private & confidential - petsky prunier...

Driven by your success.

PRIVATE & CONFIDENTIAL

May 2019

For client and institutional use only, not for public dissemination

Technology, Media, Marketing, and Information Services Industry Sectors


1.

3.

4.

Monthly M&A and Investment Activity by Industry Segment

Additional Information

About CG Petsky Prunier

2. Market Environment

Driven by your success.Page 2

Global Team

US Team

Mike Lauzon

Head of Canadian TMT

Toronto

+1 416 869 7238

[email protected]

Myles Hiscock

Managing Director

Toronto

+1 416 869 7232

[email protected]

CanadaEurope

Simon Bridges

Head of European IB &

Head of European Technology

London

+44 20 7523 4606

[email protected]

M&A & Financial Sponsors

Shachar Familia

Vice Chairman

Tel Aviv

+972 58 7782139

[email protected]

Israel

Andrew Pojani

Co-Head of US Technology

Boston

+1 617 788 1635

[email protected]

Jeff Barlow

President, Canaccord Genuity

Boston

+1 617 371 3713

[email protected]

Sanjay Chadda

Co-Head of US Investment Banking

Co-Head of US Technology

New York

+1 212 842 6022

[email protected]

Dan Coyne

Co-Head of US Investment Banking

Boston

+1 617 371 3887

[email protected]

Mark Young

Managing Director

Boston

+1 617 788 1584

[email protected]

Seth Rosenfield

Managing Director

New York

+1 212 842 6018

[email protected]

Dudley Baker

Managing Director

Nashville

+1 615 490 8448

[email protected]

Lisa McClure Byrnes

Managing Director

Boston

+1 617 371 3847

[email protected]

Scott Card

Managing Director

Boston

+1 617 371 3895

[email protected]

Norman Colbert

Managing Director

Las Vegas

+1 702 990 3280

[email protected]

Joseph Laird

Managing Director

New York

+1 212 842 7120

[email protected]

J.P. Michaud

Managing Director

Charlotte

+1 980 237 0380

[email protected]

Trevor Martin

Managing Director

Boston

+1 617 788 1514

[email protected]

Matthew Kratter

Managing Director

New York

+1 212 842 6024

[email protected]

Christopher Dorn

Director

New York

+1 615 490 8444

[email protected]

Marc Flor

Director

New York

+1 212 842 6034

[email protected]

Lexia Schwartz

Director

New York

+1 212 842 7127

[email protected]

Geoff Rhizor

Director

San Francisco

+1 415 229 0650

[email protected]

David Istock

Head of US M&A

San Francisco

+1 415 229 0667

[email protected]

Amy LaBan, CFA

Managing Director

Chicago

+1 212-842-7126

[email protected]

Michael Petsky

Managing Director

New York

+1 212 842 6001

[email protected]

John Prunier

Managing Director

New York

+1 212 842 6021

[email protected]

Isaiah Knouff

Head of US Financial Sponsor Coverage

Nashville

+1 615 490 8484

[email protected]

Duncan Dashiff

Managing Director

Nashville

+1 615 490 8446

[email protected]

John Fang

Managing Director

New York

+1 212 842 6019

[email protected]

Jason Partenza

Managing Director

New York

+1 212 849 3976

[email protected]

Chris French

Managing Director

New York

+1 212 842 6033

[email protected]

Christopher Heasman

Director

New York

+1 212 842 6038

[email protected]

Anil Kuruganti

Director

New York

+1 212 842 7132

[email protected]

Edin Trto

Director

New York

+1 212 842 6015

[email protected]

Clayton Young

Director

New York

+1 212 842 6009

[email protected]

Jason Panzer, CFA

Managing Director

New York

+1 212 514 4203

[email protected]

Matthew Kebel

Director

New York

+1 212 842 6036

[email protected]

Dylan Kearns

Director

New York

+1 212 842 6025

[email protected]


UndisclosedFinancial Advisor on

sale of Publicis Health Solutions to

February 2019

Undisclosed

Financial Advisor on sale to

February 2019

Undisclosed

Financial Advisor on investment from

February 2019

$16 million

Financial Advisor on sale of EMS Division to

February 2019

Undisclosed

Financial Advisor on recapitalization from

February 2019

Undisclosed


February 2019

Undisclosed

Financial Advisor on sale of Sylvania

Lighting Solutions to

March 2019

Undisclosed

Financial Advisor on acquisition of

Cyberbahn & Marque d’or from

March 2019

Undisclosed


March 2019

$133 million


January 2019

Undisclosed


February 2019

€100 million

Financial Advisor on sale of CP Or Devises

to

December 2018

$150 million


December 2018

€119 million


December 2018

Undisclosed


December 2018

Undisclosed


December 2018

Undisclosed


May 2019

$22 million


May 2019

$310 million

Financial Advisor on sale of Cree Lighting to

May 2019

Undisclosed


April 2019

Undisclosed


March 2019

Undisclosed


April 2019

Undisclosed


May 2019

C$400 million


May 2019

Undisclosed


May 2019

C$60 million


Pending

$140 million


Pending

$90 million


Pending

Undisclosed


Pending

$76 million


Pending

Undisclosed


Pending

Undisclosed


Pending

Driven by your success.Page 4Sources: Dealogic.

Represents lead-managed transactions.

April 2018

IPO

$200,685,120

Co-Manager

July 2018

IPO

$51,844,408

Joint-Bookrunner

November 2017

IPO

$276,000,000

Co-Manager

March 2018

IPO

$869,400,000

Co-Manager

November 2017

Convertible Debt Offering

$115,000,000

Co-Manager

November 2017

Equity Offering

$88,492,500

Co-Manager

April 2018

Equity Offering

$180,344,856

Co-Manager

April 2018

IPO

$177,100,000

Co-Manager

April 2018

Equity Offering

$25,800,000

Joint Bookrunner

April 2018

IPO

$531,300,000

Co-Manager

June 2018

Equity Offering

$50,312,500

Joint Bookrunner

June 2018

Equity Offering

$222,719,840

Co-Manager

May 2018

Equity Offering

$460,782,000

Co-Manager

May 2018


$258,750,000

Co-Manager

June 2018

Equity Offering

$68,999,997

Co-Manager

June 2018

IPO

$84,375,000

Co-Manager

June 2018


$250,000,000

Co-Manager

June 2018

Equity Offering

$373,749,969

Co-Manager

September 2018

Equity Offering

$50,347,035

Joint Bookrunner

August 2018

Equity Offering

$446,703,125

Co-Manager

July 2018


$230,000,000

Co-Manager

July 2018

Equity Offering

$46,230,000

Joint Bookrunner

October 2018

IPO

$289,800,000

Co-Manager

November 2018

Equity Offering

$455,000,000

Co-Manager

October 2018

IPO

$303,025,000

Co-Manager

November 2018

Equity Offering

$30,529,690

Sole Bookrunner

January 2019

Equity Offering

$127,075,000

Co-Manager

March 2019

Equity Offering

$11,511,500

Sole Bookrunner

March 2019

Equity Offering

$135,625,000

Co-Manager

March 2019

IPO

$2,555,772,840

Co-Manager

March 2019

Equity Offering

$565,180,000

Co-Manager

March 2019

Equity Offering

£27,800,000

Co-Manager

May 2019

IPO

$8,100,000,000

Co-Manager

Pending

Direct Listing

TBD

Co-Manager Lead Manager

$159,390,000

Equity Offering

May 2019 May 2019

IPO

$179,400,000

Co-Manager

So-Young International


• Numbers for CG Petsky Prunier represent total transactions in Media & Information Services as tracked by PitchBook completed for Petsky Prunier LLC

and Canaccord Genuity Group Inc., which merged in February 2019.

• On a stand-alone basis prior to its merger with Canaccord Genuity, Petsky Prunier completed more than 90 transactions during 2016-2018 and has

closed and more than 200 transactions since 2011 across all industries, including Media & Information Services, as well as Advertising and Marketing, E-

commerce, Technology and Software, among other areas.

Source: Pitchbook

2018 2016-2018 2014-2018

Rank Advisor # of

Transactions Rank Advisor # of

Transactions Rank Advisor # of

Transactions

1 CG Petsky Prunier 2 7 1 CG Petsky Prunier 6 4 1 CG Petsky Prunier 1 0 5

2 Houlihan Lokey 12 2 Goldman Sachs 32 2 Goldman Sachs 56

2 JEGI 12 3 JEGI 29 3 Morgan Stanley 49

4 Morgan Stanley 9 4 Bank of America 28 4 Bank of America 47

4 GP Bullhound 9 5 Houlihan Lokey 27 5 JEGI 44

6 Moelis & Company 8 6 Morgan Stanley 26 6 JP Morgan 43

6 JP Morgan 8 6 Credit Suisse 26 7 GP Bullhound 41

8 RBC 7 6 GP Bullhound 26 8 Credit Suisse 38

9 Evercore Group 6 9 JP Morgan 24 9 RBC 36

9 Raymond James 6 10 RBC 23 10 Houlihan Lokey 34

9 KPMG 6 11 Raymond James 19 11 Jefferies Group 28

9 Credit Suisse 6 12 Jefferies Group 17 12 GCA Savvian 27

9 Cambon Partners 6 13 Deutsche Bank 16 12 Deutsche Bank 27

9 Oaklins DeSilva & Phillips 6 13 Cambon Partners 16 14 Moelis & Company 26

15 Deutsche Bank 5 15 Moelis & Company 15 14 Raymond James 26


• Numbers for CG Petsky Prunier as tracked by Refinitiv represent total 2018 U.S. M& A transactions less than $500 million in the Technology, Media, and

Telecom Sectors for Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019.

Source: Refinitiv

# of Transact ions

R ank F irm Name 2018

1 C G P et sky P runier 39

1 Raymond James Financial 39

3 Houlihan Lokey 32

4 William Blair 31

5 Moelis 20

5 Robert W Baird 20

7 Jefferies 18

8 Goldman Sachs 16

8 AGC Partners 16

8 Evercore Partners 16

8 JP Morgan 16

8 Duff & Phelps 16

13 Daiwa Securities Group 15

14 KeyBanc Capital Markets 14

14 Citi 14


• Top-ranked, global investment bank dedicated to digital advertising and marketing, e-commerce, 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, merged with Canaccord Genuity in February 2019

• Combined CG Petsky Prunier team has more than 100 focused professionals in offices in New York, Boston, San Francisco, Chicago, Nashville,

Charlotte, Las Vegas, and Toronto

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

• Global reach enhanced through Canaccord Genuity’s international network of offices

• Securities transactions are processed through Canaccord Genuity LLC, a registered broker-dealer regulated by the SEC and FINRA. Member SIPC.

• 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

• E-commerce

• Digital Media

• Technology

• Information

• Business & IT Services

• Healthcare Services


$64$54

$104

$169

$268

$303

$145

$116

$158

$198

$146

$194

$239

$452

$434

$281

$451

$202

1,778

1,422

1,880

2,720

3,606

3,327

2,806

2,833

3,146

3,643

3,507

3,082

3,827

4,196

3,792

3,398 3,398

3,970

$0

$100

$200

$300

$400

$500

$600

$700

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Page 9

Source: The 451 Group as of 05/31/19(1) Represents 2019 YTD and 2019 on a run-rate basis..

$617

(1)


20

28

22

26

18

9

0

5

10

15

20

25

30

35

Q1 Q2 Q3 Q4 Q1 Q2

2018 2019

# o

f D

eal

s

1

Page 10

$1B+ Technology Deals Strategic vs Financial Sponsor Transactions

Median 30-Day Premium

# of Deals 113 126 145 156 119 119

Source: The 451 Group as of 05/31/19. (1) For all deals with disclosed forms of consideration.(2) Represents Q2-19 activity on a run-rate basis.

12119

(2) (2)

(2) (2)

32%

25% 26%28%

32%

37%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Q1 Q2 Q3 Q4 Q1 Q2

2018 2019

% P

rem

ium

141 145188 186 170

71

29 39

35 3422

18

170184

223 220

192

89

0

50

100

150

200

250

300

Q1 Q2 Q3 Q4 Q1 Q2

2018 2019

# o

f D

eal

s

Strategic Financial Sponsor

73% 67% 61%74%

63%55%

24%24% 32%

22%30% 44%

4% 9% 8% 4% 7%1%

0%

20%

40%

60%

80%

100%

Q1 Q2 Q3 Q4 Q1 Q2

2018 2019

# o

f D

eal

s

% Cash % Cash & Stock % Stock

Median 30-Day Premium(2)Consideration Mix(1)

# of Deals 15 11 13 20 17 12


90.0%

95.0%

100.0%

105.0%

110.0%

115.0%

120.0%

125.0%

Mar-19 Apr-19 May-19 Jun-19

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

130.0%

140.0%

Page 11

Major Indices 2014 – May 2019

Major Indices May 2019, Last 3 Months

NASDAQ Russell 2000 S&P 500 DJIA FTSE 100

Major Indices May 2019, LTM


VIX 2014 – May 2019

Sources: Capital IQ, as of 05/31/19. Index returns are unmanaged and do not reflect the deduction of any fees or expenses.Note: Past performance is not a guarantee of future results.

0

5

10

15

20

25

30

35

40

45

NASDAQ 0.1%

S&P 500 1.7%

DJIA 1.6%

Russell 2000 (10.3%)

FTSE 100 (6.7%)

Summary Performance

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

200.0%

220.0%

NASDAQ 79.9%

S&P 500 50.2%

DJIA 50.9%

Russell 2000 27.4%

FTSE 100 6.6%

Summary Performance


NASDAQ (1.9%)

S&P 500 (1.8%)

DJIA (4.7%)

Russell 2000 (7.8%)

FTSE 100 0.8%

Summary Performance


Sources: The 451 Group and CG LLC proprietary database as of 05/31/19. (1) Transactions include deals with disclosed values over $100mm.(2) Transactions include deals with disclosed values between $50-100mm & disclosed revenue multiple.

Announced Acquirer Target Segment

Deal Value

($mm)

EV/LTM

Revenue

EV/LTM

EBITDA

Premium

(1 Month)Cash Mix %

05/30/19 American Tower Eaton Towers Technology $1,850 0.0%

05/30/19 Morningstar, Inc. DBRS Limited Information 669 4.0x 100.0%

05/29/19 NXP Semiconductors Marvell Technology Group Technology 1,760 5.9x 100.0%

05/29/19 Palo Alto Networks Twistlock Software 410 100.0%

05/28/19 Global Payments Total System Services Business & IT Services 21,210 6.1x 19.7x 0.0%

05/28/19 FireEye Verodin Software 250 52.0%

05/28/19 Authentic Brands Group Sports Illustrated Traditional Media 110 0.0%

05/28/19 Shopify Handshake Corporation Marketing Technology 100 0.0%

05/27/19 Canal+ [Vivendi] M7 Group [Astorg Partners] Traditional Media 1,120 2.5x 0.0%

05/23/19 ShopClues SnapDeal Digital Media/Commerce 250 100.0%

05/23/19 NASCAR International Speedway Corporation Traditional Media 2,000 3.0x 8.9x 100.0%

05/22/19 Nuvei SafeCharge International Group Business & IT Services 889 5.7x 22.9x 36.6% 100.0%

05/21/19 Broadridge Financial Solutions RPM Technologies [Bayshore Capital] Software 300 0.0%

05/20/19 Marvell Technology Group Avera Semi [Mubadala] Technology 650 1.3x 100.0%

05/17/19 Hewlett Packard Enterprise Cray Technology 1,439 2.7x 26.9% 100.0%

05/15/19 SiSense, Ltd. Periscope Data Marketing Technology 100 100.0%

05/15/19 CM Group Vuture Ltd. Marketing Technology 410 100.0%

05/14/19 RLDatix iContracts, Inc. Software 200 100.0%

05/13/19 ION Group Acuris Information 1,703 100.0%

05/13/19 Edgewell Personal Care Harry's, Inc. Digital Media/Commerce 1,370 100.0%

05/13/19 E2open [Insight Venture Partners] Amber Road Software 425 4.8x 46.6% 100.0%

05/09/19 SnapAV [Hellman & Friedman] Control4 Technology 637 2.3x 23.4x 41.7% 100.0%

05/07/19 Orange SecureLink [Investcorp] Business Services 577 2.1x 0.0%

05/07/19 EnBW Plusnet Communications services 256 1.1x 0.0%

05/06/19 Marvell Technology Group Aquantia Technlogy 452 4.1x 45.1% 100.0%

05/02/19 Mediahuis Independent News & Media, PLC Traditional Media 163 0.7x 5.6x 100.0%

05/01/19 Intercontinental Exchange Simplifile Information 335 100.0%

05/01/19 OYO Rooms Leisure Group Europe B.V. Digital Media/Commerce 415 2.8x 100.0%

05/01/19 Pluralsight GitPrime Software 170 100.0%

Mean: $1,387 3.3x 16.1x 39.4% 71%

Median: $425 2.8x 19.7x 41.7% 100%

>$

10

0M

(1)


Sources: The 451 Group and CG LLC proprietary database as of 05/31/19. Note: Transactions include deals with disclosed revenue multiple or values over $100mm.

Announced Acquirer Target Segment

Deal Value

($mm)

EV/LTM

Revenue

EV/LTM

EBITDA

Premium

(1 Month)Cash Mix %

05/30/19 Golden Gate Capital Ensemble Health Partners Software $1,200 100.0%

05/30/19 Genstar Capital, LP Prometheus Group Software 1,000 0.0%

05/30/19 Insight Venture Partners Recorded Future Software 780 12.0x 100.0%

05/30/19 Thoma Bravo, Inc. Cority Software 600 100.0%

05/28/19 Charterhouse Capital Partners LLC Tarsus Group plc. Traditional Media 735 5.8x 16.7x 0.0%

05/20/19 Providence Equity Partners, Inc. GlobalTranz Enterprises, Inc. Business & IT Services 930 0.6x 0.0%

05/17/19 JP Morgan Chase & Co. InstaMed Communications, LLC Information 600 0.0%

05/14/19 The Blackstone Group L.P. Superbet Digital Limited Traditional Media 196 0.0%

05/09/19 Apax Partners Trade Me Group Digital Media/Commerce 1,700 0.0%

05/08/19 Digital Colony Zayo Group Carrier infrastructure 8,245 5.4x 11.9x 18.7% 100.0%

05/08/19 Asterion Industrial Partners Telefonica Hosted services 616 - 0.0%

05/03/19 Clearlake Capital Group Dude Solutions [Warburg Pincus] Application software 525 5.3x 17.5x 0.0%

05/01/19 Thoma Bravo, Inc. Autodata Solutions, Inc. Digital Advertising 1,000 0.0%

Mean: $1,394 5.8x 2.1x 18.7% 31%

Median: $780 5.4x 14.3x 18.7% 0%

05/30/19 Silverfleet Capital Microgen Financial Systems Limited Software 64 2.8x 7.2x 0.0%

05/14/19 Oakley Capital Investments, Ltd. Videotel Marine Asia Limited Business & IT Services 90 5.3x 0.0%

Mean: $77 4.1x 7.2x NA 0%

Median: $77 4.1x 7.2x NA 0%

$5

0-1

00

M(2

)>

$1

00

M(1

)


Observations:

• Private markets remain active and open, particularly for the strongest companies

• Exit environment (IPOs, M&A) constructive leading to more favorable private valuation discussions

Sources: PitchBook and CG LLC’s proprietary database as of 05/31/19.Note: List includes selected high profile financings with minimum Post Money Valuation of $800mm.

Company Segment

Date of Latest

Funding

Latest Round of

Funding ($mm)

Latest

Valuation ($mm)

Total Equity

Funding ($mm) Est. % Sold Recent Lead Investor(s)

SoFi Software 05/29/19 $500 $4,300 $500 10.4% Qatar Investment Authority

DoorDash Digital Media/Commerce 05/28/19 600 12,600 600 4.8% Darsana Capital Partners, Sands Capital, Coatue Management, Dragoneer, DST Global, Sequoia Capital

Trax Technologies Marketing Technology 05/28/19 100 1,000 100 NA NA

Robinhood Digital Media/Commerce 05/28/19 200 7,000 200 NA NA

TransferWise Software 05/22/19 292 3,500 292 NA Lead Edge Capital, Lone Pine Capital, and Vitruvian Partners

Marqeta Software 05/21/19 260 1,885 260 13.8% Coatue Management, Geodesic Capital, Lone Pine Capital

Ivalua Software 05/21/19 60 1,000 60 6.0% Tiger Global Management

Canva Marketing Technology 05/21/19 70 2,500 70 NA Bond, Felicis Ventures, Blackbird Capital

Auth0 Software 05/20/19 103 1,160 103 8.9% NA

Zipline International Business & IT Services 05/17/19 190 1,200 190 9.1% Temasek, GV, Katalyst Ventures, Baillie Gifford, Bright Success Capital, Goldman Sachs, Oakhouse Partners

Quora Consumer Products and Services 05/17/19 60 2,000 60 3.0% NA

Away Digital Media/Commerce 05/15/19 100 1,400 100 6.9% Wellington Management Company, Baillie Gifford, Lone Pine Capital, Global Founders Capital

Tealium Marketing Technology 05/15/19 55 850 55 6.5% ABN AMRO Bank, Declaration Partners, Industry Ventures

Nextdoor Digital Media/Commerce 05/14/19 123 2,100 123 NA Riverwood Capital

Sumo Logic Business & IT Services 05/08/19 110 1,185 110 9.3% Battery Ventures, Franklin Templeton Investments

Face++ Software 05/08/19 750 400 7,500 NA Bank of China Group Investment, Macquarie Group, ICBC Asset Management, Alibaba Group

Exabeam Software 05/07/19 75 820 75 9.2% Sapphire Ventures

VTS Software 05/07/19 90 940 90 9.6% Brookfield Ventures, GLP, Tishman Speyer Properties

Acquia Marketing Technology 05/07/19 10 1,110 10 0.9% NA

Carta Software 05/06/19 300 1,700 300 17.7% Alumni Ventures Group, Andreessen Horowitz

Unity Software 05/06/19 125 6,250 125 2.0% NA

Kaseya Business & IT Services 05/03/19 500 1,750 500 NA TPG Capital

Driven by your success.Page 15*Source: Nasdaq

Aggregate

Date Company Name Country Segment Offering Value Revenue EBITDA

May-19 Revolve Group United States Digital Media/Commerce 243.5 522.8 44.0

May-19 Crowdstrike Holdings, Inc. United States Software 476.1 249.8 (121.5)

May-19 Endeavor Group Holdings, Inc. United States Traditional Media 100.0 3,903.1 350.8

May-19 Fiverr International LTD Israel Digital Media/Commerce 100.0 82.5 (26.0)

Sep-18 Valtech SE United Kingdom Agency & Marketing Services 100.0 298.0 21.0

Last Twelve Months

Driven by your success.Page 16*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.**Source: S&P Capital IQ

Ini tia l Offering Fina l Price Stock Price at Close Stock Price on % Change from

Date Ticker PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day May 31, 2019 1st Trading Day

May-19 PSN Bus iness Services Parsons Corporation United States $26.00-$28.00 27.00 $30.07, up 11.4% 31.75 5.6%

May-19 HHR Bus iness Services HeadHunter Group PLC Russ ia 11.00-13.50 13.50 $14.75, up 16.7% 17.26 9.6%

May-19 FSLY Software Fastly, Inc. United States 14.00-16.00 16.00 $24.00, up 50.0% 20.80 (13.3%)

May-19 UBER Digi ta l Media/Commerce Uber Technologies , Inc. United States 44.00-50.00 45.00 $41.57, down 7.6% 40.41 (2.8%)

Apr-19 PINS Digi ta l Media/Commerce Pinterest, Inc. United States 15.00-17.00 19.00 $24.40, up 28.4% 24.92 2.1%

Apr-19 ZM Software Zoom Video Communications , Inc. United States 33.00-35.00 36.00 $72.00, up 72.2% 79.73 28.6%

Apr-19 JMIA Digi ta l Media/Commerce Jumia Technologies AG Germany 13.00-16.00 14.50 $25.45, up 75.6% 26.62 4.6%

Apr-19 PD Software PagerDuty, Inc. United States 21.00-23.00 24.00 $38.25, up 59.4% 51.40 34.4%

Apr-19 TW Software Tradeweb Markets Inc. United States 24.00-26.00 27.00 $35.81, up 32.6% 45.09 25.9%

Mar-19 LYFT Digi ta l Media/Commerce Lyft, Inc. United States 62.00-68.00 72.00 $78.29, up 8.7% 57.62 (26.4%)

Mar-19 FHL Software Futu Holdings Limited Hong Kong 10.00-12.00 12.00 $15.32, up 27.7% 10.98 (28.3%)

Dec-18 QFIN Software 360 Finance, Inc. China 16.50-18.50 16.50 $16.49, down 0.1% 16.07 (2.5%)

Dec-18 TME Digi ta l Media/Commerce Tencent Mus ic Enterta inment Group China 13.00-15.00 13.00 $14.19, up 9.2% 13.24 (6.7%)

Dec-18 MOGU Digi ta l Media/Commerce MOGU Inc. China 14.00-16.00 12.00 $14.00, up 16.7% 4.95 (64.6%)

Nov-18 WEI Software Weidai Ltd. China 9.00-$11.00 10.50 $10.25, down 2.4% 9.55 (6.8%)

Oct-18 STNE Software StoneCo Ltd. Brazi l 21.00-23.00 24.00 $31.35, up 30.6% 25.20 (19.6%)

Oct-18 SWI Software SolarWinds Corporation United States 15.00-16.00 15.00 15.03, up 0.0% 17.50 16.4%

Oct-18 PLAN Software Anaplan, Inc. United States 13.00-15.00 17.00 24.30, up 42.9% 43.51 79.1%

Oct-18 ESTC Marketing Technology Elastic N.V. United States 33.00-35.00 36.00 70.00, up 94.4% 82.05 17.2%

Oct-18 UPWK Digi ta l Media/Commerce Upwork Inc. United States 12.00-14.00 15.00 21.18, up 41.2% 14.98 (29.3%)

Sep-18 CTK Digi ta l Media/Commerce CooTek (Cayman) Inc. China 12.00-14.00 12.00 9.44, down 21.3% 9.73 3.1%

Sep-18 EB Marketing Technology Eventbri te, Inc. United States 19.00-21.00 23.00 36.5, up 58.7% 15.66 (57.1%)

Sep-18 FTCH Digi ta l Media/Commerce Farfetch Limited United Kingdom 17.00-19.00 20.00 28.45, up 42.3% 20.05 (29.5%)

Sep-18 NYSE: LAIX Digi ta l Media/Commerce LAIX Inc. China 11.50-13.50 12.50 12.65, up 1.2% 9.75 (22.9%)

Sep-18 QTT Digi ta l Media/Commerce Qutoutiao Inc. China 7.00-9.00 7.00 15.97, up 128.1% 4.44 (72.2%)

Sep-18 SVMK Marketing Technology SVMK Inc. United States 9.00-11.00 12.00 17.24, up 43.7% 17.20 (0.2%)

Jul -18 JG Software Aurora Mobi le Limited China 8.50-10.50 8.50 $8.80, up 3.5% 7.06 (19.8%)

Jul -18 CANG Digi ta l Media/Commerce Cango Inc. China 10.00-12.00 11.00 12.52, up 13.8% 5.20 (58.5%)

Jul -18 DAVA Bus iness Services Endava plc United Kingdom 17.00-19.00 20.00 25.2, up 26.0% 37.44 48.6%

Jul -18 OPRA Digi ta l Media/Commerce Opera Limited Norway 10.00-12.00 12.00 13.11, up 9.3% 11.47 (12.5%)

Jul -18 PDD Digi ta l Media/Commerce Pinduoduo Inc. China 16.00-19.00 19.00 26.70, up 40.5% 19.42 (27.3%)

Jul -18 TENB Software Tenable Holdings , Inc. United States 20.00-22.00 23.00 30.25, up 31.5% 27.85 (7.9%)

Jun-18 AVLR Software Avalara , Inc. United States 21.00-23.00 24.00 44.94, up 87.3% 67.64 50.5%

Jun-18 DOMO Software Domo, Inc. United States 19.00-22.00 21.00 27.30, up 30.0% 33.50 22.7%

Jun-18 EVER Digi ta l Advertis ing EverQuote, Inc. United States 15.00-17.00 18.00 18.02, up 0.1% 11.34 (37.1%)

Jun-18 IIIV Software i3 Vertica ls , Inc. United States 11.00-13.00 13.00 18.35, up 41.2% 25.57 39.3%

Jun-18 UXIN Digi ta l Media/Commerce Uxin Limited China 10.50-12.50 9.00 9.67, up 7.4% 2.30 (76.2%)


Observations:

• Follow-on market activities track broader market direction

• Better known, more liquid issuers using accelerating formats

• Average discount to last sale of (3.6%) for May deals vs (2.4%) for April deals

Indicates Canaccord Genuity Transaction

Sources: Dealogic, Capital IQ as of 05/31/19. Past performance is no guarantee of future results.Represents issuers with deal values >$10MM and market cap between $125MM and $7.5B.

Pricing Amount Mkt Cap % Mkt %

Issuer Date Offered ($mm) at Offer Cap @ Offer Primary Last Sale Filing Price Offer + 1 Day Offer/Current

Ceridian 05/21/19 $404.0 $7,211.0 5.6% 0.0% (1.4%) (1.4%) 1.1% (2.6%)

Mercury Systems 05/22/19 476.1 3,437.9 13.8% 100.0% (2.8%) (5.3%) (0.3%) (0.3%)

SolarWinds 05/22/19 270.0 5,578.0 4.8% 0.0% (6.0%) (6.1%) (1.6%) (2.8%)

Carvana 05/21/19 273.0 2,959.7 9.2% 100.0% (3.0%) (3.3%) 0.2% (11.0%)

Veoneer 05/22/19 420.0 1,568.8 26.8% 100.0% (2.6%) (7.5%) 0.0% (9.0%)

Waitr Holdings 05/16/19 50.0 546.1 9.2% 100.0% (5.3%) (5.3%) 0.7% (5.4%)

Dasan Zhone Solutions 05/16/19 46.0 165.7 27.8% 100.0% (2.3%) (2.3%) 7.5% 34.2%

Upland Software 05/08/19 159.4 949.9 16.8% 100.0% (5.2%) (9.6%) 10.7% 11.4%

Endava 04/17/19 156.7 1,382.4 11.3% 0.0% (2.3%) (2.5%) 10.1% 37.4%

EVO Payments 04/03/19 152.4 719.5 21.2% 100.0% (2.4%) (9.3%) 5.4% 11.1%

Ceridian 03/19/19 656.5 6,986.4 9.4% 0.0% (0.6%) (1.7%) (1.1%) (2.6%)

Yext 03/18/19 150.5 2,350.0 6.4% 100.0% (6.5%) (6.5%) 2.5% (14.6%)

eGain 03/14/19 22.0 347.7 6.3% 100.0% (11.7%) (11.7%) 0.8% (28.4%)

Pluralsight 03/06/19 456.1 4,051.2 11.3% 0.0% (1.2%) (11.3%) (1.0%) 8.9%

ShotSpotter 03/06/19 17.8 517.3 3.4% 64.8% (2.5%) (2.5%) (1.6%) (0.5%)

Bandwidth 03/06/19 156.0 733.5 21.3% 100.0% (1.7%) (6.0%) 12.8% 33.8%

BlackLine 03/04/19 236.9 2,739.6 8.6% 0.0% (2.7%) (2.7%) (0.5%) 6.0%

Benefitfocus 02/28/19 275.3 1,572.7 17.5% 0.0% (1.8%) (16.5%) (4.6%) (41.2%)

HubSpot 02/14/19 354.8 6,742.5 5.3% 100.0% (4.0%) (4.0%) 0.7% 5.0%

eHealth 01/23/19 133.9 996.1 13.4% 100.0% (5.5%) 6.7% 12.6% 45.5%

Everbridge 01/15/19 146.1 1,671.4 8.7% 100.0% (2.0%) 0.0% (1.8%) 42.3%

Angi Homeservices 12/11/18 24.7 1,244.3 2.0% 0.0% (1.3%) (1.3%) 4.3% (12.1%)

Sabre Corp 11/26/18 581.5 6,929.6 8.4% 0.0% (0.9%) (0.9%) 1.6% (18.7%)

Internap 10/19/18 40.0 222.7 18.0% 100.0% (14.0%) (14.0%) (5.8%) (72.6%)

Cision 09/12/18 192.0 2,146.3 8.9% 0.0% (2.6%) (11.1%) (0.5%) (31.4%)

Appian 08/20/18 70.3 2,236.6 3.1% 83.8% (3.0%) (3.0%) (5.4%) 2.8%

PROS Holdings 08/15/18 148.6 1,164.6 12.8% 100.0% (4.4%) (14.5%) 2.2% 66.8%

SailPoint 08/15/18 446.7 2,510.0 17.8% 0.0% (1.4%) (0.6%) 0.3% (37.8%)

Maxwell Technologies 08/08/18 24.7 128.0 19.3% 100.0% (9.7%) (9.7%) 13.5% (100.0%)

Sabre 08/07/18 372.8 6,947.5 5.4% 0.0% (1.6%) (1.6%) 1.1% (18.4%)

Teladoc 07/24/18 352.7 4,430.2 8.0% 95.0% (3.7%) (3.7%) (0.2%) (13.3%)

Carbonite 07/18/18 235.6 1,081.8 21.8% 87.2% (0.9%) (2.3%) (1.3%) (36.9%)

Adesto 07/10/18 46.2 145.9 31.7% 100.0% (11.8%) (31.8%) 0.0% 25.5%

Trupanion 06/21/18 69.0 1,250.0 5.5% 100.0% (19.7%) (19.7%) 21.4% (11.1%)

Yatra Online 06/21/18 57.0 185.0 30.8% 100.0% (13.4%) (23.3%) 6.0% (22.2%)

Globant 06/21/18 348.0 1,886.0 18.5% 0.0% (1.6%) (8.8%) 7.8% 78.5%

Veritone 06/21/18 35.0 351.0 10.0% 100.0% (16.7%) (16.7%) (0.1%) (50.9%)

Cision 06/14/18 180.0 2,057.0 8.8% 0.0% (4.7%) (10.9%) 0.1% (26.8%)

Asure Software 06/14/18 50.0 233.0 21.5% 80.0% (5.4%) (5.4%) 1.2% (63.3%)

Sabre 06/05/18 368.0 6,982.0 5.3% 0.0% (3.0%) (3.0%) 0.4% (17.4%)

Mean: $216.4 $2,384.0 12.9% 60.3% (4.8%) (7.3%) 2.5% (6.1%)

Median: $158.0 $1,570.7 9.7% 97.5% (2.9%) (5.3%) 0.5% (7.2%)

Premium/Discount to: Aftermarket Performance


Transaction Distribution

• A total of 746 deals were announced in May 2019 of which 326 were worth $35.4 billion in aggregate reported value

• Software accounted for nearly 40 percent of transactions with 286 deals announced – 160 of which reported $14.7 billion in value

• Business & IT Services was the second most active segment, with 124 transactions announced – 19 of which were valued at $2.5 billion

• Strategic buyers announced 387 deals (60 reported $15.3 billion in value)

• VC/Growth Capital investors announced 320 transactions (254 reported $12.5 billion in value)

• Private Equity buyers announced 39 deals during the month (12 reported $7.6 billion in value)

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

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

Software 286 38% $14,733.9 42% 112 $4,667.6 8 $4,080.0 166 $5,986.3

Business Services 124 17% $2,499.9 7% 91 $683.6 10 $1,020.0 23 $796.3

Marketing Technology 122 16% $1,663.4 5% 65 $879.5 6 - 51 $783.9

Digital Media/Commerce 95 13% $6,577.1 19% 36 $2,107.6 4 - 55 $4,469.5

Agency & Marketing Services 45 6% $761.3 2% 38 $42.4 5 $718.9 2 -

Traditional Media 32 4% $4,739.5 13% 26 $3,913.7 3 $740.8 3 $85.0

Information 23 3% $3,111.6 9% 9 $3,015.3 1 - 13 $96.3

Digital Advertising 19 3% $1,275.7 4% 10 $23.0 2 $1,000.0 7 $252.7

Total 746 100% 35,362.3 100% 387 15,332.6 39 7,559.7 320 12,470.0

May 2019

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


685713

726 671 868 669 546

747 626

646

$27.9

748

$30.5

$35.5

$68.1

$46.3

$62.6

$37.2 $42.7

$71.4

$42.4

$71.4

739

$30.5 ,

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19

Page 20

Transaction Distribution

• M&A total deal activity was up nine percent compared with May of last year

• Significant transactions completed during the month included:

‒ BC Partners’ sale of Germany-based financial intelligence platform Acuris to ION Investment Group for $1.7 billion

‒ Edgewell’s $1.3 billion acquisition of online shaving product company Harry’s

‒ Golden Gate Capital’s $1.2 billion purchase of hospital billing software Ensemble Health Partners from Mercy Health

‒ The sale of Luxembourg-based television operator M7 Group to Canal + SA for $1.1 billion

‒ Internet Brands’ sale of auto-focused marketing solutions company Autodata to Thoma Bravo for a reported $1 billion

CA

Technologies

/ Broadcom

Tribune First Data/

Fiserv Ultimate

Software

Worldpay/

Fidelity

Global

Payments/

TSYS

Regional Sports

Networks/

Sinclair

GithubSedgwick

*Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include Microsoft’s $7.5 billion TEV acquisition of GitHub, Broadcom’s

$18.4 billion acquisition of CA Technologies, Carlyle Group’s $6.7 billion acquisition of Sedgwick Management Services, IBM’s pending $34 billion acquisition of Red Hat, SAP’s $8 billion acquisition of Qualtrics,

Nexstar’s pending $6.4 billion acquisition of Tribune Media, Fiserv’s pending $22 billion acquisition of First Data Corporation, Ultimate Software’s $11 billion sale to a consortium of buyers, and Fidelity’s pending

$35.2 billion acquisition of Worldpay, Disney’s pending sale of 21 regional sports networks to Sinclair Broadcast Group for $10.6 Billion, and TSYS’ pending $22.1 billion acquisition of Global Payments.

Red Hat/

IBM

Qualtrics




• Of the 95 transactions recorded in the Digital Media/Commerce segment in May, 54 announced $6.6 billion in reported value

• E-commerce was the most active across all subsegments, with 53 transactions announced, of which 37 were reported for $6.2 billion, including:

‒ Softbank’s $1 billion investment in Colombia-based delivery app Rappi

‒ The $600 million round of funding food delivery platform DoorDash raised at a $12.6 billion valuation from Darsana Capital Partners, Sands

Capital, Coatue Management, Dragoneer, DST Global, Sequoia Capital, Softbank Vision Fund, and Temasek.

‒ Axel Springer’s $415 million sale of the Netherlands-based vacation rental company Leisure Group to OYO

• Select Digital Media/Commerce transactions include:

‒ The sale of restaurant reservation app developer Resy to American Express

‒ The $123 million round of funding neighborhood-focused social media platform raised from Riverwood Capital, Benchmark, Tiger Global, and

Kleiner Perkins



Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 127 $5,306.3 116 $7,129.2 522 $28,887.8 36 $2,107.6

Private Equity - Buyout 9 3,555.5 10 220.0 39 4,472.7 4 0.0

Private Equity - VC/Growth Capital 243 17,007.6 162 12,568.7 890 64,117.4 55 4,469.5

Total 379 $25,869.4 288 $19,917.9 1,451 $97,477.9 95 $6,577.1

DIGITAL MEDIA/COMMERCE

May-194Q18 1Q19 LTM

$10.1

$6.3

$14.3

$10.3

$7.7 $8.4

$9.7

$5.8

$3.1

$11.0

$4.1

$6.6

147 137 157 137 147 13399 105 86 97 100 95

10

30

50

70

90

110

130

150

170

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0


Driven by your success.Page 22*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Stock Price Change % From Equity Enterprise

Company Name 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Alphabet Inc. $1,106.50 -15% $ 767,181.3 $ 665,965.3 $ 142,012.0 $ 42,142.0 29.7% 21.1% 4.7x 15.8x

Apple Inc. 175.07 -25% 805,510.2 838,048.2 258,490.0 77,345.0 29.9% 4.5% 3.2x 10.8x

Facebook, Inc. 177.47 -19% 506,586.1 468,553.1 58,949.0 27,460.0 46.6% 32.2% 7.9x 17.1x

Fitbit, Inc. 4.63 -41% 1,180.7 667.0 1,536.0 (128.0) NM -1.8% 0.4x NM

Glu Mobile Inc. 7.98 -32% 1,159.1 1,099.9 381.0 6.6 1.7% 22.3% 2.9x NM

GoPro, Inc. 6.30 -18% 967.2 1,060.0 1,188.7 (4.5) NM 2.2% 0.9x NM

IAC/InterActiveCorp 220.85 -9% 18,573.1 19,741.7 4,373.7 811.1 18.5% 23.5% 4.5x 24.3x

j2 Global, Inc. 84.29 -8% 4,125.0 4,987.9 1,226.6 462.6 37.7% 7.2% 4.1x 10.8x

Leaf Group Ltd. 7.19 -40% 185.9 176.1 155.3 (17.2) NM 14.6% 1.1x NM

The Meet Group, Inc. 3.87 -38% 291.5 311.5 190.5 25.3 13.3% 34.8% 1.6x 12.3x

Netflix, Inc. 343.28 -19% 150,088.9 157,932.9 16,614.5 1,705.4 10.3% 30.2% 9.5x 92.6x

Pinterest, Inc. 24.92 -29% 13,520.0 14,505.6 826.5 (42.8) NM 0.0% 17.6x NM

RealNetworks, Inc. 1.87 -52% 71.0 63.5 89.3 (23.6) NM 13.5% 0.7x NM

Remark Holdings, Inc. 1.00 -84% 43.0 71.0 81.8 (16.6) NM 13.6% 0.9x NM

Roku, Inc. 90.40 -6% 10,253.0 10,063.3 812.6 (9.6) NM 47.9% 12.4x NM

Snap Inc. 11.89 -18% 15,933.4 15,100.0 1,270.2 (1,067.4) NM 40.2% 11.9x NM

TheStreet, Inc. 6.19 -75% 39.7 (75.3) 53.1 (4.8) NM 10.5% NM 15.5x

Twitter, Inc. 36.44 -24% 27,939.7 24,966.0 3,164.4 806.7 25.5% 23.6% 7.9x 30.9x

Upwork Inc. 14.98 -40% 1,605.3 1,533.0 263.1 (5.2) NM 22.9% 5.8x NM

Zynga Inc. 6.29 -2% 5,882.9 5,765.7 964.4 7.7 0.8% 10.2% 6.0x NM

Average 5.3x 14.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (51.6x)

US-Based Digital Media and Internet

Last Twelve Months Multiples Last Twelve Months




Stock Price Change % From Equity Enterprise Last Twelve Months Multiples

Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Baidu, Inc. China $110.00 -60% $ 38,501.7 $ 30,008.5 $ 15,956.4 $ 4,309.4 27.0% 18.0% 1.9x 7.0x

Bilibili Inc. * China 13.50 -41% 4,402.7 3,815.1 690.5 (34.9) NM 59.1% 5.5x NM

CyberAgent, Inc. Japan 38.46 -40% 4,843.6 4,747.5 3,972.6 307.0 7.7% 10.3% 1.2x 15.5x

DeNA Co., Ltd. Japan 20.17 -2% 2,931.3 2,032.0 1,120.1 189.9 17.0% -11.0% 1.8x 10.7x

G5 Entertainment AB (publ) Sweden 9.57 -85% 86.0 71.4 149.2 15.3 10.2% 8.6% 0.5x 4.7x

Gree, Inc. Japan 4.53 -25% 1,067.5 273.6 654.3 59.6 9.1% -7.3% 0.4x 4.6x

HolidayCheck Group AG * Germany 3.02 -32% 172.9 150.6 160.6 2.3 1.4% 7.7% 0.9x 65.6x

HUYA Inc. * China 21.37 -58% 4,659.3 3,729.4 812.2 10.2 1.3% 107.3% 4.6x NM

International Game Technology PLC United Kingdom 13.00 -51% 2,657.1 10,707.3 4,767.5 1,406.2 29.5% -4.5% 2.2x 7.6x

iQIYI, Inc. China 18.23 -61% 13,218.9 13,251.6 4,038.0 1,093.1 27.1% 42.9% 3.3x 12.1x

mixi, Inc. Japan 21.09 -34% 1,588.9 260.3 1,299.8 379.9 29.2% -23.8% 0.2x 0.7x

Meitu, Inc. * China 0.34 -69% 1,423.0 1,050.5 405.9 (133.3) NM -37.8% 2.6x NM

Ncsoft Corporation South Korea 400.86 -11% 8,257.7 7,254.7 1,405.7 587.9 41.8% -19.8% 5.2x 12.3x

NAVER Corporation South Korea 93.70 -29% 13,697.7 12,444.5 5,090.0 1,024.1 20.1% 18.0% 2.4x 12.2x

NetEase, Inc. China 248.61 -14% 31,812.3 27,144.2 10,629.3 1,847.5 17.4% 30.6% 2.6x 14.7x

NEXON Co., Ltd. Japan 14.88 -11% 13,327.2 8,934.8 2,312.8 1,009.3 43.6% 2.2% 3.9x 8.9x

Opera Limited Norway 11.47 -27% 1,265.0 1,106.1 184.1 50.3 27.3% 28.9% 6.0x 22.0x

Pacific Online Limited China 0.19 -24% 208.1 141.8 148.7 27.5 18.5% 6.1% 1.0x 5.2x

Phoenix New Media Limited * China 3.76 -32% 273.7 128.9 205.2 (23.3) NM -12.0% 0.6x NM

Renren Inc. * China 1.33 -87% 92.6 195.3 498.2 (108.8) NM 185.3% 0.4x NM

Sea Limited * Singapore 28.44 -11% 12,654.9 11,063.8 1,023.8 (935.0) NM 115.4% 10.8x NM

Sogou Inc. China 4.17 -73% 1,631.9 540.5 1,128.5 83.5 7.4% 13.5% 0.5x 6.5x

Spotify Technology S.A. * Luxembourg 125.58 -37% 22,688.3 21,691.6 6,319.9 (29.2) NM 30.1% 3.4x NM

Tencent Music Entertainment * China 13.24 -34% 21,649.4 18,964.2 3,070.1 550.8 17.9% 60.3% 6.2x 34.4x

Weibo Corporation China 41.52 -63% 9,343.5 8,752.6 1,767.8 654.5 37.0% 35.9% 5.0x 13.4x

Wemade Co.,Ltd. * South Korea 28.95 -36% 480.7 412.5 104.3 (40.8) NM 7.1% 4.0x NM

Yandex N.V. Netherlands 35.92 -10% 11,697.6 11,264.3 2,111.9 530.8 25.1% 38.4% 5.3x 21.2x

YY Inc. China 68.45 -46% 5,399.6 3,785.9 2,576.9 407.1 15.8% 37.5% 1.5x 9.3x

Average 3.4x 11.6x


Internationally-based Digital Media and Internet

Last Twelve Months






1-800-FLOWERS.COM, Inc. $21.29 -2% $ 1,365.9 $ 1,255.4 $ 1,219.2 $ 77.6 6.4% 5.0% 1.0x 16.2x

Alphabet Inc. 1,198.96 -8% 828,720.8 727,504.8 142,012.0 42,142.0 29.7% 21.1% 5.1x 17.3x

Amazon.com, Inc. 1,926.52 -6% 948,487.0 980,472.0 241,545.0 29,131.0 12.1% 25.0% 4.1x 33.7x

Apple Inc. 200.67 -14% 924,543.7 957,081.7 258,490.0 77,345.0 29.9% 4.5% 3.7x 12.4x

Blucora, Inc. 35.00 -15% 1,688.9 1,889.7 560.5 105.0 18.7% 10.0% 3.4x 18.0x

Blue Apron Holdings, Inc. 1.03 -75% 200.9 256.2 612.8 (50.6) NM -26.4% 0.4x NM

Booking Holdings Inc. 1,854.99 -16% 81,427.8 83,817.8 14,527.0 5,780.0 39.8% 14.6% 5.8x 14.5x

CarGurus, Inc. 40.74 -29% 4,521.1 4,363.4 454.1 28.2 6.2% 43.3% 9.6x NM

Carvana Co. 71.56 -3% 2,948.4 3,657.0 1,955.5 (197.2) NM 127.7% 1.9x NM

CDW Corporation 105.60 -5% 15,449.5 18,881.6 16,592.0 1,275.4 7.7% 9.3% 1.1x 14.8x

Chegg, Inc. 35.65 -14% 4,226.2 4,051.1 341.5 21.1 6.2% 26.8% 11.9x NM

Copart, Inc. 67.32 0% 15,362.8 15,747.5 1,873.7 714.4 38.1% 14.9% 8.4x 22.0x

eBay Inc. 38.75 -5% 33,771.7 39,305.7 10,809.0 3,062.0 28.3% 5.9% 3.6x 12.8x

Etsy, Inc. 67.54 -8% 8,115.6 7,773.8 603.7 97.8 16.2% 36.8% 12.9x 79.5x

EVINE Live Inc. 0.38 -78% 25.8 76.8 596.6 (7.0) NM -8.0% 0.1x NM

Expedia Group, Inc. 129.84 -7% 19,315.0 22,138.0 11,324.0 1,303.0 11.5% 9.1% 2.0x 17.0x

FTD Companies, Inc. 0.72 -89% 20.3 212.2 1,014.2 22.1 2.2% -6.4% 0.2x 9.6x

Grubhub Inc. 66.79 -55% 6,082.9 6,312.6 1,098.5 142.9 13.0% 44.6% 5.7x 44.2x

IAC/InterActiveCorp 224.84 -4% 18,923.3 19,701.6 4,262.9 819.8 19.2% 28.9% 4.6x 24.0x

Liberty TripAdvisor Holdings, Inc. 14.74 -29% 1,105.6 4,285.6 1,615.0 293.0 18.1% 2.9% 2.7x 14.6x

Liquidity Services, Inc. 6.79 -26% 226.2 157.6 217.4 (15.6) NM -16.5% 0.7x NM

Lyft, Inc. 59.80 -33% 17,095.5 20,209.6 2,156.6 (956.4) NM 103.5% 9.4x NM

Match Group, Inc. 60.40 -4% 16,976.7 18,305.7 1,729.9 587.2 33.9% 30.0% 10.6x 31.2x

Overstock.com, Inc. 13.18 -73% 425.1 365.6 1,821.6 (190.4) NM 4.4% 0.2x NM

PetMed Express, Inc. 21.85 -53% 447.6 354.4 283.4 48.4 17.1% 3.5% 1.3x 7.3x

Qurate Retail, Inc. 17.05 -32% 7,325.7 14,165.7 14,070.0 1,979.0 14.1% 35.2% 1.0x 7.2x

Shutterfly, Inc. 43.83 -56% 1,498.2 2,305.1 2,086.8 219.4 10.5% 74.2% 1.1x 10.5x

Shutterstock, Inc. 40.45 -27% 1,424.5 1,242.0 633.6 55.9 8.8% 9.3% 2.0x 22.2x

Spark Networks SE 14.40 -18% 187.0 187.9 119.7 5.1 4.2% 22.1% 1.6x 37.1x

Stamps.com Inc. 85.80 -70% 1,503.8 1,474.5 586.9 221.0 37.7% 25.2% 2.5x 6.7x

Stitch Fix, Inc. 26.65 -49% 2,664.2 2,387.3 1,371.6 56.3 4.1% 25.3% 1.7x 42.4x

U.S. Auto Parts Network, Inc. 1.02 -51% 36.1 43.3 289.5 1.0 0.3% -4.6% 0.1x 44.1x

Wayfair Inc. 162.15 -7% 14,819.1 14,777.3 7,319.7 (481.3) NM 41.7% 2.0x NM

Average 4.3x 21.0x


US-based e-commerce

Last Twelve Months




Internationally-based e-commerce



58.com Inc. China $57.03 -33% $ 8,473.1 $ 7,935.1 $ 2,040.5 $ 418.5 20.5% 29.8% 3.9x 19.0x

Alibaba Group Holding Limited China 149.26 -29% 386,908.8 393,980.3 56,148.2 12,332.8 22.0% 50.6% 7.0x 31.9x

Cango Inc. China 5.20 -63% 787.3 729.0 177.9 40.8 22.9% 8.0% 4.1x 17.9x

Cnova N.V. * Netherlands 3.79 -21% 1,308.3 1,532.6 2,489.4 29.1 1.2% 6.8% 0.6x 52.7x

Despegar.com, Corp. Argentina 12.00 -52% 812.3 514.5 542.1 70.8 13.1% -5.9% 0.9x 7.3x

Farfetch Limited * United Kingdom 20.05 -38% 6,012.1 5,312.5 650.8 (207.5) NM 53.0% 8.2x NM

JD.com, Inc. * China 25.76 -43% 37,562.9 37,171.7 71,960.9 682.4 0.9% 24.7% 0.5x 54.5x

Jumei International Holding Limited * China 2.42 -17% 286.9 (44.7) 623.6 (13.4) NM -26.3% NM 3.3x

Jumia Technologies AG * Germany 26.62 -47% 2,087.2 1,949.2 150.5 (199.2) NM 0.0% 13.0x NM

LightInTheBox Holding Co., Ltd. * China 1.45 -36% 97.5 111.8 227.5 (36.6) NM -28.9% 0.5x NM

MercadoLibre, Inc. * Argentina 570.52 -7% 28,137.2 26,428.4 1,592.4 20.5 1.3% 25.6% 16.6x NM

MOGU Inc. * China 4.95 -81% 529.1 307.3 160.1 (54.8) NM 10.4% 1.9x NM

Netshoes (Cayman) Limited * Brazil 3.66 -5% 113.7 192.2 455.9 (53.1) NM -1.4% 0.4x NM

PChome Online Inc. * Taiwan 3.83 -25% 449.1 399.5 1,153.3 (21.6) NM 16.0% 0.3x NM

Pinduoduo Inc. * China 19.42 -39% 22,412.8 18,064.4 2,425.7 (1,801.0) NM 426.6% 7.4x NM

Rakuten, Inc. Japan 10.44 -9% 14,126.9 17,137.5 10,287.0 2,197.5 21.4% 17.0% 1.7x 7.8x

Secoo Holding Limited China 7.17 -54% 360.3 385.0 783.3 34.5 4.4% 44.0% 0.5x 11.1x

trivago N.V. Germany 3.68 -51% 1,294.6 1,192.5 969.9 38.3 3.9% -15.9% 1.2x 31.2x

Uxin Limited * China 2.30 -78% 675.2 805.3 482.1 (359.1) NM 72.8% 1.7x NM

Vipshop Holdings Limited China 7.54 -40% 5,017.9 4,371.5 12,809.5 488.4 3.8% 11.9% 0.3x 9.0x

X Financial China 4.29 -79% 666.3 494.5 525.7 213.3 40.6% 48.8% 0.9x 2.3x

Average 6.2x 30.4x


Last Twelve Months Last Twelve Months Multiples


• The Marketing Technology segment announced 122 transactions in May, of which 54 reported $4.1 billion in value

• Select transactions:

‒ Audience View’s purchase of digital box office management software Vendini (A Canaccord Genuity-led transaction)

‒ The acquisition of legal and professional services-focused marketing platform Vuture by CM Group for $410 million

‒ Shopify’s $100 million purchase of B2B e-commerce solution Handshake

‒ The sale of customer management platform and data analytics company Venga to Bookings Holdings

‒ Intuit’s purchase of data integration and analytics platform Origami Logic

‒ The acquisition of identity resolutions solutions company Drawbridge by Microsoft’s LinkedIn business



$5.2

$2.0 $1.9

$7.3

$6.5

$1.3 $1.7

$2.1

$4.9

$2.4

$4.1 $4.1

86 85 72 101 122 83 86 107 106 92 117 122

50

60

70

80

90

100

110

120

130

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0


Number of

Transactions

Reported

Value ($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 120 $3,841.4 141 $2,197.2 520 $16,107.4 65 $879.5

Private Equity - Buyout 9 37.9 10 4,400.0 49 10,789.1 6 2,470.0

Private Equity - VC/Growth Capital 162 5,624.7 153 2,843.0 612 14,851.8 51 783.9

Total 291 $9,504.0 304 $9,440.2 1,181 $41,748.3 122 $4,133.4

MARKETING TECHNOLOGY

4Q18 1Q19 LTM May-19






Adobe Inc. $270.90 -7% $ 132,185.91 $ 133,095.52 $ 9,552.01 $ 3,247.33 34.0% 24.1% 13.9x 41.0x

AppFolio, Inc. 96.40 -3% 3,278.2 3,316.2 204.8 21.8 10.6% 33.0% 16.2x 152.1x

Blackbaud, Inc. 76.92 -36% 3,686.2 4,364.7 860.3 121.6 14.1% 6.5% 5.1x 35.9x

Brightcove Inc. 9.98 -7% 377.6 368.0 165.5 (7.9) NM 3.7% 2.2x NM

Cardlytics, Inc. 22.95 -19% 518.0 528.3 154.0 (34.3) NM 13.0% 3.4x NM

ChannelAdvisor Corporation 9.20 -41% 256.3 228.2 131.3 0.1 0.1% 4.5% 1.7x NM

Cision Ltd. 10.98 -40% 1,628.9 2,912.0 736.9 231.3 31.4% 10.8% 4.0x 12.6x

Eventbrite, Inc. 15.66 -61% 1,262.4 831.0 298.4 (25.5) NM 28.6% 2.8x NM

eBay Inc. 35.93 -12% 31,314.0 36,848.0 10,809.0 3,062.0 28.3% 5.9% 3.4x 12.0x

Endurance International Group 4.45 -59% 649.5 2,483.9 1,134.6 299.3 26.4% -3.3% 2.2x 8.3x

Five9, Inc. 51.35 -11% 3,064.4 2,982.2 273.3 18.7 6.8% 28.8% 10.9x 159.6x

GoDaddy Inc. 74.40 -12% 13,065.3 14,626.4 2,736.9 363.2 13.3% 15.2% 5.3x 40.3x

HubSpot, Inc. 173.28 -10% 7,295.6 6,837.9 550.2 (32.6) NM 34.9% 12.4x NM

IBM Corporation 126.99 -18% 112,594.8 149,817.8 78,701.0 17,119.0 21.8% -1.7% 1.9x 8.8x

LivePerson, Inc. 27.83 -10% 1,703.4 1,655.7 258.0 (11.6) NM 14.1% 6.4x NM

Marin Software Incorporated 2.36 -80% 14.2 21.6 56.7 (18.2) NM -19.1% 0.4x NM

MicroStrategy Incorporated 132.91 -13% 1,360.9 925.6 490.0 (4.1) NM -2.9% 1.9x NM

Nuance Communications, Inc. 17.17 -5% 4,981.9 6,272.4 2,041.5 418.7 20.5% 9.4% 3.1x 15.0x

Oracle Corporation 50.60 -9% 172,933.3 189,792.3 39,831.0 16,336.0 41.0% 1.4% 4.8x 11.6x

PayPal Holdings, Inc. 109.75 -4% 128,948.9 123,098.9 15,894.0 2,815.0 17.7% 15.1% 7.7x 43.7x

PROS Holdings, Inc. 56.70 -1% 2,147.4 2,129.1 205.2 (36.5) NM 16.2% 10.4x NM

salesforce.com, inc. 151.41 -10% 117,308.4 116,333.4 13,282.0 1,524.0 11.5% 26.0% 8.8x 76.3x

Senvion S.A. 0.89 -93% 65.0 329.9 1,676.8 70.0 4.2% -31.6% 0.2x 4.7x

SharpSpring, Inc. 14.58 -31% 158.6 154.9 19.8 (8.0) NM 35.5% 7.8x NM

SVMK Inc. 17.20 -14% 2,237.8 2,377.5 264.5 (108.1) NM 17.9% 9.0x NM

Square, Inc. 61.95 -39% 26,202.8 26,159.5 3,588.9 26.2 0.7% 48.2% 7.3x NM

Tableau Software, Inc. 112.47 -18% 9,692.6 8,906.9 1,191.6 (91.5) NM 29.1% 7.5x NM

Teradata Corporation 34.34 -31% 4,004.9 3,914.9 2,126.0 129.0 6.1% -2.1% 1.8x 30.3x

Verint Systems Inc. 56.75 -11% 3,732.6 4,165.1 1,255.8 181.5 14.5% 7.9% 3.3x 22.9x

Veritone, Inc. 8.84 -64% 179.8 128.9 34.8 (58.2) NM 121.7% 3.7x NM

Zoom Video Communications, Inc. 79.73 -13% 20,691.4 20,689.4 330.5 13.2 4.0% 118.2% 62.6x NM

Zendesk, Inc. 84.25 -7% 9,230.8 9,365.2 650.4 (114.9) NM 39.6% 14.4x NM

Adjust ed Weight ed Average 7.9x 33.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (29.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (90.4x)

US-based Marketing Technology







Baozun Inc. China $39.23 -42% $ 2,269.69 $ 2,351.71 $ 858.01 $ 67.16 7.8% 35.0% 2.7x 35.0x

Bitauto Holdings Limited China 10.74 -65% 753.6 4,251.9 1,660.3 126.5 7.6% 18.8% 2.6x 33.6x

ChinaCache International Holdings Ltd. China 0.88 -47% 23.55 73.95 130.12 (31.96) NM -7.8% 0.6x NM

MercadoLibre, Inc. Argentina 570.52 -7% 28,137.2 26,428.4 1,592.4 20.5 1.3% 25.6% 16.6x NM

Open Text Corporation Canada 39.72 -3% 10,671.9 12,524.2 2,875.8 882.0 30.7% 5.6% 4.4x 14.2x

Shopify Inc. Canada 274.90 -4% 30,642.0 28,749.1 1,179.4 (84.9) NM 55.1% 24.4x NM

The Sage Group plc United Kingdom 9.43 -3% 10,242.0 10,774.5 2,479.5 682.4 27.5% 7.3% 4.3x 15.8x

United Internet AG Germany 35.68 -45% 7,146.9 9,690.0 5,775.8 1,327.2 23.0% 13.7% 1.7x 7.3x

Weborama SA France 5.68 -60% 23.2 19.9 42.5 (1.9) NM 3.5% 0.5x NM

Wix.com Ltd. Israel 137.34 -5% 6,848.1 6,504.7 640.2 (27.6) NM 36.0% 10.2x NM



Last Twelve Months Multiples

Internationally-based Marketing Technology

Last Twelve Months


• A total of 19 transactions were announced in the Digital Advertising segment, of which six were valued at $1.3 billion

• Strategic transactions represent more than half of segment activity


‒ TV and digital video advertising solution VideoAmp $70 million round of funding from The Raine Group and Ankona Capital

‒ The investment South Africa-based online travel price comparison platform Travelstart received from HarbourVest

‒ The sale of wedding venue sourcing platform Wedding Spot to Cvent

‒ Aware Ads’ purchase of mobile content marketing company AdMobo



$0.9

$1.6

$0.2

$0.4

$1.4

$0.3 $0.3 $0.3 $0.3 $0.3

$0.7

$1.3

23 33 27 21 27 15 14 18 17 18 16 1910

15

20

25

30

35

$-

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8


Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 30 $649.3 32 $318.9 140 $3,445.2 10 $23.0

Private Equity - Buyout 2 108.5 3 27.5 11 1,136.0 2 1,000.0

Private Equity - VC/Growth Capital 24 1,179.5 18 455.3 97 3,109.2 7 252.7

Total 56 $1,937.3 53 $801.7 248 $7,690.4 19 $1,275.7

DIGITAL ADVERTISING





US-based Digital Advertising



Alliance Data Systems Corporation $137.50 -45% $ 7,202.7 $ 27,787.9 $ 7,743.7 $ 1,836.0 23.7% 7.2% 3.6x 15.1x

Alphabet Inc. 1,106.50 -15% 767,181.3 665,965.3 142,012.0 42,142.0 29.7% 21.1% 4.7x 15.8x

ANGI Homeservices Inc. 14.42 -40% 7,304.1 7,357.8 1,180.4 232.2 19.7% 40.4% 6.2x 31.7x

AutoWeb, Inc. 3.47 -31% 45.6 38.8 124.8 (14.5) NM -9.0% 0.3x NM

Care.com, Inc. 14.29 -45% 464.1 420.5 198.3 11.6 5.8% 11.4% 2.1x 36.3x

CarGurus, Inc. * 34.16 -40% 3,799.9 3,722.0 490.8 29.6 6.0% 40.9% 7.6x 125.8x

DHI Group, Inc. 3.44 -23% 189.3 219.1 155.6 22.0 14.1% -21.7% 1.4x 10.0x

EverQuote, Inc. 11.34 -49% 289.1 251.4 174.9 (16.3) NM 29.3% 1.4x NM

Facebook, Inc. 177.47 -19% 506,586.1 468,553.1 58,949.0 27,460.0 46.6% 32.2% 7.9x 17.1x

Fluent, Inc. 4.88 -35% 373.5 420.9 260.9 32.5 12.5% 19.4% 1.6x 12.9x

Groupon, Inc. 3.53 -36% 2,005.7 1,730.8 2,588.6 148.6 5.7% -7.4% 0.7x 11.6x

Inuvo, Inc. 0.69 -61% 22.5 26.0 68.3 (3.3) NM -17.6% 0.4x NM

LendingTree, Inc. 375.74 -6% 4,839.2 5,226.9 846.2 108.5 12.8% 27.0% 6.2x 48.2x

QuinStreet, Inc. 15.33 -23% 768.8 701.8 444.7 16.3 3.7% 18.8% 1.6x 43.1x

Quotient Technology Inc. 10.57 -34% 990.0 873.5 398.3 16.1 4.0% 18.4% 2.2x 54.2x

Redfin Corporation 15.76 -39% 1,434.0 1,215.9 517.2 (66.1) NM 32.6% 2.4x NM

Snap Inc. 11.89 -18% 15,933.4 15,100.0 1,270.2 (1,067.4) NM 40.2% 11.9x NM

Telaria, Inc. 7.50 -18% 342.2 339.0 59.2 (10.2) NM 25.2% 5.7x NM

The Rubicon Project, Inc. 5.50 -27% 284.7 218.1 132.2 (20.2) NM -1.6% 1.6x NM

The Trade Desk, Inc. * 198.81 -15% 8,812.2 8,673.9 512.6 113.5 22.1% 50.5% 16.9x 76.4x

TiVo Corporation 7.20 -52% 898.9 1,648.3 664.3 138.9 20.9% -18.0% 2.5x 11.9x

Travelzoo 17.01 -26% 201.8 198.6 111.3 11.1 10.0% 2.1% 1.8x 17.9x

TripAdvisor, Inc. 42.27 -39% 5,876.8 5,237.8 1,613.0 247.0 15.3% 3.3% 3.2x 21.2x

TrueCar, Inc. 6.52 -55% 686.5 555.0 358.1 (22.4) NM 9.0% 1.5x NM

Twitter, Inc. 36.44 -24% 27,939.7 24,966.0 3,164.4 806.7 25.5% 23.6% 7.9x 30.9x

Yelp Inc. 30.73 -41% 2,412.3 2,050.0 955.6 52.5 5.5% 9.1% 2.1x 39.1x

Yext, Inc. 18.36 NA 2,040.0 1,792.5 246.0 (70.8) NM 33.6% 7.3x NM

Zillow Group, Inc. 42.33 -35% 8,781.8 8,368.2 1,487.8 (31.2) NM 31.6% 5.6x NM

Average 7.8x 18.3x


Last Twelve Months




Internationally-based Digital Advertising



Cliq Digital AG Germany $2.68 -55% $ 16.5 $ 26.2 $ 66.6 $ 3.9 5.8% -17.5% 0.4x 6.8x

Criteo S.A. France 18.36 -50% 1,185.9 1,036.7 2,294.3 223.4 9.7% -2.1% 0.5x 4.6x

iClick Interactive Asia Group Limited Hong Kong 3.90 -53% 222.3 228.4 164.0 (25.2) NM 21.8% 1.4x NM

MakeMyTrip Limited India 23.50 -44% 2,419.1 2,108.1 486.0 (126.1) NM -28.0% 4.3x NM

Matomy Media Group Ltd. Israel 0.06 -90% 5.7 24.0 88.7 11.4 12.9% -54.4% 0.3x 2.1x

Metaps Inc. Japan 10.19 -68% 137.9 106.3 135.8 13.1 9.6% -17.1% 0.8x 8.1x

Pacific Online Limited China 0.19 -24% 208.1 141.8 148.7 27.5 18.5% 6.1% 1.0x 5.2x

Perion Network Ltd. Israel 3.10 -23% 80.1 91.6 245.8 23.2 9.4% -9.9% 0.4x 4.0x

Rightmove plc * United Kingdom 7.30 -1% 6,474.2 6,465.5 341.3 257.5 75.4% 10.1% 18.9x 25.1x

Septeni Holdings Co., Ltd. * Japan 2.96 -24% 374.6 236.9 141.3 10.8 7.6% 1.9% 1.7x 22.0x

Taptica International Ltd. Israel 1.75 -65% 224.7 170.8 276.9 36.8 13.3% 31.3% 0.6x 4.6x

Tencent Holdings Limited * China 41.59 -24% 393,292.00 401,184.73 48,368.65 17,601.62 36.4% 24.0% 8.3x 22.8x

TradeDoubler AB (publ) Sweden 0.37 -37% 16.51 28.87 128.49 2.93 2.3% 5.9% 0.2x 9.9x

XLMedia PLC Cyprus 0.65 -71% 132.5 92.5 117.9 36.9 31.3% -14.4% 0.8x 2.5x

Yandex N.V. * Netherlands 35.92 -10% 11,697.6 11,264.3 2,111.9 530.8 25.1% 38.4% 5.3x 21.2x

Average 3.0x 9.7x




• With 45 transactions, activity in the Agency & Marketing Services segment was up 22 percent from May of last year

• Digital Agency was the most active subsegment and accounted for 30 percent of segment activity with 14 deals announced


‒ The pending investment by New Mountain Capital in healthcare-focused communications company W2O, previously a portfolio company of

Mountaingate Capital (A CG Petsky Prunier-Led Transaction)

‒ Erie Street Capital and PSP Capital’s investment in independent digital marketing agency 3Q (A CG Petsky Prunier-Led Transaction)

‒ The sale of health communications agency KYNE to Huntsworth

‒ The acquisition of Netherlands-based media buying agency Pervorm by Deloitte

‒ KPMG’s purchase of Australia-based, UX-focused agency Love Agency



Note: Deal values are not included in chart, as the majority of Agency & Marketing Services transactions were reported without a value

31 59 39 37 61 42 44 61 53 38 55 45 -

10

20

30

40

50

60

70


# o

f de

als

Number of

Transactions

Reported

Value ($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 136 $641.3 136 $244.0 500 $12,142.8 38 $42.4

Private Equity - Buyout 6 278.0 6 0.0 33 1,880.1 5 718.9

Private Equity - VC/Growth Capital 5 29.8 10 48.9 32 506.1 2 0.0

Total 147 $949.1 152 $292.9 565 $14,529.0 45 $761.3

AGENCY/MARKETING SERVICES





Stock Price Chg % From Equity Enterprise


Cello Health plc United Kingdom $1.69 -5% $ 177.7 $ 169.7 $ 211.0 $ 15.5 7.3% -2.8% 0.8x 10.9x

Dentsu Inc. Japan 32.66 -38% 9,207.2 12,731.3 9,268.0 1,499.3 16.2% NM 1.4x 8.5x

Enero Group Limited Australia 0.92 -12% 77.7 52.9 165.2 13.8 8.3% 41.7% 0.3x 3.8x

Hakuhodo DY Holdings Inc Japan 15.71 -17% 5,862.3 5,434.5 13,045.9 698.7 5.4% 8.3% 0.4x 7.8x

Huntsworth plc United Kingdom 1.26 -30% 462.4 577.9 286.7 47.9 16.7% 14.2% 2.0x 12.1x

M&C Saatchi plc * United Kingdom 4.48 -12% 398.2 410.5 538.4 29.5 5.5% 68.0% 0.8x 13.9x

MDC Partners Inc. United States 2.80 -53% 201.3 1,627.1 1,478.0 175.8 11.9% -1.2% 1.1x 9.3x

Next Fifteen Communications Group plc United Kingdom 7.27 -8% 618.4 629.4 357.9 52.2 14.6% 16.5% 1.8x 12.1x

Omnicom Group Inc. United States 77.36 -8% 17,032.2 21,528.2 15,129.5 2,341.4 15.5% -1.2% 1.4x 9.2x

OPT Holding, Inc. * Japan 12.72 -61% 291.2 244.6 776.1 17.8 2.3% 1.8% 0.3x 13.8x

Publicis Groupe S.A. France 54.51 -20% 12,604.7 14,583.3 10,269.1 1,989.9 19.4% -3.9% 1.4x 7.3x

The Interpublic Group of Companies, Inc. United States 21.22 -15% 8,213.0 13,206.4 8,262.4 1,308.2 15.8% 9.1% 1.6x 10.1x

UDG Healthcare plc * Ireland 8.98 -21% 2,235.5 2,302.3 1,296.5 167.2 12.9% -1.5% 1.8x 13.8x

WPP plc United Kingdom 11.88 -29% 14,987.1 20,591.1 19,885.5 2,346.0 11.8% -1.3% 1.0x 8.8x

1.3x 8.7xAdjust ed Weight ed Average








Aimia Inc. Canada 2.59 -24% 304.1 49.5 117.3 (84.7) NM #VALUE! 0.4x NM

Alliance Data Systems Corporation United States 137.50 -45% 7,202.7 27,787.9 7,743.7 1,836.0 23.7% 7.2% 3.6x 15.1x

Fluent, Inc. United States 4.88 -35% 373.5 420.9 260.9 32.5 12.5% 19.4% 1.6x 12.9x

CSG Systems International, Inc. United States 44.85 -10% 1,431.5 1,734.3 918.1 152.8 16.6% 14.9% 1.9x 11.4x

Deluxe Corporation United States 37.20 -47% 1,623.3 2,556.9 2,005.2 449.0 22.4% 1.8% 1.3x 5.7x

Fair Isaac Corporation * United States 295.90 -2% 8,578.1 9,323.6 1,084.3 249.6 23.0% 11.5% 8.6x 37.4x

Harte Hanks, Inc. United States 2.92 -76% 18.3 50.2 262.6 (16.2) NM -29.1% 0.2x NM

High Co. SA France 5.68 -15% 119.0 64.1 199.0 20.3 10.2% 16.5% 0.3x 3.2x

Pitney Bowes Inc. United States 3.65 -62% 659.6 3,181.2 3,494.2 513.8 14.7% 6.6% 0.9x 6.2x

Points International Ltd. Canada 11.96 -34% 163.8 100.6 383.1 12.7 3.3% 8.0% 0.3x 7.9x

Viad Corp United States 62.84 -1% 1,274.6 1,562.8 1,304.4 132.2 10.1% 3.6% 1.2x 11.8x

2.5x 12.5xAdjust ed Weight ed Average




• Of the 34 transactions recorded in the Traditional Media segment in May, 11 announced $4.7 billion in reported value

• Entertainment Media was the most active subsegment, with 12 transactions

• Select transactions from the segment included:

‒ NASCAR’s $2 billion acquisition of motorsports event promoter International Speedway

‒ UK-based B2B media company Tarsus Group’s sale to Charterhouse Capital for $735.3 million

‒ The acquisition of sports betting and gaming company Superbet by Blackstone Group for $196.3 million

‒ Meredith’s sale of sports and entertainment magazine Sports Illustrated to Authentic Brands Group for $110 million

‒ Discovery’s purchase of golf media company Golf Digest from Conde Nast



Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 59 $2,108.4 77 $8,792.7 267 $25,423.3 26 $3,913.7

Private Equity - Buyout 6 1,060.0 6 0.0 24 2,665.8 3 740.8

Private Equity - VC/Growth Capital 10 847.4 8 252.6 44 1,733.3 5 126.0

Total 75 $4,015.8 91 $9,045.3 335 $29,822.4 34 $4,780.5

TRADITIONAL MEDIA


$5.7

$3.5

$1.1 $0.7

$2.0 $1.5

$0.6 $1.0

$0.5

$7.5

$1.2

$4.7

28 27 32 19 33 2616 32

33

27

32

34

-45

5

55

105

155

205

255

305

355

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0







CBS Corporation United States $48.28 -19% $ 18,100.3 $ 27,993.3 $ 14,920.0 $ 3,125.0 20.9% 5.7% 1.9x 9.0x

Discovery, Inc. United States 27.26 -22% 18,852.5 37,081.5 10,953.0 5,081.0 46.4% 44.7% 3.4x 7.3x

Fox Corporation United States 34.71 -16% 21,861.1 25,940.1 11,270.0 2,601.0 23.1% 0.0% 2.3x 10.0x

Viacom Inc. United States 29.03 -16% 11,957.8 20,732.8 12,770.0 3,031.0 23.7% -1.0% 1.6x 6.8x

The Walt Disney Company * United States 132.04 -7% 237,632.2 299,989.2 59,760.0 17,075.0 28.6% 5.0% 5.0x 17.6x



B-to-B Media



Ascential plc United Kingdom $4.84 -18% $ 1,947.7 $ 2,086.2 $ 444.2 $ 112.5 25.3% 19.0% 4.7x 18.5x

Centaur Media Plc United Kingdom $0.70 -6% 101.0 100.9 89.9 6.5 7.2% 9.0% 1.1x 15.5x

Emerald Expositions Events, Inc. United States $11.70 -46% 840.7 1,404.1 375.9 139.9 37.2% 8.0% 3.7x 10.0x

Euromoney Institutional Investor PLC United Kingdom $16.35 -11% 1,759.6 1,722.6 502.8 253.8 50.5% -1.9% 3.4x 6.8x

Informa plc United Kingdom 9.80 -11% 12,261.3 15,891.3 3,020.0 939.4 31.1% 34.9% 5.3x 16.9x

MCH Group AG Switzerland 17.32 -67% 104.0 253.4 524.6 42.8 8.2% 6.2% 0.5x 5.9x

ITE Group plc United Kingdom 0.99 -47% 743.7 910.8 271.0 49.6 18.3% 31.4% 3.4x 18.4x

Tarsus Group plc Ireland 5.46 0% 669.5 780.1 127.1 41.9 32.9% -15.2% 6.1x 18.6x

TechTarget, Inc. * United States 18.90 -45% 521.6 538.7 124.0 23.0 18.5% 10.4% 4.3x 23.4x



Radio Broadcasting

Stock Price Chg % From Equity Enterprise Last Twelve Months Multiples


Beasley Broadcast Group, Inc. United States $3.17 -74% $ 88.3 $ 355.1 $ 260.0 $ 44.4 17.1% 11.3% 1.4x 8.0x

Emmis Communications Corporation United States 3.60 -37% 47.2 150.8 114.1 12.8 11.2% -23.1% 1.3x 11.8x

Entercom Communications Corp. United States 5.79 -33% 825.7 2,762.9 1,471.0 303.8 20.7% 85.2% 1.9x 9.1x

Salem Media Group, Inc. United States 2.03 -68% 53.2 368.4 259.5 37.3 14.4% -1.2% 1.4x 9.9x

Sirius XM Holdings Inc. * United States 5.31 -31% 24,464.7 32,030.7 6,139.7 2,133.0 34.7% 11.5% 5.2x 15.0x

Townsquare Media, Inc. United States 5.50 -44% 104.3 648.4 436.3 95.7 21.9% 5.3% 1.5x 6.8x

Urban One, Inc. United States 1.80 -25% 81.8 1,030.5 437.9 131.8 30.1% -0.1% 2.4x 7.8x


Large Cap Diversified Media



Last Twelve Months




Last Twelve Months




Broadcast, Cable, and Satellite Television



Altice Europe N.V. Netherlands $3.07 -24% $ 3,654.1 $ 46,493.7 $ 15,900.3 $ 4,054.8 25.5% -5.7% 2.9x 11.5x

AMC Networks Inc. United States $52.77 -24% 2,997.9 6,010.1 3,015.3 942.0 31.2% 6.7% 2.0x 6.4x

CVC Limited * Australia 1.87 -7% 223.4 225.2 43.3 10.1 23.3% -3.4% 5.2x 22.3x

CBS Corporation United States 48.28 -19% 18,100.3 27,993.3 14,920.0 3,125.0 20.9% 5.7% 1.9x 9.0x

Charter Communications, Inc. United States 376.80 -3% 84,180.2 166,021.2 44,183.0 16,104.0 36.4% 5.0% 3.8x 10.3x

Comcast Corporation United States 41.00 -7% 186,090.4 298,611.4 98,575.0 31,282.0 31.7% 13.0% 3.0x 9.5x

Discovery, Inc. United States 27.26 -22% 18,852.5 37,081.5 10,953.0 5,081.0 46.4% 44.7% 3.4x 7.3x

DISH Network Corporation United States 36.11 -4% 16,941.6 30,899.9 13,350.0 2,756.6 20.6% -5.8% 2.3x 11.2x

Entravision Communications Corporation United States 2.94 -48% 276.8 395.8 295.7 54.3 18.4% -45.8% 1.3x 7.3x

Gray Television, Inc. United States 17.23 -32% 1,721.7 6,116.7 1,376.1 528.8 38.4% 52.0% 4.4x 11.6x

Grupo Televisa, S.A.B. Mexico 1.86 -55% 5,386.4 11,728.7 5,255.7 1,939.8 36.9% 7.1% 2.2x 6.0x

Liberty Global Plc United Kingdom 24.60 -19% 17,960.1 48,039.2 11,762.4 4,847.5 41.2% 0.8% 4.1x 9.9x

Nexstar Media Group, Inc. United States 100.15 -16% 4,616.1 8,503.0 2,778.0 1,057.6 38.1% 10.8% 3.1x 8.0x

Sinclair Broadcast Group, Inc. United States 53.68 -19% 4,903.9 7,988.2 3,111.8 920.7 29.6% 16.3% 2.6x 8.7x

TEGNA Inc. United States 15.14 -9% 3,275.5 6,254.0 2,221.9 782.8 35.2% 14.2% 2.8x 8.0x

The E.W. Scripps Company United States 15.22 -35% 1,229.6 1,951.0 1,246.4 212.1 17.0% 33.6% 1.6x 9.2x



Entertainment Media



Cineplex Inc. Canada $17.28 -38% $ 1,094.1 $ 2,579.6 $ 1,188.8 $ 180.9 15.2% 2.4% 2.2x 14.3x

Eros International Plc United States 7.73 -48% 559.3 907.2 272.3 54.7 20.1% 12.5% 3.3x 16.6x

Lions Gate Entertainment Corp. United States 14.77 -47% 3,058.4 6,052.4 3,680.5 394.3 10.7% -10.9% 1.6x 15.3x

Live Nation Entertainment, Inc. United States 60.82 -9% 12,871.3 14,722.0 11,033.2 684.9 6.2% 11.1% 1.3x 21.5x

Fox Corporation United States 34.71 -16% 21,861.1 25,940.1 11,270.0 2,601.0 23.1% 0.0% 2.3x 10.0x

Liberty Global Plc United Kingdom 24.60 -19% 17,960.1 48,039.2 11,762.4 4,847.5 41.2% 0.8% 4.1x 9.9x

Village Roadshow Limited Australia 2.36 -13% 457.7 686.1 684.6 50.8 7.4% -0.8% 1.0x 13.5x

World Wrestling Entertainment, Inc. * United States 72.74 -28% 5,677.0 5,588.9 924.9 122.5 13.2% 15.6% 6.0x 45.6x









Out-of-Home Media



APG|SGA SA Switzerland $260.29 -34% $ 780.3 $ 720.5 $ 308.7 $ 72.2 23.4% 0.5% 2.3x 10.0x

Clear Channel Outdoor Holdings, Inc. United States 5.08 -20% 1,839.3 9,152.5 2,710.4 592.1 21.8% 2.6% 3.4x 15.5x

Clear Media Limited Hong Kong 0.72 -25% 389.7 342.4 262.2 103.8 39.6% 5.7% 1.3x 3.3x

JCDecaux SA France 27.87 -22% 5,930.6 7,349.9 3,642.5 589.2 16.2% 4.0% 2.0x 12.5x

Lamar Advertising Company (REIT) United States 78.21 -6% 7,820.1 12,017.8 1,650.7 709.3 43.0% 6.1% 7.3x 16.9x

National CineMedia, Inc. United States 6.55 -40% 506.4 1,664.2 438.1 192.2 43.9% 0.9% 3.8x 8.7x

NTN Buzztime, Inc. United States 3.50 -40% 10.0 14.4 22.4 3.1 13.7% 2.8% 0.6x 4.7x

Outfront Media Inc. United States 24.65 -5% 3,491.3 7,143.4 1,640.0 422.2 25.7% 7.3% 4.4x 16.9x

Stingray Group Inc. Canada 4.45 -37% 339.6 605.1 125.2 36.0 28.8% 39.5% 4.8x 16.8x

TOM Group Limited * Hong Kong 0.20 -36% 777.1 1,144.5 120.6 14.4 12.0% -1.7% 9.5x 79.2x



Publishing



A.H. Belo Corporation United States $3.85 -21% $ 82.8 $ 56.4 $ 199.4 $ 6.5 3.2% -15.9% 0.3x 8.7x

Daily Mail and General Trust plc United Kingdom 9.40 -5% 2,141.5 1,922.7 1,829.0 209.5 11.5% -7.3% 1.1x 9.2x

Emmis Communications Corporation United States 3.60 -37% 47.2 150.8 114.1 12.8 11.2% -23.1% 1.3x 11.8x

Gannett Co., Inc. United States 7.86 -34% 900.1 1,416.5 2,857.3 303.1 10.6% -7.7% 0.5x 4.7x

Glacier Media Inc. * Canada 0.48 -28% 52.9 107.6 140.5 4.1 2.9% -0.6% 0.8x 26.3x

John Wiley & Sons, Inc. United States 41.78 -42% 2,379.0 2,878.0 1,786.1 305.9 17.1% 0.9% 1.6x 9.4x

Meredith Corporation United States 51.77 -17% 2,382.9 5,325.5 3,167.0 682.2 21.5% 66.1% 1.7x 7.8x

News Corporation United States 11.39 -30% 6,719.3 7,768.3 10,301.0 1,126.0 10.9% 2.4% 0.8x 6.9x

Pearson plc United Kingdom 9.93 -25% 7,727.9 8,005.5 5,262.5 694.6 13.2% -8.5% 1.5x 11.5x

Scholastic Corporation United States 33.09 -31% 1,165.2 838.1 1,679.4 114.9 6.8% 2.9% 0.5x 7.3x

The E.W. Scripps Company United States 15.22 -35% 1,229.6 1,951.0 1,246.4 212.1 17.0% 33.6% 1.6x 9.2x

The McClatchy Company United States 2.33 -78% 18.5 818.0 788.7 65.2 8.3% -10.5% 1.0x 12.6x

The New York Times Company * United States 31.82 -9% 5,282.2 4,956.3 1,747.7 228.4 13.1% 4.5% 2.8x 21.7x




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




• A total of 286 transactions were announced in the Software segment, of which 160 were valued at $14.7 billion

• VC/Growth Capital investor transactions represented 62 percent of segment activity and 41 percent of reported segment value


‒ Nuvei’s $889 million acquisition of UK-based payments company SafeCharge International

‒ Smart home company Control4’s sale to Hellman & Friedman-backed SnapAV for $668.4 million

‒ The $577 million acquisition of third-party access and remote support software developer SecureLink by Orange

‒ Warburg Pincus’s $500 million sale of operations management software Dude Solutions to Clearlake Capital

‒ Palo Alto Networks’ acquisitions of security solutions Twistlock for $410 million and PureSec for $47 million

‒ Global trade management software Amber Road’s sale to Vista Equity Partners-back E2Open for $427 million



Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 291 $18,262.9 287 $13,443.4 1,156 $63,434.9 112 $4,667.6

Private Equity - Buyout 26 16,391.1 22 4,509.1 101 30,120.7 8 4,080.0

Private Equity - VC/Growth Capital 489 13,419.1 483 15,735.3 1,965 54,090.4 166 5,986.3

Total 806 $48,073.1 792 $33,687.8 3,222 $147,646.0 286 $14,733.9

SOFTWARE


$11.6 $12.8

$10.0 $9.8

$16.2

$17.9

$13.9 $13.1

$10.0 $10.6

$7.4

$14.7

277 261 254 262 350 265 191 282 247 263 278 286

-45

5

55

105

155

205

255

305

355

$-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

$18.0

$20.0







Alfa Financial Software Holdings PLC United Kingdom $1.60 -45% $ 479.2 $ 422.6 $ 90.5 $ 29.3 32.4% -19.1% 4.7x 14.4x

Anaplan, Inc. United States 43.51 -3% 5,500.8 5,207.8 264.9 (125.2) NM 46.4% 19.7x NM

Avalara, Inc. United States 67.64 -10% 4,731.4 4,584.5 295.7 (47.9) NM 31.1% 15.5x NM

BlackLine, Inc. United States 51.41 -12% 2,829.9 2,716.4 240.6 (12.4) NM 27.5% 11.3x NM

Coupa Software Incorporated * United States 109.21 -6% 6,697.8 6,551.0 260.4 (38.2) NM 39.4% 25.2x NM

Donnelley Financial Solutions, Inc. United States 12.33 -42% 421.7 919.2 937.4 95.5 10.2% -5.6% 1.0x 9.6x

Ebix, Inc. United States 46.93 -47% 1,432.7 2,166.1 532.5 169.0 31.7% 35.5% 4.1x 12.8x

First Data Corporation United States 25.42 -6% 23,989.5 43,693.5 8,719.0 3,151.0 36.1% 4.7% 5.0x 13.9x

GreenSky, Inc. United States 11.08 -59% 671.8 716.7 433.0 145.7 33.6% 25.2% 1.7x 4.9x

Guidewire Software, Inc. * United States 100.52 -8% 8,183.8 7,420.7 738.1 64.6 8.8% 28.0% 10.1x 114.9x

i3 Verticals, Inc. United States 25.57 -8% 235.0 382.5 338.9 27.0 8.0% 0.0% 1.1x 14.2x

Intuit Inc. United States 244.85 -10% 63,475.7 60,577.7 6,593.0 1,952.0 29.6% 9.8% 9.2x 31.0x

Model N, Inc. United States 18.02 -11% 585.3 580.2 146.3 (14.8) NM -1.3% 4.0x NM

Performant Financial Corporation United States 1.61 -44% 85.6 135.7 133.5 (14.9) NM -14.4% 1.0x NM

Q2 Holdings, Inc. United States 73.24 -4% 3,236.6 3,292.0 257.6 (24.4) NM 26.1% 12.8x NM

RealPage, Inc. United States 58.32 -12% 5,381.6 5,845.2 902.5 146.6 16.2% 25.5% 6.5x 39.9x

SS&C Technologies Holdings, Inc. United States 55.65 -18% 14,079.1 22,445.6 4,136.4 1,353.4 32.7% 144.8% 5.4x 16.6x

StoneCo Ltd. * Brazil 25.20 -45% 6,990.4 7,029.4 215.7 5.8 2.7% 117.2% 32.6x NM

Tradeweb Markets Inc. United States 45.09 -3% 6,444.9 4,572.3 701.7 159.5 22.7% 0.0% 6.5x 28.7x

Tyler Technologies, Inc. United States 213.35 -15% 8,180.2 8,213.5 961.2 190.1 19.8% 11.5% 8.5x 43.2x

Zuora, Inc. United States 13.99 -63% 1,549.5 1,383.7 246.9 (71.8) NM 31.8% 5.6x NM



Healthcare Software



Allscripts Healthcare Solutions, Inc. United States $9.73 -35% $ 1,619.4 $ 2,388.5 $ 1,748.3 $ 79.1 4.5% 15.2% 1.4x 30.2x

Cegedim SA France 28.87 -28% 400.2 521.8 535.5 52.4 9.8% 2.2% 1.0x 10.0x

Cerner Corporation United States 69.97 -1% 22,769.7 22,447.2 5,463.3 1,219.7 22.3% 5.6% 4.1x 18.4x

Computer Programs and Systems, Inc. United States 25.81 -26% 354.9 480.4 278.7 32.3 11.6% -1.8% 1.7x 14.9x

Craneware plc United Kingdom 38.55 -16% 1,014.9 976.7 71.8 20.8 29.0% 15.5% 13.6x 46.9x

HealthEquity, Inc. United States 65.36 -36% 4,099.3 3,737.8 287.2 95.9 33.4% 25.1% 13.0x 39.0x

McKesson Corporation United States 122.14 -19% 23,201.9 29,452.9 214,319.0 4,229.0 2.0% 2.9% 0.1x 7.0x

Medidata Solutions, Inc. * United States 91.15 -8% 5,466.8 5,463.6 660.0 80.6 12.2% 16.7% 8.3x 67.8x

NantHealth, Inc. United States 0.54 -85% 59.3 262.8 90.9 (37.2) NM 1.2% 2.9x NM

NextGen Healthcare, Inc. United States 19.25 -19% 1,247.7 1,227.4 529.2 41.2 7.8% -0.3% 2.3x 29.8x

Streamline Health Solutions, Inc. United States 1.38 -16% 27.4 37.7 22.4 0.8 3.6% -8.1% 1.7x 47.1x

Veeva Systems Inc. * United States 154.29 -2% 22,681.9 21,371.6 911.4 266.0 29.2% 26.3% 23.4x 80.3x

Adjusted Weighted Average 3.6x 16.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (23.0x)and EBITDA multiples that are 1.0 standard deviations

Financial & Credit/Risk Management Software







HR Software



51job, Inc. China $70.35 -39% $ 4,395.6 $ 3,357.7 $ 572.2 $ 193.9 33.9% 25.9% 5.9x 17.3x

Benefitfocus, Inc. United States 28.36 -53% 922.6 1,053.7 264.7 (24.9) NM 9.6% 4.0x NM

Castlight Health, Inc. ## United States 3.27 -45% 470.8 428.4 155.4 (29.7) NM 10.4% 2.8x NM

Ceridian HCM Holding Inc. United States 49.18 -8% 6,926.8 7,436.0 761.3 116.1 15.3% 10.0% 9.8x 64.0x

Cornerstone OnDemand, Inc. * United States 53.23 -12% 3,175.3 3,161.6 544.9 16.1 2.9% 8.2% 5.8x 197.0x

DHI Group, Inc. United States 3.44 -23% 189.3 219.1 155.6 22.0 14.1% -21.7% 1.4x 10.0x

Domo, Inc. United States 33.50 -29% 914.9 835.2 142.5 (139.2) NM 31.3% 5.9x NM

Paycom Software, Inc. * United States 212.10 -2% 12,198.0 12,165.6 612.4 205.6 33.6% 31.0% 19.9x 59.2x

Paylocity Holding Corporation United States 100.22 -3% 5,309.0 5,170.0 443.9 60.0 13.5% 24.3% 11.6x 86.2x

Pluralsight, Inc. United States 31.86 -17% 3,035.6 2,885.6 252.0 (117.9) NM 40.6% 11.5x NM

Workday, Inc. United States 204.12 -6% 46,211.2 45,848.3 3,028.6 (269.8) NM 32.7% 15.1x NM



Security Software



Absolute Software Corporation Canada $6.21 -10% $ 256.2 $ 221.1 $ 97.7 $ 12.0 12.3% 5.4% 2.3x 18.4x

Carbon Black, Inc. United States 15.05 -57% 1,076.3 941.7 219.8 (69.7) NM 26.9% 4.3x NM

Check Point Software Technologies Ltd. Israel 110.28 -17% 16,789.0 15,030.4 1,936.0 924.1 47.7% 3.4% 7.8x 16.3x

Cisco Systems, Inc. United States 52.03 -10% 222,726.5 211,792.5 51,320.0 15,474.0 30.2% 5.6% 4.1x 13.7x

Cheetah Mobile Inc. China 4.29 -66% 585.7 162.8 724.3 81.4 11.2% 0.1% 0.2x 2.0x

CyberArk Software Ltd. Israel 132.05 -5% 4,966.3 4,499.9 367.4 67.8 18.5% 33.9% 12.2x 66.4x

FireEye, Inc. United States 14.59 -29% 3,065.9 3,000.0 842.4 (105.2) NM 6.1% 3.6x NM

Forescout Technologies, Inc. United States 32.12 -31% 1,452.8 1,367.9 313.5 (68.5) NM 29.6% 4.4x NM

Fortinet, Inc. United States 72.48 -25% 12,376.7 10,614.3 1,874.8 307.4 16.4% 20.7% 5.7x 34.5x

Juniper Networks, Inc. United States 24.61 -20% 8,473.8 7,082.6 4,566.6 791.9 17.3% -6.6% 1.6x 8.9x

Mimecast Limited * United Kingdom 45.40 -17% 2,785.1 2,750.0 340.4 30.7 9.0% 30.0% 8.1x 89.7x

Palo Alto Networks, Inc. * United States 200.14 -23% 19,208.4 17,733.1 2,751.8 145.5 5.3% 29.5% 6.4x 121.9x

Proofpoint, Inc. United States 112.36 -15% 6,255.6 6,057.5 757.5 (30.9) NM 33.7% 8.0x NM

Qualys, Inc. United States 88.61 NA 3,469.8 3,213.3 289.4 85.8 29.7% 19.3% 11.1x 37.5x

Rapid7, Inc. United States 52.25 NA 2,518.3 2,465.6 262.8 (33.3) NM 25.0% 9.4x NM

SecureWorks Corp. United States 14.61 NA 1,191.0 1,061.4 518.7 (7.5) NM 10.9% 2.0x NM

Symantec Corporation United States 18.73 -24% 11,578.8 13,987.8 4,731.0 1,000.0 21.1% -2.1% 3.0x 14.0x

Tenable Holdings, Inc. United States 27.85 -29% 2,686.8 2,399.2 288.6 (74.1) NM 39.8% 8.3x NM

Trend Micro Incorporated Japan 44.85 -36% 6,238.5 4,794.6 1,461.0 465.2 31.8% 6.8% 3.3x 10.3x

Tufin Software Technologies Ltd. Israel 22.50 -10% 729.8 741.5 85.0 (1.0) NM 31.7% 8.7x NM

VeriSign, Inc. United States 194.98 -4% 23,238.4 23,779.2 1,222.1 830.1 67.9% 3.9% 19.5x 28.6x

Varonis Systems, Inc. United States 62.54 -25% 1,892.3 1,784.8 273.1 (30.9) NM 19.1% 6.5x NM

Zscaler, Inc. * United States 68.63 -15% 8,520.2 8,167.5 272.9 (14.8) NM 60.0% 29.9x NM




Last Twelve Months



Last Twelve Months




Engineering Software



Altair Engineering Inc. * United States $38.11 -13% $ 2,709.7 $ 2,717.2 $ 411.0 $ 34.6 8.4% 11.2% 6.6x 78.6x

ANSYS, Inc. United States 179.50 -9% 15,065.2 14,560.1 1,327.9 542.5 40.9% 18.1% 11.0x 26.8x

Dassault Systèmes SE France 148.09 -7% 38,365.7 36,320.2 4,060.2 1,123.0 27.7% 11.7% 8.9x 32.3x

PTC Inc. * United States 84.06 -22% 9,670.4 10,089.4 1,252.4 142.4 11.4% 3.3% 8.1x 70.9x

Synopsys, Inc. United States 116.44 -6% 17,454.3 17,120.8 3,231.4 561.3 17.4% 10.0% 5.3x 30.5x

Trimble Inc. United States 39.90 -10% 10,039.8 11,842.4 3,167.8 611.6 19.3% 14.0% 3.7x 19.4x



Infrastructure Software



Adobe Inc. United States $270.90 -7% $ 132,185.9 $ 133,095.5 $ 9,552.0 $ 3,247.3 34.0% 24.1% 13.9x 41.0x

Atlassian Corporation Plc United Kingdom 125.88 -5% 30,344.9 29,418.2 1,115.1 6.3 0.6% 37.9% 26.4x NM

Appian Corporation United States 36.13 -17% 2,337.6 2,262.3 234.6 (51.3) NM 23.4% 9.6x NM

Alteryx, Inc. * United States 86.86 -12% 5,432.4 5,268.6 279.3 27.5 9.9% 82.1% 18.9x 191.4x

Bandwidth Inc. United States 72.57 -12% 1,669.1 1,470.8 204.4 (3.0) NM 15.9% 7.2x NM

Cloudera, Inc. United States 9.17 -55% 2,514.3 2,033.7 479.9 (153.5) NM 28.9% 4.2x NM

Commvault Systems, Inc. United States 46.05 -37% 2,103.5 1,645.2 711.0 42.9 6.0% 1.7% 2.3x 38.3x

Elastic N.V. United States 82.05 -18% 6,024.5 5,717.6 240.6 (81.7) NM 0.0% 23.8x NM

Endurance International Group Holdings, Inc. United States 4.45 -59% 649.5 2,483.9 1,134.6 299.3 26.4% -3.3% 2.2x 8.3x

Fastly, Inc. United States 20.80 -19% 1,886.3 2,095.0 157.6 (16.5) NM 0.0% 13.3x NM

First Data Corporation United States 25.42 -6% 23,989.5 43,693.5 8,719.0 3,151.0 36.1% 4.7% 5.0x 13.9x

IBM Corporation United States 126.99 -18% 112,594.8 149,817.8 78,701.0 17,119.0 21.8% -1.7% 1.9x 8.8x

MongoDB, Inc. United States 140.34 -9% 7,761.5 7,512.4 267.0 (93.1) NM 60.8% 28.1x NM

Nutanix, Inc. United States 28.07 -57% 5,111.5 4,622.2 1,240.0 (436.6) NM 12.3% 3.7x NM

Okta, Inc. United States 113.22 -6% 12,917.3 12,791.5 440.9 (139.2) NM 53.2% 29.0x NM

PagerDuty, Inc. * United States 51.40 -13% 3,783.6 3,828.8 117.8 (40.6) NM 48.0% 32.5x NM

Rapid7, Inc. United States 52.25 -8% 2,518.3 2,465.6 262.8 (33.3) NM 25.0% 9.4x NM

Pivotal Software, Inc. United States 19.90 -36% 5,405.0 4,703.9 657.5 (127.2) NM 29.1% 7.2x NM

Red Hat, Inc. United States 184.30 -1% 32,760.4 30,885.3 3,362.1 655.2 19.5% 15.1% 9.2x 47.1x

SailPoint Technologies Holdings, Inc. United States 17.57 -49% 1,558.1 1,515.0 260.6 19.3 7.4% 30.6% 5.8x 78.3x

salesforce.com, inc. United States 151.41 -10% 117,308.4 116,333.4 13,282.0 1,524.0 11.5% 26.0% 8.8x 76.3x

ServiceNow, Inc. United States 261.93 -7% 48,592.3 48,022.9 2,808.5 134.8 4.8% 35.1% 17.1x NM

Smartsheet Inc. United States 42.98 -12% 4,563.4 4,356.2 177.7 (47.4) NM 59.7% 24.5x NM

Splunk Inc. United States 113.99 -21% 17,116.9 16,274.2 1,916.2 (217.5) NM 41.3% 8.5x NM

Synchronoss Technologies, Inc. United States 6.38 -25% 257.9 510.0 330.2 (22.2) NM -17.4% 1.5x NM

Tableau Software, Inc. United States 112.47 -18% 9,692.6 8,906.9 1,191.6 (91.5) NM 29.1% 7.5x NM

Talend S.A. United States 46.64 -37% 1,416.6 1,419.2 215.3 (43.5) NM 32.5% 6.6x NM

Twilio Inc. United States 131.99 -9% 17,591.5 17,298.1 754.1 (128.2) NM 71.1% 22.9x NM

Varonis Systems, Inc. United States 62.54 -25% 1,892.3 1,784.8 273.1 (30.9) NM 19.1% 6.5x NM




Last Twelve Months

Last Twelve Months






SaaS/Cloud Software



Adobe Inc. United States $270.90 -7% $ 132,185.9 $ 133,095.5 $ 9,552.0 $ 3,247.3 34.0% 24.1% 13.9x 41.0x

Amber Road, Inc. United States 12.98 0% 369.1 388.7 86.2 (6.6) NM 7.0% 4.5x NM

Anaplan, Inc. United States 43.51 -3% 5,500.8 5,207.8 264.9 (125.2) NM 46.4% 19.7x NM

Asure Software, Inc. United States 6.43 -65% 99.1 211.7 96.4 10.1 10.5% 53.0% 2.2x 20.9x

AppFolio, Inc. * United States 96.40 -3% 3,278.2 3,316.2 204.8 21.8 10.6% 33.0% 16.2x 152.1x

Avalara, Inc. United States 67.64 -10% 4,731.4 4,584.5 295.7 (47.9) NM 31.1% 15.5x NM

Benefitfocus, Inc. United States 28.36 -53% 922.6 1,053.7 264.7 (24.9) NM 9.6% 4.0x NM

BlackLine, Inc. United States 51.41 -12% 2,829.9 2,716.4 240.6 (12.4) NM 27.5% 11.3x NM

Box, Inc. United States 18.49 -38% 2,708.7 2,604.1 608.4 (87.9) NM 20.2% 4.3x NM

Carbonite, Inc. United States 23.67 -46% 815.4 1,274.8 313.6 33.8 10.8% 27.3% 4.1x 37.7x

Ceridian HCM Holding Inc. United States 49.18 -8% 6,926.8 7,436.0 761.3 116.1 15.3% 10.0% 9.8x 64.0x

ChannelAdvisor Corporation United States 9.20 -41% 256.3 228.2 131.3 0.1 0.1% 4.5% 1.7x NM

Coupa Software Incorporated United States 109.21 -6% 6,697.8 6,551.0 260.4 (38.2) NM 39.4% 25.2x NM

DocuSign, Inc. United States 56.06 -18% 9,715.3 9,385.2 701.0 (391.0) NM 35.2% 13.4x NM

Dropbox, Inc. United States 22.56 -48% 9,276.2 9,054.0 1,461.0 128.3 8.8% 24.3% 6.2x 70.6x

Everbridge, Inc. United States 78.64 -8% 2,589.3 2,443.1 159.4 (36.6) NM 42.3% 15.3x NM

HubSpot, Inc. United States 173.28 -10% 7,295.6 6,837.9 550.2 (32.6) NM 34.9% 12.4x NM

Instructure, Inc. United States 41.58 -17% 1,521.1 1,479.4 219.6 (45.5) NM 25.9% 6.7x NM

LivePerson, Inc. United States 27.83 -10% 1,703.4 1,655.7 258.0 (11.6) NM 14.1% 6.4x NM

LogMeIn, Inc. United States 71.83 -37% 3,578.8 3,748.1 1,232.5 344.8 28.0% 14.0% 3.0x 10.9x

Paycom Software, Inc. United States 212.10 -2% 12,198.0 12,165.6 612.4 205.6 33.6% 31.0% 19.9x 59.2x

Paylocity Holding Corporation United States 100.22 -3% 5,309.0 5,170.0 443.9 60.0 13.5% 24.3% 11.6x 86.2x

Pluralsight, Inc. United States 31.86 -17% 3,035.6 2,885.6 252.0 (117.9) NM 40.6% 11.5x NM

Q2 Holdings, Inc. United States 73.24 -4% 3,236.6 3,292.0 257.6 (24.4) NM 26.1% 12.8x NM

RealPage, Inc. United States 58.32 -12% 5,381.6 5,845.2 902.5 146.6 16.2% 25.5% 6.5x 39.9x

RingCentral, Inc. United States 119.85 -4% 9,820.4 9,678.5 724.8 6.7 0.9% 33.8% 13.4x NM

salesforce.com, inc. United States 151.41 -10% 117,308.4 116,333.4 13,282.0 1,524.0 11.5% 26.0% 8.8x 76.3x

Shopify Inc. Canada 274.90 -4% 30,642.0 28,749.1 1,179.4 (84.9) NM 55.1% 24.4x NM

Smartsheet Inc. United States 42.98 -12% 4,563.4 4,356.2 177.7 (47.4) NM 59.7% 24.5x NM

SolarWinds Corporation United States 17.50 -18% 5,362.1 6,848.9 852.0 200.9 23.6% 12.9% 8.0x 34.1x

SPS Commerce, Inc. United States 101.93 -11% 1,826.0 1,661.8 256.1 43.2 16.9% 12.7% 6.5x 38.4x

Veeva Systems Inc. United States 154.29 -2% 22,681.9 21,371.6 911.4 266.0 29.2% 26.3% 23.4x 80.3x

Workday, Inc. United States 204.12 -6% 46,211.2 45,848.3 3,028.6 (269.8) NM 32.7% 15.1x NM

Workiva Inc. United States 55.64 -3% 2,512.7 2,440.0 254.4 (34.3) NM 17.8% 9.6x NM

Yext, Inc. United States 18.36 -32% 2,040.0 1,792.5 246.0 (70.8) NM 33.6% 7.3x NM

Zendesk, Inc. United States 84.25 -7% 9,230.8 9,365.2 650.4 (114.9) NM 39.6% 14.4x NM

Zuora, Inc. United States 13.99 -63% 1,549.5 1,383.7 246.9 (71.8) NM 31.8% 5.6x NM





• The Information Segment had 23 transactions, 16 of which reported $3.1 billion in value

• The Healthcare Information subsegment accounted for more than one-third of segment activity throughout the month

• Select transactions from the segment included:

‒ Digital health information platform Vertical Health’s sale to Remedy Health

‒ Liquidnet’s purchase of research marketplace RSRCHXchange

‒ The $25 million round of funding algorithm marketplace Algorithmia raised from Norwest Venture Partners, Madrona, Gradient Ventures,

Work Bench, Osage University Partners, and Rakuten Ventures

‒ The acquisition of address finding and validation platform Crafty Clicks by Aquiline Capital’s ClearCourse



13 15 15 14 17 16 7 9 9 15 13 230

5

10

15

20

25


Note: Deal values are not included in chart, as the majority of Information transactions were reported without a value

# o

f de

als

Number of

Transactions

Reported

Value ($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 20 $508.0 15 $98.1 76 $7,453.6 9 $3,015.3

Private Equity - Buyout 2 0.0 1 0.0 11 9,541.7 1 0.0

Private Equity - VC/Growth Capital 18 289.3 17 1,546.0 79 3,314.2 13 96.3

Total 40 $797.3 33 $1,644.1 166 $20,309.5 23 $3,111.6

INFORMATION





Financial & Credit/Risk Management Information



Broadridge Financial Solutions, Inc. United States $124.87 -10% $ 14,502.3 $ 15,384.2 $ 4,471.4 $ 926.2 20.7% 2.7% 3.4x 16.6x

Computershare Limited Australia 11.56 -20% 6,277.9 7,704.3 2,301.1 619.3 26.9% 5.4% 3.3x 12.4x

CoreLogic, Inc. United States 39.19 -30% 3,162.1 4,958.7 1,761.2 373.9 21.2% -5.1% 2.8x 13.3x

CoStar Group, Inc. * United States 509.64 -4% 18,623.0 17,535.5 1,246.5 395.5 31.7% 23.1% 14.1x 44.3x

Envestnet, Inc. * United States 66.91 -8% 3,470.7 3,774.3 814.0 78.2 9.6% 12.4% 4.6x 48.3x

Equifax Inc. United States 120.90 -13% 14,607.6 17,405.3 3,392.5 684.2 20.2% -0.1% 5.1x 25.4x

Experian plc Ireland 30.12 0% 27,138.8 30,232.6 4,861.0 1,634.0 33.6% 4.3% 6.2x 18.5x

FactSet Research Systems Inc. United States 278.20 -2% 10,638.3 10,967.8 1,392.3 471.1 33.8% 6.8% 7.9x 23.3x

Fair Isaac Corporation * United States 295.90 -2% 8,578.1 9,323.6 1,084.3 249.6 23.0% 11.5% 8.6x 37.4x

Fidelity National Information Services, Inc. United States 120.30 -1% 38,932.7 48,023.7 8,414.0 2,408.0 28.6% -2.0% 5.7x 19.9x

IHS Markit Ltd. United Kingdom 57.39 -3% 22,941.6 28,422.4 4,123.5 1,375.3 33.4% 11.8% 6.9x 20.7x

Moody's Corporation United States 182.88 -8% 34,674.0 39,725.8 4,458.1 2,087.6 46.8% 2.4% 8.9x 19.0x

Morningstar, Inc. United States 140.04 -5% 5,973.5 5,770.7 1,035.3 272.3 26.3% 9.5% 5.6x 21.2x

MSCI Inc. * United States 220.01 -5% 18,630.2 20,754.5 1,454.0 756.8 52.1% 9.8% 14.3x 27.4x

S&P Global Inc. United States 213.88 -4% 52,631.9 57,326.9 6,262.0 3,064.0 48.9% 1.4% 9.2x 18.7x

SEI Investments Company United States 50.25 -25% 7,664.1 7,045.1 1,619.4 462.1 28.5% 3.0% 4.4x 15.2x

SS&C Technologies Holdings, Inc. United States 55.65 -18% 14,079.1 22,445.6 4,136.4 1,353.4 32.7% 144.8% 5.4x 16.6x

Thomson Reuters Corporation Canada 63.55 -3% 31,802.7 32,965.6 5,609.0 1,041.0 18.6% 4.9% 5.9x 31.7x

TransUnion United States 65.54 -18% 12,273.6 16,262.0 2,399.1 844.4 35.2% 19.0% 6.8x 19.3x

Verisk Analytics, Inc. United States 140.00 -3% 22,913.2 25,625.0 2,438.9 1,073.3 44.0% 9.7% 10.5x 23.9x

Workiva Inc. United States 55.64 -3% 2,512.7 2,440.0 254.4 (34.3) NM 17.8% 9.6x NM







Marketing Information



Alliance Data Systems Corporation United States 137.50 -45% 7,202.7 27,787.9 7,743.7 1,836.0 23.7% 7.2% 3.6x 15.1x

comScore, Inc. United States 9.12 -64% 552.0 769.2 415.9 (49.2) NM 1.8% 1.8x NM

Ebiquity plc United Kingdom 0.64 -34% 48.4 84.3 88.4 6.1 6.9% 8.0% 1.0x 13.8x

InnerWorkings, Inc. * United States 3.39 -63% 174.3 328.8 1,114.3 10.4 0.9% -3.0% 0.3x 31.7x

INTAGE HOLDINGS Inc. Japan 9.29 -21% 382.5 314.0 487.2 51.2 10.5% 6.9% 0.6x 6.1x

Ipsos SA France 27.48 -19% 1,196.7 1,858.0 2,003.1 222.5 11.1% -1.7% 0.9x 8.3x

LiveRamp Holdings, Inc. United States 51.38 -19% 3,543.8 2,482.3 285.6 (154.5) NM 29.8% 8.7x NM

Nielsen Holdings plc United States 22.73 -29% 8,080.4 16,970.4 6,468.0 1,440.0 22.3% -2.8% 2.6x 11.8x

SVMK Inc. United States 17.20 -14% 2,237.8 2,377.5 264.5 (108.1) NM 17.9% 9.0x NM

System1 Group PLC United Kingdom 2.99 -22% 37.6 33.2 34.3 2.6 7.7% -11.6% 1.0x 12.6x

YouGov plc United Kingdom 6.65 -1% 699.4 668.0 166.6 29.3 17.6% 13.2% 4.0x 22.8x



Other Information



Forrester Research, Inc. * United States 45.53 -12% 839.4 995.4 380.5 31.6 8.3% 12.5% 2.6x 31.5x

Gartner, Inc. United States 151.30 -7% 13,630.7 16,648.1 3,982.3 595.7 15.0% 9.1% 4.2x 27.9x

HealthStream, Inc. United States 25.00 -22% 809.7 696.5 241.9 32.2 13.3% 11.1% 2.9x 21.6x

IQVIA Holdings Inc. United States 135.85 -7% 26,795.1 37,930.1 10,533.0 1,821.0 17.3% 6.3% 3.6x 20.8x

Informa plc United Kingdom 9.80 -11% 12,261.3 15,891.3 3,020.0 939.4 31.1% 34.9% 5.3x 16.9x

National Research Corporation * United States 50.99 -4% 1,263.5 1,302.6 120.1 42.7 35.5% 1.6% 10.8x 30.5x

NIC Inc. United States 15.96 -12% 1,067.9 900.4 343.4 78.8 22.9% 1.0% 2.6x 11.4x

National Research Corporation * United States 50.99 -4% 1,263.5 1,302.6 120.1 42.7 35.5% 1.6% 10.8x 30.5x

Premier, Inc. United States 36.75 -22% 2,272.1 2,292.9 1,680.2 552.6 32.9% 3.1% 1.4x 4.1x

Proofpoint, Inc. United States 112.36 -15% 6,255.6 6,057.5 757.5 (30.9) NM 33.7% 8.0x NM

Reed Elsevier plc(1) United Kingdom 23.25 -1% 45,190.5 53,136.3 9,548.7 2,895.7 30.3% 2.1% 5.6x 18.4x

Wolters Kluwer N.V. Netherlands 69.71 -2% 18,901.6 21,162.2 4,877.5 1,336.2 27.4% -2.5% 4.3x 15.8x


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





Last Twelve Months


• The Business & IT Services segment reported 124 transactions, 19 of which were valued at $2.5 billion

• IT Consulting transactions accounted for 40 percent of all transactions throughout the month with 49 deals announced

• Strategic buyers announced 91 deals throughout the month

• Select transaction from the segment include:

‒ Sitecore’s pending purchase of digital transformation firm Hedgehog (A CG Petsky Prunier-Led Transaction)

‒ The $500 million IT managed services and solutions company Kaseya raised from TPG and Insight Partners

‒ AMN Healthcare’s $200 million acquisition of healthcare staffing company Advanced Medical Personnel Services

‒ Canada-based OSS and analytics systems implementation company Sigma Systems’ sale to Hansen for $117 million

‒ The sale of Spain-based data science consulting company Kernel Analytics to BCG



Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 193 $6,245.2 216 $4,934.3 870 $31,966.6 91 $683.6

Private Equity - Buyout 26 2,407.9 31 1,082.7 46 3,154.9 10 1,020.0

Private Equity - VC/Growth Capital 70 1,680.9 58 1,201.8 250 6,861.2 23 796.3

Total 289 $10,334.0 305 $7,218.8 1,166 $41,982.7 124 $2,499.9

BUSINESS SERVICES & IT SERVICES


$4.9

$5.9

$3.2

$7.2

$3.4

$4.5

$2.5 $2.8

$0.5

$3.9 $3.7

$2.5

80 96 130 74 111 89 89 113 76 96 126 1240

20

40

60

80

100

120

140

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0





Consulting



Accenture plc Ireland 178.07 -3% 113,578.8 109,526.5 40,839.6 6,676.2 16.3% 8.0% 2.7x 16.4x

CRA International, Inc. United States 37.44 -36% 301.1 429.6 424.0 39.2 9.2% 11.2% 1.0x 11.0x

FTI Consulting, Inc. United States 83.92 -3% 3,107.3 3,398.9 2,081.4 284.7 13.7% 12.0% 1.6x 11.9x

Information Services Group, Inc. United States 3.11 -43% 145.5 235.7 271.7 19.2 7.1% -0.1% 0.9x 12.3x

Navigant Consulting, Inc. United States 22.00 -20% 865.6 868.5 697.4 63.1 9.1% 8.5% 1.2x 13.8x

ICF International, Inc. United States 72.89 -11% 1,372.5 1,742.2 1,376.4 125.2 9.1% 11.4% 1.3x 13.9x

Huron Consulting Group Inc. United States 49.23 -14% 1,067.8 1,454.8 805.9 95.8 11.9% 9.3% 1.8x 15.2x

The Hackett Group, Inc. United States 16.09 -30% 478.5 483.7 260.9 40.2 15.4% 1.9% 1.9x 12.0x



HR Services



Automatic Data Processing, Inc. * United States 160.12 -3% 69,688.7 69,857.5 13,990.8 3,312.7 23.7% 7.0% 5.0x 21.1x

Barrett Business Services, Inc. United States 72.02 -27% 533.7 524.3 934.9 49.6 5.3% 0.1% 0.6x 10.6x

Capita plc United Kingdom 1.42 -36% 2,344.3 3,134.7 4,994.1 345.3 6.9% -7.5% 0.6x 9.1x

DHI Group, Inc. United States 3.44 -23% 189.3 219.1 155.6 22.0 14.1% -21.7% 1.4x 10.0x

Edenred SA * France 45.59 -4% 10,868.4 11,728.9 1,519.3 557.6 36.7% 5.9% 7.7x 21.0x

Insperity, Inc. United States 113.90 -14% 4,699.0 4,454.3 3,967.2 218.1 5.5% 15.6% 1.1x 20.4x

Marsh & McLennan Companies, Inc. United States 95.60 -2% 48,884.5 62,759.5 15,021.0 3,518.0 23.4% 3.4% 4.2x 17.8x

Paychex, Inc. United States 85.79 -2% 30,832.3 30,953.9 3,641.0 1,520.1 41.7% 9.3% 8.5x 20.4x

TriNet Group, Inc. United States 63.38 -3% 4,436.1 4,606.1 3,576.0 292.0 8.2% 7.5% 1.3x 15.8x

WageWorks, Inc. United States 49.97 -12% 1,992.3 1,116.4 472.2 87.6 18.6% -0.8% 2.4x 12.7x


Last Twelve Months

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x)and EBITDA multiples that are 1.0

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.2x)and EBITDA multiples that are 1.0






IT Consulting

Stock Price Chg % From Equity Enterprise Value


Accenture plc Ireland 178.07 -3% 113,578.8 109,526.5 40,839.6 6,676.2 16.3% 8.0% 2.7x 16.4x

Amdocs Limited United States 59.42 -15% 8,148.3 7,741.0 4,036.5 752.8 18.7% 3.1% 1.9x 10.3x

Bechtle AG Germany 112.14 -9% 4,709.8 4,933.0 5,171.6 268.5 5.2% 23.8% 1.0x 18.4x

Booz Allen Hamilton Holding Corporation United States 63.17 -1% 8,845.7 10,405.0 6,704.0 663.7 9.9% 8.7% 1.6x 15.7x

Business & Decision SA France 8.36 -9% 65.9 98.2 104.3 5.1 NA 6.3% 0.9x 19.2x

Capgemini SE France 111.58 -16% 18,432.4 19,937.3 15,109.9 1,930.4 12.8% 5.4% 1.3x 10.3x

Cerner Corporation United States 69.97 -1% 22,769.7 22,447.2 5,463.3 1,219.7 22.3% 5.6% 4.1x 18.4x

CGI Inc. Canada 72.89 -2% 19,925.1 21,134.0 8,807.6 1,494.5 17.0% 5.0% 2.4x 14.1x

Cognizant Technology Solutions Corporation United States 61.93 -26% 35,255.7 33,198.7 16,323.0 3,183.0 19.5% 7.6% 2.0x 10.4x

Digi International Inc. United States 10.89 -26% 305.6 233.5 256.9 27.9 10.8% 35.0% 0.9x 8.4x

DXC Technology Company United States 47.54 -51% 12,753.6 17,266.6 20,753.0 4,304.0 20.7% -15.5% 0.8x 4.0x

Endava plc * United Kingdom 37.44 -3% 1,855.2 1,778.0 355.2 51.3 14.4% 36.9% 5.0x 34.6x

EPAM Systems, Inc. * United States 172.59 -4% 9,428.9 8,859.1 1,940.1 300.8 15.5% 25.2% 4.6x 29.5x

Globant S.A. * Luxembourg 92.84 -1% 3,382.2 3,381.6 548.7 101.4 18.5% 23.5% 6.2x 33.4x

Hexaware Technologies Limited India 5.18 -35% 1,542.6 1,420.4 701.9 108.4 15.4% 20.7% 2.0x 13.1x

International Business Machines Corporation United States 126.99 -18% 112,594.8 149,817.8 78,701.0 17,119.0 21.8% -1.7% 1.9x 8.8x

Infosys Limited India 10.60 -5% 45,454.2 41,700.2 11,932.6 3,002.2 25.2% 17.2% 3.5x 13.9x

ITS Group France 5.34 -38% 40.2 46.4 153.5 8.4 5.5% 4.2% 0.3x 5.5x

Larsen & Toubro Limited India 22.38 -3% 31,389.5 46,427.5 20,619.0 2,561.1 12.4% 18.0% 2.3x 18.1x

Navigant Consulting, Inc. United States 22.00 -20% 865.6 868.5 697.4 63.1 9.1% 8.5% 1.2x 13.8x

NTT DATA Corporation Japan 11.96 -19% 16,774.8 20,100.0 19,525.5 2,759.3 14.1% 0.0% 1.0x 7.3x

Parsons Corporation United States 31.75 -6% 3,157.1 3,353.4 3,560.5 244.2 6.9% 18.0% 0.9x 13.7x

Perficient, Inc. United States 30.43 -8% 1,002.5 1,117.5 511.2 62.3 12.2% 3.2% 2.2x 17.9x

Presidio, Inc. United States 13.25 -26% 1,096.6 2,007.7 3,047.0 220.0 7.2% 10.3% 0.7x 9.1x

Reply S.p.A. Italy 64.26 -6% 2,403.9 2,331.2 1,203.1 160.5 13.3% 16.5% 1.9x 14.5x

SQLI SA France 23.52 -34% 102.7 160.9 265.6 16.5 6.2% 9.4% 0.6x 9.7x

Synthomer plc United Kingdom 4.63 -37% 1,573.4 1,876.8 2,063.3 224.7 10.9% 9.4% 0.9x 8.4x

Tata Consultancy Services Limited * India 31.55 -3% 118,381.3 112,499.7 21,139.2 5,702.8 27.0% 19.0% 5.3x 19.7x

Wipro Limited India 4.12 -4% 24,723.3 20,749.5 8,455.6 1,592.6 18.8% 7.5% 2.5x 13.0x







Outsourced Services

Stock Price Chg % From Equity Enterprise Value


AMREP Corporation United States 5.16 -48% 41.9 30.3 39.5 1.1 2.7% 2.6% 0.8x 28.5x

Cimpress N.V. Netherlands 87.50 -44% 2,686.7 3,926.2 2,707.5 289.6 10.7% 7.2% 1.5x 13.6x

Clairvest Group Inc. Canada 35.46 -7% 539.5 282.7 129.7 90.8 70.0% -17.6% 2.2x 3.1x

CSG Systems International, Inc. United States 44.85 -10% 1,431.5 1,734.3 918.1 152.8 16.6% 14.9% 1.9x 11.4x

Donnelley Financial Solutions, Inc. United States 12.33 -42% 421.7 919.2 937.4 95.5 10.2% -5.6% 1.0x 9.6x

Elanders AB (publ) Sweden 8.89 -13% 314.4 773.5 1,199.5 80.6 6.7% 15.6% 0.6x 9.6x

Eniro AB (publ) Sweden 0.17 -70% 11.1 120.9 141.7 17.1 12.1% -16.4% 0.9x 7.1x

ExlService Holdings, Inc. United States 59.26 -12% 2,035.1 2,153.4 915.7 123.6 13.5% 16.5% 2.4x 17.4x

Firstsource Solutions Limited India 0.78 -35% 542.0 571.6 552.3 72.2 13.1% 8.2% 1.0x 7.9x

Genpact Limited Bermuda 36.15 -4% 6,879.7 8,197.7 3,121.1 481.8 15.4% 11.4% 2.6x 17.0x

InnerWorkings, Inc. United States 3.39 -63% 174.3 328.8 1,114.3 10.4 0.9% -3.0% 0.3x 31.7x

j2 Global, Inc. United States 84.29 -8% 4,125.0 4,987.9 1,226.6 462.6 37.7% 7.2% 4.1x 10.8x

Liq Participações S.A. Brazil 0.17 -73% 3.8 106.9 325.6 7.3 2.3% -22.0% 0.3x 14.6x

Luxoft Holding, Inc. Switzerland 57.57 -2% 1,950.8 1,848.9 904.4 95.2 10.5% 3.0% 2.0x 19.4x

LSC Communications, Inc. United States 4.85 -71% 162.5 1,171.5 3,742.0 119.0 3.2% 0.8% 0.3x 9.8x

MAXIMUS, Inc. United States 71.25 -4% 4,546.5 4,581.3 2,557.4 361.1 14.1% 4.1% 1.8x 12.7x

Quad/Graphics, Inc. United States 8.37 -66% 431.4 1,708.9 4,230.9 387.7 9.2% 3.2% 0.4x 4.4x

IQVIA Holdings Inc. United States 135.85 -7% 26,795.1 37,930.1 10,533.0 1,821.0 17.3% 6.3% 3.6x 20.8x

R.R. Donnelley & Sons Company United States 2.22 -70% 157.2 2,284.9 6,614.3 396.5 6.0% -5.4% 0.3x 5.8x

Serco Group plc United Kingdom 1.68 -4% 2,044.1 2,287.9 3,615.6 137.9 3.8% -3.9% 0.6x 16.6x

Steel Connect, Inc. United States 1.82 -20% 110.4 502.1 810.4 62.4 7.7% 78.5% 0.6x 8.0x

SYNNEX Corporation United States 86.71 -26% 4,441.2 7,753.6 20,809.9 943.3 4.5% 15.5% 0.4x 8.2x

Sykes Enterprises, Incorporated United States 24.76 -21% 1,050.6 1,227.1 1,614.2 166.4 10.3% -0.1% 0.8x 7.4x

Teleperformance SE France 191.73 -3% 11,188.0 13,538.9 5,084.7 812.9 16.0% 6.2% 2.7x 16.7x

TTEC Holdings, Inc. United States 39.68 -5% 1,837.1 2,170.0 1,528.3 175.0 11.5% 0.9% 1.4x 12.4x

transcosmos inc. Japan 22.04 -21% 913.9 739.0 2,569.2 82.8 3.2% 6.8% 0.3x 8.9x

Transcontinental Inc. Canada 10.57 -57% 921.0 1,975.0 2,167.3 408.6 18.9% 43.3% 0.9x 4.8x





• All transaction information has been publicly reported and is sourced from national news publications, industry trade journals and blogs, and public

announcements by companies and investors.

• All trading data related to publicly-traded companies has been sourced from Capital IQ.




Canaccord Genuity is the business name used by certain subsidiaries of Canaccord Genuity Group Inc., including Canaccord Genuity LLC, Canaccord Genuity Limited, and Canaccord Genuity, a division of Canaccord Genuity Group Inc. Canaccord Genuity Group Inc. is listed on the TSX and LSE.

Research Policy: Decisions regarding initiation and termination of research coverage will be made exclusively by research management. Investment banking is not able to request or have input into specific company coverage decisions. It is, however, our general practice to continue to provide coverage for companies for which we act as lead or co-manager in an equity offering.

The information contained in this document has been compiled by Canaccord Genuity from sources believed to be reliable, but no representation or warranty, express or implied, is made by Canaccord Genuity, its affiliates or any other person as to its accuracy, completeness or correctness. All estimates, opinions and other information contained in this document constitute Canaccord Genuity's judgment as of the date of this document, are subject to change without notice and are provided in good faith but without legal responsibility or liability.

Canaccord Genuity and its affiliates may choose to provide specific disclosures of the subject companies by reference, as well as its policies and procedures regarding the dissemination of investment research. To access this material or for more information, please send a request to Canaccord Genuity Research, Attn: Disclosures, P.O. Box 10337 Pacific Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2 or [email protected].

Canaccord Genuity and its affiliates may have a relationship with the company that is contained herein and may trade in any of the securities mentioned herein either for their own account or the accounts of their customers. Accordingly, Canaccord Genuity or their affiliates may at any time have a long or short position in any such securities, related securities or in options, futures or other derivative instruments based thereon.

This document is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. As a result, the securities discussed in this document may not be eligible for sale in some jurisdictions. This document is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. Investors should obtain advice based on their own individual circumstances before making an investment decision. To the fullest extent permitted by law, neither Canaccord Genuity, nor its affiliates nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of the information contained in this document.

For Canadian Residents This document has been approved by Canaccord Genuity Group Inc., which accepts responsibility for this report and its dissemination in Canada. Canadian clients wishing to effect transactions in any security discussed should do so through a qualified salesperson of Canaccord Genuity in their particular jurisdiction.

For United Kingdom Residents: This material is not for distribution in the United Kingdom to retail customers, as defined under the rules of the Financial Conduct Authority. Canaccord Genuity Limited accepts responsibility for this presentation and its dissemination in the United Kingdom. The information contained in this presentation is only intended for distribution in the UK to persons who qualify as professional clients or eligible counterparties as defined under the rules of the Financial Conduct Authority. This publication is not directed at private individuals in the United Kingdom or Continental Europe, and has not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000, as amended. Within the United Kingdom, it is directed only at persons falling within Article 19 (Investment Professionals) or Article 49 (High Net Worth Companies) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005. Any other person or persons who receive a copy of this presentation should not act upon it and Canaccord Genuity accepts no liability or responsibility whatsoever for any actions taken by such persons in reliance on this publication. The distribution of this publication in jurisdictions other than the United Kingdom may be restricted by law and, therefore, persons into whose possession this publication comes should inform themselves about and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdictions.

This publication is a brief summary and does not purport to contain all available information on the subjects covered. Further information is available on request.

Copyright © Canaccord Genuity, a division of Canaccord Genuity Group Inc., 2018. Member IIROC/CIPF.

Copyright © Canaccord Genuity Limited, 2019. Member LSE, Authorized and Regulated by the Financial Conduct Authority.

Copyright © Canaccord Genuity LLC, 2019. Member FINRA/SIPC.

All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to Canaccord Genuity, a division of Canaccord Genuity Group Inc., Canaccord Genuity Limited, and Canaccord Genuity LLC None of the material, nor its content, nor any copy of it, may be altered in any way, or transmitted to or distributed to any other party, without the prior express written permission of the entities listed above.

private & confidential - petsky prunier...

Documents