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June 2018 M&A and Investment Summary

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June 2018 M&A and Investment Summary June 2018 M&A and Investment Summary 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 41 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 registered with the U.S. SEC and a member of FINRA. 2 | M&A and Investment Summary June 2018 M&A and Investment Summary for All Segments Transaction Distribution ▪ A total of 685 deals were announced in June 2018, of which 366 were worth $39.8 billion in aggregate reported value • June was the most active month of the past 36 months, highlighted by record activity in the Software segment ▪ Software was the most active segment with 277 deals announced— 173 of these transactions reported $12.8 billion in value ▪ Digital Media/Commerce was also active with 147 transactions, 99 of which were worth a reported $10.1 billion ▪ Strategic buyers announced 292 deals (40 reported $20.5 billion in value) ▪ VC/Growth Capital investors announced 349 transactions (318 reported $13.1 billion in value) ▪ Private Equity investors announced 44 deals during the month (eight reported $6.2 billion in value) June 2018 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 277 40% $12,759.1 32% 90 $7,730.6 13 $60.0 174 $4,968.5 Digital Media/Commerce 147 21% 10,119.6 25% 46 1,377.2 4 2,844.1 97 5,898.3 Marketing Technology 86 13% 5,167.0 13% 35 1,804.3 9 2,699.3 42 663.4 Business Services 80 12% 4,821.1 12% 59 4,019.8 9 - 12 801.3 Agency & Marketing Services 31 5% 127.2 0% 23 36.1 3 - 5 91.1 Traditional Media 28 4% 5,471.0 14% 22 5,002.0 4 380.0 2 89.0 Digital Advertising 23 3% 884.4 2% 11 539.0 0 - 12 345.4 Information 13 2% 466.0 1% 6 - 2 212.0 5 254.0 Total 685 100% 39,815.4 100% 292 20,509.0 44 6,195.4 349 13,111.0 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total for June does not include Microsoft’s pending $7.5 billion TEV acquisition of GitHub 3 | M&A and Investment Summary June 2018 M&A and Investment Summary for All Segments Transaction Distribution ▪ Strategic buyers reported 292 transactions throughout June, accounting for 87 percent of reported control transactions, and up 11 percent compared with the average monthly strategic activity totals of the past twelve months ▪ Significant transactions reported during the month included: • SYNNEX’s pending acquisition of Convergys in a transaction valued at $2.5 billion • The pending $2.5 billion acquisition of team sports retailer and school spirit activities company Varsity Brands by Bain Capital Private Equity • Workday’s pending $1.6 billion purchase of business intelligence solutions provider Adaptive Insights • The pending sale of AppNexus to AT&T in a transaction valued at a reported $1.6 billion • The sale of online pharmacy Pillpack to Amazon for approximately $1 billion in cash $120.0 $500.0 $110.0 $98.1 $100.0 $400.0 $90.0 Gemalto $80.0 / Thales $70.0 $300.0 $57.9 $60.0 st $54.4 $50.2 21 Century Flipkart $46.3 $50.0 Fox Thomson Scripps / Disney / Walmart $200.0 $36.2 $37.8 Reuters F&R $36.8 $35.5 Github $40.0 / Discovery $33.7 / Blackstone BMC Software CSRA / Gen. $28.6 /KKR $30.0 $23.4 $25.0 Dynamics MuleSoft $100.0 $20.0 $10.0 569 519 622 552 609 554 514 615 583 654 659 668 685 $- $- Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include Sinclair Broadcast Group’s pending $6.6 billion acquisition of Tribune Media, Discovery Communications’ $15 billion acquisition of Scripps Networks, Disney’s pending $69 billion acquisition of 21st Century Fox, Thales’ $6.6 billion acquisition of Gemalto, Blackstone’s pending $20 billion acquisition of Thomson Reuters’ F&R business, General Dynamics’ pending $9.6 billion acquisition of CSRA, Salesforce’s $6.5 billion acquisition of MuleSoft, Walmart’s pending $21 billion acquisition of Flipkart, KKR’s $8.6 billion acquisition of BMC Software, and Microsoft’s pending $7.5 billion TEV acquisition of GitHub 4 | M&A and Investment Summary June 2018 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value TTM Rev TTM EBITDA EV/REV EV/EBITDA Agency & Marketing Services Asia Pacific Digital Limited Digital Agency Trimantium GrowthOps Limited $ 21.5 $ 32.5 $ - 0.7x NA St. Ives Management Services Limited General Agency Paragon Group Limited 14.6 65.0 - 0.2x NA Business Services Convergys Corporation BPO SYNNEX Corporation 2,534.0 2,738.7 342.4 0.9x 7.4x Intelenet Global Services Private Ltd BPO Teleperformance 1,000.0 449.0 83.0 2.2x 12.0x DSC Logistics, Inc. Logistics CJ Logistics Corporation 216.2 540.4 - 0.4x NA MWR InfoSecurity Limited IT Consulting/Systems Integration F-Secure Oyj 140.0 29.0 - 4.8x NA NIP Global Ltd. IT Consulting/Systems Integration Pangea Group 30.0 50.0 - 0.6x NA Digital Advertising Energylinx Limited Comparison Shopping Gocompare.com Ltd. 13.5 1.1 0.5 11.9xNA 25.1x Digital Media/Commerce Varsity Brands, Inc. eCommerce Bain Capital Private Equity 2,500.0 1,700.0 - 1.5x NA PillPack, Inc. eCommerce Amazon.com, Inc. 1,000.0 100.0 - 10.0x NA Travel Counsellors Ltd. eCommerce Vitruvian Partners LLP 333.0 250.0 - 1.3x NA Motivateco.com eCommerce Lyft, Inc. 250.0 100.0 - 2.5x NA Information Constructionline Engineering/Scientific/Tech Information Warburg Pincus LLC 212.0 29.1 - 7.3xNA NA Marketing Technology Web.com Group, Inc. Website Creation/Hosting Siris Capital Group 1,864.3 750.9 146.5 2.5x 12.7x Integral Ad Science, Inc. Analytics & Targeting Vista Equity Partners 835.0 140.0 - 6.0x NA RO Innovation CRM Qvidian 14.3 6.0 - 2.4x NA Software Cotiviti Holdings, Inc. Healthcare Software Verscend Technologies 4,936.6 737.6 288.4 6.7x 17.1x Adaptive Insights Financial Software Workday, Inc. 1,550.0 114.0 - 13.6x NA Health Prime International Healthcare Software GPB Capital 60.0 15.5 - 3.9x NA Pierbridge, Inc. ERP Software WiseTech Global 59.0 9.3 - 6.3x NA Evolve Analytics Limited Engineering Software Gentrack Ltd. 31.0 4.2 2.4 7.4x 12.8x Wizor AS Security Software Techstep ASA 3.5 1.6 - 2.2x NA Traditional Media APN Outdoor Pty. Limited Traditional Outdoor JCDecaux S.A. 843.1 262.2 62.9 3.2x 13.4x ScreenVision Media Digital Place-Based Media ABRY Partners, LLC 380.0 220.0 - 1.7x NA Warc Ltd. B-to-B Media Ascential plc 31.9 15.2 3.1 2.1x 10.3x Blindlight LLC Entertainment Media Keywords Studios plc 10.0 - 1.0 NA 10.0x 5 | M&A and Investment Summary June 2018 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jun-18 Aurora Mobile Limited China Software $ 200.0 $ 60.4 $ (12.4) Jun-18 Endava Limited United Kingdom Business Services 75.0 NA NA Jun-18 Otello Corporation ASA Norway Digital Media/Commerce 115.0 385.0 (1.0) Jun-18 Pinduoduo China Digital Media/Commerce 1,000.0 NA NA Jun-18 SurveyMonkey Inc. United States Marketing Technology NA NA NA Jun-18 Tenable Network Security, Inc. United States Software 100.0 189.0 NA May-18 Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1 May-18 Adaptive Insights, Inc. United States Software 123.0 114.3 (37.3) May-18 Avalara, Inc. United States Software 150.0 225.6 (43.1) May-18 M17 Entertainment Limited Taiwan Digital Media/Commerce 90.1 116.2 (58.3) Apr-18 HeadHunter Group PLC Russia Software 250.0 75.7 31.6 Jun-17 Ancestry.com LLC United States Digital Media/Commerce NA NA NA 6 | M&A and Investment Summary June 2018 LTM IPO Performance Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Jun 30, 2018 1st Trading Day Jun-18 Software Avalara, Inc. United States $21.00-$23.00 24.00 $44.94, up 87.3% 53.37 18.8% Jun-18 Software Domo, Inc. United States 19.00-22.00 21.00 27.30, up 30.0% 27.30 0.0% Jun-18 Digital Advertising EverQuote, Inc. United States 15.00-17.00 18.00 18.02, up 0.1% 18.12 0.6% Jun-18 Software i3 Verticals, Inc. United States 11.00-13.00 13.00 18.35, up 41.2% 15.22 (17.1%) Jun-18 Digital Media/Commerce Uxin Limited China 10.50-12.50 9.00 9.67, up 7.4% 9.04 (6.5%) May-18 Software GreenSky, Inc.
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