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May 2016 M&A and Investment Summary Table of Contents

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May 2016 M&A and Investment Summary Table of Contents May 2016 M&A and Investment Summary Table of Contents 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly M&A and Investment Activity by Industry Segment 8 3 Additional Monthly M&A and Investment Activity Data 40 4 About Petsky Prunier 52 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 registered with the U.S. SEC and a member of FINRA. 2 | M&A and Investment Summary May 2016 M&A and Investment Summary for All Segments Transaction Distribution . A total of 432 deals were announced in May 2016, of which 271 were worth $15.5 billion in aggregate reported value . Software was the most active segment with 127 deals announced — 88 of these transactions reported $2.5 billion in value . Digital Media/Commerce was also active with 108 transactions announced, of which 77 were worth a reported $5.1 billion in value . Strategic buyers announced 163 deals (32 reported $3.2 billion in value) . VC/Growth Capital investors announced 253 transactions (235 reported $7.2 billion in value) . Buyout investors announced 16 deals during the month (six reported $5 billion in value) May 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 127 29% $2,461.2 16% 39 $779.8 4 $378.0 84 $1,303.3 Digital Media/Commerce 108 25% 5,136.4 33% 34 513.8 1 - 73 4,622.6 Marketing Technology 89 21% 6,445.0 42% 33 1,237.1 2 4,400.4 54 807.5 Business Services 38 9% 363.8 2% 17 10.3 3 136.1 18 217.4 Digital Advertising 24 6% 228.8 1% 10 148.0 1 - 13 80.8 Agency & Marketing Services 21 5% 328.9 2% 17 218.9 2 60.0 2 50.0 Information 16 4% 296.4 2% 7 237.0 2 - 7 59.4 Traditional Media 9 2% 196.5 1% 6 58.0 1 50.0 2 88.5 Total 432 100% 15,457.0 100% 163 3,202.9 16 5,024.6 253 7,229.5 * Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division , and Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan have been excluded to limit comparative distortions 3 | M&A and Investment Summary May 2016 M&A and Investment Summary for All Segments Transaction Distribution . Reported transaction activity in May was up seven percent from April of 2016 and down six percent from May 2015 . Strategic activity accounted for 38 percent of reported deal activity during the month and included significant transactions: • NICE Systems’ acquisition of contact center optimization tools developer inContact for $940 million • The $532 million purchase of OPOWER, a provider of a customer engagement solutions for the utilities industry, by Oracle • Asset International’s acquisition of FactSet’s market research service assets Market Metrics and Matrix-Data for a reported $175 million • The acquisition of Spain-based ticket marketplace Ticketbis by StubHub for $165 million • Tech Mahindra’s $164 million purchase of Target Group, a developer of lending and investment software for financial institutions $120.0 $500.0 $110.0 $98.0 $100.0 $400.0 $90.0 Bright $80.0 House/ Charter $70.0 $300.0 $60.0 $50.0 $44.7 Time $40.4 $200.0 $40.0 Warner/ IMS Health Sungard Charter $26.7 $27.4 $30.0 $23.1 Veritas $23.7 $24.9 $22.1 HP IT / CSC $18.3 Solera $21.3 $100.0 $20.0 Inter. Data $14.4 $13.7 MultiPlan $10.0 458 466 448 376 403 424 363 407 418 427 433 404 432 $- $- May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 *Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data Systems, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions. 4 | M&A and Investment Summary May 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services Sard Verbinnen & Co 1 Public Relations Golden Gate Capital $ 150.0 $ 75.0 $ - 2.0x NA Business Services adept4 Limited IT Consulting/Systems Integration Pinnacle Technology Group plc 10.3 7.4 1.1 1.4x 9.4x Digital Media/Commerce Ticketbis, SL eCommerce StubHub 165.0 45.0 - 3.7x NA United Online, Inc. Web Search/Portals B. Riley Financial, Inc. 66.4 145.3 15.0 0.5x 4.4x Quickspin AB Gaming Playtech plc 55.8 6.5 2.3 8.6x 24.5x Information NextAdvisor, Inc. Financial Information Bankrate, Inc. 225.0 - 31.2 NA 7.2x Marketing Technology Marketo, Inc. SFA/Lead Management Vista Equity Partners 1,700.4 226.0 (53.8) 7.5x NM inContact, Inc. Teleservices/eServices NICE Systems, Ltd. 881.2 233.0 21.6 3.8x 40.8x mBlox, Inc. Mobile Technology CLX Communications AB 117.0 140.4 6.9 0.8x 17.0x Software Opower, Inc. Cloud Computing Technology Oracle Corporation 490.8 152.0 - 3.2x NA SciQuest, Inc. ERP Software Accel-KKR, LLC 378.0 106.3 9.4 3.6x 40.1x Target Group Limited Financial Software Tech Mahindra Limited 163.9 75.2 - 2.2x NA 1 40 percent stake acquisition 5 | M&A and Investment Summary May 2016 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA May-16 Twilio, Inc. United States Marketing Technology $ 100.0 $ 167.0 NA May-16 Blue Coat Systems, Inc. United States Software 100.0 950.0 NA Apr-16 Optiv Security Inc. United States Business Services 100.0 NA NA Apr-16 Medpace, Inc. United States Business Services NA NA 100.0 Apr-16 inVentiv Group Holdings United States Business Services 100.0 1,700.0 NA Dec-15 Nutanix, Inc. United States Software 200.0 283.1 NA Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8 Jul-15 Apptio, Inc. United States Software NA 100.0 NA 6 | M&A and Investment Summary May 2016 LTM IPO Performance Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jun 3, 2016 1st Trading Day Jun-16 NasdaqGM:NH NantHealth, LLC United States $13.00-$15.00 14.00 $19.47 up 39% 18.59 32.8% May-16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 19.65 3.4% Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 13.45 (3.1%) Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc Australia 18.00-20.00 21.00 27.78 up 32% 24.15 (13.1%) Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 15.93 75.1% Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 18.04 0.2% Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 13.21 (10.4%) Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 8.96 (11.3%) Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 9.46 (27.6%) Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 11.70 (26.9%) Oct-15 NYSE:FDC First Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 12.32 (21.8%) Jul-15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 13.14 (50.9%) Jul-15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 11.82 (58.5%) Jun-15 NasdaqGM:APPF AppFolio, Inc. United States 12.00-14.00 12.00 14.10, up 17% 14.60 3.5% Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 10.37 19.2% Jun-15 NYSE:FIT Fitbit Inc. United States 17.00-19.00 20.00 29.68, up 48% 14.63 (50.7%) Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 13.92 20.4% Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 22.84 (27.8%) Jun-15 NYSE:EVH Evolent Health, Inc.
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