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December 2015 M&A and Investment Summary Table of Contents

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December 2015 M&A and Investment Summary Table of Contents 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.
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