December 2015 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 43
4 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 registered with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.
2 | M&A and Investment Summary December 2015 M&A and Investment Summary for All Segments
Transaction Distribution . A total of 407 deals were announced in December 2015, of which 242 were worth $14.4 billion in aggregate reported value . Software was the most active segment with 114 deals announced — 73 of these transactions reported $4.3 billion in value . Digital Media/Commerce was the highest reported value segment with 81 transactions announced, of which 62 were reported worth $4.3 billion . Strategic buyers announced 178 deals (42 reported $7.3 billion of value) . VC/Growth Capital investors announced 206 transactions (197 reported $6.1 billion of value) . Buyout investors announced 23 deals during the month (three reported $940 million of value)
December 2015 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 114 28% $4,337.4 30% 43 $2,235.8 7 $664.3 64 $1,437.3 Digital Media/Commerce 81 20% 4,344.7 30% 18 942.4 2 - 61 3,402.3 Marketing Technology 74 18% 1,228.5 9% 30 737.2 5 46.5 39 444.8 Business Services 46 11% 721.8 5% 27 418.4 1 - 18 303.3 Digital Advertising 38 9% 515.5 4% 17 200.0 0 - 21 315.5 Agency & Marketing Services 22 5% 359.6 3% 19 342.3 2 - 1 17.3 Traditional Media 20 5% 619.7 4% 17 619.7 3 - 0 - Information 12 3% 2,224.2 15% 7 1,784.0 3 225.0 2 215.2 *Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions Total 407 100% 14,351.3 100% 178 7,279.7 23 935.8 206 6,135.7
3 | M&A and Investment Summary December 2015 M&A and Investment Summary for All Segments
Transaction Distribution . Transaction activity in December was up seven percent from December of 2014 while aggregate reported transaction value of $14.4 billion was down 48 percent from November 2015 . Strategic activity accounted for 51 percent of reported deal value during the month and included significant transactions: • The $841 million sale of PR Newswire to GTCR-backed public relations software developer Cision from UBM • Bloomberg’s $780 million acquisition of Barclay’s Risk Analytics an Index Solutions business • CoreLogic’s $475 million acquisition of property valuation and workflow platform developer FNC • Quote-to-cash app developer Steelbrick’s $300 million sale to Salesforce • The acquisition of digital marketing company Fluent by IDI for approximately $225 million (a Petsky Prunier-led transaction)
$120.0 $500.0 $108.4 $110.0 $100.0 Bright $400.0 $90.0 House/ Charter $80.0 $70.0 $300.0 $60.0 Time $50.0 Warner/ $40.4 $200.0 $40.0 Charter Sungard $25.9 $26.7 $27.4 $30.0 $23.5 $23.1 Veritas $23.7 $18.8 $18.3 Solera $100.0 $20.0 Inter. Data $11.2 $15.0 $14.4 $10.0 380 385 425 456 492 458 466 448 376 403 424 363 407 $- $- Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 *Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks , Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data Systems, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions.
4 | M&A and Investment Summary December 2015 Selected Transactions with Valuation Information Disclosed ($ in Millions)
Selected Transactions With Multiples Information
Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA
Business Services Viteos Group Financial Consulting Wipro Limited $ 130.0 $ 26.5 $ - 4.9x NA Cellent AG IT Consulting/Systems Integration Wipro Limited 77.7 105.3 - 0.7x NA Cinteros Ab IT Consulting/Systems Integration Innofactor Plc 8.5 9.5 0.8 0.9x 10.1x
Digital Advertising Undertone Ad Networks/Exchanges Perion Network Ltd. 180.0 145.0 22.0 1.2x 8.2x
Digital Media/Commerce Ikyu Corporation eCommerce Yahoo Japan 771.7 60.6 22.0 12.7x 35.0x Jiayuan.com International Ltd. eCommerce Baihe Network Co., Ltd. 155.7 110.9 4.9 1.4x 31.7x
Information PR Newswire Association LLC Financial Information Cision, Inc. 841.0 297.0 - 2.8x NA
Marketing Technology ShopperTrak Analytics & Targeting Tyco Retail Solutions 175.0 75.0 13.1 2.3x NA Experian Simmons and Experian Hitwise Analytics & Targeting Symphony Technology Group 46.5 74.0 - 0.6x NA
Software Industrial & Financial Systems 1 ERP Software EQT Holdings AB 993.0 391.9 47.7 2.5x 20.8x Xchanging plc Data Management Software Ebix, Inc. 733.0 836.0 - 0.9x NA Inventus Solutions, Inc. Legal Software RPX Corporation 232.0 55.0 - 4.2x NA Kepware, Inc. Application Management Software PTC 118.0 20.0 - 5.9x NA Route Monkey Limited ERP Software Trakm8 Holdings plc 14.4 2.7 - 5.4x NA
Traditional Media Stephens Media Group Newspaper Publishing News + Media Capital Group LLC 125.4 145.4 20.8 0.9x 6.0x
1 67 percent stake acquisition
5 | M&A and Investment Summary December 2015 Securities in Registration ($ in Millions)
Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Dec-15 Nutanix, Inc. United States Software $ 200.0 $ 283.1 NA Dec-15 SecureWorks Corp. United States Software 100.0 316.9 NA Nov-15 Ameriquest, Inc. United States Business Services 100.0 65.0 NA Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8 Jul-15 Apptio, Inc. United States Software NA 100.0 NA Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA Mar-15 Truven Health Analytics United States Information 41.2 504.9 72.1
6 | M&A and Investment Summary December 2015 LTM IPO Performance (1/2)
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 Dec 31, 2015 1st Trading Day Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc Australia $18.00-$20.00 21.00 $27.78 up 32% 30.21 8.7% Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 9.53 4.7% Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 20.92 16.2% Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 13.60 (7.7%) Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 9.64 (4.6%) Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 12.78 (2.2%) Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 16.05 0.2% Oct-15 NYSE:FDC First Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 16.38 4.0% Jul-15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 14.97 (44.0%) Jul-15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 18.31 (35.8%) Jun-15 NasdaqGM:APPF AppFolio, Inc. United States 12.00-14.00 12.00 14.10, up 17% 14.64 3.8% Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 8.59 (1.3%) Jun-15 NYSE:FIT Fitbit Inc. United States 17.00-19.00 20.00 29.68, up 48% 29.63 (0.2%) Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 15.24 31.8% Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 25.70 (18.7%)
Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 12.54 (33.5%) May-15 NYSE:SHOP Shopify Inc. Canada 14.00-16.00 17.00 28.31, up 51% 25.98 (8.2%) May-15 NasdaqGS:BZUN Baozun Inc. China 12.00-14.00 10.00 10.44, up 4% 8.21 (21.4%) May-15 NYSE:PGND Press Ganey Holdings, Inc. United States 22.00-24.00 25.00 27.50, up 10 % 31.60 14.9% Apr-15 NasdaqGS:APIC Apigee Corporation United States 16.00-18.00 17.00 10.60, down 8% 8.38 (20.9%) Apr-15 NasdaqGS:ETSY Etsy, Inc. United States 14.00-16.00 16.00 30.00, up 86% 8.48 (71.7%) Apr-15 NasdaqGM:WOWO JM WOWO Hong Kong 9.00-11.00 10.00 10.29, up 3% 5.22 (49.3%) Apr-15 NYSE:GDDY GoDaddy Inc. United States 17.00-19.00 20.00 26.15, up 31% 32.92 25.9% Mar-15 NYSE:MXPT MaxPoint Interactive, Inc. United States 10.50-12.50 11.50 10.60, down 8% 1.77 (83.3%) Jan-15 NYSE:BOX Box, Inc. United States 11.00-13.00 14.00 23.23, up 65% 13.90 (40.2%) Dec-14 NYSE:NEWR New Relic, Inc. United States 20.00-22.00 23.00 31.10, up 35% 36.67 17.9% Dec-14 NYSE:ONDK On Deck Capital, Inc. United States 16.00-18.00 20.00 27.98, up 40% 10.34 (63.0%)
7 | M&A and Investment Summary December 2015 LTM IPO Performance (2/2)
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 Dec 31, 2015 1st Trading Day Dec-14 NasdaqGS:MOMO Momo Inc. China $12.50-$14.50 13.50 $17.02, up 26% 16.05 (5.7%)
Dec-14 NasdaqGM:CNXR Connecture, Inc. United States 12.00-14.00 8.00 8.80, up 10% 3.50 (60.2%) Dec-14 NasdaqGS:HDP Hortonworks, Inc. United States 14.00-16.00 16.00 26.38, up 65% 21.63 (18.0%)
Dec-14 NYSE:WK Workiva Inc. United States 13.00-15.00 14.00 13.99, up 4% 18.18 29.9%
Dec-14 NYSE:LC LendingClub Corporation United States 12.00-14.00 15.00 23.34, up 56% 10.83 (53.6%)
8 | M&A and Investment Summary December 2015 Digital Media/Commerce
. Of the total $4.3 billion in value reported in the Digital Media/Commerce segment, $3.4 billion in Venture/Growth Capital investments were announced, while an additional $940 million in Strategic transactions were made . eCommerce was the most active subsegment across all segments with 28 transactions announced, of which 23 were reported for $1.4 billion. Select acquisitions from the subsegment include: • Yahoo Japan’s $822 million acquisition of online travel and restaurant reservation platform Ikyu . Select Digital Media/Commerce transactions include: • The $2.1 billion raised by Uber at a reported valuation of more than $62 billion • The $248 million Kingdom Holding Company-led round of funding in Lyft at a reported valuation of $4.9 billion • The second of two separate $200 million rounds of funding raised by Vice Media from the Walt Disney Company at a reported valuation of $4 billion • Online pre-owned vehicle buying platform Vroom.com’s $95 million round of funding from Catterton Partners and T. Rowe Price
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 28 35% $1,386.0 32% 5 $927.4 1 - 22 $458.6 Mobile Content/Apps 18 22% 2,273.6 52% 4 - 0 - 14 2,273.6 Niche Content 12 15% 317.5 7% 3 15.0 0 - 9 302.5 Classifieds/Auctions/P-to-P 10 12% 213.5 5% 2 - 0 - 8 213.5 Gaming 7 9% 6.4 0% 4 - 1 - 2 6.4 Social Media/Apps 6 7% 147.7 3% 0 - 0 - 6 147.7 Domain Portfolio/Marketplace 0 0% - 0% 0 - 0 - 0 - Web Search/Portals 0 0% - 0% 0 - 0 - 0 - Total 81 100% 4,344.7 100% 18 942.4 2 0.0 61 3,402.3
9 | M&A and Investment Summary December 2015 Digital Media and Internet Public Company Valuation (1/2)
($ 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Apple Inc. 105.26 -22% $586,859.3 $609,339.3 $233,715.0 $82,487.0 35.3% 27.9% 2.6x 7.4x Blucora, Inc. 9.80 -41% $401.7 $327.4 $486.7 $64.8 13.3% -23.9% 0.7x 5.1x Demand Media, Inc. 5.50 -20% 109.6 71.7 134.5 (17.6) NM -25.6% 0.5x NM Everyday Health, Inc. 6.02 -60% 194.8 271.7 213.3 19.9 9.3% 22.4% 1.3x 13.7x Facebook, Inc. 104.66 -5% 295,977.9 280,269.9 15,938.0 6,655.0 41.8% 42.3% 17.6x 42.1x Fitbit Inc. 29.59 -43% 6,633.7 6,058.2 1,516.6 319.4 21.1% 0.0% 4.0x 19.0x Glu Mobile, Inc. 2.43 -65% 319.1 136.7 261.7 13.8 5.3% 41.4% 0.5x 9.9x Google Inc. 778.01 -3% 528,447.6 466,032.6 71,763.0 23,304.0 32.5% 12.8% 6.5x 20.0x GoPro, Inc. 18.01 -74% 2,476.8 1,963.7 1,817.3 294.3 16.2% 62.0% 1.1x 6.7x IAC/InterActiveCorp 60.05 -29% 5,331.0 5,535.8 3,213.0 410.0 12.8% 7.0% 1.7x 13.5x LinkedIn Corporation 225.08 -19% 29,504.9 27,557.3 2,772.4 229.5 8.3% 37.1% 9.9x NM MeetMe, Inc. 3.58 -4% 163.4 149.8 50.0 5.3 10.5% 11.7% 3.0x 28.5x Netflix, Inc. 114.38 -14% 48,884.7 48,696.8 6,440.9 372.1 5.8% 24.0% 7.6x NM Pandora Media, Inc. 13.41 -41% 2,861.9 2,498.3 1,095.9 (37.7) NM 26.0% 2.3x NM RealNetworks Inc. 4.25 -41% 154.1 41.8 130.9 (62.2) NM -23.6% 0.3x NM TheStreet, Inc. 1.50 -35% 52.3 24.8 68.0 1.0 1.5% 16.0% 0.4x 24.8x Twitter, Inc. 23.14 -57% 15,803.39 13,916.31 1,986.64 (208.41) NM 70.3% 7.0x NM United Online, Inc. 11.79 -35% 174.70 75.05 204.35 24.87 12.2% NA 0.4x 3.0x WebMD Health Corp. 48.30 -3% 1,781.5 1,971.8 607.0 128.6 21.2% 7.6% 3.2x 15.3x XO Group Inc. 16.06 -12% 421.7 335.4 140.6 18.3 13.0% 1.0% 2.4x 18.3x Yahoo! Inc. 33.26 -34% 31,409.2 4,629.7 4,948.0 477.1 9.6% 6.8% 0.9x 9.7x Zynga, Inc. 2.68 -14% 2,500.4 1,430.6 771.5 (16.2) NM 14.4% 1.9x NM
Average 2.9x 12.8x
*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 (26.1x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *Note: Google Inc. pricing represents (Nasdaq:GOOGL)
10 | M&A and Investment Summary December 2015 Digital Media and Internet 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China 189.04 -19% $65,337.4 $60,751.3 $9,711.4 $2,525.0 26.0% 38.6% 6.3x 24.1x Changyou.com Limited China 24.82 -30% 1,290.1 973.8 815.6 293.9 36.0% 11.1% 1.2x 3.3x CyberAgent Inc. Japan 41.85 -30% 2,626.7 2,305.3 2,124.5 326.0 15.3% 23.9% 1.1x 7.1x DeNA Co., Ltd. Japan 15.80 -30% 2,290.8 1,699.3 1,214.8 292.8 24.1% -5.1% 1.4x 5.8x Forgame Holdings Limited * China 1.68 -55% 234.3 36.2 99.3 (0.2) NM -35.0% 0.4x NM G5 Entertainment AB (publ) Sweden 5.98 -8% 52.6 49.0 34.3 2.6 7.6% 39.3% 1.4x 18.7x GameLoft SE * France 6.58 -8% 559.6 522.0 271.2 7.8 2.9% 3.5% 1.9x 66.7x Gree, Inc. Japan 4.79 -35% 1,120.6 519.7 721.1 189.8 26.3% -25.4% 0.7x 2.7x iDreamSky Technology Limited * China 13.39 -24% 620.0 520.7 223.8 2.9 1.3% 0.0% 2.3x NM International Game Technology PLC United Kingdom 16.18 -24% 3,213.3 11,409.4 3,877.9 1,245.9 32.1% -0.5% 2.9x 9.2x iProperty Group Limited * Malaysia 2.88 0% 539.9 534.9 20.0 (0.6) NM 15.8% 26.8x NM King Digital Entertainment plc Ireland 17.88 -1% 5,577.4 4,657.1 2,104.3 725.7 34.5% -9.2% 2.2x 6.4x Kongzhong Corp. China 7.50 -13% 352.9 274.0 198.3 51.7 26.1% -5.1% 1.4x 5.3x Mixi, Inc. Japan 37.85 -32% 3,190.9 2,491.0 1,447.5 698.0 48.2% 301.8% 1.7x 3.6x NCsoft Corporation South Korea 181.01 -15% 3,612.6 2,808.3 706.5 240.5 34.0% 2.8% 4.0x 11.7x Naver Corporation South Korea 559.17 -18% 16,476.8 15,438.9 2,625.0 760.2 29.0% 17.7% 5.9x 20.3x NetEase, Inc. China 181.24 -3% 23,691.8 20,250.9 2,888.7 989.9 34.3% 72.1% 7.0x 20.5x NEXON Co., Ltd. Japan 16.46 -4% 7,143.2 6,353.3 1,564.9 679.1 43.4% 13.9% 4.1x 9.4x Pacific Online Ltd. China 0.30 -54% 342.0 301.4 173.4 44.3 25.5% 18.1% 1.7x 6.8x Phoenix New Media Limited China 6.02 -39% 428.4 290.3 254.3 20.1 7.9% 1.0% 1.1x 14.5x Rediff.com India Limited * India 0.66 -72% 18.2 9.9 14.3 (7.2) NM -9.3% 0.7x NM Renren Inc. * China 3.68 -17% 1,247.2 1,075.0 54.8 (76.1) NM -31.6% 19.6x NM Sky-mobi Limited * China 2.32 -68% 65.2 (23.9) 123.0 - 0.0% 0.0% NM NM Taomee Holdings Ltd. * China 3.60 -14% 128.1 55.8 35.6 (3.8) NM -21.8% 1.6x NM Tomorrow Focus AG Germany 3.82 -37% 222.6 237.7 189.3 10.5 5.6% 92.5% 1.3x 22.6x Weibo Corporation * China 19.50 -6% 4,029.5 3,684.0 434.1 41.4 9.5% 44.5% 8.5x 89.0x WeMade Entertainment Co., Ltd. * South Korea 31.70 -47% 526.3 501.8 112.3 (10.7) NM -22.3% 4.5x NM Yandex N.V. Netherlands 15.72 -26% 5,013.4 4,831.5 858.6 263.6 30.7% 17.0% 5.6x 18.3x YY Inc. China 62.47 -24% 3,422.7 3,619.1 813.0 188.8 23.2% 65.6% 4.5x 19.2x
Average 2.7x 11.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (39.6x)
11 | M&A and Investment Summary December 2015 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-Flowers.com Inc. 7.28 -46% $472.2 $728.5 $1,150.8 $68.5 6.0% 51.4% 0.6x 10.6x Amazon.com, Inc. 675.89 -3% 316,831.6 320,990.6 100,588.0 7,007.0 7.0% 18.0% 3.2x 45.8x Apple Inc. 105.26 -22% 586,859.3 609,339.3 233,715.0 82,487.0 35.3% 27.9% 2.6x 7.4x Blucora, Inc. 9.80 -41% 401.7 327.4 486.7 64.8 13.3% -23.9% 0.7x 5.1x Blue Nile Inc. 37.13 -5% 428.2 395.1 487.5 16.9 3.5% 5.5% 0.8x 23.4x CafePress Inc. 3.84 -28% 65.1 25.7 136.4 (1.8) NM 39.1% 0.2x NM CDW Corporation 42.04 -10% 7,074.3 10,599.3 12,620.4 952.1 7.5% 7.5% 0.8x 11.1x Chegg, Inc. 6.73 -24% 592.8 490.5 317.6 20.5 6.5% 6.8% 1.5x 23.9x Copart, Inc. 38.01 -5% 4,570.2 4,702.3 1,144.5 390.3 34.1% -2.5% 4.1x 12.0x eBay Inc. 27.48 -59% 32,994.0 35,132.0 17,705.0 4,889.0 27.6% 61.0% 2.0x 7.2x Etsy, Inc. 8.26 -77% 926.0 650.1 250.5 6.1 2.4% 45.4% 2.6x NM Expedia Inc. 124.30 -12% 18,678.2 20,295.5 6,329.7 702.7 11.1% 13.9% 3.2x 28.9x FTD Companies, Inc. 26.17 -26% 750.2 1,040.1 1,079.6 100.1 9.3% 69.4% 1.0x 10.4x Alphabet Inc. 778.01 -3% 528,447.6 466,032.6 71,763.0 23,304.0 32.5% 12.8% 6.5x 20.0x GrubHub Inc. 24.20 -50% 2,055.2 1,760.1 335.2 86.8 25.9% 46.0% 5.3x 20.3x HSN, Inc. 50.67 -37% 2,658.9 3,296.6 3,710.3 329.0 8.9% 6.3% 0.9x 10.0x IAC/InterActiveCorp 60.05 -29% 5,331.0 5,535.8 3,213.0 410.0 12.8% 7.0% 1.7x 13.5x Liberty Interactive Corporation $27.32 -14% 17,444.9 21,943.9 9,871.0 1,744.0 17.7% -5.5% 2.2x 12.6x Liberty Ventures 45.11 -1% 6,401.4 5,630.4 1,147.0 (191.0) NM 0.0% 4.9x NM Liquidity Services, Inc. 6.50 -41% 198.6 103.1 397.1 20.4 5.1% -19.9% 0.3x 5.1x Match Group, Inc. 13.55 -15% 3,363.8 3,339.8 991.9 260.5 26.3% 0.0% 3.4x 12.8x Overstock.com Inc. 12.28 -53% 309.9 228.3 1,647.9 20.5 1.2% 15.7% 0.1x 11.1x PetMed Express, Inc. 17.14 -7% 345.3 287.5 227.6 32.4 14.2% -0.5% 1.3x 8.9x The Priceline Group Inc. 1,274.95 -14% 63,472.0 65,862.5 9,064.1 3,437.7 37.9% 11.3% 7.3x 19.2x Shutterfly, Inc. 44.56 -9% 1,565.7 1,815.1 994.7 93.0 9.3% 17.2% 1.8x 19.5x Shutterstock, Inc. 32.34 -56% 1,166.9 884.8 400.4 49.8 12.4% 31.4% 2.2x 17.8x Spark Networks, Inc. 3.85 -25% 98.9 84.5 51.7 9.0 17.4% -20.0% 1.6x 9.4x Stamps.com Inc. 109.61 -4% 1,819.64 1,722.26 185.93 47.03 25.3% 34.9% 9.3x 36.6x U.S. Auto Parts Network, Inc. 2.95 -12% 100.5 116.1 294.1 5.4 1.8% 7.8% 0.4x 21.6x EVINE Live Inc. 1.78 -75% 101.7 157.9 683.0 6.9 1.0% 2.5% 0.2x 23.0x Wayfair Inc. 47.62 -16% 4,006.1 3,680.8 1,918.7 (116.0) NM 59.1% 1.9x NM
Average 1.9x 14.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (26.2x)
12 | M&A and Investment Summary December 2015 eCommerce Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. * China 65.96 -21% $ 9,323.7 $ 9,125.0 $ 539.8 $ (178.0) NM 134.6% 16.9x NM Alibaba Group Holding Limited * China 81.27 -23% 204,185.0 200,838.6 13,532.0 4,497.7 33.2% 35.7% 14.8x 44.7x Cnova N.V. * Netherlands 2.41 -72% 1,063.5 1,158.1 4,058.7 (3.8) NM 10.6% 0.3x NM E-Commerce China Dangdang Inc. * China 7.19 -37% 581.9 316.6 1,451.6 (5.7) NM 21.4% 0.2x NM eLong Inc. * China 17.12 -37% 628.7 442.4 154.8 (155.9) NM -10.6% 2.9x NM JD.com, Inc. * China 32.27 -15% 44,139.1 41,293.9 25,390.1 (207.8) NM 60.7% 1.6x NM Jiayuan.com International Ltd. China 7.45 -21% 231.9 151.6 110.9 4.9 4.4% 22.7% 1.4x 30.9x Jumei International Holding Limited China 9.06 -68% 1,315.5 918.2 1,045.6 28.0 2.7% 78.2% 0.9x 32.7x LightInTheBox Holding Co., Ltd. * China 2.96 -55% 141.7 107.0 348.4 (39.7) NM -0.2% 0.3x NM Mercadolibre, Inc. Argentina 114.34 -25% 5,048.9 5,004.9 632.4 188.5 29.8% 19.4% 7.9x 26.5x PChome Online Inc. Taiwan 9.98 -34% 996.3 870.5 673.6 34.3 5.1% 16.5% 1.3x 25.3x Rakuten, Inc. Japan 11.67 -41% 16,623.8 17,657.1 5,754.9 1,288.2 22.4% 20.2% 3.1x 13.7x Travelport Worldwide Limited United Kingdom 12.90 -28% 1,593.2 3,985.2 2,182.0 377.0 17.3% 2.3% 1.8x 10.6x Vipshop Holdings Limited China 15.27 -50% 8,881.7 8,558.7 5,596.4 354.2 6.3% 90.1% 1.5x 24.2x Yirendai Ltd. China 9.45 -9% 552.8 522.6 156.7 50.7 32.4% 0.0% 3.3x 10.3x
Average 2.5x 17.7x
*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 (36.8x)
13 | M&A and Investment Summary December 2015 Digital Advertising
. There was a total of 38 transactions announced in the Digital Advertising segment, of which 23 were worth more than $515 million in reported value . Ad Networks/Exchanges was the most valuable subsegment with seven transactions worth a reported $330 million in value . Select Transactions: • The $180 million acquisition of display and video advertising solutions company Undertone by Perion • Goldman Sachs’ $41 million investment in healthcare search platform developer Vitals • Email marketing platform Bluecore’s $21 million round of funding led by Georgian Partners with participation from FirstMark Capital and Felicis Ventures • Muirlands Capital and Prudential Capital Group’s majority stake in EducationDynamics, a provider of marketing services for higher education institutions, from Halyard Capital
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Vertical Search 10 26% $92.6 18% 5 - 0 - 5 $92.6 Ad Networks/Exchanges 7 18% 329.5 64% 4 200.0 0 - 3 129.5 Digital Video 6 16% 37.8 7% 3 - 0 - 3 37.8 Email Services 3 8% 21.0 4% 2 - 0 - 1 21.0 Local Search 3 8% 11.7 2% 0 - 0 - 3 11.7 Mobile Marketing 3 8% 3.5 1% 1 - 0 - 2 3.5 Online Lead Generation 3 8% 4.5 1% 1 - 0 - 2 4.5 Other* 3 8% 14.9 3% 1 - 0 - 2 14.9 Total 38 100% 515.5 100% 17 200.0 0 0.0 21 315.5
14 | M&A and Investment Summary December 2015 Digital Advertising Public Company Valuation (1/3)
($ in Millions, except stock price data)
US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $276.57 -11% $ 16,908.9 $ 31,463.3 $ 6,176.6 $ 1,608.4 26.0% 24.6% 5.1x 19.6x Angie's List, Inc. $9.35 -17% 547.1 548.0 340.0 20.0 5.9% 12.7% 1.6x 27.5x Autobytel Inc. 22.56 -10% 236.9 246.4 122.8 10.9 8.9% 21.7% 2.0x 22.7x Bankrate, Inc. 13.30 -16% 1,321.7 1,475.2 551.8 112.7 20.4% 4.1% 2.7x 13.1x Blinkx plc 0.25 -58% 101.2 28.3 200.4 (8.5) NM -17.1% 0.1x NM Blucora, Inc. 9.80 -41% 401.7 327.4 486.7 64.8 13.3% -23.9% 0.7x 5.1x Care.com, Inc. 7.16 -16% 230.4 170.6 143.2 (19.7) NM 35.5% 1.2x NM Constant Contact, Inc. 29.24 -32% 941.9 761.4 361.9 45.5 12.6% 13.6% 2.1x 16.7x Demand Media, Inc. 5.50 -20% 109.6 71.7 134.5 (17.6) NM -25.6% 0.5x NM DHI Group, Inc. 9.17 -13% 482.9 550.6 262.5 66.7 25.4% 3.6% 2.1x 8.3x Digital Globe Services Inc. 0.86 -63% 25.5 25.2 40.3 2.0 5.0% 3.4% 0.6x 12.6x Facebook, Inc. * 104.66 -5% 295,977.9 280,269.9 15,938.0 6,655.0 41.8% 42.3% 17.6x 42.1x Alphabet Inc. 778.01 -3% 528,447.6 466,032.6 71,763.0 23,304.0 32.5% 12.8% 6.5x 20.0x Groupon, Inc. 3.07 -63% 1,885.9 1,178.7 3,235.1 85.8 2.7% 10.5% 0.4x 13.7x IAC/InterActiveCorp 60.05 -29% 5,331.0 5,535.8 3,213.0 410.0 12.8% 7.0% 1.7x 13.5x MaxPoint Interactive, Inc. 1.71 -85% 44.6 23.4 137.7 (13.2) NM 49.5% 0.2x NM Monster Worldwide, Inc. 5.73 -30% 523.1 680.1 727.5 95.4 13.1% -2.9% 0.9x 7.1x QuinStreet, Inc. 4.29 -37% 193.1 147.5 285.3 (2.3) NM 3.8% 0.5x NM Quotient Technology Inc. 6.82 -66% 610.1 420.1 227.9 (22.7) NM 6.3% 1.8x NM ReachLocal, Inc. 1.65 -54% 48.5 56.6 402.6 (28.5) NM -19.3% 0.1x NM RetailMeNot, Inc. 9.92 -54% 520.0 324.2 253.4 50.1 19.8% -0.9% 1.3x 6.5x Rocket Fuel Inc. 3.49 -79% 150.2 150.5 475.7 (53.9) NM 34.1% 0.3x NM Rovi Corporation 16.66 -37% 1,376.9 2,236.1 510.9 155.4 30.4% -8.8% 4.4x 14.4x The Rubicon Project, Inc. 16.45 -20% 730.0 650.2 196.3 (7.0) NM 75.9% 3.3x NM TiVo Inc. 8.63 -28% 844.39 490.74 480.64 86.06 17.9% 8.3% 1.0x 5.7x Travelzoo Inc. 8.37 -41% 123.3 93.7 132.8 10.3 7.7% -15.1% 0.7x 9.1x LendingTree, Inc. 89.28 -36% 1,095.2 988.9 219.7 22.9 10.4% 37.4% 4.5x 43.1x Tremor Video, Inc. 2.06 -37% 107.4 41.8 177.8 (14.9) NM 15.5% 0.2x NM TripAdvisor Inc. 85.25 -9% 12,291.9 11,893.9 1,471.0 366.0 24.9% 25.6% 8.1x 32.5x TrueCar, Inc. 9.54 -57% 788.8 692.1 251.7 (34.3) NM 31.6% 2.7x NM TubeMogul, Inc. 13.60 -38% 476.7 393.9 158.3 (11.3) NM 58.0% 2.5x NM
15 | M&A and Investment Summary December 2015 Digital Advertising Public Company Valuation (2/3)
($ in Millions, except stock price data)
US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Twitter, Inc. 23.14 -57% $ 15,803.4 $ 13,916.3 $ 1,986.6 $ (208.4) NM 70.3% 7.0x NM Voltari Corporation 5.00 -77% 45.0 82.3 12.2 (15.2) NM 287.8% 6.7x NM Web.com Group, Inc. 20.01 -23% 1,017.9 1,447.7 539.7 104.0 19.3% -0.2% 2.7x 13.9x Yahoo! Inc. 33.26 -34% 31,409.2 4,629.7 4,948.0 477.1 9.6% 6.8% 0.9x 9.7x Yelp Inc. * 28.80 -51% 2,167.4 1,798.5 505.9 16.2 3.2% 49.5% 3.6x 111.0x YuMe, Inc. 3.51 -45% 120.8 72.4 176.5 (11.5) NM 1.0% 0.4x NM Zillow Group, Inc. 26.04 -41% 4,609.7 4,302.9 567.6 (15.7) NM 94.5% 7.6x NM
Average 2.3x 17.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (44.6x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value.
16 | M&A and Investment Summary December 2015 Digital Advertising Public Company Valuation (3/3)
($ 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adgorithms LTD * Israel $0.41 -82% $ 25.0 $ (7.6) $ 25.6 $ 0.0 0.1% 0.0% NM NM Criteo SA France 39.60 -31% 2,465.1 2,167.3 1,188.0 100.6 8.5% 64.2% 1.8x 21.5x Ctrip.com International Ltd. China 46.33 -19% 20,073.9 21,261.2 1,563.2 31.5 2.0% 44.6% 13.6x NM InternetQ PLC United Kingdom 0.94 -83% 37.9 41.5 154.5 19.0 12.3% 9.1% 0.3x 2.2x Just Dial Limited India 12.73 -48% 897.1 774.2 94.3 26.6 28.2% 27.9% 8.2x 29.1x MakeMyTrip Limited India 17.16 -39% 720.5 614.0 300.4 (18.6) NM 5.0% 2.0x NM Matomy Media Group Ltd. Israel 1.54 -57% 143.5 157.8 254.9 19.3 7.6% 25.1% 0.6x 8.2x Opera Software ASA Norway 5.71 -52% 829.8 905.3 576.8 92.8 16.1% 38.7% 1.6x 9.8x Pacific Online Ltd. China 0.30 -54% 342.0 301.4 173.4 44.3 25.5% 18.1% 1.7x 6.8x Rightmove plc * United Kingdom 60.83 -1% 5,768.3 5,751.0 282.6 205.5 72.7% 17.4% 20.3x 28.0x Septeni Holdings Co., Ltd. Japan 22.30 -7% 578.0 495.1 539.1 26.3 4.9% 18.8% 0.9x 18.8x Taptica International Ltd Israel 0.92 -65% 61.2 39.8 66.2 7.0 10.6% 20.8% 0.6x 5.7x TradeDoubler AB Sweden 0.66 -56% 27.83 20.27 199.85 (4.98) NM -6.0% 0.1x NM XLMedia PLC Channel Islands 1.20 -4% 240.8 200.6 67.6 21.9 32.4% 76.2% 3.0x 9.2x Yandex N.V. Netherlands 15.72 -26% 5,013.4 4,831.5 858.6 263.6 30.7% 17.0% 5.6x 18.3x Youku Tudou Inc. * China 27.13 -14% 5,314.9 4,397.2 926.0 70.3 7.6% 51.6% 4.7x 62.5x Zhaopin Ltd. China 15.32 -13% 833.0 578.6 208.7 50.7 24.3% 19.2% 2.8x 11.4x
Average 2.4x 16.1x
*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 (33.7x)
*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)
17 | M&A and Investment Summary December 2015 Marketing Technology
. The Marketing Technology segment announced 74 transactions, of which 44 reported a total of $1.2 billion in value . Analytics & Targeting was the most active and valuable subsegment with 14 transactions announced, nine of which reported $180 million in value . Select Transactions: • Tyco’s $175 million acquisition of retail consumer insights and location analytics company ShopperTrak • The Mercato Partners-led $49 million investment in Steelhouse, a provider of retargeting solutions for eCommerce companies • The $47 million sale of Experian’s traffic measurement division Hitwise and consumer usage database arm Simmons to Symphony Technology Group • Andreessen Horowitz and Index Ventures’ $35 million investment in mobile location data solutions company Factual • American Capital Equity’s acquisition of local marketing solutions company Brandmuscle from The Riverside Company
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 15 20% $354.9 29% 6 $175.0 1 $46.5 8 $133.4 CRM 6 8% 34.7 3% 1 - 0 - 5 34.7 Social Technology 6 8% 34.5 3% 4 - 0 - 2 34.5 Mobile Technology 5 7% 44.5 4% 1 - 0 - 4 44.5 Content Management 4 5% 22.0 2% 1 - 0 - 3 22.0 Email/Messaging Software 4 5% 3.0 0% 2 3.0 1 - 1 - Market Research 4 5% 19.8 2% 1 - 1 - 2 19.8 Other* 30 41% 715.1 58% 14 559.2 2 - 14 150.3 Total 74 100% 1,228.5 100% 30 737.2 5 46.5 39 444.8
18 | M&A and Investment Summary December 2015 Marketing Technology Public Company Valuation (1/3)
($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated * 93.94 -3% $ 46,857.21 $ 44,776.36 $ 4,795.51 $ 1,242.14 25.9% 15.6% 9.3x 36.0x AppFolio, Inc. 14.60 -27% 489.5 449.6 67.8 (12.2) NM 0.0% 6.6x NM Bazaarvoice, Inc. 4.38 -53% 352.8 299.8 196.7 (17.9) NM 9.3% 1.5x NM Blackbaud Inc. 65.86 -4% 3,035.3 3,260.8 614.9 97.6 15.9% 12.5% 5.3x 33.4x Brightcove Inc. 6.20 -27% 202.6 180.4 131.0 (1.0) NM 6.1% 1.4x NM ChannelAdvisor Corporation 13.85 -38% 348.3 291.5 95.0 (18.4) NM 16.5% 3.1x NM Constant Contact, Inc. 29.24 -32% 941.9 761.4 361.9 45.5 12.6% 13.6% 2.1x 16.7x Covisint Corporation 2.50 -25% 99.1 57.4 82.1 (21.2) NM -10.6% 0.7x NM Cvent, Inc. 34.91 -6% 1,464.5 1,306.0 176.1 2.4 1.4% 31.8% 7.4x NM Demandware, Inc. 53.97 -29% 2,033.9 1,851.1 214.2 (31.5) NM 46.3% 8.6x NM eBay Inc. 27.48 -59% 32,994.0 35,132.0 17,705.0 4,889.0 27.6% 61.0% 2.0x 7.2x Endurance International Group 10.93 -53% 1,497.4 2,567.5 720.2 186.0 25.8% 21.2% 3.6x 13.8x Five9,Holdings, Inc. Inc. 8.70 -4% 439.4 426.5 121.1 (22.0) NM 23.0% 3.5x NM GoDaddy Inc. 32.06 -9% 2,100.2 3,082.5 1,553.6 104.6 6.7% 17.6% 2.0x 29.5x HubSpot, Inc. * 56.31 -6% 1,920.0 1,816.1 163.0 (54.1) NM 56.6% 11.1x NM Interactive Intelligence Group Inc. * 31.42 -38% 681.8 651.7 375.7 9.0 2.4% 10.7% 1.7x 72.8x IBM Corporation 137.62 -22% 133,506.6 163,755.6 83,795.0 21,410.0 25.6% -12.8% 2.0x 7.6x Jive Software, Inc. 4.08 -36% 309.6 202.6 193.3 (22.8) NM 13.5% 1.0x NM LivePerson Inc. 6.75 -50% 386.8 346.0 238.1 16.6 7.0% 19.9% 1.5x 20.9x Marin Software Incorporated 3.58 -58% 132.8 102.6 106.5 (27.3) NM 13.1% 1.0x NM Marketo, Inc. 28.71 -19% 1,243.2 1,137.2 193.9 (57.2) NM 42.8% 5.9x NM MicroStrategy Inc. 179.29 -21% 2,037.6 1,580.7 535.2 140.5 26.2% -10.3% 3.0x 11.3x MINDBODY, Inc. 15.13 -18% 593.3 509.1 93.3 (25.6) NM 0.0% 5.5x NM NetSuite Inc. * 84.62 -23% 6,726.3 6,636.2 692.8 (57.7) NM 34.9% 9.6x NM Nuance Communications, Inc. 19.89 -9% 6,180.7 7,767.7 1,931.1 246.4 12.8% 0.4% 4.0x 31.5x Oracle Corporation 36.53 -19% 153,470.6 143,483.6 37,473.0 15,214.0 40.6% -3.5% 3.8x 9.4x PayPal Holdings, Inc. 36.20 -15% 44,225.2 39,926.2 8,885.0 1,895.0 21.3% 0.0% 4.5x 21.1x Press Ganey Holdings, Inc. * 31.55 -13% 1,662.6 1,832.1 309.2 28.5 9.2% 12.7% 5.9x 64.4x PROS Holdings, Inc. 23.04 -17% 684.2 641.6 180.1 (29.2) NM 5.4% 3.6x NM PTC Inc. 34.63 -19% 3,966.2 4,360.9 1,255.2 253.5 20.2% -7.5% 3.5x 17.2x Qlik Technologies, Inc. 31.66 -26% 2,944.73 2,623.55 590.05 2.68 0.5% 10.1% 4.4x NM Rightside Group, Ltd. 8.30 -20% 157.6 136.6 208.6 (3.3) NM 12.4% 0.7x NM Rovi Corporation 16.66 -37% 1,376.87 2,236.11 510.94 155.42 30.4% -8.8% 4.4x 14.4x The Rubicon Project, Inc. 16.45 -20% 730.0 650.2 196.3 (7.0) NM 75.9% 3.3x NM salesforce.com, inc. * 78.40 -5% 52,057.6 52,763.5 6,302.4 399.8 6.3% 24.2% 8.4x 132.0x Sizmek Inc. 3.65 -57% 108.0 43.1 166.2 8.6 5.2% -1.9% 0.3x 5.0x
19 | M&A and Investment Summary December 2015 Marketing Technology Public Company Valuation (2/3)
($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Square, Inc. 13.09 -7% 3,939.4 4,280.2 1,143.7 (95.4) NM 0.0% 3.7x NM Synchronoss Technologies, Inc. 35.23 -33% 1,554.5 1,587.6 551.8 157.3 28.5% 30.1% 2.9x 10.1x Tableau Software, Inc. * 94.22 -28% 6,824.5 6,074.3 593.8 (8.6) NM 69.1% 10.2x NM Teradata Corporation 26.42 -44% 3,513.9 3,349.9 2,572.0 442.0 17.2% -6.1% 1.3x 7.6x Verint Systems Inc. 40.56 -39% 2,525.0 2,912.1 1,161.1 164.8 14.2% 8.3% 2.5x 17.7x Xactly Corporation 8.53 -20% 248.9 213.3 71.2 (14.4) NM 20.9% 3.0x NM Zendesk, Inc. * 26.44 -6% 2,345.2 2,064.5 184.7 (65.3) NM 66.3% 11.2x NM
Adjusted Weighted Average 4.3x 13.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (46.6x)
20 | M&A and Investment Summary December 2015 Marketing Technology Public Company Valuation (3/3)
($ 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. * China 8.21 -44% $ 412.62 $ 276.04 $ 356.28 $ 4.90 1.4% 68.2% 0.8x 56.3x Bitauto Holdings Limited * China 28.28 -71% 1,701.6 1,144.9 589.5 22.4 3.8% 90.5% 1.9x 51.2x ChinaCache International Holdings Ltd. China 8.24 -47% 213.5 108.6 217.3 6.0 2.7% -0.3% 0.5x 18.2x InfraStrata plc United Kingdom 0.02 -73% 3.7 4.5 0.6 (1.1) NM 2231.2% 7.0x NM Infosystems S.A. Poland 0.19 -70% 0.8 1.1 2.0 1.0 51.9% 0.0% 0.6x 1.1x Mercadolibre, Inc. Argentina 114.34 -25% 5,048.9 5,004.9 632.4 188.5 29.8% 19.4% 7.9x 26.5x Open Text Corporation Canada 47.93 -22% 5,816.4 6,694.1 1,832.7 509.9 27.8% 4.5% 3.7x 13.1x Opera Software ASA Norway 5.71 -52% 829.8 905.3 576.8 92.8 16.1% 38.7% 1.6x 9.8x Sage Group plc United Kingdom 8.90 -4% 9,603.49 10,107.25 2,172.20 588.18 27.1% 6.1% 4.7x 17.2x SAP SE Germany 80.25 -2% 95,928.8 102,107.5 22,217.5 7,164.8 32.2% 15.7% 4.6x 14.3x Shopify Inc. * Canada 25.80 -39% 1,971.2 1,784.2 170.2 (10.1) NM 0.0% 10.5x NM Sky-mobi Limited China 2.32 -68% 65.2 (23.9) 123.0 - 0.0% 0.0% NM NM Weborama France 9.45 -6% 32.5 32.6 30.4 1.1 3.6% 0.9% 1.1x 29.7x Wix.com ltd Israel 22.75 -21% 903.0 802.5 188.2 (47.4) NM 50.3% 4.3x NM
Adjusted Weighted Average 4.6x 14.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.5x)
21 | M&A and Investment Summary December 2015 Agency & Marketing Services
. There were 22 transactions announced in the Agency & Marketing Services segment in December. Digital Agency was the most active subsegment with eight transactions . Select transactions: • STW Communication’s $313 million acquisition of WPP’s Australia and New Zealand Businesses in a deal that will see WPP take a majority stake in the combined entity • The $24 million acquisition of sales promotion consultancy Opia by cinema and theme park media company Village Roadshow • The majority stake taken by The Carlyle Group in point-of-purchase display solutions company Array Marketing • Accenture’s purchase of biotech digital marketing services firm Boomerang Pharmaceutical Communications • MDC Partners’ acquisition of search marketing agency Unique Influence
AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 8 36% $5.7 2% 8 $5.7 0 - 0 - Marketing Consulting 3 14% 24.0 7% 2 24.0 1 - 0 - General Agency 2 9% 312.6 87% 2 312.6 0 - 0 - Healthcare Agency 2 9% - 0% 2 - 0 - 0 - Public Relations 2 9% - 0% 2 - 0 - 0 - Experiential Marketing 1 5% - 0% 1 - 0 - 0 - Loyalty/Retention 1 5% 17.3 5% 0 - 0 - 1 17.3 Media Planning/Buying 1 5% - 0% 1 - 0 - 0 - Other* 2 9% 0.0 0% 1 0.0 1 0.0 0 0.0 Total 22 100% 359.6 100% 19 342.3 2 0.0 1 17.3
22 | M&A and Investment Summary December 2015 Agency Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $1.30 -18% $ 110.7 $ 125.3 $ 265.1 $ 10.3 3.9% 1.3% 0.5x 12.2x Creston plc United Kingdom 1.84 -23% 106.9 110.7 120.9 17.9 14.8% 4.5% 0.9x 6.2x Dentsu Inc. * Japan 55.57 -8% 15,846.4 17,082.8 (286.5) 1,371.7 -478.8% NM NM 12.5x Enero Group Limited Australia 0.60 -14% 51.1 34.4 163.6 7.4 4.5% -0.2% 0.2x 4.7x Globant S.A. * Luxembourg 37.51 -2% 1,275.6 1,202.9 237.4 28.2 11.9% 24.4% 5.1x 42.6x Havas France 8.42 -9% 3,516.6 3,676.3 2,263.4 366.5 16.2% 13.2% 1.6x 10.0x Huntsworth plc United Kingdom 0.58 -20% 185.7 235.3 260.9 31.4 12.0% -0.4% 0.9x 7.5x M&C Saatchi plc United Kingdom 4.81 -17% 346.7 352.5 274.1 25.5 9.3% 6.0% 1.3x 13.8x MDC Holdings Inc. United States 25.53 -18% 1,248.1 1,979.2 1,835.8 115.3 6.3% 10.5% 1.1x 17.2x Next Fifteen Communications Group plc United Kingdom 3.56 -13% 251.2 263.5 180.3 21.6 12.0% 0.0% 1.5x 12.2x Omnicom Group Inc. United States 75.66 -7% 18,329.0 22,134.2 15,176.2 2,228.5 14.7% 0.0% 1.5x 9.9x OPT Holding, Inc. Japan 5.09 -17% 131.6 127.1 538.7 19.6 3.6% -0.7% 0.2x 6.5x Porta Communications Plc United Kingdom 0.10 -35% 28.6 40.1 48.3 2.1 4.4% 186.2% 0.8x 19.0x Publicis Groupe SA France 66.66 -23% 13,876.7 17,054.5 9,400.2 1,723.2 18.3% 21.3% 1.8x 9.9x The Interpublic Group of Companies, Inc. United States 23.28 -2% 9,459.8 10,584.5 7,624.7 1,005.5 13.2% 2.3% 1.4x 10.5x WPP plc United Kingdom 23.05 -3% 29,842.6 35,330.8 18,713.0 3,589.9 19.2% 6.6% 1.9x 9.8x
Adjusted Weighted Average 1.7x 10.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.6x)
23 | M&A and Investment Summary December 2015 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $20.92 -11% $ 1,629.1 $ 1,657.4 $ 1,033.4 $ 157.5 15.2% 11.3% 1.6x 10.5x Aimia Inc. Canada 6.78 -37% 1,063.3 1,166.4 1,856.8 140.6 7.6% 3.8% 0.6x 8.3x Alliance Data Systems Corporation * United States 276.57 -11% 16,908.9 27,096.4 6,176.6 1,608.4 26.0% 24.6% 4.4x 16.8x CSG Systems International Inc. United States 35.98 -7% 1,176.4 1,261.5 748.9 131.2 17.5% -0.4% 1.7x 9.6x Data Group Ltd. Canada 0.01 -98% 14.4 75.2 226.9 13.9 6.1% -3.5% 0.3x 5.4x DST Systems Inc. United States 114.06 -15% 3,946.9 4,559.6 2,808.3 411.1 14.6% 3.6% 1.6x 11.1x Fair Isaac Corporation * United States 94.18 -3% 2,926.7 3,448.6 838.8 189.6 22.6% 6.3% 4.1x 18.2x Harte-Hanks Inc. United States 3.24 -61% 198.5 249.6 512.0 46.1 9.0% -8.5% 0.5x 5.4x High Co. SA France 10.47 -1% 108.7 67.2 156.1 12.9 8.3% 5.0% 0.4x 5.2x Insignia Systems Inc. United States 2.87 -22% 33.4 14.4 26.8 2.2 8.4% -1.4% 0.5x 6.4x Interpace Diagnostics Group, Inc. United States 0.47 -83% 7.8 26.3 140.1 (14.9) NM 13.7% 0.2x NM Multiplus S.A. Brazil 9.43 -12% 1,529.4 1,126.3 543.0 119.8 22.1% 23.1% 2.1x 9.4x Pitney Bowes Inc. United States 20.65 -16% 4,069.1 6,607.8 3,625.0 840.6 23.2% -5.8% 1.8x 7.9x Points International Ltd. Canada 9.73 -26% 149.8 112.3 280.9 10.6 3.8% 8.4% 0.4x 10.6x Viad Corp United States 28.23 -14% 568.5 622.9 1,060.5 79.0 7.4% 1.6% 0.6x 7.9x
Adjusted Weighted Average 1.6x 9.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.4x)
24 | M&A and Investment Summary December 2015 Traditional Media
. There were 20 transactions announced in the Traditional Media segment in December, of which seven reported a total of $620 million in aggregate reported value; all transactions reported this month were acquisitions . Activity in the segment was up more than 100 percent month-over-month compared with the nine transactions announced in November . Select Transactions: • Alibaba’s $266 million acquisition of China-based newspaper publisher South China Morning Post • The $160 million acquisition of television station operator Drewry Communications by Raycom Media • News + Media Capital Group’s $140 million acquisition of newspaper publisher Stephens Media from New Media Investment Group • The $21.6 million sale of B-to-B online gambling company iGaming Business to Clarion Events
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM B-to-B Media 5 25% $22.1 4% 4 $22.1 1 - 0 - Entertainment Media 4 20% 13.7 2% 4 13.7 0 - 0 - Traditional Outdoor 4 20% 32.5 5% 2 32.5 2 - 0 - Newspaper Publishing 3 15% 391.4 63% 3 391.4 0 - 0 - Radio 2 10% - 0% 2 - 0 - 0 - Broadcast Television 1 5% 160.0 26% 1 160.0 0 - 0 - Other* 1 5% 0.0 0% 1 0.0 0 0.0 0 0.0 Total 20 100% 619.7 100% 17 619.7 3 0.0 0 0.0
25 | M&A and Investment Summary December 2015 Traditional Media Public Company Valuation (1/3)
($ 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $47.13 -26% $ 22,223.2 $ 30,889.2 $ 13,657.0 $ 3,073.0 22.5% -0.3% 2.3x 10.1x Discovery Communications, Inc. United States 26.68 -24% 15,315.9 22,207.9 6,424.0 2,484.0 38.7% 4.9% 3.5x 8.9x Time Warner Inc. United States 64.67 -29% 51,702.4 72,884.4 28,564.0 8,020.0 28.1% 4.1% 2.6x 9.1x Twenty-First Century Fox, Inc. United States 27.16 -28% 53,541.3 68,312.3 27,177.0 6,131.0 22.6% -16.9% 2.5x 11.1x Viacom, Inc. United States 41.16 -45% 16,465.9 28,424.9 13,268.0 4,118.0 31.0% -3.7% 2.1x 6.9x The Walt Disney Company * United States 105.08 -14% 173,715.9 190,912.9 52,465.0 15,643.0 29.8% 7.5% 3.6x 12.2x
Adjusted Weighted Average 3.1x 9.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.6x)
($ 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom $14.67 -22% $ 1,855.3 $ 1,853.7 $ 610.4 $ 252.6 41.4% -0.8% 3.0x 7.3x Global Sources Ltd. Bermuda 7.80 -20% 235.8 176.7 181.1 34.6 19.1% -4.2% 1.0x 5.1x Informa plc United Kingdom 9.04 -3% 5,859.7 7,207.3 1,865.4 573.5 30.7% 4.5% 3.9x 12.6x TechTarget, Inc. United States 8.03 -36% 259.5 238.9 113.1 16.9 15.0% 13.9% 2.1x 14.1x UBM plc United Kingdom 7.76 -10% 3,436.5 4,252.7 1,323.0 306.7 23.2% 10.2% 3.2x 13.9x
Adjusted Weighted Average 3.4x 12.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.7x)
($ in Millions, except stock price data)
Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $3.59 -35% $ 83.4 $ 162.5 $ 96.1 $ 18.5 19.2% 74.2% 1.7x 8.8x Cumulus Media Inc. United States 0.33 -93% 77.2 2,481.3 1,189.1 234.9 19.8% -1.7% 2.1x 10.6x Emmis Communications Corp. United States 0.64 -71% 29.2 324.3 237.3 39.0 16.4% 7.3% 1.4x 8.3x Entercom Communications Corp. United States 11.23 -16% 446.0 969.3 395.2 94.8 24.0% 4.6% 2.5x 10.2x Pandora Media, Inc. United States 13.41 -41% 2,861.9 2,498.3 1,095.9 (37.7) NM 26.0% 2.3x NM Radio One Inc. United States 1.72 -59% 82.9 1,059.2 451.2 121.4 26.9% 1.8% 2.3x 8.7x Salem Media Group, Inc. United States 4.98 -38% 126.8 408.5 262.6 45.8 17.4% -0.3% 1.6x 8.9x Sirius XM Holdings Inc. * United States 4.07 -3% 21,213.3 26,466.7 4,464.9 1,564.0 35.0% 9.2% 5.9x 16.9x Spanish Broadcasting System Inc. United States 3.24 -56% 23.5 416.2 143.0 41.3 28.9% -3.1% 2.9x 10.1x Townsquare Media, Inc. United States 11.96 -17% 213.6 785.2 421.9 96.5 22.9% 18.5% 1.9x 8.1x
Adjusted Weighted Average 2.2x 9.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.8x)
26 | M&A and Investment Summary December 2015 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $74.68 -14% $ 5,406.0 $ 8,070.4 $ 2,511.4 $ 848.2 33.8% 25.5% 3.2x 9.5x Sky plc * United Kingdom 16.40 -6% 27,853.1 35,953.7 15,708.4 2,706.4 17.2% 34.1% 2.3x 13.3x Cablevision Systems Corporation United States 31.90 -4% 8,827.4 17,585.6 6,511.8 1,751.3 26.9% 1.5% 2.7x 10.0x CBS Corporation United States 47.13 -26% 22,223.2 30,889.2 13,657.0 3,073.0 22.5% -0.3% 2.3x 10.1x Charter Communications, Inc. * United States 183.10 -8% 20,552.3 53,854.3 9,602.0 3,318.0 34.6% 7.9% 5.6x 16.2x Comcast Corporation United States 56.43 -13% 138,022.7 185,202.7 72,997.0 24,540.0 33.6% 7.4% 2.5x 7.5x Crown Media Holdings Inc. United States 5.61 -9% 2,017.8 2,297.8 454.2 325.3 71.6% 13.6% 5.1x 7.1x Discovery Communications, Inc. United States 26.68 -24% 15,315.9 22,207.9 6,424.0 2,484.0 38.7% 4.9% 3.5x 8.9x Dish Network Corp. United States 57.18 -29% 26,493.7 38,916.2 14,971.9 3,048.7 20.4% 3.3% 2.6x 12.8x Entravision Communications Corporation United States 7.71 -19% 679.5 966.2 254.0 74.4 29.3% 7.2% 3.8x 13.0x General Communication Inc. United States 19.78 -12% 762.6 2,152.9 966.0 318.8 33.0% 7.4% 2.2x 6.8x Gray Television, Inc. United States 16.30 -10% 1,201.5 2,356.1 605.8 230.9 38.1% 42.3% 3.9x 10.2x Grupo Televisa, S.A.B. Mexico 5.48 -24% 14,094.2 18,257.1 5,150.1 1,980.6 38.5% 12.4% 3.5x 9.2x Liberty Global plc United Kingdom 42.36 -28% 34,943.8 81,877.4 18,296.0 8,271.2 45.2% 1.1% 4.5x 9.9x Media General, Inc. * United States 16.15 -8% 2,065.4 4,307.7 1,155.7 311.5 26.9% 103.4% 3.7x 13.8x Nexstar Broadcasting Group, Inc. United States 58.70 -5% 1,797.4 3,264.6 842.4 295.6 35.1% 46.1% 3.9x 11.0x Scripps Networks Interactive, Inc. United States 55.21 -28% 7,098.2 11,378.8 2,835.6 1,278.3 45.1% 7.0% 4.0x 8.9x Sinclair Broadcast Group, Inc. United States 32.54 -9% 3,082.2 6,828.3 2,221.2 744.2 33.5% 24.1% 3.1x 9.2x TEGNA Inc. United States 25.52 -34% 5,657.6 10,294.9 6,440.0 1,572.8 24.4% 93.0% 1.6x 6.5x The E. W. Scripps Company * United States 19.00 -34% 1,593.5 1,915.8 1,031.8 112.4 10.9% 81.3% 1.9x 17.0x Time Warner Cable Inc. United States 185.59 -4% 52,558.6 74,809.6 23,415.0 7,829.0 33.4% 3.6% 3.2x 9.6x Time Warner Inc. United States 64.67 -29% 51,702.4 72,884.4 28,564.0 8,020.0 28.1% 4.1% 2.6x 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 (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.3x)
($ in Millions, except stock price data)
Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. * United States $25.77 -13% $ 2,214.9 $ 2,566.0 $ 830.8 $ 48.4 5.8% 26.9% 3.1x 53.0x Eros International Plc United Kingdom 9.15 -77% 508.9 754.4 337.7 99.4 29.4% 37.4% 2.2x 7.6x Lions Gate Entertainment Corp. United States 32.39 -22% 4,813.8 6,226.8 2,283.1 186.7 8.2% -11.0% 2.7x 33.3x Live Nation Entertainment, Inc. United States 24.57 -17% 4,971.7 6,409.9 7,080.9 514.9 7.3% 2.5% 0.9x 12.4x SFX Entertainment, Inc. United States 0.19 -96% 18.8 316.9 402.4 (86.3) NM 17.4% 0.8x NM Twenty-First Century Fox, Inc. United States 27.16 -28% 53,541.3 68,312.3 27,177.0 6,131.0 22.6% -16.9% 2.5x 11.1x Liberty Media Corporation * United States 39.25 -7% 12,852.0 26,347.0 4,682.0 1,419.0 30.3% 6.9% 5.6x 18.6x Village Roadshow Limited Australia 5.40 -3% 866.4 1,173.5 762.3 115.6 15.2% 3.5% 1.5x 10.2x World Wrestling Entertainment Inc. United States 17.84 -25% 1,354.1 1,277.2 633.1 67.0 10.6% 21.7% 2.0x 19.1x
Adjusted Weighted Average 2.4x 13.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (36.0x)
27 | M&A and Investment Summary December 2015 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $5.59 -27% $ 356.8 $ 243.3 $ 192.6 $ (44.8) NM -12.2% 1.3x NM APG|SGA SA Switzerland 386.28 -6% 1,156.7 1,068.0 338.5 82.6 24.4% 4.7% 3.2x 12.9x Clear Channel Outdoor Holdings Inc. United States 5.59 -52% 2,007.2 6,946.6 2,836.1 695.6 24.5% -4.4% 2.4x 10.0x Clear Media Ltd. Hong Kong 1.03 -20% 559.2 504.7 231.8 96.1 41.5% 6.4% 2.2x 5.3x JCDecaux SA France 38.34 -14% 8,134.2 8,191.7 2,917.1 570.6 19.6% 10.1% 2.8x 14.4x Lamar Advertising Co. United States 59.98 -3% 5,793.9 7,733.3 1,334.1 557.9 41.8% 5.0% 5.8x 13.9x Mood Media Corporation United States 0.09 -85% 17.2 629.7 477.1 85.1 17.8% -4.4% 1.3x 7.4x National CineMedia, Inc. United States 15.71 -6% 966.1 2,061.0 433.2 208.4 48.1% 10.1% 4.8x 9.9x NTN Buzztime Inc. United States 0.16 -73% 14.8 16.9 24.7 (4.6) NM -4.3% 0.7x NM Tom Group Ltd. * Hong Kong 0.26 -33% 993.9 1,314.8 184.0 8.7 4.7% -15.1% 7.1x 151.5x
Adjusted Weighted Average 3.8x 13.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (60.5x)
($ in Millions, except stock price data)
Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation * United States $5.00 -54% $ 107.7 $ 31.5 $ 272.2 $ 1.4 0.5% -0.3% 0.1x 21.9x Daily Mail and General Trust plc United Kingdom 10.32 -29% 3,458.3 4,717.4 2,788.4 443.2 15.9% 1.7% 1.7x 10.6x Emmis Communications Corp. United States 0.64 -71% 29.2 324.3 237.3 39.0 16.4% 7.3% 1.4x 8.3x Gannett Co., Inc. United States 16.29 -9% 1,873.9 1,731.2 2,964.6 401.8 13.6% 0.0% 0.6x 4.3x Glacier Media, Inc. Canada 0.53 -56% 47.6 138.6 173.1 12.4 7.2% 2.6% 0.8x 11.2x John Wiley & Sons Inc. United States 45.03 -31% 2,618.2 3,199.5 1,763.9 326.2 18.5% -3.6% 1.8x 9.8x Meredith Corporation United States 43.25 -24% 2,221.5 3,016.7 1,607.7 293.4 18.2% 8.4% 1.9x 10.3x News Corporation United States 13.36 -24% 7,522.1 5,809.1 8,539.0 757.0 8.9% 2.4% 0.7x 7.7x Scholastic Corporation United States 38.56 -17% 1,323.8 983.9 1,627.2 83.3 5.1% 11.2% 0.6x 11.8x The E. W. Scripps Company * United States 19.00 -34% 1,593.5 1,915.8 1,031.8 112.4 10.9% 81.3% 1.9x 17.0x The McClatchy Company United States 1.21 -64% 103.9 1,050.1 1,080.8 163.7 15.1% -7.9% 1.0x 6.4x The New York Times Company United States 13.42 -8% 2,172.6 1,960.2 1,579.2 249.3 15.8% -0.5% 1.2x 7.9x Time Inc. United States 15.67 -40% 1,720.2 2,766.2 3,083.0 399.0 12.9% -7.8% 0.9x 6.9x
Adjusted Weighted Average 1.2x 8.5x
*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 (15.0x)
28 | M&A and Investment Summary December 2015 Software
. Within the Software segment, $2.2 billion in reported value involved Strategic buyers, while more than $1.4 million in investments were announced
. Healthcare Software was the most active subsegment with 20 transactions which accounted more than $170 million in value . Select Transactions: • The $200 million raised by Palantir Technologies to complete an $880 million round of funding that values the company at a reported $20.3 billion • Blackstone’s $170 million investment in travel and transportation software solutions developer IBS Software • Application performance management company AppDynamics’ $158 million round of funding at a reported valuation of $1.9 billion from General Atlantic • Impellam Group’s $120 million acquisition of workforce management software developer Bartech From Sverica Capital Management
SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare 20 18% $172.6 4% 4 - 1 - 15 $172.6 Security 17 15% 360.5 8% 6 21.0 1 - 10 339.5 ERP 12 11% 1,035.6 24% 6 140.4 2 664.3 4 230.9 Collaboration 11 10% 183.6 4% 4 107.1 0 - 7 76.5 Financial 10 9% 916.4 21% 5 882.0 1 - 4 34.4 Cloud Computing 7 6% 18.0 0% 4 - 1 - 2 18.0 Other* 37 27% 1,400.6 32% 14 1,085 1 0 22 315.3 Total 114 100% 4,337.4 100% 43 2,235.8 7 664.3 64 1,437.3
29 | M&A and Investment Summary December 2015 Software Public Company Valuation (1/3)
($ 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ebix Inc. United States 32.79 -14% 1,107.2 1,260.1 255.9 89.9 35.1% 25.1% 4.9x 14.0x Epiq Systems, Inc. United States 13.07 -32% 490.3 876.6 478.1 63.5 13.3% 4.7% 1.8x 13.8x First Data Corporation United States 16.02 -11% 14,405.2 38,311.2 7,722.0 2,612.0 33.8% 3.5% 5.0x 14.7x Fidessa group plc United Kingdom 29.54 -21% 1,124.4 1,033.5 446.2 78.1 17.5% 2.5% 2.3x 13.2x Guidewire Software, Inc. United States 60.16 -7% 4,301.0 3,764.4 383.1 17.3 4.5% 5.4% 9.8x NM Intuit Inc. United States 96.50 -12% 25,476.4 25,852.4 4,293.0 1,169.0 27.2% 1.4% 6.0x 22.1x Management Consulting Group PLC United Kingdom 0.22 -22% 106.8 168.4 380.5 18.3 4.8% -6.5% 0.4x 9.2x Model N, Inc. United States 11.16 -12% 297.6 206.6 93.8 (15.1) NM 14.7% 2.2x NM NetSuite Inc. United States 84.62 -23% 6,726.3 6,636.2 692.8 (57.7) NM 34.9% 9.6x NM Performant Financial Corporation United States 1.79 -73% 88.6 106.8 158.0 10.7 6.8% -26.7% 0.7x 9.9x Q2 Holdings, Inc. United States 26.37 -13% 1,020.9 901.3 100.6 (15.0) NM 38.5% 9.0x NM RealPage, Inc. * United States 22.45 -6% 1,759.8 1,785.2 451.3 40.8 9.0% 14.1% 4.0x 43.8x Solera Holdings Inc. United States 54.83 -3% 3,686.9 6,415.8 1,174.1 421.0 35.9% 11.9% 5.5x 15.2x SS&C Technologies Holdings, Inc. United States 68.27 -12% 6,954.8 9,280.0 900.1 294.4 32.7% 20.1% 10.3x 31.5x Tyler Technologies, Inc. * United States 174.32 -5% 5,916.2 5,668.5 559.5 126.5 22.6% 17.5% 10.1x 44.8x
Adjusted Weighted Average 6.9x 20.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (34.1x)
($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 15.38 -3% 2,907.1 3,481.8 1,381.6 98.2 7.1% -0.5% 2.5x 35.5x athenahealth, Inc. * United States 160.97 -6% 6,250.5 6,432.5 880.4 68.3 7.8% 23.8% 7.3x 94.2x Cegedim SA France 34.75 -26% 485.1 681.9 563.7 77.1 13.7% 214.3% 1.2x 8.8x Cerner Corporation United States 60.17 -21% 20,584.5 20,750.6 4,103.4 1,133.0 27.6% 29.0% 5.1x 18.3x Civitas Solutions, Inc. United States 28.79 -5% 1,068.0 1,676.5 1,366.9 142.3 10.4% 8.8% 1.2x 11.8x Computer Programs & Systems Inc. United States 49.75 -21% 562.3 523.9 184.2 35.3 19.1% -12.2% 2.8x 14.9x Craneware plc United Kingdom 11.76 -5% 315.6 276.4 44.8 13.4 29.8% 5.3% 6.2x 20.7x HealthEquity, Inc. * United States 25.07 -30% 1,444.7 1,319.6 115.8 31.2 27.0% 44.5% 11.4x 42.2x McKesson Corporation United States 197.23 -19% 45,384.4 50,908.4 187,716.0 4,213.0 2.2% 17.5% 0.3x 12.1x MedAssets, Inc. United States 30.94 -1% 1,836.8 2,634.5 764.2 217.8 28.5% 10.4% 3.4x 12.1x Medidata Solutions, Inc. * United States 49.29 -20% 2,729.1 2,691.6 382.8 40.1 10.5% 19.5% 7.0x 67.1x Quality Systems Inc. United States 16.12 -14% 981.1 870.3 499.3 57.2 11.5% 8.0% 1.7x 15.2x Streamline Health Solutions, Inc. United States 1.41 -68% 26.5 35.1 28.5 (5.1) NM 3.6% 1.2x NM USMD Holdings, Inc. United States 7.50 -58% 82.6 122.3 320.8 (3.8) NM 15.6% 0.4x NM Veeva Systems Inc. United States 28.85 -14% 3,836.9 3,497.5 382.0 90.9 23.8% 32.2% 9.2x 38.5x
Adjusted Weighted Average 2.7x 16.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (55.7x) 30 | M&A and Investment Summary December 2015 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $29.46 -23% $ 1,730.7 $ 1,158.6 $ 310.1 $ 93.4 30.1% 11.3% 3.7x 12.4x Benefitfocus, Inc. United States 36.39 -23% 1,061.0 1,026.6 171.0 (47.0) NM 34.1% 6.0x NM Castlight Health, Inc. United States 4.27 -63% 404.1 256.9 68.5 (79.1) NM 88.9% 3.8x NM Cornerstone OnDemand, Inc. United States 34.53 -15% 1,880.4 1,896.8 320.2 (59.2) NM 32.3% 5.9x NM DHI Group, Inc. United States 9.17 -13% 482.9 550.6 262.5 66.7 25.4% 3.6% 2.1x 8.3x LinkedIn Corporation * United States 225.08 -19% 29,504.9 27,557.3 2,772.4 229.5 8.3% 37.1% 9.9x 120.1x Monster Worldwide, Inc. United States 5.73 -30% 523.1 680.1 727.5 95.4 13.1% -2.9% 0.9x 7.1x Paycom Software, Inc. United States 37.63 -19% 2,224.1 2,201.6 203.6 40.9 20.1% 48.4% 10.8x 53.9x Paylocity Holding Corporation United States 40.55 -14% 2,061.4 1,982.7 166.7 (6.0) NM 42.0% 11.9x NM The Ultimate Software Group, Inc. United States 195.51 -10% 5,602.5 5,481.8 582.9 65.6 11.3% 20.8% 9.4x 83.5x Workday, Inc. United States 79.68 -16% 15,457.9 14,069.6 1,065.2 (164.4) NM 51.4% 13.2x NM
Adjusted Weighted Average 10.3x 58.4x
*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 (94.5x)
($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $5.37 -30% $ 206.3 $ 148.6 $ 94.4 $ 18.3 19.4% 2.1% 1.6x 8.1x AVG Technologies N.V. Netherlands 20.05 -31% 1,049.4 1,170.4 419.0 121.9 29.1% 11.5% 2.8x 9.6x Check Point Software Technologies Ltd. United States 81.38 -8% 14,717.9 13,418.8 1,592.4 841.8 52.9% 8.9% 8.4x 15.9x Cisco Systems, Inc. United States 27.16 -10% 137,840.9 103,362.9 49,598.0 13,674.0 27.6% 4.9% 2.1x 7.6x Cheetah Mobile Inc. China 16.02 -56% 2,281.1 2,108.4 494.1 43.8 8.9% 117.5% 4.3x 48.2x CyberArk Software, Ltd. Israel 45.14 -41% 1,429.0 1,179.4 145.7 33.0 22.7% 67.9% 8.1x 35.7x FireEye, Inc. United States 20.74 -63% 3,330.1 2,857.7 581.2 (388.9) NM 71.0% 4.9x NM Fortinet Inc. * United States 31.17 -38% 5,369.5 4,461.3 936.7 61.4 6.6% 29.4% 4.8x 72.7x Gemalto NV Netherlands 60.03 -35% 5,284.2 5,823.2 3,153.7 514.6 16.3% 18.6% 1.8x 11.3x Imperva Inc. United States 63.31 -19% 1,989.7 1,735.9 213.0 (47.8) NM 37.1% 8.2x NM Imprivata, Inc. United States 11.30 -48% 282.6 231.4 113.9 (15.0) NM 27.2% 2.0x NM Infoblox Inc. United States 18.39 -34% 1,100.6 750.5 333.4 (7.9) NM 31.5% 2.3x NM Juniper Networks, Inc. United States 27.60 -15% 10,649.5 10,614.7 4,639.8 974.0 21.0% -3.3% 2.3x 10.9x Mimecast Limited United Kingdom 9.60 -11% 518.5 553.7 128.4 18.5 14.4% 0.0% 4.3x 29.9x Mobileye N.V. * Israel 42.28 -34% 9,161.9 8,982.4 208.7 66.5 31.9% 54.2% 43.0x 135.1x NQ Mobile Inc. China 3.64 -44% 325.4 380.8 368.9 (14.7) NM 18.8% 1.0x NM Palo Alto Networks, Inc. United States 176.14 -12% 15,132.0 14,863.0 1,033.0 (108.6) NM 56.0% 14.4x NM Proofpoint, Inc. United States 65.01 -14% 2,625.6 2,550.0 246.7 (49.3) NM 36.8% 10.3x NM Qihoo 360 Technology Co. Ltd. China 72.81 -1% 8,716.3 9,203.8 1,630.3 439.4 27.0% 64.2% 5.6x 20.9x Symantec Corporation United States 21.00 -23% 14,186.0 12,569.0 6,153.0 1,734.0 28.2% -7.9% 2.0x 7.2x Trend Micro Inc. Japan 41.01 -10% 5,598.6 4,561.1 1,026.1 348.2 33.9% 9.3% 4.4x 13.1x VeriSign, Inc. United States 87.36 -7% 9,741.3 9,711.8 1,042.7 652.2 62.6% 4.3% 9.3x 14.9x
Adjusted Weighted Average 4.0x 10.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (24.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (63.9x) 31 | M&A and Investment Summary December 2015 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $92.50 -6% $ 8,231.8 $ 7,454.9 $ 945.5 $ 431.2 45.6% 3.0% 7.9x 17.3x Autodesk, Inc. * United States 60.93 -7% 13,728.9 12,931.5 2,520.4 170.7 6.8% 3.5% 5.1x 75.8x AVEVA Group plc United Kingdom 23.86 -31% 1,525.0 1,369.2 309.8 66.1 21.3% -4.7% 4.4x 20.7x Dassault Systemes SA France 80.12 -4% 20,296.9 18,982.5 3,031.3 802.6 26.5% 24.2% 6.3x 23.7x
Adjusted Weighted Average 6.1x 21.8x
*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 (62.1x)
($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $93.94 -3% $ 46,857.2 $ 44,776.4 $ 4,795.5 $ 1,242.1 25.9% 15.6% 9.3x 36.0x Atlassian Corporation Plc * Australia 30.08 NM 6,276.9 6,056.3 353.4 14.9 4.2% 0.0% 17.1x NM CA, Inc. United States 28.56 -15% 11,900.8 11,238.8 4,096.0 1,286.0 31.4% -6.1% 2.7x 8.7x CommVault Systems, Inc. * United States 39.35 -24% 1,782.9 1,382.9 583.6 13.5 2.3% -4.9% 2.4x 102.8x Covisint Corporation United States 2.50 -25% 99.1 57.4 82.1 (21.2) NM -10.6% 0.7x NM Endurance International Group Holdings, Inc. United States 10.93 -53% 1,497.4 2,567.5 720.2 186.0 25.8% 21.2% 3.6x 13.8x First Data Corporation United States 16.02 -11% 14,405.2 38,311.2 7,722.0 2,612.0 33.8% 3.5% 5.0x 14.7x Guidance Software, Inc. United States 6.02 -41% 184.3 166.4 107.6 (6.5) NM -0.7% 1.5x NM Hortonworks Inc. United States 21.90 -27% 1,012.4 898.7 99.2 (215.4) NM 124.1% 9.1x NM IBM Corporation United States 137.62 -22% 133,506.6 163,755.6 83,795.0 21,410.0 25.6% -12.8% 2.0x 7.6x IntraLinks Holdings, Inc. United States 9.07 -29% 528.5 549.8 272.3 10.7 3.9% 8.5% 2.0x 51.4x NetSuite Inc. United States 84.62 -23% 6,726.3 6,636.2 692.8 (57.7) NM 34.9% 9.6x NM Opera Software ASA Norway 5.71 -52% 829.8 905.3 576.8 92.8 16.1% 38.7% 1.6x 9.8x Oracle Corporation United States 36.53 -19% 153,470.6 143,483.6 37,473.0 15,214.0 40.6% -3.5% 3.8x 9.4x salesforce.com, inc. * United States 78.40 -5% 52,057.6 52,763.5 6,302.4 399.8 6.3% 24.2% 8.4x 132.0x Rapid7, Inc. United States 15.13 - 629.3 505.3 99.6 (27.4) NM 0.0% 5.1x NM ServiceNow, Inc. United States 86.56 -5% 13,763.0 13,500.9 917.8 (114.9) NM 50.5% 14.7x NM Textura Corporation United States 21.58 -31% 563.0 489.8 80.9 (4.7) NM 41.6% 6.1x NM Varonis Systems, Inc. United States 18.80 -51% 484.3 379.2 117.1 (20.9) NM 25.5% 3.2x NM
Adjusted Weighted Average 4.8x 12.5x
*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 (83.0x)
32 | M&A and Investment Summary December 2015 Information
. The Information segment reported 12 transactions worth more than $2.2 billion in reported value . Healthcare Information was the most active subsegment with six deals, followed by the Financial Information subsegment with three transactions . Select Transactions: • The $468 million acquisition of vehicle history report services company CarProof by IHS • New Mountain Capital’s $225 million purchase of healthcare information company Equian from Great Point Partners • The $212 million round of funding raised by financial services learning platform developer Gerson Lehrman Group from SFW Capital partners • Lee Equity Partners’ sale of healthcare information provider PDR Network to Genstar Capital
INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare Information 6 50% $228.7 10% 3 - 2 $225.0 1 $3.7 Financial Information 3 25% 1,052.5 47% 2 841.0 0 - 1 211.5 Credit/Risk Management Information 1 8% 475.0 21% 1 475.0 0 - 0 - Engineering/Scientific/Tech Information 1 8% - 0% 0 - 1 - 0 -
Geo-Demo*Intercontinental Information Exchange’s $7.4 billion acquisition0 of Interactive 0%Data has been excluded- to limit comparative0% distortions0 - 0 - 0 - HR Information 0 0% - 0% 0 - 0 - 0 - IT Information 0 0% - 0% 0 - 0 - 0 - Legal Information 0 0% - 0% 0 - 0 - 0 - Total 12 100% 2,224.2 100% 7 1,784.0 3 225.0 2 215.2
33 | M&A and Investment Summary December 2015 Information Public Company Valuation (1/2)
($ 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $53.73 -11% $ 6,371.6 $ 6,819.6 $ 2,733.1 $ 580.5 21.2% 6.4% 2.5x 11.7x Computershare Limited Australia 8.46 -14% 4,648.8 5,809.5 1,966.2 531.3 27.0% -2.2% 3.0x 10.9x CoreLogic, Inc. United States 33.86 -20% 2,984.7 4,229.3 1,482.7 336.0 22.7% 6.8% 2.9x 12.6x CoStar Group Inc. * United States 206.69 -8% 6,715.2 6,709.6 674.9 79.2 11.7% 26.0% 9.9x 84.7x DST Systems Inc. United States 114.06 -15% 3,946.9 4,559.6 2,808.3 411.1 14.6% 3.6% 1.6x 11.1x Dun & Bradstreet Corp. United States 103.93 -24% 3,755.3 5,231.9 1,700.5 426.0 25.1% 6.6% 3.1x 12.3x Envestnet, Inc. United States 29.85 -49% 1,071.0 1,012.0 399.3 48.6 12.2% 22.4% 2.5x 20.8x Equifax Inc. United States 111.37 -3% 13,194.6 14,458.4 2,621.9 912.2 34.8% 9.7% 5.5x 15.9x Experian plc Ireland 17.71 -5% 17,039.7 20,310.3 4,656.0 1,486.0 31.9% -4.8% 4.4x 13.7x FactSet Research Systems Inc. United States 162.57 -8% 6,730.4 6,827.1 1,034.6 370.5 35.8% 10.1% 6.6x 18.4x Fair Isaac Corporation United States 94.18 -3% 2,926.7 3,448.6 838.8 189.6 22.6% 6.3% 4.1x 18.2x Fidelity National Information Services, Inc. United States 60.60 -18% 19,779.4 24,383.8 6,409.5 1,660.1 25.9% 1.8% 3.8x 14.7x Financial Engines, Inc. United States 33.67 -27% 1,734.1 1,406.8 305.5 60.7 19.9% 11.6% 4.6x 23.2x McGraw Hill Financial, Inc. United States 98.58 -10% 26,646.2 29,550.2 5,228.0 2,166.0 41.4% 5.3% 5.7x 13.6x Moody's Corporation United States 100.34 -12% 19,837.2 21,250.1 3,496.1 1,602.1 45.8% 8.0% 6.1x 13.3x Morningstar Inc. United States 80.41 -7% 3,555.5 3,292.8 783.6 248.0 31.6% 5.3% 4.2x 13.3x MSCI Inc. United States 72.13 -2% 7,406.0 7,991.4 1,053.2 459.1 43.6% 7.2% 7.6x 17.4x Reis, Inc. United States 23.73 -14% 266.9 241.0 47.4 14.1 29.7% 19.1% 5.1x 17.1x SEI Investments Co. United States 52.40 -6% 8,627.1 7,979.5 1,321.6 396.5 30.0% 6.4% 6.0x 20.1x Thomson Reuters Corporation United States 37.77 -7% 29,008.0 37,179.9 12,272.0 2,592.0 21.1% -3.2% 3.0x 14.3x Verisk Analytics, Inc. United States 76.88 -6% 13,025.7 16,051.6 1,972.3 922.1 46.8% 16.1% 8.1x 17.4x Workiva Inc. United States 17.57 -7% 716.6 658.5 135.5 (39.0) NM 27.7% 4.9x NM
Adjusted Weighted Average 4.9x 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 (34.3x) ($ in Millions, except stock price data)
Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $20.92 -11% $ 1,629.1 $ 1,657.4 $ 1,033.4 $ 157.5 15.2% 11.3% 1.6x 10.5x Alliance Data Systems Corporation United States 276.57 -11% 16,908.9 31,463.3 6,176.6 1,608.4 26.0% 24.6% 5.1x 19.6x Brainjuicer Group Plc United Kingdom 5.26 -18% 66.8 59.0 39.4 6.9 17.5% 0.7% 1.5x 8.6x Cello Group Plc United Kingdom 1.30 -18% 110.7 125.3 265.1 10.3 3.9% 1.3% 0.5x 12.2x comScore, Inc. * United States 41.15 -37% 1,603.7 1,492.9 361.3 23.0 6.4% 14.5% 4.1x 64.9x Cross Marketing Inc. Japan 3.34 -36% 65.3 79.4 80.0 7.3 9.1% 38.1% 1.0x 10.9x Ebiquity plc United Kingdom 2.06 -11% 150.1 190.6 113.5 17.9 15.7% 7.9% 1.7x 10.7x GfK SE Germany 33.55 -26% 1,224.9 1,644.3 1,692.6 234.3 13.8% 3.9% 1.0x 7.0x Harte-Hanks Inc. United States 3.24 -61% 198.5 249.6 512.0 46.1 9.0% -8.5% 0.5x 5.4x InnerWorkings Inc. United States 7.50 -14% 404.3 519.7 1,005.7 35.4 3.5% 0.9% 0.5x 14.7x
34 | M&A and Investment Summary December 2015 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Intage Holdings Inc. Japan 14.21 -24% $ 283.7 $ 242.4 $ 375.2 $ 42.6 11.3% 3.7% 0.6x 5.7x Ipsos SA France 23.05 -21% 1,043.7 1,664.0 1,945.3 222.9 11.5% 6.0% 0.9x 7.5x NeuStar, Inc. United States 23.97 -27% 1,284.5 1,710.1 1,022.2 407.4 39.9% 7.7% 1.7x 4.2x Nielsen N.V. Netherlands 46.60 -6% 16,965.1 24,147.1 6,181.0 1,538.0 24.9% -1.4% 3.9x 15.7x Onvia Inc. * United States 3.72 -28% 27.8 19.9 23.4 0.2 1.0% 4.0% 0.9x 86.8x Pearson plc United Kingdom 10.85 -52% 8,802.1 12,363.5 7,837.7 896.4 11.4% 1.2% 1.6x 13.8x Rentrak Corporation * United States 47.53 -44% 730.7 653.4 115.7 5.2 4.5% 30.5% 5.6x 124.8x YouGov plc United Kingdom 2.15 -7% 223.7 209.0 119.0 10.2 8.6% 13.0% 1.8x 20.5x
Adjusted Weighted Average 3.6x 15.7x
*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 (51.8x)
($ in Millions, except stock price data)
Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $1.04 -19% $ 148.2 $ 169.6 $ 104.4 $ 9.2 8.8% 0.0% 1.6x 18.5x CEB Inc. United States 61.39 -33% 2,031.5 2,447.4 925.6 218.1 23.6% 3.7% 2.6x 11.2x Forrester Research Inc. United States 28.48 -29% 505.3 401.1 313.4 34.9 11.1% 1.5% 1.3x 11.5x Gartner Inc. * United States 90.70 -4% 7,515.1 7,983.9 2,103.3 337.6 16.1% 7.4% 3.8x 23.7x IHS Inc. United States 118.43 -12% 8,074.4 9,918.5 2,307.9 584.1 25.3% 4.5% 4.3x 17.0x Informa plc United Kingdom 9.04 -3% 5,859.7 7,207.3 1,865.4 573.5 30.7% 4.5% 3.9x 12.6x National Research Corp. United States 35.82 -6% 459.1 428.0 101.1 29.3 29.0% 4.6% 4.2x 14.6x Markit Ltd. United Kingdom 30.17 -2% 5,418.9 5,818.0 1,093.3 393.0 35.9% 5.4% 5.3x 14.8x NIC Inc. United States 19.68 -6% 1,291.4 1,168.9 287.2 74.2 25.8% 7.6% 4.1x 15.7x Premier, Inc. United States 35.27 -11% 1,538.2 1,533.9 1,048.6 340.4 32.5% 16.6% 1.5x 4.5x Proofpoint, Inc. * United States 65.01 -14% 2,625.6 2,550.0 246.7 (49.3) NM 36.8% 10.3x NM Reed Elsevier plc(1) United Kingdom 17.65 -3% 36,121.6 42,113.8 9,510.4 2,309.6 24.3% 4.5% 4.4x 18.2x Solera Holdings Inc. United States 54.83 -3% 3,686.9 6,415.8 1,174.1 421.0 35.9% 11.9% 5.5x 15.2x Tarsus Group plc Ireland 3.23 -7% 328.7 401.4 112.3 33.8 30.1% -2.2% 3.6x 11.9x TechTarget, Inc. United States 8.03 -36% 259.5 238.9 113.1 16.9 15.0% 13.9% 2.1x 14.1x The Advisory Board Company * United States 49.61 -18% 2,078.4 2,581.9 722.3 76.2 10.5% 0.0% 3.6x 33.9x UBM plc United Kingdom 7.76 -10% 3,436.5 4,252.7 1,323.0 306.7 23.2% 10.2% 3.2x 13.9x Wolters Kluwer NV Netherlands 33.63 -8% 9,813.3 12,066.9 4,409.9 1,099.4 24.9% 11.9% 2.7x 11.0x
(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 (7.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.7x)
35 | M&A and Investment Summary December 2015 Business Services
. The Business Services segment reported 46 transactions in December worth more than $720 million in reported value . The IT Consulting/Systems Integration and Corporate Training subsegments together accounted for more than half of the segments total activity with 18 and 10 transactions, respectively . Select Transactions: • Wipro’s $130 million acquisition of securities processing and consulting services provider Viteos • The $112 million sale of Huron Consulting Group’s legal practice Huron Legal to Consilio • TrueBlue’s $68 million acquisition of on-premise staffing services firm SIMOS Insourcing Solutions • Norwest Venture Partners’ $60 million investment in behavioral health consulting services company RiverMend Health • The $47 million round of funding raised by database administration services company Datavail from Catalyst Investors
BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 18 39% $160.9 22% 14 $108.9 1 - 3 $52.0 Corporate Training 10 22% 48.6 7% 3 - 0 - 7 48.6 Logistics 6 13% 138.5 19% 0 - 0 - 6 138.5 Healthcare Consulting 3 7% 64.2 9% 1 - 0 - 2 64.2 BPO 2 4% - 0% 2 - 0 - 0 - Legal Consulting 2 4% 112.0 16% 2 112.0 0 - 0 - Staffing 2 4% 67.5 9% 2 67.5 0 - 0 - Engineering Consulting 1 2% - 0% 1 - 0 - 0 - Other* 2 4% 130.0 18% 2 130.0 0 0.0 0 0.0 Total 46 100% 721.8 100% 27 418.4 1 0.0 18 303.3
36 | M&A and Investment Summary December 2015 Business Services Public Company Valuation (1/3)
($ in Millions, except stock price data)
Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 18.65 -43% 167.3 146.9 309.6 28.1 9.1% 2.0% 0.5x 5.2x FTI Consulting, Inc. United States 34.66 -25% 1,454.1 1,869.1 1,762.1 200.7 11.4% 0.9% 1.1x 9.3x Information Services Group, Inc. United States 3.62 -27% 134.6 172.6 208.6 18.2 8.7% -0.6% 0.8x 9.5x Navigant Consulting Inc. United States 16.06 -11% 764.2 906.9 821.3 120.7 14.7% 10.3% 1.1x 7.5x ICF International Inc. United States 35.56 -19% 683.6 1,010.0 1,127.9 111.2 9.9% 12.4% 0.9x 9.1x Huron Consulting Group Inc. United States 59.40 -25% 1,301.9 1,708.5 814.5 159.7 19.6% -1.8% 2.1x 10.7x The Hackett Group, Inc. * United States 16.07 -20% 472.2 465.1 228.9 26.4 11.5% 11.0% 2.0x 17.6x Towers Watson & Co. United States 128.46 -9% 8,920.3 8,530.2 3,662.5 727.4 19.9% 3.2% 2.3x 11.7x
Adjusted Weighted Average 2.0x 11.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.4x)
($ in Millions, except stock price data)
HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 84.72 -7% 39,073.4 37,856.7 11,086.4 2,312.7 20.9% 6.3% 3.4x 16.4x Barrett Business Services Inc. United States 43.54 -18% 313.6 326.5 723.6 39.2 5.4% 19.5% 0.5x 8.3x Capita plc United Kingdom 17.81 -10% 11,799.0 14,584.1 7,227.6 1,069.0 14.8% 10.8% 2.0x 13.6x DHI Group, Inc. United States 9.17 -13% 482.9 550.6 262.5 66.7 25.4% 3.6% 2.1x 8.3x Edenred SA France 18.95 -36% 4,375.6 5,352.0 1,126.1 363.1 32.2% 7.8% 4.8x 14.7x Insperity, Inc. United States 48.15 -13% 1,169.0 958.1 2,549.5 96.8 3.8% 9.9% 0.4x 9.9x LinkedIn Corporation * United States 225.08 -19% 29,504.9 27,557.3 2,772.4 229.5 8.3% 37.1% 9.9x 120.1x Marsh & McLennan Companies, Inc. United States 55.45 -8% 28,925.4 32,174.4 12,801.0 2,772.0 21.7% -0.1% 2.5x 11.6x Monster Worldwide, Inc. United States 5.73 -30% 523.1 680.1 727.5 95.4 13.1% -2.9% 0.9x 7.1x Paychex, Inc. United States 52.89 -3% 19,090.4 18,614.0 2,841.9 1,215.0 42.8% 8.0% 6.5x 15.3x Professional Diversity Network LLC United States 0.50 -91% 7.3 3.2 38.2 (6.7) NM 664.3% 0.1x NM Towers Watson & Co. United States 128.46 -9% 8,920.3 8,530.2 3,662.5 727.4 19.9% 3.2% 2.3x 11.7x TriNet Group, Inc. United States 19.35 -49% 1,354.9 1,713.4 2,537.3 124.2 4.9% 22.5% 0.7x 13.8x WageWorks, Inc. United States 45.37 -29% 1,630.7 1,231.7 329.7 54.2 16.4% 34.9% 3.7x 22.7x
Adjusted Weighted Average 3.4x 14.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (51.1x)
37 | M&A and Investment Summary December 2015 Business Services Public Company Valuation (2/3)
($ in Millions, except stock price data)
IT Consulting/Systems Integration Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 104.50 -5% $ 65,617.0 $ 63,073.8 $ 31,165.4 $ 5,195.1 16.7% 2.0% 2.0x 12.1x Amdocs Limited Channel Islands 54.57 -11% 8,204.7 7,071.3 3,643.5 703.7 19.3% 2.2% 1.9x 10.0x Bechtle AG Germany 95.64 -5% 2,008.4 1,955.1 3,087.4 155.5 5.0% 11.1% 0.6x 12.6x Booz Allen Hamilton Holding Corporation United States 30.85 -2% 4,579.6 5,994.2 5,321.4 493.9 9.3% 0.4% 1.1x 12.1x Broadridge Financial Solutions, Inc. United States 53.73 -11% 6,371.6 6,819.6 2,733.1 580.5 21.2% 6.4% 2.5x 11.7x Business & Decision SA France 6.11 -30% 48.2 86.8 245.8 13.4 5.5% 11.3% 0.4x 6.5x Cap Gemini S.A. France 92.97 -6% 16,021.1 14,544.1 12,338.6 1,344.5 10.9% 9.0% 1.2x 10.8x CGI Group, Inc. Canada 39.93 -7% 12,314.9 13,628.7 7,679.3 1,311.5 17.1% -2.0% 1.8x 10.4x Cognizant Technology Solutions Corporation United States 60.02 -14% 36,496.3 33,395.6 11,925.7 2,372.8 19.9% 20.8% 2.8x 14.1x Computer Sciences Corporation United States 32.68 -55% 4,535.5 5,356.5 11,329.0 964.0 8.5% -12.0% 0.5x 5.6x CSG Systems International Inc. United States 35.98 -7% 1,176.4 1,261.5 748.9 131.2 17.5% -0.4% 1.7x 9.6x Digi International Inc. United States 11.38 -16% 290.9 198.7 212.9 12.8 6.0% 10.5% 0.9x 15.5x Globant S.A. * Luxembourg 37.51 -2% 1,275.6 1,202.9 237.4 28.2 11.9% 24.4% 5.1x 42.6x International Business Machines Corporation United States 137.62 -22% 133,506.6 163,755.6 83,795.0 21,410.0 25.6% -12.8% 2.0x 7.6x Infosys Limited India 16.69 -9% 38,153.5 33,543.8 9,024.0 2,536.0 28.1% 5.8% 3.7x 13.2x ITS Group France 7.17 -20% 54.8 62.8 210.9 8.5 4.0% 17.7% 0.3x 7.4x NCI, Inc. United States 13.65 -21% 182.3 193.6 323.5 27.0 8.4% 0.3% 0.6x 7.2x NTT Data Corporation Japan 48.92 -7% 13,721.6 15,894.0 13,022.2 2,004.0 15.4% 9.3% 1.2x 7.9x Perficient Inc. United States 17.12 -21% 604.7 657.0 450.2 54.4 12.1% 9.5% 1.5x 12.1x Tata Consultancy Services Limited * India 36.80 -13% 72,510.4 69,401.8 15,492.3 3,944.1 25.5% 14.3% 4.5x 17.6x Wipro Ltd. India 8.45 -17% 20,758.2 17,999.2 7,455.0 1,641.4 22.0% 6.9% 2.4x 11.0x
Adjusted Weighted Average 2.2x 11.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.9x)
38 | M&A and Investment Summary December 2015 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 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $4.35 -23% $ 35.1 $ 39.9 $ 43.9 $ (2.8) NM -17.8% 0.9x NM Cenveo Inc. United States 0.87 -68% 59.1 1,291.5 1,904.1 149.4 7.8% 4.8% 0.7x 8.6x Communisis plc United Kingdom 0.60 -35% 126.4 177.0 547.7 38.1 7.0% 9.4% 0.3x 4.6x Cineplex Inc. * Canada 34.27 -8% 2,162.0 2,457.5 967.3 165.7 17.1% 5.7% 2.5x 14.8x Contax Participacoes S.A. Brazil 0.03 -95% 9.2 268.6 833.5 33.9 4.1% -5.0% 0.3x 7.9x Convergys Corporation United States 24.89 -6% 2,427.6 2,571.8 2,962.7 370.1 12.5% 13.1% 0.9x 6.9x Elanders AB Sweden 8.11 -2% 215.2 327.9 502.0 44.5 8.9% 30.4% 0.7x 7.4x Eniro AB Sweden 0.11 -88% 51.7 269.7 307.6 47.7 15.5% -20.1% 0.9x 5.7x Exlservice Holdings, Inc. United States 44.93 -6% 1,480.6 1,367.6 597.9 88.0 14.7% 22.5% 2.3x 15.5x Firstsource Solutions Limited India 0.65 -6% 438.3 592.4 460.6 57.1 12.4% -3.1% 1.3x 10.4x Genpact Limited Bermuda 24.98 -4% 5,313.0 5,653.1 2,416.0 408.2 16.9% 8.0% 2.3x 13.8x InnerWorkings Inc. United States 7.50 -14% 404.3 519.7 1,005.7 35.4 3.5% 0.9% 0.5x 14.7x Luxoft Holding, Inc. * SwitzerlandSwitzerland 77.13 -4% 2,537.0 2,455.7 592.7 109.3 18.4% 30.5% 4.1x 22.5x MAXIMUS, Inc. United States 56.25 -20% 3,675.1 3,814.7 2,099.8 310.9 14.8% 23.5% 1.8x 12.3x Quad/Graphics, Inc. United States 9.30 -61% 461.3 1,973.2 4,767.2 494.9 10.4% -0.4% 0.4x 4.0x Quintiles Transnational Holdings Inc. United States 68.66 -15% 8,451.6 10,083.9 4,261.9 781.5 18.3% 3.8% 2.4x 12.9x R.R. Donnelley & Sons Company United States 14.72 -27% 3,072.1 6,504.9 11,391.5 1,064.1 9.3% 0.9% 0.6x 6.1x Salmat Limited Australia 0.56 -53% 89.6 81.6 383.4 11.3 3.0% 10.0% 0.2x 7.2x Serco Group plc United Kingdom 1.39 -59% 1,516.1 1,926.7 5,846.8 (990.1) NM -11.4% 0.3x NM St Ives plc United Kingdom 3.30 -2% 435.8 528.5 538.9 71.7 13.3% 4.2% 1.0x 7.4x StarTek, Inc. United States 3.58 -65% 55.8 92.4 264.1 1.6 0.6% 5.9% 0.3x 58.5x Sykes Enterprises, Incorporated United States 30.78 -7% 1,311.9 1,155.2 1,299.0 154.0 11.9% -1.1% 0.9x 7.5x Teleperformance S.A. France 84.17 -2% 4,807.3 5,231.0 3,532.2 464.5 13.2% 27.8% 1.5x 11.3x TeleTech Holdings Inc. United States 27.91 -9% 1,350.7 1,392.0 1,283.1 163.8 12.8% 5.0% 1.1x 8.5x Trans Cosmos, Inc. Japan 25.96 -9% 1,067.8 880.3 1,776.2 99.8 5.6% 10.7% 0.5x 8.8x Transcontinental Inc. Canada 12.44 -21% 973.8 1,222.8 1,530.3 296.0 19.3% 0.6% 0.8x 4.1x Cimpress N.V. Netherlands 81.14 -14% 2,548.0 3,324.4 1,536.0 200.0 13.0% 15.6% 2.2x 16.6x West Corporation United States 21.57 -40% 1,795.1 5,012.7 2,274.8 661.4 29.1% 27.9% 2.2x 7.6x Xchanging plc United Kingdom 2.85 -1% 705.4 777.5 836.0 (0.9) NM -14.4% 0.9x NM
Adjusted Weighted Average 1.2x 8.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.8x)
39 | M&A and Investment Summary December 2015 PPLLC Indices Valuation Summary
Current Summary Trading Valuation Information
Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 3.4x 2.1x 7.1x 4.6x Internationally-based Digital Media and Internet 4.3x 2.1x 5.7x 5.5x US-based eCommerce 2.4x 1.8x 4.2x 4.0x Internationally-based eCommerce 3.9x 1.6x 11.4x 2.3x US-based Digital Advertising 2.8x 1.8x 9.7x 2.3x Internationally-based Digital Advertising 4.2x 1.9x 10.7x 2.4x US-based Marketing Technology 4.2x 3.5x 4.4x 4.3x Internationally-based Marketing Technology 3.5x 3.7x 4.7x 4.6x Agency 1.4x 1.3x 1.4x 1.7x Marketing Services 1.4x 0.6x 3.2x 1.6x Traditional Media 2.5x 2.3x 3.1x 3.0x Software 5.2x 4.4x 5.0x 4.5x Information 3.6x 3.8x 4.6x 4.4x Business Services 1.4x 0.9x 2.9x 2.2x
As of close of business on 12/31/15
*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
40 | M&A and Investment Summary December 2015 PPLLC Indices Valuation Summary
Current Summary Trading Valuation Information
EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 15.8x 13.7x 17.9x 13.3x Internationally-based Digital Media and Internet 18.3x 11.7x 20.8x 19.2x US-based eCommerce 16.6x 12.8x 20.0x 13.5x Internationally-based eCommerce 26.1x 25.9x 33.2x 19.3x US-based Digital Advertising 21.3x 13.8x 26.5x 17.0x Internationally-based Digital Advertising 17.8x 11.4x 16.1x 16.1x US-based Marketing Technology 16.8x 17.2x 24.5x 13.5x Internationally-based Marketing Technology 23.7x 17.7x 15.2x 14.9x Agency 12.8x 10.3x 10.9x 10.5x Marketing Services 9.5x 8.8x 13.8x 9.3x Traditional Media 13.3x 10.0x 11.1x 10.7x Software 30.7x 15.2x 25.0x 13.1x Information 20.7x 14.6x 17.8x 15.8x Business Services 12.2x 10.3x 19.6x 12.6x
As of close of business on 12/31/15
*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
41 | M&A and Investment Summary December 2015 PPLLC Indices LTM Share Pricing Trends
Digital Advertising LTM Index Performance Digital Media/Commerce and Traditional Media LTM Index Performance 150%
140% • S&P 500 – 0.2 % • S&P 500 – 0.2 % 140%
130% 125% • Digital Advertising – 33.7 % • Digital Media/Commerce – 23.8 % 120%
110% • Traditional Media – (7.2 %) 110%
100%
95% Index Performance (%) Performance Index Index Performance (%) Performance Index 90% 80% 80% Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15
Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Marketing Technology Agency & Marketing Services LTM Index Performance 150% LTM Index Performance 150%
140% • S&P 500 – 0.2 % 140% • S&P 500 – 0.2 %
130% 130% • Marketing Technology – (8.8 %) • Agency – 7.5 % 120% 120%
110% 110% • Marketing Services – 1.9 %
100% 100%
90% Index Performance (%) Performance Index Index Performance (%) Performance Index 90% 80% Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 80% Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 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% 140% • S&P 500 – 0.2 % • S&P 500 – 0.2 % 140% 130% • Software – (1.2 %) 130% • Information – 5.4 % 120% 120% 110% • Business Services – (4.1 %) 110% 100% 100%
Index Performance (%) Performance Index 90% 90%
80% (%) Performance Index Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 80% Software S&P 500 Index (^SPX) Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Note: LTM as of 12/31/2015 Information Business Services S&P 500 Index (^SPX) 42 | M&A and Investment Summary December 2015 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed PR Newswire Association LLC Information Cision, Inc. $ 841.0 Barclays Risk Analytics & Index Solutions Software Bloomberg L.P. 780.4 Ikyu Corporation Digital Media/Commerce Yahoo Japan 771.7 Xchanging plc Software Ebix, Inc. 733.0 FNC, Inc. Information CoreLogic, Inc. 475.0 CarProof, Inc. Information IHS, Inc. 468.0 WPP's Australian & New Zealand Businesses Agency & Marketing Services STW Communications Group Limited 312.6 SteelBrick, Inc. Marketing Technology Salesforce.com 300.0 South China Morning Post Traditional Media Alibaba Group Holding Ltd. 266.0 Inventus Solutions, Inc. Software RPX Corporation 232.0 Undertone Digital Advertising Perion Network Ltd. 180.0 ShopperTrak Marketing Technology Tyco Retail Solutions 175.0 Drewry Communications Group Traditional Media Raycom Media, Inc. 160.0 Jiayuan.com International Ltd. Digital Media/Commerce Baihe Network Co., Ltd. 155.7 WIRmachenDRUCK GmbH Marketing Technology Cimpress N.V. 154.0 Viteos Group Business Services Wipro Limited 130.0 The Bartech Group, Inc. Software Impellam Group plc 126.0 Stephens Media Group Traditional Media News + Media Capital Group LLC 125.4 Kepware, Inc. Software PTC 118.0 Huron Legal Business Services First Advantage Litigation Consulting, LLC 112.0 Career Partner Software Apollo Education Group, Inc. 107.1 Campus Labs LLC Software iModules Software, Inc. 91.0 Cellent AG Business Services Wipro Limited 77.7 SIMOS Insourcing Solutions, Inc. Business Services TrueBlue, Inc. 67.5 Statista GmbH Marketing Technology Stroer Media SE 57.2 Silverlink Communications, Inc. Marketing Technology WellTok, Inc. 45.0 iSite Media Traditional Media QMS Media Limited 32.5 Opia Limited Agency & Marketing Services Village Roadshow Ltd. 24.0 M2 Dynamics, Inc. Business Services Edgewater Technology, Inc. 22.7 iGaming Business Ltd. Traditional Media Clarion Events, Ltd. 22.1 Trustev Limited Software TransUnion, LLC 21.0 Heyzap Digital Advertising RNTS Media N.V. 20.0 RSVP Calendar Digital Media/Commerce ViewMarket 15.0 Route Monkey Limited Software Trakm8 Holdings plc 14.4 Social Money Software Q2 Holdings, Inc. 10.6 Digital Music Distribution Pty. Ltd. Traditional Media Stingray Digital Group, Inc. 8.7 Cinteros Ab Business Services Innofactor Plc 8.5 ODD London Limited Agency & Marketing Services Next Fifteen Communications Group plc 5.7 Burn LLC Traditional Media HZDG 5.0 SpeechStorm Ltd. Marketing Technology Genesys Telecommunications Laboratories, Inc. 3.0 Cvent Consumer Ticketing Assets Marketing Technology Vendini, Inc. 3.0 Corona Labs, Inc. Software Perk.com, Inc. 2.3 43 | M&A and Investment Summary December 2015 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed 1HQ Limited Agency & Marketing Services Ceuta Healthcare Group of Companies $ - AKH Communications Ltd. Agency & Marketing Services Plus 1 Communications - ASPAC Creative Communications, Inc. Agency & Marketing Services Dentsu Aegis Network, Inc. - Band Agency & Marketing Services Dentsu Aegis Network, Inc. - Boomerang Pharmaceutical Communications SAS Agency & Marketing Services Accenture plc - Cohesive Websites Agency & Marketing Services Happy Dog Web Productions - Enlighten Agency & Marketing Services Perficient, Inc. - Exchange Lab, Inc. Agency & Marketing Services WPP Group - FCB Worldwide, Inc. Agency & Marketing Services Interpublic Group of Companies, Inc. - MAX & Partners Pty. Ltd. Agency & Marketing Services Brand New Media Pty. Ltd. - Mullen Lowe U.S. Agency & Marketing Services Interpublic Group of Companies, Inc. - Nth Degree, Inc. Agency & Marketing Services Gladstone Investment Corporation - System Analytic Ltd. Agency & Marketing Services WPP Group - The Project Factory Pty. Ltd. Agency & Marketing Services Way to Blue Ltd. - Unique Influence, Inc. Agency & Marketing Services MDC Partners, Inc. - Vantage PR, Inc. Agency & Marketing Services PAN Communications, Inc. - A.P.T., Inc. Business Services Evolve IP LLC - Advance Partners Business Services Paychex, Inc. - Big Red Rooster LLC Business Services Jones Lang LaSalle, IP, Inc. - Boice Enterprises LLC Business Services Data Strategy - Cimation LLC Business Services Accenture plc - CleanEdison Business Services Kaplan, Inc. - Datatrade Solutions, Inc. Business Services Healthjump, Inc. - Davisbase Consulting Business Services SolutionsIQ, Inc. - Discovery Learning, Inc. Business Services Multi-Health Systems, Inc. - EntranceCorner Business Services Careers360 - Integrated Real Estate Resources, Inc. Business Services Argus Software - Intellect Bizware Business Services Nihilent Technologies - Mas Cerca Contact Center Business Services CGS - Palmer Legal Technologies Business Services Consilio.com - Sequoia Worldwide Business Services Presidio, Inc. - SIGMAnet, Inc. Business Services ConvergeOne Holdings Corporation - Styracorp Business Services Quess Corporation - Summit Technology, Inc. Business Services Emtec, Inc. - Synergence Business Services Deloitte SA - Tessella Plc Business Services Altran Technologies SA - WizardsGroup Business Services NTT DATA Corporation - Adazzle Limited Digital Advertising Comcast Corporation - AdEngage, Inc. Digital Advertising Redirect.com - Apalya Technologies Digital Advertising U Digital Content - CLYP Technologies Digital Advertising Fishbowl, Inc. - Corner Digital Advertising OneTwoTrip - 44 | M&A and Investment Summary December 2015 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed EducationDynamics LLC Digital Advertising Muirlands Capital LLC $ - LetsIntern.com Digital Advertising Aspiring Minds - Mojn Ltd. Digital Advertising LiveIntent, Inc. - RealtyCompass Digital Advertising Quikr India Private Limited - ShopSavvy, Inc. Digital Advertising Purch - Showyou Digital Advertising VEVO LLC - SimpleRelevance, Inc. Digital Advertising Rise Interactive - The Hunt Digital Advertising Pinterest, Inc. - Vidcaster, Inc. Digital Advertising Vidlet, Inc. - Zo Rooms Ltd. Digital Advertising OYO Rooms - 247Sports Digital Media/Commerce CBS Corporation - AllGoods Digital Media/Commerce Varsity Brands, Inc. - Bevel Studios Digital Media/Commerce Deco Digital - Circa Digital Media/Commerce Sinclair Broadcast Group, Inc. - Delivered Dish Digital Media/Commerce GrubHub, Inc. - Fat Rascal Games, Inc. Digital Media/Commerce Social Gaming Network, Inc. - Instano Digital Media/Commerce MagicTiger - Jiffstore Digital Media/Commerce PepperTap - Kiwi, Inc. Digital Media/Commerce Social Gaming Network, Inc. - Love Home Swap Digital Media/Commerce HomeForExchange.com - Pext Digital Media/Commerce Tribune Media Company - PumpOne Digital Media/Commerce Anytime Fitness LLC - Texas Direct Auto Digital Media/Commerce Vroom - Tickld.com Digital Media/Commerce Gateway Media, LLC - YouAi, Inc. Digital Media/Commerce Tangel Publishing Co., Ltd. - Advanced Answers On Demand, Inc. Information MatrixCare - Blackbox Logic LLC Information Moody's Corporation - Iasist S.A. Information IMS Health, Inc. - UMS s.r.l. Information Ascom Holdings - Aer.io Marketing Technology Ingram Content Group Inc. - Blue Canary Marketing Technology Blackboard, Inc. - Centris National Model Marketing Technology ShareTracker LLC - ClearSaleing, Inc. Marketing Technology Impact Radius, Inc. - Compressus Marketing Technology Versata Enterprises, Inc. - Connexio Labs Marketing Technology SureShot - DigitalBooker Marketing Technology Visma AS - eBay Enterprise, Display Retargeting Business Marketing Technology Ve Interactive Ltd. - Get Me A Shop Marketing Technology Times Internet Ltd. - MarketYze Ltd. Marketing Technology Revionics, Inc. - MinHash Marketing Technology Salesforce.com - MotoFuze LLC Marketing Technology AutoAlert, Inc. - Navilytics Marketing Technology Wingify - 45 | M&A and Investment Summary December 2015 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed nGame, Inc. Marketing Technology FullContact, Inc. $ - PureShare, Inc. Marketing Technology TeamQuest Corporation - Quettra, Inc. Marketing Technology SimilarWeb Ltd. - Refulgent Software LLC Marketing Technology ShopKeep.com, Inc. - Respondly, Inc. Marketing Technology Buffer, Inc. - Smilehouse Oy Marketing Technology Tieto Corporation - socialBench GmbH Marketing Technology Facelift brand building technologies GmbH - Socialytics, Inc. Marketing Technology AdSpark - Storyworks1 Marketing Technology Insite Software - Talko Marketing Technology Microsoft Corporation - Archive Systems, Inc. Software Access Information Management - AuriQ Systems, Inc. Software Antuit, Inc. - Caetek, Inc. Software Zuken, Inc. - Cafesoft LLC Software OneLogin, Inc. - Clearleap, Inc. Software International Business Machines Corporation - CloudCredo Software EMC Corporation - Cogent Road, Inc. Software Chronos Solutions LLC - Computron Software LLC Software Aptean, Inc. - Core Security Technologies, Inc. Software Courion Corporation - Corrigo, Inc. Software Jones Lang LaSalle, IP, Inc. - CSI Software, Inc. Software Daxko, Inc. - Goanna Software Pty. Ltd. Software Synopsys, Inc - HealthPay24 Software Invoice Cloud, Inc. - idAlerts, Inc. Software The Collinson Group Ltd. - IGX Software ePlus Technology, Inc. - iMapData, Inc. Software PlanetRisk, Inc. - Innography, Inc. Software CPA Global Limited - Kontor Software Freshdesk, Inc. - Lively, Inc. Software GreatCall, Inc. - Marianas Labs Software 1-Page, Inc. - Metanautix, Inc. Software Microsoft Corporation - National Research Corp, Homecare & Hospice Analytics Software ABILITY Network, Inc. - Odin Service Automation Software Ingram Micro, Inc. - Paperless Business Solutions LLC Software Corrisoft LLC - PrismTech Group Limited Software ADLINK Technology, Inc. - Result Group Software Wynne Systems, Inc. - RightCare Solutions, Inc. Software NaviHealth, Inc. - SmartCare Software Indegene Lifesystems Pvt. Ltd. - StackEngine Software Oracle Corporation - SurfRight Software Sophos Ltd. - Technomedia.ca Software Cegid Group SA - TigerBay Software Software Atcore - 46 | M&A and Investment Summary December 2015 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Beds and Beats Traditional Media BMG Rights Management GmbH $ - Dishcrawl, Inc. Traditional Media Dinner Lab, Inc. - Diversified Suburban Newspapers, Inc. Traditional Media Swift Communications, Inc. - Playtime Gaming Traditional Media Gateway Casinos & Entertainment Ltd. - Radionomy Group Traditional Media Vivendi S.A. - Showtime Outdoor Media Traditional Media B Media Group - Vance Publishing Agricultural Properties Traditional Media Farm Journal Media - Vance Publishing Beauty Market Products Traditional Media Bobit Business Media - Vance Publishing Woodworking Network Traditional Media CCI Media LLC - West World Media LLC Traditional Media Webedia SAS -
47 | M&A and Investment Summary December 2015 All Segments ($ in Millions)
Buyout Transactions Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed Industrial & Financial Systems Software EQT Holdings AB $ 664.3 Equian LLC Information New Mountain Capital, LLC 225.0 Experian Simmons and Experian Hitwise Marketing Technology Symphony Technology Group 46.5
Target Target Segment Buyer/Investor Reported TV Buyout Deals Undisclosed Array Marketing Group Agency & Marketing Services The Carlyle Group - World 50, Inc. Agency & Marketing Services Pamlico Capital - IQ Logic, Inc. Business Services Riveria Investment Group - Audley Travel Group Ltd. Digital Media/Commerce 3i Group plc - Constructive Media, Inc. Digital Media/Commerce H.I.G. Capital LLC - Aircraft Technical Publishers Information ParkerGale - PDR Network, LLC Information Genstar Capital, LP - BlueHornet Networks, Inc. Marketing Technology Marlin Equity Partners - BrandMuscle, Inc. Marketing Technology American Capital Equity - EidosMedia S.p.A. Marketing Technology HgCapital - FocusVision Worldwide, Inc. Marketing Technology EQT Holdings AB - b+m Informatik Software Main Capital - Direct Travel, Inc. Software ABRY Partners, LLC - LiveOps, Inc. Software Marlin Equity Partners - SecureLink Group N.V. Software Investcorp Technology Partners - Tover Solutions, Inc. Software New Mountain Capital, LLC - Xmedius Solutions Software StoneCalibre, LLC - HMP Communications LLC Traditional Media Susquehanna Growth Equity, LLC - Imagen Publicitaria Traditional Media H.I.G. Capital LLC - Impursa Traditional Media H.I.G. Capital LLC -
48 | M&A and Investment Summary December 2015 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Uber Technologies, Inc. Digital Media/Commerce Tiger Global Management, LLC $ 2,100.0 Lyft, Inc. Digital Media/Commerce Kingdom Holding Company 247.7 Gerson Lehrman Group, Inc. Information SFW Capital Partners 211.5 Palantir Technologies, Inc. Software Undisclosed 200.0 Vice Media Digital Media/Commerce The Walt Disney Company 200.0 IBS Software Services Private Limited Software The Blackstone Group L.P. 170.0 AppDynamics Software General Atlantic, LLC 158.0 Vroom Digital Media/Commerce General Catalyst Partners LLC 95.0 Kount.com Software CVC Capital Partners Ltd. 80.0 iPinYou Information Technologies Co., Ltd Digital Advertising (Private Investors) 78.0 Huitongda Business Services Jiangsu Coastal Capital 77.0 Precision for Medicine, Inc. Software TPG Capital 75.0 Peloton Interactive, Inc. Digital Media/Commerce Catterton Partners 75.0 Digital Guardian Software GE Asset Management 66.0 Afanti Digital Media/Commerce Shenzhen Capital Group 60.0 RiverMend Health LLC Business Services Norwest Venture Partners 60.0 Siteimprove, Inc. Marketing Technology Summit Partners LP 55.0 Gusto.com Software Undisclosed 50.0 Lookingglass Cyber Solutions Software NewSpring Capital 50.0 SteelHouse, Inc. Marketing Technology Mercato Partners 49.0 Avecto Limited Software JMI Equity 49.0 Yello Mobile Digital Media/Commerce Formation 8 47.2 Datavail Corporation Business Services Catalyst Investors, LLC 47.0 GoEuro Corporation Digital Advertising Atomico Ventures 45.0 WellTok, Inc. Digital Media/Commerce Georgian Partners 45.0 Vitals.com Digital Advertising The Goldman Sachs Group, Inc. 41.0 Tastemade, Inc. Digital Media/Commerce Goldman Sachs Merchant Banking 40.0 SnapLogic, Inc. Software Andreessen Horowitz 37.5 Factual, Inc. Marketing Technology Index Ventures 35.0 PokitDok, Inc. Software Lemhi Ventures, Inc. 34.0 Signavio GmbH Software Summit Partners LP 33.6 Zig Bang Digital Media/Commerce Altos Ventures 33.0 Rivigo Business Services SAIF Partners 30.0 Platfora, Inc. Marketing Technology Andreessen Horowitz 30.0 Faasos Food Services Pvt. Ltd. Digital Media/Commerce Sequoia Capital 30.0 Kiosked Ltd. Digital Advertising European Investment Bank 30.0 Flux Factory, Inc. Software Temasek Holdings (Pte) Limited 29.0 Janrain, Inc. Marketing Technology Emergence Capital 27.0 Vinted.com Digital Media/Commerce Hubert Burda Media 27.0 ZeroFOX Software New Enterprise Associates 27.0 Blackbuck Business Services Accel Partners 25.0 Dose Media LLC Digital Media/Commerce Tribune Media Company 25.0 49 | M&A and Investment Summary December 2015 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Reverb.com LLC Digital Media/Commerce Summit Partners LP $ 25.0 MD Revolution, Inc. Digital Media/Commerce Jump Capital 23.0 Housejoy.in Digital Media/Commerce Amazon.com, Inc. 22.4 WellDoc, Inc. Software Samsung Venture Investment Corporation 22.0 DataScience, Inc. Marketing Technology Greycroft Partners 22.0 Adform Digital Advertising (Private Investors) 21.5 iKongJian.com Digital Media/Commerce Shunwei Capital 21.0 Bluecore, Inc. Digital Advertising Georgian Partners 21.0 Shuttl Digital Media/Commerce Lightspeed Venture Partners 20.0 ThinkTank, Inc. Software Amadeus Capital Partners Limited 20.0 Fancy Education Business Services Ameba Capital 19.0 Interlude, Inc. Digital Advertising Metro-Goldwyn-Mayer Studios, Inc. 18.2 Innovid, Inc. Digital Advertising Sequoia Capital 17.5 Hollar, Inc. Digital Media/Commerce Index Ventures 17.5 3PL Central LLC Software Mainsail Partners 17.5 Viggle, Inc. Agency & Marketing Services Perk.com, Inc. 17.3 RealityMine Limited Marketing Technology Kennet Partners 17.3 Trustlook, Inc. Software Trustbridge Partners 17.0 Allocadia Software, Inc. Marketing Technology Susquehanna Growth Equity, LLC 16.5 NowThis Media, Inc. Digital Media/Commerce Axel Springer SE 16.2 NextCapital Group, Inc. Software Route 66 Ventures 16.0 ThreatConnect, Inc. Software Grotech Ventures 16.0 Shoes of Prey Pty Ltd. Digital Media/Commerce Greycroft Partners 15.5 mParticle, Inc. Marketing Technology Battery Ventures 15.0 Trulioo, Inc. Software American Express Ventures 15.0 EatStreet, Inc. Digital Media/Commerce 4490 Ventures 15.0 Eved, LLC Digital Media/Commerce Pritzker Group Venture Capital 14.3 WorkFusion, Inc. Marketing Technology Greycroft Partners 14.0 Figma, Inc. Marketing Technology Greylock Partners 14.0 Bellhops Digital Media/Commerce Undisclosed 13.5 Gousto Digital Media/Commerce MMC Ventures, LLC 13.5 Lemonade, Inc. Digital Media/Commerce Sequoia Capital 13.0 HBI Solutions, Inc. Software Wonders Information Company 12.6 ItsOn, Inc. Marketing Technology Andreessen Horowitz 12.5 Semantic Machines Marketing Technology General Catalyst Partners LLC 12.3 MD Insider Software Summation Health Ventures 12.0 Orckestra, Inc. Marketing Technology W Investments 12.0 Masabi Marketing Technology Lepe Partners 12.0 Oration PBC Software Andreessen Horowitz 11.2 Veeve Digital Media/Commerce Smedvig Capital Limited 11.0 Cloudyn Ltd. Software Carmel Ventures 11.0 Swift Navigation Inc. Software New Enterprise Associates 11.0 50 | M&A and Investment Summary December 2015 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed OpsClarity, Inc. Software New Enterprise Associates $ 11.0 CupoNation GmbH Digital Advertising New Enterprise Associates 10.9 Peppermint Technology Limited Software Scottish Equity Partners 10.9 ThreatQuotient, Inc. Software New Enterprise Associates 10.2 PatSnap Pte. Ltd. Marketing Technology Summit Partners LP 10.0 Songkick.com, Inc. Digital Media/Commerce Access Industries 10.0 Pramata Corporation Marketing Technology Volition Capital LLC 10.0 Mazlo Business Services Polaris Partners 10.0 GNS Healthcare, Inc. Software Cambia Health Solutions, Inc. 10.0 Gigster, Inc. Software Andreessen Horowitz 10.0 Vistair Systems Limited Software Synova Capital LLP 9.8 Qingteng Cloud Security Software Redpoint Ventures 9.3 Matsmart Scandinavia AB Digital Media/Commerce Northzone 8.6 Textio, Inc. Software Emergence Capital 8.0 Everwise Software Sequoia Capital 8.0 Clip Software ALTA Ventures Mexico 8.0 younity Digital Media/Commerce Marker Financial Advisors LLC 8.0 Nestio, Inc. Marketing Technology Trinity Ventures 8.0 SocialFlow Marketing Technology Gefinor Ventures 7.5 MapAnything Software Salesforce Ventures 7.3 LoopMe Ltd. Marketing Technology Open Ocean Capital Ltd. 7.0 Oncam Digital Media/Commerce Tonn Investments 7.0 Arterys, Inc. Software AME Cloud Ventures 7.0 CloudEndure Software Infosys Limited 7.0 Mirador Financial, Inc. Software Crosslink Capital 7.0 Twine Health, Inc. Software Khosla Ventures 6.8 Mobikwik Digital Media/Commerce Sequoia Capital 6.6 BrainStorm, Inc. Business Services Kickstart Seed Fund 6.4 Faction, Inc. Software Meritage Private Equity Funds 6.0 Eventbase Technology, Inc. Digital Media/Commerce Madrona Venture Group 6.0 TINYpulse Software Arthur Ventures 6.0 Gimlet Media, Inc. Digital Media/Commerce Graham Holdings Company 6.0 CommercialTribe Business Services Boulder Ventures, Ltd. 6.0 BrightFunnel, Inc. Marketing Technology Salesforce Ventures 6.0 Burpple Pte. Ltd. Digital Media/Commerce Triumph Capital 6.0 D Square Software (Private Investors) 5.4 tinyclues Marketing Technology ISAI Gestion 5.4 DealCloud, Inc. Software Cultivation Capital 5.3 uMake, Inc. Digital Media/Commerce BlueRun Ventures 5.2 Allovue, Inc. Software Rethink Education 5.1 Shotang Digital Media/Commerce Unitus Impact LLC 5.0 Feedvisor Ltd. Marketing Technology JAL Ventures 5.0 51 | M&A and Investment Summary December 2015 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Depositphotos, Inc. Digital Media/Commerce TMT Investments PLC $ 5.0 Omadi, Inc. Marketing Technology Pelion Venture Partners 5.0 Unitiv, Inc. Business Services Ludvik Holdings, Inc. 5.0 Doctena S.A. Digital Advertising (Private Investors) 5.0 Boundless Spatial, Inc. Software Motorola Solutions Venture Capital 5.0 Groundfloor Digital Media/Commerce Fintech Ventures 5.0 seerene GmbH Marketing Technology Earlybird Venture Capital GmgH & Co. KG 5.0 GoNoodle, Inc. Digital Media/Commerce Chrysalis Ventures, Inc. 5.0 SeamlessDocs Software Govtech Fund 5.0 Azalead Software SAS Marketing Technology Idinvest Partners 4.9 Full Circle CRM, Inc. Marketing Technology Salesforce Ventures 4.7 Barnebys Digital Media/Commerce Active Venture Partners 4.5 Customfurnish.com Digital Media/Commerce o3 Capital Global Advisory Pvt. Ltd. 4.5 Edumedics LLC Business Services OCA Ventures 4.2 Gradle Inc. Software True Ventures 4.2 PepperTap Digital Media/Commerce Innoven Capital 4.0 goby Digital Advertising TeleNav, Inc. 4.0 Fresvii, Inc. Digital Advertising Nissay Capital 4.0 LiveSafe, Inc. Digital Media/Commerce Hearst Ventures 4.0 Patients Know Best Ltd. Information Balderton Capital 3.7 Weather Decision Technologies, Inc. Marketing Technology Undisclosed 3.5 The Happy Home Company Digital Media/Commerce Slow Ventures 3.5 Clariture Health Marketing Technology Undisclosed 3.5 CapriCoast.com Home Solutions Pvt. Ltd. Digital Media/Commerce Accel Partners 3.5 Vanitee Digital Media/Commerce (Private Investors) 3.5 Journey Sales Marketing Technology Kleiner Perkins Caufield & Byers 3.4 LatestOne.com Digital Media/Commerce Palred Online Technologies Pvt. Ltd. 3.0 QS Recruitment Ltd. Software Foresight Group 3.0 WHOOP, Inc. Marketing Technology Infosys Limited 3.0 CultureIQ, Inc. Software Lerer Hippeau Ventures 3.0 The Tab Digital Media/Commerce Balderton Capital 3.0 Anodot, Inc. Software Disrupt-ive Partners 3.0 Jigsaw Academy Business Services (Private Investors) 3.0 Mezi.com Digital Media/Commerce Nexus Venture Partners 2.8 EdSurge, Inc. Digital Media/Commerce GSV Capital Corporation 2.8 Verlocal Digital Advertising Big Basin Partners 2.7 1st Class Holidays Ltd. Digital Advertising PHD Equity Partners LLP 2.7 Snowleader Sarl Digital Media/Commerce Bpifrance SA 2.7 Zootly LLC Business Services (Private Investors) 2.5 Tvision Insights Marketing Technology Sigma Prime Ventures 2.5 Administrate Limited Business Services Scottish Investment Bank 2.5 CustomerGauge US Marketing Technology (Private Investors) 2.5 52 | M&A and Investment Summary December 2015 All Segments
Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed NowSecure, Inc. Marketing Technology Baird Capital Partners $ 12.5 Hinge Digital Media/Commerce Shasta Ventures 12.0 Forward Networks, Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobile Digital Advertising Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Silverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capital Management 10.8 CellTrust Corporation Digital Advertising Kayne Partners 10.5 Connect Software Corporation Digital Media/Commerce Kinzon Capital 10.3 Predilytics, Inc. Software QUALCOMM Ventures 10.0 Playdots, Inc. Digital Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digital Media/Commerce Cultivation Capital 10.0 Narrative Science, Inc. Digital Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 Cloud Technology Partners, Inc. Technology & Communications Pritzker Group 9.1 Canvas Solutions, Inc. Digital Media/Commerce River Cities Capital Fund 9.0 ad2games Digital Advertising HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers, Inc. Information & Business Services GMO Venture Partners 8.5 ($ in Millions) Nok Nok Labs, Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digital Media/Commerce NeoPlux 8.0 P97 Networks, Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digital Media/Commerce Alven Capital Partners 8.0 Area 1 Security, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors) 8.0 MetaMind, Inc. Technology & Communications Khosla Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy Zudy Technology & Communications Miami Stuff LLC 7.5 Kitchit, Inc. Digital Media/Commerce Javelin Venture Partners 7.5 MarketInvoice Digital Media/Commerce Northzone 7.5 DoveConviene SRL Digital Advertising 360 Capital Partners 7.3 Carwow Digital Advertising Balderton Capital 7.2 Oneview Healthcare Software (Private Investors) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digital Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Seamless Medical Systems LLC Software (Private Investors) $ 2.5 TRAVO, Inc. Digital Advertising Great Oaks Venture Capital 2.4 Mabaya Digital Advertising lool ventures 2.3 Chiron Health, Inc. Software Undisclosed 2.3 Canvera Digital Technologies Pvt. Ltd. Digital Advertising Info Edge (India) Limited 2.2 Content Raven Marketing Technology Nauta Capital 2.2 GoodWall Digital Media/Commerce Verve Capital 2.1 Streamroot, Inc. Digital Advertising (Private Investors) 2.1 Cohero Health LLC Software Zaffre Investments 2.0 Blubirch Business Services Chicago Capital Ventures 2.0 Yumist Foodtech Private Limited Business Services Unilazer Ventures 2.0 Activity Stream Ltd. Software SEED Capital 2.0 Staffly, Inc. Digital Media/Commerce ff Venture Capital 2.0 DataBerries Digital Advertising Mosaic Venture Partners 1.9 Gojimo Digital Media/Commerce (Private Investors) 1.8 Springboard, Inc. Business Services 500 Startups 1.7 Feeligo Digital Advertising Iris Capital 1.6 Fama Software Double M Partners, LP 1.5 Stringr, Inc. Digital Media/Commerce Signia Venture Partners 1.5 Codeship, Inc. Software Sigma Prime Ventures 1.5 RoomsTonite eBookings Pvt. Ltd. Digital Advertising Alchemy Capital 1.5 modeFinance Software Gruppo Corvallis 1.4 Traplight Games Digital Media/Commerce Sunstone Capital A/S 1.4 Innervate, Inc. Digital Media/Commerce Trilogy, Inc. 1.3 Sundar, Inc. Digital Media/Commerce New Enterprise Associates 1.2 Evidentia Health, Inc. Software Invenshure 1.2 Rippleshot Software KGC Capital 1.2 Passo Marketing Technology Deep Fork Capital 1.1 Funnely Marketing Technology Verizon Ventures 1.0
53 | M&A and Investment Summary December 2015 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, Palo Alto, Las Vegas, Chicago, Boston, Tampa . 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 with investment bank Altium in Europe, as well as The Mountain Capital Group in China, and Allegro Advisors and o3 Capital in 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 . Corporate Divestitures . Business Services . Buy-Side Targeting Criteria & Integration Strategy . Selected Buy-Side Engagements . Healthcare Services . Custom Market Research . Capital Raising and Private Placements . Publishing, Speaking, and Thought Leadership
54 | M&A and Investment Summary December 2015 Ranked #1 by Bloomberg for Mid-Market Internet & Advertising Transactions
2014 Internet & Advertising 2011-2014 Internet & Advertising Rank Advisor Deal Count Deal Count 1 Petsky Prunier 21 65 2 Goldman Sachs 17 50 3 Morgan Stanley 15 43 4 JP Morgan 14 31 5 Nomura Holdings 12 39 5 Ernst & Young 12 24 7 China Renaissance Partners 11 36 7 PwC 11 34 7 Deloitte 11 18 7 AGC Partners 11 30 11 GCA Savvian 10 41
Based on number of deals announced in 2011 – 2014 valued at $500 million or less. Internet and Advertising is defined by Bloomberg. . With 30 total transactions closed in 2014, and 100 transactions closed since 2011 (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 . More than 20 transactions completed in 2015 and multiple others under LOI . Two-thirds of transactions since 2011 were with strategic buyers; One-third with financial buyers
55 | M&A and Investment Summary December 2015
Representative Recent Transactions*
$225,000,000* $160,000,000*
a leading digital provider of subscription- has sold based, consumer product images and a leading content-driven, strategic a leading digital database marketing a portfolio company of related data to the retail food industry digital agency and advertising technology company has received a significant a leading developer of enterprise a leading technology and data-driven has been sold to growth investment from a portfolio company of mobility software the most innovative digital strategy, has been sold to digital marketing services and user experience, and software analytics company development firm has been sold to has been sold to has been sold to to has been sold to a portfolio company of
(NYSE: DLX) (NYSE: IDI) (NYSE: ACN)
*Approximate Value *Approximate Value
$120,000,000 $74,000,000*
the leading eCommerce media network a portfolio company of in the U.S. the dominant, pure-play eCommerce the leader in strategic launch solutions a fast-growing, direct-to-consumer a leading provider of software-based a leading provider of data-driven, retailer of envelopes and related products for orphan and rare disease a big data marketing analytics and database wine eCommerce company social media brand advocacy solutions full-funnel B2B marketing solutions has been sold to has been sold to pharmaceutical drugs technology and solutions company has received a significant has been sold to Aperion Management has been sold to has been sold to investment from has been sold to has acquired and to
(NYSE EVDY) (NASDAQ: EXLS) (NASDAQ: ICLR)
*Approximate Value
$65,000,000 $280,000,000*
a leading supplier of data on healthcare has sold a leading provider of performance-based a provider of outsourced digital campaign a leading provider of end-to-end professionals and administrator of one a leading data-driven patient a global leader in quantitative data digital marketing programs to healthcare management for video, mobile, customer acquisition solutions to the of the largest practitioner-level medical the leader in data-driven identification and engagement platform collection and reporting software systems professionals on behalf of leading display, and email insurance industry claims databases in the U.S. advocacy campaigns that provides its members access to pharmaceutical companies has sold a majority stake to has been sold to to healthcare education, patient savings, has been sold to has been sold to has been sold to and other valuable programs has been sold to a division of has been sold to a portfolio company of (NYSE: OMC) (NYSE: EVDY) (NYSE: RUK) (NYSE: WTM)
*Approximate Enterprise Value
$50,000,000
a disruptive, rapidly a leading SaaS provider of social intelligence, a leading targeted direct marketing expanding marketplace for a leading SaaS-based, cross channel analytics, insights, and engagement one of the largest digital agencies specializing a leading provider of marketing solutions the leading film and television information, company that connects new movers insurance clicks, calls, and leads a leading global SaaS-based campaign management platform has been sold to in multi-channel content marketing solutions to destinations, resorts, and other data, and related software company with local business tag management, data management, for B2C marketers for the life sciences industry travel-related businesses has sold a majority stake to has been sold to has merged with an affiliate of and marketing attribution provider has been sold to which is being combined with has been recapitalized to support future has been sold to growth with significant debt financing has been sold to from a division of both portfolio companies of and (NASDAQ: CTSH) (NYSE: WTM)
*For a more comprehensive list, please click here.
56 | M&A and Investment Summary December 2015