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March 2013 M&A and Investment Summary

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March 2013 M&A and Investment Summary March 2013 M&A and Investment Summary Expertise. Commitment. Results. M&A & INVESTMENT SUMMARY MARCH 2013 1 TABLE OF CONTENTS Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 8 Additional Monthly M&A and Investment Activity Data 42 About Petsky Prunier 54 Securities offered through Petsky Prunier Securities, LLC, member of FINRA. This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the U.S . SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States. M&A & INVESTMENT SUMMARY MARCH 2013 2 M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTS Transaction Distribution • A to ta l of 336 deal s were announced in March 2013, of which 201 reported $8.7 billion in value • Digital Media/Commerce was the most active segment with 73 transactions, of which 48 reported $1.1 billion in value • Traditional Media was the highest reported value segment, with 18 transactions announced, of which 11 announced $4.1 billion in value • Strategic buyers announced 155 deals (46 percent of total volume), of which 43 reported $4.1 billion in value • VC/Growth Capital investors announced 171 deals, of which 156 reported $4.6 billion in value • Buyout investors announced 10 deals during the month MARCH 2013 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 73 22% 1,131.5 13% 30 830.1 0 - 43 301.4 Marketing Technology 68 20% 548.0 6% 21 270.6 0 - 47 277.5 Software 51 15% 907.2 10% 28 686.0 2 5.4 21 215.8 Digital Advertising 38 11% 151.0 2% 18 35.5 1 - 19 115.5 Technology 30 9% 704.0 8% 11 491.4 0 - 19 212.6 Information & Business Services 22 7% 790.2 9% 9 742.0 3 - 10 48.2 Traditional Media 18 5% 4,145.4 48% 12 787.5 2 - 4 3,357.9 Agency 14 4% 27. 8 0% 13 27. 7 1 010.1 0 - Marketing Services 12 4% 7.5 0% 7 - 1 - 4 7.5 Communications 10 3% 244.0 3% 6 215.0 0 - 4 29.0 Total 336 100% 8,656.6 100% 155 4,085.8 10 5.5 171 4,565.4 M&A & INVESTMENT SUMMARY MARCH 2013 3 M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTS Transaction Distribution • On a month-over-month basi s, volume and reporte d value increase d 12 percent and 43 percent, respectivel y • Activity in the Digital Advertising and Marketing Technology segments increased by the highest margins from the previous month, with 12 and 11 additional transactions announced during the month • The largest control transaction announced in March was Temp Holdings’ $742 million acquisition of Intelligence Holdings, a Japan-based temporary staffing agency • The largest investment during the month was Liberty Media’s $2.6 billion purchase of a 27 percent stake in cable services provider Charter Communications, from Oaktree Capital Management, Crestview Partners, and Apollo Global Management, at a valuation of $22.6 billion M&A and Investment Volume For All Segments - Last 13 Months ($BN) All transactions; Value based on reported values only 25.0 $22.4 $19.1 20.0 $15.3 $15.9 2 15.0 $12.8 $11.7 3 5 $9.5 $9.8 $9.9 3 2 $8.5 $8.7 10.0 7 $7.1 $6.1 2 2 3 2 1 5.0 5 1 377 381 377 376 402 401 342 409 298 335 - 305390 253 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Deals valued over $1BN M&A & INVESTMENT SUMMARY MARCH 2013 4 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Marketing Technology altosoft Corporation BI Tools Kofax, Inc. $13.5 $3.4 - 4.0x NM Agency/Consulting Amaze plc Digit al Agenc y St. Ives Marketing Services 22. 8 - 252.5 * NA 91x9.1x Traditional Media Charter Communications(1 ) Cable & Satellite Television Liberty Media Corporation 22,580.9 7,500.0 2,600.0 3.0x 8.7x Sky Network Television Ltd.(2 ) Cable & Satellite Television (Unnamed Fund Contibuters) 1,968.6 711.1 283.4 2.8x 6.9x Outdoor Channel Holdings Broadcast Television Kroenke Sports Enterprise 227.0 77.3 9.1 2.9x 24.9x Technology Tensilic a Infrastruc ture Technology Cadenc e Design Systems, Inc . 380.0 44.0 - 8.6x NM Communications Kentrox, Inc. Networking Equipment Westell Technologies, Inc. 30.0 30.0 - 1.0x NM Arieso Software Defined Networking JDS Uniphase Corporation 85.0 20.7 1.8 * 4.1x 47.8x Software Computer Software Holdings Financial Software Advanced Computer Software Group plc 164.2 100.0 21.5 1.6x 7.7x Melbourne IT Digital Brand Servic es Inc . Legal Software Corporation Servic e Company 157.3 56.9 9.8 * 2.8x 16.0x nCircle Network Security, Inc. Security Software Tripwire, Inc. 100.0 40.0 - 2.5x NM IPOs After Final Pricing Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Marketing Technology Marin Software Online Targeting/Optimization IPO $324.9 $84.3 $5.0 3.9x 65.0x Software Model N, Inc. Financial IPO 425.0 59.6 (22.0) 7.1x NM Information & Business Services Professional Diversity Network LLC HR Information IPO 49. 8 616.1 282.8 82x8.2x 17. 8x * EBITDA represented by EBIT proxy (1) Charter Communications sold a 27 percent stake to Liberty Media for $2.6 billion (2) Sky Network Television sold a 44 percent stake to unnamed fund contributors for $671 million Note: IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing M&A & INVESTMENT SUMMARY MARCH 2013 5 SECURITIES IN REGISTRATION ($ in Millions) Aggreg ate LTM Date Company Name Segment Offering Value Rev EBITDA Mar-13 Blackhawk Network Holdings, Inc. Technology $200.0 $959.1 $92.3 Mar-13 Rally Software Development Corp. Software 70.0 52.6 (7.8) Feb-13 Oisix Co., Ltd Digital Media/Commerce 9.0 NA NA Feb-13 QQguintiles Transnational Holdings Inc. Information & Business Services 600.0 3,692.3 486.2 Feb-13 Softmax Co., Ltd Softw are 7.0 NA NA Jan-13 Channel Nine Entertainment Limited Traditional Media 2.2 NA NA Oct-12 Violin Memory, Inc. Technology NA 100.0 NA Aug-12 Just Dial Limited Digital Advertising NA 48.8 13.0 J12Jun-12 golden Tec h SA SftSoftware 525.2 NA NA Jun-12 Shanghai Amarsoft Information Technology Software NA NA NA Apr-12 BlackStratus, Inc. Software 20.0 9.2 (0.6) Apr-12 NSFOCUS Information Technology Co., Ltd. Communications NA NA NA Apr-12 Shenzhen Tinno Mobile Technology Corp. Communications 451.0 NA NA Mar-12 Exponential Interactive, Inc. Digital Advertising 75.0 169.1 22.0 Mar-12 Reval Holdings, Inc. Software 75.0 47.0 (12.1) M&A & INVESTMENT SUMMARY MARCH 2013 6 LTM IPO PERFORMANCE Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Mar 28, 2013 1st Trading Day Mar-13 MRIN Marin Software United States $11.00-$13.00 $14.00 16.26, up 16% $16.43 1.0% Mar-13 MODN Model N, Inc. United States 12.50-14.50 15.50 18.45, up 19% 19.85 7.6% Mar-13 IPDN Professional Diversity Network LLC United States 10.00-12.00 8.00 7.67, down 4% 6.65 (13.3%) Feb-13 DGS Digital Globe Services, Ltd. United States No Range 2.47 2.59, up 5% 2.51 (3.1%) Feb-13 XOOM Xoom Corporation United States 13.00-15.00 16.00 25.49, up 59% 22.64 (11.2%) Nov-12 3666 Tecnos Japan Incorporated Japan 16.77-18.72 18.72 27.66, up 48% 30.51 10.3% Nov-12 YY YY, Inc. China 10.50-12.50 10.50 11.31, up 8% 17.40 53.8% Oct-12 RKUS Ruckus Wireless, Inc. United States 13.00-15.00 15.00 12.25, down 18% 21.48 75.3% Oct-12 FLTX Fleetmatics Group Limited United States 15.00-17.00 27.00 22.30, up 31% 24.01 7.7% Oct-12 RLGY Realogy Holdings Corp. United States 23.00-27.00 27.00 34.20, up 27% 48.97 43.2% Ot12Oct-12 SSTK Shu tters toc k, Inc. UitdUnited SttStates 13. 00-15 .00 17. 00 21. 66, up 27% 44. 65 106.1% Oct-12 WDAY Workday, Inc. United States 24.00-26.00 28.00 48.69, 74% 61.25 25.1% Sep-12 TRLA Trulia, Inc. United States 14.00-16.00 17.00 24.00, up 41.8% 31.43 31.0% Aug-12 PFMT Performant Financial Corporation United States 12.00-14.00 9.00 10.60, down 18% 12.25 15.6% Jul-12 EOPN E2open, Inc.
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