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January 2017 M&A and Investment Summary Table of Contents

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January 2017 M&A and Investment Summary Table of Contents January 2017 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 8 3 Additional Monthly M&A and Investment Activity Data 40 4 About Petsky Prunier 52 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 January 2017 M&A and Investment Summary for All Segments Transaction Distribution . A total of 457 deals were announced in January 2017, of which 245 were worth $24.6 billion in aggregate reported value . Software was the most active segment with 160 deals announced — 92 of these transactions reported $8.1 billion in value . Digital Media/Commerce was also active with 92 transactions announced, of which 66 were worth a reported $3.1 billion in value . Strategic buyers announced 205 deals (37 reported $14.8 billion in value) . VC/Growth Capital investors announced 227 transactions (200 reported $5.5 billion in value) . Private Equity investors announced 25 deals during the month (eight reported $4.3 billion in value) January 2017 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 160 35% $8,142.1 33% 65 $6,627.4 8 $100.0 87 $1,414.7 Digital Media/Commerce 92 20% 3,134.2 13% 27 503.0 1 1,000.0 64 1,631.2 Marketing Technology 69 15% 1,059.9 4% 20 215.2 6 - 43 844.7 Business Services 46 10% 5,450.4 22% 31 3,077.2 5 2,348.5 10 24.7 Agency & Marketing Services 32 7% 618.3 3% 28 200.0 1 413.0 3 5.3 Digital* AT&T’s Advertising $108 billion acquisition of Time21 Warner has been5% excluded to limit 327.4comparative distortions1% 13 70.8 1 - 7 256.6 Information 19 4% 4,062.5 17% 11 3,843.2 1 - 7 219.3 Traditional Media 18 4% 1,770.6 7% 10 288.8 2 400.0 6 1,081.8 Total 457 100% 24,565.3 100% 205 14,825.5 25 4,261.5 227 5,478.3 3 | M&A and Investment Summary January 2017 M&A and Investment Summary for All Segments Transaction Distribution . Reported transaction value in January remained flat from December 2016 and was up nine percent from January 2016 . Strategic activity accounted for 45 percent of reported deal activity during the month and included significant transactions: • Cisco’s acquisition of application performance management company AppDynamics in a transaction valued at more than $3.7 billion • The acquisition of CEB by Gartner in a transaction valuing the company at $3.3 billion • Electronic health records authorization solutions company CoverMyMeds’s sale to McKesson for a reported $1.4 billion • Deluxe’s acquisition of First Manhattan Consulting Group, a leading provider of data-driven marketing services for financial institutions, in a transaction valued at $200 million (A Petsky Prunier-led transaction) • The $150 million purchase of business information and data solutions company Avention by Dun & Bradstreet $120.0 $500.0 $110.0 $100.0 $400.0 $90.0 $80.0 $73.1 $300.0 $70.0 LinkedIn / $60.0 Microsoft $50.0 44.7 Supercell / $42.6 $200.0 Tencent $40.0 IMS Health NetSuite $33.7 $29.3 $30.0 $24.9 HP IT / CSC $21.3 $25.4 $25.2 $24.6 $21.3 $22.1 HP Software $100.0 $20.0 $13.7 MultiPlan TeamHealth $10.0 418 427 433 404 432 491 427 473 463 450 419 415 457 $- $- Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 *Note, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, and Blackstone’s $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions. 4 | M&A and Investment Summary January 2017 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Business Services Multi Packaging Solutions, Inc. Printing Services WestRock Company 2,256.6 1,610.2 235.0 1.4x 9.6x Harris Corporation, Government IT Services Business IT Consulting/Systems Integration Veritas Capital 690.0 1,000.0 - 0.7x NA CynergisTek, Inc. IT Consulting/Systems Integration Auxilio, Inc. 34.0 15.0 5.0 2.3x 6.8x teamix GmbH IT Consulting/Systems Integration ProAct IT Group AB 9.4 35.0 1.2 0.3x 8.0x Digital Advertising Shareasale.Com, Inc. Affiliate/CPA Network Affiliate Window Ltd. 45.0 14.0 - 3.2xNA NA Information CEB, Inc. HR Information Gartner, Inc. 3,311.9 938.6 193.2 3.5x 17.1x Axiometrics, Inc. Financial Information RealPage, Inc. 75.0 13.8 - 5.4x NA Health Service Journal Healthcare Information Wilmington plc 23.4 12.4 3.5 1.9xNA 6.8x Marketing Technology Avention, Inc. Marketing Data Dun & Bradstreet, Inc. 150.0 60.0 - 2.5x NA Software AppDynamics, Inc. Application Management Software Cisco Systems, Inc. 3,902.9 206.0 - 18.9x NA SimpliVity Corporation Infrastructure Software HP, Inc. 650.0 130.0 - 5.0x NA Omtool Ltd. Collaboration Software Upland Software, Inc. 19.2 11.0 - 1.7x NA Traditional Media AB Groupe S.A. Broadcast Television Mediawan S.A. 288.8 166.8 38.0 1.7x 7.6x 5 | M&A and Investment Summary January 2017 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Feb-17 Snap, Inc. United States Digital Media/Commerce $ 3,000.0 NA NA Jan-17 EVRY AS Norway Business Services 151.1 1,566.9 NA Dec-16 AppNexus, Inc United States Marketing Technology NA NA NA Nov-16 Optiv Security Inc. United States Business Services 100.0 NA NA Nov-16 Presidio Holdings, Inc. United States Business Services NA 2,700.0 NA Oct-16 Carbon Black, Inc. United States Software NA NA NA Sep-16 Tintri, Inc. United States Software 100.0 NA NA Aug-16 Meitu Technology Co., Ltd. China Digital Media/Commerce 500.0 NA NA Jul-16 CBS Radio Inc. United States Traditional Media 100.0 1,220.0 310.0 6 | M&A and Investment Summary January 2017 LTM IPO Performance 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 Jan 31, 2017 1st Trading Day Dec-16 NasdaqGS:TRVG trivago N.V. Germany $13.00-$15.00 11.00 $11.85 up 7.7% 11.60 (2.1%) Oct-16 NasdaqGS:BL BlackLine, Inc. United States 15.00-17.00 17.00 23.70 up 39% 27.18 14.7% Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 25.99 (20.7%) Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 30.27 (18.2%) Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 29.66 (1.5%) Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 13.84 (38.6%) Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 12.00 (21.3%) Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 18.47 25.6% Jul-16 Nasdaq:TLND Talend S.A. France 15.00-17.00 18.00 25.50 up 42% 22.52 (11.7%) Jul-16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 31.85 (23.4%) Jun-16 NYSE:TWLO Twilio Inc. United States 12.00-14.00 15.00 28.79 up 92% 28.83 0.1% Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 8.14 (58.2%) May-16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 33.86 86.7% Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 10.34 (25.5%) Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc United Kingdom 18.00-20.00 21.00 27.78 up 32% 27.63 (0.5%) Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 21.13 132.2% 7 | M&A and Investment Summary January 2017 Digital Media/Commerce . Of the total $3.1 billion in value reported in the Digital Media/Commerce segment, $1.6 billion in Venture/Growth Capital investments were announced, while more than $500 million in strategic acquisitions investments were made .
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