blue - petsky prunier llcpetskyprunier.com/_petskyprunier.com/dynamic/user... · has been sold toin...

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August 2015 M&A and Investment Summary

Expertise. Commitment. Results.

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2 | M&A and Investment Summary August 2015

Table of Contents

About Petsky Prunier 3 1

Overview of Monthly M&A and Investment Activity 6 2

Monthly M&A and Investment Activity by Industry Segment 12 3

Additional Monthly M&A and Investment Activity Data 42 4

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. 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.

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Ranked #1 by Bloomberg for Mid-Market Internet & Advertising Transactions

Rank Advisor 2014 Internet & Advertising

Deal Count 2011-2014 Internet & Advertising

Deal Count

1 Petsky Prunier 21 65

2 Goldman Sachs 17 50

3 Morgan Stanley 15 43

4 JP Morgan 14 31

5 Nomura Holdings 12 39

5 Ernst & Young 12 24

7 China Renaissance Partners 11 36

7 PwC 11 34

7 Deloitte 11 18

7 AGC Partners 11 30

11 GCA Savvian 10 41

Based on number of deals announced in 2011 – 2014 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.

With 30 total transactions closed in 2014, and more than 90 transactions closed since 2011 (across all industries in

addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the

marketing and advertising, ecommerce, and media industries and has significant momentum

19 transactions completed in 2015 through August and multiple others under LOI

Two-thirds of transactions since 2011 were with strategic buyers; One-third with financial buyers

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Petsky Prunier: Maximizing Shareholder Value

Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information,

business services, and healthcare services industries

Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume

Founded in 1999

More than 50 focused professionals; growth of 40% since 2011

New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa

Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders

Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services

Global reach enhanced through our partnerships with investment bank Altium, which operates from nine offices across Europe, as well

as Allegro Advisors in three offices in India, and The Mountain Capital Group in China

Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity

M&A Advisory and Sell-Side Representation

Privately-Owned Companies

Entrepreneur-Led Businesses

Private Equity Portfolio Companies

VC-Backed Companies

Corporate Divestitures

Selected Buy-Side Engagements

Capital Raising and Private Placements

Advertising & Marketing

eCommerce

Digital Media

Technology

Information

Business Services

Healthcare Services

Business Current Situation Assessment and

Profit Improvement Planning

Opportunity Mapping: Strategic Planning & Development

Competitive Landscape Analysis

M&A Transaction Due Diligence Support

Buy-Side Targeting Criteria & Integration Strategy

Custom Market Research

Publishing, Speaking, and Thought Leadership

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a big data marketing analytics and database technology and solutions company

has been sold to

$74,000,000*

(NASDAQ: EXLS)

*Approximate Value

a fast-growing, direct-to-consumer wine eCommerce company

has been sold to

has sold

the most innovative digital strategy, user experience, and software

development firm

(NYSE: ACN)

Representative Recent Transactions

the leader in data-driven advocacy campaigns

has been sold to

(NYSE: OMC)

a technology company delivering highly targeted programmatic marketing solutions using unstructured data

has received a $16MM Series B investment led by

a leading provider of transaction-based media cost databases and software

for television, radio, and digital advertising cost analysis

has been sold to

a leading data-driven patient identification and engagement platform

that provides its members access to healthcare education, patient savings,

and other valuable programs

has been sold to

a leading provider of performance-based digital marketing programs to healthcare

professionals on behalf of leading pharmaceutical companies

has been sold to

(NYSE: EVDY)

a leading SaaS-based, cross channel campaign management platform

for B2C marketers

has been sold to has been sold to

one of the largest independent in-store media networks in the U.S

a consumer enthusiast media and commerce company

has been sold to

has merged with an affiliate of

a leading targeted direct marketing company that connects new movers

with local business

and

a leading global SaaS-based tag management, data management, and marketing attribution provider

has been sold to

the largest independent eCommerce retailer of promotional products

has been sold to

a disruptive, rapidly expanding marketplace for

insurance clicks, calls, and leads

has sold a majority stake to

(NYSE: WTM)

a provider of outsourced digital campaign management for video, mobile,

display, and email

has been sold to has been sold to

the leading film and television information, data, and related software company

$50,000,000

a division of

a leading provider of marketing solutions to destinations, resorts, and other

travel-related businesses

has been recapitalized to support future growth with significant debt financing

from

a leading SaaS provider of social intelligence, analytics, insights, and engagement

has been sold to

which is being combined with

both portfolio companies of

one of the largest digital agencies specializing in multi-channel content marketing solutions

for the life sciences industry

has been sold to

(NASDAQ: CTSH)

a leading provider of end-to-end customer acquisition solutions to the

insurance industry

has sold a majority stake to

(NYSE: WTM)

$280,000,000*

*Approximate Enterprise Value

a leading supplier of data on healthcare professionals and administrator of one of the largest practitioner-level medical

claims databases in the U.S.

has been sold to

(NYSE: RUK)

a division of

a global leader in quantitative data collection and reporting software systems

has been sold to

has sold

to

a portfolio company of

has sold a portfolio company of

(NASDAQ: ICLR)

to

$120,000,000

has been sold to

to

a leading provider of software-based social media brand advocacy solutions

has been sold to

the dominant, pure-play eCommerce retailer of envelopes and related products

has received a significant investment from

the leading eCommerce media network in the U.S.

has been sold to

and

Aperion Management

a leading next-generation digital strategy and management consulting organization

has been sold to

a leading content-driven, strategic digital agency

has been sold to

a portfolio company of

the leader in strategic launch solutions for orphan and rare disease

pharmaceutical drugs

has been sold to

(NYSE EVDY)

a leading provider of data-driven, full-funnel B2B marketing solutions

has acquired

$65,000,000

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M&A and Investment Summary for All Segments

Transaction Distribution

A total of 376 deals were announced in August 2015, of which 243 were worth $23.3 billion in aggregate reported value.

Software was the most active and highest reported value segment with 102 deals announced — 67 of these transactions reported $11 billion in value

The Digital Media/Commerce segment announced 96 transactions, of which 79 were reported worth $7.7 billion

Strategic buyers announced 158 deals (44 reported $11.7 billion of value)

VC/Growth Capital investors announced 210 transactions (196 reported $7.9 billion of value)

Buyout investors announced eight deals during the month (two reported $3.6 billion of value)

*Fidelity National Information Services ‘ $9.1 billion acquisition of Sungard Data Systems, and The Carlyle Group’s $8 billion acquisition of Veritas Systems have been excluded to limit comparative

distortions.

# % $MM % # $MM # $MM # $MM

Software 103 27% $11,146.9 48% 43 $5,362.4 4 $3,500.0 56 $2,284.5

Digital Media/Commerce 96 26% 7,695.8 33% 20 3,044.8 1 84.8 75 4,566.2

Marketing Technology 71 19% 629.1 3% 28 98.8 2 3.8 41 526.4

Business Services 34 9% 235.6 1% 26 140.0 1 - 7 95.6

Digital Advertising 30 8% 579.6 2% 10 274.3 0 - 20 305.3

Agency & Marketing Services 18 5% 53.0 0% 13 14.0 0 - 5 39.0

Information 14 4% 1,919.2 8% 8 1,805.9 0 - 6 113.3

Traditional Media 10 3% 993.8 4% 10 993.8 0 - 0 -

Total 376 100% 23,253.0 100% 158 11,734.0 8 3,588.6 210 7,930.3

August 2015

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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Transaction Distribution

Aggregate reported transaction value of $23.3 billion in August was flat from July 2015 and down six percent from August 2014

Strategic activity accounted for 50 percent of reported deal value during the month and included significant transactions:

• QVC’s $2.2 billion acquisition of flash sales online retailer Zulily from Liberty Media

• The $1 billion acquisition of medical imaging solutions provider Merge Healthcare by IBM

• Infor’s $675 million purchase of GT Nexus, a provider of supply chain management software

• The $575 million acquisition of personal finance apps developer Yodlee by Envestnet

• Advance Publication’s acquisition of data discovery and sharing platform 1010data for $500 million

*Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks , Fidelity National Information Services ‘ $9.1 billion acquisition of Sungard Data

Systems, and The Carlyle Group’s $8 billion acquisition of Veritas Systems have been excluded to limit comparative distortions.

M&A and Investment Summary for All Segments

$24.8

$37.5

$23.1 $14.5 $14.5

$23.5

$11.2 $15.0 $18.8

$25.9

$108.4

$18.3

$40.4

314 428 491 410 380 385 425 456 492 458 466 448 376 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

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$120.0

Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15

Time Warner/ Charter

Bright House/ Charter

Sungard

Veritas

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Selected Transactions with Valuation Information Disclosed ($ in Millions)

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

Agency & Marketing Services

OtherSide, Inc. Digital Agency NetPlay TV plc 5.0$ 4.0$ 1.0$ 1.3x 5.0x

Business Services

Avalere Health LLC Healthcare Consulting Inovalon Holdings, Inc. 140.0 47.1 - 3.0x NA

Digital Media/Commerce

Zulily, Inc. eCommerce QVC Group 2,162.6 1,281.4 28.2 1.7x 76.7x

Blyth, Inc. eCommerce The Carlyle Group 84.8 459.3 6.5 0.2x 13.0x

InfiApps Limited Social Media/Apps Stride Gaming plc 39.2 13.7 - NA NA

Classmates Media Corporation Gaming Intelius Holdings, Inc. 30.0 52.4 - 0.6x NA

Information

Merge Healthcare Incorporated Healthcare Information International Business Machines Corp. 975.3 227.6 39.5 4.3x 24.7x

Learner's Digest International Healthcare Information Wolters Kluwer Health, Inc. 150.0 39.0 - 3.8x NA

Medworxx, Inc. Healthcare Information Aptean, Inc. 11.6 5.7 - 2.0x NA

Marketing Technology

Qelp Teleservices/eServices SYKES Enterprises, Inc. 20.7 5.4 - 3.8x NA

Software

GT Nexus, Inc. ERP Software Infor Global Solutions, Inc. 675.0 133.2 10.0 5.1x 67.5x

Yodlee, Inc. Financial Software Envestnet, Inc. 504.2 98.6 - 5.1x NA

Traditional Media

North American Midway Entertainment Entertainment Townsquare Media, Inc. 75.5 92.9 11.2 0.8x 6.7x

Selected Transactions With Multiples Information

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Securities in Registration ($ in Millions)

Aggregate

Date Company Name Country Segment Offering Value Rev EBITDA

Aug-15 Pure Storage, Inc. United States Software 300.0 223.9 NA

Jul-15 Univision Communications Inc. United States Traditional Media 100.0 2,915.0 1,197.8

Jul-15 Apptio, Inc. United States Software NA 100.0 NA

Jul-15 SRA Companies United States Business Services 100.0 1,377.2 164.6

Jun-15 NEP Group, Inc. United States Traditional Media 100.0 39.9 NA

Apr-15 Yirendai.com China Digital Media/Commerce 300.0 NA NA

Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA

Mar-15 Truven Health Analytics United States Information 41.2 504.9 72.1

Oct-14 Sidoti & Co. United States Information & Business Services 35.0 28.9 NA

Apr-14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6

Mar-14 Globoforce Group plc Ireland Software NA NA NA

LTM

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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 Aug 31, 2015 1st Trading Day

Jul -15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 21.09 (21.2%)

Jul -15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 25.74 (9.7%)

Jun-15 NasdaqGM:APPF AppFol io, Inc. United States 12.00-14.00 12.00 $14.10, up 17% 16.01 13.5%

Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 6.81 (21.7%)

Jun-15 NYSE:FIT Fi tbi t Inc. United States 17.00-19.00 20.00 29.68, up 48% 34.49 16.2%

Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 14.02 21.3%

Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 23.79 (24.8%)

Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 17.00 (9.9%)

May-15 NYSE:SHOP Shopify Inc. Canada 14.00-16.00 17.00 28.31, up 51% 27.54 (2.7%)

May-15 NasdaqGS:BZUN Baozun Inc. China 12.00-14.00 10.00 10.44, up 4% 5.12 (51.0%)

May-15 NYSE:PGND Press Ganey Holdings , Inc. United States 22.00-24.00 25.00 27.50, up 10 % 32.25 17.3%

Apr-15 NasdaqGS:APIC Apigee Corporation United States 16.00-18.00 17.00 10.60, down 8% 6.52 (38.5%)

Apr-15 NasdaqGS:ETSY Etsy, Inc. United States 14.00-16.00 16.00 30.00, up 86% 14.33 (52.2%)

Apr-15 NasdaqGM:WOWO JM WOWO Hong Kong 9.00-11.00 10.00 10.29, up 3% 7.80 (24.2%)

Apr-15 NYSE:GDDY GoDaddy Inc. United States 17.00-19.00 20.00 26.15, up 31% 25.08 (4.1%)

Mar-15 NYSE:MXPT MaxPoint Interactive, Inc. United States 10.50-12.50 11.50 10.60, down 8% 4.66 (56.0%)

Jan-15 NYSE:BOX Box, Inc. United States 11.00-13.00 14.00 23.23, up 65% 13.48 (42.0%)

Dec-14 NYSE:NEWR New Rel ic, Inc. United States 20.00-22.00 23.00 31.10, up 35% 32.56 4.7%

Dec-14 NYSE:ONDK On Deck Capita l , Inc. United States 16.00-18.00 20.00 27.98, up 40% 9.23 (67.0%)

Dec-14 NasdaqGS:MOMO Momo Inc. China 12.50-14.50 13.50 17.02, up 26% 11.66 (31.5%)

Dec-14 NasdaqGM:CNXR Connecture, Inc. United States 12.00-14.00 8.00 8.80, up 10% 7.14 (18.9%)

Dec-14 NasdaqGS:HDP Hortonworks , Inc. United States 14.00-16.00 16.00 26.38, up 65% 23.76 (9.9%)

Dec-14 NYSE:WK Workiva Inc. United States 13.00-15.00 14.00 13.99, up 4% 14.33 2.4%

Dec-14 NYSE:LC LendingClub Corporation United States 12.00-14.00 15.00 23.34, up 56% 12.55 (46.2%)

Nov-14 NasdaqGS:CNV Cnova N.V. Netherlands 12.50-14.00 7.00 7.15, flat 4.48 (37.3%)

Nov-14 NasdaqGM:UPLD Upland Software, Inc. United States 12.00-14.00 12.00 9.75, down 19% 7.93 (18.7%)

Oct-14 NYSE:HUBS HubSpot, Inc. United States 22.00-24.00 25.00 30.10, up 20% 47.29 57.1%

Oct-14 NYSE:W Wayfa ir Inc. United States 25.00-28.00 29.00 37.72, down 30% 37.30 (1.1%)

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LTM IPO Performance (2/2)

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 Aug 31, 2015 1st Trading Day

Oct-14 NYSE:W Wayfair Inc. United States 25.00-28.00 29.00 37.72, down 30% 37.30 (1.1%)

Oct-14 NasdaqGS:YDLE Yodlee, Inc. United States $11.00-$13.00 $12.00 $13.44, up 12% $16.21 20.6%

Sep-14 NYSE:BABA Al ibaba Group Holding Limited China 66.00-68.00 68.00 93.89, up 38% 66.12 (29.6%)

Sep-14 NYSE:CIVI Civi tas Solutions , Inc. United States 20.00-23.00 17.00 16.61, down 2% 24.26 46.1%

Sep-14 NasdaqGS:CYBR CyberArk Software, Ltd. Is rael 13.00-15.00 16.00 29.93, up 87% 51.05 70.6%

Sep-14 NYSE:TVPT Travelport Worldwide Limited United Kingdom 14.00-16.00 16.00 16.40, up 3% 13.25 (19.2%)

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Digital Media/Commerce

Of the total $7.7 billion in value reported in the Digital Media/Commerce segment, $4.6 billion in Venture/Growth Capital investments

were announced, while an additional $3 billion of Strategic transactions were made

eCommerce was the most active subsegment across all segments with 43 transactions announced, of which 37 were reported for $5.7

billion. Select investments from the subsegment include:

• The $1 billion raised by Uber from Times Internet at a reported post-money valuation of $51 billion

• Silver Lake Capital Partners’ $300 million equity investment in sports merchandise eCommerce company Fanatics

Select Digital Media/Commerce transactions include:

• Adidas’ $240 million acquisition of fitness data apps developer Runtastic from Axel Springer

• $230 million purchase of home décor trend platform Polyvore by Yahoo

• The $200 million investments in Buzzfeed and Vox Media from NBCUniversal

# % $MM % # $MM # $MM # $MM

eCommerce 43 45% $5,709.5 74% 6 $2,162.6 1 84.8 36 $3,462.1

Mobile Content/Apps 14 15% 65.3 1% 4 - 0 - 10 65.3

Classifieds/Auctions/P-to-P 11 11% 373.4 5% 0 - 0 - 11 373.4

Social Media/Apps 11 11% 632.1 8% 3 500.0 0 - 8 132.1

Gaming 9 9% 165.2 2% 4 48.2 0 - 5 117.0

Niche Content 7 7% 416.3 5% 2 - 0 - 5 416.3

Web Search/Portals 1 1% 334.0 4% 1 334.0 0 - 0 -

Domain Portfolio/Marketplace 0 0% - 0% 0 - 0 - 0 -

Total 96 100% 7,695.8 100% 20 3,044.8 1 84.8 75 4,566.2

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

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Digital Media/Commerce Public Company Valuation (1/3)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 08/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

1-800-Flowers.com Inc. United States $8.39 -38% $ 547.5 $ 653.7 $ 1,121.5 $ 71.5 6.4% 48.3% 0.6x 9.1x

58.com Inc. * China 45.46 -46% 6,322.3 5,862.9 398.8 (75.0) NM 99.7% 14.7x NM

Alibaba Group Holding Limited * China 66.12 -45% 166,121.7 155,811.6 13,011.5 4,259.5 32.7% 40.3% 12.0x 36.6x

Amazon.com Inc. * United States 512.89 -12% 239,883.8 243,835.8 95,808.0 5,726.0 6.0% 17.2% 2.5x 42.6x

Analizy Online S.A. Poland 5.56 -17% 6.7 6.1 1.6 0.4 26.7% 12.3% 3.8x 14.1x

Baidu, Inc. China 147.25 -42% 51,693.9 46,000.9 9,171.8 2,767.0 30.2% 42.5% 5.0x 16.6x

Blucora, Inc. United States 13.96 -19% 571.8 492.0 516.8 77.8 15.0% -20.4% 1.0x 6.3x

Blue Nile Inc. United States 34.06 -9% 392.0 352.9 483.4 16.4 3.4% 6.2% 0.7x 21.5x

CafePress Inc. * United States 4.25 -21% 72.6 31.1 142.8 (3.5) NM 16.5% 0.2x NM

Care.com, Inc. * United States 5.94 -37% 190.4 133.9 136.4 (25.5) NM 43.1% 1.0x NM

CDW Corporation United States 39.75 -1% 6,741.1 9,948.3 12,385.4 915.5 7.4% 9.3% 0.8x 10.9x

Changyou.com Limited China 20.99 -40% 1,091.0 958.8 807.6 221.7 27.5% 9.7% 1.2x 4.3x

Chegg, Inc. United States 7.43 -16% 651.3 588.8 317.9 17.4 5.5% 14.5% 1.9x 33.8x

Cnova N.V. * Netherlands 4.48 -48% 1,977.0 1,936.2 4,113.3 20.4 0.5% 17.7% 0.5x 94.8x

Copart, Inc. United States 35.02 -9% 4,430.8 4,417.8 1,151.2 416.2 36.2% 1.0% 3.8x 10.6x

CyberAgent Inc. Japan 39.65 -34% 2,485.4 2,315.7 1,986.1 328.9 16.6% 28.0% 1.2x 7.0x

Demand Media, Inc. * United States 4.71 -55% 93.9 51.6 147.3 (6.2) NM -22.5% 0.4x NM

DeNA Co., Ltd. Japan 18.27 -19% 2,648.8 2,120.3 1,180.1 290.7 24.6% -12.5% 1.8x 7.3x

eBay Inc. United States 27.11 -59% 33,026.2 30,094.2 18,351.0 5,167.0 28.2% 11.1% 1.6x 5.8x

E-Commerce China Dangdang Inc. * China 5.97 -58% 482.5 217.4 1,417.6 (3.5) NM 22.2% 0.2x NM

eLong Inc. * China 17.12 -37% 628.9 415.0 157.7 (143.8) NM -10.8% 2.6x NM

Etsy, Inc. * United States 14.33 -60% 1,603.5 1,324.8 232.5 4.2 1.8% 50.4% 5.7x NM

Everyday Health, Inc. United States 9.76 -36% 314.8 381.0 201.4 18.7 9.3% 20.5% 1.9x 20.4x

Expedia Inc. United States 114.99 -10% 16,321.0 16,031.9 6,104.5 705.8 11.6% 16.3% 2.6x 22.7x

Facebook, Inc. * United States 89.43 -10% 251,973.1 237,997.1 14,640.0 6,384.0 43.6% 46.2% 16.3x 37.3x

Forgame Holdings Limited * China 1.70 -55% 246.1 47.9 99.3 (0.1) NM -35.0% 0.5x NM

Fitbit Inc. United States 34.49 -34% 7,135.3 6,674.0 1,260.2 291.7 23.1% 0.0% 5.3x 22.9x

G5 Entertainment AB (publ) Sweden 3.16 -28% 27.8 24.2 30.7 1.5 4.9% 55.1% 0.8x 16.2x

GameLoft SE France 3.90 -38% 327.7 270.4 275.1 13.9 5.1% -2.6% 1.0x 19.4x

Glu Mobile, Inc. United States 4.59 -35% 599.7 410.0 263.3 12.5 4.7% 85.3% 1.6x 32.8x

Google Inc. United States 647.82 -9% 433,933.5 374,135.5 69,611.0 22,620.0 32.5% 14.4% 5.4x 16.5x

Gree, Inc. Japan 4.72 -37% 1,101.4 457.9 756.0 207.0 27.4% -26.4% 0.6x 2.2x

GrubHub Inc. United States 26.45 -45% 2,238.3 1,930.8 311.5 86.7 27.8% 53.3% 6.2x 22.3x

Hollywood Media Corp. * United States 0.66 -51% 14.9 (8.0) 0.4 (4.8) NM -31.1% NM 1.7x

HSN, Inc. United States 60.81 -24% 3,216.4 3,817.8 3,682.9 332.5 9.0% 6.7% 1.0x 11.5x

IAC/InterActiveCorp United States 69.80 -18% 6,191.9 6,410.2 3,156.6 400.1 12.7% 6.0% 2.0x 16.0x

iDreamSky Technology Limited China 11.02 -58% 479.1 379.8 223.8 26.8 12.0% 0.0% 1.7x 14.2x

International Game Technology PLC United Kingdom 16.98 -20% 3,372.2 11,756.0 3,594.0 1,059.4 29.5% -11.1% 3.3x 11.1x

iProperty Group Limited * Malaysia 2.15 -11% 402.8 397.8 20.0 (0.6) NM 15.8% 19.9x NM

j2 Global, Inc. United States 69.58 -8% 3,370.3 3,454.9 657.5 268.1 40.8% 20.7% 5.3x 12.9x

JD.com, Inc. * China 25.88 -32% 35,803.4 32,178.2 23,595.1 (61.2) NM 63.6% 1.4x NM

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Jiayuan.com International Ltd. China 6.05 -36% $ 179.97 $ 101.30 $ 110.27 $ 3.58 3.2% 26.3% 0.9x 28.3x

JobStreet Corp. Bhd. Malaysia 0.37 -89% 52.0 26.1 5.3 3.1 58.2% NM 4.9x 8.4x

Jumei International Holding Limited China 10.34 -64% 1,501.3 1,060.7 882.4 53.2 6.0% 54.1% 1.2x 20.0x

King Digital Entertainment plc Ireland 13.33 -26% 4,145.3 3,359.4 2,136.1 733.5 34.3% -11.8% 1.6x 4.6x

Kongzhong Corp. China 6.52 -24% 306.8 169.2 219.3 45.3 20.7% 14.3% 0.8x 3.7x

LifeLock, Inc. United States 8.45 -56% 805.4 479.4 532.1 36.0 6.8% 26.3% 0.9x 13.3x

Liberty Interactive Corporation United States 27.04 -14% 12,468.5 17,103.5 10,048.0 1,749.0 17.4% -2.8% 1.7x 9.8x

LightInTheBox Holding Co., Ltd. * China 3.03 -65% 145.0 79.2 388.5 (39.1) NM 29.2% 0.2x NM

LinkedIn Corporation * United States 180.60 -35% 23,542.9 21,639.3 2,561.1 216.7 8.5% 38.6% 8.4x 99.9x

Liquidity Services, Inc. United States 7.50 -51% 225.2 129.0 436.3 28.3 6.5% -13.8% 0.3x 4.6x

MeetMe, Inc. United States 1.63 -28% 74.1 60.6 47.3 7.5 15.9% 9.4% 1.3x 8.0x

Mercadolibre, Inc. Argentina $110.05 -28% 4,859.3 4,809.8 611.7 189.2 30.9% 21.2% 7.9x 25.4x

Mixi, Inc. Japan 34.38 -41% 2,897.9 2,539.5 1,228.8 599.8 48.8% 561.2% 2.1x 4.2x

NCsoft Corporation South Korea 184.66 -11% 3,685.6 2,943.2 762.2 282.3 37.0% 10.5% 3.9x 10.4x

Naver Corporation South Korea 418.76 -41% 12,339.5 11,239.3 2,654.3 794.0 29.9% 18.1% 4.2x 14.2x

NetEase, Inc. China 111.18 -28% 14,533.5 11,210.1 2,388.2 869.9 36.4% 49.4% 4.7x 12.9x

Netflix, Inc. * United States 115.03 -11% 49,003.3 48,606.6 6,112.0 407.2 6.7% 24.9% 8.0x NM

NEXON Co., Ltd. Japan 13.93 -17% 5,991.0 5,369.1 1,497.8 644.1 43.0% 15.4% 3.6x 8.3x

Orbitz Worldwide, Inc. United States 11.47 -3% 1,292.1 1,418.5 933.5 107.7 11.5% 6.5% 1.5x 13.2x

Overstock.com Inc. United States 19.65 -28% 478.0 374.0 1,609.7 24.3 1.5% 17.3% 0.2x 15.4x

Pacific Online Ltd. China 0.28 -58% 318.5 277.9 173.4 44.3 25.5% 18.1% 1.6x 6.3x

Pandora Media, Inc. * United States 17.94 -35% 3,808.3 3,435.9 1,023.9 (37.4) NM 28.0% 3.4x NM

PChome Online Inc. Taiwan 10.60 -31% 984.0 849.5 698.6 36.4 5.2% 19.7% 1.2x 23.4x

PetMed Express, Inc. United States 16.58 -10% 337.1 278.8 228.5 31.3 13.7% -1.4% 1.2x 8.9x

Phoenix New Media Limited China 4.79 -54% 343.5 217.2 267.4 30.2 11.3% 7.2% 0.8x 7.2x

The Priceline Group Inc. United States 1,248.64 -9% 63,308.0 65,519.9 8,797.7 3,266.2 37.1% 16.1% 7.4x 20.1x

Rakuten, Inc. Japan 14.30 -29% 20,356.1 20,602.9 5,347.3 1,243.0 23.2% 18.0% 3.9x 16.6x

RealNetworks Inc. * United States 4.33 -44% 156.6 45.6 134.2 (64.4) NM -27.9% 0.3x NM

Rediff.com India Limited * India 1.33 -53% 36.7 28.4 14.5 (8.3) NM -9.6% 2.0x NM

Renren Inc. * China 3.17 -29% 1,074.4 830.7 63.5 (86.6) NM -45.0% 13.1x NM

Shanda Games Limited China 6.47 -7% 1,749.2 1,714.4 599.4 231.9 38.7% -14.4% 2.9x 7.4x

Shutterfly, Inc. United States 38.86 -23% 1,408.4 1,594.5 969.2 89.6 9.2% 16.8% 1.6x 17.8x

Shutterstock, Inc. United States 33.51 -60% 1,208.0 941.6 376.8 50.0 13.3% 34.3% 2.5x 18.8x

Sky-mobi Limited * China 3.19 -70% 89.6 4.3 141.9 - 0.0% 0.0% 0.0x NM

Spark Networks, Inc. United States 3.22 -40% 81.0 66.4 55.0 9.3 16.9% -17.8% 1.2x 7.1x

Stamps.com Inc. United States 82.34 -7% 1,357.7 1,275.5 172.1 42.1 24.5% 31.2% 7.4x 30.3x

Taomee Holdings Ltd. * China 3.01 -36% 106.3 36.0 37.7 (3.4) NM -23.1% 1.0x NM

TheStreet, Inc. * United States 1.75 -30% 61.0 29.7 65.9 0.7 1.1% 14.6% 0.4x 39.6x

Tomorrow Focus AG Germany 3.49 -43% 203.8 218.1 187.3 13.8 7.4% 48.5% 1.2x 15.8x

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*NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)

*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value




Travelport Worldwide Limited United Kingdom 13.25 -28% $ 1,623.03 $ 3,976.03 $ 2,151.00 $ 350.00 16.3% 1.8% 1.8x 11.4x

Twitter, Inc. * United States 27.79 -50% 18,794.50 16,830.81 1,778.67 (285.91) NM 82.6% 9.5x NM

U.S. Auto Parts Network, Inc. United States 2.15 -36% 73.10 86.65 291.38 3.84 1.3% 9.4% 0.3x 22.6x

United Online, Inc. United States 10.89 -40% 160.89 85.88 207.25 26.50 12.8% NA 0.4x 3.2x

EVINE Live Inc. United States 2.69 -62% 153.7 198.5 677.8 11.9 1.7% 3.2% 0.3x 16.7x

Vipshop Holdings Limited China 17.99 -41% 10,432.9 9,898.4 5,085.7 295.2 5.8% 98.2% 1.9x 33.5x

Wayfair Inc. * United States 37.30 -34% 3,126.09 2,838.09 1,660.93 (124.93) NM 50.1% 1.7x NM

WebMD Health Corp. United States 41.13 -17% 1,517.0 1,711.9 597.9 122.2 20.4% 8.4% 2.9x 14.0x

Weibo Corporation * China 12.13 -53% 2,506.6 2,177.7 393.5 19.3 4.9% 45.9% 5.5x NM

WeMade Entertainment Co., Ltd. * South Korea 43.61 -26% 721.9 706.3 128.7 (15.8) NM -21.8% 5.5x NM

JM WOWO * Hong Kong 7.80 -40% 642.6 837.7 32.2 (39.2) NM -2.0% 26.0x NM

XO Group Inc. United States 14.65 -21% 384.5 298.9 141.7 18.8 13.2% 3.2% 2.1x 15.9x

Yahoo! Inc. * United States 32.24 -39% 30,350.4 6,599.5 4,870.4 541.8 11.1% 5.4% 1.4x 12.2x

Yandex N.V. Netherlands 12.20 -62% 3,887.5 3,723.9 971.6 316.0 32.5% 19.0% 3.8x 11.8x

YY Inc. China 54.62 -43% 2,989.3 2,896.3 754.5 207.1 27.4% 79.5% 3.8x 14.0x

zulily, Inc. United States 17.75 -57% 2,199.6 1,886.0 1,281.4 28.2 2.2% 35.4% 1.5x 66.9x

Zynga, Inc. * United States 2.53 -21% 2,338.4 1,279.6 752.4 (52.0) NM 7.5% 1.7x NM

Average 3.0x 14.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (35.6x)

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Digital Advertising

There was a total of 31 transactions announced in the Digital Advertising segment, of which 26 reported a total of $710 million in

reported value

Digital Video was the most active subsegment announcing nine transactions, seven of which reported $234 million in value

Select Transactions:

• Cross MediaWork’s purchase of targeted video advertising technology firm Blackarrow at a reported valuation exceeding $100

million

• The $85 million acquisition of video syndication platform AllScreen by Zealot Networks

• The $76 million investment in G5, a provider of digital experience management for the property management sector, from Peak

Equity Partners

# % $MM % # $MM # $MM # $MM

Digital Video 9 30% $233.5 40% 5 $205.0 0 - 4 $28.5

Local Search 4 13% 122.3 21% 1 28.0 0 - 3 94.3

Ad Networks/Exchanges 4 13% 40.8 7% 1 11.3 0 - 3 29.5

Mobile Marketing 3 10% 56.0 10% 0 - 0 - 3 56.0

Online Lead Generation 3 10% 38.0 7% 2 30.0 0 - 1 8.0

Comparison Shopping 2 7% 5.0 1% 1 - 0 - 1 5.0

Vertical Search 2 7% 5.5 1% 0 - 0 - 2 5.5

Other* 3 10% 78.5 14% 0 - 0 - 3 78.5

Total 30 100% 579.6 100% 10 274.3 0 0.0 20 305.3

*Other includes Digital Promotion/Coupon, Email Services, and Search Marketing

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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Digital Advertising Public Company Valuation (1/2)




Adgorithms LTD Israel $1.99 -11% $ 122.7 $ 88.8 $ 25.6 $ 0.0 0.1% 0.0% 3.5x NM

Alliance Data Systems Corporation United States $257.19 -18% 15,800.1 29,862.9 5,906.7 1,610.6 27.3% 24.7% 5.1x 18.5x

Angie's List, Inc. United States $5.29 -41% 309.6 298.8 334.3 15.2 4.6% 17.0% 0.9x 19.6x

Autobytel Inc. United States 17.65 -13% 185.3 198.8 110.0 9.2 8.4% 15.6% 1.8x 21.6x

Bankrate, Inc. United States 9.86 -30% 994.9 1,154.3 552.7 97.2 17.6% 8.5% 2.1x 11.9x

Blinkx plc United States 0.36 -47% 146.9 48.7 215.0 (9.4) NM -13.0% 0.2x NM

Blucora, Inc. United States 13.96 -19% 571.8 492.0 516.8 77.8 15.0% -20.4% 1.0x 6.3x

Constant Contact, Inc. United States 24.76 -43% 796.2 615.5 353.5 43.9 12.4% 15.1% 1.7x 14.0x

Coupons.com Incorporated United States 9.34 -53% 777.5 574.9 230.0 (14.9) NM 17.6% 2.5x NM

Criteo SA France 39.21 -32% 2,427.6 2,123.6 1,068.9 87.4 8.2% 69.1% 2.0x 24.3x

Ctrip.com International Ltd. China 66.45 -24% 9,463.4 10,228.2 1,432.9 (35.8) NM 41.4% 7.1x NM

Demand Media, Inc. United States 4.71 -55% 93.9 51.6 147.3 (6.2) NM -22.5% 0.4x NM

DHI Group, Inc. United States 7.80 -32% 423.2 494.8 265.0 70.2 26.5% 11.2% 1.9x 7.1x

Digital Globe Services Inc. United States 0.81 -72% 24.1 24.3 39.6 2.6 6.6% 23.3% 0.6x 9.3x

Facebook, Inc. * United States 89.43 -10% 251,973.1 237,997.1 14,640.0 6,384.0 43.6% 46.2% 16.3x 37.3x

Google Inc. United States 647.82 -9% 433,933.5 374,135.5 69,611.0 22,620.0 32.5% 14.4% 5.4x 16.5x

Groupon, Inc. United States 4.50 -47% 2,944.5 1,868.2 3,235.8 96.3 3.0% 15.2% 0.6x 19.4x

HomeAway, Inc. * United States 28.69 -21% 2,752.9 2,183.1 471.7 53.1 11.3% 17.8% 4.6x 41.1x

IAC/InterActiveCorp United States 69.80 -18% 6,191.9 6,410.2 3,156.6 400.1 12.7% 6.0% 2.0x 16.0x

InternetQ PLC United Kingdom 3.93 -31% 156.9 157.6 160.3 15.9 9.9% 26.8% 1.0x 9.9x

Just Dial Limited India 12.72 -52% 896.4 773.8 97.9 26.9 27.4% 26.8% 7.9x 28.8x

LeGuide.com S.A. France 35.26 -2% 127.8 95.1 34.9 (0.5) NM -26.2% 2.7x NM

MakeMyTrip Limited India 14.37 -55% 603.4 475.1 298.5 (13.0) NM 9.3% 1.6x NM

Marimedia Ltd. Israel 0.93 -66% 61.7 36.9 66.2 7.0 10.6% 20.8% 0.6x 5.3x

Matomy Media Group Ltd. Israel 1.52 -61% 139.0 153.9 254.9 19.3 7.6% 25.1% 0.6x 8.0x

MaxPoint Interactive, Inc. United States 4.66 -59% 120.9 92.9 128.9 (12.8) NM 60.4% 0.7x NM

Millennial Media Inc. United States 1.34 -41% 189.8 160.2 285.3 (41.3) NM -2.5% 0.6x NM

Monster Worldwide, Inc. United States 7.27 -12% 663.1 810.7 741.5 79.7 10.7% -5.9% 1.1x 10.2x

Opera Software ASA Norway 6.23 -51% 905.8 923.2 566.2 95.5 16.9% 60.6% 1.6x 9.7x

Pacific Online Ltd. China 0.28 -58% 318.5 277.9 173.4 44.3 25.5% 18.1% 1.6x 6.3x

QuinStreet, Inc. United States 5.50 -19% 247.5 202.1 282.1 (2.7) NM -0.1% 0.7x NM

ReachLocal, Inc. United States 2.45 -53% 71.9 69.2 425.0 (34.2) NM -17.3% 0.2x NM

RetailMeNot, Inc. United States 9.00 -58% 482.8 280.4 257.5 55.4 21.5% 4.4% 1.1x 5.1x

Rightmove plc * United Kingdom 57.16 -2% 5,463.4 5,445.5 282.6 205.5 72.7% 17.4% 19.3x 26.5x

Rocket Fuel Inc. United States 6.13 -71% 261.8 263.8 466.0 (52.7) NM 47.9% 0.6x NM

Rovi Corporation United States 11.07 -58% 962.2 1,815.2 524.6 167.0 31.8% -5.5% 3.5x 10.9x

Septeni Holdings Co., Ltd. Japan 14.70 -11% 380.9 310.6 491.4 22.3 4.5% 14.8% 0.6x 13.9x

The Rubicon Project, Inc. United States 14.40 -30% 631.2 532.0 164.2 (9.9) NM 65.1% 3.2x NM

TiVo Inc. United States 9.10 -35% 885.38 553.19 459.15 82.84 18.0% 6.6% 1.2x 6.7x

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Digital Advertising Public Company Valuation (2/2)

*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value

*NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)




TradeDoubler AB Sweden 0.74 -50% $ 31.23 $ 22.13 $ 207.43 $ (2.48) NM -6.3% 0.1x NM

Travelzoo Inc. United States 9.60 -45% 141.4 85.5 135.6 8.7 6.4% -10.7% 0.6x 9.9x

LendingTree, Inc. * United States 105.95 -24% 1,221.4 1,128.5 191.2 18.0 9.4% 22.6% 5.9x 62.6x

Tremor Video, Inc. United States 2.03 -38% 104.7 36.0 167.6 (15.1) NM 11.6% 0.2x NM

TripAdvisor Inc. United States 69.90 -30% 10,813.7 10,390.7 1,410.0 356.0 25.2% 31.5% 7.4x 29.2x

TrueCar, Inc. United States 5.91 -76% 486.8 387.4 236.1 (37.7) NM 37.2% 1.6x NM

TubeMogul, Inc. United States 11.06 -54% 383.0 302.4 139.3 (9.0) NM 62.4% 2.2x NM

Twitter, Inc. United States 27.79 -50% 18,794.5 16,830.8 1,778.7 (285.9) NM 82.6% 9.5x NM

Voltari Corporation United States 6.71 -69% 60.8 91.7 10.0 (11.4) NM -2.1% 9.2x NM

Web.com Group, Inc. United States 21.53 -17% 1,102.6 1,552.0 540.2 103.5 19.2% 2.3% 2.9x 15.0x

XLMedia PLC Channel Islands 0.94 -20% 188.5 145.9 50.7 15.4 30.3% 47.0% 2.9x 9.5x

Yahoo! Inc. United States 32.24 -39% 30,350.4 6,599.5 4,870.4 541.8 11.1% 5.4% 1.4x 12.2x

Yelp Inc. * United States 24.28 -71% 1,827.1 1,459.0 464.8 28.5 6.1% 56.5% 3.1x 51.2x

Yandex N.V. Netherlands 12.20 -62% 3,887.5 3,723.9 971.6 316.0 32.5% 19.0% 3.8x 11.8x

Youku Tudou Inc. * China 16.61 -47% 3,242.9 2,345.4 834.5 68.3 8.2% 43.8% 2.8x 34.3x

YuMe, Inc. United States 2.73 -57% 92.4 44.9 180.6 (8.5) NM 7.6% 0.2x NM

Zhaopin Ltd. China 12.80 -31% 654.8 428.7 205.0 49.7 24.2% 20.2% 2.1x 8.6x

Zillow Group, Inc. United States 25.38 -46% 4,404.7 4,009.8 479.5 (9.9) NM 86.9% 8.4x NM

Average 2.6x 16.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.6x)

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# % $MM % # $MM # $MM # $MM

Analytics & Targeting 13 18% $88.3 14% 1 - 0 - 12 $88.3

Content Management 12 17% 13.6 2% 7 - 1 - 4 13.6

CRM 7 10% 51.0 8% 3 2.0 1 3.8 3 45.2

Mobile Technology 7 10% 158.2 25% 0 - 0 - 7 158.2

Email/Messaging Software 6 8% 30.8 5% 2 - 0 - 4 30.8

Commerce Management 5 7% 35.0 6% 2 5.0 0 - 3 30.0

SFA/Lead Management 4 6% 4.0 1% 2 - 0 - 2 4.0

Other* 17 24% 248.1 39% 11 91.8 0 - 6 156.3

Total 71 100% 629.1 100% 28 98.8 2 3.8 41 526.4

*Other includes BI Tools, Content Delivery Network, Data Quality, Market Research, Marketing Data, MRM/Workflow Management, SEM/SEO Tools, Social Technology, Teleservices/eServices, and Web to Print

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



The Marketing Technology segment announced 71 transactions, of which 45 reported a total of $629 million in value

Analytics & Targeting was the most active subsegment with 13 transactions announced, 11 of which reported $88 million in value

Mobile Technology was the highest value segment with seven transactions announcing $158 million in value


• The $75 million raised by content delivery network Fastly led by Iconiq Capital with participation from Battery Ventures, IDG

Ventures, August Capital, and Amplify Partners

• Social media management system Spredfast’s acquisition of online social marketing platform Shoutlet

• Oracle’s purchase of content optimization software developer Maxymiser

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Marketing Technology Public Company Valuation (1/2)




Adobe Systems Incorporated * United States 78.57 -10% $ 39,099.97 $ 37,591.10 $ 4,350.08 $ 920.56 21.2% 6.0% 8.6x 40.8x

AppFolio, Inc. United States 16.01 -12% 536.7 476.4 60.5 (9.4) NM 0.0% 7.9x NM

Baozun Inc. China 5.12 -65% 257.3 113.7 330.5 (6.0) NM 0.0% 0.3x NM

Bazaarvoice, Inc. United States 5.19 -45% 418.0 371.8 194.1 (20.4) NM 11.7% 1.9x NM

Bitauto Holdings Limited China 26.85 -72% 1,615.6 825.8 530.6 56.2 10.6% 89.3% 1.6x 14.7x

Blackbaud Inc. United States 57.14 -11% 2,631.9 2,877.1 600.7 98.2 16.3% 13.4% 4.8x 29.3x

Brightcove Inc. United States 5.33 -37% 173.7 154.2 128.6 (2.5) NM 6.9% 1.2x NM

ChannelAdvisor Corporation United States 11.38 -49% 285.5 228.8 91.6 (23.1) NM 18.6% 2.5x NM

ChinaCache International Holdings

Ltd. China 7.13 -55% 184.7 98.2 230.8 13.5 5.8% 11.4% 0.4x 7.3x

Constant Contact, Inc. United States 24.76 -43% 796.2 615.5 353.5 43.9 12.4% 15.1% 1.7x 14.0x

Covisint Corporation United States 2.70 -45% 106.0 58.9 85.4 (22.0) NM -9.7% 0.7x NM

Cvent, Inc. United States 31.54 -7% 1,312.9 1,149.4 165.1 0.6 0.4% 31.7% 7.0x NM

Dealertrack Technologies, Inc. * United States 62.76 -1% 3,473.5 4,258.2 993.1 119.7 12.1% 56.6% 4.3x 35.6x

Demandware, Inc. United States 55.79 -26% 2,099.4 1,913.3 195.4 (28.7) NM 47.8% 9.8x NM

eBay Inc. United States 27.11 -59% 33,026.2 30,094.2 18,351.0 5,167.0 28.2% 11.1% 1.6x 5.8x

Endurance International Group

Holdings, Inc. United States 15.29 -35% 2,036.2 3,073.5 691.9 183.4 26.5% 22.0% 4.4x 16.8x

Five9, Inc. United States 3.93 -40% 197.5 179.9 114.7 (25.8) NM 22.4% 1.6x NM

GoDaddy Inc. United States 25.08 -24% 1,630.2 2,655.6 1,499.4 88.9 5.9% 19.9% 1.8x 29.9x

HubSpot, Inc. United States 47.29 -14% 1,596.3 1,486.8 145.7 (51.7) NM 55.3% 10.2x NM

InfraStrata plc * United Kingdom 0.02 -84% 3.2 2.3 0.0 (1.6) NM -68.9% 86.9x NM

Infosystems S.A. Poland 0.26 -66% 1.1 1.5 1.9 1.1 57.7% 0.0% 0.8x 1.3x

Interactive Intell igence Group Inc. * United States 35.01 -37% 758.5 692.4 367.8 9.3 2.5% 12.1% 1.9x 74.3x

IBM Corporation United States 147.89 -24% 144,862.7 174,923.7 86,913.0 22,376.0 25.7% -10.4% 2.0x 7.8x

Jive Software, Inc. United States 4.51 -37% 340.7 229.2 190.0 (26.3) NM 18.0% 1.2x NM

LivePerson Inc. * United States 9.15 -38% 523.0 486.0 230.1 9.3 4.0% 20.5% 2.1x 52.3x

Marin Software Incorporated United States 3.57 -63% 131.8 92.2 105.9 (29.6) NM 19.5% 0.9x NM

Marketo, Inc. United States 28.01 -21% 1,196.2 1,092.0 178.3 (55.3) NM 46.2% 6.1x NM

Mercadolibre, Inc. Argentina 110.05 -28% 4,859.3 4,809.8 611.7 189.2 30.9% 21.2% 7.9x 25.4x

MicroStrategy Inc. United States 198.70 -12% 2,258.2 1,830.3 556.9 115.8 20.8% -5.2% 3.3x 15.8x

MINDBODY, Inc. United States 14.02 -14% 548.6 457.8 84.8 (25.3) NM 0.0% 5.4x NM

NetSuite Inc. United States 88.85 -22% 7,022.8 6,916.2 643.6 (62.6) NM 35.0% 10.7x NM

Nuance Communications, Inc. United States 16.47 -13% 5,102.3 6,769.1 1,929.3 237.9 12.3% 1.9% 3.5x 28.5x

Open Text Corporation Canada 45.32 -27% 5,544.3 6,421.7 1,851.9 520.7 28.1% 14.0% 3.5x 12.3x


Oracle Corporation United States 37.09 -21% 160,825.1 148,850.1 38,226.0 16,065.0 42.0% -0.1% 3.9x 9.3x

Press Ganey Holdings, Inc. * United States 32.25 -3% 1,696.5 1,870.6 300.2 27.6 9.2% 0.0% 6.2x 67.8x

PROS Holdings, Inc. United States 22.12 -28% 655.4 611.7 185.9 (17.8) NM 15.5% 3.3x NM

PTC Inc. United States 33.12 -23% 3,781.3 4,130.6 1,309.4 262.0 20.0% -1.9% 3.2x 15.8x

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Marketing Technology Public Company Valuation (2/2)




Qlik Technologies, Inc. United States 37.86 -10% $ 3,496.85 $ 3,190.50 $ 580.16 $ 1.18 0.2% 14.1% 5.5x NM

Rightside Group, Ltd. United States 7.75 -38% 146.2 124.8 203.2 (4.6) NM 11.5% 0.6x NM

Rovi Corporation United States 11.07 -58% 962.16 1,815.16 524.64 167.04 31.8% -5.5% 3.5x 10.9x

The Rubicon Project, Inc. United States 14.40 -30% 631.2 532.0 164.2 (9.9) NM 65.1% 3.2x NM

Sage Group plc United Kingdom 7.92 -11% 8,535.24 9,318.49 2,004.87 568.85 28.4% 1.9% 4.6x 16.4x

salesforce.com, inc. * United States 69.36 -12% 45,469.4 46,320.2 5,974.1 315.8 5.3% 25.3% 7.8x 146.7x

SAP SE Germany 67.34 -14% 80,496.4 87,700.0 21,362.3 6,973.0 32.6% 12.8% 4.1x 12.6x

Shopify Inc. Canada 27.54 -35% 2,089.0 1,890.2 144.8 (10.5) NM 0.0% 13.1x NM

Sizmek Inc. United States 6.57 -23% 194.1 127.2 165.4 13.3 8.1% -1.6% 0.8x 9.5x

Sky-mobi Limited China 3.19 -70% 89.6 4.3 141.9 - 0.0% 0.0% 0.0x NM

Sungy Mobile Limited China 4.55 -47% 142.3 42.9 59.5 (9.5) NM 12.3% 0.7x NM

Synchronoss Technologies, Inc. United States 40.39 -25% 1,771.6 1,773.5 526.1 147.1 28.0% 35.3% 3.4x 12.1x

Tableau Software, Inc. United States 94.17 -28% 6,764.5 6,035.0 527.4 (1.3) NM 71.4% 11.4x NM

Teradata Corporation United States 29.23 -38% 4,139.0 3,818.0 2,633.0 486.0 18.5% -3.9% 1.5x 7.9x

Verint Systems Inc. United States 53.33 -20% 3,272.2 3,629.9 1,159.6 161.3 13.9% 14.3% 3.1x 22.5x

Weborama France 9.29 -10% 32.0 30.8 32.3 1.6 5.1% -4.8% 1.0x 18.8x

Wix.com ltd Israel 19.75 -29% 784.0 691.7 172.2 (51.7) NM 57.8% 4.0x NM

Xactly Corporation United States 6.81 -33% 188.7 200.2 63.7 (12.5) NM 0.0% 3.1x NM

Zendesk, Inc. United States 20.68 -27% 1,819.6 1,533.3 162.9 (65.9) NM 69.1% 9.4x NM

Adjusted Weighted Average 4.2x 12.7x


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There were 18 transactions announced in the Agency & Marketing Services segment in August. Digital Agency was the most active

subsegment with 7 transactions announced

Select transactions:

• J. Walter Thompson Company’s acquisition of brand experience agency Webling Interactive

• SGS International’s acquisition of copywriting and marketing services firm Traffik

• PureRed’s acquisition of advertising and marketing services firm Ferrara & Company

• Wunderman’s acquisition of ABS Creative, a provider of digital marketing communication services to the healthcare industry

# % $MM % # $MM # $MM # $MM

Digital Agency 7 39% $5.0 9% 6 $5.0 0 - 1 -

Healthcare Agency 3 17% 9.0 17% 2 9.0 0 - 1 -

Public Relations 3 17% 16.0 30% 2 - 0 - 1 16.0

Loyalty/Retention 2 11% 23.0 43% 0 - 0 - 2 23.0

Marketing Consulting 2 11% - 0% 2 - 0 - 0 -

DM Agency 1 6% - 0% 1 - 0 - 0 -

Ad Specialty/Premiums 0 0% - 0% 0 - 0 - 0 -

Branded Communications 0 0% - 0% 0 - 0 - 0 -

Other* 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0

Total 18 100% 53.0 100% 13 14.0 0 0.0 5 39.0

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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Agency Public Company Valuation




Cello Group Plc United Kingdom $1.44 -11% $ 123.1 $ 134.2 $ 264.7 $ 13.0 4.9% 6.4% 0.5x 10.3x

Chime Communications plc * United Kingdom 5.56 0% 554.6 656.1 591.8 33.2 5.6% 5.3% 1.1x 19.8x

Creston plc United Kingdom 2.27 -5% 131.8 119.2 114.2 17.1 15.0% 2.7% 1.0x 7.0x

Dentsu Inc. * Japan 51.28 -15% 14,621.4 15,877.9 2,963.2 1,266.0 42.7% -84.5% 5.4x 12.5x

Enero Group Limited Australia 0.52 -38% 44.4 28.1 163.6 7.4 4.5% -0.2% 0.2x 3.8x

Globant S.A. * Luxembourg 27.20 -22% 925.0 862.2 222.2 27.9 12.6% 24.0% 3.9x 30.9x

Havas France 8.43 -10% 3,520.8 3,685.5 2,263.4 366.5 16.2% 13.2% 1.6x 10.1x

Huntsworth plc United Kingdom 0.57 -29% 181.1 232.7 260.9 31.4 12.0% -0.4% 0.9x 7.4x

M&C Saatchi plc United Kingdom 5.08 -16% 365.3 362.8 264.0 23.6 8.9% 4.5% 1.4x 15.4x

MDC Partners Inc. United States 19.59 -29% 977.9 1,860.3 1,288.1 151.2 11.7% 18.9% 1.4x 12.3x

Next Fifteen Communications Group plc United Kingdom 2.83 -6% 185.9 197.9 158.7 17.9 11.3% 0.0% 1.2x 11.1x

Omnicom Group Inc. United States 66.98 -17% 16,272.7 20,059.7 15,219.3 2,236.2 14.7% 2.0% 1.3x 9.0x

OPT Holding, Inc. Japan 4.92 -28% 127.2 112.3 530.7 17.9 3.4% 1.2% 0.2x 6.3x

Porta Communications Plc United Kingdom 0.12 -32% 32.0 43.9 36.3 2.5 6.8% 150.9% 1.2x 17.9x

Publicis Groupe SA France 71.15 -19% 15,065.1 18,342.6 9,400.2 1,723.2 18.3% 21.3% 2.0x 10.6x

The Interpublic Group of Companies, Inc. United States 18.88 -17% 7,748.4 8,934.9 7,600.3 988.5 13.0% 3.9% 1.2x 9.0x

WPP plc United Kingdom 20.75 -16% 26,439.6 32,156.4 18,713.0 3,589.9 19.2% 6.6% 1.7x 9.0x

1.6x 10.0xAdjusted Weighted Average


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Marketing Services Public Company Valuation




Acxiom Corporation United States $20.96 -2% $ 1,633.6 $ 1,782.6 $ 1,030.3 $ 150.6 14.6% 3.9% 1.7x 11.8x

Aimia Inc. Canada 8.64 -36% 1,382.8 1,483.3 2,004.9 161.7 8.1% 6.4% 0.7x 9.2x

Alliance Data Systems Corporation * United States 257.19 -18% 15,800.1 25,082.6 5,906.7 1,610.6 27.3% 24.7% 4.2x 15.6x

CSG Systems International Inc. United States 30.91 -7% 1,010.6 1,101.7 747.0 121.9 16.3% -0.8% 1.5x 9.0x

Data Group Ltd. Canada 0.21 -67% 5.0 69.0 246.8 14.5 5.9% -1.0% 0.3x 4.8x

DST Systems Inc. United States 102.42 -24% 3,671.1 4,066.3 2,782.8 430.3 15.5% 3.7% 1.5x 9.5x

Fair Isaac Corporation * United States 85.57 -12% 2,664.5 3,228.1 827.6 184.6 22.3% 9.2% 3.9x 17.5x

Harte-Hanks Inc. United States 3.85 -53% 237.5 279.7 524.2 50.7 9.7% -6.4% 0.5x 5.5x

High Co. SA France 6.75 -6% 70.1 27.3 156.1 12.9 8.3% 5.0% 0.2x 2.1x

Insignia Systems Inc. United States 2.65 -40% 32.4 13.9 26.8 1.9 7.3% -0.7% 0.5x 7.1x

Multiplus SA Brazil 10.43 -7% 1,692.0 1,352.1 661.2 141.3 21.4% 18.4% 2.0x 9.6x

PDI, Inc. United States 2.08 -29% 34.8 47.4 131.8 (14.9) NM 2.0% 0.4x NM

Pitney Bowes Inc. United States 19.81 -28% 4,000.0 6,490.7 3,697.1 845.3 22.9% -3.4% 1.8x 7.7x

Points International Ltd. Canada 9.05 -42% 140.6 102.5 261.2 11.2 4.3% 3.6% 0.4x 9.1x

Viad Corp United States 27.34 -7% 549.0 629.5 1,104.4 94.8 8.6% 14.6% 0.6x 6.6x

1.5x 9.0xAdjusted Weighted Average


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Traditional Media

There were 10 transactions announced in the Traditional Media segment in August, of which four reported a total of $994 million in

aggregate reported value; all transaction reported this month were acquisitions.


• Dalian Wanda Group’s purchase of The IronMan Triathlon Series from Providence Equity Partners for $650 million

• The $264 million acquisition of local radio and event marketing company Digity by Alpha Media

• Townsquare Media’s $76 million of travelling amusement parks company North American Midway Entertainment

# % $MM % # $MM # $MM # $MM

Entertainment 4 40% $725.5 73% 4 $725.5 0 - 0 -

Consumer Magazine Publishing 2 20% - 0% 2 - 0 - 0 -

B-to-B Media 1 10% - 0% 1 - 0 - 0 -

Consumer Book Publishing 1 10% - 0% 1 - 0 - 0 -

Radio 1 10% 264.0 27% 1 264.0 0 - 0 -

Traditional Outdoor 1 10% 4.3 0% 1 4.3 0 - 0 -

Other* 0 10% 0.0 0% 0 0.0 0 0.0 0 0.0

Total 10 100% 993.8 100% 10 993.8 0 0.0 0 0.0

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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Traditional Media Public Company Valuation (1/3)




CBS Corporation United States $45.24 -29% $ 21,816.3 $ 29,596.3 $ 13,767.0 $ 3,069.0 22.3% 1.0% 2.1x 9.6x

Discovery Communications, Inc. United States 26.60 -39% 16,954.6 24,530.6 6,435.0 2,505.0 38.9% 8.5% 3.8x 9.8x

Time Warner Inc. United States 71.10 -22% 57,987.8 78,659.8 28,243.0 7,865.0 27.8% 3.7% 2.8x 10.0x

Twenty-First Century Fox, Inc. United States 27.39 -30% 55,528.6 67,726.6 28,987.0 6,372.0 22.0% -9.0% 2.3x 10.6x

Viacom, Inc. United States 40.77 -50% 16,344.5 29,280.5 13,471.0 4,270.0 31.7% 0.2% 2.2x 6.9x

The Walt Disney Company * United States 101.88 -17% 171,959.0 186,745.0 51,342.0 14,813.0 28.9% 7.0% 3.6x 12.6x


B-to-B Media



Euromoney Institutional Investor PLC United Kingdom $15.53 -20% $ 1,963.6 $ 1,989.7 $ 606.8 $ 190.1 31.3% -1.1% 3.3x 10.5x

Global Sources Ltd. Bermuda 8.21 -3% 248.2 160.6 189.7 38.9 20.5% 1.9% 0.8x 4.1x

Informa plc United Kingdom 8.89 -4% 5,765.1 7,168.8 1,865.4 573.5 30.7% 4.5% 3.8x 12.5x

TechTarget, Inc. * United States 9.23 -27% 297.9 276.6 110.5 15.4 13.9% 16.3% 2.5x 18.0x

UBM plc United Kingdom 7.57 -22% 3,347.4 4,197.6 1,323.0 306.7 23.2% 10.2% 3.2x 13.7x


Radio Broadcasting



Beasley Broadcast Group Inc. United States $4.00 -43% $ 93.0 $ 174.6 $ 82.9 $ 15.6 18.8% 48.4% 2.1x 11.2x

Cumulus Media Inc. United States 1.43 -68% 334.3 2,788.8 1,213.5 243.6 20.1% 4.8% 2.3x 11.4x

Emmis Communications Corp. United States 1.26 -53% 55.9 359.4 236.7 39.5 16.7% 10.4% 1.5x 9.1x

Entercom Communications Corp. United States 11.02 -17% 419.6 854.5 380.4 91.6 24.1% 1.0% 2.2x 9.3x

Pandora Media, Inc. United States 17.94 -35% 3,808.3 3,435.9 1,023.9 (37.4) NM 28.0% 3.4x NM

Radio One Inc. United States 3.10 -27% 149.7 1,124.9 447.5 122.1 27.3% -0.4% 2.5x 9.2x

Salem Media Group, Inc. United States 6.40 -42% 162.9 441.5 264.7 47.2 17.8% 5.0% 1.7x 9.4x

Sirius XM Holdings Inc. * United States 3.82 -6% 20,487.7 25,310.0 4,352.2 1,384.0 31.8% 9.0% 5.8x 18.3x

Spanish Broadcasting System Inc. United States 5.49 -25% 39.9 436.8 142.9 39.9 27.9% -6.2% 3.1x 10.9x

Townsquare Media, Inc. United States 11.49 -20% 199.6 744.7 387.1 92.5 23.9% 18.0% 1.9x 8.1x


Large Cap Diversified Media




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Broadcast, Cable, and Satellite Television



AMC Networks Inc. United States $72.38 -17% $ 5,237.6 $ 7,985.5 $ 2,398.8 $ 796.2 33.2% 27.8% 3.3x 10.0x

Sky plc * United Kingdom 16.02 -9% 27,300.6 35,738.4 15,708.4 2,715.8 17.3% 30.9% 2.3x 13.2x

Cablevision Systems Corporation United States 25.17 -13% 6,958.9 15,775.8 6,525.4 1,793.5 27.5% 2.7% 2.4x 8.8x

CBS Corporation United States 45.24 -29% 21,816.3 29,596.3 13,767.0 3,069.0 22.3% 1.0% 2.1x 9.6x

Charter Communications, Inc. United States 181.61 -9% 20,344.4 34,228.4 9,439.0 3,248.0 34.4% 8.2% 3.6x 10.5x

Comcast Corporation United States 56.33 -13% 140,733.5 187,063.5 71,119.0 24,157.0 34.0% 5.6% 2.6x 7.7x

Crown Media Holdings Inc. United States 5.35 -3% 1,924.3 2,198.0 441.3 339.4 76.9% 12.9% 5.0x 6.5x

Discovery Communications, Inc. United States 26.60 -39% 16,954.6 24,530.6 6,435.0 2,505.0 38.9% 8.5% 3.8x 9.8x

Dish Network Corp. * United States 59.27 -27% 27,451.1 40,377.9 14,917.7 3,013.2 20.2% 4.1% 2.7x 13.4x

Entravision Communications Corporation * United States 8.05 -7% 709.1 1,002.0 247.0 71.4 28.9% 6.3% 4.1x 14.0x

General Communication Inc. United States 16.85 -12% 659.6 2,081.1 948.1 316.6 33.4% 8.2% 2.2x 6.6x

Gray Television, Inc. United States 11.59 -36% 838.5 1,852.3 586.4 237.4 40.5% 53.3% 3.2x 7.8x

Grupo Televisa, S.A.B. Mexico 30.56 -24% - - 5,398.5 2,121.6 39.3% 10.7%

Liberty Global plc United Kingdom 48.12 -18% 40,105.7 86,621.3 18,195.8 8,173.1 44.9% 1.8% 4.8x 10.6x

Media General, Inc. United States 11.75 -35% 1,501.2 3,751.6 994.2 295.3 29.7% 115.1% 3.8x 12.7x

Nexstar Broadcasting Group, Inc. United States 46.48 -23% 1,506.0 2,985.0 775.3 279.5 36.0% 42.3% 3.9x 10.7x

Scripps Networks Interactive, Inc. United States 53.09 -36% 6,823.1 9,481.5 2,703.9 1,234.3 45.6% 3.1% 3.5x 7.7x

Sinclair Broadcast Group, Inc. United States 26.78 -17% 2,557.3 6,359.6 2,167.7 740.6 34.2% 32.7% 2.9x 8.6x

TEGNA Inc. United States 23.79 -38% 5,387.8 9,902.7 6,138.3 1,504.5 24.5% 11.9% 1.6x 6.6x

The E. W. Scripps Company * United States 17.52 -39% 1,476.0 1,781.7 965.2 106.7 11.1% 51.9% 1.8x 16.7x

Time Warner Cable Inc. United States 186.02 -4% 52,638.9 75,222.9 23,207.0 7,903.0 34.1% 3.6% 3.2x 9.5x

Time Warner Inc. United States 71.10 -22% 57,987.8 78,659.8 28,243.0 7,865.0 27.8% 3.7% 2.8x 10.0x

Ziggo N.V. Netherlands 43.39 -10% - - 1,589.4 831.9 52.3% -19.0%


Entertainment Media



DreamWorks Animation SKG Inc. * United States $19.94 -33% $ 1,711.3 $ 2,238.4 $ 752.4 $ 32.0 4.2% 19.7% 3.0x 70.0x

Eros International Plc United Kingdom 33.12 -15% 1,842.1 2,084.1 288.9 81.8 28.3% 20.4% 7.2x 25.5x

Lions Gate Entertainment Corp. United States 36.69 -7% 5,441.3 6,697.9 2,359.2 245.1 10.4% -6.0% 2.8x 27.3x

Live Nation Entertainment, Inc. United States 24.62 -16% 4,982.2 5,925.5 6,960.0 507.4 7.3% 4.4% 0.9x 11.7x

SFX Entertainment, Inc. United States 1.02 -85% 99.6 367.8 412.7 (85.3) NM 66.5% 0.9x NM

Twenty-First Century Fox, Inc. United States 27.39 -30% 55,528.6 67,726.6 28,987.0 6,372.0 22.0% -9.0% 2.3x 10.6x

Liberty Media Corporation United States 37.25 -25% 12,265.9 25,865.9 4,582.0 1,332.0 29.1% 6.4% 5.6x 19.4x

Village Roadshow Limited Australia 4.97 -5% 797.0 1,092.9 773.9 119.6 15.5% 5.1% 1.4x 9.1x

World Wrestling Entertainment Inc. United States 20.06 -15% 1,522.4 1,435.6 587.1 47.0 8.0% 14.3% 2.4x 30.5x




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Out-of-Home Media



AirMedia Group Inc. China $4.57 -41% $ 274.1 $ 268.8 $ 199.9 $ (35.6) NM -25.9% 1.3x NM

APG|SGA SA Switzerland 390.06 -8% 1,168.0 1,076.3 338.5 82.6 24.4% 4.7% 3.2x 13.0x

Clear Channel Outdoor Holdings Inc. United States 8.16 -30% 2,924.7 7,908.2 2,882.7 702.2 24.4% -2.1% 2.7x 11.3x

Clear Media Ltd. Hong Kong 0.96 -26% 522.1 467.7 231.8 96.1 41.5% 6.4% 2.0x 4.9x

JCDecaux SA France 35.88 -21% 7,612.2 7,671.5 2,917.1 570.6 19.6% 10.1% 2.6x 13.4x

Lamar Advertising Co. United States 53.34 -14% 5,137.8 7,050.8 1,318.4 552.9 41.9% 4.9% 5.3x 12.8x

Mood Media Corporation United States 0.32 -50% 58.9 629.8 483.1 85.6 17.7% -3.5% 1.3x 7.4x

National CineMedia, Inc. United States 13.15 -22% 808.4 1,915.0 422.3 203.9 48.3% -1.3% 4.5x 9.4x

NTN Buzztime Inc. United States 0.18 -69% 16.8 17.3 24.7 (5.3) NM -2.8% 0.7x NM

Tom Group Ltd. * Hong Kong 0.20 -47% 783.1 1,104.0 184.0 8.9 4.8% -15.1% 6.0x 124.1x


Publishing



A. H. Belo Corporation United States $5.01 -62% $ 108.6 $ 28.0 $ 271.2 $ 2.5 0.9% -1.2% 0.1x 11.2x

Daily Mail and General Trust plc United Kingdom 12.61 -16% 4,242.6 5,627.6 2,728.7 434.3 15.9% 7.9% 2.1x 13.0x

Emmis Communications Corp. United States 1.26 -53% 55.9 359.4 236.7 39.5 16.7% 10.4% 1.5x 9.1x

Gannett Co., Inc. United States 13.11 -13% 1,508.1 1,445.8 3,030.7 420.0 13.9% 0.0% 0.5x 3.4x

Glacier Media, Inc. Canada 0.69 -46% 61.2 153.8 190.3 13.9 7.3% -0.3% 0.8x 11.1x

John Wiley & Sons Inc. United States 51.56 -21% 3,021.1 3,330.5 1,822.4 337.7 18.5% 2.7% 1.8x 9.9x

Martha Stewart Living Omnimedia Inc. * United States 6.05 -15% 347.7 298.5 106.3 7.6 7.1% -30.1% 2.8x 39.5x

Meredith Corporation United States 47.22 -17% 2,467.5 3,239.7 1,594.2 314.9 19.8% 8.5% 2.0x 10.3x

News Corporation United States 13.63 -23% 7,926.8 6,166.8 8,633.0 786.0 9.1% 2.4% 0.7x 7.8x

Scholastic Corporation United States 43.21 -7% 1,442.6 942.5 1,635.8 89.3 5.5% 4.8% 0.6x 10.6x

The E. W. Scripps Company United States 17.52 -39% 1,476.0 1,781.7 965.2 106.7 11.1% 51.9% 1.8x 16.7x

The McClatchy Company United States 1.26 -71% 109.6 1,067.4 1,102.5 170.2 15.4% -7.2% 1.0x 6.3x

The New York Times Company United States 12.16 -16% 2,010.1 1,786.0 1,576.5 238.7 15.1% -0.5% 1.1x 7.5x

Time Inc. United States 20.77 -20% 2,279.3 3,253.3 3,131.0 436.0 13.9% -6.3% 1.0x 7.5x




(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)

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Software

Within the Software segment, nearly $5.4 billion in reported value involved strategic buyers, while another $2.3 billion in investments

were announced

Security software was the most active subsegment with 16 transactions, with eight accounting for $153 million in value, including:

• The $100 million raised by internet security company Zscaler at a reported valuation exceeding $1 billion led by TPG Capital with

participation from EMC and LightSpeed Venture Partners


• TPG Capital and Leonard Green Partners $3.5 billion acquisition of education software developer Ellucian from Hellman & Friedman

• BMW Group, Audi, and Daimler’s $3.1 billion joint acquisition of digital mapping software company Here from Nokia

• The $1 billion raised by cloud computing firm Aliyun from Alibaba

# % $MM % # $MM # $MM # $MM

Security 16 16% $152.7 1% 6 - 2 - 8 $152.7

Financial 10 10% 909.4 8% 4 729.2 0 - 6 180.2

Cloud Computing 9 9% 1,054.7 9% 2 - 0 - 7 1,054.7

ERP 9 9% 4,272.0 38% 4 675.0 1 3,500.0 4 97.0

HR 9 9% 117.2 1% 4 - 0 - 5 117.2

Healthcare 8 8% 446.6 4% 3 290.0 1 - 4 156.6

Other* 42 35% 3,997.3 36% 20 3,668 0 0 22 329.1

Total 103 100% 11,146.9 100% 43 5,362.4 4 3,500.0 56 2,284.5

*Other includes Application Management, Big Data, Collaboration, Credit/Risk, Data Management, Engineering, Enterprise Mobility, Infrastructure, Legal, Software Development Tools, and Virtualization

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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Software Public Company Valuation (1/3)




Ebix Inc. United States 28.39 -25% 978.2 1,101.0 239.9 85.1 35.5% 17.6% 4.6x 12.9x

Epiq Systems, Inc. United States 12.72 -36% 475.0 866.7 450.8 61.4 13.6% -2.5% 1.9x 14.1x

Fidessa group plc United Kingdom 28.85 -25% 1,097.5 1,002.9 446.2 78.1 17.5% 2.5% 2.2x 12.8x

Guidewire Software, Inc. * United States 55.91 -8% 3,944.3 3,394.3 380.5 24.0 6.3% 8.6% 8.9x 141.6x

Innovation Group plc United Kingdom 0.60 -2% 730.5 652.8 328.1 39.1 11.9% 7.0% 2.0x 16.7x

Intuit Inc. United States 85.75 -21% 23,638.6 22,441.6 4,192.0 1,087.0 25.9% -1.2% 5.4x 20.6x

Management Consulting Group PLC United Kingdom 0.25 -39% 119.2 183.3 380.5 18.3 4.8% -6.5% 0.5x 10.0x

Model N, Inc. United States 10.30 -19% 272.4 178.6 88.7 (17.8) NM -0.6% 2.0x NM


Performant Financial Corporation United States 2.60 -73% 128.5 152.5 159.2 9.7 6.1% -37.0% 1.0x 15.7x

Q2 Holdings, Inc. United States 26.16 -14% 976.4 858.2 93.6 (14.1) NM 41.8% 9.2x NM

RealPage, Inc. United States 18.41 -20% 1,457.8 1,478.5 434.2 32.9 7.6% 11.6% 3.4x 45.0x

Solera Holdings Inc. United States 48.17 -22% 3,228.9 5,689.8 1,140.8 413.0 36.2% 15.6% 5.0x 13.8x

SS&C Technologies Holdings, Inc. United States 67.74 -10% 6,680.6 6,416.4 811.8 309.7 38.2% 10.2% 7.9x 20.7x

Tyler Technologies, Inc. United States 138.04 -5% 4,674.6 4,470.5 537.4 121.1 22.5% 18.2% 8.3x 36.9x


Healthcare Software



Allscripts Healthcare Solutions, Inc. United States 13.77 -11% 2,601.4 3,196.3 1,372.6 80.3 5.8% 0.0% 2.3x 39.8x

athenahealth, Inc. * United States 132.97 -13% 5,137.7 5,322.5 834.8 61.6 7.4% 24.2% 6.4x 86.4x

Cegedim SA France 43.67 -9% 609.5 1,200.1 538.7 92.1 17.1% 32.8% 2.2x 13.0x

Cerner Corporation United States 61.76 -18% 21,311.8 21,376.5 3,811.8 1,070.1 28.1% 24.0% 5.6x 20.0x

Civitas Solutions, Inc. United States 24.26 -7% 896.9 1,529.8 1,343.1 142.7 10.6% 10.3% 1.1x 10.7x

Computer Programs & Systems Inc. United States 46.02 -29% 520.1 483.1 192.9 43.4 22.5% -5.1% 2.5x 11.1x

Craneware plc United Kingdom 9.75 -7% 261.7 225.9 43.0 12.7 29.6% 1.3% 5.3x 17.7x

HealthEquity, Inc. * United States 29.32 -15% 1,663.1 1,548.2 97.5 25.8 26.4% 44.1% 15.9x 60.1x

McKesson Corporation United States 197.58 -19% 45,918.2 51,595.2 183,115.0 4,237.0 2.3% 23.2% 0.3x 12.2x

MedAssets, Inc. United States 21.12 -12% 1,267.2 2,097.9 750.0 218.9 29.2% 9.8% 2.8x 9.6x

Medidata Solutions, Inc. * United States 48.02 -22% 2,655.3 2,636.1 365.7 37.4 10.2% 19.8% 7.2x 70.5x

Merge Healthcare Incorporated United States 7.09 -1% 688.9 938.2 227.6 39.5 17.3% 5.6% 4.1x 23.8x

Quality Systems Inc. United States 13.59 -28% 819.7 702.9 494.5 52.0 10.5% 9.2% 1.4x 13.5x

Streamline Health Solutions, Inc. United States 2.65 -47% 49.4 62.1 28.2 (7.3) NM 2.8% 2.2x NM

USMD Holdings, Inc. United States 7.12 -67% 73.9 102.5 313.4 (2.8) NM 20.7% 0.3x NM

USMD Holdings, Inc. United States 7.12 -67% 73.9 102.5 313.4 (2.8) NM 20.7% 0.3x NM

Veeva Systems Inc. United States 25.90 -23% 3,412.1 2,974.2 358.9 87.5 24.4% 37.9% 8.3x 34.0x




Financial & Credit/Risk Management Software

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HR Software



51job Inc. China $26.81 -30% $ 1,593.8 $ 1,024.7 $ 309.0 $ 94.0 30.4% 11.6% 3.3x 10.9x

Benefitfocus, Inc. United States 36.68 -23% 1,053.6 1,005.7 159.8 (50.4) NM 33.6% 6.3x NM

Castlight Health, Inc. United States 5.29 -65% 498.9 334.5 61.2 (79.4) NM 121.2% 5.5x NM

Cornerstone OnDemand, Inc. United States 35.74 -17% 1,937.2 1,940.8 301.2 (52.7) NM 35.7% 6.4x NM

DHI Group, Inc. United States 7.80 -32% 423.2 494.8 265.0 70.2 26.5% 11.2% 1.9x 7.1x

LinkedIn Corporation * United States 180.60 -35% 23,542.9 21,639.3 2,561.1 216.7 8.5% 38.6% 8.4x 99.9x

Monster Worldwide, Inc. United States 7.27 -12% 663.1 810.7 741.5 79.7 10.7% -5.9% 1.1x 10.2x

Paycom Software, Inc. United States 38.54 -7% 2,198.7 2,182.4 184.8 38.1 20.6% 46.2% 11.8x 57.3x

Paylocity Holding Corporation United States 33.02 -14% 1,674.5 1,581.3 152.7 (7.9) NM 40.5% 10.4x NM

The Ultimate Software Group, Inc. United States 176.19 -10% 5,036.7 4,934.8 555.0 67.7 12.2% 21.1% 8.9x 72.9x

Workday, Inc. United States 70.26 -28% 13,419.7 12,015.5 975.0 (152.2) NM 58.2% 12.3x NM


Security Software



Absolute Software Corporation Canada $6.28 -22% $ 281.5 $ 223.3 $ 93.6 $ 17.5 18.7% 2.9% 2.4x 12.8x

AVG Technologies N.V. Netherlands 23.13 -21% 1,208.2 1,356.2 403.1 122.0 30.3% 5.1% 3.4x 11.1x

Check Point Software Technologies Ltd. United States 78.01 -12% 14,108.5 12,881.4 1,558.9 834.2 53.5% 8.6% 8.3x 15.4x

Cisco Systems, Inc. United States 25.88 -15% 131,622.8 96,560.8 49,161.0 13,537.0 27.5% 4.3% 2.0x 7.1x

Cheetah Mobile Inc. * China 17.27 -53% 2,459.1 2,292.7 421.0 39.3 9.3% 126.9% 5.4x 58.4x

CyberArk Software, Ltd. Israel 51.05 -33% 1,616.1 1,332.3 133.6 32.0 24.0% 76.5% 10.0x 41.6x

FireEye, Inc. United States 37.78 -32% 6,022.8 5,522.1 529.8 (396.5) NM 97.4% 10.4x NM

Fortinet Inc. * United States 42.14 -16% 7,212.3 6,339.3 870.0 67.5 7.8% 27.0% 7.3x 94.0x

Gemalto NV Netherlands 71.91 -24% 6,330.5 6,886.4 3,153.7 514.6 16.3% 18.6% 2.2x 13.4x

Imperva Inc. United States 59.58 -19% 1,862.3 1,617.6 192.3 (56.3) NM 30.1% 8.4x NM

Imprivata, Inc. United States 20.94 -3% 511.0 457.3 109.9 (12.4) NM 33.7% 4.2x NM

Infoblox Inc. United States 19.24 -31% 1,107.5 788.6 306.1 (16.5) NM 22.3% 2.6x NM

Juniper Networks, Inc. United States 25.71 -12% 9,883.6 9,984.2 4,517.1 880.7 19.5% -7.0% 2.2x 11.3x

Mobileye N.V. * Israel 56.56 -12% 12,319.1 12,121.2 172.7 29.9 17.3% 42.6% 70.2x NM

NQ Mobile Inc. China 4.12 -61% 368.3 388.8 362.2 (35.3) NM 27.7% 1.1x NM

Palo Alto Networks, Inc. United States 164.22 -18% 13,738.6 13,490.7 822.4 (99.6) NM 54.5% 16.4x NM

Proofpoint, Inc. United States 56.34 -23% 2,254.7 2,179.7 227.8 (43.6) NM 38.5% 9.6x NM

Qihoo 360 Technology Co. Ltd. China 52.87 -40% 6,817.3 6,934.1 1,630.3 439.4 27.0% 64.2% 4.3x 15.8x

Symantec Corporation United States 20.49 -25% 14,018.7 12,223.7 6,272.0 1,809.0 28.8% -6.4% 1.9x 6.8x

Trend Micro Inc. Japan 35.57 -12% 4,848.1 3,822.3 985.7 338.4 34.3% 8.8% 3.9x 11.3x

VeriSign, Inc. United States 68.94 -4% 7,824.2 7,798.5 1,031.9 638.1 61.8% 4.4% 7.6x 12.2x




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Engineering Software



Ansys, Inc. United States $88.60 -9% $ 7,986.8 $ 7,145.6 $ 941.6 $ 433.4 46.0% 5.1% 7.6x 16.5x

Autodesk, Inc. * United States 46.75 -28% 10,574.8 9,671.1 2,538.6 201.0 7.9% 7.1% 3.8x 48.1x

AVEVA Group plc United Kingdom 33.26 -7% 2,125.4 1,966.0 310.0 86.2 27.8% -12.1% 6.3x 22.8x

Dassault Systemes SA France 69.33 -15% 17,480.6 16,210.8 2,898.9 706.7 24.4% 22.9% 5.6x 22.9x


Infrastructure Software



Adobe Systems Incorporated United States $78.57 -10% $ 39,100.0 $ 37,591.1 $ 4,350.1 $ 920.6 21.2% 6.0% 8.6x 40.8x

CA, Inc. United States 27.29 -18% 12,043.2 10,624.2 4,170.0 1,342.0 32.2% -4.9% 2.5x 7.9x

CommVault Systems, Inc. United States 35.84 -36% 1,630.1 1,218.7 594.0 27.9 4.7% -1.7% 2.1x 43.7x

Covisint Corporation United States 2.70 -45% 106.0 58.9 85.4 (22.0) NM -9.7% 0.7x NM

Daegis Inc. United States 0.37 -63% 6.1 12.5 25.1 2.0 7.9% -18.9% 0.5x 6.3x

Endurance International Group Holdings, Inc. United States 15.29 -35% 2,036.2 3,073.5 691.9 183.4 26.5% 22.0% 4.4x 16.8x

Guidance Software, Inc. United States 7.10 -31% 215.4 194.5 108.6 (5.5) NM -0.2% 1.8x NM

Hortonworks Inc. United States 23.76 -20% 1,046.1 904.2 78.9 (205.8) NM 109.6% 11.5x NM

IBM Corporation United States 147.89 -24% 144,862.7 174,923.7 86,913.0 22,376.0 25.7% -10.4% 2.0x 7.8x

IntraLinks Holdings, Inc. United States 10.24 -20% 592.8 615.5 268.3 12.2 4.5% 9.7% 2.3x 50.7x



Oracle Corporation United States 37.09 -21% 160,825.1 148,850.1 38,226.0 16,065.0 42.0% -0.1% 3.9x 9.3x

salesforce.com, inc. * United States 69.36 -12% 45,469.4 46,320.2 5,974.1 315.8 5.3% 25.3% 7.8x 146.7x

Rapid7, Inc. United States 21.09 - 829.7 1,066.5 91.6 (24.2) NM 0.0% 11.6x NM

ServiceNow, Inc. United States 70.96 -15% 11,076.9 10,813.3 835.4 (124.4) NM 54.0% 12.9x NM

Textura Corporation United States 25.86 -17% 668.7 600.8 74.7 (9.8) NM 44.7% 8.0x NM

Varonis Systems, Inc. United States 19.80 -49% 493.4 388.5 111.4 (21.5) NM 29.1% 3.5x NM




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Information

The Information segment reported 14 transactions worth $1.9 billion

Healthcare Information was the most active subsegment with 11 deals, followed by Financial Information with three transactions

announced, including:

• Markit’s $200 million acquisition of financial institution index management solutions provider CoreOne Technologies


• The $400 million acquisition of healthcare improvement solutions provider CECity by Premier

• Wolters Kluwer’s $150 million acquisition of Learner’s Digest, a provider clinical scientific information to healthcare professionals

• The $55 million raised by Grand Rounds, provider of an identification platform for the healthcare industry, from Greylock Partners,

Venrock, and Harrison Metal

# % $MM % # $MM # $MM # $MM

Healthcare Information 11 79% $1,702.2 89% 6 $1,605.9 0 - 5 $96.3

Financial Information 3 21% 217.0 11% 2 200.0 0 - 1 17.0

Credit/Risk Management Information 0 0% - 0% 0 - 0 - 0 -

HR Information 0 0% - 0% 0 - 0 - 0 -

Legal Information 0 0% - 0% 0 - 0 - 0 -

Engineering/Scientific/Tech Information 0 0% - 0% 0 - 0 - 0 -

Geo-Demo Information 0 0% - 0% 0 - 0 - 0 -

IT Information 0 0% - 0% 0 - 0 - 0 -

Total 14 100% 1,919.2 100% 8 1,805.9 0 0.0 6 113.3

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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Information Public Company Valuation (1/2)


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 08/31/15 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Broadridge Financial Solutions, Inc. United States $52.79 -11% $ 6,243.6 $ 6,608.8 $ 310.2 $ 629.3 $ 2,694.2 $ 576.9 21.4% 5.3% 2.5x 11.5x

Computershare Limited Australia 7.04 -26% 3,912.9 5,045.4 439.8 1,695.3 1,966.2 526.1 26.8% -2.2% 2.6x 9.6x

CoreLogic, Inc. United States 37.95 -10% 3,380.7 4,576.6 111.7 1,302.4 1,463.8 338.1 23.1% 6.3% 3.1x 13.5x

CoStar Group Inc. * United States 177.04 -21% 5,748.6 5,771.8 541.8 380.0 638.8 102.6 16.1% 29.1% 9.0x 56.2x

DST Systems Inc. United States 102.42 -24% 3,671.1 4,066.3 111.7 512.5 2,782.8 430.3 15.5% 3.7% 1.5x 9.5x

Dun & Bradstreet Corp. United States 105.97 -23% 3,826.7 5,485.9 355.2 1,703.5 1,685.2 436.1 25.9% 4.3% 3.3x 12.6x

Envestnet, Inc. United States 31.23 -46% 1,112.3 1,061.6 209.9 146.4 384.5 45.3 11.8% 25.0% 2.8x 23.4x

Equifax Inc. United States 97.90 -8% 11,576.1 13,011.8 95.0 1,523.3 2,567.9 893.3 34.8% 9.3% 5.1x 14.6x

Experian plc Ireland 17.04 -12% 16,352.1 19,744.5 155.0 3,421.0 4,810.0 1,549.0 32.2% -0.6% 4.1x 12.7x

FactSet Research Systems Inc. United States 157.92 -9% 6,540.4 6,392.5 182.9 35.0 983.7 357.1 36.3% 9.2% 6.5x 17.9x

Fair Isaac Corporation United States 85.57 -12% 2,664.5 3,228.1 86.8 658.0 827.6 184.6 22.3% 9.2% 3.9x 17.5x

Fidelity National Information Services, Inc. United States 69.06 -4% 19,446.1 24,133.8 489.0 5,196.4 6,436.0 1,610.5 25.0% 3.9% 3.7x 15.0x

Financial Engines, Inc. United States 32.46 -30% 1,680.2 1,363.1 311.0 - 299.4 61.3 20.5% 13.9% 4.6x 22.2x

McGraw Hill Financial, Inc. United States 96.99 -11% 26,429.8 27,065.8 1,176.0 1,164.0 5,168.0 2,102.0 40.7% 6.4% 5.2x 12.9x

Moody's Corporation United States 102.31 -10% 20,492.7 21,779.1 1,995.4 3,095.1 3,477.3 1,591.9 45.8% 11.3% 6.3x 13.7x

Morningstar Inc. United States 79.78 -8% 3,530.0 3,309.0 241.7 45.0 781.4 245.1 31.4% 7.8% 4.2x 13.5x

MSCI Inc. United States 60.52 -12% 6,564.0 6,909.0 537.8 800.0 1,036.1 432.2 41.7% 8.0% 6.7x 16.0x

Reis, Inc. United States 24.90 -14% 279.6 252.4 21.4 - 45.7 13.4 29.4% 20.0% 5.5x 18.8x

SEI Investments Co. United States 50.58 -9% 8,390.7 7,765.8 643.3 - 1,308.0 393.3 30.1% 8.9% 5.9x 19.7x

Thomson Reuters Corporation United States 38.60 -7% 30,171.4 37,756.4 1,032.0 8,712.0 12,400.0 2,677.0 21.6% -2.0% 3.0x 14.1x

Verisk Analytics, Inc. United States 73.08 -9% 12,313.0 15,483.5 156.7 1,306.2 1,870.6 872.8 46.7% 12.6% 8.3x 17.7x

Workiva Inc. United States 14.33 -13% 582.2 520.0 89.9 24.3 127.2 (37.2) NM 27.8% 4.1x NM



Marketing Information



Acxiom Corporation United States $20.96 -2% $ 1,633.6 $ 1,782.6 $ 123.2 $ 272.2 $ 1,030.3 $ 150.6 14.6% 3.9% 1.7x 11.8x

Alliance Data Systems Corporation United States 257.19 -18% 15,800.1 29,862.9 822.3 14,651.5 5,906.7 1,610.6 27.3% 24.7% 5.1x 18.5x

Brainjuicer Group Plc United Kingdom 6.24 -7% 79.4 71.2 8.3 - 38.4 6.9 17.9% 0.8% 1.9x 10.4x

Cello Group Plc United Kingdom 1.44 -11% 123.1 134.2 8.7 19.9 264.7 13.0 4.9% 6.4% 0.5x 10.3x

comScore, Inc. * United States 52.21 -20% 2,044.5 1,887.1 187.9 30.5 351.0 18.7 5.3% 15.1% 5.4x 100.9x

Cross Marketing Inc. Japan 3.46 -34% 62.4 76.4 13.1 25.9 80.0 7.3 9.1% 38.1% 1.0x 10.5x

Ebiquity plc United Kingdom 2.22 0% 161.4 203.5 14.3 54.9 113.5 17.9 15.7% 7.9% 1.8x 11.4x

GfK SE Germany 39.19 -16% 1,430.7 1,918.3 106.3 528.9 1,673.3 230.7 13.8% 2.6% 1.1x 8.3x

Harte-Hanks Inc. United States 3.85 -53% 237.5 279.7 31.2 73.5 524.2 50.7 9.7% -6.4% 0.5x 5.5x

InnerWorkings Inc. United States 7.26 -23% 390.5 486.9 15.6 111.9 992.6 29.9 3.0% 1.6% 0.5x 16.3x

Financial & Credit/Risk Management Information


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Business Services

The Business Services segment reported 34 transactions in August worth $236 million

The IT Consulting/Systems Integration subsegment accounted for over a third of the segments total activity with 12 transactions


• Inovalon’s acquisition of pharmaceutical data advisory services provider Avalere Health for $140 million

• IT consulting solutions firm Infogain’s $64 million round of equity funding from ChrysCapital

• Accenture’s acquisition of supply chain consultancy Total Logistics

• H.I.G. Capital’s investments in end-user support services provider Milestone Technologies and network compliance solutions firm

HelpSystems

# % $MM % # $MM # $MM # $MM

IT Consulting/Systems Integration 12 35% $63.0 27% 10 - 0 - 2 $63.0

Healthcare Consulting 5 15% 146.6 62% 4 140.0 0 - 1 6.6

Management Consulting 4 12% - 0% 4 - 0 - 0 -

BPO 3 9% 16.0 7% 1 - 1 - 1 16.0

Corporate Training 3 9% - 0% 2 - 0 - 1 -

Logistics 3 9% 10.0 4% 2 - 0 - 1 10.0

Printing Services 2 6% - 0% 1 - 0 - 1 -

Financial Consulting 1 3% - 0% 1 - 0 - 0 -

Other* 1 3% 0.0 0% 1 0.0 0 0.0 0 0.0

Total 34 100% 235.6 100% 26 140.0 1 0.0 7 95.6

*Other includes Staffing

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Business Services Public Company Valuation (1/3)


Consulting



CRA International Inc. United States 22.72 -30% 206.1 190.9 17.2 0.1 306.5 28.6 9.3% 0.7% 0.6x 6.7x

FTI Consulting, Inc. United States 39.86 -9% 1,667.8 2,138.8 225.3 711.0 1,757.8 208.1 11.8% 2.8% 1.2x 10.3x

Information Services Group, Inc. United States 3.71 -25% 138.4 178.2 17.2 52.5 210.4 18.8 8.9% 1.2% 0.8x 9.5x

Navigant Consulting Inc. United States 15.79 -2% 756.2 923.8 2.0 178.7 817.2 125.4 15.3% 12.6% 1.1x 7.4x

ICF International Inc. United States 34.21 -22% 662.7 1,015.2 7.0 377.3 1,103.7 105.2 9.5% 12.3% 0.9x 9.7x

Huron Consulting Group Inc. * United States 72.39 -8% 1,587.2 2,038.6 7.2 499.0 802.7 136.9 17.1% -0.4% 2.5x 14.9x

The Hackett Group, Inc. * United States 14.09 -7% 419.3 421.4 10.8 18.3 223.4 26.2 11.7% 9.7% 1.9x 16.1x

Towers Watson & Co. United States 118.73 -16% 8,226.3 7,639.5 759.6 206.3 3,645.0 715.0 19.6% 4.7% 2.1x 10.7x


HR Services



Automatic Data Processing, Inc. United States 77.32 -14% 36,016.4 34,359.7 1,835.5 9.7 10,938.5 2,281.2 20.9% 7.0% 3.1x 15.1x

Barrett Business Services Inc. United States 35.65 -41% 256.8 297.5 36.9 50.8 699.3 (43.3) NM 20.8% 0.4x NM

Capita plc United Kingdom 18.99 -7% 12,574.3 15,475.4 738.1 3,292.4 7,227.6 1,069.0 14.8% 10.8% 2.1x 14.5x

DHI Group, Inc. United States 7.80 -32% 423.2 494.8 28.0 104.9 265.0 70.2 26.5% 11.2% 1.9x 7.1x

Edenred SA France 21.18 -30% 4,887.8 5,894.8 1,370.2 1,705.5 1,126.1 363.1 32.2% 7.8% 5.2x 16.2x

Insperity, Inc. United States 44.39 -20% 1,099.6 910.2 257.4 - 2,483.5 92.2 3.7% 8.0% 0.4x 9.9x

LinkedIn Corporation * United States 180.60 -35% 23,542.9 21,639.3 3,529.9 1,092.7 2,561.1 216.7 8.5% 38.6% 8.4x 99.9x

Marsh & McLennan Companies, Inc. United States 53.73 -10% 28,476.5 31,571.5 1,104.0 3,889.0 12,827.0 2,746.0 21.4% 1.7% 2.5x 11.5x

Monster Worldwide, Inc. United States 7.27 -12% 663.1 810.7 110.2 210.2 741.5 79.7 10.7% -5.9% 1.1x 10.2x

Paychex, Inc. United States 44.66 -14% 16,131.5 15,594.9 536.6 - 2,739.6 1,160.2 42.3% 8.8% 5.7x 13.4x

Professional Diversity Network LLC United States 1.08 -81% 15.8 9.9 5.8 1.8 30.5 (6.0) NM 591.4% 0.3x NM

Towers Watson & Co. United States 118.73 -16% 8,226.3 7,639.5 759.6 206.3 3,645.0 715.0 19.6% 4.7% 2.1x 10.7x

TriNet Group, Inc. United States 16.84 -56% 1,188.2 1,569.6 104.4 514.8 2,425.2 148.6 6.1% 23.5% 0.6x 10.6x

WageWorks, Inc. United States 44.81 -32% 1,606.6 1,189.3 451.8 79.3 314.5 47.3 15.0% 36.8% 3.8x 25.1x




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Accenture plc Ireland 94.27 -11% $ 59,079.1 $ 55,632.8 $ 4,028.6 $ 27.2 $ 30,936.8 $ 4,903.6 15.9% 5.5% 1.8x 11.3x

Amdocs Limited Channel Islands 57.21 -7% 8,791.7 7,390.0 1,292.5 - 3,617.0 701.4 19.4% 3.1% 2.0x 10.5x

Bechtle AG Germany 86.63 -8% 1,819.3 1,753.2 143.3 60.9 3,005.9 150.5 5.0% 11.0% 0.6x 11.7x

Booz Allen Hamilton Holding Corporation United States 26.70 -15% 3,911.0 5,376.3 207.2 1,626.3 5,304.1 507.5 9.6% -1.3% 1.0x 10.6x

Broadridge Financial Solutions, Inc. United States 52.79 -11% 6,243.6 6,608.8 310.2 629.3 2,694.2 576.9 21.4% 5.3% 2.5x 11.5x

Business & Decision SA France 8.84 -1% 69.7 102.3 14.7 49.4 249.1 14.2 5.7% 2.4% 0.4x 7.2x

Cap Gemini S.A. France 89.75 -11% 15,465.8 13,942.4 2,591.5 1,229.8 12,338.6 1,344.5 10.9% 9.0% 1.1x 10.4x

CGI Group, Inc. Canada 36.66 -16% 11,387.9 12,772.9 176.5 1,685.2 8,163.3 1,404.3 17.2% -2.8% 1.6x 9.1x

Cognizant Technology Solutions Corporation United States 62.94 -9% 38,363.8 35,859.8 3,349.8 1,075.0 11,319.8 2,254.8 19.9% 17.9% 3.2x 15.9x

Computer Sciences Corporation United States 61.99 -15% 8,575.2 9,018.2 2,098.0 2,669.0 11,697.0 1,015.0 8.7% -9.9% 0.8x 8.9x

CSG Systems International Inc. United States 30.91 -7% 1,010.6 1,101.7 169.9 285.5 747.0 121.9 16.3% -0.8% 1.5x 9.0x

Digi International Inc. * United States 10.24 -5% 255.8 164.6 84.9 - 208.0 9.2 4.4% 8.1% 0.8x 17.9x

Globant S.A. * Luxembourg 27.20 -22% 925.0 862.2 69.9 1.1 222.2 27.9 12.6% 24.0% 3.9x 30.9x

International Business Machines Corporation United States 147.89 -24% 144,862.7 174,923.7 8,809.0 38,827.0 86,913.0 22,376.0 25.7% -10.4% 2.0x 7.8x

Infosys Ltd. India 16.49 -8% - - 4,999.0 - 8,834.0 2,493.0 28.2% 5.3%

ITS Group France 7.37 -24% 56.4 62.2 13.1 19.1 225.7 12.2 5.4% 61.9% 0.3x 5.1x

NCI, Inc. United States 14.27 -11% 186.1 205.2 0.7 27.0 316.9 25.2 8.0% -2.4% 0.6x 8.1x

NTT Data Corporation Japan 48.15 -4% 13,504.7 15,278.9 2,189.0 3,659.7 12,547.0 1,984.7 15.8% 10.8% 1.2x 7.7x

Perficient Inc. United States 16.56 -23% 584.4 637.6 6.4 67.5 445.5 55.0 12.4% 13.9% 1.4x 11.6x

Tata Consultancy Services Limited India 38.62 -10% - - 3,693.3 62.3 15,430.2 3,978.8 25.8% 14.3%

Wipro Ltd. India 8.60 -16% 21,121.6 18,203.8 4,028.0 1,262.3 7,550.6 1,652.3 21.9% 7.2% 2.4x 11.0x



Outsourced Services



AMREP Corporation United States $4.98 -17% $ 40.1 $ 46.2 $ 12.1 $ 18.1 $ 49.8 $ 0.2 0.5% -19.9% 0.9x 193.2x

Cenveo Inc. United States 1.72 -44% 116.7 1,356.8 12.2 1,252.2 1,915.5 143.1 7.5% -0.3% 0.7x 9.5x

Communisis plc United Kingdom 0.73 -27% 152.1 204.7 40.8 94.7 547.7 38.1 7.0% 9.4% 0.4x 5.4x

Cineplex Inc. Canada 36.10 -7% 2,277.2 2,562.3 19.0 321.9 1,015.1 169.4 16.7% 3.4% 2.5x 15.1x

Contax Participacoes S.A. Brazil 0.12 -85% 44.7 314.6 144.2 458.2 1,092.3 80.7 7.4% -4.0% 0.3x 3.9x

Convergys Corporation United States 22.60 -15% 2,221.1 2,350.9 208.0 337.8 2,970.6 371.3 12.5% 24.3% 0.8x 6.3x

Elanders AB Sweden 5.29 -18% 140.2 244.3 48.8 155.0 486.6 40.3 8.3% 41.7% 0.5x 6.1x

Eniro AB Sweden 0.11 -95% 51.3 273.1 9.9 229.9 329.0 47.1 14.3% -18.3% 0.8x 5.8x

Exlservice Holdings, Inc. United States 36.18 -8% 1,199.5 1,098.0 172.5 71.0 556.9 71.6 12.9% 14.1% 2.0x 15.3x

Firstsource Solutions Limited India 0.42 -37% 283.9 422.6 23.2 167.7 473.1 58.6 12.4% -4.2% 0.9x 7.2x

Genpact Limited Bermuda 23.00 -4% 4,956.4 5,333.8 444.0 821.4 2,386.3 388.6 16.3% 9.3% 2.2x 13.7x

InnerWorkings Inc. United States 7.26 -23% 390.5 486.9 15.6 111.9 992.6 29.9 3.0% 1.6% 0.5x 16.3x


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Luxoft Holding, Inc. * SwitzerlandSwitzerland 61.09 -10% $ 2,009.4 $ 1,950.3 $ 59.9 $ 0.8 $ 556.3 $ 101.8 18.3% 30.3% 3.5x 19.2x

MAXIMUS, Inc. United States 60.55 -14% 3,993.4 4,080.7 81.9 166.8 1,956.5 301.0 15.4% 18.6% 2.1x 13.6x

Quad/Graphics, Inc. United States 14.44 -40% 716.3 2,190.9 13.6 1,488.2 4,847.6 527.4 10.9% 1.9% 0.5x 4.2x

Quintiles Transnational Holdings Inc. United States 74.51 -7% 9,143.0 10,830.7 803.6 2,491.3 4,229.4 750.7 17.7% 6.3% 2.6x 14.4x

R.R. Donnelley & Sons Company United States 15.70 -22% 3,276.6 6,746.3 295.4 3,746.8 11,521.3 1,071.7 9.3% 5.3% 0.6x 6.3x

Salmat Limited Australia 0.45 -62% 71.5 63.8 54.2 36.6 383.4 11.3 3.0% 10.0% 0.2x 5.6x

Serco Group plc United Kingdom 1.74 -65% 1,888.3 2,316.0 247.1 682.3 5,846.8 (990.1) NM -11.4% 0.4x NM

St Ives plc United Kingdom 2.76 -16% 360.7 426.8 18.1 82.7 507.4 59.0 11.6% 4.5% 0.8x 7.2x

StarTek, Inc. United States 3.65 -64% 56.7 88.6 6.4 38.3 252.7 7.7 3.0% 2.6% 0.4x 11.6x

Sykes Enterprises, Incorporated United States 25.15 -3% 1,094.6 937.2 222.4 65.0 1,313.7 152.9 11.6% 0.9% 0.7x 6.1x

Teleperformance S.A. France 70.30 -11% 4,015.1 4,452.0 342.0 768.6 3,532.2 464.5 13.2% 27.8% 1.3x 9.6x

TeleTech Holdings Inc. United States 27.05 -7% 1,306.5 1,339.8 93.8 116.1 1,279.8 164.8 12.9% 5.5% 1.0x 8.1x

Trans Cosmos, Inc. Japan 22.93 -20% 943.5 717.4 266.5 2.1 1,668.3 92.4 5.5% 7.5% 0.4x 7.8x

Transcontinental Inc. Canada 10.82 -27% 842.7 1,133.0 29.2 347.0 1,726.2 324.7 18.8% 3.9% 0.7x 3.5x

Cimpress N.V. Netherlands 69.98 -24% 2,270.8 2,871.3 142.2 501.1 1,494.2 202.6 13.6% 17.6% 1.9x 14.2x

West Corporation United States 24.34 -32% 2,016.8 5,315.9 154.0 3,470.8 2,268.5 654.1 28.8% 21.0% 2.3x 8.1x

Xchanging plc United Kingdom 1.45 -51% 358.8 433.9 203.7 177.7 836.0 (0.9) NM -14.4% 0.5x NM



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PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 3.3x 1.7x 7.1x 4.4x

Digital Advertising 3.0x 1.8x 8.7x 5.2x

Marketing Technology 5.4x 3.3x 4.2x 4.2x

Agency 1.5x 1.2x 2.2x 1.6x

Marketing Services 1.3x 0.7x 3.0x 1.5x

Traditional Media 2.5x 2.3x 3.1x 3.0x

Software 5.2x 4.2x 4.6x 4.3x

Information 3.6x 3.6x 4.4x 4.1x

Business Services 1.3x 0.8x 2.5x 2.0x

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 18.4x 14.1x 25.6x 16.0x

Digital Advertising 18.0x 13.0x 22.5x 16.6x

Marketing Technology 25.7x 15.8x 22.5x 12.7x

Agency 11.9x 10.3x 10.3x 10.0x

Marketing Services 8.9x 9.1x 12.8x 9.0x

Traditional Media 13.4x 10.2x 11.2x 10.9x

Software 30.4x 15.7x 23.6x 13.3x

Information 22.8x 13.8x 17.4x 16.2x

Business Services 11.8x 10.3x 17.5x 12.4x

deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

Current Summary Trading Valuation Information

Revenue Multiples

EBITDA Multiples

As of close of business on 08/31/15

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard

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Digital Advertising

PPLLC Indices LTM Share Pricing Trends

Note: LTM as of 8/31/2015

LTM Index Performance • S&P 500 – 1.6% • Digital Media/Commerce –

0.9%

• Traditional Media – 4.9%

LTM Index Performance • S&P 500 – 1.6%

• Marketing Technology – 15.0%

LTM Index Performance • S&P 500 – 1.6% • Digital Advertising – 2.5%


• Agency – 2.1%

• Marketing Services – 0.0%

Digital Media/Commerce and Traditional Media

Software



• Software – 4.5%


Information & Business Services LTM Index Performance • S&P 500 – 1.6%

• Information – 6.2%

• Business Services – 11.2 %

80%

95%

110%

125%

140%

Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15

Ind

ex P

erfo

rman

ce (

%)

Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

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rman

ce (

%)

Digital Advertising S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

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rman

ce (

%)

Marketing Technology S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Agency Marketing Services S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Software S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Information Business Services S&P 500 Index (^SPX)

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All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicValues Disclosed

HERE Maps Software BMW 3,100.0$ Zul i ly, Inc. Digi ta l Media/Commerce QVC Group 2,162.6 Merge Healthcare Incorporated Information International Bus iness Machines Corporation 975.3 GT Nexus , Inc. Software Infor Global Solutions , Inc. 675.0 IronMan Triathlon Series Traditional Media Dal ian Wanda Group Corporation Ltd. 650.0 Yodlee, Inc. Software Envestnet, Inc. 504.2 1010data, Inc. Software Advance Publ ications , Inc. (Conde Nast) 500.0 CECity, Inc. Information Premier, Inc. 400.0 T-Onl ine International AG and Interactive Media CCSP GmbH Digi ta l Media/Commerce Stroer Media SE 334.0 NaviHealth, Inc. Software Cardinal Health 290.0 Digi ty Companies LLC Traditional Media Alpha Media 264.0 runtastic GmbH Digi ta l Media/Commerce Adidas AG 240.0 Polyvore, Inc. Digi ta l Media/Commerce Yahoo!, Inc. 230.0 CoreOne Technologies LLC Information Markit Group Limited 200.0 Smart Tuition Software Blackbaud, Inc. 190.0 Learner's Digest International Information Wolters Kluwer Health, Inc. 150.0 Avalere Health LLC Bus iness Services Inovalon Holdings , Inc. 140.0 BlackArrow, Inc. Digi ta l Advertis ing Cross MediaWorks , Inc. 105.0 Al lScreen Digi ta l Advertis ing Zealot Networks , Inc. 85.0 North American Midway Enterta inment Traditional Media Townsquare Media, Inc. 75.5 Healthcare Ins ights LLC Information Premier, Inc. 69.0 Inventory+ Marketing Technology DealerSocket, Inc. 55.0 Tea Leaves Health Software Everyday Health, Inc. 50.0 InfiApps Limited Digi ta l Media/Commerce Stride Gaming plc 39.2 Monexa Solutions , Inc. Software Netsuite, Inc. 35.0 Classmates Media Corporation Digi ta l Media/Commerce Intel ius Holdings , Inc. 30.0 Merchantry Digi ta l Advertis ing Tradeshi ft, Inc. 30.0 Centrix Solutions , Inc. Software Q2 Holdings , Inc. 29.0 Vegas .com LLC Digi ta l Advertis ing Remark Media, Inc. 28.0 Zimbra, Inc. Software Synacor, Inc. 24.3 Qelp Marketing Technology SYKES Enterprises , Inc. 20.7 AutoComment Marketing Technology 58.com 16.1 CineSport LLC Digi ta l Advertis ing OneUp Sports , LLC 15.0 Medworxx, Inc. Information Aptean, Inc. 11.6 Koml i Media Digi ta l Advertis ing SVG Media 11.3 Liquid Development LLC Digi ta l Media/Commerce Keywords Studios plc 9.0 MediMedia Health Agency & Marketing Services IMS Health, Inc. 9.0 Branchbird LLC Software Edgewater Technology, Inc. 5.2 Paywhere Marketing Technology Phi l ippine Long Dis tance Telephone Company 5.0 OtherSide, Inc. Agency & Marketing Services NetPlay TV plc 5.0 Halosys Software Sonata Software Limited 5.0 INCITE Keystone Technology Software Aconex Ltd. 4.7 Roads ide Attractions Traditional Media APN Outdoor Pty. Limited 4.3 HomeBuy360 Marketing Technology Hous ing.com 2.0

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StrategicUndisclosed

ABS Creative Agency & Marketing Services Wunderman -$ Ashe Avenue Agency & Marketing Services AOL, Inc. - Big Drum, Inc. Agency & Marketing Services Nebo Agency LLC - Ferrara & Company Agency & Marketing Services PureRED Integrated Marketing - Fox Communications Agency & Marketing Services W2O Group - KMT Creative Agency & Marketing Services The Brandon Agency - Lumia Agency Agency & Marketing Services Digerati Group LLC - Montgomery Communications , Inc. Agency & Marketing Services Steinreich Communications LLC - Traffic Bui lders , Inc. Agency & Marketing Services GS Marketing - Traffik, Inc. Agency & Marketing Services SGS International , Inc. - Webl ing Interactive Pty. Ltd. Agency & Marketing Services WPP Group - Agi le Resources , Inc. Bus iness Services General Employment Enterprises , Inc. - Bearface Instructional Technologies LLC Bus iness Services Perceivant LLC - Care Communications , Inc. Bus iness Services IOD Incorporated - ConeXus World LLC Bus iness Services Creative Real i ties , Inc. - Credence Corporation Bus iness Services LDiscovery, LLC - CRGT, Inc. Bus iness Services Sal ient Federa l Solutions - DealHub Bus iness Services Markit Group Limited - Ease Enterta inment Services Bus iness Services Enterta inment Partners - FocusPoint Bus iness Services InfoWorks , Inc. - Frui tion Partners Bus iness Services Computer Sciences Corporation - Health Care Management Bus iness Services Medica l Advantage Group - Marx & Moschner GmbH Bus iness Services Moss , Inc. - Mobi logie, Inc. Bus iness Services Logient, Inc. - Moss Adams LLP Bus iness Services Curtis Consulting Group - PC Ass is t Corporation Bus iness Services TechnoPro Holdings , Inc. - Primary Support Bus iness Services Axispoint Technology Solutions Group - RSA Medica l Bus iness Services Xerox Corporation - Schlumberger Bus iness Consulting Bus iness Services Accenture plc - Total Logis tics Limited Bus iness Services Accenture plc - TrumpCard, Inc. Bus iness Services Magnate Worldwide LLC - TSG Consulting Pty. Ltd. Bus iness Services The Boston Consulting Group - Veri taaq Bus iness Services Experis Ltd. - Vi ta l Network Services , Inc. Bus iness Services Vology, Inc. - WJ Weiser and Associates Bus iness Services Naylor Association Solutions - Xtraction Solutions Pty. Ltd. Bus iness Services LANDesk Software - iStreamPlanet Co. Digi ta l Advertis ing Turner Broadcasting Systems, Inc. - Tab a Doctor Digi ta l Advertis ing Global Health and Travel - Tastebud Technologies , Inc. Digi ta l Advertis ing Raise Marketplace, Inc. - The Video Network Pty. Limited Digi ta l Advertis ing Tremor Video, Inc. - 4Care Digi ta l Media/Commerce MyOptique Group Limited - Chronos Mobi le Technologies , Inc. Digi ta l Media/Commerce Li fe360, Inc. -

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ClassOwl, Inc. Digi ta l Media/Commerce Branch Metrics , Inc. -$ Dovetai l Insurace Corporation Digi ta l Media/Commerce Marsh LLC - Eyewearbrands Digi ta l Media/Commerce MyOptique Group Limited - GardenWeb Digi ta l Media/Commerce Houzz, Inc. - Going Concern Digi ta l Media/Commerce Accountingfly, Inc. - HealthyOut, Inc. Digi ta l Media/Commerce Rise Labs , Inc. - Nio Games Digi ta l Media/Commerce N3TWORK, Inc. - numberFire, Inc. Digi ta l Media/Commerce FanDuel , Inc. - Of a Kind, Inc. Digi ta l Media/Commerce Bed Bath & Beyond, Inc. - Stra ightCast Media Digi ta l Media/Commerce Fox Sports Digi ta l - Zi rtual , Inc. Digi ta l Media/Commerce Startups .co - A2 Access LLC Information Dealogic (Holdings) plc - Health Care DataWorks , Inc. Information Health Catalyst, LLC - 365 Fanyi Marketing Technology Al ibaba Group Holding Ltd. - AUTODATA Netherlands BV Marketing Technology Solera Holdings , Inc. - C21 Data Services Limited Marketing Technology Recal l Holdings Limited - CommandIQ, Inc. Marketing Technology Liquid.pch.com - Double Prime, Inc. Marketing Technology Software Paradigms International , Inc. - FantasySalesTeam Marketing Technology Microsoft Corporation - iProfi le LLC Marketing Technology DiscoverOrg, LLC - LinguaSys , Inc. Marketing Technology Aspect Software, Inc. - MagazineCloner Marketing Technology Jel lyfish Publ ishing - Maxymiser Ltd. Marketing Technology Oracle Corporation - Modest Marketing Technology PayPal , Inc. - One Cal l Now Marketing Technology Send Word Now - Pubs lush Marketing Technology Colborne Communications - Relevate Marketing Technology DataMentors , Inc. - Shoutlet, Inc. Marketing Technology Spredfast, Inc. - Si teCondor Marketing Technology gShi ftLabs , Inc. - TechVal idate Software, Inc. Marketing Technology SurveyMonkey, Inc. - Tel l igent, Inc. Marketing Technology Verint Systems, Inc. - This Technology, Inc. Marketing Technology Comcast Corporation - Tinypass , Inc. Marketing Technology Piano Media LLC - Tri i .be Marketing Technology Mobikon Technologies Pvt. Ltd. - VidiGo B.V. Marketing Technology ChyronHego Corporation - Yvolver, Inc. Marketing Technology Opera Mediaworks , Inc. - 1Cl ick.io Software Freshdesk, Inc. - Above Securi ty, Inc. Software Hitachi Data Systems Corporation - Appcore, LLC Software International Bus iness Machines Corporation - Assess Systems, Inc. Software Chequed.com, Inc. - AutoTime Software Kronos Incorporated - Boundary, Inc. Software BMC Software, Inc. -

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CloudTalent Software Avanade, Inc. -$ Cybertinel Ltd. Software CyberArk Software, Ltd. - Elys ium Digi ta l LLC Software Stroz Friedberg LLC - Folr Pte. Ltd. Software Rhodes Edge, Inc. - Fus ionX LLC Software Accenture plc - FutureAdvisor Software BlackRock, Inc. - Hotel SystemsPro LLC Software Newmarket International , Inc. - Iron Data Solutions , Inc. Software MicroPact, Inc. - iSqFt Software Construction Market Data Group - ITR Mobi l i ty LLC Software Zebra Technologies Corporation - Manage Mobi l i ty LLC Software Peak-Ryzex, Inc. - Mashery, Inc. Software TIBCO Software, Inc. - Medici , Inc. Software Overstock.com, Inc. - Mizcoin Software Aspiring Minds - Onyara, Inc. Software Hortonworks , Inc. - RJM Systems, Inc. Software Jenzabar, Inc. - Sca leBase, Inc. Software ScaleArc, Inc. - SearchSoft Solutions , Inc. Software PeopleAdmin, Inc. - Surf Smart Solutions LLC Software Veri fy Smart Corporation - Syrus Restaurant Information Services Software Vivonet, Inc. - Ta lentMine Software Talent Plus - Therabi l l LLC Software WebPT, Inc. - Vis iTrend, Inc. Software Bit9, Inc. - Xceedium, Inc. Software CA Technologies - Ben Frankl in Insti tute Traditional Media Vendome Group - Bodyshop Magazine Traditional Media Media Matters , Inc. - Brown Bag Fi lms Limited Traditional Media 9 Story Media Group - Reed Bus iness Netherlands Traditional Media Springer Media - The Airports Publ ishing Network Limited Traditional Media Findlay Media Ltd. - Wi lds ide s .r.l . Traditional Media FremantleMedia Enterprises -

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Buyout Transactions Target Target Segment Buyer/Investor Reported TV

Buyout DealsValues Disclosed

El lucian, Inc. Software TPG Capita l 3,500.0$ Blyth, Inc. Digi ta l Media/Commerce The Carlyle Group 84.8

Target Target Segment Buyer/Investor Reported TV Buyout DealsUndisclosed

HelpSystems, LLC Bus iness Services H.I.G. Capita l LLC -$ iPipel ine, Inc. Marketing Technology Thoma Bravo, Inc. - Recorded Books , LLC Marketing Technology Shamrock Capita l Advisors , Inc. - AdvancedMD Software, Inc. Software Marl in Equity Partners - DigiCert, Inc. Software Thoma Bravo, Inc. - Novetta Solutions , LLC Software The Carlyle Group -

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Venture/Growth Capital Transactions ` Target Target Segment Buyer/Investor Reported TV VC/Growth CapitalValues Disclosed

Al iyun Computing Co., Ltd. Software Al ibaba Group Holding Ltd. 1,000.0$ Uber, Inc. Digi ta l Media/Commerce Times Internet Ltd. 1,000.0 Ele.me Digi ta l Media/Commerce CITIC Capita l Partners 630.0 Snapdeal .com Digita l Media/Commerce Al ibaba Group Holding Ltd. 500.0 GrabTaxi Pte. Ltd. Digi ta l Media/Commerce Coatue Management 350.0 Fanatics , Inc. Digi ta l Media/Commerce Si lver Lake Partners 300.0 Dianrong.com Digita l Media/Commerce Standard Chartered Private Equity 207.0 BuzzFeed, Inc. Digi ta l Media/Commerce NBCUniversa l News Group 200.0 Vox Media, Inc. Digi ta l Media/Commerce NBCUniversa l News Group 200.0 Zocdoc, Inc. Software Bai l l ie Gi fford & Company 130.0 Intelex Technologies Inc. Software JMI Equity 122.5 Mirantis , Inc. Software Intel Capita l 100.0 OYO Rooms Digi ta l Media/Commerce Sequoia Capita l 100.0 Prodigy Finance Ltd. Digi ta l Media/Commerce Balderton Capita l 100.0 The Honest Company Digi ta l Media/Commerce Glade Brook Capita l Partners 100.0 Tuhu.cn Digi ta l Media/Commerce Legend Capita l 100.0 Zsca ler, Inc. Software TPG Capita l 100.0 Practo Technologies Pvt. Ltd. Digi ta l Advertis ing Sequoia Capita l 90.0 ServiceMax Software Kleiner Perkins Caufield & Byers 82.0 G5, Inc. Digi ta l Advertis ing Peak Equity Partners 76.0 Fastly, Inc. Marketing Technology Iconiq Capita l 75.0 PlanSource Benefi ts Adminis tration, Inc. Software Great Hi l l Partners , LLC 70.0 iZettle AB Marketing Technology Intel Capita l 67.1 Infogain Corporation Bus iness Services ChrysCapita l 63.0 Grand Rounds Information Greylock Partners 55.0 Al ienVault, Inc. Software Kleiner Perkins Caufield & Byers 52.0 Curse, Inc. Digi ta l Media/Commerce Undisclosed 52.0 AMCS Group Software Ins ight Venture Partners 50.0 BigBasket.com Digita l Media/Commerce Bessemer Venture Partners 50.0 Enjoy Technology, Inc. Digi ta l Media/Commerce Kleiner Perkins Caufield & Byers 50.0 Kik Interactive, Inc. Digi ta l Media/Commerce Tencent Holdings Ltd. 50.0 Kensho Technologies , Inc. Software Undisclosed 47.3 DoubleDutch Marketing Technology Bessemer Venture Partners 45.0 Kahuna, Inc. Digi ta l Advertis ing Sequoia Capita l 45.0 Sca l i ty, Inc. Software Menlo Ventures 45.0 C2FO Software Temasek Holdings (Pte) Limited 40.0 Datameer, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 40.0 IQMS Software Technology Crossover Ventures 40.0 Massdrop, Inc Digi ta l Media/Commerce August Capita l Management 40.0 Intercom, Inc. Marketing Technology Bessemer Venture Partners 35.0 Yogiyo - RGP Korea Digi ta l Media/Commerce Del ivery Hero Holding GmbH 35.0 PokitDok, Inc. Digi ta l Media/Commerce Lehmi Ventures 34.0

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Greenhouse Software, Inc. Software Benchmark Capita l 33.0$ Workfront, Inc. Marketing Technology JMI Equity 33.0 MyOptique Group Limited Digi ta l Media/Commerce Index Ventures 31.0 Duetto Research Software Accel Partners 30.0 Everything But the House Digi ta l Media/Commerce Greenspring Associates 30.0 Spoken Communications Marketing Technology Riverwood Capita l , LLC 28.8 freee Ltd. Software DCM Ventures 28.7 RedMart Pte. Ltd. Digi ta l Media/Commerce SoftBank Capita l 26.7 Super Evi l Megacorp Digi ta l Media/Commerce Index Ventures 26.0 Spoonflower, Inc. Digi ta l Media/Commerce North Bridge Growth Equity 25.0 VATbox Ltd. Software Viola Private Equity 24.0 Skyroam Co., Limited Marketing Technology CBC Capita l 23.5 LaunchPoint Corporation Information Carrick Capita l Partners , LLC 22.5 BlueData Software, Inc. Software Intel Capita l 20.0 Flexport, Inc. Marketing Technology Bloomberg Beta 20.0 SpotHero, Inc. Digi ta l Media/Commerce Ins ight Venture Partners 20.0 WSO2 Software Toba Capita l 20.0 Serious ly Digi ta l Enterta inment Ltd. Digi ta l Media/Commerce Northzone 18.0 sovrn Holdings , Inc. Digi ta l Advertis ing Foundry Group 18.0 Zephyr Health, Inc. Software Google Ventures 17.5 eShares , Inc. Information Spark Capita l 17.0 Nok Nok Labs , Inc. Software DoCoMo Capita l , Inc. 16.3 Aviacode, Inc. Bus iness Services Frontier Capita l , LLC 16.0 Benefi tter Insurance Solutions , Inc. Information HealthMarkets Insurance Agency 16.0 Four Communications Group plc Agency & Marketing Services Bus iness Growth Fund 16.0 Hao Chushi Digi ta l Media/Commerce Lightspeed Venture Partners 16.0 Ri ft.io Software North Bridge Growth Equity 16.0 CashStar, Inc. Agency & Marketing Services FTV Capita l 15.0 Roposo.com Digita l Media/Commerce Tiger Global Management, LLC 15.0 Technica l I l lus ions , Inc. Digi ta l Media/Commerce Playground Capita l 15.0 Spotted.de Digi ta l Media/Commerce Media Ventures GmbH 14.5 Velostrata Software Norwest Venture Partners 14.0 Onaps is , Inc. Software .406 Ventures , LLC 13.8 CENX, Inc. Software Mistra l Venture Partners 12.5 Uni fy Square, Inc. Marketing Technology Microsoft Corporation 12.2 MediaPlatform Digi ta l Advertis ing TVC Capita l 12.0 Panorama Education, LLC Marketing Technology Spark Capita l 12.0 Ta lena, Inc. Software Intel Capita l 12.0 Leanplum, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 11.6 GOVX.com Digita l Media/Commerce Star Avenue Capita l , LLC 11.5 ChatID, Inc. Marketing Technology Costanoa Venture Capita l 11.2 Soothe LLC Digi ta l Media/Commerce The Rivers ide Company 10.6

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HomeSuite Company Digi ta l Media/Commerce Foundation Capita l 10.4$ Sonobi , Inc. Marketing Technology Safeguard Scienti fics , Inc. 10.4 Fluxx Software The Kresge Foundation 10.2 Grouplend, Inc. Digi ta l Media/Commerce (Private Investors ) 10.2 Cargo Chief, Inc. Bus iness Services (Private Investors ) 10.0 Hel loTech Digi ta l Media/Commerce Madrona Venture Group 10.0 Iconixx Software Corporation Software Harbert Venture Partners 10.0 IndoorAtlas Ltd. Software Baidu, Inc. 10.0 Koding, Inc. Software Khos la Ventures 10.0 Lightricks Ltd. Digi ta l Media/Commerce Carmel Ventures 10.0 MarketInvoice Digi ta l Media/Commerce Northzone 10.0 Mobcrush, Inc. Digi ta l Advertis ing Kleiner Perkins Caufield & Byers 10.0 Narvar Inc. Marketing Technology Accel Partners 10.0 Platform9 Systems, Inc. Software Menlo Ventures 10.0 Ri ffsy, Inc. Digi ta l Media/Commerce Menlo Ventures 10.0 Spare5, Inc. Digi ta l Media/Commerce New Enterprise Associates 10.0 Vurb Digi ta l Media/Commerce Tencent Holdings Ltd. 10.0 Ampl i tude Analytics Marketing Technology Benchmark Capita l 9.0 Basti l le Networks , Inc. Software Bessemer Venture Partners 9.0 InfoBionic, Inc. Software Safeguard Scienti fics , Inc. 8.1 Ai rVM Software Rho Canada 8.0 Apto, Inc. Marketing Technology Adams Street Partners , LLC 8.0 Livspace Digi ta l Media/Commerce Bessemer Venture Partners 8.0 Mogl Network Agency & Marketing Services Aequitas Capita l Management 8.0 Peach Labs , Inc. Digi ta l Media/Commerce Madrona Venture Group 8.0 Thread, Inc. Digi ta l Advertis ing Balderton Capita l 8.0 Who What Wear Digi ta l Media/Commerce Amazon.com, Inc. 8.0 WizRocket Digi ta l Advertis ing Accel Partners 8.0 OneAss is t Consumer Solutions Pvt. Ltd. Software Sequoia Capita l 7.7 Mode Analytics , Inc. Marketing Technology Foundation Capita l 7.5 Dinner Lab, Inc. Digi ta l Media/Commerce James River Capita l 7.0 GuiaBolso Digi ta l Media/Commerce Ribbit Capita l 7.0 Paci fic AG Software Advantage Capita l Partners 7.0 Apiary, Inc. Software Basel ine Ventures 6.8 Icebreaker Health, Inc. Bus iness Services Undisclosed 6.6 Tyfone, Inc. Software In-Q-Tel 6.6 Bounce Exchange, Inc. Digi ta l Advertis ing Contour Venture Partners 6.4 Able Lending LLC Digi ta l Media/Commerce Blumberg Capita l 6.0 Resolution Games AB Digi ta l Media/Commerce Google Ventures 6.0 Zest Health, LLC Digi ta l Media/Commerce 7wire Ventures 6.0 Chewse, Inc. Digi ta l Media/Commerce (Private Investors ) 5.9 Lemonade Lab, Inc. Digi ta l Media/Commerce FIH Mobi le 5.8

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eko Communications , Inc. Marketing Technology Gobi Partners 5.7$ ZeroStack, Inc. Software Foundation Capita l 5.6 Dubsmash Digi ta l Media/Commerce Index Ventures 5.5 C1X, Inc. Digi ta l Advertis ing Innovation Ventures , L.P. 5.1 Portr Digi ta l Media/Commerce (Private Investors ) 5.1 Reel io, Inc. Marketing Technology (Private Investors ) 5.1 Fi lament.com Software Bul lpen Capita l 5.0 Mobee, Inc. Marketing Technology Fl int Capita l 5.0 RapidSOS, Inc. Marketing Technology Highland Capita l Partners 5.0 TrackIf LLC Digi ta l Advertis ing Origin Ventures 5.0 Blue Medora Software VMware, Inc. 4.6 Sel fWealth Ltd. Digi ta l Media/Commerce (Private Investors ) 4.3 Unite Us , Inc. Digi ta l Advertis ing Omidyar Network 4.3 AgroStar.in Digi ta l Media/Commerce IDG Ventures USA 4.0 Causemo, Inc. Digi ta l Media/Commerce Accompl ice 4.0 Improvonia , Inc. Marketing Technology BlueRun Ventures 4.0 Intel l igenceNODE Marketing Technology New Enterprise Associates 4.0 Pixlee, Inc. Marketing Technology You & Mr Jones Brandtech Ventures 4.0 Pla id, Inc. Marketing Technology Fidel i ty Growth Partners 4.0 Rebagg Digi ta l Media/Commerce General Catalyst Partners LLC 4.0 RevX.io Marketing Technology Norwest Venture Partners 4.0 Shots Mobi le, Inc. Digi ta l Media/Commerce DCM Ventures 4.0 YourStory Media Private Limited Digi ta l Media/Commerce Kalaari Capita l 4.0 Instabase, Inc. Software New Enterprise Associates 3.8 Lugg LLC Digi ta l Media/Commerce A Capita l Partners , L.P. 3.8 AdShare.tv Digi ta l Advertis ing Primo Media 3.5 Get Smart Content Marketing Technology Origin Ventures 3.5 PeopleLinx LLC Marketing Technology Greycroft Partners 3.5 Simi l i ty Software Accel Partners 3.5 api .a i Digi ta l Media/Commerce Intel Capita l 3.0 Crosswise, Ltd. Marketing Technology Horizons Ventures Ltd. 3.0 DoorMint Digi ta l Media/Commerce Hel ion Venture Partners 3.0 EazyDiner Private Limited Digi ta l Advertis ing Saama Capita l 3.0 FEM, Inc. Digi ta l Advertis ing Javel in Venture Partners 3.0 Remerge GmbH Digi ta l Advertis ing Point Nine Capita l 3.0 TrueFacet, Inc. Digi ta l Media/Commerce Freestyle Capita l 2.7 daPulse Labs Ltd. Software Genes is Partners Ltd. 2.6 1World Onl ine Marketing Technology Alta i r Capita l 2.5 ConnXus , Inc. Software TechStars , LLC 2.5 Socure, Inc. Software Fl int Capita l 2.5 StyleLounge.de Digi ta l Advertis ing TA Ventures 2.5 Pragmatix, Inc. Marketing Technology (Private Investors ) 2.4

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Venture/Growth Capital Transactions

Target Target Segment Buyer/Investor Reported TV VC/Growth CapitalValues Disclosed

NowSecure, Inc. Marketing Technology Baird Capita l Partners 12.5$ Hinge Digi ta l Media/Commerce Shasta Ventures 12.0 Forward Networks , Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobi le Digi ta l Advertis ing Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Si lverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capita l Management 10.8 Cel lTrust Corporation Digi ta l Advertis ing Kayne Partners 10.5 Connect Software Corporation Digi ta l Media/Commerce Kinzon Capita l 10.3 Predi lytics , Inc. Software QUALCOMM Ventures 10.0 Playdots , Inc. Digi ta l Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digi ta l Media/Commerce Cultivation Capita l 10.0 Narrative Science, Inc. Digi ta l Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 Cloud Technology Partners , Inc. Technology & Communications Pri tzker Group 9.1 Canvas Solutions , Inc. Digi ta l Media/Commerce River Ci ties Capita l Fund 9.0 ad2games Digi ta l Advertis ing HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers , Inc. Information & Bus iness Services GMO Venture Partners 8.5 Nok Nok Labs , Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digi ta l Media/Commerce NeoPlux 8.0 P97 Networks , Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digi ta l Media/Commerce Alven Capita l Partners 8.0 Area 1 Securi ty, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors ) 8.0 MetaMind, Inc. Technology & Communications Khos la Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy Zudy Technology & Communications Miami Stuff LLC 7.5 Ki tchi t, Inc. Digi ta l Media/Commerce Javel in Venture Partners 7.5 MarketInvoice Digi ta l Media/Commerce Northzone 7.5 DoveConviene SRL Digi ta l Advertis ing 360 Capita l Partners 7.3 Carwow Digi ta l Advertis ing Balderton Capita l 7.2 Oneview Healthcare Software (Private Investors ) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digi ta l Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5

` Target Target Segment Buyer/Investor Reported TV VC/Growth CapitalValues Disclosed

AppIns ide, Inc. Software Accompl ice 2.3$ CoScale Software Software (Private Investors ) 2.2 HotDoc Onl ine Pty Ltd. Marketing Technology AirTree Ventures 2.2 MagicCube, Inc. Software Azure Capita l Partners 2.2 Timesaverz Dotcom Pvt. Ltd. Digi ta l Media/Commerce Uni lazer Ventures 2.2 Brosa.com.au Digi ta l Media/Commerce AirTree Ventures 2.0 LevelEleven Marketing Technology NCT Ventures 2.0 MarvelApp Prototyping Ltd. Software Index Ventures 2.0 Patent Navigation, Inc. Software Voyager Capita l 2.0 Synap Marketing Technology Baird Capita l Partners 2.0 Bright Cel lars , Inc. Digi ta l Media/Commerce CSA Partners 1.8 BasharSoft Software Piton Capita l 1.7 BlueStrata EHR Information Cultivation Capita l 1.7 mPulse Mobi le Marketing Technology OCA Ventures 1.7 GameOn, Inc. Digi ta l Media/Commerce Quest Venture Partners 1.5 Klaviyo Inc. Digi ta l Advertis ing Accompl ice 1.5 Zoomi, Inc. Marketing Technology (Private Investors ) 1.5 Pana.com Digita l Media/Commerce Galvanize Ventures 1.4 Wisel ike.com Digita l Media/Commerce GGV Capita l 1.3 Board Vita ls , Inc. Information (Private Investors ) 1.1 Clear Software LLC Software Elevate Ventures 1.0 Local ize Corporation Marketing Technology TechStars , LLC 1.0 Loyalty Bay Limited Digi ta l Advertis ing Tal is Equity LLC 1.0 NextHealth Technologies LLC Software Point B Capita l 1.0 Pronto Technology Limited Digi ta l Media/Commerce Playfa ir Capita l 1.0 Scentbird, Inc. Digi ta l Media/Commerce 500 Startups 1.0 SnobSwap, Inc. Digi ta l Media/Commerce NextLevel Management 1.0 Xooker LLC Marketing Technology (Private Investors ) 1.0 Your.MD Limited Information Smedvig Capita l Limited 5.0 Pneuron Corporation Software Safeguard Scienti fics , Inc. 5.0 AdYapper.com Marketing Technology KGC Capita l 4.5 Radiant Enterta inment, Inc. Digi ta l Media/Commerce Andreessen Horowitz 4.5 Smart Ins ight Corporation Software Innovation Network Corp. of Japan 4.1 Expert360, Inc. Digi ta l Media/Commerce Frontier Ventures 4.1 Procuri fy Software Nexus Venture Partners 4.0 Picwel l , Inc. Marketing Technology Mass Mutual Ventures 4.0 BeneStream Information Kapor Capita l 4.0 SafeBreach, Inc. Software Sequoia Capita l 4.0 Trans i fex Marketing Technology New Enterprise Associates 4.0 Minute Spoteam Ltd. Digi ta l Advertis ing (Private Investors ) 4.0 Bloom & Wi ld Ltd. Digi ta l Media/Commerce MMC Ventures , LLC 3.9 HopSkipDrive, Inc. Digi ta l Media/Commerce Upfront Ventures 3.9

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Hol imetrix Marketing Technology Iris Capita l 3.8$ Terbium Labs Software (Private Investors ) 3.7 TradingView, Inc. Information iTech Capita l 3.6 Bright.md Software Oregon Angel Fund 3.5 Once Dating AG Digi ta l Media/Commerce Partech Ventures 3.5 Blockspring Software Andreessen Horowitz 3.4 KFi t As ia Sdn Bhd Digi ta l Media/Commerce Sequoia Capita l 3.3 MyEye Technology Limited Digi ta l Advertis ing (Private Investors ) 3.1 Limel ight Health, Inc. Digi ta l Advertis ing Mass Mutual Ventures 3.0 GlassesGroupGlobal Digi ta l Media/Commerce Caixa Capita l 3.0 MakeTime, Inc. Digi ta l Media/Commerce Almaz Capita l Partners 2.7 Beme, Inc. Digi ta l Media/Commerce Lightspeed Venture Partners 2.6 Bizzy Indones ia Digi ta l Media/Commerce Ardent Capita l 2.5 Ta lent.io Software Alven Capita l Partners 2.2 The Medica l Memory Information Provenance Ventures 2.1 Zimmber.com Digita l Media/Commerce IDG Capita l Partners 2.0 Clover, Inc. Digi ta l Media/Commerce Socia l Starts , LLC 2.0 invi Labs , Inc. Digi ta l Media/Commerce Streaml ined Ventures 2.0 Spoon Univers i ty Digi ta l Media/Commerce SoftTech VC, Inc. 2.0 Flock IS, Inc. Software (Private Investors ) 2.0 Welkin Health, Inc. Bus iness Services Asset Management Ventures 2.0 Referra lMob, Inc. Digi ta l Media/Commerce Stage 1 Ventures , LLC 2.0 Curely LLC Digi ta l Media/Commerce Exponentia l Partners 2.0 Adored, Inc. Digi ta l Advertis ing Matrix Partners 2.0 Affini tyLive, Inc. Marketing Technology Blackbird Ventures 2.0 ClassWal let.com Software Kaplan Ventures 1.9 HeyStaks Technologies Ltd. Marketing Technology Digicel Group Limited 1.7 Kuldat, Inc. Marketing Technology United Ventures 1.7 Pers is tIQ, Inc. Marketing Technology Sales force Ventures 1.7 AdAgi l i ty, Inc. Marketing Technology (Private Investors ) 1.6 Fl ipora Digi ta l Media/Commerce Plug & Play Tech Ventures 1.5 Sel f Lender, Inc. Software Si lverton Partners 1.5 Funzing Ltd. Digi ta l Advertis ing (Private Investors ) 1.5 Immuta, Inc. Software Blu Venture Investors , LLC 1.5 Emolument Limited Marketing Technology (Private Investors ) 1.4 Splacer Ltd. Digi ta l Media/Commerce Carmel Ventures 1.4 SeeCl ickFix, LLC Digi ta l Media/Commerce Elm Street Ventures 1.4 Eden Digi ta l Media/Commerce Comcast Ventures 1.3 Berry Ki tchen Digi ta l Media/Commerce Sovereign Capita l 1.3 Room.me Digi ta l Advertis ing Axel Springer SE 1.1 Polyverse Securi ty Software Software (Private Investors ) 1.0

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