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February 2014 M&A and Investment Summary

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February 2014 M&A and Investment Summary Expertise. Commitment. Results. Table of Contents 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly M&A and Investment Activity by Industry Segment 9 3 Additional Monthly M&A and Investment Activity Data 40 4 About Petsky Prunier 55 Securities offered through Petsky Prunier Securities, LLC, member of FINRA. This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States. 2| M&A and Investment Summary February 2014 M&A and Investment Summary for All Segments Transaction Distribution . A total of 444 deals were announced in February 2014, of which 249 were worth $81.5 billion in aggregate reported value . Marketing Technology was the most active segment with 97 deals announced, respectively . Traditional Media was the highest reported value segment with 16 deals announced, of which eight were reported at $45.4 billion in aggregate value . Strategic buyers announced 209 deals (47 percent of total volume), of which 48 were worth $74.4 billion in aggregate value . VC/Growth Capital investors announced 226 deals, of which 198 were reported for $5.9 billion . Buyout investors announced nine deals during the month, of which three were reported at $1.2 billion in aggregate value February 2014 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Marketing Technology 97 22% $949.1 1% 34 $214.4 0 ‐ 63 $734.7 Digital Media/Commerce 89 20% 23,087.6 28% 33 22,638.7 1 ‐ 55 448.9 Software 89 20% 6,936.0 9% 34 5,398.4 4 260.0 51 1,277.6 Technology & Communications 48 11% 865.5 1% 25 312.9 0 ‐ 23 552.6 Digital Advertising 39 9% 697.7 1% 17 376.5 0 ‐ 22 321.2 Information & Business Services 37 8% 3,548.3 4% 25 56.7 2 915.0 10 2,576.6 Agency & Marketing Services 29 7% 12.5 0% 25 5.0 2 ‐ 27.5 Traditional Media 16 4% 45,365.6 56% 16 45,365.6 0 ‐ 0 ‐ Total 444 100% 81,462.2 100% 209 74,368.2 9 1,175.0 226 5,919.1 3| M&A and Investment Summary February 2014 M&A and Investment Summary for All Segments Transaction Distribution . Compared to the previous month aggregate reported value in February increased 344 percent from January 2014, and 47 percent in deal volume from January 2013 . Strategic activity accounted for 47 percent of reported deal value during the month, and included: • Comcast’s purchase of Time Warner Cable for approximately $45.2 billion, at a valuation of 3.1x revenue, and 9.0x EBITDA • Facebook’s $19 billion acquisition of WhatsApp, which provides a free cross‐platform mobile messaging application • Rakuten’s $900 million purchase of Cyprus‐based Viber, a messaging platform and application developer • Oracle’s acquisition of DMP BlueKai for a reported $400 million $90.0 $500.0 $81.5 $80.0 $70.0 Time $400.0 Warner $60.0 Cable/Co mcast $300.0 $50.0 $40.0 $38.0 $200.0 $30.0 (2) Omnicom/ WhatsApp /Facebook $20.2 $21.6 Publicis $18.4 $20.0 $18.0 $14.7 $11.7 $100.0 (1) $8.7 $10.0 $6.1 $7.5 $7.7 $8.4 299 336 359 364 392 369 384 375 309 293 301 384 444 $‐ $- Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Aug‐13 Sep‐13 Oct‐13 Nov‐13 Dec‐13 Jan‐14 Feb‐14 (1) Aggregate totals for February 2013 do not include Liberty Global’s $24.3 billion acquisition of Virgin Media or Comcast’s $16.7 billion acquisition of its remaining 49 percent stake in NBC Universal (2) Aggregate totals for June 2013 do not include Vodafone’s $14 billion acquisition of Kabel Deutschland 4| M&A and Investment Summary February 2014 Selected Transactions with Valuation Information Disclosed ($ in Millions) Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Zale Corporation eCommerce Signet Jewelers Ltd$ 1,234.0 $ 1,893.0 $ 70.0 0.7x 17.6x Viber Media, Inc. Mobile Content/Apps Rakuten, Inc. 900.0 1.5 (26.5) NM NM Eddie Bauer Holdings, Inc. eCommerce Joseph A. Bank Clothiers, Inc. 825.0 825.0 86.8 1.0x 9.5x Coastal Contacts, Inc. eCommerce Essilor International SA 385.7 195.2 (11.0) 2.0x NM Information & Business Services Medpace, Inc. Healthcare Consulting CCMP Capital Advisors, LLC 915.0 ‐ 95.0 NA 9.6x People & Print Group B.V. Printing Services VistaPrint USA, Inc. 32.9 46.8 4.1 0.7x 8.0x Staff Management Group Staffing Diamond Staffing Services, Inc. 10.0 85.0 ‐ 0.1x NA Marketing Technology Blue Kai, Inc. Online Targeting/Optimization Oracle Corporation 400.0 64.0 ‐ 6.3x NA Software Kronos Incorporated HR Software The Blackstone Group 4,500.2 243.4 78.7 18.5x 57.2x Coverity, Inc. Software Development Tools Synopsys, Inc 350.0 74.5 ‐ 4.7x NA Transics International Geo‐Demo Software WABCO Europe BVBA 156.4 50.3 8.7 3.1x 18.0x Technology & Communications ForwardThink Group, Inc. Financial Technology Perficient, Inc. 46.0 30.6 ‐ 1.5x NA Traditional Media Time Warner Cable Inc. Cable & Satellite Television Comcast Corporation 69,392.2 22,120.0 7,729.0 3.1x 9.0x 5| M&A and Investment Summary February 2014 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Feb‐14 Everyday Health, Inc. United States Digital Media/Commerce 115.0 155.9 10.6 Feb‐14 Grub Hub, Inc. United States Digital Media/Commerce NA NA NA Feb‐14 Aerohive Networks, Inc. United States Software 75.0 107.1 (28.3) Feb‐14 Borderfree, Inc. United States Software 86.3 110.5 1.4 Feb‐14 King Digital Entertainment plc United States Software 500.0 1,844.3 720.3 Feb‐14 Castlight Health United States Software 100.0 13.0 NA Feb‐14 Amber Road, Inc. United States Software 75.0 52.5 (11.7) Jan‐14 Coupons.com United States Digital Media/Commerce NA NA NA Jan‐14 JD.com China Digital Media/Commerce 1,500.0 NA NA Jan‐14 Paylocity Corpora ti on Uni ted States Software NA 46.0 NA Dec‐13 IMS Health United States Software 100.0 NA NA Oct‐13 Varonis Systems, Inc. United States Software 100.0 NA NA Sep‐13 Midasplayer.com Ltd. (King.com) United Kingdom Digital Media/Commerce NA NA NA Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA Jun‐12 Shanghai Amarsoft Information Technology China Software NA NA NA Apr‐12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6) Apr‐12 NSFOCUS Information Technology Co., Ltd. China Technology & Communications NA NA NA Apr‐12 Shenzhen Tinno Mobile Technology Corp. China Technology & Communications 451.0 NA NA Mar‐12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1) 6| M&A and Investment Summary February 2014 LTM IPO Performance Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Feb 28, 2014 1st Trading Day Jan‐14 NYSE:CRCM Care.com, Inc. United States $14.00‐$16.00 $17.00 $24.30, up 43% $18.51 (23.8%) Dec‐13 NYSE:ATHM Autohome Inc. China 14.00‐16.00 17.00 26.95, up 58% 41.20 52.9% Dec‐13 NYSE:NMBL Nimble Storage, Inc. United States 18.00‐20.00 21.00 33.81, up 61% 48.01 42.0% Nov‐13 NYSE:CUDA Barrracuda Networks, Inc. United States 18.00‐21.00 18.00 21.55, up 20% 35.95 66.8% Nov‐13 NYSE:CHGG Chegg, Inc. United States 9.50‐11.50 12.50 9.64, down 23% 6.30 (34.6%) Nov‐13 NYSE:MVNR Mavenir Systems, Inc. United States 15.00‐17.00 10.00 9.55, down 4.5% 15.45 61.8% Nov‐13 NasdaqGM:GOMO Sungy Mobile Limited China 9.50‐11.50 11.22 13.35, up 19% 27.56 106.4% Nov‐13 NYSE:TWTR Twitter United States 23.00‐25.00 26.00 44.90, up 73% 54.91 22.3% Nov‐13 NasdaqGM:WIX Wix.com Ltd. United States 14.50‐16.50 16.50 16.31, down 1% 30.90 89.5% Nov‐13 NasdaqGS:ZU zulily, Inc. United States 18.00‐20.00 22.00 37.70, up 71% 68.39 81.4% Oct‐13 NasdaqGS:COMM CommScope Holding Compa ny Inc. United States 18.00‐21.00 15.00 4.99, flat 24.22 385.4% Oct‐13 NasdaqGS:CRTO Criteo SA France 27.00‐29.00 31.00 35.39, up 15% 53.47 51.1% Oct‐13 NasdaqGS:EIGI Endurance International Group Holdings, Inc.
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