June 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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2 | M&A and Investment Summary June 2017 M&A and Investment Summary for All Segments
Transaction Distribution . A total of 569 deals were announced in June 2017, of which 359 were worth $36.2 billion in aggregate reported value . Software was the most active segment with 214 deals announced — 153 of these transactions reported $9.9 billion in value . Digital Media/Commerce was also active with 113 transactions announced, of which 92 were worth a reported $10.6 billion in value . Strategic buyers announced 216 deals (43 reported $10.2 billion in value) . VC/Growth Capital investors announced 327 transactions (306 reported $12.3 billion in value) . Private Equity investors announced 26 deals during the month (10 reported $13.7 billion in value)
June 2017 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 214 38% $9,943.4 27% 54 $917.3 10 $6,185.0 150 $2,841.1 Digital Media/Commerce 112 20% 10,587.2 29% 27 1,948.0 1 561.1 84 8,078.1 Marketing Technology 87 15% 1,026.4 3% 31 95.7 4 140.0 52 790.7 Business Services 60 11% 10,050.9 28% 36 3,031.0 8 6,838.3 16 181.6 Traditional Media 32 6% 427.1 1% 22 154.4 2 - 8 272.7 Digital Advertising 29 5% 550.2 2% 18 462.0 0 - 11 88.2 Agency & Marketing Services 26 5% 3,546.0 10% 25 3,546.0 0 - 1 - Information 9 2% 27.9 0% 3 6.3 1 - 5 21.6 Total* Sinclair Broadcast Group’s $6.6 billion569 acquisition of 100%Tribune Media has 36,159.0been excluded to limit100% comparative distortions216 10,160.7 26 13,724.3 327 12,274.0
3 | M&A and Investment Summary June 2017 M&A and Investment Summary for All Segments
Transaction Distribution . Reported transaction activity in June increased nine percent from May 2017 and was up 16 percent from May 2016 . Strategic activity accounted for 90 percent of reported control transactions during the month and included significant transactions: • The 59.2 percent majority stake taken by Vivendi in Havas at a valuation of $3.5 billion • Peak10’s acquisition of IT and infrastructure solutions company ViaWest from Shaw Communications in a transaction valuing the company at $1.7 billion • The $850 million acquisition of social game development company DoubleU Games by International Game Technology • Teladoc’s acquisition of medical consulting services provider Best Doctors for $440 million • The $310 million Walmart acquisition of online men’s fashion retailer Bonobos • Snap’s acquisition of social mapping app Zenly in a transaction valued between a reported $250 million and $350 million $100.0 $500.0 $90.0 $80.0 $73.1 $400.0 $70.0 LinkedIn / $60.0 Microsoft $300.0 $51.2 $50.0 Supercell / $42.6 Tribune $40.0 Tencent $33.7 $36.2 $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 $10.0 491 427 473 463 449 419 415 457 449 545 471 520 569 $- $- Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
*Note, Microsoft’s $26.2 billion acquisition of LinkedIn, Tencent’s $10.2 billion acquisition of Supercell, 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 $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions.
4 | M&A and Investment Summary June 2017 Selected Transactions with Valuation Information Disclosed ($ in Millions)
Selected Transactions With Multiples Information
Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services Havas General Agency Vivendi S.A. $ 3,541.5 $ 2,399.4 $ 335.2 1.5x 10.6x
Business Services PAREXEL International Corporation Healthcare Consulting Pamplona Capital Management LLP 5,007.4 2,097.0 342.8 2.4x 14.6x QA Limited Corporate Training CVC Capital Partners Ltd. 904.9 192.5 62.6 4.7x 14.4x Tata Technologies Ltd. BPO Warburg Pincus LLC 837.0 404.9 78.5 2.1x 10.7x Westcon-Comstor Americas Division BPO SYNNEX Corporation 800.0 2,200.0 89.0 0.4x 9.0x Best Doctors, Inc. Healthcare Consulting Teladoc, Inc. 440.0 100.0 - 4.4x NA GMD S.A. BPO Advent International Corporation 89.0 - 10.9 NA 8.2x Advantage RN LLC Staffing Cross Country Healthcare, Inc. 88.0 100.0 10.0 0.9x 8.8x PointSource LLC IT Consulting/Systems Integration Globant S.A. 28.0 16.3 - 1.7x NA
Digital Advertising Jochen Schweizer GmbH Digital Promotion/Coupon ProSiebenSat.1 Media AG 119.3 49.7 11.0 2.4x 10.8x RadiumOne, Inc., Certain Assets and Related Liabilities Ad Networks/Exchanges RhythmOne plc 22.0 70.0 2.0 0.3x 11.0x Kama Net AB Affiliate/CPA Network Nordic Leisure AB 8.8 2.0 - 4.4x NA React2Media, LLC Email Services Antevenio, S.A. 4.4 5.6 - 0.8xNA NA Digital Media/Commerce Double Down Interactive, LLC Gaming DOUBLEUGAMES Co., Ltd. 825.0 - 78.6 NA 10.5x eTRAVELi AB eCommerce CVC Capital Partners Ltd. 561.1 - 38.3 NA 14.7x Bonobos, Inc. eCommerce WalMart Stores, Inc. 310.0 125.0 - 2.5x NA Contorion GmbH eCommerce Hoffmann Group 132.5 21.1 - 6.3x NA Giving.com Limited Classifieds/Auctions/P-to-P Blackbaud, Inc. 120.0 30.6 - 3.9x NA Kongregate, Inc. Gaming Modern Times Group MTG AB 55.0 50.0 5.0 1.1x 11.0x
Information Electric Word plc Financial Information Sports Business Acquisitions 6.3 3.5 - 1.8xNA NA Marketing Technology ARI Network Services, Inc. SEM/SEO Tools True Wind Capital, L.P. 140.0 51.1 6.8 2.7x 20.7x Atex Group Ltd. Media Management System axelero S.p.A. 7.4 20.1 1.8 0.4x 4.1x
Software Visma AS Financial Software HgCapital 5,300.0 943.0 - 5.6x NA CareerBuilder, Inc. HR Software Apollo Global Management, LLC 500.0 162.0 - 3.1x NA EnerNOC, Inc. Financial Software Enel Green Power North America, Inc. 293.6 398.7 - 0.7x NA Sage Payment Solutions, Inc. Financial Software GTCR, LLC 260.0 186.1 46.5 1.4x 5.6x Dalenys Financial Software Natixis S.A. 160.9 68.3 - 2.4x NA POS Portal, Inc. Financial Software ScanSource, Inc. 158.1 110.0 - 1.4x NA Covisint Corporation Collaboration Software OpenText Corporation 69.2 70.2 - 1.0x NA Monitise plc Financial Software Fiserv, Inc. 52.3 77.0 - 0.7x NA
Traditional Media Ascential, Business Media Brands B-to-B Media Metropolis International Group Limited 30.3 39.6 8.5 0.8x 3.6x Calkins Media, Inc. Newspaper Publishing New Media Investment Group, Inc. 17.5 - 4.4 NA 4.0x Seasam Digital Oy Digital Place-Based Media ZetaDisplay AB 5.0 3.7 0.5 1.4x 10.5x
5 | M&A and Investment Summary June 2017 Securities in Registration ($ in Millions)
Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA 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 June 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 7, 2017 1st Trading Day Jun-17 NYSE:APRN Blue Apron Holdings, Inc. United States $10.00-$11.00 10.00 $9.99, flat 7.73 (22.6%) Jun-17 NYSE:ATUS Altice USA, Inc. United States 27.00-31.00 31.00 32.71 up 9% 32.45 (0.8%) Jun-17 NasdaqGM:TNTR Tintri, Inc. United States 7.00-8.00 7.00 7.27 up 3.9% 6.85 (5.8%)
May-17 NasdaqGM:APPN Appian Corporation United States 11.00-13.00 12.00 15.01 up 25% 18.86 25.6% May-17 NasdaqGM:VERI Veritone, Inc. United States 14.00-16.00 15.00 13.07 down 13% 11.54 (11.7%) Apr-17 NYSE:CVNA Carvana Co. United States 13.00-16.00 15.00 11.10 down 26% 21.00 89.2% Apr-17 NYSE:CLDR Cloudera, Inc. United States 12.00-14.00 15.00 18.10 up 21% 16.66 (8.0%) Apr-17 NasdaqGS:OKTA Okta, Inc. United States 15.00-17.00 17.00 23.51 up 38% 23.40 (0.5%) Apr-17 NYSE:NETS Netshoes (Cayman) Limited Brazil 18.00-20.00 18.00 16.10 down 10.5% 19.74 22.6%
Apr-17 NYSE:YEXT Yext, Inc. United States 8.00-10.00 11.00 13.29 up 21% 13.18 (0.8%) Mar-17 NYSE:AYX Alteryx, Inc. United States 12.00-14.00 14.00 15.50 up 10.7% 19.70 27.1% Mar-17 NYSE:MULE MuleSoft, Inc. United States 14.00-16.00 17.00 24.75 up 46% 24.80 0.2% Mar-17 NasdaqGS:PSDO Presidio, Inc. United States 14.00-16.00 14.00 14.25 up 1.8% 14.63 2.7% Mar-17 NYSE:SNAP Snap Inc. United States 14.00-16.00 17.00 24.48 up 44% 17.18 (29.8%)
Dec-16 NasdaqGS:TRVG trivago N.V. Germany 13.00-15.00 11.00 11.85 up 7.7% 22.09 86.4% Oct-16 NasdaqGS:BL BlackLine, Inc. United States 15.00-17.00 17.00 23.70 up 39% 36.44 53.8% Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 30.45 (7.1%) Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 19.12 (48.3%) Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 49.90 65.8% Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 17.27 (23.4%)
Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 7.82 (48.7%) Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 23.43 59.4% Jul-16 Nasdaq:TLND Talend S.A. France 15.00-17.00 18.00 25.50 up 42% 35.41 38.9% Jul-16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 34.10 (18.0%)
7 | M&A and Investment Summary June 2017 Digital Media/Commerce
. Of the total $10.6 billion in value reported in the Digital Media/Commerce segment, $8.1 billion in venture/growth capital investments were announced, while more than $1.9 billion in strategic acquisitions were made . eCommerce was the most active subsegment across all segments with 55 transactions announced, of which 46 were reported for $7.1 billion. Select transactions from the subsegment include: • Pandora’s $480 million investment from SiriusXM and related sale of its ticketing services division Ticketfly to Eventbrite for $200 million . Select Digital Media/Commerce transactions include: • Vice Media’s $450 million round of funding at a reported valuation of $5.7 billion from TPG Capital • Direct-to-consumer mattress company Casper’s $170 million round of funding led by Target • The $121 million acquisition of peer-to-peer online fundraising platform Giving.com by Blackbaud • Modern Times Group’s acquisition of Gamestop’s mobile game publishing business Konregrate for $55 million
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 55 49% $7,109.5 67% 12 $642.5 1 561.1 42 $5,905.9 Digital Marketplace 25 22% 1,184.4 11% 4 120.0 0 - 21 1,064.4 Social Media/Apps 11 10% 614.3 6% 5 300.0 0 - 6 314.3 Gaming 9 8% 977.0 9% 4 880.0 0 - 5 97.0 Mobile Content/Apps 7 6% 240.8 2% 1 5.5 0 - 6 235.3 Niche Content 5 4% 461.2 4% 1 - 0 - 4 461.2 Total* Microsoft’s $26.2 billion acquisition of LinkedIn112 and Tencent’s100% $10.2 billion acquisition10,587.2 of Supercell100% have been excluded27 to limit comparative1,948.0 distortions1 561.1 84 8,078.1
8 | M&A and Investment Summary June 2017 Digital Media Public Company Valuation (1/2)
($ in Millions, except stock price data) US-Based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alphabet Inc. $929.68 -8% $ 635,839.6 $ 547,337.6 $ 94,765.0 $ 31,208.0 32.9% 21.5% 5.8x 17.5x Apple Inc. 144.02 -8% 750,897.2 782,511.2 220,457.0 69,715.0 31.6% -3.1% 3.5x 11.2x Facebook, Inc. 150.98 -4% 437,566.8 405,260.8 30,288.0 16,355.0 54.0% 53.2% 13.4x 24.8x Fitbit, Inc. 5.31 -69% 1,213.4 487.3 1,963.0 (160.7) NM -3.1% 0.2x NM Glu Mobile Inc. 2.50 -15% 336.9 263.7 202.8 (70.2) NM -13.7% 1.3x NM GoPro, Inc. 8.13 -54% 1,169.8 1,094.9 1,220.6 (245.4) NM -15.3% 0.9x NM IAC/InterActiveCorp 103.24 -4% 8,123.9 8,465.8 3,081.5 432.4 14.0% -6.0% 2.7x 19.6x j2 Global, Inc. 85.09 -7% 4,100.7 4,741.7 928.4 375.9 40.5% 22.2% 5.1x 12.6x Leaf Group Ltd. 7.80 -17% 157.0 115.5 113.7 (22.3) NM -5.0% 1.0x NM The Meet Group, Inc. 5.05 -38% 351.1 276.7 82.9 26.4 31.9% 41.4% 3.3x 10.5x Netflix, Inc. 149.41 -10% 64,395.7 66,419.9 9,509.6 645.1 6.8% 32.7% 7.0x NM Pandora Media, Inc. 8.92 -40% 2,162.3 2,306.5 1,403.5 (256.5) NM 14.1% 1.6x NM RealNetworks, Inc. 4.33 -21% 160.6 94.4 122.8 (21.0) NM -0.1% 0.8x NM Remark Holdings, Inc. 2.77 -42% 62.7 92.1 60.4 (10.7) NM 118.1% 1.5x NM Snap Inc. 17.77 -40% 20,950.8 17,723.6 515.3 (2,593.8) NM 455.0% 34.4x NM TheStreet, Inc. 0.83 -35% 29.6 6.9 62.7 (1.6) NM -6.2% 0.1x NM Twitter, Inc. 17.87 -29% 12,968.85 10,743.53 2,483.35 85.17 3.4% 4.5% 4.3x NM WebMD Health Corp. 58.65 -10% 2,127.8 2,139.1 700.6 181.7 25.9% 7.5% 3.1x 11.8x XO Group Inc. 17.62 -16% 439.3 336.2 152.2 16.4 10.8% 5.2% 2.2x 20.5x Zynga Inc. 3.64 -6% 3,130.8 2,410.3 749.0 (79.4) NM -2.5% 3.2x NM
Average 2.5x 14.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (21.3x) *Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)
9 | M&A and Investment Summary June 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China $182.09 -8% $ 63,058.2 $ 55,978.8 $ 10,401.8 $ 2,764.3 26.6% 3.1% 5.4x 20.3x CyberAgent, Inc. Japan 31.16 -13% 3,917.3 3,739.4 3,066.5 310.3 10.1% 22.5% 1.2x 12.1x DeNA Co., Ltd. Japan 22.75 -34% 3,301.1 2,590.1 1,289.7 320.6 24.9% 0.1% 2.0x 8.1x G5 Entertainment AB (publ) Sweden 32.21 -7% 283.5 275.5 72.8 7.0 9.6% 67.5% 3.8x 39.4x Gree, Inc. Japan 8.20 -16% 1,927.4 1,231.5 554.0 57.5 10.4% -17.8% 2.2x 21.4x HolidayCheck Group AG * Germany 3.48 -9% 211.7 171.3 122.4 2.9 2.4% 4.0% 1.4x 59.3x International Game Technology PLC United Kingdom 18.02 -44% 3,643.7 11,042.0 5,024.9 1,488.9 29.6% -1.9% 2.2x 7.4x mixi, Inc. Japan 53.37 -17% 4,252.8 3,075.9 1,857.9 816.7 44.0% -0.8% 1.7x 3.8x Meitu, Inc. * China 1.41 -52% 5,979.7 5,191.3 227.3 (80.0) NM 112.8% 22.8x NM NCsoft Corporation South Korea 342.65 -7% 7,278.0 6,564.7 878.6 281.7 32.1% 10.2% 7.5x 23.3x Naver Corporation South Korea 726.01 -14% 20,914.5 18,787.2 3,727.9 1,155.7 31.0% 20.8% 5.0x 16.3x NetEase, Inc. China 295.33 -13% 38,957.7 33,903.6 6,376.5 2,170.2 34.0% 62.3% 5.3x 15.6x NEXON Co., Ltd. Japan 18.59 -9% 8,156.3 5,363.8 1,797.5 1,006.5 56.0% 2.4% 3.0x 5.3x Pacific Online Limited China 0.19 -34% 210.0 147.1 140.3 26.6 18.9% -11.1% 1.0x 5.5x Phoenix New Media Limited China 2.56 -40% 185.3 139.5 205.7 4.7 2.3% -9.6% 0.7x 29.5x Renren Inc. * China 6.02 -52% 415.6 455.0 73.5 (70.0) NM 68.8% 6.2x NM Sohu.com Inc. China 44.54 -12% 1,730.3 1,089.4 1,616.6 34.3 2.1% -14.5% 0.7x 31.8x Weibo Corporation * China 69.44 -16% 14,930.8 14,490.5 735.7 201.9 27.4% 46.9% 19.7x 71.8x WeMade Entertainment Co., Ltd. South Korea 28.50 -13% 473.2 448.6 98.2 11.4 11.6% -10.7% 4.6x 39.3x Yandex N.V. Russia 26.28 -10% 8,440.2 7,738.5 1,418.9 389.6 27.5% 25.3% 5.5x 19.9x YY Inc. China 57.31 -7% 3,143.3 3,166.0 1,281.2 335.2 26.2% 37.9% 2.5x 9.4x
Average 2.4x 16.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.5x) and EBITDA multiples that are 1.0 standard deviations above the mean (41.7x)
10 | M&A and Investment Summary June 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 06/30/17 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 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 $21.15 -22% 9,618.1 15,754.1 10,175.0 1,779.0 17.5% 6.0% 1.5x 8.9x Shutterfly, Inc. 52.19 -4% 1,775.3 1,968.7 1,144.5 140.0 12.2% 5.9% 1.7x 14.1x Shutterstock, Inc. 43.54 -33% 1,512.6 1,262.3 507.9 64.4 12.7% 14.3% 2.5x 19.6x Spark Networks, Inc. 1.05 -57% 35.3 24.5 32.5 0.6 2.0% -27.0% 0.8x 37.8x Stamps.com Inc. 104.55 -23% 1,908.79 1,926.24 387.51 153.67 39.7% 53.9% 5.0x 12.5x U.S. Auto Parts Network, Inc. 3.65 -19% 129.6 133.7 303.7 8.6 2.8% 2.8% 0.4x 15.6x Wayfair Inc. 49.01 -1% 4,194.1 3,874.4 3,593.8 (166.5) NM 39.7% 1.1x NM
Average 2.0x 13.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.6x) and EBITDA multiples that are 1.0 standard deviations above the mean (26.8x)
11 | M&A and Investment Summary June 2017 eCommerce Public Company Valuation (2/2)
($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/17 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 5.64 -11% 1,763.0 1,850.8 1,959.0 18.7 1.0% 6.8% 0.9x 98.8x 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 June 2017 Digital Advertising
. A total of 29 transactions were announced in the Digital Advertising segment, of which 21 were worth $550 million in reported value . Ad Exchanges/Networks, Comparison Shopping, and Mobile Marketing were the most active subsegments in June, each announcing five transactions . Select transactions: • Snap’s acquisition of Placed, a developer of solutions for measuring the offline success of digital advertising campaigns, for a reported $125 million • The acquisition of energy provider and rates comparison company Choose Energy by Red Ventures in a transaction valued at less than a reported $100 million • Lending Tree’s acquisitions of financial products comparison site MagnifyMoney.com and depository industry comparison site DespoitAccounts.com for $39.5 million and $33 million, respectively • RhythmOne’s purchase of certain RadiumOne assets and related liabilities for $22 million
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Ad Networks/Exchanges 5 17% $39.9 7% 3 $30.0 0 - 2 $9.9 Comparison Shopping 5 17% 181.5 33% 4 174.5 0 - 1 7.0 Mobile Marketing 5 17% 147.3 27% 3 125.0 0 - 2 22.3 Digital Promotion/Coupon 3 10% 129.3 23% 2 119.3 0 - 1 10.0 Online Lead Generation 3 10% 7.5 1% 2 - 0 - 1 7.5 Vertical Search 3 10% 30.2 5% 0 - 0 - 3 30.2 Email Services 2 7% 4.4 1% 2 4.4 0 - 0 - Local Search 2 7% 1.3 0% 1 - 0 - 1 1.3 Affiliate/CPA Network 1 3% 8.8 2% 1 8.8 0 - 0 - Total 29 100% 550.2 100% 18 462.0 0 0.0 11 88.2 13 | M&A and Investment Summary June 2017 Digital Advertising Public Company Valuation (1/2)
($ in Millions, except stock price data)
US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $256.69 -4% $ 14,291.5 $ 33,095.4 $ 7,341.0 $ 1,453.3 19.8% 12.7% 4.5x 22.8x Alphabet Inc. 929.68 -8% 635,839.6 547,337.6 94,765.0 31,208.0 32.9% 21.5% 5.8x 17.5x Angie's List, Inc. $12.79 -2% 765.7 782.6 312.6 11.1 3.6% -9.2% 2.5x 70.3x Autobytel Inc. 12.61 -31% 139.6 120.2 157.8 15.7 9.9% 10.2% 0.8x 7.7x Bankrate, Inc. 12.85 -10% 1,150.2 1,263.3 459.3 96.0 20.9% 22.0% 2.8x 13.2x Blucora, Inc. 21.20 -6% 911.2 1,232.4 472.5 85.0 18.0% NA 2.6x 14.5x Care.com, Inc. 15.10 -6% 444.0 410.9 165.9 7.4 4.5% 13.7% 2.5x 55.4x Cogint, Inc. 5.05 -19% 276.6 317.6 198.2 (14.1) NM 279.2% 1.6x NM DHI Group, Inc. 2.85 -66% 144.2 196.3 220.9 44.2 20.0% -13.1% 0.9x 4.4x Facebook, Inc. 150.98 -4% 437,566.8 405,260.8 30,288.0 16,355.0 54.0% 53.2% 13.4x 24.8x Groupon, Inc. 3.84 -35% 2,155.5 1,689.4 3,118.5 30.6 1.0% 1.7% 0.5x 55.1x IAC/InterActiveCorp 103.24 -4% 8,123.9 8,465.8 3,081.5 432.4 14.0% -6.0% 2.7x 19.6x Inuvo, Inc. 1.02 -56% 29.1 28.9 70.0 (0.5) NM -7.6% 0.4x NM LendingTree, Inc. 172.20 -6% 2,056.6 1,951.2 422.2 63.0 14.9% 41.7% 4.6x 31.0x MaxPoint Interactive, Inc. 7.42 -38% 50.1 48.3 147.5 (10.6) NM 4.7% 0.3x NM Perion Network Ltd. 1.97 -17% 152.1 194.0 299.0 24.7 8.3% 22.2% 0.6x 7.9x QuinStreet, Inc. 4.17 -10% 189.6 147.8 297.4 (3.1) NM 2.7% 0.5x NM Quotient Technology Inc. 11.50 -20% 1,039.3 864.7 281.7 (1.3) NM 13.7% 3.1x NM RhythmOne plc 0.53 -17% 263.7 212.3 149.0 (3.5) NM 28.4% 1.4x NM Rocket Fuel Inc. 2.75 -53% 127.7 150.9 446.7 (10.1) NM -3.3% 0.3x NM Snap Inc. * 17.77 -40% 20,950.8 17,723.6 515.3 (2,593.8) NM 455.0% 34.4x NM The Rubicon Project, Inc. 5.14 -65% 249.0 61.0 255.0 19.1 7.5% -9.1% 0.2x 3.2x TiVo Corporation 18.65 -20% 2,259.07 2,962.12 736.47 228.08 31.0% 44.2% 4.0x 13.0x Travelzoo 10.95 -17% 143.7 115.0 126.2 12.3 9.7% -5.4% 0.9x 9.4x The Trade Desk, Inc. 50.11 -13% 2,120.6 2,039.8 225.9 58.7 26.0% 78.9% 9.0x 34.7x Tremor Video, Inc. 2.49 -10% 124.8 97.8 173.6 (7.7) NM 1.9% 0.6x NM TripAdvisor, Inc. 38.20 -47% 5,394.9 4,865.9 1,500.0 202.0 13.5% 1.3% 3.2x 24.1x TrueCar, Inc. 19.93 -2% 1,851.3 1,765.7 291.4 (20.7) NM 10.7% 6.1x NM Twitter, Inc. * 17.87 -29% 12,968.8 10,743.5 2,483.3 85.2 3.4% 4.5% 4.3x 126.1x Web.com Group, Inc. 25.30 -1% 1,171.5 1,819.1 750.8 140.7 18.7% 35.1% 2.4x 12.9x Yelp Inc. 30.02 -31% 2,419.0 1,933.5 751.8 32.6 4.3% 27.5% 2.6x 59.2x Yext, Inc. 13.33 NA 1,200.3 1,066.5 134.2 (44.9) NM 0.0% 7.9x NM YuMe, Inc. 4.70 -20% 160.9 101.4 157.6 3.5 2.2% -8.5% 0.6x 28.8x Zillow Group, Inc. * 48.84 -4% 8,998.2 8,811.0 906.4 48.8 5.4% 28.9% 9.7x 180.4x
Average 2.6x 12.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (80.2x)
14 | M&A and Investment Summary June 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 06/30/17 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 June 2017 Marketing Technology
. The Marketing Technology segment announced 87 transactions, of which 53 reported more than $1.0 billion in value . Analytics & Targeting and MRM/Workflow Management were the most active subsegments with each announcing 12 transactions worth more than $240 million and $87 million respectively . Select transactions: • The $175 million credit facility secured by MediaMath from Goldman Sachs with participation from Santander Bank • Hosted search solutions company Algolia’s $53 million round of funding from Accel Partners, Alven Capital, Storm Ventures, and Point Nine Capital • Shutterstock’s $50 million acquisition of Flashstock, developer of a visual content platform for marketers • Social media management company Meltwater’s acquisition of competitor Infomart for a reported $30 million • Market Track’s acquisition of shopper insights and retail analytics company InfoScout
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 12 14% $240.6 23% 6 - 0 - 6 $240.6 MRM/Workflow Management 12 14% 86.5 8% 1 - 0 - 11 86.5 Email/Messaging Software 9 10% 48.6 5% 3 - 0 - 6 48.6 CRM 6 7% 19.8 2% 3 - 1 - 2 19.8 Search & Discovery 6 7% 79.8 8% 1 - 0 - 5 79.8 SFA/Lead Management 6 7% 36.4 4% 0 - 0 - 6 36.4 Product/Price Software 5 6% 94.0 9% 1 - 0 - 4 94.0 Other* 31 36% 420.7 41% 16 95.7 3 140.0 12 183.8 Total 87 100% 1,026.4 100% 31 95.7 4 140.0 52 790.7
16 | M&A and Investment Summary June 2017 Marketing Technology Public Company Valuation (1/3)
($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated * $141.44 -4% $ 69,787.30 $ 66,744.18 $ 6,526.22 $ 2,141.50 32.8% 23.0% 10.2x 31.2x Alteryx, Inc. * 19.52 -5% 1,139.0 974.5 95.9 (20.3) NM 0.0% 10.2x NM AppFolio, Inc. * 32.60 -7% 1,103.7 1,076.3 114.5 (0.3) NM 39.1% 9.4x NM Bazaarvoice, Inc. 4.95 -19% 417.2 358.0 201.2 (4.9) NM 0.7% 1.8x NM Blackbaud, Inc. 85.75 -8% 4,025.4 4,367.5 745.2 126.6 17.0% 12.9% 5.9x 34.5x Brightcove Inc. 6.20 -55% 211.8 183.3 151.5 (4.9) NM 9.7% 1.2x NM ChannelAdvisor Corporation 11.55 -27% 304.1 242.0 115.2 (7.4) NM 10.4% 2.1x NM Covisint Corporation 2.45 -2% 100.2 66.9 70.2 (9.8) NM -7.6% 1.0x NM eBay Inc. 34.92 -4% 37,795.2 40,007.2 9,059.0 2,935.0 32.4% 4.5% 4.4x 13.6x Endurance International Group 8.35 -15% 1,191.6 3,129.4 1,169.2 274.3 23.5% 45.9% 2.7x 11.4x Five9,Holdings, Inc. Inc. 21.52 -13% 1,171.7 1,161.2 171.1 2.9 1.7% 25.2% 6.8x NM GoDaddy Inc. 42.42 -4% 3,896.4 4,404.0 1,903.9 207.3 10.9% 14.4% 2.3x 21.2x HubSpot, Inc. 65.75 -16% 2,403.5 2,281.8 294.3 (35.8) NM 45.1% 7.8x NM Inter Industries LTD. 2.51 -23% 23.3 33.5 95.0 2.6 2.8% 15.0% 0.4x 12.7x IBM Corporation 153.83 -16% 144,522.8 176,734.8 79,390.0 17,944.0 22.6% -1.8% 2.2x 9.8x LivePerson, Inc. * 11.00 -8% 642.9 595.1 218.2 7.9 3.6% -7.0% 2.7x 75.5x Marin Software Incorporated 1.30 -54% 51.2 21.4 93.0 (8.6) NM -14.9% 0.2x NM MaxPoint Interactive, Inc. 7.42 -38% 50.1 48.3 147.5 (10.6) NM 4.7% 0.3x NM MicroStrategy Incorporated 191.67 -8% 2,193.7 1,575.2 513.7 115.2 22.4% -2.2% 3.1x 13.7x MINDBODY, Inc. 27.20 -9% 1,188.8 1,116.2 149.2 (11.4) NM 34.3% 7.5x NM Nuance Communications, Inc. 17.41 -13% 5,008.1 6,806.1 1,971.3 414.4 21.0% 1.3% 3.5x 16.4x Oracle Corporation 50.14 -3% 207,413.2 199,630.2 37,728.0 14,669.0 38.9% 1.8% 5.3x 13.6x PayPal Holdings, Inc. 53.67 -3% 64,471.5 55,543.5 11,273.0 2,173.0 19.3% 16.8% 4.9x 25.6x PROS Holdings, Inc. 27.39 -10% 861.0 867.1 155.5 (56.0) NM -4.3% 5.6x NM PTC Inc. * 55.12 -8% 6,367.6 6,812.7 1,143.3 90.6 7.9% -3.1% 6.0x 75.2x Rightside Group, Ltd. 10.62 -17% 204.8 121.9 59.9 (12.4) NM 155.0% 2.0x NM The Rubicon Project, Inc. 5.14 -65% 249.0 61.0 255.0 19.1 7.5% -9.1% 0.2x 3.2x Salesforce.com, inc. * 86.60 -6% 61,601.9 60,917.9 8,863.0 448.9 5.1% 25.3% 6.9x 135.7x
17 | M&A and Investment Summary June 2017 Marketing Technology Public Company Valuation (2/3)
($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Square, Inc. 23.46 -6% 8,776.4 8,230.9 1,791.0 (58.4) NM 28.3% 4.6x NM Synchronoss Technologies, Inc. 16.45 -67% 762.8 886.6 476.8 54.3 11.4% 11.4% 1.9x 16.3x Tableau Software, Inc. 61.27 -9% 4,778.3 3,823.6 855.2 (97.9) NM 23.0% 4.5x NM Teradata Corporation 29.49 -11% 3,859.9 3,256.9 2,268.0 337.0 14.9% -9.0% 1.4x 9.7x Verint Systems Inc. 40.70 -9% 2,550.9 2,968.6 1,077.7 102.9 9.5% -2.6% 2.8x 28.8x Veritone, Inc. * 11.71 -25% 174.8 205.2 9.9 (25.9) NM -23.8% 20.6x NM Web.com Group, Inc. 25.30 -1% 1,171.5 1,819.1 750.8 140.7 18.7% 35.1% 2.4x 12.9x Xactly Corporation 15.65 -3% 504.1 472.7 96.8 (12.2) NM 19.0% 4.9x NM Zendesk, Inc. 27.78 -13% 2,749.2 2,501.5 336.5 (83.7) NM 43.2% 7.4x NM
Adjusted Weighted Average 3.2x 12.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (53.3x)
18 | M&A and Investment Summary June 2017 Marketing Technology Public Company Valuation (3/3)
($ 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. China 22.17 -13% $ 1,182.16 $ 1,054.78 $ 512.24 $ 20.40 4.0% 26.4% 2.1x 51.7x Bitauto Holdings Limited China 28.75 -16% 1,990.0 4,589.1 903.8 93.4 10.3% 33.9% 5.1x 49.1x ChinaCache International Holdings Ltd. China 1.16 -83% 31.2 33.4 151.8 (47.9) NM -22.1% 0.2x NM Mercadolibre, Inc. Argentina 250.88 -16% 11,078.2 10,832.6 960.7 259.4 27.0% 45.3% 11.3x 41.8x Open Text Corporation Canada 31.54 -10% 8,324.2 10,494.8 2,111.3 594.2 28.1% 15.8% 5.0x 17.7x Opera Software ASA Norway 3.90 -52% 565.4 468.4 514.6 31.4 6.1% 12.7% 0.9x 14.9x The Sage Group plc United Kingdom 8.94 -14% 9,654.15 10,093.12 2,160.32 619.00 28.7% 23.0% 4.7x 16.3x SAP SE Germany 104.78 -4% 125,588.2 126,475.8 24,186.3 6,292.8 26.0% 7.6% 5.2x 20.1x SharpSpring, Inc. United States 4.53 -28% 38.0 30.3 11.8 (5.3) NM 17.2% 2.6x NM Shopify Inc. Canada 86.90 -14% 8,492.5 8,096.8 444.0 (29.8) NM 84.5% 18.2x NM United Internet AG Germany 54.70 -5% 10,918.9 12,553.7 4,244.7 904.7 21.3% 5.0% 3.0x 13.9x Weborama SA France 10.27 -28% 34.9 36.6 34.7 1.3 3.6% 12.1% 1.1x 29.0x Wix.com ltd Israel 69.60 -19% 3,163.8 3,001.4 321.1 (40.0) NM 45.6% 9.3x NM
Adjusted Weighted Average 2.7x 16.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (43.6x)
19 | M&A and Investment Summary June 2017 Agency & Marketing Services
. There were 26 transactions announced in the Agency & Marketing Services segment in June. Digital Agency was the most active subsegment with 10 transactions . Select transactions: • Deloitte’s acquisition of design consultancy Market Gravity • The acquisition of creative and social content services company DoubleDigit by Bertram Capital-backed CreativeDrive • Aurora Capital Group’s acquisition of B-to-B marketing services and media advertising provider Randall-Reilly • The acquisition of UK-based creative marketing firm Intermarketing Agency by Advantage Smollan • Periscope’s acquisition of analytics marketing and strategy firm Anthem Marketing Solutions • The purchase of food industry sales and marketing services provider Summit Marketing Canada by Acosta
AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 10 38% $4.5 0% 9 $4.5 0 - 1 - Design Agency 3 12% - 0% 3 - 0 - 0 - General Agency 2 8% 3,541.5 100% 2 3,541.5 0 - 0 - Promotion Agency 2 8% - 0% 2 - 0 - 0 - Specialty Agency 2 8% - 0% 2 - 0 - 0 - Ad Specialty/Premiums 1 4% - 0% 1 - 0 - 0 - Database/Analytics 1 4% - 0% 1 - 0 - 0 - Experiential Marketing 1 4% - 0% 1 - 0 - 0 - Other* 4 15% 0 0% 4 0.0 0 0.0 0 0.0 Total 26 100% 3,546.0 100% 25 3,546.0 0 0.0 1 0.0
20 | M&A and Investment Summary June 2017 Agency Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc * United Kingdom $1.71 -5% $ 177.1 $ 183.6 $ 204.1 $ 10.0 4.9% 5.4% 0.9x 18.3x Dentsu Inc. Japan 47.80 -17% 13,475.9 11,887.2 7,790.4 1,600.6 20.5% NM 1.5x 7.4x Enero Group Limited Australia 0.78 -22% 66.7 43.9 139.6 9.1 6.5% -11.4% 0.3x 4.8x Hakuhodo DY Holdings Inc Japan 13.27 -1% 4,946.2 3,881.6 11,259.9 489.6 4.3% 3.3% 0.3x 7.9x Havas SA France 10.50 -2% 4,443.4 4,290.5 2,402.6 386.4 16.1% 4.0% 1.8x 11.1x Huntsworth plc United Kingdom 0.75 -9% 245.7 286.6 222.4 26.7 12.0% 7.0% 1.3x 10.7x M&C Saatchi plc * United Kingdom 4.31 -13% 337.4 345.9 278.3 23.6 8.5% 26.0% 1.2x 14.7x MDC Partners Inc. United States 9.90 -47% 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 5.42 -8% 399.0 415.1 214.9 34.7 16.1% 31.8% 1.9x 12.0x Omnicom Group Inc. United States 82.90 -8% 19,294.5 22,524.5 15,505.2 2,318.1 15.0% 2.2% 1.5x 9.7x OPT Holding, Inc. Japan 12.97 -10% 293.4 299.0 647.1 27.6 4.3% 9.0% 0.5x 10.8x Publicis Groupe S.A. France 74.51 -6% 16,588.6 18,092.3 10,274.5 1,809.4 17.6% 1.4% 1.8x 10.0x The Interpublic Group of Companies, Inc. United States 24.60 -3% 9,719.7 11,133.0 7,858.5 1,107.9 14.1% 2.3% 1.4x 10.0x WPP plc United Kingdom 20.96 -16% 26,679.2 32,619.1 17,765.8 3,131.0 17.6% 17.6% 1.8x 10.4x
Adjusted Weighted Average 1.6x 9.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.7x)
21 | M&A and Investment Summary June 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $25.98 -15% $ 2,054.6 $ 2,113.3 $ 880.2 $ 84.7 9.6% 3.5% 2.4x 24.9x Affinion Group Holdings, Inc. United States 13.75 -14% 125.0 1,945.9 955.6 213.1 22.3% -14.9% 2.0x 9.1x Aimia Inc. Canada 1.33 -82% 202.7 309.2 1,683.0 96.6 5.7% -5.4% 0.2x 3.2x Alliance Data Systems Corporation * United States 256.69 -4% 14,291.5 28,965.4 7,341.0 1,453.3 19.8% 12.7% 3.9x 19.9x Cogint, Inc. United States 5.05 -19% 276.6 317.6 198.2 (14.1) NM 279.2% 1.6x NM CSG Systems International, Inc. United States 40.58 -21% 1,371.2 1,472.7 767.2 152.4 19.9% 1.9% 1.9x 9.7x Deluxe Corporation United States 69.22 -9% 3,357.3 4,011.2 1,877.5 439.8 23.4% 4.4% 2.1x 9.1x DST Systems, Inc. United States 61.70 -4% 3,810.6 4,280.9 1,581.5 335.6 21.2% 5.5% 2.7x 12.8x Fair Isaac Corporation * United States 139.41 -1% 4,316.8 4,826.7 922.6 209.9 22.8% 8.7% 5.2x 23.0x Harte Hanks, Inc. United States 1.03 -47% 63.5 17.5 404.4 (4.8) NM -9.0% 0.0x NM High Co. SA France 7.13 -13% 146.3 89.9 164.2 15.7 9.6% 4.1% 0.5x 5.7x Multiplus S.A. Brazil 11.74 -21% 1,901.7 1,442.7 706.1 184.6 26.1% -2.7% 2.0x 7.8x Pitney Bowes Inc. United States 15.10 -22% 2,816.2 5,317.5 3,398.6 747.2 22.0% -3.8% 1.6x 7.1x Points International Ltd. Canada 9.02 -18% 134.1 80.1 330.9 9.5 2.9% 9.3% 0.2x 8.4x Viad Corp United States 47.25 -3% 963.0 1,187.2 1,289.4 141.3 11.0% 21.0% 0.9x 8.4x
Adjusted Weighted Average 2.9x 9.4x
*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 (18.3x)
22 | M&A and Investment Summary June 2017 Traditional Media
. Of the 32 transactions recorded in the Traditional Media segment in June, 13 announced $427 million in reported transaction value . Entertainment Media was the most active subsegment with nine deals announced . Select transactions: • Outfront Media’s acquisition of digital billboards company Dynamic Outdoor for $94.4 million • Ascential’s sale of 11 UK-based Heritage business media brands to Metropolis International Group in a transaction valued at $30.3 million • The $20 million round of funding raised by Drone Racing League from Liberty Media, Sky, Hearst Ventures, Lerer Hippeau Ventures, and Lux Capital • The acquisition of Men’s Journal by American Media from Wenner Media • Aurora Capital Group’s acquisition of B-to-B marketing services and media advertising provider Randall-Reilly
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 9 28% $127.7 30% 2 - 1 - 6 $127.7 B-to-B Media 7 22% 35.3 8% 5 30.3 1 - 1 5.0 Consumer Magazine Publishing 5 16% - 0% 5 - 0 - 0 - Newspaper Publishing 5 16% 24.7 6% 5 24.7 0 - 0 - Digital Place-Based Media 3 9% 145.0 34% 2 5.0 0 - 1 140.0 Other* 3 9% 94.4 44% 3 94.4 0 0.0 0 0.0 Total 32 100% 427.1 100% 22 154.4 2 0.0 8 272.7
23 | M&A and Investment Summary June 2017 Traditional Media Public Company Valuation (1/3)
($ 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation * United States $63.78 -9% $ 25,930.8 $ 34,720.8 $ 12,921.0 $ 3,032.0 23.5% 1.3% 2.7x 11.5x Discovery Communications, Inc. United States 25.83 -15% 14,951.5 22,868.5 6,549.0 2,471.0 37.7% 2.0% 3.5x 9.3x Time Warner Inc. United States 100.41 -2% 77,872.0 99,664.0 29,745.0 8,738.0 29.4% 5.1% 3.4x 11.4x Twenty-First Century Fox, Inc. United States 28.34 -13% 52,077.9 68,255.9 28,398.0 7,014.0 24.7% 5.6% 2.4x 9.7x Viacom, Inc. United States 33.57 -28% 13,707.6 25,474.6 12,913.0 2,891.0 22.4% -0.7% 2.0x 8.8x The Walt Disney Company United States 106.25 -8% 166,268.4 187,604.4 55,539.0 17,095.0 30.8% 1.3% 3.4x 11.0x
Adjusted Weighted Average 3.1x 10.7x
*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 (11.4x)
($ 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ascential plc United Kingdom $4.20 -10% $ 1,683.4 $ 1,974.4 $ 369.9 $ 106.3 28.7% 16.8% 5.3x 18.6x Emerald Expositions Events, Inc. United States $21.90 -6% 1,581.2 2,282.9 331.6 145.5 43.9% 0.0% 6.9x 15.7x Euromoney Institutional Investor PLC United Kingdom $13.94 -13% 1,494.9 1,614.2 516.1 147.0 28.5% 3.1% 3.1x 11.0x Global Sources Ltd. Bermuda 20.00 -8% 485.0 379.1 152.4 29.7 19.5% -7.0% 2.5x 12.8x Informa plc United Kingdom 8.69 -11% 7,154.0 9,085.0 1,661.5 522.2 31.4% 11.0% 5.5x 17.4x MCH Group AG Switzerland 82.25 -5% 494.0 566.6 424.8 85.2 20.1% 5.5% 1.3x 6.6x ITE Group plc United Kingdom 2.00 -14% 531.9 645.0 175.8 35.5 20.2% -2.1% 3.7x 18.2x Tarsus Group plc Ireland 3.62 -7% 407.7 502.0 84.4 23.1 27.4% -16.6% 5.9x 21.7x TechTarget, Inc. * United States 10.37 -2% 284.6 295.2 105.2 11.1 10.5% -7.1% 2.8x 26.7x UBM plc United Kingdom 8.96 -11% 3,529.0 4,356.7 1,065.5 290.9 27.3% 12.1% 4.1x 15.0x
Adjusted Weighted Average 4.8x 16.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.0x)
($ in Millions, except stock price data)
Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group, Inc. * United States $9.80 -46% $ 282.6 $ 490.6 $ 163.0 $ 30.9 19.0% 49.3% 3.0x 15.9x Cumulus Media Inc. United States 0.45 -88% 13.2 2,248.8 1,136.9 202.0 17.8% -2.5% 2.0x 11.1x Emmis Communications Corporation United States 2.87 -34% 35.9 271.4 214.6 23.1 10.8% -7.3% 1.3x 11.7x Entercom Communications Corp. United States 10.35 -37% 421.4 902.4 461.6 101.2 21.9% 7.6% 2.0x 8.9x Pandora Media, Inc. United States 8.92 -40% 2,162.3 2,306.5 1,403.5 (256.5) NM 14.1% 1.6x NM Salem Media Group, Inc. United States 7.10 -14% 184.8 442.4 274.7 46.5 16.9% 2.3% 1.6x 9.5x Sirius XM Holdings Inc. * United States 5.47 -1% 25,517.6 31,275.0 5,110.3 1,795.6 35.1% 9.0% 6.1x 17.4x Spanish Broadcasting System, Inc. United States 0.00 NA 8.4 411.1 144.4 47.6 33.0% -1.4% 2.8x 8.6x Townsquare Media, Inc. United States 10.24 -21% 189.1 713.3 510.9 104.1 20.4% 12.4% 1.4x 6.9x Urban One, Inc. United States 2.25 -36% 107.9 1,086.4 448.4 121.1 27.0% -1.3% 2.4x 9.0x
Adjusted Weighted Average 1.8x 8.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.5x) 24 | M&A and Investment Summary June 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Altice N.V. Netherlands $23.05 -14% $ 30,584.8 $ 99,636.7 $ 23,999.8 $ 8,450.5 35.2% 44.4% 4.2x 11.8x AMC Networks Inc. United States $53.41 -21% 3,556.8 6,200.6 2,769.3 845.3 30.5% 5.7% 2.2x 7.3x Sky plc * United Kingdom 12.91 -5% 22,070.2 32,428.9 15,627.5 2,338.5 15.0% 11.0% 2.1x 13.9x CVC Limited Australia 1.43 -11% 170.6 175.9 93.7 27.1 28.9% 41.7% 1.9x 6.5x CBS Corporation United States 63.78 -9% 25,930.8 34,720.8 12,921.0 3,032.0 23.5% 1.3% 2.7x 11.5x Charter Communications, Inc. United States 336.85 -5% 90,120.8 160,228.8 36,637.0 13,484.0 36.8% 269.3% 4.4x 11.9x Comcast Corporation United States 38.92 -8% 184,595.8 246,403.8 82,076.0 27,143.0 33.1% 8.8% 3.0x 9.1x Discovery Communications, Inc. United States 25.83 -15% 14,951.5 22,868.5 6,549.0 2,471.0 37.7% 2.0% 3.5x 9.3x DISH Network Corporation * United States 62.76 -6% 29,247.8 40,012.1 14,947.4 3,171.2 21.2% -1.5% 2.7x 12.6x Entravision Communications Corporation * United States 6.60 -18% 596.2 820.8 257.9 64.5 25.0% 2.1% 3.2x 12.7x General Communication, Inc. United States 36.64 -5% 1,318.4 2,761.9 930.8 271.0 29.1% -4.9% 3.0x 10.2x Gray Television, Inc. United States 13.70 -11% 974.4 2,705.2 842.2 317.8 37.7% 32.1% 3.2x 8.5x Grupo Televisa, S.A.B. Mexico 4.89 -17% 11,950.7 17,138.9 5,134.4 1,914.5 37.3% 7.6% 3.3x 9.0x Liberty Global plc United Kingdom 32.12 -15% 32,485.9 76,234.9 19,850.7 8,802.7 44.3% 8.2% 3.8x 8.7x Nexstar Media Group, Inc. * United States 59.80 -19% 2,773.5 7,211.3 1,387.8 488.1 35.2% 46.0% 5.2x 14.8x Scripps Networks Interactive, Inc. United States 68.31 -18% 8,863.9 12,076.9 3,439.7 1,545.2 44.9% 8.3% 3.5x 7.8x Sinclair Broadcast Group, Inc. United States 32.90 -24% 3,376.9 6,613.0 2,808.0 902.9 32.2% 22.4% 2.4x 7.3x TEGNA Inc. United States 14.41 -46% 3,095.3 7,316.4 3,337.9 1,162.5 34.8% 7.6% 2.2x 6.3x The E. W. Scripps Company United States 17.81 -26% 1,466.9 1,727.0 944.6 175.3 18.6% 17.8% 1.8x 9.8x Time Warner Inc. United States 100.41 -2% 77,872.0 99,664.0 29,745.0 8,738.0 29.4% 5.1% 3.4x 11.4x
Adjusted Weighted Average 3.3x 10.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.5x)
($ in Millions, except stock price data)
Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cineplex Inc. Canada $40.67 -5% $ 2,583.4 $ 2,931.4 $ 1,120.8 $ 173.7 15.5% 2.3% 2.6x 16.9x Eros International Plc United States 11.45 -42% 690.6 938.6 265.5 28.9 10.9% -10.9% 3.5x 32.5x Lions Gate Entertainment Corp. * United States 28.22 -4% 5,619.8 8,516.6 3,201.5 152.5 4.8% 36.4% 2.7x 55.8x Live Nation Entertainment, Inc. United States 34.85 -4% 7,165.5 7,818.9 8,560.4 615.6 7.2% 16.7% 0.9x 12.7x Twenty-First Century Fox, Inc. United States 28.34 -13% 52,077.9 68,255.9 28,398.0 7,014.0 24.7% 5.6% 2.4x 9.7x Liberty Global plc United Kingdom 32.12 -15% 32,485.9 76,234.9 19,850.7 8,802.7 44.3% 8.2% 3.8x 8.7x Village Roadshow Limited Australia 3.11 -27% 503.0 940.2 771.6 108.1 14.0% 3.6% 1.2x 8.7x World Wrestling Entertainment, Inc. United States 20.37 -12% 1,557.4 1,502.9 746.6 69.7 9.3% 14.2% 2.0x 21.5x
Adjusted Weighted Average 2.8x 9.9x
*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 (38.9x)
25 | M&A and Investment Summary June 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.14 -43% $ 134.4 $ 14.7 $ 16.5 $ (76.0) NM -67.1% 0.9x NM APG|SGA SA Switzerland 485.10 -8% 1,454.9 1,322.5 312.3 76.4 24.5% 0.6% 4.2x 17.3x Clear Channel Outdoor Holdings, Inc. United States 4.85 -34% 1,746.8 6,810.9 2,658.1 629.6 23.7% -4.4% 2.6x 10.8x Clear Media Limited Hong Kong 1.18 -4% 639.8 582.0 231.6 101.8 44.0% 8.2% 2.5x 5.7x JCDecaux SA France 32.77 -14% 6,964.7 7,504.3 3,140.0 564.9 18.0% 6.0% 2.4x 13.3x Lamar Advertising Company United States 73.57 -7% 7,203.3 9,596.6 1,508.1 627.8 41.6% 8.5% 6.4x 15.3x Mood Media Corporation United States 0.13 -47% 23.3 640.5 464.2 78.3 16.9% -1.7% 1.4x 8.2x National CineMedia, Inc. United States 7.42 -54% 467.1 1,722.6 443.3 203.7 46.0% -0.6% 3.9x 8.5x NTN Buzztime, Inc. * United States 6.80 -43% 17.1 19.1 22.1 0.1 0.4% -9.1% 0.9x 241.9x Outfront Media Inc. United States 23.12 -17% 3,204.1 5,320.4 1,496.1 390.7 26.1% -1.5% 3.6x 13.6x Stingray Digital Group Inc. Canada 6.06 -15% 311.2 338.3 76.2 19.6 25.8% 12.8% 4.4x 17.2x TOM Group Limited * Hong Kong 0.25 -15% 961.8 1,295.8 133.4 12.3 9.2% -17.3% 9.7x 105.6x
Adjusted Weighted Average 4.0x 13.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (112.3x)
($ in Millions, except stock price data)
Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A.H. Belo Corporation United States $5.50 -31% $ 119.5 $ 50.3 $ 258.4 $ 8.3 3.2% -4.0% 0.2x 6.1x Daily Mail and General Trust plc * United Kingdom 8.66 -20% 2,888.5 3,631.1 2,449.1 304.4 12.4% 16.4% 1.5x 11.9x Emmis Communications Corporation * United States 2.87 -34% 35.9 271.4 214.6 23.1 10.8% -7.3% 1.3x 11.7x Gannett Co., Inc. United States 8.72 -40% 990.9 1,286.4 3,161.6 317.3 10.0% 11.8% 0.4x 4.1x Glacier Media Inc. Canada 0.47 -29% 51.6 100.7 147.5 11.7 7.9% -8.2% 0.7x 8.6x John Wiley & Sons, Inc. * United States 52.75 -10% 3,016.0 3,340.7 1,718.5 292.4 17.0% -0.5% 1.9x 11.4x Meredith Corporation United States 59.45 -10% 2,622.3 3,227.0 1,703.7 357.7 21.0% 3.9% 1.9x 9.0x News Corporation United States 13.70 -7% 8,064.6 6,888.6 8,285.0 736.0 8.9% 2.4% 0.8x 9.4x Scholastic Corporation United States 43.59 -12% 1,518.1 1,062.1 1,755.8 129.2 7.4% 6.6% 0.6x 8.2x The E. W. Scripps Company United States 17.81 -26% 1,466.9 1,727.0 944.6 175.3 18.6% 17.8% 1.8x 9.8x The McClatchy Company United States 9.34 -53% 71.2 946.4 960.3 134.5 14.0% -7.4% 1.0x 7.0x The New York Times Company * United States 17.70 -2% 2,859.4 2,560.4 1,574.6 215.5 13.7% 0.0% 1.6x 11.9x Time Inc. United States 14.35 -30% 1,427.2 2,386.2 3,028.0 383.0 12.6% -2.9% 0.8x 6.2x
Adjusted Weighted Average 1.3x 8.6x
26 | M&A and Investment Summary June 2017 Software
. Within the Software segment, more than $6.2 billion in reported value involved buyout transactions, while more than $2.8 billion in venture/growth capital investments were announced . Financial and Security Software were the most active subsegments in June with 44 and 32 transactions announced, respectively . Select transactions: • HgCapital’s acquisition of Cinven and KKR’s controlling stake in SMB management software developer Visma at a reported valuation of $5.3 billion • The $140 million round of funding received by Addpar, developer of an operating system solutions for the financial sector, from Valor Equity Partners, 8VC, and QuantRes • Cybersecurity company Illumio’s $125 million round of funding from J.P. Morgan Asset Management, Andreessen Horowitz, General Catalyst, and Data Collective • Open Text’s acquisition of Covisint Coporation in a transaction valuing the company at $69.2 million • Microsoft’s acquisition of cloud computing company Cloudyn in a transaction valued between $50 million and $70 million SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial 44 21% $7,021.2 71% 11 $664.8 4 $5,685.0 29 $671.4 Security 32 15% 658.2 7% 4 - 0 - 28 658.2 Healthcare 24 11% 262.1 3% 7 63.0 1 - 16 199.1 HR 19 9% 666.3 7% 5 - 1 500.0 13 166.3 ERP 14 7% 84.2 1% 5 11.3 1 - 8 72.9 Data*Micro Management Focus’ $8.8 billion acquisition13 of Hewlett Packard6% Enterprise’s Software88.1 business has been1% excluded to 5limit comparative distortions- 1 - 7 88.1
Other* 68 26% 844.0 8% 17 178 2 0 49 665.8 Total 214 100% 9,943.4 100% 54 917.3 10 6,185.0 150 2,841.1 27 | M&A and Investment Summary June 2017 Software Public Company Valuation (1/3)
($ 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alfa Financial Software Holdings PLC * United Kingdom 6.01 -6% $ 1,803.0 $ 1,742.9 $ 90.5 $ 21.0 23.2% 35.6% 19.3x 82.9x Apptio, Inc. United States 17.35 -29% 689.4 578.2 167.7 (23.2) NM 23.6% 3.4x NM BlackLine, Inc. * United States 35.74 -8% 1,836.0 1,735.1 135.2 (14.2) NM 46.8% 12.8x NM Coupa Software Incorporated United States 28.98 -30% 1,535.6 1,297.4 145.7 (31.8) NM 52.4% 8.9x NM Ebix, Inc. United States 53.90 -17% 1,699.7 1,898.0 306.3 111.3 36.3% 12.3% 6.2x 17.1x First Data Corporation United States 18.20 -4% 16,726.6 37,833.6 7,851.0 2,750.0 35.0% 0.5% 4.8x 13.8x Fidessa group plc United Kingdom 30.09 -13% 1,157.4 1,033.8 409.8 74.2 18.1% 12.3% 2.5x 13.9x Guidewire Software, Inc. * United States 68.71 -2% 5,110.5 4,633.1 474.4 25.4 5.3% 15.9% 9.8x 182.8x Intuit Inc. United States 132.81 -8% 34,028.2 32,935.2 5,089.0 1,580.0 31.0% 9.8% 6.5x 20.8x Management Consulting Group PLC United Kingdom 0.11 -67% 54.4 4.9 55.8 (10.3) NM -9.9% 0.1x NM Model N, Inc. United States 13.30 -4% 383.1 386.1 117.7 (30.7) NM 18.3% 3.3x NM Performant Financial Corporation United States 2.09 -49% 105.5 129.2 136.2 10.9 8.0% -14.4% 0.9x 11.9x Q2 Holdings, Inc. United States 36.95 -9% 1,513.1 1,430.9 161.0 (18.6) NM 35.9% 8.9x NM RealPage, Inc. United States 35.95 -6% 2,972.4 3,033.8 592.7 88.6 15.0% 21.8% 5.1x 34.2x SS&C Technologies Holdings, Inc. United States 38.41 -2% 7,836.0 10,171.7 1,565.0 556.4 35.6% 39.9% 6.5x 18.3x Tyler Technologies, Inc. United States 175.67 -1% 6,514.4 6,430.6 776.3 168.5 21.7% 22.2% 8.3x 38.2x
Adjusted Weighted Average 6.4x 20.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (75.7x)
($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 12.76 -16% 2,315.5 3,978.9 1,617.8 153.4 9.5% 15.8% 2.5x 25.9x athenahealth, Inc. * United States 140.55 -6% 5,598.7 5,784.4 1,112.2 112.4 10.1% 14.1% 5.2x 51.5x Cegedim SA France 34.68 -10% 484.7 745.7 465.4 29.1 6.2% 3.4% 1.6x 25.7x Cerner Corporation United States 66.47 -4% 21,963.6 21,981.9 4,827.0 1,351.5 28.0% 7.4% 4.6x 16.3x Civitas Solutions, Inc. United States 17.50 -25% 653.0 1,270.7 1,438.0 147.7 10.3% 3.6% 0.9x 8.6x Computer Programs and Systems, Inc. United States 32.80 -22% 444.0 588.4 261.7 28.2 10.8% 27.3% 2.2x 20.8x Cotiviti Holdings, Inc. United States 37.14 -14% 3,410.9 4,061.5 642.6 220.0 34.2% 13.8% 6.3x 18.5x Craneware plc United Kingdom 16.66 -31% 449.0 401.6 53.5 16.3 30.5% 15.4% 7.5x 24.6x HealthEquity, Inc. * United States 49.83 -9% 2,988.5 2,792.9 189.8 57.6 30.4% 34.6% 14.7x 48.5x McKesson Corporation United States 164.54 -17% 34,793.0 42,060.0 198,533.0 4,354.0 2.2% 4.0% 0.2x 9.7x Medidata Solutions, Inc. * United States 78.20 -4% 4,555.4 4,457.4 486.0 72.4 14.9% 20.2% 9.2x 61.6x NantHealth, Inc. United States 4.23 -73% 514.5 581.7 103.4 (147.0) NM 56.7% 5.6x NM Quality Systems, Inc. United States 17.21 -2% 1,079.0 1,057.4 509.6 58.9 11.5% 3.5% 2.1x 18.0x Streamline Health Solutions, Inc. United States 1.07 -49% 20.2 30.9 26.3 (3.2) NM -8.7% 1.2x NM Veeva Systems Inc. * United States 61.31 -10% 8,568.2 7,904.3 582.2 141.4 24.3% 32.6% 13.6x 55.9x
Adjusted Weighted Average 3.9x 13.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (47.8x) 28 | M&A and Investment Summary June 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job, Inc. China $44.73 -5% $ 2,736.1 $ 1,967.6 $ 352.4 $ 103.7 29.4% 14.4% 5.6x 19.0x Benefitfocus, Inc. United States 36.35 -19% 1,128.4 1,179.3 242.7 (13.2) NM 23.0% 4.9x NM Castlight Health, Inc. United States 4.15 -25% 541.6 438.4 106.7 (50.4) NM 30.0% 4.1x NM Cornerstone OnDemand, Inc. United States 35.75 -25% 2,031.3 1,981.7 435.4 (41.8) NM 19.3% 4.6x NM DHI Group, Inc. United States 2.85 -66% 144.2 196.3 220.9 44.2 20.0% -13.1% 0.9x 4.4x Paycom Software, Inc. United States 68.41 -7% 4,065.4 4,004.0 358.5 79.3 22.1% 38.1% 11.2x 50.5x Paylocity Holding Corporation * United States 45.18 -9% 2,327.2 2,225.8 283.8 16.6 5.8% 34.6% 7.8x 134.2x The Ultimate Software Group, Inc. United States 210.06 -7% 6,243.0 6,167.7 822.6 62.7 7.6% 24.6% 7.5x 98.4x Workday, Inc. United States 97.00 -7% 20,079.0 18,504.7 1,701.6 (242.2) NM 35.1% 10.9x NM
Adjusted Weighted Average 9.2x 66.1x
*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 (115.7x)
($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $5.91 -10% $ 233.2 $ 197.7 $ 90.0 $ 11.6 12.8% -0.1% 2.2x 17.1x AVG Technologies N.V. Netherlands 25.70 -27% 1,303.8 1,425.7 430.6 125.0 29.0% 6.8% 3.3x 11.4x Check Point Software Technologies Ltd. Israel 109.08 -6% 17,828.4 16,360.5 1,772.5 873.7 49.3% 6.7% 9.2x 18.7x Cisco Systems, Inc. United States 31.30 -10% 156,501.7 120,997.7 48,510.0 15,048.0 31.0% -1.9% 2.5x 8.0x Cheetah Mobile Inc. China 10.78 -22% 1,492.2 1,323.6 674.0 23.2 3.4% 11.0% 2.0x 57.1x CyberArk Software Ltd. Israel 49.95 -16% 1,735.3 1,448.3 228.7 42.4 18.5% 30.9% 6.3x 34.2x FireEye, Inc. United States 15.21 -17% 2,713.0 2,589.2 719.9 (219.5) NM 8.2% 3.6x NM Fortinet, Inc. United States 37.44 -9% 6,580.5 5,381.8 1,331.4 107.7 8.1% 23.2% 4.0x 50.0x Gemalto N.V. Netherlands 59.95 -18% 5,366.9 5,449.4 3,300.5 571.3 17.3% 0.2% 1.7x 9.5x Imperva, Inc. United States 47.85 -16% 1,601.1 1,288.3 277.0 (39.1) NM 11.1% 4.7x NM Juniper Networks, Inc. United States 27.88 -10% 10,652.8 9,802.9 5,113.2 1,141.4 22.3% 4.6% 1.9x 8.6x Mimecast Limited United Kingdom 26.78 -9% 1,509.4 1,399.9 186.6 2.2 1.2% 31.5% 7.5x NM Mobileye N.V. * Israel 62.80 0% 13,967.4 13,521.6 407.6 138.6 34.0% 50.7% 33.2x 97.5x NQ Mobile Inc. * China 3.40 -27% 366.5 354.7 343.1 2.3 0.7% -15.6% 1.0x 156.6x Palo Alto Networks, Inc. United States 133.81 -19% 12,287.0 11,433.4 1,653.3 (152.8) NM 31.0% 6.9x NM Proofpoint, Inc. United States 86.83 -8% 3,796.3 3,755.5 409.7 (33.5) NM 42.9% 9.2x NM SecureWorks Corp. United States 9.29 NA 753.2 661.6 443.3 (27.3) NM 22.5% 1.5x NM Symantec Corporation United States 28.25 -15% 17,182.8 21,112.8 4,019.0 727.0 18.1% 11.6% 5.3x 29.0x Trend Micro Incorporated Japan 51.54 -2% 7,076.9 5,972.5 1,231.6 420.5 34.1% 10.5% 4.8x 14.2x VeriSign, Inc. United States 92.96 -3% 9,433.2 9,510.3 1,148.9 751.5 65.4% 6.1% 8.3x 12.7x
Adjusted Weighted Average 3.8x 12.5x
*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 (80.0x)
29 | M&A and Investment Summary June 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $121.68 -6% $ 10,403.6 $ 9,537.1 $ 1,016.0 $ 455.2 44.8% 6.8% 9.4x 21.0x Autodesk, Inc. United States 100.82 -12% 22,219.9 21,900.1 2,004.8 (294.2) NM -15.4% 10.9x NM AVEVA Group plc United Kingdom 25.20 -9% 1,611.3 1,441.2 270.3 65.3 24.2% 7.1% 5.3x 22.1x Dassault Systèmes SE France 89.55 -8% 22,774.2 20,687.5 3,340.4 897.1 26.9% 8.5% 6.2x 23.1x
Adjusted Weighted Average 8.6x 22.4x
*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 (23.1x)
($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $141.44 -4% $ 69,787.3 $ 66,744.2 $ 6,526.2 $ 2,141.5 32.8% 23.0% 10.2x 31.2x Atlassian Corporation Plc United Kingdom 35.18 -7% 7,932.2 7,428.7 573.2 (9.3) NM 36.1% 13.0x NM CA, Inc. United States 34.47 -6% 14,519.4 14,676.4 4,036.0 1,258.0 31.2% 0.3% 3.6x 11.7x Cloudera, Inc. United States 16.02 -31% 2,100.9 2,536.8 284.1 (333.2) NM 0.0% 8.9x NM Commvault Systems, Inc. United States 56.45 -4% 2,537.3 2,087.1 650.5 10.2 1.6% 9.3% 3.2x NM Covisint Corporation United States 2.45 -2% 100.2 66.9 70.2 (9.8) NM -7.6% 1.0x NM Endurance International Group Holdings, Inc. United States 8.35 -15% 1,191.6 3,129.4 1,169.2 274.3 23.5% 45.9% 2.7x 11.4x First Data Corporation United States 18.20 -4% 16,726.6 37,833.6 7,851.0 2,750.0 35.0% 0.5% 4.8x 13.8x Guidance Software, Inc. United States 6.61 -15% 215.8 199.3 111.5 (7.7) NM 3.4% 1.8x NM Hortonworks Inc. United States 12.88 -8% 824.3 740.9 199.1 (233.2) NM 41.2% 3.7x NM IBM Corporation United States 153.83 -16% 144,522.8 176,734.8 79,390.0 17,944.0 22.6% -1.8% 2.2x 9.8x MuleSoft, Inc. United States 24.94 -14% 3,211.9 2,872.4 209.6 (47.3) NM 0.0% 13.7x NM Nutanix, Inc. United States 20.15 -57% 3,053.3 2,703.0 680.6 (351.4) NM 79.5% 4.0x NM Okta, Inc. United States 22.80 -19% 2,172.5 1,948.3 181.5 (86.0) NM 0.0% 10.7x NM Opera Software ASA Norway 3.90 -52% 565.4 468.4 514.6 31.4 6.1% 12.7% 0.9x 14.9x Oracle Corporation United States 50.14 -3% 207,413.2 199,630.2 37,728.0 14,669.0 38.9% 1.8% 5.3x 13.6x Salesforce.com, inc. * United States 86.60 -6% 61,601.9 60,917.9 8,863.0 448.9 5.1% 25.3% 6.9x 135.7x Rapid7, Inc. United States 16.83 -13% 730.6 651.4 167.9 (37.7) NM 37.9% 3.9x NM ServiceNow, Inc. United States 106.00 -4% 18,007.2 17,548.4 1,501.4 (49.3) NM 36.6% 11.7x NM Talend S.A. France 34.78 -7% 1,003.4 908.4 116.1 (25.7) NM 42.1% 7.8x NM Twilio Inc. United States 29.11 -59% 2,633.9 2,345.4 305.4 (40.6) NM 58.3% 7.7x NM Varonis Systems, Inc. United States 37.20 -2% 1,012.5 891.1 174.4 (13.6) NM 29.5% 5.1x NM
Adjusted Weighted Average 5.6x 15.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (73.4x)
30 | M&A and Investment Summary June 2017 Information
. The Information segment reported nine transactions worth $28 million in value . Financial Information was the most active subsegment throughout the month with five transactions announced . Select transactions from the segment include: • Health information service Your.MD’s $10 million round of funding from Orkla Ventures and Smedvig Capital • The $7.6 million round of funding raised by Citrine Informatics, operator of a materials database of the academic research community, from Innovation Endeavors, Data Collective, Prelude Ventures, and AME Cloud Ventures • Sverica Capital Management’s acquisition of fundraising intelligence company iWave Information Systems • The undisclosed amount of funding raised by equity research solutions Canalyst from WorldQuant Ventures
INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial Information 5 56% $10.3 37% 1 $6.3 1 - 3 $4.0 Healthcare Information 1 11% 10.0 36% 0 - 0 - 1 10.0 Engineering/Scientific/Tech Information 1 11% 7.6 27% 0 - 0 - 1 7.6 IT Information 1 11% - 0% 1 - 0 - 0 -
Product/Price*Intercontinental Information Exchange’s $7.4 billion acquisition1 of Interactive11% Data has been excluded- to limit comparative0% distortions1 - 0 - 0 - Total 9 100% 27.9 100% 3 6.3 1 0.0 5 21.6
31 | M&A and Investment Summary June 2017 Information Public Company Valuation (1/2)
($ 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $75.56 -3% $ 8,884.2 $ 9,881.2 $ 3,771.3 $ 660.0 17.5% 32.2% 2.6x 15.0x Computershare Limited Australia 10.85 -7% 5,928.2 7,229.2 2,030.0 436.2 21.5% 4.2% 3.6x 16.6x CoreLogic, Inc. United States 43.38 -1% 3,671.8 5,156.3 1,938.9 401.1 20.7% 19.9% 2.7x 12.9x CoStar Group, Inc. * United States 263.60 -2% 8,632.6 8,364.2 864.4 222.2 25.7% 14.9% 9.7x 37.6x DST Systems, Inc. United States 61.70 -4% 3,810.6 4,280.9 1,581.5 335.6 21.2% 5.5% 2.7x 12.8x The Dun & Bradstreet Corporation United States 108.15 -24% 3,990.5 5,337.6 1,710.2 435.9 25.5% 3.3% 3.1x 12.2x Envestnet, Inc. * United States 39.60 -5% 1,735.6 1,981.3 604.1 51.2 8.5% 32.4% 3.3x 38.7x Equifax Inc. United States 137.42 -5% 16,519.3 19,129.4 3,248.8 1,178.5 36.3% 18.6% 5.9x 16.2x Experian plc Ireland 20.46 -7% 18,928.2 22,269.7 4,335.0 1,516.0 35.0% 2.3% 5.1x 14.7x FactSet Research Systems Inc. United States 166.18 -10% 6,557.2 6,938.5 1,181.8 410.9 34.8% 7.3% 5.9x 16.9x Fair Isaac Corporation United States 139.41 -1% 4,316.8 4,826.7 922.6 209.9 22.8% 8.7% 5.2x 23.0x Fidelity National Information Services, Inc. United States 85.40 -2% 28,231.5 37,143.5 9,315.0 2,383.0 25.6% 29.0% 4.0x 15.6x Financial Engines, Inc. United States 36.60 -20% 2,301.0 2,163.3 446.0 79.5 17.8% 36.0% 4.9x 27.2x Moody's Corporation United States 121.68 -2% 23,277.4 25,293.6 3,763.3 1,783.1 47.4% 9.6% 6.7x 14.2x Morningstar, Inc. United States 78.34 -8% 3,363.2 3,281.0 816.0 222.5 27.3% 3.1% 4.0x 14.7x MSCI Inc. * United States 102.99 -6% 9,316.1 10,695.0 1,173.0 587.0 50.0% 7.5% 9.1x 18.2x Reis, Inc. * United States 21.25 -20% 244.7 223.2 46.8 7.3 15.7% -10.9% 4.8x 30.4x SEI Investments Co. United States 53.78 -1% 8,535.4 7,874.0 1,427.3 409.5 28.7% 6.3% 5.5x 19.2x Thomson Reuters Corporation Canada 46.20 -5% 33,179.0 40,421.2 11,188.0 2,504.0 22.4% -0.4% 3.6x 16.1x Verisk Analytics, Inc. United States 84.37 -3% 13,949.7 16,078.7 2,005.1 933.9 46.6% 7.3% 8.0x 17.2x Workiva Inc. United States 19.05 -5% 788.2 744.3 186.0 (33.7) NM 20.3% 4.0x NM
Adjusted Weighted Average 4.9x 16.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.4x)
32 | M&A and Investment Summary June 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $25.98 -15% $ 2,054.6 $ 2,113.3 $ 880.2 $ 84.7 9.6% 3.5% 2.4x 24.9x Alliance Data Systems Corporation United States 256.69 -4% 14,291.5 33,095.4 7,341.0 1,453.3 19.8% 12.7% 4.5x 22.8x Cello Group Plc United Kingdom 1.71 -5% 177.1 183.6 204.1 10.0 4.9% 5.4% 0.9x 18.3x comScore, Inc. * United States 26.25 -25% 1,503.5 1,389.6 368.8 37.1 10.1% 12.1% 3.8x 37.4x Ebiquity plc United Kingdom 1.56 -4% 114.3 151.6 103.2 16.8 16.3% 28.6% 1.5x 9.0x GfK SE Germany 53.29 -10% 1,945.1 2,309.9 1,566.4 168.8 10.8% -3.9% 1.5x 13.7x Harte Hanks, Inc. United States 1.03 -47% 63.5 17.5 404.4 (4.8) NM -9.0% 0.0x NM InnerWorkings, Inc. United States 11.60 -3% 616.2 700.0 1,087.0 44.8 4.1% 2.7% 0.6x 15.6x Intage Holdings Inc. Japan 19.78 -4% 395.0 329.7 430.4 52.0 12.1% 5.5% 0.8x 6.3x Ipsos SA France 37.48 -8% 1,562.1 2,205.9 1,881.9 210.3 11.2% -0.1% 1.2x 10.5x NeuStar, Inc. United States 33.35 -3% 1,860.2 2,545.6 1,215.7 473.1 38.9% 12.0% 2.1x 5.4x Nielsen Holdings plc United Kingdom 38.66 -31% 13,813.3 21,974.3 6,348.0 1,627.0 25.6% 2.4% 3.5x 13.5x Onvia, Inc. United States 4.40 -16% 31.7 25.3 24.6 (0.2) NM 3.3% 1.0x NM Pearson plc United Kingdom 8.98 -29% 7,322.9 8,968.4 5,620.3 708.7 12.6% 1.9% 1.6x 12.7x System1 Group PLC United Kingdom 10.65 -21% 132.7 122.0 39.1 7.5 19.2% 0.0% 3.1x 16.3x YouGov plc * United Kingdom 3.75 -1% 393.7 374.3 123.2 12.4 10.0% 20.4% 3.0x 30.2x
Adjusted Weighted Average 3.2x 16.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (26.1x)
($ in Millions, except stock price data)
Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.62 -16% $ 90.0 $ 108.2 $ 89.5 $ 9.3 10.3% 2.8% 1.2x 11.7x Cogint, Inc. United States 5.05 -19% 276.6 317.6 198.2 (14.1) NM 279.2% 1.6x NM Forrester Research, Inc. United States 39.15 -12% 694.4 559.8 325.9 39.5 12.1% 3.1% 1.7x 14.2x Gartner, Inc. * United States 123.51 -2% 11,169.0 11,576.4 2,512.4 396.4 15.8% 11.7% 4.6x 29.2x IHS Markit Ltd. United Kingdom 44.04 -8% 17,482.9 21,378.4 3,348.7 973.6 29.1% 48.8% 6.4x 22.0x Informa plc United Kingdom 8.69 -11% 7,154.0 9,085.0 1,661.5 522.2 31.4% 11.0% 5.5x 17.4x National Research Corporation United States 47.74 -3% 731.8 700.0 111.8 37.5 33.6% 7.5% 6.3x 18.6x NIC Inc. United States 18.95 -27% 1,254.8 1,131.3 322.7 84.0 26.0% 7.4% 3.5x 13.5x Premier, Inc. United States 36.00 -1% 1,863.2 2,010.6 1,353.0 395.3 29.2% 20.0% 1.5x 5.1x Proofpoint, Inc. * United States 86.83 -8% 3,796.3 3,755.5 409.7 (33.5) NM 42.9% 9.2x NM Reed Elsevier plc(1) United Kingdom 21.56 -3% 43,338.5 49,467.2 8,513.2 2,552.1 30.0% 15.5% 5.8x 19.4x Tarsus Group plc Ireland 3.62 -7% 407.7 502.0 84.4 23.1 27.4% -16.6% 5.9x 21.7x TechTarget, Inc. * United States 10.37 -2% 284.6 295.2 105.2 11.1 10.5% -7.1% 2.8x 26.7x The Advisory Board Company United States 51.50 -13% 2,090.1 2,543.8 797.2 118.2 14.8% 0.9% 3.2x 21.5x UBM plc United Kingdom 8.96 -11% 3,529.0 4,356.7 1,065.5 290.9 27.3% 12.1% 4.1x 15.0x Wolters Kluwer N.V. Netherlands 42.29 -8% 12,073.9 14,290.7 4,536.0 1,185.5 26.1% 2.1% 3.2x 12.1x
Adjusted Weighted Average 5.2x 18.2x
(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 (8.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.1x) 33 | M&A and Investment Summary June 2017 Business Services
. The Business Services segment reported 60 transactions in June worth nearly $10.1 billion in value . The IT Consulting subsegment accounted for half segments total activity with 30 transactions . Select transactions: • Pamplona Capital’s pending acquisition of contract drug research services company Parexel in a transaction valued at $5 billion • The $28 million acquisition of digital transformation services company PointSource by Globant • Accenture’s acquisitions of laboratory informatics consulting service LabAnswer, IT strategy and planning solutions company Phase One Consulting Group, and Agile consulting and transformation solutions firm SolutionsIQ • The acquisition of Germany-based code language modernization services company innoWake by Deloitte • Cognizant’s acquisition of Health Care Service Corporation’s Medicare business process services subsidiary TMG Health • Cloud implementation and digital experience design consultancy Clarity Consulting’s sale to Perficient
BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting 30 50% $1,732.1 17% 26 $1,703.0 1 - 3 $29.1 Corporate Training 10 17% 1,010.4 10% 1 - 2 904.9 7 105.5 Healthcare Consulting 7 12% 5,477.9 55% 2 440.0 2 5,007.4 3 30.5 BPO 4 7% 1,726.0 17% 2 800.0 2 926.0 0 - Engineering Consulting 2 3% - 0% 2 - 0 - 0 - Logistics 2 3% 16.5 0% 0 - 0 - 2 16.5 Staffing 2 3% 88.0 1% 1 88.0 0 - 1 - Other* 3 5% 0.0 0% 2 0.0 1 0.0 0 0.0 Total 60 100% 10,050.9 100% 36 3,031.0 8 6,838.3 16 181.6
34 | M&A and Investment Summary June 2017 Business Services Public Company Valuation (1/3)
($ in Millions, except stock price data)
Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 123.68 -4% $ 76,432.6 $ 73,784.7 $ 34,189.5 $ 5,804.2 17.0% 5.9% 2.2x 12.7x CRA International, Inc. United States 36.32 -9% 311.4 296.3 332.0 27.5 8.3% 8.4% 0.9x 10.8x FTI Consulting, Inc. United States 34.96 -26% 1,328.1 1,609.9 1,786.5 165.1 9.2% -1.7% 0.9x 9.8x Information Services Group, Inc. * United States 4.11 -5% 176.9 266.0 233.1 14.0 6.0% 11.7% 1.1x 19.0x Navigant Consulting, Inc. United States 19.76 -29% 933.6 1,102.8 951.5 142.7 15.0% 11.1% 1.2x 7.7x ICF International, Inc. United States 47.10 -21% 885.5 1,153.1 1,197.8 112.7 9.4% 4.9% 1.0x 10.2x Huron Consulting Group Inc. United States 43.20 -34% 917.5 1,327.1 734.6 128.8 17.5% 1.3% 1.8x 10.3x The Advisory Board Company * United States 51.50 -13% 2,090.1 2,543.8 797.2 118.2 14.8% 0.9% 3.2x 21.5x The Hackett Group, Inc. United States 15.50 -25% 452.9 444.9 263.0 40.3 15.3% 8.8% 1.7x 11.0x
Adjusted Weighted Average 1.2x 9.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.7x) ($ in Millions, except stock price data)
HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 102.46 -3% $ 45,841.7 $ 44,845.5 $ 12,213.2 $ 2,770.6 22.7% 6.5% 3.7x 16.2x Barrett Business Services, Inc. United States 57.29 -14% 415.5 400.6 859.6 27.6 3.2% 12.3% 0.5x 14.5x Capita plc United Kingdom 8.98 -35% 5,977.4 8,762.8 6,061.3 754.9 12.5% 1.5% 1.4x 11.6x DHI Group, Inc. United States 2.85 -66% 144.2 196.3 220.9 44.2 20.0% -13.1% 0.9x 4.4x Edenred SA France 26.05 -7% 6,074.5 6,826.3 1,132.7 381.1 33.6% 7.3% 6.0x 17.9x Insperity, Inc. United States 71.00 -24% 1,495.9 1,294.6 3,021.6 120.4 4.0% 11.6% 0.4x 10.8x Marsh & McLennan Companies, Inc. United States 77.96 -3% 40,175.5 45,223.5 13,378.0 3,187.0 23.8% 2.8% 3.4x 14.2x Paychex, Inc. United States 56.94 -10% 20,464.2 20,140.8 3,151.3 1,366.5 43.4% 6.8% 6.4x 14.7x Professional Diversity Network, Inc. United States 6.88 -51% 27.1 21.5 24.5 (4.1) NM -29.6% 0.9x NM TriNet Group, Inc. United States 32.74 -2% 2,245.3 2,479.1 3,135.0 175.9 5.6% 13.3% 0.8x 14.1x WageWorks, Inc. * United States 67.20 -17% 2,657.1 2,294.1 402.7 73.6 18.3% 19.8% 5.7x 31.2x
Adjusted Weighted Average 4.0x 15.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.8x)
35 | M&A and Investment Summary June 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 123.68 -4% $ 76,432.6 $ 73,784.7 $ 34,189.5 $ 5,804.2 17.0% 5.9% 2.2x 12.7x Amdocs Limited United States 64.46 -3% 9,440.4 8,491.0 3,791.5 715.4 18.9% 3.0% 2.2x 11.9x Bechtle AG Germany 128.35 -3% 2,695.4 2,623.6 3,413.0 184.7 5.4% 9.5% 0.8x 14.2x Booz Allen Hamilton Holding Corporation United States 32.54 -18% 4,827.6 6,273.5 5,804.3 547.6 9.4% 7.4% 1.1x 11.5x Business & Decision SA * France 8.96 -5% 70.6 102.0 240.3 3.5 NA 1.5% 0.4x 28.9x Capgemini SE France 103.23 -7% 16,915.6 18,721.6 13,236.6 1,670.0 12.6% 5.2% 1.4x 11.2x Cerner Corporation * United States 66.47 -4% 21,963.6 21,981.9 4,827.0 1,351.5 28.0% 7.4% 4.6x 16.3x CGI Group Inc. Canada 50.98 -5% 14,889.9 16,066.9 7,991.5 1,360.0 17.0% 0.7% 2.0x 11.8x Cognizant Technology Solutions Corporation United States 66.40 -3% 39,109.4 36,044.4 13,831.0 2,714.0 19.6% 8.8% 2.6x 13.3x Digi International Inc. United States 10.15 -28% 269.4 161.4 193.4 18.4 9.5% -6.4% 0.8x 8.8x DXC Technology Company * United States 76.72 -5% 21,838.0 23,817.0 7,607.0 640.0 8.4% 7.1% 3.1x 37.2x Globant S.A. * Luxembourg 43.44 -8% 1,508.5 1,466.6 338.3 56.6 16.7% 24.1% 4.3x 25.9x International Business Machines Corporation United States 153.83 -16% 144,522.8 176,734.8 79,390.0 17,944.0 22.6% -1.8% 2.2x 9.8x Infosys Limited India 14.48 -22% 33,088.5 28,048.3 10,208.0 2,765.0 27.1% 7.4% 2.7x 10.1x ITS Group France 8.05 -6% 61.8 64.0 199.3 8.0 4.0% -1.7% 0.3x 8.0x NCI, Inc. United States 21.10 -1% 285.9 286.1 317.5 28.2 8.9% -5.4% 0.9x 10.1x NTT Data Corporation Japan 11.13 -2% 15,606.2 19,205.3 15,537.9 2,436.3 15.7% 7.3% 1.2x 7.9x Perficient, Inc. United States 18.64 -18% 667.0 694.7 457.2 46.9 10.3% -2.8% 1.5x 14.8x Presidio, Inc. United States 14.31 -13% 1,301.0 2,211.8 2,842.2 203.0 7.1% 0.0% 0.8x 10.9x Reply S.p.A. Italy 184.60 -10% 1,726.3 1,694.1 844.8 107.9 12.8% 11.0% 2.0x 15.7x SQLi France 51.15 -5% 188.9 194.9 201.5 16.2 8.0% 6.7% 1.0x 12.0x Tata Consultancy Services Limited India 36.55 -14% 72,028.5 65,057.8 18,206.0 4,989.3 27.4% 8.6% 3.6x 13.0x Wipro Limited India 4.00 -10% 19,373.5 16,281.5 8,494.5 1,684.2 19.8% 7.4% 1.9x 9.7x
Adjusted Weighted Average 2.4x 11.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.3x)
36 | M&A and Investment Summary June 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 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $6.78 -17% $ 54.8 $ 45.6 $ 40.6 $ (1.2) NM -5.3% 1.1x NM Cenveo, Inc. United States 6.09 -42% 52.1 1,082.9 1,601.7 132.7 8.3% -8.2% 0.7x 8.2x Communisis plc United Kingdom 0.66 -11% 138.2 165.8 446.9 30.4 6.8% 2.2% 0.4x 5.4x Contax Participações S.A. Brazil 1.25 -77% 5.2 390.9 623.5 35.8 5.7% -12.8% 0.6x 10.9x Convergys Corporation United States 23.78 -23% 2,238.3 2,394.2 2,919.0 366.9 12.6% -0.5% 0.8x 6.5x CSG Systems International, Inc. United States 40.58 -21% 1,371.2 1,472.7 767.2 152.4 19.9% 1.9% 1.9x 9.7x Elanders AB (publ) Sweden 13.54 -4% 478.6 767.3 831.5 63.6 7.7% 75.6% 0.9x 12.1x Eniro AB Sweden 0.02 -68% 13.0 213.2 211.9 37.5 17.7% -18.1% 1.0x 5.7x ExlService Holdings, Inc. United States 55.58 -2% 1,871.7 1,699.2 702.0 99.8 14.2% 7.7% 2.4x 17.0x Firstsource Solutions Limited India 0.53 -36% 359.8 437.8 548.7 66.2 12.1% 10.1% 0.8x 6.6x Genpact Limited Bermuda 27.83 -2% 5,364.1 6,069.3 2,584.0 427.9 16.6% 4.0% 2.3x 14.2x InnerWorkings, Inc. United States 11.60 -3% 616.2 700.0 1,087.0 44.8 4.1% 2.7% 0.6x 15.6x j2 Global, Inc. United States 85.09 -7% 4,100.7 4,741.7 928.4 375.9 40.5% 22.2% 5.1x 12.6x Luxoft Holding, Inc. SwitzerlandSwitzerland 60.85 -10% 2,034.9 1,926.0 785.6 96.9 12.3% 20.7% 2.5x 19.9x MAXIMUS, Inc. United States 62.63 -4% 4,059.8 4,084.4 2,469.8 384.9 15.6% 6.7% 1.7x 10.6x Quad/Graphics, Inc. United States 22.92 -22% 1,191.5 2,288.3 4,285.6 481.6 11.2% -5.8% 0.5x 4.8x Quintiles IMS Holdings, Inc. United States 89.50 -3% 19,635.6 27,316.6 6,167.0 1,278.0 20.7% 40.0% 4.4x 21.4x R.R. Donnelley & Sons Company United States 12.54 -79% 877.8 2,774.4 6,926.4 418.1 6.0% 18.7% 0.4x 6.6x Serco Group plc United Kingdom 1.49 -23% 1,624.6 1,821.6 3,717.7 123.1 3.3% -5.2% 0.5x 14.8x St Ives plc United Kingdom 0.67 -66% 95.9 187.4 472.4 53.0 11.2% 6.1% 0.4x 3.5x StarTek, Inc. United States 12.24 -5% 194.6 221.3 306.8 16.7 5.5% 3.5% 0.7x 13.2x SYNNEX Corporation United States 119.96 -9% 4,788.1 5,567.0 15,013.9 603.8 4.0% 12.2% 0.4x 9.2x Sykes Enterprises, Incorporated United States 33.53 -3% 1,410.2 1,390.4 1,523.3 171.6 11.3% 18.7% 0.9x 8.1x Teleperformance SE France 127.95 -7% 7,244.2 9,157.5 3,852.0 545.1 14.2% 7.4% 2.4x 16.8x TeleTech Holdings, Inc. United States 40.80 -5% 1,861.2 1,983.6 1,301.1 163.5 12.6% 2.2% 1.5x 12.1x transcosmos inc. Japan 23.95 -11% 993.2 862.2 2,173.2 100.2 4.6% 7.9% 0.4x 8.6x Transcontinental Inc. Canada 19.77 -3% 1,531.5 1,712.0 1,481.3 295.4 19.9% 0.4% 1.2x 5.8x Cimpress N.V. Netherlands 94.53 -9% 2,944.1 3,995.6 2,050.4 173.1 8.4% 21.4% 1.9x 23.1x West Corporation United States 23.32 -18% 1,985.7 4,968.3 2,293.7 651.2 28.4% 0.4% 2.2x 7.6x
Adjusted Weighted Average 1.4x 10.9x
*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 (12.5x)
37 | M&A and Investment Summary June 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 4.8x 2.9x 6.9x 2.5x Internationally-based Digital Media and Internet 5.0x 3.0x 6.5x 2.4x US-based eCommerce 3.1x 2.5x 4.5x 2.0x Internationally-based eCommerce 2.8x 1.0x 8.9x 1.6x US-based Digital Advertising 4.1x 2.5x 9.1x 2.6x Internationally-based Digital Advertising 3.8x 2.1x 10.1x 2.3x US-based Marketing Technology 4.5x 3.5x 5.1x 3.2x Internationally-based Marketing Technology 5.3x 4.7x 6.1x 5.5x Agency 1.2x 1.4x 1.6x 1.6x Marketing Services 1.8x 1.9x 3.2x 2.9x Traditional Media 2.8x 2.4x 3.6x 3.3x Software 5.5x 5.1x 5.3x 5.2x Information 4.3x 3.6x 6.2x 5.0x Business Services 1.3x 0.9x 2.5x 2.2x
As of close of business on 06/30/17
*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 June 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 16.1x 15.1x 15.8x 14.8x Internationally-based Digital Media and Internet 23.1x 19.9x 20.7x 16.7x 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 36.3x 22.8x 22.7x 12.8x Internationally-based Digital Advertising 18.0x 14.5x 25.0x 14.1x US-based Marketing Technology 20.8x 16.3x 27.9x 12.9x Internationally-based Marketing Technology 28.3x 20.1x 19.9x 20.8x Agency 10.5x 10.2x 9.7x 9.7x Marketing Services 11.5x 9.1x 16.0x 9.4x Traditional Media 17.2x 10.8x 12.1x 11.8x Software 36.7x 19.9x 23.1x 15.9x Information 19.2x 16.4x 23.5x 16.5x Business Services 11.8x 10.6x 14.1x 12.5x
As of close of business on 06/30/17
*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
39 | M&A and Investment Summary June 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 – 15.5 % 140% • S&P 500 – 15.5%
130% • Digital Advertising – 32.8 % 125% • % Digital Media/Commerce – 39.7 120%
110% • Traditional Media – 14.6 % 110% 100%
95% Index Performance (%) Performance Index Index Performance (%) Performance Index 90%
80% 80% Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-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 – 15.5 % 140% • S&P 500 – 15.5 % 130% 130% • Agency – 5.1 % • Marketing Technology – 21.7 % 120% 120% • Marketing Services – 22.6 % 110% 110%
100% 100%
90% (%) Performance Index 90% Index Performance (%) Performance Index 80% 80% Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-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% 140% • S&P 500 – 15.5 % • S&P 500 – 15.5 % 140% 130% • Software – 17.1 % 130% • 120% Information – 14.5 % 120% 110% • Business Services – 3.8 % 110% 100% 100%
Index Performance (%) Performance Index 90% 90%
80% (%) Performance Index Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 80%
Software S&P 500 Index (^SPX) Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Note: LTM as of 6/30/2017 Information Business Services S&P 500 Index (^SPX) 40 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Strategic Transactions Strategic Values Disclosed Target Target Segment Buyer/Investor Reported TV Havas Agency & Marketing Services Vivendi S.A. $ 3,541.5 ViaWest, Inc. Business Services Peak 10, Inc. 1,675.0 Double Down Interactive, LLC Digital Media/Commerce DOUBLEUGAMES Co., Ltd. 825.0 Westcon-Comstor Americas Division Business Services SYNNEX Corporation 800.0 Best Doctors, Inc. Business Services Teladoc, Inc. 440.0 Bonobos, Inc. Digital Media/Commerce WalMart Stores, Inc. 310.0 Zenly S.A.S. Digital Media/Commerce Snap, Inc. 300.0 EnerNOC, Inc. Software Enel Green Power North America, Inc. 293.6 Ticketfly, Inc. Digital Media/Commerce EventBrite 200.0 Dalenys Software Natixis S.A. 160.9 POS Portal, Inc. Software ScanSource, Inc. 158.1 Contorion GmbH Digital Media/Commerce Hoffmann Group 132.5 Placed, Inc. Digital Advertising Snap, Inc. 125.0 Giving.com Limited Digital Media/Commerce Blackbaud, Inc. 120.0 Jochen Schweizer GmbH Digital Advertising ProSiebenSat.1 Media AG 119.3 Choose Energy, Inc. Digital Advertising Red Ventures Limited 100.0 Dynamic Outdoor Traditional Media OUTFRONT Media, Inc. 94.4 Advantage RN LLC Business Services Cross Country Healthcare, Inc. 88.0 Covisint Corporation Software OpenText Corporation 69.2 Praxify Technologies, Inc. Software athenahealth, Inc. 63.0 Cloudyn Ltd. Software Microsoft Corporation 60.0 Kongregate, Inc. Digital Media/Commerce Modern Times Group MTG AB 55.0 Monitise plc Software Fiserv, Inc. 52.3 FlashStock Technology, Inc. Marketing Technology Shutterstock, Inc. 50.0 Kinvey, Inc. Software Progress Software Corporation 49.0 MagnifyMoney.com Digital Advertising Tree.com, Inc. 39.5 Infomart Marketing Technology Meltwater.com 38.3 DepositAccounts.com Digital Advertising Tree.com, Inc. 33.0 Ascential, Business Media Brands Traditional Media Metropolis International Group Limited 30.3 PointSource LLC Business Services Globant S.A. 28.0 RadiumOne, Inc., Certain Assets and Related Liabilities Digital Advertising RhythmOne plc 22.0 Calkins Media, Inc. Traditional Media New Media Investment Group, Inc. 17.5 PCSTrac, Inc. Software The Descartes Systems Group, Inc. 11.3 Kama Net AB Digital Advertising Nordic Leisure AB 8.8 DeepIntent, Inc. Digital Advertising Propel Media, Inc. 8.0 Atex Group Ltd. Marketing Technology axelero S.p.A. 7.4 Moline Dispatch Publishing Co., LLC Traditional Media Lee Enterprises, Inc. 7.2 Electric Word plc Information Sports Business Acquisitions 6.3 VRB ("verb") Digital Media/Commerce Samsung Group 5.5 Seasam Digital Oy Traditional Media ZetaDisplay AB 5.0 IDEAS + CARS Ltd. Agency & Marketing Services Millennial Esports Corp. 4.5 React2Media, LLC Digital Advertising Antevenio, S.A. 4.4 Securethoughts.com Digital Advertising XLMedia PLC 2.0 41 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Agence WTTF Agency & Marketing Services Santa bla bla $ - Anthem Marketing Solutions Agency & Marketing Services Periscope, Inc. - Artefact.is Agency & Marketing Services NetBooster Group - Aswellas Ltd. Agency & Marketing Services Ginger Root Design and Print - Behave Labs Ltd. Agency & Marketing Services Rainmaker Solutions Limited - BrandSource Incentives LLC Agency & Marketing Services Sharp Incentives LLC - DoubleDigit Agency & Marketing Services CreativeDrive - Gleam Futures Limited Agency & Marketing Services Dentsu Aegis Network, Inc. - Intermarketing Agency Agency & Marketing Services Advantage Sales & Marketing, LLC - Intrepid Pursuits, LLC Agency & Marketing Services Accenture plc - Kpsule Agency & Marketing Services Sublime Skinz - Market Gravity Ltd. Agency & Marketing Services Deloitte LLP - Novus Group Agency & Marketing Services Dentsu Aegis Network, Inc. - Outfox Intelligence AB Agency & Marketing Services Dentsu Aegis Network, Inc. - PPI Marketing Agency & Marketing Services LST Marketing LLC - SesliHarfler Agency & Marketing Services Dentsu Aegis Network, Inc. - Sumis Company Agency & Marketing Services Altavia Group - Summit Marketing Canada Ltd. Agency & Marketing Services Acosta, Inc. - Target Marketing Agency & Marketing Services The Image Group - The Cocktail Experience S.L. Agency & Marketing Services WPP Group - The Customer Framework Limited Agency & Marketing Services Dentsu Aegis Network, Inc. - TMS Communications, Inc. Agency & Marketing Services FreemanXP - XTOPOLY Agency & Marketing Services Vincit Group Oyj - Aegis Health Group, Inc. Business Services Clariture Health - Badger Graphic Systems Business Services Quality Resource Group - BayGroup International Business Services RED BEAR Negotiation Company - Clarity Consulting, Inc. Business Services Perficient, Inc. - Company85 Limited Business Services Telstra Corporation Limited - Cormeta AG Business Services SOA People S.A./N.V. - Cubed Group, Inc. Business Services CompassMSP LLC - CyberTrails LLC Business Services NexusTek, Inc. - Datum Security Business Services Prevalent, Inc. - Emerge Consulting Ltd. Business Services WoodWing Software BV - Glenbriar Technologies Business Services Uniserve Communications Corporation - Goldfish ICT Business Services itelligence AG - GyanMatrix Services Private Limited Business Services News Corporation, Inc. - Inframon Limted Business Services Ensono - Innovative Software Engineering LLC Business Services Trimble Navigation Limited - innoWake GmbH Business Services Deloitte LLP - King Engineering Associates, Inc. Business Services Kain Capital - LabAnswer Business Services Accenture plc - LEFCON LLC Business Services Information Technology Procurement Sourcing… - 42 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Mainstream Security LLC Business Services RoundTower Technologies LLC $ - Natoma Technologies, Inc. Business Services Red River Computer Company, Inc. - Netelligent Corporation Business Services InterVision Systems LLC - Open Windows IDENTITY Business Services Ernst & Young LLP - Phase One Consulting Group, Inc. Business Services Accenture plc - Quality Technology Solutions, Inc. Business Services Axispoint Technology Solutions Group - SolutionsIQ, Inc. Business Services Accenture plc - Synaix Service GmbH Business Services Cancom SE - The unbelievable Machine Company GmbH Business Services Basefarm AS - TMG Health, Inc. Business Services Cognizant Technology Solutions Corporation - UniMed Direct LLC Business Services Mitchell International, Inc. - zIT Consulting GmbH Business Services CA Technologies - Alchemy Worx Ltd. Digital Advertising SellUp, Inc. - Gooder Group, Inc. Digital Advertising HomeActions LLC - matchinguu UG Digital Advertising Verve Wireless, Inc. - Mobkoi Digital Advertising You & Mr. Jones, Inc. - Mode Media Corporation Digital Advertising Glam, Inc. - mybestbrands.de Digital Advertising Signa Retail GmbH - The Room Ring LLC Digital Advertising Roomi, Inc. - Wanderful Media Digital Advertising OwnLocal, Inc. - Advanced Auction Company Digital Media/Commerce TAGeX Brands - Animalbox SARL Digital Media/Commerce Doctissimo SAS - Clevertaxi Digital Media/Commerce mytaxi - Destructoid Digital Media/Commerce Enthusiast Gaming, Inc. - DEVISE LLC Digital Media/Commerce Social Chain Ltd. - Eda.ua Digital Media/Commerce Foodout Group - FanAppEvents Digital Media/Commerce TeamSnap, Inc. - Foodler, Inc. Digital Media/Commerce GrubHub, Inc. - Komandir Digital Media/Commerce AppSwarm, Inc. - LowestPriceContacts.com Digital Media/Commerce VisionPros LLC - MakeupAlley Digital Media/Commerce @cosme.net - Publons Limited Digital Media/Commerce Clarivate Analytics - RISE Digital Media/Commerce Surf Airlines Inc. - Style.com (Conde Nast) Digital Media/Commerce Farfetch UK Limited - TicketNew Digital Media/Commerce Alibaba Pictures Group Limited - TradeMotion LLC Digital Media/Commerce The Reynolds and Reynolds Company - Veed.me Digital Media/Commerce Fiverr International Limited - WineBid, Inc. Digital Media/Commerce Third Leaf Partners - Yonder.it Digital Media/Commerce LuvByrd LLC - RangeMe Information Efficient Collaborative Retail Marketing - Vor Security Ltd. Information Sonatype, Inc. - Acuity Research and Insights Marketing Technology KPMG LLP - 43 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Apsalar, Inc. Marketing Technology Singular Labs, Inc. $ - Blackmesh, Inc. Marketing Technology Contegix LLC - C-Radar Marketing Technology Sidetrade SA - Dartboard Analytics Pvt. Ltd. Marketing Technology IndiQus Technologies - DocuMatix LLC Marketing Technology Marquis Software Solutions, Inc. - Edgecase Marketing Technology GroupBy, Inc. - Inergy Analytical Solutions N.V. Marketing Technology Main Capital Partners B.V. - InfoScout, Inc. Marketing Technology Market Track LLC - Klarity Marketing Technology Meltwater.com - MiriMON Marketing Technology Verimatrix, Inc. - MoLOGIQ, Inc. Marketing Technology NinthDecimal, Inc. - Mythos Co., Ltd. Marketing Technology Pharmarise Holdings Corporation - Orckestra, Inc. Marketing Technology Mediagrif Interactive Technologies, Inc. - Propertybase GmbH Marketing Technology Boston Logic Technology Partners, Inc. - PubFactory Marketing Technology Sheridan Group, Inc. - Push Interactive LLC Marketing Technology ConversionPoint Technologies, Inc. - Sepage SAS Marketing Technology Travelsoft SAS - Shoppist Innovations Pvt. Ltd. Marketing Technology Roofpik - Sightline Research LLC Marketing Technology 5by5 Agency - SMSpubli Mobile Marketing S.L. Marketing Technology Esendex Limited - Sous, Inc. Marketing Technology BlueCart, Inc. - Spectra Ticketing & Fan Engagement Marketing Technology Learfield Communications, Inc. - Tidemark Systems, Inc. Marketing Technology Longview Solutions, Inc. - TrustYou GmbH Marketing Technology Recruit Holdings Co., Ltd. - Unbound Concepts LLC Marketing Technology Certica Solutions, Inc. - Vente Partner Marketing Technology Efficy S.A. - Yhat, Inc. Marketing Technology Alteryx, Inc. - Adsensa Ltd Software Exari Systems, Inc. - Appsme Software AppInstitute - Brand Amper LLC Software The Muse - CacheMatrix Holdings LLC Software BlackRock, Inc. - Carriots S.L. Software Altair Engineering, Inc. - Clip Industrie Software Forterro - CloudMunch, Inc. Software Jfrog, Inc. - Colimbra Holding B.V. Software Solera Holdings, Inc. - Conduit Technology LLC Software Brightree LLC - Confirma Sistema Software Callcredit Information Group Ltd. - Datatrial Ltd, Data Services Division Software MedSource.com - Diese Finance SAS Software Exact Holding N.V. - Dinetec Software Sandy Alexander, Inc. - eHealth Solutions, Inc. Software MatrixCare - Elite Analytics LLC Software Aviana Global Technologies, Inc. - 44 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Erecruit Holdings, LLC Software Bond International Software Ltd. $ - ExcelPay Software iSolved HCM - FDM Software Ltd. Software Aptean, Inc. - FieldLens, Inc. Software WeWork.com - inthinc, Inc. Software ORBCOMM, Inc. - Mercury Network LLC Software CoreLogic, Inc. - MICA Software LLC Software Next Gear Solutions, Inc. - Montage Studio Software Kaazing Corporation - MultiProcess Computer Corporation Software Computer Associates, Inc. - mySugr GmbH Software Roche Holdings, Inc. - NextNine Ltd. Software Honeywell International, Inc. - NexTraq Software Michelin North America, Inc. - Ommdom, Inc. Software Invitae Corporation - OpBeat, Inc. Software Elasticsearch BV - OptionsCity Software, Inc. Software Vela Trading Technologies LLC - Oration PBC, Pharmacy & Software Assets Software PokitDok, Inc. - OSSCube LLC Software Happiest Minds Technologies Pvt Ltd. - PACE Invoice Software Flywire Payments Corporation - Physician Office Drug Inventory System Software Besse Medical - Portalbuzz Software Aplos Software LLC - Practiced Strategies, Inc. Software Purefy - PTV Planung Transport Verkehr AG Software Porsche Automobil Holding SE - Ravel Law, Inc. Software LexisNexis Group - Selima Ltd. Software The Access Group (Access UK Limited) - Shaw Tracking Software Omnitracs LLC - Soluciones Confirma Software Callcredit Information Group Ltd. - Trooly, Inc. Software Airbnb, Inc. - Vindi Software Smartbill - Vyatta, Inc. Software AT&T, Inc. - WhiteCloud Analytics Software Relias Learning - 21st Century Media Newspaper LLC Traditional Media Hearst Communications, Inc. - AdExchanger.com Traditional Media Access Intelligence, Inc. - British Media Awards Traditional Media Haymarket Media Group - Courier Times Newspaper Publishing Assets Traditional Media GateHouse Media, Inc. - DTV America Corporation Traditional Media HC2 Holdings, Inc. - EQ Magazine Traditional Media Longneck & Thunderfoot LLC - GreatDeal$ Magazine Traditional Media Valassis Communications, Inc. - Grocery Headquarters Magazine Traditional Media Winsight LLC - Hardrock Promotions LLC Traditional Media B2 Digital, Inc. - INfluencia SAS Traditional Media LMD - Ingenuity Sun Media LLC Traditional Media Customer Mobile - Men's Journal Traditional Media American Media, Inc. - 45 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed New York Spaces Magazine Traditional Media MOD Media LLC $ - Rock ’n’ Roll Marathon Traditional Media World Triathlon Corporation - Rourke Educational Media LLC Traditional Media Carson-Dellosa Publishing LLC - The Japan Times Ltd. Traditional Media News2u Holdings, Inc. - Unity Media Plc Traditional Media Mark Allen Group -
46 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Buyout Transactions Buyout Deals Values Disclosed Target Target Segment Buyer/Investor Reported TV Visma AS Software HgCapital $ 5,300.0 PAREXEL International Corporation Business Services Pamplona Capital Management LLP 5,007.4 QA Limited Business Services CVC Capital Partners Ltd. 904.9 Tata Technologies Ltd. Business Services Warburg Pincus LLC 837.0 eTRAVELi AB Digital Media/Commerce CVC Capital Partners Ltd. 561.1 CareerBuilder, Inc. Software Apollo Global Management, LLC 500.0 Sage Payment Solutions, Inc. Software GTCR, LLC 260.0 ARI Network Services, Inc. Marketing Technology True Wind Capital, L.P. 140.0 Certify, Inc. Software K1 Investment Management, LLC 125.0 GMD S.A. Business Services Advent International Corporation 89.0
Buyout Deals Undisclosed Target Target Segment Buyer/Investor Reported TV
Output Services Group, Inc. Business Services Aquiline Capital Partners LLC $ - Quantum Health, Inc. Business Services Great Hill Partners, LLC - Trace3, Inc. Business Services H.I.G. Capital LLC - True Office Learning, Inc. Business Services Marlin Equity Partners - iWave Information Systems, Inc. Information Sverica Capital Management LLC - HarrisX Marketing Technology The Stagwell Group LLC - LoyaltyExpress, Inc. Marketing Technology New Capital Partners - Lux Research Marketing Technology Bregal Sagemount - Continuum Managed Services LLC Software Thoma Bravo, Inc. - Denodo Technologies Software HGGC, LLC - GPSTrackit.com Software Inverness Graham Investments - GreatCall, Inc. Software GTCR, LLC - PayLease Software Vista Equity Partners - Riskonnect, Inc. Software Thoma Bravo, Inc. - All Nippon Entertainment Works, Inc. Traditional Media Future Venture Capital Co., Ltd. - Randall-Reilly Traditional Media Aurora Capital Group -
47 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Ele.me Digital Media/Commerce Alibaba Group Holding Ltd. $ 1,100.0 Lazada Group Digital Media/Commerce Alibaba Group Holding Ltd. 1,000.0 Mobike Digital Media/Commerce Sequoia Capital 600.0 Pandora Media, Inc. Digital Media/Commerce Sirius XM Radio, Inc. 480.0 Vice Media LLC Digital Media/Commerce TPG Capital 450.0 Kakao Mobility Digital Media/Commerce TPG Growth 437.0 Guazi.com Digital Media/Commerce Sequoia Capital China 400.0 Guazi.com Digital Media/Commerce Sequoia Capital 400.0 Houzz, Inc. Digital Media/Commerce Sequoia Capital 400.0 Farfetch UK Limited Digital Media/Commerce JD.com 397.0 UCAR Technology, Inc. Digital Media/Commerce PICC Asset Management 353.0 AvidXchange, Inc. Software CDPQ 300.0 MediaMath, Inc. Marketing Technology Goldman Sachs Merchant Banking 175.0 Casper Sleep, Inc. Digital Media/Commerce New Enterprise Associates 170.0 Bright Health, Inc. Digital Media/Commerce New Enterprise Associates 160.0 QingCloud Software Lightspeed Venture Partners 159.0 Hero K12 LLC Digital Media/Commerce BV Investment Partners 150.0 Careem Networks FZ LLC Digital Media/Commerce Daimler AG 150.0 Pinterest, Inc. Digital Media/Commerce Andreessen Horowitz 150.0 PatientPoint, LLC Traditional Media Searchlight Capital 140.0 Addepar, Inc. Software Valor Equity Partners 140.0 Illumio, Inc. Software Andreessen Horowitz 125.0 Element AI Software Intel Capital 102.0 CloudFlare Software New Enterprise Associates 100.0 Cybereason, Inc. Software SoftBank Corporation 100.0 Netskope, Inc. Software Accel Partners 100.0 Freshly, Inc. Digital Media/Commerce Nestle S.A. 77.0 Sumo Logic Software Sequoia Capital 75.0 XG Entertainment Traditional Media CICC 73.0 ClassPass, Inc. Digital Media/Commerce General Catalyst Partners LLC 70.0 Tantan Digital Media/Commerce YY, Inc. 70.0 Cadre, Inc. Digital Media/Commerce Andreessen Horowitz 65.0 Trax Image Recognition Marketing Technology Warburg Pincus LLC 64.0 Clutter Inc. Digital Media/Commerce Sequoia Capital 64.0 Coursera, Inc. Business Services New Enterprise Associates 64.0 Scopely, Inc. Digital Media/Commerce Revolution Growth VC 60.0 Shadow Software Undisclosed 57.1 fuboTV Digital Media/Commerce Northzone 55.0 Movile Marketing Technology Naspers Ltd. 53.0 Algolia SAS Marketing Technology Accel Partners 53.0 Kinetica Software Canvas Venture Fund 50.0 Aera Technology Software New Enterprise Associates 50.0 48 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Ola Digital Media/Commerce Tekne Capital Management $ 50.0 Omada Health, Inc. Software Andreessen Horowitz 50.0 Discord Digital Media/Commerce Index Ventures 50.0 The RealReal.com Digital Media/Commerce Great Hill Partners, LLC 50.0 CloudHealth Technologies, Inc. Software Kleiner Perkins Caufield & Byers 46.0 Catalant Technologies, Inc. Digital Media/Commerce General Catalyst Partners LLC 41.0 Fusion Risk Management, Inc. Software Catalyst Investors, LLC 41.0 Samsara Networks, Inc. Software Andreessen Horowitz 40.0 Blockchain Ltd. Software Lakestar 40.0 Conviva, Inc. Software New Enterprise Associates 40.0 Shipt LLC Digital Media/Commerce Greycroft Partners LLC 40.0 Headspace, Inc. Digital Media/Commerce Spectrum Equity Investors, LP 36.7 Glooko, Inc. Software Georgian Partners 35.0 Riversand Technologies Marketing Technology Crestline 35.0 Swift Navigation Inc. Software New Enterprise Associates 34.0 Scalable Capital Vermögensverwaltung GmbH Software BlackRock, Inc. 33.6 Riskified Software Pitango Venture Capital 33.0 SparkCognition, Inc. Software Verizon Ventures 32.0 iKongjian.com Digital Media/Commerce Gome Holdings 31.0 Yello, Inc. Software JMI Equity 31.0 Auth0, Inc. Software Meritech Capital Partners 30.0 Samba TV Marketing Technology Union Grove Venture Partners 30.0 Yubico AB Software New Enterprise Associates 30.0 Trilogy Education Services, Inc. Business Services Highland Capital Partners 30.0 UnTuckit LLC Digital Media/Commerce Kleiner Perkins Caufield & Byers 30.0 Coming Space Digital Media/Commerce Neoglory Group 29.0 Plynk Limited Digital Media/Commerce Swiss Privee 28.1 Science Exchange Digital Media/Commerce Norwest Venture Partners 28.0 Science Exchange Digital Media/Commerce Norwest Venture Partners 28.0 Fintonic Servicios Financieros, S.L. Digital Media/Commerce ING Group 28.0 Rokt Pte Ltd. Marketing Technology Moelis & Company 26.0 Sitehands, Inc. Business Services FTV Capital 25.0 FloQast, Inc. Software Insight Venture Partners 25.0 Lyft, Inc. Digital Media/Commerce InMotion Ventures 25.0 LabConnect LLC Business Services ABS Capital Partners 24.5 KRY Software Index Ventures 23.0 Alto.com Digital Media/Commerce Greenoaks Capital Management, L.P. 23.0 INTURN Marketing Technology B Capital Group 22.5 Max Software Credit Mutuel Arkea 22.5 Platform9 Systems, Inc. Software Canvas Venture Fund 22.0 Diffblue Ltd. Software Goldman Sachs Merchant Banking 22.0 Xcalar, Inc. Software Khosla Ventures 21.0 49 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Resolver, Inc. Software KlassCapital $ 20.0 MOL Global, Inc. Software Razer, Inc. 20.0 Textio, Inc. Marketing Technology Scale Venture Partners 20.0 CrowdFlower Software Salesforce Ventures 20.0 Entelo, Inc. Software Battery Ventures 20.0 Ridibooks Digital Media/Commerce Praxis Capital Partners 20.0 Culture Amp Pty Ltd. Software Index Ventures 20.0 The Drone Racing League Traditional Media Liberty Media Corporation 20.0 Beyond Limits, Inc. Software BP Technology Ventures 20.0 Smart Pension Ltd. Software (Private Investors) 19.0 Getswift Limited Software IFM Investors 18.2 Dook Book Traditional Media Legend Capital 18.0 ShipBob, Inc. Marketing Technology Bain Capital Ventures 17.5 Augury Inc. Software Eclipse Ventures LLC 17.0 Armis, Inc. Software Sequoia Capital 17.0 Monoqi Digital Media/Commerce Al Jazeera Al Hadina 16.9 Sequent Software, Inc. Software TIS 16.0 M.Gemi Digital Media/Commerce Accel Partners 16.0 Chartspan Medical Technologies LLC Software Cypress Growth Capital 16.0 Hello Sign, Inc. Marketing Technology Foundry Group 16.0 Scout RFP, Inc. Marketing Technology New Enterprise Associates 15.5 Yoyo Wallet Ltd. Digital Advertising Metro Group 15.3 Super League Gaming, Inc. Digital Media/Commerce Viacom, Inc. 15.0 Xometry Inc. Software BMW iVentures 15.0 Clique Media, Inc. Digital Advertising Greycroft Partners LLC 15.0 Celtra Inc. Marketing Technology Unilever Ventures 15.0 Movius Interactive Corporation Software New Enterprise Associates 15.0 Highspot, Inc. Marketing Technology Salesforce Ventures 15.0 PingCAP, Inc. Software China Growth Capital 15.0 Cognitive Scale, Inc. Software Norwest Venture Partners 15.0 RongCloud Marketing Technology GP Capital 14.0 Wonder.com Digital Media/Commerce Grishin Robotics 14.0 Rinse, Inc. Digital Media/Commerce Partech Ventures 14.0 CloudCare Software Sequoia Capital 14.0 SpeedyCloud Software Cash Capital 14.0 Neigou.com Software Chinas National SMEs Fund 14.0 Vineti, Inc. Software GE Ventures 13.8 Snips SAS Marketing Technology Korelya Capital 13.0 Tulip Interfaces, Inc. Software New Enterprise Associates 13.0 Keypr Marketing Technology Karlani Capital 12.8 Unbxd, Inc. Marketing Technology Eight Roads Ventures 12.5 sqrrl data, Inc. Software Spring Lake Equity Partners 12.3 50 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Jask Labs, Inc. Software Battery Ventures $ 12.0 Dispatch Technologies, Inc. Marketing Technology Salesforce Ventures 12.0 Snapsheet, Inc. Software Tola Capital 12.0 Autopilot Marketing Technology Salesforce Ventures 12.0 RiskRecon.com Software Dell Technologies Capital 12.0 Esendex Limited Marketing Technology HgCapital 11.3 SnappCar Digital Media/Commerce Europcar International 11.2 Bonfire Interactive Ltd. Marketing Technology Battery Ventures 11.0 Soldo Limited Software Accel Partners 11.0 MaaS Global Ltd. Digital Media/Commerce Toyota Financial Services Corporation 11.0 Alight, Inc. Software Caterpillar, Inc. 11.0 Evolve Vacation Rental Network Digital Media/Commerce T. Rowe Price Group, Inc. 11.0 Synthio, Inc. Marketing Technology Fulcrum Equity Partners 10.5 Algorithmia, Inc. Digital Media/Commerce Google Ventures 10.5 Atrium LTS Software New Enterprise Associates 10.5 Tango Card, Inc. Digital Advertising Western Technology Investment 10.0 OpenDoor Securities LLC Software (Private Investors) 10.0 PHEMI Health Systems Software Quark Venture 10.0 Your.MD Limited Information Orkla Ventures 10.0 Datometry, Inc. Software Dell Technologies Capital 10.0 Nuvolo.com Marketing Technology New Enterprise Associates 10.0 Sense Talent Labs, Inc. Software Accel Partners 10.0 WhiteSource Software Ltd. Software 83North 10.0 Trusona, Inc. Software Kleiner Perkins Caufield & Byers 10.0 Figure 1, Inc. Software Kensington Capital Partners Limited 10.0 BAM Worldwide LLC Software Millstone Capital Partners 10.0 Shapr, Inc. Digital Media/Commerce (Private Investors) 9.5 Obsidian Security, Inc. Software Greylock Partners 9.5 Cloudbeds Software PeakSpan Capital, LLC 9.0 Modacruz Digital Media/Commerce Middle East Venture Partners 9.0 Balbix, Inc. Software Mayfield Fund 8.6 Make.TV GmbH Marketing Technology Voyager Capital 8.5 Homer Logistics Business Services Two Sigma Ventures 8.5 Xealth, Inc. Software Draper Fisher Jurvetson 8.5 misterb&b SAS Digital Media/Commerce Project A Ventures 8.5 Talla, Inc Marketing Technology Glasswing Ventures 8.3 Automat.ai Marketing Technology You & Mr. Jones, Inc. 8.3 RFRSH Entertainment ApS Traditional Media Creandum 8.2 Wavecell Pte. Ltd. Marketing Technology Qualgro 8.2 Harver Software Insight Venture Partners 8.1 Deliver.ru Business Services Inventure Partners 8.0 Buildout, Inc. Marketing Technology Susquehanna Growth Equity, LLC 8.0 51 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Sure, Inc. Digital Media/Commerce IA Capital Group $ 8.0 Fortanix, Inc. Software Foundation Capital 8.0 Stem Disintermedia, Inc. Software Aspect Ventures 8.0 Tractable Ltd. Software Ignition Partners LLC 8.0 Workey Employees Recruitments Ltd. Digital Advertising PICO Partners 8.0 Fyber GmbH Digital Advertising BillFront 7.9 Clustree Software Creandum 7.9 Stratumn SAS Software Otium Capital 7.8 Citrine Informatics, Inc. Information Innovation Endeavors LLC 7.6 Underground Elephant Digital Advertising Pacific Mercantile Bank 7.5 TechSee Augmented Vision Ltd. Marketing Technology Planven Investments 7.5 Top Hat Monocle, Inc. Digital Media/Commerce Leaders Fund 7.5 Viridis Learning, Inc. Software Salesforce Ventures 7.5 Minerva Labs Ltd. Software Amplify Partners 7.5 Greenlight Financial Technology, Inc. Software New Enterprise Associates 7.5 Smartlabs, Inc. Digital Media/Commerce Richmond Capital Partners 7.3 Chewse, Inc. Digital Media/Commerce Foundry Group 7.3 hosco.com Digital Advertising Athos Capital 7.2 Advizr, Inc. Software Franklin Templeton 7.0 ComparaGuru Global Limited Digital Advertising QED Investors LLC 7.0 CirrusMD, Inc. Software Three Leaf Ventures 7.0 Tripleseat Marketing Technology Level Equity 7.0 Common Networks, Inc. Software Eclipse Ventures LLC 7.0 BlueFox.IO Digital Advertising Baseline Ventures 7.0 Territory Digital Media/Commerce New Richmond Ventures 6.7 Jodel App Digital Media/Commerce FLOODGATE Fund LP 6.7 AudioBurst Marketing Technology Flint Capital 6.7 Mic Network, Inc. Digital Media/Commerce WPP Group 6.5 EaseCentral Software Propel Venture Partners 6.5 Digital Pharmacist, Inc. Software Activate Venture Partners 6.5 CAMERA, Inc. Software Matrix Partners 6.4 GreatHorn, Inc. Software TechStars, LLC 6.3 Mercadoni Digital Media/Commerce Axon Partners Group 6.2 UrbanStems, Inc. Digital Media/Commerce GSW Investments 6.0 Regroup Therapy Business Services OSF Ventures 6.0 Ceterus, Inc. Software Grotech Ventures 6.0 TreasureHunt GmbH Digital Media/Commerce Gauselmann AG 6.0 Nomadic VR Traditional Media Horizons Ventures Ltd. 6.0 Packagd Corporation Digital Media/Commerce Google Ventures 6.0 Carsome Sdn Bhd Digital Media/Commerce Gobi Partners 6.0 Babyscripts Software PS Health Ventures 5.7 Shopmatic Pte. Ltd. Digital Media/Commerce ACP VC 5.7 52 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Apptegy LLC Software Five Elms Capital $ 5.7 APROPLAN SA Software Fortino Capital 5.6 iKentoo SA Software Undisclosed 5.3 Now Healthcare Group Limited Software Medicash 5.1 AimBrain Solutions Ltd. Software BGF 5.1 Work Truck Solutions, Inc. Software Moneta Ventures 5.0 BlockFraud, Inc. Software Palisades Capital Group, LLC 5.0 Covr Financial Technologies LLC Software Nyca Partners 5.0 Submittable, Inc. Marketing Technology True Ventures 5.0 HLTH LLC Traditional Media Primary Venture Partners 5.0 DOC+ Software Yandex 5.0 Hubdoc, Inc. Software Business Development Bank of Canada 4.9 YEAY GmbH Digital Media/Commerce Grazia Equity GmbH 4.9 Wiretap.com Software Draper Triangle Ventures 4.9 ArangoDB GmbH Software Target Partners 4.8 Julia Computing, Inc. Software General Catalyst Partners LLC 4.6 ZenIQ Marketing Technology Salesforce Ventures 4.6 Agentology, Inc. Marketing Technology Freestyle Capital 4.5 DealCloud, Inc. Software Cultivation Capital 4.5 Beanworks Solutions, Inc. Software Vancouver Founder Fund 4.5 MKACyber Business Services Undisclosed 4.1 Fairy Digital Media/Commerce CrunchFund 4.1 Yumi Digital Media/Commerce New Enterprise Associates 4.1 Zegami Limited Marketing Technology Oxford University Press, Inc. 4.0 Lingokids Business Services Bessemer Venture Partners 4.0 CloudPost Networks Software Wing Ventures 4.0 FinalPrice Digital Media/Commerce Almaz Capital Partners 4.0 GeoQuant Information XL Innovate 4.0 Compliance.ai Software Cota Capital 4.0 Simplifield.com Software Runa Capital 4.0 Vero Marketing Technology Square Peg Capital 4.0 MyTutorWeb Ltd. Business Services Mobeus Equity Partners LLP 3.8 Car360, Inc. Digital Media/Commerce BIP Capital 3.6 Alegion Software RHS Investments 3.6 Everfest, Inc. Digital Media/Commerce Live Nation Entertainment, Inc. 3.6 Astronomer, Inc. Software Wireframe Ventures 3.5 Fuzic, Inc. Marketing Technology High Alpha 3.5 CybelAngel SAS Software Serena Capital 3.4 Panaseer Limited Software Albion Ventures LLP 3.3 Trint Ltd. Marketing Technology Horizon Ventures 3.1 Cabin Technologies, Inc. Digital Media/Commerce Founders Fund 3.0 TrueLayer Ltd. Software Anthemis Group 3.0 53 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Cosmo Tech Software Sofimac Partners $ 3.0 WaystoCap, Inc. Digital Media/Commerce Battery Ventures 3.0 Tive, Inc. Software Accomplice VC 3.0 MessageGears, LLC Marketing Technology Covalent Interests 2.8 Homee, LLC Digital Media/Commerce (Private Investors) 2.8 TRVL Magazine B.V. Digital Media/Commerce (Private Investors) 2.8 Julie Desk Marketing Technology Entrepreneur Venture Gestion SA 2.8 UpKeep Maintenance Management Software Battery Ventures 2.7 Trizic, Inc. Software Peak6 Investments 2.5 Growbots, Inc. Marketing Technology Buran Venture Capital 2.5 Milk Visual Effects Traditional Media BGF 2.5 ZineOne, Inc. Marketing Technology Golden Seeds Angels 2.5 Hurdl, Inc. Marketing Technology National Hockey League, L.P. 2.5 SpyCloud, Inc. Software Silverton Partners 2.5 SalesRabbit, Inc. Marketing Technology Peak Ventures 2.4 Peerfit, Inc. Software (Private Investors) 2.3 Flip Technologies, Inc. Digital Media/Commerce Union Square Ventures 2.2 Doctible, Inc. Marketing Technology ClearVision Equity 2.2 awamo GmbH Software (Private Investors) 2.2 StorageOS Ltd. Software Bain Capital Ventures 2.0 Upstream Security Ltd. Software Glilot Capital Partners 2.0 Codota Dot Com Ltd. Software Khosla Ventures 2.0 Torchlite Marketing Marketing Technology Undisclosed 2.0 Pressboard Media, Inc. Digital Advertising Vancouver Founder Fund 2.0 Quantifi.ai Marketing Technology High Alpha 2.0 Osso VR, Inc. Business Services Signalfire Fund 2.0 Boom Fantasy, Inc. Digital Media/Commerce Founders Fund 2.0 eVisit LLC Software Kickstart Seed Fund 2.0 Lynq Software Plus Eight Equity Fund 1.9 Petasense, Inc. Software True Ventures 1.8 Court Innovations, Inc. Software (Private Investors) 1.8 Seez Digital Media/Commerce Wamda Capital 1.8 Codemotion srl Business Services Barcamper Ventures 1.7 Xpertdoc Technologies, Inc. Software BDC Capital 1.7 Zzish Limited Software Crowdcube 1.7 Upbeat Software Kleiner Perkins Caufield & Byers 1.7 BEONPRICE S.L. Software K Fund 1.6 Stayawhile, Inc. Digital Media/Commerce New Enterprise Associates 1.5 Precise Real Estate Solutions, Inc. Software Undisclosed 1.5 FraudScope, Inc. Software Spider Capital Partners 1.5 Supr Daily Digital Media/Commerce Y Combinator 1.5 Transactive Systems Ltd. Software AngelRush 1.5 54 | M&A and Investment Summary June 2017 All Segments ($ in Millions)
Venture/Growth Capital Transactions VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV
Life2, Inc. Software Morley Device Innovations $ 1.5 Shortlist Project, Inc. Software Impulse VC 1.5 ClauseMatch Ltd. Software Speedinvest 1.4 Outschool, Inc. Digital Media/Commerce Collaborative Fund 1.4 Oars + Alps LLC Digital Media/Commerce Breakout Capital 1.3 Silvernest, Inc. Digital Advertising Halogen Ventures 1.3 ebb3 Ltd. Software Maven Capital 1.3 PromoRepublic Marketing Technology Howzat Partners 1.2 Local Logic Software Cycle Capital Mangement 1.2 KryptCo, Inc. Software General Catalyst Partners LLC 1.2 OMG Digital, Inc. Digital Media/Commerce Kima Ventures 1.1 Lorem Technologies, Inc. Digital Media/Commerce Flybridge Capital Partners 1.1
VC/Growth Capital Undisclosed Target Target Segment Buyer/Investor Reported TV
T2O AdMedia Services, SL Agency & Marketing Services Ardian SA $ - Consolidated Services Group, Inc. Business Services Excellere Partners, LLC - Delta Risk LLC Business Services The Chertoff Group - Fusion Healthcare Staffing Business Services (Private Investors) - Yogome, Inc. Business Services Seaya Ventures - Aston Barclay PLC Digital Media/Commerce Rutland Partners LLP - Canalyst Financial Modeling Corporation Information WorldQuant - StockViews Ltd. Information GWC Innovator Fund - censhare AG Marketing Technology DuMont Media Group - Conga Marketing Technology Salesforce Ventures - MachineVantage Marketing Technology Unilever Ventures - Investment Metrics Software Resurgens Technology Partners - Klarna, Inc. Software Visa, Inc. - Logiwa Software Revo Capital - Playsight Interactive Ltd. Software Verizon Ventures - RentTrack LLC Software yabeo Capital - The Pracuj Group Software Technology Crossover Ventures - Turing Group Software ServerCentral - Unikey Technologies, Inc. Software ff Venture Capital - VeriLocation, Inc. Software Isotrak Ltd. - Verklizan B.V. Software Main Capital Partners B.V. -
55 | M&A and Investment Summary June 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
56 | M&A and Investment Summary June 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
57 | M&A and Investment Summary June 2017 Representative Recent Transactions*
Compliance Solutions Strategies $200,000,000 a portfolio company of has sold a portfolio company of has been sold to (NYSE: DLX) has been sold to has received a $60MM Series B has been sold to minority investment led by has acquired has acquired has been sold to a division of a subsidiary of to (TSO: 4911)
a portfolio company of a portfolio company of has sold has acquired comprised of The Simple Dollar, Reviews.com, and Freshome has been sold to (NASDAQ: CTSH) has been sold to has received a majority has acquired to has been sold to investment from from has been sold to a division of a portfolio company of
(NASDAQ: ACXM) (NASDAQ: COGT)
$207,000,000*
a portfolio company of a portfolio company of a portfolio company of a portfolio company of and has received a majority has been sold to has received a majority investment from has been sold to has been sold to investment from comprising Media Properties Holdings has been sold to has been sold to a division of has been sold to in partnership with
(NYSE: OMC) (NASDAQ: SYKE)
*Approximate Value
$225,000,000* $160,000,000*
has sold a portfolio company of a portfolio company of has been sold to has been sold to has been sold to has received a significant growth investment from to Aperion Management has been sold to a portfolio company of has been sold to has been sold to and
(NYSE: IDI) (NYSE: DLX) (NYSE: ACN)
*Approximate Value *Approximate Value
*For a more comprehensive list, please click here. 58 | M&A and Investment Summary June 2017