September 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 September 2016 M&A and Investment Summary for All Segments Transaction Distribution . A total of 463 deals were announced in September 2016, of which 296 were worth $20.7 billion in aggregate reported value . Software was the most active segment with 148 deals announced —98 of these transactions reported $8.9 billion in value . Marketing Technology was also active with 100 transactions announced, of which 67 were worth a reported $1.2 billion in value . Strategic buyers announced 171 deals (32 reported $7.2 billion in value) . VC/Growth Capital investors announced 267 transactions (244 reported $5.6 billion in value) . Private Equity investors announced 25 deals during the month (seven reported $7.8 billion in value) September 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 148 32% $8,878.6 43% 42 $2,369.3 10 $5,407.3 96 $1,102.0 Marketing Technology 100 22% 1,248.5 6% 23 5.6 6 ‐ 71 1,242.9 Digital Media/Commerce 88 19% 3,357.3 16% 25 375.2 1 ‐ 62 2,982.1 Business Services 42 9% 2,580.1 12% 25 1,550.3 5 930.9 12 98.9 Agency & Marketing Services 34 7% 362.2 2% 29 274.2 2 68.0 3 20.0 Digital Advertising 24 5% 1,528.3 7% 11 56.3 1 1,400.0 12 72.0 Information 15 3% 371.3 2% 8 275.0 0 ‐ 796.3 Traditional Media 12 3% 2,330.3 11% 8 2,305.3 0 ‐ 425.0 Total 463 100% 20,656.7 100% 171 7,211.2 25 7,806.2 267 5,639.3 * Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business has been excluded to limit comparative distortions 3| M&A and Investment Summary September 2016 M&A and Investment Summary for All Segments Transaction Distribution . Reported transaction activity in September remained flat from August 2016 and was up 15 percent from September of 2015 . Strategic activity accounted for 37 percent of reported deal activity during the month and included significant transactions: • Liberty Media’s acquisition of Formula 1 from CVC Capital in deal valued at $4.4 billion • OpenText’s $1.6 billion acquisition of Dell EMC’s Enterprise Content Division • The $1.6 billion Informa acquisition of B‐to‐B information services company Penton Media from MidOcean Partners and Wasserstein & Co. • Hewlett‐Packard’s $1.1 billion acquisition of Samsung’s Printing business • The acquisition of API management platform developer Apigee by Google in a transaction valued at $625 million $120.0 $500.0 $110.0 $100.0 $400.0 $90.0 $80.0 $73.1 $300.0 $70.0 LinkedIn / $60.0 Microsoft $50.0 $44.7 Supercell / $42.6 $200.0 Tencent $40.0 IMS Health NetSuite $33.7 $26.7 $27.4 $29.3 $30.0 $23.7 $24.9 $21.3 $22.1 HP IT / CSC Solera HP Software $100.0 $20.0 Inter. Data $14.4 $13.7 MultiPlan $10.0 403 424 363 407 413 427 433 404 432 491 427 473 463 $‐ $- Sep‐15 Oct‐15 Nov‐15 Dec‐15 Jan‐16 Feb‐16 Mar‐16 Apr‐16 May‐16 Jun‐16 Jul‐16 Aug‐16 Sep‐16 *Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, 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’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions. 4| M&A and Investment Summary September 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services The Grass Roots Group PLC Loyalty/Retention Blackhawk Network, Inc.$ 118.0 $ ‐ $ 14.4 NA 8.2x Newington Communications Limited Public Relations SEC S.p.A. 8.0 4.5 ‐ 1.8x NA Pinnacle Marketing Communications Public Relations Next Fifteen Communications Group plc 5.8 2.9 ‐ 2.0x NA Business Services Samsung's Printing Business Printing Services Hewlett‐Packard Company 1,050.0 1,701.0 ‐ 0.6x NA SAI Global Ltd. Credit/Risk Consulting Bering Private Equity 930.9 425.3 88.7 2.2x 10.5x Kurt Salmon Management Consulting Accenture plc 166.4 105.3 ‐ 1.6x NA OCTO Technology Société Anonyme IT Consulting/Systems Integration Accenture plc 137.1 48.0 4.8 2.9x 28.7x Logistics & Distribution Services LLC Logistics ArcBest Corporation 25.0 60.0 ‐ 0.4x NA MicroDoc Computersysteme GmbH IT Consulting/Systems Integration Data Respons ASA 11.8 13.6 ‐ 0.9x NA Information Anthelio Healthcare Solutions, Inc. Healthcare Information Atos SE 275.0 200.0 ‐ 1.4xNA NA Software Dell EMC Enterprise Content Division Data Management Software OpenText Corporation 1,600.0 599.0 ‐ 2.7x NA Infoblox, Inc. Security Software Vista Equity Partners 1,254.3 358.0 ‐ 3.5x NA Apigee Corporation Software Development Tools Google, Inc. 516.3 92.0 ‐ 5.6x NA Creehan & Company Corporation Healthcare Software Inovalon, Inc. 130.0 27.0 ‐ 4.8x NA Financial Synergy Pty. Ltd. Financial Software IRESS Market Technology 68.0 20.5 7.0 3.3x 9.7x Emric AB Financial Software Tieto Corporation 35.0 22.0 ‐ 1.6x NA Traditional Media Penton Media, Inc. B‐to‐B Media Informa PLC 1,559.3 ‐ 142.0 NA 11.0x 5| M&A and Investment Summary September 2016 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Sep‐16 BlackLine Inc. United States Software$ 100.0 $ 73.2 $ ‐ Sep‐16 Coupa Software Incorporated United States Software 107.2 109.5 (42.6) Sep‐16 Tintri, Inc. United States Software 100.0 ‐ ‐ Aug‐16 Gridsum Technology Co., Ltd. China Marketing Technology 75.0 NA NA Aug‐16 Meitu Technology Co., Ltd. China Digital Media/Commerce 500.0 NA NA Jul‐16 CBS Radio Inc. United States Traditional Media 100.0 1,220.0 310.0 Jul‐16 FOTV Media Networks, Inc. United States Digital Media/Commerce 30.0 NA NA Apr‐16 Optiv Security Inc. United States Business Services 100.0 NA NA Sep‐15 PointClickCare Corp. United States Software 100.0 112.6 3.8 6| M&A and Investment Summary September 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 Sep 30, 2016 1st Trading Day Sep‐16 NasdaqGS:NTNX Nutanix, Inc. United States $13.00‐$15.00 16.00 $37.00 up 131% 37.00 0.0% Sep‐16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00‐18.00 18.00 30.10 up 67% 29.21 (3.0%) Sep‐16 NasdaqGM:APTI Apptio, Inc. United States 13.00‐15.00 16.00 22.55 up 40% 21.70 (3.8%) Sep‐16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50‐12.50 13.00 15.25 up 17% 16.85 10.5% Sep‐16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00‐13.00 12.00 14.70 up 22% 16.86 14.7% Jul‐16 Nasdaq:TLND Talend SA France 15.00‐17.00 18.00 25.50 up 42% 26.16 2.6% Jul‐16 NYSE:LN LINE Corporation Japan 31.00‐33.00 33.00 41.58 up 27% 48.40 16.4% Jun‐16 NYSE:TWLO Twilio, Inc. United States 12.00‐14.00 15.00 28.79 up 92% 64.36 123.5% Jun‐16 NasdaqGS:NH NantHealth, Inc. United States 13.00‐15.00 14.00 19.47 up 39% 13.15 (32.5%) May‐16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00‐19.00 19.00 18.14 down 4.6% 33.53 84.8% Apr‐16 NasdaqGS:SCWX SecureWorks Corp. Uni ted States 15.50‐17.50 14.00 13.88 down 1% 12.51 (9.9%) Dec‐15 NasdaqGS:TEAM Atlassian Corporation Plc Aus tralia 18.00‐20.00 21.00 27.78 up 32% 29.97 7.9% Dec‐15 NYSE:YRD Yirendai Ltd. China 9.00‐11.00 10.00 9.10, down 9% 23.68 160.2% Nov‐15 NYSE:INST Instructure, Inc. United States 16.00‐18.00 16.00 18.00 up 12.5% 25.37 40.9% Nov‐15 NasdaqGS:MTCH Match Group, Inc. United States 12.00‐14.00 12.00 14.74, up 23% 17.79 20.7% Nov‐15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00‐13.00 10.00 10.10, up 1.0% 19.13 89.4% Nov‐15 NYSE:SQ Square, Inc.