August 2017 M&A and Investment Summary Table of Contents
1 Overview of Monthly M&A and Investment Activity 3
2 Monthly M&A and Investment Activity by Industry Segment 8
3 Additional Monthly M&A and Investment Activity Data 41
4 About Petsky Prunier 56
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2 | M&A and Investment Summary August 2017 M&A and Investment Summary for All Segments
Transaction Distribution . A total of 622 deals were announced in August 2017, of which 337 were worth $33.7 billion in aggregate reported value . Software was the most active segment with 222 deals announced — 129 of these transactions reported $11.9 billion in value . Digital Media/Commerce was also active with 140 transactions announced, of which 106 were worth a reported $7.5 billion in value . Strategic buyers announced 286 deals (54 reported $12.7 billion in value) . VC/Growth Capital investors announced 304 transactions (273 reported $10.5 billion in value) . Private Equity investors announced 32 deals during the month (10 reported $10.5 billion in value)
August 2017 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 222 36% $11,918.6 35% 83 $4,792.8 12 $4,102.1 127 $3,023.8 Digital Media/Commerce 140 23% 7,484.4 22% 38 2,522.4 2 20.0 100 4,942.0 Marketing Technology 89 14% 3,462.9 10% 36 2,147.3 5 590.0 48 725.6 Business Services 69 11% 6,820.5 20% 48 589.5 9 5,763.9 12 467.1 Agency & Marketing Services 46 7% 1,421.6 4% 40 208.9 4 22.7 2 1,190.0 Digital Advertising 24 4% 262.0 1% 16 211.0 0 - 8 51.0 Traditional Media 22 4% 465.1 1% 18 427.4 0 - 4 37.7 Information 10 2% 1,848.7 5% 7 1,830.0 0 - 3 18.7 Total 622 100% 33,683.8 100% 286 12,729.3 32 10,498.7 304 10,455.9
3 | M&A and Investment Summary August 2017 M&A and Investment Summary for All Segments
Transaction Distribution . Reported transaction activity in August was up 20 percent from July 2017 and was up five percent from August 2016 . Strategic activity accounted for 90 percent of reported control transactions during the month and included significant transactions: • The majority stake taken by Disney in Major League Baseball online streaming platform BAMTec in a transaction valuing the company at $3.8 billion • The Advisory Board’s sale of its education business to Vista Equity Partners for $1.6 billion and health division to UnitedHealth Group for $1.3 billion • The acquisition of Active Networks by Global Payments from Vista Equity Partners in a transaction valued at $1.2 billion • DigiCert’s $950 million purchase of Symantec’s Website Security business • The $750 million acquisition of supply chain software company HighJump Software by Germany-based Korber • PRA Healthcare Sciences’ $530 million acquisition of Symphony Health Solutions $70.0 $500.0
$60.0 $51.2 $50.2 $400.0 $50.0 Tribune Scripps / $40.0 $36.2 Discovery $300.0 $33.7 $33.7 $29.3 $30.0 $25.4 $25.2 $24.6 $24.1 $200.0 HP Software $21.3 $20.8 $19.9 $20.0 TeamHealth $100.0 $10.0 473 463 449 419 415 457 449 545 471 520 569 519 622 $- $- Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17
*Note, Discovery Communications’ $14.6 billion acquisition Scripps Networks, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Sinclair Broadcast Group’s $6.6 billion acquisition of Tribune Media, and Blackstone’s $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions.
4 | M&A and Investment Summary August 2017 Selected Transactions with Valuation Information Disclosed ($ in Millions)
Selected Transactions With Multiples Information
Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services AlliedPRA, Inc. Experiential Marketing CI Capital Partners LLC $ 22.7 $ 100.0 $ - 0.2x NA Sema Holdings Pty Ltd. DM Agency IVE Group Ltd. 11.7 30.8 2.4 0.4x 4.9x
Business Services Transplace, Inc. Logistics TPG Capital 1,000.0 1,800.0 - 0.6x NA Aptuit, Inc. Healthcare Consulting Evotec AG 300.0 92.9 11.6 3.2x 25.8x Voxpro Group BPO Telus Corporation 172.7 34.8 - 5.0x NA Affecto Plc IT Consulting/Systems Integration CGI Nordic Investments Limited 112.8 91.9 5.9 1.2x 19.2x Decipher Works Pty Ltd. IT Consulting/Systems Integration Transaction Solutions International Limited 4.0 2.3 0.6 1.7x 6.7x Digital Advertising SpotXchange, LLC Ad Networks/Exchanges RTL Group 404.0 75.0 - 5.4x NA Tremor Video, Demand Side Platform Ad Networks/Exchanges Taptica, Inc. 27.5 115.0 (1.3) 0.2xNA NM Digital Media/Commerce Waimai eCommerce Ele.me 800.0 3,900.0 - 0.2x NA Eat24Hours.com eCommerce GrubHub, Inc. 287.5 888.7 - 0.3x NA JacTravel Group eCommerce Webjet Limited 263.5 55.0 25.8 4.8x 10.2x PlusMobile LLC Mobile Content/Apps AtmanCo, Inc. 2.5 4.7 - 0.5x NA
Information Symphony Health Solutions Healthcare Information PRA Health Sciences 530.0 200.0 - 2.7xNA NA Marketing Technology DoubleVerify, Inc. Analytics & Targeting Providence Equity Partners, Inc. 350.0 70.0 - 5.0x NA On-Site.com, Inc. MRM/Workflow Management RealPage, Inc. 250.0 50.0 9.0 5.0x 27.8x Zoom Information, Inc. Marketing Data Great Hill Partners, LLC 240.0 39.8 - 6.0x NA MaxPoint Interactive, Inc. BI Tools Valassis Communications, Inc. 108.2 144.4 (8.9) 0.7x NM Rain King Software, Inc. SFA/Lead Management DiscoverOrg, LLC 100.0 33.9 - 2.9x NA Software Paysafe Group Plc Financial Software The Blackstone Group L.P. 4,013.7 1,043.5 265.7 3.8x 15.1x HighJump Software, Inc. ERP Software Korber AG 750.0 200.0 - 3.8x NA proALPHA Business Solutions GmbH ERP Software Intermediate Capital Group plc 460.6 105.4 - 4.4x NA Sequel Business Solutions Limited Financial Software Verisk Analytics, Inc. 322.5 33.8 15.6 9.5x 20.7x Numerex Corp. Application Management Software Sierra Wireless 130.3 65.4 - 2.0x NA MacroPoint LLC ERP Software The Descartes Systems Group, Inc. 107.0 12.5 - 8.6x NA MatsSoft Ltd. Software Development Tools Netcall plc 18.3 6.8 - 2.7x NA CMS Transport Systems Pty Ltd. ERP Software WiseTech Global 7.0 2.9 - 2.4x NA
Traditional Media Katz Broadcast Networks Broadcast Television The E.W. Scripps Company 307.4 180.0 - 1.7x NA
5 | M&A and Investment Summary August 2017 Securities in Registration ($ in Millions)
Aggregate LTM Company Name Country Segment Offering Value Rev EBITDA Despegar.com, Corp. Argentina Digital Media/Commerce $ 100.0 $ 465.7 $ 64.9 MongoDB, Inc. United States Software NA NA NA Stitch Fix, Inc. United States Digital Media/Commerce NA NA NA Vencore, Inc. United States Business Services 250.0 1,700.0 NA Best Logistics Group, Inc. China Business Services 1,000.0 1,300.0 NA Ancestry.com LLC United States Digital Media/Commerce NA NA NA Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1 Sea Ltd. Singapore Digital Media/Commerce NA NA NA Tivit S.A. Brazil Business Services 319.3 2,031.8 287.2 ForeScout Technologies, Inc. United States Software NA NA NA EVRY AS Norway Business Services 151.1 12,859.5 NA AppNexus, Inc United States Marketing Technology NA NA NA Carbon Black, Inc. United States Software NA NA NA
6 | M&A and Investment Summary August 2017 LTM IPO Performance
Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Aug 31, 2017 1st Trading Day Jul-17 NasdaqGS:RDFN Redfin Corporation United States $12.00-$14.00 15.00 $21.72 up 45% 22.29 2.6% Jun-17 NYSE:APRN Blue Apron Holdings, Inc. United States 10.00-11.00 10.00 9.99, flat 5.24 (47.5%) Jun-17 NYSE:ATUS Altice USA, Inc. United States 27.00-31.00 31.00 32.71 up 9% 30.51 (6.7%)
Jun-17 NasdaqGM:TNTR Tintri, Inc. United States 7.00-8.00 7.00 7.27 up 3.9% 5.96 (18.0%) May-17 NasdaqGM:APPN Appian Corporation United States 11.00-13.00 12.00 15.01 up 25% 22.89 52.5% May-17 NasdaqGM:VERI Veritone, Inc. United States 14.00-16.00 15.00 13.07 down 13% 15.56 19.1% Apr-17 NYSE:CVNA Carvana Co. United States 13.00-16.00 15.00 11.10 down 26% 17.85 60.8% Apr-17 NYSE:CLDR Cloudera, Inc. United States 12.00-14.00 15.00 18.10 up 21% 19.40 7.2%
Apr-17 NasdaqGS:OKTA Okta, Inc. United States 15.00-17.00 17.00 23.51 up 38% 26.99 14.8% Apr-17 NYSE:NETS Netshoes (Cayman) Limited Brazil 18.00-20.00 18.00 16.10 down 10.5% 11.87 (26.3%) Apr-17 NYSE:YEXT Yext, Inc. United States 8.00-10.00 11.00 13.29 up 21% 13.01 (2.1%) Mar-17 NYSE:AYX Alteryx, Inc. United States 12.00-14.00 14.00 15.50 up 10.7% 23.59 52.2%
Mar-17 NYSE:MULE MuleSoft, Inc. United States 14.00-16.00 17.00 24.75 up 46% 21.80 (11.9%) Mar-17 NasdaqGS:PSDO Presidio, Inc. United States 14.00-16.00 14.00 14.25 up 1.8% 13.91 (2.4%) Mar-17 NYSE:SNAP Snap Inc. United States 14.00-16.00 17.00 24.48 up 44% 14.51 (40.7%) Dec-16 NasdaqGS:TRVG trivago N.V. Germany 13.00-15.00 11.00 11.85 up 7.7% 15.50 30.8% Oct-16 NasdaqGS:BL BlackLine, Inc. United States 15.00-17.00 17.00 23.70 up 39% 30.87 30.3%
Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 30.46 (7.1%) Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 22.00 (40.5%) Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 52.97 76.0% Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 17.80 (21.1%) Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 9.29 (39.1%)
Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 23.17 57.6%
7 | M&A and Investment Summary August 2017 Digital Media/Commerce
. Of the total $7.5 billion in value reported in the Digital Media/Commerce segment, $4.9 billion in venture/growth capital investments were announced, while more than $2.5 billion in strategic acquisitions were made . eCommerce was the most active subsegment across all segments with 70 transactions announced, of which 48 were reported for $5.8 billion. Select transactions from the subsegment include: • The $1 billion investment received by online sports retailer Fanatics from SoftBank at a reported valuation of $4.5 billion . Select Digital Media/Commerce transactions include: • Signet Jewelers ‘ acquisition of online jewelry retailer R2Net for $328 million • B-to-B travel platform Webjet’s acquisition of hotel bookings and inbound travel services company JacTravel in a transaction valued at $263.5 million • The $200 million round of funding raised by Reddit at a reported valuation of $1.8 billion from Andreessen Horowitz, Sequoia Capital, Coatue Management, Vy Capital, and Fidelity Investments • On-demand private aviation company VistaJet’s $150 million investment at a reported valuation of $2.5 billion from Rhone Capital
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 70 50% $5,794.4 77% 17 $1,886.2 0 - 53 $3,908.2 Digital Marketplace 21 15% 332.2 4% 5 52.7 1 - 15 279.5 Mobile Content/Apps 20 14% 192.6 3% 5 13.1 0 - 15 179.5 Gaming 10 7% 544.8 7% 6 511.8 0 - 4 33.0 Niche Content 10 7% 343.5 5% 3 58.5 1 20.0 6 265.0 Social* Media/Apps Microsoft’s $26.2 billion acquisition of LinkedIn9 and Tencent’s 6%$10.2 billion acquisition276.8 of Supercell 4%have been excluded2 to limit comparative- distortions0 - 7 276.8 Total 140 100% 7,484.4 100% 38 2,522.4 2 20.0 100 4,942.0
8 | M&A and Investment Summary August 2017 Digital Media Public Company Valuation (1/2)
($ in Millions, except stock price data) US-Based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alphabet Inc. $955.24 -5% $ 656,333.8 $ 565,575.8 $ 99,275.0 $ 32,251.0 32.5% 21.4% 5.7x 17.5x Apple Inc. 164.00 -1% 847,097.4 878,688.4 223,507.0 70,206.0 31.4% 1.5% 3.9x 12.5x Facebook, Inc. 171.97 -2% 499,434.7 463,982.7 33,173.0 18,084.0 54.5% 49.7% 14.0x 25.7x Fitbit, Inc. 6.03 -65% 1,404.6 728.8 1,729.8 (239.6) NM -21.8% 0.4x NM Glu Mobile Inc. 3.64 -2% 492.9 424.8 223.2 (78.8) NM -1.8% 1.9x NM GoPro, Inc. 9.21 -48% 1,325.9 1,301.9 1,296.3 (158.9) NM 4.4% 1.0x NM IAC/InterActiveCorp 113.51 -1% 9,052.9 9,335.9 3,103.5 448.7 14.5% -4.6% 3.0x 20.8x j2 Global, Inc. 75.28 -18% 3,638.7 4,551.0 989.8 384.2 38.8% 24.4% 4.6x 11.8x Leaf Group Ltd. 7.10 -24% 142.9 112.5 117.9 (21.1) NM 3.0% 1.0x NM The Meet Group, Inc. 3.92 -39% 281.4 262.4 97.8 26.4 27.0% 53.1% 2.7x 9.9x Netflix, Inc. 174.71 -9% 75,431.0 78,102.6 10,189.8 706.9 6.9% 33.6% 7.7x NM Pandora Media, Inc. 8.45 -44% 2,050.1 2,347.8 1,437.3 (288.2) NM 11.6% 1.6x NM RealNetworks, Inc. 3.99 -27% 148.4 86.0 126.2 (17.2) NM 6.3% 0.7x NM Remark Holdings, Inc. 2.69 -43% 60.9 94.4 62.7 (11.4) NM 49.8% 1.5x NM Snap Inc. 14.51 -51% 17,370.7 14,588.8 625.2 (2,920.4) NM 290.7% 23.3x NM TheStreet, Inc. 0.85 -29% 30.5 7.1 62.4 0.0 0.0% -5.5% 0.1x NM Twitter, Inc. 16.91 -33% 12,418.70 10,084.80 2,455.25 142.67 5.8% -0.8% 4.1x 70.7x WebMD Health Corp. 66.44 0% 2,469.6 2,406.3 709.0 184.5 26.0% 5.7% 3.4x 13.0x XO Group Inc. 18.62 -11% 460.1 361.7 155.7 14.1 9.1% 5.8% 2.3x 25.6x Zynga Inc. 3.75 -3% 3,245.5 2,506.5 776.5 (55.6) NM 3.5% 3.2x NM
Average 2.5x 15.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (41.9x) *Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)
9 | M&A and Investment Summary August 2017 Digital Media Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China $188.43 -5% $ 65,403.0 $ 58,323.7 $ 10,401.8 $ 2,764.3 26.6% 3.1% 5.6x 21.1x CyberAgent, Inc. Japan 32.46 -11% 4,088.9 3,908.5 3,066.5 310.3 10.1% 22.5% 1.3x 12.6x DeNA Co., Ltd. Japan 23.79 -32% 3,457.7 2,736.9 1,289.7 320.6 24.9% 0.1% 2.1x 8.5x G5 Entertainment AB (publ) * Sweden 35.61 -5% 313.4 305.3 72.8 7.0 9.6% 67.5% 4.2x 43.6x Gree, Inc. Japan 8.46 -14% 1,991.7 1,286.1 554.0 57.5 10.4% -17.8% 2.3x 22.4x HolidayCheck Group AG * Germany 3.55 -7% 205.1 164.5 122.4 2.9 2.4% 4.0% 1.3x 56.9x International Game Technology PLC United Kingdom 18.52 -42% 3,775.3 11,173.6 5,024.9 1,488.9 29.6% -1.9% 2.2x 7.5x mixi, Inc. Japan 54.54 -16% 4,354.2 3,161.1 1,857.9 816.7 44.0% -0.8% 1.7x 3.9x Meitu, Inc. * China 1.36 -54% 5,804.0 5,015.0 227.3 (80.0) NM 112.8% 22.1x NM NCsoft Corporation South Korea 317.94 -16% 6,756.4 6,027.3 878.6 281.7 32.1% 10.2% 6.9x 21.4x Naver Corporation South Korea 743.04 -14% 21,405.2 19,230.5 3,727.9 1,155.7 31.0% 20.8% 5.2x 16.6x NetEase, Inc. China 302.74 -10% 40,736.3 35,682.1 6,376.5 2,170.2 34.0% 62.3% 5.6x 16.4x NEXON Co., Ltd. Japan 19.93 -3% 8,760.6 5,929.4 1,797.5 1,006.5 56.0% 2.4% 3.3x 5.9x Pacific Online Limited China 0.18 -36% 201.8 138.8 140.3 26.6 18.9% -11.1% 1.0x 5.2x Phoenix New Media Limited China 2.62 -39% 188.8 143.0 205.7 4.7 2.3% -9.6% 0.7x 30.2x Renren Inc. * China 6.06 -52% 425.9 465.3 73.5 (70.0) NM 68.8% 6.3x NM Sohu.com Inc. China 45.60 -10% 1,793.2 1,152.3 1,616.6 34.3 2.1% -14.5% 0.7x 33.6x Weibo Corporation * China 72.87 -11% 16,247.0 15,806.7 735.7 201.9 27.4% 46.9% 21.5x 78.3x WeMade Entertainment Co., Ltd. South Korea 28.34 -15% 470.5 445.3 98.2 11.4 11.6% -10.7% 4.5x 39.0x Yandex N.V. Russia 31.59 -3% 10,248.8 9,547.1 1,418.9 389.6 27.5% 25.3% 6.7x 24.5x YY Inc. China 65.06 2% 3,550.2 3,572.9 1,281.2 335.2 26.2% 37.9% 2.8x 10.7x
Average 2.7x 13.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (43.6x)
10 | M&A and Investment Summary August 2017 eCommerce Public Company Valuation (1/2)
($ in Millions, except stock price data) US-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-FLOWERS.COM, Inc. $9.98 -13% $ 688.5 $ 741.5 $ 1,188.5 $ 76.0 6.4% 1.8% 0.6x 9.8x Alphabet Inc. 950.52 -1% 649,322.6 560,820.6 94,765.0 31,208.0 32.9% 21.5% 5.9x 18.0x Amazon.com, Inc. 941.37 -1% 446,500.8 446,568.8 142,573.0 12,221.0 8.6% 25.7% 3.1x 36.5x Apple Inc. 151.16 1% 776,653.6 808,267.6 220,457.0 69,715.0 31.6% -3.1% 3.7x 11.6x Blucora, Inc. 20.78 0% 872.5 1,193.7 472.5 85.0 18.0% 133.5% 2.5x 14.0x Blue Apron Holdings, Inc. 6.48 -41% 1,395.3 1,680.4 868.2 (100.3) NM 0.0% 1.9x NM CafePress Inc. 2.69 -28% 46.4 13.2 102.0 (0.6) NM -0.1% 0.1x NM Carvana Co. 11.00 -21% 163.8 295.4 451.3 (103.1) NM 0.0% 0.7x NM CDW Corporation 58.52 -4% 9,230.5 12,704.3 14,189.9 1,082.7 7.6% 6.3% 0.9x 11.7x Chegg, Inc. 11.57 -4% 1,085.2 1,015.0 250.0 (11.4) NM -11.7% 4.1x NM Copart, Inc. 30.59 -3% 7,040.2 7,577.3 1,402.0 504.2 36.0% 15.1% 5.4x 15.0x eBay Inc. 33.49 -4% 36,258.3 38,470.3 9,059.0 2,935.0 32.4% 4.5% 4.2x 13.1x Etsy, Inc. 11.32 -29% 1,358.6 1,094.0 380.0 28.2 7.4% 28.0% 2.9x 38.7x EVINE Live Inc. 1.33 -45% 79.3 132.0 655.6 13.6 2.1% -6.6% 0.2x 9.7x Expedia, Inc. 139.64 -1% 21,190.4 22,576.4 9,058.3 1,101.8 12.2% 25.8% 2.5x 20.5x FTD Companies, Inc. 20.33 -27% 549.5 744.8 1,108.3 106.7 9.6% -6.1% 0.7x 7.0x GrubHub Inc. 45.57 -1% 3,929.1 3,567.9 537.2 124.4 23.1% 39.2% 6.6x 28.7x HSN, Inc. 36.35 -33% 1,859.3 2,335.1 3,536.2 249.7 7.1% -3.5% 0.7x 9.4x IAC/InterActiveCorp 99.83 -1% 7,910.4 8,252.3 3,081.5 432.4 14.0% -6.0% 2.7x 19.1x Liberty Ventures 51.62 -6% 4,518.7 5,688.7 289.0 (22.0) NM -57.9% 19.7x NM Liquidity Services, Inc. 7.33 -36% 231.4 115.3 306.8 (15.7) NM -4.6% 0.4x NM Match Group, Inc. 19.17 -4% 4,989.7 5,736.7 1,260.9 368.2 29.2% 20.6% 4.5x 15.6x Overstock.com, Inc. 15.43 -25% 387.4 306.5 1,818.7 1.8 0.1% 8.7% 0.2x NM PetMed Express, Inc. 28.23 16% 490.6 442.7 249.2 38.9 15.6% 6.2% 1.8x 11.4x The Priceline Group Inc. 1,902.18 -1% 93,569.6 96,438.9 11,014.3 4,167.8 37.8% 15.6% 8.8x 23.1x QVC Group $21.15 -22% 9,618.1 15,754.1 10,175.0 1,779.0 17.5% 6.0% 1.5x 8.9x Shutterfly, Inc. 52.19 -4% 1,775.3 1,968.7 1,144.5 140.0 12.2% 5.9% 1.7x 14.1x Shutterstock, Inc. 43.54 -33% 1,512.6 1,262.3 507.9 64.4 12.7% 14.3% 2.5x 19.6x Spark Networks, Inc. 1.05 -57% 35.3 24.5 32.5 0.6 2.0% -27.0% 0.8x 37.8x Stamps.com Inc. 104.55 -23% 1,908.79 1,926.24 387.51 153.67 39.7% 53.9% 5.0x 12.5x U.S. Auto Parts Network, Inc. 3.65 -19% 129.6 133.7 303.7 8.6 2.8% 2.8% 0.4x 15.6x Wayfair Inc. 49.01 -1% 4,194.1 3,874.4 3,593.8 (166.5) NM 39.7% 1.1x NM
Average 2.0x 13.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.5x) and EBITDA multiples that are 1.0 standard deviations above the mean (26.8x) 11 | M&A and Investment Summary August 2017 eCommerce Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. China $33.71 -39% $ 4,734.7 $ 4,721.2 $ 1,172.2 $ 160.0 13.6% 48.8% 4.0x 29.5x Alibaba Group Holding Limited * China 101.37 -8% 257,750.0 256,505.1 22,987.1 9,164.0 39.9% 56.5% 11.2x 28.0x Cnova N.V. * France 5.62 -12% 1,757.4 1,845.8 1,959.0 18.7 1.0% 6.8% 0.9x 98.5x JD.com, Inc. * China 29.41 -2% 41,933.3 41,008.6 41,011.7 477.3 1.2% 42.2% 1.0x 85.9x Jumei International Holding Limited China 4.15 -38% 614.4 171.0 904.1 23.5 2.6% -14.5% 0.2x 7.3x LightInTheBox Holding Co., Ltd. * China 2.98 -17% 205.4 117.4 297.9 (8.3) NM -1.8% 0.4x NM Mercadolibre, Inc. Argentina 196.40 0% 8,616.0 8,449.9 960.7 259.4 27.0% 45.3% 8.8x 32.6x Netshoes (Cayman) Limited * Brazil 14.86 -14% 449.9 543.4 565.8 (3.5) NM 15.0% 1.0x NM PChome Online Inc. Taiwan 7.56 -41% 834.2 607.7 851.3 36.3 4.3% 8.2% 0.7x 16.7x Rakuten, Inc. Japan 9.69 -24% 13,824.9 15,250.4 7,297.7 1,483.5 20.3% 10.7% 2.1x 10.3x Travelport Worldwide Limited United Kingdom 14.10 -7% 1,757.5 4,012.0 2,392.9 430.4 18.0% 6.0% 1.7x 9.3x trivago N.V. * Germany 13.65 -2% 3,114.6 3,112.3 922.2 (19.9) NM 61.2% 3.4x NM Vipshop Holdings Limited China 12.44 -29% 7,152.5 7,049.8 8,768.7 566.7 6.5% 38.0% 0.8x 12.4x
Average 1.6x 14.2x
*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 (65.7x)
12 | M&A and Investment Summary August 2017 Digital Advertising
. A total of 24 transactions were announced in the Digital Advertising segment, of which 14 were worth $262 million in reported value . Ad Exchanges/Network subsegment was the most valuable subsegment in August with five transactions worth $194 million . Select transactions: • The 35 percent remaining stake taken by RTL Group in online video advertising platform SpotXchange in a transaction valuing the company at $404 million • Taptica’s acquisition of Tremor Video’s demand-side platform business for $27.5 million • Television and video advertising solution VideoAmp’s $21.4 million round of funding led by Mediaocean with participation from RTL Group, GoAhead, Ventures, Wavemaker Partners, and Anthem Venture Partners • Axel Springer-backed AWIN’s acquisition of affiliate marketing services company affilinet from United Internet • The acquisition of cash-back shopping site Shopathome.com by Prodege from Belcaro Group
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Ad Networks/Exchanges 5 21% $193.7 74% 3 $178.9 0 - 2 $14.8 Digital Promotion/Coupon 4 17% 2.3 1% 3 - 0 - 1 2.3 Mobile Marketing 4 17% 26.1 10% 3 25.1 0 - 1 1.0 Vertical Search 4 17% 7.8 3% 2 - 0 - 2 7.8 Digital Video 3 13% 25.1 10% 1 - 0 - 2 25.1 Affiliate/CPA Network 2 8% - 0% 2 - 0 - 0 - Comparison Shopping 2 8% 7.0 3% 2 7.0 0 - 0 - Total 24 100% 262.0 100% 16 211.0 0 0.0 8 51.0
13 | M&A and Investment Summary August 2017 Digital Advertising Public Company Valuation (1/2)
($ in Millions, except stock price data)
US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $225.50 -15% $ 12,511.5 $ 32,272.4 $ 7,413.9 $ 1,465.0 19.8% 9.6% 4.4x 22.0x Alphabet Inc. 955.24 -5% 656,333.8 565,575.8 99,275.0 32,251.0 32.5% 21.4% 5.7x 17.5x Angie's List, Inc. * $12.16 -8% 740.3 749.5 302.3 3.6 1.2% -11.1% 2.5x 208.3x Autobytel Inc. 7.26 -60% 92.4 66.7 156.2 15.0 9.6% 4.9% 0.4x 4.5x Bankrate, Inc. 13.85 -3% 1,231.4 1,339.8 477.0 101.2 21.2% 23.8% 2.8x 13.2x Blucora, Inc. 22.80 -5% 1,024.4 1,318.5 491.6 92.5 18.8% NA 2.7x 14.3x Care.com, Inc. 14.97 -9% 445.6 407.7 169.6 8.5 5.0% 12.2% 2.4x 48.2x Cogint, Inc. 4.90 -21% 270.5 314.2 210.2 (14.5) NM 127.7% 1.5x NM DHI Group, Inc. 1.95 -77% 98.3 144.8 215.6 39.5 18.3% -12.4% 0.7x 3.7x Facebook, Inc. * 171.97 -2% 499,434.7 463,982.7 33,173.0 18,084.0 54.5% 49.7% 14.0x 25.7x Groupon, Inc. 4.44 -20% 2,468.7 2,084.5 3,057.4 61.4 2.0% 0.1% 0.7x 34.0x IAC/InterActiveCorp 113.51 -1% 9,052.9 9,335.9 3,103.5 448.7 14.5% -4.6% 3.0x 20.8x Inuvo, Inc. 1.02 -56% 29.1 30.5 72.6 (1.2) NM -2.7% 0.4x NM LendingTree, Inc. 230.95 -2% 2,771.1 2,648.2 480.7 73.3 15.2% 42.6% 5.5x 36.1x MaxPoint Interactive, Inc. 13.71 -1% 92.8 100.5 144.4 (8.9) NM 1.5% 0.7x NM Perion Network Ltd. 1.20 -50% 92.7 134.6 290.7 22.4 7.7% 6.1% 0.5x 6.0x QuinStreet, Inc. 5.35 -6% 243.2 193.7 299.8 3.2 1.1% 0.7% 0.6x 61.4x Quotient Technology Inc. 15.00 0% 1,385.3 1,215.3 289.0 3.8 1.3% 11.5% 4.2x NM Redfin Corporation 22.29 -33% 1,803.7 2,446.2 285.4 (18.0) NM 0.0% 8.6x NM RhythmOne plc 0.46 -29% 229.8 178.8 149.0 (3.5) NM 28.4% 1.2x NM Rocket Fuel Inc. 2.59 -56% 121.7 142.3 420.5 (16.6) NM -8.4% 0.3x NM Snap Inc. * 14.51 -51% 17,370.7 14,588.8 625.2 (2,920.4) NM 290.7% 23.3x NM The Rubicon Project, Inc. * 3.76 -60% 184.4 (8.2) 227.4 7.1 3.1% -23.7% NM NM TiVo Corporation 18.30 -22% 2,231.32 3,013.47 819.79 259.28 31.6% 61.4% 3.7x 11.6x Travelzoo 8.15 -39% 103.6 81.6 122.8 10.2 8.3% -2.9% 0.7x 8.0x The Trade Desk, Inc. 52.97 -8% 2,160.2 2,071.3 251.5 64.3 25.5% 68.8% 8.2x 32.2x Tremor Video, Inc. 3.52 -2% 177.7 142.5 185.4 (2.0) NM 12.3% 0.8x NM TripAdvisor, Inc. 42.73 -35% 5,928.9 5,291.9 1,533.0 200.0 13.0% 4.5% 3.5x 26.5x TrueCar, Inc. 16.95 -22% 1,669.5 1,516.8 306.8 (16.5) NM 16.1% 4.9x NM Twitter, Inc. 16.91 -33% 12,418.7 10,084.8 2,455.2 142.7 5.8% -0.8% 4.1x 70.7x Web.com Group, Inc. 25.30 -3% 1,107.2 1,718.7 749.7 150.5 20.1% 23.4% 2.3x 11.4x Yelp Inc. 42.60 -3% 3,484.8 2,973.0 787.2 43.1 5.5% 25.1% 3.8x 69.0x Yext, Inc. 13.01 NA 1,171.4 1,037.7 134.2 (44.9) NM 0.0% 7.7x NM YuMe, Inc. 4.89 -19% 168.9 96.4 159.8 10.1 6.3% -7.4% 0.6x 9.6x Zillow Group, Inc. * 39.92 -22% 7,300.9 7,078.2 964.8 35.1 3.6% 30.3% 7.3x 201.5x
Average 2.8x 14.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (99.0x) 14 | M&A and Investment Summary August 2017 Digital Advertising Public Company Valuation (2/2)
($ in Millions, except stock price data)
Internationally-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cliq Digital AG Germany $7.90 -20% $ 48.7 $ 60.7 $ 68.9 $ 4.9 7.2% 17.2% 0.9x 12.3x Criteo S.A. France 48.42 -14% 3,135.4 2,931.0 1,914.6 178.8 9.3% 33.9% 1.5x 16.4x Just Dial Limited India 7.57 -27% 526.7 416.6 110.9 15.1 13.6% 4.0% 3.8x 27.5x MakeMyTrip Limited India 33.30 -19% 3,068.1 2,935.3 447.6 (75.5) NM 33.2% 6.6x NM Matomy Media Group Ltd. Israel 1.31 -26% 125.8 150.7 276.6 15.2 5.5% 2.1% 0.5x 9.9x Metaps Inc. * Japan 25.07 -38% 323.7 296.9 107.7 6.6 6.2% 0.0% 2.8x 44.8x Opera Software ASA Norway 4.32 -46% 634.8 837.3 514.6 31.4 6.1% 12.7% 1.6x 26.7x Pacific Online Limited China 0.25 -13% 274.5 233.3 140.3 26.6 18.9% -11.1% 1.7x 8.8x Rightmove plc * United Kingdom 52.95 -6% 4,900.9 4,884.3 271.6 201.2 74.1% 14.5% 18.0x 24.3x Septeni Holdings Co., Ltd. Japan 3.09 -57% 394.9 291.2 145.7 30.5 20.9% -62.3% 2.0x 9.5x Taptica International Ltd Israel 2.93 -29% 185.1 176.2 125.9 23.1 18.4% 66.0% 1.4x 7.6x Tencent Holdings Limited China 27.19 -25% 255,063.17 256,141.47 24,616.94 10,065.50 40.9% 50.7% 10.4x 25.4x TradeDoubler AB Sweden 0.53 -35% 23.30 21.51 146.36 (3.22) NM -16.4% 0.1x NM XLMedia PLC Channel Islands 1.30 -23% 257.2 219.0 103.6 31.2 30.1% 16.1% 2.1x 7.0x Yandex N.V. Netherlands 24.22 -17% 7,955.8 7,256.9 1,418.9 389.6 27.5% 25.3% 5.1x 18.6x Zhaopin Limited China 16.90 -11% 939.1 634.6 264.0 50.5 19.1% 25.0% 2.4x 12.6x
Average 2.3x 14.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.7x)
15 | M&A and Investment Summary August 2017 Marketing Technology
. The Marketing Technology segment announced 89 transactions, of which 53 reported nearly $3.5 billion in value . Analytics & Targeting was the most active subsegments with announcing 18 transactions worth more than $594 million . Select transactions: • Providence Equity Partners’ acquisition of digital media measurement software and analytics company DoubleVerify for a reported $350 million • The acquisition of B-to-B data provider Zoom Information by Great Hills Partners for a reported $240 million • Valassis Communications’ acquisition of Maxpoint Interactive in a transaction valuing the company at $108 million • The acquisition of sales intelligence platform RainKing by TA Associates-backed DiscoverOrg in a transaction valued at more than a reported $100 million • The majority stake taken by GTCR in Simpli.fi, a leader in localized programmatic advertising (A Petsky Prunier-led transaction)
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 18 20% $594.3 17% 5 - 2 $350.0 11 $244.3 MRM/Workflow Management 9 10% 304.5 9% 4 250.0 0 - 5 54.5 CRM 8 9% 71.0 2% 5 - 0 - 3 71.0 Email/Messaging Software 8 9% 35.0 1% 1 - 0 - 7 35.0 Social Technology 7 8% 95.0 3% 5 - 0 - 2 95.0 Commerce Management 6 7% 10.7 0% 1 - 1 - 4 10.7 Content Management 6 7% 20.7 1% 2 - 1 - 3 20.7 Other 27 30% 2,331.7 67% 13 1,897.3 1 240.0 13 133.9 Total 89 100% 3,462.9 100% 36 2,147.3 5 590.0 48 725.6
16 | M&A and Investment Summary August 2017 Marketing Technology Public Company Valuation (1/2)
($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated $155.16 -1% $ 76,556.82 $ 73,513.71 $ 6,526.22 $ 2,141.50 32.8% 23.0% 11.3x 34.3x Alteryx, Inc. 23.59 -2% 1,385.9 1,233.2 106.3 (20.6) NM 0.0% 11.6x NM AppFolio, Inc. 42.90 -1% 1,454.8 1,422.7 124.2 4.6 3.7% 37.8% 11.5x NM Bazaarvoice, Inc. 4.75 -23% 400.4 341.2 201.2 (4.9) NM 0.7% 1.7x NM Blackbaud, Inc. 84.41 -10% 3,964.2 4,334.2 757.2 131.9 17.4% 10.7% 5.7x 32.9x Brightcove Inc. 7.05 -49% 242.1 214.4 153.3 (10.6) NM 7.8% 1.4x NM ChannelAdvisor Corporation 11.60 -27% 306.6 249.8 118.1 (4.6) NM 10.1% 2.1x NM Cision Ltd. 12.04 -1% 1,452.4 2,541.4 602.2 188.0 31.2% 0.0% 4.2x 13.5x eBay Inc. 36.13 -4% 38,670.5 41,119.5 9,157.0 2,883.0 31.5% 4.2% 4.5x 14.3x Endurance International Group 7.70 -22% 1,102.0 3,020.9 1,170.7 280.8 24.0% 28.7% 2.6x 10.8x Five9,Holdings, Inc. Inc. 21.50 -13% 1,185.0 1,173.7 179.9 2.1 1.2% 23.9% 6.5x NM GoDaddy Inc. 44.82 -1% 4,985.6 7,631.5 2,005.5 238.5 11.9% 16.2% 3.8x 32.0x HubSpot, Inc. 73.35 -7% 2,715.8 2,513.3 318.4 (34.7) NM 41.6% 7.9x NM Inter Industries LTD. 2.74 -16% 25.4 35.1 98.6 2.4 2.4% 10.3% 0.4x 14.7x IBM Corporation 143.03 -22% 133,295.4 166,799.4 78,439.0 17,194.0 21.9% -2.3% 2.1x 9.7x LivePerson, Inc. 13.40 -5% 789.3 734.9 215.6 8.2 3.8% -7.1% 3.4x 90.1x Marin Software Incorporated 1.15 -58% 45.5 16.0 86.0 (11.6) NM -20.6% 0.2x NM MaxPoint Interactive, Inc. 13.71 -1% 92.8 100.5 144.4 (8.9) NM 1.5% 0.7x NM MicroStrategy Incorporated 129.00 -38% 1,476.7 844.3 511.2 109.2 21.4% -0.8% 1.7x 7.7x MINDBODY, Inc. 23.65 -21% 1,096.3 887.7 159.8 (8.8) NM 33.2% 5.6x NM Nuance Communications, Inc. 16.07 -19% 4,637.8 6,369.2 1,979.7 406.3 20.5% 1.7% 3.2x 15.7x Oracle Corporation 50.33 -3% 208,199.2 200,416.2 37,728.0 14,669.0 38.9% 1.8% 5.3x 13.7x PayPal Holdings, Inc. 61.68 -1% 74,163.8 64,998.8 11,759.0 2,259.0 19.2% 17.5% 5.5x 28.8x PROS Holdings, Inc. 26.34 -14% 837.3 840.8 158.8 (55.2) NM 0.6% 5.3x NM PTC Inc. 56.00 -7% 6,474.0 6,906.2 1,145.9 91.9 8.0% -1.6% 6.0x 75.1x The Rubicon Project, Inc. 3.76 -60% 184.4 (8.2) 227.4 7.1 3.1% -23.7% NM NM Salesforce.com, inc. 95.49 -1% 68,628.7 67,709.5 9,387.9 464.1 4.9% 25.6% 7.2x 145.9x Square, Inc. 26.11 -7% 10,018.4 9,448.0 1,904.0 (41.2) NM 24.9% 5.0x NM Synchronoss Technologies, Inc. 16.79 -66% 778.6 902.3 476.8 54.3 11.4% 11.4% 1.9x 16.6x Tableau Software, Inc. 72.48 -1% 5,732.8 4,739.9 869.5 (93.9) NM 16.9% 5.5x NM Teradata Corporation 31.92 -4% 4,177.9 3,645.9 2,182.0 250.0 11.5% -11.6% 1.7x 14.6x Verint Systems Inc. 39.70 -11% 2,488.2 2,906.0 1,077.7 102.9 9.5% -2.6% 2.7x 28.2x Veritone, Inc. 15.56 -9% 232.7 166.8 12.0 (27.2) NM -0.6% 13.9x NM Web.com Group, Inc. 25.30 -3% 1,107.2 1,718.7 749.7 150.5 20.1% 23.4% 2.3x 11.4x Zendesk, Inc. 27.40 -14% 2,753.7 2,513.4 363.6 (86.6) NM 39.3% 6.9x NM
Adjusted Weighted Average 3.7x 16.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (57.2x) 17 | M&A and Investment Summary August 2017 Marketing Technology Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. China 27.19 -24% $ 1,476.81 $ 1,345.96 $ 547.96 $ 22.57 4.1% 25.0% 2.5x 59.6x Bitauto Holdings Limited China 35.80 -14% 2,477.9 5,851.4 1,032.8 101.9 9.9% 46.5% 5.7x 57.4x ChinaCache International Holdings Ltd. China 0.83 -86% 22.4 24.5 151.8 (47.9) NM -22.1% 0.2x NM Mercadolibre, Inc. Argentina 258.47 -13% 11,413.4 11,149.3 1,077.6 249.5 23.2% 52.5% 10.3x 44.7x Open Text Corporation Canada 32.24 -8% 8,519.1 10,646.5 2,291.1 631.7 27.6% 25.6% 4.6x 16.9x Opera Software ASA Norway 3.08 -61% 443.9 363.5 496.8 20.4 4.1% -1.2% 0.7x 17.8x The Sage Group plc United Kingdom 8.92 -15% 9,628.21 10,063.51 2,160.32 619.00 28.7% 23.0% 4.7x 16.3x SAP SE Germany 104.97 -8% 125,852.5 127,835.6 26,427.8 6,585.3 24.9% 8.8% 4.8x 19.4x SharpSpring, Inc. United States 3.65 -37% 30.6 23.4 12.1 (5.9) NM 13.7% 1.9x NM Shopify Inc. Canada 110.92 -1% 10,931.8 9,999.3 509.0 (34.5) NM 80.3% 19.6x NM United Internet AG Germany 59.48 -4% 11,881.7 13,965.5 4,589.2 987.6 21.5% 6.6% 3.0x 14.1x Weborama SA France 9.14 -38% 31.1 32.8 34.7 1.3 3.6% 12.1% 0.9x 26.0x Wix.com ltd Israel 65.10 -24% 2,959.2 2,775.3 355.8 (39.0) NM 47.8% 7.8x NM
Adjusted Weighted Average 2.6x 16.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (48.7x)
18 | M&A and Investment Summary August 2017 Agency & Marketing Services
. There were 46 transactions announced in the Agency & Marketing Services segment in August. Digital Agency was the most active subsegment with 13 transactions . Select transactions: • The $1.1 billion investment received by WME|IMG at a reported valuation of $6.5 billion from Canadian Pension Plan Investment Board and GIC • BlackHawk Networks’ $175 million acquisition of interactive gifting and incentives company CastStar • Advantage Solutions’ acquisition of independent consumer promotions, retail marketing, and shopper marketing services company Brand Connections (A Petsky Prunier-led transaction) • MTS Health Investors’ majority recapitalization of Medical Knowledge Group, an analytics-driven and technology-enabled multi- channel healthcare marketing and communication services provider focused on the biopharmaceutical industry (A Petsky Prunier- led transaction)
AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 13 28% - 0% 13 - 0 - 0 - Specialty Agency 5 11% 1,190.0 84% 3 - 0 - 2 1,190.0 Design Agency 3 7% 9.9 1% 3 9.9 0 - 0 - General Agency 3 7% - 0% 3 - 0 - 0 - Loyalty/Retention 3 7% 175.0 12% 2 175.0 1 - 0 - Marketing Consulting 3 7% 12.3 1% 3 12.3 0 - 0 - Public Relations 3 7% - 0% 3 - 0 - 0 - Social Agency 3 7% - 0% 3 - 0 - 0 - Other 10 22% 34 2% 7 11.7 3 22.7 0 0.0 Total 46 100% 1,421.6 100% 40 208.9 4 22.7 2 1,190.0
19 | M&A and Investment Summary August 2017 Agency Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc * United Kingdom $1.62 -11% $ 167.6 $ 174.1 $ 204.1 $ 10.0 4.9% 5.4% 0.9x 17.3x Dentsu Inc. Japan 41.75 -30% 11,770.3 14,080.7 7,875.3 1,500.1 19.0% NM 1.8x 9.4x Enero Group Limited Australia 0.77 -25% 64.6 42.0 138.8 9.0 6.5% -15.4% 0.3x 4.7x Hakuhodo DY Holdings Inc Japan 13.59 -7% 5,063.7 4,072.0 11,372.5 504.5 4.4% 4.0% 0.4x 8.1x Havas SA France 10.97 -1% 4,640.5 4,737.9 2,620.7 377.6 14.4% 2.5% 1.8x 12.5x Huntsworth plc United Kingdom 0.94 -11% 307.7 342.9 243.9 32.7 13.4% 9.4% 1.4x 10.5x M&C Saatchi plc * United Kingdom 3.95 -21% 315.8 324.2 278.3 23.6 8.5% 26.0% 1.2x 13.7x MDC Partners Inc. United States 10.20 -19% 596.0 1,693.2 1,474.9 172.0 11.7% 10.6% 1.1x 9.8x Next Fifteen Communications Group plc United Kingdom 5.33 -10% 394.3 410.2 214.9 34.7 16.1% 31.8% 1.9x 11.8x Omnicom Group Inc. United States 72.38 -19% 16,702.0 20,500.1 15,410.5 2,320.0 15.1% 1.1% 1.3x 8.8x OPT Holding, Inc. Japan 11.53 -23% 260.7 265.8 662.8 28.7 4.3% 11.6% 0.4x 9.2x Publicis Groupe S.A. France 67.33 -18% 15,217.3 17,715.8 11,207.1 1,969.2 17.6% 0.1% 1.6x 9.0x The Interpublic Group of Companies, Inc. United States 20.14 -22% 7,920.4 9,355.3 7,825.5 1,091.6 13.9% 1.3% 1.2x 8.6x WPP plc United Kingdom 18.29 -27% 22,843.3 29,420.3 19,813.5 3,569.6 18.0% 18.0% 1.5x 8.2x
Adjusted Weighted Average 1.4x 8.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.2x)
20 | M&A and Investment Summary August 2017 Marketing Services Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $23.29 -23% $ 1,854.9 $ 1,922.3 $ 878.0 $ 77.9 8.9% 1.1% 2.2x 24.7x Affinion Group Holdings, Inc. United States 13.75 -14% 125.0 1,931.4 948.9 192.8 20.3% -11.4% 2.0x 10.0x Aimia Inc. Canada 1.72 -77% 262.5 339.3 1,683.5 88.6 5.3% -7.3% 0.2x 3.8x Alliance Data Systems Corporation * United States 225.50 -15% 12,511.5 27,185.4 7,413.9 1,465.0 19.8% 9.6% 3.7x 18.6x Cogint, Inc. United States 4.90 -21% 270.5 314.2 210.2 (14.5) NM 127.7% 1.5x NM CSG Systems International, Inc. United States 38.71 -25% 1,299.9 1,391.8 769.7 144.8 18.8% 1.2% 1.8x 9.6x Deluxe Corporation United States 69.35 -9% 3,353.4 4,039.0 1,912.1 453.0 23.7% 5.5% 2.1x 8.9x DST Systems, Inc. United States 51.33 -18% 3,105.9 3,612.2 1,847.2 404.5 21.9% 21.0% 2.0x 8.9x Fair Isaac Corporation * United States 140.76 -4% 4,311.5 4,792.6 914.8 202.2 22.1% 4.2% 5.2x 23.7x Harte Hanks, Inc. United States 0.90 -51% 55.7 12.0 399.7 (2.6) NM -8.0% 0.0x NM High Co. SA France 6.47 -24% 133.7 75.0 164.2 15.7 9.6% 4.1% 0.5x 4.8x Multiplus S.A. Brazil 11.92 -24% 1,931.3 1,489.0 688.3 176.8 25.7% 0.0% 2.2x 8.4x Pitney Bowes Inc. United States 12.85 -33% 2,398.9 4,922.8 3,384.1 714.0 21.1% -2.9% 1.5x 6.9x Points International Ltd. Canada 8.30 -28% 123.4 71.0 332.8 9.0 2.7% 4.5% 0.2x 7.9x Viad Corp United States 54.95 -2% 1,121.5 1,331.8 1,329.4 150.8 11.3% 23.8% 1.0x 8.8x
Adjusted Weighted Average 2.6x 8.4x
*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 (17.9x)
21 | M&A and Investment Summary August 2017 Traditional Media
. Of the 22 transactions recorded in the Traditional Media segment in August, six announced $465 million in reported transaction value . Entertainment Media was the most active subsegment with nine transactions announced . Select transactions: • The E.W. Scripps Company’s $307 million acquisition of over-the-air television programming company Katz Broadcasting • The $120 million acquisition of Morris Publishing Group by New Media Investment Group • Podcast publisher and content company HowStuffWorks’ $15 million round of funding from The Raine Group • Netflix’s acquisition of comic book publisher Millarworld • The acquisition of oncology-specific point-of-care content company Patient Education Network by PatientPoint • Stingray Digital Group’s acquisition of in-store music and media company SBA Music
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 9 41% $37.7 8% 5 - 0 - 4 $37.7 B-to-B Media 4 18% - 0% 4 - 0 - 0 - Broadcast Television 2 9% 307.4 66% 2 307.4 0 - 0 - Digital Place-Based Media 2 9% - 0% 2 - 0 - 0 - Newspaper Publishing 2 9% 120.0 26% 2 120.0 0 - 0 - Other 3 14% 0.0 0% 3 0.0 0 0.0 0 0.0 Total 22 100% 465.1 100% 18 427.4 0 0.0 4 37.7
22 | M&A and Investment Summary August 2017 Traditional Media Public Company Valuation (1/3)
($ in Millions, except stock price data)
Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation * United States $64.06 -9% $ 25,744.2 $ 34,758.2 $ 13,202.0 $ 3,049.0 23.1% 5.5% 2.6x 11.4x Discovery Communications, Inc. United States 22.21 -27% 12,111.1 20,227.1 6,586.0 2,483.0 37.7% 1.8% 3.1x 8.1x Time Warner Inc. * United States 101.10 -2% 78,635.7 99,960.7 30,123.0 8,694.0 28.9% 8.0% 3.3x 11.5x Twenty-First Century Fox, Inc. United States 27.59 -15% 50,679.4 66,339.4 28,500.0 7,108.0 24.9% 4.3% 2.3x 9.3x Viacom, Inc. United States 28.60 -39% 11,976.0 22,986.0 13,170.0 2,925.0 22.2% 0.9% 1.7x 7.9x The Walt Disney Company United States 101.20 -13% 156,200.3 177,571.3 55,500.0 16,823.0 30.3% -0.9% 3.2x 10.6x
Adjusted Weighted Average 3.0x 10.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.4x)
($ in Millions, except stock price data)
B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ascential plc United Kingdom $4.84 -5% $ 1,937.6 $ 2,209.8 $ 448.6 $ 136.6 30.5% 35.8% 4.9x 16.2x Emerald Expositions Events, Inc. United States $21.74 -7% 1,569.7 2,117.2 340.8 133.8 39.3% 0.0% 6.2x 15.8x Euromoney Institutional Investor PLC United Kingdom $14.46 -10% 1,551.6 1,669.9 516.1 147.0 28.5% 3.1% 3.2x 11.4x Informa plc United Kingdom 8.89 -7% 7,324.1 9,343.6 2,095.4 658.3 31.4% 30.0% 4.5x 14.2x MCH Group AG Switzerland 82.10 -6% 493.2 565.4 424.8 85.2 20.1% 5.5% 1.3x 6.6x ITE Group plc United Kingdom 2.28 -5% 607.3 719.4 175.8 35.5 20.2% -2.1% 4.1x 20.3x Tarsus Group plc Ireland 3.96 -5% 446.1 559.8 105.4 29.5 28.0% 1.7% 5.3x 19.0x TechTarget, Inc. * United States 9.94 -6% 272.4 275.8 102.7 9.1 8.9% -8.8% 2.7x 30.2x UBM plc United Kingdom 8.55 -15% 3,360.3 4,120.9 1,209.6 329.9 27.3% 16.7% 3.4x 12.5x
Adjusted Weighted Average 4.3x 14.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.9x)
($ in Millions, except stock price data)
Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group, Inc. United States $9.95 -45% $ 286.4 $ 481.8 $ 196.2 $ 36.7 18.7% 78.5% 2.5x 13.1x Cumulus Media Inc. United States 0.39 -88% 11.4 2,259.5 1,140.2 204.1 17.9% -1.2% 2.0x 11.1x Emmis Communications Corporation * United States 2.65 -36% 33.2 281.1 198.7 19.3 9.7% -13.2% 1.4x 14.5x Entercom Communications Corp. United States 10.30 -38% 419.8 900.0 465.6 96.7 20.8% 3.3% 1.9x 9.3x Pandora Media, Inc. United States 8.45 -44% 2,050.1 2,347.8 1,437.3 (288.2) NM 11.6% 1.6x NM Salem Media Group, Inc. United States 6.05 -27% 158.0 417.3 273.1 46.1 16.9% 1.5% 1.5x 9.1x Sirius XM Holdings Inc. * United States 5.75 -2% 26,524.8 32,941.0 5,222.3 1,857.5 35.6% 8.7% 6.3x 17.7x Spanish Broadcasting System, Inc. United States 0.00 NA 7.3 416.5 143.3 43.4 30.3% -0.2% 2.9x 9.6x Townsquare Media, Inc. United States 9.98 -23% 184.4 718.8 514.4 104.2 20.3% 8.5% 1.4x 6.9x Urban One, Inc. United States 1.75 -50% 82.2 1,039.3 443.3 118.3 26.7% -3.0% 2.3x 8.8x
Adjusted Weighted Average 1.7x 9.8x
*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 (14.5x) 23 | M&A and Investment Summary August 2017 Traditional Media Public Company Valuation (2/3)
($ in Millions, except stock price data)
Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Altice N.V. Netherlands $23.00 -18% $ 27,635.9 $ 93,755.8 $ 27,263.0 $ 9,220.2 33.8% 44.4% 3.4x 10.2x AMC Networks Inc. United States $60.78 -10% 3,863.5 6,664.6 2,795.0 859.6 30.8% 3.4% 2.4x 7.8x Sky plc * United Kingdom 12.31 -9% 21,072.4 29,688.3 16,774.5 2,375.4 14.2% 7.9% 1.8x 12.5x CVC Limited Australia 1.64 -6% 196.0 169.1 36.5 27.4 75.1% -31.5% 4.6x 6.2x CBS Corporation United States 64.06 -9% 25,744.2 34,758.2 13,202.0 3,049.0 23.1% 5.5% 2.6x 11.4x Charter Communications, Inc. United States 398.54 -3% 102,777.0 175,136.0 40,833.0 14,620.0 35.8% 199.1% 4.3x 12.0x Comcast Corporation United States 40.61 -4% 191,410.1 254,579.1 83,972.0 27,787.0 33.1% 10.5% 3.0x 9.2x Discovery Communications, Inc. United States 22.21 -27% 12,111.1 20,227.1 6,586.0 2,483.0 37.7% 1.8% 3.1x 8.1x DISH Network Corporation * United States 57.29 -14% 26,703.6 41,915.8 14,726.5 3,050.8 20.7% -3.1% 2.8x 13.7x Entravision Communications Corporation United States 5.55 -30% 501.8 733.5 263.6 61.5 23.3% 2.3% 2.8x 11.9x General Communication, Inc. United States 43.13 -1% 1,553.4 3,006.6 921.4 263.2 28.6% -4.5% 3.3x 11.4x Gray Television, Inc. United States 14.30 -7% 1,011.2 2,807.5 872.3 332.1 38.1% 26.2% 3.2x 8.5x Grupo Televisa, S.A.B. Mexico 5.19 -13% 12,854.1 18,128.9 5,329.6 1,987.0 37.3% 4.2% 3.4x 9.1x Liberty Global plc United Kingdom 34.00 -10% 33,542.0 80,650.3 19,361.2 8,614.5 44.5% 2.7% 4.2x 9.4x Nexstar Media Group, Inc. United States 60.20 -19% 2,782.3 7,145.2 1,752.0 608.8 34.7% 76.4% 4.1x 11.7x Scripps Networks Interactive, Inc. United States 85.65 -3% 11,118.5 14,247.2 3,472.0 1,538.7 44.3% 4.0% 4.1x 9.3x Sinclair Broadcast Group, Inc. United States 30.25 -30% 3,106.7 6,345.5 2,820.8 893.5 31.7% 17.3% 2.2x 7.1x TEGNA Inc. United States 12.62 -53% 2,714.8 6,272.3 3,352.0 1,168.1 34.8% 34.1% 1.9x 5.4x The E. W. Scripps Company United States 17.88 -26% 1,469.4 1,720.1 948.6 169.5 17.9% 14.0% 1.8x 10.1x Time Warner Inc. United States 101.10 -2% 78,635.7 99,960.7 30,123.0 8,694.0 28.9% 8.0% 3.3x 11.5x
Adjusted Weighted Average 3.3x 10.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.0x)
($ in Millions, except stock price data)
Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cineplex Inc. Canada $30.63 -31% $ 1,946.3 $ 2,380.1 $ 1,169.3 $ 175.9 15.0% 4.6% 2.0x 13.5x Eros International Plc * United States 9.75 -48% 580.2 838.4 253.0 26.5 10.5% -7.8% 3.3x 31.6x Lions Gate Entertainment Corp. * United States 29.73 -4% 5,989.6 8,629.3 3,653.2 300.3 8.2% 46.6% 2.4x 28.7x Live Nation Entertainment, Inc. United States 39.96 -5% 8,237.2 8,913.4 9,199.8 655.7 7.1% 18.8% 1.0x 13.6x Twenty-First Century Fox, Inc. United States 27.59 -15% 50,679.4 66,339.4 28,500.0 7,108.0 24.9% 4.3% 2.3x 9.3x Liberty Global plc United Kingdom 34.00 -10% 33,542.0 80,650.3 19,361.2 8,614.5 44.5% 2.7% 4.2x 9.4x Village Roadshow Limited Australia 2.94 -30% 475.7 905.0 797.6 93.0 11.7% -0.8% 1.1x 9.7x World Wrestling Entertainment, Inc. United States 21.80 -6% 1,680.8 1,634.5 762.2 81.4 10.7% 8.5% 2.1x 20.1x
Adjusted Weighted Average 2.8x 9.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.0x)
24 | M&A and Investment Summary August 2017 Traditional Media Public Company Valuation (3/3)
($ in Millions, except stock price data)
Out-of-Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.44 -35% $ 153.3 $ 33.5 $ 16.5 $ (76.0) NM -67.1% 2.0x NM APG|SGA SA Switzerland 409.22 -23% 1,227.3 1,186.0 326.3 78.8 24.1% 0.1% 3.6x 15.1x Clear Channel Outdoor Holdings, Inc. United States 3.85 -45% 1,386.2 6,493.6 2,622.3 613.6 23.4% -5.2% 2.5x 10.6x Clear Media Limited Hong Kong 1.15 -6% 622.2 550.3 239.2 105.4 44.1% 0.0% 2.3x 5.2x JCDecaux SA France 32.66 -18% 6,942.7 7,628.3 3,423.4 597.0 17.4% 2.3% 2.2x 12.8x Lamar Advertising Company United States 66.56 -16% 6,525.1 8,874.1 1,517.7 638.8 42.1% 5.9% 5.8x 13.9x National CineMedia, Inc. United States 5.41 -66% 340.4 1,590.8 425.0 187.5 44.1% -3.3% 3.7x 8.5x NTN Buzztime, Inc. United States 7.30 -39% 18.4 17.3 22.2 0.6 2.6% -5.5% 0.8x 30.4x Outfront Media Inc. United States 22.00 -21% 3,049.7 5,299.9 1,507.0 388.6 25.8% -0.8% 3.5x 13.6x Stingray Digital Group Inc. Canada 7.07 -5% 362.8 406.7 81.7 20.2 24.7% 12.2% 5.0x 20.2x TOM Group Limited * Hong Kong 0.24 -17% 934.5 1,276.1 125.5 9.1 7.3% -12.5% 10.2x 139.6x
Adjusted Weighted Average 3.7x 13.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (53.9x)
($ in Millions, except stock price data)
Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A.H. Belo Corporation United States $5.00 -37% $ 108.8 $ 43.9 $ 254.9 $ 5.3 2.1% -5.3% 0.2x 8.3x Daily Mail and General Trust plc United Kingdom 8.03 -26% 2,677.5 3,413.9 2,449.1 304.4 12.4% 16.4% 1.4x 11.2x Emmis Communications Corporation * United States 2.65 -36% 33.2 281.1 198.7 19.3 9.7% -13.2% 1.4x 14.5x Gannett Co., Inc. United States 8.49 -31% 965.3 1,223.3 3,187.3 320.4 10.1% 11.9% 0.4x 3.8x Glacier Media Inc. Canada 0.57 -16% 63.2 113.1 149.7 11.3 7.6% -4.7% 0.8x 10.0x John Wiley & Sons, Inc. United States 53.95 -8% 3,074.3 3,399.0 1,718.5 292.4 17.0% -0.5% 2.0x 11.6x Meredith Corporation United States 54.35 -18% 2,421.4 3,098.0 1,713.4 358.4 20.9% 3.9% 1.8x 8.6x News Corporation United States 13.37 -9% 7,857.5 6,524.5 8,139.0 738.0 9.1% 2.4% 0.8x 8.8x Scholastic Corporation United States 39.43 -20% 1,385.2 947.3 1,741.6 137.3 7.9% 4.1% 0.5x 6.9x The E. W. Scripps Company United States 17.88 -26% 1,469.4 1,720.1 948.6 169.5 17.9% 14.0% 1.8x 10.1x The McClatchy Company United States 7.28 -62% 55.5 932.4 943.2 137.6 14.6% -7.3% 1.0x 6.8x The New York Times Company United States 18.65 -7% 3,020.8 2,679.0 1,609.1 230.1 14.3% 2.9% 1.7x 11.6x Time Inc. United States 13.15 -36% 1,309.5 2,265.5 2,955.0 384.0 13.0% -5.1% 0.8x 5.9x
Adjusted Weighted Average 1.2x 9.4x
*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 (12.0x)
25 | M&A and Investment Summary August 2017 Software
. Within the Software segment, nearly $4.8 billion in reported value involved strategic transactions, while more than $3.0 billion in venture/growth capital investments were announced . Financial Software were the most active subsegment in August with 42 transactions announced . Select transactions: • Verisk Analytics’ acquisitions of insurance and reinsurance software provider Sequel for $322 million and bank and creditor-focused risk solutions company LCI for $151 million • The $320 million acquisition of data management and hyperconvergence software company SpringPath by Cisco • Allscripts’ acquisition of McKesson’s Hospital and Health Systems Business for $185 million • The $140 million round of funding raised by data extraction and analysis company Databricks by Andreessen Horowitz, New Enterprise Associates, Battery Ventures, and A Capital Partners • Descartes Systems Group’s $107 million acquisition of freight visibility solutions provider Macropoint
SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial 42 19% $6,087.0 51% 11 $1,522.5 2 $4,013.7 29 $550.8 Healthcare 30 14% 525.6 4% 11 323.1 0 - 19 202.5 Security 30 14% 1,580.5 13% 9 950.0 0 - 21 630.5 ERP 19 9% 1,865.9 16% 11 1,324.6 1 - 7 541.3 HR 15 7% 169.5 1% 4 - 2 - 9 169.5 Credit/risk 13 6% 192.6 2% 7 151.0 2 - 4 41.6 *Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business has been excluded to limit comparative distortions Other 73 28% 1,304.0 11% 30 522 5 88 38 694.0 Total 222 100% 11,918.6 100% 83 4,792.8 12 4,102.1 127 3,023.8
26 | M&A and Investment Summary August 2017 Software Public Company Valuation (1/3)
($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alfa Financial Software Holdings PLC * United Kingdom 5.85 -9% $ 1,754.1 $ 1,727.7 $ 116.5 $ 24.6 21.1% 0.0% 14.8x 70.3x Apptio, Inc. United States 17.80 -28% 711.2 587.2 174.1 (22.2) NM 22.0% 3.4x NM BlackLine, Inc. United States 30.87 -23% 1,619.8 1,512.9 148.5 (13.1) NM 45.9% 10.2x NM Coupa Software Incorporated United States 30.46 -27% 1,614.0 1,375.9 145.7 (31.8) NM 52.4% 9.4x NM Ebix, Inc. United States 57.70 -11% 1,814.8 2,100.2 321.1 114.4 35.6% 14.4% 6.5x 18.4x First Data Corporation United States 18.41 -4% 16,992.1 37,771.1 7,910.0 2,789.0 35.3% 0.9% 4.8x 13.5x Fidessa group plc United Kingdom 27.02 -22% 1,039.3 947.9 456.1 83.3 18.3% 14.0% 2.1x 11.4x Guidewire Software, Inc. United States 75.71 -1% 5,631.2 5,153.7 474.4 25.4 5.3% 15.9% 10.9x NM Intuit Inc. United States 141.45 -2% 36,241.9 35,952.9 5,177.0 1,619.0 31.3% 10.3% 6.9x 22.2x Management Consulting Group PLC United Kingdom 0.09 -73% 45.2 8.6 53.3 (15.2) NM -11.7% 0.2x NM Model N, Inc. United States 13.55 -1% 394.2 399.4 124.1 (30.0) NM 19.5% 3.2x NM Performant Financial Corporation United States 1.76 -57% 89.4 111.1 134.0 6.5 4.9% -14.0% 0.8x 17.0x Q2 Holdings, Inc. United States 40.60 -3% 1,676.3 1,597.6 172.6 (17.3) NM 34.7% 9.3x NM RealPage, Inc. * United States 43.10 -1% 3,562.4 3,633.5 611.3 91.4 14.9% 18.8% 5.9x 39.8x SS&C Technologies Holdings, Inc. United States 38.71 -4% 7,952.2 10,160.8 1,602.9 580.9 36.2% 25.3% 6.3x 17.5x Tyler Technologies, Inc. * United States 172.80 -5% 6,446.0 6,366.2 796.4 175.5 22.0% 17.5% 8.0x 36.3x
Adjusted Weighted Average 6.7x 19.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.4x)
($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 13.14 -4% 2,373.2 4,087.6 1,657.4 160.1 9.7% 15.7% 2.5x 25.5x athenahealth, Inc. * United States 140.93 -11% 5,627.3 5,836.1 1,151.4 127.7 11.1% 13.8% 5.1x 45.7x Cegedim SA France 36.35 -10% 507.9 779.7 465.4 29.1 6.2% 3.4% 1.7x 26.8x Cerner Corporation United States 67.78 -2% 22,474.7 22,381.1 4,898.4 1,371.5 28.0% 7.0% 4.6x 16.3x Civitas Solutions, Inc. United States 19.10 -9% 713.6 1,321.1 1,456.3 150.2 10.3% 4.3% 0.9x 8.8x Computer Programs and Systems, Inc. United States 30.10 -17% 414.0 555.7 261.0 28.5 10.9% 15.0% 2.1x 19.5x Cotiviti Holdings, Inc. United States 35.73 -22% 3,296.9 3,937.2 651.9 222.1 34.1% 10.6% 6.0x 17.7x Craneware plc United Kingdom 16.55 -32% 446.1 399.1 53.5 16.3 30.5% 15.4% 7.5x 24.4x HealthEquity, Inc. United States 42.77 -22% 2,565.1 2,369.5 189.8 57.6 30.4% 34.6% 12.5x 41.1x McKesson Corporation United States 149.31 -20% 31,394.0 38,633.0 199,851.0 3,943.0 2.0% 3.5% 0.2x 9.8x Medidata Solutions, Inc. * United States 74.96 -13% 4,385.4 4,288.9 508.8 76.8 15.1% 20.9% 8.4x 55.8x NantHealth, Inc. United States 2.77 -82% 296.2 396.8 98.2 (116.1) NM 14.5% 4.0x NM Quality Systems, Inc. United States 15.75 -11% 998.0 1,019.7 518.3 61.3 11.8% 5.2% 2.0x 16.6x Streamline Health Solutions, Inc. United States 1.31 -38% 24.7 35.4 26.3 (3.2) NM -8.7% 1.3x NM Veeva Systems Inc. * United States 59.50 -13% 8,315.3 7,590.6 617.4 154.5 25.0% 30.7% 12.3x 49.1x
Adjusted Weighted Average 4.1x 14.6x
*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 (42.9x) 27 | M&A and Investment Summary August 2017 Software Public Company Valuation (2/3)
($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job, Inc. China $59.40 -2% $ 3,647.8 $ 2,817.6 $ 374.9 $ 114.4 30.5% 16.9% 7.5x 24.6x Benefitfocus, Inc. United States 30.85 -27% 961.9 1,014.6 248.2 (6.4) NM 16.8% 4.1x NM Castlight Health, Inc. United States 3.90 -29% 513.6 423.1 115.2 (48.8) NM 32.2% 3.7x NM Cornerstone OnDemand, Inc. United States 34.98 -27% 2,014.1 1,947.3 445.0 (45.5) NM 14.3% 4.4x NM DHI Group, Inc. United States 1.95 -77% 98.3 144.8 215.6 39.5 18.3% -12.4% 0.7x 3.7x Paycom Software, Inc. United States 74.61 -1% 4,444.9 4,411.4 382.9 73.9 19.3% 34.6% 11.5x 59.7x Paylocity Holding Corporation * United States 49.14 -1% 2,543.0 2,439.5 300.0 18.9 6.3% 30.0% 8.1x 129.2x The Ultimate Software Group, Inc. United States 200.90 -14% 5,992.3 5,891.4 860.7 62.3 7.2% 23.0% 6.8x 94.6x Workday, Inc. United States 109.69 -2% 22,815.5 21,266.2 1,853.3 (229.8) NM 37.3% 11.5x NM
Adjusted Weighted Average 9.7x 65.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (113.3x)
($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $5.94 -12% $ 234.5 $ 200.4 $ 91.2 $ 12.3 13.5% 2.7% 2.2x 16.3x AVG Technologies N.V. Netherlands 27.20 -22% 1,379.9 1,501.8 430.6 125.0 29.0% 6.8% 3.5x 12.0x Check Point Software Technologies Ltd. Israel 111.87 -4% 18,284.4 16,685.4 1,808.3 893.5 49.4% 7.1% 9.2x 18.7x Cisco Systems, Inc. United States 32.21 -7% 161,051.8 124,276.8 48,005.0 14,969.0 31.2% -2.5% 2.6x 8.3x Cheetah Mobile Inc. China 9.12 -34% 1,262.4 1,070.0 707.3 43.2 6.1% 12.4% 1.5x 24.7x CyberArk Software Ltd. Israel 40.01 -33% 1,390.0 1,129.2 235.8 35.2 14.9% 24.9% 4.8x 32.1x FireEye, Inc. United States 14.77 -10% 2,690.6 2,580.3 730.3 (161.3) NM 5.3% 3.5x NM Fortinet, Inc. United States 38.20 -8% 6,716.9 5,509.6 1,383.5 142.3 10.3% 20.0% 4.0x 38.7x Gemalto N.V. Netherlands 53.91 -29% 4,847.7 5,846.0 3,450.3 530.5 15.4% -3.0% 1.7x 11.0x Imperva, Inc. United States 44.65 -22% 1,509.8 1,189.9 293.6 (18.9) NM 15.7% 4.1x NM Juniper Networks, Inc. United States 27.73 -10% 10,546.0 9,535.8 5,200.8 1,206.1 23.2% 6.4% 1.8x 7.9x Mimecast Limited United Kingdom 27.05 -10% 1,537.8 1,439.9 203.3 4.8 2.4% 35.5% 7.1x NM Mobileye N.V. * Israel 62.67 -1% 13,938.5 13,492.7 407.6 138.6 34.0% 50.7% 33.1x 97.3x NQ Mobile Inc. * China 3.33 -24% 359.0 347.2 343.1 2.3 0.7% -15.6% 1.0x 153.3x Palo Alto Networks, Inc. United States 132.69 -20% 12,184.1 11,333.8 1,761.6 (120.0) NM 27.8% 6.4x NM Proofpoint, Inc. United States 91.76 -3% 4,076.4 4,024.5 442.2 (33.3) NM 41.3% 9.1x NM SecureWorks Corp. United States 10.23 NA 829.4 737.8 443.3 (27.3) NM 22.5% 1.7x NM Symantec Corporation United States 29.98 -10% 18,423.9 22,311.9 4,310.0 714.0 16.6% 20.7% 5.2x 31.2x Trend Micro Incorporated Japan 46.20 -15% 6,351.6 5,138.7 1,261.0 435.9 34.6% 13.7% 4.1x 11.8x VeriSign, Inc. United States 103.75 0% 10,366.8 10,425.3 1,151.0 747.7 65.0% 4.0% 9.1x 13.9x
Adjusted Weighted Average 3.8x 12.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (75.4x)
28 | M&A and Investment Summary August 2017 Software Public Company Valuation (3/3)
($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $128.82 -2% $ 10,918.9 $ 10,055.4 $ 1,033.8 $ 461.3 44.6% 7.5% 9.7x 21.8x Autodesk, Inc. United States 114.46 -4% 25,226.0 25,103.2 1,955.9 (341.7) NM -15.4% 12.8x NM AVEVA Group plc United Kingdom 24.83 -12% 1,588.0 1,419.3 270.3 65.3 24.2% 7.1% 5.3x 21.7x Dassault Systèmes SE * France 98.27 -9% 25,054.7 22,899.5 3,624.0 913.5 25.2% 8.9% 6.3x 25.1x
Adjusted Weighted Average 9.5x 21.8x
*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 (24.8x)
($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $155.16 -1% $ 76,556.8 $ 73,513.7 $ 6,526.2 $ 2,141.5 32.8% 23.0% 11.3x 34.3x Atlassian Corporation Plc United Kingdom 35.60 -9% 8,026.9 7,477.0 619.9 (16.1) NM 35.6% 12.1x NM CA, Inc. United States 33.18 -9% 13,977.7 13,933.7 4,062.0 1,246.0 30.7% 0.4% 3.4x 11.2x Cloudera, Inc. United States 19.40 -17% 2,544.2 2,980.1 284.1 (333.2) NM 0.0% 10.5x NM Commvault Systems, Inc. United States 61.05 -5% 2,778.8 2,297.8 664.7 9.3 1.4% 9.4% 3.5x NM Endurance International Group Holdings, Inc. United States 7.70 -22% 1,102.0 3,020.9 1,170.7 280.8 24.0% 28.7% 2.6x 10.8x First Data Corporation United States 18.41 -4% 16,992.1 37,771.1 7,910.0 2,789.0 35.3% 0.9% 4.8x 13.5x Guidance Software, Inc. United States 7.08 -9% 217.9 205.2 108.6 (1.0) NM 0.7% 1.9x NM Hortonworks Inc. United States 16.99 -2% 1,140.1 1,068.3 217.3 (223.0) NM 40.5% 4.9x NM IBM Corporation United States 143.03 -22% 133,295.4 166,799.4 78,439.0 17,194.0 21.9% -2.3% 2.1x 9.7x MuleSoft, Inc. United States 21.80 -25% 2,810.9 2,555.0 234.9 (53.9) NM 0.0% 10.9x NM Nutanix, Inc. United States 22.00 -53% 3,333.7 2,984.6 766.9 (386.0) NM 72.4% 3.9x NM Okta, Inc. United States 26.99 -4% 2,571.8 2,347.5 181.5 (86.0) NM 0.0% 12.9x NM Opera Software ASA Norway 3.08 -61% 443.9 363.5 496.8 20.4 4.1% -1.2% 0.7x 17.8x Oracle Corporation United States 50.33 -3% 208,199.2 200,416.2 37,728.0 14,669.0 38.9% 1.8% 5.3x 13.7x Salesforce.com, inc. * United States 95.49 -1% 68,628.7 67,709.5 9,387.9 464.1 4.9% 25.6% 7.2x 145.9x Rapid7, Inc. United States 16.86 -13% 734.0 649.7 178.1 (36.9) NM 33.7% 3.6x NM ServiceNow, Inc. United States 116.19 0% 19,835.0 19,282.9 1,631.8 (32.2) NM 36.7% 11.8x NM Talend S.A. France 39.40 -2% 1,140.7 1,045.3 126.5 (24.6) NM 42.7% 8.3x NM Twilio Inc. United States 29.28 -59% 2,691.4 2,402.2 336.7 (34.7) NM 53.4% 7.1x NM Varonis Systems, Inc. United States 38.80 -3% 1,067.2 945.6 185.9 (13.3) NM 28.9% 5.1x NM
Adjusted Weighted Average 5.9x 15.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (78.8x)
29 | M&A and Investment Summary August 2017 Information
. The Information segment reported 10 transactions worth $1.8 billion in value . Healthcare Information was the most active subsegment throughout the month with six transactions announced . In addition to UnitedHealth Group’s $1.3 billion acquisition of The Advisory Board’s health division, select transactions from the segment include: • The $10 million round of funding raised by Pro.com, a provider of project pricing information for homeowners, from DFJ, Maveron, Madrona Venture Group, and Two Sigma Ventures • Advantage Solutions’ acquisition of retailer product information and images company The Data Council • Patient Genesis’ sale of its patient information disclosure solution ConsentNow to The WIRB-Copernicus Group • Elsevier’s acquisition of peer-reviewed journals and scholarly research network Bepress • The acquisition of vehicle and driving records company Datalink Services by TransUnion
INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare Information 6 60% $1,838.7 99% 4 $1,830.0 0 - 2 $8.7 Product/Price Information 2 20% 10.0 1% 1 - 0 - 1 10.0 Credit/Risk Management Information 1 10% - 0% 1 - 0 - 0 - Legal*Intercontinental Information Exchange’s $7.4 billion acquisition1 of Interactive10% Data has been excluded- to limit comparative0% distortions1 - 0 - 0 - Total 10 100% 1,848.7 100% 7 1,830.0 0 0.0 3 18.7
30 | M&A and Investment Summary August 2017 Information Public Company Valuation (1/2)
($ in Millions, except stock price data)
Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $78.13 0% $ 9,100.2 $ 9,931.1 $ 4,142.6 $ 704.7 17.0% 43.0% 2.4x 14.1x Computershare Limited Australia 11.13 -9% 6,080.2 7,210.7 2,105.8 476.4 22.6% 7.2% 3.4x 15.1x CoreLogic, Inc. United States 46.97 -1% 3,960.0 5,512.2 1,912.6 404.8 21.2% 10.5% 2.9x 13.6x CoStar Group, Inc. * United States 286.62 0% 9,407.0 9,147.2 894.7 220.4 24.6% 13.4% 10.2x 41.5x DST Systems, Inc. United States 51.33 -18% 3,105.9 3,612.2 1,847.2 404.5 21.9% 21.0% 2.0x 8.9x The Dun & Bradstreet Corporation United States 111.44 -20% 4,118.5 5,436.0 1,717.1 427.7 24.9% 2.3% 3.2x 12.7x Envestnet, Inc. * United States 44.45 -2% 1,956.7 2,189.1 629.8 56.6 9.0% 27.2% 3.5x 38.6x Equifax Inc. United States 142.47 -3% 17,149.5 19,638.3 3,294.3 1,220.4 37.0% 14.7% 6.0x 16.1x Experian plc Ireland 20.01 -10% 18,370.5 21,684.0 4,335.0 1,516.0 35.0% 2.3% 5.0x 14.3x FactSet Research Systems Inc. United States 157.18 -14% 6,165.9 6,547.2 1,181.8 414.1 35.0% 7.3% 5.5x 15.8x Fair Isaac Corporation United States 140.76 -4% 4,311.5 4,792.6 914.8 202.2 22.1% 4.2% 5.2x 23.7x Fidelity National Information Services, Inc. United States 92.92 0% 30,887.8 39,927.8 9,351.0 2,499.0 26.7% 17.8% 4.3x 16.0x Financial Engines, Inc. United States 33.05 -28% 2,087.3 1,917.4 458.2 84.1 18.4% 28.8% 4.2x 22.8x Moody's Corporation United States 134.03 -1% 25,599.7 27,331.9 3,834.9 1,838.7 47.9% 11.3% 7.1x 14.9x Morningstar, Inc. United States 82.70 -2% 3,517.2 3,407.6 847.0 228.3 27.0% 7.6% 4.0x 14.9x MSCI Inc. * United States 114.61 -1% 10,321.7 11,647.7 1,198.5 607.2 50.7% 7.9% 9.7x 19.2x Reis, Inc. United States 17.10 -28% 196.9 178.0 46.9 6.6 14.2% -7.6% 3.8x 26.8x SEI Investments Co. United States 58.46 0% 9,243.0 8,582.6 1,455.8 413.3 28.4% 7.9% 5.9x 20.8x Thomson Reuters Corporation Canada 45.56 -10% 32,660.4 39,939.8 11,201.0 2,520.0 22.5% 0.0% 3.6x 15.8x Verisk Analytics, Inc. United States 81.05 -8% 13,337.2 15,596.3 2,030.0 941.6 46.4% 4.7% 7.7x 16.6x Workiva Inc. United States 20.20 -4% 844.9 792.3 192.4 (32.4) NM 17.5% 4.1x NM
Adjusted Weighted Average 4.9x 16.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.4x)
31 | M&A and Investment Summary August 2017 Information Public Company Valuation (2/2)
($ in Millions, except stock price data)
Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $23.29 -23% $ 1,854.9 $ 1,922.3 $ 878.0 $ 77.9 8.9% 1.1% 2.2x 24.7x Alliance Data Systems Corporation * United States 225.50 -15% 12,511.5 32,272.4 7,413.9 1,465.0 19.8% 9.6% 4.4x 22.0x Cello Group Plc United Kingdom 1.62 -11% 167.6 174.1 204.1 10.0 4.9% 5.4% 0.9x 17.3x Ebiquity plc United Kingdom 1.51 -8% 111.1 148.1 103.2 16.8 16.3% 28.6% 1.4x 8.8x GfK SE Germany 55.80 -10% 2,037.0 2,438.4 1,678.2 157.0 9.4% -3.1% 1.5x 15.5x Harte Hanks, Inc. United States 0.90 -51% 55.7 12.0 399.7 (2.6) NM -8.0% 0.0x NM InnerWorkings, Inc. United States 10.47 -12% 560.3 655.5 1,097.3 46.2 4.2% 2.0% 0.6x 14.2x Intage Holdings Inc. Japan 22.47 -4% 448.8 370.9 432.3 50.3 11.6% 5.6% 0.9x 7.4x Ipsos SA France 31.15 -26% 1,298.5 1,909.6 2,034.1 226.4 11.1% -0.2% 0.9x 8.4x Nielsen Holdings plc United Kingdom 38.85 -29% 13,853.0 22,070.0 6,396.0 1,652.0 25.8% 2.5% 3.5x 13.4x Onvia, Inc. United States 4.55 -13% 33.2 27.2 24.7 (1.4) NM 3.3% 1.1x NM Pearson plc United Kingdom 7.81 -32% 6,372.6 8,683.1 6,146.9 1,067.6 17.4% 9.1% 1.4x 8.1x System1 Group PLC United Kingdom 7.37 -46% 91.9 81.3 39.1 7.5 19.2% 0.0% 2.1x 10.9x YouGov plc * United Kingdom 3.51 -8% 368.8 349.5 123.2 12.4 10.0% 20.4% 2.8x 28.2x
Adjusted Weighted Average 2.3x 11.1x
*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 (21.6x)
($ in Millions, except stock price data)
Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.71 -5% $ 102.3 $ 115.2 $ 95.2 $ 8.8 9.3% 9.7% 1.2x 13.0x Cogint, Inc. United States 4.90 -21% 270.5 314.2 210.2 (14.5) NM 127.7% 1.5x NM Forrester Research, Inc. United States 40.75 -8% 722.7 597.4 327.8 37.7 11.5% 2.1% 1.8x 15.9x Gartner, Inc. * United States 120.59 -7% 10,925.1 13,763.9 2,746.2 373.3 13.6% 18.8% 5.0x 36.9x IHS Markit Ltd. United Kingdom 46.84 -2% 18,580.4 22,475.9 3,348.7 973.6 29.1% 48.8% 6.7x 23.1x Informa plc United Kingdom 8.89 -7% 7,324.1 9,343.6 2,095.4 658.3 31.4% 30.0% 4.5x 14.2x National Research Corporation United States 52.60 -8% 862.6 833.2 114.1 39.0 34.2% 8.1% 7.3x 21.4x NIC Inc. United States 16.35 -37% 1,083.5 948.1 327.2 83.3 25.5% 7.1% 2.9x 11.4x Premier, Inc. United States 33.50 -8% 1,782.8 1,860.3 1,454.7 440.7 30.3% 25.1% 1.3x 4.2x Proofpoint, Inc. * United States 91.76 -3% 4,076.4 4,024.5 442.2 (33.3) NM 41.3% 9.1x NM Reed Elsevier plc(1) United Kingdom 21.78 -3% 43,687.3 50,216.8 9,553.5 2,885.8 30.2% 17.4% 5.3x 17.4x Tarsus Group plc Ireland 3.96 -5% 446.1 559.8 105.4 29.5 28.0% 1.7% 5.3x 19.0x TechTarget, Inc. * United States 9.94 -6% 272.4 275.8 102.7 9.1 8.9% -8.8% 2.7x 30.2x The Advisory Board Company United States 53.25 -11% 2,167.9 2,626.1 799.1 120.8 15.1% -0.7% 3.3x 21.7x UBM plc United Kingdom 8.55 -15% 3,360.3 4,120.9 1,209.6 329.9 27.3% 16.7% 3.4x 12.5x Wolters Kluwer N.V. Netherlands 43.58 -9% 12,386.1 15,087.7 5,053.1 1,342.8 26.6% 4.6% 3.0x 11.2x
Adjusted Weighted Average 4.9x 17.1x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.4x)
32 | M&A and Investment Summary August 2017 Business Services
. The Business Services segment reported 69 transactions in August worth more than $6.8 billion in value . The IT Consulting subsegment accounted for 46 percent of total activity with 32 transactions . Select transactions: • Leonard Green & Partners’ acquisition of intellectual property and legal support services company CPA Global in a transaction valued at a reported $3.1 billion, including debt • The $1 billion acquisition of third-party logistics services and transportation management company Transplace by TPG Capital • Evotec’s acquisition of drug discovery and research services provider Aptuit from Welsh, Carson, Anderson & Stowe for $300 million • The $177 million acquisition of customer experience and technical support outsourcing company Voxpro by Telus • EQT Partners’ acquisition of Oracle services company Data Intensity from Audax Private Equity • Accenture’s acquisitions of financial services sector-focused systems integrator Verax and big data applications design and implementation services provider Search Technologies BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting 32 46% $174.5 3% 25 $116.8 3 - 4 $57.7 Corporate Training 8 12% 445.6 7% 4 - 1 93.9 3 351.7 HR Consulting 5 7% - 0% 5 - 0 - 0 - Financial Consulting 4 6% 1,600.0 23% 1 - 1 1,550.0 2 50.0 Healthcare Consulting 4 6% 300.0 4% 4 300.0 0 - 0 - Management Consulting 4 6% - 0% 2 - 0 - 2 - Logistics 3 4% 1,007.7 15% 1 - 1 1,000.0 1 7.7 Other 9 13% 3,292.7 48% 6 172.7 3 3,120.0 0 0.0 Total 69 100% 6,820.5 100% 48 589.5 9 5,763.9 12 467.1
33 | M&A and Investment Summary August 2017 Business Services Public Company Valuation (1/3)
($ in Millions, except stock price data)
Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 130.76 0% $ 80,807.9 $ 78,160.0 $ 34,189.5 $ 5,804.2 17.0% 5.9% 2.3x 13.5x CRA International, Inc. United States 37.53 -6% 308.7 294.7 343.0 29.4 8.6% 9.8% 0.9x 10.0x FTI Consulting, Inc. United States 33.91 -28% 1,308.9 1,651.3 1,771.0 149.4 8.4% -3.1% 0.9x 11.1x Information Services Group, Inc. * United States 3.75 -13% 162.3 256.5 240.8 13.3 5.5% 11.7% 1.1x 19.4x Navigant Consulting, Inc. United States 15.33 -45% 716.4 894.6 948.2 131.9 13.9% 7.3% 0.9x 6.8x ICF International, Inc. United States 48.05 -19% 900.2 1,168.7 1,198.8 115.2 9.6% 3.5% 1.0x 10.1x Huron Consulting Group Inc. United States 30.25 -53% 642.4 1,029.7 731.8 112.1 15.3% 0.9% 1.4x 9.2x The Advisory Board Company * United States 53.25 -11% 2,167.9 2,626.1 799.1 120.8 15.1% -0.7% 3.3x 21.7x The Hackett Group, Inc. United States 13.66 -34% 394.4 399.9 262.6 40.6 15.5% 4.9% 1.5x 9.9x
Adjusted Weighted Average 1.1x 9.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.9x) ($ in Millions, except stock price data)
HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 106.47 -13% $ 47,312.6 $ 46,531.4 $ 12,379.8 $ 2,722.0 22.0% 6.1% 3.8x 17.1x Barrett Business Services, Inc. United States 51.58 -23% 376.3 361.9 881.8 29.9 3.4% 12.1% 0.4x 12.1x Capita plc United Kingdom 8.35 -40% 5,559.4 8,321.5 6,061.3 754.9 12.5% 1.5% 1.4x 11.0x DHI Group, Inc. United States 1.95 -77% 98.3 144.8 215.6 39.5 18.3% -12.4% 0.7x 3.7x Edenred SA France 26.98 -7% 6,292.2 7,970.2 1,363.4 450.7 33.1% 20.6% 5.8x 17.7x Insperity, Inc. United States 80.30 -14% 1,674.0 1,534.6 3,109.8 127.5 4.1% 11.6% 0.5x 12.0x Marsh & McLennan Companies, Inc. United States 78.08 -4% 40,017.9 44,773.9 13,497.0 3,231.0 23.9% 2.5% 3.3x 13.9x Paychex, Inc. United States 57.03 -10% 20,496.3 20,172.9 3,151.3 1,366.5 43.4% 6.8% 6.4x 14.8x Professional Diversity Network, Inc. United States 4.59 -67% 18.0 13.1 22.9 (5.6) NM -26.7% 0.6x NM TriNet Group, Inc. United States 35.73 -14% 2,479.2 2,686.1 3,189.7 205.6 6.4% 11.0% 0.8x 13.1x WageWorks, Inc. * United States 58.95 -27% 2,340.3 1,810.2 434.9 81.9 18.8% 27.5% 4.2x 22.1x
Adjusted Weighted Average 3.9x 15.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.6x)
34 | M&A and Investment Summary August 2017 Business Services Public Company Valuation (2/3)
($ in Millions, except stock price data)
IT Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 130.76 0% $ 80,807.9 $ 78,160.0 $ 34,189.5 $ 5,804.2 17.0% 5.9% 2.3x 13.5x Amdocs Limited United States 64.79 -5% 9,417.6 8,454.5 3,828.1 719.3 18.8% 3.3% 2.2x 11.8x Bechtle AG Germany 68.82 -6% 2,890.3 2,886.4 3,754.3 202.1 5.4% 11.5% 0.8x 14.3x Booz Allen Hamilton Holding Corporation United States 34.11 -14% 5,071.3 6,595.7 5,875.1 558.7 9.5% 7.3% 1.1x 11.8x Business & Decision SA * France 9.39 -4% 74.0 106.8 240.3 3.5 NA 1.5% 0.4x 30.2x Capgemini SE France 110.59 -4% 18,122.2 20,695.6 14,482.6 1,842.6 12.7% 1.0% 1.4x 11.2x Cerner Corporation * United States 67.78 -2% 22,474.7 22,381.1 4,898.4 1,371.5 28.0% 7.0% 4.6x 16.3x CGI Group Inc. Canada 50.69 -9% 14,758.5 15,942.2 8,324.9 1,399.6 16.8% 1.2% 1.9x 11.4x Cognizant Technology Solutions Corporation United States 70.77 -2% 41,798.4 38,411.4 14,131.0 2,775.0 19.6% 8.8% 2.7x 13.8x Digi International Inc. United States 9.20 -35% 244.2 134.9 187.0 16.3 8.7% -9.5% 0.7x 8.3x DXC Technology Company * United States 85.00 -1% 24,198.6 29,474.6 11,590.0 1,218.0 10.5% 60.3% 2.5x 24.2x Globant S.A. * Luxembourg 38.89 -18% 1,358.3 1,331.4 357.9 51.9 14.5% 22.6% 3.7x 25.6x International Business Machines Corporation United States 143.03 -22% 133,295.4 166,799.4 78,439.0 17,194.0 21.9% -2.3% 2.1x 9.7x Infosys Limited India 14.30 -16% 32,681.7 27,442.3 10,358.0 2,811.0 27.1% 6.3% 2.6x 9.8x ITS Group France 7.99 -11% 61.3 63.6 199.3 8.0 4.0% -1.7% 0.3x 7.9x Navigant Consulting, Inc. United States 15.33 -45% 716.4 894.6 948.2 131.9 13.9% 7.3% 0.9x 6.8x NTT Data Corporation Japan 10.78 -8% 15,123.6 18,622.8 16,741.8 2,475.5 14.8% 14.1% 1.1x 7.5x Perficient, Inc. United States 18.30 -11% 642.6 705.0 452.1 47.4 10.5% -6.7% 1.6x 14.9x Presidio, Inc. United States 13.91 -15% 1,264.6 2,175.4 2,842.2 203.0 7.1% 0.0% 0.8x 10.7x Reply S.p.A. Italy 228.48 -1% 2,136.7 2,095.1 976.0 127.7 13.1% 12.2% 2.1x 16.4x SQLi France 53.13 -5% 196.2 202.5 201.5 16.2 8.0% 6.7% 1.0x 12.5x Tata Consultancy Services Limited India 39.01 -8% 74,679.4 69,813.9 18,297.1 4,936.6 27.0% 5.3% 3.8x 14.1x Wipro Limited India 4.67 0% 22,616.5 19,127.3 8,521.0 1,690.9 19.8% 4.7% 2.2x 11.3x
Adjusted Weighted Average 2.4x 11.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.5x)
35 | M&A and Investment Summary August 2017 Business Services Public Company Valuation (3/3)
($ in Millions, except stock price data)
Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $6.86 -16% $ 55.5 $ 43.7 $ 40.9 $ 1.2 3.0% -1.9% 1.1x 36.0x Cenveo, Inc. United States 3.78 -56% 32.4 1,064.6 1,546.3 126.1 8.2% -11.6% 0.7x 8.4x Communisis plc United Kingdom 0.71 -5% 148.4 185.1 484.4 32.3 6.7% 5.2% 0.4x 5.7x Contax Participações S.A. Brazil 1.87 -58% 7.7 428.2 573.0 41.1 7.2% -11.3% 0.7x 10.4x Convergys Corporation United States 23.50 -24% 2,192.1 2,307.1 2,913.6 363.0 12.5% 0.2% 0.8x 6.4x CSG Systems International, Inc. United States 38.71 -25% 1,299.9 1,391.8 769.7 144.8 18.8% 1.2% 1.8x 9.6x Elanders AB (publ) Sweden 12.42 -17% 439.3 763.1 1,020.2 74.7 7.3% 103.0% 0.7x 10.2x Eniro AB Sweden 0.04 -47% 19.6 234.0 216.0 30.6 14.2% -16.1% 1.1x 7.7x ExlService Holdings, Inc. United States 56.28 -6% 1,899.0 1,707.4 720.6 101.1 14.0% 8.1% 2.4x 16.9x Firstsource Solutions Limited India 0.59 -23% 405.5 484.3 547.7 64.1 11.7% 4.7% 0.9x 7.6x Genpact Limited Bermuda 28.45 -11% 5,488.1 6,323.0 2,624.2 438.3 16.7% 4.8% 2.4x 14.4x InnerWorkings, Inc. United States 10.47 -12% 560.3 655.5 1,097.3 46.2 4.2% 2.0% 0.6x 14.2x j2 Global, Inc. United States 75.28 -18% 3,638.7 4,551.0 989.8 384.2 38.8% 24.4% 4.6x 11.8x Luxoft Holding, Inc. SwitzerlandSwitzerland 50.65 -25% 1,695.7 1,598.1 816.8 89.1 10.9% 20.0% 2.0x 17.9x MAXIMUS, Inc. United States 60.78 -6% 3,942.8 3,858.6 2,453.1 384.4 15.7% 4.0% 1.6x 10.0x Quad/Graphics, Inc. United States 19.06 -34% 991.9 2,061.9 4,216.5 474.8 11.3% -6.8% 0.5x 4.3x Quintiles IMS Holdings, Inc. United States 96.03 -4% 20,793.1 29,049.1 6,969.0 1,507.0 21.6% 55.0% 4.2x 19.3x R.R. Donnelley & Sons Company United States 9.23 -82% 646.1 2,685.9 6,939.8 372.9 5.4% 47.0% 0.4x 7.2x Serco Group plc United Kingdom 1.52 -23% 1,650.3 1,891.0 3,930.0 85.6 2.2% -1.0% 0.5x 22.1x St Ives plc United Kingdom 0.91 -54% 130.5 221.2 472.4 53.0 11.2% 6.1% 0.5x 4.2x StarTek, Inc. United States 11.90 -19% 189.8 213.4 307.1 18.3 6.0% 0.1% 0.7x 11.6x SYNNEX Corporation United States 119.61 -9% 4,777.2 5,562.4 15,013.9 603.3 4.0% 12.2% 0.4x 9.2x Sykes Enterprises, Incorporated United States 26.66 -23% 1,134.4 1,099.9 1,534.3 172.4 11.2% 14.5% 0.7x 6.4x Teleperformance SE France 137.28 -5% 7,929.0 9,699.9 4,610.4 709.0 15.4% 17.8% 2.1x 13.7x TeleTech Holdings, Inc. United States 39.70 -9% 1,819.9 2,006.2 1,349.4 171.4 12.7% 6.4% 1.5x 11.7x transcosmos inc. Japan 21.47 -20% 890.4 766.0 2,204.1 92.5 4.2% 7.7% 0.3x 8.3x Transcontinental Inc. Canada 19.39 -8% 1,498.0 1,685.1 1,481.3 295.4 19.9% 0.4% 1.1x 5.7x Cimpress N.V. Netherlands 92.44 -11% 2,893.7 3,951.8 2,135.4 126.2 5.9% 19.4% 1.9x 31.3x West Corporation United States 23.37 -18% 1,955.1 4,875.2 2,285.7 636.3 27.8% -0.5% 2.1x 7.7x
Adjusted Weighted Average 1.3x 10.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.1x)
36 | M&A and Investment Summary August 2017 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 4.3x 2.8x 7.1x 2.5x Internationally-based Digital Media and Internet 5.1x 3.3x 6.9x 2.7x US-based eCommerce 3.1x 2.2x 4.5x 2.0x Internationally-based eCommerce 2.8x 1.0x 8.9x 1.6x US-based Digital Advertising 3.9x 2.7x 9.2x 2.8x Internationally-based Digital Advertising 3.8x 2.1x 10.1x 2.3x US-based Marketing Technology 4.7x 4.4x 5.5x 3.7x Internationally-based Marketing Technology 5.1x 4.6x 5.9x 5.1x Agency 1.2x 1.3x 1.4x 1.4x Marketing Services 1.7x 1.8x 3.0x 2.6x Traditional Media 2.8x 2.4x 3.6x 3.2x Software 5.5x 5.1x 5.6x 5.4x Information 4.1x 3.5x 6.3x 4.9x Business Services 1.3x 0.9x 2.5x 2.1x
As of close of business on 08/31/17
*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean
37 | M&A and Investment Summary August 2017 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 23.1x 17.5x 16.9x 15.9x Internationally-based Digital Media and Internet 24.1x 21.1x 22.2x 13.6x US-based eCommerce 17.6x 14.5x 19.6x 13.3x Internationally-based eCommerce 33.1x 22.4x 34.1x 14.2x US-based Digital Advertising 41.6x 22.0x 22.5x 14.2x Internationally-based Digital Advertising 18.0x 14.5x 25.0x 14.1x US-based Marketing Technology 22.0x 15.7x 31.1x 16.4x Internationally-based Marketing Technology 30.2x 19.4x 19.7x 20.4x Agency 10.1x 9.3x 9.0x 8.9x Marketing Services 11.2x 8.9x 15.1x 8.4x Traditional Media 14.1x 10.6x 11.9x 11.8x Software 32.6x 19.5x 23.8x 16.4x Information 18.4x 15.8x 23.9x 16.3x Business Services 11.6x 10.3x 13.7x 12.2x
As of close of business on 08/31/17
*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean
38 | M&A and Investment Summary August 2017 PPLLC Indices LTM Share Pricing Trends
Digital Media/Commerce and Traditional Media Digital Advertising LTM Index Performance LTM Index Performance 150%
140% 140% • S&P 500 – 13.9 % • S&P 500 – 13.9 %
130% 125% • Digital Advertising – 22.3 % • Digital Media/Commerce – 35.3 % 120%
110% • Traditional Media – 15.9 % 110%
100% Index Performance (%) Performance Index Index Performance (%) Performance Index 95% 90%
80% 80% Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17
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 LTM Index Performance 150% 150% • S&P 500 – 13.9 % • S&P 500 – 13.9 % 140% 140%
130% • Agency – (15.6) % 130% • Marketing Technology – 14.3 % v 120% 120% • Marketing Services – 2.4 % 110% 110%
100% 100% Index Performance (%) Performance Index Index Performance (%) Performance Index 90% 90%
80% 80% Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17
Marketing Technology S&P 500 Index (^SPX) Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance 150% LTM Index Performance Information & Business Services 150% 140% • S&P 500 – 13.9 % • S&P 500 – 13.9 % 140% 130% • Software – 12.7 % 130% • Information – 9.9 % 120% 120% 110% • Business Services – v (0.5) % 110% 100%
Index Performance (%) Performance Index 100% 90%
Index Performance (%) Performance Index 90% 80% Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 80% Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Software S&P 500 Index (^SPX) Note: LTM as of 8/31/2017 Information Business Services S&P 500 Index (^SPX) 39 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Values Disclosed Target Target Segment Buyer/Investor Reported TV
BAM Technologies LLC Marketing Technology The Walt Disney Company $ 1,580.0 The Advisory Board Company Information Optum Inc. 1,300.0 Active Network, Inc. Software Global Payments, Inc. 1,200.0 Symantec Corp., Website Security Business Software DigiCert, Inc. 950.0 Waimai Digital Media/Commerce Ele.me 800.0 HighJump Software, Inc. Software Korber AG 750.0 Symphony Health Solutions Information PRA Health Sciences 530.0 Plarium Global Ltd. Digital Media/Commerce Aristocrat Leisure Limited 500.0 proALPHA Business Solutions GmbH Software Intermediate Capital Group plc 460.6 R2Net, Inc. Digital Media/Commerce Signet Jewelers Ltd 328.0 Sequel Business Solutions Limited Software Verisk Analytics, Inc. 322.5 Springpath, Inc. Software Cisco Systems, Inc. 320.0 Katz Broadcast Networks Traditional Media The E.W. Scripps Company 307.4 Aptuit, Inc. Business Services Evotec AG 300.0 Eat24Hours.com Digital Media/Commerce GrubHub, Inc. 287.5 JacTravel Group Digital Media/Commerce Webjet Limited 263.5 On-Site.com, Inc. Marketing Technology RealPage, Inc. 250.0 McKesson Corp., Hospital & Health System Software Allscripts 185.0 CashStar, Inc. Agency & Marketing Services Blackhawk Network, Inc. 175.0 Voxpro Group Business Services Telus Corporation 172.7 FUNimation Entertainment Digital Media/Commerce Sony Pictures Television Group 157.9 LCI, Inc. Software Verisk Analytics, Inc. 151.0 SpotXchange, LLC Digital Advertising RTL Group 141.4 Numerex Corp. Software Sierra Wireless 130.3 Morris Publishing, Select Newspapers & Related Assets Traditional Media New Media Investment Group, Inc. 120.0 Affecto Plc Business Services CGI Nordic Investments Limited 112.8 MaxPoint Interactive, Inc. Marketing Technology Valassis Communications, Inc. 108.2 MacroPoint LLC Software The Descartes Systems Group, Inc. 107.0 Rain King Software, Inc. Marketing Technology DiscoverOrg, LLC 100.0 NantHealth, Inc., Patient & Provider Engagement Business Software Allscripts 62.4 Student Brands LLC Digital Media/Commerce Barnes & Noble Education, Inc. 58.5 Love Home Swap Digital Media/Commerce Wyndham Worldwide Corporation 52.7 Parallel 6, Inc. Software PRA Health Sciences 49.7 MoviePass, Inc. Digital Media/Commerce Helios and Matheson Analytics, Inc. 49.4 nanoRep Technologies Marketing Technology LogMeIn 45.1 IQP Corporation Software General Electric Company 40.0 Vayant Travel Technologies, Inc. Marketing Technology PROS Holdings 35.0 Quantum Inventions Pte Ltd. Marketing Technology Continental Automotive Holding Netherlands BV 29.0 Tremor Video, Demand Side Platform Digital Advertising Taptica, Inc. 27.5 EagleDream Health, Inc. Software NextGen Healthcare Information Systems, Inc. 26.0 AdinCube Digital Advertising Mozoo Group 20.0 MatsSoft Ltd. Software Netcall plc 18.3 40 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Values Disclosed Target Target Segment Buyer/Investor Reported TV
GameSparks Technologies Ltd. Software Amazon.com, Inc. $ 13.0 AdGeek Marketing Consulting Co., Ltd. Agency & Marketing Services FreakOut Holdings, Inc. 12.3 Eden Games SAS Digital Media/Commerce Millennial Esports Corp. 11.8 Sema Holdings Pty Ltd. Agency & Marketing Services IVE Group Ltd. 11.7 Sumoing Oy Digital Media/Commerce KuuHubb Oy 10.6 IconPeak Digital Advertising OLAmobile 10.0 Brilliant Basics Ltd. Agency & Marketing Services Infosys Limited 9.9 CMS Transport Systems Pty Ltd. Software WiseTech Global 7.0 Money Under 30 Digital Advertising XLMedia PLC 7.0 C2B Solutions Pty Ltd. Digital Advertising Mobile Embrace Limited 5.1 Decipher Works Pty Ltd. Business Services Transaction Solutions International Limited 4.0 PlusMobile LLC Digital Media/Commerce AtmanCo, Inc. 2.5
41 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Achieve Media Ltd. Agency & Marketing Services CNS Media Ltd. $ - Acne AB Agency & Marketing Services Deloitte Digital - Agency 128 Agency & Marketing Services Nimble Impressions LLC - Blink Digital Marketing Agency & Marketing Services Havas - Brand Connections, LLC Agency & Marketing Services Advantage Solutions, Inc. - Brand Learning Group Agency & Marketing Services Accenture plc - Breakfast at 12 LLC Agency & Marketing Services Workhorse Marketing - Changeup Marketing Agency & Marketing Services Enradius - CivitasNow Agency & Marketing Services Scoppechio - Comrade Agency & Marketing Services CI&T - Creative Leap Limited Agency & Marketing Services Ceuta Healthcare Ltd. - DemandWave Agency & Marketing Services Wpromote, Inc. - Design Bridge Ltd. Agency & Marketing Services WPP Group - DIS/PLAY Agency & Marketing Services WPP Group - Essential Media GmbH Agency & Marketing Services Berkeley Public Relations Ltd. - Fourth Wall Productions LLC Agency & Marketing Services CenterTable LLC - Giles-Parscale, Inc. Agency & Marketing Services CloudCommerce, Inc. - HeadOffice Agency & Marketing Services Epiphany - Hug Digital FZ LLC Agency & Marketing Services WPP Group - Invisible Artists Pty Ltd. Agency & Marketing Services Bareface Agency - Little Giant Agency Agency & Marketing Services Dentsu Aegis Network, Inc. - Meers Advertising, Inc. Agency & Marketing Services Barkley, Inc. - Motive Communications, Inc. Agency & Marketing Services 6S Marketing - Optimisa PLC Agency & Marketing Services PricewaterhouseCoopers LLP - Performance Sales and Marketing Agency & Marketing Services Impact Group, Inc. - ProLogic Retail Services Agency & Marketing Services AppCard, Inc. - Proventus Consulting LLC Agency & Marketing Services Trozzolo Communications Group - Public Identity, Inc. Agency & Marketing Services Superior Uniform Group - Ranger Marketing & Vertriebs GmbH Agency & Marketing Services Stroer SE & Co. KGaA - Rappio Advertising Private Limited Agency & Marketing Services Fork Media Private Limited - ReSoMe, Inc. Agency & Marketing Services Iversoft Solutions, Inc. - Social Media Beast Agency & Marketing Services PowerPost, Inc. - Social Media Delivered LLC Agency & Marketing Services Splash Media, LP - The Blender Company Agency & Marketing Services iTeknik - Wire Stone, LLC Agency & Marketing Services Accenture plc - Wyndham Jade, LLC Agency & Marketing Services MCI Group - AACE (Asian Aviantion Centre of Excellence Sdn Bhd) Business Services CAE, Inc. - Atlantix Global Systems LLC Business Services CXtec, Inc. - Automotive Compliance Consultants, Inc. Business Services KPA LLC - Basati LLC Business Services Simplus, Inc. - Blue Agility LLC Business Services cPrime, Inc. - Blue Moon Wealth Advisory LLC Business Services Mercer Advisors, Inc. - 42 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Concrete Solutions Ltda. Business Services Accenture plc $ - CrossResolve LLC Business Services KeyLogic Systems, Inc. - ctc TrainCanada Business Services Global Knowledge Training LLC - Data Service Solutions, Inc. Business Services SG360 - DEITZ Nationwide Court Reporting Business Services Lexitas - DHR Services Holdings LLC Business Services Oasis Outsourcing, Inc. - Dragon Innovation, Inc. Business Services Avnet, Inc. - Eknovate, Inc. Business Services Feuji, Inc. - Evans International (PI Atlanta) Business Services The Predictive Index LLC - Expedient Medstaff LLC Business Services American Health Staffing Group LLC - Galitt Business Services Sopra Group - GoGoVan Business Services Beijing 58 Information and Technology Co., Ltd. - Habilitative Services, Inc. Business Services Civitas Solutions, Inc. - Halo Group Business Services Global Employment Solutions - HR Outsourcing, Inc. Business Services Paychex, Inc. - ikb Data GmbH Business Services Datagroup AG - Imedex LLC Business Services HMP Communications Holdings LLC - Independence Healthcare Corporation Business Services All Metro Health Care Services, Inc. - INETICO, Inc. Business Services United Claim Solutions LLC - Lannick Group Business Services Vaco, LLC - LayerV Ltd. Business Services Pulsant - NextGen Storage LLC Business Services Congruity 360 LLC - Nodes Aps Business Services Monstar Lab, Inc. - Pelissari Informatica S.A. Business Services Cast Group Informática S.A. - ProSource Solutions LLC Business Services Improving Holdings, LLC - Search Technologies Corp. Business Services Accenture plc - Securecast Business Services Webroot, Inc. - Something Digital LLC Business Services Fidelus Technologies LLC - Stratacuity Staffing Partners, Inc. Business Services On Assignment, Inc. - Strategic Products and Services LLC Business Services ConvergeOne, Inc. - Summa Technologies, Inc. Business Services CGI Group, Inc. - TeamLink HR Business Services Clear Employer Services - Technical Edge Consulting LLC Business Services Avitus Group, Inc. - Technical Sales International, Inc. Business Services Applied Software Technology, Inc. - USA 800 Business Services The Results Companies, LLC - Verax, Inc. Business Services Accenture plc - We Are IT Business Services The Purple Guys - Zado Infotech Solutions India Pvt. Ltd. Business Services QA Mentor, Inc. - affilinet GmbH Digital Advertising AWIN AG - Altitude Digital Digital Advertising Genesis Media LLC - Groupalia Italia Digital Advertising Epipoli S.p.A. - Mundi Digital Advertising Kayak Software Corporation - 43 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
ShopAtHome.com Digital Advertising Prodege, LLC $ - Slevomat cz, s.r.o. Digital Advertising Secret Escapes Ltd. - Tapcore B.V. Digital Advertising Airpush, Inc. - UAB Adnet Media Digital Advertising AS Ekspress Grupp - WaytoStay Digital Advertising Hotusa Hotels S.A. - Wer streamt Digital Advertising FUNKE MEDIENGRUPPE - AIMatter OOO Digital Media/Commerce Google - Black Forest Games GmbH Digital Media/Commerce THQ Nordic GmbH - BlogTalkRadio, Inc. Digital Media/Commerce Spreaker, Inc. - Boatbound Digital Media/Commerce BoatSetter, Inc. - Carlypso.com Digital Media/Commerce Carvana LLC - Classics&Exotics Digital Media/Commerce The Hagerty Group LLC - Coingeek.com Digital Media/Commerce CalvinAyre.com - FromAustria.com Digital Media/Commerce Niceshops GmbH - GottaGolf LLC Digital Media/Commerce Swing by Swing Golf, Inc. - GrooveCar, Inc. Digital Media/Commerce Fusion Auto Finance - Hellocare SAS Digital Media/Commerce Pflegix GmbH - International Brands Direct Digital Media/Commerce Ecom Products Group - Korrio, Inc. Digital Media/Commerce TeamSnap, Inc. - Kosik.cz s.r.o. Digital Media/Commerce Kolonial.cz s.r.o. - La Redoute Digital Media/Commerce Galeries Lafayette - MediaPlay Digital Media/Commerce AppSwarm, Inc. - MissFresh, Inc. Digital Media/Commerce Metro, Inc. - Pieces Interactive AB Digital Media/Commerce THQ Nordic AB - Ry.com.au Pty Ltd. Digital Media/Commerce The Hut Group - Solid Stock Art LLC Digital Media/Commerce eLearning Brothers LLC - StatsRoyale.com Digital Media/Commerce Overwolf Ltd. - Streetsmart Ltd. Digital Media/Commerce Gett, Inc. - Upthere, Inc. Digital Media/Commerce Western Digital Corporation - Urbi.co Digital Media/Commerce Telepass S.p.A. - WebContacts Pty Ltd. Digital Media/Commerce Reverse Corp Limited - YourContacts Pty Ltd. Digital Media/Commerce Reverse Corp Limited - bepress.com Information Elsevier, Inc. - Compass Driving Records Information TransUnion, LLC - ConsentNow Information WIRB-Copernicus Group - Context Matters, Inc. Information Decision Resources Group - The Data Council, Inc. Information Advantage Solutions, Inc. - Algo.com Marketing Technology Meltwater.com - Apprento, Inc. Marketing Technology M-Files, Inc. - AUDServ, Inc. Marketing Technology InnerScope Advertising Agency, Inc. - Autovance Technologies, Inc. Marketing Technology Quorum Information Technologies, Inc. - Blab, Predictive Social Intelligence Platform Marketing Technology Deloitte LLP - 44 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Catalyst Healthcare Research Marketing Technology Service Management Group, Inc. $ - Chuckwalla Inc. Marketing Technology NetXposure, Inc. - Clareity.com Marketing Technology CoreLogic, Inc. - Cosmify, Inc. Marketing Technology Meltwater.com - Customer Dynamics Marketing Technology Microexcel Inc. - Customer Perspectives LLC Marketing Technology Jancyn, Inc. - CVISION Technologies, Inc. Marketing Technology Foxit Software, Inc. - Fayteq GmbH Marketing Technology Facebook - Fizziology LLC Marketing Technology MarketCast LLC - Hello Scout, Inc. Marketing Technology Luxico.com.au - IKON Interactive Marketing Technology Discover Digital - Jive-x Marketing Technology Lithium Technologies - Kibo.mobi Marketing Technology StartApp, Inc. - Locket.com Marketing Technology Go-Jek - Lumata Group Ltd. Marketing Technology Evolving Systems, Inc. - Metapic Marketing Technology TradeDoubler, Ltd. - Mixpo, Inc. Marketing Technology Netsertive, Inc. - Pattern Technologies, Inc. Marketing Technology Workday, Inc. - Strobe Labs, Inc. Marketing Technology Ticketmaster Entertainment, Inc. - Transparency AI Marketing Technology Semcasting, Inc. - Unomy Ltd. Marketing Technology WeWork.com - vBrand Ltd. Marketing Technology Nielsen Holdings B.V. - Voicebank.net, Inc. Marketing Technology Voices.com, Inc. - Zarget Marketing Technology Freshworks, Inc. - AlignStar Software Xactly Corporation - BBT Software Software Volaris Group, Inc. - CCI, Inc. Software Zyme Solutions, Inc. - CipherPoint Software, Inc. Software Covata Limited - ClearGraph Software Tableau Software, Inc. - Cloudamize, Inc. Software Cloudreach Limited - Cognia.com Software Smarsh, Inc. - Conneqted 365 AB Software Techstep ASA - Contovista AG Software Aduno Group AG - Corona Renderer Software Chaos Group - Curoverse, Inc. Software Veritas Genetics Internatioanal - Cycle Computing LLC Software Microsoft Corporation - Datablink, Inc. Software WatchGuard Technologies, Inc. - Datacastle Corporation Software Carbonite, Inc. - Digital Health Department, Inc. Software Tyler Technologies - Digital Lumens, Inc. Software OSRAM Licht AG - Dovetail Systems Software Fiserv, Inc. - eAudit Solutions, Inc. Software SUNRx - 45 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Energate, Inc. Software Tantalus Systems Corp. $ - Ergo Sum Healthcare, Inc. Software SilverVue, Inc. - Exoscale Software A1 Digital International GmbH - GoPigeon Software Narvar Inc. - Grand Junction, Inc. Software Target Corporation - Granular, Inc. Software DuPont - GreenQloud Software NetApp - Handshake Software, Inc. Software Aderant Holdings, Inc. - Impeo Software GmbH Software Fadata Group - inData Corporation Software Ipro Tech LLC - Interviewed Software Indeed, LLC - Kodiak Networks, Inc. Software Motorola Solutions, Inc. - LendingRobot Software NSR Invest - Loki Systems Software ZeroChaos - Lucernex, Inc. Software Accruent LLC - Medisec Software Software Clanwilliam Group Ltd. - Meontrust, Inc. Software INSIDE Secure SA - Metron Technology Ltd. Software Syncsort, Inc. - Myriad Development, Inc. Software CoreLogic, Inc. - Nevis Networks, Certain Assets Software Qualys, Inc. - OnForce, Inc. Software Work Market, Inc. - OnSource LLC Software Genpact Limited - Ozlo, Inc. Software Facebook - Paperless.cl Software Sovos Compliance LLC - PCLender LLC Software Fiserv, Inc. - Personal, Inc. Software digi.me Limited - PierceMatrix Software Zenith Technology Partners - Planet OS, Inc. Software InterTrust Technologies Corporation - Precise Software, Inc. Software Open Systems, Inc. - Prescient Travel Software iJET International, Inc. - Project DocControl Software Kahua - RedOwl Analytics Software Raytheon Company - RemitDATA, Inc. Software eSolutions, Inc. - RevStream Software Aptitude Software - ROC IT Systems LLC Software TraceLink, Inc. - Savedo GmbH Software Deposit Solutions GmbH - Scyfer B.V. Software QUALCOMM - Sencha, Inc. Software Idera, Inc. - Senosis Health Software Google - SpamExperts B.V. Software SolarWinds MSP - Synergistic Software Solutions LLC Software Scanco Software LLC - Talyst, Inc. Software Swisslog Healthcare - 46 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Tass International Software Siemens AG $ - Trade Force S.A. Software ACCERA - Upverter, Inc. Software Altium Limited - Veracity Innovations LLC Software Carl Zeiss Meditec AG - VersionOne, Inc. Software CollabNet, Inc. - WS Software AB Software Evatic AS - boo.lab Traditional Media Essel Group - Clear Channel Outdoor Company Canada Traditional Media Branded Cities Network LLC - Corporate Board Member Traditional Media Chief Executive Group, LLC - Counter Logic Gaming, Inc. Traditional Media Madison Square Garden - Cranbury International Books LLC Traditional Media ProBility Media Corp. - DM News Traditional Media AC Business Media, Inc. - Donna Magazine Traditional Media FUNKE MEDIENGRUPPE - Lalela Music LLC Traditional Media STX Entertainment - Marquee Event Group, Inc. Traditional Media M&M The Special Events Company - Millarworld Limited Traditional Media Netflix, Inc. - Network Ten Pty Limited Traditional Media CBS Corporation - Open Road Films, Inc. Traditional Media Tang Media Partners LLC - Patient Education Network Traditional Media PatientPoint, LLC - SBA Music Pty Ltd. Traditional Media Stingray Digital Group, Inc. - Southern Gaming Summit LLC Traditional Media Mississippi Gaming & Hospitality Association - The Valley Times-News Traditional Media Boone Newspapers, Inc. -
47 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Buyout Transactions Buyout Deals Values Disclosed Target Target Segment Buyer/Investor Reported TV Paysafe Group Plc Software The Blackstone Group L.P. $ 4,013.7 CPA Global Limited Business Services Leonard Green & Partners, L.P. 3,120.0 Education Advisory Board Business Services Vista Equity Partners 1,550.0 Transplace, Inc. Business Services TPG Capital 1,000.0 DoubleVerify, Inc. Marketing Technology Providence Equity Partners, Inc. 350.0 Zoom Information, Inc. Marketing Technology Great Hill Partners, LLC 240.0 Business School24 Business Services Palamon Capital Partners, LP 93.9 Huddle Software Turn/River Capital 88.4 AlliedPRA, Inc. Agency & Marketing Services CI Capital Partners LLC 22.7 The Young Turks LLC Digital Media/Commerce 3L Capital 20.0
Buyout Deals Undisclosed Target Target Segment Buyer/Investor Reported TV
DOCU Nordic Group Holding AB Agency & Marketing Services Stirling Square Capital Partners LLP $ - Medical Knowledge Group Agency & Marketing Services MTS Health Investors - Shift Marketing Studio, Inc. Agency & Marketing Services A5 Capital - Data Intensity LLC Business Services EQT Partners - Exsitec AB Business Services Standout Capital - Industrial Color Brands Business Services Frontenac Company, LLC - SCM Insurance Services Business Services Warburg Pincus LLC - ThoughtWorks, Inc. Business Services Apax Partners, L.P. - Ten-X, LLC Digital Media/Commerce Thomas H. Lee Partners - DNN Corp. Marketing Technology ESW Capital LLC - Go Global Travel Ltd. Marketing Technology Apax Partners, L.P. - Simpli.fi Holdings, Inc. Marketing Technology GTCR, LLC - ABIT GmbH Software Marlin Equity Partners - Applause App Quality, Inc Software Vista Equity Partners - BackOffice Associates, LLC Software Bridge Growth Partners LLC - ECI Software Solutions, Inc. Software Apax Partners, L.P. - Efficient Forms LLC Software AltaLink Capital - EtQ, Inc. Software Technology Crossover Ventures - Frontline Education Software Thoma Bravo, Inc. - Medius AB Software Marlin Equity Partners - Newforma, Inc. Software Battery Ventures - Quest Analytics LLC Software Vestar Capital Partners -
48 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Tokopedia Digital Media/Commerce Alibaba Group Holding Ltd. $ 1,100.0 WME | IMG Agency & Marketing Services CPP Investment Board 1,100.0 Fanatics, Inc. Digital Media/Commerce SoftBank Capital 1,000.0 BluJay Solutions Ltd. Software TPG Specialty Lending Europe 500.0 Yiguo.com Digital Media/Commerce Alibaba Group Holding Ltd. 300.0 Kabbage, Inc. Digital Media/Commerce SoftBank Capital 250.0 Vipkid Business Services Sequoia Capital 200.0 Reddit.com Digital Media/Commerce Sequoia Capital 200.0 SoundCloud Ltd. Digital Media/Commerce Raine Ventures 170.0 The Hut Group Digital Media/Commerce BlackRock, Inc. 162.0 Qiniu.com Software Alibaba Group Holding Ltd. 151.3 VistaJet Group Holding Limited Digital Media/Commerce Rhone Capital LLC 150.0 Zuoyebang Business Services Sequoia Capital 150.0 Qiniuyun Software Alibaba Group Holding Ltd. 140.0 Databricks, Inc. Software Andreessen Horowitz 140.0 iflix Digital Media/Commerce Hearst Ventures 133.0 Bread Software Menlo Ventures 126.0 Interface Security Systems, LLC Software SunTx Capital Partners 125.0 BlueteamGlobal Software Undisclosed 125.0 PCCW Media Limited Digital Media/Commerce Hony Capital 110.0 Just Buy Live Enterprise Pvt. Ltd. Digital Media/Commerce Ali Cloud Investment 100.0 Go-Jek Digital Media/Commerce JD.com 100.0 Blend Consumer Products Software Greylock Partners 100.0 eSentire, Inc. Software Warburg Pincus LLC 100.0 Options Technology Ltd. Software Bregal Sagemount 100.0 The Pracuj Group Software Technology Crossover Ventures 95.0 IMS New Media Group Marketing Technology SAIF Partners 90.0 Yuanyu Radio (China) Co., Ltd. Agency & Marketing Services Olympus Capital Investment, LLC 90.0 Druva, Inc. Software Sequoia Capital 80.0 Rubicon Global Holdings LLC Digital Media/Commerce Undisclosed 75.0 ThoughtSpot, Inc. Marketing Technology Lightspeed Venture Partners 60.0 Guiyang Huochebang Technology Co., Ltd. Digital Media/Commerce All-Stars Investment 56.0 Kik Interactive, Inc. Digital Media/Commerce Pantera Capital 50.0 TuneIn, Inc. Digital Media/Commerce Comcast Ventures 50.0 Appboy, Inc. Marketing Technology Battery Ventures 50.0 Karius, Inc. Software Khosla Ventures 50.0 TrackR, Inc. Digital Media/Commerce Revolution Growth VC 50.0 Cubic Telecom Limited Software QUALCOMM Ventures 47.0 Computer Systems Integration Ltd. Business Services MML Capital Partners 46.8 Fangsiling Software Mingdaojinkong 45.0 Skytap, Inc. Software Goldman Sachs Private Capital Investing 45.0 oBike Asia Pte Ltd. Digital Media/Commerce Grishin Robotics 45.0 49 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Unisound.com Marketing Technology Undisclosed $ 45.0 Ucpaas Software Mangrove Capital Partners 45.0 Redis Labs, Inc. Software Goldman Sachs Private Capital Investing 44.0 Qadium, Inc. Software New Enterprise Associates 40.0 Tulip Retail Marketing Technology Kleiner Perkins Caufield & Byers 40.0 Prodigy Finance Ltd. Digital Media/Commerce Index Ventures 40.0 HomeLight Digital Media/Commerce Menlo Ventures 40.0 RedAwning.com, Inc. Digital Media/Commerce Silversmith Capital Partners 40.0 M17 Entertainament Digital Media/Commerce Infinity Venture Partners 40.0 Personal Capital Corporation Business Services IGM Financial 40.0 Juvo Mobile, Inc. Marketing Technology New Enterprise Associates 40.0 Sansan, Inc. Marketing Technology Salesforce Ventures 38.0 AbleTo, Inc. Software Bain Capital Ventures 36.6 Ola Digital Media/Commerce Tekne Capital Management 36.0 Appier Marketing Technology SoftBank Capital 33.0 Ellevest Software Undisclosed 32.5 Zhaoyouwang Digital Media/Commerce DCM Ventures 31.8 MedGenome, Inc. Software Sequoia Capital 30.0 Descartes Labs, Inc. Software March Capital 30.0 Amplitude, Inc. Marketing Technology Battery Ventures 30.0 rfXcel Corporation Software Kayne Anderson Capital Advisors, L.P. 30.0 Neyber Ltd. Software Wadhawan Global Capital 27.3 Sale Stock Indonesia Digital Media/Commerce Gobi Partners 27.0 Alice Digital Media/Commerce Expedia, Inc. 26.0 TravelBank Digital Media/Commerce Accel Partners 25.0 Curefit Digital Media/Commerce Accel Partners 25.0 Ripcord, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 25.0 Puls Technologies, Inc. Digital Media/Commerce Sequoia Capital 25.0 Chef'd LLC Digital Media/Commerce Smithfield Foods, Inc. 25.0 Signals Analytics Marketing Technology Sequoia Capital 25.0 Stride Health, Inc. Software New Enterprise Associates 23.5 ZingBox, Inc. Software Dell Technologies Capital 22.0 VideoAmp, Inc. Digital Advertising MediaOcean, Inc. 21.4 SuperAwesome Limited Digital Media/Commerce Mayfair Equity Partners 21.0 Anonyome Labs, Inc. Software (Private Investors) 20.4 VULOG Marketing Technology Frog Capital Limited 20.0 Gigster, Inc. Software Andreessen Horowitz 20.0 PayTabs LLC Software Undisclosed 20.0 Primary Data, Inc. Software Accel Partners 20.0 Booster Fuels, Inc. Digital Media/Commerce Conversion Capital Partners Ltd. 20.0 UnifyID, Inc. Software New Enterprise Associates 20.0 Lumity, Inc. Software Draper Fisher Jurvetson 19.0 50 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Super Evil Megacorp Digital Media/Commerce Undisclosed $ 19.0 Amplero, Inc. Marketing Technology Greycroft Partners LLC 17.5 Hookit.com Marketing Technology Arrowroot Capital 16.0 Ezetap Mobile Solutions Pvt. Ltd. Software JS Capital 16.0 Forward Networks, Inc. Software Andreessen Horowitz 16.0 Artemis Health, Inc. Software F-Prime Capital 16.0 HowStuffWorks, Inc. Traditional Media The Raine Group, LLC 15.0 Wine.com, Inc. Digital Media/Commerce Baker Capital 15.0 Reverb.com LLC Digital Media/Commerce Summit Partners LP 15.0 Guideline Technologies, Inc. Software Felicis Ventures 15.0 Viome, Inc. Digital Media/Commerce Khosla Ventures 15.0 Gimlet Media, Inc. Digital Media/Commerce Stripes Group 15.0 Inception VR, Inc. Digital Media/Commerce RTL Group 15.0 GuardiCore Ltd. Software Battery Ventures 15.0 Autohome, Inc. Digital Media/Commerce Sight Plus 14.0 Haiyun Data Software IDG Capital Partners 14.0 Er Geng Digital Media/Commerce Yunfeng Capital 14.0 T2 Cloud Software Sinosoft 14.0 Proov, Inc. Software Helios Capital 14.0 Socure, Inc. Software Commerce Ventures 13.9 Vyze, Inc. Software Austin Ventures 13.1 Joany, Inc. Software TechStars, LLC 13.0 Hyper Anna Pty Ltd. Software Sequoia Capital 12.7 Versive, Inc. Software Goldman Sachs Merchant Banking 12.7 Ollie Pet, Inc. Digital Media/Commerce Canaan Partners 12.6 inRiver AB Marketing Technology Verdane Capital 12.5 Respond Software, Inc. Software CRV 12.0 Netlify Software Andreessen Horowitz 12.0 Personio GmbH Software Northzone 12.0 PeerIQ Marketing Technology TransUnion, LLC 12.0 Auvik Networks, Inc. Software OpenView Venture Partners 11.8 eMoov Limited Digital Media/Commerce JXC Ventures 11.6 Jetty National, Inc. Software Valar Ventures LP 11.5 Bridg, Inc. Marketing Technology Morpheus Ventures 11.0 smash.gg Digital Media/Commerce Accel Partners 11.0 Site 1001, Inc. Software JE Dunn Construction 11.0 Remezcla LLC Digital Media/Commerce Hemisphere Media Group, Inc. 11.0 Wasabi Technologies, Inc. Software CloudScale Capital Partners 10.8 Azuqua, Inc. Software Insight Venture Partners 10.8 Immersv, Inc. Digital Advertising Rogers Venture Partners 10.5 Ritual.com Digital Media/Commerce Norwest Venture Partners 10.5 Roost, Inc. Software Aviva Ventures 10.4 51 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
SnapApp LLC Marketing Technology Providence Strategic Growth $ 10.2 Teckro Software Google Ventures 10.0 Hubble Contacts Digital Media/Commerce First Mark Capital 10.0 ScaleMP, Inc. Software Leumi Partners 10.0 PHP Agency, Inc. Business Services Atalaya Capital Management LP 10.0 AutoFi, Inc. Software Crosslink Capital 10.0 Emailage Corp. Software Anthos Capital LP 10.0 Lola Travel Company, Inc. Digital Media/Commerce Google Ventures 10.0 Phil, Inc. Digital Media/Commerce Crosslink Capital 10.0 Dragos, Inc. Software Energy Impact Partners 10.0 Evergage, Inc. Marketing Technology Arrowroot Capital 10.0 Here Be Dragons Traditional Media Discovery Communications LLC 10.0 Pro.com LLC Information Draper Fisher Jurvetson 10.0 Branch Messenger, Inc. Software March Capital 10.0 Sliver.tv Traditional Media Danhua Capital 9.8 PawnHero Group Digital Media/Commerce PLDT Capital 9.7 FILLD LLC Digital Media/Commerce Lightspeed Venture Partners 9.7 Outdoor Voices, Inc. Digital Media/Commerce (Private Investors) 9.0 WorkSpan Marketing Technology Mayfield Fund 9.0 Happify, Inc. Software TT Capital Partners 9.0 Gobee.bike Digital Media/Commerce Grishin Robotics 9.0 VividCortex, Inc. Software New Enterprise Associates 8.5 Kyndi, Inc. Software PivotNorth Capital 8.5 MagicCube, Inc. Software Bold Capital Parnters 8.5 Wonderbly Digital Media/Commerce Google Ventures 8.5 Convey, Inc. Software Techstars Ventures 8.3 Entefy, Inc. Marketing Technology Undisclosed 8.0 MedAware Software Becton, Dickinson and Company 8.0 NuORDER, Inc. Marketing Technology Upfront Ventures 8.0 Hustle, Inc. Digital Media/Commerce Index Ventures 8.0 Ironclad, Inc. Marketing Technology Accel Partners 8.0 Namogoo Marketing Technology GreatPoint Ventures 8.0 Seven Senders GmbH Business Services b-to-v Partners AG 7.7 Truss Holdings, Inc. Digital Media/Commerce Navitas Capital 7.7 Amenity Analytics LLC Marketing Technology Undisclosed 7.6 BitPesa Software Greycroft Partners LLC 7.5 ART19, Inc. Marketing Technology Bertelsmann Digital Media Investments 7.5 Freenome, Inc. Software Section 32 7.0 Amitree, Inc. Marketing Technology Accel Partners 7.0 Klaviyo Inc. Marketing Technology Astral Capital 7.0 breadwallet LLC Digital Media/Commerce DAS Capital 7.0 OneSignal Marketing Technology Signalfire Fund 7.0 52 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Rothy's Digital Media/Commerce Lightspeed Venture Partners $ 7.0 Super Heroic, Inc. Digital Media/Commerce Accel Partners 7.0 Limelight Health, Inc. Marketing Technology Mass Mutual Ventures 7.0 Parse.ly Marketing Technology Grotech Ventures 6.8 Buoy Health, Inc. Information F-Prime Capital 6.7 Wetsuit Outlet Ltd. Digital Media/Commerce Mobeus Equity Partners LLP 6.5 Carspring Ltd. Digital Media/Commerce Rocket Internet GmbH 6.5 TimePlay, Inc. Digital Media/Commerce (Private Investors) 6.4 LiftIgniter Software Rincon Venture Partners 6.4 Muume Group AG Software Undisclosed 6.3 Monstar Lab, Inc. Business Services Fenox Venture Capital 6.3 WhatsBroadcast GmbH Marketing Technology High-Tech Gründerfonds Management 6.0 GNS Healthcare, Inc. Software Amgen Ventures 6.0 iUNU, Inc. Software 2nd Avenue Partners 6.0 Innowatts, Inc. Software Shell Technology Ventures 6.0 Big Squid, Inc. Software Signal Peak Ventures 6.0 Sawyer Digital Media/Commerce Advance Venture Partners 6.0 CommonSense Robotics Ltd. Software Aleph VC 6.0 Taiger.com Software Tembusu Partners 5.8 PrimaryIO, Inc. Software Accel Partners 5.6 PeakMed Colorado LLC Digital Media/Commerce ASI Capital 5.5 Zum Services, Inc. Digital Media/Commerce Sequoia Capital 5.5 FilmTrack, Inc. Marketing Technology Insight Venture Partners 5.5 Sherpa Digital Media, Inc. Marketing Technology Benhamou Global Ventures 5.5 Next Technology, Inc. Digital Media/Commerce Bullpen Capital 5.2 Codacy Software Faber Ventures 5.1 Sportlogiq Digital Media/Commerce Rho Capital Partners, Inc. 5.0 SendCloud BV Software HenQ Capital Partners 5.0 Next Caller, Inc. Software Crystal Towers 5.0 LevaData, Inc. Software Tola Capital 5.0 Sigstr, Inc. Marketing Technology Battery Ventures 5.0 Matterport, Inc. Software QUALCOMM Ventures 5.0 Minibar Delivery Digital Media/Commerce Corigin Ventures 5.0 Lightneer Digital Media/Commerce GSV Acceleration 5.0 Silversheet Software Summation Health Ventures 5.0 Flo Digital Media/Commerce Flint Capital 5.0 Converseon, Inc. Marketing Technology (Private Investors) 5.0 SmartAssist.io, Inc. Marketing Technology Madrona Venture Group 5.0 Pondera Solutions Software Serent Capital, L.P. 5.0 Elium Software Serena Capital 4.8 Homelike Internet GmbH Digital Advertising Cherry Ventures 4.8 BoatSetter, Inc. Digital Media/Commerce Nordic Eye Venture Capital 4.8 53 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Symphony Ventures Business Services Living Bridge EP LLP $ 4.6 Cornerstone Brands Ltd. Digital Media/Commerce Calculus Capital Limited 4.5 Adwerx, Inc. Digital Advertising Grotech Ventures 4.3 IndoorAtlas Ltd. Software Innovestor Ventures 4.3 Gamer Sensei LLC Digital Media/Commerce Accomplice VC 4.0 BillingPlatform Software Columbia Capital Corporation 4.0 Pundi-Pundi Software Undisclosed 4.0 ShoCard, Inc. Software Morado Venture Partners 4.0 Agilence, Inc. Marketing Technology Wellington Financial LP 4.0 Glint Pay Services Limited Software Bray Capital 4.0 Fatherly Digital Media/Commerce Bertelsmann Digital Media Investments 4.0 Kin Insurance Digital Media/Commerce Commerce Ventures 4.0 GawkBox.com Digital Advertising Madrona Venture Group 3.7 PriorAuthNow, Inc. Software NCT Ventures 3.6 Wise Apple Digital Media/Commerce Pritzker Group Venture Capital 3.6 7shifts - Restaurant Scheduling Software Software Relay Ventures 3.5 Home HT GmbH Marketing Technology EQT Ventures 3.5 Vetted PetCare, Inc. Software Foundation Capital 3.3 SafeTrek Digital Media/Commerce New Enterprise Associates 3.2 Bitrise Ltd. Software Open Ocean Capital Ltd. 3.2 Domuso, Inc. Software Bascom Group 3.1 Ideal.com Software (Private Investors) 3.0 Tickr, Inc. Software Angels 3.0 3.0 HealthJoy LLC Digital Media/Commerce Chicago Ventures 3.0 Ngx Bio, Inc. Digital Media/Commerce 180 Degree Capital 3.0 Funraise, Inc. Digital Media/Commerce Toba Capital 3.0 Fruit Street Health, Inc. Software (Private Investors) 3.0 CornerJob Digital Advertising Innogest SGR 3.0 Botmetric Software Blume Venture Advisors 3.0 Alt Tab Productions SAS Traditional Media Millennial Esports Corp. 2.9 Hotelchamp Marketing Technology (Private Investors) 2.7 Bestow Agency LLC Digital Media/Commerce New Enterprise Associates 2.5 Spriggy Digital Media/Commerce Alium Capital 2.5 Claim it!, Inc. Digital Media/Commerce Newark Venture Partners 2.5 Smilo Digital Media/Commerce Norwest Venture Partners 2.5 IOpipe, Inc. Software New Enterprise Associates 2.5 Brayola Fitting Technologies, Inc. Digital Media/Commerce Firstime Venture Capital 2.5 8th Wall, Inc. Digital Media/Commerce Norwest Venture Partners 2.4 Poncho.is Digital Media/Commerce Lightspeed Venture Partners 2.4 Sherpa Management Services Ltd. Software (Private Investors) 2.3 Joyn Belgium nv Digital Advertising KBC Private Equity 2.3 DeepCrawl, Inc. Marketing Technology Beringea LLC 2.3 54 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
RECVUE Software Cota Capital $ 2.0 eko Communications, Inc. Marketing Technology Gobi Partners 2.0 GoodTime.io Software Walden Venture Capital 2.0 Sleeperbot Digital Media/Commerce Birchmere Ventures 2.0 @RISK Technologies, Inc. Software (Private Investors) 2.0 Qunomedical GmbH Information Kima Ventures 2.0 Werk Enterprises, Inc. Digital Media/Commerce Rethink Impact 2.0 Winky Lux Digital Media/Commerce Female Founders Fund 2.0 Lending Loop, Inc. Digital Media/Commerce MaRS Investment Accelerator Fund 2.0 eazyScripts Software Bluff Point Associates 2.0 CareAcademy.com Business Services Rethink Education 1.7 StoryStream Marketing Technology MMC Ventures, LLC 1.5 Ilos Videos Marketing Technology Activant Capital Group LLC 1.5 Apli, Inc. Software Social Capital 1.5 Universal Standard Clothing LLC Digital Media/Commerce Red Sea Ventures 1.5 Sendece Software Contour Venture Partners 1.5 Brella Ltd. Digital Media/Commerce Vendep Oy 1.4 FlowAccount Co., Ltd. Software 500 Startups 1.2 Railsbank Technology Ltd. Software Kima Ventures 1.2 RecordGram, Inc. Digital Media/Commerce Lightspeed Venture Partners 1.0 App Samurai Digital Advertising ACT Venture Capital Limited 1.0
55 | M&A and Investment Summary August 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Undisclosed Target Target Segment Buyer/Investor Reported TV
AML RightSource LLC Business Services Clarion Capital Partners, LLC $ - Credo Business Consulting LLP Business Services Teneo Holdings LLC - Datavail Corporation Business Services ORIX Growth Capital - Careem Networks FZ LLC Digital Media/Commerce Didi Chuxing - GLOSSYBOX Digital Media/Commerce The Hut Group - Helpling GmbH Digital Media/Commerce Unilever Ventures - JetSmarter, Inc. Digital Media/Commerce Clearlake Capital Group - Meican Digital Media/Commerce Goldman Sachs Asset Management, L.P. - Taxify OU Digital Media/Commerce Didi Chuxing - ZipJet Ltd. Digital Media/Commerce Henkel Ventures - Betterez, Inc. Marketing Technology Jetblue Technology Ventures - Buy It Installed, Inc. Marketing Technology Skyview Capital, LLC - Sapience Analytics, Inc. Marketing Technology NEXT Investors - Telintel Marketing Technology Decathlon Capital Partners - Accuity Delivery Systems LLC Software MTS Health Investors - ArbiterSports Software Serent Capital, L.P. - Bambu Software Wavemaker Partners - CarePayment Technologies, Inc. Software Comvest Partners - CureMatch, Inc. Software Serra Ventures, LLC - deviceTRUST GmbH Software High-Tech Gründerfonds Management - EnableComp LLC Software Primus Capital Funds - Fidelity Payment Services Software H.I.G. Growth Partners, LLC - Insikt, Inc. Software Leap Global Partners - InSure Vision Technologies LLC Software SuretyWave LLC - Mirador Financial, Inc. Software CMFG Ventures - Opus 2 International, Inc. Software Five Arrows Principal Investments - Peloton Computer Enterprises Ltd. Software Silver Lake Partners - Professional Datasolutions, Inc. Software Genstar Capital, LP - SecureLink Group N.V. Software Vista Equity Partners - Selfapy GmbH Software High-Tech Gründerfonds - Wizeline, Inc. Software Leap Global Partners -
56 | M&A and Investment Summary August 2017 Petsky Prunier: Maximizing Shareholder Value
. Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information, business services, and healthcare services industries . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume . Founded in 1999 . More than 50 focused professionals; growth of 40% since 2011 . New York, Las Vegas, Chicago, Boston, Charlotte . Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services . Global reach enhanced through our partnerships in China and India . Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity
. M&A Advisory and Sell-Side Representation . Advertising & Marketing . Business Current Situation Assessment and . Privately-Owned Companies . eCommerce Profit Improvement Planning . Entrepreneur-Led Businesses . Digital Media . Opportunity Mapping: Strategic Planning & Development . Private Equity Portfolio Companies . Technology . Competitive Landscape Analysis . VC-Backed Companies . Information . M&A Transaction Due Diligence Support . Buy-Side Targeting Criteria & Integration Strategy . Corporate Divestitures . Business Services . Custom Market Research . Selected Buy-Side Engagements . Healthcare Services . Publishing, Speaking, and Thought Leadership . Capital Raising and Private Placements
57 | M&A and Investment Summary August 2017 Ranked #1 by Bloomberg For Mid-Market Internet & Advertising Transactions
Bloomberg M&A League Tables, 2011-2016
TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS 2016 2011-2016 (6-Year) Rank Advisor Deal Count Rank Advisor Deal Count
1 Petsky Prunier 19 1 Petsky Prunier 103 2 Goldman Sachs 18 2 Goldman Sachs 89 3 JP Morgan 16 3 Morgan Stanley 68 3 KPMG Corporate Finance 16 4 PwC 67 5 Rothschild 15 5 Jordan Edmiston Group 65 6 Houlihan Lokey 13 6 KPMG Corporate Finance 63 6 PwC 13 7 China Renaissance Group 52 8 Avendus Capital 11 7 GCA Savvian Group 52 8 Daiwa Securities 11 7 JP Morgan 52 10 Bank of America Merrill Lynch 9 10 Nomura 51 10 Credit Suisse 9 11 Jefferies 46 10 Jefferies 9 12 Ernst & Young 45 10 Morgan Stanley 9 13 Rothschild 44 10 Deloitte Touche Tohmatsu 9 14 Credit Suisse 43 15 Citi 8 14 Daiwa Securities 43 15 GCA Savvian Group 8 16 Houlihan Lokey 37
Based on number of deals announced in 2011‐2016 valued at $500 million or less. Internet and Advertising is defined by Bloomberg. With more than 75 transactions closed in the last 36 months, and more than 125 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
58 | M&A and Investment Summary August 2017 Representative Recent Transactions*
a portfolio company of has sold its indirect capital raise to support a buyout has been sold to wholly-owned subsidiary has been sold to of minority shareholding held by has agreed to sell a majority has been sold to has received a $60MM Series B stake to an outside institutional investor has been recapitalized minority investment led by to a division of and
(NYSE: FNFV) (LON: UDG) (TSO: 4911)
Compliance Solutions Strategies $200,000,000 a portfolio company of has sold a portfolio company of a portfolio company of
has been sold to comprised of The Simple Dollar, (NYSE: DLX) has been sold to has been sold to Reviews.com, and Freshome has acquired has acquired has been sold to has been sold to a subsidiary of to a division of
a portfolio company of has sold a portfolio company of a portfolio company of has acquired has been sold to (NASDAQ: CTSH) has received a majority has been sold to has acquired to investment from has been sold to has been sold to from a division of a portfolio company of (NASDAQ: COGT) (NASDAQ: ACXM) (NYSE: OMC)
$207,000,000* $225,000,000*
a portfolio company of and a portfolio company of has received a majority has been sold to has received a majority investment from has been sold to has been sold to has received a significant investment from growth investment from comprising Media Properties Holdings has been sold to has been sold to in partnership with
(NASDAQ: SYKE) (NYSE: IDI) (NYSE: DLX)
*Approximate Value *Approximate Value *Approximate Value *For a more comprehensive list, please click here. 59 | M&A and Investment Summary August 2017