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. United States 12.00‐14.00 9.00 10.44, up 16% 13.57 30.0%
May‐14 NYSE:ZEN Zendesk, Inc. United States 8.00‐10.00 9.00 13.43, up 49% 17.39 29.5% Apr‐14 NasdaqGM:FIVN Five9, Inc. United States 9.00‐11.00 7.00 8.25, up 18% 7.28 (11.8%)
Apr‐14 NYSE:GRUB GrubHub Inc. United States 23.00‐25.00 26.00 34.00, up 31% 36.29 6.7%
Apr‐14 NYSE:IMS IMS Health Holdings, Inc. United States 18.00‐21.00 20.00 23.90, up 20% 26.10 9.2%
Apr‐14 NYSE:PAYC Paycom Software, Inc. United States 18.00‐20.00 15.00 15.00, flat 12.78 (14.8%)
Apr‐14 NasdaqGS:SPWH Sportsman's Warehouse Holdings, Inc. United States 11.00‐13.00 9.50 12.00, up 26% 5.79 (51.8%)
Apr‐14 NYSE:RUBI The Rubicon Project, Inc. United States 15.00‐17.00 15.00 20.04, up 34% 11.91 (40.6%)
Apr‐14 NasdaqGS:WB Weibo Corporation China 17.00‐19.00 17.00 20.24, up 19% 19.56 (3.4%) Mar‐14 NYSE:ATEN A10 Networks, Inc. United States 13.00‐15.00 15.00 16.21, up 8% 10.80 (33.4%)
Mar‐14 NYSE:AMBR Amber Road, Inc. United States 10.50‐12.50 13.00 11.50, down 11% 13.70 19.1%
Mar‐14 NYSE:HIVE Aerohive Networks, Inc. United States 9.00‐11.00 10.00 9.99, down 1% 8.40 (15.9%)
Mar‐14 NasdaqGS:BRDR Borderfree, Inc. United States 14.00‐16.00 16.00 20.10, up 26% 13.31 (33.8%)
Mar‐14 NYSE:CSLT Castlight Health, Inc. United States 13.00‐15.00 16.00 38.85, up 143% 13.41 (65.5%)
Mar‐14 NYSE:CBSO CBS Outdoor Americas Inc. United States 26.00‐28.00 28.00 29.50, up 5% 33.29 12.8%
Mar‐14 NYSE:COUP Coupons.com Incorporated United States 12.00‐14.00 16.00 30.00, up 88% 20.53 (31.6%) Mar‐14 NYSE:EVDY Everyday Health, Inc. United States 13.00‐15.00 14.00 14.50, flat 16.62 14.6% 7| M&A and Investment Summary July 2014 LTM IPO Performance (2/2)
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
Mar‐14 NYSE:KING King Digital Entertainment plc Ireland $21.00‐$24.00 $22.50 $19.00, down 15% $19.45 7.6%
Mar‐14 NasdaqGS:PCTY Paylocity Holding Corpora ti on Uni ted States 14.00‐16.00 17.00 28.50, up 68% 19.59 (31.3%)
Mar‐14 NYSE:QTWO Q2 Holdings, Inc. United States 11.00‐13.00 13.00 16.68, up 28% 13.17 (21.0%)
Mar‐14 NYSE:TNET TriNet Group, Inc. United States 15.00‐17.00 16.00 19.10, up 19% 23.40 22.5% Mar‐14 NasdaqGS:VRNS Varonis Systems, Inc. United States 19.00‐21.00 22.00 44.56, up 103% 21.08 (52.7%)
Jan‐14 NYSE:CRCM Care.com, Inc. United States 14.00‐16.00 17.00 24.30, up 43% 9.49 (60.9%)
Dec‐13 NYSE:ATHM Autohome Inc. China 14.00‐16.00 17.00 26.95, up 58% 37.05 37.5%
Dec‐13 NYSE:NMBL Nimble Storage, Inc. United States 18.00‐20.00 21.00 33.81, up 61% 25.88 (23.5%)
Nov‐13 NYSE:CUDA Barracuda Networks, Inc. United States 18.00‐21.00 18.00 21.55, up 20% 27.77 28.9%
Nov‐13 NYSE:CHGG Chegg, Inc. United States 9.50‐11.50 12.50 9.64, down 23% 6.43 (33.3%)
Nov‐13 NYSE:MVNR Mavenir Systems, Inc. United States 15.00‐17.00 10.00 9.55, down 4.5% 11.29 18.2% Nov‐13 NasdaqGM:GOMO Sungy Mobile Limited China 9.50‐11.50 11.22 13.35, up 19% 10.84 (18.8%)
Nov‐13 NYSE:TWTR Twitter, Inc. United States 23.00‐25.00 26.00 44.90, up 73% 45.19 0.6%
Nov‐13 NasdaqGS:WIX Wix.com Ltd. Israel 14.50‐16.50 16.50 16.31, down 1% 16.95 3.9%
Nov‐13 NasdaqGS:ZU zulily, Inc. United States 18.00‐20.00 22.00 37.70, up 71% 34.62 (8.2%)
Oct‐13 NasdaqGS:COMM CommScope Holding Compa ny, Inc. United States 18.00‐21.00 15.00 4.99, flat 24.64 393.8%
Oct‐13 NasdaqGS:CRTO Criteo SA France 27.00‐29.00 31.00 35.39, up 15% 29.76 (15.9%)
Oct‐13 NasdaqGS:EIGI Endurance International Group Holdings, Inc. United States 14.00‐16.00 12.00 13.84, up 32% 13.63 (1.5%)
Oct‐13 SEHK:484 Forgame Holdings Limited China 5.60‐7.09 6.58 8.70, up 32% 2.37 (72.7%) Oct‐13 NasdaqGS:SFXE SFX Entertainment Inc. United States 11.00‐13.00 13.00 11.89, down 9% 6.85 (42.4%)
Oct‐13 NYSE:VEEV Veeva Systems Inc. United States 12.00‐14.00 20.00 37.16, up 86% 23.80 (36.0%)
Sep‐13 NasdaqGM:BNFT Benefitfocus, Inc. United States 21.50‐24.50 26.50 53.55, up 102% 38.54 (28.0%)
Sep‐13 NasdaqGS:COVS Covisint Corpora ti on Uni ted States 9.00‐11.00 10.00 12.31, up 23% 4.18 (66.0%)
Sep‐13 NasdaqGS:FEYE FireEye, Inc. United States 12.00‐14.00 20.00 39.40, up 97% 35.50 (9.9%)
Sep‐13 NasdaqGS:MONT Montage Technology Group Limited China 12.00‐14.00 10.00 12.80, up 28% 21.55 68.4%
Sep‐13 NasdaqGS:PINC Premier, Inc. United States 23.00‐26.00 27.00 30.65, up 14% 28.30 (7.7%) Sep‐13 NasdaqGS:FUEL Rocket Fuel Inc. United States 27.00‐29.00 29.00 55.42, up 91% 26.46 (52.3%)
Sep‐13 NYSE:VMEM Violin Memory, Inc. United States 8.00‐10.00 9.00 7.20, down 20% 3.96 (45.0%) 8| M&A and Investment Summary July 2014 Digital Media/Commerce
. Of the total $3.1 billion in value reported in the Digital Media/Commerce segment, $1.2 billion in strategic transactions were reported, while another $1.9 billion of Venture/Growth Capital investments were made . eCommerce and Mobile Content/apps were the most active subsegments across all segments, with each 28 transactions announced, respectively, of which 20 and 13 were reported worth a combined total of $2.5 billion . Select acquisitions: • Expedia’s $606 million acquisition of Australia‐based online travel booking services provider Wotif.com, at a valuation of 4.7x revenue and 9.9x EBITDA • The Kroger Co.’s $272 million purchase of Vitacost.com, an online retailer of health and wellness products • Glu Mobile’s $100 million purchase of online social games developer Cie Games . Select investments: • The $1 billion investment in Flipkart that was raised from a consortium of investors led by Tiger Global and Naspers
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 28 29% $2,305.3 75% 7 $940.2 0 ‐ 21 $1,365.1 Mobile Content/Apps 28 29% 181.5 6% 6 30.0 0 ‐ 22 151.5 Social Media/Apps 20 20% 110.2 4% 7 ‐ 0 ‐ 13 110.2 Gaming 10 10% 153.8 5% 4 101.6 0 ‐ 6 52.2 Classifieds/Auctions/P‐to‐P 6 6% 204.4 7% 1 ‐ 0 ‐ 5 204.4 Niche Content 5 5% 27.4 1% 2 ‐ 0 ‐ 3 27.4 Web Search/Portals 1 1% 91.0 3% 1 91.0 0 ‐ 0 ‐ Domain Portfolio/Marketplace 0 0% ‐ 0% 0 ‐ 0 ‐ 0 ‐ Total 98 100% 3,073.6 100% 28 1,162.8 0 0.0 70 1,910.8
9| M&A and Investment Summary July 2014 Digital Media/Commerce Public Company Valuation (1/3)
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1‐800‐Flowers.com Inc. United States $5.16 ‐26% $ 330.7 $ 333.0 $ 741.9 $ 38.8 5.2% 1.2% 0.4x 8.6x 58.com Inc. * China 48.98 ‐17% 4,963.7 4,641.8 170.3 26.3 15.5% 86.4% 27.3x 176.4x Amazon.com Inc. United States 307.06 ‐25% 141,872.8 137,005.8 81,759.0 4,018.0 4.9% 22.3% 1.7x 34.1x AOL Inc. United States 39.35 ‐26% 3,145.6 3,179.3 2,364.9 434.7 18.4% 7.5% 1.3x 7.3x Baidu, Inc. China 212.38 ‐8% 74,462.5 70,822.6 6,455.6 2,477.7 38.4% 52.8% 11.0x 28.6x Blucora, Inc. United States 17.19 ‐43% 706.4 629.6 624.8 113.1 18.1% 36.9% 1.0x 5.6x Blue Nile Inc. United States 25.54 ‐48% 309.4 253.3 456.6 16.4 3.6% 10.3% 0.6x 15.4x CafePress Inc. United States 5.15 ‐26% 88.8 69.1 241.5 4.9 2.0% 4.8% 0.3x 14.2x Care.com, Inc. * United States 8.86 ‐70% 274.5 161.1 95.3 (30.9) NM 0.0% 1.7x NM CDW Corporation United States 30.98 ‐5% 5,329.5 8,539.7 11,335.9 756.4 6.7% 8.8% 0.8x 11.3x Copart, Inc. United States 33.49 ‐11% 4,221.3 4,408.9 1,139.7 375.4 32.9% 12.9% 3.9x 11.7x Cupid plc * United Kingdom 0.62 ‐48% 44.0 22.8 44.8 (4.6) NM ‐0.4% 0.5x NM CyberAgent Inc. Japan 33.74 ‐37% 2,107.9 1,891.4 1,850.0 225.1 12.2% 0.0% 1.0x 8.4x Demand Media, Inc. United States 5.25 ‐23% 455.4 394.0 383.7 31.9 8.3% ‐2.8% 1.0x 12.4x DeNA Co., Ltd. Japan 12.89 ‐47% 1,670.0 1,197.5 1,768.3 598.4 33.8% ‐10.4% 0.7x 2.0x eBay Inc. United States 52.53 ‐12% 65,200.9 63,152.9 17,050.0 4,972.0 29.2% 13.5% 3.7x 12.7x E‐Commerce China Dangdang Inc. * China 13.57 ‐29% 1,094.2 870.7 1,088.5 (9.0) NM 23.6% 0.8x NM eLong Inc. * China 19.26 ‐20% 679.6 390.1 168.0 (30.9) NM 28.4% 2.3x NM Everyday Health, Inc. * United States 16.19 ‐19% 487.2 703.5 162.9 13.8 8.5% 17.1% 4.3x 51.0x Expedia Inc. United States 84.46 0% 10,751.3 10,232.9 5,248.9 726.2 13.8% 19.5% 1.9x 14.1x Facebook, Inc. United States 72.36 ‐6% 185,700.9 172,070.9 10,013.0 5,425.0 54.2% 63.7% 17.2x 31.7x Forgame Holdings Limited China 2.34 ‐75% 297.2 89.4 191.4 56.1 29.3% 52.3% 0.5x 1.6x G5 Entertainment AB (publ) * Sweden 4.54 ‐35% 40.0 35.0 16.2 (0.2) NM 22.5% 2.2x NM GameLoft SE France 6.37 ‐44% 545.8 464.8 313.3 48.8 15.6% 12.0% 1.5x 9.5x Geeknet, Inc. * United States 11.71 ‐41% 78.6 33.4 142.8 (2.1) NM 14.1% 0.2x NM Glu Mobile, Inc. * United States 5.72 ‐25% 514.1 442.7 142.1 (7.1) NM 40.0% 3.1x NM Google Inc. United States 573.60 ‐7% 385,431.7 335,443.7 65,142.0 19,424.0 29.8% 21.1% 5.1x 17.3x Gree, Inc. Japan 8.23 ‐38% 1,939.9 1,487.6 1,326.6 453.6 34.2% ‐12.4% 1.1x 3.3x GrubHub Inc. United States 35.76 ‐13% 2,817.9 2,610.8 203.1 47.6 23.4% 0.0% 12.9x 54.9x Hollywood Media Corp. * United States 1.26 ‐35% 28.5 5.6 0.4 (4.8) NM ‐31.1% 13.2x NM HSN, Inc. United States 55.84 ‐13% 2,971.6 3,048.2 3,408.8 297.7 8.7% 3.2% 0.9x 10.2x IAC/InterActiveCorp United States 66.30 ‐18% 5,528.5 5,565.6 2,977.9 510.8 17.2% ‐1.4% 1.9x 10.9x International Game Technology United States 16.78 ‐21% 4,147.2 5,899.3 2,154.0 663.8 30.8% ‐8.0% 2.7x 8.9x iProperty Group Limited * Malaysia 3.35 ‐11% 609.4 594.9 17.7 (2.5) NM 23.2% 33.5x NM j2 Global, Inc. United States 49.09 ‐13% 2,334.4 2,300.8 541.3 228.2 42.2% 35.9% 4.3x 10.1x Jiayuan.com International Ltd. China 5.70 ‐40% 170.1 76.3 83.4 6.6 7.9% 18.5% 0.9x 11.6x JobStreet Corp. Bhd. * Malaysia 0.74 ‐20% 522.3 519.4 2.5 1.9 76.1% NA 204.0x 268.1x Jumei International Holding Limited China 28.50 ‐12% 4,079.2 3,963.7 526.9 77.4 14.7% 0.0% 7.5x 51.2x Kongzhong Corp. China 7.95 ‐47% 364.7 199.4 176.5 24.7 14.0% ‐4.2% 1.1x 8.1x LifeLock, Inc. United States 13.43 ‐41% 1,246.0 1,029.9 421.3 22.0 5.2% 30.6% 2.4x 46.8x Liberty Interactive Corporation United States 27.88 ‐9% 13,552.2 23,510.2 11,316.0 2,023.0 17.9% 8.8% 2.1x 11.6x
10 | M&A and Investment Summary July 2014 Digital Media/Commerce Public Company Valuation (2/3)
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA LightInTheBox Holding Co., Ltd. * China 5.82 ‐75% $ 296.2 $ 197.9 $ 300.7 $ (15.4) NM 27.2% 0.7x NM LinkedIn Corporation * United States 201.78 ‐22% 24,800.8 22,439.0 1,847.2 196.4 10.6% 48.5% 12.1x 114.3x Liquidity Services, Inc. United States 13.70 ‐64% 439.4 337.7 503.6 75.3 15.0% 1.5% 0.7x 4.5x Mediabistro Inc. * United States 0.94 ‐83% 5.7 13.3 13.1 (1.4) NM 2.6% 1.0x NM MeetMe, Inc. * United States 2.21 ‐50% 97.2 96.8 42.1 (0.4) NM ‐4.5% 2.3x NM Mercadolibre, Inc. Argentina $91.60 ‐37% 4,044.5 3,839.5 485.3 171.7 35.4% 23.6% 7.9x 22.4x Mixi, Inc. * Japan 61.44 ‐5% 5,112.2 4,938.5 118.5 10.4 8.8% ‐3.8% 41.7x NM NCsoft Corporation South Korea 148.51 ‐39% 2,964.1 2,312.2 725.6 222.4 30.7% ‐5.9% 3.2x 10.4x Netflix, Inc. United States 425.40 ‐11% 25,562.7 24,748.4 4,891.7 416.3 8.5% 24.0% 5.1x 59.5x NEXON Co., Ltd. Japan 9.55 ‐23% 4,199.7 3,228.6 1,545.5 640.8 41.5% 29.4% 2.1x 5.0x Orbitz Worldwide, Inc. United States 8.97 ‐32% 988.9 1,180.8 854.4 127.7 14.9% 7.9% 1.4x 9.2x Overstock.com Inc. United States 16.12 ‐52% 387.3 285.4 1,372.8 18.5 1.3% 14.2% 0.2x 15.4x Pacific Online Ltd. China 0.55 ‐37% 611.3 536.8 137.2 53.2 38.7% 18.5% 3.9x 10.1x Pandora Media, Inc. * United States 24.54 ‐39% 5,067.2 4,742.9 799.8 (11.3) NM 0.0% 5.9x NM PC Home Online Inc. Taiwan 10.56 ‐5% 868.3 750.7 572.5 27.5 4.8% 15.5% 1.3x 27.3x Perform Group plc. United Kingdom 3.62 ‐64% 953.5 870.6 350.3 49.5 14.1% 37.3% 2.5x 17.6x PetMed Express, Inc. United States 13.70 ‐20% 276.6 231.9 231.7 29.4 12.7% ‐0.6% 1.0x 7.9x Phoenix New Media Limited China 9.94 ‐27% 735.1 511.5 242.8 47.5 19.6% 30.1% 2.1x 10.8x The Priceline Group Inc. United States 1,245.90 ‐10% 65,325.0 60,469.7 7,133.1 2,680.6 37.6% 29.1% 8.5x 22.6x Rakuten, Inc. Japan 12.83 ‐29% 16,957.4 18,255.9 5,302.4 1,141.5 21.5% 18.7% 3.4x 16.0x RealNetworks Inc. * United States 7.65 ‐15% 274.5 79.5 186.1 (48.7) NM ‐20.1% 0.4x NM Rediff.com India Limited * India 2.30 ‐40% 63.5 43.4 16.3 (6.2) NM 3.8% 2.7x NM Renren Inc. * China 3.25 ‐32% 1,167.2 182.0 140.1 (99.5) NM ‐17.1% 1.3x NM Shutterfly, Inc. United States 49.05 ‐17% 1,883.9 1,852.8 829.7 81.9 9.9% 18.4% 2.2x 22.6x Shutterstock, Inc. United States 77.05 ‐25% 2,711.9 2,499.0 257.2 46.9 18.2% 40.4% 9.7x 53.3x Sky‐mobi Limited China 5.96 ‐53% 178.4 83.6 78.6 2.4 3.1% ‐19.2% 1.1x 34.2x SNAP Interactive, Inc. * United States 0.30 ‐74% 11.7 11.3 12.4 (5.1) NM ‐26.7% 0.9x NM Spark Networks, Inc. * United States 5.75 ‐36% 137.0 126.1 68.8 (9.7) NM 6.7% 1.8x NM Sportsman's Warehouse Holdings, United States 5.79 ‐47% 242.1 464.2 639.1 62.1 9.7% 0.0% 0.7x 7.5x Stamps.com Inc. United States 31.11 ‐37% 503.4 450.6 131.2 35.8 27.3% 6.4% 3.4x 12.6x Taomee Holdings Ltd. China 4.93 ‐45% 177.2 66.5 50.5 6.7 13.2% 28.1% 1.3x 10.0x TheStreet, Inc. * United States 2.47 ‐19% 84.9 26.7 56.3 (0.3) NM 11.4% 0.5x NM Twitter, Inc. * United States 44.13 ‐41% 26,013.4 24,118.0 973.9 (711.5) NM 117.3% 24.8x NM U.S. Auto Parts Network, Inc. United States 3.17 ‐23% 105.9 115.0 257.4 6.4 2.5% ‐8.7% 0.4x 17.9x United Online, Inc. United States 10.61 ‐83% 150.1 82.8 231.8 14.6 6.3% 219.1% 0.4x 5.7x ValueVision Media Inc. United States 4.57 ‐35% 227.8 240.8 648.8 11.2 1.7% 7.8% 0.4x 21.6x
11 | M&A and Investment Summary July 2014 Digital Media/Commerce Public Company Valuation (3/3)
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Vipshop Holdings Limited * China 207.93 ‐4% $ 11,751.0 $ 11,370.0 $ 2,087.9 $ 87.1 4.2% 131.6% 5.4x 130.5x Vitacost.com, Inc. * United States 7.98 ‐15% 271.8 242.7 389.8 (7.7) NM 13.0% 0.6x NM WebMD Health Corp. United States 48.72 ‐9% 1,838.9 2,012.7 536.4 86.8 16.2% 12.8% 3.8x 23.2x Weibo Corporation * China 19.04 ‐22% 3,755.4 4,032.1 229.9 (26.7) NM 0.0% 17.5x NM XO Group Inc. United States 11.01 ‐30% 296.4 220.9 136.0 15.9 11.7% 4.9% 1.6x 13.9x Yahoo! Inc. * United States 35.62 ‐15% 35,862.5 34,450.2 4,621.7 772.6 16.7% ‐4.2% 7.5x 44.6x Yandex N.V. Netherlands 30.28 ‐33% 9,626.8 9,545.5 1,267.5 479.4 37.8% 36.2% 7.5x 19.9x YY Inc. China 76.70 ‐16% 4,273.2 3,907.4 351.9 108.5 30.8% 117.8% 11.1x 36.0x zulily, Inc. * United States 34.42 ‐53% 4,273.5 3,964.0 806.6 18.2 2.3% 101.8% 4.9x 218.2x Zynga, Inc. United States 2.87 ‐51% 2,538.4 1,756.2 777.7 32.6 4.2% ‐36.5% 2.3x 53.9x
Adjusted Weighted Average 7.8x 24.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (52.1x) and EBITDA multiples that are 1.0 standard deviations above the mean (80.9x)
*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!., enterprise value reflects Adjusted Enterprise Value.
12 | M&A and Investment Summary July 2014 Digital Advertising
. There were a total of 48 transactions announced (27 acquisitions and 21 investments) in the Digital Advertising segment, worth atotal of $4.4 billion in aggregate reported value . Select acquisitions: • Zillow’s $3.3 billion acquisition of Trulia, which provides tools to research homes, at a valuation of 19.1x revenue • TripAdvisor’s $200 million purchase of Viator, which operates a platform for researching and planning tours and activities • The $175 million purchase of business‐to‐business online advertising network Bizo by LinkedIn • Otter Media’s $10 million purchase of how‐to crafting video site Creativebug from Demand Media • Facebook’s acquisition of LiveRail, which operates an online video distribution and ad‐platform, for a reported $400‐$500 million . Select Investments: • The $40 million investment in home rentals platform Urban Compass, which was led by Advance Publications
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Vertical Search 10 21% $3,588.5 82% 6 $3,573.2 1 ‐ 3$15.3 Digital Video 9 19% 246.4 6% 8 246.4 0 ‐ 1 ‐ Mobile Marketing 8 17% 64.0 1% 4 ‐ 0 ‐ 464.0 Local Search 7 15% 76.9 2% 2 ‐ 0 ‐ 576.9 Ad Networks/Exchanges 5 10% 206.7 5% 2 175.0 0 ‐ 331.7 Digital Promotion/Coupon 3 6% 8.7 0% 1 ‐ 0 ‐ 28.7 Comparison Shopping 2 4% 6.5 0% 0 ‐ 0 ‐ 26.5 Other* 4 8% 181.0 4% 3 166.0 0 ‐ 115.0 Total 48 100% 4,378.7 100% 26 4,160.6 1 0.0 21 218.1 *Other includes Email Services, Game Advertising, Online Lead Generation, and Search Marketing
13 | M&A and Investment Summary July 2014 Digital Advertising Public Company Valuation (1/2)
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Angie's List, Inc. United States $8.03 ‐68% $ 469.6 $ 428.0 $ 285.8 $ (23.5) NM 43.2% 1.5x NM AOL Inc. United States 39.35 ‐26% 3,145.6 3,179.3 2,364.9 434.7 18.4% 7.5% 1.3x 7.3x Autobytel Inc. United States 8.02 ‐57% 72.4 71.1 95.2 7.2 7.5% 35.2% 0.7x 9.9x Bankrate, Inc. United States 16.63 ‐28% 1,741.8 1,795.1 485.5 114.7 23.6% 10.2% 3.7x 15.7x Blinkx plc United States 0.56 ‐86% 225.8 97.7 247.2 30.9 12.5% 24.9% 0.4x 3.2x Blucora, Inc. United States 17.19 ‐43% 706.4 629.6 624.8 113.1 18.1% 36.9% 1.0x 5.6x Constant Contact, Inc. United States 30.99 ‐8% 982.7 842.7 307.1 33.8 11.0% 14.4% 2.7x 24.9x Conversant, Inc. United States 24.27 ‐16% 1,626.0 1,595.6 584.6 203.9 34.9% 10.7% 2.7x 7.8x Coupons.com Incorporated United States 19.85 ‐40% 1,538.9 1,341.3 182.9 (8.9) NM 0.0% 7.3x NM Criteo SA France 30.10 ‐51% 1,736.6 1,419.2 673.6 41.6 6.2% 61.7% 2.1x 34.1x Ctrip.com International Ltd. * China 62.68 ‐8% 8,540.2 8,251.3 1,017.0 125.1 12.3% 34.3% 8.1x 66.0x Demand Media, Inc. United States 5.25 ‐23% 455.4 394.0 383.7 31.9 8.3% ‐2.8% 1.0x 12.4x Dice Holdings, Inc. United States 8.73 ‐6% 468.6 565.3 238.3 67.1 28.2% 17.2% 2.4x 8.4x Digital Globe Services Inc. United States 2.32 ‐51% 69.5 66.6 32.1 3.5 10.9% 40.7% 2.1x 18.9x eHealth, Inc. United States 20.26 ‐68% 385.3 314.9 189.7 8.8 4.6% 14.4% 1.7x 36.0x Google Inc. United States 573.60 ‐7% 385,431.7 335,443.7 65,142.0 19,424.0 29.8% 21.1% 5.1x 17.3x Groupon, Inc. United States 6.46 ‐49% 4,407.0 3,366.0 2,729.9 117.6 4.3% 14.9% 1.2x 28.6x Hi‐Media S.A. France 3.36 ‐12% 150.5 70.0 239.2 2.9 1.2% ‐4.7% 0.3x 24.5x HomeAway, Inc. * United States 33.83 ‐31% 3,179.6 2,704.3 400.4 65.5 16.3% 28.8% 6.8x 41.3x IAC/InterActiveCorp United States 66.30 ‐18% 5,528.5 5,565.6 2,977.9 510.8 17.2% ‐1.4% 1.9x 10.9x InternetQ PLC United Kingdom 4.41 ‐36% 175.7 169.8 140.2 14.1 10.1% 42.2% 1.2x 12.0x LeGuide.com S.A. France 40.31 ‐25% 146.3 110.5 57.0 5.2 9.2% ‐12.0% 1.9x 21.1x MakeMyTrip Limited India 29.96 ‐17% 1,248.7 1,177.6 273.1 (9.5) NM 12.9% 4.3x NM Millennial Media Inc. United States 3.48 ‐64% 372.3 274.3 282.4 (5.0) NM 45.4% 1.0x NM Monster Worldwide, Inc. United States 6.49 ‐24% 590.7 756.1 793.7 100.0 12.6% ‐8.6% 1.0x 7.6x Move, Inc. * United States 14.39 ‐22% 578.1 544.9 234.6 6.9 2.9% 9.7% 2.3x 79.3x Opera Software ASA Norway 11.72 ‐23% 1,670.9 1,591.7 325.1 82.0 25.2% 40.7% 4.9x 19.4x Pacific Online Ltd. China 0.55 ‐37% 611.3 536.8 137.2 53.2 38.7% 18.5% 3.9x 10.1x QuinStreet, Inc. United States 4.98 ‐48% 218.2 179.5 290.7 21.1 7.3% ‐7.7% 0.6x 8.5x ReachLocal, Inc. United States 6.28 ‐57% 181.4 107.5 517.2 4.7 0.9% 9.4% 0.2x 23.1x RetailMeNot, Inc. United States 25.03 ‐49% 1,344.6 1,187.7 230.5 71.3 30.9% 48.2% 5.2x 16.7x Rightmove plc * United Kingdom 37.55 ‐21% 3,691.1 3,680.8 257.8 188.5 73.1% 19.0% 14.3x 19.5x Rocket Fuel Inc. United States 25.69 ‐64% 902.8 713.8 276.8 (13.2) NM 115.9% 2.6x NM Rovi Corporation United States 22.11 ‐13% 2,094.5 2,810.5 555.7 194.8 35.1% 19.8% 5.1x 14.4x Septeni Holdings Co., Ltd. Japan 12.92 ‐14% 327.4 272.0 490.6 23.6 4.8% 16.2% 0.6x 11.5x TiVo Inc. United States 13.31 ‐7% 1,528.1 958.5 430.7 53.2 12.4% 35.1% 2.2x 18.0x TradeDoubler AB Sweden 1.32 ‐61% 55.8 36.1 267.8 1.3 0.5% ‐12.9% 0.1x 28.3x Travelzoo Inc. United States 16.73 ‐46% 246.4 185.9 151.8 24.9 16.4% ‐2.7% 1.2x 7.5x Tree.Com, Inc. United States 25.32 ‐28% 286.6 197.1 151.2 10.2 6.7% 63.8% 1.3x 19.4x Tremor Video, Inc. United States 3.48 ‐69% 175.2 87.9 141.9 (9.2) NM 25.9% 0.6x NM
14 | M&A and Investment Summary July 2014 Digital Advertising Public Company Valuation (2/2)
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA TripAdvisor Inc. * United States 93.87 ‐16% $ 13,403.3 $ 13,118.3 $ 1,071.7 $ 331.8 31.0% 24.7% 12.2x 39.5x TrueCar, Inc. United States 13.39 ‐16% 951.2 913.5 152.8 (18.8) NM 0.0% 6.0x NM Trulia, Inc. United States $60.53 ‐10% 2,258.3 2,273.4 208.6 (24.0) NM 124.7% 10.9x NM TubeMogul, Inc. United States 9.00 ‐15% 258.2 252.7 69.7 (4.5) NM 0.0% 3.6x NM Velti Plc Ireland 0.03 ‐97% 2.9 15.2 232.1 (136.5) NM ‐1.6% 0.1x NM Voltari Corporation United States 1.75 ‐76% 8.2 21.1 10.9 (16.8) NM 133.3% 1.9x NM Web.com Group, Inc. United States 20.12 ‐47% 1,038.1 1,550.7 528.3 106.2 20.1% 16.6% 2.9x 14.6x Yahoo! Inc. United States 35.62 ‐15% 35,862.5 6,104.4 4,621.7 772.6 16.7% ‐4.2% 1.3x 7.9x Yelp, Inc. * United States 66.31 ‐35% 4,779.7 4,428.9 297.0 6.5 2.2% 66.2% 14.9x NM Yandex N.V. Netherlands 30.28 ‐33% 9,626.8 9,545.5 1,267.5 479.4 37.8% 36.2% 7.5x 19.9x Youku Tudou Inc. * China 18.89 ‐50% 3,932.2 3,407.2 519.9 60.9 11.7% 57.4% 6.6x 56.0x YuMe, Inc. * United States 5.97 ‐51% 193.3 143.4 161.8 2.6 1.6% 31.2% 0.9x 54.5x Zhaopin Ltd. China 14.52 ‐13% 725.1 663.5 155.1 39.1 25.2% 0.0% 4.3x 17.0x Zillow, Inc. * United States 142.90 ‐13% 5,724.7 5,415.3 224.8 (6.6) NM 69.1% 24.1x NM
Adjusted Weighted Average 5.0x 16.6x
*Calculati on is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (38.9x) *Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!., enterprise value reflects Adjusted Enterprise Value.
15 | M&A and Investment Summary July 2014 Marketing Technology
. Analytics & Targeting was the most active Marketing Technology subsegment with 17 transactions announced, worth $122 million in aggregate reported value. While, Mobile Technology was the highest reported value subsegment with seven deals, worth $910 million . Select acquisitions: • Bison Capital Holdings’ $773 million purchase of mobile internet services provider NQ Mobile • Salesforce’s reported $350 million acquisition of RelateIQ, a provider of customer relationship management software solutions • The $1.4 million sale of social media analytics provider Entrinsic to Canada‐based Engagement Labs . Select investments: • The $50 million Hony Capital‐led investment in Deem, a cloud and mobile commerce company that delivers commerce‐as‐a‐service
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 17 24% $121.6 7% 5 $8.5 0 ‐ 12 $113.1 Content Management 9 13% 38.6 2% 3 ‐ 0 ‐ 638.6 Mobile Technology 7 10% 910.3 53% 2 799.0 0 ‐ 5111.3 Commerce Management 6 9% 65.5 4% 2 ‐ 0 ‐ 465.5 CRM 6 9% 434.8 25% 1 390.0 0 ‐ 544.8 BI Tools 5 7% 24.5 1% 1 ‐ 0 ‐ 424.5 Social Technology 5 7% 6.4 0% 4 1.4 0 ‐ 15.0 Other* 15 21% 118.9 7% 6 32.4 0 ‐ 931.3 Total 70 100% 1,720.6 100% 24 1,231.3 0 0.0 46 489.3
*Other includes Ad Serving, Content Delivery Network, MRM/Workflow Management, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, Teleservices/eServices, and Web to Print
16 | M&A and Investment Summary July 2014 Marketing Technology Public Company Valuation (1/2)
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Actuate Corporation United States 4.34 ‐47% 199.9 135.8 123.7 7.3 5.9% ‐11.0% 1.1x 18.7x Adobe Systems Inc. United States 68.94 ‐8% 34,289.0 32,465.1 4,105.1 747.8 18.2% ‐3.5% 7.9x 43.4x Bazaarvoice, Inc. United States 7.37 ‐36% 572.2 526.6 168.1 (29.8) NM 14.5% 3.1x NM Bitauto Holdings Limited China 56.83 ‐3% 2,358.3 2,187.7 251.3 52.7 21.0% 38.9% 8.7x 41.5x Blackbaud Inc. United States 36.70 ‐13% 1,656.8 1,804.1 529.7 102.9 19.4% 9.5% 3.4x 17.5x Borderfree, Inc. * United States 13.13 ‐38% 412.9 291.6 111.2 1.2 1.1% 20.6% 2.6x 237.5x Brightcove, Inc. United States 6.00 ‐63% 193.4 173.9 120.4 (1.1) NM 22.8% 1.4x NM ChannelAdvisor Corporation United States 22.06 ‐56% 542.2 448.5 72.4 (17.4) NM 28.5% 6.2x NM ChinaCache International Holdings China 13.01 ‐56% 330.0 251.7 193.6 5.5 2.8% 38.7% 1.3x 45.8x Constant Contact, Inc. United States 30.99 ‐8% 982.7 842.7 307.1 33.8 11.0% 14.4% 2.7x 24.9x Covisint Corporation United States 4.12 ‐72% 154.9 111.8 94.6 (40.8) NM 0.4% 1.2x NM Cvent, Inc. * United States 25.93 ‐44% 1,067.9 866.2 118.2 3.3 2.8% 31.9% 7.3x 265.2x Dealertrack Technologies, Inc. United States 37.06 ‐37% 1,985.6 2,586.1 531.3 47.1 8.9% 30.8% 4.9x 54.9x Demandware, Inc. * United States 59.22 ‐28% 2,125.3 1,871.4 115.4 (17.1) NM 37.5% 16.2x NM Digital River Inc. United States 14.41 ‐27% 460.8 203.9 373.7 34.2 9.2% ‐3.3% 0.5x 6.0x E2open, Inc. United States 15.85 ‐47% 461.2 415.3 74.7 (21.8) NM ‐0.5% 5.6x NM eBay Inc. United States 52.53 ‐12% 65,200.9 63,152.9 17,050.0 4,972.0 29.2% 13.5% 3.7x 12.7x Endurance International Group United States 12.55 ‐23% 1,620.0 2,645.1 543.3 69.3 12.8% 47.2% 4.9x 38.1x Informatica Corporation United States 31.36 ‐28% 3,443.1 2,756.9 1,005.2 184.5 18.4% 16.6% 2.7x 14.9x Infosystems S.A. Poland 1.09 ‐9% 4.5 3.8 2.9 1.2 42.1% 11.0% 1.3x 3.1x Interactive Intelligence Group Inc. United States 44.89 ‐45% 934.6 844.6 324.4 20.8 6.4% 25.8% 2.6x 40.6x IBM Corporation United States 189.15 ‐5% 188,694.5 225,575.5 98,267.0 25,160.0 25.6% ‐4.0% 2.3x 9.0x Jive Software, Inc. United States 6.96 ‐49% 496.2 403.3 161.1 (56.8) NM 23.4% 2.5x NM LivePerson Inc. United States 12.19 ‐20% 655.6 584.3 191.0 8.2 4.3% 13.8% 3.1x 70.9x Marin Software Incorporated United States 9.01 ‐37% 303.7 213.0 83.0 (27.5) NM 30.2% 2.6x NM Marketo, Inc. United States 26.08 ‐42% 1,056.0 944.4 122.0 (42.0) NM 63.7% 7.7x NM Mercadolibre, Inc. Argentina 91.60 ‐37% 4,044.5 3,839.5 485.3 171.7 35.4% 23.6% 7.9x 22.4x MicroStrategy Inc. United States 140.21 ‐10% 1,584.5 1,217.0 587.6 29.9 5.1% 4.9% 2.1x 40.7x NetSuite Inc. * United States 83.93 ‐31% 6,361.7 6,142.3 476.6 (39.9) NM 33.4% 12.9x NM Nuance Communications, Inc. United States 17.83 ‐11% 5,654.9 7,214.0 1,887.6 193.0 10.2% 4.1% 3.8x 37.4x Open Text Corporation Canada 54.97 ‐4% 6,694.7 7,586.4 1,624.7 518.0 31.9% 19.2% 4.7x 14.6x Opera Software ASA Norway 11.72 ‐23% 1,670.9 1,591.7 325.1 82.0 25.2% 40.7% 4.9x 19.4x Oracle Corporation United States 39.61 ‐8% 176,458.2 162,375.2 38,275.0 16,717.0 43.7% 2.9% 4.2x 9.7x PROS Holdings, Inc. * United States 25.19 ‐39% 729.0 685.1 152.1 3.3 2.2% 22.3% 4.5x 206.8x PTC Inc. United States 36.21 ‐10% 4,295.2 4,306.0 1,335.1 314.4 23.5% 4.8% 3.2x 13.7x Qlik Technologies, Inc. * United States 26.54 ‐29% 2,386.6 2,131.6 508.6 8.5 1.7% 18.8% 4.2x 252.0x Rovi Corporation United States 22.11 ‐13% 2,094.5 2,810.5 555.7 194.8 35.1% 19.8% 5.1x 14.4x The Rubicon Project, Inc. United States 11.92 ‐49% 427.5 322.0 99.5 (8.1) NM 0.0% 3.2x NM Sage Group plc United Kingdom 6.16 ‐17% 6,650.0 7,257.1 2,229.2 657.6 29.5% ‐3.7% 3.3x 11.0x Salesforce.com, Inc United States 53.48 ‐20% 32,836.7 34,250.6 4,405.1 (32.8) NM 35.7% 7.8x NM SAP SE Germany 77.36 ‐9% 92,408.3 93,888.1 22,830.9 7,878.9 34.5% 2.2% 4.1x 11.9x 17 | M&A and Investment Summary July 2014 Marketing Technology Public Company Valuation (2/2)
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Sizmek Inc. United States 9.13 ‐31% $ 277.5 $ 194.5 $ 165.4 $ 20.3 12.3% 0.0% 1.2x 9.6x Sky‐mobi Limited China 5.96 ‐53% 178.4 83.6 78.6 2.4 3.1% ‐19.2% 1.1x 34.2x Sungy Mobile Limited China 10.32 ‐70% 344.7 223.9 59.3 15.9 26.8% 76.7% 3.8x 14.1x Synchronoss Technologies, Inc. United States 39.89 ‐4% 1,667.3 1,596.1 388.9 100.1 25.7% 27.8% 4.1x 15.9x Tableau Software, Inc. * United States 61.94 ‐39% 4,209.8 3,582.5 307.8 15.4 5.0% 87.8% 11.6x 233.2x Teradata Corporation United States 42.21 ‐35% 6,656.5 5,974.5 2,733.0 647.0 23.7% 3.6% 2.2x 9.2x TIBCO Software Inc. United States 19.29 ‐29% 3,195.9 3,163.0 1,091.5 196.1 18.0% 5.4% 2.9x 16.1x Verint Systems Inc. United States 46.78 ‐12% 2,798.0 3,611.7 959.9 162.9 17.0% 13.2% 3.8x 22.2x Weborama France 10.07 ‐46% 35.2 32.6 37.6 2.7 7.1% 5.3% 0.9x 12.1x Wix.com ltd Israel 16.15 ‐51% 608.3 508.2 93.8 (34.9) NM 88.5% 5.4x NM Zendesk, Inc. * United States 17.55 ‐6% 1,231.7 1,198.2 83.2 (22.2) NM 0.0% 14.4x NM
Adjusted Weighted Average 4.0x 13.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (127.4x)
18 | M&A and Investment Summary July 2014 Agency & Marketing Services
. There were 22 transactions announced in the Agency & Marketing Services segment in July. Digital Agency was the most active subsegment with 11 transactions announced, respectively . Select acquisitions: • The $169 million acquisition of advertising and branding services provider The Engine Group to Lake Capital • Manifest Digital’s acquisition of social media marketing agency SocialKaty • The Carlyle Group’s purchase of outsourced sales and marketing company Acosta Sales & Marketing for, reportedly, up to $5 billion • BrandLogic’s acquisition of brand consultancy firm CoreBrand
AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 11 50% $12.5 0% 9 ‐ 0 ‐ 2$12.5 General Agency 2 9% 169.0 3% 1 ‐ 1 169.0 0 ‐ Database/Analytics 1 5% ‐ 0% 0 ‐ 1 ‐ 0 ‐ Design Agency 1 5% 119.7 2% 1 119.7 0 ‐ 0 ‐ Experiential Marketing 1 5% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Healthcare Agency 1 5% ‐ 0% 1 ‐ 0 ‐ 0 ‐ Retail Services 1 5% 4,800.0 94% 0 ‐ 1 4,800.0 0 ‐ Other* 3 14% 1.5 0% 3 1.5 0 ‐ 0 ‐ Total 22 100% 5,105.0 0% 16 121.2 3 4,969.0 3 14.8 *Other includes Loyalty/Retention, Marketing Consulting, and Public Relations
19 | M&A and Investment Summary July 2014 Agency Public Company Valuation
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $1.53 ‐4% $ 129.2 $ 135.2 $ 268.7 $ 16.3 6.1% 18.2% 0.5x 8.3x Charm Communications Inc. China 4.47 ‐16% 182.4 72.2 183.8 5.1 2.8% 11.1% 0.4x 14.0x Chime Communications plc * United Kingdom 5.37 ‐15% 525.1 597.0 503.6 15.4 3.1% ‐13.1% 1.2x 38.8x Creston plc United Kingdom 1.75 ‐10% 104.0 91.6 126.0 19.6 15.6% ‐0.4% 0.7x 4.7x Dentsu Inc. Japan 40.08 ‐6% 11,557.2 12,915.1 22,522.6 1,250.5 5.6% 19.0% 0.6x 10.3x Enero Group Limited Australia 0.99 ‐5% 84.9 68.7 211.1 3.5 1.7% ‐23.4% 0.3x NM Havas France 7.73 ‐10% 3,167.7 3,448.4 2,379.6 359.6 15.1% ‐1.1% 1.4x 9.6x Huntsworth plc United Kingdom 0.83 ‐32% 262.8 316.8 290.2 47.9 16.5% ‐0.4% 1.1x 6.6x M&C Saatchi plc United Kingdom 3.98 ‐32% 255.3 203.3 272.7 27.6 10.1% 4.9% 0.7x 7.4x mktg, inc. United States 2.74 0% 23.6 18.0 139.0 3.6 2.6% 6.3% 0.1x 5.0x MDC Partners Inc. United States 20.66 ‐22% 1,023.8 1,950.4 1,206.0 106.7 8.8% 8.7% 1.6x 18.3x Next Fifteen Communications Group plc United Kingdom 1.87 ‐7% 113.2 126.9 166.2 18.0 10.8% 6.3% 0.8x 7.1x Omnicom Group Inc. United States 70.55 ‐8% 17,719.1 20,925.5 14,921.6 2,198.0 14.7% 3.7% 1.4x 9.5x OPT, Inc. Japan 7.29 ‐42% 215.1 99.8 632.9 55.3 8.7% ‐21.1% 0.2x 1.8x Porta Communications Plc United Kingdom 0.17 ‐43% 38.5 47.8 41.1 (2.6) NM 191.5% 1.2x NM Publicis Groupe SA France 71.99 ‐24% 15,174.5 15,209.4 9,346.7 1,765.9 18.9% 1.2% 1.6x 8.6x Sapient Corp. United States 14.71 ‐18% 2,085.3 1,810.6 1,308.3 168.0 12.8% 13.4% 1.4x 10.8x The Interpublic Group of Companies, Inc. United States 19.54 ‐5% 8,234.1 9,370.2 7,312.0 871.3 11.9% 4.0% 1.3x 10.8x WPP plc United Kingdom 19.86 ‐25% 25,665.6 29,873.5 18,546.5 3,096.9 16.7% 6.2% 1.6x 9.6x
Adjusted Weighted Average 1.4x 9.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.8x)
20 | M&A and Investment Summary July 2014 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 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $18.39 ‐53% $ 1,416.8 $ 1,315.9 $ 1,097.5 $ 199.3 18.2% ‐0.2% 1.2x 6.6x Aimia Inc. Canada 17.38 ‐5% 3,024.3 3,135.4 1,533.0 (703.3) NM ‐27.0% 2.0x NM Alliance Data Systems Corporation * United States 259.31 ‐14% 14,056.7 19,578.8 4,735.7 1,327.0 28.0% 19.4% 4.1x 14.8x CSG Systems International Inc. United States 26.96 ‐16% 919.1 989.9 753.3 124.6 16.5% ‐0.2% 1.3x 7.9x Data Group Ltd. Canada 0.69 ‐59% 16.1 103.7 285.9 21.7 7.6% ‐6.2% 0.4x 4.8x DST Systems Inc. United States 90.07 ‐10% 3,575.8 4,164.2 2,682.4 420.4 15.7% 2.0% 1.6x 9.9x Fair Isaac Corporation United States 55.78 ‐15% 1,793.3 2,230.2 757.7 197.1 26.0% 2.5% 2.9x 11.3x Harte‐Hanks Inc. United States 6.78 ‐30% 425.6 436.0 560.2 56.4 10.1% ‐26.1% 0.8x 7.7x High Co. SA France 6.19 ‐23% 64.6 29.4 178.7 14.3 8.0% 0.6% 0.2x 2.1x Insignia Systems Inc. United States 3.06 ‐12% 39.4 19.1 27.0 2.6 9.5% 8.2% 0.7x 7.4x Multiplus SA Brazil 14.26 ‐13% 2,312.7 1,742.2 758.6 138.3 18.2% 14.4% 2.3x 12.6x PDI, Inc. United States 3.51 ‐44% 53.8 13.1 140.7 (6.7) NM 1.8% 0.1x NM Pitney Bowes Inc. United States 26.98 ‐5% 5,467.2 7,974.0 3,905.3 824.3 21.1% 6.8% 2.0x 9.7x Points International Ltd. * Canada 19.15 ‐41% 295.0 235.4 223.6 5.9 2.6% 50.8% 1.1x 40.2x Viad Corp United States 21.00 ‐28% 429.3 395.2 983.5 62.8 6.4% ‐5.8% 0.4x 6.3x
Adjusted Weighted Average 1.9x 12.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.3x)
21 | M&A and Investment Summary July 2014 Traditional Media
. There were 12 transactions announced in the Traditional Media segment in July, all but one was a strategic acquisition, worth a total of $2.1 billion in aggregate reported value . Select acquisitions: • The 6.4 percent stake sale of British Sky Broadcasting’s to Liberty Global for $824 million, at a valuation of 3.2x revenue and 12.7x EBITDA • CBS Outdoor Americas’ $690 million acquisition of Van Wagner Communications outdoor advertising businesses • Whale Media Investments’ $475 million purchase of a majority stake in Forbes Media, a company focused on the business and financial industry • New Media Investment Group’s $46 million acquisition of newspaper publishing company The Providence Journal from A.H. Belo Corporation
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM B‐to‐B Media 7 58% ‐ 0% 4 ‐ 0 ‐ 0 ‐ Entertainment 5 42% $71.4 3% 4 $71.4 0 ‐ 1 ‐ Digital Place‐Based Media 2 17% 690.0 33% 2 690.0 0 ‐ 0 ‐ Newspaper Publishing 2 17% 61.0 3% 2 61.0 0 ‐ 0 ‐ Broadcast Television 1 8% 824.0 39% 1 824.0 0 ‐ 0 ‐ Other* 2 17% 475.0 22% 2 475.0 0 ‐ 0 ‐ Total 12 100% 2,121.4 100% 11 2,121.4 0 0.0 1 0.0
*Other includes Cable & Satellite Television, Consumer Book Publishing, and Consumer Magazine Publishing
22 | M&A and Investment Summary July 2014 Traditional Media Public Company Valuation (1/3)
($ 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 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $57.03 ‐16% $ 32,588.2 $ 40,271.2 $ 15,100.0 $ 3,750.0 24.8% 5.4% 2.7x 10.7x Discovery Communications, Inc. * United States 83.33 ‐8% 28,157.7 35,317.7 5,933.0 2,432.0 41.0% 21.1% 6.0x 14.5x News Corporation United States 17.78 ‐4% 10,295.6 7,242.6 8,645.0 709.0 8.2% 2.4% 0.8x 10.2x Time Warner Inc. United States 83.80 ‐5% 73,919.8 90,664.8 30,401.0 8,057.0 26.5% 6.0% 3.0x 11.3x Twenty‐First Century Fox, Inc. * United States 31.94 ‐12% 71,054.0 88,626.0 30,655.0 6,323.0 20.6% 51.9% 2.9x 14.0x Viacom, Inc. United States 82.25 ‐8% 35,368.6 46,374.6 13,716.0 4,361.0 31.8% 5.1% 3.4x 10.6x The Walt Disney Company United States 85.38 ‐3% 147,864.8 162,141.8 47,104.0 13,178.0 28.0% 7.6% 3.4x 12.3x
Adjusted Weighted Average 3.3x 11.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.7x)
B‐to‐B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Euromoney Institutional Investor PLC United Kingdom $17.79 ‐24% $ 2,278.3 $ 2,339.6 $ 695.4 $ 208.9 30.0% 5.4% 3.4x 11.2x Global Sources Ltd. Hong Kong 7.17 ‐22% 213.8 80.2 200.7 38.5 19.2% ‐10.4% 0.4x 2.1x Informa plc Switzerland 8.25 ‐15% 4,977.9 6,319.2 1,915.3 579.7 30.3% 2.3% 3.3x 10.9x TechTarget, Inc. * United States 7.63 ‐16% 249.5 220.9 91.9 6.7 7.2% ‐4.1% 2.4x 33.2x UBM plc United Kingdom 10.51 ‐17% 2,580.6 3,416.6 1,292.1 329.5 25.5% ‐3.0% 2.6x 10.4x
Adjusted Weighted Average 3.1x 10.6x
*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 (25.2x)
Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group Inc. United States $6.12 ‐36% $ 141.5 $ 232.2 $ 103.3 $ 27.1 26.2% ‐0.5% 2.2x 8.6x CC Media Holdings, Inc. United States 7.90 ‐9% 702.6 20,818.7 6,254.6 1,773.8 28.4% 0.2% 3.3x 11.7x Cumulus Media Inc. United States 5.08 ‐38% 1,106.0 3,665.8 1,100.3 300.6 27.3% 11.8% 3.3x 12.2x Emmis Communications Corp. United States 2.53 ‐31% 109.2 284.5 214.3 28.7 13.4% 8.4% 1.3x 9.9x Entercom Communications Corp. United States 9.48 ‐17% 370.5 857.3 377.5 99.6 26.4% ‐2.5% 2.3x 8.6x Journal Communications Inc. United States 10.50 ‐8% 534.1 702.8 400.7 80.3 20.0% ‐0.8% 1.8x 8.8x Pandora Media, Inc. * United States 24.54 ‐39% 5,067.2 4,742.9 799.8 (11.3) NM 0.0% 5.9x NM Radio One Inc. United States 4.27 ‐27% 202.3 1,199.2 460.7 134.4 29.2% 9.5% 2.6x 8.9x Salem Communications Corp. United States 8.86 ‐14% 222.8 513.4 243.6 48.4 19.8% 5.7% 2.1x 10.6x Sirius XM Holdings Inc. * United States 3.31 ‐21% 18,773.9 23,228.2 3,994.6 1,318.9 33.0% 11.0% 5.8x 17.6x Spanish Broadcasting System Inc. United States 5.31 ‐29% 38.6 411.7 147.5 42.5 28.8% 0.6% 2.8x 9.7x Townsquare Media, Inc. United States 10.93 ‐1% 182.4 779.0 294.3 66.9 22.7% 0.0% 2.6x 11.6x
Adjusted Weighted Average 5.3x 10.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.4x)
23 | M&A and Investment Summary July 2014 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 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMC Networks Inc. United States $59.22 ‐24% $ 4,268.4 $ 6,914.6 $ 1,734.5 $ 607.3 35.0% 23.2% 4.0x 11.4x British Sky Broadcasting Group plc United Kingdom 14.74 ‐8% 25,042.1 27,216.6 12,845.2 2,659.3 20.7% 5.5% 2.1x 10.2x Cablevision Systems Corporation United States 19.17 ‐6% 5,187.3 14,195.5 6,296.5 1,719.4 27.3% 2.8% 2.3x 8.3x CBS Corporation United States 57.03 ‐16% 32,588.2 40,271.2 15,100.0 3,750.0 24.8% 5.4% 2.7x 10.7x Charter Communications, Inc. United States 152.26 ‐9% 16,542.3 30,572.3 8,727.0 3,009.0 34.5% 13.6% 3.5x 10.2x Comcast Corporation United States 53.39 ‐5% 138,105.9 182,216.9 67,329.0 22,317.0 33.1% 5.1% 2.7x 8.2x Crown Media Holdings Inc. United States 3.38 ‐15% 1,215.7 1,571.4 390.8 296.7 75.9% 10.3% 4.0x 5.3x DIRECTV United States 86.12 ‐4% 43,249.4 60,940.4 32,438.0 8,021.0 24.7% 5.5% 1.9x 7.6x Discovery Communications, Inc. United States 83.33 ‐8% 28,157.7 35,317.7 5,933.0 2,432.0 41.0% 21.1% 6.0x 14.5x Dish Network Corp. United States 62.14 ‐8% 28,542.0 33,195.8 14,123.5 2,898.5 20.5% 8.9% 2.4x 11.5x Entravision Communications Corporation United States 5.47 ‐26% 488.2 804.9 227.5 71.1 31.3% 0.7% 3.5x 11.3x General Communication Inc. United States 10.91 ‐7% 453.4 1,827.0 841.7 275.7 32.8% 16.2% 2.2x 6.6x Gray Television Inc. United States 12.31 ‐19% 717.9 1,533.4 359.4 113.6 31.6% ‐10.7% 4.3x 13.5x Grupo Televisa, S.A.B. Mexico 35.61 ‐2% 20,597.5 24,691.3 5,796.8 2,206.4 38.1% 8.1% 4.3x 11.2x Journal Communications Inc. United States 10.50 ‐8% 534.1 702.8 400.7 80.3 20.0% ‐0.8% 1.8x 8.8x Liberty Global plc United Kingdom 42.03 ‐8% 32,122.2 75,533.5 16,336.0 7,285.7 44.6% 62.3% 4.6x 10.4x LIN Media LLC United States 25.81 ‐12% 1,429.9 2,371.7 677.6 169.8 25.1% 14.6% 3.5x 14.0x Media General, Inc. * United States 20.06 ‐16% 1,780.4 2,647.1 363.8 101.0 27.8% 55.1% 7.3x 26.2x Nexstar Broadcasting Group, Inc. United States 46.05 ‐18% 1,410.1 2,427.1 524.0 178.3 34.0% 28.7% 4.6x 13.6x Scripps Networks Interactive, Inc. United States 82.99 ‐4% 11,861.1 13,108.2 2,580.2 1,125.7 43.6% 9.0% 5.1x 11.6x Sinclair Broadcast Group, Inc. United States 32.35 ‐14% 3,150.7 5,870.1 1,493.2 508.0 34.0% 33.1% 3.9x 11.6x The E. W. Scripps Company * United States 20.92 ‐8% 1,179.6 1,193.9 822.0 71.4 8.7% ‐8.2% 1.5x 16.7x Time Warner Cable Inc. United States 145.88 ‐5% 40,771.8 64,967.8 22,403.0 7,805.0 34.8% 2.4% 2.9x 8.3x Time Warner Inc. United States 83.80 ‐5% 73,919.8 90,664.8 30,401.0 8,057.0 26.5% 6.0% 3.0x 11.3x Ziggo N.V. Netherlands 45.45 ‐4% 9,090.1 13,274.2 2,127.8 1,144.5 53.8% 2.7% 6.2x 11.6x
Adjusted Weighted Average 3.2x 9.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.4x)
Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA DreamWorks Animation SKG Inc. United States $20.02 ‐44% $ 1,695.1 $ 2,064.0 $ 628.4 $ (10.6) NM ‐21.4% 3.3x NM Eros International Plc United Kingdom 13.65 ‐20% 733.7 908.2 235.5 60.6 25.8% 9.3% 3.9x 15.0x Lions Gate Entertainment Corp. United States 30.70 ‐19% 4,208.6 5,279.0 2,630.3 266.5 10.1% ‐2.9% 2.0x 19.8x Live Nation Entertainment, Inc. United States 21.60 ‐15% 4,331.1 4,823.7 6,668.4 486.9 7.3% 11.1% 0.7x 9.9x SFX Entertainment Inc. United States 6.87 ‐49% 613.1 742.7 193.6 (77.0) NM 453.7% 3.8x NM Twenty‐First Century Fox, Inc. United States 31.94 ‐12% 71,054.0 88,626.0 30,655.0 6,323.0 20.6% 51.9% 2.9x 14.0x Liberty Media Corporation * United States 46.68 ‐12% 16,055.8 30,082.8 4,224.0 1,153.0 27.3% 276.5% 7.1x 26.1x Village Roadshow Limited Austral ia 7.18 ‐9% 1,145.6 1,480.4 849.3 132.5 15.6% ‐1.1% 1.7x 11.2x World Wrestling Entertainment Inc. United States 13.03 ‐59% 983.4 932.5 513.6 (10.0) NM 3.6% 1.8x NM
Adjusted Weighted Average 2.7x 14.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.0x) 24 | M&A and Investment Summary July 2014 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 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.14 ‐34% $ 127.6 $ 47.0 $ 271.7 $ 3.6 1.3% ‐4.4% 0.2x 13.1x APG|SGA SA Switzerland 320.30 ‐5% 944.3 816.2 338.5 75.5 22.3% ‐4.3% 2.4x 10.8x CBS Outdoor Americas Inc. United States 33.33 ‐7% 3,999.6 5,483.7 1,302.7 377.2 29.0% 1.9% 4.2x 14.5x Clear Channel Outdoor Holdings Inc. United States 7.60 ‐29% 2,733.1 7,640.4 2,945.6 706.0 24.0% ‐0.2% 2.6x 10.8x Clear Media Ltd. Hong Kong 1.00 ‐4% 534.6 426.8 212.6 85.5 40.2% 8.2% 2.0x 5.0x JCDecaux SA France 34.78 ‐21% 7,786.1 8,003.3 3,652.3 794.1 21.7% 9.2% 2.2x 10.1x Lamar Advertising Co. United States 50.31 ‐8% 4,786.5 6,664.6 1,254.2 541.4 43.2% 5.4% 5.3x 12.3x Mood Media Corporation United States 0.50 ‐57% 90.6 668.9 507.2 83.3 16.4% 3.8% 1.3x 8.0x National CineMedia, Inc. United States 15.97 ‐21% 971.6 2,023.5 450.8 216.1 47.9% ‐0.2% 4.5x 9.4x NTN Buzztime Inc. * United States 0.48 ‐52% 43.5 40.7 24.1 0.7 2.8% ‐0.3% 1.7x 59.6x Tom Group Ltd. Hong Kong 0.21 ‐43% 818.2 1,097.6 216.7 1.2 0.6% ‐18.0% 5.1x NM Vitreous Glass, Inc. Canada 2.43 ‐11% 15.1 14.6 6.5 2.3 34.5% ‐0.6% 2.2x 6.5x
Adjusted Weighted Average 3.4x 11.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.7x)
Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A. H. Belo Corporation United States $10.42 ‐20% $ 228.8 $ 169.3 $ 364.7 $ 30.0 8.2% 11.5% 0.5x 5.6x Daily Mail and General Trust plc United Kingdom 13.98 ‐23% 4,912.9 6,435.8 3,059.5 541.8 17.7% 4.1% 2.1x 11.9x Emmis Communications Corp. United States 2.53 ‐31% 109.2 284.5 214.3 28.7 13.4% 8.4% 1.3x 9.9x Gannett Co., Inc. United States 32.88 ‐4% 7,419.3 10,685.6 5,485.0 1,139.9 20.8% 2.2% 1.9x 9.4x Glacier Media, Inc. Canada 1.22 ‐14% 108.8 240.4 267.9 28.2 10.5% ‐3.5% 0.9x 8.5x John Wiley & Sons Inc. United States 59.47 ‐5% 3,513.3 3,750.8 1,775.2 320.7 18.1% 0.8% 2.1x 11.7x Journal Communications Inc. United States 10.50 ‐8% 534.1 702.8 400.7 80.3 20.0% ‐0.8% 1.8x 8.8x Martha Stewart Living Omnimedia Inc. * United States 4.52 ‐18% 258.0 196.3 152.1 10.1 6.7% ‐15.2% 1.3x 19.4x Meredith Corporation United States 46.01 ‐15% 2,057.9 2,736.3 1,468.7 263.9 18.0% ‐0.2% 1.9x 10.4x Reed Elsevier plc(1) * United Kingdom 15.94 ‐4% 18,088.2 49,216.4 9,944.2 3,154.3 31.7% 0.0% 4.9x 15.6x Scholastic Corporation United States 35.43 ‐4% 1,143.3 1,258.2 1,822.3 139.7 7.7% 1.7% 0.7x 9.0x The E. W. Scripps Company * United States 20.92 ‐8% 1,179.6 1,193.9 822.0 71.4 8.7% ‐8.2% 1.5x 16.7x The McClatchy Company United States 4.63 ‐37% 401.5 1,867.8 1,224.6 248.9 20.3% ‐4.8% 1.5x 7.5x The New York Times Company United States 12.65 ‐27% 1,900.9 1,861.5 1,584.7 236.4 14.9% ‐20.4% 1.2x 7.9x
Adjusted Weighted Average 1.8x 10.1x
(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 (3.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.7x)
25 | M&A and Investment Summary July 2014 Technology & Communications
. Of the $1.8 billion in reported transaction value in the Technology & Communications segment, $1.3 billion were made in strategic acquisitions . Activity in the segment was led by the Financial Technology subsegment with 11 deals announced, of which five were reported at $1.3 billion . Select acquisitions: • BGC Partner’s sale of its electronic trading system to The Nasdaq OMX Group for $1.2 billion • RadVision’s sale of its technology business unit to Spirent Communications for $25 million
TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial Technology 11 22% $1,265.7 70% 7$ 1,230.7 0 ‐ 4 $35.0 Cloud Storage 9 18% 220.0 12% 4 $1.0 0 ‐ 5 219.0 Big Data Technology 6 12% 85.0 5% 3 ‐ 0 ‐ 385.0 Networking Equipment 6 12% 80.4 4% 3 ‐ 1 ‐ 280.4 Communications Software 5 10% 11.6 1% 3 6.3 0 ‐ 25.3 Cloud Computing Technology 4 8% 35.2 2% 0 ‐ 0 ‐ 435.2 Data Center Technology 2 4% 55.0 3% 0 ‐ 0 ‐ 255.0 Enterprise Mobility 2 4% 6.5 0% 1 ‐ 0 ‐ 16.5 Wireless Backhaul 6 12% 63.5 3% 2 25.0 0 ‐ 438.5 Total 49 100% 1,816.4 100% 22 1,263.0 1 0.0 26 553.4
*Other includes Software‐Defined Networking, Virtualization Technology, VoIP Equipment & Software, and Web Conferencing Software
26 | M&A and Investment Summary July 2014 Technology Public Company Valuation (1/2)
($ in Millions, except stock price data)
Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 3M Company United States $140.11 ‐4% $ 90,786.9 $ 94,750.9 $ 31,450.0 $ 8,298.0 26.4% 3.9% 3.0x 11.4x ACI Worldwide, Inc. United States 18.76 ‐15% 2,140.1 2,837.8 973.4 211.0 21.7% 30.3% 2.9x 13.5x ADATA Technology Co., Ltd. Taiwan 2.38 ‐24% 543.6 577.0 1,102.5 61.1 5.5% 14.9% 0.5x 9.4x Advanced Micro Devices, Inc. United States 3.97 ‐17% 3,039.1 4,301.1 5,888.0 476.0 8.1% 26.0% 0.7x 9.0x Akamai Technologies, Inc. United States 57.09 ‐10% 10,162.1 10,000.7 1,761.3 618.4 35.1% 19.9% 5.7x 16.2x Arista Networks, Inc. * United States 65.61 ‐19% 4,171.6 4,184.5 417.1 86.0 20.6% 0.0% 10.0x 48.7x AVG Technologies N.V. Netherlands 17.05 ‐36% 893.7 848.6 383.6 129.0 33.6% ‐3.0% 2.2x 6.6x Brightcove, Inc. United States 6.00 ‐63% 193.4 173.9 120.4 (1.1) NM 22.8% 1.4x NM CA Technologies, Inc. United States 28.47 ‐21% 12,670.9 11,319.9 4,489.0 1,425.0 31.7% ‐1.6% 2.5x 7.9x Carbonite, Inc. United States 9.71 ‐41% 259.2 186.8 115.9 6.7 5.8% 20.8% 1.6x 27.7x CDW Corporation United States 30.98 ‐5% 5,329.5 8,539.7 11,335.9 756.4 6.7% 8.8% 0.8x 11.3x Check Point Software Technologies Ltd. Israel 66.59 ‐5% 12,704.7 11,471.2 1,436.0 786.0 54.7% 5.3% 8.0x 14.6x ChinaCache International Holdings Ltd. China 13.01 ‐56% 330.0 251.7 193.6 5.5 2.8% 38.7% 1.3x 45.8x Citrix Systems, Inc. United States 67.40 ‐13% 11,044.4 11,501.3 3,047.5 695.1 22.8% 9.4% 3.8x 16.5x CommVault Systems, Inc. United States 48.91 ‐46% 2,216.4 1,817.8 604.6 103.6 17.1% 16.5% 3.0x 17.5x Cray Inc. United States 25.52 ‐39% 985.2 816.5 502.0 24.1 4.8% 29.2% 1.6x 33.9x Crossroads Systems, Inc. United States 2.65 ‐29% 39.9 37.4 12.8 (7.1) NM ‐10.4% 2.9x NM Datalink Corporation United States 11.20 ‐29% 251.9 192.9 611.8 24.6 4.0% 14.6% 0.3x 7.8x Dot Hill Systems Corp. United States 4.11 ‐32% 246.6 206.2 210.3 8.7 4.1% 14.0% 1.0x 23.7x Elecom Co., Ltd. Japan 25.23 ‐5% 555.9 422.3 674.0 81.0 12.0% 10.3% 0.6x 5.2x EMC Corporation United States 29.06 ‐3% 58,952.8 58,332.8 23,580.0 5,453.0 23.1% 5.7% 2.5x 10.7x ePlus inc. United States 54.28 ‐14% 408.1 490.2 1,057.5 76.7 7.3% 7.6% 0.5x 6.4x Euronet Worldwide Inc. United States 50.34 0% 2,565.3 2,568.0 1,484.8 189.3 12.7% 10.4% 1.7x 13.6x F‐Secure Oyj Finland 3.52 ‐10% 548.1 484.4 209.6 41.7 19.9% 0.0% 2.3x 11.6x Gemalto NV Netherlands 97.08 ‐21% 8,375.3 7,778.5 3,207.7 504.4 15.7% 6.4% 2.4x 15.4x Google Inc. United States 573.60 ‐7% 385,431.7 335,443.7 65,142.0 19,424.0 29.8% 21.1% 5.1x 17.3x Green Dot Corporation United States 19.70 ‐27% 781.9 10.8 594.7 73.8 12.4% 4.2% 0.0x 0.1x Imperva Inc. United States 25.25 ‐62% 664.1 564.6 147.8 (42.3) NM 25.2% 3.8x NM Integrated Electrical Services, Inc. United States 6.14 ‐13% 110.0 101.4 485.7 6.3 1.3% ‐0.6% 0.2x 16.0x Intel Corporation United States 33.75 ‐3% 167,071.5 163,053.5 53,912.0 22,019.0 40.8% 3.0% 3.0x 7.4x IBM Corporation United States 189.15 ‐5% 188,694.5 225,575.5 98,267.0 25,160.0 25.6% ‐4.0% 2.3x 9.0x Interxion Holding NV Netherlands 26.90 ‐5% 1,853.4 2,338.6 420.8 173.4 41.2% 9.7% 5.6x 13.5x J‐Stream Inc. Japan 4.23 ‐41% 49.2 34.2 44.4 4.7 10.6% ‐11.0% 0.8x 7.3x Limelight Networks, Inc. United States 2.49 ‐23% 245.2 133.5 168.8 (11.8) NM ‐7.1% 0.8x NM LogMeIn, Inc. United States 39.90 ‐16% 982.3 761.3 192.1 18.0 9.4% 27.7% 4.0x 42.3x Melbourne IT Ltd. Australia 1.51 ‐19% 140.3 65.3 96.3 8.5 8.8% ‐4.7% 0.7x 7.7x Micron Technology Inc. United States 31.09 ‐11% 33,291.9 35,517.9 14,974.0 4,899.0 32.7% 82.8% 2.4x 7.3x Microsoft Corporation United States 42.86 ‐6% 353,159.9 291,194.9 86,833.0 32,131.0 37.0% 11.5% 3.4x 9.1x MobileIron, Inc. United States 8.53 ‐27% 636.8 481.4 114.3 (47.1) NM 0.0% 4.2x NM Montage Technology Group Limited China 21.60 ‐19% 609.2 475.7 126.4 ‐ 0.0% 55.4% 3.8x NM NEC Corporation Japan 3.85 ‐2% 10,009.2 13,807.5 29,274.6 1,834.1 6.3% ‐2.6% 0.5x 7.5x
27 | M&A and Investment Summary July 2014 Technology Public Company Valuation (2/2)
($ in Millions, except stock price data)
Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA NetApp, Inc. United States $38.54 ‐16% $ 12,467.7 $ 8,459.9 $ 6,325.1 $ 1,025.2 16.2% ‐0.1% 1.3x 8.3x Oracle Corporation United States 39.61 ‐8% 176,458.2 162,375.2 38,275.0 16,717.0 43.7% 2.9% 4.2x 9.7x ProAct IT Group AB Sweden 13.25 ‐8% 123.4 137.3 341.7 22.7 6.7% 1.1% 0.4x 6.0x Qualys, Inc. United States 23.51 ‐21% 768.3 663.2 113.4 12.6 11.1% 19.3% 5.8x 52.6x Quantum Corporation * United States 1.23 ‐26% 312.2 411.5 533.4 7.4 1.4% ‐10.3% 0.8x 55.2x Rackspace Hosting, Inc. United States 29.75 ‐45% 4,226.6 3,983.7 1,593.6 409.5 25.7% 16.3% 2.5x 9.7x Red Hat, Inc. United States 58.39 ‐5% 11,041.3 10,238.1 1,595.1 306.2 19.2% 15.8% 6.4x 33.4x SanDisk Corp. United States 92.76 ‐15% 20,799.5 20,146.0 6,499.0 2,345.7 36.1% 15.4% 3.1x 8.6x SAP SE Germany 77.36 ‐9% 92,408.3 93,888.1 22,830.9 7,878.9 34.5% 2.2% 4.1x 11.9x Seagate Technology Public Limited Company Ireland 58.19 ‐7% 19,028.1 20,294.1 13,724.0 2,685.0 19.6% ‐4.4% 1.5x 7.6x Silicon Graphics International Corp. United States 8.74 ‐58% 302.0 225.9 558.4 (29.0) NM ‐28.1% 0.4x NM Sony Corporation Japan 18.09 ‐15% 18,881.8 29,406.8 76,601.2 5,057.1 6.6% 12.8% 0.4x 5.8x Splunk, Inc. * United States 44.27 ‐58% 5,249.0 4,422.1 331.3 (103.7) NM 51.3% 13.3x NM Symantec Corporation United States 23.17 ‐15% 16,049.2 14,060.2 6,676.0 1,944.0 29.1% ‐3.3% 2.1x 7.2x Synchronoss Technologies, Inc. United States 39.89 ‐4% 1,667.3 1,596.1 388.9 100.1 25.7% 27.8% 4.1x 15.9x Tableau Software, Inc. * United States 61.94 ‐39% 4,209.8 3,582.5 307.8 15.4 5.0% 87.8% 11.6x 233.2x Teradata Corporation United States 42.21 ‐35% 6,656.5 5,974.5 2,733.0 647.0 23.7% 3.6% 2.2x 9.2x Trend Micro Inc. Japan 35.55 ‐13% 4,763.1 3,785.7 1,073.3 372.5 34.7% 13.5% 3.5x 10.2x The KEYW Holding Corporation United States 11.33 ‐51% 425.6 511.0 280.6 15.2 5.4% ‐2.5% 1.8x 33.6x VeriSign, Inc. United States 53.20 ‐16% 6,651.1 6,473.8 988.5 607.8 61.5% 6.3% 6.5x 10.7x Violin Memory, Inc. United States 4.01 ‐50% 366.4 286.9 101.0 (127.4) NM 14.3% 2.8x NM VMware, Inc. United States 98.33 ‐13% 42,280.2 37,143.2 5,589.0 1,457.0 26.1% 15.0% 6.6x 25.5x Western Digital Corporation United States 100.30 ‐3% 23,577.4 20,927.4 15,130.0 3,182.0 21.0% ‐1.4% 1.4x 6.6x Xoom Corporation * United States 21.77 ‐40% 831.4 625.4 140.2 9.2 6.5% 40.4% 4.5x 68.2x
Adjusted Weighted Average 3.7x 11.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (53.0x)
28 | M&A and Investment Summary July 2014 Communications Public Company Valuation (1/2)
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A10 Networks, Inc. United States $11.46 ‐31% $ 688.2 $ 576.1 $ 172.9 $ (2.5) NM 0.0% 3.3x NM Aerohive Networks, Inc. United States $8.17 ‐33% 372.8 359.9 115.5 (27.0) NM 50.7% 3.1x NM Aastra Technologies Ltd. Canada $38.43 ‐12% 457.8 378.9 554.9 38.5 6.9% ‐0.2% 0.7x 9.8x ADTRAN Inc. United States 22.10 ‐21% 1,246.8 1,172.0 659.6 73.2 11.1% 8.6% 1.8x 16.0x Alcatel‐Lucent France 3.45 ‐25% 9,546.8 10,730.0 19,035.8 1,102.5 5.8% ‐0.2% 0.6x 9.7x Allot Communications Ltd. * Israel 12.31 ‐32% 406.2 284.1 100.7 0.6 0.6% ‐3.8% 2.8x 503.7x Aruba Networks, Inc. United States 17.68 ‐25% 1,922.5 1,622.3 679.1 15.8 2.3% 15.8% 2.4x 102.8x AudioCodes Ltd. Israel 5.62 ‐38% 242.8 228.1 144.8 5.9 4.1% 11.3% 1.6x 38.5x Aviat Networks, Inc. United States 1.30 ‐54% 80.8 39.3 369.6 (23.4) NM ‐22.7% 0.1x NM Axesstel Inc. United States 0.13 ‐80% 3.2 11.9 27.4 (6.1) NM ‐54.9% 0.4x NM BlackBerry Limited Canada 9.30 ‐19% 4,831.1 3,492.7 4,708.0 (2,362.0) NM ‐58.5% 0.7x NM Barracuda Networks, Inc. * United States 27.99 ‐37% 1,441.0 1,304.2 243.7 4.0 1.6% 16.5% 5.4x 329.9x Blonder Tongue Laboratories Inc. United States 0.90 ‐23% 5.6 10.8 26.7 (1.9) NM ‐13.4% 0.4x NM BroadSoft, Inc. United States 23.72 ‐37% 678.0 596.7 182.8 (3.2) NM 10.0% 3.3x NM Brocade Communications Systems, Inc. United States 9.07 ‐17% 3,883.9 3,344.0 2,196.8 559.9 25.5% ‐2.8% 1.5x 6.0x CalAmp Corp. United States 17.30 ‐50% 621.9 589.4 241.1 28.3 11.7% 26.6% 2.4x 20.8x Calix Inc. United States 9.14 ‐35% 465.4 386.4 381.5 6.0 1.6% 6.6% 1.0x 63.9x Ciena Corporation United States 19.10 ‐32% 2,016.8 2,816.0 2,215.5 148.0 6.7% 16.6% 1.3x 19.0x Cisco Systems, Inc. United States 25.00 ‐6% 128,067.3 98,507.3 47,202.0 12,871.0 27.3% ‐1.4% 2.1x 7.7x Clearfield, Inc. United States 13.20 ‐50% 177.4 152.2 62.8 11.3 18.0% 40.4% 2.4x 13.5x ClearOne, Inc. United States 9.68 ‐32% 89.6 77.3 51.0 8.4 16.5% 7.3% 1.5x 9.2x COM DEV International Ltd. Canada 3.78 ‐6% 289.5 273.3 196.2 35.9 18.3% ‐2.1% 1.4x 7.6x CommScope Holding Company, Inc. United States 24.89 ‐11% 4,659.8 6,889.8 3,735.9 849.4 22.7% 7.1% 1.8x 8.1x Communications Systems Inc. United States 11.05 ‐21% 95.1 72.9 129.1 10.0 7.8% 20.1% 0.6x 7.3x Corning Inc. United States 19.88 ‐11% 25,665.6 25,836.6 8,794.0 2,716.0 30.9% 10.2% 2.9x 9.5x CTX Virtual Technologies, Inc. United States 2.00 ‐17% 16.0 16.1 119.2 16.9 14.2% 198.1% 0.1x 1.0x Cyan, Inc. United States 3.83 ‐66% 179.2 136.9 109.3 (44.6) NM 1.2% 1.3x NM Digi International Inc. United States 8.09 ‐37% 205.3 117.0 192.5 13.3 6.9% 0.6% 0.6x 8.8x DragonWave Inc. Canada 1.48 ‐53% 86.9 90.5 94.3 (32.6) NM ‐30.4% 1.0x NM EchoStar Corp. United States 50.10 ‐7% 4,555.7 5,350.2 3,313.0 689.8 20.8% 5.1% 1.6x 7.8x Emulex Corporation United States 5.68 ‐32% 451.2 386.9 467.9 49.1 10.5% ‐3.9% 0.8x 7.9x Ericsson Sweden 12.33 ‐7% 39,728.8 33,269.9 32,377.9 4,638.9 14.3% ‐2.8% 1.0x 7.2x Extreme Networks Inc. United States 4.59 ‐44% 442.9 459.2 443.7 25.2 5.7% 44.3% 1.0x 18.2x F5 Networks, Inc. United States 112.20 ‐5% 8,349.4 7,738.0 1,662.1 512.5 30.8% 14.7% 4.7x 15.1x Finisar Corp. United States 19.46 ‐33% 1,936.8 1,676.9 1,156.8 175.9 15.2% 23.8% 1.4x 9.5x Fleetmatics Group PLC Ireland 30.93 ‐41% 1,159.7 1,035.9 190.8 45.8 24.0% 38.3% 5.4x 22.6x Franklin Wireless Corp. United States 1.70 ‐19% 17.7 8.9 26.7 (0.7) NM ‐34.0% 0.3x NM Gigamon Inc. United States 11.46 ‐73% 365.6 230.8 148.7 (12.6) NM 28.4% 1.6x NM Gogo Inc. United States 15.83 ‐56% 1,346.3 1,373.0 353.1 13.7 3.9% 41.2% 3.9x 100.5x Harmonic Inc. United States 5.94 ‐28% 549.3 414.9 460.8 26.0 5.7% ‐9.8% 0.9x 15.9x Harris Corporation United States 68.44 ‐14% 7,288.8 8,363.3 5,012.0 1,086.2 21.7% ‐2.0% 1.7x 7.7x Infoblox Inc. United States 11.92 ‐76% 649.6 387.9 248.5 (3.7) NM 20.0% 1.6x NM Interactive Intelligence Group Inc. United States 44.89 ‐45% 934.6 844.6 324.4 20.8 6.4% 25.8% 2.6x 40.6x
29 | M&A and Investment Summary July 2014 Communications Public Company Valuation (2/2)
($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA JDS Uniphase Corporation United States $11.66 ‐30% $ 2,736.7 $ 2,403.8 $ 1,715.9 $ 147.6 8.6% 1.6% 1.4x 16.3x Juniper Networks, Inc. United States 23.27 ‐19% 11,024.44 9,753.04 4,858.80 836.8 17.2% 8.7% 2.0x 11.7x KVH Industries Inc. United States 12.94 ‐10% 205.2 188.6 157.1 7.3 4.7% ‐2.7% 1.2x 25.7x Mavenir Systems, Inc. United States 10.84 ‐42% 267.7 267.8 115.1 (4.8) NM 40.3% 2.3x NM Meru Networks, Inc. United States 3.76 ‐24% 88.7 74.0 98.7 (13.9) NM ‐5.8% 0.7x NM Mitel Networks Corporation Canada 10.87 ‐9% 1,075.9 1,306.5 634.4 73.6 11.6% 0.0% 2.1x 17.8x Motorola Solutions, Inc. United States 63.82 ‐7% 16,223.6 15,578.6 8,524.0 1,523.0 17.9% ‐2.2% 1.8x 10.2x Netgear Inc. United States 31.30 ‐14% 1,124.0 881.3 1,405.5 139.4 9.9% 10.1% 0.6x 6.3x Nokia Corporation Finland 7.85 ‐8% 29,121.1 20,468.8 16,141.8 2,590.5 16.0% 76.8% 1.3x 7.9x Nuance Communications, Inc. United States 17.83 ‐11% 5,654.9 7,214.0 1,887.6 193.0 10.2% 4.1% 3.8x 37.4x Numerex Corp. United States 10.08 ‐37% 202.8 178.8 82.2 4.7 5.7% 22.8% 2.2x 38.3x Optical Cable Corp. United States 4.20 ‐8% 29.1 38.8 75.6 1.3 1.8% ‐6.2% 0.5x 28.9x Palo Alto Networks, Inc. * United States 78.67 ‐8% 6,063.6 5,695.7 532.3 (27.7) NM 48.1% 10.7x NM PCTEL, Inc. United States 7.36 ‐27% 137.1 83.2 102.3 6.3 6.1% ‐1.2% 0.8x 13.2x Plantronics, Inc. United States 46.40 ‐7% 2,220.1 1,891.7 832.5 153.5 18.4% 6.2% 2.3x 12.3x Polycom, Inc. United States 12.45 ‐11% 1,703.0 1,398.9 1,344.9 141.2 10.5% ‐2.0% 1.0x 9.9x Procera Networks, Inc. United States 9.76 ‐41% 198.7 92.4 75.0 (13.8) NM 22.1% 1.2x NM RadiSys Corporation United States 3.08 ‐33% 111.1 101.8 213.5 (19.4) NM ‐23.4% 0.5x NM Radware Ltd. Israel 16.26 ‐17% 735.3 570.5 205.1 27.7 13.5% 8.4% 2.8x 20.6x RELM Wireless Corp. United States 4.10 0% 55.9 47.9 27.8 2.2 7.7% ‐8.3% 1.7x 22.3x RingCentral, Inc. United States 14.43 ‐39% 966.6 846.4 188.3 (34.3) NM 38.5% 4.5x NM Riverbed Technology, Inc. United States 17.82 ‐22% 2,846.1 2,938.9 1,074.4 173.6 16.2% 12.9% 2.7x 16.9x Sandvine Corporation Canada 3.26 ‐13% 490.3 346.4 119.2 32.1 26.9% 21.9% 2.9x 10.8x ShoreTel, Inc. United States 6.09 ‐38% 380.8 331.7 336.8 14.7 4.4% 9.9% 1.0x 22.6x Sierra Wireless Inc. Canada 20.11 ‐22% 632.3 467.7 487.0 13.0 2.7% 15.8% 1.0x 36.0x SolarWinds, Inc. * United States 40.36 ‐14% 3,044.2 2,882.1 382.4 133.8 35.0% 29.3% 7.5x 21.5x Solera Holdings Inc. United States 62.84 ‐12% 4,323.4 5,703.8 937.9 361.5 38.5% 14.7% 6.1x 15.8x Sonus Networks, Inc. * United States 3.56 ‐16% 878.6 763.6 290.6 4.6 1.6% 9.8% 2.6x 166.0x Telcoware Co., Ltd. South Korea 14.17 ‐15% 76.3 22.7 51.6 6.9 13.4% 8.9% 0.4x 3.3x TeleCommunication Systems Inc. United States 2.98 ‐17% 177.5 250.1 346.0 25.7 7.4% ‐24.8% 0.7x 9.7x TESSCO Technologies Inc. United States 30.30 ‐28% 252.4 248.6 568.9 29.2 5.1% ‐19.2% 0.4x 8.5x Transmode AB (publ) Sweden 10.08 ‐43% 279.4 238.0 142.2 17.6 12.4% ‐6.0% 1.7x 13.5x Ubiquitous Corporation * Japan 13.06 ‐49% 114.2 104.1 7.5 (2.7) NM ‐14.3% 14.0x NM Vecima Networks Inc. Canada 7.41 ‐2% 165.5 130.1 80.7 15.3 18.9% ‐10.4% 1.6x 8.5x Verint Systems Inc. United States 46.78 ‐12% 2,798.0 3,611.7 959.9 162.9 17.0% 13.2% 3.8x 22.2x ViaSat Inc. United States 58.39 ‐22% 2,727.1 3,366.0 1,351.5 177.3 13.1% 20.7% 2.5x 19.0x Vonage Holdings Corporation United States 3.49 ‐30% 729.6 775.7 854.8 70.6 8.3% 2.4% 0.9x 11.0x Westell Technologies, Inc. United States 1.71 ‐65% 102.9 56.0 107.4 4.6 4.3% 102.4% 0.5x 12.1x ZTE Corp. China 2.20 ‐26% 7,465.9 9,868.0 12,334.3 630.2 5.1% ‐8.8% 0.8x 15.7x
Adjusted Weighted Average 2.0x 11.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (110.2x)
30 | M&A and Investment Summary July 2014 Software
. Within the Software segment, a total of $1.9 billion in reported value was reported in strategic activity, while another $635 million in investments were announced . Healthcare was the most active subsegment with 17 transactions announced worth $133 million, followed by ERP and Security with 15 and 13 transactions worth a combined total of $1.7 billion . Select acquisitions: • Teleperformance’s $610 million acquisition of Aegis USA, which provides identity and access management solutions • ATS Automation Tooling Systems’ $338.4 million acquisition of Germany‐based M+W Process Automation and ProFocus, which provides performance monitoring and measurement of production processes • ACI Worldwide’s $205 million acquisition of Retail Decisions, which provides fraud prevention and payment processing solutions . Select investments: • The $170 million investment in application performance management solutions provider AppDynamics from Battery Ventures SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Healthcare 17 18% $133.0 5% 7 ‐ 0 ‐ 10 $133.0 ERP 15 16% 1,356.7 54% 7 1,285.4 3 ‐ 571.3 Security 13 14% 294.2 12% 3 205.0 1 ‐ 989.2 Software Development Tools 12 13% 40.8 2% 9 33.4 0 ‐ 37.4 Application Management 8 8% 393.5 16% 2 170.0 0 ‐ 6223.5 Infrastructure 8 8% 154.8 6% 6 141.0 0 ‐ 213.8 Other* 22 23% 133.2 5% 7 36.0 2 ‐ 13 97.2 Total 95 100% 2,506.2 100% 41 1,870.8 6 0.0 48 635.4 *Other includes Collaboration, Credit/Risk, Data Management, Engineering, Financial, and HR
31 | M&A and Investment Summary July 2014 Software Public Company Valuation (1/3)
($ 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 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Advent Software, Inc. United States $31.93 ‐12% $ 1,643.3 $ 1,882.0 $ 391.5 $ 94.3 24.1% 5.6% 4.8x 20.0x Ebix Inc. United States 12.37 ‐31% 474.8 470.6 203.5 74.5 36.6% ‐2.2% 2.3x 6.3x Epiq Systems, Inc. United States 14.14 ‐16% 509.0 791.1 462.5 61.0 13.2% 21.7% 1.7x 13.0x Fidessa group plc United Kingdom 34.60 ‐25% 1,308.4 1,185.5 469.6 91.2 19.4% 0.1% 2.5x 13.0x Guidewire Software, Inc. United States 39.76 ‐31% 2,725.8 2,295.5 328.9 (2.1) NM 21.2% 7.0x NM Innovation Group plc United Kingdom 0.53 ‐15% 634.6 538.0 347.3 36.1 10.4% 3.8% 1.5x 14.9x Management Consulting Group PLC United Kingdom 0.37 ‐26% 180.4 261.1 435.8 34.9 8.0% ‐1.3% 0.6x 7.5x Model N, Inc. United States 9.71 ‐58% 240.3 138.7 97.2 (1.8) NM 4.7% 1.4x NM NetSuite Inc. * United States 83.93 ‐31% 6,361.7 6,142.3 476.6 (39.9) NM 33.4% 12.9x NM Performant Financial Corporation United States 9.55 ‐20% 462.8 502.6 264.6 88.4 33.4% 23.9% 1.9x 5.7x Q2 Holdings, Inc. United States 13.14 ‐24% 447.8 368.5 60.9 (15.8) NM 0.0% 6.1x NM RealPage, Inc. United States 15.94 ‐39% 1,255.7 1,213.6 388.6 54.5 14.0% 15.4% 3.1x 22.3x Solera Holdings Inc. United States 62.84 ‐12% 4,323.4 5,703.8 937.9 361.5 38.5% 14.7% 6.1x 15.8x SS&C Technologies Holdings, Inc. United States 42.93 ‐8% 3,559.5 4,154.1 736.6 287.0 39.0% 7.1% 5.6x 14.5x Tyler Technologies, Inc. * United States 90.55 ‐16% 2,974.5 2,885.6 454.8 93.2 20.5% 17.2% 6.3x 30.9x
Adjusted Weighted Average 5.1x 15.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.4x)
Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 15.47 ‐21% 2,776.6 3,284.2 1,366.3 13.3 1.0% ‐4.4% 2.4x NM athenahealth, Inc. * United States 121.59 ‐41% 4,616.0 4,723.4 672.1 61.3 9.1% 36.0% 7.0x 77.0x Cegedim SA France 34.06 ‐13% 474.8 1,121.9 1,201.8 159.1 13.2% ‐3.9% 0.9x 7.1x Cerner Corporation United States 54.44 ‐14% 18,567.0 17,733.6 3,074.9 806.3 26.2% 13.4% 5.8x 22.0x Computer Programs & Systems Inc. United States 62.10 ‐14% 696.1 672.1 203.2 56.6 27.9% 3.7% 3.3x 11.9x Craneware plc United Kingdom 8.88 ‐17% 236.3 205.2 42.5 11.9 27.9% 0.1% 4.8x 17.3x HealthEquity, Inc. United States 16.95 ‐15% 686.4 723.2 67.6 18.6 27.5% 0.0% 10.7x 38.8x McKesson Corporation United States 195.43 0% 45,261.4 53,615.4 149,428.0 3,352.0 2.2% 20.9% 0.4x 16.0x MedAssets, Inc. United States 21.09 ‐21% 1,267.3 2,056.9 683.1 202.5 29.6% 1.8% 3.0x 10.2x Medidata Solutions, Inc. * United States 43.86 ‐36% 2,372.6 2,389.7 305.4 25.2 8.2% 24.2% 7.8x 94.9x Merge Healthcare Incorporated United States 2.33 ‐49% 223.0 430.7 215.6 28.9 13.4% ‐12.3% 2.0x 14.9x Quality Systems Inc. United States 15.55 ‐36% 936.5 820.0 453.0 51.2 11.3% 0.3% 1.8x 16.0x Streamline Health Solutions, Inc. United States 4.71 ‐45% 85.5 93.5 29.0 (6.4) NM 16.8% 3.2x NM USMD Holdings, Inc. United States 9.89 ‐68% 100.3 137.9 245.8 4.7 1.9% 62.4% 0.6x 29.6x Veeva Systems Inc. United States 22.50 ‐54% 2,875.5 2,530.0 234.1 45.6 19.5% 58.3% 10.8x 55.4x
Adjusted Weighted Average 2.8x 19.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (59.3x)
32 | M&A and Investment Summary July 2014 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 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 51job Inc. China $74.47 ‐13% $ 4,407.4 $ 3,877.7 $ 269.2 $ 85.4 31.7% 14.8% 14.4x 45.4x Allocate Software plc. United Kingdom 1.95 ‐4% 133.3 110.3 67.2 10.7 15.9% 8.1% 1.6x 10.3x Benefitfocus, Inc. United States 38.11 ‐51% 955.2 904.4 111.6 (29.0) NM 29.0% 8.1x NM Castlight Health, Inc. * United States 12.23 ‐71% 1,094.6 934.7 27.7 (81.7) NM 0.0% 33.8x NM Concur Technologies, Inc. * United States 91.04 ‐30% 5,178.5 5,047.3 628.2 29.3 4.7% 30.6% 8.0x 172.5x Cornerstone OnDemand, Inc. United States 40.31 ‐35% 2,142.3 2,070.5 204.9 (31.8) NM 55.7% 10.1x NM Dice Holdings, Inc. United States 8.73 ‐6% 468.6 565.3 238.3 67.1 28.2% 17.2% 2.4x 8.4x LinkedIn Corporation United States 201.78 ‐22% 24,800.8 22,439.0 1,847.2 196.4 10.6% 48.5% 12.1x 114.3x Monster Worldwide, Inc. United States 6.49 ‐24% 590.7 756.1 793.7 100.0 12.6% ‐8.6% 1.0x 7.6x Paycom Software, Inc. United States 12.65 ‐29% 645.7 719.3 117.0 14.6 12.5% 0.0% 6.1x 49.2x Paylocity Holding Corporation United States 19.19 ‐38% 951.1 862.2 100.3 2.0 2.0% 0.0% 8.6x NM Saba Software, Inc. United States 12.35 ‐11% 367.9 353.7 121.3 (10.5) NM 7.7% 2.9x NM The Ultimate Software Group, Inc. United States 130.50 ‐24% 3,699.5 3,618.5 458.1 66.4 14.5% 23.7% 7.9x 54.5x Workday, Inc. United States 82.65 ‐29% 15,290.3 13,908.3 537.0 (132.1) NM 74.1% 25.9x NM
Adjusted Weighted Average 14.7x 94.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (28.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (116.1x)
Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Absolute Software Corporation Canada $6.21 ‐16% $ 272.3 $ 206.7 $ 89.6 $ 20.8 23.2% 11.0% 2.3x 10.0x AVG Technologies N.V. Netherlands 17.05 ‐36% 893.7 848.6 383.6 129.0 33.6% ‐3.0% 2.2x 6.6x Check Point Software Technologies Ltd. Israel 66.59 ‐5% 12,704.7 11,471.2 1,436.0 786.0 54.7% 5.3% 8.0x 14.6x Cisco Systems, Inc. United States 25.00 ‐6% 128,067.3 98,507.3 47,202.0 12,871.0 27.3% ‐1.4% 2.1x 7.7x Cheetah Mobile Inc. * China 20.66 ‐17% 2,646.9 2,638.2 150.4 19.2 12.8% 0.0% 17.5x 137.2x FireEye, Inc. * United States 32.88 ‐66% 4,770.6 4,186.1 207.1 (208.1) NM 111.5% 20.2x NM Fortinet Inc. United States 24.18 ‐8% 3,943.0 3,384.9 685.1 84.9 12.4% 20.0% 4.9x 39.9x Gemalto NV Netherlands 97.08 ‐21% 8,375.3 7,778.5 3,207.7 504.4 15.7% 6.4% 2.4x 15.4x Imperva Inc. United States 25.25 ‐62% 664.1 564.6 147.8 (42.3) NM 25.2% 3.8x NM Imprivata, Inc. United States 14.47 ‐15% 330.1 325.7 76.3 (9.2) NM 0.0% 4.3x NM Infoblox Inc. United States 11.92 ‐76% 649.6 387.9 248.5 (3.7) NM 20.0% 1.6x NM Juniper Networks, Inc. United States 23.27 ‐19% 11,024.4 9,753.0 4,858.8 836.8 17.2% 8.7% 2.0x 11.7x NQ Mobile Inc. * China 6.55 ‐75% 349.5 248.3 196.7 1.5 0.7% 114.3% 1.3x 170.2x Palo Alto Networks, Inc. United States 78.67 ‐8% 6,063.6 5,695.7 532.3 (27.7) NM 48.1% 10.7x NM Proofpoint, Inc. United States 33.89 ‐26% 1,264.1 1,196.0 164.4 (24.8) NM 39.0% 7.3x NM Qihoo 360 Technology Co. Ltd. China 90.52 ‐27% 11,398.9 11,121.9 826.4 246.6 29.8% 123.6% 13.5x 45.1x Symantec Corporation United States 23.17 ‐15% 16,049.2 14,060.2 6,676.0 1,944.0 29.1% ‐3.3% 2.1x 7.2x Trend Micro Inc. Japan 35.55 ‐13% 4,763.1 3,785.7 1,073.3 372.5 34.7% 13.5% 3.5x 10.2x VeriSign, Inc. United States 53.20 ‐16% 6,651.1 6,473.8 988.5 607.8 61.5% 6.3% 6.5x 10.7x
Adjusted Weighted Average 3.6x 11.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (17.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (90.8x) 33 | M&A and Investment Summary July 2014 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 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $76.00 ‐15% $ 7,042.4 $ 6,184.8 $ 878.8 $ 411.4 46.8% 8.4% 7.0x 15.0x Autodesk, Inc. * United States 53.34 ‐9% 12,154.4 10,781.3 2,296.0 392.2 17.1% 0.1% 4.7x 27.5x Aveva Group plc United Kingdom 32.99 ‐27% 2,106.5 1,908.6 399.5 120.6 30.2% 7.8% 4.8x 15.8x Dassault Systemes SA France 66.51 ‐3% 16,788.3 15,517.1 2,844.1 812.7 28.6% 2.3% 5.5x 19.1x
Adjusted Weighted Average 5.5x 17.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.1x)
Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. * United States $68.94 ‐8% $ 34,289.0 $ 32,465.1 $ 4,105.1 $ 747.8 18.2% ‐3.5% 7.9x 43.4x CA Technologies, Inc. United States 28.47 ‐21% 12,670.9 11,319.9 4,489.0 1,425.0 31.7% ‐1.6% 2.5x 7.9x CommVault Systems, Inc. United States 48.91 ‐46% 2,216.4 1,817.8 604.6 103.6 17.1% 16.5% 3.0x 17.5x Covisint Corporation United States 4.12 ‐72% 154.9 111.8 94.6 (40.8) NM 0.4% 1.2x NM Daegis Inc. United States 1.15 ‐30% 18.8 26.6 31.0 3.7 11.9% ‐23.0% 0.9x 7.2x Endurance International Group Holdings, Inc. * United States 12.55 ‐23% 1,620.0 2,645.1 543.3 69.3 12.8% 47.2% 4.9x 38.1x Guidance Software, Inc. United States 7.64 ‐34% 220.5 199.4 109.0 (11.9) NM ‐16.4% 1.8x NM IBM Corporation United States 189.15 ‐5% 188,694.5 225,575.5 98,267.0 25,160.0 25.6% ‐4.0% 2.3x 9.0x Informatica Corporation United States 31.36 ‐28% 3,443.1 2,756.9 1,005.2 184.5 18.4% 16.6% 2.7x 14.9x IntraLinks Holdings, Inc. * United States 7.89 ‐37% 444.2 456.4 238.7 11.3 4.7% 8.1% 1.9x 40.3x NetSuite Inc. * United States 83.93 ‐31% 6,361.7 6,142.3 476.6 (39.9) NM 33.4% 12.9x NM Opera Software ASA Norway 11.72 ‐23% 1,670.9 1,591.7 325.1 82.0 25.2% 40.7% 4.9x 19.4x Oracle Corporation United States 39.61 ‐8% 176,458.2 162,375.2 38,275.0 16,717.0 43.7% 2.9% 4.2x 9.7x Rally Software Development Corp. United States 9.95 ‐70% 247.4 161.6 77.7 (18.7) NM 29.7% 2.1x NM Salesforce.com, Inc United States 53.48 ‐20% 32,836.7 34,250.6 4,405.1 (32.8) NM 35.7% 7.8x NM ServiceNow, Inc. * United States 56.67 ‐21% 8,163.9 7,915.4 542.3 (83.6) NM 65.5% 14.6x NM Textura Corporation United States 24.48 ‐48% 609.1 538.1 53.3 (26.3) NM 0.0% 10.1x NM TIBCO Software Inc. United States 19.29 ‐29% 3,195.9 3,163.0 1,091.5 196.1 18.0% 5.4% 2.9x 16.1x Varonis Systems, Inc. United States 21.14 ‐63% 517.0 391.1 79.5 (8.9) NM 43.7% 4.9x NM
Adjusted Weighted Average 3.9x 9.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (34.0x)
34 | M&A and Investment Summary July 2014 Information & Business Services
. Strategic and Buyout acquisitions accounted for 95 percent of reported value during the month . IT Consulting/Systems Integration was the most active subsegment with 11 transactions announced, worth $50 million . Select acquisitions: • Onex Partners’ $1.3 billion purchase of York Risk Services Group, a provider of risk management services • The $310 million purchase of logistics services provider Transport Americe by TransForce • Bridgepoint Development Capital’s $72 million purchase of PhlexGlobal, which provides document management solutions and market research . Select investments: • The $25 million Frontier Capital‐led investment in NetDocuments, which provides docment management services to law firms
INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting/Systems Integration 11 26% $49.9 3% 6 $28.2 2 ‐ 3$21.7 Market Research 5 12% 38.9 2% 3 20.0 0 ‐ 218.9 Financial Information 3 7% 2.8 0% 2 2.8 0 ‐ 1 ‐ Healthcare Information 3 7% 77.4 4% 1 5.6 1 71.8 1 ‐ Printing Services 3 7% ‐ 0% 1 ‐ 1 ‐ 1 ‐ Corporate Training 2 5% ‐ 0% 2 ‐ 0 ‐ 0 ‐ Credit/Risk Management Information 2 5% 8.0 0% 1 ‐ 0 ‐ 18.0 Other* 14 33% 1,678.0 90% 9 310.0 2 1,325.0 3 43.0 Total 43 100% 1,855.0 100% 25 366.6 6 1,396.8 12 91.6
*Other includes Credit/Risk Consulting, Financial Consulting, Geo‐Demo Information, Healthcare Consulting, HR Consulting, HR Information, Legal Information, Logistics, Management Consulting, Product/Price, and Staffing
35 | M&A and Investment Summary July 2014 Information Services Public Company Valuation (1/2)
($ 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 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $40.52 ‐4% $ 4,889.5 $ 5,169.1 $ 2,537.2 $ 516.5 20.4% 7.2% 2.0x 10.0x Computershare Limited Australia 12.02 ‐2% 6,684.1 7,792.9 2,012.1 454.9 22.6% 0.3% 3.9x 17.1x CoreLogic, Inc. United States 26.96 ‐26% 2,457.1 3,779.2 1,311.0 236.6 18.0% 12.3% 2.9x 16.0x CoStar Group Inc. * United States 143.06 ‐34% 4,621.0 4,571.1 494.7 128.1 25.9% 20.9% 9.2x 35.7x DST Systems Inc. United States 90.07 ‐10% 3,575.8 4,164.2 2,682.4 420.4 15.7% 2.0% 1.6x 9.9x Dun & Bradstreet Corp. United States 110.03 ‐12% 4,072.9 5,325.3 1,656.1 503.0 30.4% 0.9% 3.2x 10.6x Envestnet, Inc. * United States 43.65 ‐13% 1,486.3 1,433.8 274.4 28.8 10.5% 60.3% 5.2x 49.8x Equifax Inc. United States 75.60 ‐3% 9,206.4 10,705.3 2,348.9 837.1 35.6% 6.4% 4.6x 12.8x Experian plc Ireland 16.98 ‐21% 16,832.6 20,857.5 4,840.0 1,677.0 34.6% 2.3% 4.3x 12.4x FactSet Research Systems Inc. United States 120.72 ‐2% 5,079.1 4,945.0 901.0 330.7 36.7% 6.4% 5.5x 15.0x Fair Isaac Corporation United States 55.78 ‐15% 1,793.3 2,230.2 757.7 197.1 26.0% 2.5% 2.9x 11.3x Fidelity National Information Services, Inc. United States 56.10 ‐2% 16,145.4 20,453.2 6,200.0 1,594.4 25.7% 4.6% 3.3x 12.8x Financial Engines, Inc. * United States 37.54 ‐47% 1,942.9 1,661.6 263.0 59.2 22.5% 24.4% 6.3x 28.1x McGraw Hill Financial, Inc. United States 79.27 ‐7% 21,474.2 21,513.2 5,025.0 1,825.0 36.3% 5.3% 4.3x 11.8x Moody's Corporation United States 86.99 ‐8% 18,372.3 18,640.1 3,125.4 1,449.5 46.4% 6.7% 6.0x 12.9x Morningstar Inc. United States 68.25 ‐21% 3,052.3 2,831.3 724.5 218.1 30.1% 7.2% 3.9x 13.0x MSCI Inc. United States 44.36 ‐6% 5,177.0 5,719.4 1,081.7 448.4 41.5% 12.7% 5.3x 12.8x Reis, Inc. United States 21.69 ‐7% 240.8 224.4 38.1 9.4 24.7% 15.1% 5.9x 23.9x SEI Investments Co. United States 35.63 ‐2% 5,977.5 5,445.3 1,200.9 324.5 27.0% 13.3% 4.5x 16.8x Thomson Reuters Corporation United States 37.56 ‐3% 30,187.7 37,696.8 12,653.0 2,568.0 20.3% ‐1.8% 3.0x 14.7x Verisk Analytics, Inc. United States 59.47 ‐14% 9,900.3 10,752.4 1,661.8 755.2 45.4% 14.2% 6.5x 14.2x
Adjusted Weighted Average 4.2x 13.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.0x) ($ in Millions, except stock price data)
Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $18.39 ‐53% $ 1,416.8 $ 1,315.9 $ 1,097.5 $ 199.3 18.2% ‐0.2% 1.2x 6.6x Alliance Data Systems Corporation United States 259.31 ‐14% 14,056.7 24,051.5 4,735.7 1,327.0 28.0% 19.4% 5.1x 18.1x Brainjuicer Group Plc United Kingdom 5.89 ‐36% 74.4 64.0 41.2 6.4 15.6% 17.5% 1.6x 10.0x Cello Group Plc United Kingdom 1.53 ‐4% 129.2 135.2 268.7 16.3 6.1% 18.2% 0.5x 8.3x Cision AB Sweden 8.45 ‐11% 125.5 152.6 121.3 14.4 11.9% ‐5.2% 1.3x 10.6x comScore, Inc. * United States 36.21 ‐7% 1,262.3 1,233.6 294.9 25.3 8.6% 12.7% 4.2x 48.8x Cross Marketing Inc. Japan 6.10 ‐15% 109.9 108.7 67.8 8.7 12.8% 25.6% 1.6x 12.5x Ebiquity plc United Kingdom 2.04 ‐11% 145.2 185.0 115.2 20.4 17.7% 6.9% 1.6x 9.1x GfK SE Germany 44.66 ‐28% 1,630.2 2,200.7 1,989.9 306.7 15.4% ‐2.4% 1.1x 7.2x Harte‐ Hanks Inc. United States 6.78 ‐30% 425.6 436.0 560.2 56.4 10.1% ‐26.1% 0.8x 7.7x InnerWorkings Inc. * United States 8.26 ‐33% 426.7 490.6 927.9 19.1 2.1% 15.2% 0.5x 25.6x
36 | M&A and Investment Summary July 2014 Information Services Public Company Valuation (2/2)
($ in Millions, except stock price data)
Marketing Information (Contd.) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Intage Holdings Inc. Japan 14.63 ‐1% $ 294.2 $ 264.4 $ 414.6 $ 50.3 12.1% 6.5% 0.6x 5.3x Ipsos SA France 27.03 ‐42% 1,223.4 1,974.4 2,235.5 261.8 11.7% ‐5.2% 0.9x 7.5x NeuStar, Inc. United States 27.55 ‐51% 1,545.4 2,093.0 932.6 350.3 37.6% 8.2% 2.2x 6.0x Nielsen N.V. Netherlands 46.37 ‐7% 17,634.3 24,109.3 6,081.0 1,422.0 23.4% 10.6% 4.0x 17.0x Onvia Inc. United States 4.81 ‐13% 35.6 28.7 22.1 (0.4) NM 0.8% 1.3x NM Pearson plc United Kingdom 19.14 ‐18% 15,509.5 19,170.2 8,290.8 1,294.3 15.6% ‐1.6% 2.3x 14.8x Rentrak Corporation * United States 49.96 ‐28% 613.9 592.8 75.6 (6.5) NM 32.6% 7.8x NM YouGov PLC United Kingdom 1.94 ‐11% 191.0 180.9 109.6 8.3 7.5% 11.6% 1.7x 21.9x
Adjusted Weighted Average 3.4x 15.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.7x)
Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.96 ‐26% $ 136.0 $ 152.8 $ 123.9 $ 9.6 7.7% 2.2% 1.2x 15.9x Corporate Executive Board Co. United States 61.52 ‐24% 2,079.3 2,494.8 865.0 180.1 20.8% 14.8% 2.9x 13.9x Forrester Research Inc. United States 38.43 ‐7% 723.2 566.0 303.4 30.1 9.9% 3.5% 1.9x 18.8x Gartner Inc. United States 68.50 ‐9% 6,180.4 6,257.9 1,824.2 310.8 17.0% 10.3% 3.4x 20.1x IHS Inc. United States 131.74 ‐6% 8,974.6 10,621.5 2,132.4 462.8 21.7% 33.2% 5.0x 22.9x Informa plc Switzerland 8.25 ‐15% 4,977.9 6,319.2 1,915.3 579.7 30.3% 2.3% 3.3x 10.9x National Research Corp. United States 40.00 ‐11% 414.3 397.8 93.7 29.7 31.7% 5.4% 4.2x 13.4x Markit Ltd. United Kingdom 25.00 ‐9% 4,471.7 5,050.4 979.9 369.8 37.7% 10.8% 5.2x 13.7x NIC Inc. United States 16.60 ‐36% 1,082.6 1,001.0 253.5 65.7 25.9% 13.8% 3.9x 15.2x Premier, Inc. United States 28.54 ‐27% 924.0 692.8 810.7 282.6 34.9% ‐1.0% 0.9x 2.5x Proofpoint, Inc. * United States 33.89 ‐26% 1,264.1 1,196.0 164.4 (24.8) NM 39.0% 7.3x NM Reed Elsevier plc (1) United Kingdom 15.94 ‐4% 42,277.0 49,216.4 9,944.2 3,154.3 31.7% 6.6% 4.9x 15.6x Solera Holdings Inc. United States 62.84 ‐12% 4,323.4 5,703.8 937.9 361.5 38.5% 14.7% 6.1x 15.8x Tarsus Group plc Ireland 3.63 ‐15% 363.9 431.6 122.9 42.0 34.2% 25.0% 3.5x 10.3x TechTarget, Inc. * United States 7.63 ‐16% 249.5 220.9 91.9 6.7 7.2% ‐4.1% 2.4x 33.2x The Advisory Board Company * United States 47.63 ‐32% 1,728.8 1,692.4 539.2 63.4 11.8% 14.7% 3.1x 26.7x UBM plc United Kingdom 10.51 ‐17% 2,580.6 3,416.6 1,292.1 329.5 25.5% ‐3.0% 2.6x 10.4x Wolters Kluwer NV Netherlands 27.57 ‐8% 8,169.0 11,178.5 4,752.6 1,172.4 24.7% ‐1.8% 2.4x 9.5x
Adjusted Weighted Average 4.3x 15.4x
(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 (6.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.0x)
37 | M&A and Investment Summary July 2014 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 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CRA International Inc. United States 23.71 ‐5% 234.8 207.2 304.5 30.1 9.9% 16.3% 0.7x 6.9x FTI Consulting, Inc. United States 37.09 ‐21% 1,518.7 2,141.3 1,710.5 226.7 13.3% 6.4% 1.3x 9.4x Information Services Group, Inc. United States 4.44 ‐23% 165.6 196.1 208.6 18.9 9.1% 5.9% 0.9x 10.4x Navigant Consulting Inc. United States 16.21 ‐18% 791.7 970.7 725.8 111.3 15.3% ‐1.4% 1.3x 8.7x ICF International Inc. United States 34.43 ‐22% 686.6 793.6 960.4 87.0 9.1% 1.8% 0.8x 9.1x Huron Consulting Group Inc. United States 60.45 ‐17% 1,359.7 1,530.2 806.2 167.1 20.7% 19.1% 1.9x 9.2x The Hackett Group, Inc. * United States 5.98 ‐20% 178.7 194.8 200.9 17.2 8.5% 0.7% 1.0x 11.3x Towers Watson & Co. United States 101.12 ‐23% 7,108.7 6,688.7 3,602.5 667.1 18.5% 5.2% 1.9x 10.0x
Adjusted Weighted Average 1.7x 9.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.0x)
HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 81.54 ‐3% 39,310.6 39,678.9 12,206.5 2,552.2 20.9% 7.9% 3.3x 15.5x Barrett Business Services Inc. United States 55.42 ‐46% 397.7 323.0 578.7 27.5 4.8% 24.4% 0.6x 11.7x Capita plc United Kingdom 19.86 ‐5% 13,084.9 16,161.0 6,982.1 955.0 13.7% 16.4% 2.3x 16.9x Dice Holdings, Inc. United States 8.73 ‐6% 468.6 565.3 238.3 67.1 28.2% 17.2% 2.4x 8.4x Edenred SA France 31.50 ‐13% 7,123.3 8,087.5 1,259.7 393.5 31.2% ‐3.6% 6.4x 20.6x Insperity, Inc. United States 31.19 ‐21% 795.0 582.7 2,298.6 67.4 2.9% 4.3% 0.3x 8.6x LinkedIn Corporation * United States 201.78 ‐22% 24,800.8 22,439.0 1,847.2 196.4 10.6% 48.5% 12.1x 114.3x Marsh & McLennan Companies, Inc. United States 50.60 ‐6% 27,627.6 29,167.6 12,611.0 2,588.0 20.5% 4.6% 2.3x 11.3x Monster Worldwide, Inc. United States 6.49 ‐24% 590.7 756.1 793.7 100.0 12.6% ‐8.6% 1.0x 7.6x Paychex, Inc. United States 41.02 ‐11% 14,894.3 14,343.1 2,518.9 1,087.7 43.2% 8.3% 5.7x 13.2x Professional Diversity Network LLC United States 5.75 0% 36.3 18.0 4.4 (2.3) NM ‐21.7% 4.1x NM Towers Watson & Co. United States 101.12 ‐23% 7,108.7 6,688.7 3,602.5 667.1 18.5% 5.2% 1.9x 10.0x TriNet Group, Inc. United States 24.34 ‐12% 1,680.6 2,160.2 1,802.1 149.4 8.3% 0.0% 1.2x 14.5x WageWorks, Inc. United States 46.34 ‐32% 1,626.8 1,302.9 225.8 42.0 18.6% 19.4% 5.8x 31.0x
Adjusted Weighted Average 3.3x 14.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (50.3x)
38 | M&A and Investment Summary July 2014 Business Services Public Company Valuation (2/3)
($ in Millions, except stock price data)
IT Consulting/Systems Integration Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 78.70 ‐8% $ 49,678.7 $ 46,195.5 $ 29,311.7 $ 4,529.5 15.5% 3.5% 1.6x 10.2x Amdocs Limited Channel Islands 45.31 ‐8% 7,232.3 6,057.7 3,508.6 642.7 18.3% 5.6% 1.7x 9.4x Bechtle AG Germany 78.01 ‐13% 1,638.2 1,566.8 3,150.8 157.8 5.0% 10.5% 0.5x 9.9x Booz Allen Hamilton Holding Corporation United States 22.18 ‐12% 3,240.1 4,575.8 5,373.3 531.2 9.9% ‐6.6% 0.9x 8.6x Broadridge Financial Solutions, Inc. United States 40.52 ‐4% 4,889.5 5,169.1 2,537.2 516.5 20.4% 7.2% 2.0x 10.0x Business & Decision SA France 6.10 ‐19% 48.1 85.6 269.8 13.7 5.1% ‐9.7% 0.3x 6.3x Cap Gemini S.A. France 72.40 ‐7% 11,454.3 11,316.0 13,648.0 1,328.1 9.7% 0.2% 0.8x 8.5x CGI Group, Inc. Canada 35.44 ‐7% 10,985.7 13,211.6 9,598.1 1,496.4 15.6% 13.4% 1.4x 8.8x Cognizant Technology Solutions Corporation * United States 49.29 ‐9% 29,990.7 26,125.7 9,244.8 1,955.0 21.1% 20.8% 2.8x 13.4x Computer Sciences Corporation United States 62.65 ‐4% 9,121.3 9,595.3 12,998.0 1,969.0 15.1% ‐8.4% 0.7x 4.9x CSG Systems International Inc. United States 26.96 ‐16% 919.1 989.9 753.3 124.6 16.5% ‐0.2% 1.3x 7.9x Digi International Inc. United States 8.09 ‐37% 205.3 117.0 192.5 13.3 6.9% 0.6% 0.6x 8.8x Information Services Group, Inc. United States 4.44 ‐23% 165.6 196.1 208.6 18.9 9.1% 5.9% 0.9x 10.4x International Business Machines Corporation United States 189.15 ‐5% 188,694.5 225,575.5 98,267.0 25,160.0 25.6% ‐4.0% 2.3x 9.0x Infosys Ltd. India 54.83 ‐13% 31,328.4 26,664.8 8,391.0 2,321.0 27.7% 9.9% 3.2x 11.5x iSoftStone Holdings Limited * China 5.58 ‐1% 326.0 435.3 471.6 29.9 6.3% 20.7% 0.9x 14.6x ITS Group France 11.20 ‐6% 85.0 98.5 154.6 11.4 7.4% 23.8% 0.6x 8.6x NCI, Inc. United States 8.42 ‐36% 109.1 96.4 324.7 18.7 5.8% ‐7.9% 0.3x 5.2x NTT Data Corporation Japan 37.55 ‐11% 10,532.3 12,562.0 13,512.6 1,955.1 14.5% 0.0% 0.9x 6.4x Perficient Inc. United States 16.86 ‐30% 580.4 644.8 391.0 52.3 13.4% 16.8% 1.6x 12.3x Tata Consultancy Services Limited * India 41.30 ‐4% 80,903.4 78,698.4 14,104.8 4,318.3 30.6% 30.0% 5.6x 18.2x Wipro Ltd. India 8.80 ‐12% 21,554.9 18,985.3 7,357.7 1,685.1 22.9% 18.2% 2.6x 11.3x
Adjusted Weighted Average 2.1x 9.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.8x) ($ in Millions, except stock price data)
Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation * United States $5.55 ‐50% $ 44.7 $ 52.4 $ 87.3 $ 1.7 1.9% 5.2% 0.6x 31.1x Cenveo Inc. United States 3.43 ‐13% 227.6 1,418.6 1,849.3 147.1 8.0% 8.3% 0.8x 9.6x Communisis plc United Kingdom 1.01 ‐20% 201.6 262.6 535.7 37.1 6.9% 33.5% 0.5x 7.1x Cineplex Inc. Canada 35.55 ‐14% 2,238.9 2,573.6 1,102.6 178.9 16.2% 10.2% 2.3x 14.4x Contax Participacoes S.A. Brazil 1.39 ‐21% 575.0 942.0 1,581.6 190.3 12.0% ‐0.5% 0.6x 4.9x Convergys Corporation United States 19.26 ‐21% 1,954.4 2,435.9 2,158.3 272.6 12.6% 7.9% 1.1x 8.9x Elanders AB Sweden 5.72 ‐21% 151.7 289.9 415.3 37.1 8.9% 43.5% 0.7x 7.8x Eniro AB Sweden 3.20 ‐67% 320.3 672.2 504.7 124.1 24.6% ‐9.2% 1.3x 5.4x Exlservice Holdings, Inc. United States 27.78 ‐12% 910.3 743.8 488.0 89.2 18.3% 5.6% 1.5x 8.3x Firstsource Solutions Limited India 0.61 ‐11% 405.2 575.3 515.8 60.9 11.8% 10.0% 1.1x 9.5x Genpact Limited Bermuda 17.51 ‐18% 3,787.7 4,246.3 2,183.1 380.9 17.4% 7.1% 1.9x 11.1x InnerWorkings Inc. * United States 8.26 ‐33% 426.7 490.6 927.9 19.1 2.1% 15.2% 0.5x 25.6x
39 | M&A and Investment Summary July 2014 Business Services Public Company Valuation (3/3)
($ in Millions, except stock price data)
Outsourced Services (Contd.) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Luxoft Holding, Inc. SwitzerlandSwitzerland 32.03 ‐26% $ 1,052.2 $ 1,035.3 $ 398.3 $ 72.8 18.3% 26.6% 2.6x 14.2x MAXIMUS, Inc. United States 40.86 ‐19% 2,766.1 2,636.1 1,564.3 253.9 16.2% 32.6% 1.7x 10.4x Quad/Graphics, Inc. United States 20.99 ‐43% 1,024.4 2,479.1 4,769.2 570.9 12.0% 12.6% 0.5x 4.3x Quintiles Transnational Holdings Inc. United States 55.04 ‐4% 7,005.3 8,436.9 3,977.4 635.8 16.0% 6.6% 2.1x 13.3x R.R. Donnelley & Sons Company United States 16.99 ‐20% 3,394.6 6,961.4 10,946.5 1,141.7 10.4% 6.5% 0.6x 6.1x Salmat Limited Australia 1.69 ‐21% 266.9 204.4 425.1 31.4 7.4% ‐6.4% 0.5x 6.5x Serco Group plc United Kingdom 5.82 ‐46% 3,128.5 4,394.2 7,217.2 444.8 6.2% 5.6% 0.6x 9.9x St Ives plc United Kingdom 3.51 ‐7% 438.4 459.3 544.1 82.8 15.2% ‐1.8% 0.8x 5.5x StarTek, Inc. United States 7.07 ‐10% 108.7 103.9 240.7 9.9 4.1% 19.7% 0.4x 10.5x Sykes Enterprises, Incorporated United States 20.36 ‐13% 894.3 779.8 1,286.6 119.7 9.3% 11.8% 0.6x 6.5x Teleperformance S.A. France 67.64 ‐5% 3,864.8 3,764.8 3,332.8 405.6 12.2% 2.7% 1.1x 9.3x TeleTech Holdings Inc. United States 27.36 ‐9% 1,352.5 1,344.7 1,207.0 156.8 13.0% 4.2% 1.1x 8.6x Trans Cosmos, Inc. Japan 20.05 ‐13% 824.9 584.4 1,818.9 111.8 6.1% 12.1% 0.3x 5.2x Transcom WorldWide SA Sweden 0.17 ‐21% 207.6 280.0 843.8 34.5 4.1% ‐3.0% 0.3x 8.1x Transcontinental Inc. Canada 12.68 ‐19% 987.5 1,307.3 1,891.5 347.9 18.4% ‐3.8% 0.7x 3.8x Vistaprint N.V. Netherlands 48.95 ‐16% 1,582.5 1,983.5 1,270.2 158.2 12.5% 8.8% 1.6x 12.5x West Corporation United States 26.80 ‐4% 2,249.7 5,776.6 2,720.2 678.0 24.9% 1.9% 2.1x 8.5x Xchanging PLC United Kingdom 2.82 ‐12% 687.8 530.6 1,044.7 101.2 9.7% ‐10.4% 0.5x 5.2x
Adjusted Weighted Average 1.7x 5.2x
*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 (19.6x)
40 | M&A and Investment Summary July 2014 PPLLC Indices Valuation Summary
Current Summary Trading Valuation Information
Revenue Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 7.0x 2.1x 7.9x 7.8x Digital Advertising 3.8x 2.2x 5.4x 5.0x Marketing Technology 4.5x 3.7x 4.2x 4.0x Agency 1.0x 1.1x 1.4x 1.4x Marketing Services 1.4x 1.2x 2.8x 1.9x Traditional Media 2.7x 2.4x 3.2x 3.0x Technology 3.0x 2.4x 3.7x 3.7x Communications 2.1x 1.5x 2.2x 2.0x Software 5.9x 4.7x 4.9x 4.4x Information 3.5x 3.3x 4.3x 4.2x Business Services 1.3x 0.8x 2.7x 2.0x
EBITDA Multiples Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* Digital Media/Commerce 32.0x 14.2x 28.0x 24.6x Digital Advertising 21.9x 17.3x 17.9x 16.6x Marketing Technology 51.7x 19.1x 15.2x 13.2x Agency 10.7x 9.5x 9.9x 9.7x Marketing Services 10.9x 7.9x 11.2x 12.1x Traditional Media 11.7x 10.6x 11.1x 11.1x Technology 20.7x 11.0x 12.2x 11.7x Communications 33.9x 13.5x 12.7x 11.0x Software 30.3x 15.8x 16.9x 13.7x Information 16.1x 13.4x 15.3x 14.5x Business Services 12.0x 9.8x 18.0x 11.5x
As of close of business on 08/01/14
*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
41 | M&A and Investment Summary July 2014 PPLLC Indices LTM Share Pricing Trends
Digital Media/Commerce and Traditional Media Digital Advertising 170 LTM Index Performance 170 LTM Index Performance
155 155 (%) (%)
• •
S&P 500 – 13.1% S&P 500 – 13.1% 140 140 • Digital Media/Commerce – • Digital Advertising – 24.6% 125 29.0% 125 Performance Performance
110 110 • Traditional Media – 17.5%
Index 95 Index 95
80 80 Aug‐13 Oct‐13 Dec‐13 Feb‐14 Apr‐14 Jun‐14 Aug‐13 Oct‐13 Dec‐13 Feb‐14 Apr‐14 Jun‐14
S&P 500 Digital Media/Commerce Traditional Media S&P 500 Digital Advertising
Marketing Technology Agency & Marketing Services 130 LTM Index Performance 155 LTM Index Performance
120 (%) 140 • S&P 500 – 13.1% • S&P 500 – 13.1% (%)
110 • Marketing Technology – 8.3% 125 • Agency – 7.6%
100 110 Performance
• Marketing Services – 14.9% Performance
90 95 Index Index
80 80 Aug‐13 Oct‐13 Dec‐13 Feb‐14 Apr‐14 Jun‐14 Aug‐13 Oct‐13 Dec‐13 Feb‐14 Apr‐14 Jun‐14
S&P 500 Marketing Technology S&P 500 Agency Marketing Services
Note: LTM as of 7/31/14 42 | M&A and Investment Summary July 2014 PPLLC Indices LTM Share Pricing Trends
Technology Communications
130 LTM Index Performance 140 LTM Index Performance
130 • S&P 500 – 13.1% (%) • S&P 500 – 13.1% 120 (%)
120 110 • Technology – 21.5% • Communications – 9.1% 110
100 Performance
Performance
100
90 Index 90 Index
80 80 Aug‐13 Oct‐13 Dec‐13 Feb‐14 Apr‐14 Jun‐14 Aug‐13 Oct‐13 Dec‐13 Feb‐14 Apr‐14 Jun‐14 S&P 500 Communications S&P 500 Technology
Software Information & Business Services 130 LTM Index Performance LTM Index Performance 150
120 • S&P 500 – 13.1% 140 • S&P 500 – 13.1% (%)
(%) 130 110 • Software – 7.2% • Information – 11.8%
120 100 • Business Services – 7.2% Performance 110 Performance 90 Index 100 Index 80 90 Aug‐13 Oct‐13 Dec‐13 Feb‐14 Apr‐14 Jun‐14 Aug‐13 Oct‐13 Dec‐13 Feb‐14 Apr‐14 Jun‐14
S&P 500 Software S&P 500 Information Business Services
Note: LTM as of 7/31/14 43 | M&A and Investment Summary July 2014 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed Trulia, Inc. Digital Advertising Zillow, Inc.$ 3,326.2 BGC Partners Inc., e‐speed Platform Technology & Communications The Nasdaq OMX Group, Inc. 1,230.7 ITV plc Traditional Media Liberty Global, Inc. 824.0 NQ Mobile, Inc. Marketing Technology Bison Capi tal Holding Compa ny Limited 773.0 Van Wagner Communications Billboard Business Traditional Media CBS Outdoor Americas, Inc. 690.0 Aegis Business Group, Inc. Software Teleperformance 610.0 Wotif.com Digital Media/Commerce Expedia, Inc. 606.2 Forbes Media Traditional Media Integrated Whale Media Investments 475.0 RelateIQ Marketing Technology Salesforce.com 390.0 M+W Process Automation GmbH and ProFocus LLC Software ATS Automation Tooling Systems, Inc. 338.4 Quintiq Software Dassault Systemes 337.0 Transport America Information & Business Services TransForce, Inc. 310.0 Vitacost.com Digital Media/Commerce Kroger Compa ny 272.4 Flurry, Inc. Digital Advertising Yahoo!, Inc. 250.0 Retail Decisions Plc Software ACI Worldwide, Inc. 205.0 Viator, Inc. Digital Advertising TripAdvisor, Inc. 200.0 Bizo, Inc. Digital Advertising LinkedIn Corporation 175.0 Axeda Corporation Software PTC, Inc. 170.0 ZipRealty, Inc. Digital Advertising Realogy Holdings Corporation 166.0 SpotXchange, LLC Digital Advertising RTL Group 144.0 Foster + Partners Agency & Ma rketing Services Foster + Partners 119.7 Ci e Games, Inc. Digital Media/Commerce Glu Mobile, Inc. 100.0 Neebula Systems Ltd. Software ServiceNow 100.0 MoboTap, Inc. Digital Media/Commerce Changyou.com Limited 91.0 Viral Spiral Digital Advertising Rightster Ltd. 85.6 Bona Film Group Limited Traditional Media Bona Film Group Limited 71.4 Ci trus Lane, Inc. Digital Media/Commerce Care.com, Inc. 48.6 All Homes Pty Ltd. Digital Advertising Fairfax Media Ltd. 47.0 The Providence Journal Company Traditional Media New Media Investment Group, Inc. 46.0 Sensor Platforms, Inc. Software Audience, Inc. 41.0 Total Objects Limited Software Xchanging plc. 36.0 Genieo Innovation Ltd. Software Somoto Ltd. 33.4 Swell Digital Media/Commerce Apple Inc. 30.0 iPass Inc., Unity Managed Network Services Division Information & Business Services Tolt Solutions 28.2 What's On Marketing Technology Tribune Digital Ventures 27.0 Voxmobili S.A. Marketing Technology Synchronoss Technologies, Inc. 26.0 Radvision Ltd., Technology Business Unit Technology & Communications Spirent Communications plc 25.0 RealNet Canada, Inc. Information & Business Services Altus Group Limited 20.0 Current Analysis, Inc. Information & Business Services Progres sive Digital Media Group plc 19.6 Waxahachie Newspapers & Petersburg Progress‐Index Traditional Media New Media Investment Group, Inc. 15.0 FontShop International GmbH Digital Media/Commerce Monotype Imaging, Inc. 13.0 Crea ti vebug, Inc. Digital Advertising Otter Media 10.0 44 | M&A and Investment Summary July 2014 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Values Disclosed MediaMiser Ltd. Marketing Technology Innodata, Inc.$ 8.5 Base79 Digital Advertising Rightster Ltd. 6.8 Indigo 4 Systems Limited Technology & Communications EMIS Group Plc 6.3 FotoPunch, Inc. Software Asure Software, Inc. 6.0 Truestar Health, Inc. Information & Business Services Avidus Ma na gement Group 5.6 Idium AS Marketing Technology Eniro Norge AS 5.4 TradeBlock Information & Business Services Andreessen Horowitz 2.8 Vast Studios, Inc. Digital Media/Commerce Isis Lab Corpora ti on 1.6 SocialKaty LLC Agency & Ma rketing Services Manifest Digital, Inc. 1.5 Entrinsic Marketing Technology Engagement Labs, Inc. 1.4 ExactByte, Inc. Technology & Communications e.Republic, Inc. 1.0
Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed MASH+STUDIO Agency & Ma rketing Services York & Cha pel $ ‐ Travers Collins & Compa ny Agency & Ma rketing Services The Ma rtin Group, LLC ‐ CoreBra nd Agency & Ma rketing Services Brandlogic ‐ Interpublic Group of Compa ni es , Inc. Agency & Ma rketing Services Elliott Management Corpora ti on ‐ EmeryMartin Consulting Agency & Ma rketing Services The CHR Group ‐ fuseproject Agency & Ma rketing Services BlueFocus Communication Group Co., Ltd. ‐ Mc|K CP Agency & Ma rketing Services Connelly Partners, LLC ‐ The River Group Agency & Ma rketing Services Sun European Partners, LLP ‐ Buzzfactory Interactive Pvt. Ltd. Agency & Ma rketing Services Qliktag Software, Inc. ‐ Crown Partners LLC Agency & Ma rketing Services Razorfish, Inc. ‐ BrandWire Agency & Ma rketing Services BARKER ‐ Experiential Ma rketing Proprietary Limited Agency & Ma rketing Services Scangroup Limited ‐ Prima Integrated Marketing Agency & Ma rketing Services Publicis Groupe S.A. ‐ Lead2Action Agency & Ma rketing Services Publicis Groupe S.A. ‐ LiveRail, Inc. Digital Advertising Facebook ‐ MakeMyJob Digital Advertising Advantage One Group ‐ Rimm‐Kaufman Group LLC Digital Advertising Merkle, Inc. ‐ TriVu Media , Inc. Digital Advertising Adknowledge, Inc. ‐ Taptica, Inc. Digital Advertising Marimedia Ltd. ‐ Madbits Digital Advertising Twitter, Inc. ‐ Contactology Digital Advertising j2 Global Communications, Inc. ‐ Eniyihekim Digital Advertising DocPlanner ‐ DoubleVision Networks Digital Advertising Single Touch Systems, Inc. ‐ 45 | M&A and Investment Summary July 2014 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Eventful, Inc. Digital Advertising CBS Local Media $ ‐ My Ci ty Venue Digital Advertising Secret Escapes ‐ ORLive, Inc. Digital Advertising BroadcastMed, Inc. ‐ Admeta AB Digital Advertising WideOrbit, Inc. ‐ Half Price San Diego LLC Digital Advertising DiscountCoupons.com ‐ RayV, Inc. Digital Advertising Yahoo!, Inc. ‐ Dingyue Electronic Technology Digital Advertising Weiba Information Technology ‐ Songza Media , Inc. Digital Media/Commerce Google, Inc. ‐ TastemakerX, Inc. Digital Media/Commerce Rdio, Inc. ‐ SodaHead, Inc. Digital Media/Commerce Prodege, LLC ‐ The Law Report Group Digital Media/Commerce Mergerma rket Group ‐ Trunk Cl ub, Inc. Digital Media/Commerce Nordstrom.com ‐ Icebergs Digital Media/Commerce Pinterest, Inc. ‐ Gyft, Inc. Digital Media/Commerce Firs t Data Corpora ti on ‐ The Princeton Review Digital Media/Commerce Tutor.com, Inc. ‐ Luvocracy Digital Media/Commerce @Walmart Labs ‐ Baby.com.br Digital Media/Commerce Bebestore ‐ Cl i ck Delivery Digital Media/Commerce Delivery Hero ‐ Renovate Forum Digital Media/Commerce Oneflare Pty Ltd. ‐ WeLoveYourSongs Digital Media/Commerce Kapipal ‐ Little Worlds Studio Digital Media/Commerce Bigpoint GmbH ‐ Death and Taxes Media LLC Digital Media/Commerce Spin Media ‐ Tarsin, Inc. Digital Media/Commerce Empire Film Group, Inc. ‐ HowAboutWe Digital Media/Commerce Match Group ‐ Say Media 's Dogter and Cats er Websites Digital Media/Commerce I‐5 Publishing LLC ‐ DraftStreet Digital Media/Commerce DraftKings, Inc. ‐ Newsle, Inc. Digital Media/Commerce LinkedIn Corpora ti on ‐ InLight Digital Media/Commerce Science Media LLC ‐ Federal Network Systems LLC Information & Business Services Jacobs Engineering Group ‐ Partners in IT Limited Information & Business Services Fruition Partners ‐ Sullivan Healthcare Consulting, Inc. Information & Business Services Jackson Healthcare, LLC ‐ Bureau va n Dijk Electronic Publishing BV Information & Business Services EQT VI ‐ Systems Integration, Inc. Information & Business Services Rimhub, Inc. ‐ Lexis Nexis Legal Business of Poland Information & Business Services Reed Elsevier Group plc ‐ RSMeans Information & Business Services Gordian Group LLC ‐ Eclipse Energy Group Information & Business Services Platts, Inc. ‐ AIP Corporation Information & Business Services Rakuten, Inc. ‐ 46 | M&A and Investment Summary July 2014 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Thrupoint, Inc. Information & Business Services Acuative Corpora ti on ‐ Actium Consulting, Inc. Information & Business Services Peoplelink Staffing Solutions, LLC ‐ Lehigh Direct Informa tion & Business Services SG360 ‐ American Trainco Information & Business Services Telemedia, Inc. ‐ The Omega Group Information & Business Services Trimble Navigation Limited ‐ Warrior Technology LLC Information & Business Services Liberty IT Solutions LLC ‐ Safelight Security Advisors, Inc. Information & Business Services Security Innovation, Inc. ‐ MedAscend LLC Information & Business Services Accountable Healthcare Staffing ‐ Blue Slate Solutions LLC Information & Business Services ExlService Holdings, Inc. ‐ Videotel Ma rine International Information & Business Services KVH Industries, Inc. ‐ Senexx Marketing Technology Gartner, Inc. ‐ Launch International Marketing Technology Corporate Visions, Inc. ‐ PatentAdvisor Marketing Technology Reed Technology and Information Services, Inc. ‐ Predictive Edge Marketing Technology Dropbox ‐ Poptip Marketing Technology Palantir Technologies ‐ Global News Intelligence Marketing Technology Novetta Solutions, LLC ‐ DirectSmile GmbH Marketing Technology Electronics for Imaging, Inc. ‐ Venda, Inc. Marketing Technology Netsuite, Inc. ‐ CoveritLive.com Marketing Technology ScribbleLive ‐ Freshplum, Inc. Marketing Technology TellApart, Inc. ‐ Semantria Marketing Technology Lexalytics, Inc. ‐ Sociaby Marketing Technology AddShoppers, LLC ‐ Cl ea r Content Marketing Ma rketing Technology Skyword, Inc. ‐ Perceptis Marketing Technology Blackboard, Inc. ‐ Soletron LLC Marketing Technology Karmaloop ‐ Conductiv Software, Inc. Marketing Technology Zero2Sixty ‐ AVID Design, Inc. Marketing Technology Myelin Health ‐ TryMyUi Softwa re Survey Analytics LLC ‐ Secusmart Software BlackBerry Ltd. ‐ Power Analytics Corporation Software Causam Energy ‐ Bits of Proof Software Cointerra, Inc. ‐ Z‐Safety Systems Software Total Safety U.S., Inc. ‐ Arcares S.p.A. Software Lutech S.p.A. ‐ Together Games Software GameSalad, Inc. ‐ Orchard La bora tories Softwa re Docker, Inc. ‐ Azalea Health Software simplifyMD, Inc. ‐ Knowledge Center, Inc. Software Evolution Capi tal Partners LLC ‐ 47 | M&A and Investment Summary July 2014 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed Vero Software Limited Software Hexagon AB $ ‐ CardSpring, Inc. Software Twitter, Inc. ‐ Retsly Software, Inc. Software Zillow, Inc. ‐ Prodigo Solutions, Inc. Software Alliance Healthcare Partners ‐ Stratis Business Systems, Inc. Software AOD Software ‐ Visual Solutions, Inc. Software Altair Engineering, Inc. ‐ 27M Group Software Zenterio AB ‐ Atlas Products International Software HighJump Software ‐ 7D Interactive Software WebMechanix Internet Marketing ‐ PowerCloud Systems Software Comcast Corpora ti on ‐ Option Admin, Inc. Software Equity Administration Solutions, Inc. ‐ epcSolutions' Data Aggregator Software Software Qliktag Software, Inc. ‐ Simpack AG Software Dassault Systemes ‐ iThink Infotech Pvt. Ltd. Software Gozoop Online Pvt. Ltd. ‐ Oasis Medical Solutions Software Allscripts ‐ RTS Realtime Systems Software Bloomberg L.P. ‐ Infometers, Inc. Software Validic ‐ Accellos, Inc. Software HighJump Software ‐ Mecel Populus Suite Software Luxoft Holding, Inc. ‐ SyntaxTree SARL Software Microsoft Corpora ti on ‐ Convey Compliance Systems, Inc. Software Taxware, LLC ‐ TOA Technologies, Inc. Technology & Communications Oracle Corpora ti on ‐ Metratech Corporation Technology & Communications Ericsson, Inc. ‐ Nubigenus,Software Assets and Intellectual Property Technology & Communications BridgeWays, Inc. ‐ BookLamp Technology & Communications Apple Inc. ‐ Dataflow Group Technology & Communications The EQT Mid Ma rket Fund ‐ Meridium, Inc. Technology & Communications GE Measurement & Control Solutions, Inc. ‐ IOIx Software Technology & Communications Ritter Insurance Ma rketing ‐ Aeronetworks LLC Technology & Communications Seven Arts Entertainment, Inc. ‐ Revelytix, Inc. Technology & Communications Teradata Corpora ti on ‐ Hadapt, Inc. Technology & Communications Teradata Corpora ti on ‐ AXIS Data Solutions Technology & Communications Cathedral Corpora ti on ‐ Open Scan Technologies, Inc. Technology & Communications BillTrust ‐ InMage Systems, Inc. Technology & Communications Microsoft Corpora ti on ‐ Mezeo Software Corporation Technology & Communications Zimbra, Inc. ‐ Crowd Connex Corporation Technology & Communications Halberd Corpora ti on ‐ TwinStrata, Inc. Technology & Communications EMC Corpora ti on ‐ Nokia Networks, Inc. Technology & Communications SAC Wireless, LLC ‐ Wilocity Ltd. Technology & Communications QUALCOMM ‐ Virgo Publishing, Inc. Traditional Media Informa PLC ‐ CDS Topco Traditional Media Astorg Partners ‐ 48 | M&A and Investment Summary July 2014 All Segments ($ in Millions)
Strategic Transactions Target Target Segment Buyer/Investor Reported TV Strategic Undisclosed CDS Topco Traditional Media Astorg Partners $ ‐ Love Productions Ltd. Traditional Media British Sky Broadcasting Group plc ‐ Paperny Entertainment Traditional Media Entertainment One Ltd. ‐ Media Source, Inc. Traditional Media (Unnamed) ‐ The Investing in African Mining Indaba Annual Pro Conference Traditional Media Euromoney Institutional Investor plc ‐ Blue Star Media LLC Traditional Media AUA Private Equity Partners, LLC ‐ Blow Me Away Media Corp. Tra di ti ona l Media JZZ Technologies, Inc. ‐
Buyout Transactions
Target Target Segment Buyer/Investor Reported TV Buyout Deals Values Disclosed Acosta Sales & Marketing, Inc. Agency & Ma rketing Services The Ca rl yl e Group$ 4,800.0 York Risk Services Group, Inc. Information & Business Services Onex Corpora ti on 1,325.0 The Engine Group Agency & Ma rketing Services Lake Ca pi ta l Ma na gement, LLC 169.0 Phlexglobal Ltd. Information & Business Services Bridgepoint Development Ca pi ta l 71.8 Buyout Deals Undisclosed AGDATA, Inc. Agency & Ma rketing Services Vista Equity Partners ‐ Scout24 Schweiz, Omnimedia AG Digital Advertising Kohlberg Kravis Roberts & Compa ny ‐ FASTSIGNS International, Inc. Information & Business Services Levine Leichtman Ca pi ta l Partners ‐ Tharstern Limited Information & Business Services Mobeus Equity Partners LLP ‐ Green Street Advisors Information & Business Services Golden Gate Ca pi ta l ‐ Damovo Mexico SA de CV, Damovo Do Brasil SA Information & Business Services OpenGate Ca pi ta l , LLC ‐ Sparta Systems, Inc. Software Thoma Bravo, Inc. ‐ Quorum Business Solutions, Inc. Software Silver Lake Partners ‐ Social Solutions, Inc. Software Vista Equity Partners ‐ CA Technologies, CA Arcserve Data Protection Business Software Marlin Equity Partners ‐ Hiperos, LLC Software Opus Global Holdings ‐ Longview Solutions, Inc. Software Marlin Equity Partners ‐ Conterra Ultra Broadband, LLC Technology & Communications Court Square Ca pi ta l Partners ‐
49 | M&A and Investment Summary July 2014 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Flipkart.com Digital Media/Commerce Tiger Global Management, LLC$ 1,000.0 AppDynamics Software Battery Ventures 170.0 Box, Inc. Technology & Communications Coatue Management 150.0 BlablaCar.com Digital Media/Commerce Index Ventures 100.0 Linio Digital Media/Commerce NorthGate Capi tal , LLC 78.9 Essence Group Holdings Corporation Software Kleiner Perkins Caufield & Byers 71.0 NextNav LLC Technology & Communications New Enterprise Associates 70.0 Funding Ci rcl e Di gi ta l Media/Commerce Index Ventures 65.0 Pond5, Inc. Digital Media/Commerce Stripes Group 61.0 Jet Digital Media/Commerce New Enterprise Associates 55.0 Bonobos, Inc. Digital Medi a /Commerce Coppel Capital 55.0 Deem, Inc. Marketing Technology Hony Capital 50.0 Hortonworks Inc. Technology & Communications Hewlett‐Packard Compa ny 50.0 NewVoiceMedia Ltd. Marketing Technology Technology Cros s over Ventures 50.0 Involta Technology & Communications M/C Partners 50.0 mBlox, Inc. Digital Advertising Comerica, Inc. 43.5 Easy Taxi Digital Media/Commerce Phenomen Ventures 40.0 Urban Compass, Inc. Digital Advertising Advance Publications, Inc. (Conde Nast) 40.0 LogRhythm, Inc. Software Riverwood Ca pi ta l , LLC 40.0 Genius Media Group Inc. Digital Media/Commerce Andreessen Horowitz 40.0 TeleSign Corporation Marketing Technology Telstra Ventures 40.0 Tagetik software srl Software White Bridge Investments 36.0 Remedy Partners Softwa re (Priva te Investors) 35.9 PowerReviews, LLC Marketing Technology ABS Ca pi ta l Partners 35.0 FreshBooks Technology & Communications Oak Investment Partners 30.0 Social Point S.L. Digital Media/Commerce Highland Ca pi ta l Partners 30.0 RetailNext, Inc. Marketing Technology Nokia Growth Partners 30.0 Malwarebytes Corporation Software Highland Ca pi ta l Partners 30.0 PagerDuty, Inc. Software Bessemer Venture Partners 27.2 GetYourGuide, Inc. Digital Media/Commerce Spa rk Capital 25.0 Baifendian Corporation Technology & Communications (Private Investors) 25.0 Quandoo GmbH Marketing Technology Piton Capital 25.0 dough, Inc. Digital Media/Commerce Technology Cros s over Ventures 25.0 Secret, Inc. Digital Media/Commerce Index Ventures 25.0 NetDocuments Information & Business Services Frontier Ca pi ta l , LLC 25.0 CTERA Networks LTD. Technology & Communications Bessemer Venture Partners 25.0 Erecruit Holdings, LLC Softwa re North Bridge Venture Partners 25.0 Dstillery Marketing Technology NewSpring Capital 24.0 Centri c Software, Inc. Software Fung Capital 24.0 Cl oudi a n, Inc. Technology & Communications Intel Capital 24.0 thredUP, Inc. Digital Media/Commerce Highland Ca pi ta l Partners 23.0 RedMart Pte. Ltd. Digital Media/Commerce SoftBank Ventures 23.0 50 | M&A and Investment Summary July 2014 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Intent Media , Inc. Digital Advertising Insight Venture Partners$ 22.7 Duetto Research Software Battery Ventures 21.0 CounterTa ck, Inc. Software Alcatel‐Lucent 20.0 Vidyo Technology & Communications Menlo Ventures 20.0 Scytl Marketing Technology SAP Ventures 20.0 Avere Systems, Inc. Technology & Communications Western Digital Capital 20.0 iTOK, Inc. Information & Business Services ABS Ca pi ta l Partners 18.0 Vision Critical Information & Business Services Northleaf Venture Ca ta l ys t Fund 16.0 Curs e, Inc. Digital Media/Commerce GGV Capital 16.0 Matterport, Inc. Software DCM 16.0 eSKY pl S.A. Digital Media/Commerce Syntaxis Capital 15.6 NetBase Solutions, Inc. Digital Media/Commerce Thomwest Ventures 15.2 Supersonic Digital Advertising SAIF Partners 15.0 eGym GmbH Digital Media/Commerce Highland Ca pi ta l Partners 15.0 BarkBox Digital Media/Commerce Resolute.vc 15.0 Bright Computing, Inc. Technology & Communications DFJ 14.5 BEW Global, Inc. Software Frontier Ca pi ta l , LLC 14.0 Capillary Technologies Ptv. Ltd. Marketing Technology Sequoia Capital 14.0 Jobandtalent Information & Business Services Qualitas Equity Partners 14.0 WayIn, Inc. Digital Media/Commerce U.S. Venture Partners 13.1 Movius Interactive Corporation Digital Advertising PointGuard Ventures 13.0 Karmaloop Digital Medi a /Commerce Ca pX Partners 13.0 Threadflip, Inc. Digital Media/Commerce Norwest Venture Partners 13.0 Prodigo Solutions, Inc. Software Alliance Healthcare Partners 12.5 Mattersight Corporation Marketing Technology (Private Investors) 12.0 Quantifind, Inc. Marketing Technology Comca s t Ventures 12.0 SmartZip Analytics, Inc. Marketing Technology Cres t Ca pi ta l Ventures 12.0 WordStream, Inc. Marketing Technology Sigma Partners , LLC 12.0 Simply Hired, Inc. Digital Advertising Foundation Capital 12.0 Moogsoft, Inc. Software Wing Ventures 11.3 Keen IO Marketing Technology Sequoia Capital 11.3 EdgeWave, Inc. Software TVC Capital 11.0 Valant Medical Solutions, Inc. Softwa re (Priva te Investors) 11.0 IIX, Inc. Technology & Communications New Enterprise Associates 10.4 Tello, Inc. Software Index Ventures 10.3 RockYou Digital Media/Commerce FastPay 10.0 ThetaRay Software General Electric 10.0 BaubleBar, Inc. Digital Media/Commerce Burch Crea ti ve Capital 10.0 Intigua, Inc. Technology & Communications Intel Capital 10.0 Timehop Digital Media/Commerce Sha sta Ventures 10.0 ParkWhiz, LLC Digital Advertising Jump Capital 10.0 Motionsoft, Inc. Software Route 66 Ventures 10.0 51 | M&A and Investment Summary July 2014 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Issuu Marketing Technology KDDI Group$ 10.0 BetterDoctor, Inc. Digital Advertising New Enterprise Associates 10.0 Ca ptri ci ty, Inc. Technology & Communications Atlas Ventures 10.0 Syapse, Inc. Software Safeguard Scientifics, Inc. 10.0 Streetline, Inc. Digital Media/Commerce Citi Venture Ca pi ta l International 10.0 SimpleReach Marketing Technology MK Capi tal Management LLC 9.0 Relcy, Inc. Marketing Technology Khosla Ventures 9.0 Busbud, Inc. Digital Advertising OMERS Ventures 9.0 Boomerang Commerce Marketing Technology Madrona Venture Group 8.5 Zynstra Ltd. Technology & Communications Octopus Investments Limited 8.4 TangoMe, Inc. Digital Media/Commerce (Priva te Investors) 8.0 Bay Dynamics, Inc. Information & Business Services Comcast Ventures 8.0 Healthcare Interactive Software Grotech Ventures 8.0 Moven Digital Media/Commerce SBT Venture Ca pi ta l 8.0 Autobutler.dk.ApS Digital Advertising Index Ventures 7.9 Choi ceStrea m, Inc. Marketing Technology Fred Alger Management 7.5 Spring Marketing Technology New Enterprise Associates 7.5 Glow Digital Media Agency & Ma rketing Services Notion Ca pi ta l 7.0 Onlinetours Digital Advertising Global Founders Ca pi ta l 7.0 Webydo, Inc. Marketing Technology OurCrowd 7.0 mNectar, Inc. Technology & Communications New Enterprise Associates 7.0 Credi t Benchmark Ltd. Software Index Ventures 7.0 Tapad, Inc. Digital Advertising FirstMark Capi tal 7.0 Jfrog, Inc. Software VMware, Inc. 7.0 Swoon Editions Digital Media/Commerce Octopus Investments Limited 6.8 Decision Lens, Inc. Marketing Technology Vision Thinkers 6.5 Workspot, Inc. Technology & Communications Helion Venture Partners 6.5 Luminoso Technoloiges, Inc. Marketing Technology Acadia Woods Partners 6.5 Sunrise Digital Media/Commerce Balderton Ca pi ta l 6.0 VisiQuate, Inc. Marketing Technology First Analysis Corpora ti on 6.0 DICOM Grid, Inc. Software Canaan Partners 6.0 Mint Solutions Software Life Science Partners 6.0 Kurbo Health Digital Media/Commerce Signia Venture Partners 5.8 Madwire Media Agency & Ma rketing Services Copley Equity Partners 5.5 Nosto Solutions Ltd. Marketing Technology Wellington Partners 5.5 Cover, Inc. Digital Media/Commerce Spa rk Ca pi ta l 5.5 Automated Insights, Inc. Marketing Technology Osage Venture Partners 5.5 Entefy, Inc. Technology & Communications (Private Investors) 5.3 Akosha Marketing Technology Sequoia Ca pi ta l 5.2 Knoa Software, Inc. Software Ascent Venture Partners 5.1 Cubi c Telecom Limited Technology & Communications QUALCOMM Ventures 5.0 Carigo Technology & Communications (Private Investors) 5.0 52 | M&A and Investment Summary July 2014 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed Singular Digital Advertising General Ca ta l ys t Partners LLC$ 5.0 Conversocial Marketing Technology DFJ Esprit 5.0 Zopper Digital Advertising Tiger Global Management, LLC 5.0 Spark Labs, Inc. Software Lion Wells Ca pi ta l 4.9 Leanplum, Inc. Marketing Technology Shasta Ventures 4.8 Weimob Marketing Technology Meridian Ca pi ta l 4.8 PhysIQ, Inc. Marketing Technology LionBird 4.6 Epion Health Software Deerfield Management Compa ny, L.P. 4.5 Hotel Quickly Limited Digital Media/Commerce GREE Ventures, Inc. 4.5 Hinge Digital Media/Commerce Founders Fund 4.5 OmPrompt Limited Marketing Technology Albion Ventures LLP 4.2 Eventure Interactive, Inc. Software Kodiak Ca pi ta l Group 4.1 Activehours, Inc. Digital Media/Commerce Ribbit Ca pi ta l 4.1 Neon Labs, Inc. Marketing Technology Mohr Davidow Ventures 4.1 Snapeee Digital Media/Commerce Kodansha,Ltd. 4.0 MedNet Solutions, Inc. Software Arrowroot Ca pi ta l 4.0 Industry People Group, Inc. Information & Business Services Next Level Ventures 4.0 Ca nva , Inc. Marketing Technology Shasta Ventures 3.6 Sportsmanias.com Digital Media/Commerce (Priva te Investors) 3.5 Privacy Analytics, Inc. Software Vanedge Ca pi ta l 3.5 Lisnr, Inc. Marketing Technology Progres s Ventures 3.5 Perfect Channel Limited Digital Media/Commerce Beringea LLC 3.4 ArtBinder, Inc. Digital Media/Commerce Index Ventures 3.2 Tipranks Ltd. Digital Media/Commerce (Priva te Investors) 3.0 Peerlyst, Inc. Digital Media/Commerce Hummer Winblad Venture Partners 3.0 Rocketrip, Inc. Marketing Technology Canaan Partners 3.0 WeSpeke, Inc. Softwa re (Priva te Investors) 3.0 Arcis:Altos Group Information & Business Services Calculus Capi tal 2.9 Seriously Digital Entertainment, Inc. Digital Media/Commerce Sunstone Capi tal A/S 2.7 Speaktoit, LLC Digital Media/Commerce Motorola Solutions Venture Ca pi ta l 2.6 Juicebox Games, Inc. Digital Media/Commerce General Ca ta l ys t Partners LLC 2.5 Beehive Industries Software Advantage Ca pi ta l Partners 2.5 PredictionIO Software Azure Ca pi ta l Partners 2.5 POKKT Digital Advertising Jafco Asia 2.5 Applitools Ltd. Software Magma Venture Partners 2.5 Hexadite Software YL Ventures GP Ltd. 2.5 Fanmode International Limited Digital Media/Commerce (Priva te Investors) 2.4 PumpUp, Inc. Digital Media/Commerce General Ca ta l ys t Partners LLC 2.4 VentureBeat Digital Medi a /Commerce Cros s Li nk Media 2.4 FishBrain AB Digital Media/Commerce Northzone Ventures 2.4 Pogoseat, Inc. Digital Media/Commerce Structure Ca pi ta l 2.3 Button Agency & Ma rketing Services Atlas Ventures 2.3 53 | M&A and Investment Summary July 2014 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Values Disclosed RackWare, Inc. Technology & Communications Kickstart Seed Fund$ 2.3 Fuisz Media Inc. Digital Advertising Metamorphic Ventures 2.1 Admedo Ltd. Digital Advertising Sussex Place Ventures 2.0 Peel‐Works Outsourcing Pvt. Ltd. Marketing Technology Inventus Ca pi ta l Partners 2.0 Kontakt.io Information & Business Services Sunstone Capi tal A/S 2.0 InstEvent, Inc. Digital Advertising 2BF Global Ventures 2.0 Beanstalk Technology & Communications New Enterprise Associates 2.0 Jobr, Inc. Software Lerer Ventures 2.0 Elliptic Enterprises Limited Technology & Communications Octopus Investments Limited 2.0 Amplitude Marketing Technology Quest Partners 2.0 Bop FM, Inc. Digital Media/Commerce Charles River Ventures 2.0 Landscape Mobile Digital Media/Commerce IDG Ca pi ta l Partners 1.9 mxHero, Inc. Software White Star Ca pi ta l , L.P. 1.8 Voyat, Inc. Marketing Technology Metamorphic Ventures 1.8 Geekatoo, Inc. Information & Business Services 500 Startups 1.7 Dealflicks, Inc. Digital Advertising 500 Startups 1.7 Tuul, Inc. Marketing Technology Greycroft Partners 1.7 Tracksmith Corporation Digital Media/Commerce Lerer Hippeau Ventures 1.6 Poss e Pty. Ltd. Digital Advertising (Private Investors) 1.5 Yo Digital Media/Commerce (Priva te Investors) 1.5 MobileX Labs Digital Media/Commerce (Priva te Investors) 1.5 MakersKit Digital Media/Commerce Tribeca Venture Partners 1.5 Percentil Digital Media/Commerce Active Venture Partners 1.4 ABODO Digital Advertising American Family Ventures 1.3 Roamer Labs Ltd. Digital Media/Commerce (Angel Investors) 1.3 EnergySavvy Software Enertech Ca pi ta l Partners 1.3 Fixed Digital Media/Commerce Y Combi nator 1.2 FullStory Marketing Technology Google Ventures 1.2 Get You Digital Media/Commerce Rdseed 1.1 Kixer, Inc. Marketing Technology Lowercase Ca pi ta l 1.0 3rdKind, Inc. Digital Media/Commerce Nippon Venture Ca pi ta l 1.0 Thinknum, Inc. Software Pejman Ma r Ventures 1.0 CrowdCurity Software Kima Ventures 1.0 Cl us terFl unk, Inc. Software Lightbank 1.0 Senor Pago Technology & Communications (Private Investors) 1.0 Trendrating SA Marketing Technology Angelic Ventures 1.0 Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Undisclosed Mediander LLC Digital Media/Commerce JRI Ventures ‐ The Orange Chef Company Digital Media/Commerce M7 Tech Partners ‐ Home Chef Di gi ta l Media/Commerce Guild Ca pi ta l ‐ 54 | M&A and Investment Summary July 2014 All Segments ($ in Millions)
Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth Capital Undisclosed Wine in Black Digital Media/Commerce b‐to‐v Partners AG $ ‐ Juniqe.com Digital Media/Commerce Redalpine Venture Partners AG ‐ Crossfader, Inc. Digital Media/Commerce Google Ventures ‐ Book a Tiger Digital Media/Commerce DN Capi tal ‐ Reserve Media , Inc. Digital Media/Commerce Google Ventures ‐ GamePix S.r.L. Digital Media/Commerce (Angel Investors) ‐ Loftware, Inc. Information & Business Services Riverside Partners LLC ‐ SelectQuote Insurance Services Information & Business Services The Brookside Group ‐ LifeNexus, Inc. Information & Business Services Camden Partners ‐ MIMESI SRL Marketing Technology Digital Magics ‐ Mucha sa GmbH Marketing Technology bmp media investors AG ‐ Veros Systems, Inc. Marketing Technology Shell Technology Ventures ‐ Qualifacts Systems, Inc. Software Great Hill Partners , LLC ‐ Sablono GmbH Software High Tech Grunderfonds ‐ MMIS, Inc. Software EDG Partners , LLC ‐ Data3Sixty, Inc. Software Breton Capi tal Management ‐ SilkRoad Technology, Inc. Software Foundation Ca pi ta l ‐ Smoope GmbH Technology & Communications High‐Tech Gründerfonds ‐ ASP4all Hosting BV. Technology & Communications Vitruvian Partners LLP ‐ 9 Story Entertainment, Inc. Traditional Media ZM Capi tal ‐
55 | M&A and Investment Summary July 2014 Petsky Prunier: Maximizing Shareholder Value
Overview
. Founded in 1999 . Focused on the technology, marketing, media, eCommerce, and healthcare industries • More than 35 focused professionals . Unique combination of investment banking and consulting expertise . New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa . Sell‐side and private placement close rate is unmatched at our level of deal volume . Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers . With strategic consulting firm Winterberry Group, one of the largest industry‐specific advisors providing strategic and transactional services . International reach enhanced through our partnership with investment bank Altium, which operates from eight offices across Europe . Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker‐dealer
. Sell‐Side Representation . Technology . Strategic Development and Competitive Analysis . Capital Raising and Private Placements . Marketing . M&A Transaction Due Diligence Support and . Corporate Divestitures . Media Valuation Analysis . M&A Advisory . eCommerce . Acquisition Strategy and Target Identification . Fairness Opinions . Healthcare . Publishing and Thought Leadership
56 | M&A and Investment Summary July 2014 Petsky Prunier was Ranked #1 by Bloomberg in 2011 – 2013 for Mid‐Market Internet & Advertising Transactions
Rank Advisor Deal Count 1Petsky Prunier LLC 44 2Goldman Sachs & Co. 35 3Jordan Edmiston Group, Inc. 31 4Morgan Stanley 29 4Nomura Holdings, Inc. 29 4GCA Savvian Group Corp. 29 7PwC 24 7 China Renaissance Partners 24 9KPMG Corporate Finance 22 10 Sumitomo Mitsui Financial Group, Inc. 20
Based on number of deals announced in 2011 – 2013 valued at $500 million or less
More than 60 transactions closed since 2011: . Ranging from strategic M&A transactions, including sales and divestitures, to private equity recaps, to growth equity and late stage venture capital financings . Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media, technology and software, information services, and healthcare
57 | M&A and Investment Summary July 2014 International Partnership with Altium
Description Network
. Altium provides M&A and corporate finance advisory services to companies, private equity firms, and entrepreneurs New York Palo Alto Madrid Zurich Las Vegas Chicago Manchester Frankfurt . European‐based, mid‐market financial advisory group, Boston Tampa London Milan Paris Munich employee‐owned and truly independent
. A leading advisor for more than 25 years
. Founded as the corporate finance arm of private equity investor Apax Partners
. Operates eight international offices in Europe with additional partnerships in the U.S. and Asia
. Completed 50+ technology transactions across 12 countries in the past five years
. Allegro Advisors is a leading provider of investment banking services to corporations and public institutions in India with India Beijing Shanghai offices in Bangalore, Mumbai, Delhi
. Hina Group has provided M&A advisory and corporate finance services on 50+ transactions in China
58 | M&A and Investment Summary July 2014 Representative Recent Transactions
a disruptive, rapidly expanding marketplace for the leading European online a leading targeted direct marketing a provider of international local networks a leading SaaS‐based, cross channel insurance clicks, calls, and leads the largest independent eCommerce supplier of high‐performance a digital independent digital and company that connects new movers a leading global SaaS‐based and service numbers, as well as value‐ campaign management platform retailer of promotional products gaming and PC components experience design agency with local business tag management, data management, added functions for call centers for B2C marketers has sold a majority stake to a portfolio company of has acquired has merged with an affiliate of and marketing attribution provider a subsidiary of has been sold to has been sold to has been sold to has been sold to and has been sold to a social media marketing company (NYSE: WTM)
a portfolio company of a Berlin‐based worldwide travel solution a technology company delivering highly a leading provider of transaction‐based a leading provider of data‐driven provider for premium transportation targeted programmatic marketing media cost databases and software a leading provider of online customer enrollment marketing solutions to a consumer enthusiast media one of the largest independent solutions using unstructured data for television, radio, and digital acquisition services to the higher education institutions and commerce company in‐store media networks in the U.S has received a double‐digit million Euro has sold advertising cost analysis insurance industry investment led by has received a $16MM Series B has been sold to has been sold to has acquired select assets of investment led by has been sold to has been sold to Sample Management Business to (NYSE: RATE)
has sold a leading UK‐based supplier of a premier global provider of SaaS‐based the largest provider of cloud‐based SaaS has sold healthcare software and IT services online brand protection and a leading provider of social software tools for printing signs, labels, and tags, one of the largest digital agencies solutions and digital marketing services along with digital subsidiary a portfolio company of domain recovery solutions and publishing digital displays for retailers a leading developer of popular for some of the world’s largest brands, a portfolio company of has been sold to real‐money and social gaming one of just thirteen Facebook Strategic has been sold to Preferred Marketing Developers (sPMD) a provider of online travel guides for top specializing in retail, digital, shopper has been sold to destinations around the world has been sold to has been sold to has received a $68MM minority marketing, and consumer services a unit of to investment from to
(Nasdaq: RNWK) (AIM: EMIS) (Euronext Amsterdam: WKL) (ENXTPA: PUB) (Nasdaq: RNWK) (NYSE: LXK) (NYSE: GCI)
a leading digital advertising monetization and a leadinga dynamic provider display of transportation media and ‐based shopper marketing partner for a leading provider of digital production eCommerce retailers a real‐time behavioral digitalretargeting media company networks services to brands and agencies a leader in technology and global in‐app the top independent a portfolio company of advertising company advertising for Facebook, direct‐to‐consumer marketer of has received a mezzanine debt Apple (iOS), and Android developers a provider of a cloud‐based integration a leader in multichannel retail, dental savings plans has been acquired by has been sold to hasinvestment been acquired from by platform for the digital marketing industry ecommerce and loyalty marketing services has been sold to has been sold to has received $66MM investment has received $15MM financing from led by has been sold to
with financing from (NYSE: AOL) (NYSE: ACN) (JASDAQ:4755)
59 | M&A and Investment Summary July 2014