consumer products financial services aviation · 8/2/2016 pmx agency inc. 01/05/2016 code and...

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ConsumerProducts

Energy

Aviation

Financial Services

Gov’t


mailto:[email protected]


Per

cen

t G

ain


Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev TEV/ EBITDA

3/31/2017 TRC Cos., Inc. New Mountain Capital LLC Specialty Consulting 615.17 - -

3/6/2017 The CJS Solutions Group LLC Tech Mahindra Ltd. IT Services 105.67 0.93x -

2/16/2017 Innosight Holdings LLC Huron Consulting Group, Inc. Specialty Consulting 135.00 - -

2/16/2017 Peninsula Packaging LLC Sonoco Products Co. Facility Services and

Industrial Services

230.00 1.21x -

2/7/2017 Media Link LLC Ascential Plc Marketing Services 207.00 3.83x -

2/3/2017 Healthcare Staffing, Inc. Novation Cos., Inc. Human Resources 24.00 - -

2/1/2017 Defined Health, Inc. Cello Group Plc Specialty Consulting 9.73 - -

1/26/2017 PRA Group, Inc. (4 Subsidiaries) Millstein & Co. LP Real Estate Services 91.50 - -

1/17/2017 CynergisTek, Inc. Auxilio, Inc. IT Services 34.96 2.33x 6.99x

1/6/2017 First Manhattan Consulting Group LLC Deluxe Corp. Specialty Consulting 200.00 - -

7

40

10 19

-

44

6 14

47

-

10

20

30

40

50

Educationand Training

BusinessProcess

Outsourcing

FacilityServices and

IndustrialServices

HumanResources

InformationServices

MarketingServices

Real EstateServices

IT Services SpecialtyConsulting

Strategic86%

Financial14%


Financial Buyer Inv. Date Select Corporate Acquisitions1/19/2017 ▪ C-4 Analytics

9/26/2016 ▪ Right Networks, LLC

09/20/2016 ▪ Reimagine Holding Group

5/17/2016 ▪ REAN Solutions, Inc

3/6/2017 ▪ Simplified Logistics LLC

12/30/2016 ▪ Harlow-HRK Sales & Marketing, Inc.

05/05/2016 ▪ New Connections Marketing Group, Inc.

5/3/2016 ▪ Impact Sales, Inc.

3/21/2016 ▪ HERO Digital LLC

8/23/2016 ▪ HEPACO, LLC

8/18/2016 ▪ Smile Brands Group Inc.

12/7/2015 ▪ Jensen Hughes, Inc.

1/26/2017 ▪ PRA Group, Inc. (4 Subsidiaries)

2/3/2016 ▪ Stratix Solutions Group, Inc.

10/22/2015 ▪ Atlantix Global Systems International LLC

1/30/2015 ▪ DLT Solutions, Inc.

9/21/2016 ▪ Finn Partners, Inc.

8/2/2016 ▪ PMX Agency Inc.

01/05/2016 ▪ Code and Theory Inc.

The Stagwell Group

Gryphon Investors

CI Capital Partners LLC

BV Investment Partners, LLC

Millstein & Co. LP

Strategic Buyer Inv. Date Select Corporate Acquisitions3/9/2017 ▪ Exterm-A-Tech, Inc.

12/1/2016 ▪ Action Termite & Pest Control LLC

11/02/2016 ▪ Whitco Pest Management, Inc.

5/10/2016 ▪ Spencer Pest Control Co. Of South Carolina, Inc.

3/7/2016 ▪ Frye Exterminating Co., Inc.

1/21/2016 ▪ BugMaster Termite & Pest Control

1/5/2016 ▪ Universal Pest Control Inc.

3/24/2017 ▪ First Annapolis Consulting, Inc.

3/1/2017 ▪ Davies Consulting LLC

2/28/2017 ▪ Infusion Software, Inc.

2/9/2017 ▪ Verisign, Inc. (Idefense Security Intelligence Services Business)

2/8/2017 ▪ Endgame, Inc.

1/31/2017 ▪ InvestTech Systems Consulting, Inc.

1/19/2017 ▪ Seabury Group LLC (Corp Advisory & Aviation Consulting Business)

1/9/2017 ▪ Altitude, Inc.

2/2/2017 ▪ CGS Services, Inc. (Indiana)

5/10/2016 ▪ Pete's Economy Hauling

5/5/2016 ▪ Arwood Waste, Inc., (Certain Accounts)

2/2/2016 ▪ Tatum Sanitation

1/4/2016 ▪ FDS Disposal, Inc.

1/1/2017 ▪ Mack, Roberts & Co. LLC

11/28/2016 ▪ GALLINA LLP

8/1/2016 ▪ Bray & Co. CPA LLC

8/1/2016 ▪ CPWR LLP CPA

7/1/2016 ▪ Peto & Company CPA'S PLLC

5/27/2016 ▪ Tsakopulos Brown Schott & Anchors PC

9/15/2016 ▪ Tower Tech, Inc. (Rental Division)

6/6/2016 ▪ One Source Cooling LLC

6/6/2016 ▪ Portable Rental Solutions, Inc.

5/20/2016 ▪ Loadbanks of America

5/2/2016 ▪ I&L Rentals LLC

4/1/2016 ▪ Equipco LLC

1/7/2016 ▪ A.O Richardson Equipment Rentals

Accenture PLC

Arrow Exterminators, Inc.

CliftonLarsonAllen LLP

Advanced Disposal Services, Inc.

Sunbelt Rentals, Inc.


-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Education & Training Business Process Outsourcing

Facility Services and Industrial Services Human Resources

Information Services Marketing Services

Real Estate Services IT Services

Specialty Consulting S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Pearson Plc PSON-GB 8,315$ 10.11$ 8.7% 11.2% 76.6% 1.1% 16.4% 1.7x 8.2x NM 1.6x 9.0x

John Wiley & Sons, Inc. JW.A-US 3,137 54.50 5.6% 21.0% 92.6% 1.0% 22.9% 2.2x 10.5x 31.5x 2.1x 10.3x

Graham Holdings Co. GHC-US 2,382 511.95 6.4% 5.6% 93.5% NM 21.3% 0.9x 5.5x 17.2x NM NM

DeVry Education Group Inc. DV-US 1,954 31.20 35.3% 23.3% 95.0% (1.3%) 20.1% 1.1x 6.4x 24.6x 1.1x 6.6x

Capella Education Co. CPLA-US 1,007 87.80 51.3% 90.0% 97.1% 5.6% 21.4% 2.0x 9.6x 26.8x 2.0x 9.4x

Strayer Education, Inc. STRA-US 895 80.63 72.7% 34.1% 96.1% 6.7% 20.3% 1.7x 9.7x 25.1x 1.6x 8.4x

K12, Inc. LRN-US 698 17.16 19.6% 95.0% 96.2% 3.4% 17.0% 0.6x 5.8x 61.3x 0.5x 4.7x

Career Education Corp. CECO-US 691 10.09 48.6% 178.0% 95.8% (14.4%) (11.1%) 0.7x 20.1x NM 0.8x 12.5x

GP Strategies Corp. GPX-US 477 28.60 16.2% 13.9% 95.3% 8.2% 8.7% 1.1x 13.7x 23.6x 1.0x 11.3x

Bridgepoint Education, Inc. BPI-US 469 10.13 47.5% 33.1% 92.7% (3.5%) 1.0% 0.2x 3.5x NM 0.2x 3.3x

$2,002 31.2% 50.5% 93.1% 0.8% 13.8% 1.2x 9.3x 30.0x 1.2x 8.4x$951 27.4% 28.2% 95.2% 1.1% 18.5% 1.1x 8.9x 25.1x 1.1x 9.0x

Market Stats Operating Stats LTM Multiples NTM Multiples



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Waste Management, Inc. WM-US 31,342$ 70.91$ 11.2% 32.9% 98.8% 4.9% 27.5% 3.0x 10.6x 26.8x 2.9x 10.5x

Republic Services, Inc. RSG-US 19,395 57.05 13.1% 29.7% 98.4% 5.7% 28.2% 2.9x 10.0x 32.1x 2.8x 9.9x

Waste Connections, Inc. WCN-US 13,780 78.59 5.2% 60.7% 98.4% 33.7% 29.0% 5.1x 17.7x 48.8x 3.6x 11.3x

Cintas Corp. CTAS-US 12,135 115.56 2.6% 26.9% 94.6% 19.1% 19.4% 2.6x 13.3x 34.7x 2.5x 12.9x

United Rentals, Inc. URI-US 9,097 105.58 34.5% 45.5% 96.1% 4.4% 47.7% 2.8x 6.1x 16.4x 2.9x 6.1x

Aramark ARMK-US 8,743 35.72 -6.1% 10.8% 93.3% 1.7% 9.8% 1.0x 9.1x 27.9x 1.0x 9.8x

Iron Mountain, Inc. IRM-US 8,557 32.48 -13.5% 20.3% 78.3% 8.6% NM 4.2x NM 78.2x 3.7x 11.1x

Stericycle, Inc. SRCL-US 6,555 77.04 -3.9% -36.1% 59.7% 1.0% 22.0% 2.7x 11.1x 39.5x 2.6x 10.6x

Clean Harbors, Inc. CLH-US 3,194 55.65 16.0% 33.6% 95.6% 5.9% 13.9% 1.6x 11.2x NM 1.6x 9.6x

ABM Industries, Inc. ABM-US 2,269 40.84 2.9% 43.4% 90.7% 3.8% 3.2% 0.5x 15.2x NM 0.5x 10.6x

UniFirst Corp. UNF-US 2,217 143.65 8.9% 37.9% 97.3% 5.6% 14.7% 1.7x 9.6x 25.1x 1.7x 9.8x

Covanta Holding Corp. CVA-US 2,034 15.60 1.4% 0.7% 87.9% 1.1% 24.3% 2.7x 13.5x NM 2.7x 10.8x

FirstService Corp. FSV-US 1,648 47.48 1.7% 17.4% 89.3% 11.9% 7.9% 1.3x 15.7x 51.6x 1.3x 13.8x

Team, Inc. TISI-US 1,125 39.25 20.0% 22.8% 99.1% 10.0% 4.1% 1.2x 23.0x NM 1.0x 9.4x

US Ecology, Inc. ECOL-US 1,070 49.15 9.6% 34.9% 97.8% 7.5% 22.6% 2.8x 12.2x 31.3x 2.7x 10.9x

H&E Equipment Services, Inc. HEES-US 827 23.25 38.7% 33.0% 95.7% 0.4% 31.7% 1.7x 5.5x 22.1x 1.7x 5.5x

SP Plus Corp. SP-US 629 28.15 10.1% 17.8% 92.9% (44.6%) 6.0% 0.5x 8.3x 27.3x 0.9x 8.7x

Casella Waste Systems, Inc. CWST-US 503 12.41 20.5% 107.5% 92.5% 3.6% 20.4% 1.8x 8.5x NM 1.8x 8.2x

CECO Environmental Corp. CECE-US 476 13.95 23.7% 81.6% 93.8% (0.5%) 11.4% 1.3x 9.7x NM 1.3x 8.9x

4.4% 19.1%4.9% 19.9%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Cognizant Technology Solutions Corp. CTSH-US 33,994$ 56.03$ 17.4% -6.6% 88.3% 11.5% 18.9% 2.2x 11.2x 22.0x 2.0x 10.1x

Wipro Ltd. 507685-IN 16,977 6.98 -0.8% -15.3% 76.2% 6.8% 20.4% 1.8x 8.9x 13.6x 1.7x 8.2x

Convergys Corp. CVG-US 2,342 24.56 -19.3% -1.3% 79.4% (0.4%) 11.9% 0.9x 6.5x 18.9x 0.9x 7.1x

West Corp. WSTC-US 2,061 24.76 12.1% 14.8% 95.8% 1.2% 26.7% 2.2x 7.9x 10.8x 2.2x 7.6x

TeleTech Holdings, Inc. TTEC-US 1,418 30.50 5.2% 9.3% 95.4% 2.7% 16.7% 1.2x 8.5x 43.0x 1.2x 8.6x

Sykes Enterprises, Inc. SYKE-US 1,238 28.86 2.6% -6.2% 92.0% 10.1% 12.4% 0.8x 7.3x 19.5x 0.8x 6.7x

Virtusa Corp. VRTU-US 753 25.12 1.8% -39.2% 54.2% 17.0% 2.4% 1.0x 78.6x 54.6x 0.9x 12.5x

Unisys Corp. UIS-US 749 14.95 53.5% 35.3% 89.5% (3.4%) 10.4% 0.2x 2.3x NM 0.2x 1.7x

5.7% 15.0%4.7% 14.6%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Automatic Data Processing, Inc. ADP-US 46,372$ 102.78$ 16.5% 21.3% 98.9% 8.0% 22.0% 3.8x 16.6x 27.6x 3.5x 16.1x

Robert Half International, Inc. RHI-US 6,287 48.78 28.8% 3.5% 98.3% 1.4% 11.1% 1.1x 9.7x 18.3x 1.1x 9.5x

ManpowerGroup, Inc. MAN-US 5,960 88.87 23.0% 5.4% 95.6% 2.7% 4.7% 0.3x 7.5x 14.2x 0.3x 8.0x

WageWorks, Inc. WAGE-US 2,657 72.50 19.0% 59.8% 96.3% 35.3% 19.5% 6.2x 29.4x NM 4.6x 16.0x

On Assignment, Inc. ASGN-US 2,338 44.16 21.7% -1.8% 96.4% 9.1% 10.0% 1.2x 11.6x 24.4x 1.2x 9.6x

51job, Inc. JOBS-US 2,011 33.80 1.3% 14.7% 94.2% 12.6% NM 3.8x 11.5x 23.1x 3.3x 10.5x

TriNet Group, Inc. TNET-US 1,763 25.62 18.4% 32.4% 96.2% (76.1%) 6.1% 0.7x 12.7x 30.1x 3.0x 10.6x

Korn/Ferry International KFY-US 1,690 29.43 40.1% -11.3% 87.0% (3.6%) 11.7% 1.1x 6.1x 26.8x 1.0x 6.9x

Insperity, Inc. NSP-US 1,510 70.95 -2.3% 47.4% 86.3% 14.8% 2.6% 0.4x 10.3x 23.0x 0.4x 7.6x

TrueBlue, Inc. TBI-US 1,047 24.65 8.8% -4.3% 89.4% (7.5%) 4.8% 0.4x 8.1x NM 0.4x 8.2x

Kelly Services, Inc. KELYA-US 875 22.92 19.3% 41.9% 97.1% (0.2%) 2.1% 0.2x 9.6x 7.4x 0.2x 8.3x

Kforce, Inc. KFRC-US 626 23.10 12.7% -8.6% 90.6% 4.8% 5.4% 0.6x 10.9x 18.5x 0.5x 9.4x

Heidrick & Struggles International, Inc. HSII-US 449 24.15 30.2% -11.3% 86.3% 6.3% 7.5% 0.5x 5.4x 29.8x 0.5x 5.1x

0.6% 9.0%4.8% 6.8%




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Thomson Reuters Corp. TRI-CA 32,197$ 43.82$ 8.3% 12.1% 95.9% 1.4% 26.2% 3.4x 12.8x 29.7x 3.4x 11.6x

S&P Global, Inc. SPGI-US 27,864 107.54 -15.0% 9.1% 83.8% 2.5% 44.6% 5.3x 11.9x 13.5x 5.4x 11.6x

Experian Plc EXPN-GB 18,373 19.45 1.9% 31.1% 93.0% 23.0% 33.3% 5.4x 15.9x 22.2x 4.4x 12.8x

Moody's Corp. MCO-US 18,024 94.27 -12.9% -6.0% 85.1% 6.8% 45.0% 5.4x 11.8x 69.3x 5.2x 11.3x

IHS Markit Ltd. INFO-US 14,941 35.41 -5.7% 17.4% 93.6% 45.6% 29.4% 6.6x 23.1x NM 4.1x 10.7x

Equifax, Inc. EFX-US 14,159 118.23 -12.1% 6.2% 86.3% 10.1% 35.3% 5.3x 14.9x 29.3x 4.9x 13.7x

Verisk Analytics, Inc. VRSK-US 13,592 81.17 -0.1% 5.6% 94.4% 6.9% 46.6% 7.9x 16.1x 31.2x 7.6x 15.0x

Alliance Data Systems Corp. ADS-US 13,198 228.50 6.5% -17.4% 81.6% 11.1% 16.8% 3.9x 15.8x 31.1x 3.6x 14.0x

Gartner, Inc. IT-US 8,349 101.07 14.3% 11.4% 95.8% 13.8% 19.1% 3.5x 20.9x 43.8x 3.2x 16.4x

FactSet Research Systems Inc. FDS-US 6,488 163.43 0.8% 0.5% 89.2% 8.4% 35.1% 5.8x 16.5x 19.3x 5.5x 15.6x

CoStar Group, Inc. CSGP-US 6,145 188.49 -12.9% -8.8% 83.9% 16.3% 29.3% 7.1x 26.5x 71.9x 6.2x 19.9x

Dun & Bradstreet Corp. DNB-US 4,463 121.32 -11.2% 16.7% 85.7% 4.6% 38.3% 3.4x 11.7x 44.0x 3.3x 11.0x

Fair Isaac Corp. FICO-US 3,689 119.22 -4.3% 26.6% 89.7% 5.9% 20.0% 4.7x 20.5x 30.1x 4.7x 15.9x

CoreLogic, Inc. CLGX-US 3,181 36.83 -6.1% 8.8% 84.8% (3.7%) 21.5% 2.4x 10.2x 30.3x 2.5x 9.5x

Acxiom Corp. ACXM-US 2,080 26.80 0.6% 28.1% 96.8% 7.3% 15.8% 2.5x 17.6x NM 2.4x 12.5x

comScore, Inc. SCOR-US 1,790 31.58 3.0% -23.3% 72.5% NM NM 3.0x 30.1x NM 2.0x 8.0x

The Advisory Board Co. ABCO-US 1,335 33.25 -25.7% -33.0% 64.9% 1.2% 22.1% 2.3x 11.8x 14.9x 2.1x 9.1x

Forrester Research, Inc. FORR-US 782 42.95 10.4% 50.8% 96.7% 2.4% 13.3% 2.0x 16.1x 44.3x 1.9x 14.8x

9.6% 28.9%6.9% 29.3%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

WPP Plc WPP-GB 28,741$ 22.44$ 0.1% 16.2% 90.3% 3.1% 19.0% 2.0x 12.2x 15.2x 2.0x 10.8x

Omnicom Group, Inc. OMC-US 20,076 85.11 0.1% 12.5% 94.9% 2.4% 15.9% 1.5x 9.8x 17.8x 1.4x 9.6x

Publicis Groupe SA PUB-FR 15,609 69.14 -2.6% 6.8% 88.5% 4.9% 19.6% 1.6x 9.4x NM 1.5x 8.6x

Interpublic Group of Cos., Inc. IPG-US 9,294 23.41 4.7% 0.6% 94.3% 3.0% 23.3% 1.3x 9.2x 15.7x 1.3x 8.6x

UBM Plc UBM-GB 3,560 9.04 2.5% 36.6% 90.2% 15.8% 30.3% 4.1x 14.5x 25.1x 3.9x 13.0x

Ipsos SA IPS-FR 1,399 31.48 2.7% 40.6% 92.8% 3.2% 14.5% 1.0x 9.2x 11.9x 1.0x 8.6x

KMA Holding, Inc. MCDA-US 678 0.02 -68.1% -92.0% 4.0% NM NM NM NM NM NM NM

InnerWorkings, Inc. INWK-US 540 9.85 4.6% 31.3% 97.7% 9.1% 5.3% 0.6x 11.4x NM 0.5x 9.1x

5.9% 18.3%3.2% 19.0%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

CBRE Group, Inc. CBG-US 10,621$ 31.49$ 12.5% -8.9% 90.2% 7.4% 11.6% 1.0x 12.2x 18.6x 1.0x 8.3x

CoStar Group, Inc. CSGP-US 6,145 188.49 -12.9% -8.8% 83.9% 16.3% 29.3% 7.1x 26.5x 71.9x 6.2x 19.9x

Jones Lang LaSalle, Inc. JLL-US 4,568 101.04 -11.2% -36.8% 62.7% 9.9% NM 0.9x NM 14.5x 0.9x 8.9x

Realogy Holdings Corp. RLGY-US 3,670 25.73 -0.5% -29.8% 68.9% 3.1% NM 1.2x NM 17.6x 1.2x 9.1x

Kennedy-Wilson Holdings, Inc. KW-US 2,324 20.50 -9.1% -14.9% 84.0% 9.4% NM 10.9x NM NM 10.0x 26.0x

Fang Holdings Ltd. SFUN-US 1,050 3.28 -26.9% -55.6% 44.1% 10.4% NM 1.1x NM NM 1.4x 26.4x

RE/MAX Holdings, Inc. RMAX 988 56.00 27.9% 50.1% 98.4% 13.2% NM 4.3x NM 43.4x 4.0x 7.4x

Altisource Portfolio Solutions SA ASPS 502 26.59 -17.9% -4.4% 72.4% (19.3%) NM 0.8x NM 17.4x 1.0x 4.8x

6.3% 20.5%9.7% 20.5%




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

International Business Machines Corp. IBM-US 157,832$ 165.99$ 4.5% 20.6% 97.7% (1.5%) 25.7% 2.4x 11.4x 13.4x 2.4x 9.7x

Accenture Plc ACN-US 72,929 117.13 -4.1% 12.1% 93.2% 0.7% 15.4% 2.0x 12.2x 19.5x 2.1x 12.4x

Cognizant Technology Solutions Corp. CTSH-US 33,994 56.03 17.4% -6.6% 88.3% 11.5% 18.9% 2.2x 11.2x 22.0x 2.0x 10.1x

CGI Group, Inc. GIB.A-CA 13,075 48.05 3.1% 16.3% 94.9% 3.1% 18.1% 2.0x 10.7x 17.4x 1.9x 10.3x

Leidos Holdings, Inc. LDOS-US 7,690 51.14 18.2% -9.1% 86.0% 47.1% 9.5% 1.5x 16.6x 21.8x 0.8x 8.6x

Booz Allen Hamilton Holding Corp. BAH-US 5,392 36.07 14.1% 16.9% 93.6% 6.6% 8.7% 1.2x 12.8x 21.7x 1.1x 11.5x

Teradata Corp. TDC-US 3,529 27.17 -12.4% 2.8% 82.1% (8.9%) 22.7% 1.4x 6.3x 28.6x 1.5x 6.9x

EPAM Systems, Inc. EPAM-US 3,282 64.31 -7.2% -18.2% 80.6% 27.1% 13.9% 2.5x 18.6x 34.4x 2.2x 11.9x

CACI International, Inc. CACI-US 3,030 124.30 23.2% 34.0% 93.0% 3.3% 9.3% 1.0x 11.4x 19.7x 1.0x 11.6x

Interxion Holding NV INXN-US 2,472 35.07 -3.2% 16.3% 90.3% 11.4% 42.9% 6.7x 15.3x 55.6x 6.4x 13.9x

ManTech International Corp. MANT-US 1,071 42.25 12.1% 39.7% 92.8% 4.3% 7.4% 1.0x 12.8x 28.7x 0.9x 12.0x

Virtusa Corp. VRTU-US 753 25.12 1.8% -39.2% 54.2% 17.0% 2.4% 1.0x 78.6x 54.6x 0.9x 12.5x

Unisys Corp. UIS-US 749 14.95 53.5% 35.3% 89.5% (3.4%) 10.4% 0.2x 2.3x NM 0.2x 1.7x

The Hackett Group, Inc. HCKT-US 504 17.66 6.9% 9.9% 96.2% 7.7% 15.1% 1.7x 12.9x 26.8x 1.9x 11.6x

ServiceSource International, Inc. SREV-US 494 5.68 16.4% 23.2% 90.9% 1.4% 3.3% 1.8x 805.4x NM 1.6x 23.2x

8.5% 14.9%4.3% 13.9%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

CEB, Inc. CEB-US 1,953$ 60.60$ 11.3% -1.3% 89.3% 3.1% 24.9% 2.8x 12.6x NM 2.7x 10.9x

FTI Consulting, Inc. FCN-US 1,910 45.08 1.2% 30.1% 95.7% 3.0% 6.9% 1.1x 10.0x 22.0x 1.1x 9.0x

Exponent, Inc. EXPO-US 1,543 60.30 18.1% 20.7% 93.1% (0.3%) 21.5% 4.3x 20.1x 34.5x 4.8x 17.5x

The Advisory Board Co. ABCO-US 1,335 33.25 -25.7% -33.0% 64.9% 1.2% 22.1% 2.3x 11.8x 14.9x 2.1x 9.1x

Navigant Consulting, Inc. NCI-US 1,232 26.18 29.5% 63.0% 94.0% (2.6%) 12.6% 1.3x 9.8x 22.0x 1.4x 9.3x

Huron Consulting Group, Inc. HURN-US 1,100 50.65 -15.2% -14.7% 77.9% (3.2%) 12.1% 1.7x 10.7x 28.8x 1.8x 9.2x

ICF International, Inc. ICFI-US 1,046 55.20 24.5% 55.2% 92.7% 3.6% 10.2% 1.1x 11.6x 23.0x 1.1x 10.5x

CBIZ, Inc. CBZ-US 735 13.70 22.4% 38.9% 97.5% 6.8% 2.8% 1.1x 9.7x 18.3x 1.1x 9.1x

Resources Connection, Inc. RECN-US 572 19.25 28.8% 17.8% 97.5% 3.0% 4.8% 1.0x 12.1x 30.1x 1.2x 12.3x

1.6% 13.1%3.0% 12.1%




($ in Mil)TEV/ Rev

TEV/

EBITDA3/31/2017 TRC Cos., Inc. New Mountain Capital LLC Specialty Consulting 615.17 - -

3/31/2017 S.A. Greenwood Mgmt Resources Llc PI Southeast, LLC Specialty Consulting - - -

3/31/2017 Prime Visibility Media Group, Inc. Wpromote, Inc. Marketing Services 3.50 - -

3/30/2017 42West LLC Dolphin Digital Media, Inc. Marketing Services 28.00 - -

3/30/2017 Stonesifer & Kelley PC Barley Snyder LLC Specialty Consulting - - -

3/29/2017 Future Staff, Inc. Management Analysis & Utilization,

Inc.

Human Resources - - -

3/28/2017 Bulletin Intelligence LLC GTCR LLC; Cision US, Inc. IT Services - - -

3/24/2017 First Annapolis Consulting, Inc. Accenture PLC Specialty Consulting - - -

3/24/2017 Staffing 360 Solutions, Inc. Jackson Investment Group LLC Human Resources 33.81 - -

3/24/2017 AERC.com, Inc. Clean Earth, Inc.; Compass Group

Management LLC

Specialty Consulting - - -

3/23/2017 Anagram LLC Digilant, Inc. Marketing Services - - -

3/22/2017 Exclusive Connections LLC Excentus Corp. Marketing Services - - -

3/21/2017 YOUnique Moments BirthdayPak Franchising USA LLC Marketing Services - - -

3/20/2017 Aporia Solutions LLC The Outsourcing Partnership LLC;

Nadavon Capital Partners LLC

IT Services - - -

3/20/2017 Communication Cable Co. Kohlberg Kravis Roberts & Co. LP;

Optiv Security, Inc.

IT Services - - -

3/20/2017 Valpak Direct Marketing Systems, Inc. (Greater

Brooklyn Operations)

Valpak Direct Mrktg Sys, Inc. ;Greater

Brooklyn Operations; Dejesus

Marketing Services - - -

3/18/2017 Patrick Consulting Services LLC Peoples Insurance Agency LLC Specialty Consulting - - -

3/17/2017 CFO-for-Hire LLC BST & Co. CPA LLP Specialty Consulting - - -

3/17/2017 SFC Asset Management, Inc. PBWM Holdings LLC Specialty Consulting - - -

3/17/2017 Interstate Industries, Inc. Interstate Industries, Inc. /Stevens/ Marketing Services - - -

3/16/2017 Wurster Partners Ltd. ON Search Partners LLC Human Resources - - -

3/16/2017 Stribog Media LLC Photoflight Aerial Media LLC Marketing Services - - -

3/16/2017 Freeman Enclosure Systems LLC IES Infrastructure Solutions LLC Specialty Consulting - - -

3/16/2017 Magnus Management Group LLC NXTKey Corp. Specialty Consulting - - -

3/16/2017 The Hunoval Law Firm PLLC Plutos Sama LLC Specialty Consulting - - -

3/15/2017 SalesDoneRight LLC Sales Experts, Inc. Human Resources - - -

3/14/2017 Ufluencer Group Inc Gushcloud Pte Ltd. Marketing Services - - -

3/14/2017 Geneva Technical Services LLC The Halo Group LLC; Highlands

Ventures LLC


3/14/2017 Novaetus, Inc. SurveyVitals, Inc. Specialty Consulting - - -

3/13/2017 Centerra Group LLC Apollo Global Management LLC

(Private Equity); Constellis Group, Inc.


3/13/2017 SVC, Inc. (US Business) Health Management Associates, Inc.

(Michigan)


3/13/2017 ChildCare Education Institute LLC Excelligence Learning Corp.;

Brentwood Associates

Education and Training - - -

3/12/2017 Tomorro LLC The Shipyard, Inc. Specialty Consulting - - -

3/10/2017 Vintage Group, Inc. (New York) Toppan Vite Ltd. Marketing Services - - -

3/9/2017 Daily Engage Media Group LLC Bright Mountain Media, Inc. Marketing Services 4.90 - -

3/9/2017 Exterm-A-Tech, Inc. Arrow Exterminators, Inc. Facility Services and

Industrial Services

- - -

3/8/2017 Xperiencelab LLC Barkley, Inc. Specialty Consulting - - -

3/7/2017 Opiary LLC Blondie's Treehouse, Inc. Facility Services and

Industrial Services

- - -

3/7/2017 Jobseekers.Org Handler & Associates, Inc. Human Resources - - -

3/6/2017 The CJS Solutions Group LLC Tech Mahindra Ltd. IT Services 105.67 0.93x -

3/6/2017 Response Capture, Inc. Bonfire Marketing Co. Marketing Services - - -

3/6/2017 DME Consulting International LLC Curium Solutions Ltd. Specialty Consulting - - -

3/6/2017 TruEngage PK4 Media, Inc. Marketing Services - - -



($ in Mil)TEV/ Rev

TEV/

EBITDA3/6/2017 Premier Staffing, Inc. (Arkansas) BelFlex Staffing Network Human Resources - - -

3/6/2017 Simplified Logistics LLC CI Capital Partners LLC IT Services - - -

3/3/2017 Manufacturers Supply Co. Fastenal Co. Business Process

Outsourcing

- - -

3/2/2017 Audience Partners LLC Altice USA, Inc. Marketing Services - - -

3/2/2017 ADS Media Group, Inc. Virtual Marketing, Inc. Marketing Services - - -

3/1/2017 HealthSystems Co. Seaport Capital LLC; Quatris LLC IT Services - - -

3/1/2017 Tennis Media Co. LLC Sinclair Broadcast Group, Inc. Marketing Services 14.00 - -

3/1/2017 Davies Consulting LLC Accenture PLC Specialty Consulting - - -

3/1/2017 LRI Marketing Global Imaging Systems, Inc. Marketing Services - - -

3/1/2017 Cellotape, Inc. Resource Label Group LLC Business Process

Outsourcing

- - -

3/1/2017 Sweeping Corp. of America, Inc. Soundcore Capital Partners LLC Facility Services and

Industrial Services

- - -

3/1/2017 Reingruber & Co. Pa Saltmarsh, Cleaveland & Gund PA Specialty Consulting - - -

2/28/2017 Carolina First Associates LLC USI Holdings Corp.; USI Insurance

Services LLC

Business Process

Outsourcing

- - -

2/28/2017 Towerbridge Technologies LLC Advanced Micro-Electronics, Inc. Specialty Consulting - - -

2/28/2017 Rineco Chemical Industries, Inc. Heritage Environmental Services LLC;

Asphalt Materials, Inc.

Facility Services and

Industrial Services

- - -

2/28/2017 Infusion Software, Inc. Accenture PLC IT Services - - -

2/27/2017 Color Media Group, Inc. GateHouse Media LLC; BridgeTower

Media


2/27/2017 Paul F Richardson Associates Inc Seabury Capital LLC Specialty Consulting - - -

2/23/2017 Waterhouse Group, Inc. Predictive Index LLC Specialty Consulting - - -

2/22/2017 Tilt.com, Inc. General Catalyst LLC IT Services 62.10 - -

2/21/2017 Results Software LLC Providence Equity Partners LLC;

Abacus Data Systems, Inc.


2/21/2017 OutCold LLC The Escape Pod LLC; Ora Interactive

LLC


2/21/2017 Chadbourne & Parke LLP Norton Rose Fulbright US LLP Specialty Consulting - - -

2/21/2017 Kelleher Associates LLC AchieveNext LLC Human Resources - - -

2/21/2017 Proctor, Crook, Crowder & Fogal PA Carr, Riggs & Ingram LLC Specialty Consulting - - -

2/21/2017 Novitex Acquisition LLC Quinpario Acquisition Corp. 2 Business Process

Outsourcing

- - -

2/21/2017 SourceHOV Holdings, Inc. Quinpario Acquisition Corp. 2 Business Process

Outsourcing

- - -

2/21/2017 myON LLC Francisco Partners Management LLC Education and Training - - -

2/17/2017 InternMatch, Inc. WayUp, Inc. Education and Training - - -

2/17/2017 Quatro Systems, Inc. Integra Business Center, Inc. IT Services - - -

2/17/2017 The Fawcett Group, Inc. Insgroup, Inc. Business Process

Outsourcing

- - -

2/16/2017 PreClarity, Inc. TA Associates Management LP;

TEOCO Corp.

Business Process

Outsourcing

- - -

2/16/2017 Innosight Holdings LLC Huron Consulting Group, Inc. Specialty Consulting 135.00 - -

2/16/2017 Peninsula Packaging LLC Sonoco Products Co. Facility Services and

Industrial Services

230.00 1.21x -

2/16/2017 Scenario Learning LLC Providence Equity Partners LLC;

TargetSolutions, Inc.


2/16/2017 gWhiz LLC Higher Learning Technologies, Inc. Education and Training - - -

2/15/2017 Network Media Partners LLC MCI Group Holding SA Marketing Services - - -

2/15/2017 Polenberg Cooper PLLC Becker & Poliakoff PA Specialty Consulting - - -

2/13/2017 Pacific Federal LLC Water Street Healthcare Partners

LLC; Zenith American Solutions, Inc.

Business Process

Outsourcing

- - -

2/13/2017 Eclipsecurity LLC Halock Security Labs Specialty Consulting - - -

2/13/2017 Smart Professional Resources LLC RemX LLC Specialty Consulting - - -

2/9/2017 Dirigo Food Safety LLC Diagnostic Lab Corp., Inc. Specialty Consulting - - -



($ in Mil)TEV/ Rev

TEV/

EBITDA2/9/2017 Grapevine Logic, Inc. Sun Seven Stars Media Group Ltd. Marketing Services - - -

2/9/2017 Dressler Santaus LLC Colman Bookkeeping Providers LLC Business Process

Outsourcing

- - -

2/9/2017 Cone Communications LLC Porter Novelli, Inc. Marketing Services - - -

2/9/2017 Marley International Group LLC Federal Resources Supply Co. Marketing Services - - -

2/9/2017 Verisign, Inc. (Idefense Security Intelligence Services

Business)

Accenture PLC Business Process

Outsourcing

- - -

2/8/2017 Alternascapes, Inc. Tarkett Sports SA; EasyTurf, Inc. Real Estate Services - - -

2/8/2017 Brandtale, Inc. Aurora Capital Group LP; The

Cambria Group LLC; Market Track

LLC


2/8/2017 ACCellence LLP Bernstein & Pinchuk LLP; Marcum

Bernstein & Pinchuk LLP

Business Process

Outsourcing

- - -

2/8/2017 CitizenNet, Inc. Condé Nast Entertainment, Inc. Marketing Services - - -

2/8/2017 Endgame, Inc. Accenture PLC Business Process

Outsourcing

0.00 0.00x 0.00x

2/7/2017 Xerox Corp. (Digital Front End Business) Electronics For Imaging, Inc. Business Process

Outsourcing

- - -

2/7/2017 Media Link LLC Ascential Plc Marketing Services 207.00 3.83x -

2/7/2017 iaCONSULTING Marsh LLC; Marsh & McLennan

Agency LLC

Business Process

Outsourcing

- - -

2/7/2017 InRhythm, Inc. /CPG Business/ Clark Consulting LLC; Management

Science Associates, Inc.


Industrial Services

- - -

2/6/2017 Allied Resident (Employee Screening Service, Inc.) GI Manager LP; MRI Software LLC Real Estate Services - - -

2/6/2017 GTE Sales Consulting, Inc. The Pulse Network, Inc. Specialty Consulting - - -

2/6/2017 Premier Marketing Group, Inc. Grossman Marketing Group Marketing Services - - -

2/3/2017 McDermott & Miller, P.C. Lutz & Co. PC Business Process

Outsourcing

- - -

2/3/2017 Healthcare Staffing, Inc. Novation Cos., Inc. Human Resources 24.00 - -

2/2/2017 Zubi Advertising Services, Inc. GTB Agency LLC Marketing Services - - -

2/2/2017 Intelligent Registration LLC Lightspeed Marketing

Communications, Inc.


2/2/2017 Earl J. Roloff Law Office Gardi & Haught Ltd. Specialty Consulting - - -

2/2/2017 Barristers' Reporting Service Inc Aptus Court Reporting LLC Specialty Consulting - - -

2/2/2017 Insight Pest Solutions LLC Massey Services, Inc. Real Estate Services - - -

2/2/2017 Elite SEM, Inc. Mountaingate Capital Management

LP


2/2/2017 CGS Services, Inc. (Indiana) Advanced Disposal Services, Inc. Real Estate Services - - -

2/1/2017 Associated Packaging, Inc. (South Carilona) KapStone Paper & Packaging Corp. Facility Services and

Industrial Services

- - -

2/1/2017 Defined Health, Inc. Cello Group Plc Specialty Consulting 9.73 - -

2/1/2017 Horwich Coleman Levin LLC Wipfli LLP/HFS Consultants Business Process

Outsourcing

- - -

2/1/2017 Katherman Kitts & Co. LLP Haskell & White LLP Business Process

Outsourcing

- - -

2/1/2017 Reach E A P Blue Cross of Northeastern

Pennsylvania; AllOne Health

Resources, Inc.


1/31/2017 C1 Consulting LLC CRA International, Inc. Specialty Consulting - - -

1/31/2017 Qology Direct Holdings, Inc. H.I.G. Growth Partners LLC;

Centerfield Media Holdings LLC


1/31/2017 Mcarthur, Mckeiver & Vaughan PLLC LBA Haynes Strand PLLC Business Process

Outsourcing

- - -

1/31/2017 Pharmalogics Recruiting LLC Webster Capital Ltd. Human Resources - - -

1/31/2017 InvestTech Systems Consulting, Inc. Accenture PLC Business Process

Outsourcing

- - -

1/30/2017 Creative Kids, Inc. Learning Care Group, Inc. Education and Training - - -



($ in Mil)TEV/ Rev

TEV/

EBITDA1/30/2017 Stream Tech LLC (OH) The Shipyard, Inc. Marketing Services - - -

1/30/2017 Advertiseng Partners LLC Big Rhino Corp. Marketing Services 5.10 - -

1/27/2017 The Cheyenne Group LCC Sports Recruitment International Ltd. Human Resources - - -

1/27/2017 Fishbowl, Inc. Symphony Technology Group LLC Marketing Services - - -

1/26/2017 PRA Group, Inc. (4 Subsidiaries) Millstein & Co. LP Real Estate Services 91.50 - -

1/24/2017 Kinetiq Digital Robots & Pencils, Inc. Business Process

Outsourcing

- - -

1/20/2017 Next Generation Enrollment, Inc. Plansource Benefits Administration,

Inc.


1/19/2017 LoyalBlocks Ltd. Wix.com Ltd. Marketing Services - - -

1/19/2017 Ratner & Associates LLC (PA) Haefele, Flanagan & Co. PC Business Process

Outsourcing

- - -

1/19/2017 Seabury Group LLC (Corp Advisory & Aviation

Consulting Business)

Accenture PLC Business Process

Outsourcing

- - -

1/19/2017 C-4 Analytics BV Investment Partners, LLC Business Process

Outsourcing

- - -

1/18/2017 Adzzup, Inc. Digital Caddies, Inc. Marketing Services - - -

1/18/2017 Take-2-Productions LLC Digital Evolution Group LLC Marketing Services - - -

1/17/2017 The Marcus Buckingham Co., Inc. Automatic Data Processing, Inc. Human Resources - - -

1/17/2017 CynergisTek, Inc. Auxilio, Inc. IT Services 34.96 2.33x 6.99x

1/17/2017 Professional Bank Services, Inc. Austin Associates LLC Specialty Consulting - - -

1/16/2017 Promio, Inc. Surefire Local, Inc. Marketing Services - - -

1/13/2017 Bernstein & Seidman CPAS Attorneys At Law Grassi & Co., Certified Public

Accountants, P.C.

Business Process

Outsourcing

- - -

1/11/2017 Logistical Outsourcing, Inc. Thumbprint Marketing Services - - -

1/11/2017 In House Ideas LLC Black Flower Agency LLC Specialty Consulting - - -

1/11/2017 Northpoint Consulting, Inc. General Communication, Inc. Specialty Consulting - - -

1/11/2017 Klingler & Associates, PC Smith Elliott Kearns & Co. LLC Business Process

Outsourcing

- - -

1/10/2017 Denali Group, Inc. WNS (Holdings) Ltd. Specialty Consulting 40.00 - -

1/10/2017 Valpak Direct Marketing Systems, Inc. (Greater

Columbia)

Valpak Direct Marketing Systems, Inc.

/Columbia/ /Pvt Grp/


1/10/2017 Roundtable Creative, Inc. Alliance MMA, Inc. Marketing Services 1.39 - -

1/10/2017 Denali Sourcing Services, Inc. WNS (Holdings) Ltd. Business Process

Outsourcing

- - -

1/9/2017 SEAL Consulting, Inc. CenturyLink, Inc. IT Services - - -

1/9/2017 Medical Staffing Options, Inc. Health Carousel LLC Human Resources - - -

1/9/2017 Altitude, Inc. Accenture PLC Specialty Consulting - - -

1/9/2017 Stewart Lender Services, Inc. (Certain Assets) American Mortgage Consultants, Inc. IT Services - - -

1/9/2017 Natural Resource Technology, Inc. O'Brien & Gere Ltd. Specialty Consulting - - -

1/9/2017 Greystone Environmental Management LLC Partners (Ohio) Specialty Consulting - - -

1/9/2017 EdgeCore Ltd. Mindstream Media LLC Marketing Services - - -

1/6/2017 First Manhattan Consulting Group LLC Deluxe Corp. Specialty Consulting 200.00 - -

1/6/2017 Core Digital Media, Inc. (2 Subsidiaries) Rock Holdings, Inc. Marketing Services - - -

1/6/2017 Alexander Thompson Arnold PLLC McLean & Associates PLLC Business Process

Outsourcing

- - -

1/6/2017 Paradigm Plus LLC AccuServe Corp. Facility Services and

Industrial Services

- - -

1/6/2017 Action Packaging Systems, Inc. Fortis Solutions Group LLC Facility Services and

Industrial Services

- - -

1/6/2017 Northeast Data Destruction & Recycling LLC National Waste Management

Holdings, Inc.


Industrial Services

0.22 - -

1/5/2017 Kiley Advisors LLC FMI Corp. Specialty Consulting - - -

1/5/2017 Kupperberg & Associates Sensiba San Filippo LLP Business Process

Outsourcing

- - -

1/5/2017 InterviewStream, Inc. RIVS, Inc. IT Services - - -



($ in Mil)TEV/ Rev

TEV/

EBITDA1/5/2017 Good & Fowler LLP SingerLewak LLP Business Process

Outsourcing

- - -

1/5/2017 IW Financial Vestar Capital Partners, Inc.;

Institutional Shareholder Services,

Inc.


1/4/2017 Gruppo Marcucci LLC Arthur J. Gallagher & Co. Human Resources - - -

1/4/2017 RAS & Associates LLC Perficient, Inc. Specialty Consulting - - -

1/4/2017 The Spitfire Group LLC Objective Integrity, Inc. IT Services - - -

1/3/2017 Tradesmen International LLC The Blackstone Group LP Human Resources - - -

1/3/2017 Cox Target Media, Inc. Platinum Equity LLC Marketing Services - - -

1/3/2017 Corporate Payroll, Inc. Asure Software, Inc. Human Resources 2.95 - -

1/3/2017 Personnel Management Systems, Inc. Asure Software, Inc. Human Resources 5.00 1.25x -

1/3/2017 Payroll Specialties NW, Inc. Asure Software, Inc. Human Resources 3.61 - -

1/1/2017 Price Flowers Malin & Westerberg Lundberg Law Offices Business Process

Outsourcing

- - -

1/1/2017 Mack, Roberts & Co. LLC CliftonLarsonAllen LLP Business Process

Outsourcing

- - -

1/1/2017 Biegler & Associates PC Kositzka Wicks & Co. Business Process

Outsourcing

- - -

1/1/2017 Waggoner Frutiger & Daub LLP Boyer & Ritter LLC Business Process

Outsourcing

- - -

1/1/2017 The Bernknopf Group Ltd. Prager Metis CPAs LLC Business Process

Outsourcing

- - -

1/1/2017 Hantz Rhoades & Doehrer LLC MRPR CPAs & Advisors Business Process

Outsourcing

- - -

1/1/2017 Marina Landscape Maintenance, Inc. Brightview Landscapes LLC;

Kohlberg Kravis Roberts & Co. LP

Real Estate Services - - -

1/1/2017 Popowcer Katten Ltd. Kutchins, Robbins & Diamond Ltd. Business Process

Outsourcing

- - -

1/1/2017 Walburg + Associates PC Brickley DeLong, Inc. Business Process

Outsourcing

- - -

1/1/2017 Christopher K. Caswell, P.A. Berlin Patten Ebling PLLC Business Process

Outsourcing

- - -

1/1/2017 Turner Dennis & Noack PC Reimer Mcguinness & Associates PC Business Process

Outsourcing

- - -

1/1/2017 Shedler & Cohen LLP Marks Paneth LLP Business Process

Outsourcing

- - -

1/1/2017 Contingency Planning Solutions, Inc. Digicorp, Inc. (Wisconsin) Specialty Consulting - - -


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