October 2014 M&A and Investment Summary 245245 232232 184184
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BlueBlue 0 0 7979 133133 122122 141141 181181 178178 186186 213213 211211 216216 233233 234234 235235 245245 OrangeOrange 241241 184184 0 0 October 2014 M&A and Investment Summary 245245 232232 184184 GreyGrey 138138 138138 138138 203203 203203 203203 221221 221221 Expertise. Commitment. Results. 221221 Table of Contents Blue 0 79 133 122 141 181 178 186 213 1 Overview of Monthly M&A and Investment Activity 3 211 216 233 2 Monthly M&A and Investment Activity by Industry Segment 9 234 235 245 Orange 3 Additional Monthly M&A and Investment Activity Data 42 241 184 0 4 About Petsky Prunier 57 245 232 184 Grey 138 138 138 203 203 203 221 221 221 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 October 2014 M&A and Investment Summary for All Segments Blue 0 79 133 122 Transaction Distribution 141 181 . A total of 491 deals were announced in October 2014, of which 299 were worth $14.5 billion in aggregate reported value 178 186 213 . Software was the most active segment with 102 deals announced, of which 59 were reported at $2.3 billion in aggregate value 211 216 233 . Technology & Communications was the highest reported value segment with 64 transactions worth a reported $3.5 billion 234 235 . Strategic buyers announced 197 deals of which 43 were worth $7.4 billion in aggregate value 245 Orange . VC/Growth Capital investors announced 274 deals, of which 253 were reported for $5.7 billion 241 184 . Buyout investors announced 20 deals during the month, of which three were worth $1.4 billion in reported aggregate value 0 245 232 184 October 2014 Grey BUYER/INVESTOR BREAKDOWN 138 Transactions Reported Value Strategic Buyout Venture/Growth Capital 138 138 # % $MM % # $MM # $MM # $MM 203 Software 102 21% $2,330.6 16% 43 $829.8 7 $925.6 52 $575.2 203 203 Digital Media/Commerce 97 20% 1,692.7 12% 22 270.4 0 - 75 1,422.3 Marketing Technology 92 19% 924.5 6% 33 52.3 2 300.0 57 572.2 221 221 221 Technology & Communications 64 13% 3,546.6 24% 26 3,000.3 0 - 38 546.3 Information & Business Services 57 12% 2,275.0 16% 30 1,127.2 8 - 19 1,147.8 Digital Advertising 36 7% 1,608.4 11% 11 402.2 1 130.0 24 1,076.2 Agency & Marketing Services 28 6% 438.4 3% 20 331.0 2 - 6 107.4 Traditional Media 15 3% 1,704.5 12% 12 1,422.5 0 - 3 282.0 Total 491 100% 14,520.7 100% 197 7,435.7 20 1,355.6 274 5,729.4 3 | M&A and Investment Summary October 2014 M&A and Investment Summary for All Segments Blue 0 79 133 122 Transaction Distribution 141 181 178 . Compared to the previous month aggregate reported value in October decreased 61 percent from September 2014 and increased 59 186 213 percent from October 2013 211 216 . Strategic activity accounted for 51 percent of reported deal value during the month and included: 233 234 235 • Danaher’s $2.6 billion purchase of NetScout Systems, a provider of network applications 245 Orange • UBM’s $972 million acquisition of trade show organizer Advanstar, at a valuation of 4.6x revenue 241 184 • The $540 million purchase of Relias Learning, which is a provider of subscription training software for the healthcare sector , by 0 Bertelsmann from Vista Equity Partners 245 232 184 • Investcorp’s $300 million purchase of workforce management and software service provider PRO Unlimited Grey 138 • $190 million dollar purchase of mobile advertising technology provider Fyber by RNTS Media 138 138 $90.0 $500.0 203 $81.5 203 $80.0 203 WhatsApp $400.0 $70.0 /Facebook $65.1 221 221 221 $60.0 $300.0 $50.0 Time AT&T/ $38.7 $40.0 Warner DirecTV $37.5 Cable/Co $32.5 $200.0 $30.0 mcast $22.4 $24.8 $20.0 $18.4 $14.7 $12.4 $14.5 $100.0 $8.4 $11.7 $10.0 309 293 301 384 444 406 427 395 372 441 314 428 491 $- $- Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 4 | M&A and Investment Summary October 2014 Selected Transactions with Valuation Information Disclosed ($ in Millions) Blue 0 79 133 Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA 122 Marketing Technology 141 181 Kulu Valley Content Management Qumu, Inc. $ 15.0 $ 5.6 $ - 2.7x NA 178 Technology & Communications 186 213 Xceed Technologies, Inc. Networking Equipment Anite plc 35.0 11.8 1.6 3.0x 21.9x Traditional Media 211 216 Advanstar Communications B-to-B Media UBM plc 972.0 211.3 - 4.6x NA 233 Sun Media Corporation, English Language Operations Newspaper Publishing Postmedia Network Canada Corporation 316.0 456.6 87.8 0.7x 3.6x 234 235 245 Orange 241 184 0 245 232 184 Grey 138 138 138 203 203 203 221 221 221 5 | M&A and Investment Summary October 2014 Securities in Registration ($ in Millions) Blue Aggregate LTM 0 Date Company Name Country Segment Offering Value Rev EBITDA 79 133 Oct-14 Sidoti & Co. United States Information & Business Services $ 35.0 $ 35.0 NA 122 141 Oct-14 Connecture, Inc. United States Digital Media/Commerce 86.3 NA NA 181 Sep-14 Upland Software, Inc. United States Software 50.0 54.4 2.7 178 186 Aug-14 LendingClub Corporation United States Technology & Communications 500.0 147.7 NA 213 Jun-14 The Go Daddy Group, Inc. United States Digital Media/Commerce 100.0 NA NA 211 216 May-14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA 233 Apr-14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6 234 235 245 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) Orange 241 Mar-14 Globoforce Group plc Ireland Software NA NA NA 184 0 Jun-12 goldenTech SA Switzerland Software 5.2 NA NA 245 Apr-12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6) 232 184 Mar-12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1) Grey 138 138 138 203 203 203 221 221 221 6 | M&A and Investment Summary October 2014 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 Aug 31, 2014 1st Trading Day Aug-14 NasdaqGS:DSKY iDreamSky Technology Limited China $12.00-$14.00 $15.00 $19.05, up 27% $20.59 8.1% Aug-14 NYSE:MBLY Mobileye N.V. Israel 21.00-23.00 25.00 37.00, up 48% 43.22 16.8% Jul-14 NasdaqGS:HQY HealthEquity, Inc. United States 10.00-12.00 14.00 17.60, up flat 19.38 10.1% Jul-14 NYSE:TSQ Townsquare Media, Inc. United States 14.00-16.00 11.00 10.25, down 7% 11.35 10.7% Jul-14 NasdaqGS:TUBE TubeMogul, Inc. United States 7.00-8.00 7.00 11.50, up 64% 13.89 20.8% Jun-14 NYSE:ANET Arista Networks, Inc. United States 36.00-40.50 43.00 55.00, up 28% 83.85 52.5% Jun-14 NYSE:IMPR Imprivata, Inc. United States 14.00-16.00 15.00 16.25, up 8% 14.65 (9.8%) Jun-14 NasdaqGS:MRKT Markit Ltd. United Kingdom 23.00-25.00 24.00 26.70, up 11% 25.01 (6.3%) Jun-14 NasdaqGS:MOBL MobileIron, Inc. United States 8.00-10.00 9.00 11.02, up 22% 11.59 5.2% Jun-14 NYSE:ZPIN Zhaopin Ltd. China 12.50-14.50 13.50 14.65, up 9% 15.37 4.9% May-14 NYSE:CMCM Cheetah Mobile Inc. China 12.50-14.50 14.00 14.10, flat 26.37 87.0% May-14 NasdaqGS:JD JD.com, Inc. China 16.00-18.00 19.00 22.80, up 20% 31.92 40.0% May-14 NYSE:JMEi Jumei International Holding Limited China 19.50-21.50 22.00 25.52, up 16% 30.57 19.8% May-14 NasdaqGS:TRUE TrueCar, Inc. United States 12.00-14.00 9.00 10.44, up 16% 20.67 98.0% May-14 NYSE:ZEN Zendesk, Inc. United States 8.00-10.00 9.00 13.43, up 49% 27.19 102.5% Apr-14 NasdaqGM:FIVN Five9, Inc. United States 9.00-11.00 7.00 8.25, up 18% 5.87 (28.8%) Apr-14 NYSE:GRUB GrubHub Inc.