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221221 221221 Expertise. Commitment. Results. 221221 Table of Contents
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178 186 213 1 Overview of Monthly M&A and Investment Activity 3 211 216 233 2 Monthly M&A and Investment Activity by Industry Segment 9 234 235 245
Orange 3 Additional Monthly M&A and Investment Activity Data 39
241 184 0 4 About Petsky Prunier 50 245 232 184
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Securities offered through Petsky Prunier Securities, LLC, member of FINRA.
This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.
2 | M&A and Investment Summary July 2015 M&A and Investment Summary for All Segments
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122 Transaction Distribution 141 181 . A total of 448 deals were announced in July 2015, of which 299 were worth $23.1 billion in aggregate reported value 178 186 213 . Digital Media/Commerce was the most active and highest reported value segment with 118 deals announced — 98 of these 211 216 transactions reported at $8.7 billion in aggregate value 233
234 . The Marketing Technology segment announced 79 transactions, of which 61 were reported worth $3.1 billion 235 245 . Strategic buyers announced 168 deals (42 reported $10.8 billion of value) Orange
241 . VC/Growth Capital investors announced 263 transactions (252 reported $9.9 billion of value) 184 0 . Buyout investors announced 17 deals during the month (five reported $2.4 billion of value) 245 232 184
Grey July 2015
138 BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital
203 # % $MM % # $MM # $MM # $MM 203 203 Digital Media/Commerce 118 26% $8,688.4 38% 24 $2,405.2 3 $500.0 91 $5,783.2
221 Software 112 25% 3,905.3 17% 44 1,687.0 4 218.0 64 2,000.3 221 221 Marketing Technology 79 18% 3,069.5 13% 20 1,047.3 2 1,075.0 57 947.2 Digital Advertising 41 9% 794.4 3% 14 164.7 1 - 26 629.7 Agency & Marketing Services 32 7% 832.5 4% 28 238.8 1 578.8 3 14.8 Business Services 31 7% 1,305.7 6% 18 1,101.3 3 - 10 204.4 Information 24 5% 3,182.0 14% 11 2,859.0 1 - 12 323.0 Traditional Media 11 2% 1,331.1 6% 9 1,331.1 2 - 0 - Total 448 100% 23,108.8 100% 168 10,834.4 17 2,371.8 263 9,902.6
3 | M&A and Investment Summary July 2015 M&A and Investment Summary for All Segments
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0 79 133
122 Transaction Distribution 141 181
178 . Aggregate reported transaction value in July was flat compared with both June 2015 and July 2014 186 213 . Strategic activity accounted for 47 percent of reported deal value during the month and included significant transactions: 211 216 233 • McGraw Hill Financial’s pending $2.2 billion acquisition of financial data and information company SNL Financial
234 235 245 • The $1.3 billion acquisition of The Financial Times Group by Japan-based publisher Nikkei from Pearson
Orange • eBay’s $925 million spin-off of its Enterprise Unit to a group of buyers led by Permira Advisors 241 184 0 • Emdeon’s acquisition of healthcare intervention platform Altegra Health for $910 million
245 232 184 • Amadeus IT’s $830 million purchase of Navitaire, a provider of reservation services for the airline industry
Grey 138 $120.0 $500.0 $108.4 138 $110.0 138 $100.0 Bright $400.0 203 $90.0 House/ 203 Charter 203 $80.0 $300.0 221 $70.0 221 221 $60.0 Time $50.0 Warner/ $200.0 Charter $40.0 $37.5 $30.0 $22.8 $23.5 $25.9 $23.1 $22.4 $18.8 $100.0 $20.0 $14.5 $15.0 $18.3 $14.5 $11.2 $10.0 441 314 428 491 410 380 385 425 456 492 458 466 448 $- $- Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15
*Note, Charter Communications’ $78.8 billion acquisition of Time Warner and $10.4 billion acquisition of Bright House Networks are excluded to limit comparative distortions.
4 | M&A and Investment Summary July 2015
Selected Transactions with Valuation Information Disclosed ($ in Millions)
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0 79 133 Selected Transactions With Multiples Information
122 Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA 141 181 Agency & Marketing Services Chime Communications plc 1 General Agency Providence Equity Partners LLC $ 662.2 $ 608.4 $ 45.7 1.1x 14.5x 178 186 Designit Design Agency Wipro Limited 93.2 32.7 - 2.9x NA 213 FootFall Retail Services Tyco Retail Solutions 59.8 39.0 - 1.5x NA Keller Fay Group LLC Marketing Consulting Engagement Labs Inc. 4.2 3.7 0.6 1.1x 6.9x 211 216 233 Business Services Sitel Worldwide Corporation Call Center Groupe Articall 830.0 1,444.4 117.9 0.6x 7.0x 234 Pheonix Color Corporation Printing Services ALJ Regional Holdings, Inc. 90.0 88.0 22.9 1.0x 3.9x 235 245 Digital Media/Commerce bwin.party digital entertainment plc Gaming 888 Holdings Public Limited Company 1,426.1 740.7 103.4 1.9x 13.8x Orange Plentyoffish Media Social Media/Apps Match Group 575.0 100.0 - 5.8x NA VerticalScope Inc. Niche Content Torstar Corporation 277.2 - 23.1 NA 12.0x 241 184 Bombora Technologies Pty. Ltd Marketing Data NeuStar, Inc. 86.9 20.6 - 4.2x NA 0 Marketing Technology
245 eBay Enterprise, Inc. Commerce Management Permira Advisors 925.0 1,240.0 - 0.7x NA 232 Navitaire LLC BI Tools Amadeus IT Holding SA 830.0 - 60.1 NA 13.8x 184 home.pl S.A. Website Creation/Hosting United Internet AG 172.7 27.7 11.1 6.2x 15.6x WorldNow Content Management Frankly Inc. 44.6 26.5 6.5 1.7x 6.9x Grey Software 138 Mobile Travel Technologies Ltd. Application Management Software Travelport Worldwide Limited 60.2 34.0 - 1.8x NA 138 138 Insseco Ltd. Financial Software Sapiens International Corporation N.V. 9.1 12.0 - 0.8x NA
203 Traditional Media 203 The Financial Times Group Newspaper Publishing Nikkei, Inc. 1,310.5 520.5 - 2.5x NA 203 Financial Research Associates LLC B-to-B Media Wilmington plc 20.6 10.5 - 2.0x NA
221 1 80 percent stake acquisition 221 221
5 | M&A and Investment Summary July 2015 Securities in Registration ($ in Millions)
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0 79 133 Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA 122 141 181 Jul-15 Univision Communications Inc. United States Traditional Media $ 100.0 $ 2,915.0 $ 1,197.8
178 Jul-15 Apptio, Inc. United States Software NA 100.0 NA 186 213 Jul-15 SRA Companies United States Business Services 100.0 1,377.2 164.6
211 Jun-15 NEP Group, Inc. United States Traditional Media 100.0 39.9 NA 216 233 Apr-15 Yirendai.com China Digital Media/Commerce 300.0 NA NA
234 Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA 235 245 Mar-15 Truven Health Analytics United States Information 41.2 504.9 72.1
Orange Oct-14 Sidoti & Co. United States Information & Business Services 35.0 28.9 NA
241 May-14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA 184 0 Apr-14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6
245 232 Apr-14 Zoosk, Inc. United States Digital Media/Commerce 100.0 178.2 2.3 184 Mar-14 Globoforce Group plc Ireland Software NA NA NA Grey
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6 | M&A and Investment Summary July 2015 LTM IPO Performance (1/2)
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0 79 133 Initial Offering Final Price Stock Price at Close Stock Price on % Change from
122 Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 31, 2015 1st Trading Day 141 181 Jul-15 NasdaqGM:RPD Rapid7, Inc. United States $13.00-$15.00 $16.00 $26.75, up 67% $23.32 (12.8%)
178 Jul-15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 31.16 9.3% 186 213 Jun-15 NasdaqGM:APPF AppFolio, Inc. United States 12.00-14.00 12.00 $14.10, up 17% 14.95 6.0%
211 Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 7.42 (14.7%) 216 233 Jun-15 NYSE:FIT Fitbit Inc. United States 17.00-19.00 20.00 29.68, up 48% 46.84 57.8%
234 Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 9.81 (15.1%) 235 245 Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 29.23 (7.6%) Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 21.47 13.8% Orange May-15 NYSE:SHOP Shopify Inc. Canada 14.00-16.00 17.00 28.31, up 51% 37.49 32.4% 241 184 May-15 NasdaqGS:BZUN Baozun Inc. China 12.00-14.00 10.00 10.44, up 4% 8.36 (19.9%) 0 May-15 NYSE:PGND Press Ganey Holdings, Inc. United States 22.00-24.00 25.00 27.50, up 10 % 31.40 14.2% 245 232 Apr-15 NasdaqGS:APIC Apigee Corporation United States 16.00-18.00 17.00 10.60, down 8% 7.91 (25.4%) 184 Apr-15 NasdaqGS:ETSY Etsy, Inc. United States 14.00-16.00 16.00 30.00, up 86% 20.88 (30.4%) Grey Apr-15 NasdaqGM:WOWO JM WOWO Hong Kong 9.00-11.00 10.00 10.29, up 3% 4.13 (59.9%) 138 138 Apr-15 NYSE:GDDY GoDaddy Inc. United States 17.00-19.00 20.00 26.15, up 31% 28.30 8.2% 138 Mar-15 NYSE:MXPT MaxPoint Interactive, Inc. United States 10.50-12.50 11.50 10.60, down 8% 8.85 (16.5%) 203 203 Jan-15 NYSE:BOX Box, Inc. United States 11.00-13.00 14.00 23.23, up 65% 16.30 (29.8%) 203 Dec-14 NYSE:NEWR New Relic, Inc. United States 20.00-22.00 23.00 31.10, up 35% 34.61 11.3% 221 221 Dec-14 NYSE:ONDK On Deck Capital, Inc. United States 16.00-18.00 20.00 27.98, up 40% 13.21 (52.8%) 221 Dec-14 NasdaqGS:MOMO Momo Inc. China 12.50-14.50 13.50 17.02, up 26% 16.20 (4.8%) Dec-14 NasdaqGM:CNXR Connecture, Inc. United States 12.00-14.00 8.00 8.80, up 10% 9.40 6.8% Dec-14 NasdaqGS:HDP Hortonworks, Inc. United States 14.00-16.00 16.00 26.38, up 65% 24.37 (7.6%) Dec-14 NYSE:WK Workiva Inc. United States 13.00-15.00 14.00 13.99, up 4% 14.58 4.2% Dec-14 NYSE:LC LendingClub Corporation United States 12.00-14.00 15.00 23.34, up 56% 14.51 (37.8%) Nov-14 NasdaqGS:CNV Cnova N.V. Netherlands 12.50-14.00 7.00 7.15, flat 5.10 (28.7%) Nov-14 NasdaqGM:UPLD Upland Software, Inc. United States 12.00-14.00 12.00 9.75, down 19% 8.14 (16.6%) Oct-14 NYSE:HUBS HubSpot, Inc. United States 22.00-24.00 25.00 30.10, up 20% 53.58 78.0% Oct-14 NYSE:W Wayfair Inc. United States 25.00-28.00 29.00 37.72, down 30% 37.42 (0.8%) 7 | M&A and Investment Summary July 2015 LTM IPO Performance (2/2)
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0 79 133 Initial Offering Final Price Stock Price at Close Stock Price on % Change from
122 Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 31, 2015 1st Trading Day 141 181 Oct-14 NasdaqGS:YDLE Yodlee, Inc. United States $11.00-$13.00 $12.00 $13.44, up 12% $12.62 (6.1%)
178 Sep-14 NYSE:BABA Alibaba Group Holding Limited China 66.00-68.00 68.00 93.89, up 38% 78.54 (16.3%) 186 213 Sep-14 NYSE:CIVI Civitas Solutions, Inc. United States 20.00-23.00 17.00 16.61, down 2% 22.40 34.9%
211 Sep-14 NasdaqGS:CYBR CyberArk Software, Ltd. Israel 13.00-15.00 16.00 29.93, up 87% 59.19 97.8% 216 233 Sep-14 NYSE:TVPT Travelport Worldwide Limited United Kingdom 14.00-16.00 16.00 16.40, up 3% 12.75 (22.3%)
234 Aug-14 NasdaqGS:DSKY iDreamSky Technology Limited China 12.00-14.00 15.00 19.05, up 27% 11.76 (38.3%) 235 245 Aug-14 NYSE:MBLY Mobileye N.V. Israel 21.00-23.00 25.00 37.00, up 48% 60.20 62.7%
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8 | M&A and Investment Summary July 2015 Digital Media/Commerce
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122 . Of the total $8.7 billion in value reported in the Digital Media/Commerce segment, $5.8 billion in Venture/Growth Capital investments 141 181 were announced, while an additional $500 million of Buyout transactions were made
178 186 213 . eCommerce was the most active subsegment across all segments with 52 transactions announced, of which 45 were reported for $2.7
211 billion. Select investments from the subsegment include: 216 233 • Steadview Capital and Tiger Global Management’s $700 million investment in India-based Flipkart 234 235 245 . Select Digital Media/Commerce transactions include:
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241 • The $575 million acquisition of online matchmaking and dating service Plentyoffish Media by Match Group 184 0 • DraftKings’ $300 million round of funding led by FOX Sports at a reported valuation of $1.2 billion 245 232 184 • FanDuel’s $275 million round of funding led by KKR, Google Capital, and Time Warner Investments at a reported valuation exceeding
Grey $1billion
138 138 138 DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN
203 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 203 # % $MM % # $MM # $MM # $MM
221 eCommerce 52 44% $2,736.5 31% 7 $35.0 2 500.0 43 $2,201.5 221 221 Classifieds/Auctions/P-to-P 17 14% 355.1 4% 2 - 0 - 15 355.1 Gaming 15 13% 2,205.3 25% 6 1,453.1 1 - 8 752.2 Mobile Content/Apps 15 13% 2,305.6 27% 2 - 0 - 13 2,305.6 Social Media/Apps 11 9% 734.8 8% 2 575.0 0 - 9 159.8 Niche Content 6 5% 264.2 3% 4 255.2 0 - 2 9.0 Web Search/Portals 1 1% - 0% 0 - 0 - 1 - Domain Portfolio/Marketplace 1 1% 86.9 1% 1 86.9 0 - 0 - Total 118 100% 8,688.4 100% 24 2,405.2 3 500.0 91 5,783.2
9 | M&A and Investment Summary July 2015 Digital Media/Commerce Public Company Valuation (1/3) Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 1-800-Flowers.com Inc. United States $9.95 -26% $ 649.4 $ 734.3 $ 1,080.6 $ 94.7 8.8% 45.6% 0.7x 7.8x 58.com Inc. * China 59.39 -29% 6,861.5 6,429.0 303.8 (47.0) NM 78.4% 21.2x NM 178 Alibaba Group Holding Limited * China 78.34 -35% 196,823.6 186,914.4 12,292.0 4,465.0 36.3% 45.1% 15.2x 41.9x 186 213 Amazon.com Inc. * United States 536.35 -8% 250,856.3 254,808.3 95,808.0 5,726.0 6.0% 17.2% 2.7x 44.5x Analizy Online S.A. Poland 5.86 -13% 7.0 6.5 1.5 0.4 26.1% 7.1% 4.3x 16.3x 211 Baidu, Inc. China 172.66 -31% 60,614.4 54,921.4 9,171.8 2,767.0 30.2% 42.5% 6.0x 19.8x 216 233 Blucora, Inc. United States 14.17 -19% 580.4 500.6 516.8 79.3 15.3% -20.4% 1.0x 6.3x Blue Nile Inc. United States 31.72 -15% 376.5 337.3 476.2 16.1 3.4% 4.3% 0.7x 20.9x 234 CafePress Inc. * United States 4.36 -19% 76.7 26.5 149.7 (5.2) NM -0.3% 0.2x NM 235 245 Care.com, Inc. * United States 6.00 -37% 191.7 129.0 126.6 (29.3) NM 42.9% 1.0x NM CDW Corporation United States 35.93 -9% 6,130.1 9,178.7 12,177.4 897.2 7.4% 10.6% 0.8x 10.2x Orange Changyou.com Limited China 23.29 -34% 1,210.6 1,078.3 807.6 221.7 27.5% 9.7% 1.3x 4.9x Chegg, Inc. * United States 8.31 -6% 715.1 636.2 315.3 17.0 5.4% 17.2% 2.0x 37.5x 241 Cnova N.V. * Netherlands 5.05 -41% 2,228.6 2,187.8 4,113.3 20.4 0.5% 17.7% 0.5x NM 184 0 Copart, Inc. United States 36.03 -6% 4,558.6 4,545.6 1,151.2 416.2 36.2% 1.0% 3.9x 10.9x CyberAgent Inc. Japan 43.11 -26% 2,701.9 2,437.4 1,986.1 328.8 16.6% 28.0% 1.2x 7.4x 245 Demand Media, Inc. United States 5.95 -78% 118.6 71.2 160.6 4.4 2.7% 4.4% 0.4x 16.2x 232 184 DeNA Co., Ltd. Japan 19.90 -9% 2,580.1 2,084.2 1,186.9 315.2 26.6% -21.5% 1.8x 6.6x eBay Inc. United States 28.12 -58% 34,256.6 31,324.6 18,351.0 5,167.0 28.2% 11.1% 1.7x 6.1x Grey E-Commerce China Dangdang Inc. * China 6.75 -59% 545.5 280.4 1,361.2 5.5 0.4% 25.4% 0.2x 50.5x eLong Inc. * China 14.50 -47% 532.6 285.5 169.7 (82.9) NM 1.3% 1.7x NM 138 138 Etsy, Inc. United States 20.84 -42% 2,329.6 2,325.2 213.6 0.1 0.1% 53.9% 10.9x NM 138 Everyday Health, Inc. United States 11.87 -32% 376.0 440.2 188.0 16.4 8.7% 15.4% 2.3x 26.8x Expedia Inc. United States 121.44 6% 15,491.1 15,202.1 6,104.5 689.8 11.3% 16.3% 2.5x 22.0x 203 203 Facebook, Inc. * United States 94.01 -5% 264,002.3 250,026.3 14,640.0 6,362.0 43.5% 46.2% 17.1x 39.3x 203 Forgame Holdings Limited * China 1.96 -48% 283.8 115.5 103.8 1.3 1.2% -45.6% 1.1x 89.9x Fitbit Inc. * United States 47.60 -3% 10,053.5 9,975.3 973.4 241.6 24.8% 0.0% 10.2x 41.3x 221 G5 Entertainment AB (publ) Sweden 3.50 -19% 30.8 27.2 30.7 1.5 221 4.9% 55.1% 0.9x 18.1x 221 GameLoft SE France 4.78 -23% 402.2 345.6 275.1 13.9 5.1% -2.6% 1.3x 24.8x Glu Mobile, Inc. * United States 5.87 -17% 705.8 640.1 248.0 16.5 6.7% 97.5% 2.6x 38.7x Google Inc. United States 657.50 -8% 439,771.5 379,973.5 69,611.0 22,620.0 32.5% 14.4% 5.5x 16.8x Gree, Inc. Japan 5.88 -19% 1,373.9 788.5 817.7 247.6 30.3% -27.9% 1.0x 3.2x GrubHub Inc. United States 31.71 -34% 2,661.4 2,354.0 311.5 88.0 28.2% 53.3% 7.6x 26.8x Hollywood Media Corp. * United States 0.71 -49% 16.1 (6.8) 0.4 (4.8) NM -31.1% NM 1.4x HSN, Inc. United States 73.51 -8% 3,857.2 4,455.3 3,652.5 329.0 9.0% 7.1% 1.2x 13.5x IAC/InterActiveCorp United States 77.26 -9% 6,404.9 6,623.1 3,156.6 417.5 13.2% 6.0% 2.1x 15.9x iDreamSky Technology Limited * China 11.70 -55% 508.7 380.6 190.6 3.7 1.9% 196.5% 2.0x NM International Game Technology PLC United Kingdom 19.80 -7% 3,932.2 7,047.0 3,326.1 1,114.5 33.5% 1.6% 2.1x 6.3x iProperty Group Limited * Malaysia 2.17 -19% 407.5 398.1 17.9 0.0 0.2% 14.6% 22.3x NM j2 Global, Inc. United States 70.40 -3% 3,393.7 3,511.7 626.2 256.3 40.9% 15.7% 5.6x 13.7x JD.com, Inc. * China 33.03 -13% 45,167.9 40,915.9 20,805.8 (126.4) NM 64.8% 2.0x NM
10 | M&A and Investment Summary July 2015 Digital Media/Commerce Public Company Valuation (2/3) Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 Jiayuan.com International Ltd. * China 6.62 -30% $ 196.93 $ 123.35 $ 104.69 $ 3.49 3.3% 25.9% 1.2x 35.3x JobStreet Corp. Bhd. Malaysia 0.45 -89% 63.1 35.6 5.9 3.6 60.8% NM 6.0x 9.9x 178 Jumei International Holding Limited China 18.71 -53% 2,716.6 2,139.1 728.7 59.8 8.2% 38.3% 2.9x 35.8x 186 213 King Digital Entertainment plc Ireland 15.53 -22% 4,827.2 4,165.8 2,233.3 786.4 35.2% -2.3% 1.9x 5.3x Kongzhong Corp. China 7.25 -16% 341.1 223.1 229.2 38.4 16.7% 29.8% 1.0x 5.8x 211 LifeLock, Inc. United States 7.92 -59% 747.4 421.5 532.1 33.5 6.3% 26.3% 0.8x 12.6x 216 233 Liberty Interactive Corporation United States 29.05 -5% 13,713.1 18,519.1 10,279.0 1,751.0 17.0% 2.9% 1.8x 10.6x LightInTheBox Holding Co., Ltd. * China 4.00 -53% 191.4 125.7 388.5 (39.1) NM 29.2% 0.3x NM 234 LinkedIn Corporation * United States 203.26 -26% 25,603.5 23,699.9 2,561.1 187.6 7.3% 38.6% 9.3x NM 235 245 Liquidity Services, Inc. United States 8.98 -42% 269.5 183.3 473.5 40.5 8.6% -6.0% 0.4x 4.5x MeetMe, Inc. United States 1.88 -29% 85.5 71.9 47.3 7.6 16.0% 9.4% 1.5x 9.5x Orange Mercadolibre, Inc. Argentina $130.69 -15% 5,770.6 5,690.5 589.3 196.3 33.3% 21.4% 9.7x 29.0x Mixi, Inc. Japan 43.35 -23% 3,654.2 3,234.0 941.1 443.1 47.1% 829.0% 3.4x 7.3x 241 NCsoft Corporation South Korea 189.14 -12% 3,775.0 3,119.3 766.0 282.4 36.9% 13.2% 4.1x 11.0x 184 0 Naver Corporation South Korea 450.67 -38% 13,279.7 12,451.4 2,593.2 817.9 31.5% 21.3% 4.8x 15.2x NetEase, Inc. China 138.82 -10% 18,146.7 14,540.0 2,098.2 824.5 39.3% 38.2% 6.9x 17.6x 245 Netflix, Inc. * United States 114.31 -3% 48,696.6 48,299.9 6,112.0 407.2 6.7% 24.9% 7.9x NM 232 184 NEXON Co., Ltd. Japan 13.73 -8% 5,900.6 5,255.5 1,478.5 644.2 43.6% 12.0% 3.6x 8.2x Orbitz Worldwide, Inc. United States 11.28 -5% 1,260.2 1,374.7 942.0 116.9 12.4% 10.2% 1.5x 11.8x Grey Overstock.com Inc. United States 21.16 -22% 514.7 392.4 1,554.2 23.6 1.5% 16.6% 0.3x 16.6x Pacific Online Ltd. China 0.32 -51% 364.9 301.3 159.2 47.0 29.5% 16.5% 1.9x 6.4x 138 138 Pandora Media, Inc. * United States 17.52 -40% 3,719.2 3,346.7 1,023.9 (37.4) NM 28.0% 3.3x NM 138 PChome Online Inc. Taiwan 13.86 -18% 1,203.2 1,069.1 665.2 34.6 5.2% 21.1% 1.6x 30.9x PetMed Express, Inc. United States 16.85 -9% 341.4 283.1 228.5 31.3 13.7% -1.4% 1.2x 9.1x 203 Phoenix New Media Limited China 6.68 -41% 479.0 279.4 265.5 38.7 203 14.6% 9.7% 1.1x 7.2x 203 The Priceline Group Inc. United States 1,243.57 -6% 64,462.9 65,131.6 8,640.9 3,293.5 38.1% 21.1% 7.5x 19.8x Rakuten, Inc. Japan 16.11 -17% 22,938.4 24,582.6 5,159.8 1,211.3 23.5% 13.9% 4.8x 20.3x 221 RealNetworks Inc. * United States 4.68 -41% 169.0 34.6 141.1 (62.7) NM -27.7% 0.2x NM 221 221 Rediff.com India Limited * India 1.79 -38% 49.4 36.8 14.5 - 0.0% -9.6% 2.5x NM Renren Inc. * China 3.51 -21% 1,189.6 776.2 73.4 (92.4) NM -43.5% 10.6x NM Shanda Games Limited China 6.77 -3% 1,830.3 1,795.5 599.4 231.9 38.7% -14.4% 3.0x 7.7x Shutterfly, Inc. United States 43.25 -21% 1,609.5 1,681.0 969.2 89.6 9.2% 16.8% 1.7x 18.8x Shutterstock, Inc. * United States 53.43 -36% 1,916.2 1,670.7 352.7 47.3 13.4% 37.2% 4.7x 35.3x Sky-mobi Limited China 4.10 -61% 114.2 28.7 126.0 4.9 3.9% 0.0% 0.2x 5.9x SNAP Interactive, Inc. * United States 0.15 -59% 6.0 4.5 13.5 (1.4) NM 8.2% 0.3x NM Spark Networks, Inc. United States 3.11 -49% 78.4 64.9 58.5 8.4 14.3% -14.9% 1.1x 7.8x Sportsman's Warehouse Holdings, United States 11.69 -9% 491.0 710.1 672.1 54.1 8.0% 5.2% 1.1x 13.1x Stamps.comInc. Inc. United States 68.60 -11% 1,122.5 1,053.3 158.0 40.5 25.6% 22.5% 6.7x 26.0x Taomee Holdings Ltd. * China 3.19 -38% 112.7 41.0 39.5 (3.3) NM -21.7% 1.0x NM TheStreet, Inc. * United States 1.86 -28% 64.8 31.1 63.6 0.0 0.1% 13.0% 0.5x NM Tomorrow Focus AG Germany 4.94 -19% 287.9 326.0 180.5 18.9 10.5% 16.5% 1.8x 17.2x
11 | M&A and Investment Summary July 2015 Digital Media/Commerce Public Company Valuation (3/3) Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 Travelport Worldwide Limited United Kingdom 12.75 -31% $ 1,560.38 $ 3,904.38 $ 2,148.00 $ 347.00 16.2% 2.3% 1.8x 11.3x Twitter, Inc. * United States 31.01 -45% 20,826.15 18,862.46 1,778.67 (285.91) NM 82.6% 10.6x NM 178 U.S. Auto Parts Network, Inc. United States 2.29 -32% 77.58 91.25 291.87 4.48 1.5% 13.4% 0.3x 20.4x 186 213 United Online, Inc. United States 13.90 -23% 204.01 124.49 211.78 26.85 12.7% NA 0.6x 4.6x EVINE Live Inc. United States 2.19 -69% 124.9 168.1 673.4 15.4 2.3% 3.8% 0.2x 10.9x 211 Vipshop Holdings Limited * China 19.49 -37% 11,273.1 10,693.2 4,468.3 236.3 5.3% 114.4% 2.4x 45.2x 216 233 Wayfair Inc. * United States 37.31 -8% 3,164.19 2,883.89 1,464.62 (131.43) NM 44.3% 2.0x NM WebMD Health Corp. United States 43.58 -14% 1,603.7 1,798.6 597.9 122.2 20.4% 8.4% 3.0x 14.7x 234 Weibo Corporation China 14.03 -46% 2,899.2 2,447.8 363.0 5.9 235 * 1.6% 57.8% 6.7x NM 245 WeMade Entertainment Co., Ltd. * South Korea 46.70 -20% 778.8 762.6 143.1 (13.5) NM -23.7% 5.3x NM JM WOWO * Hong Kong 4.22 -68% 347.6 542.8 32.2 (39.2) NM -2.0% 16.9x NM Orange XO Group Inc. United States 14.83 -20% 392.3 309.6 143.8 18.5 12.9% 5.8% 2.2x 16.7x Yahoo! Inc. United States 36.67 -30% 34,412.7 6,599.5 4,870.4 541.8 11.1% 5.4% 1.4x 12.2x 241 184 Yandex N.V. Netherlands 13.91 -57% 4,496.2 4,332.5 971.6 316.0 32.5% 19.0% 4.5x 13.7x 0 YY Inc. China 59.11 -39% 3,182.4 2,952.1 671.4 194.6 29.0% 91.4% 4.4x 15.2x zulily, Inc. United States 13.21 -68% 1,631.1 1,316.3 1,268.8 29.3 2.3% 57.3% 1.0x 45.0x 245 232 Zynga, Inc. * United States 2.48 -22% 2,281.4 1,331.0 705.7 (83.4) NM -9.3% 1.9x NM 184 Average 3.4x 16.1x
Grey
138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.5x) and EBITDA multiples that are 1.0 standard deviations above the mean (33.5x) 138 *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value 138 *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)
203 203 203
221 221 221
12 | M&A and Investment Summary July 2015 Digital Advertising
Blue
0 79 133
122 . There was a total of 41 transactions announced in the Digital Advertising segment worth a total of $794 million in aggregate reported 141 181 value
178 186 213 . Digital Video and Vertical Search were the most active subsegment, each announcing seven transactions
211 216 . Select Transactions: 233
234 235 • Zeta Interactive’s $125 million round of funding from GSO Capital at a reported valuation exceeding $1 billion 245 • Modern Times Group’s majority acquisition of online video advertising services firm Zoomin.TV at a valuation of $95.4 million Orange
241 184 • The $67 million raised in equity and debt by advertising technology firm Integral Ad Science from Sapphire Ventures and Silicon 0 Valley Bank 245 232 184
Grey DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 # % $MM % # $MM # $MM # $MM 203 203 Digital Video 7 18% $133.8 18% 2 $48.7 0 - 5 $85.1 203 Vertical Search 7 18% 56.5 8% 3 16.0 0 - 4 40.5 221 221 Digital Promotion/Coupon 5 13% 82.0 11% 1 - 0 - 4 82.0 221 Ad Networks/Exchanges 4 10% 128.0 17% 1 - 0 - 3 128.0 Comparison Shopping 4 10% 70.0 9% 2 - 0 - 2 70.0 Online Lead Generation 4 10% 63.0 8% 1 - 1 - 2 63.0 Mobile Marketing 3 8% 50.0 7% 3 50.0 0 - 0 - Other* 6 15% 161.1 22% 0 - 0 - 6 161.1 Total 40 100% 744.4 100% 13 114.7 1 0.0 26 629.7 *Other includes Email Services, Local Search, and Search Marketing
13 | M&A and Investment Summary July 2015 Digital Advertising Public Company Valuation (1/2)
Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 07/31/15 52WK High 141 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Adgorithms LTD Israel $1.87 -15% $ 115.3 $ 113.3 $ 20.2 $ 4.6 22.7% 405.3% 5.6x 24.8x Alliance Data Systems Corporation United States $275.04 -12% 17,066.0 31,128.8 5,906.6 1,610.6 27.3% 24.7% 5.3x 19.3x 178 Angie's List, Inc. United States $5.00 -44% 292.6 281.8 334.3 15.2 4.6% 17.0% 0.8x 18.5x 186 213 Autobytel Inc. United States 15.34 -16% 160.8 158.7 105.6 8.8 8.3% 21.3% 1.5x 18.1x Bankrate, Inc. United States 9.12 -46% 919.0 1,062.2 550.2 99.9 18.2% 13.5% 1.9x 10.6x 211 Blinkx plc United States 0.40 -42% 163.0 62.9 215.0 (9.4) NM -13.0% 0.3x NM 216 233 Blucora, Inc. United States 14.17 -19% 580.4 500.6 516.8 79.3 15.3% -20.4% 1.0x 6.3x Constant Contact, Inc. United States 25.84 -40% 831.0 650.3 353.5 43.9 12.4% 15.1% 1.8x 14.8x 234 Coupons.com Incorporated United States 9.73 -53% 806.2 611.3 225.8 (13.6) NM 23.5% 2.7x NM 235 245 Criteo SA * France 53.23 -7% 3,277.9 2,981.1 917.5 77.9 8.5% 70.3% 3.2x 38.3x Ctrip.com International Ltd. China 71.58 -18% 10,194.0 10,368.7 1,303.3 (33.5) NM 39.1% 8.0x NM Orange Demand Media, Inc. United States 5.95 -78% 118.6 71.2 160.6 4.4 2.7% 4.4% 0.4x 16.2x DHI Group, Inc. United States 7.97 -31% 432.4 504.0 265.0 70.2 26.5% 11.2% 1.9x 7.2x 241 184 Digital Globe Services Inc. United States 0.71 -76% 21.3 21.5 39.6 2.6 6.6% 23.3% 0.5x 8.2x 0 Facebook, Inc. * United States 94.01 -5% 264,002.3 250,026.3 14,640.0 6,362.0 43.5% 46.2% 17.1x 39.3x Google Inc. United States 657.50 -8% 439,771.5 379,973.5 69,611.0 22,620.0 32.5% 14.4% 5.5x 16.8x 245 232 Groupon, Inc. United States 4.82 -43% 3,261.6 2,324.1 3,213.6 103.6 3.2% 19.0% 0.7x 22.4x 184 HomeAway, Inc. * United States 30.04 -17% 2,851.6 2,331.6 460.1 63.2 13.7% 23.5% 5.1x 36.9x IAC/InterActiveCorp United States 77.26 -9% 6,404.9 6,623.1 3,156.6 417.5 13.2% 6.0% 2.1x 15.9x Grey InternetQ PLC United Kingdom 4.68 -20% 187.1 187.7 160.3 15.9 9.9% 26.8% 1.2x 11.8x 138 Just Dial Limited * India 16.84 -43% 1,186.8 1,059.9 97.9 26.9 27.4% 26.8% 10.8x 39.4x 138 138 LeGuide.com S.A. France 34.78 -3% 124.7 90.8 34.9 2.9 8.2% -26.2% 2.6x 31.8x MakeMyTrip Limited India 14.60 -54% 613.0 471.6 299.7 (10.3) NM 17.3% 1.6x NM 203 Marimedia Ltd. Israel 0.95 -66% 63.4 38.1 63.1 9.4 15.0% 45.7% 0.6x 4.0x 203 203 Matomy Media Group Ltd. Israel 1.56 -61% 144.7 150.6 237.4 18.6 7.8% 22.7% 0.6x 8.1x Millennial Media Inc. United States 1.72 -52% 240.9 208.5 286.7 (41.7) NM 1.5% 0.7x NM 221 Monster Worldwide, Inc. United States 7.05 1% 643.0 744.3 741.5 86.0 11.6% -5.9% 1.0x 8.7x 221 221 Opera Software ASA Norway 8.00 -39% 1,161.5 1,178.5 520.6 93.1 17.9% 60.1% 2.3x 12.7x Pacific Online Ltd. China 0.32 -51% 364.9 301.3 159.2 47.0 29.5% 16.5% 1.9x 6.4x QuinStreet, Inc. United States 5.82 -15% 259.3 209.8 278.8 (3.9) NM -4.1% 0.8x NM ReachLocal, Inc. United States 2.94 -54% 86.2 54.0 449.7 (37.2) NM -13.0% 0.1x NM RetailMeNot, Inc. United States 15.13 -40% 806.9 606.5 263.8 64.6 24.5% 14.4% 2.3x 9.4x Rightmove plc * United Kingdom 56.99 -1% 5,460.3 5,442.0 282.6 205.5 72.7% 17.4% 19.3x 26.5x Rocket Fuel Inc. United States 7.62 -72% 321.4 313.9 438.6 (54.6) NM 58.5% 0.7x NM Rovi Corporation United States 10.99 -58% 954.1 1,786.9 524.6 167.0 31.8% -5.5% 3.4x 10.7x Septeni Holdings Co., Ltd. Japan 12.95 -2% 335.5 266.7 491.4 22.4 4.6% 14.8% 0.5x 11.9x The Rubicon Project, Inc. United States 17.43 -15% 760.3 661.1 164.2 (7.2) NM 65.1% 4.0x NM TiVo Inc. United States 9.96 -30% 969.06 636.86 459.15 82.84 18.0% 6.6% 1.4x 7.7x
14 | M&A and Investment Summary July 2015 Digital Advertising Public Company Valuation (2/2) Blue 0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 TradeDoubler AB Sweden 0.82 -44% $ 34.79 $ 25.80 $ 207.43 $ (2.48) NM -6.3% 0.1x NM Travelzoo Inc. United States 8.94 -49% 131.7 75.8 135.6 8.7 6.4% -10.7% 0.6x 8.7x 178 186 LendingTree, Inc. * United States 82.92 -3% 949.7 861.1 178.2 15.3 8.6% 17.9% 4.8x 56.4x 213 Tremor Video, Inc. United States 2.43 -35% 124.9 50.2 165.2 (16.0) NM 16.4% 0.3x NM TripAdvisor Inc. United States 79.38 -25% 12,280.3 11,857.3 1,410.0 356.0 25.2% 31.5% 8.4x 33.3x 211 216 TrueCar, Inc. United States 6.52 -74% 534.3 417.7 221.3 (42.3) NM 44.8% 1.9x NM 233 TubeMogul, Inc. United States 14.13 -41% 477.2 441.4 122.5 (6.1) NM 75.9% 3.6x NM Twitter, Inc. United States 31.01 -45% 20,826.1 18,862.5 1,778.7 (285.9) NM 82.6% 10.6x NM 234 235 Voltari Corporation United States 8.02 -63% 72.7 100.9 12.0 (13.8) NM 31.8% 8.4x NM 245 Web.com Group, Inc. United States 24.89 0% 1,283.5 1,732.9 540.2 103.1 19.1% 2.3% 3.2x 16.8x XLMedia PLC Channel Islands 0.97 -20% 194.3 150.9 50.7 15.4 30.3% 47.0% 3.0x 9.8x Orange Yahoo! Inc. United States 36.67 -30% 34,412.7 6,599.5 4,870.4 541.8 11.1% 5.4% 1.4x 12.2x 241 Yelp Inc. * United States 26.40 -70% 1,975.1 1,607.0 464.8 28.3 6.1% 56.5% 3.5x 56.8x 184 Yandex N.V. Netherlands 13.91 -57% 4,496.2 4,332.5 971.6 316.0 32.5% 19.0% 4.5x 13.7x 0 Youku Tudou Inc. * China 19.40 -38% 3,763.4 2,786.7 740.1 67.2 9.1% 37.9% 3.8x 41.4x 245 YuMe, Inc. United States 4.81 -25% 161.0 115.9 180.6 (4.9) NM 11.6% 0.6x NM 232 Zhaopin Ltd. China 14.73 -21% 753.6 538.7 196.4 47.2 24.0% 19.8% 2.7x 11.4x 184 Zillow Group, Inc. United States 81.50 -45% 4,765.7 4,367.2 386.9 (5.1) NM 72.1% 11.3x NM
Grey Average 2.8x 17.9x
138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (33.5x) 138 *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value *NOTE: Google Inc. pricing represents (Nasdaq:GOOGL) 203 203 203
221 221 221
15 | M&A and Investment Summary July 2015 Marketing Technology
Blue
0 79 133
122 . The Marketing Technology segment announced 80 transactions worth a total of $3.1 billion in aggregate value 141 181 . Analytics & Targeting was the most active subsegment with 15 transactions announced, worth a total of $171 million in aggregate 178 186 213 reported value
211 216 . Commerce Management was the highest value segment with five transactions announcing $958 million in aggregate reported value 233
234 . Select Transactions: 235 245 • United Internet’s acquisition of domain names and web hosting services firm Home.pl for $171 million Orange
241 184 • Sequoia Capital’s $150 million investment in customer experience management solutions provider Medallia 0
245 • HGGC’s acquisition of Belgium-based CRM solutions provider Selligent 232 184
Grey MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 # % $MM % # $MM # $MM # $MM 203 203 Analytics & Targeting 15 19% $171.4 6% 2 - 0 - 13 $171.4 203 Content Management 11 14% 96.3 3% 4 44.6 0 - 7 51.7 221 221 CRM 7 9% 251.5 8% 0 - 0 - 7 251.5 221 Commerce Management 6 8% 957.5 31% 2 - 1 925.0 3 32.5 Mobile Technology 6 8% 129.7 4% 0 - 0 - 6 129.7 SFA/Lead. Select Management investments: 5 6% 90.4 3% 0 - 0 - 5 90.4 Email/Messaging• Social Software media analysis 4software developer5% Banjo’s31.0 $100 million1% investment2 from SoftBank- and0 BlueRun Ventures- 2 31.0 Other* 25 32% 1,341.7 44% 10 1,002.7 1 150.0 14 184.0 Total 79 100% 3,069.5 100% 20 1,047.3 2 1,075.0 57 947.2 *Other includes Ad Serving, BI Tools, Data Quality, Market Research, Marketing Data, MRM/Workflow Management, Product/Price Software, Social Technology, Teleservices/eServices, and Website Creation/Hosting
16 | M&A and Investment Summary July 2015 Marketing Technology Public Company Valuation (1/2) Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 07/31/15 52WK High 141 Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Adobe Systems Incorporated * United States 81.99 -3% $ 40,801.91 $ 39,293.04 $ 4,350.08 $ 920.56 21.2% 6.0% 9.0x 42.7x AppFolio, Inc. United States 14.84 -15% 479.7 477.2 53.7 (8.0) NM 0.0% 8.9x NM 178 Baozun Inc. China 8.31 -44% 403.9 375.6 289.2 (6.4) NM 0.0% 1.3x NM 186 213 Bazaarvoice, Inc. United States 5.64 -40% 452.5 402.7 191.2 (21.6) NM 13.7% 2.1x NM Bitauto Holdings Limited China 39.12 -60% 2,402.1 1,465.5 452.7 84.6 18.7% 80.7% 3.2x 17.3x 211 Blackbaud Inc. * United States 61.16 0% 2,816.8 3,061.1 600.7 96.2 16.0% 13.4% 5.1x 31.8x 216 233 Brightcove Inc. United States 5.47 -35% 178.2 158.8 128.6 (2.5) NM 6.9% 1.2x NM ChannelAdvisor Corporation United States 10.09 -58% 252.1 190.9 88.2 (27.5) NM 21.7% 2.2x NM 234 ChinaCache International Holdings China 10.32 -40% 267.4 178.9 229.7 13.8 235 6.0% 19.0% 0.8x 12.9x 245 ConstantLtd. Contact, Inc. United States 25.84 -40% 831.0 650.3 353.5 43.9 12.4% 15.1% 1.8x 14.8x Covisint Corporation United States 2.98 -44% 116.9 66.8 88.5 (26.9) NM -8.9% 0.8x NM Orange Cvent, Inc. United States 26.92 -9% 1,118.8 942.3 152.0 2.2 1.5% 28.6% 6.2x NM Dealertrack Technologies, Inc. * United States 62.07 -2% 3,421.5 4,223.3 948.4 115.2 12.1% 78.5% 4.5x 36.7x 241 184 Demandware, Inc. * United States 75.56 0% 2,827.8 2,638.9 178.3 (20.5) NM 50.2% 14.8x NM 0 eBay Inc. United States 28.12 -58% 34,256.6 31,324.6 18,351.0 5,167.0 28.2% 11.1% 1.7x 6.1x Endurance International Group United States 20.21 -14% 2,676.0 3,706.8 661.4 171.3 25.9% 21.7% 5.6x 21.6x 245 232 Five9,Holdings, Inc. Inc. United States 4.71 -38% 234.7 210.8 109.1 (27.3) NM 22.2% 1.9x NM 184 GoDaddy Inc. * United States 28.44 -14% 1,846.7 3,066.8 1,443.4 100.1 6.9% 21.5% 2.1x 30.6x HubSpot, Inc. * United States 53.95 -2% 1,784.7 1,648.8 129.9 (48.7) NM 52.7% 12.7x NM Grey Informatica Corporation United States 48.52 -1% 5,080.6 4,522.6 1,066.5 193.5 18.1% 6.1% 4.2x 23.4x 138 Infosystems S.A. Poland 0.19 -80% 0.8 1.0 1.9 1.2 60.4% 0.0% 0.5x 0.8x 138 Interactive Intelligence Group Inc. United States 41.46 -25% 893.3 832.9 351.3 0.9 0.3% 8.3% 2.4x NM 138 IBM Corporation United States 161.99 -17% 158,674.1 188,735.1 86,913.0 22,376.0 25.7% -10.4% 2.2x 8.4x 203 Jive Software, Inc. United States 4.72 -36% 353.1 239.2 184.8 (31.8) NM 20.8% 1.3x NM 203 LivePerson Inc. United States 9.61 -35% 548.3 511.2 230.1 9.3 203 * 4.0% 20.5% 2.2x 55.1x Marin Software Incorporated United States 5.59 -42% 202.2 152.8 103.0 (27.1) NM 24.1% 1.5x NM 221 Marketo, Inc. United States 30.41 -15% 1,284.5 1,180.3 178.3 (55.3) NM 46.2% 6.6x NM 221 221 MaxPoint Interactive, Inc. United States 8.87 -21% 229.9 192.9 119.8 (11.7) NM 70.2% 1.6x NM Mercadolibre, Inc. * Argentina 130.69 -15% 5,770.6 5,690.5 589.3 196.3 33.3% 21.4% 9.7x 29.0x MicroStrategy Inc. United States 203.85 -2% 2,316.6 1,888.7 556.9 115.6 20.8% -5.2% 3.4x 16.3x MINDBODY, Inc. United States 9.80 -40% 383.4 549.5 76.6 (23.3) NM 0.0% 7.2x NM NetSuite Inc. * United States 98.84 -13% 7,770.6 7,656.7 643.6 (63.6) NM 35.0% 11.9x NM Nuance Communications, Inc. * United States 18.13 -1% 5,689.7 7,294.6 1,926.9 209.8 10.9% 2.1% 3.8x 34.8x Open Text Corporation Canada 45.51 -26% 5,567.6 6,445.0 1,851.9 601.7 32.5% 14.0% 3.5x 10.7x Opera Software ASA Norway 8.00 -39% 1,161.5 1,178.5 520.6 93.1 17.9% 60.1% 2.3x 12.7x Oracle Corporation United States 39.94 -14% 173,182.9 161,207.9 38,226.0 16,065.0 42.0% -0.1% 4.2x 10.0x Press Ganey Holdings, Inc. United States 31.31 3% 1,634.8 2,038.8 291.1 93.9 32.2% 0.0% 7.0x 21.7x PROS Holdings, Inc. United States 21.87 -28% 645.6 603.3 188.6 (9.9) NM 24.0% 3.2x NM PTC Inc. United States 36.35 -15% 4,179.8 4,529.1 1,309.4 262.8 20.1% -1.9% 3.5x 17.2x
17 | M&A and Investment Summary July 2015 Marketing Technology Public Company Valuation (2/2) Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 141 181 Qlik Technologies, Inc. United States 40.46 -4% $ 3,695.33 $ 3,388.98 $ 580.16 $ 1.18 0.2% 14.1% 5.8x NM Rightside Group, Ltd. United States 7.15 -58% 134.1 113.2 197.7 (5.6) NM 7.5% 0.6x NM 178 Rovi Corporation United States 10.99 -58% 954.14 1,786.88 524.64 167.04 186 31.8% -5.5% 3.4x 10.7x 213 The Rubicon Project, Inc. United States 17.43 -15% 760.3 661.1 164.2 (7.2) NM 65.1% 4.0x NM Sage Group plc United Kingdom 8.15 -11% 8,739.44 9,536.91 2,004.87 568.85 28.4% 1.9% 4.8x 16.8x 211 216 salesforce.com, inc. * United States 73.30 -7% 48,052.3 49,072.0 5,658.0 241.0 4.3% 28.4% 8.7x 203.6x 233 SAP SE Germany 71.92 -8% 85,970.2 93,075.1 21,362.3 6,973.0 32.6% 12.8% 4.4x 13.3x Shopify Inc. * Canada 37.39 -11% 2,826.4 2,628.3 144.8 (10.5) NM 0.0% 18.2x NM 234 235 Sizmek Inc. United States 7.76 -22% 229.3 146.1 169.2 17.3 10.2% 2.3% 0.9x 8.4x 245 Sky-mobi Limited China 4.10 -61% 114.2 28.7 126.0 4.9 3.9% 0.0% 0.2x 5.9x Sungy Mobile Limited China 4.61 -60% 144.2 44.8 59.5 (9.5) NM 12.3% 0.8x NM Orange Synchronoss Technologies, Inc. United States 47.80 -12% 2,094.1 2,096.0 526.1 148.8 28.3% 35.3% 4.0x 14.1x 241 Tableau Software, Inc. * United States 104.74 -20% 7,452.2 6,722.7 527.4 (1.3) NM 71.4% 12.7x NM 184 0 Teradata Corporation United States 37.11 -21% 5,498.1 5,217.1 2,686.0 540.0 20.1% -1.7% 1.9x 9.7x Verint Systems Inc. United States 58.22 -12% 3,572.3 3,930.0 1,140.6 163.6 14.3% 18.8% 3.4x 24.0x 245 Weborama France 9.94 -3% 34.2 33.0 32.3 1.6 5.1% -4.8% 1.0x 20.2x 232 184 Wix.com ltd Israel 28.00 0% 1,082.2 997.4 157.5 (55.2) NM 67.9% 6.3x NM Xactly Corporation United States 7.30 -28% 202.3 213.7 63.7 (12.5) NM 0.0% 3.4x NM Grey Zendesk, Inc. United States 20.63 -27% 1,776.1 1,473.2 144.2 (67.1) NM 73.3% 10.2x NM
138 Adjusted Weighted Average 4.4x 13.6x 138 138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (60.4x) 203 203 203
221 221 221
18 | M&A and Investment Summary July 2015 Agency & Marketing Services
Blue
0 79 133
122 . There were 33 transactions announced in the Agency & Marketing Services segment in June. Digital Agency was the most active 141 181 subsegment with 17 transactions announced
178 186 213 . Select acquisitions:
211 216 • Providence Equity Partners and WPP’s purchase of marketing firm Chime Communications for $579 million 233
234 • Time, Inc.’s acquisition of brand communications agency InVnt 235 245 • The CHR Group’s purchase of branding and public relations firm Profis Communications and Hispanic advertising agency Orci Orange
241 184 • Accenture’s acquisition of brand mobile strategy, user design, and software development firm Chaotic Moon from WME|IMG (A 0 Petsky Prunier led transaction) 245 232 184 AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Grey Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 # % $MM % # $MM # $MM # $MM 138 Digital Agency 17 52% $131.7 15% 16 $131.7 0 - 1 - 203 203 Public Relations 4 12% - 0% 4 - 0 - 0 - 203 Design Agency 2 6% 93.2 11% 2 93.2 0 - 0 - 221 221 General Agency 2 6% 578.8 66% 1 - 1 578.8 0 - 221 Marketing Consulting 2 6% 64.0 7% 2 64.0 0 - 0 - Branded Communications 1 3% - 0% 1 - 0 - 0 - B-to-B Agency 1 3% - 0% 1 - 0 - 0 - Channel Services 1 3% - 0% 1 - 0 - 0 - Other* 2 6% 5.0 1% 1 0.0 0 0.0 1 5.0 Total 33 100% 882.5 100% 29 288.8 1 578.8 3 14.8 *Other includes Database/Analytics, Loyalty/Retention, and Specialty Agency
19 | M&A and Investment Summary July 2015 Agency Public Company Valuation Blue
0 79 133 ($ in Millions, except stock price data)
122 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Cello Group Plc United Kingdom $1.60 -4% $ 136.5 $ 147.8 $ 264.7 $ 13.0 4.9% 6.4% 0.6x 11.4x Chime Communications plc United Kingdom 5.65 -4% 563.0 650.6 608.4 44.2 7.3% 30.5% 1.1x 14.7x 178 186 Creston plc United Kingdom 2.37 -2% 137.4 124.5 114.2 17.1 15.0% 2.7% 1.1x 7.3x 213 Dentsu Inc. Japan 56.75 -1% 16,182.0 16,786.9 6,072.4 1,217.2 20.0% -68.4% 2.8x 13.8x Enero Group Limited Australia 0.52 -45% 44.6 29.7 166.9 7.0 4.2% -10.0% 0.2x 4.2x 211 216 Globant S.A. * Luxembourg 31.80 -9% 1,081.4 1,012.6 211.0 29.8 14.1% 26.3% 4.8x 34.0x 233 Havas France 8.65 -8% 3,610.9 3,578.9 2,257.5 359.5 15.9% 5.2% 1.6x 10.0x Huntsworth plc United Kingdom 0.67 -25% 212.2 267.9 258.3 35.4 13.7% -3.9% 1.0x 7.6x 234 235 M&C Saatchi plc United Kingdom 4.82 -22% 346.7 344.2 264.0 23.6 8.9% 4.5% 1.3x 14.6x 245 MDC Partners Inc. United States 17.70 -37% 882.7 1,885.6 1,250.9 148.7 11.9% 16.7% 1.5x 12.7x Next Fifteen Communications Group plc United Kingdom 2.99 -4% 195.9 208.2 158.7 17.9 11.3% 0.0% 1.3x 11.6x Orange Omnicom Group Inc. United States 73.08 -10% 17,754.6 21,541.6 15,219.3 2,236.2 14.7% 2.0% 1.4x 9.6x OPT Holding, Inc. Japan 5.27 -21% 136.2 121.6 530.7 17.7 241 3.3% 1.2% 0.2x 6.9x 184 Porta Communications Plc * United Kingdom 0.14 -21% 38.5 50.7 36.3 1.7 4.6% -4.8% 1.4x 30.7x 0 Publicis Groupe SA France 76.16 -13% 16,126.6 19,218.9 9,400.2 1,723.2 18.3% 21.3% 2.0x 11.2x
245 The Interpublic Group of Companies, Inc. United States 21.30 -6% 8,741.5 9,928.0 7,600.3 988.5 13.0% 3.9% 1.3x 10.0x 232 WPP plc United Kingdom 22.99 -9% 29,785.8 33,855.4 17,967.6 3,145.5 17.5% 4.6% 1.9x 10.8x 184 Adjusted Weighted Average 1.9x 11.1x Grey
138 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.8x) 138 138
203 203 203
221 221 221
20 | M&A and Investment Summary July 2015 Marketing Services Public Company Valuation Blue
0 79 133 ($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 122 141 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Acxiom Corporation United States $17.91 -16% $ 1,389.6 $ 1,536.2 $ 1,020.1 $ 147.9 14.5% -4.0% 1.5x 10.4x Aimia Inc. Canada 10.87 -29% 1,746.8 1,757.3 1,990.2 130.0 6.5% 50.6% 0.9x 13.5x 178 186 Alliance Data Systems Corporation * United States 275.04 -12% 17,066.0 26,348.5 5,906.6 1,610.6 27.3% 24.7% 4.5x 16.4x 213 CSG Systems International Inc. United States 31.10 -5% 1,018.5 1,134.1 748.9 122.1 16.3% -0.8% 1.5x 9.3x Data Group Ltd. Canada 0.35 -48% 8.1 75.1 245.8 16.0 6.5% -0.2% 0.3x 4.7x 211 216 DST Systems Inc. United States 109.15 -19% 3,973.1 4,368.3 2,782.8 426.6 15.3% 3.7% 1.6x 10.2x 233 Fair Isaac Corporation * United States 90.69 -7% 2,823.9 3,387.5 827.6 184.6 22.3% 9.2% 4.1x 18.4x Harte-Hanks Inc. United States 4.69 -43% 290.8 335.7 524.2 50.5 9.6% -6.4% 0.6x 6.6x 234 235 High Co. SA France 6.51 -3% 67.7 33.2 157.1 13.2 8.4% -2.5% 0.2x 2.5x 245 Insignia Systems Inc. United States 2.70 -39% 33.0 15.0 26.8 1.9 7.3% -0.7% 0.6x 7.7x Multiplus SA Brazil 12.16 -3% 1,976.4 1,728.3 597.9 127.5 21.3% 11.4% 2.9x 13.6x Orange PDI, Inc. United States 2.13 -47% 34.5 44.4 126.4 (10.9) NM -6.7% 0.4x NM 241 Pitney Bowes Inc. United States 20.92 -24% 4,219.2 6,709.9 3,697.1 834.6 22.6% -5.3% 1.8x 8.0x 184 0 Points International Ltd. Canada 11.35 -33% 177.3 132.4 263.8 10.5 4.0% 17.9% 0.5x 12.6x Viad Corp United States 28.67 -1% 575.0 667.2 1,104.4 93.6 8.5% 12.3% 0.6x 7.1x 245 232 Adjusted Weighted Average 2.0x 10.2x 184
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.5x) Grey
138 138 138
203 203 203
221 221 221
21 | M&A and Investment Summary July 2015 Traditional Media
Blue
0 79 133
122 . There were 11 transactions announced in the Traditional Media segment in July worth a total of $1.3 billion in aggregate reported 141 181 value; all transaction reported this month were acquisitions
178 186 213 . Select Transactions:
211 216 • Wilmington’s acquisition of financial and healthcare events operator Financial Research Associates for $21 million 233
234 • AllOver Media’s purchase of the Family and Social Divisions of Zoom Media 235 245 • Podcast network Midroll Media’s acquisition by E.W. Scripps Orange
241 184 0
245 232 184 TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN
Grey Transactions Reported Value Strategic Buyout Venture/Growth Capital
138 # % $MM % # $MM # $MM # $MM 138 138 Digital Place-Based Media 4 36% - 0% 4 - 0 - 0 -
203 B-to-B Media 3 27% 20.6 2% 2 20.6 1 - 0 - 203 203 Radio 2 18% - 0% 1 - 1 - 0 -
221 Newspaper Publishing 1 9% 1,310.5 98% 1 1,310.5 0 - 0 - 221 221 Traditional Outdoor 1 9% - 0% 1 - 0 - 0 - Cable & Satellite Television 0 0% - 0% 0 - 0 - 0 - Other* 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 11 100% 1,331.1 100% 9 1,331.1 2 0.0 0 0.0
22 | M&A and Investment Summary July 2015 Traditional Media Public Company Valuation (1/3) Blue
0 79 133 ($ in Millions, except stock price data)
Large Cap Diversified Media 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $53.47 -16% $ 26,314.9 $ 33,697.9 $ 13,736.0 $ 3,163.0 23.0% -0.6% 2.5x 10.7x 178 Discovery Communications, Inc. United States 33.02 -27% 20,709.4 28,481.4 6,391.0 2,539.0 39.7% 10.4% 4.5x 11.2x 186 Time Warner Inc. United States 88.04 -4% 72,598.0 92,809.0 27,683.0 7,613.0 27.5% 2.3% 3.4x 12.2x 213 Twenty-First Century Fox, Inc. United States 34.49 -12% 70,187.2 81,627.2 31,206.0 6,859.0 22.0% 1.8% 2.6x 11.9x Viacom, Inc. United States 57.00 -31% 22,634.6 35,771.6 13,834.0 4,268.0 211 30.9% 0.9% 2.6x 8.4x 216 The Walt Disney Company * United States 120.00 0% 203,611.3 218,522.3 50,707.0 14,531.0 28.7% 7.6% 4.3x 15.0x 233 Adjusted Weighted Average 3.7x 11.4x 234 235 245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.7x)
B-to-B Media Orange Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 241 184 Euromoney Institutional Investor PLC United Kingdom $16.31 -19% $ 2,062.4 $ 2,088.9 $ 606.8 $ 190.1 31.3% -1.1% 3.4x 11.0x 0 Global Sources Ltd. Bermuda 7.95 3% 240.3 149.6 179.0 32.4 18.1% -8.0% 0.8x 4.6x Informa plc United Kingdom 9.32 -1% 6,042.0 7,471.2 1,865.4 573.5 30.7% 4.5% 4.0x 13.0x 245 TechTarget, Inc. * United States 8.66 -31% 286.5 265.1 106.9 13.2 12.3% 16.3% 2.5x 20.1x 232 184 UBM plc United Kingdom 8.31 -18% 3,677.9 4,543.5 1,316.4 304.3 23.1% 9.7% 3.5x 14.9x
Adjusted Weighted Average 3.6x 13.1x Grey
138 *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 (18.4x) 138 138 Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 203 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 203 Beasley Broadcast Group Inc. * United States $4.36 -37% $ 101.3 $ 185.2 $ 70.0 $ 12.4 17.7% 58.2% 2.6x 15.0x 203 Cumulus Media Inc. United States 1.65 -69% 386.0 2,849.4 1,213.5 258.6 21.3% 4.8% 2.3x 11.0x Emmis Communications Corp. United States 1.41 -48% 62.5 366.1 236.7 39.5 16.7% 10.4% 1.5x 9.3x 221 221 Entercom Communications Corp. United States 10.53 -21% 411.6 844.3 380.0 93.0 24.5% 0.7% 2.2x 9.1x 221 Pandora Media, Inc. United States 17.52 -40% 3,719.2 3,346.7 1,023.9 (37.4) NM 28.0% 3.3x NM Radio One Inc. United States 2.44 -45% 116.3 1,089.1 436.1 121.9 27.9% -5.3% 2.5x 8.9x Salem Media Group, Inc. United States 6.43 -42% 163.4 438.4 266.0 46.8 17.6% 9.2% 1.6x 9.4x Sirius XM Holdings Inc. * United States 3.97 -2% 21,293.2 26,115.6 4,352.2 1,384.0 31.8% 9.0% 6.0x 18.9x Spanish Broadcasting System Inc. United States 6.88 -6% 50.0 433.5 145.6 38.4 26.3% -1.2% 3.0x 11.3x Townsquare Media, Inc. United States 13.00 -9% 225.9 727.0 375.8 93.9 25.0% 27.7% 1.9x 7.7x
Adjusted Weighted Average 3.0x 9.5x
*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 (14.7x)
23 | M&A and Investment Summary July 2015 Traditional Media Public Company Valuation (2/3) Blue
0 79 133 ($ in Millions, except stock price data)
Broadcast, Cable, and Satellite Television 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $84.22 -3% $ 6,087.6 $ 8,934.0 $ 2,319.8 $ 763.1 32.9% 33.7% 3.9x 11.7x 178 Sky plc United Kingdom 17.83 -3% 30,381.0 38,971.8 15,708.4 2,715.8 17.3% 30.9% 2.5x 14.3x 186 Cablevision Systems Corporation United States 28.22 -3% 7,777.0 16,621.2 6,500.1 1,809.0 27.8% 3.2% 2.6x 9.2x 213 CBS Corporation United States 53.47 -16% 26,314.9 33,697.9 13,736.0 3,163.0 23.0% -0.6% 2.5x 10.7x Charter Communications, Inc. United States 185.86 -7% 20,816.3 41,781.3 9,268.0 3,182.0 211 34.3% 9.8% 4.5x 13.1x 216 Comcast Corporation United States 62.41 -4% 155,526.7 201,856.7 71,119.0 24,157.0 34.0% 5.6% 2.8x 8.4x 233 Crown Media Holdings Inc. United States 4.47 -7% 1,607.8 1,913.3 425.4 326.2 76.7% 11.1% 4.5x 5.9x Discovery Communications, Inc. United States 33.02 -27% 20,709.4 28,481.4 6,391.0 2,539.0 39.7% 10.4% 4.5x 11.2x 234 235 Dish Network Corp. United States 64.61 -20% 29,905.0 43,175.5 14,773.4 2,942.9 19.9% 4.6% 2.9x 14.7x 245 Entravision Communications Corporation United States 7.67 -11% 673.3 968.1 248.9 77.1 31.0% 9.4% 3.9x 12.6x General Communication Inc. United States 18.40 0% 747.5 2,139.8 925.0 313.6 33.9% 9.9% 2.3x 6.8x Orange Gray Television, Inc. United States 16.89 -7% 1,222.0 2,233.6 550.1 218.2 39.7% 53.1% 4.1x 10.2x Grupo Televisa, S.A.B. Mexico 34.86 -13% - - 5,398.5 2,121.6 39.3% 10.7% 241 Liberty Global plc United Kingdom 52.46 -11% 44,211.3 88,774.5 18,231.5 8,155.7 44.7% 11.6% 4.9x 10.9x 184 0 Media General, Inc. * United States 15.87 -22% 2,069.4 4,440.9 827.8 261.2 31.6% 127.5% 5.4x 17.0x Nexstar Broadcasting Group, Inc. United States 57.36 -5% 1,794.9 3,300.2 700.9 254.3 36.3% 33.8% 4.7x 13.0x 245 Scripps Networks Interactive, Inc. United States 62.58 -25% 8,037.6 10,074.5 2,680.0 1,175.8 43.9% 3.9% 3.8x 8.6x 232 Sinclair Broadcast Group, Inc. United States 29.02 -13% 2,769.9 6,598.2 2,068.7 711.8 34.4% 38.5% 3.2x 9.3x 184 TEGNA Inc. United States 29.13 -13% 6,608.3 11,086.0 6,138.3 1,490.4 24.3% 11.9% 1.8x 7.4x The E. W. Scripps Company * United States 21.97 -23% 1,849.6 1,889.2 879.8 89.7 10.2% 7.0% 2.1x 21.1x Grey Time Warner Cable Inc. United States 190.01 -1% 53,767.9 76,343.9 23,207.0 7,904.0 34.1% 3.6% 3.3x 9.7x Time Warner Inc. United States 88.04 -4% 72,598.0 92,809.0 27,683.0 7,613.0 27.5% 2.3% 3.4x 12.2x 138 138 Ziggo N.V. * Netherlands 43.39 -10% 8,678.0 12,545.2 2,014.2 1,078.7 53.6% 2.7% 6.2x 11.6x 138 Adjusted Weighted Average 3.3x 10.6x
203 203 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.0x) 203 Entertainment Media 221 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 221 221 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. * United States $24.11 -19% $ 2,067.1 $ 2,592.6 $ 703.9 $ 19.5 2.8% -2.2% 3.7x 132.8x Eros International Plc * United Kingdom 35.78 -5% 1,990.0 2,229.0 284.2 79.9 28.1% 20.7% 7.8x 27.9x Lions Gate Entertainment Corp. United States 39.18 0% 5,810.3 7,022.6 2,399.6 255.3 10.6% -8.8% 2.9x 27.5x Live Nation Entertainment, Inc. United States 26.22 -10% 5,285.8 6,071.4 6,860.0 503.4 7.3% 2.7% 0.9x 12.1x SFX Entertainment, Inc. United States 3.18 -57% 299.8 556.8 373.3 (83.3) NM 92.8% 1.5x NM Twenty-First Century Fox, Inc. United States 34.49 -12% 70,187.2 81,627.2 31,206.0 6,859.0 22.0% 1.8% 2.6x 11.9x Liberty Media Corporation United States 37.70 -25% 12,807.9 26,365.9 4,520.0 1,284.0 28.4% 7.0% 5.8x 20.5x Village Roadshow Limited Australia 4.72 -17% 755.7 1,065.1 776.6 126.9 16.3% 2.9% 1.4x 8.4x World Wrestling Entertainment Inc. United States 19.57 -5% 1,478.2 1,391.5 587.1 47.0 8.0% 14.3% 2.4x 29.6x
Adjusted Weighted Average 3.0x 14.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (74.7x)
24 | M&A and Investment Summary July 2015 Traditional Media Public Company Valuation (3/3) Blue
0 79 133 ($ in Millions, except stock price data)
Out-of-Home Media 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $4.73 -39% $ 283.7 $ 249.9 $ 249.7 $ (22.8) NM -8.1% 1.0x NM 178 APG|SGA SA Switzerland 410.02 -4% 1,227.8 1,073.9 315.4 74.8 23.7% 2.2% 3.4x 14.3x 186 Clear Channel Outdoor Holdings Inc. United States 9.66 -17% 3,483.3 8,466.8 2,882.7 694.1 24.1% -2.1% 2.9x 12.2x 213 Clear Media Ltd. Hong Kong 1.13 -13% 611.5 486.6 227.1 92.9 40.9% 6.9% 2.1x 5.2x JCDecaux SA France 38.51 -15% 8,170.1 8,047.9 2,917.1 570.6 211 19.6% 10.1% 2.8x 14.1x 216 Lamar Advertising Co. United States 60.05 -3% 5,784.1 7,704.7 1,304.6 548.1 42.0% 4.0% 5.9x 14.1x 233 Mood Media Corporation United States 0.45 -31% 81.1 667.2 485.3 85.6 17.6% -4.3% 1.4x 7.8x National CineMedia, Inc. United States 15.50 -8% 952.7 2,059.3 400.7 189.2 47.2% -11.1% 5.1x 10.9x 234 235 NTN Buzztime Inc. United States 0.25 -58% 22.9 20.6 25.4 (3.8) NM 5.4% 0.8x NM 245 Tom Group Ltd. * Hong Kong 0.21 -44% 833.1 1,122.2 194.9 5.8 3.0% -21.6% 5.8x 192.8x
Adjusted Weighted Average 3.8x 13.3x Orange
241 *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 (98.2x) 184 0 Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 245 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 232 184 A. H. Belo Corporation United States $5.15 -61% $ 111.7 $ 31.1 $ 271.2 $ 2.5 0.9% -1.2% 0.1x 12.4x Daily Mail and General Trust plc United Kingdom 12.56 -19% 4,251.3 5,661.4 2,728.7 434.3 15.9% 7.9% 2.1x 13.0x Emmis Communications Corp. United States 1.41 -48% 62.5 366.1 236.7 39.5 16.7% 10.4% 1.5x 9.3x Grey Gannett Co., Inc. United States 12.65 -16% 1,684.3 1,610.8 3,030.7 420.2 13.9% 0.0% 0.5x 3.8x 138 Glacier Media, Inc. Canada 0.92 -29% 82.3 178.8 192.4 17.3 9.0% -3.3% 0.9x 10.3x 138 John Wiley & Sons Inc. United States 53.01 -19% 3,115.8 3,425.2 1,822.4 337.7 18.5% 2.7% 1.9x 10.1x 138 Martha Stewart Living Omnimedia Inc. * United States 6.07 -15% 348.8 295.7 125.7 8.8 7.0% -19.8% 2.4x 33.8x Meredith Corporation United States 47.92 -16% 2,165.3 2,937.5 1,594.2 299.9 18.8% 8.5% 1.8x 9.8x 203 203 News Corporation United States 14.73 -18% 8,557.6 6,707.6 8,678.0 652.0 7.5% 2.4% 0.8x 10.3x 203 Scholastic Corporation United States 43.09 -7% 1,428.4 1,499.3 1,635.8 130.7 8.0% -10.2% 0.9x 11.5x The E. W. Scripps Company * United States 21.97 -23% 1,849.6 1,889.2 879.8 89.7 10.2% 7.0% 2.1x 21.1x 221 The McClatchy Company United States 0.81 -85% 70.3 1,026.6 1,102.5 189.9 17.2% -7.6% 0.9x 5.4x 221 221 The New York Times Company United States 13.22 -9% 2,195.1 1,960.1 1,582.4 222.1 14.0% -0.3% 1.2x 8.8x Time Inc. United States 22.32 -14% 2,444.5 3,360.5 3,177.0 425.0 13.4% -5.3% 1.1x 7.9x
Adjusted Weighted Average 1.3x 10.0x
(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 (2.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.4x)
25 | M&A and Investment Summary July 2015 Software
Blue
0 79 133
122 . Within the Software segment, nearly $1.7 billion in reported value involved strategic buyers, while another $2 billion in investments 141 181 were announced
178 186 213 . Security software was the most active subsegment with 20 transactions worth a reported $767 million in aggregate reported value,
211 including: 216 233 • Microsoft’s $320 million acquisition of regulated data and security solutions provider Adallom 234 235 245 . Select transactions:
Orange
241 • The $450 million raised by big data company Palantir Technologies at a reported valuation of $20 billion 184 0 • Software development collaboration services provider GitHub’s $250 million round of funding led by Sequoia Capital 245 232 184 SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Grey
138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 # % $MM % # $MM # $MM # $MM
203 Security 20 18% $766.5 20% 7 $510.0 0 - 13 $256.5 203 203 Collaboration 12 11% 582.4 15% 5 - 1 218.0 6 364.4
221 Financial 12 11% 273.9 7% 4 9.1 1 - 7 264.8 221 221 Application management 7 6% 124.5 3% 2 60.2 0 - 5 64.3 Cloud Computing 7 6% 106.2 3% 3 - 1 - 3 106.2 Healthcare 7 6% 921.9 24% 4 910.0 1 - 2 11.9 Other* 47 38% 605.9 16% 19 198 0 0 28 408.2 Total 112 100% 3,905.3 100% 44 1,687.0 4 218.0 64 2,000.3
*Other includes Credit/Risk, Data Management, Engineering, Enterprise Mobility, ERP, Healthcare, HR, Infrastructure, Legal, Software Development Tools, and Virtualization
26 | M&A and Investment Summary July 2015 Software Public Company Valuation (1/3) Blue
0 79 133 ($ in Millions, except stock price data) Financial & Credit/Risk Management Software 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ebix Inc. United States 30.99 -19% 1,084.1 1,193.3 226.7 82.0 36.2% 11.4% 5.3x 14.5x 178 Epiq Systems, Inc. United States 16.55 -17% 617.1 888.6 435.7 56.1 12.9% -3.6% 2.0x 15.9x 186 Fidessa group plc United Kingdom 37.54 0% 1,426.5 1,306.4 428.6 77.9 213 18.2% -1.4% 3.0x 16.8x Guidewire Software, Inc. * United States 59.05 -3% 4,165.9 3,615.9 372.8 25.3 6.8% 13.3% 9.7x 142.7x
211 Innovation Group plc United Kingdom 0.50 -4% 619.0 539.9 328.1 39.1 11.9% 7.0% 1.6x 13.8x 216 Intuit Inc. United States 105.77 -3% 29,157.5 27,572.5 4,388.0 1,082.0 24.7% -0.9% 6.3x 25.5x 233 Management Consulting Group PLC United Kingdom 0.25 -43% 119.5 184.7 380.5 18.3 4.8% -6.5% 0.5x 10.1x Model N, Inc. United States 11.36 -11% 298.2 205.0 84.3 (19.0) NM -13.3% 2.4x NM 234 235 NetSuite Inc. United States 98.84 -13% 7,770.6 7,656.7 643.6 (63.6) NM 35.0% 11.9x NM 245 Performant Financial Corporation United States 3.13 -69% 154.5 186.5 175.3 21.8 12.4% -33.7% 1.1x 8.5x Q2 Holdings, Inc. United States 27.19 -11% 1,011.2 891.9 86.5 (14.0) NM 42.0% 10.3x NM Orange RealPage, Inc. United States 19.20 -17% 1,527.7 1,514.9 414.5 24.6 5.9% 6.7% 3.7x 61.7x Solera Holdings Inc. United States 36.59 -46% 2,455.9 4,769.4 1,111.7 409.8 36.9% 18.5% 4.3x 11.6x 241 184 SS&C Technologies Holdings, Inc. United States 68.03 0% 6,578.7 6,314.5 811.8 309.7 38.2% 10.2% 7.8x 20.4x 0 Tyler Technologies, Inc. United States 139.54 -4% 4,725.4 4,521.3 537.4 121.1 22.5% 18.2% 8.4x 37.3x
245 Adjusted Weighted Average 7.2x 25.5x 232 184 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (69.6x)
Grey Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 138 138 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 138 Allscripts Healthcare Solutions, Inc. United States 14.46 -10% 2,722.7 3,206.9 1,372.1 63.6 4.6% 0.4% 2.3x 50.4x athenahealth, Inc. * United States 139.95 -9% 5,407.4 5,592.2 834.8 61.6 7.4% 24.2% 6.7x 90.8x 203 Cegedim SA France 44.18 -7% 616.6 1,199.0 538.7 92.1 17.1% 32.8% 2.2x 13.0x 203 203 Cerner Corporation United States 71.72 -5% 24,677.3 24,619.3 3,526.6 1,002.3 28.4% 20.0% 7.0x 24.6x Civitas Solutions, Inc. United States 22.49 -8% 831.0 1,484.1 1,315.3 138.6 10.5% 9.3% 1.1x 10.7x 221 Computer Programs & Systems Inc. United States 46.77 -28% 529.2 492.2 192.9 43.4 22.5% -5.1% 2.6x 11.3x 221 Craneware plc United Kingdom 10.13 -6% 271.7 235.2 43.0 12.7 29.6% 1.3% 5.5x 18.5x 221 HealthEquity, Inc. * United States 33.66 -3% 1,909.3 1,794.4 97.5 25.8 26.4% 44.1% 18.4x 69.7x McKesson Corporation United States 220.57 -9% 51,261.1 56,938.1 183,115.0 4,237.0 2.3% 23.2% 0.3x 13.4x MedAssets, Inc. United States 23.30 -3% 1,398.0 2,228.6 750.0 218.9 29.2% 9.8% 3.0x 10.2x Medidata Solutions, Inc. * United States 53.80 -12% 2,974.3 2,955.1 365.7 37.4 10.2% 19.8% 8.1x 79.1x Merge Healthcare Incorporated United States 5.49 -11% 532.8 782.1 227.6 39.5 17.3% 5.6% 3.4x 19.8x Quality Systems Inc. United States 12.75 -32% 769.0 652.2 494.5 52.0 10.5% 9.2% 1.3x 12.5x Streamline Health Solutions, Inc. United States 2.58 -49% 48.1 60.8 26.8 (9.3) NM -7.3% 2.3x NM USMD Holdings, Inc. United States 7.85 -64% 81.2 105.3 303.6 (2.0) NM 23.6% 0.3x NM USMD Holdings, Inc. United States 7.85 -64% 81.2 105.3 303.6 (2.0) NM 23.6% 0.3x NM Veeva Systems Inc. United States 26.92 -20% 3,546.5 3,118.0 336.4 81.6 24.2% 43.7% 9.3x 38.2x
Adjusted Weighted Average 3.1x 18.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (61.1x) 27 | M&A and Investment Summary July 2015 Software Public Company Valuation (2/3) Blue
0 79 133 ($ in Millions, except stock price data) HR Software 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $30.56 -21% $ 1,803.2 $ 1,218.7 $ 299.9 $ 93.4 31.1% 11.8% 4.1x 13.0x 178 Benefitfocus, Inc. United States 37.24 -22% 1,069.6 1,007.6 149.4 (51.9) NM 33.9% 6.7x NM 186 213 Castlight Health, Inc. United States 7.18 -52% 673.3 487.5 53.2 (80.1) NM 173.5% 9.2x NM Cornerstone OnDemand, Inc. United States 36.06 -17% 1,945.0 1,952.2 280.1 (47.2) NM 36.7% 7.0x NM 211 DHI Group, Inc. United States 7.97 -31% 432.4 504.0 265.0 70.2 26.5% 11.2% 1.9x 7.2x 216 LinkedIn Corporation * United States 203.26 -26% 25,603.5 23,699.9 2,561.1 187.6 7.3% 38.6% 9.3x 126.3x 233 Monster Worldwide, Inc. United States 7.05 1% 643.0 744.3 741.5 86.0 11.6% -5.9% 1.0x 8.7x Paycom Software, Inc. United States 32.00 -19% 1,867.9 1,858.7 169.2 29.8 234 17.6% 44.6% 11.0x 62.4x 235 Paylocity Holding Corporation United States 35.92 -5% 1,818.5 1,725.2 141.3 (9.4) NM 40.9% 12.2x NM 245 The Ultimate Software Group, Inc. United States 184.21 0% 5,264.8 5,162.9 555.0 68.2 12.3% 21.1% 9.3x 75.7x Workday, Inc. United States 84.33 -13% 16,107.0 14,683.5 879.1 (151.8) NM 63.7% 16.7x NM Orange Adjusted Weighted Average 11.1x 54.7x 241 184 0 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (17.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (96.9x)
Security Software 245 232 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 184 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $5.86 -29% $ 262.7 $ 199.6 $ 93.7 $ 19.4 20.7% 4.5% 2.1x 10.3x Grey AVG Technologies N.V. Netherlands 28.74 -1% 1,487.6 1,593.0 383.3 118.9 31.0% -3.2% 4.2x 13.4x Check Point Software Technologies Ltd. United States 80.77 -9% 14,607.7 13,380.6 1,558.9 834.2 53.5% 8.6% 8.6x 16.0x 138 138 Cisco Systems, Inc. United States 28.42 -6% 144,541.0 111,136.0 48,675.0 13,504.0 27.7% 3.1% 2.3x 8.2x 138 Cheetah Mobile Inc. * China 26.70 -27% 3,801.8 3,609.7 342.0 33.3 9.7% 128.2% 10.6x 108.5x CyberArk Software, Ltd. Israel 59.13 -23% 1,871.9 1,680.3 118.5 28.5 24.1% 67.4% 14.2x 58.9x 203 FireEye, Inc. United States 44.49 -20% 6,955.1 6,454.5 529.8 (395.4) NM 97.4% 12.2x NM 203 203 Fortinet Inc. * United States 47.74 -1% 8,094.9 7,221.9 870.0 64.3 7.4% 27.0% 8.3x 112.4x Gemalto NV Netherlands 86.38 -8% 7,562.7 7,023.6 2,983.9 482.5 16.2% 3.2% 2.4x 14.6x 221 Imperva Inc. United States 65.70 -10% 2,010.2 1,767.5 177.3 (55.7) NM 26.0% 10.0x NM 221 Imprivata, Inc. United States 15.20 -11% 366.1 312.3 109.9 (13.6) NM 33.7% 2.8x NM 221 Infoblox Inc. United States 23.50 -16% 1,352.7 1,033.8 284.0 (21.5) NM 14.3% 3.6x NM Juniper Networks, Inc. United States 28.42 -2% 11,221.3 11,321.9 4,517.1 902.9 20.0% -7.0% 2.5x 12.5x Mobileye N.V. * Israel 60.10 -5% 13,020.6 12,596.7 153.6 16.3 10.6% 46.0% 82.0x NM NQ Mobile Inc. China 3.57 -67% 319.1 304.0 341.7 (61.5) NM 40.5% 0.9x NM Palo Alto Networks, Inc. United States 185.83 -7% 15,546.5 15,298.6 822.4 (99.6) NM 54.5% 18.6x NM Proofpoint, Inc. United States 64.70 -11% 2,581.3 2,506.4 227.8 (44.3) NM 38.5% 11.0x NM Qihoo 360 Technology Co. Ltd. China 62.01 -40% 7,995.8 8,112.6 1,509.9 390.4 25.9% 82.7% 5.4x 20.8x Symantec Corporation United States 22.74 -17% 15,479.8 13,684.8 6,508.0 1,840.0 28.3% -2.5% 2.1x 7.4x Trend Micro Inc. Japan 36.65 -2% 4,976.5 4,033.9 979.9 336.7 34.4% 6.8% 4.1x 12.0x VeriSign, Inc. United States 70.94 0% 8,051.2 8,025.5 1,031.9 638.1 61.8% 4.4% 7.8x 12.6x
Adjusted Weighted Average 4.7x 10.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (44.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (68.9x) 28 | M&A and Investment Summary July 2015 Software Public Company Valuation (3/3) Blue
0 79 133 ($ in Millions, except stock price data) Engineering Software 122 141 Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples 181 Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $94.15 0% $ 8,452.1 $ 7,690.9 $ 938.5 $ 431.4 46.0% 6.8% 8.2x 17.8x 178 Autodesk, Inc. * United States 50.58 -22% 11,514.6 10,431.1 2,566.2 248.4 9.7% 11.8% 4.1x 42.0x 186 213 AVEVA Group plc United Kingdom 34.49 -6% 2,204.3 2,042.1 310.0 86.2 27.8% -12.1% 6.6x 23.7x Dassault Systemes SA France 75.98 -6% 19,157.7 17,905.4 2,898.9 706.7 24.4% 22.9% 6.2x 25.3x 211 216 Adjusted Weighted Average 6.0x 23.1x 233
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.6x) 234 235 245 Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Orange Company Name Headquarters 07/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 241 Adobe Systems Incorporated * United States $81.99 -3% $ 40,801.9 $ 39,293.0 $ 4,350.1 $ 920.6 21.2% 6.0% 9.0x 42.7x 184 0 CA, Inc. United States 29.14 -13% 12,857.4 11,438.4 4,170.0 1,342.0 32.2% -4.9% 2.7x 8.5x CommVault Systems, Inc. * United States 37.47 -33% 1,704.2 1,292.9 594.0 28.0 4.7% -1.7% 2.2x 46.2x 245 Covisint Corporation United States 2.98 -44% 116.9 66.8 88.5 (26.9) NM -8.9% 0.8x NM 232 Daegis Inc. United States 0.59 -53% 9.7 16.1 25.1 1.9 7.4% -18.9% 0.6x 8.6x 184 Endurance International Group Holdings, Inc. United States 20.21 -14% 2,676.0 3,706.8 661.4 171.3 25.9% 21.7% 5.6x 21.6x Guidance Software, Inc. United States 10.07 -1% 301.7 280.8 108.6 (3.9) NM -0.2% 2.6x NM Grey Hortonworks Inc. United States 24.26 -19% 1,047.4 881.5 60.3 (187.6) NM 96.6% 14.6x NM
138 IBM Corporation United States 161.99 -17% 158,674.1 188,735.1 86,913.0 22,376.0 25.7% -10.4% 2.2x 8.4x 138 Informatica Corporation United States 48.52 -1% 5,080.6 4,522.6 1,066.5 193.5 18.1% 6.1% 4.2x 23.4x 138 IntraLinks Holdings, Inc. * United States 11.36 -11% 651.7 683.3 262.9 12.1 4.6% 10.1% 2.6x 56.4x NetSuite Inc. United States 98.84 -13% 7,770.6 7,656.7 643.6 (63.6) NM 35.0% 11.9x NM 203 203 Opera Software ASA Norway 8.00 -39% 1,161.5 1,178.5 520.6 93.1 17.9% 60.1% 2.3x 12.7x 203 Oracle Corporation United States 39.94 -14% 173,182.9 161,207.9 38,226.0 16,065.0 42.0% -0.1% 4.2x 10.0x salesforce.com, inc. United States 73.30 -7% 48,052.3 49,072.0 5,658.0 241.0 4.3% 28.4% 8.7x NM 221 Rapid7, Inc. United States 22.98 - 890.5 874.2 83.7 (23.6) 221 NM 0.0% 10.4x NM 221 ServiceNow, Inc. United States 80.50 -4% 12,362.0 12,098.5 835.4 (125.1) NM 54.0% 14.5x NM Textura Corporation United States 29.00 -7% 744.6 676.7 74.7 (9.5) NM 26.9% 9.1x NM Varonis Systems, Inc. United States 20.79 -46% 516.5 403.5 106.9 (19.6) NM 34.5% 3.8x NM
Adjusted Weighted Average 4.8x 9.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.9x)
29 | M&A and Investment Summary July 2015 Information
Blue
0 79 133
122 . The Information segment reported 24 transactions worth $3.2 billion 141 181 . Healthcare Information was the most active subsegment with 13 deals, followed by Financial Information with five transactions 178 186 213 announced, including:
211 216 • Progressive Digital Media’s purchase of Informa’s Verdict Research assets for $39 million 233
234 . Select Transactions: 235 245 • Solera Holding’s majority acquisition of vehicle diagnostic and repair information company Identifix at valuation of $1.2 billion Orange
241 184 • Credit scoring information firm Kreditech’s $110 million investment from Varde Partners, Blumberg Capital, and Point Nine Capital 0
245 • The $72 million Technology Crossover Ventures-led investment in online legal directory Avvo 232 184
Grey INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 # % $MM % # $MM # $MM # $MM
203 Healthcare Information 13 54% $133.9 4% 5 - 0 - 8 $133.9 203 203 Financial Information 5 21% 2,267.6 71% 4 2,264.0 0 - 1 3.6 Credit/Risk Management Information 4 17% 705.0 22% 2 595.0 1 - 1 110.0 221 221 221 HR Information 1 4% 4.0 0% 0 - 0 - 1 4.0 Legal Information 1 4% 71.5 2% 0 - 0 - 1 71.5 Engineering/Scientific/Tech Information 0 0% - 0% 0 - 0 - 0 - Geo-Demo Information 0 0% - 0% 0 - 0 - 0 - IT Information 0 0% - 0% 0 - 0 - 0 - Total 24 100% 3,182.0 100% 11 2,859.0 1 0.0 12 323.0
30 | M&A and Investment Summary July 2015 Information Public Company Valuation (1/2) Blue
0 79 133 ($ in Millions, except stock price data) Financial & Credit/Risk Management Information 122 Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 07/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Broadridge Financial Solutions, Inc. United States $54.27 -3% $ 6,505.6 $ 6,824.7 $ 310.2 $ 629.3 $ 2,650.5 $ 530.4 20.0% 4.5% 2.6x 12.9x Computershare Limited Australia 9.07 -9% 5,042.9 6,180.9 439.8 1,695.3 1,994.7 471.8 23.7% -0.9% 3.1x 13.1x 178 CoreLogic, Inc. United States 39.44 -7% 3,513.4 4,709.3 111.7 1,302.4 1,463.8 338.1 23.1% 6.3% 3.2x 13.9x 186 CoStar Group Inc. United States 201.29 -10% 6,523.8 6,547.0 541.8 380.0 638.8 101.8 213 * 15.9% 29.1% 10.2x 64.3x DST Systems Inc. United States 109.15 -19% 3,973.1 4,368.3 111.7 512.5 2,782.8 426.6 15.3% 3.7% 1.6x 10.2x Dun & Bradstreet Corp. United States 124.77 -9% 4,496.1 5,853.7 355.2 1,703.5 1,676.1 453.2 27.0% 1.2% 3.5x 12.9x 211 Envestnet, Inc. United States 45.29 -22% 1,598.4 1,535.4 209.9 146.4 366.7 42.6 216 * 11.6% 33.6% 4.2x 36.0x 233 Equifax Inc. United States 102.13 -1% 12,076.3 13,512.0 95.0 1,523.3 2,567.9 893.3 34.8% 9.3% 5.3x 15.1x Experian plc Ireland 18.78 -5% 18,034.9 21,488.9 155.0 3,421.0 4,810.0 1,549.0 32.2% -0.6% 4.5x 13.9x 234 FactSet Research Systems Inc. United States 165.66 -2% 6,861.0 6,713.1 182.9 35.0 983.7 357.1 36.3% 9.2% 6.8x 18.8x 235 Fair Isaac Corporation United States 90.69 -7% 2,823.9 3,387.5 86.8 658.0 827.6 184.6 22.3% 9.2% 4.1x 18.4x 245 Fidelity National Information Services, Inc. United States 65.43 -5% 18,396.5 23,084.2 489.0 5,196.4 6,436.0 1,610.5 25.0% 3.9% 3.6x 14.3x Financial Engines, Inc. * United States 45.86 0% 2,377.9 2,066.9 311.0 - 291.0 65.5 22.5% 15.9% 7.1x 31.6x Orange McGraw Hill Financial, Inc. United States 101.75 -7% 27,726.9 28,362.9 1,176.0 1,164.0 5,168.0 2,102.0 40.7% 6.4% 5.5x 13.5x Moody's Corporation United States 110.43 -3% 22,119.1 23,177.7 1,995.4 3,095.1 3,477.3 1,592.6 45.8% 11.3% 6.7x 14.6x 241 Morningstar Inc. United States 85.19 -1% 3,769.4 3,545.8 241.7 45.0 781.4 245.1 31.4% 7.8% 4.5x 14.5x 184 MSCI Inc. United States 68.16 0% 7,662.9 7,925.2 537.8 800.0 1,036.1 431.3 41.6% -4.2% 7.6x 18.4x 0 Reis, Inc. United States 24.46 -15% 274.7 247.4 21.4 - 45.7 13.5 29.4% 20.0% 5.4x 18.4x SEI Investments Co. United States 53.31 -2% 8,843.5 8,218.7 643.3 - 1,308.0 393.3 30.1% 8.9% 6.3x 20.9x 245 Thomson Reuters Corporation United States 40.69 0% 31,902.2 39,308.6 1,032.0 8,712.0 12,400.0 2,718.0 21.9% -2.0% 3.2x 14.5x 232 Verisk Analytics, Inc. United States 78.11 -2% 13,160.5 16,330.9 156.7 1,306.2 1,870.6 872.8 46.7% 12.6% 8.7x 18.7x 184 Workiva Inc. United States 14.59 -12% 586.4 520.8 89.9 24.3 119.7 (37.0) NM 28.6% 4.4x NM
Adjusted Weighted Average 5.0x 15.0x Grey
138 *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 (31.4x) 138 ($ in Millions, except stock price data) 138 Marketing Information
203 Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples 203 Company Name Headquarters 07/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 203 Acxiom Corporation United States $17.91 -16% $ 1,389.6 $ 1,536.2 $ 141.0 $ 287.6 $ 1,020.1 $ 147.9 14.5% -4.0% 1.5x 10.4x Alliance Data Systems Corporation United States 275.04 -12% 17,066.0 31,128.8 822.3 14,651.4 5,906.6 1,610.6 27.3% 24.7% 5.3x 19.3x 221 Brainjuicer Group Plc United Kingdom 6.39 -8% 81.2 72.9 8.3 - 38.4 6.9 17.9% 0.8% 1.9x 10.6x 221 Cello Group Plc United Kingdom 1.60 -4% 136.5 147.8 8.7 19.9 264.7 13.0 4.9% 6.4% 0.6x 11.4x 221 comScore, Inc. * United States 58.50 -2% 2,353.9 2,340.3 40.9 27.3 339.6 14.2 4.2% 15.1% 6.9x 164.7x Cross Marketing Inc. Japan 4.08 -26% 73.5 87.2 13.1 25.9 80.0 7.3 9.1% 38.1% 1.1x 11.9x Ebiquity plc United Kingdom 2.19 -1% 159.2 202.5 8.0 56.2 113.5 14.7 13.0% 7.9% 1.8x 13.8x GfK SE Germany 42.87 -8% 1,564.8 1,993.7 140.6 496.8 1,590.5 223.1 14.0% -0.1% 1.3x 8.9x Harte-Hanks Inc. United States 4.69 -43% 290.8 335.7 33.2 78.1 524.2 50.5 9.6% -6.4% 0.6x 6.6x InnerWorkings Inc. United States 7.50 -21% 399.9 496.6 13.4 110.1 1,000.7 29.7 3.0% 7.9% 0.5x 16.7x
31 | M&A and Investment Summary July 2015 Information Public Company Valuation (2/2) Blue
0 79 133 ($ in Millions, except stock price data) Marketing Information (Contd.) 122 Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 07/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Intage Holdings Inc. Japan 16.79 -8% $ 335.1 $ 275.6 $ 69.8 $ 6.9 $ 366.1 $ 42.8 11.7% 3.3% 0.8x 6.4x Ipsos SA France 25.22 -15% 1,142.1 1,773.2 185.7 845.9 1,945.3 224.1 11.5% 4.9% 0.9x 7.9x 178 NeuStar, Inc. United States 30.87 -6% 1,709.3 2,084.7 347.1 789.6 1,004.4 393.1 39.1% 7.7% 2.1x 5.3x 186 Nielsen N.V. Netherlands 48.46 -2% 18,894.0 26,120.0 343.0 7,357.0 6,222.0 1,541.0 213 24.8% 2.3% 4.2x 17.0x Onvia Inc. United States 4.22 -23% 31.3 23.0 8.3 0.0 22.9 (0.5) NM 3.2% 1.0x NM Pearson plc United Kingdom 18.81 -21% 15,243.5 19,020.5 850.9 3,583.0 7,837.7 896.4 11.4% 1.2% 2.4x 21.2x 211 Rentrak Corporation United States 68.47 -22% 1,048.6 965.2 84.0 - 102.9 1.7 216 * 1.6% 36.1% 9.4x NM 233 YouGov plc United Kingdom 1.70 -18% 175.3 169.5 5.8 0.3 106.6 9.0 8.4% 8.9% 1.6x 18.8x
Adjusted Weighted Average 3.8x 17.7x 234 235 245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (60.3x)
Other Information Orange Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 241 Centaur Media plc United Kingdom $1.21 -8% $ 172.4 $ 195.1 $ 5.3 $ 28.1 $ 109.7 $ 12.8 11.6% 0.0% 1.8x 15.3x 184 CEB Inc. United States 76.52 -16% 2,560.4 2,929.5 204.2 503.0 922.7 213.7 23.2% 6.7% 3.2x 13.7x 0 Forrester Research Inc. United States 31.28 -25% 563.9 452.9 111.0 - 314.0 33.9 10.8% 3.5% 1.4x 13.3x Gartner Inc. United States 88.57 -1% 7,353.6 7,737.0 281.7 665.0 2,074.0 332.8 16.0% 9.3% 3.7x 23.2x 245 IHS Inc. United States 125.03 -13% 8,601.8 10,505.0 225.9 2,129.1 2,276.0 549.6 24.1% 6.7% 4.6x 19.1x 232 184 Informa plc United Kingdom 9.32 -1% 6,042.0 7,471.2 60.2 1,425.7 1,865.4 573.5 30.7% 4.5% 4.0x 13.0x National Research Corp. United States 34.78 -13% 431.7 402.3 37.0 7.6 99.1 29.7 29.9% 5.7% 4.1x 13.6x Markit Ltd. United Kingdom 26.62 -4% 4,631.8 4,896.1 84.4 312.4 1,077.2 415.5 38.6% 9.9% 4.5x 11.8x Grey NIC Inc. United States 18.04 -7% 1,182.4 1,090.3 92.1 - 277.1 70.6 25.5% 9.3% 3.9x 15.4x Premier, Inc. United States 35.76 -10% 1,347.2 1,019.2 348.4 20.4 975.9 320.6 32.8% 6.6% 1.0x 3.2x 138 Proofpoint, Inc. * United States 64.70 -11% 2,581.3 2,506.4 193.5 164.2 227.8 (44.3) NM 38.5% 11.0x NM 138 138 Reed Elsevier plc(1) United Kingdom 17.49 -7% 36,089.7 41,618.3 437.4 5,966.0 9,510.4 2,309.6 24.3% 4.5% 4.4x 18.0x Solera Holdings Inc. United States 36.59 -46% 2,455.9 4,769.4 395.4 2,283.0 1,111.7 409.8 36.9% 18.5% 4.3x 11.6x Tarsus Group plc Ireland 3.45 -7% 349.2 426.3 19.2 80.7 112.3 35.9 203 31.9% -2.2% 3.8x 11.9x 203 TechTarget, Inc. United States 8.66 -31% 286.5 265.1 21.4 - 106.9 13.2 12.3% 16.3% 2.5x 20.1x 203 The Advisory Board Company * United States 59.90 -1% 2,541.8 3,035.1 87.7 - 581.6 49.9 8.6% 0.0% 5.2x 60.8x UBM plc United Kingdom 8.31 -18% 3,677.9 4,543.5 116.0 976.2 1,316.4 304.3 23.1% 9.7% 3.5x 14.9x 221 Wolters Kluwer NV Netherlands 33.34 -6% 9,729.4 12,021.8 647.6 2,940.1 4,409.9 1,099.4 24.9% 11.9% 2.7x 10.9x 221 221 Adjusted Weighted Average 4.0x 16.3x
(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 (8.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.2x)
32 | M&A and Investment Summary July 2015 Business Services
Blue
0 79 133
122 . The Corporate Training, Healthcare Consulting, and IT Consulting/Systems Integration subsegments each announced six deals this 141 181 month, account for 58 percent of the segments total activity
178 186 213 . Select Transactions:
211 216 • Groupe Articall’s $830 million purchase of customer care outsourcing company Sitel Worldwide from Onex Corp. 233
234 • ALJ Regional’s $90 million acquisition of printing services company Phoenix Color Corp. from Visant 235 245 • The $66 million acquisition of technology consulting services firm Bluefin Solutions by Mindtree Orange
241 184 • DST System’s purchase of Wealth Management Systems, a provider of rollover and financial planning services for the retirement 0 services industry, for $62 million 245 232 184 BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Grey Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 138 # % $MM % # $MM # $MM # $MM Corporate Training 6 19% $28.5 2% 2 - 0 - 4 $28.5 203 203 Healthcare Consulting 6 19% 26.9 2% 3 - 0 - 3 26.9 203 IT Consulting/Systems Integration 6 19% 66.0 5% 6 66.0 0 - 0 - 221 221 Logistics 3 10% 139.0 11% 1 - 0 - 2 139.0 221 Financial Consulting 2 6% 74.0 6% 1 64.0 0 - 1 10.0 HR Consulting 2 6% 42.0 3% 1 42.0 1 - 0 - Management Consulting 2 6% 9.3 1% 1 9.3 1 - 0 - Staffing 2 6% - 0% 1 - 1 - 0 - Other* 2 6% 920.0 70% 2 920.0 0 0.0 0 0.0 Total 31 100% 1,305.7 100% 18 1,101.3 3 0.0 10 204.4
*Other includes Fulfillment and Printing Services
33 | M&A and Investment Summary July 2015 Business Services Public Company Valuation (1/3) Blue
0 79 133 ($ in Millions, except stock price data) Consulting 122 Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 07/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 CRA International Inc. United States 23.34 -28% 214.0 198.2 17.2 0.1 306.5 28.7 9.4% 0.7% 0.6x 6.9x FTI Consulting, Inc. United States 40.92 -7% 1,702.2 2,173.2 225.3 711.0 1,757.8 208.1 11.8% 2.8% 1.2x 10.4x 178 Information Services Group, Inc. United States 4.40 -11% 163.5 199.7 17.2 52.5 211.9 21.4 10.1% 1.6% 0.9x 9.3x 186 Navigant Consulting Inc. United States 15.72 -6% 752.9 920.4 2.0 178.7 817.2 125.4 213 15.3% 12.6% 1.1x 7.3x ICF International Inc. United States 36.66 -16% 715.8 1,068.3 7.0 377.3 1,103.7 102.4 9.3% 12.3% 1.0x 10.4x Huron Consulting Group Inc. * United States 76.47 -3% 1,677.0 2,128.3 7.2 499.0 802.7 136.9 17.1% -0.4% 2.7x 15.5x 211 The Hackett Group, Inc. United States 12.80 -10% 380.1 387.6 10.8 18.3 219.0 25.0 216 * 11.4% 9.0% 1.8x 15.5x 233 Towers Watson & Co. United States 126.78 -11% 8,774.8 8,235.1 759.6 206.3 3,635.7 714.0 19.6% 5.7% 2.3x 11.5x
Adjusted Weighted Average 2.0x 11.0x 234 235 245 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.7x)
HR Services Orange Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 241 Automatic Data Processing, Inc. United States 79.77 -12% 37,453.9 35,797.2 1,835.5 9.7 10,938.5 2,291.9 21.0% -10.4% 3.3x 15.6x 184 Barrett Business Services Inc. United States 41.40 -35% 295.7 336.4 36.9 50.8 699.3 (43.4) NM 20.8% 0.5x NM 0 Capita plc United Kingdom 20.39 -2% 13,507.0 16,460.7 738.1 3,292.4 7,227.6 1,069.0 14.8% 10.8% 2.3x 15.4x DHI Group, Inc. United States 7.97 -31% 432.4 504.0 28.0 104.9 265.0 70.2 26.5% 11.2% 1.9x 7.2x 245 Edenred SA France 25.10 -16% 5,740.8 6,734.0 1,370.2 1,705.5 1,126.1 363.1 32.2% 7.8% 6.0x 18.5x 232 184 Insperity, Inc. United States 50.28 -9% 1,282.3 1,024.9 257.4 - 2,420.3 85.2 3.5% 6.1% 0.4x 12.0x LinkedIn Corporation * United States 203.26 -26% 25,603.5 23,699.9 3,529.9 1,092.7 2,561.1 187.6 7.3% 38.6% 9.3x 126.3x Marsh & McLennan Companies, Inc. United States 57.94 -3% 30,766.1 33,772.1 1,104.0 3,889.0 12,827.0 2,744.0 21.4% 1.7% 2.6x 12.3x Grey Monster Worldwide, Inc. United States 7.05 1% 643.0 744.3 110.2 210.2 741.5 86.0 11.6% -5.9% 1.0x 8.7x Paychex, Inc. United States 46.40 -10% 16,760.0 16,223.4 536.6 - 2,739.6 1,160.2 42.3% 8.8% 5.9x 14.0x 138 Professional Diversity Network LLC United States 2.02 -65% 29.5 25.5 5.8 1.8 21.1 (6.3) NM 385.0% 1.2x NM 138 138 Towers Watson & Co. United States 126.78 -11% 8,774.8 8,235.1 759.6 206.3 3,635.7 714.0 19.6% 5.7% 2.3x 11.5x TriNet Group, Inc. United States 26.88 -29% 1,887.3 2,297.7 104.4 514.8 2,310.2 165.9 7.2% 28.2% 1.0x 13.9x WageWorks, Inc. United States 49.95 -24% 1,790.9 1,373.6 451.8 79.3 314.5 46.3 203 14.7% 36.8% 4.4x 29.7x 203 Adjusted Weighted Average 3.3x 14.4x 203
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (56.6x) 221 221 221
34 | M&A and Investment Summary July 2015 Business Services Public Company Valuation (2/3) Blue
0 79 133 ($ in Millions, except stock price data) IT Consulting/Systems Integration 122 Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 07/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Accenture plc Ireland 103.11 0% $ 64,354.5 $ 60,908.2 $ 4,028.6 $ 27.2 $ 30,936.8 $ 4,903.6 15.9% 5.5% 2.0x 12.4x Amdocs Limited Channel Islands 58.65 -5% 9,068.3 7,666.6 1,292.5 - 3,617.0 701.4 19.4% 3.1% 2.1x 10.9x 178 Bechtle AG Germany 85.55 -2% 1,796.7 1,699.4 143.3 60.9 2,810.6 140.7 5.0% 11.5% 0.6x 12.1x 186 Booz Allen Hamilton Holding Corporation United States 27.73 -11% 4,061.9 5,527.1 207.2 1,626.3 5,304.1 507.5 213 9.6% -1.3% 1.0x 10.9x Broadridge Financial Solutions, Inc. United States 54.27 -3% 6,505.6 6,824.7 310.2 629.3 2,650.5 530.4 20.0% 4.5% 2.6x 12.9x Business & Decision SA France 8.56 -3% 67.5 99.7 14.7 49.4 249.1 14.2 5.7% 2.4% 0.4x 7.0x 211 Cap Gemini S.A. France 96.17 -4% 16,569.4 15,355.2 2,591.5 1,229.8 12,797.9 1,312.1 216 10.3% 4.8% 1.2x 11.7x 233 CGI Group, Inc. Canada 37.54 -15% 11,700.7 13,107.2 176.5 1,685.2 8,163.3 1,404.3 17.2% -2.8% 1.6x 9.3x Cognizant Technology Solutions Corporation United States 63.10 -4% 38,523.7 36,248.9 3,349.8 1,075.0 10,751.8 2,162.1 20.1% 16.3% 3.4x 16.8x 234 Computer Sciences Corporation United States 65.43 -11% 9,019.6 9,618.6 2,098.0 2,669.0 12,173.0 1,087.0 8.9% -6.3% 0.8x 8.8x 235 CSG Systems International Inc. United States 31.10 -5% 1,018.5 1,134.1 169.9 285.5 748.9 122.1 16.3% -0.8% 1.5x 9.3x 245 Digi International Inc. * United States 10.12 -6% 252.3 161.0 84.9 - 208.0 9.2 4.4% 8.1% 0.8x 17.5x Globant S.A. * Luxembourg 31.80 -9% 1,081.4 1,012.6 69.9 1.1 211.0 29.8 14.1% 26.3% 4.8x 34.0x Orange International Business Machines Corporation United States 161.99 -17% 158,674.1 188,735.1 8,809.0 38,827.0 86,913.0 22,376.0 25.7% -10.4% 2.2x 8.4x Infosys Ltd. India 16.81 -8% - - 4,999.0 - 8,834.0 2,493.0 28.2% 5.3% 241 ITS Group France 7.90 -18% 60.4 66.2 13.1 19.1 225.7 12.2 5.4% 61.9% 0.3x 5.4x 184 NCI, Inc. United States 11.25 -14% 146.7 165.8 0.7 27.0 316.9 25.2 8.0% -2.4% 0.5x 6.6x 0 NTT Data Corporation * Japan 47.87 -3% 13,427.8 15,165.1 2,189.0 3,659.7 12,547.0 - 0.0% 0.0% 1.2x NA Perficient Inc. United States 16.23 -25% 575.1 628.3 6.4 67.5 444.6 55.4 12.5% 13.7% 1.4x 11.3x 245 Tata Consultancy Services Limited India 39.14 -11% - - 3,693.3 62.3 15,430.2 3,978.8 25.8% 14.3% 232 Wipro Ltd. India 8.87 -16% 21,783.1 18,761.6 4,028.0 1,262.3 7,550.6 1,652.3 21.9% 7.2% 2.5x 11.4x 184 Adjusted Weighted Average 2.1x 10.7x
Grey *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.9x) 138 ($ in Millions, except stock price data) 138 138 Outsourced Services Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/15 52WK High 203 Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 203 AMREP Corporation United States $5.15 -20% $ 41.5 $ 47.5 $ 15.2 $ 18.6 $ 49.8 $ 1.7 3.5% -43.0% 1.0x 27.3x 203 Cenveo Inc. United States 1.75 -52% 118.8 1,358.8 12.2 1,252.2 1,915.5 144.0 7.5% -0.3% 0.7x 9.4x Communisis plc United Kingdom 0.76 -31% 157.2 210.8 38.2 94.5 547.7 38.0 6.9% 9.4% 0.4x 5.5x 221 Cineplex Inc. Canada 36.61 -7% 2,309.4 2,605.4 13.1 317.4 982.8 162.3 16.5% 3.4% 2.7x 16.1x 221 Contax Participacoes S.A. Brazil 0.22 -77% 84.1 383.1 131.2 446.4 1,074.6 116.7 10.9% -4.0% 0.4x 3.3x 221 Convergys Corporation United States 25.11 -5% 2,481.7 2,634.1 244.6 397.0 2,990.3 373.8 12.5% 38.5% 0.9x 7.0x Elanders AB Sweden 5.49 -14% 145.6 248.4 48.8 155.0 486.6 40.3 8.3% 41.7% 0.5x 6.2x Eniro AB Sweden 0.12 -96% 51.3 329.2 8.9 278.3 332.1 59.1 17.8% -17.5% 1.0x 5.6x Exlservice Holdings, Inc. United States 38.77 -1% 1,291.0 1,189.5 165.6 81.2 556.9 70.3 12.6% 14.1% 2.1x 16.9x Firstsource Solutions Limited India 0.53 -23% 357.5 501.1 23.6 170.8 485.4 60.4 12.4% -2.3% 1.0x 8.3x Genpact Limited Bermuda 22.21 -7% 4,859.5 5,213.9 437.1 791.5 2,338.4 374.4 16.0% 8.4% 2.2x 13.9x InnerWorkings Inc. United States 7.50 -21% 399.9 496.6 13.4 110.1 1,000.7 29.7 3.0% 7.9% 0.5x 16.7x
35 | M&A and Investment Summary July 2015 Business Services Public Company Valuation (3/3) Blue
0 79 133 ($ in Millions, except stock price data) Outsourced Services (contd.) 122 Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples 141 Company Name Headquarters 07/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 181 Luxoft Holding, Inc. * SwitzerlandSwitzerland 62.76 -1% $ 2,061.8 $ 2,017.6 $ 45.6 $ 1.4 $ 520.5 $ 99.1 19.0% 30.7% 3.9x 20.4x MAXIMUS, Inc. United States 68.21 -1% 4,494.5 4,380.8 114.5 - 1,804.1 278.0 15.4% 15.3% 2.4x 15.8x 178 Quad/Graphics, Inc. United States 16.45 -32% 815.3 2,255.2 24.5 1,464.4 4,867.6 541.2 11.1% 2.1% 0.5x 4.2x 186 Quintiles Transnational Holdings Inc. United States 76.72 -5% 9,414.1 11,101.9 779.1 2,306.1 4,229.4 750.7 213 17.7% 6.3% 2.6x 14.8x R.R. Donnelley & Sons Company United States 17.55 -13% 3,660.9 7,042.2 268.7 3,634.3 11,675.7 1,088.1 9.3% 10.0% 0.6x 6.5x Salmat Limited Australia 0.64 -54% 101.6 93.3 54.2 36.6 388.0 6.4 1.6% 3.9% 0.2x 14.7x 211 Serco Group plc United Kingdom 2.02 -64% 2,193.1 3,202.7 280.7 1,283.9 6,163.8 (960.3) 216 NM -7.7% 0.5x NM 233 St Ives plc United Kingdom 2.77 -21% 361.8 429.1 18.1 82.7 507.4 59.0 11.6% 4.5% 0.8x 7.3x StarTek, Inc. United States 3.76 -63% 58.4 71.6 6.5 19.7 250.5 8.4 3.4% 4.1% 0.3x 8.5x 234 Sykes Enterprises, Incorporated United States 24.38 -6% 1,057.3 917.3 214.1 74.0 1,326.8 145.5 11.0% 3.1% 0.7x 6.3x 235 Teleperformance S.A. France 74.68 -5% 4,267.4 4,697.1 277.2 773.5 3,532.2 464.5 13.2% 27.8% 1.3x 10.1x 245 TeleTech Holdings Inc. United States 27.13 -6% 1,314.3 1,387.1 65.7 127.3 1,265.1 161.0 12.7% 4.8% 1.1x 8.6x Trans Cosmos, Inc. Japan 26.48 -5% 1,089.3 852.2 266.5 2.1 1,660.0 92.5 5.6% 6.8% 0.5x 9.2x Orange Transcontinental Inc. Canada 11.30 -25% 880.3 1,176.0 29.2 347.0 1,726.2 324.7 18.8% 3.9% 0.7x 3.6x Cimpress N.V. Netherlands 64.53 -30% 2,142.6 2,706.7 142.2 501.1 1,494.2 193.8 13.0% 17.6% 1.8x 14.0x 241 West Corporation United States 28.85 -20% 2,380.7 5,697.5 154.0 3,470.8 2,248.9 649.5 28.9% 12.7% 2.5x 8.8x 184 Xchanging plc United Kingdom 1.52 -49% 376.4 452.9 203.7 177.7 836.0 (1.4) NM -14.4% 0.5x NM 0 Adjusted Weighted Average 1.6x 10.9x
245 232 *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.8x) 184
Grey
138 138 138
203 203 203
221 221 221
36 | M&A and Investment Summary July 2015 PPLLC Indices Valuation Summary Blue 0 79 133
122 Current Summary Trading Valuation Information 141 181 Revenue Multiples
178 Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* 186 Digital Media/Commerce 213 3.7x 1.9x 7.9x 4.7x Digital Advertising 3.4x 1.9x 9.1x 5.4x 211 216 Marketing Technology 4.5x 3.4x 4.6x 4.4x 233 Agency 1.5x 1.3x 1.9x 1.9x 234 Marketing Services 1.5x 0.9x 3.2x 2.0x 235 245 Traditional Media 2.7x 2.5x 3.5x 3.4x Software 5.8x 4.2x 5.2x 4.6x Orange Information 4.0x 3.9x 4.8x 4.6x 241 184 Business Services 1.4x 1.0x 2.7x 2.1x 0
245 EBITDA Multiples 232 184 Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 18.8x 14.9x 25.7x 16.3x Grey Digital Advertising 19.4x 14.3x 23.5x 16.9x 138 138 Marketing Technology 25.2x 16.8x 26.9x 13.6x 138 Agency 13.0x 11.2x 11.3x 11.1x 203 Marketing Services 10.1x 9.8x 13.8x 10.2x 203 203 Traditional Media 16.3x 11.0x 12.7x 12.3x
221 Software 32.7x 16.4x 17.9x 14.1x 221 221 Information 20.4x 14.4x 18.5x 16.2x Business Services 12.9x 10.9x 20.0x 13.2x
As of close of business on 07/31/15
*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 July 2015 PPLLC Indices LTM Share Pricing Trends Blue
0 79 133 Digital Advertising LTM Index Performance Digital Media/Commerce and Traditional Media LTM Index Performance 150%
122 140% • S&P 500 – 9.2% 141 • S&P 500 – 9.2% 140% 181 130% 125% • Digital Advertising – 8.9% • Digital Media/Commerce – 178 120% 186 12.3% 213 110% 110%
211 • Traditional Media – 11.2% 100%
216 95% Index Performance (%) Performance Index
233 (%) Performance Index 90% 80% 234 80% Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 235 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 245 Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Orange Marketing Technology Agency & Marketing Services LTM Index Performance 150% LTM Index Performance 150% 241 184 140% 140% • S&P 500 – 9.2% 0 • S&P 500 – 9.2%
130% 130% 245 • Marketing Technology – 6.5% • Agency – 13.6% 232 120% 120% 184 110% • Marketing Services – 6.6% 110% Grey 100% 100%
138 90% Index Performance (%) Performance Index
138 (%) Performance Index 90% 138 80% Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 80% 203 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 203 Marketing Technology S&P 500 Index (^SPX) 203 Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance Information & Business Services 221 150% LTM Index Performance 150% 221 • S&P 500 – 9.2% 221 140% • S&P 500 – 9.2% 140% 130% • Software – 6.7% 130% • Information – 14.8% 120% 120% 110% • Business Services – 3.9 % 110% 100% 100%
Index Performance (%) Performance Index 90% 90% 80% (%) Performance Index Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 80% Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Software S&P 500 Index (^SPX) Note: LTM as of 7/31/2015 Information Business Services S&P 500 Index (^SPX) 38 | M&A and Investment Summary July 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Values Disclosed 186 213 SNL Financial Information McGraw-Hill Financial $ 2,225.0 bwin.party digital entertainment Digital Media/Commerce 888 Holdings Public Limited Company 1,426.1 211 The Financial Times Group Traditional Media Nikkei, Inc. 1,310.5 216 Altegra Health, Inc. Software Emdeon, Inc. 910.0 233 Sitel Worldwide Corporation Business Services Groupe Acticall 830.0 Navitaire LLC Marketing Technology Amadeus IT Holding SA 830.0 234 235 Identifix, Inc. Information Solera Holdings, Inc. 595.0 245 Plentyoffish Media Inc. Digital Media/Commerce Match Group 575.0 Adallom, Inc. Software Microsoft Corporation 320.0 Orange Caspida, Inc. Software Splunk, Inc. 190.0 home.pl S.A. Marketing Technology United Internet AG 172.7 241 184 VerticalScope, Inc. Digital Media/Commerce Torstar Corporation 155.2 0 MaintenanceNet, Inc. Software Cisco Systems, Inc. 139.0 ViralNova LLC Digital Media/Commerce Zealot Networks, Inc. 100.0 245 Designit Agency & Marketing Services Wipro Limited 93.2 232 184 Phoenix Color Corporation Business Services ALJ Regional Holdings, Inc. 90.0 Bombora Technologies Pty. Ltd. Digital Media/Commerce NeuStar, Inc. 86.9 IMS Corporate Agency & Marketing Services Sony Corporation of America 75.0 Grey Bluefin Solutions Business Services Mindtree Limited 66.0 138 Wealth Management Systems, Inc. Business Services DST Systems, Inc. 64.0 138 Mobile Travel Technologies Ltd. Software Travelport Worldwide Limited 60.2 138 FootFall Agency & Marketing Services Tyco Retail Solutions 59.8 Keeprz Digital Advertising Como.com 50.0 203 203 Zoomin.TV Digital Advertising Modern Times Group MTG AB 48.7 203 WorldNow Marketing Technology Frankly, Inc. 45.0 Global HR Research LLC Business Services Patriot National, Inc. 42.0 221 Verdict Information Progressive Digital Media Group plc 39.0 221 221 Quipper Limited Software Recruit Holdings Co., Ltd. 39.0 Hassle.com Digital Media/Commerce Helpling GmbH 35.0 Financial Research Associates LLC Traditional Media Wilmington plc 20.6 Slingo, Inc. Digital Media/Commerce Gaming Realms PLC 18.0 Suanya Digital Advertising Ctrip.com International, Ltd. 16.0 Relational Solutions, Inc. Software Mindtree Limited 10.0 ReposiTrak, Inc. Software Park City Group, Inc. 9.7 ThinOps Resources Business Services Code Rebel Corporation 9.3 Insseco Sp. Z o.o. Software Sapiens International Corporation N.V. 9.1 Nextpeer Ltd. Digital Media/Commerce Viber Media, Inc. 9.0 BNOTIONS Agency & Marketing Services Symbility Solutions, Inc. 4.7 Keller Fay Group LLC Agency & Marketing Services Engagement Labs, Inc. 4.2 Indaba Group LLC Agency & Marketing Services Warp 9, Inc. 2.0
39 | M&A and Investment Summary July 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 213 Aria Agency, Inc. Agency & Marketing Services The Atkins Group $ - Colour Agency & Marketing Services The CHR Group -
211 Consolidated Media Industries B.V. Agency & Marketing Services NEP Group, Inc. - 216 directComm Marketing Group Agency & Marketing Services WPP Group - 233 Disruptive Retail Thinking LLC Agency & Marketing Services Quad/Graphics, Inc. - Epic Signal Agency & Marketing Services Mekanism - 234 235 Equicom Agency & Marketing Services NATIONAL Public Relations Inc. - 245 inVNT Agency & Marketing Services Time Inc. - JB cumberland & Associates Agency & Marketing Services Did-it.com - Orange Kotikan Agency & Marketing Services FanDuel, Inc. - MARION Integrated Marketing LLC Agency & Marketing Services AIM Creative Agency - 241 McMurry/TMG LLC Agency & Marketing Services Manifest Digital, Inc. - 184 0 Monsoon Company Agency & Marketing Services Capital One Financial Corporation - NavigationArts, LLC Agency & Marketing Services EPAM Systems, Inc. - 245 Net Communities Ltd. Agency & Marketing Services Future PLC - 232 184 Nicole Weber Communications GmbH Agency & Marketing Services WPP Group - PacificLink Group Agency & Marketing Services Accenture plc - Profis Communications Agency & Marketing Services The CHR Group - Grey Redirect Digital Marketing Agency & Marketing Services Dentsu Aegis Network, Inc. - 138 Scanner Applications, Inc. Agency & Marketing Services Inmar, Inc. - 138 Sid Lee, Inc. Agency & Marketing Services Hakuhodo DY Holdings Incorporated - 138 The Wall Group Agency & Marketing Services WME l IMG - Axon Network Solutions Pvt. Ltd. Business Services Trianz, Inc. - 203 203 Foxtrax GPS Business Services Marathon Data Systems - 203 HackHands, Inc. Business Services Pluralsight LLC - Helmsman Technology Group, Inc. Business Services Network Utility Force LLC - 221 Imedex LLC Business Services Vesey Street Capital Partners LLC - 221 221 Information Technology Engineering Corporation Business Services Fahrenheit IT Staffing and Consulting - Mainland Information Systems Ltd. Business Services Scalar Decisions, Inc. - MediciGroup, Inc. Business Services BioClinica, Inc. - SergeMD, Inc. Business Services Vertical Holdings LLC - Trygstad Technical Services, Inc. Business Services HCL Technologies Ltd - V-Oasis Business Services Solvere One LLC - Yellowspring Ltd. Business Services Amsiso Limited - Checkout 51, Inc. Digital Advertising News America Marketing - GraphScience, Inc. Digital Advertising Centro LLC - JobAdvisor Pty Ltd. Digital Advertising The Search Party - Locket, Inc. Digital Advertising ContextLogic, Inc. (Wish.com) - mGive, Inc. Digital Advertising Rally4, Inc. - Qponix LLC Digital Advertising Meredith Corporation - Screenburn Media Ltd. Digital Advertising Way to Blue Ltd. - SheSaidBeauty Digital Advertising Latest in Beauty - 40 | M&A and Investment Summary July 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic 178 Undisclosed 186 TheSuitest, Inc. Digital Advertising ClickTripz $ - 213 Voyagin Pte. Ltd. Digital Advertising Rakuten, Inc. -
211 BiddingForGood, Inc. Digital Media/Commerce FrontStream Holdings LLC - 216 Frontlineshop Digital Media/Commerce Menlook.com - 233 GlobeSherpa, Inc. Digital Media/Commerce RideScout - Gold Derby, Inc. Digital Media/Commerce Penske Media Corporation - 234 235 Headlineauto Digital Media/Commerce Newspress Ltd. - 245 OrderUp LLC Digital Media/Commerce Groupon, Inc. - Ouya, Inc. Digital Media/Commerce Razer, Inc. - Orange Posterxxl AG Digital Media/Commerce PhotoBox Group - Quantia, Inc. Digital Media/Commerce Physicians Interactive - 241 Showroom Digital Media/Commerce Hubert Burda Media - 184 0 Talio Labs, Inc. Digital Media/Commerce Remitly, Inc. - Turtle Entertainment GmbH Digital Media/Commerce Modern Times Group MTG AB - 245 Twice Digital Media/Commerce eBay Incorporated - 232 Twiitch Pty. Ltd. Digital Media/Commerce GREE, Inc. - 184 Washbox Ltd. Digital Media/Commerce Laundrapp Ltd. - White Runway Digital Media/Commerce The PAS Group Limited - Grey AKCopy LLC Information MRO Corporation - 138 CareFlow LLC Information Magnus Health LLC - 138 DividendInvestor.com Information Salem Media Group - 138 iLEVEL Solutions Information Ipreo LLC - MobiMD Information SilverVue, Inc. - 203 203 Petromedia Ltd. Information Platts, Inc. - 203 Precyse Solutions, LLC Information Pamplona Capital Management LLP - Pyramid Healthcare Solutions, Inc. Information Anthelio Healthcare Solutions, Inc. - 221 Altimeter Group, LLC Marketing Technology Prophet - 221 221 CloudHarmony.com Marketing Technology Gartner, Inc. - comScore, Inc., Wireless Solutions Division Marketing Technology INOVVO LLC - Czar Metrics, Inc. Marketing Technology Fishbowl, Inc. - Drawloop Technologies, Inc. Marketing Technology The Nintex Group of Companies - Events Online Marketing Technology Events.com, Inc. - Expion LLC Marketing Technology Sysomos, Inc. - Fits.me Marketing Technology Rakuten, Inc. - Insparq Marketing Technology Adiant - Intygral Marketing Technology Zywave, Inc. - iVeridis Corporation Marketing Technology Technotomy Ltd. - Nubera eBusiness S.L. Marketing Technology Gartner, Inc. - Origin Software Solutions Limited Marketing Technology MAM Software Group, Inc. - ProofHQ Marketing Technology Workfront, Inc. - RDA Group, Inc. Marketing Technology Ipsos Group - Textizen Marketing Technology GovDelivery - 41 | M&A and Investment Summary July 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Strategic Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Strategic
178 Undisclosed 186 Uversity, Inc. Marketing Technology TargetX.com LLC $ - 213 Activus Ltd. Software Cegedim - AppThwack Software Amazon.com, Inc. - 211 AtHoc, Inc. Software BlackBerry Ltd. - 216 233 Banqsoft AS Software KMD A/S - Blikbook Ltd. Software Civitas Learning, Inc. - 234 BlockMaster AB Software DataLocker, Inc. - 235 BrainBank Software Software Planbox, Inc. - 245 Clementine.io Software Dropbox - Clementine.io Software Dropbox - Orange Compose, Inc. Software International Business Machines Corporation - 241 DotLoop Company Software Zillow Group, Inc. - 184 Effacts BV Software Wolters Kluwer Legal & Regulatory - 0 Elliptic Technologies, Inc. Software Synopsys, Inc - EMPOWER NY Software SiteCompli, LLC - 245 232 FieldOne Sky Mobile Software Microsoft Corporation - 184 Harris Corporation's Healthcare Solutions Business Software NantHealth - InferMed Limited Software Elsevier, Inc. - Grey InfoEngage Software PTS Solutions, Inc. - iTINUUM LLC Software Denovo - 138 Kleissner & Associates S.R.O. Software Lookingglass Cyber Solutions - 138 138 Metafor Software, Inc. Software Splunk, Inc. - Narrative1 Holdings LLC Software ExactBid, Inc. - 203 On Center Software, Inc. Software Roper Technologies, Inc. - 203 PerspecSys, Inc. Software Blue Coat Systems, Inc. - 203 Pixate, Inc. Software Google, Inc. - Remotium, Inc. Software AVAST Software a.s. - 221 221 Ripfog Software Cloudability, Inc. - 221 Soft SA Software RIB Software AG - Soliumcenter Software Accenture plc - SoonR, Inc. Software Autotask Corporation - Stackato Software Hewlett-Packard Company - Textkernel BV Software CareerBuilder, Inc. - TripScanner, Inc. Software Coupa Software, Inc. - Whitebox Security Ltd. Software SailPoint Technologies - Zeumo Software The Advisory Board Company - Aerva, Inc. Traditional Media Watchfire Signs - Border Security Expo Traditional Media Clarion Events, Ltd. - IZ ON Media LLC Traditional Media Stratacache Products, Inc. - Midroll Media LLC Traditional Media The E.W. Scripps Company - Prime Point Media Traditional Media AllOver Media, Inc. - Ripple Resort Media, Inc. Traditional Media AllOver Media, Inc. - Zoom Media, Social Indoor and Family Network Divisions Traditional Media AllOver Media, Inc. - 42 | M&A and Investment Summary July 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Buyout Transactions 141 181 Target Target Segment Buyer/Investor Reported TV Buyout Deals 178 Values Disclosed 186 213 eBay Enterprise, Inc. Marketing Technology Permira Advisers $ 925.0 Chime Communications Agency & Marketing Services Providence Equity Partners LLC 578.8 211 RFS Holland Holding B.V. Digital Media/Commerce Apax Partners, L.P. 500.0 216 Reward Gateway Software Great Hill Partners, LLC 218.0 233 Selligent SA Marketing Technology HGGC, LLC 150.0
234 235 245 Target Target Segment Buyer/Investor Reported TV Buyout Deals Orange Undisclosed Frontline Performance Group Business Services ABRY Partners, LLC $ - 241 184 Interactive Health, Inc. Business Services Friedman Fleischer & Lowe LLC - 0 TransForce, Inc. (Private Company) Business Services Palladium Equity Partners, LLC - All Web Leads, Inc. Digital Advertising Genstar Capital, LP - 245 Backcountry.com, Inc. Digital Media/Commerce TSG Consumer Partners, LP - 232 184 Napoleon Games NV Digital Media/Commerce Waterland Private Equity Investments B.V. - Intelius, Inc. Information H.I.G. Capital LLC - RegEd, Inc. Software Falfurrias Capital Partners - Grey Stratose, Inc. Software Parthenon Capital - 138 Syncplicity LLC Software Skyview Capital, LLC - 138 Briefings Media Group LLC Traditional Media Lyceum Capital Partners LLP - 138 Connoisseur Media, LLC Traditional Media Perot Companies -
203 203 203
221 221 221
43 | M&A and Investment Summary July 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Didi Kuaidi Digital Media/Commerce Alibaba Group Holding Ltd. $ 2,000.0 Flipkart.com Digital Media/Commerce Tiger Global Management, LLC 700.0 211 Palantir Technologies, Inc. Software Undisclosed 450.0 216 DraftKings, Inc. Digital Media/Commerce Fox Networks Group 300.0 233 FanDuel, Inc. Digital Media/Commerce Kohlberg Kravis Roberts & Company L.P. 275.0 GitHub, Inc. Software Sequoia Capital 250.0 234 235 GrabTaxi Holdings Pte Ltd. Digital Media/Commerce Coatue Management 200.0 245 Global Fashion Group S.A. Digital Media/Commerce Rocket Internet GmbH 167.0 Medallia, Inc. Marketing Technology Sequoia Capital 150.0 Orange 23andMe, Inc. Digital Media/Commerce Undisclosed 150.0 Singapore Post Limited Business Services Alibaba Group Holding Ltd. 139.0 241 184 SGN Digital Media/Commerce Netmarble Games 130.0 0 Zeta Interactive Digital Advertising GSO Capital Partners LP 125.0 Kabbage, Inc. Digital Media/Commerce BlueRun Ventures 120.0 245 Kreditech Holding SSL GmbH Information Blumberg Capital 110.0 232 184 Pepperfry.com Digital Media/Commerce The Goldman Sachs Group, Inc. 100.0 CrowdStrike, Inc. Software Accel Partners 100.0 Saavn LLC Digital Media/Commerce Tiger Global Management, LLC 100.0 Grey Chrome River Technologies, Inc. Software Great Hill Partners, LLC 100.0 138 DigitalOcean, Inc. Software Andreessen Horowitz 83.0 138 Giosis Pte. Ltd. Digital Media/Commerce Singapore Press Holdings Ltd. 82.1 138 Catawiki Digital Media/Commerce Accel Partners 82.0 Harry's Digital Media/Commerce Wellington Management Company 76.0 203 203 Marlette Funding LLC Digital Media/Commerce Navient Solutions, Inc. 75.0 203 Fenergo Ltd. Software Insight Venture Partners 75.0 Delphix Corp. Software FMR LLC 75.0 221 Avvo, Inc. Information Technology Crossover Ventures 71.5 221 221 Deliveroo Digital Media/Commerce Accel Partners 70.0 Flipagram, Inc. Digital Media/Commerce Sequoia Capital 70.0 Integral Ad Science Digital Advertising Sapphire Ventures, LLC 67.0 ShopKeep.com Inc. Marketing Technology Activant Capital Group LLC 60.0 Secret Escapes Digital Media/Commerce Index Ventures 60.0 Made.com Digital Media/Commerce Partech Ventures 60.0 Xiaozhu.com Digital Media/Commerce Morningside Group 60.0 Hotel Urbano Travel and Tourism SA Digital Advertising The Priceline Group, Inc. 60.0 BankBazaar.com Digital Advertising Sequoia Capital 60.0 Kareo, Inc. Software Silver Lake Partners 55.4 Secoo Digital Media/Commerce Ping An Ventures 55.0 Testin Technologies Software IDG Capital Partners 54.9 Vroom Digital Media/Commerce General Catalyst Partners LLC 54.0 RadiumOne, Inc. Digital Advertising Harmony Partners 54.0 Little Internet Services Ltd. Digital Advertising Tiger Global Management, LLC 50.0 44 | M&A and Investment Summary July 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Radius Intelligence, Inc. Marketing Technology Formation 8 $ 50.0 Outbrain, Inc. Marketing Technology Susquehanna Growth Equity, LLC 50.0
211 Remedy Partners Software Bain Capital Ventures 50.0 216 Flipboard, Inc. Digital Media/Commerce Undisclosed 50.0 233 Ticketfly, Inc. Digital Media/Commerce Riverwood Capital, LLC 50.0 Ethoca Limited Software Spectrum Equity Investors, LP 45.0 234 235 InVision App, Inc. Software Accel Partners 45.0 245 Cylance, Inc. Software DFJ Growth Fund 42.0 CarPrice LLC Digital Media/Commerce Almaz Capital Partners 40.0 Orange Whipclip Digital Advertising Eminence Capital LLC 40.0 Arivale, Inc. Information ARCH Venture Partners 36.0 241 MOBI Wireless Management LLC Software Bregal Sagemount 35.0 184 0 Plated Digital Media/Commerce Greycroft Partners 35.0 Upstart Network, Inc. Software Third Point Ventures 35.0 245 Realty Mogul Company Digital Media/Commerce Canaan Partners 35.0 232 184 Pret d'Union Digital Media/Commerce AG2R La Mondiale 34.3 BrightBytes, Inc. Marketing Technology Bessemer Venture Partners 33.0 InsideView, Inc. Marketing Technology Spring Lake Equity Partners 32.5 Grey Xingren Doctor Information Sequoia Capital 32.0 138 Thrive Market Digital Media/Commerce Greycroft Partners 30.0 138 Demandbase, Inc. Marketing Technology Sageview Capital 30.0 138 Tango Analytics LLC Marketing Technology Frontier Capital, LLC 30.0 Curse, Inc. Digital Media/Commerce RiotGames, Inc. 30.0 203 203 Psafe Technology SA Software Pinnacle Ventures, LLC 30.0 203 Influitive, Inc. Marketing Technology Georgian Partners 30.0 Axtria, Inc. Software Helion Venture Partners 30.0 221 ZOZI Digital Advertising PAR Capital Ventures 30.0 221 221 Benevity Social Ventures, Inc. Marketing Technology JMI Equity 29.0 Boozt.com Digital Media/Commerce Sunstone Capital A/S 29.0 Jun Group Productions LLC Digital Advertising Halyard Capital 28.0 Mswipe Technologies Pvt Ltd Marketing Technology Matrix Partners 25.0 Main Street Hub Marketing Technology Vista Equity Partners 25.0 StyleSeat, Inc. Digital Media/Commerce Lightspeed Venture Partners 25.0 Continuum Analytics, Inc. Software General Catalyst Partners LLC 24.0 Apprenda, Inc. Software New Enterprise Associates 24.0 Ziften Technologies, Inc. Software Spring Mountain Capital, LP 24.0 Confluent, Inc. Software Index Ventures 24.0 Chrono24 GmbH Digital Media/Commerce Insight Venture Partners 22.8 Darktrace Limited Software Summit Partners LP 22.5 Accolade, Inc. Information McKesson Corporation 22.5 Bidtellect Marketing Technology Blue Chip Venture Company 22.4 Tictail Digital Media/Commerce Creandum 22.0 45 | M&A and Investment Summary July 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Babbel Digital Media/Commerce Reed Elsevier Ventures $ 22.0 VTS Marketing Technology OpenView Venture Partners 21.0
211 JetSmarter, Inc. Digital Media/Commerce (Private Investors) 20.0 216 Mirakl Marketing Technology 83North 20.0 233 Cazena Software Andreessen Horowitz 20.0 Cinarra Systems Pte. Ltd. Marketing Technology SoftBank Capital 20.0 234 235 Credit Benchmark Ltd. Software Index Ventures 20.0 245 News In Shorts Digital Media/Commerce Tiger Global Management, LLC 20.0 Trucker Path, Inc. Digital Media/Commerce Wicklow Capital 20.0 Orange Pubnub Marketing Technology Sapphire Ventures, LLC 20.0 Granular, Inc. Marketing Technology Andreessen Horowitz 18.7 241 Leadspace, Inc. Marketing Technology Battery Ventures 18.0 184 0 Scale Computing, Inc. Software ABS Capital Partners 18.0 Classy Digital Media/Commerce Mithril Capital Management LLC 18.0 245 Expensify, Inc. Software OpenView Venture Partners 17.5 232 184 Kinetic Social Marketing Technology Multiplier Capital, LP 17.5 Core Informatics LLC Software Oak Hill Capital Partners 17.5 Zesty, Inc. Digital Media/Commerce Index Ventures 17.0 Grey RedOwl Analytics Software Allegis Capital 17.0 138 Salsify, Inc. Marketing Technology Venrock Associates 16.6 138 Vaniday Digital Media/Commerce Rocket Internet GmbH 16.4 138 Tripping International, Inc. Digital Advertising Steadfast Venture Capital 16.0 Catchpoint Systems, Inc. Software Battery Ventures 16.0 203 203 LeanKit Software Insight Venture Partners 16.0 203 Veridicus Health Business Services Gauge Capital, LLC 15.8 Lecorpio Software M2O 15.0 221 Zo Rooms Digital Advertising Tiger Global Management, LLC 15.0 221 221 StellaService, Inc. Marketing Technology Battery Ventures 15.0 rewardStyle.com Marketing Technology Maverick Capital, Ltd. 15.0 Pager, Inc. Digital Media/Commerce New Enterprise Associates 14.0 ContinuumRX Information NewSpring Capital 13.5 NxtGen Datacenter & Cloud Technologies Private Limited Software Intel Capital 13.5 500px, Inc. Digital Media/Commerce Andreessen Horowitz 13.0 Consolo Services Group LLC Information Bluff Point Associates 12.6 EaseMob Software Sequoia Capital 12.5 Captify Media Ltd. Digital Advertising Smedvig Capital Limited 12.5 CircleBack, Inc. Marketing Technology TDF Ventures 12.0 CallMiner, Inc. Marketing Technology NewSpring Capital 12.0 Hometeam Digital Media/Commerce Lux Capital 11.0 Mailjet SAS Marketing Technology Iris Capital 11.0 Zoomcar India Private Ltd. Digital Media/Commerce Sequoia Capital 11.0 Keybase, Inc. Software Andreessen Horowitz 10.8 46 | M&A and Investment Summary July 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Flypay Limited Digital Media/Commerce Time Out Group Ltd. $ 10.7 Sysdig Software Accel Partners 10.7
211 AltspaceVR Software Comcast Ventures 10.3 216 Lybrate, Inc. Information Tiger Global Management, LLC 10.2 233 Driveway Software Digital Media/Commerce Ervington Ventures 10.0 Seedrs Limited Digital Media/Commerce Augmentum Capital LLP 10.0 234 235 Fuisz Media Inc. Digital Advertising Great Oaks Venture Capital 10.0 245 TripFactory, Inc. Digital Advertising Aarin Capital 10.0 UpCounsel, Inc. Digital Media/Commerce Menlo Ventures 10.0 Orange Dealstruck, Inc. Business Services Community Investment Management 10.0 Guidebook, Inc. Marketing Technology Mosaic Venture Partners 10.0 241 Crew Labs, Inc. Marketing Technology iNovia Capital 10.0 184 0 MySmartPrice Web Technology Pvt. Ltd. Digital Advertising Accel Partners 10.0 Acrobatiq LLC Business Services Draper Triangle Ventures 9.8 245 VoltDB, Inc. Agency & Marketing Services Kepha Partners 9.8 232 184 INTTRA Marketing Technology ABS Capital Partners 9.5 WireX Software Vertex Venture Capital 9.3 PipelineRX, Inc. Business Services Mitsui & Co., Ltd. 9.1 Grey Omaze LLC Digital Media/Commerce FirstMark Capital 9.0 138 TrapX Security, Inc. Software Intel Capital 9.0 138 Leesa Sleep LLC Digital Media/Commerce (Private Investors) 9.0 138 1001Pharmacies Digital Advertising Newfund Management 8.9 ACT.md Software Rose Park Advisors, LLC 8.4 203 203 FishBrain AB Digital Media/Commerce Penske Media Corporation 8.0 203 Axial Healthcare Marketing Technology .406 Ventures, LLC 8.0 SmarterHQ, Inc. Marketing Technology (Private Investors) 8.0 221 Showbox Ltd. Marketing Technology (Private Investors) 8.0 221 221 MedCPU, Inc. Marketing Technology Merck Global Health Innovation LLC 8.0 Genymobile, Inc. Marketing Technology Alven Capital Partners 7.7 CRRW, Inc. Digital Media/Commerce Romulus Capital 7.5 Restorando S.A. Digital Media/Commerce Emergence Capital 7.5 Collectabillia.com Digital Media/Commerce Accel Partners 7.5 Paktor Pte. Ltd. Digital Media/Commerce Vertex Venture Capital 7.4 Readz Marketing Technology Parana Management 7.2 Salviol Global Analytics Ltd. Software (Private Investors) 7.2 Bugsnag, Inc. Software Matrix Partners 7.2 BloomBoard Business Services Birchmere Ventures 7.2 Autopilot Marketing Technology Salesforce Ventures 7.0 G2 Crowd, Inc. Digital Media/Commerce Pritzker Group Venture Capital 7.0 Yozio, Inc. Marketing Technology Foundation Capital 7.0 SuperAwesome Limited Digital Advertising Hoxton Ventures LLP 7.0 FRESHLY, Inc. Digital Media/Commerce Highland Capital Partners 7.0 47 | M&A and Investment Summary July 2015 All Segments
Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed NowSecure, Inc. Marketing Technology Baird Capital Partners $ 12.5 Hinge Digital Media/Commerce Shasta Ventures 12.0 Forward Networks, Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobile Digital Advertising Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Silverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capital Management 10.8 CellTrust Corporation Digital Advertising Kayne Partners 10.5 Connect Software Corporation Digital Media/Commerce Kinzon Capital 10.3 Predilytics, Inc. Software QUALCOMM Ventures 10.0 Playdots, Inc. Digital Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digital Media/Commerce Cultivation Capital 10.0 Narrative Science, Inc. Digital Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 ($ in Millions) Cloud Technology Partners, Inc. Technology & Communications Pritzker Group 9.1 Canvas Solutions, Inc. Digital Media/Commerce River Cities Capital Fund 9.0 ad2games Digital Advertising HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers, Inc. Information & Business Services GMO Venture Partners 8.5 Nok Nok Labs, Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digital Media/Commerce NeoPlux 8.0 P97 Networks, Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digital Media/Commerce Alven Capital Partners 8.0 Area 1 Security, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors) 8.0 MetaMind, Inc. Technology & Communications Khosla Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy
Zudy Technology & Communications Miami Stuff LLC 7.5 Kitchit, Inc. Digital Media/Commerce Javelin Venture Partners 7.5 MarketInvoice Digital Media/Commerce Northzone 7.5 DoveConviene SRL Digital Advertising 360 Capital Partners 7.3 Carwow Digital Advertising Balderton Capital 7.2 Oneview Healthcare Software (Private Investors) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digital Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5 Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Prevedere Marketing Technology PointGuard Ventures $ 6.7 HomeToGo GmbH Digital Advertising DN Capital 6.6 211 Innospark, Inc. Digital Media/Commerce Company K Partners Limited 6.5 216 CultureAlley Business Services Tiger Global Management, LLC 6.5 233 zeotap GmbH Software MoPub, Inc. 6.4 Rescale, Inc. Software Data Collective 6.4 234 235 Outpost Games, Inc. Digital Media/Commerce Benchmark Capital 6.2 245 ManageMySpa Marketing Technology Accel Partners 6.0 Survata, Inc. Marketing Technology IDG Ventures USA 6.0 Orange 123Greetings.com, Inc. Digital Media/Commerce Intel Capital 5.4 PushSpring Marketing Technology Trilogy Equity Partners, LLC 5.0 241 184 UXPin Sp. z o.o. Software True Ventures 5.0 0 Booktrack Digital Media/Commerce COENT Venture Partners 5.0 DataFox Intelligence, Inc. Software Green Visor Capital 5.0 245 Workspot, Inc. Software QUALCOMM Ventures 5.0 232 184 Fly Victor Limited Digital Media/Commerce (Private Investors) 5.0 Ameyo Marketing Technology (Private Investors) 5.0 Swap.com, Inc. Digital Media/Commerce Cleantech Invest 5.0 Grey Blender Digital Media/Commerce Blumberg Capital 5.0 138 Apester Marketing Technology Mangrove Capital Partners 1 5.0 138 Emma, Inc. Digital Advertising Nashville Capital Network 5.0 138 PandaDoc Marketing Technology Altos Ventures 5.0 mLevel, Inc. Business Services BIP Capital 5.0 203 203 Liases Foras Real Estate Rating & Research Pvt. Ltd. Marketing Technology Daily Mail Online 5.0 203 ZeroTurnaround OÜ Software Bain Capital Ventures 5.0 Zoomo Digital Media/Commerce SAIF Partners 5.0 221 Gozoomo Digital Media/Commerce SAIF Partners 5.0 221 221 Bridge2 Solutions, Inc. Agency & Marketing Services Horizon Technology Finance 5.0 Your.MD Limited Information Smedvig Capital Limited 5.0 Pneuron Corporation Software Safeguard Scientifics, Inc. 5.0 AdYapper.com Marketing Technology KGC Capital 4.5 Radiant Entertainment, Inc. Digital Media/Commerce Andreessen Horowitz 4.5 Smart Insight Corporation Software Innovation Network Corp. of Japan 4.1 Expert360, Inc. Digital Media/Commerce Frontier Ventures 4.1 Procurify Software Nexus Venture Partners 4.0 Picwell, Inc. Marketing Technology Mass Mutual Ventures 4.0 BeneStream Information Kapor Capital 4.0 SafeBreach, Inc. Software Sequoia Capital 4.0 Transifex Marketing Technology New Enterprise Associates 4.0 Minute Spoteam Ltd. Digital Advertising (Private Investors) 4.0 Bloom & Wild Ltd. Digital Media/Commerce MMC Ventures, LLC 3.9 HopSkipDrive, Inc. Digital Media/Commerce Upfront Ventures 3.9 48 | M&A and Investment Summary July 2015 All Segments ($ in Millions)
Blue
0 79 133
122 Venture/Growth Capital Transactions 141 181 ` Target Target Segment Buyer/Investor Reported TV VC/Growth Capital 178 Values Disclosed 186 213 Holimetrix Marketing Technology Iris Capital $ 3.8 Terbium Labs Software (Private Investors) 3.7
211 TradingView, Inc. Information iTech Capital 3.6 216 Bright.md Software Oregon Angel Fund 3.5 233 Once Dating AG Digital Media/Commerce Partech Ventures 3.5 Blockspring Software Andreessen Horowitz 3.4 234 235 KFit Asia Sdn Bhd Digital Media/Commerce Sequoia Capital 3.3 245 MyEye Technology Limited Digital Advertising (Private Investors) 3.1 Limelight Health, Inc. Digital Advertising Mass Mutual Ventures 3.0 Orange GroupBy, Inc. Marketing Technology BEST Funds 3.0 GlassesGroupGlobal Digital Media/Commerce Caixa Capital 3.0 241 MakeTime, Inc. Digital Media/Commerce Almaz Capital Partners 2.7 184 0 Beme, Inc. Digital Media/Commerce Lightspeed Venture Partners 2.6 Bizzy Indonesia Digital Media/Commerce Ardent Capital 2.5 245 Talent.io Software Alven Capital Partners 2.2 232 184 The Medical Memory Information Provenance Ventures 2.1 Zimmber.com Digital Media/Commerce IDG Capital Partners 2.0 Clover, Inc. Digital Media/Commerce Social Starts, LLC 2.0 Grey invi Labs, Inc. Digital Media/Commerce Streamlined Ventures 2.0 138 Spoon University Digital Media/Commerce SoftTech VC, Inc. 2.0 138 Flock IS, Inc. Software (Private Investors) 2.0 138 Welkin Health, Inc. Business Services Asset Management Ventures 2.0 ReferralMob, Inc. Digital Media/Commerce Stage 1 Ventures, LLC 2.0 203 203 Curely LLC Digital Media/Commerce Exponential Partners 2.0 203 Adored, Inc. Digital Advertising Matrix Partners 2.0 AffinityLive, Inc. Marketing Technology Blackbird Ventures 2.0 221 ClassWallet.com Software Kaplan Ventures 1.9 221 221 HeyStaks Technologies Ltd. Marketing Technology Digicel Group Limited 1.7 Kuldat, Inc. Marketing Technology United Ventures 1.7 PersistIQ, Inc. Marketing Technology Salesforce Ventures 1.7 AdAgility, Inc. Marketing Technology (Private Investors) 1.6 Flipora Digital Media/Commerce Plug & Play Tech Ventures 1.5 Self Lender, Inc. Software Silverton Partners 1.5 Funzing Ltd. Digital Advertising (Private Investors) 1.5 Immuta, Inc. Software Blu Venture Investors, LLC 1.5 Emolument Limited Marketing Technology (Private Investors) 1.4 Splacer Ltd. Digital Media/Commerce Carmel Ventures 1.4 SeeClickFix, LLC Digital Media/Commerce Elm Street Ventures 1.4 Eden Digital Media/Commerce Comcast Ventures 1.3 Berry Kitchen Digital Media/Commerce Sovereign Capital 1.3 Room.me Digital Advertising Axel Springer SE 1.1 Polyverse Security Software Software (Private Investors) 1.0 49 | M&A and Investment Summary July 2015 Petsky Prunier: Maximizing Shareholder Value
Blue
0 79 133 . Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information,
122 141 business services, and healthcare services industries 181 . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume 178 186 213 . Founded in 1999
211 216 . More than 50 focused professionals; growth of 40% since 2011 233
234 . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa 235 245 . Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders Orange
241 . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services 184 0 . Global reach enhanced through our partnerships with investment bank Altium, which operates from nine offices across Europe, as well 245 232 as Allegro Advisors in three offices in India, and The Mountain Capital Group in China 184 . Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity Grey
138 138 138
203 203 203
221 221 . M&A Advisory and Sell-Side Representation . Advertising & Marketing . Business Current Situation Assessment and 221 . 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 . Corporate Divestitures . Business Services . Buy-Side Targeting Criteria & Integration Strategy . Selected Buy-Side Engagements . Healthcare Services . Custom Market Research . Capital Raising and Private Placements . Publishing, Speaking, and Thought Leadership
50 | M&A and Investment Summary July 2015 Ranked #1 by Bloomberg for Mid-Market Internet & Advertising Transactions
Blue
0 79 133 2014 Internet & Advertising 2011-2014 Internet & Advertising Rank Advisor 122 141 Deal Count Deal Count 181 1 Petsky Prunier 21 65 178 186 213 2 Goldman Sachs 17 50 211 216 233 3 Morgan Stanley 15 43
234 235 4 JP Morgan 14 31 245
Orange 5 Nomura Holdings 12 39
241 184 5 Ernst & Young 12 24 0
245 7 China Renaissance Partners 11 36 232 184 7 PwC 11 34 Grey
138 7 Deloitte 11 18 138 138 7 AGC Partners 11 30 203 203 203 11 GCA Savvian 10 41
221 221 221 Based on number of deals announced in 2011 – 2014 valued at $500 million or less. Internet and Advertising is defined by Bloomberg. . With 30 total transactions closed in 2014, and more than 90 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 and has significant momentum . 17 transactions completed in 2015 through July and multiple others under LOI . Two-thirds of transactions since 2011 were with strategic buyers; One-third with financial buyers
51 | M&A and Investment Summary July 2015
Global Reach
Blue
0 79 Description Network 133
122 141 181 . In Europe, our partner Altium provides M&A and corporate
178 finance advisory services to companies, private equity firms, 186 213 and entrepreneurs
211 New York Palo Alto Frankfurt Munich 216 Las Vegas Chicago London Paris 233 . Employee-owned and truly independent mid-market Boston Tampa Madrid Tel Aviv 234 235 financial advisory group. Manchester Zurich 245 Milan
Orange . A leading advisor for more than 25 years, founded as
241 the corporate finance arm of private equity investor 184 0 Apax Partners 245 232 184 . Altium operates nine international offices in Europe and
Grey has completed transactions across 12 countries in the
138 138 past five years 138
203 . In India, Allegro Advisors is a leading provider of investment 203 203 banking services to corporations and public institutions, with 221 221 offices in Bangalore, Mumbai, and Delhi 221 . In China, The Mountain Capital Group provides investment banking and advisory services. The firm was recently founded by a former executive of China International Capital Corporation (CICC) with prior experience at Goldman Sachs Bangalore Beijing and Boston Consulting Group. Mumbai Delhi
52 | M&A and Investment Summary July 2015 Representative Recent Transactions
Blue
0 79 133
122 has sold 141 a leading content-driven, strategic the leading eCommerce media network digital agency in the U.S. the dominant, pure-play eCommerce the leader in strategic launch solutions 181 a leading next-generation digital strategy a fast-growing, direct-to-consumer a leading provider of software-based retailer of envelopes and related products for orphan and rare disease the most innovative digital strategy, has been sold to and management consulting organization wine eCommerce company social media brand advocacy solutions user experience, and software has been sold to pharmaceutical drugs has received a significant development firm 178 has been sold to has been sold to has been sold to investment from has been sold to to Aperion Management 186 a portfolio company of and 213
(NYSE: ACN) (NYSE EVDY) 211 216 233
234 $120,000,000 235 $74,000,000* 245 a leading supplier of data on healthcare a portfolio company of has sold professionals and administrator of one a global leader in quantitative data a leading data-driven patient a leading provider of data-driven, of the largest practitioner-level medical the leader in data-driven Orange a big data marketing analytics and database collection and reporting software systems identification and engagement platform has been sold to advocacy campaigns technology and solutions company full-funnel B2B marketing solutions claims databases in the U.S. that provides its members access to has been sold to to healthcare education, patient savings, has been sold to has been sold to 241 has acquired has been sold to and other valuable programs 184 to a division of has been sold to 0 a portfolio company of (NYSE: OMC) (NASDAQ: EXLS) (NASDAQ: ICLR) (NYSE: RUK) 245 232 184 *Approximate Value
Grey $280,000,000* $50,000,000 138 a leading SaaS provider of social intelligence, 138 a leading provider of performance-based a provider of outsourced digital campaign a leading provider of end-to-end a leading targeted direct marketing analytics, insights, and engagement a leading provider of marketing solutions the leading film and television information, 138 digital marketing programs to healthcare management for video, mobile, customer acquisition solutions to the one of the largest digital agencies specializing company that connects new movers in multi-channel content marketing solutions has been sold to to destinations, resorts, and other data, and related software company professionals on behalf of leading display, and email insurance industry with local business for the life sciences industry travel-related businesses pharmaceutical companies has sold a majority stake to has been sold to has merged with an affiliate of has been sold to 203 has been sold to which is being combined with has been recapitalized to support future has been sold to growth with significant debt financing 203 from 203 a division of both portfolio companies of and
(NYSE: EVDY) (NYSE: WTM) (NASDAQ: CTSH) 221 221 221 *Approximate Enterprise Value
a disruptive, rapidly expanding marketplace for a leading SaaS-based, cross channel a technology company delivering highly insurance clicks, calls, and leads the largest independent eCommerce a leading global SaaS-based campaign management platform targeted programmatic marketing a leading provider of transaction-based retailer of promotional products for B2C marketers a consumer enthusiast media one of the largest independent media cost databases and software has sold a majority stake to tag management, data management, solutions using unstructured data and marketing attribution provider and commerce company in-store media networks in the U.S for television, radio, and digital has been sold to advertising cost analysis has been sold to has been sold to has received a $16MM Series B has been sold to has been sold to investment led by has been sold to
(NYSE: WTM)
53 | M&A and Investment Summary July 2015