January 2019 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 9 3 Additional Monthly M&A and Investment Activity Data 41 4 About Petsky Prunier 58 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 January 2019 M&A and Investment Summary for All Segments Transaction Distribution ▪ A total of 745 deals were announced in January 2019 of which 293 were worth $24.8 billion in aggregate reported value ▪ Software accounted for 37 percent of transactions with 279 deals announced— 148 of which reported $11.4 billion in value ▪ Software was also the most valuable segment, followed by Digital Media/Commerce, with 105 transactions announced – 56 of which valued at $5.5 billion ▪ Strategic buyers announced 404 deals (36 reported $9.5 billion in value) ▪ VC/Growth Capital investors announced 323 transactions (253 reported $13.5 billion in value) ▪ Private Equity buyers announced 18 deals during the month (four reported $1.7 billion in value) January 2019 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 279 37% $11,354.6 46% 102 $2,637.9 5 $1,104.5 172 $7,612.2 Business Services 130 17% $3,501.2 14% 100 $2,980.2 6 - 24 $521.0 Marketing Technology 107 14% $1,909.6 8% 60 $652.1 2 $600.0 45 $657.5 Digital Media/Commerce 105 14% $5,540.2 22% 40 $2,423.3 2 - 63 $3,116.9 Agency & Marketing Services 61 8% $26.1 0% 58 $22.6 1 - 2 $3.5 Traditional Media 32 4% $864.3 3% 28 $785.5 0 - 4 $78.8 Digital Advertising 18 2% $223.0 1% 10 $33.0 1 $27.5 7 $162.5 Information 13 2% $1,383.0 6% 6 - 1 - 6 $1,383.0 Total 745 100% 24,802.0 100% 404 9,534.6 18 1,732.0 323 13,535.4 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total for January does not include Fiserv’s pending $22 billion acquisition of First Data Corporation 3 | M&A and Investment Summary January 2019 M&A and Investment Summary for All Segments Transaction Distribution ▪ M&A total deal activity was up more than 20 percent compared with January of last year ▪ Significant transactions reported during the month included: • The $2.0 billion acquisition of Switzerland-based global software developing company Luxoft by DXC Technologies • Koch Equity Development and Golden Gate Capital’s $1.5 billion investment in enterprise cloud software provider Infor • The majority investment Vista Equity Partners made in business application platform Quick Base for a reported $1 billion • Bridgestone’s acquisition of the fleet management unit of TomTom for $1 billion • The $500 million acquisition of Switzerland-based sales analytics software BOARD International by Nordic Capital $120.0 554 $110.0 $100.0 $90.0 $80.0 $71.4 $70.0 $62.6 $57.9 $60.0 CA Red Hat $50.0 Flipkart $46.3 Technologies / Walmart / Broadcom $42.7 / IBM $42.4 $44.7 Github $40.0 $36.8 $35.5 $37.2 $35.7 BMC Software Sedgwick Qualtrics CSRA / Gen. $28.6 First Data/ /KKR Tribune $30.0 Dynamics Fiserv MuleSoft $20.0 $10.0 583 654 659 668 685 713 726 671 869 669 546 745 $- 615 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include General Dynamics’ $9.6 billion acquisition of CSRA, Salesforce’s $6.5 billion acquisition of MuleSoft, Walmart’s $16 billion majority investment in Flipkart, KKR’s $8.6 billion acquisition of BMC Software, Microsoft’s $7.5 billion TEV acquisition of GitHub, Broadcom’s $18.4 billion acquisition of CA Technologies, Carlyle Group’s $6.7 billion acquisition of Sedgwick Management Services, IBM’s pending $34 billion acquisition of Red Hat, SAP’s $8 billion acquisition of Qualtrics, Nexstar’s pending $6.4 billion acquisition of Tribune Media, and Fiserv’s pending $22 billion acquisition of First Data Corporation. 4 | M&A and Investment Summary January 2019 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value TTM Rev TTM EBITDA EV/REV EV/EBITDA Business Services Luxoft Holding, Inc. IT Consulting/Systems Integration DXC Technology Company $2,000.0 $910.8 $100.5 2.2x 19.9x OSMO Corporate Training BYJU 120.0 30.0 - 4.0x NA Black Box Corporation IT Consulting/Systems Integration AGC Networks, Inc. 17.2 770.0 (9.5) 0.0x NM Digital Media/Commerce Avito.ru Classifieds/Auctions/P-to-P Naspers Ltd. 4,000.0 286.5 127.6 14.0x 31.3x MilAnuncios.com Classifieds/Auctions/P-to-P Schibsted ASA 1,139.0 182.8 52.6 6.2x 21.7x Marketing Technology BOARD International BI Tools Nordic Capital Limited 500.0 70.0 - 7.1x NA TrendKite, Inc. Media Management System Cision Ltd. 225.0 25.4 - 8.9x NA SLI Systems, Inc. Search Marketing ESW Capital LLC 27.5 22.9 3.0 1.2x 9.2x Software YourCause LLC HR Software Blackbaud, Inc. 157.0 12.0 - 13.1x NA Sage Payroll Solutions HR Software iSolved HCM 100.0 49.6 - 2.0x NA Axxerion B.V. Financial Software MCS Solutions 90.0 14.6 - 6.2x NA Gridsmart Geo-Demo Software Cubic Corporation 87.0 25.0 - 3.5x NA 5 | M&A and Investment Summary January 2019 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Dec-18 Futu Holdings LTD China Software 300.0 NA NA Oct-18 Caliburn International Corp United States Business Services 100.0 NA NA Sep-18 Valtech SE United Kingdom Agency & Marketing Services 100.0 298.0 21.0 Jul-18 Pintec Technology Holdings Limited China Software 70.0 784.5 10.3 May-18 Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1 Apr-18 HeadHunter Group PLC Russia Software 250.0 75.7 31.6 6 | M&A and Investment Summary January 2019 LTM IPO Performance Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Jan 31, 2019 1st Trading Day Dec-18 QFIN Software 360 Finance, Inc. China $16.50-$18.50 16.50 $16.49, down 0.1% 12.70 (23.0%) Dec-18 TME Digital Media/Commerce Tencent Music Entertainment Group China 13.00-15.00 13.00 $14.19, up 9.2% 14.95 5.4% Dec-18 MOGU Digital Media/Commerce MOGU Inc. China 14.00-16.00 12.00 $14.00, up 16.7% 16.48 17.7% Nov-18 WEI Software Weidai Ltd. China 9.00-$11.00 10.50 $10.25, down 2.4% 9.75 (4.9%) Oct-18 STNE Software StoneCo Ltd. Brazil 21.00-23.00 24.00 $31.35, up 30.6% 22.12 (29.4%) Oct-18 SWI Software SolarWinds Corporation United States 15.00-16.00 15.00 15.03, up 0.0% 17.55 16.8% Oct-18 PLAN Software Anaplan, Inc. United States 13.00-15.00 17.00 24.30, up 42.9% 31.39 29.2% Oct-18 ESTC Marketing Technology Elastic N.V. United States 33.00-35.00 36.00 70.00, up 94.4% 85.00 21.4% Oct-18 UPWK Digital Media/Commerce Upwork Inc. United States 12.00-14.00 15.00 21.18, up 41.2% 19.31 (8.8%) Sep-18 CTK Digital Media/Commerce CooTek (Cayman) Inc. China 12.00-14.00 12.00 9.44, down 21.3% 11.67 23.6% Sep-18 EB Marketing Technology Eventbrite, Inc. United States 19.00-21.00 23.00 36.5, up 58.7% 30.01 (17.8%) Sep-18 FTCH Digital Media/Commerce Farfetch Limited United Kingdom 17.00-19.00 20.00 28.45, up 42.3% 20.15 (29.2%) Sep-18 NYSE: LAIX Digital Media/Commerce LAIX Inc. China 11.50-13.50 12.50 12.65, up 1.2% 12.50 (1.2%) Sep-18 Qtt Digital Media/Commerce Qutoutiao Inc. China 7.00-9.00 7.00 15.97, up 128.1% 10.92 (31.6%) Sep-18 SVMK Marketing Technology SVMK Inc. United States 9.00-11.00 12.00 17.24, up 43.7% 13.01 (24.5%) Jul-18 JG Software Aurora Mobile Limited China 8.50-10.50 8.50 $8.80, up 3.5% 7.80 (11.4%) Jul-18 CANG Digital Media/Commerce Cango Inc. China 10.00-12.00 11.00 12.52, up 13.8% 7.10 (43.3%) Jul-18 DAVA Business Services Endava plc United Kingdom 17.00-19.00 20.00 25.2, up 26.0% 23.50 (6.7%) Jul-18 OPRA Digital Media/Commerce Opera Limited Norway 10.00-12.00 12.00 13.11, up 9.3% 8.22 (37.3%) Jul-18 PDD Digital Media/Commerce Pinduoduo Inc.