September 2014 M&A and Investment Summary Expertise. Commitment. Results. 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 42 4 About Petsky Prunier 57 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 September 2014 M&A and Investment Summary for All Segments Transaction Distribution . A total of 428 deals were announced in September 2014, of which 236 were worth $37.5 billion in aggregate reported value . Software was the most active and highest reported value segment with 92 deals announced, of which 46 were reported at $13.5 billion in aggregate value . Digital Media/Commerce was another active segment with 85 transactions that were worth $4.5 billion . Strategic buyers announced 197 deals (46 percent of total volume), of which 40 were worth $24.9 billion in aggregate value . VC/Growth Capital investors announced 217 deals, of which 192 were reported for $5.2 billion . Buyout investors announced 14 deals during the month, of which four were worth $7.4 million in reported aggregate value September 2014 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 92 21% $13,511.3 36% 42 $9,698.0 6 $2,810.0 44 $1,003.3 Digital Media/Commerce 85 20% 4,461.0 12% 32 3,426.0 0 ‐ 53 1,035.0 Marketing Technology 73 17% 5,177.6 14% 31 264.0 1 4,300.0 41 613.6 Information & Business Services 56 13% 5,692.0 15% 29 3,762.0 5 320.0 22 1,610.0 Technology & Communications 44 10% 746.1 2% 15 199.0 0 ‐ 29 547.1 Digital Advertising 42 10% 7,232.2 19% 20 7,025.1 1 ‐ 21 207.1 Agency & Marketing Services 25 6% 500.1 1% 20 404.6 0 ‐ 5 95.5 Traditional Media 11 3% 213.1 1% 8 144.5 1 ‐ 2 68.6 Total 428 100% 37,533.3 100% 197 24,923.1 14 7,430.0 217 5,180.2 3| M&A and Investment Summary September 2014 M&A and Investment Summary for All Segments Transaction Distribution . Compared to the previous month aggregate reported value in September increased 52 percent from August 2014, and increased 109 percent from September 2013 . Strategic activity accounted for 66 percent of reported deal value during the month, and included: • SAP’s $8.3 billion purchase of expense management solutions provider Concur Technologies, at a valuation of 12.0x revenue • Vista Equity Partners’ $4.3 billion acquisition of TIBCO Software, at a valuation of 4.0x revenue • Cognizant Technology Solutions’ $2.7 billion acquisition of healthcare IT and service solutions provider TriZetto from Apax Partners at a valuation of 3.8x revenue and 14.2 EBITDA • The $950 million purchase of Move, which operates an online network of Websites for real estate search, by News Corporation at a valuation of 4.4x revenue • Microsoft’s $2.5 billion purchase of Sweden‐based gaming company Mojang, the maker of Minecraft $90.0 $500.0 $81.5 $80.0 WhatsApp $400.0 $70.0 /Facebook $65.1 $60.0 $300.0 $50.0 Time $38.7 AT&T/ $40.0 Warner DirecTV $37.5 Cable/Co $32.5 $200.0 $30.0 mcast $22.4 $24.8 $20.0 $18.0 $18.4 $14.7 $12.4 $100.0 $8.4 $11.7 $10.0 375 309 293 301 384 444 406 427 395 372 441 314 428 $‐ $- Sep‐13 Oct‐13 Nov‐13 Dec‐13 Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14 Jun‐14 Jul‐14 Aug‐14 Sep‐14 4| M&A and Investment Summary September 2014 Selected Transactions with Valuation Information Disclosed ($ in Millions) Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services Nurun, Inc. Digital Agency Publicis Groupe S.A.$ 114.4 $ 130.8 $ ‐ 0.9x NA Digital Advertising Cars.com Online Lead Generation Gannett Company, Inc. 2,500.0 ‐ 543.5 NA 4.6x Conversant, Inc. Affiliate/CPA Network Alliance Data Systems Corporation 2,365.3 593.8 197.7 4.0x 12.0x Move, Inc. Online Lead Generation News Corporation, Inc. 1,030.8 234.6 9.9 4.4x NM Ebates, Inc. Digital Promotion/Coupon Rakuten, Inc. 1,000.0 167.4 ‐ 6.0x NA Digital Media/Commerce Shanda Games Limited Gaming Haitong Securities Co., Ltd. 1,798.7 681.9 308.5 2.6x 5.8x Harry & David Holdings, Inc. eCommerce 1‐800‐Flowers.com, Inc. 142.7 381.7 20.6 0.4x 6.9x Information & Business Services TriZetto Corporation Healthcare Consulting Cognizant Technology Solutions Corporation 2,700.0 710.5 190.1 3.8x 14.2x Beijing Shiji Information Technology, Co., Ltd. IT Consulting/Systems Integration Alibaba Group Holding Ltd. 3,058.0 282.3 58.1 10.8x 52.6x XRS Corporation Logistics Omnitracs, LLC 178.0 53.0 6.2 3.4x 28.9x Marketing Technology TIBCO Software, Inc. BI Tools Vista Equity Partners 4,300.0 1,076.2 167.9 4.0x 25.6x Location Labs Mobile Technology AVG Technologies N.V. 233.0 27.4 ‐ 8.5x NA Software Concur Technologies, Inc. Financial Software SAP America, Inc. 8,032.1 667.9 32.4 12.0x NM Compuware Corporation Application Management Software Thoma Bravo, Inc. 2,500.0 714.5 85.5 3.5x 29.3x The Attachmate Group, Inc. Application Management Software Micro Focus International plc 1,200.0 923.1 1,717.4 1.3x 0.7x 5| M&A and Investment Summary September 2014 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Sep‐14 Upland Software, Inc. United States Software$ 50.0 $ 54.4 $ 2.7 Aug‐14 HubSpot, Inc. United States Marketing Technology 100.0 93.8 (33.5) Aug‐14 LendingClub Corporation United States Technology & Communications 500.0 147.7 NA Aug‐14 Wayfair LLC* United States Digital Media/Commerce 350.0 1,106.8 (51.6) Jul‐14 Yodlee, Inc. United States Software 75.0 172.4 (2.8) Jul‐14 Zayo Group, LLC United States Software 500.0 827.0 NA Jun‐14 The Go Daddy Group, Inc. United States Digital Media/Commerce 100.0 NA NA May‐14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA Apr‐14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6 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) Mar‐14 Globoforce Group plc Ireland Software NA NA NA Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA Apr‐12 BlackStratus, Inc. United States Software 20.0 9.2 (0.6) Mar‐12 Reval Holdings, Inc. United States Software 75.0 47.0 (12.1) * Company began trading in October 6| M&A and Investment Summary September 2014 LTM IPO Performance (1/2) 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, 2014 1st Trading Day Sep‐14 NYSE:BABA Alibaba Group Holding Limited China $66.00‐$68.00 $68.00 $93.89, up 38% $88.85 (5.4%) Sep‐14 NYSE:CIVI Civitas Solutions, Inc. United States 20.00‐23.00 17.00 16.61, down 2% 15.62 (6.0%) Sep‐14 NasdaqGS:CYBR Cyber‐Ark Software Ltd. Israel 13.00‐15.00 16.00 29.93, up 87% 32.01 6.9% Sep‐14 NYSE:TVPT Travelport Worldwide Limited United States 14.00‐16.00 16.00 16.40, up 3% 16.46 0.4% Aug‐14 NasdaqGS:DSKY iDreamSky Technology Limited China 12.00‐14.00 15.00 19.05, up 27% 17.01 (10.7%) Aug‐14 NYSE:MBLY Mobileye N.V. Israel 21.00‐23.00 25.00 37.00, up 48% 53.59 44.8% Jul‐14 NasdaqGS:HQY HealthEquity, Inc. United States 10.00‐12.00 14.00 17.60, up 26% 18.31 4.0% Jul‐14 NYSE:TSQ Townsquare Media, Inc. United States 14.00‐16.00 11.00 10.25, down 7% 12.02 17.3% Jul‐14 NasdaqGS:TUBE TubeMogul, Inc. United States 7.00‐8.00 7.00 11.50, up 64% 11.50 0.0% Jun‐14 NYSE:ANET Arista Networks, Inc. United States 36.00‐40.50 43.00 55.00, up 28% 88.33 60.6% Jun‐14 NYSE:IMPR Imprivata, Inc. United States 14.00‐16.00 15.00 16.25, up 8% 15.52 (4.5%) Jun‐14 NasdaqGS:MRKT Markit Ltd. United Kingdom 23.00‐25.00 24.00 26.70, up 11% 23.35 (12.5%) Jun‐14 NasdaqGS:MOBL MobileIron, Inc.