Weekly Internet / Digital Media / Saas Sector Summary

Weekly Internet / Digital Media / SaaS Sector Summary Week of March 14th, 2016 Industry Stock Market Valuation Internet / Digital Media / SaaS Last 12 Months Last 3 Months

135% 105% 2.9%

100% 0.7% 125% (0.7%) 24.1% (1.5%) (2.8%) (4.1%) 17.4% 95% 115%

8.1% 90% (10.1%) (11.2%) 105% 5.3% (11.6%)

85% (3.6%) 95% (5.1%) 80% (10.0%) (12.9%) 85% 75% (20.9%) 75% 70%

65% 65% 3/16/2015 5/7/2015 6/28/2015 8/19/2015 10/10/2015 12/1/2015 1/22/2016 3/14/2016 12/14/2015 12/27/2015 1/9/2016 1/22/2016 2/4/2016 2/17/2016 3/1/2016 3/14/2016

(1) (2) (3) (4) Search / Online Advertising Internet Commerce Internet Content Publishers

(5) (6) (7) (8) NASDAQ Diversified Marketing Media Conglomerates Gaming SaaS

Notes: (1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, QUOT, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WEB, XOXO, Z. (4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. (5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, VCI, WPP-GB. (6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 2 (7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. (8) SaaS Composite includes: APIC, APPF, BCOV, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTG, MKTO, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN. Industry Stock Market Valuation Internet / Digital Media / SaaS: Financial Metrics

EV / 2016E Revenue EV / 2016E EBITDA 45.0x 43.3x 5.0x

3.9x 4.0x 3.6x

3.0x 30.0x 2.7x 3.0x 2.6x 2.5x 2.0x 1.9x 16.9x 16.7x 2.0x 15.4x 1.4x 15.0x 10.5x 10.3x 9.8x 9.5x 7.3x 1.0x

0.0x 0.0x

Notes: (1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, QUOT, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WEB, XOXO, Z. (4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. (5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, VCI, WPP-GB. (6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 3 (7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. (8) SaaS Composite includes: APIC, APPF, BCOV, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTG, MKTO, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

$MM, Except Per Share Data

Search / Online Advertising

Alphabet Inc. $750.24 $529.00 $810.35 $516,405 ($64,278) $452,127 6.0x 6.1x 5.2x 18.5x 15.3x 12.8x 31.8x 26.0x 21.6x 16.6% 1.3 17.5% NA Microsoft Corporation 53.17 39.72 56.85 420,538 (57,446) 363,092 4.1 4.0 3.9 11.9 10.7 10.6 37.6 20.3 18.8 9.7% 1.9 3.3% (10.1%) Yahoo! Inc. 33.58 26.15 46.17 31,794 (4,591) 27,239 5.5 6.7 7.7 82.4 29.5 35.6 57.9 57.2 63.5 1.8% 34.7 (12.4%) 1.6% Yandex N.V. 14.74 9.94 21.36 4,706 (208) 4,498 5.4 5.5 4.6 18.0 15.7 13.5 35.4 28.3 24.9 21.3% 1.2 20.6% 5.3% Criteo SA (1) 38.61 24.23 57.30 2,412 (343) 2,074 4.7 4.0 2.9 18.2 15.6 10.5 42.4 36.1 22.6 24.9% 0.9 36.7% 14.1% The Rubicon Project, Inc. (1) 17.35 11.72 19.21 819 (140) 679 2.7 3.1 2.3 35.7 15.7 11.7 NM 26.1 23.5 25.2% 0.9 32.2% 124.7% TubeMogul, Inc. (1) 12.17 9.11 17.77 433 (80) 353 2.0 2.0 1.6 NM NM 61.0 NM NM NM NM NM 29.7% 62.0% Blucora, Inc. 5.74 5.33 16.66 237 505 756 6.4 1.6 1.7 33.3 11.2 8.5 14.4 4.9 5.3 18.5% 0.3 (3.0%) NA Marchex, Inc. 4.48 3.08 5.32 199 (109) 90 0.6 0.6 0.6 47.9 5.9 21.2 89.6 22.7 NM 15.0% NM (3.8%) 11.8% Rocket Fuel Inc. 3.65 2.61 10.31 159 5 164 0.4 0.4 0.4 NM NM 26.2 NM NM NM NA NA (1.3%) (10.1%) QuinStreet, Inc. 3.07 2.65 6.83 139 (36) 103 0.4 0.4 0.3 NM 11.2 6.3 NM NM NM NA NA 14.1% (2.6%) YuMe, Inc. 3.83 2.35 5.76 133 (48) 85 0.5 0.5 0.5 NM NM 16.8 NM NM NM NA NA 3.2% (5.7%) Blinkx plc 0.31 0.21 0.58 126 (75) 51 0.3 0.2 0.2 NM NM 11.1 NM NA NA NM NA 6.9% (13.8%) Marin Software Incorporated 3.10 2.61 7.62 115 (34) 81 0.7 0.8 0.7 NM NM 18.4 NM NM NM NA NA 4.1% 7.5% Tremor Video, Inc. 1.90 1.29 3.28 99 (60) 39 0.2 0.2 0.2 NM NM 16.6 NM NM NM NA NA (6.0%) 23.6% Sizmek Inc. 3.01 2.71 8.24 87 (42) 45 0.3 0.3 0.2 6.7 3.9 2.8 NM NA NM NA NA 11.7% 13.4% ReachLocal, Inc. 1.78 0.55 3.50 52 12 64 0.2 0.2 0.2 NM NM 4.0 NM NM NM NA NA (17.8%) (18.4%) MaxPoint Interactive, Inc. 1.89 1.16 10.28 50 (10) 40 0.3 0.5 0.4 NM NM NM NM NM NM 20.0% NM 11.6% 6.2%

Mean 2.3x 2.1x 1.9x 30.3x 13.5x 16.9x 44.2x 27.7x 25.7x 17.0% 5.9 8.2% 13.1% Median 0.7 0.7 0.7 18.5 13.2 12.8 37.6 26.0 22.6 18.5% 1.2 5.5% 5.8%

Internet Content

TEGNA Inc. $24.24 $21.11 $38.48 $5,326 $4,072 $9,688 3.2x 3.0x 2.8x 8.7x 9.0x 7.3x 15.5x 16.2x 10.5x 6.0% 1.8 8.4% (1.1%) Zillow Group, Inc. 23.96 16.46 36.77 4,276 (290) 3,985 6.2 6.2 5.0 NM 42.5 34.1 NM NM NM 49.8% NM 24.4% 83.4% IAC/InterActiveCorp 46.77 38.82 84.66 3,885 268 4,594 1.4 1.4 1.4 12.0 9.5 8.2 35.1 14.5 14.6 14.7% 1.0 3.5% 2.2% GoDaddy Inc. 31.76 21.04 35.35 2,157 723 3,135 2.0 2.0 1.7 14.7 9.3 7.7 NM 25.1 20.2 22.0% 0.9 14.5% 14.4% WebMD Health Corp. 58.19 37.57 58.99 2,093 162 2,254 3.5 3.6 3.2 15.4 11.7 10.1 39.2 39.7 32.2 12.5% 2.6 9.9% NA comScore, Inc. 30.67 26.21 65.00 1,738 (114) 1,624 4.4 4.4 3.1 43.7 17.4 13.0 NM 17.4 19.7 23.5% 0.8 41.0% 8.4% Shutterfly, Inc. 46.21 35.22 49.10 1,611 71 1,682 1.6 1.6 1.5 14.7 8.7 7.8 NM NM 61.4 13.2% 4.7 9.0% 13.4% Renren Inc. 3.30 2.35 4.45 1,118 (172) 946 17.3 13.4 6.5 NM NM NM NM NM NM 20.0% NM 107.0% (36.4%) Web.com Group, Inc. 17.98 15.71 26.04 881 404 1,285 2.4 2.3 1.7 11.6 8.4 7.5 10.5 7.4 7.0 9.8% 0.7 35.7% 2.8% Bankrate, Inc. 8.96 6.59 15.80 872 61 933 2.5 1.7 2.6 9.7 6.1 9.4 49.8 12.7 19.9 17.7% 1.1 (33.7%) (23.0%) DHI Group, Inc. 7.94 7.05 10.48 416 67 483 1.9 1.9 2.0 7.5 6.5 6.9 NM 18.3 17.2 15.1% 1.1 (3.8%) (4.0%) XO Group Inc. 15.68 13.55 18.00 395 (89) 307 2.2 2.2 2.0 15.2 11.4 8.9 74.7 43.0 31.0 NA NA 11.6% 2.9% Monster Worldwide, Inc. 3.20 2.43 8.23 288 31 319 0.5 0.5 0.5 3.4 2.9 3.3 32.0 8.1 9.5 NA NA (5.1%) (9.2%) TechTarget, Inc. 7.25 5.98 12.63 234 (25) 208 1.9 1.8 1.7 11.8 8.5 7.1 34.5 20.1 17.4 27.0% 0.6 8.2% (4.1%) United Online, Inc. 12.10 9.50 18.00 181 (105) 76 0.5 0.5 0.5 5.0 3.6 3.3 53.1 25.7 24.7 NA NA (4.7%) (4.1%) eHealth, Inc. 9.95 8.14 16.81 180 (63) 118 0.6 0.6 0.6 19.0 10.5 8.1 NM 17.2 20.0 10.0% 2.0 9.2% 11.5% Everyday Health, Inc. 5.47 3.71 14.24 180 81 261 1.1 1.1 1.0 10.8 5.7 5.8 NM 10.0 12.9 NA NA 12.4% 29.6% RealNetworks Inc. 4.26 3.04 7.24 156 (99) 57 0.5 0.5 0.4 NM NM NM NM NM NM NA NA 4.0% (15.7%) Demand Media, Inc. 5.11 3.94 6.89 102 (39) 63 0.5 0.5 0.5 NM NM NM NM NM NM NA NA 4.6% (19.8%) TheStreet, Inc. (2) 1.16 0.82 2.05 41 27 67 1.0 1.0 1.0 36.5 23.3 30.7 NM NM NM NA NA (0.9%) (1.8%)

Mean 2.7x 2.5x 2.0x 15.0x 11.5x 10.5x 38.3x 19.7x 21.2x 18.6% 1.6 12.8% 2.6% Median 1.9 1.8 1.7 11.9 9.0 7.8 35.1 17.3 19.7 15.1% 1.1 8.7% (1.1%)

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 4 (1) Revenue multiples reflective of Net Revenue. (2) Includes convertible preferred stock with total liquidation preference of $55.0MM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

$MM, Except Per Share Data

Internet Commerce

Amazon.com, Inc. $573.37 $365.65 $696.44 $269,967 ($2,261) $267,706 2.5x 2.5x 2.1x 34.0x 24.5x 18.8x NM NM NM 46.3% NM 21.3% 21.9% Alibaba Group Holding Limited 73.35 57.20 95.06 184,287 (7,448) 177,579 12.2 12.3 9.6 35.9 23.9 19.2 35.6 30.1 24.1 24.5% 1.0 28.7% 26.0% The Priceline Group Inc. 1,325.73 954.02 1,476.52 65,778 3,510 69,288 7.5 7.5 6.5 19.8 18.8 15.9 26.8 23.0 19.1 17.3% 1.1 16.9% 8.7% Netflix, Inc. 98.13 58.46 133.27 42,007 61 42,068 6.2 6.2 4.8 NM 87.8 77.4 NM NM NM 54.0% NM 29.0% 22.8% eBay Inc. 24.28 21.52 66.73 28,619 648 29,267 3.4 3.4 3.4 9.9 8.4 8.5 15.2 13.3 13.0 5.8% 2.2 1.6% (0.0%) Expedia Inc. 116.39 88.40 140.51 17,526 1,919 20,169 3.0 3.0 2.3 27.6 17.6 12.3 44.4 28.7 22.3 28.0% 0.8 32.8% 25.3% QVC Group 25.23 22.51 31.62 12,287 6,097 18,482 2.0 2.1 1.7 10.1 9.5 9.1 19.2 13.9 17.1 14.3% 1.2 18.2% 16.0% Copart, Inc. 40.50 32.26 40.68 4,536 517 5,053 4.3 4.4 4.1 12.6 11.9 11.6 22.9 23.4 19.7 11.6% 1.7 8.3% 8.5% Cimpress N.V. 88.61 63.15 94.57 2,777 623 3,465 2.2 2.2 1.9 16.6 14.8 12.5 40.7 24.7 22.4 16.4% 1.4 13.0% 12.8% GrubHub Inc. 24.66 17.77 47.95 2,086 (196) 1,890 5.2 5.2 4.1 21.2 18.3 14.9 56.0 39.6 32.4 27.7% 1.2 26.1% 36.3% Stamps.com Inc. 113.09 56.44 123.75 1,890 88 1,978 9.2 9.7 6.5 30.8 28.2 18.0 NM 29.7 21.4 20.5% 1.0 49.0% 67.0% Shutterstock, Inc. 37.41 25.44 74.30 1,320 (288) 1,032 2.4 2.4 2.0 18.7 12.4 10.5 69.3 32.1 27.9 16.0% 1.7 18.0% 27.2% Etsy, Inc. 9.05 6.04 35.74 1,020 (280) 740 2.7 2.7 2.2 57.5 26.8 20.2 NM NM NM 10.0% NM 25.2% 35.4% Quotient Technology Inc. 9.12 5.00 14.67 750 (137) 613 2.6 2.7 2.4 NM 49.3 26.1 NM NM NM 20.0% NM 13.3% 15.7% 1-800-Flowers.com Inc. 7.83 6.11 13.28 507 16 523 0.4 0.4 0.4 6.6 6.4 5.6 14.7 19.2 16.5 18.0% 0.9 1.6% 2.6% Angie's List, Inc. 8.35 3.73 11.25 490 3 492 1.4 1.4 1.4 22.9 17.6 14.9 49.1 40.5 44.7 8.0% 5.6 2.0% 5.0% Overstock.com Inc. 14.79 10.03 25.93 374 (155) 218 0.1 NA NA 19.3 NA NA NM NA NA NA NA NA 2.1% Blue Nile Inc. 26.08 22.33 39.00 303 (86) 217 0.5 0.4 0.5 12.6 9.6 9.6 29.0 29.4 30.8 15.8% 1.9 (3.4%) (4.8%) Travelzoo Inc. 8.16 6.63 14.29 118 (30) 88 0.6 0.6 0.6 8.9 9.3 9.9 31.4 21.0 49.2 5.0% 9.8 0.6% 1.8% CafePress Inc. 3.56 3.02 5.36 60 (49) 10 0.1 0.1 0.1 2.6 2.9 2.7 NM NM NM NA NA 0.7% (52.3%)

Mean 3.4x 3.7x 3.0x 20.4x 20.9x 16.7x 35.0x 26.3x 25.8x 20.0% 2.3 15.9% 13.9% Median 2.5 2.7 2.2 19.0 17.6 12.5 31.4 26.7 22.3 16.8% 1.3 16.9% 14.3%

Media Conglomerates / Selected Entertainment

The Walt Disney Company $98.81 $86.25 $122.08 $161,215 $14,614 $180,069 3.3x 3.3x 3.2x 11.0x 10.7x 10.2x 18.5x 18.5x 17.0x 11.5% 1.5 5.8% 13.8% Comcast Corporation 59.23 50.01 64.99 144,663 50,220 197,813 2.7 2.7 2.5 8.0 8.0 7.5 18.3 18.1 16.7 11.9% 1.4 6.8% 8.5% Time Warner Inc. 70.75 55.53 91.34 55,903 21,637 77,569 2.8 2.7 2.6 9.8 10.0 9.4 15.4 15.1 13.3 13.7% 1.0 3.5% (5.9%) Twenty-First Century Fox, Inc. 27.82 22.66 35.85 53,358 15,444 70,410 2.7 2.6 2.5 11.5 10.9 9.9 18.9 17.1 14.4 14.4% 1.0 6.3% (8.4%) Sony Corporation 24.64 19.36 34.95 31,075 2,094 38,574 0.6 0.6 0.6 5.2 9.9 5.7 28.1 38.0 21.4 10.0% 2.1 0.5% 0.2% CBS Corporation 53.30 38.51 63.95 24,494 8,125 32,619 2.3 2.4 2.2 10.5 10.5 9.5 18.6 16.1 13.4 15.6% 0.9 5.6% 6.2% Discovery Communications, Inc. 27.93 23.74 34.94 17,719 7,196 25,156 3.9 3.9 3.8 10.3 10.4 10.3 17.7 15.4 14.1 14.2% 1.0 3.0% (1.8%) Viacom, Inc. 39.76 30.11 73.52 15,741 12,240 28,270 2.2 2.1 2.1 7.0 7.0 7.1 8.5 7.4 7.4 6.1% 1.2 1.7% (5.7%) Scripps Networks Interactive, Inc. 65.19 47.62 72.80 8,391 3,787 12,590 4.2 4.2 3.7 9.2 10.1 9.3 14.0 14.5 12.8 10.7% 1.2 12.7% 27.3% Tribune Media Company 38.85 26.10 70.37 3,590 3,216 6,812 3.4 3.4 3.1 17.3 14.2 10.8 18.5 32.9 17.4 3.0% 5.8 11.1% NA Lions Gate Entertainment Corp. 23.83 16.21 41.41 3,574 1,506 5,170 2.3 2.3 2.0 77.3 19.2 14.7 60.8 41.2 16.4 27.6% 0.6 14.1% (10.8%)

Mean 2.8x 2.7x 2.6x 16.1x 11.0x 9.5x 21.6x 21.3x 14.9x 12.6% 1.6 6.5% 2.4% Median 2.7 2.7 2.5 10.3 10.4 9.5 18.5 17.1 14.4 11.9% 1.2 5.8% (0.8%)

Publishers

Thomson Reuters Corporation $38.09 $35.56 $42.09 $28,866 $7,652 $37,005 3.0x 3.0x 3.1x 14.3x 10.8x 11.4x 23.8x 18.5x 18.4x 9.4% 2.0 (4.2%) (2.0%) Pearson plc 12.57 9.23 21.73 10,198 1,127 11,331 1.7 1.6 1.8 10.3 8.8 10.2 NM 12.3 16.0 NM NM (11.5%) NA News Corporation 11.56 10.21 16.99 6,703 (1,883) 5,007 0.6 0.6 0.6 7.8 5.5 5.8 NM 30.8 22.1 9.2% 2.4 (2.6%) (4.3%) UBM plc 8.61 6.61 8.64 3,809 727 4,581 4.0 3.3 4.0 15.2 12.3 14.4 32.1 15.7 17.6 3.8% 4.7 (18.6%) NA Lagardere SCA 25.57 24.95 33.58 3,276 0 3,276 0.4 0.4 0.4 5.0 5.1 4.8 40.6 12.8 12.5 10.5% 1.2 3.1% (15.5%) Graham Holdings Company 485.05 425.14 1,119.54 2,734 (734) 2,026 0.8 0.8 0.8 6.1 7.8 6.5 NM 29.9 19.8 NA NA 2.2% (15.3%) The New York Times Company 12.79 11.48 14.53 2,049 (182) 1,869 1.2 1.2 1.2 7.7 6.7 7.8 33.7 20.4 23.4 4.0% 5.9 (0.3%) 0.0% Gannett Co., Inc. 15.24 10.75 17.91 1,769 (197) 1,572 0.5 0.5 0.5 4.1 4.1 3.9 12.2 8.8 10.7 NM NM 6.0% (9.7%) Time Inc. 15.10 12.23 24.26 1,583 582 2,165 0.7 0.7 0.7 5.4 4.8 4.7 NM 12.7 10.5 6.5% 1.6 1.7% (1.8%) The E. W. Scripps Company 17.48 15.74 28.70 1,467 291 1,758 2.5 2.3 1.7 54.7 15.4 6.9 NM 73.9 14.5 3.0% 4.8 29.8% 36.0% Tribune Publishing Company 8.80 5.45 20.03 231 349 580 0.3 0.3 0.4 7.4 3.7 4.0 NM 7.9 8.0 NA NA (0.7%) 1.0% Datapoints 11 11 11 11 11 11 5 11 11 7 7 11 9 Mean 1.4x 1.3x 1.4x 12.5x 7.7x 7.3x 28.5x 22.2x 15.8x 6.6% 3.2 0.5% (1.3%) Median 0.8 0.8 0.8 7.7 6.7 6.5 32.1 15.7 16.0 6.5% 2.4 (0.3%) (2.0%)

5 Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

$MM, Except Per Share Data

Diversified Marketing

WPP plc $22.56 $18.23 $23.14 $29,212 $4,735 $34,505 1.9x 1.9x 1.8x 10.9x 11.7x 11.1x 17.3x 16.5x 15.2x 8.5% 1.8 5.7% (0.1%) Nielsen Holdings plc 51.03 42.36 52.07 18,467 6,987 25,648 4.2 4.2 4.0 17.1 13.8 13.0 33.1 19.6 17.8 12.3% 1.4 3.5% (0.6%) Experian plc 17.40 14.56 18.10 16,458 3,340 19,814 4.3 4.2 4.4 13.3 11.0 12.8 25.3 19.1 19.3 11.0% 1.8 (4.2%) (6.4%) Equifax Inc. 109.71 90.71 114.46 13,023 1,102 14,165 5.3 5.3 4.6 15.5 15.4 13.1 30.9 24.5 21.9 11.5% 1.9 14.7% 6.7% Alliance Data Systems Corporation 214.87 176.63 312.00 12,733 16,010 28,911 4.5 4.5 4.0 19.2 15.1 14.0 24.3 14.3 12.7 13.8% 0.9 10.1% 17.7% The Interpublic Group of Companies, Inc. 21.34 18.16 23.80 8,581 253 9,122 1.2 1.2 1.2 8.9 8.8 8.2 19.6 18.3 16.3 11.3% 1.4 2.6% (0.5%) Havas SA 7.80 7.19 9.17 3,254 (96) 3,159 1.3 1.3 1.2 8.8 8.1 7.4 17.5 16.2 14.5 11.4% 1.3 10.0% 3.8% Acxiom Corporation 20.87 15.78 23.42 1,622 15 1,637 1.6 1.9 1.9 9.6 11.1 10.3 NM 35.7 36.1 12.5% 2.9 0.8% 6.2% MDC Partners Inc. 21.96 16.15 28.65 1,098 680 1,927 1.5 1.4 1.3 11.6 9.8 8.3 NM NM 23.0 8.0% 2.9 7.5% 5.6% Harte-Hanks Inc. 2.90 2.55 8.00 178 51 229 0.5 0.5 0.5 6.2 5.8 4.9 NM 13.8 11.2 NM NM (2.8%) (11.4%)

Mean 2.6x 2.6x 2.5x 12.1x 11.1x 10.3x 24.0x 19.8x 18.8x 11.2% 1.8 4.8% 2.1% Median 1.7 1.9 1.8 11.3 11.1 10.7 24.3 18.3 17.0 11.4% 1.8 4.6% 1.8%

Gaming

Tencent Holdings Limited $19.76 $15.98 $22.04 $183,926 ($2,763) $181,590 12.4x 11.7x 9.2x 29.8x 27.2x 21.5x 42.9x 38.6x 29.8x 25.4% 1.2 27.4% 29.6% Activision Blizzard, Inc. 32.41 22.28 39.93 23,821 2,248 26,069 5.6 5.5 4.1 18.4 16.1 12.0 27.2 23.9 18.1 14.4% 1.3 34.0% (14.2%) Electronic Arts Inc. 64.79 53.01 76.92 20,040 (2,889) 17,151 4.0 3.8 3.7 18.2 11.8 11.4 33.2 21.6 19.9 11.5% 1.7 2.4% (5.0%) NetEase, Inc. 146.58 96.53 186.45 19,161 (3,605) 15,569 4.4 4.5 2.9 13.6 13.6 10.7 18.7 17.3 14.2 24.3% 0.6 52.4% 118.0% Naver Corporation 534.00 385.15 583.61 15,559 (1,266) 14,294 5.2 5.2 4.5 18.7 17.7 14.5 NA 37.9 28.8 22.6% 1.3 16.0% NA NCsoft Corporation 212.76 140.44 232.94 4,519 (816) 3,720 5.3 5.2 4.4 15.5 15.9 11.8 28.7 28.8 20.6 16.0% 1.3 17.5% (17.4%) Ubisoft Entertainment SA 29.83 16.48 31.67 3,286 180 3,466 2.6 3.4 1.6 NM 7.7 4.5 NM NM 13.8 25.2% 0.5 112.8% (62.1%) GungHo Online Entertainment, Inc. 2.64 2.08 4.48 2,534 (676) 1,872 1.5 1.4 1.5 3.0 2.9 3.1 7.7 6.9 7.4 NA NA (2.1%) (13.0%) DeNA Co., Ltd. 15.89 12.35 23.81 2,304 (631) 1,736 1.4 1.4 1.3 6.3 6.7 5.1 24.8 21.6 13.6 20.0% 0.7 7.9% (2.1%) Zynga, Inc. 2.25 1.78 3.13 1,942 (987) 954 1.2 1.3 1.3 NM 47.4 22.0 NM NM NM 21.0% NM (0.1%) (3.5%) Gree, Inc. 5.09 4.03 7.75 1,196 (640) 556 0.8 0.8 0.9 3.4 3.4 4.0 NM NM 15.8 NA NA (10.2%) (25.1%) Changyou.com Limited 18.91 15.21 35.27 961 (216) 775 1.0 1.0 1.4 3.2 3.6 5.1 4.7 4.7 8.2 15.0% 0.5 (26.1%) (25.0%) Glu Mobile, Inc. 3.22 1.98 7.03 426 (181) 245 1.0 1.0 0.9 39.3 21.7 NM NM NM NM 15.0% NM 11.9% (16.2%) GameAccount Network plc 0.42 0.39 1.11 23 (12) 11 1.2 1.3 0.6 NM NM 1.5 NM NM 5.3 NA NA 119.5% (36.2%)

Mean 3.4x 3.4x 2.7x 15.4x 15.0x 9.8x 23.5x 22.4x 16.3x 19.1% 1.0 26.0% (5.6%) Median 2.0 2.4 1.5 15.5 13.6 10.7 26.0 21.6 15.0 20.0% 1.2 14.0% (14.2%)

Social Media & New Platform

Facebook, Inc. $109.89 $72.00 $117.59 $322,345 ($18,119) $304,226 17.0x 17.4x 11.9x 36.9x 28.2x 19.5x 85.0x 50.6x 35.0x 31.1% 1.1 46.8% 51.7% LinkedIn Corporation 117.28 98.25 267.28 15,490 (1,993) 13,524 4.5 4.5 3.7 54.8 18.0 13.7 NM 43.6 36.5 27.5% 1.3 23.0% 34.0% Twitter, Inc. 17.12 39.40 53.49 11,854 720 12,573 5.7 5.7 4.3 NM 23.3 16.2 NM 48.4 31.6 36.2% 0.9 33.4% 48.3% Groupon, Inc. 4.13 2.15 7.96 2,424 (796) 1,629 0.5 0.5 0.5 25.2 6.9 14.9 NM 40.2 NM 21.3% NM (1.4%) 3.8% Pandora Media, Inc. 10.30 7.10 22.60 2,345 (136) 2,209 1.9 1.9 1.6 NM 41.0 NM NM NM NM 36.7% NM 22.2% 25.4% Yelp Inc. 20.89 14.53 52.51 1,589 (371) 1,218 2.2 2.2 1.8 NM 16.6 12.9 NM 56.1 39.2 32.6% 1.2 26.0% 39.9%

Mean 5.3x 5.4x 3.9x 39.0x 22.3x 15.4x NM 47.8x 35.6x 30.9% 1.1 25.0% 33.9% Median 3.4 3.4 2.7 36.9 20.7 14.9 NM 48.4 35.7 31.9% 1.2 24.5% 36.9%

6 Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 3/14/16 Low High Value Debt Value LTM CY 15E CY 16E LTM CY 15E CY 16E LTM CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ SaaS salesforce.com, inc. $72.22 $52.60 $82.90 $48,452 $715 $49,167 7.4x 7.4x 6.1x NM 42.2x 29.5x NM 95.9x 71.4x 26.6% 2.7 22.1% 25.3% Workday, Inc. 72.55 47.32 93.62 14,075 (1,462) 12,613 10.9 10.9 8.1 NM NM 96.5 NM NM NM 41.9% NM 33.7% 42.9% ServiceNow, Inc. 62.35 46.00 91.28 10,025 (327) 9,698 9.6 9.7 7.1 NM 63.2 37.7 NM NM 98.4 41.2% 2.4 35.9% 44.3% The Ultimate Software Group, Inc. 179.22 148.26 216.27 5,170 (112) 5,058 8.2 8.2 6.6 79.1 34.1 26.5 NM 70.1 55.5 25.2% 2.2 25.2% 26.0% NetSuite Inc. 64.59 51.75 102.46 5,166 (81) 5,085 6.9 6.9 5.3 NM 95.6 60.7 NM NM NM 23.5% NM 30.1% 30.6% Shopify Inc. 26.58 18.48 42.13 2,135 (192) 1,944 9.5 9.9 5.9 NM NM NM NM NM NM 25.0% NM 67.5% 99.5% Zendesk, Inc. 20.06 11.06 28.20 1,816 (256) 1,560 7.5 7.6 5.2 NM NM NM NM NM NM 36.2% NM 44.1% 62.5% Cornerstone OnDemand, Inc. 31.12 22.25 40.70 1,705 (12) 1,693 5.0 4.9 3.9 NM NM 45.9 NM NM NM 20.0% NM 25.6% 25.5% RealPage, Inc. 21.25 16.06 23.98 1,672 9 1,681 3.6 3.6 2.9 31.8 18.6 14.1 NM 40.1 30.0 20.0% 1.5 22.3% 16.5% HubSpot, Inc. 45.12 27.00 60.11 1,566 (104) 1,462 8.0 8.2 5.8 NM NM NM NM NM NM 40.2% NM 39.9% 55.5% Box, Inc. 12.17 8.82 20.60 1,484 (141) 1,342 4.4 4.5 3.4 NM NM NM NM NM NM 68.4% NM 31.3% 35.7% Demandware, Inc. 38.26 26.47 75.90 1,443 (197) 1,246 5.3 5.3 4.1 NM 68.3 52.3 NM NM NM 38.5% NM 28.7% 43.9% RingCentral, Inc. 15.70 14.28 25.67 1,131 (102) 1,029 3.5 3.5 2.9 NM NM 53.9 NM NM NM 23.3% NM 20.6% 34.8% Cvent, Inc. 21.08 17.85 37.25 886 (145) 741 3.9 4.0 3.2 NM 32.0 25.8 NM 77.5 NM NA NA 23.3% 29.5% Marketo, Inc. 18.10 12.86 33.99 803 (105) 703 3.4 3.4 2.6 NM NM NM NM NM NM 21.2% NM 30.0% 37.6% MINDBODY, Inc. 13.37 9.14 18.39 530 (77) 453 4.5 4.5 3.4 NM NM NM NM NM NM NA NA 33.9% 40.1% AppFolio, Inc. 11.92 11.07 19.94 400 (22) 378 5.0 5.0 3.7 NM NM NM NM NM NM 30.0% NM 36.9% 54.3% LivePerson Inc. 5.93 3.74 11.41 340 (49) 291 1.2 1.2 1.3 23.1 13.6 12.8 NM 45.8 70.3 20.0% 3.5 (2.9%) 1.6% Bazaarvoice, Inc. 3.51 2.82 6.56 285 (52) 234 1.2 1.2 1.1 NM NM 72.0 NM NM NM NA NA 4.0% 1.4% ChannelAdvisor Corporation 10.86 8.71 14.73 274 (56) 218 2.2 2.2 1.9 NM NM 97.0 NM NM NM 25.0% NM 15.3% 23.5% Jive Software, Inc. 3.57 2.84 5.99 273 (103) 171 0.9 0.9 0.8 NM 28.1 30.3 NM NM NM NA NA 4.1% 5.2% Apigee Corporation 7.64 5.14 20.50 228 (71) 156 2.0 2.0 1.5 NM NM NM NM NM NM NA NA 34.0% 34.6% Brightcove Inc. 6.02 4.70 8.09 197 (27) 170 1.3 1.3 1.2 NM 25.2 19.4 NM NM 92.6 15.0% 6.2 9.3% 12.0% Xactly Corporation 6.20 4.68 10.67 183 (32) 151 2.0 2.0 1.6 NM NM NM NM NM NM 20.0% NM 25.6% 30.3% Marin Software Incorporated 3.10 2.61 7.62 115 (34) 81 0.7 0.8 0.7 NM NM 18.4 NM NM NM NA NA 4.1% 7.5%

Mean 4.7x 4.8x 3.6x 44.7x 42.1x 43.3x NM 65.9x 69.7x 29.5% 3.1 25.8% 32.8% Median 4.4 4.5 3.4 31.8 33.1 34.0 NM 70.1 70.8 25.0% 2.5 25.6% 30.6%

7 Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

(1) 3/7/2016 $207 1.7x NA NA NA

3/3/2016 $100 NA NA NA NA

3/1/2016 $260 NA NA NA NA

2/25/2016 $250 NA NA NA NA

(1) 2/24/2016 $400 10.7x NA NA NA

(2) 2/23/2016 $68 1.2x 11.3x NA NA

2/18/2016 $500 NA NA NA NA

(3) (4) 2/14/2016 $389 4.1x 22.1x 3.1x 15.7x

2/12/2016 $85 NA NA NA NA

2/12/2016 $108 NA NA NA NA

2/4/2016 $100 NA NA NA NA

(1) 2/4/2016 $342 1.6x NA NA NA

(1) 2/3/2016 $1,400 11.7x NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM multiple based on period ending 12/31/15. (2) LTM multiples based on acquirer press release 2/23/16. 8 (3) LTM multiples based on acquirer press release 2/15/16. (4) NTM multiples based on Capital IQ consensus estimates. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

2/3/2016 $96 NA NA NA NA

(1) 2/1/2016 $379 6.6x NM 4.2x NA

1/20/2016 $130 NA NA NA NA

(2) 1/20/2016 $200 5.0x NA NA NA

(3) 1/11/2016 $155 4.8x NA NA NA

1/11/2016 $135 NA NA NA NA

1/11/2016 $62 NA NA NA NA

(4) 12/23/2015 $100 5.0x NA NA NA

12/23/2015 $300 NA NA NA NA

(5) 12/22/2015 $175 2.3x NA NA NA

12/17/2015 $475 NA NA NA NA

(6) 12/15/2015 $841 2.8x NA NA NA

(7) 12/8/2015 $200 8.0x NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) Reflects a $360MM placement for 95% ownership. (2) LTM multiple based on acquirer press release 1/20/16. (3) Reflects a $93MM private placement for 60% ownership. LTM multiple based on 2014 figure. (4) LTM multiple based on acquirer press release 12/30/15. Excludes $18MM earnout. (5) LTM multiple based on acquirer press release 12/22/15. 9 (6) LTM multiple based on 2014 figure. (7) LTM revenue based on Wall Street research. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

(1) 12/1/2015 $180 1.3x 9.2x NA NA

11/16/2015 $163 NA NA NA NA

11/9/2015 $280 NM NA NA NA

(2) 11/5/2015 $450 7.9x NM 5.0x NA

(3) 11/4/2015 $2,929 6.0x 30.0x 5.3x 19.9x

11/3/2015 $649 0.5x NA NA NA

(4) 11/3/2015 $95 47.5x NA NA NA

(3) 11/3/2015 $4,963 2.4x 5.7x 2.8x 7.3x

(3) 11/2/2015 $937 2.6x 13.3x 2.3x 11.0x

(5) 10/30/2015 $165 NA NA NA NA

(6) 10/29/2015 $105 NA NA NA NA

(3) 10/21/2015 $4,612 9.9x 32.0x 8.0x 17.0x

10/19/2015 $160 NA NA NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM multiples based on acquirer press release 12/1/15. Excludes net debt. (2) NTM multiple based on acquirer conference call 11/5/15. (3) NTM multiples based on Capital IQ consensus estimates. (4) LTM revenue based on Wall Street research. 10 (5) Excludes $25MM earnout. (6) Excludes $40MM earnout. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

(1) (2) 10/19/2015 $400 8.0x NA 5.3x NA

10/19/2015 $575 NA NA NA NA

(3) 10/19/2015 $85 NA NA NA NA

10/15/2015 $176 NA NA NA NA

(4) 10/15/2015 $80 6.0x NA NA NA

(5) 10/13/2015 $68 NA NA 15.1x NA

(1)(4) 10/9/2015 $110 11.5x NA 7.3x NA

(5) 10/8/2015 $675 NA NA 5.4x NA

(4) 10/7/2015 $450 8.2x NA NA NA

(2) 10/6/2015 $85 5.3x NA 4.3x NA

(6) 10/1/2015 $670 5.0x NA NA NA

9/29/2015 $65 NA NA NA NA

(7) 9/29/2015 $710 6.6x NM 4.2x 19.5x

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM multiple based on 2014 figures. (2) NTM multiple based on acquirer press release. (3) Aggregate value reduced by an estimated $6MM working capital adjustment. (4) NTM revenue based on LogMeIn M&A call. Excludes $15MM in retention payments and earnout. (5) NTM revenue multiple based on Vasco M&A call. 11 (6) LTM revenue multiple based on transaction’s expected immediate revenue contribution, per New World press release. (7) NTM multiples based on Capital IQ consensus estimates. Recent Acquisitions Internet / Digital Media / SaaS: Trailing 6 Months (Cont’d)

($MM) Announced AV / LTM AV / LTM AV / NTM AV / NTM Acquirer Target Aggregate Value Date Sales EBITDA Sales EBITDA

(1) 9/29/2015 $390 9.0x NA 6.0x NA

9/22/2015 $265 NA NA NA NA

(2) 9/16/2015 $90 1.9x NA NA NA

9/15/2015 $175 2.3x 12.6x NA NA

(3) 9/14/2015 $122 2.4x 10.2x NA NA

Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) LTM revenue multiple based on market research; NTM revenue multiple per Axel Springer M&A call. 12 (2) Aggregate value excludes a $87MM earnout; LTM revenue multiple based on Unruly press release. (3) NTM multiples based on Capital IQ consensus estimates. IPO Pipeline Internet / Digital Media / SaaS: IPOs in Public Registration

Offering Amounts $10MM or Greater Primary Initial Initial Offering LTM Issuer Industry Filing Date Amount ($MM) Description Revenue EBIT % EBITDA

Nutanix, Inc., together with its subsidiaries, provides enterprise cloud platform solutions that Internet Software and Services 12/22/15 $200 $283 (45.7%) ($111) converge traditional silos of server, virtualization, and storage into one integrated solution.

SecureWorks Corp. provides intelligence-driven Application Software 12/17/15 100 information security solutions focused on 317 (29.3%) (52) protecting organizations from cyber-attacks.

13 Notes: Source: Dealogic, Capital and SEC.gov. IPO Pipeline Internet / Digital Media / SaaS: Recently Withdrawn IPOs / Follow-ons

Offering Amounts $10MM or Greater Primary Initial Date Initial Offering Issuer Industry Filing Date Withdrawn Amount ($MM) Description

SunGard Data Systems provides solutions that automate the business Application Software 06/03/15 08/18/15 $100 processes associated with trading, managing investment portfolios, and accounting for investment assets.

Zoosk, Inc. operates an online dating platform that helps singles to find the Internet Software and Services 04/16/14 05/08/15 100 person and relationship that is right for them.

14 Notes: Source: Dealogic, Capital and SEC.gov. Venture Capital Industry TMT: Transactions Since 2001

$12 1,000

$10 800

600

$6 $Bn

400 NumberofInvestments $4

200 $2

$0 0 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2001 2001 2002 2002 2003 2003 2004 2004 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 Quarter - Year

(1) Number of Deals Investment Amount

Notes: 15 (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of: Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications. Private Financing Activity Internet / Digital Media / Software: Monthly Since January 2007

120 $10,000

(6) $9,000

100 30 1,250 $8,000

(4) (5) 25 $7,000

80 1,000

$6,000

60 $5,000750 $MM (7) 15

$4,000

$MM NumberofFinancings 40 500 (2) $3,000 10 Number Number of Financings (1) (3) $2,000 20 250 5

$1,000

May Feb Feb Mar Mar Apr Apr May Feb Mar Apr Mar Apr May Apr May Feb May Feb Mar

Jan Sep Jan Jun Nov Jul Nov Jul Aug Dec Aug Sep Jun Jul Aug Nov Dec Jul Aug Sep Dec Jan Jun Aug Sep Dec Jan Jun Sep Nov Jan Jun

0 Jul $0

Oct Oct Oct

0 Oct 0

Feb

Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16

- - - - -

------

- - - 09 10 - 07 08 ------11

------

- 07 08 10 11 - 07 08 - 09 - 09 - 10

07 08 08 07 09 09 10 10 11 11

09 10 07 08 11

08 09 07 10 11

07 08 09 10 10 11 11 07 07 07 08 08 08 09 09 09 10 10

07 11 08 09 10

Notes: Amount Raised ($MM) Number of Financings Source: DowJones VentureWire. Only financings > $10MM included. (1) Chart excludes Groupon’s $377MM raise on 12/29/10. (2) Chart excludes Facebook’s $1.5Bn raise on 1/21/11. (3) Chart excludes Supercell’s $1.6Bn raise on 10/15/13. (4) Chart excludes Lyft’s $332MM raise on 4/2/14. (5) Chart excludes Good Technology’s $583MM raise on 4/10/2014. 16 (6) Chart excludes Uber’s $1.5Bn raise on 6/6/2014. (7) Chart excludes Koudai Shopping’s $567MM raise on 10/23/2014, Magic Leap’s $550MM raise on 10/14/2014, and CarTradeExchange.com’s $1.9Bn raise on 10/13/2014. Recent Private Financings Internet / Digital Media / Software

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Ezbob Leumi Partners, Oaktree Capital London, United Kingdom 11-Mar-2016 Series C $29 Leumi Partners, Oaktree Capital Management Operator of an e-lending platform. $82 Management www.ezbob.com

Bustle General Catalyst Partners, GGV Capital, Saban Capital Group, The New York, NY 10-Mar-2016 Series D $12 Saban Capital Group Provider of digital media site for women. $39 Social+Capital Partnership, Time Warner Investments www.bustle.com

Icertis Eight Roads Ventures, Greycroft Partners, Ignition Venture Partners, Bellevue, WA 10-Mar-2016 Series B $15 Ignition Venture Partners Provider of a contract management software. $22 Vijay Vashee www.icertis.com

Justworks Bain Capital Ventures, Index Ventures, Redpoint Ventures, Thrive New York, NY 10-Mar-2016 Series C $33 Redpoint Ventures Provider of an online payroll and benefits platform. $58 Capital www.justworks.com

Soothe Los Angeles, CA 10-Mar-2016 Series B $35 The Riverside Company The Riverside Company Provider of massage services. $48 www.soothe.com

The Whistle New York, NY 10-Mar-2016 Series C $20 NBC Sports Ventures Emil Capital Partners, NBC Sports Ventures, Sky Ventures, TEGNA Producer and publisher of sports-focused videos. $63 www.whistlesports.com

Attivio General Electric Pension Trust, Oak Investment Partners, Per-Olof Provider of enterprise software services and unified information access for Newton, MA 9-Mar-2016 Series E $31 Not disclosed $103 Soderberg, Tenth Avenue Holdings businesses. www.attivio.com fuboTV Chris Silbermann, David Stern, Edgar Bronfman, LionTree Advisors, New York, NY 9-Mar-2016 Series B $15 Sky UK, Twenty-First Century Fox Provider of an online video streaming platform for sports. $21 Luminari Capital, Sky UK, Twenty-First Century Fox www.fubo.tv

Intersec Cisco Systems, Harbert Management, Cisco Systems, CM-CIC Investissement, Harbert Management, Paris, France 8-Mar-2016 Series C $10 Developer of software for telecom service providers. $34 Omnes Capital Highland Capital Partners Europe, Innovacom, Omnes Capital www.intersec.com

Culture Amp Provider of people analytics platform for data-driven insights on employee Richmond, Australia 7-Mar-2016 Series B $10 Index Ventures Blackbird Ventures, Felicis Ventures, Index Ventures $16 engagement and company culture. www.cultureamp.com

Property Partner Operator of a online crowdfunding platform for investments in residential London, United Kingdom 7-Mar-2016 Series B $23 Octopus Investments Dawn Capital, Index Ventures, Octopus Investments $33 properties. www.propertypartner.co

WorkForce Software Livonia, MI 7-Mar-2016 Venture Round $18 Not disclosed ORIX Ventures Provider of workforce management services for mid-size and large employers. NA www.workforcesoftware.com

Oro Los Angeles, CA 3-Mar-2016 Series A $12 Highland Capital Partners Europe Highland Capital Partners Europe Developer of open source Customer Relationship Management (CRM) software. $12 www.orocrm.com

Snapchat Access Industries, Alibaba Group, Fidelity Investments, Graph Los Angeles, CA 3-Mar-2016 Series F $713 Not disclosed Ventures, New Enterprise Associates, York Capital Management Developer of a photo messaging application. $1,363 www.snapchat.com Global Advisors, Yorkville Capital Management

Notes: 17 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Wrap (Media) Christopher Crain, Dream Incubator, Founders Fund, San Francisco, CA 3-Mar-2016 Series B $17 ProSiebenSat.1 Media, Raine Ventures ProSiebenSat.1 Media, Raine Ventures, Salesforce Ventures, Developer of a storytelling mobile user interface and interaction platform. $23 www.wrap.co Transmedia Capital

Blippar London, United Kingdom 2-Mar-2016 Series D $54 Khazanah Nasional Khazanah Nasional, Lansdowne Partners, Qualcomm Ventures Provider of augmented reality software for smartphones. $126 www.blippar.com

Atlas Venture, Business Development Bank of Canada, Converge Venture Partners, Docomo Capital, Export Development Canada, Influitive Export Development Canada, Georgian First Round Capital, Georgian Partners, Hummer Winblad Venture Toronto, Canada 2-Mar-2016 Series B $39 Provider of a platform for advocate marketing. $50 Partners, Leaders Fund Partners, Illuminate Ventures, Leaders Fund, Lightspeed Venture www.influitive.com Partners, NTT DoCoMo Ventures, OurCrowd, Relay Ventures, Resolute Ventures, RocketSpace

Mercari Development Bank of Japan, Global Brain, Globis Capital Partners, Tokyo, Japan 2-Mar-2016 Series D $75 Mitsui & Co Provider of a resale shopping application. $117 Mitsui & Co, Sumitomo Mitsui Trust Bank, World Innovation Lab www.mercari.com

CornerJob Antai Venture Builder, Banco Sabadell Foundation, Bonsai Venture Barcelona, Spain 1-Mar-2016 Series A $10 Not disclosed Capital, Caixa Capital Risc, Cube Investments, Ithaca Investments, Developer of an application for recruitment. $10 www.cornerjob.com Media Digital Ventures, Mediaset, Samaipata Ventures

Parchment Scottsdale, AZ 1-Mar-2016 Venture Round $12 Not disclosed Not disclosed Provider of an online educational record management service. $69 www.parchment.com

American Family Mutual Insurance Company, Andreessen Horowitz, YourMechanic Data Point Capital, Lerer Hippeau Ventures, PG Ventures, Promus Mountain View, CA 1-Mar-2016 Series B $24 Not disclosed Provider of mobile car repair services. $36 Ventures, SAIC Capital, Silicon Valley Bank, SoftBank Capital, www.yourmechanic.com Verizon Ventures

Hit the Mark Mumbai, India 29-Feb-2016 Series C $13 Eduardo Saverin Eduardo Saverin Operator of an online store offering baby and children's products. $27 www.hopscotch.in

MedCPU New York, NY 29-Feb-2016 Venture Round $35 UPMC Health System Merck Global Health Innovation, UPMC Health System Provider of real-time clinical care software. $62 www.MedCPU.com

Replay Technologies Newark, CA 29-Feb-2016 Series B $14 Deutsche Telekom Deutsche Telekom Provider of a video technology. $37 www.replay-technologies.com

Souq.com Baillie Gifford, International Finance Corporation, Naspers, Dubai, United Arab Emirates 29-Feb-2016 Venture Round $275 Naspers, Tiger Global Management Operator of an e-commerce portal in the Middle East and North Africa. $725 Standard Chartered Private Equity, Tiger Global Management www.uae.souq.com

55Haitao Pasadena, CA 25-Feb-2016 Series A $15 JJ Capital JJ Capital Operator of an e-commerce cashback website. $15 www.55haitao.com

AppCard Alexander Rittweger, Philippine Long Alexander Rittweger, Founders Fund, Innovation Endeavors, Jerry Provider of a platform enabling merchants to retain customers through loyalty New York, NY 25-Feb-2016 Series B $20 $33 Distance Telephone Yang, Philippine Long Distance Telephone programs, analytics engines, rewards and personalized offers. www.appcard.com enSilo Lightspeed Venture Partners, Carmel Ventures, Lightspeed Venture Partners, Rembrandt Venture Palo Alto, CA 25-Feb-2016 Series A $19 Provider of a real-time targeted attack exfiltration prevention platform. $21 Rembrandt Venture Partners Partners www.ensilo.com

Notes: 18 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Niantic Alsop Louie Partners, Cyan Banister, Fuji Television Network, GV, San Francisco, CA 25-Feb-2016 Series A $30 Not disclosed Lucas Nealan, Nintendo, Scott Banister, The Pokémon Company, Developer of gaming software. $33 www.nianticlabs.com You & Mr Jones Brandtech Ventures

Shopgate Austin, TX 25-Feb-2016 Series C $15 Not disclosed Not disclosed Provider of a mobile shopping application for mail-order and retail businesses. $22 www.shopgate.com

Signifyd Allegis Capital, IA Ventures, Menlo Ventures, QED Investors, Timothy San Jose, CA 25-Feb-2016 Series B $20 Menlo Ventures Provider of a standalone risk and fraud-prevention platform. $31 Eades, William McKiernan www.signifyd.com

ThousandEyes Developer of an information technology performance management platform for San Francisco, CA 25-Feb-2016 Series C $35 Tenaya Capital GV, Sequoia Capital, Sutter Hill Ventures, Tenaya Capital $61 SaaS and cloud applications. www.thousandeyes.com

NoBroker Beenext, Beenos Partners, Digital Garage, Mamoru Taniya, Qualgro, Bangalore, India 24-Feb-2016 Series B $10 Beenext, Digital Garage Operator of a peer-to-peer property listings platform. $13 SAIF Partners www.nobroker.in

Quantifind AME Cloud Ventures, Cathay Capital Private Equity, Comcast Menlo Park, CA 24-Feb-2016 Venture Round $30 Cathay Capital Private Equity Ventures, Iris Capital Management, Redpoint Ventures, US Venture Developer of technologies to extract information from business intelligence data. $53 www.quantifind.com Partners

RealtyShares Owner and operator of an online crowdfunding platform for real estate San Francisco, CA 24-Feb-2016 Series B $20 Union Square Ventures General Catalyst Partners, Menlo Ventures, Union Square Ventures $34 investments. www.realtyshares.com

Fairlubo Beijing, China 23-Feb-2016 Venture Round $45 Uxin Group Fengshang Capital, Legend Capital, Uxin Group Provider of total-loss and salvage vehicle auction platform. $45 www.lubaocar.com

Advancit Capital, Bloomberg Beta, Downey Ventures, Harrison MasterClass Metal Capital, Javelin Venture Partners, Matthew Rutler, New San Francisco, CA 23-Feb-2016 Series B $15 New Enterprise Associates Provider of an educational platform. $20 Enterprise Associates, Novel TMT Ventures, Usher Raymond, www.masterclass.com William Morris Endeavor Entertainment, Yan-David Erlich

Namely Greenspring Associates, Matrix Partners, Sequoia Capital, True New York, NY 23-Feb-2016 Series C1 $30 Sequoia Capital Developer of a cloud-based human capital management platform. $119 Ventures www.namely.com

Razer Irvine, CA 23-Feb-2016 Series C $75 LianLuo LianLuo Designer and developer of gaming hardware. $125 www.razerzone.com

Reflektion Battery Ventures, Hasso Plattner Ventures, Intel Capital, Marc San Mateo, CA 23-Feb-2016 Series B $18 Battery Ventures Developer of a retail analytics platform. $30 Benioff, Raymond Lane www.reflektion.com

JetSmarter Fort Lauderdale, FL 22-Feb-2016 Series C $26 Saudi Royal Family Saudi Royal Family Developer of a mobile application that connects travelers to private jets. $52 www.jetsmarter.com

Qubit Digital Accel Partners, Salesforce Ventures, Sapphire Ventures, The London, United Kingdom 22-Feb-2016 Series C $40 The Goldman Sachs Group Developer of website-optimization software. $75 Goldman Sachs Group www.qubit.com

Notes: 19 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised Bain Capital Ventures, Hercules Technology Growth Capital, Aria Systems Hummer Winblad Venture Partners, InterWest Partners, Madison San Francisco, CA 18-Feb-2016 Series E $50 Not disclosed Provider of cloud-based recurring revenue management software. $162 Bay Capital Partners, Rembrandt Venture Partners, Venrock, www.ariasystems.com VMware

GridGain Systems Moneytime Ventures, Sberbank Of Almaz Capital, Moneytime Ventures, RTP Ventures, ru-Net, Foster City, CA 18-Feb-2016 Series B $15 Developer of an in-memory data platform. $27 Russia Sberbank Of Russia www.gridgain.com

Jana (Mobile) Boston, MA 18-Feb-2016 Series C $57 Verizon Ventures Publicis Groupe, Spark Capital, Verizon Ventures Provider of unrestricted Internet access in emerging markets. $94 www.jana.com

Vera Amplify Partners, Battery Ventures, Clear Venture Partners, Sutter Palo Alto, CA 18-Feb-2016 Series B $17 Sutter Hill Ventures Provider of secure sharing of digital information. $31 Hill Ventures www.vera.com

Motive Drilling Technologies Developer of disruptive technologies and services that provides drilling decision- Dallas, TX 17-Feb-2016 Series A $11 Formation 8, GE Ventures Basil Horangic, Formation 8, GE Ventures $11 automation for drilling operations. www.motivedrilling.com

Rainforest QA Bessemer Venture Partners, Industry Ventures, Marc Benioff, San Francisco, CA 17-Feb-2016 Series A $12 Bessemer Venture Partners Developer of a dashboard for software testing. $16 Rincon Venture Partners www.rainforestqa.com

Real Enterprise Synergy Radnor, PA 17-Feb-2016 Venture Round $10 ORIX Ventures ORIX Ventures Provider of workspace management software. $29 www.res.com

Sprout Social Chicago, IL 17-Feb-2016 Series C $42 The Goldman Sachs Group New Enterprise Associates, The Goldman Sachs Group Provider of social media management and engagement software for businesses. $61 www.sproutsocial.com

TVF Mumbai, India 17-Feb-2016 Venture Round $10 Not disclosed Temasek Boulevard, Tiger Global Management Developer of an online video content platform. $10 www.tvfplay.com

YouAPPi 2B Angels, Altair Capital, Click Ventures, Digital Future, Emery Raanana, Israel 17-Feb-2016 Series B $13 Not disclosed Capital, Flint Capital, Glilot Capital Partners, Global Brain, Hawk Provider of mobile user acquisition platform. $18 www.youappi.com Ventures

Ellevation Emerson Collective, Omidyar Network, Zuckerberg Education Boston, MA 16-Feb-2016 Series A $15 Emerson Collective Developer of a language learning platform. $21 Ventures www.ellevationeducation.com

Giphy Betaworks, CAA Ventures, General Catalyst Partners, Lerer Hippeau New York, NY 16-Feb-2016 Series C $55 Lightspeed Venture Partners Developer of an animated graphics interchange format (GIF) based platform. $79 Ventures, Lightspeed Venture Partners, RRE Ventures www.giphy.com

LiveAction Accelerate-IT Ventures Management, Cisco Investments, Insight Palo Alto, CA 16-Feb-2016 Series B $36 Insight Venture Partners Developer and provider of performance management services. $42 Venture Partners www.liveaction.com

Procore Technologies Carpinteria, CA 16-Feb-2016 Venture Round $30 Not disclosed Not disclosed Provider of an online tool for construction project management. $102 www.procore.com

Notes: 20 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Seven Bridges Cambridge, MA 16-Feb-2016 Series A1 $45 Kryssen Capital Kryssen Capital Provider of biomedical data analysis platform. $51 www.sbgenomics.com

Wavefront Palo Alto, CA 16-Feb-2016 Series A $12 Sequoia Capital Sequoia Capital, Sutter Hill Ventures, Webb Investment Network Developer of data-center management technologies. $21 www.wavefront.com

Zoomdata Accel Partners, Columbus Nova Technology Partners, Comcast Provider of a data analytics and visualization platform for real-time and historical Reston, VA 16-Feb-2016 Series C $25 The Goldman Sachs Group Ventures, New Enterprise Associates, Razor's Edge Ventures, The $47 big data. www.zoomdata.com Goldman Sachs Group

DataRobot Accomplice VC, IA Ventures, Intel Capital, New Enterprise Boston, MA 11-Feb-2016 Series B $33 New Enterprise Associates Associates, New York Life Insurance Company, Recruit Strategic Developer of a machine learning automation software platform. $57 www.datarobot.com Partners

Diffbot Amplify Partners, Andy Bechtolsheim, Bill Lee, Felicis Ventures, Palo Alto, CA 11-Feb-2016 Series A $10 Felicis Ventures, Tencent Holdings Developer of visual content and layout recognition (VCLR) technology. $13 Georges Harik, Tencent Holdings, Valor Capital Group www.diffbot.com

DigiSchool Paris, France 11-Feb-2016 Series B $15 Creadev Bpifrance, Creadev, SEPFI Developer of e-learning tools. $4 www.digischoolgroup.com

Kingsoft Cloud China Asset Management, IDG Capital Partners, Kingsoft Beijing, China 11-Feb-2016 Series C $60 Not disclosed Provider of cloud computing services. $148 Corporation www.ksyun.com

Payleven B Cinque, Holtzbrinck Ventures, MePay, New Enterprise Associates, Berlin, Germany 11-Feb-2016 Series D $10 Not disclosed Provider of a mobile application platform for cashless payment. $25 ru-Net, Seventure Partners www.payleven.de

Student.com London, United Kingdom 11-Feb-2016 Series C $60 Vy Capital Expa Capital, Horizons Ventures, Hugo Barra, Vy Capital Operator of an online marketplace for student housing. NA www.student.com

Veniam Cane Investments, Cisco Investments, Orange Ventures, True Mountain View, CA 11-Feb-2016 Series B $22 Verizon Ventures Ventures, Union Square Ventures, Verizon Ventures, Yamaha Motor Developer of vehicular mesh networks. $27 www.veniam.com Ventures and Laboratory

Waterline Data Science Mountain View, CA 11-Feb-2016 Series B $16 Partech Ventures Infosys Technologies, Partech Ventures Provider of data management software. $23 www.waterlinedata.com

InAuth Bain Capital Ventures, Commerce Ventures, Greg Arrese, Lightseed Los Angeles, CA 10-Feb-2016 Series A $30 Bain Capital Ventures Provider of mobile fraud prevention and mobile application security services. $31 Venture Capital, The Gramercy Fund www.inauth.com

Label Insight Cultivation Capital, dunnhumby Ventures, KPMG Capital, Mercury Provider of food label data for consumers, manufacturers, retailers and the St. Louis, MO 10-Feb-2016 Series B $10 KPMG Capital $13 Fund, Serra Ventures, West Capital Advisors government. www.labelinsight.com

Lantern Mayfield, SoftTech VC, Stanford University Venture Fund, UPMC San Francisco, CA 10-Feb-2016 Series A $17 UPMC Health System Provider of an online mental health wellness services. $22 Health System www.golantern.com

Notes: 21 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Latch (New York) Camber Creek, Corigin Ventures, Expansion Venture Capital, Lux New York, NY 10-Feb-2016 Series A $11 Lux Capital Manufacturer of a keyless entry security system. $17 Capital, PCH International, Primary Venture Partners, Wan Li Zhu www.latchaccess.com

Riskified Entrée Capital, Genesis Partners, NTT DoCoMo Ventures, Phoenix Tel Aviv, Israel 10-Feb-2016 Series B $25 Qumra Capital Developer of online risk enablement detection technologies. $31 Insurance Company, Qumra Capital www.riskified.com

Digital Shadows Paladin Capital Group, Passion Capital, Storm Ventures, TenEleven London, United Kingdom 9-Feb-2016 Series B $14 Trinity Ventures Provider of cyber-monitoring services. $22 Ventures, Trinity Ventures www.digitalshadows.com

Fuze Bessemer Venture Partners, Summit Partners, Technology Cambridge, MA 9-Feb-2016 Series E $112 Summit Partners Provider of a cloud based communications platform. $201 Crossover Ventures www.fuze.com

Iron.io Bain Capital Ventures, Baseline Ventures, Cloud Capital Partners, San Francisco, CA 9-Feb-2016 Series A $12 Baseline Ventures Provider of cloud application services. $17 Divergent Ventures, Ignition Venture Partners, Sapphire Ventures www.iron.io

SwervePay Edgar D. Jannotta, Jr., Garland Capital Group, Gregory Wasson, Jim Lake Villa, IL 9-Feb-2016 Series B $10 Garland Capital Group Provider of cloud based information technology services. $12 Sohr, KGC Capital, Mandell Ventures www.swervepay.com

Hollar Santa Monica, CA 8-Feb-2016 Series A1 $12 Not disclosed Bam Ventures, Index Ventures, Lightspeed Venture Partners Provider of an online shopping platform. $18 www.hollar.com

PowerChord St. Petersburg, FL 8-Feb-2016 Series A $10 Ballast Point Ventures Ballast Point Ventures, Burton Partnership Provider of digital brand management services. $10 www.powerchordsystem.com

Xignite Altos Ventures, QUICK Corp, Startup Capital Ventures, StarVest San Mateo, CA 8-Feb-2016 Series C $21 QUICK Corp Provider of financial market data. $36 Partners www.xignite.com

Wevr AME Cloud Ventures, Boldstart Ventures, Digital Garage, Evolution Los Angeles, CA 5-Feb-2016 Venture Round $25 Not disclosed Media Partners, HTC Corporation, Orange Digital Ventures, Samsung Owner and operator of a virtual reality studio. $44 www.wevr.com Ventures

SnagAJob Glen Allen, VA 4-Feb-2016 Series D $100 Rho Ventures Invus Group, Leo De Luna, NewSpring Capital, Rho Ventures Operator of a job search portal and hourly employment networks. $149 www.snagajob.com

Sonatype Accel Partners, Bay Partners, Canvas Venture Fund, Hummer Fulton, MD 4-Feb-2016 Private Equity $30 The Goldman Sachs Group Winblad Venture Partners, Morgenthaler, New Enterprise Developer of software products for software engineering companies. $47 www.sonatype.com Associates, The Goldman Sachs Group

Zendrive BMW i Ventures, First Round Capital, Fontinalis Partners, Franklin San Francisco, CA 4-Feb-2016 Series A $14 SherpaVentures Provider of driving data utilizing smartphone sensors. $15 Montross, Nyca Partners, SherpaVentures, Thomvest Ventures www.zendrive.com

ABN AMRO Bank, Accenture, ASX, BNP Paribas, Broadridge Digital Asset Holdings Financial Solutions, Citi, CME Ventures, Deutsche Börse Group, New York, NY 3-Feb-2016 Series A $62 J.P. Morgan IBM, ICAP, J.P. Morgan, PNC Financial Services Group, Santander Provider of digital financial services. $62 www.digitalasset.com InnoVentures, The Depository Trust & Clearing Corporation, The Goldman Sachs Group

Notes: 22 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised eSentire Cisco Investments, Edison Partners, Georgian Partners, Information Cambridge, Canada 3-Feb-2016 Series C $20 Edison Partners, Georgian Partners Provider of security consulting and security monitoring services. $39 Venture Partners, Northleaf Capital Partners www.esentire.com

Geofeedia Developer of a platform that provides location-based streaming, search, Chicago, IL 3-Feb-2016 Series B $17 Silversmith Capital Partners Hyde Park Venture Partners, Silversmith Capital Partners $23 monitoring, and analytics. www.geofeedia.com

Handshake (US) Bob Mylod, Charles Cheever, Hans Robertson, Kleiner Perkins San Francisco, CA 3-Feb-2016 Series A $11 Kleiner Perkins Caufield & Byers Caufield & Byers, Lightspeed Venture Partners, Lowercase Capital, Provider of career management services. $15 www.joinhandshake.com True Ventures

Lamudi Asia Pacific Internet Group, Holtzbrinck Ventures, Tengelmann Berlin, Germany 3-Feb-2016 Venture Round $31 Not disclosed Provider of an online real estate marketplace. $56 Ventures www.lamudi.com One (Mobile App) Accomplice VC, Cowboy Ventures, HitForge, Lee Linden, Naval San Francisco, CA 3-Feb-2016 Series A $16 Accomplice VC Developer of mobile applications. $18 Ravikant, Tikhon Bernstam www.whatis1.com The Bouqs Company Azure Capital Partners, Draper Associates, Enspire Capital, KEC Marina Del Rey, CA 3-Feb-2016 Series B $12 Not disclosed Provider of an online flower delivery services. $20 Ventures, Quest Venture Partners www.thebouqs.com

Blockstream AME Cloud Ventures, AXA Strategic Ventures, Blockchain Capital, AXA Strategic Ventures, Digital Garage, Montreal, Canada 2-Feb-2016 Series A $55 Digital Garage, Future Perfect Ventures, Horizons Ventures, Khosla Developer of a mechanism to create cryptocurrencies. $77 Horizons Ventures blockstream.com Ventures, Mosaic Ventures, Seven Seas Venture Partners

Curalate First Round Capital, MentorTech Ventures, New Enterprise Philadelphia, PA 2-Feb-2016 Series C $28 New Enterprise Associates Provider of visual analytics and marketing platform. $40 Associates www.curalate.com

FiscalNote 645 Ventures, Conversion Capital, Green Visor Capital, Jerry Yang, Green Visor Capital, Visionnaire Washington, DC 2-Feb-2016 Series C $10 Mark Cuban, New Enterprise Associates, Perle Ventures, Plug and Provider of a platform for real-time government analysis. $28 Ventures www.fiscalnote.com Play Ventures, Renren, SF Capital, Visionnaire Ventures

Interacting Technology Tel-Aviv, Israel 2-Feb-2016 Angel $10 Not disclosed Not disclosed Provider of a platform for communication and interaction. $12 www.interactech.com

Knewton Accel Partners, Atomico, Bessemer Venture Partners, EDB New York, NY 2-Feb-2016 Series F $52 Atomico, Sofina Investments, First Round Capital, FirstMark Capital, Founders Provider of an online adaptive-learning system. $106 www.knewton.com Fund, Sofina, Tal Education Group

Alibaba, Alphabet, Andreessen Horowitz, Fidelity, JP Morgan Chase Magic Leap & Co., Kleiner Perkins Caufield & Byers, Kohlberg Kravis Roberts, Dania Beach, FL 2-Feb-2016 Series C $794 Alibaba Group Legendary Entertainment, Morgan Stanley, Obvious Ventures, Developer of human computing interfaces and software. $1,387 www.magicleap.com Qualcomm Ventures, T. Rowe Price, Vulcan Capital, Warner Bros, Wellington Management

OutSystems Espírito Santo Ventures, North Bridge Growth Equity, Portugal Atlanta, GA 2-Feb-2016 Series C $55 North Bridge Growth Equity Developer of web business applications and platform. $62 Capital Ventures www.outsystems.com

Receipt Bank London, United Kingdom 2-Feb-2016 Series A $10 Not disclosed Kennet Partners Developer and provider of a bookkeeping automation software. $12 www.receipt-bank.com

Notes: 23 Source: PitchBook. Only financings > $10MM included. Recent Private Financings Internet / Digital Media / Software (Cont’d)

($MM)

Announced Total Name Date Series Amount Lead Investor Other Investors Brief Business Description Raised

Spotcap Berlin, Germany 2-Feb-2016 Series B $34 Finstar Financial Group Finstar Financial Group, Holtzbrinck Ventures Provider of an online credit platform. $56 www.spotcap.es

Wealth Migrate Atlanta, GA 2-Feb-2016 Acquisition Financing $13 Not disclosed Not disclosed Provider of a real estate crowdfunding platform. $33 www.wealthmigrate.com

Widespace Stockholm, Sweden 2-Feb-2016 Venture Round $17 Kreos Capital Industrifonden, Kreos Capital, Northzone Ventures Provider of mobile advertising services. $21 www.widespace.com

Federated Wireless Developer of proprietary technology in the field of wireless networks and Arlington, VA 1-Feb-2016 Series A $22 Woodford Investment Management Allied Minds, Woodford Investment Management $27 communication. www.federatedwireless.com

Kaymera Technologies Herzliya, Israel 1-Feb-2016 Venture Round $10 GOEC Go Capital Ventures Eddy Shalev, GOEC Go Capital Ventures, Yariv Gilat Provider of a mobile defense system. $13 www.kaymera.com

BloomReach Bain Capital Ventures, Battery Ventures, Lightspeed Venture Developer of a software that enables companies to increase their web traffic from Mountain View, CA 29-Jan-2016 Series D $56 Not disclosed $97 Partners, New Enterprise Associates, Salesforce Ventures organic or natural search results. www.bloomreach.com

JobToday Luxembourg City, Luxembourg 28-Jan-2016 Series A $10 Accel Partners Accel Partners, Felix Capital, Mangrove Capital Partners Provider of an online platform for job search on mobile. $10 www.jobtodayapp.com

NewVoiceMedia Bessemer Venture Partners, Business Growth Fund, Eden Ventures, Basingstoke, United Kingdom 28-Jan-2016 Series F $30 Business Growth Fund Highland Capital Partners Europe, Salesforce Ventures, Technology Developer of a cloud communications platform. $150 www.newvoicemedia.com Crossover Ventures

Next Games Amc Networks, IDG Capital Partners, IDG Ventures USA, Jari Helsinki, Finland 28-Jan-2016 Series B $10 IDG Ventures USA, Jari Ovaskainen Developer of mobile gaming applications. $22 Ovaskainen, Lionsgate, Lowercase Capital www.nextgames.com

Pindrop Security Andreessen Horowitz, Citi Ventures, Felicis Ventures, Google Atlanta, GA 28-Jan-2016 Series C $75 Google Capital Provider of an in voice-fraud prevention and authentication tool. $122 Capital, GV, IVP www.pindropsecurity.com

360 Economic Development Canada, Economic Development Canada, Klass Capital, Leaders Fund, Whitby, Canada 27-Jan-2016 Venture Round $10 Provider of on-demand incentives services. $18 Leaders Fund OMERS Ventures www.360incentives.com

Acrobatiq Bill & Melinda Gates Foundation, Carnegie Innovations, Draper Pittsburgh, PA 27-Jan-2016 Series A $13 Not disclosed Developer of learning analytics for higher education. $13 Triangle Ventures, Hearst Ventures www.acrobatiq.com

Branch Metrics Benjamin Narasin, Cowboy Ventures, Founders Fund, Madrona Provider of deep linking technology to mobile application developers and Palo Alto, CA 27-Jan-2016 Series B $35 Founders Fund Venture Group, New Enterprise Associates, Pejman Mar Ventures, $53 marketers. www.branch.io Zach Coelius

College Ave Student Loans Albert Lord, Comcast Ventures, DW Partners, Fenway Summer Wilmington, DE 27-Jan-2016 Venture Round $20 Comcast Ventures Provider of an online platform offering loans and credit facilities for students. $20 Ventures www.collegeavestudentloans.com

Notes: 24 Source: PitchBook. Only financings > $10MM included. GCA Savvian Advisors Overview Selected Recent Digital Media and Software Transactions

Preferred Stock Equity Investment Acquisition of Acquired by Acquired by Acquired by Acquired by Preferred Stock Preferred Stock

Undisclosed

Financial Advisor Financial Advisor We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor February 2016 February 2016 December 2015 August 2015 July 2015 July 2015 June 2015 June 2015 May 2015

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by

Consortium Led by A subsidiary of

We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller April 2015 April 2015 March 2015 February 2015 December 2014 October 2014 October 2014 September 2014 September 2014

Sale of Acquired by Acquired by Preferred Stock Acquisition of Acquisition of Acquisition of Acquisition of Acquisition of

to Japan We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller August 2014 August 2014 August 2014 May 2014 April 2014 April 2014 March 2014 March 2014 November 2013

Sale of Entertainment Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Preferred Stock Acquired by Store Assets to Reality Media Holdings Fairness Opinion for We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Buddy Media September 2013 August 2013 August 2013 July 2013 July 2013 January 2013 September 2012 August 2012 August 2012

Sale of Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Acquired by Acquired by

We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller August 2012 June 2012 June 2012 May 2012 May 2012 April 2012 March 2012 February 2012 January 2012

25 GCA Savvian Digital Media / Software Team

San Francisco New York Tokyo London

th 150 California St., Ste. 2300 640 Fifth Avenue, 10 Fl. 11-1 Marunouchi 1-chome 48 Dover Street San Francisco, CA 94111 New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 London W1S 4FF United States United States Japan United Kingdom Phone: (415) 318-3600 Phone: (212) 999-7090 Phone: +81 (3) 6212-7100 Phone: +44 (0) 207 038-3200

Paul DiNardo Steve Fletcher Rich Jasen Seihun Kong John Lambros Joshua Wepman Advisory Director Managing Director Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3653 Phone: (415) 318-3682 Phone: (212) 999-7083 Phone: (212) 999-7092 Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 308-4760 Mobile: (415) 823-7300 Mobile: (917) 744-9011 Mobile: (917) 306-4168 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Ashley Ma Giuseppe Diprima Tomohiko Kubota Saif Malik Director Vice President Vice President Vice President

Phone: (212) 999-7076 Phone: (212) 999-7088 Phone: +81 (3) 6212-7129 Phone: +44 (0) 207 038-3216 Mobile: (917) 575-0103 Mobile: (347) 622-1887 [email protected] Mobile: +44 (0) 778 606-8553 [email protected] [email protected] [email protected]