November 2014 M&A and Investment Summary 245245 232232 184184
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BlueBlue 0 0 7979 133133 122122 141141 181181 178178 186186 213213 211211 216216 233233 234234 235235 245245 OrangeOrange 241241 184184 0 0 November 2014 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 42 241 184 0 4 About Petsky Prunier 55 245 232 184 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 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 2014 M&A and Investment Summary for All Segments Blue 0 79 133 122 Transaction Distribution 141 181 . A total of 411 deals were announced in November 2014, of which 260 were worth $14.5 billion in aggregate reported value 178 186 213 . Digital Media/Commerce was the most active segment with 100 deals announced, of which 78 were reported at $3 billion in aggregate 211 216 value 233 234 . Agency & Marketing Services was the highest reported value segment with 22 transactions worth $3.9 billion 235 245 . Strategic buyers announced 151 deals of which 41 were worth $8.2 billion in aggregate value Orange 241 . VC/Growth Capital investors announced 247 deals, of which 216 were reported for $3.7 billion 184 0 . Buyout investors announced 12 deals during the month, of which three were worth $2.5 billion in reported aggregate value 245 232 184 Grey November 2014 138 138 BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 203 203 # % $MM % # $MM # $MM # $MM 203 Digital Media/Commerce 100 24% $3,015.6 21% 29 $1,201.5 1 - 70 $1,814.1 221 221 Marketing Technology 85 21% 888.7 6% 26 318.5 3 - 56 570.2 221 Software 77 19% 2,107.6 15% 20 637.0 2 691.0 55 779.6 Information & Business Services 51 12% 2,538.8 18% 25 624.1 6 1,840.0 20 74.8 Digital Advertising 37 9% 971.0 7% 13 720.5 0 - 24 250.5 Technology & Communications 29 7% 569.0 4% 12 379.0 0 - 17 190.0 Agency & Marketing Services 22 5% 3,858.7 27% 18 3,847.0 0 - 4 11.7 Traditional Media 9 2% 508.0 4% 8 504.5 0 - 1 3.5 Total 410 100% 14,457.4 100% 151 8,232.1 12 2,531.0 247 3,694.4 3 | M&A and Investment Summary November 2014 M&A and Investment Summary for All Segments Blue 0 79 133 122 Transaction Distribution 141 181 178 . Compared to the previous month, aggregate reported value in November was flat from October 2014 and increased 40 percent from 186 213 November 2013 211 216 . Strategic activity accounted for 63 percent of reported deal value during the month and included: 233 234 235 • Publicis Groupe’s pending acquisition of digital agency Sapient for $3.7 billion 245 Orange • Churchill Downs’ $885 million purchase of social casino studio and mobile gaming producer Big Fish Games 241 184 • The Carlyle Group’s $700 million buyout of Dealogic, a provider of capital market data, analytics, and services 0 245 232 • Yahoo’s $640 million acquisition of video ad provider Brightroll 184 Grey 138 138 138 $90.0 $500.0 $81.5 203 $80.0 203 203 $70.0 WhatsApp $400.0 /Facebook $65.1 221 221 $60.0 221 $300.0 $50.0 Time $38.7 AT&T/ $37.5 $40.0 Warner DirecTV Cable/Co $32.5 $200.0 $30.0 mcast $24.8 $22.4 $18.4 $20.0 $14.7 $14.5 $14.5 $11.7 $12.4 $100.0 $10.0 293 301 384 444 406 427 395 372 441 314 428 491 410 $- $- Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 4 | M&A and Investment Summary November 2014 Selected Transactions with Valuation Information Disclosed ($ in Millions) Blue 0 79 133 Selected Transactions With Multiples Information 122 141 Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA 181 Agency & Marketing Services 178 Sapient Corporation Digital Agency Publicis Groupe S.A. 3,691.6 1,383.1 176.1 2.7x 21.0x 186 213 Digital Advertising 211 BrightRoll, Inc. Digital Video Yahoo!, Inc. 640.0 100.0 - 6.4x NA 216 Appia, Inc. Mobile Marketing Mandalay Digital Group, Inc. 74.6 30.0 - 2.5x NA 233 Digital Media/ Commerce 234 235 Big Fish Games, Inc. Social Media/Apps Churchill Downs Inc. 885.0 - 60.6 NA 14.6x 245 Information & Business Services Advanced Computer Software Group plc IT Consulting/Systems IntegrationVista Equity Partners 1,140.0 351.7 49.7 3.2x 22.9x Orange Dealogic (Holdings) plc Financial Information The Carlyle Group 700.0 140.1 52.1 5.0x 13.4x 241 CAP Market Research Solera Holdings, Inc. 463.8 46.0 26.7 10.1x 17.4x 184 0 Technology & Communications Lightbridge Communications Corporation Wireless Backhaul Tech Mahindra Limited 240.0 430.0 - 0.6x NA 245 232 184 Grey 138 138 138 203 203 203 221 221 221 5 | M&A and Investment Summary November 2014 Securities in Registration ($ in Millions) Blue 0 79 133 Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA 122 141 181 Nov-14 Gumi Inc. Japan Digital Media/Commerce NA NA NA Nov-14 Hortonworks, Inc. United States Technology & Communications 100.0 44.3 (97.7) 178 186 213 Nov-14 On Deck Capital, Inc. United States Software 150.0 73.0 NA 211 Nov-14 New Relic, Inc. United States Software 100.0 85.0 (37.4) 216 233 Oct-14 Sidoti & Co. United States Information & Business Services 35.0 28.9 NA 234 Oct-14 Connecture, Inc. United States Digital Media/Commerce 86.3 NA NA 235 245 Aug-14 LendingClub Corporation United States Technology & Communications 500.0 147.7 NA Orange Jun-14 The Go Daddy Group, Inc. United States Digital Media/Commerce 100.0 NA 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 Box, Inc. United States Software 250.0 124.1 (142.5) Grey Mar-14 Globoforce Group plc Ireland Software NA NA NA 138 138 Jun-12 goldenTech SA Switzerland Software 5.2 NA NA 138 Apr-12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6) 203 203 Mar-12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1) 203 221 221 221 6 | M&A and Investment Summary November 2014 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 Aug 31, 2014 1st Trading Day Aug-14 NasdaqGS:DSKY iDreamSky Technology Limited China $12.00-$14.00 $15.00 $19.05, up 27% $20.59 8.1% Aug-14 NYSE:MBLY Mobileye N.V. Israel 21.00-23.00 25.00 37.00, up 48% 43.22 16.8% Jul-14 NasdaqGS:HQY HealthEquity, Inc. United States 10.00-12.00 14.00 17.60, up flat 19.38 10.1% Jul-14 NYSE:TSQ Townsquare Media, Inc. United States 14.00-16.00 11.00 10.25, down 7% 11.35 10.7% Jul-14 NasdaqGS:TUBE TubeMogul, Inc. United States 7.00-8.00 7.00 11.50, up 64% 13.89 20.8% Jun-14 NYSE:ANET Arista Networks, Inc. United States 36.00-40.50 43.00 55.00, up 28% 83.85 52.5% Jun-14 NYSE:IMPR Imprivata, Inc. United States 14.00-16.00 15.00 16.25, up 8% 14.65 (9.8%) Jun-14 NasdaqGS:MRKT Markit Ltd. United Kingdom 23.00-25.00 24.00 26.70, up 11% 25.01 (6.3%) Jun-14 NasdaqGS:MOBL MobileIron, Inc. United States 8.00-10.00 9.00 11.02, up 22% 11.59 5.2% Jun-14 NYSE:ZPIN Zhaopin Ltd. China 12.50-14.50 13.50 14.65, up 9% 15.37 4.9% May-14 NYSE:CMCM Cheetah Mobile Inc. China 12.50-14.50 14.00 14.10, flat 26.37 87.0% May-14 NasdaqGS:JD JD.com, Inc. China 16.00-18.00 19.00 22.80, up 20% 31.92 40.0% May-14 NYSE:JMEi Jumei International Holding Limited China 19.50-21.50 22.00 25.52, up 16% 30.57 19.8% May-14 NasdaqGS:TRUE TrueCar, Inc.