December 2017 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 9
3 Additional Monthly M&A and Investment Activity Data 41
4 About Petsky Prunier 55
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2 | M&A and Investment Summary December 2017 M&A and Investment Summary for All Segments
Transaction Distribution . A total of 514 deals were announced in December 2017, of which 266 were worth $22.5 billion in aggregate reported value • December activity is highlighted by 79 reported Business Services transactions, the segments’ largest monthly total for 2017 . Software was the most active segment with 186 deals announced — 113 of these transactions reported $5.5 billion in value . Digital Media/Commerce was also active with 108 transactions announced, of which 77 were worth a reported $13.2 billion in value . Strategic buyers announced 237 deals (46 reported $7.8 billion in value) . VC/Growth Capital investors announced 252 transactions (216 reported $13.6 billion in value) . Private Equity investors announced 25 deals during the month (four reported $1.1 billion in value)
December 2017 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 186 36% $5,520.9 25% 66 $3,244.7 4 $5.3 116 $2,270.9 Digital Media/Commerce 108 21% 13,167.8 58% 36 2,488.0 2 - 70 10,679.8 Business Services 79 15% 1,168.6 5% 50 38.1 13 1,063.5 16 67.0 Marketing Technology 66 13% 857.3 4% 27 294.7 2 41.5 37 521.1 Agency & Marketing Services 27 5% 778.1 3% 25 778.1 1 - 1 - Traditional Media 22 4% 598.8 3% 17 551.8 1 - 4 47.0 Digital Advertising 17 3% 114.8 1% 11 90.0 1 - 5 24.8 Information 9 2% 317.8 1% 5 309.4 1 - 3 8.4 Total 514 100% 22,524.3 100% 237 7,794.9 25 1,110.3 252 13,619.0
*Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions The aggregate total for December does not include Disney’s pending $69 billion TEV acquisition of 21st Century Fox, including an exchange of stock and the assumption of debt or Thales’ pending $6.6 billion TEV acquisition of Gemalto, including cash, stock, and net debt.
3 | M&A and Investment Summary December 2017 M&A and Investment Summary for All Segments
Transaction Distribution . Reported strategic activity in December remained flat month-over-month with 238 deals announced, accounting for more than 46 percent of total transactions, the largest monthly percentage total of 2017 . Strategic activity accounted for 90 percent of reported control transactions during the month and included significant transactions: • Oracle’s $1.2 billion acquisition of Aconex, a provider of cloud collaboration solutions to the construction industry • The acquisition of casual games company Big Fish Games by Aristocrat Leisure from Churchill Downs for $990 million • Target’s acquisition of same-day-delivery company Shipt for $550 million • ModusLink’s acquisition of direct mail and marketing services company IWCO Direct in a transaction valuing the company at $476 million • The $340 million acquisition of accountant scheduling and time tracking automation company TSheets by Intuit
$100.0 $22.5 $500.0 $90.0 Gemalto / Thales $80.0 $400.0 $70.0 $60.0 $300.0 $51.2 $50.2 21st Century $50.0 Tribune Fox / Scripps / Disney $40.0 $36.2 Discovery $37.8 $200.0 $33.7 $30.0 $25.2 $24.6 $24.1 $23.4 $25.0 $20.8 $19.9 $20.0 $100.0 $10.0 415 457 449 545 471 520 569 519 622 552 609 554 514 $- $- Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include Sinclair Broadcast Group’s pending $6.6 billion TEV acquisition of Tribune Media, including cash, stock, and net debt, Discovery Communications’ $15 billion TEV acquisition of Scripps Networks, including cash, stock, and net debt, Disney’s pending $69 billion TEV acquisition of 21st Century Fox, including an exchange of stock and the assumption of debt, or Thales’ $6.6 billion TEV acquisition of Gemalto, including cash, stock, and net debt. 4 | M&A and Investment Summary December 2017 Selected Transactions with Valuation Information Disclosed ($ in Millions)
Selected Transactions With Multiples Information
Target Subsegment Buyer/Investor Ent. Value TTM Rev TTM EBITDA EV/REV EV/EBITDA Agency & Marketing Services IWCO Direct DM Agency ModusLink Global Solution, Inc. $ 476.0 $ 470.6 $ 82.2 1.0x 5.8x Goldbach Group Media Planning/Buying Tamedia 217.7 502.9 34.3 0.4x 6.3x DavidandGoliath Digital Agency INNOCEAN Worldwide, Inc. 71.7 45.0 - 1.6x NA Tangerine Promotions Ad Specialty/Premiums Superior Uniform Group 12.7 36.0 - 0.4x NA
Digital Media/Commerce Big Fish Games, Inc. Gaming Aristocrat Leisure Limited 990.0 458.0 83.0 2.2x 11.9x Shazam Entertainment, Inc. Social Media/Apps Apple Inc. 400.0 54.7 - 7.3x NA Sperasoft, Inc. Gaming Keywords Studios plc 27.0 20.0 2.0 1.4x 13.5x CasinoGrounds Gaming LeoVegas Mobile Gaming Group 10.5 1.9 - 5.5x NA Evoke Gaming Ltd. Gaming Mr. Green & Co. AB 8.2 11.1 - 0.7x NA
Information Power Advocate, Inc. Product/Price Information Verisk Analytics, Inc. 200.0 36.0 11.0 5.6xNA 18.2x Marketing Technology Clavis Insight Analytics & Targeting Ascential plc 119.0 17.0 - 7.0x NM DivX, Inc. Content Management Fortress Investment Group, LLC 41.5 20.7 - 2.0x NA Horisen Messaging AG Mobile Technology LINK Mobility AS 10.6 2.0 - 5.2x NM Simple SMS Group Mobile Technology LINK Mobility AS 2.4 2.4 - 1.0x NA
Software Aconex Ltd. Collaboration Software Oracle Corporation 1,200.0 123.7 - 9.7x NA TSheets.com LLC HR Software Intuit, Inc. 340.0 40.0 - 8.5x NA TITUS, Inc. Security Software The Blackstone Group L.P. 100.0 40.0 - 2.5x NA Healthcare Communications UK Ltd. Healthcare Software IMImobile PLC 20.1 4.7 0.5 4.3x 38.7x
Traditional Media Wenner Media LLC Consumer Magazine Publishing Penske Media Corporation 100.0 330.0 - 0.3x NA MEED Media FZ LLC B-to-B Media GlobalData Plc 17.5 25.4 2.3 0.7x 7.6x
5 | M&A and Investment Summary December 2017 Securities in Registration ($ in Millions)
Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jan-18 Spotify, Inc. United States Digital Media/Commerce NA NA NA Nov-17 Zscaler, Inc. United States Software NA NA NA Oct-17 Cardlytics , Inc. United States Marketing Technology NA NA NA Jun-17 Ancestry.com LLC United States Digital Media/Commerce NA NA NA May-17 Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1 Apr-17 Tivit S.A. Brazil Business Services 319.3 2,031.8 287.2 Dec-16 AppNexus, Inc United States Marketing Technology NA NA NA Oct-16 Carbon Black, Inc. United States Software NA NA NA
6 | M&A and Investment Summary December 2017 LTM IPO Performance
Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Dec 31, 2017 1st Trading Day Dec-17 Digital Advertising iClick Interactive Asia Group Limited Hong Kong $8.00-$9.00 8.00 $9.00, up 12.0% 9.05 0.6% Nov-17 Software Bandwidth Inc. United States 20.00-22.00 20.00 21.19, up 6.0% 23.12 9.1% Nov-17 Digital Media/Commerce PPDAI Group Inc. China 16.00-19.00 13.00 13.33 up 2.5% 7.11 (46.7%) Nov-17 Software SailPoint Technologies Holdings, Inc. United States 9.00-11.00 12.00 13.00 up 8.3% 14.50 11.5% Nov-17 Marketing Technology SendGrid, Inc. United States 13.50-15.50 16.00 18.00 up 12.5% 23.97 33.2% Nov-17 Digital Media/Commerce Sogou Inc. China 11.00-13.00 13.00 13.50 up 3.8% 11.57 (14.3%)
Nov-17 Digital Media/Commerce Stitch Fix, Inc. United States 18.00-20.00 15.00 15.15, flat 25.83 70.5% Oct-17 Software Altair Engineering Inc. United States 11.00-13.00 13.00 18.31, up 40.8% 23.92 30.6% Oct-17 Software ForeScout Technologies, Inc. United States 20.00-22.00 22.00 25.49 up 15.9% 31.89 25.1% Oct-17 Digital Media/Commerce CarGurus, Inc. United States 13.00-15.00 16.00 27.58 up 72.4% 29.98 8.7% Oct-17 Software MongoDB, Inc. United States 20.00-22.00 24.00 32.07 up 33.6% 29.68 (7.5%) Oct-17 Digital Media/Commerce Sea Limited Singapore 12.00-14.00 15.00 16.20 up 8.4% 13.33 (17.7%) Sep-17 Digital Media/Commerce Secoo Holding Limited China 12.00-14.00 13.00 10.01 down 23.1% 9.66 (3.5%) Sep-17 Business Services BEST Inc. China 10.00-11.00 10.00 10.52 up 5.2% 8.98 (14.6%)
Sep-17 Digital Media/Commerce Roku, Inc. United States 12.00-14.00 14.00 23.50 up 65% 51.78 120.3% Sep-17 Digital Media/Commerce Despegar.com, Corp. Argentina 23.00-26.00 26.00 31.92 up 23.1% 27.48 (13.9%) Jul-17 Digital Advertising Redfin Corporation United States 12.00-14.00 15.00 21.72 up 45% 31.32 44.2% Jun-17 Digital Media/Commerce Blue Apron Holdings, Inc. United States 10.00-11.00 10.00 9.99, flat 4.03 (59.7%) Jun-17 Traditional Media Altice USA, Inc. United States 27.00-31.00 31.00 32.71 up 9% 21.23 (35.1%) Jun-17 Software Tintri, Inc. United States 7.00-8.00 7.00 7.27 up 3.9% 5.10 (29.8%) May-17 Software Appian Corporation United States 11.00-13.00 12.00 15.01 up 25% 31.48 109.7% May-17 Software Veritone, Inc. United States 14.00-16.00 15.00 13.07 down 13% 23.20 77.5%
Apr-17 Digital Media/Commerce Carvana Co. United States 13.00-16.00 15.00 11.10 down 26% 19.12 72.3% Apr-17 Software Cloudera, Inc. United States 12.00-14.00 15.00 18.10 up 21% 16.52 (8.7%) Apr-17 Software Okta, Inc. United States 15.00-17.00 17.00 23.51 up 38% 25.61 8.9%
7 | M&A and Investment Summary December 2017 LTM IPO Performance
Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Dec 31, 2017 1st Trading Day Apr-17 Digital Media/Commerce Netshoes (Cayman) Limited Brazil 18.00-20.00 18.00 16.10 down 10.5% 7.90 (50.9%) Apr-17 Digital Advertising Yext, Inc. United States $8.00-$10.00 11.00 $13.29 up 21% 12.03 (9.5%) Mar-17 Marketing Technology Alteryx, Inc. United States 12.00-14.00 14.00 15.50 up 10.7% 25.27 63.0% Mar-17 Software MuleSoft, Inc. United States 14.00-16.00 17.00 24.75 up 46% 23.26 (6.0%) Mar-17 Business Services Presidio, Inc. United States 14.00-16.00 14.00 14.25 up 1.8% 19.17 34.5% Mar-17 Digital Media/Commerce Snap Inc. United States 14.00-16.00 17.00 24.48 up 44% 14.61 (40.3%) Dec-16 Digital Advertising trivago N.V. Germany 13.00-15.00 11.00 11.85 up 7.7% 6.84 (42.3%)
8 | M&A and Investment Summary December 2017 Digital Media/Commerce
. Of the total $13.2 billion in value reported in the Digital Media/Commerce segment, $10.7 billion in venture/growth capital investments were announced, while more than $2.5 billion in strategic acquisitions were made . eCommerce was the most active subsegment with 48 transactions announced, of which 37 were reported for $10.9 billion. In addition to Target’s $550 million acquisition of Shipt, select transactions from the subsegment include: • Lyft’s $500 million round of funding from investors including Fidelity Investments . In a month that was dominated by SoftBank’s $4 billion investment in ride hailing company Didi Chuxing and $1.3 billion investment in Uber, eight of the 10 largest funding's in December were led by internationally-based investors. Select Digital Media/Commerce transactions include: • The $450 million investment received by real estate portal Compass from SoftBank at a reported valuation of $2.2 billion • Apple’s acquisition of music recognition app developer Shazam for a reported $400 million • The $165 million round of funding received by online pre-order fashion retailer Moda Operandi from New Enterprise Associates, Fidelity Investments, K11 Investments, and Apax Digital • Social restaurant ordering app Ritual’s $57.5 million investment from Greycroft Partners and Insight Venture Partners
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 48 44% $10,902.5 83% 13 $1,038.1 1 - 34 $9,864.4 Digital Marketplace 16 15% 289.7 2% 8 - 1 - 7 289.7 Mobile Content/Apps 15 14% 151.5 1% 4 14.2 0 - 11 137.3 Social Media/Apps 15 14% 685.9 5% 5 400.0 0 - 10 285.9 Gaming* Microsoft’s $26.2 billion acquisition of LinkedIn10 and Tencent’s 9%$10.2 billion acquisition1,086.7 of Supercell 8%have been excluded6 to limit 1,035.7comparative distortions0 - 4 51.0 Niche Content 4 4% 51.5 0% 0 - 0 - 4 51.5 Total 108 100% 13,167.8 100% 36 2,488.0 2 0.0 70 10,679.8
9 | M&A and Investment Summary December 2017 Digital Media Public Company Valuation (1/2)
($ 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alphabet Inc. $1,053.40 -5% $ 729,458.2 $ 633,279.2 $ 104,596.0 $ 34,441.0 32.9% 22.3% 6.1x 18.4x Apple Inc. 169.23 -4% 860,882.5 902,163.5 229,234.0 71,501.0 31.2% 6.3% 3.9x 12.6x Facebook, Inc. 176.46 -5% 512,759.0 474,470.0 36,490.0 20,270.0 55.5% 47.9% 13.0x 23.4x Fitbit, Inc. 5.71 -29% 1,352.0 692.8 1,618.5 (317.7) NM -29.9% 0.4x NM Glu Mobile Inc. 3.64 -26% 498.8 432.9 252.9 (52.8) NM 17.5% 1.7x NM GoPro, Inc. 7.57 -36% 1,035.2 966.5 1,385.6 (43.9) NM 28.1% 0.7x NM IAC/InterActiveCorp 122.28 -11% 10,014.7 10,929.4 3,167.8 344.5 10.9% -0.3% 3.5x 31.7x j2 Global, Inc. 75.03 -18% 3,632.1 4,228.8 1,053.3 394.0 37.4% 27.3% 4.0x 10.7x Leaf Group Ltd. 9.90 -2% 199.3 166.3 123.3 (21.3) NM 8.2% 1.3x NM The Meet Group, Inc. 2.82 -56% 202.5 177.9 112.9 27.1 24.0% 69.0% 1.6x 6.6x Netflix, Inc. 191.96 -7% 83,067.1 86,209.4 10,884.5 814.3 7.5% 33.1% 7.9x NM Pandora Media, Inc. 4.82 -65% 1,199.1 1,450.7 1,464.1 (294.2) NM 10.2% 1.0x NM RealNetworks, Inc. 3.42 -37% 127.6 68.5 125.1 (15.3) NM 5.2% 0.5x NM Remark Holdings, Inc. 9.73 -18% 265.9 290.2 67.0 (13.2) NM 19.2% 4.3x NM Roku, Inc. 51.78 -12% 5,065.4 5,287.0 471.8 (21.4) NM 0.0% 11.2x NM Snap Inc. 14.61 -50% 17,594.3 15,312.1 704.9 (3,241.2) NM 159.6% 21.7x NM TheStreet, Inc. 1.45 -12% 71.1 47.1 62.4 2.1 3.3% -3.3% 0.8x 23.0x Twitter, Inc. 24.01 -6% 17,758.85 15,273.25 2,428.95 225.95 9.3% -3.7% 6.3x 67.6x XO Group Inc. 18.46 -12% 455.9 355.0 159.2 16.3 10.2% 6.7% 2.2x 21.8x Zynga Inc. 4.00 -8% 3,482.2 2,709.9 818.7 (8.3) NM 11.1% 3.3x NM
Average 2.6x 18.5x
*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 (42.0x) *Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)
10 | M&A and Investment Summary December 2017 Digital Media 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China $234.21 -15% $ 81,323.6 $ 71,178.7 $ 11,944.6 $ 3,498.7 29.3% 11.9% 6.0x 20.3x CyberAgent, Inc. Japan 39.06 -4% 4,913.9 4,554.3 3,297.9 347.7 10.5% 19.5% 1.4x 13.1x DeNA Co., Ltd. Japan 20.62 -19% 2,993.6 2,184.5 1,248.7 301.9 24.2% -3.3% 1.7x 7.2x G5 Entertainment AB (publ) Sweden 38.85 -24% 341.9 329.8 118.1 11.8 10.0% 122.3% 2.8x 28.0x Gree, Inc. Japan 6.29 -36% 1,473.3 745.8 640.1 94.3 14.7% 10.1% 1.2x 7.9x HolidayCheck Group AG * Germany 3.38 -16% 192.2 161.7 140.9 (6.9) NM 9.1% 1.1x NM International Game Technology PLC United Kingdom 26.51 -10% 5,366.4 12,701.4 4,914.5 1,431.5 29.1% -5.4% 2.6x 8.9x mixi, Inc. Japan 44.92 -31% 3,514.4 2,226.6 1,898.2 832.2 43.8% 6.8% 1.2x 2.7x Meitu, Inc. * China 1.39 -53% 5,949.7 5,169.6 468.0 (53.8) NM 176.7% 11.0x NM NCsoft Corporation South Korea 418.91 -10% 8,901.9 7,682.8 1,320.3 461.8 35.0% 61.3% 5.8x 16.6x Naver Corporation South Korea 814.41 -11% 23,461.0 21,238.0 3,932.5 1,180.0 30.0% 17.5% 5.4x 18.0x NetEase, Inc. China 345.07 -9% 45,293.6 40,231.3 7,755.0 2,287.4 29.5% 51.8% 5.2x 17.6x NEXON Co., Ltd. Japan 29.12 -7% 12,814.6 9,501.4 2,002.6 1,074.1 53.6% 21.4% 4.7x 8.8x Pacific Online Limited China 0.18 -32% 196.7 150.1 139.9 25.0 17.9% -11.9% 1.1x 6.0x Phoenix New Media Limited China 6.49 -20% 464.2 380.0 229.3 12.2 5.3% 4.2% 1.7x 31.1x Renren Inc. * China 10.39 -44% 711.4 720.0 125.4 (77.8) NM 169.7% 5.7x NM Sea Limited * Singapore 13.33 -22% 4,359.4 4,667.8 378.0 (351.8) NM 0.0% 12.3x NM Sogou Inc. * China 11.57 -21% 5,050.6 4,921.8 802.2 119.7 14.9% 0.0% 6.1x 41.1x Sohu.com Inc. China 43.35 -39% 1,685.5 1,081.0 1,763.1 128.9 7.3% 3.4% 0.6x 8.4x Weibo Corporation * China 103.46 -16% 22,887.1 22,153.4 985.4 334.7 34.0% 66.4% 22.5x 66.2x WeMade Entertainment Co., Ltd. * South Korea 47.18 -7% 783.3 615.1 89.8 5.4 6.0% -12.9% 6.8x NM Yandex N.V. Russia 32.75 -7% 10,669.2 10,001.6 1,535.0 360.1 23.5% 22.8% 6.5x 27.8x YY Inc. China 113.06 -10% 7,127.2 6,070.0 1,571.1 405.2 25.8% 37.2% 3.9x 15.0x
Average 2.8x 17.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (34.7x)
11 | M&A and Investment Summary December 2017 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-FLOWERS.COM, Inc. $10.70 -8% $ 691.5 $ 789.7 $ 1,185.1 $ 83.3 7.0% 0.2% 0.7x 9.5x Alphabet Inc. 1,053.40 -5% 729,458.2 633,279.2 104,596.0 34,441.0 32.9% 22.3% 6.1x 18.4x Amazon.com, Inc. 1,169.47 -4% 563,535.1 582,411.1 161,154.0 12,934.0 8.0% 25.9% 3.6x 45.0x Apple Inc. 169.23 -4% 860,882.5 902,163.5 229,234.0 71,501.0 31.2% 6.3% 3.9x 12.6x Blucora, Inc. 22.10 -15% 1,019.4 1,303.8 498.5 91.9 18.4% 34.0% 2.6x 14.2x Blue Apron Holdings, Inc. 4.03 -63% 766.3 691.6 909.5 (151.3) NM 0.0% 0.8x NM CafePress Inc. 1.85 -50% 31.1 6.2 95.2 (2.3) NM -5.5% 0.1x NM CarGurus, Inc. 29.98 -15% 3,180.6 3,227.7 287.0 23.2 8.1% 0.0% 11.2x NM Carvana Co. 19.12 -23% 307.3 618.0 700.6 (135.3) NM 132.9% 0.9x NM CDW Corporation 69.49 -5% 10,636.3 14,509.6 14,845.4 1,100.8 7.4% 6.7% 1.0x 13.2x Chegg, Inc. 16.32 -4% 1,769.8 1,566.6 244.6 (6.2) NM -5.6% 6.4x NM Copart, Inc. 43.19 -4% 9,990.0 10,350.2 1,521.2 585.1 38.5% 14.8% 6.8x 17.7x eBay Inc. 37.74 -5% 39,422.1 43,390.1 9,349.0 2,920.0 31.2% 5.0% 4.6x 14.9x Etsy, Inc. 20.45 -6% 2,489.1 2,190.1 415.2 33.5 8.1% 21.2% 5.3x 65.3x EVINE Live Inc. 1.40 -14% 91.4 146.1 646.0 14.0 2.2% -6.0% 0.2x 10.5x Expedia, Inc. 119.77 -26% 18,264.3 20,354.0 9,833.5 1,290.6 13.1% 17.4% 2.1x 15.8x FTD Companies, Inc. 7.19 -71% 198.1 422.5 1,086.6 83.5 7.7% -4.5% 0.4x 5.1x GrubHub Inc. 71.80 -4% 6,224.7 5,893.1 615.4 125.2 20.3% 35.0% 9.6x 47.1x HSN, Inc. 0.00 #DIV/0! 2,115.7 2,567.6 3,462.7 231.1 6.7% -3.6% 0.7x 11.1x IAC/InterActiveCorp 122.28 -11% 10,014.7 10,929.4 3,167.8 344.5 10.9% -0.3% 3.5x 31.7x Liberty Ventures 54.24 -13% 4,643.0 6,007.0 53.0 (41.0) NM -90.1% NM NM Liquidity Services, Inc. 4.85 -52% 154.7 60.3 270.0 (29.4) NM -14.7% 0.2x NM Match Group, Inc. 31.31 -5% 8,552.3 9,654.6 1,351.0 370.6 27.4% 23.9% 7.1x 26.0x Overstock.com, Inc. 63.90 -23% 1,599.0 1,559.5 1,814.6 (7.8) NM 3.5% 0.9x NM PetMed Express, Inc. 45.50 -11% 926.7 858.3 262.3 48.0 18.3% 9.5% 3.3x 17.9x The Priceline Group Inc. 1,737.74 -16% 84,748.8 87,132.8 12,226.4 4,688.8 38.3% 17.6% 7.1x 18.6x QVC Group $24.42 -9% 11,821.0 17,728.0 10,169.0 1,796.0 17.7% -1.5% 1.7x 9.9x Shutterfly, Inc. 49.75 -8% 1,633.4 1,945.1 1,157.7 146.2 12.6% 3.3% 1.7x 13.3x Shutterstock, Inc. 43.03 -22% 1,492.1 1,256.8 535.5 54.8 10.2% 11.5% 2.3x 22.9x Spark Networks, Inc. 12.65 -10% 164.5 190.8 91.2 6.5 7.2% 0.0% 2.1x 29.2x Stamps.com Inc. 188.00 -19% 3,286.01 3,250.66 442.14 173.93 39.3% 34.7% 7.4x 18.7x Stitch Fix, Inc. 25.83 -14% 2,503.6 2,414.7 1,036.7 23.1 2.2% 29.5% 2.3x NM U.S. Auto Parts Network, Inc. 2.52 -39% 89.5 92.7 306.2 8.6 2.8% 2.1% 0.3x 10.7x Wayfair Inc. 80.27 -5% 7,050.2 6,850.5 4,266.4 (144.7) NM 36.1% 1.6x NM
Average 2.5x 15.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (34.9x) 12 | M&A and Investment Summary December 2017 eCommerce Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. China $71.57 -10% $ 10,485.7 $ 10,320.2 $ 1,412.7 $ 290.3 20.5% 36.0% 7.3x 35.5x Alibaba Group Holding Limited * China 172.43 -10% 442,426.1 438,165.2 29,631.1 12,408.3 41.9% 57.5% 14.8x 35.3x Cnova N.V. * France 5.28 -21% 1,820.2 2,075.9 2,145.2 6.6 0.3% 115.1% 1.0x NM Despegar.com, Corp. Argentina 27.48 -21% 1,898.8 1,550.9 491.1 64.1 13.1% 0.0% 3.2x 24.2x JD.com, Inc. * China 41.42 -15% 58,980.6 57,562.3 50,114.9 500.5 1.0% 42.8% 1.1x NM Jumei International Holding Limited China 2.92 -40% 437.3 30.4 878.5 23.9 2.7% -19.5% 0.0x 1.3x LightInTheBox Holding Co., Ltd. * China 2.30 -28% 158.4 88.8 323.5 (8.1) NM 13.6% 0.3x NM Mercadolibre, Inc. * Argentina 314.66 -6% 13,894.6 13,592.3 1,217.4 226.7 18.6% 58.3% 11.2x 60.0x Netshoes (Cayman) Limited * Brazil 7.90 -71% 245.1 250.9 594.8 (8.0) NM 16.0% 0.4x NM PChome Online Inc. Taiwan 4.62 -51% 541.1 287.8 913.4 22.4 2.5% 10.6% 0.3x 12.8x Rakuten, Inc. Japan 9.17 -27% 12,398.8 15,282.4 7,984.0 1,756.1 22.0% 18.6% 1.9x 8.7x Travelport Worldwide Limited United Kingdom 13.07 -19% 1,637.9 3,718.8 2,419.1 463.3 19.1% 3.3% 1.5x 8.0x trivago N.V. * Germany 6.84 -72% 2,398.8 2,176.7 1,209.1 13.2 1.1% 49.5% 1.8x NM Secoo Holding Limited China 9.66 -24% 495.4 400.9 482.2 19.9 4.1% 0.0% 0.8x 20.2x Vipshop Holdings Limited China 11.72 -24% 6,936.3 7,101.5 10,185.5 600.7 5.9% 31.5% 0.7x 11.8x
Average 1.8x 15.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (39.4x)
13 | M&A and Investment Summary December 2017 Digital Advertising
. A total of 17 transactions were announced in the Digital Advertising segment, of which six were worth $115 million in reported value . Activity within Digital Advertising continued to slow, recording its third straight month of declining activity and the lowest monthly deal total since November 2016 . Strategic buyers accounted for nearly two-thirds of segment activity throughout the month, the second-highest total of the year . Select transactions: • NexStar’s acquisition of video advertisement company LKQD Technologies for $90 million • The majority stake taken by Growth Catalyst Partners and PSP Capital in programmatic video advertisement platform Beachfront Media • Travel metasearch bid automation platform Koddi’s acquisition of HookLogic’s Hotel Ad Tech Division from Criteo • Line Corporation’s acquisition of video advertisement distribution platform FIVE
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Vertical Search 5 29% $20.9 18% 2 - 0 - 3 $20.9 Digital Video 3 18% $90.0 78% 3 $90.0 0 - 0 - Ad Networks/Exchanges 2 12% - 0% 2 - 0 - 0 - Local Search 2 12% 1.6 1% 1 - 0 - 1 1.6 Mobile Marketing 2 12% 2.3 2% 1 - 0 - 1 2.3 Affiliate/CPA Network 1 6% - 0% 1 - 0 - 0 - Other* 2 12% 0.0 0% 2 0.0 0 0.0 0 0.0 Total 17 100% 114.8 100% 12 90.0 0 0.0 5 24.8
14 | M&A and Investment Summary December 2017 Digital Advertising Public Company Valuation (1/2)
($ in Millions, except stock price data)
US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $253.48 -5% $ 14,004.4 $ 34,161.1 $ 7,440.8 $ 1,502.9 20.2% 5.4% 4.6x 22.7x Alphabet Inc. 1,053.40 -5% 729,458.2 633,279.2 104,596.0 34,441.0 32.9% 22.3% 6.1x 18.4x ANGI Homeservices Inc. 10.46 -24% 4,993.7 5,042.3 636.8 (58.3) NM 0.0% 7.9x NM AutoWeb, Inc. 9.01 -39% 117.6 91.7 149.2 10.9 7.3% -2.3% 0.6x 8.4x Care.com, Inc. 18.04 -14% 542.7 495.9 173.4 11.1 6.4% 11.3% 2.9x 44.6x Cogint, Inc. 4.40 -30% 262.6 315.1 215.2 (16.4) NM 50.0% 1.5x NM DHI Group, Inc. 1.90 -70% 95.5 141.8 212.0 35.5 16.7% -10.6% 0.7x 4.0x Facebook, Inc. 176.46 -5% 512,759.0 474,470.0 36,490.0 20,270.0 55.5% 47.9% 13.0x 23.4x Groupon, Inc. 5.10 -15% 2,847.9 2,439.6 3,005.3 82.8 2.8% -0.7% 0.8x 29.5x Inuvo, Inc. 0.81 -53% 23.1 25.7 75.5 (1.6) NM 3.5% 0.3x NM LendingTree, Inc. 340.45 -7% 4,074.8 3,965.3 557.6 83.4 15.0% 54.1% 7.1x 47.5x Perion Network Ltd. 1.03 -57% 79.9 106.7 281.2 17.5 6.2% -4.9% 0.4x 6.1x QuinStreet, Inc. 8.38 -24% 383.1 332.7 313.8 5.4 1.7% 5.0% 1.1x 61.1x Quotient Technology Inc. * 11.75 -34% 1,090.2 906.9 304.4 7.4 2.4% 13.1% 3.0x 122.5x Redfin Corporation 31.32 -6% 2,550.3 2,337.3 341.1 (10.1) NM 0.0% 6.9x NM RhythmOne plc * 3.81 -44% 195.3 155.6 196.8 0.7 0.4% 115.2% 0.8x 219.2x Snap Inc. * 14.61 -50% 17,594.3 15,312.1 704.9 (3,241.2) NM 159.6% 21.7x NM The Rubicon Project, Inc. * 1.87 -80% 91.8 (47.3) 196.8 (8.5) NM -34.3% NM 5.6x TiVo Corporation 15.60 -28% 1,903.98 2,674.58 864.56 270.33 31.3% 58.3% 3.1x 9.9x Travelzoo 6.45 -43% 80.4 61.2 120.6 8.2 6.8% 0.9% 0.5x 7.5x The Trade Desk, Inc. 45.73 -32% 1,878.3 1,772.5 278.0 68.6 24.7% 60.5% 6.4x 25.8x Telaria, Inc. 4.03 -21% 206.4 129.2 176.8 (10.1) NM 150.8% 0.7x NM TripAdvisor, Inc. 34.46 -36% 4,785.8 4,294.8 1,551.0 175.0 11.3% 5.3% 2.8x 24.5x TrueCar, Inc. 11.20 -49% 1,119.8 952.5 314.1 (17.5) NM 17.6% 3.0x NM Twitter, Inc. 24.01 -6% 17,758.9 15,273.2 2,428.9 225.9 9.3% -3.7% 6.3x 67.6x Web.com Group, Inc. 21.80 -16% 1,062.5 1,720.4 747.6 151.7 20.3% 13.0% 2.3x 11.3x Yelp Inc. 41.96 -13% 3,478.1 2,919.9 823.4 49.5 6.0% 22.5% 3.5x 59.0x Yext, Inc. 12.03 NA 1,097.5 984.0 157.9 (58.9) NM 38.1% 6.2x NM YuMe, Inc. 4.78 -21% 167.0 128.2 159.9 14.5 9.1% -5.2% 0.8x 8.8x Zillow Group, Inc. * 40.74 -20% 7,510.6 7,210.4 1,022.1 44.9 4.4% 29.6% 7.1x 160.5x
Average 2.8x 14.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (102.6x)
15 | M&A and Investment Summary December 2017 Digital Advertising Public Company Valuation (2/2)
($ in Millions, except stock price data)
Internationally-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cliq Digital AG Germany $9.76 -11% $ 60.4 $ 65.4 $ 78.7 $ 5.6 7.1% 19.9% 0.8x 11.7x Criteo S.A. France 26.03 -54% 1,717.8 1,386.8 2,189.5 203.8 9.3% 34.4% 0.6x 6.8x iClick Interactive Asia Group Limited Hong Kong 9.05 -21% 466.6 539.9 110.9 (27.9) NM 0.0% 4.9x NM Just Dial Limited India 8.18 -16% 569.4 552.6 110.9 16.6 15.0% 7.6% 5.0x 33.3x MakeMyTrip Limited India 29.85 -27% 3,014.7 2,575.8 588.3 (156.3) NM 54.3% 4.4x NM Matomy Media Group Ltd. Israel 1.00 -45% 97.4 137.5 293.2 19.1 6.5% 8.4% 0.5x 7.2x Metaps Inc. * Japan 26.68 -37% 358.2 336.6 123.2 2.1 1.7% 52.7% 2.7x 161.9x Opera Software ASA Norway 3.20 -37% 454.3 394.4 469.5 12.5 2.7% -10.6% 0.8x 31.6x Pacific Online Limited China 0.18 -32% 196.7 150.1 139.9 25.0 17.9% -11.9% 1.1x 6.0x Rightmove plc * United Kingdom 60.82 -2% 5,536.5 5,512.6 300.9 220.9 73.4% 12.0% 18.3x 25.0x Septeni Holdings Co., Ltd. Japan 3.10 -20% 391.5 254.2 130.6 21.8 16.7% -13.8% 1.9x 11.6x Taptica International Ltd Israel 6.29 -7% 392.1 358.2 139.7 26.5 19.0% 49.1% 2.6x 13.5x Tencent Holdings Limited * China 51.96 -8% 489,722.30 489,585.87 32,351.61 13,391.15 41.4% 55.4% 15.1x 36.6x Tradedoubler AB Sweden 0.38 -43% 16.90 25.65 150.08 (2.54) NM -12.5% 0.2x NM XLMedia PLC Channel Islands 2.67 -12% 545.5 502.2 120.4 36.4 30.2% 16.1% 4.2x 13.8x Yandex N.V. Russia 32.75 -7% 10,669.2 10,001.6 1,535.0 360.1 23.5% 22.8% 6.5x 27.8x
Average 2.2x 17.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (70.9x)
16 | M&A and Investment Summary December 2017 Marketing Technology
. The Marketing Technology segment announced 66 transactions, of which 38 reported nearly $860 million in value . Content Management and SFA/Lead Management were the most active subsegments with each announcing eight transactions . Private Equity buyers announced 13 Marketing Technology deals in the fourth quarter, the busiest quarter of the past two years, with four transactions reporting more than $700 million in value . Select transactions: • The $200 million round of funding received by Squarespace at a reported valuation of $1.7 billion from General Atlantic • Ascential’s acquisition of data quality and eCommerce analytics company Clavis Insight in a transaction valuing the company at $119 million plus up to $100 million in potential earn-out • The $90 million acquisition of online commenting services company Disqus by Zeta Global • NeuLion’s sale of its DivX digital video broadcasting division to an affiliate of Fortress Investment Group for $41.5 million
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Content Management 8 12% $361.0 42% 3 $90.0 1 $41.5 4 $229.5 SFA/Lead Management 8 12% 51.3 6% 3 - 0 - 5 51.3 Analytics & Targeting 7 11% 160.1 19% 3 119.0 0 - 4 41.1 Commerce Management 5 8% 19.0 2% 3 - 0 - 2 19.0 Product/Price Software 4 6% 44.4 5% 0 - 0 - 4 44.4 Search & Discovery 4 6% 28.4 3% 1 - 0 - 3 28.4 Social Technology 4 6% 18.0 2% 1 - 0 - 3 18.0 Other 26 39% 175.1 20% 13 85.7 1 - 12 73.4 Total 66 100% 857.3 100% 27 294.7 2 41.5 37 521.1
17 | M&A and Investment Summary December 2017 Marketing Technology Public Company Valuation (1/2)
($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated $175.24 -6% $ 86,383.33 $ 82,444.98 $ 7,301.51 $ 2,494.45 34.2% 24.7% 11.3x 33.1x Alteryx, Inc. 25.27 -13% 1,495.1 1,338.5 118.0 (17.6) NM 54.7% 11.3x NM AppFolio, Inc. 41.50 -21% 1,408.8 1,365.6 133.9 9.4 7.0% 36.7% 10.2x 144.9x Bazaarvoice, Inc. 5.45 -1% 469.1 403.9 206.3 0.9 0.4% 2.4% 2.0x NM Blackbaud, Inc. 94.49 -10% 4,440.4 4,761.4 769.6 138.4 18.0% 8.6% 6.2x 34.4x Brightcove Inc. 7.10 -24% 245.9 224.3 154.4 (14.4) NM 5.2% 1.5x NM ChannelAdvisor Corporation 9.00 -41% 239.1 185.8 120.2 (6.4) NM 8.4% 1.5x NM Cision Ltd. 11.87 -13% 1,455.7 2,580.0 611.1 191.1 31.3% 0.0% 4.2x 13.5x eBay Inc. 37.74 -5% 39,422.1 43,390.1 9,349.0 2,920.0 31.2% 5.0% 4.6x 14.9x Endurance International Group 8.40 -15% 1,205.3 3,092.9 1,174.7 276.6 23.5% 16.1% 2.6x 11.2x Five9,Holdings, Inc. Inc. 24.88 -11% 1,384.6 1,367.2 189.0 5.5 2.9% 22.8% 7.2x 249.0x GoDaddy Inc. 50.28 -2% 6,826.2 8,965.8 2,115.6 247.4 11.7% 18.4% 4.2x 36.2x HubSpot, Inc. 88.40 -5% 3,303.6 3,105.3 345.5 (35.9) NM 39.5% 9.0x NM IBM Corporation 153.42 -16% 142,034.9 176,291.9 78,366.0 16,839.0 21.5% -2.3% 2.2x 10.5x LivePerson, Inc. 11.50 -24% 684.5 630.2 217.6 11.4 5.3% -3.6% 2.9x 55.1x Marin Software Incorporated 10.95 -43% 61.9 35.3 80.2 (15.9) NM -24.3% 0.4x NM MicroStrategy Incorporated 131.30 -36% 1,503.0 856.9 506.5 96.9 19.1% -1.8% 1.7x 8.8x MINDBODY, Inc. 30.45 -16% 1,422.1 1,211.8 171.1 (7.8) NM 32.6% 7.1x NM Nuance Communications, Inc. 16.35 -18% 4,746.1 6,519.2 1,939.4 345.2 17.8% -0.5% 3.4x 18.9x Oracle Corporation 47.28 -11% 195,720.4 185,248.4 38,907.0 15,143.0 38.9% 4.5% 4.8x 12.2x PayPal Holdings, Inc. 73.62 -7% 88,484.6 77,878.6 12,331.0 2,343.0 19.0% 18.4% 6.3x 33.2x PROS Holdings, Inc. 26.45 -13% 843.9 896.9 162.4 (58.6) NM 4.5% 5.5x NM PTC Inc. 60.77 -9% 7,056.9 7,470.9 1,164.0 110.6 9.5% 2.1% 6.4x 67.6x The Rubicon Project, Inc. 1.87 -80% 91.8 (47.3) 196.8 (8.5) NM -34.3% NM 5.6x Salesforce.com, inc. 102.23 -6% 73,840.7 72,800.3 9,923.0 553.4 5.6% 25.5% 7.3x 131.5x SendGrid, Inc. 23.97 -13% 1,008.3 1,068.9 103.2 6.2 6.0% 0.0% 10.4x 173.0x Square, Inc. 34.67 -30% 13,471.6 12,957.5 2,050.1 (24.7) NM 25.7% 6.3x NM Synchronoss Technologies, Inc. 8.94 -78% 424.8 548.5 476.8 54.3 11.4% 11.4% 1.2x 10.1x Tableau Software, Inc. 69.20 -16% 5,518.3 4,575.0 878.4 (112.3) NM 12.7% 5.2x NM Teradata Corporation 38.46 -2% 4,653.7 4,354.7 2,156.0 170.0 7.9% -10.7% 2.0x 25.6x Verint Systems Inc. 41.85 -6% 2,669.2 3,133.5 1,112.4 97.3 8.7% 6.2% 2.8x 32.2x Veritone, Inc. 23.20 -69% 373.0 312.6 13.4 (41.2) NM 48.6% 23.3x NM Web.com Group, Inc. 21.80 -16% 1,062.5 1,720.4 747.6 151.7 20.3% 13.0% 2.3x 11.3x Zendesk, Inc. 33.84 -6% 3,435.0 3,208.4 395.7 (87.7) NM 38.3% 8.1x NM
Adjusted Weighted Average 4.5x 19.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (105.6x) 18 | M&A and Investment Summary December 2017 Marketing Technology Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. China 31.56 -22% $ 1,725.53 $ 1,677.32 $ 579.59 $ 23.03 4.0% 23.0% 2.9x 72.8x Bitauto Holdings Limited China 31.80 -42% 2,201.1 6,341.8 1,177.5 47.5 4.0% 44.5% 5.4x 133.4x ChinaCache International Holdings Ltd. China 1.69 -47% 43.2 39.5 137.8 (30.4) NM -19.9% 0.3x NM Mercadolibre, Inc. Argentina 314.66 -6% 13,894.6 13,592.3 1,217.4 226.7 18.6% 58.3% 11.2x 60.0x Open Text Corporation Canada 35.67 0% 9,469.7 11,863.6 2,440.1 664.1 27.2% 29.7% 4.9x 17.9x Opera Software ASA Norway 3.20 -37% 454.3 394.4 469.5 12.5 2.7% -10.6% 0.8x 31.6x The Sage Group plc United Kingdom 10.79 -3% 11,653.20 12,650.70 2,299.36 619.42 26.9% 19.2% 5.5x 20.4x SAP SE Germany 112.32 -8% 134,660.3 135,355.6 27,631.5 6,959.0 25.2% 7.8% 4.9x 19.5x SharpSpring, Inc. United States 4.40 -24% 37.1 30.8 12.5 (6.0) NM 11.0% 2.5x NM Shopify Inc. Canada 101.00 -19% 10,087.6 9,161.0 580.9 (35.6) NM 76.5% 15.8x NM United Internet AG Germany 68.92 -3% 13,769.4 16,070.3 4,880.1 1,072.4 22.0% 9.0% 3.3x 15.0x Weborama SA France 13.51 -4% 46.0 47.1 39.7 2.4 5.9% 11.8% 1.2x 19.9x Wix.com ltd Israel 57.55 -33% 2,616.0 2,408.5 391.3 (35.8) NM 48.9% 6.2x NM
Adjusted Weighted Average 2.9x 20.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (82.9x)
19 | M&A and Investment Summary December 2017 Agency & Marketing Services
. There were 27 transactions announced in the Agency & Marketing Services segment of which four reported $775 million in value . Digital Agency continues to be the most active subsegment with 13 transactions reported in December • The subsegment has accounted for 41 percent of fourth quarter activity and more than 35 percent of total segment activity in 2017 . Select transactions: • The acquisition of Carlton Group, a global technology company specializing in the development of SaaS-based solutions for global engagement, sales incentive, loyalty, and reward management, by H.I.G. Growth Partners (A Petsky Prunier-led transaction) • Tamedia’s acquisition of media planning and marketing services provider Goldbach Group in a transaction valuing the company at $182.5 million • The $72 million acquisition of creative agency services provider David&Goliath by INNOCEAN Worldwide • Dentsu Aegis Network’s acquisition of digital marketing and creative agency Swirl Integrated Marketing
AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 13 48% $71.7 9% 12 $71.7 1 - 0 - Loyalty/Retention 3 11% - 0% 2 - 0 - 1 - Social Agency 3 11% - 0% 3 - 0 - 0 - Ad Specialty/Premiums 2 7% 12.7 2% 2 12.7 0 - 0 - Public Relations 2 7% - 0% 2 - 0 - 0 - DM Agency 1 4% 476.0 61% 1 476.0 0 - 0 - Experiential Marketing 1 4% - 0% 1 - 0 - 0 - Media Planning/Buying 1 4% 217.7 28% 1 217.7 0 - 0 - Specialty Agency 1 4% - 0% 1 - 0 - 0 - Total 27 100% 778.1 100% 25 778.1 1 0.0 1 0.0
20 | M&A and Investment Summary December 2017 Agency Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $1.81 -4% $ 189.4 $ 198.5 $ 211.9 $ 15.4 7.3% 1.7% 0.9x 12.9x Dentsu Inc. Japan 42.39 -27% 11,950.7 15,134.1 8,056.7 1,475.3 18.3% NM 1.9x 10.3x Enero Group Limited Australia 0.83 -14% 69.6 47.3 138.8 9.0 6.5% -15.4% 0.3x 5.2x Hakuhodo DY Holdings Inc Japan 12.99 -10% 4,842.9 3,960.5 11,481.5 508.7 4.4% 4.1% 0.3x 7.8x Huntsworth plc United Kingdom 1.10 -4% 360.0 396.9 243.9 32.7 13.4% 9.4% 1.6x 12.1x M&C Saatchi plc * United Kingdom 5.02 -7% 404.9 423.7 319.8 21.7 6.8% 28.5% 1.3x 19.5x MDC Partners Inc. United States 9.75 -20% 569.0 1,677.1 1,501.5 191.4 12.7% 10.9% 1.1x 8.8x Next Fifteen Communications Group plc United Kingdom 5.96 -4% 451.1 479.8 242.5 38.7 15.9% 23.9% 2.0x 12.4x Omnicom Group Inc. United States 72.83 -17% 16,789.7 20,642.9 15,338.9 2,326.5 15.2% 0.1% 1.3x 8.9x OPT Holding, Inc. Japan 11.31 -22% 255.8 260.9 690.2 30.1 4.4% 14.3% 0.4x 8.7x Publicis Groupe S.A. France 68.02 -18% 15,374.4 17,900.8 11,207.1 1,969.2 17.6% 0.1% 1.6x 9.1x The Interpublic Group of Companies, Inc. United States 20.16 -22% 7,834.3 9,492.8 7,805.9 1,105.2 14.2% 0.4% 1.2x 8.6x WPP plc United Kingdom 18.13 -31% 23,017.9 29,920.4 19,813.5 3,569.6 18.0% 18.0% 1.5x 8.4x
Adjusted Weighted Average 1.4x 8.9x
*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 (13.7x)
21 | M&A and Investment Summary December 2017 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $27.56 -9% $ 2,185.1 $ 2,245.7 $ 885.9 $ 79.7 9.0% 0.9% 2.5x 28.2x Affinion Group Holdings, Inc. United States 11.50 -16% 105.3 1,887.6 954.0 202.9 21.3% -6.3% 2.0x 9.3x Aimia Inc. Canada 2.98 -61% 454.2 442.1 1,709.3 99.4 5.8% -8.4% 0.3x 4.4x Alliance Data Systems Corporation * United States 253.48 -5% 14,004.4 30,031.1 7,440.8 1,502.9 20.2% 5.4% 4.0x 20.0x Cogint, Inc. United States 4.40 -30% 262.6 315.1 215.2 (16.4) NM 50.0% 1.5x NM CSG Systems International, Inc. United States 43.82 -14% 1,468.8 1,544.6 779.5 138.7 17.8% 2.2% 2.0x 11.1x Deluxe Corporation United States 76.84 -1% 3,697.7 4,400.7 1,950.9 460.5 23.6% 6.5% 2.3x 9.6x DST Systems, Inc. United States 62.07 -3% 3,737.9 4,242.0 2,023.1 401.8 19.9% 31.3% 2.1x 10.6x Fair Isaac Corporation * United States 153.20 -4% 4,594.5 5,093.7 932.2 211.4 22.7% 5.8% 5.5x 24.1x Harte Hanks, Inc. United States 0.95 -43% 59.3 59.9 394.1 6.1 1.6% -4.1% 0.2x 9.8x High Co. SA France 5.88 -32% 121.7 53.9 172.0 16.0 9.3% -3.1% 0.3x 3.4x Multiplus S.A. Brazil 10.57 -28% 1,711.9 1,270.2 723.9 181.5 25.1% 2.3% 1.8x 7.0x Pitney Bowes Inc. United States 11.18 -33% 2,087.6 4,528.6 3,387.9 684.9 20.2% -2.0% 1.3x 6.6x Points International Ltd. Canada 10.37 -16% 152.1 97.4 341.6 9.0 2.6% 6.8% 0.3x 10.8x Viad Corp United States 55.40 -10% 1,130.8 1,276.5 1,286.1 140.4 10.9% 7.2% 1.0x 9.1x
Adjusted Weighted Average 2.9x 9.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.0x)
22 | M&A and Investment Summary December 2017 Traditional Media
. Of the 22 transactions recorded in the Traditional Media segment in December, 10 announced nearly $600 million in reported value . Segment value within the fourth quarter was driven primarily by the Consumer Magazine Publishing subsegment, accounting for the high-profile acquisitions of Men’s Health publisher Rodale by Hearst, Time by Meredith, and Rolling Stone publisher Wenner Media by Penske Media . Select transactions: • Midwest Television’s sale of its San Diego-based radio and television assets to Tegna for $325 million • The 24.5 percent stake taken by Discovery Communications in cable channel OWN from Harpo in a transaction valuing the company at $286 million • BCD Meeting & Events acquisition of Grass Roots Group’s Meetings & Events division from Blackhawk Network for $30 million • GlobalData’s acquisition of Ascential’s MEED Media business information content assets in a transaction valued at $18 million • The undisclosed minority stake taken in out-of-home media company Branded Cities by Shamrock Capital
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 8 36% $46.0 8% 5 $4.0 0 - 3 $42.0 B-to-B Media 5 23% 47.8 8% 5 47.8 0 - 0 - Consumer Magazine Publishing 3 14% 105.0 18% 2 100.0 0 - 1 5.0 Broadcast Television 2 9% 395.0 66% 2 395.0 0 - 0 - Traditional Outdoor 2 9% - 0% 1 - 1 - 0 - Digital Place-Based Media 1 5% - 0% 1 - 0 - 0 - Newspaper Publishing 1 5% 5.0 1% 1 5.0 0 - 0 - Total 22 100% 598.8 100% 17 551.8 1 0.0 4 47.0
* Disney’s pending $69 billion TEV acquisition of 21st Century Fox, including an exchange of stock and the assumption of debt, has been excluded to limit comparative distortions
23 | M&A and Investment Summary December 2017 Traditional Media Public Company Valuation (1/3)
($ 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $59.00 -16% $ 22,586.4 $ 32,131.4 $ 13,289.0 $ 3,036.0 22.8% 7.7% 2.4x 10.6x Discovery Communications, Inc. United States 22.38 -26% 12,200.4 20,096.4 6,681.0 2,524.0 37.8% 3.2% 3.0x 8.0x Time Warner Inc. United States 91.47 -12% 71,217.9 91,688.9 30,551.0 8,968.0 29.4% 7.2% 3.0x 10.2x Twenty-First Century Fox, Inc. United States 34.53 -6% 63,640.5 78,539.5 28,996.0 7,105.0 24.5% 4.5% 2.7x 11.1x Viacom, Inc. United States 30.81 -34% 12,595.7 22,657.7 13,263.0 2,966.0 22.4% 6.2% 1.7x 7.6x The Walt Disney Company United States 107.51 -7% 162,047.9 188,158.9 55,137.0 16,770.0 30.4% -0.9% 3.4x 11.2x
Adjusted Weighted Average 3.1x 10.7x
*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 (11.4x)
($ in Millions, except stock price data)
B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ascential plc United Kingdom $5.21 -2% $ 2,086.0 $ 2,371.7 $ 448.6 $ 136.6 30.5% 35.8% 5.3x 17.4x Emerald Expositions Events, Inc. United States $20.34 -17% 1,468.8 2,010.8 340.7 142.3 41.8% 6.8% 5.9x 14.1x Euromoney Institutional Investor PLC United Kingdom $17.64 -1% 1,892.3 2,127.3 518.8 137.3 26.5% 5.7% 4.1x 15.5x Informa plc United Kingdom 9.76 -7% 8,037.3 10,156.8 2,095.4 658.3 31.4% 30.0% 4.8x 15.4x MCH Group AG Switzerland 68.03 -20% 408.6 607.4 417.2 58.8 14.1% -8.7% 1.5x 10.3x ITE Group plc United Kingdom 2.46 -8% 654.7 752.4 204.6 31.7 15.5% 13.5% 3.7x 23.7x Tarsus Group plc Ireland 4.42 -1% 498.0 617.4 105.4 29.5 28.0% 1.7% 5.9x 20.9x TechTarget, Inc. * United States 13.92 -3% 384.2 390.8 104.9 11.5 10.9% -4.1% 3.7x 34.1x UBM plc United Kingdom 10.10 -4% 3,971.8 4,770.1 1,209.6 329.9 27.3% 16.7% 3.9x 14.5x
Adjusted Weighted Average 4.6x 15.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.5x)
($ in Millions, except stock price data)
Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group, Inc. United States $13.40 -26% $ 385.7 $ 577.3 $ 227.4 $ 43.0 18.9% 104.2% 2.5x 13.4x Cumulus Media Inc. United States 0.00 NA 2.2 2,244.0 1,141.3 221.2 19.4% -0.8% 2.0x 10.1x Emmis Communications Corporation United States 3.52 -9% 44.7 213.9 182.8 16.1 8.8% -18.9% 1.2x 13.3x Entercom Communications Corp. * United States 10.80 -35% 1,515.9 2,012.9 466.3 93.0 19.9% 1.8% 4.3x 21.7x Pandora Media, Inc. United States 4.82 -65% 1,199.1 1,450.7 1,464.1 (294.2) NM 10.2% 1.0x NM Salem Media Group, Inc. United States 4.50 -45% 117.7 373.8 267.2 42.8 16.0% -2.0% 1.4x 8.7x Sirius XM Holdings Inc. * United States 5.36 -9% 24,633.6 31,292.6 5,324.2 1,911.3 35.9% 8.4% 5.9x 16.4x Spanish Broadcasting System, Inc. United States 0.00 NA 2.0 413.6 140.4 40.3 28.7% -1.6% 2.9x 10.3x Townsquare Media, Inc. United States 7.68 -41% 141.9 654.3 512.7 99.2 19.3% 0.5% 1.3x 6.6x Urban One, Inc. United States 1.75 -50% 81.4 1,030.2 444.6 114.1 25.7% -1.7% 2.3x 9.0x
Adjusted Weighted Average 2.7x 16.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.8x) 24 | M&A and Investment Summary December 2017 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Altice N.V. Netherlands $10.50 -63% $ 12,661.2 $ 78,606.6 $ 28,083.4 $ 9,501.4 33.8% 27.9% 2.8x 8.3x AMC Networks Inc. United States $54.08 -20% 3,345.6 6,169.3 2,808.4 875.8 31.2% 3.8% 2.2x 7.0x Sky plc * United Kingdom 13.68 -2% 23,419.6 32,462.0 16,774.5 2,375.4 14.2% 7.9% 1.9x 13.7x CVC Limited * Australia 2.12 -1% 253.0 226.5 36.5 27.4 75.1% -31.5% 6.2x 8.3x CBS Corporation United States 59.00 -16% 22,586.4 32,131.4 13,289.0 3,036.0 22.8% 7.7% 2.4x 10.6x Charter Communications, Inc. United States 335.96 -18% 83,946.3 159,263.3 41,254.0 14,781.0 35.8% 94.2% 3.9x 10.8x Comcast Corporation United States 40.05 -5% 187,184.6 250,220.6 83,636.0 28,419.0 34.0% 6.4% 3.0x 8.8x Discovery Communications, Inc. United States 22.38 -26% 12,200.4 20,096.4 6,681.0 2,524.0 37.8% 3.2% 3.0x 8.0x DISH Network Corporation * United States 47.75 -28% 22,269.3 37,147.5 14,542.5 2,962.5 20.4% -4.6% 2.6x 12.5x Entravision Communications Corporation United States 7.15 -9% 643.5 878.0 532.9 305.7 57.4% 110.1% 1.6x 2.9x General Communication, Inc. United States 39.02 -11% 1,408.9 2,812.7 916.0 262.0 28.6% -2.9% 3.1x 10.7x Gray Television, Inc. United States 16.75 -4% 1,474.1 3,139.3 886.7 326.8 36.9% 19.1% 3.5x 9.6x Grupo Televisa, S.A.B. Mexico 3.75 -32% 11,052.5 15,942.4 5,255.4 1,963.4 37.4% 1.6% 3.0x 8.1x Liberty Global plc United Kingdom 35.84 -5% 34,362.1 82,446.1 18,939.4 8,423.1 44.5% -2.7% 4.4x 9.8x Nexstar Media Group, Inc. United States 78.20 -3% 3,563.3 7,827.0 2,088.2 697.1 33.4% 99.7% 3.7x 11.2x Scripps Networks Interactive, Inc. United States 85.38 -3% 11,092.2 13,945.7 3,494.4 1,524.6 43.6% 3.9% 4.0x 9.1x Sinclair Broadcast Group, Inc. United States 37.85 -12% 3,850.9 7,270.7 2,797.8 847.5 30.3% 9.7% 2.6x 8.6x TEGNA Inc. United States 14.08 -47% 3,030.1 5,962.6 3,296.7 1,077.0 32.7% 45.7% 1.8x 5.5x The E. W. Scripps Company United States 15.63 -35% 1,280.1 1,551.5 932.0 139.7 15.0% 6.5% 1.7x 11.1x Time Warner Inc. United States 91.47 -12% 71,217.9 91,688.9 30,551.0 8,968.0 29.4% 7.2% 3.0x 10.2x
Adjusted Weighted Average 3.1x 9.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.7x)
($ in Millions, except stock price data)
Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cineplex Inc. Canada $29.77 -32% $ 1,886.3 $ 2,353.4 $ 1,211.5 $ 176.4 14.6% 0.9% 1.9x 13.3x Eros International Plc United States 9.65 -43% 578.9 852.0 234.2 40.1 17.1% -12.8% 3.6x 21.2x Lions Gate Entertainment Corp. United States 33.81 -3% 6,812.0 9,130.6 3,954.5 416.2 10.5% 49.0% 2.3x 21.9x Live Nation Entertainment, Inc. United States 42.57 -9% 8,803.5 9,920.4 9,588.8 670.0 7.0% 15.6% 1.0x 14.8x Twenty-First Century Fox, Inc. United States 34.53 -6% 63,640.5 78,539.5 28,996.0 7,105.0 24.5% 4.5% 2.7x 11.1x Liberty Global plc United Kingdom 35.84 -5% 34,362.1 82,446.1 18,939.4 8,423.1 44.5% -2.7% 4.4x 9.8x Village Roadshow Limited Australia 3.04 -20% 491.9 915.3 786.0 85.9 10.9% -3.4% 1.2x 10.7x World Wrestling Entertainment, Inc. * United States 30.58 -8% 2,358.0 2,311.0 784.3 99.2 12.6% 12.0% 2.9x 23.3x
Adjusted Weighted Average 3.0x 11.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.0x)
25 | M&A and Investment Summary December 2017 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $1.15 -65% $ 72.2 $ 2.2 $ 19.7 $ (101.6) NM #VALUE! 0.1x NM APG|SGA SA Switzerland 467.13 -11% 1,401.0 1,360.2 326.3 78.8 24.1% 0.1% 4.2x 17.3x Clear Channel Outdoor Holdings, Inc. United States 4.60 -28% 1,654.8 6,849.6 2,598.2 585.7 22.5% -5.1% 2.6x 11.7x Clear Media Limited Hong Kong 0.99 -19% 538.7 466.7 239.2 105.4 44.1% 8.0% 2.0x 4.4x JCDecaux SA France 40.35 -5% 8,577.2 9,270.4 3,423.4 597.0 17.4% 2.3% 2.7x 15.5x Lamar Advertising Company (REIT) United States 74.24 -6% 7,307.6 9,727.6 1,529.5 650.7 42.5% 4.1% 6.4x 14.9x National CineMedia, Inc. United States 6.86 -55% 538.5 1,714.6 427.9 189.8 44.4% -3.1% 4.0x 9.0x NTN Buzztime, Inc. United States 4.21 -58% 10.6 11.7 22.0 0.8 3.7% -3.9% 0.5x 14.4x Outfront Media Inc. United States 23.20 -17% 3,216.4 5,437.6 1,516.6 387.9 25.6% 0.1% 3.6x 14.0x Stingray Digital Group Inc. Canada 7.91 -6% 445.2 497.2 89.8 17.9 19.9% 14.7% 5.5x 27.8x TOM Group Limited * Hong Kong 0.27 -7% 1,055.5 1,397.7 125.5 9.1 7.3% -12.5% 11.1x 152.9x
Adjusted Weighted Average 4.1x 14.8x
*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 (56.7x)
($ in Millions, except stock price data)
Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A.H. Belo Corporation * United States $4.80 -28% $ 104.4 $ 54.5 $ 250.6 $ 0.8 0.3% -6.1% 0.2x 66.0x Daily Mail and General Trust plc United Kingdom 8.06 -26% 2,690.3 3,333.8 2,097.3 221.5 10.6% 3.3% 1.6x 15.1x Emmis Communications Corporation United States 3.52 -9% 44.7 213.9 182.8 16.1 8.8% -18.9% 1.2x 13.3x Gannett Co., Inc. United States 11.59 -6% 1,295.4 1,560.4 3,159.2 343.0 10.9% 8.2% 0.5x 4.5x Glacier Media Inc. Canada 0.53 -19% 57.9 105.9 153.1 10.5 6.9% -5.9% 0.7x 10.1x John Wiley & Sons, Inc. United States 65.75 -2% 3,744.1 4,234.2 1,751.8 315.3 18.0% 3.0% 2.4x 13.4x Meredith Corporation United States 66.05 -9% 2,953.4 3,631.2 1,706.3 352.1 20.6% 2.5% 2.1x 10.3x News Corporation United States 16.21 -4% 9,526.6 8,338.6 8,232.0 812.0 9.9% 2.4% 1.0x 10.3x Scholastic Corporation United States 40.11 -15% 1,399.7 1,023.2 1,623.3 102.4 6.3% -9.1% 0.6x 10.0x The E. W. Scripps Company United States 15.63 -35% 1,280.1 1,551.5 932.0 139.7 15.0% 6.5% 1.7x 11.1x The McClatchy Company United States 8.93 -35% 68.6 857.3 921.1 140.7 15.3% -8.0% 0.9x 6.1x The New York Times Company United States 18.50 -8% 3,000.8 2,669.0 1,631.2 247.0 15.1% 4.5% 1.6x 10.8x Time Inc. United States 18.45 -6% 1,838.0 2,730.0 2,884.0 399.0 13.8% -6.7% 0.9x 6.8x
Adjusted Weighted Average 1.4x 10.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (30.2x)
26 | M&A and Investment Summary December 2017 Software
. Within the Software segment, more than $3.2 billion in reported value involved strategic transactions while nearly $2.3 billion in venture/growth capital investments were announced . Financial Software was the most active subsegment in December, as it has been since April 2017, with 41 transactions announced worth $1.6 billion. The subsegment has been the most active within Software for ten of the past twelve months, and has consistently been the most active subsegment across all segments in 2017 . Select transactions: • The $275 million received by Precision Medicine Group, a provider of infrastructure support solutions for pharmaceutical and life sciences companies, from TPG Growth, Berkshire Partners, Oak Investment Partners, and J.H. Whitney • The acquisition of data classification and security solution Titus by Blackstone for a reported $100 million • Business planning and projections platform Anaplan’s $60 million investment at a reported valuation of $1.4 billion from Salesforce Ventures, Premji Invest, Top Tier Capital Partners, Baillie Gifford, and Industry Ventures • Amazon’s acquisition of cybersecurity solutions company Sqrrl for a reported $40 million • Governance, risk,SOFTWARE and compliance TRANSACTIONS BY solutions SEGMENT company MetricStream‘s $65 million round ofBUYER/INVESTOR funding from BREAKDOWN Clearlake Capital Group, Transactions Reported Value Strategic Buyout Venture/Growth Capital Goldman Sachs, and Sageview Capital # % $MM % # $MM # $MM # $MM Financial 41 22% $1,622.5 29% 13 $1,095.0 1 - 27 $527.5 Healthcare 28 15% 381.9 7% 13 20.1 1 - 14 361.8 Security 26 14% 560.4 10% 6 140.0 0 - 20 420.4 ERP 15 8% 557.8 10% 10 449.6 0 - 5 108.2 HR 13 7% 399.8 7% 6 340.0 0 - 7 59.8 Other 63 34% 1,998.5 36% 18 1,200 2 5 43 793.2 Total 186 100% 5,520.9 100% 66 3,244.7 4 5.3 116 2,270.9
* Thales’ pending $6.6 billion TEV acquisition of Gemalto, including cash, stock, and net debt, has been excluded to limit comparative distortions
27 | M&A and Investment Summary December 2017 Software Public Company Valuation (1/3)
($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alfa Financial Software Holdings PLC * United Kingdom 7.23 -3% $ 2,169.4 $ 2,141.7 $ 116.5 $ 24.6 21.1% 0.0% 18.4x 87.2x Apptio, Inc. United States 23.52 -8% 949.9 814.5 180.5 (20.3) NM 19.4% 4.5x NM BlackLine, Inc. United States 32.80 -19% 1,733.8 1,624.5 162.1 (18.4) NM 44.4% 10.0x NM Coupa Software Incorporated United States 31.22 -17% 1,718.6 1,499.3 171.0 (38.2) NM 40.1% 8.8x NM Ebix, Inc. United States 79.25 -3% 2,492.9 2,774.7 339.3 119.0 35.1% 17.6% 8.2x 23.3x First Data Corporation United States 16.71 -13% 15,431.1 36,516.1 7,991.0 2,820.0 35.3% 1.7% 4.6x 12.9x Fidessa group plc United Kingdom 34.21 -6% 1,317.9 1,222.0 456.1 83.3 18.3% 14.0% 2.7x 14.7x Guidewire Software, Inc. * United States 74.26 -11% 5,704.1 5,143.0 528.3 36.5 6.9% 21.1% 9.7x 141.0x Intuit Inc. United States 157.78 -4% 40,336.4 40,434.4 5,285.0 1,634.0 30.9% 11.1% 7.7x 24.7x Management Consulting Group PLC United Kingdom 0.09 -29% 44.0 5.6 53.3 (15.2) NM -11.7% 0.1x NM Model N, Inc. United States 15.75 -6% 461.9 461.6 131.2 (28.2) NM 22.6% 3.5x NM Performant Financial Corporation United States 1.65 -45% 84.1 101.2 132.6 1.5 1.1% -10.8% 0.8x 66.7x Q2 Holdings, Inc. United States 36.85 -17% 1,535.6 1,446.8 184.4 (15.0) NM 33.2% 7.8x NM RealPage, Inc. United States 44.30 -5% 3,671.6 3,959.9 632.4 88.3 14.0% 16.9% 6.3x 44.8x SS&C Technologies Holdings, Inc. United States 40.48 -5% 8,333.2 10,447.1 1,637.9 610.1 37.2% 18.6% 6.4x 17.1x Tyler Technologies, Inc. United States 177.05 -6% 6,651.4 6,486.9 816.1 183.2 22.4% 13.1% 7.9x 35.4x
Adjusted Weighted Average 7.0x 23.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (70.8x)
($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 14.55 -5% $ 2,628.9 $ 4,402.8 $ 1,714.4 $ 173.8 10.1% 16.6% 2.6x 25.3x athenahealth, Inc. * United States 133.04 -16% 5,324.0 5,477.7 1,179.3 130.1 11.0% 12.1% 4.6x 42.1x Cegedim SA France 39.84 -13% 555.6 842.5 520.2 38.3 7.4% 4.8% 1.6x 22.0x Cerner Corporation United States 67.39 -9% 22,401.4 22,084.4 4,987.9 1,387.4 27.8% 7.7% 4.4x 15.9x Civitas Solutions, Inc. United States 17.10 -15% 640.3 1,264.6 1,474.5 147.8 10.0% 4.8% 0.9x 8.6x Computer Programs and Systems, Inc. United States 30.05 -17% 404.1 547.7 263.4 27.5 10.5% 6.7% 2.1x 19.9x Cotiviti Holdings, Inc. United States 32.21 -30% 2,975.2 3,626.0 669.8 240.2 35.9% 10.0% 5.4x 15.1x Craneware plc United Kingdom 19.80 -22% 529.1 473.7 57.8 17.3 29.9% 15.9% 8.2x 27.4x HealthEquity, Inc. * United States 46.66 -16% 2,831.0 2,605.9 215.9 67.0 31.0% 28.9% 12.1x 38.9x McKesson Corporation United States 155.95 -8% 32,511.6 40,043.6 201,955.0 3,885.0 1.9% 4.0% 0.2x 10.3x Medidata Solutions, Inc. * United States 63.37 -26% 3,706.7 3,583.3 528.8 82.1 15.5% 20.8% 6.8x 43.6x NantHealth, Inc. United States 3.05 -72% 326.2 447.0 102.2 (96.4) NM 23.2% 4.4x NM Quality Systems, Inc. United States 13.58 -23% 864.7 893.1 523.8 59.2 11.3% 6.0% 1.7x 15.1x Streamline Health Solutions, Inc. United States 1.69 -40% 32.3 43.9 24.6 (1.9) NM -9.0% 1.8x NM Veeva Systems Inc. * United States 55.28 -19% 7,813.5 7,055.4 650.8 162.5 25.0% 28.1% 10.8x 43.4x
Adjusted Weighted Average 3.4x 13.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (38.0x) 28 | M&A and Investment Summary December 2017 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job, Inc. China $60.85 -8% $ 3,759.4 $ 2,895.1 $ 401.7 $ 124.9 31.1% 18.8% 7.2x 23.2x Benefitfocus, Inc. United States 27.00 -27% 844.4 909.6 252.6 (2.7) NM 12.3% 3.6x NM Castlight Health, Inc. United States 3.75 -21% 501.5 419.9 124.3 (52.0) NM 33.5% 3.4x NM Cornerstone OnDemand, Inc. United States 35.33 -20% 2,045.7 1,982.5 459.1 (47.8) NM 12.0% 4.3x NM DHI Group, Inc. United States 1.90 -70% 95.5 141.8 212.0 35.5 16.7% -10.6% 0.7x 4.0x Paycom Software, Inc. United States 80.33 -7% 4,680.4 4,648.1 406.8 86.1 21.2% 32.8% 11.4x 54.0x Paylocity Holding Corporation * United States 47.16 -13% 2,476.7 2,379.2 316.5 22.6 7.1% 26.3% 7.5x 105.3x The Ultimate Software Group, Inc. United States 218.23 -7% 6,519.8 6,391.2 899.8 69.2 7.7% 21.4% 7.1x 92.3x Workday, Inc. United States 101.74 -13% 21,365.4 19,627.7 1,995.1 (205.4) NM 36.8% 9.8x NM
Adjusted Weighted Average 8.7x 62.6x
*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 (99.1x)
($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $5.49 -22% $ 216.5 $ 183.8 $ 91.7 $ 11.9 12.9% 5.1% 2.0x 15.5x Check Point Software Technologies Ltd. Israel 103.62 -13% 16,936.0 15,425.9 1,835.4 912.1 49.7% 7.2% 8.4x 16.9x Cisco Systems, Inc. United States 38.30 -3% 189,340.7 153,677.7 47,789.0 14,440.0 30.2% -2.3% 3.2x 10.6x Cheetah Mobile Inc. China 12.08 -16% 1,672.2 1,477.6 730.8 69.7 9.5% 8.2% 2.0x 21.2x CyberArk Software Ltd. Israel 41.39 -26% 1,438.0 1,163.7 245.7 29.4 12.0% 20.6% 4.7x 39.6x FireEye, Inc. United States 14.20 -21% 2,621.1 2,512.4 733.5 (139.3) NM 2.7% 3.4x NM Fortinet, Inc. United States 43.69 -4% 7,597.7 6,321.9 1,441.1 169.7 11.8% 19.2% 4.4x 37.3x Gemalto N.V. Netherlands 59.44 -23% 5,342.9 6,352.3 3,450.3 530.5 15.4% -3.0% 1.8x 12.0x Imperva, Inc. United States 39.70 -24% 1,350.4 1,007.1 309.0 (6.6) NM 19.4% 3.3x NM Juniper Networks, Inc. United States 28.50 -8% 10,685.5 9,535.5 5,173.3 1,192.5 23.1% 5.1% 1.8x 8.0x Mimecast Limited * United Kingdom 28.67 -10% 1,643.3 1,554.8 222.0 7.8 3.5% 38.9% 7.0x 198.3x Mobileye N.V. * Israel 62.96 -3% 14,003.0 13,557.2 407.6 138.6 34.0% 50.7% 33.3x 97.8x NQ Mobile Inc. China 4.02 -14% 433.4 490.6 344.1 9.5 2.8% 101.6% 1.4x 51.8x Palo Alto Networks, Inc. United States 144.94 -8% 13,318.4 12,346.2 1,869.0 (81.3) NM 26.3% 6.6x NM Proofpoint, Inc. United States 88.81 -9% 3,981.8 3,903.4 476.7 (33.7) NM 38.7% 8.2x NM SecureWorks Corp. United States 8.87 NA 719.2 619.5 466.2 (27.5) NM 15.2% 1.3x NM Symantec Corporation United States 28.06 -18% 17,396.7 21,579.7 4,571.0 596.0 13.0% 25.4% 4.7x 36.2x Trend Micro Incorporated Japan 56.73 -4% 7,799.9 6,543.1 1,309.7 468.7 35.8% 18.0% 5.0x 14.0x VeriSign, Inc. United States 114.44 -3% 11,280.4 11,321.0 1,155.9 751.8 65.0% 2.4% 9.8x 15.1x
Adjusted Weighted Average 4.1x 13.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (92.2x)
29 | M&A and Investment Summary December 2017 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $147.59 -5% $ 12,524.6 $ 11,597.9 $ 1,063.5 $ 467.1 43.9% 9.7% 10.9x 24.8x Autodesk, Inc. United States 104.83 -20% 23,090.6 23,222.1 1,981.6 (328.0) NM -9.9% 11.7x NM AVEVA Group plc * United Kingdom 37.37 -2% 2,391.0 2,211.3 302.3 48.7 16.1% 10.7% 7.3x 45.4x Dassault Systèmes SE France 106.38 -5% 27,136.4 24,991.4 3,773.3 998.3 26.5% 7.2% 6.6x 25.0x
Adjusted Weighted Average 9.3x 25.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (43.6x)
($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $175.24 -6% $ 86,383.3 $ 82,445.0 $ 7,301.5 $ 2,494.4 34.2% 24.7% 11.3x 33.1x Atlassian Corporation Plc * United Kingdom 45.52 -15% 10,279.8 9,666.3 677.0 (23.9) NM 37.6% 14.3x NM Bandwidth Inc. United States 23.12 -7% 407.4 462.2 159.3 19.8 12.4% 0.0% 2.9x 23.4x CA, Inc. United States 33.28 -9% 13,929.1 14,029.1 4,078.0 1,199.0 29.4% 0.4% 3.4x 11.7x Cloudera, Inc. United States 16.52 -29% 2,333.2 1,943.7 336.8 (371.7) NM 41.2% 5.8x NM Commvault Systems, Inc. United States 52.50 -19% 2,424.7 1,930.1 673.4 5.0 0.7% 7.5% 2.9x NM Endurance International Group Holdings, Inc. United States 8.40 -15% 1,205.3 3,092.9 1,174.7 276.6 23.5% 16.1% 2.6x 11.2x First Data Corporation United States 16.71 -13% 15,431.1 36,516.1 7,991.0 2,820.0 35.3% 1.7% 4.6x 12.9x Hortonworks Inc. United States 20.11 -9% 1,418.4 1,355.2 238.8 (202.4) NM 40.5% 5.7x NM IBM Corporation United States 153.42 -16% 142,034.9 176,291.9 78,366.0 16,839.0 21.5% -2.3% 2.2x 10.5x MuleSoft, Inc. United States 23.26 -20% 3,022.9 2,841.4 263.1 (63.6) NM 57.9% 10.8x NM Nutanix, Inc. United States 35.28 -8% 5,659.8 5,293.9 853.9 (328.1) NM 56.5% 6.2x NM Okta, Inc. United States 25.61 -24% 2,610.3 2,386.7 231.1 (105.1) NM 66.7% 10.3x NM Opera Software ASA Norway 3.20 -37% 454.3 394.4 469.5 12.5 2.7% -10.6% 0.8x 31.6x Oracle Corporation United States 47.28 -11% 195,720.4 185,248.4 38,907.0 15,143.0 38.9% 4.5% 4.8x 12.2x Salesforce.com, inc. * United States 102.23 -6% 73,840.7 72,800.3 9,923.0 553.4 5.6% 25.5% 7.3x 131.5x Rapid7, Inc. United States 18.66 -8% 818.8 734.9 188.2 (39.8) NM 29.6% 3.9x NM ServiceNow, Inc. United States 130.39 -3% 22,519.3 22,004.0 1,772.3 (5.2) NM 37.3% 12.4x NM Talend S.A. France 37.48 -19% 1,092.3 997.7 137.5 (21.8) NM 42.6% 7.3x NM Twilio Inc. United States 23.60 -32% 2,195.5 1,911.6 365.7 (45.3) NM 48.2% 5.2x NM Varonis Systems, Inc. United States 48.55 -9% 1,351.6 1,223.1 198.6 (12.5) NM 29.0% 6.2x NM
Adjusted Weighted Average 5.8x 15.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.7x)
30 | M&A and Investment Summary December 2017 Information
. The Information segment reported nine transactions worth more than $315 million in value . Product/Price Information was the most active subsegments throughout the month with three transactions announced . The 39 transactions announced during the fourth quarter was the segment’s second largest quarterly total for 2017, with the Healthcare Information subsegment consistently accounting for approximately 30 percent of activity within the segment every quarter . Select transactions from the segment include: • The pending acquisition of Power Advocate, a provider of market and cost intelligence solutions to energy companies, by Verisk Analytics for $200 million plus up to $80 million in potential earn-out • ZPG’s acquisition of property valuations and market analysis company Calcasa for a reported $93 million • The acquisition of Health eCareers, operator of a career resource platform for the healthcare industry, by Everyday Health • Levine Leichtman Capital Partners’ acquisition of Law Business Research, a provider of information to the international law community
INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Product/Price Information 3 33% $293.4 92% 2 $293.4 0 - 1 - Financial Information 2 22% 7.4 2% 1 1.0 0 - 1 6.4 Healthcare Information 2 22% 2.0 1% 1 - 0 - 1 2.0 HR Information 1 11% 15.0 5% 1 15.0 0 - 0 - Legal Information 1 11% - 0% 0 - 1 - 0 - Total 9 100% 317.8 100% 5 309.4 1 0.0 3 8.4
31 | M&A and Investment Summary December 2017 Information Public Company Valuation (1/2)
($ 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $90.58 -2% $ 10,557.3 $ 11,560.8 $ 4,172.1 $ 733.1 17.6% 30.5% 2.8x 15.8x Computershare Limited Australia 12.73 -5% 6,916.8 8,031.3 2,105.8 491.3 23.3% 7.2% 3.8x 16.3x CoreLogic, Inc. United States 46.21 -6% 3,806.5 5,454.6 1,871.9 395.9 21.2% 0.2% 2.9x 13.8x CoStar Group, Inc. * United States 296.95 -6% 10,733.4 10,415.9 929.6 235.3 25.3% 14.4% 11.2x 44.3x DST Systems, Inc. United States 62.07 -3% 3,737.9 4,242.0 2,023.1 401.8 19.9% 31.3% 2.1x 10.6x The Dun & Bradstreet Corporation United States 118.41 -6% 4,376.4 5,643.7 1,732.6 423.8 24.5% 2.8% 3.3x 13.3x Envestnet, Inc. * United States 49.85 -10% 2,208.6 2,418.9 656.3 58.4 8.9% 21.3% 3.7x 41.4x Equifax Inc. United States 117.92 -20% 14,159.8 16,616.2 3,324.9 1,163.7 35.0% 10.5% 5.0x 14.3x Experian plc Ireland 22.11 -4% 20,073.9 23,577.1 4,439.0 1,548.0 34.9% 7.1% 5.3x 15.2x FactSet Research Systems Inc. United States 192.76 -7% 7,538.8 7,859.9 1,262.3 421.6 33.4% 10.3% 6.2x 18.6x Fair Isaac Corporation United States 153.20 -4% 4,594.5 5,093.7 932.2 211.4 22.7% 5.8% 5.5x 24.1x Fidelity National Information Services, Inc. United States 94.09 -3% 31,413.7 39,906.7 9,240.0 2,529.0 27.4% 6.6% 4.3x 15.8x Financial Engines, Inc. United States 30.30 -34% 1,918.5 1,720.8 468.0 97.5 20.8% 20.2% 3.7x 17.7x Moody's Corporation United States 147.61 -4% 28,208.3 33,070.9 3,980.7 1,895.0 47.6% 12.8% 8.3x 17.5x Morningstar, Inc. United States 96.97 -2% 4,124.1 4,005.1 880.8 240.6 27.3% 11.8% 4.5x 16.6x MSCI Inc. United States 126.54 -4% 11,397.3 12,675.7 1,232.2 632.5 51.3% 9.0% 10.3x 20.0x Reis, Inc. * United States 20.65 -10% 236.8 219.4 47.5 6.9 14.6% -5.4% 4.6x 31.7x SEI Investments Co. United States 71.86 -2% 11,316.0 10,671.0 1,487.1 416.5 28.0% 8.7% 7.2x 25.6x Thomson Reuters Corporation Canada 43.69 -13% 31,012.5 37,863.5 11,249.0 2,548.0 22.7% 0.5% 3.4x 14.9x Verisk Analytics, Inc. United States 96.00 -3% 15,810.4 18,546.4 2,081.0 963.0 46.3% 5.8% 8.9x 19.3x Workiva Inc. United States 21.40 -10% 897.3 839.4 199.7 (33.5) NM 16.0% 4.2x NM
Adjusted Weighted Average 5.6x 16.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.4x)
32 | M&A and Investment Summary December 2017 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $27.56 -9% $ 2,185.1 $ 2,245.7 $ 885.9 $ 79.7 9.0% 0.9% 2.5x 28.2x Alliance Data Systems Corporation * United States 253.48 -5% 14,004.4 34,161.1 7,440.8 1,502.9 20.2% 5.4% 4.6x 22.7x Cello Group Plc United Kingdom 1.81 -4% 189.4 198.5 211.9 15.4 7.3% 1.7% 0.9x 12.9x Ebiquity plc United Kingdom 1.44 -16% 106.5 143.3 111.6 15.0 13.4% 0.0% 1.3x 9.6x Harte Hanks, Inc. United States 0.95 -43% 59.3 59.9 394.1 6.1 1.6% -4.1% 0.2x 9.8x InnerWorkings, Inc. United States 10.03 -17% 542.8 664.3 1,105.7 46.4 4.2% 1.4% 0.6x 14.3x Intage Holdings Inc. Japan 13.01 -2% 519.6 453.3 439.4 50.5 11.5% 6.2% 1.0x 9.0x Ipsos SA France 36.86 -14% 1,536.4 2,154.3 2,034.1 226.4 11.1% -0.2% 1.1x 9.5x Nielsen Holdings plc United Kingdom 36.40 -20% 12,964.5 20,950.5 6,467.0 1,675.0 25.9% 3.0% 3.2x 12.5x Pearson plc United Kingdom 9.95 -11% 8,022.0 10,446.8 6,146.9 1,067.6 17.4% 9.1% 1.7x 9.8x System1 Group PLC United Kingdom 4.97 -65% 61.9 57.2 39.9 5.9 14.8% 0.0% 1.4x 9.7x YouGov plc * United Kingdom 4.28 -12% 450.5 419.1 141.1 16.2 11.5% 21.4% 3.0x 25.9x
Adjusted Weighted Average 2.3x 10.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.2x)
($ in Millions, except stock price data)
Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.61 -21% $ 88.8 $ 102.3 $ 95.2 $ 8.8 9.3% 9.7% 1.1x 11.6x Cogint, Inc. United States 4.40 -30% 262.6 315.1 215.2 (16.4) NM 50.0% 1.5x NM Forrester Research, Inc. United States 44.20 -7% 794.5 660.5 330.7 36.5 11.0% 2.2% 2.0x 18.1x Gartner, Inc. * United States 123.15 -5% 11,163.7 13,883.5 3,000.2 367.0 12.2% 25.8% 4.6x 37.8x IHS Markit Ltd. United Kingdom 45.15 -7% 17,872.2 21,788.5 3,528.8 1,085.8 30.8% 46.0% 6.2x 20.1x Informa plc United Kingdom 9.76 -7% 8,037.3 10,156.8 2,095.4 658.3 31.4% 30.0% 4.8x 15.4x National Research Corporation United States 56.06 -4% 979.6 945.7 116.0 38.8 33.5% 8.1% 8.2x 24.3x NIC Inc. United States 16.60 -35% 1,100.1 947.8 331.4 83.2 25.1% 6.6% 2.9x 11.4x Premier, Inc. United States 29.19 -20% 1,670.1 1,717.3 1,532.0 447.2 29.2% 27.1% 1.1x 3.8x Proofpoint, Inc. United States 88.81 -9% 3,981.8 3,903.4 476.7 (33.7) NM 38.7% 8.2x NM Reed Elsevier plc(1) United Kingdom 23.50 -3% 47,003.0 53,855.7 9,553.5 2,885.8 30.2% 17.4% 5.6x 18.7x Tarsus Group plc Ireland 4.42 -1% 498.0 617.4 105.4 29.5 28.0% 1.7% 5.9x 20.9x TechTarget, Inc. * United States 13.92 -3% 384.2 390.8 104.9 11.5 10.9% -4.1% 3.7x 34.1x UBM plc United Kingdom 10.10 -4% 3,971.8 4,770.1 1,209.6 329.9 27.3% 16.7% 3.9x 14.5x Wolters Kluwer N.V. Netherlands 52.21 -3% 14,682.2 17,414.0 5,053.1 1,342.8 26.6% 4.6% 3.4x 13.0x
Adjusted Weighted Average 5.2x 17.3x
(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 (8.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.0x)
33 | M&A and Investment Summary December 2017 Business Services
. The 79 Business Services transactions announced in December is the segment’s largest single month total of 2017 . IT Consulting transactions accounted for 48 percent of total activity with 38 transactions . December activity was driven by the 13 deals reported by private equity buyers, accounting for more than half of all buyout transactions across segments . Select transactions: • Baring Private Equity’s acquisition of education and training services company Prometric in a transaction valued at a reported $1 billion, including debt • The acquisition of medical coding services company Visionary RCM by The Carlyle Group for a reported $64 million • ABRY Partners’ acquisitions of IT support and outsourcing services provider NexusTek and private cloud services provider Breakthrough Technology Group • Cloud-based security services firm Cloud Harmonics’ sale to Ingram Micro
BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting 38 48% $5.0 0% 31 - 4 - 3 $5.0 Corporate Training 15 19% 1,075.1 92% 11 38.1 1 1,000.0 3 37.0 Healthcare Consulting 13 16% 76.2 7% 5 - 5 63.5 3 12.7 Printing Services 3 4% - 0% 0 - 1 - 2 - Logistics 2 3% 12.3 1% 0 - 0 - 2 12.3 BPO 1 1% - 0% 0 - 0 - 1 - Call Center 1 1% - 0% 0 - 1 - 0 - Other 6 8% 0.0 0% 3 0.0 1 0.0 2 0.0 Total 79 100% 1,168.6 100% 50 38.1 13 1,063.5 16 67.0
34 | M&A and Investment Summary December 2017 Business Services Public Company Valuation (1/3)
($ in Millions, except stock price data)
Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 153.09 -3% $ 94,405.7 $ 91,539.8 $ 35,857.9 $ 5,853.8 16.3% 7.4% 2.6x 15.6x CRA International, Inc. United States 44.95 -5% 364.5 344.4 352.6 30.7 8.7% 11.0% 1.0x 11.2x FTI Consulting, Inc. United States 42.96 -5% 1,590.3 1,893.5 1,781.9 159.6 9.0% -1.6% 1.1x 11.9x Information Services Group, Inc. * United States 4.17 -10% 181.0 274.3 257.2 15.7 6.1% 19.0% 1.1x 17.5x Navigant Consulting, Inc. United States 19.41 -24% 891.3 1,059.0 948.6 128.1 13.5% 4.1% 1.1x 8.3x ICF International, Inc. United States 52.50 -9% 978.7 1,202.3 1,197.5 113.4 9.5% 1.8% 1.0x 10.6x Huron Consulting Group Inc. United States 40.45 -15% 859.5 1,225.9 724.8 96.7 13.3% -1.2% 1.7x 12.7x The Hackett Group, Inc. United States 15.71 -24% 450.2 456.0 261.7 40.9 15.6% 1.7% 1.7x 11.1x
Adjusted Weighted Average 1.2x 11.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.8x) ($ in Millions, except stock price data)
HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 117.19 -4% $ 51,972.6 $ 51,627.3 $ 12,541.7 $ 2,713.5 21.6% 5.7% 4.1x 19.0x Barrett Business Services, Inc. United States 64.49 -7% 470.8 438.9 896.8 31.8 3.5% 10.3% 0.5x 13.8x Capita plc United Kingdom 5.42 -45% 3,607.3 6,691.3 6,338.6 872.7 13.8% 3.8% 1.1x 7.7x DHI Group, Inc. United States 1.90 -70% 95.5 141.8 212.0 35.5 16.7% -10.6% 0.7x 4.0x Edenred SA France 29.03 -4% 6,778.1 8,474.8 1,363.4 450.7 33.1% 20.6% 6.2x 18.8x Insperity, Inc. United States 57.35 -5% 2,390.7 2,207.2 3,202.8 135.2 4.2% 11.9% 0.7x 16.3x Marsh & McLennan Companies, Inc. United States 81.39 -6% 41,537.9 46,032.9 13,703.0 3,267.0 23.8% 3.9% 3.4x 14.1x Paychex, Inc. United States 68.08 -3% 24,453.3 24,248.1 3,237.7 1,415.6 43.7% 5.7% 7.5x 17.1x TriNet Group, Inc. United States 44.34 -2% 3,081.0 3,249.1 3,238.5 239.1 7.4% 8.9% 1.0x 13.6x WageWorks, Inc. * United States 62.00 -23% 2,457.5 1,809.9 461.7 91.7 19.9% 33.1% 3.9x 19.7x
Adjusted Weighted Average 4.4x 16.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.5x)
35 | M&A and Investment Summary December 2017 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 153.09 -3% $ 94,405.7 $ 91,539.8 $ 35,857.9 $ 5,853.8 16.3% 7.4% 2.6x 15.6x Amdocs Limited United States 65.48 -4% 9,423.5 8,443.9 3,867.2 732.2 18.9% 4.0% 2.2x 11.5x Bechtle AG Germany 83.48 -5% 3,506.1 3,476.8 4,059.2 219.4 5.4% 14.7% 0.9x 15.8x Booz Allen Hamilton Holding Corporation United States 38.13 -4% 5,559.8 7,076.8 6,022.4 568.9 9.4% 8.5% 1.2x 12.4x Business & Decision SA France 9.49 -5% 74.8 112.1 253.1 7.8 NA -1.5% 0.4x 14.4x Capgemini SE France 118.74 -7% 19,347.1 21,949.2 14,482.6 1,842.6 12.7% 1.0% 1.5x 11.9x Cerner Corporation * United States 67.39 -9% 22,401.4 22,084.4 4,987.9 1,387.4 27.8% 7.7% 4.4x 15.9x CGI Group Inc. Canada 54.46 -3% 15,445.0 16,858.3 8,676.8 1,449.7 16.7% 1.5% 1.9x 11.6x Cognizant Technology Solutions Corporation United States 71.02 -7% 41,876.6 37,986.6 14,444.0 2,876.0 19.9% 8.9% 2.6x 13.2x Digi International Inc. United States 9.55 -32% 255.9 145.7 181.6 13.3 7.3% -10.5% 0.8x 10.9x DXC Technology Company United States 94.90 -5% 27,072.0 33,293.0 15,882.0 2,196.0 13.8% 115.8% 2.1x 15.2x Globant S.A. * Luxembourg 46.46 -3% 1,630.7 1,596.3 385.3 52.9 13.7% 25.4% 4.1x 30.2x International Business Machines Corporation United States 153.42 -16% 142,034.9 176,291.9 78,366.0 16,839.0 21.5% -2.3% 2.2x 10.5x Infosys Limited India 16.33 -1% 35,478.7 29,919.8 10,499.0 2,835.0 27.0% 5.6% 2.8x 10.6x ITS Group France 8.15 -9% 62.6 67.2 208.7 8.3 4.0% -4.3% 0.3x 8.1x Navigant Consulting, Inc. United States 19.41 -24% 891.3 1,059.0 948.6 128.1 13.5% 4.1% 1.1x 8.3x NTT Data Corporation Japan 11.89 -5% 16,672.9 20,302.2 17,528.4 2,517.1 14.4% 19.5% 1.2x 8.1x Perficient, Inc. United States 19.07 -6% 665.7 728.2 458.5 51.0 11.1% -4.9% 1.6x 14.3x Presidio, Inc. United States 19.17 -3% 1,757.8 2,656.1 2,844.9 221.1 7.8% 3.1% 0.9x 12.0x Reply S.p.A. Italy 55.44 -14% 2,073.8 2,031.8 976.0 127.7 13.1% 12.2% 2.1x 15.9x SQLi France 42.47 -27% 163.2 186.0 225.7 16.9 7.5% 6.7% 0.8x 11.0x Tata Consultancy Services Limited * India 42.32 -3% 81,016.4 75,910.3 18,296.3 4,892.4 26.7% 4.5% 4.1x 15.5x Wipro Limited India 4.91 -4% 23,776.3 20,070.3 8,378.6 1,692.1 20.2% 1.6% 2.4x 11.9x
Adjusted Weighted Average 2.6x 13.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.7x)
36 | M&A and Investment Summary December 2017 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 12/29/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $7.02 -4% $ 56.9 $ 43.0 $ 37.9 $ 2.5 6.7% -12.0% 1.1x 17.0x Cenveo, Inc. United States 0.90 -88% 7.7 1,060.5 1,507.9 118.1 7.8% -8.2% 0.7x 9.0x Cimpress N.V. Netherlands 119.88 -4% 3,721.2 4,741.2 2,255.0 144.9 6.4% 21.5% 2.1x 32.7x Communisis plc United Kingdom 0.87 -2% 182.0 220.6 484.4 32.3 6.7% 5.2% 0.5x 6.8x Contax Participações S.A. Brazil 1.11 -65% 4.6 412.8 581.9 44.2 7.6% -9.6% 0.7x 9.3x Convergys Corporation United States 23.50 -12% 2,171.7 2,271.0 2,860.8 356.8 12.5% -1.6% 0.8x 6.4x CSG Systems International, Inc. United States 43.82 -14% 1,468.8 1,544.6 779.5 138.7 17.8% 2.2% 2.0x 11.1x Elanders AB (publ) Sweden 10.02 -31% 354.2 671.5 1,114.4 71.6 6.4% 78.9% 0.6x 9.4x Eniro AB (publ) Sweden 0.01 -86% 43.7 255.8 208.5 24.5 11.8% -17.8% 1.2x 10.4x ExlService Holdings, Inc. United States 60.35 -5% 2,048.5 1,844.8 741.7 103.5 14.0% 10.0% 2.5x 17.8x Firstsource Solutions Limited India 0.64 -18% 438.1 520.0 540.2 60.4 11.2% 1.4% 1.0x 8.6x Genpact Limited Bermuda 31.74 -4% 6,127.2 6,908.0 2,684.3 450.3 16.8% 5.9% 2.6x 15.3x InnerWorkings, Inc. United States 10.03 -17% 542.8 664.3 1,105.7 46.4 4.2% 1.4% 0.6x 14.3x j2 Global, Inc. United States 75.03 -18% 3,632.1 4,228.8 1,053.3 394.0 37.4% 27.3% 4.0x 10.7x Luxoft Holding, Inc. SwitzerlandSwitzerland 55.70 -18% 1,870.0 1,815.4 848.3 92.4 10.9% 18.5% 2.1x 19.7x MAXIMUS, Inc. United States 71.58 -1% 4,662.5 4,502.6 2,451.0 372.6 15.2% 2.0% 1.8x 12.1x Quad/Graphics, Inc. United States 22.60 -22% 1,171.6 2,211.3 4,165.5 468.9 11.3% -6.3% 0.5x 4.7x IQVIA Holdings Inc. United States 97.90 -12% 20,362.0 29,224.0 7,851.0 1,736.0 22.1% 72.9% 3.7x 16.8x R.R. Donnelley & Sons Company United States 9.30 -50% 651.9 2,690.1 6,935.4 448.7 6.5% 93.2% 0.4x 6.0x Serco Group plc United Kingdom 1.34 -35% 1,455.5 1,708.1 3,930.0 85.6 2.2% -1.0% 0.4x 20.0x St Ives plc United Kingdom 1.08 -41% 153.9 227.7 515.9 34.7 6.7% 7.0% 0.4x 6.6x StarTek, Inc. United States 9.97 -33% 160.9 183.5 298.1 15.6 5.2% -4.5% 0.6x 11.8x SYNNEX Corporation United States 135.95 -4% 5,433.3 6,245.4 15,620.7 633.7 4.1% 13.8% 0.4x 9.9x Sykes Enterprises, Incorporated United States 31.45 -9% 1,338.2 1,277.0 1,555.9 173.6 11.2% 10.5% 0.8x 7.4x Teleperformance SE France 143.43 -8% 8,284.5 10,075.3 4,610.4 709.0 15.4% 17.8% 2.2x 14.2x TeleTech Holdings, Inc. United States 40.25 -8% 1,845.4 2,028.7 1,395.7 171.0 12.3% 9.7% 1.5x 11.9x transcosmos inc. Japan 25.58 -3% 1,060.9 956.3 2,238.3 84.0 3.8% 8.2% 0.4x 11.4x Transcontinental Inc. Canada 19.81 -22% 1,535.6 1,616.3 1,559.9 308.1 19.8% -0.6% 1.0x 5.2x Cimpress N.V. Netherlands 119.88 -4% 3,721.2 4,741.2 2,255.0 144.9 6.4% 21.5% 2.1x 32.7x
Adjusted Weighted Average 1.3x 11.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.2x)
37 | M&A and Investment Summary December 2017 PPLLC Indices Valuation Summary
Current Summary Trading Valuation Information
Revenue Multiples (TTM) Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 4.8x 3.4x 7.0x 2.6x Internationally-based Digital Media and Internet 5.1x 4.7x 7.0x 2.8x US-based eCommerce 3.3x 2.3x 4.6x 2.5x Internationally-based eCommerce 3.1x 1.1x 12.4x 1.8x US-based Digital Advertising 4.2x 3.0x 8.9x 2.8x Internationally-based Digital Advertising 4.4x 2.6x 14.8x 2.2x US-based Marketing Technology 5.6x 4.8x 5.6x 4.5x Internationally-based Marketing Technology 5.0x 4.9x 5.8x 5.3x Agency 1.2x 1.3x 1.4x 1.4x Marketing Services 1.8x 1.8x 3.2x 2.9x Traditional Media 2.9x 2.6x 3.6x 3.2x Software 5.5x 4.9x 5.6x 5.4x Information 4.5x 3.7x 6.8x 5.3x Business Services 1.4x 1.0x 2.6x 2.2x
As of close of business on 12/29/17 *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 December 2017 PPLLC Indices Valuation Summary
Current Summary Trading Valuation Information
EBITDA Multiples (TTM) Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 24.0x 21.8x 16.8x 18.5x Internationally-based Digital Media and Internet 19.2x 15.8x 21.8x 17.2x US-based eCommerce 20.8x 16.7x 22.5x 15.5x Internationally-based eCommerce 21.8x 16.5x 30.8x 15.8x US-based Digital Advertising 44.9x 24.0x 21.8x 14.7x Internationally-based Digital Advertising 29.7x 13.8x 36.1x 17.1x US-based Marketing Technology 41.1x 28.9x 31.5x 19.8x Internationally-based Marketing Technology 43.4x 20.4x 22.4x 22.7x Agency 10.2x 8.9x 9.0x 8.9x Marketing Services 11.7x 9.7x 16.4x 9.0x Traditional Media 15.7x 10.8x 12.1x 11.9x Software 33.4x 23.3x 23.8x 16.6x Information 19.0x 16.1x 25.5x 16.9x Business Services 12.3x 11.5x 14.1x 13.5x
As of close of business on 12/29/17 *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
39 | M&A and Investment Summary December 2017 PPLLC Indices LTM Share Pricing Trends
Digital Media/Commerce and Traditional Media Digital Advertising LTM Index Performance LTM Index Performance 150%
170% 140% • S&P 500 – 18.4 % • S&P 500 – 18.4 % 155% 130% 140% • Digital Advertising – 32.9 % • Digital Media/Commerce – 49.1 % 120% 125% • Traditional Media – 7.4 % 110% 110%
100% Index Performance (%) Performance Index
95% (%) Performance Index 90%
80% 80% Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17
Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX)
Marketing Technology LTM Index Performance Agency & Marketing Services LTM Index Performance 150% 150% • S&P 500 – 18.4 % 140% • S&P 500 – 18.4 % 140% 130% • Agency – v (10.4 %) • Marketing Technology – 21.9 % 130%
120% 120% • Marketing Services – 11.0 % 110% 110% 100% 100%
90% Index Performance (%) Performance Index Index Performance (%) Performance Index 90% 80% 80% Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17
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 – 18.4 % 140% • S&P 500 – 18.4 % 140%
130% • Software – 23.5 % 130% • Information – 23.5 % 120% 120% 110% • Business Services – 7.7 % 110% 100% 100%
Index Performance (%) Performance Index 90% 90% 80% (%) Performance Index Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 80% Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Software S&P 500 Index (^SPX) Information Business Services S&P 500 Index (^SPX) Note: LTM as of 12/31/2017 40 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Values Disclosed Target Target Segment Buyer/Investor Reported TV
Aconex Ltd. Software Oracle Corporation $ 1,200.0 Cayan, LLC Software Total System Services, Inc. 1,050.0 Big Fish Games, Inc. Digital Media/Commerce Aristocrat Leisure Limited 990.0 Shipt LLC Digital Media/Commerce Target Corporation 550.0 IWCO Direct Agency & Marketing Services ModusLink Global Solution, Inc. 476.0 Lion City Holdings Pte. Ltd. Digital Media/Commerce ComfortDelGro Corporation Limited 474.0 ModusLink Global Solution, Inc. Software Steel Partners Holdings L.P. 428.0 Shazam Entertainment, Inc. Digital Media/Commerce Apple Inc. 400.0 TSheets.com LLC Software Intuit, Inc. 340.0 Midwest Television, Inc.'s Broadcasting Stations in San Diego, CA Traditional Media TEGNA Inc. 325.0 Goldbach Group Agency & Marketing Services Tamedia 217.7 Power Advocate, Inc. Information Verisk Analytics, Inc. 200.0 Clavis Insight Marketing Technology Ascential plc 119.0 Wenner Media LLC Traditional Media Penske Media Corporation 100.0 TITUS, Inc. Software The Blackstone Group L.P. 100.0 Calcasa B.V. Information ZPG plc 93.4 LKQD Technologies, Inc. Digital Advertising Nexstar Media Group, Inc. 90.0 Disqus, Inc. Marketing Technology Zeta Global 90.0 DavidandGoliath Agency & Marketing Services INNOCEAN Worldwide, Inc. 71.7 OWN Traditional Media Discovery Communications LLC 70.0 Next IT Marketing Technology Verint Systems, Inc. 51.0 19pay.com.cn Software Didi Chuxing 45.0 sqrrl data, Inc. Software Amazon.com, Inc. 40.0 Grass Roots Meetings & Events Traditional Media BCD Meetings & Events LLC 30.3 Sperasoft, Inc. Digital Media/Commerce Keywords Studios plc 27.0 Learning Seat Pty Ltd. Business Services Callidus Software, Inc. 26.0 Sonassi Holding Company Limited Marketing Technology iomart Group 21.8 Healthcare Communications UK Ltd. Software IMImobile PLC 20.1 MEED Media FZ LLC Traditional Media GlobalData Plc 17.5 ABM Data Systems Ltd. Software WiseTech Global 17.2 Health eCareers Information Everyday Health, Inc. 15.0 Weg.de Digital Media/Commerce Lastminute.com N.V. 14.1 Tangerine Promotions Agency & Marketing Services Superior Uniform Group 12.7 MessageNet Pty Ltd. Digital Media/Commerce Message4u Pty Ltd. 11.2 Horisen Messaging AG Marketing Technology LINK Mobility AS 10.6 CasinoGrounds Digital Media/Commerce LeoVegas Mobile Gaming Group 10.5 AcadGild Business Services AEON Learning Private Limited 10.0 Evoke Gaming Ltd. Digital Media/Commerce Mr. Green & Co. AB 8.2 The Boston Herald Traditional Media New Media Investment Group, Inc. 5.0 A Large Evil Corporation Ltd. Traditional Media Funko, Inc. 4.0 Drippler Ltd. Digital Media/Commerce Soluto 3.0
41 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Values Disclosed Target Target Segment Buyer/Investor Reported TV
Simple SMS Group Marketing Technology LINK Mobility AS $ 2.4 Kinetic Information Systems Pty Ltd. Software Castleton Technology plc 2.3 CustomsMatters Software WiseTech Global 2.1 Academy21 Limited Business Services Wey Education plc 2.1 Mattermark, Inc. Information FullContact, Inc. 1.0
42 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
3D Discovery Co. Limited Agency & Marketing Services Double Affirm Limited $ - Actualys SARL Agency & Marketing Services SFAM Group SA - ADG Creative Agency & Marketing Services Chenega Corporation - Bomoda.com Agency & Marketing Services Interpublic Group of Companies, Inc. - DWA Media Agency & Marketing Services Dentsu Aegis Network, Inc. - esome advertising technologies GmbH Agency & Marketing Services ProSiebenSat.1 Media AG - iTx Technologies, Inc. Agency & Marketing Services Libeo - LunaMetrics Agency & Marketing Services HS2 Solutions, Inc. - Marketing Associates/USA, Inc. Agency & Marketing Services Vistra Communications LLC - Napoli Management Group Agency & Marketing Services Blue Equity, LLC - Pinpoint Designs Ltd. Agency & Marketing Services IDHL Group - Prime Line, Inc. Agency & Marketing Services alphabroder - Resolute Digital, LLC Agency & Marketing Services Interpublic Group of Companies, Inc. - Riordon Design Group Agency & Marketing Services CREW Marketing Partners, Inc. - Rothco Limited Agency & Marketing Services Accenture plc - Stakeholder Communications Limited Agency & Marketing Services MCE Public Relations Limited - Swift Prepaid Solutions, Inc. Agency & Marketing Services Bain Capital Ventures - Swirl Integrated Marketing Agency & Marketing Services Dentsu Aegis Network, Inc. - The Future Customer Ltd. Agency & Marketing Services ICF International, Inc. - The Gamer Agency Agency & Marketing Services Engine Shop, LLC - The Social Science Pty Ltd. Agency & Marketing Services ShareRoot, Inc. - Acumen Security LLC Business Services Intertek Group plc. - Alexander Open Systems Business Services ConvergeOne, Inc. - ALKU LLC Business Services Holland Square Group LLC - Andrade Soto Information Security Business Services Agility Networks Technology - Arxis Technology, Inc. Business Services RKL eSolutions LLC - AVS Systems, Inc. Business Services Information Services Corporation - AWK Group AG Business Services Deutsche Private Equity - Bask Technology, Inc. Business Services HFN, Inc. - BIM Italia Srl Business Services GPI SpA - Brain Maps Technology Co. Ltd. Business Services Scientific Learning Corporation - Brein BV Business Services Roxit Group - Cloud Harmonics, Inc. Business Services Ingram Micro, Inc. - Comia Software Oy Business Services Siili Solutions Oy - Comsmart Ltd. Business Services Fortlock Security Systems Limited - CRM Manager LLC Business Services Simplus, Inc. - DSG Consulting Business Services Stone-Goff Partners - Educadium LLC Business Services iContracts, Inc. - eduCLIMBER.com Business Services Illuminate Education, Inc. - Focused Management Solutions, Inc. Business Services Public Consulting Group, Inc. - Health Strategies Group Business Services The Access Group - Healthsun Health Plans, Inc. Business Services Anthem, Inc. - 43 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
IMA Consulting Business Services Revint Solutions $ - Independent Technology Group Business Services InterVision Systems LLC - iNet Solutions Group, Inc. Business Services Myriad Mobile - Inmics Oy Business Services Telia Company AB - Intrepid Learning, Inc. Business Services VitalSource Technologies, Inc. - IT Works S.A. Business Services Qumak S.A. - Layer3 TV, Inc. Business Services T-Mobile USA, Inc. - LYNET Kommunikation AG Business Services Beta Systems Software AG - Mail Communications Group, LLC Business Services MFG Partners - Mercury Technology Group, Inc. Business Services Velocity Technology Solutions, Inc. - North American Crane Bureau Group, Inc. Business Services ProBility Media Corp. - Online Partner Saas Tehcnololgies Business Services Matilan SAS - Regal IT Business Services Vintek Pty Ltd. - Savantis Group Business Services Vedicsoft Solutions, Inc. - Tech Works Business Services TELECO, Inc. - Telconomics S.L. Business Services First Derivatives plc - Temporary Staffing Division of Magellan Search & Staffing Business Services Diversified Staffing Services Ltd. - The Biotech Quality Group S.A. Business Services Assystem SA - The Odin Project Business Services Thinkful, Inc. - Uniq Systems Ltd. Business Services Smith Cooper System Partners Limited - Viking Education, Inc. Business Services Thinkful, Inc. - VMtech Business Services Telstra Corporation Limited - Waytime Technologies Ltd. Business Services Dynamic Edge Solutions Limited - Webantic Limited Business Services ANS Group PLC - WP Radius Business Services WP Site Care LLC - Wrk Systems, Inc. Business Services Scantron Corporation - AffiMobiz Digital Advertising CLIQ Digital - Beachfront Media LLC Digital Advertising Growth Catalyst Partners LLC - CollegeWeekends.com Digital Advertising ACCC Enterprises LLC - FIVE, Inc. Digital Advertising LINE Corporation - Hooklogic, Hotel Ad Tech Division Digital Advertising Koddi Inc. - Jauntaroo Digital Advertising TravelPass Group LLC - LCL, Inc. Digital Advertising Kakaku.com, Inc. - SafariNow.com (Pty) Ltd. Digital Advertising Travelstart Online Travel Operations Pty Ltd. - Squawka Digital Advertising Catena Media - TheToneKnows Digital Advertising BrandSpins LLC - Valuklik Digital Advertising Dentsu Aegis Network, Inc. - 123Wish Digital Media/Commerce One Horizon Group, Inc. - 501 Auctions Digital Media/Commerce Community Brands - AnyWorkSpace Limited Digital Media/Commerce Cleantech Solutions International, Inc. - Chauffeur Prive Digital Media/Commerce Daimler AG - Creators Media, Inc. Digital Media/Commerce Webedia SAS - 44 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Disco Leaning Media, Inc. Digital Media/Commerce ProBility Media Corp. $ - Estantevirtual.com.br Digital Media/Commerce Livraria Cultura S.A. - Fete Digital Media/Commerce Evite, Inc. - Foodpanda.in Digital Media/Commerce Olacabs - Goodgame Studios Digital Media/Commerce Stillfront Group - GoShopping ApS Digital Media/Commerce Bagaren och Kocken AB - HDFC RED Digital Media/Commerce Quikr India Private Limited - Ice.com Digital Media/Commerce Glimmer - Leemo Digital Media/Commerce Foncia Groupe SAS - Liquorfly Digital Media/Commerce Imperium Media - Minerva Holdings Co., Ltd. Digital Media/Commerce Scroll Corporation - One World Lab, Inc. Digital Media/Commerce ProMab Biotechnologies, Inc. - Paloozoo.com Digital Media/Commerce American Films, Inc. - Pharmacie Newpharma Digital Media/Commerce Colruyt Group - Red Sahara Studio Digital Media/Commerce Bluehole.net - Simple Auction Site Digital Media/Commerce Barnebys - Skincity Sweden AB Digital Media/Commerce Axel Johnson AB - The Wine Society Digital Media/Commerce Online Liquor Group - VOW CarClinic Digital Media/Commerce GoMechanic - WedPics Digital Media/Commerce Mixbook - Well.ca, Inc. Digital Media/Commerce McKesson Corporation - Babygogo Information SHEROES - Ad Up Technology AG Marketing Technology Axel Springer SE - BestRetail Marketing Technology KWI, Inc. - Bookassist Marketing Technology Jonas Software, Inc. - Capturepoint.com Marketing Technology Togetherwork Holdings LLC - CEDROM-SNi, Inc. Marketing Technology Cision Ltd. - Centan, Inc. Marketing Technology Macromill, Inc. - ClearSlide, Inc. Marketing Technology Corel Corporation - Docurated, Inc. Marketing Technology Quark Software Inc. - eMediate Solutions ApS Marketing Technology Adnuntius AS - Fyoosion LLC Marketing Technology Grom Social Inc. - Galaxy Research Pty Ltd. Marketing Technology YouGov plc - Gather Digital Marketing Technology Certain, Inc. - InfiniteKey, Inc. Marketing Technology DENSO International America, Inc. - Insight Works Marketing Technology Baifendian Corporation - Interactive Ticketing Solutons, Inc. Marketing Technology Etix, Inc. - Networked Insights, Inc. Marketing Technology American Family Insurance - Octorate Srl Marketing Technology Dylog Italia Spa - Sellpoints, Inc. Marketing Technology ConversionPoint Technologies, Inc. - Simeno Systems AG Marketing Technology Coupa Software, Inc. - Simply Measured, Inc. Marketing Technology Sprout Social, Inc. - 45 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Terapeak Marketing Technology eBay Incorporated $ - 4Clicks Solutions LLC Software The Gordian Group - appear.in, Telenor Digital AS Assets Software Videonor AS - Appuri, Inc. Software DocuSign, Inc. - Aruvio, Inc. Software Riskconnect, Inc. - Atigeo LLC Software Veritone, Inc. - BlockFraud, Inc. Software GameMine, Inc. - BravoSolution SpA Software JAGGAER, Inc. - Brighter, Inc. Software CIGNA Corporation - c+e forum AG Software Visiativ SA - Cenersys LLC Software ITG Software, Inc. - Cilasoft Software Syncsort, Inc. - Cipher Industrial Internet of Things Software Aspen Technology, Inc. - COBOL-IT Software Micro Focus International - Commercial Logic, Inc. Software AbacusNext - Computer konkret AG Software Lifco AB - Connect Assets from Influence Health, Inc. Software Aptean, Inc. - Connect Healthcare Software Doctor.com - Data Management Assistance Corporation Software Thin-Nology LLC - DentAdmin Software CompuGroup Medical AG - Empower Software SymphonyCare - E-STET LLC Software Ernst & Young LLP - eVetPractice Software Henry Schein Veterinary Solutions LLC - EXO Technologies Ltd. Software Lear Corporation - FactBio Ltd. Software SciBite Limited - Forcare B.V. Software Koninklijke Philips Electronics NV - Fox Technologies, Inc. Software HelpSystems, LLC - Frequentz, Inc. Software rfXcel Corporation - Gesture Software Community Brands - GiveSmart US, Inc. Software Community Brands - Innowera LLC Software Magnitude Software - Integrity Line GmbH Software EQS Group AG - JPosting Software NSD Co., Ltd. - Jurisdiction Online LLC Software Aptean, Inc. - Keet Health Software Clinicient, Inc. - Lakeview Computers Ltd. Software Kerridge Commercial Systems Limited - LeanKit, Inc. Software Planview, Inc. - Logmis SARL Software Osmozis SA - Madrone Software & Analytics, Inc. Software Solovis, Inc. - Mapan Software Go-Jek - MDA Property Systems (Pty) Ltd. Software MRI Software LLC - Microlistics Pty Ltd. Software WiseTech Global - 46 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Midtrans Software Go-Jek $ - MobileView Software Safe Fleet - Oncall Systems Ltd. (Smartpage) Software Alcidion Group Limited - Proxi.care Software First Opinion, Inc. - Resolve Immix (Pty) Ltd. Software Decision, Inc. - SafetyNet Software Jungle Disk LLC - SEQR Software Glase FinTech - SimaTech A/S Software Enghouse Systems Limited - Sky Payroll Software ELMO Talent Management Software Pty Ltd. - Tangier Software Software Qgenda, Inc. - Time2Track LLC Software Liaison International - WavePost, Inc. Software Evolphin Software, Inc. - Yoi Corporation Software HighGround, Inc. - ZeroTurnaround OÜ Software Rogue Wave Software, Inc. - Atticus Events Ltd. Traditional Media dmg events Middle East, Asia & Africa - Buff Dubs Pty. Ltd. Traditional Media Film Finances, Inc. - Connecting Point Marketing Group, Inc. Traditional Media Emerald Expositions, LLC. - iDKLIC Traditional Media Stratacache, Inc. - Little Airplane Productions, Inc. Traditional Media Studio 100 NV - Miles Publishing Limited Traditional Media Mark Allen Group - Mr. Film Gruppe Traditional Media Beta Film GmbH - Stiff Records, ZTT, Perfect Songs Traditional Media Universal Music Group, Inc. - TC Media, 12 Publications & Their Web Properties Traditional Media Groupe Lexis Media, Inc. - Vinyl Vikings and Monster Graphics Traditional Media Lettering Express, Inc. -
47 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Buyout Transactions Buyout Deals Values Disclosed Target Target Segment Buyer/Investor Reported TV Prometric, Inc. Business Services Baring Private Equity Asia $ 1,000.0 Visionary RCM Infotech (India) Pvt Ltd. Business Services The Carlyle Group 63.5 DivX, Inc. Marketing Technology Fortress Investment Group, LLC 41.5 Statseeker Pty Ltd. Software Techniche Ltd. 5.3
Buyout Deals Undisclosed Target Target Segment Buyer/Investor Reported TV
Forward3D Agency & Marketing Services The Stagwell Group LLC $ - Advance Health Business Services New Mountain Capital, LLC - Breakthrough Technology Group Business Services ABRY Partners, LLC - Censeo Health Business Services New Mountain Capital, LLC - Competence Call Center AG Business Services Ardian SA - ConseoHealth LLC Business Services New Mountain Capital, LLC - Flo-Tech LLC Business Services Oval Partners - Lockstep Technology Group Business Services Renovus Capital Partners - MedRisk, Inc. Business Services The Carlyle Group - NexusTek, Inc. Business Services ABRY Partners, LLC - Staff One, Inc. Business Services Stone Point Capital, LLC - Technogroup IT-Service GmbH Business Services Vitruvian Partners LLP - Nearly Natural, Inc. Digital Media/Commerce Centre Partners - Precision Nutrition, Inc. Digital Media/Commerce BV Investment Partners - Law Business Research Limited Information Levine Leichtman Capital Partners - Powersites Media LLC Marketing Technology (Private Investors) - Digpro AB Software Litorina Kapital - Net Health Systems, Inc. Software The Carlyle Group - Velocity Solutions, Inc. Software H.I.G. Capital LLC - Branded Cities Network LLC Traditional Media Shamrock Capital Advisors, Inc. -
48 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Didi Chuxing Digital Media/Commerce SoftBank Capital $ 4,000.0 Uber Technologies, Inc. Digital Media/Commerce SoftBank Capital 1,250.0 ofo Digital Media/Commerce Alibaba Group Holding Ltd. 1,000.0 Vipshop Digital Media/Commerce Tencent Holdings Ltd. 863.0 Miss Fresh Digital Media/Commerce Undisclosed 500.0 Lyft, Inc. Digital Media/Commerce Fidelity Management & Research 500.0 Compass.com Digital Media/Commerce SoftBank Corporation 450.0 Hellobike Digital Media/Commerce Chengwei Capital 350.0 Kingsoft Cloud Software Liyue Investment 300.0 Precision Medicine Group, Inc. Software Berkshire Partners, LLC 275.0 Bitdefender Software Vitruvian Partners LLP 212.0 Squarespace, Inc. Marketing Technology General Atlantic, LLC 200.0 Kuaikan Manhua Digital Media/Commerce Coatue Management, LLC 177.0 Moda Operandi, Inc. Digital Media/Commerce New Enterprise Associates 165.0 Hellobike Digital Media/Commerce Fosun International Limited 152.0 Mafengwo Digital Media/Commerce General Atlantic, LLC 130.0 Lemonade, Inc. Digital Media/Commerce SoftBank Capital 120.0 iFood Digital Media/Commerce Innova Capital 82.0 Nextdoor, Inc. Digital Media/Commerce Undisclosed 75.0 Getswift Limited Software Fidelity Investments 75.0 Harry's Digital Media/Commerce Undisclosed 64.0 SoYoung Technology (Beijing) Co., Ltd. Digital Media/Commerce Apax Partners L.P. 60.0 Medlinker Digital Media/Commerce Sequoia Capital 60.0 Anaplan, Inc. Software Salesforce Ventures 60.0 Ritual.co Digital Media/Commerce Insight Venture Partners 57.5 Tiebaobei Digital Media/Commerce Qiming Venture Partners 50.0 ACL Services Ltd. Software Norwest Venture Partners 50.0 Insikt, Inc. Software First Mark Capital 50.0 Creditas Software QED Investors LLC 50.0 NestAway Technologies Pvt. Ltd. Digital Media/Commerce Tiger Global Management, LLC 50.0 Collibra, Inc. Software Iconiq Capital 47.6 iZettle AB Software Dawn Capital 47.3 Aspiration Partners, Inc. Software Omidyar Network 47.0 36Kr Media Digital Media/Commerce Gobi Partners 45.0 Onlyou Software Sunner Capital 45.0 Passport, Inc. Software Bain Capital Ventures 43.0 Daily Harvest, Inc. Digital Media/Commerce Lightspeed Venture Partners 43.0 BitGo, Inc. Software Valor Equity Partners 42.5 Menlo Security Software General Catalyst Partners LLC 40.0 Mswipe Technologies Pvt Ltd Software B Capital Group 40.0 WorldRemit Ltd. Software Accel Partners 40.0 Ponycar Digital Media/Commerce Zhihe Chuxing 37.0 49 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV Splice.com Digital Media/Commerce DFJ Growth Fund $ 35.0 Zhenkunhang Digital Media/Commerce Genesis Capital 33.0 Kespry, Inc. Software Cisco Investments 33.0 Dreamscape Immersive, Inc. Traditional Media Bold Capital Parnters 30.0 BitPay, Inc. Software Aquiline Capital Partners LLC 30.0 Maana, Inc. Software GE Ventures 28.0 Contentful Marketing Technology Benchmark Capital 28.0 MindTickle, Inc. Software Accel Partners 27.0 Aaptiv Inc. Digital Media/Commerce Insight Venture Partners 26.0 Ripcord, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 25.0 Convercent Software Rho Capital Partners, Inc. 25.0 Skillz, Inc. Digital Media/Commerce Telstra Ventures Group 25.0 ShieldX Networks, Inc. Software Bain Capital Ventures 25.0 Fetch Robotics, Inc. Software Sway Ventures 25.0 FreightHub GmbH Software Northzone 23.7 Clavister AB Software European Fund for Strategic Investments 23.6 Aledade, Inc. Software Biomatics Capital 23.0 Anodot, Inc. Marketing Technology Redline Capital 23.0 Modsy Digital Media/Commerce Norwest Venture Partners 23.0 Fyusion, Inc. Digital Media/Commerce New Enterprise Associates 22.0 Finiata GmbH Software Redalpine Venture Partners AG 21.2 Mene, Inc. Digital Media/Commerce Undisclosed 21.0 Label Insight Marketing Technology River Cities Capital Fund 21.0 Leadspace, Inc. Marketing Technology Arrowroot Capital 21.0 LaunchDarkly Software Redpoint Ventures 21.0 One Concern, Inc. Software New Enterprise Associates 20.0 Instana, Inc. Software Accel Partners 20.0 OTA Insight Marketing Technology Eight Roads Ventures 20.0 Digital House Coding School Business Services Omidyar Network 20.0 Nexenta Systems, Inc. Software SoftBank Corporation 20.0 EasyRetailPro Marketing Technology Tencent Holdings Ltd. 20.0 NGDATA Software Idinvest Partners 19.0 Friss Fraudebestrijding B.V. Software Blackfin Capital Partners 17.6 NodeSource LLC Software Industry Ventures, LLC 17.5 Simility, Inc. Software Accel Partners 17.5 Kasisto, Inc. Marketing Technology Oak HC/FT 17.0 Alpark Software Banyan Capital 15.3 Manticore Games, Inc. Digital Media/Commerce Correlation Ventures 15.0 Bizzabo Ltd. Marketing Technology Pilot Growth Equity Partners 15.0 Starmerx Digital Media/Commerce Haier Capital 15.0 DigitalGenius Limited Marketing Technology Salesforce Ventures 14.8 Colu Technologies Ltd. Digital Media/Commerce IDB Development Corporation 14.5
50 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Splice.com Digital Media/Commerce DFJ Growth Fund $ 35.0 Zhenkunhang Digital Media/Commerce Genesis Capital 33.0 Kespry, Inc. Software Cisco Investments 33.0 Dreamscape Immersive, Inc. Traditional Media Bold Capital Parnters 30.0 BitPay, Inc. Software Aquiline Capital Partners LLC 30.0 Maana, Inc. Software GE Ventures 28.0 Contentful Marketing Technology Benchmark Capital 28.0 MindTickle, Inc. Software Accel Partners 27.0 Aaptiv Inc. Digital Media/Commerce Insight Venture Partners 26.0 Ripcord, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 25.0 Convercent Software Rho Capital Partners, Inc. 25.0 Skillz, Inc. Digital Media/Commerce Telstra Ventures Group 25.0 ShieldX Networks, Inc. Software Bain Capital Ventures 25.0 Fetch Robotics, Inc. Software Sway Ventures 25.0 FreightHub GmbH Software Northzone 23.7 Clavister AB Software European Fund for Strategic Investments 23.6 Aledade, Inc. Software Biomatics Capital 23.0 Anodot, Inc. Marketing Technology Redline Capital 23.0 Modsy Digital Media/Commerce Norwest Venture Partners 23.0 Fyusion, Inc. Digital Media/Commerce New Enterprise Associates 22.0 Finiata GmbH Software Redalpine Venture Partners AG 21.2 Mene, Inc. Digital Media/Commerce Undisclosed 21.0 Label Insight Marketing Technology River Cities Capital Fund 21.0 Leadspace, Inc. Marketing Technology Arrowroot Capital 21.0 LaunchDarkly Software Redpoint Ventures 21.0 One Concern, Inc. Software New Enterprise Associates 20.0 Instana, Inc. Software Accel Partners 20.0 OTA Insight Marketing Technology Eight Roads Ventures 20.0 Digital House Coding School Business Services Omidyar Network 20.0 Nexenta Systems, Inc. Software SoftBank Corporation 20.0 EasyRetailPro Marketing Technology Tencent Holdings Ltd. 20.0 NGDATA Software Idinvest Partners 19.0 Friss Fraudebestrijding B.V. Software Blackfin Capital Partners 17.6 NodeSource LLC Software Industry Ventures, LLC 17.5 Simility, Inc. Software Accel Partners 17.5 Kasisto, Inc. Marketing Technology Oak HC/FT 17.0 Alpark Software Banyan Capital 15.3 Manticore Games, Inc. Digital Media/Commerce Correlation Ventures 15.0 Bizzabo Ltd. Marketing Technology Pilot Growth Equity Partners 15.0 Starmerx Digital Media/Commerce Haier Capital 15.0 DigitalGenius Limited Marketing Technology Salesforce Ventures 14.8 Colu Technologies Ltd. Digital Media/Commerce IDB Development Corporation 14.5 51 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Noodle Partners, Inc. Business Services Owl Ventures $ 14.0 Cedar, Inc. Software SV Angel, LLC 13.0 Prevoty, Inc. Software Trident Capital Cybersecurity 13.0 Medigold Health Ltd. Business Services Business Growth Fund plc 12.7 Graduway Digital Media/Commerce Susquehanna Growth Equity, LLC 12.7 Paddle.com Market Limited Marketing Technology Notion Capital 12.5 Didja, Inc. Digital Media/Commerce Vestech Partners 12.0 Quinyx AB Software Battery Ventures 12.0 Avoka Technologies Pty, Ltd Marketing Technology Undisclosed 12.0 ForceManager Marketing Technology AXA Strategic Ventures 12.0 GP Union Traditional Media Matrix Partners 12.0 Joblift GmbH Digital Advertising DN Capital 11.8 Billie GmbH Software Creandum 11.8 Socrates.ai Marketing Technology Norwest Venture Partners 11.0 nWay Digital Media/Commerce Ridge Ventures 11.0 FollowAnalytics Marketing Technology Aspect Ventures 11.0 SwipeSense, Inc. Software Eclipse Ventures LLC 10.6 Spotlite Media, Inc. Digital Media/Commerce Sequoia Capital 10.0 Huddly AS Software (Private Investors) 10.0 Clubhouse Software, Inc. Software Battery Ventures 10.0 Sage Digital Software Woodside Incubator 10.0 ForePaaS SAS Software Elaia Partners 10.0 Springboard.com Software Costanoa Venture Capital 9.5 InstaFreight GmbH Software Undisclosed 9.5 GrayMatter Systems, Inc. Software Gladstone Capital 9.5 Idagio GmbH Digital Media/Commerce Tengelmann Ventures 9.4 Workboard, Inc. Marketing Technology Microsoft Ventures 9.3 Tovala Digital Media/Commerce Origin Ventures 9.2 Splice Machine, Inc. Software Salesforce Ventures 9.0 Upstream Security Ltd. Software Glilot Capital Partners 9.0 Earny, Inc. Digital Media/Commerce Mayfield Fund 9.0 Bigfinite, Inc. Software Crosslink Capital 8.5 Happy Returns, Inc. Business Services Upfront Ventures 8.0 SevenRooms, Inc. Marketing Technology Comcast Ventures 8.0 Framer.com Software Accel Partners 7.7 Gremlin, Inc. Software Index Ventures 7.5 NS8, Inc. Software Arbor Ventures 7.5 HealthiPASS, Inc. Software FCA Venture Partners 7.2 Divvy, Inc. (getdivvy.com) Software Undisclosed 7.0 Teabox Digital Media/Commerce RB Investments 7.0 Flintobox.com Digital Media/Commerce Lightbox Ventures 7.0 VirtualHealth, Inc. Software Edison Partners 7.0 52 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Woo Digital Advertising (Private Investors) $ 7.0 Intechnica Limited Software Mercia Technologies 6.7 Fluent Commerce Marketing Technology Blue Sky Venture Partners 6.5 IronScales Ltd. Software K1 Investment Management, LLC 6.5 Lion Rock FinTech Information Marathon Venture Partners 6.4 MyVR.com Marketing Technology True Ventures 6.1 Airwallex Pty. Ltd. Software Square Peg Capital 6.0 Clip App Digital Media/Commerce Matrix Partners 6.0 CrossBorder Solutions Software Kennet Partners 6.0 LUX Fund Technology & Solutions, Inc. Software NEXT Investors 6.0 PatientPay, Inc. Software Mosaik Partners 6.0 Fimmic Oy Software Ascend Capital Partners 5.9 MemberSuite, Inc. Software Revolution Partners 5.5 Bay Labs, Inc. Software Khosla Ventures 5.5 Prose, Inc. Digital Media/Commerce Forerunner Ventures 5.2 Alcide.io Software Intel Capital 5.2 Tilson Technology Management, Inc. Business Services Rand Capital 5.0 Descript, Inc. Digital Media/Commerce Andreessen Horowitz 5.0 Biofourmis Pte. Ltd. Software NSI Ventures 5.0 Bayzat LLC Software Silicon Badia 5.0 Graphic India Pte. Ltd. Traditional Media 3one4 Capital 5.0 Dosh LLC Digital Media/Commerce Goodwater Capital 4.9 Tattoodo ApS Digital Media/Commerce Nordic Eye Venture Capital 4.9 ZOLAR GmbH Digital Media/Commerce Sunstone Capital A/S 4.8 Asimov, Inc. Software Andreessen Horowitz 4.7 wundertax GmbH Software PROfounders Capital 4.7 Kaizen Platform, Inc. Marketing Technology SBI Investment Korea 4.6 Fuzzy Pet Health Digital Media/Commerce Eniac Ventures 4.5 XOi Technologies Software Vocap Investment Partners LLC 4.5 Overhaul Group, Inc. Software Abbey International Finance Limited 4.5 AxleHire Business Services Acorn Pacific Ventures 4.3 Burrow, Inc. Digital Media/Commerce Red & Blue Ventures 4.3 Nylas, Inc. Software CrunchFund 4.0 Fanchest.com Digital Media/Commerce GoAhead Ventures 4.0 Homeis Digital Media/Commerce Spark Capital 4.0 Alchemy IoT, Inc. Software Aweida Venture Partners 4.0 TravelNest Limited Marketing Technology Frontline Ventures 4.0 Foyr Digital Media/Commerce Jones Lang LaSalle, IP, Inc. 3.8 heartbeat medical GmbH Software Holtzbrinck Ventures 3.6 Mirror AI, Inc. Digital Media/Commerce SV Angel, LLC 3.5 Cog Systems Pty Ltd. Software Grok Ventures 3.5 Senseye Limited Software IQ Capital Partners LLP 3.5 53 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Core10, Inc. Software Fintop Capital $ 3.5 Pace Marketing Technology Amadeus Capital Partners Limited 3.4 Clora LLC Software Spark Capital 3.3 Fiit Ltd. Digital Media/Commerce Connect Ventures 3.2 Radar Relay LLC Software Collaborative Fund 3.0 DGraph Labs, Inc. Software Bain Capital Ventures 3.0 Ataata, Inc. Business Services Next Frontier Capital 3.0 Ampsy Marketing Technology Undisclosed 3.0 Talenya Software lool ventures 3.0 Genies, Inc. Digital Media/Commerce New Enterprise Associates 3.0 Inflect, Inc. Digital Media/Commerce (Private Investors) 3.0 Maxwell Financial Labs, Inc. Software Route 66 Ventures 3.0 Loot Financial Services Ltd. Digital Media/Commerce Speedinvest 2.9 BlazingDB, Inc. Software Samsung NEXT 2.9 Kyump.com Digital Media/Commerce Breega Capital 2.8 conDati, Inc. Marketing Technology The Entrepreneurs' Fund 2.5 Apprentice.io Software Silverton Partners 2.5 Heretik LLC Software Chicago Ventures 2.4 Elsen, Inc. Software Accomplice VC 2.4 OutboundWorks, Inc. Marketing Technology True Ventures 2.3 Pig.gi Digital Advertising Archipelago Global 2.3 PullRequest, Inc. Software Liquid 2 Ventures 2.3 Hawthorne Digital Media/Commerce Comcast Ventures 2.2 Travel Meta Digital Advertising (Private Investors) 2.1 MishiPay Ltd. Software Nauta Capital 2.1 Luna DNA Information Illumina 2.0 3TEN8, Inc. Software 500 Startups 2.0 Lily Digital Media/Commerce New Enterprise Associates 2.0 Girlboss Media, Inc. Digital Media/Commerce Lightspeed Venture Partners 2.0 Stowga Ltd. Digital Media/Commerce Speedinvest 2.0 Avora Ltd. Marketing Technology Crane Ventures 2.0 iRecommend Software LLC Software Falcon Partners 1.9 BorsadelCredito.it Software GC Holding 1.9 Continuum Security SL Software JME Venture Capital 1.8 Streem, Inc. Marketing Technology Greycroft Partners LLC 1.7 Kami.ai Marketing Technology ARM Innovation 1.7 Travelade Digital Advertising Crowberry Capital 1.6 Zesty.io Platform, Inc. Marketing Technology ClearVision Equity 1.5 Whoosnap S.r.l. Digital Media/Commerce Lventure Group 1.5 Fastlane LLC Digital Media/Commerce Eagle Venture Fund 1.5 Sanctuary Digital Media/Commerce Greycroft Partners LLC 1.5 Stateless, Inc. Software PV Ventures, LLC 1.4 54 | M&A and Investment Summary December 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
FindBob Ltd. Software MaRS Investment Accelerator Fund $ 1.3 Elemeno Health Software Launchpad Digital Health 1.3 Discngine SAS Software Extens Developpement e-Sante 1.3 NoviCap Finance S.L. Software Partech Ventures 1.2 PhoneWagon, Inc. Marketing Technology Birchmere Ventures 1.2 Alpin, Inc. Software TechStars, LLC 1.0
55 | M&A and Investment Summary December 2017 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, Las Vegas, Chicago, Boston, Charlotte . 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 in China and 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 . Privately-Owned Companies . eCommerce Profit 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 . Buy-Side Targeting Criteria & Integration Strategy . Corporate Divestitures . Business Services . Custom Market Research . Selected Buy-Side Engagements . Healthcare Services . Publishing, Speaking, and Thought Leadership . Capital Raising and Private Placements
56 | M&A and Investment Summary December 2017 Ranked #1 by Bloomberg For Mid-Market Internet & Advertising Transactions
Bloomberg M&A League Tables, 2011-2016
TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS 2016 2011-2016 (6-Year) Rank Advisor Deal Count Rank Advisor Deal Count
1 Petsky Prunier 19 1 Petsky Prunier 103 2 Goldman Sachs 18 2 Goldman Sachs 89 3 JP Morgan 16 3 Morgan Stanley 68 3 KPMG Corporate Finance 16 4 PwC 67 5 Rothschild 15 5 Jordan Edmiston Group 65 6 Houlihan Lokey 13 6 KPMG Corporate Finance 63 6 PwC 13 7 China Renaissance Group 52 8 Avendus Capital 11 7 GCA Savvian Group 52 8 Daiwa Securities 11 7 JP Morgan 52 10 Bank of America Merrill Lynch 9 10 Nomura 51 10 Credit Suisse 9 11 Jefferies 46 10 Jefferies 9 12 Ernst & Young 45 10 Morgan Stanley 9 13 Rothschild 44 10 Deloitte Touche Tohmatsu 9 14 Credit Suisse 43 15 Citi 8 14 Daiwa Securities 43 15 GCA Savvian Group 8 16 Houlihan Lokey 37
Based on number of deals announced in 2011‐2016 valued at $500 million or less. Internet and Advertising is defined by Bloomberg. With more than 75 transactions closed in the last 36 months (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
57 | M&A and Investment Summary December 2017 Representative Recent Transactions*
*For a more comprehensive list, please click here.
58 | M&A and Investment Summary December 2017