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June 2014 M&A and Investment Summary

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June 2014 M&A and Investment Summary June 2014 M&A and Investment Summary Expertise. Commitment. Results. Table of Contents 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly M&A and Investment Activity by Industry Segment 9 3 Additional Monthly M&A and Investment Activity Data 42 4 About Petsky Prunier 55 Securities offered through Petsky Prunier Securities, LLC, member of FINRA. This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States. 2| M&A and Investment Summary June 2014 M&A and Investment Summary for All Segments Transaction Distribution . A total of 372 deals were announced in June 2014, of which 234 were worth $32.6 billion in aggregate reported value . Software was the most active and highest reported value segment with 85 deals announced, of which 43 were reported at $7.2 billion in aggregate value . Marketing Technology was the second most active segment with 78 transactions . Strategic buyers announced 169 deals (45 percent of total volume), of which 51 were worth $21.3 billion in aggregate value . VC/Growth Capital investors announced 187 deals, of which 175 were reported for $4.3 billion, including Uber’s $1.2 billion growth round . Buyout investors announced 16 deals during the month, of which 8 were reported at $7 billion in aggregate value June 2014 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 85 23% $7,216.4 22% 40 $6,587.8 3 ‐ 42 $628.6 Marketing Technology 78 21% 1,374.1 4% 24 352.8 2 143.2 52 878.1 Digital Media/Commerce 60 16% 4,873.7 15% 24 3,142.1 0 ‐ 36 1,731.6 Digital Advertising 47 13% 2,253.5 7% 25 797.4 1 1,100.0 21 356.1 Information & Business Services 39 10% 1,618.3 5% 21 647.5 3 752.0 15 218.8 Technology & Communications 36 10% 9,826.4 30% 16 9,192.4 2 355.6 18 278.4 Traditional Media 16 4% 1,451.4 4% 10 612.4 4 679.0 2 160.0 Agency & Marketing Services 11 3% 4,012.6 12% 9 9.6 1 4,000.0 1 3.0 Total 372 100% 32,626.4 100% 169 21,342.0 16 7,029.8 187 4,254.6 3| M&A and Investment Summary June 2014 M&A and Investment Summary for All Segments Transaction Distribution . Compared to the previous month aggregate reported value in June decreased 50 percent from May 2014, and increased 51 percent from June 2013 . Strategic activity accounted for 65 percent of reported deal value during the month, and included: • Level 3 Communications $7.7 billion acquisition of TW Telecom, a provider of managed network services • Oracle’s pending $5.3 billion acquisition of MICROS Systems, a provider of information technology solutions for hospitality and retail industries, at a valuation of 3.5x revenue and 17.7x EBITDA • The sale of a majority stake in marketing outsourcing company Advantage Sales and Marketing by Apax Partners to private equity firms Leonard Green & Partners and CVC Capital Partners, reportedly valued at approximately $4 billion • The Priceline Group’s $2.6 billion acquisition of OpenTable, a restaurant reservation solutions provider, at a valuation of 13.2x revenue $90.0 $81.5 $80.0 WhatsApp $70.0 /Facebook $65.1 $60.0 Time $50.0 Warner Cable/Co $38.7 AT&T/ $40.0 $38.0 mcast DirecTV $32.6 $30.0 $21.6(1) $18.0 $18.4 $20.0 $14.7 $11.7 $12.4 $10.0 $7.7 $8.4 392 369 384 375 309 293 301 384 444 406 395 372 $‐ 427 Jun‐13 Jul‐13 Aug‐13 Sep‐13 Oct‐13 Nov‐13 Dec‐13 Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14 Jun‐14 (1) Aggregate totals for June 2013 do not include Vodafone’s $14 billion acquisition of Kabel Deutschland 4| M&A and Investment Summary June 2014 Selected Transactions with Valuation Information Disclosed ($ in Millions) Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services Advantage Sales & Marketing, LLC Retail Services Leonard Green & Partners, L.P.$ 4,000.0 $ 1,600.0 $ ‐ 2.5x NA Digital Advertising Adconion Media, Inc. & Adconion Pty Limited Ad Networks/Exchanges Amobee Media Systems 229.0 185.0 ‐ 1.2x NA Kontera Technologies, Inc. Ad Networks/Exchanges Amobee Media Systems 150.0 26.0 ‐ 5.8x NA AdColony Mobile Marketing Opera Software ASA 75.0 52.8 7.9 1.4x 9.5x Digital Media/Commerce OpenTable.com, Inc. Web Search/Portals The Priceline Group, Inc. 2,613.0 198.3 60.2 13.2x 43.4x ALM Media Properties, LLC Niche Content Wasserstein & Company 417.0 177.0 53.0 2.4x 7.9x Healthy Directions, LLC eCommerce Helen of Troy L.P. 195.0 145.0 ‐ 1.3x NA Maplin Electronics Ltd. eCommerce Rutland Partners LLP 144.6 364.5 ‐ 0.4x NA DragonPlay Ltd. Gaming Bally Technologies, Inc. 100.0 ‐ 10.0 NA 10.0x Smile Interactive Co., Ltd. Mobile Content/Apps Macromac PLC 3.9 4.4 ‐ 0.9x NA Information & Business Services Medical Staffing Network, Inc. Staffing Cross Country Healthcare, Inc. 48.3 229.0 ‐ 0.2x NA Ness Technologies Israel IT Consulting/Systems Integration Hilan Ltd. 42.0 200.7 ‐ 0.2x NA Marketing Technology Cision AB Email/Messaging Software GTCR, LLC 143.2 128.5 13.9 1.1x 10.3x Precise Media Group Ltd. Analytics & Targeting Kantar Media 118.8 49.0 ‐ 2.4x NA Software Micros Systems, Inc. ERP Software Oracle Corporation 4,431.0 1,268.0 249.7 3.5x 17.7x SeatonCorp HR Software TrueBlue, Inc. 310.0 ‐ 23.0 NA 13.5x ReadSoft AB Financial Software Hyland Software 197.6 119.6 6.3 1.7x 31.5x Atego TM Engineering Software PTC, Inc. 50.0 20.0 ‐ 2.5x NA Technology & Communications TW Telecom, Inc. Internet Service Providers Level 3 Communications, Inc. 7,725.1 1,591.0 518.3 4.9x 14.9x Fusion‐io, Inc. Data Center Technology SanDisk Corporation 1,275.5 387.4 (75.4) 3.3x NM MPayMe Limited Financial Technology Powa Technologies Ltd. 75.0 30.0 ‐ 2.5x NA ViryaNet Limited Enterprise Mobility Verisae, Inc. 19.5 11.1 ‐ 1.8x NA Traditional Media Mecom Group plc Newspaper Publishing De Persgroep Publishing 334.0 1,112.6 22.5 0.3x 14.9x 5| M&A and Investment Summary June 2014 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jun‐14 HealthEquity, Inc. United States Software$ 100.0 $ 67.6 18.6 Jun‐14 The Go Daddy Group, Inc. United States Digital Media/Commerce 100.0 NA NA Jun‐14 Travelport Limited United States Digital Media/Commerce 100.0 2,100.0 428.0 May‐14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA Apr‐14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6 Apr‐14 Zoosk, Inc. United States Digital Media/Commerce 100.0 178.2 2.3 Mar‐14 Box, Inc. United States Software 250.0 124.1 (142.5) Mar‐14 Globoforce Group plc Ireland Software NA NA NA Mar‐14 TubeMogul Inc. United States Digital Advertising 75.0 57.2 (5.9) Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA Apr‐12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6) Mar‐12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1) 6| M&A and Investment Summary June 2014 LTM IPO Performance (1/2) Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 4, 2014 1st Trading Day Jun‐14 NYSE:ANET Arista Networks, Inc. United States $36.00‐$40.50 $43.00 $55.00, up 28% $76.41 38.9% Jun‐14 NYSE:IMPR Imprivata, Inc. United States 14.00‐16.00 15.00 16.25, up 8% 16.44 1.2% Jun‐14 NasdaqGS:MRKT Markit Ltd. United Kingdom 23.00‐25.00 24.00 26.70, up 11% 26.95 0.9% Jun‐14 NasdaqGS:MOBL MobileIron, Inc. United States 8.00‐10.00 9.00 11.02, up 22% 9.82 (10.9%) Jun‐14 NYSE:ZPIN Zhaopin Ltd. China 12.50‐14.50 13.50 14.65, up 9% 15.06 2.8% May‐14 NYSE:CMCM Cheetah Mobile, Inc. China 12.50‐14.50 14.00 14.10, flat 20.92 48.4% May‐14 NasdaqGS:JD JD.com, Inc. China 16.00‐18.00 19.00 22.80, up 20% 27.79 21.9% May‐14 NYSE:JMEi Jumei international Holding Limited China 19.50‐21.50 22.00 25.52, up 16% 28.14 10.3% May‐14 NasdaqGS:TRUE TrueCar, Inc. United States 12.00‐14.00 9.00 10.44, up 16% 15.04 44.1% May‐14 NYSE:ZEN Zendesk, Inc.
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