketing Technology Tagboard - Chatimity Software Pvt. Ltd. Marketing Technology Freshdesk, Inc. - Datacratic, Ad Tech Business Marketing Technology iPerceptions, Inc. - FameBit, Inc. Marketing Technology Google, Inc. - Fordela Corporation Marketing Technology Vision Media Management - Hippo B.V. Marketing Technology BloomReach, Inc. - iModerate LLC Marketing Technology 20/20 Research, Inc. - Intercast Network Marketing Technology AmpLive, Inc. - JustGo Marketing Technology TuneCore Inc. - Kampyle Ltd. Marketing Technology Medallia, Inc. - MaxEmail Marketing Technology LIXIL Group Corporation - Netino Marketing Technology Webhelp Groupe - Nuevora Inc. Marketing Technology Sutherland Global Services - 42 | M&A and Investment Summary October 2016 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Optivo Marketing Technology EPiServer AB $ - Paribus Co. Marketing Technology Capital One Financial Corporation - Rednun Marketing Technology NGDATA - Refined Labs GmbH Marketing Technology Visual IQ, Inc. - Salentica Systems, Inc. Marketing Technology SS&C Technologies Holdings, Inc. - Sellerworx Online Services Pvt. Ltd. Marketing Technology Capillary Technologies Ptv. Ltd. - Sfera Studios Marketing Technology Deluxe Enterprise Operations - Taptera, Inc. Marketing Technology Showpad, Inc. - ThinkVine, Inc. Marketing Technology Ignite Technologies, Inc. - Viv Labs, Inc. Marketing Technology Samsung Group - Wheelhouse Analytics LLC Marketing Technology Envestnet, Inc. - AdwCleaner Software Malwarebytes Corporation - Analyze Re, Inc. Software Verisk Analytics, Inc. - Careport Health, Inc. Software Allscripts - Casamba, Inc. Software HealthWyse, LLC - Datamatics Management Services, Inc. Software Kronos Incorporated - EventTracker Software Netsurion - FlawCheck, Inc. Software Tenable Network Security - FortyCloud Software FireMon - GWAVA, Inc. Software Micro Focus International plc - Health Data Intelligence LLC Software TrendShift LLC - Heroik Labs, Inc. Software Cisco Systems, Inc. - InfoAccess.net LLC Software Corcentric Collective Business System Corp. - Info-Assure Ltd. Software BSI - iTwin Pte. Ltd. Software Cloudaron Pte. Ltd. - Kanjoya, Inc. Software Ultimate Software - Macnetix Software Triax A/S - Network Security Group, Inc. Software Temprano Techvestors - OLSET, Inc. Software Deem, Inc. - Palamida, Inc. Software Flexera Software LLC - Prototype1 LLC Software Groupmatics LLC - Redspread, Inc. Software CoreOS, Inc. - Reval.com, Inc. Software ION Investment Group Ltd. - RxAnte, Inc. Software UPMC - Sanovi Technologies Corporation Software International Business Machines Corporation - StarMobile, Inc. Software PowWow Mobile, Inc. - Tachyon Mobility, Inc. Software Samsung Group - Triumfant, Inc. Software Nehemiah Security LLP - Tute Genomics, Inc. Software PierianDx - Xtium, Inc. Software Evolve IP LLC - YDatalytics B.V. Software Antuit, Inc. - Zonar Systems Software Continental AG - 43 | M&A and Investment Summary October 2016 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Autosport, Haymarket's Publishing & Events Operations Traditional Media Motorsport.com, Inc. $ - Cinema Scene Marketing LLC Traditional Media Vision Media Management - Focus Business Media Limited Traditional Media Sandhills East Limited - Forum Executive AG Traditional Media Tamedia - Golfweek Magazine Traditional Media Gannett Co., Inc. - Great Lakes Boating Traditional Media Harris Publishing, Inc. - Human Race Ltd. Traditional Media Amaury Sport Organisation - IDEA Health & Fitness Association Traditional Media Active Interest Media, Inc. -
44 | M&A and Investment Summary October 2016 All Segments ($ in Millions)
Buyout Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed TeamHealth, Inc. Business Services The Blackstone Group L.P. $ 5,704.7 Allegro Group Sp. Z oo Digital Media/Commerce Permira Advisers 3,253.0 Learfield Communications, Inc. Agency & Marketing Services Atairos Group, Inc. 1,300.0 Rubicon Research Private Limited Business Services Everstone Capital Management 32.6
Target Target Segment Buyer/Investor Reported TV Buyout Deals Undisclosed AHS Staffing LLC Business Services BelHealth Investment Partners, LLC $ - Convey Health Solutions, Inc. Business Services New Mountain Capital, LLC - Masergy Communications, Inc. Business Services Berkshire Partners, LLC - Premier Research Group Ltd. Business Services Metalmark Capital Holdings LLC - ProKarma, Inc. Business Services Thoma Bravo, Inc. - TeraMach Technologies, Inc. Business Services Pivot Technology Solutions, Inc. - The Execu|Search Group Business Services New Heritage Capital, LLC - Beko Kaeuferportal GmbH Digital Advertising General Atlantic, LLC - The Cotswold Company Ltd. Digital Media/Commerce True Capital Limited - The Worth Collection Ltd. Digital Media/Commerce New Water Capital L.P. - ProPharma Group Information Linden Capital Partners - MarketCast LLC Marketing Technology Kohlberg & Company, L.L.C. - ARCOM ONE Software Alpine Investors, L.P. - Utimaco GmbH Software EQT Mid Market - vCareConnect LLC Software GCI, Inc. -
45 | M&A and Investment Summary October 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed ETCP.cn Digital Media/Commerce Dalian Wanda Group Corporation Ltd. $ 230.0 TVS Logistics Services Limited Business Services Caisse de Depot et Placement du Quebec 155.0 PaySimple, Inc. Software Providence Equity Partners, Inc. 115.0 Yijiupi Digital Media/Commerce Greenwoods Asset Management Limited 100.0 Group Nine Media Digital Media/Commerce Discovery Communications LLC 100.0 Mobike Digital Media/Commerce Sequoia Capital 100.0 Iora Health LLC Software Khosla Ventures 75.0 DTI Management LLC Marketing Technology CVC Capital Partners Ltd. 75.0 Giphy, Inc. Digital Media/Commerce Draper Fisher Jurvetson 72.0 GoEuro Corporation Digital Advertising Kleiner Perkins Caufield & Byers 70.0 Oblong Industries, Inc. Software Greenspring Associates 65.0 Wavefront, Inc. Marketing Technology Sequoia Capital 52.0 New Dada Digital Media/Commerce WalMart Stores, Inc. 50.0 YuppTV Digital Media/Commerce Emerald Media 50.0 Everything But the House Digital Media/Commerce Greycroft Partners LLC 41.5 Cloudian, Inc. Software Intel Capital 41.0 Rover.com Digital Media/Commerce Menlo Ventures 40.0 Smava GmbH Digital Media/Commerce Runa Capital 34.0 WellTok, Inc. Software New Enterprise Associates 33.7 Paxata, Inc. Marketing Technology Intel Capital 33.5 Habit LLC Digital Media/Commerce Campbell Soup Company 32.0 Aspire Health, Inc. Software Google Ventures 32.0 Clarifai, Inc. Marketing Technology Union Square Ventures 30.0 Microseer.com Corporation Software JD.com 30.0 360insights Marketing Technology Sageview Capital 30.0 Cloud9 Technologies LLC Software JP Morgan Chase & Co. 30.0 Leanplum, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 29.0 simPRO Software Pty. Ltd. Software Level Equity 29.0 Mist Systems, Inc. Software Lightspeed Venture Partners 28.0 Nexus Systems LLC Software Mainsail Partners 28.0 Heal, Inc. Digital Media/Commerce QUALCOMM Ventures 26.9 Tout, Inc. Marketing Technology Melohn Group 26.0 Baobab Studios, Inc. Traditional Media Horizons Ventures Ltd. 25.0 Dailyhunt Digital Media/Commerce Sequoia Capital 25.0 Mitrefinch Ltd Software Lloyd's Development Capital 24.5 FundThrough Software ScaleUp Ventures 24.3 The Access Group Agency & Marketing Services Water Street Healthcare Partners LLC 23.1 EverQuote, Inc. Digital Advertising Savano Capital Partners 23.0 SafetyCulture Pty. Ltd. Digital Media/Commerce Index Ventures 23.0 Snapp.ir Digital Media/Commerce MTN Capital Partners LLC 22.3 PayCommerce Software Tritium Partners, LLC 22.0 Propeller Health Software 3M Ventures 21.5 46 | M&A and Investment Summary October 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed SecureKey Technologies, Inc. Software Toronto Dominion Bank $ 20.6 Riskalyze, Inc. Software FTV Capital 20.0 The Culture Trip Ltd. Digital Media/Commerce PPF Group 20.0 Busfor Digital Media/Commerce Baring Vostok Capital Partners 20.0 Mobcrush, Inc. Digital Media/Commerce Kleiner Perkins Caufield & Byers 20.0 ContentSquare Marketing Technology Highland Capital Partners Europe 20.0 Snapsheet, Inc. Marketing Technology F-Prime Capital 20.0 GigaTrust Software Balance Point Capital Partners L.P. 20.0 ActiveCampaign, Inc. Marketing Technology Silversmith Capital Partners 20.0 Zumper, Inc. Digital Advertising Kleiner Perkins Caufield & Byers 17.6 mParticle, Inc. Marketing Technology Social Capital 17.5 Sonovate Limited Software Dawn Capital 17.0 Financeit Canada, Inc. Software DNS Capital 17.0 Axial Healthcare Software .406 Ventures, LLC 16.6 21sportsgroup Digital Media/Commerce ESO Capital 16.3 Everwise Software Sequoia Capital 16.0 InContext Solutions Marketing Technology Intel Capital 15.2 Knowbox Digital Media/Commerce Genesis Capital 15.0 Furlenco Digital Media/Commerce Lightbox Ventures 15.0 VenueNext, Inc. Marketing Technology Causeway Media Partners 15.0 Evidation Health, Inc. Software GE Ventures 15.0 DiCentral, Inc. Software Kayne Partners 15.0 Cityworks Software Polaris Partners 14.5 BASE, Inc. Marketing Technology Suneight Investment 14.4 Hixme Software Kleiner Perkins Caufield & Byers 14.1 Move24 Group GmbH Digital Media/Commerce Piton Capital 14.1 Dataiku SAS Software FirstMark Capital 14.0 EnergySavvy, Inc. Marketing Technology GXP Investments 14.0 Ladder Financial, Inc. Information Canaan Partners 14.0 Twyla, Inc. Digital Media/Commerce Google Ventures 14.0 Linkfluence SAS Marketing Technology Orkos Capital SAS 13.3 OpenGamma Limited Software Accel Partners 13.3 ZappiStore Limited Marketing Technology Prime Ventures 13.1 Wochit, Inc. Marketing Technology Redpoint Ventures 13.0 FourKites, Inc. Software Bain Capital Ventures 13.0 Social Tables, Inc. Marketing Technology Bessemer Venture Partners 13.0 TouchBistro, Inc. Software Business Development Bank of Canada 12.9 E8 Security Software March Capital Partners 12.0 Webscale Networks, Inc. Marketing Technology Grotech Ventures 12.0 Storytel AB Digital Media/Commerce Undisclosed 12.0 Toreta, Inc. Marketing Technology Eight Roads Ventures 12.0 Whispir.com, Inc. Software Telstra Ventures Group 11.8 47 | M&A and Investment Summary October 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Pomelo Fashion Co., Ltd. Digital Media/Commerce Jungle Ventures $ 11.0 Coorpacademy SA Business Services Serena Capital 11.0 Money Forward, Inc. Software Mizuho Capital Partners Company, Ltd 11.0 Wave Accounting, Inc. Software CRV 10.9 Emissary.io Information Canaan Partners 10.0 ForeverCar Digital Media/Commerce CMFG Ventures 10.0 TravelBank Digital Media/Commerce Accel Partners 10.0 NVoicePay Software Napier Park Global Capital 10.0 Newtopia, Inc. Software Bloom Burton & Co. 10.0 StreetTeam Digital Media/Commerce Saatchi Investments 10.0 Grana.com Digital Media/Commerce Alibaba Group Holding Ltd. 10.0 eatigo international pte. ltd. Digital Advertising TripAdvisor, Inc. 10.0 Notion AI, Inc. Marketing Technology Accel Partners 9.5 tCell.io, Inc. Software Menlo Ventures 9.4 Kinduct Software Intel Capital 9.0 Zipwhip, Inc. Marketing Technology Microsoft Ventures 9.0 Blue Medora Software VMware, Inc. 8.6 Onit, Inc. Software Level Equity 8.3 ComplyAdvantage Software Balderton Capital 8.2 Imzy Digital Media/Commerce Index Ventures 8.0 K4Connect, Inc. Software Intel Capital 8.0 Dealpath, Inc. Software Formation 8 8.0 Restless Bandit, Inc. Software GGV Capital 8.0 Boxtale SAS Digital Advertising Idinvest Partners 7.7 BOX8 Digital Media/Commerce Mayfield Fund 7.5 Nozomi Networks, Inc. Software GGV Capital 7.5 Seniorlink, Inc. Software NewSpring Capital 7.5 HappyCo, Inc. Marketing Technology 500 Startups 7.5 Tock LLC Software Pritzker Group Venture Capital 7.5 DemystData Ltd Software Singtel Innov8 Ventures Pte. Ltd. 7.0 Postman Software Nexus Venture Partners 7.0 Contessa Health, Inc. Software BlueCross BlueShield Venture Partners, L.P. 7.0 HolidayMe Digital Media/Commerce Accel Partners 7.0 Benchling, Inc. Information Andreessen Horowitz 7.0 eMindful, Inc. Digital Media/Commerce LFE Capital 6.9 TVision Insights, Inc. Marketing Technology Accomplice, LLC 6.8 Science 37, Inc. Software Lux Capital 6.5 Madefire, Inc. Digital Media/Commerce True Ventures 6.5 Vizolution Marketing Technology HSBC Holdings 6.4 TVPlayer Limited Traditional Media A&E Television Networks, LLC 6.4 Chorus.ai Marketing Technology Emergence Capital Partners 6.3 Cybric, Inc. Software Capstone Ventures 6.3 48 | M&A and Investment Summary October 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Cloverpop, Inc. Software True Ventures $ 6.2 Workspot, Inc. Software Presidio Ventures, Inc. 6.2 KredX Digital Media/Commerce Sequoia Capital 6.0 H88 S.A. Marketing Technology 3TS Capital Partners, Ltd. 6.0 Soundtrap AB Software (Private Investors) 6.0 source{d} Software Otium Capital 6.0 PayFit SAS Software Otium Capital 5.5 Mynd.co Marketing Technology Canaan Partners 5.5 OpenDataSoft SAS Software Salesforce Ventures 5.5 Makerist GmbH Digital Media/Commerce Ringier Digital Ventures 5.5 Moxe Health Software Safeguard Scientifics, Inc. 5.5 Nurx, Inc. Digital Media/Commerce Union Square Ventures 5.3 Nugit Pte. Ltd. Marketing Technology Sequoia Capital 5.2 Unbabel, Inc. Marketing Technology Notion Capital 5.0 Timelio Digital Media/Commerce Thorney Investment Group 5.0 Brickwork Marketing Technology Safeguard Scientifics, Inc. 5.0 Super League Gaming, Inc. Traditional Media Toba Capital 5.0 4G Clinical LLC Software Schooner Capital LLC 5.0 Vertical Mass, Inc. Software Greycroft Partners LLC 5.0 First Contact Entertainment, Inc. Digital Media/Commerce Undisclosed 5.0 Anchore, Inc. Software (Private Investors) 5.0 Mystifly Consulting (India) Pvt. Ltd. Digital Advertising Recruit Holdings Co., Ltd. 5.0 Perkbox Software Draper Espirit 4.9 OnceThere, Inc. Digital Advertising Undisclosed 4.5 Code Climate, Inc. Software Union Square Ventures 4.5 Biz2mobile Limited Software YFM Equity 4.4 PacketZoom, Inc. Marketing Technology First Round Capital 4.3 Tannico.it Digital Media/Commerce Programma 101 4.3 Moglix Digital Media/Commerce Accel Partners 4.2 Paperspace Software Data Collective 4.0 TurboAppeal, Inc. Software Barbara Corcoran Venture Partners 4.0 Virgil Security, Inc. Software KEC Ventures 4.0 Kayentis SAS Software Innovation Capital 3.9 VMRay GmbH Software eCAPITAL 3.9 Roomex Ltd. Digital Advertising Frontline Ventures 3.9 Ravelin Technology Limited Software Playfair Capital 3.7 CloudLex, Inc. Software Aligned Partners 3.7 Binge Digital Media/Commerce vMobo, Inc. 3.5 Kindful Software Cultivation Capital 3.5 Itopia, Inc. Software (Private Investors) 3.5 Resolver.co.uk Digital Advertising Draper Espirit 3.4 Pay By Group Software Kima Ventures 3.4 49 | M&A and Investment Summary October 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Selency.co Digital Media/Commerce Accel Partners $ 3.3 Honeycomb TV Limited Marketing Technology Beringea LLC 3.3 Undo Ltd. Software Cambridge Innovation Captial 3.3 Zylo Marketing Technology SV Angel, LLC 3.3 Returnly Technologies, Inc. Marketing Technology Index Ventures 3.2 HomeMe, Inc. Digital Media/Commerce Menlo Ventures 3.2 Cognitive Scale, Inc. Software Microsoft Ventures 3.2 Kindly Care, Inc. Software MHS Capital Partners 3.1 Baffle, Inc. Software True Ventures 3.0 HYPR Corp. Software RTP Ventures 3.0 Joymode, Inc. Digital Media/Commerce Sherpa Ventures 3.0 Hubb Marketing Technology Elevate Capital 3.0 HYPR Corp. Software RTP Ventures 3.0 Tribe Digital Media/Commerce Sequoia Capital 3.0 Serverless, Inc. Software Trinity Ventures 3.0 Skymind, Inc. Software Tencent Holdings Ltd. 3.0 TapFwd, Inc. Digital Advertising Partech Ventures 3.0 Trunomi, Inc Software Saturn Parnters 3.0 CloudCoreo, Inc. Software Madrona Venture Group 2.9 HAPPYCAR GmbH Digital Advertising Creathor Venture Management GmbH 2.9 SimpleOrder Ltd. Software Lazarus Israel Opportunities Fund 2.8 BookingTek Software Mobeus Equity Partners LLP 2.7 Reaction Commerce, Inc. Marketing Technology Crosscut Ventures 2.7 Cricket Health, Inc. Software First Round Capital 2.5 Uplevel Security, Inc. Software First Round Capital 2.5 Joy Home, Inc. Digital Media/Commerce Obvious Ventures 2.5 Swipii Labs Ltd. Marketing Technology (Private Investors) 2.5 DMscore LLC Marketing Technology Techspring Partners 2.5 Wine N Dine LLC Digital Media/Commerce Jordache Ventures 2.5 Lilt, Inc. Marketing Technology Redpoint Ventures 2.4 Weengs Ltd. Business Services Cherry Ventures 2.4 WorkRails, Inc. Software Lerer Hippeau Ventures 2.3 OnTruck Software Samaipata Ventures 2.2 PopChef Digital Media/Commerce (Private Investors) 2.2 Kontist GmbH Software (Private Investors) 2.2 Share Your Office Digital Media/Commerce Undisclosed 2.2 Zameen.com Digital Media/Commerce Frontier Digital 2.1 UserIQ, Inc. Marketing Technology BIP Capital 2.0 Redsift Limited Marketing Technology White Star Capital 2.0 Triseum LLC Digital Media/Commerce Undisclosed 2.0 Cardiogram, Inc. Digital Media/Commerce (Private Investors) 2.0 Atipica, Inc. Software True Ventures 2.0 50 | M&A and Investment Summary October 2016 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Reali, Inc. Digital Media/Commerce Liquid 2 Ventures $ 2.0 Aire Labs Ltd. Information Accion Ventures 2.0 Astronomer, Inc. Software Connetic Ventures 1.9 CoContest S.r.l. Digital Media/Commerce Draper Associates 1.9 Tovala Digital Media/Commerce Origin Ventures 1.6 Hooch LLC Digital Media/Commerce Blue Scorpion Investments 1.5 VRChat, Inc. Digital Media/Commerce Rothenberg Ventures 1.5 productboard, Inc. Marketing Technology Index Ventures 1.3 SoloLearn, Inc. Business Services Learn Capital Venture Partners 1.2 VirtDB Zrt. Software Undisclosed 1.2 KidPass, Inc. Digital Media/Commerce (Private Investors) 1.2 CaliberMind Marketing Technology CEB Ventures 1.1 Snowfall Oy Digital Media/Commerce (Private Investors) 1.1 GoZefo Digital Media/Commerce Helion Venture Partners 1.1 Koukoi Games Ltd. Digital Media/Commerce Tekes 1.0 Docsynk, Inc. Software Naya Ventures 1.0
51 | M&A and Investment Summary October 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
52 | M&A and Investment Summary October 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
53 | M&A and Investment Summary October 2016 Representative Recent Transactions*
a portfolio company of a portfolio company of a portfolio company of has acquired comprised of The Simple Dollar, (NASDAQ: CTSH) Reviews.com, and Freshome has been sold to has agreed to be 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 division of a portfolio company of
(NASDAQ: ACXM) (NYSE: OMC)
$225,000,000* $207,000,000*
a portfolio company of has received a majority and a portfolio company of a portfolio company of investment from has been sold to has been sold to has received a majority has been sold to 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
$160,000,000*
has sold a portfolio company of has been sold to a portfolio company of has been sold to has received a significant has been sold to growth investment from to Aperion Management has been sold to a portfolio company of has been sold to has been sold to and
(NYSE: ACN)
*Approximate Value
$120,000,000 $160,000,000*
has been sold to a portfolio company of has been sold to has been sold to has received a significant has been sold to has been sold to has been sold to investment from has sold MediMedia Pharma Solutions a division of to
(NYSE: OMC) (NYSE: EVDY) (NASDAQ: EXLS) (NYSE: RUK)
*Approximate Value
*For a more comprehensive list, please click here. 54 | M&A and Investment Summary October 2016