July 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 41
4 About Petsky Prunier 56
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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 July 2017 M&A and Investment Summary for All Segments
Transaction Distribution . A total of 519 deals were announced in July 2017, of which 298 were worth $31.7 billion in aggregate reported value . Software was the most active segment with 192 deals announced — 123 of these transactions reported $8.6 billion in value . Marketing Technology was also active with 88 transactions announced, of which 56 were worth a reported $2.0 billion in value . Strategic buyers announced 219 deals (53 reported $15.3 billion in value) . VC/Growth Capital investors announced 266 transactions (234 reported $8.6 billion in value) . Private Equity investors announced 34 deals during the month (11 reported $7.8 billion in value)
July 2017 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 192 37% $8,573.4 27% 62 $5,023.3 12 $1,390.0 118 $2,160.2 Marketing Technology 88 17% 2,007.1 6% 26 283.7 6 508.8 56 1,214.6 Digital Media/Commerce 87 17% 8,281.1 26% 24 3,752.8 1 - 62 4,528.3 Business Services 61 12% 3,089.4 10% 42 1,525.8 7 1,133.0 12 430.6 Traditional Media 27 5% 3,902.0 12% 19 2,887.4 4 954.6 4 60.0 Digital Advertising 19 4% 1,870.7 6% 11 1,708.7 1 - 7 162.0 Agency & Marketing Services 35 7% 157.4 0% 32 77.4 2 80.0 1 - Information 10 2% 3,806.5 12% 3 6.0 1 3,740.4 6 60.1 Total 519 100% 31,687.6 100% 219 15,265.0 34 7,806.8 266 8,615.8
* Discovery Communications’ $14.6 billion acquisition of Scripps Networks has been excluded to limit comparative distortions
3 | M&A and Investment Summary July 2017 M&A and Investment Summary for All Segments
Transaction Distribution . Reported transaction value in July remained flat from June 2017 and was up six percent from July 2016 . Strategic activity accounted for 87 percent of reported control transactions during the month and included significant transactions: • The pending 62 percent controlling stake taken by Liberty Media in HSN in an all-stock transaction valuing the company at $2.1 billion • Red Ventures’ acquisition of Bankrate in a transaction valuing the company at $1.4 billion • Sage Group’s $850 million acquisition of accounting software developer Intacct • The $600 million Dex Media acquisition of YP Holdings • OpenText’s $222 million acquisition of security and eDiscovery solutions developer Guidance Software • The pending acquisition of Rocket Fuel in a transaction valuing the company at $145 million by Vector Capital-backed Sizmek
$100.0 $500.0 $90.0 $80.0 $400.0 $70.0 $60.0 $300.0 $51.2 $50.2 $50.0 $42.6 Tribune Scripps / $40.0 $33.7 $36.2 Discovery $200.0 NetSuite $29.3 $30.0 $25.4 $25.2 $24.6 $24.1 HP Software $21.3 $20.8 $19.9 $20.0 TeamHealth $100.0 $10.0 427 473 463 449 419 415 457 449 545 471 520 569 519 $- $- Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 *Note, Discovery Communications’ $14.6 billion acquisition Scripps Networks, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Sinclair Broadcast Group’s $6.6 billion acquisition of Tribune Media, and Blackstone’s $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions.
4 | M&A and Investment Summary July 2017 Selected Transactions with Valuation Information Disclosed ($ in Millions)
Selected Transactions With Multiples Information
Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services BIC Graphic North America Ad Specialty/Premiums H.I.G. Capital LLC $ 80.0 $ 300.0 $ - 0.3x NA The Creative Engagement Group Limited Digital Agency Huntsworth PLC 32.0 32.2 4.7 1.0x 6.8x Velocity Partners Limited B-to-B Agency Next Fifteen Communications Group plc 7.6 6.7 - 1.1x NA
Business Services Programmed Maintenance Services Limited Staffing Persol Holding Co., Ltd. 586.9 2,044.7 51.0 0.3x 11.5x NCI, Inc. IT Consulting/Systems Integration H.I.G. Capital LLC 283.0 318.0 28.0 0.9x 10.1x OnX Enterprise Solutions Ltd. IT Consulting/Systems Integration Cincinnati Bell Inc. 199.0 614.0 29.0 0.3x 6.9x CDI Corporation Staffing AE Industrial Partners 182.5 818.4 - 0.2x NA PARX IT Consulting/Systems Integration Persistent Systems Ltd. 16.5 7.8 - 2.1x NA TechJini Solutions Private Limited IT Consulting/Systems Integration Datamatics Global Services Ltd. 8.5 5.0 - 1.7x NA
Digital Advertising Bankrate, Inc. Online Lead Generation Red Ventures Limited 1,438.5 460.0 96.0 3.1x 15.0x Rocket Fuel, Inc. Ad Networks/Exchanges Sizmek, Inc. 149.9 446.7 - 0.3x NA Bettingpro.com Affiliate/CPA Network Catena Media 17.8 5.4 - 3.3xNA NA Digital Media/Commerce HSN, Inc. eCommerce Liberty Media Corporation 2,652.8 3,536.2 249.7 0.8x 10.6x Purple Innovaton LLC eCommerce Global Acquisition Partners 1,100.0 187.0 - 5.9x NA
Information WebMD Health Corporation Healthcare Information Kohlberg Kravis Roberts & Company L.P. 3,740.4 700.6 181.7 5.3x 20.6x LexisNexis 150 Law Enforcement Publications Legal Information Blue360 Media LLC 6.0 4.8 1.2 1.3xNA 5.0x Marketing Technology PlusServer GmbH Website Creation/Hosting BC Partners Limited 448.8 105.4 42.2 4.3x 10.6x TXT Retail Segmentation/Data Mining Aptos, Inc. 95.4 40.4 - 2.4x NA The Experience Engine, Inc. Analytics & Targeting accesso Techology Group, plc 79.7 12.7 - 6.3x NA
Software Bambora Financial Software Ingenico Group 1,683.1 278.0 - 6.1x NA Civica Group Ltd. Cloud Computing Technology Partners Group AG 1,349.4 352.0 101.9 3.8x 13.2x Intacct Corporation Financial Software Sage Group plc 850.0 88.0 - 9.7x NA Merchants' Choice Payment Solutions Financial Software Paysafe Group Plc 470.0 446.0 - 1.1x NA Guidance Software Inc. Data Management Software OpenText Corporation 223.9 108.6 - 2.1x NA Archway Technology Partners LLC Financial Software SEI Investments 88.0 17.9 3.6 4.9x 24.4x Enoro Holding AS Financial Software Hansen Technologies Limited 73.3 42.0 - 1.7x NA iBabs B.V. Data Management Software Euronext N.V 57.1 6.7 4.3 8.6x 13.3x InfoTrellis, Inc. Data Management Software Mastech Digital, Inc. 55.0 22.0 - 2.5x NA EcoOnline AS Engineering Software Summa Equity 42.0 10.3 1.4 4.1x 30.4x Netika SAS Healthcare Software Medasys S.A. 11.0 6.4 1.1 1.7x 10.4x
Traditional Media Penguin Random House Consumer Book Publishing Bertelsmann SE & Co. KGaA 4,466.0 3,400.0 531.0 1.3x 8.4x YP LLC Yellow Pages Dex Media 600.0 1,600.0 - 0.4x NA Grupo Media Capital Broadcast Television Altice USA, Inc. 504.2 191.4 44.2 2.6x 11.4x Nova TV and Pop TV Broadcast Television United Group B.V. 258.1 114.8 13.9 2.2x 18.6x
5 | M&A and Investment Summary July 2017 Securities in Registration ($ in Millions)
Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jul-17 Stitch Fix, Inc. United States Digital Media/Commerce NA NA NA Jun-17 Vencore, Inc. United States Business Services 250.0 1,700.0 NA Jun-17 Best Logistics Group, Inc. China Business Services 1,000.0 1,300.0 NA Jun-17 Ancestry.com LLC United States Digital Media/Commerce NA NA NA May-17 Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1 May-17 Sea Ltd. Singapore Digital Media/Commerce NA NA NA Apr-17 Tivit S.A. Brazil Business Services 319.3 2,031.8 287.2 Feb-17 ForeScout Technologies, Inc. United States Software NA NA NA Jan-17 EVRY AS Norway Business Services 151.1 12,859.5 NA Dec-16 AppNexus, Inc United States Marketing Technology NA NA NA Oct-16 Carbon Black, Inc. United States Software NA NA NA
6 | M&A and Investment Summary July 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 Jul 31, 2017 1st Trading Day Jul-17 NasdaqGS:RDFN Redfin Corporation United States $12.00-$14.00 15.00 $21.72 up 45% 24.13 11.1% Jun-17 NYSE:APRN Blue Apron Holdings, Inc. United States 10.00-11.00 10.00 9.99, flat 6.61 (33.8%) Jun-17 NYSE:ATUS Altice USA, Inc. United States 27.00-31.00 31.00 32.71 up 9% 33.44 2.2%
Jun-17 NasdaqGM:TNTR Tintri, Inc. United States 7.00-8.00 7.00 7.27 up 3.9% 6.72 (7.6%) May-17 NasdaqGM:APPN Appian Corporation United States 11.00-13.00 12.00 15.01 up 25% 19.56 30.3% May-17 NasdaqGM:VERI Veritone, Inc. United States 14.00-16.00 15.00 13.07 down 13% 9.15 (30.0%) Apr-17 NYSE:CVNA Carvana Co. United States 13.00-16.00 15.00 11.10 down 26% 19.52 75.9% Apr-17 NYSE:CLDR Cloudera, Inc. United States 12.00-14.00 15.00 18.10 up 21% 17.25 (4.7%)
Apr-17 NasdaqGS:OKTA Okta, Inc. United States 15.00-17.00 17.00 23.51 up 38% 21.95 (6.6%) Apr-17 NYSE:NETS Netshoes (Cayman) Limited Brazil 18.00-20.00 18.00 16.10 down 10.5% 20.39 26.6% Apr-17 NYSE:YEXT Yext, Inc. United States 8.00-10.00 11.00 13.29 up 21% 13.00 (2.2%) Mar-17 NYSE:AYX Alteryx, Inc. United States 12.00-14.00 14.00 15.50 up 10.7% 20.12 29.8% Mar-17 NYSE:MULE MuleSoft, Inc. United States 14.00-16.00 17.00 24.75 up 46% 21.74 (12.2%)
Mar-17 NasdaqGS:PSDO Presidio, Inc. United States 14.00-16.00 14.00 14.25 up 1.8% 13.63 (4.4%) Mar-17 NYSE:SNAP Snap Inc. United States 14.00-16.00 17.00 24.48 up 44% 13.67 (44.2%) Dec-16 NasdaqGS:TRVG trivago N.V. Germany 13.00-15.00 11.00 11.85 up 7.7% 21.27 79.5% Oct-16 NasdaqGS:BL BlackLine, Inc. United States 15.00-17.00 17.00 23.70 up 39% 38.77 63.6%
Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 30.73 (6.3%) Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 21.25 (42.6%) Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 53.31 77.1% Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 17.75 (21.3%) Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 7.53 (50.6%)
Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 23.65 60.9%
7 | M&A and Investment Summary July 2017 Digital Media/Commerce
. Of the total $8.3 billion in value reported in the Digital Media/Commerce segment, $4.5 billion in venture/growth capital investments were announced, while nearly $3.8 billion in strategic acquisitions were made . eCommerce was the most active subsegment across all segments with 42 transactions announced, of which 33 were reported for $7.4 billion. Select transactions from the subsegment include: • The pending merger between direct-to-consumer mattress company Purple and public investment vehicle Global Partner Acquisition Corp. in a transaction that will result in a public company with an enterprise value of $1.1 billion . Select Digital Media/Commerce transactions include: • The $2 billion investment received by Uber competitor Grab Taxi at a reported valuation of more than $6 billion from Softbank and Didi Chuxing • The $350 million investment received by Indonesia-based online travel portal Traveloka from Expedia at a reported valuation of more than $1 billion • Online auto retailer Vroom’s $76 million round of funding from T. Rowe Price, L Catterton, PICO Ventures, and General Catalyst • The $50 million Avenir Growth Capital-led investment in art collection and discovery platform Artsy
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 42 48% $7,424.7 90% 9 $3,752.8 1 - 32 $3,671.9 Digital Marketplace 14 16% 310.1 4% 2 - 0 - 12 310.1 Mobile Content/Apps 11 13% 416.9 5% 4 - 0 - 7 416.9 Social Media/Apps 10 11% 63.4 1% 5 - 0 - 5 63.4 Gaming* Microsoft’s $26.2 billion acquisition of LinkedIn8 and Tencent’s $10.29% billion acquisition66.0 of Supercell have1% been excluded2 to limit comparative- distortions0 - 6 66.0 Niche Content 2 2% - 0% 2 - 0 - 0 - Total 87 100% 8,281.1 100% 24 3,752.8 1 0.0 62 4,528.3
8 | M&A and Investment Summary July 2017 Digital Media Public Company Valuation (1/2)
US-Based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alphabet Inc. $945.50 -6% $ 649,901.6 $ 559,143.6 $ 99,275.0 $ 32,251.0 32.5% 21.4% 5.6x 17.3x Apple Inc. 148.73 -7% 775,454.4 807,068.4 223,507.0 70,206.0 31.4% 1.5% 3.6x 11.5x Facebook, Inc. 169.25 -4% 491,535.3 456,083.3 33,173.0 18,084.0 54.5% 49.7% 13.7x 25.2x Fitbit, Inc. 5.16 -70% 1,179.1 453.0 1,729.8 (234.2) NM -21.8% 0.3x NM Glu Mobile Inc. 2.73 -14% 367.8 294.7 223.2 (78.8) NM -1.8% 1.3x NM GoPro, Inc. 8.24 -53% 1,185.6 1,110.7 1,296.3 (156.7) NM 4.4% 0.9x NM IAC/InterActiveCorp 104.63 -9% 8,233.3 8,575.2 3,103.5 459.8 14.8% -4.6% 2.8x 18.7x j2 Global, Inc. 84.63 -7% 4,078.6 4,719.5 928.4 375.9 40.5% 22.2% 5.1x 12.6x Leaf Group Ltd. 7.55 -19% 152.0 110.5 117.9 (21.1) NM 3.0% 0.9x NM The Meet Group, Inc. 5.02 -38% 349.0 274.6 97.8 25.1 25.7% 53.1% 2.8x 10.9x Netflix, Inc. 181.66 -5% 78,431.7 81,103.3 10,189.8 706.9 6.9% 33.6% 8.0x NM Pandora Media, Inc. 8.95 -40% 2,169.6 2,467.2 1,437.3 (288.2) NM 11.6% 1.7x NM RealNetworks, Inc. 4.35 -20% 161.4 95.1 126.2 (17.2) NM 6.3% 0.8x NM Remark Holdings, Inc. 2.92 -39% 66.1 95.5 60.4 (10.7) NM 118.1% 1.6x NM Snap Inc. 13.67 -54% 16,116.9 12,889.7 515.3 (2,593.8) NM 455.0% 25.0x NM TheStreet, Inc. 0.76 -41% 26.9 4.3 62.4 1.4 2.2% -5.5% 0.1x 3.1x Twitter, Inc. 16.09 -36% 11,677.04 9,343.14 2,455.25 142.67 5.8% -0.8% 3.8x 65.5x WebMD Health Corp. 66.25 0% 2,462.5 2,473.8 709.0 184.5 26.0% 5.7% 3.5x 13.4x XO Group Inc. 18.28 -13% 455.7 357.3 155.7 14.1 9.1% 5.8% 2.3x 25.3x Zynga Inc. 3.61 -6% 3,105.0 2,384.5 776.5 (67.7) NM 3.5% 3.1x NM
Average 2.4x 15.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (37.6x) *Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)
9 | M&A and Investment Summary July 2017 Digital Media Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China $188.43 -5% $ 65,403.0 $ 58,323.7 $ 10,401.8 $ 2,764.3 26.6% 3.1% 5.6x 21.1x CyberAgent, Inc. Japan 32.46 -11% 4,088.9 3,908.5 3,066.5 310.3 10.1% 22.5% 1.3x 12.6x DeNA Co., Ltd. Japan 23.79 -32% 3,457.7 2,736.9 1,289.7 320.6 24.9% 0.1% 2.1x 8.5x G5 Entertainment AB (publ) * Sweden 35.61 -5% 313.4 305.3 72.8 7.0 9.6% 67.5% 4.2x 43.6x Gree, Inc. Japan 8.46 -14% 1,991.7 1,286.1 554.0 57.5 10.4% -17.8% 2.3x 22.4x HolidayCheck Group AG * Germany 3.55 -7% 205.1 164.5 122.4 2.9 2.4% 4.0% 1.3x 56.9x International Game Technology PLC United Kingdom 18.52 -42% 3,775.3 11,173.6 5,024.9 1,488.9 29.6% -1.9% 2.2x 7.5x mixi, Inc. Japan 54.54 -16% 4,354.2 3,161.1 1,857.9 816.7 44.0% -0.8% 1.7x 3.9x Meitu, Inc. * China 1.36 -54% 5,804.0 5,015.0 227.3 (80.0) NM 112.8% 22.1x NM NCsoft Corporation South Korea 317.94 -16% 6,756.4 6,027.3 878.6 281.7 32.1% 10.2% 6.9x 21.4x Naver Corporation South Korea 743.04 -14% 21,405.2 19,230.5 3,727.9 1,155.7 31.0% 20.8% 5.2x 16.6x NetEase, Inc. China 302.74 -10% 40,736.3 35,682.1 6,376.5 2,170.2 34.0% 62.3% 5.6x 16.4x NEXON Co., Ltd. Japan 19.93 -3% 8,760.6 5,929.4 1,797.5 1,006.5 56.0% 2.4% 3.3x 5.9x Pacific Online Limited China 0.18 -36% 201.8 138.8 140.3 26.6 18.9% -11.1% 1.0x 5.2x Phoenix New Media Limited China 2.62 -39% 188.8 143.0 205.7 4.7 2.3% -9.6% 0.7x 30.2x Renren Inc. * China 6.06 -52% 425.9 465.3 73.5 (70.0) NM 68.8% 6.3x NM Sohu.com Inc. China 45.60 -10% 1,793.2 1,152.3 1,616.6 34.3 2.1% -14.5% 0.7x 33.6x Weibo Corporation * China 72.87 -11% 16,247.0 15,806.7 735.7 201.9 27.4% 46.9% 21.5x 78.3x WeMade Entertainment Co., Ltd. South Korea 28.34 -15% 470.5 445.3 98.2 11.4 11.6% -10.7% 4.5x 39.0x Yandex N.V. Russia 31.59 -3% 10,248.8 9,547.1 1,418.9 389.6 27.5% 25.3% 6.7x 24.5x YY Inc. China 65.06 2% 3,550.2 3,572.9 1,281.2 335.2 26.2% 37.9% 2.8x 10.7x
Average 2.7x 13.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (43.6x)
10 | M&A and Investment Summary July 2017 eCommerce Public Company Valuation (1/2)
($ in Millions, except stock price data) US-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-FLOWERS.COM, Inc. $9.98 -13% $ 688.5 $ 741.5 $ 1,188.5 $ 76.0 6.4% 1.8% 0.6x 9.8x Alphabet Inc. 950.52 -1% 649,322.6 560,820.6 94,765.0 31,208.0 32.9% 21.5% 5.9x 18.0x Amazon.com, Inc. 941.37 -1% 446,500.8 446,568.8 142,573.0 12,221.0 8.6% 25.7% 3.1x 36.5x Apple Inc. 151.16 1% 776,653.6 808,267.6 220,457.0 69,715.0 31.6% -3.1% 3.7x 11.6x Blucora, Inc. 20.78 0% 872.5 1,193.7 472.5 85.0 18.0% 133.5% 2.5x 14.0x Blue Apron Holdings, Inc. 6.48 -41% 1,395.3 1,680.4 868.2 (100.3) NM 0.0% 1.9x NM CafePress Inc. 2.69 -28% 46.4 13.2 102.0 (0.6) NM -0.1% 0.1x NM Carvana Co. 11.00 -21% 163.8 295.4 451.3 (103.1) NM 0.0% 0.7x NM CDW Corporation 58.52 -4% 9,230.5 12,704.3 14,189.9 1,082.7 7.6% 6.3% 0.9x 11.7x Chegg, Inc. 11.57 -4% 1,085.2 1,015.0 250.0 (11.4) NM -11.7% 4.1x NM Copart, Inc. 30.59 -3% 7,040.2 7,577.3 1,402.0 504.2 36.0% 15.1% 5.4x 15.0x eBay Inc. 33.49 -4% 36,258.3 38,470.3 9,059.0 2,935.0 32.4% 4.5% 4.2x 13.1x Etsy, Inc. 11.32 -29% 1,358.6 1,094.0 380.0 28.2 7.4% 28.0% 2.9x 38.7x EVINE Live Inc. 1.33 -45% 79.3 132.0 655.6 13.6 2.1% -6.6% 0.2x 9.7x Expedia, Inc. 139.64 -1% 21,190.4 22,576.4 9,058.3 1,101.8 12.2% 25.8% 2.5x 20.5x FTD Companies, Inc. 20.33 -27% 549.5 744.8 1,108.3 106.7 9.6% -6.1% 0.7x 7.0x GrubHub Inc. 45.57 -1% 3,929.1 3,567.9 537.2 124.4 23.1% 39.2% 6.6x 28.7x HSN, Inc. 36.35 -33% 1,859.3 2,335.1 3,536.2 249.7 7.1% -3.5% 0.7x 9.4x IAC/InterActiveCorp 99.83 -1% 7,910.4 8,252.3 3,081.5 432.4 14.0% -6.0% 2.7x 19.1x Liberty Ventures 51.62 -6% 4,518.7 5,688.7 289.0 (22.0) NM -57.9% 19.7x NM Liquidity Services, Inc. 7.33 -36% 231.4 115.3 306.8 (15.7) NM -4.6% 0.4x NM Match Group, Inc. 19.17 -4% 4,989.7 5,736.7 1,260.9 368.2 29.2% 20.6% 4.5x 15.6x Overstock.com, Inc. 15.43 -25% 387.4 306.5 1,818.7 1.8 0.1% 8.7% 0.2x NM PetMed Express, Inc. 28.23 16% 490.6 442.7 249.2 38.9 15.6% 6.2% 1.8x 11.4x The Priceline Group Inc. 1,902.18 -1% 93,569.6 96,438.9 11,014.3 4,167.8 37.8% 15.6% 8.8x 23.1x QVC Group $21.15 -22% 9,618.1 15,754.1 10,175.0 1,779.0 17.5% 6.0% 1.5x 8.9x Shutterfly, Inc. 52.19 -4% 1,775.3 1,968.7 1,144.5 140.0 12.2% 5.9% 1.7x 14.1x Shutterstock, Inc. 43.54 -33% 1,512.6 1,262.3 507.9 64.4 12.7% 14.3% 2.5x 19.6x Spark Networks, Inc. 1.05 -57% 35.3 24.5 32.5 0.6 2.0% -27.0% 0.8x 37.8x Stamps.com Inc. 104.55 -23% 1,908.79 1,926.24 387.51 153.67 39.7% 53.9% 5.0x 12.5x U.S. Auto Parts Network, Inc. 3.65 -19% 129.6 133.7 303.7 8.6 2.8% 2.8% 0.4x 15.6x Wayfair Inc. 49.01 -1% 4,194.1 3,874.4 3,593.8 (166.5) NM 39.7% 1.1x NM
Average 2.0x 13.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.5x) and EBITDA multiples that are 1.0 standard deviations above the mean (26.8x)
11 | M&A and Investment Summary July 2017 eCommerce Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. China $33.71 -39% $ 4,734.7 $ 4,721.2 $ 1,172.2 $ 160.0 13.6% 48.8% 4.0x 29.5x Alibaba Group Holding Limited * China 101.37 -8% 257,750.0 256,505.1 22,987.1 9,164.0 39.9% 56.5% 11.2x 28.0x Cnova N.V. * France 5.62 -12% 1,757.4 1,845.8 1,959.0 18.7 1.0% 6.8% 0.9x 98.5x JD.com, Inc. * China 29.41 -2% 41,933.3 41,008.6 41,011.7 477.3 1.2% 42.2% 1.0x 85.9x Jumei International Holding Limited China 4.15 -38% 614.4 171.0 904.1 23.5 2.6% -14.5% 0.2x 7.3x LightInTheBox Holding Co., Ltd. * China 2.98 -17% 205.4 117.4 297.9 (8.3) NM -1.8% 0.4x NM Mercadolibre, Inc. Argentina 196.40 0% 8,616.0 8,449.9 960.7 259.4 27.0% 45.3% 8.8x 32.6x Netshoes (Cayman) Limited * Brazil 14.86 -14% 449.9 543.4 565.8 (3.5) NM 15.0% 1.0x NM PChome Online Inc. Taiwan 7.56 -41% 834.2 607.7 851.3 36.3 4.3% 8.2% 0.7x 16.7x Rakuten, Inc. Japan 9.69 -24% 13,824.9 15,250.4 7,297.7 1,483.5 20.3% 10.7% 2.1x 10.3x Travelport Worldwide Limited United Kingdom 14.10 -7% 1,757.5 4,012.0 2,392.9 430.4 18.0% 6.0% 1.7x 9.3x trivago N.V. * Germany 13.65 -2% 3,114.6 3,112.3 922.2 (19.9) NM 61.2% 3.4x NM Vipshop Holdings Limited China 12.44 -29% 7,152.5 7,049.8 8,768.7 566.7 6.5% 38.0% 0.8x 12.4x
Average 1.6x 21.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.6x) and EBITDA multiples that are 1.0 standard deviations above the mean (65.7x)
12 | M&A and Investment Summary July 2017 Digital Advertising
. A total of 19 transactions were announced in the Digital Advertising segment, of which 11 were worth $1.9 billion in reported value . Excluding Red Ventures’ $1.4 billion acquisition of Bankrate, the Ad Exchanges/Network subsegment was the most valuable subsegment in July with three transactions worth $188 million . Select transactions: • The $38.5 million acquisition of bid requests platform nToggle by Rubicon Project • Upland Software’s acquisition of on-demand mobile marketing company Waterfall in a transaction valuing the company $25.9 million • The acquisition of long-term senior housing search platform A Place for Mom by Silver Lake and General Atlantic from Warburg Pincus • Internet Brands’ acquisition of discount dental plans and healthcare benefits marketplace Dentalplans.com • The acquisition of cross-channel ad network Httpool by Sony
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Ad Networks/Exchanges 3 16% $188.4 10% 2 $188.4 0 - 1 - Affiliate/CPA Network 3 16% 47.1 3% 3 47.1 0 - 0 - Comparison Shopping 3 16% 89.0 5% 1 - 0 - 2 89.0 Local Search 3 16% 73.0 4% 0 - 0 - 3 73.0 Mobile Marketing 3 16% 34.8 2% 3 34.8 0 - 0 - Digital Promotion/Coupon 2 11% - 0% 1 - 0 - 1 - Online Lead Generation 2 11% 1,438.5 77% 1 1,438.5 1 - 0 - Total 19 100% 1,870.7 100% 11 1,708.7 1 0.0 7 162.0
13 | M&A and Investment Summary July 2017 Digital Advertising Public Company Valuation (1/2)
($ in Millions, except stock price data)
US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $241.43 -9% $ 13,441.8 $ 33,202.7 $ 7,413.9 $ 1,465.0 19.8% 9.6% 4.5x 22.7x Alphabet Inc. 945.50 -6% 649,901.6 559,143.6 99,275.0 32,251.0 32.5% 21.4% 5.6x 17.3x Angie's List, Inc. * $11.98 -10% 729.3 738.6 302.3 3.6 1.2% -11.1% 2.4x 205.2x Autobytel Inc. 11.01 -40% 121.9 102.4 156.2 15.5 9.9% 4.9% 0.7x 6.6x Bankrate, Inc. 13.90 -2% 1,235.8 1,348.9 459.3 96.0 20.9% 22.0% 2.9x 14.1x Blucora, Inc. 22.40 -7% 1,006.5 1,300.6 491.6 92.5 18.8% NA 2.6x 14.1x Care.com, Inc. 14.53 -10% 427.2 394.2 165.9 7.4 4.5% 13.7% 2.4x 53.2x Cogint, Inc. 4.40 -29% 241.0 282.0 198.2 (14.1) NM 279.2% 1.4x NM DHI Group, Inc. 2.20 -74% 110.9 157.4 215.6 39.5 18.3% -12.4% 0.7x 4.0x Facebook, Inc. 169.25 -4% 491,535.3 456,083.3 33,173.0 18,084.0 54.5% 49.7% 13.7x 25.2x Groupon, Inc. 3.76 -37% 2,110.6 1,644.5 3,057.4 61.4 2.0% 0.1% 0.5x 26.8x IAC/InterActiveCorp 104.63 -9% 8,233.3 8,575.2 3,103.5 459.8 14.8% -4.6% 2.8x 18.7x Inuvo, Inc. 1.08 -53% 30.8 30.6 70.0 (0.5) NM -7.6% 0.4x NM LendingTree, Inc. 220.60 -5% 2,646.9 2,524.0 480.7 73.3 15.2% 42.6% 5.3x 34.5x MaxPoint Interactive, Inc. 6.87 -38% 46.3 44.6 147.5 (10.6) NM 4.7% 0.3x NM Perion Network Ltd. 1.72 -28% 132.8 174.6 290.7 22.4 7.7% 6.1% 0.6x 7.8x QuinStreet, Inc. 3.89 -16% 176.8 135.1 297.4 (3.1) NM 2.7% 0.5x NM Quotient Technology Inc. 11.60 -19% 1,048.3 873.7 289.0 (2.4) NM 11.5% 3.0x NM RhythmOne plc 0.47 -28% 233.4 181.3 149.0 (3.5) NM 28.4% 1.2x NM Rocket Fuel Inc. 2.60 -56% 122.1 145.3 446.7 (10.1) NM -3.3% 0.3x NM Snap Inc. * 13.67 -54% 16,116.9 12,889.7 515.3 (2,593.8) NM 455.0% 25.0x NM Redfin Corporation 24.13 -28% 1,919.2 2,561.7 285.4 (18.0) NM 0.0% 9.0x NM The Rubicon Project, Inc. 4.70 -53% 227.6 39.7 227.4 7.1 3.1% -23.7% 0.2x 5.6x TiVo Corporation 19.60 -16% 2,374.15 3,077.20 819.79 252.94 30.9% 61.4% 3.8x 12.2x Travelzoo 10.50 -21% 137.8 115.8 122.8 10.2 8.3% -6.0% 0.9x 11.4x The Trade Desk, Inc. 53.31 -8% 2,256.0 2,175.2 225.9 58.7 26.0% 78.9% 9.6x 37.0x Tremor Video, Inc. 2.09 -24% 104.8 77.7 185.4 (3.8) NM 12.3% 0.4x NM TripAdvisor, Inc. 39.02 -41% 5,510.7 4,981.7 1,500.0 202.0 13.5% 1.3% 3.3x 24.7x TrueCar, Inc. 18.93 -13% 1,758.4 1,672.9 291.4 (20.7) NM 10.7% 5.7x NM Twitter, Inc. 16.09 -36% 11,677.0 9,343.1 2,455.2 142.7 5.8% -0.8% 3.8x 65.5x Web.com Group, Inc. 21.95 -15% 1,016.4 1,663.9 749.7 154.4 20.6% 23.4% 2.2x 10.8x Yelp Inc. 32.53 -25% 2,621.3 2,135.8 787.2 42.7 5.4% 25.1% 2.7x 50.0x Yext, Inc. 13.00 NA 1,170.5 1,036.8 134.2 (44.9) NM 0.0% 7.7x NM YuMe, Inc. 4.34 -26% 148.6 89.0 157.6 3.5 2.2% -8.5% 0.6x 25.3x Zillow Group, Inc. * 45.43 -11% 8,317.4 8,130.1 906.4 48.8 5.4% 28.9% 9.0x 166.5x
Average 2.5x 12.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (89.3x) 14 | M&A and Investment Summary July 2017 Digital Advertising Public Company Valuation (2/2)
($ in Millions, except stock price data)
Internationally-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cliq Digital AG Germany $7.90 -20% $ 48.7 $ 60.7 $ 68.9 $ 4.9 7.2% 17.2% 0.9x 12.3x Criteo S.A. France 48.42 -14% 3,135.4 2,931.0 1,914.6 178.8 9.3% 33.9% 1.5x 16.4x Just Dial Limited India 7.57 -27% 526.7 416.6 110.9 15.1 13.6% 4.0% 3.8x 27.5x MakeMyTrip Limited India 33.30 -19% 3,068.1 2,935.3 447.6 (75.5) NM 33.2% 6.6x NM Matomy Media Group Ltd. Israel 1.31 -26% 125.8 150.7 276.6 15.2 5.5% 2.1% 0.5x 9.9x Metaps Inc. * Japan 25.07 -38% 323.7 296.9 107.7 6.6 6.2% 0.0% 2.8x 44.8x Opera Software ASA Norway 4.32 -46% 634.8 837.3 514.6 31.4 6.1% 12.7% 1.6x 26.7x Pacific Online Limited China 0.25 -13% 274.5 233.3 140.3 26.6 18.9% -11.1% 1.7x 8.8x Rightmove plc * United Kingdom 52.95 -6% 4,900.9 4,884.3 271.6 201.2 74.1% 14.5% 18.0x 24.3x Septeni Holdings Co., Ltd. Japan 3.09 -57% 394.9 291.2 145.7 30.5 20.9% -62.3% 2.0x 9.5x Taptica International Ltd Israel 2.93 -29% 185.1 176.2 125.9 23.1 18.4% 66.0% 1.4x 7.6x Tencent Holdings Limited China 27.19 -25% 255,063.17 256,141.47 24,616.94 10,065.50 40.9% 50.7% 10.4x 25.4x TradeDoubler AB Sweden 0.53 -35% 23.30 21.51 146.36 (3.22) NM -16.4% 0.1x NM XLMedia PLC Channel Islands 1.30 -23% 257.2 219.0 103.6 31.2 30.1% 16.1% 2.1x 7.0x Yandex N.V. Netherlands 24.22 -17% 7,955.8 7,256.9 1,418.9 389.6 27.5% 25.3% 5.1x 18.6x Zhaopin Limited China 16.90 -11% 939.1 634.6 264.0 50.5 19.1% 25.0% 2.4x 12.6x
Average 2.3x 14.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.7x)
15 | M&A and Investment Summary July 2017 Marketing Technology
. The Marketing Technology segment announced 88 transactions, of which 56 reported more than $2.0 billion in value . Analytics & Targeting was the most active subsegments with announcing 17 transactions worth more than $340 million . Select transactions: • Aptos’ $99 million purchase of merchandise lifecycle management and pricing solution TXT Retail from TXT e-Solutions • Consumer experience measurement solutions company The Experience Engine’s $83.2 million sale to accesso Technology Group • Amazon’s acquisition of data visualization solutions and vertical search engines developer Graphiq for a reported $50 million • Fidelity National Financial’s acquisition of Real Geeks, a provider of SaaS-based customer relationship management and marketing solutions to real estate professionals (A Petsky Prunier-led transaction) • The acquisition of user-generated content rights management startup Source3 by Facebook • Outbrain’s purchase of marketing content aggregation and indexing solution Zemanta
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 17 19% $343.6 17% 1 $79.7 0 - 16 $263.9 Commerce Management 9 10% 216.1 11% 1 16.5 1 - 7 199.6 Content Management 8 9% 147.8 7% 1 - 2 60.0 5 87.8 CRM 8 9% 15.0 1% 7 - 0 - 1 15.0 MRM/Workflow Management 7 8% 23.9 1% 1 - 1 - 5 23.9 Search & Discovery 7 8% 503.7 25% 1 50.0 0 - 6 453.7 Social Technology 4 5% 4.6 0% 3 4.6 0 - 1 - Other* 28 32% 752.4 37% 11 132.9 2 448.8 15 170.7 Total 88 100% 2,007.1 100% 26 283.7 6 508.8 56 1,214.6
16 | M&A and Investment Summary July 2017 Marketing Technology Public Company Valuation (1/2)
($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated $146.49 -3% $ 72,279.00 $ 69,235.88 $ 6,526.22 $ 2,141.50 32.8% 23.0% 10.6x 32.3x Alteryx, Inc. 20.12 -15% 1,174.0 1,009.5 106.3 (20.6) NM 0.0% 9.5x NM AppFolio, Inc. 34.95 -4% 1,183.2 1,155.9 114.5 (0.3) NM 39.1% 10.1x NM Bazaarvoice, Inc. 4.70 -23% 396.2 337.0 201.2 (4.9) NM 0.7% 1.7x NM Blackbaud, Inc. 92.34 -2% 4,334.7 4,705.1 757.2 129.6 17.1% 10.7% 6.2x 36.3x Brightcove Inc. 6.70 -51% 230.1 202.3 153.3 (10.6) NM 7.8% 1.3x NM ChannelAdvisor Corporation 10.50 -34% 276.5 214.4 118.1 (4.6) NM 10.1% 1.8x NM eBay Inc. 35.73 -5% 38,242.4 40,691.4 9,157.0 2,883.0 31.5% 4.2% 4.4x 14.1x Endurance International Group 9.25 -6% 1,320.0 3,257.8 1,170.7 296.3 25.3% 28.7% 2.8x 11.0x Five9,Holdings, Inc. Inc. 22.06 -11% 1,201.1 1,190.6 179.9 2.1 1.2% 23.9% 6.6x NM GoDaddy Inc. 42.98 -3% 3,947.9 4,455.5 1,903.9 207.3 10.9% 14.4% 2.3x 21.5x HubSpot, Inc. 72.35 -8% 2,644.8 2,523.1 318.4 (34.7) NM 41.6% 7.9x NM Inter Industries LTD. 2.72 -15% 25.2 35.2 95.0 2.6 2.8% 15.0% 0.4x 13.4x IBM Corporation 144.67 -21% 134,823.8 168,327.8 78,439.0 17,194.0 21.9% -2.3% 2.1x 9.8x LivePerson, Inc. 13.55 -4% 798.1 743.7 215.6 8.2 3.8% -7.1% 3.4x 91.2x Marin Software Incorporated 1.15 -59% 45.3 15.5 93.0 (8.6) NM -14.9% 0.2x NM MaxPoint Interactive, Inc. 6.87 -38% 46.3 44.6 147.5 (10.6) NM 4.7% 0.3x NM MicroStrategy Incorporated 134.51 -35% 1,539.7 907.3 511.2 109.2 21.4% -0.8% 1.8x 8.3x MINDBODY, Inc. 25.95 -13% 1,202.4 993.8 159.8 (8.9) NM 33.2% 6.2x NM Nuance Communications, Inc. 17.30 -13% 4,976.4 6,774.4 1,971.3 414.4 21.0% 1.3% 3.4x 16.3x Oracle Corporation 49.93 -4% 206,544.5 198,761.5 37,728.0 14,669.0 38.9% 1.8% 5.3x 13.5x PayPal Holdings, Inc. 58.55 -4% 70,400.3 61,235.3 11,759.0 2,259.0 19.2% 17.5% 5.2x 27.1x PROS Holdings, Inc. 28.83 -5% 906.2 912.3 158.8 (55.2) NM 0.6% 5.7x NM PTC Inc. 55.19 -8% 6,375.6 6,776.9 1,145.9 93.0 8.1% -1.6% 5.9x 72.9x The Rubicon Project, Inc. 4.70 -53% 227.6 39.7 227.4 7.1 3.1% -23.7% 0.2x 5.6x Salesforce.com, inc. 90.80 -1% 64,589.5 63,905.5 8,863.0 448.9 5.1% 25.3% 7.2x 142.4x Square, Inc. 26.35 -6% 9,857.5 9,316.2 1,904.0 (41.2) NM 24.9% 4.9x NM Synchronoss Technologies, Inc. 16.88 -66% 782.8 906.5 476.8 54.3 11.4% 11.4% 1.9x 16.7x Tableau Software, Inc. 64.45 -10% 5,026.3 4,071.6 869.5 (93.9) NM 16.9% 4.7x NM Teradata Corporation 31.82 -5% 4,164.8 3,632.8 2,182.0 257.0 11.8% -11.6% 1.7x 14.1x Verint Systems Inc. 39.65 -11% 2,485.1 2,902.8 1,077.7 102.9 9.5% -2.6% 2.7x 28.2x Veritone, Inc. 9.15 -41% 136.6 167.0 9.9 (25.9) NM -23.8% 16.8x NM Web.com Group, Inc. 21.95 -15% 1,016.4 1,663.9 749.7 154.4 20.6% 23.4% 2.2x 10.8x Zendesk, Inc. 29.32 -8% 2,901.6 2,653.9 363.6 (83.6) NM 39.3% 7.3x NM
Adjusted Weighted Average 3.3x 12.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (55.7x)
17 | M&A and Investment Summary July 2017 Marketing Technology Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. China 32.46 -7% $ 1,730.85 $ 1,603.47 $ 512.24 $ 20.40 4.0% 26.4% 3.1x 78.6x Bitauto Holdings Limited China 31.60 -8% 2,187.2 4,786.4 903.8 93.4 10.3% 33.9% 5.3x 51.2x ChinaCache International Holdings Ltd. China 0.81 -87% 21.8 24.0 151.8 (47.9) NM -22.1% 0.2x NM Mercadolibre, Inc. Argentina 288.42 -3% 12,735.9 12,490.3 1,077.6 249.5 23.2% 52.5% 11.6x 50.1x Open Text Corporation Canada 33.50 -5% 8,841.5 11,012.1 2,291.1 631.7 27.6% 25.6% 4.8x 17.4x Opera Software ASA Norway 4.11 -47% 594.1 491.3 514.6 31.4 6.1% 12.7% 1.0x 15.6x The Sage Group plc United Kingdom 8.88 -16% 9,597.34 10,042.79 2,160.32 619.00 28.7% 23.0% 4.6x 16.2x SAP SE Germany 105.17 -7% 126,088.7 128,056.9 26,427.8 6,585.3 24.9% 8.8% 4.8x 19.4x SharpSpring, Inc. United States 4.20 -28% 35.2 27.5 11.8 (5.3) NM 17.2% 2.3x NM Shopify Inc. Canada 92.37 -13% 9,686.7 9,291.0 509.0 (34.5) NM 80.3% 18.3x NM United Internet AG Germany 60.47 -2% 12,072.1 13,760.8 4,244.7 904.7 21.3% 5.0% 3.2x 15.2x Weborama SA France 9.66 -34% 32.9 34.5 34.7 1.3 3.6% 12.1% 1.0x 27.4x Wix.com ltd Israel 61.70 -28% 2,804.7 2,620.7 355.8 (39.0) NM 47.8% 7.4x NM
Adjusted Weighted Average 2.8x 16.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (54.9x)
18 | M&A and Investment Summary July 2017 Agency & Marketing Services
. There were 35 transactions announced in the Agency & Marketing Services segment in July. Digital Agency was the most active subsegment with nine transactions . Select transactions: • UDG Healthcare’s acquisition of Cambridge BioMarketing, an industry leading advisor for orphan and rare disease drug launches, from Ziff Davis (A Petsky Prunier-led transaction) • The $32 million acquisition of creative agencies collection The Creative Engagement Group by Huntsworth • The Monroe Capital and Citibank supported capital raise completed by APCO, the world’s largest women and employee-owned global communication consultancy (A Petsky Prunier-led transaction) • Acosta’s acquisition of consumer electronics marketing and sales solutions company ActionLink • The acquisition of UK-based data analytics consultancy Aquila Insight by Merkle
• Periscope’sAGENCY acquisition & MARKETING of SERVICES analytics TRANSACTIONS marketing BY SEGMENT and strategy firm Anthem Marketing SolutionsBUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital • The purchase of food# industry sales% and marketing$MM services% provider Summit# Marketing$MM Canada# by Acosta$MM # $MM Digital Agency 9 26% $32.0 20% 9 $32.0 0 - 0 - Public Relations 5 14% - 0% 4 - 0 - 1 - Healthcare Agency 4 11% 35.0 22% 3 35.0 1 - 0 - Ad Specialty/Premiums 3 9% 82.8 53% 2 2.8 1 80.0 0 - Design Agency 3 9% - 0% 3 - 0 - 0 - Database/Analytics 2 6% - 0% 2 - 0 - 0 - Experiential Marketing 2 6% - 0% 2 - 0 - 0 - Promotion Agency 2 6% - 0% 2 - 0 - 0 - Other* 5 14% 8 5% 5 7.6 0 0.0 0 0.0 Total 35 100% 157.4 100% 32 77.4 2 80.0 1 0.0
19 | M&A and Investment Summary July 2017 Agency Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc * United Kingdom $1.63 -10% $ 169.4 $ 176.1 $ 204.1 $ 10.0 4.9% 5.4% 0.9x 17.5x Dentsu Inc. Japan 46.70 -21% 13,165.7 11,550.4 7,790.4 1,600.6 20.5% NM 1.5x 7.2x Enero Group Limited Australia 0.78 -25% 66.9 43.2 139.6 9.1 6.5% -11.4% 0.3x 4.8x Hakuhodo DY Holdings Inc Japan 14.02 -3% 5,224.6 4,142.2 11,372.5 504.5 4.4% 4.0% 0.4x 8.2x Havas SA France 10.90 -1% 4,609.5 4,451.6 2,402.6 386.4 16.1% 4.0% 1.9x 11.5x Huntsworth plc United Kingdom 0.98 -7% 318.1 354.2 243.9 32.7 13.4% 9.4% 1.5x 10.8x M&C Saatchi plc * United Kingdom 4.25 -15% 333.6 342.3 278.3 23.6 8.5% 26.0% 1.2x 14.5x MDC Partners Inc. United States 9.90 -29% 563.7 1,644.6 1,421.4 170.0 12.0% 6.6% 1.2x 9.7x Next Fifteen Communications Group plc United Kingdom 5.80 -3% 428.9 445.1 214.9 34.7 16.1% 31.8% 2.1x 12.8x Omnicom Group Inc. United States 78.74 -12% 18,169.6 21,967.7 15,410.5 2,320.0 15.1% 1.1% 1.4x 9.5x OPT Holding, Inc. Japan 12.61 -15% 285.2 290.9 647.1 27.6 4.3% 9.0% 0.4x 10.5x Publicis Groupe S.A. France 75.32 -8% 17,023.0 19,386.0 11,207.1 1,969.2 17.6% 0.1% 1.7x 9.8x The Interpublic Group of Companies, Inc. United States 21.61 -16% 8,498.5 9,933.4 7,825.5 1,091.6 13.9% 1.3% 1.3x 9.1x WPP plc United Kingdom 20.37 -19% 25,932.4 31,959.9 17,765.8 3,131.0 17.6% 17.6% 1.8x 10.2x
Adjusted Weighted Average 1.5x 9.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.6x)
20 | M&A and Investment Summary July 2017 Marketing Services Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $26.97 -11% $ 2,138.0 $ 2,196.8 $ 878.0 $ 77.9 8.9% 1.1% 2.5x 28.2x Affinion Group Holdings, Inc. United States 13.75 -14% 125.0 1,931.4 948.9 192.8 20.3% -11.4% 2.0x 10.0x Aimia Inc. Canada 1.16 -85% 176.6 287.4 1,683.0 96.6 5.7% -5.4% 0.2x 3.0x Alliance Data Systems Corporation * United States 241.43 -9% 13,441.8 28,115.7 7,413.9 1,465.0 19.8% 9.6% 3.8x 19.2x Cogint, Inc. United States 4.40 -29% 241.0 282.0 198.2 (14.1) NM 279.2% 1.4x NM CSG Systems International, Inc. United States 41.35 -19% 1,397.2 1,498.8 769.7 144.7 18.8% 1.2% 1.9x 10.4x Deluxe Corporation United States 72.20 -5% 3,491.2 4,176.9 1,912.1 453.0 23.7% 5.5% 2.2x 9.2x DST Systems, Inc. United States 54.90 -13% 3,387.3 3,893.6 1,847.2 388.9 21.1% -35.8% 2.1x 10.0x Fair Isaac Corporation * United States 142.55 -3% 4,366.3 4,847.4 914.8 202.2 22.1% 4.2% 5.3x 24.0x Harte Hanks, Inc. United States 0.97 -48% 60.4 14.3 404.4 (4.8) NM -9.0% 0.0x NM High Co. SA France 6.38 -25% 130.8 72.5 164.2 15.7 9.6% 4.1% 0.4x 4.6x Multiplus S.A. Brazil 12.71 -19% 2,059.8 1,574.5 688.3 176.8 25.7% 0.0% 2.3x 8.9x Pitney Bowes Inc. United States 15.74 -18% 2,935.5 5,436.9 3,384.1 714.0 21.1% -2.9% 1.6x 7.6x Points International Ltd. Canada 8.20 -27% 121.9 65.8 330.9 9.5 2.9% 9.3% 0.2x 6.9x Viad Corp United States 53.55 -2% 1,091.3 1,315.6 1,329.4 149.4 11.2% 23.8% 1.0x 8.8x
Adjusted Weighted Average 2.8x 9.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.1x)
21 | M&A and Investment Summary July 2017 Traditional Media
. Of the 27 transactions recorded in the Traditional Media segment in July, 11 announced $3.9 billion in reported transaction value . B-to-B Media and Entertainment Media were the most active subsegments, each announcing six transactions . Select transactions: • The 22 percent stake taken in Penguin Random House by Bertelsmann from Pearson in a transaction valuing the company at $4.5 billion • Blackstone’s acquisition of exhibitions and tradeshows organizer Clarion Events from Providence Equity Partners in a transaction valuing the company at $781 million • Wrapports’ pending sale of The Chicago-Sun Times to investment vehicle ST Acquisition Holdings • The majority stake taken in The Atlantic by Emerson Collective • The Gores Group’s acquisition of digital jukeboxes and video systems company AMI Entertainment
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM B-to-B Media 6 22% $806.1 21% 4 $25.1 1 $781.0 1 - Entertainment Media 6 22% 60.0 2% 2 - 1 - 3 60.0 Consumer Magazine Publishing 5 19% 173.6 4% 3 - 2 173.6 0 - Broadcast Television 3 11% 1,262.3 32% 3 1,262.3 0 - 0 - Consumer Book Publishing 2 7% 1,000.0 26% 2 1,000.0 0 - 0 - Other* 5 19% 600.0 31% 5 600.0 0 0.0 0 0.0 Total 27 100% 3,902.0 100% 19 2,887.4 4 954.6 4 60.0
22 | M&A and Investment Summary July 2017 Traditional Media Public Company Valuation (1/3)
($ in Millions, except stock price data)
Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $65.83 -6% $ 26,734.0 $ 35,524.0 $ 12,921.0 $ 3,032.0 23.5% 1.3% 2.7x 11.7x Discovery Communications, Inc. United States 24.60 -19% 13,766.8 22,060.8 6,586.0 2,483.0 37.7% 1.8% 3.3x 8.9x Time Warner Inc. United States 102.42 -1% 79,430.8 101,222.8 30,123.0 8,694.0 28.9% 8.0% 3.4x 11.6x Twenty-First Century Fox, Inc. United States 29.10 -11% 53,532.5 69,710.5 28,398.0 7,014.0 24.7% 5.6% 2.5x 9.9x Viacom, Inc. United States 34.92 -25% 14,304.3 26,071.3 13,170.0 2,925.0 22.2% 0.9% 2.0x 8.9x The Walt Disney Company United States 109.93 -5% 172,027.2 193,363.2 55,539.0 17,095.0 30.8% 1.3% 3.5x 11.3x
Adjusted Weighted Average 3.2x 11.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.7x)
($ in Millions, except stock price data)
B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ascential plc United Kingdom $4.73 -4% $ 1,895.1 $ 2,173.7 $ 448.6 $ 136.6 30.5% 35.8% 4.8x 15.9x Emerald Expositions Events, Inc. United States $22.89 -2% 1,652.7 2,354.4 340.8 148.3 43.5% 0.0% 6.9x 15.9x Euromoney Institutional Investor PLC United Kingdom $14.63 -9% 1,569.3 1,690.3 516.1 147.0 28.5% 3.1% 3.3x 11.5x Global Sources Ltd. Bermuda 19.60 -10% 475.3 369.4 152.4 29.7 19.5% -7.0% 2.4x 12.4x Informa plc United Kingdom 9.17 -5% 7,549.1 9,615.7 2,095.4 658.3 31.4% 30.0% 4.6x 14.6x MCH Group AG Switzerland 79.45 -7% 477.2 549.2 424.8 85.2 20.1% 5.5% 1.3x 6.4x ITE Group plc * United Kingdom 2.38 0% 631.8 746.6 175.8 35.5 20.2% -2.1% 4.2x 21.0x Tarsus Group plc Ireland 3.96 -2% 446.1 562.5 105.4 29.5 28.0% 1.7% 5.3x 19.1x TechTarget, Inc. * United States 9.59 -9% 263.2 273.8 105.2 11.1 10.5% -7.1% 2.6x 24.7x UBM plc United Kingdom 9.55 -6% 3,757.1 4,535.5 1,209.6 329.9 27.3% 16.7% 3.7x 13.7x
Adjusted Weighted Average 4.4x 14.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.7x)
($ in Millions, except stock price data)
Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group, Inc. United States $10.50 -42% $ 302.8 $ 510.8 $ 196.2 $ 36.7 18.7% 78.5% 2.6x 13.9x Cumulus Media Inc. United States 0.41 -87% 12.0 2,247.6 1,136.9 202.0 17.8% -2.5% 2.0x 11.1x Emmis Communications Corporation United States 2.96 -30% 37.1 284.9 198.7 19.3 9.7% -13.2% 1.4x 14.7x Entercom Communications Corp. United States 9.85 -40% 401.0 882.0 465.6 97.1 20.9% 3.7% 1.9x 9.1x Pandora Media, Inc. United States 8.95 -40% 2,169.6 2,467.2 1,437.3 (288.2) NM 11.6% 1.7x NM Salem Media Group, Inc. United States 7.15 -13% 186.1 443.7 274.7 46.5 16.9% 2.3% 1.6x 9.5x Sirius XM Holdings Inc. * United States 5.86 -1% 27,032.3 33,448.5 5,222.3 1,857.5 35.6% 8.7% 6.4x 18.0x Spanish Broadcasting System, Inc. United States 0.00 NA 9.8 412.5 144.4 47.6 33.0% -1.4% 2.9x 8.7x Townsquare Media, Inc. United States 11.06 -15% 204.3 728.4 510.9 104.1 20.4% 12.4% 1.4x 7.0x Urban One, Inc. United States 1.90 -46% 91.3 1,069.7 443.3 118.0 26.6% -3.0% 2.4x 9.1x
Adjusted Weighted Average 1.8x 10.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.8x) 23 | M&A and Investment Summary July 2017 Traditional Media Public Company Valuation (2/3)
($ in Millions, except stock price data)
Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Altice N.V. Netherlands $24.58 -11% $ 32,630.4 $ 103,961.0 $ 23,999.8 $ 8,450.5 35.2% 44.4% 4.3x 12.3x AMC Networks Inc. United States $63.95 -5% 4,258.7 6,902.5 2,795.0 859.6 30.8% 3.4% 2.5x 8.0x Sky plc * United Kingdom 12.72 -7% 21,766.7 30,583.4 16,774.5 2,375.4 14.2% 7.9% 1.8x 12.9x CVC Limited Australia 1.68 -1% 201.2 206.7 93.7 27.1 28.9% 41.7% 2.2x 7.6x CBS Corporation United States 65.83 -6% 26,734.0 35,524.0 12,921.0 3,032.0 23.5% 1.3% 2.7x 11.7x Charter Communications, Inc. United States 391.91 -2% 101,067.2 173,426.2 40,833.0 14,620.0 35.8% 199.1% 4.2x 11.9x Comcast Corporation United States 40.45 -4% 190,655.9 253,824.9 83,972.0 27,787.0 33.1% 10.5% 3.0x 9.1x Discovery Communications, Inc. United States 24.60 -19% 13,766.8 22,060.8 6,586.0 2,483.0 37.7% 1.8% 3.3x 8.9x DISH Network Corporation * United States 64.03 -4% 29,839.7 40,604.0 14,726.5 3,050.8 20.7% -3.1% 2.8x 13.3x Entravision Communications Corporation * United States 6.50 -19% 587.2 811.8 263.6 61.5 23.3% 2.3% 3.1x 13.2x General Communication, Inc. United States 42.67 -2% 1,537.0 2,980.4 921.4 264.4 28.7% -4.5% 3.2x 11.3x Gray Television, Inc. United States 14.90 -4% 1,060.3 2,791.0 842.2 317.8 37.7% 32.1% 3.3x 8.8x Grupo Televisa, S.A.B. Mexico 5.31 -11% 13,151.3 18,408.6 5,329.6 1,987.0 37.3% 4.2% 3.5x 9.3x Liberty Global plc United Kingdom 33.86 -10% 34,201.2 77,950.2 19,850.7 8,802.7 44.3% 8.2% 3.9x 8.9x Nexstar Media Group, Inc. * United States 65.40 -12% 3,033.3 7,471.0 1,387.8 488.1 35.2% 46.0% 5.4x 15.3x Scripps Networks Interactive, Inc. United States 87.41 -1% 11,346.4 14,559.4 3,472.0 1,538.7 44.3% 4.0% 4.2x 9.5x Sinclair Broadcast Group, Inc. United States 36.05 -16% 3,700.2 6,936.3 2,820.8 892.0 31.6% 17.3% 2.5x 7.8x TEGNA Inc. United States 14.83 -44% 3,185.5 7,406.6 3,352.0 1,158.3 34.6% 6.2% 2.2x 6.4x The E. W. Scripps Company United States 19.65 -19% 1,618.4 1,878.5 948.6 169.5 17.9% 14.0% 2.0x 11.1x Time Warner Inc. United States 102.42 -1% 79,430.8 101,222.8 30,123.0 8,694.0 28.9% 8.0% 3.4x 11.6x
Adjusted Weighted Average 3.4x 10.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.8x)
($ in Millions, except stock price data)
Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cineplex Inc. Canada $39.33 -9% $ 2,498.2 $ 2,859.9 $ 1,169.3 $ 175.0 15.0% 4.6% 2.4x 16.3x Eros International Plc United States 10.00 -50% 594.4 852.6 253.0 26.5 10.5% -7.8% 3.4x 32.1x Lions Gate Entertainment Corp. * United States 29.40 -3% 5,888.9 9,139.5 3,201.5 152.5 4.8% 36.4% 2.9x 59.9x Live Nation Entertainment, Inc. United States 37.27 -1% 7,663.1 8,316.4 8,560.4 615.6 7.2% 16.7% 1.0x 13.5x Twenty-First Century Fox, Inc. United States 29.10 -11% 53,532.5 69,710.5 28,398.0 7,014.0 24.7% 5.6% 2.5x 9.9x Liberty Global plc United Kingdom 33.86 -10% 34,201.2 77,950.2 19,850.7 8,802.7 44.3% 8.2% 3.9x 8.9x Village Roadshow Limited Australia 3.21 -26% 519.0 973.7 771.6 108.1 14.0% 3.6% 1.3x 9.0x World Wrestling Entertainment, Inc. United States 21.16 -9% 1,631.5 1,585.2 762.2 81.4 10.7% 8.5% 2.1x 19.5x
Adjusted Weighted Average 2.8x 10.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (40.6x)
24 | M&A and Investment Summary July 2017 Traditional Media Public Company Valuation (3/3)
($ in Millions, except stock price data)
Out-of-Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.69 -29% $ 169.0 $ 49.2 $ 16.5 $ (76.0) NM -67.1% 3.0x NM APG|SGA SA Switzerland 451.85 -14% 1,355.1 1,314.0 326.3 78.8 24.1% 0.1% 4.0x 16.7x Clear Channel Outdoor Holdings, Inc. United States 5.07 -31% 1,826.1 6,890.1 2,622.3 613.6 23.4% -5.2% 2.6x 11.2x Clear Media Limited Hong Kong 1.20 -2% 648.5 590.7 231.6 101.8 44.0% 8.2% 2.6x 5.8x JCDecaux SA France 35.42 -10% 7,528.9 8,209.3 3,423.4 597.0 17.4% 2.3% 2.4x 13.8x Lamar Advertising Company United States 70.57 -11% 6,909.6 9,302.9 1,508.1 627.8 41.6% 8.5% 6.2x 14.8x National CineMedia, Inc. United States 7.15 -56% 450.1 1,705.6 443.3 203.7 46.0% -0.6% 3.8x 8.4x NTN Buzztime, Inc. United States 6.41 -47% 16.1 18.1 22.2 0.6 2.6% -5.5% 0.8x 31.8x Outfront Media Inc. United States 22.87 -18% 3,169.5 5,285.8 1,507.0 388.6 25.8% -0.8% 3.5x 13.6x Stingray Digital Group Inc. Canada 6.36 -13% 326.4 354.5 81.7 20.1 24.6% 12.2% 4.3x 17.7x TOM Group Limited * Hong Kong 0.25 -15% 956.3 1,290.2 125.5 10.0 7.9% -14.0% 10.3x 129.3x
Adjusted Weighted Average 3.9x 13.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (51.5x)
($ in Millions, except stock price data)
Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A.H. Belo Corporation United States $5.30 -33% $ 115.2 $ 46.0 $ 254.9 $ 5.3 2.1% -5.3% 0.2x 8.7x Daily Mail and General Trust plc United Kingdom 8.39 -23% 2,810.2 3,563.8 2,449.1 304.4 12.4% 16.4% 1.5x 11.7x Emmis Communications Corporation * United States 2.96 -30% 37.1 284.9 198.7 19.3 9.7% -13.2% 1.4x 14.7x Gannett Co., Inc. United States 8.97 -28% 1,019.3 1,314.8 3,187.3 320.4 10.1% 11.9% 0.4x 4.1x Glacier Media Inc. Canada 0.50 -26% 54.5 105.6 147.5 11.7 7.9% -8.2% 0.7x 9.0x John Wiley & Sons, Inc. United States 55.25 -6% 3,159.5 3,484.1 1,718.5 292.4 17.0% -0.5% 2.0x 11.9x Meredith Corporation United States 59.45 -10% 2,622.3 3,298.3 1,713.4 369.2 21.5% 3.9% 1.9x 8.9x News Corporation United States 14.31 -3% 8,407.8 7,231.8 8,285.0 736.0 8.9% 2.4% 0.9x 9.8x Scholastic Corporation United States 41.43 -16% 1,454.9 1,017.0 1,741.6 137.3 7.9% 4.1% 0.6x 7.4x The E. W. Scripps Company United States 19.65 -19% 1,618.4 1,878.5 948.6 169.5 17.9% 14.0% 2.0x 11.1x The McClatchy Company United States 8.00 -58% 61.0 936.2 943.2 147.9 15.7% -7.3% 1.0x 6.3x The New York Times Company United States 19.00 -6% 3,069.5 2,770.4 1,609.1 230.1 14.3% 2.9% 1.7x 12.0x Time Inc. United States 14.05 -31% 1,397.4 2,356.4 3,028.0 383.0 12.6% -2.9% 0.8x 6.2x
Adjusted Weighted Average 1.3x 10.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.3x)
25 | M&A and Investment Summary July 2017 Software
. Within the Software segment, more than $5.0 billion in reported value involved strategic transactions, while nearly $2.2 billion in venture/growth capital investments were announced . Financial and Security Software were the most active subsegments in July with 45 and 31 transactions announced, respectively . Select transactions: • Partners Group’s acquisition of UK-based software applications and cloud services company Civica from OMERS Private Equity for $1.3 billion • The $1.3 billion acquisition of data integration software company Syncsort by Centerbridge Partners from Clearlake Capital • Permira’s $250 million investment in payments solutions company Klarna at a reported valuation of $2.5 billion • Verisk Analytics’ acquisition of compliance monitoring and eCommerce merchant risk management company G2 Web Services from Primus Capital for $112 million • Security orchestration and automation platform Komand’s sale to Rapid7 for $50 million
SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial 45 23% $4,020.9 47% 11 $3,102.1 3 $88.0 31 $830.8 Security 31 16% 486.0 6% 10 57.5 0 - 21 428.5 Healthcare 25 13% 195.2 2% 9 11.0 1 - 15 184.2 HR 19 10% 231.6 3% 5 50.0 3 - 11 181.6 Data Management 16 8% 407.3 5% 7 336.0 2 - 7 71.3 Big Data 10 5% 1,407.4 16% 3 5.2 1 1,260.0 6 142.2 *Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business has been excluded to limit comparative distortions Other* 46 20% 1,775.0 21% 17 1,461 2 42 27 271.6 Total 192 100% 8,573.4 100% 62 5,023.3 12 1,390.0 118 2,160.2
26 | M&A and Investment Summary July 2017 Software Public Company Valuation (1/3)
($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alfa Financial Software Holdings PLC * United Kingdom 6.36 -1% $ 1,908.7 $ 1,847.7 $ 90.5 $ 21.0 23.2% 35.6% 20.4x 87.9x Apptio, Inc. United States 17.75 -28% 705.3 594.1 174.1 (22.2) NM 22.0% 3.4x NM BlackLine, Inc. * United States 38.77 -4% 1,991.6 1,890.7 148.5 (13.0) NM 45.9% 12.7x NM Coupa Software Incorporated United States 30.73 -26% 1,628.3 1,390.2 145.7 (31.8) NM 52.4% 9.5x NM Ebix, Inc. United States 57.75 -11% 1,821.1 2,019.4 306.3 111.3 36.3% 12.3% 6.6x 18.2x First Data Corporation United States 18.66 -3% 17,149.4 38,256.4 7,851.0 2,750.0 35.0% 0.5% 4.9x 13.9x Fidessa group plc United Kingdom 29.84 -14% 1,147.7 1,054.1 456.1 83.3 18.3% 14.0% 2.3x 12.7x Guidewire Software, Inc. * United States 72.16 -2% 5,367.2 4,889.7 474.4 25.4 5.3% 15.9% 10.3x 192.9x Intuit Inc. United States 137.21 -5% 35,155.5 34,062.5 5,089.0 1,580.0 31.0% 9.8% 6.7x 21.6x Management Consulting Group PLC United Kingdom 0.10 -69% 51.7 1.5 55.8 (10.3) NM -9.9% 0.0x NM Model N, Inc. United States 13.20 -5% 380.2 383.3 117.7 (30.7) NM 18.3% 3.3x NM Performant Financial Corporation United States 2.00 -51% 101.0 124.7 136.2 10.9 8.0% -14.4% 0.9x 11.5x Q2 Holdings, Inc. United States 38.90 -4% 1,593.0 1,510.8 172.6 (17.3) NM 34.7% 8.8x NM RealPage, Inc. United States 38.75 -11% 3,203.9 3,265.3 611.3 90.0 14.7% 18.8% 5.3x 36.3x SS&C Technologies Holdings, Inc. United States 38.76 -4% 7,907.4 10,116.0 1,602.9 580.9 36.2% 25.3% 6.3x 17.4x Tyler Technologies, Inc. United States 171.81 -6% 6,409.1 6,329.3 796.4 175.5 22.0% 17.5% 7.9x 36.1x
Adjusted Weighted Average 6.5x 21.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (79.0x)
($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 12.31 -14% 2,233.8 3,897.2 1,657.4 169.3 10.2% 15.7% 2.4x 23.0x athenahealth, Inc. United States 138.32 -13% 5,523.1 5,731.9 1,151.4 127.7 11.1% 13.8% 5.0x 44.9x Cegedim SA France 38.07 -4% 531.9 801.6 465.4 29.1 6.2% 3.4% 1.7x 27.6x Cerner Corporation United States 64.37 -7% 21,344.0 21,250.4 4,898.4 1,371.5 28.0% 7.0% 4.3x 15.5x Civitas Solutions, Inc. United States 17.85 -19% 666.0 1,283.8 1,438.0 147.7 10.3% 3.6% 0.9x 8.7x Computer Programs and Systems, Inc. United States 30.65 -15% 414.9 559.3 261.0 34.4 13.2% 15.0% 2.1x 16.3x Cotiviti Holdings, Inc. United States 43.05 -6% 3,986.7 4,637.3 651.9 222.1 34.1% 10.6% 7.1x 20.9x Craneware plc United Kingdom 16.90 -31% 455.7 407.5 53.5 16.3 30.5% 15.4% 7.6x 25.0x HealthEquity, Inc. United States 45.87 -17% 2,751.0 2,555.4 189.8 57.6 30.4% 34.6% 13.5x 44.4x McKesson Corporation United States 161.87 -18% 34,034.9 41,273.9 199,851.0 3,943.0 2.0% 3.5% 0.2x 10.5x Medidata Solutions, Inc. * United States 76.81 -11% 4,474.4 4,378.0 508.8 76.8 15.1% 20.9% 8.6x 57.0x NantHealth, Inc. United States 4.28 -73% 520.6 587.8 103.4 (147.0) NM 56.7% 5.7x NM Quality Systems, Inc. United States 17.10 -4% 1,079.8 1,058.2 518.3 61.3 11.8% 5.2% 2.0x 17.3x Streamline Health Solutions, Inc. United States 1.06 -50% 20.0 30.7 26.3 (3.2) NM -8.7% 1.2x NM Veeva Systems Inc. * United States 63.76 -6% 8,910.6 8,246.7 582.2 141.4 24.3% 32.6% 14.2x 58.3x
Adjusted Weighted Average 3.2x 17.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (45.4x) 27 | M&A and Investment Summary July 2017 Software Public Company Valuation (2/3)
($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job, Inc. China $49.26 -13% $ 3,013.2 $ 2,244.7 $ 374.9 $ 114.4 30.5% 16.9% 6.0x 19.6x Benefitfocus, Inc. United States 35.75 -17% 1,109.8 1,160.6 248.2 (6.4) NM 16.8% 4.7x NM Castlight Health, Inc. United States 4.30 -22% 561.2 458.0 115.2 (46.2) NM 32.2% 4.0x NM Cornerstone OnDemand, Inc. United States 40.31 -16% 2,290.4 2,240.8 445.0 (45.5) NM 14.3% 5.0x NM DHI Group, Inc. United States 2.20 -74% 110.9 157.4 215.6 39.5 18.3% -12.4% 0.7x 4.0x Paycom Software, Inc. United States 70.09 -5% 4,165.3 4,103.9 382.9 73.9 19.3% 34.6% 10.7x 55.5x Paylocity Holding Corporation * United States 45.47 -8% 2,342.2 2,240.7 283.8 16.6 5.8% 34.6% 7.9x 135.1x The Ultimate Software Group, Inc. United States 225.71 -3% 6,708.1 6,632.8 860.7 63.8 7.4% 23.0% 7.7x 104.0x Workday, Inc. United States 102.11 -4% 21,136.8 19,562.5 1,701.6 (242.2) NM 35.1% 11.5x NM
Adjusted Weighted Average 9.5x 70.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (119.1x)
($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $6.36 -5% $ 250.9 $ 214.0 $ 90.0 $ 11.6 12.8% -0.1% 2.4x 18.5x AVG Technologies N.V. Netherlands 26.45 -24% 1,341.8 1,463.7 430.6 125.0 29.0% 6.8% 3.4x 11.7x Check Point Software Technologies Ltd. Israel 105.78 -9% 17,289.0 15,690.0 1,808.3 893.5 49.4% 7.1% 8.7x 17.6x Cisco Systems, Inc. United States 31.45 -9% 157,251.7 121,747.7 48,510.0 15,048.0 31.0% -1.9% 2.5x 8.1x Cheetah Mobile Inc. China 11.04 -20% 1,528.2 1,359.6 674.0 23.2 3.4% 11.0% 2.0x 58.6x CyberArk Software Ltd. Israel 41.68 -30% 1,448.0 1,161.0 228.7 42.4 18.5% 30.9% 5.1x 27.4x FireEye, Inc. United States 14.63 -11% 2,609.5 2,485.7 730.3 (161.3) NM 5.3% 3.4x NM Fortinet, Inc. United States 36.91 -11% 6,487.3 5,280.0 1,383.5 142.3 10.3% 20.0% 3.8x 37.1x Gemalto N.V. Netherlands 50.75 -33% 4,542.8 4,628.0 3,300.5 571.3 17.3% 0.2% 1.4x 8.1x Imperva, Inc. United States 45.05 -21% 1,507.4 1,187.6 293.6 (18.9) NM 15.7% 4.0x NM Juniper Networks, Inc. United States 27.95 -10% 10,679.6 9,669.4 5,200.8 1,206.1 23.2% 6.4% 1.9x 8.0x Mimecast Limited United Kingdom 28.06 -5% 1,581.5 1,472.0 186.6 2.2 1.2% 31.5% 7.9x NM Mobileye N.V. * Israel 63.30 0% 14,078.6 13,632.8 407.6 138.6 34.0% 50.7% 33.4x 98.3x NQ Mobile Inc. * China 3.42 -27% 368.7 356.9 343.1 2.3 0.7% -15.6% 1.0x 157.6x Palo Alto Networks, Inc. United States 131.78 -20% 12,100.6 11,247.0 1,653.3 (152.8) NM 31.0% 6.8x NM Proofpoint, Inc. United States 85.24 -10% 3,779.3 3,727.3 442.2 (29.8) NM 41.3% 8.4x NM SecureWorks Corp. United States 10.94 NA 886.9 795.4 443.3 (27.3) NM 22.5% 1.8x NM Symantec Corporation United States 30.99 -7% 18,934.6 22,864.6 4,310.0 714.0 16.6% 20.7% 5.3x 32.0x Trend Micro Incorporated Japan 49.96 -7% 6,859.9 5,736.9 1,231.6 420.5 34.1% 10.5% 4.7x 13.6x VeriSign, Inc. United States 101.17 -3% 10,109.0 10,167.5 1,151.0 747.7 65.0% 4.0% 8.8x 13.6x
Adjusted Weighted Average 3.8x 12.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (79.3x)
28 | M&A and Investment Summary July 2017 Software Public Company Valuation (3/3)
($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $129.55 -2% $ 11,076.5 $ 10,210.0 $ 1,033.8 $ 461.3 44.6% 7.5% 9.9x 22.1x Autodesk, Inc. United States 110.79 -4% 24,417.2 24,097.4 2,004.8 (294.2) NM -15.4% 12.0x NM AVEVA Group plc United Kingdom 26.15 -7% 1,672.1 1,499.6 270.3 65.3 24.2% 7.1% 5.5x 23.0x Dassault Systèmes SE * France 97.69 -9% 24,896.5 22,757.6 3,624.0 913.5 25.2% 8.9% 6.3x 24.9x
Adjusted Weighted Average 9.2x 22.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.8x)
($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $146.49 -3% $ 72,279.0 $ 69,235.9 $ 6,526.2 $ 2,141.5 32.8% 23.0% 10.6x 32.3x Atlassian Corporation Plc United Kingdom 35.82 -9% 8,076.5 7,526.6 619.9 (16.1) NM 35.6% 12.1x NM CA, Inc. United States 31.04 -15% 13,074.6 13,231.6 4,062.0 1,246.0 30.7% 0.4% 3.3x 10.6x Cloudera, Inc. United States 17.25 -26% 2,262.2 2,698.1 284.1 (333.2) NM 0.0% 9.5x NM Commvault Systems, Inc. United States 59.55 -8% 2,710.5 2,229.6 664.7 9.3 1.4% 9.4% 3.4x NM Endurance International Group Holdings, Inc. United States 9.25 -6% 1,320.0 3,257.8 1,170.7 296.3 25.3% 28.7% 2.8x 11.0x First Data Corporation United States 18.66 -3% 17,149.4 38,256.4 7,851.0 2,750.0 35.0% 0.5% 4.9x 13.9x Guidance Software, Inc. United States 7.07 -9% 216.1 199.5 108.6 (5.3) NM 0.7% 1.8x NM Hortonworks Inc. United States 13.40 -11% 857.6 774.2 217.3 (222.3) NM 40.5% 3.6x NM IBM Corporation United States 144.67 -21% 134,823.8 168,327.8 78,439.0 17,194.0 21.9% -2.3% 2.1x 9.8x MuleSoft, Inc. United States 21.74 -25% 2,799.8 2,543.9 234.9 (53.9) NM 0.0% 10.8x NM Nutanix, Inc. United States 21.25 -55% 3,219.2 2,868.9 680.6 (351.4) NM 79.5% 4.2x NM Okta, Inc. United States 21.95 -22% 2,091.5 1,867.3 181.5 (86.0) NM 0.0% 10.3x NM Opera Software ASA Norway 4.11 -47% 594.1 491.3 514.6 31.4 6.1% 12.7% 1.0x 15.6x Oracle Corporation United States 49.93 -4% 206,544.5 198,761.5 37,728.0 14,669.0 38.9% 1.8% 5.3x 13.5x Salesforce.com, inc. * United States 90.80 -1% 64,589.5 63,905.5 8,863.0 448.9 5.1% 25.3% 7.2x 142.4x Rapid7, Inc. United States 15.19 -21% 659.4 580.2 167.9 (37.7) NM 37.9% 3.5x NM ServiceNow, Inc. United States 110.45 -5% 18,763.2 18,211.1 1,631.8 (32.2) NM 36.7% 11.2x NM Talend S.A. France 37.83 -5% 1,091.3 996.4 126.5 (24.6) NM 42.7% 7.9x NM Twilio Inc. United States 29.17 -59% 2,639.4 2,350.8 305.4 (40.6) NM 58.3% 7.7x NM Varonis Systems, Inc. United States 37.25 -7% 1,013.8 892.5 185.9 (13.3) NM 28.9% 4.8x NM
Adjusted Weighted Average 5.7x 15.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (76.7x)
29 | M&A and Investment Summary July 2017 Information
. The Information segment reported 10 transactions worth $3.8 billion in value . Healthcare Information was the most active subsegment throughout the month with four transactions announced . Select transactions from the segment include: • The acquisition of WebMD by KKR in a transaction valued at approximately $2.8 billion • Alternative investments search and analysis platform iCapital Networks’ $28 million investment from UBS Financial Services and Blackrock • Blue360 Media’s acquisition of more than 150 Law Enforcement Publications from LexisNexis • The acquisition of FDANews, a provider of regulatory information to the clinical research and medical devices industries, by WIRB- Copernicus Group
INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare Information 4 40% $3,758.2 99% 0 - 1 $3,740.4 3 $17.8 Engineering/Scientific/Tech Information 2 20% 3.0 0% 1 - 0 - 1 3.0 Credit/Risk Management Information 1 10% 11.4 0% 0 - 0 - 1 11.4 Financial Information 1 10% 27.9 1% 0 - 0 - 1 27.9 Geo-Demo*Intercontinental Information Exchange’s $7.4 billion acquisition1 of Interactive10% Data has been excluded- to limit comparative0% distortions1 - 0 - 0 - Legal Information 1 10% 6.0 0% 1 6.0 0 - 0 - Total 10 100% 3,806.5 100% 3 6.0 1 3,740.4 6 60.1
30 | M&A and Investment Summary July 2017 Information Public Company Valuation (1/2)
($ in Millions, except stock price data)
Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $75.86 -3% $ 8,919.5 $ 9,916.5 $ 3,771.3 $ 660.0 17.5% 32.2% 2.6x 15.0x Computershare Limited Australia 11.23 -8% 6,132.8 7,485.3 2,030.0 436.2 21.5% 4.2% 3.7x 17.2x CoreLogic, Inc. United States 45.55 -1% 3,840.3 5,392.5 1,912.6 404.8 21.2% 10.5% 2.8x 13.3x CoStar Group, Inc. * United States 275.55 -3% 9,043.7 8,783.9 894.7 220.4 24.6% 13.4% 9.8x 39.9x DST Systems, Inc. United States 54.90 -13% 3,387.3 3,893.6 1,847.2 388.9 21.1% -35.8% 2.1x 10.0x The Dun & Bradstreet Corporation United States 110.76 -21% 4,086.8 5,433.9 1,717.1 473.0 27.5% 2.3% 3.2x 11.5x Envestnet, Inc. * United States 39.05 -6% 1,711.5 1,957.2 604.1 51.2 8.5% 32.4% 3.2x 38.2x Equifax Inc. United States 145.44 -1% 17,507.0 19,995.8 3,294.3 1,220.4 37.0% 14.7% 6.1x 16.4x Experian plc Ireland 19.86 -11% 18,235.2 21,626.1 4,335.0 1,516.0 35.0% 2.3% 5.0x 14.3x FactSet Research Systems Inc. United States 167.22 -9% 6,559.8 6,941.1 1,181.8 414.1 35.0% 7.3% 5.9x 16.8x Fair Isaac Corporation United States 142.55 -3% 4,366.3 4,847.4 914.8 202.2 22.1% 4.2% 5.3x 24.0x Fidelity National Information Services, Inc. United States 91.22 -2% 30,155.5 39,067.5 9,351.0 2,499.0 26.7% 17.8% 4.2x 15.6x Financial Engines, Inc. * United States 38.45 -16% 2,417.3 2,279.6 446.0 79.5 17.8% 36.0% 5.1x 28.7x Moody's Corporation United States 131.63 -3% 25,141.3 26,873.5 3,834.9 1,838.7 47.9% 11.3% 7.0x 14.6x Morningstar, Inc. United States 82.57 -2% 3,511.7 3,402.1 847.0 228.3 27.0% 7.6% 4.0x 14.9x MSCI Inc. * United States 108.95 -4% 9,855.2 11,234.1 1,198.5 607.2 50.7% 7.9% 9.4x 18.5x Reis, Inc. * United States 21.40 -9% 246.4 224.9 46.9 6.6 14.2% -7.6% 4.8x 33.9x SEI Investments Co. United States 56.51 -2% 8,934.7 8,274.3 1,455.8 413.3 28.4% 7.9% 5.7x 20.0x Thomson Reuters Corporation Canada 45.67 -8% 32,719.8 40,248.6 11,201.0 2,510.0 22.4% -7.8% 3.6x 16.0x Verisk Analytics, Inc. United States 87.26 -1% 14,427.6 16,556.6 2,030.0 941.6 46.4% 4.7% 8.2x 17.6x Workiva Inc. United States 19.60 -6% 811.0 767.1 192.4 (32.4) NM 17.5% 4.0x NM
Adjusted Weighted Average 5.0x 16.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.4x)
31 | M&A and Investment Summary July 2017 Information Public Company Valuation (2/2)
($ in Millions, except stock price data)
Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $26.97 -11% $ 2,138.0 $ 2,196.8 $ 878.0 $ 77.9 8.9% 1.1% 2.5x 28.2x Alliance Data Systems Corporation United States 241.43 -9% 13,441.8 33,202.7 7,413.9 1,465.0 19.8% 9.6% 4.5x 22.7x Cello Group Plc United Kingdom 1.63 -10% 169.4 176.1 204.1 10.0 4.9% 5.4% 0.9x 17.5x comScore, Inc. * United States 30.02 -14% 1,719.5 1,605.6 368.8 37.1 10.1% 12.1% 4.4x 43.2x Ebiquity plc United Kingdom 1.59 -4% 116.4 154.4 103.2 16.8 16.3% 28.6% 1.5x 9.2x GfK SE Germany 55.86 -9% 2,039.0 2,415.8 1,566.4 168.8 10.8% -3.9% 1.5x 14.3x Harte Hanks, Inc. United States 0.97 -48% 60.4 14.3 404.4 (4.8) NM -9.0% 0.0x NM InnerWorkings, Inc. United States 11.79 -1% 626.3 710.1 1,087.0 44.8 4.1% 2.7% 0.7x 15.9x Intage Holdings Inc. Japan 20.40 -10% 407.4 341.0 430.4 52.0 12.1% 5.5% 0.8x 6.6x Ipsos SA France 34.38 -18% 1,473.3 2,079.8 2,034.1 226.4 11.1% -0.2% 1.0x 9.2x NeuStar, Inc. United States 33.40 -3% 1,863.0 2,548.3 1,215.7 473.1 38.9% 12.0% 2.1x 5.4x Nielsen Holdings plc United Kingdom 43.01 -22% 15,336.4 23,553.4 6,396.0 1,652.0 25.8% 2.5% 3.7x 14.3x Onvia, Inc. United States 4.55 -13% 32.8 26.4 24.7 (0.8) NM 3.3% 1.1x NM Pearson plc United Kingdom 8.67 -26% 7,065.6 8,735.4 6,146.9 1,067.6 17.4% 9.1% 1.4x 8.2x System1 Group PLC United Kingdom 10.68 -22% 133.1 122.2 39.1 7.5 19.2% 0.0% 3.1x 16.3x YouGov plc United Kingdom 3.42 -11% 359.4 339.7 123.2 12.4 10.0% 20.4% 2.8x 27.4x
Adjusted Weighted Average 3.2x 15.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.5x)
($ in Millions, except stock price data)
Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.71 -5% $ 102.6 $ 115.7 $ 95.2 $ 8.8 9.3% 9.7% 1.2x 13.1x Cogint, Inc. United States 4.40 -29% 241.0 282.0 198.2 (14.1) NM 279.2% 1.4x NM Forrester Research, Inc. United States 40.80 -8% 723.7 589.1 327.8 37.9 11.6% 2.1% 1.8x 15.6x Gartner, Inc. * United States 128.32 -1% 11,604.0 12,011.4 2,512.4 396.4 15.8% 11.7% 4.8x 30.3x IHS Markit Ltd. United Kingdom 46.65 -3% 18,505.1 22,400.6 3,348.7 973.6 29.1% 48.8% 6.7x 23.0x Informa plc United Kingdom 9.17 -5% 7,549.1 9,615.7 2,095.4 658.3 31.4% 30.0% 4.6x 14.6x National Research Corporation United States 50.44 -5% 793.7 761.8 114.1 39.0 34.2% 8.1% 6.7x 19.5x NIC Inc. United States 16.25 -37% 1,076.0 952.5 327.2 83.3 25.5% 7.1% 2.9x 11.4x Premier, Inc. United States 34.90 -4% 1,849.3 1,996.7 1,353.0 395.3 29.2% 20.0% 1.5x 5.1x Proofpoint, Inc. * United States 85.24 -10% 3,779.3 3,727.3 442.2 (29.8) NM 41.3% 8.4x NM Reed Elsevier plc(1) United Kingdom 21.77 -3% 43,706.7 50,388.5 9,553.5 2,885.8 30.2% 17.4% 5.3x 17.5x Tarsus Group plc Ireland 3.96 -2% 446.1 562.5 105.4 29.5 28.0% 1.7% 5.3x 19.1x TechTarget, Inc. * United States 9.59 -9% 263.2 273.8 105.2 11.1 10.5% -7.1% 2.6x 24.7x The Advisory Board Company United States 56.20 -6% 2,280.8 2,734.5 797.2 118.2 14.8% 0.9% 3.4x 23.1x UBM plc United Kingdom 9.55 -6% 3,757.1 4,535.5 1,209.6 329.9 27.3% 16.7% 3.7x 13.7x Wolters Kluwer N.V. Netherlands 44.33 -6% 12,643.0 15,324.3 5,053.1 1,342.8 26.6% 4.6% 3.0x 11.4x
Adjusted Weighted Average 4.9x 17.2x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.9x) 32 | M&A and Investment Summary July 2017 Business Services
. The Business Services segment reported 61 transactions in July worth nearly $3.1 billion in value . The IT Consulting subsegment accounted for nearly half segments total activity with 30 transactions . Select transactions: • EQT’s acquisition of pharmaceutical consulting services provider Certara from Arsenal Capital Partners for $850 million • The $283 million acquisition of NCI, a provider of IT services to federal government agencies, by H.I.G. Capital • DXC Technology’s $155 million acquisition of Microsoft Dynamics 365 solutions and managed cloud services provider Tribridge • The $78.8 million acquisition of contact center consulting and systems integration services provider DatapointEurope by Sabio • The acquisition of project and management consulting services provider Vynamic by UDG Healthcare for a reported $32 million • The minority stake taken by Baird Capital in UK-based Prescient Healthcare Group, a provider of consulting services to the biopharmaceutical sector
BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting 30 49% $845.8 27% 26 $562.8 3 $283.0 1 - Corporate Training 10 16% 146.1 5% 4 25.6 1 - 5 120.5 Healthcare Consulting 5 8% 1,109.1 36% 0 - 2 850.0 3 259.1 Staffing 5 8% 769.4 25% 4 769.4 1 - 0 - Logistics 3 5% 187.0 6% 1 136.0 0 - 2 51.0 HR Consulting 2 3% - 0% 2 - 0 - 0 - Management Consulting 2 3% 32.0 1% 1 32.0 0 - 1 - Other* 4 7% 0.0 0% 4 0.0 0 0.0 0 0.0 Total 61 100% 3,089.4 100% 42 1,525.8 7 1,133.0 12 430.6
33 | M&A and Investment Summary July 2017 Business Services Public Company Valuation (1/3)
($ in Millions, except stock price data)
Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 128.82 -1% $ 79,609.0 $ 76,961.1 $ 34,189.5 $ 5,804.2 17.0% 5.9% 2.3x 13.3x CRA International, Inc. United States 38.81 -3% 332.8 318.1 343.0 27.8 8.1% 9.8% 0.9x 11.5x FTI Consulting, Inc. United States 32.81 -30% 1,227.7 1,570.1 1,771.0 149.4 8.4% -3.1% 0.9x 10.5x Information Services Group, Inc. * United States 4.03 -7% 173.5 262.6 233.1 14.0 6.0% 11.7% 1.1x 18.8x Navigant Consulting, Inc. United States 16.93 -39% 799.9 978.2 948.2 130.8 13.8% 7.3% 1.0x 7.5x ICF International, Inc. United States 45.25 -24% 850.7 1,118.3 1,198.8 115.2 9.6% 3.5% 0.9x 9.7x Huron Consulting Group Inc. United States 35.50 -45% 753.9 1,141.2 731.8 112.1 15.3% 0.9% 1.6x 10.2x The Advisory Board Company * United States 56.20 -6% 2,280.8 2,734.5 797.2 118.2 14.8% 0.9% 3.4x 23.1x The Hackett Group, Inc. United States 16.42 -21% 479.8 471.7 263.0 40.3 15.3% 8.8% 1.8x 11.7x
Adjusted Weighted Average 1.2x 9.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.4x) ($ in Millions, except stock price data)
HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 118.91 -2% $ 53,201.6 $ 52,423.6 $ 12,379.8 $ 2,553.0 20.6% 6.1% 4.2x 20.5x Barrett Business Services, Inc. United States 55.03 -18% 399.1 384.2 859.6 27.6 3.2% 12.3% 0.4x 13.9x Capita plc United Kingdom 8.68 -38% 5,776.3 8,602.8 6,061.3 754.9 12.5% 1.5% 1.4x 11.4x DHI Group, Inc. United States 2.20 -74% 110.9 157.4 215.6 39.5 18.3% -12.4% 0.7x 4.0x Edenred SA France 26.16 -9% 6,125.3 7,790.6 1,363.4 450.7 33.1% 20.6% 5.7x 17.3x Insperity, Inc. United States 75.50 -19% 1,590.7 1,389.4 3,109.8 127.5 4.1% 11.6% 0.4x 10.9x Marsh & McLennan Companies, Inc. United States 77.97 -4% 39,961.6 44,717.6 13,497.0 3,231.0 23.9% 2.5% 3.3x 13.8x Paychex, Inc. United States 57.85 -8% 20,791.0 20,467.6 3,151.3 1,366.5 43.4% 6.8% 6.5x 15.0x Professional Diversity Network, Inc. United States 5.20 -63% 20.5 14.9 24.5 (4.1) NM -29.6% 0.6x NM TriNet Group, Inc. United States 35.00 -16% 2,400.3 2,607.2 3,189.7 205.6 6.4% 11.0% 0.8x 12.7x WageWorks, Inc. * United States 65.20 -19% 2,578.1 2,215.0 434.9 81.9 18.8% 27.5% 5.1x 27.1x
Adjusted Weighted Average 4.2x 16.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.8x)
34 | M&A and Investment Summary July 2017 Business Services Public Company Valuation (2/3)
($ in Millions, except stock price data)
IT Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 128.82 -1% $ 79,609.0 $ 76,961.1 $ 34,189.5 $ 5,804.2 17.0% 5.9% 2.3x 13.3x Amdocs Limited United States 67.17 -1% 9,837.3 8,887.9 3,828.1 712.6 18.6% 3.3% 2.3x 12.5x Bechtle AG Germany 71.71 -2% 3,012.0 2,937.9 3,413.0 184.7 5.4% 9.5% 0.9x 15.9x Booz Allen Hamilton Holding Corporation United States 34.30 -14% 5,088.7 6,534.6 5,804.3 547.6 9.4% 7.4% 1.1x 11.9x Business & Decision SA * France 9.10 -6% 71.7 104.2 240.3 3.5 NA 1.5% 0.4x 29.5x Capgemini SE France 108.43 -5% 17,767.3 20,321.2 14,482.6 1,842.6 12.7% 1.0% 1.4x 11.0x Cerner Corporation * United States 64.37 -7% 21,344.0 21,250.4 4,898.4 1,371.5 28.0% 7.0% 4.3x 15.5x CGI Group Inc. Canada 52.66 -4% 15,355.0 16,578.5 8,324.9 1,399.6 16.8% 1.2% 2.0x 11.8x Cognizant Technology Solutions Corporation United States 69.32 -3% 40,829.3 37,764.3 14,131.0 2,775.0 19.6% 8.8% 2.7x 13.6x Digi International Inc. United States 10.45 -26% 277.3 168.0 187.0 16.3 8.7% -9.5% 0.9x 10.3x DXC Technology Company * United States 78.38 -3% 22,310.5 24,289.5 7,607.0 640.0 8.4% 7.1% 3.2x 38.0x Globant S.A. * Luxembourg 45.97 -3% 1,596.4 1,554.5 338.3 56.6 16.7% 24.1% 4.6x 27.5x International Business Machines Corporation United States 144.67 -21% 134,823.8 168,327.8 78,439.0 17,194.0 21.9% -2.3% 2.1x 9.8x Infosys Limited India 15.75 -8% 35,998.4 30,776.5 10,358.0 2,811.0 27.1% 6.3% 3.0x 10.9x ITS Group France 8.08 -9% 62.1 64.3 199.3 8.0 4.0% -1.7% 0.3x 8.0x NCI, Inc. United States 19.95 -7% 271.7 271.8 325.4 29.7 9.1% -1.9% 0.8x 9.2x NTT Data Corporation Japan 10.89 -7% 15,270.9 18,930.3 16,741.8 2,475.5 14.8% 0.0% 1.1x 7.6x Perficient, Inc. United States 18.80 -11% 672.8 700.4 452.1 47.6 10.5% -6.7% 1.5x 14.7x Presidio, Inc. United States 13.63 -17% 1,239.1 2,149.9 2,842.2 203.0 7.1% 0.0% 0.8x 10.6x Reply S.p.A. Italy 210.61 -7% 1,969.6 1,936.3 976.0 127.7 13.1% 12.2% 2.0x 15.2x SQLi France 54.14 -3% 200.0 206.2 201.5 16.2 8.0% 6.7% 1.0x 12.7x Tata Consultancy Services Limited India 38.81 -10% 74,293.6 69,444.5 18,297.1 4,936.6 27.0% 5.3% 3.8x 14.1x Wipro Limited India 4.50 -4% 21,782.0 18,304.5 8,521.0 1,690.9 19.8% 4.7% 2.1x 10.8x
Adjusted Weighted Average 2.6x 11.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.9x)
35 | M&A and Investment Summary July 2017 Business Services Public Company Valuation (3/3)
($ in Millions, except stock price data)
Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $6.88 -15% $ 55.7 $ 43.8 $ 40.9 $ 1.2 3.0% -1.9% 1.1x 36.1x Cenveo, Inc. United States 6.00 -33% 51.3 1,082.1 1,546.3 119.4 7.7% -10.9% 0.7x 9.1x Communisis plc United Kingdom 0.63 -16% 131.3 159.3 484.4 32.8 6.8% 5.2% 0.3x 4.9x Contax Participações S.A. Brazil 1.84 -66% 7.6 415.3 623.5 35.8 5.7% -12.8% 0.7x 11.6x Convergys Corporation United States 23.97 -22% 2,256.2 2,412.1 2,919.0 366.9 12.6% -0.5% 0.8x 6.6x CSG Systems International, Inc. United States 41.35 -19% 1,397.2 1,498.8 769.7 144.7 18.8% 1.2% 1.9x 10.4x Elanders AB (publ) Sweden 11.89 -18% 420.3 739.0 1,020.2 74.7 7.3% 103.0% 0.7x 9.9x Eniro AB Sweden 0.02 -69% 13.0 221.8 211.9 37.5 17.7% -18.1% 1.0x 5.9x ExlService Holdings, Inc. United States 57.55 -4% 1,941.9 1,750.2 720.6 101.1 14.0% 8.1% 2.4x 17.3x Firstsource Solutions Limited India 0.57 -26% 388.2 466.7 548.7 66.2 12.1% 10.1% 0.9x 7.1x Genpact Limited Bermuda 29.00 -9% 5,589.6 6,294.8 2,624.2 427.5 16.3% 4.8% 2.4x 14.7x InnerWorkings, Inc. United States 11.79 -1% 626.3 710.1 1,087.0 44.8 4.1% 2.7% 0.7x 15.9x j2 Global, Inc. United States 84.63 -7% 4,078.6 4,719.5 928.4 375.9 40.5% 22.2% 5.1x 12.6x Luxoft Holding, Inc. SwitzerlandSwitzerland 62.95 -7% 2,105.4 1,996.5 785.6 96.9 12.3% 20.7% 2.5x 20.6x MAXIMUS, Inc. United States 60.36 -7% 3,912.7 3,937.3 2,453.1 384.4 15.7% 4.0% 1.6x 10.2x Quad/Graphics, Inc. United States 22.46 -24% 1,167.6 2,264.4 4,216.5 479.8 11.4% -6.8% 0.5x 4.7x Quintiles IMS Holdings, Inc. United States 90.55 -3% 19,865.9 27,546.9 6,969.0 1,507.0 21.6% 55.0% 4.0x 18.3x R.R. Donnelley & Sons Company United States 12.36 -77% 865.2 2,761.8 6,939.8 372.9 5.4% 47.0% 0.4x 7.4x Serco Group plc United Kingdom 1.46 -26% 1,592.6 1,792.6 3,930.0 85.6 2.2% -1.0% 0.5x 20.9x St Ives plc United Kingdom 0.72 -63% 103.5 196.3 472.4 53.0 11.2% 6.1% 0.4x 3.7x StarTek, Inc. United States 12.30 -17% 195.6 222.2 306.8 16.7 5.5% 3.5% 0.7x 13.3x SYNNEX Corporation United States 118.92 -9% 4,749.6 5,534.9 15,013.9 603.3 4.0% 12.2% 0.4x 9.2x Sykes Enterprises, Incorporated United States 34.00 -1% 1,430.0 1,410.2 1,523.3 171.6 11.3% 18.7% 0.9x 8.2x Teleperformance SE France 138.66 -3% 7,850.2 9,607.8 4,610.4 709.0 15.4% 17.8% 2.1x 13.6x TeleTech Holdings, Inc. United States 41.80 -3% 1,906.9 2,029.2 1,301.1 163.5 12.6% 2.2% 1.6x 12.4x transcosmos inc. Japan 23.99 -10% 994.8 870.8 2,204.1 92.5 4.2% 7.7% 0.4x 9.4x Transcontinental Inc. Canada 20.33 -2% 1,573.4 1,761.1 1,481.3 295.4 19.9% 0.4% 1.2x 6.0x Cimpress N.V. Netherlands 88.24 -15% 2,772.1 3,775.3 2,135.4 149.0 7.0% 19.4% 1.8x 25.3x West Corporation United States 23.37 -18% 1,990.0 4,972.6 2,285.7 636.3 27.8% -0.5% 2.2x 7.8x
Adjusted Weighted Average 1.4x 11.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.6x)
36 | M&A and Investment Summary July 2017 PPLLC Indices Valuation Summary
Current Summary Trading Valuation Information
Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 4.3x 2.8x 7.0x 2.4x Internationally-based Digital Media and Internet 5.1x 3.3x 6.9x 2.7x US-based eCommerce 3.1x 2.2x 4.5x 2.0x Internationally-based eCommerce 2.8x 1.0x 8.9x 1.6x US-based Digital Advertising 3.9x 2.6x 9.1x 2.5x Internationally-based Digital Advertising 3.8x 2.1x 10.1x 2.3x US-based Marketing Technology 4.6x 3.9x 5.3x 3.3x Internationally-based Marketing Technology 5.2x 4.6x 5.9x 5.2x Agency 1.2x 1.3x 1.5x 1.5x Marketing Services 1.8x 1.9x 3.1x 2.8x Traditional Media 2.9x 2.5x 3.6x 3.3x Software 5.5x 5.0x 5.5x 5.4x Information 4.3x 3.7x 6.3x 5.1x Business Services 1.3x 0.9x 2.6x 2.1x
As of close of business on 07/31/17
*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean
37 | M&A and Investment Summary July 2017 PPLLC Indices Valuation Summary
Current Summary Trading Valuation Information
EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 20.4x 15.4x 16.4x 15.7x Internationally-based Digital Media and Internet 24.1x 21.1x 22.2x 13.6x US-based eCommerce 17.6x 14.5x 19.6x 13.3x Internationally-based eCommerce 33.1x 22.4x 34.1x 21.2x US-based Digital Advertising 37.3x 22.7x 22.0x 12.6x Internationally-based Digital Advertising 18.0x 14.5x 25.0x 14.1x US-based Marketing Technology 20.8x 16.3x 29.6x 12.9x Internationally-based Marketing Technology 32.4x 19.4x 20.6x 21.5x Agency 10.4x 10.0x 9.5x 9.4x Marketing Services 11.6x 9.2x 15.8x 9.0x Traditional Media 14.6x 11.3x 12.3x 11.9x Software 37.0x 19.1x 24.2x 16.1x Information 19.6x 16.4x 23.9x 16.6x Business Services 12.0x 10.7x 14.7x 12.3x
As of close of business on 07/31/17
*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean
38 | M&A and Investment Summary July 2017 PPLLC Indices LTM Share Pricing Trends
Digital Advertising LTM Index Performance Digital Media/Commerce and Traditional Media LTM Index Performance 150%
140% • S&P 500 – 13.8 % • S&P 500 – 13.8 % 140%
130% 125% • Digital Advertising – 21.0 % • Digital Media/Commerce – 36.9 % 120%
110% • Traditional Media – 19.2% 110%
95% 100% Index Performance (%) Performance Index
Index Performance (%) Performance Index 90% 80% Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 80% Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Marketing Technology Agency & Marketing Services LTM Index Performance LTM Index Performance 150% 150% 140% • S&P 500 – 13.8 % 140% • S&P 500 – 13.8 % 130% 130% • Agency – v (3.1) % • Marketing Technology – 13.8 % 120% 120% • Marketing Services – 5.9 % 110% 110%
100% 100%
90% (%) Performance Index 90% Index Performance (%) Performance Index 80% 80% Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17
Marketing Technology S&P 500 Index (^SPX) Agency Marketing Services S&P 500 Index (^SPX) Software LTM Index Performance Information & Business Services LTM Index Performance 150% 150% • S&P 500 – 13.8 % 140% • S&P 500 – 13.8 % 140% 130% • Software – 12.3 % 130% • Information – 12.1 % 120% 120% 110% • Business Services – 0.5 % 110% 100% 100%
Index Performance (%) Performance Index 90% 90% 80% (%) Performance Index Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 80% Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Software S&P 500 Index (^SPX) Note: LTM as of 7/31/2017 Information Business Services S&P 500 Index (^SPX) 39 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Values Disclosed Target Target Segment Buyer/Investor Reported TV
HSN, Inc. Digital Media/Commerce Liberty Media Corporation $ 2,652.8 Bambora Software Ingenico Group 1,683.1 Bankrate, Inc. Digital Advertising Red Ventures Limited 1,438.5 Civica Group Ltd. Software Partners Group AG 1,349.4 Purple Innovaton LLC Digital Media/Commerce Global Acquisition Partners 1,100.0 Penguin Random House Traditional Media Bertelsmann SE & Co. KGaA 1,000.0 Intacct Corporation Software Sage Group plc 850.0 YP LLC Traditional Media Dex Media 600.0 Programmed Maintenance Services Limited Business Services Persol Holding Co., Ltd. 586.9 Grupo Media Capital Traditional Media Altice USA, Inc. 504.2 Super Sports Media, Inc. Traditional Media Wuhan DDMC Culture Co., Ltd. 500.0 Merchants' Choice Payment Solutions Software Paysafe Group Plc 470.0 Nova TV and Pop TV Traditional Media United Group B.V. 258.1 Guidance Software Inc. Software OpenText Corporation 223.9 OnX Enterprise Solutions Ltd. Business Services Cincinnati Bell Inc. 199.0 CDI Corporation Business Services AE Industrial Partners 182.5 Tribridge Business Services DXC Technology Company 155.0 Rocket Fuel, Inc. Digital Advertising Sizmek, Inc. 149.9 Special Logistics LLC Business Services J.B. Hunt Transport Services, Inc. 136.0 G2 Web Services, LLC Software Verisk Analytics, Inc. 112.0 NES Associates LLC Business Services CSRA, Inc. 105.0 TXT Retail Marketing Technology Aptos, Inc. 95.4 The Experience Engine, Inc. Marketing Technology accesso Techology Group, plc 79.7 Datapoint Europe Business Services Sabio Limited 78.8 Enoro Holding AS Software Hansen Technologies Limited 73.3 iBabs B.V. Software Euronext N.V 57.1 InfoTrellis, Inc. Software Mastech Digital, Inc. 55.0 Evidon, Inc. Software CrownPeak Technology, Inc. 50.0 Komand Software Rapid7 50.0 Innoetics Marketing Technology Samsung Group 50.0 nToggle, Inc. Digital Advertising The Rubicon Project 38.5 Boomtrain, Inc. Marketing Technology Zeta Global 37.5 Cambridge BioMarketing Group, LLC Agency & Marketing Services UDG Healthcare plc 35.0 Vynamic LLC Business Services UDG Healthcare plc 32.0 The Creative Engagement Group Limited Agency & Marketing Services Huntsworth PLC 32.0 Stk Marketing Ltd. Digital Advertising Gaming Innovation Group Ltd. 29.3 Waterfall International, Inc. Digital Advertising Upland Software, Inc. 25.9 Synthesis Retail Solutions Software Linx Sistemas E Consultoria Ltda. 25.8 JumpStart Games, Inc. Business Services NetDragon Websoft, Inc. 25.6 Bettingpro.com Digital Advertising Catena Media 17.8 Euroforum Schweiz AG Traditional Media Verlagsgruppe Handelsblatt Gmbh & Co. KG 17.5 PARX Business Services Persistent Systems Ltd. 16.5 40 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Values Disclosed Target Target Segment Buyer/Investor Reported TV
ExtremeTix, Inc. Marketing Technology Etix, Inc. $ 16.5 Netika SAS Software Medasys S.A. 11.0 Adinnovation, Inc. Digital Advertising Marimedia Ltd. (Taptica) 8.9 TechJini Solutions Private Limited Business Services Datamatics Global Services Ltd. 8.5 Madrid Fusion Traditional Media Vocento, Inc. 7.6 Velocity Partners Limited Agency & Marketing Services Next Fifteen Communications Group plc 7.6 Codebashing Ltd. Software Checkmarx, Inc. 7.5 LexisNexis 150 Law Enforcement Publications Information Blue360 Media LLC 6.0 Sophia Search Ltd. Software Aiqudo, Inc. 5.2 Nexalogy, Inc. Marketing Technology Datametrex Limited 4.6 Print Appeal, Inc. Agency & Marketing Services Party City Holdco Inc. 2.8
41 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Actionlink LLC Agency & Marketing Services Acosta, Inc. $ - Adwanted Group Agency & Marketing Services Affinity Media SAS - AnswersMedia Agency & Marketing Services ST Acquisition Holdings - Aquila Insight Ltd. Agency & Marketing Services Merkle, Inc. - Atlantic Exhibits Agency & Marketing Services Impact XM - Atlas Communications, Inc. Agency & Marketing Services North 6th Agency, Inc. - Atomhawk Design Ltd. Agency & Marketing Services Sumo Digital Ltd. - Carling Group of Companies Agency & Marketing Services Fishawack Group of Companies - Clearhead Agency & Marketing Services Accenture plc - DP Digital Media Agency & Marketing Services System2 Ltd. - Driven Local Agency & Marketing Services Scorpion Internet Marketing - Hamilton Bright Group B.V. Agency & Marketing Services Advantage Smollan Limited - Maya Design, Inc. Agency & Marketing Services The Boston Consulting Group - Media Place Partners LLC Agency & Marketing Services Adtegrity.com - Narrative.is Agency & Marketing Services Will Packer Media - Noble Communications Agency & Marketing Services Gatesman, Inc. - Phoodie Agency & Marketing Services BASEMAKERS LLC - Salt Communications Agency & Marketing Services Mullen Lowe Group - SO What Global Agency & Marketing Services Havas - Sokrati Technologies Pvt. Ltd. Agency & Marketing Services Merkle, Inc. - Spyder Trap, Inc. Agency & Marketing Services Bright Health Management, Inc. - Stadium Sports Animation Agency & Marketing Services Heart+Hammer LLC - Studio East Agency & Marketing Services Codemakers Ltd. - SwervePoint LLC Agency & Marketing Services Bensussen Deutsch & Associates, Inc. - Tartan Group Agency & Marketing Services Beattie Communications Grup Ltd. - The Herd Agency Agency & Marketing Services Publicis Groupe S.A. - thjnk ag Agency & Marketing Services WPP Group - TNG, Inc. Agency & Marketing Services Point B, Inc. - 47Lining LLC Business Services REAN Cloud - Annese & Associates, Inc. Business Services ConvergeOne Holdings Corporation - Argyle Technology Group LLC Business Services IVR Tehnology Group - Avisun Computer Solutions Pvt. Ltd. Business Services Scintel Technologies, Inc. - Consulting4CRM Business Services AEC360 Holdings, LLC - Creel Print LLC Business Services LSC Communications - CRM Advantage Business Services Virsys12 LLC - D.E.Z. Staffing LLC Business Services Hospitality Staffing Solutions LLC - Data Clairvoyance Business Services Infogix, Inc. - Encore Health Resources Business Services emids Technolgies, Inc. - Experior Group Business Services QualiTest Group - Healthcare Concepts, Inc. Business Services Simione Healthcare Consultants LLC - iLawVentures LLC Business Services BARBRI, INC. - ITAV Ltd. Business Services Connect NZ Limited - 42 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
KMS Solutions LLC Business Services Subsystem Technologies, Inc. $ - Leycol Printers Ltd. Business Services DG3 Worldwide - Logix's Eletricidade e Automacao Ltda. Business Services Cast Group Informática S.A. - MIllsonJames LLC Business Services HUB International Limited - NMi Metrology & Gaming Ltd. Business Services Gaming Laboratories International LLC - Nymad Ltd. Business Services dsp - Performance Data LLC Business Services Park Place Technologies, Inc. - RES Software Business Services Ivanti Software - Sentensia Q AB Business Services B3IT Management AB - SigNet Technologies Business Services Convergint Technologies LLC - SoftTelecom Desarrollos I+ D Business Services Vipera Plc - SOURCEitHR Business Services MenaITech - Spence Johnson Ltd. Business Services Broadridge Financial Solutions, Inc. - Syntheses Business Services Concept Image Bretagne - TigerSpike Business Services Concentrix Corporation - TLS.NET Business Services Konica Minolta Business Solutions USA, Inc. - Tricode Business Services Building Blocks Ltd. - DentalPlans.com, Inc. Digital Advertising Internet Brands, Inc. - MobileRQ, Inc. Digital Advertising Kochava, Inc. - Ressy Technology Pvt. Ltd. Digital Advertising eatigo international pte. ltd. - TradersCrux.com Digital Advertising Salem Media Group - Acquire Real Estate LLC Digital Media/Commerce RealtyShares, Inc. - Bestowed LLC Digital Media/Commerce UrthBox, Inc. - BuySeasons, Inc. Digital Media/Commerce Rubie's Costume Company, Inc. - Chatter Commerce, Inc. Digital Media/Commerce Rakuten Viber - Everysing Digital Media/Commerce iRiver Limited - Female Funders Digital Media/Commerce Highline BETA - Home Bistro, Inc. Digital Media/Commerce AlphaPoint Technology, Inc. - InterNations GmbH Digital Media/Commerce Xing AG - Loco2 Limited Digital Media/Commerce SNCF Mobilities Group - OML Entertainment Digital Media/Commerce Paytm Wallet - PathSource, Inc. Digital Media/Commerce AcademixDirect - Pippin Foods LLC Digital Media/Commerce WhatsGood - Priceless Parenting Pvt. Ltd. Digital Media/Commerce Elanic Services Pvt. Ltd. - Pulse Digital Media/Commerce Hike Limited - Red7Mobile Ltd. Digital Media/Commerce Scientific Games Corporation - Soccers Digital Media/Commerce AppSwarm, Inc. - Songkick Selected Assets Digital Media/Commerce Warner Music Group - STACK Media, Inc. Digital Media/Commerce Blue Star Sports - Talkshow Industries Digital Media/Commerce Medium - Tech.li Digital Media/Commerce Publicize, Inc. - TheaterMania.com, Inc. Digital Media/Commerce AudienceView - 43 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
TheHouse.com Digital Media/Commerce Camping World Holdings, Inc. $ - FDA News Information WIRB-Copernicus Group - FiberLocator Information CCMI - Cintric LLC Marketing Technology UberMedia - Covalent Data, Inc. Marketing Technology Wellspring Worldwide - DGM59 Co Marketing Technology LINE Corporation - Endeavor Commerce, Inc. Marketing Technology Vendavo, Inc. - Humany AB Marketing Technology Telia Company AB - Joe Hukum Marketing Technology Freshworks, Inc. - Kemvi, Inc. Marketing Technology HubSpot, Inc. - Limelight Software Marketing Technology Trade Me Limited - Market Probe Asia Pacific Marketing Technology Majestic Research Services and Solutions Limited - Patron Technology Marketing Technology Providence Strategic Growth - Perceptive Research Marketing Technology Clemenger Group Limited - Real Geeks LLC Marketing Technology Fidelity National Financial, Inc. - Relayware, Inc. Marketing Technology Zift Solutions, Inc. - Smart Host, Inc. Marketing Technology Beyond Pricing, Inc. - Social Karma SPRL Marketing Technology Synthesio - SocMetrics, Inc. Marketing Technology Grapevine Logic, Inc. - Source3, Inc. Marketing Technology Facebook - Spicemart, Inc. Marketing Technology KLab, Inc. - SynGro Limited Marketing Technology MARU Goup Limited - Zemanta Ltd. Marketing Technology Outbrain, Inc. - Aethon Inc., MedEx Product Line Assets Software Inmar, Inc. - AquaFold, Inc. Software Idera, Inc. - Arrayent, Inc. Software Prodea Systems, Inc. - AssetTrackr Pvt. Ltd. Software WABCO Holdings, Inc. - Atlantis Computing, Inc., Certain Assets Software Hive-IO, Inc. - Axcient, Inc. Software eFolder, Inc. - aXigate SA Software Malta Informatique SARL - Brighterion, Inc. Software MasterCard, Inc. - Carval Computing Ltd. Software Civica Group Ltd. - Computational Engineering International, Inc. Software ANSYS, Inc. - Ctuit, Inc. Software Compeat, Inc. - DataGravity Software HyTrust, Inc. - DeVero, Inc. Software Netsmart Technologies, Inc. - Dexter & Chaney, Inc. Software Viewpoint, Inc. - Digital Instinct Pty. Limited Software Kronos Incorporated - DMTI Spatial Software Digital Map Products, Inc. - Enforcive, Inc. Software Vision Solutions, Inc. - Fireglass Software Symantec Corporation - Flood IO Software Tricentis GmbH - 44 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV
Global AlertLink Software Resolver, Inc. $ - Halli Labs Private Limited Software Google - Health & Parenting Ltd. Software Royal Philips Electronics - HolaDoctor, Inc. Software Pan-American Life Insurance Group - Hudman Limited Software Advanced - iParse LLC Software Urban FT, Inc. - KITT.AI Software Baidu, Inc. - Lecorpio, Inc. Software Anaqua, Inc. - Liberconnect, Inc. Software AVAST Software s.r.o. - MedApproved LLC Software TractManager, Inc. - Medication Management Systems, Inc. Software Genoa, a QoL Healthcare Company - Nanoscale, Inc. Software TIBCO Software, Inc. - Needles, Inc. Software TrialWorks LLC - Nostrum Group Limited Software Equiniti Group plc - nxtControl GmbH Software Schneider Electric SE - Observable Networks Software Cisco Systems, Inc. - ParkingSoft LLC Software T2 Systems, Inc. - Patchman B.V. Software SiteLock - Payable.com Software Stripe, Inc. - PDS Energy Info., Financial & Acct Data Exch Products & Services Software Oildex, Inc. - Permabit Technology Corporation Software Red Hat, Inc. - Piriform Limited Software AVAST Software s.r.o. - Secure Bill Pay Software ABILITY Network, Inc. - Skycure Ltd. Software Symantec Corporation - StackIQ, Inc. Software Teradata Corporation - Sybenetix Ltd. Software The NASDAQ OMX Group, Inc. - TomTec Imaging Systems GmbH Software Koninklijke Philips Electronics NV - Wisetail Software Alchemy Systems, LP - BaAm Traditional Media Freeman Company - Blue Man Group Productions Traditional Media Cirque du Soleil, Inc. - CarMe Traditional Media Fabrica Caommuniations Co., Ltd. - Chicago Sun-Times Traditional Media ST Acquisition Holdings - Clean Zone Marketing LLC Traditional Media Brite Media Group - Management Concepts, Inc., Publishing Division Assets Traditional Media Berrett-Koehler Publishers - MFV Expositions, Inc. Traditional Media Comexposium S.A. - Neo Advertising SA Traditional Media Tamedia - OMNI Magazine Traditional Media Penthouse Global Media, Inc. - Tartan Publishing Ltd. Traditional Media Buro 24/7 - The Robot Report Traditional Media WTWH Media LLC - West End Holdings LLC Traditional Media American Hometown Publishing, Inc. -
45 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Buyout Transactions Buyout Deals Values Disclosed Target Target Segment Buyer/Investor Reported TV WebMD Health Corporation Information Kohlberg Kravis Roberts & Company L.P. $ 3,740.4 Syncsort, Inc. Software Centerbridge Partners, L.P. 1,260.0 Certara, L.P Business Services EQT Holdings AB 850.0 Clarion Events, Ltd. Traditional Media The Blackstone Group L.P. 781.0 PlusServer GmbH Marketing Technology BC Partners Limited 448.8 NCI, Inc. Business Services H.I.G. Capital LLC 283.0 Keesing Media Group B.V. Traditional Media Ergon Capital Partners 173.6 Archway Technology Partners LLC Software SEI Investments 88.0 BIC Graphic North America Agency & Marketing Services H.I.G. Capital LLC 80.0 Acrolinx GmbH Marketing Technology Genui GmbH 60.0 EcoOnline AS Software Summa Equity 42.0
Buyout Deals Undisclosed Target Target Segment Buyer/Investor Reported TV
Random42 Scientific Communiation Agency & Marketing Services Graphite Capital Management LLP $ - Abacus Group LLC Business Services WestView Capital Partners - Avenica Business Services University Ventures - Driving Dynamics, Inc. Business Services Delancey Street Capital Partners - Lutech S.p.A. Business Services One Equity Partners, LLC - Santa Lucia Pharma Apps srl Business Services H.I.G. Europe - A Place For Mom, Inc. Digital Advertising Silver Lake Partners - Bruneau Digital Media/Commerce Equistone Partners - Etix, Inc. Marketing Technology Parthenon Capital - Nielsen TV Pilot Testing Assets Marketing Technology The Stagwell Group LLC - Quark Software Inc. Marketing Technology Parallax Capital Partners, LLC - SignUpGenius, Inc. Marketing Technology Providence Equity Partners, Inc. - AED-SICAD AG Software Battery Ventures - Arcserve (USA) LLC Software Marlin Equity Partners - Buckaroo B.V. Software Blackfin Capital Partners - ChiroTouch Software Waud Capital Partners, L.L.C. - Market Data Services Limited Software Sumeru Equity Partners LLC - OASIS Group Software Montagu Private Equity LLP - Sparta Systems, Inc. Software New Mountain Capital, LLC - SwipeClock Software Inverness Graham Investments - ZeroChaos Software The Carlyle Group - AMI Entertainment Network LLC Traditional Media The Gores Group, LLC - The Atlantic Traditional Media Emerson Collective -
46 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
GrabTaxi Pte. Ltd. Digital Media/Commerce SoftBank Corporation $ 2,000.0 ofo Digital Media/Commerce Alibaba Group Holding Ltd. 700.0 SenseTime Marketing Technology CDH Investments 410.0 Traveloka Holding Limited Digital Media/Commerce Expedia, Inc. 350.0 DotC United, Inc. Digital Media/Commerce Zeus Entertainment Ltd. 350.0 Klarna, Inc. Software Permira Advisers 250.0 Vets First Choice Business Services Clayton, Dubilier & Rice, Inc. 233.0 Yandex.Taxi Digital Media/Commerce Uber Technologies, Inc. 225.0 ShopEx Marketing Technology Joy Capital 105.0 Toast, Inc. Software Bessemer Venture Partners 101.0 Liulishuo Business Services Hearst Ventures 100.0 Iqianbang.com Digital Media/Commerce ShenZhen Grand Electronics 80.0 Vroom, Inc. Digital Media/Commerce General Catalyst Partners LLC 76.0 WalkMe, Inc. Marketing Technology Insight Venture Partners 75.0 Darktrace Limited Software Insight Venture Partners 75.0 Betterment LLC Software Bessemer Venture Partners 70.0 RowdMap, Inc. Software Cotiviti Holdings, Inc. 70.0 DataRobot Inc. Software Undisclosed 67.2 Revolut Limited Software Index Ventures 66.0 A Place for Rover Digital Advertising Spark Capital 65.0 Segment, Inc. Marketing Technology Accel Partners 64.0 Bitly, Inc. Marketing Technology Spectrum Equity Investors, LP 63.0 Convoy.com Digital Media/Commerce Y Combinator 62.0 Haimawan Software Elefirst Science & Technology 58.0 Epet Technology Co., Ltd. Digital Media/Commerce IDG Capital Partners 53.0 Zhenkunhang Digital Media/Commerce Eastern Bell Venture Capital 52.0 Vicarious.com Software Khosla Ventures 50.0 Graphiq, Inc. Marketing Technology Amazon.com, Inc. 50.0 Receipt Bank Software Insight Venture Partners 50.0 Artsy, Inc. Digital Media/Commerce L Catterton 50.0 NewStore, Inc. Marketing Technology General Catalyst Partners LLC 50.0 CompareAsiaGroup Digital Advertising Route 66 Ventures 50.0 MOVE Guides Limited Software New Enterprise Associates 48.0 SimilarWeb Ltd. Marketing Technology Viola Growth 47.0 Yimidida Business Services CDH Investments 44.0 FreshBooks Software Georgian Partners 43.0 Transfix Software New Enterprise Associates 42.0 Within Unlimited, Inc. Traditional Media Andreessen Horowitz 40.0 Stash Software Coatue Management 40.0 ZeroFOX Software New Enterprise Associates 40.0 Carwow Ltd. Digital Advertising Accel Partners 39.0 Shift Technologies, Inc. Digital Media/Commerce BMW iVentures 38.0 47 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
HyTrust, Inc. Software Advance Venture Partners $ 36.0 Callsign, Inc. Software Accel Partners 35.0 beqom SA Software Goldman Sachs Private Capital Investing 35.0 Brandless, Inc. Digital Media/Commerce New Enterprise Associates 35.0 iguazio Software Pitango Venture Capital 33.0 Deep Instinct Ltd. Software Columbus Nova Technology Partners 32.0 Assent Compliance, Inc. Software Greenspring Associates 31.4 Wukong Zuche Digital Media/Commerce YMCI Group 31.0 Awake Security, Inc. Software Bain Capital Ventures 31.0 Big Switch Networks Software Index Ventures 30.7 Graphcore Ltd Software Atomico Investments 30.0 Lever, Inc. Software Adams Street Partners, LLC 30.0 SpotHero, Inc. Digital Media/Commerce Insight Venture Partners 30.0 Hudl Marketing Technology Accel Partners 30.0 Lastline, Inc. Software Thomvest Ventures 28.5 Flashpoint Global Partners Software Georgian Partners 28.0 iCapital Network Information UBS Financial Services 27.9 Push DR Limited Business Services Draper Espirit 26.1 FunFair Digital Media/Commerce Pantera Capital 26.0 FabHotels.com Digital Media/Commerce Accel Partners 25.0 Marqeta, Inc. Software Visa, Inc. 25.0 Duolingo, Inc. Digital Media/Commerce Drive Capital, LLC. 25.0 Rimilia Holdings Ltd. Software Kennet Partners 25.0 Pendo.io Marketing Technology Battery Ventures 25.0 PerimeterX, Inc. Software Canaan Partners 23.0 Leesa Sleep LLC Digital Media/Commerce One Better Ventures 23.0 Alation, Inc. Software Harmony Partners 23.0 Nyotron Information Security Ltd. Software DGB Investments 21.0 IonQ, Inc. Software New Enterprise Associates 20.0 Cinq Music LLC Traditional Media GoDigital Media Group 20.0 PebblePost Marketing Technology RRE Ventures LLC 20.0 Particle Industries, Inc. Software Spark Capital 20.0 Gong.io Ltd. Marketing Technology Norwest Venture Partners 20.0 Voices.com, Inc. Digital Media/Commerce Morgan Stanley Expansion Capital 18.0 Karmic Labs Software Alsop Louie Partners 17.2 Niuniuqiche Digital Media/Commerce Kaitai Capital 17.0 Nosto Solutions Ltd. Marketing Technology Wellington Partners Venture Capital 17.0 AutoLotto, Inc. Digital Media/Commerce Aurum Partners 17.0 Ohpen B.V. Software Amerborgh 17.0 Framebridge, Inc. Digital Media/Commerce New Enterprise Associates 16.7 Node, Inc. Marketing Technology New Enterprise Associates 16.3 ExecOnline Business Services NewSpring Growth 16.0 48 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
SyncHR, Inc. Software New Enterprise Associates $ 16.0 Privitar Ltd. Software Salesforce Ventures 16.0 PayFit SAS Software Accel Partners 15.9 Insight Engines, Inc. Marketing Technology August Capital Management 15.8 WaveOptics Ltd. Digital Media/Commerce Octopus Ventures, LLC 15.7 Rebagg Digital Media/Commerce General Catalyst Partners LLC 15.5 Prospera Technologies Ltd. Software Bessemer Venture Partners 15.0 Impartner, Inc. Marketing Technology Emergence Capital Partners 15.0 Bespin Global Co., Ltd. Software Legend Capital 15.0 Lightbend, Inc. Software Bain Capital Ventures 15.0 Wellframe, Inc. Software F-Prime Capital 15.0 Ephesoft, Inc. Software Mercato Partners 15.0 Spotinst Ltd. Software Intel Capital 15.0 Gravie, Inc. Software GE Ventures 14.1 HanSight, Inc. Software Cash Capital 14.0 StackRox, Inc. Software Sequoia Capital 14.0 Tide Holdings Ltd. Software Anthemis Group 14.0 InstaReM Pty Ltd. Software Vertex Ventures 13.0 Metail Limited Marketing Technology TAL Apparel 12.9 Commerce Signals, Inc. Marketing Technology Stage 1 Ventures, LLC 12.0 Care/of Digital Media/Commerce Goodwater Capital 12.0 Engage3, Inc. Marketing Technology Moneta Ventures 12.0 Moglix Digital Media/Commerce Accel Partners 12.0 Recycle Track Systems, Inc. Software Volition Capital LLC 11.7 ottonova Holding AG Information Holtzbrinck Ventures 11.4 Qonto Software Valar Ventures LP 11.3 Cover Financial, Inc. Digital Media/Commerce Social Capital 11.0 SiteTraker LLC Marketing Technology New Enterprise Associates 11.0 CellTrak Technologies, Inc. Software Boathouse Capital 11.0 BioAge Labs, Inc. Software Andreessen Horowitz 10.9 Maven Clinic Co. Software Spring Mountain Capital, LP 10.8 Circulation.com Software Flare Capital Partners 10.5 Buoyant, Inc. Software Benchmark Capital 10.5 Flutterwave, Inc. Software Greycroft Partners LLC 10.0 Kahoot! AS Digital Media/Commerce Microsoft Ventures 10.0 RentoMojo Digital Media/Commerce Accel Partners 10.0 LiveStories, Inc. Information Ignition Partners LLC 10.0 Workato, Inc. Marketing Technology Salesforce Ventures 10.0 Hutch Interiors, Inc. Digital Media/Commerce Zillow Group, Inc. 10.0 Curve 1 Limited Software Connect Ventures 10.0 Yamibuy Digital Media/Commerce GGV Capital 10.0 Trumid Financial LLC Software DB1 Ventures 10.0 49 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Squirro Marketing Technology Salesforce Ventures $ 10.0 Comtravo Marketing Technology Project A Ventures 9.7 Borrowell, Inc. Software Portag3 Ventures 9.6 Corelight, Inc. Software Accel Partners 9.2 OnboardIQ, Inc. Software Origin Ventures 9.1 Dynamic Yield Ltd. Marketing Technology Deutsche Telekom AG 9.0 Perkbox Software Draper Espirit 8.6 Alltricks Digital Media/Commerce Entrepreneur Venture 8.5 Jumbotail Technologies Pvt. Ltd. Digital Media/Commerce Kalaari Capital 8.5 SnapTravel, Inc. Digital Advertising iNovia Capital 8.0 Bricata, Inc. Software Edison Partners 8.0 PhysIQ, Inc. Software 4490 Ventures 8.0 Hinge Health, Inc. Software Atomico Ventures 8.0 Integrate, Inc. Marketing Technology Iron Gate Capital 8.0 LendKey Technologies, Inc. Software Draper Fisher Jurvetson 8.0 Syte.ai Marketing Technology NHN Investment 8.0 Bright.md Software B Capital Group 8.0 Applitools Ltd. Software Bessemer Venture Partners 8.0 Nok Nok Labs, Inc. Software Motorola Solutions Venture Capital 8.0 OwnBackup Ltd. Software Insight Venture Partners 7.5 Dote, Inc. Digital Media/Commerce Lightspeed Venture Partners 7.2 Aptrinsic, Inc. Marketing Technology Storm Ventures LLC 7.2 A Cloud Guru Ltd. Digital Media/Commerce Elephant Venture Capital 7.0 Plexchat, Inc. Digital Media/Commerce First Round Capital 7.0 Cubyn SAS Business Services DN Capital 7.0 Clara Labs Marketing Technology Slack Fund 7.0 Velan Studios, Inc. Digital Media/Commerce Velan Ventures 7.0 FilterEasy, Inc. Digital Media/Commerce Arsenal Venture Partners 6.9 Foxintelligence Marketing Technology Kima Ventures 6.8 Flybits, Inc. Marketing Technology Information Venture Partners 6.5 Open Listings Co. Digital Media/Commerce Matrix Partners 6.5 Qloo, Inc. Software AXA Strategic Ventures 6.5 Healthify, Inc. Information BlueCross BlueShield Venture Partners, L.P. 6.5 DataRails Software Vertex Ventures 6.0 Virtualstock Ltd. Software Notion Capital 6.0 Haizol.com Digital Media/Commerce Eastern Bell Venture Capital 6.0 Genoox Software Inimiti Capital Partners 6.0 Side UK Ltd. Digital Media/Commerce Connect Ventures 5.7 Saucey, Inc. Digital Media/Commerce Bullpen Capital 5.4 Cloud.IQ Limited Marketing Technology PayPal, Inc. 5.3 Qmarkets.net Limited Software Leta Capital 5.2 Aiqudo, Inc. Marketing Technology Atlantic Bridge 5.2 50 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Insticator, Inc. Marketing Technology Associated Venture Management $ 5.2 Aire Labs Ltd. Software Sunstone Capital A/S 5.0 ObEN, Inc. Marketing Technology Tencent Holdings Ltd. 5.0 RiskLens, Inc. Software Dell Technologies Capital 5.0 Kit for Kids Limited Digital Media/Commerce Connection Capital 4.9 B2X Care Solutions GmbH Marketing Technology Earlybird Venture Capital GmgH & Co. KG 4.9 GearLaunch, Inc. Marketing Technology Hunt Technology Ventures 4.8 BentoBox CMS, Inc. Marketing Technology Bullpen Capital 4.8 Telestax, Inc. Software LiveOak Venture Partners 4.7 Contego Fraud Solutions Ltd. Software Maven Capital 4.6 Poq Studio Ltd. Marketing Technology Beringea LLC 4.6 B-Secur Ltd. Software Accelerated Digital Ventures 4.5 inXile Entertainment, Inc. Digital Media/Commerce Gumi Ventures 4.5 DBmaestro Software Vertex Ventures 4.5 Chefmarket.ru Digital Media/Commerce Mitsui & Co., Ltd. 3.5 Element Data, Inc. Software Flying Fish 3.5 POSpulse Marketing Technology (Private Investors) 3.5 SourceDay LLC Marketing Technology Draper Associates 3.5 Gymlib.com Digital Media/Commerce Breega Capital 3.4 Punchbowl, Inc. Digital Media/Commerce Party City Holdco Inc. 3.0 Protenus, Inc. Software Kaiser Permanente Ventures 3.0 Ironhack School SL Business Services JME Venture Capital 3.0 EquityZen, Inc. Software Draper Associates 3.0 Sparrho Information White Cloud Capital 3.0 LoftSmart, Inc. Digital Media/Commerce Tribeca Venture Partners 2.8 Playkey Digital Media/Commerce IIDF 2.8 Grabr, Inc. Digital Media/Commerce Signalfire Fund 2.7 James.finance Software BiG Start Ventures 2.7 Datatron Technologies, Inc. Software 500 Startups 2.7 SimplyCook Ltd. Digital Media/Commerce Maxfield Capital 2.6 Cleo Communications, Inc. Software LocalGlobe 2.6 Tomorrow Ideas, Inc. Digital Media/Commerce Maveron, LLC 2.6 AUrate New York Digital Media/Commerce Victress Capital 2.6 Peer5, Inc. Marketing Technology FundersClub 2.5 Ada Support, Inc. Marketing Technology Bessemer Venture Partners 2.5 Sightbox, Inc. Digital Media/Commerce Rogue Ventures 2.4 BloomAPI, Inc. Software Y Combinator 2.4 Shelf.io Marketing Technology Connecticut Innovations, Inc. 2.2 Learnerbly Software Frontline Ventures 2.1 Cool Cousin Limited Digital Media/Commerce Elevator Fund 2.0 Spera, Inc. Software Medici Ventures 2.0 BrandTotal Marketing Technology Glilot Capital Partners 2.0 51 | M&A and Investment Summary July 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Lvl5, Inc. Software 9Point Ventures $ 2.0 ScaleFT, Inc. Software Fuel Capital 2.0 Increff Software Sequoia Capital 2.0 Mendel.ai Software DCM Ventures 2.0 MultiMechanics, Inc. Software Solvay Ventures 1.9 Collectly, Inc. Software Index Ventures 1.9 Heureka Software LLC Software Bridge Investments LLC 1.8 FairClaims, Inc. Software Fika Ventures 1.8 Datarino Sp. Z.o.o. Marketing Technology Luma Ventures 1.6 TickSmith Corporation Software Illuminate Financial Management 1.6 Zego Digital Media/Commerce LocalGlobe 1.6 Repsly, Inc. Software Launchpad Venture Group, LLC 1.6 Megacool, Inc. Software Alliance Venture 1.5 Cargo Systems, Inc. Digital Media/Commerce Techstars Ventures 1.5 Vidcode, Inc. Business Services Cherry Ventures 1.5 Bibblio Learning Ltd. Marketing Technology 01 Ventures 1.5 Locum's Nest Ltd. Software Albion Capital Group 1.4 Whipper Ltd. Digital Media/Commerce (Private Investors) 1.4 Brolly UK Technology Limited Digital Media/Commerce Valar Ventures LP 1.3 TheMednet LLC Information Lumia Capital 1.3 VendorHawk, Inc. Marketing Technology iNovia Capital 1.2 RepIQ, Inc. Marketing Technology Pritzker Group Venture Capital 1.1 AdQuick, Inc. Digital Media/Commerce Initialized Capital 1.1 FunCaptcha Pty Ltd. Software Sequoia Financial Group 1.0
52 | M&A and Investment Summary July 2017 Petsky Prunier: Maximizing Shareholder Value
. Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information, business services, and healthcare services industries . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume . Founded in 1999 . More than 50 focused professionals; growth of 40% since 2011 . New York, Las Vegas, Chicago, Boston, Charlotte . Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services . Global reach enhanced through our partnerships in China and India . Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity
. M&A Advisory and Sell-Side Representation . Advertising & Marketing . Business Current Situation Assessment and . Privately-Owned Companies . eCommerce Profit Improvement Planning . Entrepreneur-Led Businesses . Digital Media . Opportunity Mapping: Strategic Planning & Development . Private Equity Portfolio Companies . Technology . Competitive Landscape Analysis . VC-Backed Companies . Information . M&A Transaction Due Diligence Support . Buy-Side Targeting Criteria & Integration Strategy . Corporate Divestitures . Business Services . Custom Market Research . Selected Buy-Side Engagements . Healthcare Services . Publishing, Speaking, and Thought Leadership . Capital Raising and Private Placements
53 | M&A and Investment Summary July 2017 Ranked #1 by Bloomberg For Mid-Market Internet & Advertising Transactions
Bloomberg M&A League Tables, 2011-2016
TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS 2016 2011-2016 (6-Year) Rank Advisor Deal Count Rank Advisor Deal Count
1 Petsky Prunier 19 1 Petsky Prunier 103 2 Goldman Sachs 18 2 Goldman Sachs 89 3 JP Morgan 16 3 Morgan Stanley 68 3 KPMG Corporate Finance 16 4 PwC 67 5 Rothschild 15 5 Jordan Edmiston Group 65 6 Houlihan Lokey 13 6 KPMG Corporate Finance 63 6 PwC 13 7 China Renaissance Group 52 8 Avendus Capital 11 7 GCA Savvian Group 52 8 Daiwa Securities 11 7 JP Morgan 52 10 Bank of America Merrill Lynch 9 10 Nomura 51 10 Credit Suisse 9 11 Jefferies 46 10 Jefferies 9 12 Ernst & Young 45 10 Morgan Stanley 9 13 Rothschild 44 10 Deloitte Touche Tohmatsu 9 14 Credit Suisse 43 15 Citi 8 14 Daiwa Securities 43 15 GCA Savvian Group 8 16 Houlihan Lokey 37
Based on number of deals announced in 2011‐2016 valued at $500 million or less. Internet and Advertising is defined by Bloomberg. With more than 75 transactions closed in the last 36 months, and more than 125 transactions closed since 2011 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, eCommerce, and media industries
54 | M&A and Investment Summary July 2017 Representative Recent Transactions*
Compliance Solutions Strategies $200,000,000 a portfolio company of has sold a provider of SaaS-based has sold its indirect capital raise to support a buyout has been sold to marketing solutions to wholly-owned subsidiary (NYSE: DLX) real estate professionals of minority shareholding held by an outside institutional investor has received a $60MM Series B has been sold to minority investment led by has acquired has acquired to a division of and to
(NYSE: FNFV) (LON: UDG) (TSO: 4911)
a portfolio company of a portfolio company of has acquired has been sold to comprised of The Simple Dollar, has been sold to has been sold to Reviews.com, and Freshome has been sold to has received a majority has been sold to has been sold to investment from from a subsidiary of a division of a portfolio company of
(NASDAQ: ACXM)
$207,000,000*
a portfolio company of has sold a portfolio company of a portfolio company of a portfolio company of (NASDAQ: CTSH) has been sold to has received a majority has been sold to investment from has acquired to has been sold to has been sold to has been sold to a division of
(NASDAQ: COGT) (NYSE: OMC) (NASDAQ: SYKE)
*Approximate Value
$225,000,000* $160,000,000*
a portfolio company of and a portfolio company of has received a majority a portfolio company of investment from has been sold to has been sold to has received a significant growth investment from comprising Media Properties Holdings has been sold to has been sold to has been sold to has been sold to in partnership with (NYSE: IDI) (NYSE: DLX) (NYSE: ACN)
*Approximate Value *Approximate Value
*For a more comprehensive list, please click here. 55 | M&A and Investment Summary July 2017