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November 2013 M&A and Investment Summary

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November 2013 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 10 3 Additional Monthly M&A and Investment Activity Data 40 4 About Petsky Prunier 53 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 November 2013 M&A and Investment Summary for All Segments Transaction Distribution . A total of 293 deals were announced in November 2013, of which 153 were worth $11.7 billion in aggregate reported value . Digital Media/Commerce and Marketing Technology were the most active segments with 69 and 59 deals announced, respectively . Software was the highest reported value segment with 56 deals announced; 26 were reported at $6.2 billion in aggregate value . Strategic buyers announced 129 deals (44 percent of total volume), of which 11 were worth $2.9 billion in aggregate value . VC/Growth Capital investors announced 153 deals, of which 137 were worth $3.2 billion in aggregate reported value . Buyout investors announced 11 deals during the month, of which five were reported at $5.7 billion in aggregate value . eCommerce and Mobile Content/Apps were the most active subsegments across all segments with 18 and 14 transactions announced November 2013 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 69 24% $2,937.3 25% 22 $183.5 1 $2,000.0 46 $753.8 Marketing Technology 59 20% 344.6 3% 18 ‐ 1 ‐ 40 344.6 Software 56 19% 6,184.3 53% 32 2,180.0 2 3,400.0 22 604.3 Technology & Communications 33 11% 1,425.4 12% 6 129.0 1 ‐ 26 1,296.4 Information & Business Services 27 9% 480.9 4% 14 117.0 4 321.0 9 42.9 Digital Advertising 20 7% 375.1 3% 11 260.0 0 ‐ 9 115.1 Agency & Marketing Services 18 6% ‐ 0% 18 ‐ 0 ‐ 0 ‐ Traditional Media 11 4% ‐ 0% 8 ‐ 2 ‐ 1 ‐ Total 293 100% 11,747.6 100% 129 2,869.5 11 5,721.0 153 3,157.1 3| M&A and Investment Summary November 2013 M&A and Investment Summary for All Segments Transaction Distribution . Compared to the previous month aggregate reported value in November increased 39 percent . Buyout activity accounted for 49 percent of reported deal value during the month, and included: • Hellman & Friedman’s purchase of a 70 percent stake of Germany‐based online marketplace Scout24 for $2 billion • Hellman & Friedman’s $1.8 billion purchase from Bain Capital of Applied Systems, a provider of software and services for insurance organizations to automate the management of their clients and policies • Advent International’s $1.6 billion acquisition of Unit 4, a Netherlands‐based ERP solutions company $40.0 $38.0 $500.0 $35.0 $450.0 $400.0 $30.0 $350.0 Omnicom/ $25.0 (2) Publicis $21.6 $300.0 $20.2 $20.0 $18.0 $250.0 $15.0 $200.0 $11.7 $9.8 $9.9 $150.0 $10.0 (1) $8.7 $7.5 $7.7 $8.4 $7.2 $6.1 $100.0 $5.0 $50.0 390 253 409 298 335 357 361 384 363 384 373 307 288 $‐ $- Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Aug‐13 Sep‐13 Oct‐13 Nov‐13 (1) Aggregate totals for February 2013 do not include Liberty Global’s $24.3 billion acquisition of Virgin Media or Comcast’s $16.7 billion acquisition of its remaining 49 percent stake in NBC Universal (2) Aggregate totals for June 2013 do not include Vodafone’s $14 billion acquisition of Kabel Deutschland 4| M&A and Investment Summary November 2013 Selected Transactions with Valuation Information Disclosed ($ in Millions) Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Spotify Ltd.(1) Social Media/Apps Technology Crossover Ventures$ 4,000.00 $ 589.60 $ ‐ 6.8x NA Digital Advertising TicketMonster, Inc. Digital Promotion/Coupon Groupon, Inc. 260.0 100.0 ‐ 2.6x NA Information & Business Services National Technical Systems, Inc. Engineering Consulting Aurora Capital Group 314.0 185.0 17.9 1.7x 17.5x Harris Interactive, Inc. Market Research Nielsen Holdings B.V. 102.9 139.7 11.8 0.7x 8.7x Software UNIT4 N.V. ERP Software Advent International Corporation 1,600.0 648.3 96.0 2.5x 16.7x GXS, Inc. Infrastructure Software OpenText Corporation 1,165.0 487.0 ‐ 2.4x NA Passport Health Communications, Inc. Healthcare Software Experian plc 850.0 121.4 30.0 7.0x 28.3x onTargetJobs, Inc. HR Software Dice Holdings, Inc. 50.0 38.0 ‐ 1.3x NA (1) Spotify sold a six percent stake to Technology Crossover Ventures for $250 million 5| M&A and Investment Summary November 2013 Selected IPOs with Valuation Information Disclosed ($ in Millions) Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Twitter, Inc. Social Media/Apps IPO$ 14,901.0 $ 534.5 $ (56.9) 27.9x NM Chegg, Inc. eCommerce IPO 1,291.3 246.7 42.8 5.2x 30.2x zulily, Inc. eCommerce IPO 268.7 567.2 7.6 0.5x 35.2x Marketing Technology Wix.com Ltd. Content Management IPO 596.3 68.8 (19.4) 8.7x NM Sungy Mobile Limited Mobile Technology IPO 137.9 47.5 14.1 2.9x 9.8x Technology & Communications Barracuda Networks, Inc. Networking Equipment IPO 1,039.8 218.0 4.4 4.8x 236.3x Mavenir Systems, Inc. Networking Equipment IPO 346.9 82.1 (8.4) 4.2x NM Note: IPO multiples based final share price and TTM financials and pro forma balance sheets per latest Registration Filing 6| M&A and Investment Summary November 2013 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Nov‐13 Autohome Inc. China Digital Media/Commerce $120.0 $136.3 NA Oct‐13 Freelancer.com Australia Digital Media/Commerce 14.2 NA NA Oct‐13 Nimble Storage United States Technology & Communications 150.0 NA NA Oct‐13 Varonis Systems, Inc. United States Software 100.0 NA NA Sep‐13 58.com China Digital Media/Commerce 150.0 NA NA Sep‐13 Midasplayer.com Ltd. (King.com) United Kingdom Digital Media/Commerce NA NA NA Sep‐13 Qunar.com China Digital Media/Commerce 125.0 NA NA Sep‐13 SunEdison Semiconductor, Inc. United States Technology & Communications 250.0 NA NA Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA Jun‐12 Shanghai Amarsoft Information Technology China Software NA NA NA Apr‐12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6) Apr‐12 NSFOCUS Information Technology Co., Ltd. China Technology & Communications NA NA NA Apr‐12 Shenzhen Tinno Mobi le Technology Corp. China Technology & Communications 451.0 NA NA Ma r‐12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1) Note: Autohome annualized revenue based on revenue for the first 9 months of 2013 7| M&A and Investment Summary November 2013 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 Nov 29, 2013 1st Trading Day Nov‐13 NYSE:CUDA Barrracuda Networks, Inc. United States $18.00‐$21.00 $18.00 $21.55, up 20% $20.70 (3.9%) Nov‐13 NYSE:CHGG Chegg, Inc. United States 9.50‐11.50 12.50 9.64, down 23% 8.21 (14.8%) Nov‐13 NYSE:MVNR Mavenir Systems, Inc. United States 15.00‐17.00 10.00 9.55, down 4.5% 10.60 11.0% Nov‐13 NasdaqGM:GOMO Sungy Mobile Limited China 9.50‐11.50 11.22 13.35, up 19% 15.26 36.0% Nov‐13 NYSE:TWTR Twitter United States 23.00‐25.00 26.00 44.90, up 73% 41.57 59.9% Nov‐13 NasdaqGM:WIX Wix.com Ltd. United States 14.50‐16.50 16.50 16.31, down 1% 20.50 24.2% Nov‐13 NasdaqGS:ZU zulily, Inc. United States 18.00‐20.00 22.00 37.70, up 71% 34.99 (7.2%) Oct‐13 NasdaqGS:COMM CommScope Holding Compa ny Inc. United States 18.00‐21.00 15.00 4.99, flat 16.09 7.3% Oct‐13 NasdaqGS:CRTO Criteo SA France 27.00‐29.00 31.00 35.39, up 15% 36.10 2.0% Oct‐13 NasdaqGS:EIGI Endurance International Group Holdings, Inc. China 5.60‐7.09 6.58 8.70, up 32% 14.29 64.3% Oct‐13 SEHK:484 Forgame Holdings China 5.60‐7.09 6.58 8.70, up 32% 6.86 (21.2%) Oct‐13 NasdaqGS:SFXE SFX Entertainment Inc.
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