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JULY 2010 M&A & Investment Summary MARKETING, INFORMATION and DIGITAL MEDIA / COMMERCE INDUSTRIES Transaction Distribution

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JULY 2010 M&A & Investment Summary MARKETING, INFORMATION and DIGITAL MEDIA / COMMERCE INDUSTRIES Transaction Distribution Marketing, Information and Digital Media / Commerce Industries JULY 2010 M&A & Investment Summary MARKETING, INFORMATION AND DIGITAL MEDIA / COMMERCE INDUSTRIES Transaction Distribution . A total of 71 deals worth approximately $3.6 billion were announced in July 2010 • Digital Media / Commerce, Marketing Technology and Interactive Advertising were the most active segments • Strategic buyers announced 35 deals for approximately $2.8 billion (78% of total) • VC/Growth Capital investors announced 34 deals for approximately $367 million • Vestar Capital’s acquisition of Health Grades for $294 million and Silver Lake Partners’ acquisition of 62 percent interest in Allyes Online Media Holdings for $124 million were the only two private equity buyouts in July JULY 2010 ($ in millions) BUYER/INVESTOR BREAKDOWN Transactions Est. ValueStrategic Buyout VC /Growth Capital #%$ %#$#$#$ Digital Media / Commerce 22 31% 810.7 23% 11 693.2 0 0.0 11 117.5 Marketing Technology 22 31% 471.4 13% 9 332.6 0 0.0 13 138.8 Interactive Advertising 15 21% 678.0 19% 6 480.0 1 124.0 8 74.0 Software & Information 5 7% 1,214.0 34% 3 885.0 1 294.0 1 35.0 Advertising & Promotion 5 7% 380.0 11% 5 380.0 0 0.0 0 0.0 Out-of-Home & Specialty Media 2 3% 8.0 0% 1 6.0 0 0.0 1 2.0 Marketing Services 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 71 100% 3,562.0 100% 35 2,776.8 2 418.0 34 367.2 Marketing, Information and Digital Media / Commerce Industries $14.1 M&A and Investment Volume Last 13 Months $9.5 $9.4 $7.6 $4.7 $3.7 $3.5 $3.5 $3.6 $2.5 $2.6 $2.6 $2.3 $1.3 $1.4 $1.8 Value ($ in billions) in ($ Value 64 44 49 80 65 57 79 54 68 72 98 56 71 $- Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 M&A & INVESTMENT SUMMARY JULY 2010 2 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED ($ in Millions) Select Transactions With Multiples Information EV/ EV/ Target Segment Buyer/Investor Ent. Value Rev EBITDA REV EBITDA Interactive Advertising AdsMarket (1) (Israel) Affiliate/CPA Network Viola Private Equity$ 81.0 $ 80.0 $ 10.5 1.0x 7.7x Cobalt Group Interactive Agency Automatic Data Processing 400.0 275.0 - 1.5x NA Software & Information Health Grades Healthcare Information Vestar Capital Partners 294.0 58.2 13.0 5.1x 22.6x Integrity Interactive HR Consulting SAI Global 170.0 71.6 21.3 2.4x 8.0x Marketing Technology Day Software (Switzerland) Content Management Adobe Systems 240.0 35.1 4.2 6.8x 56.9x Advertising & Promotion Mitchell Communication Group (Australia) Media Planning & Buying Aegis Group 325.0 211.7 30.6 1.5x 10.6x (1) Viola Private Equity acquired 21 percent interest in AdsMarket for $21 million. Note: Transaction values where not publicly disclosed have been estimated. M&A & INVESTMENT SUMMARY JULY 2010 3 IPO PIPELINE ($ in Millions) Securities in Registration Aggregate LTM Company Name Segment Offering Value Rev Adj. EBITDA Nielsen Holdings (Netherlands) Market Research$ 1,750.0 $ 4,902.0 $ 1,345.0 Toys R US Multichannel Retailer 800.0 13,568.0 1,130.0 Affinion Group Holdings Loyalty Solutions Provider 400.0 1,386.1 296.6 Newegg eCommerce 175.0 2,289.8 55.7 Everyday Health Healthcare Information 100.0 95.7 3.0 MediaMind Technologies Rich Media / Ad Serving 92.0 69.7 17.7 MakeMyTrip.com (India) eCommerce 80.5 83.6 (6.2) Epocrates Healthcare Information 75.0 93.3 17.7 Reply.com Online Lead Generation 60.0 38.3 8.1 IPO Performance Initial Offering Final Price Stock Price at Close Stock Price Date Ticker Company Name Price Range Per Share on 1st Trading Day on July 30, 2010 Feb-10 QNST QuinStreet $17.00 - $19.00 $15.00 $15.00, flat $12.05 Mar-10 FNGN Financial Engines $9.00 - $11.00 $12.00 $17.25, up 44% $14.65 Mar-10 SSNC SS&C Technologies $13.00 - $15.00 $15.00 $15.08, up 1% $17.10 Apr-10 SPSC SPS Commerce $11.00 - $13.00 $12.00 $13.60, up 13% $10.64 Apr-10 CNVO Convio $10.00 - $12.00 $9.00 $10.24, up 14% $8.03 May-10 RLOC ReachLocal $17.00 - $19.00 $13.00 $14.98, up 15% $13.89 Jun-10 MOTR Motricity $10.00 - $11.00 $10.00 $9.26, down 7% $8.00 Jul-10 QLIK Qlik Technologies $8.50 - $9.50 $10.00 $14.06, up 41% $14.37 Jul-10 GDOT Green Dot $32.00 - $35.00 $36.00 $44.99, up 25% $43.50 New filings in July. M&A & INVESTMENT SUMMARY JULY 2010 4 INTERACTIVE ADVERTISING Transactions by Segment & Buyer Type ($ in Millions) • With four transactions for approximately $543 million, Interactive Agency was the most active subsegment • Select acquisitions included › Automatic Data Processing’s acquisition of Cobalt Group for $400 million in cash › Silver Lake Partners’ acquisition of 62 percent interest in Allyes, an interactive agency from Focus Media Holdings for $124 million. Note, in January 2010, certain Allyes employees and management acquired 38 percent interest in the company from Focus Media for $13.3 million › StrongMail Systems’ acquisition of Conversa Marketing and Magnetik, both New York-based interactive agencies › Meredith’s acquisition of 80 percent interest in mobile marketing company The Hyper Factory (that it did not already own) › Responsys’ acquisition of Eservices Group, an email service provider in Australia • Select investments included › The Founders Fund Management’s $15 million investment in ZocDoc, a doctor search and appointment website › Shasta Ventures’ $12.0 million investment in Pixazza (raised $17.8 million in two rounds of financing) › Adam Capital Management’s $8.8 million investment in BuzzLogic (raised $22.5 million in four rounds of financing) › Google Ventures’ $5.8 million investment in Trada, a startup focused on paid search services INTERACTIVE ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital #% $%#$#$ # $ Interactive Agency 4 27% 541.0 80% 3 417.0 1 124.0 0 0.0 Online Lead Generation 3 20% 67.0 10% 1 40.0 0 0.0 2 27.0 Mobile Marketing 2 13% 16.0 2% 1 8.0 0 0.0 1 8.0 Ad Networks/Exchanges 2 13% 14.8 2% 0 0.0 0 0.0 2 14.8 SEM/SEO 2 13% 7.2 1% 0 0.0 0 0.0 2 7.2 Affiliate/CPA Network 1 7% 17.0 3% 0 0.0 0 0.0 1 17.0 Email Services 1 7% 15.0 2% 1 15.0 0 0.0 0 0.0 Total 15 100% 678.0 100% 6 480.0 1 124.0 8 74.0 M&A & INVESTMENT SUMMARY JULY 2010 5 INTERACTIVE ADVERTISING PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/30/10 Market Value Ent. Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $484.85 $ 154,524.7 $ 124,465.7 $ 26,213.6 $ 10,825.5 41.3% 17.7% 4.7x 11.5x Microsoft Corporation United States 25.81 223,348.6 192,561.6 62,484.0 27,363.0 43.8% 6.9% 3.1x 7.0x 2 ergo Group plc United Kingdom $1.11 $ 36.3 $ 31.3 $ 33.1 $ 4.5 13.7% -16.1% 0.9x 6.9x Autobytel Inc. United States 1.05 47.4 21.4 50.9 (5.6) NM -20.9% 0.4x NM Blinkx plc United Kingdom * 0.91 279.6 264.5 33.7 (5.8) NM 141.6% 7.9x NM Burst Media Corp, United States 0.08 5.6 0.1 31.4 0.3 0.9% 15.2% 0.0x 0.3x BV! Media Inc. Canada 0.20 12.3 11.7 11.7 1.2 10.5% 64.1% 1.0x 9.5x Constant Contact, Inc. United States * 19.49 555.7 439.7 151.9 7.1 4.7% 41.5% 2.9x 61.7x Cyberplex Inc. Canada 0.60 43.7 28.6 89.0 7.1 8.0% 11.0% 0.3x 4.0x eHealth, Inc. United States 11.10 261.1 119.8 141.8 27.5 19.4% 15.0% 0.8x 4.4x E-mail Vision France 3.81 68.6 64.6 34.7 2.7 7.7% 29.4% 1.9x 24.1x Glu Mobile, Inc. United States 1.30 39.8 44.4 75.9 (4.7) NM -15.7% 0.6x NM Hi-Media S.A. France 4.13 182.5 224.9 247.0 26.8 10.8% 27.0% 0.9x 8.4x IAC/InterActiveCorp. United States 25.00 2,614.9 1,304.1 1,492.5 131.3 8.8% 7.2% 0.9x 9.9x InfoSpace Inc. United States 7.83 280.6 49.2 230.3 19.2 8.3% 50.0% 0.2x 2.6x InsWeb Corp. United States 5.08 24.5 14.6 36.3 0.8 2.2% 9.5% 0.4x 18.6x Internet Brands, Inc. United States 10.98 506.7 448.0 107.5 40.5 37.7% 6.8% 4.2x 11.1x Life Quotes, Inc.
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