hw&co. industry reader template - harris williams & co. · 2015. 6. 18. · schibsted. has made an...

www.harriswilliams.com

Harris Williams & Co. Ltd is a private limited company incorporated under English law having its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered withthe Registrar of Companies for England and Wales under company number 7078852. Directors: Mr. Christopher Williams, Mr. Ned Valentine, Mr. Paul Poggi and Mr. Thierry Monjauze,authorised and regulated by the Financial Conduct Authority.

Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main,Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative(Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins.

EUROPEAN TECHNOLOGYINDUSTRY UPDATE │ MAY 2015

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www.harriswilliams.comwww.harriswilliams.de

CONTENTS RECENT DEVELOPMENTS PUBLIC MARKET TRADING SOFTWARE IT SERVICES COMMUNICATIONS INTERNET AND DIGITAL MEDIA

TMT GROUP OVERVIEWOur Technology, Media & Telecom (TMT) Group is dedicated to providing superior merger & acquisition and capital markets advisory services to market leading companies. Our extensive industry knowledge and transaction leadership experience spans the software, digital media, IT services and communications sectors. Our professionals in London, Boston and San Francisco have global relationships with leading technology companies and financial investors. Thoughtful advice, deep experience and technology expertise, creativity and attention to detail from our senior technology bankers have resulted in a track record of consistently exceeding our clients' expectations.

CONTACTS

EUROPE

Thierry MonjauzeManaging [email protected]+44 (0) 20 7518 8901

Jonathan OrganVice [email protected]+44 (0) 20 7518 8900

UNITED STATESJeff BistrongManaging [email protected]+1 (617) 482-7501

Michael WilkinsManaging [email protected]+1 (415) 288-4260

Sam HendlerManaging [email protected]+1 (617) 654-2117

RECENT DEVELOPMENTS

COMPANY SPECIFIC NEWS

Charter Communications has made an offer to acquire Time Warner Cable, the US-based media and entertainment company, valuing the business at c.$77.8bn Verizon Communications has agreed to acquire AOL, the US-based multinational mass

media corporation, valuing the business at $3.9bn Capgemini has agreed to acquire iGate, the US-based provider of IT and business

process outsourcing services, from Apax Partners, valuing the business at €4.2bn Arris Group has made an offer for Pace, the UK-based provider of telecommunications

hardware, valuing the business at £1.5bn Antin Infrastructure Partners has acquired Eurofiber Nederland, the Netherlands-based

provider of fiber optic networks for businesses, from Doughty Hanson, valuing the business at €875m Continental Aktiengesellschaft has agreed to acquire Elektrobit Automotive, the

Germany-based automotive software developer, from Elektrobit, valuing the business at €600m MasterCard has agreed to acquire Applied Predictive Technologies, the US-based

provider of cloud-based analytics software solutions, from Accel-KKR and GS Capital Partners, valuing the business at $600m Delivery Hero has acquired Yemeksepeti.com, the Turkey-based online food ordering

platform, from General Atlantic, valuing the business at $589m Bridgepoint has agreed to acquire a majority stake in Nordic Cinema Group, the

Sweden-based cinema owner and operator, from Ratos and Bonnier, valuing the business at SEK 4.7bn Twitter has agreed to acquire TellApart, the US-based marketing technology company

providing retailers and e-commerce advertisers with cross-device retargeting capabilities through dynamic product ads and email marketing, from Bain Capital, valuing the business at c.$533m HgCapital has acquired a majority stake in The Foundry Visionmongers, the UK-based

developer of software solutions for artists and designers, from Carlyle Europe Technology Partners, valuing the business at c.£200m Zoopla Property Group has agreed to acquire uSwitch, the UK-based provider of online

and phone-based comparison and switching services for essential home services and personal finance, from LDC, for an initial consideration of £160m, potentially rising to £190m Visma has acquired e-conomic international, the Denmark-based provider of cloud

based accounting software for small and medium-sized businesses, from HgCapitalvaluing the business at c.€200m Recruit Holdings has agreed to acquire Hotspring Ventures, the UK-based operator of

online reservation platform for beauty salons, valuing the business at £123m Sepura has agreed to acquire Teltronic, the Spain-based provider of wireless voice and

data communications solutions, from Dinamia Capital Privado, valuing the business at €128m Schibsted has made an offer to acquire Hemnet Service, the Sweden-based operator of

a real estate online search engine, from Fastighetsmaklarforbundet FMF and a group of investors, valuing the business at SEK 1.5bn Rohde & Schwarz & Co has acquired Sirrix, the Germany-based provide of IT security

solutions, valuing the business at c.€100m Michelin has acquired Blackcircles.com, the UK-based online retailer of tyres, valuing the

business at £50m AVG Technologies has acquired Privax, the UK-based provider of desktop and mobile

privacy services, for an initial consideration of $40m, potentially rising to $60m Palatine has backed the management buyout of WHP, the UK-based provider of

professional and network support services to the wireless telecoms sector and infrastructure providers, from Key Capital Partners, valuing the business at £38m


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http://www.harriswilliams.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]

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Communications DJ Stoxx 600 TechnologyInternet and Digital Media IT ServicesSoftware Nasdaq Composite

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May 2014 Aug 2014 Nov 2014 Feb 2015 May 2015

Communications DJ Stoxx 600 Technology

Internet and Digital Media IT Services

Nasdaq Composite Software

The value of the global digital content market will reach €133 billion annually by 2019, an increase of c.60% on 2014, according to a new report from Juniper Research

According to new figures from eMarketer, the global mobile advertising market will surpass $100 billion in spending and will account for more than 50% of all digital ad expenditure for the first time during 2016

According to IDC, Worldwide Risk Information Technologies and Services (“RITS”) spending will reach $78.6bn in 2015 and is expected to reach $96.3bn by 2018, representing a CAGR of 6.9%

According to IDC, Western Europe accounted for c.82% of the EMEA cloud business in 2014 with cloud investment increasing from 15% of the datacentre infrastructure spending in 2013 to 19% in 2014

Web-influenced sales in the EU-7 will grow at a CAGR of 9.1% from 2015 to 2020 and will make up 45% of offline sales by 2020, according to Forrester Research

Global mobile data traffic, generated by Smartphones, Featurephones and Tablets, will reach 197,000 PB (“Petabytes”) by 2019, equivalent to over 10 billion Blu-ray movies, according to Juniper Research

INDUSTRY TRENDS

RECENT DEVELOPMENTS


LAST TWELVE MONTHS

Stock PerformanceLAST 30 DAYS

PUBLIC MARKET TRADING STATISTICSSource: Various industry news outlets

1.5%1.0%

(0.1%)(0.3%)(0.5%)(0.5%)

23.6%20.1%14.6%14.2%13.0%(9.1%)

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http://www.fiercewireless.com/europe/story/juniper-research-online-gaming-fuel-150b-digital-content-market-2019/2015-05-06http://www.emarketer.com/Article/Mobile-Ad-Spend-Top-100-Billion-Worldwide-2016-51-of-Digital-Market/1012299%23sthash.K0tsD8Ll.dpufhttp://www.bloomberg.com/article/2015-05-05/aKNSUNJM7W6Q.htmlhttps://www.idc.com/getdoc.jsp?containerId=prUK25585915https://www.forrester.com/The+Web+Will+Influence+45+Of+EU7+Offline+Sales+By+2020/fulltext/-/E-res122363https://www.juniperresearch.com/press/press-releases/data-traffic-soars-mobiles-generate-10bn-blurays

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PUBLIC MARKET TRADING STATISTICS


COMPARABLE TRADING SUMMARY

Rev. Growth EBITDA Margin CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

SoftwareEuropean Large Cap. Software 18.6% 33.9% 4.9x 4.6x 14.8x 13.3x 22.8x 20.7xApplication Software 7.4% 26.8% 4.1x 3.7x 16.4x 13.9x 20.2x 21.3xInfrastructure Software 7.9% 29.4% 3.6x 3.3x 12.2x 11.0x 18.7x 18.2xLarge Cap. SaaS 27.8% 13.1% 7.6x 6.1x 30.1x 24.2x 31.2x 32.6xSmall Cap. SaaS 21.3% 4.2% 4.2x 3.4x 28.9x 27.0x NM 41.8xHCM/WFM 21.5% 7.2% 6.4x 5.1x 23.3x 17.3x 26.0x 19.4xFinTech 12.5% 27.1% 5.2x 4.6x 17.1x 15.8x 23.6x 22.7xHealthcare IT 12.6% 12.9% 3.7x 3.2x 14.5x 12.8x 23.6x 22.1xData and Data Analytics 11.1% 24.6% 5.3x 4.5x 11.7x 10.8x 20.1x 18.4xSecurity Software 18.9% 21.5% 6.0x 5.3x 16.4x 16.4x 21.5x 18.3xCAx/PLM 7.7% 27.4% 4.6x 4.3x 17.4x 15.9x 26.1x 21.6x

IT ServicesIT Services 6.8% 13.5% 1.0x 1.0x 7.9x 7.3x 16.2x 13.9xOffshore IT Services 15.1% 24.1% 3.4x 3.0x 14.1x 12.4x 19.5x 17.0xManaged Services, Colocation and Hosting 13.4% 29.4% 2.8x 2.6x 10.1x 8.9x 19.7x 20.0xData Centres 7.2% 53.4% 7.6x 7.0x 14.2x 12.8x 31.9x 32.5xPaaS/IaaS 15.4% 24.7% 4.0x 3.4x 10.7x 9.0x 23.2x 19.2x

CommunicationsDigital Broadband 2.5% 10.7% 1.0x 1.0x 10.1x 8.3x 17.7x 20.2xDiversified Communication Equipment 5.5% 11.6% 1.2x 1.1x 10.5x 8.5x 21.2x 16.3xMobile Content/Solutions Providers 24.0% 15.9% 1.7x 1.4x 10.5x 8.1x 33.2x 20.4xMobile Infrastructure Software 3.2% 23.8% 2.6x 2.4x 13.1x 8.8x 21.0x 16.4x

Internet and Digital MediaGlobal Internet Leaders 17.0% 35.3% 6.4x 5.3x 18.2x 15.1x 22.6x 20.2x

Chinese Internet Leaders 35.1% 2.2% 6.7x 4.9x 23.5x 14.4x 29.3x 22.9xOnline Classifieds 16.7% 33.9% 6.2x 5.2x 19.0x 12.8x 22.0x 20.8xContent Providers/Communities 22.6% 17.9% 5.0x 4.0x 28.3x 18.2x 30.4x 33.3xEcommerce 19.7% 17.7% 4.4x 3.7x 21.3x 16.8x 25.8x 28.4xInteractive Entertainment 0.8% 27.4% 2.5x 2.3x 8.7x 9.1x 19.4x 16.0x

Intermediation and Comparison 26.1% 17.1% 3.1x 2.7x 13.0x 13.1x 23.1x 20.5xOnline Gambling 8.1% 23.9% 3.4x 3.1x 14.0x 12.7x 24.9x 21.9xDigital Marketing 17.9% 12.0% 2.6x 2.2x 14.0x 13.0x 18.5x 21.5xOnline Travel 11.7% 22.1% 4.1x 3.5x 17.5x 15.6x 27.6x 27.6xEducational Technology 0.9% 5.9% 2.4x 2.1x 8.5x 10.3x 26.2x 27.6xInternet Services 27.2% 14.0% 3.2x 2.7x 16.7x 19.9x 16.5x 19.3x

P / EEV / Revenue EV / EBITDACY2015E

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Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

SOFTWARE


LAST 30 DAYS PERFORMANCE

LAST TWELVE MONTHS PERFORMANCE

(40%)

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Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

Security Software 31.6%Healthcare IT 29.6%Fintech 29.0%Large Cap. SaaS 24.7%Data and Data Analytics 19.3%Small Cap. SaaS 18.0%HCM/WFM 13.6%Application Software 12.2%Infrastructure Software 6.5%European Large Cap. Software 4.8%CAx/PLM (9.2%)

Small Cap. SaaS 7.2%Large Cap. SaaS 3.3%Data and Data Analytics 3.3%Infrastructure Software 2.2%Fintech 2.1%European Large Cap. Software 2.1%Healthcare IT 2.1%Security Software 1.7%HCM/WFM 1.4%CAx/PLM 0.4%Application Software (0.2%)

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SOFTWARE


Market Enterprise CY2015ECap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

European Large Cap. SoftwareSAP 89,070 95,301 34.2% 15.6% 4.3x 4.1x 12.5x 11.8x 18.2x 16.9xDassault Systemes 19,821 18,594 34.0% 20.7% 6.0x 5.5x 17.7x 16.0x 32.9x 29.2xSage 9,487 10,276 29.8% 7.1% 4.7x 4.4x 15.6x 14.8x 22.4x 20.8xMicro Focus 4,295 4,546 40.4% 60.2% 4.0x 3.7x 9.9x 8.7x 15.3x 14.0xTemenos 2,367 2,785 34.4% 8.7% 5.3x 4.8x 15.4x 12.7x 22.3x 19.3xAveva 1,954 1,794 30.6% (0.5%) 5.4x 5.1x 17.6x 15.9x 25.8x 24.0x

Mean 33.9% 18.6% 4.9x 4.6x 14.8x 13.3x 22.8x 20.7xMedian 34.1% 12.2% 5.0x 4.6x 15.5x 13.7x 22.4x 20.1x

Application SoftwareMicrosoft 380,500 317,176 36.4% (0.0%) 3.4x 3.2x 9.4x 8.6x 17.9x 15.8xOracle 191,845 180,762 47.8% (0.5%) 4.7x 4.5x 9.8x 9.1x 15.2x 14.0xSAP 89,070 95,301 34.2% 15.6% 4.3x 4.1x 12.5x 11.8x 18.2x 16.9xIntuit 29,430 27,845 31.1% 1.9% 6.0x 5.3x 19.3x 13.7x 37.3x 25.1xSage 9,487 10,276 29.8% 7.1% 4.7x 4.4x 15.6x 14.8x 22.4x 20.8xConstellation Software 8,737 8,886 24.2% 9.8% 4.9x 4.1x 20.1x 17.2x 25.5x 21.5xTyler Technologies 4,192 3,997 27.0% 16.3% 7.0x 6.1x 25.8x 21.4x NM 41.6xGuidewire Software 3,529 2,984 16.4% 7.8% 7.6x 6.9x 45.9x 35.5x NM NMIFS 894 842 17.2% 11.5% 2.1x 2.0x 12.4x 11.2x 28.6x 24.6xSDL 546 527 9.9% 5.7% 1.2x 1.2x 12.5x 10.4x 21.4x 17.7xCegid 391 437 27.3% 2.1% 1.5x 1.4x 5.4x 5.2x 15.5x 14.6xAmerican Software 252 195 19.8% 11.5% 1.7x 1.7x 8.7x 8.3x 20.8x NA


Infrastructure Software Hewlett-Packard 63,178 69,869 12.1% (5.8%) 0.7x 0.7x 5.5x 5.4x 9.5x 9.2xVMware 37,181 31,459 33.8% 10.4% 4.7x 4.2x 14.0x 12.2x 22.0x 19.4xRed Hat 14,447 13,900 26.9% 13.0% 7.1x 6.2x 26.5x 22.7x NM 38.2xCA Technologies 13,775 12,372 39.3% (7.8%) 3.1x 3.1x 7.8x 6.8x 12.9x 12.6xCitrix Systems 10,516 10,929 31.8% 3.1% 3.4x 3.2x 10.6x 11.0x 18.4x 16.6xF5 Networks 9,119 8,452 36.4% 9.7% 4.3x 3.9x 11.8x 9.5x 19.2x 17.0xBrocade 5,240 4,661 28.8% 1.7% 2.1x 2.0x 7.2x 7.5x 13.2x 12.4xSolarwinds 3,733 3,493 44.7% 21.4% 6.7x 5.6x 15.1x 13.1x 24.5x 20.7xSoftware AG 2,343 2,339 28.4% 0.8% 2.4x 2.4x 8.6x 8.3x 13.4x 13.0xPegasystems 1,718 1,493 16.1% 10.0% 2.3x 2.0x 14.1x 12.0x 29.3x 23.9xNetscout Systems 1,647 1,441 31.2% 7.6% 3.0x 2.6x 9.7x 7.9x 19.8x 16.5xProgress Software 1,341 1,278 30.6% 27.1% 3.0x 2.9x 9.9x 9.5x 18.7x 17.6xRadware 1,099 1,022 22.9% 11.9% 4.1x 3.7x 18.1x 15.6x 23.2x 19.7x


Large Cap. SaaSSalesforce 49,173 50,193 18.2% 21.9% 7.7x 6.3x 42.1x 35.5x NM NMWorkday 17,458 16,094 2.3% 45.6% 14.1x 10.1x NM NM NM NMNetSuite 7,627 7,444 7.9% 31.6% 10.2x 7.9x NM NM NM NMThe Ultimate Software Group 4,882 4,769 24.3% 21.8% 7.7x 6.4x 31.8x 25.0x NM NMAthenahealth 4,675 4,880 18.1% 22.9% 5.3x 4.4x 29.4x 24.4x NM NMVeeva Systems 3,673 3,275 28.9% 26.7% 8.3x 6.7x 28.7x 22.9x NM NMGuidewire Software 3,529 2,984 16.4% 7.8% 7.6x 6.9x 45.9x 35.5x NM NMMedidata Solutions 3,038 2,984 23.3% 19.5% 7.4x 6.2x 31.8x 25.1x NM 49.3xDealertrack Technologies 2,348 3,150 20.4% 29.7% 2.9x 2.5x 14.0x 11.7x 29.5x 23.0xCornerstone OnDemand 1,737 1,744 1.4% 30.5% 5.1x 4.1x NM NM NM NMPaylocity 1,678 1,584 4.8% 35.3% 9.3x 7.4x NM NM NM NMFleetmatics 1,604 1,455 30.6% 22.2% 5.1x 4.3x 16.8x 13.4x 32.8x 25.5xLogMeIn 1,592 1,360 22.2% 19.5% 5.2x 4.4x 23.3x 19.8x NM 40.2x


EV / Revenue EV / EBITDA P / E

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SOFTWARE


(1) ClickSoftware has entered into an agreement to be acquired by Francisco Partners

(1)


Small Cap. SaaSCvent 1,115 939 9.1% 28.6% 5.1x 4.2x NM 32.4x NM NMSPS Commerce 1,091 957 13.8% 23.8% 6.1x 5.1x 44.1x 34.0x NM NMBenefitfocus 1,026 964 (22.3%) 28.7% 5.5x 4.4x NM NM NM NMCallidus 827 737 13.0% 23.7% 4.4x 3.7x 34.1x 22.6x NM 38.4xTextura 741 674 9.2% 43.6% 7.5x 5.3x NM 31.7x NM 49.2xJIVE 425 311 1.8% 10.8% 1.6x 1.4x NM 36.7x NM NMSciQuest 425 298 19.3% 5.2% 2.7x 2.5x 14.2x 12.0x NM 39.2xChannel Advisors 297 235 (14.7%) 12.5% 2.5x 2.1x NM NM NM NMMarin Software 203 153 (9.4%) 16.7% 1.3x 1.1x NM NM NM NM

Mean 6.0% 22.3% 4.8x 3.9x 29.4x 26.4x NM 37.5xMedian 11.1% 23.7% 5.2x 4.3x 30.3x 24.7x NM 38.8x

HCM/WFMWorkday 17,458 16,094 2.3% 45.6% 14.1x 10.1x NM NM NM NMThe Ultimate Software Group 4,882 4,769 24.3% 21.8% 7.7x 6.4x 31.8x 25.0x NM NMCornerstone OnDemand 1,737 1,744 1.4% 30.5% 5.1x 4.1x NM NM NM NMPaylocity 1,678 1,584 4.8% 35.3% 9.3x 7.4x NM NM NM NMBenefitfocus 1,026 964 (22.3%) 28.7% 5.5x 4.4x NM NM NM NMClickSoftware 418 373 NA 6.2% 2.7x 2.4x NA NA NM NMATOSS Software 189 160 26.1% 15.9% 3.3x 3.0x 12.6x 11.4x 22.3x 20.3xHalogen 178 133 (8.3%) 19.1% 2.0x 1.7x NM NM NM NMInvision Software 103 99 29.3% (9.2%) 7.5x 6.0x 25.6x 15.6x 29.8x 18.6x


Healthcare ITMcKesson 55,714 61,687 2.7% 8.7% 0.3x 0.3x 12.2x 10.8x 19.7x 17.1xCerner 23,511 23,453 31.2% 40.4% 4.9x 4.4x 15.9x 13.5x 32.5x 27.1xSysmex 11,733 11,319 26.0% 16.6% 5.7x 5.1x 21.7x 19.5x NM 39.1xAllscripts Healthcare Solutions 2,641 3,125 16.9% 0.2% 2.2x 2.1x 13.2x 11.3x 33.5x 25.9xCompuGroup 1,589 1,945 21.9% 6.3% 3.2x 3.0x 14.6x 12.6x 19.3x 16.3xEmis 941 967 29.8% 16.4% 3.9x 3.7x 13.2x NA 21.6x 20.1xCastlight Health 788 602 (90.7%) 71.9% 7.9x 5.1x NM NM NM NMComputer Programs & Systems 612 572 24.6% (5.9%) 2.9x 2.7x 11.8x 10.3x 20.4x 18.0xCegedim 523 1,086 18.8% (43.3%) 1.9x 1.9x 10.3x 9.8x 16.2x 12.7xSectra Aktiebolag 522 497 22.6% 13.6% 3.8x 3.5x 16.9x 14.8x 25.9x 25.7xMerge Healthcare 445 700 20.9% 15.6% 2.8x 2.6x 13.5x 11.3x 20.6x 16.6xCraneware 276 240 30.4% 10.9% 4.8x 4.5x 15.9x 14.5x 26.5x 24.5x


Security SoftwareSymantec 16,926 15,131 32.9% (6.9%) 2.4x 2.4x 7.4x 6.8x 13.6x 12.6xCheck Point 15,774 14,496 56.4% 9.0% 8.9x 8.3x 15.8x 14.6x 21.8x 19.6xPalo Alto Networks 13,400 13,202 18.7% NA 12.9x 9.9x NM 39.7x NM NMGemalto 7,885 7,349 19.0% 25.5% 2.1x 2.0x 11.3x 9.9x 19.4x 17.2xVerisign 7,512 7,526 66.8% 4.2% 7.1x 6.8x 10.7x 10.0x 21.0x 18.6xFireEye 7,046 6,648 (31.9%) 48.6% 10.6x 7.7x NM NM NM NMFortinet 6,662 5,858 16.7% 24.7% 6.2x 5.3x 37.2x 28.7x NM NMTrend Micro 5,039 4,078 35.1% 7.8% 4.0x 3.9x 11.5x 11.2x 26.5x 25.4xProofpoint 2,288 2,258 1.0% 31.4% 9.0x 7.1x NM NM NM NMBarracuda Networks 2,057 1,870 24.8% 18.2% 6.0x 5.1x 24.1x 23.0x NM NMImperva 1,840 1,597 (7.2%) 26.9% 7.8x 6.4x NM NM NM NMQualys 1,337 1,194 27.1% 24.7% 7.2x 5.8x 26.6x 20.9x NM NMAVG Technologies 1,261 1,367 35.9% 16.9% 3.2x 2.8x 8.8x 8.0x 13.0x 10.8xVasco Data Security 1,073 924 23.2% 23.5% 3.9x 3.5x 16.8x 14.2x 22.6x 19.3xF-Secure 511 390 25.1% (6.8%) 2.5x 2.2x 9.8x 10.1x 33.8x 23.4xIntercede 76 66 0.6% 36.1% 2.6x NA NM NA NM NA



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Fintech Intuit 29,430 27,845 31.1% 1.9% 6.0x 5.3x 19.3x 13.7x 37.3x 25.1xFiserv 19,078 22,634 33.4% 5.3% 4.3x 4.0x 12.7x 11.9x 21.1x 18.8xFidelity Information Services 18,247 23,075 30.5% 2.1% 3.5x 3.3x 11.5x 10.8x 19.6x 17.4xPaychex 18,111 17,490 42.6% 8.3% 6.2x 5.7x 14.5x 13.3x 25.9x 24.1xMSCI 7,130 7,392 42.1% 7.8% 6.8x 6.3x 16.3x 14.6x 28.8x 24.3xJack Henry 5,324 5,295 34.7% 3.9% 4.1x 3.7x 11.7x 10.6x 24.1x 21.0xSS&C Technologies 5,073 5,580 41.5% 11.4% 6.5x 6.1x 15.7x 14.3x 23.1x 20.6xGuidewire 3,529 2,984 16.4% 7.8% 7.6x 6.9x 45.9x 35.5x NM NMFair Isaac 2,747 3,319 27.8% 6.8% 3.9x 3.7x 14.0x 13.3x 17.6x 14.3xTemenos 2,367 2,785 34.4% 8.7% 5.3x 4.8x 15.4x 12.7x 22.3x 19.3xAdvent Software 2,306 2,483 33.2% 6.3% 5.9x 5.5x 17.7x 15.6x 28.3x 26.8xPaycom 2,082 2,073 17.6% 39.0% 10.1x 7.9x NM 41.9x NM NMEllie Mae 1,840 1,769 22.5% 44.7% 7.8x 6.4x 34.7x 24.9x NM 42.9xEnvestnet 1,582 1,519 18.1% 20.3% 3.6x 3.0x 20.1x 14.5x NM 31.3xSimCorp 1,464 1,436 27.2% 13.0% 4.8x 4.5x 17.8x 16.4x 26.0x 23.2xIress 1,350 1,442 31.3% 5.4% 5.3x 4.9x 16.8x 15.2x 24.6x 22.3xFidessa 1,328 1,209 23.9% 5.9% 2.7x 2.5x 11.1x 10.3x 27.2x 25.2xEbix 1,292 1,401 36.7% 23.8% 5.5x 5.2x 14.9x 13.5x 19.3x 17.8xBottomline Technologies 1,036 1,053 20.3% 8.5% 3.0x 2.7x 14.8x 12.5x 19.2x NMQ2 Holdings 929 809 (8.7%) 34.5% 7.6x 6.0x NM NM NM NMLinedata 197 241 24.6% 6.6% 1.3x 1.3x 5.3x 5.2x 10.2x 9.8xStatPro 90 86 14.5% 3.4% 1.7x 1.7x 11.9x 10.8x 26.7x 24.4x


Data and Data AnalyticsExperian 18,817 22,100 35.8% (1.5%) 4.6x 4.4x 13.0x 12.6x 20.6x 19.2xNielsen 16,920 24,009 30.1% (1.4%) 3.9x 3.7x 12.8x 12.0x 17.4x 15.5xVerisk 12,417 13,567 47.0% 16.8% 6.7x 5.9x 14.2x 12.6x 25.7x 22.8xEquifax 11,933 13,403 35.0% 7.9% 5.1x 4.7x 14.6x 13.4x 23.1x 20.8xSplunk 8,639 7,789 6.3% 36.9% 12.9x 9.9x NM NM NM NMTableau Software 8,065 7,350 10.0% 57.7% 11.9x 8.8x NM NM NM NMInformatica 5,072 4,573 24.3% 8.2% 4.1x 3.7x 16.8x 14.8x 29.5x 25.6xConvergys 2,429 2,582 12.8% 5.4% 0.9x 0.8x 6.7x 6.3x 14.3x 13.2xMicrostrategy 1,985 1,594 25.5% (9.7%) 2.9x 2.8x 11.6x 10.5x 23.8x 23.2xNeustar 1,499 1,942 45.7% 7.0% 1.9x 2.1x 4.1x 4.4x 6.1x 7.2xPROS 578 536 (1.8%) (5.0%) 3.0x 2.9x NM NM NM NM


CAx/PLMDassault Systems 19,821 18,594 34.0% 20.7% 6.0x 5.5x 17.7x 16.0x 32.9x 29.2xAutodesk 12,836 11,752 15.1% 3.6% 4.5x 4.6x 30.1x 31.3x NM NMAnsys 8,082 7,321 51.6% 2.6% 7.6x 7.1x 14.8x 13.6x 26.1x 23.6xPTC 4,720 4,983 27.8% (5.4%) 3.9x 3.5x 14.1x 11.1x 17.8x 14.7xAveva 1,954 1,794 30.6% (0.5%) 5.4x 5.1x 17.6x 15.9x 25.8x 24.0xNemetschek 1,209 1,193 25.3% 24.4% 4.0x 3.7x 15.9x 14.2x 29.4x 24.1xMensch und Maschine 113 147 7.5% 8.4% 0.9x 0.8x 11.7x 9.4x 24.7x 13.7x



SOFTWARE


(1) Advent Software has entered into an agreement to be acquired by SS&C Technologies

(1)

(1)

7

PAGE |

(20%)

(10%)

0%

10%

20%

30%

40%

50%


Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

(20%)

(15%)

(10%)

(5%)

0%

5%

10%

24 Apr 01 May 08 May 15 May 22 MayData Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

IT SERVICES




Offshore IT Services 6.5%Data Centres 3.7%IT Services 0.6%PaaS/IaaS 0.2%Managed Services, Colocation and Hosting (14.8%)

Data Centres 23.7%Offshore IT Services 18.5%IT Services 15.9%PaaS/IaaS 8.1%Managed Services, Colocation and Hosting 2.1%

8

PAGE |


IT ServicesNTT Group 76,055 125,081 27.7% 0.2% 1.4x 1.3x 4.9x 4.8x 15.4x 14.0xAccenture 60,365 56,887 16.5% 1.2% 1.9x 1.7x 11.2x 10.4x 20.2x 18.2xKDDI 59,195 65,543 28.4% 2.9% 1.7x 1.7x 6.1x 5.7x 11.8x 13.7xCapgemini 14,227 13,021 11.2% 8.4% 1.0x 1.0x 9.3x 8.5x 19.1x 17.1xCGI 13,540 15,093 18.3% (0.9%) 1.8x 1.7x 9.7x 9.4x 16.5x 15.3xCapita 13,066 15,703 15.1% 12.1% 2.1x 2.0x 13.8x 13.0x 18.0x 16.9xFujitsu 11,480 14,450 7.2% 0.2% 0.4x 0.4x 5.1x 4.8x 11.3x 10.4xComputer Sciences 9,503 10,074 17.9% (8.8%) 0.9x 0.9x 4.8x 4.5x 14.2x 13.2xAtos Origin 9,049 8,192 11.6% 18.6% 0.7x 0.7x 6.0x 5.6x 13.2x 11.8xNEC 8,750 11,988 7.1% (0.5%) 0.5x 0.5x 6.9x 6.6x 15.6x 13.7xSopra 1,834 2,354 7.4% 55.0% 0.6x 0.6x 8.3x 6.9x 14.3x 11.1xTieto 1,736 1,654 13.5% (3.2%) 1.0x 1.0x 7.6x 6.8x 18.7x 13.9xIndra Sistemas 1,611 2,439 7.8% 2.7% 0.7x 0.7x 9.5x 7.9x 25.8x 12.5xBechtle 1,542 1,445 5.3% 7.9% 0.5x 0.4x 9.0x 8.3x 16.5x 14.9xGFI Informatique 372 446 7.8% 7.1% 0.5x 0.5x 6.0x 6.0x 12.3x 11.5x


Offshore IT ServicesTata 80,148 77,229 28.1% 26.5% 4.7x 4.2x 16.9x 14.8x 22.4x 19.5xCognizant 39,568 37,293 19.8% 21.1% 3.0x 2.6x 15.3x 13.2x 21.9x 18.9xInfosys 36,275 31,359 26.8% 8.0% 3.5x 3.2x 13.1x 11.5x 18.5x 16.2xHCL 22,052 20,779 23.0% 13.8% 3.4x 3.0x 14.6x 12.7x 19.2x 16.5xWipro 21,733 19,039 22.9% 6.2% 2.4x 2.3x 10.7x 9.9x 15.3x 13.8x

Mean 24.1% 15.1% 3.4x 3.0x 14.1x 12.4x 19.5x 17.0xMedian 23.0% 13.8% 3.4x 3.0x 14.6x 12.7x 19.2x 16.5xManaged Services, Colocation and Hosting Level 3 19,595 29,981 31.4% 23.0% 3.6x 3.4x 11.4x 10.3x 33.9x 22.8xUnited Internet 9,704 10,998 21.0% 22.0% 2.7x 2.5x 12.8x 11.7x 21.7x 19.6xRackspace 6,127 6,009 33.8% 12.1% 3.0x 2.6x 8.8x 7.6x NM 37.3xEndurance 2,754 3,785 36.6% 19.6% 5.1x 4.4x 13.8x 11.6x 16.3x 13.2xInterxion 2,067 2,591 43.9% 11.1% 6.2x 5.6x 14.0x 12.4x NM 37.1xGoDaddy 1,695 2,915 0.2x 15.3% 1.8x 1.6x 9.0x 8.0x 22.5x 17.8xWindstream 834 9,664 31.9% (3.4%) 1.7x 1.7x 5.4x 6.0x NM NMInternap 524 879 26.5% (0.5%) 2.6x 2.4x 9.9x 8.7x NM NMiomart 392 421 43.8% 13.0% 3.8x 3.5x 8.7x 8.1x 16.9x 15.2xRedcentric 343 359 23.4% 23.9% 2.2x 2.0x 9.4x 8.5x 15.3x 13.5xProact 129 135 NA 12.7% 0.4x 0.4x NA NA 13.2x 11.4xMelbourne IT 106 92 11.0% 12.1% 0.8x 0.8x 7.4x 5.6x 17.4x 11.7x


Data CentresEquinix 15,255 18,863 46.5% 9.2% 7.1x 6.4x 15.3x 13.7x NM 28.3xDigital Realty Trust 9,003 14,875 59.8% 0.8% 9.1x 8.5x 15.2x 14.5x 40.0x 45.2xTelecity 3,455 3,949 48.4% 6.2% 6.9x 6.3x 14.2x 12.2x 27.5x 23.6xDuPont Fabros 2,109 4,052 62.7% 4.6% 9.3x 8.7x 14.9x 13.6x 28.3x 24.5xCoresite 1,014 1,781 49.8% 15.0% 5.7x 5.0x 11.5x 10.0x NM 40.8x


PaaS/IaaSEMC 52,125 52,725 26.4% 4.6% 2.1x 1.9x 7.8x 7.2x 14.1x 12.6xAkamai 13,867 13,763 40.9% 15.0% 6.1x 5.3x 15.0x 12.8x 30.7x 25.6xServiceNow 12,095 11,801 13.0% 46.1% 11.9x 8.7x NM NM NM NMNetapp 10,332 6,493 18.5% (8.4%) 1.1x 1.1x 6.1x 5.0x 16.4x 12.3xCommvault Systems 2,055 1,668 16.2% 1.0% 2.7x 2.4x 16.6x 11.9x 37.9x 28.5xSynchronoss 1,976 2,013 33.5% 25.6% 3.5x 3.0x 10.5x 8.7x 21.6x 18.5xProgress Software 1,341 1,278 30.6% 27.1% 3.0x 2.9x 9.9x 9.5x 18.7x 17.6xCarbonite 300 235 18.6% 12.4% 1.7x 1.6x 9.2x 8.0x NM NM


P / EEV / EBITDAEV / Revenue

IT SERVICES


(1) Telecity has entered into an agreement to acquire Interxion

(1)

(1)

9

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(60%)

(50%)

(40%)

(30%)

(20%)

(10%)

0%

10%

20%


Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

COMMUNICATIONS




Digital Broadband 12.6%Diversified Communication Equipment (8.3%)Mobile Infrastructure Software (10.2%)Mobile Content / Solutions Providers (32.7%)

(10%)

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%


Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

Digital Broadband 5.1%Mobile Infrastructure Software 1.1%Mobile Content / Solutions Providers (2.4%)Diversified Communication Equipment (4.0%)

10

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COMMUNICATIONS



Digital BroadbandLogitech 2,505 1,953 8.6% (2.5%) 0.9x 1.0x 10.9x 10.4x 32.9x 19.2xTomTom 2,480 2,397 13.5% 5.6% 2.2x 2.1x 16.2x 13.3x NM 29.3xTechnicolor 2,210 2,846 16.8% 5.5% 0.7x 0.8x 4.4x 5.1x 8.9x 11.4xPace 2,024 2,117 11.0% 7.9% 0.7x 0.7x 6.8x 6.7x 10.5x 10.0xKudelski 851 1,128 13.1% (2.6%) 1.2x 1.2x 9.2x 8.8x 18.5x 17.1xParrot 358 272 7.5% 17.0% 0.9x 0.9x 11.7x 9.2x NM 32.4xExtreme Networks 262 255 4.5% (13.4%) 0.5x 0.5x 11.3x 4.1x NM 21.5x


Diversified Communication EquipmentLM Ericsson Telephone 36,100 31,518 12.7% 5.5% 1.1x 1.1x 8.6x 7.2x 18.0x 14.1xNokia 25,955 20,718 14.0% 8.4% 1.4x 1.3x 9.7x 8.9x 22.1x 19.1xAlcatel-Lucent 10,727 11,644 11.4% 9.1% 0.7x 0.7x 6.5x 5.9x 18.9x 14.0xCIENA 2,735 3,471 11.9% 8.0% 1.4x 1.3x 11.7x 10.0x 18.8x 15.1xADTRAN 912 775 7.9% (3.6%) 1.3x 1.2x 16.2x 10.7x 28.3x 19.1x


Mobile Infrastructure SoftwareQUALCOMM 113,312 98,848 38.2% (4.2%) 3.8x 3.6x 10.1x 9.2x 14.7x 13.0xAmdocs 8,411 7,119 20.6% 1.6% 1.9x 1.9x 9.4x 8.9x 16.1x 14.9xVeriSign 7,512 7,526 66.8% 4.2% 7.1x 6.8x 10.7x 10.0x 21.0x 18.6xSynchronoss Technologies 1,976 2,013 33.5% 25.6% 3.5x 3.0x 10.5x 8.7x 21.6x 18.5xRedknee Solutions 427 367 18.9% (14.8%) 1.6x 1.6x 8.7x 6.9x 23.7x 15.6xSonus Networks 382 298 0.1% (17.2%) 1.2x 1.1x NM 12.1x NM 23.7xTeleCommunication Systems 198 281 9.9% 6.9% 0.7x 0.7x 7.2x 6.1x 13.4x 9.8xSmith Micro Software 55 41 2.6% 23.2% 0.9x 0.8x 35.1x NA 36.6x 17.0x


Mobile Content / Solutions ProvidersOpera Software 1,308 1,326 20.1% 27.3% 2.1x 1.7x 10.5x 7.9x 26.8x 15.2xGameLoft 426 370 11.7% 20.8% 1.2x 1.1x 10.4x 8.4x 39.6x 25.7x


EV / EBITDA P / EEV / Revenue

(1) Nokia has entered into an agreement to acquire Alcatel-Lucent

(1)(1)

11

PAGE |

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

70%


Chinese Internet Leaders Content Providers / Communities Digital Marketing eCommerce

Global Internet Leaders Interactive Entertainment Intermediation and Comparison Online Classifieds

Online Travel Online Gambling Internet Services Educational Technology

INTERNET AND DIGITAL MEDIA




(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%


Chinese Internet Leaders Content Providers / Communities Digital Marketing Ecommerce

Global Internet Leaders Interactive Entertainment Intermediation and Comparison Online Travel

Online Classifieds Online Gambling Internet Services Educational Technology

Online Gambling 8.9%Chinese Internet Leaders 7.2%Internet Services 5.5%Online Travel 2.6%Ecommerce 2.0%Online Classifieds 1.0%Global Internet Leaders 0.6%Intermediation and Comparison 0.6%Educational Technology 0.5%Digital Marketing (0.3%)Interactive Entertainment (1.1%)Content Providers / Communities (29.6%)

Interactive Entertainment 47.9%Educational Technology 46.7%Chinese Internet Leaders 36.4%Online Gambling 26.9%Content Providers / Communities 23.2%Global Internet Leaders 22.1%Ecommerce 17.6%Digital Marketing 7.0%Online Travel 4.3%Online Classifieds (12.3%)Intermediation and Comparison (13.1%)Internet Services (19.2%)

12

PAGE |


Global Internet LeadersApple 763,567 774,013 34.6% 21.4% 3.3x 3.1x 9.6x 9.3x 14.5x 13.5xMicrosoft 380,500 317,176 36.4% (0.0%) 3.4x 3.2x 9.4x 8.6x 17.9x 15.8xGoogle 373,437 315,703 39.6% 11.2% 4.3x 3.7x 10.8x 9.3x 19.7x 17.0xAlibaba 232,755 222,846 52.1% 31.9% 14.4x 11.1x 27.7x 21.3x 34.9x 26.7xFacebook 226,009 213,782 61.3% 37.3% 12.6x 9.5x 20.5x 15.4x NM 30.8xAmazon 199,139 202,389 8.7% 15.6% 2.0x 1.7x 22.6x 17.5x NM NMeBay 72,549 70,533 31.6% 4.6% 3.8x 3.4x 11.9x 10.9x 19.2x 17.6xBaidu 71,581 66,828 29.0% 38.4% 6.1x 4.6x 21.1x 15.2x 27.6x 20.5xYahoo! 40,808 36,754 25.4% (2.7%) 8.6x 8.6x 33.8x 32.0x NM NMYandex 5,980 5,968 34.7% 12.0% 5.3x 4.3x 15.1x 11.7x 24.7x 19.6x


EcommerceAlibaba 232,755 222,846 52.1% 31.9% 14.4x 11.1x 27.7x 21.3x 34.9x 26.7xAmazon 199,139 202,389 8.7% 15.6% 2.0x 1.7x 22.6x 17.5x NM NMeBay 72,549 70,533 31.6% 4.6% 3.8x 3.4x 11.9x 10.9x 19.2x 17.6xNaspers 61,166 63,961 10.5% 18.9% 8.9x 7.5x NM NM NM 31.4xJD.com 47,711 43,459 0.7% 56.3% 1.5x 1.1x NM NM NM NMNetflix 37,700 37,142 7.3% 23.1% 5.5x 4.4x NM NM NM NMMercadolibre 6,512 6,432 31.3% 19.9% 9.8x 8.2x 31.5x 25.5x NM 40.1xIAC 6,236 6,467 15.1% 5.7% 2.0x 1.8x 13.2x 9.8x 25.5x 18.2xMail.ru 5,140 5,416 46.4% 18.9% 7.0x 5.9x 15.0x 12.3x 24.2x 18.8xAsos 4,672 4,571 5.8% 19.2% 2.4x 2.0x 41.6x 32.5x NM NMGroupon 4,426 3,488 10.0% 1.2% 1.1x 1.0x 10.9x 8.9x NM 29.2xJUST EAT 4,015 3,762 25.0% 40.5% 11.3x 9.3x 45.3x 31.0x NM NMOcado 3,442 3,596 7.4% 16.0% 2.1x 1.8x 28.4x 23.8x NM NMGrubHub 3,379 3,081 30.0% 43.4% 8.6x 6.7x 28.5x 21.2x NM 49.3xCimpress 2,733 3,105 15.8% 12.5% 2.0x 1.8x 12.5x 10.6x 20.1x 17.4xShutterstock 2,278 2,033 19.8% 34.2% 4.6x 3.7x 23.3x 16.2x NM 35.9xYOOX 1,984 1,973 10.0% 20.3% 2.8x 2.4x 28.5x 22.7x NM NMShutterfly 1,780 1,831 18.3% 15.4% 1.7x 1.5x 9.5x 8.0x NM NMzulily 1,652 1,337 4.6% 10.5% 1.0x 0.8x 21.8x 14.7x NM 37.7xRetailMeNot 1,140 940 34.7% 6.8% 3.3x 3.0x 9.6x 8.2x 20.6x 18.7xCoupons.com 1,097 902 13.7% 20.0% 3.3x 2.7x 24.4x 14.1x NM 29.4xOverstock 524 402 2.8% 14.5% 0.2x NA 8.4x NA 30.4x NABlue Nile 327 288 4.8% 2.8% 0.6x 0.5x 12.0x 10.9x 31.2x 27.0x


Online TravelThe Priceline Group 62,645 63,314 38.9% 10.2% 6.8x 5.9x 17.6x 14.6x 21.8x 18.1xAmadeus 20,089 21,849 38.2% 9.3% 5.4x 5.1x 14.0x 13.1x 24.7x 23.0xExpedia 14,444 14,863 16.6% 13.2% 2.3x 1.9x 13.7x 11.1x 30.8x 23.0xCtrip 12,021 12,196 7.3% 45.8% 7.1x 5.3x NM 33.6x NM 40.4xTripadvisor 11,520 11,227 33.4% 27.6% 7.1x 5.7x 21.2x 16.6x 35.9x 27.9xSabre Corporation 7,104 9,734 32.4% 0.7% 3.5x 3.1x 10.7x 9.3x 24.7x 19.5xTravelport 1,871 4,215 23.5% 2.7% 1.9x 1.8x 8.1x 7.5x NM NMOrbitz 1,281 1,396 15.8% 4.0% 1.4x 1.4x 9.1x 7.8x NM 27.0xMakeMyTrip 827 686 9.2% NA 4.2x 3.5x 46.1x 25.8x NM NMTravelzoo 193 138 6.0% (8.0%) 1.0x 1.0x 17.3x 16.7x NM 41.6x


EV / Revenue P / EEV / EBITDA



(1) Orbitz has entered into an agreement to be acquired by Expedia

(1)

(1)

13

PAGE |




Digital MarketingCriteo 3,016 2,719 25.7% 54.7% 5.4x 4.2x 20.9x 14.4x NM 30.6xHomeAway 2,705 2,185 24.3% 11.8% 4.4x 3.8x 18.0x 14.8x NM NMMarketo 1,242 1,145 (12.6%) 40.7% 5.5x 4.1x NM NM NM NMCvent 1,115 939 9.1% 28.6% 5.1x 4.2x NM 32.4x NM NMConstant Contact 880 701 19.8% 13.2% 1.9x 1.6x 9.5x 7.6x 20.9x 16.3xCallidus Software 827 737 13.0% 23.7% 4.4x 3.7x 34.1x 22.6x NM 38.4xThe Rubicon Project 741 620 12.7% 66.5% 3.0x 2.3x 23.9x 15.0x NM 43.4xBazaarvoice 444 396 (0.4%) 9.3% 2.0x 1.7x NM 33.2x NM NMHarte-Hanks 384 429 11.9% (2.0%) 0.8x 0.8x 6.6x 6.0x 13.2x 11.8xTechTarget 309 288 22.7% 12.8% 2.4x 2.1x 10.7x 8.3x 25.0x 18.4xMarchex 205 121 8.5% (20.1%) 0.8x 0.8x 9.9x 10.3x 28.2x 32.0xMarin Software 203 153 (9.4%) 16.7% 1.3x 1.1x NM NM NM NMInternetQ 191 192 17.1% 27.5% 1.0x 0.9x 6.0x 5.0x 14.3x 11.0xMatomy Media 174 180 9.7% 17.7% 0.6x 0.5x 6.7x 4.7x 9.6x 6.7x1000mercis 154 148 26.3% 9.1% 2.6x 2.3x 9.9x 8.0x 16.5x 13.5xDotdigital 138 124 27.5% 30.6% 3.3x 2.9x 11.9x 8.1x 20.4x 14.3xHi-Media 92 16 (2.1%) (36.1%) 0.1x 0.1x NM 5.1x NM NM


Content Providers / CommunitiesLinkedIn 24,718 22,286 21.1% 32.8% 7.7x 5.8x 36.2x 23.2x NM NMTwitter 23,965 22,008 24.2% 60.5% 9.9x 6.6x 41.0x 23.7x NM NMGoPro 7,325 6,833 20.1% 40.3% 3.6x 3.1x 18.1x 14.9x 33.1x 28.2xJustEat 4,015 3,762 25.0% 40.5% 11.3x 9.3x 45.3x 31.0x NM NMPandora Media 3,876 3,494 6.9% 27.7% 3.0x 2.4x 43.0x 21.5x NM 41.1xWebMD Health 1,671 1,888 29.2% 8.0% 3.0x 2.8x 10.3x 9.1x 27.8x 26.1xXING 1,041 958 30.1% 23.4% 7.2x 6.3x 23.8x 19.0x NM 39.2xXO Group 435 353 16.2% (0.5%) 2.5x 2.3x 15.5x 10.9x NM 31.7xBrightcove 230 209 4.1% 8.6% 1.6x 1.4x 38.1x 24.6x NM NMDemand Media 80 33 2.0% (15.4%) 0.2x 0.2x 11.5x 4.0x NM NM


Intermediation and ComparisonZillow 5,451 5,053 11.5% 109.1% 7.5x 5.8x NM 26.5x NM NMMoneysupermarket 2,492 2,472 39.0% 10.2% 5.9x 5.5x 15.0x 14.0x 22.2x 20.6xBankrate 1,297 1,418 26.7% 12.0% 2.3x 2.1x 8.7x 7.7x 15.4x 13.8xAngie's List 366 347 8.5% 14.1% 1.0x 0.9x 11.4x 7.4x 34.2x 16.9xLiquidity Services 316 229 8.6% (15.8%) 0.6x 0.5x 6.6x 9.1x 24.6x 22.0xGruppo MutuiOnline 304 358 20.1% 53.8% 3.3x 2.9x 16.2x 13.9x 19.4x 15.8xeHealth 222 183 5.1% (1.0%) 1.0x 1.0x 20.0x 13.4x NM 33.7x


Online ClassifiedsRightmove 4,874 4,857 74.6% 14.7% 16.8x 15.2x 22.6x 20.3x 29.3x 25.6xSEEK 4,489 5,393 43.7% 15.6% 7.3x 6.4x 16.8x 14.4x 25.7x 21.1xYelp 3,477 3,146 18.0% 52.1% 5.5x 4.1x 30.6x 19.2x NM 41.1xSouFun 3,325 3,239 10.4% 21.7% 3.9x 3.1x 37.3x 12.3x NM 16.4x51job 1,911 1,327 35.4% 11.7% 3.9x 3.4x 11.0x 8.5x 18.1x 15.0xZoopla 1,469 1,409 43.9% 22.2% 8.9x 6.8x 20.4x 16.3x 25.7x 22.1xMonster 555 711 16.1% (5.6%) 1.0x 0.9x 6.0x 4.8x 15.6x 9.9xDice 470 547 29.7% 0.9% 2.1x 2.0x 6.9x 6.5x 17.4x 15.0x


P / EEV / Revenue EV / EBITDA

14

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Internet Services LendingClub 6,862 NM 11.5% 85.4% NA NA NA NA NM NMHomeAway 2,705 2,185 24.3% 11.8% 4.4x 3.8x 18.0x 14.8x NM NMLifeLock 1,438 1,145 13.5% 23.7% 1.9x 1.6x 14.4x 10.2x 23.2x 16.9xWeb.com 1,217 1,693 27.6% (2.3%) 3.1x 2.9x 11.1x 10.1x 9.9x 8.8xWix.com 963 878 4.2% 44.8% 4.3x 3.2x NM 28.9x NM NMXoom 749 554 12.2% 23.4% 2.8x 2.4x 23.4x 16.0x NM 32.4xBorderfree 448 355 5.0% 3.6% 2.7x 2.3x NM 39.4x NM NM


Educational Technology Graham 6,335 5,939 20.3% (6.3%) 1.8x 1.7x 8.8x 8.3x 25.7x 20.9x2U 1,144 1,061 (6.6%) 34.0% 7.2x 5.6x NM NM NM NMChegg 673 594 0.7% 1.2% 1.9x 2.1x NM 20.7x NM 29.7xK12 539 448 11.0% (2.3%) 0.5x 0.5x 4.5x 4.9x 26.7x 32.3xCambium Learning Group 175 296 NA NA NA NA NA NA NA NARosetta Stone 147 104 4.1% (22.4%) 0.5x 0.5x 12.3x 7.3x NM NM

Mean 5.9% 0.9% 2.4x 2.1x 8.5x 10.3x 26.2x 27.6xMedian 4.1% (2.3%) 1.8x 1.7x 8.8x 7.8x 26.2x 29.7x

Chinese Internet LeadersTencent 190,094 187,066 43.6% 27.9% 11.6x 9.0x 26.5x 20.8x 37.4x 27.8xBaidu 71,581 66,828 29.0% 38.4% 6.1x 4.6x 21.1x 15.2x 27.6x 20.5xNetease 19,111 15,505 38.3% 45.4% 5.7x 4.8x 14.9x 12.2x 20.6x 17.4x58.com 9,168 8,559 (20.3%) 88.8% 17.3x 11.9x NM NM NM NMYouku Tudou 5,965 4,988 (17.7%) 57.2% 4.9x 3.8x NM NM NM NMAutohome 5,444 4,950 40.3% 65.5% 9.1x 6.8x 22.6x 16.4x 31.6x 23.5xWeibo Corporation 3,354 2,902 11.4% 42.0% 6.1x 4.5x NM 21.7x NM 28.2xSouFun 3,325 3,239 10.4% 21.7% 3.9x 3.1x 37.3x 12.3x NM 16.4xSohu 2,560 2,360 7.4% 20.6% 1.2x 1.0x 16.0x 8.2x NM NMSina 2,549 1,577 6.3% 11.8% 1.9x 1.5x 29.3x 11.7x NM 30.0xRenren 1,257 844 (124.3%) (22.6%) 12.0x 7.6x NM NM NM NMDangdang 881 660 2.0% 24.2% 0.4x 0.3x 20.3x 11.0x NM 19.6x


Online GamblingBetfair 4,192 3,772 22.2% 8.2% 4.9x 4.5x 22.0x 20.0x 36.5x 31.0xPlaytech 3,758 3,222 41.5% 30.8% 5.0x 4.5x 12.0x 10.7x 17.8x 15.7xbwin.party digital entertainment 1,359 1,223 16.2% (4.4%) 1.8x 1.8x 11.3x 10.6x 24.8x 22.7x888 919 757 15.8% (2.1%) 1.7x 1.6x 10.7x 9.6x 20.5x 18.0x


Interactive EntertainmentElectronic Arts 19,452 17,064 29.8% 3.6% 3.9x 3.6x 13.2x 11.7x 23.7x 19.7xActivision 18,510 18,115 33.7% (7.8%) 4.1x 3.7x 12.0x 10.3x 20.4x 17.0xZynga 2,695 1,745 3.8% 10.3% 2.3x 2.1x NM 16.0x NM NMTake-Two Interactive Software 2,306 1,684 15.1% 19.0% 1.1x 0.9x 7.1x 5.1x 19.6x 15.5xUbisoft Entertainment 1,963 1,746 54.5% (21.3%) 1.4x 1.0x 2.5x 2.3x 13.9x 11.9x


P / EEV / Revenue EV / EBITDA

15

Energy & Power

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

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HARRIS WILLIAMS & CO.

Capital IQ as of 25th May 2015, broker reports and various industry news outlets

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