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July 2015 M&A and Investment Summary 245245 232232 184184 BlueBlue 0 0 7979 133133 122122 141141 181181 178178 186186 213213 211211 216216 233233 234234 235235 245245 OrangeOrange 241241 184184 0 0 July 2015 M&A and Investment Summary 245245 232232 184184 GreyGrey 138138 138138 138138 203203 203203 203203 221221 221221 Expertise. Commitment. Results. 221221 Table of Contents Blue 0 79 133 122 141 181 178 186 213 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 Grey 138 138 138 203 203 203 221 221 221 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 Blue 0 79 133 122 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 Blue 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) Blue 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) Blue 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 138 138 138 203 203 203 221 221 221 6 | M&A and Investment Summary July 2015 LTM IPO Performance (1/2) Blue 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.
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