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July 2016 M&A and Investment Summary Table of Contents

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July 2016 M&A and Investment Summary Table of Contents July 2016 M&A and Investment Summary Table of Contents 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly M&A and Investment Activity by Industry Segment 8 3 Additional Monthly M&A and Investment Activity Data 40 4 About Petsky Prunier 52 Securities offered through Petsky Prunier Securities, LLC, member of FINRA. This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA. 2 | M&A and Investment Summary July 2016 M&A and Investment Summary for All Segments Transaction Distribution . A total of 427 deals were announced in July 2016, of which 252 were worth $33.3 billion in aggregate reported value . Software was the most active segment with 127 deals announced — 87 of these transactions reported $10 billion in value . Digital Media/Commerce was the most valuable subsegment with 109 transactions announced, of which 84 were worth a reported $12.4 billion in value . Strategic buyers announced 183 deals (37 reported $18 billion in value) . VC/Growth Capital investors announced 230 transactions (209 reported $5.1 billion in value) . Private Equity investors announced 14 deals during the month (six reported $10.2 billion in value) July 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 127 30% $10,031.2 30% 38 $4,165.7 4 $4,812.2 85 $1,053.3 Digital Media/Commerce 109 26% 12,423.5 37% 30 8,369.5 4 1,820.0 75 2,234.0 Marketing Technology 73 17% 1,844.7 6% 29 527.0 1 - 43 1,317.7 Agency & Marketing Services 34 8% 103.8 0% 30 74.8 1 - 3 29.0 Business Services 34 8% 813.3 2% 24 498.3 2 - 8 315.0 Traditional Media 18 4% 4,281.1 13% 15 4,265.8 0 - 3 15.3 Information 17 4% 3,685.2 11% 12 33.9 2 3,600.0 3 51.3 Digital Advertising 15 4% 124.5 0% 5 48.5 0 - 10 76.0 Total 427 100% 33,307.2 100% 183 17,983.4 14 10,232.2 230 5,091.6 * Oracle’s $9.4 billion acquisition of NetSuite has been excluded to limit comparative distortions 3 | M&A and Investment Summary July 2016 M&A and Investment Summary for All Segments Transaction Distribution . Reported transaction value in July was up more than 40 percent from July 2015 and down 10 percent from June of 2016 . Strategic activity accounted for 43 percent of reported deal activity during the month and included significant transactions: • Verizon’s acquisition of Yahoo’s core operating business for $4.8 billion • The acquisition of the Ultimate Fighting Championship by WME|IMG for a reported $4 billion • KKR’s $3.3 million purchase of enterprise resource planning and retail management software developer Epicor Software • Digital automotive classifieds operator Trader Corporation’s sale to Thoma Bravo for $1.2 billion • The acquisition of Opera’s internet browsing assets by a consortium of China-based investors led by Golden Brick Silk Road for $600 million $120.0 $500.0 $110.0 $100.0 $400.0 $90.0 $80.0 $73.1 $300.0 $70.0 LinkedIn / $60.0 Microsoft $50.0 $44.7 $42.6 $40.4 Supercell / $200.0 $40.0 IMS Health Tencent NetSuite Sungard $26.7 $27.4 $24.9 $30.0 $23.1 Veritas $23.7 HP IT / CSC Solera $21.3 $22.1 $100.0 $20.0 Inter. Data $14.4 $13.7 MultiPlan $10.0 466 448 376 403 424 363 407 418 427 433 404 432 491 $- $- Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 *Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of NetSuite, Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data Systems, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions. 4 | M&A and Investment Summary July 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services Forsman & Bodenfors AB Digital Agency MDC Partners, Inc. $ 32.3 $ 40.0 $ - 0.8x NA Business Services Client Strategy Group LLC IT Consulting/Systems Integration Columbus A/S 6.4 4.9 0.7 1.3x 8.7x Digital Advertising Massive Group Pty. Ltd. Search Marketing Jaywing plc 3.5 1.2 0.4 2.9x 8.0x Digital Media/Commerce Yahoo, Operating Business Web Search/Portals Verizon Communications, Inc. 4,825.8 4,968.3 151.1 1.0x 31.9x Dollar Shave Club, Inc. eCommerce Unilever 1,000.0 152.0 - 6.6x NA Opera Software ASA, Internet Browser Assets Web Search/Portals Golden Brick Silk Road Fund Management 600.0 149.0 34.0 4.0x 17.6x Marketing Technology Olapic, Inc. Content Management Monotype Imaging, Inc. 130.0 9.0 - 14.4x NA ConvertMedia Analytics & Targeting Taboola Ltd. 100.0 50.0 - 2.0x NA Software Epicor Software Corporation ERP Software Kohlberg Kravis Roberts & Company L.P. 3,300.0 1,000.0 - 3.3x NA AVG Technologies N.V. Security Software AVAST Software s.r.o. 1,453.3 433.4 128.3 NA 11.3x Epiq Systems, Inc. Legal Software OMERS Private Equity, Inc. 1,000.0 529.7 78.8 NA 12.7x OptionsHouse LLC Financial Software E*TRADE Financial Corporation 725.0 103.6 - 7.0x NA Imprivata, Inc. Security Software Thoma Bravo, Inc. 512.2 125.0 - 4.1x NA Traditional Media Greater Media, Inc. Radio Beasley Broadcast Group, Inc. 240.0 141.0 - 1.7x NA Metrospace Advertising Pty. Ltd. Traditional Outdoor APN Outdoor Pty. Limited 14.9 4.5 - 3.3x NA 5 | M&A and Investment Summary July 2016 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jul-16 CBS Radio Inc. United States Traditional Media $ 100.0 $ 1,220.0 $ 310.0 Jul-16 FOTV Media Networks, Inc. United States Digital Media/Commerce 30.0 NA NA Apr-16 Optiv Security Inc. United States Business Services 100.0 NA NA Apr-16 Medpace, Inc. United States Business Services NA NA 100.0 Apr-16 inVentiv Group Holdings United States Business Services 100.0 1,700.0 NA Dec-15 Nutanix, Inc. United States Software 200.0 283.1 NA Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8 6 | M&A and Investment Summary July 2016 LTM IPO Performance Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 29, 2016 1st Trading Day Jun-16 Nasdaq:TLND Talend SA France $15.00-$17.00 18.00 $25.50 up 42% 25.50 0.0% Jun-16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 36.72 (11.7%) Jun-16 NYSE:TWLO Twilio, Inc. United States 12.00-14.00 15.00 28.79 up 92% 40.63 41.1% Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 10.10 (48.1%) May-16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 24.14 33.1% Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 14.81 6.7% Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc Australia 18.00-20.00 21.00 27.78 up 32% 29.97 7.9% Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 25.64 181.8% Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 21.74 20.8% Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 15.75 6.9% Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 11.03 9.2% Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 10.07 (23.0%) Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 12.60 (21.3%) Oct-15 NYSE:FDC First Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 12.40 (21.3%) Jul-15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 13.98 (47.7%) Jul-15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 17.44 (38.8%) 7 | M&A and Investment Summary July 2016 Digital Media/Commerce .
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