Monthly Business & Tech-Enabled Services Sector Summary Report

Business & Tech-Enabled Services Sector Summary Report May 2017

1 BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD $38.5 Billion 1,257 M&A Volume YTD M&A Transactions YTD Quarterly M&A Volume ($Bn) and Deal Count Select M&A Transactions $60.0 Announced Date Acquirer Target EV ($MM) $48.5 $50.0 $37.1 4/17/2017 NA $40.0 $31.1 $27.4 $27.1 $30.0 $24.6 4/14/2017 $2,000+ $19.1 $19.2 $21.7 $20.0 $11.4 Volume ($Bn) $10.0 4/10/2017 $457 $0.0 4/7/2017 NA Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 1200 4/4/2017 NA 966 944 964 995 986 1000 901 929 917 875 800 4/4/2017 NA 600 382 4/3/2017 $400

400 Email / Cross-Channel Marketing Business Deal Deal Count 200 4/3/2017 $900 0 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 4/3/2017 $2,735

(1) Last 12 Months Business & Tech-Enabled Services Performance vs. S&P 500 4/3/2017 $288 120.0% 4/3/2017 $125 115.0%

110.0% 3/23/2017 NA

105.0% 3/21/2017 NA 100.0% 3/20/2017 $205 95.0%

90.0% 3/20/2017 NA May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17

Business & Tech-Enabled Services S&P 500 3/6/2017 $110

Notes: 2 Source: Capital IQ and PitchBook. Market Data as of 5/8/17. 1) Business & Tech-Enabled Services is comprised of all of the companies listed under Public Company Valuations. GCA OVERVIEW Business & Tech-Enabled Services Team

New York Tokyo Milan Frankfurt London th 640 Fifth Avenue, 10 Fl. 11-1 Marunouchi 1-chome Piazza San Fedele 4 Thurn-und-Taxis-Platz 6 1 Southampton St. New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 20121 Milano 60313 Frankfurt London WC2R0LR United States Japan Italy Germany United Kingdom Phone: (212) 999-7090 Phone: +81 (3) 6212-7100 Phone: +39 02 76 01 73 40 Phone: +49 69 204 34 6410 Phone:+44 20 7484 4040

Derek Bell Stephen Georgiadis* Akikazu Ida* Sascha Pfeiffer* Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7089 Phone: +44 207 484 4040 Phone: +81 (3) 6212-7241 Phone: +49 69 204 346 415 Mobile: (914) 953-0689 Mobile: +44 7770 827335 Mobile: +81 (80) 9027-3023 Mobile: +49 177 741 5643 [email protected] [email protected] [email protected] [email protected]

Adrian Reed* Tobias Schultheiss* Alessandro Soprano* Raiko Stelten* Managing Director Managing Director Managing Director Director

Phone: +44 845 505 4343 Phone: +49 69 204 346 416 Phone: +39 02 7601 7340 Phone: +49 69 204 346 418 Mobile: +44 7887 626800 Mobile: +49 160 534 6278 Mobile: +39 348 231 6056 Mobile: +49 171 335 0879 [email protected] [email protected] [email protected] [email protected]

Notes: *Stephen Georgiadis, Adrian Reed, and Alessandro Soprano are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Akikazu Ida is a Managing Director at GCA Corporation. 3 *Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. *Raiko Stelten is a Director at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months Last 3 Years

140% 170%

160%

130% 150%

140% 120%

130%

110% 120%

110%

100% 100%

90% 90%

80%

80% 70% May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17

Key Sector 3 Months 1 Year 3 Years Advertising & Marketing Services 4.3% 9.2% 20.0% Events & Exhibitions 10.3% 19.8% 16.1% Information Services 7.4% 15.3% 44.7% Consulting & Training (1.4%) 9.6% 26.0% HR Services 1.9% 15.9% 55.3% Staffing & Recruiting 11.6% 37.5% 24.5% IT & BPO Services 2.3% 3.7% 13.6% Customer Care / CRM Services 4.6% 20.7% 57.7% S&P 500 4.6% 16.5% 27.9% Notes: Source: Capital IQ. Market Data as of 5/8/17. Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 4 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. TRADING COMPARABLES Valuation Metrics

EV / 2017E EBITDA EV / 2017E Revenue

16.0x 4.0x 3.7x

13.5x 14.0x 13.0x 3.5x 3.3x

12.0x 3.0x 10.3x 10.1x 9.8x 9.6x 10.0x 9.5x 2.5x 8.3x 2.0x 8.0x 2.0x 1.9x 1.6x 6.0x 1.5x 1.2x

4.0x 1.0x 0.8x 0.6x 2.0x 0.5x

0.0x 0.0x Information HR Services Events & Consulting & IT & BPO Staffing & Advertising & Customer Information Events & HR Services IT & BPO Advertising & Consulting & Customer Staffing & Services Exhibitions Training Services Recruiting Marketing Care / CRM Services Exhibitions Services Marketing Training Care / CRM Recruiting Services Services Services Services

Notes: Source: Capital IQ. Market Data as of 5/8/17. Figures reflect median values. Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 5 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. TRADING COMPARABLES Operational Metrics

2017E EBITDA Margin 2018E / 2017E Rev. Growth

35.0% 9.0%

30.2% 7.9% 8.0% 30.0% 7.2% 26.7% 7.0% 25.0% 5.8% 6.0% 5.0% 4.9% 20.0% 4.8% 17.4% 5.0% 16.4% 4.4%

15.0% 13.8% 4.0% 12.3% 11.5% 3.0% 2.4% 10.0% 6.6% 2.0% 5.0% 1.0%

0.0% 0.0% Information Events & IT & BPO Advertising & HR Services Consulting & Customer Staffing & HR Services IT & BPO Information Advertising & Customer Consulting & Staffing & Events & Services Exhibitions Services Marketing Training Care / CRM Recruiting Services Services Marketing Care / CRM Training Recruiting Exhibitions Services Services Services Services

Notes: Source: Capital IQ. Market Data as of 5/8/17. Figures reflect median values. Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. 6 IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics $MM, Except Per Share Data Stock LTM Trading Statistics Operating Metrics Price Price Range Equity Cash & Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth Gross Margin EBITDA Margin 5/8/17 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E CY 17E CY 18E

Advertising & Marketing Services

WPP plc $21.75 $15.58 $24.94 $27,329 $3,009 $8,109 $32,976 1.9x 1.6x 1.6x 10.5x 9.6x 9.2x 13.4x 12.6x 14.6% 2.2% NA NA 16.8% 17.2% Omnicom Group Inc. 83.73 75.61 89.66 19,503 2,486 4,993 22,733 1.5x 1.5x 1.4x 9.9x 9.8x 9.3x 16.7x 15.5x (1.2%) 3.7% 25.4% 25.4% 15.3% 15.4% Dentsu Inc. 57.92 39.11 58.09 16,353 2,076 3,457 18,155 2.5x 2.2x 2.1x 12.1x 10.6x 10.1x 20.6x 18.9x 15.5% 5.3% NA NA 20.7% 20.7% Publicis Groupe S.A. 71.04 62.72 75.96 15,834 2,352 3,733 17,225 1.7x 1.6x 1.5x 9.5x 8.8x 8.3x 13.6x 12.5x 7.5% 3.7% 37.5% 37.5% 17.7% 18.2% Alliance Data Systems Corporation 257.36 185.02 266.25 14,329 1,867 20,671 33,133 4.6x 4.2x 3.9x 22.7x 16.4x 14.6x 13.9x 12.0x 9.6% 10.0% 42.4% 41.9% 25.8% 26.4% The Interpublic Group of Companies, Inc. 24.13 21.67 25.34 9,534 778 1,917 10,947 1.4x 1.4x 1.3x 10.0x 9.4x 8.8x 16.3x 14.6x 1.9% 4.2% 36.1% 36.2% 14.5% 14.9% Hakuhodo DY Holdings Inc 12.60 9.30 13.26 4,697 1,411 106 3,579 0.3x 0.3x 0.3x 7.9x 7.4x 7.0x 19.9x 18.2x 6.7% 2.9% NA 19.7% 4.3% 4.4% j2 Global, Inc. 90.27 60.00 91.48 4,350 187 828 4,991 5.7x 4.3x 4.0x 13.5x 10.3x 9.1x 15.5x 13.8x 32.1% 9.2% 83.6% 86.4% 41.9% 43.7% Havas SA 9.21 7.10 9.67 3,867 855 698 3,726 1.6x 1.4x 1.4x 9.6x 8.7x 8.4x 17.2x 16.2x 8.4% 3.2% NA NA 16.4% 16.6% Yelp Inc. 35.70 23.92 43.41 2,868 485 - 2,383 3.3x 2.7x 2.2x NM 14.9x 11.1x 34.6x 25.2x 24.6% 20.2% 92.2% 92.3% 18.0% 20.1% HubSpot, Inc. 69.55 41.63 74.80 2,542 123 1 2,421 8.9x 6.7x 5.4x NM NM NM NM NM 32.4% 25.7% 79.6% 80.1% 3.2% 5.7% Meredith Corporation 56.70 43.85 66.25 2,528 27 632 3,133 1.8x 1.9x 1.8x 8.8x 9.8x 9.1x 16.9x 15.4x (1.2%) 2.5% NA NA 19.0% 20.0% Moneysupermarket.com Group PLC 4.62 2.92 4.62 2,510 55 - 2,455 6.3x 5.5x 5.2x 18.1x 14.3x 13.3x 21.1x 19.2x 14.1% 6.1% 73.1% 75.5% 38.6% 39.0% GfK SE 51.39 28.95 57.06 1,876 189 510 2,214 1.4x 1.4x 1.3x 13.1x 8.9x 8.2x 22.7x 16.3x 3.4% 4.5% 34.0% 34.6% 15.4% 16.0% LendingTree, Inc. 147.95 64.07 150.95 1,767 105 - 1,662 4.3x 3.1x 2.6x 30.1x 16.9x 13.6x 39.9x 30.3x 40.7% 17.6% 97.1% 97.0% 18.1% 19.2% Cheil Worldwide Inc. 16.09 12.96 17.41 1,741 356 16 1,412 0.5x 0.5x 0.5x 9.1x 8.1x 7.7x 17.6x 16.2x 7.7% 5.7% 32.2% 32.5% 6.0% 6.0% Ipsos SA 32.75 26.23 36.52 1,365 178 752 1,961 1.0x 1.0x 1.0x 9.3x 8.4x 7.8x 11.2x 10.5x 6.5% 2.0% 64.7% NA 11.6% 12.3% Bankrate, Inc. 10.95 6.91 11.95 980 183 296 1,093 2.5x 2.2x 1.9x 11.6x 8.7x 7.6x 15.6x 13.2x 16.3% 11.5% 47.2% 47.6% 24.9% 25.5% MDC Partners Inc. 8.40 2.75 19.26 478 23 888 1,469 1.1x 1.0x 0.9x 9.8x 7.2x 6.3x 32.3x 10.1x 7.1% 4.8% NA NA 13.8% 14.9% YouGov plc 3.69 2.06 3.80 387 19 - 369 3.0x 2.6x NA 29.8x 18.7x NA 26.3x 26.5x 15.2% NA 78.0% NA 13.9% NA QuinStreet, Inc. 4.08 2.61 4.63 185 42 - 144 0.5x 0.5x 0.4x NM 7.2x 5.4x NM NM 2.6% 5.9% 10.4% 16.6% 6.5% 8.1%

Mean 2.7x 2.3x 2.0x 13.6x 10.7x 9.2x 20.3x 16.7x 12.6% 7.5% 55.6% 51.7% 17.3% 18.2% Median 1.8x 1.6x 1.5x 10.3x 9.5x 8.8x 17.2x 15.5x 8.4% 5.0% 47.2% 39.7% 16.4% 16.9%

Events & Exhibitions

UBM plc $9.29 $7.30 $10.06 $3,656 $105 $848 $4,443 4.2x 3.4x 3.4x 15.3x 11.3x 11.1x 14.3x 14.0x 21.9% 0.6% 30.6% 30.9% 30.3% 30.6% Ascential plc 4.33 2.59 4.61 1,736 77 353 2,012 5.4x 4.1x 3.7x 18.9x 13.0x 11.7x 19.4x 17.3x 32.7% 9.9% NA NA 31.6% 31.9% Emerald Expositions Events, Inc. 20.30 18.67 20.72 1,466 15 703 2,154 6.7x NA NA 14.6x NA NA NA NA NA NA NA NA NA NA Viad Corp 43.35 29.50 48.85 883 25 237 1,108 0.9x 0.9x 0.9x 9.3x 8.0x 7.7x 17.6x 16.5x 4.2% 2.5% NA NA 11.0% 11.2% ITE Group plc 2.26 1.53 2.34 594 20 97 704 NA 3.8x 3.6x NA 16.6x 15.3x 18.8x 16.8x NA 7.2% 42.4% 43.7% 23.1% 23.4% GL Events 24.47 15.62 24.60 565 215 628 1,028 1.0x 1.0x 1.0x 7.5x 6.8x 6.8x 13.1x 12.3x 4.1% 2.4% NA NA 14.3% 14.0% MCH Group AG 78.25 61.96 78.80 470 227 295 538 1.3x NA NA 6.3x NA NA NA NA NA NA NA NA NA NA Tarsus Group plc 3.74 3.04 3.90 421 20 106 511 6.0x 3.2x 3.9x 22.1x 9.3x 12.4x 10.7x 15.7x 91.7% (19.8%) NA NA 33.8% 31.6%

Mean 3.6x 2.7x 2.7x 13.4x 10.8x 10.8x 15.7x 15.4x 30.9% 0.5% 36.5% 37.3% 24.0% 23.8% Median 4.2x 3.3x 3.5x 14.6x 10.3x 11.4x 16.0x 16.1x 21.9% 2.4% 36.5% 37.3% 26.7% 27.0% Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 7 Negative margins considered NM. Market Data as of 5/8/17. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

$MM, Except Per Share Data Stock LTM Trading Statistics Operating Metrics Price Price Range Equity Cash & Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth Gross Margin EBITDA Margin 5/8/17 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E CY 17E CY 18E

Information Services

RELX PLC $20.53 $8.16 $20.74 $41,461 $200 $5,980 $47,288 5.6x 4.9x 4.7x 18.5x 14.0x 12.7x 19.6x 18.2x 14.3% 3.9% 64.5% 64.6% 34.8% 36.9% S&P Global Inc. 136.86 99.15 138.05 35,283 2,411 3,565 37,572 6.6x 6.5x 6.1x 15.2x 13.8x 12.9x 22.1x 20.0x 2.5% 6.0% NA NA 46.8% 47.3% Thomson Reuters Corporation 44.49 36.42 45.76 32,132 943 7,432 39,113 3.5x 3.5x 3.4x 16.4x 11.6x 11.2x 18.9x 17.5x 1.5% 2.7% NA NA 29.6% 30.0% Moody's Corporation 116.68 87.30 119.99 22,321 2,262 4,076 24,337 6.8x 6.4x 6.0x 14.8x 13.6x 13.0x 22.0x 20.2x 6.3% 5.2% 71.8% 71.9% 46.7% 46.6% Experian plc 21.74 15.84 21.93 20,189 166 3,327 23,364 NA 4.9x 4.6x NA 14.1x 13.3x 23.1x 20.9x NA 5.9% 55.0% 55.0% 34.7% 34.8% IHS Markit Ltd. 43.99 32.78 44.00 17,970 155 3,729 21,602 7.9x 6.1x 5.8x 28.3x 15.6x 14.3x 21.3x 18.4x 29.2% 4.8% 63.3% 64.4% 39.3% 40.7% Equifax Inc. 137.23 110.87 139.89 16,496 123 2,669 19,107 6.1x 5.6x 5.2x 17.0x 15.3x 14.0x 22.6x 20.4x 8.3% 7.2% 64.7% 65.1% 36.7% 37.4% Nielsen Holdings plc 40.48 38.31 55.94 14,464 451 8,418 22,625 3.6x 3.4x 3.3x 14.0x 11.1x 10.6x 15.1x 14.0x 4.6% 3.6% 58.6% 58.8% 30.8% 31.3% Verisk Analytics, Inc. 79.30 75.60 87.40 13,111 159 2,288 15,240 7.6x 7.3x 6.9x 16.3x 14.8x 13.7x 25.0x 22.5x 4.4% 6.0% 64.5% 65.0% 49.6% 50.4% Wolters Kluwer N.V. 43.28 33.48 43.84 12,398 992 3,038 14,449 3.2x 2.9x 2.8x 12.2x 10.8x 10.4x 17.2x 16.1x 9.3% 3.3% 68.7% 68.7% 27.0% 27.2% Gartner, Inc. 113.32 84.54 116.48 10,248 1,228 1,635 10,655 NM 3.1x 2.7x NM 15.1x 12.2x 32.6x 26.8x NM 18.1% 61.8% 62.5% 20.8% 21.8% MSCI Inc. 98.21 71.51 109.29 8,884 697 2,076 10,263 8.9x 8.2x 7.7x 18.0x 16.2x 14.6x 27.2x 23.4x 8.2% 7.7% 78.2% 78.6% 51.0% 52.4% TransUnion 41.17 20.43 41.51 7,450 155 2,402 9,795 5.7x 5.3x 4.9x 17.3x 13.4x 12.2x 23.1x 20.9x 9.2% 7.7% 67.7% 68.0% 39.3% 40.0% News Corporation 12.79 10.54 14.68 7,444 1,850 376 6,248 0.8x 0.8x 0.8x 9.3x 6.8x 6.3x 30.1x 22.7x (2.1%) (2.5%) NA NA 11.5% 12.7% Informa plc 8.53 6.21 9.86 7,025 61 1,895 8,861 5.3x 3.9x 3.8x 17.0x 11.7x 11.0x 13.9x 13.0x 36.0% 3.4% NA NA 33.7% 34.4% FactSet Research Systems Inc. 161.23 148.50 183.64 6,362 185 365 6,542 5.7x 5.2x 4.8x 16.3x 15.1x 13.9x 21.5x 19.7x 10.1% 8.6% 55.6% 56.3% 34.4% 34.4% Fair Isaac Corporation 137.08 103.50 139.00 4,245 116 626 4,755 5.3x 5.0x 4.8x 23.0x 18.1x 17.3x 26.6x 22.2x 4.8% 5.7% 69.2% 70.5% 27.7% 27.6% The Dun & Bradstreet Corporation 112.35 100.46 141.57 4,145 375 1,707 5,493 3.2x 3.1x 3.0x 12.2x 11.1x 10.5x 16.0x 15.2x 3.7% 3.6% 68.4% 68.1% 28.0% 28.5% CoreLogic, Inc. 42.30 34.59 43.44 3,580 103 1,587 5,065 2.6x 2.7x 2.7x 12.1x 10.9x 10.1x 18.6x 16.4x (5.1%) 3.0% 47.7% 50.8% 25.2% 26.4% Morningstar, Inc. 73.25 67.74 85.49 3,145 318 235 3,062 3.8x 3.6x 3.4x 13.2x 13.1x 11.7x 31.2x 25.8x 7.5% 4.3% 55.6% 55.7% 27.1% 29.3% Acxiom Corporation 28.79 19.11 30.40 2,257 138 237 2,356 2.7x 2.6x 2.3x 25.9x 13.1x 11.0x 38.2x 29.2x 4.3% 12.0% 45.1% 45.3% 19.6% 20.8% The Advisory Board Company 51.20 24.85 54.50 2,069 152 606 2,523 3.1x 3.1x 3.0x 20.3x 12.6x 11.7x 26.0x 24.1x 0.5% 5.1% 51.8% 52.7% 24.8% 25.5% comScore, Inc. 25.42 20.81 34.85 1,456 147 33 1,342 NA 2.4x 2.1x NA 8.3x 6.8x 13.6x 11.0x NA 13.0% 71.1% NA 28.6% 30.8% Euromoney Institutional Investor PLC 13.39 10.32 16.04 1,437 14 1 1,435 NA 2.6x 2.4x NA 9.7x 9.0x 13.9x 12.4x NA 6.4% NA NA 26.3% 26.7% National Research Corporation 43.61 32.18 46.37 1,067 35 3 1,035 9.5x 8.7x 7.8x 29.2x 26.3x NA 13.6x 12.0x 8.2% 11.9% 58.2% 58.6% 33.2% NA Forrester Research, Inc. 39.95 34.71 44.40 729 135 - 594 1.8x 1.8x 1.7x 14.7x 15.8x 12.8x 34.0x 24.1x 1.0% 6.6% 60.5% 60.7% 11.4% 13.3%

Mean 5.0x 4.4x 4.1x 17.3x 13.5x 11.9x 22.6x 19.5x 7.6% 6.3% 62.0% 62.1% 31.5% 32.3% Median 5.3x 3.7x 3.6x 16.3x 13.5x 12.2x 22.0x 20.1x 5.6% 5.8% 63.3% 63.5% 30.2% 30.8%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 8 Negative margins considered NM. Market Data as of 5/8/17. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Consulting & Training

Exponent, Inc. $61.25 $45.00 $64.80 $1,585 $155 $0 $1,430 4.8x 4.5x 4.3x 21.0x 17.9x 16.1x 33.2x 31.6x 5.4% 5.7% 36.5% 37.7% 25.3% 26.6% FTI Consulting, Inc. 34.71 33.94 47.12 1,402 121 403 1,683 0.9x 0.9x 0.9x 8.6x 8.4x 8.1x 18.1x 16.4x (0.2%) 2.1% 32.4% 33.1% 11.1% 11.3% Navigant Consulting, Inc. 21.09 15.07 27.86 996 9 178 1,166 1.2x 1.2x 1.1x 8.2x 8.0x 7.5x 16.3x 14.7x 7.7% 4.3% 32.3% 32.4% 14.5% 14.7% Huron Consulting Group Inc. 44.65 39.15 65.00 948 13 422 1,358 1.9x 1.8x 1.7x 10.6x 11.6x 10.6x 17.3x 15.8x 5.9% 4.8% 35.3% 35.0% 15.3% 15.9% ICF International, Inc. 47.40 38.54 59.55 891 8 276 1,159 1.0x 0.9x 0.9x 10.4x 9.9x 9.2x 15.8x 14.7x 2.9% 3.4% 37.8% 38.0% 9.6% 10.0% CBIZ, Inc. 15.50 9.77 15.90 829 2 214 1,041 1.3x 1.2x 1.2x 11.8x 9.9x 9.3x 18.7x 17.0x 6.3% 4.4% 13.1% 13.9% 12.3% 12.6% The Hackett Group, Inc. 19.82 13.06 20.69 578 17 9 570 2.2x 1.9x 1.7x 14.5x 11.2x 10.5x 19.1x 16.7x 17.6% 7.1% 38.6% 38.8% 16.7% 16.6% GP Strategies Corporation 25.65 19.59 30.00 429 15 61 474 1.0x 0.9x 0.9x 12.5x 11.8x 9.8x 19.9x 16.3x 5.2% 7.3% 16.8% 17.1% 7.8% 8.7% Resources Connection, Inc. 13.65 12.41 19.80 405 45 48 408 0.7x 0.7x 0.7x 8.0x 10.1x 8.1x 21.1x 16.7x (1.7%) 2.3% 37.8% 37.0% 7.0% 8.5% Franklin Covey Co. 21.05 13.45 22.45 291 11 40 321 1.6x 1.7x 1.5x 22.0x 24.0x 15.1x NM NA (0.6%) 9.1% 67.1% 67.4% 6.9% 10.1% CRA International, Inc. 33.80 22.32 40.00 290 22 6 275 0.8x 0.8x 0.7x 10.3x 4.7x 4.5x 22.6x 19.2x 9.1% 5.2% 29.4% 29.8% 16.5% 16.6%

Mean 1.6x 1.5x 1.4x 12.5x 11.6x 9.9x 20.2x 17.9x 5.2% 5.1% 34.3% 34.6% 13.0% 13.8% Median 1.2x 1.2x 1.1x 10.6x 10.1x 9.3x 18.9x 16.5x 5.4% 4.8% 35.3% 35.0% 12.3% 12.6%

HR Services

Automatic Data Processing, Inc. $96.70 $84.36 $105.68 $43,265 $2,999 $2,003 $42,268 3.5x 3.3x 3.1x 15.5x 15.6x 14.1x 25.4x 23.1x 4.9% 6.2% 45.8% 46.1% 21.4% 22.4% Paychex, Inc. 58.06 51.09 63.03 20,858 404 55 20,509 6.7x 6.3x 5.9x 15.7x 14.6x 13.6x 25.3x 23.5x 6.0% 6.5% 70.7% 71.0% 43.2% 43.5% TriNet Group, Inc. 31.01 17.78 33.49 2,127 216 450 2,361 0.8x 0.7x 0.6x 15.4x 11.4x 10.0x 21.9x 18.4x 9.1% 13.9% 71.8% 71.8% 6.2% 6.2% Insperity, Inc. 82.05 64.40 93.65 1,729 306 104 1,527 0.5x 0.5x 0.4x 12.7x 9.5x 8.2x 19.0x 16.6x 11.3% 9.4% 16.6% 16.9% 4.9% 5.2% Barrett Business Services, Inc. 56.91 27.28 66.93 413 19 5 398 0.5x NA NA 12.4x NA NA NA NA NA NA NA NA NA NA

Mean 2.4x 2.7x 2.5x 14.3x 12.8x 11.5x 22.9x 20.4x 7.8% 9.0% 51.2% 51.4% 18.9% 19.3% Median 0.8x 2.0x 1.9x 15.4x 13.0x 11.8x 23.6x 20.8x 7.6% 7.9% 58.3% 58.5% 13.8% 14.3%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 9 Negative margins considered NM. Market Data as of 5/8/17. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Staffing & Recruiting

Recruit Holdings Co.,Ltd. $52.86 $27.94 $52.86 $29,436 $3,106 $1,904 $28,285 1.9x 1.5x 1.4x 14.5x 12.6x 10.8x 28.8x 33.4x 23.7% 8.3% 48.0% 47.8% 12.1% 13.1% Adecco Group AG 75.19 45.13 76.05 12,805 1,278 2,158 13,693 0.6x 0.5x 0.5x 11.0x 9.7x 9.4x 14.2x 13.3x 8.4% 3.5% 19.0% 19.0% 5.4% 5.4% Randstad Holding NV 61.25 34.68 63.80 11,223 419 1,627 12,431 0.6x 0.5x 0.5x 12.4x 9.7x 9.2x 13.4x 12.4x 16.2% 2.8% 20.4% 20.1% 5.0% 5.2% ManpowerGroup Inc. 102.92 57.26 106.99 6,904 724 834 7,100 0.4x 0.4x 0.3x 8.6x 8.3x 7.6x 15.3x 14.1x 2.3% 4.4% 17.0% 17.0% 4.2% 4.4% Robert Half International Inc. 47.27 34.34 50.98 6,014 260 1 5,754 1.1x 1.1x 1.1x 9.3x 9.5x 9.0x 17.7x 16.3x 0.0% 4.1% 41.1% 41.3% 11.5% 11.7% Temp Holdings Co., Ltd. 19.41 13.01 19.44 4,538 621 240 4,274 0.9x 0.8x 0.7x 11.9x 10.5x 9.4x 22.5x 19.3x 14.3% 7.8% 23.7% 23.6% 7.3% 7.5% Hays plc 2.25 1.18 2.28 3,249 141 82 3,190 0.6x 0.5x 0.5x 8.4x 10.4x 9.8x 16.7x 16.2x 9.7% 8.2% 18.7% 18.7% 4.8% 4.8% On Assignment, Inc. 51.41 32.05 53.80 2,714 24 617 3,307 1.4x 1.3x 1.2x 13.1x 10.6x 9.7x 17.7x 16.2x 7.8% 7.3% 32.5% 32.5% 11.8% 12.1% PageGroup plc 6.55 2.02 6.55 2,023 115 - 1,909 1.3x 1.1x 1.1x 14.2x 11.5x 10.7x 19.9x 18.5x 16.3% 3.4% 51.5% 51.4% 9.7% 10.0% Korn/Ferry International 32.40 18.57 33.14 1,852 355 261 1,760 1.1x 1.1x 1.0x 8.9x 7.3x 6.6x 13.7x 12.4x 3.4% 5.9% 29.8% 30.0% 15.0% 15.5% TrueBlue, Inc. 26.95 16.50 28.70 1,114 26 80 1,168 0.4x 0.5x 0.4x 8.1x 8.6x 7.9x 14.9x 13.6x (7.9%) 2.8% 25.4% 25.4% 5.3% 5.7% Kelly Services, Inc. 21.72 18.01 23.61 831 46 - 785 0.1x 0.2x 0.1x 8.9x 8.1x 7.4x 14.3x 13.2x (1.0%) 3.1% 17.0% 17.0% 1.9% 2.0% Kforce Inc. 20.50 15.78 26.95 517 3 136 650 0.5x 0.5x 0.5x 9.0x 8.2x 7.5x 13.0x 11.6x 3.2% 4.4% 30.0% 30.0% 5.8% 6.1% Heidrick & Struggles International, Inc. 21.55 16.23 27.10 404 68 25 360 0.6x 0.6x 0.6x 6.7x 6.4x 5.9x 20.0x 18.3x 5.6% 4.9% 31.1% 31.1% 9.1% 9.4%

Mean 0.8x 0.7x 0.7x 10.4x 9.4x 8.6x 17.3x 16.3x 7.3% 5.1% 28.9% 28.9% 7.8% 8.1% Median 0.6x 0.6x 0.5x 9.2x 9.6x 9.1x 16.0x 15.2x 6.7% 4.4% 27.6% 27.7% 6.6% 6.8%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 10 Negative margins considered NM. Market Data as of 5/8/17. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

IT & BPO Services

International Business Machines Corporation $153.03 $142.50 $182.79 $143,771 $10,695 $42,786 $175,983 2.2x 2.2x 2.3x 9.5x 9.5x 9.4x 11.2x 11.0x (2.0%) (0.1%) 47.6% 48.1% 23.7% 24.0% Accenture plc 121.11 108.66 126.53 75,098 3,241 27 72,535 2.2x 2.1x 1.9x 12.8x 12.2x 11.3x 20.4x 18.4x 5.2% 6.6% 31.3% 31.4% 16.9% 17.1% Tata Consultancy Services Limited 36.42 31.90 42.68 71,766 7,053 45 64,814 3.8x 3.4x 3.1x 13.8x 12.6x 11.8x 17.4x 16.2x 9.7% 10.0% 44.2% 44.3% 27.2% 26.5% Cognizant Technology Solutions Corporation 64.28 45.44 64.43 37,861 4,274 1,209 34,796 2.6x 2.4x 2.2x 13.0x 11.7x 10.1x 17.5x 15.1x 9.0% 9.1% 39.3% 39.9% 20.3% 21.4% Infosys Limited 14.70 14.01 19.89 33,602 5,027 - 28,575 2.8x 2.6x 2.5x 10.3x 10.0x 9.4x 15.2x 14.3x 7.5% 6.3% 37.7% 37.1% 26.5% 26.3% DXC Technology Company 78.41 67.76 78.60 22,203 1,111 2,924 24,304 NA 1.2x 1.0x NA 6.2x 4.5x 14.0x 10.3x NM 20.0% 27.9% 28.9% 19.5% 22.1% Wipro Limited 7.81 6.37 8.98 18,900 5,320 2,198 15,814 2.0x 1.8x 1.7x 9.8x 8.5x 8.7x 14.3x 13.8x 8.5% 5.5% 29.3% 28.8% 21.4% 19.7% HCL Technologies Limited 13.06 10.98 13.84 18,641 1,955 84 16,770 2.5x 2.2x 2.0x 11.2x 9.8x 9.4x 13.9x 13.2x 14.8% 8.3% 33.6% 33.2% 21.9% 21.2% Cap Gemini S.A. 105.34 77.66 106.31 17,262 1,984 3,641 18,933 1.4x 1.3x 1.3x 11.3x 9.7x 9.1x 16.3x 15.0x 7.0% 4.1% 26.9% 31.4% 13.8% 14.1% Atos SE 137.96 77.35 138.61 14,529 2,240 1,732 14,569 1.2x 1.0x 1.0x 9.0x 7.9x 7.5x 14.9x 13.9x 12.9% 2.1% 56.4% 55.0% 13.1% 13.6% CGI Group Inc. 48.07 39.00 48.99 14,067 212 1,359 15,214 1.9x 1.9x 1.8x 11.2x 10.3x 9.8x 17.4x 16.2x 0.7% 3.6% NA NA 18.5% 18.8% NTT Data Corporation 49.76 40.58 52.77 13,957 1,944 5,788 18,083 1.3x 1.1x 1.0x 8.1x 7.2x 7.0x 25.5x 22.2x 19.1% 4.9% 25.3% 25.1% 14.8% 14.6% Nomura Research Institute, Ltd. 35.92 26.29 37.47 8,913 1,425 516 8,108 2.3x 2.1x 2.0x 11.0x 9.8x 9.2x 29.2x 21.1x 10.2% 4.5% 33.3% 34.2% 21.0% 21.4% Tech Mahindra Limited 6.55 6.30 8.77 6,380 1,191 191 5,447 1.3x 1.1x 1.0x 8.5x 7.0x 6.2x 11.5x 10.8x 14.1% 8.8% 31.5% 33.7% 16.3% 16.8% Capita plc 7.52 5.58 14.24 5,003 1,439 3,994 7,651 1.3x 1.3x 1.2x 10.1x 9.4x 8.8x 10.9x 10.0x 0.4% 1.4% 23.0% 26.6% 13.4% 14.1% Genpact Limited 25.54 22.58 28.47 4,922 393 1,094 5,628 2.2x 2.1x 2.0x 13.4x 12.3x 11.4x 16.4x 14.7x 3.9% 6.4% 39.4% 39.6% 17.2% 17.4% EPAM Systems, Inc. 80.89 54.53 81.01 4,193 399 25 3,820 3.3x 2.7x 2.2x 22.5x 14.9x 12.3x 23.6x 19.8x 21.9% 20.3% 37.1% 37.6% 18.2% 18.2% Conduent Incorporated 17.70 13.10 18.15 3,604 255 2,121 5,470 0.9x 0.9x 0.9x 12.3x 8.1x 7.3x 23.7x 18.0x (3.9%) (1.3%) 15.9% 16.5% 11.0% 12.4% Luxoft Holding, Inc. 63.10 46.58 66.18 2,095 98 1 1,997 2.7x 2.2x 1.8x 20.8x 12.6x 9.7x 19.5x 15.0x 20.3% 22.9% 40.3% 40.7% 17.6% 18.5% MphasiS Limited 9.09 6.61 9.67 1,913 494 53 1,472 1.6x 1.5x 1.4x 10.4x 9.2x 8.4x 14.0x 12.9x 11.4% 7.9% 24.6% 20.9% 16.0% 16.2% ExlService Holdings, Inc. 50.50 42.00 54.78 1,701 218 46 1,528 2.2x 2.0x 1.9x 15.4x 11.5x 10.1x 19.6x 17.7x 9.8% 9.5% 34.8% 35.2% 17.7% 18.4% WNS (Holdings) Ltd. 32.32 24.82 32.99 1,616 182 117 1,551 2.6x 2.3x 2.1x 17.1x 11.7x 10.6x 33.5x 21.0x 13.3% 12.6% 34.8% 34.8% 20.0% 19.6% Syntel, Inc. 18.50 15.82 48.41 1,547 74 447 1,920 2.0x 2.2x 2.2x 7.1x 8.9x 8.6x 11.0x 10.8x (9.7%) 0.3% 36.4% 36.7% 24.8% 25.5% Presidio, Inc. 15.92 13.26 15.99 1,444 28 939 2,355 0.8x 0.8x 0.7x 12.0x 9.7x 9.1x 12.1x 11.4x 7.9% 5.3% 20.3% 20.5% 8.0% 8.1% MindTree Limited 7.82 6.22 10.60 1,313 164 15 1,165 1.5x 1.4x 1.2x 10.7x 10.0x 8.2x 18.6x 14.0x 10.6% 11.8% 33.9% 34.0% 13.7% 14.9% Globant S.A. 37.04 30.90 47.19 1,286 61 0 1,226 3.8x 3.1x 2.6x 20.1x 17.2x 13.9x 27.4x 22.4x 20.9% 20.3% 40.4% 40.7% 18.3% 18.7% Hexaware Technologies Limited 3.88 2.77 3.90 1,152 47 - 1,104 2.1x 1.8x 1.6x 13.2x 11.1x 10.0x 16.4x 15.0x 17.0% 10.4% 33.8% 33.8% 16.3% 16.4% Virtusa Corporation 31.60 18.03 36.61 1,011 215 188 1,066 1.3x 1.2x 1.1x 28.4x 14.4x 11.6x 18.2x 15.3x 14.0% 7.9% 27.9% 30.4% 8.1% 9.2% Persistent Systems Limited 9.07 7.79 11.53 725 128 0 597 1.4x 1.2x 1.1x 9.5x 7.5x 6.5x 13.9x 12.1x 15.9% 12.8% 36.1% 36.2% 16.4% 17.0% Perficient, Inc. 16.82 14.15 22.66 593 11 39 620 1.3x 1.3x 1.2x 12.4x 8.8x 7.6x 13.8x 11.9x 4.8% 6.6% 32.7% 33.2% 14.4% 15.6%

Mean 2.0x 1.8x 1.7x 12.9x 10.3x 9.3x 17.7x 15.1x 9.5% 8.3% 33.6% 34.1% 17.5% 17.9% Median 2.0x 1.9x 1.8x 11.3x 9.8x 9.3x 16.4x 14.8x 9.8% 7.2% 33.8% 34.0% 17.4% 17.8%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 11 Negative margins considered NM. Market Data as of 5/8/17. PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued

Customer Care / CRM Services

Teleperformance SE $127.47 $72.80 $130.09 $7,217 $298 $2,057 $8,987 2.3x 1.9x 1.8x 16.5x 11.2x 10.4x 19.8x 17.9x 21.8% 6.2% NA NA 17.1% 17.4% SYNNEX Corporation 108.86 79.38 129.24 4,345 215 1,015 5,144 0.4x 0.3x 0.3x 10.0x 9.2x 8.6x 13.8x 13.2x 7.3% 3.9% 9.6% 9.7% 3.7% 3.8% Convergys Corporation 22.97 20.15 30.92 2,172 189 345 2,328 0.8x 0.8x 0.8x 6.4x 6.4x 6.2x 12.6x 11.7x (0.9%) 1.9% 36.5% 36.3% 12.6% 12.8% TeleTech Holdings, Inc. 31.80 24.45 31.97 1,455 66 182 1,578 1.2x 1.2x 1.1x 10.0x 8.6x 7.9x 19.5x 16.2x 5.5% 5.7% 27.4% 28.2% 13.6% 14.1% Sykes Enterprises, Incorporated 29.53 25.77 31.37 1,235 287 267 1,215 0.8x 0.8x 0.7x 7.4x 6.6x 6.1x 14.7x 13.0x 8.9% 4.6% 35.2% 35.3% 11.5% 11.9% transcosmos inc. 22.47 20.93 28.82 932 304 140 800 0.4x 0.4x 0.3x 8.0x 7.1x 6.4x 14.5x 12.7x 10.6% 8.7% 17.9% 18.2% 5.0% 5.2% Atento S.A. 9.85 6.77 14.64 728 171 540 1,097 0.6x 0.6x 0.6x 5.9x 4.9x 4.7x 14.2x 13.1x 5.4% 3.4% NA NA 12.0% 12.1% BELLSYSTEM24 Holdings, Inc. 9.69 6.51 13.15 709 50 698 1,367 1.5x 1.3x 1.3x 14.6x 13.3x 12.1x 15.5x 12.7x 8.9% 4.9% 18.1% 18.6% 10.0% 10.5% Relia, Inc. 9.93 7.98 10.78 685 128 31 588 0.8x 0.6x 0.6x 11.6x 8.3x 7.2x 19.9x 16.0x 24.2% 9.7% NA 15.0% 7.5% 7.9%

Mean 1.0x 0.9x 0.8x 10.0x 8.4x 7.7x 16.1x 14.0x 10.2% 5.5% 24.1% 23.1% 10.3% 10.6% Median 0.8x 0.8x 0.7x 10.0x 8.3x 7.2x 14.7x 13.1x 8.9% 4.9% 22.8% 18.6% 11.5% 11.9%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM. 12 Negative margins considered NM. Market Data as of 5/8/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2017 YTD & 2016)

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides subscription-based advertising, brand, and 4/17/2017 NA NA NA NA NA pricing intelligence solutions

Operates as a savings destination with digital offers for 4/10/2017 $457 14.9x 8.0x 1.5x 1.5x online and in-store purchases

Provides analytics and services to engage with shoppers 4/4/2017 NA NA NA NA NA and patients and optimize results

Includes the Experian Marketing Suite, CheetahMail, and 4/3/2017 $400 NA NA NA NA Email/Cross-Channel Marketing Business Mail Publisher Provides agricultural market intelligence to farmers, 4/3/2017 $900 17.0x NA 4.2x NA agribusinesses, and commodity traders

3/20/2017 $205 NA NA 7.3x NA Provides portfolio performance measurement

Cision provides public relations software (reverse 3/20/2017 NA NA NA NA NA merger)

Provides information and data for the global forest 3/3/2017 $125 16.2x NA 4.2x NA products industry

Provides software, workflow tools, and technologies to 2/28/2017 NA NA NA NA NA the automotive repair industry

2/20/2017 $104 17.0x 14.0x 1.9x 1.7x German full-service digital agency

2/16/2017 $215 NA NA NA NA Leading global provider of digital flight information

Provides technology media, data, and marketing 1/19/2017 NA NA NA NA NA services to customers worldwide

Monitors and analyzes business information for 1/10/2017 $150 NA NA 2.5x NA companies worldwide

Provides data-driven, omni-channel marketing services 1/6/2017 $200 NA NA 2.8x 2.4x for clients in the financial services sector

Provides best practice and talent management insights 1/5/2017 $3,541 17.7x 14.2x 3.7x 3.7x in the U.S., Europe, and internationally

13 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/15/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2017 YTD & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides marketers with a comprehensive view into 1/5/2017 NA NA NA NA NA consumer behavior patterns

UK-based producer and provider of technical 1/4/2017 $418 NA NA NA NA information for the automotive aftermarket

Provides integrated marketing solutions including 1/3/2017 NA NA NA NA NA digital, social, and direct mail

Operator of entertainment data and technology 12/20/2016 $560 NA NA NA NA company.

12/14/2016 $2,886 6.9x 5.0x 2.5x 2.3x Provider of real-time information and analysis services

12/8/2016 $2,015 11.6x 8.3x 1.3x 1.3x Provider of market research and related services

Provider of business and financial information on public 11/21/2016 $144 NA NA NA NA and private companies globally

11/17/2016 $140 (1) NA NA NA NA Provider of an online marketplace for people-based data

11/17/2016 NA NA NA NA NA Provider of technology-enabled marketing services

11/17/2016 NA NA NA NA NA Provider of social shopper marketing services

Provider of marketing insights and communications 11/17/2016 $90 6.5x 5.9x 0.7x 0.8x services

11/16/2016 $130 NA NA NA NA Provider of credit card comparison services

Provider of geographic information products and 11/14/2016 NA NA NA NA NA services

10/25/2016 NA NA NA NA NA Provider of marketing research services

Provider of data, research and analysis on private and 10/14/2016 $225 NA NA 7.2x NA public companies

Notes: 14 Source: Capital IQ and Wall Street Estimates. Market Data as of 5/15/17. 1) Combined Enterprise Value (EV) for both Arbor Technologies, Inc. and Circulate, Inc. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2017 YTD & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

10/13/2016 NA NA NA NA NA Provider of digital media and online advertising services

10/4/2016 $250 NA NA NA NA Provider of e-commerce media services

9/26/2016 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

Publisher of trade magazines and industry-specific web 9/15/2016 $1,558 11.0x NA 4.2x NA sites

9/6/2016 NA NA NA NA NA Provider of governance, risk, and compliance solutions

Provider of strategic advisory services for healthcare 8/9/2016 $2,393 22.8x 16.0x 6.9x 6.2x organizations

8/8/2016 $1,500 NA NA NA NA Provider of performance marketing services

Provider of intellectual property and scientific 7/11/2016 $3,550 11.0x NA 3.5x NA Intellectual Property & Science Business information services

6/27/2016 $158 NM 8.9x 0.4x 0.5x Provider of online advertising services

Provider of data and research related to digital 6/10/2016 $260 19.3x NA 5.7x NA marketing, media, and commerce

Provider of sales and marketing services for the 6/9/2016 NA NA NA NA NA insurance sector

Provider of information, news and data for the travel 6/7/2016 NA NA NA NA NA and hospitality industries

5/23/2016 $175 NA NA NA NA Provider of market research services

5/23/2016 $1,447 NA NA NA NA Publisher of market reports

5/5/2016 $107 7.3x NA 1.5x NA Provider of online review and comparison services

15 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/15/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2017 YTD & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provider of information and technology services to the 5/3/2016 $13,267 17.9x 14.0x 4.3x 4.2x global healthcare industry

Provider of risk assessment and decision analytics 4/25/2016 $820 NA NA NA NA services to the global healthcare industry

4/18/2016 $360 10.3x NA NA NA Provider of identity fraud services

4/15/2016 $1,100 NA NA 3.1x NA Provider of marketing information services

4/4/2016 NA NA NA NA NA Provider of web integration services in Japan

3/21/2016 $7,303 19.1x 13.8x 6.6x 6.1x Provider of financial information services

3/7/2016 $207 NA NA 1.7x NA Provider of customer acquisition services

2/18/2016 $3,579 35.0x NA 5.9x NA Operator of a healthcare analytics company

2/11/2016 $418 NM NA 2.0x NA Provider of online advertising services

1/28/2016 NA NA NA NA NA Operator of a digital marketing agency

1/11/2016 $650 NA 17.0x NA NA Provider of petroleum pricing services

Mean 15.1x 11.2x 3.5x 2.7x Median 15.6x 11.4x 3.1x 2.2x

16 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/15/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2017 YTD & 2016)

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description Provides technology-based educational, curriculum, and 4/14/2017 $2,000+ NA NA NA NA assessment solutions

4/7/2017 NA NA NA NA NA Develops contingent workforce management solutions

Provides infrastructure design, engineering, and project 4/3/2017 $2,735 13.0x 11.6x 1.1x 1.1x management consultancy services

4/3/2017 $288 NA NA 0.7x NA Provides IT and BPO services

Provides technology consulting to healthcare service 3/6/2017 $110 NA NA 0.9x NA providers

2/16/2017 $135 NA NA NA NA Provides strategy and growth consulting services

Benefits administration platform which provides cloud- 2/10/2017 $4,800 12.1x NA 2.1x NA Benefits Administration & HR Platform based HR management services

1/27/2017 $690 NA NA 0.7x NA Provides communications, engineering, and IT solutions Government IT Services Business Provides full-lifecycle software development services to 1/11/2017 $1,500 NA NA NA NA (48% stake) customers worldwide

12/19/2016 NA NA NA NA NA Provider of recruitment services

Provides managed hosting and cloud computing 12/14/2016 NA NA NA NA NA services, with strong AWS focus

12/12/2016 $435 11.2x 7.7x 0.8x 0.8x Provider of language translation and testing services

Provider of information security and compliance 12/6/2016 NA NA NA NA NA management services to enterprise clients

Provider of data-driven benchmarking, outsourcing 12/1/2016 NA NA NA NA NA consulting and network advisory services

Provider of debt collection and business process 11/16/2016 NA NA NA NA NA outsourcing services

17 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/15/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2017 YTD & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

11/14/2016 $4,413 16.5x NA 7.1x NA Provider of credit information services

11/6/2016 $2,500 NA NA NA NA Provider of business and financial advisory services

10/31/2016 $6,030 15.0x 11.6x 1.4x 1.2x Provider of healthcare administrative services

Provider of information management and data recovery 10/21/2016 $410 NA NA NA NA services

10/20/2016 $500 NA NA 2.6x NA Provider of enterprise-grade cloud services

10/17/2016 NA NA NA NA NA Provider of information technology services

10/11/2016 NA NA NA NA NA Provider of risk management services

10/6/2016 NA NA NA NA NA Provider of business process outsourcing services

10/5/2016 NA NA NA NA NA Provider of outsourcing and consulting services

9/29/2016 NA NA NA NA NA Provider of consulting and advisory services

9/26/2016 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

9/22/2016 $166 NA NA 1.8x NA Provider of global strategy consulting services

9/20/2016 NA NA NA NA NA Provider of professional staffing services

8/22/2016 $1,522 10.4x NA 3.9x NA Provider of language translation services

8/10/2016 NA NA NA NA NA Provider of business process outsourcing services

18 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/15/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2017 YTD & 2016) – continued

($MM) EV / EBITDA EV / Revenue Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

7/27/2016 $1,023 11.7x 8.9x 1.9x 1.9x Provider of technology-based legal services

7/11/2016 $420 NA NA NA NA Provider of business process outsourcing services

7/6/2016 $132 NA NA 0.8x NA Provider of business process outsourcing services

6/1/2016 NA NA NA NA NA Provider of business process outsourcing services

5/24/2016 $8,642 5.1x NA 0.5x NA Provider of IT consulting services

4/4/2016 $275 NA NA NA NA Operator of a social network for executives

Provider of global IT and business process outsourcing 4/3/2016 $1,040 7.7x 7.2x 1.1x 1.1x services

Provider of cloud-enabled consulting and 3/30/2016 NA NA NA NA NA implementation services

Provider of information technology and business 3/28/2016 $3,055 NA NA 1.1x NA services

2/11/2016 NA NA NA NA NA Provider of healthcare staffing services

2/8/2016 $742 8.9x 6.1x 0.8x 0.8x Provider of information-technology services

2/1/2016 NA NA NA NA NA Provider of court reporting services

1/4/2016 NA NA NA NA NA Provider of legal and technology consulting services

Mean 11.1x 8.9x 1.7x 1.3x Median 11.2x 8.9x 1.1x 1.1x

19 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/15/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD)

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Innovation studio focused on product invention, design, and engineering for its 4/27/2017 WPP Digital DeepLocal Inc. NA clients' marketing campaigns

Full-service marketing communications firm focused on healthcare and consumer 4/27/2017 The Stagwell Group; Stagwell Media LLC Scout Marketing, Inc. NA marketing

Oaktree Capital Management, L.P.; Cornerstone 4/26/2017 IT Kontrakt Sp. z o.o. $40 Poland-based provider of recruitment and outsourcing of IT professionals Partners Sp. z o.o

4/25/2017 Service Express, Inc. Delta Computer Group, Inc. NA Third-party maintenance services provider for IT infrastructure

4/24/2017 HCL Technologies Limited Urban Fulfillment Services, LLC $30 Provides mortgage business process outsourcing and fulfillment services

Belgium-based communications agency, with capabilities including brand strategy, 4/20/2017 Accenture plc Kunstmaan NV NA creative and marketing services, content creation, and digital development

Provides local search marketing solutions that help brands convert online searches 4/20/2017 ReachLocal, Inc. SweetiQ Analytics Corp. NA into in-store shoppers

Provides online compliance training courses for employees of educational 4/20/2017 EverFi, Inc. Workplace Answers, LLC NA institutions, commercial organizations, and government organizations

4/19/2017 H.I.G. Europe CONET Technologies AG NA Provides SAP-focused IT systems and consulting services

4/17/2017 Vista Equity Partners LLC Market Track, LLC NA Provides subscription-based advertising, brand, and pricing intelligence solutions

The Blackstone Group L.P.; Canada Pension Plan 4/14/2017 Ascend Learning, LLC $2,000+ Provides technology-based educational, curriculum, and assessment solutions Investment Board

Canada-based provider of cloud-based retail price and product intelligence 4/12/2017 Market Track, LLC 360pi Corporation NA solutions for retailers and brand manufacturers

Operates as a savings destination for consumers with digital offers for online and 4/10/2017 Harland Clarke Holdings Corp. RetailMeNot, Inc. $457 in-store purchases at retailers, restaurants, and brands

North Bridge Growth Equity Market research technology company that provides an audience platform to access 4/10/2017 Lucid Holdings, LLC NA (Investment) consumers for data-driven decision making

Ciber, Inc., Substantially All Assets in North 4/10/2017 Capgemini America, Inc. $50 Provides IT and related staffing services America and India

20 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/8/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Harvest Partners, LP; Investcorp Bank B.S.C.; 4/7/2017 PRO Unlimited, Inc. NA Develops contingent workforce management solutions Bahrain Mumtalakat Holding Company B.S.C.

Spain-based provider of digital intelligence and digital transformation consulting 4/5/2017 Merkle Inc. Divisadero Digital Intelligence, S.L. NA services

4/5/2017 Teneo Holdings LLC Fitzroy Communications, LLC NA Provides PR and investor communications and consulting services

4/5/2017 Keais Records Service, LLC National Legal Services, LLC NA Provides outsourced legal, document retrieval, and document preparation services

Provides analytics and technology-enabled services to engage with shoppers and 4/4/2017 OMERS Private Equity Inmar, Inc. NA patients and optimize results

Canada-based provider of Wi-Fi digital marketing tools and services to retain and 4/4/2017 Yelp Inc. Turnstyle Solutions, Inc. $20 reward customers

Nationally connected sales and marketing company offering headquarter and 4/4/2017 Impact Group Signature Specialty Sales & Marketing, Inc. NA retail coverage to mass and natural channels across the Midwest

4/4/2017 Metrostudy, Inc. Templeton Demographics, LLC NA Provides enrollment projection services for school districts

4/4/2017 Renovo Capital, LLC Global HR Research, LLC $30 Provides employee background screening and onboarding solutions in the U.S.

4/4/2017 GP Strategies Corporation Emantras Inc. NA Provides digital and mobile education solutions

HgCapital; TA Associates Management, L.P. Provides Web-based enterprise legal management solutions for corporate legal 4/4/2017 Mitratech Holdings, Inc. NA (Strategic Investment) departments

4/4/2017 TeleTech Healthcare Solutions, Inc. Connextions, Inc. $80 Develops and provides health care consumer engagement solutions

Experian plc, Email/Cross-Channel Marketing Includes the Experian Marketing Suite, CheetahMail, and Mail Publisher, as well as 4/3/2017 Vector Capital $400 Business Experian's full portfolio of professional and strategic services

Provides performance marketing solutions that help brands grow digital market 4/3/2017 iProspect, Inc. Leapfrog Online, Inc. NA share, acquire new customers, and deliver sales

4/3/2017 Beringer Capital Blue Acorn, Inc. NA Provices data-driven ecommerce design, development, and optimization services

21 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/8/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides agricultural information and market intelligence, helping farmers, 4/3/2017 TBG AG Telvent DTN, LLC $900 agribusinesses, and commodity traders to manage their businesses

Provides infrastructure design, engineering, and project management consultancy 4/3/2017 SNC-Lavalin Group Inc. WS Atkins plc $2,735 services

UK-based provider of system integration and consulting services for deployment 4/3/2017 Accenture plc Genfour Ltd NA of robotic process automation and artificial intelligence technologies

4/3/2017 Capital Square Partners Aegis Limited $288 Provides IT and BPO services

UK-based provider of outsourced regulatory and complaints management services 4/3/2017 Davies Group Limited CYNERGIE UK Ltd NA across the financial services, utilities, and ombudsman services sectors

Provides healthcare linen and medical laundry services for hospitals, clinics, and 4/3/2017 KKR Credit Advisors (US) LLC Angelica Corporation $125 long-term care facilities in the U.S.

3/31/2017 The Wicks Group of Companies, L.L.C. EZShield, Inc. NA Provides identity theft protection and restoration services in the U.S. and Canada

Provides information security, managed services, and network infrastructure 3/30/2017 Crowe Horwath LLP SDGblue, LLC NA solutions

TZP Growth Partners Provides strategic advisory, project and risk management services, and unified 3/29/2017 Advocate Solutions NA (Strategic Investment) communications consulting services to state and local governments

Endeavour Capital, Inc. Provides independent expert testimony, litigation and regulatory support, and 3/29/2017 Berkeley Research Group, LLC NA (Investment) strategic advice

Heritage Group, LLC 3/28/2017 Reputation.com, Inc. NA Provides online reputation management solutions for businesses and individuals (Investment)

Publishes and provides open-source intelligence information to senior corporate 3/28/2017 Cision AB Bulletin Intelligence LLC NA and government executives

3/27/2017 Deloitte Digital Day1 Solutions LLC NA Provides cloud consulting, implementation, and managed services and solutions

3/27/2017 Cache Inc. Software Link, Inc. NA Provides Sage software solutions

3/23/2017 Rhone Capital, L.L.C. Garda World Security Corp. NA Provides security and cash services

22 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/8/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description New Enterprise Associates Develops machine learning automation software for enterprises to help users gain 3/23/2017 DataRobot, Inc. NA (Investment) insights from data scientists

3/23/2017 Accenture plc First Annapolis Consulting, Inc. NA Provides strategic and tactical advisory services focusing on the payments industry

Develops custom software and technology solutions for enterprise clients in the 3/23/2017 Orion Systems Integrators, LLC Vernalis Group, Inc. NA financial services and professional sports industries

FTV Capital; Zodius Advisors India Private Limited India-based provider of syndicated and custom research focused on high-growth 3/22/2017 MarketsandMarkets Research Private Ltd. NA (Investment) and niche markets

Provides security guard services; combined company rebranded as PalAmerican 3/22/2017 Paladin Security Group Ltd. Criterion Security (nka:PalAmerican Security) NA Security

UK-based provider of implementation and deployment services for ServiceNow 3/21/2017 Accenture plc Focus Group Europe Ltd NA software

Provides HR software, online payroll services, and human capital management 3/21/2017 Summit Partners LLP Ascentis Corporation NA solutions

Provides DevOps automation and continuous delivery solutions within the 3/21/2017 Hosting.com, Inc. Stelligent Systems, llc NA Amazon Web Services (AWS) public cloud

Provides portfolio performance measurement, including attribution, multi-asset 3/20/2017 FactSet Research Systems Inc. BI-SAM Technologies S.A. $205 risk, GIPS composites management, and reporting

Provides public relations software that enables professionals to plan, execute, and 3/20/2017 Cision AB Capitol Acquisition Corp. III NA measure influencer-oriented campaigns in one integrated platform

3/16/2017 Onlineprinters GmbH A.G.A Print Ltd. NA Also known as solopress.com, provides online printing services

Boathouse Capital; Spring Capital Partners Provides contract staffing services in the banking/finance, medical, IT, and legal 3/16/2017 Employee Relations Associates, Inc. NA (Investment) industries on a national basis

Provides physical, chemical, spectroscopic, and microbiological analytical services 3/15/2017 Inflexion Private Equity Partners LLP Cawood Scientific Ltd. NA in the U.K. and Europe

3/14/2017 Genpact Limited RAGE Frameworks, Inc. NA Provides knowledge-based automation technology and services for enterprises

3/14/2017 Employee Relations Associates, Inc TalentBridge Holdings, LLC NA Provides permanent and temporary staffing services

23 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/8/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

3/14/2017 Halo Group, LLC Geneva Technical Services, LLC NA Provides IT consulting and staffing services

North Bridge Growth Equity Designs and develops an integrated system of background screening products for 3/13/2017 One Source Technology, LLC NA (Investment) corporations and government entities

Provider of custom learning and development solutions for a wide range of 3/8/2017 Business & Legal Resources, Inc. Navis Learning Corporation NA companies across multiple industries

3/7/2017 Oak Lane Partners, LLC Maintech, Incorporated $18 Provides infrastructure support services for corporate IT enterprises

3/7/2017 Deposition Solutions, LLC Castle Copy Service, Inc. NA Provides records retrieval services

Provides brands with digital performance benchmarking and advice on key 3/6/2017 Gartner, Inc. L2, Inc. $150 industry trends via an annual subscription service

Provides technology consulting to healthcare service providers with a focus on 3/6/2017 Tech Mahindra (Americas), Inc. The HCI Group $110 implementation of EHR and EMR software, training, and support services

Norwest Equity Partners Provides professionally managed technology integration services for complex, 3/6/2017 Bailiwick, Inc. NA (Investment) large-scale IT initiatives

General Atlantic LLC 3/3/2017 General Information Services, Inc. NA Provides background screening services (Investment)

3/3/2017 Questel S.A. ITIP Proficiency, LLC NA Provides cost management solutions and services to the IP community

3/3/2017 Euromoney Institutional Investor PLC RISI, Inc. $125 Provides information and data for the global forest products industry

Japan-based provider of end-to-end mobile applications and embedded software 3/2/2017 Cognizant Technology Solutions Corporation Brilliantservice Co.,Ltd. NA development services

3/2/2017 Cheil Worldwide Inc. Pricing Solutions Ltd. NA Canadian B2B pricing strategy consulting service provider

Consulting firm that provides utility asset management, risk management, grid and 3/1/2017 Accenture plc Davies Consulting LLC NA pipeline network modernization, and emergency management services

2/28/2017 Advent International Corporation CCC Information Services Inc. NA Provides advanced software, workflow tools, and enabling technologies

24 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/8/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

2/28/2017 Verisk Analytics, Inc. Emergent Network Intelligence Ltd. NA UK-based provider of insurance claims efficiency and fraud detection software

Provides real-time data for monitoring and analyzing commercial driver and motor 2/23/2017 SambaSafety, Inc. Vigillo, LLC NA carrier safety performance

Data analytics company that measures the impact and effectiveness of marketing 2/22/2017 HootSuite Media Inc. LiftMetrix, Inc. NA campaigns on social media

Shamrock Capital Advisors, LLC Mobile media, advertising, and technology company which acquires, manages, and 2/22/2017 Maple Media, LLC NA (Investment) operates mobile applications

German full-service digital agency that specializes in developing and 2/20/2017 Accenture Holding GmbH & Co. KG SinnerSchrader Aktiengesellschaft $104 implementing digital products, services, and marketing solutions

2/16/2017 Cap Gemini S.A. Idean Enterprises Oy NA Provides digital strategy and user experience design services globally

Provides strategy and growth consulting services to organizations in business, 2/16/2017 Huron Consulting Group Inc. Innosight LLC $135 education, and healthcare sectors

Operates a cloud-based data governance collaborative platform to solve data 2/16/2017 Infogix, Inc. Data3Sixty, Inc. NA problems for financial services and other industries

Leading global provider of digital flight information, aggregating and processing 2/16/2017 Vitruvian Partners LLP OAG Aviation Holdings Limited $215 mission-ciritcal data from thousands of sources for customers worldwide

Engages in the design and development of software applications, games, and the 2/15/2017 Ascendum Solutions LLC Sourcebits, Inc. NA Web

H.I.G. Growth Partners, LLC Provides predictive digital advertising technology and solutions for brands and 2/15/2017 AdTheorent, Inc. NA (Investment) agencies

SCDM Germany GmbH, Structured Finance Data 2/15/2017 Moody's Corporation NA Provides analytical tools for participants in securitization markets and Analytics Business

Provides real estate document recording services, including mortgage 2/14/2017 MetaSource, LLC Orion Financial Group, Inc. NA assignments, lien releases, and document retrieval services

Provides specialty reimbursement solutions for hospitals and health systems in 2/14/2017 Riverside Partners LLC Medical Reimbursements of America, Inc. NA the U.S.

2/14/2017 RWS Holdings plc LUZ, Inc. $83 Provides language translation services for life sciences

25 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/8/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

2/13/2017 WILsquare Capital LLC DCM Services, LLC NA Provides data and contact management solutions for the estate recovery market

Aon plc, Benefits Administration and HR Business Comprises a benefits administration platform which provides cloud-based HR 2/10/2017 The Blackstone Group L.P. $4,800 Process Outsourcing Platform management services

VeriSign, Inc., iDefense Security Intelligence Provides cyber intelligence related to vulnerabilities, malicious code, and global 2/9/2017 Accenture plc NA Services Business threats to organizations worldwide

Operates online community that helps homeowners and home improvement 2/9/2017 HomeAdvisor, Inc. HomeStars, Inc. NA companies in finding renovators, repairmen, and retailers in Canada

Endgame, Inc., U.S. Federal Government Services 2/8/2017 Accenture plc NA Endpoint detection and response (EDR) cybersecurity software company Business

Social data and marketing platform that provides tools for real-time social streams, 2/8/2017 Condé Nast CitizenNet, Inc. NA embedding, searching, and ranking

Native ad competitive intelligence specialist that provides brands, agencies, ad 2/8/2017 Market Track, LLC Brandtale Inc. NA tech providers, and publishers with insights to help drive content innovation

Brook Venture Partners; Eagle Private Capital, LLC; Provides consumer and business databases in real estate, insurance, credit 2/7/2017 Cole Information Services, Inc. NA Resolute Capital Partners collections, small business, law enforcement, and home service industries

Provides strategic advisory services focused on growth to the media, advertising, 2/7/2017 Ascential plc Media Link, LLC $207 entertainment, and technology industries

2/7/2017 Webster Capital PharmaLogics Recruiting, LLC NA Recruitment firm for life sciences companies worldwide

Mountaingate Capital 2/6/2017 Elite SEM NA Performance-driven digital marketing agency (Investment)

2/6/2017 Thomson Reuters Corporation Clarient Global LLC NA Operates a platform to provide KYC and legal entity reference data services

London-based supplier of legal entity data, hierarchies, and identifiers on financial 2/6/2017 Thomson Reuters Corporation Avox Limited NA entities globally

Provides IT services and solutions for the Department of Defense and other civilian 2/6/2017 Salient CRGT, Inc. Information Innovators Inc. NA agencies of the federal government

2/2/2017 GTB Agency, LLC Zubi Advertising Services, Inc. NA Full-service advertising agency that focuses on the Hispanic market in the U.S.

26 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/8/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

2/2/2017 GP Strategies Corporation McKinney Rogers International Limited NA Provides corporate strategy and consulting services

Pamlico Capital Provides market intelligence, professional events, and media to global restaurant, 2/2/2017 Winsight, LLC NA (Investment) noncommercial foodservice, and convenience retail industries

1/31/2017 Centerfield Media Holdings, LLC Qology Direct, LLC NA Provides performance-based marketing services, fka Saveology.com

Provides life sciences strategy consulting services for the pharmaceutical and 1/31/2017 CRA International, Inc. C1 Consulting LLC NA biotech industries

Provides investment, wealth, and data management solutions and services for 1/31/2017 Accenture plc InvestTech Systems Consulting, LLC NA global investment managers

1/30/2017 The Wicks Group of Companies, L.L.C. Gladson Interactive, Inc. NA Provides syndicated CPG product images and information

Provides compliance and regulatory services to the asset management and 1/30/2017 CIP Capital Compliance Solutions Strategies NA securities industries

Provider of claims outsourcing and loss adjusting services to insurance companies, 1/30/2017 HGGC, LLC Davies Group Limited $112 brokers, managing general agents, and self-insured entities

Offers real-time market data desktops, customizable web-based portals, and a 1/27/2017 FactSet Research Systems Inc. Interactive Data Managed Solutions, LLC NA broad range of mobile solutions for wealth management industry

1/27/2017 Symphony Technology Group Fishbowl Inc. NA Provides a SaaS-based marketing analytics platform for the restaurant industry

Harris Corporation, Government IT Services Provides communications, engineering, and IT solutions for Intelligence, defense, 1/27/2017 Veritas Capital $690 Business and federal civilian customers

Operates branded websites for airline and financial services partners that allow 1/27/2017 Ebates, Inc. Cartera Commerce Inc. NA users to earn rewards by shopping on online stores

MuniServices And Broussard Partners & Associates, Provides services related to revenue enhancement, technology, and consulting for 1/26/2017 Millstein & Co. LLC $92 Inc. And PRA Government Services And RamWare municipal and other government clients in the U.S.

Develops web-based applications for market researchers to analyze and present 1/26/2017 Reimagine Holdings Group MarketSight LLC NA data

German-based provider of consulting and implementation services focused on 1/25/2017 Accenture plc solid-serVision.com GmbH NA ServiceNow

27 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/8/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides surveys and market research on 500+ apartment markets and submarkets, 1/24/2017 MPF Research Inc. Axiometrics Inc. $80 along with 680 colleges and universities nationwide

Netherlands-based provider of identity management solutions for safe 1/24/2017 Solera Holdings Inc. Digidentity B.V. NA communication between individuals, organizations, and the government

Nielsen Holdings plc, Certain Custom Research Public opinion research firm that focuses on brand management, corporate 1/23/2017 The Stagwell Group; Stagwell Media LLC NA Assets reputation, CPG, public opinion, and consumer experience

Develops a mobile and cross-channel programmatic advertising platform that 1/23/2017 Viant Technology Inc. Adelphic, Inc. NA connects brands with audiences

Provides an innovative approach to modeling casualty catastrophic risk for 1/23/2017 AIR Worldwide Corporation Arium Limited NA organizations and their supply chain

AC Nielsen Company Of Canada, Ad Intelligence Provides actionable data to assist clients with campaign optimization, competitive 1/20/2017 Market Track, LLC NA Service intelligence, and cross-media strategy in Canada

Nielsen Holdings plc, U.S. Market Information and Includes U.S.-based BookScan, PubTrack Digital, PubTrack Higher Education, 1/20/2017 The NPD Group, Inc. NA Research Services for Book Industry Unit PubTrack Christian, Books & Consumers, PubEasy, and PubNet

Sageview Capital LP Leading provider of alternative dispute resolution (ADR) services through its panel 1/20/2017 National Arbitration And Mediation Inc. NA (Investment) of arbitrators and mediators

1/19/2017 Accenture plc Seabury Consulting LLC NA Provides corporate advisory and consulting services to the aviation industry

IDG Capital Partners; China Oceanwide Holdings 1/19/2017 International Data Group, Inc. NA Provides technology media, data, and marketing services to customers worldwide Group Co.,Ltd

IT services company and leading provider of new and pre-owned network 1/18/2017 SMS Systems Maintenance Services, Inc. Curvature LLC NA hardware and IT infrastructure services

Provides digital and mobile advertising solutions that leverage payment networks 1/18/2017 Augeo Affinity Marketing Inc. Edo Interactive Inc. NA to connect brands with consumers

BV Investment Partners 1/18/2017 C-4 Analytics, LLC NA Provides tech-enabled digital marketing services (Investment)

Provides IT consulting services including accounting and ERP solutions and CRM 1/17/2017 Proviso Capital LLC Cache Inc. NA and HR software

Provides leadership development solutions, including tools, research, coaching, 1/17/2017 Automatic Data Processing, Inc. The Marcus Buckingham Company, Inc NA and training programs

28 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/8/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Bain Capital Private Equity, LP; Yonghui 1/17/2017 Daymon Worldwide, Inc. $413 Provides branding, merchandising, and marketing services for retailers Superstores Co., Ltd.

Carrick Capital Partners, LLC Operates as a Web design, development, and operations company with a focus on 1/13/2017 Perfect Sense Digital, LLC NA (Investment) delivering digital experiences for its clients' customers

Evidence-based guideline company that provides healthcare data and guidelines 1/12/2017 MCG Health, LLC Work-Loss Data Institute LLC NA to the workers’ compensation industry

Canada Pension Plan Investment Board 1/11/2017 GlobalLogic Inc. $1,500 Provides full-lifecycle software development services to customers worldwide (48% Stake)

Monitors and analyzes business information for companies worldwide, fka 1/10/2017 The Dun & Bradstreet Corporation Avention, Inc. $150 OneSource Information Services

1/9/2017 Accenture plc Altitude Inc. NA Offers product design, consulting, and innovation services

UK-based provider of consultancy services to clients in pharmaceutical, biotech, 1/9/2017 Huron Consulting Group Inc. Pope Woodhead & Associates Ltd NA and medtech sectors

Data-driven, omni-channel marketing services company that develops and delivers 1/6/2017 Deluxe Corporation First Manhattan Consulting Group LLC $200 direct marketing campaigns

Provides best practice and talent management insights in the U.S., Europe, and 1/5/2017 Gartner, Inc. CEB Inc. $3,541 internationally

Provides sales, marketing, analytical, and retail support services to manufacturers 1/5/2017 Impact Group Harlow-HRK Sales & Marketing, Inc. NA in the grocery industry

The Carlyle Group LP; Carlyle US Equity Provides marketers with a comprehensive view into consumer behavior patterns 1/5/2017 Claritas, LLC NA Opportunity Fund II, L.P; The Indian Hill Group through proprietary segmentation analysis

1/4/2017 Perficient, Inc. R.A.S. Associates, Inc. $13 Operates as a strategy and management consulting company

UK-based producer and provider of automotive technical information for the 1/4/2017 Solera Holdings Inc. Autodata Publishing Group Limited $418 automotive aftermarket worldwide

Provides subscription-based, proprietary U.S. national site selection data and 1/4/2017 Financial Times Group Ltd. GIS Planning, Inc. NA intelligence for economic developers

Provides big data infrastructure, secure cloud engineering, and analytic solutions 1/3/2017 Macaulay-Brown, Inc. Enlighten IT Consulting Inc. NA for federal, state, and local clients

29 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/8/17. RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description Provides integrated marketing solutions including digital, social, and direct mail 1/3/2017 Platinum Equity, LLC Cox Target Media, Inc. NA for agencies, retailers, brands, and shopper marketers

30 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/8/17. GCA OVERVIEW Deep Business & Tech-Enabled Services Sector Expertise

and the managers / Acquired by A portfolio company of shareholders A portfolio company of Sold Acquired Received Minority Acquired by Sold a majority stake in Acquired by Investment from A portfolio company of Acquired by Acquired by to to

We Advised the Shareholders We Advised the Seller of Cawood Scientific We Advised the Sellers We Advised AXIO We Advised the Seller We Advised the Buyer Financial Advisor We Advised the Seller We Advised the Sellers

IT Services Business Convertible Note Acquired by Equity Investment Acquired Acquired by Preferred Stock Acquired Offering Acquired by Acquired

Financial Advisor We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Buyer We Advised the Seller Financial Advisor We Advised the Buyer

Hotel, Rental & Event Production Division Acquired Acquired by Acquired Acquired by Acquired by Acquired by Acquired by Acquired Acquired by Consortium Led by

We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Buyer We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller

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

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller

Notes: 31 The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.