<<

120 102 106 100 83 76 Financial 80 11% 56 60 60 40 31 32 17 20 3 Strategic - 89%

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 6/29/18 Learning Tree International, Inc. The Kevin Ross Gruneich Legacy Trust and Training 12 0.18x 8.94x 6/25/18 Navigant Consulting, Inc. (DFLT & TAS Madison Dearborn Partners LLC; Ankura Specialty Consulting 470 - - Businesses) Consulting Group LLC 6/19/18 Cotiviti Holdings, Inc. Veritas Fund Management LLC; Business Process Outsourcing 4,732 6.42x 15.98x Verscend Technologies, Inc. 5/31/18 Dunbar Armored, Inc. The Brink's Co. Business Process Outsourcing 520 1.33x 12.09x

5/1/18 RPX Corp. HGGC LLC Professional Services 356 1.13x 1.93x 5/1/18 SCIOinspire Corp. ExlService.com LLC Specialty Consulting 240 3.51x - 4/30/18 Covance, Inc. Eurofins Scientific SE Professional Services 670 4.47x - 4/16/18 General Assembly Space, Inc. Adecco Group AG Education and Training 413 4.13x - 4/12/18 Fitch Group, Inc. The Hearst Corp. Information Services 14,000 - - 4/9/18 Remington Project Management Ashford, Inc. Professional Services 203 7.00x 12.45x 4/3/18 Red Sky Solutions LLC (Utah) Presidio, Inc. IT Services 41 0.58x 6.78x Strategic Buyer Inv. Date Select Corporate Acquisitions Ascensus 6/19/2018 ▪ SES Advisors, Inc. 6/19/2018 ▪ Swerdlin & Co 4/25/2018 ▪ Benefit Planning Consultants 3/29/2018 ▪ Asperia 3/27/2018 ▪ Avintus LLC 3/20/2018 ▪ Chard, Snyder & Associates, Inc. 1/25/2018 ▪ Qualified Plans LLC 1/22/2018 ▪ Polycomp Trust Co. 1/2/2018 ▪ Dedicated Defined Benefit Services Konica Minolta Business Solutions USA, Inc. 5/21/2018 ▪ Macprofessionals, Inc. 2/22/2018 ▪ VioPoint, Inc. 9/22/2016 ▪ Quality Associates, Incorporated 9/21/2016 ▪ Silliman, Inc. AMN Healthcare Services, Inc. 4/9/2018 ▪ MedPartners 4/9/2018 ▪ Phillips DiPisa & Associates, Inc. 4/9/2018 ▪ Leaders For Today LLC Ltd. 4/6/2018 ▪ Media 8, Inc. 2/13/2018 ▪ Character SF LLC 1/3/2018 ▪ HelloWorld, Inc. Accenture PLC 3/29/2018 ▪ Meredith Xcelerated Marketing Corp. 12/14/2017 ▪ Rothcove Partners 9/6/2017 ▪ Interactive Broadband Consulting Group LLC 9/6/2017 ▪ Matter, Inc. 7/12/2017 ▪ clearhead Group LLC 6/7/2017 ▪ Phase One Consulting Group, Inc. 6/1/2017 ▪ LabAnswer Government LLC 4/12/2017 ▪ Beespath, Inc. (Closingbridge)

Financial Buyer Inv. Date ▪ Select Corporate Acquisitions Genstar Capital LLC 6/19/2018 ▪ Drilling Info 9/7/2017 ▪ Institutional Shareholder Services, Inc. 10/14/2016 ▪ DataDiver Technologies LLC 5/18/2016 ▪ Accruent 9/28/2015 ▪ Ascensus 8/4/2015 ▪ CMD Group 6/30/2015 ▪ All Web Leads Stone Point Capital LLC 2/28/2018 ▪ Legal Shield 2/28/2018 ▪ Grace Hill LLC 4/4/2016 ▪ Kestra Financial Inc, Thoma Bravo LLC 1/17/2018 ▪ Motus LLC (Massachusetts) 1/17/2018 ▪ Runzheimer International Ltd. 8/4/2017 ▪ Frontline Technologies Group LLC 6/7/2016 ▪ Elemica, Inc. Warren Equity Partners LLC 5/17/2018 ▪ Superior Industrial Maintenance Co., Inc. 2/20/2018 ▪ Meridian Waste Solutions, Inc. (4 subs) 4/13/2017 ▪ SSP Innovations LLC Symphony Technology Group LLC 6/26/2018 ▪ Market Strategies, Inc. 6/26/2018 ▪ Morpace, Inc. 1/27/2017 ▪ Fishbowl, Inc. 12/14/2015 ▪ Simmons Market Research Bureau, Inc. 15.0%

10.0%

5.0%

0.0%

-5.0%

-10.0%

Education & Training Facility Services and Industrial Services Real Estate Services Specialty Consulting S&P 500

15.0% 10.0% 5.0% 0.0% -5.0% -10.0%

Business Process Outsourcing Information Services Human Resources Marketing Services IT Services S&P 500

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Pearson Plc PSON-GB $ 9,122 $ 11.68 28.0% 20.2% 93.0% (8.0%) 22.6% 1.7x 8.2x 18.2x 1.9x 11.1x John & Sons, Inc. JW.A-US 3,590 62.40 18.3% (5.1%) 87.0% (0.6%) 24.3% 2.1x 8.9x 18.8x 2.1x 9.5x Graham Holdings Co. GHC-US 2,579 586.10 (2.3%) 5.0% 93.7% 0.0% 10.5% 1.1x 7.7x 10.1x 1.1x 8.1x Strayer Education, Inc. STRA-US 1,277 113.01 21.2% 26.2% 97.3% 5.0% 18.6% 2.4x 15.9x 65.3x 2.3x 12.7x Capella Education Co. CPLA-US 1,151 98.70 15.3% 27.5% 97.4% 2.1% 20.8% 2.2x 11.6x 45.1x 2.3x 11.1x Career Education Corp. CECO-US 1,126 16.17 68.4% 33.9% 97.0% 2.9% 15.6% 1.6x 16.3x NM 1.6x NM K12, Inc. LRN-US 674 16.37 (8.6%) 3.0% 87.1% 4.7% 17.9% 0.5x 4.5x 58.5x 0.5x 3.7x GP Strategies Corp. GPX-US 291 17.60 (33.3%) (24.1%) 56.3% 6.4% 3.9% 0.7x 11.9x 25.9x 0.6x 8.0x Bridgepoint Education, Inc. BPI-US 179 6.53 (55.8%) (21.3%) 43.1% (4.2%) 1.7% NM NM 38.4x NM NM 5.7% 7.2% 83.6% 0.9% 15.1% 1.5x 10.6x 35.0x 1.6x 9.2x 15.3% 5.0% 93.0% 2.1% 17.9% 1.6x 10.2x 32.1x 1.7x 9.5x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Cognizant Technology Solutions Corp. CTSH-US $ 46,280 $ 78.99 19.0% 11.2% 92.8% 11.7% 19.8% 2.8x 14.1x 31.7x 2.5x 10.5x Convergys Corp. CVG-US 2,226 24.44 2.8% 4.0% 91.5% (3.1%) 12.5% 0.9x 6.9x 21.5x 1.0x 7.6x TTEC Holdings, Inc. TTEC-US 1,590 34.55 (15.3%) (14.2%) 79.0% 1.1% 13.2% 1.2x 8.7x NM 1.2x 8.5x Virtusa Corp. VRTU-US 1,445 48.68 65.6% 10.4% 89.8% 27.3% 8.0% 1.6x 28.2x NM 1.3x 13.2x Sykes Enterprises, Inc. SYKE-US 1,232 28.78 (14.2%) (8.5%) 83.4% 6.5% 8.8% 0.7x 7.1x 50.5x 0.7x 6.1x Unisys Corp. UIS-US 657 12.90 0.8% 58.3% 92.8% (1.5%) 19.9% 0.2x 1.8x NM 0.4x 2.4x 9.8% 10.2% 88.2% 7.0% 13.7% 1.2x 11.1x 34.6x 1.1x 8.0x 1.8% 7.2% 90.6% 3.8% 12.8% 1.0x 7.9x 31.7x 1.1x 8.0x

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Waste Management, Inc. WM-US $ 35,170 $ 81.34 10.9% (5.7%) 90.6% 4.3% 27.8% 3.1x 10.8x 17.5x 3.0x 10.6x Republic Services, Inc. RSG-US 22,417 68.36 7.3% 1.1% 97.7% 1.9% 28.7% 3.0x 10.9x 17.4x 3.0x 10.4x Waste Connections, Inc. WCN-US 19,835 75.28 16.9% 6.1% 95.9% 7.8% 30.9% 5.0x 16.2x 28.9x 4.7x 14.4x Cintas Corp. CTAS-US 19,751 185.07 46.8% 18.8% 95.4% 5.3% 21.3% 3.4x 17.4x 24.5x 3.3x 15.9x United Rentals, Inc. URI-US 12,341 147.62 31.0% (14.1%) 77.4% 11.3% 42.4% 2.9x 6.3x 8.9x 2.7x 5.6x Iron Mountain, Inc. IRM-US 10,010 35.01 1.9% (7.2%) 84.3% 8.9% 32.9% 4.5x 13.6x 56.2x 4.1x 11.8x Aramark ARMK-US 9,135 37.10 (9.5%) (13.2%) 80.5% 7.9% 7.6% 1.1x 12.8x 18.7x 1.0x 9.8x Stericycle, Inc. SRCL-US 5,587 65.29 (14.5%) (4.0%) 78.4% 0.6% 20.5% 2.3x 10.3x NM 2.3x 10.2x Clean Harbors, Inc. CLH-US 3,121 55.55 (0.5%) 2.5% 95.3% 10.9% 11.8% 1.5x 10.4x 29.1x 1.4x 9.4x UniFirst Corp. UNF-US 2,728 176.90 25.7% 7.3% 91.6% 4.2% 16.9% 1.8x 10.7x NM 1.9x 11.1x FirstService Corp. FSV-US 2,628 76.04 18.8% 8.8% 99.6% 11.8% 5.5% 1.7x 19.2x 50.7x 1.6x 16.2x Covanta Holding Corp. CVA-US 2,158 16.50 25.0% (2.4%) 95.4% 2.4% 13.1% 2.5x 14.5x 7.0x 2.5x 10.2x ABM Industries, Inc. ABM-US 1,918 29.18 (29.7%) (22.6%) 64.7% 11.8% 5.0% 0.5x 12.1x 21.9x 0.4x 8.4x US Ecology, Inc. ECOL-US 1,397 63.70 26.1% 24.9% 98.5% 7.6% 19.5% 3.2x 14.7x 26.2x 3.0x 12.6x H&E Equipment Services, Inc. HEES-US 1,342 37.61 84.3% (7.5%) 85.0% 10.9% 30.6% 2.1x 6.8x 11.8x 1.9x 6.1x Casella Waste Systems, Inc. CWST-US 1,068 25.61 56.1% 11.3% 93.1% 5.4% 16.5% 2.6x 12.2x NM 2.4x 11.2x SP Plus Corp. SP-US 842 37.20 21.8% 0.3% 89.2% (46.2%) 5.1% 0.6x 8.7x 16.6x 1.1x 9.9x Team, Inc. TISI-US 693 23.10 (1.5%) 55.0% 93.1% 8.2% 0.8% 0.9x 60.0x NM 0.8x 11.0x CECO Environmental Corp. CECE-US 213 6.14 (33.1%) 19.7% 57.4% (3.3%) 6.6% 0.8x 11.3x 77.8x 0.9x 8.8x 14.9% 4.2% 87.5% 3.8% 18.1% 2.3x 14.7x 27.5x 2.2x 10.7x 16.9% 1.1% 91.6% 7.6% 16.9% 2.3x 12.1x 21.9x 2.3x 10.4x

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Automatic Data Processing, Inc. ADP-US $ 59,092 $ 134.14 30.9% 14.5% 94.8% 8.9% 26.3% 4.5x 21.0x 33.5x 4.2x 18.1x Robert Half International, Inc. RHI-US 8,044 65.10 35.8% 17.2% 92.5% 8.2% 10.8% 1.4x 13.0x 26.1x 1.4x 12.3x 51job, Inc. JOBS-US 6,032 97.64 118.3% 60.5% 85.2% 35.8% NM 11.4x 38.2x NM 8.2x 22.4x ManpowerGroup, Inc. MAN-US 5,665 86.06 (22.9%) (31.8%) 62.8% 8.4% 3.6% 0.3x 6.6x 10.3x 0.3x 6.2x ASGN, Inc. ASGN-US 4,090 78.19 44.4% 21.7% 90.8% 30.2% 10.2% 1.7x 15.3x 25.3x 1.3x 11.2x Insperity, Inc. NSP-US 4,001 95.25 168.3% 66.1% 93.5% 15.4% 6.9% 1.1x 23.1x 40.6x 0.9x 16.0x TriNet Group, Inc. TNET-US 3,932 55.94 70.9% 26.2% 97.9% (73.0%) 9.3% 1.0x 12.1x 19.8x 3.8x 10.7x Korn/Ferry International KFY-US 3,500 61.93 79.4% 49.7% 90.6% 5.9% 15.3% 1.8x 12.5x 26.4x 1.7x 10.3x WageWorks, Inc. WAGE-US 1,982 50.00 (25.6%) (19.4%) 72.2% NM NM 2.9x 11.7x NM 2.6x 8.1x TrueBlue, Inc. TBI-US 1,114 26.95 1.7% (2.0%) 91.4% 1.1% 3.2% 0.5x 9.4x 18.6x 0.5x 8.6x Kforce, Inc. KFRC-US 896 34.30 75.0% 35.8% 93.3% 6.3% 4.5% 0.7x 13.5x 23.8x 0.7x 10.0x Kelly Services, Inc. KELYA-US 873 22.45 0.0% (17.7%) 69.5% 6.1% 1.3% 0.2x 8.5x 10.0x 0.2x 6.6x Heidrick & Struggles International, Inc. HSII-US 662 35.00 60.9% 42.6% 88.1% 1.8% 10.1% 0.9x 9.8x NM 0.9x 8.3x ShiftPixy, Inc. PIXY-US 75 2.61 (66.1%) (9.4%) 22.4% NM (18.8%) 2.6x NM NM NM NM 40.8% 18.1% 81.8% 4.6% 6.9% 2.2x 15.0x 23.4x 2.0x 11.4x 40.1% 19.4% 90.7% 7.3% 8.1% 1.3x 12.5x 24.5x 1.3x 10.3x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA S&P Global, Inc. SPGI-US $ 51,238 $ 203.89 39.7% 20.4% 97.6% 7.7% 51.0% 8.8x 17.9x 33.0x 8.3x 16.6x Moody's Corp. MCO-US 32,730 170.56 40.2% 15.5% 94.8% 11.1% 48.0% 8.5x 18.0x 32.2x 7.8x 15.9x Thomson Corp. TRI-CA 28,476 40.33 (11.6%) (3.2%) 82.9% (50.2%) 31.2% 3.7x 12.1x 38.5x 6.4x 26.5x Plc EXPN-GB 22,706 24.75 19.0% 14.6% 95.9% 9.1% 35.2% 5.6x 16.1x 27.6x 5.2x 15.0x IHS Markit Ltd. INFO-US 20,224 51.59 17.1% 14.3% 97.2% 6.2% 33.8% 6.5x 19.7x 34.9x 6.2x 15.7x Verisk Analytics, Inc. VRSK-US 17,788 107.64 27.6% 12.1% 97.6% 10.9% 46.3% 9.2x 19.1x 31.3x 8.4x 17.6x Equifax, Inc. EFX-US 15,049 125.11 (9.0%) 6.1% 85.1% 6.0% 25.7% 5.2x 15.1x 29.0x 4.9x 14.2x CoStar Group, Inc. CSGP-US 15,016 412.63 56.5% 39.0% 97.7% 26.6% 25.7% 13.0x 48.6x 93.4x 11.0x 32.3x Alliance Data Systems Corp. ADS-US 12,919 233.20 (9.2%) (8.0%) 83.8% 11.1% 26.1% 2.9x 10.3x 16.1x 2.7x 10.3x Gartner, Inc. IT-US 12,126 132.90 7.6% 7.9% 93.5% 16.0% 12.3% 4.1x 34.9x NM 3.5x 18.9x FactSet Research Systems, Inc. FDS-US 7,599 198.10 19.2% 2.8% 91.1% 6.5% 31.4% 6.0x 18.5x 30.4x 5.7x 16.9x Fair Isaac Corp. FICO-US 5,769 193.32 38.7% 26.2% 95.2% 11.5% 21.5% 6.5x 27.9x 49.1x 6.1x 19.3x Dun & Bradstreet Corp. DNB-US 4,548 122.65 13.4% 3.6% 91.4% 0.6% 30.3% 3.2x 10.3x 24.1x 3.2x 10.7x CoreLogic, Inc. CLGX-US 4,237 51.90 19.6% 12.3% 93.0% 1.5% 20.5% 3.1x 13.4x 26.6x 3.1x 11.7x Acxiom Corp. ACXM-US 2,309 29.95 15.3% 8.7% 91.0% 6.6% 13.6% 2.6x 20.8x NM 2.6x 13.7x comScore, Inc. SCOR-US 1,200 21.80 (17.0%) (23.5%) 70.3% 3.4% (0.1%) 3.1x NM NM 3.0x 66.0x Forrester Research, Inc. FORR-US 754 41.95 7.2% (5.1%) 87.9% 7.4% (0.1%) 1.8x 20.7x NM 1.7x 12.9x 16.1% 8.4% 90.9% 5.4% 26.6% 5.5x 20.2x 35.9x 5.3x 19.6x 17.1% 8.7% 93.0% 7.4% 26.1% 5.2x 18.3x 31.3x 5.2x 15.9x

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA WPP Plc WPP-GB $ 19,873 $ 15.75 (26.1%) (11.0%) 74.3% (9.1%) 18.5% 1.3x 8.2x 8.5x 1.5x 8.1x Omnicom Group, Inc. OMC-US 17,335 76.27 (8.0%) 4.7% 91.1% 4.3% 13.5% 1.4x 8.8x 16.0x 1.3x 8.6x Publicis Groupe SA PUB-FR 15,888 68.82 (9.8%) 4.0% 87.3% (1.4%) 20.9% 1.7x 8.8x 16.0x 1.8x 9.8x Interpublic Group of Cos., Inc. IPG-US 9,037 23.44 (4.7%) 16.3% 90.1% (1.1%) 3.9% 1.1x 8.5x 17.2x 1.3x 7.9x SA IPS-FR 1,519 34.19 (10.9%) (4.6%) 81.1% (0.1%) 14.9% 1.0x 8.6x 10.1x 1.0x 8.4x InnerWorkings, Inc. INWK-US 464 8.69 (25.1%) (13.4%) 72.2% NM NM 0.5x 10.7x NM 0.5x 7.4x (14.1%) (0.7%) 82.7% (1.5%) 14.4% 1.2x 8.9x 13.6x 1.2x 8.4x (10.3%) (0.3%) 84.2% (1.1%) 14.9% 1.2x 8.7x 16.0x 1.3x 8.3x

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA CBRE Group, Inc. CBG-US $ 16,219 $ 47.74 31.2% 10.2% 97.1% 37.2% 6.9% 1.2x 12.6x 23.1x 0.9x 10.1x CoStar Group, Inc. CSGP-US 15,016 412.63 56.5% 39.0% 97.7% 26.6% 25.7% 13.0x 48.6x NM 11.0x 32.3x Jones Lang LaSalle, Inc. JLL-US 7,551 165.99 32.8% 11.5% 92.9% 61.1% 2.9% 0.9x 12.3x 26.5x 0.7x 10.6x Kennedy-Wilson Holdings, Inc. KW-US 3,074 21.15 11.0% 21.9% 98.1% (17.4%) 30.2% 10.6x 36.3x 26.3x 12.8x 18.5x Realogy Holdings Corp. RLGY-US 2,907 22.80 (29.7%) (14.0%) 64.8% 4.1% 3.9% 1.1x 9.1x 8.1x 1.0x 9.0x Newmark Group, Inc. NMRK-US 1,977 14.23 NM (10.5%) 83.8% 37.8% 14.4% 3.0x 18.7x NM 2.6x 9.7x Fang Holdings Ltd. SFUN-US 1,246 3.88 4.6% (30.5%) 68.2% NM NM 3.1x 23.9x NM 3.9x 9.3x RE/MAX Holdings, Inc. RMAX 931 52.45 (6.4%) 8.1% 77.7% 10.0% 33.2% 3.6x 9.3x NM 3.2x 6.5x Altisource Portfolio Solutions SA ASPS 502 29.17 33.7% 4.2% 87.9% (8.3%) 7.8% 0.9x 7.2x 1.8x 1.0x 11.3x 16.7% 4.4% 85.4% 18.9% 15.6% 4.1x 19.8x 17.1x 4.1x 13.0x 21.1% 8.1% 87.9% 18.3% 11.1% 3.0x 12.6x 23.1x 2.6x 10.1x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA International Business Machines Corp. IBM-US $ 128,240 $ 139.70 (9.2%) (8.9%) 81.6% 1.0% 14.0% 2.0x 10.1x 22.9x 2.0x 8.4x Accenture Plc ACN-US 104,820 163.59 32.3% 6.9% 98.8% 2.5% 17.3% 2.5x 15.1x 26.2x 2.5x 14.3x Cognizant Technology Solutions Corp. CTSH-US 46,280 78.99 19.0% 11.2% 92.8% 11.7% 19.8% 2.8x 14.1x 31.7x 2.5x 10.5x CGI Group, Inc. GIB.A-CA 16,198 63.33 25.7% 22.0% 99.8% 5.3% 17.7% 2.3x 14.0x 22.5x 2.2x 11.8x Leidos Holdings, Inc. LDOS-US 8,955 59.00 14.1% (8.6%) 84.2% 5.8% 9.9% 1.2x 11.6x 23.0x 1.1x 11.0x EPAM Systems, Inc. EPAM-US 6,639 124.33 47.9% 15.7% 94.4% 31.3% 13.8% 4.0x 27.6x NM 3.2x 17.6x Booz Allen Hamilton Holding Corp. BAH-US 6,271 43.73 34.4% 14.7% 95.4% 8.7% 9.3% 1.3x 13.3x 21.3x 1.2x 12.5x Teradata Corp. TDC-US 4,855 40.15 36.1% 4.4% 90.7% 1.5% 6.5% 2.0x 20.3x NM 2.0x 11.4x InterXion Holding NV INXN-US 4,459 62.42 36.3% 5.9% 92.9% 17.5% 42.1% 9.2x 22.0x NM 7.8x 17.0x CACI International, Inc. CACI-US 4,163 168.55 34.8% 27.4% 96.4% 5.0% 10.9% 1.2x 12.6x 14.5x 1.1x 12.4x ManTech International Corp. MANT-US 1,414 53.64 29.6% 6.9% 86.2% 12.2% 8.4% 1.2x 15.5x 17.7x 1.1x 13.1x Presidio, Inc. PSDO-US 1,214 13.10 (8.5%) (31.7%) 66.4% 5.3% 6.7% 0.7x 9.5x 9.6x 0.7x 9.1x Virtusa Corp. VRTU-US 1,445 48.68 65.6% 10.4% 89.8% 27.3% 8.0% 1.6x 28.2x NM 1.3x 13.2x Unisys Corp. UIS-US 657 12.90 0.8% 58.3% 92.8% (1.5%) 19.9% 0.2x 1.8x NM 0.4x 2.4x The Hackett Group, Inc. HCKT-US 473 16.07 3.7% 2.3% 83.5% 5.3% 13.1% 1.6x 12.5x 19.1x 1.7x 9.6x ServiceSource International, Inc. SREV-US 358 3.94 1.5% 27.5% 88.1% 5.8% (2.7%) 1.3x 34.9x NM 1.2x 12.9x 22.8% 10.3% 89.6% 9.0% 13.4% 2.2x 16.4x 20.9x 2.0x 11.7x 27.7% 8.7% 91.7% 5.6% 12.0% 1.6x 14.0x 21.9x 1.5x 12.1x

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap LTM YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Exponent, Inc. EXPO-US $ 2,512 $ 48.30 65.7% 35.9% 91.8% 2.2% 24.0% 6.4x 27.1x NM 6.6x 25.0x FTI Consulting, Inc. FCN-US 2,284 60.48 73.0% 40.8% 92.9% 3.3% 14.5% 1.4x 11.3x 17.5x 1.3x 11.9x ICF International, Inc. ICFI-US 1,336 71.05 50.8% 35.3% 93.3% 5.7% 8.0% 1.3x 13.9x 20.9x 1.2x 12.4x CBIZ, Inc. CBZ-US 1,267 23.00 53.3% 48.9% 99.4% 6.6% 21.5% 1.7x 14.4x 21.0x 1.6x 12.8x Navigant Consulting, Inc. NCI-US 1,000 22.14 12.0% 14.1% 87.7% (10.5%) 10.9% 1.1x 9.4x 14.1x 1.3x 9.2x Huron Consulting Group, Inc. HURN-US 917 40.90 (5.3%) 1.1% 93.6% (5.4%) 7.8% 1.6x 9.4x NM 1.6x 13.2x Resources Connection, Inc. RECN-US 533 16.90 23.4% 9.4% 94.2% 7.9% 8.4% 0.8x 10.6x 28.2x 0.8x 9.7x 39.0% 26.5% 93.2% 9.8% 13.6% 2.0x 13.7x 20.3x 2.1x 13.5x 50.8% 35.3% 93.3% 3.3% 10.9% 1.4x 11.3x 20.9x 1.3x 12.4x

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