Monthly Business & Tech-Enabled Services Sector

BUSINESS AND TECH-ENABLED SERVICES SECTOR REPORT

February 2018

1 BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD $79.8 Billion 560 M&A Volume YTD M&A Transactions YTD Quarterly M&A Volume ($Bn) and Deal Count Select M&A Transactions 100 Announced Date Acquirer Target EV ($MM) $79.8 80 2/27/2018 NA 60 $48.5 $45.1 $45.5 $37.1 2/26/2018 $138 40 $31.1 Progressive Ventures $24.6 $27.4 $26.9 $19.1 $19.2 $21.7 Volume ($Bn) Volume $14.9 20 2/20/2018 NA 0 Q1 '15Q2 '15Q3 '15Q4 '15Q1 '16Q2 '16Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18 2/20/2018 NA

1200 2/14/2018 NA 966 944 964 995 986 US Public Sector Bus. 1000 901 929 917 875 894 797 788 2/12/2018 $181 800 GMID 560 600 2/12/2018 $9,705

Deal Count Deal 400 200 2/6/2018 $400 Talent Assessment Bus. 0 Q1 '15Q2 '15Q3 '15Q4 '15Q1 '16Q2 '16Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18 2/5/2018 NA

(1) Last 12 Months Business & Tech-Enabled Services Performance vs. S&P 500 1/31/2018 $775 125.0% 1/30/2018 $20,000 120.0% F&R Business 115.0% 1/29/2018 $335 PR & Digital Media 110.0%

105.0% 1/29/2018 $830

100.0% 1/29/2018 NA 95.0% 90.0% 1/24/2018 NA Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Dec-17 Jan-18 Mar-18

Business & Tech-Enabled Services S&P 500 1/23/2018 $175

Notes: 2 Source: Capital IQ and PitchBook. Market Data as of 3/5/18. 1) Business & Tech-Enabled Services is comprised of all of the companies listed under Public Company Valuations. GCA OVERVIEW Business & Tech-Enabled Services Team

New York Tokyo Milan Frankfurt London th 640 Fifth Avenue, 10 Fl. 11-1 Marunouchi 1-chome Piazza San Fedele 4 Thurn-und-Taxis-Platz 6 1 Southampton St. New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 20121 Milano 60313 Frankfurt London WC2R0LR United States Japan Italy Germany United Kingdom Phone: (212) 999-7090 Phone: +81 (3) 6212-7100 Phone: +39 02 76 01 73 40 Phone: +49 69 204 34 6410 Phone:+44 20 7484 4040

Derek Bell Stephen Georgiadis* Akikazu Ida* Sascha Pfeiffer* Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7089 Phone: +44 207 484 4040 Phone: +81 (3) 6212-7241 Phone: +49 69 204 346 415 Mobile: (914) 953-0689 Mobile: +44 7770 827335 Mobile: +81 (80) 9027-3023 Mobile: +49 177 741 5643 [email protected] [email protected] [email protected] [email protected]

Adrian Reed* Tobias Schultheiss* Alessandro Soprano* Raiko Stelten* Managing Director Managing Director Managing Director Director

Phone: +44 845 505 4343 Phone: +49 69 204 346 416 Phone: +39 02 7601 7340 Phone: +49 69 204 346 418 Mobile: +44 7887 626800 Mobile: +49 160 534 6278 Mobile: +39 348 231 6056 Mobile: +49 171 335 0879 [email protected] [email protected] [email protected] [email protected]

For a complete list of GCA’s global offices, visit www.gcaglobal.com.

Notes: *Stephen Georgiadis, Adrian Reed, and Alessandro Soprano are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Akikazu Ida is a Managing Director at GCA Corporation. 3 *Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. *Raiko Stelten is a Director at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months Last 3 Years

150% 175%

140%

150% 130%

120%

125%

110%

100% 100%

90%

80% 75% Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Dec-17 Jan-18 Mar-18 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18

Key Sector 3 Months 1 Year 3 Years Advertising & Marketing Services 3.0% 0.4% 2.1% Events & Exhibitions 12.6% 36.6% 57.2% Information Services 1.5% 19.5% 43.3% Consulting & Training 6.3% 15.4% 27.7% HR Services 0.2% 13.8% 46.7% Staffing & Recruiting 4.7% 34.5% 56.3% IT & BPO Services 7.6% 16.7% 22.0% Customer Care / CRM Services (0.4%) 24.7% 57.2% S&P 500 3.5% 14.6% 29.5% Notes: Source: Capital IQ. Market Data as of 3/5/18. Advertising & Marketing Services: ADS, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, III, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 4 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, CVON, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS. Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. TRADING COMPARABLES Valuation Metrics

EV / 2018E EBITDA EV / 2018E Revenue

16.0x 5.0x

13.9x 13.8x 4.5x 4.3x 14.0x 13.5x

4.0x 3.7x 12.0x 10.9x 3.5x 10.3x 3.1x 10.0x 9.1x 8.7x 3.0x 8.3x 8.0x 2.5x 2.1x 2.0x 6.0x 1.5x 1.5x 4.0x 1.1x 1.0x 0.7x 0.5x 2.0x 0.5x

0.0x 0.0x Information Events & HR Services IT & BPO Consulting & Staffing & Customer Advertising & Information Events & HR Services IT & BPO Advertising & Consulting & Customer Staffing & Services Exhibitions Services Training Recruiting Care / CRM Marketing Services Exhibitions Services Marketing Training Care / CRM Recruiting Services Services Services Services

Notes: Source: Capital IQ. Market Data as of 3/5/18. Figures reflect median values, except for HR services, which reflects mean values. Advertising & Marketing Services: ADS, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, III, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 5 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, CVON, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS. Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. TRADING COMPARABLES Operational Metrics

2018E EBITDA Margin 2019E / 2018E Rev. Growth

35.0% 10.0% 31.9% 9.0% 8.7% 30.0% 8.0% 7.5% 24.9% 25.0% 6.6% 22.2% 7.0% 6.3% 5.9% 6.0% 5.6% 20.0% 17.0% 16.6% 4.7% 5.0% 4.4% 15.0% 11.9% 4.0% 10.7% 10.0% 3.0% 6.3% 2.0% 5.0% 1.0%

0.0% 0.0% Information Events & HR Services IT & BPO Advertising & Consulting & Customer Staffing & HR Services IT & BPO Customer Consulting & Information Advertising & Events & Staffing & Services Exhibitions Services Marketing Training Care / CRM Recruiting Services Care / CRM Training Services Marketing Exhibitions Recruiting Services Services Services Services

Notes: Source: Capital IQ. Market Data as of 3/5/18. Figures reflect median values, except for HR services, which reflects mean values. Advertising & Marketing Services: ADS, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, III, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 6 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, CVON, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS. Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics

$MM, Except Per Share Data Stock LTM Trading Statistics Operating Metrics Price Price Range Equity Cash & Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth Gross Margin EBITDA Margin 3/5/18 Low High Value Equiv. Debt Value CY 17A CY 18E CY 19E CY 17A CY 18E CY 19E CY 18E CY 19E 18E/17A 19E/18E CY 18E CY 19E CY 18E CY 19E

Advertising & Marketing Services

WPP plc $17.47 $16.44 $24.60 $21,850 $3,232 $9,292 $28,543 1.4x 1.4x 1.3x 8.9x 8.1x 7.9x 10.7x 10.1x 1.9% 3.3% NA NA 16.7% 16.7% Omnicom Group Inc. 75.88 65.32 86.71 17,473 3,796 4,964 19,360 1.3x 1.2x 1.2x 8.3x 8.0x 7.5x 13.5x 12.7x 3.4% 3.2% 25.4% 25.6% 15.2% 15.8% Publicis Groupe S.A. 72.78 64.24 85.17 16,449 2,890 3,758 17,320 1.5x 1.5x 1.4x 8.1x 8.3x 7.8x 12.6x 11.9x 1.5% 3.0% 38.0% 38.0% 17.6% 18.3% Alliance Data Systems Corporation 231.77 209.00 278.33 12,854 4,190 25,818 34,482 4.5x 4.1x 3.8x 19.8x 15.5x 14.1x 10.2x 8.9x 7.7% 10.1% 44.3% 44.1% 26.8% 26.8% Dentsu Inc. 42.73 41.60 61.86 12,046 2,715 4,089 13,926 1.7x 1.5x 1.4x 8.1x 8.3x 7.4x 17.4x 14.1x 14.2% 6.0% NA NA 17.8% 18.7% The Interpublic Group of Companies, Inc. 23.59 18.30 26.01 9,070 791 1,373 9,938 1.3x 1.2x 1.2x 8.8x 8.2x 7.8x 13.8x 12.7x 3.4% 3.3% 36.2% 36.3% 14.9% 15.1% Hakuhodo DY Holdings Inc 14.26 12.15 16.03 5,317 1,186 83 4,412 0.4x 0.3x 0.3x 8.3x 7.6x 7.2x 18.6x 17.6x 10.0% 3.5% 20.3% 20.6% 4.5% 4.6% HubSpot, Inc. 116.80 56.50 117.35 4,422 504 298 4,216 11.2x 8.7x 7.0x NM NM NM NM NM 28.9% 24.2% 82.1% 82.6% 8.7% 10.6% LendingTree, Inc. 354.45 115.20 404.40 4,340 369 238 4,210 6.8x 5.4x 4.3x 49.5x 28.1x 21.4x NM 45.7x 26.9% 24.1% 96.9% 97.0% 19.1% 20.2% j2 Global, Inc. 78.78 70.27 91.48 3,868 351 1,002 4,519 4.0x 3.7x 3.4x 11.0x 9.2x 8.2x 12.9x 11.7x 9.3% 7.6% 84.5% 84.5% 40.3% 42.1% Yelp Inc. 44.11 26.93 48.40 3,682 821 - 2,861 3.4x 3.0x 2.6x NM 15.6x 12.3x 37.2x 29.3x 12.6% 16.4% 92.6% 92.6% 19.2% 20.9% Meredith Corporation 57.70 50.63 72.25 2,581 35 697 3,243 1.9x 0.8x 0.8x 9.9x 3.9x 3.0x 9.5x 6.8x 149.6% (1.3%) NA NA 19.6% 26.4% Moneysupermarket.com Group PLC 3.61 3.35 5.12 1,936 47 - 1,889 4.2x 4.0x 3.7x 12.1x 10.7x 9.9x 15.6x 14.4x 7.0% 7.6% 72.9% 73.0% 37.0% 37.3% Cheil Worldwide Inc. 16.98 16.33 20.74 1,837 378 16 1,483 NA 0.5x 0.4x NA 7.3x 6.8x 15.3x 13.9x NA 4.8% 31.4% 31.9% 6.2% 6.4% Ipsos SA 39.08 31.14 43.99 1,629 165 724 2,209 1.0x 1.0x 1.0x 9.1x 8.5x 8.0x 11.6x 10.5x 2.9% 3.8% 65.3% 65.4% 11.8% 12.0% QuinStreet, Inc. 12.80 3.15 13.87 592 42 - 549 1.6x 1.5x 1.3x 48.6x 17.1x 13.1x 49.9x 32.0x 12.9% 9.5% 14.5% 16.0% 8.5% 10.1% YouGov plc 4.70 3.40 4.99 495 31 0 464 NA 2.8x 2.5x NA 16.7x 14.1x 27.9x NA NA 10.7% 78.0% 78.0% 16.6% 17.8% MDC Partners Inc. 7.80 6.80 12.26 455 46 883 1,413 0.9x 0.9x 0.8x 7.9x 6.5x 5.9x 12.3x 9.6x 5.0% 5.2% NA NA 13.6% 14.3%

Mean 2.9x 2.4x 2.1x 15.6x 11.0x 9.6x 18.1x 16.4x 18.6% 8.1% 55.9% 56.1% 17.4% 18.5% Median 1.7x 1.5x 1.4x 9.0x 8.3x 7.9x 13.6x 12.7x 8.5% 5.6% 54.8% 54.7% 16.6% 17.2%

Events & Exhibitions

UBM plc $12.88 $8.86 $12.90 $5,066 $105 $800 $5,805 4.3x 4.3x 4.1x 14.3x 14.1x 13.2x 19.0x 17.8x (1.5%) 5.0% 31.1% 32.0% 30.8% 31.5% Ascential plc 5.52 4.00 5.81 2,211 62 429 2,578 5.1x 4.5x 4.2x 17.7x 14.7x 13.2x 21.0x 18.5x 13.0% 7.6% NA NA 30.6% 31.6% Emerald Expositions Events, Inc. 21.94 18.67 24.56 1,597 11 555 2,141 6.3x 5.8x 5.6x 14.5x 13.5x 12.8x 17.8x 16.5x 7.8% 4.4% 71.7% 71.9% 42.9% 43.6% Viad Corp 52.90 42.05 61.85 1,080 53 185 1,212 0.9x 0.9x 0.9x 8.5x 7.9x 7.5x 19.4x 17.8x 1.8% 2.2% NA NA 11.6% 11.9% GL Events 30.68 22.22 36.42 712 239 712 1,237 NA 1.0x 1.0x NA 7.0x 6.7x 13.6x 13.3x NA 1.0% 94.1% 94.0% 14.3% 14.7% ITE Group plc 2.25 2.05 2.73 600 31 98 697 NA 3.1x 3.0x NA 16.3x 14.7x 18.8x 16.2x NA 3.8% 38.2% 39.0% 19.1% 20.4% Tarsus Group plc 4.30 3.79 4.66 484 30 144 604 3.8x 4.7x 3.3x 11.6x 14.0x 9.4x 18.8x 10.9x (19.9%) 42.2% NA NA 33.9% 35.4% MCH Group AG 58.34 57.70 88.53 350 72 273 553 NA 0.9x 0.8x NA 7.8x 7.8x 19.9x 18.7x NA 9.1% NA NA 11.7% 10.7%

Mean 4.1x 3.2x 2.9x 13.3x 11.9x 10.7x 18.5x 16.2x 0.3% 9.4% 58.8% 59.2% 24.3% 25.0% Median 4.3x 3.7x 3.2x 14.3x 13.8x 11.1x 18.9x 17.2x 1.8% 4.7% 54.9% 55.4% 24.9% 25.9%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 7 Negative margins considered NM. Market Data as of 3/5/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Information Services

S&P Global Inc. 190.37 127.28 195.93 48,335 2,791 3,569 50,520 8.3x 7.9x 7.4x 17.2x 15.9x 14.8x 22.3x 20.1x 6.1% 6.1% 71.5% 71.2% 49.5% 49.9% RELX PLC $20.42 $19.40 $24.74 $40,639 $150 $6,604 $47,121 4.7x 4.5x 4.4x 15.6x 12.9x 12.4x 17.6x 16.5x 4.8% 3.7% 52.8% 53.0% 35.0% 35.2% Moody's Corporation 167.50 110.11 171.65 32,009 1,183 5,541 36,579 8.7x 7.8x 7.3x 18.4x 16.0x 14.9x 21.7x 19.7x 12.0% 6.0% 70.1% 70.4% 48.6% 49.2% Thomson Reuters Corporation 39.56 37.99 48.45 28,071 972 7,305 34,902 3.1x 3.0x 2.9x 13.7x 10.0x 9.5x 15.4x 14.2x 1.5% 3.4% NA NA 30.3% 30.9% Experian plc 21.02 19.80 23.69 19,055 122 3,587 22,530 NA 4.7x 4.4x NA 13.7x 12.9x 20.1x 18.8x NA 6.2% 57.0% 57.0% 34.1% 34.1% IHS Markit Ltd. 47.41 37.82 49.19 18,940 134 4,193 23,019 6.4x 6.0x 5.7x 20.6x 15.1x 13.9x 21.0x 18.4x 6.8% 5.7% 63.0% 63.6% 39.6% 40.6% Verisk Analytics, Inc. 103.09 75.60 103.86 17,012 146 3,009 19,875 9.3x 8.4x 7.9x 20.1x 17.3x 16.0x 25.8x 23.2x 10.1% 7.0% 63.5% 63.8% 48.6% 49.1% Equifax Inc. 121.35 89.59 147.02 14,577 336 2,704 17,010 5.1x 4.9x 4.6x 15.2x 14.2x 13.1x 20.4x 18.9x 3.8% 5.5% 64.2% 64.5% 34.4% 35.3% Wolters Kluwer N.V. 50.41 43.64 55.55 14,112 1,225 3,696 16,588 3.1x 3.1x 3.0x 11.4x 11.5x 10.9x 17.4x 16.0x (0.1%) 3.6% 68.7% NA 27.2% 27.6% MSCI Inc. 145.93 93.71 149.15 13,126 890 2,078 14,314 11.2x 9.9x 9.1x 21.7x 18.3x 16.4x 27.3x 23.7x 13.0% 9.3% 79.2% 79.7% 54.4% 55.6% Nielsen Holdings plc 33.24 31.90 45.08 11,855 656 8,441 19,838 3.0x 2.9x 2.8x 11.7x 9.7x 8.9x 12.7x 11.1x 4.4% 3.5% 56.9% 57.3% 29.9% 31.3% Gartner, Inc. 119.38 101.86 142.16 10,844 539 3,279 13,584 NM 3.3x 3.0x NM 17.5x 15.6x 30.7x 25.9x NM 10.9% 62.3% 62.7% 18.7% 19.0% TransUnion 57.98 36.95 61.42 10,645 137 2,465 13,068 6.8x 6.1x 5.7x 18.6x 15.7x 14.3x 25.3x 22.4x 10.2% 7.7% 67.4% 67.9% 39.0% 39.8% News Corporation 16.15 12.19 17.29 9,416 1,856 281 8,139 1.0x 1.0x 1.0x 10.0x 8.4x 7.9x 28.6x 25.5x 0.3% (0.6%) NA NA 11.6% 12.4% FactSet Research Systems Inc. 208.36 155.09 210.34 8,131 254 575 8,452 6.7x 6.2x 5.8x 19.8x 18.0x 16.9x 24.4x 22.2x 8.8% 6.6% 53.3% 54.3% 34.2% 34.1% Informa plc 9.77 8.66 10.72 8,045 74 1,930 9,917 4.2x 4.1x 4.0x 13.1x 12.0x 10.7x 14.7x 14.1x 2.0% 3.2% NA NA 34.0% 37.1% Fair Isaac Corporation 173.49 124.59 177.91 5,217 94 664 5,787 6.1x 5.7x 5.3x 26.8x 21.0x 19.5x 27.3x 23.5x 7.0% 7.0% 69.5% 70.3% 27.1% 27.4% The Dun & Bradstreet Corporation 128.45 101.17 128.63 4,752 442 1,678 6,004 3.4x 3.4x 3.3x 13.1x 11.5x 11.1x 15.7x 15.0x 1.9% 2.5% 67.1% 67.2% 29.4% 29.7% Morningstar, Inc. 94.66 68.43 103.46 4,023 353 180 3,850 4.2x NA NA 14.7x NA NA NA NA NA NA NA NA NA NA CoreLogic, Inc. 45.92 38.50 49.30 3,742 119 1,754 5,377 2.9x 2.9x 2.9x 14.0x 11.3x 10.6x 17.5x 15.7x (0.2%) 2.1% 48.4% 48.6% 25.8% 26.9% Acxiom Corporation 29.31 21.80 29.31 2,321 178 230 2,373 2.6x 2.4x 2.3x 29.0x 11.4x 10.0x 28.3x 21.8x 8.0% 7.6% 48.8% 49.2% 21.4% 22.7% Euromoney Institutional Investor PLC 16.70 13.80 18.17 1,792 6 227 2,025 NA 3.4x 3.4x NA 12.8x 12.4x 15.8x 15.5x NA (0.1%) NA NA 27.0% 27.7% comScore, Inc. 25.50 20.96 31.00 1,461 147 33 1,347 NA 2.0x NA NA 6.9x NA 10.3x NA NA NA NA NA 28.4% NA National Research Corporation 49.13 38.76 58.16 1,204 35 1 1,171 10.0x 9.2x NA 30.2x 27.4x NA NA NA 8.7% NA 58.5% NA 33.5% NA Forrester Research, Inc. 41.25 36.40 47.75 741 134 - 607 1.8x 1.7x 1.6x 17.5x 15.1x 10.9x 29.2x 22.1x 5.0% 6.4% 60.1% 60.9% 11.3% 14.7%

Mean 5.4x 4.8x 4.4x 17.7x 14.3x 12.9x 21.3x 19.3x 5.7% 5.2% 62.2% 62.4% 32.2% 33.2% Median 4.7x 4.3x 4.2x 17.2x 13.9x 12.7x 21.0x 19.3x 5.6% 5.9% 63.0% 63.6% 31.9% 32.7%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 8 Negative margins considered NM. Market Data as of 3/5/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Exponent, Inc. $76.65 $56.95 $80.95 $1,975 $196 $0 $1,779 5.4x 5.1x 4.7x 22.7x 19.8x 17.8x 31.5x 28.7x 6.7% 7.2% 35.0% 35.8% 25.5% 26.5% FTI Consulting, Inc. 47.75 31.65 50.81 1,743 190 396 1,950 1.1x 1.0x 1.0x 10.4x 9.1x 8.7x 19.1x 17.2x 2.7% 4.2% 33.5% 33.0% 11.6% 11.6% ICF International, Inc. 60.05 40.20 61.25 1,118 12 206 1,313 1.1x 1.0x 1.0x 11.6x 10.7x 10.0x 16.2x 14.8x 3.2% 4.8% 37.6% 37.7% 9.7% 9.9% CBIZ, Inc. 18.30 13.00 18.80 990 0 182 1,171 1.4x 1.3x 1.3x 13.1x 10.9x 10.3x 17.4x 15.8x 5.1% 4.1% NA NA 11.9% 12.1% Navigant Consulting, Inc. 19.84 14.62 24.47 894 8 133 1,019 1.1x 1.1x 1.0x 8.1x 8.1x 7.6x 15.3x 13.9x 3.2% 3.5% 30.7% 30.9% 13.0% 13.3% Huron Consulting Group Inc. 35.20 29.53 46.85 748 17 343 1,074 1.5x 1.4x 1.4x 10.3x 11.9x 10.5x 15.6x 14.1x 1.8% 4.3% 33.8% 36.1% 12.1% 13.2% The Hackett Group, Inc. 17.97 13.24 20.36 515 18 19 516 2.0x 1.7x 1.6x 12.6x 10.1x 9.2x 15.9x 14.5x 12.5% 6.3% 38.1% 39.2% 17.3% 17.8% Resources Connection, Inc. 15.60 12.05 17.25 489 56 48 481 0.8x 0.7x NA 10.4x 10.3x NA 15.3x NA 14.0% NA NA NA 7.0% NA CRA International, Inc. 50.23 31.77 53.00 407 54 - 353 1.0x 0.9x 0.8x 12.7x NA NA 23.5x 20.9x 6.0% 6.8% 29.9% 30.3% NA NA Franklin Covey Co. 26.45 15.20 31.20 367 8 49 408 2.1x 1.9x 1.7x NM 26.9x NA NM NA 12.2% 9.4% 68.8% 69.6% 7.0% NA GP Strategies Corporation 20.60 20.30 31.25 346 24 66 388 0.8x 0.7x 0.7x 12.3x 7.5x 6.0x 14.3x 9.8x 3.6% 7.8% 17.1% 17.7% 9.8% 11.4% Information Services Group, Inc. 4.25 2.95 4.63 184 22 116 278 NA 1.0x 0.9x NA 7.7x 6.9x 11.9x 9.2x NA 8.9% 41.0% 40.8% 12.4% 12.8%

Mean 1.6x 1.5x 1.5x 12.4x 12.1x 9.7x 17.8x 15.9x 6.4% 6.1% 36.5% 37.1% 12.5% 14.3% Median 1.1x 1.1x 1.0x 12.0x 10.3x 9.2x 15.9x 14.6x 5.1% 6.3% 34.4% 35.9% 11.9% 12.8%

HR Services

Automatic Data Processing, Inc. $115.66 $95.50 $125.24 $51,269 $1,777 $2,002 $51,494 4.0x 3.7x 3.5x 18.9x 17.7x 16.0x 26.0x 23.1x 7.4% 6.8% 43.5% 44.2% 21.2% 21.9% Paychex, Inc. 65.04 54.20 73.10 23,361 339 133 23,156 7.2x 6.7x 6.3x 16.4x 15.3x 14.3x 24.5x 22.8x 6.9% 6.5% 70.7% 70.9% 43.7% 43.9% TriNet Group, Inc. 47.32 27.27 48.30 3,315 336 423 3,402 1.0x 4.0x 3.7x 14.5x 11.0x 10.0x 18.3x 17.8x (73.9%) 8.1% 74.4% 74.5% 36.2% 36.8% Insperity, Inc. 67.10 34.88 67.80 2,784 356 104 2,532 0.8x 0.7x 0.6x 17.6x 12.8x 11.3x 22.1x 19.3x 12.4% 11.0% 17.2% 17.2% 5.3% 5.5% Barrett Business Services, Inc. 75.97 44.52 77.31 555 61 4 498 0.5x 0.5x 0.4x 14.7x 10.7x 9.3x 17.5x 15.2x 11.8% 11.0% NA NA 4.5% 4.7%

Mean 2.7x 3.1x 2.9x 16.4x 13.5x 12.2x 21.7x 19.6x (7.1%) 8.7% 51.5% 51.7% 22.2% 22.6% Median 1.0x 3.7x 3.5x 16.4x 12.8x 11.3x 22.1x 19.3x 7.4% 8.1% 57.1% 57.5% 21.2% 21.9%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 9 Negative margins considered NM. Market Data as of 3/5/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Staffing & Recruiting

Recruit Holdings Co.,Ltd. $23.25 $16.78 $27.17 $38,841 $3,218 $1,782 $37,450 2.0x 1.7x 1.6x 14.8x 13.9x 11.7x 25.5x 21.5x 14.3% 7.7% 46.5% 46.6% 12.3% 13.5% Randstad Holding NV 69.65 59.38 73.50 12,734 396 1,623 13,962 0.5x 0.5x 0.5x 11.2x 9.3x 8.7x 12.6x 12.0x 7.1% 3.4% 20.1% 20.1% 5.0% 5.2% Adecco Group AG 74.33 72.45 85.28 12,658 1,155 2,349 13,861 0.5x 0.5x 0.4x 9.4x 8.7x 8.4x 12.0x 11.5x 6.0% 2.9% 18.3% 18.3% 5.3% 5.3% ManpowerGroup Inc. 118.58 97.15 136.93 7,845 689 948 8,187 0.4x 0.4x 0.3x 9.0x 8.2x 7.7x 13.1x 12.9x 10.2% 4.9% 16.5% 16.4% 4.3% 4.4% Robert Half International Inc. 58.64 42.92 60.59 7,163 295 1 6,869 1.3x 1.2x 1.2x 11.8x 11.2x 10.4x 17.9x 16.5x 6.0% 5.2% 41.3% 41.4% 11.0% 11.2% Persol Holdings Co., Ltd. 24.69 17.35 27.67 5,773 703 954 6,145 1.1x 0.7x 0.6x 15.3x 11.7x 10.2x 25.0x 21.1x 45.9% 11.5% 23.7% 23.6% 6.2% 6.3% On Assignment, Inc. 78.19 44.66 79.71 4,080 37 575 4,618 1.8x 1.4x 1.3x 16.3x 11.8x 10.6x 18.6x 16.8x 25.9% 11.2% 31.3% 31.0% 11.9% 11.8% Hays plc 2.65 2.15 2.86 3,846 155 108 3,800 0.5x 0.5x 0.5x 11.6x 10.1x 9.5x 16.3x 14.8x 7.2% 4.2% 18.7% 18.8% 4.8% 4.9% Korn/Ferry International 42.45 29.84 45.26 2,399 283 246 2,365 NA 1.4x 1.3x NA 8.8x 8.1x 15.4x 13.4x NA 3.7% 33.4% 32.9% 15.3% 16.1% PageGroup plc 7.30 5.65 7.85 2,260 116 - 2,144 NA 1.0x 1.0x NA 10.3x 9.5x 17.5x 16.1x NA 4.5% 52.8% 52.7% 10.2% 10.6% Kelly Services, Inc. 28.71 20.27 30.93 1,103 33 10 1,081 0.2x 0.2x 0.2x 10.0x 8.4x 7.6x 12.2x 10.6x 5.1% 3.4% 17.9% 18.0% 2.3% 2.4% TrueBlue, Inc. 26.75 19.30 29.50 1,064 29 119 1,154 0.5x 0.4x 0.4x 9.3x 8.8x 8.3x 12.1x 11.1x 2.3% 3.2% 25.2% 25.4% 5.1% 5.2% Kforce Inc. 27.10 16.75 28.95 677 0 120 796 0.6x 0.6x 0.5x 10.5x 8.9x 8.1x 12.7x 11.3x 3.9% 4.6% 30.0% 30.1% 6.3% 6.7% Heidrick & Struggles International, Inc. 27.60 17.90 28.00 518 208 - 311 0.5x 0.5x 0.5x 5.6x 4.9x 4.6x 18.1x 16.8x 4.3% 4.3% 30.4% 30.4% 9.9% 10.0%

Mean 0.8x 0.8x 0.7x 11.2x 9.6x 8.8x 16.4x 14.7x 11.5% 5.3% 29.0% 29.0% 7.8% 8.1% Median 0.5x 0.5x 0.5x 10.8x 9.1x 8.6x 15.9x 14.1x 6.6% 4.4% 27.6% 27.7% 6.3% 6.5%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 10 Negative margins considered NM. Market Data as of 3/5/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

IT & BPO Services

International Business Machines Corporation $156.95 $139.13 $181.32 $144,577 $12,582 $46,858 $178,984 2.3x 2.2x 2.2x 10.8x 9.2x 9.0x 11.3x 11.0x 1.2% 0.4% 47.6% 47.7% 24.3% 24.6% Accenture plc 158.85 114.82 165.58 97,958 3,682 25 95,092 2.7x 2.4x 2.3x 16.2x 14.1x 13.1x 23.6x 21.5x 8.6% 6.8% 31.6% 31.6% 17.3% 17.5% Tata Consultancy Services Limited 47.75 34.63 50.10 91,406 5,729 12 85,746 4.5x 4.3x 3.9x 17.1x 16.3x 15.0x 21.7x 19.4x 5.6% 9.1% 43.2% 43.5% 26.3% 26.2% Cognizant Technology Solutions Corporation 82.27 57.00 83.79 48,379 5,056 873 44,196 3.0x 2.7x 2.5x 14.6x 12.9x 11.2x 18.1x 16.0x 9.5% 8.8% 39.0% 39.5% 21.1% 22.3% Infosys Limited 17.77 13.22 18.77 38,621 3,615 - 35,006 3.3x 3.1x 2.9x 12.2x 11.8x 10.8x 17.0x 15.6x 5.4% 7.5% 36.8% 36.6% 26.4% 26.7% DXC Technology Company 102.00 67.76 105.00 29,140 2,926 8,540 35,119 NA 1.5x 1.5x NA 6.9x 6.8x 11.5x 10.7x NM (1.0%) 26.1% 27.2% 20.9% 21.6% Capgemini SE 124.61 101.27 134.37 20,966 - - 20,966 1.4x 1.3x 1.2x 11.8x 9.4x 8.9x 16.6x 15.1x 3.8% 5.3% 30.0% 32.2% 14.0% 14.0% Wipro Limited 4.47 3.71 5.15 20,099 4,532 2,067 17,671 2.1x 2.1x 2.0x 10.5x 9.9x 10.0x 15.4x 15.2x 0.0% 2.8% 29.5% 29.6% 20.7% 20.0% HCL Technologies Limited 14.33 12.24 16.00 19,950 843 92 19,200 2.5x 2.3x 2.1x 11.2x 10.3x 9.5x 14.7x 13.4x 8.1% 9.7% 34.0% 34.0% 22.6% 22.4% CGI Group Inc. 58.49 47.42 58.59 16,591 191 1,521 17,921 2.0x 2.0x 2.0x 12.3x 11.1x 10.6x 17.8x 16.5x 1.0% 3.2% NA NA 18.3% 18.6% NTT Data Corporation 9.97 9.48 13.45 13,987 1,890 5,261 17,661 1.0x 0.9x 0.9x 7.0x 5.9x 5.7x 21.4x 18.0x 7.3% 3.0% 24.7% 25.2% 15.1% 15.1% Atos SE 132.39 127.95 167.14 13,916 2,714 2,345 14,225 0.9x 0.9x 0.9x 6.9x 6.5x 6.2x 12.2x 11.2x 2.3% 2.5% 52.2% 51.0% 14.0% 14.3% Nomura Research Institute, Ltd. 44.91 36.26 52.79 10,090 1,036 519 9,680 2.4x 2.1x 2.0x 11.7x 10.4x 9.7x 23.2x 21.4x 13.3% 4.0% 34.4% 34.7% 20.3% 20.9% Tech Mahindra Limited 9.70 5.48 9.76 9,501 1,397 242 8,422 1.8x 1.7x 1.6x 12.7x 10.5x 9.3x 15.8x 14.4x 5.2% 5.2% 29.5% 30.1% 16.1% 17.3% EPAM Systems, Inc. 116.30 71.58 119.18 6,169 583 25 5,611 3.9x 3.1x 2.6x 26.8x 17.6x 14.3x 28.4x 23.5x 24.5% 20.8% 36.8% 37.0% 17.7% 17.9% Genpact Limited 31.54 23.34 34.79 6,102 504 1,216 6,819 2.5x 2.3x 2.1x 16.1x 13.6x 12.4x 18.2x 16.2x 8.4% 7.9% 38.5% 38.6% 16.9% 17.2% Conduent Incorporated 19.40 14.95 19.42 4,083 658 2,061 5,486 0.9x 1.0x 1.0x 8.2x 7.7x 7.1x 18.2x 15.6x (4.8%) 0.7% 18.0% 18.3% 12.5% 13.3% MphasiS Limited 13.21 8.03 14.34 2,553 444 60 2,169 2.2x 2.0x 1.8x 14.0x 12.4x 11.0x 18.0x 16.3x 8.5% 12.4% 27.7% 27.5% 16.3% 16.4% Syntel, Inc. 27.25 15.82 27.59 2,261 123 359 2,497 2.7x 2.7x 2.6x 10.1x 10.7x 10.3x 14.6x 13.9x 0.9% 2.1% 36.6% 36.8% 25.0% 25.5% WNS (Holdings) Limited 44.84 27.43 46.07 2,256 208 103 2,151 3.0x 2.8x 2.5x 23.5x 12.2x 10.7x 29.5x 27.7x 8.9% 10.9% 33.7% 34.7% 22.6% 23.4% Mindtree Limited 13.22 6.69 13.39 2,167 136 39 2,070 2.5x 2.3x 2.0x 19.3x 15.6x 13.3x 24.6x 20.8x 9.9% 11.7% 34.1% 33.8% 14.5% 15.2% ExlService Holdings, Inc. 57.21 44.81 64.34 1,956 265 61 1,753 2.3x 2.1x 1.9x 15.7x 11.7x 10.4x 20.7x 18.7x 10.8% 9.0% 35.0% 35.3% 17.7% 18.3% Globant S.A. 52.31 33.56 53.47 1,841 62 6 1,786 4.3x 3.5x 3.0x 34.7x 20.9x 17.2x 33.0x 26.9x 21.7% 19.9% 38.5% 38.6% 17.0% 17.2% Hexaware Technologies Limited 5.43 3.06 6.07 1,613 84 - 1,529 2.5x 2.2x 2.0x 15.1x 13.5x 11.9x 18.7x 17.0x 10.3% 12.7% 33.9% 33.9% 16.6% 16.7% Luxoft Holding, Inc. 43.20 40.15 67.85 1,461 69 1 1,392 1.6x 1.4x 1.2x 14.9x 9.2x 7.1x 14.3x 10.7x 12.7% 14.7% 37.7% 38.2% 15.3% 17.2% Virtusa Corporation 49.01 25.72 50.83 1,442 293 130 1,375 1.4x 1.2x 1.1x 20.7x 14.2x 11.6x 23.8x 20.2x 17.1% 10.2% 29.1% 30.0% 8.6% 9.5% Presidio, Inc. 15.42 12.75 19.74 1,418 21 884 2,281 0.8x 0.8x 0.7x 10.5x 9.7x 8.2x 10.9x 9.2x 7.4% 6.7% 21.0% 21.4% 7.9% 8.7% Persistent Systems Limited 12.60 8.58 13.49 1,008 134 0 875 1.9x 1.7x 1.5x 12.2x 10.0x 8.6x 17.1x 14.9x 10.9% 12.5% 35.0% 35.9% 16.7% 17.2% Perficient, Inc. 22.63 16.20 23.00 788 6 55 837 1.7x 1.7x 1.7x 15.7x 10.9x 10.0x 15.2x 13.7x (0.7%) 4.6% 36.3% 36.4% 15.9% 16.6% ConvergeOne Holdings, Inc. 8.92 7.95 9.95 622 8 520 1,134 NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Mean 2.3x 2.1x 1.9x 14.7x 11.6x 10.4x 18.8x 16.7x 7.8% 7.7% 33.9% 34.3% 17.9% 18.3% Median 2.3x 2.1x 2.0x 13.4x 10.9x 10.3x 18.0x 16.0x 8.3% 7.5% 34.2% 34.7% 17.0% 17.3%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 11 Negative margins considered NM. Market Data as of 3/5/18. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Customer Care / CRM Services

Teleperformance SE $149.36 $118.71 $159.24 $8,627 $388 $1,934 $10,188 2.0x 1.9x 1.8x 14.3x 10.9x 10.1x 18.5x 16.8x 5.6% 6.9% NA NA 17.5% 17.7% SYNNEX Corporation 124.18 101.48 141.94 4,980 556 1,944 6,368 0.4x 0.3x 0.3x 9.5x 8.3x 7.9x 12.1x 11.4x 14.1% 5.2% 9.0% 9.1% 3.9% 3.9% Convergys Corporation 23.31 20.15 26.66 2,136 207 269 2,197 0.8x 0.8x 0.8x 6.1x 6.7x 6.5x 13.8x 13.5x (5.3%) 0.8% 37.4% 37.5% 12.4% 12.8% TTEC Holdings, Inc. 36.20 28.20 43.75 1,660 79 255 1,843 NA 1.2x NA NA 8.7x NA 17.8x NA NA NA 25.5% NA 13.8% NA Sykes Enterprises, Incorporated 29.98 25.77 34.49 1,276 344 327 1,259 0.8x 0.7x 0.7x 7.4x 7.2x 6.4x 15.0x 13.0x 6.9% 4.4% 34.1% 34.5% 10.4% 11.1% transcosmos inc. 26.23 21.57 31.45 1,088 236 124 1,005 0.4x 0.4x 0.3x 11.4x 9.3x 8.1x 21.7x 17.5x 14.3% 10.1% 17.9% 18.2% 4.1% 4.3% BELLSYSTEM24 Holdings, Inc. 14.19 8.58 15.37 1,045 49 697 1,705 1.7x 1.5x 1.4x 16.2x 14.1x 12.8x 17.7x 15.8x 10.6% 8.7% 18.8% 19.1% 10.7% 10.9% Relia, Inc. 12.36 9.63 14.29 852 124 24 753 0.8x 0.7x 0.7x 12.9x 8.9x 8.0x 23.2x 20.6x 12.8% 6.4% 14.8% 15.1% 7.8% 8.1% Atento S.A. 9.50 7.80 12.90 702 163 511 1,062 NA 0.5x 0.5x NA 4.7x 4.5x 9.6x 9.1x NA 6.8% NA NA 11.5% 11.2%

Mean 1.0x 0.9x 0.8x 11.1x 8.8x 8.0x 16.6x 14.7x 8.4% 6.2% 22.5% 22.3% 10.2% 10.0% Median 0.8x 0.7x 0.7x 11.4x 8.7x 8.0x 17.7x 14.6x 10.6% 6.6% 18.8% 18.7% 10.7% 11.0%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 12 Negative margins considered NM. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD)

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Two main units are CEIC and EMIS, which provide global 2/12/2018 $181 12.0x NA NA NA financial information from the macro and micro perspectives, Global Market Intelligence Division with a focus on data for emerging markets Offers critical news, information, and analytics enabling 1/30/2018 $20,000 10.4x NA 3.3x NA transactions and connecting communities of trading, Financial & Risk Business (55% stake) investment, financial, and corporate professionals Public relations, webcasting, and webhosting products, 1/29/2018 $335 13.4x NA 1.7x NA including GlobeNewswire, Media Intelligence, and Influencers PR Solutions & Digital Media Services Database

Provides context-based business security and fraud prevention 1/29/2018 $830 NA NA NA NA solutions for businesses in various industries worldwide

1/17/2018 $6,056 14.5x 14.5x 4.4x 4.4x Organizes business-to-business events worldwide

Provides eCommerce analytics, with proprietary 12/22/2017 $219 NA NA NA NA technology, for consumer product companies

12/18/2017 $476 5.8x NA 1.0x NA Largest direct mail production provider in North America

Provides market and cost intelligence solutions to 11/30/2017 $200 NA NA NA NA energy companies

Provides marketing tools to retailer and brand clients for 11/27/2017 $456 NM 19.6x 2.2x 2.2x understanding consumer voice

11/22/2017 NA NA NA NA NA Provider of data and analytics for capital markets

Provides under-banked consumer risk management and identity 11/14/2017 NA NA NA 2.4x NA verification services to alternative financial services industry

Global leader in consumer and business-to-business 10/12/2017 NA NA NA NA NA digital research data for business decisions

Leader in sales intelligence and acceleration for 10/5/2017 $70 NM NA 2.7x NA businesses selling to the public sector

Japan-based advertising agency and provider of 10/2/2017 $1,188 16.5x 16.6x 0.4x 0.4x animation programs

Provides predictive analytics and marketing automation 9/26/2017 $558 NA NA NA NA technology for the automotive industry

13 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides digital video brand advertising solutions in the 9/5/2017 $113 11.2x NA 0.7x NA U.S. and internationally

Provides research, technology, and data-enabled 8/29/2017 $1,300 6.3x 6.4x 1.6x 1.6x services to healthcare sector worldwide

Provides research and advice to academic, business, and 8/29/2017 $1,550 NA NA NA NA student leaders at Universities

Provides a data management platforms for display 8/28/2017 $105 NM NM 0.7x 1.0x advertising and in-store ad campaign solutions

Provides merchant risk intelligence for acquirers, 7/27/2017 $112 NA NA NA NA commercial banks, and payment systems

Provides health information through websites, mobile 7/24/2017 $2,617 14.4x 10.8x 3.7x 3.6x platforms, and publications

Predictive marketing company that uses AI to anticipate 7/18/2017 $147 NM NM 0.4x 0.3x people's need for products and services

7/5/2017 NA NA NA NA NA Provides assisted living referral services

Operates as a publisher, aggregator, and distributor of 7/3/2017 $1,435 14.2x 11.1x 3.0x 2.8x personal finance content on the Internet

Marketing solutions and search platform provider and 6/30/2017 NA NA NA NA NA publisher of the Real Yellow Pages and YP.com

Owns and operates a Website that enables customers to 6/20/2017 NA NA NA NA NA shop for energy rates

Provides identity theft detection, protection, and 6/16/2017 $63 NM NA 5.6x NA resolution services

6/5/2017 NA NA NA NA NA Provides B2B data and data-driven marketing services

Provides location-driven insights and mobile advertising 6/5/2017 $200 NA NA NA NA intelligence

5/15/2017 $3,293 22.0x NA 11.6x NA Provides business intelligence and company information

14 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides advertising, digital, and communications 5/11/2017 $4,309 11.4x 10.0x 1.7x 1.6x services

Provides hospitality, merchandise, ticket sales, 5/3/2017 $700 NA NA NA NA (Investment) sponsorship, and experiential services Provides subscription-based advertising, brand, and 4/17/2017 NA NA NA NA NA pricing intelligence solutions

Operates as a savings destination with digital offers for 4/10/2017 $464 15.1x 8.2x 1.6x 1.5x online and in-store purchases

Provides analytics and services to engage with shoppers 4/4/2017 NA NA NA NA NA and patients and optimize results

Includes the Experian Marketing Suite, CheetahMail, and 4/3/2017 $400 NA NA NA NA Mail Publisher Email/Cross-Channel Marketing Bus. Provides agricultural market intelligence to farmers, 4/3/2017 $900 17.0x NA 4.2x NA agribusinesses, and commodity traders

3/20/2017 $205 NA NA 7.3x NA Provides portfolio performance measurement

Cision provides public relations software (reverse 3/20/2017 NA NA NA NA NA merger)

Provides information and data for the global forest 3/3/2017 $125 16.2x NA 4.2x NA products industry

Provides software, workflow tools, and technologies to 2/28/2017 NA NA NA NA NA the automotive repair industry

2/20/2017 $104 17.0x 14.0x 1.9x 1.7x German full-service digital agency

2/16/2017 $215 NA NA NA NA Leading global provider of digital flight information

Provides technology media, data, and marketing 1/19/2017 NA NA NA NA NA services to customers worldwide

Performance marketing network serving online 1/10/2017 $45 NA NA 3.2x NA merchants

15 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Monitors and analyzes business information for 1/10/2017 $150 NA NA 2.5x NA companies worldwide

Provides data-driven, omni-channel marketing services 1/6/2017 $200 NA NA 2.8x 2.4x for clients in the financial services sector

Provides best practice and talent management insights 1/5/2017 $3,300 18.5x 13.3x 3.5x 3.4x in the U.S., Europe, and internationally

Provides marketers with a comprehensive view into 1/5/2017 NA NA NA NA NA consumer behavior patterns

UK-based producer and provider of technical 1/4/2017 $418 NA NA NA NA information for the automotive aftermarket

Provides integrated marketing solutions including 1/3/2017 NA NA NA NA NA digital, social, and direct mail

Operator of entertainment data and technology 12/20/2016 $560 NA NA NA NA company.

12/14/2016 $2,886 6.9x 5.0x 2.5x 2.3x Provider of real-time information and analysis services

Market research company that publishes data on 12/8/2016 $2,015 11.6x 8.3x 1.3x 1.3x consumer confidence and products

Provider of business and financial information on public 11/21/2016 $144 NA NA NA NA and private companies globally

11/17/2016 $140 (1) NA NA NA NA Provider of an online marketplace for people-based data

11/17/2016 NA NA NA NA NA Provider of technology-enabled marketing services

11/17/2016 NA NA NA NA NA Provider of social shopper marketing services

Provider of marketing insights and communications 11/17/2016 $90 6.5x 5.9x 0.7x 0.8x services

11/16/2016 $130 NA NA NA NA Provider of credit card comparison services

Notes: 16 Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. 1) Combined Enterprise Value (EV) for both Arbor Technologies, Inc. and Circulate, Inc. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provider of geographic information products and 11/14/2016 NA NA NA NA NA services

10/25/2016 NA NA NA NA NA Provider of marketing research services

Provider of data, research and analysis on private and 10/14/2016 $225 NA NA 7.2x NA public companies

10/13/2016 NA NA NA NA NA Provider of digital media and online advertising services

10/4/2016 $250 NA NA NA NA Provider of e-commerce media services

9/26/2016 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

Publisher of trade magazines and industry-specific web 9/15/2016 $1,558 11.0x NA 4.2x NA sites

9/6/2016 NA NA NA NA NA Provider of governance, risk, and compliance solutions

Provider of strategic advisory services for healthcare 8/9/2016 $2,393 22.8x 16.0x 6.9x 6.2x organizations

8/8/2016 $1,500 21.1x NA 3.2x NA Provider of performance marketing services

Provider of intellectual property and scientific 7/11/2016 $3,550 11.0x NA 3.5x NA information services Intellectual Property & Science Business

6/27/2016 $158 NM 8.9x 0.4x 0.5x Provider of online advertising services

Provider of data and research related to digital 6/10/2016 $260 19.3x NA 5.7x NA marketing, media, and commerce

Provider of sales and marketing services for the 6/9/2016 NA NA NA NA NA insurance sector

Provider of information, news and data for the travel 6/7/2016 NA NA NA NA NA and hospitality industries

17 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2016 - 2018 YTD) – continued

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

5/23/2016 $175 NA NA NA NA Provider of market research services

5/23/2016 $1,447 NA NA NA NA Publisher of market reports

5/5/2016 $107 7.3x NA 1.5x NA Provider of online review and comparison services

Provider of information and technology services to the 5/3/2016 $13,267 17.9x 14.0x 4.3x 4.2x global healthcare industry

Provider of risk assessment and decision analytics 4/25/2016 $820 NA NA NA NA services to the global healthcare industry

4/18/2016 $360 10.3x NA NA NA Provider of identity fraud services

4/15/2016 $1,100 NA NA 3.1x NA Provider of marketing information services

4/4/2016 NA NA NA NA NA Provider of web integration services in Japan

3/21/2016 $7,303 19.1x 13.8x 6.6x 6.1x Provider of financial information services

3/7/2016 $207 NA NA 1.7x NA Provider of customer acquisition services

2/18/2016 $3,579 35.0x NA 5.9x NA Operator of a healthcare analytics company

2/11/2016 $418 NM NA 2.0x NA Provider of online advertising services

1/28/2016 NA NA NA NA NA Operator of a digital marketing agency

1/11/2016 $650 NA 17.0x NA NA Provider of petroleum pricing services

Mean 14.4x 11.7x 3.2x 2.4x Median 14.2x 11.1x 2.7x 2.1x

18 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD)

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides IT solutions and professional services to its U.S. 2/12/2018 $9,754 11.6x 11.8x 1.9x 1.8x government customers to modernize legacy systems, and protect and enhance networks and assets

2/6/2018 $400 10.5x NA NA NA Formerly SHL, provides talent assessment solutions Talent Assessment Business

Digital customer engagement firm that specializes in 2/5/2018 NA NA NA 2.0x NA developing and delivering compelling customer experiences

Provides cybersecurity, cloud, DevOps, IT modernization and 1/31/2018 $775 11.5x NA 1.3x NA advanced science and engineering solutions to government enterprises Provides technology-based information processing and 1/11/2018 $5,650 13.1x 12.2x 2.8x 2.6x servicing solutions worldwide

Provider of litigation support services including electronic 12/22/2017 $185 NA NA NA NA discovery, data management and managed review services

12/11/2017 NA NA NA NA NA Bankruptcy claims and noticing agency in the U.S.

Provides claim management, loss adjusting, and risk solutions 12/6/2017 NA NA NA NA NA to insurers, brokers, and risk managers

Reverse merger with SPAC to become a Nasdaq-listed 12/1/2017 NA NA NA NA NA public company

Provides software development, engineering, and 11/30/2017 $2,000 10.4x NA 2.9x NA product design services Provides advisory services in valuation, M&A, compliance and 11/1/2017 $1,750 NA NA NA NA regulatory consulting, disputes and investigations, real estate, restructuring, and tax Global IT consulting and next-generation software 10/30/2017 $250 NA NA NA NA services company with focus on telecom sector (65% Stake) Provider of clearance and protection solutions for 10/23/2017 $140 NA NA 2.4x NA trademark and intellectual property professionals

Provides underwriting, claims administration, and 10/18/2017 $2,497 NA NA NA NA marketing services worldwide

Czech Republic-based provider of translation, 10/18/2017 $320 11.8x NA 2.0x NA localization, and testing services

19 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD) – continued

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

Provides IT managed services, infrastructure solutions, 10/3/2017 $998 NA NA NA NA consulting, and products to SMBs and Fortune 1000 companies

Enterprise IT company providing advisory services, 9/28/2017 NA NA NA NA NA security, hosting and technology solutions Provides managed cloud, agile software development, DevOps, 9/18/2017 $180 NA NA NA NA systems engineering, and IT services to the U.S. federal government

Provides proxy advisory and corporate governance solutions to 9/7/2017 $720 NA NA NA NA financial market participants

8/29/2017 $3,100 15.5x NA NA NA Provides IP and legal support services worldwide

Provides PEO services to small and medium-sized 8/21/2017 NA NA NA NA NA businesses

Provides data, applications, analytics, and consulting 8/7/2017 $530 NA NA 2.6x NA services to life sciences companies

Provides engineering, IT and staffing solutions 7/31/2017 $154 NM NA 0.2x NA worldwide

Provides integrated workforce management solutions to 7/17/2017 NA NA NA NA NA manage their temporary staffing and outside service

Operates as a PEO that provides workforce solutions for 7/12/2017 NA NA NA NA NA businesses in the U.S.

Canada-based provider of IT services and data center 7/10/2017 $199 6.9x NA 0.3x NA solutions in North America and the U.K.

Independent integrator of Microsoft Dynamics 365 for 7/5/2017 $152 NA NA NA NA mid-market and enterprise customers

Provides IT solutions to defense, intelligence, 7/3/2017 $293 10.4x 9.6x 0.9x 0.8x healthcare, and government agencies worldwide

Provides HR SaaS solutions that connect job seekers and 6/19/2017 $627 NA NA 0.9x NA employers in the U.S. and internationally

6/19/2017 $886 NA NA NA NA UK-based IT training and learning solutions company

20 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides IT and infrastructure solutions for businesses in 6/13/2017 $1,675 NA NA NA NA North America

Technology distributor of security, collaboration, 6/6/2017 $830 15.8x NA 0.2x NA networking, and data center products

Provides travel visa and passport services to 6/1/2017 NA NA NA NA NA corporations, travel companies and individuals

5/25/2017 NA NA NA NA NA Provides enterprise managed solutions

5/22/2017 $330 NA NA NA NA Provider of specialized BPO services

5/18/2017 $93 NA NA 0.3x NA Provides IT and related staffing services

Provides subscription-based enterprise support services 5/16/2017 $837 NM NM 5.2x 3.8x for Oracle, SAP, and other software products

Provides technology solutions that streamline the claims 5/15/2017 NA NA NA NA NA management process

Provides outsourced services to the pharmaceutical, 5/10/2017 $4,600 15.4x NA 2.1x NA biotechnology, and healthcare industries

Provides communication and network infrastructure 5/9/2017 $4,955 7.6x 7.6x 2.2x 2.1x services

Provides technology-based educational, curriculum, and 4/14/2017 $2,000+ NA NA NA NA assessment solutions

4/7/2017 NA NA NA NA NA Develops contingent workforce management solutions

Provides infrastructure design, engineering, and project 4/3/2017 $2,702 11.6x 10.7x 1.0x 1.0x management consultancy services

4/3/2017 $288 NA NA 0.7x NA Provides IT and BPO services

Provides technology consulting to healthcare service 3/6/2017 $110 NA NA 0.9x NA providers

21 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD) – continued

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

2/16/2017 $135 NA NA NA NA Provides strategy and growth consulting services

Benefits administration platform which provides cloud- 2/10/2017 $4,800 12.1x NA 2.1x NA based HR management services Benefits Administration & HR Platform

1/27/2017 $690 NA NA 0.7x NA Provides communications, engineering, and IT solutions Government IT Services Business Provides full-lifecycle software development services to 1/11/2017 $1,500 NA NA NA NA customers worldwide (48% stake)

12/19/2016 NA NA NA NA NA Provider of recruitment services

Provides managed hosting and cloud computing 12/14/2016 NA NA NA NA NA services, with strong AWS focus

12/12/2016 $435 11.2x 7.7x 0.8x 0.8x Provider of language translation and testing services

Provider of information security and compliance 12/6/2017 NA NA NA NA NA management services to enterprise clients

Provider of data-driven benchmarking, outsourcing 12/1/2016 NA NA NA NA NA consulting and network advisory services

Provider of debt collection and business process 11/16/2016 NA NA NA NA NA outsourcing services

11/14/2016 $4,413 16.5x NA 7.1x NA Provider of credit information services

11/6/2016 $2,500 NA NA NA NA Provider of business and financial advisory services

10/31/2016 $6,030 15.0x 11.6x 1.4x 1.2x Provider of healthcare administrative services

Provider of information management and data recovery 10/21/2016 $410 NA NA NA NA services

10/20/2016 $500 NA NA 2.6x NA Provider of enterprise-grade cloud services

22 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD) – continued

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

10/17/2016 NA NA NA NA NA Provider of information technology services

10/11/2016 NA NA NA NA NA Provider of risk management services

10/6/2016 NA NA NA NA NA Provider of business process outsourcing services

10/5/2016 NA NA NA NA NA Provider of outsourcing and consulting services

9/29/2016 NA NA NA NA NA Provider of consulting and advisory services

9/26/2016 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

9/22/2016 $166 NA NA 1.8x NA Provider of global strategy consulting services

9/20/2016 NA NA NA NA NA Provider of professional staffing services

8/22/2016 $1,522 10.4x NA 3.9x NA Provider of language translation services

8/10/2016 NA NA NA NA NA Provider of business process outsourcing services

7/27/2016 $1,023 11.7x 8.9x 1.9x 1.9x Provider of technology-based legal services

7/11/2016 $420 NA NA NA NA Provider of business process outsourcing services

7/6/2016 $132 NA NA 0.8x NA Provider of business process outsourcing services

6/1/2016 NA NA NA NA NA Provider of business process outsourcing services

5/24/2016 $8,642 5.1x NA 0.5x NA Provider of IT consulting services

23 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD) – continued

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

4/4/2016 $275 NA NA NA NA Operator of a social network for executives

Provider of global IT and business process outsourcing 4/3/2016 $1,040 7.7x 7.2x 1.1x 1.1x services

Provider of cloud-enabled consulting and 3/30/2016 NA NA NA NA NA implementation services

Provider of information technology and business 3/28/2016 $3,055 NA NA 1.1x NA services

2/11/2016 NA NA NA NA NA Provider of healthcare staffing services

2/8/2016 $741 9.1x 6.1x 0.8x 0.8\ Provider of information-technology services

2/1/2016 NA NA NA NA NA Provider of court reporting services

1/4/2016 NA NA NA NA NA Provider of legal and technology consulting services

Mean 11.4x 9.3x 1.8x 1.8x Median 11.5x 9.0x 1.4x 1.8x

24 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD)

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides of direct mail and related marketing services to SMBs and franchises that 2/27/2018 Clearview Capital Mudlick Mail NA operate in the consumer services sector

Designs, underwrites, and markets membership-based legal expense plans in the 2/27/2018 Stone Point Capital LLC LegalShield NA U.S. and Canada

Research Views Limited and Progressive Ventures 2/26/2018 GlobalData Plc $138 Provides energy, construction and financial research services Limited and Progressive Media Ventures Limited

2/21/2018 Anexinet Corp. Propelics, Inc. NA Provides IT strategy and application delivery services

Offers enterprise e-learning solutions for career, compliance and certification 2/20/2018 PWP Growth Equity 360training.com, Inc. NA needs

Provdes business intelligence and big data analytics of global supply chain activity 2/20/2018 S&P Global Market Intelligence Inc. Panjiva, Inc. NA and relationships through its Global Trade Intelligence Platform

Provides omni-channel direct marketing services to a clients in the banking, 2/15/2018 Main Street Capital Direct Marketing Solutions, Inc. (DMS) NA alternative lending, technology and telecom sectors

Provides access to over 50 billion B2B and B2C data records for use in marketing, 2/15/2018 LiveRamp, Inc. Pacific Data Partners LLC NA sales, and analytics

Provides neighborhood data and data-enabled turnkey products to the real estate 2/15/2018 ATTOM Data Solutions Onboard Informatics LLC NA industry

Oncology Solutions, LLC Offers oncology consulting services, including strategy, performance, 2/15/2018 The Chartis Group, LLC NA (nka:Chartis Oncology Solutions) program/care design and physician alignment

Specializes in unified communications, contact center, and voice and data 2/15/2018 ConvergeOne Holdings Corp Systems Integration Business of Arrow Electronics NA technologies

US Public Sector Business of With 1,500 partners and staff, helps governments and multilateral agencies solve 2/14/2018 Veritas Capital Fund Management, LLC NA PricewaterhouseCoopers LLP complex business problems, improve processes and manage risk

2/13/2018 Dentsu Aegis Network Ltd. Character SF, LLC NA Branding and design agency

Digital platform that allows clients to view, sort and analyze competitor 2/13/2018 Nielsen Media Research Limited Advertising Intelligence Division of Ebiquity plc $36 advertising, linking ad creative and ad spend in more than 90 countries

2/13/2018 Frontier Strategy Group Inc. Ducker Worldwide, LLC NA B2B research and consulting firm

25 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Global Market Intelligence Division of Euromoney Two main units are CEIC and EMIS, which provide global financial information from 2/12/2018 CITIC Capital Partners; Caixin Global Limited $181 Institutional Investor PLC the macro and micro perspectives, with a focus on data for emerging markets

Provides IT solutions and professional services to its U.S. government customers to 2/12/2018 General Dynamics Corporation CSRA Inc. $9,705 modernize legacy systems, and protect and enhance networks and assets

Consulting firm providing comprehensive enterprise hybrid cloud adoption 2/8/2018 Unitas Global, LLC Solinea, Inc. NA strategies

2/7/2018 The Knowland Group Competitive Marketing Exchange (CMX) NA Provides event space marketing intelligence for hotels

BestReviews LLC Operates an online product review site that helps users to make purchasing decisions 2/7/2018 tronc, Inc. $85 (60% stake) providing recommendations based on testing and researching of consumer products

Provides direct-to-patient communications, marketing, education and patient 2/6/2018 Omnicom Health Group Inc. Snow Companies NA research initiatives

2/6/2018 Exponent Private Equity LLP Talent Assessment Business of CEB Inc. $400 Formerly SHL, provides talent assessment solutions

2/5/2018 Lieberman Research Worldwide, Inc. Strativity Group, LLC NA Provides customer experience strategy design and implementation services

Digital customer engagement firm that specializes in developing and delivering 2/5/2018 Capgemini SE LiquidHub, Inc. NA compelling customer experiences

Provides innovative software engineering, cyber security, real-time and 2/5/2018 Fulcrum IT Services, LLC PTR Group, LP NA embedded systems engineering solutions

Provides consulting services for configure, price, quote (CPQ), customer lifecycle 2/2/2018 Simplus CirrusOne LLC NA management, (CLM), billing, and customer success solutions

Provides financial due diligence services including buy-side and sell-side due 2/2/2018 CBIZ, Inc. Laurus Transaction Advisors LLC NA diligence, forensic due diligence, and post-acquisition dispute resolution

2/2/2018 General Information Services, Inc. Backtrack Inc. NA Provides employment background screening services

Strategic innovation, design and digital consultancy that helps companies improve 1/31/2018 Ernst & Young LLP Citizen Inc. NA business function and customer experience

Provides cybersecurity, cloud, DevOps, IT modernization and advanced science 1/31/2018 On Assignment, Inc. ECS Federal, Inc. $775 and engineering solutions to government enterprises

26 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

The Blackstone Group L.P.; GIC Pte. Ltd.; Canada F&R Business of Thomson Reuters Corporation Offers critical news, information, and analytics enabling transactions and connecting 1/30/2018 $20,000 Pension Plan Investment Board (55% stake) communities of trading, investment, financial, and corporate professionals

Public Relations Solutions and Digital Media Public relations, webcasting, and webhosting products, including GlobeNewswire, 1/29/2018 West Corporation $335 Services Businesses of Nasdaq, Inc. Media Intelligence, and Influencers Database

Provides context-based business security and fraud prevention solutions for 1/29/2018 LexisNexis Risk Solutions Inc. ThreatMetrix Inc. $830 businesses in various industries worldwide

Consulting firm providing business integration, change management, and leading- 1/29/2018 IMPAQ, LLC Maher & Maher NA edge training solutions The Carlyle Group L.P.; WestView Capital Partners; Provides tech-enabled services and software to help law firms, corporations, 1/29/2018 Revolution Growth LDiscovery, LLC NA government agencies and consumers solve complex data challenges (Investment)

1/29/2018 Driven, Inc. Update Legal, Inc. NA Provides legal recruiting and placement services in the U.S.

Provides SAP functional and technical services for energy and utilities, facilities, 1/24/2018 OEP Capital Advisors, L.P. Rizing, LLC NA life sciences, oil and gas, and transportation industries

1/23/2018 GoDaddy Inc. Main Street Hub, Inc. $175 Develops and operates an online marketing platform for local businesses

Offers a software platform that provides automated, integrated cloud migration along with 1/23/2018 Deloitte Digital ATADATA LLC NA discovery, application mapping, mirroring, and migration for enterprise workloads

Provides a cloud-based platform that enables enterprises to procure, manage and 1/22/2018 Automatic Data Processing, Inc. Work Market Inc. NA compensate labor for projects from unified talent pools worldwide

MidOcean Partners Provides specialized outsourced human capital and niche consulting to the life 1/22/2018 The Planet Group Limited NA (Investment) sciences and diversified energy & engineering markets

1/22/2018 Hilltop Consultants, Inc. SumaTech Consulting, LLC NA Provides managed IT services to law firms

1/19/2018 GPB Capital Holdings, LLC MatrixOneSource Inc. NA Florida-based PEO serving 700+ companies in the Southeast

Provides sales and marketing intelligence solutions to help broadcasters, dotcoms, ad tech Frontier Capital, LLC 1/17/2018 MediaRadar, Inc NA companies, magazines, and newspapers improve advertisement sales and client (Investment) management

1/17/2018 Informa plc UBM plc $6,056 Organizes business-to-business events worldwide

27 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Boathouse Capital Provides financial industry information, and develops financial analysis and risk 1/17/2018 Sageworks, Inc. NA (Investment) management solutions for private companies

Boathouse Capital Discovers, designs, builds, deploys, and manages enterprise cloud and hybrid cloud 1/17/2018 Unitas Global, LLC NA (Investment) solutions, and provides IT and operations outsourcing services

Spectrum Equity Management, L.P. Operates an online platform for law firms to find and connect with expert witness 1/16/2018 The Expert Institute Group, LLC NA (Investment) candidates

1/12/2018 Kantar Retail Company Mash Strategy Limited NA Provides brand strategy and growth consultancy services

1/11/2018 Internet Brands, Inc. Avvo, Inc. NA Operates an online legal marketplace that connects consumers and lawyers

Provides technology-based information processing and servicing solutions 1/11/2018 SS&C Technologies Holdings, Inc. DST Systems, Inc. $5,650 worldwide

Provides 3D visualization, animation, visual effects, and post-production solutions 1/10/2018 Accenture plc Mackevision Medien Design GmbH Stuttgart NA for automotive OEMs, agencies, and film production

Provides test development and test delivery solutions for organizations 1/10/2018 Baring Private Equity Asia Prometric Inc. $1,000 worldwide

1/9/2018 Endeavor Global Marketing & Advertising Agency One Sixty Over Ninety, Inc. NA Branding and creative services agency

1/9/2018 Millpond Equity Partners, LLC BrandRep, Inc. NA Providesf digital marketing services for SMBs

Northlane Capital Partners, LLC Provides sales intelligence content used by business development professionals who target 1/9/2018 List Partners, Inc. NA (Investment) national advertisers and their agencies across the U.S. and the U.K.

Keystone Capital, Inc. 1/9/2018 Arbour Group, LLC NA Provides regulatory compliance services for the global life sciences industry (Investment)

Egis Capital Partners LLC Provides digital transformation consulting and life cycle management services for 1/9/2018 Mission Critical Partners, Inc. NA (Investment) the public safety sector

1/8/2018 Finn Partners, Inc. The Brighter Group NA UK-based PR and marketing firm focused on the travel and tourism sector

LaSalle Capital Digital marketing agency that provides affiliate marketing services to advertisers by 1/8/2018 Gen3 Marketing, LLC NA (Investment) optimizing positioning of their products and services on third-party websites

28 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2018 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description TV Brand Effect Assets of The Nielsen Company 1/8/2018 Research Horizons LLC NA Offers memorability and quality tracking platform for advertising campaigns (US), LLC

Provides a media management platform for high profile film, TV, music, and sports 1/8/2018 Viacom, Inc. WhoSay Inc. NA personalities to manage their interactions via social and mainstream media

Cybersecurity firm that provides testing, assessment, consulting, and specialized 1/8/2018 Cyxtera Technologies Immunity, Inc. NA security products for enterprises and government agencies

1/5/2018 Cision CEDROM-Sni NA Canada-based digital media monitoring and analytics solutions specialist

Provides managed IT consulting and support services with a focus on on the legal, 1/5/2018 Hilltop Consultants, Inc. Strategic Integration Partners, LLC NA accounting, and financial markets

Provides value-added IT and business consulting services for clients in the 1/4/2018 RFE Investment Partners ThreeBridge Solutions, LLC NA Midwest

Fka ePrize, marketing solutions agency that provides a rich consumer engagement 1/3/2018 Dentsu Aegis Network, Ltd. / Merkle Inc. HelloWorld, Inc. NA platform

Identity and Access Management Business of Provides advisory, strategy, implementation, and managed services for organizations that 1/3/2018 KPMG LLP NA Cyberinc need to transform their enterprise or consumer identity capabilities

29 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 3/5/18. GCA OVERVIEW Deep Business & Tech-Enabled Services Sector Expertise

Refinancing of Acquired by Acquired by Acquired by Acquired by Investment in Acquired by Acquired by Acquired by Syndicated Loan Facility Management and

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

and the managers / Acquired by A portfolio company of shareholders A portfolio company of Received Minority Acquired Acquired by Acquired by Sold a majority stake in Acquired by Investment from A portfolio company of Acquired by Acquired by to

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Sellers We Advised AXIO We Advised the Seller We Advised the Buyer Financial Advisor We Advised the Seller

Sold IT Services Business Convertible Note Equity Investment Acquired by Acquired Acquired Preferred Stock Acquired Acquired by Offering to

We Advised the Sellers Financial Advisor Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Buyer Financial Advisor We Advised the Buyer We Advised the Seller

Hotel, Rental & Event Production Division Acquired by Acquired by Acquired by Acquired Acquired by Acquired by Acquired Acquired by Acquired by Consortium Led by

We Advised the Seller We Advised the Buyer We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer

Notes: 30 The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.