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February 2013 M&A and Investment Summary

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February 2013 M&A and Investment Summary Expertise. Commitment. Results. M&A & INVESTMENT SUMMARY FEBRUARY 2013 1 TABLE OF CONTENTS Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 9 Additional Monthly M&A and Investment Activity Data 42 About Petsky Prunier 54 Securities offered through Petsky Prunier Securities, LLC, member of FINRA. This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the U.S . SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States. M&A & INVESTMENT SUMMARY FEBRUARY 2013 2 M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTS Transaction Distribution • A to ta l of 298 dea ls were announced in FbFebruary 2013, of whihihch 179 reportdted $6 billion in value • Digital Media/Commerce was the most active segment with 64 transactions, of which 47 reported $914 million in value • Communications was the highest reported-value segment with 17 transactions, of which 13 announced $1.9 billion in value • Strategic buyers announced 135 deals (45 percent of total volume), of which 31 reported $3.2 billion in value • VC/Growth Capital investors announced 156 deals, of which 148 reported $2.2 billion in value • Buyout investors announced seven deals, of which two reported $571 million in value FEBRUARY 2013 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 64 21% 913.7 15% 21 91.0 0 - 43 822.7 Marketing Technology 57 19% 764.7 13% 21 517.0 1 - 35 247.7 Software 52 17% 473.2 8% 22 146.8 2 - 28 326.4 Technology 27 9% 428.8 7% 10 110.2 0 - 17 318.7 Digital Advertising 26 9% 249.4 4% 11 13.7 0 - 15 235.7 Information & Business Services 26 9% 834.9 14% 15 220.3 2 570.5 9 44.1 Communications 17 6% 1,903.1 32% 8 1,667.7 0 - 9 235.4 Traditional Media 16 5% 387.7 6% 15 387.7 1 - 0 - Agency 10 3% - 0% 9 - 1 - 0 - Marketing Services 3 1% 40.8 1% 3 40.8 0 - 0 - Total 298 100% 5,996.3 100% 135 3,195.1 7 570.5 156 2,230.7 M&A & INVESTMENT SUMMARY FEBRUARY 2013 3 M&A AND INVESTMENT SUMMARY FOR ALL SEGMENTS Transaction Distribution • The larges t contro l transac tion was Orac le ’s $2 billion acquisiti on of Acme Pack et , which provides network soluti ons that enable the delivery of various communications services. The next-largest acquisitions included: › CVC Capital’s $320 million buyout of Spi Global, a Philippines and U.S.-based company offering voice and non- voice business process outsourcing and customer relationship management services › Electra Partners’ $251 million acquisition of Ireland-based UBM’s Data Services Business, which provides data and information products that professionals use to support their decision-making and day-to-day marketing and analytics activities • Kingdom Holding’s $400 million investment in Beijing Jingdong Century Trading, which operates eCommerce site 360buy.com, was the largest investment during the month. Additional sizable investments included: › The $200 million Valiant Cappgital Management-led investment in Pinterest, the social scrappgbooking site, at a $1.5 billion valuation M&A and Investment Volume For All Segments - Last 13 Months ($BN) All transactions; Value based on reported values only 25.0 $22.4 20.0 $19.1 $15.9 7 $15.3 15.0 $12.8 $11.7 5 5 $9.9 $9.6 2 3 $$59.5 $9.8 10.0 3 $8. 5 $7.1 2 2 $6.0* 2 3 1 5.0 2 1 332 377 381 377 376 402 401 342305 390 253 409 297 - Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Deals valued over $1BN * Excludes Liberty Global’s $23.3 billion acquisition of Virgin Media and Comcast’s $19.7 billion acquisition of NBCUniversal News Group M&A & INVESTMENT SUMMARY FEBRUARY 2013 4 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Advertising LivingSocial(1 ) Digital Promotion/Coupon (Unnamed Fund Contibuters) $1,466.7 $536.0 - 2.7x NM Marketing Technology Angel.com Incorporated Teleservices/eServices Genesys International 110.0 85.0 - 1.3x NM Skyfire Labs, Inc . Mobile Tec hnology Opera Software ASA 50.0 4.1 - 12.2x NM Metaresolver Media Management System Millennial Media, Inc. 20.0 10.0 - 2.0x NM I-Design CRM Cardtronics, Inc. 12.0 5.0 0.4 2.4x 13.5x Technology Mu Sigma(2 ) Big Data MasterCard, Inc. 1,000.0 100.0 - 10.0x NM Online Resources Corporation Financial ACI Worldwide, Inc. 110.2 161.7 28.5 0.7x 5.7x Communications Acme Packet, Inc VoIP Equipment & Software Oracle Corporation 1,645.6 274.4 8.6 6.0x 32.0x Gilat Satellite Networks(3 ) Satellite & Microwave Equipment Roumell Asset Management, LLC 227.7 345.0 30.0 0.7x 11.5x AWIND VoIP Equipment & Software Barco NV 7.1 7.9 - 0.9x NM Software FFastFill IT Consulting/Systems Integration ION Trading 150.1 33.8 4.9 4.4x 6.9x CapitalStream Financial Linedata Services S.A. 45.0 30.0 - 1.5x NM Information & Business Services SPi Global BPO CVC Capital Partners Ltd. 320.0 230.0 45.0 1.4x 5.1x UBM, Data Services business Marketing Data Electra Partners LLP 250.5 291.4 44.5 0.9x 6.5x Northgate Managed Services Managed Services Capita Group plc 100.8 229.9 16.2 (4 ) 0.4x 14.2x IPOs After Final Pricing* Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Advertising Digital Globe Services, Ltd. Online Lead Generation IPO $75.7 $20.0 3.0 3.8x 25.2x Technology Xoom Corporation Financial IPO 470.0 80.0 (2.8) 5.9x NM * IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing (1) LivingSocial sold an eight percent stake to unnamed investors for $110 million (2) Mu Sigma sold a five percent stake to a group of investors led by MasterCard, for $45 million (3) Gilat Satellite Networks sold a five percent stake to Roumell Asset Management for $12 million (4) Northgate Managed Services EBITDA is represented by an EBIT proxy M&A & INVESTMENT SUMMARY FEBRUARY 2013 5 SECURITIES IN REGISTRATION ($ in Millions) Aggregate LTM DtDate Company Name StSegment Offer ing Va lue Rev EBITDA Feb-13 Marin Software Incorporated Marketing Technology $75.0 $53.9 ($20.0) Feb-13 Model N Inc. Software 75.0 88.5 (3.3) Feb-13 Oisix Co., Ltd Digital Media/Commerce 9.0 NA NA Feb-13 Quintiles Transnational Holdings Inc. Information & Business Services 600.0 369233,692.3 486.2 Feb-13 Softmax Co., Ltd Softw are 7.0 NA NA Jan-13 Channel Nine Entertainment Limited Traditional Media 2.2 NA NA Oct-12 Violin Memory, Inc. Technology NA 100.0 NA Jun-12 goldenTech SA Software 5.2 NA NA Jun-12 Shanghai Amarsoft Information Technology Co. Ltd Software NA NA NA Apr-12 BlackStratus, Inc. Softw are 20.0 9.2 (0.6) Apr-12 NSFOCUS Information Technology Co., Ltd. Communications NA NA NA Apr-12 Shenzhen Tinno Mobile Technology Corp. Communications 451.0 NA NA Mar-12 Exponential Interactive, Inc. Digital Advertising 75.0 169.1 22.0 Mar-12 Professional Diversity Network LLC Digital Media/Commerce 17.5 5.7 2.9 Mar-12 Reval Holdings, Inc. Software 75.0 47.0 (12.1) M&A & INVESTMENT SUMMARY FEBRUARY 2013 6 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 Feb 28, 2013 1st Trading Day Fb13Feb-13 AIM: DGS Dig ita l Glo be Serv ices, Ltd. UitdUnited SttStates No Range $2. 47 2592.59, up 5% $2. 51 (3. 1%) Feb-13 XOOM Xoom Corporation United States 13.00-15.00 16.00 25.49, up 59% 21.26 (16.6%) Nov-12 3666 Tecnos Japan Incorporated Japan 16.77-18.72 18.72 27.66, up 48% 35.29 27.6% Nov-12 YY YY, Inc. China 10.50-12.50 10.50 11.31, up 8% 18.38 62.5% Oct-12 RKUS Ruckus Wireless, Inc. United States 13.00-15.00 15.00 12.25, down 18% 21.36 74.4% Oct-12 FLTX Fleetmatics Group Limited United States 15.00-17.00 27.00 22.30, up 31% 23.75 6.5% Oct-12 RLGY Realogy Holdings Corp. United States 23.00-27.00 27.00 34.20, up 27% 44.85 31.1% Oct-12 SSTK Shutterstock, Inc. United States 13.00-15.00 17.00 21.66, up 27% 32.60 50.5% Oct-12 WDAY Workday, Inc.
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