june 2016 m&a and investment summary - petsky...

June 2016 M&A and Investment Summary

2 | M&A and Investment Summary June 2016

Table of Contents

Overview of Monthly M&A and Investment Activity 3 1

Monthly M&A and Investment Activity by Industry Segment 8 2

Additional Monthly M&A and Investment Activity Data 40 3

About Petsky Prunier 52 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.


M&A and Investment Summary for All Segments

Transaction Distribution

A total of 491 deals were announced in June 2016, of which 311 were worth $37.1 billion in aggregate reported value

Software was the most active segment with 164 deals announced — 116 of these transactions reported $11.2 billion in value

Digital Media/Commerce was the most valuable subsegment with 115 transactions announced, of which 80 were worth a reported $11.5 billion in value

Strategic buyers announced 178 deals (41 reported $17.7 billion in value)

VC/Growth Capital investors announced 294 transactions (265 reported $13.5 billion in value)

Private Equity investors announced 19 deals during the month (five reported $5.9 billion in value)

* Microsoft’s $26.2 billion acquisition of LinkedIn and Tencent’s $10.2 billion acquisition of Supercell have been excluded to limit comparative distortions

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

Software 164 33% $11,152.4 30% 43 $6,632.6 8 $2,400.0 113 $2,119.8

Digital Media/Commerce 115 23% 11,517.0 31% 31 1,598.6 2 344.7 82 9,573.7

Marketing Technology 74 15% 6,951.1 19% 13 3,377.4 2 2,614.9 59 958.8

Business Services 32 7% 849.4 2% 25 773.2 1 - 6 76.2

Information 32 7% 1,218.3 3% 18 654.0 3 - 11 564.3

Digital Advertising 31 6% 977.8 3% 13 304.0 2 525.0 16 148.8

Agency & Marketing Services 24 5% 32.4 0% 23 32.4 0 - 1 -

Traditional Media 19 4% 4,401.1 12% 12 4,369.3 1 - 6 31.8

Total 491 100% 37,099.5 100% 178 17,741.6 19 5,884.6 294 13,473.4

June 2016

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$21.3$26.7

$14.4

$22.1

$44.7

$73.5

$23.1 $24.9

$40.4

$23.7$19.3

$27.4

$13.7

491466 448 376 403 424 363 407 418 427 433 404 432 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16

Transaction Distribution

Reported transaction value in June was up 140 percent from May of 2016 and more than 100 percent from June 2015

Strategic activity accounted for 36 percent of reported deal activity during the month and included significant transactions:

• Symantec’s acquisition of cybersecurity company Blue Coat Systems for $4.7 billion

• The $4.4 billion pending acquisition of media and entertainment company Starz by Lions Gate Entertainment

• Salesforce’s pending acquisition of on-demand eCommerce solutions company Demandware for $2.8 billion

• The Thoma Bravo pending take-private of business intelligence applications developer Qlik Technologies for $2.8 billion

• The $400 million acquisition of revenue cycle management solutions provider Cardon Outreach by Mednax

• Cisco’s acquisition of cloud security company CloudLock for $293 million

M&A and Investment Summary for All Segments

Supercell / Tencent

LinkedIn / Microsoft

Sungard

Veritas

*Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5

billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data Systems, Computer Science Corporation’s $8.5

billion acquisition of Hewlett Packard Enterprises’ IT Services Division, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition

of MultiPlan, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions.

Inter. Data Solera

IMS Health

HP IT / CSC

MultiPlan


Selected Transactions with Valuation Information Disclosed ($ in Millions)

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

Agency & Marketing Services

The BIO Agency Ltd. Digital Agency Tech Mahindra Limited 32.4$ 18.4$ -$ 1.8x NA

Business Services

DST Systems, NA Customer Communications Business Printing Services Broadridge Financial Solutions, Inc. 410.0 1,100.0 - 0.4x NA

Lifetime Training Group Corporate Training Silverfleet Capital 175.0 63.0 16.7 2.8x 10.5x

Trustmarque Solutions Limited IT Consulting/Systems Integration Capita plc 83.6 283.0 10.8 0.3x 7.7x

Digital Advertising

ReachLocal, Inc. Local Search Gannett Co., Inc. 156.0 320.0 17.7 0.5x 8.8x

Digital Media/Commerce

E-Commerce China Dangdang, Inc. eCommerce Imeigu Capital Management 344.7 1,400.0 19.8 0.2x 17.5x

Information

Enablon SA Engineering/Scientific/Tech Information Wolters Kluwer NV 279.0 50.2 - 5.6x NA

eMarketer, Inc. Financial Information Axel Springer SE 250.0 45.5 13.5 5.5x 18.5x

Healthiest You Corporation HR Information Teladoc, Inc. 125.0 16.0 - 7.8x NA

Marketing Technology

Demandware, Inc. Commerce Management Salesforce.com 2,661.9 365.2 - 7.3x NA

Qlik Technologies, Inc. BI Tools Thoma Bravo, Inc. 2,614.9 630.5 3.8 4.1x 682.7x

HP Customer Communications Management and Other Assets Teleservices/eServices OpenText Corporation 315.0 125.0 - 2.5x NA

Recommind, Inc. Search & Discovery OpenText Corporation 163.0 75.0 - 2.2x NA

Software

Blue Coat Systems, Inc. Security Software Symantec Corporation 4,650.0 598.0 - 7.8x NA

AutoForm Engineering GmbH Engineering Software Astorg Partners 721.0 - 38.0 NA 19.0x

Cardon Outreach LLC Healthcare Software MEDNAX, Inc. 400.0 - 35.0 NA 11.4x

Higher One Holdings, Inc. Financial Software Blackboard, Inc. 259.5 152.0 - 1.7x NA

4Sight Financial Software Limited Financial software Broadridge Financial Solutions, Inc. 40.0 12.0 - 3.3x NA

Traditional Media

Starz Entertainment, LLC Entertainment Media Lions Gate Entertainment Corporation 4,295.4 1,681.3 390.5 2.6x 11.0x

UBM Tech & Electronics Media Portfolio B-to-B Media Arrow Electronics, Inc. 23.5 19.0 - 1.2x NA

Content Marketing Institute B-to-B Media UBM plc 17.6 9.0 - 2.0x NA

Selected Transactions With Multiples Information


Securities in Registration ($ in Millions)

Aggregate LTM

Date Company Name Country Segment Offering Value Rev EBITDA

Jun-16 Talend SA United States Software 86.3$ 90.0$ NA

Apr-16 Optiv Security Inc. United States Business Services 100.0 NA NA

Apr-16 Medpace, Inc. United States Business Services NA NA 100.0

Apr-16 inVentiv Group Holdings United States Business Services 100.0 1,700.0 NA

Dec-15 Nutanix, Inc. United States Software 200.0 283.1 NA

Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8


LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jun 30, 2016 1st Trading Day

Jun-16 NYSE:TWLO Twi l io, Inc. United States $12.00-$14.00 15.00 $28.79 up 92% 36.50 143.3%

Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 12.50 (10.7%)

May-16 NYSE:COTV Cotivi ti Holdings , Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 21.13 11.2%

Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 14.10 1.6%

Dec-15 NasdaqGS:TEAM Atlass ian Corporation Plc Austra l ia 18.00-20.00 21.00 27.78 up 32% 25.90 (6.8%)

Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 13.90 52.7%

Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 19.00 5.6%

Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 15.08 2.3%

Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 10.01 (0.9%)

Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 9.05 (30.8%)

Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 10.90 (31.9%)

Oct-15 NYSE:FDC Firs t Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 11.07 (29.7%)

Jul -15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 12.58 (53.0%)

Jul -15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 16.02 (43.8%)

Jun-15 NasdaqGM:APPF AppFol io, Inc. United States 12.00-14.00 12.00 14.10, up 17% 14.46 2.6%

Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 12.81 47.2%

Jun-15 NYSE:FIT Fi tbi t Inc. United States 17.00-19.00 20.00 29.68, up 48% 12.22 (58.8%)

Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 16.14 39.6%

Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 23.17 (26.7%)

Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 19.20 1.8%


Digital Media/Commerce

Of the total $11.5 billion in value reported in the Digital Media/Commerce segment, $9.6 billion in Venture/Growth Capital

investments were announced, while nearly $1.6 million in Strategic transactions were made

eCommerce was the most active subsegment across all segments with 50 transactions announced, of which 38 were reported for

$5.9 billion. Select acquisitions from the subsegment include:

• The $3.5 billion raised by Uber from PIF, Saudi Arabia’s main investment fund, at a reported valuation of $62.5 billion, unchanged

from its last round

Select Digital Media/Commerce transactions include:

• The $556 million take-private of B-to-B eCommerce company E-Commerce China Dangdang by iMiegu Capital Management

• Online organic marketplace Thrive Market’s $111 million round of funding led by Invus

• The $70 million round of funding raised by audio platform SoundCloud from Twitter at a reported valuation of $700 million

• Google Capital’s $46.4 million investment in care services marketplace Care.com

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

eCommerce 50 43% $5,879.5 51% 11 $1,504.0 2 344.7 37 $4,030.8

Mobile Content/Apps 24 21% 5,284.1 46% 6 - 0 - 18 5,284.1

Social Media/Apps 15 13% 180.0 2% 4 54.6 0 - 11 125.4

Niche Content 14 12% 79.3 1% 6 4.3 0 - 8 75.0

Classifieds/Auctions/P-to-P 6 5% 53.1 0% 1 - 0 - 5 53.1

Gaming 5 4% 41.0 0% 2 35.7 0 - 3 5.3

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

Total 115 100% 11,517.0 100% 31 1,598.6 2 344.7 82 9,573.7

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

* Microsoft’s $26.2 billion acquisition of LinkedIn and Tencent’s $10.2 billion acquisition of Supercell have been excluded to limit comparative distortions


Digital Media and Internet Public Company Valuation (1/2)

*Note: Alphabet 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

($ in Millions, except stock price data)

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

Company Name 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alphabet Inc. 703.53 -13% $ 479,090.3 $ 413,019.3 $ 77,988.0 $ 25,512.0 32.7% 15.0% 5.3x 16.2x

Apple Inc. 95.60 -28% 523,641.8 547,709.8 227,535.0 78,498.0 34.5% 7.2% 2.4x 7.0x

Blucora, Inc. 10.36 -36% 428.5 873.0 202.4 $35.6 17.6% NA 4.3x 24.5x

Demand Media, Inc. 5.17 -20% 105.3 74.7 119.7 (22.4) NM -25.4% 0.6x NM

Everyday Health, Inc. 7.88 -39% 261.5 344.1 246.0 22.6 9.2% 30.9% 1.4x 15.2x

Facebook, Inc. 114.28 -16% 326,875.7 306,254.7 19,767.0 9,435.0 47.7% 46.3% 15.5x 32.5x

Fitbit Inc. 12.22 -76% 2,658.4 1,866.7 2,026.6 288.1 14.2% 108.2% 0.9x 6.5x

Glu Mobile, Inc. 2.20 -66% 291.1 131.8 235.0 (5.6) NM -5.3% 0.6x NM

GoPro, Inc. 10.81 -83% 1,494.6 1,105.9 1,440.4 (48.5) NM -5.3% 0.8x NM

IAC/InterActiveCorp 56.30 -33% 4,458.9 4,841.5 3,277.6 382.8 11.7% 4.3% 1.5x 12.6x

LinkedIn Corporation 189.25 -27% 25,294.2 23,300.2 3,213.9 266.1 8.3% 34.9% 7.2x 87.5x

MeetMe, Inc. 5.33 -4% 254.4 228.4 58.6 11.6 19.8% 24.8% 3.9x 19.7x

Netflix, Inc. 91.48 -31% 39,180.9 39,480.6 7,164.1 319.7 4.5% 23.4% 5.5x NM

Pandora Media, Inc. 12.45 -45% 2,848.3 2,738.0 1,230.6 (112.4) NM 28.6% 2.2x NM

RealNetworks Inc. 4.31 -26% 158.4 71.6 122.9 (46.7) NM -12.9% 0.6x NM

TheStreet, Inc. 1.13 -43% 39.8 10.0 66.8 0.8 1.1% 5.2% 0.1x 13.0x

Twitter, Inc. 16.91 -56% 11,778.95 9,805.22 2,376.61 (66.76) NM 49.6% 4.1x NM

United Online, Inc. 11.00 -33% 164.82 66.75 145.29 15.07 10.4% NA 0.5x 4.4x

WebMD Health Corp. 58.11 -14% 2,149.2 2,247.6 651.6 153.5 23.6% 10.4% 3.4x 14.6x

XO Group Inc. 17.43 -4% 444.2 352.0 144.7 21.5 14.8% 0.6% 2.4x 16.4x

Yahoo! Inc. 37.56 -6% 35,679.0 4,622.4 4,829.5 245.4 5.1% 2.5% 1.0x 18.8x

Zynga, Inc. 2.49 -13% 2,175.5 1,318.0 768.1 (26.4) NM 8.9% 1.7x NM

Average 2.2x 12.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (41.2x)

US-Based Digital Media and Internet


Digital Media and Internet Public Company Valuation (2/2)



Company Name Headquarters 06/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baidu, Inc. China 165.15 -24% $57,190.8 $52,181.2 $10,764.6 $2,759.6 25.6% 32.9% 4.8x 18.9x

Changyou.com Limited China 20.04 -29% 1,018.1 395.3 682.8 218.7 32.0% -12.8% 0.6x 1.8x

CyberAgent Inc. Japan 60.08 -4% 3,774.0 3,517.6 2,483.6 382.1 15.4% 19.8% 1.4x 9.2x

DeNA Co., Ltd. Japan 23.16 -7% 3,358.1 2,695.4 1,279.0 290.0 22.7% 0.9% 2.1x 9.3x

G5 Entertainment AB (publ) Sweden 3.82 -41% 33.6 29.3 47.9 4.3 8.9% 28.7% 0.6x 6.8x

GameLoft S.E. * France 8.41 -8% 754.0 714.6 278.2 15.5 5.6% 12.7% 2.6x 46.1x

Gree, Inc. Japan 5.63 -23% 1,316.9 563.6 669.0 175.9 26.3% -23.4% 0.8x 3.2x

iDreamSky Technology Limited China 13.63 -2% 617.5 546.0 252.4 31.9 12.6% 66.5% 2.2x 17.1x

International Game Technology PLC United Kingdom 18.74 -6% 3,767.4 11,489.6 5,122.4 1,553.8 30.3% 41.4% 2.2x 7.4x

KongZhong Corporation China 5.06 -35% 238.3 160.1 180.0 22.4 12.4% -21.4% 0.9x 7.2x

Mixi, Inc. Japan 40.85 -35% 3,443.4 2,213.4 1,858.3 882.6 47.5% 84.9% 1.2x 2.5x

NCsoft Corporation South Korea 204.69 -15% 4,347.8 3,718.4 783.9 266.8 34.0% 5.0% 4.7x 13.9x

Naver Corporation South Korea 615.81 -7% 17,942.9 16,789.1 3,033.2 856.9 28.3% 20.0% 5.5x 19.6x

NetEase, Inc. China 193.22 0% 25,404.0 21,587.4 4,192.2 1,399.4 33.4% 108.0% 5.1x 15.4x

NEXON Co., Ltd. Japan 14.67 -27% 6,401.6 3,723.1 1,742.5 532.2 30.5% 10.4% 2.1x 7.0x

Pacific Online Ltd. China 0.24 -43% 263.1 196.2 168.9 36.2 21.5% 11.0% 1.2x 5.4x

Phoenix New Media Limited China 3.68 -52% 262.5 132.8 242.8 18.7 7.7% -4.8% 0.5x 7.1x

Renren Inc. * China 1.79 -53% 609.0 637.5 43.5 (90.7) NM 37.4% 14.6x NM

Weibo Corporation * China 28.41 -4% 6,043.5 5,677.6 500.9 69.6 13.9% 38.0% 11.3x 81.6x

WeMade Entertainment Co., Ltd. * South Korea 21.86 -64% 362.9 353.8 108.2 3.8 3.5% -22.4% 3.3x 93.2x

Yandex N.V. Netherlands 21.85 -6% 7,095.0 6,554.3 952.6 279.0 29.3% 22.4% 6.9x 23.5x

YY Inc. China 33.87 -48% 1,860.9 1,746.9 991.0 226.7 22.9% 53.7% 1.8x 7.7x

Average 1.7x 10.1x


Internationally-based Digital Media and Internet


eCommerce Public Company Valuation (1/2)




1-800-Flowers.com Inc. 9.02 -17% $590.2 $649.6 $1,166.9 $84.7 7.3% 8.0% 0.6x 7.7x

Alphabet Inc. 703.53 -13% 479,090.3 413,019.3 77,988.0 25,512.0 32.7% 15.0% 5.3x 16.2x

Amazon.com, Inc. 715.62 -2% 337,649.5 339,402.5 113,417.0 9,087.0 8.0% 23.3% 3.0x 37.4x

Apple Inc. 95.60 -28% 523,641.8 547,709.8 227,535.0 78,498.0 34.5% 7.2% 2.4x 7.0x

Blucora, Inc. 10.36 -36% 428.5 873.0 202.4 35.6 17.6% NA 4.3x 24.5x

Blue Nile Inc. 27.38 -30% 317.9 288.6 476.7 16.8 3.5% 0.1% 0.6x 17.2x

CafePress Inc. 3.10 -38% 51.8 13.6 99.0 2.6 2.6% -23.2% 0.1x 5.3x

CDW Corporation 40.08 -15% 6,637.6 10,014.2 13,350.2 1,000.5 7.5% 9.6% 0.8x 10.0x

Chegg, Inc. 5.00 -43% 450.6 389.1 283.2 3.2 1.1% -10.2% 1.4x NM

Copart, Inc. 49.01 -2% 5,360.8 5,924.1 1,218.1 429.8 35.3% 5.8% 4.9x 13.8x

eBay Inc. 23.41 -65% 26,895.8 27,918.8 8,668.0 2,978.0 34.4% 26.5% 3.2x 9.4x

Etsy, Inc. 9.59 -59% 1,084.4 827.5 296.8 21.7 7.3% 39.0% 2.8x 38.2x

Expedia Inc. 106.30 -24% 15,815.3 17,694.4 7,202.9 800.2 11.1% 21.3% 2.5x 22.1x

FTD Companies, Inc. 24.96 -26% 691.7 916.8 1,182.6 102.6 8.7% 44.5% 0.8x 8.9x

GrubHub Inc. 31.07 -14% 2,632.2 2,307.7 385.8 89.3 23.2% 36.1% 6.0x 25.8x

HSN, Inc. 48.93 -35% 2,558.3 3,129.5 3,665.5 312.5 8.5% 0.4% 0.9x 10.0x


QVC Group $25.37 -20% 12,186.4 18,453.4 9,598.0 1,764.0 18.4% 0.7% 1.9x 10.5x

Liberty Ventures 37.07 -18% 5,268.7 4,615.7 687.0 (32.0) NM -8.0% 6.7x NM

Liquidity Services, Inc. 7.84 -21% 240.9 123.4 321.8 (5.4) NM -32.0% 0.4x NM

Match Group, Inc. 15.08 -6% 3,752.0 4,818.4 1,070.6 263.5 24.6% 17.2% 4.5x 18.3x

Overstock.com Inc. 16.11 -33% 408.2 306.9 1,673.2 8.0 0.5% 7.7% 0.2x 38.3x

PetMed Express, Inc. 18.76 -9% 378.6 341.0 234.7 33.2 14.1% 2.3% 1.5x 10.3x

The Priceline Group Inc. 1,248.41 -15% 61,970.3 65,011.2 9,531.4 3,649.6 38.3% 10.3% 6.8x 17.8x

Shutterfly, Inc. 46.61 -5% 1,606.2 1,816.0 1,081.2 120.7 11.2% 14.5% 1.7x 15.0x

Shutterstock, Inc. 45.80 -20% 1,602.8 1,327.3 444.3 59.9 13.5% 26.0% 3.0x 22.1x

Spark Networks, Inc. 1.58 -62% 40.9 36.8 44.5 (4.0) NM -23.9% 0.8x NM

Stamps.com Inc. 87.42 -29% 1,525.20 1,577.59 251.74 80.69 32.1% 59.3% 6.3x 19.6x

U.S. Auto Parts Network, Inc. 3.95 -10% 137.0 147.6 295.5 7.0 2.4% 1.2% 0.5x 21.0x

EVINE Live Inc. 1.65 -48% 94.4 149.1 701.8 8.7 1.2% 4.2% 0.2x 17.1x

Wayfair Inc. 39.00 -31% 3,303.9 2,994.4 2,572.9 (75.3) NM 75.7% 1.2x NM

Average 1.6x 12.7x


US-based eCommerce


eCommerce Public Company Valuation (2/2)




58.com Inc. * China 45.89 -35% $ 6,499.5 $ 6,288.5 $ 859.0 $ (205.1) NM 182.7% 7.3x NM

Alibaba Group Holding Limited * China 79.53 -8% 198,449.4 194,518.2 15,670.6 5,606.6 35.8% 32.7% 12.4x 34.7x

Cnova N.V. * Netherlands 4.95 -13% 2,184.4 2,475.0 3,723.0 (99.5) NM -8.9% 0.7x NM

E-Commerce China Dangdang Inc. China 6.05 -25% 497.8 290.5 1,434.3 19.8 1.4% 17.0% 0.2x 14.7x

JD.com, Inc. * China 21.23 -40% 29,128.3 27,138.6 30,772.7 (176.3) NM 54.0% 0.9x NM

Jumei International Holding Limited China 4.13 -80% 605.6 157.6 1,131.0 27.9 2.5% 88.9% 0.1x 5.6x

LightInTheBox Holding Co., Ltd. * China 3.40 -26% 233.8 130.8 303.4 (17.8) NM -21.9% 0.4x NM

Mercadolibre, Inc. * Argentina 140.67 -1% 6,211.6 6,170.1 661.3 168.5 25.5% 12.2% 9.3x 36.6x

PChome Online Inc. Taiwan 10.98 -27% 1,096.1 867.2 744.5 38.6 5.2% 15.0% 1.2x 22.5x

Rakuten, Inc. Japan 10.74 -48% 15,305.4 15,901.6 6,541.8 1,288.6 19.7% 18.7% 2.4x 12.3x

Travelport Worldwide Limited United Kingdom 12.89 -16% 1,596.0 3,934.9 2,258.1 428.6 19.0% 5.1% 1.7x 9.2x

Vipshop Holdings Limited China 11.17 -53% 6,459.3 6,439.8 6,779.9 448.8 6.6% 59.5% 0.9x 14.3x

Average 1.0x 11.2x


Internationally-based eCommerce


Digital Advertising

There was a total of 31 transactions announced in the Digital Advertising segment, of which 19 were worth more than $975 million in

reported value

Vertical Search was the most active subsegment with 10 transactions followed by the Digital Video and Local Search subsegments with

five transaction each

Select Transactions:

• Gannett’s pending acquisition of small and mid-sized business search marketing solutions provider ReachLocal in a transaction

valued at $156 million

• The acquisition of mobile ad exchange Smaato by China-based Spearhead Integrated Marketing Communications for a reported

$148 million

• The $34 million Columbus Partners-led investment in programmatic ad network Collective

• Internet Brands’ acquisition of ACE Tech, a provider of lead management programs and marketing services to automotive

dealerships

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

Vertical Search 10 32% $16.7 2% 5 - 0 - 5 $16.7

Digital Video 5 16% 19.0 2% 2 - 0 - 3 19.0

Local Search 5 16% 181.7 19% 1 156.0 0 - 4 25.7

Mobile Marketing 4 13% 193.0 20% 3 148.0 0 - 1 45.0

Online Lead Generation 3 10% 525.0 54% 1 - 2 525.0 0 -

Ad Networks/Exchanges 2 6% 34.0 3% 1 - 0 - 1 34.0

Digital Promotion/Coupon 1 3% 6.0 1% 0 - 0 - 1 6.0

Other* 1 3% 0.0 0% 0 - 0 - 1 2.4

Total 31 100% 977.8 100% 13 304.0 2 525.0 16 148.8

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital Advertising Public Company Valuation (1/2)

*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.


US-based Digital Advertising



Alliance Data Systems Corporation $195.92 -36% $ 11,547.5 $ 28,700.8 $ 6,514.6 $ 1,523.2 23.4% 14.9% 4.4x 18.8x

Alphabet Inc. 703.53 -13% 479,090.3 413,019.3 77,988.0 25,512.0 32.7% 15.0% 5.3x 16.2x

Angie's List, Inc. $6.51 -42% 381.8 380.5 344.4 16.5 4.8% 5.7% 1.1x 23.1x

Autobytel Inc. 13.87 -45% 148.2 149.9 143.2 12.2 8.5% 35.7% 1.0x 12.2x

Bankrate, Inc. 7.48 -53% 675.9 765.4 374.8 96.3 25.7% 23.7% 2.0x 8.0x

Blucora, Inc. 10.36 -36% 428.5 873.0 202.4 35.6 17.6% NA 4.3x 24.5x

Care.com, Inc. 11.68 -3% 382.7 330.4 145.9 (3.5) NM 24.2% 2.3x NM

Demand Media, Inc. 5.17 -20% 105.3 74.7 119.7 (22.4) NM -25.4% 0.6x NM

DHI Group, Inc. 6.23 -41% 323.0 390.1 254.3 59.3 23.3% -4.3% 1.5x 6.6x

Digital Globe Services Inc. 0.91 -29% 27.2 26.7 45.6 4.2 9.3% 15.0% 0.6x 6.3x

Facebook, Inc. * 114.28 -16% 326,875.7 306,254.7 19,767.0 9,435.0 47.7% 46.3% 15.5x 32.5x

Groupon, Inc. * 3.25 -39% 1,885.1 1,250.1 3,101.1 30.7 1.0% 1.2% 0.4x 40.7x


IDI, Inc 4.73 -63% 239.4 280.2 52.3 (46.5) NM 0.0% 5.4x NM

MaxPoint Interactive, Inc. 10.80 -73% 71.3 63.2 140.9 (19.5) NM 17.6% 0.4x NM

Monster Worldwide, Inc. 2.39 -71% 212.5 265.3 651.8 92.5 14.2% -6.9% 0.4x 2.9x

QuinStreet, Inc. 3.55 -48% 161.2 121.5 289.5 (4.8) NM 3.8% 0.4x NM

Quotient Technology Inc. 13.41 -4% 1,112.0 962.7 247.8 (21.1) NM 9.7% 3.9x NM

RetailMeNot, Inc. 7.71 -56% 375.7 187.3 243.4 36.6 15.0% -7.7% 0.8x 5.1x

RhythmOne plc 0.40 -4% 161.4 118.2 166.7 (16.9) NM -22.4% 0.7x NM

Rocket Fuel Inc. 2.22 -73% 97.4 110.4 462.0 (20.6) NM 5.4% 0.2x NM

Rovi Corporation 15.64 -34% 1,283.9 2,097.3 510.6 165.0 32.3% -4.4% 4.1x 12.7x

The Rubicon Project, Inc. 13.65 -33% 661.5 503.1 280.5 28.4 10.1% 101.2% 1.8x 17.7x

TiVo Inc. 9.90 -7% 987.07 668.61 482.14 84.20 17.5% 5.0% 1.4x 7.9x

Travelzoo Inc. 8.02 -37% 113.2 83.6 137.4 9.6 7.0% -9.7% 0.6x 8.7x

LendingTree, Inc. 88.33 -37% 1,049.3 875.1 298.0 35.2 11.8% 67.2% 2.9x 24.9x

Tremor Video, Inc. 1.84 -40% 97.0 40.6 170.4 (11.8) NM 4.7% 0.2x NM

TripAdvisor Inc. * 64.30 -32% 9,368.9 8,787.9 1,481.0 233.0 15.7% 11.5% 5.9x 37.7x

TrueCar, Inc. 7.85 -33% 657.6 578.8 263.1 (38.0) NM 18.9% 2.2x NM

TubeMogul, Inc. 11.90 -27% 425.5 351.1 192.5 (11.8) NM 57.1% 1.8x NM

Twitter, Inc. 16.91 -56% 11,778.9 9,805.2 2,376.6 (66.8) NM 49.6% 4.1x NM

Web.com Group, Inc. 18.18 -30% 862.3 1,572.7 555.7 111.8 20.1% 2.4% 2.8x 14.1x

Yahoo! Inc. 37.56 -6% 35,679.0 4,622.4 4,829.5 245.4 5.1% 2.5% 1.0x 18.8x

Yelp Inc. 30.36 -21% 2,321.7 1,946.2 589.8 (8.9) NM 40.6% 3.3x NM

YuMe, Inc. 3.68 -34% 127.7 65.6 172.3 (9.5) NM -4.6% 0.4x NM

Zillow Group, Inc. * 36.65 0% 6,561.0 6,277.4 703.4 (10.4) NM 81.8% 8.9x NM

Average 1.6x 12.7x

*Calculation i s market cap weighted and excludes revenue multiples that are 2.0 s tandard deviations above the mean (8.7x)and EBITDA multiples that are 1.0 s tandard deviations above the mean (28.0x)


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)




Criteo SA France 45.92 -20% 2,895.9 2,525.7 1,430.3 129.0 9.0% 27.9% 1.8x 19.6x

Ctrip.com International Ltd. China 41.20 -28% 19,041.0 21,598.8 1,977.1 (142.3) NM 57.9% 10.9x NM

Just Dial Limited India 9.04 -53% 627.9 518.8 104.2 24.3 23.3% 17.1% 5.0x 21.3x

MakeMyTrip Limited India 14.86 -35% 627.4 629.9 336.1 (59.8) NM 12.1% 1.9x NM

Matomy Media Group Ltd. Israel 0.98 -40% 91.6 111.1 271.0 24.7 9.1% 14.1% 0.4x 4.5x

Opera Software ASA Norway 8.00 -9% 1,170.8 1,339.4 652.6 88.2 13.5% 25.4% 2.1x 15.2x

Pacific Online Ltd. China 0.24 -43% 263.1 196.2 168.9 36.2 21.5% 11.0% 1.2x 5.4x

Rightmove plc * United Kingdom 48.50 -15% 4,557.8 4,541.3 283.3 203.7 71.9% 15.0% 16.0x 22.3x

Septeni Holdings Co., Ltd. * Japan 36.37 -3% 943.6 824.6 384.0 35.8 9.3% -24.4% 2.1x 23.0x

Taptica International Ltd Israel 0.92 -61% 57.4 40.5 75.8 5.9 7.8% 20.1% 0.5x 6.8x

TradeDoubler AB Sweden 0.74 -18% 31.47 22.62 193.10 (7.96) NM -9.0% 0.1x NM

XLMedia PLC Channel Islands 0.87 -23% 174.8 138.6 89.2 23.9 26.8% 75.9% 1.6x 5.8x

Yandex N.V. * Netherlands 21.85 -6% 7,095.0 6,554.3 952.6 279.0 29.3% 22.4% 6.9x 23.5x

Zhaopin Ltd. China 14.53 -14% 790.0 500.2 225.2 50.3 22.3% 19.3% 2.2x 10.0x

Average 1.4x 12.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.2x)

Internationally-based Digital Advertising



The Marketing Technology segment announced 74 transactions, of which 65 reported nearly $7 billion in value

Analytics & Targeting was the most active subsegment with 18 transactions announced, 16 of which reported nearly $300 million

in value


• The OpenText purchase of eDiscovery and information analytics company Recommind for $163 million

• Infor’s $125 million acquisition of SaaS-based retailer analytics and merchandising solutions company Predictix

• The $55 million acquisition of multi-carrier shipping solutions developer ShippingEasy by Stamps.com

• The acquisition of AdGear, a developer of ad serving tools for media agencies and publishers, by Samsung in a transaction valued at

$50 million

• Syniverse’s $45 million investment in SaaS-based mobile relationship management platform Vibes

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

Analytics & Targeting 18 24% $296.9 4% 2 $125.0 0 - 16 $171.9

Commerce Management 9 12% 2,968.3 43% 2 2,716.9 0 - 7 251.4

Email/Messaging Software 6 8% 24.5 0% 2 - 0 - 4 24.5

Content Management 5 7% 70.5 1% 1 - 0 - 4 70.5

SFA/Lead Management 5 7% 61.5 1% 0 - 0 - 5 61.5

Teleservices/eServices 5 7% 361.8 5% 1 315.0 0 - 4 46.8

CRM 4 5% 25.0 0% 0 - 1 - 3 25.0

Other* 22 30% 3,142.6 45% 5 220.5 1 2,614.9 16 237.1

Total 74 100% 6,951.1 100% 13 3,377.4 2 2,614.9 59 958.8

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing Technology Public Company Valuation (1/2)




Adobe Systems Incorporated 95.79 -5% $ 47,731.28 $ 45,331.27 $ 5,306.22 $ 1,526.91 28.8% 22.0% 8.5x 29.7x

AppFolio, Inc. 14.46 -27% 486.0 464.7 82.3 (11.8) NM 53.4% 5.6x NM

Bazaarvoice, Inc. 4.01 -34% 329.1 276.5 199.8 (15.0) NM 4.5% 1.4x NM

Blackbaud Inc. 67.90 -1% 3,150.8 3,562.2 660.2 110.5 16.7% 13.1% 5.4x 32.2x

Brightcove Inc. 8.80 -2% 288.4 260.1 138.1 2.1 1.5% 8.9% 1.9x 124.4x

ChannelAdvisor Corporation 14.49 -3% 369.1 309.5 104.3 (7.0) NM 18.4% 3.0x NM

Covisint Corporation 2.18 -34% 88.3 48.6 76.0 (11.3) NM -14.1% 0.6x NM

Cvent, Inc. 35.72 -4% 1,510.1 1,332.9 198.9 6.3 3.2% 30.9% 6.7x 212.4x

Demandware, Inc. 74.90 -1% 2,861.8 2,666.4 254.1 (33.7) NM 42.5% 10.5x NM

eBay Inc. 23.41 -65% 26,895.8 27,918.8 8,668.0 2,978.0 34.4% 26.5% 3.2x 9.4x

Endurance International Group

Holdings, Inc.

8.99 -60% 1,266.7 3,243.7 801.1 155.6 19.4% 21.1% 4.0x 20.9x

Five9, Inc. 11.90 -8% 616.8 604.2 136.6 (9.3) NM 25.2% 4.4x NM

GoDaddy Inc. 31.19 -12% 2,556.7 3,397.0 1,664.7 154.1 9.3% 15.3% 2.0x 22.0x

HubSpot, Inc. 43.42 -28% 1,517.2 1,410.5 202.7 (41.9) NM 56.1% 7.0x NM

Interactive Intelligence Group Inc. 40.99 -12% 905.0 851.5 400.7 (0.3) NM 14.0% 2.1x NM

IBM Corporation 151.78 -13% 145,703.0 176,538.0 80,835.0 19,003.0 23.5% -10.3% 2.2x 9.3x

Jive Software, Inc. 3.76 -32% 288.0 178.3 199.3 (19.1) NM 7.9% 0.9x NM

LivePerson Inc. 6.34 -38% 364.1 319.6 234.7 16.4 7.0% 5.8% 1.4x 19.5x

Marin Software Incorporated 2.35 -64% 89.7 55.7 109.3 (15.7) NM 6.2% 0.5x NM

Marketo, Inc. 34.82 -1% 1,567.8 1,479.5 226.1 (53.8) NM 38.1% 6.5x NM

MaxPoint Interactive, Inc. 10.80 -73% 71.3 63.2 140.9 (19.5) NM 17.6% 0.4x NM

MicroStrategy Inc. 175.02 -23% 1,999.6 1,463.3 525.0 144.0 27.4% -7.2% 2.8x 10.2x

MINDBODY, Inc. 16.14 -12% 640.6 565.0 111.1 (26.8) NM 45.0% 5.1x NM

NetSuite Inc. 72.80 -29% 5,856.0 5,756.4 792.9 (62.9) NM 32.6% 7.3x NM

Nuance Communications, Inc. 15.63 -28% 4,364.2 6,310.7 1,946.9 305.7 15.7% 1.0% 3.2x 20.6x

Oracle Corporation 40.93 -3% 168,743.3 156,974.3 37,047.0 14,753.0 39.8% -3.1% 4.2x 10.6x

PayPal Holdings, Inc. 36.51 -14% 44,251.1 39,484.1 9,655.0 2,021.0 20.9% 16.5% 4.1x 19.5x

PROS Holdings, Inc. 17.43 -31% 528.5 492.3 162.5 (48.4) NM -13.8% 3.0x NM

PTC Inc. 37.58 -9% 4,307.5 4,777.2 1,179.3 198.6 16.8% -12.2% 4.1x 24.1x

Qlik Technologies, Inc. 29.58 -31% 2,806.46 2,436.51 630.50 3.83 0.6% 11.4% 3.9x NM

Rightside Group, Ltd. 10.64 -2% 204.3 182.3 217.1 (0.4) NM 9.8% 0.8x NM

Rovi Corporation 15.64 -34% 1,283.88 2,097.29 510.63 165.01 32.3% -4.4% 4.1x 12.7x

The Rubicon Project, Inc. 13.65 -33% 661.5 503.1 280.5 28.4 10.1% 101.2% 1.8x 17.7x

salesforce.com, inc. 79.41 -6% 53,800.3 53,834.5 7,072.7 522.3 7.4% 25.0% 7.6x 103.1x

Sizmek Inc. 2.29 -71% 66.7 26.4 176.5 6.4 3.6% 4.3% 0.1x 4.1x

Square, Inc. 9.05 -43% 3,034.5 2,620.4 1,395.8 (101.1) NM 52.6% 1.9x NM

US-based Marketing Technology


Marketing Technology Public Company Valuation (2/2)




Synchronoss Technologies, Inc. 31.86 -36% $ 1,436.3 $ 1,607.1 $ 588.6 $ 144.5 24.5% 19.7% 2.7x 11.1x

Tableau Software, Inc. 48.92 -63% 3,639.4 2,831.4 695.1 (58.1) NM 48.5% 4.1x NM

Teradata Corporation 25.07 -33% 3,259.1 3,012.1 2,493.0 379.0 15.2% -7.2% 1.2x 7.9x

Verint Systems Inc. 33.13 -47% 2,060.7 2,440.8 1,106.2 121.1 10.9% -3.0% 2.2x 20.2x

Xactly Corporation 12.81 -4% 385.9 355.1 81.4 (17.1) NM 27.9% 4.4x NM

Zendesk, Inc. 26.38 -6% 2,420.2 2,165.9 235.0 (74.2) NM 63.0% 9.2x NM

Adjusted Weighted Average 4.3x 13.5x


US-based Marketing Technology




Baozun Inc. China 6.49 -35% $ 321.31 $ 216.58 $ 432.18 $ 5.23 1.2% 55.6% 0.5x 41.4x

ChinaCache International Holdings Ltd. China 6.48 -41% 174.5 111.8 194.9 (14.9) NM -11.7% 0.6x NM

Mercadolibre, Inc. Argentina 140.67 -1% 6,211.6 6,170.1 661.3 168.5 25.5% 12.2% 9.3x 36.6x

Open Text Corporation Canada 59.16 -5% 7,175.5 7,867.7 1,823.1 556.8 30.5% -2.1% 4.3x 14.1x


Sage Group plc United Kingdom 8.58 -1% 9,263.69 9,623.83 2,109.75 562.58 26.7% 3.6% 4.6x 17.1x

SAP SE Germany 75.16 -11% 90,041.1 92,889.6 23,942.8 6,635.2 27.7% 14.5% 3.9x 14.0x

Shopify Inc. Canada 30.76 -25% 2,596.7 2,407.3 240.6 (16.7) NM 94.7% 10.0x NM

Weborama France 12.67 -14% 43.1 41.6 31.8 1.2 3.7% 9.8% 1.3x 35.5x

Wix.com ltd Israel 30.35 0% 1,223.9 1,110.5 220.6 (45.7) NM 40.0% 5.0x NM



Internationally-based Marketing Technology



There were 24 transactions announced in the Agency & Marketing Services segment in June. Digital Agency was the most active

subsegment with 10 transactions

Select transactions:

• Tech Mahindra’s acquisition of digital strategy and design firm The BIO Agency in a transaction valued at $32.4 million

• Clayton, Dubilier & Rice’s pending buy-out of TRANZACT, a provider of direct-to-consumer sales and marketing solutions for

insurance carriers, from White Mountains Insurance Group (a Petsky Prunier-led transaction)

• The acquisition of Germany-based retail brand management consultancy dgroup will be acquired by Accenture

• Augeo Affinity Marketing’s acquisition of rewards incentive programs provider Incentive Logic

• The acquisition of Canada-based digital agency TP1 by Havas

• Allison & Partners’ purchase of media relations and marketing agency Higher Ground Communications

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

Digital Agency 10 42% $32.4 100% 10 $32.4 0 - 0 -

Public Relations 3 13% - 0% 3 - 0 - 0 -

Social Agency 3 13% - 0% 3 - 0 - 0 -

Branded Communications 2 8% - 0% 2 - 0 - 0 -

Loyalty/Retention 2 8% - 0% 1 - 0 - 1 -

Channel Services 1 4% - 0% 1 - 0 - 0 -

General Agency 1 4% - 0% 1 - 0 - 0 -

Other* 2 8% 0 0% 2 - 0 - 0 -

Total 24 100% 32.4 100% 23 32.4 0 0.0 1 0.0

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Agency Public Company Valuation




Cello Group Plc United Kingdom $1.28 -8% $ 110.5 $ 116.1 $ 232.0 $ 13.2 5.7% -7.4% 0.5x 8.8x

Creston plc United Kingdom 1.15 -47% 66.6 64.8 155.6 14.5 9.3% 40.5% 0.4x 4.5x

Dentsu Inc. Japan 46.45 -35% 13,244.2 14,600.3 7,836.6 1,651.6 21.1% NM 1.9x 8.8x

Enero Group Limited Australia 0.93 -5% 79.4 55.3 158.8 9.2 5.8% 6.9% 0.3x 6.0x

Globant S.A. * Luxembourg 39.35 -5% 1,353.4 1,283.8 272.6 41.0 15.0% 29.2% 4.7x 31.3x

Hakuhodo DY Holdings Inc Japan 11.90 -17% 4,434.3 3,125.6 10,815.7 455.9 4.2% 7.4% 0.3x 6.9x

Havas SA France 7.75 -16% 3,250.3 3,169.2 2,376.3 378.0 15.9% 17.3% 1.3x 8.4x

Huntsworth plc United Kingdom 0.52 -18% 166.3 206.7 248.3 26.5 10.7% 1.6% 0.8x 7.8x

M&C Saatchi plc United Kingdom 3.78 -24% 275.4 273.8 263.9 30.9 11.7% 5.6% 1.0x 8.9x

MDC Holdings Inc. United States 24.34 -22% 1,192.9 1,932.7 1,928.3 126.8 6.6% 9.9% 1.0x 15.2x

Next Fifteen Communications Group plc United Kingdom 3.30 -18% 238.4 248.2 183.9 23.3 12.6% 22.8% 1.3x 10.7x

Omnicom Group Inc. United States 81.49 -5% 19,374.2 23,065.7 15,164.3 2,225.6 14.7% -0.8% 1.5x 10.4x

OPT Holding, Inc. Japan 7.44 -13% 192.2 167.5 589.2 28.7 4.9% 3.8% 0.3x 5.8x

Publicis Groupe SA France 67.22 -18% 14,927.8 17,070.1 10,427.4 1,878.9 18.0% 32.3% 1.6x 9.1x

St Ives plc United Kingdom 1.09 -67% 155.7 271.7 503.5 65.9 13.1% 5.2% 0.5x 4.1x

The Interpublic Group of Companies, Inc. United States 23.10 -7% 9,295.6 10,637.6 7,679.8 1,040.5 13.5% 1.4% 1.4x 10.2x

WPP plc United Kingdom 20.63 -8% 26,113.8 30,885.4 18,043.4 3,157.5 17.5% 6.1% 1.7x 9.8x

1.5x 9.6xAdjusted Weighted Average



Marketing Services Public Company Valuation




Acxiom Corporation * United States $21.99 -7% $ 1,710.7 $ 1,711.4 $ 850.1 $ 79.3 9.3% 5.6% 2.0x 21.6x

Aimia Inc. Canada 6.09 -46% 926.9 1,123.3 1,828.0 111.7 6.1% -5.9% 0.6x 10.1x

Alliance Data Systems Corporation United States 195.92 -36% 11,547.5 24,378.4 6,514.6 1,523.2 23.4% 14.9% 3.7x 16.0x

CSG Systems International Inc. United States 40.31 -13% 1,307.7 1,479.2 753.1 157.0 20.8% 0.6% 2.0x 9.4x

DST Systems Inc. United States 116.43 -14% 3,863.1 4,531.4 2,868.6 400.5 14.0% 3.6% 1.6x 11.3x

Fair Isaac Corporation * United States 113.01 -2% 3,523.5 4,049.1 848.9 197.8 23.3% 4.0% 4.8x 20.5x

Harte-Hanks Inc. United States 1.59 -73% 97.7 164.9 484.9 27.3 5.6% -10.6% 0.3x 6.0x

High Co. SA France 9.94 -8% 102.6 57.3 168.0 14.0 8.3% 19.2% 0.3x 4.1x

IDI, Inc * United States 4.73 -63% 239.4 280.2 52.3 (46.5) NM 0.0% 5.4x NM

Multiplus S.A. Brazil 11.29 -14% 1,828.5 1,375.5 646.1 157.2 24.3% 19.9% 2.1x 8.7x

Pitney Bowes Inc. United States 17.80 -18% 3,357.4 5,964.1 3,532.0 785.8 22.2% -6.4% 1.7x 7.6x

Points International Ltd. Canada 8.98 -27% 137.0 91.4 302.7 9.6 3.2% 14.8% 0.3x 9.5x

Viad Corp United States 31.00 -6% 627.8 761.7 1,066.0 75.6 7.1% 2.1% 0.7x 10.1x

2.9x 12.6xAdjusted Weighted Average



Traditional Media

Of the 19 transactions announced in the Traditional Media segment in June, seven reported more than $4.4 billion in aggregate

reported value; the majority of which is accounted for in Lions Gate Entertainment’s acquisition of Starz


• Arrow Electronics' purchase of UBM’s Electronics Media portfolio for $23.5 million

• Future plc’s acquisition of print and digital photography magazines publisher Imagine Publishing for $21 million

• UBM’s $17.6 million acquisition of content marketing events company Content Marketing Institute

• The acquisition of travel magazine Fodor’s by Internet Brands from Penguin Random House

• Wasserstein Partners’ acquisition of B-to-B travel information and events company Northstar Travel Group

• The majority stake taken in print music publisher Hal Leonard by Seidler Equity Partners

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

Entertainment Media 9 47% $4,339.1 99% 5 $4,307.3 0 - 4 $31.8

B-to-B Media 4 21% 41.1 1% 2 41.1 1 - 1 -

Consumer Magazine Publishing 3 16% 20.9 0% 3 20.9 0 - 0 -

Consumer Book Publishing 2 11% - 0% 2 - 0 - 0 -

Broadcast Television 1 5% - 0% 0 - 0 - 1 -

Total 19 100% 4,401.1 100% 12 4,369.3 1 0.0 6 31.8

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional Media Public Company Valuation (1/3)




CBS Corporation United States $54.44 -6% $ 24,804.4 $ 32,642.4 $ 14,235.0 $ 3,222.0 22.6% 3.6% 2.3x 10.1x

Discovery Communications, Inc. United States 25.23 -28% 13,984.1 21,736.1 6,418.0 2,433.0 37.9% 0.4% 3.4x 8.9x

Time Warner Inc. United States 73.54 -19% 57,831.1 79,994.1 28,299.0 8,046.0 28.4% 2.2% 2.8x 9.9x

Twenty-First Century Fox, Inc. United States 27.05 -22% 51,399.1 67,741.1 26,885.0 6,348.0 23.6% -13.8% 2.5x 10.7x

Viacom, Inc. United States 41.47 -36% 16,668.5 28,996.5 13,001.0 3,785.0 29.1% -6.0% 2.2x 7.7x

The Walt Disney Company United States 97.82 -20% 158,707.2 178,700.2 54,826.0 16,717.0 30.5% 8.1% 3.3x 10.7x



B-to-B Media



Euromoney Institutional Investor PLC United Kingdom $12.43 -23% $ 1,571.6 $ 1,564.5 $ 576.0 $ 231.7 40.2% -2.1% 2.7x 6.8x

Global Sources Ltd. Bermuda 9.17 -6% 219.0 145.3 163.8 28.9 17.6% -5.0% 0.9x 5.0x

Informa plc United Kingdom 9.68 -1% 6,277.8 7,471.3 1,787.6 550.7 30.8% 6.6% 4.2x 13.6x

TechTarget, Inc. United States 8.10 -26% 261.6 232.5 113.2 17.6 15.5% 5.9% 2.1x 13.2x

UBM plc United Kingdom 8.52 -7% 3,352.5 4,057.0 1,135.4 292.4 25.8% 39.9% 3.6x 13.9x



Radio Broadcasting



Beasley Broadcast Group Inc. United States $4.21 -16% $ 98.2 $ 167.6 $ 109.2 $ 22.3 20.5% 55.9% 1.5x 7.5x

Cumulus Media Inc. United States 0.31 -85% 72.7 2,419.1 1,166.1 229.7 19.7% -6.1% 2.1x 10.5x

Emmis Communications Corp. United States 0.73 -51% 35.3 314.8 231.4 37.3 16.1% -2.7% 1.4x 8.4x

Entercom Communications Corp. United States 13.57 -3% 550.9 1,026.9 429.1 101.7 23.7% 12.9% 2.4x 10.1x

Pandora Media, Inc. United States 12.45 -45% 2,848.3 2,738.0 1,230.6 (112.4) NM 28.6% 2.2x NM

Radio One Inc. United States 3.19 -6% 154.9 1,119.0 454.2 117.3 25.8% 4.2% 2.5x 9.5x

Salem Media Group, Inc. United States 7.22 -12% 184.2 459.7 268.5 47.3 17.6% 0.9% 1.7x 9.7x

Sirius XM Holdings Inc. * United States 3.95 -6% 19,584.7 25,197.5 4,690.1 1,616.2 34.5% 10.0% 5.4x 15.6x

Spanish Broadcasting System Inc. United States 3.56 -51% 25.9 272.5 146.4 37.0 25.3% 0.5% 1.9x 7.4x

Townsquare Media, Inc. United States 7.89 -44% 145.1 703.5 454.5 90.9 20.0% 20.9% 1.5x 7.7x


Large Cap Diversified Media







Broadcast, Cable, and Satellite Television

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


AMC Networks Inc. United States $60.42 -31% $ 4,391.0 $ 6,943.1 $ 2,618.8 $ 867.3 33.1% 12.9% 2.7x 8.0x

Sky plc United Kingdom 11.27 -28% 19,232.9 27,393.0 16,819.1 2,827.0 16.8% 41.2% 1.6x 9.7x

Cablevision Systems Corporation United States 1.12 -16% 134.0 137.3 97.7 19.4 19.9% -0.9% 1.4x 7.1x

CBS Corporation United States 54.44 -6% 24,804.4 32,642.4 14,235.0 3,222.0 22.6% 3.6% 2.3x 10.1x

Charter Communications, Inc. * United States 228.64 -6% 61,824.3 97,684.3 9,922.0 3,478.0 35.1% 7.1% 9.8x 28.1x

Comcast Corporation United States 65.19 0% 158,228.8 211,340.8 75,447.0 25,287.0 33.5% 9.0% 2.8x 8.4x

Discovery Communications, Inc. United States 25.23 -28% 13,984.1 21,736.1 6,418.0 2,433.0 37.9% 0.4% 3.4x 8.9x

Dish Network Corp. United States 52.40 -25% 24,354.0 36,031.8 15,131.9 3,044.0 20.1% 2.4% 2.4x 11.8x

Entravision Communications Corporation United States 6.72 -30% 598.2 865.5 252.7 67.3 26.6% 1.5% 3.4x 12.9x

General Communication Inc. United States 15.80 -30% 611.1 2,032.7 978.5 305.8 31.2% 5.8% 2.1x 6.6x

Gray Television, Inc. United States 10.85 -40% 776.4 2,292.0 637.8 218.2 34.2% 15.9% 3.6x 10.5x

Grupo Televisa, S.A.B. Mexico 5.18 -23% 14,970.8 19,141.6 5,231.9 1,943.2 37.1% 8.3% 3.7x 9.9x

Liberty Global plc United Kingdom 29.06 -47% 27,079.0 76,395.2 18,351.1 8,417.0 45.9% 0.7% 4.2x 9.1x

Media General, Inc. United States 17.19 -5% 2,223.0 4,445.4 1,351.7 360.3 26.7% 63.3% 3.3x 12.3x

Nexstar Broadcasting Group, Inc. United States 47.58 -23% 1,459.8 2,967.2 950.3 322.5 33.9% 35.9% 3.1x 9.2x

Scripps Networks Interactive, Inc. United States 62.27 -9% 8,029.7 11,784.2 3,176.9 1,438.7 45.3% 18.5% 3.7x 8.2x

Sinclair Broadcast Group, Inc. United States 29.86 -17% 2,837.5 6,856.0 2,293.3 689.7 30.1% 10.9% 3.0x 9.9x

TEGNA Inc. United States 23.17 -30% 5,041.5 9,459.8 3,101.2 1,128.8 36.4% 58.7% 3.1x 8.4x

The E. W. Scripps Company * United States 15.84 -32% 1,330.9 1,633.0 802.1 55.5 6.9% 55.3% 2.0x 29.4x

Time Warner Inc. United States 73.54 -19% 57,831.1 79,994.1 28,299.0 8,046.0 28.4% 2.2% 2.8x 9.9x



Entertainment Media



DreamWorks Animation SKG Inc. United States $40.87 0% $ 3,542.1 $ 3,900.3 $ 939.8 $ 127.4 13.6% 33.5% 4.2x 30.6x

Eros International Plc United Kingdom 16.27 -58% 920.6 1,141.3 274.4 38.8 14.1% -3.4% 4.2x 29.4x

Lions Gate Entertainment Corp. * United States 20.23 -51% 2,978.4 4,587.6 2,347.4 33.5 1.4% -2.2% 2.0x 137.0x

Live Nation Entertainment, Inc. United States 23.50 -21% 4,768.9 5,590.8 7,333.1 546.3 7.4% 6.9% 0.8x 10.2x

SFX Entertainment, Inc. United States 0.02 -100% 2.0 300.1 402.4 (86.3) NM 17.4% 0.7x NM

Twenty-First Century Fox, Inc. United States 27.05 -22% 51,399.1 67,741.1 26,885.0 6,348.0 23.6% -13.8% 2.5x 10.7x

Liberty Global plc United Kingdom 29.06 -47% 27,079.0 76,395.2 18,351.1 8,417.0 45.9% 0.7% 4.2x 9.1x

Village Roadshow Limited Australia 3.90 -32% 627.7 1,005.5 761.1 114.3 15.0% 10.1% 1.3x 8.8x

World Wrestling Entertainment Inc. United States 18.41 -22% 1,398.3 1,331.2 653.7 77.9 11.9% 10.2% 2.0x 17.1x




LTM Multiples

LTM Multiples




Out-of-Home Media



AirMedia Group Inc. China $3.43 -40% $ 214.8 $ 135.0 $ 50.2 $ (70.3) NM -32.7% 2.7x NM

APG|SGA SA Switzerland 409.64 -4% 1,228.5 1,086.0 314.8 78.0 24.8% 0.6% 3.5x 13.9x

Clear Channel Outdoor Holdings Inc. United States 6.22 -36% 2,235.8 7,051.0 2,781.9 687.2 24.7% -5.4% 2.5x 10.3x

Clear Media Ltd. Hong Kong 0.87 -30% 472.0 398.0 236.5 103.2 43.6% 4.1% 1.7x 3.9x

JCDecaux SA France 33.74 -26% 7,164.0 7,620.2 3,048.7 578.1 19.0% 13.1% 2.5x 13.2x

Lamar Advertising Co. United States 66.30 0% 6,434.0 8,843.7 1,389.5 578.0 41.6% 6.5% 6.4x 15.3x

Mood Media Corporation Canada 0.07 -87% 12.7 612.8 472.2 79.4 16.8% -2.7% 1.3x 7.7x

National CineMedia, Inc. United States 15.48 -5% 965.8 2,115.1 445.8 202.2 45.4% 11.3% 4.7x 10.5x

NTN Buzztime Inc. United States 8.60 -71% 15.9 21.1 24.3 (2.3) NM -4.3% 0.9x NM

Tom Group Ltd. * Hong Kong 0.25 -11% 982.9 1,304.1 163.5 7.4 4.5% -16.1% 8.0x 176.5x



Publishing



A. H. Belo Corporation * United States $5.00 -21% $ 107.9 $ 35.5 $ 269.2 $ 1.0 0.4% -1.7% 0.1x 37.2x

Daily Mail and General Trust plc United Kingdom 7.93 -40% 2,656.7 3,829.2 2,698.7 411.1 15.2% 2.0% 1.4x 9.3x

Emmis Communications Corp. United States 0.73 -51% 35.3 314.8 231.4 37.3 16.1% -2.7% 1.4x 8.4x

Gannett Co., Inc. United States 13.81 -23% 1,609.3 1,418.4 2,827.0 389.4 13.8% -8.8% 0.5x 3.6x

Glacier Media, Inc. Canada 0.49 -49% 44.0 111.5 165.0 12.2 7.4% -12.2% 0.7x 9.2x

John Wiley & Sons Inc. United States 52.18 -6% 3,003.0 3,262.6 1,727.0 283.3 16.4% -5.2% 1.9x 11.5x

Meredith Corporation United States 51.91 -1% 2,237.2 2,929.4 1,639.8 314.0 19.2% 5.2% 1.8x 9.3x

News Corporation United States 11.35 -29% 6,650.1 5,266.1 8,292.0 616.0 7.4% 2.4% 0.6x 8.5x

Scholastic Corporation United States 39.61 -12% 1,352.4 1,017.5 1,646.7 97.6 5.9% 14.6% 0.6x 10.4x

The E. W. Scripps Company * United States 15.84 -32% 1,330.9 1,633.0 802.1 55.5 6.9% 55.3% 2.0x 29.4x

The McClatchy Company United States 14.62 -16% 111.1 1,044.3 1,037.4 157.1 15.1% -8.0% 1.0x 6.6x

The New York Times Company United States 12.10 -15% 1,947.2 1,754.0 1,574.5 239.3 15.2% -0.5% 1.1x 7.3x

Time Inc. United States 16.46 -32% 1,675.1 2,533.1 3,100.0 379.0 12.2% -3.6% 0.8x 6.7x





Software

Within the Software segment, more than $6.6 billion in reported value involved Strategic buyers, while nearly $2.2 billion in

Venture/Growth Capital investments transactions were announced

Financial and Healthcare Software were the most active subsegments in June with 27 and 25 transactions announced, respectively


• Francisco Partners and Elliot Management’s acquisition of Dell’s Software division in a transaction valued at a reported $2 billion

• Blackboard’s acquisition of higher education institution refund disbursement and payment processing solutions provider Higher One

Holdings in a transaction valued at $260 million

• Goldman Sachs Investment Partners’ $150 million investment in multisite property management software developer SMS Assist at a

reported $1 billion valuation

• Providence Equity Partners’ $130 million investment in IT infrastructure monitoring platform LogicMonitor

• The $100 million raised by cybersecurity solutions company Cylance from Blackstone Tactical Opportunities and Insight Venture

Partners

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

Financial 27 16% $946.3 8% 6 $299.5 2 - 19 $646.8

Healthcare 25 15% 767.4 7% 4 421.0 1 - 20 346.4

Security 23 14% 5,245.2 47% 9 5,000.7 2 - 12 244.5

ERP 16 10% 36.4 0% 7 7.5 1 - 8 28.9

HR 16 10% 227.0 2% 2 10.4 0 - 14 216.6

Collaboration 11 7% 74.4 1% 3 - 0 - 8 74.4

Other* 46 22% 3,767.6 34% 12 894 2 2,400 32 474.1

Total 164 100% 11,152.4 100% 43 6,632.6 8 2,400.0 113 2,119.8

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Software Public Company Valuation (1/3)




Ebix Inc. United States 47.90 -4% $ 1,569.2 $ 1,725.2 $ 272.8 $ 101.7 37.3% 20.3% 6.3x 17.0x

Epiq Systems, Inc. United States 14.60 -17% 554.1 933.4 529.7 78.8 14.9% 21.6% 1.8x 11.8x

First Data Corporation United States 11.07 -38% 10,046.4 32,255.4 7,812.0 2,343.0 30.0% 2.7% 4.1x 13.8x

Fidessa group plc United Kingdom 26.12 -22% 999.8 895.7 435.7 74.1 17.0% 7.4% 2.1x 12.1x

Guidewire Software, Inc. * United States 61.76 -5% 4,479.0 3,900.3 409.2 22.7 5.5% 9.8% 9.5x 171.8x

Intuit Inc. United States 111.61 0% 28,557.8 27,944.8 4,636.0 1,413.0 30.5% 17.5% 6.0x 19.8x

Management Consulting Group PLC United Kingdom 0.21 -7% 106.2 176.4 204.9 (0.1) NM -4.8% 0.9x NM

Model N, Inc. United States 13.35 -5% 367.4 297.4 99.5 (22.1) NM 18.0% 3.0x NM

NetSuite Inc. United States 72.80 -29% 5,856.0 5,756.4 792.9 (62.9) NM 32.6% 7.3x NM

Performant Financial Corporation United States 1.62 -52% 81.0 100.6 159.1 22.1 13.9% -9.2% 0.6x 4.6x

Q2 Holdings, Inc. United States 28.02 -8% 1,099.1 994.2 118.5 (18.6) NM 37.0% 8.4x NM

RealPage, Inc. United States 22.33 -7% 1,787.0 1,853.8 486.4 60.4 12.4% 17.4% 3.8x 30.7x

SS&C Technologies Holdings, Inc. United States 28.08 -27% 5,566.0 8,188.2 1,118.7 366.2 32.7% 42.0% 7.3x 22.4x

Tyler Technologies, Inc. United States 166.71 -9% 6,021.3 6,107.7 635.3 133.4 21.0% 23.3% 9.6x 45.8x



Healthcare Software



Allscripts Healthcare Solutions, Inc. United States 12.70 -20% 2,375.8 2,886.8 1,397.4 124.7 8.9% 1.8% 2.1x 23.1x

athenahealth, Inc. * United States 138.01 -19% 5,418.7 5,616.4 974.4 75.6 7.8% 22.4% 5.8x 74.3x

Cegedim SA France 30.51 -36% 425.7 662.2 491.9 58.7 11.9% 8.2% 1.3x 11.3x

Cerner Corporation United States 58.60 -22% 19,811.6 19,903.6 4,493.5 1,252.9 27.9% 27.4% 4.4x 15.9x

Civitas Solutions, Inc. United States 20.83 -31% 772.9 1,418.2 1,388.6 131.9 9.5% 5.6% 1.0x 10.8x

Computer Programs & Systems Inc. United States 39.92 -33% 539.9 673.1 205.6 36.1 17.6% 3.4% 3.3x 18.6x

Cotiviti Holdings, Inc. United States 21.13 -2% 1,905.3 2,918.3 564.4 207.8 36.8% 0.0% 5.2x 14.0x

Craneware plc United Kingdom 10.40 -7% 279.3 238.8 46.4 14.1 30.5% 7.8% 5.2x 16.9x

HealthEquity, Inc. United States 30.39 -15% 1,765.0 1,632.1 140.9 41.2 29.2% 44.6% 11.6x 39.6x

McKesson Corporation United States 186.65 -21% 42,125.7 47,729.7 190,884.0 4,622.0 2.4% 6.6% 0.3x 10.3x

Medidata Solutions, Inc. * United States 46.87 -24% 2,681.6 2,610.9 404.3 43.9 10.9% 15.2% 6.5x 59.5x

NantHealth, Inc. * United States 12.50 -36% 1,509.3 1,637.4 66.0 (81.9) NM 70.9% 24.8x NM

Quality Systems Inc. United States 11.91 -32% 726.3 794.8 492.5 57.4 11.6% 0.5% 1.6x 13.9x

Streamline Health Solutions, Inc. United States 1.20 -66% 23.1 33.5 28.8 (0.8) NM 7.3% 1.2x NM

USMD Holdings, Inc. United States 18.74 -18% 213.5 249.0 329.4 (6.4) NM 8.5% 0.8x NM

Veeva Systems Inc. United States 34.12 -4% 4,598.2 4,140.7 439.1 87.4 19.9% 30.5% 9.4x 47.4x




Financial & Credit/Risk Management Software




HR Software



51job Inc. China $29.31 -18% $ 1,740.1 $ 1,105.5 $ 328.5 $ 97.5 29.7% 14.0% 3.4x 11.3x

Benefitfocus, Inc. United States 38.12 -18% 1,120.0 1,122.6 197.3 (44.0) NM 32.0% 5.7x NM

Castlight Health, Inc. United States 3.96 -53% 421.4 300.9 82.1 (76.9) NM 54.3% 3.7x NM

Cornerstone OnDemand, Inc. United States 38.06 -12% 2,096.3 2,054.5 365.0 (58.7) NM 30.3% 5.6x NM

DHI Group, Inc. United States 6.23 -41% 323.0 390.1 254.3 59.3 23.3% -4.3% 1.5x 6.6x

LinkedIn Corporation * United States 189.25 -27% 25,294.2 23,300.2 3,213.9 266.1 8.3% 34.9% 7.2x 87.5x

Monster Worldwide, Inc. United States 2.39 -71% 212.5 265.3 651.8 92.5 14.2% -6.9% 0.4x 2.9x

Paycom Software, Inc. United States 43.21 -7% 2,589.4 2,542.9 259.6 61.0 23.5% 53.4% 9.8x 41.7x

Paylocity Holding Corporation United States 43.20 -8% 2,203.7 2,114.0 210.9 4.9 2.3% 49.2% 10.0x NM

The Ultimate Software Group, Inc. * United States 210.29 -3% 6,072.3 5,986.4 660.4 64.4 9.7% 24.7% 9.1x 93.0x

Workday, Inc. United States 74.67 -13% 14,710.0 13,144.0 1,256.8 (194.4) NM 43.0% 10.5x NM



Security Software



Absolute Software Corporation Canada $5.32 -25% $ 206.8 $ 174.2 $ 90.1 $ 13.2 14.6% -3.8% 1.9x 13.2x

AVG Technologies N.V. Netherlands 18.99 -35% 964.5 1,076.8 433.4 128.3 29.6% 13.1% 2.5x 8.4x

Check Point Software Technologies Ltd. Israel 79.68 -11% 13,663.3 12,292.3 1,661.5 857.4 51.6% 8.9% 7.4x 14.3x

Cisco Systems, Inc. United States 28.69 -3% 144,302.4 109,385.4 49,452.0 14,426.0 29.2% 1.6% 2.2x 7.6x

Cheetah Mobile Inc. China 9.50 -68% 1,353.4 1,139.4 633.7 59.2 9.3% 89.6% 1.8x 19.2x

CyberArk Software, Ltd. Israel 48.59 -24% 1,631.1 1,383.6 174.8 35.1 20.1% 47.5% 7.9x 39.4x

FireEye, Inc. United States 16.47 -68% 2,739.9 2,533.7 665.6 (410.6) NM 39.5% 3.8x NM

Fortinet Inc. * United States 31.59 -37% 5,423.1 4,470.5 1,081.0 53.7 5.0% 32.7% 4.1x 83.2x

Gemalto NV Netherlands 60.85 -35% 5,367.7 5,746.9 3,390.2 504.9 14.9% 26.6% 1.7x 11.4x

Imperva Inc. United States 43.01 -45% 1,387.5 1,128.8 249.3 (47.6) NM 40.7% 4.5x NM

Imprivata, Inc. United States 14.00 -35% 354.6 305.8 125.0 (17.7) NM 21.2% 2.4x NM

Infoblox Inc. United States 18.76 -30% 1,067.5 790.3 359.0 0.6 0.2% 26.4% 2.2x NM

Juniper Networks, Inc. United States 22.49 -31% 8,634.9 8,521.3 4,888.3 1,092.9 22.4% 8.0% 1.7x 7.8x

Mimecast Limited United Kingdom 10.01 -18% 543.0 443.7 141.8 8.0 5.6% 22.2% 3.1x 55.8x

Mobileye N.V. * Israel 46.14 -28% 10,115.2 9,858.4 270.5 92.2 34.1% 76.1% 36.4x 107.0x

NQ Mobile Inc. China 3.70 -31% 355.8 402.3 391.0 (2.1) NM 14.4% 1.0x NM

Palo Alto Networks, Inc. United States 122.64 -39% 10,988.9 10,404.2 1,261.6 (140.0) NM 53.4% 8.2x NM

Proofpoint, Inc. United States 63.09 -16% 2,617.9 2,559.1 286.6 (61.4) NM 36.1% 8.9x NM

Qihoo 360 Technology Co. Ltd. China 73.05 -4% 8,806.9 9,397.3 1,804.6 380.7 21.1% 29.8% 5.2x 24.7x

SecureWorks Corp. United States 14.10 NA 1,137.5 1,013.8 361.9 (57.1) NM 29.8% 2.8x NM

Symantec Corporation United States 20.54 -14% 12,642.5 8,824.5 3,600.0 892.0 24.8% -9.0% 2.5x 9.9x

Trend Micro Inc. Japan 35.49 -33% 4,864.3 3,645.1 1,106.1 353.3 31.9% 5.7% 3.3x 10.3x

VeriSign, Inc. United States 86.46 -8% 9,378.8 9,348.2 1,082.8 689.1 63.6% 6.2% 8.6x 13.6x




LTM Multiples

LTM Multiples




Engineering Software



Ansys, Inc. United States $90.75 -8% $ 7,989.6 $ 7,125.8 $ 950.9 $ 434.8 45.7% 1.3% 7.5x 16.4x

Autodesk, Inc. United States 54.14 -18% 12,162.9 11,384.0 2,369.5 22.5 0.9% -7.7% 4.8x NM

AVEVA Group plc United Kingdom 22.52 -28% 1,440.2 1,296.7 290.2 68.7 23.7% -3.4% 4.5x 18.9x

Dassault Systèmes SE France 75.83 -12% 19,263.6 17,516.1 3,279.3 894.0 27.3% 17.8% 5.3x 19.6x



Infrastructure Software



Adobe Systems Incorporated United States $95.79 -5% $ 47,731.3 $ 45,331.3 $ 5,306.2 $ 1,526.9 28.8% 22.0% 8.5x 29.7x

Atlassian Corporation Plc Australia 25.90 NM 5,527.2 4,803.9 421.3 13.8 3.3% 0.0% 11.4x NM

CA, Inc. United States 32.83 -2% 13,800.5 13,080.5 4,025.0 1,256.0 31.2% -5.6% 3.2x 10.4x

CommVault Systems, Inc. * United States 43.19 -9% 1,910.0 1,522.8 595.1 12.9 2.2% -2.0% 2.6x 117.8x

Covisint Corporation United States 2.18 -34% 88.3 48.6 76.0 (11.3) NM -14.1% 0.6x NM

Endurance International Group Holdings, Inc. United States 8.99 -60% 1,266.7 3,243.7 801.1 155.6 19.4% 21.1% 4.0x 20.9x

First Data Corporation United States 11.07 -38% 10,046.4 32,255.4 7,812.0 2,343.0 30.0% 2.7% 4.1x 13.8x

Guidance Software, Inc. United States 6.19 -39% 199.1 178.7 107.8 (9.6) NM -0.4% 1.7x NM

Hortonworks Inc. United States 10.69 -63% 617.3 492.7 141.0 (197.6) NM 135.6% 3.5x NM

IBM Corporation United States 151.78 -13% 145,703.0 176,538.0 80,835.0 19,003.0 23.5% -10.3% 2.2x 9.3x

IntraLinks Holdings, Inc. United States 6.50 -47% 374.9 418.1 280.6 11.1 4.0% 6.7% 1.5x 37.7x

NetSuite Inc. United States 72.80 -29% 5,856.0 5,756.4 792.9 (62.9) NM 32.6% 7.3x NM


Oracle Corporation United States 40.93 -3% 168,743.3 156,974.3 37,047.0 14,753.0 39.8% -3.1% 4.2x 10.6x

salesforce.com, inc. * United States 79.41 -6% 53,800.3 53,834.5 7,072.7 522.3 7.4% 25.0% 7.6x 103.1x

Rapid7, Inc. United States 12.58 - 527.6 444.1 121.8 (47.9) NM 45.4% 3.6x NM

ServiceNow, Inc. United States 66.40 -27% 10,819.4 10,401.2 1,099.4 (102.3) NM 45.5% 9.5x NM

Twilio, Inc. * United States 36.50 -13% 3,000.3 3,136.9 192.9 (30.5) NM 86.6% 16.3x NM

Varonis Systems, Inc. United States 24.02 -8% 629.6 517.8 134.7 (16.5) NM 26.0% 3.8x NM





Information

The Information segment reported 32 transactions worth more than $1.2 billion in value

Financial and Healthcare Information were the most active subsegments, each announcing eight deals reported worth $290 million

and $70 million, respectively


• Wolters Kluwer’s $279 million acquisition of environmental sustainability and operation risk management information company

Enablon

• Axel Springer’s acquisition of digital marketing and media market research firm eMarketer from Stripes Group in a transaction

valuing the company at $262 million

• The $125 million acquisition of employee engagement programs provider Healthiest You by Teladoc

• Workplace review site Glassdoor’s $40 million round of funding at a reported valuation of $1 billion from T. Rowe Price, Battery

Ventures, Google Capital, Sutter Hill Ventures, and Tiger Global Management

• The $25 million Omers Ventures-led investment in digital health and wellness information platform League

*Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions

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

Financial Information 8 25% $289.6 24% 5 $250.0 1 - 2 $39.6

Healthcare Information 8 25% 71.1 6% 4 - 1 - 3 71.1

Product/Price Information 5 16% 359.6 30% 3 - 0 - 2 359.6

HR Information 3 9% 183.0 15% 1 125.0 0 - 2 58.0

Credit/Risk Management Information 2 6% - 0% 1 - 1 - 0 -

Other* 6 19% 315.0 26% 4 279.0 0 0.0 2 36.0

Total 32 100% 1,218.3 100% 18 654.0 3 0.0 11 564.3

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Information Public Company Valuation (1/2)




Broadridge Financial Solutions, Inc. United States $65.20 -1% $ 7,707.6 $ 8,172.6 $ 2,852.1 $ 606.9 21.3% 7.6% 2.9x 13.5x

Computershare Limited Australia 6.83 -29% 3,736.3 5,162.6 1,943.7 595.7 30.6% -2.6% 2.7x 8.7x

CoreLogic, Inc. United States 38.48 -9% 3,419.2 4,593.9 1,616.9 336.6 20.8% 12.0% 2.8x 13.6x

CoStar Group Inc. * United States 218.66 -2% 7,117.6 7,005.7 752.5 123.5 16.4% 22.2% 9.3x 56.7x

DST Systems Inc. United States 116.43 -14% 3,863.1 4,531.4 2,868.6 400.5 14.0% 3.6% 1.6x 11.3x

The Dun & Bradstreet Corporation United States 121.84 -5% 4,417.7 5,809.3 1,655.9 415.7 25.1% 4.8% 3.5x 14.0x

Envestnet, Inc. * United States 33.31 -28% 1,422.1 1,678.8 456.3 44.5 9.8% 24.4% 3.7x 37.7x

Equifax Inc. United States 128.40 0% 15,281.4 18,299.3 2,740.1 922.4 33.7% 9.4% 6.7x 19.8x

Experian plc Ireland 18.77 -2% 17,716.3 20,574.9 4,550.0 1,404.0 30.9% -5.4% 4.5x 14.7x

FactSet Research Systems Inc. United States 161.42 -9% 6,569.8 6,658.6 1,101.6 382.9 34.8% 12.0% 6.0x 17.4x

Fair Isaac Corporation United States 113.01 -2% 3,523.5 4,049.1 848.9 197.8 23.3% 4.0% 4.8x 20.5x

Fidelity National Information Services, Inc. United States 73.68 -3% 24,052.8 34,750.8 7,221.2 1,749.6 24.2% 12.0% 4.8x 19.9x

Financial Engines, Inc. United States 25.87 -44% 1,628.6 1,531.5 327.8 61.6 18.8% 12.7% 4.7x 24.9x

Moody's Corporation United States 93.71 -18% 18,207.9 19,799.9 3,435.0 1,521.3 44.3% 0.1% 5.8x 13.0x

Morningstar Inc. United States 81.78 -9% 3,509.3 3,357.9 791.1 254.3 32.1% 2.9% 4.2x 13.2x

MSCI Inc. United States 77.12 -3% 7,442.2 8,577.2 1,091.1 507.2 46.5% 7.0% 7.9x 16.9x

Reis, Inc. United States 24.90 -6% 281.8 252.9 52.6 16.5 31.5% 23.7% 4.8x 15.3x

SEI Investments Co. United States 48.11 -13% 7,793.5 7,155.2 1,343.0 382.7 28.5% 4.2% 5.3x 18.7x

Thomson Reuters Corporation United States 40.27 -7% 30,218.6 38,933.7 12,181.0 2,503.0 20.5% -1.0% 3.2x 15.6x

Verisk Analytics, Inc. United States 81.08 -1% 13,634.9 16,480.7 2,176.4 992.4 45.6% 26.4% 7.6x 16.6x

Workiva Inc. United States 13.66 -27% 559.6 526.3 154.7 (44.6) NM 29.2% 3.4x NM


Financial & Credit/Risk Management Information



Information Public Company Valuation (2/2)


Marketing Information



Acxiom Corporation United States $21.99 -7% $ 1,710.7 $ 1,711.4 $ 850.1 $ 79.3 9.3% 5.6% 2.0x 21.6x

Alliance Data Systems Corporation * United States 195.92 -36% 11,547.5 28,700.8 6,514.6 1,523.2 23.4% 14.9% 4.4x 18.8x

Brainjuicer Group Plc United Kingdom 4.57 -20% 56.4 48.0 37.1 7.4 19.9% 2.2% 1.3x 6.5x

Cello Group Plc United Kingdom 1.28 -8% 110.5 116.1 232.0 13.2 5.7% -7.4% 0.5x 8.8x

comScore, Inc. United States 23.88 -63% 1,353.3 1,239.3 368.8 37.1 10.1% 12.1% 3.4x 33.4x

Cross Marketing Inc. Japan 3.65 -30% 71.3 81.5 134.0 13.5 10.1% 56.8% 0.6x 6.1x

Ebiquity plc * United Kingdom 1.41 -32% 102.9 142.1 95.8 0.7 0.8% 0.0% 1.5x 191.1x

GfK SE Germany 40.14 -14% 1,465.1 1,858.9 1,755.5 248.9 14.2% 4.1% 1.1x 7.5x

Harte-Hanks Inc. United States 1.59 -73% 97.7 164.9 484.9 27.3 5.6% -10.6% 0.3x 6.0x

InnerWorkings Inc. United States 8.27 -7% 441.0 538.7 1,058.3 39.3 3.7% 5.8% 0.5x 13.7x

Intage Holdings Inc. Japan 15.06 -27% 300.7 240.0 404.8 49.3 12.2% 3.5% 0.6x 4.9x

Ipsos SA France 28.39 -12% 1,284.9 1,920.5 1,938.9 216.9 11.2% 6.9% 1.0x 8.9x

NeuStar, Inc. United States 23.51 -28% 1,278.5 2,280.3 1,085.9 396.5 36.5% 10.2% 2.1x 5.8x

Nielsen Holdings plc * United Kingdom 51.97 -6% 18,751.0 26,189.0 6,201.0 1,526.0 24.6% -0.9% 4.2x 17.2x

Onvia Inc. United States 3.87 -14% 27.6 19.6 23.8 1.4 5.9% 4.2% 0.8x 13.9x

Pearson plc United Kingdom 12.86 -25% 10,432.9 11,453.9 6,589.0 1,032.3 15.7% -1.6% 1.7x 11.1x

YouGov plc United Kingdom 2.23 -12% 232.2 218.8 115.4 10.4 9.1% 14.8% 1.9x 20.9x



Other Information



Centaur Media plc United Kingdom $0.53 -54% $ 76.2 $ 101.3 $ 104.0 $ 14.6 14.0% 0.1% 1.0x 6.9x

CEB Inc. United States 61.68 -33% 1,986.5 2,381.8 930.0 208.2 22.4% 1.0% 2.6x 11.4x

Forrester Research Inc. United States 36.86 -4% 657.1 537.1 315.9 33.2 10.5% 0.6% 1.7x 16.2x

Gartner Inc. United States 97.41 -5% 8,036.5 8,539.6 2,249.1 377.0 16.8% 9.9% 3.8x 22.7x

IDI, Inc United States 4.73 -63% 239.4 280.2 52.3 (46.5) NM 0.0% 5.4x NM

IHS Inc. United States 115.61 -11% 7,798.2 10,414.0 2,249.9 617.1 27.4% 9.3% 4.6x 16.9x

Informa plc United Kingdom 9.68 -1% 6,277.8 7,471.3 1,787.6 550.7 30.8% 6.6% 4.2x 13.6x

National Research Corp. United States 33.19 -26% 403.6 383.5 103.9 32.7 31.4% 4.9% 3.7x 11.7x

Markit Ltd. United Kingdom 32.60 -9% 5,840.2 6,529.5 1,129.7 372.1 32.9% 4.9% 5.8x 17.5x

NIC Inc. United States 21.94 0% 1,446.1 1,340.3 300.4 79.6 26.5% 8.4% 4.5x 16.8x

Premier, Inc. United States 32.70 -13% 1,489.6 1,293.0 1,127.7 368.6 32.7% 15.6% 1.1x 3.5x

Press Ganey Holdings, Inc. * United States 39.35 -4% 2,080.3 2,210.3 330.5 31.2 9.4% 13.5% 6.7x 70.9x

Proofpoint, Inc. * United States 63.09 -16% 2,617.9 2,559.1 286.6 (61.4) NM 36.1% 8.9x NM

Reed Elsevier plc(1) * United Kingdom 18.29 -2% 72,996.4 89,719.6 9,510.4 2,309.6 24.3% 4.5% 9.4x 38.8x

Tarsus Group plc Ireland 3.32 -7% 339.1 404.5 120.9 43.2 35.8% 61.1% 3.3x 9.4x

TechTarget, Inc. United States 8.10 -26% 261.6 232.5 113.2 17.6 15.5% 5.9% 2.1x 13.2x

The Advisory Board Company United States 35.39 -41% 1,450.7 1,952.4 789.8 113.1 14.3% 28.8% 2.5x 17.3x

UBM plc United Kingdom 8.52 -7% 3,352.5 4,057.0 1,135.4 292.4 25.8% 39.9% 3.6x 13.9x

Wolters Kluwer N.V. Netherlands 40.60 -2% 11,841.2 13,832.5 4,570.2 1,200.1 26.3% 15.0% 3.0x 11.5x


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




Business Services

The Business Services segment reported 32 transactions in June worth nearly $850 million in value

The IT Consulting/Systems Integration subsegment accounted for more than half of the segments total activity with 17 transactions

announced


• Broadridge Financial Solutions’ acquisition of DST Systems’ North American Customer Communications business for a reported $410

million

• Silverfleet Capital’s acquisition of corporate training firm Lifetime Training Group from Sovereign Capital in transaction valued

between $175 million and $205 million

• The $94 million acquisition of cloud backup and IT support firm Onyx Group by Pulsant

• Capita’s acquisition of IT consulting and technology integrator Trustmarque solutions for $83.6 million

• The $30 million investment received by IT security consulting firm ReliaQuest from FTV Capital

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

IT Consulting/Systems Integration 17 53% $218.2 26% 13 $188.2 1 - 3 $30.0

Corporate Training 5 16% 217.2 26% 3 175.0 0 - 2 42.2

Healthcare Consulting 3 9% - 0% 3 - 0 - 0 -

Management Consulting 3 9% 4.0 0% 2 - 0 - 1 4.0

HR Consulting 2 6% - 0% 2 - 0 - 0 -

Logistics 1 3% - 0% 1 - 0 - 0 -

Printing Services 1 3% 410.0 48% 1 410.0 0 - 0 -

Total 32 100% 849.4 100% 25 773.2 1 0.0 6 76.2

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Business Services Public Company Valuation (1/3)


Consulting



Accenture plc Ireland 113.29 -6% $ 70,527.8 $ 67,635.1 $ 32,282.0 $ 5,418.3 16.8% 4.3% 2.1x 12.5x

CRA International Inc. United States 25.22 -10% 226.1 202.7 306.4 22.7 7.4% -0.6% 0.7x 8.9x

FTI Consulting, Inc. United States 40.68 -12% 1,654.3 2,041.8 1,817.1 210.0 11.6% 3.1% 1.1x 9.7x

Information Services Group, Inc. United States 3.75 -21% 132.7 165.2 208.6 15.1 7.2% -1.6% 0.8x 11.0x

Navigant Consulting Inc. United States 16.15 -10% 769.3 977.5 856.1 122.6 14.3% 8.0% 1.1x 8.0x

ICF International Inc. United States 40.90 -4% 777.6 1,106.2 1,142.3 109.4 9.6% 5.9% 1.0x 10.1x

Huron Consulting Group Inc. United States 60.42 -23% 1,259.0 1,595.9 725.1 162.4 22.4% 26.9% 2.2x 9.8x

The Hackett Group, Inc. * United States 13.87 -31% 398.2 385.5 241.6 30.0 12.4% 10.3% 1.6x 12.9x



HR Services



Automatic Data Processing, Inc. United States 91.87 0% $ 41,850.0 $ 40,892.6 $ 11,464.0 $ 2,414.2 21.1% 6.3% 3.6x 16.9x

Barrett Business Services Inc. United States 41.32 -22% 297.9 274.2 765.4 35.8 4.7% 14.6% 0.4x 7.7x

Capita plc United Kingdom 12.79 -28% 8,505.7 11,255.3 7,133.0 1,070.9 15.0% 10.5% 1.6x 10.5x

DHI Group, Inc. United States 6.23 -41% 323.0 390.1 254.3 59.3 23.3% -4.3% 1.5x 6.6x

Edenred SA France 20.54 -24% 4,755.7 5,480.9 1,086.1 345.4 31.8% 4.4% 5.0x 15.9x

Insperity, Inc. United States 77.23 0% 1,651.6 1,435.3 2,706.5 110.8 4.1% 11.8% 0.5x 13.0x

LinkedIn Corporation * United States 189.25 -27% 25,294.2 23,300.2 3,213.9 266.1 8.3% 34.9% 7.2x 87.5x

Marsh & McLennan Companies, Inc. United States 68.46 0% 35,683.6 39,870.6 13,014.0 2,850.0 21.9% 0.9% 3.1x 14.0x

Monster Worldwide, Inc. United States 2.39 -71% 212.5 265.3 651.8 92.5 14.2% -6.9% 0.4x 2.9x

Paychex, Inc. United States 59.50 0% 21,427.2 21,075.1 2,951.9 1,261.7 42.7% 7.7% 7.1x 16.7x

Professional Diversity Network, Inc. United States 0.40 -87% 5.8 4.3 35.3 (4.4) NM 67.0% 0.1x NM

TriNet Group, Inc. United States 20.79 -23% 1,469.9 1,763.4 2,766.6 114.7 4.1% 19.8% 0.6x 15.4x

WageWorks, Inc. United States 59.81 -2% 2,167.0 1,683.6 336.0 65.1 19.4% 15.7% 5.0x 25.9x







IT Consulting/Systems Integration



Accenture plc Ireland 113.29 -6% $ 70,527.8 $ 67,635.1 $ 32,282.0 $ 5,418.3 16.8% 4.3% 2.1x 12.5x

Amdocs Limited United States 57.72 -6% 8,644.4 7,494.4 3,682.1 684.8 18.6% 2.0% 2.0x 10.9x

Bechtle AG Germany 104.86 -9% 2,202.0 2,083.7 3,318.4 176.4 5.3% 11.4% 0.6x 11.8x

Booz Allen Hamilton Holding Corporation United States 29.64 -5% 4,391.7 5,801.4 5,405.7 506.1 9.4% 2.5% 1.1x 11.5x

Broadridge Financial Solutions, Inc. United States 65.20 -1% 7,707.6 8,172.6 2,852.1 606.9 21.3% 7.6% 2.9x 13.5x

Business & Decision SA France 5.64 -37% 44.5 74.0 244.7 9.9 4.1% 9.5% 0.3x 7.4x

Cap Gemini S.A. France 86.85 -14% 14,758.3 16,878.4 12,940.5 1,539.0 11.9% 12.7% 1.3x 11.0x

CGI Group Inc. Canada 42.52 -14% 12,777.8 14,239.6 8,157.2 1,394.0 17.1% 2.8% 1.7x 10.2x

Cognizant Technology Solutions Corporation United States 57.24 -18% 34,680.0 31,249.2 12,706.6 2,537.8 20.0% 18.2% 2.5x 12.3x

Computer Sciences Corporation United States 49.65 -30% 6,914.2 8,387.2 7,106.0 970.0 13.7% -12.5% 1.2x 8.6x

CSG Systems International Inc. United States 40.31 -13% 1,307.7 1,479.2 753.1 157.0 20.8% 0.6% 2.0x 9.4x

Digi International Inc. United States 10.73 -21% 277.6 162.2 215.7 17.7 8.2% 9.4% 0.8x 9.1x

Globant S.A. * Luxembourg 39.35 -5% 1,353.4 1,283.8 272.6 41.0 15.0% 29.2% 4.7x 31.3x

International Business Machines Corporation United States 151.78 -13% 145,703.0 176,538.0 80,835.0 19,003.0 23.5% -10.3% 2.2x 9.3x

Infosys Limited India 17.33 -9% 39,618.1 34,765.1 9,501.0 2,624.0 27.6% 9.1% 3.7x 13.2x

ITS Group France 6.55 -19% 50.1 60.4 208.7 7.6 3.6% 3.9% 0.3x 8.0x

NCI, Inc. United States 14.05 -18% 189.7 209.8 335.8 29.6 8.8% 8.7% 0.6x 7.1x

NTT Data Corporation Japan 47.03 -24% 13,192.6 15,711.2 14,372.5 2,214.7 15.4% 6.8% 1.1x 7.1x

Perficient Inc. United States 20.31 -7% 733.3 780.3 470.2 56.7 12.1% 3.8% 1.7x 13.8x

Tata Consultancy Services Limited * India 37.80 -8% 74,479.2 70,316.9 16,393.2 4,615.2 28.2% 14.8% 4.3x 15.2x

Wipro Ltd. India 8.27 -11% 20,301.1 17,729.7 7,732.0 1,631.4 21.1% 9.1% 2.3x 10.9x






Outsourced Services



AMREP Corporation United States $4.92 -9% $ 39.7 $ 42.6 $ 42.9 $ (3.2) NM -7.6% 1.0x NM

Cenveo Inc. United States 0.82 -61% 55.4 1,166.4 1,744.9 145.7 8.3% 2.6% 0.7x 8.0x

Communisis plc United Kingdom 0.47 -38% 97.4 137.6 522.4 36.7 7.0% 3.3% 0.3x 3.8x

Cineplex Inc. * Canada 39.74 -2% 2,521.6 2,824.6 1,125.9 201.3 17.9% 17.3% 2.5x 14.0x

Contax Participações S.A. Brazil 2.01 -95% 2.4 390.8 865.9 (5.6) NM -5.7% 0.5x NM

Convergys Corporation United States 25.00 -12% 2,412.1 2,498.3 2,932.3 384.3 13.1% -1.9% 0.9x 6.5x

Elanders AB (publ) Sweden 9.65 -4% 255.8 344.3 521.9 51.5 9.9% 8.8% 0.7x 6.7x

Eniro AB Sweden 0.07 -63% 32.3 229.8 285.1 50.8 17.8% -19.4% 0.8x 4.5x

Exlservice Holdings, Inc. * United States 52.41 -1% 1,754.3 1,627.2 652.0 103.2 15.8% 25.1% 2.5x 15.8x

Firstsource Solutions Limited * India 0.69 -5% 463.6 581.4 487.4 58.6 12.0% 6.4% 1.2x 9.9x

Genpact Limited * Bermuda 26.84 -6% 5,650.4 6,071.9 2,483.6 412.6 16.6% 6.2% 2.4x 14.7x

InnerWorkings Inc. * United States 8.27 -7% 441.0 538.7 1,058.3 39.3 3.7% 5.8% 0.5x 13.7x

Luxoft Holding, Inc. * SwitzerlandSwitzerland 52.02 -35% 1,724.6 1,616.6 650.8 99.7 15.3% 25.0% 2.5x 16.2x

MAXIMUS, Inc. * United States 55.37 -21% 3,593.4 3,823.1 2,314.2 308.4 13.3% 28.3% 1.7x 12.4x

Quad/Graphics, Inc. United States 23.29 0% 1,160.4 2,431.1 4,632.2 485.6 10.5% -4.4% 0.5x 5.0x

Quintiles Transnational Holdings Inc. * United States 65.32 -19% 7,816.7 9,427.9 4,404.5 804.7 18.3% 5.1% 2.1x 11.7x

R.R. Donnelley & Sons Company United States 16.92 -11% 3,543.0 6,870.3 11,162.1 1,138.8 10.2% -4.4% 0.6x 6.0x

Salmat Limited Australia 0.33 -51% 52.4 50.2 350.0 12.5 3.6% 1.4% 0.1x 4.0x

Serco Group plc * United Kingdom 1.48 -17% 1,611.4 1,749.1 4,685.1 159.7 3.4% -11.6% 0.4x 11.0x

St Ives plc United Kingdom 1.09 -67% 155.7 271.7 503.5 65.9 13.1% 5.2% 0.5x 4.1x

StarTek, Inc. * United States 4.37 -27% 68.7 105.9 296.5 7.2 2.4% 18.4% 0.4x 14.7x

Sykes Enterprises, Incorporated United States 28.96 -12% 1,224.7 1,034.8 1,283.4 151.2 11.8% -3.3% 0.8x 6.8x

Teleperformance SE * France 85.48 -5% 4,790.1 5,201.0 3,690.5 496.0 13.4% 23.2% 1.4x 10.5x

TeleTech Holdings Inc. United States 27.13 -12% 1,305.4 1,374.7 1,273.6 157.2 12.3% 0.7% 1.1x 8.7x

Trans Cosmos, Inc. * Japan 28.27 -16% 1,162.9 1,011.8 1,999.0 107.2 5.4% 12.8% 0.5x 9.4x

Transcontinental Inc. Canada 13.49 -20% 1,048.5 1,285.0 1,609.2 310.6 19.3% 0.3% 0.8x 4.1x

Cimpress N.V. * Netherlands 92.48 -9% 2,910.2 3,744.7 1,689.3 234.3 13.9% 16.4% 2.2x 16.0x

West Corporation * United States 19.66 -36% 1,623.8 4,807.4 2,285.5 651.9 28.5% 1.6% 2.1x 7.4x

Xchanging plc United Kingdom 2.55 -13% 641.9 718.8 649.2 86.0 13.2% -23.2% 1.1x 8.4x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 3.0x 2.0x 6.4x 2.2x

Internationally-based Digital Media and Internet 3.5x 2.2x 4.8x 1.7x

US-based eCommerce 2.5x 1.7x 3.7x 1.6x

Internationally-based eCommerce 3.1x 1.1x 9.9x 1.0x

US-based Digital Advertising 2.6x 1.7x 8.8x 1.6x

Internationally-based Digital Advertising 3.8x 2.0x 9.0x 1.4x

US-based Marketing Technology 3.7x 3.2x 4.4x 4.3x

Internationally-based Marketing Technology 4.2x 4.1x 4.4x 4.4x

Agency 1.2x 1.0x 1.6x 1.5x

Marketing Services 2.0x 1.7x 2.9x 2.9x

Traditional Media 2.6x 2.2x 3.8x 2.9x

Software 4.6x 3.8x 4.4x 4.4x

Information 3.6x 3.5x 5.6x 4.5x

Business Services 1.3x 0.8x 2.8x 2.3x

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

Current Summary Trading Valuation Information

Revenue Multiples

As of close of business on 06/30/16

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


PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 20.7x 15.7x 17.2x 12.7x

Internationally-based Digital Media and Internet 19.2x 9.2x 19.1x 10.1x

US-based eCommerce 17.5x 16.7x 17.6x 12.7x

Internationally-based eCommerce 18.7x 14.5x 27.7x 11.2x

US-based Digital Advertising 16.8x 14.1x 22.0x 12.7x

Internationally-based Digital Advertising 14.3x 15.2x 16.3x 12.3x

US-based Marketing Technology 33.3x 19.5x 22.2x 13.5x

Internationally-based Marketing Technology 24.9x 17.1x 15.1x 15.5x

Agency 9.8x 8.8x 9.9x 9.6x

Marketing Services 11.2x 9.8x 14.0x 12.6x

Traditional Media 15.9x 9.7x 13.0x 12.3x

Software 32.1x 16.9x 21.5x 12.8x

Information 20.5x 15.4x 22.2x 21.6x

Business Services 11.1x 9.7x 16.9x 12.5x

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

Current Summary Trading Valuation Information

EBITDA Multiples

As of close of business on 06/30/16

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


80%

90%

100%

110%

120%

130%

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150%

Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16

Ind

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Software S&P 500 Index (^SPX)

Digital Advertising

PPLLC Indices LTM Share Pricing Trends

Note: LTM as of 6/30/2016

LTM Index Performance • S&P 500 – (0.7) % • Digital Media/Commerce – 16.5 %

• Traditional Media – (9.6 %)

LTM Index Performance • S&P 500 – (0.7) %

• Marketing Technology – (8.8)%

LTM Index Performance • S&P 500 – (0.7) % • Digital Advertising – 25.9 %


• Agency – 1.6%

• Marketing Services – (12.1) %

Digital Media/Commerce and Traditional Media

Software



• Software – (5.4) %


Information & Business Services LTM Index Performance • S&P 500 – (0.7) %

• Information – 3.9 %

• Business Services – (4.9)%

80%

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

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110%

120%

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Digital Advertising S&P 500 Index (^SPX)

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90%

100%

110%

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150%


Ind

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Marketing Technology S&P 500 Index (^SPX)

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90%

100%

110%

120%

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Ind

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

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ce (

%)

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


All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicValues Disclosed

Blue Coat Systems, Inc. Software Symantec Corporation 4,650.0$ Starz Enterta inment, LLC Traditional Media Lions Gate Enterta inment Corporation 4,295.4 Demandware, Inc. Marketing Technology Sales force.com 2,661.9 Yihaodian Digi ta l Media/Commerce JD.com 1,500.0 AutoForm Engineering GmbH Software Astorg Partners 721.0 DST Systems, NA Customer Communications Bus iness Bus iness Services Broadridge Financia l Solutions , Inc. 410.0 Cardon Outreach LLC Software MEDNAX, Inc. 400.0 HP Customer Communications Management and Other Assets Marketing Technology OpenText Corporation 315.0 CloudLock, Inc. Software Cisco Investments 293.0 Enablon SA Information Wolters Kluwer NV 279.0 Higher One Holdings , Inc. Software Blackboard, Inc. 259.5 eMarketer, Inc. Information Axel Springer SE 250.0 Li fetime Tra ining Group Bus iness Services Si lverfleet Capita l 175.0 Recommind, Inc. Marketing Technology OpenText Corporation 163.0 ReachLocal , Inc. Digi ta l Advertis ing Gannett Co., Inc. 156.0 Magic Pony Technology Ltd. Software Twitter, Inc. 150.0 Smaato, Inc. Digi ta l Advertis ing Spearhead Integrated Marketing Communication Co., Ltd 148.0 Predictix LLC Marketing Technology Infor 125.0 Healthiest You Corporation Information Teladoc, Inc. 125.0 Onyx Group Limited Bus iness Services Pulsant 94.0 Trustmarque Solutions Limited Bus iness Services Capita plc 83.6 ShippingEasy, Inc. Marketing Technology Stamps.com, Inc. 55.0 Skout, Inc. Digi ta l Media/Commerce MeetMe, Inc. 54.6 AdGear Technologies Inc. Marketing Technology Samsung Group 50.0 4Sight Financia l Software Limited Software Broadridge Financia l Solutions , Inc. 40.0 Betdigi ta l Limited Digi ta l Media/Commerce NYX Gaming Group Limited 35.7 The BIO Agency Ltd. Agency & Marketing Services Tech Mahindra Limited 32.4 AccelOps , Inc. Software Fortinet, Inc. 32.0 Zentri Software Buddy Platform, Inc. 25.7 UBM Tech & Electronics Media Portfol io Traditional Media Arrow Electronics , Inc. 23.5 Capstone Technology Corporation Software Spectris plc 22.5 Roshtov Software Industries Ltd. Software Magic Software Enterprises 21.0 Imagine Publ ishing Ltd. Traditional Media Future PLC 20.9 Content Marketing Insti tute Traditional Media UBM plc 17.6 Junkee Media Pty. Ltd. Traditional Media oOh!media Group Limited 11.9 Conexus Limited Bus iness Services PFSweb, Inc. 10.6 Flamingo Customer Experience, Inc. Software Cre8tek Limited 10.4 Badgevi l le, Inc. Marketing Technology Cal l idus Software, Inc. 7.5 Axado Software Mercadol ibre, Inc. 7.5 Daytime Media House AB Digi ta l Media/Commerce Everysport Media Group AB 4.3 Flavorus , Inc. Digi ta l Media/Commerce Vivendi Ticketing 4.0




StrategicUndisclosed

Adrenal ine Digi ta l , Inc. Agency & Marketing Services Sussex Strategy Group -$ Cemano Communication GmbH Agency & Marketing Services Creative Artis ts Agency, LLC - Contend, LLC Contend Agency & Marketing Services MOSAIC - Creo Retai l Marketing Limited Agency & Marketing Services DS Smith Plc - Da lmatian Advertis ing Agency & Marketing Services M&C Saatchi plc - ePromode Sdn Bhd Agency & Marketing Services WPP Group - Gra ion Agency & Marketing Services Valtech - Have Fa i th In Your Brand Agency & Marketing Services Publ icis Groupe S.A. - Higher Ground Communications Agency & Marketing Services Al l i son & Partners `Incentive Logic, Inc. Agency & Marketing Services Augeo Affini ty Marketing - Intel l .io Agency & Marketing Services Aroluxe LLC - Magnetix A/S Agency & Marketing Services Dentsu Aegis Network, Inc. - Midnight Oi l Agency Agency & Marketing Services Imagine Print Solutions , Inc. - Quick Think Media Ltd. Agency & Marketing Services Ayima, Inc. - React Marketing Consultants Ltd. Agency & Marketing Services ThinkersHQ Limited - Scorch Pty. Ltd. Agency & Marketing Services Dentsu Aegis Network, Inc. - Search Factory Agency & Marketing Services Dentsu Aegis Network, Inc. - Socia l Net Creator Ltd. Agency & Marketing Services iSentia Group Limited - Tenthwave Digi ta l LLC Agency & Marketing Services Wire Stone, LLC - The IT Marketing Agency Agency & Marketing Services Sherpa Marketing - TP1 Agency & Marketing Services Havas - Your Socia l B.V. Agency & Marketing Services Oxyma Group B.V. - AbleBridge, Inc. Bus iness Services Crowe Horwath LLP - Adaptive Communications LLC Bus iness Services Optiv Securi ty, Inc. - CAPS Payrol l Bus iness Services Cast & Crew Enterta inment Services , LLC - Casey Quirk Bus iness Services Deloitte Consulting - Coresec Systems AB Bus iness Services SecureLink Group N.V. - CPE Link Bus iness Services Wolters Kluwer NV - Cymbel Corporation Bus iness Services The Pinnacle Group of Indiana - dgroup GmbH Bus iness Services Accenture plc - E-Doceo Bus iness Services TalentSoft - Equation, Inc. Bus iness Services MedAssets-Precyse - iPremise LLC Bus iness Services NexusTek, Inc. - Maglan Information Defense Technologies Ltd. Bus iness Services Accenture plc - Peak Health Solutions , Inc. Bus iness Services AMN Healthcare, Inc. - Risq Group Pte. Ltd. Bus iness Services Sterl ingBackcheck - SOURCE, Inc. Bus iness Services Carousel Industries , Inc. - Starlog Consei l Bus iness Services ISPA Consulting SAS - Sys logic Technica l Services , Inc. Bus iness Services Incedo, Inc. - System Profess ional Ltd. Bus iness Services Dai ly Internet plc - The IN Group, Inc. Bus iness Services DrFirs t, Inc. - True Clari ty Consulting LLC Bus iness Services Server Suites LLC -





ACE Tech, Inc. Digi ta l Advertis ing Internet Brands , Inc. -$ Fiksu, Inc. Digi ta l Advertis ing Cl ickDealer.com - Jobr, Inc. Digi ta l Advertis ing Monster Worldwide, Inc. - OnDeckBiotech Digi ta l Advertis ing Science Exchange - PageScience Digi ta l Advertis ing AccentHealth - ROXIMITY, Inc Digi ta l Advertis ing Verve Mobi le, Inc. - Sun Media Digi ta l Advertis ing Mobus i Mobi le Advertis ing s .l . - The Alpha Grid Media Ltd. Co. Digi ta l Advertis ing The Financia l Times Group - Tripcombi UG Digi ta l Advertis ing Fareportal , Inc. - twago Digi ta l Advertis ing Randstad Holding nv - Voyat, Inc. Digi ta l Advertis ing Intent Media, Inc. - Alexander Street Press LLC Digi ta l Media/Commerce R.R. Bowker - Artfetch Digi ta l Media/Commerce Rise Art Ltd. - Backchannel Digi ta l Media/Commerce Conde Nast - BoldRide.com Digita l Media/Commerce Motor1.com LLC - BookMyInterest Digi ta l Media/Commerce Giftxoxo - Bri l l iantRetai l Digi ta l Media/Commerce Vector Media Group - Bus iness .com, Inc. Digi ta l Media/Commerce Purch - DoApp, Inc. Digi ta l Media/Commerce NEWSCYCLE Solutions , Inc. - Fleksy, Inc. Digi ta l Media/Commerce Pinterest, Inc. - Groupon Indones ia Digi ta l Media/Commerce KFit As ia Sdn Bhd - Hyper Travel Digi ta l Media/Commerce Tradeshi ft, Inc. - MassageNow Digita l Media/Commerce Zeel Networks , Inc. - Move Loot, Inc. Digi ta l Media/Commerce Handy, Inc. - One Kings Lane, Inc. Digi ta l Media/Commerce Bed Bath & Beyond, Inc. - OpenStudy Digi ta l Media/Commerce Brainly - OYOFit Digi ta l Media/Commerce Gympik Health Solutions Pvt. Ltd. - Sage Tree LLC Digi ta l Media/Commerce Advantage Solutions - Seene, Inc. Digi ta l Media/Commerce Snapchat, Inc. - Storehouse Media, Inc. Digi ta l Media/Commerce Square, Inc. - Team Chaos LLC Digi ta l Media/Commerce Zynga, Inc. - Techvibes Media, Inc. Digi ta l Media/Commerce Konrad Group, Inc. - TheGrio Digi ta l Media/Commerce Enterta inment Studios , Inc. - tote Digi ta l Media/Commerce Pinterest, Inc. - Trampol inn, SAS Digi ta l Media/Commerce GuestToGuest - Wand Labs , Inc. Digi ta l Media/Commerce Microsoft Corporation - Watches .com Digita l Media/Commerce Watchismo LLC - 3point Science, Inc. Information ARANZ Geo Limited - Channel IQ, Inc. Information Market Track LLC - ChartLogic, Inc. Information Medsphere Systems Corporation - CMO Software Limited Information Mitratech Holdings , Inc. - Columbia Ultimate, Inc. Information Ontario Systems LLC -





Falcon Healthcare Systems Information DAS Health -$ Global Data Systems sarl Information Briefing Media Ltd - Karmadata's Cl inica l Tria l Appl ications Divis ion Information WIRB-Copernicus Group - Motivi ty Solutions , Inc. Information Black Knight Financia l Services - Onl ine Bus iness Appl ications Information Anju Software - Patent River Information Anaqua, Inc. - Prism Valuation Limited Information Markit Group Limited - RigData, Inc. Information S&P Global Platts - SCM World Ltd. Information Gartner, Inc. - Tropics Software Technologies , Inc Information Insuri ty, Inc. - del tatre Marketing Technology Bruin Sports Capita l - Forens iq LLC Marketing Technology Impact Radius , Inc. - Lodestone Socia l Media LLC Marketing Technology Umbel Corporation - Orchestro, Inc. Marketing Technology E2open, Inc. - SendHub Marketing Technology Cameo Global , Inc. - Waysay LLC Marketing Technology Branding Brand, Inc. - 3Sca le Networks , S.L. Software Red Hat, Inc. - Actio Software Corporation Software Enviance, Inc. - Anatole SAS Software Asentinel LLC - Arkin Net, Inc. Software VMware, Inc. - Axxerion Faci l i ty Services B.V. Software Main Capita l Partners B.V. - BrightPoint Securi ty, Inc. Software ServiceNow, Inc. - Change Healthcare, Inc. Software McKesson's IT Solutions Bus iness - e-conomic international a/s Software Gruppo TeamSystem - ElasticBox, Inc. Software CenturyLink, Inc. - ENCAP AS Software Al lClear ID, Inc. - EZSource Software International Bus iness Machines Corporation - Fleetmind Solutions , Inc. Software Safe Fleet - Gal leria RTS Software RELEX Solutions - Hap-x Software Global Healthcare Exchange LLC - HawkEye G Software WatchGuard Technologies , Inc. - Hivebench Software Elsevier, Inc. - Joyent, Inc. Software Samsung Electronics - MedHOK, Inc. Software Hearst Health - myVRM Software Condeco Software Limited - PeopleMatter Software SnagAJob.com, Inc. - Performa Apps LLC Software Priori ty Software Ltd. - PMNsoft Ltd. Software Genpact Limited - Portadi , Inc. Software OneLogin, Inc. - QuadMetrics , Inc. Software FICO - Quadrant Software, Inc. Software Fresche Legacy - Red Sentry Pte. Ltd. Software Secura Group Ltd. -



Strategic Transactions

Buyout Transactions

Target Target Segment Buyer/Investor Reported TV StrategicUndisclosed

Telogis , Inc. Software Verizon Communications , Inc. -$ Workplace Systems Ltd. Software WorkForce Software - XyberNET, Inc. Software Blue Hi l l Data Services , Inc. - Zenti la , Inc. Software etouches , Inc. - Digi ta l Funk Machine Traditional Media Digi ta l Domain Holdings Limited - Ebony Media Operations Traditional Media Clear View Group - Fodor's Travel Traditional Media Internet Brands , Inc. - Hal Leonard Corporation Traditional Media Seidler Equity Partners - LawAfrica Traditional Media Longhorn Publ ishers Limited - Puja Enterta inment & Fi lms Ltd. Traditional Media Eros International Ltd. - X5 Music Group AB Traditional Media Warner Music Group -

Target Target Segment Buyer/Investor Reported TV Buyout DealsValues Disclosed

Qlik Technologies , Inc. Marketing Technology Thoma Bravo, Inc. 2,614.9$ Del l Software Group Software Francisco Partners 2,000.0 ION Investment Group Ltd. Software The Carlyle Group 400.0 E-Commerce China Dangdang, Inc. Digi ta l Media/Commerce Imeigu Capita l Management 344.7

Target Target Segment Buyer/Investor Reported TV Buyout DealsUndisclosed

TRANZACT Agency & Marketing Services Clayton, Dubi l ier & Rice, Inc. -$ Consulting Solutions International , Inc. Bus iness Services White Wolf Capita l LLC - Agencyport Software Ltd. Digi ta l Advertis ing Apax Partners , L.P. - s implesurance GmbH Digi ta l Media/Commerce Al l ianz - IHS, Operation Excel lence and Risk Management Bus iness Information Genstar Capita l , LP - MedForce Information Eureka Growth Capita l - OpenSolution Information IK Investment Partners - I@D France SAS Marketing Technology IK Investment Partners - Bomgar Corporation Software Thoma Bravo, Inc. - Conservice LLC Software TA Associates - Elemica Software Thoma Bravo, Inc. - Ping Identi ty Corporation Software Vista Equity Partners - Qgenda, Inc. Software Francisco Partners - STEELE Compl iance & Investigation Services Software Bregal Sagemount - Northstar Travel Group LLC Traditional Media Wasserstein & Company -



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

Didi Chuxing Digi ta l Media/Commerce Tencent Holdings Ltd. 4,500.0$ Uber Technologies , Inc. Digi ta l Media/Commerce Publ ic Investment Fund (PIV) 3,500.0 Didi Chuxing Digi ta l Media/Commerce China Li fe Insureance Co. Ltd. 600.0 Optimal Blue LLC Software GTCR, LLC 350.0 Bi tauto Holdings Limited Information Tencent Holdings Ltd. 350.0 Spring Rain Software Co., Ltd. Software Undisclosed 183.0 SMS Ass is t, LLC Marketing Technology Goldman Sachs Private Capita l Investing 150.0 LogicMonitor, Inc. Software Providence Equity Partners , Inc. 130.0 Thrive Market, Inc. Digi ta l Media/Commerce Invus Group 111.0 Liepin.com Software Matrix Partners 100.0 BeiBei Digi ta l Media/Commerce Northern Light Venture Capita l 100.0 Cylance, Inc. Software Ins ight Venture Partners 100.0 Tradeshi ft, Inc. Software Data Col lective 75.0 SoundCloud Ltd. Digi ta l Media/Commerce Twitter, Inc. 70.0 Bui ldium LLC Software Sumeru Equity Partners LLC 65.0 Ci rcle Internet Financia l Limited Digi ta l Media/Commerce General Catalyst Partners LLC 60.0 Udemy.com Digita l Media/Commerce Naspers Ltd. 60.0 InVis ion App, Inc. Marketing Technology Accel Partners 55.0 Spredfast, Inc. Marketing Technology Riverwood Capita l , LLC 50.0 Care.com, Inc. Digi ta l Media/Commerce Google Capita l 46.4 Vibes Media Digi ta l Advertis ing Syniverse Holdings 45.0 Ionic Securi ty, Inc. Software Kleiner Perkins Caufield & Byers 45.0 Pla id Technologies , Inc. Software New Enterprise Associates 44.0 Jobandtalent Information Atomico Ventures 42.0 Ba l luun Inc. Marketing Technology Global Emerging Markets 40.4 Movi le Marketing Technology Naspers Ltd. 40.0 Number26 GmbH Software Battery Ventures 40.0 Trax Image Recognition Marketing Technology Broad Peak Investment Advisers 40.0 Glassdoor.com, Inc. Information Battery Ventures 40.0 128 Technology, Inc. Software G20 Ventures 36.0 Suntime Information Ant Financia l 35.0 Col lective Digi ta l Advertis ing Accel Partners 34.0 Qumulo, Inc. Software Kleiner Perkins Caufield & Byers 32.5 Weka.io Software Norwest Venture Partners 32.0 SmartRecruiters Software Ins ight Venture Partners 30.0 Condeco Software Limited Software Highland Capita l Partners Europe 30.0 SundaySky, Inc. Marketing Technology Comcast Ventures 30.0 Impact Radius , Inc. Marketing Technology Si lversmith Capita l Partners 30.0 Rel iaquest LLC Bus iness Services FTV Capita l 30.0 Signal Digi ta l , Inc. Marketing Technology I2A 30.0 Moogsoft, Inc. Software NorthGate Capita l , LLC 30.0 Celonis GmbH Software Accel Partners 27.5




Gladly Software, Inc. Marketing Technology New Enterprise Associates 27.0$ Kaola FM Traditional Media Legend Capita l 26.0 LEAGUE, Inc. Information OMERS Ventures 25.0 Zimperium Ltd. Software Warburg Pincus LLC 25.0 EarlySense Ltd. Software Pitango Venture Capita l 25.0 Andela , Inc. Bus iness Services Google Ventures 24.0 Cloudabi l i ty, Inc. Software Foundry Group 24.0 Omicia , Inc. Software UPMC 23.0 Helpshi ft, Inc. Marketing Technology Intel Capita l 23.0 Digi t Digi ta l Media/Commerce Ribbit Capita l 22.5 MisterFly SAS Digi ta l Media/Commerce Montefiore Investment 22.2 Narvar Inc. Marketing Technology Accel Partners 22.0 Smule, Inc. Digi ta l Media/Commerce Undisclosed 22.0 Yotpo, LTD. Marketing Technology Bessemer Venture Partners 22.0 EyeView, Inc. Marketing Technology Lightspeed Venture Partners 21.5 Midokura Co., Ltd. Software Simplex, Inc. 20.4 GrowingIO Marketing Technology New Enterprise Associates 20.0 Orbita l Ins ight Information Sequoia Capita l 20.0 Securi tyScorecard, Inc. Software Sequoia Capita l 20.0 Parsable, Inc. Software Schlumberger Limited 20.0 LightCyber, Inc. Software Battery Ventures 20.0 Zerto Ltd. Software Battery Ventures 20.0 Voonik Technologies Private Limited Digi ta l Media/Commerce Sequoia Capita l 20.0 DocPlanner Marketing Technology Target Global 20.0 Qadium, Inc. Software New Enterprise Associates 20.0 Vendini , Inc. Digi ta l Media/Commerce Level Equity 20.0 Woven Digi ta l , LLC Digi ta l Media/Commerce WPP Ventures 18.5 Loot Crate, Inc. Digi ta l Media/Commerce Upfront Ventures 18.5 Entstudy.com Bus iness Services Greenwoods Investment 18.2 Reflexion Health Software Undisclosed 18.0 SpringCM, Inc. Marketing Technology North Bridge Venture Partners 17.5 Outreach, Inc. Marketing Technology Trini ty Ventures 17.5 Aktana, Inc. Marketing Technology Safeguard Scienti fics , Inc. 17.5 Ji ff, Inc. Digi ta l Media/Commerce GE Ventures 17.0 Docupace Technologies LLC Software TVC Capita l 16.5 Ai rtasker Pty. Ltd. Digi ta l Advertis ing Morning Crest Capita l 16.4 Verto Analytics , Inc. Marketing Technology EQT Ventures 16.1 The Muse Information Icon Ventures , Inc. 16.0 NSS Labs , Inc. Information Delta-V Capita l Del ta-v Capita l 16.0 StoreKing Digi ta l Media/Commerce Axiata Group 16.0 Juniqe.com Digita l Media/Commerce Vorwerk Direct Sel l ing Ventures GmbH 15.8 nCino, Inc Software Undisclosed 15.7




Performance Horizon Group Limited Marketing Technology Greycroft Partners 15.5$ StyleWe.com Digita l Media/Commerce Undisclosed 15.0 Ki t Check, Inc. Software Baxter Ventures 15.0 Cloudis tics , Inc. Software Bain Capita l Ventures 15.0 Roadie, Inc. Digi ta l Media/Commerce UPS Strategic Enterprise Fund 15.0 Ta lkspace Digi ta l Media/Commerce Norwest Venture Partners 15.0 Bi tTi tan, Inc. Software TVC Capita l 15.0 When I Work, Inc. Software Drive Capita l 15.0 Ampl i tude Marketing Technology Battery Ventures 15.0 Keen IO Marketing Technology Sequoia Capita l 14.7 Resca le, Inc. Software TransLink Capita l 14.0 10-4 Systems, Inc. Software GlobalTranz, Inc. 13.9 Rooomy.com Digita l Media/Commerce Antimerdian 13.0 Iggbo, Inc. Software Heri tage Group 13.0 Tigera, Inc. Software New Enterprise Associates 13.0 Fender Digi ta l Digi ta l Media/Commerce Undisclosed 12.8 Within Unl imited, Inc. Digi ta l Media/Commerce Andreessen Horowitz 12.6 Chronext AG Digi ta l Media/Commerce Partech Ventures 12.3 Embotics Corporation Software Arrowroot Capita l 12.1 hiQ Labs , Inc. Software Undisclosed 12.0 ClearTax Software SAIF Partners 12.0 Anatwine Limited Marketing Technology Zalando SE 12.0 Relay Network LLC Marketing Technology NewSpring Capita l 12.0 Hireology, Inc. Software Bain Capita l Ventures 12.0 Evidation Health, Inc. Software B Capita l Group 11.6 Treasure Data, Inc. Software (Private Investors ) 11.5 PredictSpring, Inc. Marketing Technology Fel icis Ventures 11.4 Lystable Industries Limited Marketing Technology Valar Ventures LP 11.0 Loggly, Inc. Software True Ventures 11.0 Frequency Networks , Inc. Digi ta l Advertis ing Liberty Global , Inc. 11.0 Evie Digi ta l Media/Commerce Undisclosed 11.0 Convercent Software Tola Capita l 11.0 Marketplacer, Inc. Marketing Technology (Private Investors ) 11.0 Flowerplus Digi ta l Media/Commerce NewMargin Ventures 10.7 Nexar, Inc. Digi ta l Media/Commerce True Ventures 10.5 OpsGenie Marketing Technology Battery Ventures 10.0 Al l Def Digi ta l , Inc. Digi ta l Media/Commerce Andreessen Horowitz 10.0 LeadiD Marketing Technology Edison Partners 10.0 Accedo Broadband Software SEB Venture Capita l 10.0 Verodin, Inc. Software The Blackstone Group L.P. 10.0 D3 Technology, Inc. Software West Partners , LLC 10.0 Trooly, Inc. Software Bain Capita l Ventures 10.0




Yewno, Inc. Marketing Technology Paci fic Capita l 10.0$ Procured Health Software Heri tage Group 10.0 Nuxeo SAS Marketing Technology Kennet Partners 10.0 CrowdFlower Software Microsoft Corporation 10.0 Signals Intel l igence Group l td. Marketing Technology Sequoia Capita l 10.0 Tubular Labs , Inc. Marketing Technology Marker Financia l Advisors LLC 10.0 McMakler GmbH Information Cavalry Investments LLC 9.6 ForUsAl l , Inc. Software Foundation Capita l 9.5 Sapho, Inc. Software Alsop Louie Partners 9.5 Res in.io Software Draper Fisher Jurvetson 9.0 Rocketrip, Inc. Marketing Technology Bessemer Venture Partners 9.0 Tapp Commerce Oy Digi ta l Media/Commerce AMMA Private Equity 9.0 What3Words Limited Digi ta l Media/Commerce Aramex 8.5 SevenFi fty Technologies , Inc. Digi ta l Media/Commerce Formation 8 8.5 GoPuff Digi ta l Media/Commerce Anthos Capita l LP 8.3 ePatientFinder Software Undisclosed 8.2 OpenMobi le World Wide, Inc. Software (Private Investors ) 8.1 FabHotels .com Digita l Media/Commerce Accel Partners 8.0 Graphite Software Corporation Software Green Century Investment 8.0 Za ius , Inc. Marketing Technology Underscore VC 8.0 Notarize Digi ta l Media/Commerce Polaris Partners 8.0 Primary Kids , Inc. Digi ta l Media/Commerce Harrison Metal Capita l 8.0 TheSkimm, Inc. Digi ta l Media/Commerce 21st Century Fox, Inc. 8.0 OptioPay GmbH Software Berl in Ventures 7.9 daPulse Labs Ltd. Software Genes is Partners Ltd. 7.6 dv01, Inc. Marketing Technology Quantum Strategic Partners 7.5 Node, Inc. Marketing Technology New Enterprise Associates 7.5 StreamLink Software LLC Software Undisclosed 7.5 hibob, Inc. Software Bessemer Venture Partners 7.5 GamEffective Software Jerusalem Venture Partners 7.0 TravelPerk S.L. Software Spark Capita l 7.0 Bento for Bus iness Software Comcast Ventures 7.0 RetraceHealth, Inc. Software Lemhi Ventures , Inc. 7.0 CaterWings Ltd. Digi ta l Media/Commerce Rocket Internet GmbH 6.8 B2X Care Solutions GmbH Marketing Technology Harbert Venture Partners 6.8 iContainers Solutions SL Digi ta l Media/Commerce Serena Capita l 6.7 Tonic Solutions LLC Software (Private Investors ) 6.4 Festicket Ltd. Digi ta l Media/Commerce Playfa ir Capita l 6.3 Hospita l IQ Software Undisclosed 6.3 Movvo, Inc. Marketing Technology Caixa Capita l 6.2 digi .me Information Swiss Re 6.1 Ifeelgoods Digi ta l Advertis ing Idinvest Partners 6.0




PrettySecrets Digi ta l Media/Commerce RB Investments 6.0$ Gong.io Ltd. Marketing Technology Norwest Venture Partners 6.0 Jivox, Inc. Digi ta l Advertis ing Fortisure Ventures LLC 6.0 Instana, Inc. Software Target Partners 6.0 Fel ix & Paul Studios Traditional Media Comcast Ventures 5.8 Thread, Inc. Digi ta l Media/Commerce Balderton Capita l 5.8 Once Dating AG Digi ta l Media/Commerce Partech Ventures 5.7 Box at Work Digi ta l Media/Commerce (Private Investors ) 5.5 Evolve Vacation Rental Network Software T. Rowe Price Group, Inc. 5.5 Oribi Ltd. Marketing Technology Sequoia Capita l 5.4 Carro Digi ta l Media/Commerce Venturra Capita l 5.3 Unomaly AB Software EQT Ventures 5.2 Greytip Software Pvt. Ltd. Software New Enterprise Associates 5.2 Vemba Corporation Digi ta l Advertis ing Bertelsmann Digi ta l Media Investments 5.0 Dataloop.IO Software Battery Ventures 5.0 Vow To Be Chic, Inc. Digi ta l Media/Commerce Pri tzker Group Venture Capita l 5.0 Aunt Bertha, Inc. Digi ta l Advertis ing Techstars Bul let Time Ventures 5.0 Aquicore, Inc. Marketing Technology Kiddar Capita l 5.0 Zinc, Inc. Marketing Technology Emergence Capita l Partners 5.0 FanXchange Limited Marketing Technology Azure Capita l Partners 5.0 Nudge Software, Inc. Marketing Technology OMERS Ventures 5.0 Luxury Garage Sa le Digi ta l Media/Commerce Data Point Capita l 5.0 Pypestream, Inc. Marketing Technology Undisclosed 4.9 Smart Pens ion Ltd. Software (Private Investors ) 4.8 Smartkarma Information Wavemaker Partners 4.6 Convey Software Si lverton Partners 4.5 PediaQ LLC Software Undisclosed 4.5 Qloo, Inc. Digi ta l Media/Commerce (Private Investors ) 4.5 Cozy Cloud SAS Software Maif Avenir SAS 4.5 Homie, Inc. Digi ta l Media/Commerce Valar Ventures LP 4.5 Lostmy.name Ltd. Digi ta l Media/Commerce Google Ventures 4.5 CureJoy, Inc. Digi ta l Media/Commerce Accel Partners 4.4 Bonfyre App Software Arsenal Capita l Partners , Inc. 4.0 ShipBob, Inc. Software Hyde Park Venture Partners 4.0 Solera Health, Inc. Software BlueCross BlueShield Venture Partners , L.P. 4.0 Innovative Imaging Technologies , Inc. Software (Private Investors ) 4.0 Practice XYZ Marketing Technology Socia l Capita l 4.0 Switch, Inc. Digi ta l Advertis ing Seek Ltd. 4.0 COMATCH GmbH Bus iness Services Action Capita l 4.0 RubiconMD, Inc. Software Waterl ine Ventures 4.0 SMACC GmbH Software Cherry Ventures 3.9 Medal , Inc. Software The Founders Fund, LLC 3.8



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


Mappedin Software Green Century Investment 3.5$ FarEye Software SAIF Partners 3.5 LUX Digi ta l Media/Commerce IDG Capita l Partners 3.5 Crowded.com, Inc. Digi ta l Advertis ing Tokalon Venture Capita l 3.3 ProntoPro.i t Digi ta l Media/Commerce Undisclosed 3.3 ABODO Digita l Advertis ing (Private Investors ) 3.3 Mon Purse Digi ta l Media/Commerce Macdoch Ventures 3.1 inMotionNow, Inc. Marketing Technology Madison River Ventures 3.1 Employment Hero Pty. Ltd. Software OneVentures 3.0 Mantis Technology Group Digi ta l Media/Commerce Undisclosed 3.0 Quikly LLC Marketing Technology Plymouth Venture Partners 3.0 Vagabond Vending LLC Software Middleburg Capita l 3.0 moQom Ltd. Software Pinemont Limited 3.0 Kwik.me Digi ta l Media/Commerce Norwest Venture Partners 3.0 Try The World LLC Digi ta l Media/Commerce (Private Investors ) 3.0 Samba Tech Digi ta l Advertis ing (Private Investors ) 3.0 AVA Digi ta l Media/Commerce Khos la Ventures 3.0 Ebizu Sdn. Bhd. Marketing Technology (Private Investors ) 3.0 GToken Pte. Ltd. Digi ta l Media/Commerce (Private Investors ) 3.0 Ca l lVU Ltd. Marketing Technology NICE Systems 3.0 AppZen, Inc. Software Resolute Ventures 2.9 OrderYoyo Digi ta l Media/Commerce SEED Capita l 2.8 Nuro Secure Messaging Marketing Technology (Private Investors ) 2.6 Boon + Gable Digi ta l Media/Commerce Crosscut Ventures 2.5 Splash VR Digi ta l Media/Commerce Greycroft Partners 2.5 MyTaski t Digi ta l Media/Commerce Undisclosed 2.5 Armorway, Inc. Software Aris tos Ventures 2.5 Tenjin, Inc. Marketing Technology Netease Capita l 2.5 MessageGears , LLC Digi ta l Advertis ing Covalent Interests 2.4 Fixico BV Digi ta l Media/Commerce Orange Growth Capita l 2.3 Gamer Sensei LLC Digi ta l Media/Commerce Accompl ice 2.3 NightSwapping Digi ta l Media/Commerce 6eme sens 2.2 Beamery Ltd. Software Edenred S.A. 2.0 Armeron Software Gl i lot Capita l Partners 2.0 fol lowit Digi ta l Advertis ing Acorn Managed Investments 2.0 OWL Securi ty Software Undisclosed 2.0 PVP Live Interaci tve, Inc. Digi ta l Media/Commerce Undisclosed 2.0 Bunker Protect, Inc. Digi ta l Media/Commerce Comcast Ventures 2.0 Va l i fy, Inc. Software Fris t Cressey Ventures 2.0 Ripl , Inc. Digi ta l Media/Commerce Tri logy Equity Partners , LLC 1.9 Moka Teknology Indones ia Software East Ventures 1.9 Demandjump LLC Marketing Technology 4G Ventures 1.8



Venture/Growth Capital Transactions


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


Clubhouse Software, Inc. Software Undisclosed 1.7$ Attendify Digi ta l Media/Commerce Digi ta l Future 1.7 Instabug, Inc. Software Accel Partners 1.7 PriorAuthNow, Inc. Software (Private Investors ) 1.6 Al ignable, Inc. Digi ta l Media/Commerce Recruit Strategic Partners 1.5 MindLytiX SA Marketing Technology Iris Capita l 1.4 Blow Ltd. Digi ta l Media/Commerce Uni lever Ventures 1.4 Col lokia Software Globant S.A. 1.3 Preply, Inc. Digi ta l Advertis ing (Private Investors ) 1.3 Bidroom Digita l Advertis ing (Private Investors ) 1.1 Muzooka, Inc. Digi ta l Media/Commerce (Private Investors ) 1.1 Qimple, Inc. Software Green Century Investment 1.1 Hiri Marketing Technology Delta Partners 1.0


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 The Mountain Capital Group in China, as well as Allegro

Advisors and o3 Capital in India

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


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

Bloomberg M&A League Tables, 2011-2015

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS

2015 2011-2015 (5-Year)

Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 18 1 Petsky Prunier 84

2 Goldman Sachs 17 2 Goldman Sachs 68

2 PwC 17 3 Jordan Edmiston Group 59

4 Jordan Edmiston Group 15 3 Morgan Stanley 59

4 KPMG Corporate Finance 15 5 PwC 52

4 Morgan Stanley 15 6 China Renaissance Partners 47

7 China Renaissance Partners 11 6 Nomura 47

7 Ernst & Young 11 8 GCA Savvian Group 44

9 Avendus Capital 9 9 KPMG Corporate Finance 43

9 Rothschild 9 10 Ernst & Young 38

11 Citi 8 10 JP Morgan 38

11 Credit Suisse 8 12 Jefferies 37

11 Jefferies 8 13 AGC Partners 35

11 William Blair & Company 8 14 Credit Suisse 34

11 Mooreland Partners 8 15 Daiwa Securities 33

Based on number of deals announced in 2011‐2015 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.

With 25 total transactions closed in 2015, and more than 100 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


Representative Recent Transactions*

*For a more comprehensive list, please click here.

(NASDAQ: SYKE)

has been sold to

(NYSE: OMC)

has been sold to

has been sold to

(NYSE: EVDY)

$65,000,000

has been sold to

(NYSE: WTM)

$280,000,000*

has sold a majority stake to

(NYSE: RUK)

a division of

has been sold to

to

has sold

*Approximate Value *Approximate Value

*Approximate Value

*Approximate Value

has received a significant investment from

(NASDAQ: EXLS)

$160,000,000*

has been sold to

has been sold to

(NYSE: EVDY)

has been sold to a portfolio company of

$120,000,000

has sold MediMedia Pharma Solutions

to

has been sold to Aperion Management

has been sold to

and

$225,000,000*

(NYSE: IDI)

has been sold to has received a significant growth investment from

$160,000,000*

has been sold to

a portfolio company of

(NYSE: DLX)

has been sold to


has been sold to has been sold to

has sold

to

(NYSE: ACN)

*Approximate Value


has been sold to

a division of


has been sold to

has been sold to

$207,000,000*

has been sold to


has received a majority investment from

has entered into a definitive agreement to receive a

majority investment from has been sold to


in partnership with

(NYSE: OMC)

has been sold to

has been sold to


and

comprising Media Properties Holdings

has been sold to


has signed a definitive agreement to be sold to

http://petskyprunier.com/transactions/

june 2016 m&a and investment summary - petsky...

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