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March 2016 M&A and Investment Summary

2 | M&A and Investment Summary March 2016

Table of Contents

Overview of Monthly M&A and Investment Activity 3 1

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

Additional Monthly M&A and Investment Activity Data 42 3

About Petsky Prunier 53 4

Securities offered through Petsky Prunier Securities, LLC, member of FINRA.

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.


M&A and Investment Summary for All Segments

Transaction Distribution

A total of 433 deals were announced in March 2016, of which 250 were worth $20.6 billion in aggregate reported value

Digital Media/Commerce was the most active segment with 106 deals announced — 72 of these transactions reported $2.4 billion in value

Software was also active with 105 transactions announced, of which 64 were worth a reported $3.6 billion in value

Strategic buyers announced 184 deals (31 reported $12 billion in value)

VC/Growth Capital investors announced 233 transactions (212 reported $6.6 billion in value)

Buyout investors announced 16 deals during the month (seven reported $2.1 billion in value)

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

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

Digital Media/Commerce 106 24% $2,445.6 12% 34 $487.1 0 - 72 $1,958.5

Software 105 24% 3,563.1 17% 38 1,111.7 7 1,567.2 60 884.2

Marketing Technology 94 22% 588.3 3% 33 29.3 4 - 57 559.0

Agency & Marketing Services 33 8% 910.6 4% 28 265.6 3 390.0 2 255.0

Digital Advertising 32 7% 538.4 3% 12 175.7 0 - 20 362.7

Business Services 31 7% 5,948.7 29% 23 4,201.5 0 - 8 1,747.2

Traditional Media 17 4% 817.3 4% 9 187.7 2 95.6 6 534.0

Information 15 3% 5,803.8 28% 7 5,542.0 0 - 8 261.8

Total 433 100% 20,615.8 100% 184 12,000.6 16 2,052.8 233 6,562.5

March 2016

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$14.4$25.9

$26.7 $24.9

$13.7$20.6

$18.8$23.7$25.9 $23.1

$108.4

$40.4

$27.4

433425 492 458 466 448 376 403 424 363 407 418 427 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

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

Transaction Distribution

Aggregate reported transaction value in March was up 55 percent from February of 2016 and up 13 percent from March 2015

Strategic activity accounted for 58 percent of reported deal value during the month and included significant transactions:

• Business research provider IHS’ pending acquisition of Markit in an all-stock deal valuing the company at approximately $5.5 billion,

as part of a consolidated company with a total market value of more than $13 billion

• The $540 million purchase of IT application development company Serena Software by Micro Focus International from HGGC

• Sykes Enterprises’ acquisition of Clearlink, a provider of marketing and technology-enabled customer acquisition services to the

home services and insurance sectors, from Pamlico Capital for $207 million (A Petsky Prunier-led transaction)

• IBM’s acquisition of cloud consulting and implementation services company Bluewolf Group from Riordan, Lewis & Haden in a

transaction valued at a reported $200 million

M&A and Investment Summary for All Segments

Time Warner/ Charter

Bright House/ Charter

Sungard

Veritas

*Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks , Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data

Systems, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera

Holdings have been excluded to limit comparative distortions.

Inter. Data Solera


Selected Transactions with Valuation Information Disclosed ($ in Millions)

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

Agency & Marketing Services

BAMKO, Inc. Ad Specialty/Premiums Superior Uniform Group 27.0$ 31.5$ -$ 0.9x NA

MCD Partners Digital Agency M&C Saatchi plc 19.6 14.9 2.5 1.3x 7.8x

Business Services

Dell's Information Technology Division IT Consulting/Systems Integration NTT DATA, Inc. 3,050.0 2,826.0 - 1.1x NA

Digital Advertising

InnerActive Ltd. Ad Networks/Exchanges RNTS Media N.V. 72.0 43.2 - 1.7x NA

JUICE Mobile Mobile Marketing Yellow Pages Limited 26.2 18.0 - 1.5x NA

Information

Markit Group Limited Financial Information IHS, Inc. 5,500.0 1,113.4 382.3 4.9x 14.4x

Software

Serena Software, Inc. Application Management Software Micro Focus International plc 540.0 176.2 87.0 3.1x 6.2x

MedicalDirector Healthcare Software Affinity Equity Partners 117.2 29.3 - 4.0x NA

Conject Holding GmbH Collaboration Software Aconex Ltd. 73.6 26.6 - 2.8x NA

Adaptive Software LLC Healthcare Software Decision Resources Group 24.5 3.2 - 7.7x NA

Evantage Consulting Ltd. Healthcare Software Wilmington plc 8.6 1.7 - 5.1x NA

Traditional Media

Renegade83 1 Broadcast Television Entertainment One Ltd. 35.4 35.1 - 1.0x NA

1 65 percent stake acquisition

Selected Transactions With Multiples Information


Securities in Registration ($ in Millions)

Aggregate

Date Company Name Country Segment Offering Value Rev EBITDA

Mar-16 SecureWorks Corp. United States Software 100.0$ 339.5$ NA

Jan-16 Blue Coat Systems, Inc. United States Software 500.0 950.0 NA

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

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

Jul-15 Apptio, Inc. United States Software NA 100.0 NA

Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA

LTM


LTM IPO Performance

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

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Mar 31, 2016 1st Trading Day

Dec-15 NasdaqGS:TEAM Atlass ian Corporation Plc Austra l ia $18.00-$20.00 21.00 $27.78 up 32% 25.15 (9.5%)

Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 11.64 27.9%

Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 17.94 (0.3%)

Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 11.06 (25.0%)

Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 9.73 (3.7%)

Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 15.28 16.9%

Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 13.69 (14.5%)

Oct-15 NYSE:FDC Firs t Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 12.94 (17.8%)

Jul -15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 13.07 (51.1%)

Jul -15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 9.60 (66.3%)

Jun-15 NasdaqGM:APPF AppFol io, Inc. United States 12.00-14.00 12.00 14.10, up 17% 12.24 (13.2%)

Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 6.85 (21.3%)

Jun-15 NYSE:FIT Fi tbi t Inc. United States 17.00-19.00 20.00 29.68, up 48% 15.15 (49.0%)

Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 13.33 15.3%

Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 23.46 (25.8%)

Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 10.56 (44.0%)

May-15 NYSE:SHOP Shopify Inc. Canada 14.00-16.00 17.00 28.31, up 51% 28.21 (0.4%)

May-15 NasdaqGS:BZUN Baozun Inc. China 12.00-14.00 10.00 10.44, up 4% 5.84 (44.1%)

May-15 NYSE:PGND Press Ganey Holdings , Inc. United States 22.00-24.00 25.00 27.50, up 10 % 30.08 9.4%

Apr-15 NasdaqGS:APIC Apigee Corporation United States 16.00-18.00 17.00 10.60, down 8% 8.31 (21.6%)

Apr-15 NasdaqGS:ETSY Etsy, Inc. United States 14.00-16.00 16.00 30.00, up 86% 8.70 (71.0%)

Apr-15 NasdaqGM:WOWO JM WOWO Hong Kong 9.00-11.00 10.00 10.29, up 3% 4.10 (60.2%)

Apr-15 NYSE:GDDY GoDaddy Inc. United States 17.00-19.00 20.00 26.15, up 31% 32.33 23.6%


Digital Media/Commerce

Of the total $2.4 billion in value reported in the Digital Media/Commerce segment, $2 billion in Venture/Growth Capital investments

were announced, while nearly $500 million in Strategic transactions were made

eCommerce was the most active subsegment across all segments with 46 transactions announced, of which 34 were reported for

$1.1 billion. Select acquisitions from the subsegment include:

• Trainline’s acquisition railway ticketing competitor Captain Train for a reported $189 million

Select Digital Media/Commerce transactions include:

• The $175 million Fidelity Investments-led funding of Snapchat at a reported valuation of $16 billion; the same valuation the

company received after its $540 million round of funding in May of 2015

• Local business on-demand delivery services provider Doordash’s $127 million round of funding from Sequoia Capital, Kleiner Perkins

Caufield & Byers, and Khosla Ventures

• The acquisition of Clarus Commerce, a leader in eCommerce and subscription commerce and loyalty marketing solutions, by

Trivergance, Falcon Investment Partners, and Landon Capital Partners from Norwest Venture Partners (A Petsky Prunier-led

transaction)

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

eCommerce 46 43% $1,147.5 47% 11 $189.0 0 - 35 $958.5

Mobile Content/Apps 21 20% 568.9 23% 6 205.0 0 - 15 363.9

Social Media/Apps 12 11% 77.6 3% 5 - 0 - 7 77.6

Classifieds/Auctions/P-to-P 11 10% 348.0 14% 2 3.5 0 - 9 344.5

Gaming 10 9% 274.6 11% 8 89.6 0 - 2 185.0

Niche Content 6 6% 29.0 1% 2 - 0 - 4 29.0

Total 106 100% 2,445.6 100% 34 487.1 0 0.0 72 1,958.5

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


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

*Note: Google Inc. pricing represents (Nasdaq:GOOGL)

*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value

($ in Millions, except stock price data)

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

Company Name 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Apple Inc. 108.99 -19% $604,304.1 $628,910.1 $234,988.0 $82,791.0 35.2% 17.6% 2.7x 7.6x

Blucora, Inc. 5.16 -69% $212.6 $732.3 $117.7 $22.7 19.3% 13.5% 6.2x 32.3x

Demand Media, Inc. 5.00 -27% 99.6 61.1 126.0 (16.8) NM -26.9% 0.5x NM

Everyday Health, Inc. 5.60 -61% 184.1 265.0 232.0 24.1 10.4% 25.9% 1.1x 11.0x

Facebook, Inc. 114.10 -3% 334,694.2 316,575.2 17,928.0 8,239.0 46.0% 43.8% 17.7x 38.4x

Fitbit Inc. 15.15 -71% 3,272.5 2,608.0 1,858.0 356.1 19.2% 149.3% 1.4x 7.3x

Glu Mobile, Inc. 2.82 -60% 372.8 192.3 249.9 6.2 2.5% 12.0% 0.8x 30.8x

Google Inc. 762.90 -6% 518,916.8 454,638.8 74,989.0 24,423.0 32.6% 13.6% 6.1x 18.6x

GoPro, Inc. 11.96 -82% 1,636.9 1,162.9 1,620.0 83.7 5.2% 16.2% 0.7x 13.9x

IAC/InterActiveCorp 47.08 -44% 3,910.9 4,620.2 3,230.9 384.3 11.9% 3.9% 1.4x 12.0x

LinkedIn Corporation 114.35 -57% 15,102.7 13,136.7 2,990.9 246.8 8.3% 34.8% 4.4x 53.2x

MeetMe, Inc. 2.84 -37% 134.8 116.1 56.9 11.1 19.6% 27.0% 2.0x 10.4x

Netflix, Inc. 102.23 -23% 43,762.6 43,823.3 6,779.5 368.1 5.4% 23.2% 6.5x NM

Pandora Media, Inc. 8.95 -60% 2,037.9 1,901.9 1,164.0 (67.2) NM 26.4% 1.6x NM

RealNetworks Inc. 4.06 -43% 149.0 49.8 125.3 (51.0) NM -19.8% 0.4x NM

TheStreet, Inc. 1.24 -40% 43.7 15.2 67.7 1.8 2.7% 10.8% 0.2x 8.2x

Twitter, Inc. 16.55 -69% 11,459.17 9,566.78 2,218.03 (175.01) NM 58.1% 4.3x NM

United Online, Inc. 11.54 -36% 172.44 67.60 151.12 15.26 10.1% NA 0.4x 4.4x

WebMD Health Corp. 62.63 -1% 2,252.3 2,413.8 636.4 146.5 23.0% 9.6% 3.8x 16.5x

XO Group Inc. 16.05 -10% 404.8 316.3 141.6 20.1 14.2% -1.4% 2.2x 15.7x

Yahoo! Inc. 36.81 -20% 34,852.1 4,622.4 4,968.3 330.7 6.7% 7.6% 0.9x 14.0x

Zynga, Inc. 2.28 -27% 1,967.5 980.3 764.7 (49.1) NM 10.8% 1.3x NM

Average 2.0x 11.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (31.8x)

US-Based Digital Media and Internet


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



Company Name Headquarters 03/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baidu, Inc. China 190.88 -15% $66,056.8 $61,605.8 $10,224.4 $2,409.5 23.6% 35.3% 6.0x 25.6x

Changyou.com Limited China 18.78 -47% 954.1 768.2 761.6 242.8 31.9% 0.8% 1.0x 3.2x

CyberAgent Inc. Japan 46.55 -27% 2,923.8 2,803.5 2,204.3 329.8 15.0% 17.8% 1.3x 8.5x

DeNA Co., Ltd. Japan 17.26 -28% 2,502.5 1,894.8 1,205.1 275.4 22.9% -0.8% 1.6x 6.9x

Forgame Holdings Limited * China 1.47 -61% 201.9 28.5 78.8 (7.0) NM -20.5% 0.4x NM

G5 Entertainment AB (publ) Sweden 4.16 -38% 36.6 32.4 45.5 3.5 7.7% 111.1% 0.7x 9.3x

GameLoft SE * France 8.52 -1% 727.2 685.1 278.2 8.1 2.9% 12.7% 2.5x 84.2x

Gree, Inc. Japan 5.50 -30% 1,293.2 608.5 668.4 165.7 24.8% -25.0% 0.9x 3.7x

iDreamSky Technology Limited * China 13.74 -6% 633.0 533.7 223.8 2.9 1.3% 0.0% 2.4x NM

International Game Technology PLC United Kingdom 18.25 -14% 3,624.4 11,331.1 4,689.1 1,458.6 31.1% 40.6% 2.4x 7.8x

Kongzhong Corp. China 7.18 -16% 337.8 232.9 179.1 23.1 12.9% -21.3% 1.3x 10.1x

Mixi, Inc. Japan 37.20 -37% 3,135.9 2,331.6 1,621.8 768.6 47.4% 163.2% 1.4x 3.0x

NCsoft Corporation South Korea 223.01 -7% 4,736.9 3,915.9 712.4 231.5 32.5% -0.1% 5.5x 16.9x

Naver Corporation South Korea 560.39 -6% 16,328.2 15,232.9 2,762.8 774.2 28.0% 17.9% 5.5x 19.7x

NetEase, Inc. China 143.58 -23% 18,768.9 15,176.7 3,512.2 1,148.2 32.7% 94.7% 4.3x 13.2x

NEXON Co., Ltd. Japan 17.08 -7% 7,424.5 4,917.5 1,582.9 626.9 39.6% 10.0% 3.1x 7.8x

Pacific Online Ltd. China 0.28 -57% 311.0 244.1 168.9 36.3 21.5% 11.0% 1.4x 6.7x

Phoenix New Media Limited China 4.45 -55% 317.4 171.0 247.9 17.8 7.2% -1.8% 0.7x 9.6x

Rediff.com India Limited * India 0.79 -64% 21.8 14.9 14.3 (7.2) NM -9.3% 1.0x NM

Renren Inc. * China 3.27 -27% 1,108.3 936.0 54.8 (76.1) NM -31.6% 17.1x NM

Sky-mobi Limited * China 2.09 -68% 58.6 (32.1) 93.7 (0.9) NM -22.1% NM NM

Taomee Holdings Ltd. * China 3.68 -8% 131.3 59.0 35.6 (3.8) NM -21.8% 1.7x NM

Tomorrow Focus AG Germany 3.01 -52% 175.5 191.4 113.4 6.5 5.8% -37.2% 1.7x 29.3x

Weibo Corporation * China 17.95 -13% 3,709.2 3,380.7 477.9 60.6 12.7% 43.0% 7.1x 55.8x

WeMade Entertainment Co., Ltd. * South Korea 27.49 -55% 456.4 435.9 107.6 (1.1) NM -22.2% 4.1x NM

Yandex N.V. Netherlands 15.32 -28% 4,895.4 4,687.8 831.5 234.6 28.2% 17.8% 5.6x 20.0x

YY Inc. China 61.59 -25% 3,380.6 3,346.9 908.3 194.1 21.4% 60.3% 3.7x 17.2x

Average 2.3x 12.4x


Internationally-based Digital Media and Internet


eCommerce Public Company Valuation (1/2)




1-800-Flowers.com Inc. 7.88 -41% $509.9 $526.1 $1,165.0 $79.6 6.8% 13.3% 0.5x 6.6x

Amazon.com, Inc. 593.64 -15% 279,510.7 277,249.7 107,006.0 7,879.0 7.4% 20.2% 2.6x 35.2x

Apple Inc. 108.99 -19% 604,304.1 628,910.1 234,988.0 82,791.0 35.2% 17.6% 2.7x 7.6x

Blucora, Inc. 5.16 -69% 212.6 732.3 117.7 22.7 19.3% 13.5% 6.2x 32.3x

Blue Nile Inc. 25.71 -34% 298.3 212.3 480.1 17.2 3.6% 1.4% 0.4x 12.3x

CafePress Inc. 3.69 -31% 61.9 12.5 104.5 3.9 3.8% -20.9% 0.1x 3.2x

CDW Corporation 41.50 -12% 6,886.4 10,551.3 12,988.7 979.6 7.5% 7.6% 0.8x 10.8x

Chegg, Inc. 4.46 -50% 401.2 316.4 301.4 2.7 0.9% -1.1% 1.0x NM

Copart, Inc. 40.77 -2% 4,566.3 5,083.1 1,168.0 402.3 34.4% 0.4% 4.4x 12.6x

eBay Inc. 23.86 -64% 27,263.3 27,911.3 8,592.0 2,946.0 34.3% -2.3% 3.2x 9.5x

Etsy, Inc. 8.70 -76% 980.5 700.8 273.5 12.9 4.7% 39.8% 2.6x 54.5x

Expedia Inc. 107.82 -23% 16,235.6 18,878.7 6,672.3 731.2 11.0% 15.8% 2.8x 25.8x

FTD Companies, Inc. 26.25 -22% 727.5 969.6 1,219.8 104.8 8.6% 90.4% 0.8x 9.3x

Alphabet Inc. 762.90 -6% 518,916.8 454,638.8 74,989.0 24,423.0 32.6% 13.6% 6.1x 18.6x

GrubHub Inc. 25.13 -47% 2,125.4 1,814.7 361.8 89.3 24.7% 42.5% 5.0x 20.3x

HSN, Inc. 52.31 -31% 2,734.6 3,310.9 3,690.6 320.4 8.7% 2.9% 0.9x 10.3x


Liberty Interactive Corporation $25.25 -20% 12,527.0 18,722.0 9,169.0 1,827.0 19.9% -8.6% 2.0x 10.2x

Liberty Ventures 39.12 -14% 5,560.1 4,801.1 820.0 (8.0) NM 74.1% 5.9x NM

Liquidity Services, Inc. 5.18 -53% 158.5 73.1 337.9 (0.5) NM -32.3% 0.2x NM

Match Group, Inc. 11.06 -31% 2,746.0 3,339.8 1,020.4 245.4 24.0% 14.9% 3.3x 13.6x

Overstock.com Inc. 14.38 -45% 363.7 207.5 1,657.8 11.3 0.7% 10.7% 0.1x 18.4x

PetMed Express, Inc. 17.91 -4% 360.8 298.1 229.3 32.4 14.1% 0.5% 1.3x 9.2x

The Priceline Group Inc. 1,288.96 -13% 63,953.8 67,463.7 9,224.0 3,509.0 38.0% 9.3% 7.3x 19.2x

Shutterfly, Inc. 46.37 -6% 1,616.2 1,687.4 1,059.4 114.7 10.8% 15.0% 1.6x 14.7x

Shutterstock, Inc. 36.73 -51% 1,296.0 1,007.6 425.1 55.3 13.0% 29.6% 2.4x 18.2x

Spark Networks, Inc. 2.22 -56% 57.4 50.8 48.1 0.2 0.4% -21.9% 1.1x NM

Stamps.com Inc. 106.28 -14% 1,776.19 1,864.14 213.96 64.20 30.0% 45.3% 8.7x 29.0x

U.S. Auto Parts Network, Inc. 2.56 -22% 87.3 105.9 291.1 5.9 2.0% 2.7% 0.4x 17.9x

EVINE Live Inc. 1.17 -83% 66.9 127.7 693.3 6.5 0.9% 2.8% 0.2x 19.7x

Wayfair Inc. 43.22 -24% 3,646.9 3,260.9 2,249.9 (64.2) NM 70.6% 1.4x NM

Average 1.7x 12.9x


US-based eCommerce


eCommerce Public Company Valuation (2/2)




58.com Inc. * China 55.65 -34% $ 7,876.4 $ 7,712.6 $ 714.9 $ (245.0) NM 169.8% 10.8x NM

Alibaba Group Holding Limited * China 79.03 -17% 198,557.1 193,733.9 14,537.4 4,952.9 34.1% 33.3% 13.3x 39.1x

Cnova N.V. * Netherlands 3.00 -56% 1,323.9 1,042.3 3,714.8 (79.6) NM -1.5% 0.3x NM

E-Commerce China Dangdang Inc. * China 7.13 -38% 577.1 311.7 1,451.6 (5.7) NM 21.4% 0.2x NM

eLong Inc. * China 17.53 -36% 661.3 518.4 158.9 (172.8) NM -5.0% 3.3x NM

JD.com, Inc. * China 26.50 -30% 36,331.4 34,154.6 27,922.5 (345.8) NM 57.6% 1.2x NM

Jiayuan.com International Ltd. China 7.45 -21% 231.9 151.6 110.9 4.9 4.4% 22.7% 1.4x 30.9x

Jumei International Holding Limited China 6.51 -77% 945.2 547.9 1,045.6 28.0 2.7% 78.2% 0.5x 19.5x

LightInTheBox Holding Co., Ltd. * China 2.40 -63% 113.3 78.7 348.4 (39.7) NM -0.2% 0.2x NM

Mercadolibre, Inc. Argentina 117.85 -23% 5,203.9 5,131.2 651.8 178.6 27.4% 17.1% 7.9x 28.7x

PChome Online Inc. Taiwan 11.03 -29% 1,101.2 881.6 693.9 35.4 5.1% 15.1% 1.3x 24.9x

Rakuten, Inc. Japan 9.66 -55% 13,764.4 15,100.6 5,936.4 1,308.0 22.0% 19.2% 2.5x 11.5x

Travelport Worldwide Limited United Kingdom 13.66 -20% 1,690.0 4,030.0 2,221.0 393.0 17.7% 3.4% 1.8x 10.3x

Vipshop Holdings Limited China 12.88 -58% 7,404.8 7,265.5 6,192.3 377.2 6.1% 64.1% 1.2x 19.3x

Average 1.6x 16.3x


Internationally-based eCommerce


Digital Advertising

There was a total of 32 transactions announced in the Digital Advertising segment, of which 23 were worth nearly $540 million in

reported value

Digital Video was the most valuable subsegment with 10 transactions worth more than $190 million in value

Select Transactions:

• The pending purchase of Israel-based mobile ad exchange InnerActive by RNTS Media for $46 million in cash, plus up to $26 million

in earn-outs and retention payments

• The $26.2 million acquisition of mobile advertising network JUICE Mobile by Yellow Pages

• China-based mobile advertising services provider Mobvista’s $25 million acquisition of mobile user acquisition company NativeX

• Ebate’s acquisition of mobile product discovery and promotions app developer Shopular

• eBay’s acquisition of Cargigi, a provider of online advertising services for car dealerships

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

Digital Video 10 31% $193.4 36% 3 $52.5 0 - 7 $140.9

Vertical Search 7 22% 130.3 24% 2 - 0 - 5 130.3

Comparison Shopping 3 9% 21.3 4% 0 - 0 - 3 21.3

Mobile Marketing 3 9% 80.2 15% 2 26.2 0 - 1 54.0

Online Lead Generation 3 9% 27.0 5% 2 25.0 0 - 1 2.0

Ad Networks/Exchanges 2 6% 73.5 14% 1 72.0 0 - 1 1.5

Local Search 2 6% 12.7 2% 0 - 0 - 2 12.7

Other* 2 6% 0.0 0% 2 - 0 - 0 0.0

Total 32 100% 538.4 100% 12 175.7 0 0.0 20 362.7

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital Advertising Public Company Valuation (1/3)


US-based Digital Advertising



Alliance Data Systems Corporation $220.00 -29% $ 13,048.7 $ 29,226.0 $ 6,439.7 $ 1,508.7 23.4% 21.4% 4.5x 19.4x

Alphabet Inc. 762.90 -6% 518,916.8 454,638.8 74,989.0 24,423.0 32.6% 13.6% 6.1x 18.6x

Angie's List, Inc. $8.07 -28% 473.2 475.7 344.1 21.5 6.3% 9.2% 1.4x 22.1x

Autobytel Inc. 17.36 -31% 184.5 187.5 133.2 11.7 8.8% 25.4% 1.4x 16.1x

Bankrate, Inc. 9.17 -42% 892.5 953.9 370.5 107.7 29.1% 5.8% 2.6x 8.9x

Blinkx plc 0.31 -47% 123.7 52.4 200.4 (8.5) NM -17.1% 0.3x NM

Blucora, Inc. * 5.16 -69% 212.6 732.3 117.7 22.7 19.3% 13.5% 6.2x 32.3x

Care.com, Inc. 6.15 -18% 199.6 138.3 138.7 (10.1) NM 25.3% 1.0x NM

Demand Media, Inc. 5.00 -27% 99.6 61.1 126.0 (16.8) NM -26.9% 0.5x NM

DHI Group, Inc. 8.07 -23% 422.9 489.9 259.8 64.4 24.8% -1.1% 1.9x 7.6x

Digital Globe Services Inc. 1.09 -1% 32.5 32.0 45.6 4.2 9.3% 15.0% 0.7x 7.6x

Facebook, Inc. * 114.10 -3% 334,694.2 316,575.2 17,928.0 8,239.0 46.0% 43.8% 17.7x 38.4x

Groupon, Inc. 3.99 -47% 2,341.7 1,547.2 3,119.5 64.8 2.1% 2.5% 0.5x 23.9x


IDI, Inc. 5.80 -55% 266.8 19.7 14.1 (42.4) NM 331.2% 1.4x NM

MaxPoint Interactive, Inc. 1.77 -83% 46.5 19.7 140.1 (16.7) NM 31.6% 0.1x NM

Monster Worldwide, Inc. 3.26 -60% 293.1 324.4 666.9 94.0 14.1% -8.1% 0.5x 3.5x

QuinStreet, Inc. 3.42 -50% 154.7 119.0 283.6 (4.0) NM 3.0% 0.4x NM

Quotient Technology Inc. 10.60 -28% 872.0 712.1 237.3 (22.3) NM 7.0% 3.0x NM

ReachLocal, Inc. 1.79 -49% 53.8 65.4 382.6 (17.2) NM -19.4% 0.2x NM

RetailMeNot, Inc. 8.01 -63% 390.0 202.8 249.1 43.1 17.3% -5.9% 0.8x 4.7x

Rocket Fuel Inc. 3.15 -67% 137.4 142.7 461.6 (33.6) NM 13.0% 0.3x NM

Rovi Corporation 20.51 -13% 1,708.4 2,491.5 526.3 167.3 31.8% -3.0% 4.7x 14.9x

The Rubicon Project, Inc. * 18.28 -5% 862.4 722.7 248.5 19.0 7.7% 98.3% 2.9x 38.0x

TiVo Inc. 9.51 -17% 930.69 603.48 489.61 85.43 17.4% 8.4% 1.2x 7.1x

Travelzoo Inc. 8.12 -43% 117.9 87.6 141.7 9.6 6.8% -7.5% 0.6x 9.1x

LendingTree, Inc. * 97.78 -30% 1,161.2 954.3 254.2 28.9 11.4% 51.9% 3.8x 33.0x

Tremor Video, Inc. 1.76 -46% 92.5 32.6 173.8 (10.9) NM 9.0% 0.2x NM

TripAdvisor Inc. * 66.50 -29% 9,660.1 9,284.1 1,492.0 280.0 18.8% 19.7% 6.2x 33.2x

TrueCar, Inc. 5.59 -67% 466.9 381.5 259.8 (37.1) NM 25.7% 1.5x NM

TubeMogul, Inc. 12.94 -27% 460.1 380.5 180.7 (9.2) NM 58.2% 2.1x NM



*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value.


US-based Digital Advertising



Twitter, Inc. 16.55 -69% $ 11,459.2 $ 9,566.8 $ 2,218.0 $ (175.0) NM 58.1% 4.3x NM

Voltari Corporation * 3.94 -82% 35.4 77.0 0.0 (4.7) NM 0.0% 1570.9x NM

Web.com Group, Inc. 19.82 -24% 971.6 1,375.5 543.5 110.7 20.4% -0.1% 2.5x 12.4x

Yahoo! Inc. 36.81 -20% 34,852.1 4,622.4 4,968.3 330.7 6.7% 7.6% 0.9x 14.0x

Yelp Inc. 19.88 -62% 1,512.0 1,141.1 549.7 0.1 0.0% 45.6% 2.1x NM

YuMe, Inc. 3.74 -35% 130.1 81.6 173.3 (11.8) NM -2.5% 0.5x NM

Zillow Group, Inc. 25.55 -28% 4,559.2 4,269.0 644.7 (4.5) NM 97.8% 6.6x NM

Average 1.8x 14.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 s tandard deviations above the mean (566.7x)and EBITDA multiples that are 1.0 s tandard deviations above the mean (29.7x)



*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value

*NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)




Adgorithms LTD * Israel $0.23 -89% $ 14.2 $ (17.6) $ 25.6 $ 0.0 0.1% 0.0% NM NM

Criteo SA France 41.42 -28% 2,587.9 2,249.5 1,323.2 114.1 8.6% 33.9% 1.7x 19.7x

Ctrip.com International Ltd. * China 44.26 -23% 19,928.4 23,432.1 1,678.5 109.6 6.5% 48.3% 14.0x 213.7x

InternetQ PLC United Kingdom 2.59 -46% 104.0 107.5 154.5 19.0 12.3% 9.1% 0.7x 5.7x

Just Dial Limited India 11.56 -45% 815.7 692.8 94.3 26.6 28.2% 27.9% 7.3x 26.0x

MakeMyTrip Limited India 18.09 -25% 763.2 678.7 306.7 (32.4) NM 5.1% 2.2x NM

Matomy Media Group Ltd. Israel 1.21 -57% 113.2 134.3 271.0 24.7 9.1% 14.1% 0.5x 5.4x

Opera Software ASA Norway 7.98 -15% 1,166.6 1,234.9 615.9 99.2 16.1% 28.1% 2.0x 12.4x

Pacific Online Ltd. China 0.28 -57% 311.0 244.1 168.9 36.3 21.5% 11.0% 1.4x 6.7x

Rightmove plc * United Kingdom 60.65 0% 5,726.3 5,708.4 283.3 203.7 71.9% 15.0% 20.1x 28.0x

Septeni Holdings Co., Ltd. Japan 24.68 -4% 640.2 545.1 453.1 30.2 6.7% -2.5% 1.2x 18.0x

Taptica International Ltd Israel 1.04 -58% 65.3 47.0 75.8 5.9 7.8% 20.1% 0.6x 7.9x

TradeDoubler AB Sweden 0.67 -56% 28.47 16.16 192.41 (4.28) NM -6.3% 0.1x NM

XLMedia PLC Channel Islands 1.04 -13% 209.2 169.1 89.2 26.7 30.0% 75.9% 1.9x 6.3x

Yandex N.V. Netherlands 15.32 -28% 4,895.4 4,687.8 831.5 234.6 28.2% 17.8% 5.6x 20.0x

Youku Tudou Inc. China 27.49 -13% 5,385.4 4,467.7 926.0 70.3 7.6% 51.6% 4.8x 63.5x

Zhaopin Ltd. China 15.88 -10% 863.4 591.3 214.6 49.3 23.0% 19.3% 2.8x 12.0x

Average 2.0x 15.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (86.3x)

Internationally-based Digital Advertising


Marketing Technology

The Marketing Technology segment announced 94 transactions, of which 53 reported nearly $590 million in value

Analytics & Targeting was the most active subsegment with 24 transactions announced, 16 of which reported more than $135 million

in value


• Business intelligence executive management platform Domo’s $131 million round of funding from BlackRock, Credit Suisse, and

Canyon Capital Advisors at a reported valuation of $2 billion

• The Insight Venture Partners-led $50 million investment in analytics company Moat

• The $30 million raised by live inbound call analytics platform Invoca from Morgan Stanley Alternative Investment Partners, Accel

Partners, Upfront Ventures, and Salesforce Ventures

• Social data platform Crimson Hexagon’s $20 million round of funding from Sageview Capital

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

Analytics & Targeting 23 24% $136.5 23% 6 $17.5 0 - 17 $119.0

BI Tools 10 11% 188.4 32% 0 - 2 - 8 188.4

Commerce Management 9 10% 21.6 4% 4 - 1 - 4 21.6

Content Management 8 9% 15.8 3% 5 - 0 - 3 15.8

CRM 8 9% 37.0 6% 4 - 0 - 4 37.0

MRM/Workflow Management 7 7% 71.2 12% 2 11.8 0 - 5 59.4

Social Technology 7 7% 28.9 5% 3 - 0 - 4 28.9

Other* 22 23% 88.9 15% 9 - 1 - 12 63.8

Total 94 100% 588.3 100% 33 29.3 4 0.0 57 559.0

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing Technology Public Company Valuation (1/3)




Adobe Systems Incorporated * 93.80 -4% $ 46,919.66 $ 44,738.60 $ 5,069.67 $ 1,378.25 27.2% 19.1% 8.8x 32.5x

AppFolio, Inc. 12.24 -39% 410.9 388.6 75.0 (12.1) NM 57.3% 5.2x NM

Bazaarvoice, Inc. 3.15 -52% 256.2 204.2 197.4 (18.2) NM 6.1% 1.0x NM

Blackbaud Inc. 62.89 -8% 2,816.0 3,209.7 637.9 104.6 16.4% 13.0% 5.0x 30.7x

Brightcove Inc. * 6.24 -19% 204.4 177.6 134.7 1.5 1.1% 7.8% 1.3x 119.4x

ChannelAdvisor Corporation 11.25 -24% 285.8 229.5 100.6 (11.5) NM 18.5% 2.3x NM

Covisint Corporation 2.00 -40% 80.9 43.2 79.5 (19.8) NM -11.2% 0.5x NM

Cvent, Inc. 21.40 -43% 899.8 754.4 187.7 0.9 0.5% 32.0% 4.0x NM

Demandware, Inc. 39.10 -48% 1,474.6 1,278.0 237.3 (34.2) NM 47.8% 5.4x NM

eBay Inc. 23.86 -64% 27,263.3 27,911.3 8,592.0 2,946.0 34.3% -2.3% 3.2x 9.5x

Endurance International Group

Holdings, Inc. 10.53 -55% 1,447.7 2,521.1 741.3 182.8 24.7% 17.7% 3.4x 13.8x

Five9, Inc. 8.89 -10% 455.6 443.7 128.9 (13.8) NM 25.0% 3.4x NM

GoDaddy Inc. 32.33 -9% 2,195.4 3,173.9 1,607.3 212.8 13.2% 15.9% 2.0x 14.9x

HubSpot, Inc. * 43.62 -27% 1,513.9 1,410.2 181.9 (43.7) NM 57.0% 7.8x NM

Interactive Intelligence Group Inc. * 36.42 -28% 802.4 761.4 390.9 3.6 0.9% 14.5% 1.9x 210.0x

IBM Corporation 151.45 -14% 145,525.4 177,385.4 81,741.0 20,082.0 24.6% -11.9% 2.2x 8.8x

Jive Software, Inc. 3.78 -37% 289.3 186.6 195.8 (21.0) NM 9.6% 1.0x NM

LivePerson Inc. 5.85 -45% 335.7 286.9 239.0 17.0 7.1% 13.9% 1.2x 16.9x

Marin Software Incorporated 3.02 -60% 115.1 80.8 108.5 (21.1) NM 9.2% 0.7x NM

Marketo, Inc. 19.57 -42% 868.6 768.7 209.9 (55.7) NM 40.0% 3.7x NM

MaxPoint Interactive, Inc. 1.77 -83% 46.5 36.6 140.1 (16.7) NM 31.6% 0.3x NM

MicroStrategy Inc. 179.72 -21% 2,049.7 1,564.1 529.9 148.3 28.0% -8.6% 3.0x 10.5x

MINDBODY, Inc. 13.33 -28% 528.8 451.3 101.4 (28.7) NM 44.8% 4.5x NM

NetSuite Inc. 68.49 -33% 5,478.1 5,397.3 741.1 (61.7) NM 33.2% 7.3x NM

Nuance Communications, Inc. 18.69 -14% 5,690.1 7,243.5 1,943.2 296.9 15.3% 0.8% 3.7x 24.4x

Oracle Corporation 40.91 -10% 169,770.8 159,575.8 37,159.0 14,908.0 40.1% -4.3% 4.3x 10.7x

PayPal Holdings, Inc. 38.60 -9% 47,195.3 43,784.3 9,248.0 1,951.0 21.1% 15.2% 4.7x 22.4x

PROS Holdings, Inc. 11.79 -57% 357.5 309.6 168.2 (42.2) NM -9.5% 1.8x NM

PTC Inc. 33.16 -22% 3,797.9 4,219.2 1,220.8 236.2 19.3% -10.1% 3.5x 17.9x

Qlik Technologies, Inc. 28.92 -33% 2,709.91 2,389.86 612.73 3.66 0.6% 10.0% 3.9x NM

Rightside Group, Ltd. 8.05 -21% 154.5 136.2 212.5 (1.7) NM 10.8% 0.6x NM

Rovi Corporation 20.51 -13% 1,708.36 2,491.52 526.27 167.33 31.8% -3.0% 4.7x 14.9x

The Rubicon Project, Inc. 18.28 -5% 862.4 722.7 248.5 19.0 7.7% 98.3% 2.9x 38.0x

US-based Marketing Technology






salesforce.com, inc. * 73.83 -11% $ 49,532.5 $ 50,247.5 $ 6,667.2 $ 465.8 7.0% 24.1% 7.5x 107.9x

Sizmek Inc. 2.90 -63% 83.9 41.9 172.7 9.1 5.3% 1.1% 0.2x 4.6x

Square, Inc. 15.28 -4% 5,122.8 4,652.1 1,267.1 (95.4) NM 49.0% 3.7x NM

Synchronoss Technologies, Inc. 32.34 -38% 1,436.1 1,526.9 578.8 157.4 27.2% 26.6% 2.6x 9.7x

Tableau Software, Inc. 45.87 -65% 3,411.3 2,615.4 653.6 (28.4) NM 58.4% 4.0x NM

Teradata Corporation 26.24 -43% 3,382.8 3,323.8 2,530.0 377.0 14.9% -7.4% 1.3x 8.8x

Verint Systems Inc. 33.38 -50% 2,078.5 2,416.5 1,130.3 139.3 12.3% 0.2% 2.1x 17.3x

Xactly Corporation 6.85 -36% 202.4 170.1 76.0 (17.3) NM 24.3% 2.2x NM

Zendesk, Inc. * 20.93 -26% 1,894.3 1,648.7 208.8 (68.4) NM 64.3% 7.9x NM

Adjusted Weighted Average 3.9x 13.9x


US-based Marketing Technology






Baozun Inc. China 5.84 -60% $ 294.86 $ 165.91 $ 400.22 $ 3.34 0.8% 64.0% 0.4x 49.6x

Bitauto Holdings Limited China 24.79 -63% 1,491.6 1,023.3 617.9 (22.4) NM 63.1% 1.7x NM

ChinaCache International Holdings Ltd. China 7.89 -50% 204.4 135.7 208.5 (3.6) NM -2.2% 0.7x NM

InfraStrata plc * United Kingdom 0.02 -65% 4.3 4.8 0.6 (0.8) NM 2320.6% 8.2x NM

Infosystems S.A. Poland 0.26 -46% 1.0 1.4 2.0 0.9 47.5% 0.0% 0.7x 1.5x

Mercadolibre, Inc. * Argentina 117.85 -23% 5,203.9 5,131.2 651.8 178.6 27.4% 17.1% 7.9x 28.7x

Open Text Corporation Canada 51.80 -11% 6,274.5 7,116.8 1,830.2 527.5 28.8% -1.5% 3.9x 13.5x


Sage Group plc United Kingdom 9.06 1% 9,777.99 10,270.00 2,172.20 588.18 27.1% 6.1% 4.7x 17.5x

SAP SE Germany 80.84 -6% 96,845.5 103,434.0 22,582.7 6,206.9 27.5% 18.4% 4.6x 16.7x

Shopify Inc. * Canada 28.21 -33% 2,266.4 2,074.9 205.2 (12.0) NM 95.4% 10.1x NM

Sky-mobi Limited China 2.09 -68% 58.6 (32.1) 93.7 (0.9) NM -22.1% NM NM

Weborama France 12.76 -6% 43.9 44.0 30.4 1.1 3.6% 0.9% 1.4x 40.1x

Wix.com ltd Israel 20.27 -29% 804.6 694.6 203.5 (43.6) NM 43.5% 3.4x NM



Internationally-based Marketing Technology



There were 33 transactions announced in the Agency & Marketing Services segment in March. Digital Agency was the most active

subsegment with 10 transactions

Select transactions:

• The $250 million raised by WME|IMG at a reported valuation of $5.5 billion from SoftBank in exchange for an eight percent

equity stake

• Searchlight Capital Partner’s majority acquisition creative services agency 160over90 in a transaction valued at $175 million

• The acquisition of customer experience agency MCD Partners by M&C Saatchi in a transaction valued at a reported $19.6 million

• The majority interest taken in digital consulting firm Hero Digital by CI Capital Partners (A Petsky Prunier-led transaction)

• The New York Times’ acquisition of digital marketing agency HelloSociety from Science Media

• The acquisition of healthcare media agency Communications Media by WPP

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

Digital Agency 10 30% $266.6 29% 8 $31.6 2 $235.0 0 -

Public Relations 4 12% - 0% 4 - 0 - 0 -

Ad Specialty/Premiums 2 6% 27.0 3% 2 27.0 0 - 0 -

Design Agency 2 6% - 0% 2 - 0 - 0 -

DM Agency 2 6% - 0% 2 - 0 - 0 -

General Agency 2 6% - 0% 2 - 0 - 0 -

Healthcare Agency 2 6% - 0% 2 - 0 - 0 -

Other* 9 27% 617 68% 6 207.0 1 155.0 2 255.0

Total 33 100% 910.6 100% 28 265.6 3 390.0 2 255.0

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Agency Public Company Valuation




Cello Group Plc United Kingdom $1.31 -13% $ 111.8 $ 117.9 $ 232.0 $ 13.7 5.9% -7.4% 0.5x 8.6x

Creston plc United Kingdom 1.53 -34% 88.5 92.2 120.9 17.9 14.8% 4.5% 0.8x 5.1x

Dentsu Inc. * Japan 50.28 -23% 14,338.2 15,264.1 (2,566.5) 1,851.4 -72.1% NM NM 8.2x

Enero Group Limited Australia 0.87 -5% 74.7 49.9 158.8 9.2 5.8% 6.9% 0.3x 5.4x

Globant S.A. * Luxembourg 30.86 -19% 1,055.4 992.7 253.8 30.3 11.9% 27.1% 3.9x 32.8x

Havas France 8.03 -14% 3,350.1 3,249.9 2,376.3 358.4 15.1% 17.3% 1.4x 9.1x

Huntsworth plc United Kingdom 0.58 -16% 187.1 230.8 248.3 26.1 10.5% 1.6% 0.9x 8.8x

M&C Saatchi plc United Kingdom 4.81 -6% 346.4 344.7 263.9 30.3 11.5% 5.6% 1.3x 11.4x

MDC Holdings Inc. United States 25.06 -20% 1,228.1 1,935.5 1,909.0 123.3 6.5% 12.7% 1.0x 15.7x

Next Fifteen Communications Group plc United Kingdom 3.36 -15% 238.5 250.6 180.3 21.6 12.0% 0.0% 1.4x 11.6x

Omnicom Group Inc. United States 83.23 -1% 19,941.1 22,512.7 15,134.4 2,211.2 14.6% -1.2% 1.5x 10.2x

OPT Holding, Inc. Japan 5.57 -15% 144.0 129.2 532.9 22.4 4.2% -4.4% 0.2x 5.8x

Porta Communications Plc United Kingdom 0.08 -44% 23.2 34.4 48.3 2.1 4.4% 186.2% 0.7x 16.3x

Publicis Groupe SA France 70.28 -22% 15,554.8 17,543.3 10,427.4 1,932.1 18.5% 32.3% 1.7x 9.1x

The Interpublic Group of Companies, Inc. United States 22.95 -4% 9,228.9 9,769.7 7,613.8 1,028.1 13.5% 1.0% 1.3x 9.5x

WPP plc United Kingdom 23.43 1% 29,805.0 34,974.6 18,043.4 3,157.5 17.5% 6.1% 1.9x 11.1x

1.6x 9.9xAdjusted Weighted Average



Marketing Services Public Company Valuation




Acxiom Corporation United States $21.44 -8% $ 1,666.4 $ 1,681.0 $ 1,046.3 $ 169.7 16.2% 20.6% 1.6x 9.9x

Aimia Inc. Canada 6.52 -43% 992.0 1,328.2 1,773.4 129.3 7.3% -0.3% 0.7x 10.3x

Alliance Data Systems Corporation * United States 220.00 -29% 13,048.7 23,236.2 6,439.7 1,508.7 23.4% 21.4% 3.6x 15.4x

CSG Systems International Inc. United States 45.16 -2% 1,460.0 1,503.7 752.5 145.9 19.4% 0.2% 2.0x 10.3x

Data Group Ltd. Canada 0.02 -97% 19.3 60.2 219.5 14.9 6.8% -2.7% 0.3x 4.0x

DST Systems Inc. United States 112.77 -16% 3,815.0 4,302.6 2,825.1 405.2 14.3% 2.8% 1.5x 10.6x

Fair Isaac Corporation * United States 106.09 -3% 3,328.9 3,857.1 849.3 194.9 23.0% 6.9% 4.5x 19.8x

Harte-Hanks Inc. United States 2.53 -68% 155.0 214.7 495.3 36.6 7.4% -10.5% 0.4x 5.9x

High Co. SA France 10.12 -8% 104.7 58.3 168.0 13.9 8.3% 19.2% 0.3x 4.2x

Insignia Systems Inc. United States 2.85 -7% 33.1 15.1 28.2 4.0 14.1% 7.2% 0.5x 3.8x

Interpace Diagnostics Group, Inc. United States 0.28 -90% 5.1 5.1 9.4 (23.9) NM 539.9% 0.5x NM

Multiplus S.A. Brazil 9.23 -23% 1,495.1 1,074.9 571.0 132.6 23.2% 24.3% 1.9x 8.1x

Pitney Bowes Inc. United States 21.54 -10% 4,084.8 6,583.1 3,578.1 817.7 22.9% -6.4% 1.8x 8.1x

Points International Ltd. Canada 8.64 -38% 132.1 77.2 296.3 11.0 3.7% 16.2% 0.3x 7.0x

Viad Corp United States 29.16 -11% 588.3 673.5 1,089.0 80.8 7.4% 2.3% 0.6x 8.3x

2.5x 9.3xAdjusted Weighted Average



Traditional Media

Of the 17 transactions announced in the Traditional Media segment in March, 10 reported more than $815 million in aggregate

reported value


• The $400 million in funding received by film and production studio Relativity Media from Maple Leaf Capital

• Time Internet’s acquisition of US-based cricket broadcaster Willow TV International for a reported $100 million

• Digital First Media’s $52 million acquisition of Freedom Communications’ Orange County Register and Riverside Press-Enterprise

newspaper properties

• The majority acquisition of broadcast network programming provider Renegade 83 by Entertainment One in a transaction valued at

a reported $35 million

• Vice Media’s acquisition of UK-based film, television, and digital production studio Pulse Films

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

Entertainment Media 8 47% $528.0 65% 3 - 0 - 5 $528.0

Broadcast Television 3 18% 231.0 28% 2 135.4 1 95.6 0 -

B-to-B Media 2 12% 6.0 1% 1 - 0 - 1 6.0

Consumer Book Publishing 2 12% - 0% 1 - 1 - 0 -

Newspaper Publishing 1 6% 52.3 6% 1 52.3 0 - 0 -

Traditional Outdoor 1 6% - 0% 1 - 0 - 0 -

Other* 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0

Total 17 100% 817.3 100% 9 187.7 2 95.6 6 534.0

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional Media Public Company Valuation (1/3)




CBS Corporation United States $55.09 -14% $ 25,316.1 $ 33,441.1 $ 13,886.0 $ 3,107.0 22.4% 0.6% 2.4x 10.8x

Discovery Communications, Inc. United States 28.63 -18% 15,926.3 23,363.3 6,394.0 2,442.0 38.2% 2.1% 3.7x 9.6x

Time Warner Inc. United States 72.55 -21% 57,325.7 78,991.7 28,118.0 7,895.0 28.1% 2.8% 2.8x 10.0x

Twenty-First Century Fox, Inc. United States 27.88 -21% 53,728.5 70,780.5 26,497.0 6,145.0 23.2% -18.7% 2.7x 11.5x

Viacom, Inc. United States 41.28 -44% 16,541.1 29,070.1 13,078.0 4,022.0 30.8% -6.1% 2.2x 7.2x

The Walt Disney Company United States 99.31 -19% 162,031.2 180,885.2 54,318.0 16,439.0 30.3% 8.9% 3.3x 11.0x



B-to-B Media



Euromoney Institutional Investor PLC United Kingdom $13.57 -25% $ 1,715.3 $ 1,713.7 $ 610.4 $ 252.6 41.4% -0.8% 2.8x 6.8x

Global Sources Ltd. Bermuda 8.10 -17% 244.9 171.2 162.1 31.7 19.6% -15.3% 1.1x 5.4x

Informa plc United Kingdom 10.00 -2% 6,479.2 7,772.2 1,787.6 550.7 30.8% 6.6% 4.3x 14.1x

TechTarget, Inc. United States 7.42 -38% 239.1 213.6 111.8 17.6 15.7% 5.3% 1.9x 12.2x

UBM plc * United Kingdom 8.66 0% 3,831.1 4,594.3 1,135.4 292.4 25.8% 39.9% 4.0x 15.7x



Radio Broadcasting



Beasley Broadcast Group Inc. United States $3.51 -32% $ 81.4 $ 155.0 $ 105.9 $ 21.4 20.2% 80.5% 1.5x 7.3x

Cumulus Media Inc. United States 0.46 -82% 108.8 2,502.5 1,168.7 234.5 20.1% -7.5% 2.1x 10.7x

Emmis Communications Corp. United States 0.58 -70% 26.7 319.0 234.0 37.3 16.0% 1.1% 1.4x 8.5x

Entercom Communications Corp. United States 10.58 -21% 422.5 928.0 411.4 97.6 23.7% 8.3% 2.3x 9.5x

Pandora Media, Inc. United States 8.95 -60% 2,037.9 1,901.9 1,164.0 (67.2) NM 26.4% 1.6x NM

Radio One Inc. United States 1.42 -66% 69.7 1,037.9 450.9 115.4 25.6% 2.1% 2.3x 9.0x

Salem Media Group, Inc. United States 5.76 -16% 146.8 424.6 265.8 47.6 17.9% -0.3% 1.6x 8.9x

Sirius XM Holdings Inc. * United States 3.95 -6% 20,129.2 25,465.7 4,570.1 1,579.2 34.6% 9.3% 5.6x 16.1x

Spanish Broadcasting System Inc. United States 3.35 -54% 24.3 417.0 143.0 41.3 28.9% -3.1% 2.9x 10.1x

Townsquare Media, Inc. United States 11.21 -22% 200.2 756.4 441.2 93.7 21.2% 18.0% 1.7x 8.1x


Large Cap Diversified Media







Broadcast, Cable, and Satellite Television

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


AMC Networks Inc. United States $64.94 -26% $ 4,701.3 $ 7,330.5 $ 2,580.9 $ 850.4 32.9% 18.6% 2.8x 8.6x

Sky plc United Kingdom 14.75 -12% 25,161.2 34,001.8 16,819.1 2,827.0 16.8% 41.2% 2.0x 12.0x

Cablevision Systems Corporation United States 33.00 -1% 9,129.7 17,760.6 6,509.7 1,739.4 26.7% 0.8% 2.7x 10.2x

CBS Corporation United States 55.09 -14% 25,316.1 33,441.1 13,886.0 3,107.0 22.4% 0.6% 2.4x 10.8x

Charter Communications, Inc. * United States 202.43 -2% 22,760.0 58,488.0 9,754.0 3,400.0 34.9% 7.1% 6.0x 17.2x

Comcast Corporation United States 61.08 -6% 149,181.7 202,331.7 74,510.0 24,876.0 33.4% 8.3% 2.7x 8.1x

Crown Media Holdings Inc. United States 5.08 -18% 1,827.2 2,106.8 478.7 368.3 76.9% 15.2% 4.4x 5.7x

Discovery Communications, Inc. United States 28.63 -18% 15,926.3 23,363.3 6,394.0 2,442.0 38.2% 2.1% 3.7x 9.6x

Dish Network Corp. United States 46.26 -39% 21,474.3 33,902.4 15,068.9 2,980.4 19.8% 2.9% 2.2x 11.4x

Entravision Communications Corporation United States 7.44 -22% 661.5 936.7 254.1 71.6 28.2% 5.0% 3.7x 13.1x

General Communication Inc. United States 18.32 -18% 705.7 2,126.6 978.5 317.8 32.5% 7.5% 2.2x 6.7x

Gray Television, Inc. United States 11.72 -35% 848.0 1,986.2 597.4 201.6 33.8% 17.6% 3.3x 9.9x

Grupo Televisa, S.A.B. Mexico 5.54 -23% 14,247.4 18,543.8 5,110.8 1,918.7 37.5% 9.9% 3.6x 9.7x

Liberty Global plc United Kingdom 38.50 -34% 31,744.6 78,579.7 18,280.0 8,376.5 45.8% 0.2% 4.3x 9.4x

Media General, Inc. United States 16.31 -7% 2,103.1 4,336.5 1,304.9 332.2 25.5% 93.3% 3.3x 13.1x

Nexstar Broadcasting Group, Inc. United States 44.27 -28% 1,356.9 2,799.9 896.4 301.8 33.7% 42.0% 3.1x 9.3x

Scripps Networks Interactive, Inc. United States 65.50 -9% 8,430.5 12,629.6 3,018.2 1,363.1 45.2% 13.2% 4.2x 9.3x

Sinclair Broadcast Group, Inc. United States 30.75 -14% 2,912.5 6,590.8 2,219.1 687.9 31.0% 12.3% 3.0x 9.6x

TEGNA Inc. United States 23.46 -39% 5,128.8 9,490.5 3,050.9 1,116.5 36.6% 16.2% 3.1x 8.5x

The E. W. Scripps Company * United States 15.59 -40% 1,308.0 1,599.1 715.7 32.2 4.5% 43.5% 2.2x 49.7x

Time Warner Cable Inc. United States 204.62 -1% 57,962.8 79,385.8 23,697.0 7,777.0 32.8% 3.9% 3.4x 10.2x

Time Warner Inc. United States 72.55 -21% 57,325.7 78,991.7 28,118.0 7,895.0 28.1% 2.8% 2.8x 10.0x



Entertainment Media



DreamWorks Animation SKG Inc. United States $24.95 -16% $ 2,154.7 $ 2,459.2 $ 915.9 $ 112.5 12.3% 33.8% 2.7x 21.9x

Eros International Plc United Kingdom 11.51 -70% 640.2 889.4 297.8 56.6 19.0% 15.0% 3.0x 15.7x

Lions Gate Entertainment Corp. * United States 21.85 -47% 3,277.3 4,872.6 2,202.3 66.8 3.0% -11.0% 2.2x 72.9x

Live Nation Entertainment, Inc. United States 22.31 -25% 4,516.9 5,732.5 7,245.7 543.6 7.5% 5.5% 0.8x 10.5x

SFX Entertainment, Inc. United States 0.04 -99% 3.8 301.9 402.4 (86.3) NM 17.4% 0.8x NM

Twenty-First Century Fox, Inc. United States 27.88 -21% 53,728.5 70,780.5 26,497.0 6,145.0 23.2% -18.7% 2.7x 11.5x

Liberty Media Corporation * United States 38.63 -9% 12,824.5 26,687.5 4,795.0 1,424.0 29.7% 7.8% 5.6x 18.7x

Village Roadshow Limited Australia 3.98 -32% 641.3 1,031.1 761.1 114.3 15.0% 10.1% 1.4x 9.0x

World Wrestling Entertainment Inc. United States 17.66 -25% 1,341.2 1,260.4 658.8 71.3 10.8% 21.4% 1.9x 17.7x




LTM Multiples

LTM Multiples




Out-of-Home Media



AirMedia Group Inc. China $5.60 -27% $ 357.5 $ 243.9 $ 192.6 $ (44.8) NM -12.2% 1.3x NM

APG|SGA SA Switzerland 418.38 -2% 1,252.8 1,107.8 314.8 77.9 24.8% 0.6% 3.5x 14.2x

Clear Channel Outdoor Holdings Inc. United States 4.70 -60% 1,690.1 6,624.4 2,806.2 678.9 24.2% -5.2% 2.4x 9.8x

Clear Media Ltd. Hong Kong 0.86 -33% 467.9 393.8 236.5 103.2 43.6% 4.1% 1.7x 3.8x

JCDecaux SA France 43.81 -6% 9,301.5 9,729.0 3,048.7 578.1 19.0% 13.1% 3.2x 16.8x

Lamar Advertising Co. United States 61.50 0% 5,946.8 7,844.0 1,353.4 565.7 41.8% 5.2% 5.8x 13.9x

Mood Media Corporation United States 0.05 -92% 9.9 657.1 475.1 81.6 17.2% -3.8% 1.4x 8.1x

National CineMedia, Inc. United States 15.21 -9% 949.0 2,075.4 446.5 209.5 46.9% 13.3% 4.6x 9.9x

NTN Buzztime Inc. United States 0.15 -75% 13.8 18.2 24.5 (3.7) NM -5.9% 0.7x NM

Tom Group Ltd. * Hong Kong 0.25 -35% 962.9 1,284.2 163.5 8.8 5.4% -16.1% 7.9x 145.8x



Publishing



A. H. Belo Corporation United States $4.81 -43% $ 103.8 $ 27.9 $ 272.1 $ (1.8) NM -0.2% 0.1x NM

Daily Mail and General Trust plc United Kingdom 10.02 -29% 3,353.3 4,583.1 2,788.4 443.2 15.9% 1.7% 1.6x 10.3x

Emmis Communications Corp. United States 0.58 -70% 26.7 319.0 234.0 37.3 16.0% 1.1% 1.4x 8.5x

Gannett Co., Inc. United States 15.14 -15% 1,763.6 1,566.9 2,885.0 383.5 13.3% -9.0% 0.5x 4.1x

Glacier Media, Inc. Canada 0.54 -51% 48.2 117.7 159.1 10.4 6.5% -11.0% 0.7x 11.3x

John Wiley & Sons Inc. United States 48.89 -20% 2,826.7 3,255.7 1,734.4 302.8 17.5% -5.6% 1.9x 10.8x

Meredith Corporation United States 47.50 -14% 2,076.4 2,849.6 1,615.2 301.3 18.7% 5.7% 1.8x 9.5x

News Corporation United States 12.77 -22% 7,501.2 5,825.2 8,442.0 639.0 7.6% 2.4% 0.7x 9.1x

Scholastic Corporation United States 37.37 -19% 1,275.9 941.0 1,646.7 97.6 5.9% 14.6% 0.6x 9.6x

The E. W. Scripps Company * United States 15.59 -40% 1,308.0 1,599.1 715.7 32.2 4.5% 43.5% 2.2x 49.7x

The McClatchy Company United States 1.05 -46% 82.9 1,011.4 1,056.6 161.1 15.2% -7.8% 1.0x 6.3x

The New York Times Company United States 12.46 -14% 1,996.2 1,815.7 1,579.2 242.7 15.4% -0.6% 1.1x 7.5x

Time Inc. United States 15.44 -36% 1,618.9 2,200.9 3,107.0 404.0 13.0% -5.3% 0.7x 5.4x





Software

Within the Software segment, nearly $900 million in reported value involved Venture/Growth Capital investments, while more than

$1.1 billion in Strategic transactions were announced

Healthcare and HR Software were the most active subsegments with 16 transactions each, accounting for $1.2 billion and nearly $200

million in value, respectively


• GI Partners’ $950 million acquisition of health and human services software developer Netsmart Technologies from Genstar Capital

• The H.I.G. Capital acquisition of personal finance software developer Quicken from Intuit in a transaction valued at a reported

$500 million

• The $260 million acquisition of internal data center and public cloud computing startup CliQr by Cisco

• Nasdaq’s $200 million acquisition of Boardvantage, a provider of technology solutions for boards of directors and leadership

communications

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

Healthcare 16 15% $1,170.6 33% 4 $33.1 3 $1,067.2 9 $70.3

HR 16 15% 192.8 5% 2 - 1 - 13 192.8

Financial 14 13% 545.9 15% 6 5.0 1 500.0 7 40.9

Security 9 9% 65.9 2% 4 - 0 - 5 65.9

Big Data 6 6% 111.4 3% 0 - 0 - 6 111.4

ERP 6 6% 5.0 0% 4 - 0 - 2 5.0

Other* 38 31% 1,353.5 38% 18 1,074 2 0 18 279.9

Total 105 100% 3,563.1 100% 38 1,111.7 7 1,567.2 60 884.2

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Software Public Company Valuation (1/3)




Ebix Inc. United States 40.79 -2% $ 1,372.4 $ 1,520.8 $ 265.5 $ 97.8 36.8% 23.9% 5.7x 15.5x

Epiq Systems, Inc. United States 15.02 -19% 565.8 925.7 505.9 78.4 15.5% 13.9% 1.8x 11.8x

First Data Corporation United States 12.94 -28% 11,635.7 33,868.7 7,764.0 2,374.0 30.6% 2.9% 4.4x 14.3x

Fidessa group plc United Kingdom 35.17 -2% 1,339.6 1,226.8 435.7 74.1 17.0% 7.4% 2.8x 16.6x

Guidewire Software, Inc. * United States 54.48 -16% 3,925.5 3,334.6 395.8 21.5 5.4% 7.1% 8.4x 154.8x

Intuit Inc. United States 104.01 -5% 26,712.0 27,623.0 4,467.0 1,302.0 29.1% 6.4% 6.2x 21.2x

Management Consulting Group PLC United Kingdom 0.22 -20% 106.5 84.2 204.9 (0.1) NM -42.8% 0.4x NM

Model N, Inc. United States 10.77 -15% 291.3 220.9 96.2 (17.8) NM 16.8% 2.3x NM

NetSuite Inc. United States 68.49 -33% 5,478.1 5,397.3 741.1 (61.7) NM 33.2% 7.3x NM

Performant Financial Corporation United States 1.70 -54% 84.5 107.6 159.4 18.7 11.8% -18.4% 0.7x 5.7x

Q2 Holdings, Inc. United States 24.04 -21% 936.6 826.1 108.9 (16.2) NM 37.6% 7.6x NM

RealPage, Inc. United States 20.84 -13% 1,640.1 1,649.2 468.5 52.8 11.3% 15.8% 3.5x 31.2x

SS&C Technologies Holdings, Inc. United States 63.42 -18% 6,262.7 8,579.9 1,000.3 329.6 32.9% 30.3% 8.6x 26.0x

Tyler Technologies, Inc. United States 128.61 -30% 4,654.9 4,674.4 591.0 129.1 21.8% 19.9% 7.9x 36.2x



Healthcare Software



Allscripts Healthcare Solutions, Inc. United States 13.21 -16% 2,501.2 3,021.1 1,386.4 112.5 8.1% 0.6% 2.2x 26.9x

athenahealth, Inc. * United States 138.78 -19% 5,406.5 5,562.7 924.7 60.9 6.6% 22.9% 6.0x 91.4x

Cegedim SA France 29.04 -41% 405.4 600.8 462.8 85.3 18.4% -13.6% 1.3x 7.0x

Cerner Corporation United States 52.96 -30% 18,007.3 18,099.3 4,352.5 1,206.2 27.7% 31.4% 4.2x 15.0x

Civitas Solutions, Inc. United States 17.43 -42% 646.7 1,261.6 1,378.1 130.9 9.5% 7.1% 0.9x 9.6x

Computer Programs & Systems Inc. United States 52.12 -12% 699.7 663.9 182.2 33.3 18.3% -11.0% 3.6x 20.0x

Craneware plc United Kingdom 10.80 -9% 289.9 246.0 46.4 14.1 30.5% 7.8% 5.3x 17.4x

HealthEquity, Inc. * United States 24.67 -31% 1,425.1 1,301.4 126.8 34.7 27.4% 44.3% 10.3x 37.5x

McKesson Corporation United States 157.25 -35% 35,945.3 42,719.3 189,131.0 4,294.0 2.3% 10.0% 0.2x 9.9x

Medidata Solutions, Inc. * United States 38.71 -37% 2,179.8 2,162.9 392.5 40.1 10.2% 17.1% 5.5x 54.0x

Quality Systems Inc. United States 15.24 -15% 927.9 823.1 493.0 57.0 11.6% 3.3% 1.7x 14.4x

Streamline Health Solutions, Inc. United States 1.41 -60% 26.5 35.1 28.5 (5.1) NM 3.6% 1.2x NM

USMD Holdings, Inc. United States 10.75 -10% 118.4 158.1 320.8 (3.8) NM 15.6% 0.5x NM

Veeva Systems Inc. United States 25.04 -15% 3,359.2 3,013.0 409.2 88.6 21.6% 30.6% 7.4x 34.0x




Financial & Credit/Risk Management Software




HR Software



51job Inc. China $31.02 -18% $ 1,828.8 $ 1,238.4 $ 316.6 $ 96.1 30.3% 12.2% 3.9x 12.9x

Benefitfocus, Inc. United States 33.35 -30% 974.1 950.6 185.1 (45.2) NM 34.7% 5.1x NM

Castlight Health, Inc. United States 3.33 -68% 321.9 201.5 75.3 (78.2) NM 65.1% 2.7x NM

Cornerstone OnDemand, Inc. United States 32.77 -19% 1,795.6 1,783.7 339.7 (60.3) NM 28.9% 5.3x NM

DHI Group, Inc. United States 8.07 -23% 422.9 489.9 259.8 64.4 24.8% -1.1% 1.9x 7.6x

LinkedIn Corporation United States 114.35 -57% 15,102.7 13,136.7 2,990.9 246.8 8.3% 34.8% 4.4x 53.2x

Monster Worldwide, Inc. United States 3.26 -60% 293.1 324.4 666.9 94.0 14.1% -8.1% 0.5x 3.5x

Paycom Software, Inc. United States 35.60 -23% 2,103.5 2,078.6 224.7 42.1 18.7% 48.8% 9.3x 49.4x

Paylocity Holding Corporation United States 32.74 -30% 1,668.3 1,589.3 187.6 (0.4) NM 46.7% 8.5x NM

The Ultimate Software Group, Inc. * United States 193.50 -11% 5,581.9 5,470.3 618.1 64.0 10.3% 22.2% 8.9x 85.5x

Workday, Inc. United States 76.84 -18% 14,983.8 13,521.8 1,162.3 (181.7) NM 47.5% 11.6x NM



Security Software



Absolute Software Corporation Canada $4.84 -41% $ 187.9 $ 153.7 $ 92.5 $ 16.8 18.2% -1.2% 1.7x 9.1x

AVG Technologies N.V. Netherlands 20.75 -29% 1,086.0 1,202.5 428.3 124.1 29.0% 14.5% 2.8x 9.7x

Check Point Software Technologies Ltd. United States 87.47 -1% 15,819.3 14,535.1 1,629.8 851.9 52.3% 9.0% 8.9x 17.1x

Cisco Systems, Inc. United States 28.47 -5% 143,264.5 107,495.5 49,589.0 14,283.0 28.8% 3.1% 2.2x 7.5x

Cheetah Mobile Inc. China 16.33 -55% 2,325.2 2,084.7 567.5 51.6 9.1% 108.9% 3.7x 40.4x

CyberArk Software, Ltd. Israel 42.63 -44% 1,420.1 1,181.8 160.8 35.1 21.8% 56.1% 7.3x 33.7x

FireEye, Inc. United States 17.99 -67% 2,985.4 2,521.8 623.0 (395.7) NM 46.4% 4.0x NM

Fortinet Inc. * United States 30.63 -39% 5,256.2 4,364.9 1,009.3 55.8 5.5% 31.0% 4.3x 78.3x

Gemalto NV Netherlands 73.99 -24% 6,519.1 6,907.9 3,390.2 504.9 14.9% 26.6% 2.0x 13.7x

Imperva Inc. United States 50.50 -35% 1,629.1 1,364.3 234.3 (43.2) NM 42.9% 5.8x NM

Imprivata, Inc. United States 12.63 -42% 317.1 266.1 119.1 (17.0) NM 22.8% 2.2x NM

Infoblox Inc. United States 17.10 -39% 989.2 662.0 355.1 2.0 0.6% 33.0% 1.9x NM

Juniper Networks, Inc. United States 25.51 -21% 9,760.2 9,760.9 4,857.8 1,077.9 22.2% 5.0% 2.0x 9.1x

Mimecast Limited United Kingdom 9.73 -12% 526.2 428.6 135.7 13.7 10.1% 0.0% 3.2x 31.3x

Mobileye N.V. * Israel 37.29 -42% 8,080.6 7,868.5 240.9 81.1 33.6% 67.7% 32.7x 97.1x

NQ Mobile Inc. China 4.58 -30% 434.0 415.5 406.7 (19.7) NM 22.4% 1.0x NM

Palo Alto Networks, Inc. United States 163.14 -19% 14,416.8 13,949.7 1,150.0 (121.9) NM 55.6% 12.1x NM

Proofpoint, Inc. United States 53.78 -29% 2,213.8 2,153.4 265.4 (55.5) NM 35.7% 8.1x NM

Qihoo 360 Technology Co. Ltd. China 75.55 -1% 9,576.8 10,064.4 1,630.3 439.4 27.0% 64.2% 6.2x 22.9x

Symantec Corporation United States 18.38 -30% 11,987.8 11,458.8 6,178.0 1,949.0 31.5% 32.0% 1.9x 5.9x

Trend Micro Inc. Japan 36.67 -24% 5,005.2 3,708.0 1,034.3 326.4 31.6% 7.9% 3.6x 11.4x

VeriSign, Inc. United States 88.54 -6% 9,692.3 9,646.6 1,059.4 667.4 63.0% 4.9% 9.1x 14.5x




LTM Multiples

LTM Multiples




Engineering Software



Ansys, Inc. United States $89.46 -9% $ 7,865.1 $ 7,080.5 $ 942.8 $ 432.1 45.8% 0.7% 7.5x 16.4x

Autodesk, Inc. * United States 58.31 -11% 13,090.2 12,327.0 2,504.1 147.1 5.9% -0.3% 4.9x 83.8x

AVEVA Group plc United Kingdom 22.68 -32% 1,449.9 1,297.7 309.8 66.1 21.3% -4.7% 4.2x 19.6x

Dassault Systemes SA France 79.41 -9% 20,143.6 18,626.5 3,083.9 840.3 27.2% 23.8% 6.0x 22.2x



Infrastructure Software



Adobe Systems Incorporated United States $93.80 -4% $ 46,919.7 $ 44,738.6 $ 5,069.7 $ 1,378.3 27.2% 19.1% 8.8x 32.5x

Atlassian Corporation Plc * Australia 25.15 NM 5,341.7 4,659.7 387.3 15.7 4.1% 0.0% 12.0x NM

CA, Inc. United States 30.79 -5% 12,832.1 12,582.1 4,039.0 1,232.0 30.5% -6.6% 3.1x 10.2x

CommVault Systems, Inc. * United States 43.17 -10% 1,949.8 1,548.7 586.3 8.4 1.4% -4.5% 2.6x 184.1x

Covisint Corporation United States 2.00 -40% 80.9 43.2 79.5 (19.8) NM -11.2% 0.5x NM

Endurance International Group Holdings, Inc. United States 10.53 -55% 1,447.7 2,521.1 741.3 182.8 24.7% 17.7% 3.4x 13.8x

First Data Corporation United States 12.94 -28% 11,635.7 33,868.7 7,764.0 2,374.0 30.6% 2.9% 4.4x 14.3x

Guidance Software, Inc. United States 4.30 -58% 138.3 119.4 107.0 (7.7) NM -1.5% 1.1x NM

Hortonworks Inc. United States 11.30 -61% 616.8 522.5 121.9 (174.7) NM 164.8% 4.3x NM

IBM Corporation United States 151.45 -14% 145,525.4 177,385.4 81,741.0 20,082.0 24.6% -11.9% 2.2x 8.8x

IntraLinks Holdings, Inc. United States 7.88 -38% 456.0 478.5 276.2 8.3 3.0% 7.9% 1.7x 57.4x

NetSuite Inc. United States 68.49 -33% 5,478.1 5,397.3 741.1 (61.7) NM 33.2% 7.3x NM


Oracle Corporation United States 40.91 -10% 169,770.8 159,575.8 37,159.0 14,908.0 40.1% -4.3% 4.3x 10.7x

salesforce.com, inc. * United States 73.83 -11% 49,532.5 50,247.5 6,667.2 465.8 7.0% 24.1% 7.5x 107.9x

Rapid7, Inc. United States 13.07 - 543.6 457.1 110.5 (39.4) NM 43.8% 4.1x NM

ServiceNow, Inc. United States 61.18 -33% 9,836.9 9,510.2 1,005.5 (106.0) NM 47.3% 9.5x NM

Textura Corporation United States 18.63 -40% 488.0 409.3 86.7 (7.9) NM 37.7% 4.7x NM

Varonis Systems, Inc. United States 18.25 -39% 477.1 370.6 127.2 (17.5) NM 25.5% 2.9x NM





Information

The Information segment reported 15 transactions worth more than $5.8 billion in value

Healthcare Information was the most active subsegment with four deals, followed by the Credit/Risk Management Information and

Financial Information subsegments with three transactions each


• Employee benefits and information services company Ceridian’s $150 million round of funding from Thomas H. Lee Partners and

Fidelity National Financial Ventures Group

• Guidewire Software’s $42 million acquisition of EagleEye Analytics, a provider of data for property/casualty insurers

• The $33 million raised by AlphaSense, developer of an information search platform for financial professionals, from Tribeca Venture

Partners, Triangle Peak Equity, and Quantum Strategic Partners

• Human resources information and recruitment startup BizReach’s $32 million round of funding from YJ Capital, Salesforce Ventures,

Dentsu Digital, Gree, and Rakuten

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

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

Healthcare Information 4 27% $35.0 1% 1 - 0 - 3 $35.0

Credit/Risk Management Information 3 20% 53.0 1% 2 42.0 0 - 1 11.0

Financial Information 3 20% 5,533.0 95% 2 5,500.0 0 - 1 33.0

Legal Information 2 13% - 0% 2 - 0 - 0 -

HR Information 2 13% 182.8 3% 0 - 0 - 2 182.8

Geo-Demo Information 1 7% - 0% 0 - 0 - 1 -

Other* 0 0% - 0% 0 - 0 - 0 -

Total 15 100% 5,803.8 100% 7 5,542.0 0 0.0 8 261.8

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Information Public Company Valuation (1/2)




Broadridge Financial Solutions, Inc. United States $59.31 -1% $ 7,048.0 $ 7,497.3 $ 2,797.5 $ 593.7 21.2% 6.7% 2.7x 12.6x

Computershare Limited Australia 7.52 -25% 4,122.6 5,594.2 1,943.7 595.7 30.6% -2.6% 2.9x 9.4x

CoreLogic, Inc. United States 34.70 -18% 3,064.8 4,311.4 1,528.1 324.0 21.2% 8.8% 2.8x 13.3x

CoStar Group Inc. * United States 188.17 -16% 6,118.1 6,051.4 711.8 91.4 12.8% 23.6% 8.5x 66.2x

DST Systems Inc. United States 112.77 -16% 3,815.0 4,302.6 2,825.1 405.2 14.3% 2.8% 1.5x 10.6x

The Dun & Bradstreet Corporation United States 103.08 -24% 3,733.6 5,203.5 1,637.1 428.1 26.1% 3.3% 3.2x 12.2x

Envestnet, Inc. United States 27.20 -52% 1,142.6 1,391.4 420.9 50.6 12.0% 20.7% 3.3x 27.5x

Equifax Inc. United States 114.29 -2% 13,567.0 14,708.4 2,663.6 914.6 34.3% 9.3% 5.5x 16.1x

Experian plc Ireland 17.93 0% 16,817.0 20,011.4 4,656.0 1,486.0 31.9% -4.8% 4.3x 13.5x

FactSet Research Systems Inc. United States 151.53 -15% 6,212.7 6,314.6 1,068.6 377.0 35.3% 11.2% 5.9x 16.7x

Fair Isaac Corporation United States 106.09 -3% 3,328.9 3,857.1 849.3 194.9 23.0% 6.9% 4.5x 19.8x

Fidelity National Information Services, Inc. United States 63.31 -14% 20,564.4 31,476.7 6,595.2 1,685.2 25.6% 2.8% 4.8x 18.7x

Financial Engines, Inc. United States 31.43 -32% 1,936.8 1,591.7 310.7 57.9 18.6% 10.2% 5.1x 27.5x

McGraw Hill Financial, Inc. United States 98.98 -8% 26,277.1 29,370.1 5,313.0 2,210.0 41.6% 5.2% 5.5x 13.3x

Moody's Corporation United States 96.56 -15% 18,817.6 20,218.4 3,484.5 1,586.9 45.5% 4.5% 5.8x 12.7x

Morningstar Inc. United States 88.27 -1% 3,787.8 3,574.5 788.8 255.0 32.3% 3.8% 4.5x 14.0x

MSCI Inc. United States 74.08 -1% 7,286.3 8,088.0 1,075.0 481.7 44.8% 7.9% 7.5x 16.8x

Reis, Inc. United States 23.55 -13% 266.3 237.7 50.9 15.9 31.3% 23.1% 4.7x 14.9x

SEI Investments Co. United States 43.05 -22% 7,045.1 6,365.5 1,334.2 388.5 29.1% 5.4% 4.8x 16.4x

Thomson Reuters Corporation United States 40.58 -5% 30,604.2 39,430.0 12,209.0 2,595.0 21.3% -3.2% 3.2x 15.2x

Verisk Analytics, Inc. United States 79.92 -3% 13,429.3 16,455.4 2,068.0 944.8 45.7% 18.4% 8.0x 17.4x

Workiva Inc. United States 11.65 -38% 476.8 423.6 145.3 (39.3) NM 28.9% 2.9x NM



Marketing Information



Acxiom Corporation United States $21.44 -8% $ 1,666.4 $ 1,681.0 $ 1,046.3 $ 169.7 16.2% 20.6% 1.6x 9.9x

Alliance Data Systems Corporation * United States 220.00 -29% 13,048.7 29,226.0 6,439.7 1,508.7 23.4% 21.4% 4.5x 19.4x

Brainjuicer Group Plc United Kingdom 4.59 -26% 58.3 49.2 37.1 6.9 18.6% 2.2% 1.3x 7.1x

Cello Group Plc United Kingdom 1.31 -13% 111.8 117.9 232.0 13.7 5.9% -7.4% 0.5x 8.6x

comScore, Inc. United States 30.04 -54% 1,702.3 1,588.4 368.8 37.1 10.1% 12.1% 4.3x 42.8x

Cross Marketing Inc. Japan 3.28 -42% 64.0 69.4 123.6 13.3 10.7% 82.5% 0.6x 5.2x

Ebiquity plc * United Kingdom 1.95 -12% 142.4 184.9 95.8 0.7 0.8% 0.0% 1.9x 248.7x

GfK SE Germany 37.65 -21% 1,374.4 1,768.2 1,676.3 226.9 13.5% 6.2% 1.1x 7.8x

Harte-Hanks Inc. United States 2.53 -68% 155.0 214.7 495.3 36.6 7.4% -10.5% 0.4x 5.9x

InnerWorkings Inc. United States 7.95 -9% 422.1 490.6 1,029.4 35.4 3.4% 2.9% 0.5x 13.9x

Financial & Credit/Risk Management Information



Information Public Company Valuation (2/2)


Marketing Information



Intage Holdings Inc. Japan 12.86 -36% $ 256.7 $ 216.2 $ 378.9 $ 42.9 11.3% 4.1% 0.6x 5.0x

Ipsos SA France 23.38 -24% 1,058.4 1,710.2 1,938.9 216.9 11.2% 6.9% 0.9x 7.9x

NeuStar, Inc. United States 24.60 -25% 1,322.7 2,329.0 1,050.0 400.3 38.1% 9.0% 2.2x 5.8x

Nielsen Holdings plc United Kingdom 52.66 -2% 19,056.5 26,237.5 6,172.0 1,499.0 24.3% -1.8% 4.3x 17.5x

Onvia Inc. United States 3.50 -26% 24.9 18.2 23.6 0.9 4.0% 4.3% 0.8x 19.3x

Pearson plc United Kingdom 12.60 -40% 10,227.3 11,333.4 6,589.0 1,036.7 15.7% -1.6% 1.7x 10.9x

YouGov plc United Kingdom 1.97 -11% 205.7 191.2 115.4 10.4 9.1% 14.8% 1.7x 18.3x



Other Information



Centaur Media plc United Kingdom $0.76 -39% $ 108.2 $ 135.4 $ 104.0 $ 14.6 14.0% 0.1% 1.3x 9.3x

CEB Inc. United States 64.73 -29% 2,113.2 2,561.2 928.4 208.9 22.5% 2.1% 2.8x 12.3x

Forrester Research Inc. United States 33.61 -11% 597.7 496.6 313.7 32.3 10.3% 0.5% 1.6x 15.4x

Gartner Inc. United States 89.35 -6% 7,357.1 7,814.2 2,163.1 353.1 16.3% 7.0% 3.6x 22.1x

IDI, Inc. * United States 5.80 -55% 266.8 304.2 14.1 (42.4) NM 331.2% 21.6x NM

IHS Inc. United States 124.16 -8% 8,371.6 11,309.3 2,218.9 581.3 26.2% 7.2% 5.1x 19.5x

Informa plc United Kingdom 10.00 -2% 6,479.2 7,772.2 1,787.6 550.7 30.8% 6.6% 4.3x 14.1x

National Research Corp. United States 35.00 -8% 447.0 410.7 102.3 30.6 29.9% 3.5% 4.0x 13.4x

Markit Ltd. United Kingdom 35.35 0% 6,126.4 6,840.6 1,113.4 393.6 35.4% 4.5% 6.1x 17.4x

NIC Inc. United States 18.03 -14% 1,199.3 1,100.9 292.4 74.6 25.5% 7.5% 3.8x 14.8x

Premier, Inc. United States 33.36 -16% 1,509.7 1,427.2 1,090.8 355.3 32.6% 16.1% 1.3x 4.0x

Press Ganey Holdings, Inc. * United States 30.08 -17% 1,588.3 1,742.4 318.7 28.4 8.9% 13.2% 5.5x 61.4x

Proofpoint, Inc. United States 53.78 -29% 2,213.8 2,153.4 265.4 (55.5) NM 35.7% 8.1x NM

Reed Elsevier plc(1) United Kingdom 18.64 1% 37,496.9 43,068.9 9,510.4 2,309.6 24.3% 4.5% 4.5x 18.6x

Tarsus Group plc Ireland 3.59 0% 365.3 436.1 120.9 43.2 35.8% 61.1% 3.6x 10.1x

TechTarget, Inc. United States 7.42 -38% 239.1 213.6 111.8 17.6 15.7% 5.3% 1.9x 12.2x

The Advisory Board Company United States 32.25 -47% 1,341.0 1,822.1 768.3 102.7 13.4% 33.9% 2.4x 17.7x

UBM plc United Kingdom 8.66 0% 3,831.1 4,594.3 1,135.4 292.4 25.8% 39.9% 4.0x 15.7x

Wolters Kluwer N.V. Netherlands 39.95 -2% 11,655.7 13,697.7 4,570.2 1,200.1 26.3% 15.0% 3.0x 11.4x


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




Business Services

The Business Services segment reported 31 transactions in March worth $5.9 billion in value

The IT Consulting/Systems Integration and Corporate Training subsegments together accounted for nearly two-thirds of the segments

total activity with 13 and six transactions, respectively


• NTT Data’s acquisition of Dell’s Information Technology Consulting Division for a reported $3.1 billion

• The $100 million raised by governance and compliance consulting firm Ankura Consulting Group from Madison Dearborn Partners

• IBM’s acquisition of UK-based Optevia, a provider of Microsoft Dynamics CRM implementation for public sector organizations

• The acquisition of document management services provider Imagetek Office Systems by Xerox

• Publicis.Sapient’s purchase of Salesforce implementation firm Vertiba

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

IT Consulting/Systems Integration 13 42% $4,201.5 71% 13 $4,201.5 0 - 0 -

Corporate Training 6 19% 25.0 0% 4 - 0 - 2 25.0

Logistics 4 13% 1,533.2 26% 1 - 0 - 3 1,533.2

BPO 3 10% 85.0 1% 2 - 0 - 1 85.0

Credit/Risk Consulting 1 3% 100.0 2% 0 - 0 - 1 100.0

Healthcare Consulting 1 3% 4.0 0% 0 - 0 - 1 4.0

HR Consulting 1 3% - 0% 1 - 0 - 0 -

Fulfillment 1 3% - 0% 1 - 0 - 0 -

Other* 1 3% 0.0 0% 1 0.0 0 0.0 0 0.0

Total 31 100% 5,948.7 100% 23 4,201.5 0 0.0 8 1,747.2

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Business Services Public Company Valuation (1/3)


Consulting



CRA International Inc. United States 19.64 -39% $ 175.3 $ 136.6 $ 303.6 $ 23.5 7.7% -0.9% 0.4x 5.8x

FTI Consulting, Inc. United States 35.51 -23% 1,436.3 1,781.3 1,779.1 199.9 11.2% 1.3% 1.0x 8.9x

Information Services Group, Inc. United States 3.93 -21% 147.0 180.8 209.2 16.8 8.0% -0.2% 0.9x 10.8x

Navigant Consulting Inc. United States 15.81 -12% 749.6 914.4 833.8 120.4 14.4% 8.8% 1.1x 7.6x

ICF International Inc. United States 34.37 -18% 651.8 955.5 1,132.2 108.6 9.6% 7.8% 0.8x 8.8x

Huron Consulting Group Inc. United States 58.19 -26% 1,212.6 1,466.4 699.0 155.6 22.3% 11.4% 2.1x 9.4x

The Hackett Group, Inc. * United States 15.12 -24% 456.0 432.5 234.6 27.6 11.8% 9.9% 1.8x 15.6x



HR Services



Automatic Data Processing, Inc. United States 89.71 -1% $ 41,037.9 $ 40,210.9 $ 11,239.9 $ 2,331.6 20.7% 6.1% 3.6x 17.2x

Barrett Business Services Inc. United States 28.75 -46% 207.1 220.0 723.6 39.2 5.4% 19.5% 0.3x 5.6x

Capita plc United Kingdom 15.01 -21% 9,953.1 12,989.0 7,133.0 1,071.7 15.0% 10.5% 1.8x 12.1x

DHI Group, Inc. United States 8.07 -23% 422.9 489.9 259.8 64.4 24.8% -1.1% 1.9x 7.6x

Edenred SA France 19.44 -32% 4,435.3 5,179.0 1,086.1 345.4 31.8% 4.4% 4.8x 15.0x

Insperity, Inc. United States 51.73 -6% 1,099.7 820.2 2,603.6 92.1 3.5% 10.4% 0.3x 8.9x

LinkedIn Corporation * United States 114.35 -57% 15,102.7 13,136.7 2,990.9 246.8 8.3% 34.8% 4.4x 53.2x

Marsh & McLennan Companies, Inc. United States 60.79 -1% 31,685.4 34,814.4 12,893.0 2,842.0 22.0% -0.4% 2.7x 12.2x

Monster Worldwide, Inc. United States 3.26 -60% 293.1 324.4 666.9 94.0 14.1% -8.1% 0.5x 3.5x

Paychex, Inc. United States 54.01 -1% 19,450.1 19,122.9 2,890.2 1,234.5 42.7% 7.6% 6.6x 15.5x

Professional Diversity Network, Inc. United States 0.35 -93% 5.1 3.0 38.6 (5.4) NM 231.6% 0.1x NM

TriNet Group, Inc. United States 14.35 -62% 1,009.8 1,343.4 2,659.3 125.7 4.7% 21.2% 0.5x 10.7x

WageWorks, Inc. United States 50.61 -7% 1,835.5 1,413.6 334.3 64.3 19.2% 24.8% 4.2x 22.0x





IT Consulting/Systems Integration



Accenture plc Ireland 115.40 -1% $ 71,985.5 $ 69,538.5 $ 31,617.6 $ 5,282.6 16.7% 2.3% 2.2x 13.2x

Amdocs Limited United States 60.42 -2% 9,084.8 7,898.9 3,658.8 693.2 18.9% 1.5% 2.2x 11.4x

Bechtle AG Germany 103.39 -2% 2,171.2 2,029.2 3,075.0 162.5 5.3% 9.7% 0.7x 12.5x

Booz Allen Hamilton Holding Corporation United States 30.28 -3% 4,505.3 5,932.2 5,324.4 494.7 9.3% -0.1% 1.1x 12.0x

Broadridge Financial Solutions, Inc. United States 59.31 -1% 7,048.0 7,497.3 2,797.5 593.7 21.2% 6.7% 2.7x 12.6x

Business & Decision SA France 6.59 -27% 52.0 92.4 245.8 13.4 5.5% 11.3% 0.4x 6.9x

Cap Gemini S.A. France 94.05 -9% 16,207.5 14,658.6 12,940.5 1,419.5 11.0% 12.7% 1.1x 10.3x

CGI Group Inc. Canada 47.86 0% 14,670.6 15,924.1 7,516.9 1,292.0 17.2% 0.3% 2.1x 12.3x

Cognizant Technology Solutions Corporation United States 62.70 -10% 38,191.8 34,529.8 12,416.0 2,472.0 19.9% 21.0% 2.8x 14.0x

Computer Sciences Corporation United States 34.39 -52% 4,748.1 5,594.1 11,265.0 1,203.0 10.7% 18.1% 0.5x 4.7x

CSG Systems International Inc. United States 45.16 -2% 1,460.0 1,503.7 752.5 145.9 19.4% 0.2% 2.0x 10.3x

Digi International Inc. United States 9.43 -30% 243.3 141.0 215.9 16.0 7.4% 12.1% 0.7x 8.8x

Globant S.A. * Luxembourg 30.86 -19% 1,055.4 992.7 253.8 30.3 11.9% 27.1% 3.9x 32.8x

International Business Machines Corporation United States 151.45 -14% 145,525.4 177,385.4 81,741.0 20,082.0 24.6% -11.9% 2.2x 8.8x

Infosys Limited India 18.38 -1% 42,017.3 37,498.0 9,214.0 2,558.0 27.8% 6.6% 4.1x 14.7x

ITS Group France 6.83 -17% 52.3 60.6 210.9 8.5 4.0% 17.7% 0.3x 7.1x

NCI, Inc. United States 14.01 -18% 188.6 198.4 333.1 28.8 8.6% 5.1% 0.6x 6.9x

NTT Data Corporation Japan 50.28 -11% 14,104.9 16,250.9 13,228.6 2,107.0 15.9% 8.3% 1.2x 7.7x

Perficient Inc. United States 21.72 -1% 781.2 828.3 458.1 55.2 12.1% 4.2% 1.8x 15.0x

Tata Consultancy Services Limited * India 38.03 -9% 74,931.3 71,197.4 15,768.3 4,001.3 25.4% 13.5% 4.5x 17.8x

Wipro Ltd. India 8.50 -10% 20,875.1 17,758.2 7,513.3 1,624.9 21.6% 7.1% 2.4x 10.9x






Outsourced Services



AMREP Corporation United States $4.40 -18% $ 35.5 $ 38.4 $ 42.9 $ (3.2) NM -7.6% 0.9x NM

Cenveo Inc. United States 0.45 -83% 30.7 1,231.5 1,741.8 145.8 8.4% -1.1% 0.7x 8.4x

Communisis plc United Kingdom 0.68 -22% 143.1 186.6 522.4 36.7 7.0% 3.3% 0.4x 5.1x

Cineplex Inc. * Canada 39.00 -1% 2,471.5 2,715.7 988.1 175.0 17.7% 11.0% 2.7x 15.5x

Contax Participações S.A. * Brazil 0.04 -91% 12.7 351.6 810.2 10.4 1.3% -7.0% 0.4x 33.9x

Convergys Corporation United States 27.77 0% 2,682.2 2,806.1 2,950.6 381.4 12.9% 3.3% 1.0x 7.4x

Elanders AB Sweden 9.72 0% 257.7 347.0 501.8 49.4 9.8% 13.6% 0.7x 7.0x

Eniro AB Sweden 0.10 -64% 46.5 256.0 288.8 45.4 15.7% -18.8% 0.9x 5.6x

Exlservice Holdings, Inc. * United States 51.80 -2% 1,716.7 1,568.5 628.5 99.1 15.8% 25.9% 2.5x 15.8x

Firstsource Solutions Limited India 0.51 -26% 342.4 496.4 465.8 57.9 12.4% 1.0% 1.1x 8.6x

Genpact Limited * Bermuda 27.19 -2% 5,724.7 6,073.5 2,461.0 417.0 16.9% 8.0% 2.5x 14.6x

InnerWorkings Inc. * United States 7.95 -9% 422.1 490.6 1,029.4 35.4 3.4% 2.9% 0.5x 13.9x

Luxoft Holding, Inc. * SwitzerlandSwitzerland 55.03 -32% 1,810.1 1,712.7 618.9 103.7 16.7% 26.4% 2.8x 16.5x

MAXIMUS, Inc. * United States 52.64 -25% 3,416.0 3,614.0 2,189.5 291.5 13.3% 24.3% 1.7x 12.4x

Quad/Graphics, Inc. United States 12.94 -45% 646.0 1,991.6 4,677.7 468.5 10.0% -3.8% 0.4x 4.3x

Quintiles Transnational Holdings Inc. * United States 65.10 -19% 7,779.5 9,504.4 4,326.4 769.9 17.8% 3.9% 2.2x 12.3x

R.R. Donnelley & Sons Company United States 16.40 -19% 3,423.8 6,471.0 11,256.8 1,147.9 10.2% -3.0% 0.6x 5.6x

Salmat Limited Australia 0.47 -33% 74.9 72.7 350.0 12.5 3.6% 1.4% 0.2x 5.8x

Serco Group plc * United Kingdom 1.48 -31% 1,606.3 1,755.5 4,685.1 159.7 3.4% -11.6% 0.4x 11.0x

St Ives plc United Kingdom 3.26 -7% 462.1 587.8 503.5 65.9 13.1% 5.2% 1.2x 8.9x

StarTek, Inc. * United States 4.20 -51% 65.9 107.2 282.1 4.4 1.6% 12.8% 0.4x 24.2x

Sykes Enterprises, Incorporated United States 30.18 -9% 1,281.4 1,116.1 1,286.3 152.2 11.8% -3.1% 0.9x 7.3x

Teleperformance SE * France 87.99 -2% 4,930.8 5,352.2 3,690.5 496.0 13.4% 23.2% 1.5x 10.8x

TeleTech Holdings Inc. United States 27.76 -10% 1,342.0 1,393.7 1,286.8 164.0 12.7% 3.6% 1.1x 8.5x

Trans Cosmos, Inc. Japan 26.02 -15% 1,070.5 915.9 1,813.6 92.7 5.1% 10.3% 0.5x 9.9x

Transcontinental Inc. Canada 15.87 -5% 1,231.1 1,502.7 1,428.7 278.1 19.5% 0.7% 1.1x 5.4x

Cimpress N.V. * Netherlands 90.69 -4% 2,842.3 3,530.1 1,592.4 209.3 13.1% 13.9% 2.2x 16.9x

West Corporation * United States 22.82 -33% 1,904.1 5,121.9 2,280.3 651.8 28.6% 2.8% 2.2x 7.9x

Xchanging plc United Kingdom 2.75 0% 682.4 757.3 649.2 89.2 13.7% -23.2% 1.2x 8.5x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 3.0x 1.5x 7.0x 2.0x

Internationally-based Digital Media and Internet 3.2x 2.0x 5.1x 2.3x

US-based eCommerce 2.5x 1.6x 4.0x 1.7x

Internationally-based eCommerce 3.3x 1.3x 10.4x 1.6x

US-based Digital Advertising 43.8x 1.4x 9.9x 1.8x

Internationally-based Digital Advertising 4.2x 2.0x 10.7x 2.0x

US-based Marketing Technology 3.4x 3.3x 4.4x 3.9x

Internationally-based Marketing Technology 3.5x 3.4x 4.7x 4.6x

Agency 1.3x 1.3x 1.4x 1.6x

Marketing Services 1.4x 0.7x 2.8x 2.5x

Traditional Media 2.5x 2.2x 3.1x 2.9x

Software 4.5x 4.0x 4.5x 4.2x

Information 3.5x 3.3x 4.5x 4.2x

Business Services 1.3x 0.9x 2.6x 2.1x

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

Current Summary Trading Valuation Information

Revenue Multiples

As of close of business on 03/31/16

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


PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 18.4x 13.9x 18.1x 11.6x

Internationally-based Digital Media and Internet 17.9x 9.9x 20.3x 12.4x

US-based eCommerce 17.4x 14.2x 17.0x 12.9x

Internationally-based eCommerce 23.0x 22.2x 30.1x 16.3x

US-based Digital Advertising 17.9x 14.9x 25.2x 14.3x

Internationally-based Digital Advertising 31.8x 15.2x 114.1x 15.7x

US-based Marketing Technology 22.7x 16.9x 22.1x 13.9x

Internationally-based Marketing Technology 22.5x 17.1x 16.5x 17.0x

Agency 11.2x 9.3x 10.2x 9.9x

Marketing Services 9.0x 8.2x 13.0x 9.3x

Traditional Media 13.8x 9.7x 11.1x 10.6x

Software 36.0x 16.8x 21.3x 14.1x

Information 21.2x 14.8x 17.3x 16.3x

Business Services 11.1x 10.0x 14.3x 12.8x

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

Current Summary Trading Valuation Information

EBITDA Multiples

As of close of business on 03/31/16

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


Digital Advertising

PPLLC Indices LTM Share Pricing Trends

Note: LTM as of 3/31/2016

LTM Index Performance • S&P 500 – (0.3) % • Digital Media/Commerce – 16.8 %

• Traditional Media – (9.0 %)

LTM Index Performance • S&P 500 – (0.3) %

• Marketing Technology – (6.2) %

LTM Index Performance • S&P 500 – (0.3) % • Digital Advertising – 30.1 %


• Agency – 1.8 %

• Marketing Services – (11.7) %

Digital Media/Commerce and Traditional Media

Software

Marketing Technology


• Software – (3.9) %


Information & Business Services LTM Index Performance • S&P 500 – (0.3) %

• Information – (1.0) %

• Business Services – (5.9) %

80%

95%

110%

125%

140%

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

Ind

ex P

erfo

rman

ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

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ce (

%)

Digital Advertising S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

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ce (

%)

Marketing Technology S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

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%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

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ce (

%)

Software S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

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%)

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


All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicValues Disclosed

Markit Group Limited Information IHS, Inc. 5,500.0$ Del l 's Information Technology Divis ion Bus iness Services NTT DATA, Inc. 3,050.0 Mphas iS Ltd. Bus iness Services The Blackstone Group L.P. 940.0 Serena Software, Inc. Software Micro Focus International plc 540.0 Cl iQr Tehcnologies , Inc. Software Cisco Systems, Inc. 260.0 Clear Link Technologies LLC Agency & Marketing Services SYKES Enterprises , Inc. 207.0 Boardvantage, Inc. Software NASDAQ 200.0 Bluewolf Group LLC Bus iness Services International Bus iness Machines Corporation 200.0 Captain Tra in SAS Digi ta l Media/Commerce Tra inl ine.com Limited 189.0 Stupefl ix SAS and Vemory, Inc. Digi ta l Media/Commerce GoPro, Inc. 105.0 Bi ts trips , Inc. Digi ta l Media/Commerce Snapchat, Inc. 100.0 Wi l low TV International , Inc. Traditional Media Times Internet Ltd. 100.0 Bigpoint GmbH Digi ta l Media/Commerce Youzu Interactive 89.6 Conject Holding GmbH Software Aconex Ltd. 73.6 InnerActive Ltd. Digi ta l Advertis ing RNTS Media N.V. 72.0 Smartcl ip Digi ta l Advertis ing RTL Group 52.5 Freedom Communications , Inc. Traditional Media Digi ta l Fi rs t Media , Inc. 52.3 EagleEye Analytics Information Guidewire Software, Inc. 42.0 Renegade83 Traditional Media Enterta inment One Ltd. 35.4 BAMKO, Inc. Agency & Marketing Services Superior Uni form Group 27.0 JUICE Mobi le Digi ta l Advertis ing Yel low Pages Limited 26.2 NativeX LLC Digi ta l Advertis ing Mobvista 25.0 Adaptive Software LLC Software Decis ion Resources Group 24.5 MCD Partners Agency & Marketing Services M&C Saatchi plc 19.6 Va lue Edge Research Services Marketing Technology WNS Holdings Ltd. 17.5 ThriveHive Marketing Technology Propel Marketing 11.8 InfoReady Pty. Ltd. Bus iness Services Melbourne IT Ltd. 11.5 Evantage Consulting Ltd. Software Wilmington plc 8.6 EasyPOS Solutions Software Zopper 5.0 We Represent Limited Digi ta l Media/Commerce The Phys ica l Network 3.5



Strategic Transactions Strategic Target Target Segment Buyer/Investor Reported TV Undisclosed

1to1 Card Agency & Marketing Services SVM, LP -$ 5eme Gauche Agency & Marketing Services Herezie - Ad Trends Advertis ing, Inc. Agency & Marketing Services Custom Specia l ties LLC - Adexpres Group Agency & Marketing Services Dentsu Aegis Network, Inc. - Barnes , Catmur & Friends Limited Agency & Marketing Services Dentsu Aegis Network, Inc. - Comet Global Consulting Agency & Marketing Services Merkle, Inc. - Communications Media, Inc. Agency & Marketing Services WPP Group - Dean Media Group, Inc. Agency & Marketing Services fus ion92 - Essentia l Mus ic & Marketing Agency & Marketing Services Sony Mus ic Enterta inment, Inc. - Flock Advertis ing Mexico, S. de RL de CV General . Agency & Marketing Services Dentsu Aegis Network, Inc. - Grasp Agency & Marketing Services Atom Bank plc - GreatCircle Studios Agency & Marketing Services Panoptic Media Marketing, Inc. - Hel loSociety, LLC Agency & Marketing Services The New York Times Company - Hot House Marketing, Inc. Agency & Marketing Services imavex LLC - Kess lers International Ltd. Agency & Marketing Services Endless LLP - Label PR Agency & Marketing Services Attercopia Group - Origina l Impress ions LLC Agency & Marketing Services Postal Center International , Inc. - Pointlogic USA, Inc. Agency & Marketing Services Nielsen Holdings B.V. - Potato Agency & Marketing Services WPP Group - Prime Publ ic Relations Inc. Agency & Marketing Services PMK-BNC - Shelton Interactive LLC Agency & Marketing Services Advantage Media Group, Inc. - Stream:20 Ltd. Agency & Marketing Services CACI International , Inc. - The Troyka Group Agency & Marketing Services Publ icis Groupe S.A. - Venus Communications Ltd. Agency & Marketing Services Publ icis Groupe S.A. - Visci ra , LLC Agency & Marketing Services Sudler & Hennessey - Aurico Reports , Inc. Bus iness Services CareerBui lder, Inc. - Bashton Ltd. Bus iness Services Claranet Group - CN-TEC, Inc. Bus iness Services Sharp Decis ions , Inc. - Fetchh Bus iness Services Zoom2U - Gibbon Bus iness Services Degreed, Inc. - Grasp.co.uk Bus iness Services Atom Bank plc - Hal lmark Data Systems Bus iness Services Omeda Communications , Inc. - Imagetek Office Systems Bus iness Services Xerox Corporation - JenCal Tra ining Ltd. Bus iness Services GP Strategies Corporation - LoudCloud Systems, Inc. Bus iness Services Barnes & Noble Education, Inc. - Meridian Imaging Solutions , Inc. Bus iness Services Konica Minolta, Inc. - netAura Bus iness Services CenturyLink, Inc. - Optevia Ltd. Bus iness Services International Bus iness Machines Corporation - PRM Cloud Solutions Pty. Ltd. Bus iness Services Pers is tent Systems Ltd. - ProService Agent Transferowy Bus iness Services Oaktree Capita l Management, LLC - Source Support Services , Inc. Bus iness Services Rockland IT Solutions Corporation - StackStorm Bus iness Services Brocade Communications Systems, Inc. - Starter League Bus iness Services Ful lStack Academy, Inc. -




Vertiba, Inc. Bus iness Services Publ icis .Sapient -$ Base7booking.com Digita l Advertis ing Trivago GmbH - Cargigi Digi ta l Advertis ing eBay Incorporated - HipCricket, Inc. Digi ta l Advertis ing Upland Software, Inc. - HomeFinder.com, LLC Digi ta l Advertis ing Placester, Inc. - Hyper Digi ta l Advertis ing Mic.com - OneTwoSee Digi ta l Advertis ing Comcast Bus iness Communications , LLC - Shopular, Inc. Digi ta l Advertis ing Ebates , Inc. - UpWord Search Marketing LLC Digi ta l Advertis ing Bus inessOnLine - AppMyDay Digi ta l Media/Commerce HoneyBook, Inc. - Big Huge Games, Inc. Digi ta l Media/Commerce NEXON Corporation - Bucket Digi ta l Media/Commerce Galavantier - Del ivery.com LLC, Hong Kong Assets Digi ta l Media/Commerce FoodPanda - Drip.com Digita l Media/Commerce Kickstarter, Inc. - FridayFlats Digi ta l Media/Commerce Forenom Oy - Gamezebo, Inc. Digi ta l Media/Commerce iWin, Inc. - Guidecentra l Digi ta l Media/Commerce wikiHow - H20 Cabs Digi ta l Media/Commerce Commut - Honest Dol lar, Inc. Digi ta l Media/Commerce The Goldman Sachs Group, Inc. - Hotel Hotl ine Digi ta l Media/Commerce HotelPlanner.com - Humin Digi ta l Media/Commerce Tinder, Inc. - InnoGames GmbH Digi ta l Media/Commerce Funatics Software GmbH - InterfaceIT Pty. Ltd. Digi ta l Media/Commerce GeoOp Limited - MarkITx Digi ta l Media/Commerce 6fus ion, Inc. - Masquerade Technologies , Inc. Digi ta l Media/Commerce Facebook - Motocuatro.com Digita l Media/Commerce Motorsport.com, Inc. - NoiseTrade LLC Digi ta l Media/Commerce PledgeMusic.com Limited - ParcelBright.com Digita l Media/Commerce Veeqo Ltd. - Parl io Digi ta l Media/Commerce Quora, Inc. - Radiant Enterta inment, Inc. Digi ta l Media/Commerce RiotGames, Inc. - Riva lry Sports Digi ta l Media/Commerce You42 - Ruby Seven Studios , Inc. Digi ta l Media/Commerce Delaware North Companies - Savaree Digi ta l Media/Commerce Careem Networks FZ LLC - SpoonRocket, Inc. Digi ta l Media/Commerce iFood - SportsHub Technologies LLC Digi ta l Media/Commerce CDM Sports - Tapstar Interactive, Inc. Digi ta l Media/Commerce iEnterta inment Network, Inc. - The Gui ldery, Inc. Digi ta l Media/Commerce Minted, LLC - Triggerfox Corporation Digi ta l Media/Commerce Influi tive, Inc. - Comparion Medica l Analytics , Inc. Information Quantros , Inc. - Conformance Check, Inc. Information Nimonik - Dye & Durham Corporation Information OneMove Technologies , Inc. - EFT.com Information BATS Global Markets , Inc. - Properji .com Information Magicbricks Realty Services Limited -




Ampifi i Marketing Technology Postmedia Network, Inc. -$ AppData LLC Marketing Technology FI Navigator Corporation - AppScotch, Inc. Marketing Technology App Annie Limited - Boulder Logic, LLC Marketing Technology RO Innovation - Cardinal Path Marketing Technology Dentsu Aegis Network, Inc. - Cloud.Market Marketing Technology Digi ta lTown, Inc. - Contastic, Inc. Marketing Technology SugarCRM, Inc. - DejaSet, Inc. Marketing Technology PledgeMusic.com Limited - ebay Enterprise Marketing Solutions ' Studio Divis ion Marketing Technology Industria l Color Brands - Encore Alert Marketing Technology Meltwater.com - Fantain Sports Pvt. Ltd. Marketing Technology BookMyShow - Framed Data, Inc. Marketing Technology Square, Inc. - Frederick Marketing Technology Booker Software, Inc. - Informate Mobi le Intel l igence Pvt. Ltd. Marketing Technology Nielsen Holdings B.V. - InNetwork, Inc. Marketing Technology gShi ftLabs , Inc. - IronArk Software Marketing Technology Influi tive, Inc. - LIA App Marketing Technology Showpad, Inc. - Metridoc Marketing Technology Universa l Software Solutions , Inc. - Numero Marketing Technology Cal lcredit Information Group Ltd. - Openwave Messaging, Inc. Marketing Technology Synchronoss Technologies , Inc. - Piqora, Inc. Marketing Technology Olapic, Inc. - Poetica l td. Marketing Technology Conde Nast - Powa Technologies Ltd. Marketing Technology Greenl ight Digi ta l Ltd. - Revee Marketing Technology Outbra in, Inc. - Sa les Prodigy Marketing Technology HootSuite Media, Inc. - Scanmar BV Marketing Technology marketingQED - StageBloc, Inc. Marketing Technology Ful lscreen, Inc. - Vol icon, Inc. Marketing Technology Verizon Digi ta l Media Services , Inc. - Welkio, Inc. Marketing Technology WeWork.com - YouEye, Inc. Marketing Technology UserZoom, Inc. - ZooEffect Marketing Technology Cincopa - Agata Solutions Ltd. Software CyberArk Software, Ltd. - AppSense, Inc. Software LANDesk Software - CimpleBox, Inc. Software NCR Corporation - Cla imremedi , Inc. Software eSolutions , Inc. - Commodity Flow Limited Software Platts , Inc. - Conductant Software Docker, Inc. - DocbookMD Software Scrypt, Inc. - EPIC Real Estate Solutions , Inc. Software Mortgage Contracting Services LLC - ExpenseWatch, Inc. Software Nexonia , Inc. - FinAnalytica , Inc. Software BI-SAM Technologies S.A. - Force 3, Inc. Software Siruius Computing Solutions - Forming Technology Software Hexagon AB -




GGY Software Moody's Corporation -$ HyPer Software Tableau Software, Inc. - INDUS Corporation Software Tetra Tech, Inc. - Iqi ty Solutions LLC Software Netsuite, Inc. - Keal Technology, Inc. Software Vertafore, Inc. - M2S, Inc. Software Medstreaming - OpenCar, Inc. Software INRIX, Inc. - Orderbot Software, Inc. Software WebLinc LLC - Reputami GmbH Software eKomi The Feedback Company - Risk Factor Software Equiniti Group plc - Safend Ltd. Software SuperCom Ltd. - Sentrix Ltd. Software Trusted Knight Corporation - Stratix Corporation Software Tai lwind Capita l Group, LLC - Synata, Inc. Software Cisco Systems, Inc. - Terra Technology LLC Software E2open, Inc. - Thoransoft Software eXplorance - Veri lume Software Intra l inks Holdings - Xendo Software AppDirect, Inc. - Yomp Software Reward Gateway - Astra Paci fic Traditional Media Al lOver Media, Inc. - Exhibi tion Management Services Traditional Media dmg events (UK) - Miramax LLC Traditional Media beIN Media Group - Perseus Books Group Traditional Media Hachette Book Group, Inc. - Pulse Fi lms Limited Traditional Media Vice Media - Real ise Studi io Traditional Media Finish TV Limited -



Buyout Transactions Target Target Segment Buyer/Investor Reported TV

Buyout DealsValues Disclosed

160over90 Agency & Marketing Services Searchl ight Capita l 175.0$ Medica lDirector Software Affini ty Equity Partners 117.2 Netsmart Technologies , Inc. Software GI Partners 950.0 Quicken.com Software H.I.G. Capita l LLC 500.0 Starman Group Traditional Media Providence Equity Partners , Inc. 95.6

Target Target Segment Buyer/Investor Reported TV Buyout DealsUndisclosed

Clarus Commerce, LLC Agency & Marketing Services Trivergance, LLC -$ Hero Digi ta l LLC Agency & Marketing Services CI Capita l Partners LLC - Guestl ine Marketing Technology The Rivers ide Company - Mi9 Retai l Marketing Technology Summit Partners LP - Performance Matters LLC Marketing Technology Weld North LLC - WingArc1st, Inc. Marketing Technology The Carlyle Group - ERT Software Genstar Capita l , LP - InfoVis ta SA Software Apax Partners , L.P. - QuickBase Software Welsh, Carson, Anderson & Stowe - Raet B.V. Software HgCapita l - Sightl ine Media Group Traditional Media Regent Equity Partners , LLC -



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

Cainiao Logis tics Bus iness Services Temasek Holdings (Pte) Limited 1,500.0$ Relativi ty Media LLC Traditional Media Maple Leaf Fi lms 400.0 Africa Internet Group Digi ta l Media/Commerce Rocket Internet GmbH 330.0 WME l IMG Agency & Marketing Services SoftBank Corporation 250.0 Guazi .com Digita l Media/Commerce Undisclosed 204.5 Snapchat, Inc. Digi ta l Media/Commerce FMR LLC 175.0 Garena Interactive Holding Limited Digi ta l Media/Commerce Khazanah Nas ional Berhad 170.0 BigBasket.com Digita l Media/Commerce Bessemer Venture Partners 150.0 Ceridian Corporation Information Thomas H. Lee Partners 150.0 Domo, Inc. Marketing Technology BlackRock, Inc. 131.0 DoorDash, Inc. Digi ta l Media/Commerce Sequoia Capita l 127.0 Ankura Consulting Group LLC Bus iness Services Madison Dearborn Partners , Inc. 100.0 Douyu TV Digi ta l Advertis ing Tencent Holdings Ltd. 100.0 Betterment LLC Software Bessemer Venture Partners 100.0 QingCloud Software BlueRun Ventures 100.0 Travelzen Limited Digi ta l Advertis ing Abdor Capita l 93.0 Katerra Bus iness Services Undisclosed 85.0 Linmon Pictures Traditional Media Hony Capita l 76.0 BYJU Digi ta l Media/Commerce Sequoia Capita l 75.0 Mercari Ltd. Digi ta l Media/Commerce Mitsui & Co., Ltd. 75.0 Mesosphere, Inc. Software Andreessen Horowitz 73.5 Pivot3, Inc. Software S3 Ventures 54.6 Bl ippar Digi ta l Advertis ing Khazanah Nas ional Berhad 54.0 SoYoung Technology (Bei jing) Co., Ltd. Digi ta l Media/Commerce Tencent Holdings Ltd. 50.0 Asana Marketing Technology Y Combinator 50.0 Moat, Inc. Marketing Technology Ins ight Venture Partners 50.0 eGym GmbH Digi ta l Media/Commerce HPE Growth Capita l 45.0 i fl i x Digi ta l Media/Commerce Sky Broadcasting Group plc 45.0 Bromium, Inc. Software Andreessen Horowitz 40.0 Checkr, Inc. Software Accel Partners 40.0 Open Lending LLC, Software Bregal Sagemount 40.0 M-Fi les Corporation Software Partech Ventures 36.0 Soothe LLC Digi ta l Media/Commerce The Rivers ide Company 35.0 Wanl iyun Medica l Information Technology Information Al ibaba Group Holding Ltd. 35.0 AlphaSense, Inc. Information Tribeca Venture Partners 33.0 Justworks , Inc. Software Index Ventures 33.0 BizReach Information Sales force Ventures 32.8 Attivio, Inc. Marketing Technology Oak Investment Partners 31.0 Kunlun Fight Traditional Media IDG Capita l Partners 31.0 8Dol Bus iness Services Jiangsu Coastal Capita l 30.7 Indochino Apparel , Inc. Digi ta l Media/Commerce Dayang Group 30.0 Invoca, Inc. Marketing Technology Accel Partners 30.0




Couchbase, Inc. Software Accel Partners 30.0$ Skyport Systems, Inc. Software Intel Capita l 30.0 MoMo.vn Digi ta l Media/Commerce The Goldman Sachs Group, Inc. 28.0 Stratoscale Ltd. Software Battery Ventures 27.0 Science Exchange Digi ta l Media/Commerce Index Ventures 25.0 Cyara Software PeakSpan Capita l , LLC 25.0 YourMechanic Digi ta l Media/Commerce Andreessen Horowitz 24.0 Home24 GmbH Digi ta l Media/Commerce Rocket Internet GmbH 22.7 Property Partner Digi ta l Media/Commerce Index Ventures 22.4 STAFF FINER AG Digi ta l Advertis ing Goldman Sachs Private Capita l Investing 22.0 Maxwel l Health Software Adams Street Partners , LLC 22.0 Pieces Technologies , Inc. Software Jump Capita l 21.6 Revature.com Bus iness Services Eden Capita l 20.0 ezbuy Digi ta l Media/Commerce CGC Capita l 20.0 Crimson Hexagon Marketing Technology Sageview Capita l 20.0 BetterWorks , Inc. Software Kleiner Perkins Caufield & Byers 20.0 Cockroach Labs Software Index Ventures 20.0 MarleySpoon GmbH Digi ta l Media/Commerce Kreos Capita l 17.0 Hopper, Inc. Digi ta l Advertis ing Accompl ice, LLC 16.0 Convoy.com Digita l Media/Commerce Greylock Partners 16.0 HomeUnion, Inc. Digi ta l Media/Commerce NorthGate Capita l , LLC 16.0 fuboTV Digi ta l Advertis ing Sky Broadcasting Group plc 15.0 Mirriad Advertis ing Ltd. Digi ta l Advertis ing IP Group Plc 15.0 Friendsurance Digi ta l Media/Commerce Horizons Ventures Ltd. 15.0 Mashable, Inc. Digi ta l Media/Commerce Time Warner, Inc. 15.0 PlayBuzz Ltd. Digi ta l Media/Commerce The Walt Disney Company 15.0 Icertis .com Marketing Technology Greycroft Partners 15.0 Easyhin Software Mornings ide Ventures 15.0 Usermind Software Andreessen Horowitz 14.5 Handshake Corporation Software Sozo Ventures 14.0 Planday Software Idinvest Partners 14.0 Trustlook, Inc. Software Undisclosed 13.6 Sight Machine, Inc. Marketing Technology Jump Capita l 13.5 Frichti Digi ta l Media/Commerce Idinvest Partners 13.4 Signal Digi ta l , Inc. Marketing Technology Undisclosed 13.3 GoCardless Ltd. Software Accel Partners 13.0 Voke VR Traditional Media Intel Capita l 12.5 RedBubble Pty. Ltd Digi ta l Media/Commerce Blackbird Ventures 12.0 HG Data, Inc. Marketing Technology Updata Partners 12.0 Oro, Inc Marketing Technology Highland Capita l Partners Europe 12.0 Arterys , Inc. Software GE Ventures 12.0 Bustle.com Digita l Media/Commerce Time Warner, Inc. 11.5




Catalyst DevWorks Software Salem Partners LLC 11.5$ Alooma Ltd. Software Lightspeed Venture Partners 11.2 LightSai l , Inc. Digi ta l Media/Commerce (Private Investors ) 11.0 Kreditech Holding SSL GmbH Information International Finance Corporation 11.0 Avametric, Inc. Marketing Technology Khos la Ventures 10.5 CornerJob Digi ta l Advertis ing Bonsai Venture Capita l , S.A., SCR 10.0 Zeel Networks , Inc. Digi ta l Advertis ing Emi l Capita l 10.0 Culture Amp Pty Ltd. Marketing Technology Index Ventures 10.0 Intersec Marketing Technology Cisco Investments 10.0 Stri im Marketing Technology Atlantic Bridge 10.0 i cebrg.co Software Pel ion Venture Partners 10.0 MapD Software Verizon Ventures 10.0 Reddit Enhancement Suite (RES) Software ORIX Venture Finance 10.0 Branch.io Software Andreessen Horowitz 9.2 OneSpace.com Marketing Technology Highland Capita l Partners 9.0 CurrencyFair Limited Digi ta l Media/Commerce Octopus Ventures , LLC 8.9 Rocksbox, Inc. Digi ta l Media/Commerce KEC Ventures 8.7 Penrose Studios , Inc. Traditional Media Accelerate Partners , LLC 8.5 Librestream Technologies , Inc. Software BDC Capita l 8.3 Influi tive, Inc. Marketing Technology Leaders Fund 8.2 Afluenta S.A. Digi ta l Media/Commerce Elevar Equity LLC 8.0 Mapi l lary AB Digi ta l Media/Commerce Sequoia Capita l 8.0 Cloud4Wi, Inc. Marketing Technology Undisclosed 8.0 TransLoc, Inc. Marketing Technology SJF Ventures 8.0 Cel igo, Inc. Software TVC Capita l 8.0 HighGround, Inc. Software Undisclosed 7.6 Wel lDoc, Inc. Software Johnson & Johnson Services , Inc. 7.5 Mattermark Marketing Technology Foundry Group 7.3 Peach Company Digi ta l Media/Commerce Accompl ice, LLC 7.2 Roofstock, Inc. Digi ta l Media/Commerce Bain Capita l Ventures 7.0 Dis tribution Technology, Ltd. Digi ta l Media/Commerce Northzone Ventures 6.8 6fus ion, Inc. Software Grotech Capita l Group 6.6 Comparably Marketing Technology Cross l ink Capita l 6.5 PowerInbox Marketing Technology Battery Ventures 6.5 FloQast, Inc. Software Polaris Partners 6.5 6 River Systems Marketing Technology (Private Investors ) 6.0 data Artisans Software Intel Capita l 6.0 DICOM Grid, Inc. Software Undisclosed 6.0 NewCo Platform, Inc. Traditional Media True Ventures 6.0 Havenly, Inc. Digi ta l Media/Commerce Binary Capita l 5.8 Crowdfox GmbH Digi ta l Media/Commerce (Private Investors ) 5.6 TravelerCar Digi ta l Media/Commerce (Private Investors ) 5.6




AB Tasty Marketing Technology Omnes Capita l 5.4$ LTG Exam Prep Platform, Inc. Digi ta l Media/Commerce Square Peg Capita l 5.3 Migme Digi ta l Media/Commerce Meitu 5.1 Terminus Software, LLC Agency & Marketing Services Edison Partners 5.0 Lesson.ly Bus iness Services OpenView Venture Partners 5.0 ZEFR Digi ta l Advertis ing U.S. Venture Partners 5.0 Inmoji , Inc. Digi ta l Media/Commerce (Private Investors ) 5.0 Kurio Digi ta l Media/Commerce Gunosy, Inc. 5.0 Vivense Home & Living Digi ta l Media/Commerce Earlybird Venture Capita l GmgH & Co. KG 5.0 RevUp Software Marketing Technology Greylock Partners 5.0 Appvance, Inc. Software Javel in Venture Partners 5.0 Maintenance Ass is tant, Inc. Software Bui ldGroup Management LLC 5.0 Nom Digita l Advertis ing Khos la Ventures 4.7 Roomi, Inc. Digi ta l Media/Commerce (Private Investors ) 4.7 Dimens ionalMechanics Software (Private Investors ) 4.7 Forge, Inc. Digi ta l Media/Commerce WME l IMG 4.5 Kkday.com Digita l Media/Commerce appWorks Ventures 4.5 Stackla Pty. Ltd. Marketing Technology Bai lador 4.4 SpringCM, Inc. Marketing Technology Undisclosed 4.3 Black Swan Marketing Technology Mitsui & Co., Ltd. 4.2 PropelPLM, Inc. Marketing Technology Sales force Ventures 4.2 Seleri ty, Inc. Software Citigroup Global Markets , Inc. 4.2 MedECube Healthcare India Pvt. Ltd. Bus iness Services Artiman Management LLC 4.0 Tiqets Digi ta l Media/Commerce Capita l Mi l l s 4.0 Shi ftboard, Inc. Marketing Technology Voyager Capita l 4.0 Wrap Media LLC Marketing Technology Dream Incubator, Inc. 4.0 ChartIQ, Inc. Software ValueStream 4.0 Crate Technology GmbH Software Dawn Capita l 4.0 LabConnect LLC Software BroadOak Capita l Partners 4.0 OneRent Software Renren, Inc. 4.0 PPM 2000, Inc. Software KlassCapita l 4.0 Sl ice Labs Digi ta l Media/Commerce Horizons Ventures Ltd. 3.9 OfficeLuv, Inc. Digi ta l Media/Commerce Formation 8 3.8 CrowdStreet, Inc. Digi ta l Media/Commerce Ral ly Ventures 3.5 PlantMiner Pty. Ltd. Digi ta l Media/Commerce Madad Pty. Ltd. 3.5 Nuroa Internet S.L. Digi ta l Advertis ing The Mitula Group Limited 3.3 63Ideas Infolabs Private Limited Digi ta l Media/Commerce Accel Partners 3.0 MeWe Digi ta l Media/Commerce Undisclosed 3.0 Augment SAS Marketing Technology Sales force Ventures 3.0 Pathmatics , Inc. Marketing Technology Bertelsmann Digi ta l Media Investments 3.0 Zodiac, Inc. Marketing Technology Metamorphic Ventures 3.0 HealthJoy LLC Software GoHealth, LLC 3.0



Venture/Growth Capital Transactions

Target Target Segment Buyer/Investor Reported TV VC/Growth CapitalValues Disclosed

NowSecure, Inc. Marketing Technology Baird Capita l Partners 12.5$ Hinge Digi ta l Media/Commerce Shasta Ventures 12.0 Forward Networks , Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobi le Digi ta l Advertis ing Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Si lverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capita l Management 10.8 Cel lTrust Corporation Digi ta l Advertis ing Kayne Partners 10.5 Connect Software Corporation Digi ta l Media/Commerce Kinzon Capita l 10.3 Predi lytics , Inc. Software QUALCOMM Ventures 10.0 Playdots , Inc. Digi ta l Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digi ta l Media/Commerce Cultivation Capita l 10.0 Narrative Science, Inc. Digi ta l Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 Cloud Technology Partners , Inc. Technology & Communications Pri tzker Group 9.1 Canvas Solutions , Inc. Digi ta l Media/Commerce River Ci ties Capita l Fund 9.0 ad2games Digi ta l Advertis ing HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers , Inc. Information & Bus iness Services GMO Venture Partners 8.5 Nok Nok Labs , Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digi ta l Media/Commerce NeoPlux 8.0 P97 Networks , Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digi ta l Media/Commerce Alven Capita l Partners 8.0 Area 1 Securi ty, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors ) 8.0 MetaMind, Inc. Technology & Communications Khos la Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy Zudy Technology & Communications Miami Stuff LLC 7.5 Ki tchi t, Inc. Digi ta l Media/Commerce Javel in Venture Partners 7.5 MarketInvoice Digi ta l Media/Commerce Northzone 7.5 DoveConviene SRL Digi ta l Advertis ing 360 Capita l Partners 7.3 Carwow Digi ta l Advertis ing Balderton Capita l 7.2 Oneview Healthcare Software (Private Investors ) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digi ta l Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5

Target Target Segment Buyer/Investor Reported TV VC/Growth CapitalValues Disclosed

Washlava Digi ta l Media/Commerce (Private Investors ) 2.9$ Cab Guru Limited Digi ta l Advertis ing Undisclosed 2.8 Bi jou Commerce Marketing Technology Blenheim Chalcot Management Limited 2.8 ServisHero Digi ta l Advertis ing Golden Gate Ventures 2.7 Phenom People, Inc. Software Sigma Prime Ventures 2.7 Kaptio Marketing Technology Capita l A Partners 2.6 Repro, Inc. Marketing Technology JAFCO Co., Ltd 2.6 Medica l Departures , Inc. Digi ta l Advertis ing Hubert Burda Media 2.5 Mandae Serviços de Consultoria em Logís tica LTDA Bus iness Services QUALCOMM Ventures 2.5 Atlas Obscura, Inc. Digi ta l Media/Commerce The New York Times Company 2.5 Car Next Door Digi ta l Media/Commerce Caltex Austra l ia Ltd. 2.5 myGubbi .com Digita l Media/Commerce (Private Investors ) 2.5 ICX Media, Inc. Marketing Technology ABS Capita l Partners 2.5 Qless , Inc. Marketing Technology Wel l ington Financia l LP 2.5 Start A Fi re Marketing Technology Canaan Partners 2.5 Credly, Inc Software New Markets Venture Partners 2.5 Civa lue Marketing Technology Deutsche Telekom AG 2.4 Edj Analytics Marketing Technology Chrysa l is Ventures , Inc. 2.4 Apperio Ltd. Software Notion Capita l 2.4 Shoppimon Ltd. Marketing Technology AOL, Inc. 2.3 GreatHorn, Inc. Software ff Venture Capita l 2.3 iTaxi Digi ta l Media/Commerce Experior Venture Fund 2.1 Trusted Labs , Inc. Digi ta l Media/Commerce Slow Ventures 2.1 Spectra l Edge Ltd. Marketing Technology IQ Capita l Partners LLP 2.1 Jobbatica l .com Digita l Advertis ing Union Square Ventures 2.0 Mariana, Inc. Digi ta l Advertis ing Blumberg Capita l 2.0 Carsome Sdn Bhd Digi ta l Media/Commerce IMG Investment Partners 2.0 Constant Therapy, Inc. Digi ta l Media/Commerce Kapor Capita l 2.0 Landit, Inc. Digi ta l Media/Commerce New Enterprise Associates 2.0 Nuren Group Digi ta l Media/Commerce Gobi Partners 2.0 Partender Digi ta l Media/Commerce (Private Investors ) 2.0 AreaMetrics Marketing Technology Quest Venture Partners 2.0 Bivarus , Inc. Marketing Technology Hatteras Venture Partners 2.0 Ci rconus , Inc. Marketing Technology NewSpring Capita l 2.0 CrowdRiff Marketing Technology Foundation Capita l 2.0 Spotinst Ltd. Software Pico Venture Partners 2.0 Za loni , Inc. Software Sierra Ventures 2.0 Pyze, Inc. Marketing Technology DoubleRock Venture Capita l 1.7 Confide, Inc. Digi ta l Media/Commerce WGI Group 1.6 SourceKnowledge Digi ta l Advertis ing BDC Capita l 1.5 Fixt, Inc. Digi ta l Media/Commerce Highland Capita l Partners 1.4 App-CM Digita l Advertis ing (Private Investors ) 1.2


Petsky Prunier: Maximizing Shareholder Value

Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information,

business services, and healthcare services industries

Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume

Founded in 1999

More than 50 focused professionals; growth of 40% since 2011

New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa

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

Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services

Global reach enhanced through our partnerships with investment bank Altium in Europe, as well as The Mountain Capital Group in

China, and Allegro Advisors and o3 Capital in India

Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity

M&A Advisory and Sell-Side Representation

Privately-Owned Companies

Entrepreneur-Led Businesses

Private Equity Portfolio Companies

VC-Backed Companies

Corporate Divestitures

Selected Buy-Side Engagements

Capital Raising and Private Placements

Advertising & Marketing

eCommerce

Digital Media

Technology

Information

Business Services

Healthcare Services

Business Current Situation Assessment and

Profit Improvement Planning

Opportunity Mapping: Strategic Planning & Development

Competitive Landscape Analysis

M&A Transaction Due Diligence Support

Buy-Side Targeting Criteria & Integration Strategy

Custom Market Research

Publishing, Speaking, and Thought Leadership


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

Bloomberg M&A League Tables, 2011-2015

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS

2015 2011-2015 (5-Year)

Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 18 1 Petsky Prunier 84

2 Goldman Sachs 17 2 Goldman Sachs 68

2 PwC 17 3 Jordan Edmiston Group 59

4 Jordan Edmiston Group 15 3 Morgan Stanley 59

4 KPMG Corporate Finance 15 5 PwC 52

4 Morgan Stanley 15 6 China Renaissance Partners 47

7 China Renaissance Partners 11 6 Nomura 47

7 Ernst & Young 11 8 GCA Savvian Group 44

9 Avendus Capital 9 9 KPMG Corporate Finance 43

9 Rothschild 9 10 Ernst & Young 38

11 Citi 8 10 JP Morgan 38

11 Credit Suisse 8 12 Jefferies 37

11 Jefferies 8 13 AGC Partners 35

11 William Blair & Company 8 14 Credit Suisse 34

11 Mooreland Partners 8 15 Daiwa Securities 33

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

With 25 total transactions closed in 2015, and more than 100 transactions closed since 2011 (across all industries in addition to

Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, eCommerce,

and media industries


Representative Recent Transactions*

*For a more comprehensive list, please click here.

a leading provider of end-to-end customer acquisition solutions to the

insurance industry

has sold a majority stake to

(NYSE: WTM)

$280,000,000*

*Approximate Enterprise Value

a portfolio company of

(NASDAQ: ICLR)

to

$120,000,000

has been sold to

has sold

the most innovative digital strategy, user experience, and software

development firm

(NYSE: ACN)

to

$160,000,000*


has been sold to

(NYSE: DLX)

*Approximate Value

a big data marketing analytics & database technology and solutions company

has been sold to

$74,000,000*

(NASDAQ: EXLS)

*Approximate Value

the leader in data-driven advocacy campaigns

has been sold to

(NYSE: OMC)

a leading data-driven patient identification and engagement platform

that provides its members access to healthcare education, patient savings,

and other valuable programs

has been sold to

a provider of outsourced digital campaign management for video, mobile,

display, and email

has been sold to has been sold to

the leading film and television information, data, and related software company

$50,000,000

a division of

a leading provider of marketing solutions to destinations, resorts, and other

travel-related businesses

has been recapitalized to support future growth with significant debt financing

from

has sold

to


has sold

the dominant, pure-play eCommerce retailer of envelopes and related products

has received a significant investment from

the leader in strategic launch solutions for orphan and rare disease

pharmaceutical drugs

has been sold to

(NYSE EVDY)

a leading provider of performance-based digital marketing programs to healthcare

professionals on behalf of leading pharmaceutical companies

has been sold to

(NYSE: EVDY)

$65,000,000

a leading developer of enterprise mobility software

has been sold to

a fast-growing, direct-to-consumer wine eCommerce company

has been sold to

a leading SaaS provider of social intelligence, analytics, insights, and engagement

has been sold to

which is being combined with

both portfolio companies of

one of the largest digital agencies specializing in multi-channel content marketing solutions

for the life sciences industry

has been sold to

(NASDAQ: CTSH)

a leading supplier of data on healthcare professionals and administrator of one of the largest practitioner-level medical

claims databases in the U.S.

has been sold to

(NYSE: RUK)

a division of

a global leader in quantitative data collection and reporting software systems

has been sold to

the leading eCommerce media network in the U.S.

has been sold to

and

Aperion Management

a leading digital provider of subscription-based, consumer product images and

related data to the retail food industry


has been sold to

a leading technology and data-driven digital marketing services and

analytics company

has been sold to

has received a significant growth investment from

has been sold to

$225,000,000*

(NYSE: IDI)

a leading digital database marketing and advertising technology company

*Approximate Value

comprising Media Properties Holdings

and

has been sold to

a leading content-driven, strategic digital agency

has been sold to


a leading provider of software-based social media brand advocacy solutions

has been sold to

$207,000,000*


has been sold to

(NASDAQ: SYKE)

*Approximate Value

has received a majority investment from

a fast-growing, digital consultancy focused on Customer Experience Management (CXM) and the implementation of key

marketing technology platforms has entered into a definitive agreement to receive a majority investment from

a leading provider of cloud-based hospitality solutions


has been sold to

in partnership with

&

http://petskyprunier.com/transactions/

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