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July 2014 M&A and Investment Summary

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July 2014 M&A and Investment Summary Expertise. Commitment. Results. Table of Contents 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly M&A and Investment Activity by Industry Segment 9 3 Additional Monthly M&A and Investment Activity Data 42 4 About Petsky Prunier 55 Securities offered through Petsky Prunier Securities, LLC, member of FINRA. This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States. 2| M&A and Investment Summary July 2014 M&A and Investment Summary for All Segments Transaction Distribution . A total of 441 deals were announced in July 2014, of which 261 were worth $22.6 billion in aggregate reported value . Digital Media/Commerce was the most active segment with 98 deals announced, of which 69 were reported at $3.1 billion in aggregate value . Agency & Marketing Services was the highest reported value segment with 22 transactions that were worth $5.1 billion, which includes The Carlyle Group’s reported $4.8 million acquisition of Acosta Sales & Marketing . Strategic buyers announced 197 deals (45 percent of total volume), of which 53 were worth $12.3 billion in aggregate value . VC/Growth Capital investors announced 227 deals, of which 204 were reported for $3.9 billion, including the $1 billion investment in India‐based Flipkart . Buyout investors announced 17 deals during the month, of which three were reported at $1.6 billion in aggregate value July 2014 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 98 22% $3,073.6 14% 28 $1,162.8 0 ‐ 70 $1,910.8 Software 95 22% 2,506.2 11% 41 1,870.8 6 ‐ 48 635.4 Marketing Technology 70 16% 1,720.6 8% 24 1,231.3 0 ‐ 46 489.3 Technology & Communications 49 11% 1,816.4 8% 22 1,263.0 1 ‐ 26 553.4 Digital Advertising 48 11% 4,378.7 19% 26 4,160.6 1 ‐ 21 218.1 Information & Business Services 43 10% 1,855.0 8% 25 366.6 6 1,396.8 12 91.6 Agency & Marketing Services 22 5% 5,105.0 23% 16 121.2 3 4,969.0 3 14.8 Traditional Media 16 4% 2,121.4 9% 15 2,121.4 0 ‐ 1 ‐ Total 441 100% 22,577.0 100% 197 12,297.8 17 6,365.8 227 3,913.4 3| M&A and Investment Summary July 2014 M&A and Investment Summary for All Segments Transaction Distribution . Compared to the previous month aggregate reported value in July decreased 31 percent from June 2014, and increased 20 percent from July 2013 . Strategic activity accounted for 45 percent of reported deal value during the month, and included: • Zillow’s $3.3 billion pending acquisition of Trulia, which provides tools to research homes, at a valuation of 19.1x revenue • Onex Partners’ $1.3 billion purchase of York Risk Services Group, a provider of risk management services • Bison Capital Holding’s $773 million acquisition of NQ Mobile, which offers mobile security internet services • CBS Outdoor Americas’ $690 million acquisition of Van Wagner Communications outdoor advertising businesses • The Carlyle Group’s purchase of outsourced sales and marketing company Acosta Sales & Marketing for, reportedly, up to $5 billion $90.0 $500.0 $81.5 $80.0 WhatsApp $400.0 $70.0 /Facebook $65.1 $60.0 $300.0 $50.0 Time AT&T/ Warner $38.7 $40.0 $38.0 DirecTV Cable/Co $32.5 $200.0 $30.0 mcast $22.4 $20.0 $18.0 $18.4 $14.7 $12.4 $100.0 $8.4 $11.7 $10.0 $7.7 369 293 301 384 444 406 427 395 372 441 $‐ 384 375 309 $- Jul‐13 Aug‐13 Sep‐13 Oct‐13 Nov‐13 Dec‐13 Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14 Jun‐14 Jul‐14 4| M&A and Investment Summary July 2014 Selected Transactions with Valuation Information Disclosed ($ in Millions) Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services The Engine Group General Agency Lake Capital Management, LLC$ 169.00 $ 156.60 $ ‐ 1.1x NA Digital Advertising Trulia, Inc. Vertical Search Zillow, Inc. 3,326.2 174.2 (29.9) 19.1x NM Bizo, Inc. Ad Networks/Exchanges LinkedIn Corporation 175.0 40.0 ‐ 4.4x NA ZipRealty, Inc. Online Lead Generation Realogy Holdings Corporation 166.0 74.0 (3.6) 2.2x NM Digital Media/Commerce Wotif.com eCommerce Expedia, Inc. 606.2 130.3 61.4 4.7x 9.9x Vitacost.com eCommerce Kroger Company 272.4 389.8 (7.7) 0.7x NM Citrus Lane, Inc. eCommerce Care.com, Inc. 48.6 6.0 ‐ 8.1x NA Information & Business Services Transport America Logistics TransForce, Inc. 310.0 347.5 49.2 0.9x 6.3x Phlexglobal Ltd. Healthcare Information Bridgepoint Development Capital 71.8 25.4 7.5 2.8x 9.6x Marketing Technology NQ Mobile, Inc. Mobile Technology Bison Capital Holding Company Limited 773.0 196.7 ‐ 3.9x NA Software Aegis USA ERP Software Teleperformance 610.0 400.0 67.8 1.5x 9.0x M+W Process Automation GmbH and ProFocus LLC ERP Software ATS Automation Tooling Systems, Inc. 338.4 228.6 27.5 NA 12.3x Quintiq ERP Software Dassault Systemes 337.0 103.3 ‐ 3.3x NA Total Objects Limited Credit/Risk Software Xchanging plc. 36.0 ‐ 0.8 NA 43.4x Technology & Communications BGC Partners Inc., e‐speed Platform Financial Technology The Nasdaq OMX Group, Inc. 1,230.7 100.0 ‐ 12.3x NA Traditional Media ITV plc Broadcast Television Liberty Global, Inc. 12,676.9 3,957.6 998.9 3.2x 12.7x Van Wagner Communications Billboard Business Digital Place‐Based Media CBS Outdoor Americas, Inc. 690.0 206.0 14.0 3.3x 49.3x Forbes Media Consumer Magazine Publishing Integrated Whale Media Investments 475.0 144.6 ‐ 3.3x NA * Bona Film Group Limited Entertainment Media Bona Film Group Limited 358.7 162.6 20.9 2.2x 17.2x * Bona Film purchased back 21 Century Fox’s 20 percent interest in the company 5| M&A and Investment Summary July 2014 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jul‐14 iDreamSky Technology Limited China Digital Media/Commerce$ 107.8 $ 64.1 $ 13.3 Jul‐14 Yodle, Inc. United States Software 75.0 172.4 (2.8) Jul‐14 Zayo Group, LLC United States Software 500.0 827.0 NA Jun‐14 The Go Daddy Group, Inc. United States Digital Media/Commerce 100.0 NA NA Jun‐14 Travelport Limited United States Digital Media/Commerce 100.0 2,100.0 428.0 May‐14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA Apr‐14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6 Apr‐14 Zoosk, Inc. United States Digital Media/Commerce 100.0 178.2 2.3 Mar‐14 Box, Inc. United States Software 250.0 124.1 (142.5) Mar‐14 Globoforce Group plc Ireland Software NA NA NA Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA Apr‐12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6) Mar‐12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1) 6| M&A and Investment Summary July 2014 LTM IPO Performance (1/2) Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 31, 2014 1st Trading Day Jul‐14 NasdaqGS:HQY HealthEquity, Inc. United States $10.00‐$12.00 $14.00 $17.60 up flat $17.60 0.0% Jul‐14 NYSE:TSQ Townsquare Media, Inc. United States 14.00‐16.00 11.00 10.25, down 7% 10.95 6.8% Jul‐14 NasdaqGS:TUBE TubeMogul, Inc. United States 7.00‐8.00 7.00 11.50, up 64% 9.05 (21.3%) Jun‐14 NYSE:ANET Arista Networks, Inc. United States 36.00‐40.50 43.00 55.00, up 28% 66.12 20.2% Jun‐14 NYSE:IMPR Imprivata, Inc. United States 14.00‐16.00 15.00 16.25, up 8% 14.50 (10.8%) Jun‐14 NasdaqGS:MRKT Markit Ltd. United Kingdom 23.00‐25.00 24.00 26.70, up 11% 25.31 (5.2%) Jun‐14 NasdaqGS:MOBL MobileIron, Inc. United States 8.00‐10.00 9.00 11.02, up 22% 9.00 (18.3%) Jun‐14 NYSE:ZPIN Zhaopin Ltd. China 12.50‐14.50 13.50 14.65, up 9% 14.40 (1.7%) May‐14 NYSE:CMCM Cheetah Mobile Inc. China 12.50‐14.50 14.00 14.10, flat 19.15 35.8% May‐14 NasdaqGS:JD JD.com, Inc. China 16.00‐18.00 19.00 22.80, up 20% 28.58 25.4% May‐14 NYSE:JMEi Jumei International Holding Limited China 19.50‐21.50 22.00 25.52, up 16% 28.54 11.8% May‐14 NasdaqGS:TRUE TrueCar, Inc.
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