Jan 2014 MA and Investment Summary - Petsky Prunier LLCpetskyprunier.com/_petskyprunier.com/dynamic/user...Digital Media/Commerce Care.com, Inc. Social Media/Apps IPO 619.1$ $ 74.9

January 2014 M&A and Investment Summary

Expertise. Commitment. Results.

2 | M&A and Investment Summary January 2014

Table of Contents

Overview of Monthly M&A and Investment Activity 31

Monthly M&A and Investment Activity by Industry Segment 102

Additional Monthly M&A and Investment Activity Data 403

About Petsky Prunier 534

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 register 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 384 deals were announced in January 2014, of which 213 were worth $18.4 billion in aggregate reported value

Digital Media/Commerce and Marketing Technology were the most active segments with 97 and 87 deals announced, respectively

Technology & Communications was the highest reported value segment with 35 deals announced, of which 27 were reported at $8 billion in aggregate value

Strategic buyers announced 177 deals (46 percent of total volume), of which 35 were worth $14.5 billion in aggregate value

VC/Growth Capital investors announced 198 deals, of which 175 were reported for $3.4 billion

Buyout investors announced nine deals during the month, of which three were reported at $637 million in aggregate value

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

Digital Media/Commerce 97 25% $2,406.1 13% 37 $610.0 3 $329.4 57 $1,466.7

Marketing Technology 87 23% 2,452.2 13% 39 1,683.1 1 ‐ 47 769.1

Software 74 19% 2,584.1 14% 38 2,065.8 0 ‐ 36 518.3

Information & Business Services 35 9% 1,318.5 7% 18 824.9 4 308.0 13 185.6

Technology & Communications 35 9% 8,007.9 44% 10 7,721.0 0 ‐ 25 286.9

Digital Advertising 29 8% 203.0 1% 13 22.0 0 ‐ 16 181.0

Agency & Marketing Services 14 4% 19.5 0% 11 19.5 0 ‐ 3 ‐

Traditional Media 13 3% 1,361.2 7% 11 1,361.2 1 ‐ 1 ‐

Total 384 100% 18,352.5 100% 177 14,307.5 9 637.4 198 3,407.6

January 2014

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$7.2 $6.1 $8.7 $7.5

$20.2 $21.6

$38.0

$7.7

$18.0

$8.4

$11.7 $14.7

$18.4

409 298 335 357 361 384 363 384 373 307 288 296 380 $-

$50.0

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$‐

$5.0

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Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Aug‐13 Sep‐13 Oct‐13 Nov‐13 Dec‐13 Jan‐14

(1)

(2)

Omnicom/Publicis

M&A and Investment Summary for All Segments

Transaction Distribution

Compared to the previous month aggregate reported value in January increased 25 percent from December 2013, and 153 percent from January 2013

Strategic activity accounted for 78 percent of reported deal value during the month, and included:

• Elliot Management’s $3.2 billion purchase of Riverbed Technology, a developer of information technology performance solutions

• Lenovo’s $2.9 billion acquisition of Motorola Mobility, which provides technologies, products, and services for mobile and wire line digital communications

• VMware’s $1.5 billion purchase of AirWatch, a provider of enterprise mobile management and security services company

(1) Aggregate totals for February 2013 do not include Liberty Global’s $24.3 billion acquisition of Virgin Media or Comcast’s $16.7 billion acquisition of its remaining 49 percent stake in NBC Universal(2) Aggregate totals for June 2013 do not include Vodafone’s $14 billion acquisition of Kabel Deutschland


Selected Transactions with Valuation Information Disclosed($ in Millions)

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

Information & Business ServicesStream Global Services, Inc. BPO Convergys Corporation 820.0$ 984.1$ 102.2$ 0.8x 8.0xInnotrac Corporation Fulfi l lment Sterling Partners 108.0 123.2 8.9 0.9x 12.1x

Marketing Technology

ControlCircle Website Creation/Hosting Alternative Networks plc 64.7 34.1 3.1 1.9x 21.1x

Software

Accelrys Software, Inc. Healthcare Software Dassault Systemes 750.0 166.2 ‐ 4.5x NA

API Healthcare Corporation Healthcare Software GE Healthcare 351.0 100.3 ‐ 3.5x NA

Pilat Media Global plc ERP Software SintecMedia Ltd. 103.9 54.7 7.2 1.9x 14.5x

Technology & Communications

Motorola Mobility, Inc. Networking Equipment Lenovo Group Limited 2,910.0 4,670.0 ‐ 0.6x NA

Riverbed Technology Communications Software Ell iott Management Corporation 3,200.0 1,000.0 129.0 3.2x 24.8x


Selected IPOs with Valuation Information Disclosed($ in Millions)

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

Digital Media/Commerce

Care.com, Inc. Social Media/Apps IPO 619.1$ 74.9$ (25.9)$ 8.3x NM

Note: IPO multiples based final share price and TTM financials and pro forma balance sheets per latest Registration Fil ing


Securities in Registration($ in Millions)

Aggregate Date Company Name Country Segment Offering Value Rev EBITDA

Jan‐14 Coupons.com United States Digita l Media/Commerce NA NA NA

Jan‐14 JD.com China Digita l Media/Commerce 1,500.0 NA NA

Jan‐14 Paylocity Corporation United States Software NA 46.0 NA

Dec‐13 IMS Health United States Software 100.0 NA NA

Oct‐13 Varonis Systems, Inc. United States Software 100.0 NA NA

Sep‐13 Midasplayer.com Ltd. (King.com) United Kingdom Digita l Media/Commerce NA NA NA

Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA

Jun‐12 Shanghai Amarsoft Information Technology China Software NA NA NA

Apr‐12 BlackStratus , Inc. United States Software 20.0 9.2 (0.6)

Apr‐12 NSFOCUS Information Technology Co., Ltd. China Technology & Communications NA NA NA

Apr‐12 Shenzhen Tinno Mobi le Technology Corp. China Technology & Communications 451.0 NA NA

Mar‐12 Reva l Holdings , Inc. United States Software 75.0 47.0 (12.1)

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 Jan 31, 2014 1st Trading Day

Jan‐14 NYSE:CRCM Care.com, Inc. Uni ted States $14.00‐$16.00 $17.00 $24.30, up 43% $28.71 18.1%

Dec‐13 NYSE:ATHM Autohome Inc. China 14.00‐16.00 17.00 26.95, up 58% 32.46 20.4%

Dec‐13 NYSE:NMBL Nimble Storage, Inc. United States 18.00‐20.00 21.00 33.81, up 61% 43.23 27.9%

Nov‐13 NYSE:CUDA Barrracuda Networks , Inc. Uni ted States 18.00‐21.00 18.00 21.55, up 20% 34.31 59.2%

Nov‐13 NYSE:CHGG Chegg, Inc. Uni ted States 9.50‐11.50 12.50 9.64, down 23% 6.67 (30.8%)

Nov‐13 NYSE:MVNR Mavenir Systems, Inc. Uni ted States 15.00‐17.00 10.00 9.55, down 4.5% 12.74 33.4%

Nov‐13 NasdaqGM:GOMO Sungy Mobi le Limited China 9.50‐11.50 11.22 13.35, up 19% 20.04 50.1%

Nov‐13 NYSE:TWTR Twitter United States 23.00‐25.00 26.00 44.90, up 73% 64.50 43.7%

Nov‐13 NasdaqGM:WIX Wix.com Ltd. Uni ted States 14.50‐16.50 16.50 16.31, down 1% 28.66 75.7%

Nov‐13 NasdaqGS:ZU zul i ly, Inc. Uni ted States 18.00‐20.00 22.00 37.70, up 71% 39.75 5.4%

Oct‐13 NasdaqGS:COMM CommScope Holding Company Inc. Uni ted States 18.00‐21.00 15.00 4.99, flat 17.93 259.3%

Oct‐13 NasdaqGS:CRTO Cri teo SA France 27.00‐29.00 31.00 35.39, up 15% 35.19 (0.6%)

Oct‐13 NasdaqGS:EIGI Endurance International Group Holdings , Inc. China 14.00‐16.00 12.00 13.84, up 32% 11.48 (17.1%)

Oct‐13 SEHK:484 Forgame Holdings China 5.60‐7.09 6.58 8.70, up 32% 7.28 (16.4%)

Oct‐13 NasdaqGS:SFXE SFX Entertainment Inc. Uni ted States 11.00‐13.00 13.00 11.89, down 9% 9.30 (21.8%)

Oct‐13 NYSE:VEEV Veeva Systems Inc. Uni ted States 12.00‐14.00 20.00 37.16, up 86% 31.79 (14.5%)

Sep‐13 NasdaqGM:BNFT Benefitfocus , Inc. Uni ted States 21.50‐24.50 26.50 53.55, up 102% 65.15 21.7%

Sep‐13 NasdaqGS:COVS Covis int Corporation United States 9.00‐11.00 10.00 12.31, up 23% 9.35 (24.0%)

Sep‐13 NasdaqGS:FEYE Fi reEye, Inc. Uni ted States 12.00‐14.00 20.00 39.40, up 97% 72.99 85.3%

Sep‐13 NasdaqGS:MONT Montage Technology Group Limited China 12.00‐14.00 10.00 12.80, up 28% 21.98 71.7%

Sep‐13 NasdaqGS:PINC Premier, Inc. Uni ted States 23.00‐26.00 27.00 30.65, up 14% 34.69 13.2%

Sep‐13 NasdaqGS:FUEL Rocket Fuel , Inc. Uni ted States 27.00‐29.00 29.00 55.42, up 91% 58.50 5.6%

Sep‐13 NYSE:VMEM Viol in Memory, Inc. Uni ted States 8.00‐10.00 9.00 7.20, down 20% 3.78 (47.5%)

Aug‐13 NYSE:CVT Cvent, Inc. Uni ted States 17.00‐19.00 21.00 32.92, up 57% 38.21 16.1%

Aug‐13 NYSE:YUME YuMe, Inc. Uni ted States 12.00‐14.00 9.00 9.00, flat 7.81 (13.2%)

Jul ‐13 NasdaqGS:SALE Reta i lMeNot, Inc. Uni ted States 20.00‐22.00 21.00 27.70, up 32% 35.41 27.8%

Jun‐13 NYSE:GIMO Gigamon LLC United States 18.00‐20.00 19.00 28.47, up 50% 30.46 7.0%

Jun‐13 NasdaqGS:GOGO Gogo Inc. Uni ted States 15.00‐17.00 17.00 16.00, down 6% 20.39 27.4%


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 Jan 31, 2014 1st Trading Day

Jun‐13 NSEI:JUSTDIAL Just Dia l Limited India $8.39‐$9.69 $9.46 $10.77, up 14% 22.66 110.4%

Jun‐13 NYSE:LITB Light in the Box China 8.50‐10.50 9.50 11.61, up 22% 9.81 (15.5%)

Jun‐13 NYSE:LXFT Luxoft Holding, Inc. Switzerland 16.00‐18.00 17.00 20.71, up 22% 37.39 83.5%

Jun‐13 NYSE:TXTR Textura Corporation United States 13.00‐15.00 15.00 20.35, up 36% $31.44 54.5%

Jun‐13 NYSE:TRMR Tremor Video, Inc. Uni ted States 11.00‐13.00 10.00 8.50, down 15% 4.44 (47.8%)

May‐13 NYSE:ECOM ChannelAdvisor Corporation United States 12.00‐14.00 14.00 18.44, up 32% 43.37 135.2%

May‐13 NYSE:CYNI Cyan, Inc. Uni ted States 10.00‐12.00 11.00 11.14, up 1% 3.79 (66.0%)

May‐13 NasdaqGS:MKTO Marketo, Inc. Uni ted States 11.00‐13.00 13.00 23.10, up 78% 40.94 77.2%

May‐13 NYSE:Q Quinti les Transnational Holdings Inc. Uni ted States 36.00‐40.00 40.00 42.11, up 5% 47.63 13.1%

May‐13 NYSE:DATA Tableau Software, Inc. Uni ted States 28.00‐30.00 31.00 50.75, up 64% 80.82 59.3%

Apr‐13 NYSE:RALY Ral ly Software Development Corp. United States 11.00‐13.00 14.00 17.81, up 27% 21.30 19.6%

Mar‐13 NYSE:MRIN Marin Software United States 11.00‐13.00 14.00 16.26, up 16% 9.87 (39.3%)

Mar‐13 NYSE:MODN Model N, Inc. Uni ted States 12.50‐14.50 15.50 18.45, up 19% 9.90 (46.3%)

Mar‐13 TSE:3182 Ois ix Inc. Japan 10.42‐12.51 12.51 28.73, up 30% 40.59 41.3%

Mar‐13 NasdaqCM:IPDN Profess iona l Divers i ty Network LLC United States 10.00‐12.00 8.00 7.67, down 4% 2.98 (61.1%)

Feb‐13 AIM:DGS Digi ta l Globe Services , Ltd. Uni ted States No Range 2.47 2.59, up 5% 3.66 41.3%

Feb‐13 TSE:3671 Softmax Co., Ltd Japan 11.44‐13.52 13.52 31.16, up 30% 27.40 (12.1%)

Feb‐13 NasdaqGS:XOOM Xoom Corporation United States 13.00‐15.00 16.00 25.49, up 59% 27.39 7.5%


Digital Media/Commerce

Of the total $2.4 billion in value reported in the Digital Media/Commerce segment, $1.5 billion in Venture/growth investments were reported, while another $939 million of strategic and buyout transactions were made

eCommerce and Mobile Content/Apps were the most active subsegment across all segments, with 37 and 23 transactions announced, respectively, worth a combined total of $1.6 billion

Niche Content was the second highest reported value subsegment with ten transactions announced of which five were worth $550 million

Select acquisitions:

• Zynga’s $527 million acquisition of NaturalMotion Games, a developer of mobile videogames and animation technology

• Electra Private Equity’s $329 million purchase of UK‐based Hotter Shoes, a footwear manufacturer and retailer

• Groupon’s $43 million purchase of online flash sale retailer Ideeli

Select investments:

• The $112 million investment led by Mousse Partners in One Kings Lane, a flash‐sales site focused on home goods

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

eCommerce 37 38% $1,495.3 62% 10 $43.0 3 $329.4 24 $1,122.9

Mobile Content/Apps 23 24% 79.5 3% 11 40.0 0 ‐ 12 39.5

Social Media/Apps 12 12% 117.0 5% 5 ‐ 0 ‐ 7 117.0

Classifieds/Auctions/P‐to‐P 10 10% 113.8 5% 2 ‐ 0 ‐ 8 113.8

Niche Content 10 10% 50.5 2% 5 ‐ 0 ‐ 5 50.5

Gaming 5 5% 550.0 23% 4 527.0 0 ‐ 1 23.0

Total 97 100% 2,406.1 100% 37 610.0 3 329.4 57 1,466.7

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


($ in Millions, except stock price data)Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 02/02/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA1‐800‐Flowers.com Inc. United States $5.04 ‐30% $ 324.4 $ 328.1 $ 753.9 $ 46.4 6.2% 4.3% 0.4x 7.1xAmazon.com Inc. United States 358.69 ‐12% 164,733.8 158,422.8 74,452.0 3,547.0 4.8% 21.9% 2.1x 44.7xAOL Inc. United States 46.08 ‐14% 3,544.9 3,482.8 2,240.4 416.5 18.6% 3.3% 1.6x 8.4xBaidu, Inc. China 156.50 ‐16% 54,765.6 50,812.6 4,744.9 2,133.1 45.0% 40.7% 10.7x 23.8xBetfair Group PLC United Kingdom 17.37 ‐6% 1,775.9 1,494.1 615.9 131.4 21.3% ‐5.9% 2.4x 11.4xBlue Nile Inc. United States 43.06 ‐12% 551.3 504.1 440.2 15.3 3.5% 17.0% 1.1x 33.0xCafePress Inc. United States 6.30 ‐16% 108.2 89.4 242.6 7.1 2.9% 21.3% 0.4x 12.5xCare.com, Inc. * United States 28.71 ‐1% 854.0 816.0 74.9 NA NA 0.0% 10.9x NA CDW Corporation United States 23.67 ‐7% 4,070.2 7,355.3 10,656.3 699.5 6.6% 6.5% 0.7x 10.5xCopart, Inc. United States 34.28 ‐10% 4,304.1 4,587.3 1,087.4 329.7 30.3% 16.0% 4.2x 13.9xCupid plc United Kingdom 1.00 ‐67% 71.4 50.9 139.7 22.4 16.0% 109.5% 0.4x 2.3xCyberAgent Inc. Japan 48.90 ‐9% 3,046.4 2,887.7 1,617.4 172.4 10.7% 10.4% 1.8x 16.8xDemand Media, Inc. United States 5.77 ‐41% 518.0 461.4 401.1 171.8 42.8% 10.8% 1.2x 2.7xDeNA Co., Ltd. Japan 19.33 ‐39% 2,504.0 2,020.8 1,998.9 756.4 37.8% 17.3% 1.0x 2.7xeBay Inc. United States 53.20 ‐8% 68,875.6 63,973.6 16,047.0 4,771.0 29.7% 14.0% 4.0x 13.4xE‐Commerce China Dangdang Inc. * China 9.43 ‐23% 758.5 524.4 984.7 (49.5) NM 24.1% 0.5x NM eLong Inc. * China 17.50 ‐27% 604.8 308.4 158.0 (17.9) NM 38.0% 2.0x NM Expedia Inc. United States 64.98 ‐10% 8,470.3 8,374.7 4,594.1 640.1 13.9% 19.6% 1.8x 13.1xFacebook, Inc. United States 62.57 ‐1% 159,537.4 148,564.4 7,872.0 3,932.0 49.9% 54.7% 18.9x 37.8xForgame Holdings Limited China 7.28 ‐24% 916.4 983.3 165.5 52.4 31.6% 0.0% 5.9x 18.8xG5 Entertainment AB (publ) Sweden 4.80 ‐46% 42.3 37.1 14.1 4.2 29.7% 21.6% 2.6x 8.9xGameLoft SA France 9.14 ‐20% 752.3 670.5 300.3 45.5 15.2% 21.8% 2.2x 14.7xGeeknet, Inc. United States 17.79 ‐11% 118.1 77.4 130.3 2.7 2.0% 21.3% 0.6x 29.1xGlu Mobile, Inc. * United States 3.95 ‐10% 307.9 280.3 97.1 (16.8) NM ‐7.4% 2.9x NM Google Inc. United States 1,180.97 0% 396,607.5 344,509.5 59,825.0 17,905.0 29.9% 19.2% 5.8x 19.2xGree, Inc. Japan 9.91 ‐29% 2,299.5 2,016.5 1,463.4 490.6 33.5% ‐9.7% 1.4x 4.1xHollywood Media Corp. * United States 1.41 ‐28% 31.9 7.1 0.5 (5.9) NM ‐22.1% 13.9x NM HSN, Inc. United States 54.77 ‐16% 2,896.3 3,031.8 3,367.0 305.1 9.1% 5.0% 0.9x 9.9xIAC/InterActiveCorp United States 70.04 ‐5% 5,833.9 5,731.6 3,063.8 538.6 17.6% 16.4% 1.9x 10.6xInternational Game Technology United States 14.43 ‐32% 3,609.1 5,221.8 2,352.5 778.3 33.1% 5.2% 2.2x 6.7xiProperty Group Limited * Malaysia 1.93 ‐7% 350.2 342.4 13.6 (4.7) NM 9.0% 25.2x NM Jiayuan.com International Ltd. China 6.30 ‐34% 189.1 99.8 77.6 10.7 13.8% 20.9% 1.3x 9.3xJobStreet Corp. Bhd. Malaysia 0.76 ‐1% 482.1 447.6 51.6 23.3 45.2% 9.0% 8.7x 19.2xKongzhong Corp. China 7.91 ‐47% 331.8 174.2 171.9 24.0 14.0% ‐3.2% 1.0x 7.2xLifeLock, Inc. * United States 20.41 ‐2% 1,846.0 1,654.1 346.2 18.4 5.3% 38.2% 4.8x 89.9xLiberty Interactive Corporation United States 26.71 ‐10% 13,583.0 23,590.0 10,990.0 2,036.0 18.5% 10.4% 2.1x 11.6xLightInTheBox Holding Co., Ltd. * China 9.81 ‐58% 480.3 378.4 278.4 4.2 1.5% 65.4% 1.4x 90.2xLinkedIn Corporation * United States 215.21 ‐16% 25,697.1 23,424.8 1,384.9 168.0 12.1% 65.6% 16.9x 139.5xLiquidity Services, Inc. * United States 23.77 ‐42% 765.9 670.8 505.9 NA NA 6.4% 1.3x NA Mediabistro Inc. * United States 2.85 ‐47% 17.2 24.1 12.8 (1.9) NM ‐8.8% 1.9x NM MeetMe, Inc. * United States 2.33 ‐27% 89.7 88.4 39.0 (4.4) NM ‐4.9% 2.3x NM

Digital Media/CommercePublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAMercadolibre, Inc. Argentina $96.49 ‐34% $ 4,260.3 $ 4,063.8 $ 441.7 $ 151.7 34.3% 24.0% 9.2x 26.8xMixi, Inc. * Japan 51.83 ‐42% 804.0 684.2 95.8 10.2 10.7% ‐30.4% 7.1x 66.8xNCsoft Corporation South Korea 182.83 ‐22% 3,646.4 3,091.5 764.5 244.7 32.0% 36.3% 4.0x 12.6xNetflix, Inc. * United States 409.33 ‐1% 24,398.9 23,698.5 4,374.6 276.7 6.3% 21.2% 5.4x 85.6xNEXON Co., Ltd. Japan 8.78 ‐34% 3,858.5 3,358.5 1,484.7 735.7 49.5% 52.3% 2.3x 4.6xOpenTable, Inc. United States 75.28 ‐14% 1,751.8 1,649.1 180.7 56.6 31.3% 16.0% 9.1x 29.1xOrbitz Worldwide, Inc. United States 7.20 ‐46% 779.1 1,066.4 839.3 118.2 14.1% 9.5% 1.3x 9.0xOverstock.com Inc. United States 21.06 ‐41% 500.7 352.0 1,304.2 30.6 2.3% 18.6% 0.3x 11.5xPacific Online Ltd. China 0.67 ‐2% 730.1 685.5 125.1 51.2 40.9% 12.1% 5.5x 13.4xPandora Media, Inc. * United States 36.07 ‐5% 7,006.8 6,558.9 588.3 (42.0) NM 53.5% 11.1x NM PC Home Online Inc. Taiwan 6.90 ‐16% 567.7 472.7 521.9 23.5 4.5% 8.6% 0.9x 20.1xPerform Group plc. United Kingdom 4.07 ‐60% 1,070.3 1,112.2 290.7 57.5 19.8% 40.8% 3.8x 19.3xPetMed Express, Inc. United States 13.23 ‐25% 267.1 225.7 235.9 29.3 12.4% 1.4% 1.0x 7.7xPhoenix New Media Limited China 9.65 ‐28% 743.4 538.5 218.9 36.9 16.9% 21.8% 2.5x 14.6xpriceline.com Incorporated United States 1,144.89 ‐6% 58,879.4 54,601.8 6,442.8 2,412.7 37.4% 27.3% 8.5x 22.6xRakuten, Inc. Japan 16.47 ‐9% 21,703.9 21,614.9 4,924.9 1,162.4 23.6% 20.2% 4.4x 18.6xRediff.com India Limited * India 2.10 ‐41% 57.9 37.9 16.4 (6.0) NM 1.8% 2.3x NM Renren Inc. * China 3.21 ‐31% 1,215.9 307.5 192.6 (104.3) NM 20.3% 1.6x NM Shutterfly, Inc. United States 47.36 ‐21% 1,801.4 1,708.4 724.6 79.4 11.0% 31.1% 2.4x 21.5xShutterstock, Inc. * United States 80.61 ‐10% 2,821.7 2,626.2 216.6 44.7 20.6% 39.6% 12.1x 58.7xSky‐mobi Limited China 4.35 ‐26% 137.1 38.9 90.7 7.8 8.5% ‐14.0% 0.4x 5.0xSNAP Interactive, Inc. * United States 0.36 ‐68% 14.0 12.5 13.6 (4.4) NM ‐34.7% 0.9x NM Spark Networks, Inc. * United States 5.73 ‐38% 137.5 120.3 68.5 (9.1) NM 17.4% 1.8x NM Stamps.com Inc. United States 39.46 ‐20% 635.3 561.8 125.5 34.3 27.3% 11.3% 4.5x 16.4xTaomee Holdings Ltd. China 6.47 ‐17% 237.9 121.9 44.9 5.0 11.0% 8.7% 2.7x 24.6xTheStreet, Inc. * United States 2.72 ‐8% 92.3 43.1 53.5 (1.9) NM 4.5% 0.8x NM Twitter, Inc. * United States 64.50 ‐14% 35,132.9 34,999.3 534.5 (56.9) NM 0.0% 65.5x NM U.S. Auto Parts Network, Inc. * United States 2.50 ‐21% 83.2 100.2 257.9 1.7 0.7% ‐19.0% 0.4x 58.2xUnited Online, Inc. United States 12.11 ‐81% 160.7 280.0 862.8 87.8 10.2% ‐0.8% 0.3x 3.2xValueVision Media Inc. United States 6.17 ‐13% 307.1 316.2 624.7 14.1 2.3% 12.2% 0.5x 22.5xVipshop Holdings Limited * China 105.09 ‐4% 5,849.0 5,367.3 1,345.3 36.6 2.7% 170.3% 4.0x 146.7xVitacost.com, Inc. * United States 5.52 ‐41% 185.7 166.5 370.5 (6.7) NM 18.3% 0.4x NM WebMD Health Corp. United States 47.90 ‐5% 2,152.8 2,076.7 501.8 61.4 12.2% 2.9% 4.1x 33.8xXO Group Inc. United States 12.13 ‐23% 300.0 213.8 133.4 24.0 18.0% 4.3% 1.6x 8.9xYahoo! Inc. United States 36.01 ‐14% 36,528.0 34,403.0 4,680.4 1,206.3 25.8% ‐6.1% 7.4x 28.5xYandex N.V. Netherlands 36.75 ‐19% 11,975.1 11,606.7 1,030.6 443.4 43.0% 37.3% 11.3x 26.2xYY Inc. China 63.30 ‐13% 3,494.5 3,189.7 243.9 59.9 24.5% 121.9% 13.1x 53.3xzulily, Inc. United States 39.75 ‐12% 4,852.1 4,731.5 567.2 7.6 1.3% 0.0% 5.2x 30.0xZynga, Inc. United States 4.40 ‐3% 3,662.2 2,536.7 873.3 73.6 8.4% ‐31.8% 2.9x 34.5x

Adjusted Weighted Average 7.5x 25.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (21.6x) and EBITDA multiples that are 1.0 standard deviations above the mean (56.0x)

Digital Media/CommercePublic Company Valuation


Digital Advertising

There were a total of 29 transactions announced (13 acquisitions and 16 investments) in the Digital Advertising segment, worth a total of $203 million in aggregate reported value


• Autobytel’s $12 million purchase of AutoUSA, a provider of a automotive sales lead generation platform

• Suning Commerce Group’s $10 million acquisition of China‐based Manzuo, an online service provider enabling customers to obtain discounts on products and services

Select investments:

• BlackRock’s $80 million investment in Turn, a demand‐side platform for advertising agencies

• The $25 million co‐led investment by InterWest Partners and Mayfield Fund in NewsCred, a content marketing and syndication platform

• The $10 million co‐led investment by Lightspeed Ventures and Lowercase Capital in StyleSeat, a provider of an online marketplace for beauty and wellness services

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

Comparison Shopping 6 21% $23.5 12% 2 ‐ 0 ‐ 4 $23.5

Digital Promotion/Coupon 4 14% 20.2 10% 3 10.0 0 ‐ 1 10.2

Local Search 4 14% 14.0 7% 0 ‐ 0 ‐ 4 14.0

Mobile Marketing 4 14% 20.5 10% 2 ‐ 0 ‐ 2 20.5

Ad Networks/Exchanges 3 10% 80.0 39% 2 ‐ 0 ‐ 1 80.0

Other* 8 28% 44.8 22% 4 12.0 0 ‐ 4 32.8

Total 29 100% 203.0 100% 13 22.0 0 0.0 16 181.0

*Other includes Affiliate/CPA Network, Digital Video, Email Services, Game Advertising, Online Lead Generation, Search Marketing, and Vertical Search

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital AdvertisingPublic Company Valuation

($ in Millions, except stock price

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAngie's List, Inc. United States $17.94 ‐37% $ 1,048.1 $ 1,000.4 $ 223.1 $ (29.0) NM 62.7% 4.5x NM Autobytel Inc. United States 14.88 ‐19% 132.6 124.5 74.6 4.1 5.4% 12.8% 1.7x 30.7xBankrate, Inc. United States 16.59 ‐28% 1,683.4 1,788.9 428.4 93.5 21.8% ‐10.3% 4.2x 19.1xBlinkx plc United States 2.10 ‐46% 836.8 766.2 227.5 31.8 14.0% 49.9% 3.4x 24.1xBlucora, Inc. United States 25.61 ‐15% 1,055.0 1,052.5 504.1 90.1 17.9% 34.0% 2.1x 11.7xConstant Contact, Inc. United States 27.01 ‐18% 828.2 705.0 285.4 30.5 10.7% 13.2% 2.5x 23.1xCtrip.com International Ltd. China 39.51 ‐35% 5,127.2 4,450.6 832.9 144.9 17.4% 26.7% 5.3x 30.7xDemand Media, Inc. United States 5.77 ‐41% 518.0 461.4 401.1 63.2 15.8% 10.8% 1.2x 7.3xDice Holdings, Inc. United States 7.00 ‐33% 394.3 409.6 207.8 64.8 31.2% 9.4% 2.0x 6.3xDigital Globe Services Inc. United States 3.66 ‐21% 109.2 104.9 25.5 3.4 13.4% 27.8% 4.1x 30.6xeHealth, Inc. United States 53.43 ‐16% 994.9 897.2 170.3 18.6 10.9% 11.1% 5.3x 48.2xGoogle Inc. United States 1,180.97 0% 396,607.5 344,509.5 59,825.0 17,905.0 29.9% 19.2% 5.8x 19.2xGroupon, Inc. United States 10.46 ‐18% 7,131.4 5,989.5 2,443.5 125.3 5.1% 11.7% 2.5x 47.8xHi‐Media S.A. France 2.89 ‐4% 129.1 147.3 252.4 15.5 6.2% ‐12.3% 0.6x 9.5xHomeAway, Inc. United States 40.86 ‐6% 3,730.4 3,386.8 327.8 59.2 18.0% 22.6% 10.3x 57.3xIAC/InterActiveCorp United States 70.04 ‐5% 5,833.9 5,731.6 3,063.8 538.6 17.6% 16.4% 1.9x 10.6xInternetQ PLC United Kingdom 5.92 ‐5% 230.0 222.9 112.9 11.2 9.9% 36.9% 2.0x 19.9xLeGuide.com S.A. France 35.77 ‐34% 127.6 92.5 65.0 14.0 21.6% 41.3% 1.4x 6.6xMakeMyTrip Limited India 27.75 ‐1% 1,043.5 977.7 249.7 (16.8) NM 13.2% 3.9x NM Millennial Media Inc. United States 7.94 ‐46% 843.3 722.1 220.5 (1.9) NM 42.9% 3.3x NM Monster Worldwide, Inc. United States 6.12 ‐16% 641.8 743.8 820.1 126.0 15.4% ‐10.0% 0.9x 5.9xMove, Inc. United States 14.14 ‐23% 552.2 520.2 223.3 15.3 6.8% 15.2% 2.3x 34.1xOpera Software ASA Norway 13.59 ‐10% 1,798.2 1,731.0 271.3 75.6 27.9% 36.5% 6.4x 22.9xOPT, Inc. Japan 9.18 ‐28% 270.7 152.8 661.4 20.4 3.1% ‐14.3% 0.2x 7.5xPacific Online Ltd. China 0.67 ‐2% 730.1 685.5 125.1 51.2 40.9% 12.1% 5.5x 13.4xQuinStreet, Inc. United States 8.27 ‐15% 358.9 321.9 303.4 31.0 10.2% ‐12.8% 1.1x 10.4xReachLocal, Inc. United States 12.98 ‐25% 360.6 275.1 502.3 9.6 1.9% 15.5% 0.5x 28.6xResponsys, Inc. * United States 27.01 ‐3% 1,400.2 1,293.0 194.3 13.3 6.9% 25.1% 6.7x 96.9xRetailMeNot, Inc. United States 35.41 ‐10% 1,861.2 1,767.7 182.1 62.9 34.5% 0.0% 9.7x 28.1xRightmove plc * United Kingdom 41.66 ‐10% 4,046.0 4,035.3 211.7 147.6 69.7% 19.2% 19.1x 27.3xRovi Corporation United States 21.21 ‐20% 2,136.5 2,835.9 605.6 192.9 31.9% ‐7.6% 4.7x 14.7xSepteni Holdings Co., Ltd. Japan 14.26 ‐6% 359.7 310.2 449.7 18.5 4.1% 11.2% 0.7x 16.8xTiVo Inc. United States 12.39 ‐13% 1,510.8 655.5 388.8 25.9 6.7% 38.1% 1.7x 25.3xTradeDoubler AB Sweden 2.91 ‐20% 123.0 94.5 315.8 9.5 3.0% ‐15.4% 0.3x 9.9xTravelzoo Inc. United States 22.28 ‐34% 342.3 275.6 158.2 27.3 17.2% 4.7% 1.7x 10.1xTree.Com, Inc. United States 32.45 ‐3% 361.5 273.7 126.8 6.7 5.3% 97.6% 2.2x 40.6xTremor Video, Inc. United States 4.44 ‐60% 220.5 124.2 128.0 (2.5) NM 0.0% 1.0x NM TripAdvisor Inc. United States 77.19 ‐15% 10,965.8 10,909.6 901.4 326.8 36.3% 23.2% 12.1x 33.4x


Digital AdvertisingPublic Company Valuation

($ in Millions, except stock price

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDATrulia, Inc. United States $35.46 ‐33% $ 1,322.6 $ 1,287.2 $ 114.6 $ (3.0) NM 93.3% 11.2x NM ValueClick, Inc. United States 21.67 ‐33% 1,446.6 1,587.1 684.3 224.1 32.7% 24.7% 2.3x 7.1xVelti Plc Ireland 0.04 ‐99% 4.0 16.3 232.1 (136.5) NM ‐1.6% 0.1x NM Vocus Inc. * United States 12.67 ‐30% 267.8 310.7 186.6 1.1 0.6% 21.0% 1.7x 272.8xVoltari Corporation United States 4.09 ‐45% 19.0 17.3 88.8 20.1 22.6% 156.4% 0.2x 0.9xWeb.com Group, Inc. United States 32.10 ‐5% 1,529.8 2,113.0 472.6 91.0 19.2% 27.8% 4.5x 23.2xYahoo! Inc. United States 37.91 ‐9% 38,457.5 36,725.4 4,680.4 1,206.3 25.8% ‐6.1% 7.8x 30.4xYelp, Inc. * United States 75.99 ‐9% 5,282.2 5,181.0 203.5 (0.7) NM 67.7% 25.5x NM Yandex N.V. Netherlands 38.02 ‐16% 12,388.9 12,020.5 1,030.6 443.4 43.0% 37.3% 11.7x 27.1xYouku Tudou Inc. * China 29.96 ‐19% 5,006.6 4,483.4 455.9 24.9 5.5% 88.1% 9.8x 179.9xYuMe, Inc. United States 7.62 ‐37% 243.3 180.3 142.6 7.1 5.0% 0.0% 1.3x 25.4xZil low, Inc. * United States 80.78 ‐22% 3,146.0 2,781.0 173.5 (9.5) NM 69.5% 16.0x NM


*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (81.7x)


Marketing Technology

Content Management was the most active Marketing Technology subsegment with 13 transactions announced, worth $223 million in aggregate reported value. While, Commerce Management was the highest reported value subsegment with six deals announced, worth $715 million in aggregate reported value


• Google’s $650 million acquisition of UK‐based DeepMind, which develops technologies for eCommerce and game platforms

• Verint Systems’ $514 million purchase of KANA Software, a provider of customer service solutions that are delivered on premise

Select investments:

• The $120 million investment led by Softbank in China‐based Windoujia, which provides a mobile application distribution platform

• Insight Venture Partners’ $40 million investment in Ensighten, a provider of enterprise tag management solutions

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

Content Management 13 15% $223.0 9% 7 $91.0 0 ‐ 6 $132.0

Social Technology 11 13% 84.2 3% 5 15.0 0 ‐ 6 69.2

CRM 9 10% 158.7 6% 4 113.0 0 ‐ 5 45.7

Mobile Technology 9 10% 227.0 9% 3 49.0 0 ‐ 6 178.0

Analytics & Reporting 7 8% 71.7 3% 3 8.0 0 ‐ 4 63.7

BI Tools 6 7% 5.7 0% 4 ‐ 0 ‐ 2 5.7

Commerce Management 6 7% 715.0 29% 3 650.0 1 ‐ 2 65.0

Other* 26 30% 966.9 39% 10 757.1 0 ‐ 16 209.8

Total 87 100% 2,452.2 100% 39 1,683.1 1 0.0 47 769.1

*Other includes Ad Serving, Content Delivery Network, Email/Messaging Software, Market Research Software, Media Management System, MRM/Workflow Management, Online Targeting/Optimization, Product/Price Software, SEM/SEO Tools, SFA/Lead Management, and Teleservices/eServices

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing TechnologyPublic Company Valuation


Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $12.58 0% $ 700.3 $ 596.8 $ 166.2 $ 11.0 6.6% 5.2% 3.6x 54.1xActuate Corporation United States 7.60 ‐8% 362.0 291.0 137.7 16.1 11.7% ‐0.6% 2.1x 18.0xAdobe Systems Inc. United States 59.19 ‐5% 29,394.0 27,734.2 4,055.2 770.4 19.0% ‐7.9% 6.8x 36.0xBazaarvoice, Inc. United States 7.25 ‐37% 549.9 475.1 176.1 (35.2) NM 32.1% 2.7x NM Bitauto Holdings Limited China 30.65 ‐23% 1,271.9 1,168.0 216.3 42.3 19.5% 41.0% 5.4x 27.6xBlackbaud Inc. United States 34.46 ‐18% 1,531.6 1,689.2 489.0 93.8 19.2% 15.8% 3.5x 18.0xBrightcove, Inc. United States 10.74 ‐34% 309.0 274.9 104.5 (5.8) NM 27.2% 2.6x NM ChannelAdvisor Corporation United States 43.37 ‐13% 983.3 905.9 63.5 (5.2) NM 26.0% 14.3x NM ChinaCache International Holdings China 14.83 ‐15% 347.1 303.5 163.2 0.1 0.1% 28.7% 1.9x NM Constant Contact, Inc. United States 27.01 ‐18% 828.2 705.0 285.4 30.5 10.7% 13.2% 2.5x 23.1xCovisint Corporation United States 9.35 ‐37% 350.5 295.8 98.4 (27.1) NM 13.9% 3.0x NM Criteo SA France 35.19 ‐22% 1,945.9 1,908.8 532.7 18.4 3.5% 0.0% 3.6x 103.6xCvent, Inc. * United States 38.21 ‐17% 1,549.1 1,391.3 104.0 5.5 5.3% 0.0% 13.4x 251.0xDealertrack Technologies, Inc. United States 46.65 ‐7% 2,047.8 2,051.5 457.2 62.9 13.8% 20.8% 4.5x 32.6xDemandware, Inc. * United States 63.68 ‐11% 2,203.5 2,093.3 94.5 (15.0) NM 31.7% 22.1x NM Digital Generation, Inc. United States 13.50 ‐5% 378.3 704.4 382.0 104.6 27.4% ‐2.4% 1.8x 6.7xDigital River Inc. United States 17.58 ‐13% 587.8 311.5 402.3 22.5 5.6% 4.7% 0.8x 13.9xE2open, Inc. United States 23.95 ‐11% 687.9 680.6 69.5 (18.7) NM ‐6.6% 9.8x NM eBay Inc. United States 53.20 ‐8% 68,875.6 63,973.6 16,047.0 4,771.0 29.7% 14.0% 4.0x 13.4xEndurance International Group United States 11.48 ‐23% 1,457.6 2,622.9 500.9 78.4 15.7% 0.0% 5.2x 33.4xInformatica Corporation United States 40.36 ‐8% 4,379.6 3,702.2 948.2 164.0 17.3% 16.8% 3.9x 22.6xInfosystems S.A. Poland 0.84 ‐41% 3.5 3.0 2.7 1.3 46.4% 32.5% 1.1x 2.4xInteractive Intelligence Group Inc. United States 75.94 ‐6% 1,535.9 1,437.8 318.2 28.1 8.8% 34.1% 4.5x 51.1xIBM Corporation United States 176.68 ‐18% 191,848.7 220,637.7 99,751.0 24,299.0 24.4% ‐4.6% 2.2x 9.1xJive Software, Inc. United States 9.25 ‐50% 640.5 533.4 139.0 (54.1) NM 34.1% 3.8x NM LivePerson Inc. United States 13.83 ‐9% 748.7 671.3 173.4 9.4 5.4% 14.5% 3.9x 71.8xMarin Software Incorporated United States 9.87 ‐51% 322.1 217.4 72.5 (28.4) NM 34.5% 3.0x NM Marketo, Inc. * United States 40.94 ‐9% 1,606.9 1,473.8 84.6 (36.2) NM 0.0% 17.4x NM Mercadolibre, Inc. Argentina 96.49 ‐34% 4,260.3 4,063.8 441.7 151.7 34.3% 24.0% 9.2x 26.8xMicroStrategy Inc. United States 125.70 ‐6% 1,420.4 1,076.5 575.9 45.8 8.0% ‐3.1% 1.9x 23.5xNetSuite Inc. * United States 105.18 ‐10% 7,855.3 7,657.7 414.5 (38.4) NM 34.2% 18.5x NM Nuance Communications, Inc. United States 15.33 ‐38% 4,858.5 6,365.8 1,855.3 239.7 12.9% 12.3% 3.4x 26.6xOpen Text Corporation Canada 98.90 ‐5% 5,980.9 6,011.8 1,372.9 409.4 29.8% 7.6% 4.4x 14.7xOpera Software ASA Norway 13.59 ‐10% 1,798.2 1,731.0 271.3 75.6 27.9% 36.5% 6.4x 22.9xOracle Corporation United States 36.90 ‐5% 165,954.4 153,624.4 37,552.0 16,289.0 43.4% 0.9% 4.1x 9.4xPitney Bowes Inc. United States 25.18 ‐3% 5,086.2 7,795.0 3,869.4 852.6 22.0% ‐21.1% 2.0x 9.1xPROS Holdings, Inc. United States 38.01 ‐8% 1,069.0 978.2 138.7 9.2 6.7% 24.6% 7.1x 106.1xPTC Inc. United States 35.68 ‐7% 4,226.0 4,222.7 1,298.7 289.0 22.3% 3.3% 3.3x 14.6xQlik Technologies, Inc. United States 27.02 ‐28% 2,398.1 2,163.0 446.1 4.3 1.0% 24.2% 4.8x NM RealNetworks Inc. United States 7.28 ‐19% 260.1 41.7 222.9 (20.7) NM ‐18.0% 0.2x NM


Marketing TechnologyPublic Company Valuation


Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAResponsys, Inc. United States $26.98 ‐3% $ 1,398.6 $ 1,291.4 $ 194.3 $ 13.3 6.9% 25.1% 6.6x 96.8xRocket Fuel Inc. United States 62.80 ‐13% 2,061.5 1,963.0 195.1 (15.1) NM 0.0% 10.1x NM Rovi Corporation United States 22.12 ‐17% 2,228.2 2,927.6 605.6 192.9 31.9% ‐7.6% 4.8x 15.2xSage Group plc United Kingdom 6.92 ‐4% 7,592.9 8,186.4 2,263.9 656.9 29.0% 2.7% 3.6x 12.5xSalesforce.com, Inc United States 58.40 ‐5% 35,215.2 36,969.5 3,760.4 (19.4) NM 32.1% 9.8x NM SAP AG Germany 77.57 ‐13% 92,581.3 94,655.9 22,699.6 7,426.6 32.7% 3.7% 4.2x 12.7xSky‐mobi Limited China 4.38 ‐25% 138.0 39.9 90.7 7.8 8.5% ‐14.0% 0.4x 5.1xSungy Mobile Limited China 20.01 ‐22% 647.3 628.2 47.9 14.3 29.8% 0.0% 13.1x 44.0xSynchronoss Technologies, Inc. United States 29.55 ‐25% 1,157.1 1,121.4 325.0 65.6 20.2% 23.7% 3.5x 17.1xTableau Software, Inc. * United States 74.93 ‐6% 4,432.3 4,206.0 192.8 (2.1) NM 0.0% 21.8x NM Teradata Corporation United States 43.78 ‐37% 7,153.7 6,546.7 2,663.0 594.0 22.3% 2.5% 2.5x 11.0xTIBCO Software Inc. United States 21.80 ‐20% 3,576.4 3,370.5 1,070.0 193.7 18.1% 4.4% 3.2x 17.4xVerint Systems Inc. United States 46.48 ‐5% 2,484.6 2,760.7 880.5 177.0 20.1% 7.0% 3.1x 15.6xVocus Inc. * United States 12.67 ‐30% 267.8 310.7 186.6 1.1 0.6% 21.0% 1.7x 272.8xWeborama France 15.53 ‐27% 54.2 50.8 37.3 3.9 10.3% 3.8% 1.4x 13.2xWix.com ltd Israel 28.33 ‐6% 1,055.3 1,047.7 68.8 (19.6) NM 0.0% 15.2x NM




Agency & Marketing Services

There were 14 transactions announced in the Agency & Marketing Services segment In January. Digital Agency and Public Relations were the most active subsegments with three and two transactions announced


• Deluxe Corporation’s purchase of Destination Rewards, a customer rewards and loyalty provider

• Lowe and Partners’ acquisition of UK‐based global marketing agency Profero

• Knoodles’ acquisition of Kluger Media Group, a provider of strategic branding and public relations

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

Digital Agency 3 21% ‐ 0% 2 ‐ 0 ‐ 1 ‐

Public Relations 2 14% ‐ 0% 1 ‐ 0 ‐ 1 ‐

Social Agency 1 7% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Retail Services 1 7% ‐ 0% 0 ‐ 0 ‐ 1 ‐

Other* 7 50% 19.5 0% 7 19.5 0 ‐ 0 ‐

Total 14 100% 19.5 0% 11 19.5 0 0.0 3 0.0

*Other includes Experiential Marketing, Database/Analytics, Loyalty/Retention, Promotion Agency, and Specialty Agency

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



AgencyPublic Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACello Group Plc United Kingdom $1.44 ‐1% $ 119.9 $ 138.7 $ 237.0 $ 13.6 5.8% 11.9% 0.6x 10.2xCharm Communications Inc. China 4.21 ‐29% 168.5 88.6 168.8 (2.5) NM ‐15.1% 0.5x NM Chime Communications plc * United Kingdom 5.98 ‐3% 579.6 606.8 521.2 15.2 2.9% ‐0.7% 1.2x 39.8xCreston plc United Kingdom 1.60 ‐12% 95.2 92.4 121.2 18.2 15.0% ‐2.5% 0.8x 5.1xDentsu Inc. Japan 39.87 ‐7% 11,498.6 13,441.6 20,562.8 905.5 4.4% 7.8% 0.7x 14.8xEnero Group Limited Austral ia 0.61 ‐10% 52.2 38.0 216.7 0.3 0.1% ‐26.0% 0.2x NM Havas France 7.91 ‐9% 3,188.9 3,829.4 2,410.7 390.5 16.2% 4.5% 1.6x 9.8xHuntsworth plc United Kingdom 1.16 ‐2% 365.6 479.5 285.8 49.8 17.4% ‐1.5% 1.7x 9.6xM&C Saatchi plc United Kingdom 5.45 ‐6% 337.8 309.1 285.9 33.1 11.6% 5.9% 1.1x 9.3xMDC Partners Inc. United States 25.27 ‐4% 1,193.2 1,814.1 1,141.3 108.4 9.5% 11.2% 1.6x 16.7xNext Fifteen Communications Group plc United Kingdom 1.53 ‐20% 91.8 98.4 158.0 15.7 9.9% 4.9% 0.6x 6.3xOmnicom Group Inc. United States 72.51 ‐4% 18,661.2 21,843.2 14,471.0 2,135.3 14.8% 2.4% 1.5x 10.2xOPT, Inc. Japan 9.62 ‐24% 283.4 183.7 661.4 20.4 3.1% ‐14.3% 0.3x 9.0xPorta Communications Plc United Kingdom 0.27 ‐6% 44.1 50.2 25.0 (3.1) NM 531.3% 2.0x NM Publicis Groupe SA France 88.69 ‐5% 18,910.8 19,855.0 9,282.6 1,798.6 19.4% 10.9% 2.1x 11.0xSapient Corp. United States 16.10 ‐10% 2,257.1 1,977.9 1,223.9 158.1 12.9% 12.3% 1.6x 12.5xThe Interpublic Group of Companies, Inc. United States 16.79 ‐6% 6,988.7 8,135.7 7,062.9 840.6 11.9% 1.4% 1.2x 9.7xWPP plc United Kingdom 21.45 ‐7% 28,896.7 33,818.5 17,649.4 3,009.8 17.1% 4.4% 1.9x 11.2x

1.6x 11.3xAdjusted Weighted Average



Marketing ServicesPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $33.29 ‐14% $ 2,500.7 $ 2,527.9 $ 1,097.5 $ 182.0 16.6% ‐1.1% 2.3x 13.9xAimia Inc. Canada 17.47 ‐3% 3,021.2 3,211.5 1,494.7 (354.2) NM ‐21.9% 2.1x NM Alliance Data Systems Corporation * United States 249.72 ‐6% 12,164.6 16,226.3 4,149.8 1,243.8 30.0% 18.0% 3.9x 13.0xCSG Systems International Inc. United States 30.62 ‐5% 972.3 1,046.2 750.9 124.7 16.6% 0.6% 1.4x 8.4xData Group Ltd. Canada 0.54 ‐76% 12.7 104.4 289.0 23.6 8.2% ‐5.2% 0.4x 4.4xDST Systems Inc. United States 88.76 ‐4% 3,743.0 4,196.1 2,658.6 447.1 16.8% 3.2% 1.6x 9.4xFair Isaac Corporation United States 56.70 ‐11% 1,976.7 2,358.7 737.8 191.1 25.9% 6.0% 3.2x 12.3xHarte‐Hanks Inc. United States 7.20 ‐29% 450.3 474.6 751.9 79.9 10.6% 23.5% 0.6x 5.9xHigh Co. SA France 7.50 ‐3% 78.2 39.7 180.0 15.1 8.4% ‐0.7% 0.2x 2.6xInsignia Systems Inc. United States 2.72 ‐11% 34.7 13.9 26.2 3.0 11.5% 37.5% 0.5x 4.6xMultiplus SA Brazil 11.64 ‐37% 1,886.5 1,482.6 692.3 114.4 16.5% 16.0% 2.1x 13.0xPDI, Inc. United States 5.84 ‐26% 88.5 37.4 150.1 1.5 1.0% 15.8% 0.2x 24.9xPoints International Ltd. * Canada 25.82 ‐8% 395.9 348.7 174.0 3.3 1.9% 32.2% 2.0x 104.8xValassis Communications Inc. United States 34.04 ‐3% 1,299.0 1,760.4 2,047.2 257.7 12.6% ‐6.0% 0.9x 6.8xViad Corp United States 27.39 ‐5% 556.8 447.8 973.5 56.7 5.8% ‐4.6% 0.5x 7.9x




Traditional Media

There were 13 transactions announced in the Traditional Media segment in January, 11 of which were strategic acquisitions, worth a total of $1.4 billion in aggregate reported value


• The $1.2 billion purchase of a 31 percent stake in France‐based Eurosport International, an operator of sports television channels by Discovery Communications

• Hemisphere Media Group’s $102 million dollar purchase of three Spanish‐language cable television networks Pasiones, Centroamerica TV, and TV Dominicana

• Corus Entertainment’s $16 million purchase of Canada‐based radio stations, 106.9 The Bear and Boom 99.7 from Bell Media

• Gilbarco’s acquisition of OutCast Media, a company that operates as a digital television network in the fuel space

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

Entertainment Media 5 38% $1,243.2 91% 5 $1,243.2 0 ‐ 0 ‐

Broadcast Television 3 23% 102.0 7% 2 102.0 0 ‐ 1 ‐

Radio 2 15% 16.0 1% 2 16.0 0 ‐ 0 ‐

B‐to‐B Media 1 8% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Digital Place‐Based Media 1 8% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Other* 1 8% 0.0 0% 0 ‐ 1 ‐ 0 ‐

Total 13 100% 1,361.2 0% 11 1,361.2 1 0.0 1 0.0

*Other includes Shopper/Trader/Coupons

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional Media Public Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACBS Corporation United States $58.39 ‐9% $ 35,040.9 $ 41,120.9 $ 15,071.0 $ 3,675.0 24.4% 11.1% 2.7x 11.2xDiscovery Communications, Inc. * United States 78.99 ‐13% 27,408.3 33,392.3 5,198.0 2,184.0 42.0% 18.3% 6.4x 15.3xNews Corporation United States 16.17 ‐11% 9,360.0 6,810.0 8,830.0 618.0 7.0% 2.4% 0.8x 11.0xTime Warner Inc. United States 63.32 ‐11% 57,287.0 74,884.0 29,394.0 7,927.0 27.0% 2.2% 2.5x 9.4xTwenty‐First Century Fox, Inc. United States 31.27 ‐13% 70,888.9 85,351.9 28,733.0 6,169.0 21.5% 24.4% 3.0x 13.8xViacom, Inc. United States 81.41 ‐7% 35,667.8 45,257.8 13,677.0 4,344.3 31.8% 3.2% 3.3x 10.4xThe Walt Disney Company United States 72.72 ‐5% 127,789.4 141,141.4 45,041.0 11,742.0 26.1% 6.5% 3.1x 12.0x


B‐to‐B Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAEuromoney Institutional Investor PLC United Kingdom $21.76 ‐5% $ 2,750.7 $ 2,780.7 $ 665.8 $ 202.6 30.4% 2.7% 4.2x 13.7xGlobal Sources Ltd. Hong Kong 7.44 ‐12% 255.9 122.1 198.1 42.0 21.2% ‐14.6% 0.6x 2.9xInforma plc Switzerland 8.73 ‐8% 5,270.4 6,793.6 2,034.4 615.8 30.3% 2.8% 3.3x 11.0xTechTarget, Inc. * United States 7.05 ‐5% 223.6 181.5 90.1 6.0 6.6% ‐13.0% 2.0x 30.5xThe Dolan Company United States 0.18 ‐95% 5.5 130.9 255.4 33.2 13.0% 38.9% 0.5x 3.9xUBM plc United Kingdom 11.51 ‐12% 2,793.6 3,625.6 1,302.5 301.6 23.2% 12.2% 2.8x 12.0x


Radio Broadcasting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABeasley Broadcast Group Inc. United States $9.23 ‐8% $ 211.8 $ 309.6 $ 104.9 $ 29.1 27.7% 4.7% 3.0x 10.7xCC Media Holdings, Inc. United States 6.75 ‐6% 591.5 20,558.6 6,245.0 1,820.6 29.2% 0.7% 3.3x 11.3xCumulus Media Inc. United States 6.83 ‐17% 1,401.4 4,028.8 1,087.8 352.9 32.4% 1.3% 3.7x 11.4xEmmis Communications Corp. United States 3.05 ‐16% 127.1 302.9 201.5 35.7 17.7% 8.7% 1.5x 8.5xEntercom Communications Corp. United States 9.68 ‐16% 362.1 881.1 380.1 102.0 26.8% ‐0.5% 2.3x 8.6xJournal Communications Inc. United States 8.29 ‐15% 422.5 641.9 418.1 87.1 20.8% 12.8% 1.5x 7.4xRadio One Inc. United States 4.95 ‐14% 234.8 1,220.3 443.0 133.5 30.1% 6.4% 2.8x 9.1xSalem Communications Corp. United States 8.60 ‐15% 214.3 506.8 234.8 49.8 21.2% 4.0% 2.2x 10.2xSirius XM Holdings Inc. * United States 3.64 ‐13% 22,333.3 25,324.0 3,691.4 1,272.1 34.5% 12.1% 6.9x 19.9xSpanish Broadcasting System Inc. United States 3.97 ‐20% 28.9 365.3 153.2 47.3 30.9% 8.8% 2.4x 7.7xPandora Media, Inc. * United States 33.55 ‐8% 6,517.3 6,069.4 588.3 (42.0) NM 53.5% 10.3x NM



Large Cap Diversified Media






Broadcast, Cable, and Satellite Television

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMC Networks Inc. United States $65.66 ‐11% $ 4,746.0 $ 6,421.0 $ 1,523.3 $ 520.3 34.2% 15.0% 4.2x 12.3xBritish Sky Broadcasting Group plc United Kingdom 14.06 ‐10% 21,915.3 24,406.5 12,271.1 2,495.7 20.3% 7.2% 2.0x 9.8xCablevision Systems Corporation United States 15.87 ‐21% 4,246.8 13,330.8 6,737.6 1,707.7 25.3% 6.8% 2.0x 7.8xCBS Corporation United States 58.39 ‐9% 35,040.9 41,120.9 15,071.0 3,675.0 24.4% 11.1% 2.7x 11.2xCharter Communications, Inc. United States 131.42 ‐9% 13,685.1 27,977.1 7,920.0 2,742.0 34.6% 6.7% 3.5x 10.2xComcast Corporation United States 52.40 ‐4% 136,197.9 178,256.9 64,657.0 21,434.0 33.2% 3.3% 2.8x 8.3xCrown Media Holdings Inc. United States 3.08 ‐15% 1,107.8 1,521.1 361.7 270.3 74.7% 4.2% 4.2x 5.6xDIRECTV United States 69.35 ‐6% 36,439.4 54,456.4 31,214.0 7,731.0 24.8% 7.1% 1.7x 7.0xDiscovery Communications, Inc. * United States 78.99 ‐13% 27,408.3 33,392.3 5,198.0 2,184.0 42.0% 18.3% 6.4x 15.3xDish Network Corp. United States 54.60 ‐7% 25,009.2 28,843.1 14,352.4 2,858.3 19.9% 0.3% 2.0x 10.1xEntravision Communications Corporation United States 5.87 ‐19% 516.9 838.3 227.6 75.5 33.2% 8.6% 3.7x 11.1xGeneral Communication Inc. United States 10.32 ‐12% 418.1 1,756.8 780.0 245.2 31.4% 12.2% 2.3x 7.2xGray Television Inc. United States 10.91 ‐28% 629.7 1,419.5 377.3 143.4 38.0% 4.0% 3.8x 9.9xGrupo Televisa, S.A.B. Mexico 28.69 ‐10% 14,769.0 19,033.7 5,395.1 2,146.0 39.8% 6.4% 3.5x 8.9xJournal Communications Inc. United States 8.29 ‐15% 422.5 641.9 418.1 87.1 20.8% 12.8% 1.5x 7.4xLiberty Global plc * United Kingdom 83.27 ‐8% 32,170.1 75,887.3 13,031.0 5,733.4 44.0% 30.5% 5.8x 13.2xLIN Media LLC United States 23.02 ‐21% 1,263.4 2,191.5 664.6 205.7 30.9% 41.8% 3.3x 10.7xNexstar Broadcasting Group, Inc. * United States 45.11 ‐20% 1,371.6 2,358.5 480.4 168.4 35.1% 37.8% 4.9x 14.0xScripps Networks Interactive, Inc. United States 73.61 ‐15% 10,752.5 12,012.7 2,481.1 1,095.1 44.1% 10.0% 4.8x 11.0xSinclair Broadcast Group Inc. United States 30.11 ‐20% 3,017.0 5,270.6 1,264.9 466.8 36.9% 33.9% 4.2x 11.3xThe E. W. Scripps Company United States 17.60 ‐20% 980.2 964.4 855.8 96.8 11.3% 1.7% 1.1x 10.0xTime Warner Inc. United States 62.83 ‐11% 56,843.7 74,440.7 29,394.0 7,927.0 27.0% 2.2% 2.5x 9.4xZiggo N.V. Netherlands 45.50 ‐2% 9,100.2 13,240.7 2,112.2 1,165.1 55.2% 1.8% 6.3x 11.4x


Entertainment Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADreamWorks Animation SKG Inc. * United States $32.81 ‐9% $ 2,749.3 $ 2,894.0 $ 767.3 $ 112.4 14.6% 9.0% 3.8x 25.8xEros International Plc United Kingdom 9.27 ‐19% 450.6 657.9 208.4 52.7 25.3% 1.0% 3.2x 12.5xLions Gate Entertainment Corp. United States 30.51 ‐19% 4,207.9 5,399.9 2,597.8 246.4 9.5% 21.0% 2.1x 21.9xLive Nation Entertainment, Inc. United States 20.90 ‐2% 4,118.9 4,850.3 6,302.7 457.1 7.3% 13.2% 0.8x 10.6xSFX Entertainment Inc. * United States 10.18 ‐24% 888.2 966.7 100.8 (60.5) NM 0.0% 9.6x NM Twenty‐First Century Fox, Inc. United States 31.27 ‐13% 70,888.9 85,351.9 28,733.0 6,169.0 21.5% 24.4% 3.0x 13.8xVillage Roadshow Limited Austral ia 6.53 ‐7% 1,041.5 1,292.1 797.4 141.9 17.8% 0.1% 1.6x 9.1xWorld Wrestling Entertainment Inc. * United States 20.84 ‐1% 1,565.1 1,479.7 504.7 56.6 11.2% 4.7% 2.9x 26.2x







Out‐of‐Home Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $2.12 ‐34% $ 126.9 $ 23.4 $ 277.7 $ 13.6 4.9% ‐3.9% 0.1x 1.7xAPG|SGA SA Switzerland 299.75 ‐1% 882.5 822.6 354.8 147.7 41.6% ‐1.2% 2.3x 5.6xClear Channel Outdoor Holdings Inc. United States 9.55 ‐11% 3,411.9 8,139.8 2,943.3 715.8 24.3% ‐0.6% 2.8x 11.4xClear Media Ltd. Hong Kong 0.92 ‐5% 494.0 317.7 212.2 85.5 40.3% 8.2% 1.5x 3.7xJCDecaux SA France 42.04 ‐5% 9,340.6 9,417.6 3,571.7 749.0 21.0% 4.5% 2.6x 12.6xLamar Advertising Co. United States 49.71 ‐5% 4,704.5 6,664.7 1,236.9 531.1 42.9% 6.1% 5.4x 12.5xMood Media Corporation Canada 0.69 ‐63% 117.8 642.0 513.0 94.5 18.4% 28.4% 1.3x 6.8xNational CineMedia, Inc. United States 19.45 ‐4% 1,172.8 2,089.8 456.0 218.6 47.9% 1.9% 4.6x 9.6xNTN Buzztime Inc. * United States 0.61 ‐38% 47.8 45.7 23.1 1.9 8.3% ‐4.7% 2.0x 23.8xTom Group Ltd. Hong Kong 0.32 ‐13% 1,237.6 1,471.1 263.6 (1.6) NM ‐12.4% 5.6x NM Valassis Communications Inc. United States 34.04 ‐3% 1,299.0 1,760.4 2,047.2 257.7 12.6% ‐6.0% 0.9x 6.8x


Publishing

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA. H. Belo Corporation United States $7.85 ‐9% $ 171.7 $ 115.3 $ 432.9 $ 28.0 6.5% 8.2% 0.3x 4.1xDaily Mail and General Trust plc * United Kingdom 15.40 ‐7% 5,444.2 6,602.4 2,883.3 495.4 17.2% 0.3% 2.3x 13.3xEmmis Communications Corp. United States 3.05 ‐16% 127.1 302.9 201.5 35.7 17.7% 8.7% 1.5x 8.5xGannett Co., Inc. United States 27.47 ‐10% 6,260.2 7,672.5 5,311.6 1,061.1 20.0% 1.7% 1.4x 7.2xGlacier Media, Inc. Canada 1.24 ‐37% 110.4 254.1 296.1 39.2 13.2% 12.5% 0.9x 6.5xJohn Wiley & Sons Inc. * United States 52.45 ‐8% 3,089.3 3,588.6 1,778.5 324.9 18.3% 1.7% 2.0x 11.0xJournal Communications Inc. United States 8.29 ‐15% 422.5 641.9 418.1 87.1 20.8% 12.8% 1.5x 7.4xMartha Stewart Living Omnimedia Inc. United States 4.16 ‐11% 235.2 199.4 169.6 (1.0) NM ‐16.4% 1.2x NM Meredith Corporation United States 44.44 ‐17% 1,987.1 2,340.7 1,467.1 251.2 17.1% 2.2% 1.6x 9.3x

Reed Elsevier plc(1) * United Kingdom 14.91 ‐4% 17,169.1 39,025.1 9,944.2 3,154.3 31.7% 0.0% 3.9x 12.4xScholastic Corporation United States 33.16 ‐5% 1,054.8 1,005.2 1,785.0 165.3 9.3% ‐12.6% 0.6x 6.1xThe E. W. Scripps Company United States 17.60 ‐20% 980.2 964.4 855.8 96.8 11.3% 1.7% 1.1x 10.0xThe McClatchy Company United States 4.84 ‐7% 417.9 1,933.9 1,274.0 288.7 22.7% ‐6.8% 1.5x 6.7xThe New York Times Company United States 14.47 ‐10% 2,167.0 2,080.3 1,996.2 297.2 14.9% 19.2% 1.0x 7.0xValassis Communications Inc. United States 34.04 ‐3% 1,299.0 1,760.4 2,047.2 257.7 12.6% ‐6.0% 0.9x 6.8x



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



Technology & Communications

Of the $8 billion in reported transaction value in the Technology & Communications segment, $3.2 billion was from Elliot Management’s purchase of information technology performance company Riverbed Technology

Activity in the segment was led by the Enterprise Mobility subsegment with seven deals announced, of which five were reported at $1.5 billion


• Lenovo’s $2.9 billion acquisition of Motorola Mobility, a provider of technologies, products, and serviced for mobile and wire line digital communications, reportedly valued at 0.7x revenue

• VMware’s $1.5 billion purchase of enterprise mobile management and security services company AirWatch

• Alternative Networks’ $21 million purchase of InterceptIT, a provider of hosted‐desktop and virtualization services, at a valuation of 1.4x revenue

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

Enterprise Mobility 7 20% $1,518.2 19% 3 $1,500.0 0 ‐ 4 $18.2

Financial Technology 6 17% 46.5 1% 0 ‐ 0 ‐ 6 46.5

Communications Software 4 11% 3,206.0 40% 3 3,200.0 0 ‐ 1 6.0

Cloud Storage 3 9% 30.0 0% 0 ‐ 0 ‐ 3 30.0

Networking Equipment 3 9% 3,014.0 38% 1 3,000.0 0 ‐ 2 14.0

Big Data Technology 2 6% 17.8 0% 0 ‐ 0 ‐ 2 17.8

Cloud Computing Technology 2 6% 11.4 0% 0 ‐ 0 ‐ 2 11.4

Other* 8 23% 164.0 2% 3 21.0 0 0% 5 143.0

Total 35 100% 8,007.9 100% 10 7,721.0 0 0.0 25 286.9

*Other includes Data Center Technology, Infrastructure Technology, Messaging & Mediation, Mobile Infrastructure, Software‐Defined Networking, and Virtualization Technology

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



TechnologyPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/02/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA3M Company United States $128.19 ‐9% $ 85,027.9 $ 87,699.9 $ 30,871.0 $ 8,018.0 26.0% 3.2% 2.8x 10.9xACI Worldwide, Inc. United States 60.61 ‐8% 2,336.3 2,934.1 805.9 196.0 24.3% 39.5% 3.6x 15.0xADATA Technology Co., Ltd. Taiwan 2.24 ‐27% 510.9 657.6 1,062.3 87.8 8.3% 9.3% 0.6x 7.5xAdvanced Micro Devices, Inc. United States 3.43 ‐26% 2,482.2 3,443.2 5,299.0 321.0 6.1% ‐2.3% 0.6x 10.7xAkamai Technologies, Inc. United States 47.68 ‐11% 8,533.6 7,967.3 1,519.8 556.6 36.6% 15.2% 5.2x 14.3xAVG Technologies N.V. Netherlands 16.59 ‐38% 903.2 887.4 400.4 132.0 33.0% 19.5% 2.2x 6.7xBrightcove, Inc. United States 10.74 ‐34% 309.0 274.9 104.5 (5.8) NM 27.2% 2.6x NM CA Technologies United States 32.09 ‐11% 14,368.9 13,285.9 4,582.0 1,566.0 34.2% ‐2.1% 2.9x 8.5xCarbonite, Inc. * United States 10.11 ‐39% 267.4 202.0 107.2 2.4 2.2% 27.5% 1.9x 85.6xCDW Corporation United States 23.67 ‐7% 4,070.2 7,355.3 10,656.3 699.5 6.6% 6.5% 0.7x 10.5xCheck Point Software Technologies Ltd. Israel 65.43 ‐5% 12,582.2 11,415.4 1,394.1 771.9 55.4% 3.8% 8.2x 14.8xChinaCache International Holdings Ltd. China 14.83 ‐15% 347.1 303.5 163.2 0.1 0.1% 28.7% 1.9x NM Citrix Systems, Inc. United States 54.07 ‐30% 10,078.5 9,343.8 2,918.4 648.2 22.2% 12.8% 3.2x 14.4xCommVault Systems, Inc. United States 69.07 ‐23% 3,280.5 2,780.0 567.8 103.4 18.2% 20.4% 4.9x 26.9xCray Inc. United States 29.49 ‐10% 1,127.1 989.7 407.2 (10.3) NM 25.8% 2.4x NM Crossroads Systems, Inc. United States 2.95 ‐15% 37.9 45.1 12.6 (11.9) NM ‐9.8% 3.6x NM Datalink Corporation United States 14.53 ‐5% 329.4 271.2 568.6 23.8 4.2% 24.0% 0.5x 11.4xDot Hil l Systems Corp. * United States 4.88 ‐6% 287.9 247.6 191.8 2.7 1.4% ‐2.9% 1.3x 90.9xElecom Co., Ltd. Japan 14.50 ‐4% 319.5 202.7 611.1 74.2 12.2% ‐2.1% 0.3x 2.7xEMC Corporation United States 24.24 ‐11% 48,964.8 46,944.8 23,222.0 6,040.0 26.0% 6.9% 2.0x 7.8xePlus inc. United States 53.94 ‐19% 440.7 511.0 1,008.8 74.3 7.4% 6.4% 0.5x 6.9xEuronet Worldwide Inc. United States 42.86 ‐14% 2,154.5 2,163.2 1,389.0 174.7 12.6% 12.4% 1.6x 12.4xF‐Secure Oyj Finland 2.89 0% 449.9 396.7 209.6 43.8 20.9% ‐1.1% 1.9x 9.1xFusion‐io, Inc. United States 11.00 ‐46% 1,160.3 916.3 374.5 (70.8) NM ‐14.8% 2.4x NM Gemalto NV Netherlands 113.01 ‐8% 9,731.7 9,365.2 3,184.2 505.0 15.9% 11.9% 2.9x 18.5xGoogle Inc. United States 1,180.97 0% 396,607.5 344,509.5 59,825.0 17,905.0 29.9% 19.2% 5.8x 19.2xGreen Dot Corporation United States 22.52 ‐16% 849.7 359.9 582.3 76.2 13.1% 5.0% 0.6x 4.7xImperva Inc. United States 55.00 ‐5% 1,373.0 1,264.3 126.8 (13.8) NM 32.5% 10.0x NM Integrated Electrical Services, Inc. United States 6.10 ‐13% 108.8 101.8 494.6 6.3 1.3% 8.4% 0.2x 16.1xIntel Corporation United States 24.54 ‐10% 121,988.3 115,347.3 52,708.0 20,632.3 39.1% ‐1.2% 2.2x 5.6xIBM Corporation United States 176.68 ‐18% 191,848.7 220,637.7 99,751.0 24,299.0 24.4% ‐4.6% 2.2x 9.1xInterxion Holding NV Netherlands 24.62 ‐12% 1,694.1 2,073.8 407.4 165.0 40.5% 12.4% 5.1x 12.6xJ‐Stream Inc. Japan 5.14 ‐42% 59.8 53.0 44.2 4.0 9.1% ‐15.3% 1.2x 13.2xLimelight Networks, Inc. United States 1.91 ‐25% 185.8 74.5 177.7 (9.7) NM ‐1.1% 0.4x NM LogMeIn, Inc. * United States 33.96 ‐7% 822.5 623.2 158.1 5.3 3.3% 17.8% 3.9x 118.4xLSI Corporation United States 11.03 0% 6,103.6 5,293.8 2,370.2 446.0 18.8% ‐5.4% 2.2x 11.9xMelbourne IT Ltd. Australia 1.23 ‐42% 103.0 19.8 144.4 19.7 13.6% 11.2% 0.1x 1.0xMicron Technology Inc. United States 23.04 ‐6% 24,442.7 27,302.7 11,281.0 3,109.0 27.6% 41.4% 2.4x 8.8xMicrosoft Corporation United States 37.84 ‐3% 314,099.4 254,802.4 83,433.0 31,828.0 38.1% 14.4% 3.1x 8.0xMontage Technology Group Limited China 21.98 ‐18% 604.4 611.2 99.2 24.6 24.8% 0.0% 6.2x 24.9xNEC Corporation Japan 2.92 ‐3% 7,598.1 13,594.9 29,195.9 1,492.6 5.1% ‐3.5% 0.5x 9.1x


TechnologyPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDANetApp, Inc. United States $42.34 ‐8% $ 14,430.2 $ 10,152.5 $ 6,412.7 $ 937.9 14.6% 2.5% 1.6x 10.8xOracle Corporation United States 36.90 ‐5% 165,954.4 153,624.4 37,552.0 16,289.0 43.4% 0.9% 4.1x 9.4xProAct IT Group AB Sweden 12.08 ‐22% 112.5 141.2 348.7 20.7 5.9% ‐5.8% 0.4x 6.8xQualys, Inc. * United States 28.98 ‐2% 934.7 834.9 103.6 12.7 12.3% 18.5% 8.1x 65.7xQuantum Corporation United States 1.25 ‐29% 310.1 435.0 565.4 18.1 3.2% ‐7.0% 0.8x 24.1xRackspace Hosting, Inc. United States 36.41 ‐53% 5,090.6 4,893.2 1,479.6 413.4 27.9% 19.4% 3.3x 11.8xRed Hat, Inc. United States 56.50 ‐6% 10,708.9 9,742.4 1,482.1 302.7 20.4% 16.0% 6.6x 32.2xSanDisk Corp. United States 69.55 ‐6% 15,710.7 14,788.0 6,170.0 2,109.5 34.2% 22.1% 2.4x 7.0xSAP AG Germany 76.49 ‐13% 91,285.3 93,331.6 22,699.6 7,426.6 32.7% 3.7% 4.1x 12.6xSeagate Technology Public Limited Company Ireland 52.86 ‐16% 17,378.0 18,611.0 13,968.0 2,770.0 19.8% ‐14.5% 1.3x 6.7xSil icon Graphics International Corp. United States 13.01 ‐38% 445.7 332.3 666.7 (5.7) NM ‐10.3% 0.5x NM Sony Corporation Japan 15.90 ‐33% 16,500.8 20,638.3 69,840.3 3,035.4 4.3% 9.5% 0.3x 6.8xSplunk, Inc. * United States 77.03 ‐8% 8,688.4 8,336.5 267.9 (43.7) NM 51.4% 31.1x NM Symantec Corporation United States 21.41 ‐21% 14,902.0 13,106.0 6,799.0 1,960.0 28.8% ‐0.6% 1.9x 6.7xSynchronoss Technologies, Inc. United States 26.66 ‐32% 1,044.0 1,008.2 325.0 65.6 20.2% 23.7% 3.1x 15.4xTableau Software, Inc. * United States 80.82 ‐2% 4,780.7 4,554.4 192.8 (2.1) NM 0.0% 23.6x NM Teradata Corporation United States 41.12 ‐39% 6,719.0 6,112.0 2,663.0 594.0 22.3% 2.5% 2.3x 10.3xTrend Micro Inc. Japan 31.20 ‐24% 4,189.3 2,961.3 1,019.1 343.5 33.7% 11.3% 2.9x 8.6xThe KEYW Holding Corporation United States 16.00 ‐13% 588.2 666.3 304.1 23.9 7.9% 38.7% 2.2x 27.9xVeriSign, Inc. United States 58.75 ‐7% 8,051.8 7,608.7 949.7 594.0 62.5% 12.1% 8.0x 12.8xViolin Memory, Inc. United States 3.78 ‐53% 311.8 177.6 102.5 (115.6) NM 40.8% 1.7x NM VMware, Inc. United States 90.14 ‐11% 38,791.7 33,066.7 5,207.0 1,503.0 28.9% 13.1% 6.4x 22.0xWestern Digital Corporation United States 86.17 ‐5% 20,358.7 18,043.7 15,268.0 3,234.0 21.2% ‐2.4% 1.2x 5.6xXoom Corporation * United States 27.39 ‐25% 1,023.2 822.0 112.2 8.7 7.7% 52.9% 7.3x 94.6x




CommunicationsPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAastra Technologies Ltd. Canada $38.41 ‐10% $ 457.5 $ 380.2 $ 538.2 $ 40.4 7.5% ‐5.1% 0.7x 9.4xADTRAN Inc. United States 25.39 ‐9% 1,464.7 1,346.9 641.7 63.1 9.8% 3.4% 2.1x 21.3xAlcatel Lucent Société Anonyme France 4.05 ‐12% 11,151.1 13,421.5 19,705.7 1,502.3 7.6% 0.7% 0.7x 8.9xAllot Communications Ltd. Israel 16.02 ‐11% 521.7 406.6 95.6 (3.9) NM ‐4.8% 4.3x NM Ambient Corporation United States 2.15 ‐48% 35.9 31.4 20.0 (12.9) NM ‐60.4% 1.6x NM Anaren, Inc. United States 27.95 ‐1% 358.7 296.6 161.7 28.3 17.5% 7.8% 1.8x 10.5xAruba Networks, Inc. * United States 19.71 ‐26% 2,151.1 1,826.2 616.5 18.5 3.0% 13.8% 3.0x 98.7xAudioCodes Ltd. Israel 7.54 ‐7% 290.7 250.0 137.2 5.8 4.2% 7.6% 1.8x 43.2xAviat Networks, Inc. United States 1.90 ‐51% 118.5 45.2 449.7 1.1 0.2% 0.5% 0.1x 41.1xAxesstel Inc. United States 0.14 ‐92% 3.5 12.2 27.4 (6.1) NM ‐54.9% 0.4x NM BlackBerry Limited Canada 9.48 ‐39% 4,912.7 2,945.4 8,514.0 (2,037.0) NM ‐32.3% 0.3x NM Barracuda Networks, Inc. United States 34.31 ‐17% 1,745.1 1,628.5 225.9 (0.1) NM 0.0% 7.2x NM Blonder Tongue Laboratories Inc. United States 1.07 ‐33% 6.7 12.0 28.4 (1.1) NM ‐3.3% 0.4x NM BroadSoft, Inc. * United States 30.61 ‐22% 864.4 797.0 172.3 7.4 4.3% 8.0% 4.6x 108.4xBrocade Communications Systems, Inc. United States 9.34 ‐4% 4,146.5 3,758.8 2,222.9 518.1 23.3% ‐0.7% 1.7x 7.3xCalAmp Corp. United States 29.48 ‐12% 1,017.4 988.6 224.4 24.0 10.7% 32.2% 4.4x 41.2xCalix Inc. United States 7.93 ‐43% 394.7 315.6 380.0 11.8 3.1% 15.0% 0.8x 26.8xCiena Corporation United States 23.33 ‐16% 2,419.5 3,160.1 2,082.5 132.4 6.4% 13.6% 1.5x 23.9xCisco Systems, Inc. United States 21.91 ‐17% 117,144.4 85,181.4 48,816.0 14,058.0 28.8% 4.6% 1.7x 6.1xClearfield, Inc. United States 24.95 0% 324.3 303.3 59.2 10.1 17.1% 53.6% 5.1x 30.0xClearOne, Inc. United States 9.17 ‐6% 82.4 62.2 48.4 7.7 15.9% 6.7% 1.3x 8.1xCOM DEV International Ltd. Canada 3.67 ‐7% 281.0 273.8 193.5 36.2 18.7% 3.3% 1.4x 7.6xCommScope Holding Company, Inc. United States 17.93 ‐9% 3,329.7 6,032.4 3,481.8 654.1 18.8% 0.0% 1.7x 9.2xCommunications Systems Inc. United States 11.93 ‐3% 102.0 87.0 129.8 9.4 7.3% 25.0% 0.7x 9.2xCorning Inc. United States 17.21 ‐10% 24,906.3 23,013.3 7,819.0 2,459.0 31.4% ‐2.4% 2.9x 9.4xCTX Virtual Technologies, Inc. United States 2.02 ‐19% 16.1 16.2 119.2 16.9 14.2% 198.1% 0.1x 1.0xCyan, Inc. United States 3.79 ‐75% 176.0 104.0 125.5 (26.0) NM 58.4% 0.8x NM DDS Wireless International Inc. Canada 1.63 ‐27% 22.1 13.4 33.7 2.1 6.3% ‐9.0% 0.4x 6.3xDigi International Inc. United States 10.30 ‐19% 266.1 168.3 195.7 16.8 8.6% 2.5% 0.9x 10.0xDragonWave Inc. Canada 1.54 ‐53% 88.5 82.1 100.4 (41.8) NM ‐4.1% 0.8x NM EchoStar Corp. United States 47.03 ‐9% 4,250.9 4,983.2 3,260.6 636.5 19.5% 2.9% 1.5x 7.8xEmulex Corporation United States 7.36 ‐18% 593.5 538.5 475.0 42.8 9.0% ‐4.3% 1.1x 12.6xEricsson Sweden 12.24 ‐12% 39,381.4 32,312.3 34,779.6 4,300.0 12.4% ‐0.2% 0.9x 7.5xExtreme Networks Inc. United States 7.32 ‐10% 691.5 492.1 299.1 16.4 5.5% ‐6.5% 1.6x 29.9xF5 Networks, Inc. United States 107.02 ‐3% 8,137.8 7,559.6 1,522.3 469.3 30.8% 7.2% 5.0x 16.1xFinisar Corp. United States 23.71 ‐11% 2,279.2 2,013.2 1,038.6 130.8 12.6% 11.0% 1.9x 15.4xFleetmatics Group PLC * Ireland 40.01 ‐23% 1,474.6 1,358.1 163.1 43.3 26.6% 38.8% 8.3x 31.4xFranklin Wireless Corp. United States 1.75 ‐15% 18.2 8.0 21.0 (1.5) NM ‐38.7% 0.4x NM Gigamon Inc. United States 30.46 ‐27% 946.9 841.5 129.1 (25.4) NM 49.9% 6.5x NM Gogo Inc. * United States 20.39 ‐43% 1,714.7 1,677.9 299.1 11.6 3.9% 38.2% 5.6x 145.3xHarmonic Inc. United States 6.56 ‐20% 652.1 481.6 461.9 23.2 5.0% ‐12.9% 1.0x 20.8xHarris Corporation United States 69.34 ‐4% 7,405.4 8,746.5 4,978.4 1,085.0 21.8% ‐7.0% 1.8x 8.1xInfoblox Inc. * United States 35.08 ‐28% 1,858.2 1,629.1 239.1 4.4 1.8% 33.3% 6.8x 371.8xInteractive Intell igence Group Inc. United States 75.94 ‐6% 1,535.9 1,437.8 318.2 28.1 8.8% 34.1% 4.5x 51.1x


CommunicationsPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/02/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAJDS Uniphase Corporation United States 13.29 ‐20% $ 3,093.9 $ 2,552.7 $ 1,703.2 150.0 8.8% 0.9% 1.5x 17.0xJuniper Networks, Inc. United States $26.61 ‐7% 13,438.16 11,591.56 4,669.10 794.9 17.0% 7.0% 2.5x 14.6xKVH Industries Inc. United States 13.18 ‐12% 205.8 186.0 162.9 16.8 10.3% 25.8% 1.1x 11.1xMavenir Systems, Inc. United States 12.74 ‐5% 296.5 426.4 90.9 (6.6) NM 12.0% 4.7x NM Meru Networks, Inc. United States 4.47 ‐36% 101.3 74.0 103.8 (11.4) NM 12.1% 0.7x NM Mitel Networks Corporation Canada 8.84 ‐14% 476.9 695.3 579.4 88.5 15.3% ‐2.1% 1.2x 7.9xMotorola Solutions, Inc. United States 63.80 ‐6% 16,505.9 15,769.9 8,696.0 1,550.0 17.8% 0.0% 1.8x 10.2xNetgear Inc. United States 31.91 ‐15% 1,236.8 935.4 1,323.4 135.9 10.3% 4.2% 0.7x 6.9xNokia Corporation Finland 6.94 ‐16% 25,781.8 22,540.9 17,154.6 2,313.6 13.5% ‐57.9% 1.3x 9.7xNuance Communications, Inc. United States 15.33 ‐38% 4,858.5 6,365.8 1,855.3 239.7 12.9% 12.3% 3.4x 26.6xNumerex Corp. United States 13.35 ‐16% 248.3 224.3 75.2 4.1 5.5% 20.5% 3.0x 54.7xOptical Cable Corp. United States 3.93 ‐20% 25.8 34.7 75.3 2.8 3.7% ‐9.9% 0.5x 12.3xPalo Alto Networks, Inc. * United States 59.45 ‐8% 4,309.6 3,872.9 438.4 (6.6) NM 54.4% 8.8x NM PCTEL, Inc. United States 8.21 ‐19% 147.3 92.4 104.1 4.1 4.0% 25.4% 0.9x 22.4xPlantronics, Inc. United States 42.93 ‐14% 1,845.9 1,524.0 813.7 154.5 19.0% 10.6% 1.9x 9.9xPolycom, Inc. United States 11.93 ‐3% 2,033.1 1,754.2 1,368.4 119.5 8.7% ‐1.7% 1.3x 14.7xProcera Networks, Inc. United States 11.56 ‐37% 235.2 126.3 69.9 (10.1) NM 19.1% 1.8x NM RadiSys Corporation United States 2.83 ‐46% 82.3 83.8 257.0 2.7 1.0% ‐13.3% 0.3x 31.3xRadware Ltd. Israel 16.92 ‐13% 758.4 623.5 193.0 27.4 14.2% 2.0% 3.2x 22.7xRELM Wireless Corp. United States 3.42 ‐16% 46.4 38.8 26.6 2.2 8.3% ‐3.3% 1.5x 17.6xRingCentral, Inc. * United States 18.25 ‐8% 1,135.8 1,148.4 148.3 (27.5) NM 0.0% 7.7x NM Riverbed Technology, Inc. United States 19.72 ‐6% 3,193.0 3,258.7 1,041.0 153.1 14.7% 24.4% 3.1x 21.3xSandvine Corporation Canada 2.76 ‐12% 383.4 306.8 106.5 24.5 23.0% 21.2% 2.9x 12.5xShoreTel, Inc. United States 7.70 ‐22% 464.8 416.6 332.7 10.9 3.3% 17.0% 1.3x 38.2xSierra Wireless Inc. Canada 20.46 ‐20% 629.4 455.3 432.7 (4.1) NM 127.6% 1.1x NM SolarWinds, Inc. * United States 39.89 ‐35% 2,997.8 2,791.7 311.8 148.9 47.8% 24.2% 9.0x 18.7xSolera Holdings Inc. United States 66.83 ‐6% 4,601.9 5,339.2 860.4 341.8 39.7% 9.3% 6.2x 15.6xSonus Networks, Inc. United States 3.00 ‐21% 820.5 622.3 275.7 (8.8) NM 8.9% 2.3x NM Telcoware Co., Ltd. South Korea 12.71 0% 68.5 21.8 51.6 6.9 13.4% 1.3% 0.4x 3.2xTeleCommunication Systems Inc. United States 2.27 ‐29% 133.3 218.9 362.3 21.1 5.8% ‐25.7% 0.6x 10.4xTESSCO Technologies Inc. United States 33.29 ‐21% 274.0 268.2 594.0 30.2 5.1% ‐24.7% 0.5x 8.9xTransmode AB (publ) Sweden 15.33 ‐18% 426.0 366.7 161.7 29.4 18.2% 5.1% 2.3x 12.5xUbiquitous Corporation * Japan 17.15 ‐55% 149.8 138.1 9.1 (0.1) NM 2.8% 15.3x NM Vecima Networks Inc. Canada 5.11 ‐19% 114.1 84.5 79.8 12.8 16.1% ‐11.5% 1.1x 6.6xVerint Systems Inc. United States 45.44 ‐7% 2,429.0 2,705.1 880.5 177.0 20.1% 7.0% 3.1x 15.3xViaSat Inc. United States 59.51 ‐19% 2,712.7 3,273.1 1,270.1 159.2 12.5% 30.9% 2.6x 20.6xVonage Holdings Corporation United States 4.61 ‐7% 987.4 954.0 831.6 90.4 10.9% ‐2.3% 1.1x 10.6xWestell Technologies, Inc. United States 3.75 ‐23% 221.8 140.7 73.2 (1.0) NM 62.6% 1.9x NM ZTE Corp. China 2.19 ‐27% 7,444.9 11,021.6 12,894.1 483.3 3.7% ‐12.3% 0.9x 22.8x




Software

Within the Software segment, a total of $2.6 billion in strategic activity were reported, while another $518 million in investments were announced

Healthcare Software was the most active and highest value subsegment with 17 transactions announced worth $1.3 billion, followed by ERP Software and Security Software with 13 transactions each worth a combined total of $172 million


• BSP’s $864 million purchase of Japan‐based Beacon Information Technology, a provider of data management solutions

• Dassault Systemes $750 million acquisition of Accelyrs, a developer of scientific business intelligence software and solutions, at a valuation of 4.5x revenue

Select investments:

• Bain Capital Ventures’ $78 million investment in Healthcare software company MedHok, a provider of a compliance and quality improvement platform

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

Healthcare 17 23% $1,328.0 51% 7 $1,101.0 0 ‐ 10 $227.0

ERP 13 18% 130.6 5% 8 84.8 0 ‐ 5 45.8

Security 13 18% 40.9 2% 7 ‐ 0 ‐ 6 40.9

HR 5 7% 16.0 1% 3 ‐ 0 ‐ 2 16.0

Software Development Tools 5 7% 47.9 2% 2 ‐ 0 ‐ 3 47.9

Credit/Risk 4 5% 14.3 1% 2 ‐ 0 ‐ 2 14.3

Other* 17 23% 1,006.4 39% 9 880.0 0 ‐ 8 126.4

Total 74 100% 2,584.1 100% 38 2,065.8 0 0.0 36 518.3

*Other includes Application Management, Collaboration, Data Management, Engineering, Financial, Geo‐Demo, Infrastructure, and Legal

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



SoftwarePublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdvent Software, Inc. United States $33.49 ‐8% $ 1,709.1 $ 2,017.7 $ 41.4 $ 350.0 $ 377.4 $ 76.1 20.2% 6.9% 5.3x 26.5xEbix Inc. United States 13.45 ‐37% 515.6 537.2 37.7 59.3 207.9 83.9 40.3% 9.8% 2.6x 6.4xEpiq Systems, Inc. United States 15.48 ‐8% 538.1 812.6 37.5 312.0 405.9 72.6 17.9% 24.9% 2.0x 11.2xFidessa group plc United Kingdom 39.46 ‐6% 1,485.5 1,402.6 82.7 ‐ 455.1 90.0 19.8% ‐2.1% 3.1x 15.6xGuidewire Software, Inc. United States 48.27 ‐7% 3,233.1 2,704.4 528.7 ‐ 303.9 3.7 1.2% 25.1% 8.9x NM Innovation Group plc United Kingdom 0.57 ‐5% 561.7 523.0 83.3 38.4 336.3 42.5 12.6% 5.5% 1.6x 12.3xManagement Consulting Group PLC United Kingdom 0.42 ‐22% 206.0 291.3 18.0 103.0 431.6 36.7 8.5% ‐10.7% 0.7x 7.9xModel N, Inc. * United States 10.68 ‐57% 253.5 150.4 103.4 0.3 101.9 4.0 3.9% 20.9% 1.5x 38.1xNetSuite Inc. * United States 109.14 ‐4% 8,151.0 7,947.5 451.6 254.0 414.5 (38.4) NM 34.2% 19.2x NM Performant Financial Corporation United States 8.92 ‐37% 429.6 496.0 69.6 136.0 251.3 81.4 32.4% 27.7% 2.0x 6.1xRealPage, Inc. United States 21.44 ‐19% 1,665.3 1,621.3 44.0 ‐ 367.2 56.9 15.5% 19.4% 4.4x 28.5xSolera Holdings Inc. United States 69.03 ‐3% 4,753.4 5,490.7 1,069.2 1,708.2 860.4 341.8 39.7% 9.3% 6.4x 16.1xSS&C Technologies Holdings, Inc. United States 42.69 ‐8% 3,510.4 4,264.9 81.6 836.2 701.9 277.0 39.5% 47.5% 6.1x 15.4xTyler Technologies, Inc. * United States 102.26 ‐5% 3,297.4 3,245.3 52.1 ‐ 401.3 76.1 19.0% 14.6% 8.1x 42.7x


Healthcare Software

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $10.08 ‐5% $ 561.1 $ 457.7 $ 103.4 $ ‐ $ 166.2 $ 11.0 6.6% 5.2% 2.8x 41.5xAllscripts Healthcare Solutions, Inc. * United States 16.85 ‐4% 2,974.7 3,458.7 60.8 544.8 1,373.0 28.5 2.1% ‐7.4% 2.5x 121.2xathenahealth, Inc. * United States 140.01 ‐3% 5,206.8 5,387.4 62.3 242.9 539.7 47.9 8.9% 35.4% 10.0x 112.4xCegedim SA France 32.99 ‐12% 459.8 1,179.2 82.3 791.5 1,222.8 164.2 13.4% ‐0.8% 1.0x 7.2xCerner Corporation United States 54.71 ‐8% 18,779.9 18,041.0 921.8 182.9 2,760.6 811.7 29.4% 9.6% 6.5x 22.2xComputer Programs & Systems Inc. United States 58.95 ‐7% 657.8 644.2 22.4 ‐ 200.9 53.7 26.7% 9.6% 3.2x 12.0xCraneware plc United Kingdom 9.36 ‐2% 252.9 220.0 30.3 ‐ 41.5 11.6 27.9% 0.9% 5.3x 19.0xMcKesson Corporation United States 173.72 ‐2% 39,905.4 41,819.4 2,431.0 4,874.0 130,370.0 3,215.0 2.5% 5.7% 0.3x 13.0xMedAssets, Inc. United States 22.25 ‐16% 1,376.6 2,179.1 ‐ 802.5 673.7 207.6 30.8% 6.4% 3.2x 10.5xMedidata Solutions, Inc. United States 60.30 ‐9% 3,226.9 3,095.4 358.6 227.1 260.9 42.5 16.3% 26.1% 11.9x 72.8xMerge Healthcare Incorporated United States 2.08 ‐56% 195.7 422.5 19.5 245.9 242.7 16.4 6.7% ‐2.3% 1.7x 25.8xQuality Systems Inc. United States 18.25 ‐24% 1,098.8 1,004.8 94.0 ‐ 440.8 72.8 16.5% ‐3.7% 2.3x 13.8xStreamline Health Solutions, Inc. United States 6.50 ‐24% 113.1 129.2 4.3 12.8 28.7 0.6 2.1% 33.3% 4.5x NM USMD Holdings, Inc. United States 17.40 ‐60% 175.8 214.2 12.1 47.0 232.0 13.0 5.6% 291.4% 0.9x 16.4xVeeva Systems Inc. * United States 31.89 ‐35% 3,973.7 3,700.3 273.4 ‐ 187.1 38.4 20.5% 0.0% 19.8x 96.2x



Financial & Credit/Risk Management Software





HR Software

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA51job Inc. China $75.00 ‐9% $ 2,212.7 $ 1,716.9 $ 500.8 $ ‐ $ 253.5 $ 83.2 32.8% 8.3% 6.8x 20.6xAllocate Software plc. United Kingdom 1.80 ‐7% 120.4 108.1 12.3 ‐ 62.9 6.4 10.2% 4.4% 1.7x 16.8xBenefitfocus, Inc. United States 68.00 ‐12% 1,663.6 1,586.4 84.7 7.5 96.7 (18.3) NM 0.0% 16.4x NM Concur Technologies, Inc. * United States 112.34 ‐3% 6,297.0 6,111.7 848.9 655.7 586.1 35.3 6.0% 26.8% 10.4x 173.2xCornerstone OnDemand, Inc. United States 56.38 ‐3% 2,933.6 2,920.6 231.7 218.8 166.7 (28.8) NM 60.5% 17.5x NM Dice Holdings, Inc. United States 7.30 ‐30% 411.2 426.5 44.7 60.0 207.8 64.8 31.2% 9.4% 2.1x 6.6xLinkedIn Corporation * United States 217.39 ‐16% 25,957.4 23,685.1 2,272.3 ‐ 1,384.9 168.0 12.1% 65.6% 17.1x 141.0xMonster Worldwide, Inc. United States 6.10 ‐16% 639.7 741.7 86.9 189.0 820.1 126.0 15.4% ‐10.0% 0.9x 5.9xSaba Software, Inc. United States 13.75 ‐1% 409.6 395.4 15.0 0.9 121.3 (9.8) NM 7.7% 3.3x NM The Ultimate Software Group, Inc. United States 155.17 ‐5% 4,333.4 4,232.2 109.7 8.4 390.7 56.5 14.5% 24.9% 10.8x 74.9xWorkday, Inc. * United States 88.99 ‐6% 16,093.2 15,289.2 1,282.7 478.7 408.6 (106.2) NM 73.6% 37.4x NM


Security Software

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAbsolute Software Corporation Canada $6.58 ‐10% $ 284.6 $ 238.6 $ 49.5 $ ‐ $ 85.1 $ 17.3 20.3% 11.8% 2.8x 13.8xAVG Technologies N.V. Netherlands 16.74 ‐37% 911.4 895.6 54.9 39.2 400.4 132.0 33.0% 19.5% 2.2x 6.8xCheck Point Software Technologies Ltd. Israel 64.69 ‐1% 12,707.4 11,447.0 1,166.8 ‐ 1,394.1 771.9 55.4% 3.8% 8.2x 14.8xCisco Systems, Inc. United States 22.20 ‐16% 118,694.9 86,731.9 48,201.0 16,226.0 48,816.0 14,058.0 28.8% 4.6% 1.8x 6.2xFireEye, Inc. * United States 67.30 ‐11% 8,131.4 7,823.7 327.7 20.0 136.0 (107.7) NM 0.0% 57.5x NM Fortinet Inc. United States 21.68 ‐14% 3,543.8 3,030.8 491.4 ‐ 615.3 87.7 14.3% 15.3% 4.9x 34.6xGemalto NV Netherlands 118.36 ‐5% 10,192.6 9,821.1 386.8 12.3 3,184.2 505.0 15.9% 11.9% 3.1x 19.4xImperva Inc. United States 54.10 ‐6% 1,350.5 1,241.8 106.8 ‐ 126.8 (13.8) NM 32.5% 9.8x NM Infoblox Inc. United States 35.03 ‐28% 1,855.6 1,626.4 229.1 ‐ 239.1 4.4 1.8% 33.3% 6.8x NM Juniper Networks, Inc. United States 27.72 ‐4% 13,998.7 12,152.1 2,845.9 999.3 4,669.1 794.9 17.0% 7.0% 2.6x 15.3xNQ Mobile Inc. * China 15.78 ‐39% 842.1 692.7 149.5 ‐ 158.9 4.8 3.0% 113.0% 4.4x 145.7xPalo Alto Networks, Inc. United States 60.40 ‐7% 4,378.5 3,941.7 436.7 ‐ 438.4 (6.6) NM 54.4% 9.0x NM Proofpoint, Inc. United States 36.60 ‐9% 1,314.2 1,245.4 251.8 155.3 137.9 (20.2) NM 29.8% 9.0x NM Qihoo 360 Technology Co. Ltd. China 84.74 ‐12% 10,403.6 10,011.5 1,004.4 600.0 552.4 145.9 26.4% 91.5% 18.1x 68.6xSymantec Corporation United States 23.30 ‐14% 16,217.5 14,479.5 3,890.0 2,094.0 6,799.0 1,960.0 28.8% ‐0.6% 2.1x 7.4xTrend Micro Inc. Japan 32.53 ‐20% 4,368.3 3,139.8 1,228.1 ‐ 1,019.1 343.5 33.7% 11.3% 3.1x 9.1xVeriSign, Inc. United States 60.37 ‐4% 8,273.8 7,830.8 1,806.8 1,363.8 949.7 594.0 62.5% 12.1% 8.2x 13.2x







Engineering Software

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAnsys, Inc. United States $79.74 ‐11% $ 7,388.7 $ 6,680.9 $ 707.8 $ ‐ $ 846.0 $ 393.9 46.6% 9.1% 7.9x 17.0xAutodesk, Inc. * United States 50.44 ‐7% 11,379.3 10,065.0 2,060.5 746.2 2,294.2 461.8 20.1% ‐0.2% 4.4x 21.8xAveva Group plc United Kingdom 36.44 ‐17% 2,324.7 2,166.6 157.6 ‐ 380.2 111.9 29.4% 10.9% 5.7x 19.4xDassault Systemes SA France 118.65 ‐16% 14,750.6 12,820.1 2,452.6 532.2 2,786.3 859.9 30.9% 4.4% 4.6x 14.9x


Infrastructure Software

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. * United States $59.09 ‐5% $ 29,344.3 $ 27,684.6 $ 3,173.8 $ 1,514.0 $ 4,055.2 $ 770.4 19.0% ‐7.9% 6.8x 35.9xCA Technologies United States 32.66 ‐10% 14,624.1 13,541.1 2,993.0 1,910.0 4,582.0 1,566.0 34.2% ‐2.1% 3.0x 8.6xCommVault Systems, Inc. United States 73.93 ‐18% 3,495.6 3,010.4 500.5 ‐ 567.8 103.4 18.2% 20.4% 5.3x 29.1xCovisint Corporation United States 10.19 ‐31% 380.7 326.0 54.8 ‐ 98.4 (27.1) NM 13.9% 3.3x NM Daegis Inc. United States 1.18 ‐28% 19.3 31.0 4.0 15.7 35.9 4.3 12.0% ‐12.1% 0.9x 7.2xEndurance International Group Holdings, Inc. * United States 11.95 ‐20% 1,517.2 2,682.6 33.4 1,198.8 500.9 78.4 15.7% 0.0% 5.4x 34.2xGuidance Software, Inc. United States 10.41 ‐20% 300.0 283.4 16.8 0.2 118.8 (9.3) NM ‐3.5% 2.4x NM IBM Corporation United States 179.64 ‐17% 195,062.8 223,851.8 11,066.0 39,718.0 99,751.0 24,299.0 24.4% ‐4.6% 2.2x 9.2xInformatica Corporation United States 41.57 ‐5% 4,510.9 3,833.5 677.4 ‐ 948.2 164.0 17.3% 16.8% 4.0x 23.4xIntraLinks Holdings, Inc. United States 10.83 ‐13% 599.5 595.6 79.4 75.5 229.2 (0.2) NM 8.0% 2.6x NM NetSuite Inc. * United States 109.14 ‐4% 8,151.0 7,947.5 451.6 254.0 414.5 (38.4) NM 34.2% 19.2x NM Opera Software ASA Norway 12.78 ‐17% 1,690.0 1,621.4 70.1 ‐ 271.3 75.6 27.9% 36.5% 6.0x 21.4xOracle Corporation United States 37.11 ‐4% 166,898.8 154,568.8 36,999.0 24,166.0 37,552.0 16,289.0 43.4% 0.9% 4.1x 9.5xRally Software Development Corp. United States 20.90 ‐37% 510.2 415.4 94.8 ‐ 70.2 (14.7) NM 33.5% 5.9x NM Salesforce.com, Inc United States 58.40 ‐5% 35,215.2 36,969.5 703.5 2,457.8 3,760.4 (19.4) NM 32.1% 9.8x NM ServiceNow, Inc. United States 58.56 ‐7% 8,124.4 7,904.3 634.6 414.8 424.7 (42.1) NM 74.2% 18.6x NM Textura Corporation * United States 32.96 ‐30% 819.7 704.2 127.7 11.8 35.5 (30.6) NM 63.9% 19.8x NM TIBCO Software Inc. United States 21.80 ‐20% 3,576.4 3,370.5 746.0 540.0 1,070.0 193.7 18.1% 4.4% 3.2x 17.4x





Information & Business Services

Strategic and private equity buyer transactions accounted for 86 percent of reported value during the month

Healthcare Information was the most active subsegment with 12 transactions announced worth $95 million in aggregate reported value


• Convergys’ $820 million purchase of Stream Global Services, a provider of business process outsourcing services, at a reported valuation of 0.8x revenue and 8.0x EBITDA

• Permira Advisers’ $200 million acquisition of LegalZoom, an online provider of legal documents and services

• Sterling Partners’ $108 million purchase of Innotrac, a provider of eCommerce fulfillment and customer care services

Select investments:

• The $64 million investment led by private contributors in Italy‐based integrated healthcare services provider Dedalus

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

Healthcare Information 12 34% $94.9 7% 6 ‐ 2 ‐ 4 $94.9

IT Consulting/Systems Integration 6 17% ‐ 0% 5 ‐ 0 ‐ 1 ‐

BPO 4 11% 844.9 64% 3 824.9 0 ‐ 1 20.0

Market Research 3 9% 13.0 1% 1 ‐ 0 ‐ 2 13.0

Staffing 3 9% ‐ 0% 2 ‐ 0 ‐ 1 ‐

Credit/Risk Consulting 2 6% 7.7 1% 1 ‐ 0 ‐ 1 7.7

Other* 5 14% 358.0 27% 0 ‐ 2 308.0 3 50.0

Total 35 100% 1,318.5 100% 18 824.9 4 308.0 13 185.6

*Other includes Contact Center, Corporate Training, Fulfillment, HR Consulting, Legal Information, and Printing Services

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Information ServicesPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABroadridge Financial Solutions, Inc. United States $36.71 ‐9% $ 4,375.2 $ 4,716.1 $ 2,480.2 $ 492.8 19.9% 6.8% 1.9x 9.6xComputershare Limited Australia 9.80 ‐3% 5,452.8 6,655.1 2,015.7 379.4 18.8% 11.8% 3.3x 17.5xCoreLogic, Inc. United States 32.74 ‐10% 3,068.4 3,715.8 1,640.1 370.4 22.6% 9.1% 2.3x 10.0xCoStar Group Inc. * United States 176.19 ‐6% 5,066.5 5,001.1 425.4 83.0 19.5% 34.6% 11.8x 60.2xDST Systems Inc. United States 88.76 ‐4% 3,743.0 4,196.1 2,658.6 447.1 16.8% 3.2% 1.6x 9.4xDun & Bradstreet Corp. United States 113.30 ‐9% 4,323.5 5,570.4 1,641.6 462.0 28.1% ‐3.4% 3.4x 12.1xEnvestnet, Inc. * United States 44.02 ‐9% 1,487.9 1,451.2 212.5 24.5 11.5% 48.2% 6.8x 59.3xEquifax Inc. United States 69.77 ‐3% 8,490.0 9,821.7 2,346.7 743.5 31.7% 14.5% 4.2x 13.2xExperian plc Ireland 17.69 ‐17% 17,695.2 21,072.0 4,784.0 1,635.0 34.2% 3.5% 4.4x 12.9xFactSet Research Systems Inc. United States 106.10 ‐11% 4,539.2 4,351.4 870.0 327.0 37.6% 6.0% 5.0x 13.3xFair Isaac Corporation United States 56.70 ‐11% 1,976.7 2,358.7 737.8 191.1 25.9% 6.0% 3.2x 12.3xFidelity National Information Services, Inc. United States 50.84 ‐5% 14,801.2 18,971.9 5,992.3 1,529.1 25.5% 3.9% 3.2x 12.4xFinancial Engines, Inc. * United States 61.58 ‐13% 3,104.2 2,872.2 225.1 46.1 20.5% 28.4% 12.8x 62.4xMcGraw Hill Financial, Inc. United States 73.27 ‐7% 19,841.5 19,911.5 4,851.0 1,749.0 36.1% 97.8% 4.1x 11.4xMoody's Corporation United States 72.97 ‐8% 15,695.8 15,841.6 2,947.5 1,297.2 44.0% 15.9% 5.4x 12.2xMorningstar Inc. United States 78.30 ‐9% 3,598.1 3,257.9 688.4 213.4 31.0% 6.5% 4.7x 15.3xMSCI Inc. United States 42.97 ‐5% 5,087.8 5,611.5 1,015.1 455.6 44.9% 9.2% 5.5x 12.3xReis, Inc. United States 17.84 ‐10% 194.6 184.3 34.1 7.0 20.6% 15.1% 5.4x 26.3xSEI Investments Co. United States 33.76 ‐5% 5,759.7 5,232.5 1,126.1 271.4 24.1% 13.5% 4.6x 19.3xThomson Reuters Corporation United States 36.24 ‐5% 29,724.4 35,967.5 12,934.0 2,877.0 22.2% ‐3.1% 2.8x 12.5xThe Nasdaq OMX Group, Inc. United States 37.60 ‐8% 6,300.9 8,631.9 3,116.0 899.0 28.9% ‐2.6% 2.8x 9.6xVerisk Analytics, Inc. United States 63.57 ‐8% 10,694.5 11,820.4 1,679.0 748.4 44.6% 14.2% 7.0x 15.8x



Marketing Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $35.96 ‐7% $ 2,701.2 $ 2,643.7 $ 1,097.5 $ 182.0 16.6% ‐1.1% 2.4x 14.5xAlliance Data Systems Corporation United States 239.66 ‐10% 11,674.6 19,866.3 4,149.8 1,243.8 30.0% 18.0% 4.8x 16.0xBrainjuicer Group Plc United Kingdom 6.72 ‐1% 84.5 75.5 34.9 4.2 12.1% ‐3.6% 2.2x 17.9xCello Group Plc United Kingdom 1.41 ‐3% 117.5 136.2 237.0 13.6 5.8% 11.9% 0.6x 10.0xCision AB Sweden 5.12 ‐43% 76.0 116.5 133.4 (31.4) NM ‐8.9% 0.9x NM comScore, Inc. * United States 27.41 ‐8% 978.3 917.3 278.7 23.7 8.5% 11.7% 3.3x 38.7xCross Marketing Inc. Japan 12.81 ‐18% 68.9 64.3 56.6 8.5 15.1% 9.8% 1.1x 7.5xEbiquity plc United Kingdom 1.95 ‐5% 135.9 170.9 108.9 19.8 18.2% 11.5% 1.6x 8.6xGfK SE Germany 55.00 ‐11% 2,007.9 2,586.3 2,035.3 261.5 12.8% 2.4% 1.3x 9.9xHarris Interactive Inc. United States 2.03 ‐7% 118.3 102.5 139.7 11.8 8.4% ‐2.1% 0.7x 8.7xHarte‐Hanks Inc. United States 6.85 ‐32% 428.5 452.8 751.9 79.9 10.6% 23.5% 0.6x 5.7xInnerWorkings Inc. United States 7.54 ‐52% 386.5 458.8 855.8 22.9 2.7% 11.9% 0.5x 20.0x

Financial & Credit/Risk Management Information



Information Services Public Company Valuation


Marketing Information (Contd.)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAIntage Holdings Inc. Japan 13.26 ‐3% $ 266.6 $ 253.4 $ 394.0 $ 47.2 12.0% 5.4% 0.6x 5.4xIpsos SA France 44.56 ‐6% 2,018.8 2,907.1 2,370.7 271.2 11.4% 7.0% 1.2x 10.7xMacromill, Inc. Japan 7.64 ‐12% 482.9 424.6 170.6 42.4 24.8% 16.2% 2.5x 10.0xNeuStar, Inc. United States 44.99 ‐21% 2,817.2 3,083.6 902.0 387.9 43.0% 8.5% 3.4x 7.9xNielsen Holdings N.V. Netherlands 43.24 ‐6% 16,331.1 22,535.1 5,716.0 1,607.0 28.1% 6.6% 3.9x 14.0xOnvia Inc. United States 4.81 ‐14% 35.3 27.5 21.9 (1.3) NM ‐0.3% 1.3x NM Pearson plc United Kingdom 19.32 ‐15% 15,618.7 19,131.0 8,488.9 1,447.7 17.1% 13.6% 2.3x 13.2xRentrak Corporation * United States 55.00 ‐3% 658.6 636.1 111.8 15.9 14.3% 20.8% 5.7x 39.9xYouGov PLC United Kingdom 1.65 ‐9% 161.2 150.2 102.9 7.4 7.2% 7.6% 1.5x 20.4x


Other Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACentaur Media plc United Kingdom $0.99 ‐7% $ 139.2 $ 171.2 $ 118.5 $ 15.8 13.3% 9.8% 1.4x 10.8xCorporate Executive Board Co. United States 74.31 ‐8% 2,497.6 2,938.3 790.3 175.6 22.2% 40.9% 3.7x 16.7xForrester Research Inc. United States 38.14 ‐8% 753.4 595.7 295.2 38.8 13.1% 0.9% 2.0x 15.4xGartner Inc. United States 68.19 ‐5% 6,285.6 6,123.4 1,738.3 293.4 16.9% 10.8% 3.5x 20.9xIHS Inc. United States 114.72 ‐7% 7,732.6 9,652.2 1,840.6 388.5 21.1% 20.3% 5.2x 24.8xInforma plc Switzerland 8.73 ‐8% 5,270.4 6,793.6 2,034.4 615.8 30.3% 2.8% 3.3x 11.0xNational Research Corp. United States 36.51 ‐22% 453.7 445.9 91.7 28.4 31.0% 9.7% 4.9x 15.7xNIC Inc. United States 22.89 ‐12% 1,487.7 1,396.7 245.7 59.5 24.2% 23.5% 5.7x 23.5xPremier, Inc. United States 35.48 ‐9% 1,148.7 1,113.1 806.3 328.9 40.8% 0.0% 1.4x 3.4xProofpoint, Inc. * United States 36.60 ‐9% 1,314.2 1,245.4 137.9 (20.2) NM 29.8% 9.0x NM

Reed Elsevier plc(1) United Kingdom 14.91 ‐4% 32,085.6 39,025.1 9,944.2 3,154.3 31.7% 6.6% 3.9x 12.4xSolera Holdings Inc. United States 69.03 ‐3% 4,753.4 5,490.7 860.4 341.8 39.7% 9.3% 6.4x 16.1xTarsus Group plc Ireland 3.72 ‐12% 357.9 412.9 96.1 29.1 30.3% ‐5.2% 4.3x 14.2xTechTarget, Inc. * United States 7.05 ‐5% 223.6 181.5 90.1 6.0 6.6% ‐13.0% 2.0x 30.5xThe Advisory Board Company * United States 63.84 ‐10% 2,301.0 2,223.1 487.5 62.7 12.9% 17.8% 4.6x 35.5xUBM plc United Kingdom 11.51 ‐12% 2,793.6 3,625.6 1,302.5 301.6 23.2% 12.2% 2.8x 12.0xWolters Kluwer NV Netherlands 28.77 ‐5% 8,504.9 11,625.0 4,872.8 1,221.6 25.1% 4.0% 2.4x 9.5x




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


Business Services Public Company Valuation


Consulting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACRA International Inc. United States 19.79 ‐14% 201.2 185.1 270.3 25.9 9.6% ‐2.7% 0.7x 7.1xFTI Consulting, Inc. United States 38.98 ‐17% 1,537.5 2,106.6 1,635.8 265.8 16.2% 4.3% 1.3x 7.9xInformation Services Group, Inc. * United States 5.31 ‐3% 196.9 232.6 207.1 18.2 8.8% 10.2% 1.1x 12.8xNavigant Consulting Inc. United States 18.25 ‐8% 902.9 1,009.7 767.2 129.3 16.9% 9.0% 1.3x 7.8xICF International Inc. United States 34.49 ‐5% 686.0 744.1 951.5 88.2 9.3% 3.5% 0.8x 8.4xHuron Consulting Group Inc. United States 66.08 ‐6% 1,388.1 1,533.1 689.9 132.4 19.2% 13.4% 2.2x 11.6xThe Hackett Group, Inc. United States 5.87 ‐22% 180.1 180.3 212.1 19.8 9.3% 6.2% 0.8x 9.1xTowers Watson & Co. * United States 122.00 ‐7% 8,654.2 8,521.0 3,613.5 656.4 18.2% 6.3% 2.4x 13.0x


HR Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAutomatic Data Processing, Inc. United States 76.97 ‐8% 37,055.3 38,300.1 11,512.2 2,411.7 20.9% 7.2% 3.3x 15.9xBarrett Business Services Inc. United States 81.17 ‐21% 581.6 544.8 502.0 28.0 5.6% 34.3% 1.1x 19.5xCapita plc United Kingdom 16.93 ‐4% 11,111.4 13,690.1 5,862.1 913.4 15.6% 13.6% 2.3x 15.0xDice Holdings, Inc. United States 7.30 ‐30% 411.2 426.5 207.8 64.8 31.2% 9.4% 2.1x 6.6xEdenred SA France 30.41 ‐18% 6,870.4 7,634.0 1,341.7 426.5 31.8% 4.9% 5.7x 17.9xInsperity, Inc. United States 33.16 ‐16% 847.9 638.7 2,231.4 87.2 3.9% 5.2% 0.3x 7.3xLinkedIn Corporation * United States 217.39 ‐16% 25,957.4 23,685.1 1,384.9 168.0 12.1% 65.6% 17.1x 141.0xMarsh & McLennan Companies, Inc. United States 46.37 ‐5% 25,446.7 26,553.7 12,148.0 2,355.0 19.4% 2.7% 2.2x 11.3xMonster Worldwide, Inc. United States 6.10 ‐16% 639.7 741.7 820.1 126.0 15.4% ‐10.0% 0.9x 5.9xPaychex, Inc. United States 42.08 ‐8% 15,326.0 14,862.6 2,397.0 1,040.8 43.4% 5.7% 6.2x 14.3xProfessional Diversity Network LLC United States 3.20 ‐61% 20.2 0.4 4.3 (0.7) NM ‐30.1% 0.1x NM Towers Watson & Co. United States 122.00 ‐7% 8,654.2 8,521.0 3,613.5 656.4 18.2% 6.3% 2.4x 13.0xWageWorks, Inc. United States 61.76 ‐10% 2,136.5 1,856.9 210.9 45.2 21.4% 28.1% 8.8x 41.1x





Business Services Public Company Valuation


Outsourced Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 02/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMREP Corporation * United States $7.66 ‐39% $ 55.1 $ 53.2 $ 85.3 $ 0.2 0.2% 4.9% 0.6x 263.4xCenveo Inc. United States 3.58 ‐9% 236.9 1,416.4 1,764.9 169.3 9.6% ‐1.2% 0.8x 8.4xCommunisis plc United Kingdom 1.03 ‐10% 199.9 221.2 392.2 33.2 8.5% 6.9% 0.6x 6.7xConsolidated Graphics, Inc. United States 65.00 ‐5% 629.7 711.2 1,019.5 112.0 11.0% ‐2.7% 0.7x 6.3xContax Participacoes S.A. Brazil 1.42 ‐41% 615.9 946.3 1,498.3 157.7 10.5% 4.3% 0.6x 6.0xConvergys Corporation United States 20.81 ‐15% 2,116.7 1,525.4 2,027.6 229.8 11.3% 1.5% 0.8x 6.6xElanders AB Sweden 6.70 ‐13% 152.3 280.3 320.7 35.0 10.9% 8.9% 0.9x 8.0xEniro AB Sweden 7.43 ‐18% 744.8 1,159.0 570.1 142.1 24.9% ‐9.1% 2.0x 8.2xExlservice Holdings, Inc. United States 26.27 ‐20% 865.2 729.3 472.0 86.2 18.3% 10.3% 1.5x 8.5xFirstsource Solutions Limited India 0.40 ‐10% 264.8 408.5 467.2 52.8 11.3% 11.9% 0.9x 7.7xGenpact Ltd. Bermuda 16.69 ‐22% 3,841.8 4,007.8 2,081.2 385.0 18.5% 13.3% 1.9x 10.4xInnerWorkings Inc. * United States 7.40 ‐53% 379.4 451.6 855.8 22.9 2.7% 11.9% 0.5x 19.7xLuxoft Holding, Inc. * British Virgin Islands 36.77 ‐7% 1,204.5 1,197.7 350.9 63.8 18.2% 0.0% 3.4x 18.8xMAXIMUS, Inc. United States 42.12 ‐17% 2,886.8 2,762.7 1,331.3 219.4 16.5% 26.8% 2.1x 12.6xQuad/Graphics, Inc. United States 23.76 ‐36% 1,141.4 2,676.7 4,576.8 551.5 12.0% 9.5% 0.6x 4.9xQuintiles Transnational Holdings Inc. United States 46.21 ‐11% 5,957.8 7,421.4 3,750.2 524.1 14.0% 0.0% 2.0x 14.2xR.R. Donnelley & Sons Company United States 18.53 ‐11% 3,367.8 6,438.5 10,384.6 1,125.9 10.8% 1.0% 0.6x 5.7xSalmat Limited Australia 1.82 ‐25% 288.0 210.4 408.4 33.4 8.2% ‐7.9% 0.5x 6.3xSerco Group plc United Kingdom 8.40 ‐26% 4,103.5 5,352.6 8,424.4 647.5 7.7% 18.9% 0.6x 8.3xSt Ives plc United Kingdom 3.08 ‐3% 372.5 396.8 530.9 54.5 10.3% ‐2.1% 0.7x 7.3xStarTek, Inc. United States 6.43 ‐11% 98.3 92.3 223.0 9.0 4.0% 14.9% 0.4x 10.2xSykes Enterprises, Incorporated United States 21.05 ‐10% 900.6 808.9 1,232.4 110.3 8.9% 12.1% 0.7x 7.3xTeleperformance France 58.08 ‐7% 3,254.9 3,161.2 3,260.9 410.6 12.6% 10.2% 1.0x 7.7xTeleTech Holdings Inc. United States 22.28 ‐18% 1,123.4 1,107.7 1,170.3 145.7 12.5% 0.2% 0.9x 7.6xTrans Cosmos, Inc. Japan 21.77 ‐3% 895.6 686.3 1,743.3 103.0 5.9% 7.6% 0.4x 6.7xTranscom WorldWide SA Luxembourg 0.22 ‐6% 268.5 335.7 885.3 28.3 3.2% 12.0% 0.4x 11.9xTranscontinental Inc. Canada 12.46 ‐20% 972.6 1,346.4 1,895.4 336.8 17.8% ‐0.1% 0.7x 4.0xVistaprint N.V. Netherlands 50.15 ‐14% 1,658.8 1,864.1 1,213.6 135.3 11.2% 9.6% 1.5x 13.8xWest Corporation United States 25.02 ‐25% 2,092.0 5,430.5 2,678.5 661.8 24.7% 3.7% 2.0x 8.2xXchanging PLC United Kingdom 2.89 ‐1% 699.2 593.1 1,139.9 122.2 10.7% 6.3% 0.5x 4.9x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 4.9x 2.3x 9.2x 7.5xDigital Advertising 4.7x 2.5x 6.4x 6.1xMarketing Technology 5.8x 3.9x 4.4x 4.0xAgency 1.2x 1.2x 1.6x 1.6xMarketing Services 1.4x 1.4x 2.7x 1.9xTraditional Media 2.8x 2.3x 3.3x 3.1xTechnology 3.6x 2.3x 3.9x 3.7xCommunications 2.5x 1.6x 2.2x 2.0xSoftware 7.2x 4.5x 6.0x 5.0xInformation 3.7x 3.4x 4.2x 4.0xBusiness Services 1.5x 0.8x 3.2x 2.1x

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 26.5x 16.8x 28.9x 25.4xDigital Advertising 33.2x 23.2x 22.7x 21.4xMarketing Technology 40.0x 18.0x 12.7x 12.8xAgency 12.4x 10.2x 11.5x 11.3xMarketing Services 15.9x 8.7x 11.4x 11.5xTraditional Media 10.6x 10.4x 11.1x 10.8xTechnology 19.4x 11.2x 11.9x 11.9xCommunications 27.5x 14.6x 13.1x 10.3xSoftware 31.8x 16.8x 18.1x 12.8xInformation 17.8x 13.3x 15.7x 13.7xBusiness Services 13.3x 10.4x 21.1x 12.5x

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

Revenue Multiples

EBITDA Multiples

As of close of business on 02/01/14

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


PPLLC IndicesLTM Share Pricing Trends

Note: LTM as of 1/31/14

LTM Index Performance

• S&P 500 – 25.0%

• Digital Media/ Commerce – 64.1%

• Traditional Media – 41.1%


• S&P 500 – 25.0%

• Marketing Technology – 6.1%


• S&P 500 – 25.0%

• Digital Advertising – 68.8%


• S&P 500 – 25.0%

• Agency – 47.9%

• Marketing Services – 34.2%

Digital Media/Commerce and Traditional Media Digital Advertising

Agency & Marketing ServicesMarketing Technology

80

95

110

125

140

155

170

Jan‐13 Mar‐13 May‐13 Jul‐13 Sep‐13 Nov‐13 Jan‐14

Index Performance (%

)

S&P 500 Digital Media/Commerce Traditional Media

80

95

110

125

140

155

170



)

S&P 500 Digital Advertising

80

90

100

110

120

130



)

S&P 500 Marketing Technology

80

95

110

125

140

155



)

S&P 500 Agency Marketing Services


PPLLC IndicesLTM Share Pricing Trends

Note: LTM as of 1/31/14


• S&P 500 – 25.0%

• Technology – 25.8%


• S&P 500 – 25.0 %

• Software – 19.4%


• S&P 500 – 25.0 %

• Communications – 23.2%


• S&P 500 – 25.0 %

• Information – 31.7%

• Business Services – 38.6%

Technology Communications

Information & Business ServicesSoftware

80

90

100

110

120

130



)

S&P 500 Technology

80

90

100

110

120

130

140



)

S&P 500 Communications

80

90

100

110

120

130



)

S&P 500 Software

90

100

110

120

130

140

150



)

S&P 500 Information Business Services


All Segments($ in Millions)

Strategic TransactionsTarget Target Segment Buyer/Investor Reported TV

StrategicValues Disclosed

Riverbed Technology Technology & Communications El l iott Management Corporation 3,200.0$ Motorola Mobi l i ty, Inc. Technology & Communications Lenovo Group Limited 3,000.0 AirWatch, LLC Technology & Communications VMware, Inc. 1,500.0 Eurosport International Tradi tional Media Discovery Communications LLC 1,200.0 Beacon Information Technology, Inc. Software BSP Co., Ltd. 864.0 Stream Global Services , Inc. Information & Bus iness Services Convergys Corporation 820.0 Accelrys Software, Inc. Software Dassaul t Systemes 750.0 DeepMind Technologies Ltd. Marketing Technology Google, Inc. 650.0 NaturalMotion Ltd. Digi ta l Media/Commerce Zynga Inc. 527.0 Kana Software, Inc. Marketing Technology Verint Systems, Inc. 514.0 API Healthcare Corporation Software GE Healthcare 351.0 Digi ta l Smiths Marketing Technology TiVo, Inc. 135.0 Pas iones , CentroAmerica TV, TV Dominicana Tradi tional Media Hemisphere Media Group, Inc. 102.0 Parature, Inc. Marketing Technology Microsoft Corporation 100.0 Gravi ty Marketing Technology AOL, Inc. 91.0 Pi lat Media Global plc Software SintecMedia Ltd. 80.0 ControlCi rcle Marketing Technology Alternative Networks plc 64.7 Unicorn Media, Inc. Marketing Technology Brightcove, Inc. 49.0 New Track Media, LLC Tradi tional Media F+W Media , Inc. 43.2 ideel i , Inc. Digi ta l Media/Commerce Groupon, Inc. 43.0 Scout Analytics , Inc. Marketing Technology ServiceSource International , Inc. 32.0 skobbler GmbH Digi ta l Media/Commerce TeleNav, Inc. 24.0 Intercept IT Ltd. Technology & Communications Alternative Networks plc 21.0 FreshSpace Media Agency & Marketing Services Advantage Sales & Marketing, LLC 19.5 Transdyn Software Kapsch TrafficCom AG 16.0 106.9 FM The Bear, BOOM 99.7 Tradi tional Media Corus Enterta inment, Inc. 16.0 Tomfoolery, Inc. Digi ta l Media/Commerce Yahoo!, Inc. 16.0 Branch Media, Inc. Marketing Technology Facebook 15.0 Cl ickSquared, Inc. Marketing Technology XL Marketing Corporation 13.0 AutoUSA, Inc. Digi ta l Adverti s ing Autobytel , Inc. 12.0 DMX Media Marketing Technology Stingray Digi ta l Group Inc. 11.4 Manzuo.com Digi ta l Adverti s ing Suning Corporation 10.0 Rationalwave Analytics Marketing Technology Bottoml ine Technologies , Inc. 8.0 Symphony House Berhad Information & Bus iness Services Aegis BPO Services Private Ltd. 4.9 EGS Group Limited Software PROACTIS Group 4.8


Target Target Segment Buyer/Investor Reported TV StrategicUndisclosed

Adayana, Inc. Software AVX Learning ‐ Add‐on‐Auto LLC Marketing Technology Reynolds & Reynolds Co. ‐ Ador, Inc. Digi ta l Media/Commerce LightInTheBox ‐ Agi l i s International Marketing Technology Infogix, Inc. ‐ Aha Go! Digi ta l Media/Commerce HomeExchange.com ‐ AmkaiSolutions Software Surgica l Information Sys tems LLC ‐ Amplexor NV Marketing Technology euroscript Internationa l SA ‐ Appl ied Discovery, Inc. Software DTI ‐ Appl ied Media Logic Pty Ltd. Agency & Marketing Services Publ ici s Groupe S.A. ‐ Appl ied Weather Technology, Inc. Software StormGeo AS ‐ Archimedes , Inc. Software Evidera ‐ Atheos Software Orange Bus iness Services ‐ Aviate Marketing Technology Yahoo!, Inc. ‐ Bitspin Digi ta l Media/Commerce Google, Inc. ‐ Bookish LLC Digi ta l Media/Commerce Zola Books , Inc. ‐ Broadcast Engineering Magazine Digi ta l Media/Commerce NewBay Media , Inc. ‐ Bus iness Integration Solutions Company Software NeoGrid ‐ BuyerZone.com Digi ta l Adverti s ing TechMediaNetwork ‐ Capsule Tradi tional Media Reed Exhibitions Ltd. ‐ Clari ty Digi ta l Group LLC Digi ta l Media/Commerce AXS.com ‐ ClarusHealth Solutions Information & Bus iness Services Heal thSparq, Inc. ‐ Class icCar.com Digi ta l Media/Commerce Class icCars .com ‐ Cl ientHouse GmbH Marketing Technology Accenture plc ‐ Cloud Party, Inc. Digi ta l Media/Commerce Yahoo!, Inc. ‐ CloudUp Networks Software CipherCloud, Inc. ‐ Coactiva Aspiren Ltd. Marketing Technology Cal lcredi t Information Group Ltd. ‐ Cobook SIA Digi ta l Media/Commerce Ful lContact, Inc. ‐ Comenta TV Marketing Technology WayIn, Inc. ‐ Compass IM Software Monsoon Commerce, Inc. ‐ ConnectAround Digi ta l Media/Commerce Tapestry Pty. Ltd. ‐ Corente, Inc. Technology & Communications Oracle Corporation ‐ DataRisk LLC Information & Bus iness Services Risk Strategies Company, Inc. ‐ DataSquare Agency & Marketing Services Kalypso LP ‐ Destination Rewards , Inc. Agency & Marketing Services Deluxe Corporation ‐ Dialogue Marketing Information & Bus iness Services Glencoe Capita l , LLC ‐ Di ji t Media , Inc. Digi ta l Media/Commerce Viggle, Inc. ‐ Dingyou Digi ta l Media/Commerce UMeWorld Limited ‐


Strategic Transactions



Discount Ramps.Com LLC Digi ta l Media/Commerce Rotunda Capita l Partners , LLC ‐ Eastmedia Software Movable Ink ‐ Equitime Software Horizontal Software SAS ‐ Eshbel Technologies Ltd. Software Forti ss imo Capita l ‐ Exec Digi ta l Media/Commerce Handybook, Inc. ‐ Federated Media Publ i shing, Inc. Digi ta l Media/Commerce LIN Digi ta l Media ‐ Financia l Tools , Inc. Software Wolters Kluwer Financia l Services , Inc. ‐ Framehawk, Inc. Technology & Communications Ci trix Systems ‐ Gears of War Digi ta l Media/Commerce Microsoft Corporation ‐ Gemini Systems, LLC Information & Bus iness Services Essex Technology Group, Inc. ‐ Global Custom Commerce, Inc. Digi ta l Media/Commerce The Home Depot, Inc. ‐ Grosvenor Televis ion Productions Ltd. Tradi tional Media DRPGroup ‐ Higher Gear Group, OneCommand Marketing Technology OneCommand ‐ HR That Works , Inc. Software ThinkHR ‐ HUNT Mobi le Ads Digi ta l Adverti s ing Opera Mediaworks ‐ IdenTrust, Inc. Software ASSA ABLOY ‐ Impendium systems Software Deutsche Boerse AG ‐ Impermium Corporation Software Google, Inc. ‐ Incredible Labs Digi ta l Media/Commerce Yahoo!, Inc. ‐ Indiescapes Pte. Ltd. Digi ta l Media/Commerce BeMyGuest ‐ Ini tio Internationa l Holdings Limited Information & Bus iness Services Staffing 360 Solutions , Inc. ‐ Innoveo Solutions AG Technology & Communications Pactera Technology International Ltd. ‐ Integrasco AS Marketing Technology Confi rmit ‐ Intel Media Marketing Technology Verizon Communications , Inc. ‐ Intel l igent SEO Marketing Technology InSequent, Inc. ‐ Interactive Solutions Marketing Technology T‐Systems South Africa ‐ International Journa l of Emergency Mental Health Information & Bus iness Services OMICS Group, Inc. ‐ iPartners Marketing Technology SNL Financia l ‐ iRadio Trademark Tradi tional Media Music of Your Li fe, Inc. ‐ IT‐Li fel ine, Inc. Digi ta l Media/Commerce Rentsys Recovery Services ‐ Jem Software, LLC Information & Bus iness Services BrightBox Solutions , LLC ‐ Johnson Partners Information & Bus iness Services CTPartners Executive Search ‐ Just Book Mobi le GmbH Digi ta l Adverti s ing Secret Escapes ‐ Kadrige SA Software Cegedim Relationship Management ‐ Kickscout Digi ta l Media/Commerce Mobee, Inc. ‐ Klocwork, Inc. Software Rogue Wave Software, Inc. ‐





Kluger Media Group Agency & Marketing Services Knoodle ‐ Knowledgecentrix, Inc. Information & Bus iness Services Al l Covered, Inc. ‐ La Comunidad Agency & Marketing Services SapientNitro ‐ Long Is land Exchange, Inc. Digi ta l Media/Commerce Searchen Networks , Inc. ‐ Mai l rox Digi ta l Advertis ing Movable Ink ‐ Mainstreet Commerce Marketing Technology Demandware, Inc. ‐ Mandiant, LLC Software Fi reEye, Inc. ‐ Mass ive Sway, SITS Girls , Bloggy Boot Camp Agency & Marketing Services Shoutlet, Inc. ‐ MatchMate, Inc. Digi ta l Media/Commerce LikeBright, Inc. ‐ Medigis tics Software Etransmedia Technology, Inc. ‐ MediMedia Health Sample Mangement Agency & Marketing Services J. Knipper & Company ‐ Meucci Solutions nv Software Keynote Systems, Inc. ‐ mindSHIFT Technologies , Inc. Information & Bus iness Services Ricoh Co., Ltd. ‐ Mobixel l Networks , Inc. Marketing Technology Flash Networks , Inc. ‐ Morta Securi ty, Inc. Software Palo Alto Networks ‐ Mostra SA Agency & Marketing Services ICF International , Inc. ‐ MyEdu Corporation Marketing Technology Blackboard, Inc. ‐ MyMil i tarySavings .Com, Inc. Digi ta l Adverti s ing bBig Communications ‐ Nerve.com, Inc. Digi ta l Media/Commerce This Li fe, Inc. ‐ NewSide Information & Bus iness Services Talan Group ‐ Nielsen Audio's Audience Measurement Services Information & Bus iness Services comScore Networks , Inc. ‐ NRX Globa l , Inc. Software HubHead Corporation ‐ NYDJ Apparel , LLC Digi ta l Media/Commerce Crestview Partners , L.P. ‐ Oddfel lows Holdings Pty Ltd. Agency & Marketing Services Dentsu, Inc. ‐ Open Home Pro Digi ta l Media/Commerce HomeFinder.com, LLC ‐ Outcast Media International , Inc. Tradi tional Media Gi lbarco, Inc. ‐ Patch Media Corporation Marketing Technology Hale Global ‐ Patrafee Software CPA Globa l Limited ‐ PlaceWise Media, Grocery Shopping Network Digi ta l Advertis ing PlaceWise Media, LLC ‐ pl i s ta GmbH Digi ta l Adverti s ing GroupM ‐ Profero, Inc. Agency & Marketing Services Lowe and Partners ‐ Push IO Marketing Technology Responsys , Inc. ‐ R.A. Rapaport Publ i shing, Inc. Information & Bus iness Services Madavor Media, LLC ‐ Recorded Books Marketing Technology Wasserstein Venture Capita l ‐ Relay Technology Management, Inc. Information & Bus iness Services Decis ion Resources Group ‐ Reschedge Software HireVue, Inc. ‐ Rescue.js Software Bugsnag, Inc. ‐





RightMobi lePhone Digi ta l Adverti s ing Broadbandchoices ‐ Roads ide Enterta inment Tradi tional Media Mandalay Sports Media, Inc. ‐ Sans io Information & Bus iness Services Phys io‐Control ‐ Sense Networks , Inc. Marketing Technology AT&T Interactive ‐ ShopLocket, Inc. Digi ta l Media/Commerce PCH Internationa l ‐ Shortcuts Software Limited Software Jonas Software, Inc. ‐ Shumway, Ink. Marketing Technology Vendere Partners ‐ SnappyLabs LLC Digi ta l Media/Commerce Apple Inc. ‐ Socia lEngine Marketing Technology Room 214, Inc. ‐ SPARQ Digi ta l Advertis ing Yahoo!, Inc. ‐ Star China TV Tradi tional Media China Media Capita l ‐ Strategic AR Solutions Software Brightree LLC ‐ Sui teSkies Software BAASS Bus iness Solutions , Inc. ‐ Supernova, Inc. Digi ta l Media/Commerce Ful l screen, Inc. ‐ Svenska Resenätverket AB Digi ta l Adverti s ing European Travel Interactive AB ‐ Tactica l Mircro, Inc. Software Secure Communication Systems, Inc. ‐ Telepo Ltd. Technology & Communications Aastra Technologies Limited ‐ The Kernel , Inc. Digi ta l Media/Commerce The Dai ly Dot, LLC ‐ Total Therapeutic Management, Inc. Information & Bus iness Services Indegene Li fesystems Pvt. Ltd. ‐ Trendium's Employee & Technology Assets Marketing Technology JDS Uniphase Corporation ‐ Twis ted Pair Solutions , Inc. Technology & Communications Motorola Solutions , Inc. ‐ uberVU Ltd. Marketing Technology HootSui te Media , Inc. ‐ Unibased Systems Archi tecture, Inc. Software Streaml ine Health Solutions , Inc. ‐ Unicom Techlabs Pvt. Ltd. Technology & Communications Knowlari ty Communications Pvt. Ltd. ‐ userfox Digi ta l Adverti s ing AdRol l , Inc. ‐ Visua lGraph, Inc. Marketing Technology Pinteres t ‐ Winamp, Shoutcast Tradi tional Media Radionomy ‐ Xquire Marketing Technology Yuxi Paci fic Group LLC ‐ Yomari Information Services , Inc. Marketing Technology Logic Information Systems, Inc. ‐ Yub, Inc. Digi ta l Media/Commerce Coupons.com ‐ Zuke's Digi ta l Media/Commerce Nestle Purina PetCare Company ‐ Zuzeen Digi ta l Media/Commerce Rushmore.FM Limited ‐




Target Target Segment Buyer/Investor Reported TV Buyout DealsValues Disclosed

Hottershoes .com Digi ta l Media/Commerce Electra Partners LLP 329.4$ Lega lzoom.com, Inc. Information & Bus iness Services Permira Advisers 200.0 Innotrac Corporation Information & Bus iness Services Sterl ing Partners 108.0

Buyout DealsUndisclosed

1‐800 Contacts , Inc. Digi ta l Media/Commerce Thomas H. Lee Partners ‐ Inmar, Inc. Marketing Technology ABRY Partners , LLC ‐ MagnaCare Information & Bus iness Services H.I.G. Capita l LLC ‐ PrimeSport, Inc. Digi ta l Media/Commerce Clearlake Capita l Group ‐ Q‐Centrix LLC Information & Bus iness Services Sterl ing Partners ‐ Trader Media Group Tradi tional Media Apax Partners , L.P. ‐


Buyout Transactions


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

B2W Companhia Global de Varejo Digi ta l Media/Commerce Tiger Global Management, LLC 520.0$ Wandoujia Marketing Technology SoftBank Capita l 120.0 One Kings Lane, Inc. Digi ta l Media/Commerce Mousse Partners 112.0 Nutanix, Inc. Technology & Communications Riverwood Capita l , LLC 101.0 Didi Dache Digi ta l Media/Commerce CITIC Capita l Partners 100.0 OpenText Corporation Marketing Technology (Private Investors ) 100.0 Del ivery Hero Digi ta l Media/Commerce Ins ight Venture Partners 88.0 Turn, Inc. Digi ta l Adverti s ing Focus Ventures 80.0 MedHOK, Inc. Software Bain Capita l Ventures 77.5 Dedalus S.p.A. Information & Bus iness Services Hutton Capita l 64.3 SoundCloud Ltd. Digi ta l Media/Commerce Insti tutiona l Venture Partners 60.0 Aden & Anais , Inc. Digi ta l Media/Commerce Swander Pace Capita l 57.0 Myntra.com Digi ta l Media/Commerce SoFina GmbH 50.0 Health Catalyst, LLC Software Sequoia Capita l 41.0 ComplexCare Solutions , Inc. Software Warburg Pincus LLC 40.0 Ens ighten Marketing Technology Ins ight Venture Partners 40.0 Volus ion, Inc. Marketing Technology Si l i con Val ley Bank 35.0 MemSQL, Inc. Software Khos la Ventures 35.0 Aereo, Inc. Marketing Technology Himalaya Capita l Partners 34.0 Spredfast Marketing Technology Lead Edge Capita l 33.0 AMCS Group Software Highland Capita l Partners 30.2 Integral Ad Science, Inc. Marketing Technology August Capita l Management 30.0 Si teMinder Marketing Technology Technology Crossover Ventures 30.0 LiveOps, Inc. Information & Bus iness Services Comerica Bank 30.0 Kareo, Inc. Software Greenspring Associates 29.5 Al l iance Time Digi ta l Media/Commerce Monroe Capita l 27.0 Bui ldDirect.com Technologies , Inc. Digi ta l Media/Commerce Mohr, Davidow Ventures 27.0 Blue Bottle Coffee, Inc. Digi ta l Media/Commerce Morgan Stanley Inves tment Management Inc. 25.7 Vinted.com Digi ta l Media/Commerce Ins ight Venture Partners 25.7 Konga.com Digi ta l Media/Commerce (Private Investors ) 25.0 Trustpi lot Digi ta l Media/Commerce DFJ Espri t 25.0 Path Digi ta l Media/Commerce Kleiner Perkins Caufield & Byers 25.0 Mendix, Inc. Software Battery Ventures 25.0 NewsCred Digi ta l Adverti s ing Interwest Partners 25.0 Babytree Marketing Technology TAL Education Group 25.0 The Obvious Corporation Digi ta l Media/Commerce Google Ventures 25.0 Zopa Ltd. Digi ta l Media/Commerce Arrowgrass Capita l Partners 25.0 MDLIVE, Inc. Information & Bus iness Services Heri tage Group, LLC 23.6 Intercom App, Inc. Marketing Technology Bessemer Venture Partners 23.0 Red 5 Studios , Inc. Digi ta l Media/Commerce (Private Investors ) 23.0 TigerText, Inc. Marketing Technology Shasta Ventures 21.0 Vizury Interactive Solutions Marketing Technology Inventus , LLC 20.0


Venture/Growth Capital Transactions



QingCloud Technology & Communications Matrix Partners China 20.0$ Wel lDoc, Inc. Software Merck Global Health Innovation LLC 20.0 Invoca, Inc. Marketing Technology Accel Partners 20.0 Teespring Information & Bus iness Services Andreessen Horowitz 20.0 Upland Software Software (Private Investors ) 19.8 Dafi ti Group Digi ta l Media/Commerce IFC 19.3 Twice Digi ta l Media/Commerce Andreessen Horowitz 18.5 Brandtone Ltd. Digi ta l Adverti s ing Syngenta AG 18.0 Nextbit Systems , Inc. Marketing Technology Google Ventures 18.0 Bluebox Security, Inc. Marketing Technology Tenaya Capita l 18.0 Nexmo, Inc. Technology & Communications Sorenson Capita l 18.0 Zmags , Inc. Marketing Technology The Gores Group, LLC 18.0 Certa in, Inc. Marketing Technology (Private Investors ) 17.8 Chrome River Technologies , Inc. Software Bain Capita l Ventures 17.0 CloudLock, Inc. Software Bessemer Venture Partners 16.5 DNAnexus , Inc. Software Claremont Creek Ventures 15.0 Zephyr Health, Inc. Software Kleiner Perkins Caufield & Byers 15.0 Zachary Prel l , Inc. Digi ta l Media/Commerce TAL Group 15.0 WePay, Inc. Technology & Communications Highland Capita l Partners 15.0 WP Engine, LLC Marketing Technology North Bridge Growth Equity 15.0 ikaSystems Corporation Software Essex Woodlands Health Ventures 15.0 Adal lom, Inc. Software Index Ventures 15.0 Docker, Inc. Software Ins ight Venture Partners 15.0 Zenefits Insurance Services Information & Bus iness Services Andreessen Horowitz 15.0 1stdibs .com, Inc. Digi ta l Media/Commerce Al ibaba Group 15.0 Brainbees Solutions Pvt. Ltd. Digi ta l Media/Commerce Vertex Venture Holdings Ltd 15.0 Coin Technology & Communications (Private Investors ) 15.0 Origami Logic, Inc. Marketing Technology Jafco America Ventures , Inc. 15.0 Main Street Hub Marketing Technology Bessemer Venture Partners 14.0 Oyster Digi ta l Media/Commerce Highland Capita l Partners 14.0 Fon Wireless Ltd. Technology & Communications QUALCOMM Ventures 14.0 Lyst Ltd. Digi ta l Media/Commerce Balderton Capita l 14.0 Mashable, Inc. Digi ta l Media/Commerce Updata Partners 13.3 Radius Intel l igence, Inc. Information & Bus iness Services Formation 8 13.0 BankBazaar.com Digi ta l Adverti s ing Sequoia Capita l 13.0 BlueCava, Inc. Marketing Technology S3 Ventures 13.0 Kupishoes LLC Digi ta l Media/Commerce IFC 12.9 AutoGrid Systems Technology & Communications Foundation Capita l 12.8 DianRong Financia l Services Co., Ltd. Digi ta l Media/Commerce Northern Light Venture Capita l 12.0 PlanSource Holdings , Inc. Software Lemhi Ventures , Inc. 12.0 ClearSky Technologies , Inc. Technology & Communications Genera l Cata lys t Partners LLC 12.0 Madison Reed, Inc. Digi ta l Media/Commerce Norwest Venture Partners 12.0





Eyefreight Software Global Cleantech Capita l 11.8$ Yotpo, LTD. Marketing Technology Blumberg Capita l 10.7 StyleSeat, Inc. Digi ta l Adverti s ing Lightspeed Venture Partners 10.2 BookIt.com, Inc. Digi ta l Media/Commerce Monroe Capita l 10.0 Aorato Ltd. Software Accel Partners 10.0 Kensho Technologies , Inc. Technology & Communications Genera l Cata lys t Partners LLC 10.0 Cotap, Inc. Technology & Communications Emergence Capita l Partners 10.0 GNS Healthcare, Inc. Software Cambia Health Solutions , Inc. 10.0 Fi tmob, Inc. Digi ta l Media/Commerce Mayfield Fund 9.8 Flat World Knowledge, Inc. Digi ta l Media/Commerce Bessemer Venture Partners 9.5 Ifbyphone, Inc. Marketing Technology River Cities Capita l Fund 9.0 Contently, Inc. Marketing Technology Sigma West 9.0 Compl iance Science, Inc. Software Edison Ventures 8.3 SalesFUSION Marketing Technology Noro‐Moseley Partners 8.3 Sonian, Inc. Technology & Communications OpenView Venture Partners 8.0 Quandoo GmbH Digi ta l Media/Commerce DN Capita l 8.0 OpenSesame Digi ta l Media/Commerce Partech Internationa l 8.0 Elasti fi le Technology & Communications Battery Ventures 8.0 Visua l .ly Marketing Technology 500 Startups 8.0 Confer Technologies , Inc. Software Matrix Partners 8.0 Codero Hosting Marketing Technology Si l i con Val ley Bank 8.0 Kingsbridge Risk Solutions Information & Bus iness Services Is is Backs 7.7 Glooko Software Samsung Venture Investment Corporation 7.0 GoCardless Ltd. Technology & Communications Balderton Capita l 7.0 Rocketmiles , Inc. Digi ta l Adverti s ing August Capita l Management 6.5 Skybox Securi ty, Inc. Software Susquehanna Internationa l Group, LLP 6.0 Maverix Biomics , Int. Information & Bus iness Services Asset Management Ventures 6.0 Evaneos.com Digi ta l Adverti s ing XAnge Private Equity 6.0 Simple Energy, Inc. Technology & Communications The Westly Group 6.0 inneractive Marketing Technology Evergreen Venture Partners 6.0 Cleverbug Digi ta l Media/Commerce Delta Partners 6.0 Binary Fountain Marketing Technology Pioneer Equity Partners , LLC 5.7 Remitly, Inc. Technology & Communications QED Investors LLC 5.5 RedMart Pte. Ltd. Digi ta l Media/Commerce LionRock Capita l 5.4 Good Technology, Inc. Technology & Communications Draper Fisher Jurvetson 5.0 DineInFresh, Inc. Digi ta l Media/Commerce ff Venture Capita l 5.0 EquityMetrix, LLC Technology & Communications Peterson Partners LP 5.0 4C Ins ights , Inc. Marketing Technology Jump Capita l 5.0 Stormwind, LLC Information & Bus iness Services GSV Capita l Corporation 5.0 MobSoc Media LLC Marketing Technology (Private Investors ) 5.0 MyActivi tyPa l , Inc. Digi ta l Media/Commerce (Private Investors ) 5.0 UNIKEN, Inc. Software Nexus Venture Partners 4.8





GetYourGuide, Inc. Digi ta l Adverti s ing Spark Capita l 4.5$ Enigma Technologies , Inc. Marketing Technology Comcast Ventures 4.5 Moontoast, LLC Marketing Technology Martin Companies 4.5 Intel l inote, Inc. Software Grotech Ventures 4.3 Lumiata Software Khos la Ventures 4.0 thisCLICKS LLC Software e.Ventures 4.0 PeakColo Technology & Communications Meri tage Private Equity Funds 4.0 FarmLogs Technology & Communications Drive Capita l , LLC. 4.0 GutCheck Marketing Technology Icon Venture Partners 4.0 Heyday Digi ta l Media/Commerce Genera l Cata lys t Partners LLC 3.5 Innography, Inc. Marketing Technology Austin Ventures 3.5 Vidible, Inc. Digi ta l Adverti s ing Greycroft LLC 3.4 Impl is i t Marketing Technology Gemini Is rael Funds 3.3 JumpCloud, Inc. Software Foundry Group 3.1 Evoca l i ze Marketing Technology Madrona Venture Group 3.0 PricePanda GmbH Digi ta l Advertis ing Tengelmann Warenhandelsgesel ls chaft KG 3.0 Practica l ly Green, LLC Marketing Technology Common Angels 3.0 ZeroTurnaround OÜ Software Bain Capita l Ventures 2.7 Clos ing Time Digi ta l Advertis ing Morado Venture Partners 2.7 GetOneRewards .com Digi ta l Adverti s ing Fulcrum Equity Partners 2.5 Wash.io, Inc. Digi ta l Media/Commerce Pejman Mar Ventures 2.3 Drizly, Inc. Digi ta l Media/Commerce Atlas Venture 2.3 Chartio Marketing Technology Avalon Ventures 2.2 Yi ftee Digi ta l Media/Commerce (Private Investors ) 2.1 The News Funnel Marketing Technology SL Investment Partners 2.0 Desk Wolf A/S Marketing Technology SEED Capita l 2.0 Tok Tok Tok Digi ta l Adverti s ing (Private Investors ) 2.0 Auxo GmbH Technology & Communications Runa Capita l 2.0 Taxibeat Ltd. Digi ta l Media/Commerce (Private Investors ) 2.0 Tapas Media , Inc. Digi ta l Media/Commerce Daum Communications , Inc. 2.0 Autotrader.com Digi ta l Media/Commerce Cox Enterprises , Inc. 1.8 Qubel l , Inc. Software Benhamou Global Ventures 1.8 Vint AB Digi ta l Media/Commerce DN Capita l 1.8 m>PATH, Inc. Technology & Communications Jump Capita l 1.7 Sightly, Inc. Digi ta l Adverti s ing TomorrowVentures , LLC 1.7 MacraNet Ltd. Marketing Technology Elderstreet Investments 1.6 Voxeet, Inc. Digi ta l Media/Commerce Partech Internationa l 1.5 Guardly Corporation Technology & Communications Freestyle Capita l 1.5 Abraresto Digi ta l Adverti s ing (Private Investors ) 1.5 Copper.io, Inc. Technology & Communications LX Ventures , Inc. 1.4 Epic! Creations , Inc. Digi ta l Media/Commerce Menlo Ventures 1.4 Dai ly Secret, Inc. Digi ta l Media/Commerce Centra l European Media Enterprises Ltd. 1.3





Fi rs t Opinion, Inc. Digi ta l Media/Commerce 500 Startups 1.2$ Mindie, Inc. Digi ta l Media/Commerce SV Angel , LLC 1.2 Bow & Drape Digi ta l Media/Commerce VegasTechFund 1.2 Venga, Inc. Marketing Technology Mil i tel lo Capita l 1.0 BookingBug Limited Software Deep Ventures 1.0 MySmartPrice Web Technology Pvt. Ltd. Digi ta l Adverti s ing Accel Partners 1.0 ZappRX, Inc. Information & Bus iness Services Atlas Venture 1.0

VC/Growth CapitalUndisclosed

42matters AG Digi ta l Media/Commerce Project A Ventures ‐ Arhaus Agency & Marketing Services Freeman Spogl i & Company, Inc. ‐ CDI Computer Dealers , Inc. Technology & Communications H.I.G. Growth Partners , LLC ‐ CrowdOptic, Inc. Digi ta l Media/Commerce Si l i con Val ley Bank ‐ FieldEZ Technologies , Inc. Software IDG Ventures India ‐ Jel ly Industi res , Inc. Digi ta l Media/Commerce Greylock Management ‐ LocalBanya.com Digi ta l Media/Commerce Kamir Avant Group ‐ Luntz Global LLC Agency & Marketing Services MDC Partners , Inc. ‐ Marketeers Vietnam Co., Ltd. Agency & Marketing Services WPP Group ‐ Mercatus , Inc. Software Trepp, LLC ‐ Mswipe Technologies Pvt Ltd Technology & Communications Matrix Partners ‐ NowThisNews, Inc. Digi ta l Media/Commerce NBCUniversal News Group ‐ PeriscopeIQ Marketing Technology Rezon8 ‐ Porch.com, Inc. Digi ta l Media/Commerce Lowe's Companies , Inc. ‐ Reflexis Systems , Inc. Software Sageview Capita l ‐ Si riusDecis ions Information & Bus iness Services JMI Equity ‐ Telekenex Information & Bus iness Services Spire Capita l Partners , L.P. ‐ ThetaRay Software Poal im Capita l Markets ‐ Towne Park Information & Bus iness Services TA Associates ‐ Vobi le, Inc. Marketing Technology IPV Capita l ‐ Whiteout Networks GmbH Marketing Technology High‐Tech Gründerfonds Management ‐ Yankees Enterta inment & Sports Network Tradi tional Media Twenty‐Fi rs t Century Fox, Inc. ‐ Zikk Software Ltd. Marketing Technology Wadi Ventures ‐




Petsky Prunier: Maximizing Shareholder Value

Overview

Founded in 1999 Focused on the technology, marketing, media, eCommerce, and healthcare industries

• More than 35 focused professionals Unique combination of investment banking and consulting expertise New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa Sell‐side and private placement close rate is unmatched at our level of deal volume Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers With strategic consulting firm Winterberry Group, one of the largest industry‐specific advisors providing strategic and transactional

services International reach enhanced through our partnership with investment bank Altium, which operates from eight offices across Europe Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker‐dealer

Sell‐Side Representation Capital Raising and Private Placements Corporate Divestitures M&A Advisory Fairness Opinions

Strategic Development and Competitive Analysis M&A Transaction Due Diligence Support and

Valuation Analysis Acquisition Strategy and Target Identification Publishing and Thought Leadership

Technology Marketing Media eCommerce Healthcare


Petsky Prunier was Ranked #1 by Bloomberg in 2011 – 2013 for Mid‐Market Internet & Advertising Transactions

Rank Advisor Deal Count1 Petsky Prunier LLC 442 Goldman Sachs & Co. 353 Jordan Edmiston Group, Inc. 314 Morgan Stanley 294 Nomura Holdings, Inc. 294 GCA Savvian Group Corp. 297 PwC 247 China Renaissance Partners 249 KPMG Corporate Finance 2210 Sumitomo Mitsui Financial Group, Inc. 20

Based on number of deals announced in 2011 – 2013 valued at $500 million or less

More than 50 transactions closed since 2011:

Ranging from strategic M&A transactions, including sales and divestitures, to private equity recaps, to growth equity and late stage venture capital financings Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media,

technology and software, information services, and healthcare


International Partnership with Altium

Description Network

Altium provides M&A and corporate finance advisory services to companies, private equity firms, and entrepreneurs

European‐based, mid‐market financial advisory group, employee‐owned and truly independent

A leading advisor for more than 25 years

Founded as the corporate finance arm of private equity investor Apax Partners

Operates eight international offices in Europe with additional partnerships in the U.S. and Asia

Completed 50+ technology transactions across 12 countries in the past five years

Allegro Advisors is a leading provider of investment banking services to corporations and public institutions in India with offices in Bangalore, Mumbai, Delhi

Hina Group has provided M&A advisory and corporate finance services on 50+ transactions in China

BeijingShanghai

New York Palo AltoLas Vegas ChicagoBoston Tampa

India

Madrid ManchesterLondonParis

Zurich FrankfurtMilanMunich


a leading SaaS‐based, cross channel campaign management platform

for B2C marketers

has been sold to

has sold

specializing in retail, digital, shopper marketing and consumer services

to

along with digital subsidiary

has been sold to

a leading digital advertising monetization and shopper marketing partner for e‐commerce

retailers

with financing from

a portfolio company of

has sold

provider of online travel guides for top destinations around the world

to

(NYSE: GCI )

a provider of a cloud‐based integration platform for the digital marketing industry

has received $15MM financing led by

a leader in technology and global in‐app advertising for Facebook,

Apple (iOS), and Android developers

has received $66M investmentfrom

a leading digital direct marketing company utilizing a proprietary database to provide

customer acquisition solutions formajor brands

has received an equity investment from

with debt financing from

has been sold to

a premier global provider of SaaS‐based online brand protection and domain recovery solutionsa portfolio company of

(Euronext Amsterdam: WKL)

a leading UK‐based supplier of healthcare software and IT services


(AIM: EMIS)

has been sold to

a leading provider of data‐driven enrollment marketing solutions to

higher education institutions

has acquired select assets of

Representative Recent Transactions

has been sold to

the top independentdirect‐to‐consumer marketer of

dental savings planshas been sold to

a leader in global healthcare primary market research and influence

network mapping


a leader in multichannel retail, ecommerce and loyalty marketing

services

has been sold to

a leading provider of taxi‐based outdoor media

has been sold to

(NYSE: PAY)

has sold

and

leading provider of services for domain name registration, acquisition, brokerage

and salesto

has been sold to

a leading provider of digital production services to brands and agencies

(NYSE: ACN)

has been acquired by

a real‐time behavioral advertising company

(NYSE: AOL)

has been sold to

a leading provider of in‐store and shopper marketing signage to major North American retailers has received a mezzanine debt

investment from

a leading provider of transportation‐based digital media networks

has been acquired by

a dynamic display media andretargeting company

(JASDAQ:4755)

has been sold to

one of the largest digital agencies

(Nasdaq: RNWK)(ENXTPA: PUB)

has received a $68MM minority investment from

a leading provider of social software solutions and digital marketing services for some of the world’s largest brands, one of just thirteen Facebook Strategic Preferred Marketing Developers (sPMD)

has been sold to

a leading developer of popular real‐money and social gaming

(Nasdaq: RNWK)

has been sold to

a leading multiplatform travel and lifestyle media company

a subsidiary of

has been sold to

the largest provider of cloud‐based SaaS tools for printing signs, labels and tags,

and publishing digital displays for retailers

a unit of

(NYSE: LXK )

a leading provider of transaction‐based media cost databases and software for television, radio, and digital

advertising cost analysis

has been sold to

a leading provider of online customer acquisition services to the

insurance industry

has been sold to

(NYSE: RATE)

a technology company delivering highly targeted programmatic marketing solutions using unstructured data

has received a $16MM Series B investment led by

has received a double‐digit million Euro investment led by

a Berlin‐based worldwide travel solution provider for premium transportation

one of the largest independentin‐store media companies in the U.S.

has been sold to

has sold


toSample Management Business

a consumer enthusiast mediaand commerce company

has been sold to

Documents

Jan 2014 MA and Investment Summary - Petsky Prunier LLCpetskyprunier.com/_petskyprunier.com/dynamic/user...Digital Media/Commerce Care.com, Inc. Social Media/Apps IPO 619.1$ $ 74.9