60 60 50 Financial 19% 40 37 30 32 Strategic 20 22 21 81% 16 10 12 13 2 - Education Business Facility Human Marketing Real Estate IT Services Specialty Professional and Training Process Services and Resources Services Services Consulting Services Outsourcing Industrial Services Amount Date Target Buyer(s) Segment TEV/ Rev TEV/ EBITDA ($ in Mil) 6/19/2017 CareerBuilder LLC Ontario Teachers' Pension Plan Board Human Resources 627.48 - - 6/2/2017 Sage Payment Solutions, Inc. GTCR LLC Business Process Outsourcing 260.00 1.55x - 5/23/2017 The Capital Markets Co. Clayton Dubilier & Rice LLC Business Process Outsourcing 795.00 - - 5/18/2017 Maintenance Supply Headquarters LP Lowe's Cos., Inc. Facility Services and Industrial Services 512.00 - - 5/10/2017 InVentiv Group Holdings, Inc. INC Research Holdings, Inc. Business Process Outsourcing 6,647.55 2.86x 26.20x 5/10/2017 National Surgical Hospitals, Inc. Surgery Partners, Inc. Facility Services and Industrial Services 760.00 - - 5/10/2017 Iconix Brand Group, Inc. /Entertainment DHX Media Ltd. Marketing Services 345.00 - - 4/18/2017 Moat,Divison/ Inc. Oracle Corp. IT Services 850.00 - - 4/14/2017 Ascend Learning LLC Canada Pension Plan Investment Board Education and Training 2,000.00 - - 4/10/2017 RetailMeNot, Inc. Harland Clarke Holdings Corp. Marketing Services 394.75 - - Strategic Buyer Inv. Date Select Corporate Acquisitions Accenture PLC 6/7/2017 ▪ Phase One Consulting Group, Inc. 6/1/2017 ▪ LabAnswer Government LLC 4/12/2017 ▪ Beespath, Inc. /Closingbridge/ 3/24/2017 ▪ First Annapolis Consulting, Inc. 3/1/2017 ▪ Davies Consulting LLC 2/28/2017 ▪ Infusion Software, Inc. 2/9/2017 ▪ Verisign, Inc. (Idefense Security Intelligence Services Business) 2/8/2017 ▪ Endgame, Inc. 1/31/2017 ▪ InvestTech Systems Consulting, Inc. 1/19/2017 ▪ Seabury Group LLC (Corp Advisory & Aviation Consulting Business) 1/9/2017 ▪ Altitude, Inc. 9/26/2016 ▪ DayNine Consulting, Inc. 9/22/2016 ▪ Kurt Salmon US Inc. Sunbelt Rentals, Inc. 6/1/2017 ▪ MSP Equipment Rentals, Inc. 5/22/2017 ▪ RGR Equipment LLC 5/1/2017 ▪ Noble Rents, Inc. /Equipment Rental Operations/ 4/26/2017 ▪ Van's Equipment Denver LLC 4/3/2017 ▪ Pride Equipment Corp. Arrow Exterminators, Inc. 3/9/2017 ▪ Exterm-A-Tech, Inc. 12/1/2016 ▪ Action Termite & Pest Control LLC 11/2/2016 ▪ Whitco Pest Management, Inc. Xerox Corporation (NYSE:XRX) 5/12/2017 ▪ MT Business Technologies, Inc. 3/1/2017 ▪ LRI Marketing 3/16/2016 ▪ Imagetek Office Systems LP CliftonLarsonAllen LLP 1/1/2017 ▪ Mack, Roberts & Co. LLC 11/28/2016 ▪ GALLINA LLP 8/1/2016 ▪ Bray & Co. CPA LLC 8/1/2016 ▪ CPWR LLP CPA 7/1/2016 ▪ Peto & Company CPA'S PLLC Dentsu Aegis Network Ltd. 4/3/2017 ▪ Leapfrog Online Customer Acquisition LLC 11/17/2016 ▪ Findr Group LLC 9/1/2016 ▪ Accordant Media, LLC 8/8/2016 ▪ Merkle Inc. Financial Buyer Inv. Date Select Corporate Acquisitions BV Investment Partners, LLC 1/19/2017 ▪ C-4 Analytics 9/26/2016 ▪ Right Networks, LLC 09/20/2016 ▪ Reimagine Holding Group CI Capital Partners LLC 6/6/2017 ▪ Nature's Trees, Inc. 4/4/2017 ▪ Signature Specialty Sales & Marketing, Inc. 3/6/2017 ▪ Simplified Logistics LLC 12/30/2016 ▪ Harlow-HRK Sales & Marketing, Inc. GTCR LLC 6/2/2017 ▪ Sage Payment Solutions, Inc. 3/28/2017 ▪ Bulletin Intelligence LLC 12/12/2016 ▪ Beeline.com, Inc. Insight Venture Management LLC 4/20/2017 ▪ Spanning Cloud Apps LLC 4/18/2017 ▪ Teachers-Teachers.com, Inc. 11/8/2016 ▪ Cyber Algorithms Mountaingate Capital Management LP 2/2/2017 ▪ Elite SEM, Inc. 12/8/2016 ▪ Sentient Interactive LLC 11/7/2016 ▪ Marketeching Solutions LLC Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Pearson Plc PSON-GB $ 7,389 $ 8.98 3.5% -15.5% 68.8% (0.0%) 16.4% 1.5x 7.1x NM 1.5x 9.3x John Wiley & Sons, Inc. JW.A-US 3,018 52.75 -0.5% -3.2% 89.6% 0.6% 22.3% 1.9x 8.8x 27.1x 2.0x 9.1x Graham Holdings Co. GHC-US 2,775 599.65 2.5% 17.1% 97.4% NM 8.7% 1.1x 6.2x 22.2x NM NM Adtalem Global Education, Inc. DV-US 2,377 37.95 7.2% 21.6% 93.2% (1.9%) 16.9% 1.2x 7.5x 35.1x 1.3x 7.4x Strayer Education, Inc. STRA-US 1,040 93.22 14.6% 15.6% 97.4% 6.2% 19.9% 2.0x 11.9x 31.0x 1.9x 9.9x Capella Education Co. CPLA-US 992 85.60 0.1% -2.5% 86.2% 4.7% 20.3% 1.9x 9.1x 24.9x 1.9x 9.0x K12, Inc. LRN-US 727 17.92 -3.9% 4.4% 84.6% 2.9% 13.9% 0.6x 6.0x 119.5x 0.6x 4.2x Career Education Corp. CECO-US 663 9.60 10.2% -4.9% 76.3% (11.1%) 8.4% 0.7x 20.9x NM 0.9x NM GP Strategies Corp. GPX-US 442 26.40 5.4% -7.7% 88.0% 7.5% 6.4% 1.0x 12.8x 21.6x 0.9x 11.1x Bridgepoint Education, Inc. BPI-US 428 14.76 38.1% 45.7% 93.1% (6.1%) 9.3% 0.4x 6.0x NM 0.9x 12.7x $1,985 7.7% 7.1% 87.5% 0.3% 14.3% 1.2x 9.6x 40.2x 1.3x 9.1x $1,016 4.5% 1.0% 88.8% 0.6% 15.2% 1.2x 8.2x 27.1x 1.3x 9.2x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Cognizant Technology Solutions Corp. CTSH-US $ 39,109 $ 66.40 12.1% 18.5% 97.4% 11.3% 18.4% 2.6x 13.5x 24.1x 2.4x 12.1x Wipro Ltd. 507685-IN 19,480 4.00 0.3% 9.2% 90.8% 3.9% 20.1% 1.9x 9.5x 15.4x 1.8x 9.1x Convergys Corp. CVG-US 2,238 23.78 13.2% -3.2% 76.9% 0.0% 13.7% 0.8x 6.4x 19.1x 0.9x 7.1x West Corp. WSTC-US 1,986 23.32 -4.0% -5.8% 81.6% 1.8% 27.2% 2.2x 7.8x 9.8x 2.1x 7.5x TeleTech Holdings, Inc. TTEC-US 1,861 40.80 38.5% 33.8% 95.1% 8.9% 13.9% 1.5x 10.3x 45.3x 1.4x 10.4x Sykes Enterprises, Inc. SYKE-US 1,426 33.53 15.3% 16.2% 97.3% 6.3% 11.8% 0.9x 7.9x 21.0x 0.8x 7.1x Virtusa Corp. VRTU-US 885 29.40 -1.9% 17.0% 84.2% 11.8% 6.1% 1.1x 32.9x 75.4x 1.0x 11.9x Unisys Corp. UIS-US 645 12.80 -9.5% -14.4% 76.6% (1.7%) 8.4% 0.2x 2.1x NM 0.2x 1.7x 5.3% 15.0% 5.1% 13.8% Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Price/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA EPS Growth Revenue EBITDA Waste Management, Inc. WM-US $ 32,406 $ 73.35 0.6% 3.4% 98.4% 5.0% 26.4% 3.0x 10.7x 26.8x 2.9x 10.2x Republic Services, Inc. RSG-US 21,546 63.73 1.4% 11.7% 97.5% 5.4% 27.4% 3.1x 10.8x 33.9x 2.9x 10.3x Waste Connections, Inc. WCN-US 16,937 64.42 10.0% 23.0% 96.1% 17.1% 29.5% 5.3x 17.1x 104.9x 4.5x 13.9x Cintas Corp. CTAS-US 13,275 126.04 -0.7% 9.1% 95.9% 19.4% 20.0% 3.0x 15.5x 28.8x 2.6x 13.4x Aramark ARMK-US 10,004 40.98 10.4% 14.7% 98.2% 2.1% 8.9% 1.0x 9.7x 31.5x 1.0x 10.3x United Rentals, Inc. URI-US 9,525 112.71 -9.2% 6.8% 83.9% 9.4% 42.3% 2.9x 6.4x 16.8x 2.8x 5.8x Iron Mountain, Inc. IRM-US 9,075 34.36 -2.9% 5.8% 82.8% 4.6% 31.2% 4.1x 14.8x 102.5x 3.9x 11.6x Stericycle, Inc. SRCL-US 6,508 76.32 -6.2% -0.9% 70.8% 1.9% 21.9% 2.6x 11.1x 43.8x 2.6x 10.3x Clean Harbors, Inc. CLH-US 3,194 55.83 1.4% 0.3% 90.6% 6.5% 11.6% 1.6x 11.3x NM 1.5x 9.4x ABM Industries, Inc. ABM-US 2,316 41.52 -4.4% 1.7% 92.2% 2.3% 4.1% 0.5x 13.4x 176.5x 0.5x 10.0x FirstService Corp. FSV-US 2,215 63.98 6.9% 34.8% 97.8% 12.3% 5.1% 1.7x 19.4x 58.2x 1.5x 15.9x UniFirst Corp. UNF-US 2,176 140.70 -0.2% -2.1% 95.3% 4.4% 15.0% 1.5x 9.6x 26.0x 1.6x 9.4x Covanta Holding Corp.