digital media | internet | saas sector report · 2 internet / digital media / saas deal dashboard...

DIGITAL MEDIA | INTERNET | SAASSECTOR REPORT

December 2017

2

Internet / Digital Media / SaaS

DEAL DASHBOARD

Notes:Source: Capital IQ, PitchBook, and Dow Jones VentureSource. 1) Criteria based on internet/digital media/SaaS Series A and subsequent rounds of global financings greater than or equal to $10MM. 2) Financings include Venture and Private Equity Growth/Expansion activity for internet/digital media/SaaS sectors. 3) Figures reflect total transactions and volume to date. 4) Criteria based on global target internet/digital media/SaaS M&A deals with transaction enterprise values greater than $50MM. 5) Search/online advertising composite, internet commerce composite, internet content composite, diversified marketing composite, SaaS composite and social media composite used as proxy for internet/digital media/SaaS

landscape. Details on companies included can be found on the public valuation company slides.

DM Composite SPX

Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count

Select Financing Transactions Quarterly Financing Volume ($Bn) (1)(2) Quarterly M&A Volume ($Bn) (4)

Select M&A Transactions

Company Amount ($MM) Acquirer Target EV ($Bn)

$482.0 $55.3

$450.0 $14.9

$400.0 $6.6

$200.0( H R & B e n e f i t s B P O )

$4.3

$169.5 $3.7

$100.0 $2.7

$87.5 $1.0

$82.2 $1.0

Last 12 Months Digital Media Price Performance vs. S&P 500 (5)

781

2017 Financing Transactions (1)(2)(3)

$55.7 Billion

2017 Financing Volume (1)(2)(3)

$125.5 Billion

2017 M&A Volume (3)(4)

96

2017 M&A Transactions (3)(4)

(10%)

0%

10%

20%

30%

40%

50%

210 201226

184167

190 200 198 193

0

50

100

150

200

250

$10$13 $14

$8 $8

$15 $16$13 $13

$0

$5

$10

$15

$20

$21

$6

$55

$36

$14 $14 $17$29

$65

$0

$20

$40

$60

$80

31

25

32

25 2621

2832

15

0

10

20

30

40

41%

17%

3

GCA OVERVIEWInternet / Digital Media / SaaS Team

*Sascha Pfeiffer, Thomas Egli, and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly owned subsidiary of GCA Corporation.**Seth Kundrot is a Managing Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.***Tomohiko Kubota is a Vice President at GCA Corporation.

New York640 Fifth Avenue, 10

thFl.

New York, NY 10019United States

Phone: (212) 999-7090

Tokyo11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6230Japan

Phone: +81 (3) 6212-7100

San FranciscoOne Maritime Plaza, 25th Fl.

San Francisco, CA 94111United States

Phone: (415) 318-3600

London1 Southampton St.London WC2R0LRUnited Kingdom

Phone: +44 20 7484 4040

FrankfurtThurn-und-Taxis-Platz 6

D-60313 FrankfurtGermany

Phone: +49 (0) 69 204 34 6410

Sascha Pfeiffer* Paul DiNardo Steve Fletcher Rich Jasen John Lambros James Orozco Joshua Wepman

Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director

Phone: +49 (0) 69 204 34 6410 Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3653 Phone: (212) 999-7083 Phone: (415) 318-3667 Phone: (212) 999-7092

[email protected] Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (415) 308-4760 Mobile: (917) 744-9011 Mobile: (415) 722-0922 Mobile: (917) 306-4168 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Gautam Garg Giuseppe Diprima Seth Kundrot** Thomas Egli* Tobias Schultheiss* Tomohiko Kubota*** Arthur Stein

Vice President Vice President Managing Director Managing Director Managing Director Vice President Vice President

Phone: (415) 318-3692 Phone: (212) 999-7088 Phone: +44 207 484 4076 Phone: +41 (0) 43 499 43 43 Phone: +49 (0) 69 204 34 6410 Phone: +81 (3) 6212-7129 Phone: (415) 318-3662

Mobile: (650) 504-1772 Mobile: (347) 622-1887 Mobile: +44 777 192 6741 [email protected] [email protected] [email protected] Mobile: (415) 515-0820

[email protected] [email protected] [email protected] [email protected]

4

80%

90%

100%

110%

120%

130%

140%

150%

160%

170%

180%

190%

200%

1/20/2017 3/13/2017 5/4/2017 6/25/2017 8/16/2017 10/7/2017 11/28/2017 1/19/201890%

95%

100%

105%

110%

115%

120%

125%

10/20/2017 11/2/2017 11/15/2017 11/28/2017 12/11/2017 12/24/2017 1/6/2018 1/19/2018

10.7%

14.9%16.6%

13.8%

12.8%

40.5%

53.3%

32.1%

62.5%

3.0%

100.5%

0.1%

13.9%

12.8%

23.8%

Internet / Digital Media / SaaS

Diversified Marketing(5)

Internet Content(3)

Search / Online Advertising(1)

Gaming(7)

Media Conglomerates(6)

Internet Commerce(2)

SaaS(8)

Publishers(4)

NASDAQ

Social Media (9)

Last 12 Months Last 3 Months

41.8%

34.8% 5.3%

10.8%

3.8%

INDUSTRY STOCK MARKET VALUATION

Notes:(1) Search/Online Advertising Composite includes: CRTO, GOOGL, MCHX, MRIN, MSFT, QNST, RTHM, RUBI, TTD, YNDX.(2) Internet Commerce Composite includes: AMZN, APRN, BABA, CARG, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TRVG, TZOO.(3) Internet Content Composite includes: CRCM, DHX, EHTH, GDDY, IAC, RENN, SFLY, TGNA, TTGT, WEB, XOXO, ZG.(4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TRI, UBM-GB.(5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB.(6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, FOXA, SONY (6758-JP), VIAB, VIV.(7) Gaming Composite includes: ATVI, CYOU, DENA (2432-JP), EA, GLUU, GREE (3632-JP), GHO (3765-JP), NVR (A035420-KR), NCSOFT(A036570-KR), NTES, TENCENT (700-HK) ,UBI-FR, ZNGA. (8) SaaS Composite includes: APPF, APTI, AYX, BCOV, BOX, BV, CLDR, COUP, CRM, CSOD, ECOM, EVBG, HUBS, LOGM, LPSN, MB, MDB, MRIN, MULE, NOW, NTNX, OKTA, RNG, RP, SHOP, SSTI, ULTI, VERI, WDAY, YEXT, ZEN.(9) Social Media includes: FB, LINE (3938-JP), P, SNAP, TWTR, YELP.

5

29.6x

21.4x19.6x

16.2x 15.7x 14.9x

12.1x 11.3x 9.6x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x7.9x 7.8x

4.5x 4.4x 3.7x 3.1x

2.8x 2.6x1.6x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

INDUSTRY STOCK MARKET VALUATIONInternet / Digital Media / SaaS: Financial Metrics

EV / 2017E Revenue EV / 2017E EBITDA

Mean: 4.3xMedian: 3.7x

Mean: 16.7xMedian: 15.7x

Notes:(1) Search/Online Advertising Composite includes: CRTO, GOOGL, MCHX, MRIN, MSFT, QNST, RTHM, RUBI, TTD, YNDX.(2) Internet Commerce Composite includes: AMZN, APRN, BABA, CARG, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, OSTK, PCLN, PRSS, QUOT, QVCA, SFIX, SSTK, STMP, TRVG, TZOO.(3) Internet Content Composite includes: CRCM, DHX, EHTH, GDDY, IAC, RENN, SFLY, TGNA, TTGT, WEB, XOXO, ZG.(4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TRI, UBM-GB.(5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB.(6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, FOXA, SONY (6758-JP), VIAB, VIV.(7) Gaming Composite includes: ATVI, CYOU, DENA (2432-JP), EA, GLUU, GREE (3632-JP), GHO (3765-JP), NVR (A035420-KR), NCSOFT(A036570-KR), NTES, TENCENT (700-HK) ,UBI-FR, ZNGA. (8) SaaS Composite includes: APPF, APTI, AYX, BCOV, BOX, BV, CLDR, COUP, CRM, CSOD, ECOM, EVBG, HUBS, LOGM, LPSN, MB, MDB, MRIN, MULE, NOW, NTNX, OKTA, RNG, RP, SHOP, SSTI, ULTI, VERI, WDAY, YEXT, ZEN.(9) Social Media includes: FB, LINE (3938-JP), P, SNAP, TWTR, YELP.

6

PUBLIC COMPANY VALUATIONSInternet / Digital Media / SaaS: Financial Metrics (Cont’d)

Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.(1) Revenue multiples reflective of Net Revenue.

$MM, Except Per Share DataStock Trading Statistics Operating MetricsPrice LTM Price Range Equity Cash & Net Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

1/19/18 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E '16A/'15A '17E/'16A '18E/'17E CY 16A CY 17E CY 18E

Search / Online Advertising

Alphabet Inc. $1,143.50 $812.05 $1,148.88 $794,506 $100,143 ($96,179) $698,327 7.7x 6.3x 5.3x 19.1x 16.0x 13.5x 20.4% 22.0% 19.1% 40.5% 39.7% 39.5%

Microsoft Corporation 90.00 62.37 90.79 694,313 133,611 (44,660) 649,653 7.0 6.4 5.9 18.0 16.3 14.7 5.5% 8.9% 9.1% 38.9% 39.4% 40.1%

Yandex N.V. 37.20 21.40 37.69 12,273 1,071 (762) 11,606 9.4 7.2 5.7 27.2 23.8 17.2 49.2% 30.8% 26.6% 34.4% 30.0% 32.8%

The Trade Desk, Inc. (1) 47.36 28.11 67.30 1,945 133 (106) 1,839 9.1 6.0 4.7 28.2 20.2 15.3 78.3% 51.4% 28.3% 32.1% 29.7% 30.6%

Criteo S.A. 25.26 22.00 56.00 1,667 358 (348) 1,336 1.8 1.4 1.5 5.9 4.6 5.3 (44.8%) 26.9% (1.4%) 30.8% 31.7% 27.6%

QuinStreet, Inc. 9.06 2.96 10.97 414 50 (50) 364 1.2 1.1 1.0 49.7 17.8 13.2 5.6% 8.0% 10.0% 2.4% 6.3% 7.8%

RhythmOne plc 3.93 2.85 6.92 202 39 (39) 162 0.9 0.7 0.4 NM 15.0 3.5 (5.6%) 36.8% 76.0% (0.9%) 4.6% 11.0%

Marchex, Inc. 3.46 2.50 3.75 151 104 (104) 47 0.4 0.5 0.5 NM NM 20.3 (9.4%) (30.8%) 0.5% (5.1%) 0.8% 2.6%

The Rubicon Project, Inc. (1) 2.01 1.68 9.05 99 139 (139) (40) NM NM NA NM NM 1.9 10.9% (3.8%) N/A 25.8% 23.7% N/A

Marin Software Incorporated 10.30 7.00 16.80 58 29 (27) 32 0.3 NA NA 13.3 NA NA (8.0%) N/A N/A 2.4% N/A N/A

Mean 4.2x 3.7x 3.1x 23.1x 16.2x 11.7x 10.2% 16.7% 21.0% 20.1% 22.9% 24.0%

Median 1.8 3.7 3.1 19.1 16.3 13.5 5.5% 22.0% 14.6% 28.3% 29.7% 29.1%

Internet Content

IAC/InterActiveCorp $137.20 $66.35 $137.86 $11,237 $1,255 $394 $12,151 3.9x 3.7x 3.1x 24.2x 21.0x 13.5x (2.8%) 3.5% 19.5% 16.0% 17.8% 23.2%

Zillow Group, Inc. 42.62 32.63 50.91 7,834 681 (300) 7,534 8.9 7.0 5.8 NM 31.9 23.8 31.3% 26.6% 20.5% 17.1% 22.0% 24.5%

GoDaddy Inc. 51.67 34.58 52.11 7,015 553 2,066 9,155 5.0 4.1 3.6 21.9 15.8 13.4 15.0% 20.4% 14.2% 22.6% 26.1% 27.0%

TEGNA Inc. 15.14 11.59 26.65 3,258 383 2,932 6,191 1.9 3.1 2.9 5.0 9.6 7.7 9.5% (41.2%) 10.1% 36.9% 32.7% 37.0%

Shutterfly, Inc. 52.11 39.76 53.88 1,711 101 312 2,023 1.8 1.8 1.7 9.7 9.1 7.8 7.1% 1.5% 5.1% 18.4% 19.2% 21.5%

Web.com Group, Inc. 23.20 17.25 25.95 1,131 8 658 1,789 2.5 2.4 2.3 10.0 9.3 8.7 34.1% 3.5% 3.8% 24.6% 25.6% 26.2%

Renren Inc. 11.13 6.01 18.70 762 163 8 771 12.2 3.8 1.5 NM NM NM 54.1% 216.6% 152.8% (109.4%) (36.7%) (8.0%)

Care.com, Inc. 19.96 8.05 20.88 600 96 (96) 504 3.1 2.9 2.6 37.6 23.0 16.7 16.6% 7.5% 9.5% 8.3% 12.6% 15.8%

XO Group Inc. 19.51 14.99 20.96 482 101 (101) 381 2.5 2.4 2.2 11.7 13.7 10.9 7.4% 4.9% 7.9% 21.4% 17.5% 20.2%

TechTarget, Inc. 15.25 8.41 16.14 421 28 7 428 4.0 3.9 3.5 23.1 19.8 14.8 (4.7%) 1.6% 13.5% 17.4% 20.0% 23.5%

eHealth, Inc. 18.67 10.35 28.59 348 51 (51) 296 1.6 1.7 1.5 NM NM NM (1.4%) (7.5%) 10.5% 3.0% (8.7%) 3.0%

DHI Group, Inc. 1.90 1.60 6.10 95 22 46 142 0.6 0.7 0.7 2.5 3.6 3.5 (12.6%) (8.2%) 1.1% 25.4% 18.8% 19.2%

Mean 4.0x 3.1x 2.6x 16.2x 15.7x 12.1x 12.8% 19.1% 22.4% 8.5% 13.9% 19.4%

Median 2.8 3.0 2.5 11.7 14.7 12.2 8.5% 3.5% 10.3% 17.9% 19.0% 22.3%

7


Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.(1) Reflects Expedia's 63.5% controlling equity stake.



Internet Commerce

Amazon.com, Inc. $1,294.58 $803.00 $1,339.94 $623,822 $24,310 $18,876 $642,698 4.7x 3.6x 2.8x NM 33.9x 25.1x 27.1% 30.4% 28.9% 8.6% 10.7% 11.2%

Alibaba Group Holding Limited 184.05 95.67 192.49 472,241 24,803 (11,014) 467,980 22.6 13.9 9.9 NM 30.5 22.6 42.5% 62.2% 40.0% 36.9% 45.7% 44.0%

Netflix, Inc. 220.46 137.03 226.07 95,400 1,746 3,142 98,542 11.2 8.4 6.6 NM NM NM 30.3% 32.3% 28.2% 5.0% 9.3% 12.8%

The Priceline Group Inc. 1,910.21 1,528.01 2,067.99 93,160 7,253 2,384 95,544 8.9 7.6 6.6 23.0 20.3 17.9 16.5% 17.0% 14.3% 38.6% 37.5% 37.2%

eBay Inc. 38.43 29.70 40.13 40,143 6,030 3,968 44,111 4.9 4.6 4.3 14.7 12.8 11.9 4.5% 6.5% 7.3% 33.5% 35.9% 36.0%

Expedia, Inc. 126.27 115.55 161.00 19,256 3,780 455 21,345 2.4 2.1 1.9 19.9 12.2 10.9 31.5% 15.2% 12.5% 12.2% 17.2% 17.3%

QVC Group 26.77 17.24 27.13 12,954 383 5,792 18,861 1.8 1.8 1.3 10.7 9.5 8.0 11.5% 0.7% 36.6% 17.2% 19.3% 16.8%

Copart, Inc. 45.67 27.74 46.09 10,564 224 360 10,924 7.9 6.8 6.2 22.4 18.4 15.4 17.8% 16.3% 10.7% 35.5% 37.2% 40.1%

GrubHub Inc. 70.03 32.43 74.81 6,071 332 (332) 5,740 11.6 8.4 6.1 49.6 31.8 23.2 36.3% 37.8% 37.4% 23.5% 26.6% 26.5%

Cimpress N.V. 132.76 78.80 132.90 4,121 43 933 5,141 2.7 2.2 2.0 30.5 17.7 15.3 21.6% 22.4% 7.9% 8.7% 12.2% 13.2%

CarGurus, Inc. 36.02 25.85 36.81 3,821 86 (86) 3,736 18.9 12.0 9.7 NM NM NM 101.0% 57.7% 22.7% 5.4% 6.7% 6.5%

Stamps.com Inc. 197.25 100.55 233.13 3,448 184 (35) 3,412 9.4 7.5 6.4 24.3 15.0 12.6 70.3% 25.6% 16.3% 38.6% 49.8% 50.7%

trivago N.V. (1) 7.49 6.45 24.27 2,627 223 (223) 2,405 3.0 1.9 1.8 NM NM NM 48.7% 56.2% 7.3% (3.6%) 1.0% 0.4%

Etsy, Inc. 19.70 9.41 21.86 2,398 311 (299) 2,099 5.8 4.8 4.0 NM 28.3 19.5 33.4% 19.9% 18.5% 9.6% 17.0% 20.8%

Stitch Fix, Inc. 20.70 14.48 30.07 2,006 220 (220) 1,786 2.2 1.7 1.4 30.2 29.5 32.7 62.7% 30.1% 19.6% 7.2% 5.7% 4.3%

Overstock.com, Inc. 77.65 13.75 89.80 1,943 92 (36) 1,904 1.1 1.0 1.0 NM NM NM 8.6% 0.8% 2.0% 0.1% 0.4% 0.6%

Shutterstock, Inc. 45.72 29.85 55.07 1,585 235 (235) 1,350 2.7 2.5 2.2 21.2 14.6 13.0 16.3% 11.1% 11.0% 12.9% 16.8% 17.0%

Quotient Technology Inc. 11.65 9.10 17.85 1,081 183 (183) 898 3.3 2.8 2.3 NM 19.1 13.3 16.0% 16.8% 20.0% (2.4%) 14.6% 17.5%

1-800-FLOWERS.COM, Inc. 11.50 7.80 11.95 743 9 98 841 0.7 0.7 0.7 10.7 10.2 9.0 2.1% (2.5%) 1.2% 6.6% 7.1% 8.0%

Blue Apron Holdings, Inc. 3.06 2.94 11.00 582 342 (30) 551 NA 0.6 0.6 NA NM NM N/A N/A 6.0% N/A (17.3%) (9.8%)

Travelzoo 6.75 5.75 11.25 84 19 (19) 65 0.5 0.6 0.6 4.9 10.3 8.5 (9.3%) (19.6%) 4.1% 10.2% 6.1% 7.1%

CafePress Inc. 1.75 1.67 3.61 30 25 (25) 5 0.0 0.1 0.1 3.1 NM NM (4.6%) (13.7%) (1.9%) 1.4% (4.1%) (5.5%)

Mean 6.0x 4.4x 3.6x 20.4x 19.6x 16.2x 27.8% 20.2% 15.9% 14.6% 16.2% 16.9%

Median 3.3 2.6 2.3 21.2 18.0 14.3 21.6% 17.0% 13.4% 9.6% 13.4% 15.0%

Media Conglomerates / Selected Entertainment

Comcast Corporation $42.50 $34.78 $42.71 $198,635 $4,114 $60,847 $261,671 3.3x 3.1x 2.9x 9.9x 9.3x 8.8x 7.9% 5.0% 6.0% 32.9% 33.5% 33.3%

The Walt Disney Company 110.59 96.20 116.10 166,600 4,017 21,274 192,711 3.5 3.5 3.3 11.1 11.3 10.6 1.6% 1.2% 5.8% 31.5% 30.5% 30.7%

Twenty-First Century Fox, Inc. 36.65 24.81 37.13 67,895 6,901 12,948 82,794 3.0 2.8 2.7 11.6 11.9 10.6 5.9% 4.4% 5.1% 25.4% 23.8% 25.3%

Sony Corporation 49.82 30.29 51.05 62,976 5,766 6,095 75,006 1.2 1.0 0.9 18.1 7.8 7.6 (5.8%) 15.3% 7.0% 6.4% 13.0% 12.3%

Vivendi SA 28.91 19.52 30.41 36,330 3,152 3,761 40,462 3.5 2.7 2.3 33.9 23.2 17.5 (2.3%) 31.5% 16.0% 10.5% 11.6% 13.3%

CBS Corporation 57.75 52.75 70.10 22,079 144 9,545 31,624 2.2 2.3 2.2 9.3 10.3 9.3 13.5% (5.9%) 4.5% 23.5% 22.7% 24.0%

Discovery Communications, Inc. 25.71 15.99 30.25 14,554 7,172 7,536 22,450 3.5 3.3 3.1 9.3 9.0 8.8 1.6% 4.4% 7.7% 37.3% 36.7% 34.9%

Viacom, Inc. 33.36 22.13 46.72 13,420 1,389 9,730 23,482 1.9 1.8 1.8 8.2 8.0 7.7 (3.2%) 3.4% 0.4% 22.6% 22.3% 23.2%

Mean 2.7x 2.6x 2.4x 13.9x 11.3x 10.1x 2.4% 7.4% 6.6% 23.8% 24.3% 24.6%

Median 3.1 2.8 2.5 10.5 9.8 9.1 1.6% 4.4% 5.9% 24.4% 23.3% 24.6%

Publishers

Thomson Reuters Corporation $43.83 $43.43 $50.45 $31,088 $979 $6,380 $37,962 3.4x 3.3x 3.3x 12.0x 11.2x 10.7x (0.8%) 1.6% 2.5% 28.4% 30.0% 30.5%

News Corporation 17.22 11.88 17.29 10,038 1,877 (1,491) 8,830 1.1 1.1 1.1 9.5 9.4 9.2 (1.6%) 0.6% 0.2% 11.4% 11.3% 11.7%

Pearson plc 9.53 7.80 10.70 7,533 609 2,323 9,863 1.8 1.6 1.6 10.2 10.2 10.4 (14.7%) 10.5% (1.8%) 17.2% 15.5% 15.6%

UBM plc 12.45 8.85 12.66 4,898 152 718 5,665 5.3 4.2 4.1 18.2 13.9 13.5 (6.2%) 26.2% 1.8% 29.2% 30.2% 30.6%

Lagardère SCA 31.76 28.31 35.40 4,070 863 1,917 6,137 0.8 0.7 0.7 9.1 7.9 7.6 (3.7%) 8.6% 3.6% 8.6% 9.1% 9.2%

The New York Times Company 21.90 13.00 21.98 3,552 581 (332) 3,221 2.1 1.9 1.9 13.4 11.6 11.3 (1.5%) 6.7% 1.9% 15.5% 16.7% 16.8%

Graham Holdings Company 581.80 502.25 615.85 3,218 915 (421) 2,814 1.5 NA NA 7.1 NA NA (13.5%) N/A N/A 20.7% N/A N/A

Time Inc. 18.55 9.90 19.70 1,848 332 891 2,740 0.9 1.0 1.0 6.6 7.7 6.7 (1.0%) (9.6%) (6.1%) 13.5% 12.7% 15.6%

Gannett Co., Inc. 12.11 7.36 12.38 1,354 110 265 1,619 0.5 0.5 0.5 4.6 4.5 4.6 5.6% 3.2% (3.9%) 11.5% 11.5% 11.7%

Mean 1.9x 1.6x 1.6x 10.1x 9.6x 9.3x (4.1%) 4.7% (0.4%) 17.3% 17.2% 17.5%

Median 1.5 1.2 1.2 9.5 9.8 9.8 (1.6%) 4.1% (0.4%) 15.5% 14.3% 15.0%

8


Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.



Diversified Marketing

WPP plc $19.16 $17.15 $26.70 $23,965 $3,709 $6,064 $30,597 1.7x 1.5x 1.4x 10.2x 8.9x 8.4x (1.5%) 16.1% 4.9% 16.8% 16.7% 16.8%

Experian plc 23.10 19.78 23.65 20,969 122 3,465 24,444 5.4 5.7 5.1 15.8 16.0 14.9 N/A (5.4%) 12.3% 34.1% 35.5% 34.1%

Equifax Inc. 124.53 89.59 147.02 14,953 315 2,391 17,410 5.5 5.2 5.0 15.4 14.3 14.2 18.1% 6.5% 3.0% 35.8% 36.3% 35.4%

Alliance Data Systems Corporation 261.82 209.00 278.33 14,465 3,326 20,157 34,622 4.9 4.5 4.0 16.5 17.3 15.1 10.8% 8.7% 10.6% 29.4% 25.8% 26.8%

Nielsen Holdings plc 36.71 34.22 45.73 13,075 662 7,785 21,061 3.3 3.2 3.1 10.9 10.4 10.2 2.2% 4.0% 3.2% 30.7% 30.9% 30.5%

The Interpublic Group of Companies, Inc. 21.35 18.30 25.71 8,297 705 1,394 9,955 1.3 1.3 1.2 9.1 8.7 8.2 3.1% (0.1%) 3.3% 14.0% 14.6% 14.9%

Acxiom Corporation 28.32 21.80 30.40 2,245 170 61 2,306 2.6 2.6 2.3 13.9 13.4 10.7 5.9% 2.3% 10.7% 18.8% 19.1% 21.7%

MDC Partners Inc. 9.15 6.13 12.26 534 19 912 1,552 1.1 1.0 1.0 8.8 7.6 6.9 4.5% 9.6% 5.6% 12.8% 13.4% 14.1%

Harte Hanks, Inc. 0.95 0.73 1.65 59 11 1 60 0.1 0.2 NA NA NA NA (9.0%) (4.6%) N/A N/A N/A N/A

Mean 2.9x 2.8x 2.9x 12.6x 12.1x 11.1x 4.3% 4.1% 6.7% 24.0% 24.0% 24.3%

Median 2.6 2.6 2.7 12.4 11.9 10.4 3.8% 4.0% 5.2% 24.1% 22.5% 24.2%

Gaming

Tencent Holdings Limited $57.87 $25.12 $58.07 $545,396 $21,752 ($1,921) $545,259 24.9x 14.8x 10.5x NM 37.7x 29.0x 38.1% 68.5% 40.6% 44.0% 39.2% 36.3%

Activision Blizzard, Inc. 70.57 38.38 71.18 53,358 3,656 732 54,090 8.2 7.7 7.3 22.0 21.1 18.4 41.5% 6.3% 5.2% 37.2% 36.6% 40.0%

NetEase, Inc. 325.55 239.21 377.64 42,731 6,115 (5,253) 37,669 6.8 4.6 3.7 20.0 18.3 15.3 58.3% 45.9% 26.9% 33.9% 25.4% 23.9%

Electronic Arts Inc. 116.18 78.89 122.79 35,775 4,355 (3,364) 32,411 6.8 6.4 5.8 20.1 19.1 15.6 11.7% 6.0% 10.4% 33.8% 33.5% 37.3%

Naver Corporation 825.62 671.93 913.71 23,784 2,905 (2,576) 21,708 6.5 5.0 4.3 20.7 16.6 13.6 20.8% 30.8% 15.1% 31.4% 30.0% 31.7%

Ubisoft Entertainment SA 84.46 36.22 88.33 9,266 824 220 9,487 6.3 4.3 3.8 12.9 11.8 8.7 8.2% 44.4% 13.8% 48.4% 36.6% 43.6%

NCsoft Corporation 399.22 244.59 464.35 8,484 1,279 (1,149) 7,345 9.0 4.4 3.7 24.5 12.3 9.0 14.7% 103.6% 20.9% 36.7% 35.8% 40.4%

Zynga Inc. 3.72 2.40 4.34 3,238 772 (772) 2,466 3.3 2.9 2.6 39.8 19.0 13.7 (3.0%) 14.1% 10.0% 8.4% 15.3% 19.4%

DeNA Co., Ltd. 21.66 19.92 26.00 3,144 874 (874) 2,335 1.9 1.8 1.8 8.0 7.8 6.1 2.1% 2.6% 2.8% 23.7% 23.7% 29.3%

GungHo Online Entertainment, Inc. 2.92 2.20 3.11 2,076 440 (436) 1,658 1.7 2.0 2.3 4.0 4.9 6.0 (25.0%) (15.5%) (11.6%) 43.2% 41.9% 38.4%

Changyou.com Limited 36.96 22.52 44.55 1,885 881 (881) 1,008 1.9 1.7 1.6 6.4 4.6 4.9 (31.0%) 12.6% 4.6% 29.9% 36.8% 33.5%

Gree, Inc. 6.46 5.36 10.06 1,515 728 (728) 787 1.5 1.2 1.0 7.5 6.2 4.4 (19.7%) 26.0% 18.5% 19.5% 18.8% 22.2%

Glu Mobile Inc. 3.80 1.85 4.95 521 66 (66) 455 2.3 1.5 1.3 NM NM 34.7 (19.7%) 53.0% 10.0% (19.5%) (3.0%) 3.9%

Mean 6.2x 4.5x 3.8x 16.9x 14.9x 13.8x 7.5% 30.6% 12.9% 28.5% 28.5% 30.7%

Median 6.3 4.3 3.7 20.0 14.4 13.6 8.2% 26.0% 10.4% 33.8% 33.5% 33.5%

Social Media & New Platform

Facebook, Inc. $181.29 $126.78 $188.90 $526,794 $38,289 ($38,289) $488,505 17.7x 12.1x 9.1x 27.0x 18.5x 14.9x 54.2% 45.5% 33.7% 65.4% 65.7% 61.0%

Twitter, Inc. 23.66 14.12 25.85 17,500 4,258 (2,486) 15,014 5.9 6.3 5.8 20.0 18.9 17.3 14.0% (5.3%) 7.4% 29.7% 33.1% 33.8%

Snap Inc. 14.04 11.28 29.44 16,908 2,298 (2,282) 14,626 36.2 18.5 11.3 NM NM NM 589.1% 95.8% 63.2% (121.5%) 1.9% 2.8%

LINE Corporation 45.19 31.54 49.26 10,017 1,146 (950) 9,102 7.6 5.9 5.2 42.5 29.0 27.2 20.3% 26.9% 15.1% 17.8% 20.5% 19.0%

Yelp Inc. 42.85 26.93 48.40 3,552 558 (558) 2,994 4.2 3.5 3.1 24.9 19.1 15.2 29.7% 18.3% 12.8% 16.8% 18.6% 20.7%

Pandora Media, Inc. 4.37 4.33 13.72 1,087 499 (232) 855 0.6 0.6 0.5 NM NM NM 19.0% 4.3% 8.5% (8.6%) (9.8%) (3.0%)

Mean 12.0x 7.8x 5.8x 28.6x 21.4x 18.6x 121.1% 30.9% 23.4% (0.1%) 21.7% 22.4%

Median 6.7 6.1 5.5 26.0 19.0 16.2 25.0% 22.6% 13.9% 17.3% 19.6% 19.9%

9


Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.



SaaS

Salesforce.com, inc. $111.93 $75.43 $112.40 $80,847 $3,629 ($1,040) $79,807 9.5x 7.6x 6.4x 45.8x 35.7x 29.0x 25.9% 24.4% 20.0% 20.8% 21.4% 22.0%

ServiceNow, Inc. 142.27 82.14 142.52 24,571 1,672 (515) 24,056 17.3 12.5 9.6 NM NM 37.4 38.3% 38.2% 31.0% 17.9% 21.9% 25.6%

Workday, Inc. 114.11 80.61 116.89 23,963 3,211 (1,738) 22,225 14.2 10.4 8.3 NM NM 49.1 35.0% 36.0% 24.8% 9.2% 16.2% 17.0%

Shopify Inc. 115.48 48.93 123.94 11,565 927 (927) 10,639 27.3 16.1 11.1 NM NM NM 89.7% 69.6% 44.6% 0.5% 2.8% 5.1%

The Ultimate Software Group, Inc. 227.99 181.59 233.42 6,811 138 (129) 6,683 8.6 7.2 6.0 36.2 31.1 24.4 26.4% 19.6% 19.1% 23.6% 23.0% 24.6%

LogMeIn, Inc. 119.55 90.35 129.51 6,293 276 (276) 6,017 17.9 5.9 5.3 NM 16.3 13.7 23.7% 202.9% 12.4% 26.6% 36.3% 38.4%

Nutanix, Inc. 35.93 14.38 38.80 5,764 366 (366) 5,398 8.9 5.5 4.7 NM NM NM 83.4% 61.8% 18.6% (54.4%) (11.8%) 1.4%

RingCentral, Inc. 54.15 21.90 54.25 4,189 172 (172) 4,016 10.6 8.1 6.5 NM NM NM 28.2% 31.2% 23.2% 5.5% 6.5% 7.4%

RealPage, Inc. 48.50 28.30 49.10 4,020 109 288 4,308 7.6 6.4 5.1 33.9 26.6 19.8 21.1% 18.6% 24.5% 22.4% 24.1% 26.0%

Zendesk, Inc. 37.07 22.88 38.83 3,763 227 (227) 3,536 11.3 8.3 6.4 NM NM NM 49.4% 36.7% 29.8% 2.1% 3.2% 4.7%

HubSpot, Inc. 99.05 49.40 99.45 3,702 492 (198) 3,503 12.9 9.4 7.4 NM NM NM 48.9% 36.9% 27.5% (0.3%) 5.9% 7.5%

MuleSoft, Inc. 25.20 19.40 29.00 3,275 182 (182) 3,093 16.5 11.3 8.4 NM NM NM 70.3% 45.3% 35.4% (24.7%) (18.4%) (15.1%)

Box, Inc. 22.68 15.73 24.10 3,088 173 (88) 3,000 7.5 5.9 4.8 NM NM NM 31.7% 27.0% 23.7% (7.6%) (3.9%) 3.8%

Okta, Inc. 29.18 21.52 33.64 2,974 224 (224) 2,751 32.0 10.9 8.2 NM NM NM 109.5% 194.5% 32.5% (122.3%) (25.8%) (21.2%)

Cloudera, Inc. 18.45 14.50 23.35 2,606 278 (278) 2,328 14.0 8.9 6.7 NM NM NM 52.1% 57.2% 33.3% (118.1%) (59.6%) (36.2%)

Cornerstone OnDemand, Inc. 40.12 33.24 44.25 2,323 309 (63) 2,260 5.3 4.7 4.5 NM 34.6 24.3 24.6% 14.2% 4.4% 7.3% 13.5% 18.4%

Coupa Software Incorporated 37.69 22.50 38.06 2,075 219 (219) 1,855 13.9 10.2 8.2 NM NM NM 59.9% 35.8% 24.4% (23.1%) (6.8%) (3.7%)

Alteryx, Inc. 28.27 14.61 29.16 1,673 157 (157) 1,516 17.7 11.8 8.6 NM NM NM 59.4% 49.5% 36.9% (20.5%) (5.1%) (3.7%)

MINDBODY, Inc. 34.35 21.57 36.25 1,604 225 (210) 1,394 10.0 7.7 6.1 NM NM NM 37.1% 30.9% 25.6% (3.5%) 4.5% 9.4%

MongoDB, Inc. 29.12 24.62 34.00 1,473 289 (289) 1,184 11.7 7.8 5.8 NA NA NA 55.3% 50.1% 35.3% N/A N/A N/A

Yext, Inc. 12.79 11.03 15.11 1,167 113 (113) 1,053 8.5 6.2 4.7 NM NM NM 38.5% 36.9% 32.4% (47.4%) (23.7%) (16.7%)

Apptio, Inc. 24.79 10.77 25.49 1,001 136 (135) 866 5.4 4.7 4.0 NM NM NM 24.2% 15.8% 15.3% (7.3%) (2.7%) 3.2%

Everbridge, Inc. 32.76 16.63 33.23 926 48 (48) 878 11.4 8.5 6.7 NM NM NM 30.9% 34.9% 26.3% 0.0% (0.5%) 2.9%

LivePerson, Inc. 11.95 5.43 15.10 711 54 (54) 657 2.9 3.0 2.8 34.2 36.2 30.0 (6.8%) (2.1%) 7.2% 8.6% 8.3% 9.4%

Bazaarvoice, Inc. 5.50 3.80 5.50 473 65 (65) 408 2.0 2.0 1.9 27.8 16.1 13.1 2.2% 3.2% 4.6% 7.3% 12.2% 14.3%

Veritone, Inc. 24.01 7.76 74.92 386 75 (75) 311 34.9 17.3 8.3 NM NM NM (36.0%) 101.6% 109.8% (260.9%) (148.8%) (60.0%)

ChannelAdvisor Corporation 9.15 8.30 15.00 243 54 (53) 190 1.7 1.5 1.4 25.5 40.7 24.0 12.5% 8.5% 10.1% 6.6% 3.8% 5.8%

Brightcove Inc. 6.98 5.40 9.30 242 22 (22) 220 1.5 1.4 1.3 38.6 NM 40.7 11.6% 3.4% 6.4% 3.8% (4.2%) 3.3%

ShotSpotter, Inc. 16.30 9.33 20.15 159 15 (2) 157 10.1 7.5 5.5 NM NM NM 31.5% 35.5% 35.0% (15.6%) (10.0%) (0.8%)

Marin Software Incorporated 10.30 7.00 16.80 58 29 (27) 32 0.3 NA NA 13.3 NA NA (8.0%) N/A N/A 2.4% N/A N/A

Mean 11.8x 7.9x 6.0x 31.9x 29.6x 27.8x 35.7% 45.4% 26.7% (18.7%) (4.2%) 3.3%

Median 10.4 7.7 6.1 34.0 32.9 24.4 31.6% 35.8% 24.8% 0.5% 3.0% 4.9%

10

Valuation Correlation to Growth and Cash Flow

Notes:Source: Capital IQ and Wall Street Estimates. When analyzing the same data set, R value of 2017E Revenue Multiple and 2017E Revenue Growth % is 0.82.

CY 2017E Revenue Growth % + CY 2017E FCF Margin %

Ente

rpri

se V

alu

e /

CY

20

17

E R

eve

nu

e

PUBLIC SAAS COMPANIES

Company Identifier

APPF

APTI

BCOV

BOX

COUP

CRM

CSOD

ECOM

EVBG

HUBS

LPSN

MB

MRIN

NOW

NTNX

RNG

RP

SHOP

ULTI

WDAY

ZEN

Selected Public SaaS Companies

WDAY

NOW

ULTI

SHOP

ZEN

CSOD

RP

HUBS

BOX

RNGMB

APPF

LPSN

BCOVECOM

MRIN

COUP

CRM

EVGB

APTINTNX

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

(10%) 0% 10% 20% 30% 40% 50% 60% 70%

R = 0.84

11

Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Enterprise Value <$50MM not included. (1) Multiples based on Capital IQ consensus estimates.(2) LTM Multiple based on period ending 9/30/17.(3) Multiple based on acquirer press release 11/30/17.

RECENT ACQUISITIONSInternet / Digital Media / SaaS

($MM)

Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA

1/10/2018 $90 NA NA NA NA

12/14/2017 $70,171 2.4x 9.9x 2.3x 9.2x

12/13/2017 $550 NA NA NA NA

12/7/2017 $90 NA NA NA NA

12/4/2017 $70 NA NA NA NA

11/29/2017 $990 2.2x 11.9x NA NA

11/27/2017 $459 2.2x NM 2.2x 19.8x

11/26/2017 $2,713 1.0x 7.2x 1.1x 7.1x

11/16/2017 $112 NA NA NA NA

11/9/2017 $291 NA NA NA NA

10/31/2017 $93 NA NA NA NA

10/23/2017 $1,913 5.4x NM 4.7x 19.3x

10/17/2017 $200 NA NA NA NA

(1)

(3)

(4)

(2)

(1)(2)

12

Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Enterprise Value <$50MM not included. (1) LTM Multiple based on period ending 11/28/17.(2) Represents acquisition of additional 4% of target for 51% ownership.(3) Multiple(s) based on 451Research Estimates.(4) Multiple(s) based on Capital IQ consensus estimates.(5) LTM multiple based on period ending 6/30/17.

RECENT ACQUISITIONSInternet / Digital Media / SaaS (Cont’d)

($MM)


10/17/2017 $1,019 3.4x 46.0x NA NA

10/8/2017 $820 NA NA NA NA

9/26/2017 $807 NA NA NA NA

9/25/2017 $354 NA NA NA NA

9/20/2017 $225 6.4x NA NA NA

9/20/2017 $631 3.6x NM NA NA

9/12/2017 $385 NA NA NA NA

9/6/2017 $475 NA NA NA NA

9/5/2017 $112 0.7x 11.1x NA NA

8/31/2017 $128 NA NA NA NA

8/28/2017 $107 0.7x NM 1.0x 20.5x

8/22/2017 $115 0.8x 15.5x NA NA

8/15/2017 $107 8.6x NA NA NA

(3)(5)

(4)(5)

(3)

(3)

(4)

(3)

(1)

(3)

(2)

13

Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Enterprise Value <$50MM not included. (1) Multiple(s) based on 451Research Estimates.(2) LTM multiple based on acquirer press release 8/2/17.(3) Multiples based on Capital IQ consensus estimates.(4) LTM multiple based on period ending 6/30/17.


($MM)


8/7/2017 $50 NA NA NA NA

8/4/2017 $59 NA NA NA NA

8/3/2017 $950 NA NA 2.4x NA

8/3/2017(Communities & Sports Division)

$1,200 NA NA NA NA

8/3/2017 $288 NA NA NA NA

8/2/2017 $250 NA NA 5.0x NA

8/2/2017 $130 2.0x NM 1.8x 14.2x

8/1/2017 $80 1.5x NA NA NA

7/31/2017 $14,920 4.3x 9.3x 4.1x 10.2x

7/31/2017 $151 NA NA NA NA

7/27/2017 $112 NA NA NA NA

7/26/2017 $225 2.1x NM 1.9x 18.9x

7/24/2017 $3,666 5.2x 16.0x 5.1x 15.1x

(1)

(1)

(2)

(1) (2)

(3) (4)

(3) (4)

(3) (4)

14


Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Enterprise Value <$50MM not included. (1) Multiple(s) based on Capital IQ consensus estimates.(2) LTM multiple based on period ending 3/31/16.(3) LTM multiple based on period ending 4/30/17.(4) LTM multiple based on period ending 3/31/16.(5) LTM multiple based on period ending 12/31/16.(6) Multiple(s) based on Wall Street estimates.

($MM)


7/24/2017 $99 2.4x 18.9x NA NA

7/18/2017 $150 0.3x NM 0.4x NM

7/12/2017 $80 NA NA NA NA

7/10/2017 $201 0.3x 6.9x NA NA

7/7/2017 $133 3.3x 20.6x NA NA

7/6/2017 $1,260 4.2x NA NA NA

7/5/2017 $88 4.9x 24.4x NA NA

7/3/2017 $1,434 3.0x 14.2x 2.8x 11.1x

6/29/2017 $55 NA NA NA NA

6/27/2017 $50 NA NA NA NA

6/26/2017 $160 NA NA NA NA

6/23/2017 $986 2.1x 18.2x 1.3x 5.0x

6/22/2017 $294 0.7x NM 0.9x NM

(1)(4)

(1)(3)

(1)(2)

(1)(4)

(1)(5)

(5)(6)

(1)

15


Notes:Multiples <0x or >50x considered NM.Disclosed transactions with Aggregate Value <$50MM not included.(1) Multiple(s) based on Wall Street estimates.(2) LTM multiple based on period ending 3/31/17.(3) Multiple(s) based on Capital IQ consensus estimates.(4) LTM multiple based on period ending 1/31/17. (5) LTM multiple based on period ending 12/31/16.

($MM)


6/21/2017 $138 2.7x 21.2x 2.5x 12.8x

6/20/2017 $55 1.6x NA NA NA

6/20/2017 $100 NA NA NA NA

6/14/2017 $135 2.2x NM 2.2x NM

6/12/2017 $60 NA NA NA NA

6/9/2017 $200 NA NA NA NA

6/5/2017 $75 1.1x NM NA NA

6/5/2017 $200 NA NA NA NA

5/30/2017 $536 5.6x NM 4.8x NM

5/26/2017 $59 4.6x NA NA NA

5/23/2017 $412 1.0x 17.5x NA NA

5/23/2017 $90 1.0x NA NA NA

5/23/2017 $395 NA NA NA NA

(3)(5)

(3)(4)

(2)

(1)

(3)(4)

(3)(5)

16

IPO PIPELINEInternet / Digital Media / SaaS: IPOs in Public Registration

Notes:Source: Capital IQ and SEC.gov.

Offering Amounts $10MM or Greater

Primary Initial Initial Offering LTM

Issuer Industry Filing Date Amount ($MM) Description Revenue EBIT % Adj. EBITDA

Internet Software and Services 01/12/18 $75

Cardlytics, Inc. operates purchase data intelligence

plafforms enabling marketrs to reach consumers

through online and mobile banking channels.

$128 NM NM

Application Software 12/28/17 $20

Webstar Technology Group, Inc. focuses on

software licensing business, including retail mobile

applications, and compression-based B2B software

for data transmission.

NA NA NA

17

VENTURE CAPITAL INDUSTRYTMT: Transactions Since Q3 2002

Notes:(1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment,

Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & Security Systems, and Software.

(1)

0

200

400

600

800

1,000

$0

$2

$4

$6

$8

$10

$12

$14

Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017

Nu

mb

er o

f In

vest

men

ts

$B

n

Quarter - Year

Number of Deals Investment Amount

18

GCA OVERVIEWSelected Recent Internet, Digital Media & SaaS Transactions

Acquired by Acquired by Acquired by Acquired by Acquisition of Acquired by Financing Acquired by Acquired by

Series C

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller

Strategic Investment Acquired By Acquired By Sale of Controlling Preferred Stock Acquired by Acquired by Acquired by Acquired by

from Interest to

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

Divestiture of

Acquired by Preferred Stock Equity Investment Acquisition of Strategic Alternatives Preferred Stock Acquired by Acquired by

& Capital Allocation

to

We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor We Advised the Buyer Strategic Advisor Financial Advisor We Advised the Seller We Advised the Seller

Acquired by Acquired by Preferred Stock Preferred Stock Acquired by Acquired by Acquired by Acquired by Acquired by

UndisclosedConsortium Led by

We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

Sale of

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Preferred Stock Acquired by

to

A subsidiary of

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller

Notes:(1) The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on.

digital media | internet | saas sector report · 2 internet / digital media / saas deal dashboard...

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